CITY COUNCIL, SUCCESSOR AGENCY,
HOUSING AUTHORITY, AND PUBLIC FACILITIES
FINANCING CORPORATION MEETING AGENDA
TUESDAY DECEMBER 10, 2024 7:00 PM
SAN DIMAS COUNCIL CHAMBER
245 EAST BONITA AVENUE
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7:00 PM
CITY COUNCIL
Mayor Emmett Badar, Mayor Pro Tem Ryan A. Vienna, Councilmember Rachel Bratakos, Councilmember Eric Nakano, Councilmember Eric Weber
CALL TO ORDER AND FLAG SALUTE
ORAL COMMUNICATIONS
(Members of the audience are invited to address the City Council on any item on this agenda or not on this agenda. Public comment will not be taken during each individual agenda item, except for public hearing items. Comments on public hearing items will be heard when that item is scheduled for discussion. Under the provisions of the Brown Act, the legislative body is prohibited from engaging in discussion on any item not appearing on the posted agenda. However, your concerns may be referred to staff or set for discussion at a later date. Each speaker will be limited to speaking once for up to (3) three minutes.)
CONSENT CALENDAR
(All items on the Consent Calendar are considered to be routine and will be enacted by one motion unless a member of the City Council requests separate discussion.) CC1. Adopt Resolution 202485, A Resolution of the City Council of the City of San Dimas, Approving Certain Demands for the Prepaid Warrant Register of November 30, 2024 in the amount of $103,721.63 and the Warrant Register of December 16, 2024 in the amount of $596,104.36
CC2. Approve the City Council Minutes of the November 12, 2024 Study Session, November 12, 2024 Regular Meeting, and November 26, 2024 Regular Meeting.
CC3. Receive and File the City's Annual Independent Audited Financial Statements.
CC4. Appropriate $7,842.59 and Award Construction Contact 202414 Civic Center Downtown Street Light Project to Estate Design and Construction Inc., Approve the Plans and Specifications, and Approve Overall Project Budget of $1,033,600.00, Including Construction andEngineeringServices,ContingencyandHolidayDecorations.
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Approving Certain Demands for the Prepaid Warrant Register of November 30, 2024 in the amount of $103,721.63 and the Warrant Register of December 16, 2024 in the amount of $596,104.36
CC2. Approve the City Council Minutes of the November 12, 2024 Study Session, November 12, 2024 Regular Meeting, and November 26, 2024 Regular Meeting.
CC3. Receive and File the City's Annual Independent Audited Financial Statements.
CC4. Appropriate $7,842.59 and Award Construction Contact 202414 Civic Center Downtown Street Light Project to Estate Design and Construction Inc., Approve the Plans and Specifications, and Approve Overall Project Budget of $1,033,600.00, Including Construction and Engineering Services, Contingency and Holiday Decorations.
CC5. Adopt Ordinance 1318, Amending Chapter 3.30 of the San Dimas Municipal Code to Incorporate Changes to Bidding Threshold Limits as Established by the Uniform Cost Accounting Act and Adding a Section to Make Use of Piggyback Agreements.
CC6. Receive and File the November 2024 Investment Report CC7. SUCCESSOR AGENCY – Adopt Resolution 202486, Approving the 202526 Recognized Obligation Payment Schedule (ROPS), Resolution 202487, Approving the Administrative Budget and Resolution 202488, to Recognize the Outstanding Loans from the General Fund to the Former Redevelopment Agency as Legitimate Loans to be Paid Back to the General Fund.
END OF CONSENT CALENDAR
RECOMMENDATION: Approve consent calendar with recommendations as presented in staff reports.
OTHER BUSINESS
OB1. Discussion on Cost to Convert a Tennis Court to Pickleball Courts RECOMMENDATION: Staff recommends the City Council receive the report and provide direction as appropriate.
OB2. Discussion of New Objective Design Standards for Multifamily and Mixeduse Developments for SB 330 and SB 35 Eligible Projects
RECOMMENDATION: Staff recommends that the City Council review the proposed objective design standards and provide Staff with any comments or questions they may have.
PUBLIC HEARING ITEMS
PH1. Consideration of Vesting Tentative Tract Map 2401 (VTTM 84436 to Subdivide Two Adjoining Parcels into Five Parcels within the Singlefamily Agriculture Zone, which are Addressed as 720 N. Oakway Avenue (APN: 8392020034) and an Unaddressed Parcel (APN: 8392015041).
RECOMMENDATION:
Staff and the Planning Commission recommend that the City Council:
Adopt Resolution 202490 approving Vesting Tentative Tract Map 2401 (VTTM 84436) a request to subdivide two (2) adjoining parcels into five (5) parcels located at 720 N. Oakway Avenue (APN: 8392020034) and an unaddressed parcel (APN:
8392015041) within the SingleFamily Agriculture 16000 Zone.
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PH1. Consideration of Vesting Tentative Tract Map 2401 (VTTM 84436 to Subdivide Two Adjoining Parcels into Five Parcels within the Singlefamily Agriculture Zone, which are Addressed as 720 N. Oakway Avenue (APN: 8392020034) and an Unaddressed Parcel (APN: 8392015041).
RECOMMENDATION:
Staff and the Planning Commission recommend that the City Council:
Adopt Resolution 202490 approving Vesting Tentative Tract Map 2401 (VTTM 84436) a request to subdivide two (2) adjoining parcels into five (5) parcels located at 720 N. Oakway Avenue (APN: 8392020034) and an unaddressed parcel (APN:
8392015041) within the SingleFamily Agriculture 16000 Zone.
PH2. Discussion and Consideration of Ordinance 1319 to Approve Municipal Code Text Amendment 2005, an Amendment of Chapter 18.518 Specific Plan 11 of the San Dimas Municipal Code, to Amend Grading Limits Within Planning Area I and Make Various Cleanup Text Amendments, and Adoption of the Associated Mitigated Negative Declaration RECOMMENDATION:
Staff and Planning Commission recommend the City Council:
Adopt Resolution 202489 to adopt the revised Draft Mitigated Negative Declaration (MND); and
Introduce Ordinance 1319 approving Municipal Code Text Amendment 2005, a request to amend Chapter 18.518 Specific Plan 11 of the San Dimas Municipal Code, to amend grading limits within Planning Area I and make various cleanup text amendments.
SAN DIMAS HOUSING AUTHORITY
1. Approve the December 12, 2023 Housing Authority Minutes
2. Appointment of Members of the Authority
Chair
Executive Director
3. Approve the Administrative Services Agreement between the City of San Dimas and the San Dimas Housing Authority.
4. Receive and File the Housing Authority Annual Audit Report SAN DIMAS PUBLIC FACILITIES FINANCING CORPORATION
1. Approve the December 12, 2023 San Dimas Public Facilities Financing Corporation Minutes
2. Appointment of Members of the Corporation
President
VicePresident
Secretary/Treasurer
ORAL COMMUNICATIONS
(Members of the Audience (Speakers are limited to (3) minutes or as may be determined by the Chair.) CITY REPORTS
CR1. City Manager
CR2. CityAttorney
2. Appointment of Members of the Corporation
President
VicePresident
Secretary/Treasurer
ORAL COMMUNICATIONS
(Members of the Audience (Speakers are limited to (3) minutes or as may be determined by the Chair.) CITY REPORTS
CR1. City Manager
CR2. City Attorney
CR3. Members of the City Council
Councilmembers’ Report on Meetings Attended at the Expense of the Local Agency (Pursuant to AB 1234 – G.C. §53232.3(d)
City Council Requests for Future Items, Comments and Updates
ADJOURNMENT
Notice Regarding Americans with Disabilities Act: In compliance with the ADA, if you need assistance to participate in a city meeting, please contact the City Clerk’s Office at (909) 3946216. Early notification before the meeting you wish to attend will make it possible for the City to make reasonable arrangements to ensure accessibility to this meeting [28 CFR 35.10235.104 ADA Title II].
Copies of documents distributed for the meeting are available in alternative formats upon request. Any writings or documents provided to the City Council regarding any item on this agenda will be made available for public review Monday through Thursday 7:30 a.m. to 5:30 p.m. and on Fridays from 7:30 a.m. to 4:30 p.m. at the Administration Counter at City Hall and San Dimas Library. In addition, most documents are posted on the City’s website at www.sandimasca.gov.
Posting Statement: I declare under penalty of perjury that on December 6, 2024, I posted a true and correct copy of this agenda on the bulletin board in the Civic Center Plaza of City Hall at 245 E. Bonita Ave., San Dimas Library 145 N. Walnut Ave., San Dimas Post Office 300 E. Bonita Ave., Von’s Via Verde Shopping Center 1160 Via Verde Ave., and on the City’s website www.sandimasca.gov/agendasminutes/ as required by law.
December 6, 2024
Debra Black
Debra Black, City Clerk Page 4
RESOLUTION 2024-85
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN DIMAS, CALIFORNIA, APPROVING CERTAIN DEMANDS FOR NOVEMBER 30 AND DECEMBER 16, 2024
WHEREAS, the following listed demands have been audited by the Director of Administrative Services; and
WHEREAS, the Director of Administration Services has certified as to the availability of funds for payment thereto; and
WHEREAS, the register of audited demands has been submitted to the City Council for approval.
NOW, THEREFORE, BE IT FURTHER RESOLVED that the City Council of the City of San Dimas does hereby approve the Prepaid Warrant Register of November 30, 2024 in the amount of $103,721.63 and Warrant Register of December 16, 2024 in the amount of $596,104.36.
PASSED, APPROVED AND ADOPTED this 10th, day of December 2024. _____________________________
Emmett G. Badar, Mayor
ATTEST:
_________________________________
Debra Black, City Clerk
I, Debra Black, City Clerk, hereby certify that Resolution 2024-85 was approved by vote of the City Council of the City of San Dimas at its regular meeting of December 10, 2024, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Debra Black, City Clerk
CITY COUNCIL MEETING
ACTION MINUTES
NOVEMBER 26, 2024, 7:00 PM
Council Members Present: Mayor Emmett Badar, Councilmember Rachel Bratakos, Councilmember Ryan A. Vienna
Absent: Mayor Pro Tem Eric Nakano, Councilmember Weber
Staff: City Manager Brad McKinney, Director of Administration Michael O’Brien, Director of Community Development Luis Torrico, Director of Parks and Recreation Scott Wasserman, City Attorney Jeff Malawy, City Clerk Specialist Lesley Muñoz Call to Order: 7:05 PM
CONSENT ITEMS COMMENTS/RECOMMENDATIONS
1. Adopt Resolution 2024-83, A Resolution
of the City Council of the City of San
Dimas, Approving Certain Demands for
the Warrant Register of November 27,
2024, in the amount of $1,382,218.70.
2. Approve the City Council Minutes of the
November 12, 2024, Study Session and
November 12, 2024, Regular Meeting
3. Receive and File the October 2024
Investment Report
4. Introduce Ordinance 1318, Amending
Chapter 3.30 of the San Dimas Municipal
Code to Incorporate Changes to Bidding
Threshold Limits as Established by the
Uniform Cost Accounting Act and Adding
a Section to Make Use of Piggyback
Agreements.
Item 2 was pulled for discussion, and staff
will send audio file to Councilmembers
regarding the November 12, 2024, Study
Session item 2.
MOTION: Motion by Councilmember
Bratakos seconded by Councilmember
Vienna to approve the consent calendar
items 1, 3, and 4. Motion carried 3-0.
Yes: Badar, Bratakos, Vienna
No: None
Absent: Nakano, Weber
Abstain: None
PUBLIC HEARING ITEMS COMMENTS/RECOMMENDATIONS
1. Discussion Consideration and Approval of
Proposed 2025 Solid Waste Rate
Adjustment and Adoption of Resolution
2024-84
There were no public comments on this item.
MOTION: Motion by Councilmember Vienna
seconded by Councilmember Bratakos to
adopt Resolution 2024-84. Motion carried 3-
0. Yes: Badar, Bratakos, Vienna
No: None
Approve the City Council Minutes of the November 12, 2024 Study Session, November 12, 2024 Regular Meeting, and November 26, 2024 Regular Meeting. Page 2 For the Meeting of December 10, 2024
Absent: Nakano, Weber
Abstain: None
CITY REPORTS COMMENTS/RECOMMENDATIONS
1. City Manager None.
2. City Attorney None.
3. Members of the City Council
Reports on Meetings Attended AB 1234
(G.C. §53232.3(d))
None.
CITY COUNCIL REQUESTS FOR
FUTURE ITEMS
COMMENTS/RECOMMENDATIONS
Request by Councilmember Vienna
supported by Councilmember Bratakos to
agendize discussion about creating an
annual council calendar.
The meeting was adjourned at 7:32 P.M.
I, Debra Black, City Clerk attest that these draft minutes are accurate and reflective of the actions taken by the City Council.
________________________________
Lesley Muñoz, City Clerk Specialist
CITY COUNCIL MEETING
ACTION MINUTES
NOVEMBER 12, 2024, 6:00 PM
STUDY SESSION
Council Members Present: Mayor Emmett Badar, Mayor Pro Tem Eric Nakano, Councilmember Rachel Bratakos, Councilmember Ryan A. Vienna, Councilmember Eric Weber Staff: City Manager Brad McKinney, Director of Public Works Shari Garwick, Director of Administration Michael O’Brien, Director of Community Development Luis Torrico, Director of Parks and Recreation Scott Wasserman, City Attorney Jeff Malawy, City Clerk Debra Black Call to Order: 6:00 PM
STUDY SESSION ITEMS COMMENTS/RECOMMENDATIONS
1. Updates to SB 9 Ordinance Specifically
Related to Affordability Requirement and
Implementation Costs for a Monitoring
Program and Alternative (in-lieu fee)
Program
The discussion focused on how the new
SB 450 law limits the city's ability to
apply any additional standards to SB 9
second units beyond what applies to
single-family homes, and the staff was
directed to revisit their draft SB 9
ordinance accordingly.
2. Discussion and Consideration of Potential
Revisions to the San Dimas Tree
Preservation Ordinance, Chapter 18.162
of the San Dimas Municipal Code.
The City Council discussion resulted in
the following direction to staff:
1. Remove enforcement of the tree
ordinance in backyards, side yards and
front yards of single-family properties.
This means the city will not require
permits or approvals for removing trees
in those areas.
2. Maintain state-level protections for any
trees that are protected at the state level
and provide information to the public on
which tree species are protected and
which agency is responsible for
enforcement.
3. Bring the revised tree ordinance, with
the above changes, back to the Planning
Approve the City Council Minutes of the November 12, 2024 Study Session and November 12, 2024 Regular Meeting Page 2
For the Meeting of November 26, 2024
Commission and City Council for
approval.
4. Revisit the tree ordinance in 9 months
to evaluate the impact of the changes to
single-family properties.
Adjourned at 7:00 P.M.
Reconvened at 7:41 P.M.
Adjourned at 8:37 P.M.
I, Debra Black, City Clerk attest that these draft minutes are accurate and reflective of the actions taken by the City Council.
________________________________
Debra Black, City Clerk
CITY COUNCIL MEETING
ACTION MINUTES
NOVEMBER 12, 2024, 7:00 PM
Council Members Present: Mayor Emmett Badar, Mayor Pro Tem Eric Nakano, Councilmember Rachel Bratakos, Councilmember Ryan A. Vienna, Councilmember Eric Weber Staff: City Manager Brad McKinney, Director of Public Works Shari Garwick, Director of Community Development Luis Torrico, City Attorney Jeff Malawy, City Clerk Debra Black, Planning Manager Marco Espinoza
Call to Order: 7:06 P.M.
CONSENT ITEMS COMMENTS/RECOMMENDATIONS
1. Adopt Resolution 2024-77, A Resolution
of the City Council of the City of San
Dimas, Approving Certain Demands for
the Prepaid Warrant Register of October
31, 2024, in the amount of $2,150,479.44
and Warrant Register of November 15,
2024, in the amount of $2,031,392.54.
2. Approve the City Council Minutes of the
October 22, 2024, Study Session and
October 22, 2024, Regular Meeting
3. Approve a Budget Appropriation of
$376,000, Award Construction Contract
2024-11 Horsethief Canyon Park Soccer
Field Renovation Project to Kormex
Construction, Inc. in the Amount of
$376,000. Approve Plans and
Specifications for the Projects on File in
the Public Works Department. Authorize
the City Manager to Execute Such
Agreement in a Form Approved by the
City Attorney as Necessary for an Amount
Not to Exceed $376,000.
4. Adopt Resolution 2024-80, Authorizing
the Closure of City Hall, Recreation and
Senior Centers, on December 26, 27, and
30, 2024.
5. Adopt Resolution 2024-59, Updating the
Adopted Vehicle Miles Traveled
Thresholds of Significance for Purposes
MOTION: Motion by Councilmember Vienna
seconded by Councilmember Weber to
approve the consent calendar. Motion
carried 5-0.
Yes: Badar, Bratakos, Nakano, Vienna,
Weber
No: None
Absent: None
Abstain: None
Approve the City Council Minutes of the November 12, 2024 Study Session and November 12, 2024 Regular Meeting Page 4
For the Meeting of November 26, 2024
of Analyzing Transportation Impacts
under the California Environmental
Quality Act
6. Approve Agreements for On-call
Environmental Consultant Services with
De Novo Planning Group, Chamber
Group, PlaceWorks, and PSOMAS for
Peer Review and/or Risk Assessment for
Projects that are not Exempt from the
California Environmental Quality Act
(CEQA).
7. Award of Construction Contact 2024-06
Refuse Building Roof Replacement
Project to WC Construction Services and
Approve Overall Project Budget of
$300,000.00 Including Construction,
Engineering and Contingency. Approve
the Plans and Specifications for the
Project on File in the Public Works
Department.
8. Adopt Resolutions Approving Pay and
Benefit Plans for Unrepresented
Executive and Confidential Employee
Groups, a Memorandum of
Understanding with International
Brotherhood of Teamsters, Local 848,
Establishing Compensation and Related
Benefits for the Represented Employee
Groups, Associated Changes; and
Amending the Fiscal Year 2024-2025
General Fund Operating Budget
Authorizing a Budget Appropriation for
Costs Associated with the Adoption of the
Pay and Benefit Plans and Memorandum
of Understanding; a Resolution amending
the Employee Retirement Health Savings
Plan; and a Resolution to add Juneteenth
as a City Holiday.
CITY REPORTS COMMENTS/RECOMMENDATIONS
1. City Manager • 45-day closure for the Horsethief
Canyon Park walking path
rehabilitation.
• San Dimas Loop work thru the end of
January 2025.
• Via Vaquero Project begins this week
and is scheduled to be completed
before Thanksgiving.
Approve the City Council Minutes of the November 12, 2024 Study Session and November 12, 2024 Regular Meeting Page 5
For the Meeting of November 26, 2024
• Gold Line is set to pave multiple
streets, notices will go out to
residents this week.
2. City Attorney None
3. Members of the City Council
Reports on Meetings Attended AB 1234
(G.C. §53232.3(d))
None
CITY COUNCIL REQUESTS FOR
FUTURE ITEMS
COMMENTS/RECOMMENDATIONS
None
CLOSED SESSION ITEMS COMMENTS/RECOMMENDATIONS
1. SUCCESSOR AGENCY AND CITY
COUNCIL CLOSED SESSION
CONFERENCE WITH REAL PROPERTY
NEGOTIATORS
Property: 121 N San Dimas Avenue (APN:
8387-011-904)
Agency/City Negotiators: Brad
McKinney, Executive Director/City
Manager; Scott Wasserman, Parks and
Recreation Director, Jeff Malawy,
City/Agency Attorney
Negotiating Parties: Kathy Carrano;
Anthony Carrano, City of San Dimas as
Successor Agency to the former San
Dimas Redevelopment Agency; City of
San Dimas
Under Negotiation: Price and Terms of
Payment
Following the closed session, the City
Attorney made a public announcement as
follows: The City Council met and discussed
the closed session item listed on the
agenda. The City Council gave direction to
staff, but no reportable action was taken.
The meeting was adjourned at 9:45 p.m.
I, Debra Black, City Clerk attest that these draft minutes are accurate and reflective of the actions taken by the City Council.
________________________________
Debra Black, City Clerk
Agenda Item Staff Report
To: Honorable Mayor and Members of City Council
For the Meeting of December 10, 2024
From: Brad McKinney, City Manager
Prepared by: Michael O'Brien, Director of Administrative Services Subject: Receive and File the City's Annual Independent Audited Financial Statements. ____________________________________________________________________________
SUMMARY
The City's Independent Audited Annual Comprehensive Financial Report is submitted as an informational item for the City Council.
RECOMMENDATION
City staff recommends the City Council:
• Receive and File the City's Independent Audited Annual Comprehensive Financial Report.
FISCAL IMPACT
The 2023-24 fiscal year financial activity resulted in an increase to the city-wide net position of $3,428,313 for a total Net Position of $130,939,119.
The General Fund consists of funding that is not restricted for a specific purpose and may be used to fund the priorities of its residents, increased by $2,945,762. The following is a breakdown of the changes in the General Fund Balance.
Description 2024 2023 Difference
Unassigned 17,812,239 16,652,393 1,159,846
Assigned Fund Balance 9,836,592 8,130,290 1,706,302
New Equipment Reserve (070) 929,412 1,186,817 (257,405) Capital Asset Replacement (100) 7,695,743 6,500,000 1,195,743 Non-spendable (Outstanding Loans Due to City) 8,700,732 9,559,456 (858,724) Total Fund Balance 44,974,718 42,028,956 2,945,762
Receive and File the City's Annual Independent Audited Financial Statements. Page 2 For the Meeting of December 10, 2024
The General Fund balance increase of $1,128,895 of the $2,945,762 were budgeted expenditures not offset by budgeted revenues that were carried over into the 2024-25 fiscal year.
The difference in the increase in the funds balance and the carryovers results in a true net increase of $1,816,867 to the General Fund.
BACKGROUND
At the end of each fiscal year, an audit of the City's financial records is conducted by an outside auditing firm. Within six months of the close of each fiscal year, State law requires that all generalpurpose local governments publish a complete set of financial statements presented in conformity with generally accepted accounting principles (GAAP) and audited in accordance with generally accepted auditing standards by a firm of licensed certified public accountants. The City of San Dimas contracts with Rogers, Anderson, Malody & Scott, LLP to conduct the audit and produce our annual report.
DISCUSSION/ANALYSIS
In Accordance with Government Auditing Standards a review of Internal Control Over Financial Reporting, Compliance and Other Matters was conducted. The Auditors consideration of internal control was for the limited purpose as described in their letter. Given those limitations during our audit they did not identify deficiencies in internal control that they consider to be a material weakness.
Additionally, during the tests performed to ensure compliance with certain provisions of laws, regulations, contracts, and grant agreements, the results disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.
Based upon the audit, there was a reasonable basis for rendering an unmodified opinion of the City of San Dimas' financial statements for fiscal year ended June 30, 2024. Specifically, the financial statements are deemed to be fairly presented in conformity with Generally Accepted Accounting Principles (GAAP) and present the results of the operations and financial position of the City for fiscal year 2022-23. Management asserts that to the best of our knowledge and belief, these financial statements are complete and reliable in all material respects.
The following is an explanation for some of the major financial highlights found in the Management's Discussion and Analysis.
FINANCIAL HIGHLIGHTS
The City's net position, also known as the City's total value of available assets (including cash and capital assets such as land, buildings, infrastructure, and equipment), increased from $127,510,806 to $130,939,119 an increase of $3,428,313 from the prior year.
The detail that makes up the increase in net position that caused revenues to be higher than expenditures in the amount of $3,428,313 can be found in the Reconciliation of Statement of Revenues, Expenditures, and Changes in Fund Balance of Governmental Funds, as recorded in
Receive and File the City's Annual Independent Audited Financial Statements. Page 3 For the Meeting of December 10, 2024
the Statement of Activities (page 17) and flows from the Statement of Net Position (page 16). The total revenues for all governmental activities were $45,419,342 (page 17).
The cost of governmental activities was $41,991,029 (refer to page 17 for detail). Transfers In and Transfers Out between funds are not shown as revenues and expenditures for financial statement presentation, but they are recorded on the City books and for budget purposes as revenues and expenditures.
The General Fund, as stated on the financial statements, includes Fund 70 New Equipment Fund and Fund 100 Capital Asset Reserve in the total (page 18). The General Fund Balance of $44,974,718 is comprised of:
DESCRIPTION 2024
NON-SPENDABLE 8,700,732
ASSIGNED FUND BALANCE 9,836,592
NEW EQUIPMENT RESERVE (070) 929,412
CAPITAL ASSETS REPLACEMENT
(100) 7,695,743
UNASSIGNED FUND BALANCE 17,812,239
TOTAL FUND BALANCE 44,974,718
Capital Assets at the end of the fiscal year 2023-24 totaled $56,510,980, invested in a broad range of capital assets, including land, buildings, infrastructure, equipment, and right-to-use assets. This amount represents a net increase of $57,881 over last year. The increase was mainly due to the completion of road projects and the wilderness trail.
As part of GASB 87, which went into effect in the 2021-22 fiscal year, and GASB 96, which went into effect in fiscal year 2022-23, long-term leases and subscriptions are displayed on the financial statements. Long-term lease values, less accumulated amortization, totaled $7,876, and remaining subscription values, less accumulated amortization, totaled $256,673.
Total long-term debt decreased from $3,858,446 to $2,795,530 for the City (page 19). The net pension and OPEB liabilities, which amount to $16,610,478 and $2,261,530 respectively, can also be found on (page 19).
The long-term debt for the Successor Agency; a separate entity for the former Redevelopment Agency is $11,947,507, which consists of the previously mentioned City loans, and Bond principal. (page 61). The major factor in the decrease in debt is due to the repayment of loan principal.
City Financial Outlook: Budget and Economic Considerations for Next Year The City utilized the final year of American Recovery Plan Act (ARPA) funds to supplement $4,034,277.35 of expenditures that would have been budgeted as General Fund expenditures. The use of these funds allowed the City to have funding available to transfer $3,000,000 to the infrastructure fund in order to fund the San Dimas Loop Repair as well as continue to fund the capital asset replacement reserve.
Receive and File the City's Annual Independent Audited Financial Statements. Page 4 For the Meeting of December 10, 2024
Going forward into the 2024-25 fiscal year, ARPA funds have been fully expensed and no longer available to help support City operations. The adopted 2024-25 budget estimates a deficit as increases to the Sheriff contract, pension liabilities and personnel costs continue to put a strain on the cities ability to provide its current level of services with the amount of revenues being generated through taxes and fees.
Fee increases to be more in line with the true cost to deliver services, property tax revenue increases due to rising property values and investment returns derived from high interest rates have helped generate additional revenue, however sales tax revenues have been declining as inflation has taken its toll on consumer spending.
The 2024-25 fiscal year will provide excellent insight into how the city’s financial future may look as major projects are being completed and its cash base for investing is being decreased. If the City manages to generate a surplus under these financial conditions then the City may be in a much better financial condition then believed, however a deficit year may mean that the City is heading in the financial direction that has been predicted for the past few years, but has been avoided thanks to unanticipated grant funding, land sales, legal settlements and employment vacancies.
