San Jacinto City Council
March 18, 2025

City of San Jacinto, California

ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2024
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City of San Jacinto
Annual Financial Report
For the Year Ended June 30, 2024
Table of Contents
PAGE
Independent Auditor's Report 1
Management's Discussion and Analysis 4
Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Position 12
Statement of Activities 13
Fund Financial Statements
Governmental Funds
Balance Sheet 15
Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position 16
Statement of Revenues, Expenditures and Changes in Fund Balances 17 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 19 Proprietary Funds
Statement of Net Position 20
Statement of Revenues, Expenses and Changes in Fund Net Position 21 Statement of Cash Flows 22
Fiduciary Funds
Statement of Fiduciary Net Position 23
Statement of Changes in Fiduciary Net Position 24
Notes to the Basic Financial Statements 25
Required Supplementary Information
Budgetary Comparison Schedules
General Fund 61
LLPD #2 62
Community Facilities District 2003 63
Schedule of the City’s Proportionate Share of the Plan’s Net Pension Liability and Related Ratios as of the
Measurement Date - Last 10 Years
Schedule of Plan Contributions - Last 10 Years
64 65
Non-Major Governmental Funds
Combining Balance Sheet - Non-major funds
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Non-major funds
66 73
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735 E. Carnegie Dr. Suite I 00
San Bernardino. CA 92408
909 889 0871 T
909 889 5361 F
ramscpa. net

PARTNERS
Scott W Manno. CPA. CGMA
Leena Shanbhag, CPA. MST. CGMA
Bradferd A. Welebir. CPA. MBA. CGMA
Jenny W. Liu. CPA, MST
Ga,·denya Duran, CPA, CGMA
Brianna Schultz, CPA. CGMA
Brenda L. Odle. CPA. MST (Partne, Emeritus)
Te, ry P Shea, CPA (Panner Emenws)

MANAGERS/ STAFF
Seong-Hyea Lee. CPA. MBA
Evelyn Morenlin-Barcena. CPA
Vernnica Hernandez, CPA
Laura A1v1zu. CPA
John Maldonado, CPA, MSA
Julia Rodriguez Fuentes. CPA, MSA
Dem, Hite. CPA
Jeffrey McKennan. CPA
Mornca Wysock,, CPA
Jacob Weatherb,e. CPA, MSA
Bolim Han. CPA. MAcc
Anny Gonzalez, CPA

MEMBERS
Amencan lnsutuce of
Certified Public Accountants
PCPS The A/CPA Alliance
(01 CPA Fi,ms
Governmental Audit
Q11C1/1ty Cenre,
Califot nia Society of
Certified Public Accountants
•
Proud Member of
AlliottGlobalAlliance~

ROGERS, ANDERSON , MALODY & SCOTT, LLP
CERTIFIED PUBLIC ACCOUNTANTS. SINCE 1948
STABILITY. ACCURACY. TRUST.
-1-
Independent Auditor’s Report
To the Honorable Mayor and Members of the City Council
of the City of San Jacinto
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of San Jacinto, California, as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the entity’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, the business-type activities, each major fund, and the aggregate remaining fund information of the entity, as of June 30, 2024, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards). 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 entity 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.
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Emphasis of Matter
As described in Note 1 to the financial statements during the year ended June 30, 2024, the entity adopted new accounting guidance under Governmental Accounting Standards Board (GASB) Statement No. 100, Accounting Changes and Error Corrections. Our opinions are not modified with respect to this matter.

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

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

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 will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS and Government Auditing Standards, we:
 Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks.

Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’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 entity’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. -3-
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison 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 GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

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

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated March 11, 2025 on our consideration of entity’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering entity’s internal control over financial reporting and compliance.

San Bernardino, California
March 11, 2025
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Management’s Discussion and Analysis
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City of San Jacinto
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
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As management of the City of San Jacinto, we offer readers of the City of San Jacinto’s financial statements this narrative overview and analysis of the financial activities of the City for the fiscal year ending June 30, 2024. We encourage readers to consider the information presented here in conjunction with the City’s financial statements, which follow this discussion.

FINANCIAL HIGHLIGHTS
 Total assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows of resources at the close of the most recent fiscal year by $181,267,546 (net position). Of this amount, $39,275,090 represents unrestricted net position, which may be used to meet the government’s ongoing obligations to citizens and creditors.
 The City’s total net position increased by $12,226,152, from the prior fiscal year primarily due to increased revenue generated by the City’s public utilities, increased investment earnings, and increased fees for service.
 At the close of the current fiscal year, the City’s governmental funds reported combined fund balances of $62,392,565, an increase of $8,536,366 in comparison with the prior year. Approximately 25.48 percent of this amount ($15,894,870) is available for spending at the government’s discretion (unassigned fund balance).
 At the end of the current fiscal year, unrestricted fund balance (the total of the unassigned components of fund balance) for the General Fund was $21,648,749, or approximately 63.42 percent of total General Fund expenditures.

OVERVIEW OF THE FINANCIAL STATEMENTS
This annual report consists of four parts – Management’s Discussion and Analysis (this portion), the basic financial statements, Required Supplementary Information, and optional combining statements for non-major governmental funds. The basic financial statements include two kinds of statements that present different views of the City.  The government-wide financial statements provide both long-term and short-term information about the City’s overall financial status, in a manner similar to private sector business.  Fund financial statements focus on individual parts of the City, reporting the City’s operations in more detail than the government-wide financial statements.
 Governmental fund statements tell how general government services, such as community development, were financed in the short-term as well as what remains for future spending.  Proprietary fund statements offer short-term and long-term financial information about the activities the City operates like businesses, such as utility services.  Fiduciary fund statements provide information about financial relationships in which the City acts solely as a trustee or agent for the benefit of others, to whom the resources belong.

Statements
Management's
Discussion
and
Components of the Financial Section
Statements
Financial
Statements Statements Financial
Financial
Analysis
Basic
Summary Detail
Required
Supplementary
Information
Notes
to the
Government-wide Fund
Financial

City of San Jacinto
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
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The financial statements also include notes that explain some of the information in the financial statements and provide more detailed data. The statements are followed by a comparison of actual results with the original and final amended budget for the general fund and each major special revenue fund with an annually adopted budget.

In addition to these required elements, we have included combining statements that provide details about our nonmajor governmental funds, which are presented in total in a column in the basic financial statements.

Government-wide Financial Statements
The government-wide statements report information about the City as a whole using accounting methods similar to those used by private-sector companies. The statement of net position includes all of the City’s assets and liabilities.

All current year revenues and expenses are reported in the statement of activities regardless of when cash is received or paid.

The two government-wide statements report the City’s net position and how they have changed during the fiscal year. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial health of the City is improving or deteriorating.

The government-wide financial statements of the City are divided as follows:
 Governmental activities – All of the City’s basic services are included here, such as police, fire, engineering, streets, parks and recreation, history preservation, community development, redevelopment and general government. Taxes and state and federal grants finance most of these activities.  Business-type activities – The City’s utility services provided are funded by customer fees.

Fund Financial Statements
A fund is a group of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. Fund financial statements provide more detailed information about the City’s largest funds, not the City as a whole.

The City has three types of funds:
 Governmental funds – All of the City’s basic services are included in governmental funds, which focus on (1) short-term inflows and outflows of spendable resources, and (2) the remaining year-end balances available for spending. Because this information does not encompass the additional long-term focus of the government-wide statements, reconciliations that explain the relationship (or differences) between governmental funds and governmental activities follow each of the governmental funds statements.  Proprietary funds – Services for which customer fees are intended to finance the costs of operations are generally reported in proprietary funds. Proprietary funds financial statements, like the government-wide statements, provide both long-term and short-term financial information.  Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements.
 Internal service funds report activities that provide services for the City’s other programs and activities, such as the City’s self-insurance arrangements.
 Fiduciary funds – The City is the trustee for certain assessment and community facilities district funds. It is also responsible for other trust account assets, which because of trust agreements, can be used only for the trust beneficiaries. The City is responsible for ensuring that the assets reported in these funds are used for their intended purposes. All of the City’s fiduciary activities are reported in a separate statement of fiduciary net position. We exclude these activities from the City’s government-wide financial statements because the City cannot use these assets to finance its operations.

City of San Jacinto
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
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FINANCIAL ANALYSIS OF THE GOVERNMENT-WIDE STATEMENTS
The government-wide financial statements provide long-term and short-term information about the City’s overall financial condition. This analysis addresses the financial statements of the City as a whole.

City of San Jacinto
Government-wide Financial Statements - Summary of Net Position As of June 30, 2024 and 2023
(in thousands)
2024 2023 2024 2023 2024 2023
Cash and investments, unrestricted 78,274 $ 70,176 $ 7,727 $ 8,723 $ 86,001 $ 78,899 $ 9.0% Current and other assets 16,042 15,493 11,927 5,291 27,969 20,784 34.6% Capital assets, net 100,672 102,086 14,478 12,766 115,150 114,852 0.3% Total assets 194,988 187,755 34,132 26,780 229,120 214,535 6.8% Deferred outflows of resources 4,735 5,075 1,155 1,160 5,890 6,235 -5.5% Long-term liabilities 4,503 4,649 3,188 3,421 7,691 8,070 -4.7% Other liabilities 37,358 38,198 7,875 4,306 45,233 42,504 6.4% Total liabilities 41,861 42,847 11,063 7,727 52,924 50,574 4.6% Deferred Inflows of Resources 696 209 123 1,042 819 1,251 -34.5% Net position:

Net investment in capital assets 97,131 98,284 11,484 9,513 108,615 107,797 0.8% Restricted 33,378 32,455 - - 33,378 32,455 2.8%
Unrestricted 26,656 19,035 12,617 9,658 39,273 28,693 36.9% Total net position 157,165 $ 149,774 $ 24,101 $ 19,171 $ 181,266 $ 168,945 $ 7.3% Governmental
Activities
Business-type
Activities
Total Primary
Government Total Percent
Change
Net position represents the difference between the City’s resources and its obligations. At June 30, 2024, the largest portion of the City’s total net position, approximately 59.92 percent, reflects the investment in capital assets less related debt outstanding used to acquire the capital assets. These capital assets are used by the City to provide services to the citizens. Additional capital asset information can be found in the Capital Asset and Debt Administration sections of the MD&A. Restricted net position represents amounts that must be used in accordance with external restrictions. The unrestricted balance of net position may be used at the City’s discretion.

