Attachment No. 1 - Annual Comprehensive Financial Report for year ended June 30, 2024 — City Council / Housing Authority, April 21, 2025

City of Pomona
Annual
Comprehensive
Financial Report

FOR THE YEAR ENDING
JUNE 30, 2024
Attachment 1

City of Pomona
Annual Comprehensive Financial Report
For the year ended June 30, 2024
Table of Contents
Page

INTRODUCTORY SECTION
Table of Contents ............................................................................................................................................................ i Letter of Transmittal ...................................................................................................................................................... v GFOA Certificate of Achievement of Excellence in Financial Reporting ............................................................. xi Organizational Chart ................................................................................................................................................... xii Directory of City Officials ......................................................................................................................................... xiii Executive Management Team .................................................................................................................................. xiv

FINANCIAL SECTION
Independent Auditors’ Report ................................................................................................................................... 1 Management’s Discussion and Analysis
(Required Supplementary Information (Unaudited) ............................................................................................ 5 Basic Financial Statements:

Government-Wide Financial Statements:

Statement of Net Position ..................................................................................................................................... 19 Statement of Activities ..................................................................................................... ..................................... 20 Fund Financial Statements:

Governmental Fund Financial Statements:

Balance Sheet ...................................................................................................................................................... 26 Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide Statement of Net Position .......................................................................... ....... 29 Statement of Revenues, Expenditures and
Changes in Fund Balances .................................................................................................. ........................... 30 Reconciliation of the Governme ntal Funds Statement of Revenues, Expenditures, and changes in Fund Balances to the Government-Wide Statement of Activities ................................................................................................... ................................ 32 Proprietary Fund Financial Statements:

Statement of Net Position .................................................................................................. .............................. 34 Statement of Revenues, Expenses and Changes in Net Position ................................................................ 36 Statement of Cash Flows .................................................................................................... ............................... 38 Fiduciary Fund Financial Statements:

Statement of Fiduciary Net Position......................................................................................... ....................... 41 Statement of Changes in Fiduciary Net Position .... ....................................................................................... 42 Notes to the Basic Financial Statements ................................................................................................................... 45 i
City of Pomona
Annual Comprehensive Financial Report
For the year ended June 30, 2024
Table of Contents
Page
FINANCIAL SECTION (Continued)
Required Supplementary Information:

Schedule of Revenues, Expenditures and Changes in
Fund Balances – Budget and Actual:

General Fund ............................................................................................................... ..................................... 131 Housing Authority Special Revenue Fund ..................................................................................... ............. 132 American Rescue Plan Special Revenue Fund .................................................................................. ........... 133 Notes to the Budgetary Comparison Schedules ............................................................................................. 135 Schedule of Changes in the Net Pension Liability and Related Ratios:

Miscellaneous Plan – Agent Multiple Employer ............................................................................... .......... 136 Safety Plan – Agent Multiple Employer ...................................................................................... ................. 138 Collateral Benefits Plan ................................................................................................... ................................ 140 Schedule of Plan Contributions – Pension:

Miscellaneous Plan – Agent Multiple Employer ............................................................................... .......... 142 Safety Plan – Agent Multiple Employer ...................................................................................... ................. 144 Collateral Benefits Plan ................................................................................................... ................................ 146 Schedule of Changes in the Total OPEB Liability and Related Ratios:

Other Post-Employment Benefits Plan ........................................................................................ ................. 148 Supplementary Information:

Schedule of Revenues, Expenditures and Changes in
Fund Balances – Budget and Actual:

General Government Debt Service Fund ....................................................................................... ............... 153 Public Financing Authority Debt Service Fund ........................................................................................... 154 Capital Outlay Capital Projects Fund ........................................................................................................... 155 Nonmajor Governmental Funds:

Combining Balance Sheet ..................................................................................................... .............................. 160 Combining Statement of Revenues, Expenditures and Changes in Fund Balance .................................... 166 ii
City of Pomona
Annual Comprehensive Financial Report
For the year ended June 30, 2024
Table of Contents
Page
FINANCIAL SECTION (Continued)
Supplementary Information, Continued
Schedule of Revenues, Expenditures and Changes in
Fund Balances – Budget and Actual:

Miscellaneous Grants Fund .................................................................................................. .......................... 171 Community Development Block Grant ........................................................................................................ 172 State Gas Tax .............................................................................................................. ....................................... 173 Proposition A .............................................................................................................. ...................................... 174 Proposition C .............................................................................................................. ...................................... 175 Vehicle Parking District ................................................................................................... ............................... 176 Air Quality Improvement .................................................................................................... ........................... 177 Landscape Maintenance District ............................................................................................. ....................... 178 Asset Forfeiture ........................................................................................................... ..................................... 179 Traffic Offender ........................................................................................................... ..................................... 180 Measure R .................................................................................................................. ........................................ 181 Measure M .................................................................................................................. ...................................... 182 Special Fees ............................................................................................................... ........................................ 183 PEG Fee .................................................................................................................... .......................................... 184 OATH Initiative ........................................................................................................... .................................... 185 Fairplex Mitigation ........................................................................................................ .................................. 186 Measure W .................................................................................................................. ...................................... 187 Cannabis Community Benefit ................................................................................................. ....................... 188 Refuse Administration .................................................................................................................................... 189 Assessment District Improvement ......................... ....................................................................................... 190 Internal Service Funds:

Continuing Statement of Net Position .......................................................................................................... 194 Combining Statement of Revenues, Expenses and Changes in Net Position .......................................... 196 Combining Statement of Cash Flows .......................................................................................... .................. 198 iii
City of Pomona
Annual Comprehensive Financial Report
For the year ended June 30, 2024
Table of Contents
Page
STATISTICAL SECTION (Unaudited)
Description of Statistical Section Content .............................................................................................................. 203 Financial Trends:

Net Position by Component .................................................................................................................................. 205 Changes in Net Position ........................................................................................................................................ 206 Fund Balances - Governmental Funds ................................................................................................................ 208 Changes in Fund Balance - Governmental Funds ............................................................................................. 209 Governmental Activities Tax Revenue by Source .............................................................................................. 210 Revenue Capacity:

Assessed Value and Estimated Actual Value of Taxable Property ................................................................. 211 Property Tax Rates – Direct and Overlapping Governments .......................................................................... 212 Principal Property Taxpayers ................................................................................................. .............................. 213 Top 25 Sales Tax Generators ................................................................................................................................. 214 Property Tax Levies and Collections .......................................................................................... ......................... 215 Debt Capacity
Ratios of Outstanding Debt by Type ................................................................................................................... 216 Ratio of General Bonded Debt Outstanding ....................................................................................................... 217 Direct and Overlapping Debt ............................................................................................................................... 218 Legal Debt Margin Information ............................................................................................................................ 219 Pledged Revenue Coverage - Water .................................................................................................................... 220 Pledged Revenue Coverage - Sewer .................................................................................................................... 221 Demographic and Economic Information:

Demographic and Economic Statistics ................................................................................................................ 222 Principal Employers .......................................................................................................... ..................................... 223 Operating Information:

Authorized Full – Time City Employees by Function ....................................................................................... 224 Operating Indicators by Function ........................................................................................................................ 225 Capital Asset Statistics by Function ..................................................................................................................... 226 iv
7 April 4, 2025
Honorable Mayor and City Council
and Residents of the City of Pomona, Pomona, California The audited Annual Comprehensive Financial Report (ACFR) of the City of Pomona, California (City) for the fiscal year ended June 30, 2024 is hereby submitted.

An independent certified public accounting firm audits the basic financial statements. The purpose of the audit is to ensure that the basic financial statements present fairly, in all material respects, the financial position and the results of operations of the City. Responsibility for both the accuracy of the data, and the completeness and fairness of the presentation, includi ng all disclosures, rests with the City. Badawi & Associates has issued an unmodified opinion of the Ci ty of Pomona’s financial statements for the fiscal year ended June 30, 2024. The financial statements have been prepared in accordance with generally accepted accounting principles in the United States. This means that the statements have been prepared using guidelines designed to fairly set forth the financial position and results of operations of the City as measured by the financial activity of its various funds. The independent auditor’s report is located on page 1 of the Financial Section. All disclosures necessary to enable the reader to gain the maximum understanding of the City’s financial activities have been included.

Generally Accepted Accounting Principles require that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management’s Discussion and Analysis (MD&A). This letter of tr ansmittal is designed to complement the MD&A and should be read in conjunction with it. The City’s MD&A can be found immediately following the report of the independent auditors.

In addition to the comprehensive audit, the City is required to undergo an annual single audit in conformity with the provisions of the Single Audit Act of 1996 as amended and Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Pr inciples, and Audit Requirements for Federal Awards (the “Uniform Guidance”). Information related to this single audit, including a schedule of federal financial assistance, findings and recommendations and an auditor’s report on the internal control structure and compliance with applicable laws and regulations, is provided in a separate single audit report.

REPORTING ENTITY
The primary unit of the government is the City, and includes component units all of which are described below:

The Primary Government
The City was founded on January 6, 1888 and became a charter city in 1911. The City operates under a Council-Manager form of municipal government.

This report includes all the funds of the City of Pomona, California, and each of its component units.

Component units are legally separate entities for which the primary government is financially accountable.

The City provides full services to its residents including public safety, land use planning and zoning, housing and economic development, building and safety regulation and inspection, water, sewer and refuse services, maintenance of parks, streets and related infrastructure, recreational activities and library services. The accompanying Annual Comprehensive Financial Report includes the activities of the City, the primary government, and its component units, which are the Pomona Public Financing Authority, the City

ANDREW MOWBRAY
Finance Director/City Treasurer

THE CITY OF
POMONA
Finance Department
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of Pomona Housing Authority, and the Canon Water Company. Financial information for the City and these component units are accounted for in the accompanying financial statements in accordance with principles defining the reporting entity adopted by the Governmental Accounting Standards Board. The City Council serves as the governing board of the Housing Authority. The City Manager, City Attorney, Finance Director/City Treasurer, Accounting Supervisor, City Clerk, and the Economic Development Director serve as the governing board for the Pomona Public Financing Authority. Various Water Department staff serve as the governing board of the Canon Water Company. Canon Water Company is in the process of dissolution. All of these component units are presented on a blended basis.

The former Redevelopment Agency, now Successor Agency , is a separate legal entity, which was formed to hold the assets of the former Redevelopment Agency pursuant to City Council action taken on January 9, 2012 with members of the City Council, sitting as the Successor Agency to the Redevelopment Agency. The activity of the Successor Agency is overseen by an Oversight Board which is comprised of individuals appointed by various government agencies including the City of Pomona.

The Pomona Public Financing Authority (the Authority) is a joint exercise of powers agreement organized under Section 6500 of the California Government Code on October 27, 1988 between the City, the Redevelopment Agency, and the Redevelopment Agency of the City of West Covina. The purpose of the Authority is to act as a vehicle for various financing activities of the City and the Agency. The funds of the Authority have been included in the governmenta l activities in the financial statements. Separate audited statements are also issued for the Authority.

The Housing Authority of the City of Pomona (the Housing Authority) was organized pursuant to the State of California Health and Safety Code, Sectio n 34242. The Housing Authority exists pursuant to adopted resolution No. 93-114 adopted June 7, 1993. Its purpose is to prepare and carry out plans to ensure sanitary and safe housing exists in the City of Pomona and that such housing is available to persons of low income at affordable rental rates. The City provides management assistance to the Housing Authority, and the members of the City Council also act as the governing body of the Housing Authority.

The Housing Authority’s financial data and transactions are blended with the major governmental funds.

Separate audited statements are also issued for the Housing Authority.

THE CITY OF POMONA
The City is located at the southeast end of Los Angeles County and borders San Bernardino County’s western boundary and is just five miles north of Orange County. The City has a population of 152,166 and covers an area of approximately 23 square miles. The City is a charter city and is governed by a mayor and six council members. Council members are elected by district with the mayor elected from the City at large. Each member of the Council is elected to a term of four years.

LOCAL ECONOMY
The City of Pomona continues to enjoy a broadly based diverse economy, albeit one with an emphasis upon government, healthcare, and other service-orie nted industries. Among Pomona’s large employers are Pomona Valley Hospital, Pomona Unified School District (PUSD), California State Polytechnic University, the City of Pomona itself, and Casa Colina Rehabilitation Center. As a regional healthcare hub, Pomona boasts a premier facility in the Pomona Valley Hospital Medica l Center and the non-profit Casa Colina Centers for Rehabilitation.

According to January 2025 estimates published by the Labor Market Information Division of the California Employment Development Department (the most recent such data available), the City’s civilian labor force presently stands at approximately 73,300 workers with 69,100 employed. This results in an unemployment rate of 5.8%
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Retail Sales and Use Tax, Utility Users Tax, and Proper ty Tax remain an extremel y significant source of revenue for the City. The City of Pomona remains central to the region’s building and construction industry, while other business-to-business sales represent a notable share of local sales tax receipts.

Property values increased from the prior year’s keeping the property tax. Current taxable assessed valuation for the City of Pomona including redevelopment areas is $16,589,572,000 according to the Office of the Los Angeles County Auditor-Controller. Based on the City assessed valuation, overall property tax receipts (secured, unsecured, transfer tax, etc.) were 31.74% of the 2023-24 General Fund revenues, while Sales Tax and Utility Users Tax line items 40.67% of that same total.

LONG-TERM FINANCIAL PLANNING
Pomona’s vigilant ongoing review and control over expenditure growth has been , and will continue as, a critical factor in maintaining and improving the City’s overall financial health. To ensure its fiscal health, on February 6, 2023, the City Council adopted resolution number 2023-06 approving the City’s Consolidated Fiscal Policies superseding the previous resolution 2011-49. This policy established guidelines for the City’s overall fiscal planning and management and is intended to foster and support continued financial strength and stability of the City. The policy is quite comprehensive and covers areas of Budget, Economic Development, Risk Management, Accounting-Auditi ng-Financial Reporting, Cash Management and Investments, and Debt Management. The policy also required a separate Fund Balance Policy to ensure fiscal health of the City. Part of the Fund Balance Policy adopted by the City Council on February 6, 2023, requires the General Fund to have a ‘Committed Fund Balance of 22% of operating expenditures. The policy provides a scale of a minimum of 22%, increasing by 1% each year, to a maximum of 25%. Based on 2023-24 General Fund expenditure and fund balance numbers, the General Fund will meet the required minimum of 23%.

In addition, the City also established a Catastrophic Events Reserve, Pension 115 Trust Funding, Equipment Replacement Reserve, and Capital Improvement Project Funding that are appropriated in the FY 2023-24 budget. These funding policies are intended to foster and support the continued financial strength of the City.

To address long term concern of the City’s growing Pension Liability, The City issued a Pension Obligation bond (Series BJ) in Augus t of 2021. The bond was issued to pay down the City’s Pension Liability. The proceeds of the bond were sent directly to PERS fo r investment. Going forward the investment market’s volatility could prove to be an issue with the valuat ion of the Pension Liability or Asset but overall, the decision to issue a Pension Obligation Bond proved to be prudent decision. Along with addressing the Pension Liability, the City has established a Section 115 Trust with PARS and began to actively make annual contributions and from surplus.

As a result of the COVID-19 pandemic, the Presiden t issued the American Rescue Plan which provided State and local governments millions of dollars to help combat the effects of the Pandemic. The administration of the monies over the years has been challenging but several programs and projects have be the citizens of Pomona. The federal government has mandated the funds to be spent by 2026.

OUTLOOK FOR THE FUTURE
Many factors such as high inflation passing along in the cost of goods and services, unstable fuel prices, supply chain and raw material interruptions, and increased interest rates have contributed to the threat that recession may occur. With the approval of the Consolidated Fiscal Policies in February 2023, the need for sufficient reserves is more critical than ever for the City to manage these fiscal issues. The City will continue to operate within the budget while carefully monitoring expenditures and revenues.

FINANCIAL INFORMATION
Management of the City is responsible for establis hing and maintaining an internal control structure vii
designed to ensure that the assets of the City are pr otected from loss, theft or misuse and to ensure that adequate accounting data are compiled to allow for the preparation of financial statements in conformity with accounting principles generally accepted in the United States of America. The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that: (1) the cost of control should not exceed the benefits likely to be derived; and (2) the valuation of costs and benefits requires estimates and judgments by management.

Single Audit. As a recipient of federal and state financial assistance, the City is also responsible for ensuring that an adequate internal control structure is in place to ensure compliance with applicable laws and regulations related to those programs. This internal control structure is subject to periodic evaluation by management and the staff of the City. The City is required to undergo an annual single audit in conformance with Single Audit Act of 1996 as amended and Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Prin ciples, and Audit Requirements for Federal Awards (the “Uniform Guidance”). The results of the City’s single audit for the fiscal year ended June 30, 2024 are published under separate cover.

Budgetary Controls. The City follows procedures in establishing the budgetary data reflected in the fiscal statements. Annual budgets are adopted on a basis consistent with accounting principles generally accepted in the United States of America for all governmental funds, except that encumbrances are shown in the year incurred for budgetary purposes. On or before the last day in January of each year, all operational units submit requests for appropriat ions to the City Manager for budget preparation purposes. The City Council holds public hearings, and a final budget must be adopted no later than June

30. The appropriated budget is prepared by fund, function, and department. The City’s department directors, with approval of the Finance Director a nd City Manager, may make transfers of appropriations within a department and between departments with a fund. The legal level of budgetary control (i.e., the level at which expenditures may not legally exceed appropriations) is the fund level. The City Council make several supplemental budgetary appropriations throughout the year. The supplementary budgetary appropriations made in the various governmental f unds are not detailed in the required supplementary information. Under encumbrance accounting, purchase orders, contracts and other commitments for expenditures are reported to reserve that portion of the applicable appropriations. Encumbrance accounting is employed as an extension of formal budgetary accounting. Unexpended appropriations lapse at year- end regardless of encumbrances.

OTHER INFORMATION
Risk Management. The City maintains a self-insurance program to provide for the general liability, workers compensation and unemployment benefits claims.

Independent Audit. The accounting firm, Badawi & Associates, was selected to perform the annual independent audit. The annual audit is designed to meet the requirements of generally accepted auditing standards in the United States, the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and the Federal Single Audit Act of 1996 as amended and Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”). The auditors’ report on the basic financial statements is in cluded in the financial section of this report. The auditors’ report related specifically to the single audit is included in a separate Single Audit Report.

Certificate of Achievement. The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Pomona for its Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2023.

The City of Pomona has received a Certificate of Achievement for the last thirty-one consecutive years (1993-2023). The Certificate of Achievement is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government financial reports. viii
In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized comprehensive annual financial report, whose contents conform to program standards. The ACFR must satisfy both generally accepted accounting principles in the United States and applicable legal requirements.

The Certificate of Achievement is valid for a period of one year only. We believe our current report continues to conform to the Certificate of Achievement program requirements, and we are submitting it to GFOA for consideration.

Additional Information. For additional information, please refer to the Management’s Discussion and Analysis in the Introductory Section of this report. This discussion and analysis of the City’s financial performance provides an overview of the City’s financial activities for the fiscal year ended June 30, 2024.

Please read it in conjunction with the basic financial statements and the accompanying notes to the basic financial statements.

Acknowledgments. The preparation of this report could not have been accomplished without the dedicated services of the entire Finance Department staff. Special recognition is given to all the Accounting division staff and the City’s audit firm for their services in the coordination and assistance in the preparation of this year’s report.

In closing, without the leadership and support of the City Council, preparation of this report would not have been possible.

Respectfully submitted,
Andrew Mowbray
Finance Director/City Treasurer
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Government Finance Officers Association
Certificate of

Achievement
for Excellence
in Financial
Reporting
Presented to
City of Pomona
California
For its Annual
Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2023
Executive Director/CEO
xi
xii

CITY OF
POMONA

MAYOR TIM SANDOVAL
DEBRA MARTIN*
DISTRICT 1 - COUNCIL MEMBER

VICTOR PRECIADO
DISTRICT 2 - COUNCIL MEMBER

NORA GARCIA
DISTRICT 3 - COUNCIL MEMBER

ELIZABETH

ONTIVEROS-COLE
DISTRICT 4 - COUNCIL MEMBER

STEVE LUSTRO
DISTRICT 5 - VICE MAYOR
LORRAINE CANALES*
DISTRICT 6 - COUNCIL MEMBER

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FISCAL YEAR 2023-24 | CITY COUNCIL

ANITA SCOTT

CITY MANAGER

SONIA CARVALHO
(BEST, BEST, & KRIEGER)

CITY ATTORNEY

ROSALIA BUTLER

CITY CLERK

CITY COUNCIL

COUNCIL APPOINTED

CITY OFFICIALS
*Not a member of City Council as of June 30, 2024.
xiii

EXECUTIVE

MANAGEMENT TEAM

MISSION STATEMENT
Pomona will be recognized as a vibrant, safe, and
beautiful community that is a fun and exciting
destination and the home of arts and artists, students

VISION STATEMENT
Pomona - Vibrant - Safe - Beautiful

MISSION STATEMENT
The City of Pomona values...

Cultural Diversity
Fiscal Responsibility
Focusing on the Future
Excellent Customer
Service
Leadership
Engaged Compassion
Clear & Open
Communication

CORE VALUES
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INDEPENDENT AUDITOR’S REPORT
To the Honorable Mayor and Members
of the City Council of the City of Pomona
Pomona, California
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the govern mental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Pomona (City), as of and for the year ended June 30, 2024, and the related notes to th e financial statements, which collectively comprise City’s basic financial statements as listed in the table of contents.

In our opinion, the accompanying financial statements pr esent 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, 2024, 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 st andards 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 Un ited States. Our responsibilities under those standards are further described in the Auditor’s 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 ethica l 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.

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 acce pted 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 substa ntial doubt about the City’s ability to continue as a going concern for twelve months beyond the financ ial statement date, including any currently known information that may raise substantial doubt shortly thereafter.

To the Honorable Mayor and Members
of the City Council of the City of Pomona
Pomona, California

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Auditor’s 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 auditor’s 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 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 in volve 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 aggr egate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:
x Exercise professional judgment and maintain professional skepticism throughout the audit. x 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 rega rding the amounts and disclosures in the financial statements.
x 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 the City’s internal control. Accordingly, no such opinion is expressed. x 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.
x Conclude whether, in our judgment, 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 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 To the Honorable Mayor and Members
of the City Council of the City of Pomona
Pomona, California

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Required Supplementary Information
Accounting principles generally accepted in the Unit ed States of America require that the management’s discussion and analysis, the budgetary comparison schedules for the general fund and major special revenue funds, and the required pension and other postemployment benefit schedules on pages 5-14 and 131-149 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 required supplem entary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information an d 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 information 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 opin ions on the financial statements that collectively comprise the City’s basic financial statements. The combining individual fund financial statements and budgetary comparison schedules of debt service funds, Capital projects fund, and nonmajor governmental funds are presented for purposes of additional analysis and are not a required part of the basic financial statements.

The combining individual fund financial statements and budgetary comparison schedules of debt service funds, capital project funds and nonmajor governmental funds are the responsibility of management and was derived from and relates directly to the underlyi ng accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certai n 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 auditing standards generally accepted in the United States of America. In our opinion, the combining individual fund financial statements and budgetary comparison schedules of debt service funds and nonmajor governmental funds 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 section but does not include the basic financial statements and our auditor's 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 ot her information and the basic financial statements, or the other information otherwise appears to be materially misstated. 3 To the Honorable Mayor and Members
of the City Council of the City of Pomona
Pomona, California

Page 4 ends

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.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards , we have also issued our report dated April 4, 2025 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, cont racts, and grant agreements and other matters. The p u r p o s e o f t h a t r e p o r t i s s o l e l y t o d e s c r i b e t h e s cope 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 o f i n t e r n a l c o n t r o l o v e r f i n a n c i a l r e p o r t i n g o r o n c o m p l i a n c e . T h a t r e p o r t i s a n i n t e g r a l p a r t o f a n a u d i t performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.

Badawi & Associates, CPAs
Berkeley, California
April 4, 2025
4 MANAGEMENT’S DISCUSSION AND ANALYSIS
Fiscal Year Ended June 30, 2024
The following Management’s Discussion and Analysis (MD& A) of the City of Pomona’s financial performance provides an introduction and overview to the financial activities of the City for the fiscal year ended June 30, 2024.

This narrative discussion and analysis focuses on the fiscal year 2023-24 activities, resulting changes and current known facts; therefore, the information presented here should be considered in conjunction with additional information furnished in the transmittal letter and the accompanying basic financial statements.

FINANCIAL HIGHLIGHTS
x The assets and deferred outflows of resources of th e City exceeded its liabilities and deferred inflows of resources at the close of the fiscal year by $288.4 million. The Net Position is composed of $342.5 million Investment in Capital Assets, $1 01.1 million Restricted and $(155. 3) million Unrestricted. Negative unrestricted Net Position is a common occurrence amongst government entities. x As of the close of the current fiscal year, the City’s governmental funds reported combined ending fund balances of $166.4 million.
x At the end of the current fiscal year, committed fund balance for fiscal sustainability in the General Fund was $37.5 million, which is 23% of FY 2023-24 total general fund expenditures, including transfers out.

The City’s fund balance decreased by $2.4M in the General Fund resulting in $23.1 million in excess of the Fiscal Sustainability requirement.

OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis portion of the annual financial report is intended to serve as an introduction to, and provide the reader with a fundamental understanding of, the Annual Comprehensive Financial Report (ACFR) for the City of Pomona. The ACFR is divided into four main sections. First is the Introductory Section which provides the letter of transmittal, an organizational chart, and a list of City officials. The Introductory Section is followed by the Financial Section, which contains the independent auditor’s report, the management’s discussion and analysis, and finally the basic financial statements. These statements contain the “core” financial information for the City of Pomona. The basic financial statements include the government-wide financial statements, followed by the fund financial statements, and finally, the notes to the financial statements. The Financial Section is followed by the Supplemental Data portion of the report, which provides individual fund and combining information that rolls up into the amounts shown in the basic financial statements. The final portion of the ACFR is the Statistical Section. This section presents selected financial and demographic information, generally presented on a multi-year basis.

Government-wide financial statements. The government-wide financial statements are designed to provide the reader with a broad overview of the City of Pomona’s finances, in a manner similar to a private sector business.

Information contained within the government-wide statements includes the entire City government (except fiduciary funds) and the City’s component units. These statements use the accrual basis of accounting with the measurement focus on that of economic resources. All assets and deferred outflows of resources and liabilities and deferred inflows of resources, both financial and capital, short-term and long-term, are included. All revenues and expenses during the year, regardless of when cash is received or disbursed, are reported. The government- wide financial statements include the Statement of Net Position and the Statement of Activities.

The Statement of Net Position presents information on all of the City of Pomona’s assets and deferred outflows of resources and liabilities and deferred inflows of resources, with the difference between the two reported as “net position”. Increases or decreases in net position may serve as a useful indicator as to whether the financial condition of the City of Pomona is improving or deteriorating over time.

Andrew Mowbray
Finance Director/City Treasurer

THE CITY OF
POMONA
Finance Department
5 CITY OF POMONA
Management’s Discussion and Analysis, Continued
Year Ended June 30, 2024
The Statement of Activities presents information showing how the City’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event causing the change occurs, regardless of when cash is actually received or disbursed. This means that revenues and expenses in this statement are recorded when earned or a liability is incurred. Thus, items such as the value of earned but unused vacation leave will be recorded as an expense of the current period, even th ough the actual use of the vacation time may not be until subsequent periods.

Both of the government-wide statements distinguish between functions of the City of Pomona that are principally supported by taxes or intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges ( business-type activities). The governmental activities of the City of Pomona include general government, public safety, development services and public works, neighborhood services and library, and interest on long term debt. The business-type activities of the City of Pomona include water, sewer, refuse, Pomona Choice Energy Authority and Canon Water Company operations.

Fund financial statements. A “fund” is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The City of Pomona, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance related legal requirements. The fund financial statements provide more detailed information about the City’s most significant funds, not the City as a whole. All of the funds of the City of Pomona can be divided into three categories:
governmental funds, proprietary funds, and fiduciary funds.

Governmental funds include activities of the City that are not proprietary or fiduciary. These funds are used to account for, essentially, the same functions reported as “governmental activities” in the government-wide financial statements. Unlike the government-wide financial statements, however, governmental fund financial statements use the modified accrual basis of accounting and focus on near-term inflows and outflows of spendable resources, as well as the balances of spendable resources available at the end of the fiscal year. Only assets expected to be used and liabilities that come due during the year or soon thereafter are reported on the Balance Sheet. No capital assets are included. Revenues for which cash is received during or soon after the end of the year, and expenditures for goods and services that have actually been received during the year, are included within the Statement of Revenues, Expenditures, and Changes in Fund Balance.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds in the fund financial statements with similar information presented for “governmental activities” in the government-wide financial statements. By doing so, the reader may better understand the long-term impact of the City’s near-term financing decisions. Both the Governmental Fund Balance Sheet and the Statement of Revenues, Expenditures, and Changes in Fund Balance provide a reconciliation to facilitate this comparison.

The City of Pomona maintains 27 individual governmental funds. Individual fund information is presented for the “major” funds in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balance. The major funds presented include the General Fund, the Housing Authority Fund, the American Rescue Plan Fund, the Capital Outlay Capital Projects Fund, the General Government Debt Service Fund, and the Public Financing Authority Debt Service Fund. Information for the remaining governmental funds is combined into a single “other governmental funds” column on the face of the financial statements. Individual fund data for each of these non-major governmental funds is provided in the form of “combining statements” presented in the Supplemental Data portion of the report.

Proprietary funds are used to report two types of funds: enterprise funds and internal service funds. Enterprise funds report the same functions presented as “business-type” activities in the government-wide financial statements. These include activities that the City operat es similar to a private business. The City of Pomona uses enterprise funds to account for the operations of the City, Pomona Choice Energy Authority and Canon Water Company. The Water, Sewer and Pomona Choice Energy Authority are considered major enterprise funds.

Internal service funds are an accounting device used to accumulate and allocate costs internally among the City’s various functions. The City of Pomona uses internal se rvice funds to account for its self-insurance activities, equipment maintenance activities, information technology activities, and printing/mail service activities. Because 6 CITY OF POMONA
Management’s Discussion and Analysis, Continued
Year Ended June 30, 2024
these four services predominately benefit governmental rather than business-type functions, the activity has been included within “governmental activities” in the government-wide financial statements. All internal service funds are combined into a single aggregated column presentation in the proprietary fund financial statements. Individual fund data for the internal service funds is provided in the form of combining statements presented in the Supplemental Data portion of the report. Proprietary funds use the accrual basis of accounting and focus on the accumulation and use of economic resources. 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. All assets and liabilities, both financial and capital, short and long-term are included within these statements. All revenues earned and expenses incurred during the year are also included, regardless of when cash is actually received or paid.

Fiduciary funds are used to account for resources held for the benefit of parties outside of the government.

Fiduciary funds are not reflected in the government-wide financial statements because the funds are custodial in nature, and therefore, these resources are not available to fund the City of Pomona programs. The City implemented GASB 84 during fiscal year 2020-21. GASB 84 redefined what a Fiduciary activity is and how it should be reported. The implementation resulted in several activities no longer meeting the new criteria and had to be moved to the City’s General Fund.

Notes to the financial statements. The notes to the financial statements provide additional information that is essential to a full understanding of the information contained in the government-wide and fund financial statements.

The combining statements referred to earlier in connection with non-major governmental funds and internal service funds are presented immediately following the notes to the financial statements.

GOVERNMENT-WIDE FINANCIAL ANALYSIS
Net position. As mentioned earlier, net position may serve over time as a useful indicator of a government’s financial position. Total net position has increased when compared to the prior year mainly due to a slight decrease in long term debt and an increase in Investment in Capital Assets. Below is a summary schedule showing the components that make up the City’s net position (in millions) as of June 30, 2024 and 2023. 7 CITY OF POMONA
Management’s Discussion and Analysis, Continued
Year Ended June 30, 2024
For the City of Pomona, total assets and deferred outf low of resources exceeded to tal liabilities and deferred inflows of resources by $288.4 million at June 30, 2024. $342 .6 million is reported as Net investment in capital assets. This amount represents those capital assets (land, buildings, improvements, equipment, and work in progress), some of which have been acquired over time and financed by the issuance of long-term debt. The City of Pomona uses these capital assets to provide services to the citizens of the City, and the assets are therefore not available for meeting current financial obligations. Although net investment in capital assets is reported net of related debt, it should be noted that the resources ne eded to repay the debt must come from other operating sources, since the capital assets themselves cannot be used to make debt service payments.

An additional portion of net position, in the amount of $101.1 million, reported as Restricted net position represents resources that are subject to external restrictions on ho w it may be used. Restrictions include assets that are legally set aside for future capital development, capital projects, housing-related activities, debt service reserves, and other legally restricted amounts. The remaining balance is unrestricted net position of $(155.3 million). It is not uncommon in government entities to see an unrestricted net position deficit.

The City issued a Pension Obligation bond (Series BJ) in August of 2021. The bond was issued to pay down the City’s Pension Liability. The proceeds of the bond were sent directly to PERS for investment. For June 30, 2022, the issuance and sending of bond proceeds to PERS resulted in an actuarial valuation of a Net Pension Asset and a large deferred outflow. Fiscal year 2024 resulted in a Net Pension Liability due to change in CalPERS discount rate changing to 6.5% as well as due to market volatility.

Changes in net position. The statement of net position provides a snapshot at a given point in time of the assets and liabilities of the City. The other citywide statement provided is the Statement of Activities. This statement provides the reader with information regarding the revenues, expenses, and changes in net position over the fiscal year. Generally, all changes to the City’s net position from one fiscal year to the next flow through the statement of activities. The City’s programs for governmental activities include legislative and support services, Police, Fire, Public Works, Development Services, Community Servic es, and Library. The programs for the business-type activities include water utilities, sewer, residential refuse operations, Pomona Choice Energy Authority and Canon Water Company. The following is a summary schedule showing the components that make up the City’s changes in net position (in millions) for the years ended June 30, 2024 and 2023. 8 CITY OF POMONA
Management’s Discussion and Analysis, Continued
Year Ended June 30, 2024
Governmental Activities - The City’s program revenues totaled $110 .5 million. The City paid for the remaining “public benefit” portion of governmental activities with $143.5 million in taxes (some of which is restricted for certain programs). The cost of all governmental activities this year was $236.9 million. However, as shown above in the changes in net position, the amount taxpayers ultimately financed for these activities was $143.6 million since some of the cost was paid by Charge for Services revenue $(39.4 million), or by other governments and organizations that subsidized certain programs with operating contributions and grants $(49.2 million), and capital contributions and grants $(21.9 million). The City had a $19.8 million increase in net position from governmental activities (see Financial Analysis of the City’s Funds – General Fund for explanation) in 2023-24. The largest increase on the government wide statements from the prior year was in the program revenues with an overall increase of $9.5 million. Charges for services increases in FY 2023-24 which was mainly due to increased revenue from franchise fees related to the City’s agreement with the new refuse provider. Operating contributions and grants revenue increased due to a loan repayment. The General revenues increase is discussed in the General Fund analysis.
9 CITY OF POMONA
Management’s Discussion and Analysis, Continued
Year Ended June 30, 2024
Business Type Activities - The cost of all business-type activities in 2023-24 was $88.0 million and the amount of resources received was $130.3 million. Total business-type activities resources available at the fiscal year end is $161.3 million. This is calculated by taking beginning Net Position of $121.6 millio n adding revenues of $130.3 million, subtracting expenditures of $88 million and $(2.6) million in transfers. This equates to an increased net Position by $39.7 million. The largest increase in the Business Type activiti es is due to Pomona Choice Energy Authority continuing to increase its sales in residential customers with revenues increasing $8.8 million. Pomona Choice Energy Authority’s rates nearly mirror So Cal Edison’s rates but with a slight discount. So Cal Edison’s rates increased significantly from prior year which in turn Pomona Choice Energy’s rates increased thus resulted in the increased revenues.
10 CITY OF POMONA
Management’s Discussion and Analysis, Continued
Year Ended June 30, 2024
FINANCIAL ANALYSIS OF THE CITY’S FUNDS
The City uses governmental fund accounting to ensure compliance with budgetary allocations and to maintain control over resources that are legally, or otherwise, restricted for specific purposes. Following is a discussion of the individual “major” funds as shown on the Balance Sheet for Governmental Funds in the basic financial statements.

General Fund - The General Fund is used to account for the general operations of the City. It is used to account for all financial resources, except those required to be accounted for in another fund. The General Fund is always reported as a “major fund”. The General Fund repor ted $158.6 million in revenu es and $153.2 million in expenditures resulting in revenues over expenditures in the amount of $5.4 million before accounting for net other financing uses of $(7.7) mil lion, resulting in the General Fund fund ba lance to decrease by $2.4 million for the fiscal year. Total fund balance at June 30, 2024 is $60.6 million, composed of $70.8 million in assets combined with $10.0 million in liabilities and $0.2 million in deferred inflows and resources. Total fund balance includes less than $0.01 million in nonspendable and zero restricted fund balance. Committed fund balance totals $37.5 million for fiscal sustainability. The City has a Consolidated Fiscal Policies and Administrative Procedures which includes a new fund balance policy that was adopted by resolution 2023-06 for the purpose of guiding the City’s financial planning to meet financial obligations while providing high quality services. The policy states that 23% of the general fund operating expenditures including transfers out is to be committed for fiscal sustainability. The committed portion of fund balance can only be used for specific purposes pursuant to constraints imposed by formal action of the City Council, and remains in-place unless removed in the same manner. The remaining portion of fund balance of $23.1 million is considered unassigned and above the fiscal sustainability policy. General fund revenues increased $3.2 million in the fiscal year when compared to the prior year. The largest portion of the increase was Use of money and property. Use of mone y and property increased $3.8 million when compared to FY 2022-23. The increase in use of money and property revenue was due to the increased interest earnings on investments. Other large increases were Property Tax and Charges for Service with a combined increase of $3.0 million which were due to increased property values and reimbursed services.

Housing Authority Fund – The Housing Authority Fund accounts for grant revenues for housing assistance program payments and acquisition, rehabilitation, and adm inistration of properties us ed to provide affordable rental housing. The Housing Authority fund has historical ly been a “major” fund based on criterion set forth by GASB 34. For the fiscal year the Housing Authority re ported $30.9 million in revenues and $30.6 million in expenditures and transfers, resulting in a net change in fund balance in the amount of $0.3 million. The Housing Authority fund is made up of $23.7 million in assets, combi ned with $0.9 million in liabilities and $1.1 million in deferred inflows and resources resulti ng in $21.6 million in fund balance. T he $21.6 million in fund balance is restricted for Development Services. The Housing Authority fund is mainly comprised grant revenue and program costs therefore a large increase or decrease of fund balance does not occur from year to year.

American Rescue Plan Fund – The American Rescue Plan fund was created to account for the City’s award of the Federal Bill passed by Congress called American Rescue Plan Act of 2021. The City was awarded $45 million and received half of the award in FY 2020-21 and the remaining half in FY 2021-22. A spending plan was created and approved by City Council. The City has until 2024 to obligate the money and spend by 2026. Until the money is spent it will remain a liability on the balance sheet and recognized as revenue when spent. FY 2023-24 had expenditures totaling $5.0 million for various ARP activities. There is a corresponding revenue of the same amount. The asset balance is $33.9 million while being offset by a liability of the same amount.

