City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
65 Note 3 – Loans Receivable
Loans receivables of the City as of June 30, 2025, were:
SERA Program 4,322 $
Pacific Housing Loan 277,810
Pacific Bridge Loan 456,401
First Time Home Buyer Program 23,067
Critical Maintenance (Housing) 38,869
Critical Maintenance (Grants) 1,420,901
Abajo del Sol Loan (Grants) 2,233,618
LINC Community Development (Housing) 2,661,073
LINC Community Development (Grants) 1,080,840
Subtotal 8,196,901
Less:Allowance for uncollectible loans (7,458,368)
Total Loans Receivable 738,533 $
Pacific Housing Loan – On July 21, 2004, the City entered into an agreement to provide a loan to Pacific Housing Development Corporation for the purpose of construction and renovation of an affordable housing facility for persons with developmental disabilities. The loan, funded in April 2005, consists of a permanent residual receipts loan in the amount of $175,000 and a subordinated c onstruction loan in the amount of $225,000. The subordinated construction loan has been paid off by Pacific Housing in 2008-09. Other remaining amounts bear interest at the rate of 3% per annum until paid. The loan was funded by use of Federa l HOME Program funds and is reported in the Special Revenue Grants Fund. At June 30, 2025, outstanding principal and interest are $175,000 and $102,810, respectively.
Pacific Bridge Loan – In 1995, the former Redevelopment Agency ente red into a thirty- year loan agreement with Pacific Bridge Housing Corporation for the purpose of cons truction and renovation of a disabled adult affordable housing facility. In the agreement the former Redevelopmen t Agency agreed to loan to Pacific Bridge Housing Corporation up to the maximum sum of $240,478 bearing inte rest at the rate of 3% per annum until paid. Principal and interest payments are due in annu al installments commencing upon February 15 of the first full calendar year following the date of the initial occu pancy of the facility and continuing annually thereafter on each successive February 15 through and including the date which is thirty (30) years after the Repayment Commencement Date. The amount of such annual installments payable by Borrower is based on the Annual Residential Receipt Installments as described in the agreement. During 1996-97, the loan was funded by the use of federal HOME Program funds, and is reported in the Special Revenue Grants Fund. At June 30, 2025, outstanding principal and interest are $240,478 and $215,923, respectively.
First Time Homebuyers – Beginning 1996-97, the City provided second mortgage loans through the First-Time Homebuyer Program to assist qualified fi rst-time homebuyers to purchase reside nces. All second loans will be fixed at an interest rate of five percent (5%) and for a term of thirty (30) years. If the buyer retains the property for thirty (30) years, both principal and interest will be forgiven. The loans were transferred from the former Redevelopment Agency’s Housing Capital Projects Fund to the City’s Special Revenue Housing Fund on February 1, 2012 due to the dissolution of the former Redevelopment Agency. At June 30, 2025, $23,067 is the amount of outstanding loan balances with an offset of allowance for uncollectible notes in the fund level financial statement and in the government-wide statements.
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
66 Note 3 – Loans Receivable (Continued)
Critical Maintenance – Beginning in 1997-98, the City offered low interest rate loans through the Critical Maintenance Loan Program to assist low and moderate income homeowners for essential or emergency repairs. At June 30, 2025, the loans outstanding totaled $1,459,770 . Of this amount, $38,869 is funded by the former Redevelopment Agency’s Housing Capital Projects Fund and $1,420,901 is funded by the Federal HOME Program Grants Fund. The outstanding loan balance of $38,869 was transferred from the former Redevelopment Agency’s Housing Set Aside Fund to the City’s Special Revenue Housing Fund and has been reported as loans receivable. The outstanding balances were offset with allowance for uncollectible in the fund level financial statements and in the government-wide financial statements.
Abajo del Sol – In 1998, the Housing Authority and the Abajo del Sol, Limited Partnership had entered into a housing development agreement. Under the agreement, the Authority provided to the Developer a $1.2 million loan bearing interest at the rate of 5.1% per annum for th e construction of 60 units of affordable housing for senior citizens. On or before March 15 th of each year, the Borrower shall pay le nder an amount equal to the applicable percentage of the Net Cash Flow attributable to the prior calendar year. The loan is funded by the Federal HOME Program Grants Fund. At June 30, 2025, outstanding prin cipal and interest being recorded as notes receivable are $1,187,344 and $1,046,274, respectively, in the Special Re venue Grants Fund with an offset of allowance for uncollectible notes in the fund level financial statement and in the government-wide statements.
LINC Community Development – In 2015, the Monterey Park Successor Housing Agency and City entered into a housing development agreement with LINC Community De velopment Corporation (LINC). Under the agreement, the Monterey Park Successor Housing Agency sold 5 proper ties to the developer in exchange for a $2,080,000 loan bearing compound interest at the rate of 2.41% per annum for 5 units of affordable rental housings. At June 30, 2025, outstanding principal and interest being recorded as not es receivable are $2,080,000 and $581,073, respectively, in the Housing Fund with an offset of allowance for uncollectib le notes in the fund level financial statement and in the government-wide statements. The properties were purchased with former Redevelopm ent Agency’s Housing Set Aside fund. As a result, the loan was reported in the City ’s Special Revenue Housing Fund and with an offset of allowance for uncollectible notes in the fund level financia l statements and in the government-wide statements. As part of the development agreement, the City also sold one of the City’s parking lots to the LINC for development of a 6-unit affordable rental housing. The City also used the Federal HOME Program Grants Fund to provide construction loan bearing simple interest at the rate of 3% per annum . As of June 30, 2025, $1,080,840 has been funded and is reported as loans receivables in the Special Revenue Grants F und with an offset of allowance for uncollectible notes in the fund level financial statement and in the government-wide statements.
Low/Mod Housing Deferred Loans – State law requires redevelopment agencies to set aside 20% of their tax increment revenues for low/mod housing. In 1997, the form er Redevelopment Agency approved a plan to set aside future tax increment revenue in addition to the regula r 20% set aside requirements. The former Redevelopment Agency was dissolved on February 1, 2012. This commi tment became a liability to th e Successor Agency due to the City’s Special Revenue Housi ng Fund. On June 30, 2025, the City wrote off the whole loan receivable balance in amount of $1,186,222.
Note 4 – Leases Receivable
The City leases various types of property including land, a nd buildings. Leases receivable consist of agreements with other entities for the “right–to–use” the underlying assets at various locations owned by the City. The remaining terms of the agreements range from 1 to 34 years. The inte rest rates used calculated the net present value of the lease receivable ranged from 0.46% to 3.07%.
For the fiscal year ended June 30, 2025, the City recognized $320,365 in lease reve nue and $15,392 in interest revenue, and the outstanding net present value of the lease receivable amount is $1,012,103.
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
67 Note 4 – Leases Receivable (Continued)
At June 30, 2025, the required payments for these leases, including interest, are:
Year Ending
June 30, Principal Interest Total
2026 312,825 $ 16,681 $ 329,506 $ 2027 197,647 11,743 209,390 2028 132,239 5,945 138,184 2029 62,052 6,123 68,175 2030 6,961 5,240 12,201 2031 - 2035 37,845 24,379 62,224 2036 - 2040 46,275 20,830 67,105 2041 - 2045 50,357 16,748 67,105 2046 - 2050 54,799 12,306 67,105 2051 - 2055 59,632 7,472 67,104 2056 - 2059 51,471 2,213 53,684 Total 1,012,103$ 129,680 $ 1,141,783 $
Note 5 – Interfund Transactions
A. Due to/from Other Funds
The following is a summary of due to and due from other funds as of June 30, 2025:
Street Capital
Project Fund
General Fund 515,863$
Due From Other Funds
Due To Other Funds
The interfund balances resulted from borrowing of cash fo r temporary purposes. For Street Capital Project Fund, the drawdown from fiscal agent fund in subsequent year will pay back General Fund.
B. Transfers
During the year ended June 30, 2025, the City had the following transfers:
Nonmajor Water Utility
Governmental Enterprise
Transfers In General Fund Funds Fund Total
Grant Funds 568,140 $ - $ - $ 568,140$ Street Special Project Fund - 1,094,434 - 1,094,434 Nonmajor Governmental Funds 453,649 1,050,199 - 1,503,848 Internal Service Funds - - 51 51 Total 1,021,789$ 2,144,633 $ 51 $ 3,166,473$ Transfers Out
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
68 Note 5 – Interfund Transactions (Continued)
B. Transfers (Continued)
General Fund transfer to grant funds and nonmajor governmental funds to cure the deficit fund balance. Nonmajor Governmental Funds transfer to street fund for the bond principal and interest payment drawdown.
Nonmajor Governmental Funds transfer to nonmajor Sale tax bond fund for the bond principal and interest payment drawdown.
Water Utility Enterprise Fund Funds transfer to IT internal service fund for the lease assets and liabilities.
Note 6 – Receivables From Successor Agency
In 2009, the State passed legislation in taking away redevel opment funds from local Agencies as part of an effort to address its budget deficit. Furthermor e, SB 68 was signed into law which allowed agencies to use accumulated housing funds to pay for the State required Supplemen tal Educational Revenue A ugmentation Funds (SERAF) payments. On August 4, 2010, the fo rmer Redevelopment Agency passed two resolutions, RA 661 and 662, authorizing the Takeaway Loan to be made from the fo rmer Redevelopment Agency Capital Projects Fund (Housing Set Aside Fund) to the former Redevelopment Agency Debt Service Fund (Atlantic-Garvey and Merged Project Areas), in an amount of $1,459,258 and $1,142,640, respectively, without interest.
On May 4, 2011, the former Redevelopment Agency passed two resolutions, RA 682 and 683, authorizing additional Takeaway Loans to be made from th e Redevelopment Agency Capital Projects Fund (Housing Set Aside Fund) to the Redevelopment Agency Debt Service Fund (Atlantic -Garvey and Merged Project Areas), in an amount of $300,436 and $235,249, respectively. The interest is accumulated at LAIF rate.
On February 1, 2012, $2,617,203 was transferred from the former Redevelopment Agency Debt Service Fund to the Successor Agency due to the dissolution of the former Redevelopment Agency.
The receivable from Successor Agen cy balance at June 30, 2025, amounted to $621,624. This loan will be paid back to the Special Revenue Housing Fund according to a sp ecific formula through the Recognized Obligation Payment Schedule distribution per the State of California Department of Finance (“DOF”).
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
69 Note 7 – Capital Assets
Governmental Activities
The following is a summary of ch anges in capital assets for the governme ntal activities for the year ended June 30, 2025:
Balance Balance
July 1, 2024 Additions Deletions Transfers June 30, 2025 Capital assets, not being depreciated/amortized
Land 8,465,051 $ - $ - $ - $ 8,465,051$ Construction in progress 585,046 5,960,252 - (3,673,830) 2,871,468 Total capital assets not being depreciated/amortized 9,050,097 5,960,252 - (3,673,830) 11,336,519 Capital assets, being depreciated
Building and improvements 30,391,663 - - - 30,391,663 Improvement 58,080,369 5,767,906 - 3,477,324 67,325,599 Equipment and furniture 36,542,989 1,759,905 (427,038) 177,357 38,053,213 Infrastructure 43,765,644 - - 19,149 43,784,793 Total capital assets being depreciated 168,780,665 7,527,811 (427,038) 3,673,830 179,555,268 Accumulated depreciation:
Buildings (17,354,449) (600,589) - - (17,955,038) Improvements (10,045,656) (2,878,863) - - (12,924,519) Equipment (29,796,296) (2,168,290) 427,038 - (31,537,548) Infrastructure (27,217,381) (2,822,242) - - (30,039,623) Total accumulated depreciation (84,413,782) (8,469,984) 427,038 - (92,456,728) Total capital assets being depreciated, net 84,366,883 (942,173) - 3,673,830 87,098,540 Right to use assets, being amortized
Lease assets - machinery, equipment and vehicles 107,235 272,478 - 3,225 382,938 Subscription assets 776,120 2,102,725 (329,518) - 2,549,327 Total right to use lease assets, being amortized 883,355 2,375,203 (329,518) 3,225 2,932,265 Accumulated amortization:
Lease assets - machinery, equipment and vehicles (61,511) (165,672) - (1,714) (228,897) Subscription assets (511,311) (497,711) 329,518 - (679,504) Total accumulated amortization (572,822) (663,383) 329,518 (1,714) (908,401) Total right to use assets, being amortized, net 310,533 1,711,820 - 1,511 2,023,864 Total capital assets, net 93,727,513$ 6,729,899 $ - $ 1,511$ 100,458,923$
Depreciation and amortization expense was charged to fu nctions/programs of governmental activities for the year ended June 30, 2025 as follows:
General government 863,371 $
Public safety 1,821,125
Community services 44,626
Recreation 4,779,633
Highway and streets 883,522
Internal service 741,090
Total depreciation and
amortization expense 9,133,367$
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
70 Note 7 – Capital Assets (Continued)
Business-Type Activities
The following is a summary of cha nges in capital assets for the business- type activities for the year ended June 30, 2025:
Balance Balance
July 1, 2024 Additions Deletio ns Transfers June 30, 2025 Capital assets, not being depreciated/amortized
Land 499,975 $ - $ - $ - $ 499,975$ Construction in progress 600,895 3,893,978 - (926,297) 3,568,576 Total capital assets not being depreciated/amortized 1,100,870 3,893,978 - (926,297) 4,068,551 Capital assets, being depreciated
Building and improvements 285,050 - - - 285,050 Improvement 86,778,511 259,420 - 867,006 87,904,937 Equipment and furniture 4,580,658 2,746 (100,906) 59,291 4,541,789 Infrastructure 12,338,583 - - - 12,338,583 Total capital assets being depreciated 103,982,802 262,166 (100,906) 926,297 105,070,359 Accumulated depreciation:
Buildings (162,490) (4,838) - - (167,328) Improvements (32,832,048) (2,431,354) - - (35,263,402) Equipment (3,761,597) (223,811) 100,906 - (3,884,502) Infrastructure (9,643,842) (112,960) - - (9,756,802) Total accumulated depreciation (46,399,977) (2,772,963) 100,906 - (49,072,034) Total capital assets being depreciated, net 57,582,825 (2,510,797) - 926,297 55,998,325 Right to use assets, being amortized
Lease assets - machinery, equipment and vehicles 3,225 - - (3,225) - Subscription assets 28,356 - - - 28,356 Total right to use lease assets, being amortized 31,581 - - (3,225) 28,356 Accumulated amortization:
Lease assets - machinery, equipment and vehicles (1,714) - 1,714 - Subscription assets (14,178) (7,089) - - (21,267) Total accumulated amortization (15,892) (7,089) - 1,714 (21,267) Total right to use assets, being amortized, net 15,689 (7,089) - (1,511) 7,089 Total capital assets, net 58,699,384$ 1,376,092 $ - $ (1,511)$ 60,073,965$
Depreciation and amortization expense was charged to the Enterprise funds as follows:
Water 2,487,877 $
Refuse 9,317
Sewer 282,858
Total depreciation and
amortization expense 2,780,052$
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
71 Note 8 – Long-Term Liabilities
A. Governmental Activities
The following is a summary of changes in the City’s long-term liabilities for the fiscal year ended June 30, 2025:
Balance Classification
July 1, 2024 Balance Due within
(As Restated) Additions Deletions Transfers June 30, 2025 One Year Public offering:
2004 Taxable Pension
Obligation Bonds 10,510,000 $ - $ (795,000)$ - $ 9,715,000$ 845,000 $ 2021 Taxable Pension
Obligation Bonds 90,555,309 - (3,392,029) - 87,163,280 3,420,493 2022 Sales Tax Revenue Bonds 16,960,000 - (335,000) - 16,625,000 350,000 Premium 2,948,509 - (109,204) - 2,839,305 - Total Public offerings 120,973,818 - (4,631,233) - 116,342,585 4,615,493 Direct borrowings:
Financing purchase 2,874,656 - (383,018) - 2,491,638 399,881 BOA Loan - 2,861,549 - - 2,861,549 270,292 Total direct borrowings: 2,874,656 2,861,549 (383,018) - 5,353,187 670,173 Other long-term liabilities
Lease liabilities 46,416 205,215 (83,305) 1,460 169,786 75,826 Subscription liabilities 160,093 1,965,133 (522,790) - 1,602,436 409,634 Claims payable (Note 13) 21,945,567 3,478,000 (3,658,578) - 21,764,989 3,936,107 Compensated absences * 6,769,620 113,022 - - 6,882,642 5,789,288 Insurance assessment payable (Note 13) 490,543 - (163,515) - 327,028 163,514 Total long-term liabilities 153,260,713$ 8,622,919 $ (9,442,439) $ 1,460 $ 152,442,653$ 15,660,035 $ *The change in the compensated absences liability is presented as a net change.
2004 Taxable Pension Obligation Bonds
On June 29, 2004, the City pursuant to an Agreemen t with the California Statewide Communities Development Authority, issued $17,405,000 in Taxable Pension Obliga tion Bonds, 2004 Series A-1. These Bonds were issued to fund the unfunded liabilities of the City’s Safety Plan to the California Public Employees’ Retirement System (CALPERS). The City is contractually obligated to a ppropriate and make payments to CALPERS arising as a result of retirement benefits accruing to members of CALPERS. The City’s obligation includes, among others, the requirement to amortize the unfunded accrued actuarial liability over a multi-year period. On June 29, 2004, the City contributed $17,012,841 of the bond proceeds to CALPERS to fund a portion of the unfunded liability for the Safety Plan that provides retirement benefits to the City’s sworn Police Officers and Firefighters.
Bond interest is payable semi-annually on June 1 and December 1 commencin g December 1, 2004. The rate of interest varies from 4.510% to 6.076% per annum. Prin cipal is payable in annual installments ranging from $25,000 to $1,350,000 commencing on June 1, 2009 and e nding on June 1, 2034. On or before August 1st of each year, the City is required to deposit with the tr ustee the amount equal to the next year’s debt service payment in lieu of a reserve requirement.
Optional Redemption: The bonds maturing on or before J une 1, 2016 were not subject to optional redemption.
The bonds maturing on June 1, 2024 and on June 1, 2034 ar e subject to optional redemption prior to maturity at the option of the Authority, in whole or in part on any da te at a redemption price equal to the greater of (1) 100% of principal to be redeemed or (2) present value of th e remaining debt service discounted at Treasury Rate plus
10.0 basis points for the 2024 Term Bonds or plus 12.5 basis points for the 2034 Term Bonds. Bonds will be selected for redemption on a pro rata basis for both th e optional and mandatory sinking fund redemption. The outstanding balance of the 2004 Taxable Pension Obligation Bonds was $9,715,000 at June 30, 2025.
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
72 Note 8 – Long-Term Liabilities (Continued)
A. Governmental Activities (Continued)
2004 Taxable Pension Obligation Bonds (Continued)
The annual debt service requirements to maturity for the 2004 Taxable Pension Obligation Bonds are as follows:
Year ending
June 30, Principal Interest Total
2026 845,000$ 590,283 $ 1,435,283 $
2027 895,000 538,941 1,433,941
2028 950,000 484,561 1,434,561
2029 1,005,000 426,839 1,431,839
2030 1,065,000 365,775 1,430,775
2031-2034 4,955,000 774,994 5,729,994 Total 9,715,000$ 3,181,393 $ 12,896,393 $
2021 Taxable Pension Obligation Bonds
On February 16, 2021, the City issued $106,335,000 in Taxable Pension Obligation Bonds, 2021 Series A. These Bonds were issued to fund the unfunded liabilities of the C ity’s Miscellaneous and Safety Plans to the California Public Employees’ Retirement System (CALPERS). The City is contractually obligated to appropriate and make payments to CALPERS arising as a result of retirement be nefits accruing to members of CALPERS. The City’s obligation includes, among others, the requirement to am ortize the unfunded accrued actuarial liability over a multi-year period. On February 16, 2021, the City cont ributed $105,545,217 ($41,1 46,631 to the Miscellaneous Plan and $64,398,586 to the Safety Plan) of the bon d proceeds to CALPERS to fund a portion of the unfunded liability for the Miscellaneous and Safety Plans that provides retirement benefits to the City’s eligible employees.
This transaction and future debt service requirements on th e bonds are being shared between the City’s General Fund and enterprise funds.
Bond interest is payable semi-annually on June 1 and December 1 commencin g December 1, 2021. The rate of interest varies from 0.213% to 3.021% per annum. Prin cipal is payable in annual installments ranging from $3,130,000 to $7,135,000 commencing on June 1, 2022 and ending on June 1, 2043. On or before August 1st of each year, the City is required to deposit with the tr ustee the amount sufficient to pay debt service on the bonds, the 2004 Bonds and any add itional bonds and refunding obligations as may be issued on a parity basis in accordance with the Trust Agreement.
Optional Redemption: The bonds maturing on or before June 1, 2032 may be redeemed at the option of the City from any source of funds on any date on or after June 1, 2031 in whole or in part at a redemption price equal to the principal amount to be redeemed, together with accrued interest to the date of redemption, without premium.
The bonds are also subject to redemption prior to June 1, 2031 at the option of the City, in whole or in part, at any time, at a redemption price equal to the greater of: (1 ) 100% of principal amount to be redeemed or (2).the sum, calculated by the City, of the present value of the remaining scheduled payments of principal and interest on the bonds to be redeemed discounted to the date of redemption on a semiannual basis at a Treasury Rate plus 15 basis points, plus accrued and unpaid interest on the bonds being redeemed to the date fixed for redemption.
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
73 Note 8 – Long-Term Liabilities (Continued)
A. Governmental Activities (Continued)
2021 Taxable Pension Obligation Bonds (Continued)
The outstanding balance of the 2021 Taxable Pension Oblig ation Bonds was $91,865,000 at June 30, 2025, of which $87,163,280 is reported in governmental type activities and $4,701,720 is reported in business-type activities.
Year Ending
June 30, Principal Interest Principal Interest Principal Interest Total 2026 3,420,493$ 2,181,736 $ 184,507 $ 117,686 $ 3,605,000 $ 2,299,422 $ 5,904,422 $ 2027 3,458,446 2,144,555 186,554 115,681 3,645,000 2,260,236 5,905,236 2028 3,510,631 2,095,099 189,369 113,013 3,700,000 2,208,112 5,908,112 2029 3,567,560 2,037,876 192,440 109,926 3,760,000 2,147,802 5,907,802 2030 3,633,978 1,973,908 196,022 106,476 3,830,000 2,080,384 5,910,384 2031-2035 20,660,539 8,734,125 1,114,461 471,132 21,775,000 9,205,257 30,980,257 2036-2040 29,195,168 5,646,020 1,574,832 304,555 30,770,000 5,950,575 36,720,575 2041-2043 19,716,465 1,203,164 1,063,535 64,900 20,780,000 1,268,064 22,048,064 Total 87,163,280$ 26,016,483 $ 4,701,720 $ 1,403,369 $ 91,865,000 $ 27,419,852 $ 119,284,852 $ Governmental Activities Business-type Activities Total
2022 Sales Tax Revenue Bonds
On October 1, 2022, the Monterey Park Financing Au thority issued $17,750,000 Monterey Park Financing Authority Sales Tax Revenue Bonds. The proceeds were u sed to finance certain public capital improvements in the City, including, but not limited to, rehabilitating, constructing, enlarging, improving, and/or equipping City streets, sidewalks, gutters, curbs and ramps, streetlights, and street signs. Interest on the bonds is payable semi- annually each June 1 and December 1, beginning June 1, 2022. Principal matures each June 1 beginning 2022 and maturing in 2051. Interest rates on the bonds va ry between 4.00% and 5.00%. The principal balance outstanding at June 30, 2025 was $16,625,000.