Additionally, in fiscal year 2024-25, the City will be providing additional evidence to the Department of Finance to justify the approval of two loans between the General Fund and the former Redevelopment Agency which if approved will continue the payments we have been receiving of approximately one million a year until all principal and interest owed has been received. If the Department of Finance once again denies the loans, then those payments will cease to be made once the final interest payments owed on the Walker House loan is paid, putting further strain on the City to balance the General Funds budget.
The 2024-25 results will include a unique one time transfer that will have to be taken into consideration, when deciding if the General Fund had a structural surplus or deficit for the year.
This unique transfer involves cash received from a fund exchange between the City and Foothill Transit Authority. The exchange included Proposition A dollars for General Fund dollars that are identified to be used for future Downtown Specific Plan projects on Public and Quasi Public land.
This exchange increased the net General Fund Assigned Fund Balance totals by $3,400,000.
The true impact of the 2024-25 financial results will be seen in the changes to the unassigned fund balance of the General Fund.
The past several years has seen the City's financial reserves grow year after year, allowing the City to set aside funding for capital replacement, a General Plan update, emergency uses, risk management, new equipment, infrastructure improvements and other post employment benefits.
The City has invested wisely by making additional payments towards it pension liability to decrease the growth of annual pension costs as well has taking advantage of rising interest rates by investing its cash reserves in high yielding investments. The City has also invested in technology that has increased efficiencies and productivity allowing the City to operate without having to significantly increase its workforce to meet the rising demands on staff to meet the additional reporting requirements and regulations imposed on the City.
The City has created reserves that will sustain our operations over the next several years, however we must pay close attention to our ongoing annual operations and begin to make the
Receive and File the City's Annual Independent Audited Financial Statements. Page 5 For the Meeting of December 10, 2024
necessary choices to balance our operational budget to assure long term financial stability for the City and its residents.
ALTERNATIVES
The City Council could elect not to adopt the Annual Comprehensive Financial Report until a later date. Adopting the Annual Comprehensive Financial Report at this time allows the City to submit for excellence in financial reporting award consideration.
ENVIRONMENTAL REVIEW
Pursuant to CEQA guidelines Section 15061 (b)(3), CEQA does not apply to this item because there is no potential for causing a significant effect on the environment. Therefore, no additional environmental review is needed at this time.
Respectfully submitted,
Michael O'Brien
Director of Administrative Services
Attachments:
1. 2023-24 City of San Dimas Annual Financial Report
2. Report on Internal Controls
Attachment 1
City of San Dimas, California
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED
JUNE 30, 2024
Prepared By:
CITY OF SAN DIMAS FINANCE DEPARTMENT
245 E. Bonita Ave. San Dimas CA, 91773
City of San Dimas, California
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED
JUNE 30, 2024
Prepared By
FINANCE DEPARTMENT
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City of San Dimas
Annual Comprehensive Financial Report
For the Fiscal Year Ended June 30, 2024
TABLE OF CONTENTS
INTRODUCTORY SECTION
Letter of Transmittal ............................................................................................................i Organizational Chart ........................................................................................................vii Certificate of Achievement for Excellence in Financial Reporting ................................... viii
FINANCIAL SECTION
Independent Auditor’s Report ..................................................................................................1 Management’s Discussion and Analysis ..................................................................................4 Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Position ..........................................................................................16 Statement of Activities ................................................................................................17 Fund Financial Statements
Balance Sheet – Governmental Funds ......................................................................18 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position .....................................................................................19 Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds ............................................................................................20 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities ................21 Statement of Fiduciary Net Position – Fiduciary Funds .............................................22 Statement of Changes in Fiduciary Net Position – Fiduciary Funds ..........................23 Notes to Financial Statements .........................................................................................24 Required Supplementary Information
Budgetary Comparison Schedule by Department – General Fund ..................................64 Budgetary Comparison Schedule – Golf Course Maintenance and Operation ................65 Notes to Required Supplementary Information ................................................................66 Schedule of Proportionate Share of Net Pension Liability ...............................................67 Schedule of Plan Contributions ........................................................................................68 Schedule of Changes in the Total OPEB Liability and Related Ratios ............................69
City of San Dimas
Annual Comprehensive Financial Report
For the Fiscal Year Ended June 30, 2024
TABLE OF CONTENTS, (Continued)
Supplementary Information
Combining and Individual Fund Statements and Schedules
Combining Balance Sheet – Nonmajor Governmental Funds ...................................73 Combining Statement of Revenues, Expenditures and Changes in Fund Balance – Nonmajor Governmental Funds .................................................80 Budgetary Comparison Schedules –
Gas Tax ................................................................................................................87 Sewer Expansion .................................................................................................88 City Wide Lighting District ....................................................................................89 Landscape Parcel Tax ..........................................................................................90 Infrastructure Replacement ..................................................................................91 Property Development Tax – Community Wide ...................................................92 North & West Park District ....................................................................................93 East Park District ..................................................................................................94 Housing Authority (Housing Successor) ...............................................................95 Housing & Community Development ...................................................................96 Citizen’s Option for Public Safety .........................................................................97 Air Quality Management District ...........................................................................98 Proposition A Local Transit ..................................................................................99 Transportation Proposition C ..............................................................................100 Open Space Maintenance District ......................................................................101 Measure R Transit ..............................................................................................102 Measure M Transit .............................................................................................103 Road Maintenance Rehab Act ...........................................................................104 Measure W Storm Water ....................................................................................105 ARPA ..................................................................................................................106 Housing Authority (formerly major)......................................................................107 Civic Center Expansion ......................................................................................108 Assessment District 96-1 ....................................................................................109
STATISTICAL SECTION (UNAUDITED)
Net Position by Component ...........................................................................................111 Change in Net Position ..................................................................................................113 Fund Balances of Governmental Funds .........................................................................117 Changes in Fund Balances of Governmental Funds .....................................................119 Top 25 Sales Tax Producers ..........................................................................................121 Taxable Sales by Category ............................................................................................123 Top Ten Property Tax Payers ........................................................................................124 Direct and Overlapping Property Tax Rates ..................................................................126 Assessed Value of Taxable Property .............................................................................127 2023/24 Use Category Summary ...................................................................................128 Property Tax Dollar Breakdown ......................................................................................129 2023/24 Roll Summary....................................................................................................130 Net Taxable Assessed Value History .............................................................................131
City of San Dimas
Annual Comprehensive Financial Report
For the Fiscal Year Ended June 30, 2024
TABLE OF CONTENTS, (Continued)
Ratios of Outstanding Debt by Type ...............................................................................132 Legal Debt Margin Information........................................................................................133 Direct and Overlapping General Fund Debt ...................................................................135 Full-time City Employees by Function.............................................................................136 Sales Value History ........................................................................................................138 Demographic and Economic Statistics ...........................................................................139 Capital Asset Statistics by Function/Program .................................................................140
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City Council
Emmett Badar, Mayor
Director of Administrative
Services
Eric Nakano, Mayor Pro Tem – District 2
Rachel Bratakos - District 3
Ryan A. Vienna, - District 4
Eric Weber - District 1
Michael O’Brien
Director of Community
Development
Luis Torrico City Manager
Brad McKinney Director of Parks and
Recreation
Scott Wasserman
City Attorney
Jeff Malawy
Director of Public Works
Shari Garwick
November 25, 2024
To the Honorable Mayor, City Council and Citizens of the City of San Dimas:
State law requires that all general-purpose local governments publish within six months of the close of each fiscal year a complete set of financial statements presented in conformity with generally accepted accounting principles (GAAP) and audited in accordance with generally accepted auditing standards by a firm of licensed certified public accountants. Pursuant to that requirement, we hereby issue the annual financial report of the City of San Dimas for the fiscal year ended June 30, 2024.
This report consists of management’s representations concerning the finances of the City of San Dimas. Consequently, management assumes full responsibility for the completeness and reliability of all the information presented in this report. To provide a reasonable basis for making these representations, management of the City of San Dimas has established a comprehensive internal control framework that is designed both to protect the government’s assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the City of San Dimas’ financial statements in conformity with GAAP. Because the cost of internal controls should not outweigh their benefits, the City of San Dimas’ comprehensive framework of internal controls has been designed to provide reasonable rather than absolute assurance that the financial statements will be free from material misstatement.
The City has financial internal controls policies and procedures intended to provide adequate control over the reporting of financial information. As management, we assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material respects.
The City of San Dimas’ financial statements have been audited by Rogers, Anderson, Malody & Scott, LLP, a firm of licensed certified public accountants, their first year conducting this financial statement audit. The goal of the independent audit was to provide reasonable assurance that the financial statements of the City of San Dimas for the fiscal year ended June 30, 2023, are free of material misstatement.
All General, Special Revenue, Debt Service Funds, Private Purpose Trust Fund and Custodial funds have annually appropriated budgets. The only fund that did not have an annually adopted budget was the South Park District fund from the Special Revenue Funds. 245 East Bonita Avenue ∙ San Dimas ∙ California 91773-3002 ∙ (909) 394-6200 ∙ Fax (909) 394-6209 sandimasca.gov -iPage 51 – 2053
Auditor’s Opinion on Financial Statements for June 30, 2024 The independent audit conducted by Rodgers, Anderson, Malody & Scott LLP, Certified Public Accountants involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation.
The independent auditor concluded based upon the audit, that there was a reasonable basis for rendering an unmodified (clean) opinion that the City of San Dimas’ financial statements for the fiscal year ended June 30, 2024, are fairly presented in conformity with GAAP. The independent auditor’s report is presented as the first component of this report.
The independent audit of the financial statements of the City of San Dimas includes the determination as to whether the City will require a Single Audit which is designed to meet the special needs of federal grantor agencies. GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement MD&A and should be read in conjunction with it. The City of San Dimas’ MD&A can be found immediately following the independent auditors report.
Profile of the Government
The City of San Dimas is located about 30 miles east of Los Angeles and near the western boarder of San Bernardino County, at the base of the San Gabriel Mountains. Superior access to freeways offers a centralized location from which to enjoy Southern California’s many excellent cultural and recreational activities. San Dimas currently occupies a land area of 15 square miles and serves a population of 34,924. The City of San Dimas’ citizens receive a full range of services through the combined efforts of the City’s five departments (City Manager’s Office, Administrative Services, Parks & Recreation, Public Works and Community Development) and many contract services, including services from the County of Los Angeles for police and fire services.
The City of San Dimas was incorporated in 1960 with a Council-Manager form of government.
Policy-making and legislative authority are vested in a governing council consisting of the mayor and four council members. The governing council is responsible among other things, for passing ordinances, adopting the budget, appointing commissions, and hiring both the City Manager and City Attorney. The City Manager is responsible for carrying out the policies and ordinances of the governing council, for overseeing the day-to-day operations of the City and for appointing the heads of the various departments. The council is elected on a non-partisan basis. Council members serve four-year staggered terms, with two council members elected every two years.
The mayor is directly elected to serve a two-year term. The City of San Dimas is empowered to levy a property tax on both real and personal properties located within its boundaries. It also is empowered by state statute to extend its corporate limits by annexation, which occurs periodically when deemed appropriate by the governing council.
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The annual budget serves as the foundation for the City of San Dimas’ financial planning and control. All departments and agencies of the City of San Dimas are required to submit requests for appropriation to the City Manager for the new fiscal year around March of each year. The City Manager uses these requests as the starting point for developing a proposed budget. Once budget sessions are complete, the City Manager then presents this proposed budget to the City Council for review. The City Council is required to adopt a final budget no later than June 30th, which is the close of the City of San Dimas’ fiscal year. The appropriated budget is prepared by fund, function (e.g., public safety), and department (e.g., public works). Budget-to-actual comparisons are provided in this report for each individual governmental fund for which an appropriated annual budget has been adopted.
Factors Affecting Financial Condition
The City’s overall financial position continued to improved during the 2023-24 fiscal year, however much of the additional revenue streams were temporary gains though COVID 19 relief funding and interest earnings derived by rising interest rates– all being temporary additions. Concerns over high inflation persist from the year prior and the potential for a slowing economy are causes for concern as the City evaluates it future revenues streams as ARPA funding was fully utilized at the end of 2023-24.
Local economy. The federal COVID-19 recovery funds provided temporary boosts in sales tax revenue as consumer spending increased. However, inflation has impacted this trend, slowing consumer spending and contributing to a decrease in sales tax returns compared to the previous fiscal year. In addition, San Dimas and surrounding areas have experienced labor market constraints, with businesses struggling to fill positions amid broader economic challenges. In response, the City has prioritized competitive compensation for its workforce to maintain high service levels and address staffing needs amid these labor pressures.
Rising interest rates have also begun to impact the housing market, with 30-year mortgage rates reaching levels not seen since previous recessions, potentially impacting property values and, in turn, long-term property tax revenue. Although property tax revenue has remained relatively stable, any sustained decline in property transactions may affect future revenue growth. San Dimas continues to monitor these economic indicators closely to adjust projections and financial planning accordingly.
Long-term financial planning. San Dimas has taken proactive steps to secure its financial future, establishing a Capital Asset Reserve and assigning a total of $7.7 million for future lifecycle replacements and capital maintenance of essential facilities and infrastructure. The City is also committed to reviewing its five-year financial projections for both revenue and expenditures, identifying areas where reserve funding may be necessary to sustain operations and infrastructure improvements.
To support the community's quality of life and financial stability, San Dimas has implemented multiyear initiatives focused on public safety, homelessness response, and infrastructure maintenance, while carefully managing fiscal challenges. Through responsible budgeting and investment in priority projects, the City aims to maintain service levels that meet the community's needs without compromising its financial health.
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San Dimas will continue to monitor economic trends and adjust its financial strategies accordingly, focusing on preserving essential services and enhancing operational efficiency to respond effectively to any future fiscal pressures.
The City of San Dimas maintains a five year capital improvement program which serves as its planning document to ensure that its facilities, equipment, and infrastructure are well maintained and operating in peak condition. The City remains committed to maintaining and enhancing its infrastructure, vehicles, and equipment through strategic capital investments and a wellstructured replacement program. As part of this process, the City of San Dimas identifies and quantifies the operational costs associated with its capital projects and budgets resources accordingly.
The fiscal year 2024-25 Capital Improvement Program has allocated funding to ensure essential infrastructure upgrades, park improvements, and the modernization of public facilities to support continued quality of life and operational efficiency.
Key capital improvement projects for this fiscal year include $900,000 allocated to rehabilitate 5th Street, addressing years of deferred maintenance to improve safety and longevity. Other planned allocations focus on enhancing infrastructure, such as sidewalks, parks, and municipal buildings, which are critical to meeting community expectations and maintaining asset integrity.
To support ongoing operations and ensure service reliability, San Dimas has also prioritized the replacement of aging fleet vehicles and essential equipment. The 2024-25 budget includes $480,000 for replacing two fleet vehicles and a new tractor skip loader, along with $120,000 dedicated to purchasing a crack sealer and skid-mounted compressor. This investment addresses immediate operational needs and aligns with the City’s long-term goal of smoothing the approach to capital replacement, ensuring funding availability for necessary replacements without disrupting current year resources.
Through these investments, San Dimas demonstrates a commitment to fiscal responsibility, ensuring that its capital assets, vehicles, and equipment remain reliable, safe, and capable of supporting the City’s high standards for service and infrastructure.
Cash management policies and practices. Cash temporarily idle during the year was mainly invested in the State Treasurer’s investment pool, CALTRUST, Certificates of Deposit, United States Treasuries, Government Sponsored Enterprise Bonds and Corporate Bonds invested through brokers Time Value Investments, Great Pacific Securities and Stifel. The strategy for investment is intended to maximize earnings on available funds.
Tax Abatement Program. The City of San Dimas, through the Former Redevelopment Agency (RDA) and now the Successor Agency, entered into a performance-based tax abatement agreement with a local retailer to stimulate economic activity and foster public benefit. This agreement, approved by the City Council, provides the retailer with a structured incentive tied to sales, property, and business license tax revenues, while also securing a leased parking lot space for public use.
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Under this agreement, fifty percent (50%) of the portion of annual sales tax revenues exceeding $200,000 is abated each year as an incentive for the retailer's continued growth and contribution to the local economy.
The agreement is currently set to conclude at the end of fiscal year 2027-28. This partnership reflects the City’s commitment to economic development through strategic tax incentives, fostering job creation and local commerce while providing valuable public infrastructure.
Pension and other post-employment benefits. The City of San Dimas contracts with the Public Employees Retirement System (PERS) for the pension plan for miscellaneous employees. Each year, PERS prepares an actuarial report that calculates the amount of the annual contribution that the City of San Dimas must make to the pension plan to ensure that the plan will be able to fully meet its obligations to retired employees on a timely basis. For fiscal year 2024-25, the City had an employer rate of 11.88% and made an annual lump sum pre-payment of $1,266,600 towards the Cities unfunded accrued liability. The total unfunded liability is equal to $16,610,477.09. The employee’s contribution is 7% from their pay to the retirement plan in fiscal year 2023-24. The unfunded liability rate increased from previous reports due to lower rates of return than is anticipated as well as a reduction in the discount rate which reduces the assumed rate of return on investments, however at the end of June 30,2024 CALPERS realized gains of 9.3%, out pacing the expected rate of return of 6.8%. This unexpected gain should help to moderately reduce the unfunded liability.
For Other Post Employee Benefits (OPEB), the City pays the Public Employees’ Medical and Hospital Care Act minimum amount for retiree health benefits and therefore, budgets and disburses payments on a “pay as you go” basis. With the implementation of Governmental Accounting Standards Board (GASB) Standard 75, the City is reporting OPEB liabilities on its 2023-24 government wide financial statements in the amount of $2,261,530, a decrease of $296,593 from the liability measured for 2022-23.
Additional information. The goal of the City of San Dimas’ financial staff is to strive for excellence in the performance of the financial functions and reporting. The requirements of GASB have expanded requirements related to financial reporting. It is our goal to achieve the standards set by these professional organizations and preserve the qualities of financial reporting excellence. As mentioned in the beginning of this letter, the City of San Dimas’ financial statements for the year ended June 30, 2024, were audited by Rogers, Anderson, Malody & Scott, LLP. Also mentioned in the beginning of this report, Rogers, Anderson, Malody & Scott, PPL, have issued an unmodified (clean) opinion on the City of San Dimas’ financial statements for the year ended June 30, 2024.
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Awards and Acknowledgments
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 San Dimas for its annual comprehensive financial report (ACFR) for the fiscal year ended June 30, 2023. This was the first year that the City of San Dimas had achieved this prestigious award. In order to be awarded a Certificate of Achievement, the City of San Dimas had to publish an easily readable and efficiently organized ACFR that satisfied both generally accepted accounting principles and applicable program requirements.
A Certificate of Achievement for Excellence in Financial Reporting is valid for a period of one year only. However, we believe that our current ACFR continues to meet the Certificate of Achievement for Excellence in Financial Reporting Program’s requirements, and we are submitting it to the GFOA to determine its eligibility for another certificate.
The City of San Dimas also received the California Society of Municipal Finance Officers CSMFO Distinguished Budget Presentation Award for its annual budget document dated June 30, 2023.
To qualify for the Distinguished Budget Presentation Award, the City of San Dimas budget document had to be judged proficient as a policy document, a financial plan, an operations guide, and a communications device.
The preparation of this report could not have been accomplished without the efficient and dedicated services of the entire staff of the Finance Division and cooperation of all City departments. We would also like to thank the Mayor and members of the City Council for their prudent planning and support in executing the financial operations of the City in a responsible and thoughtful manner.
Brad McKinney,
City Manager
Michael O’Brien,
Administrative Services Director
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City of San Dimas
Organizational Chart
-vii- Page 57 – 2053
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of San Dimas
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2023
Executive Director/CEO
ꢀYLLLꢀ
Independent Auditor’s Report
To the Honorable Mayor and Members of City Council
of the City of San Dimas
City of San Dimas, California
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the City of San Dimas, California (the City), as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental 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 for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS), the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, (Government Auditing Standards) and the State Controller’s Minimum Audit Requirements for California Special Districts. 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 ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements The City’s management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for one year after the date that the financial statements are issued. -1- Page 59 – 2053
Other Matters
As discussed in Note 1 to the financial statements, in the year ended June 30, 2024, the Authority adopted new accounting guidance under Governmental Accounting Standards Board (GASB) Statement No. 100, Accounting Changes and Error Corrections. Our opinions is not modified with respect to this matter.
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 and Government Auditing Standards (GAS) will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS and GAS, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about 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.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the required supplementary information, as listed in the table of contents, be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary 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 and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements.
We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. -2- Page 60 – 2053
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The supplementary information as listed in the table of contents is presented for purposes of additional analysis and are not a required part of the basic financial statements.
The accompanying supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is 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. The other information comprises the transmittal letter and statistical section but does not include the financial statements and our auditor's report thereon. Our opinions on the 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 financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated November 25, 2024 on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters.
The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.
San Bernardino, California
November 25, 2024
-3- Page 61 – 2053
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City of San Dimas
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
As management of the City of San Dimas, we offer readers of the City of San Dimas’ financial statements this narrative overview and analysis of the financial activities of the City of San Dimas for the fiscal year ended June 30, 2024. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our letter of transmittal and the City’s financial statements.
Financial Highlights
The assets and deferred outflows of the City of San Dimas exceeded the liabilities and deferred inflows at the close of the most recent fiscal year by $130,939,119 (net position). The net position is comprised of (net investment in capital assets) in the amount of $55,300,168 (restricted and unrestricted net position) in the amount of $75,638,951 for public safety, parks & recreation, public works, debt service, housing and the government’s ongoing obligations as listed on the Statement of Net Position.
The Statement of Activities details the program and general revenues in the amount of $45,419,342. The costs of governmental activities were $41,991,029 as shown on the Statement of Activities. Thus, the City’s net position increased by $3,428,313 as a result of the 2023-24 operations
The General Fund reported excess revenues over expenditures of $7,433,520 excluding transfers in and transfers out. Refer to the Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds. This is offset by a net transfer of ($4,540,173) out of the General Fund to support other fund activity and the proceeds from issuance of Subscription based information technology arrangements (SBITAs) of $52,415 for a net change in the General Fund balance of $2,945,762. The Budgetary Comparison Schedule by Department shows the General Fund, actual resources available for appropriation (revenue inflows and fund balance) were over the final budget by $2,389,234, and actual appropriations (outflows) were under budget by $4,063,985. The City of San Dimas’ total long-term liabilities decreased by $290,366 during the current fiscal year. The key factor in this decrease was due to the actuarial Net Pension liability being relatively consistent with the prior year. (Refer to Notes 5, 6 and 7).
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis section is intended to serve as an introduction to the City of San Dimas’ basic financial statements. The City of San Dimas’ basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.
Government-Wide Financial Statements. The government-wide financial statements are designed to provide readers with a broad overview of the City of San Dimas’ finances, in a manner similar to private-sector business.
-4- Page 63 – 2053
City of San Dimas
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
The statement of net position presents information on all of the City of San Dimas’ assets plus deferred outflows of resources and liabilities plus deferred inflows of resources, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City of San Dimas is improving or deteriorating.
The statement of activities presents information showing how the government’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave.)
Both of the government-wide financial statements distinguish functions of the City of San Dimas that are principally supported by taxes and 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 San Dimas include General Government, Public Safety, Community Development, Public Works and Parks and Recreation.
The government-wide financial statements include the blending of separate legal entities such as:
the Successor Agency for the former San Dimas Redevelopment Agency, San Dimas Public Financing Authority, San Dimas Public Corporation and San Dimas La Verne Facilities Authority.
Although legally separate, these “component units” are important because the City of San Dimas is financially accountable for them.
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 San Dimas, like other local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the City of San Dimas can be divided into two categories: governmental funds and fiduciary funds.
Governmental Funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements.
However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government’s near-term financing requirements.
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 with similar information presented for governmental activities in the governmentwide financial statements. By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. -5- Page 64 – 2053
City of San Dimas
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
The City of San Dimas maintains twenty-six individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances for the General Fund and the Golf Course Maintenance and Operation Fund are considered to be major funds. Data from the other governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these non-major governmental funds is provided in the form of combining statements elsewhere in this report.
The City of San Dimas adopts an annual appropriated budget for all material funds. Budgetary comparison schedules have been provided for the general fund and two other major funds to demonstrate compliance with this budget.
Fiduciary Funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statement because the resources of those funds are not available to support the City of San Dimas’ own programs. The City has two Fiduciary Funds. 1) The Successor Agency (PrivatePurpose Trust Fund) and 2) Walker House, LLC Fund (Custodial Fund). The City budgets for these funds to reflect the operations of the Successor Agency and the Walker House. The fiduciary fund financial statements can be found on page 22-23 of this report.
Notes to the Financial Statements. The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements.
The notes to the financial statements can be found on pages 24-63.
Other information. In addition to the basic financial statements and accompanying notes, this report also presents required supplementary information concerning the City of San Dimas progress in funding its obligations to provide pension and OPEB benefits to its employees.
Required supplementary information can be found immediately after the notes to the financial statements on pages 64-69 and the notes to the required supplementary information on page 66.
The combining statements referred to earlier in connection with non- major governmental funds and pension (and other employee benefits) are presented immediately following the schedule of changes in the total OPEB liability and related ratios. Combining and individual fund statements and schedules can be found on pages 73-86.
Government-Wide Financial Analysis
Our analysis focuses on the net position and changes in net position of the City’s governmental activities. No business-type activities are reported in the government-wide statements.
The City’s net position from governmental activities increased from $127,510,806 to $130,939,119. This increase comes from City operations bringing in more resources than it is using during the fiscal year, as recorded in the Statement of Activities and flows through the Statement of Net Position.
-6- Page 65 – 2053
City of San Dimas
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
Governmental Activities
Net Position
June 30,
$
2024
99,340,791
2023
95,059,112
56,453,099
Current and other assets
Capital and intangible, net
$
56,510,980
Total Assets 155,851,771 151,512,211
Deferred outflows related to pensions
Deferred outflows related to OPEB items
Deferred charges on refunding
7,655,579
414,326
-
7,961,828
508,434
16,811
Total Deferred Outflows 8,069,905 8,487,073
Long-term liabilities outstanding
Other liabilities
20,022,507
8,256,044
21,957,904
5,970,323
Total Liabilities 28,278,551 27,928,227
Deferred inflows related to leases
Deferred inflows related to pensions
Deferred inflows related to OPEB
2,563,086
1,339,296
801,624
2,923,726.00
1,141,432
495,093
Total Deferred Inflows 4,704,006 4,560,251
Net Position:
Net investment in capital assets
Restricted/unrestricted
55,300,168
75,638,951
54,024,729
73,486,077
Total Net Position $ 130,939,119 $ 127,510,806
City of San Dimas Net Position 2024 & 2023
Unrestricted 37,747,176
36,458,752
37,891,775 Restricted 37,027,325
Net Investment in Captial
Assets
55,300,168
54,027,729
‐ 10,000,000 20,000,000 30,000,000 40,000,000 50,000,000 60,000,000 2024 2023
Changes in Revenue. Total revenues saw a decrease of $3.9 M, which was attributed by one time grant revenues and land sales that took place in the prior year. This change was brought about by the increase of use and money and property of $4.3 M, which was attributed by the City investing liquid cash into investments that were yielding much higher rates or return than was available in prior years, the decrease in the gain on sale of capital assets of $3.7 M, which was attributed by land that was sold to the Metro Gold Line Foothill Extension Construction Authority in the previous fiscal year and the decrease in operating contributions and grants by $4.3 M, which was attributed by the City not receiving $4.0 M of American Recovery Plan Act Grant Funding as it did in the prior fiscal year.