The net position of our business-type activities increased by 25.72 percent to $24,101,190, and the City generally can only use this net position to finance the continuing operations of the business-type activities.

City of San Jacinto
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
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City of San Jacinto
Government-wide Financial Statements - Changes in Net Position For the year ended June 30, 2024 and 2023
(in thousands)
Total
Percent
2024 2023 2024 2023 2024 2023 Change
Revenues
Program revenues:

Charges for services 13,460 $ 14,200 $ 36,169 $ 31,062 $ 49,629 $ 45,262 $ 9.6% Operating grants and
contributions 11,098 10,517 - - 11,098 10,517 5.5%
Capital grants and contributions 8,914 7,824 100 - 9,014 7,824 15.2% General revenues:

Property taxes/property tax in-lieu 9,735 8,769 - - 9,735 8,769 11.0% Transient occupancy taxes 37 43 - - 37 43 -14.0%
Franchise taxes 2,960 2,806 - - 2,960 2,806 5.5%
Sales taxes 12,526 12,253 - - 12,526 12,253 2.2%
Other taxes 142 218 - - 142 218 -34.9%
Other 2,903 1,234 189 (573) 3,092 661 367.8%
Total revenues 61,775 57,864 36,458 30,489 98,233 88,353 11.2% Expenses
Governmental activities:

General government 4,057 3,227 - - 4,057 3,227 25.7%
Public safety 23,692 23,161 - - 23,692 23,161 2.3%
Public works 14,093 10,464 - - 14,093 10,464 34.7%
Community development 11,766 9,933 - - 11,766 9,933 18.5% Culture and leisure 637 1,171 - - 637 1,171 -45.6%
Interest on long-term debt 234 182 - - 234 182 28.6%
Business-type activities:

Water - - 7,852 5,251 7,852 5,251 49.5%
Sewer - - 1,801 1,452 1,801 1,452 24.0%
Power - - 21,875 18,804 21,875 18,804 16.3%
Non-major - - - - - - 100.0%
Total expenses 54,479 48,138 31,528 25,507 86,007 73,645 16.8% Increase (decrease) in net position 7,296 $ 9,726 $ 4,930 $ 4,982 $ 12,226 $ 14,708 $ -16.9% Business-type Total Primary
Government
Governmental
Activities Activities
Revenue
The City’s total revenue, excluding transfers, was $98,233,148 for the year ended June 30, 2024. Revenue from governmental activities, excluding transfers, totaled $61,750,691 and revenue from business-type activities totaled $36,482,457, excluding transfers. During 2024, capital grants and contributions, restricted to the construction of capital assets, comprised 9.07 percent of the total revenue of the City, taxes and other general revenues provided

29.00 percent of the total revenue of the City, and charges for services and operating grants and contributions provided 61.82 percent of the total revenue of the City.

Most of the Governmental Activities revenues remained stable from 2023 to 2024, with an increase of over $2,000,000 attributable to investment earnings, while revenue from Business-type Activities increased more significantly due primarily to increased demand for Power.

City of San Jacinto
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
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Expenses
The City’s expenses totaled $86,006,996 for the year. Governmental activity expenses totaled $54,479,284, or

63.34 percent of total expenses. Business-type activities incurred $31,527,712 of expenses during the year, or

36.66 percent of total expenses.

The City's expenses increased between 2023 and 2024 mainly due to increased pension expense.

Governmental Activities
The following table shows the cost of each of the City’s major programs and the net cost of the programs. Net cost is the total cost less fees and other direct revenue generated by the activities and reflects the financial burden that was placed on the City’s taxpayers by each of the programs.

City of San Jacinto
Government-wide Financial Statements - Net Cost of Governmental Activities For the year ended June 30, 2024 and 2023
(in thousands)
Percent Percent
2024 2023 Change 2024 2023 Change
General government 4,057 $ 3,227 $ 25.7% 404 $ (644) $ -162.7% Public safety 23,692 23,161 2.3% 12,907 14,176 -9.0%
Public works 14,093 10,464 34.7% 7,053 4,465 58.0%
Community development 11,766 9,933 18.5% (229) (3,753) -93.9% Culture and leisure 637 1,171 -45.6% 637 1,171 -45.6%
Total 54,245 $ 47,956 $ 13.1% 20,772 $ 15,415 $ 34.8%
Total Cost Net Cost
of Services of Services
The cost for all governmental activities this year was $54,244,999, not including interest expense of $234,285. The City’s taxpayers paid for approximately 59.87 percent of these costs. Fees, grants and contributions funded the balance of the costs of governmental activities.

Business-type Activities
Charges for services of the City’s business-type activities totaled $36,169,218. Expenses of business-type activities were $31,527,712. Capital grants and contributions were not received in the water, solid waste, sewer, and power activities to finance capital improvements. The costs of capital improvements are reported as capital assets in the statement of net position, rather than as expenses in the statement of activities.

FINANCIAL ANALYSIS OF THE FUND STATEMENTS
The City uses fund accounting to assure and demonstrate compliance with finance-related legal requirements. The fund financial statements focus on individual parts of the City’s government, reporting the City’s operations in more detail than the government-wide financial statements.

The City’s governmental funds provide information on near-term inflows, outflows and balances of spendable resources. The City’s governmental funds reported combined fund balances at June 30, 2024 of $62,392,565, an increase of $8,536,366 from the previous fiscal year. Within the change of combined fund balances, the General Fund increased by $5,581,709, due to particularly strong growth in investment earnings and charges for service following an updated user fee study.

City of San Jacinto
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
-9-
City of San Jacinto
Fund Financial Statements - Fund Balances
As of June 30, 2024 and 2023
(in thousands)
Percent
2024 2023 Change
Nonspendable:

Prepaids $ 234 $ 181 29.28%
Advances receivable 7,607 8,410 -9.55%
Land held for resale 340 340 0.00%
Total nonspendable fund balances 8,181 8,931 -8.40%
Restricted:

Special revenue funds 36,818 32,826 12.16%
Total restricted fund balances 36,818 32,826 12.16%
Assigned:

Capital projects funds 1,499 1,559 -3.85%
Total assigned fund balances 1,499 1,559 -3.85%
Unassigned:

General Fund 21,649 15,473 39.91%
Special revenue funds (5,755) (4,504) 27.78%
Capital projects funds - (429) 100.00%
Total unassigned fund balances 15,894 10,540 50.80%
Total fund balance $ 62,392 $ 53,856 15.85%
General Fund Budgetary Highlights
Over the course of the year, the City revised the City budget with adjustments for revenue and expenditure appropriations approved after the original budget was adopted.

Certain capital project appropriations originally budgeted but not expended in fiscal year 2023 were re-appropriated in 2024 as part of the City’s capital budget.

After taking into account these adjustments, actual expenditures were ($375,760) over the final budget amounts.

Resources available for appropriation were $1,744,556 over the final budgeted amount, primarily due to strong Measure V performance (TUT) and revenue received for the provision of Development Services.

City of San Jacinto
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
-10-

CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
As of June 30, 2024, the City had invested $115,149,828 in a broad range of capital assets, including police and fire equipment, buildings, parks and park improvements, roads, bridges, and water, solid waste and sewer utility systems.

City of San Jacinto
Capital Assets
As of June 30, 2024 and 2023
(net of depreciation, in thousands)
2024 2023 2024 2023 2024 2023
Capital assets not being depreciated:

Land and improvements 5,800 $ 5,800 $ 55 $ 55 $ 5,855 $ 5,855 $ Construction in progress 11,993 11,728 4,685 2,070 16,678 13,798 Depreciable/amortizable capital assets,
net of accumulated depreciation/amortization:

Buildings and system 3,765 3,936 3,010 3,144 6,775 7,080 Machinery and equipment 3,298 2,783 3,238 3,561 6,536 6,344 Improvements other than buildings 3,463 2,159 3,421 3,809 6,884 5,968 Infrastructure 71,718 75,053 - - 71,718 75,053
Right-to-use assets 634 627 69 127 703 754
Total 100,671 $ 102,086 $ 14,478 $ 12,766 $ 115,149 $ 114,852 $ Activities Total
Governmental
Activities
Business-type
This year’s major capital asset additions included:

Government-wide, governmental activities:
 Approximately $1.3 million for the San Jacinto Avenue Pavement and Rehabilitation Project.  Approximately $1.5 million for various improvements, including:
o Playground replacement at Basin 7
o Shade Sails at Mistletoe Park
o Sallee Park Improvement Project
o Corp Yard Remodel/Improvements
Government-wide, business-type activities:
 Approximately $850,000 to replace Tahquitz sewer main line  Approximately $1.5 million added to construction in progress for the Bath Well Treatment plant  Approximately $300,000 added to construction in progress for the Grand Well Treatment plant More detailed information about the City’s capital assets is presented in Note 4 to the financial statements.

City of San Jacinto
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
-11-
Long-term Liabilities
At June 30, 2024, the City had $7,691,244 in long-term liabilities outstanding. More detailed information about the City’s total long-term liabilities is presented in Note 6 to the financial statements.

City of San Jacinto
Outstanding Liabilities
As of June 30, 2024 and 2023
(in thousands)
2024 2023 2024 2023 2024 2023
Special assessment debt with
government commitment,
including unpaid interest 1,084 $ 1,084 $ - $ - $ 1,084 $ 1,084 $ Loans payable - direct borrowing 1,671 1,801 2,922 3,044 4,593 4,845 Lease and subscription liabilities 594 740 73 211 667 951 Claims and judgments 470 429 - - 470 429
Compensated absences 684 595 193 166 877 761
Total 4,503 $ 4,649 $ 3,188 $ 3,421 $ 7,691 $ 8,070 $
Governmental Business-type
Activities Activities Total
ECONOMIC FACTORS AND NEXT YEAR’S BUDGET
Since “the Great Recession,” the City has seen significant improvements in economic trends. Despite the economic turmoil caused by the COVID-19 pandemic, the City’s limited categories of revenue (such as not having tourism, hospitality and entertainment industries) helped minimize the economic effects on the City. Residential development and home sales have increased dramatically to their best numbers in years. Commercial development is strong as well, with several high-profile projects moving forward. Public safety costs continue to increase, although at a slower rate than previously due to the County’s cost-minded Sheriff. Meanwhile, the City continues to focus on potential commercial growth, economic development, and attracting the businesses desirable to the residents of the City.

