Agenda packet — Placentia City Council, June 4, 2024 (part 7 of 7)

1. In All respects as set forth in the Recitals, Part A., of this Resolution.

2. The City Council of the City of Placentia does hereby approve and adopt the Fiscal Year 2024-25 Budget, a full, true, and correct copy of which is on file in the Office of the City Clerk, hereby is adopted as such budget for such period.

3. The Capital Improvement Program for the City of Placentia for Fiscal Year 2024- 25, including appropriations in the amount of $19,601,425 as set forth in the budget on file with the City Clerk and made a part hereof, is hereby adopted as such budget for such period.

4. The Position Allocation Plan and Compensation Plan are being updated to reflect approved changes by the City Council in the context of the Fiscal Year 2024-25 Annual Budget. When the City Council approves a new position or the City Administrator amends a position between updates of the Plan, such a change shall constitute a revision to the City's Position Allocation Plan that shall be reflected in the next update of the Resolution adopting the Plan. Compensation and benefits not specifically amended by this Resolution shall remain in full force and effect.

5. The proposed Position Allocation Plan for positions in City services for Fiscal Year 2024-25 is attached hereto as Appendix "A" (Position Allocation Plan) and the proposed Compensation Plan - Salary Schedule is attached hereto as Appendix "B" and hereby are approved.

PASSED, ADOPTED AND APPROVED this 4th day of June 2024.

Jeremy Yamaguchi, Mayor
ATTEST:

Robert S. McKinnell, City Clerk
Resolution R-2024-38

Page 2 of 3 ends

STATE OF CALIFORNIA

COUNTY OF ORANGE
I, Robert S. McKinnell, City Clerk of The City of Placentia, California, do hereby certify that the foregoing Resolution, was duly passed, approved and adopted by City Council, approved and signed by the Mayor and attested by the City Clerk, all at the regular meeting of the said City Council held on the 4th day of June 2024, and the same was passed and adopted by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:

Councilmembers:

Robert S. McKinnell, City Clerk
APPROVED AS TO FORM:

Christian L. Bettenhausen, City Attorney
Resolution R-2024-38

Page 3 of 3 ends

CITY OF PLACENTIA

POSITION ALLOCATION PLAN
FISCAL YEAR 2024-25
Amended Adopted Amended Proposed
22-23 23-24 23-24 24-25

ELECTED
MAYOR

CITY COUNCIL

CITY CLERK

CITY TREASURER
1 4
1 1
1 4
1 1
1 4
1 1
1 4
1 1
TOTALS
7 7
7 7
Amended Adopted Amended Proposed
22-23 23-24 23-24 24-25

APPOINTED (DOES NOT INCLUDE ALTERNATES)

CITIZENS' OVERSIGHT COMMITTEE

FINANCIAL AUDIT OVERSIGHT COMMITTEE

HERITAGE COMMITTEE

HISTORICAL COMMITTEE

PARKS ARTS AND RECREATION COMMISSION (PARC)

PLANNING COMMISSION

SENIOR ADVISORY COMMITTEE

SENIOR/COMMUNITY CENTER BLUE RIBBON COMMITTEE

STREETSCAPE AND TRANSPORTATION ADVISORY COMMISSION

VETERANS ADVISORY COMMITTEE
3 5
7 9
5 7
7 9
5 9
3 5
8 9
5 7
7 9
6 10
3 5
8 9
5 7
7 9
6 10
3 5
8 9
5 7
7 9
6 10
TOTALS
66 69
69 69
Amended Adopted Amended Proposed
22-23 23-24 23-24 24-25

CITY ADMINISTRATOR

ASSISTANT TO THE CA/ECONOMIC DEVELOPMENT MANAGER

CITY ADMINISTRATOR

COMMUNICATIONS & MARKETING MANAGER

DIGITAL MEDIA ANALYST

EXECUTIVE ADMINISTRATIVE ASSISTANT TO THE CA

SENIOR MANAGEMENT ANALYST

0.65 1
0 0
1 0
0 1
1 1
1 1
0 1
1 1
1 1
0 1
1 1
1 1
TOTALS

ADMINISTRATIVE SERVICES

ADMINISTRATIVE ASSISTANT

ADMINISTRATIVE SPECIALIST

DEPUTY CITY ADMINISTRATOR

DEPUTY CITY CLERK

DEPUTY DIRECTOR OF ADMINISTRATIVE SERVICES

DIRECTOR OF HUMAN RESOURCES

HUMAN RESOURCES ANALYST

2.65 5
5 5
Amended Adopted Amended Proposed
22-23 23-24 23-24 24-25
1 1
1 1
1 1
1 1
1 1
1 1
1 1
1 1
0 1
1 1
1 1
1 1
1 1
1 1

CITY OF PLACENTIA

POSITION ALLOCATION PLAN
FISCAL YEAR 2024-25
Amended Adopted Amended Proposed
22-23 23-24 23-24 24-25

ADMINISTRATIVE SERVICES (CONTINUED)

HUMAN RESOURCES OFFICE CLERK

INFORMATION TECHNOLOGY MANAGER

INFORMATION TECHNOLOGY SPECIALIST

INFORMATION TECHNOLOGY TECHNICIAN

PUBLIC SAFETY COMMUNICATIONS MANAGER

PUBLIC SAFETY COMMUNICATIONS SUPERVISOR
PUBLIC SAFETY DISPATCHER (1 OVERHIRE)

RISK MANAGER

SENIOR HUMAN RESOURCES ANALYST

SENIOR HUMAN RESOURCES TECHNICIAN

SENIOR MANAGEMENT ANALYST
1 1
0 0
1 3
13 1
1 1
1 1
1 1
1 1
3 13
1 1
1 1
1 1
1 1
1 3
13 1
1 1
1 1
1 1
1 1
3 13
1 1
1 1
TOTALS
29 32
32 32
Amended Adopted Amended Proposed
22-23 23-24 23-24 24-25

FINANCE
r

ACCOUNT CLERK

ACCOUNTING MANAGER

ACCOUNTING TECHNICIAN

DIRECTOR OF FINANCE

SENIOR ACCOUNTANT

SENIOR ACCOUNTING TECHNICIAN

SENIOR FINANCIAL ANALYST
1 1
3 1
1 1
1 0
1 4
1 1
1 1
0 1
4 1
1 1
1 0
1 4
1 1
1 1
TOTALS 9
9 9
9 Amended Adopted Amended Proposed
22-23 23-24 23-24 24-25

DEVELOPMENT SERVICES

ADMINISTRATIVE ASSISTANT

ASSISTANT TO THE CA/ECONOMIC DEVELOPMENT MANAGER

ASSOCIATE PLANNER

BUILDING INSPECTOR

BUILDING PERMIT TECHNICIAN

CODE ENFORCEMENT OFFICER

CODE ENFORCEMENT SUPERVISOR

DIGITAL MEDIA ANALYST

DIRECTOR OF DEVELOPMENT SERVICES

GIS TECHNICIAN

MANAGEMENT ANALYST

PLANNING MANAGER

PLANNING TECHNICIAN

PLANS EXAMINER

SENIOR PLANNER
SR. CODE ENFORCEMENT OFFICER
1 0.35
1 1
1 0
0 1
1 1
1 0
1 0
1 1
1 0
1 1
2 1
1 0
1 1
0 1
1 1
0 0
1 0
1 1
2 1
1 0
1 1
0 1
1 1
0 0
1 0
1 1
2 1
1 0
1 1
0 1
1 1
0 0
TOTALS

11.35 12 12 12

CITY OF PLACENTIA

POSITION ALLOCATION PLAN
FISCAL YEAR 2024-25
Amended Adopted Amended Proposed
22-23 23-24 23-24 24-25

PUBLIC SAFETY - POLICE

CAPTAIN

CHIEF OF POLICE

COMMUNITY SERVICES OFFICER

CRIME ANALYST

IT SERGEANT

LIEUTENANT

MANAGEMENT ANALYST

OFFICE SPECIALIST - RECORDS

PARKING CONTROL OFFICER

POLICE ACADEMY TRAINEE

POLICE CIVILIAN INVESTIGATOR
POLICE OFFICER (3 OVERHIRE)

POLICE SERVICES OFFICER

POLICE SERVICES SUPERVISOR

PROPERTY TECHNICIAN

SERGEANT
SR. ADMINISTRATIVE ASSISTANT
SR. MANAGEMENT ANALYST
2 1
2 1
1 3
1 2
2 1
3 39
2 3
1 10
1 0
2 1
2 1
1 3
1 3
2 1
3 39
2 3
1 10
1 0
2 1
2 1
1 3
1 3
2 1
3 39
2 3
1 10
1 0
2 1
2 1
1 3
1 3
2 1
3 39
2 3
1 10
1 0
TOTALS
75 76
76 76
Amended Adopted Amended Proposed
22-23 23-24 23-24 24-25

FIRE & LIFE SAFETY

ADMINISTRATIVE ASSISTANT

BATTALION CHIEF

DEPUTY FIRE CHIEF

FIRE CAPTAIN

FIRE CHIEF

FIRE ENGINEER

FIRE MARSHAL

FIRE PREVENTION SPECIALIST

FIREFIGHTER

OFFICE ASSISTANT

PATROL ENGINEER

SENIOR MANAGEMENT ANALYST

TRAINING OFFICER
0 3
1 6
1 6
1 1
6 1
1 1
0 0
3 1
6 1
6 1
1 9
1 0
1 0
1 3
1 6
1 6
1 1
9 0
0 1
0 1
3 1
6 1
6 1
1 9
0 0
1 0
TOTALS
28 30 30 30

CITY OF PLACENTIA

POSITION ALLOCATION PLAN
FISCAL YEAR 2024-25
Amended Adopted Amended Proposed
22-23 23-24 23-24 24-25

PUBLIC WORKS

ADMINISTRATIVE ASSISTANT

ASSOCIATE CIVIL ENGINEER (SEWER)

CITY ENGINEER

CUSTODIAN

DEPUTY CITY ADMINISTRATOR

ENGINEERING AIDE

ENVIRONMENTAL SERVICES COORDINATOR

FACILITY MAINTENANCE TECHNICIAN

MAINTENANCE WORKER

MANAGEMENT ASSISTANT

MECHANIC

PUBLIC WORKS INSPECTOR

PUBLIC WORKS MANAGER

PUBLIC WORKS SUPERINTENDENT

PUBLIC WORKS SUPERVISOR

SENIOR CIVIL ENGINEER

SENIOR CUSTODIAN

SENIOR MANAGEMENT ANALYST

TRANSPORTATION MANAGER
1 1
1 1
1 1
1 3
8 1
2 1
0 1
2 1
1 1
1 1
1 1
1 1
1 1
3 8
1 2
1 1
1 2
1 1
1 1
1 1
1 1
1 1
1 2
8 1
2 1
1 1
2 1
1 1
1 1
1 1
1 1
1 1
2 8
1 2
1 1
1 2
1 1
1 1
TOTALS
29 30
29 29
Amended Adopted Amended Proposed
22-23 23-24 23-24 24-25

COMMUNITY SERVICES

ADMINISTRATIVE ASSISTANT

COMMUNITY SERVICES COORDINATOR

COMMUNITY SERVICES SUPERVISOR

DEPUTY DIRECTOR OF COMMUNITY SERVICES

DIRECTOR OF COMMUNITY SERVICES

FACILITY MAINTENANCE TECHNICIAN

MAINTENANCE WORKER

MANAGEMENT ANALYST

OFFICE ASSISTANT
1 4
1 0
1 0
1 1
0 1
4 0
1 1
1 1
1 0
1 4
0 1
1 3
0 1
0 1
4 0
1 1
3 0
1 0
TOTALS
9 10
11 11

SUMMARY

FULL-TIME FUNDED PERSONNEL
188
200
200
200

UNFUNDED OVERHIRES
5 4
4 4

ELECTED & APPOINTED PERSONNEL
73 76
76 76

GRAND TOTAL
266
280
280
280
verhires are not Lunde

A
Master Salary Schedule
Job Class and Annual Salary Schedule
Effective July 7, 2024
B
C
D
E

JOB CLASS
Pay
Index
STEP A
STEP B
STEP C
STEP D
STEP E
Hr.

Monthly
Annual
Hr.

Monthly
Annual

ACCOUNT CLERK
ACCLK

21.68 3,758.17
45,098.06

22.85 3,961.11
47,533.35

24.09 4,175.01
50,100.15

25.39 4,400.47
52,805.58

26.76 4,638.09
55,657.07

ACCOUNTANT
ACCNT

36.19 6,272.63
75,271.53

38.00 6,586.26
79,035.11

39.90 6,915.57
82,986.86

41.89 7,261.35
87,136.19

43.99 7,624.42
91,493.01

ACCOUNTING MANAGER
ACMGR

52.81 9,152.99
109,835.93

55.45 9,610.64
115,327.74

58.22 10,091.18
121,094.13

61.13 10,595.74
127,148.82

64.19 11,125.52
133,506.27

ACCOUNTING TECHNICIAN
ACTCH

25.47 4,415.17
52,981.99

26.85 4,653.58
55,843.01

28.30 4,904.88
58,858.53

29.83 5,169.74
62,036.88

31.44 5,448.91
65,386.86

ADMINISTRATIVE ASSISTANT
ADAST

25.33 4,391.13
52,693.56

26.70 4,628.25
55,539.01

28.14 4,878.18
58,538.11

29.66 5,141.60
61,699.16

31.26 5,419.24
65,030.93

ADMINISTRATIVE SPECIALIST
ADSPC

27.11 4,699.55
56,394.64

28.58 4,953.33
59,439.93

30.12 5,220.81
62,649.69

31.75 5,502.73
66,032.79

33.46 5,799.88
69,598.55

ASSISTANT CITY ADMINISTRATOR
ASTCA

84.69 14,679.42
176,153.00

88.92 15,413.39
184,960.65

93.37 16,184.06
194,208.69

98.04 16,993.26
203,919.12
102.94
17,842.92
214,115.08

ASSISTANT PLANNER
ASPLN

30.78 5,336.03
64,032.35

32.45 5,624.18
67,490.11

34.20 5,927.88
71,134.57

36.05 6,247.99
74,975.83

37.99 6,585.38
79,024.54

ASSISTANT TO CA / ECONOMIC DEVELOPMENT MANAGER
EDM

58.54 10,146.85
121,762.26

61.47 10,654.20
127,850.37

64.54 11,186.91
134,242.87

67.77 11,746.25
140,955.04

71.16 12,333.56
148,002.78

ASSOCIATE CIVIL ENGINEER
ACENG

45.79 7,936.76
95,241.07

48.07 8,332.52
99,990.27

50.48 8,749.73
104,996.79

53.00 9,186.44
110,237.28

55.65 9,646.54
115,758.50

ASSOCIATE PLANNER
APLNR

39.72 6,883.98
82,607.80

41.70 7,228.18
86,738.20

43.79 7,589.59
91,075.13

45.98 7,969.07
95,628.86

48.27 8,367.53
100,410.31

BUILDING INSPECTOR
BLDIN

32.34 5,605.35
67,264.16

34.08 5,908.04
70,896.44

35.93 6,227.07
74,724.85

37.87 6,563.33
78,759.98

39.91 6,917.75
83,013.01

BUILDING PERMIT TECHNICIAN
BDPTT

25.47 4,415.17
52,981.99

26.85 4,653.58
55,843.01

28.30 4,904.88
58,858.53

29.83 5,169.74
62,036.88

31.44 5,448.91
65,386.86

CHIEF BUILDING OFFICIAL
CBLDO

55.01 9,535.91
114,430.92

57.77 10,012.71
120,152.47

60.65 10,513.34
126,160.09

63.69 11,039.01
132,468.10

66.87 11,590.96
139,091.50

CHIEF DEPUTY CITY CLERK
CDCCL

44.88 7,779.09
93,349.04

47.12 8,168.04
98,016.49

49.48 8,576.44
102,917.31

51.95 9,005.26
108,063.17

54.55 9,455.53
113,466.33

CITY ADMINISTRATOR
ADMIN
112.57
19,512.58
234,151.00
118.20
20,488.21
245,858.56
122.34
21,205.30
254,463.61
143.79
24,923.02
299,076.24
152.41
26,418.40
317,020.82

CITY CLERK SPECIALIST
CCSPL

27.11 4,699.55
56,394.64

28.58 4,953.33
59,439.95

30.12 5,220.81
62,649.71

31.75 5,502.73
66,032.79

33.46 5,799.88
69,598.56

CITY ENGINEER/DEPUTY DIRECTOR OF PUBLIC WORKS
CENGR

66.05 11,448.85
137,386.19

69.35 12,021.29
144,255.50

72.82 12,622.36
151,468.28

76.46 13,253.47
159,041.69

80.29 13,916.15
166,993.79

CODE ENFORCEMENT MANAGER
CDMGR

45.17 7,830.32
93,963.89

47.43 8,221.84
98,662.09

49.81 8,632.93
103,595.19

52.30 9,064.58
108,774.95

54.91 9,517.81
114,213.70

CODE ENFORCEMENT OFFICER
CODEN

29.64 5,137.00
61,643.99

31.24 5,414.40
64,972.77

32.92 5,706.78
68,481.31

34.70 6,014.94
72,179.32

36.58 6,339.75
76,076.99

CODE ENFORCEMENT SUPERVISOR
CDESV

38.50 6,672.63
80,071.59

40.42 7,006.26
84,075.17

42.44 7,356.58
88,278.93

44.56 7,724.41
92,692.92

46.79 8,110.63
97,327.51

COMMUNICATIONS & MARKETING MANAGER
CMMGR

45.17 7,830.32
93,963.89

47.43 8,221.84
98,662.09

49.81 8,632.93
103,595.19

52.30 9,064.58
108,774.95

54.91 9,517.81
114,213.70

COMMUNITY SERVICES COORDINATOR
CSCOR

27.11 4,699.55
56,394.64

28.58 4,953.33
59,439.93

30.12 5,220.81
62,649.69

31.75 5,502.73
66,032.79

33.46 5,799.88
69,598.55

COMMUNITY SERVICES OFFICER
CSOFF

24.20 4,195.35
50,344.20

25.51 4,421.90
53,062.78

26.89 4,660.68
55,928.18

28.34 4,912.36
58,948.30

29.87 5,177.63
62,131.51

COMMUNITY SERVICES SUPERVISOR
CSSUP

38.50 6,672.63
80,071.59

40.42 7,006.26
84,075.17

42.44 7,356.58
88,278.93

44.56 7,724.41
92,692.92

46.79 8,110.63
97,327.51

CRIME ANALYST
CRMAL

38.50 6,672.63
80,071.59

40.42 7,006.26
84,075.17

42.44 7,356.58
88,278.93

44.56 7,724.41
92,692.87

46.79 8,110.63
97,327.51

CRIME PREVENTION OFFICER
CRMPR

24.84 4,305.41
51,664.88

26.18 4,537.90
54,454.79

27.59 4,782.95
57,395.35

29.08 5,041.22
60,494.69

30.65 5,313.45
63,761.41

CUSTODIAN
CUST

20.95 3,631.11
43,573.36

22.08 3,827.19
45,926.31

23.27 4,033.86
48,406.31

24.53 4,251.69
51,020.26

25.85 4,481.28
53,775.36

DEPUTY CHIEF OF POLICE
DPDCF

86.15 14,933.07
179,196.80

90.46 15,679.72
188,156.63

94.98 16,463.71
197,564.47

99.73 17,286.89
207,442.69
104.72
18,151.23
217,814.82

DEPUTY CITY ADMINISTRATOR
DCA
100.47
17,414.72
208,976.62
105.49
18,285.45
219,425.45
110.77
19,199.73
230,396.72
116.31
20,159.71
241,916.56
122.12
21,167.70
254,012.38

DEPUTY CITY CLERK
DPCLK

35.08 6,080.10
72,961.23

36.83 6,384.11
76,609.28

38.67 6,703.31
80,439.73

40.61 7,038.48
84,461.71

42.64 7,390.40
88,684.83

DEPUTY DIRECTOR OF ADMINISTRATIVE SERVICES
DDAS

72.13 12,502.96
150,035.47

75.74 13,128.10
157,537.25

79.53 13,784.51
165,414.11

83.50 14,473.73
173,684.82

87.68 15,197.42
182,369.06

DEPUTY DIRECTOR OF COMMUNITY SERVICES
DDCSE

50.55 8,761.57
105,138.85

53.07 9,199.65
110,395.78

55.73 9,659.63
115,915.58

58.52 10,142.61
121,711.35

61.44 10,649.74
127,796.92

DEVELOPMENT SERVICES COORDINATOR
DVSRC

29.64 5,137.00
61,643.98

31.24 5,414.40
64,972.76

32.92 5,706.77
68,481.29

34.70 6,014.94
72,179.27

36.58 6,339.75
76,076.97

DIGITAL MEDIA ANALYST
DGANL

38.50 6,672.63
80,071.59

40.42 7,006.26
84,075.17

42.44 7,356.58
88,278.93

44.56 7,724.41
92,692.87

46.79 8,110.63
97,327.51

DIRECTOR OF ADMINISTRATIVE SERVICES
DAS

80.69 13,985.88
167,830.53

84.72 14,685.17
176,222.03

88.96 15,419.43
185,033.15

93.41 16,190.40
194,284.81

98.08 16,999.92
203,999.05

DIRECTOR OF COMMUNITY SERVICE
DCS

80.69 13,985.88
167,830.53

84.72 14,685.17
176,222.03

88.96 15,419.43
185,033.15

93.41 16,190.40
194,284.81

98.08 16,999.92
203,999.05

DIRECTOR OF DEVELOPMENT SVCS
DDS

80.69 13,985.88
167,830.53

84.72 14,685.17
176,222.03

88.96 15,419.43
185,033.15

93.41 16,190.40
194,284.81

98.08 16,999.92
203,999.05

DIRECTOR OF FINANCE
DFIN

80.69 13,985.88
167,830.53

84.72 14,685.17
176,222.03

88.96 15,419.43
185,033.15

93.41 16,190.40
194,284.81

98.08 16,999.92
203,999.05

DIRECTOR OF HUMAN RESOURCES
DHR

76.65 13,286.65
159,439.78

80.49 13,950.98
167,411.76

84.51 14,648.53
175,782.36

88.74 15,380.96
184,571.47

93.17 16,150.00
193,800.05

DIRECTOR OF PUBLIC WORKS
DPW

80.69 13,985.88
167,830.53

84.72 14,685.17
176,222.03

88.96 15,419.43
185,033.15

93.41 16,190.40
194,284.81

98.08 16,999.92
203,999.05

ECONOMIC DEVELOPMENT MANAGER
ECMGR

45.17 7,830.32
93,963.89

47.43 8,221.84
98,662.09

49.81 8,632.93
103,595.19

52.30 9,064.58
108,774.95

54.91 9,517.81
114,213.70

ENGINEERING AIDE
ENGAD

20.09 3,481.40
41,776.80

21.17 3,669.40
44,032.76

22.31 3,867.55
46,410.54

23.52 4,076.39
48,916.71

24.79 4,296.52
51,558.23

ENVIRONMENTAL COMPLIANCE OFFICER
ENVOF

30.39 5,267.80
63,213.60

32.03 5,552.26
66,627.14

33.76 5,852.08
70,225.01

35.59 6,168.10
74,017.16

37.51 6,501.17
78,014.08

EQUIPMENT MECHANIC
EQMEC

27.39 4,747.44
56,969.30

28.87 5,003.80
60,045.64

30.43 5,274.01
63,288.11

32.07 5,558.81
66,705.67

33.80 5,858.98
70,307.77

EXECUTIVE ASSISTANT TO CITY ADMINISTRATOR
EXACA

31.01 5,374.79
64,497.48

32.68 5,665.03
67,980.34

34.45 5,970.94
71,651.29

36.31 6,293.37
75,520.45

38.27 6,633.21
79,598.56

FACILITIES MAINTENANCE TECH
FMTCH

27.23 4,720.07
56,640.81

28.70 4,974.95
59,699.39

30.25 5,243.60
62,923.18

31.89 5,526.75
66,321.02

33.61 5,825.20
69,902.35

FACILITIES MAINTENANCE TECH II
FMTII

28.77 4,986.02
59,832.20

30.32 5,255.26
63,063.12

31.96 5,539.04
66,468.52

33.68 5,838.15
70,057.81

35.50 6,153.41
73,840.94

FINANCE SERVICE MANAGER
FNMGR

52.81 9,152.99
109,835.94

55.45 9,610.64
115,327.74

58.22 10,091.18
121,094.12

61.13 10,595.74
127,148.83

64.19 11,125.52
133,506.27

FIRE BATTALION CHIEF
FIRBC

44.79 10,868.79
130,425.51

47.21 11,455.70
137,468.45

49.76 12,074.29
144,891.50

52.44 12,726.31
152,715.69

55.28 13,413.51
160,962.10

FIRE CAPTAIN
FRCAP

31.87 7,733.66
92,803.87

33.59 8,151.28
97,815.32

35.40 8,591.41
103,096.96

37.32 9,055.33
108,663.94

39.33 9,544.29
114,531.51

FIRE CHIEF
FRCHF

80.69 13,985.88
167,830.53

84.72 14,685.17
176,222.04

88.96 15,419.43
185,033.13

93.41 16,190.40
194,284.82

98.08 16,999.92
203,999.04

FIRE DEPUTY CHIEF
FRDPC

72.13 12,502.96
150,035.47

75.74 13,128.10
157,537.25

79.53 13,784.51
165,414.11

83.50 14,473.73
173,684.82

87.68 15,197.42
182,369.06

FIRE ENGINEER
FRENG

27.35 6,636.53
79,638.39

28.83 6,994.90
83,938.78

30.38 7,372.66
88,471.90

32.02 7,770.79
93,249.46

33.75 8,190.36
98,284.31
REVISED: 1/30/2023

A
Master Salary Schedule
Job Class and Annual Salary Schedule
Effective July 7, 2024
B
C
D
E

JOB CLASS
Pay
Index
STEP A
STEP B
STEP C
STEP D
STEP E
Hr.

Monthly
Annual
Hr.

Monthly
Annual

FIRE FIGHTER
FFGHT

24.04 5,832.57
69,990.89

25.33 6,147.57
73,770.83

26.70 6,479.52
77,754.27

28.14 6,829.41
81,952.91

29.66 7,198.20
86,378.43

FIRE MARSHAL
FMARS

62.11 10,766.26
129,195.08

65.47 11,347.63
136,171.58

69.00 11,960.38
143,524.60

72.73 12,606.25
151,274.98

76.66 13,286.97
159,443.59

FIRE PATROL ENGINEER
PTENG

31.91 6,636.53
79,638.39

33.63 6,994.90
83,938.78

35.45 7,372.66
88,471.90

37.36 7,770.79
93,249.46

39.38 8,190.36
98,284.31

FIRE PREVENTION SPECIALIST
FPREV

38.50 6,672.63
80,071.59

40.42 7,006.26
84,075.17

42.44 7,356.58
88,278.93

44.56 7,724.41
92,692.87

46.79 8,110.63
97,327.51

GIS SPECIALIST
GISTC

25.33 4,391.13
52,693.56

26.70 4,628.25
55,539.01

28.14 4,878.18
58,538.12

29.66 5,141.60
61,699.17

31.26 5,419.24
65,030.93

GIS TECHNICIAN
GISTH

28.54 4,946.98
59,363.79

30.08 5,214.12
62,569.44

31.71 5,495.68
65,948.20

33.42 5,792.45
69,509.42

35.22 6,105.24
73,262.93

HUMAN RESOURCE ANALYST
HRANA

38.50 6,672.63
80,071.59

40.42 7,006.26
84,075.17

42.44 7,356.58
88,278.93

44.56 7,724.41
92,692.87

46.79 8,110.63
97,327.51

HUMAN RESOURCE TECHNICIAN
HRTEC

28.54 4,946.98
59,363.79

30.08 5,214.12
62,569.44

31.71 5,495.68
65,948.20

33.42 5,792.45
69,509.42

35.22 6,105.24
73,262.93

HUMAN RESOURCES MANAGER
HRMGR

45.17 7,830.32
93,963.89

47.43 8,221.84
98,662.09

49.81 8,632.93
103,595.19

52.30 9,064.58
108,774.95

54.91 9,517.81
114,213.70

INFORMATION TECHNOLOGY MANAGER
ITMAN

60.30 10,451.26
125,415.12

63.31 10,973.82
131,685.87

66.48 11,522.51
138,270.15

69.80 12,098.64
145,183.69

73.29 12,703.57
152,442.86

INFORMATION TECHNOLOGY SPECIALIST
ITSPT

38.50 6,672.63
80,071.59

40.42 7,006.26
84,075.17

42.44 7,356.58
88,278.93

44.56 7,724.41
92,692.87

46.79 8,110.63
97,327.51

INFORMATION TECHNOLOGY TECH
ITTEC

32.34 5,605.35
67,264.16

34.08 5,908.04
70,896.44

35.93 6,227.07
74,724.85

37.87 6,563.33
78,759.98

39.91 6,917.75
83,013.01

IT POLICE SERGEANT
ITSGT

57.93 10,041.06
120,492.67

61.06 10,583.27
126,999.29

64.35 11,154.77
133,857.26

67.83 11,757.13
141,085.55

71.49 12,392.01
148,704.16

MAINTENANCE CREW LEADER
CRLDR

27.95 4,844.26
58,131.09

29.46 5,105.85
61,270.16

31.05 5,381.56
64,578.73

32.72 5,672.17
68,066.00

34.49 5,978.46
71,741.55

MAINTENANCE WORKER
MNTWK

24.84 4,305.41
51,664.87

26.18 4,537.90
54,454.76

27.59 4,782.94
57,395.32

29.08 5,041.22
60,494.66

30.65 5,313.45
63,761.37

MANAGEMENT ANALYST
MGANL

38.50 6,672.63
80,071.59

40.42 7,006.26
84,075.17

42.44 7,356.58
88,278.93

44.56 7,724.41
92,692.87

46.79 8,110.63
97,327.51

MANAGEMENT ASSISTANT
MGAST

28.54 4,946.98
59,363.79

30.08 5,214.12
62,569.44

31.71 5,495.68
65,948.20

33.42 5,792.45
69,509.42

35.22 6,105.24
73,262.93

MEDIA SERVICES SPECIALIST
MESPC

29.64 5,137.00
61,643.99

31.24 5,414.40
64,972.77

32.92 5,706.78
68,481.31

34.70 6,014.94
72,179.32

36.58 6,339.75
76,076.99

NEIGHBORHOOD SERVICES MANAGER
NSMGR

45.17 7,830.32
93,963.89

47.43 8,221.84
98,662.09

49.81 8,632.93
103,595.19

52.30 9,064.58
108,774.95

54.91 9,517.81
114,213.70

OFFICE ASSISTANT
OFFAS

19.56 3,390.69
40,688.23

20.62 3,573.78
42,885.39

21.73 3,766.77
45,201.20

22.90 3,970.17
47,642.05

24.14 4,184.56
50,214.72

OFFICE CLERK
OCCLK

21.68 3,758.17
45,098.06

22.85 3,961.11
47,533.35

24.09 4,175.01
50,100.15

25.39 4,400.47
52,805.58

26.76 4,638.09
55,657.07

OFFICE SPECIALIST
OFFSP

23.10 4,003.22
48,038.68

24.34 4,219.40
50,632.79

25.66 4,447.25
53,366.96

27.04 4,687.40
56,248.77

28.50 4,940.52
59,286.21

PARKING CONTROL OFFICER
PDPCO

20.95 3,631.11
43,573.36

22.08 3,827.19
45,926.31

23.27 4,033.86
48,406.31

24.53 4,251.69
51,020.26

25.85 4,481.28
53,775.36

PLANNING AIDE
PLNAD

20.09 3,481.40
41,776.80

21.17 3,669.40
44,032.76

22.31 3,867.55
46,410.54

23.52 4,076.39
48,916.71

24.79 4,296.52
51,558.23

PLANNING MANAGER
PLMGR

60.05 10,408.04
124,896.45

63.05 10,928.44
131,141.27

66.20 11,474.86
137,698.34

69.51 12,048.60
144,583.26

72.99 12,651.03
151,812.42

PLANNING TECH
PLNTC

25.47 4,415.17
52,981.99

26.85 4,653.58
55,843.01

28.30 4,904.88
58,858.53

29.83 5,169.74
62,036.88

31.44 5,448.91
65,386.86

PLANS EXAMINER
PLNEX

44.50 7,712.81
92,553.72

46.72 8,098.45
97,181.43

49.06 8,503.37
102,040.48

51.51 8,928.54
107,142.50

54.09 9,374.97
112,499.62

POLICE ACADEMY TRAINEE
PDACD

41.36 7,169.13
86,029.59
Ani.

AIL

POLICE CAPTAIN
PDCPT

77.59 13,449.69
161,396.29

81.78 14,175.97
170,111.69

86.20 14,941.48
179,297.73

90.86 15,748.32
188,979.81

95.76 16,598.72
199,184.70

POLICE CHIEF
PDCHF

90.07 15,612.28
187,347.41

94.57 16,392.90
196,714.77

99.30 17,212.54
206,550.50
104.27
18,073.17
216,878.03
109.48
18,976.83
227,721.94

POLICE CIVILIAN INVESTIGATOR
PDCIV

33.55 5,814.81
69,777.73

35.36 6,128.81
73,545.74

37.27 6,459.77
77,517.22

39.28 6,808.60
81,703.14

41.40 7,176.26
86,115.12

POLICE LIEUTENANT
PDLT

66.22 11,477.99
137,735.91

69.80 12,097.80
145,173.65

73.56 12,751.09
153,013.02

77.54 13,439.64
161,275.73

81.72 14,165.39
169,984.63

POLICE OFFICER
POLOF

43.54 7,546.45
90,557.46

45.89 7,953.96
95,447.55

48.37 8,383.48
100,601.70

50.98 8,836.18
106,034.20

53.73 9,313.34
111,760.05

POLICE PROPERTY TECHNICIAN
PDTCH

29.95 5,191.60
62,299.21

31.57 5,471.95
65,663.37

33.27 5,767.43
69,209.19

35.07 6,078.88
72,946.50

36.96 6,407.13
76,885.62

POLICE SERGEANT
PDSGT

54.96 9,526.62
114,319.42

57.93 10,041.06
120,492.67

61.06 10,583.27
126,999.27

64.35 11,154.77
133,857.23

67.83 11,757.13
141,085.52

POLICE SERVICE OFFICER
PDPSO

24.20 4,195.35
50,344.20

25.51 4,421.90
53,062.78

26.89 4,660.68
55,928.18

28.34 4,912.36
58,948.30

29.87 5,177.63
62,131.51

POLICE SERVICES SUPERVISOR
PDSSV

35.23 6,105.90
73,270.82

37.13 6,435.62
77,227.43

39.13 6,783.14
81,397.71

41.25 7,149.43
85,793.19

43.47 7,535.50
90,426.01

PUBLIC SAFETY COMMUNICATION MANAGER
PSCOM

60.30 10,451.26
125,415.12

63.31 10,973.82
131,685.87

66.48 11,522.51
138,270.15

69.80 12,098.64
145,183.69

73.29 12,703.57
152,442.86

PUBLIC SAFETY COMMUNICATION SUPERVISOR - DISPATCH
PSSDP

45.74 7,928.08
95,136.93

48.21 8,356.19
100,274.32

50.81 8,807.43
105,689.14

53.56 9,283.03
111,396.35

56.45 9,784.31
117,411.75

PUBLIC SAFETY DISPATCHER
PDISC

32.92 5,706.78
68,481.36

34.70 6,014.95
72,179.36

36.58 6,339.75
76,077.05

38.55 6,682.10
80,185.23

40.63 7,042.94
84,515.22

PUBLIC WORKS INSPECTOR
PWINS

31.92 5,532.02
66,384.23

33.64 5,830.75
69,968.97

35.46 6,145.61
73,747.29

37.37 6,477.47
77,729.66

39.39 6,827.25
81,927.05

PUBLIC WORKS MANAGER
PBWKM

60.05 10,408.04
124,896.45

63.05 10,928.44
131,141.27

66.20 11,474.86
137,698.34

69.51 12,048.60
144,583.26

72.99 12,651.03
151,812.42

PUBLIC WORKS SUPERINTENDENT
PWSPT

45.17 7,830.32
93,963.88

47.43 8,221.84
98,662.07

49.81 8,632.93
103,595.18

52.30 9,064.58
108,774.94

54.91 9,517.81
114,213.69

PUBLIC WORKS SUPERVISOR
PBWKS

36.19 6,272.63
75,271.51

38.00 6,586.26
79,035.09

39.90 6,915.57
82,986.85

41.89 7,261.35
87,136.18

43.99 7,624.42
91,492.99

RISK MANAGER
RISKM

60.30 10,451.26
125,415.12

63.31 10,973.82
131,685.87

66.48 11,522.51
138,270.15

69.80 12,098.64
145,183.69

73.29 12,703.57
152,442.86

SENIOR ACCOUNTANT
SRACC

44.50 7,712.81
92,553.72

46.72 8,098.45
97,181.43

49.06 8,503.37
102,040.48

51.51 8,928.54
107,142.50

54.09 9,374.97
112,499.62

SENIOR ACCOUNTANT II
SRAC2

50.55 8,761.57
105,138.86

53.07 9,199.65
110,395.81

55.73 9,659.63
115,915.59

58.52 10,142.61
121,711.37

61.44 10,649.74
127,796.93

SENIOR ACCOUNTING TECHNICIAN
SRACT

28.54 4,946.98
59,363.79

30.08 5,214.12
62,569.44

31.71 5,495.68
65,948.20

33.42 5,792.45
69,509.42

35.22 6,105.24
73,262.93

SENIOR ADMINISTRATIVE ASSISTANT
SRADA

29.64 5,137.00
61,643.99

31.24 5,414.40
64,972.77

32.92 5,706.78
68,481.31

34.70 6,014.94
72,179.32

36.58 6,339.75
76,076.99

SENIOR BUILDING INSPECTOR
SRINS

32.71 5,669.26
68,031.14

34.47 5,975.40
71,704.82

36.34 6,298.07
75,576.88

38.30 6,638.17
79,658.04

40.37 6,996.63
83,959.56

SENIOR CIVIL ENGINEER
SCVEG

58.54 10,146.85
121,762.26

61.47 10,654.20
127,850.37

64.54 11,186.91
134,242.87

67.77 11,746.25
140,955.04

71.16 12,333.56
148,002.78

SENIOR CODE ENFORCEMENT OFFICER
SRCDE

32.34 5,605.35
67,264.16

34.08 5,908.04
70,896.44

35.93 6,227.07
74,724.85

37.87 6,563.33
78,759.98

39.91 6,917.75
83,013.01

SENIOR CUSTODIAN
SRCUS

25.58 4,434.57
53,214.82

26.97 4,674.03
56,088.40

28.42 4,926.43
59,117.18

29.96 5,192.46
62,309.50

31.57 5,472.85
65,674.21

SENIOR ENGINEERING AIDE
SRENG

28.77 4,986.02
59,832.20

30.32 5,255.26
63,063.12

31.96 5,539.04
66,468.52

33.68 5,838.15
70,057.81

35.50 6,153.41
73,840.94
REVISED: 1/30/2023

Master Salary Schedule
Job Class and Annual Salary Schedule
Effective July 7, 2024
A
C
D

JOB CLASS
Pay
Index
STEP A
STEP B
STEP C
STEP D
STEP E
Hr.

Monthly
Annual
Hr.

Monthly
Annual

SENIOR FINANCIAL ANALYST
SFINA

44.88 7,779.09
93,349.03

47.12 8,168.04
98,016.49

49.48 8,576.44
102,917.31

51.95 9,005.26
108,063.17

54.55 9,455.53
113,466.32

SENIOR HUMAN RESOURCE ANALYST
SHRAN

44.88 7,779.09
93,349.03

47.12 8,168.04
98,016.49

49.48 8,576.44
102,917.31

51.95 9,005.26
108,063.17

54.55 9,455.53
113,466.32

SENIOR HUMAN RESOURCE TECHNICIAN
SRHRT

29.95 5,191.60
62,299.21

31.57 5,471.95
65,663.37

33.27 5,767.43
69,209.19

35.07 6,078.88
72,946.50

36.96 6,407.13
76,885.62

SENIOR MANAGEMENT ANALYST
SMAN

44.88 7,779.09
93,349.03

47.12 8,168.04
98,016.49

49.48 8,576.44
102,917.31

51.95 9,005.26
108,063.17

54.55 9,455.53
113,466.32

SENIOR PLANNER
SRPLN

50.55 8,761.57
105,138.85

53.07 9,199.65
110,395.78

55.73 9,659.63
115,915.58

58.52 10,142.61
121,711.35

61.44 10,649.74
127,796.92

TRAFFIC ENGINEER
TFMGR

55.01 9,535.91
114,430.91

57.77 10,012.70
120,152.45

60.65 10,513.34
126,160.09

63.69 11,039.01
132,468.11

66.87 11,590.96
139,091.51

TRANSPORTATION MANAGER
TRMGR

55.01 9,535.91
114,430.91

57.77 10,012.70
120,152.45

60.65 10,513.34
126,160.09

63.69 11,039.01
132,468.11

66.87 11,590.96
139,091.51

PART TIME

JOB CLASS
Pay
Index
STEP A
STEP B
STEPC
STEP D
Hr.

Hr.

ADMINISTRATIVE INTERN
ADINT

16.06 16.38

16.71 CLERICAL AIDE
CLAID

18.54 18.91

19.29 19.67

COMMUNITY SERVICES LEADER
CSLDR

16.00 COMMUNITY SERVICES SPECIALIST
CSSPC

17.57 17.93

18.28 18.64

INSTRUCTOR GUARD
INGRD

17.57 17.93

18.28 18.64

LIFEGUARD
LFGRD

16.55 16.88

17.22 17.56

MAINTENANCE AIDE
MNAID

16.06 16.38

16.71 POLICE CADET
PDCDT

16.06 16.38

16.71 POLICE RESERVE OFFICER - LEVEL 1
PDRES

21.43 22.82

24.21 25.70

POOL MANAGER
PLMGR

20.82 21.24

21.65 22.00

PRODUCTION ASSISTANT
PRAST

16.00 PRODUCTION COORDINATOR
PRCOR

19.50 19.89

20.29 20.69

PROGRAM COORDINATOR
PRGCO

21.00 21.42

21.85 22.29

SENIOR COMMUNITY SERVICES LEADER
SRCLD

16.23 16.55

16.89 17.23

SENIOR COMMUNITY SERVICES SPECIALIST
SRSPC

19.03 19.41

19.80 20.20

SENIOR INSTRUCTOR GUARD
SRGRD

19.69 20.09

20.49 20.90

ELECTED

JOB CLASS
SALARY

MONTHLY

MAYOR/COUNCILMEMBERS
150

CITY CLERK
150

CITY TREASURER
50 REVISED: 1/30/2023

RESOLUTION NO. R-2024-39

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF

PLACENTIA, CALIFORNIA APPROVING AND ADOPTING

THE ANNUAL APPROPRIATIONS LIMIT FOR THE FISCAL
YEAR 2024-25 IN THE AMOUNT OF $117,320,406
A. Recitals.
(i) The voters of California on November 6, 1979, added Article XIIIB to the State Constitution placing various limitations on the appropriations of the State and local governments; and
(ii) Article XIIIB, as amended in 1990, provides that the appropriations limit for the Fiscal Year 2024-25 is calculated by adjusting the base year appropriations of Fiscal Year 1986-87 for changes in the cost of living and population; and (iii) The City of Placentia has complied with all of the provisions of Article XIIIB in determining the appropriations limit for the Fiscal Year 2024-25.

B. Resolution.

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLACENTIA DOES HEREBY FIND, DETERMINE AND RESOLVE AS FOLLOWS:

1. That the appropriations limit in Fiscal Year 2024-25 shall be based on the 2023-24 appropriation limit of $112,870,414 as established by Resolution No. R-2023- 43, and adjusted based on Proposition 111 guidelines by the California Per Capita Personal Income change of +3.62% and the Orange County population change of +0.31 as reported by the State Department of Finance during April 2024, thus creating a new appropriations limit for Fiscal Year 2024-25 in the amount of $117,320,406.

PASSED, ADOPTED AND APPROVED this 4th day of June 2024.

Jeremy Yamaguchi, Mayor
Resolution R-2024-39 ATTACHMENT 3

Page 1 of 2 ends

ATTEST:

Robert S. McKinnell, City Clerk

STATE OF CALIFORNIA

COUNTY OF ORANGE
I, Robert S. McKinnell, City Clerk of the City of Placentia, California, do hereby certify that the foregoing Resolution, was duly passed, approved and adopted by City Council, approved and signed by the Mayor and attested by the City Clerk, all at the regular meeting of the said City Council held on the 4th day of June 2024 and the same was passed and adopted by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:

Councilmembers:

Robert S. McKinnell, City Clerk
APPROVED AS TO FORM:

Christian L. Bettenhausen, City Attorney
Attachments:

Exhibit A
Resolution R-2024-39 ATTACHMENT 3

Page 2 of 2 ends

RESOLUTION NO. PPFA-2024-01

A RESOLUTION OF THE PLACENTIA PUBLIC FINANCING

AUTHORITY (PPFA) BOARD OF DIRECTORS OF THE CITY

OF PLACENTIA, CALIFORNIA, TAKING ACTIONS
NECESSARY TO ADOPT THE PPFA's FISCAL YEAR 2024-
25 ANNUAL BUDGET
WHEREAS, the Placentia Public Financing Authority governing board shall be the members of the City Council of the City;
WHEREAS, the Placentia Public Financing Authority has prepared the Placentia Public Financing Authority budget in the amount of $4,657,704 Revenues and $4,662,800 of appropriations for Fiscal Year 2024-25;
NOW, THEREFORE, BE IT RESOLVED by the Governing Board of the Placentia Public Financing Authority, as follows:

Section 1. The proposed budget of the Placentia Public Financing Authority, as amended and modified for Fiscal Year beginning July 1, 2024, through June 30, 2025, is hereby adopted.

Section 2. Effective Date. This resolution shall take effect upon adoption.

PASSED, ADOPTED AND APPROVED this 4th day of June 2024.

Jeremy Yamaguchi, Chair
ATTEST:

Robert S. McKinnell, Secretary
Resolution PPFA-2024-01

Page 1 of 2 ends

STATE OF CALIFORNIA

COUNTY OF ORANGE
I, Robert S. McKinnell, Secretary of the Placentia Public Financing Authority of The City of Placentia, California, do hereby certify that the foregoing Resolution, was duly passed, approved, and adopted by the Placentia Public Financing Authority, approved and signed by the Chair and attested by the Secretary, all at the regular meeting of the said Placentia Public Financing Authority held on the 4th day of June 2024, and the same was passed and adopted by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:

Councilmembers:

Robert S. McKinnell, Secretary
APPROVED AS TO FORM:

Christian L. Bettenhausen, Agency Attorney
Resolution PPFA-2024-01

Page 2 of 2 ends

Proposed Annual Operating Budget & CIP
Fiscal Year 2024-25
June 4, 2024

Economic Challenges
•Sales tax revenue trending downward Statewide
State down 2.5%, Placentia down 4.9% after
4th Quarter 2023 (most recent data available)
Persistently high interest rates negatively
impacting purchase of new and used vehicles
Consumer spending patterns have changed.