-7- Page 66 – 2053
City of San Dimas
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
Change in Expenditures. Total expenditures saw an increase of $7.2 M, which was attributed by investments in infrastructure improvements and increases for contract services such as public safety, landscaping and engineering due to inflation. This change was brought about by the increase of community development of $2.0 M, which was attributed by expanding housing and homeless services and improvements to the Monte Vista Apartments and Charter Oak Mobile Home Park, the increase in parks and recreation of $2.7 M, which was attributed by Park and Playground improvements and increases to contract services for landscaping and utility costs.
The increase of public works by $1.7 M, which was attributed by street improvements and fleet improvements as well as contract cost increases for engineering services.
Governmental Activities. Governmental activities increased the City of San Dimas’ net position by a total of $3,428,313.
Governmental Activities
Changes in Net Position
Fiscal Year Ended June 30,
2024 2023
Revenues
Program Revenues:
Charges for services
Operating contributions and grants
Capital contributions and grants
$ 3,671,531
1,948,977
248,285
$ 3,610,403
6,281,459
224,830
General Revenues:
Taxes:
Property taxes
Sales taxes
12,414,457
11,552,286
2,916,135
3,645,341
57,132
8,945,411
-
19,787
12,343,522
11,583,976
2,817,960
3,395,404
50,399
4,589,480
3,727,256
715,390
Franchise taxes
Other taxes
Motor vehicle in lieu unrestricted
Use of money and property
Gain on sale of capital assets
Other
Total Revenues 45,419,342 49,340,079
Expenses
General government
Public safety
Community development
Parks and recreation
Public works
7,848,561
9,302,564
6,583,939
9,626,819
8,206,398
422,748
8,039,072
8,440,191
4,581,529
6,919,256
6,514,247
Interest on long-term debt 224,344
Total Expenses 41,991,029
3,428,313
34,718,639
14,621,440
112,889,366
127,510,806
Change in Net Position
Net Position - Beginning Balance
Net Position - Ending Balance
127,510,806
$ 130,939,119 $
The cost of all programs and services are $41,991,029; total revenues are $45,419,342 equals the change in net position of $3,428,313.
-8- Page 67 – 2053
City of San Dimas
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
The following presents the cost of each of the City’s six largest programs – General Government, Public Safety, Community Development, Parks and Recreation, Public Works and Interest on Long-Term Debt – as well as each program’s net cost (total cost less revenues generated by the activities). The net cost shows the financial impact that was placed on the City’s resources by each of these functions.
Expenses & Program Revenues ‐ Governmental Funds
12,000,000.00
10,000,000.00
8,000,000.00
6,000,000.00
4,000,000.00
2,000,000.00
‐
General
Government
Public Safety Community
Development
Parks &
Recreation
Public Works Interest on Long‐
Term Debt
Expenses Program Revenues
The following presents a comparison of revenues by source and their percentage of total general revenues
Revenues by Source ‐ Governmental Activities
Other, 0.04%
TOT & Business Licence Tax,
4.97% Charges for
Services,
Use of Money 8.08%
& Properrty,
19.70% Operating
Contributions &
Motor Vehicle in Grants, 13.83%
Lieu Unrestricted,
0.13%
Capital
Contributions
and Grants,
0.50%
Other Taxes, 2.62%
Franchise
Taxes, 6.42%
Property
Taxes, 27.33% Sales Taxes,
25.43%
-9- Page 68 – 2053
City of San Dimas
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
Governmental Activities
Total Cost
of Services
2024
Net Cost
of Services
2024
General government
Public safety
Community development
Parks and recreation
Public works
$
$
7,848,561
9,302,564
6,583,939
9,626,819
8,206,398
422,748
$
$
7,024,324
8,674,685
4,596,459
8,334,440
7,069,580
Interest on long-term debt 422,748
Totals 41,991,029 36,122,236
The net cost of services indicates that the overall cost of government is significantly more than the revenues generated to support it. The City is not fully recovering the cost of these services with program revenues from user fees and other contributions. See the Statement of Activities for further detail on program revenues and general revenues.
FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS
The City of San Dimas uses fund accounting to ensure and demonstrate compliance with financerelated legal requirements.
Governmental Funds. The focus of the City of San Dimas’ governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City of San Dimas’ financing requirements. In particular, unreserved fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year.
As of the end of the current fiscal year, the City of San Dimas’ total governmental funds reported combined ending fund balance of $79,043,866, an increase of $4,818,727 in comparison with the prior year as noted on the Balance Sheet Governmental Funds.
The General Fund is the chief operating fund of the City of San Dimas. At the end of the current fiscal year, excluding transfers, the General Fund (Fund 01 & Fund 70) had excess revenues over expenditures of $7,433,520 (see the Statement of Revenues, Expenditures and Changes in Fund Balance). This is offset by a net transfer of $4,540,173 out of the General Fund to support other fund activity, and proceeds from issuance of SBITAs of $52,415 for a net change in the General Fund balance of $2,945,762. Most of the funds transferred out of the General Fund was for capital projects, including the San Dimas loop project to repair major damage caused by winter rainstorms. Additional assignments of fund balance were approved by the City Council to fund a future General Plan Update estimated to be as much as three million dollars. -10- Page 69 – 2053
City of San Dimas
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
Change in General Fund Balance 2024 & 2023
Nonspendable
Assigned to
Unassigned
‐ 5,000,000 10,000,000 15,000,000 20,000,000
General Fund Balance 2023 General Fund Balance 2024
General Fund Budgetary Highlights
The Budgetary Comparison Schedule by Department for the General Fund will detail the final budget for appropriations in the General Fund (Fund 01 & Fund 70) at year-end was $33,233,783.
The actual appropriations were $29,169,798 under budget by $4,063,985 for the fiscal year including transfers out. The majority of the budget variance is due to special projects as well as new and replacement capital assets purchases that were budgeted but not completed within the 2024-25 fiscal year. Budgeted costs for other general operating expenses came in under budget as funds set aside for contingencies were not necessary to be expensed within the fiscal year.
Additionally, the Public Safety expenditures were charged to the ARPA fund to help make use of the remaining funds, those expenditures would otherwise been spent in the General Fund.
The final budget for revenues in the General Fund (Fund 01 & Fund 70) at year end was $29,726,326. The actual revenues were $32,115,560 over the budget by $2,389,234 for the fiscal year including transfers in. The main factor for the increase in revenue was due to rapidly rising interest rates that made available high yielding investments that the City was able to purchase with it available liquid cash. Those investments generated a high amount of interest earnings, generating revenues that were much higher than anticipated when the budget was adopted.
The most significant differences between estimated revenues and actual revenues were as follows:
Revenue Source
Use of Money & Property
Licenses and Permits
Taxes
Final Budget Revenues Actual Revenues Difference
$ 2,130,877 $ 1,781,735
1,063,550
23,343,148
522,096
$ 3,912,612
1,763,677
23,432,397
243,091
700,127
89,249
Intergovernmental (279,005)
-11- Page 70 – 2053
City of San Dimas
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
Golf Course Maintenance and Operations Budgetary Highlights The final budget for revenues in the Golf Course Maintenace and Operations (Fund 53) at year end was $959,000. The actual revenues were $1,306,016 over the budget by $347,016 for the fiscal year. The main factor for the increase in revenue was due a one- time receipt of funds from our insurance carrier for lost revenues that were accumulated due to a fire that closed down the club house and restaurant at the golf course for an extended period of time. The insurance payment as well as the reopening of the club house and restaurant, generated additional revenue over the prior year.
Capital Asset and Debt Administration
Capital Assets. At the end of fiscal year 2023-24, the City of San Dimas had $56,510,980 invested in a broad range of capital assets, including land, buildings, infrastructure, equipment and right to use assets. This amount represents a net increase of $57,881 over last year. The increase was mainly due to completion of a wilderness trial, major road and playground equipment replacement projects.
Capital Asse ts
(Net of Depreciation/Amortization)
Governmental
Activities
2024 2023
Land $ 13,191,817
9,185,579
4,090,191
1,887,071
1,300,341
26,591,432
7,876
$ 13,191,817
10,152,101
3,296,432
2,428,122
382,980
Buildings and Structures
Improvements Other Than Buildings
Construction in Progress
Furniture and Equipment
Infrastructure 26,630,946
Right-to-use leases 25,352
Right-to-use subscriptions 256,673 345,349
Totals $ 56,510,980 $ 56,453,099
The City’s Capital Improvement Plan includes expenditures for street improvements, street reconstructions, miscellaneous storm drain improvements, and recreation facilities. Funding will come from current fund balance, projected revenues, and grants. More detailed information about the City’s capital assets is presented in Note 1 and Note 4 to the financial statements. -12- Page 71 – 2053
City of San Dimas
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
Right to Use Assets. As part of the GASB 87 which went into effect in the 2021-22 fiscal year, long term leases are now being displayed on the financial statements. The $7,876 represents the total remaining lease value less accumulated amortization. As part of the GASB 96 which went into effect in the 2022-23 fiscal year, long term subscriptions are now being displayed on the financial statements. The $256,673 represents the total remaining subscription value less accumulated amortization.
Long-term Liabilities. At the end of the current fiscal year, the City of San Dimas had total bonded debt outstanding for the Civic Center Facilities, San Dimas Public Financing Authority, Housing Authority, accrued employee’s benefits for compensated absences, subscription liability, lease liability and accrued pension and OPEB liability in the amount of $21,667,538.
More detailed information about the City’s long-term liabilities is presented in Notes 11 to the financial statements.
The major factor for the City of San Dimas’ and Successor Agency’s total debt decrease is repayments of debt during the fiscal year. The City of San Dimas maintains an “AA-” rating from Standard & Poor’s and Fitch for general obligation debt.
State statutes limit the amount of general obligation debt a governmental entity may issue to 10 percent of its total assessed valuation. The current debt limitation for the City of San Dimas is $256,528,265.
City Financial Outlook: Budget and Economic Considerations for Next Year Purpose of the Budget
Our City's budget is more than just numbers—it's a plan that ensures we use our resources efficiently and effectively, prioritizing our most important goals. The City Council shapes our community's direction and priorities through this budget, carefully allocating our financial resources.
Forecasting Our Finances
The 2024-25 budget projections are crafted using economic trends and forecasts specific to our area. These estimates, informed by state agencies and consultants like the Los Angeles County Assessor’s Office, help us predict our income from various sources like taxes and government grants.
During the 2023-24 fiscal year, our General Fund saw a notable increase of $2,945,762. However, it's important to understand that this increase was largely due to one-time sources: shifting $4,034,277 of key program and service expenses to a federal fund (ARPA). Without these, the General fund would have decreased by $1,088,515.
-13- Page 72 – 2053
City of San Dimas
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
Emerging Financial Challenges
Despite this increase, we are facing potential challenges. Our costs are rising due to increases in contracts (like the L.A. Sheriff contract), employee salaries, and other services. Our pension program (CALPERS) costs will continue to rise over the next several years due to reductions in the discount rate, volatile returns on investments and CALPERS reducing the period to pay back recognized losses from poor investment returns from 30 to 20 years. We’re also facing growing costs for maintaining our infrastructure, such as roads, parks, and buildings which could add millions to our expenses. Each additional mile of infrastructure repair is getting more expensive resulting in less work for the same price or tradeoffs between non-capital and capital priorities.
Sales taxes, our second largest revenue source, decreased during the 2023-24 fiscal year and estimates for 2024-25 only project a slight increase as inflation begins to ease slightly. This expected minor growth in sales tax revenue, combined with increasing operational and capital expected minor growth in sales tax revenue, expenses presents a budgetary challenge.
Actions by the Fed to slightly reduce interest rates will hopefully drive economic activity and investments in businesses and land developments, but its overall impact on City revenues is difficult to predict.
Proactive Financial Strategies
The City acted to increase fees as well as investing in long term investments with favorable yields to help sustain higher interest earnings. Additionally, staff evaluated our operations to reduce costs and improve efficiencies including reductions in contract services. Despite these efforts the 2024-25 budget projects a deficit. Past budgets have also projected deficits while ultimately completing the year with additions to its fund balance. For that trend to continue, the City would need to identify additional sources of revenue that can make up the gap caused by the end of ARPA grant funding which rolled back millions of expenditures into the General Fund.
Sustainable Financial Planning
It’s crucial for us to monitor and assess our long-term sustainability, balancing major capital needs with essential services. San Dimas is in a relatively strong current financial position by retaining significant reserves and addressing the anticipated gap between revenues and expenditures.
However, we must remain vigilant and prepared for rising operational and capital costs, which could outpace our revenue growth. Our aim is to safeguard the exceptional quality of life in our city through prudent financial management.
-14- Page 73 – 2053
City of San Dimas
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
Request for Information
This financial report is designed to provide our citizens, 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. If you have any questions about this report or need additional information, contact the City’s Administrative Services Department, Finance Division, at City of San Dimas
245 East Bonita Avenue
San Dimas, California 91773
(909) 394-6225.
-15- Page 74 – 2053
City of San Dimas
Statement of Net Position
June 30, 2024
Governmental
Activities
ASSETS
Cash and investments
Receivables:
$ 79,955,494
Accounts
Taxes
Notes and loans
Accrued interest
Grants
Lease
Prepaid expenses
847,801
2,260,113
580,299
373,372
269,334
2,613,735
2,000
Restricted assets:
Cash with fiscal agent
Due from Successor Agency
Capital assets not being depreciated/amortized
Capital assets, net of depreciation/amortization
958,964
11,479,679
15,078,888
41,432,092
Total Assets 155,851,771
DEFERRED OUTFLOWS OF RESOURCES
Deferred pension related items
Deferred OPEB related items
7,655,579
414,326
Total Deferred Outflows of Resources 8,069,905
LIABILITIES
Accounts payable
Accrued liabilities
3,597,687
262,699
Accrued interest 8,845
Deposits payable
Unearned revenue
Total OPEB liability
1,166,120
1,575,662
1,645,031
Noncurrent liabilities:
Compensated absences - due within one year
Long-term debt - due within one year
Compensated absences - due more than one year
Long-term debt - due in more than one year
Net pension liability
365,307
612,932
1,219,411
597,880
16,610,478
Total OPEB liability 616,499
Total Liabilities 28,278,551
DEFERRED INFLOWS OF RESOURCES
Deferred lease related items
Deferred pension related items
Deferred OPEB related items
2,563,086
1,339,296
801,624
Total Deferred Inflows of Resources 4,704,006
NET POSITION
Net investment in capital assets
Restricted for:
55,300,168
Public safety
Parks and recreation
Public works
Housing
Unrestricted
260,917
647,350
29,001,636
7,979,872
37,749,176
Total Net Position $ 130,939,119
The accompanying notes are an integral part of these financial statements. -16- Page 75 – 2053
City of San Dimas
Statement of Activities
For the Year Ended June 30, 2024
Net
(Expenses)
Revenues and
Change in Net
Program Revenues Position
Operating Capital
Functions/Programs Charges for
Services
Contributions
and Grants
Contributions
and Grants
Governmental
Primary Government: Activities
Governmental Activities
General government
Public safety
Community development
Parks and recreation
Public works
Expenses
$ 7,848,561
9,302,564
6,583,939
9,626,819
8,206,398
422,748
$ 381,716
415,996
1,794,492
917,563
161,764
-
$ 442,521
211,883
192,988
374,816
726,769
-
$ - $ (7,024,324)
(8,674,685)
(4,596,459)
(8,334,440)
(7,069,580)
(422,748)
-
-
-
248,285
Interest on long-term debt -
Total Governmental Activities
Total Primary Government
41,991,029
41,991,029
3,671,531
3,671,531
1,948,977
1,948,977
248,285
248,285
(36,122,236)
$ $ $ $ (36,122,236)
General Revenues
Taxes
Property taxes, levied for general purpose
Transient occupancy taxes
Sales taxes
Franchise taxes
Business licenses tax
Other taxes
Motor vehicle in lieu - unrestricted
Use of money and property
Other revenues
12,414,457
1,821,972
11,552,286
2,916,135
631,765
1,191,604
57,132
8,945,411
19,787
Total General Revenues
Change in Net Position
39,550,549
3,428,313
Net Position at Beginning of Year
Net Position at End of Year
127,510,806
$ 130,939,119
The accompanying notes are an integral part of these financial statements. -17- Page 76 – 2053
City of San Dimas
Balance Sheet
Governmental Funds
June 30, 2024
Special Revenue Funds
Golf Course
Maintenance
and Operation
Other
Governmental
Funds
Total
Governmental
General Funds
ASSETS
Pooled cash and investments
Receivables:
$ 37,715,315 $ 1,773,882 $ 40,466,297 $ 79,955,494
Accounts
Taxes
Notes and loans
Accrued interest
Grants
427,870
2,126,874
363,481
364,914
101,515
36,059
92,428 327,503
133,239
216,818
847,801
2,260,113
580,299
373,372
269,334
2,613,735
2,000
103,604
7,238,210
958,964
11,479,679
-
-
8,458
-
2,577,676
-
167,819
Lease -
Prepaid expenses
Due from other funds
Advances to other funds
Cash and investments with fiscal agents
Due from Successor Agency
- -
-
-
-
-
2,000
-
-
958,964.00
-
103,604
7,238,210
-
11,479,679
Total Assets $ 59,957,521 $ 4,452,444 $ 42,272,640 $ 106,682,605
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable
Accrued liabilities
$ 2,650,676
252,770
$ 47,216 $ 899,795
9,929
$ 3,597,687
- 262,699
Deposits payable
Due to other funds
Advances from other funds
Unearned revenues
1,166,120 - -
103,604
-
1,166,120
103,604
7,238,210
1,575,662
-
-
-
-
7,238,210
- 1,575,662
Total Liabilities 4,069,566 7,285,426 2,588,990 13,943,982 Deferred Inflows of Resources:
Unavailable revenues
Lease related
10,877,810
35,427
- 253,861
-
11,131,671
2,527,659 2,563,086
Total Deferred Inflows of Resources 10,913,237 2,527,659 253,861 13,694,757 Fund Balance (Deficit):
Nonspendable:
Due from Successor Agency
Prepaid expenses
Restricted for:
8,700,732
-
-
-
- 8,700,732
2,000 2,000
Public safety
Parks and recreation
Public works
-
-
-
-
-
-
-
-
260,917
647,350
28,996,121
7,979,872
260,917
647,350
28,996,121
Housing 7,979,872
Committed to:
Parks and recreation
Public works
-
-
-
-
123,350
1,420,179
123,350
1,420,179
Assigned to:
Risk management
Emergency
New equipment
General plan update
Other Post-Employment Benefits
Compensated absences
Capital Assets Replacement
Unassigned
2,036,592
1,000,000
929,412
3,000,000
2,300,000
1,500,000
7,695,743
17,812,239
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,036,592
1,000,000
929,412
3,000,000
2,300,000
1,500,000
7,695,743
(5,360,641) 12,451,598
Total Fund Balances 44,974,718
59,957,521
(5,360,641)
4,452,444
39,429,789
42,272,640
79,043,866
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ $ $ $ 106,682,605
The accompanying notes are an integral part of these financial statements. -18- Page 77 – 2053
City of San Dimas
Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position
June 30, 2024
Fund balances of governmental funds $ 79,043,866
Amounts reported for governmental activities in the statement of net position are different because:
Capital assets, net of depreciation/amortization, have not been included as financial resources in governmental fund activity. 56,510,980
Deferred outflow of resources reported are:
Pension related items:
Differences between Expected and Actual Experience
Net Difference between Projected and Actual Earnings on Pension Plan Investments Adjustment due to Differences in Proportions
Changes of Assumptions
$ 848,553
2,689,386
832,413
1,002,849
Contributions made subsequent to measurement date 2,282,378 7,655,579 414,326
OPEB related items:
Changes of Assumptions
Difference between expected and actuarial experience
Contributions made subsequent to measurement date
167,315
202,074
44,937
Long-term debt, compensated absences, net pension liability and total other post employment liability that have not been included in the governmental fund activity:
Bonds payable
Lease liabilities
(956,200)
(7,320)
Subscription liability
Compensated Absences
Net Pension Liability
Total OPEB Liability
(247,292)
(1,584,718)
(16,610,478)
(2,261,530)
Accrued interest payable for the current portion of interest due on bonds has not been reported in the governmental funds. (8,845) Deferred inflow of resources reported are:
Pension related items:
Differences between Expected & Actual Experience
Adjustment due to Differences in Proportions
(131,631)
(664,506)
Change in employer's proportion and differences between the employer's contributions and the employer's proportionate share of contributions (543,159) (1,339,296) (801,624)
OPEB related items:
Changes of Assumptions
Differences between Expected & Actual Experience
(480,980)
(320,644)
Revenues reported as unavailable revenue in the governmental funds and recognized in the statement of activities. These are included in the intergovernmental revenues in the governmental fund activity. 11,131,671
Net Position of Governmental Activities $130,939,119
The accompanying notes are an integral part of these financial statements. -19- Page 78 – 2053
City of San Dimas
Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds
For the Year Ended June 30, 2024
Special Revenue Funds
Golf Course
Maintenance
and Operation
Housing
Authority
(Formerly Major)
Other
Governmental
Funds
Total
Governmental
General Funds
REVENUES
Taxes $ 23,432,397
1,763,677
243,091
1,365,627
3,912,612
408,370
$ -
-
-
$ 7,127,219
-
1,798,964
84,477
4,204,437
-
$ 30,559,616
1,763,677
2,042,055
1,450,104
9,080,284
408,370
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Fines and forfeitures
Miscellaneous
-
963,235
-
585,371 342,781 8,480 936,632
Total Revenues 31,711,145 1,306,016 13,223,577 46,240,738
EXPENDITURES
Current:
General government
Public safety
Community development
Parks and recreation
Public works
5,420,384
7,312,287
2,202,593
5,071,950
3,495,339
632,988
-
-
-
1,778,654
1,990,277
4,046,888
2,002,903
3,586,539
1,979,435
7,199,038
9,302,564
6,249,481
7,332,023
7,081,878
2,612,423
257,170
-
Capital outlay -
Debt service:
Principal retirement
Interest and fiscal charges
142,084
-
- 1,144,700
31,627
1,286,784
378,608 410,235
Total Expenditures 24,277,625 635,778 16,561,023 41,474,426 Excess (Deficiency) of Revenues
Over (Under) Expenditures 7,433,520 670,238 (3,337,446) 4,766,312
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
352,000
(4,892,173)
52,415
-
-
-
4,892,173
(352,000)
-
5,244,173
(5,244,173)
Subscription acquisition 52,415
Total Other Financing Sources (Uses) (4,487,758) - 4,540,173 52,415 Net Change in Fund Balances 2,945,762 670,238 1,202,727 4,818,727
FUND BALANCES (DEFICIT)
Fund balance, previously reported
Adjustments - Change from major to nonmajor
42,028,956
-
(6,030,879)
-
6,273,561
(6,273,561)
31,953,501
6,273,561
74,225,139
-
Beginning of Year 42,028,956 (6,030,879) - 38,227,062 74,225,139 End of Year $ 44,974,718 $ (5,360,641) $ - $ 39,429,789 $ 79,043,866 The accompanying notes are an integral part of these financial statements. -20- Page 79 – 2053
City of San Dimas
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities For the Year Ended June 30, 2024
Net change in fund balances - total governmental funds $ 4,818,727 Amounts reported for governmental activities in the statement of activities are different because:
Governmental funds report capital outlays as expenditures. However, in the statement of activities, the costs of those assets is allocated over their estimated useful lives as depreciation expense. This is the amount by which depreciation exceeded capital outlays in the current period.
Capital additions
Capital asset disposals
Depreciation
$ 3,195,770
(7,875)
(3,023,862) 164,033
Intangible right to use assets are reported as expenditures. However, in the statement of activities, the costs of those assets are allocated over their estimated useful lives as amortization expense. This is the amount of intangible assets and related amortization for the current period.
Intangible assets
Amortization
57,915
(164,067) (106,152)
Repayment of bond principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position.
Principal repayments on lease revenue bonds
Subscription acquisition
Principal repayments on lease/subscription liability
Deferred charges on refunding 2010 PFA Bonds
1,144,700
(52,415)
142,084
(16,811) 1,217,558
4,298
Accrued interest for long-term liabilities. This is the net change in accrued interest for the current period.
Compensated absences expenses report in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds. (171,453)
(1,573,256)
(104,046)
Pension obligation expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds.
OPEB obligation expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds.
Revenues reported as unavailable revenue in the governmental funds and recognized in the statement of activities. These are included in the intergovernmental revenues in the governmental fund activity. (821,396)
Change in Net Position of Governmental Activities $ 3,428,313 The accompanying notes are an integral part of these financial statements. -21- Page 80 – 2053
City of San Dimas
Statement of Fiduciary Net Position
Fiduciary Funds
June 30, 2024
PrivatePurpose Trust
Fund Custodial Fund
Successor
Agency of the
Former RDA
Walker House
LLC
ASSET S
Pooled cash and investments
Land held for resale
Due from other governments
$ 2,634,458
2,118,502
-
$ 178,494
-
467,828
Total Asse ts 4,752,960 646,322
LIABILITIES
Accounts payable
Retention payable
Deposits payable
Due in one year
16,726 6,294
2,200
6,000
-
-
-
1,546,404
Due in more than one year 10,401,103 -
Total Liabilities 11,964,233 14,494
NET POSITION (DEFICIT)
Restricted for:
Other governments and other agencies (7,211,273) 631,828 Total Net Position $ (7,211,273) $ 631,828
The accompanying notes are an integral part of these financial statements. -22- Page 81 – 2053
City of San Dimas
Statement of Changes in Fiduciary Net Position
Fiduciary Funds
For the Year Ended June 30, 2024
PrivatePurpose Trust
Fund Custodial Fund
Successor
Agency of the
Former RDA
Walker House
LLC
ADDITIONS
Taxes $ 3,684,467
-
$ -
Rental collection on behalf of other agencies 66,263
Total Additions 3,684,467 66,263
DEDUCTIONS
Administrative expenses
Contractual services
Interest expense
74,236
404,565
110,414
-
-
-
-
Payments to other agencies 177,111
Total Deductions 589,215
3,095,252
177,111
(110,848)
742,676
631,828
Changes in Net Position
Net Position (Deficit), Beginning of Year
Net Position (Deficit), End of Year
(10,306,525)
$ (7,211,273) $
The accompanying notes are an integral part of these financial statements. -23- Page 82 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
I. SIGNIFICANT ACCOUNTING POLICIES
1) ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A) Description of the Reporting Entity
The City of San Dimas, California (“City”), was incorporated on August 4, 1960, under the laws of the State of California and enjoys all the rights and privileges applicable to a General Law City. It is governed by an elected five-member board. As required by accounting principles generally accepted in the United States of America, these financial statements present the City of San Dimas (the primary government) and its component units. The component units discussed below are included in the reporting entity because their governing boards are the same as that of the primary government and because of their operational or financial relationships with the City of San Dimas.