The City also placed a transactional-use tax measure (Measure V) on the November 2020 ballot, passing with 69 percent approval. This measure has provided a sustained increase in revenue, which has helped the City increase its public safety staffing and undertake much needed projects. However, the United States is encountering its highest levels of inflation in four decades, which is anticipated to significantly affect operating costs and limit the use of this new revenue stream to only the most essential services.

The General Fund budget for 2023-2024 appropriates $37,213,774, in operating and capital expenditures, an increase of 12.23 percent from the prior year.

CONTACTING THE CITY’S FINANCIAL MANAGEMENT
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 demonstrate the City’s accountability for the money it receives. If you have questions about this report or need additional financial information, contact the City of San Jacinto Department of Finance, Accounting Division, PO Box 488, San Jacinto, California 92581, or visit the City’s web page at www.sanjacintoca.gov.

Basic Financial Statements
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Government-Wide Financial Statements
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City of San Jacinto
Statement of Net Position
June 30, 2024
The accompanying notes are an integral part of these financial statements. -12-
Governmental Business-Type
Activities Activities Total
ASSETS
Cash and investments 78,274,278 $ 7,727,047 $ 86,001,325 $ Pension trust cash and investments 1,000,000 - 1,000,000 Cash and investments with fiscal agents, restricted 74,348 - 74,348 Receivables, net:

Accounts 1,851,442 10,762,319 12,613,761
Interest 937,144 - 937,144
Taxes 1,394,151 - 1,394,151
Notes receivable 3,065,155 - 3,065,155
Due from other governments 4,298,356 16,428 4,314,784
Deposits with others 1,181,516 - 1,181,516
Prepaids 249,227 2,239,738 2,488,965
Internal balances 1,617,391 (1,617,391) -
Inventories 33,007 525,918 558,925
Land held for resale 339,807 - 339,807
Capital assets:

Land and construction in progress 17,792,522 4,740,679 22,533,201 Other capital assets, net of depreciation 82,879,229 9,737,398 92,616,627 Total assets 194,987,573 34,132,136 229,119,709

DEFERRED OUTFLOWS OF RESOURCES
Pension related 4,735,061 1,154,655 5,889,716
Total deferred outflows of resources 4,735,061 1,154,655 5,889,716

LIABILITIES
Accounts payable and accrued liabilities 10,209,873 4,650,912 14,860,785 Accrued wages 213,474 50,859 264,333
Accrued interest payable 7,785 40,452 48,237
Due to other governments 145,071 - 145,071
Retention payable 190,733 - 190,733
Deposits payable 7,885,470 406,056 8,291,526
Unearned revenues 6,272,227 - 6,272,227
Noncurrent liabilities:

Due within one year 627,479 255,466 882,945
Due in more than one year 3,875,859 2,932,440 6,808,299 Net pension liability 12,432,558 2,726,886 15,159,444
Total liabilities 41,860,529 11,063,071 52,923,600

DEFERRED INFLOWS OF RESOURCES
Pension related 695,749 122,530 818,279

NET POSITION
Net investment in capital assets 97,131,391 11,483,513 108,614,904 Restricted for:

Public safety 888,422 - 888,422
Public works 18,091,651 - 18,091,651
Community development 1,245,815 - 1,245,815
Culture and leisure 12,854,953 - 12,854,953
Capital asset financing 296,711 - 296,711
Unrestricted 26,657,413 12,617,677 39,275,090
Total net position 157,166,356 $ 24,101,190 $ 181,267,546 $ City of San Jacinto
Statement of Activities
For the Year Ended June 30, 2024
The accompanying notes are an integral part of these financial statements. -13-
Operating Capital
Charges for Contributions Contributions
Functions/Programs Expenses Services and Grants and Grants Primary government
Governmental activities:

General government 4,057,095 $ - $ 3,653,209 $ - $
Public safety 23,692,430 10,039,713 744,347 -
Public works 14,092,543 208,893 4,662,029 2,168,732
Community development 11,766,026 3,211,867 2,038,611 6,744,913 Culture and leisure 636,905 - - -
Interest on long-term debt 234,285 - - -
Total governmental activities 54,479,284 13,460,473 11,098,196 8,913,645 Business-type activities:

Water 7,851,666 8,345,102 - -
Sewer 1,801,016 1,758,457 - 100,000
Power 21,875,030 26,065,659 - -
Total business-type activities 31,527,712 36,169,218 - 100,000 Total 86,006,996 $ 49,629,691 $ 11,098,196 $ 9,013,645 $ General revenues:

Taxes:

Property tax, levied for general purpose
Property tax in-lieu of motor vehicle
Transient occupancy taxes
Franchise tax
Sales tax
Other taxes
Unrestricted investment earnings
Gain (loss) on sale of capital assets
Other
Transfers
Total general revenues
Change in net position
Net position, beginning of year
Restatement due to lease remeasurement
Net position, beginning of year, as restated
Net position, end of year
Program Revenues
Continued
-14-
Governmental Business-Type
Activities Activities Total
$ - (403,886) $ (403,886) $
- (12,908,370) (12,908,370)
- (7,052,889) (7,052,889)
- 229,365 229,365
- (636,905) (636,905)
- (234,285) (234,285)
- (21,006,970) (21,006,970)
493,436 - 493,436
57,441 - 57,441
4,190,629 - 4,190,629
4,741,506 - 4,741,506
4,741,506 (21,006,970) (16,265,464)
4,315,274 - 4,315,274
5,420,175 - 5,420,175
36,783 - 36,783
2,959,714 - 2,959,714
12,525,838 - 12,525,838
141,566 - 141,566
213,239 2,601,120 2,814,359
- 51,881 51,881
- 226,026 226,026
(24,164) 24,164 -
189,075 28,302,541 28,491,616
4,930,581 7,295,571 12,226,152
19,170,609 149,774,365 168,944,974
- 96,420 96,420
149,870,785
$ 24,101,190 157,166,356 $ 181,267,546 $
Net Revenue (Expense) and Change in Net Position
Primary Government
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Fund Financial Statements
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City of San Jacinto
Balance Sheet – Governmental Funds
June 30, 2024
The accompanying notes are an integral part of these financial statements. -15-
Capital
Projects Fund
General LLPD#2
Community
Facilities
District 2003
(formerly nonmajor) City Capital
Projects
Total NonMajor
Governmental
Funds
Total
Governmental
Funds
ASSETS
Cash and investments 32,883,118 $ 11,527,789 $ - $ 9,506,098 $ 23,772,832 $ 77,689,837 $ Pension trust cash and investments 1,000,000 - - - - 1,000,000 Restricted cash with fiscal agent 74,348 - - - - 74,348 Receivables, net:

Accounts 1,523,236 - - - 274,668 1,797,904
Interest 643,174 - - - 293,970 937,144
Taxes and assessments 218,702 38,786 26,407 - 1,110,256 1,394,151 Notes 100,000 - - - 2,965,155 3,065,155
Inventory 33,007 - - - - 33,007
Prepaids 200,642 - - - 5,673 206,315
Deposits 38,000 - - - - 38,000
Due from other governments 3,198,005 - - - 1,100,351 4,298,356 Due from other funds 2,557,375 - - - - 2,557,375
Advances receivable 7,601,522 - - - 4,774,413 12,375,935 Land held for resale - - - - 339,807 339,807
Total assets 50,071,129 $ 11,566,575 $ 26,407 $ 9,506,098 $ 34,637,125 $ 105,807,334 $

LIABILITIES
Accounts payable 5,774,453 $ 208,790 $ 1,359,962 $ 384,327 $ 2,423,533 $ 10,151,065 $ Accrued payroll 199,119 - - - 5,448 204,567
Deposits payable 7,885,470 - - - - 7,885,470
Retention payable - - - 190,733 - 190,733
Due to other governments 943 - - - 144,128 145,071
Due to other funds - - - - 939,984 939,984
Unearned revenue 6,272,227 - - - - 6,272,227
Advances payable - - 3,444,897 8,931,038 - 12,375,935
Total liabilities 20,132,212 208,790 4,804,859 9,506,098 3,513,093 38,165,052

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue 380,649 - - - 4,869,068 5,249,717

FUND BALANCES
Nonspendable 7,835,171 - - - 345,480 8,180,651
Restricted 74,348 11,357,785 - - 25,385,559 36,817,692
Assigned - - - - 1,499,352 1,499,352
Unassigned 21,648,749 - (4,778,452) - (975,427) 15,894,870 Total fund balances (deficit) 29,558,268 11,357,785 (4,778,452) - 26,254,964 62,392,565 Total liabilities, deferred inflows
of resources and fund balances 50,071,129 $ 11,566,575 $ 26,407 $ 9,506,098 $ 34,637,125 $ 105,807,334 $ Special Revenue Fund
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City of San Jacinto
Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position
June 30, 2024
The accompanying notes are an integral part of these financial statements. -16-
Fund balance of governmental funds 62,392,565 $
Amounts reported for governmental activities in
the Statement of Net Position are different because:

Net investment in capital assets have not been included as financial resources in governmental funds.

Capital assets not being depreciated 17,792,522
Capital assets being depreciated 224,800,274
Accumulated depreciation/amortization (141,921,045)
Long-term liabilities applicable to governmental activities are not due and payable in the current period and, accordingly, are not reported as governmental fund liabilities. All liabilities (both current and long-term) are reported in the Statement of Net Position.