Priority for travel or experiences, shift towards
lower cost restaurants or eating at home, and
less purchases of consumer goods.

Gas prices down compared to last year.
6 of the City's top 25 sales tax producers are
gas stations
•Ex
Sense increases outside the City's control:

Unfunded Actuarial Liability (UAL) payment of
$447,000 to CaIPERS required due to their
recent rate of returns
Increase of approx. $1.3 million in personnel
expenses due to Memoranda of
Understandings and merit increases
Increased insurance costs- $400,000
• Increased 800 M Hz costs- $140,000
• Higher costs of goods and services citywide
Unfunded capital needs identified in recently
completed facility and IT assessments

City's Response to Challenges
•Initial deficit of $3.8 million identified at beginning of budget preparation process Departments were asked to make reductions up to 5%
Hiring "frost" implemented for non-public safety or non -revenue generating positions Proposed use of funds from the Section 115 trust to make UAL payment and 75% of retiree medical payments
Proposed use of $495,811 in general reserves
Proposed utilization of Measure U reserve contribution of $888,600 for operating 87% of budget deficit managed through department reductions and other measures Proposed budget projected to keep City at 27.4% reserve level • This equates to a 2.4% or $1,072,520 cushion above reserve target goal of 25% set by Policy 4

Long -Term Fiscal Sustainability Options
*Not Current Staff Recommendations
• Additional Sales Tax Measure (Transactions & Use Tax) Maximum sales tax rate in California is 10.25%
City's current tax rate is 8.75%
6% -State

0.75% County

1.0% City of Placentia Sales Tax (Bradley Burns)

1.0% Measure U (Transaction Tax)
City, County, and some Special Districts can put sales tax measure on ballot Majority Voter approval required
Unlike Sales tax, Transaction taxes capture online sales and are not shared by County pool
Additional Tax Rate
Projected Revenue

0.5%
$4,448,000

1.0%
$8,896,000
$13,344,000

Long -Term Fiscal Sustainability Options
*Not Current Staff Recommendations
Orange County cities that have passed a Transactions & Use Tax Measure are:
co
Tax Rate
Date Passed
Los Alamitos

9.25%
November 2020
Santa Ana

9.25%
November 2018
Westminster

9.25%
March 2024 (0.5%)
November 2022 (1.0%)
Fountain Valley

8.75%
November 2016
Garden Grove

8.75%
November 2018
La Palma

8.75%
November 2016
Seal Beach

8.75%
November 2018
Stanton
La Habra

8.75%
November 2014

8.25% November 2008

Long -Term Fiscal Sustainability Options
*Not Current Staff Recommendations
• Increase Transient Occupancy Tax (TOT) rate
City's current tax rate is 10%
Majority voter approval required
Tax paid by visitors, not residents
Additional Tax Rate
Projected Revenue

1.0%
$184,000

2.0%
$368,000

5.0%
$920,000

Long -Term Fiscal Sustainability Options
*Not Current Staff Recommendations
Current Orange County TOT Rates:

Anaheim
Buena Park
Seal Beach
Garden Grove
Tustin
La Palma
Laguna Beach
Stanton
Santa Ana
Brea
Cypress
Dana Point
Fullerton
Huntington Beach
Laguna Hills
Laguna Woods
TOT Tax Rate

15.0%

14.5%

13.0%

12.0%

11.0%

10.0%

10.0%
Lake Forest
Newport Beach
Orange
Placentia
San Clemente
San Juan Capistrano
Yorba Linda
Irvine
Fountain Valley
Costa Mesa
Laguna Niguel
Los Alamitos
Mission Viejo
Westminster
Aliso Viejo
La Habra
Rancho Santa Margarita
Villa Park
TOT Tax Rate

10.0%

9.0%

8.0%

0.0%

Long -Term Fiscal Sustainability Options
*Not Current Staff Recommendations
• Implement Cannabis tax
Majority voter approval required
If approved, City Council has discretion to set policy on operations including limiting the number of retail
establishments and allowable locations in the City
For cannabis sales, City would get 1% sales tax, 1`)/0 Measure U in addition to the additional cannabis tax
Maximum tax rate is 10% per State law
Some neighboring agencies dedicate all funds raised by
cannabis tax to community and youth services, code
enforcement and/or public safety
■
Tax Rate
Santa Ana 10%
Laguna Woods 10%
Costa Mesa
Stanton
7%
5%

Long -Term Fiscal Sustainability Options
• Onnr inri ar_tivitipz
Consistently seek grant funding opportunities for capital improvements and infrastructure enhancements
Aggressively pursue new retail and/ or hotel opportunities to increase sales tax and TOT base (Economic Development)
Analyze possible new revenue sources including ways to monetize service delivery wherever possible
Utilize Section 115 trust to mitigate against future CaIPERS losses Review fees annually to ensure cost recovery
Monitor all expenses including vacant positions to ensure agency is right sized and efficient in its spending
Continue to evaluate CFDs to support eligible operations expenses Analyze potential parcel tax, however these are typically unsuccessful at the ballot

Proposed FY 2024/25 Budget All Funds - in millions
Total Proposed Revenues- $95,329,478
Total Proposed Expenditures- $99,225,368
Operating
80%
Debt
Service
Internal
Service
5%
Fiduciary
5%

FY 2024/25 Proposed Budget Overview (All Funds)
General Fund
Special Revenue
Debt Service
Ca • ital Pro'ects Fund
Enterprise
Internal Service
Revenues &
Tra n sf - s In
$50,430,128
27,579,237
407,750
6,169, 640
4,593,969
4,657,704
1,491,050
$95,329,478
Expenditures &
Out
$50,925,940
31, 021,820
407,750
456,000
5,646,040
4,613,969
4,662,800
1,491,050
$99,225,368
Net Incl./ (Decr) to
F • d Balance
($495,812)
(3,442,583)
(456,000)
523,600
(20,000)
(5,096)
($3,895,890)
CE MIA
',RICA <IT

Proposed FY 2024/25 Budget
General Fund Revenues - $50,430,128
Intergovernmental
1%
Charges for Services
3%
Misc. Revenue
4%
Fines & Forfeitures -
1%
TOT
/
4%

General Fund Operating Revenues
Revenue T • e
Property Taxes
Sales & Use Taxes
f
Other Taxes
Permits
Fines & Forfeitures
Intergovernmental
Charges for Services
Miscellaneous
Total Operating Revenues
Transfers In
Measure U Transfers In
Employee Retention
OPEB
Measure U Reserve
Total Transfers In
Total Resources
FY 2023/24
Amended Bud et
FY 2023/24 Year
End Estimates
$20,414,944
8,650,000
7,509,236
2,618,000
465,000
3,712,950
1,684,000
2,454,000
47, 508,130
1,052,750
3,337,946
1,112,649
920,000
6,423,345
$53,931,475
$20,269,659
8,130,000
7,707,500
2,573,350
464,953
3,714,350
1,584,122
2,557,402
47, 001, 335
1,047,800
3,225,000
1,075,000
860,000
6,207,800
FY 2024/25
Pro • osed Bud et
Variance to
FY23/24
Amended Bud et
$21,796,023
8,408,000
7,896,040
2,788,900
485,000
312,000
1,716,990
2,129,075
45, 532, 028
455,100
2,665,800
888,600
888,600
4,898,100
$53,209,136 $50,430,128

6.8%
(2.8%)

5.2%

6.5%

4.3%
(91.6%)

2.0%
(13.2%)
(4.2%)
(56.8%)
(20.1%)
(20.1%)
(3.4%)
(23.7%)
(6.5%)

Proposed FY 2024/25 Budget
General Fund Expenditures - $50,925,940
Community
Services
Operating
$44,143,318
87%
Debt Service
$6,458,866
13%
Transfers Out
$143,756
0%
Capital
Projects
$180,000
0%
*****

PLACE NTIA
ERICA. CITY

FY 2024/25 General Fund Expenditures by
Department
De • artment
FY 2023/24
Amended Bud:e
FY 2023/24 Year
End Estimates
FY 2024/25
Pro • osed Bud e
Variance to
FY23/24 Amended
Bud • et
Legislative
City Administrator
Administrative Services
Community Services
Development Services
Fire & Life Safety
Total Expenditures
1,139,000
1,054,134
6,338,088
3,377,417
1,819,556
1,346,368
4,768,558
13,913,476
4,939,091
5,498,200
937,640
1,064,696
6,297,332
3,048,361
1,904,671
718,243
4,835,881
14,256,982
4,575,085
5,362,568
44,193,888 43,001,459
1,075,316
1,055,675
6,662,469
3,513,350
1,782,450
1,370,550
5,233,350
14,738,672
3,999,786
4,711,700
(5.6%)

0.1%

5.1%

4.0%
(2.0%)

1.8%

9.7%

5.9%
(19.0%)
(14.3%)

Position Allocation
• Proposed budget includes funding for 200.0 FTE
employees, and authorization for 4.0 FTE overhires in
Police and Public Safety Communication Departments
• There are no proposed staffing changes proposed for
FY 2024/25
• Hiring "Frost" currently in place. Public Safety and revenue generating positions will be filled, all others will remain vacant as long as possible.

Citywide FTE by Department- 200.0 FTE
29 Mi=1
30 11
32 FY24/25 Proposed
• Admin. Svcs
• Comm Svcs
Finance
• Fire
• Dev Svcs
1 Police
• PW
• City Administrator
Excludes Over -hires

The City's Capital Improvement Program (CIP) identifies major public improvements to the City's infrastructure for the next year and includes new projects and carryover projects from previous years encompassing upgrades to existing facilities as well as rehabilitation of streets and roadways.

Capital Improvement
Program (CIP) by Project Types
Project Type
Streets & Streetscapes
Traffic and Transportation
Sewer
Storm Drain
City Buildings & Facilities
Technology
Parks
Vehicles
Major Studies
Total
New Proje
Count
5 5
0 0
6 6
5 8
4 39
Total
Of Total Projects
New CIP with
Fy ng Carryover
$15,205,300 77.6% 13
835,000 4.3% 11
0 0% 0
0 0% 0
947,000 4.8% 22
654,000 3.3% 10
869,250 4.4% 17
765,875 3.9% 10
325,000 1.7% 9
$19,601,425 100.0% 92

CIP Projects by Funding Source
Misc. Other
Sources $1,233,675
Measure M
$1,203,000
[. Total New CIP Funding:
$19,601,425
General Fund
$180,000
Dev. Impact Fees
$987,750

FY 2024/25 CIP Projects by Restricted Funds
Streets & Streetscapes
Streets & Streetscapes
Traffic and Transportation
City Buildings & Facilities
Parks
Parks
Parks
City Buildings & Facilities
Streets & Streetscapes
Traffic and Transportation
Streets & Streetscapes
Vehicles and Equipment
Major Studies
Major Studies
ro'ect Descri • tion
■
FY 23-24 Roadway Rehab Construction
FY 23-24 Roadway Rehab Construction
Yorba Linda TSSP
117 N. Main Street Building Demolition
Restroom Renovations (Citywide)
McFadden Park Playground Renovation
Kraemer Park Memorial Fountain Design
Fire Station 1 Generator Replacement
FY 23-24 Roadway Rehab Construction
Traffic Signal Back -Up Batteries
Old Town Streetscape Improvements
Fire Station 2 Body Armor Replacement
Chapman Corridor Revitalization Plan
DIF Update and Creation of Successor Public Safety
CFD Study
undin Source
1,203,000
Measure M (0018)
TOD Streetscape Impact Fee (0072)
AB 2766 (0019)
Citywide Affordable Housing Impact Fee (0068)
Citywide Parks & Rec Impact Fee (0063)
Citywide Parks & Rec Impact Fee (0063)
Citywide Parks & Rec Impact Fee (0063)
Citywide Public Safety Impact Fee (0067)
Citywide Storm Drain Impact Fee (0066)
Citywide Traffic Impact Fee (0065)
EIFD (0086)
Fire Impact Fee (0089)
General Plan Update Fee (0074)
General Plan Update Fee (0074)
185,300
60,000
75,000
28,000
90,000
50,000
40,000
25,000
10,000
10,000,000
6,000
100,000
Major Studies
SP5 Update
General Plan Update Fee (0074)
98,000

FY 2024/25 CIP Projects by Restricted Funds
Pro'ect T
Streets & Streetscapes
Traffic and Transportation
Traffic and Transportation
Vehicles and Equipment
Technology
City Buildings & Facilities
Vehicles and Equipment
Parks
Traffic and Transportation
Streets & Streetscapes
Traffic and Transportation
Pro'ect Descri • tion
FY 23-24 Roadway Rehab Construction
Fundin : Sourc
I
557,000
Misc. Grants (0050)
Atwood Trail Project - Final Eng Design Misc. Grants (0050) Yorba Linda TSSP
HLO Truck Liftgate
Council Chambers / Media Room
Upgrade
Misc. Grants (0050)
Misc. Grants (0050)
PEG Fund (0058)
Fire Station 1 Generator Replacement Public Safety CFD (0055) Fire Station 2 Radio Communication
Equipment
Dog Park Design
Atwood Trail Project - Final Eng Design
Public Safety CFD (0055)
Quimby In -Lieu (0069)
Quimby In -Lieu (0069)
FY 23-24 Roadway Rehab Construction SB 1/ Gas Tax-RMRA (0060) Residential Street Curb Ramps
SB 1/ Gas Tax-RMRA (0060)
272,800
105,001
7,000
69,000
110,000
32,875
56,250
37,200
1,497,000
100,000
Total Restricted Funds 14,941,426

FY 2024/25 CIP Projects by Unrestricted Funds
City Buildings & Facilities
Pro'ect Descri • tion
Powell Building Improvement Project - Window
Replacements
City Hall/Police Station Modernization Project Windows
City Buildings & Facilities Design
City Buildings & Facilities
UST Removal and Replacement at Corporate Yard
City Buildings & Facilities Tynes Gym Roof Replacement
Parks
McFadden Park Playground Renovation
Parks Tuffree Park Sports Fields Lights
Streets & Streetscapes
FY 24-25 Concrete Repair Program
Streets & Streetscapes FY 24-25 Annual Tree Planting
Streets & Streetscapes
FY 24-25 Roadway Rehab Design
Streets & Streetscapes FY 23-24 Roadway Rehab Construction Technology
Technology
Develop Cybersecurity Plan
Council Chambers / Media Room Upgrade
Fundin : Source
175,000
Measure U (0079)
Measure U (0079)
Measure U (0079)
Measure U (0079)
Measure U (0079)
Measure U (0079)
Measure U (0079)
Measure U (0079)
Measure U (0079)
Measure U (0079)
Measure U (0079)
Measure U (0079)
L3
31,000
100,000
416,000
460,000
185,000
155,000
10,000
150,000
60,000

FY 2024/25 CIP Projects by Unrestricted Funds
Technology
Desktop Computer Replacement Program
Measure U (0079)
75,000
Technology
Technology
Technology
Technology
Traffic and Transportation
Vehicles and Equipment
Vehicles and Equipment
Vehicles and Equipment
Vehicles and Equipment
Vehicles and Equipment
Vehicles and Equipment
Pro'ect Descri • tion
City Facilities Server/Network Upgrades
Financials ERP Software System
Financials ERP Software System
Network Security Vulnerability and Penetration Testing
Wayfinding Signs - Residential Street Name Sign
Replacements
Public Works Superintendent Truck Replacement
Public Works Superintendent Truck Replacement
Reserve Fire Truck
Loader Replacement
Public Works Ford Ranger Replacement (1)
Chipper Truck Replacement
Fundin Source
Measure U (0079)
Measure U (0079)
Technology Impact Fees (0075)
Measure U (0079)
Measure U (0079)
Equipment Replacement (0041)
Measure U (0079)
General Fund (0010)
Measure U (0079)
Measure U (0079)
Measure U (0079)
Total Unrestricted Funds
50,000
240,000
60,000
60,000
250,000
20,000
60,000
180,000
290,000
90,000
80,000
$4,660,000

Citywide Paving Schedule
I
Fullerton
r
ILL
l r- 'Y A
5-a r-
5-. -
4 I' L
0 0.130.25
Yorba Linda

0.5 -J

0.75 1

PAVEMENT

REHABILITATION

MAINTENANCE

SCHEDULE
"No Street Left Behind"
Public Wnrk.s Department
Updated art May 39.2024
Pavement Project Schedule
6rrrrign Y.5- CenrtrwJlrn Veer
completed
2921.23
Completed
2623.24
2923-24
],[0,1 }K 7635-74
2624.25
29255-76
]976 -?7
7626-2]
]637-2n
2927-29
2629.2Q
&GO
MEA54REU u®■� taro+Tr oalbi"ol Work
Mg nc .n._ ,.5-.r. .
mink, rtungpm

Miles ' r��,+awre�� xr,.t,5-r: un:zersic a..W..Muao o nadt oxs

Recommendations

1. Conduct the Public Hearing concerning the City of Placentia Budget for Fiscal Year 2024-25 and Capital Improvement Program (CIP) for Fiscal Year 2024-25; and

2. Adopt Resolution No. R-2024-XX, a Resolution of the City Council of the City of Placentia, California, taking actions necessary to adopt the Fiscal Year 2024-25 Annual Budget; and taking actions necessary to adopt the Fiscal Year 2024-25 Capital Improvement Program (CIP) Budget with an appropriation of $19,601,425; and authorizing the Position Allocation Plan and Compensation Plan for Fiscal Year 2024-25; and

3. Authorize the City Administrator to release appropriation controls for the General Government Department and Risk Management fund outside of the normal quarterly process, as necessary; and

4. Approve the use of the County's population growth and California per capita income growth as determined by the State Department of Finance for the calculation of the Fiscal Year 2024-25 Annual Appropriation Limit; and

5. Adopt Resolution R-2024-XX, a Resolution of the City Council of the City of Placentia, California, approving and adopting the Annual Appropriations Limit for the Fiscal Year 2024-25 in the amount of $117,320,406; and

6. Provide direction to staff to research long-term fiscal sustainability options potentially with assistance from the Citizens' Oversight Committee.

Recommendations
It is recommended that the Placentia Public Financing Authority take the following actions:

1. Conduct the Public Hearing concerning the Placentia Public Financing Authority Budget for Fiscal Year 2024-25; and

2. Adopt Resolution No. PPFA-2024-XX, a Resolution of the Placentia Public Financing Authority (PPFA) Board of Directors of the City of Placentia, California, taking actions necessary to adopt the PPFA's Fiscal Year 2024-25 Annual Budget.

Questions?

PLACENTIA
Rich Heritage, Bright Future

TO:

VIA:

FROM:

DATE:

SUBJECT:

Placentia Cit

CITY COUNCIL

CITY ADMINISTRATOR

DIRECTOR OF COMMUNITY SERVICES
JUNE 4, 2024
Council

AGENDA REPORT

RESOLUTION AUTHORIZING THE TEMPORARY SUSPENSION OF

REGULATORY ORDINANCE PERTAINING TO THE OPERATION OF THE

CALIFORNIA CELTIC FESTIVAL FUNDRAISER EVENT ON SATURDAY, JUNE 15, 2024 AND SUNDAY, JUNE 16, 2024 AT KRAEMER MEMORIAL PARK FISCAL
IMPACT: $7,128 (Staff Costs)
SUMMARY:

Traditionally, the California Celtic Festival (CCF) has held their annual "Lovers of Celtic Culture" Fundraiser event at various Cities in California. The "Lovers of Celtic Culture" Fundraiser event has been very successful and is a family friendly two (2) day event celebrating Celtic culture.

This year, the CCF is requesting to partner with the City of Placentia (City) to plan and implement the "Lovers of Celtic Culture" Fundraiser event to be held on Saturday, June 15, 2024, from 12:00 p.m. to 8:00 p.m. and on Sunday, June 16, 2024 from 12:00 p.m. to 7:00 p.m. at Kraemer Memorial Park, located at 201 N. Bradford Ave. This will mark the first year that the festival will be held in Placentia.

The event will encompass a large portion of the open park space and include food areas, a beer and wine garden, live band performances, dance performances, as well as craft and vendor booths. The sale and consumption of alcohol on public property and the use of amplified sound requires the temporary suspension of certain City regulatory ordinances.

This item requests the adoption of a resolution temporarily suspending certain regulatory ordinances of the Placentia Municipal Code to allow for music and alcohol to be permitted at the "Lovers of Celtic Culture" festival Fundraiser event located at Kraemer Memorial Park from 12:00 p.m. to 8:00 p.m. on Saturday, June 15, 2024, and from 12:00 p.m. to 7:00 p.m. on Sunday, June 16, 2024. Additionally, this item requests that the City Council consider granting a fee waiver for the staff costs and facility use fees associated with the implementation of the event and use of Kraemer Memorial Park, as requested by the CCF. Staff supports hosting the festival at Kraemer Memorial Park and recommends approval of the event. Given the size of the event and the multi - day format, Staff recommends that the City Council not waive the Staff costs associated with the operation of the event or the damage deposit for use of the park. Furthermore, the event will follow

3.a.

June 4, 2024

City Council Agenda
June 4, 2024

Page 2 of 4 ends

guidelines as recommended by the Health Department and State Department of Alcohol and Beverages Control (ABC) for the consumption of food and beverages.

RECOMMENDATION:

It is recommended that the City Council take the following action:

1. Approve a facility rental/use agreement with the California Celtic Festival to host the annual "Lovers of Celtic Culture" fundraiser event at Kraemer Memorial Park and authorize the City Administrator or designee to execute all applicable documents; and

2. Adopt Resolution No. R-2024-31, A Resolution of the City Council of the City of Placentia Authorizing the Temporary Suspension of Regulatory Sections 10.28.010 and 23.76.050 of the Placentia Municipal Code for the operation of the "Lovers of Celtic Culture" fundraiser event on June 15, 2024, from 12:00 p.m. to 8:00 p.m. and on June 16, 2024 from 12:00 p.m. to 7:00 p.m. at Kraemer Memorial Park located at 201 N. Bradford Avenue; and

3. Consider approving the Staff's recommendation to only waive facility use/rental fees for the use of Kraemer Memorial Park and not Staff costs or the damage deposit associated with the operation of the event.

STRATEGIC PLAN STATEMENT:

There is no specific strategic planning goal or objective associated with this agenda item.

DISCUSSION:

The California Celtic Festival (CCF) has approached the City with a request to host their first annual "Lovers of Celtic Culture" Festival Fundraiser event at Kraemer Memorial Park on Saturday, June 15, 2024, and Sunday, June 16, 2024. The goal of the event is to raise funds for the benefit of families of first responders and veterans in need. All proceeds from the event will go towards the Orange County Law Enforcement Emerald Society (OCLEES). Traditionally, the City has supported various community organizations by co -sponsoring community events that benefit local non -profits or enhance the quality of life in Placentia. Typically, the City provides Community Services personnel and or Public Works personnel to assist at the event by overseeing the maintenance of the facility, park, and restrooms throughout the event. Additionally, the Fire Life and Safety Department has supported similar events by providing review and approval of the proposed event logistical layout and setup. Similar events have the potential to generate revenue for the City, depending on the level of co-sponsorship provided. In this case, the California Celtic Festival would retain 100% of the proceeds to be distributed to OCLEES.

Should the City Council approve the event as currently agreed upon, the City will not retain revenue from the event and will provide assistance from the Community Services Department, Fire and Life Safety Department, and the Police Department for the implementation of the event.

The event would occur between the hours of 12:00 p.m. to 8:00 p.m. on Saturday, June 15, 2024, and 12:00 p.m. to 7:00 p.m. on Sunday, June 16, 2024. The fundraising portion of the event will include food and a beer and wine garden. Proposed alcohol sales will be conducted during the

City Council Agenda
June 4, 2024

Page 3 of 4 ends

event and will require proof of valid identification. It is expected that the event would draw up to 2,500-3,000 participants per day with approximately 500 at a single time. The CCF has secured approval from the Placentia Yorba Linda Unified School District (PYLUSD) to utilize two (2) parking lots at Valencia High School and one (1) at Kraemer Middle School for event parking.

Additionally, the CCF plans to operate event shuttles throughout the festival operating hours to and from the approved parking lots for event participants to utilize.

The attached resolution suspends (for the duration of the event) the Municipal Code sections pertaining to the controlled use of alcohol on public property and to the use of amplified music which may exceed the noise standards during the "Lovers of Celtic Culture" Fundraiser event.

The CCF shall agree to follow all City guidelines, obtain all necessary permits, and follow associated regulations from the State Department of Alcohol Beverage Control (ABC) and Orange County Health Department (OC Health) for the consumption of food and beverages. City staff supports the implementation of the "Lovers of Celtic Culture" Fundraiser event as an opportunity to provide families an opportunity to enjoy a community event and further enhance the quality of life in the city.

FISCAL IMPACT:

Per the City's Facilities Use Policy (Policy No. 815), the Director of Community Services maintains the discretion to waive facility use deposit fees for the benefit of the community programs and events but cannot waive staff costs or facility use fees. As identified by the CCF, all proceeds from the "Lovers of Celtic Culture" Fundraiser event will support further enhancing the quality of life of the Placentia community.

A breakdown of the fees for the event is identified in Attachment 4 and includes Staff costs and facility use fees associated with the implementation of the event. Total fees amount to $14,295.

The CCF requests a 100% fee waiver. Given the benefit of this community event, Staff supports the proposed event and recommends that the City Council consider the approval of a fee waiver for the facility use fees as requested by the CCF. Given the size of the event and the multi -day format, Staff recommends that the City Council not waive the Staff costs associated with the operation of the event or the damage deposit for use of the park. The City Council maintains the discretion to approve a full or partial fee waiver.

A special event and facility rental/use permit between the City and the CCF will be required for the implementation of the event. Details of the permit will include the requirement for the CCF to name the City as additionally insured for use of Kraemer Memorial Park, provide their staff and volunteers for the event, and rent all necessary equipment for the event at their own expense.

City Council Agenda
June 4, 2024

Page 4 of 4 ends

Prepared by:

Veronica OrtiiNa
Deputy Directo f- ommunity Services Director of Community Services Reviewed and approved by:

Karen 'Crocker
Reviewed and approved by:

Damien F oArrula
City Administrator
Attachments:

1. Resolution R-2024-31

2. California Celtic Festival Letter requesting event approval

3. Proposed event map

4. Staff and Facility use fees

RESOLUTION NO. R-2024-31

A RESOLUTION OF THE CITY COUNCIL OF THE CITY

OF PLACENTIA AUTHORIZING THE TEMPORARY

SUSPENSION OF REGULATORY ORDINANCE SECTIONS

23.76.050 AND 10.28.010 OF THE PLACENTIA MUNICIPAL

CODE FOR THE OPERATION OF THE LOVERS OF CELTIC
CULTURE FESTIVAL FUNDRAISER EVENT ON JUNE 15
AND 16, 2024 AT KRAEMER MEMORIAL PARK, 201 N.

BRADFORD AVE.

A. Recitals.
(i) The City of Placentia adopted Ordinance No. O-2008-10 which amended Title 1 of the Placentia Municipal Code by adding Chapter 1.14 allowing the City Council the discretion to temporarily suspend specific Ordinances during special events when it has been determined that the public welfare and interest will be served by such suspension.
(ii) The City Council finds that certain events of broad public interest may benefit the City and the City's economy by attracting large numbers of visitors, by generating favorable publicity, and by enhancing a marketable image for the City.

B. Resolution.

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLACENTIA DOES HEREBY FIND, DETERMINE AND RESOLVE AS FOLLOWS:

1. In all respects as set forth in the Recitals, Part A., of this Resolution.

2. The City temporarily suspends Placentia Municipal Code Section

23.76.050 relative to use of amplified music which may exceed the noise standards during the Lovers of Celtic Culture Fundraiser event at Kraemer Memorial Park on June 15, 2024, from 12:00 p.m. to 8:00 p.m., and on Sunday, June 16, 2024 from 12:00 p.m. to 7:00 p.m. 201 N. Bradford Ave.

3. The City temporarily suspends Placentia Municipal Code Section

10.28.010 relative to the controlled use of alcohol in a public place during the Lovers of Celtic Culture Festival Fundraiser event at Kraemer Memorial Park, 201 N. Bradford on June 15th from 12:00 p.m. to 8:00 p.m. and on June 16th from 12:00 p.m. to 7:00 p.m.

4. The specified sections of the Placentia Municipal Code (Sections

23.76.050 and 10.28.010) shall remain in full force and effect throughout the remainder of the City.

5. This Resolution shall take effect from and after its date of adoption.

RESOLUTION NO. R-2024-31

Page 1 of 2 ends

PASSED, ADOPTED AND APPROVED THIS 4th DAY OF JUNE 2024.

Jeremy B. Yamaguchi, Mayor
ATTEST:

Robert McKinnell, City Clerk

STATE OF CALIFORNIA

COUNTY OF ORANGE
I, Robert McKinnell, City Clerk of the City of Placentia, do hereby certify that the foregoing resolution was adopted at a regular meeting of the City Council of the City of Placentia held on the 4th day of June 2024 by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:

Councilmembers:

Robert McKinnell, City Clerk
APPROVED AS TO FORM:

Christian Bettenhausen, City Attorney
RESOLUTION NO. R-2024-31

Page 2 of 2 ends

20 �CLI iC
FEST
May 1, 2024
mail —15802 Whitepost Ln, La Mirada, CA 90638
www.californiacelticfest.com [email protected] @californiacelticfest 562-574-9830 Mr. Matt Brand
City of Placentia
Community Services Department
401 E. Chapman Ave
Placentia, CA 92870
Dear Mr. Brand,
Board of Directors
Terry Casey
Randal Houston
Maggie Madigan
Michael Meehan
Wendy Nobles -
Meehan
Maureen Pride
California Celtic Fest (CCF) is excited that our inaugural event, "Lovers of Celtic Culture" Festival, is Christopher taking place at Kraemer Park on June 15th and 16th, 2024. The festival hours are: Tague Saturday, June 15th — 12:OOpm until 8:OOpm
Sunday, June 16th — 12:OOpm until 7:OOpm
Gates will open at 11:OOam and alcohol sales will cease one (1) hour prior to closing.

The festival will be a celebration of Celtic culture. Throughout the day, guests may roam the festival grounds to enjoy world famous music and dancers from three stages, craft and vending booths, and tasty food and drink options. The friendly and welcoming characteristics of Celtic heritage will be felt throughout the event.

Our Board wishes to humbly request a few items from the City of Placentia to ensure a successful event:

1. A waiver of the no alcohol in city parks ordinance to be able to sell alcoholic beverages at the event with proper ABC licensing in place. Reyes-Diageo is a sponsor and will be the exclusive alcohol beverage provider. Law enforcement personnel (retired and off duty) will be checking IDs to ensure age compliance. I have also completed the required training and I am RBS certified. A minimum of two fully trained and certified bartenders will also be present at serving locations to ensure ABC regulations are followed.

2. Inclusion in the non-profit programming of the Billboards adjacent to the 57 Freeway with CCF supplied artwork for 30 days prior to the event. See attached mockup.

3. Placement of a CCF supplied 4'x8' banner in the planter at the corner of Chapman Ave and Walnut Ave for 30 days prior to the event. See attached artwork.

4. Placement of a CCF supplied 3'x25' street banner above Kraemer Blvd near the intersection of Yorba Linda Blvd for 30 days prior to the event. See attached artwork. non-profit 501(c)(3) charitable organization EIN #84-2889051

Or -
2O
20 �CLI iC
FEST
mail —15802 Whitepost Ln, La Mirada, CA 90638
www.californiacelticfest.com [email protected] @californiacelticfest 562-574-9830
Board of Directors

5. As a non-profit organization benefiting the families of first responders and veterans in need, we Terry Casey would respectfully request a waiver of city fees to present this event.

All proceeds from the festival will benefit the Orange County Law Enforcement Emerald Society (OCLEES) and their mission to honor and remember the families of fallen law enforcement officers, firefighters, and veterans.

We look forward to showcasing the beautiful city of Placentia with the warmth of Celtic culture.

Sian leat,
Randal Houston
Cc: Ward Smith, City of Placentia
Wendy Nobles -Meehan, CCF Board of Directors
Terry Casey, CCF Board of Directors
Randal Houston
Maggie Madigan
Michael Meehan
Wendy Nobles -
Meehan
Maureen Pride
Christopher
Tague
non-profit 501(c)(3) charitable organization EIN #84-2889051

Kraemer h
r,1rr7orial Park
k
Pub Stage
Seating
= Vendor Booth
1-1 (10x10, 10x20, or 20x20)
= 10x10 CCF Boo th
Vendor/Entertainer
Gate and Loading
Area
ID Check
Wristbands
Beer tickets
= Fo od Vendor Booth
(10x20, 10x30, or truck)
O = 6' Table Seating
Kid's Inflatable
area
80 x 80
Temp ADA Parking Stalls (public)
ID Check
Wristbands
B eer tickets
Main Entrance
Operations
Volunteer Check In
First Aid
(inside building)
Parking shuttle stop
��a
40y Trash
Dumpster
Vendor/Volunteer/Entertainer Lot
Triple - S
Welsh Baker mod Court Seating and Food Vendors 16ft Trailer 10x30 Brian's BBQ
Ta cos Kettle Corn, etc r
10x20
10x20
10x20
Beer Traile
Fire Access Gate #2
1 = 6' Perimete r Fence

California Celtic Fest, Staff and Rental Fees June 15th and 16th Facility Use Fees
Picnic Shelter Rental Fees for all four areas for two days $880
Refundable Damage Deposit for picnic shelters
$106
Grass area rental fee - Saturday
$672
Grass area rental fee - Sunday
$528
Grass Deposit fee
$306
Permit Processing Fee
$22
Backs Building Main Room Rental Fee June 15th
$1,428
Backs Building Main Room Rental Fee June 16th
$1,122
Backs Community Building Rental Deposit
$158
Subtotal
$5,222
Staff Costs
Public Works Staff - Saturday
$660
Public Works Staff - Sunday
$528
Community Services Staff - Saturday/Sunday
$900
Police Sergeant - Saturday/Sunday
$1,876
Police Officers (4) - Saturday/Sunday
$3,164
Subtotal
$7,128
Fire/Public Safety Fees
Event Site Plan Review
$178
After Hours Inspection (weekend of event, prior to start) $647
Additional Permit Review Fees
$267
Temporary Tents/Canopies permit
$380
Outdoor Assembly Event (attendance is over 1000+)
$473
Subtotal
$1,945
Grand Total - Rental Costs and Staff Costs
$14,295

Placentia City Council

AGENDA REPORT
TO: CITY COUNCIL
VIA: CITY ADMINISTRATOR
FROM: DIRECTOR OF FINANCE
DATE: JUNE 4, 2024
SUBJECT: ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE PERIOD ENDING JUNE 30, 2023
FISCAL
IMPACT: NONE
SUMMARY:

The annual audit of the City's financial records has been completed by the City's audit firm, Clifton Allen Larson (CLA). Part of the audit contract includes working with Staff to complete the Annual Comprehensive Financial Report ("ACFR"). The ACFR was reviewed with the Financial Audit Oversight Committee ("FAOC") on May 29, 2024. The FAOC approved the report and recommended for the City Council to receive and file without any material modifications.

RECOMMENDATION
It is recommended that the City Council take the following actions:

1. Receive and file the Annual Comprehensive Financial Report for the period ending June 30, 2023, as recommended by the Financial Audit Oversight Committee.

DISCUSSION:

Each year the City has an external audit performed by an independent auditing firm. At the conclusion of the audit process, the auditors and the City's Finance Department complete the ACFR. As required by the Government Accounting Standards Board (GASB), the report's format includes standardized reporting information such as the Management Discussion and Analysis, Required Supplementary Information, and Government -wide Financial Statements including the Statement of Net Position and Statement of Activities.

Also included in the report is the Independent Auditors' Report. In the opinion of the auditors (CLA), the financial statements are presented fairly in all material respects. The audit of the City's financial records was completed in accordance with generally accepted auditing standards applicable to financial audits contained in Government Audit Standards issued by the Government Accountability Office. The City received a "clean" or unmodified opinion for the audit this year in that there were no findings issued. Due to various actions taken by City management over the

3.b.

June 4, 2024

City Council Agenda
June 4, 2024

Page 2 of 2 ends

past several years, including establishing several additional internal controls, the City has not received any findings since the 2015-16 embezzlement. This marks eight (8) years of operations with the City receiving no findings.

The ACFR was presented to the Financial Audit Oversight Committee at its meeting on May 29, 2024, at which time the report was approved and recommended for the City Council to receive and file.

ALTERNATIVE OPTIONS:

There are no alternative actions recommended.

FISCAL IMPACT:

There is no fiscal impact to the recommended action.

Prepared by: Reviewed and appvored:
eviewed and approved:
nggs
unting Manager
Damien R. Arrula
City Administrator
Jennifer Lampman
Director of Finance
Attachments:

1. Annual Comprehensive Financial Report for Year ended June 30, 2023

2. Presentation from CliftonAllenLarson

CITY OF PLACENTIA

PLACENTIA, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
YEAR ENDED JUNE 30, 2023

PREPARED BY THE FINANCE DEPARTMENT

OF THE CITY OF PLACENTIA
CPAs I CONSULTANTS I WEALTH ADVISORS
CLAconnect.com

This page intentionally left blank

CITY OF PLACENTIA

TABLE OF CONTENTS
YEAR ENDED JUNE 30, 2023

INTRODUCTORY SECTION

LETTER OF TRANSMITTAL

CITYWIDE ORGANIZATION CHART

PRINCIPAL OFFICIALS

FINANCIAL SECTION

INDEPENDENT AUDITORS' REPORT

MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED)

GOVERNMENT -WIDE FINANCIAL STATEMENTS

STATEMENT OF NET POSITION

STATEMENT OF ACTIVITIES

FUND FINANCIAL STATEMENTS

GOVERNMENTAL FUND FINANCIAL STATEMENTS

BALANCE SHEET

RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET

TO THE GOVERNMENT -WIDE STATEMENT OF NET POSITION

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND

BALANCES

RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF

REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE TO

THE GOVERNMENT -WIDE STATEMENT OF ACTIVITIES

PROPRIETARY FUNDS FINANCIAL STATEMENTS

STATEMENT OF NET POSITION

STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET

POSITION

STATEMENT OF CASH FLOWS

FIDUCIARY FUNDS FINANCIAL STATEMENTS
1 5
19 21
22 23
24 25
26 27
28 CITY OF PLACENTIA

TABLE OF CONTENTS
YEAR ENDED JUNE 30, 2023

STATEMENT OF FIDUCIARY NET POSITION

STATEMENT OF CHANGES IN FIDUCIARY NET POSITION

NOTES TO BASIC FINANCIAL STATEMENTS

REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED)

BUDGETARY COMPARISON SCHEDULE - GENERAL FUND

BUDGETARY COMPARISON SCHEDULE - CITYWIDE DEVELOPMENT

IMPACT FEE SPECIAL REVENUE FUND

NOTES TO BUDGETARY COMPARISON SCHEDULES

SCHEDULES OF THE CITY'S PROPORTIONATE SHARE OF THE NET

PENSION LIABILITIES AND RELATED RATIOS

SCHEDULES OF CITY'S PENSION CONTRIBUTIONS

SCHEDULE OF CHANGES IN NET OPEB LIABILITY AND RELATED
RATIOS

SCHEDULE OF CITY'S OPEB CONTRIBUTIONS

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND

BALANCE - BUDGET AND ACTUAL - DEBT SERVICE FUND (MAJOR
FUND)

SUPPLEMENTARY INFORMATION

NONMAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEET

COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES

SCHEDULES OF REVENUE, EXPENDITURES, AND CHANGES IN FUND

BALANCE - BUDGET AND ACTUAL

MISCELLANEOUS GRANTS SPECIAL REVENUE FUND

STREET LIGHTING SPECIAL REVENUE FUND

MEASURE M SPECIAL REVENUE FUND
30 31
32 90
91 92
93 95
97 98
99 103
108

CITY OF PLACENTIA

TABLE OF CONTENTS
YEAR ENDED JUNE 30, 2023
THOROUGHFARE CONSTRUCTION SPECIAL REVENUE FUND 116
ASSET SEIZURE SPECIAL REVENUE FUND 117
SUPPLEMENTAL LAW ENFORCEMENT SPECIAL REVENUE FUND 118
LANDSCAPE MAINTENANCE DISTRICT 92-1 SPECIAL REVENUE FUND 119 HOUSING AND COMMUNITY DEVELOPMENT SPECIAL REVENUE FUND 120 GASOLINE TAX SPECIAL REVENUE FUND 121
AFFORDABLE HOUSING IN LIEU SPECIAL REVENUE FUND 122
SB1 RMRA GAS TAX SPECIAL REVENUE FUND 123

NORTH ORANGE COUNTY (NOC) PUBLIC SAFETY GRANT SPECIAL
REVENUE FUND 124
TOD IMPACT FEE SPECIAL REVENUE FUND 125

PLACENTIA REGIONAL NAVIGATION CENTER SPECIAL REVENUE
FUND 126
GENERAL PLAN UPDATE FEE SPECIAL REVENUE FUND 127
TECHNOLOGY IMPACT FEE SPECIAL REVENUE FUND 128
HOUSING SUCCESSOR SPECIAL REVENUE FUND 129
CAL RECYCLE GRANT SPECIAL REVENUE FUND 130
CITY CAPITAL PROJECTS FUND 131
GAS TAX DEBT SERVICE FUND 132

INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET POSITION 133

COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN

NET POSITION

COMBINING STATEMENT OF CASH FLOWS

FIDUCIARY FUNDS - CUSTODIAL FUNDS

COMBINING STATEMENT OF ASSETS AND LIABILITIES
134
135
137

CITY OF PLACENTIA

TABLE OF CONTENTS
YEAR ENDED JUNE 30, 2023

STATEMENT OF CHANGE IN FIDUCIARY NET POSITION

STATISTICAL SECTION

NET POSITION BY COMPONENT

CHANGES IN NET POSITION

FUND BALANCES OF GOVERNMENTAL FUNDS

CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS

REVENUES BY SOURCE - GENERAL FUND

ASSESSED VALUE OF TAXABLE PROPERTY

DIRECT AND OVERLAPPING PROPERTY TAX RATES

PRINCIPAL PROPERTY TAX PAYERS

PROPERTY TAX LEVIES AND COLLECTIONS

RATIO OF OUTSTANDING DEBT BY TYPE

DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITY DEBT

LEGAL DEBT MARGIN INFORMATION

DEMOGRAPHIC AND ECONOMIC STATISTICS

TAXABLE SALES BY CATEGORY

BUDGETED FULL-TIME EMPLOYEES BY DEPARTMENT

OPERATING INDICATORS BY FUNCTION

CAPITAL ASSETS STATISTICS BY FUNCTION/PROGRAM
138
140
141
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157

Mayor
JEREMY B. YAMAGUCHI
Mayor Pro Tem

KEVIN KIRWIN
Councilmembers:

RHONDA SHADER
CHAD P. WANKE
WARD L. SMITH
May 13, 2024
The People are the City
hTM
PLACL'.NTM
401 East Chapman Avenue— Placentia, California 92870
City Clerk:

ROBERT S. MCKINNELL
City Treasurer
KEVIN A. LARSON
City Administrator
DAMIEN R. ARRULA
To the Honorable Mayor, Members of the City Council, and Citizens of Placentia:

It is our pleasure to present the Annual Comprehensive Financial Report (ACFR) of the City of Placentia for the fiscal year ended June 30, 2023. Responsibility for the accuracy of the data presented and the completeness and fairness of the presentation, including all disclosures, rests with the City. It is our opinion that the data is accurate in all material aspects, is presented in a manner designed to fairly set forth the financial position and results of the operations of the City and contains all disclosures necessary to enable the reader to gain an understanding of the City's financial affairs.

The financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) as promulgated by the Government Accounting Standards Board (GASB). This report consists of management's representations concerning the finances of the City of Placentia, California. Consequently, management assumes full responsibility for the completeness and reliability of all the information presented in this report. To provide a reasonable basis for making these representations, management of the City has established a comprehensive internal control framework that is designed both to protect the City's assets from loss, theft, or misuse and to compile sufficient and reliable information for the preparation of the City's financial statements in conformity with GAAP. Because the cost of internal controls should not outweigh their benefits, the City's comprehensive framework of internal controls have been designed to provide reasonable rather than absolute assurance that the financial statements will be free from material misstatement. As management, we assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material respects.

The City's financial statements have been audited by the Clifton Larson Allen, LLP., a public accounting firm fully licensed and qualified to perform audits of local governments within the State of California. The goal of the independent audit was to provide reasonable assurance that the financial statements of the City of Placentia, California for the fiscal year ended June 30, 2023, are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditors concluded, based upon the audit, that there was a reasonable basis for rendering an unmodified opinion that the City of Placentia, California's financial statements for the fiscal year ended June 30, 2023, are fairly presented in conformity with GAAP. The independent auditor's report is presented as the first component of the financial section of this report.

GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management's Discussion and Analysis (I)

(MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The City of Placentia's MD&A can be found immediately following the report of the independent auditors in the financial section of the ACFR.

CITY PROFILE
The City of Placentia is located in north Orange County, in the heart of Southern California, with Los Angeles County to the north and San Diego County to the south. Orange County is the third largest county in California, trailing only Los Angeles and San Diego counties, and represents 8% of the state's population. There are currently 34 cities within the County. The City consists of approximately 6.7 square miles of land area and serves a population of 52,000.

The City was founded in 1910 and incorporated in 1926. It was home to major citrus growing companies. Under the City Charter adopted in 1965, the City government is organized in the Council -Administrator form. The City Council includes five (5) members, each of whom is elected at -large to overlapping four-year terms. In 2018, the City was divided into five districts with two of the districts electing a Councilmember in November of that year and the three remaining districts electing their Councilmembers in 2020. The City Council annually selects a Mayor and Mayor Pro Tem for a one-year term. The City Council serves as the legislative and policy -making body of the City government. The City Council appoints a City Administrator and a City Attorney.

The City Administrator is the City's chief executive officer and appoints all other City staff. The City Administrator is responsible for the daily administration of the City government and provides overall direction to all City departments. The City Clerk and City Treasurer are separately elected by the voters.

The City provides a full range of municipal services including police, fire and life safety, maintenance of streets and parks, community development (e.g., building, planning, code compliance), recreational and cultural activities, economic development, and administrative services (e.g., personnel, finance, information services). Refuse collection is franchised to a private waste company, Republic Services.

FINANCIAL POLICIES
Budget: The annual budget serves as the foundation for the City's financial planning and control.

The Finance Department, with City Administrator direction, develops revenue estimates and budget guidelines for each department every year in January. The departments then submit expenditure appropriation requests which are summarized by the Finance Department and presented to the City Administrator for review. The City Administrator then meets with each department and prepares a proposed budget document for the City Council.