Blended component units
The San Dimas - La Verne Recreational Authority was created by a joint exercise of powers agreement between the cities of San Dimas and La Verne dated December 1, 1970. No separate financial statements are prepared.
The San Dimas Public Financing Authority was created by a joint exercise of powers agreement between the City of San Dimas and the former San Dimas Redevelopment Agency on April 23, 1996, to facilitate the issuance of bonds from the former Redevelopment Agency. No separate financial statements are prepared.
The San Dimas Public Facilities Financing Corporation was formed November 12, 1991. It is a nonprofit public benefit corporation, organized and existing under the laws of the State of California, authorized pursuant to Section 5140 of the Corporations Code, to assist the City in financing certain public facilities. No separate financial statements are prepared.
The San Dimas Housing Authority was formed on September 27, 1994, by Resolution No. 94-65. The authority was created in order to establish an entity that could own and operate low- and moderate-income housing facilities. Separate financial statements of the Authority are not prepared.
B) Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all the nonfiduciary activities of the primary government and its component units. All fiduciary activities are reported only in the fund financial statements. For the most part, the effect of interfund activity has been removed from these statements. Governmental activities are normally supported by taxes and intergovernmental revenues. The primary government is reported separately from certain legally separate component units for which the primary government is financially accountable.
-24- Page 83 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
1) ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
B) Government-Wide and Fund Financial Statements, (continued) The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services or privileges provided by a given function or segment, and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues. Separate financial statements are provided for governmental funds and fiduciary funds even though the latter are excluded from the government-wide financial statements. The fiduciary funds are reported on the accrual basis of accounting. Major individual governmental funds are reported as separate columns in the fund financial statements.
C) Measurement Focus, Basis of Accounting and Financial Statement Presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.
Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the City considers revenues to be available if they are collected within 60 days of the end of the current fiscal period, with the exception of grants which have availability period of 90 days. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded only when payment is due.
Property taxes, franchise taxes, licenses and interest associated with the current fiscal period are accrued and so have been recognized as revenues of the current fiscal period.
Only the portion of special assessments receivable due within the current fiscal period is accrued as revenue of the current period. All other revenue items are considered to be measurable and available only when cash is received by the government. -25- Page 84 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
1) ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
C) Measurement Focus, Basis of Accounting and Financial Statement Presentation, (continued)
In the fund financial statements, fiduciary funds are presented using the accrual basis of accounting. Revenues are recognized when they are earned, and expenses are recognized when the related goods or services are delivered. In the fund financial statements, fiduciary funds are presented using the economic resources measurement focus. This means that all assets and all liabilities (whether current or non-current) associated with their activity are included on their balance sheets. Fiduciary fund type operating statements present increases (revenues) and decreases (expenses) in total net position.
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 Golf Course Maintenance and Operation Fund accounts for the proceeds of the golf course activities that are restricted by law or administrative action to expenditures for specified purposes.
Additionally, the City also reports the following fund types:
Special Revenue Fund – Account for taxes and other revenues, which are set aside for a specific purpose in accordance with law or administrative regulation.
Capital Projects Fund – Accounts for financial resources used for the acquisition or construction of major capital facilities.
Debt Service Fund – Accounts for the accumulation of resources for and the payment of principal and interest on general long-term debt.
The Private-Purpose Trust Fund – Accounts for the assets, liabilities, and net position of the former redevelopment agency and is allocated revenue to pay estimated installment payments of enforceable obligations until obligations of the former redevelopment agency are paid in full and assets have been liquidated.
The Custodial Fund – Accounts for receipts and expenditures of monies received from the repayment of principal and interest from the Successor Agency and to expenditures associated with the maintenance and operations of the Walker House.
-26- Page 85 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
1) ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
D) Assets, Deferred Outflows, Liabilities, Deferred Inflows, and Net Position or Equity
1. Deposits and Investments
The City's cash and cash equivalents are considered to be cash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition.
Investments for the City, as well as for its component units, are reported at fair value.
The State Treasurer's Investment Pool operates in accordance with appropriate state laws and regulations. The reported value of the pool is the same as the fair value of the pool shares.
2. Receivables and Payables
Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as either "due to/from other funds" (i.e., the current portion of interfund loans) or "advances to/from other funds" (i.e., the non-current portion of interfund loans). All other outstanding balances between funds are reported as "due to/from other funds." Advances between funds, as reported in the fund financial statements, are offset by a fund balance non-spendable account in applicable governmental funds to indicate that they are not available for appropriation and are not expendable available financial resources.
All trade and property tax receivables are shown net of an allowance for un-collectibles.
Property tax revenue is recognized in the fiscal year for which the taxes have been levied providing they become available. Available means then due or past due and receivable within the current period and collected within the current period or expected to be collected soon enough thereafter (not to exceed 60 days), to be used to pay liabilities of the current period. The County of Los Angeles collects property taxes for the City. Tax liens attach annually on the first day in January proceeding the fiscal year for which the taxes are levied. The tax levy covers the fiscal period July 1 to June
30. All secured personal property taxes and one-half of the taxes on real property are due November 1; the second installment is due February 1.
All taxes are delinquent if unpaid on December 10 and April 10, respectively.
Unsecured personal property taxes become due on the first of March each year and are delinquent on August 31.
-27- Page 86 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
1) ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
D) Assets, Deferred Outflows, Liabilities, Deferred Inflows, and Net Position or Equity, (continued)
3. Inventories, Prepaid Items and Land Held for Resale
All inventories are valued at cost using the first-in/first-out (FIFO) method. Inventories of governmental funds are recorded as expenditures when consumed rather than when purchased.
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements.
Land purchased for resale is capitalized as inventory at acquisition costs or net realizable value, if lower.
4. Policy for Eliminating Internal Activity in Government-Wide Statement of Activities
Administrative overhead charges are made to funds and programs and are thereby included in the direct expenses of those funds and programs.
5. Capital Assets
Capital assets which include property, plant, equipment and infrastructure assets (e.g., roads, bridges, sidewalks and similar items), are reported in the governmental activities’ column in the government-wide financial statements. Capital assets other than infrastructure assets are defined by the City as assets with an initial, individual cost of more than $5,000 (amount not rounded) and an estimated useful life in excess of three years. Infrastructure assets have a capitalization threshold of $50,000. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value on the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed. -28- Page 87 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
1) ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
D) Assets, Deferred Outflows, Liabilities, Deferred Inflows, and Net Position or Equity, (continued)
Property, plant and equipment of the primary government, as well as the component units, are depreciated using the straight-line method over the following estimated useful lives:
Asse ts Years
Buildings and structures
Equipment
Improvements other than buildings
10-25
3-10
3-25
6. Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The government has items that qualify for reporting in this category. The deferred outflows relating to the net pension obligation and related to OPEB are reported in the government-wide statement of net position. These outflows are the results of either the contributions made subsequent to the measurement period, which are expensed in the following year, differences between expected and actual experiences, adjustments due to differences in proportion, the difference between actual contributions made and the proportionate share of the risk pool’s total contributions, net difference between projected and actual earnings on plan investments or change in assumptions.
In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The government has one item, which arises only under a modified accrual basis of accounting that qualifies for reporting in this category.
Accordingly, the item, unavailable revenue, is reported only in the governmental funds balance sheet. The governmental funds report unavailable revenues from taxes, grant revenues, and deferred loans. These amounts are deferred and recognized as an inflow of resources in the period that the amounts become available. In addition, the government has items that qualify for reporting in this category which are deferred inflows relating to the net obligation reported in the government-wide statement of net position. These inflows are the result of either the net difference between projected and actual earnings on plan investments, adjustments due to differences in proportion, differences between expected and actual experiences, changes in assumptions or the difference between actual contributions made and the proportionate share of the risk pool’s total contributions. -29- Page 88 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
1) ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
D) Assets, Deferred Outflows, Liabilities, Deferred Inflows, and Net Position or Equity, (continued)
Gains and losses related to changes in net pension liability and fiduciary net position are recognized in pension expense systematically over time. Amounts are first recognized in pension expense for the year the gain or loss occurs. The remaining amounts are categorized as deferred outflows and deferred inflows of resources related to OPEB or pension and are to be recognized in future OPEB and pension expense.
7. Compensated Absences
It is the City's policy to permit employees to accumulate earned but unused vacation and sick pay benefits. Vacation pay is payable to employees at the time a vacation is taken or upon termination of employment. Normally an employee cannot accrue more than two and one-half times their regular annual entitlement.
Sick leave is payable when an employee is unable to work because of illness. Except for retirement, unused sick leave is forfeited upon termination. Upon retirement an employee will be paid for any unused sick leave up to the first 100 hours at full pay and the remainder will be paid at a 50% rate.
All vacation and sick leave pay is accrued when incurred in the government-wide statements. Compensated absences are paid, if matured, out of the General Fund.
8. Net Pension Liability
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 Plan and additions to/deductions from the Plan’s fiduciary net position have been determined on the same basis. For this purpose, benefit payments (including refunds of employee contributions) are recognized when currently due and payable in accordance with the benefit terms.
Investments are reported at fair value. Typically, the general fund is used to liquidate the net pension liability.
GASB 68 requires that the reported results must pertain to liability and asset information within certain defined timeframes. For this report, the following timeframes are used.
Valuation Date
Measurement Date
Measurement Period
30, 2023
June 30, 20222022
June 30, 20232023
July 1, 2022July 01, 2022 to June 30, 2023 June
-30- Page 89 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
1) ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
D) Assets, Deferred Outflows, Liabilities, Deferred Inflows, and Net Position or Equity, (continued)
9. Other Post-Employment Benefits (OPEB)
For purposes of measuring the total OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, have been determined by an independent actuary.
For this purpose, benefit payments are recognized when currently due and payable in accordance with the benefit terms. Investments are reported at fair value. Typically, the general fund is used to liquidate the total OPEB liability.
Generally accepted accounting principles require that the reported results must pertain to liability and asset information within certain defined timeframes. For this report, the following timeframes are used:
Valuation Date June 30, 2023
Measurement Date
Measurement Period
June 30, 2023
July 1, 2022 to June 30, 2023
10. Long-Term Obligations
In the government-wide financial statements, long-term debt and other long-term obligations are reported as liabilities in the governmental activities Statement of Net Position.
In the fund financial statements, governmental fund types recognize bond 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 issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.
11. Fund Balance
In the fund financial statements, government funds report the following fund balance classification:
Non-spendable 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.
-31- Page 90 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
1) ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
D) Assets, Deferred Outflows, Liabilities, Deferred Inflows, and Net Position or Equity, (continued)
Restricted includes amounts that are constrained on the use of resources by either (a) external creditors, grantors, contributors, or laws and regulations of other governments or (b) by law through constitutional provisions or enabling legislation.
Committed includes amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the City’s highest authority, the City Council.
The formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is through a resolution or ordinance.
Assigned includes amounts that are constrained by the City’s intent to be used for specific purposes but are neither restricted nor committed. The City Manager, Assistant City Manager and/or Administrative Services Director are authorized to assign amounts to a specific purpose, which was established by the governing body in a Council action in fiscal year 2020-21.
Unassigned includes the residual amounts that have not been restricted, committed, or assigned to specific purposes.
An individual governmental fund could include non-spendable resources and amounts that are restricted or unrestricted (assigned or unassigned) or any combination of those classifications. Restricted amounts are to be considered spent when an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available. Committed, assigned and unassigned amounts are considered to have been spent when an expenditure is incurred for purposes for which amounts in any of those unrestricted fund balance classifications can be used.
Additionally, only the general fund can report a positive unassigned fund balance amount. In other governmental funds it is not appropriate to report a positive unassigned fund balance amount. However, in governmental funds other than the general fund, if expenditures incurred for specific purposes exceed the amounts that are restricted, committed, or assigned to those purposes, it may be necessary to report a negative unassigned fund balance in that fund.
12. Net Position Flow Assumption
Sometimes the City will fund outlays for a particular purpose from both restricted (e.g., restricted bond or grant proceeds) and unrestricted resources. In order to calculate the amounts to report as restricted – net position and unrestricted – net position in the government-wide and proprietary fund financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. It is the City’s policy to consider restricted – net position to have been depleted before unrestricted – net position is applied.
-32- Page 91 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
1) ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
D) Assets, Deferred Outflows, Liabilities, Deferred Inflows, and Net Position or Equity, (continued)
13. Fund Balance Flow Assumption
Sometimes the City will fund outlays for a particular purpose from both restricted and unrestricted resources (the total of committed, assigned, and unassigned fund balance). In order to calculate the amounts to report as restricted, committed, assigned, and unassigned fund balance in the governmental fund financial statements a flow assumption must be made about the order in which the resources are considered to be applied. It is the City’s policy to consider restricted fund balance to have been depleted before using any of the components of unrestricted fund balance. Further, when the components of unrestricted fund balance can be used for the same purpose, committed fund balance is depleted first, followed by assigned fund balance. Unassigned fund balance is applied last.
14. New Accounting Pronouncements
During the fiscal year ended June 30, 2024, the City implemented the following GASB standard:
GASB Statement No. 100 – Accounting Changes and Error Corrections: 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 requirements of this Statement are effective for fiscal years beginning after December 15, 2023.
The remainder of the page was intentionally left blank
-33- Page 92 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
II. DETAILED NOTES ON ALL FUNDS
2) CASH AND INVESTMENTS
As of June 30, 2024, cash and investments were reported in the accompanying financial statements as follows:
Statement of net position:
Cash and investments $ 79,955,494
Cash and investments with fiscal agent 958,964
Statement of fiduciary net position:
Cash and investments 2,812,952
Total Cash and Investments $ 83,727,410
The City of San Dimas maintains a cash and investment pool that is available for use for all funds. Each fund type's position in the pool is reported on the combined balance sheet as cash and investments. The City has adopted an investment policy which authorizes it to invest in various investments.
Deposits
At June 30, 2024, cash and investments consist of the following:
Demand Deposits:
Petty cash on hand
Financial institutions
$ 2,641
2,724,066
Total Demand Deposits 2,726,707
Investments:
Investments
Restricted investments
80,041,739
958,964
Total Investments 81,000,703
Total Cash and Investments $ 83,727,410
-34- Page 93 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
2) CASH AND INVESTMENTS, (continued)
The California Government Code requires California banks and savings and loan associations to secure a City’s deposits by pledging government securities with a value of 110% of a City’s deposits. California law also allows financial institutions to secure City deposits by pledging first trust deed mortgage notes having a value of 150% of a City's total deposits. The City Treasurer may waive the collateral requirement for deposits which are fully insured up to $250,000 by the FDIC. The collateral for deposits in federal and statechartered banks is held in safekeeping by an authorized Agent of Depository recognized by the State of California Department of Banking. The collateral for deposits with savings and loan associations is generally held in safekeeping by the Federal Home Loan Bank in San Francisco, California as an Agent of Depository. These securities are physically held in an undivided pool for all California public agency depositors. Under Government Code Section 53655, the placement of securities by a bank or savings and loan association with an "Agent of Depository" has the effect of perfecting the security interest in the name of the local governmental agency. Accordingly, all collateral held by California Agents of Depository are considered to be held for, and in the name of, the local governmental agency.
Investments
Under provision of the City’s investment policy and in accordance with the California Government Code, the following investments are authorized:
U.S. Treasury Securities
Federal Agency and U.S. Government-Sponsored Enterprise Obligations Medium Term Notes
Corporate Bonds
Commercial Paper
Time Deposits (including non-negotiable Certificates of Deposit) Negotiable Certificates of Deposit
Bankers’ Acceptances
Local Agency Investment Fund (LAIF)
Los Angeles County Investment Pool (LACIP)
Cal Trust
Shares of Beneficial Interest issued by a Joint Powers Authority Repurchase Agreements
Mutual Funds
Money Market Mutual Funds
U.S. Supranational Securities
Investments Authorized by Debt Agreements
The above investments do not address investment of debt proceeds held by a bond trustee.
Investments of debt proceeds held by a 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.
-35- Page 94 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
2) CASH AND INVESTMENTS, (continued)
Investments in State Investment Pool
The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California. LAIF is overseen by the Local Agency Investment Advisory Board, which consists of five members in accordance with State statute. The State Treasurer's Office audits the fund annually. The fair value of the position in the investment pool is the same as the value of the pool shares.
Fair Value of Investments
Generally accepted accounting principles establishes fair value standards for investments in participating interest earning investment contracts, external investment pools, equity securities, option contracts, stock warrants and stock rights that have readily determinable fair values. Accordingly, the City reports its investments at fair value in the balance sheet.
All investment income including changes in the fair value of investments is recognized as revenue in the operating statement.
Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. The City’s investment policy does not limit investments in Federal Agency Securities and Treasury Obligations to ratings issued by nationally recognized statistical rating organizations. Presented below are the City’s investments and the actual rating as of fiscal year end for each investment type:
Investment ratings at year end
AAA - AA-F
17,918,529
A3 - BBB+ Unrated
2,408,024
Total
Certificates of Deposit
Local Agency Investment Fund
Money Market Funds
Corporate Bond
U.S. Treasury Obligations
Federal Home Loan Bank
Commercial Paper
Asset–Backed Securities
Cash T Bills
Government Related
Investment Grade corporates
STIF Funds
Municipal Bonds
Treasury Bonds
$ $ - $ $ 20,326,553
9,320,169
3,960,631
5,033,200
7,156,102
13,704,179
1,259,409
2,857,205
2,620,068
1,685,018
2,188,210
2,722,249
233,223
-
-
-
-
9,320,169
3,960,631
-
809,078
-
3,851,429
6,347,024
13,704,179
1,259,409
1,181,771
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,857,205
2,620,068
1,685,018
2,188,210
2,722,249
233,223 -
727,853 7,206,634 7,934,487
Total $ 44,041,646 $ 1,181,771 $ 35,777,286 $ 81,000,703 -36- Page 95 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
2) CASH AND INVESTMENTS, (continued)
Custodial Credit Risk
The custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover deposits or will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that in the event of the failure of the counterparty to a transaction, a government will not be able to recover the value of investment or collateral securities that are in the possession of an outside party.
The City Treasurer may waive the collateral requirement for deposits that are fully insured up to $250,000 by the FDIC.
Concentration of Credit Risk
The City’s investment policy imposes restrictions on the percentage that the City can invest in certain types of investments. As of June 30, 2024, in accordance with GASB No. 40 disclosure requirements, the City has not invested more than 5% of its total 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.
Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value is to changes in market interest rates. Information about the sensitivity of the fair values of the City's investments to market interest rate fluctuations is provided by the following table that shows the distribution of the City's investments by maturity:
As of June 30, 2024, the City had the following investments and maturities:
Remaining Investment Maturities
1 year or less
$ 6,141,947
9,320,169
3,001,667
-
1 to 3 years
$ 13,177,357
3 to 5 years
$ 1,007,250
Total
Certificates of Deposit
Local Agency Investment Fund
Money Market Funds
Corporate Bond
U.S. Treasury Obligations
Federal Home Loan Bank
Commercial Paper
Asset–Backed Securities
Cash T Bills
Government Related
Investment Grade corporates
STIF Funds
Municipal Bonds
Treasury Bonds
$ 20,326,554
9,320,169
3,001,667
5,033,200
7,156,102
13,704,180
1,259,409
2,857,203
2,620,068
1,685,018
2,188,210
2,722,249
233,223
-
-
-
-
3,790,522 1,242,678
7,156,102
269,541
-
2,857,203
2,620,068
1,685,018
2,188,210
2,722,249
-
- -
5,913,203
734,177
7,521,436
525,232
-
-
-
-
-
-
-
-
-
-
-
-
233,223
7,206,634 727,853 7,934,487
Cash with Fiscal Agents
Money Market Mutual Funds
Total
958,964
$ 46,127,772
- - 958,964
$ 24,576,335 $ 10,296,596 $ 81,000,703
-37- Page 96 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
2) CASH AND INVESTMENTS, (continued)
Fair Value Hierarchy
The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. The City has the following recurring fair value measurements as of June 30, 2024:
Level
Investment by Fair Value Level
Certificates of Deposit
Corporate Bond
U.S. Treasury Obligations
Federal Home Loan Bank
Commercial Bonds
Municipal Bonds
Totals 1 2 3
$ 20,326,554
5,033,200
7,156,102
13,704,180
1,259,409
233,223
7,934,487
2,620,068
1,685,018
2,188,210
2,722,249
2,857,203
67,719,903
$ -
-
-
-
-
-
-
-
-
-
-
-
-
$ 20,326,554
5,033,200
7,156,102
13,704,180
1,259,409
233,223
7,934,487
2,620,068
1,685,018
2,188,210
2,722,249
2,857,203
67,719,903
$ -
-
-
-
-
-
-
-
-
-
-
-
-
Treasury Bonds
Cash T Bills
Government Related
Investment Grade corporates
STIF Funds
Asset–Backed Securities
Totals $ $ $
Money Market Mutual Funds(1)
Local Agency Investment Fund(1)
Cash with Fiscal Agents
3,001,667
9,320,169
Money Market Funds(1)
Totals
958,964
13,280,800
Total Investments $ 81,000,703
(1)Investment uncategorized and not subject to hierarchy of input valuation techniques under GASB 72. 3) LEASE RECEIVABLE
The City has entered into leases as a Lessor for the use of a Golf Course, a Restaurant and the Sycamore Canyon Equestrian Center, which are operated by a property manager, for a period of 54 to 126 months. The initial lease receivables were recorded in the range between $106,281 to $2,833,265. The lessee is required to make monthly fixed payments in the range between $2,022 to $23,412. The leases have an interest rate in the range between 1.1770% to 1.3350%. The Building Improvements estimated useful life have a range between 54 to 126 months as of the contract commencement. The Golf Course and Restaurant have 2 extension options, each for 60 months. -38- Page 97 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
3) LEASE RECEIVABLE, (continued)
Total lease receivable and deferred inflow of resources at June 30, 2024 were $2,613,735 and $2,563,086 respectively, as follows:
Year Ending
June 30,
2025
Lease Receivable
Principal Interest
$ 352,939
345,479
Total
$ 390,279
378,178
$ 37,340
2026 32,699
2027 337,867 28,027 365,894
2028 342,405 23,507 365,912
2029 347,005 18,969 365,974
2030 - 2032
Totals
888,040
$2,613,735
15,395
$ 155,937
903,435
$2,769,672
The remainder of the page was intentionally left blank
-39- Page 98 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
4) CAPITAL ASSETS
Capital asset activity for the year ended June 30, 2024, was as follows:
Beginning Ending
Balance Transfers Additions Deletions Balance
Governmental Activities:
Capital assets, non-depreciable:
Land
City
Housing
$ 6,435,446
6,756,371
13,191,817
$ -
-
-
$ -
-
-
$ -
-
-
$ 6,435,446
6,756,371
13,191,817
Construction-in-progress
City 2,428,122
2,428,122
(2,216,848)
(2,216,848)
1,675,797
1,675,797
-
-
1,887,071
1,887,071
Total Capital Assets,
Non-Depreciable: 15,619,939 (2,216,848) 1,675,797 - 15,078,888 Capital assets, depreciable/amortizable:
Buildings and structures
City
Housing
25,764,035
3,082,114
-
-
-
-
-
-
25,764,035
3,082,114
Equipment
City 5,157,588
16,195,285
138,503,218
- 1,179,243
340,730
-
313,963
59,818
6,022,868
17,186,828
139,795,629
Improvements other than buildings
City
Infrastructure
City
710,631
1,506,217 213,806
Right-to-use assets
City
Right-to-use leases
Right-to-use subscriptions
57,066
499,211
-
-
- -
-
57,066
57,915 557,126
Total Capital Assets,
Depreciable/amortizable: 189,258,517 2,216,848 1,577,888 587,587 192,465,666 Less accumulated depreciation/amortization:
Buildings and structures
City
Housing
16,116,356
2,577,692
-
-
919,780
46,742
-
-
17,036,136
2,624,434
Equipment
City 4,774,608
12,898,853
111,872,272
-
-
-
261,882
257,602
313,963
59,818
4,722,527
13,096,637
113,204,197
Improvements other than buildings
City
Infrastructure
City 1,537,856 205,931
Right-to-use assets
City
Right-to-use leases
Right-to-use subscriptions
31,714
153,862
-
-
17,476
146,591
-
-
49,190
300,453
Total Accumulated
Depreciation/Amortization 148,425,357
40,833,160
$56,453,099
-
2,216,848
-
3,187,929
(1,610,041)
65,756
579,712
7,875
151,033,574
41,432,092
$56,510,980
Total Capital Assets,
Depreciable/Amortizable, Net
Governmental Activities
Capital Assets, Net $ $ $ 7,875
-40- Page 99 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
4) CAPITAL ASSETS, (continued)
Amortization/depreciation expense were charged to functions/programs of the primary government as follows:
Governmental Activities:
General government
Parks and recreation
Public works
$ 204,799
1,683,024
1,300,106
Total Depreciation/Amortization Expense - Governmental Activities $ 3,187,929 5) PENSION PLAN
General Information about the Pension Rate Plan
Plan Description
All qualified permanent and probationary employees are eligible to participate in the Public Agency Cost-Sharing Multiple-Employer Defined Benefit Pension Plan (Plan or PERF C) administered by the California Public Employees’ Retirement System (CalPERS.) The Plan consists of a miscellaneous pool and a safety pool (also referred to as “risk pools”), which are comprised of individual employer miscellaneous and safety rate plans, respectively.
Plan assets may be used to pay benefits for any employer rate plan of the safety and miscellaneous pools. Accordingly, rate plans within the safety or miscellaneous pools are not separate plans under generally accepted accounting principles. Individual employers may sponsor more than one rate plan in the miscellaneous or safety risk pools. The City participates in two rate plans (two miscellaneous). Benefit provisions under the Plan are established by State statute and City resolution. CalPERS issues publicly available reports that include a full description of the pension plan regarding benefit provisions, assumptions and membership information that can be found on the CalPERS website, at www.calpers.ca.gov.
Benefits Provided
CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full-time employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members are eligible for non-duty disability benefits after 5 years of service. The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost-of-living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law.