Compensated absences (683,579)
Special assessment debt and unmatured interest (1,084,259) Lease liabilities (449,956)
Subscription liabilities (144,254)
Loans payable (1,671,158)
Accrued interest payable (7,785)
Net pension liability (12,432,558)
Unavailable revenue balances relating to various accounts and loans receivable are not reported as unavailable revenue in the Statement of Net Position since recognition is not based upon measurable and available criteria.

Low and moderate housing loans receivable 3,375,483
Accrued interest on low and moderate housing loans 208,893 Special assessments receivable 1,665,341
Pension related deferred outflows and inflows of resources in governmental activities are not financial resources and, therefore, are not reported in the governmental funds.

Deferred outflows of resources - pension related items 4,735,061 Deferred inflows of resources - pension related items (695,749) Internal Service Funds are used by management to charge costs of certain activities on individual funds. The assets and liabilities of the Internal Service Funds must be added to the Statement of Net Position since revenue recognition is not based upon measurable and available criteria.

Fund Net Position of Internal Service Funds 1,286,560
Net position of governmental activities 157,166,356 $
City of San Jacinto
Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds
June 30, 2024
The accompanying notes are an integral part of these financial statements. -17-
General LLPD#2
Community
Facilities District
2003 (formerly
non-major)
City Capital
Projects
TUMF Capital
Projects
(formerly major)

REVENUES
Taxes 19,396,314 $ - $ - $ - $
Assessments - 5,390,227 3,682,515 -
Licenses and permits 1,430,039 - - -
Fines and forfeitures 362,302 - - -
Development fees 102,000 - - -
Intergovernmental 6,471,679 - - -
Charges for services 5,082,013 - - -
Investment earnings 2,557,674 259,651 - -
Other/overhead allocations 5,821,898 49,380 - -
Total revenues 41,223,919 5,699,258 3,682,515 -

EXPENDITURES
Current:

General government 3,753,598 - 16,278 -
Public safety 18,939,127 - 4,230,822 -
Public works 3,294,697 - - -
Community development 6,649,642 4,278,453 - -
Culture and leisure 230,121 - - -
Capital outlay 930,479 - 324,292 3,613,006
Debt service:

Principal 236,658 - - -
Interest 101,985 - 132,490 -
Total expenditures 34,136,307 4,278,453 4,703,882 3,613,006 Excess (deficiency) of revenues
over (under) expenditures 7,087,612 1,420,805 (1,021,367) (3,613,006)

OTHER FINANCING SOURCES (USES)
Proceeds from sale of property 51,881 - - -
Subscription acquisition 201,661 - - -
Transfers in 574,750 - 232,385 3,613,006
Transfers out (2,334,195) - - -
Total other financing sources (uses) (1,505,903) - 232,385 3,613,006 Net change in fund balances 5,581,709 1,420,805 (788,982) - Fund balances (deficit), beginning of year, as previously reported 23,976,559 9,936,980 - - (428,699) $ Change in financial reporting entity (Note 14) - - (3,989,470) - 428,699 Fund balances (deficit), beginning of year, as restated 23,976,559 9,936,980 (3,989,470) - - Fund balances (deficit), end of year 29,558,268 $ 11,357,785 $ (4,778,452) $ - $ - $ Special Revenue Fund Capital Projects Funds

The accompanying notes are an integral part of these financial statements. -18-
Total NonMajor
Governmental
Funds
Total
Governmental
Funds
$ 19,929,502 533,188 $
11,423,199 2,350,457
1,430,039 -
981,767 619,465
951,038 849,038
11,738,120 5,266,441
5,082,013 -
3,488,295 670,970
6,123,019 251,741
61,146,992 10,541,300
3,780,503 10,627
23,341,729 171,780
5,695,101 2,400,404
11,436,039 507,944
631,895 401,774
7,581,932 2,714,155
236,658 -
234,475 -
52,938,332 6,206,684
8,208,660 4,334,616
51,881 -
201,661 -
4,449,801 29,660
(4,375,637) (2,041,442)
327,706 (2,011,782)
8,536,366 2,322,834
53,856,199 20,371,359
- 3,560,771
53,856,199 23,932,130
$ 62,392,565 26,254,964 $
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City of San Jacinto
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
The accompanying notes are an integral part of these financial statements. -19-
Net change in fund balances - total governmental funds 8,536,366 $ 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 cost of those assets are allocated over their estimated useful lives as depreciation expense or allocated to the appropriate functional expense when the cost is below the capitalization threshold. Additionally, capital contributions are reported as program revenues in the Statement of Activities.

This activity is reconciled as follows:

Cost of assets capitalized less disposals 4,273,909
Depreciation/amortization expense (6,028,765)
Revenues in the Statement of Activities that do not provide current financial resources are not reported as revenues in the fund. 551,818 Long-term debt proceeds provide current financial resources to Governmental Funds, but issuing debt increases long-term liabilities in the Government-Wide Statement of Net Position. Principal repayments of long-term debt are expenditures/uses in the Governmental Funds, but they reduce long-term liabilities in the Government-Wide Statement of Net Position.

Repayments:
2018 street light financing 130,223
Lease liabilities 220,508
Subscription liabilities 371,336
Issuance:

Subscription acquisition (201,661)
Some expenses reported in the Statement of Activities do not require the use of current financial resources, and therefore, are not reported as expenditures in the governmental funds.

Change in compensated absences (88,828)
Change in accrued interest payable 190
Pension expense net of adjustments (597,543)
Internal Service Funds are used by management to charge the cost of insurance to individual funds. The net revenue of the Internal Service Funds are reported with governmental activities. 128,018
Change in net position of governmental activities 7,295,571 $ City of San Jacinto
Statement of Net Position – Proprietary Funds
June 30, 2024
The accompanying notes are an integral part of these financial statements. -20-
Governmental
Activities
Water Sewer Power Total
Internal
Service Fund
ASSETS
Current assets:

Cash and investments 5,701,874 $ 2,015,116 $ 10,057 $ 7,727,047 $ 584,441 $ Receivables, net:

Accounts 1,015,652 384,695 9,361,972 10,762,319 53,538
Deposits with others - - - - 1,143,516
Inventories 525,918 - - 525,918 -
Prepaid expenses 21,915 7,823 2,210,000 2,239,738 42,912 Due from other governments 13,930 2,498 - 16,428 -
Total current assets 7,279,289 2,410,132 11,582,029 21,271,450 1,824,407 Non-current assets:

Capital assets:

Land 55,222 - - 55,222 -
Construction in progress 3,804,713 880,744 - 4,685,457 - Building and system 6,677,062 31,301 - 6,708,363 -
Machinery and equipment 6,975,000 1,073,938 14,564 8,063,502 - Improvements other than buildings 6,034,728 3,824,233 - 9,858,961 - Right-to-use assets 278,529 42,256 - 320,785 -
Less accumulated depreciation/amortization (12,159,884) (3,048,503) (5,826) (15,214,213) - Total non-current assets 11,665,370 2,803,969 8,738 14,478,077 - Total assets 18,944,659 5,214,101 11,590,767 35,749,527 1,824,407

DEFERRED OUTFLOWS OF RESOURCES
Pension related 769,770 384,885 - 1,154,655 -
Total deferred outflows of resources 769,770 384,885 - 1,154,655 -

LIABILITIES
Current liabilities:

Accounts payable 539,369 398,099 3,713,444 4,650,912 58,808 Accrued wages 30,444 18,177 2,238 50,859 8,907
Accrued interest 40,452 - - 40,452 -
Deposits payable 406,056 - - 406,056 -
Due to other funds - - 1,617,391 1,617,391 -
Long term liabilities, current portion 233,420 17,843 4,203 255,466 - Total current liabilities 1,249,741 434,119 5,337,276 7,021,136 67,715 Non-current liabilities:

Claims payable - - - - 470,132
Long term liabilities, net of current portion 2,886,985 34,013 11,442 2,932,440 - Net pension liability 1,817,924 908,962 - 2,726,886 -
Total non-current liabilities 4,704,909 942,975 11,442 5,659,326 470,132 Total liabilities 5,954,650 1,377,094 5,348,718 12,680,462 537,847

DEFERRED INFLOWS OF RESOURCES
Pension related 81,687 40,843 - 122,530 -

NET POSITION
Net investment in capital assets 8,673,712 2,801,063 8,738 11,483,513 - Unrestricted 5,004,380 1,379,986 6,233,311 12,617,677 1,286,560 Total net position 13,678,092 $ 4,181,049 $ 6,242,049 $ 24,101,190 $ 1,286,560 $ Business-type Activities
Enterprise Funds
City of San Jacinto
Statement of Revenues, Expenses and Changes in Fund Net Position – Proprietary Funds
For the Year Ended June 30, 2024
The accompanying notes are an integral part of these financial statements. -21-
Governmental
Activities
Water Sewer Power Total
Internal
Service Fund

OPERATING REVENUES
Sales and charges for services 6,786,099 $ 1,264,982 $ 25,533,034 $ 33,584,115 $ 2,507,882 $ Miscellaneous/sale of ground water 1,559,003 493,475 532,625 2,585,103 44,404 Total operating revenues 8,345,102 1,758,457 26,065,659 36,169,218 2,552,286

OPERATING EXPENSES
Personnel services 944,742 492,071 74,038 1,510,851 340,994 Employee benefits 552,474 272,742 35,405 860,621 137,443 Office expense & field supplies 478,631 56,918 36,107 571,656 17,923 Depreciation 886,388 260,396 972 1,147,756 -
Outside services 937,643 160,226 680,045 1,777,914 1,605,373 Repairs and maintenance 268,102 179,601 - 447,703 256,770 Utilities 613,990 3,985 - 617,975 3,105
Overhead allocations 962,216 372,469 111,043 1,445,728 - Watermaster charges 2,101,484 - - 2,101,484 -
Energy purchases - - 20,797,652 20,797,652 -
Claims and judgements - - - - 12,660
Total operating expenses 7,745,670 1,798,408 21,735,262 31,279,340 2,374,268 Operating income (loss) 599,432 (39,951) 4,330,397 4,889,878 178,018