General Government Debt Service Fund – The General Government Debt Service fund accounts for the various debts that are exclusively in the City’s name. For the fiscal year, the General Government Debt Service fund reported $0.3 million in revenues and $17.0 million in expenditures. The expenditures are mainly principal and interest debt service payments. Other f unds transfer in monies to help pay for the debt in the amount of $18.9 million. After total other financing sources of $18.9 million, the resulting net change in fund bala nce totals $2.2 million. The liability is an advance from the Public Financing Authority for Series BC & BG.

Public Financing Authority Debt Service Fund – The Public Financing Authority (PFA) Debt Service fund accounts for the various City debts that are issued for the City in the name of the PFA. For the fiscal year, the PFA Debt Service fund reported $3,138 in revenues and $2.2 million in expenditures. The expenditures are all principal and 11 CITY OF POMONA
Management’s Discussion and Analysis, Continued
Year Ended June 30, 2024
interest debt service payments. The re sulting net change in fu nd balance totals $(2.2) million. The asset is an advance to the General Government Debt Service fund for Series BC & BG.

Capital Outlay Capital Projects Fund – This fund was established to account for all Capital Improvement Projects with the exception of projects funded with Enterprise Funds. For the fiscal year, the fund reported $33.2 million in revenues including transfers in and $28.5 million in expenses. Revenues increased by $8.5 million compared to last year due to state grant revenues. Expenditures increased by $10.4 million compared to prior year due to the Pomona Multi Neighborhood Pedestrian and Bike Improvement project and Ho lt The fund is made up of $27.5 million in assets, combined with $9.1 million in liabilities and $2.7 million in deferred inflow of resources.

Non-Major Funds - The Non-Major Governmental Funds show a net increase of $6.1 million in fund balance.

The following funds were reported as “major” funds on the Statement of Net Position for Proprietary Funds in the basic financial statements:

Water Fund – The Water Fund is used to account for all activities associated with the distribution and transmission of potable water as well as reclaimed water to users. The Water Fund reported $45.8 million in operating revenues and operating expenses of $34.4 million resulting in operating income of $11.4 million. After consideration of non- operating revenues, expenses and transfers the total change in net position is $25.8 million with total revenues in excess of expenses. This is an increase of $20.3 millio n compared to the prior year due to a one-time water settlement. The Water Fund is made up of $69.0 million in current assets, $154.6 million in non-current assets, $4.1 million in deferred outflows of re sources, $13.7 million in current liabilities, $101.5 million in non-current liabilities and $4.6 million in deferred inflow of resources resulting in net position of $107.9 million.

Sewer Fund – The Sewer Fund is used to account for the operation and maintenance of the City’s sewer network.

The Sewer Fund reported $7.7 million in operating revenues and operating expenses of $2.6 million resulting in operating income of $5.1 million. After consideratio n of non-operating revenues, non-operating expenses, and transfers, the total change in net position is $3.7 million with total revenues in excess of expenses. The Sewer Fund is made up of $21.6 million in current assets, $30. 1 million in non-current assets, $0.8 million in deferred outflows of resources, $1.1 million in current liabilities, $24.3 in non-current liabilities and $0.2 million in deferred inflow of resources resulting in net position of $27.6 million.

Refuse Fund – The Refuse Fund was used to account for all activities associated with residential refuse collection, and curbside collection of recycling materials. Effective July 1, 2023, the City outsourced its refuse operations to Athens. As a result, the activities during FY 2023-24 represents the residual transactions within the fund. The Refuse Fund reported $0.3 million in operating revenues and operating expenses of $0.04 million resulting in an operating income of $0.3 million. After consideration of non-operating revenues, non-operating expenses and transfers the total change in net position is a decrease of $0.5 million with total expenses in excess of revenues.

The Refuse Fund is made up of $10.0 million in current assets, less than $0.1 in non-current assets, $1.3 million in deferred outflows of resources, $0.5 million in current liabilities, $7.8 in non-current liabilities and $.07 million in deferred inflow of resources resulting in net position of $2.3 million.

Pomona Choice Energy Authority Fund – The Pomona Choice Energy Authority was established in FY 2019-20 to offer the Citizens of Pomona an alternative source of energy to their homes. The Water fund loaned Pomona Choice Energy Authority (PCEA) startup costs in order to establish operations. PCEA recorded $57.2 million in revenues and $48.3 million in expenditures resulting in an operating gain of $9.1 m illion. The gain resulted in PCEA with a positive fund balance amount of $17.0 milli on. PCEA is made up of $30 .2 million in assets, $13.3 million in liabilities resulting in the positive fund balance of $16.9 million.

GENERAL FUND BUDGETARY INFORMATION
The originally adopted General Fund budget contained $148.5 million in appropriations to fund operations and services. This amount increased to $157.2 million by the end of the fiscal year through City Council approved budget amendments. This was an increase in the amount of $8.5 million. The increase was due to increase amounts in the City’s fire services contract, the City contributing to its Section 115 Trust, and increase labor cost that includes City bringing Building and Safety in house. 12 CITY OF POMONA
Management’s Discussion and Analysis, Continued
Year Ended June 30, 2024
General Fund revenues were over budget approximately $0.60 million. General Fund expenditures as a whole were under budget at the completion of the fiscal year by approximately $4.0 million. The above chart includes transfers in and transfers out.

As adopted, the City's FY 2023-24 General Fund Rev enue Budget reflected $153 .9 million in anticipated revenues. With approved budget adjustments the total was amended to $158.0 million. As of June 30, 2024, $158.6 million has been received. The total revenue came in over budget due to conservative revenue projections from the City’s revenue consultants. Revenue sources anticipated to be received far exceeded the anticipated amounts. See the Financial Analysis of City Funds portion for further explanation.

DEBT ADMINISTRATION
At the end of the fiscal year, the City and its component units (Pomona Public Financing Authority and Pomona Housing Authority) had total long-term debt outstanding of $377.7 million.

Additional information on the City’s long-term debt may be found in Note 11 in the Notes to the Basic Financial Statements.

CASH MANAGEMENT
To obtain flexibility in cash management, the City employs a pooled cash system (Reference Note 3 in the Notes to the Basic Financial Statements). Under the pooled cash concept, the City invests the cash of all funds with maturities planned to coincide with cash needs. Idle cash is invested in certain eligible securities as constrained by law and further limited by the City’s Investment Policy. The goals of the City’s Investment Policy are safety, liquidity and yield.

CAPITAL ASSETS
The capital assets of the City are those assets, which are used in the performance of the City’s functions including infrastructure assets. At June 30, 2024, net capital assets of the governmental activities totaled $326.1 million and the net capital assets of the business-type activities totaled $179.8 million. Depreciation on capital assets is recognized in the government-wide financial statements.

For Government Activities, the City had a total of 93 active projects which varied in the amount of activity in FY 2023-24. The largest increase in Capital Assets was in the Construction in Progress class. A total of $27.4 million was added to Construction in Progress in FY 2023-24. The major projects were:
13 CITY OF POMONA
Management’s Discussion and Analysis, Continued
Year Ended June 30, 2024
x Project #68575 – Holt Corridor Improvements ($6.5 million) x Project #67930 - Pomona Multi-Neighborhood Pedestrian and Bicycle Improv ($5.1 million) x Project #68582 - Street Preservati on – Local (FY 22-23) ($2.6 million) x Project #67934 – ADA Curb Ramps and POT – Citywide (CDBG) (FY 21-22) ($1.6 million) x Project #67939 – ADA Curb Ramps and POT – Citywide (CDBG) (FY 22-23) ($1.0 million) x Project #71053 – Emergency Shelter Annex/Water Utility Access ($0.9 million) For Enterprise Activities, the largest increase in Capital Assets was in the Construction in Progress class. There was $16.8 million added to Construction in Progress. The main project was:
x Project #93135 – Water Resources Ad min & Op Facility ($15.3 million) Additional information on the City of Pomona’s capital assets may be found in Note 9 in the Notes to the Basic Financial Statements.

ECONOMIC FACTORS
Pomona continues to be vigilant with ongoing review and control over expenditure growth, and this will continue as, a critical factor in maintaining and improving the City’s overall financial health. To ensure its fiscal health, on February 6, 2023, the City Council adopted resolution number 2023-06 approving the City’s Consolidated Fiscal Policies superseding the previous resolution 2011-49. This policy established guidelines for the City’s overall fiscal planning and management and is intended to foster and support continued financial strength and stability of the City. The policy is quite comprehensive and co vers areas of Budget, Economic Development, Risk Management, Accounting-Auditing-Financial Reporting, Cash Management and Investments, and Debt Management. The policy also required a separate Fund Balance Policy to ensure fiscal health of the City. Part of the Fund Balance Policy adopted by the City Council on February 6, 2023, requires the General Fund to have a ‘Committed Fund Balance of 22% of operating expenditures. The policy provides a scale of a minimum of 22% and a maximum of 25%. Based on 2023-24 General Fund expenditure and fund balance numbers, the General Fund will meet the 23%.

To address long term concern of the City’s growing Pension Liability, The City issued a Pension Obligation bond (Series BJ) in August of 2021. The bond was issued to pay down the City’s Pension Liability. The proceeds of the bond were sent directly to PERS for investment. Going forward the investment market’s volatility could prove to be an issue with the valuation of the Pension Liability or Asset but overall the decision to issue a Pension Obligation Bond proved to be prudent decision. Along with addressing the Pension Liability, the City is forward thinking in addressing the growing Other Post Employment Obligation (OPEB) liability Along with addressing the Pension Liability, the City has established a Section 1 15 Trust with PARS and began to actively make annual contributions and from surplus.

As a result of the COVID-19 pandemic, the President issued the American Rescue Plan which provided State and local governments millions of dollars to help combat the effects of the Pandemic. The administration of the monies over the years has been challenging but several amazing programs have helped the citizens of Pomona. The federal government has mandated the funds be obligated by 2024 and to be spent by 2026.

CONTACTING THE CITY’S FINANCIAL MANAGEMENT
This financial report is designed to provide Pomona residents, taxpayers, customers, investors and creditors with a general overview of the City’s finances and to show the City’s accountability for the money it receives. Questions about this report, separate reports of the City’s component units, or any additional financial information, should be directed to the City of Pomona Finance Department at 505 S. Garey Avenue (P.O. Box 660), Pomona, California, 91769.
14 BASIC

FINANCIAL STATEMENTS
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16 GOVERNMENT-WIDE

FINANCIAL STATEMENTS
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18 City of Pomona
Statement of Net Position
June 30, 2024
Governmental Business-type
Activities Activities Total
ASSETS
Current assets:

Cash and investments 187,071,817$ 98,699,024$ 285,770,841$ Receivables:

Accounts 6,582,582 21,717,14 6 28,299,728
Notes and loans 31,636,613 - 31,636,613
Interest 1,449,551 417,715 1,867,266
Internal balances (6,186,460) 6,186,460 -
Prepaid costs 679,890 846,704 1,526,594
Due from other governments 19,231,371 - 19,231,371
Inventories 417,385 783,67 4 1,201,059
Leases receivable 237,728 - 237,728
Land held for resale 4,359,737 - 4,359,737
Restricted assets:

Cash and investments 1,188,224 814,219 2,002,443
Cash and investments with fiscal agent 1,659,785 7,870,927 9,530,712 Total current assets 248,328,223 137,335,869 385,664,092 Noncurrent assets:

Other investments -9 , 0 0 0 9,000
Net pension asset 88,051 - 88,051
Capital assets:

Nondepreciable 155,167,005 54,465,233 209,632,238
Depreciable, net of depreciation 170,951,416 125,417,156 296,368,572 Total capital assets 326,118,421 179,882,389 506,000,810 Total noncurrent assets 326,206,472 179,891,389 506,097,861 Total assets 574,534,695 317,227,258 891,761,953

DEFERRED OUTFLOWS OF RESOURCES
Deferred charges on refunding 258,573 341,180 599,753
Deferred outflows of resources related to pensions 47,268,798 5,022,145 52,290,943 Deferred outflows of resources related to OPEB 4,438,154 1,067,728 5,505,882 Total deferred outflows of resources 51,965,525 6,431,053 58,396,578

LIABILITIES
Current liabilities:

Accounts payable 14,388,535 9,713,827 24,102,362
Accrued liabilities 706,079 1,045 707,124
Accrued interest 3,407,866 571,779 3,979,645
Unearned revenue 41,984,038 129,684 42,113,722
Retentions payable 664,211 1,622,726 2,286,937
Deposits payable 3,846,663 4,522,513 8,369,176
Payroll payable 2,440,317 360,591 2,800,908
Compensated absences - current 10,395,046 1,718,000 12,113,046 Total OPEB liability - current 4,316,010 881,030 5,197,040 Claims and judgements - current 6,249,000 - 6,249,000
Long-term debt - current portion 11,011,475 3,344,565 14,356,040 Total current liabilities 99,409,240 22,865,760 122,275,000 Noncurrent liabilities:

Compensated absences 142,500 22,608 165,108
Claims and judgements 24,013,000 - 24,013,000
Net pension liability 43,945,722 3,874,085 47,819,807
Total OPEB liability 67,424,868 14,394,317 81,819,185
Other long-term liabilities 2,843,521 - 2,843,521
Long-term debt 247,731,820 115,643,194 363,375,014
Total noncurrent liabilities 386,101,431 133,934,204 520,035,635 Total liabilities 485,510,671 156,799,964 642,310,635

DEFERRED INFLOWS OF RESOURCES
Deferred charges on refunding 285,422 2,587,121 2,872,543 Deferred inflows of resources related to leases 226,70 9 - 226,709 Deferred inflows of resources related to pensions 567,192 150,640 717,832 Deferred inflows of resources related to OPEB 12,843,261 2,834,484 15,677,745 Total deferred inflows of resources 13,922,584 5,572,245 19,494,829

NET POSITION
Net investment in capital assets 261,475,126 81,056,280 342,531,406 Restricted for:

Community development projects 21,625,000 - 21,625,000
Capital projects 15,682,064 - 15,682,064
Debt sevice 63,799,848 - 63,799,848
Total restricted 101,106,912 - 101,106,912
Unrestricted (235,515,073) 80,229,822 (155,285,251)
Total net position 127,066,965$ 161,286,102 $ 288,353,067 $ Primary Government
See accompanying Notes to Basic Financial Statements.
19 City of Pomona
Statement of Activities
For the year ended June 30, 2024
Operating Capital
Charges for Grants and Grants and
Functions/Programs Expenses Services Contributions Contributions Total Governmental activities:

General government 22,972,315 $ 10,883,891 $ 7,148,213 $ - $ 18,032,104$ Public safety 118,255,484 6,118,092 5,196,702 - 11,314,794 Development services and public works 77,202,958 20,591,108 36,866,378 21,919,070 79,376,556 Neighborhood services and library 9,526,403 1,815,869 - - 1,815,869 Interest on long-term debt 8,924,378 - - - - Total governmental activities 236,881,538 39,408,960 49,211,293 21,919,070 110,539,323 Business-type Activities:

Water 36,345,194 45,771,420 - - 45,771,420 Sewer 3,227,008 7,392,478 - - 7,392,478 Refuse 41,169 295,304 - - 295,304 Canon Water Company - February 28, 2024 20,181 - - - - Pomona Choice Energy Authority 48,458,453 57,244,513 - - 57,244,513 Total business-type activities 88,092,005 110,703,715 - - 110,703,715 Total primary government 324,973,543$ 150,112,675$ 49,211,293$ 21,919,070$ 221,243,038$ General Revenues:

Taxes:

Property taxes, levied for general purpose
Transient occupancy taxes
Sales taxes
Franchise taxes
Utility users tax
Other taxes
Total taxes
Motor vehicle in lieu, unrestricted
Use of money and properties
Other
Gain (loss) on sale of capital asset
Restitution Settlement
Transfers
Total general revenues and transfers
Change in net position
Net position - beginning of year
Net position - end of year
Program Revenues
See accompanying Notes to Basic Financial Statements.
20 Governmental Business-Type
Activities Activities Total
(4,940,211)$ - $ (4,940,211)$ (106,940,690) - (106,940,690) 2,173,598 - 2,173,598 (7,710,534) - (7,710,534) (8,924,378) - (8,924,378) (126,342,215) - (126,342,215) - 9,426,226 9,426,226 - 4,165,470 4,165,470 - 254,135 254,135 - (20,181) (20,181) - 8,786,060 8,786,060 - 22,611,710 22,611,710 (126,342,215) 22,611,710 (103,730,505)
50,233,560 - 50,233,560 3,181,846 - 3,181,846 41,088,880 - 41,088,880 7,545,614 - 7,545,614 20,950,629 - 20,950,629 9,134,969 - 9,134,969 132,135,498 - 132,135,498 188,060 - 188,060 11,252,730 3,828,943 15,081,673
164,120 400,770 564,890
(195,080) (246,175) (441,255)
- 15,613,292 15,613,292
2,558,108 (2,558,108) -
146,103,436 17,038,722 163,142,158
19,761,221 39,650,432 59,411,653
107,305,744 121,635,670 228,941,414
127,066,965$ 161,286,102$ 288,353,067$
and Changes in Net Position
Net (Expense) Revenue
21 This page intentionally left blank
22 FUND

FINANCIAL STATEMENTS
Governmental Fund Financial Statements
Proprietary Fund Financial Statements
Fiduciary Fund Financial Statements
23 This page intentionally left blank
24 This page intentionally left blank
25 City of Pomona
Balance Sheet
Governmental Funds
June 30, 2024
Debt Service
Fund
ASSETS
Cash and investments 55,344,01 1$ 8,879,188$ 33,915,968$ -$ Receivables (net):

Accounts 4,215,10 3 173,731 --
Notes and loans - 8,988,62 5 --
Interest 824,776 60,560 - -
Prepaid items 11,795 - 26,707 641,388
Due from other governments 7,923,684 967,161 --
Due from other funds 2,224,45 4 ---
Advances to other funds - - - -
Leases receivable 237,72 8 ---
Land held for resale - 4,359,737 - -
Restricted assets:

Restricted cash and investments 4,192 - - -
Cash with fiscal a
gent - 242,444 - 980,281
Total assets 70,785,743$ 23,671,446 $ 33,942,675 $ 1,621,669 $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable 4,243,427$ 614,414$ 718,660$ 8,228$ Payroll payable 1,907,919 58,998 18,699 -
Accrued liabilities - 217,482 - 488,597
De
posits payable 3,508,137 28,486 - -
Retentions payable ----
Due to other funds - - - 1,511,101
Advances from other funds 304,435 - - 62,525,000
Unearned revenues 11,038 - 33,205,316 -
Total liabilities 9,974,956 919,380 33,942,675 64,532,926 Deferred Inflows of Resources
Unavailable revenue - 1,126,175 - - Deferred inflows of resources related to leases 226,709 - - - Total deferred inflows of resources 226,709 1,126,175 - - Fund Balances:

Nonspendable:

Prepaid costs 11,795 - 26,707 641,388
Restricted:

Development services and public works - 21,625,891 --
Public safety ----
Neighborhood sevice - - - -
Assessment district improvement ----
Capital projects ----
Debt service ----
Parks and recreation ----
Committed:

Fiscal sustainability 37,456,483 ---
Unassigned 23,115,800 - (26,707) (63,552,645)
Total fund balances 60,584,078 21,625,891 - (62,911,257) Total liabilities, deferred inflows of
resources and fund balances 70,785,743$ 23,671,446$ 33,942,675$ 1,621,669$ Special Revenue Funds
General
GovernmentGeneral Fund Housing Authority
American Rescue
Plan
See accompanying Notes to Basic Financial Statements.
26 Debt Service Capital Project
Fund Fund
Nonmajor Total
Governmental Governmental
Funds Funds
104,579$ 21,064,493$ 52,271,104$ 171,579,343$ - 1,659,166 509,202 6,557,202
- - 22,647,98 8 31,636,613
696 11,526 407,405 1,304,963
- - - 679,890
- 4,266,123 6,074,403 19,231,371
- - - 2,224,454
62,525,000 - 304,435 62,829,435
- - - 237,728
- - - 4,359,737
1,169,573 14,459 - 1,188,224
- 437,060 - 1,659,785
63,799,848$ 27,452,827 $ 82,214,537 $ 303,488,745 $ -$ 5,728,302$ 2,727,214$ 14,040,245$ -4 0 , 8 7 5 315,306 2,341,797
- - - 706,079
-6 7,414 242,626 3,846,663
- 664,211 - 664,211
- - 312,577 1,823,678
- - - 62,829,435
- 2,589,995 6,177,689 41,984,038
- 9,090,797 9,775,412 128,236,146 - 2,679,966 4,809,433 8,615,574 - - - 226,709 - 2,679,966 4,809,433 8,842,283 - - - 679,890
- - 40,429,116 62,055,007
- - 1,381,729 1,381,729
- - 22,490,449 22,490,449
- - 815,653 815,653
- 15,682,064 - 15,682,064
63,799,848 - - 63,799,848
- - 2,512,745 2,512,745
- - - 37,456,483
--- (40,463,552)
63,799,848 15,682,064 67,629,692 166,410,316
63,799,848$ 27,452,827$ 82,214,537$ 303,488,745$ Public Financing
Authority
Capital Outlay
Capital Projects
Fund
27 This page intentionally left blank
28 Total Fund Balances - Total Governmental Funds 166,410,316$ Capital assets used in governmental activities were not current financial resources.

Therefore, they were not reported in the Governmental Funds Balance Sheet. Except for the internal service funds reported below, the capital assets were adjusted as follows:

Government-
Wide Statement
of Net Position
Internal Service
Funds Total
Nondepreciabl
e 155,167,005$ - $ 155,167,005 Depreciable, net 170,951,416 (197,734 ) 170,753,682
Total capital assets 326,118,421$ (197,734)$ 325,920,687 Internal service funds were used by management to charge the costs of certain activities, such as insurance, to individual funds. The assets and liabilities of the Internal service funds were included in governmental activities in the Government- Wide Statement of Net Position. (30,005,210)
Unavailabl
e revenues recorded in th e fund financial statement s resulting from activities in which revenues were earned but were not available are reclassified as revenues in the Government-Wide Financial Statements. 8,615,574 In th
e Government-Wide Financial Statements, deferred employer contributions for pension and OPEB, certain differences between actuarial estimates and actual results, and other adjustments resulting from changes in assumptions and benefits are deferred in the current year.

Government-
Wide Statement
of Net Position
Internal Service
Funds
Deferred outflows of resources related to pension 47,268,798 (1,051,731 ) 46,217,067
Deferred outflows of resources related to OPEB 4,438,154 (191,166 ) 4,246,988 Deferred inflows of resources related to pension (567,192) 39,186 (528,006) Deferred inflows of resources related to OPEB (12,843,261) 553,203 (12,290,058) Long-term liabilities were not due and payable in the current period. Therefore, they were not reported in the Governmental Funds Balance Sheet.

Government-
Wide Statement
of Net Position
Internal Service
Funds Total
Compensated absences - due within one year (10,395,046) $ 454,046 $ (9,941,000)$ Interest payable (3,407,866) - (3,407,866) Long-term debt - due within one year (11,011,475) 212,854 (10,798,621) Unamortized deferred loss on refunding (285,422) - (285,422) Unamortized deferred gain on refunding 258,573 - 258,573 Compensated absences - due in more than one year (142,500) - (142,500) Other long-term liabilities (2,843,521) - (2,843,521) Long-term debt - due in more than one year (247,731,820) 5,014,770 (242,717,050) Net pension assets 88,051 - 88,051 Net pension liability (43,945,722) 865,443 (43,080,279) Net OPEB liabilit
y (71,740,878) 3,090,120 (68,650,758 )
Total long-term liabilities (391,157,626)$ 9,637,233$ (381,520,393) Net Position of Governmental Activities 127,066,965$
City of Pomona
Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide Statement of Net Position
June 30, 2024
Amounts reported for governmental activities in the statement of net position are different because:

See accompanying Notes to Basic Financial Statements
29 City of Pomona
Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds
For the year ended June 30, 2024
Debt Service
Fund
REVENUES:

Taxes 133,945,046 $ - $ - $ - $ Special assessments ----
Licenses, permits and fees 10,045,238 - - -
Intergovernmental 398,498 24,975,703 4,992,605 291,587
Charges for services 4,542,330 1,202,330 - -
Use of money and properties 5,297,535 897,313 - 26,304
Fines and forfeitures 2,443,122 - - -
Miscellaneous 1,908,683 3,776,580 - -
Total revenues 158,580,452 30,851,926 4,992,605 317,891 EXPENDITURES:

Current:

General government 14,105,847 - 1,431,755 -
Public safety 111,424,993 - 74,870 -
Development services 17,863,333 30,129,728 912,484 -
Neighborhood services and library 7,467,036 - 336,840 - Capital outlay 2,098,072 - 6,938 -
Debt service:

Principal retirement 279,243 - - 7,431,710
Interest and fiscal charges - - - 9,553,085
Total expenditures 153,238,524 30,129,728 2,762,887 16,984,795

REVENUES OVER (UNDER)
EXPENDITURES 5,341,928 722,198 2,229,718 (16,666,904) OTHER FINANCING SOURCES (USES):

Transfers in 1,894,599 - - 18,893,796
Transfers out (9,615,750
) (518,938) (2,229,718) (507)
Proceeds from sale of property 3,350 - - -
Total other financing sources (uses) (7,717,801) (518,938) (2,229,718) 18,893,289 Net change in fund balances (2,375,873) 203,260 - 2,226,385 FUND BALANCES:

Beginning of year 62,959,95
1 21,422,631 - (65,137,642 )
Restatement ----
Beginning of year, as restated 62,959,951 21,422,631 - (65,137,642 ) End of year 60,584,078$ 21,625,89 1$ -$ (62,911,257)$ Special Revenue Funds
General
GovernmentGeneral Fund Housing Authority
American Rescue
Plan
See accompanying Notes to Basic Financial Statements.
30 Debt Service Capital Project
Fund Fund
Nonmajor Total
Governmental Governmental
Funds Funds
-$ -$ 3,645,885$ 137,590,931$ - - 1,250,798 1,250,798
- 1,266,716 455,555 11,767,509
- 10,280,628 35,143,198 76,082,219
- 652,878 1,494,060 7,891,598
3,138 66,074 4,005,412 10,295,776
- - - 2,443,122
- 5,148 1,619,815 7,310,226
3,138 12,271,444 47,614,723 254,632,179 - - 2,798,028 18,335,630
- - 3,846,060 115,345,923
- 107,000 20,324,224 69,336,769
- - 828,663 8,632,539
- 28,167,356 1,551,811 31,824,177
2,205,000 247,40 1 85,148 10,248,502
- - 283 9,553,368
2,205,000 28,521,757 29,434,217 263,276,908 (2,201,862) (16,250,313) 18,180,506 (8,644,729) - 20,967,399 217,038 41,972,832
-( 4,104) (12,303,674) (24,672,691)
- 12,317 14,402 30,069
- 20,975,612 (12,072,234) 17,330,210 (2,201,862) 4,725,299 6,108,272 8,685,481 66,001,710 - 72,478,185 157,724,835
- 10,956,765 (10,956,765 ) -
66,001,710 10,956,765 61,521,420 157,724,835
63,799,848$ 15,682,064 $ 67,629,692 $ 166,410,316 $ Public Financing
Authority
Capital Outlay
Capital Projects
Fund
31 City of Pomona
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Government-Wide Statement of Activities For the year ended June 30, 2024
Net Change in Fund Balances - Total Governmental Funds 8,685,481$ Governmental funds reported capital outlay as expenditures. However, in the Government-Wide Statement of Activities, the cost of those assets was allocated over their estimated lives as depreciation expense. This was the amount of capital assets recorded in the current period, net of the amount related to internal service 32,002,265 Depreciation expens e on capital asset s was reported in th e Government-Wide Statement of Activities , but did not require the use of current financial resources. Therefore, depreciation expense was not reported as expenditures in the governmental funds, net of the amount related to internal service funds. (11,501,458) Proceed from sale assets are recorded in the governmental funds but the gain or loss is recorded in the government-wide (225,149)
Accrued compensated leave payments were reported as expenditures in the governmental funds, however expense is recognized in the Government-Wide Statement of Activities based on earned leave accruals. (869,498) Debt proceed
s provide current financial resource s to governmental funds , but issuing debt increased long- term liabilities in the Government-Wide Statement of Net Position. Repayment of debt was an expenditure in governmental funds, but the repayment reduced long-term liabilities in the Government-Wide Statement of Net Position.

Long-term debt repayment
s 10,815,642
Capital appreciation bond accretion 547,870
Amortization of deferred charges 439
Amortization of bonds premium (discount), net 186,054
Accrued interest for long-term liabilities. This is the net change in accrued interest for the current period 74,713 Current year employer pension and OPEB contribution s are recorded as expenditures in the governmental funds, however, these amounts are reported as a deferred outflow of resources in the Government-Wide Statement of Net Position. 11,797,345
Pension expens
e is reported in th e Government-Wide Statement of Activitie s does not requir e the use of current financial resources, and therefore is not reported as expenditures in governmental funds. (26,995,209) OPEB expens e is reported in th e Government-Wide Statement of Activitie s does not requir e the use of current financial resources, and therefore is not reported as expenditures in governmental funds. (5,535,016) Unavailable revenues recorded in th e fund financial statement s resulting from activities in which revenues were earned but were not available are reclassified as revenues in the Government-Wide Financial Statements. (1,337,610)
Internal service funds were used by management to charge the costs of certain activities, such as insurance and fleet management, to individual funds. The net revenue of the internal service funds was reported with governmental activities. 2,115,352
Change in Net Position of Governmental Activities 19,761,221$ Amounts reported for governmental activities in the Government-Wide Statement of Activities were different because:

See accompanying Notes to Basic Financial Statements
32 This page intentionally left blank
33 City of Pomona
Statement of Net Position
Proprietary Funds
June 30, 2024
ASSETS
Current Assets:

Cash and investments 52,796,626$ 17,364,681$ 10,004,045$ 244,948$ Receivables (net):

Accounts 9,016,090 1,538,633 13,251 128,442
Interest 279,655 132,702 --
Prepaid items 9,000 - - 2,079
Inventories 783,674 ---
Restricted assets:

Restricted cash and investments - 814,219 - -
Cash with fiscal agent 6,142,698 1,728,229 - -
Total current assets 69,027,743 21,578,464 10,017,296 375,469 Noncurrent:

Advances to other funds 5,354,248 ---
Other Investments 9,000 ---
Capital assets:

Nondepreciable capital assets 48,729,376 5,735,857 - -
Depreciable capital assets 189,961,099 52,608,856 - 71,839 Accumulated depreciation (89,486,887) (27,683,802) - (53,949) Capital Assets - net of accumulated depreciation 149,203,588 30,660,911 - 17,890 Total noncurrent assets 154,566,836 30,660,911 - 17,890 Total assets 223,594,579 52,239,375 10,017,296 393,359

DEFERRED OUTFLOWS OF RESOURCES
Deferred charges on refunding - 341,180 --
Deferred outflows of resources related to pensions 3,484,750 482,640 979,120 - Deferred outflows of resources related to OPEB 656,16 5 56,833 339,230 - Total deferred outflows of resources 4,140,915 880,653 1,318,350 -

LIABILITIES
Current liabilities:

Accounts payable 2,028,312 72,716 29 10,834
Payroll payable 308,141 44,663 74 4 -
Accrued liabilities --- 1 ,045
Accrued interest 504,601 67,17 8 --
Deposits payable 4,522,513 - - -
Retentions payable 1,621,041 1,68 5 --
Due to other funds ----
Unearned revenues - (60) 129,744 -
Compensated absences - current 1,548,000 131,000 --
Claims and judgements - current ----
Total OPEB liability - current 611,754 52,987 201,838 - Long-term debt - current portion 2,525,639 689,676 129,250 - Total current liabilities 13,670,001 1,059,845 461,605 11,879 Noncurrent liabilities:

Advances from other funds ----
Compensated absences 21,645 961 - -
Claims and judgements ----
Net pension liability 2,867,504 397,151 547,192 -
Total OPEB liability 9,994,872 865,697 3,297,649 -
Long-term debt 88,651,700 23,030,522 3,960,972 -
Total noncurrent liabilities 101,535,721 24,294,331 7,805,813 - Total liabilities 115,205,722 25,354,176 8,267,418 11,879

DEFERRED INFLOWS OF RESOURCES
Deferred charges on refunding 2,587,121 - - -
Deferred inflows of resources related to pensions 129,839 17,983 - - Deferred inflows of resources related to OPEB 1,898,829 164,46 6 726,335 - Total deferred inflows of resources 4,615,789 182,449 726,335 -

NET POSITION
Net investment in capital assets 72,525,573 8,512,817 - 17,890 Restricted 5,746,507 1,728,229 - -
Unrestricted 29,641,903 17,342,357 2,341,893 363,59 0
Total net position 107,913,983$ 27,583,403 $ 2,341,893 $ 381,480 $ Reconciliation of Net Position to the Statement of Net Position:

Net Position per Statement of Net Position - Proprietary Funds Prior years' accumulated adjustment to reflect the conslidation of internal sevice funds activities related to the enterprise funds Current years' adjustments to reflect the conslidation of internal service activities related to enterprise funds
Net Position per Statement of Net Position
Business-Type Activities
Nonmajor Enterprise Funds
Water Sewer Refuse
Canon Water Company -
February 28, 2024
See accompanying Notes to Basic Financial Statements.
34 Governmental
Activities -
Internal Service
Totals Funds
18,288,724$ 98,699,024$ 15,492,474$ 11,020,730 21,717,146 25,380
5,358 417,715 144,588
835,625 846,704 -
- 783,67 4 417,385
- 814,219 -
- 7,870,927 -
30,150,437 131,149,409 16,079,827
- 5,354,24 8 -
-9 , 0 0 0 -
- 54,465,233 -
- 242,641,79 4 968,998
- (117,224,638) (771,264)
- 179,882,389 197,734
- 185,245,637 197,734 30,150,437 316,395,04 6 16,277,561
- 341,18 0 -
75,635 5,022,145 1,051,731
15,500 1,067,728 191,166
91,135 6,431,053 1,242,897
7,601,936 9,713,827 348,290
7,043 360,591 98,520
-1 ,045 -
- 571,779 -
- 4,522,513 -
- 1,622,72 6 -
- - 400,77 6
- 129,684 -
39,000 1,718,000 454,046
- - 6,249,000
14,451 881,030 178,245
- 3,344,565 212,854
7,662,430 22,865,760 7,941,731 5,354,248 5,354,248 -
2 22,60 8 -
- - 24,013,00 0
62,238 3,874,085 865,443
236,099 14,394,317 2,911,87 5
- 115,643,194 5,014,770
5,652,587 139,288,452 32,805,088 13,315,017 162,154,21 2 40,746,819
- 2,587,121 -
2,818 150,640 39,186 44,854 2,834,484 553,203
47,672 5,572,245 592,389 - 81,056,28 0 197,734
- 7,474,736 -
16,878,883 66,568,62 6 (24,016,484)
16,878,883$ 155,099,642 $ (23,818,750) $ 155,099,642$
4,569,021
1,617,439
161,286,102$
Business-Type Activities
Pomona Choice Energy
Authority
35 City of Pomona
Statement of Revenues, Expenses and Changes in Net Position Proprietary Funds
For the year ended June 30, 2024
OPERATING REVENUES:

Charges for services 45,771,420$ 7,392,478 $ 295,304 $ - $ Miscellaneous 8,107 310,728 4,976 - Total operating revenues 45,779,527 7,703,206 300,280 - OPERATING EXPENSES:

Personnel services 10,585,778 1,079,787 (12,388) - Operations 18,677,430 820,610 55,017 14,333 Claims expense 7,389 11,597 - - Depreciation expense 3,512,992 596,415 - 5,848 Insurance 1,624,214 115,524 - - Total operating expenses 34,407,803 2,623,933 42,629 20,181 Operating income (loss) 11,371,724 5,079,273 257,651 (20,181) NONOPERATING REVENUES (EXPENSES):

Investment income 2,491,607 1,037,071 90,215 31 Interest expense (3,218,518) (914,080) - - Restitution Settlement 15,613,292 - - - Gain (loss) on disposal of non-capital assets - - 12,223 - Gain (loss) on disposal of capital assets (260,591) 25,388 (23,195) - Total nonoperating revenues (expenses) 14,625,790 148,379 79,243 31 Income before contributions and transfers 25,997,514 5,227,652 336,894 (20,150) CONTRIBUTIONS AND TRANSFERS:

Transfers in 2,329,663 119,077 - - Transfers out (2,574,466) (1,612,329) (820,053) - Capital contributions 76,959 - - - Total contributions and transfers (167,844) (1,493,252) (820,053) - Change in net position 25,829,670 3,734,400 (483,159) (20,150) NET POSITION:

Beginning of year 82,084,313 23,849,003 2,825,052 401,630 End of year 107,913,983$ 27,583,403$ 2,341,893$ 381,48 0$
Reconciliation of Changes in Net Position to the Statement of Activities:

Changes in Net Position, per the Statement of Revenues, Expenses and Changes in Net Position - Proprietary Funds Adjustment to reflect the conslidation of current fiscal year internal service funds activities related to enterprise funds Changes in Net Position of Business-Type Activities per Statement of Activities Nonmajor Enterprise Funds
Business-Type Activities
Water Sewer Refuse
Canon Water
Company - February
28, 2024
See accompanying Notes to Basic Financial Statements.
36 Governmental
Activities -
Internal Service
Totals Funds
57,244,513$ 110,703,715 $ 71,553,273 $ - 323,811 1,473,907 57,244,513 111,027,526 73,027,180 540,322 12,193,499 46,231,375 47,806,671 67,374,061 3,783,201 - 18,986 5,361,463 - 4,115,255 56,850 - 1,739,738 - 48,346,993 85,441,539 55,432,889 8,897,520 25,585,987 17,594,291 210,019 3,828,943 985,162 (135,307) (4,267,905) (180,086) - 15,613,292 - - 12,223 - - (258,398) - 74,712 14,928,155 805,076 8,972,232 40,514,142 18,399,367 - 2,448,740 405,934 - (5,006,848) (15,147,967) - 76,959 - - (2,481,149) (14,742,033) 8,972,232 38,032,993 3,657,334 7,906,651 117,066,649 (27,476,084) 16,878,883$ 155,099,642 $ (23,818,750 )$ 38,032,993$
1,617,439
39,650,432$
Business-Type Activities
Pomona Choice Energy
Authority
37 City of Pomona
Statement of Cash Flows
Proprietary Funds
For the year ended June 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:

Cash received from customers and users 43,485,265 $ 7,388,31 4$ 3,190,057$ -$ Cash paid to suppliers for goods and services (19,062,222) (806,624) (682,882) (14,088) Cash paid for general and administrative expenses (12,808,171) (1,692,322) (382,292) - Net cash provided by (used in) operating activities 11,614,872 4,889,368 2,124,883 (14,088) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:

Cash transfers i
n 2,329,663 119,077 - -
Cash transfers out (2,574,466) (1,612,329) (820,053) -
Restitution Settelement 15,613,292
Repayment made (to) from other funds 1,121,434 ---
Net cash provided by (used in) noncapital financing activities 16,489,923 (1,493,252) (820,053) - CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:

Ac
quisition and construction of capital assets (16,410,784) (1,154,796) -- Principal paid on capital debt (2,565,042) (680,200) -- Interest paid on capital debt (3,458,166) (882,742) --
Proceeds from sales of capital assets 22,450 25,388 12,223 - Net cash provided by (used in)
capital and related financing activities (22,411,542) (2,692,350) 12,223 - CASH FLOWS FROM INVESTING ACTIVITIES:

Interest received (loss) 2,463,035 1,001,955 128,098 31 Net cash provided by (used in) investing activities 2,463,035 1,001,955 128,098 31 Net cash flows 8,156,288 1,705,721 1,445,151 (14,057) CASH AND INVESTMENTS - Beginning of year 50,783,036 18,201,408 8,558,894 259,005 CASH AND INVESTMENTS - End of year 58,939,324$ 19,907,129 $ 10,004,045 $ 244,948 $

RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:

Operating income (loss) 11,371,724$ 5,079,273$ 257,651$ (20,181)$ Adjustments to reconcile operating income (loss) to
net cash provided by (used in) operating activities:

Depreciation 3,512,992 596,415 - 5,848
(Increase) decrease in accounts receivable (2,333,276) (314,892) 2,889,777 - (Increase) decrease in prepaid expense ----
(Increase) decrease in deposits ----
(Increase) decrease in inventories (3,356) ---
(Increase) decrease in deferred outflows of resources related to pensions 928,091 25,052 - - (Increase) decrease in deferred outflows of resources related to other post employement benefits 564,349 89,932 - - Increase
(decrease) in accounts payable (381,436) 13,986 (627,865) - Increase (decrease) in accrued liabilities --- 2 4 5
Increase (decrease) in payroll payable 40,265 8,206 (248,817) - Increase (decrease) in deposits payable 39,014 ---
Increase (decrease) in claims and judgements ----
Increase (decrease) in compensated absences 43,922 5,112 (145,863 ) - Increase (decrease) in net OPEB liability (2,595,906) (595,343) -- Increase (decrease) in net pension liability 1,013,096 113,422 - - Increase (decrease) in deferred inflows of resources related to pensions 129,839 17,983 - - Increase (decrease) in deferred inflows of resources related to OPEB (714,446) (149,778) - - Net cash provided by (used in) operating activities 11,614,872$ 4,889,368$ 2,124,883$ (14,088)$ Nonmajor Enterprise Funds
Business-Type Activities
Water Sewer Refuse
Canon Water
Company - February
28, 2024
See accompanying Notes to Basic Financial Statements.
38 Governmental
Activities -
Internal Service
Totals Funds
59,029,016$ 113,092,652$ 73,149,864$ (45,162,055) (65,727,871) (10,381,810)
(225,962) (15,108,747) (47,046,462)
13,640,999 32,256,034 15,721,592 - 2,448,740 405,934
- (5,006,848) (15,147,967)
15,613,292 -
(1,121,434) - 400,776
(1,121,434) 13,055,184 (14,341,257) - (17,565,580) (37,442)
- (3,245,242) (202,227)
(135,307) (4,476,215) (180,086)
- 60,061 -
(135,307) (25,226,976) (419,755) 213,320 3,806,439 956,708
213,320 3,806,439 956,708 12,597,578 23,890,681 1,917,288 5,691,146 83,493,489 13,575,186 18,288,724$ 107,384,170$ 15,492,474$ 8,897,520$ 25,585,987$ 17,594,291$ - 4,115,255 56,850
1,784,503 2,026,112 122,684
(304,820) (304,820) -
147,000 147,000 -
- (3,356 ) 38,205
(75,635) 877,508 432,812 (15,500) 638,781 188,385 2,802,436 1,807,121 (109,338)
- 245 -
6,033 (194,313) (674,891)
- 39,014 -
- - (1,186,261 )
39,002 (57,827) 268,672
250,550 (2,940,699) (825,326)
62,238 1,188,756 35,789
2,818 150,640 39,186 44,854 (819,370) (259,466) 13,640,999$ 32,256,034$ 15,721,592$ Business-Type Activities
Pomona Choice Energy
Authority
39 This page intentionally left blank
40 City of Pomona
Statement of Fiduciary Net Position
Fiduciary Funds
June 30, 2024
Private Purpose
Trust Fund
Successor
Custodial Agency of th e
Funds Former RDA
ASSETS
Cash and investments 180,027$ 9,583,155 $ Receivables:

Notes and loans - 1,660,600
Deposits - 600
Due from other governments 23,630 -
Land held for resale - 470,303
Restricted assets:

Restricted cash and investments -9 1,261
Cash with fiscal agent - 20,813,164
Capital assets:

Nondepreciable - 125,423
Depreciable, net - 37,876
Total assets 203,657 32,782,382
Deferred Outflows of Resources
Deferred charge on refunding - 405,521
Total Deferred Outflows of Resources - 405,521

LIABILITIES
Accounts payable 9,714 10,388
Payroll payable -7 ,385
Accrued interest - 1,473,559
Deposits payable 187,953 169,040
Long-term liabilities:

Compensated absences - current - 97,000
Compensated absences - noncurrent - 2,395
Long-term debt - due within one year - 11,723,699
Long-term debt - due in more than one year - 140,010,800 Total liabilities 197,667 153,494,266

NET POSITION
Restricted for:

Individuals, organizations, and other governments 5,990 - Held in trust for private purposes - (120,306,363 )
Total Net Position 5,990$ (120,306,363)$ See accompanying Notes to Basic Financial Statements.
41 City of Pomona
Statement of Changes in Fiduciary Net Position
Fiduciary Funds
For the year ended June 30, 2024
Private Purpose
Trust Fund
Successor
Custodial Agency of th e
Funds Former RDA
ADDITIONS:

Collection of special taxes 812,049$ 12,356,72 1$ Interest - 1,151,228
Contributions from City 328 2,370
Total additions 812,377 13,510,319
DEDUCTIONS:

Refunds on contributions 788,704 -
Administrative expenses 600 358,190
Contractual services 48,188 392,743
Interest expense - 5,242,880
Depreciation expense -1 ,263
Payments to City - 471,096
Total deductions 837,492 6,466,172
Change in net position (25,115) 7,044,147 NET POSITION:

Beginning of year 31,105 (127,350,510 )
End of year 5,990$ (120,306,363)$ See accompanying Notes to Basic Financial Statements.
42 NOTES TO BASIC

FINANCIAL STATEMENTS
43 This page intentionally left blank.
44 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

1. SUMMARY OF SIGNIFICAN T ACCOUNTING POLICIES
The basic financial statements of the City of Pomona, California (the “City”), have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as applied to governmental agencies. The Governmental Accounting Standards Board (the “GASB”) is the accepted standard setting body for establishing governmental accounting and financial reporting principles.

The more significant of the City’s accounting policies are described below.

A. The Financial Reporting Entity
The City was incorporated in 1888 and became a “Charter Law” City in 1911 under the laws of the State of California. The City operates under the Council – Manager form of governments. The City principally provides general administrative services, public safety services, library, recreational services, street, highway and bridge repairs and maintenance, and water and sanitation services.

As required by U.S. GAAP, these basic financial statements present the City and its component units, entities for which the City is considered to be financially accountable. The following blended component units, although legally separate entities, are, in subs tance, part of the City’s operations and data from these units are combined with the data of the City. They are reported as blended for the following reasons:
(1) the governing board is substantively the same as the primary government, and there is a financial benefit or burden relationship between the primary government and the component unit; (2) the component unit provides services entirely, or almost entirely, to the primary government or otherwise exclusively, or almost exclusively, benefits the pr imary government even though it does not provide services directly to it; and (3) the component unit’s total debt outstanding, incl uding leases, is expected to be repaid entirely or almost entirely with the resources of the primary government.

Management determined that the following component units should be blended based on the criteria above. These component units are included in the primary government because of the fiscal dependence and financial benefit/burden relationship. Each of the blended component units in the accompanying basic financial statements of the City are described below:

City of Pomona Housing Authority - The City of Pomona Housing Authority (the “Housing Authority”) was organized in 1993 under the California Health and Safety Code. The objective of the Housing Authority is to aid low-income families in obtainin g decent, safe, and sanitary housing through Federal assistance programs and low/moderate income housing programs. The Housing Authority was included within the scope of the reporting entity of the City because its governing body is composed in its entirety of City staff and the City has operational responsibility for the Housing Authority. The Housing Authority is blended in as a special revenue fund based on the criteria discussed above. 45 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

1. SUMMARY OF SIGNIFICANT AC COUNTING POLICIES, Continued A. The Financial Reporting Entity, Continued
City of Pomona Public Financing Authority - The City of Pomona Public Financing Authority (the “Authority”) is a joint exercise of powers authority created by a joint powers agreement between the City, the former Redevelopment Agency of the City of Pomona (the “Agency”) and the former Redevelopment Agency of the City of West Covina, dated October 27 , 1988. The purpose of the Authority is to provide, through the issuance of debt, financing necessary for the construction of public improvements. The Authority is not subject to federal or state income taxes. The Authority was included within the scope of the reporting entity of the City because its governing body is composed in its en tirety of City staff and the City has operational responsibility for the Author ity. The Authority is blended in as a debt service fund based on the criteria discussed above.

Canon Water Company - The Canon Water Company of Pomona (the “Company”) was incorporated on August 6, 1897. The Company owns and maintains a pipeline which transports water to the City. The Company was included within the scope of reporting entity of the City because it provides service almost entirely to the City and its governing body is compos ed of City staff. The Company is blended in as an enterprise fund since the governing boards for these entities were composed of either City Council members or City employees. Blended component unit s, although legally separate entities, are in substance, part of the City’s operations and so data from these units are reported with the interfund data of the primary government based on the criteria discussed above.

All component units had a fiscal year ended June 30, 2024, except for Canon Water Company, which had a fiscal year ended February 28, 2024.

The component units listed above issue separate financial statements which can be obtained at City Hall and online at www.pomonaca.gov.

B. Financial Statements Presentation, Basi s of Accounting and Measurement Focus The accounts of the City are organized on the basis of funds, each of which is considered a separate account entity. The operations of each fund are accounted for by providing a separate set of self-balancing accounts that comprise its assets, liabilities, fund balance, revenues and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purpose of which they are to be spent and means by which spending activities are controlled.

Government – Wide Financial Statements - The City’s government-wide financial statements include a Statement of Net Position and a Statement of Activities. These statements present summaries of governmental and business-type activities for the City accompanied by a total column. Fiduciary activities of the City are not included in these statements.
46 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

1. SUMMARY OF SIGNIFICANT AC COUNTING POLICIES, Continued B. Financial Statements Presentation, Basis of Accounting and Measurement Focus, Continued These basic financial statements are presented on an “economic resources” measurement focus and the accrual basis of accounting. Economic resources measurement focus considers all of the assts available for the purpose of providing goods and services and report s all inflows, outflows, and balances affecting or reflecting an entity’s net position. Accordingly, all of the City’s assets and liabilities, 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, and expenses are recognized in the period in which the liability is incurred.

Certain types of transactions are reported as program revenues for the City in three categories:
x Charges for services
x Operating grants and contributions
x Capital grants and contributions
Certain eliminations have been made in regard to interfund activities. All internal balances in the Statement of Net Position have been eliminated except those representing balances between the governmental activities and the business-type activities, which are presented as internal balances and eliminated in the total primary government column, if any. In the Statement of Activities, internal service fund transactions have been eliminated; however, those transactions between governmental and business-type activities have not been eliminated . The following interfund activities have been eliminated:
x Due to and from other funds
x Advances to and from other funds
x Transfers in and out
Governmental Fund Financial Statements - Governmental fund financial statements include a Balance Sheet and a Statement of Revenues, Expenditures and Changes in Fund Balances for all major governmental funds and nonmajor governmental funds aggregated. An accompanying schedule is presented to reconcile and explain the differences in fund balance as presented in these statements to the net position presented in the government – wide fi nancial statements. The City has presented all major funds that met the applicable criteria.

All governmental funds are accounted for on a spendi ng or “current financial resources” measurement focus and the modified accrual basis of accounting. Accordingly, only current assets and current liabilities are included on the balance sheets. The Statement of Revenues, Expenditures and Changes in Fund Balances present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. 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.
47 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

1. SUMMARY OF SIGNIFICANT AC COUNTING POLICIES, Continued B. Financial Statements Presentation, Basis of Accounting and Measurement Focus, Continued Revenues are recognized as soon as they are both “measurable” and “available.” Revenues are considered to be available when it is collectible within the current period as soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if it is collected within 60 days of the end of the current fiscal period except for grant revenue where the government considers revenue to be available if collected within 120 days of the end of current fiscal year. The primary revenue sources, which have been treated as susceptible to accrual by the City, are real and personal property tax, other local taxes, franchise fees, forfeitures and penalties, rents and concessions, interest revenue, and state and federal grants. Expenditures ar e recorded in the accounting period in which the related fund liability is incurred.

Unavailable revenue arises when potential revenues do not meet the “available” criteria for recognition in the current period. Unearned revenue arises when the government receives resources before it has legal claim to it, as when grant monies are received prior to incurring qualifying expenditures or when prepaid charges are received for services. In subsequent periods when both revenue recognition criteria are met or when the government has a legal claim to the resources, the unavailable revenue and unearned revenue are removed from the balance sheet and revenue is recognized.

The 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:

The General Fund is the City’s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund.

The Housing Authority Special Revenue Fund accounts for grant revenues received for the acquisition, rehabilitation and administration of properties used to provide affordable rental housing and the low and moderate income housing functions of the former Redevelopment Agency.

The American Rescue Plan Fund accounts for the American Rescue Plan Act of 2021 revenues received and related expenditures.

The General Government Debt Service Fund accounts for the payment of interest and principal on debt incurred by the City.

The Public Financing Authority Debt Service Fund accounts for the payment of interest and principal on the local agency revenue bonds and other debt of the Authority.

The Capital Outlay Capital Projects Fund accounts for accumulation of the cost of capital projects. 48 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

1. SUMMARY OF SIGNIFICANT AC COUNTING POLICIES, Continued B. Financial Statements Presentation, Basis of Accounting and Measurement Focus, Continued 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 all proprietary funds.

Proprietary funds are accounted for using the “economic resources” measurement focus and the accrual basis of accounting. Accordingly, a ll assets and liabilities (whether current or noncurrent) are included on the Statement of Net Position. The Statement of Revenues, Expenses and Changes in Net Position presents increase (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.

Operating revenues in the proprietary funds are th ose 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:

The Water Enterprise Fund accounts for activities associated with the distribution and transmission of portable water to users and recycled water.

The Sewer Enterprise Fund accounts for the operation and maintenance of the City’s sewer network.

The Pomona Choice Energy Authority accounts for the activities aimed to reduce energy usage.

The Internal Service Funds account for the maintenance and repair of City vehicles and equipment, risk management (general liability workers’ compensation and unemployment), innovation & technology and printing/mailing service provided to other departments or agencies of the City. 49 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

1. SUMMARY OF SIGNIFICANT AC COUNTING POLICIES, Continued B. Financial Statements Presentation, Basis of Accounting and Measurement Focus, Continued Fiduciary Fund Financial Statements
Fiduciary fund financial statements include a Statem ent of Fiduciary Net Position and a Statement of Changes in Fiduciary Net Position. The City’s fiduciary funds consist of one private purpose trust fund and custodial funds. Fiduciary fund types are accounted for using the “economic resources” measurement focus and the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized in the period which the revenue is earned, which expenses are recognized in the period in which the liability is incurred.

The City uses its private-purpose trust fund to account for the assets and liabilities of the former Redevelopment Agency and the receipt of funds to make installment payments of enforceable obligations until the obligations of the former Redevelopment Agency are paid in full and assets have been liquidated.

The Custodial Funds account for assets held by the City for other governments. These funds include receipts and disbursements of funds for the debt service activity of the 1911 Act assessment districts.

C. Cash, Cash Equivalent, and Investments
The City pools its available cash for investment purposes. The City’s cash and cash equivalents are considered to be cash on hand, demand deposits, and short-term investments with original maturity of three months or less from the date of acquisition. Cash and cash equivalents are combined with investments and displayed as cash and investments.

Highly liquid market investments with maturities of one year or less at time of purchase are stated at amortized cost. All other investments are reported at fair value.

Certain disclosure requirements, if applicable, are provided for deposit and investment risk in the following areas:
x Interest Rate Risk
x Credit Risk
x Overall
x Custodial Credit Risk
x Concentration of Credit Risk
x Foreign Currency Risk
The City operated an internal cash management pool where the proprietary funds do not own specific identifiable securities in the City’s pool. For purposes of the statement of cash flows, the proprietary funds report the investments at the amortized cost and considered as cash equivalents. 50 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

1. SUMMARY OF SIGNIFICANT AC COUNTING POLICIES, Continued D. Cash and Investment with Fiscal Agen ts and Restricted Cash and Investments Cash and investments with fiscal agents and restricted cash and investments are restricted due to limitations on their use by bond covenants or donor limitations. Fiscal agents acting on behalf of the City hold investment funds arising from the proceeds of long-term debt issuance. The funds may be used for specific purposes of for the payment of certain bonds and have been invested only as permitted by specific State statues, applicable City ordinance, resolution, or bond indentures.

E. Fair Value Measurement
U.S. GAAP defines fair value, establishes a fr amework 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 judgement associated with the inputs used to measure their fair value.

The three levels of the fair value measurement hierarchy are described below:
x Level 1 – Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date.
x Level 2 – Inputs, other than quoted prices included in Level 1, that are observable for the assets of liabilities through corroboration with market data at the measurement date. x 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. Interfund Transactions
Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as “due to/from other funds” (i.e., current portion of interfund loans) or “advances to/from other funds” (i.e., noncurrent portion of interfund loans). Any residual balances outstanding between the governmental activities and business-type activities are reported in the governmental – wide financial statements as “internal balances.” G. Inventories and Prepaid Items
Inventories within the various fund types consist of materials and supplies which are valued at cost on a first-in, first-out basis. Purchase o f s u p p l i e s h a v e b e e n r e p o r t e d b a s e d o n c o n s u m p t i o n m e t h o d t o recognize inventory-related expenditures.

Certain payments to vendors reflect cost applicable to future accounting periods and are recorded as prepaid items in both government – wide and fund financial statements, such as prepaid bond insurance.

H. Land Held for Resale
Land purchased for resale is reported at lower of acquisition costs or net realizable value. 51 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

1. SUMMARY OF SIGNIFICANT AC COUNTING POLICIES, Continued I. Capital Assets
Capital assets, which include land, construction in progress, buildings and improvements, improvements other than buildings, machinery and equipment, au tos, and trucks, equipment under capitalized lease and infrastructure assets (e.g., roads, bridges, traffic signals, and similar items), are reported in applicable governmental or business-type activities in the Government – Wide Financial Statements. City policy has set the capitalization threshold for reporting capital assets at $5,000 for federal funds and $25,000 for other funds and capital projects at $250,000.

Capital assets are valued at historical cost or estimated historical cost if actual historical cost was not available. Donated assets are valued at acquisition value on the date donated.

Depreciation is reported on a straight-line basis over estimated useful lives of the assets as follows:

For infrastructure systems, the City elected to use the basic approach for infrastructure reporting.

The City defines infrastructure as the basic physical assets that allow the City to function. The assets include streets, bridges, sidewalks, drainage systems, and lighting systems, etc. Each major infrastructure system can be divided into subsystems. For example, the street system can be subdivided into pavement, curb and gutters, sidewalks, medians, streetlights, and landscaping and land. These subsystems were not delineated in the basic financial statements. The appropriate operating department maintains information regarding the subsystems.

Major outlays for capital assets and improvements are capitalized as projects are constructed.

The long-term principal portion of debt on non-proprietary capital assets acquired through lease purchase contracts is accounted for in the government – wide financial statements as “Finance purchase obligations”. Capital assets acquired under capital le ases are capitalized at the net present value of the total lease payments in the government – wide financial statements.

J. Long-Term Debt
In the government–wide financial statements and pr opriety fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities, or proprietary fund type statement of net position. Bond premiums and discounts are deferred and amortized over the life of the bonds using the effective interest method. 52 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

1. SUMMARY OF SIGNIFICANT AC COUNTING POLICIES, Continued J. Long-Term Debt, Continued
Bonds payable are reported net of the applicable bond premium or discount. Issuance costs, whether or not withheld from the actual debt proceeds received, are expensed when incurred.

In the fund financial statements, governmental funds types recognize bonds premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issu ances are reported as other financing sources while discounts on debt issuances are reported as other financing used. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as expenditures.

K. Compensated Absences
In governmental funds, compensated absences are recorded as expenditures in the years paid, as it is the City’s policy to liquidate any unpaid compensated absences at June 30 from future resources, rather than currently available financial resources. In proprietar y 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 long-term liability of the fund. Vested or accumula ted compensated absences in proprietary funds are recorded as an expense and liability of those funds as the benefits accrue to employees. The compensated absences liability will be liquidated through the Gene ral Fund for governmental activities and through the proprietary funds for the business-type activities.

L. 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 ge neral liability claims includes “incurred but not reported” (IBNR) claims. There is no fixed payment schedule to pay these liabilities.

M. Deferred Outflows of Resources and Deferred Inflows of Resources In addition to assets, the Statement of Net Position and Balance Sheets report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets or fund balance that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then.

In addition to liabilities, the Statement of Net Positi on and Balance Sheets report a separate section for deferred inflows of resources. This separate financ ial statement element, deferred inflows of resources, represents an acquisition of net assets or fund balance that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. .
53 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

1. SUMMARY OF SIGNIFICANT AC COUNTING POLICIES, Continued N. Pensions
For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the plans and additions to/deductions from the plans’ fi duciary net position have been determined on the same basis as they are reported by the plans. For th is purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with benefit terms.

Investments are reported at fair value.

The following timeframes are used for pension reporting:

Gains and losses related to changes in total pension liability and fiduciary net position are recognized in pension expense systematically over time. The first amortized amounts are recognized in pension expense for the year the gain or loss occurs. The remainin g amounts are categorized as deferred outflows and inflows of sources related to pensions and are to be recognized in future pension expense. The amortization period differs depending on the source of the gain or loss. The difference between projected and actual earnings is amortized over five years. All other amounts are amortized straight-line over the average expected remaining service lives of all members that are provided with benefits (active, inactive, and retired) as of the beginning of the measurement period. 54 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

1. SUMMARY OF SIGNIFICANT AC COUNTING POLICIES, Continued O. Other Post – Employment Benefits (“OPEB”)
For the purpose of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the City’s OPEB Plan and additions to/deductions from the OPEB Plan’s fiduciary net position have been determined on the same basis as they are reported by the Plan. For this purpose, the OPEB Plan recognizes benefit payments when due and payable in accordance with the benefit terms.

The following timeframes are reported OPEB reporting:

Gains and losses related to changes in total OPEB liability are recognized in OPEB expense systematically over time. The first amortized amounts are recognized in OPEB expense for the year the gain or loss occurs. The remaining amounts are categorized as de ferred outflows and deferred inflows of resources related to OPEB and are to be recognized in future OPEB expense. The gains and losses are amortized on a straight-line basis over the average expected remaining service lives of all members.

P. Net Position
In the government – wide financial statements, net position is classified in the following:

Net Investment in Capital Assets – This amount consists of capital assets net of accumulated depreciation and reduced by outstanding debt and related deferred outflows and inflows of resources that is attributed to the acquisition, construction, or improvement of the assets, net of unspent debt proceeds.

Restricted – This amount is restricted by external creditors, grantors, contributors, or laws of regulations of other governments.

Unrestricted – This amount is all net position that does not meet the definition of ”net investment in capital assets” or “restricted net position.”
When expenses are incurred for purposes for which bo th restricted and unrestricted net position are available, the City’s policy is to apply restricted net position first, then unrestricted net position as they are needed.
55 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

1. SUMMARY OF SIGNIFICANT AC COUNTING POLICIES, Continued Q. Fund Position
In the fund financial statements, governmental funds report the following fund balance classification:

Non-spendable – This includes amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact.

Restricted – This includes amounts that are constrained on the use of resources by either (a) external creditors, grantors, contributors, or laws of regulations of other governments or (b) by law through constitutional provisions or enabling legislation.

Committed – This includes amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the government’s highest authority. The City Council, as a City’s highest level of decision-making authority, may commit fund balance for specific purposes pursuant to constraints imposed by resolution. These committed amounts cannot be used for any other purpose unless the City Council removes or changes the specified use through the same type of formal action taken to establish the commitment. City Council action to commit fund balance needs to occur within the fiscal reporting period; however, the amount can be determined subsequently.

Assigned – This includes amounts that are constrained by the government’s intent to be used for specific purposes but are neither restricted nor committed. The City Council adopted Resolution No. 2011-63A and gave the Finance Director authority to assign amounts for specific purposes.

Unassigned – This is the residual amounts that have not been restricted, committed, or assigned to specific purposes. Only the General Fund can report positive unassigned fund balance. All other funds’ fund balances have been restricted, committed, or assigned for the purpose of those particular funds.

When an expenditure is incurred for purposes for which both restricted and unrestricted fund balances are available, the City’s policy is to apply restricted fund balance first. Further, when the components of unrestricted fund balance can be used for the same pu rpose, the City uses the unrestricted resources in the following order: committed, assigned, and unassigned.

R. Use of Estimates
The preparation of the basic financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
56 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

1. SUMMARY OF SIGNIFICANT AC COUNTING POLICIES, Continued S. Property Taxes
Property taxes attach a legally enforceable lien on property as of January 1. Taxes are levied on July 1 and are payable in two installments on December 10 and April 10. The County of Los Angeles (the “County”) bills and collects the property taxes and remits it to the City in installments during the year. The City’s property tax revenues are recognized when an enforceable legal lien is attached to the property. The County is permitted by State Law (Proposition 13) to levy taxes at 1% of full market value (at time of purchase) and can increase the property tax base not more than 2% per year. The City receives a share of this basic levy proportionate to the amount received prior to the passage of Proposition 13 in 1978.

T. Implementation of New Accounting Standards
During the year ended June 30, 2024, the City implemented the following new accounting standards issued by the Governmental Accounting Standards Board (GASB):
¾ GASB Statement No. 100, Accounting Changes and Error Corrections-an Amendment of GASB Statement No. 62 – The primary objective of this Statement is to enhance accounting and financial reporting requirements for accounting changes and error corrections to provide more understandable, reliable, relevant, consistent, and comparable information for making decisions or assessing accountability. The City adopted this statement for the year ending June 30, 2024. 57 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

2. STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
A. Deficit Fund Balance or Net Positions
At June 30, 2024, the following funds had the deficit fund balance/net position:

The General Government Debt Service Fund deficit is due to issuance of bond. The Self-Insurance Fund deficit is due to increasing claims. The Equipment Maintenance Fund and the Information Technology Fund deficits are due to the net pension liabilities and the net OPEB liabilities. The Payroll Fund deficit is due to not charging sufficient amounts from user funds. The City will eliminate the internal service deficit with future charges to user departments. The Successor Agency of Former RDA will be recovered by future Redevelopment Property Tax Trust Fund revenue approved in the Recognized Obligation Payment Schedule.

3. CASH AND INVESTMENTS
The City maintains a cash and investment pool, which includes cash balances and authorized investments of all funds. This pooled cash is invested by the City Treasurer to enhance earnings. The pooled interest earned is allocated to the funds based on average quarter-end cash balances of various funds.

The following is a summary of cash and investments at June 30, 2024:
58 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

3. CASH AND INVESTMENTS, Continued
Cash and Investments is comprised of the following at June 30, 2024:

A. Demand Deposits
The carrying amounts of the City’s cash deposits were $30,318,267 at June 30, 2024. Bank balances at June 30, 2024, were $35,766,159 which were fully insured or collateralized with securities held by the pledging financial institutions in the City’s name as disc ussed below. The $5,447,892 difference represents outstanding checks, deposits in transits, and other reconciling items.

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 depo sits is considered to be held in the City’s name. The market value of pledged securities must equal at least 110% of th e 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 Federal Deposit Insurance Corporation (“FDIC”). The City has waived the collateralization requirements.

The City follows the practice of pooling cash and inve stments of all funds, except for funds required to be held by fiscal agents under provisions of bond indentures. Interest income earned on pooled cash and investments is allocated to the various funds based on the quarter-end cash and investment balances.

Interest income from cash and investments with fiscal agents is credited directly to the related fund.

B. Investments Authorized by the California Go vernment Code and the City’s Investment Policy The table on the following page identifies the investment types that are authorized for the City by the California Government Code Section 53601 (or the City’s investment policy, where more restrictive). The table also identifies certain provisions of the California Government Code (or the City’s investment policy, where 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.
59 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

3. CASH AND INVESTMENTS, Continued
B. Investments Authorized by the Ca lifornia Government Code and the City’s Investment Policy, Continued C. Investments Authorized by Debt Agreement
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.

Investments authorized for funds held by bond trustee include, Federal securities, Federal Agency securities, U.S. Government Sponsored Enterprise securities, money market funds, certificate of deposit collateralized by Federal or Federal Agency securi ties or fully Insured by Federal Deposit Insurance Corporation, investment agreements, commercial papers, bonds or notes issued by any state or municipality, federal funds or bankers acceptances with maximum term of one year, repurchase agreements, pre-refunded municipal bonds rated “AAA”, Local Agency Investment Fund of the State of California, and any other investments permitted in writing by the Insurer. There were no limitations on the maximum amount that can be invested in one issuer, maximum percentage allowed or the maximum maturity of an investment, except noted otherwise.
60 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

3. CASH AND INVESTMENTS, Continued
D. Fair Value Measurement Disclosure
The City categorizes its fair value measurement within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on relative inputs used to measure the fair value of the investments. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

The three levels of the fair value hierarchy are described as follows:

Level 1: Inputs to the valuation me thodology are unadjusted quoted pric es for identical assets in active markets that the City has the ability to access.

Level 2: Inputs to the valuation methodology include:
x Quoted prices for similar assets in active markets;
x Quoted prices for identical or similar assets in inactive markets; x Inputs other than quoted prices that are observable for the asset; x Inputs that are derived principally from or corroborated by observable market data correlation or other means.

Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Unobservable inputs reflect the City’s own assumptions about the inputs market participants would use in pricing the asset (including assumptions about risk). Unobservable inputs are developed based on the best information available in the circumstances and may include the City’s own data.
61 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

3. CASH AND INVESTMENTS, Continued
D. Fair Value Measurement Disclosure, Continued
At June 30, 2024, investments are reported at fair value. The following table presents the fair value measurement of investments on a recurring basis and th e levels within GASB 72 fair value hierarchy in which the fair value measurements fall at June 30, 2024:

E. Risk Disclosures
Interest Rate Risk
As means of limiting its exposure to fair value lo sses arising from rising interest rates, the City’s investment policy (Policy) limits investments to a maximum maturity of five years. The weighted average days to maturity of the total portfolio shall not exceed the City’s anticipated liquidity needs for the next six (6) months. The City is in compliance with this provision of the Policy. 62 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

3. CASH AND INVESTMENTS, Continued
E. Risk Disclosures, Continued
Interest Rate Risk, Continued
At June 30, 2024, the City had the following investment maturities:

Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligations to the holder of the investment. The City’s investment policy prov ides that his risk be mitigated by investing in investment grade securities and by diversifying the investment portfolio. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. At June 30, 2024, the City’s investments are rated as following:
63 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

3. CASH AND INVESTMENTS, Continued
E. Risk Disclosures, Continued
Concentration of Credit Risk
The investment policy of the City and California Gove rnment Code contains limitations on the amount that can be invested in any one issuer . The City is exposed to credit risk if it has invested more than 5% of its investments in any one issuer. Investments guaranteed by the U.S. government and investments in mutual funds and external investment pools are excluded from this requirement.

Custodial Credit Risk
For deposits, custodial credit risk is the risk that , in the event of the failure of a deposit financial institution, a government will not be able to recover its deposit or will not be able to recover collateral securities that are in the possession of an outside party. For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, th e City will not be able to recover the values of its investments or collateral securities that are in the possession of an outside party. The City’s investment policy contains requirements that would limit the exposure to custodial credit risk for deposits or investments, other that the provision for deposits stated in the California Government Code. None of the City’s investments were subject to custodial credit risk for the current year.

F. Investment in Local Agency Investment Funds
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, 2024, include a portion of the pool funds invested in Structured Notes and Asset-Backed Securities:

Structured Notes are 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 are 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.

As of June 30, 2024, the City had $48,150,740 invested in LAIF, which had invested 3.00% of the pool investment funds in Structured Notes and Asset-Backed Securities as compared to 2.78% in the previous year. The LAIF fair value factor of 0.996316042 was us ed to calculate the fair value of the investments in LAIF.
64 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

4. LOANS RECEIVABLE
At June 30, 2024, the City’s net loans receivable consisted of the following:

A. Section 108 Loans
The City used the Section 108 loan fund and entered into loan agreements with local businesses for projects that benefit low-and moderate-income persons. The principal balance outstanding at June 30, 2024 was $122,070.

B. Deferred Home Improvement Loans
The Housing Improvement loans funds are for Health & Safety Repairs and Exterior Home Improvements. During the term of the loan, a portion of the loan shall be forgiven each full year provided that the owner is in good standing and complies with all of the covenants, conditions, and restrictions.

The principal balance outstanding at June 30, 2024 was $6,920,141.

C. Prototype Pomona Apartment Loans
The former Redevelopment Agency entered into promissory note agreement with Prototypes Pomona Apartments, L.P. in the amount of $947,417 on May 4, 2005 for the purpose of construction and development of a 32-unit multi-family, very low-in come affordable housing project. The loan bears simple interest of three percent (3%) per annum. In the event the project is sold or refinanced prior to the 30-year covenant period, the net proceeds of the sale or refinancing will be used to pay the accrued interest computed at a rate of six percent (6%) per annum from the date of default and the outstanding balance of the loan. Total outstanding principal and accrued interest at June 30, 2024 was $1,488,118. 65 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

4. LOANS RECEIVABLE, Continued
D. Rental Rehabilitation Loans
The City used HOME funds and entered into sixteen various loan agreements for rental unit rehabilitation. Total principal borrowed from the City was in the amount of $313,000. The loan bears simple interest at 2.25% annum. Total outstanding pr incipal and accrued interest at June 30, 2024 was $554,547.

E. Community Housing Development Organization (“CHDO”) Loan (Shield of Faith) The City used HOME funds and entered into loan agreement with Shield of Faith Economic Development Corporation in July 2009 for a development project where Shield of Faith purchased properties and developed them for Low-and Moderate-income persons and families. The term of the loan is 15 years and bears zero interest. The principal balance outstanding at June 30, 2024 was in the amount of $1,677,966 and will be forgiven upon the fulfillment of the terms of the agreement upon maturity date.

F. HOPE III Loans
The former Redevelopment Agency entered into two types of loans agreements through the HOPE III Program which the former Agency provided subsidy to assist persons and fa milies of low income to purchase residential property as the principal resident at all times throughout the term of the agreement.

The 20-year loans entered into during the year ended June 30, 1995 bears compound interests at 5% per annum and began to be reduced by 1/13 of the outstanding balance on August 1, 2002 annually. The loans entered into during the year ended June 30, 20 08 bears interest at 2% annum and is due upon sale of the property. The outstanding balance at June 30, 2024 was in the amount of $486,887.

G. Shield of Faith
The loan between the City and Shield of Faith Economic Development Corporation was for a development project where Shield of Faith purchased properties and developed them for Low- and Moderate-income persons and families. The principal balance of the loan amounts to $3,715,000 with simple annual 3% interest rate, for a total of $4,507,444 was paid off during FY2024.

H. Manufactured Housin g Rehabilitation Loans
The City used Cal HOME funds to provide funding for manufactured housing rehabilitation loans. The loan matures between 15 to 20 years and bears zero in terest. One Tenth (1/10) of the loan balance is forgiven each year starting from year 11. The unpaid balances are due upon refinancing or transfer of the titles. At June 30, 2024, total outstanding balance was in the amount of $1,530,522. 66 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

4. LOANS RECEIVABLE, Continued
I. Owner Occupied Loans
The City used CalHOME funds to provide two types of owner-occupied loans. The home improvement loan bears simple interest at 1% annum and mature in 15 years or at 2% and mature in 30 years, the unpaid principal and interest are due upon (a) transfer of title, (b) refinancing of any debt secured by a lien on the property and (c) failure to occupy the property as principal residence.

The second loan program is the first-time home buyer program. The first-time home buyer can borrow up to $60,000. The loan bears zero interest and mature s in 30 years or upon sale, foreclosure, transfer of title or refinance of the property with cash out.

Total outstanding principal and accrued interest at June 30, 2024 was in the amount of $1,983,957 J. Mortgage Assistance Program (“MAP”) Loans
The City used HOME funds to provide mortgage assistance program loans up to $100,000 to the borrower.

The MAP loan bears zero interest and matures in 45 years. The former Agency also provided first time home buyer program. The former Agency’s program is a second silent mortgage loan program designed to assist qualified low-income individuals with the purchase of their first home. Program assistance is limited to $500,000 (inclusive of applicable program fees) or the lesser amount (with zero percent interest) necessary to provide the “gap” assistance required to meet the Program’s front-end ratio requirements of 25% to 35%, whichever is lower. At June 30, 2024, total outstanding balance, net allowance, was in the amount of $7,406,922.

K. Neighborhood In Progress (“NIP”) Home Improvement Loans The Substantial Rehabilitation Loan Program is a deferred loan up to $60,000 and bears a 2% to 4% interest rate depending on funding and income. Repayment of the loans is due at the time of title change, resale, refinance with cash out, or non-compliance with program requirements. (Depending on funding source, some loans must be repaid at the end of thirty (30) years from the date of execution of the loan documents).

These loans are not a conventional equity loan or equity line of credit. Funding must be used to correct code violations or deferred maintenance which ma y cause code violations in the near future. The outstanding balance as of June 30, 2024 is $1,786,266.

L. Neighborhood Stabilization Program
The City through use of the Neighborhood Stabiliz ation Program funding provided loans to qualified low-and moderate- income individuals on purchases of foreclosed homes. The loan bears zero interest and matures in 45 years. At June 30, 2024, the total outstanding balance was in the amount of $185,000. 67 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

4. LOANS RECEIVABLE, Continued
M. Holt Avenue Housing Partners LP Loans
The loan between the City of Pomona and Holt Avenue Housing Partners LP was to acquire property and construct a residential housing project consisting of 62 residential units that qualify for low-income persons and families. The principal amount of the loan was $1,900,000 with simple interest at the rate of 1% per annum. All principal and interest shall be due in full on the date that is 50 years from the date of recordation of the certificate of completion. The outstanding balance at June 30, 2024 was $2,077,142.

N. Telacu Housing Pomona Loans
The City through use of HOME fund entered into a loan agreement with Telacu Housing-Pomona II, Inc. in April 2008 and provided $612,755 for construction and development of a 70-unit multiple family apartment project comprising of 69 one bed bedroom units for very low and low income seniors and one two-bedroom manager unit. The loan bears simple inte rest at the rate of 6% annum. All principal and interest shall be due in full on the date that is 20 years from the date the project is first occupied. The outstanding balance at June 30, 2024 was $1,164,234.

O. West Mission Housing Partners
The loan between the City of Pomona and West Mission Housing partners were for a development project for the purchase and rehabilitation of a 57 unit affordable housing building to benefit Low and moderate income person and families. The principal balance of the loan is comprised of two separate loans $3,400,000 accounts for the purchase of the property and $250,000 accounts for the permit fees required to purchase and develop the property with a total principal balance of $3,650,000. Both loans have a simple annual 3% interest rate and mature 55 years from the date the construction financing converts to a permanent loan. The outstanding balance at June 30, 2024 was $3,999,785.