The City's Charter requires that the City Administrator submit a proposed budget to the City Council at least 35 days prior to the start of each fiscal year. After the budget has been presented, it must be adopted by the City Council following a noticed public hearing.

The annual budget includes all the City's governmental and proprietary funds. The legal level of budgetary control is the fund level. The City Administrator has the discretion to transfer appropriations between departments within a fund but transfers between funds and additional appropriations and transfers must be approved by City Council.

General Fund Reserve Policy: The City's General Fund Reserve Policy provides guidance in the creation, maintenance, and use of reserves. The policy covers the allocation of new and one- time revenues to different committed reserves such as infrastructure, vehicles, and equipment reserve; post -employment benefits sustainability reserve; employee recruitment and retention reserve; and the General Fund contingency reserve. To ensure the availability of adequate reserves for potential contingencies or emergencies, the City Council established the City's General Fund Reserve Policy with a required general fund contingency reserve of 25% of annual General Fund operating expenditures. While the fund balance of the General Fund was approximately $26.7 million on June 30, 2023, the unassigned fund balance was approximately $19.9 million, a $12.7 million increase from June 30, 2022. A relatively large portion of the current unrestricted fund balance is committed for the City's capital projects which includes the sewer project in the Transit -Oriented District (TOD). The purpose of this public investment is to further economic growth and prosperity in the downtown area.

Fees: In FY 2017-18, the Council adopted Citywide Development Impact and Residential Affordable Housing Impact Fees and updated its Comprehensive Fee Schedule following a comprehensive cost of services/user fee study. The fee schedule was proposed to be updated annually based upon consumer price index with another fee study to be conducted in the fifth year. Both the Citywide Development Impact Fees and the Comprehensive Fee Schedule will be updated FY 2023-24.

FACTORS AFFECTING THE CITY'S ECONOMIC CONDITION
Local Economy: Placentia's economic outlook is promising. Taxes represent seventy-three percent (73%) of the City's total General Fund operating revenue and primarily include property taxes, sales and use taxes (including Measure U), utility users tax, franchise fees, and other taxes.

Tax revenues for FY 2022-23 generally slightly exceeded budget and are expected to exceed budgeted amounts for FY 2023-24 as well, with both property taxes and sales and use taxes showing continued growth.

LONG-TERM FINANCIAL PLANNING
Pension Unfunded Accrued Liability: On November 12, 2020, the City of Placentia issued lease revenue bonds through the Placentia Public Financing Authority taking advantage of the historic low interest rate environment. This bond issuance funded 100% of the City's CaIPERS unfunded actuarial liability (UAL) for the miscellaneous and safety plans. Upon issuance of the bonds, the City paid approximately $43.8 million to CaIPERS for deposit to the CaIPERS payment fund, which represented the unfunded liability for the miscellaneous and safety plans as of June 30, 2019.

Although this resulted in a long-term liability, the city was also able to increase its assets as reported in FY 2021-22 as a result of this transaction.

This transaction will provide $14.3 million in savings over the term of the bonds and over $600,000 annually during the first 15 years.

Post Employment Benefits: The City's General Fund Reserve Policy includes provisions to set - aside 10% of ongoing new revenue and 10% of one-time new revenue for unfunded liabilities. In addition, when the General Fund reaches its minimum fund balance of 25%, an additional 10% of one-time new revenue will be allocated toward funding this liability for a total of 20% annually.

DEVELOPMENT INITIATIVES
Enhanced Infrastructure Financing District: In response to the elimination of redevelopment agencies the California Senate Bill 628, effective January 1, 2015, and California Assembly Bill 313, effective January 1, 2016, authorized the formation of an Enhanced Infrastructure Financing District ("EIFD"), which is intended to succeed the former Redevelopment financing mechanism and provide more flexibility than Infrastructure Financing Districts ("IFDs"). An EIFD is a governmental entity, separate and distinct from the city or county that establishes it and is governed by a Public Financing Authority ("PFA"). EIFDs can aid local government entities in funding public capital facilities, or other specified projects of communitywide significance, primarily by capturing tax increment revenue ("TI") generated within the district. EIFDs provide an opportunity for agencies to issue bonds for an array of public infrastructure projects as well as supporting economic development efforts in specific areas.

At the April 23, 2019 Orange County Board of Supervisors meeting, the Board Members approved a partnership to participate in an EIFD with the City of Placentia. This is one of four EIFDs established in California, and the first EIFD in the State of California to involve a partnership between a city and county for improved infrastructure.

The City of Placentia and the Southern California Association of Governments (SCAG) worked on a comprehensive plan for the establishment of an EIFD in Placentia. Under this plan, the County would contribute 46% of its share of property tax increment within the boundary of the District, which would amount to approximately $3.5 million over 20 years, or $175,000 annually. The City's contribution would be 46% of its property taxes generated in the District, or about $8.2 million over two decades. The total partnership between the County and the City would amount to $11.7 million to make the necessary infrastructure improvements to the Old Town Placentia area. This includes public infrastructure improvements near the Metrolink Station, Placentia Old Town area, and the Transit -Oriented Development District near the 57 and 91 freeways. With this unique City -County partnership, the City will be able to produce over 1,600 new units of housing, create 3,900 construction jobs, and over 1,100 permanent jobs at full build -out.

The City include the design of improvements in the EIFD in their FY 2022-23 budget.

Transit -Oriented Development: The City has been given a unique opportunity with the development of a new state-of-the-art Metrolink train station and 246 -space parking structure within the Old Town Placentia area. The proposed station will help transform the Packing House District (near Melrose Street and Crowther Avenue) into an active, vibrant destination. Transit - Oriented Development (TOD) is a type of community development that includes a mixture of (iv)

housing, office, retail, and/or other amenities integrated into a walkable neighborhood and located within a half -mile of a public transportation stop. It will also support existing retail and restaurant business while growing the City's local economy.

Based on an economic development analysis conducted by Kosmont Associates, the public and private investments in the future TOD and Old Town Revitalization Plan (OTP) areas are expected at build -out to generate up to $540 million in local economic output and $800 million in Countywide economic output. Upon completion, the TOD and OTP areas are estimated to generate approximately $92 million annually in local economic output. Additionally, the proposed District areas would assist with reconstructing streets and street improvements, utilizing non -General Fund resources. In total, construction of the TOD and Old Town District is estimated to generate approximately 3,900 construction jobs and 1,100 permanent jobs.

Placentia's Old Town is a 33 -acre area located in the southern and western portions of the City, north of a section of the Burlington Northern Santa Fe (BNSF) railroad. To take advantage of the upcoming Metrolink station and parking structure developments scheduled to begin construction in 2022, the Old Town Placentia Revitalization Plan was adopted by the City Council in July 2017. The plan's primary goal is to create a vibrant, safe, and pedestrian friendly area that respects the community's historical and cultural diversity, while also creating new opportunities for development and investment into the area. This comprehensive plan incorporates well - designed private and public physical improvements and amenities.

Based on the Plan's expectation of 853,000 square feet of new improvements at build -out, the Old Town Revitalization Plan is expected to generate $217 million of private development activity, development impact fees of $8.3 million and additional annual tax revenues for the City of $900,000. In addition, 1,057 construction jobs and 823 of new on -site permanent jobs are anticipated as a result ofthe Plan.

As mentioned previously, to expedite these improvements in Old Town Placentia, the City partnered with the County of Orange to establish an EIFD near the City's future Metrolink Station, including the Old Town Placentia area and TOD Packing House District. The purpose of this district is to create a funding mechanism that can facilitate the construction of public infrastructure improvements in this area. A portion of the property tax increment (the amount above the property taxes collected in base year 2019) that the City and the County of Orange receive would be specifically restricted to pay for the infrastructure projects listed in the Infrastructure Financing Plan (IFP) at an estimated cost of $8.2 million. These infrastructure improvements include street improvements, pedestrian connectivity, and landscaping and lighting upgrades.

The EIFD does not result in new taxes or fees to the property owners in the EIFD boundaries or the City's residents.

Commercial/Residential Development: One of the last remaining undeveloped parcels within the City of Placentia, located at the southeast corner of Alta Vista Street and Rose Drive, is an

8.45 -acre parcel within the East Placentia Specific Plan (SP -7). Approved in July 2018, SC Placentia Development, LP, is slated to develop a 2 -acre parcel located at the southeast corner of Alta Vista Street and Rose Drive with two single -story retail commercial buildings with a cumulative building (v)

size of approximately 10,420 square feet, with the remainder of the site to be developed for single-family residential uses (54 detached residences on approximately 6.46 -acres).

SC Placentia Development has partnered with Shea Homes to construct 54 homes. As of June 30 2022 phases 1-5 have been completed. It is anticipated that construction for the commercial portion of the project to commence in the second half of 2023.

JPI Luxury Apartments is the second development in the City's Transit -Oriented Development (TOD) Zone is currently under construction. The project site comprises seven adjacent properties located between 505-551 W. Crowther Avenue, directly east of Tyler Lighting on the north side of Crowther Avenue. This particular development will feature 418 residential units and is a mixed - use development, featuring approximately 10,500 square feet of retail -commercial space on the ground floor accessible from Crowther Avenue. As of June 30, 2023 construction is complete and leasing of apartments and retail space is underway.

Toffoli Investments and Landsea Homes will be constructing a 139 -unit residential townhome development called "Hudson." Hudson will be located at 443 S. Van Buren Street and will consist of 22 separate three-story buildings. Six floor plans are proposed consisting of 25 one -bedroom units, 52 two -bedroom units, and 62 three -bedroom units. The unit types will measure between 762 square feet and 1,349 square feet in overall floor area and feature an attached one or two - car garage per unit. Hudson amenities will include a tot lot, barbeques, fire pits, bike racks, a dog run, and more. As of June 30, 2023 construction of some of the buildings is complete, including the model homes. Home sales are underway for the remaining buildings.

Buy Local Incentive Programs
Commercial Sign Waiver Program: As part of the City's Buy Local Incentive Program, the Placentia City Council approved the Commercial Sign Waiver Program. This program allows the City to waive all planning and building fees, up to $1,000 per business that is interested in upgrading their existing commercial building sign. Participating business must have an active business license. The Commercial Sign Waiver Program started on May 1, 2022 and was available for six months.

Residential Vehicle Rebate Program: Placentia residents purchasing or leasing a new vehicle from Fairway Ford or Audi North OC are eligible to receive a $500 rebate with proof of residency as part of the Buy Local Incentive Program. The Resident Vehicle Rebate Program wi►l expire on April 30, 2025.

Acknowledgments
The preparation of this report could not have been accomplished without the efficient and dedicated service of the entire Finance Department. Special recognition is also given to the audit firm of the Clifton Larson Allen, LLP. We also wish to recognize the commitment of the City Council to the high standards embodied in this report and express appreciation to them and each City department for their cooperation and support in conducting the fiscal operations of the City. (vi)

Respectfully submitted,
Jennifer Lampman
Director of Finance
Damien Arrula
City Administrator

CITYWIDE ORGANIZATION CHART
Citizens
City Treasurer
City Administrator
City Council
City Clerk
City Attorney
Commissions/
Committees
Deputy CA
Support Svcs, Policy &
Emergency Services
Administration
nu man
Resources/IT
Legislative Affairs &
Economic
Development
Public Relations &
Marketing
Deputy CA
Public Services, Fire &
Infrastructure
Finance
Emergency
Services
Development
Services
,,/441(411•NA(rNNK{iNi.

Public Works
Community
Services

CITY OF PLACENTIA

PRINCIPAL OFFICIALS
JUNE 30, 2023

CITY COUNCIL
Jeremy B. Yamaguchi
Kevin Kirwin
Rhonda Shader
Ward L. Smith
Chad P. Wanke
Robert S. McKinnell
Kevin A. Larson
Damien R. Arrula
Christian L. Bettenhausen
Jennifer Lampman
Rosanna Ramirez
Karen Crocker
Joseph M. Lambert
Luis Estevez
Brad Butts
Jason Dobine
Mayor
Mayor Pro Tempore
Councilmember
Councilmember
Councilmember

CITY OFFICIALS
City Clerk
City Treasurer
City Administrator
City Attorney
Director of Finance
Director of Administrative Services
Director of Community Services
Director of Development Services
Director of Public Works
Police Chief
Fire Chief

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FINANCIAL SECTION

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�T.

CliftonLarsonAllen LLP
CLAconnect.com

INDEPENDENT AUDITORS' REPORT
Honorable Mayor and Members of the City Council
City of Placentia
Placentia, California
Report on the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, the business - type activities, each major fund, and the aggregate remaining fund information of the City of Placentia (the City), as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the City's basic financial statements as listed in the table of contents.

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information of the City as of June 30, 2023, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Emphasis of Matter
Change in Accounting Principle
As discussed in Note 1C to the financial statements, effective July 1, 2022, the City adopted new accounting guidance, Statement of Governmental Accounting Standards Board (GASB Statement) No. 96, Subscription -Based Information Technology Arrangements. Our opinions are not modified with respect to this matter.

CLAglobal.com/disclaimer
(1)

Honorable Mayor and Members of the City Council
City of Placentia
Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.

Auditors' Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS and Government Auditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of City's internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about City's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
(2)

Honorable Mayor and Members of the City Council
City of Placentia
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management's Discussion and Analysis, the Budgetary Comparison Schedules - General and Major Special Revenue Funds, the schedules of the City's proportionate share of the net pension liabilities and related ratios and the schedules of plan contributions for the City's pension plans, the schedule of changes in the net other post -employment benefit (OPEB) liability and related ratios, and the schedule of OPEB plan contributions, identified as Required Supplementary Information (RSI) in the accompanying table of contents be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the RSI in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the RSI because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City's basic financial statements. The individual fund schedules and combining financial statements are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the individual fund schedules and combining financial statements are fairly stated, in all material respects, in relation to the basic financial statements as a whole.

Other Information
Management is responsible for the other information included in the annual report. The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditors' report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.

In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. (3)

Honorable Mayor and Members of the City Council
City of Placentia
Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated April 30, 2024, on our consideration of the City's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering City's internal control over financial reporting and compliance.

CliftonLarsonAllen LLP
Irvine, California
April 30, 2024
(4)

CITY OF PLACENTIA

MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED)
YEAR ENDED JUNE 30, 2023
This discussion and analysis section of the City of Placentia's (City) annual comprehensive financial report provides a narrative overview of the City's financial activities for the fiscal year ended June 30, 2023. This information should be read in conjunction with the basic financial statements and the notes which accompany the basic financial statements.

FINANCIAL HIGHLIGHTS
• The City's net position equaled $87 million on June 30, 2023. Net position is the amount by which total assets and deferred outflow of resources exceed total liabilities and deferred inflows of resources. The net position from governmental activities on June 30, 2023, was approximately $78.6 million and from business -type activities, $8.4 million. • The City's overall net position decreased by approximately $5.4 million during the fiscal year, compared to the net position on June 30, 2022. The net position from governmental activities decreased by $4.2 million while the net position from business -type activities decreased by approximately $1.1 million. Governmental activities increased significantly due to the employer contributions to pension that were made in the prior fiscal year being reflected in the current fiscal year's most recent pension measurement date. Business -type activities net position decreased by $1.1 million, primarily due to an approximately $900 thousand decrease in pension -related assets.

OVERVIEW OF THE FINANCIAL STATEMENTS
The City's basic financial statements are presented in three parts:

1. Government -Wide Financial Statements

2. Fund Financial Statements

3. Notes to the Financial Statements
This section of the management's discussion and analysis is intended to introduce and explain the basic financial statements. The report also includes supplementary information which is intended to furnish additional detail to support the basic financial statements themselves.

Government -Wide Financial Statements
The government -wide financial statements are designed to give the reader a picture of the City from the economic resources' measurement focus using the accrual basis of accounting. This broad overview is like the financial reporting used in private -sector business. The government -wide financial statements present governmental activities and business -type activities separately. Governmental activities of the City include general government (legislative, administration, City Council, human resources, and finance), public safety (police and Fire and Life Safety), public works, community development, and community services. The City's business -type activities include refuse and sewer maintenance.

Governmental activities are primarily supported by taxes, charges for services, and grants, while business -type activities are self-supporting through user fees and charges. (5)

CITY OF PLACENTIA

MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED)
YEAR ENDED JUNE 30, 2023
The Statement of Net Position presents financial information on all the City's assets, deferred inflows and outflows of resources, and liabilities with the difference between these categories reported as net position. Over time, increases or decreases in net position may be one indicator of improvement or deterioration in the City's overall financial health.

The focus of the Statement of Activities is to present the major program costs with corresponding major resources. To the extent a program's cost is not recovered by direct charges and grants, it is funded from general taxes and other resources. This statement assists the user in determining the extent to which programs are self-supporting and/or subsidized by general revenues. All activity on this statement is reported on the accrual basis of accounting, which requires that revenues be reported when earned and expenses be reported when incurred, regardless of when cash is received or disbursed.

Fund Financial Statements
A fund is a fiscal and accounting entity with a self -balancing set of accounts used to account for specific activities or meet certain objectives. Funds are often set up in accordance with special regulations, restrictions, or limitations. The City, like other state and local governments, uses fund accounting to ensure and show compliance with finance -related legal requirements. The City's funds are divided into three categories: governmental funds, proprietary funds, and fiduciary funds. • Governmental Funds
Governmental funds are used to account for the governmental activities reported in government -wide financial statements. Most of the City's basic services are included in the governmental funds. The basis of accounting is different between the governmental fund statements and the government -wide financial statements.

The governmental funds focus on near -term revenues/financial resources and expenditures, while the government -wide financial statements include both near -term and long-term revenues/financial resources and expenses. The information in the governmental fund statements can be used to evaluate the City's near -term financing requirements and immediate fiscal health. Comparing the governmental fund statements with the government -wide financial statements can help the reader better understand the long-term impact of the City's financing decisions. To assist in this comparison, reconciliations between the governmental fund statements and the government -wide financial statements are included with the governmental fund balance sheet and the governmental fund statements of revenues, expenditures, and changes in fund balances.
(6)

CITY OF PLACENTIA

MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED)
YEAR ENDED JUNE 30, 2023
• Proprietary Funds
The City maintains two different types of proprietary funds: enterprise and internal service funds.

Enterprise funds are used to report the same functions presented as business -type activities in the government -wide financial statements. The City uses enterprise funds to account for refuse and sewer services.

Internal service funds are used to accumulate and allocate costs internally among the City's various functions. The internal service funds primarily benefit the governmental activities and, therefore, the internal service fund information has been included with the governmental activities in the government -wide financial statements.

Proprietary funds provide the same type of information as the government -wide financial statements, only in more detail. The proprietary funds financial statements provide separate information for each of the two business -type activities individually, but combined information for the City's three internal service funds. In the Supplementary Information section of this report, information for each of the three internal service funds is provided. • Fiduciary Funds
Fiduciary funds account for assets held by the City in a trustee capacity or as an agent for individuals, private organizations, other governments, or other funds.

Fiduciary funds are not included in the government -wide financial statements because their assets are not available to support the City's activities.

Notes to the Financial Statements
The notes to the financial statements provide additional information that is important to obtain a full understanding of the data in the government -wide and fund financial statements. The notes are located immediately following the basic financial statements.

Other Information
In addition to the basic financial statement and accompanying notes, this report also presents certain required supplementary information. Required supplementary information may be found immediately following the notes to the financial statements. The combining statements for other governmental funds, the individual fund schedules, the internal service fund statements, and agency -type fiduciary fund schedules are presented immediately following the required supplementary information. (7)

CITY OF PLACENTIA

MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED)
YEAR ENDED JUNE 30, 2023

GOVERNMENT -WIDE FINANCIAL ANALYSIS
Statement of Net Position
Statement of Net Position
Assets:

Cash and Investments
Other Assets
Capital Assets
Total Assets
Deferred Outflows of
Resources
Liabilities
Current Liabilities
Long -Term Liabilities
Total Liabilities
Deferred Inflows of
Resources
Governmental Activities
2023 2022
Business -Type Activities Total
2023 2022
2023 2022
$ 38,182,514 $ 47,351,462 $ 1,778,578 $ 1,231,595 $ 39,961,092 $ 48,583,057 42,866,148 54,427,009 214,152 1,038,376 43,080,300 55,465,385 118,450,405 98,601,846 7,166,223 7,693,539 125,616,628 106,295,385 199,499,067 200,380,317 9,158,953 9,963,510 208,658,020 210,343,827 18,139,862 25,803,893 678,259 1,104,279 18,818,121 26,908,172 15,401,307 18,933,738
86,871,991 91,302,261
102,273, 298 110,235, 999
36,790,463 33,123,748
393,716 348,929 15,795,023 19,282,667
680,187 812,071 87,552,178 92,114,332
1,073,903
1,161,000 103, 347, 201 111, 396,999
351,954 371,563 37,142,417 33,495,311
Net Position
Net Investment in Capital Assets 103,757,453 86,044,986 7,166,223 7,693,539 110,923,67E 93,738,525 Restricted 18,360,789 20,175,287 - - 18,360,789 20,175,287 Unrestricted (43,543,074) (23,395,810) 1,245,132 1,841,687 (42,297,942) (21,554,123) Total Net Position $ 78,575, 168 $ 82,824,463 $ 8,411,355 $ 9,535,226 $ 86,986,523 $ 92.359.689 The City's net position can serve as a useful indicator of the City's financial position. As of June 30, 2023, the City's combined net position (governmental and business -type activities) totaled $87 million, a decrease of $5.4 million over the prior year.

Net Position consists of three categories: net investment in capital assets, restricted, and unrestricted.

The largest portion of the City's net position, approximately $110.9 million on June 30, 2023, is the City's net investment in capital assets (land, buildings, machinery, equipment, and infrastructure net of related debt). Because capital assets are used to provide service to citizens, they are not available to fund the City's day—to-day activities. Restricted net position totaled $18.4 million on June 30, 2023, reflecting a decrease of $1.8 million dollars primarily due to a decrease in General Fund debt service items. These resources are subject to external restrictions on how they can be used. The remaining unrestricted net position was a negative $42.3 million. (8)

CITY OF PLACENTIA

MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED)
YEAR ENDED JUNE 30, 2023
Change in Net Position
The following is a summary of activities for the years ended June 30, 2023 and 2022:

Change in Net Position
Revenues:

Program Revenues:

Charges for Services
Operating Contributions and
Grants
Capital Contributions and
Grants
General Revenues:

Taxes
Investment Income
Miscellaneous
Total Revenues
Expenses:

General Government
Public Safety
Public Works
Community Development
Community Services
Interest
Refuse
Sewer Maintenance
Total Expenses
Change in Net Position
Net Position - Beginning of Year
Net Position - End of Year
Governmental Activities
Business -Type Activities Total
2023 2022 2023 2022 2023 2022
$ 6,940,710 $ 6,468,453 $ 5,731,079 $ 4,522,691 $ 12,671,789 $ 10,991,144 15,642,625 6,499,104 15,642,625 6,499,104
5,024,953 1,850,038 5,024,953 1,850, 038
44,499,687 41,621,461
377,738 (297,210)
2,544,611 256,115
75,030,324 56,397,961
18,644
44,499,687 41,621,461
1,957 396,382 (295,253)
2,544,611 256,115
5,749,723 4,524,648 80,780,047 60,922,609
19,220,385 9,242,047 19,220,385 9,242,047
39,862,578 (5,340,560) 39,862,578 (5,340,560)
11,631,983 3,159,219 11,631,983 3,159,219
2,425, 348 1,553,558 2,425, 348 1,553,558
3,755,053 1,684, 915 3,755,053 1,684,915
2,372,525 2,591,011 2,372,525 2,591,011
- 4,340,551 3,420,538 4,340,551 3,420,538
2,533,043 150,242 2,533,043 150,242
79,267,872 12,890,190 6,873,594 3,570,780 86,141,466 16,460,970 (4,237,548) 43,507,771 (1,123,871) 953,868 (5,361,419) 44,461,639 82,812,716 39,316,692 9,535,226 8,581,358 92,347,942 47,898,050 $ 78,575,168 $ 82,824,463 $ 8,411,355 $ 9,535,226 $ 86,986,523 $ 92,359,689 (9)

CITY OF PLACENTIA

MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED)
YEAR ENDED JUNE 30, 2023
Governmental Activities:

Overall, governmental activities decreased the City's net position by $4.2 million. There were several factors that contributed to this change.

Revenues
Total revenue from governmental activities equaled $75.0 million for the year. While there are differences in all revenue categories, the overall increase was $18.6 million, or 33.0% compared to the prior year.

The following chart shows the percentage breakdown of revenue derived from governmental activities:

REVENUE SOURCES

GOVERNMENTAL ACTIVITIES
FISCAL YEAR ENDED JUNE 30, 2023
Miscellaneous,

3.39%
As shown in the chart, revenue received from taxes makes up the largest portion of the City's revenue derived from governmental activities. This fiscal year, tax revenue increased by $2.9 million, or 6.9%.

Property tax, transient occupancy tax, and utility users tax accounted for $2.4 million of the increase.

Additionally, the Wayfair Act allowed for sales tax to be collected from online sales for products being shipped to the city which helped mitigate any local sales tax decrease. Of the $2.4 million increase property taxes had an increase of $1.6 million composed of current year -secured, property tax VLF, pass -through property taxes, the addition of residual property taxes and various miscellaneous property taxes.

The Capital Contributions and Grants reflect an increase of $3.1 million. The large increase in Capital Contributions and Grants was due to a large reimbursement from Caltrans related to the Highway Safety Improvement Program and increased developer impact fees. (10)

CITY OF PLACENTIA

MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED)
YEAR ENDED JUNE 30, 2023
Investment income increased by approximately $675 thousand or 227% compared to last fiscal year.

The increase in Investment Income reflects an increase in the market value adjustment of investments, particularly, Time Value Investments (TVI).

Expenses
Total expenses from governmental activities equaled approximately $79.3 million, representing an increase of $66.4 million, or 514.7%, over the previous year. A large part of this increase is due to the pension UAL creating a negative pension expense in the prior year.

The following chart shows the percentage breakdown of expenses related to governmental activities:

FUNCTIONAL EXPENSES

GOVERNMENTAL ACTIVITIES
FISCAL YEAR ENDED JUNE 30, 2023
Public Works, 14.

Public Safety,
SO.25%
Community
_.Development, 3.05%
_.Community Services,

4.73%
_interest Expenst,,

2.99':

General Government,

24.31%

CITY OF PLACENTIA

MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED)
YEAR ENDED JUNE 30, 2023
Business -Type Activities:
2023 2022
Operating Revenues
Operating Expenses
Operating Income (Loss)
Nonoperating Income
Change in Net Position
$ 5,731,079 $ 4,522,691
6,873,594 3,570,780
(1,142,515) 951,911
18,644 1,957
$ (1,123,871) $ 953,868
The business -type activities include the City's refuse and sewer system activities. Total operating revenues for the business -type activities were approximately $5.7 million and the operating expenses were $6.8 million, for a net operating deficit of approximately $1.1 million.

Refuse
The City of Placentia contracts with Republic Services to provide weekly residential, multi -family, and commercial waste collection services. The refuse operation in fiscal year 22-23 triggered an operating deficit of $57,402, a decrease of $368 thousand compared to the previous fiscal year. This change was caused by an increase in administration costs by approximately $419,037 primarily due to an increase in salaries and benefits as well as Other Post -Employment Benefit (OPEB) expenses. Also, landfill and contractor charges increased by $500,976 due to a yearly CPI increase.

Sewer
The City operates and maintains 84 miles of gravity sanitary sewer pipelines that serve the majority of parcels within the 6.6 square mile City limits. Operations, maintenance, and repair activities include sewer line cleaning, root removal, manhole maintenance and repair, sewer line video inspection, and sewer lateral maintenance, repair, and replacement. The sewer system operation generated an operating loss of $1.1 million compared to operating income of $640 thousand in the previous year.

While there was minimal change in operating revenues, the maintenance costs for salaries and the construction services for the Arterial Roadway Rehab Project increased. Additionally, the allocation of pension -related expense increased compared to the prior year.

FINANCIAL ANALYSIS OF THE CITY'S MAJOR FUNDS
The City uses fund accounting to ensure and demonstrate compliance with finance -related legal requirements.
(12)

CITY OF PLACENTIA

MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED)
YEAR ENDED JUNE 30, 2023
Governmental Funds
The focus of the City's governmental funds is to provide information on near term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City's financing requirements. In particular, the assigned fund balance and unassigned fund balance may serve as a useful measurement of the government's net resources available for spending at the end of the fiscal year. The unassigned fund balance represents the portion of fund balance that has not yet been obligated for a particular purpose by either an external party, the City Council, or anyone delegated the authority to assign resources.

As of the end of the current fiscal year, the City's governmental funds reported a combined ending fund balance of $41.7 million, an increase of $686 thousand from the prior year.

S 20,000,000
S18,000,000
S16„000,000
$14,000,000
512,0(x),000
$10,000, 000
$8,000,000
$6,000,000
$4„000 ,000
2,000,000
S,
Components of Rind Balance
Fiscal Year Ended June 30, 2023
(Governmental Funds)
$18,360„789
$1,458,748
v?'
$4,534,705
u
S17,342,063
S-.

The total fund balance includes $1.5 million non -spendable fund balance; specifically, long-term loans receivable, inventories of supplies and prepaid expenditures, and prepaid items, which cannot be used to finance operating expenditures.

The restricted fund balance of $18.4 million reflects resources that can only be spent for specific purposes, due to constraints either (1) externally imposed by creditors (stated in the debt covenants), grantors, laws, or regulations of other governments; or (2) imposed by law through constitutional provisions or enabling legislation. This is approximately a decrease of $1.8 million compared to last year primarily due to an increase in activity in Debt Service for the Placentia Public Financing Authority. (13)

CITY OF PLACENTIA

MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED)
YEAR ENDED JUNE 30, 2023
The City Council, the City's highest level of decision -making authority, may commit fund balance for specific purposes pursuant to constraints imposed by formal actions taken, such as an ordinance or resolution. These committed amounts are classified as committed fund balance. As of June 30, 2023, the city has committed $4.5 million from Measure U Funds for the continuation of infrastructure projects and other capital projects.

Assigned fund balance represents funds that are constrained by the City's intent to use the funds for specific purposes. The City had no assigned fund balance as of June 30, 2023.

Unassigned fund balance represents the portion of fund balance that does not fall into any of the other four fund balance categories and does not have any specific spending limitations. The unassigned fund balance on June 30, 2023, for all governmental funds combined is $17.3 million, consisting of $19.9 million in unassigned fund balance in the General Fund and combined unassigned deficits with a total of $2.6 million in miscellaneous grants, capital projects fund, the Navigation Center Fund, the Housing and Community Development Fund, Sewer Construction, and the LMD 92-1 Fund. The governmental fund deficits were the result of expenditures incurred in advance of reimbursements that were unavailable or otherwise not received by fiscal year-end and negative fund balances at the beginning of the year offsetting the positive net changes throughout the year.

General Fund:

The General Fund is the main operating fund of the City. As of June 30, 2023, total fund balance of the General Fund was $26.7 million, compared to $23.6 million on June 30, 2022, representing an increase of $3.1 million. Committed portions of the fund balance decreased from the prior year due to the removal of the capital projects which were started but not completed.

Revenue
The General Fund had revenues of $60.6 million, compared to $48.7 million in the prior year, an increase of $11.9 million, or 24.44%. This increase is due primarily to the taxes category with the highest increases in Measure U sales tax, general sales/use tax, and property tax. The large increase in intergovernmental revenues was due to the recognition of revenues from ARPA and a payment from the County of Orange for the Annexation of Hamer Island.

Expenditures
General Fund expenditures as of June 30, 2023, were $57.7 million, compared to $42.1 million last year, which represents an increase of $15.6 million or 37.05%. The major areas impacting the increase of expenditures are related to capital expenditures, debt service, and general government expenditures.

General government saw an increase arising from the purchase of new servers and switches, an increase in city administration costs to fund the Risk Management and Employee Health & Welfare Funds, and the pre -funding of a trust for OPEB.

Public Safety
Public safety expenditure increased by $0.9 million resulting mostly from the salaries and benefits for the Placentia Fire Life & Safety department. A large portion of the increase is due to contracted services for inspections and plan check.
(14)

CITY OF PLACENTIA

MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED)
YEAR ENDED JUNE 30, 2023
Public Works
Public works expenditures had a net increase of $586 thousand due to an increase in the repair and maintenance of city facilities and park facilities as well as repairs to the HVAC system and rental of chilling towers. Additional costs incurred were due to an increase in fuel costs to power generators at the City Yard while electrical wiring and trenching was underway in the adjacent lot for the construction of the butler building.

Capital Outlay
Capital Outlay increased by $9.4 million or 187.50% compared to the prior year. The city increased the number of expenditures related to the ARPA funds received in prior years. The ARPA funds have allowed the city to invest in projects that benefited the general government of the city.

Debt Service
Debt Service had an increase of approximately $420 thousand or 18.48% primarily because of GASB 87 and GASB 96 lease and subscription payments made throughout the year being reclassed as principal and interest.

Proprietary Funds
The city maintains proprietary funds for sewer maintenance and refuse operations. The combined net position of these two funds at the end of the fiscal year amounted to $8.4 million, a $1.1 million decrease from the prior year. The sewer maintenance fund had a net position of $8.2 million of which $7.2 million represents a net investment in capital assets. The sewer maintenance had an increase to it's share of net pension liabilities that accounted for $759 thousand of the $2.4 million increase in sewer maintenance expenses. The Refuse Fund had a positive net position of $212,422, a decrease of $52,527 compared to the prior year.
(15)

CITY OF PLACENTIA

MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED)
YEAR ENDED JUNE 30, 2023

GENERAL FUND BUDGETARY HIGHLIGHTS
During the year adjustments were made to the estimated revenues and appropriations in the General Fund to more closely reflect actual amounts received and expended. It is also customary for the City to conduct a thorough analysis of estimated revenues and appropriations at the end of the first six (6) months of the fiscal year. Per City policy, increases to total General Fund appropriations for the year were approved by the City Council.

The adopted General Fund budget for FY 2022-23 included estimated revenues including transfers from other funds was nearly $51.5 million but was increased by budget amendments totaling $9.9 million, for a final budget of $61.4 million. Actual revenues were $60.6 million, with the largest positive budget variance being $1.1 million in taxes due to improved valuations. These revenues continued to perform well since the COVID-19 Pandemic.

The adopted General Fund expenditure budget for this fiscal year was $48.9 million; however, the Council approved amendments and increased appropriations by $16.5 million for a final amended budget of $65.4 million. The largest necessary increases were to Capital Outlay. Capital outlay expenses improvement the City's streets, Fire station, parks, and purchase machinery/equipment. In fiscal year 22-23 the City also received $9.1 million dollars from the American Recovery Plan Act ("ARPA"). During April 2023, the City Administrator issued a stop spending order to help eliminate non- essential spending and increase fund balance. Due to the stop spending order, the City was able to reduce expenses on essential purchases and increase the fund balance in the General Fund by $1.3 million in operating surplus.

CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets
The City's capital assets, net of accumulated depreciation, for its governmental and business -type activities as of June 30, 2023, totaled $125.6 million, an increase of approximately $19.3 million, or

18.2%, from the prior year. Capital assets include land, buildings, infrastructure, and equipment.

Governmental activities grew by $17.1 million, net of accumulated depreciation. The growth is mostly due to a $16.9 million construction in progress (CIP) activity and the implementation of GASB 96. The $16.9 million CIP activity is mostly composed of a large number of projects that were started in the fiscal year but were not completed and carried into the following fiscal year.

Total business -type capital assets, net of accumulated depreciation, declined $527,316 during the fiscal year due to the depreciation of capital assets and no new additions. (16)

CITY OF PLACENTIA

MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED)
YEAR ENDED JUNE 30, 2023

CAPITAL ASSETS
Land
Land - Right of Way
Trees
Construction in Progress
Structures and Improvements
Right -to -Use Lease Land
Right -to -Use Lease Equipment
Subscription Assets
Equipment
Land Improvements
Infrastructure:

Streets Network
Streets Appurtenances
Storm Drains
Governmental Activities
Business -Type Activities Total
2023 2022 2023 2022 2023 2022
$ 26,118,971 $ 25,201,872 $
1,008,822 258,822
3,114,540 3,114,540
24,107,558 7,234,275
12,059,077 11,511,755
380,505 532,707
597,417 110,090
2,181,548
6,961,004 7,441,787
43,176 48,972
31,203,613
8,498,752
2,175,122
31,932,649
8,846,752
2,367,625
7,123,820
42,403
$ 26,118,971 $ 25,201,872
1,008,822 258,822
3,114,540 3,114,540
24,107,558 7,234,275
7,638,920 19,182,897 19,150, 675
380,505 532,707
597,417 110,090

2.181,848
54,619 7,003,407 7,496,406
43,176 48,972
31,203,613 31,932,649
8,498,752 8,846,752
2,175,122 2,367,625
Total $ 118,45Q405 $ 98,601,846 $ 7,166,223 $ 7,693,539 $ 125,616,628 $ 106295,385 For further detailed information see Note 5, Capital Assets.

Debt Administration
As of June 30, 2023, the City's long-term debt totaled approximately $93.5 million, representing an increase of $19.3 million from the prior year. Although there was a decrease in claims payable, the estimated pension liabilities were $4.3 million based on new estimates after the Pension Bond was issued, while OPEB liabilities decreased by $6.3 million due to pension liabilities in the prior year being recognized as an asset because of the UAL payoff but it now has become a liability.

LONG-TERM LIABILITIES
Govemmental Activities
2023 2022
Business -Type Activities Total
2023 2022
2023 2022
Radios Loan $ 515,597 $ 664,014 $ - $ - $ 515,597 $ 664,014 Fire Lease #1 Loan 2,445,454 2,785,389 2,445,454 2,785,389 Fire Lease #2 Loan 1,281,976 1,460,450 1,281,976 1,460,450 Easement Loan 284,411 284,411 -
Vehicles Loan 124,631 124,631 -
OCTA Advance 1,144,278 1,557,622 1,144,278 1,557,622
Fire UAL Payoff Loan 714,261 1,076,463 714,261 1,076,463 2002 Loan Payable (2003 COP) 1,752,697 2,189,027 1,752,697 2,189,027 2021 Installment Sale Agreement 2,651,000 3,004,000 2,651,000 3,004,000 2020A Lease Revenue Bond 50,390,000 51,890,000 50,390,000 51,890,000 Leases Payable 987,563 650,728 987,563 650,728
Subscription Liability 1,849,671 - 1,849,671 -
Claims Payable 4,051,344 5,015,211 4,051,344 5,015,211
Compensated Absences 2,511,619 2,195,349 45,575 42,491 2,557,194 2,237,840 Other Postemployment Benefit 17,803,729 24,138,119 511,032 772,368 18,314,761 24,910,487 Pension Liabilities (Assets) 4,337,200 (22,405,246) 126,102 (860,379) 4,463,302 23,265,625) Total $ 92.845,431 $ 74,221,126 $ 682,709 $ (45,520) $ 93,528,140 $ 74,175,606 For further detailed information see Note 6, Long -Term Liabilities. (17)

CITY OF PLACENTIA

MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED)
YEAR ENDED JUNE 30, 2023

NEXT YEAR'S BUDGET, TAX RATES, AND FEE LEVELS
The Fiscal Year 2023-24 adopted General Fund operating budget was balanced, with a surplus of revenues and transfers from other funds over expenditures and transfers to other funds of $863,175 and a contribution from Measure U for General Fund Reserve of $920,000.

General Fund revenues and transfers from other funds are currently estimated at $49.8 million for FY 2023-24, which represents a $10.8 million or 21.7% decrease from actuals FY 2022-23 revenues and transfers from other funds. This decrease is primarily due to a decrease in Intergovernmental revenue, which is the one-time ARPA funding that the City has previously been awarded.

The adopted FY23-24 General Fund budget includes $48.0 million of appropriations for expenditures (excluding CIP expenditures) and transfers to other funds. This represents an increase of $1.4 million or 3.3% over FY 2022-23 amended budget expenditures and transfers to other funds.

The increase is due to the new MOU's being effective July 1, 2024, addition of new full-time positions and other personnel related expenses, reinstatement of programs in Community Services after pausing them during the pandemic, using ARPA for City projects, the purchase of servers and other computer equipment needed to replace outdated equipment citywide.

Approved staffing for FY 2023-24 is 200 full time positions, 4 unfunded over hires, and 76 elected and appointed personnel. As in prior years, contracts for services in all departments were reviewed during budget development, and in instances where contracts offered no potential cost savings, or where a higher level of service could be provided for the same or less cost, contract personnel were replaced by City employees.

The City is also making significant investments in Capital Projects. The Fiscal Year 2023-24 adopted General Fund budget includes $4.3 million supported from unassigned fund balance. Projects include Wayfinding signage, additional funding for public safety building, design of new Senior/Community Center, design of a potential dog park, an IT master plan, facility conditions assessment, communication and marketing plan, and other building improvements.

REQUESTS FOR INFORMATION
This financial report is designed to provide a general overview of the City's finances for all those with an interest in the government's finances. If you have questions concerning any of the information provided in this report or need additional financial information, please contact the City's Finance Department at the City of Placentia, 401 East Chapman Avenue, Placentia, California 92870, call (714) 993-8237 or visit our website at www.placentia.orq .
(18)

BASIC FINANCIAL STATEMENTS

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GOVERNMENT -WIDE FINANCIAL STATEMENTS

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CITY OF PLACENTIA

STATEMENT OF NET POSITION
JUNE 30, 2023
Primary Government
ASSETS
Current Assets:

Cash and Investments
Receivables, Net of Allowance:

Accounts
Taxes
Grants
Interest
Loans
Leases
Prepaid Items
Inventory
Total Current Assets
Noncurrent Assets:

Land Held for Resale
Leases Receivable
Restricted Assets:

Cash and Investments with Fiscal Agent
Pension Stability Fund
Capital Assets - Nondepreciable
Capital Assets - Depreciable, Net
Total Noncurrent Assets
Governmental Business -Type
Activities Activities
$ 38,182,514
3,847, 859
3,648,548
1,377,309
160,382
2,706, 556
574,218
263,629
47,288
$ 1,778,578
175,911
38,241
Total
$ 39,961,092
4,023,770
3,686,789
1,377,309
160,382
2,706,556
574,218
263,629
47,288
50,808,303 1,992,730 52,801,033
1,036,760
24,181,234
4,216,844
805,521
54, 349, 891
64,100, 514
148,690,764
Total Assets 199,499,067

DEFERRED OUTFLOWS OF RESOURCES
Deferred Charges on Refunding
Deferred Outflows of Resources Related
to Pensions
Deferred Outflows of Resources Related
to OPEB
Total Deferred Outflows of Resources
See accompanying Notes to Basic Financial Statements.
7,166,223
7,166,223 155,856, 987
1,036,760
24,181,234
4,216,844
805,521
54,349,891
71,266,737
9,158,953 208,658,020
255,176 255,176
12,328,239 518,769 12,847,008
5,556,447 159,490 5,715,937
18,139,862
(19)
678,259 18,818,121

CITY OF PLACENTIA

STATEMENT OF NET POSITION (CONTINUED)
JUNE 30, 2023
Primary Government

LIABILITIES
Current Liabilities:

Accounts Payable
Accrued Payroll and Benefits
Deposits Payable
Retentions Payable
Accrued Interest Payable
Unearned Revenues
Long -Term Debt Due Within One Year
Claims Payable Due Within One Year
Compensated Absences Due Within One Year
Total Current Liabilities
Noncurrent Liabilities
Long -Term Debt Due in More Than One Year
Claims Payable Due in More Than One Year
Compensated Absences Due in More Than
One Year
Total OPEB Liability
Aggregate Net Pension Liabilities
Total Noncurrent Liabilities
Total Liabilities

DEFERRED INFLOWS OF RESOURCES
Leases Related
Deferred Pension - Related Items
Deferred OPEB - Related Items
Total Deferred Inflows of Resources

NET POSITION
Net Investment in Capital Assets
Restricted for:

Public Safety
Public Works
Community Development
Community Services
Debt Service
Transportation
Park Development
Street Maintenance
Air Quality
Affordable Housing
Pension Stability
Total Restricted
Unrestricted (Deficit)
Total Net Position
See accompanying Notes to Basic Financial Statements.

Governmental
Activities
$ 4,632,941
436,300
1,259,985
908,109
229,685
1,960,847
4,835,288
999,086
139,066
15,401, 307
59,306,251
3,052,258
2,372,553
17,803,729
4,337,200
86,871,991
102,273,298
24,466,845
167,689
12,155,929
36,790,463
103,757,453
1,693, 882
1,940,847
1,750,391
4,483,485
4,237,250
484,321
20,461
582,564
288, 865
2,073,202
805,521
18,360,789
(43, 543, 074)
Business -Type
Activities
$ 370,909
20,285
2,522
393,716
43,053
511,032
126,102
680,187
1,073,903
3,034
348,920
351,954
7,166,223
1,245,132
Total
$ 5,003,850
456,585
1,259,985
908,109
229,685
1,960,847
4,835,288
999,086
141,588
15,795,023
59,306,251
3,052,258
2,415,606
18,314,761
4,463,302
87,552,178
103,347,201
24,466,845
170,723
12,504,849
37,142,417
110,923,676
1,693,882
1,940,847
1,750,391
4,483,485
4,237,250
484,321
20,461
582,564
288,865
2,073,202
805,521
18,360,789
(42, 297, 942)
$ 78,575,168 $ 8,411,355 $ 86,986,523
(20)

CITY OF PLACENTIA

STATE MENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2023
Net Rev enue (Expense)
Program Revenues and Changes in Net Positions
Capital Grants
Charges for Operating Grants and Gov ernmental Busin ess -Type Functions/Programs E xpenses Servic es and Contributi ons Contributions Activities Activities

PRIMARY GO VERNM ENT
Governme ntal Activities:

General Governme nt
Public Safety
Public Works
Community Development
Commu nity Services
Interest
Total Gov ernmental A ctivities
Busine ss -Type Activities:

Refuse
Sewer Maintenance
Total Business -Type A ctivities
Total Primary Government
Total
$ 19,220,385 $ 3,214,903 $ 231,411 $ - $ (15,774,071) $ - $ (15,774,071) 39,862,578 877,505 10,728,682 - (28,256,391) - (28,256,391) 11,631,983 810,780 2,871,710 5,024,953 (2,924,540) - (2,924,540) 2,425,348 1,700,509 1,383,950 - 659,111 - 659,111
3,755,053 337,013 426,872 (2,991,168) - (2,991,168)
2,372,525 - - - (2,372,525) - (2,372,525)
79,267,872 6,940,710 15,642 ,625 5,024,953 (51,659,584) - (51,659,584) 4,340,551 4,283,149 - - (57,402) (57,402)
2,533,043 1,447,930 - - (1,085,113) (1,085,113)
6,873,594
5,731,079
$ 86,141,466 $ 12,671,789 5 15,642,625 5 5,024,953 (51,659,584) See accompanying Notes to Basic Financial Statements.