-41- Page 100 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
5) PENSION PLAN, (continued)
The Plan operates under the provisions of the California Public Employees’ Retirement Law (PERL), the California Public Employees’ Pension Reform Act of 2013 (PEPRA), and the regulations, procedures and policies adopted by the CalPERS Board of Administration. The Plan’s authority to establish and amend the benefit terms are set by the PERL and PEPRA, and may be amended by the California state legislature and in some cases require approval by the CalPERS Board.
The Plans’ provisions and benefits in effect at June 30, 2024, are summarized as follows:
PEPRA
Miscellaneous
Rate Plan
Miscellaneous
Rate Plan
Prior to On or after
Hire date
Benefit formula
January 1, 2013
2.0% @ 55
January 1, 2013
2.0% @ 62
Benefit vesting schedule
Benefit payments
Retirement age
5 years of service 5 years of service
monthly for life
50 - 55
monthly for life
52 - 67
Monthly benefits, as a % of eligible
compensation
Required employer contribution rates
Required employee contribution rates
1.426% - 2.418%
11.84%
1.0% - 2.5%
7.68%
7.00% 7.75%
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. For public agency cost-sharing plans covered by either the Miscellaneous or Safety risk pools, the Plan’s actuarially determined rate is based on the estimated amount necessary to pay the Plan’s allocated share of the risk pool’s costs of benefits earned by employees during the year, and any unfunded accrued liability. The employer is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. Employer contribution rates may change if plan contracts are amended.
Payments made by the employer to satisfy contribution requirements that are identified by the pension plan terms as plan member contribution requirements are classified as plan member contributions. Employer Contributions to the Plan for the fiscal year ended June 30, 2024 were $2,282,378. The actual employer payments of $1,845,345 made to CalPERS by the City during the measurement period ended June 30, 2023, differed from the City’s proportionate share of the employer’s contributions of $1,922,881 by $77,536, which is being amortized over the expected average remaining service lifetime in the Public Agency Cost-Sharing Multiple Employer Plan.
-42- Page 101 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
5) PENSION PLAN, (continued)
Net Pension Liability
The City’s net pension liability for the Plan is measured as the total pension liability, less the pension plan’s fiduciary net position. The net pension liability is measured as of June 30, 2023, using an annual actuarial valuation as of June 30, 2022, rolled forward to June 30, 2023 using standard update procedures. A summary of principal assumptions and methods used to determine the net pension liability is as follows.
Actuarial Methods and Assumptions Used to Determine Total Pension Liability The collective total pension liability for the June 30, 2023 measurement period was determined by an actuarial valuation as of June 30, 2022, with update procedures used to roll forward the total pension liability to June 30, 2023. The collective total pension liability was based on the following assumptions:
Valuation Date June 30, 2022
Measurement Date
Actuarial Cost Method
Asset Valuation Method
Actuarial Assumptions:
Discount Rate
June 30, 2023
Entry Age Actuarial Cost Method
Fair Value of Assets
6.90%
Inflation 2.30%
Salary Increases Varies by Entry Age and Service
Derived using CalPERS' membership data for all funds (1) Mortality Rate Table Post Retirement Benefit
Increase
The lesser of contract COLA or 2.30% until Purchasing Power Protection Allowance floor on purchasing power applies, 2.30% thereafter.
(1) The mortality table used was developed based on CalPERS-specific data. The probabilities of mortality are based on the 2021 CalPERS Experience Study and Review of Actuarial Assumptions.
Mortality rates incorporate full generational mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries. For more details on this table, please refer to the 2021 experience study report from November 2021 that can be found on the CalPERS website.
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. -43- Page 102 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
5) PENSION PLAN, (continued)
In determining the long-term expected rate of return, CalPERS took into account both shortterm and long-term market return expectations. Using historical returns of all of the funds’ asset classes, expected compound (geometric) returns were calculated over the next 20 years using a building-block approach. The expected rate of return was then adjusted to account for assumed administrative expenses of 10 Basis points.
The expected real rates of return by asset class are as follows:
Assume d Asse t
Asse t Class Allocation Real Return1,2
Global equity - cap-weighted
Global equity - non-cap-weigh
Private equity
30.00%
12.00%
13.00%
5.00%
5.00%
10.00%
5.00%
5.00%
5.00%
15.00%
(5.00%)
4.54%
3.84%
7.28%
0.27%
0.50%
1.56%
2.27%
2.48%
3.57%
3.21%
(0.59%)
Treasury
Mortgage-backed securities
Investment grade corporates
High yield
Emerging market debt
Private debt
Real assets
Leverage
1 An expected inflation of 2.30% used for this period.
2 Figures are based on the 2021 Asset Liability Management study.
Change of Assumptions
There were no assumption changes in 2023. Effective with the June 30, 2021 valuation date (June 30, 2022 measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. In addition, demographic assumptions and the price inflation assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The accounting discount rate was 7.15% for measurement dates June 30, 2017 through June 30, 2021, 7.65% for measurement dates June 30, 2015 through June 30, 2016, and 7.50% for measurement date June 30, 2014. -44- Page 103 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
5) PENSION PLAN, (continued)
Discount Rate
The discount rate used to measure the total pension liability for PERF C was 6.90%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members.
Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability.
Subsequent Events
There were no subsequent events that would materially affect the results presented in this disclosure.
Pension Plan Fiduciary Net Position
Information about the pension plan’s assets, deferred outflows of resources, liabilities, deferred inflows of resources, and fiduciary net position are presented in CalPERS’ audited financial statements, which are publicly available reports that can be obtained at CalPERS’ website, at www.calpers.ca.gov. The plan’s fiduciary net position and additions to/deductions from the plan’s fiduciary net position have been determined on the same basis used by the pension plan, which is the economic resources measurement focus and the accrual basis of accounting. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. Investments are reported at fair value.
Proportionate Share of Net Pension Liability
The following table shows the Plan’s proportionate share of the net pension liability over the measurement period.
Increase (Decrease)
Plan Total
Pension Liability
Plan Fiduciary
Net Position
Plan Net Pension
Liability
Balance at: 6/30/2022 (VD)
Balance at: 6/30/2023 (MD)
Net Changes during 2022-23
$ 60,272,070
62,865,014
2,592,944
$ 44,730,735
46,254,536
1,523,801
$ 15,541,335
16,610,478
$ $ $ 1,069,143
Valuation Date (VD), Measurement Date (MD).
-45- Page 104 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
5) PENSION PLAN, (continued)
The City’s proportion of the net pension liability was determined by CalPERS using the output from the Actuarial Valuation System and the fiduciary net position, as provided in the CalPERS Public Agency Cost-Sharing Allocation Methodology Report, which is a publicly available report that can be obtained at CalPERS’ website, at www.calpers.ca.gov. The City’s proportionate share of the net pension liability for the Miscellaneous Plan as of the June 30, 2023, and 2024 measurement dates was as follows:
Proportionate Share - June 30, 2023
Proportionate Share - June 30, 2024
Change - Increase (Decrease)
0.332130%
0.332180%
0.000050%
Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate
The following presents the City’s proportionate share of the net pension liability of the Miscellaneous Plan as of the measurement date, calculated using the discount rate of 6.90 percent, 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 percent) or 1 percentage-point higher (7.90 percent) than the current rate:
Discount Rate - 1% Current Discount Rate Discount Rate + 1% (5.90%)
25,112,703
(6.90%)
16,610,478
(7.90%)
Plan's Net Pension Liability $ $ $ 9,612,416
Amortization of Deferred Outflows and Deferred Inflows of Resources Under GASB 68, 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 remaining amounts are categorized as deferred outflows and deferred inflows of resources 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:
Net difference between 5-year straight-line amortization projected and actual earnings
on pension plan investments
All other amounts Straight-line amortization over the expected average remaining service lives (EARSL) of all members that
are provided with benefits (active, inactive and
retired) as of the beginning of the measurement
period
-46- Page 105 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
5) PENSION PLAN, (continued)
The expected average remaining service lifetime (EARSL) is calculated by dividing the total future service years by the total number of plan participants (active, inactive, and retired) in the Public Agency Cost-Sharing Multiple-Employer Plan (PERF C).
The EARSL for PERF C for the measurement period ending June 30, 2023 is 3.7 years, which was obtained by dividing the total service years of 600,538 (the sum of remaining service lifetimes of the active employees) by 160,073 (the total number of participants:
active, inactive, and retired) in PERF C. Inactive employees and retirees have remaining service lifetimes equal to 0. Total future service is based on the members’ probability of decrementing due to an event other than receiving a cash refund Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions
As of the start of the measurement period (July 1, 2022), the City’s net pension liability was $15,541,335. For the measurement period ending June 30, 2023 (the measurement date), the City recognized pension expense of $2,927,164.
As of June 30, 2024, the City has deferred outflows and deferred inflows of resources related to pensions as follows:
Deferred Outflows
of Resources
Deferred Inflows
of Resources
Difference between expected and actual experience
Net difference between projected and actual earnings
on pension plan investments
Adjustment due to differences in proportions
Change in assumptions
$ 848,553 $ (131,631)
2,689,386
832,413
1,002,849
-
(664,506)
-
Change in employer's proportion and differences
between the employer's contributions and the
employer's proportionate share of contributions
Pension contributions subsequent to
measurement date
- (543,159)
2,282,378 -
Total $ 7,655,579 $ (1,339,296)
-47- Page 106 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
5) PENSION PLAN, (continued)
Contributions subsequent to the measurement date of $2,282,378 reported with deferred outflows of resources will be recognized as a reduction of the net pension liability in the upcoming fiscal year. Other amounts reported as deferred outflows and deferred inflows of resources related to pensions will be recognized in future pension expense as follows:
Year Ended
June 30,
2025
Deferred Outflows/
(Inflows) of Resources
$ 1,337,502
2026 919,626
2027
2028
1,839,505
(62,728)
2029
Thereafter -
Payable to the Pension Plan
At June 30, 2024, the City reported a payable of $0 for the outstanding amount of contributions to the pension plan required for the year then ended. 6) OTHER POST-EMPLOYMENT BENEFITS (OPEB)
Plan Description
The City has a single-employer plan which it provides the minimum required employer contribution under the CalPERS Health Plan (HC Plan) for eligible retirees and surviving spouses in receipt of a pension benefit from CalPERS. An employee is eligible for this employer contribution provided they are vested in their CalPERS pension benefit and commence payment of their pension benefit within 120 days of retirement with the City.
Vesting requires at least 5 years of CalPERS total service. The surviving spouse of an eligible retiree who elected spouse coverage under CalPERS is eligible for the employer contribution upon the death of the retiree.
The City does not issue any financial report for the HC plan. A separate financial report is not prepared for the plan.
The minimum required employer contributions are statutorily set under PEMHCA and is scheduled to increase in the future based on the medical portion of CPI. Minimum required employer contributions for the calendar years 2022 and 2023 were $151 and $157, respectively. There are no assets accumulated in a qualifying trust to pay related benefits.
The City participates in the CalPERS Health Program, a community-rated program for its medical coverage.
-48- Page 107 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
6) OTHER POST-EMPLOYMENT BENEFITS (OPEB), (continued)
Employees Covered
As of the June 30, 2023 actuarial valuation, the following current and former employees were covered by the benefit terms under the Plan:
Active 83
Inactive employees or beneficiaries currently receiving benefits 25 108
Contributions
The HC Plan and its contribution requirements are established by the City's Personnel Rules and Regulations which is reviewed by the employees and adopted by the City Council. The Personnel Rules and Regulations may be amended by City Council. The City utilizes the Public Employees' Medical and Hospital Care Act (PEMHCA) minimum contribution limits to contribute to retirees health care. The annual contribution is based on the actuarially determined contribution. For the fiscal year ended June 30, 2024 (measurement date June 30, 2023), the City’s cash contributions were $44,937 and recognized as a reduction to the OPEB liability.
Total OPEB Liability
The City’s Total OPEB liability was measured as of June 30, 2023, and the total OPEB liability used to calculate the total OPEB liability was determined by an actuarial valuation dated June 30, 2023, based on the following actuarial methods and assumptions.
The remainder of the page was intentionally left blank
-49- Page 108 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
6) OTHER POST-EMPLOYMENT BENEFITS (OPEB), (continued)
Discount Rate
When an entity finances retiree benefits on a pay-as-you-go basis, GASB Statement No. 75 requires the use of a discount rate equal to a 20-year high grade municipal bond rate.
The City intends to continue financing its OPEB liability on a pay-as-you-go basis.
Therefore, the City’s discount rate used in this valuation is based on the S&P Municipal Bond 20 Year High Grade Index. The index requires use of discount rates of 3.65% as of June 30, 2023, and 3.54% as of July 1, 2022. The discount rate used to measure the total OPEB liability was 3.65%. The projection of cash flows used to determine the discount rate assumed that City contributions will be made at rates equal to the actuarially determined contribution rates. The City does not participate in a trust fiduciary fund as the OPEB plan is unfunded and there are no assets.
Actuarial Assumptions
Actuarial Valuation Date
Contribution Policy
Actuarial Cost Method
Actuarial Assumptions
Discount Rate
June 30, 2023 Measurement Date
June 30, 2023
Pay-as-you-go funding
Entry Age Normal
3.65%
Inflation 2.50%
Salary Increases
Mortality, Retirement, Disability,
Termination
2.75% per annum, in aggregate
According to the rates under the 2021 CalPERS
Mortality for Miscellaneous and Schools Employees
Medical Trend 4.0% per year
Healthcare Participation 50% of eligible active employees are assumed to elect medical coverage at retirement.
Changes in the Total OPEB Liability
The changes in the Total OPEB liability for the HC Plan are as follows:
Total OPEB
Liability
Balance at June 30, 2022 (measurement date 6/30/2022)
Changes recognized over the measurement period:
Service Cost
Interest on the total OPEB liability
Employer Contributions
Changes in Assumptions
Experience (Gains)/Losses
Net Changes
$ 2,558,123
139,041
90,722
(122,165)
(52,494)
(351,697)
(296,593)
Balance at June 30, 2023 (measurement date 6/30/2023) $ 2,261,530 -50- Page 109 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
6) OTHER POST-EMPLOYMENT BENEFITS (OPEB), (continued)
Sensitivity of the Total OPEB Liability to Changes in the Discount Rate The following presents the total OPEB liability of the City if it were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2023:
Current
1% Decrease Discount Rate 1% Increase
(2.65%) (3.65%) (4.65%)
Total OPEB Liability $ 2,583,487 $ 2,261,530 $ 1,996,940 Sensitivity of the Total OPEB Liability to Changes in the Health Care Cost Trend Rates The following presents the Total OPEB liability of the City if it were calculated using health care cost trend rates that are one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2023:
Current
Healthcare
Cost
1% Decrease
$ 1,930,756
Trend Rates 1% Increase
Total OPEB Liability $ 2,261,530 $ 2,683,147
OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB For the fiscal year ended June 30, 2024, the City recognized OPEB expense of $224,600.
As of fiscal year ended June 30, 2024, the City reported deferred outflows/inflows of resources related to OPEB from the following sources:
Deferred Outflows
of Resources
Deferred Inflows
of Resources
Changes of assumptions $ 167,315
202,074
44,937
$ (480,980)
(320,644)
-
Difference between expected and actuarial experience
OPEB contributions subsequent to measurement date
Total $ 414,326 $ (801,624)
-51- Page 110 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
6) OTHER POST-EMPLOYMENT BENEFITS (OPEB), (concluded)
The $44,937 reported as deferred outflows of resources related to contributions subsequent to the June 30, 2023 measurement date will be recognized as a reduction of the Total OPEB liability during the fiscal year ending June 30, 2024. Other amounts reported as deferred outflows of resources related to OPEB will be recognized as expense as follows:
Year Ended
June 30,
2025
Deferred Outflows/
(Inflows) of Resources
$ (433)
2026 (437)
2027
2028
2029
(36,356)
(62,493)
(62,493)
Thereafter (270,023)
7) LONG-TERM LIABILITIES
The following is a schedule of changes in long-term debt of the City for the fiscal year ended June 30, 2024:
Beginning
Balance
Ending
Balance
Due Within
Additions Deletions One Year
Direct Placements:
2020A MHP Housing Rev. Refunding Bonds $ 1,420,900
1,420,900
$ -
-
$ 464,700
464,700
$ 956,200
956,200
$ 473,800
473,800
Direct Borrowing:
2020 Refunding Lease
Lease Liability
680,000
24,030
-
-
680,000
16,710
- -
7,320 5,530
Subscription Liability 320,251 52,415 125,374 247,292 133,602 Totals $ 2,445,181 $ 52,415 $ 1,286,784 $ 1,210,812 $ 612,932 A description of long-term debt outstanding as of June 30, 2024, follows:
Refunding – October 29, 2020
On October 29, 2020, the City of San Dimas Housing Authority placed a direct refinancing of $2,318,400 Mobile Home Park Revenue Refunding Bond (Charter Oak Mobile Home Estates Refunding Project), Series 2020A with the City National Bank to provide financing for the advance refunding of the City’s Mobile Home Park Revenue Bonds, Series 1998A.
The net savings and economic gain (loss) from this current refunding is $486,660.
The Series 2020A bonds mature annually through July 1, 2025, in amounts ranging from $440,100 to $482,400, with and interest rate of 1.850% over the term of the bonds. -52- Page 111 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
7) LONG-TERM LIABILITIES, (continued)
Refunding – October 29, 2020, (continued)
The bonds are special limited obligations of the Authority, secured and payable from net operating revenues arising from the operation of the Project and Housing Set-Aside Revenues pledged by the Agency under the Housing Assistance Agreement dated as of June 1, 1998, by and between the Authority and the Agency.
In the event of default, the Trustee will be entitled to sue to enforce payment and receive any and all amounts from any monies available for such purpose in any manner provided by law.
The Mobile Home Park Revenue Refunding Bond (Charter Oak Mobile Home Estates Refunding Project), Series 2020A requires:
(20%) of the mobile home spaces within the Charter Oak Mobile Home Estates are restricted to persons of very low income, as that term is defined in California Health and Safety Code Sections 34213, 50079.5, and 50105, as those sections may be amended from time to time. Accordingly, 37 of the 185 mobile home spaces are restricted to senior citizens age 55 or older of very low income, for the period June 1,1998 to June 30, 2028
Occupancy of certain designated mobile home spaces within the Charter Oak Mobile Home Park must be for persons of age 55 or older The outstanding principal balance as of June 30, 2024 was $956,200. The annual requirements to amortize the outstanding bond indebtedness as of June 30, 2024, including interest, are as follows:
2020A Mobile Home Park
Year Ending
June 30,
2025
Revenue Refunding Bonds
Principal Interest
13,307
Total
$ 487,107
486,862
$
$
473,800
482,400
956,200
$
$
2026
Totals
4,462
17,769 $ 973,969
-53- Page 112 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
7) LONG-TERM LIABILITIES, (continued)
San Dimas Public Financing Authority Lease Revenue Bonds, 2020 Refunding On March 1, 2020, the City of San Dimas entered into a lease agreement in the amount of $3,258,000 with the Public Property Financing Corporation of California with CN Financing Inc. as the assignee. The lease was entered into to refund the 2010 Public Financing Authority Lease Revenue Bonds through the issuance of a new loan. The reacquisition price exceeded the net carrying amount of the old debt by $67,250. This amount is being netted against the new debt and amortized over the remaining life of the refunded debt, which is shorter than the life of the old debt issued. This refunding lowered the variable interest rate to 1.89% which is anticipated to generate a savings of $362,436 in interest costs throughout the remaining terms of the loan. The refunding loan had a cost of issuance that totaled $99,262 which was paid with bond reserves that were held with the prior bond’s fiscal agent U.S. Bank.
In the event of default, the payment of default will continue as an obligation of the City until the amount in default has been paid, and the City agrees to pay the interest rate from the date of default to the date of payment. There is no right to accelerate the Lease Payments or otherwise declare any Lease Payments not then in default to be immediately due and payable.
The outstanding principal balance as of June 30, 2024 was $0.
Lease Liabilities
On July 1, 2021, the City entered into leases as a Lessee for the use of Sharp Copiers - 245 E Bonita Ave and Postage Meters - 245 E. Bonita Ave, which have a range between 39 and 60 months. The initial lease liability was recorded in the range between $8,778 and $48,288. As of June 30, 2024, the value of the lease liability is $7,320. The City is required to make monthly fixed payments in the range between $150 to $1,255. The leases have an interest rate between 0.8450% and 1.1300%. The Equipment estimated useful life have a range between 39 and 60 months as of the contract commencement. The value of the right to use asset as of June 30, 2024 is $57,066 with accumulated amortization of $49,190, which is detailed in Note 4.
Year Ending
June 30,
2025
Lease liability
Principal Interest
5,530
Total
$ 5,568
$
$ 38
13 51
$
$
2026
Totals
1,790
7,320
1,803
$ 7,371
-54- Page 113 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
7) LONG-TERM LIABILITIES, (continued)
Subscription Liabilities
On July 1, 2022, the City entered into numerous subscriptions for the use of various intangible assets, which have a range between 12 and 56 months. The initial subscription liability was recorded in the range between $8,096 and $281,945. As of June 30, 2024, the value of the subscription liability is $247,292. The City is required to make annual fixed payments in the range between $8,096 to $72,123. The subscriptions have an interest rate between 2.0240% and 3.1440%. The value of the right to use asset as of June 30, 2024 is $557,126 with accumulated amortization of $300,453, which is detailed in Note 4.
Year Ending
June 30,
2025
Subscription liability
Principal Interest
133,602
96,385
Total
$
$
$ 5,980
2,850
493
$
$
139,582
99,235
17,798
256,615
2026
2027
Totals
17,305
247,292 $ 9,323
Compensated Absences
The City's policy relating to compensated absences is described in Note 1 of the Notes to Financial Statements. This liability will be paid in future years from future resources. The outstanding liability for compensated absences accrued was $1,584,718.
Beginning
Balance
Ending
Balance
Due Within
Additions Deletions One Year
Compensated Absences $ 1,413,265 $ 842,566 $ 671,113 $ 1,584,718 $ 365,307 The remainder of the page was intentionally left blank
-55- Page 114 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
8) INTERFUND RECEIVABLES, PAYABLES AND TRANSFERS
Advances To/From Other Funds
Advances from
Other Funds
Golf Course
Maintenance
Advances to Other Funds
General Fund
and Operations
$ 7,238,210
The City of San Dimas has outstanding loans that were made in the 1980’s to the Golf Course Maintenance and Operations Fund that bear interest at 2% per annum. The annual payments are based on the cash available, once excess revenue over expenditures is calculated at year-end. As of June 30, 2024, principal and accrued unpaid interest owed on those loans was $7,238,210.
Interfund Transfers
Transfers Out
General
Fund
Nonmajor
Transfers In Funds Total
General Fund
Nonmajor Funds
$
$
- $ 352,000
-
$ 352,000
4,892,173 4,892,173
Totals 4,892,173 $ 352,000 $ 5,244,173
The City uses the Infrastructure Replacement, Landscape Parcel Tax, North & West Park District, East Park District, South Park District, Housing Authority (Housing Successor), and the Community Wide Fund to account for some of its capital projects. The funding sources for those projects were reported as transfers from the General Fund in the amount of $4,685,221.
The General Fund transferred $206,952 to the Housing Authority (Housing Successor) for the ROPS approved payment on the Walker House Loan.
The non-major funds transferred $352,000 to the General Fund for eligible administrative costs associated with maintaining those funds and capital projects. -56- Page 115 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
9) COMMITMENTS AND CONTINGENCIES
a. Litigation
At June 30, 2024, the City was involved as a defendant in a lawsuit arising out of the ordinary conduct of its affairs. It is the opinion of City management that settlements of these lawsuits, including losses for claims that are incurred but not reported, if any, will not have a material effect on the financial position of the City. b. Construction Commitments (Outstanding Purchase Orders) The following material construction commitments existed at June 30, 2024:
Remaining Commitments
Fund as of June 30, 2024
General Fund $ 877,514
$
Aggregate Remaining Funds
Total
2,616,043
3,493,557
The remainder of the page was intentionally left blank
-57- Page 116 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
III. OTHER DISCLOSURES
10) SELF-INSURANCE OBLIGATIONS
a. Description of Self-Insurance Pool Pursuant to Joint Powers Agreement The City of San Dimas is a member of the CALIFORNIA JOINT POWERS INSURANCE AUTHORITY (Authority). The Authority is composed of 116 California public entities and is organized under a joint powers agreement pursuant to California Government Code §6500 et seq. The purpose of the Authority is to arrange and administer programs for the pooling of self-insured losses, to purchase excess insurance or reinsurance, and to arrange for group purchased insurance for property and other lines of coverage. The California JPIA began covering claims of its members in 1978. Each member government has an elected official as its representative on the Board of Directors. The Board operates through a nine-member Executive Committee. b. Primary Self-Insurance Programs of the Authority
Each member pays an annual contribution at the beginning of the coverage period. The total funding requirement for primary self-insurance programs is based on an actuarial analysis. Costs are allocated to individual agencies based on payroll and claims history, relative to other members of the risk-sharing pool.
Primary Liability Program
Claims are pooled separately between police and general government exposures. (1) The payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within the formula. (2) The first layer of losses includes incurred costs up to $100,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the first layer. (3) The second layer of losses includes incurred costs from $100,000 to $500,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred costs from $500,000 to $50 million, are distributed based on the outcome of cost allocation within the first and second loss layers.
The overall coverage limit for each member, including all layers of coverage, is $50 million per occurrence. Subsidence losses also have a $50 million per occurrence limit.
The coverage structure is composed of a combination of pooled self-insurance, reinsurance, and excess insurance. Additional information concerning the coverage structure is available on the Authority’s website: https://cjpia.org/coverage/risk-sharingpools/. -58- Page 117 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
10) SELF-INSURANCE OBLIGATIONS, (continued)
b. Primary Self-Insurance Programs of the Authority, (continued) Primary Workers’ Compensation Program
Claims are pooled separately between public safety (police and fire) and general government exposures. (1) The payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within the formula. (2) The first layer of losses includes incurred costs up to $75,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the first layer. (3) The second layer of losses includes incurred costs from $75,000 to $200,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred costs from $200,000 to statutory limits are distributed based on the outcome of cost allocation within the first and second loss layers.
For 2023-24 the Authority’s pooled retention is $1 million per occurrence, with reinsurance to statutory limits under California Workers’ Compensation Law. Employer’s Liability losses are pooled among members to $1 million. Coverage from $1 million to $5 million is purchased through reinsurance policies, and Employer’s Liability losses from $5 million to $10 million are pooled among members.
c. Purchased Insurance
Pollution Legal Liability Insurance
The City of San Dimas participates in the pollution legal liability insurance program which is available through the Authority. The policy covers sudden and gradual pollution of scheduled property, streets, and storm drains owned by the City of San Dimas.
Coverage is on a claims-made basis. There is a $250,000 deductible. The Authority has an aggregate limit of $20 million.
Property Insurance
The City of San Dimas participates in the all-risk property protection program of the Authority. This insurance protection is underwritten by several insurance companies.