P. East End Village Project
During the year the City entered into an agreement for East End Village Project in order to assist in the development of affordable housing within the territo rial limits of the City. The City shall provide borrower financial assistance in the form of a loan not to exceed $400,000 which will be paid from the PLHA Program funds. Simple interest shall accrue on the outstanding principal balance at a rate of three (3%) per annum, or the maximum legal limit, whichever is less, from the date that the permanent loan made to Borrower for the Project funds and records un til accrued interest and unpaid principal are paid in full. The outstanding balance at June 30, 2024 was $409,370.

Q. Rehabilitation Loans
The City offers an Accessory Dwelling Unit/Junior Accessory Dwelling Unit (ADU/JADU) Loan Program to residents, which is designed to expand the supply of affordable rental housing in the City by creating additional units within existing owner-occupied single-family homes, or by converting existing structures that are accessory to owner-occupied single-family homes into ADUs or JADUs, and provide low-income homeowners with an income stream through monthly rental payments. These loans are funded by PLHA Program funds. The outstanding balance at June 30, 2024 was $104,694. 68 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

5. INTERFUND TRANSACTIONS
A. Government-Wide Financial Statements
Internal Balances – At June 30, 2024, the City had the follo wing internal receivable and payable to consolidate the Internal Service Funds’ activities related to the Enterprise Funds.

Transfers – For the year ended June 30, 2024, the City ha d the following transfers. The purpose of the transfers was for debt service payments and to reimburse a construction project.

B. Fund Financial Statements
Due To/Due From – At June 30, 2024, the City had the following short-term interfund receivables and payables to cover negative cash at the end of the fiscal year.

Advances To/Advances From – At June 30, 2024, the City had the following long-term Interfund advances:
69 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

5. INTERFUND TRANSACTIONS, Continued
B. Fund Financial Statements, Continued
Advances in the amount of $62,525,000 from the Public Financing Authority Debt Service Fund to General Debt Service Fund are loan proceeds advanced (2017 Taxable Lease Revenue Bonds, Series BC, and BG).

Advance between the Nonmajor Government Funds and the General Fund was a loan from Vehicle Parking District Special Revenue Fund made on December 3, 2001. The Vehicle Parking District provided a $600,000 loan to the City to be used by the General Fund as a loan to the former Redevelopment Agency for the acquisition of the Fox Theater at zero interest. The principal is due when rent income is generated or when the property is sold. There is no fixed payment schedule. At June 30, 2024, the outstanding balance of the advances was in the amount of $304,435.

Advance in the amount of $6,475,682 from the Water Enterprise Fund to the Pomona Choice Energy Authority are to support the energy program.

Transfers – For the year ended June 30, 2024, the City had the following transfers:

The transfer of $4,317,526 between the General Fund and the General Debt Service Fund was for Series AR, BC, and BG debt service payments.

Transfers in the amount of $5,057,565 to Capital Outlay Capital Projects Fund were to provide funding for capital projects.

The transfer of $1,850,693 from Water Enterprise Fund to General Fund was to reimburse the City for the cost of services.

Water and Sewer Enterprise Funds transferred $600, 000 and $417,000, respectively, to General Debt Service Fund to provide funding related to repayment of Series BC.

The remaining transfers are for the purpose of providing financial resources to cover expenditures. 70 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

6. DUE FROM OTHER GOVERNMENTS
At June 30, 2024, the City’s due from other governments consisted of the following:

7. LEASES
The City implemented GASB Statement No. 87 in the fisc al year ended June 30, 2023. The primary objective of this statement is to enhance the relevance and consistency of information about governments' leasing activities. This statement establishes a single model for lease accounting based on the principle that leases are financings of the right to use an underlying asset. Under this Statement, a lessee is required to recognize a lease liability and an intangible right-to-use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of resources. For additional information, refer to the disclosures below.

A. Leases Receivable and Deferred Inflows of Resources
J. C. Park: On July 1, 2021, the City entered into a 58-month lease as Lessor for the use of J. C. Park. An initial lease receivable was recorded in the amount of $190,371. As of June 30, 2024, the value of the lease receivable is $78,696. The lessee is required to make monthly fixed payments of $3,116. The lease has an interest rate of 1.0586%. The value of the deferred inflow of resources as of June 30, 2024, was $73,751 and City of Pomona recognized lease revenue of $38,873 during the fiscal year. The lessee has 2 extension option(s), each for 60 months.

Ted Greene Park: On July 1, 2021, the City entered into a 33-month lease as Lessor for the use of Ted Greene Park. An initial lease receivable was recorded in the amount of $134,876. As of June 30, 2024, the value of the lease receivable is $0. The lessee is re quired to make monthly fixed payments of $3,842. The lease has an interest rate of 0.7268%. The value of the deferred inflow of resources as of June 30, 2024 was $0 and City of Pomona recognized lease revenue of $48,122 during the fiscal year. The lessee has 3 extension option(s), each for 60 months.

Philadelphia Park: On July 1, 2021, the City entered into a 17-month lease as Lessor for the use of Philadelphia Park. An initial lease receivable was recorded in the amount of $61,371. As of June 30, 2024, the value of the lease receivable is $0. The lessee was required to make monthly fixed payments of $3,330.

The lease had an interest rate of 0.3871 %. The value of the deferred inflow of resources as of June 30, 2024, was $0, and City of Pomona recognized lease revenue of $19,527 during the fiscal year. The lessee has 3 extension option(s), each for 60 months.
71 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

7. LEASES, Continued
A. Leases Receivable and Deferred Inflows of Resources, Continued Ralph Welch Park: On July 1, 2021, the City entered into a 17-month lease as Lessor for the use of Ralph Welch Park. An initial lease receivable was recorded in the amount of $61,371. As of June 30, 2024, the value of the lease receivable is $0. The lessee is re quired to make monthly fixed payments of $3,330. The lease has an interest rate of 0.3871 %. The value of the deferred inflow of resources as of June 30, 2024, was $0, and City of Pomona recognized lease revenue of $19,527 during the fiscal year. The lessee has 3 extension option(s), each for 60 months.

Site No #IE05427A: On July 1, 2021, the City entered into a 57-month lease as Lessor for the use of Site No #IE05427A. An initial lease rece ivable was recorded in the amount of $187,420. As of June 30, 2024, the value of the lease receivable is $75,360. The lessee is required to make monthly fixed payments of $3, 116. The lease has an interest rate of 1.0586%. The value of the deferred inflow of resources as of June 30, 2024, was $70,146 and City of Pomona recognized lease revenue of $39,091 during the fiscal year. The lessee has 2 extension option(s), each for 60 months.

Canyon Rim Road: On July 1, 2021, the City entered into a 52-month lease as Lessor for the use of 25 1/2 Canyon Rim Road. An initial lease receivable was recorded in the amount of $173,258. As of June 30, 2024, the value of the lease receivable is $58,712. The lessee is required to make monthly fixed payments of $3,116. The lease has an interest rate of 0.8927%. The value of the deferred inflow of resources as of June 30, 2024, was $54,903 and City of Pomona recognized lease revenue of $39,451 during the fiscal year.

The lessee has 2 extension option(s), each for 60 months.

Site No #CA-7137-E: On July 1, 2021, the City entered into a 28-month lease as Lessor for the use of Site No #CA-7137-E. An initial lease receivable was recorded in the amount of $41,196. As of June 30, 2024, the value of the lease receivable is $0. The lessee is required to make monthly fixed payments of $1,377.

The lease has an interest rate of 0.5135%. The value of the deferred inflow of resources as of June 30, 2024, was $0 and City of Pomona recognized lease revenue of $6,545 during the fiscal year.

Site No #IE04871A: On July 1, 2021, the City entered into a 71-month lease as Lessor for the use of Site No #IE04871A. An initial lease receivable was recorded in the amount of $47,849. As of June 30, 2024, the value of the lease receivable is $20,361. The lessee is required to make annual fixed payments of $9,348.

The lease has an interest rate of 1.2170%. The value of the deferred inflow of resources as of June 30, 2024, was $23,913 and City of Pomona recognized lease revenue of $8,012 during the fiscal year. The lessee has 3 extension option(s), each for 60 months.

East Mission Boulevard: On July 1, 2021, the City entered into a 51-month lease as Lessor for the use of 1400 East Mission Boulevard. An initial lease receivable was recorded in the amount of $13,726.10. As of June 30, 2024, the value of the lease receivable is $4,277. The lessee is required to make monthly variable principal and interest payments of $269 based on a CP I index of 0.00%. The leas e has an interest rate of

0.8927%. The value of the deferred inflow of resources as of June 30, 2024, was $4,094 and City of Pomona recognized lease revenue of $3,211 during the fiscal year. 72 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

7. LEASES, Continued
A. Leases Receivable and Deferred Inflows of Resources, Continued Total Leases Receivable at June 30, 2024 are as follows:

B. Lease Payable and Right to Use Lease Assets
On July 1, 2021, the City entered into a 44-month lease as Lessee for the use of Site No #4052928. An initial lease liability was recorded in the amount of $204,076. As of June 30, 202 4, the value of the lease liability is $43,230. City of Pomona is required to make monthly fixed payments of $4,396. The lease has an interest rate of 0.8927%. The value of the right to use asset as of June 30, 2024, of $204,076 with accumulated amortization of $54,460 is included with Land on the Lease Class activities table found below.

Right-to-use leased assets include the following at June 30, 2024:

Future principal and interest requirements to maturity for each lease liability are as follows:
73 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

8. LAND HELD FOR RESALE
At June 30, 2024, land held for resale in the amount of $4,359,737 is reported at the acquisition cost in the Housing Authority Special Revenue Fund.

9. CAPITAL ASSETS
A. Government-Wide Financial Statements
At June 30, 2024, the City’s capital assets consisted of the following:
74 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

9. CAPITAL ASSETS, Continued
B. Governmental Activities
The following is a summary of changes in capital assets for governmental activities for the year ended June 30, 2024:

Balance
July 1, 2023 Additions Deletions Transfers
Balance
June 30, 2024
Nondepreciable Assets:

Land 79,804,769 $ - $ - $ - $ 79,804,769$ Construction in Progress 57,560,980 27,361,191 (356,689) (9,203,246) 75,362,236 Total Nondepreciable Assets 137,365,749 27,361,191 (356,689) (9,203,246) 155,167,005 Depreciable Assets:

Building and Building Improvements 23,273,779 37,442 - 1,492,021 24,803,242 Improvements Other Than Buildings 72,097,053 - - 3,836,157 75,933,210 Machinery and Equipment 25,502,457 659,279 (22,695) 177,216 26,316,257 Furniture and Fixtures 1,355,135 52,518 - - 1,407,653 Autos and Trucks 13,145,528 4,285,966 (733,850) 108,512 16,806,156 Equipment Under Capitalized Leases 3,154,018 - (151,259) - 3,002,759 Right-to-Use- Land 204,076 - - - 204,076 Infrastructure 389,829,509 - (2,998,573) 3,589,340 390,420,276 Subscription Asset 674,514 - (674,514) - - Total Capital Assets, at Cost 529,236,069 5,035,205 (4,580,891) 9,203,246 538,893,629 Less accumulated depreciation:

Building and Building Improvements (13,768,750) (537,381) - - (14,306,131) Improvements Other Than Buildings (36,703,652) (1,821,630) - - (38,525,282) Machinery and Equipment (18,186,205) (1,151,511) 22,695 - (19,315,021) Furniture and Fixtures (1,061,633) (35,568) - - (1,097,201) Autos and Trucks (9,966,852) (860,935) 733,850 - (10,093,937) Equipment Under Capitalized Leases (1,748,273) (199,060) 143,862 - (1,803,471) Right-to-Use- Land (108,920) (54, 461) - - (163,381) Infrastructure (278,908,128) (6,510,482) 2,780,821 - (282,637,789) Subscription Asset (287,233) (387,281) 674,514 - - Total Accumulated Depreciation (360,739,646) (11,558,309) 4,355,742 - (367,942,213) Total Depreciable, Assets, Net 168,496,423 (6,523,104) (225,149) 9,203,246 170,951,416 Total Capital Assets, Net 305,862,172$ 20,838,087$ (581,838)$ -$ 326,118,421$ 75 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

9. CAPITAL ASSETS, Continued
B. Governmental Activities, Continued
Depreciation expense for capital assets of the governmental activities for the year ended June 30, 2024, is as follows:

C. Business-Type Activities
The following is a summary of changes in capital assets for business-type activities for the year ended June 30, 2024:

Balance
July 1, 2023 Additions Deletions
Balance
June 30, 2024
Nondepreciable Assets:

Land 9,089,782$ -$ -$ 9,089,782$ Construction in Progress 28,801,036 16,802,402 (227,987) 45,375,451 Total Nondepreciable Assets 37,890,818$ 16,802,402$ (227,987)$ 54,465,233$ Depreciable Assets:

Building and Building Improvements 3,482,783 - - 3,482,783 Improvements Other Than Buildings 849,759 - - 849,759 Machinery and Equipment 231,753,241 642,787 (405,086) 231,990,942 Furniture and Fixtures 5,105 - - 5,105 Autos and Trucks 7,435,223 348,378 (1,470,396) 6,313,205 Equipment Under Financed Purchase 4,257,381 - (4,257,381) - Total Capital Assets, at Cost 247,783,492$ 991,165$ (6,132,863)$ 242,641,794$ -- Less accumulated depreciation:

Building and Building Improvements (3,369,180) (6,655) - (3,375,835) Improvements Other Than Buildings (317,753) (33,234) - (350,987) Machinery and Equipment (105,619,438) (3,618,442) 175,809 (109,062,071) Furniture and Fixtures (5,105) - - (5,105) Autos and Trucks (5,444,114) (456,924) 1,470,398 (4,430,640) Equipment Under Financed Purchase (4,257,380) - 4,257,380 - Total Accumpilated Depreciation (119,012,970) (4,115,255) 5,903,587 (117,224,638) Total Depreciable, Assets, Net 128,770,522 (3,124,090) (229,276) 125,417,156 Total Capital Assets, Net 166,661,340$ 13,678,312$ (457,263)$ 179,882,389$ 76 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

9. CAPITAL ASSETS, Continued
C. Business-Type Activities, Continued
Depreciation expense for capital assets of the business -type activities for the year ended June 30, 2024, is as follows:

10. OTHER INVESTMENTS
Other Investments in Water Enterpri se fund represent one-quarter of share of the San Antonio Water Company for a cost of $9,000.

11. LONG-TERM LIABILITIES
The following is a summary of changes of long-term liabilities for the year ended June 30, 2024:
77 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

11. LONG-TERM LIABILITIES, Continued
Financed Purchases
At June 30, 2024, obligations under the finance purchase consisted of the following:

The City has entered into numerous equipment finance purchase agreements with a leasing company whereby the lessor acquired certain equipment and leased it to the City with an option to purchase. The related assets have been capitalized as capital assets.

The total leased assets by major asset class consisted of the following at June 30, 2024:

The depreciation expense for equipment under financed purchase was $199,060 for the year ended June 30, 2024.

The rates of interest on the lease purchase agreem ents range from 2.19% to 3.30% per annum. Future minimum lease payments under the lease at June 30, 2024 is as follows:
78 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

11. LONG-TERM LIABILITIES, Continued
Notes Payable
At June 30, 2024, notes payable consisted of the following:

HUD Section 108 Loan
The City has three notes guaranteed by the United States Department of Housing and Urban Development (“HUD”) under Section 108 of the Community Develo pment Act and are payable from future Community Development Block Grant (“CDBG”) entitlements. The no tes were made to Casa Herrera ($2,375,000) on February 1, 1998; Village Car Wash ($100,000) on Sept ember 17, 2012; and Freddie’s Auto Repair ($100,000) on August 20, 2012. On June 30, 2010, the balance of the original loan for Casa Herrera was defeased to refinance the loan at a lower interest rate. The new interest rate for Casa Herrera ranges from 4.96% to 5.77%, with new loan terms beginning on February 1, 2011 and maturing August 1, 2016. The interest rate for both Village Car Wash and Freddie’s Auto Repair is variab le and equal to 20 basis points (0.2%) above the applicable London Interbank Offered Rates (“LIBOR”), at 2.5%, with loan terms beginning on July 1, 2013 and maturing on August 1, 2023. Casa Herrera is responsible for the principal payment on its note and the City is responsible for the interest payment. Village Car Wash and Freddie’s Auto Repair are responsible for principal and interest payments on it s notes. All notes are guaranteed by CDGB funds; thus, in the event of default, the City’s CDBG entitlement funds may be used to cover any outstanding debt.

Southern California Edison On Bill Financing
On September 26, 2017, the City entered into the on-bill financing agreement with Southern California for the Energy Solution Incentive Applicable. The agreement prov ides zero-interest financing for the installation of certain energy efficient streetlights up to $623,628.

The annual debt service requirement at June 30, 2024 as follow:
79 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

11. LONG-TERM LIABILITIES, Continued
Notes Payable, Continued
SoCalREN Revolving Fund Loan
On August 21,2021, the city entered into a loan agreement for the purpose of providing financing to mechanical and lighting upgrades at the City’s Palomares Park, Community Center and Public Library. The agreement provide zero interest financing up to $1,539,211.

The annual debt service requirement at June 30, 2024 as follow:

Revenue Bonds – Governmental Activities
At June 30, 2024, revenue bonds consisted of the following:
80 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

11. LONG-TERM LIABILITIES, Continued
Revenue Bonds – Governmental Activities, Continued
2016 Lease Revenue Refunding Bonds, Series BC-Original Issuance $26,645,000 On August 17, 2016, the Authority issued $26,645,000 in 2016 Lease Revenue Refunding Bonds, Series BC, to (a) current refund the City’s 2013 Certificates of Pa rticipation, Series AG and the Authority’s 2005 Lease Revenue Bonds, Series AN, (b) purchase a reserve policy, and (c) pay for the cost of issuance.

The current refunding resulted in a difference between the acquisition price (Series BC) and the net carrying amount of the relinquished bonds (Series AG and AN) in the amount of $437,040. This amount is reported as deferred gain on refunding. This deferred amount is amortized through June 1, 2034, the maturity date of the refunded debt (Series AG). The refunding also resulted in the net pres ent value savings in the amount of $6,224,352 and savings in debt serviced payment in the amount of $9,737,668.

Interest on the bonds is payable semiannually on each December 1 and June 1 and the final principal matures on June 1, 2036. The rates of interest range from 2% to 4% per annum. Principal is payable in annual installments ranging from $1,085,000 to $1,810,000.

The bonds are secured by certain revenues consisting of certain Lease Payments with respect to the leased property by the City.
2016 Lease Revenue Refunding Bonds, Series BC-Original Issuance $26,645,000, Continued The annual debt service requirement for the 2016 Lease Revenue Refunding bonds, Series BC outstanding at June 30, 2024, is as follows:
81 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

11. LONG-TERM LIABILITIES, Continued
Revenue Bonds – Governmental Activities, Continued
2017 Lease Revenue Refunding Bonds, Series BG-Original Issuance $50,475,000 On June 30, 2017, the Authority issued $50,475,000 in 2017 Lease Revenue Refunding Bonds, Series BG, (a) to current refund the Authority’s 2006 Lease Revenue Bond s, Series AU and Series AV, and a portion of the City’s 2006 Pension Obligation Refu nding Bonds, Series AR and (b) to pay for the premium of municipal bond insurance policy and municipal bond debt service reserve insurance policy, and (c) to pay for the cost of issuance.

The current refunding resulted in a difference between the acquisition price (Series BG) and the net carrying amount of the relinquished bonds (Series AR, AU, and AV) in the amount of $423,223. The amount is reported as deferred loss on refunding. The deferred amount is amortized through July 1, 2035, the maturity date of the refund debt. The refunding also resulted in net pr esent value saving in the amount of $7,400,589 and saving in debt service payments in the amount of $990,384 Interest on the bonds is payable semiannually on each October 1 and April 1 and the final principal matures on April 1, 2045. The rates of interest range from

1.844% to 4.092% per annum. Principal is payable in annual installments ranging from $480,000 to $3,470,000.

The bonds are secured by certain revenues consisting of certain lease payments with respect to the leased property by the City.
2017 Lease Revenue Refunding Bonds, Series BG-Original Issuance $50,475,000, Continued The annual debt service requirement for 2017 Lease Revenue Refunding Bonds, Series BG outstanding at June 30, 2024, is as follows:
82 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

11. LONG-TERM LIABILITIES, Continued
Revenue Bonds – Business-Type Activities
83 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

11. LONG-TERM LIABILITIES, Continued
Revenue Bonds – Business-Type Activities, Continued
2016 Revenue Refunding Bonds (Sewer Projects), Series BB – Original Issuance $8,425,000 On October 12, 2016, the Authority issued $8,425,000 in 2016 Revenue Refunding Bonds Sewer Projects, Series BB, (a) to current refund the Authority’s 2002 Refunding Revenue Bonds, Series AF and (b) to fund the initial reserve, and (c) to pay for the cost of issuance.

The current refunding resulted in a difference between the acquisition price (Series BB) and the net carrying amount of the relinquished bonds (Series AF) in the amount of $437,832. This amount is reported as deferred loss on refunding. The deferred amount is amortized through December 1, 2035, the maturity date of the refunded debt. The refunding of Series AF with Series BB/BD also resulted in net present value savings in the amount of $1,896,844 and saving in debt service payments in the amount of $3,022,853.

Interest on the bonds is payable semiannually on each December 1 and June 1 and the final principal matures on December 1, 2042. The rates of interest range from 3.25% to 4.00% per annum. Principal is payable in annual installments ranging from $360,000 to $710,000. The bonds are secured by an installment Sale Agreement, dated as of November 1, 2016 between the City and the Authority. The Installment Payments are a special limited obligation of the City, payable from and secured by a pledge of and first lien on all Net Revenues, subject to the parity lien securing the Authority’s 2007 Installment Sale Agreement, in the Sewer Enterprise Fund held by the City in trust under the Installment Sale Agreement.

The annual debt service requirement for the 2016 Revenue Refunding Bonds (Sewer Projects), Series BB outstanding at June 30, 2024 is as follows:
84 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

11. LONG-TERM LIABILITIES, Continued
Revenue Bonds – Business Type Activities, Continued
2016 Taxable Revenue Refunding Bonds (Sewer Projects), Series BD – Original Issuance $4,185,000 On October 12, 2016, the Authority issued $4,185,000 in 2016 Taxable Revenue Refunding Bonds (Sewer Projects), Series BD (a) to current refund the Authority’s 2002 Refunding Revenue Bonds, Series AF and (b) to fund the initial reserve, and (c) to pay for the cost of issuance.

The current refunding resulted in a difference between the acquisition price (Series BD) and the net carrying amount of the relinquished bonds (Series AF) in the amount of $173,992. This amount is reported as deferred loss on refunding. The deferred amount is amortized through December 1, 2028, the maturity date of the refunding debt. See disclosure of Series BB for net present value savings and saving in debt service payments.

Interest on the bonds is payable semiannually on each December 1 and June 1 and the final principal matures on December 1, 2028. The rates of interest range from 1.125% to 3.000% per annum. Principal is payable in annual installments ranging from $80,000 to $425,000. The bonds are secured by an Installment Sale Agreement, dated as of November 1, 2016 between the City and the Authority. The Installment Payments are a special limited obligation of the City, payable from and secured by a pledge of and first lien on all Net Revenues, subject to the parity lien securing the Authority’s 2007 Installment Sale Agreement, in the Sewer Enterprise Fund held by the City in trust under the Installment Sale Agreement.

The annual debt service requirement for the 2016 Taxable Revenue Refunding Bonds (Sewer Projects), Series BD outstanding at June 30, 2024, is as follows:
85 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

11. LONG-TERM LIABILITIES, Continued
Revenue Bonds – Business Type Activities, Continued
2017 Refunding Revenue Bonds (Water Facilities Project), Series BE – Original Issuance $32,355,000 On April 20, 2017, the City issued $32,355,000 in 2017 Refunding Revenue Bonds (Water Facilities Project), Series BE, (a) to current refund the Authority’s 2007 Revenue Bonds, Series AY and (b) to pay for the cost of issuance.

The current refunding resulted in a difference between the acquisition price (Series BE) and the net carrying amount of the relinquished bonds (Series AY) in the am ount of $1,400,135. This amount is reported as deferred gain on refunding. The deferred amount is amortized through May 1, 2047, the maturity date of the refunded and refunding debt.

The refunding also resulted in net present value saving s in the amount of $5,804,889 and savings in debt service payments in the amount of $10,341,640.

Interest on the bonds is payable semiannually on each November 1 and May 1 and the final principal matures on May 1, 2047. The rates of interest range from 4.000% to 5.000% per annum. Principal is payable in annual installments ranging from $745,000 to $2,485,000. The bonds are limited obligations of the City payable solely from net revenues, which consist of revenues of the city’s water system remaining after payment of operation and maintenance costs of the City’s water system, and from amounts on deposit in certain funds and accounts created under the bond indenture, including the rate stabilization fund.

The annual debt service requirement for the 2017 Taxable Refunding Revenue Bonds (Water Facility Project), Series BE outstanding at June 30, 2024, is as follows:
86 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

11. LONG-TERM LIABILITIES, Continued
Revenue Bonds – Business Type Activities, Continued
2017 Taxable Refunding Revenue Bonds (Water Facilities Project), Series BF – Original Issuance $55,555,000 On April 20, 2017, the City issued $55,555,000 in 20 17 Taxable Refunding Revenue Bonds (Water Facilities Project), Series BF, (a) to current refund the Author ity’s 2007 Revenue Bonds, Series AY and 2007 Taxable Revenue Refunding Bonds, Series AZ and (b) to pay for the cost of issuance.

The current refunding resulted in a difference between the acquisition price (Series BF) and the net carrying amount of the relinquished bonds (series AY and AZ) in the amount of $1,991,001. This amount is reported as deferred gain on refunding. The deferred amount is amortized through May 1, 2047, the maturity date of the refunded and refunding debt. The refunding also resulted in a net present value savings in the amount of $9,412,637 and savings in debt service payments in the amount of $26,091,863.

Interest on the bonds is payable semiannually on each November 1 and May 1 and the final principal matures on May 1, 2047. The rates of interest range from 1.530% to 4.050% per annum. Principal is payable in annual installments ranging from $1,510,000 to $2,420,000. The bonds are limited obligations of the City payable solely from net revenues, which consist of revenues from the City’s water system remaining after payment of operation and maintenance costs of the City’s water system, and from amounts on deposit in certain funds and accounts created under the bond indenture, including the rate stabilization fund.

The annual debt service requirement for the 2017 Taxable Refunding Revenue Bonds (Water Facility Project), Series BF outstanding at June 30, 2024, is as follows:
87 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

11. LONG-TERM LIABILITIES, Continued
Revenue Bonds – Business Type Activities, Continued
2018 Taxable Refunding Revenue Bonds (Sewer Project), Series BH – Original Issuance $13,390,000 On February 14, 2018, the City issued $13,390,000 in 2018 Refunding Revenue Bonds (Sewer Project), Series BH, (a) to current refund the Authority’s 2007 Revenue Bonds (Sewer Project) Series BA and (b) to pay for the cost of issuance.

The current refunding resulted in the economic gain in the amount of $1,807,498 and the debt service payment saving in the amount of $3,155,990. The current refunding resulted in no deferred gains or losses as the bond proceeds net of the issuance discount was sufficient to cover repayment of 2007 Revenue Bonds (Sewer Project), Series BA, the interest due, and the issuance cost of the 2018 Taxable Refunding Revenue Bonds (Sewer Project), Series BH.

Interests on the bonds is payable semiannually on each December 1 and June 1 and the final principal matures on December 1, 2046. The rates of interest range from 3.80% to 4.50% per annum.

The annual debt service requirement for the 2017 Taxable Refunding Revenue Bonds (Sewer Project), Series BH outstanding at June 30, 2024, is as follows:
88 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

11. LONG-TERM LIABILITIES, Continued
Pension Obligation Bonds
2006 Pension Obligation Refunding Bonds, Series AR- Original Issuance $42,280,684 The City is a member of the California Public Em ployees’ Retirement System (“CalPERS”), a public employees’ defined benefits retirement program. In 2004, the City issued $32,300,000 and $5,700,000 in Pension Obligation Bonds, in order to fund the City’s unamortized, unfunded actuarial accrued liability and to fund the current year General Fund contributions to CalPERS.

On February 1, 2006, the City issued $42,280,684 in 2006 Pension Obligations Refunding Bonds, Series AR to refund the City’s outstanding Pension Obligation Refunding Bonds, Series 004 AJ and its Pension Obligation Refunding Bonds, Series 2004 AK, to capitalize certain interest on the Bo nds and to pay the costs of issuing the Bonds. The refunding achieved net present value savings of $868,932, or 2.3% of refunded par and changed the debt structure from variable rate to fixed rate. 89 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

11. LONG-TERM LIABILITIES, Continued
Pension Obligation Bonds, Continued
2006 Pension Obligation Refunding Bonds, Series AR- Original Issuance $42,280,684, Continued The Bonds were issued as current interest bonds in the principal amount of $36,205,000 and as capital appreciations bonds in the original issue amount of $6,075,684.

Interest on the current interest bonds is payable semi -annually on each January 1 and July 1. The rates of interest vary and range from 5.492% to 5.832% per annum. Principal is payable in annual installments ranging from $71,302 to $5,140,000. The current interest bo nds were current refunded by the 2017 Lease Revenue Refunding Bonds, Series BG during the year ended June 30, 2017.

The capital appreciation bonds bear interest ranges from 5.24% to 5.68% and are payable only at maturity.

The accreted value of each capital appreciation bond is equal to its accreted value upon the maturity thereof, being comprised of its initial purchase price and the accreted interest between the delivery date and its respective maturity date. The obligation of the City to make payments with respect to the Bonds is an absolute and unconditional obligation of the City imposed upon the City by the Retirement Law and is not limited to any special source of funds. The City’s obligation for the Bonds is any money available in the City’s General Fund. The Bonds are not secured or limited as to payment by any special source of funds of the City. The current interest bonds are subject to redemption prior to maturity. The capital appreciation bonds are not subject to redemption prior to maturity.

July 1, 2017, principal and interest payments for the capital appreciation bonds were redeemed through the issuance of 2017 Lease Revenue Refunding Bonds, Se ries BG. The proceeds were deposited to the trust account on June 29, 2017.

The annual debt service requirement outstanding at June 30, 2024, is as follows:
90 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

11. LONG-TERM LIABILITIES, Continued
Pension Obligation Bonds, Continued
2020 Taxable Pension Obligation Bonds, Series BJ - Original Issuance $219,890,000 On August 13, 2020, the City issued $219,890,000 in 2020 Taxable Pension Obligations Bonds, Series BJ to pay all or a portion of the City’s curre ntly unamortized, unfunded accrued actuarial liability to the California Public Employees Retirement system with respect to the City’s defined benefit retirement plans for City employees and to pay costs of issuance of the bonds. The bonds liability has be allocated between the City’s governmental activities (0.743%) and City’s business-type activities (0.257%).

Interest on the bonds ranging from 2.474% to 4.000% are payable semiannually on February 1 and August 1 of each year, commence in February 2021 through the maturity on August 2046. Principal is payable in annual installments ranging from $7,590,000 to $11,650,000 on August 1.

The bonds are not secured by any property other than the funds that the City has actually deposited with the Trustee. If the City is in bankruptcy, it may not be obligated to make further deposits with the trustee, it may not be obligated to make any further allocations to the bonds and it may not be obligated to turn over to the trustee any moneys that have been allocated to the Bonds in the City treasury. As a result, the bonds would be treated as unsecured obligations of the City in an bankruptcy case.

Proceeds used from this bond issuance were applied to pension plan fiduciary assets.

The annual debt service requirement for 2020 Taxable Pension Obligations Bonds, Series BJ outstanding at June 30, 2024, is as follows:
91 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

11. LONG-TERM LIABILITIES, Continued
Pledged Revenue
The City has pledged certain revenue to the repaym ent of its Water and Sewer Enterprise Fund bonds through final maturity on May 1, 2047, or earlier. These bonds were issued to refinance Series AF, AY, AZ and BA. All net available revenues are irrevocably pledged by the City to the repayment of the bond’s debt services. During the year ended June 30, 2024, the Water and Sewer Enterprise Funds have net available revenues of $39,829,575 and total debt service paid was $7,612,905. The sewer and Water Revenue Bonds require net revenue of 100% and 120% of debt service, respectively. Annual princi pal and interest payments on the bonds are expected to require roughly 45% of future net revenue. The total principal and interest remaining to be paid at June 30, 2024, on the Bonds is as follows:
92 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

11. LONG-TERM LIABILITIES, Continued
Outstanding Principal on Capital-Related Debt
The City has acquired capital assets through the issuance of bonds and finance purchase obligations. The following is the outstanding balance at June 30, 2024, of capital assets and related debt:

12. COMPENSATED ABSENCES
The City’s policies relating to compensated absences are described in Note 1. The liability will be paid in future years by the General Fund. In the business-type activities, the liability for vested and unpaid compensated absences (accrued, vacation, sick pay, exec utive leave, and comp time) is reported in the fund as the benefits are earned and vest. For the business-type activities, the liabilities will be liquidated in future years from the respective enterprise funds.
93 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

13. DEFINED BENEFIT PENSION PLAN
Governmental
Activities
Business-Type
Activities Total
Net Pension Assets
Collateral Plan 88,051 $ - $ 88,051$ Total net pension assets 88,051 $ - $ 88,051$ Deferred Outflows of Resources:

Pension contribution made after measurement date:

Miscellaneous 2,602,794 $ 935,958 $ 3,538,752 $ Safety 5,749,191 - 5,749,191 Difference between expected and actual experience:

Miscellaneous 39,273 14,122 53,395 Safety 4,710,699 - 4,710,699 Collateral 37,410 - 37,410 Changes in Assumptions:

Miscellaneous 612,402 220,218 832,620 Safety 4,019,322 - 4,019,322 Net difference in projected and actual earnings on

pension plan investments:

Miscellaneous 10,711,549 3,851,846 14,563,395 Safety 18,784,054 - 18,784,054 Collateral 2,105 - 2,105 Total deferred outflows of resources 47,268,798$ 5,022,145$ 52,290,943$ Net Pension Liabilities:

Miscellaneous 11,492,251$ 3,874,085$ 15,366,336$ Safety 32,453,471 - 32,453,471 Total net pension liabilities 43,945,722$ 3,874,085$ 47,819,807$ Deferred Inflows of Resources:

Difference between expected and actual experience:

Miscellaneous 520,361$ 150,640$ 671,001$ Safety - - - Collateral Plan 46,826 - 46,826 Changes in Assumptions:

Miscellaneous - - - Safety - - - Collateral Plan 5 - 5 Total deferred inflows of resources 567,192$ 150,640$ 717,832$ Pension Expense (Credit):

Miscellaneous 8,304,503$ 2,404,076$ 10,708,579$ Safety 18,613,367 - 18,613,367 Collateral (27,872) - (27,872) Total pension expense 26,889,998$ 2,404,076$ 29,294,074$ 94 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

13. DEFINED BENEFIT PENSION PLAN, Continued
A. CalPERS Plans
General Information about the Pension Plan
Plan Description
The City contributes to the California Public Employees’ Retirement System (“CalPERS”), and participates in one agent multiple-employer public employee defined benefit pension plan. CalPERS 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 statue and City ordinance. A full description of the pension plan regarding number of employees covered, benefit provisions, assumptions (for funding, but not accounting purposes), and membership information are listed in the annual actuarial valuation report. This report and CalPERS’ audited financial statements are publicly available reports that can be obtained at CalPERS’ website under Forms and Publications.

Benefit Provided
CalPERS provides retirement and disability benefits, annual cost-of-living adjustments, and death benefits to plan members and beneficiaries.

The plans’ provisions and benefits in effect for the measurement period ended June 30, 2024 are summarized as follows:

Tier 1* Tier 2* PEPRA
Hire Date Prior to August 14, 2011 On or After
August 14, 2011 to
January 1, 2013
On or after
January 2, 2013
Benefit formula 2.0% @ 55 2.0 @ 60 2.0% @ 62
Benefit vesting schedule 5 years service 5 years service 5 years service Benefit payments Monthly for Life Monthly for Life Monthly for Life Retirement age Minimum 50 years Minimum 50 years Minimum 52 years Monthly benefits, as of %
eligible compensation

1.426% - 2.418%,
50 - 63+ years,
respectivel
y

1.092% - 2.418%,
50 - 63+ years,
respectively

1.000% - 2.5000%,
52 - 67+ years,
respectively
Required employee contribution
rates

6.920% 6.920% 6.250%
Required employer contribution
rates

9.850% 9.850% 9.850%
*Plan is closed to new entrants
Miscellaneous Pla
n
95 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

13. DEFINED BENEFIT PENSION PLAN, Continued
A. CalPERS Plans, Continued
Participant is eligible for non-industrial disability retirement if becomes disabled and has at least 5 years of credited service. There is no special age requirement. The standard non-industrial disability retirement benefits are a monthly allowance equal to 1.8 percent of final compensation, multiplied by service.

Industrial disability benefits are not offered.

An employee’s beneficiary may receive the basic de ath benefit if the employee dies while actively employed. The employee must be actively employed wi th the City to be eligible for this benefit. An employee’s survivor who is eligible for any other pre-retirement death benefit may choose to receive that death benefit instead of this basic death benefit. The basic death benefit is a lu mp sum in the amount of the employee’s accumulated contributions, where interest is currently credited at 7.5 percent per year, plus a lump sum in the amount of one-month salary for each completed year of current service, up to a maximum of six months’ salary. For purpose of this benefit, one month’s salary is defined as the member’s average monthly full-time rate of compensation during the 12 months preceding death.

Upon the death of a retiree, a one-time lump sum payment of $500 will be made to the retiree’s designated survivor(s), or to the retiree’s estate.

Benefit terms provide for annual cost-of-living adjustments to each employee’s retirement allowance.

Beginning the second calendar year after the year of retirement, retirement and survivor allowances will be annually adjusted on a compound basis by 2 percent.
96 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

13. DEFINED BENEFIT PENSION PLAN, Continued
A. CalPERS Plans, Continued
Employees Covered by Benefit Terms
At June 30, 2022, the valuation date, the following employees were covered by the benefit terms:

Contributions
Section 20814(c) of the California Public Employees’ Retirement Law (“PERL”) requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. The total plan contributions are determined through CalPERS’ 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 em ployer is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. 97 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

13. DEFINED BENEFIT PENSION PLAN, Continued
A. CalPERS Plans, Continued
Net Pension Liability/(Asset)
Actuarial Methods and Assumptions Used to Determine Total Pension Liability/(Asset) The total pension liability for the Plans used to calc ulate the net pension liability was determined by actuarial valuations as of June 30, 2022 rolled forward to June 30, 2023 using standard update procedures.

The June 30, 2024 total pension liabilities were based on the following actuarial methods and assumptions:

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, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated and, combined with risk estimates, are used to project compound (geometric) returns over the long term. The discount rate used to discount liabilities was informed by the long-term projected portfolio return.

The expected real rates of return by asset class are as follows:
98 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

13. DEFINED BENEFIT PENSION PLAN, Continued
A. CalPERS Plans, Continued
Long-Term Expected Rate of Return, Continued
Discount Rate
The discount rate used to measure the total pension liability was 6.90 percent. 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. 99 City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

13. DEFINED BENEFIT PENSION PLAN, Continued
A. CalPERS Plans, Continued
Changes in the Net Position Liability/(Asset)
The following tables show the changes in net pension liability recognized over the measurement period.