Future debt service payments are as follows:
Year ending
June 30, Principal Interest Total
2026 350,000$ 698,450 $ 1,048,450 $
2027 370,000 680,950 1,050,950
2028 385,000 662,450 1,047,450
2029 405,000 643,200 1,048,200
2030 425,000 622,950 1,047,950
2031-2035 2,470,000 2,778,700 5,248,700
2036-2040 3,035,000 2,210,600 5,245,600
2041-2045 3,685,000 1,553,600 5,238,600
2046-2050 4,490,000 755,000 5,245,000 2051 1,010,000 40,400 1,050,400
Total 16,625,000$ 10,646,300 $ 27,271,300 $
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
74 Note 8 – Long-Term Liabilities (Continued)
A. Governmental Activities (Continued)
Finance Purchase Loans
Siemens Loan
On September 23, 2014, the City and Siemens Public, In c. entered into a finance- purchase agreement for an amount of $10,511,901. The City used the monies for en ergy efficiency improvements throughout city parks, facilities and infrastructure. The term of the agreemen t is 15 years, commencing on September 23, 2014 through June 23, 2030, at an interest rate of 2.80%. Principal and interest payments are due quarterly in amounts ranging from $140,217 to $325,545 over the term of the agreement. The transactions are shared by the General Fund and the Water Utility Enterprise Fund. At June 30, 2025, th e outstanding balance for the agreement was $5,340,443 of which $801,069 is reported in go vernmental type activities and $4,539, 374 is reported in business-type activities. The annual debt service requirements on the agreement are as follows:
Year Ending
June 30, Principal Interest Principal Interest Principal Interest Total 2026 135,753$ 21,013 $ 769,269 $ 119,072 $ 905,022 $ 140,085 $ 1,045,107 $ 2027 146,765 17,097 831,670 96,881 978,435 113,978 1,092,413 2028 158,389 12,866 897,540 72,907 1,055,929 85,773 1,141,702 2029 170,778 8,302 967,745 47,043 1,138,523 55,345 1,193,868 2030 189,384 3,293 1,073,150 18,689 1,262,534 21,982 1,284,516 Total 801,069$ 62,571 $ 4,539,374 $ 354,592 $ 5,340,443 $ 417,163 $ 5,757,606 $ TotalGovernmental Activities Business-type Activities
Motorola Loan
On March 16, 2021, the City and Moto rola Solutions, Inc. entered into a finance-purchase agreement for police radios, dispatch consoles and station equipment in the am ount of $2,682,300. The term of the agreement is ten years through April 2, 2031, at an interest rate of 2.58 %. Annual principal and interest payments of $307,745 are due April 1st of each year commencing in 2022. At June 30, 2025, the outstanding balance for the agreement was $1,690,569. The annual debt service requirements on the agreement are as follows:
Year ending
June 30, Principal Interest Total
2026 264,128$ 43,617 $ 307,745 $
2027 270,942 36,803 307,745
2028 277,933 29,812 307,745
2029 285,103 22,642 307,745
2030 292,459 15,286 307,745
2031 300,004 7,741 307,745
Total 1,690,569$ 155,900 $ 1,846,469 $
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
75 Note 8 – Long-Term Liabilities (Continued)
A. Governmental Activities (Continued)
Finance Purchase Loans (Continued)
Master Equipment Purchase
On May 16, 2025, the City and Bank of America Public Capital Corp. entered into a finance-purchase agreement for fire truck engine, dump trucks an d air condition equipment in the amount of $2,681,549. The term of the agreement is nine years through May 16, 2034, at an in terest rate of 3.97%. Semi-annual principal and interest payments of $190,620 are due November 16
th and May 16th of each year commencing in 2025. At
June 30, 2025, the outstanding balance for the agr eement was $2,681,549. The annual debt service requirements on the agreement are as follows:
June 30, Principal Interest Total
2026 270,292$ 110,947 $ 381,239 $
2027 281,129 100,110 381,239
2028 292,401 88,839 381,240
2029 304,124 77,115 381,239
2030 316,318 64,921 381,239
2031-2034 1,397,285 127,673 1,524,958 Total 2,861,549$ 569,605 $ 3,431,154 $
Lease Liabilities
The City has entered into leases for equipment and vehi cle uses. The terms of the agreements are between 19 months and 60 months with a range of an implicit rate from 0.2108% to 4.3318%. Principal and interest to maturity are as follows:
Year ending
June 30, Principal Interest Total
2026 75,826 $ 4,484 $ 80,310 $
2027 63,112 2,369 65,481
2028 30,848 399 31,247
Total 169,786$ 7,252 $ 177,038 $
Subscription Liabilities
The City has entered into subscriptions for informati on technology arrangements. The terms of the arrangements range from 24 to 78 months with an implicit rate of 3.00%. Principal and interest to maturity are as follows:
Year ending
June 30, Principal Interest Total
2026 409,634$ 42,428 $ 452,062 $
2027 335,305 31,863 367,168
2028 328,279 22,890 351,169
2029 336,980 14,189 351,169
2030 192,238 5,286 197,524
Total 1,602,436$ 116,656 $ 1,719,092 $
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
76 Note 8 – Long-Term Liabilities (Continued)
B. Business-Type Activities
The following is a summary of chan ges in long-term liabilities for business-type activities for the year ended June 30, 2025:
Balance
July 1, 2024 Balance Due within Due in more
(As Restated) Additions Deletions Transfers June 30, 2025 One Year than One Year Public offering;
2021 Taxable Pension
Obligation Bonds 4,884,691 $ - $ (182,971)$ - $ 4,701,720$ 184,507 $ 4,517,213 $ Water Revenue Bonds, Series 2024 20,555,000 - (570,000) - 19,985,000 335,000 19,650,000 Premium 549,419 - (18,365) - 531,054 - 531,054 Total public offering: 25,989,110 - (771,336) - 25,217,774 519,507 24,698,267 Direct borrowings:
Finance purchase loans 5,250,728 - (711,354) - 4,539,374 769,269 3,770,105 SGVMWD Loan 4,000,000 - - - 4,000,000 400,000 3,600,000 Total direct borrowings: 9,250,728 - (711,354) - 8,539,374 1,169,269 7,370,105 Lease liabilities 1,460 - - (1,460) - - - Compensated absences * 487,135 13,650 - - 500,785 421,232 79,553 Subscription liabilities 6,316 - (3,075) - 3,241 3,241 - Total long-term liabilities 35,734,749$ 13,650 $ (1,485,765)$ (1,460) $ 34,261,174$ 2,113,249 $ 32,147,925 $ *The change in the compensated absences liability is presented as a net change.
Classification
2024 Water Revenue Bonds
On May 1, 2024, the Monterey Park Financing Aut hority issued $20,555,000 Monterey Park Financing Authority Water Revenue Bonds. The proceeds were used to finance certain public capital improvements in the City, including, water meter replacement, reservoir rehab ilitation, booster station, wate r main replacements, and upgrades. Interest on the bonds is payable semi-a nnually each February 1 and August 1, beginning August 1, 2024. Principal matures each February 1 begi nning 2024 and maturing in 2054. Interest rates on the bonds vary between 4.00% and 5.00%. The principal balance outstanding at June 30, 2025 was $19,985,000.
Year ending
June 30, Principal Interest Total
2026 335,000$ 877,575 $ 1,212,575 $
2027 355,000 860,825 1,215,825
2028 370,000 843,075 1,213,075
2029 390,000 824,575 1,214,575
2030 410,000 805,075 1,215,075
2031-2035 2,370,000 3,697,125 6,067,125
2036-2040 3,030,000 3,041,875 6,071,875
2041-2045 3,755,000 2,317,325 6,072,325
2046-2050 4,580,000 1,487,063 6,067,063
2051-2054 4,390,000 462,000 4,852,000 Total 19,985,000$ 15,216,513 $ 35,201,513 $
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
77 Note 8 – Long-Term Liabilities (Continued)
B. Business-Type Activities (Continued)
SGVMWD Loan
On March 1, 2021, the City and the San Gabriel Valley M unicipal Water District entered into a loan agreement for an amount of $4,000,000 with no interest bearing. The City used the monies to cover costs related to planning, design, construction and construction administra tion incurred by the City in financing projects for the benefit of the City. The term of the agreement is ten years commencing on the later of date the Notice of the Completion of the Project signed by the City or 90 days after the first disbursement of the Loan proceeds with no interest bearing. The related projects are completed in July 2025, and the outstanding balance of the loan was $4,000,000. Principal to maturity are as follows:
Year ending
June 30, Principal
2026 400,000$
2027 400,000
2028 400,000
2029 400,000
2030 400,000
2031-2035 2,000,000
Total 4,000,000$
Subscription Liabilities
The City has entered into subscriptions for informati on technology arrangements. The terms of the arrangements range from 24 to 78 months with a implicit rate of 3.00%. Principal and interest to maturity are as follows:
Year ending
June 30, Principal Interest Total
2026 3,241 $ 74 $ 3,315 $
C. Fiduciary Activities
The following is a summary of chang es in the City’s long-term liabilities for fiduciary activities for the fiscal year ended June 30, 2025:
Balance Balance Due within Due in more
July 1, 2024 Additions Deletions June 30, 2025 One Year than One Year Public offering:
Tax Allocation Refunding Bond - 2013A 3,685,000$ - $ (1,220,000)$ 2,465,000 $ 1,210,000 $ 1,255,000 Tax Allocation Refunding Bond - 2013B 2,855,000 (530,000) 2,325,000 545,000 1,780,000 Premium 253,940 - (93,417) 160,523 - 160,523 Direct borrowings:
SERAF Loan (Note 6) 758,966 - (137,342) 621,624 137,342 484,282 Tax Increment deferred loan-
Atlantic/Garvey Project 16,927,413 1,184,919 - 18,112,332 - 18,112,332 Tax Increment deferred loan-
Merged Project 75,154,086 5,193,102 (616,946) 79,730,242 630,810 79,099,432 Low Mod Housing Payable 1,186,222 (1,186,222) - - - Total long-term liabilities 100,820,627$ 6,378,021 $ (3,783,927) $ 103,414,721 $ 2,523,152 $ 100,891,569 $ Classification
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
78 Note 8 – Long-Term Liabilities (Continued)
C. Fiduciary Activities (Continued)
Tax Allocation Refunding Bond, Series 2013A (Atlantic-Garvey Redevelopment Project No. 1)
On December 1, 2013, the County of Los Angeles Re development Refunding Authority assisted the Successor Agency to issue the $13,835,000 Tax Allocation Ref unding Bond, Series 2013A, for the Atlantic-Garvey Redevelopment Project No. 1. These Bonds were issued to redeem the outstanding 2002 Tax Allocation Revenue Bonds. The Bonds are secured by a pledge of the tax revenues from the Projec t area with interest rates ranging from 3.0% to 5.0%. Interest payments are payable semiannually on September 1 and March 1. Principal payments are made on September 1 of each year and continue until the year 2026.
Optional Redemption: The Bonds maturing on or before September 1, 2024, are not subject to optional redemption prior to maturity. The Bonds maturing on an d after September 1, 2024, are subject to optional redemption on any date on and after September 1, 2023, in integral mu ltiples of $5,000, from any available source of funds, at the times, at a redemption price equa l to the principal amount of the Bonds to be redeemed, together with accrued interest thereon to the date fixed for redemption, without premium.
The Bonds are secured by a first and prior lien on tax incr ement revenues, excluding any portion of revenues that are required to be deposited to the Rebate Fund. A nnual principal and interest payments on the Bonds are expected to require less than 90% of net revenues. Th e amount of principal outstanding at June 30, 2025 is $2,465,000. The net tax increment revenue is collected and withheld by the County of Los Angeles due to the dissolution of the former Redevelopment Agency. The annual debt service requirements on the Tax Allocation Refunding Bond, Series 2013A (Atlantic-Garvey Redevelopment Project No. 1) are as follows:
Year ending
June 30, Principal Interest Total
2026 1,210,000$ 80,619 $ 1,290,619 $
2027 1,255,000 27,453 1,282,453
2,465,000$ 108,072 $ 2,573,072 $
Tax Allocation Refunding Bond, Series 2013B (Merged Redevelopment Project Area)
On December 1, 2013, the County of Los Angeles Re development Refunding Authority assisted the Successor Agency to issue this $7,080,000 Tax Allocation Ref unding Bond, Series 2013B, for the Merged Redevelopment Project No. 1. These Bonds were issued to redeem th e outstanding 1998 Tax Allo cation Revenue Bonds. The Bonds are secured by a pledge of the tax revenues from th e Project area with interest rates ranging from 3.0% to
5.0%. Interest payments are payable semiannually on Sept ember 1 and March 1 Principa l payments are made on September 1 of each year and continue until the year 2028.
Optional Redemption: The Bonds maturing on or before September 1, 2024, are not subject to optional redemption prior to maturity. The Bonds maturing on an d after September 1, 2024, are subject to optional redemption on any date on and after September 1, 2023, in integral mu ltiples of $5,000, from any available source of funds, at the times, at a redemption price equa l to the principal amount of the Bonds to be redeemed, together with accrued interest thereon to the date fixed for redemption, without premium.
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
79 Note 8 – Long-Term Liabilities (Continued)
C. Fiduciary Activities (Continued)
Tax Allocation Refunding Bond, Series 2013B (Merged Redevelopment Project Area)(Continued)
The Bonds are secured by a first and prior lien on tax incr ement revenues, excluding any portion of revenues that are required to be deposited to the Rebate Fund. A nnual principal and interest payments on the bonds are expected to require less than 90% of net revenues. Th e amount of principal outsta nding at June 30, 2025 was $2,325,000. The net tax increment revenue is collected and withheld by the County of Los Angeles due to the dissolution of the former Redevelopment Agency. The annual debt services requirement on the Tax Allocation Refunding Bond, Series 2013B (Merged Redevelopment Project Area) are as follows:
Year ending
June 30, Principal Interest Total
2026 545,000$ 97,050 $ 642,050 $
2027 565,000 73,109 638,109
2028 595,000 45,875 640,875
2029 620,000 15,500 635,500
Total 2,325,000$ 231,534 $ 2,556,534 $
Tax Increment Deferred Loan (Atlantic/Garvey Project)
On August 20, 1987, the former Redevelopment Agency entered into an agreement for reimbursement of tax increment funds with the County of Los Angeles (the Count y). In the Agreement, the County agreed to loan its portion of the tax increment revenues received from the am ended area (88 Annex) to the former Redevelopment Agency at a 7% compound interest rate, beginning fi scal year 1989-90. The percentage distribution from the basic tax levy for the 88 Annex areas for the County and th e former Redevelopment Agency is 43.7% and 56.3% respectively. The former Redevelopment Agency will commence repayment of this loan annually beginning with the fiscal year in which the former Redevelopment Agency’s share of tax increment revenues (excluding Housing Fund contributions) from the 88 Annex areas ex ceeds $800,000. The outstanding balance of the Tax Increment Deferred Loan (Atlantic/Garvey Project ) was $18,112,332 increasing accrued interest at June 30, 2025.
The former Redevelopment Agency and the County Ta xing Entities (the County of Los Angeles, the Los Angeles County Flood Control District, and the Los Ange les County Office of Education) entered into four agreements for reimbursement of the tax increment de ferred amounts. In the Agreements, the County Taxing Entities agreed to loan their portions of the tax incr ement revenues received from th e Southeast Project area, Freeway `99 Annex area, Central Commercial Project area, and Merged Monterey Pass Road area to the former Redevelopment Agency at specified interest rates rang ing from 0% to 7%. The percentage distribution from the basic tax levy and the repayment schedule of the deferre d loans are also based on a specified formula for each taxing entity. The outstanding balance of the Tax Incr ement Deferred Loan (Merge d Project) was $79,730,242 increasing accrued interest at June 30, 2025.
Low/Mod Housing Deferred Loans
State law required former redevelopment agencies to set aside 20% of their tax increment revenues for low/mod housing. In 1997, the former Redevelopment Agency approved a plan to set aside future tax increment revenue in addition to the regular 20% set aside requirements. On Fe bruary 1, 2012, the commitment was transferred to the Successor Agency due to the dissolution of the former Redevelopment Agency and was approved by the DOF as a payable to the City’s Special Revenue Housing Fund. At June 30, 2025, the City wrote off the whole loan receivable balance in amount of $1,186,222, and the successor agency has written off the loan accordingly.
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
80 Note 9 – Due To Other Governmental Agencies
In the Special Revenue Grants Fund, an amount equal to the total outstanding balance of the identified loans receivable for the Pacific Housing Corporation loan in the amount of $277,810, and the Pacific Bridge Loan in the amount of $456,401, described in Note 3 at June 30, 2025, have been recorded as Due to Other Governmental Agencies. As these notes are repaid, the repayment proceeds must be returned to the applicable government agency.
SERA Program 4,322 $
Pacific Housing Loan 277,810
Pacific Bridge Loan 456,401
Total due to other governmental agencies 738,533$
Note 10 – Defined Benefit Pension Plans
California Public Employees’ Retirement System Plan
A. General Information about the Pension Plans
Plan Description
All qualified permanent and probationary employees are elig ible to participate in the City’s separate Safety (police and fire) and Miscellaneous (all other) Plans, agent multiple-employer defined benefit pension plans administered by the California Public Employees’ Retir ement System (CalPERS). Benefit provisions under the Plans are established by State statute and City resolution. CalPERS issues publicly available reports that include a full description of the pension plans regarding benef it provisions, assumptions a nd membership information that can be found on the CalPERS website.
Benefit Provided
CalPERS provides retirement and disability benefits, annua l cost-of-living adjustments, and death benefits to plan members and beneficiaries. A classic CalPERS member or PEPRA Safe ty member becomes eligible for Service Retirement upon attainment of age 55 with at least 5 years of credited service. PEPRA miscellaneous members become eligible for service retirement upon attainme nt of age 62 with at least 5 years of service. The service retirement benefit is a monthly allowance equal to the product of the benefit factor, years of service, and final compensation. The final compensation is the monthly average of the member’s highest 36 or 12 consecutive months’ full-time equivalent monthly pay.
Retirement benefits for classic miscellaneous employees ar e calculated as 2% to 2.7% of the average final 12 months compensation. Retirement benefits for PEPRA miscellaneous employees are calculated as 2% of the average final 36 months compensation. Retirement benef its for classic safety employees are calculated as 3% of the average final 12 months compensation. Retiremen t benefits for PEPRA safety employees are calculated as
2.7% of the average final 36 months compensation.
Participant is eligible for non-industr ial disability retirement if becomes disa bled and has at least 5 years of credited service. There is no special age requirement. Th e standard non-industrial disability retirement benefit is a monthly allowance equal to 1.8% of final compensation, multiplied by service.
Industrial disability benefits are not offered to misce llaneous employees. The City provides industrial disability retirement benefit to safety employees. The industrial di sability retirement benefit is a monthly allowance equal to 50% of final compensation.
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
81 Note 10 – Defined Benefit Pension Plans (Continued)
California Public Employees’ Retirement System Plan (Continued)
A. General Information about the Pension Plans (Continued)
Benefit Provided (Continued)
An employee’s beneficiary may receive the basic death benefit if the employee dies while actively employed.
The employee must be actively employed with the City to be eligible for th is benefit. An employee’s survivor who is eligible for any other pre- retirement death benefit may choose to receive that death benefit instead of this basic death benefit. The basic death benefit is a lump sum in the amount of the employee’s accumulated contributions, where interest is credited annually at the greater of 6% or the prevailing discount rate through the date of death, plus a lump sum in the amount of one m onth’s salary for each completed year of current service, up to a maximum of six months’ salary. For purposes of this benefit, one month’s salary is defined as the member’s average monthly full-time rate of compensation during the 12 months preceding death. Upon the death of a retiree, a one-time lump sum payment of $5,000 will be made to the retiree’s designated survivor(s), or to the retiree’s estate.
Benefit terms provide for annual cost-o f-living adjustments to each employ ee’s retirement allowance. Beginning the second calendar year after the year of retirement, retirement and survivor allowances will be annually adjusted on a compound basis by 2%.
Employees Covered by Benefit Terms
At June 30, 2023, the valuation date, the following employees were covered by the benefit terms:
Miscellaneous Safety
Active employees 177 122
Transferred and terminated employees 401 102
Retired Employees and Beneficiaries 376 264
Total 954 488
Contributions
Section 20814(C) of the California Public Employees’ Retirement Law (PERL) requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate . Funding contributions for both Plans are determined annually on an actuarial basis as of June 30 by CalPERS. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by empl oyees during the year, with additional amount to finance any unfunded accrued liability. The City is required to contribute the difference between the actuarially determined rate and the contributi on rate of employees. For the year ended June 30, 2025, the employer contributions for the miscellaneous plan and the safety plan, were $2,191,170 and $3,521,149, respectively.
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
82 Note 10 – Defined Benefit Pension Plans (Continued)
California Public Employees’ Retirement System Plan (Continued)
B. Net Pension Liability
The June 30, 2023 valuation was rolled forward to determ ine the June 30, 2024, measurement date total pension liability, based on following actuarial methods and assumptions:
Actuarial Cost Method
Actuarial Assumptions:
Discount Rate 6.90%
Inflation 2.30%
Salary Increases
Mortalit
y Rate Table1
Post Retirement Benefit Increase
Varies by Entry Age and Service
1 The mortality table used was developed based on CalPERS-specific data. The probabilities of mortality are based on the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. Mortality rates incorporate full generational mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries. For more details on this table, please refer to the 2021 experience study report from November 2021 that can be found on the CalPERS website.
Derived using CalPERS’ Membership Data for all Funds.
The lesser of contract COLA or 2.30% until Purchasing Power Protection Allowance floor on purchasing power applies, 2.30% thereafter
Entry Age Actual Cost Method
Change of Assumptions
There was no change in assumptions in 2024.
Long-term Expected Rate of Return
The long-term expected rate of return on pension pl an investments was determined using a building-block method in which expected future real rates of return (e xpected returns, net of pension plan investment expense and inflation) are developed for each major asset class.
In determining the long-term expected rate of return , CalPERS took into account bot h short-term and long-term market return expectations. Using historical returns of all of the funds’ asset classes, expected compound (geometric) returns were calculated over the next 20 year s using a building-block approach. The expected rate of return was then adjusted to account for assumed administrative expenses of 10 basis points.
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
83 Note 10 – Defined Benefit Pension Plans (Continued)
California Public Employees’ Retirement System Plan (Continued)
B. Net Pension Liability (Continued)
Long-term Expected Rate of Return (Continued)
The expected real rates of return by asset class are as follows:
Asset Class1
Assumed Asset
Allocation
Real Return
Years 1 - 101, 2
Global Equity - Cap-weighted 30.00% 4.54%
Global Equity - Non-cap-weighted 12.00% 3.84%
Private Equity 13.00% 7.28%
Treasury 5.00% 0.27%
Mortgage-backed Securities 5.00% 0.50%
Investment Grade Corporates 10.00% 1.56%
High Yield 5.00% 2.27%
Emerging Market Debt 5.00% 2.48%
Private Debt 5.00% 3.57%
Real Assets 15.00% 3.21%
Leverage -5.00% -0.59%
100.00%
1 An expected inflation of 2.30% used for this period.
2 Figures are based on the 2021 Asset Liability Management study.
Discount Rate
The discount rate used to measure the total pension lia bility was 6.90%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers w ill be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, th e long-term expected rate of return on plan investments was applied to all periods of proj ected benefit payments to determine the total pension liability.
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
84 Note 10 – Defined Benefit Pension Plans (Continued)
California Public Employees’ Retirement System Plan (Continued)
C. Changes in the Net Pension Liability
The following tables show th e changes in net pension liability for th e City’s miscellaneous and safety plans recognized over the measurement period.