City of San Dimas property is currently insured according to a schedule of covered property submitted by the City of San Dimas to the Authority. City of San Dimas property currently has all-risk property insurance protection in the amount of $57,963,484. There is a $10,000 deductible per occurrence except for non-emergency vehicle insurance which has a $2,500 deductible.
Crime Insurance
The City of San Dimas purchases crime insurance coverage in the amount of $1,000,000 with a $2,500 deductible. The fidelity coverage is provided through the Authority. -59- Page 118 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
10) SELF-INSURANCE OBLIGATIONS, (continued)
d. Adequacy of Protection
During the past three fiscal years, none of the above programs of protection experienced settlements or judgments that exceeded pooled or insured coverage. There were also no significant reductions in pooled or insured liability coverage in 2023-24. 11) SUCCESSOR AGENCY TRUST FOR ASSETS OF FORMER REDEVELOPMENT AGENCY
On December 29, 2011, the California Supreme Court upheld Assembly Bill 1X 26 (“the Bill”) that provided for the dissolution of all redevelopment agencies in the State of California. This action impacted the reporting entity of the City of San Dimas that previously had reported a redevelopment agency within the reporting entity of the City as a blended component unit.
The Bill provided that upon dissolution of a redevelopment agency, either the city or another unit of local government will agree to serve as the “successor agency” to hold the assets until they are distributed to other units of state and local government. On January 10, 2012, the City Council elected to become the Successor Agency for the former redevelopment agency in accordance with the Bill as part of City resolution number 2012-02.
After enactment of the law, which occurred on June 28, 2011, redevelopment agencies in the State of California cannot enter into new projects, obligations or commitments. Subject to the control of a newly established oversight board, remaining assets can only be used to pay enforceable obligations in existence at the date of dissolution (including the completion of any unfinished projects that were subject to legally enforceable contractual commitments).
Successor agencies will only be allocated revenue in the amount that is necessary to pay the estimated annual installment payments on enforceable obligations of the former redevelopment agency until all enforceable obligations of the prior redevelopment agency have been paid in full and all assets have been liquidated.
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. After the date of dissolution, the assets and activities of the dissolved redevelopment agency are reported in a fiduciary fund (private-purpose trust fund) in the financial statements of the City. -60- Page 119 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
11) SUCCESSOR AGENCY TRUST FOR ASSETS OF FORMER REDEVELOPMENT AGENCY, (continued)
a. Cash and investments
Cash and investments reported in the accompanying financial statements consisted of the following:
Cash and investments pooled with the City
b. Long-Term Debt
$ 2,634,458
The following debt was transferred from the Redevelopment Agency to the Successor Agency as of February 1, 2012, as a result of the dissolution.
A description of long-term debt outstanding (excluding defeased debt) of the Successor Agency as of June 30, 2024, follows:
Beginning
Balance
Ending
Balance
Due Within
Fiduciary Funds: Additions Deletions One Year
Notes and Loans from Direct Borrowings
and Direct Placements
City Loans $ 12,432,612
571,711
$ 13,004,323
$
$
81,828 $
$
1,034,761
103,883
1,138,644
$ 11,479,679
467,828
$ 11,947,507
$ 1,437,325
109,079
$ 1,546,404
Walker House Loan
Totals
-
81,828
City Loans
The City of San Dimas made loans to the Former Redevelopment Agency that bear interest at rates up to 5.5%. On September 23, 2015 Governor Jerry Brown signed SB 107 which adjusted all interest on loans to the Former Redevelopment Agency to a max simple interest of 3%. As of June 30, 2024, principal and interest owed on those loans was $11,479,679. Loans include non-housing projects with a remaining principal of $7,736,534 for the Creative Growth project area, $964,200 for the Rancho San Dimas project area and, $467,828 for the Walker House Loan. Repayment approval is pending a review of additional documentation from the City for the Creative Growth and the Rancho San Dimas Project on the City of San Dimas’ Recognized Obligation Payment Schedule (ROPS). The California Department of Finance approved repayment of $1,437,325 for fiscal year 2024/25 through the ROPS. There is no repayment schedule for the City loans.
Walker House Loan
The Walker House LLC loaned the Agency $1,650,000 for Agency operations. The note bears interest of 5% with annual principal and interest payments due June 30th each year with the first payment date of June 30, 2009. The term of the note is 20 years. The balance outstanding at June 30, 2024, is $467,828. This liability was transferred to the Successor Agency upon dissolution of the redevelopment agency. -61- Page 120 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
11) SUCCESSOR AGENCY TRUST FOR ASSETS OF FORMER REDEVELOPMENT AGENCY, (continued)
b. Long-Term Debt, (continued)
Walker House Loan, (continued)
The following schedule illustrates the debt service requirements to maturity as of June 30, 2024:
Fiscal Year
Ending June 30,
2025
Walker House Loan
Principal Interest
$ 109,079 23,391
$
$
$
2026
2027
2028
Totals
114,533
120,261
123,955
467,828
17,937
12,211
6,198
59,737
c. Insurance
The Successor Agency is covered under the City of San Dimas’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 seen in Note 10.
d. Commitments and Contingencies
At June 30, 2024, the Successor Agency was involved as a defendant in a lawsuit arising out of the ordinary conduct of its affairs. It is the opinion of management that settlements of these lawsuits, including losses for claims that are incurred but not reported, if any, will not have a material effect on the financial position of the Successor Agency. 12) TAX ABATEMENT
The Former Redevelopment Agency entered into a tax abatement agreement of sales and use tax revenue (including without limitation any reimbursement paid to Agency or City from the sales and use tax in-lieu fund as provided by Section 97.68 of the California Revenue and Taxation Code) with a local retailer under the authority of the City Council of the City of San Dimas. This agreement created a performance-based incentive from revenue that is generated from sales, property, and business license taxes for the retailer, however, also included leased parking lot space for public use for the City. Tax abated each year is a calculation of the product of fifty percent (50%) multiplied by the portion of the Sales Tax in excess of $200,000 during the year. For the fiscal year ended June 30, 2024, the now Successor Agency to the Former RDA, abated tax increment totaling $404,565 under this agreement. This tax abatement is scheduled to end in the 2026-27 fiscal year, however, if the note is not fulfilled, it will be extended by three years. -62- Page 121 – 2053
City of San Dimas
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2024
13) STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
The following major governmental fund and fiduciary fund reported a deficit fund balance at June 30, 2024:
Deficit Fund
Balance
Government Funds:
Major Governmental Funds:
Golf Course Maintenance and Operation $ (5,360,641)
$ (7,211,273)
Fiduciary Funds:
Successor Agency of the Former RDA
14) PRIOR PERIOD RESTATEMENT
As a result of the implementation of GASB 100, as described in Note 1, the City is required to restate its June 30, 2023 governmental funds’ fund balance, as well as governmental activities net position. The Housing Authority Fund was previously reported as a major fund, and qualified as nonmajor for the year ending June 30, 2024. This qualifies as a change to or within the financial reporting entity, under the guidance of GASB 100:
Fund Financial Statements
Major Special Revenue Funds:
Housing Authority
(Formerly Major)
Fund balance, as previously reported
Adjustment - change from major to nonmajor
$
$
6,273,561
(6,273,561)
Fund balance, as restated -
Non-Major Special Revenue Fund:
Housing Authority
(Formerly Major)
Fund balance, as previously reported $ -
Adjustment - change from major to nonmajor 6,273,561
Fund balance, as restated $ 6,273,561
-63- Page 122 – 2053
REQUIRED SUPLEMENTARY
INFORMATION
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City of San Dimas
Budgetary Comparison Schedule by Department
General Fund
For the Year Ended June 30, 2024
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1
Resources (Inflows):
Taxes
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Fines and forfeitures
Miscellaneous
$ 42,028,956 $ 42,028,956 $ 42,028,956 $ -
23,343,148
1,063,550
101,364
1,326,135
780,877
372,050
616,470
1,947,000
-
23,343,148
1,063,550
522,096
1,326,135
2,130,877
372,050
616,470
352,000
-
23,432,397
1,763,677
243,091
1,365,627
3,912,612
408,370
585,371
352,000
52,415
74,144,516
89,249
700,127
(279,005)
39,492
1,781,735
36,320
(31,099)
-
52,415
Transfers in
Subscription acquisition
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
General government
General government
City council
City manager/City clerk
Administrative services
City attorney
71,579,550 71,755,282 2,389,234
212,513
1,054,951
1,920,215
575,000
1,991,082
36,250
212,513
1,103,151
1,945,572
733,605
2,237,876
29,000
198,735
1,023,549
1,800,905
435,106
1,956,839
5,250
13,778
79,602
144,667
298,499
281,037
23,750
General services
Economic development
Public safety
Law enforcement 7,854,194
7,500
7,874,194
7,500
27,213
133,716
7,200,155
-
674,039
7,500
(8,830)
57,627
Risk management/law enforcement
Emergency services
General services
19,254
86,500
36,043
76,089
Community development
Community development
Parks and recreation
Facilities
Civic center
Senior center/community building
Park maintenance
Parkways and trees
Recreation
Swim and racquet club
Public works
2,472,953 2,455,585 2,202,593 252,992
921,335
266,044
448,906
461,930
798,691
1,706,287
1,081,308
928,435
268,044
444,756
461,930
780,691
1,711,287
1,057,675
848,793
222,580
385,723
448,907
693,989
1,568,745
903,213
79,642
45,464
59,033
13,023
86,702
142,542
154,462
Public works 1,584,100
1,534,447
436,674
549,995
989,500
1,887,300
1,623,725
412,174
699,995
1,299,699
1,408,303
1,148,361
364,935
573,740
632,988
478,997
475,364
47,239
126,255
666,711
Street maintenance
Vehicle/yard maintenance
Traffic control
Capital outlay
Debt service:
Principal retirement
Transfers out
- - 142,084
4,892,173
29,169,798
(142,084)
5,974
4,063,985
2,519,193
29,528,822
4,898,147
Total Charges to Appropriations 33,233,783
BudgetaryFund Balance, June 30 $ 42,050,728 $ 38,521,499 $ 44,974,718 $ 6,453,219 -64- Page 125 – 2053
City of San Dimas
Budgetary Comparison Schedule
Golf Course Maintenance and Operation
For the Year Ended June 30, 2024
Variance with
Final Budget
Budget Amounts Positive
Original Final
Actual
Amounts
(6,030,879)
(Negative)
Budgetary Fund Balance (deficit), July 1
Resources (Inflows):
$ (6,030,879) $ (6,030,879) $ $ -
Use of money and property
Miscellaneous
652,000
307,000
652,000
307,000
963,235
342,781
311,235
35,781
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
Parks and recreation
(5,071,879) (5,071,879) (4,724,863) 347,016
349,800 349,800 257,170 92,630
Debt service:
Interest and fiscal charges
Total Charges to Appropriations
302,200
652,000
302,200
652,000
378,608
635,778
(76,408)
16,222
Budgetary Fund Balance (Deficit), June 30 $ (5,723,879) $ (5,723,879) $ (5,360,641) $ 363,238 -65- Page 126 – 2053
City of San Dimas
Notes to Required Supplementary Information
June 30, 2024
1) BUDGET PROCEDURES
a. Budgetary Data
General Budget Policies
The City Council approves each year's budget submitted by the City manager prior to the beginning of the new fiscal year. Public hearings are conducted prior to its adoption by the Council. Intradepartmental budget changes are approved by the City manager. In most cases, expenditures may not exceed appropriations at the function level. At fiscal year-end all unencumbered operating budget appropriations lapse.
During the year several supplementary appropriations were necessary.
Budget Basis of Accounting
Budgets for governmental funds are adopted to the same basis consistent with generally accepted accounting principles (GAAP). Annual budgets are adopted for the General, Special Revenue, Debt Service Funds and Capital Project funds. No budget was adopted for the South Park District Fund from the Special Revenue funds.
Budgets
b. Excess of Expenditures over Appropriations are as follows:
Fund
Non-major Governmental Funds:
Housing Authority
Appropriations Expenditures
$ 3,222,173
Excess
$ 3,204,059 $ (18,114)
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-66- Page 127 – 2053
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City of San Dimas
Miscellaneous Rate Plan
Schedule of Proportionate Share of Net Pension Liability As of June 30, for the Last Ten Fiscal Years
Employer's
Proportionate
Share of the
Collective Net
Pension
Liability as a
Percentage of
the Employer's
Pension Plan
Fiduciary Net
Position as a
Percentage of
the Total
Employer's
Proportionate
Share of the
Collective Net
Pension Liability
Employer's
Proportion of the
Collective Net Employer's
Measurement Date Pension Liability Covered Payroll 1 Covered Payroll Pension Liability 6/30/2014
6/30/2015
6/30/2016
6/30/2017
6/30/2018
6/30/2019
6/30/2020
6/30/2021
6/30/2022
6/30/2023
0.12931%
0.11920%
0.12074%
0.11863%
0.11494%
0.11742%
0.11924%
0.12587%
0.11779%
0.13314%
$ 8,046,361
8,182,059
10,447,866
11,764,435
11,076,275
12,031,846
12,974,156
6,807,411
15,541,335
16,610,478
$ 4,818,949
5,084,153
5,137,893
5,404,633
5,646,432
5,928,291
5,973,410
5,740,092
6,218,229
6,892,393
166.97%
160.93%
203.35%
217.67%
196.16%
202.96%
217.20%
118.59%
249.93%
241.00%
79.82%
78.40%
74.06%
73.31%
75.26%
75.26%
76.40%
88.30%
74.21%
73.58%
1 Proportion of the net pension liability represents the plan's proportion of PERF C, which includes both the Miscellaneous and Safety Risk Pools excluding the 1959 Survivors Risk Pool. -67- Page 129 – 2053
City of San Dimas
Miscellaneous Rate Plan
Schedule of Plan Contributions
As of June 30, for the Last Ten Fiscal Years
Contributions
in Relation to
Contributions
as a
Actuarially
Determined
Contribution
the Actuarially Contribution Employer's
Covered
Payroll
Percentage
of Covered
Payroll
Determined
Contribution
Deficiency
Fiscal Year (Excess)
6/30/2015
6/30/2016
6/30/2017
6/30/2018
6/30/2019
6/30/2020
6/30/2021
6/30/2022
6/30/2023
6/30/2024
$ 709,416
971,751
1,072,252
915,269
1,069,480
1,638,660
1,368,607
1,549,249
1,845,344
2,282,378
$ (709,416)
(1,071,751)
(1,255,961)
(1,095,269)
(1,269,480)
(1,438,660)
(1,447,098)
(1,549,249)
(1,845,344)
(2,282,378)
$ -
(100,000)
(183,709)
(180,000)
(200,000)
200,000
(78,491)
-
$ 5,084,153
5,137,893
5,404,633
5,646,432
5,928,291
5,973,410
5,740,092
6,218,229
6,892,393
7,214,765
13.95%
20.86%
23.24%
19.40%
21.41%
24.08%
25.21%
24.91%
26.77%
31.63%
-
-
Notes to Schedule:
Changes in Benefit Terms: There were no changes to benefit terms that applied to all members of the Public Agency Pool. Additionally, the figures above do not include any liability impact that may have resulted from Golden Handshakes that occurred after the June 30, 2021 valuation date, unless the liability impact is deemed to be material to the Public Agency Pool.
Changes in 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.There were no assumption changes for 2021. For 2020, the Plan adopted a new amortization policy effective with the 2019 actuarial valuation. The new amortization policy shortens the period over which actuarial gains and losses are amortized from 30 years to 20 years with the payments computed as a level dollar amount. In addition, the new policy does not utilize a five-year ramp-up and ramp-down on UAL bases attributable to assumption changes and non-investment gains/losses. The new policy also does not utilize a five-year ramp-down on investment gains/losses. These changes apply only to new UAL bases established on or after June 30, 2019. There were no changes in assumptions in 2019. In 2018, demographic assumptions and inflation rate were changed in accordance to the CalPERS Experience Study and Review of Actuarial Assumptions December 2017. There were no changes in the discount rate in 2019. In 2017, the accounting discount rate was reduced from 7.65 percent to 7.15 percent. In 2016, there were no changes in the discount rate. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5 percent (net of administrative expense) to 7.65 percent (without a reduction for pension plan administrative expense). In 2014, amounts reported were based on the 7.5 percent discount rate. -68- Page 130 – 2053
City of San Dimas
Schedule of Changes in the Total OPEB Liability and Related Ratios As of June 30, for the Last Ten Fiscal Years (1)
2018
78,902
61,911
-
2019
81,585
64,660
-
(28,380)
(64,171)
53,694
1,852,264
$ 1,905,958
$ 1,905,958
0.00%
2020
82,358
68,360
145,032
106,411
(70,361)
331,800
1,905,958
$ 2,237,758
$ 2,237,758
0.00%
2021 2022 2023 2024
Total OPEB Liability
Service cost
Interest on the total OPEB liability
Actual and expected experience difference
Changes in assumptions
$ $ $ $ 112,307
72,923
-
182,971
(70,117)
298,084
2,237,758
$ 2,535,842
$ 2,535,842
0.00%
$ 115,676
67,977
227,573
82,874
(51,010)
443,090
2,535,842
$2,978,932
$2,978,932
0.00%
$ 183,685
64,925
(4,266)
$ 139,041
90,722
(351,697)
(52,494)
(122,165)
(296,593)
2,558,123
$2,261,530
$2,261,530
0.00%
- (539,399)
(125,754)
(420,809)
2,978,932
$2,558,123
$2,558,123
0.00%
Benefit payments (2) (61,115)
79,698
1,772,566
$ 1,852,264
$ 1,852,264
0.00%
Net change in total OPEB liability
Total OPEB liability - beginning
Total OPEB liability - ending (a)
Total OPEB Liability/(Assets) - ending (a) - (b)
Plan fiduciary net position as a percentage of the total OPEB liability Covered-employee payroll $ 5,520,000
33.56%
$ 5,970,048
31.93%
$ 5,971,482
37.47%
$ 6,128,500
41.38%
$6,297,034
47.31%
$6,892,393
37.12%
$7,214,765
Total OPEB liability as a percentage of covered-employee payroll 31.35% (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. (2) Includes implied subsidy.
Notes to Schedule: The City does not have assets accumulated in a trust that meet the criteria of GASB 75 to pay related benefits. Benefits are not based on a measure of pay, therefore covered-employee payroll is used.
Changes in assumptions: The discount rate was changed from 3.54% to 3.65% for the measurement period ended June 30, 2023. -69- Page 131 – 2053
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SUPLEMENTARY INFORMATION
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City of San Dimas
Non-Major Governmental Funds
Special Revenue Funds
Special revenue funds are used to account for specific revenues that are legally restricted to expenditure for particular purposes.
Gas Tax Fund - this fund is used to account for receipts and expenditures of monies apportioned to the City under Sections 2103, 2105, 2106, 2107 and 2107.5 of the California Streets and Highway Code.
Sewer Expansion Fund - this fund is used to account for receipts and expenditures of monies apportioned to the City under sewer maintenance and industrial waste reimbursements from the County and private property connections to the public sewer fees.
City Wide Lighting District Fund - is used to account for the cost of providing lighting and intersection safety lighting on all City streets. The Engineering Division provides engineering and administration for the street lighting assessment district.
Landscape Parcel Tax Fund - this fund is used to account for financial activity relating to the voter approved property tax assessment. Revenues include assessment to property owners and a transfer from the General Fund. Expenditures are exclusive to the maintenance of parks, parkways, medians, and trees.
Infrastructure Replacement Fund - this fund is used to account for major capital improvement projects associated with the Cities infrastructure.
Property Development Tax Community Wide Fund - this fund is used to account for the parks and facilities capital improvement projects of which the funding source was not derived from development projects related to specific districts.
North & West Park District Fund - this fund is used to account for revenues and expenditures associated with the acquisition and preservation of north & west districts open space.
East Park District Fund - this fund is used to account for revenues and expenditures associated with the acquisition and preservation of east districts open space.
South Park District Fund - this fund is used to account for revenues and expenditures associated with the acquisition and preservation of south districts open space. No budget was adopted for this fund
Housing Authority (Housing Successor) Fund - this fund is used to account for the administrative costs of winding down the affairs of the former San Dimas Redevelopment Agency.
Housing Community Development Fund - this fund is used to account for grant revenue received from the Department of Housing and Urban Development. The funds will be used for housing rehabilitation programs
Citizen’s Option for Public Safety Fund - this fund is used to account for receipts and expenditures of monies apportioned to the City from a State COPS grant for law enforcement. -70- Page 135 – 2053
City of San Dimas
Non-Major Governmental Funds
Special Revenue Funds, (continued)
Air Quality Management District Fund - this fund is used to account for clean air fees collected by the State and distributed by the Southern California Air Quality Management District (SCAQMD) for clean air projects.
Proposition A Local Transit Fund - this fund is used to account for the financial activity related to the City’s share of Proposition A monies. Proposition A increased sales tax in Los Angeles County by one-half percent (0.5%) and is used for transportation related purposes.
Transportation Proposition C Fund - this fund is used to account for the financial activity related to the City’s share of Proposition C monies. Proposition C increased sales tax in Los Angeles County by one-half percent (0.5%) and is used for transportation related purposes.
Open Space Maintenace District Fund - this fund is used to account for the parks and facilities capital improvement projects.
Measure R Transit Fund - this fund is used to account for receipts and expenditures of monies apportioned to the City under Measure R, a voter approved retail transactions and use tax at the rate of one-half percent (0.5%) for a period of 30 years. This money is restricted to expenditures that maintain and improve City streets and for transportation services.
Measure M Transit Fund - this fund is used to account for receipts and expenditures of monies apportioned to the City under Measure R, a voter approved retail transactions and use tax at the rate of one-half percent (0.5%) for a period of 30 years. This money is restricted to expenditures that maintain and improve City streets and for transportation services.
Road Maintenance Rehabilitation Act Fund - this fund is used to account for receipts and expenditures of monies apportioned to the City under the Road Maintenance Rehab Act. The funds are generated by increases in the gas tax and vehicle license fees.
Measure W Storm Water Fund - In November 2018 ballot, Los Angeles voters approved the Safe Clean Water Parcel Tax of 2.5 cents a square foot of “impermeable space.” Revenue generated from Measure W will be used to pay for regional and municipal projects that improve water quality & retention, prepare for future drought, and provide community benefits such as parks or wetlands. It is anticipated that the funds will be used for storm water projects in compliance with the MS4 permit.
American Rescue Plan Act Fund - this fund is used to account for revenue & expenditures identified to recapture lost revenue due to the effects of the pandemic lockdown. The funds originate from a Grant distribution through the Federal Government as part of the American Recovery Act.
Housing Authority Fund - this fund is used to account for debt service payments associated with the 1998 Mobile Home Park Revenue Bonds. The bonds were issued to finance the Authority’s acquisition of a mobile home park know as Charter Oak Mobile Home Estates. The Revenue Bonds were refinanced in 2020 to reduce the principal and interest. -71- Page 136 – 2053
City of San Dimas
Non-Major Governmental Funds
Capital Projects Funds
Civic Center Expansion Fund - this fund is used to account for debt service payments associated with the renovation of the San Dimas Civic Center which was re-opened as the City Hall, the Plaza and Community Building in April 2011.
Debt Service Funds
Assessment District 96-1 Fund - this fund was set up to cover the maintenance and operations and bond payments associated with the parking district. Revenue for this fund was derived from property assessments of property owners of the center. The bonds were retired in September 2016 and at that time the Parking District was dissolved. The Puddingstone Parking Lot reverted to full private ownership and there will no longer be any City or Successor Agency involvement. -72- Page 137 – 2053
City of San Dimas
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
Special Revenue Funds
Sewer
Expansion
City Wide
Lighting District
Landscape
Gas Tax Parcel Tax
1,807,031
ASSETS
Pooled cash and investments
Receivables:
$ $ 1,396,623 $ 4,627,574 $ 84,486
Accounts - 3,419 - 644
Taxes
Notes and loans
Grants
Prepaid expenses
Cash and investments with fiscal agents
81,707 -
-
-
-
-
33,534 17,968
-
-
-
-
-
-
-
-
-
-
-
-
Total Assets $ 1,888,738 $ 1,400,042 $ 4,661,108 $ 103,098
LIABILITIES, DEFERRED INFLOWS OF RESOURCES
AND FUND BALANCES
Liabilities:
Accounts payable $ 37,000 $ 9,654 $ 35,468 $ 65,151
Accrued liabilities
Due to other funds
Unearned revenues
-
-
-
-
-
-
-
-
-
-
-
-
Total Liabilities 37,000 9,654 35,468 65,151
Deferred Inflows of Resources:
Unavailable revenues - - - -
Total Deferred Inflows of Resources - - - -
Fund Balances:
Nonspendable:
Prepaid expenses
Restricted for:
Public safety
- - - -
- -
-
-
-
- -
Parks and recreation
Public works
Housing
-
1,851,738
-
-
4,625,640
-
-
37,947
-
Committed to:
Parks and recreation
Public works
-
-
- -
-
-
1,390,388 -
Total Fund Balances 1,851,738 1,390,388
1,400,042
4,625,640 37,947
Total Liabilities, Deferred Inflows of Resources,
and Fund Balances $ 1,888,738 $ $ 4,661,108 $ 103,098
-73- Page 138 – 2053
City of San Dimas
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024 (Continued)
Special Revenue Funds
Property
Infrastructure
Replacement
Development Tax
Community Wide
North &
West Park Dist. East Park Dist.