Miscellaneous Plan
Total Pension
Liability (a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability
(c) = (a) - (b)
Balance at June 30, 2022 (Valuation Date) 335,733,097$ 323,066,627$ 12,666,470$ Changes Recognized from the Measurement Period
Service Cost 4,825,098 4,825,098
Interest on the Total Pension Liability 22,628,770 22,628,770 Changes of Benefit Terms 615,994 615,994
Differences between Expected and Actual Experience (1,187,156) (1,187,156) Contribution from the Employer 2,726,901 (2,726,901) Contribution from Employees 2,155,721 (2,155,721) Net Investment Income 19,537,786 (19,537,786)
Benefit Payments including Refunds of Employee
Contributions (19,242,622) (19,242,622) -
Administrative Expense (237,568) 237,568
Net Change during July 1, 2022 to June 30, 2023 7,640,084 4,940,218 2,699,866 Balance at June 30, 2023 (Measurement Date) 343,373,181$ 328,006,845$ 15,366,336$ Increase (Decrease)
100
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

13. DEFINED BENEFIT PENSION PLAN, Continued
A. CalPERS Plans, Continued
Sensitivity of the Net Pension Liability to Changes in the Discount Rate The following presents the net pension liability of the plans as of the measurement date, calculated using the discount rate of 6.90%, as well as what the net pension liability would be if it were calculated using a discount rate that is 1 percentage-point lower (5.90%) or 1 percentage-point higher (7.90%) than the current rate:

Pension Plan Fiduciary Net Position
Detailed information about the plan’s fiduciary net position is available in the separately issued CalPERS financial report.

Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions For the measurement period ending June 30, 2023, the City incurred a pension expense of $10,708,579 and $10,613,367 for Miscellaneous and Safety plans, respectively.

As of measurement date of June 30, 2023, the City has deferred outflows and deferred inflows of resources related to pensions as follows:
101
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

13. DEFINED BENEFIT PENSION PLAN, Continued
A. CalPERS Plans, Continued
The amounts above are net of outflows recognized in the 2022-23 measurement period expense.

The expected average remaining service lifetime (“EARS L”) is calculated by dividing the total future service years by the total number of plan participant s (active, inactive, and retired). The EARSL for the miscellaneous plan and safety plan for the 2022-23 measurement period is 2.3 and 2.8 years, which was obtained by dividing the total service years of 4,308 and 1,691 (the sum of remaining service lifetimes of the active employees) by 1,892 and 595 (the total nu mber of participants: active, inactive, and retired), respectively.
$2,533,422 and $9,321,200 reported as deferred outflows of resources related to pension resulting from the City’s contributions subsequent to the measurement date during the year ended June 30, 2023 will be recognized as a reduction of the net pension liabilit y in the year ending June 30, 2024. Other amounts reported as deferred outflows and deferred inflows of resources related to pensions will be recognized in future pension expense as follows:

B. Collateral Benefits Plan
General Information about the Pension Plan
Plan Description
The Collateral Benefits Plan, which is a single-employer plan, provides a supplemental retirement benefit to City employees upon resigning from the City and concurrently retiring with CalPERS. The supplemental benefit is a monthly benefit of $100 from the first of the month following retirement from the City until the age of 65 on Tier 1 and Tier 2 employees. Tier 1 employees include Mid-Management and Confidential, Police Officers’ Association, City Employees’ Association, and Management Group B employees, and are required to have at least 20 years of City service upon retiring after July 1, 1987. Tier 2 employees include Executive Management Group A employees and are required to have at least one year of City service upon retiring after July 1, 1991. Employees hired after July 1, 2012, are not eligible for this plan.
102
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

13. DEFINED BENEFIT PENSION PLAN, Continued
B. Collateral Benefits Plan, Continued
Eligibility
Benefit Provided
As discussed in the plan description and eligibility above, the Plan provides a monthly benefit of $100 until the age of 65 for the eligible retirees.

Employees Covered by Benefit Terms
At June 30, 2024, the valuation date, the following employees were covered by the benefit terms:

Contributions
There was no contribution to the Plan during the fiscal year ended June 30, 2024.

Actuarial Methods and Assumptions Used to Determined Total Pension Liability The June 30, 2024 valuation was used to determine th e June 30, 2024 total pension liability, based on the following actuarial methods and assumptions.
103
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

13. DEFINED BENEFIT PENSION PLAN, Continued
B. Collateral Benefits Plan, Continued
Discount Rate
The discount rate used to measure the total pension liability was 6.50 percent. The long-term expected rate of return is determined by adding expected inflation to expected long-term real returns and reflecting expected volatility and correlation. The plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current active and inactive employees. Therefore, the discount rate for calculating the total pension liability is equal to the long-term expected rate of return.

Long-Term Expected Rate of Return
The assumption for the long-term expected rate of return was selected by the City. Below is a projection of the 30-year average return derived by adding expected inflation to expected long-term real returns and reflecting expected volatility and correlation on the Plan’s current asset allocation.

The table below reflects long-term expected real return adjusted for inflation by asset classes:

Asset Class Index Target Allocation
Long-Term
Expected
Arithmetic Real
Rate of Retur n
Long-Term
Expected
Geometric Real
Rate of Return
US Cash BALM 3-Mon Tbill 3.05% 0.94% 0.91%
US Core Fixed Income Bloomber g Barclays Aggregate 46.60% 2.52% 2.36% US Equity Market Russell 3000 TR 38.93% 5.52% 3.82%
Foreign Developed Equity MSCI EAFE NR 6.49% 6.92% 5.12% Emerging Markets Equity MSCI EM NR 3.28% 9.34% 6.21%
US ERIETs FTSE NAREIT Equity REIT 1.65% 6.91% 4.72%
100.00%
Assumed Inflation - Mean 2.31% 2.30%
Assumed Inflation - Standard Deviation 1.45% 1.45%
Portfolio Real Mean Return 4.22% 3.72%
Portfolio Nominal Mean Return 6.52% 6.13%
Portfolio Standard Deviation 9.41%
City's Long-Term Expected Rate of Return 6.50%
104
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

13. DEFINED BENEFIT PENSION PLAN, Continued
B. Collateral Benefits Plan, Continued
Changes in Net Pension Liability
The following table shows the changes in net pension liability recognized over the measurement period.

Sensitivity of the Net Pension Liability to Changes in the Discount Rate The following presents the net pension liability of the Plan as of the measurement date, calculated using the discount rate of 6.50%, as well as what the net pension liability would be if it were calculated using a discount rate that is 1 percentage-point lower (5.50%) or 1 percentage-point higher (7.50%) then the current rate.

Pension Plan Fiduciary Net Position
Detailed information about the plan’s fiduciary net position is available upon request. 105
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

13. DEFINED BENEFIT PENSION PLAN, Continued
B. Collateral Benefits Plan, Continued
Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pension For measurement period ended June 30, 2024, the City incurred a pension expense(revenue) of $27,872.

As of measurement date of June 30, 2024, the City has deferred outflows and deferred inflows of resources related to pensions as follows:

The amounts above are net of outflows and inflows recognized in the 2023-2024 measurement period expense.

Amounts reported as deferred outflows and deferred inflows of resources related to pensions will be recognized in the future pension expense as follows:
106
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

14. OTHER POST-EMPLOYMENT BENEFITS (OPEB)
At June 30, 2024, Total OPEB liabilities, related deferred outflows of resources and OPEB expense are as follow:

A. General Information About Public Employees’ Medical and Hospital Care Program (“PEMHCA”) Plan (“OPEB”)
The City has participated in the CalPERS Health Plan since 1988, a single-employer defined benefit pension plan. The City provides eligible retirees a contribution based on the “unequal method” under the Public Employees’ Medical and Hospital Care Program (PEMHCA) contribution requirements for participating employers. Under the “unequal method,” the City’s contribution for the retiree is equal to 100% of the active contribution af ter 20 years of participation in PEMHCA. Eligibility for continuing medical coverage requires retirement from the City (on or after age 50 with at least 5 years of CalPERS service) and commencement of the CalPERS pension be nefit. Retirement under disability does not have an age requirement.

Employees of the City who retire through CalPERS, their spouses, and eligible dependents, may receive health plan coverage through PEMCHA Plan (the “Plan”). The Plan is a single employer defined benefit plan which provides the retirees a monthly medical contribution that is not to exceed the cost of the plan selected, with the maximum contribution limited for in dividual retirees based on bargaining groups as listed below:
107
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

14. OTHER POST-EMPLOYMENT BENEFITS (OPEB), Continued
A. General Information About Public Employees’ Medical and Hospital Care Program (“PEMHCA”) Plan (“OPEB”), Continued
Police Management retirees with at least 22 years of service as a Police Officer, receive up to 90% contribution towards more expensive 2-party CalPER S plan premium. This benefit terminates once the retiree is eligible for Medicare (age 65). This pr ovision has been eliminated for employees hired or promoted to the unit after July 1, 2011.

Eligibility
Membership in the Plan consisted of the following De cember 31, 2023, the date of the latest actuarial valuation:

Contributions
The City currently finances benefits on a pay-as-you-go basis. 108
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

14. OTHER POST-EMPLOYMENT BENEFITS (OPEB), Continued
B. Total OPEB Liability
Total OPEB Liability
The City’s net OPEB liability was measured as of De cember 31, 2023 and total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation as of January 1, 2024. The total OPEB liability at December 31, 2023, measurement date was $87,016,226.

Actuarial Assumptions
The total OPEB liability in the January 1, 2024 actu arial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement, unless otherwise specified:

Change of Assumption
In 2024, the interest assumption changed from 3.72% to 4.00% from the measurement date December 31, 2022 to the measurement date December 31, 2023.

Discount Rate

4.00% per annum. Discount rate as of the Measurement Date has been updated to be based on a yield for 20-year tax-exempt general obligation municipal bonds with an average rating of AA/Aa or higher (or equivalent quality on another rating scale) tax-exempt, high quality 20-year municipal bonds. The prior valuation used a discount rate of 3.72%. The valuation uses a discount rate of 4.00%. This change has caused a decrease in liabilities.
109
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

14. OTHER POST-EMPLOYMENT BENEFITS (OPEB), Continued
C. Change in the Total OPEB Liability
The following table shows the changes in the net OPEB liability recognized over the measurement period:

Sensitivity of the Total OPEB Liability to Changes 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 (3 percent) or 1- percentage-point higher (5 percent) than the current discount rate:

Sensitivity of the Net 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 than the current healthcare cost trend rates:
110
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

14. OTHER POST-EMPLOYMENT BENEFITS (OPEB), Continued
D. OPEB Expense and Deferred Outflows of Resources Related to OPEB For the fiscal year ended June 30, 2024, the City recognized OPEB expenses in the amount of $4,300,598.

At June 30, 2024, the City reported deferred outflows of resources related to OPEB from the following sources:

The $2,199,105 reported as deferred outflows of re sources related to OPEB resulting from the City’s contributions subsequent to the measurement date during the year ended June 30, 2024 will be recognized as a reduction of the net OPEB liability in the year ending June 30, 2024. Other amounts reported as deferred outflows of resources related to OPEB will be recognized in future OPEB expense as follows:
111
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

15. JOINT POWERS AGREEMENTS
A. Alameda Corridor-East Construction Authority
The City approved and adopted a Joint Exercise of Powers Agreement in November 2012. The Alameda Corridor East Construction Authority (ACE) is a single purpose construction authority created by the San Gabriel Council of Governments in 1998 to mitigate the impacts of significant increases in rail traffic over 70 miles of mainline railroad in the San Gabriel Valley. The ACE Project consists of multiple construction projects to improve safety at various rail crossings as well as at various grade separations in the San Gabriel Valley. There were no payments made during the year ended June 30, 2024.

B. California State Association of Countries Excess Insurance Authority The City became a member of California State Association of Countries Excess Insurance Authority (the “CSAC-EIA”) in July 2008. The CSAC-EIA is a risk sh aring pool of California public agencies dedicated to controlling losses and providing effective risk management solutions. Membership is currently comprised of various member counties and various public entity organizations. The governing board consists of one representative from each member county and seven members elected by the public entity membership. Also see Note 17.

C. Foothill Air Support Team
The City joined Foothill Air Support Team (“FAST”) in January 2011. FAST was developed in 1999 creating a joint helicopter patrol operation that coul d enhance member agencies ability to deter criminal activity and apprehend offenders. The governing board consists of one representative from each of the seven member agencies. There were no payments made during the year ended June 30, 2024.

D. Foothill Transit
The City is a member of the Foothill Transit Joint Power Agreement. The JPA is comprised of 20 cities and the County of Los Angeles. The purpose of the authority is to provide a more efficient and cost-effective local transportation service for the area. Each member city has one representative, and three members are appointed by the Board of Supervisors. There were no payments made during the year ended June 30, 2024.

Below are the most currently available condensed audite d financial statements of the JPA as of June 30, 2024. Separate financial statements of Foothill Transit are available from its offices located in West Covina, California.
112
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

15. JOINT POWERS AGREEMENTS, Continued
D. Foothill Transit, Continued
E. Gold Line Phase II Construction Authority
The City participates in the Gold Line Phase II Co nstruction Authority (“GLCA”) joint venture, which became effective September 3, 2003. The GLCA oversees the planning, funding, designing and construction contracts for the completion of the Los Angeles-Pasadena Metro Blue Line light rail project.

The GLCA’s governing Board is comprised of an appointed representative from each of the affected cities and agencies, including the cities of Azusa, Claremont, Duarte, Glendora, Arcadia, La Verne, Ontario, Montclair, Irwindale, Pomona, San Dimas, Monrovia, Pasadena, and South Pasadena, and the San Bernardino County Transportation Authority. Los Angeles County Metropolitan Transportation Agency (“LACMTA”) will have the responsibility to operat e and maintain the rail after its completion. Member agencies will be paid for attending meetings, not to exceed $1,800 per year, per member agency, plus direct expenses. Member agencies are not allowed to withdraw from the GLCA, and each member agency is required to pay $31,445 in initial dues (first payments were due October 1, 2003) and each member will be held liable for its share of operating costs.

The City had no payments for the joint venture during the year ended June 30, 2024. Assets are divided based on the proportionate equity share at the time the joint venture dissolves, which is currently not significant to the City.

Assets 411,029,587$
Liabilities 177,174,451
Net Position 233,855,136$
Revenues 135,929,293
Expenses 166,549,216
Operating Income (30,619,923)
Capital Contributions 12,415,313
Change in net position (18,204,610)
Net Position - July 1, 2023 261,915,112
Net Position - June 30, 2024 243,710,502$
113
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

15. JOINT POWERS AGREEMENTS, Continued
F. Interagency Communication Interoperability System
The City participates in the Interagency Communications Interoperability System (“ICIS”) joint powers authority which became effective September 2003. The intent of ICIS is to provide public safety agencies with a formalized governance structure through which the participants may share resources to construct and manage a system for wide-area communications interoperability. The governing board is comprised of one member from each of the seven member agencies. The City paid $50,000 in annual dues for the fiscal year ending June 30, 2024.

G. Los Angeles County Disaster Management Area D
The City has participated in the Disaster Management Area D joint powers agreement (Area D JPA) since 1958. The Area D JPA is intended to promote the coordination of disaster management, training, and preparedness of the Area D member cities under the direction of the Disaster Management Area Board, the governing board includes on representative from each of the 23 member cities. Annual dues at the rate of $0.05 per capita are paid and totaled $9,079 for the fiscal year ending June 30, 2024.

H. Los Angeles Interagency Metropolitan Police Apprehensive Crime Task Force The City joined the Los Angeles Interagency Metropolitan Police Apprehensive Crime Task Force (“LA Impact”) in March 2011. It is a compilation of numerous federal, state, and local law enforcement agencies in Los Angeles County, whose primary purpose is to investigate major crimes, with an emphasis on dismantling mid-to-major level drug trafficking organizations. Since its inception, LA Impact has grown to 80 officers from 35 different Los Angeles County law enforcement agencies. The City is solely responsible for the salary and benefits of one (1) Police Sergeant position, currently assigned to this program, which is fully funded within the Police Department’s General Fund budget. There were no payments made during the year ended June 30, 2024.

I. Pomona Valley Transportation Authority
The City is a member of the Pomona Valley Transportation Authority (the “PVTA”). The PVTA is comprised of four cities and is organized under a Joint Power Agreement pursuant to the California Government Code. The purpose of the PVTA is to study, implement and provide for public transportation. that will best serve transit-dependen t persons, including handicapped and senior adults residing in the Pomona Valley.

Each member City has two representatives on the Board of Directors. Officers of the PVTA are elected annually by the Board of Directors.

The City does not have an equity interest in the PVTA. However, the City does have an ongoing financial interest. Because the City also has an ongoing financial responsibility for continued funding of the PVTA, the City is able to influence operations. As a result, the PVTA uses its resources on behalf of the City. 114
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

15. JOINT POWERS AGREEMENTS, Continued
I. Pomona Valley Transportation Authority
The following are the most currently available condensed audited financial statements of the PVTA as of June 30, 2023. Separate financial statements of the PVTA are available from its offices located in La Verne, California.

J. Pomona-Walnut-Rowland Joint Water Line Commission
The City participates in the Pomona-Walnut-Rowland Joint Water Line Commission (the “Commission”) joint venture, which provides for the acquisition, co nstruction, maintenance, repair, and operation of a water transmission pipeline for the benefit of the member agencies. The Pomona-Walnut-Rowland Joint Water Line Commission’s governing board is comprised of an appointed representative from each of the three member agencies – the City, Walnut Valley Water District, and Rowland Water District.

The cost of providing water to the member agencies is financed through user charges. The Commission purchases water for resale to the member agencies at a price sufficient to provide reserve funds for emergencies. In addition, the member agencies are billed for the costs of maintenance and operation of the pipeline. The City paid the joint venture $2,060, 358 during the year ended June 30, 2024. Assets are divided based on the proportionate equity share at th e time the joint venture dissolves. The City’s share in the equity of the Commission at June 30, 2024, was $661,501.

Assets 5,400,473$
Deferred Outflows 298,045
Total Assets 5,698,518$
Liabilities 519,165$
Deferred Inflows 28,245
Net position 5,151,108
Total liabilities and fund equity 5,698,518$
Operating revenues 116,949$
Operating expenses 4,458,025
Operating (Income) (4,341,076)
Non-Operating Revenue 4,855,140
Net income 514,064
Net Position - July 1, 2022 3,843,449
Net Position - June 30, 2023 4,357,513$
115
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

15. JOINT POWERS AGREEMENTS, Continued
J. Pomona-Walnut-Rowland Joint Water Line Commission, Continued As of June 30, 2024, the three participants had the following approximate ownership equity interest.

The Commission’s condensed financial statements for the fiscal year ended June 30, 2024 is as follows:

The Commission does not recognize income or loss. Net operating expenditures in excess of users’ assessments are treated as accounts receivable on the Commission’s books and charged to each user’s account in the following year. Conversely, user’s assessments in excess of net operating expenditures are treated as a liability and credited against each user’s account, also in the following year. Under the basis, operating expenses for the Commission totaled $18,331,798 compared to total operating revenues of $18,324,232 for the year ended June 30, 2024. Comple te financial statements can be obtained from the Pomona-Walnut-Rowland Joint Water Line Commission, P.O. Box 8460, Rowland Heights, CA 91748.

K. San Gabriel Valley Council of Governments
The City is a member of the San Gabriel Valley Coun cil of Governments (the “Council”) which became effective March 1994. The Council provides member agen cies a vehicle to voluntarily engage in regional and cooperative planning and coordination of government services and responsibilities to assist member agencies in the conduct of their affairs. The goal and intent of the Council is one of voluntary cooperation among members for the collective benefit of cities an d unincorporated areas in the San Gabriel Valley.

The governing board is comprised of one member from each of 31 member cities and the San Gabriel Valley Water Districts, except the County of Los Angeles. The County has three members who represent the unincorporated communities of Supervisor Districts 1, 4, and 5. All member agencies pay dues. The City paid $40,233 in annual dues for the fiscal year ending June 30, 2024. 116
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

15. JOINT POWERS AGREEMENTS, Continued
L. Tri-City Mental Health Center
The City is a member of the Tri City Mental Health Center (the “Center”). The Center is a jointly governed organization comprised of three cities and is organized under a Joint Powers Agreement pursuant to the California Government Code. The purpose of the Center is to develop mental health services and facilities to serve persons residing in the three member cities. The City’s contribution to the Center was $43,675 for the year ended June 30, 2024.

The Board of Directors is comprised of seven members, two councilmembers from Pomona, one councilmember each from the cities of Claremont and La Verne, and one non-elected member from each of the three cities.

Below are the most currently available condensed unaudited financial statements of the Center as of June 30, 2024. Separate financial statements of the Center are available from its offices located in Pomona, California.
117
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

16. RISK MANAGEMENT
The Self-Insurance Internal Service Fund is part of the City’s self-insurance program for general liability, workers’ compensation, and unemployment insurance. The City is a member of the California State Association of Counties Excess Insurance Authority (CSAC-EIA). Through CSAC-EIA, the City has a program limit of $25 million dollars with a self-insured retention of $1 million for its excess liability program and its worker’s compensation program. Additionally , the City purchases catastrophic excess liability coverage that provides an additional $25 million in coverage.

CSAC-EIA is a governmental joint powers authority created by certain California counties and cities to provide a pooled approach to the members’ liability and excess workers’ compensation coverage as allowed under the California Government Code. The authority manages various types of pooled coverage programs for participating members.

As of June 30, 2024, estimated claims payable amounted to $30,262,000.

The estimated claims payable is reported at June 30, 2024 if information prior to the issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated.

During the past three fiscal years, the City did not experience settlements or judgments that exceeded pooled coverage. There are no pending claims and judgements likely to have a material adverse effect on the fiscal position due within one year of June 30, 2024. The following is a summary of changes in claims liabilities over the past three fiscal years:
118
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

17. COMMENTS AND CONTINGENCIES
A. Agency Participation Agreement
On July 24, 2024, the City entered into a reclaimed water agreement with Los Angeles Cunty Sanitation District (LACSD). The agreement is for 25 years and expires on July 23, 2049. This contract replaces the 2004 contract and amendment. The Agreement defines the terms through which the City receives and pays for recycled water. The cost of purchasing recycled water varies each year depending on how much recycled water is available, how much the City purc hased and the actual cost to produce the recycled water. Additionally, the Agreement delineates the City’s recycled water infrastructure at the Plant including City owned and maintained pumps, teleme try, pipeline, and appurtenances. The Plant is located at 295 Humane Way, Pomona, CA 91766 is the source facility for all recycled water to the City.

Within the Agreement the City will receive an annual amount not to exceed ten million gallons per day (MGD). However, this amount is not an amount the Plant is currently capable of producing, and therefor provision for recycled water within this Agreement specify the City shall receive no more than 2/3 of the recycled water produced, less recycled water first sent to the Spadra landfill.

B. Contractual Commitments
The following schedule summarizes the major capital project contractual commitments of the City as of June 30, 2024.

C. Lawsuits
The City is a defendant in certain other legal actions arising in normal course of operations. As of June 30, 2024, in the opinion of City management, there was no additional outstanding matters that would have a significant effect on the financial position of the City. 119
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

18. SUCCESSOR AGENCY TRUST FOR ASSETS OF FORMER REDEVELOPMENT AGENCY On June 28, 2011, Governor Jerry Brown signed into law two bills that amended California Community Redevelopment Law in order to address the state’s ongoing budget deficit. ABx1 26 (“the Bill”) dissolved all California redevelopment agencies (“RDAs”) effective October 1, 2011. This legislation prevented RDAs from engaging in new activities and outlined a process for winding down the RDAs financial affairs. It also set forth a process for distributing funds from the former RDAs to other local taxing entities. A companion bill, ABx1 27, was also passed, which allowed individual RD As to avoid dissolution if they agreed to make substantial annual payments into a Special District Allocation Fund and Educational Revenue Augmentation Fund.

In response, the California Redevelopment Association, the League of California Cities, and other parties filed petitions with the California Supreme Court challenging the constitutionality of both ABx1 26 and ABx1 27.

On December 29, 2011, the California Supreme Court upheld the constitutionality of ABX1 26, while striking down ABx1 27 as unconstitutional. The ruling in California Redevelopment Association V. Matosantos also extended some of the deadlines on February 1, 2012, with the assets and liabilitie s transferred to Successor Agencies and Successor Housing Agencies pursuant to ABx1 26.

The California State Legislature made additional changes to the dissolution process when Governor Jerry Brown signed AB 1484 into law on June 27, 2012. This legislation made a variety of substantive amendments to the original Dissolution Act. These actions impacted the reporting entity of the City of Pomona that previously had reported a redevelopment agency with in the reporting entity of the City as a blended component unit.

The Bill provides that upon dissolution of a redevelopm ent agency, either the City of another unit of local government would agree to serve as the “successor agency” to hold the assets until the assets were distributed to other units of state and local government. On January 9, 2012, the City Council adopted resolution number 2012-8 electing to assume the responsibility of Successor Agency for the former Pomona Redevelopment Agency.

After enactment of the law, redevelopment agencies in the State of California could not enter into new projects, obligations or commitments. Subject to the control of an established oversight board, remaining assets can only be used to pay enforceable obligations in existence at the date of dissolution. Subsequent to the dissolution, Successor Agencies are only allocate d revenue up to the amount necessary to pay the estimated annual installment payments on enforceable obligation of the former redevelopment agency until all enforceable obligations have been paid in full and all assets have been liquidated.

The Bill directed the State Controller of the State of California to review the propriety of any transfers of assets between Redevelopment Agencies and other public bodies that occurred after January 1, 2011. If the public body that received such transfers was not contractually committed to a third party for the expenditure or encumbrance of those assets, the State Controller was required to order the available assets to be transferred to the public body designated as the successor agency by the Bill. The State completed its required audit and provided the Successor Agency its report on November 26, 2014. 120
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

18. SUCCESSOR AGENCY TRUST FOR ASSETS OF FORMER REDEVELOPMENT AGENCY, Continued
Management believes, in consultation with legal counsel, that the obligations of the former Redevelopment Agency due to the City are valid enforceable obligations payable by the Successor Agency trust under the requirements of the bill. The City’s position on the issue is not a position of settled law and there is considerable legal uncertainty regardin g this issue. It is reasonably possible that a legal determination may be made at a later date by an appropriate judicial authority that would resolve this issue unfavorably to the City.

In accordance with the timeline set forth in the Bill (as modified by the California Supreme Court on December 29, 2011) all redevelopment agencies in the State of California were dissolved and ceased to operate as a legal entity as of February 1, 2012.

A. Cash and Investments
The following is a summary of cash and investments of the Successor Agency at June 30, 2024:

The Successor Agency’s cash and investments are pooled with the City’s cash and investment in order to generate optimum interest income. The share of the pooled cash account is separately accounted for, and investment income is allocated to all participating funds based on the relationship of average quarterly cash balances to the total of the pooled cash and investments. Information regarding the authorized types of deposits and investments, the type of risk (i.e., credit, interest rate, custodial, etc.) and other disclosures associated with the City’s pooled cash and investments is reported in Note 2.

B. Loans Receivable (Net)
At June 30, 2024, the Successor Agency’s net loans receivable consisted of the following:

Business Assistance Loans
The former Redevelopment Agency entered into business assistance loan agreements with local businesses for redevelopment purposes. The term of the loan varies, and bears interest rates ranges from 0% to 4% annum. Outstanding balance at June 30, 2024 was $1,660,000. 121
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

18. SUCCESSOR AGENCY TRUST FOR ASSETS OF FORMER REDEVELOPMENT AGENCY, Continued
C. Land Held for Resale
At June 30, 2024, land held for resale in the amount of $470,303 is recorded at the acquisition cost in the Successor Agency Trust Fund.

D. Capital Assets
The following is a summary of changes in capital assets for the Successor Agency for the year ended June 30, 2024:
122
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

18. SUCCESSOR AGENCY TRUST FOR ASSETS OF FORMER REDEVELOPMENT AGENCY, Continued
E. Long-Term Liabilities
The following is a summary of changes in long-term liabilities for the Successor Agency for the year ended June 30, 2024:

County Deferred Tax Loans
At June 30, 2024, the County deferred tax loans consisted of the follow:

The former Redevelopment Agency entered into agreements with the County of Los Angeles whereby a portion of the County’s share of tax increment revenues from the Southwest Pomona Project Area and South Garey/Freeway Corridor Project Area are loaned annually to the Successor Agency. Interest on both loans accrue at 7% per year, compounded annually. The Successor Agency will commence repayment per the terms of the Agreement.

Tax Allocation Bonds
123
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

18. SUCCESSOR AGENCY TRUST FOR ASSETS OF FORMER REDEVELOPMENT AGENCY, Continued
E. Long-Term Liabilities, Continued
1998 Tax Allocation Refunding Bonds, Series X – Original Issuance $5,055,000 On October 1, 1998, the former Redevelopment Agency issued $5,055,000 in 1998. Tax Allocation Refunding Bonds, Series X, for the Mountain Mead ows Redevelopment Project to refund $4,360,000 of the loan between the former Redevelopment Agency and the Public Financing Authority related to the Public Financing Authority’s 1993 Refunding Revenue Bonds, Series N.

Interest is payable semiannually on June 1 and December 1 at rates varying from 3.0% to 5.1% per annum. $3,595,000 of bond principal is payable in annual installments ranging from $95,000 to $300,000 through December 1, 2013. Term bonds of $41,000,000 and $460,000 mature on December 1, 2016 and December 1, 2024, respectively, and are subject to mandatory re demption from a sinking fund account in amounts ranging from $45,000 to $350,000, as outlined in the bonds’ official statement. A municipal bond insurance policy has been issued that insures the payment of the principal and interest on the bonds when due.

During 2007, the bonds in the amount of $790,000 were refunded by the 2006 Taxable Revenue Bonds, series AT.

The annual debt service requirements outstanding at June 30, 2024, is as follows:
1998 Tax Allocation Refunding Bonds, Series Y – Original Issuance $8,980,000 On October 1, 1998, the former Redevelopment Ag ency issued $8,980,000 in 1998 Tax Allocation Refunding Bonds, Series Y, for the West Holt Avenue Redevelopment Project to refund $7,130,000 of the loan between the former Redevelopment Agency and Pu blic Financing Authority related to the Public Financing Authority’s 1993 Refunding Revenue Bonds, Series N, and to finance certain redevelopment activities within the West Holt Avenue Project Area.

Interest on the bonds is payable semiannually on November 1 and May 1 at rates varying from 3.0% to

5.0% per annum. $1,770,000 of bond principal is payable in annual installments ranging from $115,000 to $180,000 through May 1, 2011. Terms bonds of $390,000, $2,360,000, and $4,380,000 mature on May 1, 2013, May 1, 2020, and May 1, 2032, respectively, and are subject to mandatory redemption from a sinking fund account in amounts ranging from $190,000 to $550,000 as outlined in the bonds’ official statements. Bonds maturing on May 1, 2009 through May 1, 2011 are subject to redemption prior to maturity, as a whole or in part, at the option of the Agency on any date on or after May 1, 2008 at redemption prices ranging from 100% to 101% of principal. A municipal bond insurance policy has been issued that insures the payment of the principal and interest on the bonds when due. During 2007, the bonds in the amount of $645,000 were refunded by the 2006 Taxable Revenue Bonds, Series AT. 124
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

18. SUCCESSOR AGENCY TRUST FOR ASSETS OF FORMER REDEVELOPMENT AGENCY, Continued
E. Long-Term Liabilities, Continued
1998 Tax Allocation Refunding Bonds, Series Y – Original Issuance $8,980,000, Continued The annual debt service requirements outstanding at June 30, 2024, is as follows:
2018 Tax Allocation Refunding Bonds, Series BI – Original Issuance $128,885,000 On October 11, 2018, the Successor Agency to the Redevelopment Agency of the City of Pomona, issued 2018 Tax Allocation Refunding Bonds, Series BI in the amount of $128,885,000 to repay the advances from the Public Financing Authority for 1998 Series W, 2001 Series AD, 2003 Series AH, 2005 Series AQ, 2006 Series AS/AT/AX and 2007 Series AW and created annual debt service savings of approximately $1.6 million. There was no economic gain due to the unus ed bond proceeds paid down the principal portion of the new issuance.

Interest on the bonds is payable semiannually on each August 1 and February 1. The rates of interest range from 2.65% to 4.51% per annum. Principal is payable in annual installments ranging from $690,000 to $9,805,000. Bonds are secured by the pledged tax revenues deposited in the Redevelopment Property Tax Trust Fund.
125
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

18. SUCCESSOR AGENCY TRUST FOR ASSETS OF FORMER REDEVELOPMENT AGENCY, Continued
E. Long-Term Liabilities, Continued
2018 Tax Allocation Refunding Bonds, Series BI – Original Issuance $128,885,000, Continued The annual debt service requirement for the 2018 Tax Allocation Refunding Bonds, Series BI outstanding at June 30, 2024, is as follows:

Pledged Tax Revenues
The City has pledged, as security for bonds issued, either directly or through the Pomona Public Financing Authority, certain tax revenues to the re payment of certain Successor Agency debts (bonds, loans, and advances) through final maturity of bonded debt on February 1, 2041, or earlier retirement, whichever occurs first.

Tax revenues consist of tax increment revenues allocated to the Successor Agency to various project areas pursuant to Section 33670 of the Redevelopment Law. Such Law excludes a portion of tax increment revenues required to be paid under Tax-Sharing agreements unless the payment of such amounts has been subordinated to the payment of debt service on the Bonds. Assembly Bill 1X 26 provided that upon dissolution of the Redevelopment Agency, property taxes allocated to redevelopment agencies no longer are deemed tax increment but rather property tax revenues and will be allocated first to local agency and school entity pursuant to any pass-through agreement, then second to successor agencies to make payments on the indebtedness incurred by the dissolved redevelopment agency. For the current year, the total property tax revenue recognized by the Successor Agency was $12,356,721 and the debt service payments on the bonds was $12,180,776.
126
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

18. SUCCESSOR AGENCY TRUST FOR ASSETS OF FORMER REDEVELOPMENT AGENCY, Continued
E. Long-Term Liabilities, Continued
Pledged Tax Revenues, Continued
Remaining balance on the debt at June 30, 2024, is as follows:

F. Compensated Absences
The liability for vested and unpaid compensated absences (accrued, vacation, sick pay, executive leave, and comp time) is reported in the fund as the benefits are earned and vest.

G. Insurance
The Successor Agency is covered under the City of Pomona’s insurance policies. Therefore, the limitation and self-insured retentions applicable to the City also apply to the Successor Agency. Additional information as to coverage and self-insured retentions can be found in Note 16.

H. Agreement for Allocation of Tax Increment Revenues
On December 5, 1988, the former Redevelopment Agency entered into an agreement with the County whereby the County has agreed to provide sufficient allocation of tax increment revenues to allow the Successor Agency to meet its debt service agreements on dent it has incurred in connection with the Southwest Pomona Project Area. Beginning in fiscal year 1988-89, and thereafter for the life of the project, the County will provide a grant to the Successor Agency for any “deficiencies” in tax increment revenues allocated to the Successor Agency as described in the agreement. There were no intergovernmental revenues as result of the agreement for the year ended June 30, 2024.

Debt Issues
County of LA Agreement 63,669,499$
1998 Series X Bonds 71,890
1998 Series Y Bonds 4,646,900
2018 Series BI Bonds 104,745,367
Total 173,133,656 $
127
City of Pomona
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

19. EXPENDITURES IN EXCESS OF APPROPRIATIONS
The following fund had expenditures in excess of appropriations for fiscal year 2024.

20. CHANGE WITHIN FINANCIAL REPORTING ENTITY
In fiscal year 2024, the City’s Capital Outlay Capita l Projects Fund moved from nonmajor to a major fund.

Below is the effect on fund balance.
128

REQUIRED

SUPPLEMENTARY INFORMATION
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130
City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General Fund
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Taxes 132,642,800$ 135,872,800$ 133,945,046$ (1,927,754)$ Licenses, permits and fees 11,697,400 12,147,400 10,045,238 (2,102,162) Intergovernmental 315,000 315,000 398,498 83,498
Charges for services 4,094,330 4,499,942 4,542,330 42,388 Use of money and properties 1,654,218 1,654,218 5,297,535 3,643,317 Fines and forfeitures 2,494,524 2,494,524 2,443,122 (51,402 ) Miscellaneous 1,062,500 1,062,500 1,908,683 846,183
Total revenues 153,960,772 158,046,384 158,580,452 534,068 EXPENDITURES:

Current:

General government 11,293,687 14,367,460 14,105,847 261,613 Public safety 108,123,749 110,857,302 111,424,993 (567,691 )
Development services 18,628,223 19,588,443 17,863,333 1,725,110 Neighborhood services and library 9,412,898 9,798,205 7,467,036 2,331,169 Capital outlay 811,810 2,354,265 2,098,072 256,193
Debt service:

Principal retirement 279,221 279,221 279,243 (22)
Total expenditures 148,549,588 157,244,896 153,238,524 4,006,372

REVENUES OVER (UNDER)
EXPENDITURES 5,411,184 801,488 5,341,928 4,540,440 OTHER FINANCING SOURCES (USES):

Transfers in 1,850,692 1,850,692 1,894,599 43,907
Transfers out (6,101,837
) (9,904,402) (9,615,750) 288,652
Proceeds from sale of property - - 3,350 3,350
Total other financing sources (uses) (4,251,145) (8,053,710) (7,717,801) 335,909 Net change in fund balances 1,160,039$ (7,252,222)$ (2,375,873) 4,876,349$ FUND BALANCES:

Beginning of year 62,959,95
1 End of year 60,584,078$
Budgeted Amounts
131
City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Housing Authority
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 22,566,151$ 25,392,086$ 24,975,703$ (416,383)$ Charges for services 1,000 71,000 1,202,330 1,131,330
Use of money and properties 500,402 495,402 897,313 401,911 Miscellaneous 21,119 66,70 1 3,776,580 3,709,879
Total revenues 23,088,672 26,025,189 30,851,926 4,826,737 EXPENDITURES:

Current:

Development services 24,165,305 28,555,900 30,129,728 (1,573,828 )
Total expenditures 24,165,305 28,555,900 30,129,728 (1,573,828)

REVENUES OVER (UNDER)
EXPENDITURES (1,076,633) (2,530,711) 722,198 3,252,909 OTHER FINANCING SOURCES (USES):

Transfers out - - (518,938
) (518,938)
Total other financing sources (uses) - - (518,938) (518,938) Net change in fund balances (1,076,633)$ (2,530,711) $ 203,260 2,733,971 $ FUND BALANCES:

Beginning of year 21,422,63
1 Restatement -
Beginning of year, as restated 21,422,631
End of year 21,625,891$
Budgeted Amounts
132
City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual American Rescue Plan
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 37,866,320$ 38,198,169$ 4,992,605$ (33,205,564)$ Total revenues 37,866,320 38,198,169 4,992,605 (33,205,564) EXPENDITURES:

Current:

General government 22,806,940 12,937,899 1,431,755 11,506,144 Public safety 600,000 598,650 74,870 523,780
Development services 248,87
1 9,179,092 912,484 8,266,608
Neighborhood services and library 1,415,628 1,542,231 336,840 1,205,391 Capital outlay 144 144 6,938 (6,794 )
Total expenditures 25,071,583 24,258,016 2,762,887 21,495,129

REVENUES OVER (UNDER)
EXPENDITURES 12,794,737 13,940,153 2,229,718 (11,710,435) OTHER FINANCING SOURCES (USES):

Transfers out
(12,794,737) (15,477,264) (2,229,718) 13,247,546
Total other financing sources (uses) (12,794,737) (15,477,264) (2,229,718) 13,247,546 Net change in fund balances -$ (1,537,111)$ - 1,537,111$ FUND BALANCES:

Beginning of year -
Restatement -
Beginning of year, as restated -
End of year -$
Budgeted Amounts
133
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134
City of Pomona
Required Supplementary Information
For the year ended June 30, 2024

1. BUDGET AND BUDGETARY ACCOUNTING
a.
b.
c.
d.

The City follows these procedures in establishing the budgetary data reflected in the fiscal statements:

Annual budgets are adopted on a basis consistent with accounting principles generally accepted in the United States of America for all governmental funds, except that encumbrances are shown in the year incurred for budgetary purposes.

