Cities Index.
ATCH 3 - FY23-24 ACFR PowerPoint

Napa City Council
February 18, 2025

Document
ATCH 3 - FY23-24 ACFR PowerPoint
Meeting
February 18, 2025
Body
Napa City Council
Pages
29
Original file
1.7 MB
Text extracted from the city's file for reading and search. Open the original on napacity.legistar1.com. That file is the official record.

Annual
Comprehensive
Financial Report
(ACFR)
FY 2023/24
ATTACHMENT 3

Page 1 of 29 ends

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

Page 2 of 29 ends

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

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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

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FY 2023/24 AUDITED

FINANCIAL STATUS REPORT
5 ATTACHMENT 3

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GENERAL FUND
6 ATTACHMENT 3

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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

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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

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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

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CASH AND INVESTMENTS
10 ATTACHMENT 3

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General Fund
FY 2023-24
11 Cash & Investments $11,152,798
ATTACHMENT 3

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AMERICAN RESCUE PLAN ACT
(ARPA) FUNDS
12 ATTACHMENT 3

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ARPA Funds
13 Total
Received
Total
Obligations
Total
Expenditures Unexpended
$15,118,910 $15,118,910 $6,625,942 $8,492,968
ATTACHMENT 3

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CIP PROJECT FUND
14 ATTACHMENT 3

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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

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PENSION & POST-

EMPLOYMENT BENEFITS FUND
16 ATTACHMENT 3

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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

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PENSION AND OTHER POST

EMPLOYMENT BENEFITS
(OPEB) LIABILITIES
18 ATTACHMENT 3

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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

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ENTERPRISE FUNDS
20 ATTACHMENT 3

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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

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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

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OPERATING POSITION:

GENERAL FUND
&

NON-RECURRING GENERAL FUND
23 ATTACHMENT 3

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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

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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

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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

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Questions and Comments
27 ATTACHMENT 3

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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

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Annual
Comprehensive
Financial Report
(ACFR)
FY 2023/24
ATTACHMENT 3

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