ASSETS
Pooled cash and investments
Receivables:
$ 5,548,341 $ 115,029 $ 370,781 $ 293,127
Accounts
Taxes
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Notes and loans
Grants
Prepaid expenses
Cash and investments with fiscal agents
5,515
-
-
Total Assets $ 5,553,856 $ 115,029 $ 370,781 $ 293,127
LIABILITIES, DEFERRED INFLOWS OF RESOURCES
AND FUND BALANCES
Liabilities:
Accounts payable
Accrued liabilities
Due to other funds
Unearned revenues
$ 80,711 $ -
-
-
-
$ 10,491 $ 6,067
-
-
-
-
-
-
-
96,342 -
Total Liabilities 177,053 - 10,491 6,067
Deferred Inflows of Resources:
Unavailable revenues 5,515 - - -
Total Deferred Inflows of Resources 5,515 - - -
Fund Balances:
Nonspendable:
Prepaid expenses
Restricted for:
Public safety
- - - -
- -
-
-
-
- -
Parks and recreation
Public works
Housing
-
5,371,288
-
360,290 287,060
-
-
-
-
Committed to:
Parks and recreation
Public works
-
-
115,029
-
-
-
-
-
Total Fund Balances 5,371,288
5,553,856
115,029
115,029
360,290
370,781
287,060
293,127
Total Liabilities, Deferred Inflows of Resources,
and Fund Balances $ $ $ $
-74- Page 139 – 2053
City of San Dimas
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
Special Revenue Funds
Housing Authority
(Housing
Successor)
Housing &
Community
Development
Citizen's
Option for
South Park Dist. Public Safety
ASSETS
Pooled cash and investments
Receivables:
$ 29,791 $ 1,748,503 $ - $ 263,242
Accounts
Taxes
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Notes and loans
Grants
Prepaid expenses
Cash and investments with fiscal agents
216,818
9,758 152,546
-
-
-
-
Total Assets $ 29,791 $ 1,758,261 $ 369,364 $ 263,242
LIABILITIES, DEFERRED INFLOWS OF RESOURCES
AND FUND BALANCES
Liabilities:
Accounts payable
Accrued liabilities
Due to other funds
Unearned revenues
$ -
-
-
-
$ 49,255
4,507
$ 28,879 $ 2,325
-
103,604
-
-
-
-
-
-
Total Liabilities - 53,762 132,483 2,325
Deferred Inflows of Resources:
Unavailable revenues - - 236,881 -
Total Deferred Inflows of Resources - - 236,881 -
Fund Balances:
Nonspendable:
Prepaid expenses
Restricted for:
Public safety
- - - -
-
-
-
-
-
-
-
-
-
-
-
260,917
Parks and recreation
Public works
Housing
-
-
1,704,499 -
Committed to:
Parks and recreation
Public works
- -
-
-
-
-
29,791 -
Total Fund Balances 29,791
29,791
1,704,499
1,758,261
- 260,917
263,242
Total Liabilities, Deferred Inflows of Resources,
and Fund Balances $ $ $ 369,364 $
-75- Page 140 – 2053
City of San Dimas
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024 (Continued)
Special Revenue Funds
Air Quality
Management
District
Open Space
Maintenance
District
Proposition A
Local Transit
Transportation
Proposition C
ASSETS
Pooled cash and investments
Receivables:
$ 178,318 $ 6,727,030 $ 2,386,052 $ 11,127
Accounts 11,465 227 59,347 -
Taxes
Notes and loans
Grants
Prepaid expenses
Cash and investments with fiscal agents
-
-
-
-
-
-
-
-
-
-
-
-
30 -
-
-
-
-
2,000
-
Total Assets $ 189,783 $ 6,727,257 $ 2,447,399 $ 11,157
LIABILITIES, DEFERRED INFLOWS OF RESOURCES
AND FUND BALANCES
Liabilities:
Accounts payable $ 1,063 $ 54,264 $ 525 $ 2,836
Accrued liabilities
Due to other funds
Unearned revenues
-
-
-
-
-
-
-
-
-
-
-
-
Total Liabilities 1,063 54,264 525 2,836
Deferred Inflows of Resources:
Unavailable revenues 11,465 - - -
Total Deferred Inflows of Resources 11,465 - - -
Fund Balances:
Nonspendable:
Prepaid expenses
Restricted for:
Public safety
- - 2,000 -
- - - -
-
-
-
Parks and recreation
Public works
Housing
-
177,255
-
-
6,672,993
-
-
2,444,874
-
Committed to:
Parks and recreation
Public works
-
-
-
-
-
-
8,321
-
Total Fund Balances 177,255 6,672,993 2,446,874 8,321
Total Liabilities, Deferred Inflows of Resources,
and Fund Balances $ 189,783 $ 6,727,257 $ 2,447,399 $ 11,157 -76- Page 141 – 2053
City of San Dimas
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
Special Revenue Funds
Measure R
Transit
Measure M
Transit
Road Maint.
Rehab Act
Measure W
Storm Water
ASSETS
Pooled cash and investments
Receivables:
$ 1,719,224 $ 2,680,834 $ 1,729,300 $ 3,155,778
Accounts
Taxes
44,641 50,611 157,149 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Notes and loans
Grants
Prepaid expenses
Cash and investments with fiscal agents
Total Assets $ 1,763,865 $ 2,731,445 $ 1,886,449 $ 3,155,778
LIABILITIES, DEFERRED INFLOWS OF RESOURCES
AND FUND BALANCES
Liabilities:
Accounts payable
Accrued liabilities
Due to other funds
Unearned revenues
$ 35,052 $ 198,320 $ -
-
-
-
$ 10,459
-
-
-
-
-
-
-
-
1,479,320
Total Liabilities 35,052 198,320 - 1,489,779
Deferred Inflows of Resources:
Unavailable revenues - - - -
Total Deferred Inflows of Resources - - - -
Fund Balances:
Nonspendable:
Prepaid expenses
Restricted for:
Public safety
- - - -
- - - -
Parks and recreation
Public works
Housing
-
1,728,813
-
-
2,533,125
-
-
1,886,449
-
-
1,665,999
-
Committed to:
Parks and recreation
Public works
-
-
-
-
-
-
-
-
Total Fund Balances 1,728,813
1,763,865
2,533,125
2,731,445
1,886,449
1,886,449
1,665,999
3,155,778
Total Liabilities, Deferred Inflows of Resources,
and Fund Balances $ $ $ $
-77- Page 142 – 2053
City of San Dimas
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024 (Continued)
Capital
Projects Fund
Civic
Debt Service
Special Revenue Funds Funds
Housing
Authority
(Formerly Major)
Center
Expansion
Assessment
ARPA District 96-1
271,652
ASSETS
Pooled cash and investments
Receivables:
$ $ 5,322,454 $ - $ -
Accounts
Taxes
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Notes and loans
Grants
Prepaid expenses
Cash and investments with fiscal agents 958,964
Total Assets $ 271,652 $ 6,281,418 $ - $ -
LIABILITIES, DEFERRED INFLOWS OF RESOURCES
AND FUND BALANCES
Liabilities:
Accounts payable
Accrued liabilities
Due to other funds
Unearned revenues
$ 271,652 $ 623
5,422
-
-
$ -
-
-
-
$ -
-
-
-
-
-
-
Total Liabilities 271,652 6,045 - -
Deferred Inflows of Resources:
Unavailable revenues - - - -
Total Deferred Inflows of Resources - - - -
Fund Balances:
Nonspendable:
Prepaid expenses
Restricted for:
Public safety
- - - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Parks and recreation
Public works
Housing 6,275,373
Committed to:
Parks and recreation
Public works
-
-
-
-
-
-
-
-
Total Fund Balances - 6,275,373
6,281,418
-
-
-
-
Total Liabilities, Deferred Inflows of Resources,
and Fund Balances $ 271,652 $ $ $
-78- Page 143 – 2053
This page intentionally left blank.
City of San Dimas
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024 (Concluded)
Total Other
Governmental
Funds
ASSETS
Pooled cash and investments
Receivables:
$ 40,466,297
Accounts
Taxes
327,503
133,239
216,818
167,819
2,000
Notes and loans
Grants
Prepaid expenses
Cash and investments with fiscal agents 958,964
Total Assets $ 42,272,640
LIABILITIES, DEFERRED INFLOWS OF RESOURCES
AND FUND BALANCES
Liabilities:
Accounts payable
Accrued liabilities
$ 899,795
9,929
Due to other funds
Unearned revenues
103,604
1,575,662
Total Liabilities 2,588,990
Deferred Inflows of Resources:
Unavailable revenues 253,861
Total Deferred Inflows of Resources 253,861
Fund Balances:
Nonspendable:
Prepaid expenses
Restricted for:
Public safety
2,000
260,917
647,350
28,996,121
7,979,872
Parks and recreation
Public works
Housing
Committed to:
Parks and recreation
Public works
123,350
1,420,179
Total Fund Balances 39,429,789
42,272,640
Total Liabilities, Deferred Inflows of Resources,
and Fund Balances $
-79- Page 145 – 2053
City of San Dimas
Combining Statement of Revenues, Expenditures and Changes in Fund Balance Nonmajor Governmental Funds
For the Year Ended June 30, 2024
Special Revenue Funds
Sewer
Expansion
City Wide
Lighting District
Landscape
Gas Tax Parcel Tax
REVENUES
Taxes $ - $ 7,692 $ 1,672,991 $ 1,025,124
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
948,036 - -
-
-
-
26,038
-
63,189
-
84,477
-
-
-
-
Total Revenues 1,011,225 92,169 1,672,991 1,051,162
EXPENDITURES
Current:
General government
Public safety
-
-
-
-
-
-
-
-
Community development
Parks and recreation
Public works
- - - -
1,122,508
11,560
-
-
408,871
-
-
74,599
-
-
1,241,556
Capital outlay -
Debt service:
Principal retirement
Interest and fiscal charges
-
-
-
-
-
-
-
-
Total Expenditures 408,871 74,599 1,241,556 1,134,068
Excess (Deficiency) of Revenues
Over (Under) Expenditures 602,354 17,570 431,435 (82,906)
OTHER FINANCING SOURCES (USES)
Transfers in - -
-
- -
Transfers out (225,000) (125,000) -
Total Other Financing Sources (Uses) (225,000) - (125,000) - Net Change in Fund Balances 377,354 17,570 306,435 (82,906) Fund Balances (Deficit):
Fund Balance, previously reported
Adjustment - change from major to nonmajor
1,474,384
-
1,372,818
-
4,319,205
-
120,853
-
Beginning of Year 1,474,384 1,372,818 4,319,205 120,853 End of Year $ 1,851,738 $ 1,390,388 $ 4,625,640 $ 37,947 -80- Page 146 – 2053
City of San Dimas
Combining Statement of Revenues, Expenditures and Changes in Fund Balance Nonmajor Governmental Funds
For the Year Ended June 30, 2024 (Continued)
Special Revenue Funds
Property
Infrastructure
Replacement
Development Tax
Community Wide
North &
West Park District East Park District
REVENUES
Taxes $ - $ 3,601 $ - $ -
-
-
-
-
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
90,946 -
-
-
-
199,391
-
19,965
-
-
-
6,206
Total Revenues 110,911 3,601 205,597 -
EXPENDITURES
Current:
General government
Public safety
-
-
-
-
-
-
-
-
Community development
Parks and recreation
Public works
- -
-
-
- -
13,086
8,959
-
71,193
346,111
142,062
357,158
-
Capital outlay 641,081 -
Debt service:
Principal retirement
Interest and fiscal charges
-
-
-
-
-
-
-
-
Total Expenditures 559,366 641,081 357,158 22,045
Excess (Deficiency) of Revenues
Over (Under) Expenditures (448,455) (637,480) (151,561) (22,045)
OTHER FINANCING SOURCES (USES)
Transfers in 3,339,657
-
645,000
-
-
-
10,925
Transfers out -
Total Other Financing Sources (Uses) 3,339,657 645,000 - 10,925 Net Change in Fund Balances 2,891,202 7,520 (151,561) (11,120) Fund Balances (Deficit):
Fund Balance, previously reported
Adjustment - change from major to nonmajor
2,480,086
-
107,509
-
511,851
-
298,180
-
Beginning of Year 2,480,086 107,509 511,851 298,180
End of Year $ 5,371,288 $ 115,029 $ 360,290 $ 287,060
-81- Page 147 – 2053
City of San Dimas
Combining Statement of Revenues, Expenditures and Changes in Fund Balance Nonmajor Governmental Funds
For the Year Ended June 30, 2024
Special Revenue Funds
Housing Authority
(Housing
Successor)
Housing &
Community
Development
Citizen's
Option for
South Park District Public Safety
REVENUES
Taxes $ -
-
-
-
-
$ - $ - $ -
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
19,758 259,347 186,159
-
192,056
-
-
-
-
-
11,993
-
Total Revenues - 211,814 259,347 198,152
EXPENDITURES
Current:
General government
Public safety
Community development
Parks and recreation
Public works
-
-
-
-
-
-
-
-
259,347 -
-
-
-
-
-
154,531
1,141,117 -
-
-
-
-
-
Capital outlay -
Debt service:
Principal retirement
Interest and fiscal charges
-
-
-
-
-
-
-
-
Total Expenditures - 1,141,117 259,347 154,531
Excess (Deficiency) of Revenues
Over (Under) Expenditures - (929,303) - 43,621
OTHER FINANCING SOURCES (USES)
Transfers in -
-
206,952
-
-
-
-
Transfers out -
Total Other Financing Sources (Uses) - 206,952 - -
Net Change in Fund Balances - (722,351) - 43,621
Fund Balances (Deficit):
Fund Balance, previously reported
Adjustment - change from major to nonmajor
29,791
-
2,426,850
-
-
-
217,296
-
Beginning of Year 29,791 2,426,850 - 217,296
End of Year $ 29,791 $ 1,704,499 $ - $ 260,917
-82- Page 148 – 2053
City of San Dimas
Combining Statement of Revenues, Expenditures and Changes in Fund Balance Nonmajor Governmental Funds
For the Year Ended June 30, 2024 (Continued)
Special Revenue Funds
Air Quality
Management
District
Open Space
Maintenance
District
Proposition A
Local Transit
Transportation
Proposition C
REVENUES
Taxes $ - $ 910,891 $ 755,563 $ 45,033
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
34,375 -
-
- -
-
-
-
-
10,083
-
-
83,115
-
263,373
2,274
Total Revenues 44,458 1,176,538 838,678 45,033
EXPENDITURES
Current:
General government
Public safety
- 87,716 -
-
-
200,498 - -
Community development
Parks and recreation
Public works
-
-
-
-
- - -
-
494,717
-
-
14,280
-
42,978
-
Capital outlay -
Debt service:
Principal retirement
Interest and fiscal charges
-
-
-
-
-
-
-
-
Total Expenditures 200,498 582,433 14,280 42,978
Excess (Deficiency) of Revenues
Over (Under) Expenditures (156,040) 594,105 824,398 2,055
OTHER FINANCING SOURCES (USES)
Transfers in - -
-
-
-
-
Transfers out (2,000) -
Total Other Financing Sources (Uses) (2,000) - - -
Net Change in Fund Balances (158,040) 594,105 824,398 2,055 Fund Balances (Deficit):
Fund Balance, previously reported
Adjustment - change from major to nonmajor
335,295
-
6,078,888
-
1,622,476
-
6,266
-
Beginning of Year 335,295 6,078,888 1,622,476 6,266
End of Year $ 177,255 $ 6,672,993 $ 2,446,874 $ 8,321
-83- Page 149 – 2053
City of San Dimas
Combining Statement of Revenues, Expenditures and Changes in Fund Balance Nonmajor Governmental Funds
For the Year Ended June 30, 2024
Special Revenue Funds
Measure R
Transit
Measure M
Transit
Road Maint.
Rehab Act
Measure W
Storm Water
REVENUES
Taxes $ 566,495 $ 639,693 $ 901,715 $ 598,421
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
- - - 34,914
-
61,037
-
-
97,107
-
-
57,732
-
-
120,802
-
Total Revenues 627,532 736,800 959,447 754,137
EXPENDITURES
Current:
General government
Public safety
-
-
-
-
-
-
-
-
Community development
Parks and recreation
Public works
-
-
-
-
-
- -
- -
542,233
-
162,429
326,956
173,723
Capital outlay 325,428 250,000
Debt service:
Principal retirement
Interest and fiscal charges
-
-
-
-
-
-
-
-
Total Expenditures 325,428 489,385 542,233 423,723
Excess (Deficiency) of Revenues
Over (Under) Expenditures 302,104 247,415 417,214 330,414
OTHER FINANCING SOURCES (USES)
Transfers in -
-
-
-
-
-
-
Transfers out -
Total Other Financing Sources (Uses) - - - -
Net Change in Fund Balances 302,104 247,415 417,214 330,414 Fund Balances (Deficit):
Fund Balance, previously reported
Adjustment - change from major to nonmajor
1,426,709
-
2,285,710
-
1,469,235
-
1,335,585
-
Beginning of Year 1,426,709 2,285,710 1,469,235 1,335,585 End of Year $ 1,728,813 $ 2,533,125 $ 1,886,449 $ 1,665,999 -84- Page 150 – 2053
City of San Dimas
Combining Statement of Revenues, Expenditures and Changes in Fund Balance Nonmajor Governmental Funds
For the Year Ended June 30, 2024 (Continued)
Capital
Projects Fund
Civic
Debt Service
Special Revenue Funds Funds
Housing
Authority
(Formerly Major)
Center
Expansion
Assessment
ARPA District 96-1
REVENUES
Taxes $ -
-
-
-
-
$ -
-
$ -
-
-
-
-
$ -
-
-
-
-
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
-
3,223,985
-
Total Revenues - 3,223,985 - -
EXPENDITURES
Current:
General government
Public safety
Community development
Parks and recreation
Public works
1,426,169
1,635,248
175,472
395,980
107,501
293,908
5,422
-
2,730,063
-
-
-
-
-
-
-
-
236
-
-
-
-
-
Capital outlay -
Debt service:
Principal retirement
Interest and fiscal charges
-
-
464,700
21,988
680,000
9,639
-
-
Total Expenditures 4,034,278 3,222,173 689,639 236
Excess (Deficiency) of Revenues
Over (Under) Expenditures (4,034,278) 1,812 (689,639) (236)
OTHER FINANCING SOURCES (USES)
Transfers in -
-
-
-
689,639
-
-
Transfers out -
Total Other Financing Sources (Uses) - - 689,639 -
Net Change in Fund Balances (4,034,278) 1,812 - (236)
Fund Balances (Deficit):
Fund Balance, previously reported
Adjustment - change from major to nonmajor
4,034,278
-
- -
-
236
6,273,561 -
Beginning of Year 4,034,278 6,273,561 - 236
End of Year $ - $ 6,275,373 $ - $ -
-85- Page 151 – 2053
City of San Dimas
Combining Statement of Revenues, Expenditures and Changes in Fund Balance Nonmajor Governmental Funds
For the Year Ended June 30, 2024 (Concluded)
Total Other
Governmental
Funds
REVENUES
Taxes $ 7,127,219
1,798,964
84,477
4,204,437
8,480
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
Total Revenues 13,223,577
EXPENDITURES
Current:
General government
Public safety
Community development
Parks and recreation
Public works
1,778,654
1,990,277
4,046,888
2,002,903
3,586,539
Capital outlay 1,979,435
Debt service:
Principal retirement
Interest and fiscal charges
1,144,700
31,627
Total Expenditures 16,561,023
Excess (Deficiency) of Revenues
Over (Under) Expenditures (3,337,446)
OTHER FINANCING SOURCES (USES)
Transfers in 4,892,173
Transfers out (352,000)
Total Other Financing Sources (Uses) 4,540,173
Net Change in Fund Balances 1,202,727
Fund Balances (Deficit):
Fund Balance, previously reported
Adjustment - change from major to nonmajor
31,953,501
6,273,561
Beginning of Year 38,227,062
End of Year $ 39,429,789
-86- Page 152 – 2053
City of San Dimas
Budgetary Comparison Schedule
Gas Tax
For the Year Ended June 30, 2024
Variance with
Final Budget
Budget Amounts Actual Positive
Original
$ 1,474,384
Final
$ 1,474,384
Amounts
1,474,384
(Negative)
Budgetary Fund Balance, July 1
Resources (Inflows):
$ $ -
Intergovernmental 991,761
10,000
2,476,145
991,761
10,000
2,476,145
948,036
63,189
2,485,609
(43,725)
53,189
9,464
Use of money and property
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
Public works
Capital outlay
Transfers out
764,785
200,000
225,000
1,544,439
200,000
225,000
408,871
-
225,000
633,871
1,135,568
200,000
-
Total Charges to Appropriations 1,189,785 1,969,439 1,335,568 Budgetary Fund Balance, June 30 $ 1,286,360 $ 506,706 $ 1,851,738 $ 1,345,032 -87- Page 153 – 2053
City of San Dimas
Budgetary Comparison Schedule
Sewer Expansion
For the Year Ended June 30, 2024
Variance with
Final Budget
Budget Amounts Actual Positive
Original
$ 1,372,818
Final
$ 1,372,818
Amounts
1,372,818
(Negative)
Budgetary Fund Balance, July 1
Resources (Inflows):
$ $ -
Taxes
Charges for services
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
Public works
7,900
87,500
1,468,218
7,900
87,500
1,468,218
7,692
84,477
1,464,987
(208)
(3,023)
(3,231)
280,000 305,000 74,599 230,401
Total Charges to Appropriations 280,000 305,000 74,599 230,401 Budgetary Fund Balance, June 30 $ 1,188,218 $ 1,163,218 $ 1,390,388 $ 227,170 -88- Page 154 – 2053
City of San Dimas
Budgetary Comparison Schedule
City Wide Lighting District
For the Year Ended June 30, 2024
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1
Resources (Inflows):
Taxes
$ 4,319,205 $ 4,319,205 $ 4,319,205 $ -
1,587,640
-
5,906,845
1,587,640
793,455
6,700,300
1,672,991
-
5,992,196
85,351
(793,455)
(708,104)
Intergovernmental
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
Public works
Capital outlay
Transfers out
2,807,800
360,000
125,000
3,602,957
460,000
125,000
1,241,556
-
125,000
1,366,556
2,361,401
460,000
-
Total Charges to Appropriations 3,292,800 4,187,957 2,821,401 Budgetary Fund Balance, June 30 $ 2,614,045 $ 2,512,343 $ 4,625,640 $ 2,113,297 -89- Page 155 – 2053
City of San Dimas
Budgetary Comparison Schedule
Landscape Parcel Tax
For the Year Ended June 30, 2024
Variance with
Final Budget
Budget Amounts Positive
Original Final
120,853
Actual
Amounts
120,853
(Negative)
Budgetary Fund Balance, July 1
Resources (Inflows):
$ $ 120,853 $ $ -
Taxes
Intergovernmental
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
Parks and recreation
1,014,550
35,000
1,170,403
1,014,550
35,000
1,170,403
1,025,124
26,038
1,172,015
10,574
(8,962)
1,612
1,117,648
20,000
1,137,648
1,117,648
20,000
1,137,648
1,122,508
11,560
1,134,068
(4,860)
8,440
3,580
Public works
Total Charges to Appropriations
Budgetary Fund Balance, June 30 $ 32,755 $ 32,755 $ 37,947 $ 5,192 -90- Page 156 – 2053
City of San Dimas
Budgetary Comparison Schedule
Infrastructure Replacement
For the Year Ended June 30, 2024
Variance with
Final Budget
Budget Amounts Positive
Original Final
Actual
Amounts
2,480,086
(Negative)
Budgetary Fund Balance, July 1
Resources (Inflows):
Intergovernmental
Use of money and property
Miscellaneous
$ 2,480,086 $ 2,480,086 $ $ -
108,950
77,000
1,940,000
10,703
108,950
77,000
1,940,000
3,339,657
7,945,693
90,946
19,965
-
(18,004)
(57,035)
(1,940,000)
Transfers in 3,339,657 -
Amounts Available for Appropriations 5,930,654
Charges to Appropriations (Outflow):
Parks and recreation
Public works
Capital outlay
4,616,739 (2,015,039)
88,950
732,500
2,410,043
3,231,493
3,088,950
1,558,990
3,301,235
7,949,175
71,193
346,111
142,062
559,366
3,017,757
1,212,879
3,159,173
Total Charges to Appropriations 7,389,809
Budgetary Fund Balance, June 30 $ 1,385,246 $ (3,482) $ 5,371,288 $ 5,374,770 -91- Page 157 – 2053
City of San Dimas
Budgetary Comparison Schedule
Property Development Tax – Community Wide
For the Year Ended June 30, 2024
Variance with
Final Budget
Budget Amounts Positive
Original Final
107,509
Actual
Amounts
107,509
(Negative)
Budgetary Fund Balance, July 1
Resources (Inflows):
Taxes
Intergovernmental
Transfers in
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
Parks and recreation
$ $ 107,509 $ $ -
-
-
-
- 3,601
-
645,000
756,110
3,601
(208,899)
-
208,899
645,000
107,509 961,408 (205,298)
-
-
-
9,675
784,412
794,087
- 9,675
143,331
153,006
Capital outlay 641,081
Total Charges to Appropriations 641,081
Budgetary Fund Balance, June 30 $ 107,509 $ 167,321 $ 115,029 $ (52,292) -92- Page 158 – 2053
City of San Dimas
Budgetary Comparison Schedule
North & West Park District
For the Year Ended June 30, 2024
Variance with
Final Budget
Budget Amounts Positive
Original Final
511,851
Actual
Amounts
511,851
(Negative)
Budgetary Fund Balance, July 1
Resources (Inflows):
$ $ 511,851 $ $ -
Intergovernmental
Miscellaneous
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
Parks and recreation
847,391
-
1,359,242
862,561
33,254
1,407,666
199,391
6,206
717,448
(663,170)
(27,048)
(690,218)
966,840 1,400,942 357,158 1,043,784
Total Charges to Appropriations 966,840 1,400,942 357,158 1,043,784 BudgetaryFund Balance, June 30 $ 392,402 $ 6,724 $ 360,290 $ 353,566 -93- Page 159 – 2053
City of San Dimas
Budgetary Comparison Schedule
East Park District
For the Year Ended June 30, 2024
Variance with
Final Budget
Budget Amounts Positive
Original Final
298,180
Actual
Amounts
298,180
(Negative)
Budgetary Fund Balance, July 1
Resources (Inflows):
$ $ 298,180 $ $ -
Transfers in 10,925 10,925 10,925 -
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
Parks and recreation
309,105 309,105 309,105 -
30,000
-
30,000
59,000
119,295
178,295
13,086
8,959
22,045
45,914
110,336
156,250
Public works
Total Charges to Appropriations
Budgetary Fund Balance, June 30 $ 279,105 $ 130,810 $ 287,060 $ 156,250 -94- Page 160 – 2053
City of San Dimas
Budgetary Comparison Schedule
Housing Authority (Housing Successor)
For the Year Ended June 30, 2024
Variance with
Final Budget
Budget Amounts Positive
Original Final
$ 2,426,850
Actual
Amounts
2,426,850
(Negative)
Budgetary Fund Balance, July 1
Resources (Inflows):
$ 2,426,850 $ $ -
Intergovernmental
Use of money and property
Transfers in
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
Community development
Public works
- 20,000
109,238
206,952
19,758
192,056
206,952
(242)
82,818
-
109,238
206,952
2,743,040 2,763,040 2,845,616 82,576
953,913
250,000
1,203,913
1,718,470
316,112
2,034,582
1,141,117
-
1,141,117
577,353
316,112
Total Charges to Appropriations 893,465
Budgetary Fund Balance, June 30 $ 1,539,127 $ 728,458 $ 1,704,499 $ 976,041 -95- Page 161 – 2053
City of San Dimas
