Annual
Comprehensive
Financial Report
(ACFR)
FY 2023/24
ATTACHMENT 3
PURPOSE
• Present to Council and the Community
on the C
ity’s Annual Comprehensive
Financial Report (ACFR) as of Fiscal
Year Ended June 30, 2024
• Council to accept and file the ACFR for
Fi
scal Year Ended June 30, 2024
• Council to provide direction to staff to
return t
o a future meeting regarding the
allocation of the available General Fund
unassigned fund balance
2 ATTACHMENT 3
AUDITORS’ OPINION
• The City’s financial audit for fiscal year
ended June 30,
2024 was completed by
independent certified public accounting
firm Lance, Soll and Lunghard (LSL), LLP
• First year of the agreement
• Auditors’ Opinion: Unmodified (clean)
3 ATTACHMENT 3
GFOA AWARD
Certificate of Achievement for Excellence in
Financial Reporting:
• Received the award for 10th cons ecutive years
• Submitted for FYE 2024
4 ATTACHMENT 3
FY 2023/24 AUDITED
FINANCIAL STATUS REPORT
5 ATTACHMENT 3
GENERAL FUND
6 ATTACHMENT 3
General Fund Revenue
FY 2023/24
(in thousands)
7 Budget Actual YTD%
Taxes:
Property Tax 46,138$ 45,856$ 99.39% Excess ERAF 2,250 2,250 100.00% Sales Tax 22,407 22,659 101.12% Transient Occupancy Tax 30,109 29,481 97.91% Business License Tax 4,399 4,643 105.55% Other Taxes 2,603 2,733 104.99% License and Permits 2,976 3,747 125.91% Charges for Services 6,667 8,083 121.24% Investment Earnings 800 4,946 618.25% Intergovernmetnal 1,089 905 83.10% Misc Revenue (adjusted for GASB 87 and 96) 411 428 104.14% Transfer In 4,900 4,900 100.00% Total Operating Revenue 124,749$ 130,631$ 104.72% ATTACHMENT 3
General Fund Expenditures
FY 2023/24
(in thousands)
8 Budget Actual YTD%
Salaries, Wages, and Benefits 86,466$ 85,362$ 98.72% Materials, Supplies, Services, Misc 32,122 29,331 91.31% Debt Service 129 129 100.00% Capital Outlay (adjusted for GASB 96) 101 172 170.30% Transfer Out 12,734 11,123 87.35% Total Operating Expeditures 131,552$ 126,117$ 95.87% ATTACHMENT 3
General Fund Reserves
FY 2023/24
• Operating Reserve: $5.94 million
– Target: 5% of operating expenditures
• Emergency Reserve: $16.63 million
– Target: 14% of operating expenditures
• Contingency Reserve: $1.19 million
– Target: 1% of operating expenditures
9 ATTACHMENT 3
CASH AND INVESTMENTS
10 ATTACHMENT 3
General Fund
FY 2023-24
11 Cash & Investments $11,152,798
ATTACHMENT 3
AMERICAN RESCUE PLAN ACT
(ARPA) FUNDS
12 ATTACHMENT 3
ARPA Funds
13 Total
Received
Total
Obligations
Total
Expenditures Unexpended
$15,118,910 $15,118,910 $6,625,942 $8,492,968
ATTACHMENT 3
CIP PROJECT FUND
14 ATTACHMENT 3
CIP Reserves
FY 2023-24
• CIP Facilities Reserve
– $8.17 million ending balance for current and
fut
ure projects
– Per Fiscal Policy, will also receive end of year
avai
lable fund balance from General Fund and
Non-Recurring General Fund
• CIP General Reserve
– $4.34 million ending balance for current and
fut
ure projects
15 ATTACHMENT 3
PENSION & POST-
EMPLOYMENT BENEFITS FUND
16 ATTACHMENT 3
Section 115 Trust
• Created to help mitigate increases in future
pensi
on costs