Total Pension Plan Fiduciary Net Net Pension
Liability Position Liability
(a) (b) (c) = (a) - (b)
Balance at June 30, 2023 (Valuation Date) 167,949,951 $ 158,052,963 $ 9,896,988 $ Changes Recognized for the Measurement Period:
Service Cost 2,386,091 - 2,386,091 Interest on the total pension liability 11,391,609 - 11,391,609 Difference between expected and actual experience 456,562 - 456,562 Contributions from the employer - 1,674,980 (1,674,980) Contributions from employees - 1,052,969 (1,052,969) Net investment income - 14,776,954 (14,776,954) Benefit payments, including refunds of employee
contributions (9,007,564) (9,007,564) - Administrative expenses - (128,608) 128,608 Net Changes during July 1, 2023 to June 30, 2024 5,226,698 8,368,731 (3,142,033) Balance at June 30, 2024 (Measurement Date) 173,176,649 $ 166,421,694 $ 6,754,955 $ Increase (Decrease)
Miscellaneous Plan
Total Pension Plan Fiduciary Net Net Pension
Liability Position Liability
(a) (b) (c) = (a) - (b)
Balance at June 30, 2023 (Valuation Date) 263,897,102 $ 251,573,688 $ 12,323,414 $ Changes Recognized for the Measurement Period:
Service Cost 4,672,737 - 4,672,737 Interest on the total pension liability 18,335,739 - 18,335,739 Difference between expected and actual experience 5,941,675 - 5,941,675 Contributions from the employer - 3,173,534 (3,173,534) Contributions from employees - 2,218,461 (2,218,461) Net investment income - 23,653,962 (23,653,962) Benefit payments, including refunds of employee
contributions (12,879,580) (12,879,580) - Administrative expenses - (204,706) 204,706 Net Changes during July 1, 2023 to June 30, 2024 16,070,571 15,961,671 108,900 Balance at June 30, 2024 (Measurement Date) 279,967,673 $ 267,535,359 $ 12,432,314 $ Safety
Increase (Decrease)
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
85 Note 10 – Defined Benefit Pension Plans (Continued)
California Public Employees’ Retirement System Plan (Continued)
C. Changes in the Net Pension Liability (Continued)
Sensitivity of the Net Pension Liability to Changes in the Discount Rate
The following presents the net pension liability of the City for all Plans, calculated using the discount rate for each Plan, as well as what the City’s net pension 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 Current Discount Discount Rate
- 1% (5.9%) Rate (6.9%) + 1% (7.9%)
Miscellaneous Plan 28,986,059$ 6,754,955 $ (11,598,201) $ Safety Plan 50,073,504$ 12,432,314 $ (18,459,757) $ Plan's Net Pension Liability/(Asset)
Pension Plans Fiduciary Net Position
Detailed information about each pension plan’s fiduciar y net position is available in the separately issued CalPERS financial reports.
D. Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions
For the year ended June 30, 2025, the City recognized pension expense of $4,464,427 and $8,870,156, for the Miscellaneous and Safety plan, respectively. At June 30, 2025, the City reported de ferred outflows of resources and deferred inflows of resources related to the pension plan from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Contribution made after the measurement date 2,191,170 $ - $ Difference between expected and actual experience 239,152 - Net difference between projected and actual earning on
pension plan investments 3,537,078 -
Total 5,967,400 $ - $
Miscellaneous Plan
Deferred Outflows Deferred Inflows
of Resources of Resources
Contribution made after the measurement date 3,521,149 $ - $ Difference between expected and actual experience 4,108,650 - Net difference between projected and actual earnings
on pension plan investments 5,525,302 -
Total 13,155,101 $ - $
Safety Plan
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
86 Note 10 – Defined Benefit Pension Plans (Continued)
California Public Employees’ Retirement System Plan (Continued)
D. Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions (Continued)
The amounts above are net of outflows and inflows rec ognized in the 2023-2024 measu rement period expense.
The expected average remaining service lifetime (“EARSL”) is calculated by dividing the total future service years by the total number of plan participants (active, inactive, and retired). The EARSL for the Miscellaneous Plan and Safety Plan for the 2023-2024 measurement period is 2.1, and 3.0 y ears, which was obtained by dividing the total service years of 1,959 and 1,455 (t he sum of remaining service lifetimes of the active employees) by 954 and 488 (the total number of participants: active, inactive, and retired), respectively.
The $2,191,170 and $3,521,149 for the Miscellaneous and Safety Plans, respectively, reported as deferred outflows of resources related to cont ributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ending June 30, 2026.
Other amounts reported as deferred outflows of resources and deferred inflows of resources related to the pension plan will be recognized as pension expense as follows:
Measurement
Period Miscellaneous Safety
Ending June 30 Plan Plan
2025 838,284 $ 3,128,468 $
2026 4,355,811 8,777,902
2027 (596,670) (959,706)
2028 (821,195) (1,312,712)
2029 - -
Thereafter - -
3,776,230$ 9,633,952 $
Deferred Outflows/(Inflows)
of Resources
Massachusetts Mutual Retirement Plan - Defined Benefit Plan
E. General Information about the Pension Plans
Plan Description
Certain miscellaneous employees are covered by a retirement plan through the Massachusetts Mutual Life
Insurance Company (MMRP), a single-employer defined benefit pension plan. All miscellaneous employees who were employed prior to April 1, 1976 participated in the MMRP. Miscellaneous employees under the age of 55 joined CalPERS on and after April 1, 1976. However, these employees still remain vested under the MMRP and are eligible to receive retirement benefits at the time of retirement. Miscellaneous employees over the age of 55 (on or before April 1, 1976) could not participate in CalPERS and remain wholly in the MMRP.
The City does not issue a publicly available financial report for the MMRP.
Benefits Provided
The MMRP was amended in 1976 to provide equivalent retirement benefits to all miscellaneous employees, whether totally vested in CalPERS, totally vested in the MMRP or partially vested in both plans. Eligibility requirements for the MMRP are the same as those for CalPERS.
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
87 Note 10 – Defined Benefit Pension Plans (Continued)
Massachusetts Mutual Retirement Plan - Defined Benefit Plan (Continued)
E. General Information about the Pension Plans (Continued)
Employee Covered by Benefit Terms
MMRP is a closed plan. As of the measu rement date, June 30, 2025, there are 28 individuals in the plan, 27 inactive receiving benefits and 1 inactive not receiving benefits, all of whom ar e no longer employed by the City or are currently participating in PERS. The C ity’s payroll for employees covered by the MMRP was zero for the measurement period July 1, 2024 to June 30, 2025.
Contributions
MMRP is a contributory plan deriving funds from employer contributions and earnings from investments.
Employer contributions we re based upon the actuarial methods and assumptions. For the current year, the City made contributions to the MMRP in amount of $50,000.
F. Net Pension Liability
Actuarial Methods and Assumptions Used to Determine Total Pension Liability
For the measurement period ended June 30, 2025, the total pension liability was determined by rolling forward the June 30, 2024 tota l pension liability to June 30, 2025, based on actual benefit payments.
Actuarial Methods and Assumptions Used to Determine Total Pension Liability
The total pension liability was based on the following actuarial methods and assumptions:
Contribution Policy
Actuarial Assumptions:
Discount Rate
Long-Term Expected Rate of Return on Assets
Municipal Bond Rate
General Inflation
Mortality, Retirement, Disability, Termination
Mortality Improvement
Cost of Living Adjustment/PPPA 2.00%
Asset Fair Market Value
City contributes full ADC
5.20% at June 30, 2024 based on the Bond Buyer 20-bond Index at 6/30/25
3.93% at June 30, 2023 based on the Bond Buyer 20-bond Index at 6/30/24
3.00% at June 30, 2025 (55% confidence level)
3.00% at June 30, 2024 (55% confidence level)
5.20% at June 30, 2025 (Bond Buyer 20 Index)
Fair value factor of 92.969% as of 6/30/2025 supplied by the City
2.50% annually
CalPERS 2000-2019 Experience Study
3.93% at June 30, 2024 (Bond Buyer 20 Index)
Mortality projected fully generational with Scale MP-2021 PPPA valued for each annuitant
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
88 Note 10 – Defined Benefit Pension Plans (Continued)
Massachusetts Mutual Retirement Plan - Defined Benefit Plan (Continued)
F. Net Pension Liability (Continued)
Long-term Expected Rate of Return
The expected real rates of return by asset class and by geometric means are as follows:
Asset Class
Target
Allocation
Expected Real
Rate of Return
Fixed Income 97.2%** 0.78%
Global Equity ** n/a 4.56%
REITs 0.10% 3.91%
Cash 2.70% -0.50%
100.00%
** Includes 9.4% “other invested assets” in Empower General Investment Account, which includes Global Equity.
G. Changes in the Net Pension Liability
The following table shows th e changes in net pension liability recognized over the measurement period.
Total Pension Plan Fiduciary Net Net Pension
Liability Position Liability/(Asset)
(a) (b) (c) = (a) - (b)
Balance at June 30, 2024 3,433,754 $ 3,487,814 $ (54,060) $ Changes Recognized for the Measurement Period:
Interest on the total pension liability 128,493 - 128,493 Difference between expected and actual experience (267,768) - (267,768) Contributions from the employer - 50,000 (50,000) Net investment income - 197,415 (197,415) Benefit payments, including refunds of employee
contributions (328,034) (328,034) - Administrative expenses - (10,506) 10,506 Net Changes during July 1, 2024 to June 30, 2025 (467,309) (91,125) (376,184) Balance at June 30, 2025 (Measurement Date) 2,966,445 $ 3,396,689 $ (430,244) $ Empower Plan
Increase (Decrease)
Sensitivity of the Net Pension Liability to Changes in the Discount Rate
The following presents the net pension liability of the Pl an as of the measurement date, calculated using the discount rate of 5.2%, as well as what the net pension liability would be if it were calculated using a discount rate that is 1 percentage point lower (4.2%) or 1 percentage point higher (6.2%) than the current rate:
Discount Rate Current Discount Discount Rate
- 1% (4.20%) Rate (5.20%) + 1% (6.20%)
Net Pension Liability (223,509)$ (430,244) $ (610,679) $ Plan's Net Pension Liability/(Asset)
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
89 Note 10 – Defined Benefit Pension Plans (Continued)
Massachusetts Mutual Retirement Plan - Defined Benefit Plan (Continued)
H. Pension Expense and Deferred Outflows/Deferred Inflows of Resources Related to Pensions
For the measurement period ending June 30, 2025, the City incurred a pension credit of $(47,211) for
MMRP. As of measurement date of June 30, 2025, the City has deferred outflows and deferred inflows of resources related to pensions as follows:
Deferred Outflows Deferred Inflows
of Resources of Resources
Net difference between projected and actual earning on
pension plan investments 117,640 $ - $
Empower plan
Amounts reported as deferred outflows and deferred inflows of resources relate d to pensions will be recognized in future pension expense as follows:
Measurement Deferred
Period Outflows/(Inflows)
Ending June 30 of Resources
2026 198,804 $
2027 (26,068)
2028 (35,463)
2029 (19,633)
2030 -
Thereafter -
117,640$
Note 11 – Defined Contribution Pension Plans - Monterey Park Part-Time Retirement Plan
During the 1991-1992 fiscal year, the City established the Monterey Park Part-Time Retirement Plan, a defined contribution retirement plan, for all non benefited, part - time employees in accordance with Internal Revenue Code Section 457, to conform to Section 3121(b)(7)(F) of th e Internal Revenue Code added by the Omnibus Budget Reconciliation Act of 1990. The plan is administered by Em power Inc. The plan was established by the authority of the City Council who retains the authority to amend the plan.
A defined contribution pension plan provides pension benefits in return for services rendered, provides an individual account for each participant, and specifies how contributions to the individual’s account are to be determined instead of specifying the amount of benefits the individual is to receive. Under a defined contribution pension plan, the benefits a participant will receive depend solely on th e amount contributed to the participant’s account and the returns earned on investments of the contributions. Part-tim e, non benefited, nonpersable employees of the City must participate in the plan. During the year ended June 30, 2 025, 137 part-time employees part icipated in the plan. All contributions to the plan vest immediately. An empl oyee who leaves the City is entitled to all contributions, including contributions made by the City, and earnings a pplied to the individual’s account through the date of separation, less legally required income tax withholding.
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
90 Note 11 – Defined Contribution Pension Plans - Monterey Park Part-Time Retirement Plan (Continued)
Participants that become full-time employees and enter th e CalPERS retirement plan will have the amount in their individual accounts transferred from this plan into a Section 457, Deferred Compensation Plan, subject to all the rules governing Section 457 plans, including s ubstantial penalties for withdrawal prior to the age of normal retirement.
Contribution levels into the deferred compensation plan we re established by City Council resolution at 4% and 3.5% for the City and non benefited, nonper sable part-time employees, respectively. During the year, the City contributed $49,784 to the plan.
Note 12 – Other Postemployment Healthcare Plan
A. Plan Description
In addition to the pension benefits, the City provides pos tretirement medical insurance benefits, through an agent multiple-employer OPEB plan in accordance with c ontractual provisions of the various Memoranda of Understanding with the City’s recognized employee orga nizations, to all vested employees who retire with CalPERS pension benefits immediately upon termination of employment from the City. The City has established a California Retiree Benefit Trust (CERBT), an agent-mu ltiple employer trust which CalPERS serves as trustee.
Eligible retirees and dependents may elect lifetime coverage through the City’s healthcare plans. The City makes contributions towards the retiree’s premium up to speci fied caps that vary depending on bargaining unit and whether the participant has more or less than 20 years of service. Retirees pay the portion of premium not paid by the City. In addition to the direct City paid contribution, retirees also receive pre-65 benefits that are subsidized as they are eligible to receive coverage based on blende d (active and retiree) premium rates instead of normally higher retiree rates (implied subsidy). For those retirees w ho are eligible for Medicare, the City contributes toward Medicare supplemental insuran ce coverage. Upon retirement, vested full-time employees may, at their own cost, convert group life insurance coverage to indi vidual life insurance coverage. Post-employment benefits for employees that separate for reasons other than retiremen t are limited to those required under the provisions of COBRA and require no contribution by the City.
Members are eligible for the following benefits:
General Management Safety
Benefit Types Provided Medical Only Medical Only Medical Only Duration of Benefits Lifetime Lifetime Lifetime
Minimum Age 50 50 50
Dependent Coverage Yes Yes Yes
Required Years of Service 5 Years 5 Years 5 Years
City Contribution % 100% 100% 100%
Employees Covered
At the measurement date of June 30, 2025, the following current and former employees were covered by the benefit terms under the plan:
Active plan members 291
Inactives entitled to but not yet receiving benefits 69 Retirees 241
Total 601
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
91 Note 12 – Other Postemployment Healthcare Plan (Continued)
A. Plan Description (Continued)
Contributions
The contribution requirements are establis hed and amended by the City. Employer contributions are determined through an annual act uarial valuation process. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. For the current year, the City’s contributions to the plan included $1,000,000 to the irrevocable CERBT, an implied subsidy of $420,000, $17,578 in administrative expenses, and $1,427,874 in cash be nefit payments, resulting in tota l contributions of $2,865,452. The contributions to the OPEB plan are generally made from the general fund.
B. Total OPEB Liability
For the measurement period ended June 30, 2024, the City’s total OPEB liability was rolled forward from
June 30, 2023 actuarial accounting valuation. A summary of the principal assumptions and methods used to determine the net OPEB liability is shown below.
Actuarial Assumptions
The total OPEB liability in the June 30, 2023 actuarial valuation and June 30, 2024 measurement date was determined using the following actuarial assumptions, app lied to all periods included in the measurement, unless otherwise specified:
Actuarial Valuation Date June 30, 2023
Contribution Policy Pre-funde d through CERBT with the Strategy 1 asset allocation Discount Rate and Long-Term Expected
Rate of Return on Assets
6.25% at June 30, 2024 and June 30, 2023
Expected City contributions projected to keep sufficient plan assets to pay all benefits from trust
Inflation 2.5% annually
Salary Increase Aggregate - 2.75% annually,
Merit - CalPERS 2000-2019 Experience Study
Mortality, Retirement, Termination, and
Disability
CalPERS 2000-2019 Experience Study
Mortality Improvement Scale Mortality proj ected fully generational with Scale MP-2021 Medical Trend Non-Medicare - 8.50% for 2025, d ecreasing to an ultimate rate of 3.45% in 2076
Medicare (Non-Kaiser) - 7.5% for 2025, decreasing to an ultimate rate of
3.45% in 2076
Medicare (Kaiser) - 6.25% for 2025, decreasing to an ultimate rate of
3.45% in 2076
PEMHCA Minimum Increases 3.50% annually
Cap Increases All except Executive Manageme nt, CM and Elected Officials: 0% until the end of current MOU, 5% every 3 years thereafter
Executive Management, CM and Elected Officials: 5% per year Participation at Retirement Tier 1: 90%
PEMHCA Minimum Only: 60%
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
92 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 (e xpected 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 Fiduciary Net Net OPEB
Liability Position Liability
Balance at June 30, 2023 31,729,399 $ 13,045,194 $ 18,684,205 $ Changes Recognized for the Measurement Period:
Service Cost 641,021 - 641,021 Interest on the total OPEB liability 1,970,292 - 1,970,292 Changes of benefit terms - - - Difference between expected and actual experience - - - Changes of assumptions - - - Contributions from the employer - 3,709,837 (3,709,837) Net investment income - 1,519,745 (1,519,745) Administrative expenses - (22,928) 22,928 Benefit payments (1,691,483) (1,691,483) - Net Changes during July 1, 2023 to June 30, 2024 919,830 3,515,171 (2,595,341) Balance at June 30, 2024 (Measurement Date) 32,649,229 $ 16,560,365 $ 16,088,864 $
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
93 Note 12 – Other Postemployment Healthcare Plan (Continued)
C. Changes in total OPEB Liability (Continued)
Change of Assumptions
There were no changes of assumptions.
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%)
20,122,261$ 16,088,864 $ 12,735,602 $ 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
14,498,563$ 16,088,864 $ 17,830,499 $ Healthcare Trend Rate
D. OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB
For the year ended June 30, 2025, the City recognized O PEB expense of $177,355. At June 30, 2025, the City reported deferred outflows of resources and deferred inflows of resources re lated to OPEB from the following sources:
Deferred outflows Deferred inflows
of Resources of Resources
Difference between expected and actual experience - $ (3,541,227)$ Changes of assumptions 356,776 (85,823) Net difference between projected and actual
earnings on plan investments 179,193 - Employer contributions made
subsequent to the measurement date 2,865,452 - Total 3,401,421 $ (3,627,050) $
The expected average remaining service lifetime (“EA RSL”) for OPEB for the 2022-23 measurement period is 3,424.8 years, which was obtained by the average of the EARSL of 6.4 years times 538 covered participants.
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
94 Note 12 – Other Postemployment Healthcare Plan (Continued)
D. OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB (Continued)
$2,865,452 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, 2026. Other amounts reported as deferred outflows of resources and de ferred inflows of resources related to OPEB will be recognized as OPEB expense as follows:
Year Deferred Outflows/
Ending June 30 (Inflows) of Resources
2026 (974,635) $
2027 (568,784)
2028 (717,471)
2029 (713,229)
2030 (116,962)
Thereafter -
(3,091,081)$
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 first $500,000 of each Wo rkers’ Compensation claim and is a member of the Public Risk Innovation, Solutions and Management (PRISM) fo r coverage up to $5,000,000 per occurrence. Excess workers’ compensation insurance has also been purchased up to statutory limits . The City retains the risk for the first $1,000,000 of each General Liability and Auto Liability claim and is a member of the PRISM for coverage up to $25 million per occurrence. The City also purchases commercial insurance for other risks of loss, including property loss, emergency vehicle physical damage, cyber liability and special events. The comprehensive general liability insurance includes monetary damages for persona l liability, property damage and public officials’ errors and omissions.
Deposits made to the PRISM are based on losses incurred by the insured, and rebates ar e possible if the losses are minimal.
On November 17, 2016, the Independent Cities Risk Management Authority (“ICRMA”) Board approved an assessment on the member cities to fund deficits in its Liability Program fo r the fiscal years e nded 2004, and 2012 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 in surance assessment liability is recorded in the General Liability Internal Service Fund. At June 30, 2025, the assessment liability balance was $327,028.
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
95 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, 2025, total estimated General Liability and Workers’ Compensation claims payable were $6,508,924 and $15,256,065, respectively.
The claims liabilities are reported in the Statement of Net Position in the Government-Wide Financial Statements and in the Statement of Revenues, Expen ses and Changes in Net Position in the Proprietary Fund Statements in the Internal Service Funds.
A reconciliation of changes in the aggregate liabilities for clai ms for the current fiscal year and the prior two years is as follows:
Current Year
Beginning of Claims and Balance at
Year ended Fiscal Yea r Changes in Claim Fiscal Yea r
June 30, Liability Estimates Payments End
2023 22,442,706$ 5,089,000 $ (3,635,479) $ 23,896,227 $ 2024 23,896,227 1,914,593 (3,865,253) 21,945,567 2025 21,945,567 3,478,000 (3,658,578) 21,764,989
Note 14 – Stewardship, Compliance and Accountability
A. Deficit Fund Balance/Net Position
At June 30, 2025, the following funds had a fund balance (deficit) or unrestricted net position (deficit):
Fund Fund Type Deficit
General Liability Fund Internal Service Fund (1,646,495) $ Workers' Compensation Internal Service Fund (9,311,752) Successor Agency Private-Purpose Trust Fiduciary Fund (101,286,431)
City management believes the present cash position of the In ternal Service Funds are adequate to meet current needs. The deficit 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.
B. Excess of Expenditures over Appropriations
Total expenditures exceeded budgeted appropriations in the following funds:
Final
Funds Appropriations Expenditures Excess
Nonmajor governmental funds:
Special Revenue Funds:
Housing - $ 1,186,222$ (1,186,222) $ Asset Forfeiture 75,733 77,223 (1,490) Maintenance District 93-1 Fund 1,016,575 1,257,263 (240,688)
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
96 Note 15 – Net Investment in Capital Assets
Net investment in capital assets at June 30, 2025 consisted of the following:
Governmental Business-Type
Activities Activities
Net investment in capital assets:
Capital assets, net 100,458,923 $ 60,073,965 $
Unspent 2022 sales tax revenue bonds - bond proceeds 983,805 - Unspent 2023 sales tax revenue bonds - bond proceeds - 18,500,074 Finance loan proceeds 2,861,549 -
Retention payable (291,979) (100,832)
Long-term debt:
2022 Sales tax revenue bonds (16,625,000) -
Water revenue bonds, series 2024 - (19,985,000) SGVMWD loan - (4,000,000)
Premium (2,839,305) (531,054)
Finance purchase loans (2,491,638) (4,539,374) Lease liabilities (169,786) -
Subscription liabilities (1,602,436) (3,241) Total net investment in capital assets 80,284,133 $ 49,414,538 $
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
97 Note 16 – Classification of Fund Balances
At June 30, 2025, fund balances are classified in the governmental funds as follows:
Nonmajor
Retirement/ Street Capital Governmental
General Fund Grants Fund Pension Fund Housing Fund Projects Funds Funds Total Nonspendable:
Prepaid items - $ - $ - $ - $ - $ 2,649$ 2,649 $ Due from Sucessor Agency - - - 484,282 - - 484,282 - - - 484,282 - 2,649 486,931 Restricted:
Housing - - - 2,162,179 - - 2,162,179 Grants - 1,218,563 - - - - 1,218,563 Highways and streets - - - - - - - Retirement - - 4,252,941 - - - 4,252,941 OPA Proposition A - - - - - 614,078 614,078 State Gas Tax - - - - - 107,346 107,346 Measure W - - - - - 853,087 853,087 Proposition C - - - - - 2,647,469 2,647,469 Air Quality Improvement - - - - - 195,686 195,686 Asset forfeiture - - - - - 1,286,839 1,286,839 Park Facilities - - - - - 1,444,470 1,444,470 Business Improvement Area #1 - - - - - 244,819 244,819 Maintenance District 93-1 - - - - - 1,808 1,808 Law Enforcement/Fire/Medic DIF - - - - - - - Public Safety Augmentation - - - - - 935,828 935,828 Measure R - - - - - 477,027 477,027 Circulation Dev Impact Fee - - - - - 820,076 820,076 CERCLA Liability - - - - - 32,731 32,731 SB1-RMRA - - - - - 2,968,161 2,968,161 Measure M - - - - - 4,104,553 4,104,553 SB2 Planning - - - - - 65,120 65,120 Highway safety improvement - - - - - 15,409 15,409 Capital projects-unspent bond proceed - - - - 262,372 - 262,372 Subtotal - 1,218,563 4,252,941 2,162,179 262,372 16,814,507 24,710,562 Committed:
Catastrophic event 8,840,000 - - - - - 8,840,000 Working capital 3,000,000 - - - - - 3,000,000 Economic development 1,886,927 - - - - - 1,886,927 Total committed 13,726,927 - - - - - 13,726,927 Assigned:
City capital improvements 32,140,583 - - - - - 32,140,583 Subtotal 32,140,583 - - - - - 32,140,583 Unassigned 655,119 - - - - - 655,119 Total 46,522,629 $ 1,218,563 $ 4,252,941 $ 2,646,461 $ 262,372 $ 16,817,156$ 71,720,122 $ Special Revenue Funds
General Fund Committed Catastrophic-Event – The City ’s General Fund balance committed for emergency contingencies has been set by resolution a nd 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 r esult from natural events that did not r esult in a request for state or federal assistance.