GENERAL RE VENUES
Ta xes:

Property Ta xes 18,809,203
Sales Taxes 17,530,357
Utility User s T ax 3,199,994
Franchise Taxes 2,869,628
Transient Occupancy Taxes 1,672,519
Real Properly Transfer Taxes 411,674
Other Taxes 6,312
Investme nt Earnings 377,738
Miscellaneous 2,544,611
Total General Revenues 47,422,036

CHANG ES IN NET PO SITION
Ne t Po sition - Beginning of Year

NET POSITIO N - END OF YEAR
(21)
(4,237,548)
82, 812,716
1,142,515) (1,142,515)
(1,142,515) (52,802,099)
- 18,809,203
- 17,530,357
3,199,994
- 2,869,628
- 1,672,519
411,674
- 6,312
18,644 396,382
- 2,544,611
18,644 47,440,680
(1,123,871) (5,361,419)
9,535,226 92,347,942
$ 78,575,168 $ 8,411,355 $ 86,986,523

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FUND FINANCIAL STATEMENTS

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GOVERNMENTAL FUND FINANCIAL STATEMENTS

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CITY OF PLACENTIA

BALANCE SHEET

GOVERNMENTAL FUNDS
JUNE 30, 2023
Major Funds
ASSETS
Cash and Investments
Receivables:

Accounts
Taxes
Grants
Accrued Interest
Loans and Notes
Leases
Prepaid Items
Due from Other Funds
Inventories
Land Held for Resale
Restricted Assets:

Cash and Investments with Fiscal Agents
Pension Stability Fund
Total Assets

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES, AND FUND BALANCES

LIABILITIES
Accounts Payable
Accrued Payroll and Benefits
Deposits Payable
Retentions Payable
Due to Other Funds
Unearned Revenue
Total Liabilities
Citywide
Development
Impact Fee Other
General Special Debt Governmental
Fund Revenue Fund Service Fund Funds Total
$ 23,002,748 $ 4,595,929 $ $ 7,886,360 $ 35,485,037
1,029,222 2,818,528 3,847,750
3,648,548 - 3,648,548
1,377,309 1,377,309
160,357 - 25 160,382
1,575,424 511,933 619,199 2,706,556
24,741,675 13,777 24,755,452
200,016 4,856 - 250 205,122
3,373,473 - 3,373,473
47,288 47,288
1,036,760 1,036,760
4,216,844 4,216,844
805,521 - 805,521
$ 58,584,272 $ 5,112,718 $ 4,216,844 $ 13,752,208 $ 81,666,042 $ 3,730,697 $ 125,879 $
427,045 -
1,259,985
585,362
1,364,599
7,367,688 125,879

DEFERRED INFLOWS OF RESOURCES
Leases 24,453,190
Unavailable Revenues 50,638 511,933
Total Deferred Inflows of Resources 24,503,828 511,933

FUND BALANCES
Nonspendable
Restricted
Committed
Unassigned (Deficit)
Total Fund Balances
$ 676,897 $ 4,533,473
9,250 436,295
1,259,985
322,747 908,109
63,135 3,272,016 3,335,151
596,248 1,960,847
63,135 4,877,158 12,433,860
13,655 24,466,845
2,506,458 3,069,029
2,520,113 27,535,874
1,453,892 4,856 - - 1,458,748
805,521 4,470,050 4,153,709 8,931,509 18,360,789
4,534,708 - - - 4,534,708
19, 918, 635 - (2,576,572 17, 342, 063
26,712,756 4,474,906 4,153,709 6,354,937 41,696,308
Total Liabilities, Deferred Inflows
of Resources, and Fund Balances $ 58,584,272 $ 5,112,718 $ 4,216,844 $ 13,752,208 $ 81,666,042 See accompanying Notes to Basic Financial Statements.
(22)

CITY OF PLACENTIA

RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE

GOVERNMENT -WIDE STATEMENT OF NET POSITION
JUNE 30, 2023
Total Fund Balances - Governmental Funds
Amounts reported for governmental activities in the statement of net position were reported differently because:

Capital assets used in governmental activities were not current financial resources. Therefore, they were not reported in the governmental funds balance sheet.

Nondepreciable
Depreciable
The loss incurred by the City resulting from the refunding of long-term liabilities are recorded as deferred outflows of resources and amortized over the remaining service life, equal to the lesser of the remaining bond -years on the refunded debt or the bond years on the refunding debt.

Revenue reported as unavailable revenue in the governmental funds when it is not received soon enough after year-end to be considered available. The availability criteria does not apply to the government -wide financial statements and, therefore, the revenue is recognized when eligibility requirements are met and earned.
$ 41,696,308
54,349,891
64,100,514
118,450,405
255,176
3,069,029
Interest payable on long-term debt does not require current financial resources. Therefore, interest payable is not reported as a liability in the governmental funds. (229,685) Long-term liabilities are not due and payable in the current period and accordingly are not reported as fund liabilities. All liabilities, both current and long-term, are reported in the statement of net position:

Financed Purchases
OCTA Advance
Compensated Absences
Loans Payable
Bonds Payable
Leases Payable
Subscription Liability
Net pension liabilities and the related deferred outflows of resources and deferred inflows of resources are not due and payable in the current period or not available for current expenditures and are not reported in the governmental fund financial statements:

Pension Related Deferred Outflows of Resources
Aggregate Net Pension Liabilities
Pension Related Deferred Inflows of Resources
Net OPEB liabilities and the related deferred outflows of resources and deferred inflows of resources are not due and payable in the current period or not available for current expenditures and are not reported in the governmental fund financial statements:

OPEB Related Deferred Outflows of Resources
Net OPEB Liability
OPEB Related Deferred Inflows of Resources
Internal Service Funds were used BR management to charge the costs of certain activities, such as insurance and equipment replacement to individual funds. The assets and liabilities of the Internal Service Funds were included in the govemmental activities in the government -wide statement of net position.

Net Position of Governmental Activities as Reported on the Statement of Net Position See accompanying Notes to Basic Financial Statements.
(23)
(4,652,069)
(1,144,278)
(2,511,619)
(5,117,958)
(50,390,000)
(987,563)
(1,849,671)
(66,653,158)
12,328,239
(4,337,200)
(167,689)
5,556,447
(17,803,729)
(12,155,929)
(1,433,046)
$ 78,575,168

CITY OF PLACENTIA

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES

GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2023
Major Funds

REVENUES
Taxes
Intergovernmental
Licenses and Permits
Fines and Forfeitures
Investment Earnings (Losses)
Charges for Services
Leases and Rents
Contributions
Miscellaneous
Total Revenues

EXPENDITURES
Current:

General Government
Public Safety
Public Works
Community Development
Community Services
Capital Outlay
Debt Service:

Principal Retirement
Interest and Fiscal Charges
Total Expenditures

REVENUES OVER (UNDER)

EXPENDITURES

OTHER FINANCING SOURCES (USES)
Issuance of Debt
Transfers In
Transfers Out
Total Other Financing Sources (Uses)

NET CHANGE IN FUND BALANCES
Fund Balances - Beginning of Year

FUND BALANCES - END OF YEAR
Citywide
Development
Impact Fee Other
General Special Debt Governmental
Fund Revenue Fund Service Fund Funds
$ 44,429,339 $
8,640,895
2,643, 941
457,065
67,366
1,364,054
1,572,445
1,385,763
60,560,868
15,748,766
16,357,168
4,100, 553
1,718,087
2,617,825
14,475,128
2,438, 273
252,565
57, 708, 365
2,852,503
1,588,047
2,610,514
(3,922,788)
275,773
3,128, 276
- $ - $
61,501 149,405
1,530,026
1,591,527 149,405
62,969
1,465,404
1,500,000
2,007,997
1,528,373 3,507,997
63,154
63,154
Total
$ 44,429,339
7,928,539 16,569,434
2,643,941
1,319,603 1,776,668
99,135 377,407
1,023,134 2,387,188
147 1,572,592
1,530,026
1,293,984 2,679,747
11,664,542 73,966,342
21,884 15,770,650
2,718,892 19,139,029
1,905,116 6,005,669
447,323 2,165,410
4,847 2,622,672
6,163,602 22,104,134
821,344 4,759,617
95,693 2,356,255
12,178,701 74,923,436
(3,358,592) (514,159)
55,000
3,505,634 821,604
(2,456,825) (558,139)
1,048,809 318,465
(2,309,783) (195,694)
(957,094)
1,643,047
6,937,752
6,937,752)
1,643,047
685,953
23,584,480 4,411,752 6,463,492 6,550,631 41,010,355
$ 26,712,756 $
4,474,906 $ 4,153,709 $ 6,354,937 $ 41,696,308
See accompanying Notes to Basic Financial Statements.
(24)

CITY OF PLACENTIA

RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES,

EXPENDITURES, AND CHANGES IN FUND BALANCE TO THE

GOVERNMENT -WIDE STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2023
Net Change in Fund Balances - Total Governmental Funds
Governmental activities in the Statement of Activities were reported differently because:

Capital assets used in governmental activities are not financial resources and, therefore, are not reported in governmental funds.

Capital Outlay
Depreciation
Net Effect on Disposal of Capital Assets
Amortization of the deferred charges on refunding is recognized as interest expense in the statement of activities.

Net change in revenues that was considered unavailable in the governmental funds. These items have been reported as revenue in the statement of activities.

Proceeds from the issuance of long-term debt is not a revenue in the statement of activities, but is reported as a liability on the government -wide statement of net position.

Principal repayment on long-term debt is not an expense in the statement of activities, but is considered an expenditure in governmental funds.

Long -Term Debt
Financed Purchases
OCTA Advance
Interest accrued on long-term debt is reported in the Statement of Activities, but does not require the use of current financial resources. Therefore, accrued interest is not reported as an expenditure in governmental funds. This amount represents the change in accrued interest from the prior year.

Compensated absences were reported in the government -wide statement of activities, but they did not require the use of current financial resources. Therefore, compensated absences were not reported as expenditures in the governmental funds.

Certain OPEB expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds.

Certain pension expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds.

Internal Service Funds are used BR management to charge the costs of certain activities, such as insurance and equipment replacement, to individual funds. The net revenue of the Internal Service Funds is reported in governmental activities.

Change in Net Position of Governmental Activities as Reported in the Statement of Activities See accompanying Notes to Basic Financial Statements.
(25)
$ 685,953
22,852,253
(5,356,821)
(90,123)
17,405,309
(50,358)
1,454,910
(1,643,047)
3,585,364
760,909
413,344
4,759,617
(16,270)
(316,270)
3,460,762
(31,453,624)
1,475,470
$ (4,237,548)

PROPRIETARY FUND FINANCIAL STATEMENTS

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CITY OF PLACENTIA

STATEMENT OF NET POSITION

PROPRIETARY FUNDS
JUNE 30, 2023
Business -Type Governmental
Major Enterprise Funds Activities Activities
Sewer Internal
Refuse Maintenance Total Service Funds
ASSETS
Current Assets:

Cash and Investments
Receivables:

Accounts
Taxes
Prepaids
Total Current Assets
Noncurrent Assets:

Capital Assets, Net of Accumulated Depreciation
Total Noncurrent Assets
Total Assets

DEFERRED OUTFLOWS OF RESOURCES
Deferred Outflows of Resources Related to Pensions
Deferred Outflows of Resources Related to OPEB
Total Deferred Outflows of Resources

LIABILITIES
Current Liabilities:

Accounts Payable
Accrued Payroll and Benefits
Due to Other Funds
Compensated Absences - Due Within One Year
Claims And Judgments - Due Within One Year
Total Current Liabilities
Noncurrent Liabilities:

Compensated Absences - Due in More Than One Year
Claims And Judgments - Due in More Than One Year
Total OPEB Liability
Aggregate Net Pension Liabilities
Total Noncurrent Liabilities
Total Liabilities

DEFERRED INFLOW OF RESOURCES
Deferred Inflows of Resources Related to Pensions
Deferred Inflows of Resources Related to OPEB
Total Deferred Inflows of Resources

NET POSITION
Investment in Capital Assets
Unrestricted (Deficit)
$ 659,706 $ 1,118,872 $ 1,778,578 $ 2,697,477
25,894 150,017 175,911 109
38,241 - 38,241 -
- - 58,507
723,841 1,268,889 1,992,730 2,756,093
7,166,223 7,166,223
7,166,223 7,166,223
723,841 8,435,112
205,081
9,158,953 2,756,093
313,688 518,769
65,395 94,095 159,490
270,476
355,281
6,844
892
407,783 678,259
15,628 370,909 99,468
13,441 20,285 5
38,322
1,630 2,522
999,086
363,017 30,699 393,716 1,136,881
15,224 27,829 43,053
209,536 301,496 511,032
49,852 76,250 126,102
274,612 405,575 680,187 3,052,258
3,052,258
637,629 436,274 1,073,903 4,189,139
1,200
143,066
144,266 207,688 351,954
1,834 3,034
205,854 348,920
7,166,223 7,166,223
212,422 1,032,710 1,245,132 (1,433,046)
Total Net Position $ 212,422 $ 8,198,933 $ 8,411,355 $ (1,433,046) See accompanying Notes to Basic Financial Statements.
(26)

CITY OF PLACENTIA

STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION

PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2023

OPERATING REVENUES
Reimbursements
Sales and Service Charges
Other Revenues
Total Operating Revenues

OPERATING EXPENSES
Administration
Reinsurance Premiums
Claims
Medical and Dental Premiums
Liability Insurance Premiums
Maintenance
Landfill and Contractor Charges
Depreciation Expense
Total Operating Expenses

OPERATING INCOME (LOSS)

NONOPERATING INCOME (LOSS)
Investment Income
Gain on Disposal of Capital Assets
Total Nonoperating Income

CHANGES IN NET POSITION
Net Position - Beginning of Year

NET POSITION - END OF YEAR
See accompanying Notes to Basic Financial Statements.

Business -Type Activities
Sewer
Refuse Maintenance
$ 39,523 $
4,243,626
4,283,149
Total
Governmental
Activities
Internal
Service
- $ 39,523 $ 730,620
1,447,930 5,691,556 3,275,025
- 24,000
1,447,930 5,731,079 4,029,645
621,070 306,775 927,845 168,017
- - 225,378
- - (1,610)
893,189
- - 1,352,855
1,698,952 1,698,952
3,719,481 - 3,719,481
527,316 527,316
4,340,551 2,533,043
6,873,594 2,637,829
(57,402) (1,085,113) (1,142,515) 1,391,816
4,875
13,769 18,644
- 83,654
4,875 13,769 18,644 83,654
(52,527) (1,071,344) (1,123,871) 1,475,470
264,949 9,270,277 9,535,226 (2,908,516)
$ 212,422 $ 8,198,933 $ 8,411,355 $ (1,433,046)
(27)

CITY OF PLACENTIA

STATEMENT OF CASH FLOWS

PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2023
Governmental
Business -Type Activities Activities
Sewer Internal
Refuse Maintenance Total Service

CASH FLOWS FROM OPERATING ACTIVITIES
Cash Received from Customers and Users
Cash Paid to Suppliers for Goods and Services
Cash Paid to Employees for Services
Cash Paid for Insurance Claims
Net Cash Provided (Used) by Operating Activities

CASH FLOWS FROM NONCAPITAL FINANCING

ACTIVITIES
Cash Transfers In (Out)
Net Cash Provided (Used) by Noncapital Financing
Activities

CASH FLOWS FROM CAPITAL AND RELATED FINANCING

ACTIVITIES
Proceeds from Sale of Capital Assets
Net Cash Provided (Used) by Capital and Related
Financing Activities
CASH FLOWS FROM INVESTING ACTIVITIES:

Interest Received
Net Cash Provided (Used) by Investing Activities

NET INCREASE (DECREASE) IN CASH AND CASH

EQUIVALENTS
Cash and Cash Equivalents - Beginning of Year
$ 4,314,113 $ 1,380,811 $ 5,694,924 $ 4,033,573
(3,662,686) (1,693,376) (5,356,062) (3,642,809)
(504,422) 693,899 189,477 -
- - 1,610
147,005 381,334 528,339 392,374
4,875
4,875
- 38,322
- 38,322
- 83,654
- 83,654
13,769 18,644
13,769 18,644
151,880 395,103
507,826 723,769
546,983 514,350
1,231,595 2,183,127
CASH AND CASH EQUIVALENTS - END OF YEAR $ 659,706 $ 1,118,872 $ 1,778,578 $ 2,697,477

CASH AND CASH EQUIVALENTS
Cash and Investments
Total Cash and Cash Equivalents
See accompanying Notes to Basic Financial Statements.
$ 659,706 $ 1,118,872 $ 1,778,578 $ 2,697,477
$ 659,706 $ 1,118,872 $ 1,778,578 $ 2,697,477
(28)

CITY OF PLACENTIA

STATEMENT OF CASH FLOWS (CONTINUED)

PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2023

RECONCILIATION OF OPERATING INCOME (LOSS) TO

NET CASH PROVIDED (USED) BR OPERATING ACTIVITIES
Operating Income (Loss)
Adjustments to Reconcile Operating (Loss) to
Net Cash Provided (Used) by Operating Activities:

Depreciation
Changes in Assets and Liabilities:
(Increase) Decrease in Accounts Receivables
(Increase) Decrease in Taxes Receivables
(Increase) Decrease in Prepaids
(Increase) Decrease in Deferred Outflows of
Resources Related to Pension
(Increase) Decrease in Deferred Outflows of
Resources Related to OPEB
Increase (Decrease) in Accounts Payable
Increase (Decrease) in Accrued Liabilities
Increase (Decrease) in Compensated Absences
Increase (Decrease) in Claims Payable
Increase (Decrease) in Net Pension Liabilities
Increase (Decrease) in Net OPEB Liabilities
Increase (Decrease) in Deferred Inflows of
Resources Related to Pension
Increase (Decrease) in Deferred Inflows of
Resources Related to OPEB
Business -Type Activities
Refuse
Sewer
Maintenance
Total
Governmental
Activities
Internal
Service
$ (57,402) $ (1,085,113) $ (1,142,515) $ 1,391,816
527,316 527,316
38,110 (67,119) (29,009)
(7,146) (7,146)
(7,633) 446,245 438,612
(5,109) (7,483) (12,592)
56,795 5,576 62,371
(7,325) (9,993) (17,318)
3,557 (473) 3,084
227,294 759,187 986,481
(107,441) (153,895) (261,336)
(20,547) (81,864) (102,411)
33,852 48,950 82,802
3,928
(58,507)
19,004
(963,867)
Net Cash Provided (Used) by Operating Activities $ 147,005 $ 381,334 $ 528,339 $ 392,374 See accompanying Notes to Basic Financial Statements.
(29)

FIDUCIARY FUND FINANCIAL STATEMENTS

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CITY OF PLACENTIA

STATEMENT OF FIDUCIARY NET POSITION

FIDUCIARY FUNDS
JUNE 30, 2023
RDA
Successor Custodial
Acency Funds
ASSETS
Pooled Cash and Investments
Receivables:

Miscellaneous
Restricted Assets:

Cash and Investments with Fiscal Agents
Total Assets

LIABILITIES
Accounts Payable
Accrued Liability
Accrued Interest
Deposits Payables
Long -Term Liabilities:

Due in One Year
Due in More Than One Year
Total Liabilities

NET POSITION (DEFICIT)
Restricted for Individuals, Organizations, and Other
Governments
$ 786,814 $ 198,734
682,794
688
1,469,608 199,422
1,603
2,604
146,010
1,090,668
9,588,777
756
14 191
10, 829,662 961
(9,360,054) 198,461
Total Net Position (Deficit) $ (9,360,054) $ 198,461
See accompanying Notes to Basic Financial Statements.
(30)

CITY OF PLACENTIA

STATEMENT OF CHANGES IN FIDUCIARY NET POSITION

FIDUCIARY FUNDS
YEAR ENDED JUNE 30, 2023
RDA
Successor Custodial
Agency Funds

ADDITIONS
Property Taxes
Charges for Services
Investment Income
Gain on Debt Forgiveness
Total Additions

DEDUCTIONS
Program Costs
Administrative Expenses
Interest Expense
Administrative Expenses
Total Deductions

CHANGE IN NET POSITION
Net Position (Deficit) - Beginning of Year

NET POSITION (DEFICIT) - END OF YEAR
See accompanying Notes to Basic Financial Statements.
$ 1,993,187 $
120,186
13,696 1,929
325,839
2,332,722 122,115
96,031
102,173
348,490
- 756
546,694 756
1,786, 028 121,359
(11,146, 082) 77,102
$ (9,360,054) $ 198,461
(31)

NOTES TO BASIC FINANCIAL STATEMENTS

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CITY OF PLACENTIA

INDEX TO THE NOTES TO THE BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
Page
Note 1 — Summary of Significant Accounting Policies 34
A. Financial Reporting Entity 34
B. Basis of Accounting and Measurement Focus 35
C. Implementation of New Accounting Pronouncement 38
D. Cash and Investments 38
E. Fair Value Measurement 39
F. Property Taxes Receivable 39
G. Prepaid Items 39
H. Inventories 39
I. Interfund Transactions 40
J. Capital Assets 40
K. Leases 41
L. Subscription -Based Information Technology Arrangements (SBITAs) 41 M. Unearned and Unavailable Revenue 42
N. Compensated Absences Payable 42
O. Claims Payable 42
P. Pensions 42
Q. Other Postemployment Benefits (OPEB) 43
R. Long -Term Obligations 43
S. Net Position 43
T. Fund Balances 43
U. Spending Policy 44
V. Use of Estimates 45
Note 2 — Cash and Investments 45
A. Demand Deposits 46
B. Investments Authorized by the California Government Code and the City's Investment Policy 47
C. Investments Authorized by Debt Agreements 48
D. Fair Value Measurement 48
E. Risk Disclosures 49
F. Investment in Local Agency Investment Fund (LAIF) 50 G. California Asset Management Program (CAMP) 51
Note 3 — Interfund Transactions 52
A. Due From/To Other Funds 52
B. Transfers 52
Note 4 — Long -Term Receivables 53
A. Loans Receivable 53
B. Leases Receivable 55
Note 5 — Capital Assets 56
(32)

CITY OF PLACENTIA

INDEX TO THE NOTES TO THE BASIC FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2023
Page
Note 6 — Long -Term Liabilities 58
A. Governmental Activities 58
B. Business -Type Activities 59
C. Fiduciary Activities 60
Note 7 — Deferred Compensation Plans 69
Note 8 — Pension Plans 71
A. Summary 71
B. General Information about the Pension Plans 73
C. Pension Liabilities, Pension Expenses, and Deferred
Outflows/Inflows of Resources Related to Pensions 75
D. Payable to the Pension Plan 80
Note 9 — Other Postemployment Benefit Plan 80
A. Summary 80
B. General Information about OPEB 81
C. Total OPEB Liability, OPEB Expense, and Deferred
Outflows/Inflows of Resources Related to OPEB 81
Note 10 — Risk Management and Self Insurance Program 85 A. General Liability 85
B. Worker's Compensation 85
C. Other Insurance 85
Note 11 — Classification on Fund Balances 86
Note 12 — Commitments and Contingencies 87
A. Commitments 87
B. Contingencies 87
C. Grants 87
Note 13 — Other Required Fund Disclosures 88
A. Expenditures in Excess of Appropriation 88
B. Deficit Net Positions and Fund Balances 88
Note 14 — Subsequent Event 89
(33)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The basic financial statements of the City of Placentia, California, (the City) have been prepared in conformity with accounting principles generally accepted in the United States (U.S. GAAP) as applied to governmental agencies. The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The following is a summary of the City's significant policies:

A. Financial Reporting Entity
The City was incorporated on December 2, 1926, under the General Laws of the state of California. The City operates under a Council -Administrator form of government and under provisions of a City Charter adopted on June 29, 1965.

In evaluating how to define the City for financial reporting purposes, management has considered all potential component units. The primary criteria for including a potential component unit within the reporting entity are the governing body's financial accountability and a financial benefit or burden relationship and whether it is misleading to exclude. A primary government is financially accountable and shares a financial benefit or burden relationship, if it appoints a voting majority of an organization's governing body and it is able to impose its will on the organization, or if there is a potential for the organization to provide specific financial benefits to or impose specific financial burdens on the primary government. A primary government may also be financially accountable if an organization is fiscally dependent on the primary government regardless of whether the organization has a separately elected governing board, a governing board appointed by a higher level of government, or a jointly appointed board, and there is a potential for the organization to provide specific financial benefits to, or impose specific financial burdens on the primary government.

Blended Component Units
Management determined that the following entities should be reported as blended component units based on the criteria above. Although the following is legally separate from the City, it has been "blended" as though it is part of the City because the component unit's governing body is substantially the same as the City's and there is a financial benefit or burden relationship between the City and the component unit; management of the City has operational responsibilities for the component unit; and/or the component unit provides services entirely, or almost entirely, to the City or otherwise exclusively, or almost exclusively, benefits the City, even though it does not provide services directly to it.

The Placentia Public Financing Authority — The Placentia Public Financing Authority (the Authority) was formed in 1996 to issue Tax Revenue Bonds. The proceeds of the debt were used to refund the existing Mello -Roos Community Facilities District 89-1 bonds, originally issued in September 1996. The Authority is governed by a five -member board that is the City Council of the City. Separate financial statements are not prepared.
(34)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) A. Financial Reporting Entity (Continued)
Blended Component Units (Continued)
Placentia Enhanced Infrastructure Financing District — The Placentia Enhanced Infrastructure Financing District (EIFD) was formed in September 2019 in partnership with the County of Orange near the City's future Metrolink Station including the Old Town Placentia area and Transit Oriented Development Packing House District. The purpose of this district is to create a funding mechanism that can facilitate the construction of public infrastructure improvements in this area.

B. Basis of Accounting and Measurement Focus
The accounts of the City are organized on the basis of funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for by providing a separate set of self -balancing accounts that comprise its assets, deferred outflows of resources, liabilities, deferred inflows of resources, fund balance or net position, revenues and expenditures or expenses, as appropriate. City resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.

The statement of net position reports separate sections for Deferred Outflows of Resources, and Deferred Inflows of Resources, when applicable.

Deferred Outflows of Resources — represent a consumption of net assets that applies to future periods, therefore, will not be recognized as an expense until that time.

Deferred Inflows of Resources — represent an acquisition of net assets that applies to future periods, therefore, are not recognized as revenue until that time.

Government -Wide Financial Statements
The government -wide financial statements are presented on an "economic resources" measurement focus and the accrual basis of accounting. Accordingly, all of the City's assets, deferred outflows of resources, liabilities, and deferred inflows of resources, including capital assets, as well as infrastructure assets, and long-term liabilities, are included in the accompanying statement of net position. The statement of activities presents changes in net position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned while expenses are recognized in the period in which the liability is incurred. Fiduciary activities of the City are not included in these statements.

Certain types of transactions are reported as program revenues for the City in three categories:
• Charges for Services
• Operating Grants and Contributions
• Capital Grants and Contributions
(35)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) B. Basis of Accounting and Measurement Focus (Continued) Government -Wide Financial Statements (Continued)
Certain eliminations have been made in regard to interfund activities, payables, and receivables. All internal balances in the statement of net position have been eliminated.

In the statement of activities, internal service fund transactions have been included in the governmental activities. The following interfund activities have been eliminated:
• Due from and to other funds, which are short-term loans within the primary government.
• Transfers in and out, which are flows of assets between funds without the requirement for repayment.

Governmental Fund Financial Statements
All governmental funds are accounted for on a spending, or "current financial resources" measurement focus and the modified accrual basis of accounting. Accordingly, only current assets, current liabilities, and deferred inflows of resources are included on the balance sheet. The statement of revenues, expenditures, and changes in fund balances presents increases (revenue and other financing sources) and decreases (expenditures and other financing uses) in fund balances. Under the modified accrual basis of accounting, revenues are recognized in the accounting period in which they become both measurable and available to finance expenditures of the current period.

Revenues are recorded when received in cash, except those revenues subject to accrual (generally 60 days after year-end) which are recognized when due. The primary revenue sources that have been treated as susceptible to accrual by the City are property taxes, intergovernmental revenues, and other taxes. Business license fees are recorded as received, except at year-end when they are accrued pursuant to the modified accrual basis of accounting. The City recognizes business license revenue collected within 60 days as revenue at June 30. Expenditures are recorded in the accounting period in which the related fund liability is incurred.

Reconciliations of the fund financial statements to the government -wide financial statements are provided to explain the differences.

The City reports the following major Governmental Funds:

General Fund
The General Fund is the City's principal operating fund. It accounts for all revenues and expenditures used to finance the traditional services associated with a municipal government except those required to be accounted for in another fund.

Debt Service Fund
This fund is used to account for the debt service related to the governmental activities of the City.
(36)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) B. Basis of Accounting and Measurement Focus (Continued) Governmental Fund Financial Statements (Continued)
Citywide Development Impact Fee Special Revenue Fund
This fund is used to account for the receipts and expenditures of new development impact on the City's sewer collection system in the City's Transit.

Proprietary Fund Financial Statements
Proprietary Fund Financial Statements include a statement of net position, a statement of revenues, expenses, and changes in net position, and a statement of cash flows for each major Proprietary Fund.

A separate column representing internal service funds is also presented in these statements. However, internal service balances and activities have been combined with the governmental activities in the Government -Wide Financial Statements. The City's internal service funds include four individual funds that provide services directly to other City funds. These services include risk management, health and welfare, and equipment replacement.

Proprietary funds are accounted for using the "economic resources" measurement focus and the accrual basis of accounting. Accordingly, all assets, deferred outflows of resources, liabilities (whether current or noncurrent), and deferred inflows of resources are included on the statement of net position. The statement of revenues, expenses, and changes in fund net position presents increases (revenues) and decreases (expenses) in total net position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned while expenses are recognized in the period in which the liability is incurred. In these funds, receivables have been recorded as revenue and provisions have been made for uncollectible amounts.

Operating revenues in the proprietary funds are those revenues that are generated from the primary operations of the fund. All other revenues are reported as nonoperating revenues. Operating expenses are those expenses that are essential to the primary operations of the fund. All other expenses are reported as nonoperating expenses.

The City reports the following major Proprietary Funds:

Refuse Fund
This fund is used to account for the provision of refuse services to the residents of the City. All activities necessary to provide such services are accounted for in this fund, including, but not limited to administration, operation, acquisition of equipment, and related debt service.

Sewer Maintenance Fund
This fund is used to account for the operations and maintenance of the sewer lines located in the City's sewer system, including administration and capital improvements.

Fees are computed from water consumption amounts provided by local water companies. All residents and businesses connected to the City's sewer system are placed in billing categories based on a percentage of water consumption that is returned to the City's sewer system.
(37)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) B. Basis of Accounting and Measurement Focus (Continued) Fiduciary Fund Financial Statements
Fiduciary fund financial statements include a statement of net position and a statement of changes in fiduciary net position. The City's fiduciary funds represent custodial funds and private purpose trust funds. Both custodial funds and the private purpose trust funds are accounted for on the full accrual basis of accounting.

The City reports the following fiduciary funds:

Private -Purpose Trust Fund
This fund is used to account for the balances and transactions of the Successor Agency to the former Placentia Redevelopment Agency.

Custodial Funds
These funds account for resources held by the City in a custodial capacity as an agent for individuals, private organizations, other governments, and/or other funds.

C. Implementation of New Accounting Pronouncements
In May 2020, the GASB issued GASB Statement No. 96, Subscription -Based Information Technology Arrangements. This standard defines a subscription -based information technology arrangement (SBITA); establishes that a SBITA results in a right -to -use subscription asset (an intangible asset) and a corresponding subscription liability; provides the capitalization criteria for outlays other than subscription payments, including implementation costs of a SBITA; and requires note disclosures regarding a SBITA.

The City adopted the requirements of the guidance effective July 1, 2022 and has applied the provisions of this standard to the beginning of the period of adoption. The implementation of this standard resulted in the City reporting SBITA assets and SBITA liabilities as disclosed in Note 5 and Note 6.

D. Cash and Investments
The City's cash and cash equivalents are comprised of cash on hand, demand deposits, and short-term investments with original maturity of three months or less from the date of acquisition. All cash and investments of proprietary funds are held in the City's investment pool. These cash pools have the general characteristics of a demand deposit account, therefore, all cash and investments in the proprietary funds are considered cash and cash equivalents for statement of cash flows purposes.

Investments are stated at fair value (quoted market price or best available estimate thereof).
(38)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) E. Fair Value Measurement
U.S. GAAP defines fair value, establishes a framework for measuring fair value, and establishes disclosures about fair value measurement. Investments, unless otherwise specified, recorded at fair value in the financial statements, are categorized based upon the level of judgment associated with the inputs used to measure their fair value.

The three levels of the fair value measurement hierarchy are described below:

Level 1 — Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date.

Level 2 — Inputs, other than quoted prices included in Level 1, that are observable for the assets or liabilities through corroboration with market data at the measurement date.

Level 3 — Unobservable inputs that reflect management's best estimate of what market participants would use in pricing the assets or liabilities at the measurement date.

F. Property Taxes Receivable
Property tax revenue is recognized in the fiscal year for which the taxes have been levied providing they become available. Available means due, or past due and receivable within the current period and collected within the current period or expected to be collected soon enough thereafter (not to exceed 60 days) to be used to pay liabilities in the current period.

Under California law, property taxes are assessed and collected by the counties at up to 1% of assessed value, plus other increases approved by the voters. The property taxes go into a pool and are then allocated to the cities based on complex formulas. The County of Orange collects property taxes for the City. Tax liens attach annually as of 12:01 a.m. on the first day of January preceding the fiscal year for which the taxes are levied. Taxes are levied on July 1 and cover the fiscal period July 1 to June 30. All secured personal property taxes and one-half of the taxes on real property are due November 1; the second installment is due February 1. All taxes are delinquent, if unpaid, on December 10 and April 10, respectively. Unsecured personal property taxes become due on March 1 each year, and are delinquent, if unpaid, on August 31.

G. Prepaid Items
Prepaid items are payments made to vendors for services that will benefit periods beyond the fiscal year ended using purchase method.

H. Inventories
Inventories within the various fund types consist of materials and supplies which are valued at cost on a weighted average basis. Reported expenditures reflect the consumption method of recognizing inventory -related expenditures. (39)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) I. Interfund Transactions
Activities between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as "due from/to other funds" (i.e., current portion of interfund loans).

J. Capital Assets
In the government -wide financial statements, capital assets, which include land, buildings, improvements, equipment, furniture, infrastructure (e.g., roads, sidewalks, and similar items), and right -to -use leased assets, are recorded at historical cost or estimated historical if purchased or constructed. Donated capital assets are valued at their estimated acquisition value on the date donated. City policy has set the capitalization threshold for reporting capital assets with an initial, individual cost of more than $2,500 and an estimated useful life of one year or more.

The City defines infrastructure as the basic physical assets that allow the City to function. The assets include street network, street appurtenances, and storm drains.

Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest incurred during the construction phase of capital assets of business -type activities is included as part of the capitalized value of the assets constructed.

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized.

Capital assets used in operations are depreciated/amortized over their estimated useful lives using the straight-line method. The estimated useful lives used for depreciation/amortization purposes are as follows:

Structures and Improvements
Civic Center Structures and Improvements
Automotive Equipment
Computer Equipment
Other Equipment
Infrastructure:

Roadways
Street Appurtenances
Wastewater
Storm Drains
5 to 50 Years
50 Years
2 to 10 Years
3 Years
5 Years
35 Years
10 to 50 Years
50 to 60 Years
50 Years
Lease assets and SBITAs are amortized using the straight-line method over the shorter of the agreement term or the useful life of the underlying asset. (40)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) K. Leases
Lessee
The City is a lessee for noncancellable leases of land and improvements and equipment.

The City recognizes a lease liability and an intangible right -to -use asset (lease asset) in the governmental activities in the government -wide statement of net position. At the commencement of a lease, the City initially measures the lease liability at the present value of payments expected to be made during the lease term. Subsequently, the lease liability is reduced by the principal portion of lease payments made. The lease asset is initially measured as the initial amount of the lease liability, adjusted for lease payments made at or before the lease commencement date. Subsequently, the lease asset is amortized on a straight-line basis over its useful life.

The City monitors changes in circumstances that would require a remeasurement of its lease and will remeasure the lease asset and liability if certain changes occur that are expected to significantly affect the amount of the lease liability.

Lessor
The City is a lessor for a noncancellable leases of land, buildings and improvements.

The City recognizes a lease receivable and a deferred inflow of resources in the statement of net position and in the governmental fund balance sheet. At the commencement of a lease, the City initially measures the lease receivable at the present value of payments expected to be received during the lease term. Subsequently, the lease receivable is reduced by the principal portion of lease payments received. The deferred inflow of resources is initially measured as the initial amount of the lease receivable, adjusted for lease payments received at or before the lease commencement date. Subsequently, the deferred inflow of resources is recognized as revenue over the life of the lease term.

The City monitors changes in circumstances that would require a remeasurement of its lease and will remeasure the lease receivable and deferred inflows of resources if certain changes occur that are expected to significantly affect the amount of the lease receivable.

L. Subscription -Based Information Technology Arrangements (SBITAs) The City recognizes a SBITA liability and a SBITA asset at the commencement of the SBITA term, unless the SBITA is a short-term contract, or it transfers ownership of the underlying asset. The SBITA liability is measured at the present value of payments expected to be made during the contract term (less any incentives). The SBITA asset is measured at the amount of the initial measurement of the SBITA liability, plus any payments made to the vendor at or before the commencement of the contract term and certain direct costs.
(41)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) M. Unearned and Unavailable Revenue
In the government -wide financial statements, unearned revenue is recognized for transactions for which revenue has not yet been earned. Typical transactions recorded as unearned revenues in the government -wide financial statements are prepaid charges for services and facility rentals paid in advance.

In the fund financial statements, unearned and unavailable revenue is recorded when transactions have not yet met the revenue recognition criteria based on the modified accrual basis of accounting. The City records unearned revenue for transactions for which revenues have not been earned, and unavailable revenue when funds are not available to meet current financial obligations in accordance with GASB Statement No. 65. Typical transactions for which unearned or unavailable revenue is recorded are grant receivables, grant award advances, quarterly encroachment fees, and advance registration for recreation classes which were not yet earned.

N. Compensated Absences Payable
City employees have vested interest in varying levels of vacation, sick leave, and compensatory time based on their length of employment. It is the policy of the City to pay all accumulated vacation pay and all or a portion of sick pay when an employee retires or terminates. The long-term amount is included as a liability in the governmental activities of the government -wide financial statements. A liability for these amounts is reported in governmental funds only if they have matured, for example, as a result of employee resignations and retirements. The General Fund is typically used to liquidate compensated absences. In proprietary funds, compensated absences are expensed to the various funds in the period they are earned, and such fund's share of the unpaid liability is recorded as a long-term liability of the fund.

O. Claims Payable
The City records a liability to reflect an actuarial estimate of ultimate uninsured losses for both general liability claims (including property damage claims) and workers' compensation claims. The estimated liability for workers' compensation claims and general liability claims includes "incurred but not reported" (IBNR) claims. There is no fixed payment schedule to pay these liabilities.

P. Pensions
For purposes of measuring the net pension liability, deferred outflows and inflows of resources related to pensions, and pension expense, information about the fiduciary net position and additions to/deductions from the fiduciary net position have been determined on the same basis as they are reported by the CaIPERS Financial Office and are in accordance with the implementation of GASB Statement No, 68. Investments are reported at fair value. CaIPERS audited financial statements are publicly available reports that can be obtained at CaIPERS's website under Forms and Publications. (42)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Q. Other Postemployment Benefits (OPEB)
For purposes of measuring the liability, deferred outflows of resources and deferred inflows of resources, and expense associated with the City's plan, have been determined by an independent actuary in accordance with GASB Statement No. 75.

R. Long -Term Obligations
In the government -wide financial statements, long-term debt and other long-term obligations are reported as Liabilities in the statement of net position. Bond premiums and discounts are deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are reported net of the applicable bond premium or discount.

S. Net Position
In the government -wide financial statements and proprietary fund financial statements, net position is classified as follows:

Net Investment in Capital Assets — This component of net position consists of capital assets, net of accumulated depreciation, related debt, and deferred outflows of resources.

Restricted — This component of net position consists of restricted assets reduced by liabilities and deferred inflows of resources related to those assets.

Unrestricted — This component of net position is the amount of the assets, deferred outflows of resources, liabilities, and deferred inflows of resources that are not included in the determination of net investment in capital assets or the restricted component of net position.

T. Fund Balances
In the governmental fund financial statements, fund balances are classified as follows:

Nonspendable Fund Balance — These amounts cannot be spent because they are not in a spendable form, such as loans receivable or inventory, or because resources legally or contractually must remain intact.

Restricted Fund Balance — These are the portion of fund balance that have externally enforceable limitations on their usage through legislation or limitations imposed by creditors, grantor, laws, and regulations of other governments or enabling legislation. (43)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) T. Fund Balances (Continued)
Committed Fund Balance — These have self-imposed limitations by the highest level of decision -making authority, namely the City Council, prior to the end of the reporting period. City Council adoption of a resolution is required to commit resources or to rescind the commitment.

Assigned Fund Balance — These have limitations imposed by management based on the intended use of the funds. Modifications or rescissions of the constraints can be removed by the same type of action that limited the use of the funds. Assignment of resources can be done by the highest level of decision making or by a committee or official designated for that purpose. The City Council has authorized the Finance Director for that purpose.

Unassigned Fund Balance — These represent the residual net resources in excess of the other classifications. The general fund is the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it is not appropriate to report a positive unassigned fund balance amount. However, in governmental funds other than general fund, if expenditures incurred for specific purposes exceed the amounts that are restricted, committed, or assigned to those purposes, it may be necessary to report a negative unassigned fund balance in that fund.

U. Spending Policy
Government -Wide Financial Statements and the Proprietary Fund Financial Statements When expenses are incurred for purposes for which both restricted and unrestricted components of net position are available, the City's policy is to apply the restricted component of net position first, then the unrestricted component of net position as needed.

Governmental Fund Financial Statements
When expenditures are incurred for purposes for which both restricted and unrestricted fund balances are available, the City's policy is to apply restricted fund balances first, then unrestricted fund balances as needed.

When expenditures are incurred for purposes where only unrestricted fund balances are available, the City uses the unrestricted resources in the following order, except for instances wherein an ordinance specifies the fund balance:
• Committed
• Assigned
• Unassigned
(44)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) V. Use of Estimates
The preparation of the basic financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

NOTE 2 CASH AND INVESTMENTS
The City maintains a cash and investment pool, which includes cash balances and authorized investments of all funds. Certain restricted funds which are held and invested by independent outside custodians through contractual agreements are not pooled. These restricted funds include cash and investments with fiscal agents.

The City had the following cash and investments at June 30, 2023:

Government -Wide
Statement of Net Position Statement of
Cash and Investments
Cash and Investments with
Fiscal Agent
Total Cash and
Investments
Governmental Business -Type Fiduciary
Activities Activities Net Position
$ 38,182,514
4,216,844
$ 1,778,578 $ 985,548
$ 42, 399, 358 $ 1,778,578
The City's cash and investments at June 30, 2023, in
Cash and Cash Equivalents:

Demand Deposits
Petty Cash
Total Cash and Cash Equivalents
Investments:

Local Agency Investment Fund
CAMP
Money Market Mutual Fund
Negotiable Certificates of Deposit
U.S. Treasury Securities
Federal Agency Securities
Investments with Fiscal Agent:

Money Market Mutual Fund
Total Investments
Total Cash and Investments
(45)
Total
$ 40,946,640
682,794 4,899,638
$ 1,668,342 $ 45,846,278
more detail:
$ 3,323,609
17,565
3,341,174
15,890
5,092,511
57,013
3,230,844
23, 900,165
5,309,055
4,899,626
42, 505,104
$ 45,846,278

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 2 CASH AND INVESTMENTS (CONTINUED)
A. Demand Deposits
The carrying amounts of the City's demand deposits were $3,323,609 at June 30, 2023.

Bank balances at that date were $3,820,960, the total amount of which was insured or collateralized with accounts held by the pledging financial institutions in the City's name as discussed below.

The California Government Code requires California banks and savings and loan associations to secure the City's cash deposits by pledging securities as collateral. This Code states that collateral pledged in this manner shall have the effect of perfecting a security interest in such collateral superior to those of a general creditor. Thus, collateral for cash deposits is considered to be held in the City's name.

The market value of pledged securities must equal at least 110% of the City's cash deposits. California law also allows institutions to secure City deposits by pledging first trust deed mortgage notes having a value of 150% of the City's total cash deposits. The City may waive collateral requirements for cash deposits, which are fully insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC). The City, however, has not waived the collateralization requirements.

The City follows the practice of pooling cash and investments of all funds, except for funds required to be held by fiscal agents under the provisions of bond indentures.

Interest income earned on pooled cash and investments is allocated on an accounting period basis to the various funds based on the period -end cash and investment balances. Interest income from cash and investments with fiscal agents is credited directly to the related fund.
(46)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 2 CASH AND INVESTMENTS (CONTINUED)
B. Investments Authorized by the California Government Code and the City's Investment Policy
The table below identifies the investment types that are authorized by the City's investment policy and the California Government Code. The table also identifies certain provisions of the California Government Code (or the City's investment policy, if more restrictive) that address interest rate risk, credit risk, and concentration of credit risk. This table does not address investments of debt proceeds held by bond trustee that are governed by the provisions of debt agreements of the City, rather than the general provisions of the California Government Code or the City's investment policy.

Authorized Investment Type
Maximum
Maximum Investment
Maximum Percentage of in One
Maturity Portfolio Issuer
United States (U.S.) Treasury
Obligation 5 Years None None
Federal Agency Securities 5 Years 30% 15%
Negotiable Certificates of Deposits 5 Years 30% $250,000 Non -Negotiable Certificates of Deposit 5 Years 40% $250,000 Money Market Funds N/A 20% 10%
Passbook Savings N/A None None
Commercial Paper 270 Days 25% 10%
Banker's Acceptances 180 Days 30% 30%
Local Agency Investment Fund (LAIF) N/A None None
Orange County Investment Pool N/A None None
Joint Powers Authority Pools (JPA) N/A None None
California Asset Management Program N/A None None
Repurchase Agreements 1 year 30% None
*The table is based on state law requirements or investment policy requirements, whichever is more restrictive.
(47)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 2 CASH AND INVESTMENTS (CONTINUED)
C. Investments Authorized by Debt Agreements
Authorized Investment Type
Maximum
Maximum Investment
Maximum Percentage of in One
Maturity Portfolio Issuer
United States (U.S.) Treasury
Obligation N/A None None
Federal Agency Securities N/A None None
Negotiable Certificates of Deposits N/A None None
Non -Negotiable Certificates of Deposit N/A None None
Money Market Funds N/A None None
Passbook Savings N/A None None
Commercial Paper 270 Days None None
Banker's Acceptances 180 Days None None
Local Agency Investment Fund (LAIF) N/A None None
Orange County Investment Pool N/A None None
Investments of debt proceeds held by bond trustee are governed by provisions of the debt agreements, rather than the general provisions of the California Government Code or the City's investment policy. The table below identifies the investment types that are authorized for investments held by bond trustee. The table also identifies certain provisions of these debt agreements that address interest rate risk, and concentration of credit risk.