NON-OPERATING REVENUES (EXPENSES)
Investment earnings 151,053 62,186 - 213,239 -
Interest and fiscal charges (105,996) (2,608) (139,768) (248,372) - Capital contributions - 100,000 - 100,000 -
Total non-operating revenues (expenses) 45,057 159,578 (139,768) 64,867 - Other income (expense) before transfers 644,489 119,627 4,190,629 4,954,745 178,018 Transfers out (24,164) - - (24,164) (50,000)
Change in net position 620,325 119,627 4,190,629 4,930,581 128,018 Net position, beginning of year 13,057,767 4,061,422 2,051,420 19,170,609 1,158,542 Net position, end of year 13,678,092 $ 4,181,049 $ 6,242,049 $ 24,101,190 $ 1,286,560 $ Business-type Activities
Enterprise Funds
City of San Jacinto
Statement of Cash Flows - Proprietary Funds
For the Year Ended June 30, 2024
The accompanying notes are an integral part of these financial statements. -22-
Governmental
Activities
Water Sewer Power Total
Internal
Service Fund

CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers 8,255,355 $ 1,727,285 $ 22,353,562 $ 32,336,202 $ 2,629,946 $ Cash payments to suppliers (5,089,226) (827,601) (21,121,067) (27,037,894) (1,871,204) Cash payments to employees for services (1,414,411) (717,803) (106,728) (2,238,942) (478,376) Net cash provided by
operating activities 1,751,718 181,881 1,125,767 3,059,366 280,366

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Transfers from other funds - - - - (50,000)
Transfers to other funds (24,164) - - (24,164) -
Cash (paid) received from other funds - - (975,942) (975,942) (47,337) Net cash provided by (used for) non-capital
financing activities (24,164) - (975,942) (1,000,106) (97,337)

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
Acquisition or construction of capital assets (1,988,240) (871,720) - (2,859,960) - Developer contributions - 100,000 - 100,000 -
Lease principal paid (40,125) (98,239) - (138,364) -
Bond principal paid (121,950) - - (121,950) -
Interest and fiscal charges paid (105,512) (2,608) (139,768) (247,888) - Net cash used for capital and
related financing activities (2,255,827) (872,567) (139,768) (3,268,162) -

CASH FLOWS FROM INVESTING ACTIVITIES
Interest income received 151,053 62,186 - 213,239 -
Net cash provided by
investing activities 151,053 62,186 - 213,239 -
Net change in cash and cash equivalents (377,220) (628,500) 10,057 (995,663) 183,029 Cash and cash equivalents, beginning of year 6,079,094 2,643,616 - 8,722,710 401,412 Cash and cash equivalents, end of year 5,701,874 $ 2,015,116 $ 10,057 $ 7,727,047 $ 584,441 $ Governmental
Activities
Water Sewer Power Total
Internal
Service Fund
Reconciliation of operating income (loss) to net cash
provided by (used for) operating activities:

Operating income (loss) 599,432 $ (39,951) $ 4,330,397 $ 4,889,878 $ 178,018 $ Adjustments to reconcile operating income (loss) to
net cash provided by (used for) operating activities:

Depreciation 886,388 260,396 972 1,147,756 -
Change in compensated absences 14,342 10,486 2,715 27,543 - (Increase) decrease in assets:

Accounts receivable (45,503) (31,172) (3,712,097) (3,788,772) 77,660 Inventories 145,497 - - 145,497 -
Prepaid expenses (14,062) (701) (2,006,825) (2,021,588) 83,467 Deposits with others - - - - (97,167)
Due from other governments (13,930) - - (13,930) -
Deferred outflows of resources 1,920 960 - 2,880 -
Increase (decrease) in liabilities:

Accounts payable 141,405 (53,701) 2,510,605 2,598,309 (3,310) Accrued wages 3,602 4,093 - 7,695 61
Deposits payable (30,314) - - (30,314) -
Claims payable - - - - 41,637
Deferred inflows of resources (893,102) (26,762) - (919,864) - Net pension liability 956,043 58,233 - 1,014,276 -
Total adjustments 1,152,286 221,832 (3,204,630) (1,830,512) 102,348 Net cash provided by (used for) operating activities 1,751,718 $ 181,881 $ 1,125,767 $ 3,059,366 $ 280,366 $ Enterprise Funds
Business-type Activities -
Enterprise Funds
Business-type Activities -

Fiduciary Funds
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City of San Jacinto
Statement of Fiduciary Net Position – Fiduciary Funds
June 30, 2024
The accompanying notes are an integral part of these financial statements. -23-
Private
Purpose
Trust Fund Custodial Fund
ASSETS
Cash and investments 325,104 $ 1,540,876 $
Cash and investments with fiscal agents 140 2,009,578
Receivables:

Due from other governments 234,046 8,110
Property held for resale 53,672 -
Capital assets:

Land 220,227 -
Total assets 833,189 3,558,564

DEFERRED OUTFLOW OF RESOURCES
Loss on refunding 2,647 -

LIABILITIES
Accounts payable and accrued liabilities 100,215 -
Unearned revenue 89,918 -
Long-term liabilities:

Due within one year 355,000 -
Due in more than one year 4,590,000 -
Total liabilities 5,135,133 -

NET POSITION (DEFICIT)
Held for dissolution of Redevelopment Agency (4,299,297) - Restricted for bondholders - 3,558,564
Total net position (4,299,297) $ 3,558,564 $
City of San Jacinto
Statement of Changes in Fiduciary Net Position – Fiduciary Funds For the Year Ended to June 30, 2024
The accompanying notes are an integral part of these financial statements. -24-
Private
Purpose Custodial
Trust Fund Fund

ADDITIONS
Property taxes 603,898 $ 1,509,895 $
Investment earnings 8,027 128,153
Total additions 611,925 1,638,048

DEDUCTIONS
Administrative payments 30,425 46,866
Principal payments to bondholders - 775,000
Interest expense 234,765 625,894
Total deductions 265,190 1,447,760
Change in net position 346,735 190,288
Net position (deficit), beginning of year (4,646,032) 3,368,276 Net position (deficit), end of year (4,299,297) $ 3,558,564 $ Notes to the Basic Financial Statements
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City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-25-
I. SIGNIFICANT ACCOUNTING POLICIES
Note 1: Summary of significant accounting policies
a. Reporting entity
The City of San Jacinto (City) was incorporated on April 20, 1888 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 generally accepted accounting principles, these financial statements present the City of San Jacinto (the primary government) and its component units. The component units discussed below are included in the reporting entity because of their operational or financial relationships with the City of San Jacinto.

Blended component units:

San Jacinto Financing Authority
The Authority is a joint exercise of powers authority organized and existing under and by virtue of the Joint Exercise of Powers Act. The City formed the Authority by the execution of a joint exercise of powers agreement dated as of May 25, 1993 and amended and restated in its entirety on May 19, 1997 by and between the City and the former Redevelopment Agency. Pursuant to the Joint Powers Act, the Authority is authorized to issue revenue bonds to provide funds to make loans to public entities; such revenue bonds are to be repaid from the repayments of such loans. The Authority is governed by a five-member Board which consists of all members of the City Council. The Mayor of the City is the Chairperson of the Authority. The City Manager acts as the Executive Director, the City Clerk acts as the Secretary and the Finance Director of the City acts as the Treasurer of the Authority. Debts issued through the San Jacinto Financing Authority are expected to be repaid with City resources. Accordingly, separate financial statements for the Financing Authority are not prepared.

Industrial Development Authority
The Industrial Development Authority of the City of San Jacinto was activated by the City Council of the City of San Jacinto. The purpose of the Industrial Development Authority is to assist the community in industry development by providing a financing mechanism to encourage such development in the City. Separate financial statements for the Industrial Development Authority are not currently prepared.

As the governing bodies of the San Jacinto Financing Authority and Industrial Development Authority are composed entirely of the council members of the City, the above component units were included within the scope of the reporting entity of the City.

City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-26-
Note 1: Summary of significant accounting policies (continued) b. Government-wide and fund financial statements
The government-wide financial statements include a statement of net position and a statement of activities. These statements present summaries of governmental and business-type activities for the City accompanied by a total column. Fiduciary activities of the City are not included in these statements. Certain eliminations have been made as prescribed by generally accepted accounting principles in regard to interfund activities, payables, and receivables. All internal balances in the statement of net position have been eliminated except those representing balances between the governmental activities and the business-type activities, which are presented as internal balances and eliminated in the total primary government column. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on user fees and charges for support.

The statement of activities demonstrates the degree to which the direct and indirect 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, including special assessments, 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 revenue are reported instead as general revenues. In the statement of activities, Internal Service Fund transactions have been eliminated; however, those transactions between the governmental and business-type activities have not been eliminated.

Separate financial statements are provided for governmental, proprietary, and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements.
c. Measurement focus, basis of accounting, and financial statement presentation The government-wide statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund and fiduciary fund financial statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of the cash flows. Accordingly, all of the City's assets, deferred outflows of resources, liabilities, and deferred inflows of resources, including capital assets, as well as infrastructure assets, and long-term liabilities, are included in the accompanying statement of net position. The statement of activities presents changes in net position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned while expenses are recognized in the period in which the liability is incurred. The types of transactions reported as program revenues for the City are reported in three categories: 1) charges for services, 2) operating grants and contributions, and 3) capital grants and contributions.

City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-27-
Note 1: Summary of significant accounting policies (continued) c. Measurement focus, basis of accounting, and financial statement presentation (continued) Governmental fund financial statements are reported using the current financial resources measurement focus and the modified-accrual basis of accounting. Under the modified-accrual basis of accounting, revenues are recognized in these funds when susceptible to accrual (i.e., when they are both measurable and available). "Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. For this purpose, the City considers property taxes collected after year-end, as available if they are collected within 60 days of the end of the current fiscal period. Other revenues susceptible to accrual include sales tax, state gasoline taxes, utility user’s tax, investment income, and certain other intergovernmental revenues. Expenditures in the governmental funds are generally recognized in the accounting period in which the related fund liability is incurred, if measurable, except for unmatured principal and interest on general long-term debt, as well as compensated absences and claims and judgments, which are recognized when due.