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
98 Note 17 – Commitments and Contingencies
A. Commitments
The City has active projects as of June 30, 2025. At y ear-end, the City’s commitments with contractors for these projects are as follows:
Projects Commitments
Streets 417,289$
Community 22,010
Water 832,862
1,272,161$
B. Contingencies
The City is a defendant in a number of lawsuits that have arisen in the normal 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 a material adverse effect on the financial position of the City.
Note 18 – Restatement of Beginning Net Positions and Fund Balances
During fiscal year 2025, restatement of beginning net position and fund balances are as follows:
June 30, 2024
As Previously Change in Accounting Error June 30, 2024
Reported Principle (a) Correction (b) As Restated
Government-Wide
Governmental Activities 19,198,289$ (1,265,962)$ - $ 17,932,327$ Business-Type Activities 48,881,675 (63,207) - 48,818,468 Total primary government 68,079,964$ (1,329,169) $ - $ 66,750,795$ Governmental Funds:
Major Funds:
General Fund 41,891,780 $ - $ - $ 41,891,780$ Grants special revenue Fund 1,230,698 - (240,555) 990,143 Retirement Pension Liabilities Special Revenue Fund 6,559,330 - - 6,559,330 Housing Special Revenue Fund 3,744,119 - - 3,744,119 Street Capital Project Fund 573,797 - - 573,797 Nonmajor Funds 19,348,897 - - 19,348,897 Total Governmental Funds 73,348,621 $ - $ (240,555)$ 73,108,066 $ Enterprise Funds:
Water Utility Enterprise Fund 41,925,511$ (44,439)$ - $ 41,881,072$ Refuse Enterprise Fund (18,061) (5,761) - (23,822) Sewer Enterprise Fund 12,453,069 (13,007) - 12,440,062 Total Enterprise Funds 54,360,519$ (63,207) $ - $ 54,297,312$ Internal Service Funds (11,990,644)$ (31,641) $ - $ (12,022,285)$
City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
99 Note 18 – Restatement of Beginning Net Positions and Fund Balances (Continued)
(a) Implementation of GASB Statement No. 101, Compensated Absences
Effective for the fiscal year ended June 30, 2025 , the City implemented GASB Statement No. 101, Compensated Absences. This statement establishes accounting and financia l reporting standards for compensated absences, including vacation, sick leave, and other paid time off. The implementation of GASB 101 resulted in a change in accounting principle, and prior year amounts have been restated accordingly.
Under GASB 101, a liability must be recognized for leave that is attributable to services already rendered, accumulates and carries forward to future periods, and is more likely than not to be used or paid. This represents a shift from previous guidance, particularly in how likelihood and eligibility are assessed. The effect of the restatement is as shown above.
(b) Correction of Error
The Grant Special Revenue Fund beginning fund bala nce was restated to reflect $240,555 due from other government for revenue which did not meet the criteria of available revenue.
100
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REQUIRED SUPPLEMENTARY INFORMATION
(UNAUDITED)
101
Fiscal Year Ended June 30, 2025 June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 Measurement period June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 Total pension liability
Service cost 2,386,091 $ 2,183,668 $ 2,277,310 $ 2,148,048 $ 2,180,399 $ Interest 11,391,609 11,045,245 10,590,605 10,443,716 10,151,939 Changes of benefit terms - 235,939 - - - Changes of assumptions - - 4,675,002 - - Differences between expected and actual experience 456,562 1,799,505 (1,948,123) (746,806) 602,063 Benefit payments, including refunds of employee
contributions (9,007,564) (8,526,263) (8,008,871) (7,915,523) (7,061,615) Net change in total pension liability 5,226,698 6,738,094 7,585,923 3,929,435 5,872,786 Total pension liability - beginning 167,949,951 161,211,857 153,625,934 149,696,499 143,823,713 Total pension liability - ending (a) 173,176,649$ 167,949,951 $ 161,211,857 $ 153,625,934 $ 149,696,499 $ Pension fiduciary net position
Contributions - employer 1,674,980 $ 1,431,213 $ 1,281,326 $ 45,650,016 $ 4,961,827 $ Contributions - employee 1,052,969 867,801 1,068,666 878,774 919,290 Net plan to plan resource movement - - - - - Net investment income 14,776,954 9,341,983 (12,885,155) 27,613,258 5,268,857 Benefit payments, including refunds of employee
contributions (9,007,564) (8,526,263) (8,008,871) (7,915,523) (7,061,615) Administrative expense (128,608) (114,018) (108,208) (107,471) (146,111) Other Miscellaneous income/(expense)1 - - - - - Net change in plan fiduciary net position 8,368,731 3,000,716 (18,652,242) 66,119,054 3,942,248 Plan fiduciary net position - beginning2
158,052,963 155,052,247 173,704,489 107,585,435 103,643,187 Plan fiduciary net position - ending (b) 166,421,694$ 158,052,963 $ 155,052,247 $ 173,704,489 $ 107,585,435 $ Plan net pension liability - ending (a) - (b) 6,754,955$ 9,896,988 $ 6,159,610 $ (20,078,555) $ 42,111,064 $ Plan fiduciary net position as a percentage
of the total pension liability 96.10% 94.11% 96.18% 113.07% 71.87% Covered payroll3 12,331,219$ 11,198,295 $ 11,648,645 $ 12,309,728 $ 12,120,063 $ Net pension liability as a percentage of
covered payroll 54.78% 88.38% 52.88% -163.11% 347.45%
Notes to Schedule:
Changes of Benefit Terms: The figures above generally include any liability impact that may have resulted from voluntary benefit changes that occurr ed 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 n ot included in the figures above, unless the liability impact is deemed to be material by the plan actuary.
Changes of Assumptions: There were no assumption changes in 2023 or 2024. Effective with the June 30, 2021, valuation date (June 30, 2022, measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-te rm market return expectations as well as the expected pension fund cash flows. In addition, demographic assumptions and the price inflation assumption were ch anged in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The accounting discount rate was 7.15% for measurement dates June 30, 2017, through June 30, 2021, and 7.65% for measurement dates June 30, 2015, through June 30, 2016.
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, 2025
1During Fiscal Year 2017-18, as a result of Governmental Accounting Standards Board Statement (GASB) No. 75, Accounting and Financial Reporting for Postemployment Benefit Plans Other than Pensions (GASB 75), CalPERS reported its proportionate share of activity related to postemployment benefi ts for participation in the State of California’s agent OPEB plan. Accordingly, CalPERS recorded a one-time expense as a result of the adoption of GASB 75. Ad ditionally, CalPERS employees participate in various State of California agent pension plans and during Fiscal Year 2017-18, CalPERS recorded a correction to pr eviously reported financial statements to properly reflect its proportionate share of activity related to pensions in accordance with GASB Statement No. 68, Accounting and Financial Reporting for Pensions (GASB 68).
California Public Employees' Retirement System ("CalPERS") – Miscellaneous Plan Last Ten Measurement Periods
2 Includes any beginning of year adjustment.
3 Includes one year’s payroll growth using 2.80% payroll growth assumption for fiscal years ended in 2022 through 2024; 2.75% payroll growth assumption for fiscal years ended in 2018 through 2021; 3.00% payroll growth assumption for fiscal years ended in 2015 through 2017. 102
Fiscal Year Ended June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 Measurement period June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 Total pension liability
Service cost 2,265,594 $ 2,094,764 $ 2,228,391 $ 2,069,087 $ 1,980,088 $ Interest 9,748,249 9,247,324 8,924,469 8,653,522 8,290,095 Changes of benefit terms - - - - - Changes of assumptions - (692,460) 7,347,650 - (2,040,465) Differences between expected and actual experience 2,073,497 (117,357) (1,360,108) (944,621) (1,849,112) Benefit payments, including refunds of employee
contributions (6,792,973) (6,197,134) (5,324,401) (4,855,567) (4,383,243) Net change in total pension liability 7,294,367 4,335,137 11,816,001 4,922,421 1,997,363 Total pension liability - beginning 136,529,346 132,194,209 120,378,208 115,455,787 113,458,424 Total pension liability - ending (a) 143,823,713$ 136,529,346 $ 132,194,209 $ 120,378,208 $ 115,455,787 $ Pension fiduciary net position
Contributions - employer 4,364,979 $ 4,603,513 $ 3,511,958 $ 3,019,357 $ 2,466,015 $ Contributions - employee 1,139,478 866,540 907,755 917,401 940,132 Net plan to plan resource movement - (229) - - - Net investment income 6,527,890 7,850,165 9,552,250 436,342 1,884,022 Benefit payments, including refunds of employee
contributions (6,792,973) (6,197,134) (5,324,401) (4,855,567) (4,383,243) Administrative expense (70,273) (142,996) (122,900) (51,056) (94,230) Other Miscellaneous income/(expense) 229 (271,552) - - - Net change in plan fiduciary net position 5,169,330 6,708,307 8,524,662 (533,523) 812,696 Plan fiduciary net position - beginning 98,473,857 91,765,550 83,240,888 83,774,411 82,961,715 Plan fiduciary net position - ending (b) 103,643,187$ 98,473,857 $ 91,765,550 $ 83,240,888 $ 83,774,411 $ Plan net pension liability - ending (a) - (b) 40,180,526$ 38,055,489 $ 40,428,659 $ 37,137,320 $ 31,681,376 $ Plan fiduciary net position as a percentage
of the total pension liability 72.06% 72.13% 69.42% 69.15% 72.56% Covered payroll 11,984,909$ 11,235,594 $ 11,745,064 $ 11,966,954 $ 11,412,611 $ Net pension liability as a percentage of
covered payroll 335.26% 338.70% 344.22% 310.33% 277.60% 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, 2025
Last Ten Measurement Periods
California Public Employees' Retirement System ("CalPERS") – Miscellaneous Plan 103
Fiscal Year Ended June 30, 2025 June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 Measurement period June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 Total pension liability
Service cost 4,672,737 $ 4,490,164 $ 4,273,500 $ 3,628,780 $ 3,826,239 $ Interest 18,335,739 17,281,068 16,606,680 16,292,437 15,722,454 Changes of benefit terms - 150,684 - - - Changes of assumptions - - 6,196,586 - - Differences between expected and actual experience 5,941,675 475,381 (2,515,151) (986,638) (2,916,658) Benefit payments, including refunds of employee
contributions (12,879,580) (12,158,628) (11,523,017) (10,706,492) (10,276,568) Net change in total pension liability 16,070,571 10,238,669 13,038,598 8,228,087 6,355,467 Total pension liability - beginning 263,897,102 253,658,433 240,619,835 232,391,748 226,036,281 Total pension liability - ending (a) 279,967,673$ 263,897,102 $ 253,658,433 $ 240,619,835 $ 232,391,748 $ Pension fiduciary net position
Contributions - employer 3,173,534 $ 2,647,296 $ 2,584,424 $ 71,158,474 $ 6,084,397 $ Contributions - employee 2,218,461 1,875,875 1,804,252 1,701,579 1,483,430 Net plan to plan resource movement - - - - - Net investment income 23,653,962 14,836,038 (20,264,806) 43,136,498 8,070,569 Benefit payments, including refunds of employee
contributions (12,879,580) (12,158,628) (11,523,017) (10,706,492) (10,276,568) Administrative expense (204,706) (179,833) (169,516) (166,821) (228,190) Other Miscellaneous income/(expense)1
- - - - - Net change in plan fiduciary net position 15,961,671 7,020,748 (27,568,663) 105,123,238 5,133,638 Plan fiduciary net position - beginning2 251,573,688 244,552,940 272,121,603 166,998,365 161,864,727 Plan fiduciary net position - ending (b) 267,535,359$ 251,573,688 $ 244,552,940 $ 272,121,603 $ 166,998,365 $ Plan net pension liability - ending (a) - (b) 12,432,314$ 12,323,414 $ 9,105,493 $ (31,501,768) $ 65,393,383 $ Plan fiduciary net position as a percentage 95.56% 95.33% 96.41% 113.09% 71.86% of the total pension liability
Covered payroll3 15,508,586$ 14,678,535 $ 14,016,071 $ 12,831,613 $ 13,434,829 $ Net pension liability as a percentage of
covered payroll 80.16% 83.96% 64.96% -245.50% 486.75%
2 Includes any beginning of year adjustment.
Notes to Schedule:
For the Year Ended June 30, 2025
Last Ten Measurement Periods
Changes of Assumptions: There were no assumption changes in 2023 or 2024. Effective with the June 30, 2021, valuation date (June 30, 2022, measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-te rm market return expectations as well as the expected pension fund cash flows. In addition, demographic assumptions and the price inflation assumption were ch anged in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The accounting discount rate was 7.15% for measurement dates June 30, 2017, through June 30, 2021, and 7.65% for measurement dates June 30, 2015, through June 30, 2016. 3Includes one year’s payroll growth using 2.80% payroll growth assumption for fiscal years ended in 2022 through 2024; 2.75% payroll growth assumptio n for fiscal years ended in 2018 through 2021; 3.00% payroll growth assumption for fiscal years ended in 2015 through 2017.
Changes of Benefit Terms: The figures above generally include any liability impact that may have resulted from voluntary benefit changes that occurr ed 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 n ot included in the figures above, unless the liability impact is deemed to be material by the plan actuary. 1During Fiscal Year 2017-18, as a result of Governmental Accounting Standards Board Statement (GASB) No. 75, Accounting and Financial Reporting for Postemployment Benefit Plans Other than Pensions (GASB 75), CalPERS reported its proportionate share of activity related to postemployment benefi ts for participation in the State of California’s agent OPEB plan. Accordingly, CalPERS recorded a one-time expense as a result of the adoption of GASB 75.
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 104
Fiscal Year Ended June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 Measurement period June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 Total pension liability
Service cost 3,799,004 $ 3,527,711 $ 3,386,209 $ 2,947,888 $ 2,923,036 $ Interest 15,282,800 14,480,120 13,751,245 13,417,480 12,911,065 Changes of benefit terms - - - - - Changes of assumptions - (449,040) 11,578,272 - (3,224,562) Differences between expected and actual experience 2,807,034 2,778,709 (2,485,932) (950,812) (1,936,767) Benefit payments, including refunds of employee
contributions (9,782,967) (9,665,441) (9,022,216) (8,465,095) (8,086,742) Net change in total pension liability 12,105,871 10,672,059 17,207,578 6,949,461 2,586,030 Total pension liability - beginning 213,930,410 203,258,351 186,050,773 179,101,312 176,515,282 Total pension liability - ending (a) 226,036,281$ 213,930,410 $ 203,258,351 $ 186,050,773 $ 179,101,312 $ Pension fiduciary net position
Contributions - employer 5,484,667 $ 4,724,661 $ 4,231,618 $ 3,647,109 $ 3,220,567 $ Contributions - employee 1,282,715 1,224,504 1,181,754 1,075,386 1,046,298 Net plan to plan resource movement - (361) - - - Net investment income 10,122,515 12,263,342 15,234,638 694,336 3,055,678 Benefit payments, including refunds of employee
contributions (9,782,967) (9,665,441) (9,022,216) (8,465,095) (8,086,742) Administrative expense (110,517) (229,044) (200,145) (84,526) (156,097) Other Miscellaneous income/(expense) 361 (434,958) - - - Net change in plan fiduciary net position 6,996,774 7,882,703 11,425,649 (3,132,790) (920,296) Plan fiduciary net position - beginning 154,867,953 146,985,250 135,559,601 138,692,391 139,612,687 Plan fiduciary net position - ending (b) 161,864,727$ 154,867,953 $ 146,985,250 $ 135,559,601 $ 138,692,391 $ Plan net pension liability - ending (a) - (b) 64,171,554$ 59,062,457 $ 56,273,101 $ 50,491,172 $ 40,408,921 $ Plan fiduciary net position as a percentage 71.61% 72.39% 72.31% 72.86% 77.44% of the total pension liability
Covered payroll 13,402,257$ 12,387,062 $ 11,847,348 $ 11,596,274 $ 11,541,643 $ Net pension liability as a percentage of
covered payroll 478.81% 476.81% 474.98% 435.41% 350.11% Last Ten Measurement Periods
For the Year Ended June 30, 2025
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 105
Fiscal Year Ended/Measurement Period Ended June 30, 2025 June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 Total pension liability
Service cost - $ - $ - $ - $ - $ Interest 128,493 143,128 147,660 224,352 232,000 Differences between expected and actual experience - (366,919) - (882,892) - Changes of assumptions (267,768) (89,043) (32,713) 233,562 - Benefit payments, including refunds of employee contributions (328,034) (349,894) (379,706) (398,781) (501,000) Net change in total pension liability (467,309) (662,728) (264,759) (823,759) (269,000) Total pension liability - beginning 3,433,754 4,096,482 4,361,241 5,185,000 5,454,000 Total pension liability - ending (a) 2,966,445$ 3,433,754 $ 4,096,482 $ 4,361,241 $ 5,185,000 $ Pension fiduciary net position
Contributions - employer 50,000 $ - $ - $ - $ 605,000$ Net investment income 197,415 183,067 66,572 (896,110) 323,000 Benefit payments, including refunds of employee contributions (328,034) (349,894) (379,706) (398,781) (501,000) Administrative Expense (10,506) (10,861) (10,140) (15,333) (17,000) Net change in plan fiduciary net position (91,125) (177,688) (323,274) (1,310,224) 410,000 Plan fiduciary net position - beginning 3,487,814 3,665,502 3,988,776 5,299,000 4,889,000 Plan fiduciary net position - ending (b) 3,396,689$ 3,487,814 $ 3,665,502 $ 3,988,776 $ 5,299,000 $ Plan net pension liability (asset) - ending (a) - (b) (430,244)$ (54,060) $ 430,980 $ 372,465 $ (114,000) $ Plan fiduciary net position as a percentage 114.50% 101.57% 89.48% 91.46% 102.20% 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:
Benefit Changes: None.
Changes of Assumptions: For 2023, Discount rate was updated based on municipal bond rate. For 2020, mortality improvement scale was updated to Scale M P-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 1997-2 015 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 exper ience study.
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, 2025
Last Ten Measurement Periods
106
Fiscal Year Ended/Measurement Period Ended June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 Total pension liability
Service cost - $ - $ - $ - $ - $ Interest 247,000 263,000 269,000 287,000 305,004 Differences between expected and actual experience 48,000 - 170,000 - - Changes of assumptions (19,000) - 377,000 - - Benefit payments, including refunds of employee contributions (597,000) (641,000) (659,004) (666,000) (691,000) Net change in total pension liability (321,000) (378,000) 156,996 (379,000) (385,996) Total pension liability - beginning 5,775,000 6,153,000 5,996,004 6,375,004 6,761,000 Total pension liability - ending (a) 5,454,000$ 5,775,000 $ 6,153,000 $ 5,996,004 $ 6,375,004 $ Pension fiduciary net position
Contributions - employer 1,200,000 $ 1,000,000 $ 950,000 $ 950,000 $ 950,000 $ Net investment income 447,000 269,000 (98,000) 53,000 (12,000) Benefit payments, including refunds of employee contributions (597,000) (641,000) (659,000) (666,000) (691,000) Administrative Expense (17,000) (16,000) (18,000) (15,000) (14,000) Net change in plan fiduciary net position 1,033,000 612,000 175,000 322,000 233,000 Plan fiduciary net position - beginning 3,856,000 3,244,000 3,069,000 2,747,000 2,514,000 Plan fiduciary net position - ending (b) 4,889,000$ 3,856,000 $ 3,244,000 $ 3,069,000 $ 2,747,000 $ Plan net pension liability (asset) - ending (a) - (b) 565,000$ 1,919,000 $ 2,909,000 $ 2,927,004 $ 3,628,004 $ Plan fiduciary net position as a percentage 89.64% 66.77% 52.72% 51.18% 43.09% 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 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, 2025
107
Fiscal Year Ended June 30, 2025 June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 Contractually Required Contribution
(Actuarially Determined) 2,191,170$ 1,674,980 $ 1,431,213 $ 1,281,326 $ 4,502,361 $ Contributions in relation to the actuarially determined contribution (2,191,170) (1,674,980) (1,431,213) (1,281,326) (45,648,992) Contribution deficiency (excess) - $ - $ - $ - $ (41,146,631)$ Covered payroll 12,676,493 $ 12,331,219 $ 11,198,295 $ 11,648,645 $ 12,309,728 $ Contributions as a percentage of covered payroll 17.29% 13.58% 12.78% 11.00% 370.84% Notes to Schedule:
Valuation Date
Methods and Assumptions Usedto Determine Contribution Rates:
Actuarial cost method Actuarial Cost Method
Amortization method For details, see June 30, 2021 Funding Valuation Report.
Asset valuation method Fair Value of Assets.
Inflation 2.30%
Salary increases Varies by entry age and service
Payroll Growth 2.80%
Investment rate of return
Retirement age
Mortality The probabilities of mortality are based on the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. Mortality rates incorporate full generational mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries.
The probabilities of retirement are based on the 2021 CalPERS Experience Study and Review of Actuarial Assumptions.
6.80% 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, 2025
California Public Employees' Retirement System ("CalPERS") – Miscellaneous Plan Last Ten Fiscal Years
June 30, 2021
108
Fiscal Year Ended June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 Contractually Required Contribution
(Actuarially Determined) 4,199,483$ 3,761,279 $ 3,320,513 $ 3,241,958 $ 2,779,357 $ Contributions in relation to the actuarially determined contribution (4,961,827) (4,364,979) (4,603,513) (3,511,958) (3,019,357) Contribution deficiency (excess) (762,344) $ (603,700) $ (1,283,000) $ (270,000) $ (240,000) $ Covered payroll 12,120,063 $ 12,119,366 $ 11,235,594 $ 11,745,064 $ 11,966,945 $ Contributions as a percentage of covered payroll 40.94% 36.02% 40.97% 29.90% 25.23% 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, 2025
109
Fiscal Year Ended June 30, 2025 June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 Contractually Required Contribution
(Actuarially Determined) 3,521,149$ 3,173,534 $ 2,647,296 $ 2,582,210 $ 6,744,705 $ Contributions in relation to the actuarially
determined contribution (3,521,149) (3,173,534) (2,647,296) (2,582,210) (71,143,291) Contribution deficiency (excess) - $ - $ - $ - $ (64,398,586)$ Covered payroll 15,942,826 $ 15,508,586 $ 14,678,535 $ 14,016,071 $ 13,434,829 $ Contributions as a percentage of covered payroll 22.09% 20.46% 18.04% 18.42% 529.54% Notes to Schedule:
Valuation Date
Actuarial cost method
Amortization method For details, see June 30, 2021 Funding Valuation Report.