On or before the last day in January each year, all operational units submit requests for appropriations to the City Manager for budget preparation purposes. The City Council holds public hearings, and a final budget must be adopted no later than June 30.

The appropriated budget is prepared by fund, function, and department. The City's department directors, with approval of the Finance Director and City Manager, may make transfers of appropriations within a department and between departments with a fund. The legal level of budgetary control (i.e. the level at which expenditures may not legally exceed appropriations) is the fund level. The City Council made several supplemental budgetary appropriations throughout the year. The supplementary budgetary appropriations made in the various governmental funds are not detailed in the required supplementary information.

Under encumbrance accounting, purchase orders, contracts and other commitments for expenditures are reported to reserve that portion of the applicable appropriations. Encumbrance accounting is employed as an extension of formal budgetary accounting. Unexpended appropriations lapse at year-end regardless of encumbrances.
135
City of Pomona
Required Supplementary Information
For the year ended June 30, 2024

2. Miscellaneous Plan-Agent Multiple-Employer
Schedule of Changes in the Net Pension Liability and Related Ratios - Last 10 Fiscal Years* Measurement period 2014 2015 2016

TOTAL PENSION LIABILITY
Service cost 3,310,829$ 3,161,189$ 3,278,100$ Interest 18,086,982 18,495,828 19,115,591 Changes of assumptions - (4,427,183) - Differences between expected and actual experience - (3,363,816) 123,335 Benefit payments, including refunds of employee contributions (12,464,852) (13,367,634) (14,106,985) Net change in the total pension liability 8,932,959 498,384 8,410,041 Total pension liability - beginning 245,736,775 254,669,734 255,168,118 Total pension liability - ending (a) 254,669,734 255,168,118$ 263,578,159$

PLAN FIDUCIARY NET POSITION
Contributions - employer 3,191,964$ 3,747,091$ 4,508,818$ Contributions - employee 1,640,223 1,622,551 1,710,782 Net investment income 31,444,609 4,578,528 1,092,440 Benefit payments, including
refunds of employee contributions (12,464,852) (13,367,634) (14,106,985) Administrative expense - (235,754) (124,510) Net plan to plan resource movement - (521) 30,199 Other miscellaneous income/(expense) - - - -
Net change in plan fiduciary net position 23,811,944 (3,655,739) (6,889,256) Plan fiduciary net position - beginning 184,143,961 207,955,905 204,300,166 Plan fiduciary net position - ending (b) 207,955,905$ 204,300,166$ 197,410,910$ Plan net pension liability/(assets)-ending (a) - (b) 46,713,829$ 50,867,952$ 66,167,249$ Plan fiduciary net position as a percentage of the total pension liability 81.66% 80.06% 74.90% Covered payroll 21,843,562$ 21,768,272$ 22,899,750$ Plan net pension liability/(asset) as a percentage of covered payroll 213.86% 233.68% 288.94% Notes to Schedule
Changes of Benefit Terms: The figures above generally include any liability impact that may have resulted from voluntary benefit changes that occurred d on or before the Measurement Date. However, offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes) that occurred after the Valuation Date are not included in the figures above, unless the liability impact is deemed to be material by the plan actuary.

Changes of Assumptions: Effective with the June 30, 2021 valuation date (2022 measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated, combined with risk estimates, and are used to project compound (geometric) returns over the long term. The discount rate used to discount liabilities was informed by the long-term projected portfolio return. In addition, demographic assumptions and the inflation rate assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The ac counting discount rate was 7.15% for measurement dates 2017 through 2021, 7.65% for measurement dates 2015 through 2016, and 7.50% for measurement dat e 2014.
136
2017 2018 2019 2020 2021 2022 2023
3,757,355$ 3,684,403$ 3,678,697$ 3,689,145$ 3,917,757$ 4,535,202$ 4,825,098$ 19,389,644 19,890,698 20,653,574 21,100,019 21,667,103 22,119,973 22,628,770 15,726,854 (1,368,646) - - - 9,158,812 615,994 (2,724,421) 165,010 2,804,401 (1,647,018) 253,986 587,347 (1,187,156) (14,550,855) (15,247,444) (16,166,651) (16,726,361) (17,726,053) (18,467,593) (19,242,622) 21,598,577 7,124,021 10,970,021 6,415,785 8,112,793 17,933,741 7,640,084 263,578,159 285,176,736 292,300,757 303,270,778 309,686,563 317,799,356 335,733,097 285,176,736$ 292,300,757$ 303,270,778$ 309,686,563$ 317,799,356$ 335,733,097$ 343,373,181$ 4,965,420$ 5,562,823$ 6,340,816$ 7,644,926$ 84,587,763$ 2,512,909$ 2,726,901$ 1,824,492 1,718,844 1,746,619 1,868,202 1,946,908 1,916,833 2,155,721 21,714,550 17,509,262 14,226,888 10,972,762 66,627,438 (26,971,137) 19,537,786 (14,550,855) (15,247,444) (16,166,651) (16,726,361) (17,726,053) (18,467,593) (19,242,622) (291,464) (328,910) (156,756) (318,117) (228,852) (226,940) (237,567) - (510) - - - - - - (624,606) 510 - - - - 13,662,143 8,589,459 5,991,426 3,441,412 135,207,204 (41,235,928) 4,940,219 197,410,910 211,073,053 219,662,512 225,653,938 229,095,350 364,302,554 323,066,626 211,073,053$ 219,662,512$ 225,653,938$ 229,095,350$ 364,302,554$ 323,066,626$ 328,006,845$ 74,103,683$ 72,638,245$ 77,616,840$ 80,591,213$ (46,503,198)$ 12,666,471$ 15,366,336$

74.01% 75.15% 74.41% 73.98% 114.63% 96.23% 95.52%
23,628,194$ 23,219,075$ 23,219,075$ 24,112,060$ 26,170,720$ 27,205,771$ 30,651,720$ 313.62% 312.84% 334.28% 334.24% -177.69% 46.56% 50.13%
137
City of Pomona
Required Supplementary Information
For the year ended June 30, 2024

3. Safety Plan-Agent Multiple-Employer
Schedule of Changes in the Net Pension Liability and Related Ratios - Last 10 Fiscal Years* Measurement period 2014 2015 2016

TOTAL PENSION LIABILITY
Service cost 4,880,486$ 4,785,362$ 4,884,739$ Interest 23,069,282 23,712,742 24,593,728 Changes in benefit terms - - - Changes in assumptions - (5,565,887) - Differences between expected and actual experience - (2,090,216) 1,506,206 Benefit payments, including refunds of employee contributions (17,510,572) (18,221,480) (18,854,232) Net change in the total pension liability 10,439,196 2,620,521 12,130,441 Total pension liability - beginning 313,905,458 324,344,654 326,965,175 Total pension liability - ending (a) 324,344,654$ 326,965,175$ 339,095,616$

PLAN FIDUCIARY NET POSITION
Contributions - employer 5,669,824$ 6,367,577$ 7,278,178$ Contributions - employee 1,402,077 1,554,104 1,534,930 Net investment income 37,455,889 5,342,317 1,164,032 Benefit payments, including refunds of employee contributions (17,510,572) (18,221,480) (18,854,232) Administrative expense - (271,705) (147,131) Net plan to plan resource movement - 521 1,096 Other miscellaneous income/(expense) - - - -
Net change in plan fiduciary net position 27,017,218 (5,228,666) (9,023,127) Plan fiduciary net position - beginning 219,628,065 246,645,283 241,416,617 Plan fiduciary net position - ending (b) 246,645,283$ 241,416,617$ 232,393,490$ Plan net pension liability/(assets)-ending (a) - (b) 77,699,371$ 85,548,558$ 106,702,126$ Plan fiduciary net position as a percentage of the total pension liability 76.04% 73.84% 68.53% Covered payroll 15,182,720$ 15,528,316$ 16,122,314$ Plan net pension liability/(asset) as a percentage of covered payroll 511.76% 550.92% 661.83% Notes to Schedule
*Historical information is required only for measurement years for which GASB 68 is applicable. Fiscal Year 2015 was the first year of implementation, therefore only nine years are shown.

7.50% for measurement date 2014.

Changes of Benefit Terms: The figures above generally include any liability impact that may have resulted from voluntary benefit changes that occurred on or before the Measurement Date. However, offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes) that occurred after the Valuation Date are not included in the figures above, unless the liability impact is deemed to be material by the plan actuary.
138
2017 2018 2019 2020 2021 2022 2023
5,801,213$ 5,447,465$ 5,283,890$ 5,538,692$ 5,666,577$ 6,664,841$ 6,940,443$ 24,844,637 25,520,009 26,641,545 27,404,181 28,253,540 28,982,162 30,213,536 - - - - - - 204,714 19,952,226 (1,916,304) - - - 14,067,624 - (4,573,322) 1,433,848 6,506,181 1,100,494 2,054,460 376,821 7,160,279 (19,795,369) (21,286,165) (22,125,918) (22,848,264) (23,515,991) (24,457,571) (26,149,977) 26,229,385 9,198,853 16,305,698 11,195,103 12,458,586 25,633,877 18,368,995 339,095,616 365,325,001 374,523,854 390,829,552 402,024,655 414,483,241 440,117,118 365,325,001$ 374,523,854$ 390,829,552$ 402,024,655$ 414,483,241$ 440,117,118$ 458,486,113$ 8,239,937$ 8,917,280$ 10,065,972$ 12,010,910$ 144,351,077$ 4,599,974$ 4,826,604$ 1,568,799 1,611,014 1,577,765 1,935,321 1,854,431 1,928,955 1,952,071 25,441,922 20,385,914 16,534,386 12,709,328 86,029,275 (35,144,275) 25,304,177 (19,795,369) (21,286,165) (22,125,918) (22,848,264) (23,515,991) (24,457,571) (26,149,977) (343,113) (385,682) (182,698) (369,194) (265,042) (295,135) (309,149) -
(596) - - - - - - (732,417) 596 - - - - - -
15,112,176 8,509,348 5,870,103 3,438,101 208,453,750 (53,368,052) 5,623,726 232,393,490 247,505,666 256,015,014 261,885,117 265,323,218 473,776,968 420,408,916 247,505,666$ 256,015,014$ 261,885,117$ 265,323,218$ 473,776,968$ 420,408,916$ 426,032,642$ 117,819,335$ 118,508,840$ 128,944,435$ 136,701,437$ (59,293,727)$ 19,708,202$ 32,453,471$

67.75% 68.36% 67.01% 66.00% 114.31% 95.52% 92.92%
17,199,482$ 16,421,383$ 15,989,983$ 16,804,283$ 17,408,839$ 18,436,629$ 16,947,977$ 685.02% 721.67% 806.41% 813.49% -340.60% 106.90% 191.49% 139
City of Pomona
Required Supplementary Information
For the year ended June 30, 2024

4. Collateral Benefits Plan
Schedule of Changes in the Net Pension Liability and Related Ratios - Last 10 Fiscal Years* 2018 2019 2020

TOTAL PENSION LIABILITY
Service cost 8,761$ 8,761$ 9,330$ Interest 61,845 59,294 56,133
Differences between expected and actual experience ---
Effect of economic/demographic gains or losses ---
Effect of assumptions changes or inputs ---
Benefit Payment (114,500) (122,900) (111,400)
Net change in the total pension liability (43,894) (54,845) (45,937) Total pension liability - beginning 1,007,818 963,924 909,079 Total pension liability - ending (a) 963,924$ 909,079$ 863,142$

PLAN FIDUCIARY NET POSITION
Contributions - employer - 102,949 167,769 Net investment income 13,113 8,427 3,889 Benefit payments, including
refunds of em
ployee contributions (114,500) (122,900) (111,400) Administrative expense (126) (124) - -
Net change in fiduciary net position (101,513) (11,648) 60,258 Plan fiduciary net position - beginning 284,669 183,156 171,508 Plan fiduciary net position - ending (b) 183,156$ 171,508 $ 231,766 $ Plan net pension liability/(assets)-ending (a) - (b) 780,768$ 737,571 $ 631,376 $ Plan fiduciary net position as a percentage of the total pension liability 19.00% 18.87% 26.85% Covered payroll N/A N/A N/A
Plan net pension liability/(asset) as a percentage of covered payroll N/A N/A N/A (1) Historical information is required only for measurement years for which GASB 68 is applicable.

Notes to Schedule
Benefit Changes: There were no changes to benefit terms Changes of Assumptions: The mortality in FY2024 report are consistent with the rates used to value the Miscellaneous Public Agency CalPERS Pension Plans after June 30, 2021, and the mortality in FY2023 report are consistent with the rates used to value the Miscellaneous Public Agency CalPERS Pension Plans after June 30, 2017 140
2021 2022 2023 2024
8,023$ 8,023$ 8,544$ 8,023$ 52,950 54,678 51,886 48,955
76,786 - - -
- - - (113,721)
--- (11)
(114,900) (107,360) (104,960) (105,000)
22,859 (44,659) (44,530) (161,754) 863,142 886,001 841,342 796,812 886,001$ 841,342$ 796,812$ 635,058$ - 333,578 261,388 261,388 32,324 (27,669) 20,328 44,121 (114,900) (107,360) (104,960) (105,000) (1,181) (200) (200) (314) (83,757) 198,349 176,556 200,195 231,766 148,009 346,358 522,914 148,009$ 346,358$ 522,914$ 723,109$ 737,992$ 494,984$ 273,898$ (88,051)$

16.71% 41.17% 65.63% 113.87%

N/A N/A N/A N/A

N/A N/A N/A N/A
141
City of Pomona
Required Supplementary Information
For the year ended June 30, 2024

5. Miscellaneous Plan-Agent Multiple-Employer
Schedule of Plan Contributions - Last 10 Fiscal Years*
Fiscal Year End 2014 2015 2016 2017
Actuarially determined contribution 3,191,964$ 3,747,091$ 4,508,818$ 4,965,420$ Contributions in relation to actuarially determined contributions (3,191,964) (3,747,091) (4,508,818) (4,965,420) Contribution deficiency (excess) -$ -$ -$ -$ Covered payroll 21,843,562$ 21,768,272$ 22,899,750$ 23,628,194$ Contributions as a percentage of covered payroll 14.61% 17.21% 19.69% 21.01% Notes to Schedule
Valuation date June 30, 2021
Methods and assumptions used to determine contribution rates:

Actuarial cost method Entry Age Actuarial Cost Method
Amortization method For details, see June 30, 2021 Funding Valuation Report.

Asset valuation method Fair Value of Assets.

Inflation 2.30%
Payroll growth 2.80%
Projected salary increases Varies by entry age and service Investment rate of return
Retirement age
Mortality

7.00% Net of Administrative Expenses.

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

The probabilities of mortality are based on the 2017 CalPERS Experience Study for the period from 1997 to 2015. Pre-retirement and post-retirement mortality rates include 15 years of projected mortality improvement using 90% of Scale MP-2016 published by the Society of Actuaries. *Historical information is required only for measurement for which GASB 68 is applicable. Fiscal Year 2015 was the first year of implementation, therefore only nine years are shown.
142
2018 2019 2020 2021 2022 2023 2024
5,562,823$ 6,340,816$ 7,644,926$ 8,255,703$ 2,512,909$ 2,726,901$ 3,538,752$ (5,562,823) (6,340,816) (7,644,926) (84,587,763) (2,512,909) (2,726,901) (3,538,752) -$ -$ -$ (76,332,060)$ -$ -$ -$ 23,219,075$ 23,531,614$ 24,112,060$ 26,170,720$ 27,205,771$ 30,651,720$ 34,760,956$

23.96% 26.95% 31.71% 323.22% 9.24% 8.90% 10.18%
143
City of Pomona
Required Supplementary Information
For the year ended June 30, 2024

6. Safety Plan-Agent Multiple-Employer
Schedule of Plan Contributions - Last 10 Fiscal Years*
Fiscal Year End 2014 2015 2016 2017
Actuarially determined contribution 5,669,824$ 6,367,577$ 7,278,178$ 8,239,937$ Contributions in relation to actuarially determined contributions (5,669,824) (6,367,577) (7,278,178) (8,239,937) Contribution deficiency (excess) -$ -$ -$ -$ Covered payroll 15,182,720$ 15,528,316$ 16,122,314$ 17,199,482$ Contributions as a percentage of covered payroll 37.34% 41.01% 45.14% 47.91% Notes to Schedule
Valuation date June 30, 2021
Methods and assumptions used to determine contribution rates:

Actuarial cost method Entry Age Actuarial Cost Method
Amortization method For details, see June 30, 2021 Funding Valuation Report.

Asset valuation method Fair Value of Assets.

Inflation 2.30%
Payroll growth 2.80%
Projected salary increases Varies by entry age and service Investment rate of return
Retirement age
Mortality

7.00% Net of Administrative Expenses.

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

The probabilities of mortality are based on the 2017 CalPERS Experience Study for the period from 1997 to 2015. Pre-retirement and post-retirement mortality rates include 15 years of projected mortality improvement using 90% of Scale MP-2016 published by the Society of Actuaries. *Historical information is required only for measurement for which GASB 68 is applicable. Fiscal Year 2015 was the first year of implementation, therefore only nine years are shown.
144
2018 2019 2020 2021 2022 2023 2024
8,917,280$ 10,065,972$ 12,010,910$ 13,214,474$ 4,599,974$ 4,826,361$ 5,749,191$ (8,917,280) (10,065,972) (12,010,910) (144,351,077) (4,599,974) (4,826,361) (5,749,191) -$ -$ -$ (131,136,603)$ -$ -$ -$ 16,421,383$ 15,989,983$ 16,804,283$ 17,408,839$ 18,436,629$ 16,947,977$ 18,928,077$

54.30% 62.95% 71.48% 829.18% 24.95% 28.48% 30.37%
145
City of Pomona
Required Supplementary Information
For the year ended June 30, 2024

7. Collateral Benefits Plan
Schedule of Plan Contributions
Fiscal Year Ended 2015 2016 2017 2018
Actuarially determined contribution 110,032 $ 102,949 $ 102,949 $ 102,949 $ Contributions in relation to actuarially
determined contributions (110,032) (102,949) (102,949) (114,500) Contribution deficiency (excess) - $ - $ -$ (11,551)$ Covered payroll N/A N/A N/A N/A
Contributions as a percentage of
covered payroll N/A N/A N/A N/A
Notes to Schedule
Valuation date June 30, 2024
Methods and assumptions used to determine contribution rates:

Actuarial cost method Entry Age Normal Cost Method
Amortization method Level dollar of payroll
Asset valuation method Market value
Inflation N/A
Payroll growth N/A
Projected salary increases N/A
Investment rate of return
Retirement age
Mortality

6.50% Net of Administrative Expenses.

The retirement rates are consistent with those used to value the Miscellaneous Public Agency CalPERS "2.0% at age 55" Pension Plans for retirees with 25 years of service.

Consistent with the Non-industrial rates used for the value of Miscellaneous Public Agency CalPERS Pension Plans.
146
2019 2020 2021 2022 2023 2024
102,949$ 167,769$ -$ 166,789$ 261,388$ 261,388$ (102,949) (167,769) (166,789) (333,578) (261,388) (261,388) -$ -$ (166,789)$ (166,789)$ -$ -$

N/A N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A N/A
147
City of Pomona
Required Supplementary Information
For the year ended June 30, 2024

8. Schedule of Changes in the Total OPEB Liability and Related Ratios Last 10 Fiscal Years*
2018 2019 2020

TOTAL OPEB LIABILITY
Service cost 2,019,938$ 2,322,129$ 2,391,793$
Interest on total OPEB liability 3,382,262 3,193,265 3,459,741 Differences between expected and actual experience - - (2,406,146) Changes of assumptions 5,151,873 (5,689,789) 10,014,158 Benefit payments (4,149,518)$ (4,419,147) (4,532,965) Net change in the total OPEB liability 6,404,555 (4,593,542) 8,926,581 Total OPEB liability - beginning 90,248,485 96,653,040 92,059,498 Total OPEB liability - ending (a) 96,653,040 92,059,498$ 100,986,079$

PLAN FIDUCIARY NET POSITION
Contributions - employer 4,149,518$ 4,419,147$ 4,532,965$ Benefit payments (4,149,518) (4,419,147) (4,532,965) -
Net change in plan fiduciary net position - - - Plan fiduciary net position - beginning - - - Plan fiduciary net position - ending (b) -$ -$ -$
Net OPEB liability - ending (a) - (b) 96,653,040$ 92,059,498$ 100,986,079$ Plan fiduciary net position as a percentage of the total OPEB liability 0.00% 0.00% 0.00% Covered employee payroll 40,827,676$ 40,570,643$ 42,681,546$ Total OPEB liability as a percentage of covered employee payroll 236.73% 226.91% 236.60% Notes to the Schedule: There is no asset held in the trust for the plan.

Changes in assumptions: In 2024, the discount rate increased from 3.72 percent to 4.00 percent. In 2023, the accounting discount rate increased from 2.06 percent to 3.72 percent. In 2022, the accounting discount rate reduced from 2.12 percent to 2.06 percent. (1) Historical information is required only for the measurement periods for which GASB 75 is applicable. Fiscal Year 2018 was the first year of implementation. Future years' information will be displayed up to 10 years as information becomes available. 148
2021 2022 2023 2024
2,438,598$ 2,859,647$ 2,822,540$ 2,263,212$
2,693,897 2,280,032 2,165,147 3,265,063
- (3,389,740) - (827,555)
7,273,004 726,306 (18,337,844) (805,300)
(4,862,846) (4,819,774) (4,984,455) (4,729,786)
7,542,653 (2,343,529) (18,334,612) (834,366)
100,986,079 108,528,732 106,185,203 87,850,591
108,528,732$ 106,185,203$ 87,850,591$ 87,016,225$ 4,862,846$ 4,819,774$ 4,984,455$ 4,729,786$
(4,862,846) (4,819,774) (4,984,455) (4,729,786)
- - - -
- - - -
-$ -$ -$ -$
108,528,732$ 106,185,203$ 87,850,591$ 87,016,225$

0.00% 0.00% 0.00% 0.00%
44,535,741$ 47,515,353$ 43,591,147$ 44,811,699$ 243.69% 223.48% 201.53% 194.18%
149
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SUPPLEMENTARY INFORMATION
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City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General Government
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 291,587$ 291,587$ 291,587$ -$ Use of money and properties 295,810 295,810 26,304 (269,506) Total revenues 587,397 587,397 317,891 (269,506) EXPENDITURES:

Current:

Debt service:

Principal retirement 8,232,130 8,232,130 7,431,710 800,420 Interest and fiscal charges 10,278,752 10,278,752 9,553,085 725,667 Total expenditures 18,510,882 18,510,882 16,984,795 1,526,087

REVENUES OVER (UNDER)
EXPENDITURES (17,923,485) (17,923,485) (16,666,904) 1,256,581 OTHER FINANCING SOURCES (USES):

Transfers in 20,424,295 20,424,295 18,893,796 (1,530,499 )
Transfers out (2,205,000) (2,205,000) (507) 2,204,493
Total other financing sources (uses) 18,219,295 18,219,295 18,893,289 673,994 Net change in fund balances 295,810$ 295,810$ 2,226,385 1,930,575$ FUND BALANCES:

Beginning of year (65,137,642
)
End of year (62,911,257)$
Budgeted Amounts
153
City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Public Financing Authority
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and properties 1,715$ 1,715$ 3,138$ 1,423$ Total revenues 1,715 1,715 3,138 1,423 EXPENDITURES:

Debt service:

Principal retirement 2,205,05
1 2,205,000 2,205,000 -
Interest and fiscal charges 123,847 2,335 - 2,335
Total expenditures 2,328,898 2,207,335 2,205,000 2,335

REVENUES OVER (UNDER)
EXPENDITURES (2,327,183) (2,205,620) (2,201,862) 3,758 OTHER FINANCING SOURCES (USES):

Transfers in 2,205,000 2,205,000 - (2,205,000)
Total other financing sources (uses) 2,205,000 2,205,000 - (2,205,000) Net change in fund balances (122,183)$ (620) $ (2,201,862) (2,201,242) $ FUND BALANCES:

Beginning of year 66,001,710
End of year 63,799,848$
Budgeted Amounts
154
City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Capital Outlay Capital Projects Fund
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Licenses, permits and fees 51,000$ 51,000$ 1,266,716$ 1,215,716$ Intergovernmental - 17,012,850 10,280,628 (6,732,222)
Charges for services - - 652,878 652,878
Use of money and properties 19,301 19,301 66,074 46,773 Miscellaneous - 4,600 5,148 548
Total revenues 70,301 17,087,751 12,271,444 (4,816,307) EXPENDITURES:

Current:

Development services 113,000 113,000 107,000 6,000
Capital outlay 20,490,87
1 41,772,279 28,167,356 13,604,923
Debt service:

Principal retirement - (321,099) 247,401 (568,500)
Total expenditures 20,603,871 41,564,180 28,521,757 13,042,423

REVENUES OVER (UNDER)
EXPENDITURES (20,533,570) (24,476,429) (16,250,313) 8,226,116 OTHER FINANCING SOURCES (USES):

Transfers in 33,216,592 37,795,539 20,967,399 (16,828,140 )
Transfers out (2,735,202) (2,882,093) (4,104) 2,877,989 Proceeds from sale of property - - 12,317 12,317
Total other financing sources (uses) 30,481,390 34,913,446 20,975,612 (13,937,834) Net change in fund balances 9,947,820$ 10,437,017$ 4,725,299 (5,711,718)$ FUND BALANCES:

Beginning of year -
Restatement 10,956,765
Beginning of year, as restated 10,956,765
End of year 15,682,064$
Budgeted Amounts
155
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City of Pomona
Nonmajor Governmental Funds
Year Ended June 30, 2024
Nonmajor Special Revenue Funds
The Miscellaneous Gran t Fund accounts for revenues received and expenditure s made fo r federal, state and o r county approved programs and projects.

The Community Development Block Grant (CDBG) Fund accounts for funds received from the U.S.

Department of Housing and Urban Development to develop viable urban communities by providing decent housing and a suitable environment and expand economic opportunity for persons of low and moderate income.

The State Gas Tax Fund accounts for revenues received and expenditures made for general street improvement and maintenance. The revenue consists of the City's share of state gasoline taxes collected under Sections 2105, 2106, 2107.5 of the Street and Highway Code.

The Proposition "A" Fund accounts for the receipt and disbursement of funds derived from the one-half cent sales tax imposed by the Proposition "A" ordinance of the Los Angeles County Transportation Commission. The funds are used to finance public transportation projects.

The Proposition "C" Fund accounts for the receipt and disbursement of fund s derived fro m a 1990-91 increase i n County sales tax. The funds are used to finance transit and transit-related projects.

The Vehicle Parking District Fund accounts for operation, maintenance, capital improvements, and administration of parking lots in the downtown business area. Revenues are received from parking fees.

The Air Quality Improvement Fund accounts for revenues and expenditures made for air quality improvement projects. The revenues consist of funds received from the South Coast Air Quality Management District (SCAQMD) in accordance with AB2766.

The Landscape Maintenance District Fund accounts for revenues received and expenditures made for landscape and lighting maintenance in various areas of the City. Revenues consist of assessments received from property owners.

The Asset Forfeiture Fund accounts for the City's share of assets seized by law enforcement agencies. The monies are used for law enforcement purposes.

The Traffic Offender Fund accounts for the fees collected for the impoundment of vehicles and expenditures for the enforcement, education, and prosecution of drivers with a suspended or revoked license as well as unlicensed drivers operating a motor vehicle.

The Measure "R" Fund accounts for street maintenance, traffic signal, street light maintenance, traffic paint and sign services which are funded with one-half cent sales tax revenue.

The Measure "M" Fund accounts for new transit and highway projects, enhances bus and rail operations, and several other transportation improvements in Los Angeles County which is funded with one half cent sales tax revenue.

The Special Fees Fund accounts for fee analysis rate review and public art fees. 157
City of Pomona
Nonmajor Governmental Funds
Year Ended June 30, 2024
Nonmajor Special Revenue Funds (Continued)
The PEG Fee Fund accounts for Public, Education, and Government (PEG) fees collected by service providers through the franchisee agreement with the City. These fees pay for capital equipment and projects that provide for continuation of PEG programming.

The OATH (Officers Assisting the Homeless) Initiative Fund accounts for providing local police officers with the proper tools based on nationally recognized best practices and trauma-informed care for interactions with the homeless population.

The Fairplex Mitigation Fund accounts for City revenue from Fairplex events to fund public safety measures and initiatives to those residents most impacted by Fairplex events.

The Measure "W" Fund accounts for City revenue approved by Los Angeles County voters with funds to capture, treat and recycle stormwater.

The Cannabis Community Benefit Fund accounts for City revenue for permitted commercial cannabis businesses within City limits.

Refuse Administration Fund accounts for illegal dumping and payments received from the exclusive hauler such as the housing grants and vehicle impact fees. In addition, the fund also accounts for the various State recycling grants such as Used Oil, Tire, AB939, Curbside Beverage and SB1383.

Nonmajor Capital Projects Funds
The Assessment District Improvement Fund accounts for capital improvements through special charges levied against the properties benefited.
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159
City of Pomona
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
ASSETS
Cash and investments 2,576,174$ - $ 4,818,712$ 2,859,519 $ Receivables (net):

Accounts 106,590 - - - Notes and loans 21,037,569 1,610,419 - - Interest 28,801 987 29,437 21,976 Due from other governments 4,040,680 621,714 671,592 - Advances to other funds ----
Total assets 27,789,814$ 2,233,120 $ 5,519,741 $ 2,881,495 $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable 808,790 $ 23,263 $ 273,434 $ 682,564 $ Payroll payable 142,367 10,981 39,567 5,812 Deposits payable - - - - Due to other funds - 312,577 - - Unearned revenues 473,904 - - - Total liabilities 1,425,061 346,821 313,001 688,376 Deferred Inflows of Resources
Unavailable revenue 3,874,304 935,129 - - Total deferred inflows of resources 3,874,304 935,129 - - Fund Balances:

Restricted:

Development services and public works - 951,170 5,206,740 2,193,119 Public safety - - - - Neighborhood service 22,490,449 - - - Assessment district improvement - - - - Parks and recreation - - - - Total fund balances 22,490,449 951,170 5,206,740 2,193,119 Total liabilities, deferred inflows of
resources and fund balances 27,789,814$ 2,233,120 $ 5,519,741 $ 2,881,495 $ Special Revenue Funds
Community
Development Block
Grant State Gas Tax
Miscellaneous
Grants Proposition A
160
10,035,771$ 2,845,221$ 453,107$ 917,051$ 985,576$ 464,941$ - 10,769 - - - - - - - - - - 87,272 18,923 2,791 6,161 7,440 3,118 258,738 31 50,371 16,000 - - - 304,435 ----
10,381,781$ 3,179,379$ 506,269$ 939,212$ 993,016$ 468,059$ -$ 11,909$ -$ 130,505$ 440$ 78,579$ 2,884 6,217 311 6,915 - 327 - 16,334 - - - - - - - - - - - - - - - - 2,884 34,460 311 137,420 440 78,906 - - - - - - - - - - - - 10,378,897 3,144,919 505,958 - - - - - - - 992,576 389,153 - - - - - - - - - 801,792 - - - - - - - - 10,378,897 3,144,919 505,958 801,792 992,576 389,153 10,381,781$ 3,179,379$ 506,269$ 939,212$ 993,016$ 468,059$ Special Revenue Funds
Proposition C
Vehicle Parking
District
Air Quality
Improvement
Landscape
Maintenance
District Asset Forfeiture Traffic Offender
161
City of Pomona
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
ASSETS
Cash and investments 4,819,607$ 5,028,528 $ 3,331,648 $ 193,247 $ Receivables (net):

Accounts - - - - Notes and loans - - - - Interest 33,165 36,418 - - Due from other governments 194,624 220,653 - - Advances to other funds ----
Total assets 5,047,396$ 5,285,599 $ 3,331,648 $ 193,247 $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable 46,531 $ 385,095 $ 33,294 $ - $ Payroll payable 23,474 13,448 3,105 - Deposits payable - - - - Due to other funds - - - - Unearned revenues - - - - Total liabilities 70,005 398,543 36,399 - Deferred Inflows of Resources
Unavailable revenue - - - - Total deferred inflows of resources - - - - Fund Balances:

Restricted:

Development services and public works 4,977,391 4,887,056 3,295,249 193,247 Public safety - - - - Neighborhood service - - - - Assessment district improvement - - - - Parks and recreation - - - - Total fund balances 4,977,391 4,887,056 3,295,249 193,247 Total liabilities, deferred inflows of
resources and fund balances 5,047,396$ 5,285,599 $ 3,331,648 $ 193,247 $ Special Revenue Funds
Measure M Special Fees PEG FeeMeasure R
162
Capital Project
Fund
686,505$ 670,009 $ 9,091,774 $ 431,18 1$ 1,822,380$ 240,153$ 21,556 15,204 - 229,515 125,568 - - - - - - - - - 65,923 - 64,993 - - - - - - - ------
708,061$ 685,213$ 9,157,697$ 660,696$ 2,012,941$ 240,153$ 98,807$ -$ -$ -$ 154,003$ -$ 48,211 - 4,798 - 6,889 - - - - - - 226,292 - - - - - - 561,043 - 5,142,742 - - - 708,061 - 5,147,540 - 160,892 226,292 - - - - - - - - - - - - - 685,213 4,010,157 - - - - - - - - - - - - - - - -
- - - - 13,861 - - - 660,696 1,852,049 - - 685,213 4,010,157 660,696 1,852,049 13,861 708,061$ 685,213$ 9,157,697$ 660,696$ 2,012,941$ 240,153$ Assessment District
ImprovementOATH Initiative
Fairplex Mitigation
Fund Measure W
Cannabis
Community Benefit
Fund
Refuse
Administration
Special Revenue Funds
163
City of Pomona
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
Total Nonmajor
Governmental
Funds
ASSETS
Cash and investments 52,271,104$
Receivables (net):

Accounts 509,202
Notes and loans 22,647,988
Interest 407,405
Due from other governments 6,074,403
Advances to other funds 304,435
Total assets 82,214,537$

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable 2,727,214 $
Payroll payable 315,306
Deposits payable 242,626
Due to other funds 312,577
Unearned revenues 6,177,689
Total liabilities 9,775,412
Deferred Inflows of Resources
Unavailable revenue 4,809,433
Total deferred inflows of resources 4,809,433
Fund Balances:

Restricted:

Development services and public works 40,429,116
Public safety 1,381,729
Neighborhood service 22,490,449
Assessment district improvement 815,653
Parks and recreation 2,512,745
Total fund balances 67,629,692
Total liabilities, deferred inflows of
resources and fund balances 82,214,537$
164
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165
City of Pomona
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2024
REVENUES:

Taxes -$ - $ - $ - $ Special assessments ----
Licenses, permits and fees ----
Intergovernmental 10,033,747 2,481,903 7,659,659 3,987,299 Charges for services ----
Use of money and properties 439,682 2,174 215,224 123,899 Miscellaneous 740,879 - 42,852 -
Total revenues 11,214,308 2,484,077 7,917,735 4,111,198 EXPENDITURES:

Current:

General government 1,166,918 - - -
Public safety 1,821,785 - - -
Development services 5,190,939 1,293,946 4,600,494 3,462,30 1 Neighborhood services and library 828,663 - - -
Capital outlay 881,779 - - -
Debt service:

Principal retirement - 20,000 65,148 -
Interest and fiscal charges - 283 - -
Total expenditures 9,890,084 1,314,229 4,665,642 3,462,301

REVENUES OVER (UNDER)
EXPENDITURES 1,324,224 1,169,848 3,252,093 648,897 OTHER FINANCING SOURCES (USES):

Transfers in 85,288 - 131,750 -
Transfers out (1
) (1,179,206) (2,999,121) (340,834)
Proceeds from sale of property - - 3,756 -
Total other financing sources (uses) 85,287 (1,179,206) (2,863,615) (340,834) Net change in fund balances 1,409,511 (9,358) 388,478 308,063 FUND BALANCES:

Beginning of year 21,080,938 960,528 4,818,262 1,885,056 Restatement ----
Beginning of year, as restated 21,080,938 960,528 4,818,262 1,885,056 End of year 22,490,449$ 951,170$ 5,206,740$ 2,193,119$ Special Revenue Funds
Miscellaneous
Grants
Community
Development Block
Grant State Gas Tax Proposition A
166
-$ 18,039$ - $ - $ - $ - $ - - - 1,250,798 - -
------
3,294,062 - 201,392 - 31,263 -
- 94,372 - - 4,751 151,023
600,699 694,160 18,064 20,548 28,172 16,688
- - - - 36,084 -
3,894,761 806,571 219,456 1,271,346 100,270 167,711 - 649,051 - - 57,743 -
- - - - 85,629 72,833
154,034 - 56,695 959,651 110,283 -
------
- - - - - 382,94
1 ------
------
154,034 649,051 56,695 959,651 253,655 455,774 3,740,727 157,520 162,761 311,695 (153,385) (288,063) ------
(4,196,862
) (40,009) ----
- 148 - - 548 9,950
(4,196,862) (39,861) - - 548 9,950 (456,135) 117,659 162,761 311,695 (152,837) (278,113) 10,835,032 3,027,260 343,197 490,097 1,145,413 667,266
------
10,835,032 3,027,260 343,197 490,097 1,145,413 667,266
10,378,897$ 3,144,919$ 505,958$ 801,792$ 992,576$ 389,153$ Special Revenue Funds
Air Quality
Improvement
Landscape
Maintenance
District Asset Forfeiture Traffic OffenderProposition C Vehicle Parking
District
167
City of Pomona
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2024
REVENUES:

Taxes -$ - $ - $ - $ Special assessments ----
Licenses, permits and fees - - 377,777 77,778
Intergovernmental 2,469,774 2,788,900 - -
Charges for services ----
Use of money and properties 237,236 243,86 1 - 14,269
Miscellaneous ----
Total revenues 2,707,010 3,032,761 377,777 92,047 EXPENDITURES:

Current:

General government ----
Public safety ----
Development services 1,529,919 1,479,419 630,594 -
Neighborhood services and library ----
Capital outlay - 85,309 - 14,687
Debt service:

Principal retirement ----
Interest and fiscal charges ----
Total expenditures 1,529,919 1,564,728 630,594 14,687

REVENUES OVER (UNDER)
EXPENDITURES 1,177,091 1,468,033 (252,817) 77,360 OTHER FINANCING SOURCES (USES):