The City reports the following major governmental funds:

The General Fund is the government'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 LLPD#2 Special Revenue Fund is used to account for special assessment tax revenue activity in the City’s Districts, restricted for maintenance and service to District facilities.

The Community Facilities District 2003 Fund is used to account for special assessments levied on real property to mitigate the cost of Public Safety.

The City Capital Projects Fund is used to account for construction from various sources.

The City reports the following major proprietary funds:

The Water Fund is used to account for the provision of water services to the residences and businesses of part of the City.

The Sewer Fund is used to account for the revenues and expenses in connection with the operation and improvement of the City's sewer system.

The Power Fund is used to account for the revenues and expenses in connection with the Community Choice Aggregation (CCA) program, which allows the City to purchase and generate electricity for residents and businesses within the City.

Additionally, the City reports the following fund types:

The Internal Service Funds are used to account for the resources, goods, and services that are provided by one department to other departments or agencies of the City on a cost-reimbursement basis. The City’s Internal Service Fund accounts for Workers Compensation and General Liability Insurance services.

City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-28-
Note 1: Summary of significant accounting policies (continued) c. Measurement focus, basis of accounting, and financial statement presentation (continued) The Private Purpose Trust Fund is used to account for the activities of the Successor Agency to the Redevelopment Agency to the City of San Jacinto. The fund's primary purpose is to expedite the dissolution of the former Agency's net position (except for the low and moderate income housing funds non-cash assets) in accordance with AB X1 26 and AB 1484.

The Custodial Funds are used to account for the resources held by the City in a fiduciary capacity.

The financial statements of the City have been prepared in conformity with accounting principles generally accepted in the United States of America as applied to governmental agencies. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles, and the City has adopted all pronouncements of the GASB.

As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements.

Amounts reported as program revenues include 1) charges to customers or applicants for goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions, including special assessments. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes.

Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues for the Enterprise Funds are charges for goods and services. Operating expenses for these same Enterprise Funds include the cost of sales and services, administration expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses.

The City's fiduciary funds include a custodial fund for the administration of the 2002-1 CFD debt issuance.
d. Accounting for encumbrances
Encumbrance accounting, under which purchase orders, contracts, and other commitments for the expenditure of monies are recorded in order to reserve that portion of the applicable appropriation, is employed in the governmental fund types.
e. Cash and investments
For the purpose of the statement of cash flows, the City considers cash and cash equivalents as short term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. The City follows the practice of pooling cash and investments of all funds. Since cash and investments are pooled the City utilizes the assumption that cash and investments in the Enterprise and Internal Service Funds are cash and cash equivalents.

City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-29-
Note 1: Summary of significant accounting policies (continued) f. Restricted cash and investments
Cash and investments restricted as to their use either by bond resolution or by the funding source to a specific purpose are classified as restricted cash and investments. g. Inventories
Inventories of materials and supplies are valued at cost using the first-in, first-out basis. The City uses the consumption method of accounting for inventories. h. Prepaid expenses
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. The cost of prepaid items is recorded as expenditures/expenses when consumed rather than purchased. i. Property held for resale
The governmental activities has land held for resale of $339,807. The Successor Agency has property held for resale with a net realizable value of $53,672. j. Capital assets
Capital assets, which include property, plant and equipment, and infrastructure assets (e.g., roads, bridges, sidewalks, and similar items), are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. Capital assets (excluding infrastructure) are defined by the City as assets with an initial, individual cost of more than $5,000 and an estimated useful life in excess of two years. Infrastructure assets are defined by the City as assets with an initial, individual cost of more than $50,000 and an estimated useful life in excess of two years. Such assets are capitalized at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value at the date of acquisition.

Property, plant and equipment of the City is depreciated using the straight-line method over the following useful lives:

Buildings 40 years
Improvements 40 years
Equipment 3 to 7 years
Infrastructure 20 to 80 years
k. Intangible Assets
Intangible Right to Use assets are related to equipment or real property that the City has obtained the right to utilize for a specified period of time through the use of a lease agreement. The lift of the right to use asset is for the same period as the lease and amortized on a straight-line basis over that period.

City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-30-
Note 1: Summary of significant accounting policies (continued) l. Judgments and claims
The City utilizes its internal service funds to account for judgments and claims. Self-insurance claims payable of $6,336 and $463,796, respectively, are recorded in the Workers’ Compensation and Liability Insurance funds.
m. Compensated absences
In accordance with current standards, a liability is recorded for unused vacation and similar compensatory leave balances since the employees' entitlement to these balances are attributable to services already rendered and it is probable that virtually all of these balances will be liquidated by either paid time off or payments upon termination or retirement and are generally liquidated by the General Fund.

Under current standards, a liability is recorded for unused sick leave balances only to the extent that it is probable that the unused balances will result in payments upon termination. Other amounts of unused sick leave are excluded from the liability since their payment is contingent solely upon the occurrence of a future event (illness) which is outside the control of the City and the employee.

In governmental funds, compensated absences (unpaid vacation and sick leave) are recorded as expenditures in the year they are paid. The balance of unpaid vacation and vested sick leave at year end is recorded in the government-wide financial statements as these amounts will be liquidated from future resources.

Sick leave is payable when an employee is unable to work because of illness. Employees may accrue sick leave up to a maximum of 960 hours. There is a sick leave buyback program. An employee with 2 years of service may sell up to 96 hours of sick leave at the end of the calendar year. After 5 years of service, employees who voluntarily leave or are laid off may cash out sick leave upon separation from service.
n. Interfund advances
The City Capital Projects Fund accounts for the City capital projects expenditures. It is the City’s policy and practice to transfer cash (advance funds), even if not yet received, to the City Capital Projects Fund at the time of project commitment. Advances payable from the City Capital Projects Fund and receivable to the advancing fund, are recorded to reflect the outstanding amounts advanced at June 30, 2024. When funds are expended at the City’s Capital Projects Fund a transfer is recorded between the two funds and the advance is respectively relieved. o. 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. When both restricted and unrestricted resources are available for use, it is the City’s policy to use restricted resources first, and then unrestricted resources as they are needed.

City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-31-
Note 1: Summary of significant accounting policies (continued) p. Use of estimates in the preparation of financial statements The financial statements have been prepared in accordance with generally accepted accounting principles and necessarily include amounts based on estimates and assumptions by management.

Actual results could differ from those amounts.
q. Property tax calendar
In 1978, a state constitutional amendment (Proposition 13) provided that the property tax rate be generally limited to 1% of market value, levied only by the county and shared with all other jurisdictions. The County of Riverside collects property taxes for the City. Tax liens attach annually as of 12:01 A.M. on the first day in March preceding the fiscal year for which the taxes are levied.

The tax levy covers the fiscal period July 1st to June 30th. All secured personal property taxes and one-half of the taxes on real property are due November 1st; the second installment is due February 1st. All taxes are delinquent, if unpaid, on December 10th and April 10th, respectively.

Unsecured personal property taxes become due on the first of March each year and are delinquent, if unpaid, on August 31st. For governmental funds, City property tax revenues are recognized when levied to the extent that they result in current receivables collectible within 60 days. In the government-wide statements, revenues are recognized in the year taxes are levied. r. Pension plan
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.

Generally Accepted Accounting Pronciples 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 June 30, 2022
Measurement Date June 30, 2023
Measurement Period July 1, 2022 to June 30, 2023
s. Fund balance
Fund balance is classified into five different components. The components are nonspendable, restricted, committed, assigned, and unassigned.
 Nonspendable - resources that are not in spendable form or required to be maintained intact such as an endowment.
 Restricted - resources that are subject to externally enforceable legal restrictions; these restrictions are either externally imposed by creditors, grantors, contributors, or laws or regulations of other governments or imposed by law through constitutional provisions or enabling legislation.

City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-32-
Note 1: Summary of significant accounting policies (continued) s. Fund balance (continued)
 Committed - resources that are constrained to specific purposes by a formal action of the City Council such as an ordinance or resolution, whichever is the higher level of constraint. The constraint remains binding unless removed in the same formal manner by the City Council.

Council action to commit fund balance must occur within the fiscal reporting period while the amount committed may be determined subsequently.
 Assigned - resources that are constrained by the City’s intent to be used for specific purposes, but are neither restricted nor committed.
 Unassigned - within the General Fund, the residual resources, either positive or negative, in excess of what can be properly classified in one of the other four fund balance categories. Within all other governmental funds, any negative residual resources.

When expenditures are incurred for purposes for which both restricted and unrestricted (committed, assigned, or unassigned) fund balances are available, the City’s policy is to first apply restricted fund balance. When expenditures are incurred for purposes for which committed, assigned or unassigned fund balances are available, the City’s policy is to first apply committed fund balance, then assigned fund balance, and finally unassigned fund balance.

Those charged with governance approved the Finance Director to have authority to assign unrestricted fund balance amounts where the City’s intent is for those amounts to be used for specific purposes. This delegation of authority is for the sole purpose of reporting these amounts in the annual financial statements.
t. Deferred outflows/inflows of resources
In addition to assets, the statement of financial position (balance sheet) will sometimes report a separate section for deferred outflows of resources. This separate financial element, deferred outflows of resources, represents a consumption of net position or fund balance that applies to future periods and so will not be recognized as an outflow of resources (expense/expenditure) until then. In addition to liabilities, the statement of financial position (balance sheet) will sometimes report a separate section for deferred inflows of resources. This separate financial element, deferred inflows of resources, represents an acquisition of net position or fund balance that applies to future periods and so will not be recognized as an inflow of resources (revenue) until that time. u. Implementation of new GASB pronouncement
The Governmental Accounting Standards Board (GASB) has issued 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, see Note 14 for additional details.

City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-33-
II. STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY
Note 1: Summary of significant accounting policies (continued) a. Budgetary principles
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 meetings are conducted prior to its adoption by the Council.

Supplemental appropriations, where required during the period, are also approved by the Council.

Several supplemental appropriations were made during the year. Intrafund budget changes are approved by the City Manager. In most cases, expenditures may not exceed appropriations at the department level. At fiscal year-end all unencumbered operating budget appropriations lapse with the exception of continuing appropriations.