Asset valuation method Fair Value of Assets.
Inflation 2.30%
Salary increases Varies by entry age and service
Payroll Growth 2.80%
Investment rate of return 6.80% net of pension plan investment and administrative expenses; includes inflation.
Retirement age
Mortality
June 30, 2021
Actuarial Cost Method
The probabilities of mortality are based on the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. Mortality rates incorporate full generational mortality improvement using 80% of Scale MP -
2020 published by the Society of Actuaries.
The probabilities of retirement are based on the 2021 CalPERS Experience Study and Review of Actuarial Assumptions.
California Public Employees' Retirement System ("CalPERS") – Safety Plan Methods and Assumptions Used to Determine Contribution Rates:
Last Ten Fiscal Years
For the Year Ended June 30, 2025
City of Monterey Park
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pension (Continued)
110
Fiscal Year Ended June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 Contractually Required Contribution
(Actuarially Determined) 6,084,397$ 5,484,667 $ 4,724,661 $ 4,231,618 $ 3,647,109 $ Contributions in relation to the actuarially
determined contribution (6,084,397) (5,484,667) (4,724,661) (4,231,618) (3,647,109) Contribution deficiency (excess) - $ - $ - $ - $ - $ Covered payroll 13,251,294 $ 13,402,257 $ 12,387,062 $ 11,847,348 $ 11,596,274 $ Contributions as a percentage of covered payroll 45.92% 40.92% 38.14% 35.72% 31.45% California Public Employees' Retirement System ("CalPERS") – Safety Plan Last Ten Fiscal Years
For the Year Ended June 30, 2025
City of Monterey Park
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pension (Continued)
111
Fiscal Year Ended June 30, 2025 June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 Actuarially Determined Contribution -$ - $ - $ 64,000$ 605,000 $ Contributions in relation to the actuarially determined contribution - - - - (605,000) Contribution deficiency (excess) - $ - $ - $ 64,000$ - $ Covered payroll - $ - $ - $ - $ - $ Contributions as a percentage of covered payroll N/A N/A N/A N/A N/A Notes to Schedule:
Valuation Date June 30, 2023
Methods and Assumptions Usedto Determine Contribution Rates:
Actuarial cost method Entry Age Normal
Amortization method Level Dollar
Asset valuation method Set equal to Market Value of Assetsspreading over 5-year rolling period Discount Rate 3.00%
General Inflation 2.50%
Mortality Improvement Mortality projected fully generational with Scale MP-2021 Mortality CalPERS 2000-2019 Experience Study
Massachusetts Mutual Retirement Plan ("MMRP")
Last Ten Fiscal Years
For the Year Ended June 30, 2025
City of Monterey Park
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pension (Continued)
112
Fiscal Year Ended June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 Actuarially Determined Contribution 994,000$ 994,000 $ 961,000 $ 961,000 $ 950,000 $ Contributions in relation to the actuarially determined contribution (1,200,000) (1,000,000) (950,000) (950,000) (950,000) Contribution deficiency (excess) (206,000) $ (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 Massachusetts Mutual Retirement Plan ("MMRP")
Last Ten Fiscal Years
For the Year Ended June 30, 2025
City of Monterey Park
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pension (Continued)
113
Fiscal Year Ended June 30, 2025 June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 Measurement period June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 Total OPEB liability:
Service cost 641,021 $ 778,388 $ 757,555 $ 847,594 $ 822,907 $ Interest 1,970,292 2,126,500 2,050,988 2,288,889 2,199,290 Changes of benefit terms - - - - - Differences between expected and actual experience - (4,152,538) - (2,184,649) - Changes of assumptions - 526,668 - (257,475) - Benefit payments, including refunds of employee contributions (1,691,483) (1,590,464) (1,651,920) (1,744,000) (1,695,000) Net change in total OPEB liability 919,830 (2,311,446) 1,156,623 (1,049,641) 1,327,197 Total OPEB liability - beginning 31,729,399 34,040,845 32,884,222 33,933,863 32,606,666 Total OPEB liability - ending (a) 32,649,229$ 31,729,399 $ 34,040,845 $ 32,884,222 $ 33,933,863 $ OPEB fiduciary net position
Contributions - employer 3,709,837 $ 1,607,808 $ 2,667,920 $ 2,760,000 $ 2,710,000 $ Net investment income 1,519,745 787,426 (1,924,920) 2,703,454 318,876 Benefit payments, including refunds of employee
contributions (1,691,483) (1,590,464) (1,651,920) (1,744,000) (1,695,000) Administrative expense (22,928) (20,906) (19,451) (19,765) (19,470) Net change in plan fiduciary net position 3,515,171 783,864 (928,371) 3,699,689 1,314,406 Plan fiduciary net position - beginning 13,045,194 12,261,330 13,189,701 9,490,012 8,175,606 Plan fiduciary net position - ending (b) 16,560,365$ 13,045,194 $ 12,261,330 $ 13,189,701 $ 9,490,012 $ Plan net OPEB liability - ending (a) - (b) 16,088,864$ 18,684,205 $ 21,779,515 $ 19,694,521 $ 24,443,851 $ Plan fiduciary net position as a percentage
of the total OPEB liability 50.72% 41.11% 36.02% 40.11% 27.97% Covered-Employee Payroll 30,214,347$ 27,159,893 $ 25,472,326 $ 25,378,000 $ 25,791,000 $ Plan's Net OPEB Liability as a Percentage of
Covered-Employee Payroll 53.25% 68.79% 85.50% 77.60% 94.78% 1This schedule is intended to show information for ten years. Additional information will be displayed as it becomes available.
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 upda ted to CalPERS 1997-2015 Experience Summary, mortality improvement scale was updated to Scale MP-2019, and PEMHCA Minimum Trend was updated.
Last Ten Measurement Periods1
For the Year Ended June 30, 2025
City of Monterey Park
Required Supplementary Information (Unaudited)
Schedule of Changes in Net OPEB Liability and Related Ratios Benefit Changes: None
114
Fiscal Year Ended June 30, 2020 June 30, 2019 June 30, 2018 Measurement period June 30, 2019 June 30, 2018 June 30, 2017 Total OPEB liability:
Service cost 1,014,890$ 985,000 $ 956,000 $ Interest 2,418,231 2,307,000 2,204,000 Changes of benefit terms - - - Differences between expected and actual experience (5,065,175) - - Changes of assumptions (1,135,595) - - Benefit payments, including refunds of employee contributions (1,628,685) (1,580,000) (1,653,000) Net change in total OPEB liability (4,396,334) 1,712,000 1,507,000 Total OPEB liability - beginning 37,003,000 35,291,000 33,784,000 Total OPEB liability - ending (a) 32,606,666$ 37,003,000 $ 35,291,000 $ OPEB fiduciary net position
Contributions - employer 2,694,599$ 2,565,000 $ 2,703,000 $ Net investment income 468,237 491,000 475,000 Benefit payments, including refunds of employee
contributions (1,628,685) (1,580,000) (1,653,000) Administrative expense (17,545) (10,000) (2,000) Net change in plan fiduciary net position 1,516,606 1,466,000 1,523,000 Plan fiduciary net position - beginning 6,659,000 5,193,000 3,670,000 Plan fiduciary net position - ending (b) 8,175,606$ 6,659,000 $ 5,193,000 $ Plan net OPEB liability - ending (a) - (b) 24,431,060$ 30,344,000 $ 30,098,000 $ Plan fiduciary net position as a percentage
of the total OPEB liability 25.07% 18.00% 14.71%
Covered-Employee Payroll 29,951,647$ 28,530,000 $ 27,659,000 $ Plan's Net OPEB Liability as a Percentage of
Covered-Employee Payroll 81.57% 106.36% 108.82%
1This schedule is intended to show information for ten years. Additional information will be displayed as it becomes available.
Notes to Schedule:
City of Monterey Park
Required Supplementary Information (Unaudited)
Schedule of Changes in Net OPEB Liability and Related Ratios (Continued) Last Ten Measurement Periods1
For the Year Ended June 30, 2025
Benefit Changes: None
Changes of Assumptions: For measurement period ended June 30, 2019, discount rate was changed from 6.50% to 6.75%, demographic assumptions were upda ted to CalPERS 1997-2015 Experience Summary, mortality improvement scale was updated to Scale MP-2019, and PEMHCA Minimum Trend was updated. 115
Fiscal Year June 30, 2025 June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 Actuarially Determined Contribution 1,984,000$ 2,199,000 $ 2,215,000 $ 2,539,000 $ 2,487,000 $ Contributions in relation to the actuarially
determined contribution (2,865,452) (2,709,837) (2,607,808) (2,667,920) (2,760,000) Contribution deficiency (excess) (881,452) $ (510,837) $ (392,808) $ (128,920) $ (273,000) $ Covered-Employee Payroll 31,053,372 $ 30,214,347 $ 27,159,893 $ 25,472,326 $ 25,791,000 $ Contributions as a Percentage of
Covered-Employee Payroll 9.23% 8.97% 9.60% 10.47% 10.70% Notes to Schedule:
Valuation Date June 30, 2023
Methods and Assumptions Usedto Determine Contribution Rates:
Actuarial cost method Entry Age Normal, Level % of pay
Amortization method Level % of pay
Amortization Period 19-year fixed period for 2024/25
Asset valuation method Investment gains and losses spread over 5-yearrolling period Discount Rate 6.25%
General Inflation 2.50%
Medical Trend Non-Medicare - 8.50% for 2025, decreasing to anultimate rate of 3.45% in 2076 Medicare (Non-Kaiser) - 7.50% for 2025, decreasing to an ultimate rate of 3.45% in 2076 Medicare (Kaiser) - 6.25% for 2025, decreasing to an ultimate rate of 3.45% 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, 2025
City of Monterey Park
Required Supplementary Information (Unaudited)
Schedule of Contributions - OPEB
116
Fiscal Year June 30, 2020 June 30, 2019 June 30, 2018
Actuarially Determined Contribution 2,999,000$ 2,925,000 $ 2,855,000 $ Contributions in relation to the actuarially
determined contribution (2,710,000) (2,694,599) (2,565,000) Contribution deficiency (excess) 289,000 $ 230,401 $ 290,000 $ Covered-Employee Payroll 29,951,647$ 28,530,000 $ 27,659,000 $ Contributions as a Percentage of
Covered-Employee Payroll 9.05% 9.44% 9.27%
City of Monterey Park
Required Supplementary Information (Unaudited)
Schedule of Contributions - OPEB (Continued)
Last Ten Fiscal Years1
For the Year Ended June 30, 2025
117
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118
Original Final Variance with
Budget Budget Actual Final Budget
Revenue:
Taxes 51,079,448 $ 53,051,601 $ 53,648,347 $ 596,746 $ Intergovernmental 235,000 235,000 271,267 36,267
Charges for services 9,623,992 10,148,992 9,275,211 (873,781) Licenses and permits 2,313,788 3,147,796 4,315,324 1,167,528 Fines and forfeitures 340,000 340,000 708,172 368,172
Investment income 2,195,080 3,095,551 3,240,555 145,004 Miscellaneous 344,600 344,600 2,771,536 2,426,936 Total Revenues 66,131,908 70,363,540 74,230,412 3,866,872 Expenditures:
Current:
General government 11,701,568 14,845,869 12,956,776 1,889,093 Public safety 41,712,111 40,995,539 42,157,203 (1,161,664) Community development 1,785,739 2,180,806 2,156,811 23,995 Culture and recreation 2,605,107 2,620,246 2,792,018 (171,772) Highways and street 2,766,323 2,899,752 3,905,525 (1,005,773) Capital outlay 6,005,093 16,334,116 5,705,988 10,628,128 Debt service:
Principal retirement 125,533 370,388 556,768 (186,380)
Interest and fiscal charges 24,634 87,525 24,634 62,891 Total Expenditures 66,726,108 80,334,241 70,255,723 10,078,518 Excess (deficiency) of revenues over
expenditures (594,200) (9,970,701) 3,974,689 13,945,390 Other Financing Sources (Uses):
Insurance of subscription liabilities - - 1,677,949 1,677,949 Transfers in - - - - Transfers out (2,643,022) (72,380) (1,021,789) (949,409) Total Other Financing Sources (Uses) (2,643,022) (72,380) 656,160 728,540 NET CHANGE IN FUND BALANCE (3,237,222)$ (10,043,081) $ 4,630,849 14,673,930 $ Fund balance:
Beginning of year 41,891,780
End of year 46,522,629$
City of Monterey Park
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule
For the Year Ended June 30, 2025
Budgeted Amounts
General Fund
119
Original Final Variance with
Budget Budget Actual Final Budget
Revenue:
Intergovernmental 8,008,611 $ 8,721,238 $ 5,174,742 $ (3,546,496) $ Investment income 6,300 6,300 369,310 363,010 Miscellaneous 187,500 187,500 34,324 (153,176) Total Revenues 8,382,411 9,095,038 5,773,040 (3,321,998) Expenditures:
Current:
General government 494,762 698,441 225,229 473,212
Public safety 3,071,185 4,311,082 3,052,276 1,258,806
Community development 27,800 290,465 28,607 261,858
Culture andrecreation 656,616 795,151 593,219 201,932
Highways and street 142,819 174,712 148,508 26,204
Captial outlay 1,305,233 3,349,739 1,757,176 1,592,563
Debt service:
Principal retirement 50,260 257,485 257,485 - Interest and fiscal charges 257,485 50,260 50,260 - Total Expenditures 6,006,160 9,927,335 6,112,760 3,814,575 Excess (deficiency) of revenues over
expenditures 2,376,251 (832,297) (339,720) 492,577 Other Financing Sources:
Transfers in - - 568,140 568,140 Total Other Financing Sources - - 568,140 568,140 NET CHANGE IN FUND BALANCE 2,376,251$ (832,297) $ 228,420 1,060,717 $ Fund balance:
Beginning of year, as restated 990,143
End of year 1,218,563$
Budgeted Amounts
City of Monterey Park
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule (Continued)
For the Year Ended June 30, 2025
Grants Special Revenue Fund
120
Original Final Variance with
Budget Budget Actual Final Budget
Revenue:
Taxes 9,105,084 $ 9,105,084 $ 9,581,318 $ 476,234 $ Investment income 400,000 400,000 262,007 (137,993) Total Revenues 9,505,084 9,505,084 9,843,325 338,241 Expenditures:
Current:
General government 1,230,800 1,305,487 1,284,610 20,877 Public safety 4,151,244 4,151,244 3,554,653 596,591
Community development 94,639 94,639 99,306 (4,667)
Culture andrecreation 101,869 101,869 109,160 (7,291)
Highways and street 68,785 68,785 64,546 4,239 Debt service:
Principal retirement 4,370,000 4,370,000 4,187,029 182,971 Interest and fiscal charges 2,969,720 2,969,720 2,850,410 119,310 Total Expenditures 12,987,057 13,061,744 12,149,714 912,030 Excess (deficiency) of revenues over
expenditures (3,481,973) (3,556,660) (2,306,389) 1,250,271 Other Financing Sources:
Transfers in 3,475,818 3,475,818 - (3,475,818) Total Other Financing Sources 3,475,818 3,475,818 - (3,475,818) NET CHANGE IN FUND BALANCE (6,155)$ (80,842) $ (2,306,389) (2,225,547) $ Fund balance:
Beginning of year 6,559,330
End of year 4,252,941$
Budgeted Amounts
City of Monterey Park
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule (Continued)
For the Year Ended June 30, 2025
Retirement/Pension Liability Special Revenue Fund
121
Original Final Variance with
Budget Budget Actual Final Budget
Revenue:
Intergovernmental 137,342 $ 137,342 $ 829 $ (136,513)$ Investment income 25,000 25,000 87,735 62,735 Total Revenues 162,342 162,342 88,564 (73,778) Expenditures:
Current:
Community development - - 1,186,222 (1,186,222) Total Expenditures - - 1,186,222 (1,186,222) Excess (deficiency) of revenues over
expenditures 162,342 162,342 (1,097,658) (1,260,000) NET CHANGE IN FUND BALANCE 162,342$ 162,342 $ (1,097,658) (1,260,000) $ Fund balance:
Beginning of year 3,744,119
End of year 2,646,461$
Budgeted Amounts
City of Monterey Park
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule (Continued)
For the Year Ended June 30, 2025
Housing Special Revenue Fund
122
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 fo
r the General, Special Revenue an d Capital Projects 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, 2024, 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, 2025
Budget and Budgetary Accounting
123
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124
SUPPLEMENTARY INFORMATION
125
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126
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Investment income - $ - $ 74,024$ 74,024 $ Total Revenues - - 74,024 74,024 Expenditures:
Current:
Highways and street - - 2,000 (2,000) Captial outlay 893,876 1,747,131 1,477,883 269,248 Total Expenditures 893,876 1,747,131 1,479,883 267,248 Excess (deficiency) of revenues over
expenditures (893,876) (1,747,131) (1,405,859) 341,272 Other Financing Sources:
Transfers in - - 1,094,434 1,094,434 Total Other Financing Sources - - 1,094,434 1,094,434 NET CHANGE IN FUND BALANCE (893,876)$ (1,747,131) $ (311,425) 1,435,706 $ FUND BALANCE:
Beginning of Year 573,797
End of Year 262,372$
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, 2025
127
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128
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 incidences. 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.
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
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.
129
Sales Tax Bond Fund - used to account for the funds collected for debt service payment on the City's Sales Tax Bond.
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)
Bike Routes Fund - accounts for expenditures financed by the State of California Transportation Development Act, Article 3, for bike routes and pedestrian facilities 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.
Highway Safety Improvement Fund - accounts for expenditures financed by the State of California Highway Safety Improvement Program, funds for roadway safety improvements.
SB1 - RMRA Fund - used to account for the City's half-cent per gallon gas tax that began on November 2017 and new vehicle registration taxes that began January 2018. The funds are to address basic road maintenance, rehabilitation and critical safety needs on the local street and road system.