• Balance at 6/30/24: $8.3 million
• Planned usage in FY25 to offset UAL Payment
17 ATTACHMENT 3
PENSION AND OTHER POST
EMPLOYMENT BENEFITS
(OPEB) LIABILITIES
18 ATTACHMENT 3
Pension and OPEB
FY 2023-24
19 Net OPEB Liability $1,462,072
Net Pension Liability Governmental Busi ness-Type Total CalPERS Misc. $ 93,917,466 $ 23,672,799 $ 117,590,265 CalPERS Safety 113,043,001 - 113, 043,001
Total: $ 206,960,467 $ 23,672,799 $ 230,633,266
ATTACHMENT 3
ENTERPRISE FUNDS
20 ATTACHMENT 3
Solid Waste and Recycling
FY 2023-24
(in thousands)
21 Budget Actual YTD%
Charges for Services 42,738$ 43,160$ 100.99% Intergovernmental 239 287 120.08% Investment Earnings 125 644 515.20% Misc Revenues 57 73 128.07% Transfers In 1,183 1,183 100.00% Total Revenues 44,342$ 45,347$ 102.27%
Salaries, Wages, and Benefits 1,691$ 2,012$ 118.98% Materials, Supplies, and Services 41,698 39,510 94.75% Debt Service 874 293 33.52% Capital Outlay 3,082 1,653 53.63% Transfers Out 3,282 3,282 100.00% Total Expenses 50,627$ 46,750$ 92.34%
ATTACHMENT 3
Water Utility
FY2023-34
(in thousands)
22 Budget Actual YTD%
Charges for Services 36,739$ 41,439$ 112.79% Intergovernmental 7,011 237 3.38% Investment Earnings 572 3,472 606.99% Misc Revenues 347 203 58.50% Transfers In 15,296 15,296 100.00% Total Revenues 59,965$ 60,647$ 101.14% Salaries, Wages, and Benefits 12,824$ 12,728$ 99.25% Materials, Supplies, and Services 21,128 18,025 85.31% Debt Service 3,328 1,122 33.71% Capital Outlay 25,231 6,419 25.44% Transfers Out 18,467 18,467 100.00% Total Expenses 80,978$ 56,761$ 70.09% ATTACHMENT 3
OPERATING POSITION:
GENERAL FUND
&
NON-RECURRING GENERAL FUND
23 ATTACHMENT 3
General Fund
Operating Position
FY 2023/24
24 FY
2023/24
Budget
FY 2023/24
Actual
General Fund ($ in millions)
Total Revenues 124.7 130.6
- Operating Expenditures 131.6 126.1
- Contributions to General Fund Reserves - 1.6 Operating Surplus/ Deficit (6.8) 2.9
+ FY 22/23 Fund Balance Appropriation 6.8 6.8 - Mark-to-Market Adjustment 2.7
- Encumbrances - 1.7
Available Fund Balance 0.0 5.3
ATTACHMENT 3
NR General Fund
Operating Position
FY 2023/24
25 FY 2023/24
Budget
FY 2023/24
Actual
Non-Recurring General Fund ($ in millions)
Beginning Fund Balance 6.5 6.5
+ Revenues 7.9 7.5
- Expenditures 14.3 5.3
Ending Fund Balance 0.1 8.7
ATTACHMENT 3
Recommendations
• Parks (4th of July Event) - $155K
• Utility Increase (PG&E) - $253K
• Homeless Services and Vehi cle Code
Changes (Kennedy Park) - $850K
• Parks
– $1M to CIP Project PK18PR07
• Playground Equipment Replacement - Ful ler Park
• PERS UAL
– $2M to Section 115 Trust
• Labor Costs (MOU Implementation)
– $1M 26
ATTACHMENT 3
Questions and Comments
27 ATTACHMENT 3
Recommendation to Council
• Accept and file the Annual
Com
prehensive Financial Report (ACFR)
for the Fiscal Year Ended June 30, 2024
• Provide direction to staff to return to a
fut
ure Council meeting regarding the
allocation of the available General Fund
unassigned fund balance
28 ATTACHMENT 3
Annual
Comprehensive
Financial Report
(ACFR)
FY 2023/24
ATTACHMENT 3