Transfers in ----
Transfers out (744,457
) (1,051,683) - (480,280)
Proceeds from sale of property ----
Total other financing sources (uses) (744,457) (1,051,683) - (480,280) Net change in fund balances 432,634 416,350 (252,817) (402,920) FUND BALANCES:

Beginning of year 4,544,757 4,470,706 3,548,066 596,167 Restatement ----
Beginning of year, as restated 4,544,757 4,470,706 3,548,066 596,167 End of year 4,977,39
1$ 4,887,056$ 3,295,249$ 193,247$ Special Revenue Funds
Measure R Measure M Special Fees PEG Fee
168
Capital Project
Fund
-$ - $ 3,211,218$ 416,628 $ - $ - $ ------
------
1,847,513 318,29 1 - - 29,395 -
- - - - 1,243,914 -
- - 413,199 - 937,537 -
- - - - 800,000 -
1,847,513 318,291 3,624,417 416,628 3,010,846 - - - - 181,695 742,621 -
1,660,418 - - 143,911 61,484 -
- - 501,257 - 354,692 -
------
187,095 - ----
------
------
1,847,513 - 501,257 325,606 1,158,797 - - 318,291 3,123,160 91,022 1,852,049 - ------
- (600,000
) (664,721) (6,500) --
------
- (600,000) (664,721) (6,500) - - - (281,709) 2,458,439 84,522 1,852,049 - - 966,922 1,551,718 576,174 - 13,861
------
- 966,922 1,551,718 576,174 - 13,86 1
-$ 685,213$ 4,010,157 $ 660,696 $ 1,852,049 $ 13,86 1$ Measure W
Cannabis
Community Benefit
Fund
Assessment District
Improvement
Refuse
Administration
Special Revenue Funds
OATH Initiative
Fairplex Mitigation
Fund
169
City of Pomona
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2024
Total Nonmajor
Governmental
Funds
REVENUES:

Taxes 3,645,885$
Special assessments 1,250,798
Licenses, permits and fees 455,555
Intergovernmental 35,143,198
Charges for services 1,494,060
Use of money and properties 4,005,412
Miscellaneous 1,619,815
Total revenues 47,614,723
EXPENDITURES:

Current:

General government 2,798,028
Public safety 3,846,060
Development services 20,324,224
Neighborhood services and library 828,663
Capital outlay 1,551,811
Debt service:

Principal retirement 85,148
Interest and fiscal charges 283
Total expenditures 29,434,217

REVENUES OVER (UNDER)
EXPENDITURES 18,180,506
OTHER FINANCING SOURCES (USES):

Transfers in 217,038
Transfers out (12,303,674
)
Proceeds from sale of property 14,402
Total other financing sources (uses) (12,072,234)
Net change in fund balances 6,108,272
FUND BALANCES:

Beginning of year 72,478,185
Restatement (10,956,765
)
Beginning of year, as restated 61,521,420
End of year 67,629,692$
170
City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Miscellaneous Grants
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 29,404,309$ 39,060,877$ 10,033,747$ (29,027,130)$ Use of money and properties 63,302 63,302 439,682 376,380 Miscellaneous 704,058 853,989 740,879 (113,110)
Total revenues 30,171,669 39,978,168 11,214,308 (28,763,860) EXPENDITURES:

Current:

General government 4,051,190 4,001,405 1,166,918 2,834,487 Public safety 2,759,529 3,862,15
1 1,821,785 2,040,366
Development services 18,363,376 26,008,113 5,190,939 20,817,174 Neighborhood services and library 1,083,748 1,337,938 828,663 509,275 Capital outlay 3,404,000 4,646,373 881,779 3,764,594
Total expenditures 29,661,843 39,855,980 9,890,084 29,965,896

REVENUES OVER (UNDER)
EXPENDITURES 509,826 122,188 1,324,224 1,202,036 OTHER FINANCING SOURCES (USES):

Transfers in 97,560 97,560 85,288 (12,272
)
Transfers out (150,431) (150,431) (1) 150,430
Total other financing sources (uses) (52,871) (52,871) 85,287 138,158 Net change in fund balances 456,955$ 69,317$ 1,409,511 1,340,194$ FUND BALANCES:

Beginning of year 21,080,938
End of year 22,490,449$
Budgeted Amounts
171
City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Community Development Block Grant
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 1,908,858$ 2,649,517$ 2,481,903$ (167,614)$ Use of money and properties - - 2,174 2,174
Total revenues 1,908,858 2,649,517 2,484,077 (165,440) EXPENDITURES:

Current:

Development services 1,910,878 2,004,200 1,293,946 710,254 Debt service:

Principal retirement - 10,000 20,000 (10,000
)
Interest and fiscal charges - 3,000 283 2,717
Total expenditures 1,910,878 2,017,200 1,314,229 702,971

REVENUES OVER (UNDER)
EXPENDITURES (2,020) 632,317 1,169,848 537,531 OTHER FINANCING SOURCES (USES):

Transfers out -
(638,755) (1,179,206) (540,451)
Total other financing sources (uses) - (638,755) (1,179,206) (540,451) Net change in fund balances (2,020)$ (6,438) $ (9,358) (2,920) $ FUND BALANCES:

Beginning of year 960,528
End of year 951,170$
Budgeted Amounts
172
City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual State Gas Tax
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 8,052,666$ 8,052,666$ 7,659,659$ (393,007)$ Use of money and properties 86,057 86,057 215,224 129,167 Miscellaneous 33,500 33,500 42,852 9,352
Total revenues 8,172,223 8,172,223 7,917,735 (254,488) EXPENDITURES:

Current:

Development services 4,161,380 4,224,320 4,600,494 (376,174 )
Debt service:

Principal retirement 66,000 66,000 65,148 852
Total expenditures 4,227,380 4,290,320 4,665,642 (375,322)

REVENUES OVER (UNDER)
EXPENDITURES 3,944,843 3,881,903 3,252,093 (629,810) OTHER FINANCING SOURCES (USES):

Transfers in 131,750 131,750 131,750 -
Transfers out
(3,749,269) (3,744,713) (2,999,121) 745,592
Proceeds from sale of property - - 3,756 3,756
Total other financing sources (uses) (3,617,519) (3,612,963) (2,863,615) (749,348) Net change in fund balances 327,324$ 268,940$ 388,478 119,538$ FUND BALANCES:

Beginning of year 4,818,262
End of year 5,206,740$
Budgeted Amounts
173
City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Proposition A
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 4,338,399$ 4,338,399$ 3,987,299$ (351,100)$ Use of money and properties 91,111 91,111 123,899 32,788 Total revenues 4,429,510 4,429,510 4,111,198 (318,312) EXPENDITURES:

Current:

Development services 3,633,559 4,244,073 3,462,30
1 781,772
Total expenditures 3,633,559 4,244,073 3,462,301 781,772

REVENUES OVER (UNDER)
EXPENDITURES 795,951 185,437 648,897 463,460 OTHER FINANCING SOURCES (USES):

Transfers out (1,376,806) (1,376,806) (340,834) 1,035,972 Total other financing sources (uses) (1,376,806) (1,376,806) (340,834) 1,035,972 Net change in fund balances (580,855)$ (1,191,369) $ 308,063 1,499,432 $ FUND BALANCES:

Beginning of year 1,885,056
End of year 2,193,119$
Budgeted Amounts
174
City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Proposition C
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 3,590,293$ 3,590,293$ 3,294,062$ (296,231)$ Use of money and properties 161,265 161,265 600,699 439,434 Total revenues 3,751,558 3,751,558 3,894,761 143,203 EXPENDITURES:

Current:

Development services 151,894 156,238 154,034 2,204
Total expenditures 151,894 156,238 154,034 2,204

REVENUES OVER (UNDER)
EXPENDITURES 3,599,664 3,595,320 3,740,727 145,407 OTHER FINANCING SOURCES (USES):

Transfers out (3,633,643
) (3,633,643) (4,196,862) (563,219)
Total other financing sources (uses) (3,633,643) (3,633,643) (4,196,862) (563,219) Net change in fund balances (33,979)$ (38,323) $ (456,135) (417,812) $ FUND BALANCES:

Beginning of year 10,835,032
End of year 10,378,897$
Budgeted Amounts
175
City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Vehicle Parking District
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Taxes 12,882$ 12,882$ 18,039$ 5,157$ Charges for services 68,000 68,000 94,372 26,372
Use of money and properties 652,344 652,344 694,160 41,816 Total revenues 733,226 733,226 806,571 73,345 EXPENDITURES:

Current:

General government 836,075 920,806 649,05
1 271,755
Total expenditures 836,075 920,806 649,051 271,755

REVENUES OVER (UNDER)
EXPENDITURES (102,849) (187,580) 157,520 345,100 OTHER FINANCING SOURCES (USES):

Transfers out -- ( 4 0 , 0 0 9 ) (40,009)
Proceeds from sale of property - - 148 148
Total other financing sources (uses) - - (39,861) (39,861) Net change in fund balances (102,849)$ (187,580)$ 117,659 305,239$ FUND BALANCES:

Beginning of year 3,027,260
End of year 3,144,919$
Budgeted Amounts
176
City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Air Quality Improvement
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 200,000$ 200,000$ 201,392$ 1,392$ Use of money and properties 9,396 9,396 18,064 8,668
Total revenues 209,396 209,396 219,456 10,060 EXPENDITURES:

Current:

Development services 65,712 66,243 56,695 9,548
Total expenditures 65,712 66,243 56,695 9,548

REVENUES OVER (UNDER)
EXPENDITURES 143,684 143,153 162,761 19,608 OTHER FINANCING SOURCES (USES):

Transfers out (242,595
) (242,595) - 242,595
Total other financing sources (uses) (242,595) (242,595) - 242,595 Net change in fund balances (98,911)$ (99,442)$ 162,761 262,203$ FUND BALANCES:

Beginning of year 343,197
End of year 505,958$
Budgeted Amounts
177
City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Landscape Maintenance District
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Special assessments 1,261,000$ 1,261,000$ 1,250,798$ (10,202)$ Use of money and properties 5,255 5,255 20,548 15,293
Total revenues 1,266,255 1,266,255 1,271,346 5,091 EXPENDITURES:

Current:

Development services 1,226,66
1 1,237,372 959,651 277,721
Total expenditures 1,226,661 1,237,372 959,651 277,721

REVENUES OVER (UNDER)
EXPENDITURES 39,594 28,883 311,695 282,812 Net change in fund balances 39,594$ 28,883 $ 311,695 282,812 $ FUND BALANCES:

Beginning of year 490,097
End of year 801,792$
Budgeted Amounts
178
City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Asset Forfeiture
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 109,870$ 109,870$ 31,263$ (78,607)$ Charges for services - - 4,751 4,751
Use of money and properties 25,122 25,122 28,172 3,050
Miscellaneous - - 36,084 36,084
Total revenues 134,992 134,992 100,270 (34,722) EXPENDITURES:

Current:

General government - 22,600 57,743 (35,143
)
Public safety 672,436 622,662 85,629 537,033
Development services - - 110,283 (110,283 )
Capital outlay - 403,905 - 403,905
Total expenditures 672,436 1,049,167 253,655 795,512

REVENUES OVER (UNDER)
EXPENDITURES (537,444) (914,175) (153,385) 760,790 OTHER FINANCING SOURCES (USES):

Proceeds from sale of property - - 548 548
Total other financing sources (uses) - - 548 548 Net change in fund balances (537,444)$ (914,175) $ (152,837) 761,338 $ FUND BALANCES:

Beginning of year 1,145,413
End of year 992,576$
Budgeted Amounts
179
City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Traffic Offender
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Charges for services 266,550$ 266,550$ 151,023$ (115,527)$ Use of money and properties 11,290 11,290 16,688 5,398
Total revenues 277,840 277,840 167,711 (110,129) EXPENDITURES:

Current:

Public safety 188,410 86,813 72,833 13,980
Capital outlay 221,309 440,459 382,94
1 57,518
Total expenditures 409,719 527,272 455,774 71,498

REVENUES OVER (UNDER)
EXPENDITURES (131,879) (249,432) (288,063) (38,631) OTHER FINANCING SOURCES (USES):

Proceeds from sale of property - - 9,950 9,950
Total other financing sources (uses) - - 9,950 9,950 Net change in fund balances (131,879)$ (249,432) $ (278,113) (28,681) $ FUND BALANCES:

Beginning of year 667,266
End of year 389,153$
Budgeted Amounts
180
City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Measure R
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 2,692,720$ 2,692,720$ 2,469,774$ (222,946)$ Use of money and properties 73,453 73,453 237,236 163,783 Total revenues 2,766,173 2,766,173 2,707,010 (59,163) EXPENDITURES:

Current:

Development services 1,703,124 1,719,384 1,529,919 189,465 Capital outlay 50,000 78,450 - 78,450
Total expenditures 1,753,124 1,797,834 1,529,919 267,915

REVENUES OVER (UNDER)
EXPENDITURES 1,013,049 968,339 1,177,091 208,752 OTHER FINANCING SOURCES (USES):

Transfers out (1,450,665
) (1,450,665) (744,457) 706,208
Total other financing sources (uses) (1,450,665) (1,450,665) (744,457) 706,208 Net change in fund balances (437,616)$ (482,326)$ 432,634 914,960$ FUND BALANCES:

Beginning of year 4,544,757
End of year 4,977,391$
Budgeted Amounts
181
City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Measure M
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 3,051,749$ 3,051,749$ 2,788,900$ (262,849)$ Use of money and properties 68,384 68,384 243,861 175,477 Total revenues 3,120,133 3,120,133 3,032,761 (87,372) EXPENDITURES:

Current:

Development services 1,993,747 2,013,676 1,479,419 534,257 Capital outlay 166,754 186,546 85,309 101,237
Total expenditures 2,160,501 2,200,222 1,564,728 635,494

REVENUES OVER (UNDER)
EXPENDITURES 959,632 919,911 1,468,033 548,122 OTHER FINANCING SOURCES (USES):

Transfers out (1,640,000
) (1,640,000) (1,051,683) 588,317
Total other financing sources (uses) (1,640,000) (1,640,000) (1,051,683) 588,317 Net change in fund balances (680,368)$ (720,089)$ 416,350 1,136,439$ FUND BALANCES:

Beginning of year 4,470,706
End of year 4,887,056$
Budgeted Amounts
182
City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Special Fees
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Licenses, permits and fees 601,500$ 601,500$ 377,777$ (223,723)$ Total revenues 601,500 601,500 377,777 (223,723) EXPENDITURES:

Current:

Development services 856,378 906,378 630,594 275,784
Total expenditures 856,378 906,378 630,594 275,784

REVENUES OVER (UNDER)
EXPENDITURES (254,878) (304,878) (252,817) 52,061 Net change in fund balances (254,878)$ (304,878)$ (252,817) 52,061$ FUND BALANCES:

Beginning of year 3,548,066
End of year 3,295,249$
Budgeted Amounts
183
City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual PEG Fee
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Licenses, permits and fees 125,000$ 125,000$ 77,778$ (47,222)$ Use of money and properties - - 14,269 14,269
Total revenues 125,000 125,000 92,047 (32,953) EXPENDITURES:

Capital outlay 32,800 32,800 14,687 18,113
Total expenditures 32,800 32,800 14,687 18,113

REVENUES OVER (UNDER)
EXPENDITURES 92,200 92,200 77,360 (14,840) OTHER FINANCING SOURCES (USES):

Transfers out - - (480,280
) (480,280)
Total other financing sources (uses) - - (480,280) (480,280) Net change in fund balances 92,200$ 92,200 $ (402,920) (495,120) $ FUND BALANCES:

Beginning of year 596,167
End of year 193,247$
Budgeted Amounts
184
City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual OATH Initiative
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 1,750,862$ 1,750,862$ 1,847,513$ 96,651$ Total revenues 1,750,862 1,750,862 1,847,513 96,651 EXPENDITURES:

Current:

Public safety 1,765,252 1,605,767 1,660,418 (54,651
)
Capital outlay - 185,980 187,095 (1,115 )
Total expenditures 1,765,252 1,791,747 1,847,513 (55,766)

REVENUES OVER (UNDER)
EXPENDITURES (14,390) (40,885) - 40,885 Net change in fund balances (14,390)$ (40,885) $ - 40,885$ FUND BALANCES:

Beginning of year -
End of year -$
Budgeted Amounts
185
City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Fairplex Mitigation Fund
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 300,000$ 300,000$ 318,291$ 18,291$ Total revenues 300,000 300,000 318,291 18,291 OTHER FINANCING SOURCES (USES):

Transfers out - (600,000
) (600,000) -
Total other financing sources (uses) - (600,000) (600,000) - Net change in fund balances 300,000$ (300,000)$ (281,709) 18,291$ FUND BALANCES:

Beginning of year 966,922
End of year 685,213$
Budgeted Amounts
186
City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Measure W
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Taxes 2,005,176$ 2,005,176$ 3,211,218$ 1,206,042$ Use of money and properties 100,874 100,874 413,199 312,325 Total revenues 2,106,050 2,106,050 3,624,417 1,518,367 EXPENDITURES:

Current:

Development services 713,21
1 734,085 501,257 232,828
Total expenditures 713,211 734,085 501,257 232,828

REVENUES OVER (UNDER)
EXPENDITURES 1,392,839 1,371,965 3,123,160 1,751,195 OTHER FINANCING SOURCES (USES):

Transfers out (1,500,000) (1,735,000) (664,721) 1,070,279 Total other financing sources (uses) (1,500,000) (1,735,000) (664,721) 1,070,279 Net change in fund balances (107,161)$ (363,035) $ 2,458,439 2,821,474 $ FUND BALANCES:

Beginning of year 1,551,718
End of year 4,010,157$
Budgeted Amounts
187
City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Cannabis Community Benefit Fund
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Taxes 250,000$ 250,000$ 416,628$ 166,628$ Total revenues 250,000 250,000 416,628 166,628 EXPENDITURES:

Current:

General government - - 181,695 (181,695
)
Public safety - - 143,91 1 (143,911)
Development services 500,000 500,000 - 500,000
Total expenditures 500,000 500,000 325,606 174,394

REVENUES OVER (UNDER)
EXPENDITURES (250,000) (250,000) 91,022 341,022 OTHER FINANCING SOURCES (USES):

Transfers out -( 5 0 , 0 0 0 ) (6,500) 43,500
Total other financing sources (uses) - (50,000) (6,500) 43,500 Net change in fund balances (250,000)$ (300,000)$ 84,522 384,522$ FUND BALANCES:

Beginning of year 576,174
End of year 660,696$
Budgeted Amounts
188
City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Refuse Administration
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 180,208$ 180,208$ 29,395$ (150,813)$ Charges for services 1,218,430 1,068,430 1,243,914 175,484 Use of money and properties 750,000 750,000 937,537 187,537 Miscellaneous 800,000 800,000 800,000 -
Total revenues 2,948,638 2,798,638 3,010,846 212,208 EXPENDITURES:

Current:

General government 852,382 870,718 742,62
1 128,097
Public safety - 61,484 61,484 -
Development services 1,392,805 1,243,690 354,692 888,998 Total expenditures 2,245,187 2,175,892 1,158,797 1,017,095

REVENUES OVER (UNDER)
EXPENDITURES 703,451 622,746 1,852,049 1,229,303 OTHER FINANCING SOURCES (USES):

Transfers in 39,635 101,119 -
(101,119)
Transfers out (750,000) (750,000) - 750,000
Total other financing sources (uses) (710,365) (648,881) - 648,881 Net change in fund balances (6,914)$ (26,135)$ 1,852,049 1,878,184$ FUND BALANCES:

Beginning of year -
End of year 1,852,049$
Budgeted Amounts
189
City of Pomona
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Assessment District Improvement
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Total revenues -$ -$ -$ -$ EXPENDITURES:

Total expenditures - - - - Net change in fund balances -$ -$ - -$ FUND BALANCES:

Beginning of year 13,861
End of year 13,861$
Budgeted Amounts
190
City of Pomona
Internal Service Funds
Year Ended June 30, 2024
The Internal Service Funds account for maintenance and repair of City vehicles and equipment, risk management, general liability, workers' compensation, information technology, and printing and mail service provided to other departments or agencies of the City.
191
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193
City of Pomona
Combining Statement of Net Position
Internal Service Funds
June 30, 2024
ASSETS
Current Assets:

Cash and investments 12,955,58 6$ 1,405,216$ 1,130,968$ 703$ Receivables (net):

Accounts 25,24 1 ---
Interest 144,588 - - -
Inventories - 417,385 - -
Total current assets 13,125,415 1,822,60 1 1,130,968 703 Noncurrent:

Capital assets:

Depreciable capital assets 6,094 606,524 356,380 -
Accumulated depreciation (1,219) (528,922) (241,123) -
Net capital assets 4,875 77,602 115,257 -
Total noncurrent assets 4,875 77,602 115,257 -
Total assets 13,130,290 1,900,203 1,246,225 703

DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows of resources related to pensions 169,287 450,228 432,216 - Deferred outflows of resources related to OPEB 20,667 82,666 87,833 - Total deferred outflows of resources 189,954 532,894 520,049 -

LIABILITIES
Current liabilities:

Accounts payable 56,355 153,988 85,529 703
Payroll payable 13,282 38,713 46,525 -
Due to other funds ----
Compensated absences - current 46,719 196,164 211,163 - Claims and judgements - current 6,249,000 ---
Total OPEB liability - current 19,286 77,071 81,888 -
Long-term debt - current portion 33,870 107,204 71,780 - Total current liabilities 6,418,512 573,140 496,885 703 Noncurrent liabilities:

Claims and judgements 24,013,000 ---
Net pension liability 139,301 370,481 355,661 -
Total OPEB liability 314,781 1,259,197 1,337,897 -
Long-term debt 797,971 2,525,687 1,691,112 -
Total noncurrent liabilities 25,265,053 4,155,365 3,384,670 - Total liabilities 31,683,565 4,728,505 3,881,555 703

DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources related to pension 6,307 16,775 16,104 - Deferred inflows of resources related to OPEB 59,806 239,223 254,174 - Total deferred inflows of resources 66,113 255,998 270,278 -

NET POSITION
Net investment in capital assets 4,875 77,602 115,257 - Unrestricted (18,434,309) (2,629,008) (2,500,816) -
Total net position (18,429,434)$ (2,551,406) $ (2,385,559) $ - $ Self-Insurance
Printing/Mailing
Services
Information
Technology
Equipment
Maintenance
194
Totals
-$ 1 $ 15,492,47 4$ 139 - 25,380
- - 144,588
- - 417,385
139 1 16,079,827
- - 968,998
-- (771,264)
- - 197,734
- - 197,734
139 1 16,277,561 - - 1,051,731
- - 191,166
- - 1,242,897 51,715 - 348,29 0
-- 9 8,520
400,776 - 400,776
- - 454,046
- - 6,249,000
- - 178,245
- - 212,854
452,491 - 7,941,731
- - 24,013,000
- - 865,443
- - 2,911,875
- - 5,014,770
- - 32,805,088
452,491 - 40,746,819 -- 3 9,186
- - 553,203
- - 592,389 - - 197,734
(452,352) 1 (24,016,484)
(452,352)$ 1 $ (23,818,750)$ Pension ObligationPayroll
195
City of Pomona
Combining Statement of Revenues, Expenses and Changes in Net Position Internal Service Funds
For the year ended June 30, 2024
OPERATING REVENUES:

Charges for services 5,795,182$ 4,125,235 $ 3,172,560 $ 16,897 $ Miscellaneous 1,473,907 - - -
Total operating revenues 7,269,089 4,125,235 3,172,560 16,897 OPERATING EXPENSES:

Personnel services 170,526 892,277 1,934,479 101 Operations 69,746 2,253,606 1,443,053 16,796
Claims expense 5,361,463 - - -
Depreciation expense 609 16,242 39,999 -
Total operating expenses 5,602,344 3,162,125 3,417,531 16,897 Operating income (loss) 1,666,745 963,110 (244,971) - NONOPERATING REVENUES (EXPENSES):

Investment income 985,162 - - -
Interest expense (28,656) (90,700) (60,730) -
Total nonoperating revenues (expenses) 956,506 (90,700) (60,730) - Income before contributions and transfers 2,623,251 872,410 (305,701) - CONTRIBUTIONS AND TRANSFERS:

Transfers in 60,835 192,552 128,926 -
Transfers out -- ( 6 0 , 0 0 0 ) -
Total contributions and transfers 60,835 192,552 68,926 - Change in net position 2,684,086 1,064,962 (236,775) - NET POSITION:

Beginning of yea
r (21,113,520) (3,616,368) (2,148,784) -
End of year (18,429,434)$ (2,551,406)$ (2,385,559)$ -$ Self-Insurance
Equipment
Maintenance
Information
Technology
Printing/Mailing
Services
196
Totals
43,355,432$ 15,087,967 $ 71,553,273 $ - - 1,473,907
43,355,432 15,087,967 73,027,180 43,233,992 - 46,231,375 - - 3,783,20 1
- - 5,361,463
- - 56,850
43,233,992 - 55,432,889 121,440 15,087,967 17,594,291 - - 985,162
- - (180,086)
- - 805,076 121,440 15,087,967 18,399,367 23,621 - 405,934
- (15,087,967 ) (15,147,967)
23,621 (15,087,967) (14,742,033) 145,061 - 3,657,334 (597,413) 1 (27,476,084 )
(452,352)$ 1$ (23,818,750)$ Payroll Pension Obligation
197
City of Pomona
Combining Statement of Cash Flows
Internal Service Funds
For the year ended June 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:

Cash received from customers and users 7,391,912 $ 4,125,235 $ 3,172,560 $ 16,897 $ Cash paid to suppliers for goods and services (6,623,786) (2,293,837) (1,447,493) (16,694) Cash paid for general and administrative expenses (375,392) (1,529,739) (1,246,589) (101) Net cash provided by (used in) operating activities 392,734 301,659 478,478 102 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:

Cash transfers in 60,835 192,552 128,926 -
Cash transfers out - -
(60,000) -
Repayment made from (to) other funds - - - -
Net cash provided by (used in)
noncapital financing activities 60,835 192,552 68,926 - CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:

Acquisition and construction of capital assets - - (37,442) - Principal paid on capital debt (32,179) (101,851) (68,197) - Interest paid on capital debt (28,656) (90,700) (60,730) - Net cash provided by (used in)
capital and related financing activities (60,835) (192,551) (166,369) - CASH FLOWS FROM INVESTING ACTIVITIES:

Interest received
(loss) 956,708 - - -
Net cash provided by (used in) investing activities 956,708 - - - Net cash flows 1,349,442 301,660 381,035 102 CASH AND INVESTMENTS - Beginning of year 11,606,144 1,103,556 749,933 601 CASH AND INVESTMENTS - End of year 12,955,586$ 1,405,216$ 1,130,968$ 703$

RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:

Operating income (loss) 1,666,745$ 963,110 $ (244,971)$ -$ Adjustments to reconcile operating income (loss) to
net cash provided by (used in) operating activities:

Depreciation 609 16,242 39,999 -
(Increase) decrease in accounts receivable 122,823 - - - (Increase) decrease in inventories - 38,205 - -
(Increase) decrease in deferred outflows of resources
related to pensions 136,688 220,651 75,473 - (Increase) decrease in deferred outflows of resources
related to other post employment benefits 43,178 120,663 24,544 - Increase
(decrease) in accounts payable (6,316) (78,436) (4,440) 102 Increase (decrease) in payroll payable (4,608) (44,492) 14,610 - Increase (decrease) in claims and judgements (1,186,261) --- Increase (decrease) in compensated absences 46,719 10,790 211,163 - Increase (decrease) in net OPEB liability (324,559) (761,271) 260,504 - Increase (decrease) in net pension liability (31,696) (4,447) 71,932 - Increase (decrease) in deferred inflows of resources
related to pensions 6,307 16,775 16,104 - Increase (decrease) in deferred inflows of resources
related to OPEB (76,895) (196,131) 13,560 - Net cash provided by (used in) operating activities 392,734$ 301,659$ 478,478$ 102$ Information
Technology
Equipment
MaintenanceSelf-Insurance
Printing/Mailing
Services
198
Totals
43,355,293$ 15,087,967 $ 73,149,864$ -- (10,381,810)
(43,894,641) - (47,046,462)
(539,348) 15,087,967 15,721,592 23,621 - 405,934
- (15,087,967) (15,147,967)
400,776 - 400,776
424,397 (15,087,967) (14,341,257) -- (37,442)
-- (202,227)
-- (180,086)
- - (419,755) - - 956,708
- - 956,708 (114,951) - 1,917,288 114,951 1 13,575,186 -$ 1 $ 15,492,474$ 121,440$ 15,087,967 $ 17,594,29 1$ - - 56,850
(139) - 122,684
- - 38,205
- - 432,812 - - 188,385 (20,248) - (109,338)
(640,401) - (674,891)
-- (1,186,261)
- - 268,672
-- (825,326)
- - 35,789
- - 39,186 - - (259,466) (539,348)$ 15,087,967$ 15,721,592$ Pension ObligationPayroll
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STATISTICAL

SECTION (UNAUDITED)
201
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202
This part of the City of Pomona's annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City's overall financial health.

Content
s Page
Financial Trends - These schedules contain information to help the reader to understand how the City's financial performance and well-being have changed over time. 1 Net Position by Component 205
2 Changes in Net Position 206
3 Fund Balances - Governmental Funds 208
4 Changes in Fund Balances - Governmental Funds 20 9
5 Governmental Activities Tax Revenues by Source 210
Revenue Capacity - These schedules contain information to help the reader assess the City's most significant own-source revenue.
6 Assessed Value and Estimated Actual Value of Taxable Property 211 7 Property Tax Rates - Direct and Overlapping Governments 212 8 Principal Property Taxpayers 213
9 Top 25 Sales Tax Generators 214
10 Property Tax Levies and Collections 215
Debt Capacity - These schedules present information to help the reader assess the affordability of the City's current levels of outstanding debt and the City's ability to issue additional debt in the future. 11 Ratios of Outstanding Debt by Type 216
12 Ratios of General Bonded Debt Outstanding 217
13 Direct and Overlapping Debt 218
14 Legal Debt Margin Information 219
15 Pledged Revenue Coverage - Water 220
16 Pledged Revenue Coverage - Sewer 221
Demographic and Economic Information - These schedules offer demographic and economic indicators to help the reader understand the environment within which the City's financial activities take place. 17 Demographic and Economic Statistics 222
18 Principal Employers 223
Operating Information - These schedules contain service and infrastructure data to help the reader understand how the information in the City's financial report relates to the services the City provides and the activities it performs.
19 Authorized Full-Time City Employees by Function 224
20 Operating Indicators by Function 225
21 Capital Asset Statistics by Function 226
Statistical Section (Unaudited)
203
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204
City of Pomona Schedule 1
Net Position by Component
Last Ten Fiscal Years
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Governmental activities:

Net investment in
capital assets 232,263,791$ 224,471,223$ 234,174,328$ 239,698,525$ 246,211,473$ 249,865,379$ 266,039,124$ 225,279,591$ 238,768,792$ 261,475,126$ Restricted 138,440,707 116,594,550 73,828,441 76,492,595 78,464,005 73,644,455 78,568,882 154,307,326 160,126,809 101,106,912 Unrestricted (255,237,644) (227,001,243) (241,201,601) (257,496,100) (263,613,107) (276,437,035) (306,914,581) (316,498,645) (291,589,857) (235,515,073) Total governmental
activities net position 115,466,854$ 114,064,530$ 66,801,168$ 58,695,020$ 61,062,371$ 47,072,799$ 37,693,425$ 63,088,272$ 107,305,744$ 127,066,965$ Business-type activities:

Net investment in
capital assets 42,086,156 $ 42,988,769 $ 47,223,963 $ 49,968,356 $ 50,227,346 $ 52,662,674 $ 59,159,108 $ 58,873,617 $ 64,687,296 $ 81,056,280 $ Restricted 28,900,238 23,984,978 1,885,849 7,352,171 7,474,831 7,526,741 - Unrestricted 15,566,032 25,022,337 22,446,812 15,446,370 18,984,171 24,753,618 29,670,621 42,862,852 56,948,374 80,229,822 Total business-type
activities net position 86,552,426$ 91,996,084$ 71,556,624$ 72,766,897$ 76,686,348$ 84,943,033$ 88,829,729$ 101,736,469$ 121,635,670$ 161,286,102$ Primary government:

Net investment in
capital assets 274,349,947 $ 267,459,992 $ 281,398,291 $ 289,666,881 $ 296,438,819 $ 302,528,053 $ 325,198,232 $ 284,153,208 $ 303,456,088 $ 342,531,406 $ Restricted 167,340,945 140,579,528 75,714,290 83,844,766 85,938,836 81,171,196 78,568,882 154,307,326 160,126,809 101,106,912 Unrestricted (239,671,612) (201,978,906) (218,754,789) (242,049,730) (244,628,936) (251,683,417) (277,243,960) (276,635,793) (234,641,483) (155,285,251) Total primary
government net position 202,019,280$ 206,060,614$ 138,357,792$ 131,461,917$ 137,748,719$ 132,015,832$ 126,523,154$ 161,824,741$ 228,941,414$ 288,353,067$ Fiscal Year
205
City of Pomona Schedule 2
Changes in Net Position
Last Ten Fiscal Years
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Expenses
Governmental activities:

General government 5,559,844$ 7,562,244$ 6,469,953$ 17,361,635$ 18,396,137$ 9,102,528$ 55,348,138$ 4,356,429$ 11,474,339$ 22,972,315$ Public safety 67,614,853 68,882,651 80,253,767 90,198,911 88,946,880 105,018,750 84,002,230 91,066,22 7 91,456,253 118,255,484 Urban development 42,134,924 43,544,386 42,113,740 39,353,774 46,536,12 1 58,913,340 44,459,45 5 61,937,835 69,593,760 77,202,95 8 Neighborhood services 6,151,817 7,853,695 7,410,753 7,624,657 7,399,533 5,800,930 2,052,66 3 5,713,662 8,664,803 9,526,403 Interest on long-term debt 5,252,517 5,027,126 5,225,01 7 4,011,254 2,941,39 8 3,197,362 6,985,609 12,583,888 9,070,056 8,924,37 8 Total governmental activities 126,713,955 132,870,102 141,473,230 158,550,23 1 164,220,069 182,032,910 192,848,09 5 175,658,041 190,259,211 236,881,538 Business-type activities:

Water 27,125,628 25,763,116 28,440,02 9 30,919,855 27,912,991 28,007,704 33,815,40 7 33,122,484 34,323,484 36,480,50 1 Sewer 3,962,091 4,026,081 3,792,538 4,067,892 4,379,232 2,747,675 4,077,798 3,548,204 3,738,556 3,227,00 8 Refuse 8,467,884 8,028,53 1 9,443,548 10,197,844 9,934,03 5 9,955,161 11,274,763 9,905,436 11,793,08 5 41,169 Canon Water Company 26,747 21,080 19,71 8 29,972 26,695 28,741 12,213 15,334 12,874 20,181 Pomona Choice Energy Authority - - - - - 833,607 9,999,345 35,805,533 40,560,949 48,323,146 Total business-type activities 39,582,350 37,838,80 8 41,695,833 45,215,563 42,252,953 41,572,888 59,179,526 82,396,99 1 90,428,948 88,092,005 Total primary
government expenses 166,296,305$ 170,708,910 $ 183,169,06 3$ 203,765,794 $ 206,473,02 2$ 223,605,798$ 252,027,621$ 258,055,032$ 280,688,159$ 324,973,543$ Program Revenues
Governmental activities:

Charges for services:

Police revenues 3,488,416$ 3,376,174$ 3,205,255$ 3,468,394$ 2,932,265$ 1,648,147$ 1,939,445$ 2,510,365$ 2,459,401$ 6,687,511$ Plan check fees 778,34 9 1,219,738 988,963 866,034 1,110,16 2 1,282,955 1,339,362 2,367,716 2,045,21 5 1,708,857 Building permits 1,093,143 2,353,704 1,790,114 1,925,42 5 2,108,774 2,058,05 2 1,541,953 2,118,063 2,966,494 2,887,75 7 Graffiti abatement 566,547 568,757 566,597 556,879 18,721 ----- Street sweeping fees 474,722 476,646 474,05 1 465,927 15,030----- Maintenance assessment fees 1,213,094 1,176,050 1,200,73 2 1,191,903 1,216,193 1,218,872 1,252,382 1,254,821 1,254,901 1,250,798 All other 6,708,617 8,100,519 5,900,327 5,667,496 6,502,456 27,387,65 8 17,540,264 20,313,26 9 27,050,625 26,874,037 Operating contributions and grants 17,564,80 5 16,994,223 29,965,692 35,876,846 45,323,99 2 30,066,570 33,900,80 9 34,109,034 39,975,23 8 49,211,293 Capital contributions and grants 12,627,464 11,413,94 9 8,071,688 8,191,910 6,477,530 14,964,30 9 14,909,220 20,129,12 1 25,202,916 21,919,070 Total governmental
activities program revenues 44,515,15 7 45,679,760 52,163,41 9 58,210,814 65,705,12 3 78,626,563 72,423,435 82,802,389 100,954,790 110,539,32 3 Business-type activities:

Charges for services:

Water 29,888,243 28,189,546 29,239,47 3 29,713,762 30,537,806 32,467,19 3 37,712,920 41,466,39 9 41,521,595 45,771,420 Sewer 4,733,66 1 4,425,247 4,291,847 4,312,373 4,795,076 5,557,690 6,575,38 2 7,220,461 7,256,994 7,392,47 8 Refuse 9,523,134 9,692,936 10,071,18 8 10,104,225 10,600,103 10,889,767 11,089,435 11,552,713 11,607,630 295,304 Canon Water Company 64,221 64,221 64,221 64,221 --- -
Pomona Choice Energy Authority - - - - - - 10,578,32 1 34,839,553 48,865,705 57,244,513 Operating contributions and grants 42,052 45,841 396,147 4,137,026 83,280 41,458 17,006 873,544 218,517 - Capital contributions and grants - - - - - - - -
Total business-type
activities program revenues 44,251,31 1 42,417,791 44,062,876 48,331,60 7 46,016,265 48,956,108 65,973,064 95,952,670 109,470,44 1 110,703,715 Total primary government
program revenues 88,766,468$ 88,097,551$ 96,226,295$ 106,542,421$ 111,721,388$ 127,582,671$ 138,396,499$ 178,755,059$ 210,425,231$ 221,243,038$ Fiscal Year
206
City of Pomona Schedule 2
Changes in Net Position, Continued
Last Ten Fiscal Years
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Net (Expense)/Revenue
Governmental activities (82,198,798)$ (87,190,342)$ (89,309,811)$ (100,339,417)$ (98,514,946)$ (103,406,347)$ (120,424,660)$ (92,855,652)$ (89,304,421)$ (126,342,215)$ Business-type activities 4,668,961 4,578,983 2,367,043 3,116,044 3,763,312 7,383,220 6,793,538 13,555,679 19,041,493 22,611,710 Total primary
government net expense (77,529,837)$ (82,611,359)$ (86,942,768)$ (97,223,373)$ (94,751,634)$ (96,023,127)$ (113,631,122)$ (79,299,973)$ (70,262,928)$ (103,730,505)$ General Revenues and
Other Changes in Net Position
Governmental activities:

Taxes:

Property taxes 36,408,806$ 33,716,887$ 33,649,454$ 35,564,811$ 39,212,060$ 38,634,967$ 44,131,198$ 44,838,946$ 48,293,968$ 50,233,560$ Sales taxes 13,544,946 15,171,47 2 18,135,287 18,913,339 22,239,249 30,407,998 34,340,732 42,229,675 43,623,155 41,088,880 Motor vehicle licenses 67,07 9 61,498 69,708 81,751 74,731 122,129 113,548 174,812 156,059 188,060 Transient occupancy taxes 1,568,387 1,723,719 2,101,946 2,183,98 9 2,514,809 2,431,755 2,181,603 2,593,896 3,011,35 7 3,181,846 Property transfer taxes 1,581,039 1,859,615 1,924,198 1,874,513 1,790,878 --- - Franchise taxes 6,563,245 6,425,511 6,418,863 6,630,484 4,921,15 3 4,942,288 5,134,724 5,632,84 5 6,097,419 7,545,614 Utility users taxes 17,465,816 16,419,34 5 16,022,386 16,455,05 7 15,897,932 15,562,762 16,542,842 18,407,292 21,582,321 20,950,629 Business licenses 3,346,851 3,408,813 3,830,673 3,762,860 4,207,45 8 -- Other taxes 59,221 139,498 -2 ,546 2 ,049 -----
Investment earnings/(expenses) 2,109,521 2,665,388 2,198,733 1,880,240 3,077,304 4,820,98 3 3,256,265 1,043,118 4,247,240 11,252,730 Miscellaneous 3,461,49 3 3,759,791 309,624 1,735,726 1,406,014 1,686,41 3 2,248,768 3,012,452 7,950,592 9,299,089 Gain on sale of property --- - 2 ,576,121 - (195,080)
Extraordinary gain/(loss) on
disollution of Redevelopment Agency 808,340 - - - ------ Transfers 1,011,800 (482,001) 2,710,344 3,062,886 3,047,606 3,613,69 2 3,092,248 (349,459) 1,666,592 2,558,108 Total governmental activities 87,996,544 84,869,536 87,371,216 92,148,20 2 100,967,364 102,222,98 7 111,041,928 117,583,577 136,628,703 146,103,436 Business-type activities:

Investment earnings/(expenses) 92,349 313,933 134,138 454,394 1,672,23 2 1,625,955 (20,541) (1,083,110) 1,012,864 3,828,94 3 Miscellaneous 121,408 817,020 1,709,82 5 692,721 1,531,513 308,401 191,297 66,107 363,487 400,770 Income (loss) on
sale of capital assets 1,965 -- 14,650 18,60 5 1,147,949 (246,175) Restitution Settlement 15,613,292
Transfers (1,011,800) 482,001 (2,710,344) (3,062,886) (3,047,606) (3,613,692) (3,092,248) 349,459 (1,666,592) (2,558,108) Total business-type activities (796,078) 1,612,954 (866,381) (1,915,771) 156,139 (1,679,336) (2,906,842) (648,939) 857,708 17,038,722 Total primary government 87,200,466$ 86,482,490$ 86,504,835$ 90,232,431$ 101,123,503$ 100,543,651$ 108,135,086$ 116,934,638$ 137,486,411$ 163,142,158$ Changes in Net Position
Governmental activities 5,797,746$ (2,320,806)$ (1,938,595)$ (8,191,215)$ 2,452,418$ (1,183,360)$ (9,382,732)$ 24,727,925$ 47,324,282$ 19,761,221$ Business-type activities 3,872,883 6,191,937 1,500,662 1,200,273 3,919,451 5,703,884 3,886,696 12,906,740 19,899,20 1 39,650,432 Total primary government 9,670,629$ 3,871,131$ (437,933)$ (6,990,942)$ 6,371,869$ 4,520,524$ (5,496,036)$ 37,634,665$ 67,223,483$ 59,411,653$ 207
City of Pomona Schedule 3
Fund Balances - Governmental Funds
Last Ten Years
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
General Fund:

Non-spendable 102,280 106,876 65,843 11,795 11,795 11,795 11,795 118,624 78,563 11,795 Restricted - - 8,791 17,17 0 6,200 6,200 --
Committed 14,467,914 15,664,972 16,151,859 16,635,397 18,158,901 19,621,72 7 18,472,905 21,142,339 21,142,339 37,456,483 Assigned ---
Unassigned 2,717,909 1,067,804 938,380 1,309,638 3,825,896 2,102,732 17,854,788 28,436,869 41,739,049 23,115,800 Total General Fund 17,288,103$ 16,839,652$ 17,164,873$ 17,974,000$ 22,002,792$ 21,742,454$ 36,339,488$ 49,697,832$ 62,959,951$ 60,584,078$ All Other Governmental Funds:

Non-spendable 84,397,170 9,081 900,70 7 864,959 829,211 792,82 2 748,633 738,235 677,136 668,095 Restricted 54,043,537 116,479,028 144,882,213 148,814,041 145,131,99 4 144,365,622 146,478,855 154,307,326 159,902,526 168,737,495 Committed - - - - - --- (65,814,778) -
Assigned --- --- - -
Unassigned (59,893,036) (39,170,313) (76,496,881) (75,548,438) (73,096,233) (71,511,748) (69,862,012) (68,364,005) - (63,579,352) Total All Other
Governmental Funds 78,547,671$ 77,317,79 6$ 69,286,039$ 74,130,562$ 72,864,972$ 73,646,696$ 77,365,476$ 86,681,556$ 94,764,884$ 105,826,238$ Fiscal Year
208
City of Pomona Schedule 4
Last Ten Fiscal Years
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Revenues:

Taxes 79,325,218$ 77,688,810 $ 78,376,705 $ 81,805,28 2$ 87,085,055 $ 97,789,234 $ 108,435,988 $ 121,189,798 135,304,08 2 137,590,931 Special assessments 1,213,093 1,176,050 1,200,73 2 1,191,903 1,216,193 1,218,873 1,252,38 2 1,254,821 1,254,901 1,250,798 Licenses and permits 6,569,523 9,416,790 11,515,855 10,739,196 10,723,30 1 8,143,508 5,823,609 10,366,843 11,877,31 2 11,767,509 Intergovernmental 30,287,748 27,724,855 27,086,788 34,680,50 2 42,419,256 44,100,666 52,180,078 59,693,269 68,889,588 76,082,219 Charges for services 4,009,626 4,633,898 3,709,494 5,013,473 4,543,629 4,242,129 2,819,216 4,186,983 5,717,459 7,891,598 Interest and rentals 2,098,902 2,605,626 3,114,53 7 3,012,296 4,064,868 4,012,539 3,302,464 1,097,634 3,908,806 10,295,77 7 Fines and forfeitures 2,063,417 2,055,615 2,206,305 2,295,944 2,404,584 2,292,894 1,531,634 2,283,65 1 2,854,239 2,443,12 2 Loans repaid - - - - ------
Contributions and donations 51,581 602,278 7,691,80 2 4,821,406 4,812,82 7 10,051,756 3,838,47 7 295,941 -- Miscellaneous 3,175,185 3,266,373 2,685,309 3,782,618 2,869,736 1,581,504 1,706,153 3,968,665 2,986,569 7,310,226 Total Revenues 128,794,293 129,170,295 137,587,52 7 147,342,620 160,139,449 173,433,103 180,890,00 1 204,337,605 232,792,956 254,632,180 Expenditures:

General government 4,037,452 5,002,584 5,918,673 5,751,22 1 7,745,388 7,072,216 61,904,99 1 6,444,764 10,333,324 18,335,630 Public safety 68,400,434 71,798,453 74,843,810 77,756,206 81,083,093 88,647,348 224,302,230 93,925,458 104,894,764 115,345,923 Urban development 43,859,126 35,196,589 34,097,446 36,209,57 1 41,240,049 48,212,005 48,790,918 55,494,830 63,286,409 69,336,769 Neighborhood services 4,702,795 4,637,086 6,013,429 6,784,633 7,170,588 4,114,109 3,864,97 2 5,220,902 6,555,486 8,632,539 Capital outlay 993,126 6,851,535 20,296,89 7 16,821,629 19,582,343 21,428,776 13,315,340 15,627,836 22,970,378 31,824,17 7 Debt service:

Principal retirement 2,916,051 3,894,921 80,240,987 2,524,919 4,160,260 4,152,68 7 4,174,820 4,046,120 10,674,673 10,248,50 2 Interest and fiscal charges 4,855,160 4,627,698 5,714,773 2,788,61 7 3,488,941 3,447,673 6,813,470 10,913,783 9,686,278 9,553,368 Debt issuance costs ----- - 1 ,141,091 ---
Total Expenditures 129,764,144 132,008,866 227,126,015 148,636,796 164,470,66 2 177,074,814 364,307,83 2 191,673,693 228,401,31 2 263,276,908 Excess (Deficiency) of Revenues
Over (Under) Expenditures (969,851) (2,838,571) (89,538,488) (1,294,176) (4,331,213) (3,641,711) (183,417,831) 12,663,912 4,391,644 (8,644,728) Other Financing Sources (Uses):

Notes and loans issued - - 77,120,000 763,528 - - 195,304,996 - - - Bond premium - - 2,239,03 1 - ------
Payments to escrow agent - - - - ------
Proceeds from capital leases - 400,408 - 2,349,563 3,152,69 7 ----- Proceeds from sale of capital assets 35,530 - 1,640 148,124 - - 7,563 3,294,565 1,070,808 30,069 Gain/Loss - sale of land held for resale - - - - ------ Transfers in 9,379,865 9,899,873 21,108,888 12,822,718 20,711,78 1 20,641,477 18,417,488 27,508,014 37,646,35 2 41,972,832 Transfers out (8,368,065) (9,781,874) (18,398,544) (9,578,065) (16,770,063) (17,027,785) (11,999,760) (20,792,067) (21,763,357) (24,672,691) 1,047,330 518,40 7 82,071,015 6,505,868 7,094,415 3,613,69 2 201,730,287 10,010,512 16,953,803 17,330,210 Extraordinary gain/(loss) on dissolution
of Redevelopment Agency ---
Net Change in Fund Balances 77,479$ (2,320,164 )$ (7,467,473)$ 5,211,692$ 2,763,202$ (28,019)$ 18,312,456$ 22,674,424$ 21,345,447$ 8,685,482$ Debt service as a percentage of
noncapital expenditures 6.03% 6.81% 41.56% 4.03% 5.28% 4.92% 3.46% 8.50% 9.93% 8.56% Fiscal Year
Total Other Financing Sources (Uses)
Changes in Fund Balances - Governmental
209
Schedule 5
Last Fiscal Ten Years (in thousands of dollars)
Fiscal Year Motor Property Utility
Ended Property Sales Vehicle Transient Transfer Users Business June 30 Tax Tax License Occupancy Tax Franchise Tax Licenses Other Total 2015 36,409 13,545 68 1,568 1,581 6,563 17,466 3,347 59 80,606 2016 33,717 15,171 61 1,724 1,860 6,426 16,419 3,409 139 78,926 2017 34,581 18,135 70 2,102 1,924 6,419 15,805 3,830 - 82,866 2018 35,565 18,913 82 2,184 1,875 6,630 16,455 3,763 3 85,470 2019 39,212 22,239 74 2,514 1,790 4,921 15,897 4,207 2 90,856 2020 38,635 30,408 122 2,431 1,430 4,942 15,562 4,379 2 97,911 2021 44,131 34,341 114 2,182 2,060 5,135 16,543 4,173 5 108,684 2022 44,839 42,230 174 2,594 174 5,632 18,407 4,591 119 118,760 2023 48,294 43,623 156 3,011 7,736 6,097 21,582 4,957 214 135,670 2024 50,234 41,089 188 3,182 9,135 7,546 20,951 5,454 164 137,943 Source: Numbers from the Statement of Activities
Governmental Activities Tax Revenue by Source
City of Pomona
210
City of Pomona Schedule 6
Assessed Value and Estimated Actual Value of Taxable Property Last Ten Fiscal Years (in thousands of dollars)
Estimated Factor of
Fiscal Year Less: Total Taxable Total Actual Taxable
Ended Residential Commercial Industrial Unitary Unsecured Tax Exempt Assesse d Direct Tax Taxable Assesse d June 30 Property Property Property Other Values Propert y Property (1) Value Rate (2) Value (3) Value (3) 2015 6,396,012 1,070,267 1,261,918 942,134 -3 7 9 , 6 4 0 814,565 9,235,406 0.23350 12,340,257 1.336190 2016 6,713,231 1,111,554 1,325,414 305,936 -3 8 3 , 9 7 1 818,224 9,840,106 0.23350 10,658,330 1.339440 2017 7,072,432 1,194,489 1,517,293 367,221 -3 6 8 , 8 6 9 811,349 10,520,304 0.23350 11,411,995 1.336080 2018 7,453,284 1,246,745 1,556,649 353,138 -4 0 9 , 3 0 5 948,940 11,019,121 0.23350 11,968,061 1.384510 2019 7,892,684 1,285,252 1,690,716 373,330 -4 1 4 , 0 9 1 960,220 11,656,073 0.23350 12,616,293 1.387900 2020 8,426,331 1,351,346 1,751,496 379,670 -4 4 0 , 4 3 7 990,772 12,349,280 0.23350 13,340,052 1.445350 2021 8,880,275 1,442,903 1,862,189 398,369 -4 6 3 , 1 1 6 1,041,931 13,046,852 0.23350 14,088,783 1.374350 2022 9,212,402 1,461,128 1,960,984 414,006 -5 0 3 , 2 2 1 1,026,249 13,551,741 0.23350 14,577,990 1.390120 2023 10,017,819 1,529,000 2,121,892 422,044 -5 3 5 , 4 1 1 1,009,359 14,626,166 0.23350 15,635,525 1.384320 2024 10,320,574 1,638,594 2,458,418 461,435 -6 0 5 , 8 5 4 1,104,697 15,484,875 0.23350 16,589,572 1.374640 Source: Los Angeles County Assessor data, MuniServices, LLC (for years 2007 to 2015), HdL for the 2016 to 2022 years.

Prior Year values have been restated for consistency and compliance with GASB No. 44 guidelines (1) Exemptions are exclusive of home owner exemptions.
(2) Total direct tax rate is the voter approved taxes over and above the 1% Proposition 13 tax for TRA 007-790. (3) Estimated Actual Value is derived from a series of calculations comparing median assessed values from 1940 to current median sale prices. Based on these calculations a multiplier value was extrapolated and applied to current assessed values. Total values on Roll Summary Sheet 211
City of Pomona Schedule 7
Property Tax Rates - Direct and Overlapping Governments (Rate per $100 of assessed value)
Last Ten Fiscal Years
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Basic City and County Levy:

City of Pomona 0.233504 0.233504 0.233504 0.233504 0.233504 0.233504 0.233504 0.233504 0.233504 0.233504 Other taxing agencies 0.766496 0.766496 0.766496 0.766496 0.766496 0.766496 0.766496 0.766496 0.766496 0.766496 Total 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 Override Assessments:

County 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 Unified Schools 0.165993 0.297990 0.284510 0.335000 0.337670 0.372320 0.304690 0.292220 0.292990 0.289070 Community College 0.021294 0.037950 0.048060 0.046000 0.046730 0.069530 0.066160 0.094400 0.087820 0.082070 Flood Control 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 Metro Water District 0.003500 0.003500 0.003500 0.003500 0.003500 0.003500 0.003500 0.003500 0.003500 0.003500 Total 0.190787 0.339440 0.336070 0.384500 0.387900 0.445350 0.374350 0.390120 0.384310 0.374640 Total Tax Rate 1.190787 1.339440 1.336070 1.384500 1.387900 1.445350 1.374350 1.390120 1.384310 1.374640 Source: Los Angeles County Auditor/Controller data, MuniServices, LLC (for years 2007 to 2015), HdL for the 2016 to 2023 years.

Property Tax Dollar Breakdown Sheet. Taxing District #1 = City of Pomona $ amount 2007-08 and prior: prior year ACFR reports
For presentation purposes, TRA 007-790 is represente
d
212
City of Pomona Schedule 8
Percent of Percent of
Total City Total City
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer Valuation Rank Value Valuatio n Rank Value
Duke Reality Oakmont LP 120,573,224 10 . 7 8 %
Rexford Industrial 1601 Mission LLC 107,291,553 20 . 6 9 % 35,909,361 40 . 3 8 % Crest Financial 98,204,421 30 . 6 3 % 81,991,804$ 1 0.88 % PI Properties 76 LLC 82,823,323 40 . 5 3 %
Los Angeles County Fair Associates 73,937,541 50 . 4 8 % 48,403,361 20 . 5 2 % Deleware Hawk Eye LLC 65,500,000 60 . 4 2 %
AG 5R Pomona Owner LLC 57,070,000 70 . 3 7 %
Phillips Ranch Business Center LLC 56,458,125$ 8 0.36 % Chalmers South Mission Road LLC 49,664,280 90 . 3 2 %
Olive Ridge Gardens LP 49,439,082 10 0.32%
KTR Pomona LLC 36,279,846 30 . 3 9 %
LBA Reality Fund III - Company VII LLC 30,065,606 50 . 3 2 % CMC Dragon LP 28,541,954 60 . 3 1 %
Pomona II LLC 28,293,217 70 . 3 0 %
Ripon Cogeneration LLC 27,662,890 80 . 3 0 %
Pine Club Apartments LLC 24,150,049 90 . 2 6 %
FDS Mfg. Co 23,608,536 10 0.25%
Source: Los Angeles County Assessor data, HdL, Coren & Cone 20152024
Current Fiscal Year and Nine Years Ago
Principal Property Taxpayers
213
City of Pomona Schedule 9
Top 25 Sales Tax Generators
in Alphabetical Order
Current Fiscal Year and Ten Years Ago
2024 2015
76 All Star Kia
Arco AM PM Bastian Material Handling
Arco AM PM Cardenas Market
Catalyst Pomona Construction Hardware
Chevron Extra Mile Cornucopia Foods
DD's Discounts DD's Discounts
Ferguson Enterprises Fairplex Chevron
Global Rental Co Ferguson's Enterprises
Home Depot Food 4 Less
Huntington Hardware Garys Chevron
Jb Wholesale Roofing & Building Supplies Giant RV
Marco Equipment Global Rental Co
Ovation Fanfare HD Supply Home Improvement Solutions
Phenix Enterprises Home Depot
Pomona Kia Huntington Hardware
Rohr Steel Marco Equipment
Ryder Vehicle Sales Mike Thompson's RVs
Shell Phenix Enterprises
Shift Rohr Steel
STIIIZY Pomona Sheraton Suites Fairplex
Superior Duct Fabrication Superior Duct Fabrication
Target Target
Tesla Motors Towne Arco
Towne Arco USA Gas
Walmart Supercenter Walmart Supercenter
Source: ACFR Reports provided by Revenue and Accounting Supervisor 214
City of Pomona Schedule 10
Property Tax Levies and Collections
Last Ten Fiscal Years
Fiscal Delinquent
Year Taxes Levied Tax
Ended for the Percentage Collections Percentage
June 30 Fiscal Year Amount of Levy by levy year Amount of Levy 2015 14,612,641 14,510,121 99.3% 613,771 15,123,892 103.5% 2016 13,843,856 13,691,612 98.9% 230,228 13,921,840 100.6% 2017 14,758,820 14,939,800 101.2% 106,993 15,046,793 102.0% 2018 15,617,055 15,448,699 98.9% 285,086 15,733,785 100.7% 2019 15,870,148 16,259,418 102.5% 525,464 16,784,882 105.8% 2020 17,088,316 17,287,322 101.2% 382,279 17,669,601 103.4% 2021 19,095,038 18,730,179 98.1% 747,742 19,477,921 102.0% 2022 19,078,334 18,752,358 98.3% 822,395 19,574,753 102.6% 2023 20,807,447 21,131,685 101.6% 657,157 21,788,842 104.7% 2024 21,751,676 21,753,910 100.0% 420,936 22,174,846 101.9% Source: Los Angeles County Auditor/Controller, City of Pomona Finance Department Collected within the
Fiscal Year of the Levy Total Collections to Date
215
City of Pomona Schedule 11
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Fiscal Year Ta x Pension Certificates Total Pension Total Total Percenta geD e b t Ended Allocation Revenue Obli gation of Governmental Revenue Obli gation Business-type Primar y of Personal per June 30 Bonds Bonds Ref Bonds Participatio n Other Activities Bonds Ref Bonds Other Activities Governmen t Income (1) Capita (1) 2015 - 39,564,000 44,333,953 11,336,19 1 1,241,295 96,475,439 132,086,64 2 - 3,004,39 2 135,091,034 231,566,473 n/a 1,519 2016 - 37,938,000 44,152,153 10,970,569 1,137,985 94,198,707 130,187,85 8 - 2,430,984 132,618,84 2 226,817,549 n/a 1,458 2017 - 84,782,557 7,594,276 - 564,977 92,941,810 118,139,497 - 1,844,160 119,983,657 212,925,467 n/a 1,371 2018 - 82,605,18 8 4,013,547 - 3,217,149 89,835,884 114,827,755 - 1,243,603 116,071,35 8 205,907,242 n/a 1,323 2019 - 79,159,819 3,761,134 - 2,641,009 85,561,96 2 112,351,013 - 628,993 112,980,006 198,541,96 8 n/a 1,287 2020 - 75,670,45 1 3,492,601 - 2,132,854 81,295,906 109,839,270 - - 109,839,270 191,135,176 n/a 1,235 2021 - 72,128,08 2 204,139,568 - 8,924,977 285,192,627 107,277,527 21,108,787 - 128,386,314 413,578,94 1 n/a 2,733 2022 - 68,527,713 203,766,665 - 12,032,784 284,327,16 2 104,655,785 21,101,09 8 - 125,756,883 410,084,045 n/a 2,738 2023 - 66,194,344 196,505,70 8 - 7,795,037 270,495,089 101,974,043 20,371,846 - 122,345,889 392,840,97 8 n/a 2,624 2024 - 63,875,974 188,799,086 - 6,068,235 258,743,295 99,222,30 1 19,765,459 - 118,987,760 377,731,055 n/a 2,482 Notes: Details regarding the City's outstanding debt can be found in the notes to the financial statements.
(1) These ratios are calculated using personal income and population for the prior year.

Business-type ActivitiesGovernmental Activities
216
City of Pomona Schedule 12
Ratios of General Bonded Debt Outstanding
Percentage
Fiscal Year Tax Pension Certificates Restricted of Actual Ended Revenue Allocation Obligation of for Net Bonded Value Per June 30 Bonds Bonds Ref Bonds Participation Total Debt Service * Debt of Property (1) Capita (2) 2015 39,564 - 44,334 11,336 95,234 47,845 47,389 1.0% 625 2016 37,938 - 44,152 10,971 93,061 55,810 37,251 0.9% 598 2017 84,783 - 7,594 - 92,377 65,473 26,904 0.9% 545 2018 82,605 - 4,013 - 86,618 67,771 18,847 0.8% 514 2019 79,159 - 3,761 - 82,920 65,249 17,671 0.7% 519 2020 75,670 - 3,492 - 79,162 63,465 15,697 0.6% 511 2021 72,128 - 204,139 - 276,267 36,596 239,671 2.1% 1,826 2022 68,528 - 203,766 - 272,294 68,220 204,074 2.0% 1,818 2023 66,194 - 196,505 - 262,699 66,002 196,697 1.8% 1,755 2024 63,876 - 188,799 - 252,675 63,800 188,875 1.6% 1,661 * Includes bond reserves and unspent bond proceeds.

Notes: Details regarding the City's outstanding debt can be found in the notes to the financial statements.
(1) See Schedule 6 for property value data.
(2) Population data can be found in Schedule 17.

General Bonded Debt Outstanding
Last Ten Fiscal Years (dollars in thousands, except per capita) 217
City of Pomona Schedule 13
Direct and Overlapping Debt
Current Year and Nine Years Ago
Total Debt City’s Share of
OVERLAPPING DEBT 06/30/2024: 6/30/2024 % Applicable (1 ) Debt 06/30/2024 Metropolitan Water District 18,210,000 0.400% 72,840
Citrus Community College District 115,880,30
2 1.130% 1,309,44 7
Mount San Antonio Community College District 867,726,492 12.914% 112,058,199 Bonita Unified School District 107,349,790 0.185% 198,59 7 Claremont Unified School District 62,295,000 5.710% 3,557,04 5 Pomona Unified School District 442,151,336 78.307% 346,235,44 7 Total Overlapping Debt 1,613,612,920 463,431,575
Obligations Under Capital Leases 697,397 100.000% 697,39 7 Notes Payable 239,883 100.000% 239,883
Revenue Bonds 63,875,974 100.000% 63,875,974
Pension Obligation Refunding Bonds 188,799,086 100.000% 188,799,086 Accreted Interest 5,087,885 100.000% 5,087,88 5
Other 43,070 100.000% 43,070
Total Direct Debt 258,743,29 5 258,743,295
TOTAL DIRECT AND OVERLAPPING DEBT 1,872,356,215$ 722,174,870$ Total Debt City’s Share of
OVERLAPPING DEBT 06/30/2015: 6/30/2015 % Applicable (1) Debt 06/30/2015 Los Angeles County Flood Control District 15,105,000$ 0.817% 123,408$ Metropolitan Water District 110,420,000 0.403% 444,993
Citrus Community College District 99,862,553 1.238% 1,236,298 Mount San Antonio Community College District 359,178,346 11.994% 43,079,851 Bonita Unified School District 127,572,395 0.285% 363,581 Claremont Unified School District 30,700,000 6.061% 1,860,72 7 Pomona Unified School District 233,126,050 75.468% 175,935,56 7 Los Angeles County Regional Park and Open Space Assessment District 82,880,000 0.777% 643,978 Total Overlapping Debt 1,058,844,344 223,688,403
City of Pomona 1915 Act Bonds 3,915,000 100.000% 3,915,000 Obligations Under Capital Leases 586,295 100.000% 586,295 Notes Payabl
e 655,000 100.000% 655,000
Revenue Bonds 39,564,000 100.000% 39,564,000
Pension Obligation Refunding Bonds 44,333,953 100.000% 44,333,953 Certificates of Participation 11,336,191 100.000% 11,336,191 Total Direct Debt 100,390,439 100,390,439
TOTAL DIRECT AND OVERLAPPING DEBT 1,159,234,783 $ 324,078,84 2$ Source: HdL, and prior year ACFR
1) Percentage of overlapping agency's assessed valuation located within the boundaries of the city. 218
City of Pomona Schedule 14
Legal Debt Margin Information
Last Ten Fiscal Years (in thousands of dollars)
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Assessed valuation 9,329,596$ 9,840,106$ 10,520,304$ 11,019,121$ 11,656,073$ 12,349,28 0$ 13,046,852$ 13,551,741$ 14,875,63 7$ 15,484,87 5$ Debt limit percentage 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% Debt limit 1,399,439$ 1,476,016$ 1,578,046$ 1,652,868$ 1,748,411$ 1,852,392$ 1,957,028$ 2,032,761$ 2,231,346$ 2,322,731$ Amount of debt applicable to debt limit - - - - - - -
Legal debt margin 1,399,439$ 1,476,016$ 1,578,046$ 1,652,868$ 1,748,411$ 1,852,392$ 1,957,028$ 2,032,761$ 2,231,346$ 2,322,731$ Total debt applicable to the limit as
a percentage of debt limit 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 219
City of Pomona Schedule 15
Pledged Revenue Coverage - Water
Last Ten Fiscal Years
Fiscal Year Less Net Rate
Ended Water Operating Available Stabilization Net Revenue June 30 Revenue (1) Expenses (2) Revenue Fund (3) Principal Interest Total Coverage 2015* 29,925,501 19,626,529 10,298,972 - 1,295,000 5,046,289 6,341,289 1.62 2016* 28,964,078 18,073,465 10,890,613 - 1,350,000 4,991,195 6,341,195 1.72 2017* 31,404,614 21,474,204 9,930,410 - 1,415,000 4,922,961 6,337,961 1.57 2018* 34,749,625 24,423,625 10,326,000 5,130,000 1,925,000 3,197,357 5,122,357 2.02 2019* 33,379,437 21,195,818 12,183,619 5,226,026 1,815,000 3,316,618 5,131,618 2.37 2020* 33,775,857 21,486,313 12,289,544 5,290,421 1,840,000 3,285,745 5,125,745 2.40 2021 37,725,544 11,401,857 26,323,687 5,291,593 1,875,000 3,248,743 5,123,743 5.14 2022 42,192,195 27,850,168 14,342,027 5,294,798 1,925,000 3,204,174 5,129,174 2.80 2023 42,342,890 28,989,677 13,353,213 5,460,415 1,970,000 3,155,529 5,125,529 2.61 2024 63,876,319 30,894,811 32,981,508 5,737,570 2,025,000 3,092,496 5,117,496 6.44 Notes: Details regarding the City's Water Fund outstanding debt can be found in the notes to the financial statements. (1) Water Revenue consists of Charges for services, Interest Revenue, Intergovernmental, and Sale of Surplus Water (2) Operating expenses does not include depreciation or amortization. (3)
Debt Service
*Information has been restated for consistency and compliance with GASB No. 44 and Continued Disclosure Reporting of debt coverage
Water Revenue Bonds
During FY2018, the City estabilished a Rate Stabilization Fund (RSF) equal to annual debt service payments.

Transfers from the RSF may be made to meet annual debt service expenses or to comply with debt service coverage. 220
City of Pomona Schedule 16
Pledged Revenue Coverage - Sewer
Last Ten Fiscal Years
Fiscal Year Less Net Rate
Ended Sewer Operating Available Stabilization Net Revenue June 30 Revenue (1) Expenses (2) Revenue Fund (3) Principal Interest Total Coverage 2015* 4,838,316 2,203,618 2,634,698 - 385,000 1,247,875 1,632,875 1.61 2016* 4,580,735 2,014,093 2,566,642 - 400,000 420,703 820,703 3.13 2017* 4,330,205 2,146,411 2,183,794 - 175,000 863,174 1,038,174 2.10 2018* 4,435,747 2,331,657 2,104,090 1,453,169 305,000 591,009 896,009 2.35 2019* 5,048,618 2,779,101 2,269,517 1,480,198 555,000 842,546 1,397,546 1.62 2020* 5,926,012 1,094,541 4,831,471 1,498,437 565,000 884,376 1,449,376 3.33 2021 6,645,052 262,044 6,383,008 1,498,768 580,000 872,254 1,452,254 4.40 2022 7,221,361 1,895,703 5,325,658 1,499,673 590,000 858,751 1,448,751 3.68 2023 7,398,983 2,664,277 4,734,706 1,546,583 605,000 844,10 1 1,449,101 3.27 2024 7,392,478 2,027,518 5,364,960 1,625,083 680,200 881,365 1,561,565 3.44 Notes: Details regarding the City's Sewer Fund outstanding debt can be found in the notes to the financial statements. (1)
(2)
(3)
Debt Service
Operating Revenues represent charges to customers for sales and services. Charges for services excludes sewer connection fees (also referred to as development impact fees), which are included in Miscellaneous Operating Expenses include cost of sales and services and administrative expenses and excludes depreciation on capital assets.

During FY2018, the City estabilished a Rate Stabilization Fund (RSF) equal to annual debt service payments. Transfers from the RSF may be made to meet annual debt service expenses or to comply with debt service coverage.

Sewer Revenue Bonds
*Information has been restated for consistency and compliance with GASB No. 44 and Continued Disclosure Reporting of debt coverage
221
City of Pomona Schedule 17
Demographic and Economic Statistics
Last Ten Fiscal Years
Per
Personal Capita
Fiscal Income (2 ) Personal Media n Public School Unemployment Year Population (1 ) (in thousands) Income (2) Age Enrollment (3) Rate (4) 2015 152,419 2,659,71 2 17,450 29.9 25,311 7.9%
2016 155,604 2,575,663 16,55 2 30.4 24,673 7.5%
2017 155,306 2,664,31 7 17,155 30.9 24,314 5.9%
2018 155,68 7 2,722,806 17,488 31.0 23,63 5 5.9%
2019 154,310 2,885,143 18,69 7 31.5 23,806 5.1%
2020 154,81 7 3,290,944 21,25 7 32.2 22,766 14.7%
2021 151,319 3,235,579 21,38 2 32.2 21,810 13.4%
2022 149,766 3,330,808 22,240 33.3 22,60 7 10.0%
2023 149,721 3,639,07 2 24,305 33.9 22,058 5.6%
2024 152,166 3,905,219 25,664 34.4 21,633 5.4%
Source: 2008-09, 2009-10, 2011-12, 2012-13, 2013-14, and 2014-15: MuniServices, LLC Source: 2010-11, 2008-09 and prior: prior year previous ACFR reports.

Source: 2015-16, 2016-17, 2017-18, 2018-19, 2019-20, 2020-21 : HdL (1) Population Projections are provided by California Department of Finance Projections. (2) Income Data is provided by the United States Census Data and is adjusted for inflation. (3) Public School Enrollment reflects the total number of students enrolled in Pomona Unified School District only, per school district data. (4) Unemployment rates are provided by the Employment Development Department, Bureau of Labor and Statistics Department. 222
City of Pomona Schedule 18
Principal Employers
Current Year and Nine Years Ago
Percentage Percentage
Number of of Total Cit y Number of of Total Cit y
Employer Employees Rank Employment Employee s Rank Employment Pomona Valley Hospital 4,073 1 6.2% 3,078 1 4.9%
Pomona Unified School District 3,12 2 2 4.7% 2,90 2 24 . 5 % California State Polytechnic University 2,762 3 4.2% 2,61 2 33 . 3 % Casa Colina Rehabilitation Center 93 2 41 . 4 % 8 1 7 51 . 3 % City of Pomona 64 7 5 1.0% 689 6 1.1%
Torn & Glasser Inc. 408 6 0.6%
Lereta, LLC 400 7 0.6%
Mount San Antonio Gardens 375 80 . 6 %
Inland Valley Care & Rehab 350 9 0.5% 339 11 0.5%
Park Ave Healthcare & Wellness Center LLC 335 10 0.5%
Tri City Mental Health Center 178 11 0.3%
Fairplex - LA County Fair 170 1
2 0.3% 954 4 1.5%
Home Depot 169 13 0.3%
B2Sign, Inc. 159 14 0.2%
Ferguson Enterprises, LLC 150 1 5 0.2%
Dow Hydraulic Systems 107 16 0.2%
Verizon 596 7 1.0%
Lanterman Developmental Center 547 80 . 9 %
County of Los Angeles Dept. of Social Services 400 9 0.6% First Transit 348 10 0.6%
Kittrich Corporation 250 1 2 0.4%
Hayward Industries Inc. 230 13 0.4%
Walmart Stores Inc 218 14 0.3%
Anheuser Busch Sales Pomona 212 15 0.3%
20152024
223
City of Pomona Schedule 19
Authorized Full-Time City Employees by Function
Last Ten Fiscal Years
Function 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 General Government 20 20 20 20 20 20 18 18 20 22
Support Services 31 32 33 41 46 46 49 49 51 52
Police 268 270 271 271 280 280 282 284 284 284
Public Works 170 106 106 93 96 96 96 103 109 90
Water/Wastewater 06 8 68 74 75 75 75 80 84 87
Community Development 000000 0000
Dev & Neighborhood Svcs 4 7 47 48 48 53 53 54 61 79 87
U t i l i t y S e r v i c e s 000000 0000
Community Services and
Library 2222 1 . 6 1.6 1.6 336
Total 53 8 545 548 549 571.6 571.6 575.6 598 630 628
Various departments were consolidated in 2009-2010
Source: City of Pomona Finance Department
224
City of Pomona Schedule 20
Operating Indicators by Function
Last Ten Fiscal Years
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Police:

Felony Arrests 2,726 2,441 2,142 2,049 2,270 1,903 1,123 1,041 1,204 916 Misdemeanor Arrests 6,424 7,446 6,825 6,067 6,228 4,463 2,907 3,098 2,019 1,936 Parking Citations 30,788 31,807 32,107 27,959 26,214 21,237 14,510 22,781 28,025 20,221 Moving Citations 9,153 8,898 7,157 6,714 6,884 6,282 38,505 5,462 5,297 5,149 Fire:

Incidents 15,289 16,381 16,901 16,367 16,340 16,544 17,025 17,538 18,254 18,612 Urban development:

Residential building permits
issued 925 294 969 3,476 660 788 1,765 4,263 3,298 3,268 Inspections 5,536 6,236 7,947 11,764 11,723 10,642 7,028 15,759 11,631 12,774 Asphalt repaired (square feet) 84,879 84,649 95,104 78,765 84,516 79,420 79,005 106,721 60,776 63,806 Sidewalk repaired (square feet) 1,750 2,279 2,997 7,001 99,111 12,568 18,743 13,330 901 962 Community services:*
Community Center participants - - - - - - - - - - Senior Program participants 44,768 44,228 59,967 59,065 48,229 51,836 98,517 96,189 47,753 37,195 Youth program participants 56,728 52,075 33,579 40,917 37,696 24,769 2,451 6,722 14,162 21,587 Other program participants 32,480 26,126 18,901 16,919 30,768 21,858 3,408 16,189 34,386 41,760 Sports participants 168,034 182,529 154,670 144,680 120,002 66,685 339 38,991 9,065 8,274 Facility rentals 2,090 1,815 2,183 1,644 1,679 1,430 1 753 484 779 Library:

Program attendance (all programs) 2,940 3,077 3,069 3,058 2,623 2,010 147 2,773 4,669 4,830 Literacy instruction (hours) - - - - - - - - - - Water:

New connections 12 21 12 13 12 19 3 249 33 32 Average daily consumption 17,905 14,450 15,084 20,243 18,471 13,502 16,740 16,064 28,618 13,927 (thousands of gallons)
Refuse:

Curbside Collection (in tons) 35,474 36,682 37,934 37,257 40,793 47,251 52,206 50,875 45,869 32,235
Recycle Collection (in tons) 7,218 6,544 6,759 7,083 4,722 4,799 7,216 9,296 7,333 7,828 Greenwaste Collection (in tons) 11,904 13,480 13,699 13,143 12,618 11,824 11,844 11,338 5,364 15,039 Source: Various City Departments
*Due to staffing changes in Community Services, the methodology for counting service delivery was changed beginning 2015. 225
City of Pomona Schedule 21
Capital Asset Statistics by Function
Last Ten Fiscal Years
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Police:

S t a t i o n s 1111111111
P a t r o l U n i t s 5 14 64 44 54 44 44 44 44 44 4
Fire:

Fire stations 8 8 8 8 8 8 8 8 8 8
Public works:

Streets (miles) 388 388 388 388 388 388 388 388 388 388 Streetlights 7,725 7,725 7,725 7,725 7,725 7,725 7,725 7,725 7,725 7,725 Traffic signals 164 169 169 169 169 169 169 169 169 183 Community services:

P a r k s 2 62 62 62 72 72 72 82 82 82 8
Park Acreage 221 221 221 221 221 221 222 222 222 222
Baseball fields 14 14 14 14 14 14 14 14 14 14
Soccer fields 17 17 17 17 17 17 11 11 11 11
Basketball courts 22 22 22 22 22 22 22 24 24 25
T e n n i s c o u r t s 9999999999
C o m m u n i t y c e n t e r s 1 41 41 41 41 41 41 41 31 31 3 L i b r a r i e s 1111111111
Water:

Water mains (miles) 457 457 457 457 457 488 428 428 430 430 Sewer:

Sanitary sewers (miles) 305 305 305 305 305 305 300 300 300 282 Storm drains (miles) 120 120 120 120 120 120 70 33 37 38 Source: Various City Departments
226

City Council / Housing AuthorityApril 21, 2025

City Council / Housing Authority
April 21, 2025