130
Gas Proposition
Proposition A Tax Measure W C
ASSETS
Cash and investments 651,793 $ 245,792 $ 850,198 $ 2,852,405 $ Receivables:
Accounts - 144,313 - - Interest 4,370 1,144 3,945 11,891 Prepaid items 2,649 - - - Total assets 658,812$ 391,249 $ 854,143 $ 2,864,296 $
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities 29,267 237,846 1,056 214,380 Accrued payroll 12,818 10,915 - 2,447 Retention payable - 35,142 - - Total liabilities 42,085 283,903 1,056 216,827 Fund balances (deficit):
Nonspendable 2,649 - - - Restricted 614,078 107,346 853,087 2,647,469 Total fund balances 616,727 107,346 853,087 2,647,469 Total liabilities and fund balances 658,812$ 391,249 $ 854,143 $ 2,864,296 $ (Continued)
City of Monterey Park
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025
Special Revenue Funds
131
Business
Air Quality Asset Parks/Library/ Improvement
Improvement Forfeiture Facilities DIF Area #1
ASSETS
Cash and investments 194,782 $ 1,281,199 $ 1,498,500 $ 243,688 $ Receivables:
Accounts - - - - Interest 904 5,945 6,953 1,131 Prepaid items - - - - Total assets 195,686$ 1,287,144 $ 1,505,453 $ 244,819 $
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities - 305 60,983 - Accrued payroll - - - - Retention payable - - - - Total liabilities - 305 60,983 - Fund balances (deficit):
Nonspendable - - - - Restricted 195,686 1,286,839 1,444,470 244,819 Total fund balances 195,686 1,286,839 1,444,470 244,819 Total liabilities and fund balances 195,686$ 1,287,144 $ 1,505,453 $ 244,819 $ (Continued)
City of Monterey Park
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
Special Revenue Funds
132
Maintenance Law Enforcement/ Public
District Fire/Medic Safety
93-1 DIF Augmentation Measure R
ASSETS
Cash and investments 94,165 $ - $ 774,016$ 84,288 $ Receivables:
Accounts 17,172 - 158,221 649,147 Interest 437 - 3,591 440 Prepaid items - - - - Total assets 111,774$ - $ 935,828$ 733,875 $
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities 107,494 - - 247,306 Accrued payroll 2,472 - - 7,943 Retention payable - - - 1,599 Total liabilities 109,966 - - 256,848 Fund balances (deficit):
Nonspendable - - - - Restricted 1,808 - 935,828 477,027 Total fund balances 1,808 - 935,828 477,027 Total liabilities and fund balances 111,774$ - $ 935,828$ 733,875 $ (Continued)
City of Monterey Park
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
Special Revenue Funds
133
Circulation CERCLA
DIF Liability SB1 - RMRA Measure M
ASSETS
Cash and investments 816,288 $ - $ 3,271,859$ 4,454,341 $ Receivables:
Accounts - 32,731 139,713 - Interest 3,788 - 15,182 20,618 Prepaid items - - - - Total assets 820,076$ 32,731 $ 3,426,754 $ 4,474,959 $
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities - - 382,325 336,214 Accrued payroll - - - - Retention payable - - 76,268 34,192 Total liabilities - - 458,593 370,406 Fund balances (deficit):
Nonspendable - - - - Restricted 820,076 32,731 2,968,161 4,104,553 Total fund balances 820,076 32,731 2,968,161 4,104,553 Total liabilities and fund balances 820,076$ 32,731 $ 3,426,754 $ 4,474,959 $ (Continued)
City of Monterey Park
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
Special Revenue Funds
134
Debt Service
Fund
SB - 2 Planning Highway Safety Sales Tax
Grant Bike Route Improvement Bond
ASSETS
Cash and investments 64,819 $ - $ 63,068$ - $ Receivables:
Accounts - - - - Interest 301 - 293 - Prepaid items - - - - Total assets 65,120$ - $ 63,361$ - $
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities - - 47,952 - Accrued payroll - - - - Retention payable - - - - Total liabilities - - 47,952 - Fund balances (deficit):
Nonspendable - - - - Restricted 65,120 - 15,409 - Total fund balances 65,120 - 15,409 - Total liabilities and fund balances 65,120$ - $ 63,361$ - $ (Continued)
Special Revenue Funds
City of Monterey Park
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
135
Total Nonmajor
Governmental
Funds
ASSETS
Cash and investments 17,441,201$
Receivables:
Accounts 1,141,297
Interest 80,933
Prepaid items 2,649
Total assets 18,666,080$
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities 1,665,128
Accrued payroll 36,595
Retention payable 147,201
Total liabilities 1,848,924
Fund balances (deficit):
Nonspendable 2,649
Restricted 16,814,507
Total fund balances 16,817,156
Total liabilities and fund balances 18,666,080$
(Concluded)
City of Monterey Park
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
136
Proposition A Gas Tax Measure W Proposition C
Revenues:
Taxes - $ 1,695,180$ - $ - $ Intergovernmental 1,555,641 - 739,506 1,290,365 Charges for services 1,629 - - - Investment income 72,640 23,477 28,376 117,464
Total revenues 1,629,910 1,718,657 767,882 1,407,829 Expenditures:
Current:
Public safety - - - - Community development - - - - Culture and recreation 698,894 - - - Highways and street 2,279,955 1,263,530 116,691 1,199,359 Health - - - - Capital outlay 170,795 867,030 20,644 140,640 Debt service:
Principal retirement 13,946 - - - Interest and fiscal charges - - - - Total expenditures 3,163,590 2,130,560 137,335 1,339,999 Revenues over (under)
expenditures (1,533,680) (411,903) 630,547 67,830 Other financing sources (uses):
Issuance of subscription liabilities - - - - Transfers in - - - - Transfers out - - - (186,627) Total other financing sources (uses) - - - (186,627) Net Change in Fund Balances (1,533,680) (411,903) 630,547 (118,797) Fund balances (deficit):
Beginning of year 2,150,407 519,249 222,540 2,766,266
End of year 616,727$ 107,346 $ 853,087 $ 2,647,469 $ (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, 2025
137
Business
Air Quality Asset Parks/Library/ Improvement
Improvement Forfeiture Facilities DIF Area #1
Revenues:
Taxes - $ - $ - $ - $ Intergovernmental 78,394 - - 60,256 Charges for services - - 577,103 - Investment income 17,254 58,177 62,693 10,809
Total revenues 95,648 58,177 639,796 71,065 Expenditures:
Current:
Public safety 43,987 34,959 - - Community development - - - 49,380 Culture and recreation - - 40,000 - Highways and street 2,152 - 56,000 - Health - - - - Capital outlay 327,621 28,252 249,461 22,264 Debt service:
Principal retirement - 14,012 - 3,176 Interest and fiscal charges - - - - Total expenditures 373,760 77,223 345,461 74,820 Revenues over (under)
expenditures (278,112) (19,046) 294,335 (3,755) Other financing sources (uses):
Issuance of subscription liabilities - 28,252 - 22,264 Transfers in - - - - Transfers out - - - - Total other financing sources (uses) - 28,252 - 22,264 Net Change in Fund Balances (278,112) 9,206 294,335 18,509 Fund balances (deficit):
Beginning of year 473,798 1,277,633 1,150,135 226,310
End of year 195,686$ 1,286,839 $ 1,444,470 $ 244,819 $ (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, 2025
138
Law
Maintenance Enforcement/ Public
District Fire/Medic Safety
93-1 DIF Augmentation Measure R
Revenues:
Taxes 1,049,510 $ - $ 902,422$ - $ Intergovernmental - - - 1,952,938 Charges for services - 96,665 - - Investment income 1,737 - 30,590 19,694 Total revenues 1,051,247 96,665 933,012 1,972,632 Expenditures:
Current:
Public safety - 96,665 1,000,000 - Community development - - - - Culture and recreation 169,877 - - 277,636 Highways and street 1,087,386 - - 499,733 Health - - - - Capital outlay - - - 1,008,601 Debt service:
Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 1,257,263 96,665 1,000,000 1,785,970 Revenues over (under)
expenditures (206,016) - (66,988) 186,662 Other financing sources (uses):
Issuance of subscription liabilities - - - - Transfers in 255,402 - - - Transfers out - - - (431,786) Total other financing sources (uses) 255,402 - - (431,786) Net Change in Fund Balances 49,386 - (66,988) (245,124) Fund balances (deficit):
Beginning of year (47,578) - 1,002,816 722,151 End of year 1,808$ - $ 935,828$ 477,027 $ (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, 2025
Special Revenue Funds
139
Circulation CERCLA
DIF Liability SB1 -RMRA Measure M
Revenues:
Taxes - $ - $ - $ - $ Intergovernmental - 203,468 1,512,961 1,096,252 Charges for services 135,821 - - - Investment income 35,273 113 155,419 207,866
Total revenues 171,094 203,581 1,668,380 1,304,118 Expenditures:
Current:
Public safety - - - - Community development - - - - Culture and recreation - - - - Highways and street - - - 12,508 Health - 401,190 - - Capital outlay - - 1,540,535 922,339 Debt service:
Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures - 401,190 1,540,535 934,847 Revenues over (under)
expenditures 171,094 (197,609) 127,845 369,271 Other financing sources (uses):
Issuance of subscription liabilities - - - - Transfers in - 198,246 - - Transfers out - - - (431,786) Total other financing sources (uses) - 198,246 - (431,786) Net Change in Fund Balances 171,094 637 127,845 (62,515) Fund balances (deficit):
Beginning of year 648,982 32,094 2,840,316 4,167,068
End of year 820,076$ 32,731 $ 2,968,161 $ 4,104,553 $ (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, 2025
140
Debt Service
Fund
SB2 - Planning Highway Safety Sales Tax
Grant Bike Route Improvement Bond
Revenues:
Taxes - $ - $ - $ - $ Intergovernmental - 5,547 962,461 - Charges for services - - - - Investment income 2,913 - 8,542 - Total revenues 2,913 5,547 971,003 - Expenditures:
Current:
Public safety - - - - Community development - - - - Culture and recreation - - - - Highways and street - - - - Health - - - - Capital outlay - - 1,001,210 - Debt service:
Principal retirement - - - 335,000 Interest and fiscal charges - - - 715,200 Total expenditures - - 1,001,210 1,050,200 Revenues over (under)
expenditures 2,913 5,547 (30,207) (1,050,200) Other financing sources (uses):
Issuance of subscription liabilities - - - - Transfers in - - - 1,050,200 Transfers out - - - (1,094,434) Total other financing sources (uses) - - - (44,234) Net Change in Fund Balances 2,913 5,547 (30,207) (1,094,434) Fund balances (deficit):
Beginning of year 62,207 (5,547) 45,616 1,094,434 End of year 65,120$ - $ 15,409$ - $ (Continued)
Special Revenue Funds
For the Year Ended June 30, 2025
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) City of Monterey Park
Nonmajor Governmental Funds
141
Total Nonmajor
Governmental
Funds
Revenues:
Taxes 3,647,112$
Intergovernmental 9,457,789
Charges for services 811,218
Investment income 853,037
Total revenues 14,769,156
Expenditures:
Current:
Public safety 1,175,611
Community development 49,380
Culture and recreation 1,186,407
Highways and street 6,517,314
Health 401,190
Capital outlay 6,299,392
Debt service:
Principal retirement 366,134
Interest and fiscal charges 715,200
Total expenditures 16,710,628
Revenues over (under)
expenditures (1,941,472)
Other financing sources (uses):
Issuance of subscription liabilities 50,516
Transfers in 1,503,848
Transfers out (2,144,633)
Total other financing sources (uses) (590,269)
Net Change in Fund Balances (2,531,741)
Fund balances (deficit):
Beginning of year 19,348,897
End of year 16,817,156$
(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, 2025
142
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:
Intergovernmental 1,667,572 $ 1,667,572 $ 1,555,641 $ (111,931) $ Charges for services 1,500 1,500 1,629 129 Investment income 25,000 25,000 72,640 47,640 Total Revenues 1,694,072 1,694,072 1,629,910 (64,162) Expenditures:
Current:
Culture and recreation 966,042 969,409 698,894 270,515 Highway and streets 1,937,067 2,103,875 2,279,955 (176,080) Capital outlay 245,000 245,000 170,795 74,205 Debt service:
Principal retirement - - 13,946 (13,946) Total Expenditures 3,148,109 3,318,284 3,163,590 154,694 Excess (deficiency) of revenues over
expenditures (1,454,037) (1,624,212) (1,533,680) 90,532 Other Financing (Uses):
Transfers out (53,433) (53,433) - 53,433 Total Other Financing (Uses) (53,433) (53,433) - 53,433 NET CHANGE IN FUND BALANCE (1,507,470)$ (1,677,645) $ (1,533,680) 143,965 $ FUND BALANCE:
Beginning of year 2,150,407
End of year 616,727$
City of Monterey Park
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual For the Year Ended June 30, 2025
Budgeted Amounts
Proposition A Special Revenue Fund
143
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes 1,638,298 $ 1,638,298 $ 1,695,180 $ 56,882 $ Investment income 5,000 5,000 23,477 18,477 Total Revenues 1,643,298 1,643,298 1,718,657 75,359 Expenditures:
Current:
Highway and streets 1,587,635 1,589,256 1,263,530 325,726 Capital outlay 621,486 953,744 867,030 86,714 Total Expenditures 2,209,121 2,543,000 2,130,560 412,440 Excess (deficiency) of revenues over
expenditures (565,823) (899,702) (411,903) 487,799 Other Financing (Uses):
Transfers out (37,657) (37,657) - 37,657 Total Other Financing (Uses) (37,657) (37,657) - 37,657 NET CHANGE IN FUND BALANCE (603,480)$ (937,359) $ (411,903) 525,456 $ FUND BALANCE:
Beginning of year 519,249
End of year 107,346$
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, 2025
Budgeted Amounts
144
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:
Intergovernmental 730,000 $ 730,000 $ 739,506 $ 9,506 $ Investment income - - 28,376 28,376 Total Revenues 730,000 730,000 767,882 37,882 Expenditures:
Current:
Highway and streets 240,330 300,330 116,691 183,639 Capital outlay 107,668 857,668 20,644 837,024 Total Expenditures 347,998 1,157,998 137,335 1,020,663 Excess (deficiency) of revenues over
expenditures 382,002 (427,998) 630,547 1,058,545 Other Financing (Uses):
Transfers out (733) (733) - 733 Total Other Financing (Uses) (733) (733) - 733 NET CHANGE IN FUND BALANCE 381,269$ (428,731) $ 630,547 1,059,278 $ FUND BALANCE:
Beginning of year 222,540
End of year 853,087$
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, 2025
145
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:
Intergovernmental 1,383,207 $ 1,383,207 $ 1,290,365 $ (92,842) $ Investment income 25,000 25,000 117,464 92,464 Total Revenues 1,408,207 1,408,207 1,407,829 (378) Expenditures:
Current:
Highway and streets 1,447,718 1,504,764 1,199,359 305,405 Capital outlay 134,049 956,976 140,640 816,336 Total Expenditures 1,581,767 2,461,740 1,339,999 1,121,741 Excess (deficiency) of revenues over
expenditures (173,560) (1,053,533) 67,830 1,121,363 Other Financing (Uses):
Transfers out (7,391) (7,391) (186,627) (179,236) Total Other Financing (Uses) (7,391) (7,391) (186,627) (179,236) NET CHANGE IN FUND BALANCE (180,951)$ (1,060,924) $ (118,797) 942,127 $ FUND BALANCE:
Beginning of year 2,766,266
End of year 2,647,469$
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, 2025
146
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:
Intergovernmental 80,000 $ 80,000 $ 78,394 $ (1,606) $ Investment income 5,000 5,000 17,254 12,254 Total Revenues 85,000 85,000 95,648 10,648 Expenditures:
Current:
Public safety 55,152 55,152 43,987 11,165 Highway and streets 5,152 5,152 2,152 3,000 Capital outlay - 327,621 327,621 - Total Expenditures 60,304 387,925 373,760 14,165 NET CHANGE IN FUND BALANCE 24,696$ (302,925) $ (278,112) 24,813 $ FUND BALANCE:
Beginning of year 473,798
End of year 195,686$
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, 2025
147
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:
Fines and forfeitures 21,000 $ 21,000 $ - $ (21,000)$ Investment income 3,000 3,000 58,177 55,177 Total Revenues 24,000 24,000 58,177 34,177 Expenditures:
Current:
Public safety 75,733 75,733 34,959 40,774 Capital outlay - - 28,252 (28,252) Debt service:
Principal retirement - - 14,012 (14,012) Total Expenditures 75,733 75,733 77,223 (1,490) Excess (deficiency) of revenues over
expenditures (51,733) (51,733) (19,046) 32,687 Other Financing Sources:
Issuance of subscription liabilities - - 28,252 28,252 Total Other Financing Sources - - 28,252 28,252 NET CHANGE IN FUND BALANCE (51,733)$ (51,733) $ 9,206 60,939 $ FUND BALANCE:
Beginning of year 1,277,633
End of year 1,286,839$
City of Monterey Park
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Asset Forfeiture Special Revenue Fund
Budgeted Amounts
For the Year Ended June 30, 2025
148
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:
Charges for services 153,000 $ 153,000 $ 577,103 $ 424,103 $ Investment income - - 62,693 62,693 Total Revenues 153,000 153,000 639,796 486,796 Expenditures:
Current:
Culture and recreation 56,000 56,000 40,000 16,000 Highway and streets - 56,000 56,000 - Capital outlay 453,198 462,606 249,461 213,145 Total Expenditures 509,198 574,606 345,461 229,145 NET CHANGE IN FUND BALANCE (356,198)$ (421,606) $ 294,335 715,941 $ FUND BALANCE:
Beginning of year 1,150,135
End of year 1,444,470$
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, 2025
149
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:
Intergovernmental 84,000 $ 84,000 $ 60,256 $ (23,744) $ Investment income 1,000 1,000 10,809 9,809 Total Revenues 85,000 85,000 71,065 (13,935) Expenditures:
Current:
Community development 73,950 107,017 49,380 57,637 Capital outlay - - 22,264 (22,264) Debt service:
Principal retirement - - 3,176 (3,176) Total Expenditures 73,950 107,017 74,820 32,197 Excess (deficiency) of revenues over
expenditures 11,050 (22,017) (3,755) 18,262 Other Financing Sources:
Issuance of subscription liabilities - - 22,264 22,264 Total Other Financing Sources - - 22,264 22,264 NET CHANGE IN FUND BALANCE 11,050$ (22,017) $ 18,509 40,526 $ FUND BALANCE:
Beginning of year 226,310
End of year 244,819$
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, 2025
150
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes 1,020,051 $ 1,020,051 $ 1,049,510 $ 29,459 $ Investment income - - 1,737 1,737 Total Revenues 1,020,051 1,020,051 1,051,247 31,196 Expenditures:
Current:
Culture and recreation 212,342 212,410 169,877 42,533 Highway and streets 793,019 804,165 1,087,386 (283,221) Total Expenditures 1,005,361 1,016,575 1,257,263 (240,688) Excess (deficiency) of revenues over
expenditures 14,690 3,476 (206,016) (209,492) Other Financing Sources (Uses):
Transfers in - - 255,402 255,402 Transfers out (14,690) (14,690) - 14,690 Total Other Financing Sources (Uses) (14,690) (14,690) 255,402 270,092 NET CHANGE IN FUND BALANCE -$ (11,214)$ 49,386 60,600 $ FUND BALANCE (DEFICIT):
Beginning of year (47,578)
End of year 1,808$
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, 2025
151
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:
Charges for services 33,094 $ 33,094 $ 96,665 $ 63,571 $ Investment income 300 300 - (300) Total Revenues 33,394 33,394 96,665 63,271 Expenditures:
Current:
Public safety 131,392 131,392 96,665 34,727 Total Expenditures 131,392 131,392 96,665 34,727 NET CHANGE IN FUND BALANCE (97,998)$ (97,998) $ - 97,998$ FUND BALANCE:
Beginning of year -
End of year -$
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, 2025
152
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes 1,000,000 $ 1,000,000 $ 902,422 $ (97,578) $ Investment income - - 30,590 30,590 Total Revenues 1,000,000 1,000,000 933,012 (66,988) Expenditures:
Current:
Public safety 1,000,000 1,000,000 1,000,000 - Total Expenditures 1,000,000 1,000,000 1,000,000 - NET CHANGE IN FUND BALANCE -$ - $ (66,988) (66,988) $ FUND BALANCE:
Beginning of year 1,002,816
End of year 935,828$
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, 2025
153
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:
Intergovernmental 998,453 $ 998,453 $ 1,952,938 $ 954,485 $ Investment income 10,000 10,000 19,694 9,694 Total Revenues 1,008,453 1,008,453 1,972,632 964,179 Expenditures:
Current:
Culture and recreation 263,059 263,059 277,636 (14,577) Highway and streets 548,663 571,889 499,733 72,156 Capital outlay 3,446,626 100,043,526 1,008,601 99,034,925 Total Expenditures 4,258,348 100,878,474 1,785,970 99,092,504 Excess (deficiency) of revenues over
expenditures (3,249,895) (99,870,021) 186,662 100,056,683 Other Financing (Uses):
Transfers out (18,397) (18,397) (431,786) (413,389) Total Other Financing (Uses) (18,397) (18,397) (431,786) (413,389) NET CHANGE IN FUND BALANCE (3,268,292)$ (99,888,418) $ (245,124) 99,643,294 $ FUND BALANCE:
Beginning of year 722,151
End of year 477,027$
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, 2025
154
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:
Charges for services 100,000 $ 100,000 $ 135,821 $ 35,821 $ Investment income 1,500 1,500 35,273 33,773 Total Revenues 101,500 101,500 171,094 69,594 NET CHANGE IN FUND BALANCE 101,500$ 101,500 $ 171,094 69,594 $ FUND BALANCE:
Beginning of year 648,982
End of year 820,076$
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, 2025
155
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:
Intergovernmental 150,000 $ 150,000 $ 203,468 $ 53,468 $ Investment income 1,000 1,000 113 (887) Total Revenues 151,000 151,000 203,581 52,581 Expenditures:
Health 401,191 401,191 401,190 1 Total Expenditures 401,191 401,191 401,190 1 Excess (deficiency) of revenues over
expenditures (250,191) (250,191) (197,609) 52,582 Other Financing Sources:
Transfers in - - 198,246 198,246 Total Other Financing Sources - - 198,246 198,246 NET CHANGE IN FUND BALANCE (250,191)$ (250,191) $ 637 250,828 $ FUND BALANCE:
Beginning of year 32,094
End of year 32,731$
Budgeted Amounts
City of Monterey Park
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual CERCLA Liability Special Revenue Fund
For the Year Ended June 30, 2025
156
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:
Intergovernmental 1,461,806 $ 1,461,806 $ 1,512,961 $ 51,155 $ Investment income 25,000 25,000 155,419 130,419 Total Revenues 1,486,806 1,486,806 1,668,380 181,574 Expenditures:
Capital outlay 1,461,806 1,547,575 1,540,535 7,040 Total Expenditures 1,461,806 1,547,575 1,540,535 7,040 NET CHANGE IN FUND BALANCE 25,000$ (60,769) $ 127,845 188,614 $ FUND BALANCE:
Beginning of year 2,840,316
End of year 2,968,161$
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, 2025
157
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:
Intergovernmental 1,175,726 $ 1,175,726 $ 1,096,252 $ (79,474) $ Investment income 25,000 25,000 207,866 182,866 Total Revenues 1,200,726 1,200,726 1,304,118 103,392 Expenditures:
Current:
Highway and streets 12,508 12,508 12,508 - Capital outlay 8,049,117 7,016,033 922,339 6,093,694 Total Expenditures 8,061,625 7,028,541 934,847 6,093,694 Excess (deficiency) of revenues over
expenditures (6,860,899) (5,827,815) 369,271 6,197,086 Other Financing (Uses):
Transfers out (930) (930) (431,786) (430,856) Total Other Financing (Uses) (930) (930) (431,786) (430,856) NET CHANGE IN FUND BALANCE (6,861,829)$ (5,828,745) $ (62,515) 5,766,230 $ FUND BALANCE:
Beginning of year 4,167,068
End of year 4,104,553$
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, 2025
158
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:
Investment income - $ - $ 2,913$ 2,913 $ Total Revenues - - 2,913 2,913 NET CHANGE IN FUND BALANCE -$ - $ 2,913 2,913 $ FUND BALANCE:
Beginning of year 62,207
End of year 65,120$
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, 2025
159
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:
Intergovernmental 60,886 $ 60,886 $ 5,547 $ (55,339) $ Total revenues 60,886 60,886 5,547 (55,339) NET CHANGE IN FUND BALANCE 60,886$ 60,886 $ 5,547 (55,339) $ FUND BALANCE (DEFICIT):
Beginning of year (5,547)
End of year -$
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, 2025
160
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:
Intergovernmental 700,000 $ 700,000 $ 962,461 $ 262,461 $ Investment income - - 8,542 8,542 Total revenues 700,000 700,000 971,003 271,003 Expenditures:
Capital outlay 14,922 1,085,498 1,001,210 84,288 Total expenditures 14,922 1,085,498 1,001,210 84,288 NET CHANGE IN FUND BALANCE 685,078$ (385,498) $ (30,207) 355,291 $ FUND BALANCE:
Beginning of year 45,616
End of year 15,409$
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, 2025
161
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Expenditures:
Debt service:
Principal retirement 335,000 $ 335,000 $ 335,000 $ - $ Interest and fiscal charges 715,200 715,200 715,200 - Total Expenditures 1,050,200 1,050,200 1,050,200 - Excess (deficiency) of revenues over
expenditures (1,050,200) (1,050,200) (1,050,200) - Other Financing Sources (Uses):
Transfers in 1,050,200 1,050,200 1,050,200 - Transfers out - - (1,094,434) (1,094,434) Total Other Financing Sources (Uses) 1,050,200 1,050,200 (44,234) (1,094,434) NET CHANGE IN FUND BALANCE -$ - $ (1,094,434) (1,094,434) $ FUND BALANCE:
Beginning of year 1,094,434
End of year -$
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, 2025
162
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.
Technology Fund - used to account for the City's centralized data processing activities and future technological infrastructure improvements.
Fringe Benefits - 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.