Budgetary Comparison Schedule
Housing & Community Development
For the Year Ended June 30, 2024
Variance with
Final Budget
Budget Amounts Positive
Original Final
Actual
Amounts (Negative)
Budgetary Fund Balance, July 1
Resources (Inflows):
$ - $ - $ - $ -
Intergovernmental 211,808 427,504 259,347 (168,157)
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
General government
211,808 427,504 259,347 (168,157)
211,808 427,504 259,347 168,157
Total Charges to Appropriations 211,808 427,504 259,347 168,157 BudgetaryFund Balance, June 30 $ - $ - $ - $ -
-96- Page 162 – 2053
City of San Dimas
Budgetary Comparison Schedule
Citizen’s Option for Public Safety
For the Year Ended June 30, 2024
Variance with
Final Budget
Budget Amounts Positive
Original Final
217,296
Actual
Amounts
217,296
(Negative)
Budgetary Fund Balance, July 1
Resources (Inflows):
$ $ 217,296 $ $ -
Intergovernmental 165,000
1,000
383,296
165,000
1,000
383,296
186,159
11,993
415,448
21,159
10,993
32,152
Use of money and property
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
Public safety 192,000 199,887 154,531 45,356
Total Charges to Appropriations 192,000 199,887 154,531 45,356 Budgetary Fund Balance, June 30 $ 191,296 $ 183,409 $ 260,917 $ 77,508 -97- Page 163 – 2053
City of San Dimas
Budgetary Comparison Schedule
Air Quality Management District
For the Year Ended June 30, 2024
Variance with
Final Budget
Budget Amounts Positive
Original Final
335,295
Actual
Amounts
335,295
(Negative)
Budgetary Fund Balance, July 1
Resources (Inflows):
$ $ 335,295 $ $ -
Intergovernmental 45,000
2,000
382,295
45,000
2,000
382,295
34,375
10,083
379,753
(10,625)
8,083
(2,542)
Use of money and property
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
Public safety 386,131
2,000
486,131
2,000
200,498
2,000
285,633
Transfers out -
Total Charges to Appropriations 388,131 488,131 202,498 285,633 Budgetary Fund Balance, June 30 $ (5,836) $ (105,836) $ 177,255 $ 283,091 -98- Page 164 – 2053
City of San Dimas
Budgetary Comparison Schedule
Proposition A Local Transit
For the Year Ended June 30, 2024
Variance with
Final Budget
Budget Amounts Actual Positive
Original
$ 6,078,888
Final
$ 6,078,888
Amounts
$6,078,888
(Negative)
Budgetary Fund Balance, July 1
Resources (Inflows):
$ -
Taxes 992,810
5,000
2,500
992,810
5,000
2,500
910,891
263,373
2,274
(81,919)
258,373
(226)
Use of money and property
Miscellaneous
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
General government
7,079,198 7,079,198 7,255,426 176,228
105,900
727,275
833,175
105,900
990,803
1,096,703
87,716
494,717
582,433
18,184
496,086
514,270
Public works
Total Charges to Appropriations
Budgetary Fund Balance, June 30 $ 6,246,023 $ 5,982,495 $6,672,993 $ 690,498 -99- Page 165 – 2053
City of San Dimas
Budgetary Comparison Schedule
Transportation Proposition C
For the Year Ended June 30, 2024
Variance with
Final Budget
Budget Amounts Actual Positive
Original
$ 1,622,476
Final
$ 1,622,476
Amounts
1,622,476
(Negative)
Budgetary Fund Balance, July 1
Resources (Inflows):
$ $ -
Taxes 823,510
10,000
2,455,986
823,510
10,000
2,455,986
755,563
83,115
2,461,154
(67,947)
73,115
5,168
Use of money and property
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
Public works 218,500
-
938,500
160,000
14,280
-
924,220
Capital outlay 160,000
Total Charges to Appropriations 218,500 1,098,500 14,280 1,084,220 Budgetary Fund Balance, June 30 $ 2,237,486 $ 1,357,486 $ 2,446,874 $ 1,089,388 -100- Page 166 – 2053
City of San Dimas
Budgetary Comparison Schedule
Open Space Maintenance District
For the Year Ended June 30, 2024
Variance with
Final Budget
Budget Amounts Positive
Original Final
6,266 6,266
Actual
Amounts (Negative)
Budgetary Fund Balance, July 1
Resources (Inflows):
$ $ $ 6,266 $ -
Taxes
Transfers in
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
Parks and recreation
46,638
5,974
58,878
46,638
5,974
58,878
45,033
-
51,299
(1,605)
(5,974)
(7,579)
52,612 52,612 42,978 9,634
Total Charges to Appropriations 52,612 52,612 42,978 9,634 BudgetaryFund Balance, June 30 $ 6,266 $ 6,266 $ 8,321 $ 2,055 -101- Page 167 – 2053
City of San Dimas
Budgetary Comparison Schedule
Measure R Transit
For the Year Ended June 30, 2024
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1
Resources (Inflows):
$ 1,426,709 $ 1,426,709 $ 1,426,709 $ -
Taxes 617,632
5,000
2,049,341
617,632
5,000
2,049,341
566,495
61,037
2,054,241
(51,137)
56,037
4,900
Use of money and property
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
Capital outlay 139,000 920,163 325,428 594,735
Total Charges to Appropriations 139,000 920,163 325,428 594,735 Budgetary Fund Balance, June 30 $ 1,910,341 $ 1,129,178 $ 1,728,813 $ 599,635 -102- Page 168 – 2053
City of San Dimas
Budgetary Comparison Schedule
Measure M Transit
For the Year Ended June 30, 2024
Variance with
Final Budget
Budget Amounts Positive
Original Final
Actual
Amounts
2,285,710
(Negative)
Budgetary Fund Balance, July 1
Resources (Inflows):
$ 2,285,710 $ 2,285,710 $ $ -
Taxes 699,983
5,000
2,990,693
699,983
5,000
2,990,693
639,693
97,107
3,022,510
(60,290)
92,107
31,817
Use of money and property
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
Public works 278,211
125,000
403,211
695,663
702,471
1,398,134
162,429
326,956
489,385
533,234
375,515
908,749
Capital outlay
Total Charges to Appropriations
Budgetary Fund Balance, June 30 $ 2,587,482 $ 1,592,559 $ 2,533,125 $ 940,566 -103- Page 169 – 2053
City of San Dimas
Budgetary Comparison Schedule
Road Maintenance Rehab Act
For the Year Ended June 30, 2024
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1
Resources (Inflows):
$ 1,469,235 $ 1,469,235 $ 1,469,235 $ -
Taxes 863,775
9,000
2,342,010
863,775
9,000
2,342,010
901,715
57,732
2,428,682
37,940
48,732
86,672
Use of money and property
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
Public Works 572,775
300,000
872,775
1,960,186
300,000
2,260,186
542,233
-
542,233
1,417,953
300,000
1,717,953
Capital outlay
Total Charges to Appropriations
Budgetary Fund Balance, June 30 $ 1,469,235 $ 81,824 $ 1,886,449 $ 1,804,625 -104- Page 170 – 2053
City of San Dimas
Budgetary Comparison Schedule
Measure W Storm Water
For the Year Ended June 30, 2024
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1
Resources (Inflows):
Taxes
$ 1,335,585 $ 1,335,585 $ 1,335,585 $ -
598,000
-
5,000
598,000
675,000
5,000
598,421
34,914
120,802
2,089,722
421
(640,086)
115,802
Intergovernmental
Use of money and property
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
Public works
1,938,585 2,613,585 (523,863)
1,345,000
250,000
1,595,000
2,279,065
250,000
2,529,065
173,723
250,000
423,723
2,105,342
-
2,105,342
Capital Outlay
Total Charges to Appropriations
Budgetary Fund Balance, June 30 $ 343,585 $ 84,520 $ 1,665,999 $ 1,581,479 -105- Page 171 – 2053
City of San Dimas
Budgetary Comparison Schedule
ARPA
For the Year Ended June 30, 2024
Variance with
Final Budget
Budget Amounts Actual Positive
Original
$ 4,034,278
Final
$ 4,034,278
Amounts
$4,034,278
(Negative)
Budgetary Fund Balance, July 1
Resources (Inflows):
$ -
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
General government
Public safety
Community development
Parks and recreation
4,034,278 4,034,278 4,034,278 -
1,517,586
1,474,783
-
497,264
413,200
-
1,759,156
1,824,783
174,545
523,346
265,000
320,170
4,867,000
1,426,169
1,635,248
175,472
395,980
107,501
293,908
4,034,278
332,987
189,535
(927)
127,366
157,499
26,262
832,722
Public works
Capital Outlay
Total Charges to Appropriations 3,902,833
Budgetary Fund Balance, June 30 $ 131,445 $ (832,722) $ - $ 832,722 -106- Page 172 – 2053
City of San Dimas
Budgetary Comparison Schedule
Housing Authority
For the Year Ended June 30, 2024
Variance with
Final Budget
Budget Amounts Positive
Original Final
Actual
Amounts
6,273,561
(Negative)
Budgetary Fund Balance, July 1
Resources (Inflows):
$ 6,273,561 $ 6,273,561 $ $ -
Use of money and property
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
General government
1,825,000
8,098,561
1,825,000
8,098,561
3,223,985
9,497,546
1,398,985
1,398,985
- - 5,422 (5,422)
Community development
Debt service:
2,437,371 2,717,371 2,730,063 (12,692)
Principal retirement
Interest and fiscal charges
Total Charges to Appropriations
464,700
21,988
2,924,059
464,700
21,988
3,204,059
464,700
21,988
3,222,173
-
-
(18,114)
BudgetaryFund Balance, June 30 $ 5,174,502 $ 4,894,502 $ 6,275,373 $ 1,380,871 -107- Page 173 – 2053
City of San Dimas
Budgetary Comparison Schedule
Civic Center Expansion
For the Year Ended June 30, 2024
Variance with
Final Budget
Budget Amounts Positive
Original Final
Actual
Amounts
-
(Negative)
Budgetary Fund Balance, July 1
Resources (Inflows):
$ - $ - $ $ -
Transfers in 689,639 689,639 689,639 -
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
Debt service:
689,639 689,639 689,639 -
Principal retirement
Interest and fiscal charges
Total Charges to Appropriations
680,000
9,639
689,639
680,000
9,639
689,639
680,000
9,639
689,639
-
-
-
BudgetaryFund Balance, June 30 $ - $ - $ - $ -
-108- Page 174 – 2053
City of San Dimas
Budgetary Comparison Schedule
Assessment District 96-1
For the Year Ended June 30, 2024
Variance with
Final Budget
Budget Amounts Positive
Original Final
236
Actual
Amounts (Negative)
Budgetary Fund Balance, July 1
Charges to Appropriations (Outflow):
Community development
$ - $ $ 236 $ -
- 236 236 -
Total Charges to Appropriations - 236 236 -
Budgetary Fund Balance, June 30 $ - $ - $ - $ -
-109- Page 175 – 2053
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City of San Dimas
Statistical Section
This section of the City’s comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the government’s overall financial health.
CONTENTS
Financial Trends
These schedules contain trend information to help the reader understand how the City's financial performance and well being have changed over time.
Revenue Capacity
These schedules contain information to help the reader assess one of the City's most significant local revenue source, the property tax.
Debt Capacity
These schedules present information to help the reader assess the affordability of the City's current levels of outstanding debt and its ability to issue additional debt in the future.
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 palce.
Operating Information
These schedules contain service and infastructure data to help the reader understand how the information in the City's financial report relates to the services the government provides and the activities it performs.
-110- Page 177 – 2053
City of San Dimas
Net Position by Component
Last Ten Fiscal Years (accrual basis of accounting)
Fiscal Year
2015 2016 2017 2018 2019
Primary Governmental activities:
Net investment in capital assets
Restricted
$
$
50,270,910
15,849,000
22,087,577
$
$
50,697,514
16,955,548
24,534,254
$
$
52,739,076
16,787,648
23,640,321
$
$
53,573,745
18,038,395
22,370,585
$
$
55,199,101
19,295,053
Unrestricted 24,630,198
Total governmental activities net position 88,207,487 92,187,316 93,167,045 93,982,725 99,124,352 Source: Financial Services Department, City of San Dimas -111- Page 178 – 2053
Fiscal Year
2020 2021 2022 2023 2024
$
$
56,743,404
21,341,503
21,659,243
$ 51,512,879
24,071,868
29,244,197
$ 51,434,866
30,357,349
31,097,151
$ 54,024,729
37,027,325
36,458,752
$ 55,300,168
37,891,775
37,747,176
99,744,150 $ 104,828,944 $ 112,889,366 $ 127,510,806 $ 130,939,119 -112- Page 179 – 2053
City of San Dimas
Change in Net Position
Last Ten Fiscal Years (accrual basis of accounting)
Fiscal Year
2015 2016 2017 2018 2019
Expenses
Governmental activities:
General government
Public safety
Communitydevelopment
Parks and recreation
Public works
$ 4,848,034
5,949,747
1,143,087
6,431,476
8,224,721
735,149
$ 5,757,695
6,090,802
1,989,196
5,448,255
6,358,955
701,799
$ 5,889,325
6,509,016
1,625,287
5,971,097
7,399,161
665,043
$ 6,334,382
6,700,638
2,353,555
7,082,975
7,254,473
403,516
$ 6,742,803
6,994,216
1,704,348
6,524,194
7,525,087
Interest on long-term debt 676,698
Total governmental activities expenses 27,332,214 26,346,702 28,058,929 30,129,539 30,167,346 Program Revenues
Governmental activities:
Charges for services
General government 524,259
460,058
923,130
774,743
166,226
4,194,862
-
444,907
411,459
1,171,387
827,276
207,931
1,165,576
2,568,113
437,909
356,421
1,328,193
782,344
149,483
1,520,786
39,721
409,297
403,715
1,178,146
778,746
137,084
1,473,504
422,779
394,769
393,674
1,356,185
888,539
146,171
1,962,451
1,257,987
Public safety
Community development
Parks and recreation
Public works
Operating grants and contributions
Capital grants and contributions
Total governmental activities
program revenues 7,043,278 6,796,649 4,614,857 4,803,271 6,399,776 Source: Financial Services Department, City of San Dimas -113- Page 180 – 2053
San Dimas
Change in Net Position
Last Ten Fiscal Years (accrual basis of accounting) (Continued) Fiscal Year
2020 2021 2022 2023 2024
$ 7,363,084
7,674,680
2,010,361
7,642,991
7,277,121
578,532
$ 7,209,059
7,879,004
2,870,431
7,343,998
7,426,007
472,420
$ 7,286,369
8,227,787
3,551,990
7,311,797
5,798,946
246,468
$ 8,039,072
8,440,191
4,581,529
6,919,256
6,514,247
224,344
$ 7,848,561
9,302,564
6,583,939
9,626,819
8,206,398
422,748
32,546,769 33,200,919 32,423,357 34,718,639 41,991,029
381,241
271,177
1,109,825
404,907
99,237
385,837
371,855
1,141,399
406,183
99,008
370,713
404,322
1,456,547
909,083
120,856
6,186,820
29,268
400,000
434,813
1,679,827
950,662
145,101
6,281,459
224,830
381,716
415,996
1,794,492
917,563
161,764
1,948,977
248,285
2,186,688
107,415
3,401,453
455
4,560,490 5,806,190 9,477,609 10,116,692 5,868,793
-114- Page 181 – 2053
City of San Dimas
Change in Net Position
Last Ten Fiscal Years (accrual basis of accounting)
Fiscal Year
2015 2016 2017 2018 2019
Net (Expense)/Revenue
Governmental activities $ (19,550,053)
(19,550,053)
$ (23,444,072)
(23,444,072)
$ (25,326,268)
(25,326,268)
$ (23,767,570)
(23,767,570)
$ (27,986,279)
Total net revenues (expenses) (27,986,279)
General Revenues and Other Changes in Net Assets
Governmental activities:
Taxes:
Property taxes
Transient occupancytaxes
Sales taxes
Franchise taxes
Business license taxes
Other taxes
Motor vehicle in lieu - unrestricted
Use of money and property
Other
8,129,299
1,425,666
7,682,009
2,288,824
421,744
906,860
15,167
2,483,302
18,878
8,536,072
1,558,201
7,362,116
2,230,072
450,041
285,427
31,601
2,830,668
30,916
8,980,958
1,630,226
7,715,674
2,157,253
410,337
408,783
32,594
2,218,193
16,702
9,321,478
1,654,586
8,193,741
2,300,699
492,734
1,338,015
34,677
4,499,524
45,214
9,766,112
1,616,188
8,849,910
2,274,568
481,438
1,739,019
32,535
4,006,874
142,553
Total governmental activities 23,371,749 23,315,114 23,570,720 27,880,668 28,909,197 Changes in Net Position
Governmental activities $ (72,323) $ (2,011,154) $ (196,850) $ (105,611) $ 1,514,468 -115- Page 182 – 2053
City of San Dimas
Change in Net Position
Last Ten Fiscal Years (accrual basis of accounting) (Concluded) Fiscal Year
2020 2021 2022 2023 2024
$ (27,394,729)
(27,394,729)
$ (22,945,748)
(22,945,748)
$ (22,945,748)
(22,945,748)
$ (24,601,947)
(24,601,947)
$ (36,122,236)
(36,122,236)
9,930,330
1,354,044
8,444,664
2,335,254
497,646
11,131,195
1,482,082
12,652,341
2,465,655
506,688
11,415,585
1,817,839
11,349,279
2,611,805
510,309
12,343,522
1,770,634
11,583,976
2,817,960
555,480
12,414,457
1,821,972
11,552,286
2,916,135
631,765
1,341,883
42,437
974,188
39,574
1,033,447
53,908
1,069,290
50,399
1,191,604
57,132
4,068,896
63,307
28,078,461
3,204,004
23,796
32,479,523
2,174,085
39,913
31,006,170
4,589,480
4,442,646
39,223,387
8,945,411
19,787
39,550,549
$ 5,132,713 $ 9,533,775 $ 8,060,422 $ 14,621,440 $ 3,428,313 -116- Page 183 – 2053
City of San Dimas
Fund Balances of Governmental Funds
Last Ten Fiscal Years (modified accrual basis of accounting) Fiscal Year
2015 2016 2017 2018 2019
General Fund:
Nonspendable:
Prepaid costs
Advances to other funds
Due from Successor Agency
Restricted for:
$ - $ - $ 500
260,893
14,630,305
$ -
-
$ 3,620
-
13,461,855
941,303
14,630,305
500,033
14,630,305 14,525,393
Public safety
Parks and recreation
Public works
Debt service
Housing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Committed to:
Parks and recreation
Public works
-
-
-
-
-
-
-
-
-
-
Assigned to:
Risk management
Emergency
New equipment
General plan update
Other Post-Employment Benefits
Compensated absences
NPDES
Capital Assets Replacement
Unassigned
2,845,696
394,167
490,625
250,000
2,845,696
410,786
439,517
250,000
2,845,512
388,540
596,253
250,000
2,836,512
382,409
433,723
250,000
2,829,507
377,939
430,913
250,000
- -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
600,000
-
16,508,520
34,462,354
14,081,812
33,633,908
14,296,022
33,372,359
14,738,377
33,710,380
14,642,080
Total General Fund $ 33,070,117
$
$
$
$
$
$
$
$
$
All other governmental funds:
Nonspendable:
Prepaid costs
Restricted for:
- - - - -
Public safety
Parks and recreation
Public works
Debt service
Housing
23,828
22,250
5,917,544
744,701
58,185
30,274
7,384,315
758,356
8,724,418
97,045
38,037
7,318,115
726,376
166,082
37,443
8,455,600
745,595
178,190
44,151
9,205,006
761,040
9,140,677 8,608,075 8,633,675 9,106,666
Committed to:
Parks and recreation
Public works
274,471
3,545,741
228,048
5,816,454
- - 543,722.00
4,057,303 3,716,957 3,323,657
Assigned to:
Risk management
Emergency
-
-
-
-
-
-
-
-
-
-
New equipment - - - - -
General plan update
Other Post-Employment Benefits
Compensated absences
NPDES
Capital Assets Replacement
Unassigned
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(8,731,896)
10,937,316
(8,546,406)
14,453,644
(8,312,370)
12,532,581
(8,138,260)
13,617,092
(7,999,602)
Total all other governmental funds $ $ $ $ $ 15,162,830 Source: Financial Services Department, City of San Dimas -117- Page 184 – 2053
City of San Dimas
Fund Balances of Governmental Funds
Last Ten Fiscal Years (modified accrual basis of accounting) Fiscal Year
2020 2021 2022 2023 2024
$ -
-
$ -
-
$ -
-
$ -
-
$ -
-
12,713,796 11,583,236 10,732,089 9,559,456 8,700,732
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,829,307
283,795
229,553
250,000
-
2,829,307
207,285
104,218
250,000
-
2,036,592
1,000,000
1,366,663
250,000
2,978,932
1,264,766
600,000
6,500,000
12,154,646
38,883,688
2,036,592
1,000,000
1,186,817
250,000
2,978,932
1,264,766
600,000
6,500,000
16,652,393
42,028,956
2,036,592
1,000,000
929,412
3,000,000
2,300,000
1,500,000
-
7,695,743
17,812,239
44,974,718
- -
600,000
-
16,807,966
33,714,417
600,000
-
21,966,738
$ 37,540,784
$
$
$
$
$
$
$
$
- - - - $ 2,000
186,272
35,289
10,993,899
236
199,982
11,112
14,498,144
236
208,985
-
20,532,711
236
217,296
810,031
26,982,704
236
260,917
647,350
28,996,121
-
9,598,191 8,915,813 9,126,293 8,700,411 7,979,872
20,468 129,260 128,047 113,775 123,350
3,351,543 1,625,222 1,653,522 1,402,609 1,420,179
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
-
-
-
-
-
-
-
-
-
(7,918,946)
16,266,952
(7,446,408)
17,933,361
(6,838,741)
24,811,053
(6,030,879)
32,196,183
(5,360,641)
$ $ $ $ $ 34,069,148
-118- Page 185 – 2053
City of San Dimas
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years (modified accrual basis of accounting) Fiscal Year
2015 2016 2017 2018 2019
Revenues:
Taxes
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Fines and forfeitures
Miscellaneous
$ 20,749,161
895,826
1,457,896
1,463,981
2,319,311
447,410
$ 21,104,971
1,137,566
3,497,683
1,511,719
2,661,301
403,275
$ 21,326,133
1,299,593
1,197,442
1,384,307
2,045,171
347,400
$ 23,301,253
1,141,361
1,630,510
1,363,288
2,445,147
395,996
$ 24,727,235
1,301,807
1,587,365
1,489,843
3,792,704
381,584
1,754,257
29,087,842
809,267
31,125,782
464,053
28,064,099
566,198
30,843,753
1,858,823
Total revenues 35,139,361
Expenditures
Current:
General government
Public safety
Community development
Parks & recreation
Public works
5,408,050
5,945,195
1,035,539
4,962,773
6,881,380
1,984,207
5,794,208
6,086,124
2,201,183
4,438,909
4,833,115
3,181,233
5,882,750
6,504,340
1,648,924
4,560,640
5,430,244
4,058,647
6,053,663
6,695,961
2,172,878
5,133,909
4,605,428
4,470,791
6,298,071
6,990,133
1,739,677
5,081,064
5,456,831
Capital outlay 5,064,440
Debt service:
Principal retirement
Interest and fiscal charges
Advance refunding escrow
Bond issuance cost
Total expenditures
758,267
742,559
788,267
709,669
829,235
673,005
854,505
412,370
884,993
686,177
-
-
-
-
-
-
-
-
-
-
27,717,970 28,032,708 29,587,785 30,399,505 32,201,386
Excess (deficiency) of
revenues over (under)
expenditures 1,369,872 3,093,074 (1,523,686) 444,248 2,937,975 Other financing sources (uses):
Transfers in 2,869,836 4,670,247 2,718,571 3,015,952 2,615,693 Transfers out (2,869,836) (4,670,247) (2,718,571) (3,015,952) (2,615,693) Proceeds from sale of fixed asset
Refunding bonds issued
Payment to refunded bond escrow agent
Total other financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
sources (uses) - - - - -
Lease acquisition
Subscription acquisition
Net change in fund balances
-
-
-
-
-
-
-
-
-
-
$
$
1,369,872 $
$
3,093,074 $
$
(1,523,686) $
$
444,248 $
$
2,937,975
Total current expenditures
Less: capital outlay
27,717,970
(1,984,207)
28,032,708
(3,181,233)
29,587,785
(4,058,647)
30,399,505
(4,470,791)
32,201,386
(5,064,440)
Total non-capital expenditures $
$
25,733,763 $
$
24,851,475 $
$
25,529,138 $
$
25,928,714 $
$
27,136,946
Total debt service expenditures 1,500,826 1,497,936 1,502,240 1,266,875 1,571,170 Debt service as a percentage of
noncapital expenditures 5.8% 6.0% 5.9% 4.9% 5.5%
Source: Financial Services Department, City of San Dimas -119- Page 186 – 2053
Fiscal Year
2020 2021 2022 2023 2024
$ 23,903,821
1,079,840
1,308,111
919,671
3,886,248
261,133
$ 29,232,820
1,109,910
2,863,799
917,620
3,224,627
353,348
$ 28,801,077
1,420,451
5,575,822
1,398,924
1,712,237
388,140
$ 30,174,968
1,628,251
5,879,352
1,508,896
4,461,263
424,025
$ 30,559,616
1,763,677
2,042,055
1,450,104
9,080,284
408,370
765,790
32,124,614
620,250
38,322,374
1,009,935
40,306,586
2,110,548
46,187,303
936,632
46,240,738
6,908,139
7,670,003
1,833,166
6,042,039
4,914,180
2,186,093
6,852,486
7,879,004
2,612,116
5,536,653
5,528,937
2,128,751
7,152,312
8,227,787
3,486,510
5,902,879
4,539,581
1,476,163
8,243,375
8,440,191
4,967,286
6,084,787
6,080,416
5,276,294
7,199,038
9,302,564
6,249,481
7,332,023
7,081,878
2,612,423
944,507
596,295
-
998,000
412,987
1,408,280
126,680
1,113,571
244,253
1,321,925
211,781
1,286,784
410,235
-
-
-
-
-
773,269 -
31,867,691 33,483,894 32,143,056 40,626,055 41,474,426
256,923 4,838,480 8,163,530 5,561,248 4,766,312
227,621
(227,621)
-
3,258,000
(3,158,738)
2,123,560
(2,123,560)
-
2,318,400
(2,191,720)
2,459,148
(2,459,148)
2,651,374
(2,651,374)
4,469,939
5,244,173
(5,244,173)
-
-
-
-
-
-
-
-
99,262 126,680 -
57,066
-
-
-
-
- -
-
-
- 499,211
10,530,398
52,415
$ 4,818,727
$
455,447 $
$
5,091,840 $
$
8,220,596 $
$
$
31,867,691 $
(2,186,093)
33,483,894
(2,128,751)
32,143,056
(1,476,163)
40,626,055
(5,276,294)
41,474,426
(2,612,423)
$
$
29,681,598 $
$
31,355,143 $
$
30,666,893 $
$
35,349,761 $
$
38,862,003
2,314,071 2,945,947 1,357,824 1,533,706 1,697,019
7.8% 9.4% 4.4% 4.3% 4.4%
-120- Page 187 – 2053
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ꢀꢁꢂꢂꢀ Page 190 – 2053
ꢀꢁꢂꢃꢄꢅꢆꢄꢇꢈꢉꢄꢊꢁꢋꢈꢌ
ꢍꢈꢎꢈꢏꢐꢑꢄꢇꢈꢐꢑꢌꢄꢏꢃꢄꢀꢈꢂꢑꢒꢅꢓꢃ
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