D. Fair Value Measurement
At June 30, 2023, investments are reported at fair value. The following table presents the fair value measurement of investments on a recurring basis and the levels within the GASB 72 fair value hierarchy in which the fair value measurements fall at June 30, 2023:

Measurement Input
Significant Other
Observable Input
Investment Type (Level 2) Uncategorized (3) Total
Local Agency Investment Fund $ - $ 15,890 $ 15,890
California Asset Management Program 5,092,511 5,092,511 Money Market Mutual Funds - 57,013 57,013
Negotiable Certificates of Deposit (1) 3,230,844 3,230,844 U.S. Treasury Securities (1) 23,900,165 23,900,165
Federal Agency Securities (1) 5,309,055 5,309,055
Held by Fiscal Agent:

Money Market Mutual Funds - 4,899,626 4,899,626
Total $ 32,440,064 $ 10,065,040 $ 42,505,104
(1) Pricing based on institutional bond quotes - evaluations based on various market and industry inputs.
(2) Evaluations based on various market factors.
(3) Cash and cash equivalents
(48)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 2 CASH AND INVESTMENTS (CONTINUED)
D. Fair Value Measurement (Continued)
Disclosures Relatinc to Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment is, the greater the sensitivity of its fair value to changes in market interest rates. One of the ways that the City manages its exposure to interest rate risk is by purchasing a combination of shorter term and longer -term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flow and liquidity needed for operations.

E. Risk Disclosures
Information about the sensitivity of the fair values of the City's investments (including investments held by bond trustees) to market interest rate fluctuations is provided by the following table that shows the distribution of the City's investments by maturity:

Investment Maturities (in Years)
Investment Type
Local Agency Investment
Fund
California Asset Management
Program
Money Market Mutual Funds
Negotiable Certificates of
Deposit
U.S. Treasury Securities
Federal Agency Securities
Held by Fiscal Agent:

Money Market Mutual Funds
Total
Fair Value Less than 1 1 to 2 2 to 3 3 to 4
15,890 $ 15,890 $
5,092.511 5,092,511
57,013 57,013

3.230,844
23,900,165 10,189.753
5,309,055
4,899,626 4,899,626
233,135
6,561,790
1,963,187
$
1,423.349
446,940
4 to 5
$ - $
432.080
4,278,343
720,555

1.142,280
2,870,279
2,178,373
$ 42,505,104 $ 20,254,793 $ 8,758,112 $ 1,870,289 $ 5,430,978 $ 6,190,932 Disclosures Relating to Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Presented below is the minimum rating required by (where applicable) the California Government Code or the City's investment policy, or debt agreements, and the actual rating as of fiscal year-end for each investment type.

Minimum
Legal Not
Investment Type Total Rating AAA Rated
Local Agency Investment Fund $ 15,890 N/A $ - $ 15,890
California Asset Management Program 5,092,511 N/A - 5,092,511 Money Market Mutual Funds 57,013 AAA 57,013 -
Negotiable Certificates of Deposit 3,230,844 N/A - 3,230,844 U.S. Treasury Securities 23,900,165 N/A 23,900,165
Federal Agency Securities 5,309,055 N/A 5,309,055
Held by Fiscal Agent:

Money Market Mutual Funds 4,899,626 AAA 4,899,626
Total $ 42,505,104 $ 34,165,859 $ 8,339,245
(49)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 2 CASH AND INVESTMENTS (CONTINUED)
E. Risk Disclosures (Continued)
Concentration of Credit Risk
The investment policy of the City contains no limitations on the amount that can be invested in any one issuer beyond that stipulated by the California Government Code.

The City has no investments in any one issuer (other than mutual funds and external investment pools) that represent 5% or more of total City investments.

Custodial Credit Risk
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that in the event of the failure of the counterparty (e.g., broker dealer) to a transaction, a government will not be able to recover the value of its investment or collateral securities that are in the possession of another party. The California Government Code and the City's investment policy do not contain legal or policy requirements that would limit the exposure to custodial credit risk for deposits or investments, other than the provision for deposits as disclosed in Note 2A.

For investments identified herein as held by bond trustee, the bond trustee selects the investment under the terms of the applicable trust agreement, acquires the investment, and holds the investment on behalf of the reporting government. At June 30, 2023, the investments held by bond trustee were held in money market mutual funds, which are considered to be cash equivalents.

F. Investment in Local Agency Investment Fund (LAIF)
The City is a participant in LAIF, which is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the state of California. The City's investments with LAIF at June 30, 2023, included a portion of the pool funds invested in Structured Notes and Asset -Backed Securities, which included the following:

Structured Notes — debt securities (other than asset -backed securities) whose cash flow characteristics (coupon rate, redemption amount, or stated maturity) depend upon one or more indices and/or that have embedded forwards or options.

Asset -Backed Securities — generally, mortgage -backed securities that entitle their purchasers to receive a share of the cash flows from a pool of assets such as principal and interest repayments from a pool of mortgages (for example, collateralized mortgage obligations), or credit card receivables. (50)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 2 CASH AND INVESTMENTS (CONTINUED)
F. Investment in Local Agency Investment Fund (LAIF) (Continued) As of June 30, 2023, the City had $15,890 invested in LAIF, which had invested 1.10% of the pool investment funds in structured notes and asset -backed securities. The fair value of the City's portion in the pool is the same as the value of the pool shares and reported at amortized cost.

G. California Asset Management Program (CAMP)
The City invests in this investment trust, California Asset Management Program (CAMP), which is similar to a money market mutual fund. The fund invests primarily in certificates of deposit, commercial paper, and U.S. Government and Agency obligations. The City is a voluntary participant in the investment trust.

The CAMP Cash Reserve Portfolio (the Pool) is exempt from registration with the Securities and Exchange Commission (SEC) under the Investment Company Act of 1940 but operates in a manner consistent with SEC Rule 2a-7, "Money Market Funds," of that Act. Accordingly, the Pool meets the definition of a "2a-7 like pool" set forth in GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and for External Investment Pools. While the Pool itself is exempt from SEC registration, the Pool's investment advisor and administrator, PFM Asset Management LLC, is registered with the SEC as an investment advisor under the Investment Advisers Act of 1940. PFM Asset Management LLC has filed with the California Department of Corporations, as well as various other states, as an investment advisor under state securities laws.

In addition, the Pool also meets the definition of "Municipal Fund Security" outlined by Municipal Securities Rulemaking Board (MSRB) Rule 0-12; therefore, contacts with prospective investors relating to shares of the Pool are conducted through PFM Asset Management LLC's wholly owned subsidiary, PFMAM, Inc., a broker/dealer that is registered with the SEC and MSRB and is a member of the National Association of Securities Dealers. The Pool also files an income tax return annually with the Internal Revenue Service, though the net income of the Pool is generally exempt from federal income tax.
(51)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 3 INTERFUND TRANSACTIONS
A. Due From/To Other Funds
At June 30, 2023, the City had the following due from/to other funds:

Due From
Other Funds
Due To Other Funds General Fund
Debt Service Fund
Nonmajor Special Revenue Funds:

Landscape Maintenance District 92-1
Housing and Community Development
Gasoline Tax
Sewer Construction
Placentia Regional Navigation Center
Nonmajor Capital Projects Funds:

City Projects
Internal Service Funds:

Health and Welfare
Total
$ 63,135
737
633,111
22,006
94,843
1,955,308
566,011
38,322
$ 3,373,473
The above amounts resulted from when one fund reflects a deficit in its pooled cash account. Short-term loans were made from the General Fund to address these deficits.

B. Transfers
During the year ended June 30, 2023, the City had the following transfers:

Transfers Out
Transfers In
General Fund
Debt Service Fund
Nonmajor Governmental
Funds
Total
Nonmajor
Debt Service Governmental
General Fund Fund Funds Total
$ - $ 2,456,825 $ 153,689 $ 2,610,514
3,505,634 - - 3,505,634
417,154 - 404,450 821,604
$ 3,922,788 $ 2,456,825 $ 558,139 $ 6,937,752
(52)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 3 INTERFUND TRANSACTIONS (CONTINUED)
B. Transfers (Continued)
In general, transfers are used to 1) use revenues collected in one fund to finance various programs accounted for in other funds in accordance with budgetary authorizations, and 2) to transfer to the General Fund to fund administration services. Some of the more significant transfers are detailed below.

Transfers from the Debt Service Fund to the General Fund of $2,456,825 were to establish a pension stability fund and pre -fund a trust for the City's OPEB plan.

Transfers from nonmajor governmental funds to the General Fund of $153,689 were to fund police department expenditures.

The General Fund transferred $417,154 to nonmajor funds as operating subsidies and $3,505,634 to the Debt Service Fund to fund debt service.

The Gas Tax Special Revenue Fund transferred $404,450 to the Gas Tax Debt Service Fund to fund the 2011 Gas Tax Certificate of Participation debt service.

NOTE 4 LONG-TERM RECEIVABLES
A. Loans Receivable
At June 30, 2023, the City has the following loans receivable:

Citywide
Development
Impact Fee Other
General Special Governmental
Fund Revenue Fund Funds Total
Certificates of Participation
Reimbursement
Owner's Participation Agreement
Real Property Loan Obligation
Receivable
Placentia Veterans Village Loan
Placentia Veterans Village DIF
Mitigation Loan
Total
$ 1,533,961 $ - $ $ 1,533,961
37,916 37,916
41,463 - 10,367 51,830
500,000 500,000
511,933 70,916 582,849
$ 1,575,424 $ 511,933 $ 619,199 $ 2,706,556
(53)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 4 LONG-TERM RECEIVABLES (CONTINUED)
A. Loans Receivable (Continued)
Certificates of Participation Reimbursement
On April 16, 2007, the City Council of the City of Placentia and the Board of Directors of the former Placentia Redevelopment Agency approved a reimbursement agreement between the City and the former Placentia Redevelopment Agency. This agreement provides that the former Placentia Redevelopment Agency will reimburse the City for a portion of the lease payment paid by the City to the bond trustee, with respect to the 2003 Certificates of Participation (COP). The 2003 COP were refinance with the 2022 COP during the year (see note 7).

The portion reimbursed (87.52%) is based upon the portion of the capital improvements and improved facilities benefiting from the original proceeds of the 2003 COP related debt issue that were within the confines of the development project area.

Owner's Participation Agreement
The Placentia Redevelopment Agency entered into an owner participation agreement dated January 5, 2001. Pursuant to that agreement, the Agency loaned $150,000 to a small business in Placentia. The term of the loan is 30 years and does not bear interest, except upon default. The loan was recorded in the Low and Moderate Housing fund of the former Redevelopment Agency of Placentia. Upon dissolution of the Redevelopment Agency at February 1, 2012, the outstanding loan receivable balance was transferred to the Housing Successor Fund. During the current fiscal year, the City received $ 5,833 in principal payments. The ending loan receivable balance at June 30, 2023, is $37,916.

Real Property Loan Obligation Receivable
On January 20, 2009, the City Council of the City of Placentia and the Board of Directors of the former Placentia Redevelopment Agency approved a Purchase and Sale agreement between the City and the former Placentia Redevelopment Agency. This agreement provided that the Placentia Redevelopment Agency would finance and purchase two real properties from the City; 312 South Melrose Street and 110 South Bradford Avenue for $2,270,000 based on appraised property values at an interest rate of 7%.

Due to the dissolution of the former Placentia Redevelopment Agency at February 1, 2012, the interest rate was decreased to 3% and the recalculated loan shall be applied first to principal and second to interest in compliance with Health and Safety Code 34191.4 (b) (3). In addition, 20% of the outstanding loan receivable balance was transferred from the City's General Fund to the Housing Successor Agency fund in compliance with Health and Safety Code 34191.4 (b) (3) (C). The total principal and interest loan obligation receivable balance as of June 30, 2023, is $41,463 to the City's General Fund and $10,367 to the Housing Successor Agency Fund for a total of $51,830.
(54)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 4 LONG-TERM RECEIVABLES (CONTINUED)
A. Loans Receivable (Continued)
Placentia Veterans Village Loan Receivable
On November 13, 2018, the City Council of the Housing Successor Agency to the former Redevelopment Agency of the City of Placentia approved a loan agreement of $500,000 between the Housing Successor Agency and Mercy Housing California to initiate construction of the Placentia Veterans Village. The loan receivable balance at June 30, 2023, is $500,000.

Placentia Veterans Village Developer Impact Fee Mitigation Loan Receivable On February 20, 2018, the City Council of the Housing Successor Agency to the former Redevelopment Agency of the City of Placentia approved a loan agreement between the Housing Successor Agency and Mercy Housing California whereby the collection of up to $582,850 of developer impact fees would be deferred. The loan shall be payable from fifty percent (50%) of the residual receipts of the housing project (to be shared pro -rata with other housing project lenders whose loans are payable from residual receipts), until the loan has been paid in full. The loan receivable balance at June 30, 2023, is $582,849.

B. Leases Receivables
The City, acting as lessor, leases land and improvements under fourteen long-term, noncancellable lease agreements. The leases expire at various dates through July 1, 2065. The net present values of the leases receivable were determined using discount rates ranging from 0.218% to 2.184%. Rent payments ranging from $300 to $3,543, are received monthly, or ranging from $50,000 to $250,000, received annually. During the year ended June 30, 2023, the City recognized $909,707 and $322,290 in lease revenue and interest revenue respectively, pursuant to these lease agreements.

The leases provide for increases in future minimum monthly rent payments, subject to certain stated increases.
(55)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 5 CAPITAL ASSETS
The following is a summary of changes in capital assets for the governmental activities for the year ended June 30, 2023:

Balance
June 30, 2022 Balance
Restated (1) Additions Deletions Reclassifications June 30, 2023 Capital Assets Not Being
Depreciated/Amortized:

Land
Land -Right of Way
Infrastructure - Trees
Construction in Progress
Total Capital Assets Not
Being Depreciated
Capital Assets Being
Depreciated/Amortized:

Structures and Improvements
Right -to -Use Lease Land
Right -to -Use Lease Equipment
Subscription Assets
Equipment
Land Improvements
Infrastructure:

Streets Network
Street Appurtenances
Storm Drains
Total Capital Assets
Being Depreciated/Amortized
Less: Accumulated
Depreciation/Amortization for:

Structures and Improvements
Right -to -Use Lease Land
Right -to -Use Lease Equipment
Subscription Assets
Equipment
Land Improvements
Infrastructure:

Streets Network
Street Appurtenances
Storm Drain
Total Accumulated
Depreciation/Amortization
Total Capital Assets Being
Depreciated/Amortized, Net
Total Govemmental
Activities
$ 25,201,871 $ 917,100 $
258,822 750,000
3,114,540
7,234,274 20,207,056
35,809,507 21,874,156
19,107,547 -
684,909 -
139,314 729,717
2,047,653 495,253
16,550,571 160,472
172,528
58,397,800
24,270,258
9,225,024
130,595,604 1,385,442
(7,595,792) (761,741)
(152,202) (152,202)
(29,224) (242,390)
(361,058)
(9,108,784) (1,709,932)
(123,556) (5,796)
(26,465,149) (1,425,737)
(15,427,251) (513,465)
(6,865,402) (184,500)
65,767,360) (5,356,821)
64,828,244 (3,971,379)
90,123)
(90,123)
(10,362)
(275,158)
(285,520)
10,362
275,158
- $ 26,118,971
1,008,822
3,114,540
(3,243,649) 24,107,558
(3,243,649) 54,349,891
1,309,063 20,416,610
684,909
858,669
2,542,906
1,068,677 17,504,562
172,528
696,699 59,094,499
169,210 24,439,468
9,225,024
3,243,649 134,939,175
(8,357,533)
(304,404)
(261, 252)
(361,058)
(10,543,558)
(129,352)
(27,890,886)
(15,940,716)
(7,049,902)
285,520 - (70,838,661)
3,243,649 64,100,514
$ 100,637,751 $ 17,902,777 $ (90,123) $ - $ 118,450,405 (1) The beginning balance was restated to add subscription assets due to the implementation of GASB Statement No.96, Subscription -Based Information Technology Arrangements. See Note 1C.
(56)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 5 CAPITAL ASSETS (CONTINUED)
Depreciation/amortization expense was charged to functions/programs of governmental activities for the year ended June 30, 2023, as follows:

General Government
Public Safety
Public Works
Community Services
Total Depreciation/Amortization Expense
$ 1,222,467
1,400, 511
2,310,994
422,849
$ 5,356,821
The following is a summary of changes in capital assets for the business -type activities for the year ended June 30, 2023:

Capital Assets Being
Depreciated:

Structures and
Improvements
Equipment
Total Capital Assets
Being Depreciated
Less: Accumulated
Depreciation for:

Structures and
Improvements
Equipment
Total Accumulated
Depreciation
Total Capital Assets
Being Depreciated, Net
Total Business -Type
Activities
Balance Balance
June 30, 2022 Additions Deletions June 30, 2023
$ 28,155,969 $
122,158
$ - $ 28,155,969
- 122,158
28,278,127 - - 28,278,127
(20,517,049) (515,100) - (21,032,149)
(67,539) (12,216) - (79,755)
(20,584,588 (527,316) - (21,111,904,
7,693,539 (527,316) - 7,166,223
$ 7,693,539 $ (527,316) $ - $ 7,166,223
Depreciation expense was charged to the Sewer Maintenance Fund within business -type activities.
(57)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 6 LONG-TERM LIABILITIES
A. Governmental Activities
A summary of changes in long-term liabilities for governmental activities for the year ended June 30, 2023 is as follows:

Balance Classification
June 30, 2022 Balance Due within Due in More
As Restated (1) Additions Deletions June 30, 2023 One Year Than One Year Long -Term Debt:

Direct Borrowings and
Placements:

Loan Payable- Radio $ 664,014 $
Loan Payable -Fire #1 2,785,389
Loan Payable -Fire #2 1,460,450
Loan Payable - Easement
Loan Payable - Vehicles
OCTA Advance 1,557,622
Fire UAL Payoff Loan 1,076,463
Loan Payable -Ref 2003 COP 2,189,027
2021 Installment Sale
Agreement (2011 Gas
Tax Refunding) 3,004,000
2020A Lease Revenue
Bonds 51,890,000
Total Direct Borrowings
and Placements 64,626,965
Leases Payable 650,728
Subscription Liability 1,980,416
Total Long -Term Debt 67,258,109
Claims Payable 5,015,211
Compensated Absences 2,195,349
Total Long -Term
Liabilities
342,655
160,470
$ (148,417) $ 515,597 $ 153,118 $ 362,479
(339,935) 2,445,454 349,140 2,096,314
(178,474) 1,281,976 183,235 1,098,741
(58,244) 284,411 61,739 222,672
(35,839) 124,631 28,101 96,530
(413,344) 1,144,278 408,155 736,123
(362,202) 714,261 369,329 344,932
(436,330) 1,752,697 421,431 1,331,266
(353,000) 2,651,000 358,000 2,293,000
(1,500,000) 50,390,000 1,860,000 48,530,000
503,125 (3,825,785) 61,304,305 4,192,248 57,112,057
651,168 (314,333) 987,563 369,418 618,145
488,754 (619,499) 1,849,671 273,622 1,576,049
1,643,047 (4,759,617) 64,141,539 4,835,288 59,306,251
101,199 (1,065,066) 4,051,344 999,086 3,052,258
476,176 (159,906) 2,511,619 139,066 2,372,553
$ 74.468,669 $ 2,220,422 $ (5,984,589) $ 70,704,502 $ 5,973,440 $ 64,731,062 (1) The beginning balance was restated to add subscription liabilities due to the implementation of GASB Statement No.96, Subscription -Based Information Technology Arrangements. See Note 1C.

Loan Payable — Refunding of 2003 Certificates of Participation On June 1, 2022, the City entered into a loan payable agreement in the amount of $2,189,027 with the Municipal Finance Corporation to (a) refinance certain obligations relating to the 2003 Refunding and Improvements Project Certificates of Participation Principal is payable annually on January 1. Interest is payable semi-annually on January 1 and July 1, commencing January 1, 2023.
(58)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 6 LONG-TERM LIABILITIES (CONTINUED)
A. Governmental Activities (Continued)
Loan Payable — Refunding of 2003 Certificates of Participation (Continued) On April 17, 2007, the City Council of the City of Placentia and the Board of Directors of the former Placentia Redevelopment Agency approved a reimbursement agreement between the City and the Placentia Redevelopment Agency. This agreement provides that the former Placentia Redevelopment Agency will reimburse the City for a portion of the lease payment paid by the city to the Bond trustee. The portion reimbursed is based upon the portion of the capital improvements and improved facilities benefiting from the original proceeds of the related debt issue that were within the confines of the redevelopment project area.

The loan payable is the obligation of the City and is reported in full in the government - wide statement of net position, within the governmental activities. A portion of the 2003 Certificates of Participation, which constitutes 87.52% of the total obligation amount, is to be repaid by the former Placentia Redevelopment Agency, pursuant to the reimbursement agreement mentioned above. As such, an amount reflecting the total obligation is reported on the statement of fiduciary net position within the RDA Successor Agency Private -Purpose Trust Fund. A note receivable is reported in the General Fund, relating to the total obligation that the city is expected to have reimbursement by the former Placentia Redevelopment Agency (See Note 4 for additional details). The outstanding balance of the 2022 Certificates of Participation as of June 30, 2023, is $1,752,697.

The final payment on this refinancing will be January 1, 2027 and may be prepaid in whole or in part on any payment date beginning on July 1, 2025.

The annual debt service requirements are as follows:

Year Ending June 30,
2023
2024
2025
2026
Total
Principal
Interest Total
$ 421,431 $ 41,188 $ 462,619
433,047 31,285 464,332
443,986 21,108 465,094
454,233 10,674 464,907
$ 1,752,697
104,255
1,856,952
2020 Lease Revenue Bonds
On November 12, 2020, the City issued the 2020A Lease Revenue Bonds through the Placentia Public Financing Authority to pay the City's currently unamortized, unfunded accrued actuarial liability to CalPERS for the benefit of City employees, to fund certain anticipated increases to the accrued liability to CalPERS, to fund a reserve account for the bonds and to pay the costs incurred in connection with the issuance of the bonds.

The bonds are issued in denominations or $5,000 and bear interest ranging from 1.7% to 4.0%. Interest on the bonds will be paid semi-annually on June 1 and December 1, of each year, commencing June 1, 2021.
(59)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 6 LONG-TERM LIABILITIES (CONTINUED)
A. Governmental Activities (Continued)
2020 Lease Revenue Bonds (Continued)
The bonds are secured under an indenture as of November 1, 2020, by the authority and US Bank as trustee. The bonds are payable from the revenues pledged under the indenture. Under the indenture, the revenues are defined as base rental payment made by the City to the Authority as the rental for real property and improvements thereon.

The City is required under the lease agreement to pay to the Authority specified amounts for use and possession of the leased property which amounts are calculated to be sufficient in both time and amount to pay, when due, the principal of and interest on the Bonds. Except for the Authority's right, title, and interest in and to the base rental payments and otherwise to the lease agreement which have been assigned to the trustee, no funds or properties of the Authority or the City are pledged to or otherwise liable for the bonds or any other obligations of the Authority.

The bonds are being issued to fund 100% of the City's unfunded liability for the miscellaneous plan and safety plan. Upon the issuance of the bonds, the city paid $43,777,218 to CaIPERS for deposit to the CaIPERS payment fund. This amount represents the June 30, 2019, unfunded liability for the miscellaneous and safety plans shown in the 2019 CaIPERS reports, rolled forward to November 12, 2020, and taking into account payments made during the fiscal years 2020 and 2021.

The bonds maturing on or after June 1, 2031, are subject to optional redemption prior to maturity on or after June 1, 2030, at the option of the City, in whole, or in part, on any date, at a redemption price equal to the principal amount of the bonds to be redeemed, plus accrued but unpaid interest to the redemption date, without premium. The bonds maturing on June 1, 2035, and June 1, 2045, are subject to mandatory redemption on June 1, in each year until maturity, from mandatory sinking account payments made by the Authority, at a redemption price equal to the principal amount thereof to be redeemed together with accrued interest thereon to the redemption date, without premium, provided however, that in lieu of redemption thereof, such term bonds may be purchased by the Authority and tendered to the trustee.

The bonds are reported in full in the government -wide statement of net position, within the governmental activities. The outstanding balance of the 2020A Lease Revenue Bonds as of June 30, 2023, is $50,390,000. The annual debt service requirements are as follows:

Year Ending June 30,
2024
2025
2026
2027
2028
2029-2033
2034-2038
2039-2043
2044-2046
Total
Principal
Interest Total
$ 1,860,000 $ 1,975,342 $ 3,835,342
2,190,000 1,933,772 4,123,772
2,405,000 1,878,036 4,283,036
2,475,000 1,806,944 4,281,944
2,555,000 1,727,596 4,282,596
14,240,000 7,178,631 21,418,631
15,665,000 4,075,285 19,740,285
7,770,000 1,247,406 9,017,406
1,230,000 75,357 1,305,357
$ 50,390,000 $ 21,898,369 $ 72,288,369
(60)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 6 LONG-TERM LIABILITIES (CONTINUED)
A. Governmental Activities (Continued)
2021 Installment Sale Agreement
On March 1, 2021, the City entered into an installment sale agreement with Trust Bank to refund all outstanding 2011 Gas Tax Certificates of Participation and to pay the costs of issuance in connection with such refunding. The agreement constitutes the legal and valid binding agreement of the City enforceable against the City. The installment payment, in the aggregate, are $3,656,000 and include interest components, calculated at the rate of 1.65%, on the unpaid principal payable on the respective installment payment date. On the closing date, the City used the proceeds to pay (1) the amount of $3,531,754 to the escrow fund and $124,246 to the custodial account used to pay all costs of issuance related to the installment agreement.

The City's obligation to pay the installment payments is a special obligation of the City limited solely to the Gas Tax revenues and all amounts on deposit in the Gas Tax Fund.

Under no circumstances is the City required to advance moneys derived from any source of income other than the Gas Tax revenues and other sources specifically identified in the agreement. The City has the option to prepay the principal components of the installment payments in whole, on any date, commencing on December 1, 2025.

The bonds are reported in full in the government -wide statement of net position, within the governmental activities. The outstanding balance of the 2021 Installment Sale Agreement as of June 30, 2023, is $2,651,000.

The annual debt service requirements are as follows:

Year Ending June 30,
2024
2025
2026
2027
2028
2029-2032
Total
Principal Interest Total
$ 358,000 $ 42,265 $ 400,265
368,000 36,316 404,316
373,000 30,220 403,220
377,000 24,049 401,049
387,000 17,795 404,795
788,000 16,285 804,285
$ 2,651,000 $ 166,930 $ 2,817,930
(61)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 6 LONG-TERM LIABILITIES (CONTINUED)
A. Governmental Activities (Continued)
Loans Payable
800 MHz CCCS Public Safety Radio Upgrade
On October 1, 2016, the City entered into a Purchase Agreement to finance the acquisition and implementation of Citywide public safety radios and dispatch site with the Orange County 800MHz Countywide Coordinated Communications System (CCCS).

The assets acquired through the financing agreement were included in the machinery and equipment for governmental activities in the amount of $1,319,360. The loan is for a period of 10 years with an interest rate of 3.13% for a total of $187,871. Loan payments are payable quarterly in arrears of the period to which they relate to. The annual debt service requirements are as follows:

Year Ending June 30,
2023
2024
2025
Total
Principal Interest Total
$ 153,118 $ 14,352 $ 167,470
157,967 9,503 167,470
204,512 4,826 209,338
$ 515,597 $ 28,681 $ 544,278
Fire Loan Payable #1
On August 27, 2019, the City entered into an agreement for financing the acquisition of fire trucks and equipment for the Placentia Fire and Life Safety Department. The assets acquired through the financing agreement were included in the machinery and equipment for governmental activities in the amount of $3,400,000. The loan is for a period of 10 years with an interest rate of 2.69%. Loan payments are payable on February 1 and August 1, commencing August 1, 2020. The title to the purchased equipment is in the name of the City. The annual debt service requirements are as follows:

Year Ending June 30,
2024
2025
2026
2027
2028
2029-2031
Total
Principal Interest Total
$ 349,140 $ 63,450 $ 412,590
358,596 53,995 412,591
368,307 44,284 412,591
378,281 34,310 412,591
388,525 24,066 412,591
602,605 16,282 618,887
$ 2,445,454 $ 236,387 $ 2,681,841
(62)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 6 LONG-TERM LIABILITIES (CONTINUED)
A. Governmental Activities (Continued)
Loans Payable 'Continued)
Fire Loan Payable #2
On November 25, 2019, the City entered into an agreement for financing the acquisition of fire trucks and equipment for the Placentia Fire and Life Safety Department. The assets acquired through the financing agreement were included in the machinery and equipment for governmental activities in the amount of $1,795,000. The loan is for a period of 10 years with an interest rate of 2.65%. Loan payments are payable on February 1 and August 1, commencing August 1, 2020. The title to the purchased equipment is in the name of the City. The annual debt service requirements are as follows:

Year Ending June 30,
2024
2025
2026
2027
2028
2029-2031
Total
Principal
$ 183,235
188,123
193,141
198,293
203,583
315,601
$ 1,281,976 $ 122,032 $ 1,404,008
Interest Total
$ 32,766
27,879
22,860
17,708
12,419
8,400
$ 216,001
216,002
216,001
216,001
216,002
324,001
Land Easement Loan
On July 18, 2018, the City entered into an agreement for financing a portion of the acquisition of a land easement. The asset acquired through the financing arrangement is included in the land right-of-way in the amount of $750,000. The loan is for a period of 10 years with an interest rate of 6.00%. Annual loan payments of $78,803 are payable on August 1, through August 1, 2027. The outstanding principal as of June 30, 2023, is $284,411. The annual debt service requirements are as follows:

Year Ending June 30
2024
2025
2026
2027
2028
Total
Principal
$ 61,739
65,406
69,367
73,530
14,369
$ 284,411
Interest Total
$ 17,064 $ 78,803
13,397 78,803
9,436 78,803
5,273 78,803
862 15,231
$ 46,032 $ 330,443
Vehicles Loan
On July 19, 2018, the City entered into an agreement for financing the acquisition of electric vehicles. The assets acquired through the financing agreement were included in the machinery and equipment for governmental activities in the amount of $160,470. The loan is for a period of 5 years with an interest rate of 6.93%. Annual loan payments of $36,734 are payable on March 1, through March 1, 2027. The outstanding principal as of June 30, 2023, is $124,631.
(63)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 6 LONG-TERM LIABILITIES (CONTINUED)
A. Governmental Activities (Continued)
Loans Payable (Continued)
Vehicles Loan (Continued)
The annual debt service requirements are as follows:

Year Endinc June 30,
2024
2025
2026
2028
Total
Principal Interest Total
$ 28,101 $ 8,633 $ 36,734
30,048 6,686 36,734
32,129 4,605 36,734
34,353 2,380 36,733
$ 124,631 $ 22,304 $ 146,935
OCTA Advance
On February 16, 2010, the City entered into a cooperative agreement with the Orange County Transportation Authority (the OCTA). Terms of the cooperative agreement required OCTA to repay CalTrans $1.5 million for previously disallowed costs in exchange for the City's support of OCTA's direction to CalTrans for any eligible project in Orange County. In addition, OCTA advanced the City $4.1 million of future Measure M funds to the City. Principal and accrued but unpaid interest payments are deducted from future Measure M funds at OCTA's discretion over approximately 19 years. Interest is equal to the yield on OCTA's short-term investment portfolio, and resets annually on June 30. The outstanding principal as of June 30, 2023, is $1,144,278.

Fire UAL Payoff Loan
On May 5, 2020 the City approved a payment plan to Cal PERS to pay off the $1,878,760 unfunded accrued liability (UAL) on the termination of the City's Safety -Fire category of the City's contract with CaIPERS. The payment plan is for a period of 5 years with an interest rate of 1.95%. Payments of $31,664 are payable monthly through May 2025. The annual debt service requirements are as follows:

Year Ending June 30,
2024
2025
Total
Principal
Interest Total
$ 369,329 $ 10,639 $ 379,968
344,932 3,983 348,915
$ 714,261 $ 14,622
728,883
Leases Payable
The City leases land and improvements for various terms under five long-term, noncancelable lease agreements. The leases expire at various dates through May 11, 2026. The net present values of the leases payable were determined using a discount rates ranging from 0.218 to 2.656%. Rent payments ranging from $417 to $1,252, are paid monthly or ranging from $1,483 to $35,490, paid quarterly. The leases provide for increases in future minimum monthly rental payments subject to stated increases. (64)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 6 LONG-TERM LIABILITIES (CONTINUED)
A. Governmental Activities (Continued)
Leases Payable (Continued)
Total future minimum lease payments under lease agreements are as follows:

Year Endinc June 30, Principal Interest Total
2024
2025
2026
2027
2028
2029
Total
$ 369,418 $ 11,601 $ 381,019
328,685 7,945 336,630
162,905 4,744 167,649
59,828 2,775 62,603
61,522 1,081 62,603
5,205 12 5,217
$ 987,563 $ 28,158
1,015,721
SBITA Liabilities
The City has entered into subscription based -information technology arrangements (SBITAs) for finance, cloud, and operating information technology systems. The SBITA arrangements expire at various dates through 2034 and provide for renewal options.

As of June 30, 2023, SBITA assets and the related accumulated amortization totaled $2,542,906 and $(361,058), respectively. See Note 5 for Capital Assets.

The future subscription payments under SBITA agreements are as follows:

Year Endinc June 30,
2024
2025
2026
2027
2028
2029-2033
2034
Total
Principal Interest Total
$ 273,622 $ 32,478 $ 306,100
263,195 31,718 294,913
249,089 23,208 272,297
209,721 18,295 228,016
150,229 14,331 164,560
694,876 31,706 726,582
8,939 181 9,120
$ 1,849,671 $ 151,917 $ 2,001,588
There are no variable payments, no payments made related to termination penalties, and no impairment losses on SBITA assets. For the SBITA agreements added in the current year, total capitalizable software configuration costs totaled $488,754.

Claims Payable
Estimated claims payable from general liability and workers' compensation claims as determined by outside claims administrator. Outstanding balance as of June 30, 2023, is as follows:

General Liability Claims
Workers' Compensation Claims
Total Claims Payable
(65)
$ 1,167,761
2,883,583
$ 4,051,344

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 6 LONG-TERM LIABILITIES (CONTINUED)
B. Business -Type Activities
A summary of changes in long-term liabilities for business -type activities for the year ended June 30, 2023 is as follows:

Classification
Compensated Absences
Total
C. Fiduciary Activities
Balance
June 30, 2022
$ 42,491
$ 42,491
Balance Due Within Due in More
Additions Deletions June 30, 2023 One Year than One Year 5,985 $ (2,901) $ 45,575 $ 2,522 $ 43,053
5,985 $ (2,901) $ 45,575 $ 2,522 $ 43,053
A summary of changes in long-term liabilities for fiduciary activities for the year ended June 30, 2023, is as follows:

Bonds Payable:
2013 Tax Allocation
Refunding Bonds
Bond Premium:
2013 Tax Allocation
Refunding Bonds
Other Liabilities:

Reimbursement Due to City
SERAF Obligation
Real Property Loan
Obligation
Total
Balance Balance
June 30, 2022 Additions Deletions June 30, 2023
$ 8,720,000
Classification
Due Within Due in More
One Year Than One Year
$ (650,000) $ 8,070,000 $ 670,000 $ 7,400,000
35,900 (3,561)
32,339 32,339
2,183,624 (649,663) 1,533,961 368,837 1,165,124
991,314 - 991,314 - 991,314
563,886
$ 12,494,724
$
512.055
51,831 51,831
$ (1.815.2791 $ 10,679,445 $ 1,090,668 $ 9.588,777
2013 Tax Allocation Refunding Bonds
On December 1, 2013, the Successor Agency to the Redevelopment Agency of the City of Placentia issued a tax allocation refunding bond (TARB) in the amount of $13,120,000. Proceeds of the bond were used to refund the 2002 Series A & Series B Tax Allocation Bonds and the 2009 Subordinate Tax Allocation Note. The bond proceeds, together with other funds deposited from reserves, redeemed the 2002 Series A outstanding principal of $2,445,000, the 2002 Series B outstanding principal of $3,670,000, and the 2009 Subordinate TAN outstanding principal of $6,850,000. In lieu of funding the Reserve Account with proceeds of the Bonds, the Successor Agency has determined to purchase a Municipal Bond Debt Service Reserve Insurance Policy issued by the Insurer.
(66)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 6 LONG-TERM LIABILITIES (CONTINUED)
C. Fiduciary Activities (Continued)
The bond is a special obligation of the Successor Agency. The bond does not constitute a debt or liability of the City of Placentia, County of Orange, state of California, or of any political subdivision thereof, other than the Successor Agency. The Successor Agency shall only be obligated to pay the principal of the bond, or interest thereon, from the funds described within the Official Statement. Neither the faith and credit nor the taxing power of the City of Placentia, the County of Orange, the state of California, or any of its political subdivisions is pledged to the payment of the principal of or the interest on the bond. The Successor Agency has no taxing power. As of June 30, 2023, the outstanding principal on this bond is $8,070,000.

The annual debt service requirements are as follows:

Year Ending June 30,
2024
2025
2026
2027
2028
2029-2033
Total
Principal
Interest Total
$ 670,000 $ 339,538 $ 1,009,538
695,000 315,619 1,010,619
720,000 288,188 1,008,188
750,000 258,788 1,008,788
780,000 227,700 1,007,700
4,455,000 548,506 5,003,506
$ 8,070,000 $ 1,978,339 $ 10,048,339
Debt Related Pledge of Revenue
The Successor Agency has pledged a portion of future tax increment revenues to repay the 2013 TARB as the source of repayment of this debt. Tax increment revenues were projected to produce a certain percentage of the debt service requirements over the life of the debt. Due to the dissolution of the former Placentia Redevelopment Agency, the pledged revenue is deposited to the County of Orange Redevelopment Property Tax Trust Fund (RPTTF). The County forwards the City funds to pay these recognized obligations.

Certificates of Participation City Reimbursement
On April 17, 2007, the City Council of the City of Placentia and the Board of Directors of the former Placentia Redevelopment Agency approved a reimbursement agreement between the City and the former Placentia Redevelopment Agency. This agreement provides that the former Placentia Redevelopment Agency will reimburse the City for a portion of the lease payment paid by the City to the bond trustee, with respect to the 2003 Refunded and Improvement Project Certificates of Participation.

The portion reimbursed is based upon the portion of the capital improvements and improved facilities benefiting from the original proceeds of the related debt issue that were within the confines of the redevelopment project area. The updated long-term liability balance as of June 30, 2023, of $1,533,961 represents the portion of the principal balance for which the Successor Agency will reimburse the City. (67)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 6 LONG-TERM LIABILITIES (CONTINUED)
C. Fiduciary Activities (Continued)
Certificates of Participation City Reimbursement (Continued) The annual debt service requirements are as follows:

Year Ending June 30,
2024
2025
2026
2027
Total
Principal
$ 368,837
379,003
388,577
397,544
$ 1,533,961
Interest Total
$ 36,048 $ 404,885
27,380 406,383
18,474 407,051
9,342 406,886
$ 91,244 $ 1,625,205
Supplemental Education Revenue Augmentation Fund (SERAFObligation The Successor Agency has accrued a liability in the amount of $991,314 in regard to its Supplemental Education Revenue Augmentation Fund (SERAF) obligation. This amount includes the unpaid portions from fiscal years 2009-10 and 2010-11. In 2009, the state of California issued a mandate that shifted redevelopment funds to education purposes.

This action required each local redevelopment agency to make payment to their respective County Auditor -Controller. The Placentia Redevelopment Agency did not make payment on this obligation for two fiscal years, as it did not have the means to do so. Nonpayment of SERAF obligations would usually result in suspension of redevelopment activity. Upon dissolution of redevelopment in 2012, this unpaid obligation was transferred to the Successor Agency. The Successor Agency will continue working to resolve this matter. Outstanding balance of SERAF Obligation as of June 30, 2023, was $991,314.

Real Property Loan Obligation
On January 20, 2009, the City Council of the City of Placentia and the Board of Directors of the former Placentia Redevelopment Agency approved a Purchase and Sale agreement between the City and the former Placentia Redevelopment Agency. This agreement provides that the Placentia Redevelopment Agency will finance and purchase two real properties from the City; 312 South Melrose Street and 110 South Bradford Avenue for $2,270,000 based on appraised property values at an interest rate of 7%. (68)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 6 LONG-TERM LIABILITIES (CONTINUED)
C. Fiduciary Activities (Continued)
Real Property Loan Obligation Continued)
Due to the dissolution of the former Placentia Redevelopment Agency at February 1, 2012, the obligation was transferred to the Successor Agency. The interest rate was decreased to 3% and the recalculated loan is applied first to principal and second to interest in compliance with Health and Safety Code 34191.4 (b) (3). Since the Successor Agency has no taxing ability, repayment of the obligation is from County of Orange Redevelopment Property Tax Trust Fund (RPTTF) proceeds distributed to the Successor Agency based on an annual tax increment distribution formula. The total principal and interest loan obligation due to the City as of June 30, 2023, is $51,831.

NOTE 7 DEFERRED COMPENSATION PLANS
Section 457 Plan
The City has made available to its employees two deferred compensation plans, created in accordance with Internal Revenue Code (the IRC) Section 457, whereby employees authorize the City to defer a portion of their salary to be deposited in individual investment accounts. There are several options available for employees to invest, including annuities, life insurance, savings accounts, and mutual funds. Funds may be withdrawn by participants upon termination of employment, retirement, or a certified emergency. The City makes no contribution under the plans.

Pursuant to changes in IRC Section 457, the City amended its plans and established a trust into which all assets and income of the 457 plan were transferred during the year ended June 30, 1998. The assets and all income attributable to such amounts are held in trust for the exclusive benefit of the participant and their beneficiaries. These assets are no long the property of the City, and therefore, are no long subject to the claims of the City's general creditors. As a result, the assets of the 457 deferred compensation plans are no longer presented in an agency fund of the City's financial statements. The City has minimal involvement in the administration of the 457 plans, and therefore, lacks the fiduciary accountability that would require the 457 assets be recorded in an expendable trust fund.

The Defined Compensation Plan assets are not included in the accompanying basic financial statements.
(69)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 7 DEFERRED COMPENSATION PLANS (CONTINUED)
Section 401(a) Qualified Defined Contribution Pension Plan All City sworn full-time fire personnel are eligible to participate in the Section 401(a) qualified defined contribution pension plan as allowed under the Internal Revenue Code. The plan type sponsored by the City is the Money Purchase Plan (Plan), which was last amended on January 1, 2020. The Plan is a defined contribution retirement plan in which the employer's contribution is nondiscretionary and is based on a formula that is not related to profits. The Plan sponsor guarantees no benefit and bears no investment risk while the Plan participants bear all investment risk and have no guaranteed level of benefits.

An administrative committee comprised of City personnel governs the Plan. The City Council has the authority to establish or amend the Plan's provisions. The Plan's provisions and contribution requirements are established and may be amended by City Council resolution.

Eligible employees begin participating the first day of the month following their employment date of work. The Plan is entirely funded by City contributions of 10% of the participants' base pay to the deferred compensation plan. The City's contributions vest at 100% after completion of four years of uninterrupted employment.

Participants are eligible to begin receiving benefits at age 50 and are required to begin receiving benefits no later than April after age 70-1/2. The employees may also roll their funds to another retirement plan upon separation of service.

The City's payroll for employees covered by the Plan for the year ended June 30, 2023, was $1,965,040. Total employee contributions paid by the City amounted to $196,504.

The Plan's assets are invested with Mission Square Retirement, a mutual fund company that offers participants multiple mutual fund category selections from which they can choose.

As of June 30, 2023, the Plan had 25 participants and the market value of the Plan amounted to $594,016.
(70)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 8 PENSION PLANS
A. Summary
Deferred Outflows of Resources:

Pension Contribution Made After
Measurement Date:

CaIPERS Miscellaneous
CaIPERS Safety
Total Pension Contribution
Made After Measurement Date
Change in Assumptions
CaIPERS Miscellaneous
CaIPERS Safety
Total Change in Assumptions
Difference Between Projected and
Actual Investment Earnings:

CaIPERS Miscellaneous
CaIPERS Safety
Total Difference Between
Projected and Actual
Investment Earnings
Difference Between Expected and
Actual Experience:

CaIPERS Miscellaneous
CaIPERS Safety
Total Difference Between
Expected and Actual
Experience
Changes in Proportion and
differences between employer
contributions and proportionate
share of contributions:

CalPERS Miscellaneous
CaIPERS Safety
Total Employer Contributions
in Excess of Proportionate
Share of Contribution
Total Deferred Outflows of Resources:

CaIPERS Miscellaneous
CaIPERS Safety
Total Deferred Outflows of
Resources
Governmental Business -Type
Activities Activities
Total
$ 652,940 $ 57,818 $ 710,758
1,095,286 1,095,286
1,748,226
146,216
293,449
439,665
261,370
459,582 - 459,582
57,818 1,806,044
12,919 159,135
293,449
12,919 452,584
23,093 284,463
720,952
28,655
23,093 744,045
2,532 31,187
120,448 - 120,448
149,103
4,780,960
4,489,333
9,270,293
5,870,141
6,458, 098
2,532 151,635
422,407
5,203,367
4,489, 333
422,407 9,692,700
518,769
6,388,910
6,458,098
$ 12,328,239 $ 518,769 $ 12,847,008
(71)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 8 PENSION PLANS (CONTINUED)
A. Summary (Continued)
Net Pension Liabilities:

CaIPERS Miscellaneous
CaIPERS Safety
Total Net Pension Liabilities
Deferred Inflows of Resources:

Change in Assumptions
CaIPERS Miscellaneous
CaIPERS Safety
Total Change in Assumptions
Changes in Proportion and
differences between employer
contributions and proportionate
share of contributions:

CaIPERS Miscellaneous
CaIPERS Safety
Total Adjustment Due to
Difference in Proportions
Difference Between Expected and
Actual Experience:

CaIPERS Miscellaneous
CaIPERS Safety
Total Difference Between
Expected and Actual
Experience
Employer Contributions In Excess
of Proportionate Share of
Contribution:

CaIPERS Miscellaneous
CaIPERS Safety
Total Employer Contributions
in Excess of Proportionate
Share of Contribution
Difference Between Expected and
Actual Experience:

CaIPERS Miscellaneous
CaIPERS Safety
Total Difference Between
Expected and Actual
Experience
Total Deferred Inflows of Resources:

CalPERS Miscellaneous
CalPERS Safety
Total Deferred Inflows of
Resources
Governmental Business -Type
Activities Activities
Total
$ 1,426, 874 $ 126,102 $ 1,552,976
2,910,326 - 2,910,326
$ 4,337,200 $ 126,102 $ 4,463,302
15,143
$ $
1,338 16,481
101,750 - 101,750
116,893
19,192
31,604 - 31,604
1,338 118,231
1,696 20,888
50,796
34,335
1,696 52,492
3,034 37,369
133,354 - 133,354
$ 167,689 $ 3,034 $ 170,723
(72)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 8 PENSION PLANS (CONTINUED)
A. Summary (Continued)
Pension Expenses:

CaIPERS Miscellaneous
CaIPERS Safety
Total Net Pension Income
Governmental Business -Type
Activities Activities
Total
$ 12,071,837 $ 1,066,862 $ 13,138,699
21,443,649 - 21,443,649
$ 33,515,486 $ 1,066,862 $ 34,582,348
B. General Information about the Pension Plans
Plan Description
The City contributes to the California Public Employees Retirement System (CaIPERS), a cost -sharing, multiple -employer defined benefit pension plan. CaIPERS provides retirement and disability benefits, annual cost -of -living adjustments, and death benefits to plan members and beneficiaries. CaIPERS acts as a common investment and administrative agent for participating public entities within the state of California. Benefit provisions and all other requirements are established by state statute and City ordinance. Copies of the CaIPERS annual financial report may be obtained from their Executive Office located at 400 P Street, Sacramento, California 95814.