Building Maintenance - to provide building maintenance services to all City departments. 163
Separation General Workers'
Benefits Liability Compensation Shop
ASSETS
Current assets:
Cash and investments 915,381 $ 5,319,564 $ 6,195,556 $ 207,507 $ Cash and investments with fiscal agent - - - 1,678,092 Accounts receivable - 15,502 - - Total current assets 915,381 5,335,066 6,195,556 1,885,599 Noncurrent assets:
Capital assets:
Depreciable/amortizable, net - - - 822,662 Total capital assets - - - 822,662 Total noncurrent assets - - - 822,662 Total assets 915,381 5,335,066 6,195,556 2,708,261
DEFERRED OUTFLOWS OF RESOURCES
Pension related 41,772 68,028 64,448 132,476
Other postemployment benefits related - 11,225 10,885 59,525 Total deferred outflows of resources 41,772 79,253 75,333 192,001
LIABILITIES
Current Liabilities:
Accounts payable - 28,301 55,283 155,607 Accrued payroll 69,567 7,078 13,439 13,488
Insurance assessment payable, due within one year - 163,514 - - Lease liabilities, due within one year - - - 2,620 Subscription liabilities, due within one year - - - 44,418 Loan payable, due within one year - - - 158,507 Compensated absences, due within one year - 39,883 102,459 84,075 Claims payable, due within one year - 1,470,948 2,465,159 - Total current liabilities 69,567 1,709,724 2,636,340 458,715 Noncurrent liabilities:
Insurance assessment payable, due in more than one year - 163,514 - -
Lease liabilities, due in more than one year - - - - Subscription liabilities, due in more than one year - - - 192,250 Loan payable, due in more than one year - - - 1,519,585 Compensated absences, due in more than one year - 7,532 19,350 15,878 Claims payable, due in more than one year - 5,037,976 12,790,906 - Net pension liability 47,285 77,006 72,954 149,960
Net OPEB liability - 53,093 51,484 281,555 Total noncurrent liabilities 47,285 5,339,121 12,934,694 2,159,228 Total liabilities 116,852 7,048,845 15,571,034 2,617,943
DEFERRED INFLOW OF RESOURCES
Other postemployment benefits related - 11,969 11,607 63,473 - 11,969 11,607 63,473 NET POSITION:
Net investment in capital assets - - - 583,374 Unrestricted (deficit) 840,301 (1,646,495) (9,311,752) (364,528) Total net
position (deficit) 840,301$ (1,646,495) $ (9,311,752) $ 218,846 $ (Continued)
City of Monterey Park
Combining Statement of Net Position
Internal Service Funds
June 30, 2025
164
Fringe Building
Technology Benefits Maintenance Total
ASSETS
Current assets:
Cash and investments - $ 722,855$ 425,844 $ 13,786,707 $ Cash and investments with fiscal agent - - 1,183,457 2,861,549 Accounts receivable - - - 15,502 Total current assets - 722,855 1,609,301 16,663,758 Noncurrent assets:
Capital assets:
Depreciable/amortizable, net 1,666,567 - - 2,489,229 Total capital assets 1,666,567 - - 2,489,229 Total noncurrent assets 1,666,567 - - 2,489,229 Total assets 1,666,567 722,855 1,609,301 19,152,987
DEFERRED OUTFLOWS OF RESOURCES
Pension related 85,334 - 73,996 466,054 Other postemployment benefits related 24,150 - 31,973 137,758 Total deferred outflows of resources 109,484 - 105,969 603,812
LIABILITIES
Current Liabilities:
Accounts payable 189,170 4,062 53,348 485,771 Accrued payroll 9,725 - 6,847 120,144 Insurance assessment payable, due within one year - - - 163,514 Lease liabilities, due within one year 71,249 - - 73,869 Subscription liabilities, due within one year 22,544 - - 66,962 Loan payable, due within one year - - 111,785 270,292 Compensated absences, due within one year 9,787 - 40,287 276,491 Claims payable, due within one year - - - 3,936,107 Total current liabilities 302,475 4,062 212,267 5,393,150 Noncurrent liabilities:
Insurance assessment payable, due in more than one year - - - 163,514 Lease liabilities, due in more than one year 93,959 - - 93,959 Subscription liabilities, due in more than one year - - - 192,250 Loan payable, due in more than one year - - 1,071,672 2,591,257 Compensated absences, due in more than one year 1,849 - 7,609 52,218 Claims payable, due in more than one year - - - 17,828,882 Net pension liability 96,596 - 83,761 527,562 Net OPEB liability 114,231 - 151,235 651,598 Total noncurrent liabilities 306,635 - 1,314,277 22,101,240 Total liabilities 609,110 4,062 1,526,544 27,494,390
DEFERRED INFLOW OF RESOURCES
Other postemployment benefits related 25,752 - 34,094 146,895 25,752 - 34,094 146,895 NET POSITION:
Net investment in capital assets 1,478,815 - - 2,062,189 Unrestricted (deficit) (337,626) 718,793 154,632 (9,946,675) Total net position (deficit) 1,141,189$ 718,793 $ 154,632 $ (7,884,486) $ (Concluded)
City of Monterey Park
Combining Statement of Net Position (Continued)
Internal Service Funds
June 30, 2025
165
Separation General Workers'
Benefits Liability Compensation Shop
OPERATING REVENUES:
Charges for services 3,059,538 $ 8,041,661 $ 4,662,175 $ 3,736,276 $ Miscellaneous - 30,922 142,559 29,358 Total operating revenues 3,059,538 8,072,583 4,804,734 3,765,634 OPERATING EXPENSES:
Operation - 20,000 - 2,400 Salaries and Benefits 2,234,097 370,143 484,312 782,179 Materials and supplies - 622,009 284,390 2,422,915 Insurance and claims - 4,170,533 4,967,407 - Depreciation and amortization - - - 183,280 Total operating expenses 2,234,097 5,182,685 5,736,109 3,390,774 OPERATING INCOME (LOSS) 825,441 2,889,898 (931,375) 374,860 CAPITAL CONTRIBUTIONS AND TRANSFERS:
Capital contributions - - - - Transfers in - - - - Total capital contributions - - - - CHANGES IN NET POSITION 825,441 2,889,898 (931,375) 374,860 NET POSITION (DEFICIT):
Beginning of year, as previously reported 14,860 (4,532,002) (8,363,705) (150,719) Change in accounting principle (GASB 101) - (4,391) (16,672) (5,295) Beginning of year, as restated (Note 18) 14,860 (4,536,393) (8,380,377) (156,014) End of yea
r 840,301$ (1,646,495) $ (9,311,752) $ 218,846 $ (Continued)
Internal Service Funds
For the Year Ended June 30, 2025
City of Monterey Park
Combining Statement of Revenues, Expenses, and Changes in Net Position 166
Fringe Building
Technology Benefits Maintenance Total
OPERATING REVENUES:
Charges for services 2,886,324 $ 3,146,666 $ 1,697,954 $ 27,230,594 $ Miscellaneous - - - 202,839 Total operating revenues 2,886,324 3,146,666 1,697,954 27,433,433 OPERATING EXPENSES:
Operation - - 264,321 286,721 Salaries and Benefits 443,029 2,427,873 418,378 7,160,011 Materials and supplies 1,606,024 - 1,052,157 5,987,495 Insurance and claims - - - 9,137,940 Depreciation and amortization 557,810 - - 741,090 Total operating expenses 2,606,863 2,427,873 1,734,856 23,313,257 OPERATING INCOME (LOSS) 279,461 718,793 (36,902) 4,120,176 CAPITAL CONTRIBUTIONS AND TRANSFERS:
Capital contributions 17,572 - - 17,572 Transfers in 51 - - 51 Total capital contributions 17,623 - - 17,623 CHANGES IN NET POSITION 297,084 718,793 (36,902) 4,137,799 NET POSITION (DEFICIT):
Beginning of year, as previously reported 844,363 - 196,559 (11,990,644) Change in accounting principle (GASB 101) (258) - (5,025) (31,641) Beginning of year, as restated (Note 18) 844,105 - 191,534 (12,022,285) End of year 1,141,189$ 718,793 $ 154,632 $ (7,884,486) $ (Concluded)
City of Monterey Park
Combining Statement of Revenues, Expenses, and Changes in Net Position (Continued) For the Year Ended June 30, 2025
Internal Service Funds
167
Separation General Workers'
Benefits Liability Compensation Shop
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers and users 3,059,538 $ 8,072,583 $ 4,804,734 $ 3,765,634 $ Cash paid to suppliers for goods and services - (642,009) (310,041) (2,406,455) Cash paid to employees for services (2,148,574) (364,151) (506,614) (815,409) Cash paid for insurance claims - (5,530,359) (3,768,160) - Net cash provided by (used in) operating activities 910,964 1,536,064 219,919 543,770
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:
Cash paid to other funds - - - (7,910) Net cash (used in) noncapital financing activities - - - (7,910)
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:
Acquisition of capital assets - - - (318,152) Principal paid - (163,515) - (10,201) Proceeds from issuance of long-term liabilities - - - 1,678,092 Net cash provided by (used in) capital and related
financing activities - (163,515) - 1,349,739 Net change in cash and cash equivalents 910,964 1,372,549 219,919 1,885,599 CASH AND CASH EQUIVALENTS:
Beginning of year 4,417 3,947,015 5,975,637 - End of year 915,381$ 5,319,564 $ 6,195,556 $ 1,885,599 $ CASH AND CASH EQUIVALENTS:
Cash and investments 915,381 $ 5,319,564 $ 6,195,556 $ 207,507 $ Cash and investments with fiscal agent - - - 1,678,092 Total cash and cash equivalents 915,381$ 5,319,564 $ 6,195,556 $ 1,885,599 $ (Continued)
City of Monterey Park
Combining Statement of Cash Flows
Internal Service Funds
For the Year Ended June 30, 2025
168
Separation General Workers'
Benefits Liability Compensation Shop
Reconciliation of Operating Income (Loss) to
to Net Cash Provided by (used in) Operating Activities:
Operating income (loss) 825,441 $ 2,889,898 $ (931,375) $ 374,860 $ Adjustments to reconcile operating income (loss)
to net cash provided by (used in) operating activities:
Depreciation and amortization - - - 183,280 Change in assets and liabilities:
(Increase) decrease in deferred outflows - pension related 72,986 46,730 50,310 211,798 (Increase) decrease in deferred outflows - OPEB related - 4,974 2,074 17,017 Increase (decrease) in accounts payable - 19,999 (25,651) 18,860 Increase (decrease) in accrued payroll 65,150 1,062 3,889 (717) Increase (decrease) in compensated absences - 7,266 (37,755) (2,033) Increase (decrease) in claims payable - (1,379,825) 1,199,247 - Increase (decrease) in net pension liability (51,685) (21,964) (26,016) (146,950) Increase (decrease) in total OPEB liability - (21,644) (8,305) (71,576) Increase (decrease) in deferred inflows - pension related (928) (928) (928) (2,783) Increase (decrease) in deferred inflows - OPEB related - (9,504) (5,571) (37,986) Net cash
provided by (used in) operating activities 910,964$ 1,536,064 $ 219,919 $ 543,770 $ NONCASH ITEMS:
Acquisition of lease and subscription assets -$ - $ - $ (236,668)$ Issuance of lease and subscription liabilities -$ - $ - $ 236,668$ Capital contribution -$ - $ - $ - $ Transfer of leases assets from Enterprise Fund to
Internal Service Fund -$ - $ - $ - $ Transfer of leases liability from Enterprise Fund to
Internal Service Fund -$ - $ - $ - $ (Continued)
For the Year Ended June 30, 2025
City of Monterey Park
Combining Statement of Cash Flows (Continued)
Internal Service Funds
169
Fringe Building
Technology Benefits Maintenance Total
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers and users 2,886,324 $ 3,146,666 $ 1,697,954 $ 27,433,433 $ Cash paid to suppliers for goods and services (1,517,072) 4,062 (1,426,199) (6,297,714) Cash paid to employees for services (441,327) (2,427,873) (368,183) (7,072,131) Cash paid for insurance claims - - - (9,298,519) Net cash provided by (used in) operating activities 927,925 722,855 (96,428) 4,765,069
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:
Cash paid to other funds (722,421) - - (730,331) Net cash (used in) noncapital financing activities (722,421) - - (730,331)
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:
Acquisition of capital assets (71,979) - - (390,131) Principal paid (133,525) - - (307,241) Proceeds from issuance of long-term liabilities - - 1,183,457 2,861,549 Net cash provided by (used in) capital and related
financing activities (205,504) - 1,183,457 2,164,177 Net change in cash and cash equivalents - 722,855 1,087,029 6,198,915 CASH AND CASH EQUIVALENTS:
Beginning of year - - 522,272 10,449,341 End of year -$ 722,855$ 1,609,301 $ 16,648,256 $ CASH AND CASH EQUIVALENTS:
Cash and investments - $ 722,855$ 425,844 $ 13,786,707 $ Cash and investments with fiscal agent - - 1,183,457 2,861,549 Total cash and cash equivalents -$ 722,855$ 1,609,301 $ 16,648,256 $ (Continued)
Combining Statement of Cash Flows (Continued)
Internal Service Funds
For the Year Ended June 30, 2025
City of Monterey Park
170
Fringe Building
Technology Benefits Maintenance Total
Reconciliation of Operating Income (Loss) to
to Net Cash Provided by (used in) Operating Activities:
Operating income (loss) 279,461 $ 718,793 $ (36,902) $ 4,120,176 $ Adjustments to reconcile operating income (loss)
to net cash provided by (used in) operating activities:
Depreciation and amortization 557,810 - - 741,090 Change in assets and liabilities:
(Increase) decrease in deferred outflows - pension related 144,182 - 40,762 566,768 (Increase) decrease in deferred outflows - OPEB related 4,604 - (5,649) 23,020 Increase (decrease) in accounts payable 88,952 4,062 (109,721) (3,499) Increase (decrease) in accrued payroll 978 - (680) 69,682 Increase (decrease) in compensated absences (14,074) - 2,910 (43,686) Increase (decrease) in claims payable - - - (180,578) Increase (decrease) in net pension liability (101,344) - (15,209) (363,168) Increase (decrease) in total OPEB liability (18,427) - 29,788 (90,164) Increase (decrease) in deferred inflows - pension related (1,855) - (928) (8,350) Increase (decrease) in deferred inflows - OPEB related (12,362) - (799) (66,222) Net cash
provided by (used in) operating activities 927,925$ 722,855 $ (96,428) $ 4,765,069 $ NONCASH ITEMS:
Acquisition of lease and subscription assets (205,215)$ - $ - $ (441,883)$ Issuance of lease and subscription liabilities 205,215$ - $ - $ 441,883$ Capital contribution 17,572$ - $ - $ 17,572$ Transfer of leases assets from Enterprise Fund to
Internal Service Fund 1,511$ - $ - $ 1,511$ Transfer of leases liability from Enterprise Fund to
Internal Service Fund (1,460)$ - $ - $ (1,460)$ (Concluded)
For the Year Ended June 30, 2025
City of Monterey Park
Combining Statement of Cash Flows (Continued)
Internal Service Funds
171
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172
STATISTICAL SECTION
(Unaudited)
173
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174
Financial Trends:
Net Position by Components - Last Ten Fiscal Years 176
Changes in Net Position - Last Ten Fiscal Years 178
Fund Balances of Governmental Funds - Last Ten Fiscal Years 182 Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years 184 Revenue Capacity:
Assessed Value of Taxable Property - Last Ten Fiscal Years 187 Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years 188 Principal Property Taxpayers - Current Year and Nine Years Ago 190 Property Tax Levies and Collections - Last Ten Fiscal Years 192 Debt Capacity:
Outstanding Debt by Type - Last Ten Fiscal Years 194
Ratio of General Bonded Debt Outstanding - Last Ten Fiscal Years 196 Direct and Overlapping Debt 197
Legal Debt Margin Information - Last Ten Fiscal Years 198 Demographic and Economic Information:
Demographic and Economic Statistics - Last Ten Fiscal Years 201 Principal Employers - Current Year and Nine Years Ago 202 Operating Information:
City Employees by Function - Last Ten Fiscal Years 205
Operating Indicators by Function - Last Ten Fiscal Years 206 Capital Assets by Function - Last Ten Fiscal Years 208
Water District Schedules for Revenue Capacity
Water Sold by Type of Customer - Last Ten Fiscal Years 210 Water Rates - Last Ten Fiscal Years 212
Top Ten Water Customers - Current Year and Four Years Ago 213
STATISTICAL SECTION
For the Year Ended June 30, 2024
175
2015/16 2016/17 2017/18 2018/19 2019/20
Governmental Activities:
Net investment in capital assets 47,995,442 $ 49,245,097 $ 51,940,625 $ 54,422,220 $ 50,393,059$ Restricted 22,221,698 20,689,401 22,583,024 28,308,812 28,524,906 Unrestricted (deficit) (68,990,541) (63,742,375) (85,102,541) (94,444,814) (99,160,818) Total governmental activities net position 1,226,599$ 6,192,123 $ (10,578,892) $ (11,713,782) $ (20,242,853) $ Business-Type Activities:
Net investment in capital assets 23,132,584 $ 27,583,180 $ 32,224,486 $ 32,343,708 $ 31,922,658$ Restricted 514,518 - - - - Unrestricted 18,629,778 19,078,479 18,182,441 22,623,485 23,894,813 Total business-type activities net position 42,276,880$ 46,661,659 $ 50,406,927 $ 54,967,193 $ 55,817,471 $ Primary Government:
Net investment in capital assets 71,128,006 $ 76,828,277 $ 84,165,111 $ 86,765,928 $ 82,315,717$ Restricted 22,736,216 20,689,401 22,583,024 28,308,812 28,524,906 Unrestricted (deficit) (50,360,763) (44,663,896) (66,920,100) (71,821,329) (75,266,005) Total primary government net position 43,503,459$ 52,853,782 $ 39,828,035 $ 43,253,411 $ 35,574,618 $ Source: City of Monterey Park Finance Department
Fiscal Year
City of Monterey Park
Net Position by Components
Last Ten Fiscal Years
(Accrual Basis of Accounting)
176
2020/21 2021/22 2022/23 2023/24 2024/25
Governmental Activities: (Restated)
Net investment in capital assets 53,107,029$ 60,290,327 $ 68,652,436 $ 72,981,980 $ 80,284,133 $ Restricted 22,377,681 52,852,580 41,267,487 30,284,966 26,574,721 Unrestricted (deficit) (97,899,017) (124,096,720) (110,242,641) (85,334,619) (79,854,758) Total governmental activities net position (22,414,307)$ (10,953,813) $ (322,718) $ 17,932,327 $ 27,004,096 $ Business-Type Activities:
Net investment in capital assets 32,466,443$ 35,740,792 $ 42,383,764 $ 48,792,581 $ 49,414,538 $ Restricted - 2,637,265 - 5,739 6,275 Unrestricted 22,403,284 16,933,113 8,423,058 20,148 6,539,046 Total business-type activities net position 54,869,727$ 55,311,170 $ 50,806,822 $ 48,818,468 $ 55,959,859 $ Primary Government:
Net investment in capital assets 85,573,472$ 96,031,119 $ 111,036,200 $ 121,774,561 $ 129,698,671 $ Restricted 22,377,681 55,489,845 41,267,487 30,290,705 26,580,996 Unrestricted (deficit) (75,495,733) (107,163,607) (101,819,583) (85,314,471) (73,315,712) Total primary government net position 32,455,420$ 44,357,357 $ 50,484,104 $ 66,750,795 $ 82,963,955 $ Source: City of Monterey Park Finance Department
Fiscal Year
City of Monterey Park
Net Position by Components (Continued)
Last Ten Fiscal Years
(Accrual Basis of Accounting)
177
2015/2016 2016/2017 2017/2018 2018/2019 2019/2020
Expenses:
Governmental activities:
General government 3,771,179 $ 4,935,827 $ 13,276,893 $ 8,675,180 $ 7,024,897 $ Public safety 27,479,974 30,527,993 35,442,619 41,058,210 46,448,518 Community development 2,456,567 2,368,605 2,536,781 2,555,488 385,629 Culture and recreation 7,151,089 7,383,391 8,037,936 8,394,326 8,194,387 Highway and streets 6,223,450 5,555,218 5,856,197 6,778,639 7,592,489 Health 116,629 250,000 160,000 150,000 137,500 Interest and fiscal charges 990,315 993,823 940,605 931,970 923,137 Total governmental activities expenses 48,189,203 52,014,857 66,251,032 68,543,813 70,706,557 Business-type activities:
Water 11,962,698 13,197,497 11,978,551 15,975,908 16,130,638 Refuse 7,562,168 7,648,908 6,364,504 6,782,261 6,643,796 Sewer 1,117,677 1,332,184 2,120,013 1,925,498 2,066,260 Total business-type activities expenses 20,642,543 22,178,589 20,463,068 24,683,667 24,840,693 Total primary government expenses 68,831,746 74,193,446 86,714,100 93,227,480 95,547,250 Program revenues:
Governmental activities:
Charges for services:
General government 1,157,100 1,216,968 1,290,795 1,951,847 1,418,515 Public safety 3,766,713 2,665,634 4,239,502 3,263,720 3,123,842 Community development 2,607,075 3,660,518 3,364,687 2,828,385 1,591,515 Culture and recreation 1,289,483 1,327,230 1,956,845 1,012,436 747,940 Highway and Streets 1,403,282 1,688,010 1,382,500 1,341,088 1,523,872 Operating grants and contributions 7,953,884 6,928,332 8,281,863 12,119,613 9,349,191 Capital grants and contributions 502,276 1,134,757 159,994 1,209,222 279,624 Total government activities
program revenues 18,779,813 18,621,449 20,676,186 23,726,311 18,034,499 Business-type activities:
Charges for services:
Water 12,323,342 13,439,676 14,213,398 15,251,324 13,791,440 Refuse 6,954,603 7,124,768 6,760,312 6,674,188 6,722,940 Sewer 2,673,585 2,843,412 3,164,108 3,546,475 3,158,607 Operating grants and contributions - - - - - Capital grants and contributions 97,507 1,916,453 2,341,781 1,362,136 149,262 Total business-type activities revenues 22,049,037 25,324,309 26,479,599 26,834,123 23,822,249 Total primary government revenues 40,828,850$ 43,945,758 $ 47,155,785 $ 50,560,434 $ 41,856,748 $ 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)
178
2020/2021 2021/2022 2022/2023 2023/2024 2024/2025
Expenses: (Restated)
Governmental activities:
General government 16,862,932 $ 4,997,877 $ 13,258,409 $ 13,269,716 $ 15,618,363 $ Public safety 41,432,208 32,974,783 40,064,832 52,015,492 53,526,285 Community development 500,831 7,545,425 7,570,239 2,202,235 3,716,245 Culture and recreation 7,367,933 7,250,027 4,436,619 6,624,989 5,130,841 Highway and streets 6,349,422 5,300,505 6,952,909 8,706,939 14,590,749 Health 187,500 234,375 292,969 301,655 401,190 Interest and fiscal charges 1,533,531 3,435,272 3,803,497 3,638,579 3,531,497 Total governmental activities expenses 74,234,357 61,738,264 76,379,474 86,759,605 96,515,170 Business-type activities:
Water 16,900,021 15,173,088 18,647,640 18,002,870 17,164,365 Refuse 7,102,416 6,773,649 7,797,114 7,640,784 1,798,998 Sewer 2,826,252 2,386,431 3,547,895 2,512,931 3,396,652 Total business-type activities expenses 26,828,689 24,333,168 29,992,649 28,156,585 22,360,015 Total primary government expenses 101,063,046 86,071,432 106,372,123 114,916,190 118,875,185 Program revenues:
Governmental activities:
Charges for services:
General government 1,430,819 2,369,083 2,656,843 3,267,346 2,414,031 Public safety 2,765,703 2,792,022 2,993,687 4,012,748 3,590,622 Community development 1,894,660 2,722,923 510,301 1,244,363 1,373,429 Culture and recreation 230,570 485,573 3,009,094 3,296,911 4,480,447 Highway and Streets 2,410,818 3,661,000 2,670,460 3,210,447 2,056,556 Operating grants and contributions 12,199,854 14,675,500 19,675,615 28,096,861 27,472,151 Capital grants and contributions - - 772,831 3,855,700 1,894,020 Total government activities
program revenues 20,932,424 26,706,101 32,288,831 46,984,376 43,281,256 Business-type activities:
Charges for services:
Water 16,087,723 14,231,262 12,752,125 14,658,624 19,710,829 Refuse 6,905,547 6,843,084 7,041,047 7,584,290 1,812,874 Sewer 3,273,154 3,252,413 3,331,412 4,394,766 6,464,085 Operating grants and contributions - - - - - Capital grants and contributions 93,503 880,892 - - - Total business-type activities revenues 26,359,927 25,207,651 23,124,584 26,637,680 27,987,788 Total primary government revenues 47,292,351$ 51,913,752 $ 55,413,415 $ 73,622,056 $ 71,269,044 $ 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)
179
2015/2016 2016/2017 2017/2018 2018/2019 2019/2020
Net (expense)/revenue:
Governmental activities: (29,409,390) $ (33,393,408) $ (45,574,846) $ (44,817,502) $ (52,672,058) $ Business-type activities: 1,406,494 3,145,720 6,016,531 2,150,457 (1,018,444) Total primary government revenues (28,002,896)$ (30,247,688) $ (39,558,315) $ (42,667,046) $ (53,690,502) $ General revenues and other