General Fund expenditures may not legally exceed budgeted appropriations. Budgeted revenue amounts, as presented in the accompanying basic financial statements, represent the original budget as modified by adjustments during the year for those items which were contingent upon new or additional revenue sources. Budgeted expenditure amounts represent original appropriations adjusted for supplemental appropriations during the year. b. Excess of expenditures over appropriations
Excess of expenditures over appropriations by department in individual funds with budgets presented are as follows:

Final Budget Expenditures Excess
General Fund by Function:

Public works 2,922,518 $ 3,294,697 $ (372,179) $
Culture and leisure 140,339 230,121 (89,782)
Capital outlay 803,167 930,479 (127,312)
Community Facilities District 2003 by Function:

Public safety 4,162,549 4,230,822 (68,273)
Capital outlay 84,000 324,292 (240,292)
Debt service:

Interest 20,000 132,490 (112,490)
Non-major governmental funds by function:

CSA 152
Public works 498,507 512,843 (14,336)
Air Quality Improvement
Public works 8,443 73,055 (64,612)
AB3229 COPS Program
Capital outlay 175,128 302,470 (127,342)
Special District Administration
Community development 266,142 307,837 (41,695)
CFD 2018-1
Community development 3,395 3,817 (422)
Assessment District 87-1 Debt Service
General government 2,050 2,150 (100)
City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-34-
Note 1: Summary of significant accounting policies (continued) c. Negative fund balance and other disclosures
The following funds had negative fund balances at June 30, 2024:

Amount
Capital Projects Fund:

Community Facilities District 2003 (4,778,452) $
Special revenue:

Traffic Safety (64,495)
CSA 152 (172,264)
AB3229 COPS Program (152,342)
CDBG (30,071)
Capital projects:

TUMF Capital Projects (276,712)
Debt service:

Assessment District 87-1 (273,895)
Governmental Funds - Non-Major Funds
Governmental Funds - Major Funds
The City plans to eliminate negative fund balance in the Community Facilities District 2003 fund (currently covered by a loan from the General Fund) with increased revenues from future growth, decreased future expenditures, and paying off the loan from the General Fund.

The City plans to eliminate negative fund balance in the Traffic Safety Fund and AB3229 COPS Program with ongoing revenue streams and cost control measures.

The City plans to eliminate negative fund balance in the CSA 152 and CDBG funds with future reimbursements from the County of Riverside.

The City plans to eliminate negative fund balance TUMF Capital Projects fund with future cost reimbursements from WRCOG.

The City plans to eliminate negative fund balance with the proceeds of property taxes received when properties in the district are sold.

City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-35-
III. DETAIL NOTES ON ALL FUNDS
Note 2: Cash and investments
Cash and investments as of June 30, 2024 are classified in the accompanying financial statements as follows:

Statement of Net Position
Governmental activities:

Cash and investments 78,274,278 $
Pension trust fund 1,000,000
Cash and investments with fiscal agents, restricted 74,348 Business-type activities:

Cash and investments 7,727,047
Total 87,075,673
Statement of Fiduciary Net Position
Cash and investments 1,865,980
Cash and investments with fiscal agents 2,009,718
Total 3,875,698
Total cash and investments $ 90,951,371
Cash and investments are comprised of the following:

Demand accounts/money market account 23,002,104 $
Cash on hand 6,050
Investments 67,943,217
Total $ 90,951,371
The City follows the practice of pooling cash and investments for all funds except for funds required to be held by outside fiscal agents under the provisions of bond indentures.

Interest income earned on pooled cash and investments is allocated monthly by the City to the various funds based on the month-end cash balance. Interest income from cash and investments with fiscal agents is credited directly to the related fund.

Investments authorized by the California Government Code and the City’s investment policy The table on the following page identifies the investment types that are authorized for the City’s investment policy. The table also identifies certain provisions of the City’s investment policy that address interest rate risk, credit risk and concentration of credit risk. This table does not address investments of debt proceeds held by bond trustees that are governed by the provisions of debt agreements of the City, rather than the general provisions of the California Government Code or the City’s investment policy.

City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-36-
Note 2: Cash and investments (continued)
Investments authorized by the California Government Code and the City’s investment policy, (continued)
Maximum Maximum
Investment Types Maximum Percentage Investment
Authorized by State Law Maturity Allowed* in One Issuer U.S. Treasury Obligations 5 years None None
U.S. Agency Securities 5 years None None
Commercial Paper 270 days 25% 5%
Bankers' Acceptance 180 days 40% 5%
Negotiable Certificates of Deposit 5 years 30% 5%
Non-Negotiable Certificates of Deposit 5 years 20% 5%
Certificate of Deposit Placement Service (CDARS) 5 years 30% None Collateralized Bank Deposits N/A None None
Repurchase Agreements 1 year None None
Medium-Term Corporate Notes 5 years 30% 5%
Money Market Mutual Funds N/A 20% None
Municipal Obligations 5 years 30% 5%
Mutual Funds N/A 10% None
Supranationals 5 years 30% 10%
Asset-Backed Securities 5 years 20% None
Time Deposits N/A 20% None
Local Agency Investment Fund (LAIF) N/A 70% 75,000,000 $ Riverside County Investment Fund N/A 70% None
JPA Pools N/A 50% None
California Asset Management Program N/A 50% None
*Based on state law requirements or investment policy requirements, whichever is more restrictive.

Investments authorized by debt agreements
Provisions of the debt agreements, rather than the general provisions of the California Government Code or the City’s investment policy govern investment of debt proceeds held by bond trustees. The table below identifies the investment types that are authorized for investments held by bond trustees.

The table also identifies certain provisions of these debt agreements that address interest rate risk, credit risk, and concentration of credit risk.

Maximum Maximum
Authorized Maximum Percentage Investment
Investment Type Maturity Allowed in One Issuer
U.S. Treasury Obligations None None None
U.S. Agency Securities None None None
Commercial Paper 270 days None None
Money Market Mutual Funds N/A None None
Investment Agreements None None None
Certificates of Deposit, Savings Account None None None Municipal Obligations None None None
Repurchase Agreements None None None
Local Agency Investment Fund (LAIF) None None 75,000,000 $ City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-37-
Note 2: Cash and investments (continued)
Disclosures relating to interest rate risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. One of the ways that the City manages its exposure to interest rate risk is by purchasing a combination of shorter term and longer term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flow and liquidity needed for operations.

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

Investment Type Totals 12 or Less 13 to 24 25 to 60
Local Agency Investment Fund (LAIF) 45,571,981 $ 45,571,981 $ - $ - $ U.S. Treasury Obligations 14,229,104 367,661 4,197,276 9,664,167 U.S. Agency Securities 3,332,766 753,632 1,202,614 1,376,520 Asset-Backed Securities 174,599 - 80,969 93,630
Medium-Term Corporate Notes 3,860,792 528,058 395,883 2,936,851 Supranational Bonds 386,788 - 214,243 172,545
Municipal Bonds 245,201 - 14,940 230,261
Held by Bond Trustees:

Money Market Funds 141,986 141,986 - -
Total 67,943,217 $ 47,363,318 $ 6,105,925 $ 14,473,974 $ Remaining Maturity (In Months)
Disclosures relating to credit risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization (Standard & Poor’s). Presented below is the minimum rating required by (where applicable) the City’s investment policy or debt agreements, and the actual rating as of year-end for each investment type.

Minimum
Investment Type Totals legal rating AAA to AA- A+ to B Not rated Local Agency Investment Fund (LAIF) 45,571,981 $ N/A - $ - $ 45,571,981 $ U.S. Treasury Obligations 14,229,104 N/A 14,229,104 - - U.S. Agency Securities 3,332,766 N/A 3,332,766 - -
Asset Backed Securities 174,599 AA 174,599 - -
Medium-Term Corporate Notes 3,860,792 A 1,606,459 2,254,333 - Supranational Bonds 386,788 A 386,788 - -
Municipal Bonds 245,201 A 245,201 - -
Held by Bond Trustees:

Money Market Funds 141,986 AAA 141,986 - -
Total 67,943,217 $ 20,116,903 $ 2,254,333 $ 45,571,981 $ Rating as of year end
City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-38-
Note 2: Cash and investments (continued)
Concentration of credit risk
The investment policy of the City contains no limitations on the amount that can be invested in any one issuer beyond that stipulated by the California Government Code. The City had no investments in any one issuer (other than U.S. Treasury Securities, mutual funds and external investment pools) that represented 5% or more of total City investments.

Custodial credit risk
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g., broker-dealer) to a transaction, a government will not be able to recover the value of its investment or collateral securities that are in the possession of another party. The California Government Code and the City’s investment policy do not contain legal or policy requirements that would limit the exposure to custodial credit risk for deposits or investments, other than the following provision for deposits: The California Government Code requires that a financial institution secure deposits made by state or local governmental units by pledging securities in an undivided collateral pool held by a depository regulated under state law (unless so waived by the governmental unit). The market value of the pledged securities in the collateral pool must equal at least 110% of the total amount deposited by the public agencies. California law also allows financial institutions to secure City deposits by pledging first trust deed mortgage notes having a value of 150 percent of the secured public deposits, and other eligible securities as defined by Government Code Sections 53651 and 53652. As of June 30, 2024, the City held deposits with financial institutions in excess of Federal Depository Insurance Corporation (FDIC) limits. These funds were held in collateralized accounts as required by the California Government Code as stated above.

With respect to investments, custodial credit risk generally applies only to direct investments in marketable securities. Custodial credit risk does not apply to a City’s indirect investment in securities through the use of mutual funds or government investment pools, including LAIF. Pursuant to the agreement with financial institutions where certificates of deposit are held, the securities pledged are consistent with the collateral as noted in the previous paragraph held by the financial institution’s custodian but not in the City’s name.

Investment in investment pools
The City is a voluntary participant in LAIF which is regulated by the California Government Code under the oversight of the Treasurer of the State of California. The fair value of the City's investment in this pool is reported in the accompanying financial statements at amounts based upon the City's pro-rata share of the fair value provided by LAIF for the entire LAIF portfolio (in relation to the amortized cost of that portfolio). The balance available for withdrawal is based on the accounting records maintained by LAIF, which are recorded on an amortized cost basis.