Employees Covered by Benefit Terms
At the June 30, 2022, measurement date the following employees were covered by the benefit terms:

Miscellaneous Miscellaneous Safety
Miscellaneous Tier 2 PEPRA Safety PEPRA
Active Employees 22 9 67 19 28
Transferred Employees 50 14 47 18 10
Separated Employees 30 3 44 11 9
Retired Employees and
Beneficiaries 181 4 120
Total 283 26 162 168 47
Benefit Provided
CaIPERS provide retirement and disability benefits, annual cost -of -living adjustments, and death benefits to plan members and beneficiaries. Classic and PEPRA Safety CaIPERS members become eligible for service retirement upon attainment of age 55 with at least five years of credited service. PEPRA miscellaneous members become eligible for service retirement upon attainment of age 62 with at least five 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 full-time equivalent monthly pay. (73)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 8 PENSION PLANS (CONTINUED)
B. General Information about the Pension Plans (Continued) Benefit Provided (Continued)
Following are the benefit provisions for each plan:

Benefit Formula
Benefit Vesting Schedule
Benefit Payments
Retirement Age
Monthly Benefits, as a
Percentage of Eligible
Compensation
Required Employee
Contribution Rate
Required Employer
Contribution Rate
Miscellaneous Miscellaneous Safety
Miscellaneous Tier 2 PEPRA Safety PEPRA

2.0%@55 2.0% @ 60 2.0% @ 62 3.0% @ 50 2.7%@57
5 Years 5 Years 5 Years 5 Years 5 Years
Service Service Service Service Service
Monthly for Life Monthly for Life Monthly for Life Monthly for Life Monthly for Life 55 62 62 50 50-57

2.0% 2.0% 2.0% 3.0% 2.7%

7.000% 7.000% 7.750% 9.000% 13.750%

10.870% 9.120% 7.470% 23.750% 12.780%
Contributions
Section 20814(c) of the California Public Employees' Retirement Law (PERL) requires that the employer contribution rates for all public employers are determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. The total plan contributions are determined through CaIPERS' annual actuarial valuation process. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The employer is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. Employer contribution rates may change if plan contracts are amended.

Payments made by the employer to satisfy contribution requirements that are identified by the pension plan terms as plan member contribution requirements are classified as plan member contributions. For the year ended June 30, 2023, the City made contributions to each Plan were as follows:

Miscellaneous Safety Total
Contributions - Employer $ 5,203,367 $ 4,489,333 $ 9,692,700 (74)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 8 PENSION PLANS (CONTINUED)
C. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions
Proportionate Share of Net Pension Liability and Pension (Income) Expense The City's net pension liability/(asset) for each Plan is measured as the proportionate share of the net pension liability/(asset). The net pension liability/(asset) of each of the Plans is measured as of June 30, 2022, and the total pension liability/(asset) for each Plan used to calculate the net pension liability/(asset) was determined by an actuarial valuation as of June 30, 2021, rolled forward to June 30, 2022, using standard update procedures. The City's proportion of the net pension liability/(asset) was based on a projection of the City's long-term share of contributions to the pension plans relative to the projected contributions of all participating employers, actuarially determined. The City's proportionate share of the net pension liability/(asset) for each Plan as of the June 30, 2022, measurement date (June 30, 2023, reporting date) and 2021 measurement date (June 30, 2022, reporting date) was as follows:

Proportion - June 30, 2021
Proportion - June 30, 2022
Change - Increase (Decrease)
Miscellaneous Safety
(0.45585)%

0.03319
(0.41630)%

0.04235

0.48904 % 0.45865 %
For the year ended June 30, 2023, the City recognized pension income of $13,138,699 and $21,443,649, for the Miscellaneous and Safety plans, respectively. At June 30, 2023, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

Contribution Made After the Measurement
Date
Difference Between Expected and Actual
Experience
Changes of Assumptions
Net Difference Between Projected and Actual
Earnings on Pension Plan Investments
Changes in proportion and differences between
employer contributions and proportionate share
of contributions
Total
(75)
Miscellaneous Plan
Deferred Deferred
Outflows of Inflows of
Resources Resources
$ 710,758 $
31,187
159,135
284,463
20,888
5,203,367 16,481
$ 6,388,910 $ 37,369

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 8 PENSION PLANS (CONTINUED)
C. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions (Continued)
Proportionate Share of Net Pension Liability and Pension Income) Expense (Continued) Safety Plan
Deferred Deferred
Outflows of Inflows of
Resources Resources
Contribution Made After the Measurement
Date
Difference Between Expected and Actual
Experience
Changes of Assumptions
Net Difference Between Projected and Actual
Earnings on Pension Plan Investments
Changes in proportion and differences between
employer contributions and proportionate share
of contributions
Total
Contribution Made After the Measurement
Date
Difference Between Expected and Actual
Experience
Changes of Assumptions
Net Difference Between Projected and Actual
Earnings on Pension Plan Investments
Changes in proportion and differences between
employer contributions and proportionate share
of contributions
Adjustments Due to Difference in Proportions
Total
(76)
$ 1,095,286 $
120,448 31,604
293,449
459,582
4,489, 333 101,750
$ 6,458,098 $ 133,354
Aggrecate Total
Deferred Deferred
Outflows of Inflows of
Resources Resources
$ 1,806,044 $
151,635 52,492
452,584
744,045
9,692,700 118,231
$ 12,847,008 $ 170,723

CITY OF PLACENTIA

Measurement
Period
Ending June 30,
2023
2024
2025
2026
2027
Thereafter
Total
Deferred (Inflows) Outflows of Resources
Miscellaneous Safety
Plan Plan Total
$2,232,875 $2,137,836 $ 4,370,711
2,069,623 2,234,528 4,304,151
1,164,298 576,742 1,741,040
173,987 280,352 454,339
$ 5,640,783
$ 5,229,458 $ 10,870,241
Actuarial Assumptions
The total pension liabilities in the June 30, 2021, actuarial using the following actuarial assumptions:

Actuarial Cost Method
Actuarial Assumptions:

Discount Rate
Inflation
Salary Increases
Investment Rate of Return
Mortality Rate Table
Post Retirement Benefit Increase
(77)
valuations were determined
Entry Age Normal

6.90%

2.30%
Varies by Entry Age and Service

6.90%
Derived using CaIPERS'
Membership Data for all Funds.

Contract COLA up to 2.3% until
Purchasing Power Protection
Allowance Floor on Purchasing
Power applies, 2.3% thereafter.

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 8 PENSION PLANS (CONTINUED)
C. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions (Continued)
Actuarial Assumptions (Continued'
The mortality table used was developed based on CaIPERS-specific data. The probabilities of mortality are based on the 2021 CaIPERS experience study for the period from 2001 to 2019. Pre -retirement and Post -retirement mortality rates include 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 CaIPERS Experience Study and review of Actuarial Assumptions report from November 2021 that can be found on the CaIPERS website.

Long -Term Expected Rate of Return
The long-term expected rate of return on pension plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.

In determining the long-term expected rate of return, CaIPERS took into account both short- term and long-term market return expectations. Using historical returns all of the funds' asset classes, expected compound (geometric) returns were calculated over the next 20 years using a building-block approach. The expected rate of return was then adjusted to account for assumed administrative expenses of 10 Basis points. The expected real rates of return by asset class are as follows:

Asset Class (a)
Global Equity - Cap -Weighted
Global Equity - Non -Cap -Weighted
Private Equity
Treasury
Mortgage -Backed Securities
Investment Grade Corporates
High Yield
Emerging Market Debt
Private Debt
Real Assets
Leverage
Total
Assumed
Asset Real Return
Allocation (a) (b)

30.00 % 4.45 %

12.00 3.84

13.00 7.28

5.00 0.27

5.00 0.50

10.00 1.56

5.00 2.27

5.00 2.48

5.00 3.57

15.00 3.21
(5.00) (0.59)
100.00 %
(a) An expected inflation of 2.30% used for this period (b) Figures are based on the 2021 Asset Liability Management study. (78)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 8 PENSION PLANS (CONTINUED)
C. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions (Continued)
Discount Rate
The discount rate used to measure the total pension liability was 6.90%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability.

Subsequent Events
On July 12, 2021, CaIPERS reported a preliminary 21.3% net return on investments for fiscal year 2020-21. Based on the thresholds specified in CaIPERS Funding Risk Mitigation policy, the excess return of 14.3% prescribes a reduction in investment volatility that corresponds to a reduction in the discount rate used for funding purposes of 0.20%, from 7.00% to 6.80%. Since CaIPERS was in the final stages of the four-year Asset Liability Management (ALM) cycle, the board elected to defer any changes to the asset allocation until the ALM process concluded, and the board could make its final decision on the asset allocation in November 2021.

On November 17, 2021, the board adopted a new strategic asset allocation. The new asset allocation along with the new capital market assumptions, economic assumptions and administrative expense assumption support a discount rate of 6.90% (net of investment expense but without a reduction for administrative expense) for financial reporting purposes. This includes a reduction in the price inflation assumption from

2.50% to 2.30% as recommended in the November 2021 CaIPERS Experience Study and Review of Actuarial Assumptions. This study also recommended modifications to retirement rates, termination rates, mortality rates and rates of salary increases that were adopted by the board. These new assumptions will be reflected in the GASB 68 accounting valuation reports for the June 30, 2022, measurement date.

Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate
The following presents the City's proportionate share of the net position liability for the Plan, calculated using the discount rate for each Plan, as well as what the City's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1 -percentage point lower or 1 -percentage point higher than the current rate:

Plan's Net Pension (Asset) Liability
1% Current 1%
Decrease Discount Rate Increase
(5.90%, (6.90%) (7.90%)
Miscellaneous
Safety
Total
$ 9,948,388 $ 1,552,976 $ (5,354,364)
17,679,981 2,910,326 (9,160,531)
$ 27,628,369 $ 4,463,302 $ (14,514,895)
(79)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 8 PENSION PLANS (CONTINUED)
C. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions (Continued)
Pension Plan Fiduciary Net Position
Detailed information about the pension plan's fiduciary net position is available in the separately issued CaIPERS financial reports.

D. Payable to the Pension Plan
At June 30, 2023, the City had no outstanding amounts owed to the pension plan for contributions for the year ended June 30, 2023.

NOTE 9 OTHER POSTEMPLOYMENT BENEFIT PLAN
A. Summary
Deferred Outflows of Resources:

Employer Contributions Made
Subsequent to the Measurement
Date
Changes in Assumptions
Total Deferred Outflows of
Resources
Total OPEB Liability
Total OPEB liability
Deferred Inflows of Resources:

Changes in Assumptions
Difference Between Expected and
Actual Experience
Total Deferred Inflows of
Resources
OPEB Expense
Governmental Business -Type
Activities Activities
Total
$ 2,722,012 $ 78,132 $ 2,800,144
2,834,435 81,358 2,915,793
$ 5,556,447 $ 159,490 $ 5,715,937
$ 17,803,729 $ 511,032 $ 18,314,761
$ 17,803,729 $ 511,032 $ 18,314,761
$ 5,636,064 $ 161,776 $ 5,797,840
6,519,865
187,144 6,707,009
$ 12,155,929 $ 348,920 $ 12,504,849
$ 153,246 $ 4,904 $ 158,150
(80)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 9 OTHER POSTEMPLOYMENT BENEFIT PLAN (CONTINUED)
B. General Information About OPEB
Plan Description
The City provides post -employment defined benefits to retired employees in the form of a contribution towards their health insurance premiums under the CaIPERS health plan, an agent multiple employer plan, that provides health insurance benefits to eligible retirees in accordance with various labor agreements. The minimum required retiree contributions are established by CaIPERS. Survivor benefits are not provided. Copies of the CaIPERS' annual financial report can be obtained from the CaIPERS Executive Office, 400 P Street, Sacramento, California 95814.

Eligibility
All employees hired prior to November 21, 1995, are in Tier I and become eligible for these benefits as long as they are 50 years of age or older and have worked for the City a minimum of five years and elect a service retirement from the City. The health benefits for Tier I retirees include medical, dental, optical, and life. These benefits are considered to be vested for Tier I employees. The City pays the same contribution for these benefits to Tier I employees as is paid to active employees. Vision benefits are also provided to Tier I employees who retired after September 30, 1990. The life insurance is available to Tier I retirees until they reach age of 70.

All employees hired on or after November 21, 1995, are Tier II . The City pays the minimum required medical insurance contribution established by CaIPERS for Tier II employees.

Membership in the plan consisted of the following at June 30, 2022, the date of the latest actuarial valuation:

Active Plan Members
Retirees
Total
172
147
319
C. Total OPEB Liability, OPEB Expense, and Deferred Outflows/Inflows of Resources Related to OPEB
Contributions
The obligation of the City to contribute to the plan is established and may be amended by the City Council. The City Council has established a policy of funding the actuarially determined contribution (ADC) on a pay-as-you-go basis. For the fiscal year ended June 30, 2023, the City made contributions to the plan totaling $2,800,144 ($875,652 actual benefit payments, $217,667 implicit subsidy credit, and a $1,706,825 pre -funding contribution to a trust). Employees are not required to contribute to the plan. (81)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 9 OTHER POSTEMPLOYMENT BENEFIT PLAN (CONTINUED)
C. Total OPEB Liability, OPEB Expense, and Deferred Outflows/Inflows of Resources Related to OPEB (Continued)
Total OPEB Liability
The City's total OPEB liability was measured as of June 30, 2022. The total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation as of June 30, 2022. The total OPEB liability at June 30, 2023, was $18,314,761.

Actuarial Assumptions
The total OPEB liability in the June 30, 2022, actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement, unless otherwise specified:

Actuarial Assumptions:

Discount Rate
Inflation
Aggregate Payroll Increases
Expected Long -Term Investment Rate of Return
Mortality, Termination, and Disability
Mortality Improvement Scale
Healthcare Trend Rate - Non -Medicare
Healthcare Trend Rate - Medicare

3.54% (Bond Buyer 20 -Bond Index)

2.30% Annually

2.80%
N/A
CaIPERS 2000-2019 Experience
Study
Modified projected fully generational
with Scale MP -2021
An annual healthcare cost trend
rate of 6.50% for 2023, decreasing
to an ultimate rate of 3.73% in 2075
An annual healthcare cost trend
rate of 5.40% for 2023, decreasing
to an ultimate rate of 3.73% in 2075
The actuarial assumptions used in the June 30, 2022, valuation were based on the results of the November 2021 CaIPERS experience study covering 2000 to 2019.

Discount Rate
The discount rate used to measure the total OPEB liability was 3.54% percent. This discount rate is the mid -point, rounded to five basis points of the range of three 20 -year municipal bond rate indices; S&P Municipal bond 20 Year High Grade Rate Index, Bond Buyer 20 -Bond GO Index, and Fidelity GO AA 20 Year Bond Index. (82)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 9 OTHER POSTEMPLOYMENT BENEFIT PLAN (CONTINUED)
C. Total OPEB Liability, OPEB Expense, and Deferred Outflows/Inflows of Resources Related to OPEB (Continued)
Change in the Total OPEB Liability
Total OPEB
Liability
Balance - June 30, 2021 (Measurement Date)
Changes Recognized for the Measurement Period:

Service Cost
Interest on the Total OPEB Liability
Changes of Benefit Terms
Difference Between Expected and Actual
Experience
Changes of Assumptions
Contributions from the Employer
Net Investment Income
Administrative Expenses
Benefit Payments
Net Changes
$ 24,910,487
491,712
536,526
(2,064,492)
(4,427,399)
(1,132,073)
(6,595,726)
Balance - June 30, 2022 (Measurement Date) $ 18,314,761 Sensitivity of the Total OPEB Liability to Chances in the Discount Rate The following presents the total OPEB liability of the City, as well as what the City's total OPEB liability would be if it were calculated using a discount rate that is 1 -percentage point lower (2.54%) or 1 -percentage point higher (4.54%) than the current discount rate:

OPEB Pension Plan
Plan's Total OPEB Liability
1% Current 1%
Decrease Discount Rate Increase
(2.54%) (3.54%) (4.54%,
$ 20,620,220 $ 18,314,761 $ 16,408,080
Sensitivity of the Total OPEB Liability to Changes in the Health Care Cost Trend Rates The following presents the total OPEB liability of the City, as well as what the City's total OPEB liability would be if it were calculated using healthcare cost trend rates that are 1 -percentage point lower or 1 -percentage point higher than the current healthcare cost trend rates:

Plan's Total OPEB Liability
Healthcare
1% Cost Trend 1%
Decrease Rates Increase
OPEB Pension Plan $ 16,370,005 $ 18,314,761 $ 20,673,911 (83)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 9 OTHER POSTEMPLOYMENT BENEFIT PLAN (CONTINUED)
C. Total OPEB Liability, OPEB Expense, and Deferred Outflows/Inflows of Resources Related to OPEB (Continued)
OPEB Expense (Income), and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB
For the fiscal year ended June 30, 2023, the City recognized OPEB income of $849,079.

At June 30, 2023, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:

Deferred Deferred
Outflows Inflows
of Resources of Resources
Difference Between Expected and Actual Experience
Changes in Assumptions
Employer Contributions Made Subsequent to the
Measurement Date
Total
$ $ 6,707,009
2,915,793 5,797,840
2,800,144
$ 5,715,937 $ 12,504,849
The difference between projected OPEB plan investment earnings and actual earnings is amortized over a five-year period. The remaining gains and losses are amortized over the expected average remaining service life. The expected average remaining service life is 8 years, which was determined as of July 1, 2021, the beginning of the measurement period, for employees covered by the OPEB plan benefit terms as of the valuation date.
$2,800,144 was reported as a deferred outflow of resources related to OPEB resulting from the City's contributions subsequent to the measurement date and will be recognized as a reduction of the net OPEB liability in the year ended June 30, 2024.

Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:

Fiscal Year Endinc June 30,
2023
2024
2025
2026
2027
Thereafter
Total
(84)
Deferred
Outflows
(Inflows)
of Resources
$ (1,879,985)
(1,489,985)
(1,310,879)
(1,042,905)
(1,430,354)
(2,434,948
$ (9,589,056)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 10 RISK MANAGEMENT AND SELF-INSURANCE PROGRAM
The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters.

The City participates in municipal agency risk pools for their property, workers' compensation, and excess liability coverage.

A. General Liability
The City is a member of the Public Agency Risk Sharing Authority of California (PARSAC), a joint powers authority, which provides joint protection programs for public entities covering automobile, general liability, errors and omission losses, workers' compensation, and property claims. Under the program, the City has a $100,000 retention limits similar to a deductible with the PARSAC being responsible for losses above that amount up to $1 million.

The PARSAC has additional coverage of $34 million in excess of its $1 million retention limit affiliated risk management authorities. The PARSAC also provides $1 billion aggregate per occurrence property coverage to its members with such coverage provided by purchased insurance.

B. Workers' Compensation
The City is a member of the Local Agency Workers' Compensation Excess (the LAWCX), a joint powers authority, which provides joint protection programs for public entities covering worker's compensation claims. Under the program, the City has a $250,000 retention limits similar to a deductible with the LAWCX being responsible for losses above that amount up to $4.7 million. The City has purchased excess coverage for Workers' Compensation excess of $5 million.

C. Other Insurance
The City has Crime Bond Insurance coverage as a member of PARSAC under Alliant Crime Insurance Program (the ACIP) excess of $2,500 up to $1 million. This insurance includes coverage for faithful performance of duty, forgery, or alteration, inside premises theft of money and securities, inside premises robbery and safety, burglary other property outside the premises, computer fraud, funds transfer fraud, and money orders and counterfeit paper currency fraud.
(85)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 10 RISK MANAGEMENT AND SELF-INSURANCE PROGRAM (CONTINUED) C. Other Insurance (Continued)
A reconciliation of changes in aggregates for claims filed in the current and prior fiscal years are as follows:

Current Year Amounts
Beginning Claims and End Amounts Due in
of Year Changes in Claim of Year Due within more than
Liability Estimates Payments Liability One Year One Year Workers' Compensation:
2020-2021
2021-2022
2022-2023
General Liability:
2020-2021
2021-2022
2022-2023
$ 1,975,587 $ 2,157,487 $ (697,901) $ 3,435,173 $ 858,793 $ 2,576,380 3,435,173 1,034,044 (762,874) 3,706,343 926,586 2,779,757 3,706,343 (267,259) (555,501) 2,883,583 720,896 2,162,687 $ 259,657 $ 230,514 $ (54,841) $ 435,330 $ 108,833 $ 326,497 435,330 272,173 601,365 1,308,868 327,217 981,651
1,308,868 (139,773) (1,334) 1,167,761 278,190 889,571
NOTE 11 CLASSIFICATION OF FUND BALANCES
At June 30, 2023, fund balances are classified in the governmental funds as follows:

Nonspendable:

Inventory
Prepaid Items
Loans Receivable
Total Nonspendable
Restricted:

Public Safety
Public Works
Community Development
Community Services
Debt Service
Grant Programs
Transportation
Park Development
Street Maintenance
Air Quality
Housing
Pension Stability
Total Restricted
Committed:

Measure U - Infrastructure
Measure U - Employee Retention
Measure U - OPEB
Total Committed
Citywide 2020A PFA
Development Lease
Impact Fee Revenue Nonmajor
General Special Bonds Debt Governmental
Fund Revenue Fund Service Fund Funds
$ 47,288 $ - $
200,016 4,856
1,206,588 -
Total
$ 47,288
204,872
1,206,588
1,453,892 4,856 1,458,748
805,521
805,521 4,470,050 4,153,709
4,470,050
4,153,709
3,764,113
770,595
1,693,882 1,693,882
1,940,847 1,940,847
1,750,391 1,750,391
13,435 4,483,485
83,541 4,237,250
484,321 484,321
20,461 20,461
582,564 582,564
288,865 288,865
2,073,202 2,073,202
805,521
8,931,509 18, 360, 789
3,764,113
770,595
4,534,708 - 4,534,708
Unassigned 19,918,635
(2,576,572) 17,342,063
Total Fund Balances $ 26,712,756 $ 4,474,906 $ 4,153,709 $ 6,354,937 $ 41,696,308 (86)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 12 COMMITMENTS AND CONTINGENCIES
A. Commitments
The City had several outstanding or planned construction and other projects as of June 30, 2023. These projects are evidenced by contractual commitments with contractors or other agencies and include:

Project Commitment
TOD/Crowther Sewer Project
City Hall HVAC Replacement and Solar
Main Street Parking Lot Improv
Senior/Community Center
Public Safety Building
Additional Fire Radios
EFID Design
Caltrans Public Art Program
Infrastructure Projects
Miscellaneous
Total
$ 141,702
221,608
14,475
445,135
2,445,616
24,052
302,336
285,000
2,764,740
846,604
$ 7,491,268
The City has various outstanding purchase commitments. Total commitments at June 30, 2023, are as follows:

Governmental Funds:

General Fund
Other Governmental Funds
Total
B. Contingencies
Outstanding
Purchase
Commitments
$ 6,756,563
1,499,437
$ 8,256,000
The City is a defendant in a number of lawsuits, which 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.

C. Grants
Amounts received or receivable from granting agencies are subject to audit and adjustment by grantor agencies. While no matters of noncompliance were disclosed by the audit of the financial statements or single audit of the Federal grant programs, grantor agencies may subject grant programs to additional compliance tests, which may result in disallowed costs. In the opinion of management, future disallowances of current or prior grant expenditures, if any, would not have a material adverse effect on the financial position of the City.
(87)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 13 OTHER REQUIRED FUND DISCLOSURES
A. Expenditures in Excess of Appropriation
Excess of expenditures over appropriations occurred in individual funds during the year ended June 30, 2023, as follows:

Expenditure
in Excess of
Expenditures Appropriation Appropriations
Special Revenue Funds:

Street Lighting
Measure M
Gasoline Tax
NOC Public Safety
TOD Impact Fee
$ 552,355 $ 171,500 $ (380,855)
1,570,977 1,533,690 (37,287)
861,128 270,715 (590,413)
216,704 203,100 (13,604)
1,496, 986 (1,496,986)
B. Deficit Net Position and Fund Balances
Funds with deficit net position/fund balance at June 30, 2023, are as follows:

Deficit Deficit
Fund Balance Net Position
Special Revenue Funds:

Miscellaneous Grants
Landscape Maintenance District 92-1
Housing and Community Development
Sewer Construction
Placentia Regional Navigation Center
Total
$ (70,461)
(10,212)
(537,399)
(100,228)
(1,635,925)
$ (2,354,225)
Capital Projects Fund:

City Capital Projects $ (222,347)
Internal Service Fund:

Risk Management $ (1,546,810'
At June 30, 2023, the City's governmental activities had an unrestricted net position deficit of $(43,217,235) on the statement of net position. This deficit was created from the implementation of GASB Statement 68 (Net Pension Liability) in fiscal year 2015 and the implementation of GASB Statement 75 (Total OPEB Liability) in 2018. The City expects to eliminate the deficit via increased pension and OPEB contributions consistent with the amortization schedules provided by the City's pension and OPEB administrators.
(88)

CITY OF PLACENTIA

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 14 SUBSEQUENT EVENT
On August 2, 2023, the Placentia Public Financing Authority issued the 2023A Lease Revenue Bonds in the amount of $9,190,000, to finance the construction and equipping of an approximately 18,805 square foot public safety center and to pay the costs incurred in connection with the bond issuance. The term bonds with maturities ranging from October 1, 2033, through October 1, 2053, bear interest ranging from 4.25% to 5.0%. The bonds are subject to mandatory redemption on October 1 in each year in accordance with a set schedule. Interest on the bonds will be paid semi-annually on April 1 and October 1, of each year, commencing April 1, 2024.
(89)

REQUIRED SUPPLEMENTARY INFORMATION
(UNAUDITED)

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CITY OF PLACENTIA

BUDGETARY COMPARISON SCHEDULE -

GENERAL FUND
YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Oric final Final Amounts (Negative)

REVENUES
Taxes
Intergovernmental
Licenses and Permits
Fines and Forfeitures
Investment Income
Charges for Services
Leases and Rents
Miscellaneous
Total Revenues

EXPENDITURES
Current:

General Government
Public Safety
Public Works
Community Development
Community Services
Capital Outlay
Debt Service:

Principal Retirement
Interest and Fiscal Charges
Total Expenditures

REVENUE OVER (UNDER) EXPENDITURES

OTHER FINANCING SOURCES (USES)
Issuance of Debt
Payment to Escrow for Refunding Debt
Transfers In
Transfers Out
Total Other Financing Sources (Uses)

NET CHANGE IN FUND BALANCE
Fund Balance - Beginning of Year

FUND BALANCE - END OF YEAR
$ 42,321,024 $ 43,367,223 $ 44,429,339 $ 1,062,116
2,640,000 11,521,255 8,640,895 (2,880,360)
2,505,000 2,833,098 2,643,941 (189,157)
355,000 377,000 457,065 80,065
130,000 225,001 67,366 (157,635)
1,152,400 1,193, 830 1,364, 054 170,224
989,000 997,000 1,572,445 575,445
805,200 745,565 1,385,763 640,198
50,897,624 61,259,972 60,560,868 (699,104)
13,527,767 14,505,896 15,748,766 (1,242,870)
17,314,847 17,574,640 16,357,168 1,217,472
5,565,694 5,393,372 4,100,553 1,292,819
1,835,200 1,955,201 1,718,087 237,114
2,646,380 2,722,180 2,617,825 104,355
6,336,620 21,577,068 14,475,128 7,101,940
1,402,200 1,402,200 2,438,273 (1,036,073)
268,800 268,800 252,565 16,235
48,897,508 65,399,357 57,708,365 7,690,992
2,000,116 (4,139,385)
649,698
(4,162,550)
(3,512,852) (3,549,352)
99,698
(3,649,050)
2,852,503 6,991,888
1,588,047
2,610,514
(3,922,788)
1,588,047
2,510,816
(273,738)
275,773 3,825,125
$ (1,512,736) $ (7,688,737) 3,128,276 $ 10,817,013
See accompanying Notes to Budgetary Comparison Schedules. (90)
23,584,480
$ 26,712,756

CITY OF PLACENTIA

BUDGETARY COMPARISON SCHEDULE -

CITYWIDE DEVELOPMENT IMPACT FEE SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Necative)

REVENUES
Investment Earnings
Contributions
Total Revenues

EXPENDITURES
Current:

Public Safety
Capital Outlay
Total Expenditures

REVENUE OVER (UNDER) EXPENDITURES

NET CHANGE IN FUND BALANCE
Fund Balance - Beginning of Year

FUND BALANCE - END OF YEAR
$ - $ - $ 61,501 $ 61,501
2,573,700 2,573,700 1,530,026 (1,043,674)
2,573,700 2,573,700 1,591,527 (982,173)
54,000 80,308 62,969 17,339
871,000 3,593,942 1,465,404 2,128,538
925,000 3,674,250 1,528,373 2,145,877
1,648,700 (1,100,550) 63,154 1,163,704
$ 1,648,700 $ (1,100,550) 63,154 $ 1,163,704
4,411,752
$ 4,474,906
See accompanying Notes to Budgetary Comparison Schedules. (91)

CITY OF PLACENTIA

NOTES TO BUDGETARY COMPARISON SCHEDULES
JUNE 30, 2023
Budgetary Control and Accounting Policy
The City prepares its budgets on the basis of estimated revenues and expenditures and, accordingly, the budget amounts included in the accompanying financial statements are presented on a basis substantially consistent with generally accepted accounting principles. Encumbrance accounting is utilized during the fiscal year, whereby purchase orders, contracts, and other commitments are recorded in order to control appropriations. However, at fiscal year-end, all appropriations lapse.

Accordingly, encumbrances are cancelled and generally are re -appropriated as part of the following year's budget. Encumbrances are not included in reported expenditures.

Annual budgets are adopted for the General Fund, Special Revenue Funds, Debt Service Funds, and Capital Projects Funds. The City Council approves total budgeted appropriations and any amendments to appropriations throughout the year. In 2023, the City did not create a budget for the following governmental special revenue funds: Park Development, Storm Drain, Traffic Offender, Air Quality Sewer Construction, PEG, Community Based Transitional Housing Grant, Orangethorpe Corridor, EIFD Fire Impact Fee, Animal Shelter Impact Fee, and Opioid Settlement.

The budgetary level of control for all governmental fund types is the fund level. The City Administrator has the discretion to transfer appropriations between departments within a fund, but transfers between funds must be approved by the City Council.
(92)

CITY OF PLACENTIA

SCHEDULE OF THE CITY'S PROP ORTIONATE SHARE OF THE NET PENSION LIABILITIES AND RELATED RATI OS -

MISCELLANEOUS PLAN

LAST TEN FISC AL YEARS
YEAR ENDED JUNE 30, 2023
Measureme nt Pe riod, Ye ar Ended'
Plan's Proportion of the Net Pension Liability
Plan's Proportiona te Share of the Net Pension (Asset) Liability Plan's Covered Payroll
Plan's Proportionate Share of the Net Pension Lia bility as a Pe rcentage of Covered Payroll
Plan's Fiduciary Net Position
Pla n's Fiducia ry Net Position as a Percentage of the
Total Pe nsion Liability
Plan's Proportionate Share of Aggregate Employer
Con tributions
Notes to Schedule:

Benefit Changes:

The re were no changes in benefits.
6/30/2022 6/30/2021 6/30/2020 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 6/30/2014

0.03319% -0.45585% 0 .38926% 0.14843% 0.14479% 0.14212% 0.14024% 0.13337 % 0.13850% $ (1,552,976) S 16,419.169 S 16,419 .169 5 15,209,436 $ 13,952,246 $ 14 ,094,828 S 12,135,165 $ 9,154,245 5 8,617,803 $ 7,062,718 $ 6,733,121 S 5,725,763 S 5,027,138 $ 4,966,210 $ 4,171,235 S 4,140,888 5 3220,454 5 3,712,315 -21.99% 243 .86% 286 .76% 302 .55% 332.34 % 345 .80% 293.06% 284.25% 232.14 % $ 60,033,972 5 40,663,791 S 40,663 ,791 5 41,142,220 5 40,682,189 $ 39,816,871 5 38,103,697 $ 40 ,735,920 5 42,161,022 102.66% 71.24% 71.24% 73 .01% 74 .46% 73.86% 75 .85% 81.65 % 83 .03% 5 3,114,009 $ 2.642.842 S 1,383,994 5 1,139,534 S 932,993 $ 785,438 5 667,441 S 383,155 $ 412,406 Change s in Assumptions:

From fiscal year June 30, 2015 to June 30, 2016:

GASB 68, pa ragraph 68 sta te s that the long-ter m expected rate of re turn should be deter mined net of p ensi on plan in vestment expense but with out r edu ction for pe nsion plan administra tive expense. The discount rate of 7.50% used for the June 30, 2014 measurement date was n et of administrative e xp enses. The discount rate of 7. 65% used for the June 30, 2015 measuremen t da te is without re duction of pension plan administrative expense.

From fiscal yea r Ju ne 30, 2016 to June 30, 2017: There were no changes in assumption s.

From fiscal year June 30, 2017 to June 30, 2018.

In fiscal year 2017-2018, the financial reporting discount rate was redu ced from 7.65% to 7. 15%. Deferred ou tflows of r esources and deferred inflows of resources for change s of assumptions re present the una mo rtized po rtion of this assumption cha nge a nd the unamortized portion of the changes of assumptions related to prior measurement periods.

From fiscal year June 30, 2018 to June 30, 2019:

In 2018, demogra phic assumptions and inflation rate were changed in accordance to the CaIPERS Experience Study a nd Review of Actuarial Assumptions D ec ember 2017. There were no change s in the discount rate.

From fiscal year June 30, 2019 to Ju ne 30, 2020:

In fiscal year 2019-2020, the financial reportin g disc ount rate was reduced from 7.375% to 7.150%. The inflation rate was reduced from 2.75% to 2.50% in fiscal ye ar 2019-2020.

From fiscal year June 30, 2020 to June 30, 2021: There were no chan ge s in a ssumptions.

From fiscal yea r June 30, 2021 to June 30, 2022: There were no changes in assumptions.

Fro m fiscal ye ar June 30, 2022 to June 30, 2023: In fisca l year 2022-2023, the financial reporting discount rate was reduce d fro m 7.150% to 6.900%. 'Historical in fo rma tion is presente d only for measure ment periods after GA SB 68 implementation. (93)

CITY OF PLACENTIA

SCHEDULE OF THE CITY'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITIES AND RELATED R ATIOS -

SAFETY PLAN

LAST TEN FISCAL YEARS
YEAR ENDED JUNE 30, 2023
Measurement Period, Year Ended'
Plan's Propo rtion of the Ne t Pension Liability
Plan's Proportiona te Share of the Net Pension (Asset) Liability Plan's Covered Payroll
Plan's Propo rtionate Share of the Net Pension Liability as a Percentage of C overed Payroll
Plan's Fiduciary Net Position
Plan's Fiduciary Ne t Position as a Percentage of the
To ta l Pe nsio n Liability
Plan's Proportionate Share of Aggregate Employer
Contribution s
Notes to Schedule:

Be nefit Changes:

There were no c ha nge s in ben efits.
6/30/2022 6/30/2021 6/30/2020 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 6/30/2014 0 .04235% -0.41630% 0.44230% 0 .26351% 0 .27222% 0.27242% 0.28572% 0.30267% 0.30596% $ (2,910,326) $ 29,467,303 $ 29,467,303 $ 27,002,144 $ 26,231,540 $ 27,017,047 5 24,723,412 $ 20,774,757 $ 19,038,500 $ 5,428,571 $ 5,414,606 $ 4,822,533 $ 4,385,233 $ 4,383,655 5 4,193,517 $ 4,142,921 5 4,074,947 $ 4,323,789 -53.61% 544 .22 % 611 .03 % 653.79% 654.18% 644 .26% 596 .76% 509 .82% 440.32% $ 104,039,873 $ 69,454,497 S 69,454,497 $ 69,385,418 $ 65,913,238 $ 62,459,293 $ 58,150,629 $ 60,121,518 $ 61,484,214 102.88%

70.21% 70.21%

71.99 % 71 .53% 69,81 % 70 .17% 74 .32% 76.36%
$ 6,941,085 $ 6,061,344 $ 2,517,884 $ 2,108,590 $ 3,034,432 $ 2,753,462 $ 2,568,441 $ 2,175,167 $ 2,157,763 Changes in Assumptio ns:

From fiscal year June 30, 2015 to June 30, 2016:

GASB 68, paragra ph 68 states that the long -tens expected rate of return should be determined net of pension plan inv estment e xpense but without redu ction fo r pension plan a dministrative expense. The disco unt rate of 7.50% use d for the Ju ne 30, 2014 measurement date was net of administrative exp enses. The discount rate of 7.65% use d fo r the June 30, 2015 me asurement date is witho ut reduction of pensio n plan administrative expense.

From fiscal year June 30, 2016 to June 30, 2017: There were no changes in assu mptions.

From fiscal year June 30, 2017 to June 30, 2018:

In fisca l year 2017-2018, the financial re porting discount rate was reduced from 7.65% to 7. 15%. Deferred outflows of resources and deferred inflows of reso urces for changes of assumptions repre sent the unamo rtized portion of this assu mption change and the unamortized portion of the changes of assumptions related to prior measurement periods.

From fiscal year June 30, 2018 to June 30, 2019:

In 2018, de mographic assu mptions a nd inflation rate were changed in accordance to the CaIPERS Experience Study and Review of Actuarial Assumptions December 2017. There were no c ha nge s in the discount rate.

From fiscal year June 30, 2019 to June 30, 2020:

In fiscal year 2019-2020, the fina ncial reporting disc oun t rate was reduced from 7.375% to 7.150%. The inflation rate was reduced from 2. 75% to 2.50% in fiscal year 2019-2020.

From fiscal year June 30, 2020 to June 30, 2021: The re were no changes in assumptions.

From fiscal year June 30, 2021 to June 30, 2022: There were no changes in a ssumption s.

Fro m fiscal year June 30, 2022 to June 30, 2023: In fiscal year 2022-2023, the financia l repo rting disco unt ra te was reduced fro m 7.150% to 6.900%. 'Historical information is presented only for me asure me nt periods a fter G ASB 68 imple mentation. (94)

CITY OF PLACENTIA

SCHEDULE OF CITY'S PENSION CONTRIBUTIONS -

MISCELLANEOUS PLAN

LAST TEN FISCAL YEARS
YEAR ENDED JUNE 30, 2023
Fisca l Year' 2022-23 2021-22 2020-21 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 Contractually Determined Contribution
(Actuarially Determined) $ 710,758 $ 589,881 S 1,516,621 $ 1.383,994 $ 1.139,534 $ 932,993 $ 785,438 $ 667,441 $ 383,155 Contributions in Re lation to the Actua rially
Determine d Contributio ns (710,758) (589,881) (17 .663 .643) (1,383.994) (1,139,534) (932,993) (785,438) (667,441) (383,155) Contribution Deficiency (Exc ess) $ - $ - S (16.147 .022) $ - $ - $ - $ S - $ Covered Payro ll $ 8,115,390 $ 7,062,718 $ 6,733,121 $ 5,725,763 $ 5,027,138 $ 4,966,210 $ 4,171,235 $ 4,140,888 $ 3,220,454 Contributions as a Percentage of Covered Payroll 8 .76% 8.35% 262.34% 31.07% 26.35% 22 .22% 19.27% 16 .12 % 11 .90% Note s to Schedule:

Valuation Date
M ethods and A ssumptions Used
to Determine
Contribution Ra tes:

Actuarial Cost Metho d
Amortiza tion Me tho d
Asse t V alua tion M ethod
In flation
Salary Increases
Investme nt Rate of Return
Retireme nt Age
Mortality
6/30/2021 6/30/2020 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 6/30/2014 6/30/2013 Entry age Entry age Entry age Entry age Entry ag e E ntry age E ntry age Entry age Entry age (1) (1) (1) (1) (1) (1) (1) (1) (1)
Fa ir Value Fair Value Fair Value Fair Valu e Fair Value Fair V alue Fair Value Fair Value 15 Ye ar Smoothed
Market Method

2.30% 2.50% 2.50% 2.50% 2.75% 2.75% 2.75% 2.75 % 2.75%
(2) (2) (2) (2) (2) (2) (2) (2) (2)

6.9%(3) 7.150% (3) 7.150% (3) 7.150% (3) 7 .375% (3) 7.50 %(3) 7.50% (3) 7.50% (3) 7 .50% (3) (4) (4) (4) (4) (4) (4) (4) (4) (4)
(5) (5) (5) (5) (5) (5) (5) (5) (5)
(1) Level pe rce ntage of pa yroll, closed
(2) Depending on age, service, and type of emplo yment
(3) Net of pension plan investme nt expen se , includin g inflation (4)50 fo r all plans with the exception of 52 for Miscellane ous PEPRA 2%@62" (5) M ortality assu mptions a re based on morta lity rates resulting from the most recent CaJPERS Experience Study adopted BR the Ca!PERS Board.

Historica l information is presented only for measurement pe riods after GA SB 68 impleme ntatio n. (95)

CITY OF PLACENTIA

SCHEDULE OF CITY'S PENSION CONTRIBUTIONS -

SAFETY PLAN

LAST TEN FISCAL YEARS
YE AR ENDED JUNE 30, 2023
Fiscal Year 2022-23
Contractua lly Determined Contribution
(Actuarially Determined)
Contributions in Relation to the Actuarially
Determined Contributions
Contribution Deficiency (Excess)
Covered Payro ll
Contributions as a Percentage of Covered Payroll
No tes to Schedule:

Valuation Date
Methods and Assumptions Used
to Determine
Contribution Rates:

Actuarial Cost M etho d
Amortization Me thod
Asset Valua tion Method
Inflation
Salary Increases
Investment Rate of Return
Retirement Age
Mortality
2021-22 2020-21
2019-20 2018-19
2017-18 2016-17
2015-16 2014-15
$ 1,095,286 $ 1,015,425 $ 2,561,365 $ 2,519,683 $ 2,108,590 $ 3,034,432 $ 2,753,462 $ 2,568,441 $ 2,175,167 (1,095,286) (1,015,425) (30,597,527) (2,519,683) (2,108,590) (3,034,432) (2,753,462) (2,568,441) (2,175,167) $ $ - $ (28,036,162) $ $ - $ $ - $ $ -
$ 5,760,486 $ 5,428,571 $ 5,414,606 $ 4,822,533 $ 4,385,233 $ 4,383,655 $ 4,193,517 $ 4,142,921 $ 4,074,947

19.01% 18.71% 565.09% 52.25% 48.08% 69.22% 65.66% 62 .00% 53 ,38% 6/30/2021 6/30/2020 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 6/30/2014 6/30/2013 En try age Entry age Entry age Entry age Entry age Entry age Entry age Entry age Entry ag e (1,00) (1.00) (1 .00) (1) (1) (1) (1) (1) (1)
Fair Value Fair Value Fair Value Fair Value Fair V alue Fair Value Fair Value Fair V alue 15 Year Smo othed
Mark et Method

2. 30% 2. 50% 2.50% 2.50% 2.75% 2 .75% 2.75% 2.75% 2.75% (2) (2) (2) (2) (2) (2) (2) (2) (2)

6. 9% (3) 7.150% (3) 7.150% (3) 7.150% (3) 7.375% (3) 7.50% (3) 7.50% (3) 7 .50% (3) 7.50% (3) (4) (4) (4) (4) (4) (4) (4) (4) (4)
(5) (5) (5) (5) (5) (5) (5) (5) (5)
(1) Level percentage of payroll, closed
(2) Depending on age, service, and type of employment
(3) Net of pension plan investment e xpense, including inflation (4) 50 for a ll pla ns with the exception of 52 for Miscellaneous PEPRA 2%@ 62'' (5) Mortality assumptions are based on mortality rate s re sulting from the most recent Ca IPERS Experience Study adopted BR the CaIPERS Board.

Historical information is presented only fo r measureme nt pe rio ds after GASB 68 implementation. (96)

CITY OF PLACENTIA

SCHEDULE OF CHANGES IN NET OPEB LIABILITY AND RELATED R ATIOS

LAST TEN FISCAL YE ARS
YE AR ENDED JUNE 30, 2023
M easuremen t Period, Year Ending:

Total OPEB Liability:

Se rvice Cost
Interest
Changes of Be nefit Terms
Differences Be twee n Ex pecte d and Actual Experience
Cha nge s of Assumptions
Benefit Pa yme nts, Including Refunds of Member
Contributions
Net change in To tal OPEB Lia bility
Tota l OPEB Liability - Beginning
To tal OPEB Lia bility- Ending (a)
OPEB Fiduciary Net Po sitio n:

Contributions - Employer
Net Inve stment Inc ome
Be ne fit Payme nts, Including Refunds of Member
Contributions
Administrative Expense
Net Change in Plan Fiduciary Net Position
Plan Fiduciary Net Position - Be ginning
Pla n Fiduciary Net Position - Ending (b)
Plan Net OPEB Liability - Ending (a) - (b)
Plan Fiduciary Ne t Po sitio n as a Perce ntage of the
Total OPEB Liability
Cove red -Employe e Pa yro ll
Plan Net OPEB Lia bility as a Percentage of Covered
Payro ll
Notes to Schedule:
6/30/2022 6/30/2021 6/30/2020 6/30/2019 6/30/2018 6/30/2017 $ 491,712 S 532,568 $ 359,454 $ 542,976 $ 569,606 $ 675,000 536,526 691,435 919,735 1,092,405 1,032,870 899,000
(2,064,492) (4,989,665) - (2,606,242) -
(4,427,399) (1,506,167) 4,699,117 332,593
(1,089,486) (3,058,000)
(1,132,073) (1 .143,510)
(6,595,726)
24, 910,487
(1,142,314) (1,112,888)
(6,415,339) 4,835,992
31,325,826 26,489,834
(1,751,156)
28,240,990
(1,107 ,000) (1,116,000)
(594,010)
28, 835, 000
(2,600,000)
31,435, 000
$ 18.314.761 $ 24,910,487 $ 31,325.826 $ 26,489,834 $ 28,240,990 $ 28,835.000 $ 1,132.073 S 1,146,160 S 1,146,160 $ 1,142,314 $ 1,112,888 S 1,116,000 (1,132,073) (1,146,160)
(1,146,160) (1,142,314)
(1,112,888) (1,116,000)

18. 314,761 S 24,910,487 $ 31,325.826 $ 26,489,834 $ 28,240,990 $ 28,835,000

0.00% 0 .00% 0.00% 0.00% 0 .00 % 0 .00%
$ 17,448,843 $ 13,993,405 S 12,286,189 $ 11,810,189 $ 11,466,203 $ 9,367,000 0% 178% 255 % 224%
For the June 30, 2022, mea surement date , the disc ount rate was update d base d on the municipal bo nd rate as of the meas ure men t date.