Changes in net position:
Governmental activities:
Taxes:
Property Taxes 22,235,616 $ 23,154,960 $ 24,306,944 $ 25,904,561 $ 27,133,836 $ Sales Taxes 6,427,211 6,517,491 5,341,854 7,156,102 6,923,739 Vehicle In-lieu Taxes 25,041 27,482 32,428 29,876 48,934 Utility User Taxes 3,212,890 3,212,912 2,964,825 3,107,983 2,846,105 Franchise Taxes 992,615 938,802 966,346 973,084 982,837 Business License Taxes 1,052,086 1,244,295 1,146,838 1,140,840 985,158 Transient Occupancy Taxes 1,248,578 1,261,777 1,163,775 1,064,049 847,272 Other Taxes/Special Accessment 285,845 269,734 585,106 158,828 171,413 Revenues from use of
money and property 1,155,649 701,151 1,689,011 2,413,637 2,096,340 Other 1,403,883 1,030,348 1,736,642 1,733,652 1,565,830 Transfers - - - - 541,523 Total general revenues and transfers 38,039,414 38,358,952 39,933,769 43,682,612 44,142,987 Extraordinary item 5,638,626 - - - -
Business-type activities:
Revenues from use of
money and property - 105 - - 562,859 Other 1,601,079 1,238,954 1,053,244 2,409,810 2,260,426 Transfers - - - - (541,523) Total business-type activities 1,601,079 1,239,059 1,053,244 2,409,810 2,281,762 Total primary government 39,640,493 39,598,011 40,987,013 46,092,422 46,424,749 Changes in net position
Governmental activities 14,268,650 4,965,544 (5,641,077) (1,134,890) (8,529,071) Business-type activities 3,007,573 4,384,779 7,069,775 4,560,267 1,263,318 Total primary government 17,276,223 $ 9,350,323 $ 1,428,698 $ 3,425,377 $ (7,265,753) $ Source: City of Monterey Park Finance Department
Fiscal Year
(Accrual Basis of Accounting)
City of Monterey Park
Changes in Net Position (Continued)
Last Ten Fiscal Years
180
2020/2021 2021/2022 2022/2023 2023/2024 2024/2025
Net (expense)/revenue: (Restated)
Governmental activities: (53,301,933) $ (35,032,163) $ (44,090,643) $ (38,509,268) $ (53,233,914) $ Business-type activities: (468,762) 874,483 (6,868,065) (1,518,905) 5,627,773 Total primary government revenues (53,770,695)$ (34,157,680) $ (50,958,708) $ (40,028,173) $ (47,606,141) $ General revenues and other
Changes in net position:
Governmental activities:
Taxes:
Property Taxes 29,942,243 $ 29,676,242 $ 31,571,303 $ 23,785,927 $ 25,053,071 $ Sales Taxes 9,063,297 9,294,060 11,640,655 18,577,911 19,758,995 Vehicle In-lieu Taxes 44,545 69,754 62,585 75,418 96,316 Utility User Taxes 2,931,943 3,278,449 3,799,736 3,780,890 3,627,964 Franchise Taxes 1,011,131 1,067,908 1,230,330 1,284,606 1,122,089 Business License Taxes 721,601 661,415 713,015 862,074 1,815,173 Transient Occupancy Taxes 953,200 2,098,921 2,653,156 3,324,068 3,951,670 Other Taxes/Special Accessment 220,485 284,927 1,035,312 - - Revenues from use of
money and property 395,918 (1,858,601) 1,354,512 4,224,086 2,787,210 Other 1,339,319 1,445,282 1,182,587 1,733,523 4,093,144 Transfers 533,787 474,300 479,411 381,772 51 Total general revenues and transfers 47,157,469 46,492,657 55,722,602 58,030,275 62,305,683 Extraordinary item - - - - -
Business-type activities:
Revenues from use of
money and property 53,395 41,256 558,250 (195,511) 1,513,669 Other 1,410 4 - 107,834 - Transfers (533,787) (474,300) (479,411) (381,772) (51) Total business-type activities (478,982) (433,040) 78,839 (469,449) 1,513,618 Total primary government 46,678,487 46,059,617 55,801,441 57,560,826 63,819,301 Changes in net position
Governmental activities (6,144,464) 11,460,494 11,631,959 18,255,046 9,071,769 Business-type activities (947,744) 441,443 (6,789,226) (1,988,354) 7,141,391 Total primary government (7,092,208) $ 11,901,937 $ 4,842,733 $ 16,266,692 $ 16,213,160 $ Source: City of Monterey Park Finance Department
Fiscal Year
City of Monterey Park
Changes in Net Position (Continued)
Last Ten Fiscal Years
(Accrual Basis of Accounting)
181
2015/16 2016/17 2017/18 2018/19 2019/20
General Fund:
Nonspendable 741,556 $ 816,495 $ 74,939 $ 75,778 $ 78,802 $ Restricted 78,799 - - - - Committed 10,979,027 10,826,927 10,826,927 7,226,927 7,226,927 Assigned 12,052,503 14,414,724 15,064,826 20,147,039 19,365,589 Unassigned 4,554,426 4,144,661 3,994,828 5,105,667 5,838,129 Total general fund 28,406,311 $ 30,202,807 $ 29,961,520 $ 32,555,411 $ 32,509,447 $ All other governmental funds:
Nonspendable - $ - $ - $ - $ - $ Restricted 21,597,574 21,426,308 22,145,598 26,088,353 26,887,421 Committed 584,570 472,919 437,426 417,741 418,383 Unassigned (deficit) (168,139) (1,369,489) - - (72,645) Total all other governmental funds 22,014,005 20,529,738 22,583,024 26,506,094 27,233,159 Total for Governmental Funds: 50,420,316$ 50,732,545 $ 52,544,544 $ 59,061,505 $ 59,742,606 $ Source: City of Monterey Park Finance Department
City of Monterey Park
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
Fiscal Year
182
2020/21 2021/22 2022/23 2023/24 2024/25
General Fund: (Restated)
Nonspendable 72,590 $ 82,310 $ 77,450 $ - $ - $ Restricted - - - - - Committed 9,226,927 9,726,927 10,226,927 10,726,927 13,726,927 Assigned 21,418,237 19,156,028 18,029,418 31,029,418 32,140,583 Unassigned 4,419,338 - 119,426 135,435 655,119 Total general fund 35,137,092 $ 28,965,265 $ 28,453,221 $ 41,891,780 $ 46,522,629 $ All other governmental funds:
Nonspendable - $ - $ - $ - $ 486,931$ Restricted 20,468,071 44,755,797 41,063,132 31,237,317 24,710,562 Committed 367,752 276,809 152,403 32,094 - Unassigned (58,728) (380,362) (119,919) (53,125) - Total all other governmental funds 20,777,095 44,652,244 41,095,616 31,216,286 25,197,493 Total for Governmental Funds: 55,914,187$ 73,617,509 $ 69,548,837 $ 73,108,066 $ 71,720,122 $ Source: City of Monterey Park Finance Department
City of Monterey Park
Fund Balances of Governmental Funds (Continued)
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
Fiscal Year
183
2015/16 2016/17 2017/18 2018/19 2019/20
Revenues:
Taxes 41,158,303 $ 37,078,002 $ 36,662,530 $ 39,864,511 $ 40,160,022 $ Licenses and permits 2,428,895 2,913,671 2,729,412 3,038,847 1,837,426 Intergovernmental revenues 3,203,752 6,664,547 8,945,319 11,577,229 9,385,537 Charges for services 6,110,829 6,721,667 8,417,372 7,161,652 6,057,607 Revenues from use of
money & property/Investment income 1,207,629 694,820 1,727,784 2,701,145 2,329,927 Fines and forfeitures 1,295,647 605,957 680,133 1,623,039 587,059 Other/Miscellaneous 1,414,172 1,074,799 1,756,785 1,741,046 1,566,488 Total revenues 56,819,227 55,753,463 60,919,335 67,707,469 61,924,066 Expenditures
Current:
General government 5,744,019 5,844,104 7,146,292 6,136,588 6,898,124 Public safety 28,396,653 29,258,673 30,235,225 34,708,110 35,762,037 Community development 2,261,895 2,392,374 2,497,952 2,563,517 316,097 Culture and recreation 6,464,589 6,634,294 6,981,663 7,383,682 7,034,788 Highways and streets/Public Works 5,103,275 4,780,221 4,812,085 5,347,037 6,627,295 Health - 250,000 160,000 150,000 137,500 Capital outlay 4,594,721 3,415,464 4,413,196 2,927,407 3,111,577 Debt service:
Principal 1,291,263 1,370,156 1,416,257 1,079,149 1,115,754
Interest and fiscal charges 1,058,676 995,948 944,666 895,018 853,417 Total expenditures 54,915,091 54,941,234 58,607,336 61,190,508 61,856,589 Excess (deficiency) of revenues
over (under) expenditures 1,904,136 812,229 2,311,999 6,516,961 67,477 Other financing sources (uses):
Transfers in 2,327,332 2,246,686 2,225,885 3,003,264 4,319,658 Transfers out (2,577,332) (2,746,686) (2,725,885) (3,003,264) (3,706,035) Issuance of lease/subscription - - - - - Proceeds from sale of property - - - - - Issue of long term debt - - - - - Total other financing
Sources (uses) (250,000) (500,000) (500,000) - 613,623 Net change in fund balances
before Extraordinary Item 1,654,136 312,229 1,811,999 6,516,961 681,100 Extraordinary Items 5,638,626 - - - - Net change in fund balances 7,292,762$ 312,229 $ 1,811,999 $ 6,516,961 $ 681,100 $ Debt services as a percentage of
noncapital expenditures (1) 4.67% 4.59% 4.36% 3.39% 3.35% 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 Finance Department
Fiscal Year
City of Monterey Park
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
184
2020/21 2021/22 2022/23 2023/24 2024/25
Revenues: (Restated)
Taxes 45,232,837 $ 46,856,891 $ 58,309,757 $ 63,799,991 $ 67,071,441 $ Licenses and permits 1,849,831 2,153,956 2,533,406 2,851,271 4,315,324 Intergovernmental revenues 11,430,832 13,698,421 12,633,179 18,644,290 14,904,627 Charges for services 6,458,077 9,723,880 9,956,525 12,079,130 10,086,429 Revenues from use of
money & property/Investment income 518,793 (1,734,973) 2,361,132 5,931,838 4,886,668 Fines and forfeitures 446,741 595,615 321,059 968,586 708,172 Other/Miscellaneous 1,622,030 1,715,830 839,004 984,552 2,805,860 Total revenues 67,559,141 73,009,620 86,954,062 105,259,658 104,778,521 Expenditures
Current:
General government 115,631,413 8,127,513 12,131,984 12,232,288 14,466,615 Public safety 37,642,012 33,805,125 39,157,595 42,947,493 49,939,743 Community development 430,627 7,424,848 7,545,853 1,894,832 3,520,326 Culture and recreation 6,618,326 6,260,135 3,938,763 4,712,499 4,680,804 Highways and streets/Public Works 5,621,649 5,893,763 8,061,381 8,519,763 10,637,893 Health 187,500 234,375 292,969 301,655 401,190 Capital outlay 9,655,402 6,696,125 14,179,923 22,450,426 15,240,439 Debt service:
Principal 1,154,028 4,165,346 5,795,552 5,311,034 5,367,416
Interest and fiscal charges 809,641 3,949,977 3,876,712 3,715,692 3,640,504 Total expenditures 177,750,598 76,557,207 94,980,732 102,085,682 107,894,930 Excess (deficiency) of revenues
over (under) expenditures (110,191,457) (3,547,587) (8,026,670) 3,173,976 (3,116,409) Other financing sources (uses):
Transfers in 4,488,195 4,146,091 10,036,484 4,275,938 3,166,422 Transfers out (4,929,208) (3,583,991) (9,557,343) (3,894,166) (3,166,422) Issuance of lease/subscription 2,682,300 - 66,901 3,481 1,728,465 Proceeds from sale of property - - - - - Issue of long term debt 100,892,026 21,026,121 - - - Total other financing
Sources (uses) 103,133,313 21,588,221 546,042 385,253 1,728,465 Net change in fund balances
before Extraordinary Item (7,058,144) 18,040,634 (7,480,628) 3,559,229 (1,387,944) Extraordinary Items - - - - - Net change in fund balances (7,058,144)$ 18,040,634 $ (7,480,628) $ 3,559,229 $ (1,387,944) $ Debt services as a percentage of
noncapital expenditures (1) 1.17% 11.62% 12.40% 11.34% 9.70% 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 Finance Department
Fiscal Year
City of Monterey Park
Changes in Fund Balances of Governmental Funds (Continued) Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
185
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186
Total Taxable Total
Residential Commercial Industrial Other Tax-Exempt Assessed Direct Tax Property Property Property Property Property(2) Value Rate(3) (4) 5,057,044,107$ 1,093,431,570 $ 164,909,195 $ 276,512,462 $ 29,538,778 $ 6,591,897,334 $ 0.24437 5,307,806,812 1,140,647,311 173,217,543 312,397,210 28,011,283 6,934,068,876 0.24460 5,602,078,820 1,173,225,228 186,112,221 308,114,143 27,269,372 7,269,530,412 0.24384 5,900,997,427 1,246,669,672 202,037,631 301,345,786 27,122,190 7,651,050,516 0.24490 6,154,110,366 1,385,210,969 214,058,031 335,807,643 27,122,190 8,089,187,009 0.24507 6,452,593,484 1,442,805,214 225,355,790 362,258,108 27,122,190 8,483,012,596 0.24526 6,696,922,280 1,485,031,636 236,761,070 352,907,188 27,122,190 8,771,622,174 0.24540 7,069,923,565 1,575,607,923 257,317,476 357,318,569 27,122,190 9,260,167,533 0.24561 7,434,617,743 1,633,045,043 275,138,753 372,293,661 27,122,190 9,715,095,200 0.24576 7,852,829,749 1,685,970,081 282,013,645 377,331,206 27,122,190 10,198,144,681 0.24596 Notes:
(1)
(2)
(3)
(4)
Sources:
1. HDL Coren & Cone
2. County of Los Angeles Department of Auditor-Controller City of Monterey Park
Assessed Value of Taxable Property (1)
Last Ten Fiscal Years
(In Thousands)
Fiscal Year
2015/16
2016/17
2017/18
2018/19
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.
Total direct rate is the weighted average of all individual direct rates applied by the government preparing the statistical section information.
Retirement tax at 0.091170 per $100 of Assessed Valuation. 2024/25
2019/20
2020/21
2021/22
2022/23
2023/24
187
Agency 2015/16 2016/17 2017/18 2018/19 2019/20
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 0.04926 0.03615 0.05786 0.05404 0.04501 Garvey School District 0.05874 0.06067 0.08332 0.08705 0.08623 Garvey-Alhambra 0.04538 0.05303 0.09319 0.08800 0.07055 Los Angeles Community College District 0.03575 0.03596 0.04599 0.04621 0.02717 Los Angeles Unified School District 0.12971 0.13110 0.12219 0.12323 0.12552 Metropolitan Water District 0.01800 0.02300 0.03000 0.03000 0.03000 Montebello Unified School District 0.08715 0.14705 0.13514 0.13921 0.09306 Monterey Park GO Debt 0.09117 0.09117 0.09117 0.09117 0.09117 Total Overlapping Rates 0.51516 0.57813 0.65886 0.65891 0.56871 Total Direct & Overla
pping (2) Tax Rates 1.60633 1.66930 1.75003 1.75008 1.65988 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) 0.24437 0.24460 0.24384 0.24490 0.24507 Notes:
(1)
(2)
(3)
(4)
(5)
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.
Overlapping rates are those of local and county governments that apply to property owners within the city. Not all overlapping rates a
pply 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 resolved 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.
Fiscal Year
City of Monterey Park
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
(Rate per $100 of taxable value)
188
Agency 2020/21 2021/22 2022/23 2023/24 2024/25
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 0.04509 0.04405 0.05131 0.05404 0.04094 Garvey School District 0.08425 0.08837 0.08566 0.08686 0.09258 Garvey-Alhambra 0.07360 0.05726 0.05737 0.05693 0.10293 Los Angeles Community College District 0.04016 0.04376 0.02488 0.06023 0.05136 Los Angeles Unified School District 0.13993 0.11323 0.12107 0.12422 0.12802 Metropolitan Water District 0.03000 0.03000 0.03000 0.03000 0.03000 Montebello Unified School District 0.09706 0.09031 0.12770 0.11275 0.09160 Monterey Park GO Debt 0.09117 0.09117 0.09117 0.09117 0.09117 Total Overlapping Rates 0.60126 0.55815 0.58916 0.61620 0.62860 Total Direct & Overla
pping (2) Tax Rates 1.69243 1.64932 1.68033 1.70737 1.71977 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) 0.24526 0.24540 0.24561 0.24576 0.24596 Notes:
(1)
(2)
(3)
(4)
(5)
Sources:
1. HDL Coren & Cone
2. County of Los Angeles Department of Auditor-Controller Fiscal Year
City of Monterey Park
Direct and Overlapping Property Tax Rates (Continued)
Last Ten Fiscal Years
(Rate per $100 of taxable value)
In 1978, California voters passed Proposition 13 which sets the property tax rate at a 1.00% fixed amount. This 1.00% is shared by all taxing agencies for which the subject property resides within. In addition to the 1.00% fixed amount, property owners are charged taxes as a percentage of assessed property values for the payment of any voter approved bonds.
Overlapping rates are those of local and county governments that apply to property owners within the city. Not all overlapping rates apply to all City property owners.
City's share of 1% Levy is based on the City's share of the general fund tax rate area with the largest net taxable value within the city.
ERAF general fund tax shifts may not be included in tax ratio figure.
Redevelopment rate is based on the largest RDA tax rate area and only includes rates(s) from indebtedness adopted prior to 1989 per California State statute. RDA direct and overlapping rates are applied only to the incremental property values. The approval of ABX1 26 eliminated Redevelopment from the State of California for the fiscal year 2012/13 and years thereafter.
Total direct rate is the weighted average of all individual direct rates applied by the government preparing the statistical section information and excludes revenue derived from aircraft. Beginning in 2013/14 the total direct rate no longer includes revenue generated from the former redevelopment tax rate areas. Challenges to recognized enforceable obligations are assumed to have been resolved during 2012/13. For the purposes of this report, residual revenue is assumed to be distributed to the City in the same proportions as general fund revenue.
189
2024/25
Percent of
Total City
Taxable Taxable
Assessed Assessed
Taxpayers Valuatio n Valuation
ATLANTIC TIMES SQUARE X LLC 161,016,328$ 1.58% MPRP TRACT 2 LLC LESSOR 148,346,712 1.45% OMNINET LACC LLC ET AL 92,175,151 0.90% ETHAN CAPITAL LLC 90,583,509 0.89% GARFIELD CALMED INVESTMENT LP 59,230,826 0.58% HMC STRATCAP 1980 SATURN LLC 54,364,924 0.53% ATLANTIC SQUARE LLC 54,050,978 0.53% B9 SEQUOIA MONTEREY OWNER LP 46,847,580 0.46% HMC STRATCAP 1977 SATURN LLC 43,505,240 0.43% MAR CENTER LLC 40,627,349 0.40% 790,748,597$ 7.75%
Total City Assessed Value 10,198,144,681 $
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)
190
2015/16
Percent of
Total City
Taxable Taxable
Assessed Assessed
Taxpayers Valuatio n Valuation
ATLANTIC TIMES SQUARE LLC 143,444,441$ 2.18% LOS ANGELES CORPORATE CENTER LLC 66,907,064 1.01% UNION BANK 62,488,798 0.95%
GARFIELD CALMED INVESTMENT LP 50,845,231 0.77% BRE CALIFORNIA OFFICE OWNER LLC 46,900,000 0.71% GMS FIVE LLC 45,872,626 0.70%
EMERALD HILLS LLC 32,293,184 0.49% MONTEREY PARK CALMED INVEST LP 27,522,793 0.42% MPM PARTNERS LLC 27,104,414 0.41% CARE 1ST HEALTH PLAN INC 25,023,516 0.38% 528,402,067$ 8.02%
Total City Assessed Value 6,591,897,334 $
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)
191
Percentage
Fiscal Year 1% D.S. Amount 1% D.S. Amount of Levy
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% 2023/24 12,169,748 7,229,498 19,399,246 11,689,739 7,014,334 18,704,073 96.42% 2024/25 12,919,751 7,488,358 20,408,109 12,439,724 7,307,617 19,747,341 96.76% Note:
Source:
1. City of Monterey Park Finance Department
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 Levy
2. County of Los Angeles Assessor
City of Monterey Park
Property Tax Levies and Collections
Last Ten Fiscal Years
Taxes Levied Collected within the
1% - CY
Original Levy PER BOOK
192
Percentage
Fiscal Year 1% D.S. Amount 1% D.S. Amount of Levy (1)
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% 2023/24 222,711 222,964 445,675 11,912,450 7,237,298 19,149,748 99% 2024/25 223,657 196,167 419,824 12,663,381 7,503,784 20,167,165 99% Note:
Source:
1. City of Monterey Park Finance Department
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
2. County of Los Angeles Assessor
City of Monterey Park
Property Tax Levies and Collections (Continued)
Last Ten Fiscal Years
Collections in
1% - PY
PER BOOK
193
Pension HUD Library Lease Total
Obligation Street Section 108 Special Tax Subscription Governmental Fiscal Year Bonds Bonds Loans Revenue Note and Lease Loan Activities 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 17,585 539 - 4,969 132,361 2022/23 105,185 17,280 - - 4,242 126,707 2023/24 101,065 19,909 - - 3,081 124,055 2024/25 96,878 19,464 - - 7,126 123,468 Notes:
Source:
1. HDL Coren & Cone
2. City of Monterey Park Finance Department
(1) Percentage of Personal Income was based on data from Los Angeles County State of California Employment Department. (2) Debt per capita data was based on the number of population within the City of Monterey Park.
Governmental Activities
City of Monterey Park
Outstanding Deby by Type
Last Ten Fiscal Years
(In Thousands)
194
Lease Pension Water Total (1) Percentage (2) Debt
Subscription Loans Obligation Revenue Primary of Personal Per Fiscal Year and Lease Loan Payable Bonds Bonds Government Income Population Capita 2015/16 12,127$ - $ - $ - $ 32,317$ 1744.93% 61,346 527 2016/17 10,567 - - - 29,387 2020.42% 61,606 477 2017/18 9,809 - - - 27,213 9.24% (3) 62,240 437 2018/19 9,167 - - - 27,941 9.11% 61,828 452 2019/20 8,466 - - - 25,779 10.82% 60,734 424 2020/21 7,915 - 5,443 - 132,736 2.26% 60,380 2,198 2021/22 7,310 4,000 5,282 - 148,953 2.03% 60,207 2,474 2022/23 6,646 4,000 5,085 - 142,438 2.20% 59,288 2,402 2023/24 5,259 4,000 4,885 21,104 159,303 2.12% 59,347 2,684 2024/25 4,542 4,000 4,702 20,516 157,228 N/A 59,269 2,653 Notes:
(3) Start from FY17/18, personal income data for California.
Source:
1. HDL Coren & Cone
2. City of Monterey Park Finance Department
(1) Percentage of Personal Income was based on data from Los Angeles County State of California Employment Department. (2) Debt per capita data was based on the number of population within the City of Monterey Park.
City of Monterey Park
Outstanding Debt by Type (Continued)
Last Ten Fiscal Years
(In Thousands)
Business-Type Activities
195
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 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 2023/24 105,950 9,715,095 1.09% 59,347 1,785 2024/25 101,580 10,198,145 1.00% 59,269 1,714 Note:
available in the State of California.
Source: 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)
196
2024-25 Assessed Valuation:
$10,198,144,681
City's Share of
Total Debt % Applicable (1) Debt
OVERLAPPING TAX AND ASSESSMENT DEBT:
Metropolitan Water District $ 17,155,000 0.014 % $ 2,402 Los Angeles Community College District 4,919,505,000 0.858 42,209,353 Alhambra Unified School District 133,919,695 32.366 43,344,448 Alhambra Unified School District School Facilities Improvement District No. 1 85,522,107 33.265 28,448,929 Alhambra Unified School District (former Elementary School District) 7,023,640 33.265 2,336,414 Los Angeles Unified School District 11,745,405,000 0.034 3,993,438 Montebello Unified School District 228,369,179 8.789 20,071,367 Garvey School District 67,119,010 29.408 19,738,358
TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT $ 160,144,709 DIRECT AND OVERLAPPING GENERAL FUND DEBT:
Los Angeles County General Fund Obligations $ 3,036,637,390 0.485 % $ 14,727,691 Los Angeles County Superintendent of Schools Certificates of Participation 2,331,775 0.485 11,309 Los Angeles Unified School District General Fund Obligations 225,010,000 0.034 76,503 Montebello Unified School District General Fund Obligations 3,185,000 8.789 279,930 City of Monterey Park Governmental Activities Obligations 123,467,994 100.000 123,467,994 TOTAL DIRECT AND OVERLAPPING GENERAL FUND DEBT $ 138,563,427 OVERLAPPING TAX INCREMENT DEBT (Successor Agency): $ 4,790,000 100 % $ 4,790,000 TOTAL DIRECT DEBT $ 123,467,994
TOTAL OVERLAPPING DEBT $ 180,030,142
COMBINED TOTAL DEBT $ 303,498,136
Notes:
Ratios to 2024-25 Assessed Valuation:
Total Direct Debt ($123,467,994) 1.21%
Total Overlapping Tax and Assessment Debt 1.77%
Combined Total Debt 2.98%
Ratios to Redevelopment Successor Agency Incremental Valuation ($2,123,512,480):
Overlapping Tax Increment Debt 0.23%
Source: Cal Muni
(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.
City of Monterey Park
Direct and Overlapping Debt
As of June 30, 2025
197