The re are no a ssets accumula ted in a trust that meet the crite ria to pa y re la te d be nefits fo r the OPEB plan. 1 Historica l information is only presented for me asu rement periods after GASS 75 implementation. (97)
239% 308%

CITY OF PLACENTIA

SCHEDULE OF CITY'S OPEB CONTRIBUTIONS

LAST TEN FISCAL YEARS
YEAR ENDED JUNE 30, 2023
Fiscal Year'
Actuarially Determined Contribution
Contributions in Re latio n to the Actuarially Determined Contribution
Contribution Deficiency (Excess)
Co vered Payroll
Contributions as a Pe rcentage of Co ve red Payroll
Notes to Schedule:

Valuation Date
Methods and Assumptions Used to Determine
Contribution Rates:

Actuarial Cost Me thod
Amortization Method/Period
Inflation
Salary Incre ase s
Payroll Growth
Discount Rate
Mo rtality, Retirement, Disability, and Termination
Mortality Improveme nt
2022-23
2021-22 2020-21
2019-20
2018-19
2017-18
$ 1,093,319 $ 1,132,073 $ 1,146,160 $ 1,142,314 $ 1,112,888 $ 1,107,000 (2, 800,144)
$ (1,706,825) $
(1,132,07a (1,146,160)
$ - $
(1,142, 314)
(1,112,888) (1,107,000)
$ 18,881,076 $ 17,448,843 $ 13,993,405 $ 12,286,189 $ 11,810,189 $ 11,466,203

14.83% 6 .49% 8.19 % 9.30%
6/30/2022 6/30/2021 6/30/2020 6/30/2019
Entry Age Normal
Level Percentage of Payroll

2. 30% Annually
Aggregate 2. 80% Annually, Merit - CaIPERS 2000-2019 Experience Study

2. 80%

3. 54% (Bond Buyer 20 -Bond Index)
CaIPERS Experience Study 2000-2019
Post -retirement mortality projected fully gen erational with Sc ale MP -2021 Histo rica l informa tion is only prese nted fo r measureme nt periods after GASB 75 implementation. (98)

9.42 %
6/30/2017

9.65%
6/30/2017

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SUPPLEMENTARY INFORMATION

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CITY OF PLACENTIA

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -

BUDGET AND ACTUAL

DEBT SERVICE FUND (MAJOR FUND)
YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Investment Earnings
Total Revenues

EXPENDITURES
Debt Service:

Principal Retirement
Interest and Fiscal Charges
Total Expenditures

REVENUE OVER (UNDER) EXPENDITURES

OTHER FINANCING SOURCES
Transfers In
Transfers Out
Total Other Financing Sources

NET CHANGE IN FUND BALANCE
Fund Balance - Beginning of Year

FUND BALANCE - END OF YEAR
$ - $
1,500,000
2,008,250
3,508,250
1,500,000
2,008,250
3,508,250
(3,508,250) (3,508,250)
37,500 37,500
37,500 37,500
$ 149,405 $ 149,405
149,405 149,405
1,502,500
2,005,497
3,507,997
(2,500)
2,753
253
(3,358,592) 149,658
3,505,634
(2,456,825)
3,468,134
(2,456,825)
1,048, 809 1,011,309
$ (3,470,750) $ (3,470,750) (2,309,783) $ 1,160,967
(99)
6,463,492
$ 4,153,709

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NONMAJOR GOVERNMENTAL FUNDS
Miscellaneous Grants Special Revenue Fund — to account for federal, state, county, or other grants received which are not otherwise separately accounted for in other funds.

Park Development Special Revenue Fund — to account for in lieu fees charged to developers on a per unit basis for park development and rehabilitation.

Street Lighting Special Revenue Fund — to account for funds received from special assessments on property owners to provide street lighting in areas of the City not covered by the County lighting district.

Measure M Special Revenue Fund — to account for funds received by the City as a result of the voter - approved ballot measure in 1990 and extended by voter approval in 2006 to increase sales tax by %% in Orange County to fund transportation projects.

Storm Drain Construction Special Revenue Fund — to account for funds restricted by state law to be spent on storm drain construction, which are received from acreage fees placed on developers at the time of development. The City is divided into eight storm drain areas and funds can be expended only within the area in which funds are collected.

Thoroughfare Construction Special Revenue Fund — to account for funds restricted by City ordinance to be spent for traffic signal, bridge, and culvert construction, which are received from acreage fees placed on developers at the time of development.

Asset Seizure Special Revenue Fund — to account for monies seized from criminal activities. Revenues are restricted for use in law enforcement.

Traffic Offender Special Revenue Fund — to account for revenue generated from driving under the influence (DUI) administrative impound fees that are restricted to be spent on traffic enforcement activities, including, but not limited to, personnel, training, and equipment costs.

Supplemental Law Enforcement Special Revenue Fund — to account for the receipts and expenditures of funds resulting from the Citizen's Option for Public Safety (COPS) program, a state funded program, which are restricted for front line municipal police services.

Air Quality Special Revenue Fund — to account for the City's portion of motor vehicle registration fees collected pursuant to AB2766 passed during the 1990 state legislative session. This fee was levied to fund programs to reduce air pollution from mobile sources, such as cars, trucks, and buses.

Landscape Maintenance District 92-1 Special Revenue Fund — to account for benefit assessments levied under the Landscaping and Lighting Act of 1972, restricted for maintenance, operation, and administration of landscape improvements in certain areas of the City.

Housing and Community Development Special Revenue Fund — to account for U.S. Housing and Community Development Department grants requiring segregated fund accounting, such as the Community Development Block Grant program.
(100)

NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
Gasoline Tax Special Revenue Fund — to account for receipts and expenditures of money apportioned under Streets and Highways Code Sections 2103, 2105, 2106, 2107, and 2107.5 of the state of California. These funds are earmarked for maintenance, rehabilitation, or improvement of public streets.

Sewer Construction Special Revenue Fund — to account for funds restricted by state law to be spent on sewer construction, which are received from acreage fees placed on developers at the time of development.

PEG Special Revenue Fund — to account for a portion of funds received from cable television franchise fees that are restricted for use for Public, Educational, and Governmental (PEG) access channels and related programming.

Affordable Housing in Lieu Fund — to account for the receipt and expenditure of developer fees restricted for affordable housing purposes.

SB1 Gas Tax Fund — to account for the receipts and expenditures of Road Maintenance and Rehabilitation Account (RMRA) funds resulting from the Road Repair and Accountability Act of 2017 (SB 1). Funds are restricted for maintenance, rehabilitation or improvement of streets, freeways, bridges, and other transit related improvements.

North Orange County Public Safety Grant Fund — to account for the receipts and expenditures of the North Orange County Public Safety Task Force (NOC) grant funds to the City. Funds are restricted to be used for law enforcement activities, including, but not limited to, pertaining to violence prevention, intervention, and suppression activities.

Community Based Transitional Housing Grant Fund — to account for the receipts and expenditures of the Community -Based Transitional Housing Program Grant awarded by the state of California Department of Finance. Funds are restricted to be used to provide transitional support housing that provides treatment and reentry programming to individuals who will benefit from those services.

TOD Impact Fee Special Revenue Fund — to account for the receipts and expenditures of new development impact on the City's sewer collection system in the City's Transit -Oriented Development Zone (TOD). Funds are restricted within the TOD project area, including, but not limited to acquisition, financing, construction, and reconstruction of sanitary or sewer facilities and infrastructure in the TOD.

Placentia Regional Navigation Center Special Revenue Fund — to account for the receipts and expenditures related to the construction and operation of the Placentia Regional Navigation Center.

Revenues include the Homeless Emergency Aid Program (HEAP) Grant and SB2 funds. Future revenue sources will include reimbursements from the North Orange County Cities.

General Plan Update Fee Fund — to account for the accumulation of General Plan update fees that are charged on building permits. Expenditures are restricted to update the City General Plan or other specific plans.

Technology Impact Fee Fund — to account for the accumulation of technology fees charged on building permits. Expenditures are restricted for the acquisition and construction of technology improvements. (101)

NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
Housing Successor Fund — to account for the residual balance of the former low- and moderate -income housing fund of the former Placentia Redevelopment Agency, and revenues and expenditures related to such housing projects and programs.

Orangethorpe Corridor Fund — to account for financing and construction of all rail projects within the boundaries of the City.

Cal Recycle Grant Fund — to account for the receipts and expenditures related to the funding received from CalRecycle grants related to recycling and material diversion programs.

Enhanced Infrastructure Financing District (EIFD) — to account for revenue and expenditures for the EIFD established with the County of Orange. The purpose of the EIFD is to finance public capital facilities or other specified projects of community -wide significance that provide benefits to the district or the surrounding community.

Fire Impact Fee Fund — to account for revenues and expenditures associated with new development within Placentia for fire protection -related services. The purpose of the fire impact fee is to fund the cost of fire protection and emergency response facilities, apparatus, and equipment attributable to new residential and nonresidential development in the City. The fire impact fee will ensure that new development will not burden existing development with the cost of expanded facilities, apparatus, and equipment required to accommodate growth as it occurs within the City.

Animal Shelter Impact Fee Fund — to account for the revenues and expenditures associated with the cost of animal shelter facilities for new residential development in the City. The animal shelter impact fee will ensure that new development will not burden existing development with the cost of expanded animal shelter facilities required to accommodate growth as it occurs within the City.

Opioid Settlement Fund — to account for the distribution of monies received from the California Opioid Settlement Funds. Expenditures are restricted for opioid remediation activities focused on prevention, intervention, harm reduction, treatment, and recovery services.

City Capital Projects Fund — to account for and report financial resources that are restricted, committed, or assigned for the acquisition or construction of major capital facilities within the boundaries of the City.

Gas Tax Debt Service Fund — to account for the receipt and expenditure of gas tax revenues pledged for the payment of debt service on debt payable from Gas Tax proceeds. (102)

CITY OF PLACENTIA

CO MBINING BALANCE SHEET

NON MAJOR GOVERNMENT AL FUNDS
JUNE 30, 2023
Special Revenue F unds
Miscellaneous Park Street Storm Drain Thoroughfare
Grants De vel opment Lighting Measure M Construction Construction Asset Seizure

A SSETS
Cash and Investments
Receivables:

Accounts
Grants
Accrued Interest
Loans and Notes
Leases
Prepaid Items
Land Held for Resale
Total A sse ts

LIA BILITIES, DEFERRED INFLOWS

OF RESOURCES, AND FUND BA LANCES

LIABILITIES
Accounts Payable
Accrued Liabilities
Retentions Payable
Due to Other Funds
Unearned Revenue
Total Liabilities

DEFERRED INFLOWS OF RESOURCES
Leases
Unavailable Revenues
Total Deferred Inflows of Resources

FUND BALANCES
Restricted
Unassigned (Deficit)
Total Fund Balan ces
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
336,928 S 20,461 S 57,102 $ 413,129 $ 530 S
4,805 $ 1,384,732
96,390 - 910 117,640
334,003
250
S 767,321 $ 20,461 $ 58.012 $ 530,769 S 530 $ 4,805 $ 1,384,982 S 3,779 S - $ 58,012 $ 3,504 $
500,000
503,779
334,003
334,003
(70,461)
(70,461) 20,461

20.461
$
$ 3,538
58,012 3,504 3,538
527,265 530 4,805 1,381,444
527,265 530 4,805 1,381,444
S 767,321 S 20461 S 58,012 $ 530,769 $ 530 $ 4,805 $ 1,384,982 (103)

CITY OF PLACENTIA

COMBINING BALANCE SHEET (CONTINUED)

NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2023
Special Revenue Funds
Supplemental Landscape Housing and
Traffic Law Maintenance Community Sewer
Offender Enforcement Air Quality District 92-1 Developm ent Gasoline Tax Construction

A SSETS
Cash and Investments
Receivables:

Accounts
Grants
Accrued Interest
Loans and Notes
Leases
Prepaid Items
Land Held for Resale
Total Assets

LIA BILITIES, DEFERRED INFLOWS

OF RESOURCES, AND FUND BALANCES

LIABILITIES
Accounts Payable
Accrued Liabilities
Retentions Payable
Due to Other Funds
Unearned Revenue
Total Liabilities

DEFERRED INFLOWS OF RESOURCES
Leases
Unavailable Revenues
Total Deferred Inflows of Resources

FUND BALA NCES
Restricted
Unassigned (Deficit)
Total Fund Balance s
Total Liabilities, Deferre d Inflows of
Resources, and Fund Balances
$ 4,625 $ 229,435 $ 272,664 $ 28,464 $ 4,898 $ $
1,126
17,077 3,807
384,767 115,311
$ 5,751 $ 229,435 $ 289,741 $ 32,271 $ 389,665 $ 115,311 $ $
$ $ 876 $ 39,594 $ - $ 38,006 $ 3,447
- - 2,152 - 1,938
- 737 633,111 22,006 94,843
876 42,483 633,111 60,012 100,228
293,953
- 293,953
5,751 229,435 288,865
55,299 -
- (10,212) (537,399) - (100,228)
5,751 229,435 288,865
(10,212) (537,399)
55,299 (100,228)
$ 5,751 $ 229,435 $ 289,741 $ 32,271 $ 389,665 $ 115,311 $ (104)

CITY OF PLACENTIA

COMBINING BALANCE SHEET (CONTINUED)

NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2023
Special Re venue Funds

A SSETS
Cash and Investments
Receivables:

Accounts
Grants
Accrued Interest
Loans and Notes
Leases
Prepaid Items
Land Held for Resale
Total Assets

LIABILITIES, DEFERRED INFLO WS

OF RESOURCES, AND FUND BALANCES

LIA BILITIES
Accounts Payable
Accrued Liabilities
Retentions Payable
Due to Other Funds
Unearned Revenue
Total Liabilities

DEFERRED INFLOWS OF RESOURCES
Leases
Unavailable Revenues
Total Deferred Inflows of Resources

FUND BALANCES
Restricted
Unassigned (Deficit)
Total Fund Balances
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
Affordable Community Based Placentia
Housing NOC Public Transitional TOD Regional
PEG In -Lieu SB1 Gas Ta x Safety Grant Housing Grant Impact Fee Navication Center $ 41,289 S 404 S 281,700 $ 167,691 $ 75 $ 2,300,976 $
2,944 - 202.621 - 1,449,063
- - - 38,050
$ 44,233
$
404 S 484,321 $ 167,691 $ 75 $ 2,339,026 $ 1,449,063
8 S - $
8 $ 5,447 $
1,992
83,000
90,439
75 75
$ 298,602 $ 769
2,313
62,348 1,955,308
360,950 1,958,390
- - 38,050 1,126,598
- 38,050 1,126,598
44,225 404 484,321 77,252
1,940,026 -
(1,635,925)
44,225 404 484,321 77,252 - 1,940,026 (1,635,925)
$ 44,233 S 404 S 484,321 $ 167,691 $ 75 $ 2,300,976 $ 1,449,063 (105)

CITY OF PLACENTIA

COMBINING BALANCE SHEET (CONTINUED)

NON MAJOR GOVERN MENTAL FUNDS
JUNE 30, 2023
Special Revenue Funds
ASSETS
Cash and Inv estments
Receivables:

A ccounts
Grants
Accrued Interest
Loans and Notes
Le ases
Prepaid Items
Land Held for Resale
Total A ssets

LIA BILITIES, DEFERRED INFLOWS

OF RESOURCES, AND FUND BALANCES

LIABILITIES
Accounts Payable
Accrued Liabilities
Retentions Payable
Due to Other Funds
Unearned Revenue
Total Liabilities

DEFERRED INFLOWS OF RESOURCES
Leases
Unavailable Revenues
Total Deferred Inflows of Resources

FUND BALA NCES
Restricted
Unassigned (Deficit)
Total Fund Balances
Total Liabilities, De fe rred Inflows of
Resources, and Fund Balance s
General Plan Technology Housing Orangethorpe Cal Recycle Update Fee Impact Fee Successor Corridor Grant
$ 1,121,748 $ 525,370 $ 497,975 $
25 548,283
13,777
1,036,760
EIFD
Fire
Impact Fee
168 $ 23,759 $ 70,456 $
$ 1,121,748 $ 525,370 $ 2,096,820 $
$ 16,743 $ - $ -
16,743
1,105,005 525,370
1,105,005
13,655
10,367 - 16,433
24,022 - 16,433
168 $ 23,759 $
16,433
70,456 $ 16,433
$ 168 $ 8,910 $
780
13,248
168 22,938
2,072,798
525,370 2,072,798
$ 1,121,748 $ 525,370 $ 2,096,820 $
821 70,456
821 70,456
168 $ 23,759 $
70,456 $ 16,433
(106)

CITY OF PLACENTIA

CO MBINING BALANCE SHEET (CONTINUED)

NON MAJOR GOVERNMENTAL FUNDS
JUNE 30, 2023
ASSETS
Cash and Investments
Receivables:

Accounts
Grants
Accrued Interest
Loans and Notes
Leases
Prepaid Items
Land Held for Resale
Total Assets

LIABILITIES, DEFERRED INFLO WS

OF RESOURCES, A ND FUND BALANCES

LIABILITIES
Accounts Payable
Accrued Liabilities
Retentions Payable
Due to Other Funds
Unearned Revenue
Total Liabilities

DEFERRED INFLOWS OF RESOURCES
Leases
Unavailable Revenues
Total Deferred Inflows of Resources

FUND BALANCES
Restricted
Unassigned (Deficit)
Total Fund Balances
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
Special Revenue Funds
Capital Debt
Projects Fund Ser vice Fund
Animal
Shelter Opioid City Capital
Impact Fee Settlement Projects
16,433
S 13.435
426,872
Gas Tax
Total Other
Governmental
Funds
$ 83,541 $ 7,886,360
2,818,528
1,043,306 - 1,377,309
25 619,199
13,777
250
1,036,760
$ 16,433 S 440,307 $ 1,043 .306 $ 83,541 $ 13,752,208
$ S
16,433 426,872
16,433 426,872

13.435
13,435
16,433 S 440,307
195,494
260,399
566,011
1,021,904
243,749
243,749
(222,347)
(222,347)
83,541
$ 676,897
9,250
322,747
3,272,016
596,248
4,877,158
13,655
2,506,458
2,520,113
8,931, 509
(2,576,572)
83,541 6,354,937
1,043,306 $ 83,541 $ 13,752,208
(107)

CITY OF PLACENTIA

CO MBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES

NON MAJOR GOVERN MENTAL FUNDS
YE AR ENDED JUNE 30, 2023
Special Revenue Funds
Miscellaneous Park Street Storm Drain Thoroughfare
Grants Development Lighting Measure M Construction Construction Asset Seizure

REVENUES
Intergovernmental
Fines and Forfeiture s
Investment Earnings
Charges for Services
Lease Revenue
Miscellaneous
Total Revenues

EXPENDITURES
Current:

G eneral Government
Public Safety
Public Works
Community Deve lopment
Community Services
Capital Outlay
Debt Service:

Principal Retirement
Interest and Fiscal Charges
Total Expenditures
$ 1,097,219 $
- 268
$ - $ 1,310,768 $
- 7,661
135,201
1,097,219 268 135,201 1,318,429
312,214
4,847
631,481
552,355
- 3,983
- 1,106,062
- 413,344
- - 47,588
$ - $ -
- 1,319,603
- 53 5,625
53 1,325,228
81,996
- 71,920
948,542 - 552,355 1,570,977 - 153,916
REV ENUES OVER (UNDER) EXPENDITURES 148,677

OTHER FINANCING SO URCES (USES)
Issuance of Debt
Transfers In
Transfers Out
Total Other Financing Sources (Uses)

NET CHANGES IN FUND BALANCES
Fund Balances - Beginning of Year

FUND BALA NCES - END OF YEAR
268 (417,154) (252,548)
- - 417,154
- 417,154
148,677 268
(219,138) 20,193
- (252,548)
53 1,171,312
53 1,171,312
779,813 530 4,752 210,132
$ (70,461) $ 20,461 $ - $ 527,265 $ 530 $ 4,805 $ 1,381,444 (108)

CITY OF PLACENTIA

CO MBINING STATE MENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND B ALANCES (CONTINUED)

NON MAJOR GOVERNMENT AL FUNDS
YEAR ENDED JUNE 30, 2023
Special Revenue Funds
Supplemental Landscape Housing and
Traffic Law Maintenance Community Sewer
Offender Enforcement Air Quality District 92-1 Development Gasoline Tax Construction

REVENUES
Intergovernmental
Fines and Forfeitures
Investment Earnings
Charges for Services
Lease Revenue
Miscellaneous
Total Revenues

EXPENDITURES
Current:

General Government
Public Safety
Public Works
Community Development
Community Services
Capital Outlay
Debt Service:

Principal Retirement
Interest and Fiscal Charges
Total Expenditures

REVENUES OVER (UNDER ) EXPENDITURES

O THER FINANCING SOURCES (USES)
Issuance of Debt
Transfers In
Transfers Out
Total Other Financing Sources (Uses)

NET CHANGES IN FUND BALANCES
Fund Balances - Beginning of Year

FUND BALA NCES - END OF YEA R
165.271 $ 84,423 $ - $ 518,363 $ 1,316,519 $
54 3,697 3.054
450,873
3,857
54 168 .968 87,477 450,873 518,363 1,320,376
997
390,469
861,128
404,249
101,164
1,650 - 21,083
997 390,469 405,899
861,128 122,247
54 168.968 86,480 60,404 112,464 459,248 (122,247)
(153,689) - (404,450) -
(153,689) - (404,450) -
54 15.279 86,480 60,404 112,464 54,798 (122,247)
5,697 214. 156 202.385 (70,616) (649,863) 501 22,019
$ 5,751 S 229,435 S 288.865 $ (10,212) $ (537,399) $ 55,299 $ (100,228) (109)

CITY OF PLACENTIA

COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES (CONTINUED)

NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2023
Special Revenue Funds
Affordable Community Based Placentia
Housing NOC Public Transitional TOD Regional
PE G In -Lieu SB1 Gas Tax Safety Grant Housing Grant Impact Fee Navigation Center

REVENUES
Intergo vernmental
Fines and Forfeitures
Investment Eamings
Charges for Se rvices
Lease Revenue
Miscellaneous
Total Revenues

EXPENDITURES
Current:

General Government
Public Safety
Public Works
Community Development
Community Services
Capital Outlay
Debt Se rv ice:

Principal Retirement
Interest and Fiscal Charges
Total Expenditures

REVENUES OVER (UNDER) EXPENDITURES

OTHER FINANCING SOURCES (USES)
Issuance of Debt
Transfers In
Transfers Out
Total Other Financing Sources (Uses)

NET CHANGES IN FUND BALANCES
Fund Balance s - Beginning of Year

FUND BALANCES - END OF YEAR
$ $ - $ 1,156,315 $ - $ - $ - $ 1,663,929
161 268 8,840 3,536 41,005
64,371 - - - -
64,532 268 1,165,155 3,536
17,793
5,424
36,691
23,217 36,691
41,315 (36,423)
216,704
41,005 1,663,929
1,506,984 1,496, 986
1,506,984 216,704
(341,829) (213,168)
41,315 (36,423) (341,829) (213,168)
2,910 36,827
826,150 290,420
2,091,109
1,496,986 2,091,109
(1,455,981) (427,180)
(1,455,981)
3,396,007
(427,180)
(1,208,745)
$ 44,225 $ 404 $ 484,321 $ 77,252 $ $ 1,940,026 $ (1,635,925) (11O)

CITY OF PLACENTIA

CO MBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES (CONTINUED)

NONMAJOR GOVERN MENTAL FUNDS
YEAR ENDED JUNE 30, 2023
Special Revenue Funds
General Plan Technology Housing Orangethorpe Cal Recycle Fire Update Fee Impact Fee Successor Corridor Grant EIFD Impact Fee

REVENUES
Intergovernmental
Fines and Forfeitures
Investment Earnings
Charges for Services
Lease Revenue
Miscellaneous
Total Revenues

EXPENDITURES
Current:

General Government
Public Safety
Public Works
Community Development
Community Services
Capital Outlay
Debt Service:

Principal Retirement
Interest and Fiscal Charges
Total Expenditures

REVENUES OV ER (UNDER) EXPENDITURES

OTHER FINANCING SOURCES (USES)
Issuance of Debt
Transfers In
Transfers Out
Total Other Financing Sources (Uses)

NET CHANGES IN FUND BALANCES
Fund Balances - Beginning of Year

FUND BALA NCES - END OF YEAR
$ 33,350 $ - S $ $ 72,869 $ 70,348 $
12,644 6,001 - 803 108
243,156 129,533 - -
289,150
4,091
16,743
20,834
268,316
268,316
147
102,411
135 .534 102,558
19,258
73,672 70,456
16,869
56,000
55,000
19,258 - 127,869
135.534 83,300
135,534 83,300
(54,197) 70,456
55,000
55,000
803 70,456
836,689 389,836 1,989.498 18
$ 1,105,005 S 525,370 S 2,072. 798 $
821 $ 70,456 S

CITY OF PLACENTIA

COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES (CONTINUED)

NON MAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2023

REVENUES
Intergov ernmental
Fines and Forfeitures
Investment Earnings
Charges for Se rv ice s
Lease Re venue
Miscellaneous
Total Revenues

EXPENDITURES
Current:

General Government
Public Safety
Public Works
Community Development
Community Services
Capital Outlay
Debt Se rvice :

Principal Retirement
Interest and Fiscal Charges
Total Expenditures

REVENUES OVER (UNDER) EXPENDITURES

OTHER FINANCING SOURCES (USES)
Issuance of Debt
Transfers In
Transfers Out
Total Other Financing Sources (Uses)

NET CHA NGES IN FUND BALANCES
Fund Balances - Beginning of Year

FUND BALA NCES - END OF YEAR
Special Revenue Funds
Capital Debt
Projects Fund Service Fund
Animal
Shelter Opioid City Capital
Impact Fee Settlement Projects
Gas Tax
$ 13,435 $ 425,730 $
1,191,573
1,500
Total Other
Go vernmental
Funds
$ 7,928,539
1,319,603
99,135
1,023,134
147
1,293,984
13,435 1,617,303 1,500 11,664,542
1,403
1,230,011
21,884
2,718,892
1,905,116
447,323
4,847
- 6,163,602
- - 377,783 846,127
- - 23,322 70,910
- 1,231,414 401,105 12,178,701
13,435 385,889 (399,605) (514,159)
55,000
404,450 821,604
(558,139)
404,450 318,465
13,435 385,889 4,845 (195,694)
(608,236) 78,696 6,550,631
$
- $ 13,435 $ (222,347) $ 83,541 $ 6,354,937

CITY OF PLACENTIA

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -

BUDGET AND ACTUAL

MISCELLANEOUS GRANTS SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive

REVENUES
Intergovernmental
Total Revenues

EXPENDITURES
Current:

Public Safety
Community Services
Capital Outlay
Total Expenditures

NET CHANGE IN FUND BALANCE
Fund Balance - Beginning of Year

FUND BALANCE - END OF YEAR
Original Final Amounts (Negative)
$ 200,000 $ 3,204,304 $ 1,097,219 $ (2,107,085)
200,000 3,204,304 1,097,219 (2,107,085)
200,000
200,000 3,008,869
881,970
2,126,899
312,214
4,847
631,481
569,756
(4,847)
1,495,418
948,542 2,060,327
$ $ 195,435 148,677 $ (4,167,412)
(113)
(219,138)
$ (70,461)

CITY OF PLACENTIA

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -

BUDGET AND ACTUAL

STREET LIGHTING SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Charges for Services
Total Revenues

EXPENDITURES
Current:

Public Works
Total Expenditures

REVENUE OVER (UNDER) EXPENDITURES

OTHER FINANCING SOURCES
Transfers In
Total Other Financing Sources

NET CHANGE IN FUND BALANCE
Fund Balance - Beginning of Year

FUND BALANCE - END OF YEAR
$ 135,286 $ 135,286 $ 135,201 $ (85)
135,286 135,286 135,201 (85)
171,500 171,500 552,355 (380,855)
171,500 171,500 552,355 (380,855)
(36,214) (36,214) (417,154) (380,940)
37,500 37,500 417,154 379,654
37,500 37,500 417,154 379,654
$ 1,286 $ 1,286 - $ (1,286)
(114)
$

CITY OF PLACENTIA

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -

BUDGET AND ACTUAL

MEASURE M SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Oricinal Final Amounts (Negative)

REVENUES
Intergovernmental
Investment Income
Total Revenues

EXPENDITURES
Current:

Community Development
Capital Outlay
Debt Service:

Principal Retirement
Interest and Fiscal Charges
Total Expenditures

NET CHANGE IN FUND BALANCE
Fund Balance - Beginning of Year

FUND BALANCE - END OF YEAR
$ 1,046,562 $ 1,079,202 $ 1,310,768 $ 231,566
3,000 3,000 7,661 4,661
1,049,562 1,082, 202
1,318,429 236,227
32,640 3,983 28,657
500,000 1,146,450 1,106,062 40,388
322,000 322,000 413,344 (91,344)
32,600 32,600 47,588 (14,988)
854,600 1,533,690 1,570,977 (37,287)
$ 194,962 $ (451,488) (252,548) $ 198,940
(115)
779,813
$ 527,265

CITY OF PLACENTIA

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -

BUDGET AND ACTUAL

THROUGHFARE CONSTRUCTION SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Investment Income
Total Revenues

EXPENDITURES
Capital Outlay
Total Expenditures

NET CHANGE IN FUND BALANCE
Fund Balance - Beginning of Year

FUND BALANCE - END OF YEAR
$ $
(116)
$ 53 $ 53
53 53
4,172 - 4,172
4,172 - 4,172
$ (4,172)
53 $ 4,225
4,752
$ 4,805

CITY OF PLACENTIA

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -

BUDGET AND ACTUAL

ASSET SEIZURE SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Investment Earnings
Total Revenues

EXPENDITURES
Current:

Public Safety
Capital Outlay
Total Expenditures

NET CHANGE IN FUND BALANCE
Fund Balance - Beginning of Year

FUND BALANCE - END OF YEAR
$ - $
$ 5,625 $ 5,625
1,325,228 1,325,228
- 240,578 81,996 158,582
78,600 162,022
78,600 402,600
71,920 90,102
153,916 248,684
$ (78,600) $ (402,600) 1,171,312 $ 1,573,912
(117)
210,132
$ 1,381,444

CITY OF PLACENTIA

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -

BUDGET AND ACTUAL

SUPPLEMENTAL LAW ENFORCEMENT SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Intergovernmental
Investment Earnings
Total Revenues

OTHER FINANCING SOURCES (USES)
Transfers Out
Total Other Financing Sources (Uses)

NET CHANGE IN FUND BALANCE
Fund Balance - Beginning of Year

FUND BALANCE - END OF YEAR
$ - $
$ 165,271 $ 165,271
3,697 3,697
168,968 168,968
(160,000) (160,000) (153,689) 6,311
(160,000) (160,000) (153,689) 6,311
$ (160,000) $ (160,000) 15,279 $ 175,279
214,156
$ 229,435
(118)

CITY OF PLACENTIA

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -

BUDGET AND ACTUAL
LANDSCAPE MAINTENANCE DISTRICT 92-1 SPECIAL REVENUE FUND YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Oric inal Final Amounts (Negative)

REVENUES
Charges for Services
Total Revenues

EXPENDITURES
Current:

Public Works
Total Expenditures

NET CHANGE IN FUND BALANCE
Fund Balance - Beginning of Year

FUND BALANCE - END OF YEAR
$ 450,858 $ 450,858 $ 450,873 $ 15
450,858 450,858 450,873 15
418,400 418,400 390,469 27,931
418,400 418,400 390,469 27,931
$ 32,458 $ 32,458 60,404 $ 27,946
(119)
(70,616)
$ (10,212)

CITY OF PLACENTIA

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -

BUDGET AND ACTUAL

HOUSING AND COMMUNITY DEVELOPMENT SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Intergovernmental
Total Revenues

EXPENDITURES
Current:

Community Development
Capital Outlay
Total Expenditures

REVENUE OVER (UNDER) EXPENDITURES

OTHER FINANCING SOURCES (USES)
Transfers Out
Total Other Financing Sources (Uses)

NET CHANGE IN FUND BALANCE
Fund Balance - Beginning of Year

FUND BALANCE - END OF YEAR
$ 339,514 $ 710,150 $ 518,363 $ (191,787)
339,514 710,150 518,363 (191,787)
102,500 444,200 404,249 39,951
140,291 159,594 1,650 157,944
242,791 603,794 405,899 197,895
96,723 106,356 112,464 6,108
(37,723) (37,723)
(37,723) (37,723)
- 37,723
- 37,723
$ 59,000 $ 68,633 112,464 $ 43,831
(120)
(649,863)
$ (537,399)

CITY OF PLACENTIA

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -

BUDGET AND ACTUAL

GASOLINE TAX SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Intergovernmental
Investment Earnings
Total Revenues

EXPENDITURES
Current:

Public Works
Total expenditures

REVENUE OVER (UNDER) EXPENDITURES

OTHER FINANCING SOURCES (USES)
Transfers Out
Total Other Financing (Uses)

NET CHANGE IN FUND BALANCE
Fund Balance - Beginning of Year

FUND BALANCE - END OF YEAR
$ 1,497,118 $ 1,497,118 $ 1,316,519 $ (180,599)
200 200 3,857 3,657
1,497,318 1,497,318
1,320,376 (176,942)
270,715 270,715 861,128 (590,413)
270,715 270,715 861,128 (590,413)
1,226,603 1,226,603 459,248 (767,355)
(404,450) (404,450) (404,450)
(404,450) (404,450) (404,450)
$ 822,153 $ 822,153 54,798 $ (767,355)
501
$ 55,299
(121)

CITY OF PLACENTIA

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -

BUDGET AND ACTUAL

AFFORDABLE HOUSING IN -LIEU SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Investment Earnings
Total Revenues

EXPENDITURES
Current:

Community Development
Total Expenditures

NET CHANGE IN FUND BALANCE
Fund Balance - Beginning of Year

FUND BALANCE - END OF YEAR
$ $
(122)
$ 268 $ 268
268 268
36,691 36,691
36,691 36,691
$ (36,691) (36,423) $ 268
36,827
$ 404

CITY OF PLACENTIA

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -

BUDGET AND ACTUAL
SB1 RMRA GAS TAX SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Neative)

REVENUES
Intergovernmental
Investment Earnings
Total Revenues

EXPENDITURES
Capital Outlay
Total Expenditures

NET CHANGE IN FUND BALANCE
Fund Balance - Beginning of Year

FUND BALANCE - END OF YEAR
$ 1,167,471 $ 1,167,471 $ 1,156,315 $ (11,156)
- - 8,840 8,840
1,167,471 1,167,471 1,165,155 (2,316)
1,130,000 1,866,943 1,506,984 359,959
1,130,000 1,866,943 1,506,984 359,959
$ 37,471 $ (699,472) (341,829) $ 357,643
(123)
826,150
$ 484,321

CITY OF PLACENTIA

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -

BUDGET AND ACTUAL

NORTH ORANGE COUNTY (NOC) PUBLIC SAFETY GRANT SPECIAL REVENUE FUND YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Intergovernmental
Investment Earnings
Total Revenues

EXPENDITURES
Current:

Public Safety
Community Services
Total Expenditures

NET CHANGE IN FUND BALANCE
Fund Balance - Beginning of Year

FUND BALANCE - END OF YEAR
$ 118,000 $ 138,000 $ - $ (138,000)
3,536 3,536
118,000 138,000 3,536 (134,464)
183,100 183,100 216,704 (33,604)
- 20,000 - 20,000
183,100 203,100 216,704 (13,604)
$ (65,100) $ (65,100) (213,168) $ (148,068)
(124)
290,420
$ 77,252

CITY OF PLACENTIA

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -

BUDGET AND ACTUAL

TOD IMPACT FEE SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Investment Earnings
Charges for Services
Total Revenues

EXPENDITURES
Capital Outlay
Total Expenditures

NET CHANGE IN FUND BALANCE
Fund Balance - Beginning of Year

FUND BALANCE - END OF YEAR
$ - $
29,900
29,900
29,900 29,900
$ 41,005 $ 41,005
- (29,900)
41,005 11,105
1,496,986 (1,496,986)
1,496,986 (1,496,986)
$ 29,900 $ 29,900 (1,455,981) $ (1,485,881)
(125)
3,396,007
$ 1,940,026

CITY OF PLACENTIA

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -

BUDGET AND ACTUAL

PLACENTIA REGIONAL NAVIGATION CENTER SPECIAL REVENUE FUND YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Intergovernmental
Contributions
Total Revenues

EXPENDITURES
Current:

Public Safety
Capital Outlay
Total Expenditures

NET CHANGE IN FUND BALANCE
Fund Balance - Beginning of Year

FUND BALANCE - END OF YEAR
$ 2,326,100 $ 2,581,100 $ 1,663,929 $ (917,171)
2,326,100 2,581,100
2,301,100
1,663,929 (917,171)
2,406,100 2,091,109
- 150,000
2,301,100 2,556,100
314,991
150,000
2,091,109 464,991
$ 25,000 $ 25,000 (427,180) $ (452,180)
(126)
(1,208,745)
$ (1,635,925)

CITY OF PLACENTIA

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -

BUDGET AND ACTUAL

GENERAL PLAN UPDATE FEE SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Intergovernmental
Investment Earnings
Charges for Services
Total Revenues

EXPENDITURES
Capital Outlay
Total Expenditures

NET CHANGE IN FUND BALANCE
Fund Balance - Beginning of Year

FUND BALANCE - END OF YEAR
$ $
120,000 120,000
120,000 120,000
$ 33,350 $ 33,350
12,644 12,644
243,156 123,156
289,150 169,150
90,000 16,743 73,257
90,000 20,834 69,166
$ 120,000 $ 30,000 268,316 $ 238,316
(127)
836,689
$ 1,105,005

CITY OF PLACENTIA

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -

BUDGET AND ACTUAL

TECHNOLOGY IMPACT FEE SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Investment Earnings
Charges for Services
Total Revenues

EXPENDITURES
Capital Outlay
Total Expenditures

NET CHANGE IN FUND BALANCE
Fund Balance - Beginning of Year

FUND BALANCE - END OF YEAR
$
60,000
60,000 60,000 135,534 75,534
$ - $ 6,001 $ 6,001
60,000 129,533 69,533
71,385 71,385
71,385 71,385
$ 60,000 $ (11,385) 135,534 $ 146,919
389,836
$ 525,370
(128)

CITY OF PLACENTIA

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -

BUDGET AND ACTUAL

HOUSING SUCCESSOR SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Oricinal Final Amounts (Negative)

REVENUES
Lease Revenue
Miscellaneous
Total Revenues

EXPENDITURES
Capital Outlay
Total Expenditures

NET CHANGE IN FUND BALANCE
Fund Balance - Beginning of Year

FUND BALANCE - END OF YEAR
$ 6,000 $ 6,000 $ 147 $ (5,853)
102,411 102,411 102,411 -
108,411 108,411
102,558 (5,853)
19,258 (19,258)
19,258 (19,258)
$ 108,411 $ 108,411 83,300 $ (25,111)
(129)
1,989,498
$ 2,072,798

CITY OF PLACENTIA

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -

BUDGET AND ACTUAL

CAL RECYCLE GRANT SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts _ (Negative)

REVENUES
Intergovernmental
Investment Earnings
Total Revenues

EXPENDITURES
Current:

Public Safety
Total Expenditures

NET CHANGE IN FUND BALANCE
Fund Balance - Beginning of Year

FUND BALANCE - END OF YEAR
$ $
86,117
86,117
$ - $ (86,117)
(130)
$ 72,869 $ 72,869
803 803
73,672 73,672
16,869 69,248
72,869 13,248
803 $ 86,920
18 $ 821

CITY OF PLACENTIA

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -

BUDGET AND ACTUAL

CITY CAPITAL PROJECTS FUND
YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Oricinal Final Amounts (Negative)
Revenues:

Intergovernmental
Miscellaneous
Total Revenues
Expenditures:

Current:

Community Development
Capital Outlay
Total Expenditures

NET CHANGE IN FUND BALANCE
Fund Balance - Beginning of Year

FUND BALANCE - END OF YEAR
(131)
$ 4,220,000 $ 425,730 $ (3,794,270)
1,191,573 1,191,573
4,220,000 1,617,303 (2,602,697)
- 1,403 (1,403)
4,220,919 1,230,011 2,990,908
4,220,919 1,231,414 2,989,505
$ (919) 385,889 $ 386,808
(608,236)
$ (222,347)

CITY OF PLACENTIA

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -

BUDGET AND ACTUAL

GAS TAX DEBT SERVICE FUND
YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Investment Earnings
Total Revenues

EXPENDITURES
Debt Service:

Principal Retirement
Interest and Fiscal Charges
Total Expenditures

REVENUE OVER (UNDER) EXPENDITURES

OTHER FINANCING SOURCES (USES)
Proceeds From Issuance of Debt
Payment to Escrow for Refunding Debt
Transfers In
Transfers Out
Total Other Financing Sources (Uses)

NET CHANGE IN FUND BALANCE
Fund Balance - Beginning of Year

FUND BALANCE - END OF YEAR
$ $
- $ 1,500 $ 1,500
404,450 404,450
51,450 51,450
455,900 455,900
1,500 1,500
377,783 26,667
23,322 28,128
401,105 54,795
(455,900) (455,900) (399,605) 56,295
404,450
404,450
404,450
404,450 404,450 404,450
$ (51,450) $ (51,450) 4,845 $ 56,295
(132)
78,696
$ 83,541

CITY OF PLACENTIA

COMBINING STATEMENT OF NET POSITION

INTERNAL SERVICE FUNDS
JUNE 30, 2023
ASSETS
Current Assets:

Cash and Investments
Receivable:

Accounts
Prepaids
Total Current Assets
Total Assets

LIABILITIES
Current Liabilities:

Accounts Payable
Accrued Liabilities
Due to Other Funds
Accrued Claims and Judgments - Due Within One Year
Total Current Liabilities
Noncurrent Liabilities:

Accrued Claims and Judgments - Due in More
Than One Year
Total Noncurrent Liabilities
Total Liabilities

NET POSITION
Unrestricted
Total Net Position
Risk Health and Equipment
Management Welfare Replacement
Total
$ 2,538,764 $ - $ 158,713 $ 2,697,477
109 - 109
- 58,507 - 58,507
2,538,764 58,616 158,713 2,756,093
2,538,764 58,616 158,713 2,756,093
34,225 1,278 63,965 99,468
5 5
- 38,322 38,322
999,086 - - 999,086
1,033,316 39,600 63,965 1,136,881
3,052,258 - 3,052,258
3,052,258 - 3,052,258
4,085,574 39,600 63,965 4,189,139
(1,546,810) 19,016 94,748 (1,433,046)
$ (1,546,810) $ 19,016 $ 94,748 $ (1,433,046)
(133)

CITY OF PLACENTIA

COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION

ALL INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2023
Governmental Activities

OPERATING REVENUES
Reimbursements
Sales and Service Charges
Other Revenues
Total Operating Revenues

OPERATING EXPENSES
Administration
Reinsurance Premiums
Claims
Medical and Dental Premiums
Liability Insurance Premiums
Total Operating Expenses
Risk Health and Equipment
Management Welfare Replacement
Total
$ 607,730 $ 122,890 $ $ 730,620
2,261,000 1,014,025 - 3,275,025
- 24,000 24,000
2,868,730 1,136,915 24,000 4,029,645
89,769 14,282
225,378
(1,610) -
893,189
1,348,789 4,066
1,436,948 1,136,915
OPERATING INCOME (LOSS) 1,431,782

NONOPERATING INCOME (LOSS)
Gain on Disposal of Capital Assets
NET INCOME (LOSS) 1,431,782

TRANSFERS
Transfers In
Transfers Out
Total Transfers

CHANGES IN NET POSITION
Net Position - Beginning of Year

NET POSITION - END OF YEAR
63,966 168,017
- 225,378
(1,610)
- 893,189
- 1,352,855
63,966 2,637,829
(39,966) 1,391,816
83,654 83,654
43,688 1,475,470
1,431,782 - 43,688 1,475,470
(2,978,592) 19,016 51,060 (2,908,516,
$ (1,546,810) $ 19,016 $ 94,748 $ (1,433,046)
(134)

CITY OF PLACENTIA

COMBINING STATEMENT OF CASH FLOWS

INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2023
Risk Health and Equipment
Management Welfare Replacement Total

CASH FLOWS FROM OPERATING ACTIVITIES
Cash Received from Customers and Users
Cash Paid to Suppliers for Goods and Services
Cash Paid for Insurance Claims
Net Cash Provided (Used) by Operating Activities

NET INCREASE (DECREASE) IN CASH AND CASH

EQUIVALENTS

RECONCILIATION OF CASH AND CASH EQUIVALENTS

TO STATEMENT OF NET POSITION
Beginning of Year
End of Year

RECONCILIATION OF CASH AND CASH EQUIVALENTS TO

NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES
Operating Income (Loss)
Adjustments to Reconcile Operating Income
to Net Cash Provided (Used) by Operating Activities:

Depreciation
Changes in Assets and Liabilities:
(Increase) Decrease in Accounts Receivables
(Increase) Decrease in Prepaids
Increase (Decrease) in Accounts Payable
Increase (Decrease) in Accrued Liabilities
Increase (Decrease) in Claims Payable
$ 2,872,767 $ 1,136,806 $ 24,000 $ 4,033,573
(2,435,919) (1,194,471) (12,419) (3,642,809)
1,610 - - 1,610
438,458 (57,665) 11,581 392,374
438,458 (19,343) 95,235 514,350
2,100,306 19,343 63,478 2,183,127
$ 2,538,764 $ $ 158,713 $ 2,697,477
$ 1,431,782 $ $ (39,966) $ 1,391,816
4,037
(33,494)
(109)
(58, 507)
951
51,547
3,928
(58,507)
19,004
(963,867) - - (963,867)
Net Cash Provided (Used) by Operating Activities $ 438,458 $ (135)
(57,665) $
11,581 $ 392,374

FIDUCIARY FUNDS

CUSTODIAL FUNDS
Community Facilities District Fund — to account for the Community Facilities District No. 89-1 (East Placentia). This fund accounts for the service of $25,000,000 of Community Facilities District No. 89-1 (East Placentia) Special Tax Bonds issued to finance the construction of street and drainage infrastructure improvements and to fund development of a 13 -acre park/recreation sports complex to benefit properties within the District.

Public Safety CFD 2014-01 Fund — to account for revenues and expenditures to provide public safety services associated with new development within Placentia including, but not limited to, police protection, fire protection, and ambulance and paramedic services. The services would be partially paid for through the levy of a Special Tax on real property.

TOD District CFD Fund — to account for the Community Facilities District 2018-1 (Transit Oriented District) providing a special tax to pay for certain public facilities within such community facilities district, to levy such special tax, and to provide non -General Fund and sustainable funding source to pay for the ongoing maintenance and repairs of the public streetscape improvements constructed within the Transit Oriented District.
(136)

CITY OF PLACENTIA

COMBINING STATEMENT OF ASSETS AND LIABILITIES

FIDUCIARY FUNDS
JUNE 30, 2023
Custodial Funds
ASSETS
Cash and Investments
Miscellaneous Receivables
Total Assets

LIABILITIES
Accounts Payable
Accrued Liabilities
Deposits Payable
Total Liabilities

NET POSITION (DEFICIT)
Restricted for Individuals, Organizations,
and Other Governments
Total Net Position (Deficit)
Community
Facilities Public Safety TOD District
District CFD 2014-01 CFD
$ 49,606 $ 149,128 $
688
Total
$ 198,734
688
49,606 149,816 - 199,422
191
14 191 14
756
756
14 191
756 961
49,415 149,802 (756) 198,461
$ 49,415 $ 149,802 $ (756) $ 198,461
(137)

CITY OF PLACENTIA

STATEMENT OF CHANGE IN FIDUCIARY NET POSITION

FIDUCIARY FUNDS
YEAR ENDED JUNE 30, 2023
Custodial Funds

ADDITIONS
Charges for Services
Investment Income
Total Additions

DEDUCTIONS
Administrative Expenses
Total Deductions

CHANGE IN NET POSITION
Net Position - Beginning of Year

NET POSITION - END OF YEAR
Community
Facilities Public Safety TOD District
District CFD 2014-01 CFD
$
- $ 120,186 $
643 1,286
643 121,472 122,115
Total
$ 120,186
1,929
756 756
756 756
643 121,472 (756) 121,359
48,772 28,330 - 77,102
$ 49,415 $ 149,802 $
(138)
756) $ 198,461

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STATISTICAL SECTION

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CITY OF PLACENTIA

DESCRIPTION OF STATISTICAL SECTION CONTENTS
This part of the City of Placentia's comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information say about the government's overall financial health.

Contents: Page
Financial Trends — These schedules contain trend information to help the reader understand how the City's financial performance and well-being have changed over time.

Revenue Capacity — These schedules contain information to help the reader assess the City's most significant local revenue source, the property tax.

Debt Capacity — These schedules present information to help the reader assess the affordability of the City's current level of outstanding debt and the City's ability to issue additional debt in the future.

Demographic and Economic Information — These schedules offer demographics and economic indicators to help the reader understand the environment within which the City's financial activities take place.

Operating Information — These schedules contain service and infrastructure data to help the reader understand how the information in the City's financial report related to the services the City provides and activities it performs. (139)
140
146
150
153
156

CITY OF PLACENTIA

NET POSITION BY COMPONENT

LAST TEN FISCAL YEARS
(ACCRU AL BASIS OF ACCOUNTING)
(A MOUNTS EXPRESS IN THOUSANDS)
Fis cal Year
Governmental A ctivities:

Net Investment in Capital Assets
Restricted
Unre stricte d
2014 2015 2016 2017 2018 2019 2020 2021 2022
2023
$ 74,238 $ 66,333 $ 66.799 S 67.960 S 67,915 S 72.176 S 81,106 $ 86,061 586,045 $ 103,757 2,901 7,027 7.681 6,199 5,819 6,090 7,732 21,456 20,175 18,361 (9.273) (34 .145) (30,490) (32.780) (52 .089) (50.858) (53,352) (68,263) (23,396) (43,543) Total Gov ernmental Activities Net Position $ 67 .866 $ 39 .215 S 43.990 S 41.379 S 21 .645 S 27.408 S 35.486 S 39.254 S 82 .824 S 78.575 Business -Type Activities:

Net Investment in Ca pital A ssets
Unrestricted
Total Business -Type Activities Net Position
Primary Government:

Net Investment in Capital Assets
Restricte d
Unrestricte d
$ 11,760 $ 11,280 $ 10 .765 S 10.303 S 9,778 $ 9,275 $ 8,748 S 8,221 $ 7,694 $ 7,166 (680) 1,289 845 1 .066 (1,514) (2 .055) (2,682) 361 1,842 1,245 S 11 .080 $ 12.569 S 11.610 S 11 .369 S 8.264 S 7.220 $ 6.066 $ 8.582 $ 9,536 S 8 .411 $ 85,998 $ 77,613 $ 77 .564 S 78 ,263 S 77,693 $ 81,451 $ 89,854 $ 94,282 $ 93,739 $ 110,923 2,901 7,027 7 .681 6,199 5,819 6,090 7,732 21,456 20,175 18,361 (9,953) (32,856) (29645) (31,714) (53,603) (52,913) (56,034) (67,902) (21,554) (42,298) Total Primary Government Net Po sition S 78.946 S 51.784 S 55.600 S 52.748 S 29.909 $ 34.628 $ 41.552 S 47,836 $ 92,360 $ 86.986 Source: City of Placentia, Finance Department
(140)

CITY OF PL ACENTI A

CHANGES IN NET POSITION

LAST TEN FISCAL YEARS
(ACCRUAL BASIS OF ACCOUNTING)
(AMOUNTS EXPRESS IN THOUSANDS)
Fiscal Year
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

PROGRAM REVENUE
Governmental Activities:

Charges for Services:

General Government
Public Safety
Public Works
Co mmunity Development
Community Service s
Operating Grants
Capital Grants and Contributions
Total Gov ernmental Activities Pro gra m
Revenues
Business -Type A ctivities:

Charges for Services:

Refuse
Co mpre ssed Natural Gas
Sewer Maintenance
Total Business -Type Activities Program
Re venue s
Total Primary Government Program
Revenues

EXPENSES
Govemmental Activities:

General Go vernment
Public Safety
Public Works
Commu nity Deve lopme nt
Community Services
Redevelo pment
Interest on Long -Term Debt
Total Governmental Activities
Business -Type Activities:

Refuse
Compressed Natural Gas
Sewe r Maintenance
To tal Business -Type Activities
$ 2,408 $ 2,053 $ 1,956 $ 2,136 $ 2,206 $ 2,356 $ 2,651 $ 2,754 $ 2,812 $ 3,215 1,282 1,469 1,340 1,092 1,078 742 771 567 928 877
3,238 854 679 597 670 1,100 776 917 877 811
590 277 1,211 1,074 1,251 1,011 1,670 2,014 1,598 1,700 - - 221 194 314 213 145 148 253 337
700 1,407 4,744 4,637 4,575 7,709 9,588 6,103 6,499 15,643 1,634 3,216 145 465 4,528 1,117 2,994 8,027 1,850 5,025 9,852 9,276 10,296 10,195 14,622 14,248 18,595 20,530 14,817 27,608 2,865 2,874 2,890 2,958 3,039 3,148 3,252 3,688 3,732 4,283 119 25 - - - - - -
884 819 688 722 760 722 723 783 791 1,448
3,868 3,718 3,578 3,680 3,799 3,870 3,975 4,471 4,523 5,731 13,720 12,994 13,874 13,875 18,421 18,118 22,570 25,001 19,340 33,339 9,673 9,248 5,343 10,579 10,046 9,346 11,654 12,850 9,242 19,220 16,915 15,689 18,556 19,188 18,114 20,547 26,139 26,045 (5,341) 39,863 5,720 6,644 7,445 7,246 4,328 2,465 4,926 9,846 3,159 11,632 1,142 1,845 1,373 1,904 1,068 1,502 1,640 2,893 1,554 2,425 - 1,263 1,318 1,690 4,401 1,757 2,580 1,685 3,755
667 861 837 783 717 588 475 765 2,591 2,372
34,117 34,287 34,817 41,018 35,963 38,849 46,591 54,979 12,890 79,267 2,950 2,795 2,555 2,571 3,034 3,164 3,127 3,287 3,421 4,341 1,071 1,069 1,418 954 1,943 1,593 1,836 (1,365) 150 2,533 4,021 3,864 3,973 3,525 4,977 4,757 4,963 1,922 3,571 6,874 To tal Primary Gove rnment Expenses 38,138 38,151 38,790 44,543 40. 940 43,606 51,554 56,901 16,461 86,141

NET REVENUE (EXPENSE)
Go vernmenta l Activitie s (24,265) (25,011) (24,521) (30,823) (21,341) (24,601) (27,996) (34,449) 1,927 (51,659) Busine ss -Type Activities (153) (146) (395) 155 (1,178) (887) (988) 2,549 952 (1,143) Total Primary Governme nt Net Expense (24,418) (25,157) (24,916) (30,668) (22,519) (25,488) (28,984) (31,900) 2,879 (52,802) (141)

CITY OF PLACENTIA

CHANGES IN NET POSITION (CONTINUED)

LAST TEN FISC AL YEARS
(ACCRUAL BASIS OF ACCOUNTING)
(A MOUNTS EXPRESS IN THOUSANDS)
Fiscal Ye ar
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

GENERAL REVENUE A ND OTHER

CHANGES IN NET PO SITION
Govemmental A ctivities:

Tax es:

Property
Sales and Us e
Utility Users
Fra nchise
Othe r
Miscellaneous
Inv estme nt Income
Other
Special Item
Contribution from succ essor A gency
Contribution from Custodial Fund
Ex traordinary Item
Transfe rs
Tota l G overnment Activities
Business -Type Activitie s:

Inve stment Income
Special Ite m
Other
Tra nsfers
Total Bu siness -Type Activities
Total Primary Government

CHANGE IN NET POSITION
G ove rnmental A ctivities
Busine ss -Type Activities
Total Primary Government
Sourc e: City of Placentia, Finance Department
$ 11,804 $ 12,449
4,512 6,284
2,800 2,874
2,228 2,338
1,029 1,177
1,336 1,451
24 576
708 -
(2,764)
S 13.259 S 13,972 S 14,560 $ 15,478 $ 15,981 $ 16,752 $ 17,191 $ 18,809 6 .848 7,020 6,948 8,184 13,141 15,113 17,248 17,530
2 .750 2 .637 2,545 2,461 2,362 2,503 2,689 3,200

2.332 2,244 2,270 2,340 2,358 2,466 2,651 2,870

1.258 1.365 1,316 1,267 1,047 1,022 1,842 2,091
35 41 125 136 447 280 256 2,544
34 31 72 227 312 13 (297) 378
- - - 215 - - -
- 19 - - -
30 (1.035) - -
4 165 646 402 251 268 192 39
24,445 24,550 26.127 27,712 28,087 30,361 36,074 38,218 2 5 7
2,764
75 75 75
(4) (165) (646)
73 2,679 (564)
24,518 27,229 25,563
7 (402)
(395)
27,317
24 34
27 4
(251) (192) (192) 39)
(227) (158) (165) (35) 2 19
41,580 47,422
2 19
27,860 30,203
35,909 38,183
41,582 47,441
180 (461) 1606 (3,111) 6,746 5,760 8,078 3,769 43,507 (4,237) (80) 2,533 (959) (240) (1,405) (1,045) (1,153) 2,514 954 (1,124) S 100 S 2.072 S 647 S (3.351) S 5.341 $ 4.715 $ 6.925 S 6,283 $ 44,461 S (5,361) (142)

CITY OF PLACENTIA

FUND BALANCES OF GOVERNMENTAL FUNDS

LAST TEN FISCAL YEARS
(MODIFIED ACCRUAL B ASIS OF ACC OUNTING)
(AMOUNTS EXPRESS IN THOUSANDS)
Fiscal Year
General Fund:

Nonspendable
Re stricted
Committed
Assigned
Unassigned
To tal General Fund
2014 2015 2016 2017 2018 2019 2020 2021 2022
2023
$ 3,450 $ 4,104 $ 3,881 $ 3,354 $ 4,955 $ 4,706 $ 3,734 $ 3,347 $ 2,522 $ 1,454 439 1,030 1,030 1,024 1,019 571 555 556 2 805
- 119 3,600 3,600 3,400 4,528 5,811 6,434 13,856 4,535
- 185 286 40 - - - - - -
1,001 2,510 72 56 (1,346) 543 3,866 9,894 7,205 19,919
$ 4,890 $ 7,948 $ 8,869 $ 8,074 $ 8.028 $ 10,348 $ 13,966 $ 20,231 $ 23,585 $ 26 713 All Other Gove rnmental Funds:

Nonspe ndable $ 84 $ - $ - $ - $ - $ - $ - $ 10 $ 6 $ 5 Restricted 2,930 5,999 6,651 5,175 4,800 5,518 7,177 20,900 20,173 17,555 Assigned - 485 - - - - - - - -
Unrestricted (761) - (368 (531) (1,045) (1,552) (1,406) (2,754) (2,577) Total All Other Gove rnmental Funds $ 2, 253 $ 6 484 $ 6,651 $ 4,807 $ 4,269 $ 4,473 $ 5,625 $ 19,504 $ 17,425 $ 14,983 Source: City of Placentia, Finance Department
(143)

CITY OF PLACENTIA

CHANGES IN FUND B ALANCES OF GOVERNMENTAL FUNDS

LAST TEN FISC AL YE ARS
(MODIFIED ACCRUAL B ASIS OF ACCOUNTING)
(AMOUNTS EXPRESS IN THOUSANDS)
Fisc al Year
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

REVENUES
Property Tax
Sale s Tax
Other Ta x
Intergovernmental
License s and Permits
Fines and Forfeitures
Investment Inco me
Charge s for Services
Other
To tal Revenues

EXPENDITURES
Curre nt:

G eneral Government
Public Safe ty
Public Works
Community Development
Community Services
Capital Outlay
Debt Service:

Principal
Payment to Refunding Bond Escrow Age nt
Interest
Debt Issuanc e Costs
Total Expenditures

EXCESS OF REVENUE OVER (UNDER)

EXPENDITURES

OTHER FINA NCING SO URCES (USES)
Transfers In
Transfers Out
Issuance of Debt
Other
To tal Other Financing Sources (Uses)

EXTRAORDINARY ITEMS

NET CHANGE IN FUND BALANCES
Ratio of Total Debt Serv ice Expe nditures to
Total Nonca pital Expenditure s
Source: City of Placentia, Finance Departme nt
$ 11,804 $ 12,449 $ 13 .259 S 13 .972 S 14,551 $ 15,478 $ 15,981 $ 16,752 $ 17:191 $ 18,809 5,848 6,284 7 .257 7.020 6.948 10,646 13,141 15,113 17,248 17,530

6.138 6,316 6,318 6.222 6 .043 3,548 5,708 5,993 7,182 8 ,090 3,531 4,033 2.998 3:572 6 .487 7,530 8,459 6,700 6,498 16,569 1,618 1,690 1 ,733 1,572 1.702 1,922 2,454 2,828 2,440 2,644 575 733 1,154 1.297 592 613 819 314 503 1,777
210 177 34 32 69 228 307 13 (297) 377
1,912 2,228 2,216 1.743 2,197 2,003 4,056 9,334 2,267 2,387 2,087 2,424 2,108 1,892 2 .151 2,289 2,327 2,536 3,581 5,783 33,723 36,334 37,077 37.322 40.740 44,257 53,252 59,583 56,613 73,966 4,409 6,432 6 .571 1Q.450 8.109 7,889 8,389 10,995 12,105 15,771 16,853 16,500 17.880 18.436 19.156 18,718 23,442 16,938 17,476 19,139 5,760 4,246 4,824 5 .050 5 .951 6,078 5,938 5,049 5,262 6,005 1,142 1 ,824 952 1.858 1.291 1,171 1,693 2,245 2,007 2,165 - - 1.191 1,292 1.526 4,405 1,793 1,547 2,305 2,623
79 2,042 1,262 2,340 2.971 1,047 11,534 6,178 - 22,104
723 1,070 1.333 1,654 1,855 2,105 1,177 1,904 3,135
- - - - - - - 2,440
577 813 837 783 717 587 475 765 489
- - - - - 182
4,760
2,356
29,543 32,927 34.850 41 .863 41,576 42.000 54,441 45,621 45,401 74,923

4.180 3,407 2. 227 (4,541) (836) 2,257 (1,189) 13.962 11,212 (957) 6,998 4,939 7.000 8,010 4,778
(11,310) (4,552) (6.354) (7.607) (4,527)
251 -
(2.764)
(4,312) (2,377) 897 403 251

1.500
1,515 1,882 2,849 4,034 6,938
(1,247) (1,690) (2,811) (4,034) (6,938)
- 5,766 57,583 2,189 1,643
- (51.441) (2,069) -
268
5,958 6.180 120 1,643
$ (132) $ 1. 030 S 3.124 S (2. 638) S (585) $ 2 .525 S 4.769 $ 20 .142 S 11 .332 $ 686

4. 62% 6.49% 6.91% 6.57% 7.14% 7.04% 4.00% 7 .26% 10.11% 13.48% (144)

CITY OF PL ACENTIA

REVENUES BY S OURCE - GENER AL FUND

L AST TEN FISC AL YE ARS
(MODIFIED ACCRUAL BASIS OF ACCOUNTING)
Sales Licenses Fin es, Use of Int er- Charges
Property and Other and F orfeitures, Money and Inv estment L eas es Government al f or Current Other Fisca l Year Taxes Us e Taxes Taxes Permits and Penalti es Property Earnings * and R ents' Revenue Services Revenues Tot als 2014 $ 11,804,238 $ 5,847,742 $ 3,338,556 $ 1,618,068 $ 459,123 $ 206,104 $ - $ $ 58,058 $ 1,189,249 $ 1,571,109 $ 26,092,247 2015 12,448,958 6,207,771 3,394,915 1,690,191 484,676 170,892 - 224,246 1,383,803 1,778,619 27,784,071 2016 13,259,241 7,257,004 3,550,183 1,733,049 542,253 - 24,157 670,631 466,271 1,091,250 1,053,220 29,647,259 2017 13,971,691 7,019,906 3,578,424 1,571,584 587,005 - 3,645 1,199,161 297,831 863,387 629,737 29,722,371 2018 14,551,076 6,948,279 6,042,998 1,701,878 562,390 - 31,161 1,255,240 252,963 1,284,507 708,662 33,339,154 2019 15,477,587 10,646,101 3,547,567 1,922,689 438,581 - 164,724 1,230,532 353,354 1,070,821 944,874 35,796,830 2020 15,980,879 13,140,914 5,708,333 2,453,827 418,752 - 170,567 1,211,622 701,864 885,206 885,076 41,557,040 2021 16,752,112 15,112,657 5,993,621 2,827,761 290,534 - (28,258) 1,079,979 9,743 879,298 490,006 43,407,453 2022 17,191,426 17,247,980 7,182,055 2,440,102 503,302 - (323,152) 1,422,831 952,389 1,263,215 785,684 48,665,832 2023 18,738,855 17,530,357 8,160,127 2,643,941 457,065 - 67,366 1,572,445 8,640,895 1,364,054 1,385 ,763 60,560,868 • Investment Earnings and Rents previously reported as Use of M oney and Property Leases pr eviously reported as Other Revenues.

Source : City of Placentia, Annual Comprehensive Financial Reports (145)

CITY OF PLACENTIA

ASSESSED VALUE OF TAXABLE PROPERTY

LAST TEN FISCAL YEARS
(AMOUNTS EXPRESS IN THOUSANDS)
City
Public
Fiscal Year Secured Utility
2014 $ 5,065,170
2015 5,359,402
2016 5,706,871
2017 5,948,117
2018 6,259,165
2019 6,564,402
2020 6,862,623
2021 7,160, 394
2022 7,373,165
2023 7,915,501
Note:

Unsecured
Taxable
Assessed Direct
Value Rate
292 $ 141,308 $ 5,206,770 0.1644
292 155,890 5,515,584 0.1644
292 169,843 5,877,006 0.1644
292 186,698 6,135,107 0.1644
292 183,716 6,443,173 0.1644
544 210,294 6,775,240 0.1644
544 189,948 7,053,115 0.1644
544 191,112 7,352,050 0.1644
544 187,422 7,561,131 0.1644
738 213,554 8,129,793 0.1644
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 at the time that it is sold to a new owner. At that point, the new assessed value is reassessed at the purchase price of the property sold. The assessed valuation data shown above represents the only data currently available with respect to the actual market value of taxable property and is subject to the limitations described above.

Source: County of Orange
(146)

CITY OF PLACENTIA

DIRECT AND OVERLAPPING PROPERTY TAX RATES

LAST TEN FISCAL YEARS
Fis cal Year
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Placentia City
Place ntia City Street Lightin g Reorg.

Direct City Rate
Overlapping Rates:

OC Water Distric t - Water Reserve
OC Vector Control
OC Transporta tion Authority
Orange County Water District
OC Harbor Beaches & Parks
OC Department of Education
Orange County Flood Co ntrol
OC Sanitation District #2 Operating
Placentia Library District
Orange County Ge ne ra l Fund
North OC Co mm. College Ge nera l Fund
Education Re venue Augmentation Fund
Place ntia Yorba Linda Unified Gen. Fund
To tal Overlapping Rate
Me tropolitan Water District
Plac entia Yo rba Linda Unified
N. O range County Community College
To tal Rate
Note:
0 .1340 0 .1340 0.1340 0.1340 0 .1340 0.1340 0 .1340 0.1340 0.1340 0.1340

0.0304 0.0304 0.0304 0.0304 0.0304 0.0304 0.0304 0.0304 0.0304 0.0304 0 .1644 0 .1644 0.1644 0.1644 0.1644 0.1644 0.1644 0.1644 0,1644 0.1644 0 .0001 0.0001 0.0001 0 .0001 0 .0001 0.0001 0 .0001 0.0001 0.0001 0.0001

0.0011 0.0011 0.0011 0 .0011 0 .0011 0 .0011 0 .0011 0 .0011 0 .0011 0 .0011 0 .0026 0.0026 0.0026 0 .0026 0.0026 0 .0026 0.0026 0 .0026 0 .0026 0 .0026

0.0080 0.0080 0.0080 0.0080 0.0080 0 .0080 0 .0080 0 .0080 0.0080 0.0080

0.0144 0.0144 0.0144 0.0144 0 .0144 0.0144 0.0144 0 .0144 0.0144 0.0144 0 .0171 0.0171 0.0171 0.0171 0.0171 0.0171 0 .0171 0.0171 0.0171 0.0171

0.0186 0.0186 0.0186 0.0186 0 .0186 0.0186 0.0186 0 .0186 0.0186 0 .0186

0.0309 0.0309 0.0309 0.0309 0 .0309 0.0309 0.0309 0 .0309 0.0309 0.0309

0.0376 0.0376 0.0376 0.0376 0 .0376 0.0376 0.0376 0 .0376 0.0376 0.0376

0.0579 0.0579 0.0579 0.0579 0 .0579 0.0579 0 .0579 0 .0579 0 .0579 0.0579

0.0655 0.0655 0 .0655 0.0655 0.0655 0.0655 0 .0655 0.0655 0.0655 0.0655

0. 1876 0.1876 0 .1876 0.1876 0.1876 0.1876 0 .1876 0.1876 0 .1876 0.1876

0. 3943 0.3943 0 .3943 0.3943 0.3943 0.3943 0 .3943 0.3943 0.3943 0.3943

0. 8356 0.8356 0 .8356 0.8356 0.8356 0.8356 0 .8356 0.8356 0 .8357 0.8356

0.0035 0.0035 0.0035 0.0035 0 .0035 0.0035 0.0035 0 .0035 0.0035 0.0035

0.0653 0.0582 0 .0567 0.0548 0.0553 0.0526 0.0485 0 .0603 0.0485 0 .0464

0.0170 0.0170 0 .0304 0.0289 0 .0293 0.0283 0 .0241 0 ,0320 0.0288 0.0278

1.0858 1.0787 1.0906 1.0871 1 .0881 1.0844 1 .0761 1 .0958 1.0809 1.0777 In 1978, the vote rs of the State of California passe d Proposition 13 which set 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.

Source: HdL Coren Cone
(147)

CITY OF PLACENTIA

PRINCIPAL PROPERTY TAX PAYERS

CURRENT AND NINE YEARS AGO
(A MOUNTS EXPRESS IN THOUSANDS)
Taxpayer
310 S Jefferson Street Ground Owner LP
Placentia 422
Villa Angelina Apartment Fund LTD
MG Union Place Apartments LLC
Placentia -Linda Hospital Inc.

HP Bradford Terrace LLC
Sedona-Placentia Owner LLC
NM C Placentia LLC
MG Herald Apartments LLC
Reef Imperial Rose Inc.

Total
Source: HdL Goren Cone
2023
Percent of
Total City
Taxable Estimated Taxable
Assessed Total Assessed
Value Tax Value
$ 114,054 51,141 1 .40 %
61,824 618 .76
58,912 589 .72
48,394 484 .60
44,409 444 .55
44,000 440 .54
41,847 418 .51
38,584 386 .47
34,516 345 .42
32,272 323 .40
$ 518,812 $ 5,188 6.38 %
Taxpayer
OC of SD Holdings
Placentia 422
Villa Tierra Apartments LLC
Placentia -Linda Hospital Inc .

Ora Bradford Court 127 LLC
Donahue Schriber Realty Group
Reef Imperial Rose Inc.

Inland Western Placentia LLC
Hartwell Corporation
IIT Orange County DC LP
(148)
Total
2014
Taxable Estimated
Assessed Total
Value Tax
$66,884 $ 669
53,278 533
35,004 350
30,713 307
26,762 268
25,638 256
24,380 244
23,166 232
20,620 206
16,763 168
$ 323,208 $ 3,232
Percent of
Total City
Taxable
Assessed
Value

1.28 %

1.02 .67
.59
.51
.49
.47
.44
.40
.32
6 .21 %

CITY OF PLACENTIA

PROPERTY TAX LEVIES AND COLLECTIONS

LAST TEN FISCAL YEARS
Fiscal Year
Note:

Collected within the Collections
Taxes Levied Fiscal Year of Levy in
for the Percent Subsequent
Fiscal Year Amount of Levy Years
Total Collections to Date
Amount
Percent
of Levy
2014 $ 12,294,236 $ 12,266,287 99.77% N/A N/A N/A
2015 13,012,736 12,973,298 99.70 N/A N/A N/A
2016 12,742,715 13,529,800 106.18 N/A N/A N/A
2017 12,831,914 12,865,221 100.26 N/A N/A N/A
2018 13,471,679 13,421,607 99.63 N/A N/A N/A
2019 14,144,498 14,244,954 100.71 N/A N/A N/A
2020 14,623,234 14,675,128 100.35 N/A N/A N/A
2021 15,211,067 15,384,500 101.14 N/A N/A N/A
2022 15,734,335 15,777,022 100.27 N/A N/A N/A
2023 17,044,617 16,794,264 98.53 N/A N/A N/A
The amounts presented include City property taxes, In -Lieu Vehicle License Fees, and "triple flip" property tax revenue in lieu of sales tax. 2016 includes final payment of "triple flip" property tax revenue.

Source: County of Orange Auditor -Controller
(149)

CITY OF PLACENTI A

R ATIO OF OUTSTANDING DEBT BY TYPE

LAST TEN FISCAL YEARS
( AMOUNTS EXPRESS IN THOUSANDS, EXCEPT PER CAPITA)
Business -Type
Govemmental Activities Activities
Fiscal Year
Ta x Allocation Certificates L eas es & Total Percent of Percent of Bonds Loans of Subscriptions Loans Primary Assessed P er Personal and Notes Payable Participation Payable Payable Government Valuation Capita Income 2014 $ 3,870 $ 75 $ 9,572 $ $
2015 3,579 41 9,147
2016 3,063 218 8,697
2017 2,242 162 8,237
2018 1,226 1,325 7,737
2019 1,144 7,680
2020 6,154 7,095
2021 58,266 5,587 2,845
2022 55,970 8,657 651
2023 53,755 7,549 2,838
Source: City of Placentia, Finance Department
(150)
$ 13,517 .260
12,767 .231
11,978 .204
10,641 .173
10,288 .160
8,824 .130
13,249 .188
66,698 .907
65,278 .863
64,142 .789
259 .89
245 .83
229 .76
204 .66
195 .60
169 A9
257 .70
1,303 3 .40
1,275 3.22
1,222 3.04

CITY OF PLACENTIA

DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITY DEBT
JUNE 30, 2023
2020-22 Assessed Valuation
Successor Agency Incremental Valuation
Adjusted Assessed Valuation
Direct Debt:

Placentia 2022 Ref and Improv Cops
Placentia Electric Vehicles Loan Payable
Placentia Public Safety Radio Loan Payable
Placentia Fire Loan Payable #1
Placentia Fire Loan Payable #2
Placentia Melrose Easement
Placentia Fire UAL Loan Payoff
Placentia OCTA Advance
Placentia 2021 Installment Sale Agreement
Placentia PFA 2020A Lease Revenue Bonds
Total Direct Debt
Overlapping Tax and Assessment Debt:

Orange County General Fund Obligations
Orange County Board of Education COP
North Orange County Regional Occupation Program COP
Placentia-Yorba Linda Unified School Disctrict COP
Placentia -Yorba Linda Unified 2002, 2008, 2012 Bond
Metropolitan Water District
N. OC Community College 2002, 2014 Bond
Total Overlapping Debt
$ 8,595,752
464,567
$ 8,131,185
City's Share
Total Debt % Applicable of Debt
June 30, 2023 (1) June 30, 2023
$ 1,752,697
124,631
515,597
2,445,454
1,281,976
284,411
714,261
1,144,278
2,651,000
50,390,000
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
%
$ 1,752,697
124,631
515,597
2,445,454
1,281,976
284,411
714,261
1,144,278
2,651,000
50,390,000
61,304,305
$451,165,000 1.122 % $ 5,062,071
10,860,000 1.122 121,849
7,790,000 5.211 405,937
84,135,000 22.402 18,847,923
204,786,502 22.402 45,876,272
19,215,000 .223 42,849
324,914,503 5.066 16,460,169
86,817,070
Total Direct and Overlapping Debt $ 148,121,375
(1) Percentage of overlapping agency's assessed valuation located within boundaries of the city.

Ratios of Direct vs. Overlapping Debt:

Direct Debt
Overlapping Debt
Total Debt
Ratios of Debt to Assessed Valuation:

Direct Debt
Overlapping Debt
Total Debt
Source: HdL, Coren Cone

41.39 %

58.61 100.00 %
.75 %

1.07 1.82 %
(151)

CITY OF PLACENTIA

LEGAL DEBT MARGIN INFORMATION

LAST TEN FISCAL YEARS
Legal Debt Margin Calculation for the Current Year:

Assessed Value
Debt Limit (3.75% of Assessed Value)
Debt Applicable to Limit
Legal Debt Margin - Current Year
Fiscal
Year
Note:

Debt
Limit
Debt
Applicable
to Limit
2014 $ 186,635,310 $
2015 213,385,760
2016 220, 387, 742
2017 230, 066, 512
2018 248, 734, 552
2019 261,192,507
2020 271,595,021
2021 283,280,448
2022 291, 210, 596
2023 312,538,330
Legal
Debt
Marc in
$ 186,635,310
213, 385, 760
220, 387, 742
230,066,512
248, 734, 552
261,192,507
271,595,021
283, 280, 448
291, 210, 596
312,538,330
$ 8,334,355,475
312,538,330
$ 312,538,330
Debt as
Percentage
of Limit
The City charter includes a debt limit of 15%; however, at the time the charter was established, only 25% of the market value was used. For the purpose of determining the debt limit, the City is following the intent of the charter and reducing the debt limit to 3.75% of assessed valuation.

Source: City of Placentia, Finance Department
(152)

CITY OF PLACENTIA

DEMOGRAPHIC AND ECONOMIC STATISTICS

LAST TEN CALENDAR YEARS
(PERSONAL INCOME IN THOUSANDS, EXCEPT PER CAPITA)
Per Capita
Calendar City Personal Personal Unemployment
Year Population Income Income Rate
2013 52,094 $ 1,511,507 $ 29,015
2014 52,084 1,540,384 29,575
2015 52,263 1,567,115 29,985
2016 52,268 1,614,628 30,891
2017 52,755 1,716,075 32,529
2018 52,333 1,805,719 34,504
2019 51,494 1,899,759 36,892
2020 51,173 1,959,175 38,285
2021 51,204 2,024,718 39,542
2022 52,507 2,109,099 40,167
Sources: City Population - State Department of Finance
Unemployment Date - California Employment Development Department HdL, Coren Cone
(153)

4.4 %

6.2 5.1

4.5 3.5

3.0 2.9

8.7 5.8

3.2 CITY OF PLACENTIA

T AXABLE SALES BY CATEGORY

LAST TEN CALENDAR YEARS
(AMOUNTS EXPRESS IN THOUSANDS)
Calendar Year
2013 2014 2015 2012 2016 2017 2018 2019 2020 2021 2022
Apparel Stores
General Merchandise
Food Store s
Eating and Drinking Place s
Building M aterials
Auto Dealers and Supplies
Service Stations
Other Retail Stores
All Other Outlets
Total
$ - $ - s - S - S - S - S $ - $ $21,114 $21,854
6,482 6,459 6,635 6,227 6,759 7,178 7,440 7,649 8,208 7,907 7,535

17.541 17,898 18,529 17.718 17,919 17,102 17,530 18,363 20,539 19,152 20,029 62 .479 66,582 79,730 61,816 84,676 85,373 83,083 87,912 77,897 101,361 105,185

37.884 48,092 38,156 39.460 55,996 60,664 68,803 74,767 69,616 89,608 98,051 78,924 65,659 105,341 69,200 107,146 104,963 82,789 72,781 71,301 99,240 118,317 80,210 78,562 70,961 83.112 62,495 68,101 74,924 73,200 49,981 72,505 95,585 63,164 64,434 60,419 55.311 70,775 74,578 75,597 76,411 65,702 62,668 64,773 197,944 213,510 255.719 192.626 240.166 234,501 245,115 268,067 269,831 278,458 292,479 S544.628 5581 .196 S635.490 5525.470 6645 .932 S652.460 $655,281 $679.150 $633 .075 $752.013 S823,808 Note:

Due to confidentiality issue s, the names of the ten largest revenue payers are not available. The categories presented are intended to provide alternative information regarding the sources of the City's sales tax revenue.

The category "Apparel Stores'. was added in the FY21/22 ACFR Source: State of California Board of Equalization and The HdL Companies (154)

CITY OF PLACENTIA

BUDGETED FULL-TIME E MPLOYEES BY DEPART MENT

LAST TEN FISCAL YEARS
Fiscal Year
Department
City Clerk
A dminis tratio n
Finance
Deve lo pment Services
Police
Fire and Life Safety
Public Works
Community Service s
Total
Source: City of Placentia, Finance Department
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

1.00 2 .00 2 .00 2 .00 2.00 - 2.00 2.00 2.00 2 .00

6.00 8.00 7.00 7.00 11.50 9 .50 10.50 25.45 26.45 29.65

7.00 6 .00 7.00 7.00 8 .00 8 .00 8.00 9.00 9.00 9 .00
- - 4 .00 4.75 6 .50 8 .50 8.50 8.55 9.55 11.35

62.00 67 .00 69.50 74 .50 80.00 76 .00 84.00 71.00 72.00 75.00 - - - - - - - 25.00 27.00 28.00

19.00 18.00 19.00 20.25 20 .75 20.00 22 .00 22.00 26.00 28 .00

4.00 4.00 6 .00 6 .50 7.25 7.00 7 .00 7 .00 8.00 9.00

99.00 105.00 114.50 122.00 136 .00 129.00 142 .00 170.00 180.00 192 .00 (155)

CITY OF PLACENTIA

OPERATING INDICATORS BY FUNCTION

LAST TEN FISC AL YE ARS
Fisc al Year
Function/Program
Police :

Physica l Arrests
Parking Citatio ns
Traffic Citations
Community Development:

Building Permits
Building and Zoning Inspec tions
Public Works:

Feet of Sewe r Main Cleaned
Streetsweeping Miles
Traffic Signals Ma intained
Culture and Recreation:

Recreation Classe s
Source: City of Placentia, Finance Department
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

1.600 1,732 1.373 1,250 1,381 1,282 1,053 1,257 1,400 1,380 7,147 11,141 12.729 13.161 2,359 7,398 4,646 3,742 2:974 7,585 3,330 2.498 2.060 1;824 2,659 7,707 1,601 1,162 509 816 808 1,411 1,472 1.268 1,347 1,263 1,407 1,346 1,425 1,461 97 178 133 128 87 92 126 181 128 435
401,280 401.280 401280 249 .134
21,684 21,684 21.684 21.684
57 57 57 57
385,510
7,955
61 318,118
7,955
61 396,000
8,772
63 372,246
8,772
63 372,246
8,772
63 372,246
8,772
63 710 787 747 727 645 610 577 387 421 477
(156)

CITY OF PLACENTIA

CAPITAL ASSET STATISTICS BY FUNCTION/PROGRA M

LAST TEN FISCAL YEARS
Fiscal Y ear
Function/Program
Public Safe ty:

Police Statio ns
Sworn Officers
Patrol Vehicles
Fire Stations
Highways and Streets:

Miles of Streets
Street Trees
Traffic Signa ls
Street Lights
Sewer:

Miles of Sanita ry Se wers
Storm Drains
Culture and Recreatio n:

Parks
Area of Parks (Acres)
Co mmunity Buildings
Co mmunity Ce nters
Se nior Ce nters
Baseball Diamonds
Basketball Courts
Soccer Fields
Pools
G ymnasiums
Tennis Courts
Pickleball Courts
Note :
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
1 1 1 1 1 1 1 1 1 1
46 46 46 46 51 51 46 51 46 48
26 26 26 26 32 32 33 16 16 17
2 2 2 2 2 2 2 2 2 2
107 107 107 107 107 132 132 132 133 133
9,214 9,214 9,214 9,214 9,139 7,175 7,077 6.929 6,688 6,915 229 229 229 229 230 230 230 230 230 230
3,656 3,656 3,656 3,656 3,660 3,660 3,656 3,656 3,656 3,915 76 76 76 76 76 76 84 84 84 84
506 506 506 506 506 506 506 506 531 531
16 16 16 16 16 16 15 15 15 15

72. 9 72.9 72.9 72 .9 72 .9 100 .9 60.9 60 .9 60 .9 60 .9 7 7 7 7 7 7 7 7 7 7
3 3 3 3 3 3 3 3 3 3
1 1 1 1 1 1 1 1 1 1
7 7 7 7 7 7 7 7 7 7
8 8 8 8 8 8 7 7 7 7
1 1 1 1 1 1 1 1 1 1
2 2 2 2 2 2 2 2 2 2
1 1 1 1 1 1 1 1 1 1
- - - - - - 4
In FY20/21, the Fleet Manager provided the number of patrol vehicles as 16. The police department could not recre ate the previously reported number of 33. When taking into acc ount all p olice department ve hicles, the number was 45. Therefo re , only the actual patro l vehicles were reported starting in FY20/21.

So urce: City of Placentia, Finance Department
(157)

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City of Placentia
2023 Audit Results
©2024 CliftonLarsonAllen LLP. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer.

Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC -registered investment advisor. 1 Outline
Scope of Services
Auditors' Opinion and Reports
Communication with Those Charged with Governance
Report on Internal Control over Financial Reporting
ACFR Highlights
Citywide
General Fund
0 ©2024 CliftonLarsonAllen LLP

Scope of Services
Audit of the annual financial statements for the year ended June 30, 2023 in accordance with Generally Accepted (US) and Governmental Auditing Standards
Audit of federal grant expenditures under Uniform Guidance Agreed Upon -Procedures related to the City's calculation of the GANN limit
0 ©2024 CliftonLarsonAllen LLP
C3b
3 Auditors' Opinion
Audit of financial statements for the year ended June 30, 2023 Unmodified opinions for June 30, 2023
Management is responsible for preparation and fair presentation of the financial statements
Auditor's responsibility is to express opinions on the financial statements Standards require that audit is planned and performed to obtain reasonable assurance that financial statements are free from material misstatement Audit evidence is sufficient and appropriate to provide a basis of our audit opinions
0 ©2024 CliftonLarsonAllen LLP _( L7r 1
4 Communication with Those Charged with Governance
The planned scope and timing of the June 30,
2023, audit was communicated during our
planning meeting
Management is responsible for the selection and
use of appropriate accounting policies, which are
described in note 1 to the financial statements.

Change in accounting policies related to
subscriptions by adopting Governmental
Accounting Standards Board (GASB) Statement
No. 96, Subscription -Based Information
Technology Arrangements, effective July 1, 2022
0 ©2024 CliftonLarsonAllen LLP
C3b
5 Communication with Those Charged with Governance
Significant estimates reported in the financial statements include the following:

Annual required contributions, pension expense, net pension liability and deferred outflows/inflows of resources of CaIPERS defined benefit pension plan
The actuarially determined contributions, OPEB expense, net OPEB liability, and corresponding deferred outflows/inflows of resources for the City's Other Post -Employment Benefit Plan The claims liability for general self-insurance and workers' compensation
0 ©2024 CliftonLarsonAllen LLP
C3b
6 Communication with Those Charged with Governance
The most sensitive disclosures affecting the financial statements include the following:

Note 8 regarding the CaIPERS defined benefit plans
Note 9 regarding City's Other Post -Employment Benefit Plan Uncorrected misstatements:

Interest receivable on Veterans Village promissory notes has not been recorded. As a result, interest receivable and an offsetting deferred inflow of resources — unavailable revenue are understated by $89,087. (General Fund and Housing Successor Special Revenue Fund)
Lease income in prior year was overstated by $61,316 resulting in beginning fund balance being overstated. (General Fund)
The $407,345 net effect of a 2018 transaction involving the acquisition of an easement that was partially financed by a loan from the billboard operators was expensed rather than restating beginning net position of the governmental activities on the government -wide financial statements. 0 ©2024 CliftonLarsonAllen LLP

Communication with Those Charged with Governance
Corrected misstatements:
o Material:
• An adjustment of approximately $1,700,000 was recorded to correct the accounting treatment for the City's current year OPEB contribution to a post - employment benefits trust. The contribution should have been recorded as an expenditure in the General Fund instead of an asset.

Immaterial:

The accrued liability for certain P -card expenditures was overstated by approximately $232,000.
• Accounts receivable and related deferred inflows of resources — unavailable revenues were overstated by approximately $26,000.
0 ©2024 CliftonLarsonAllen LLP
Cvb
8 Communication with Those Charged with Governance
No disagreements arose during the course of our audit.

Representations related to audit obtained from management in a letter dated April 30, 2024.

To our knowledge, the City did not consult with other
accountants regarding auditing or accounting matters.
0 ©2024 CliftonLarsonAllen LLP
C3b
9 Report on Internal Control over Financial Reporting
We considered the City's internal control over financial reporting (internal control) to determine the audit
procedures that are appropriate for the purpose of
expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the
effectiveness of the City's internal control. Accordingly, we do not express an opinion on the effectiveness of
the City's internal control.
0 ©2024 CliftonLarsonAllen LLP
,c3vr 1 10

Report on Internal Control over Financial Reporting
Material Weakness
c OPEB Trust Contribution
A contribution of $1,706,825 to the City's newly -created post -employment benefits section 115 trust for the purpose of providing other postemployment benefits (OPEB) was
recorded as an asset in the general fund instead of an OPEB contribution expenditure.

Management's Response - City's first contribution to the Section 115 trust, staff now trained on how to properly record future contributions
0 ©2024 CliftonLarsonAllen LLP
11 Report on Internal Control over Financial Reporting
8 Significant Deficiency
GASB 87 Lease Implementation
Assets and liabilities for 12 vehicles were not properly identified for recording as leases in the prior year when the City implemented GASB 87, Leases.

One lease receivable was understated due to the option periods of the lease not being properly identified when recording the lease in the prior year.

One short-term lease for equipment that was modified in March 2023, and became subject to reporting as a right -to -use asset and lease liability was not identified until one year after the modification occurred.

These errors were identified by City staff yet not in a timely manner Management's Response — City contracted with DebtBook for GASB 87 lease implementation services. The listing sent to debtbook included the vehicles yet once returned did not include the vehicles. The City did not reconcile the to lists causing the lease to be omitted during the year of implementation. Moving forward this has been corrected and will not happen in the future as staff now enters all new leases. ©2024 CliftonLarsonAllen LLP

FY 22-23 ACF R Highlights
Government -wide Financial Statements
Government -wide net position was $86,986,523, a decrease of $5,361,419 from the prior year.
c Capital Assets Increased by $19.3 million
Total Liabilities Decreased by $8.0 million
Net Pension Liability Increased by $27.7 million
Total OPEB Liability Decreased by $6.6 million
Unearned Revenues Decreased by $6.4 million
General Fund
Ending fund balance was $26,712,756, an increase of $3,128,276 from the prior year
0 ©2024 CliftonLarsonAllen LLP _( L7r 1 13

ACFR Highlights - General Fund Revenues
0 FY 2022
Actual
FY 2023
Actual
YTD
FY 2023
Budget
FY 2023
Actual to
Budget %
Taxes
Intergovernmental
Licenses and Permits
Fines and Forfeitures
Investment Income
Charges for Services
Leases and Rents
Miscellaneous
$41,621,461
952,389
2,440,102
503,302
(323,152)
1,263,215
1,422,831
785,684
$44,429,339
8,640,895
2,643,941
457,065
67,366
1,364,054
1,572,445
1,385,763
$43,367,223
11,521,255
2,833,098
377,000
225,001
1,193,830
997,000
745,565
102%
75%
93%
121%
30%
114%
158% j
-
186%
$48,665,832
$60,560,868 $61,259,972
99CM
©2024 CliftonLarsonAllen LLP
14 ACFR Highlights - General Fund Expenditures
0 FY 2022
Actual
FY 2023
Actual
General Government
Public Safety
Public Works
Community Development
Community Services
Capital Outlay
$12,055,475
15,441,982
3,514,281
1,482,732
2,289,940
5,034,753
$15,748,766
16,357,168
4,100,553
1,718,087
2,617,825
14,475,128
Debt Service
Total Expenditures
2,271,085
2,690,838
42,090,248 57,708,365
Net Debt Proceeds
Net Transfers
120,000
(3,341,575)
1,588,047
(1,312,274)
Net Change in Fund Balance
$3,354,009 $3,128,276
©2024 CliftonLarsonAllen LLP
YTD
FY 2023
Budget
FY 2023
Actual to
Budget %
$14,505,896
109%
17,574,640
93%
5,393,372 76%
1,955,201
88%
2,722,180 96%
21,577,068
67%
1,671,000
161%
65,399,357 88%
(3,549,352) 37% A
$(7,688,737)
15

Placentia City CouncilJune 4, 2024

Placentia City Council
June 4, 2024