Currently, LAIF does not have an investment rating. LAIF has a minimum $5,000 transaction amount in increments of $1,000 with a maximum of 15 transactions (combination of deposits and withdrawals) per month. LAIF requires a one-day prior notice for deposits and withdrawals of $10 million or more.

City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-39-
Note 2: Cash and investments (continued)
LAIF is a governmental investment pool managed and directed by the California State Treasurer and is not registered with the Securities and Exchange Commission. An oversight committee comprised of California State officials and various participants provide oversight to the management of the fund. The daily operations and responsibilities of LAIF fall under the auspices of the State Treasurer's office. LAIF allows a total investment of $75,000,000.

Fair value of investments
The City reports its investments at fair value, or amortized cost in the balance sheet. All investment income, including changes in the fair value of investments, is recognized, as revenue in the operating statement.

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 uses the market approach in valuing its Level 1 and Level 2 investments. The City has the following recurring fair value measurements as of June 30, 2024:

Total Level 1 Level 2 Level 3
Asset-Backed Securities 174,599 $ - $ 174,599 $ - $
U.S. Agency Securities 3,332,766 - 3,332,766 -
Medium Team Corporate Notes 3,860,792 - 3,860,792 -
Supranational Bonds 386,788 - 386,788 -
U.S. Treasury Obligations 14,229,104 - 14,229,104 -
Municipal Bonds 245,201 - 245,201 -
Total investments by fair value level 22,229,250 - $ 22,229,250 $ - $ Investments not subject to fair value measurement:

Money Market Fund 141,986
Local Agency Investment Fund (LAIF) 45,571,981
Total 67,943,217 $
Investments by Fair Value Level
Fair Value Measurement Using
City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-40-
Note 3: Notes Receivable
Notes receivable Balance at
June 30, 2024
(a) In FY 2006-2007 and FY 2007-2008 the former Redevelopment Agency made a loan to a developer for a low and moderate income housing project. Amounts provided to the developer were for $1,238,225 and $1,061,775 in fiscal years 2007 and 2008, respectively. There are no annual set or structured payments. The promissory note will accrue interest at the rate of one percent per year simple interest and shall be repaid from the cash flow of the project and shall be due and payable by the expiration or termination of the affordability covenants which is 55 years from the completion of the project. The project was completed on October 2, 2008. Pursuant to AB XI 26, the Redevelopment Agency of the City of San Jacinto was dissolved and this asset was transferred to the City's Successor Housing Authority Fund. $ 2,300,000
(b) The former Redevelopment Agency operates various loan and grant programs to assist residents who meet certain qualifications for the purpose of providing home rehabilitation and home ownership assistance to low and moderate income households. The loans are secured by a deed of trust and no monthly payments are required. At the end of the 45-year term, the loans are forgiven unless the following occurs during the grant term: 1) property is sold or transferred or 2) property is no longer owner-occupied, at which time full repayment would be required. Pursuant to AB XI 26, the Redevelopment Agency of the City of San Jacinto was dissolved and this asset was transferred to the City's Successor Housing Authority Fund. Additionally, the asset has been formally recognized on the balance sheet, whereas in the past it has only been referenced by note disclosure. 665,155
(c) In FY 2019-2020, the City loaned a local business $180,000 in accordance with its established policy of actively promoting economic development within the City.

The loan accrues interest at an equivalent of the prevailing prime rate plus 2%.

Provided the borrower maintains and operates during all of the term and is not in default of any of the terms of the agreement, then, in consideration of the public benefit received by the City, the total outstanding balance of the loan shall be reduced by ten percent (10%) a year during the term and the borrower shall not be required to make any payments to the City during the term, and the entire unpaid balance of the loan and accrued interest thereon shall be canceled and discharged on the loan's maturity date, which shall be ten (10) years from the date of the promissory note. 100,000
Note receivable total 3,065,155
Accrued interest on note receivable (a) above 208,893
Note receivable and accrued interest total 3,274,048 $
City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-41-
Note 4: Capital assets
Capital asset activity for governmental activities for the year ended June 30, 2024 was as follows:

Balance at Balance at
June 30, 2023 Additions Deletions June 30, 2024
Governmental activities:

Capital assets not being depreciated:

Land 5,799,840 $ - $ - $ 5,799,840 $
Construction in progress 11,727,698 2,773,593 (2,508,609) 11,992,682 Total capital assets not
being depreciated 17,527,538 2,773,593 (2,508,609) 17,792,522 Capital assets being depreciated/amortized:

Building and system 7,216,278 - - 7,216,278
Machinery and equipment 7,689,116 975,977 (129,544) 8,535,549 Improvements other than building 5,480,877 1,536,445 - 7,017,322 Infrastructure 199,175,957 1,294,842 - 200,470,799
Right-to-use assets - leases* 1,048,065 - (29,742) 1,018,323 Right-to-use assets - subscriptions 386,403 201,661 (46,061) 542,003 Total capital assets
being depreciated/amortized 220,996,696 4,008,925 (205,347) 224,800,274 Less accumulated depreciation/amortization for:

Building and system (3,279,766) (171,024) - (3,450,790) Machinery and equipment (4,905,891) (461,118) 129,544 (5,237,465) Improvements other than building (3,322,314) (231,690) - (3,554,004) Infrastructure (124,123,358) (4,629,399) - (128,752,757) Right-to-use assets - leases (405,052) (208,713) 29,742 (584,023) Right-to-use assets - subscriptions (61,246) (326,821) 46,061 (342,006) Total accumulated depreciation/amortization (136,097,627) (6,028,765) 205,347 (141,921,045) Total capital assets being depreciated/amortized, net 84,899,069 (2,019,840) - 82,879,229 Governmental activities capital assets, net 102,426,607 $ 753,753 $ (2,508,609) $ 100,671,751 $ Depreciation and amortization expense for governmental activities was charged to functions/programs of the primary government as follows:

Governmental activities:

General government $ 510,785
Public safety 571,209
Public works 4,909,865
Community development 36,906
Total depreciation/amortization expense - governmental activities 6,028,765 $ City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-42-
Note 4: Capital assets (continued)
Capital asset activity for business-type activities for the year ended June 30, 2024 was as follows:

Balance at Balance at
June 30, 2023 Additions Deletions June 30, 2024
Business-type activities:

Capital assets not being depreciated
Land 55,222 $ - $ - $ 55,222 $
Construction in progress 2,070,490 2,614,967 - 4,685,457 Total capital assets not
being depreciated/amortized 2,125,712 2,614,967 - 4,740,679 Capital assets being depreciated/amortized:

Building and system 6,708,363 - - 6,708,363
Machinery and equipment 7,939,721 123,781 - 8,063,502
Improvements other than building 9,842,056 16,905 - 9,858,961 Right-to-use assets - leases 216,478 104,307 - 320,785
Total capital assets
being depreciated/amortized 24,706,618 244,993 - 24,951,611 Less accumulated depreciation/amortization for:

Building and system (3,564,411) (133,739) - (3,698,150) Machinery and equipment (4,378,809) (446,951) - (4,825,760) Improvements other than building (6,034,173) (403,885) - (6,438,058) Right-to-use assets - leases (89,064) (163,181) - (252,245) Total accumulated depreciation/amortization (14,066,457) (1,147,756) - (15,214,213) Total capital assets being depreciated/amortized, net 10,640,161 (902,763) - 9,737,398 Business-type activities capital assets, net 12,765,873 $ 1,712,204 $ - $ 14,478,077 $ Depreciation expense for business-type activities was charged to functions/programs of the primary government as follows:

Business-type activities:

Water $ 886,388
Sewer 260,396
Power 972
Total depreciation/amortization expense - business-type activities 1,147,756 $ City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-43-
Note 5: Long-term liabilities
a. Changes in long-term liabilities
Changes in long-term liabilities during the year ended June 30, 2024 were as follows:

Balance at Balance at Due within
June 30, 2023 Additions Deletions June 30, 2024 one year Governmental activities
Long-term debt
Direct borrowing:
2018 Street Light Financing 1,801,381 $ - $ (130,223) $ 1,671,158 $ 137,605 $ Subtotal long-term debt 1,801,381 - (130,223) 1,671,158 137,605 Other long-term liabilities
Special assessment debt with
governmental commitment 455,000 - - 455,000 -
Matured unpaid interest on special
assessment debt with government
commitment 629,259 - - 629,259 -
Lease liabilities 670,464 - (220,508) 449,956 175,108
Subscription liabilities 313,929 201,661 (371,336) 144,254 121,907 Claims and judgment 428,495 41,637 - 470,132 -
Compensated absences 594,751 88,828 - 683,579 192,859
Subtotal other long-term liabilities 3,091,898 332,126 (591,844) 2,832,180 489,874 Total long-term liabilities 4,893,279 $ 332,126 $ (722,067) $ 4,503,338 $ 627,479 $ Business-type activities
Long-term debt
Direct borrowing:
2015 Installment sale 3,043,515 $ - $ (121,950) $ 2,921,565 $ 138,090 $ Subtotal long-term debt 3,043,515 - (121,950) 2,921,565 138,090 Other long-term liabilities
Lease liabilities 211,363 - (138,364) 72,999 48,308
Compensated absences 165,994 27,348 - 193,342 69,068
Subtotal other long-term liabilities 377,357 27,348 (138,364) 266,341 117,376 Total Long-term liabilities 3,420,872 $ 27,348 $ (260,314) $ 3,187,906 $ 255,466 $ The General Fund typically liquidates compensated absences, claims and judgements of the Governmental Activities.
b. 2018 Streetlight Equipment Purchase Agreement - Direct Borrowing In September 2018, the City signed an equipment lease/purchase agreement with Banc of America Leasing & Capital LLC in the amount of $2,170,813. The purpose of the agreement was to provide financing to the City to assist in the acquisition, installation, retrofitting, repair, improvement, servicing and maintenance of streetlights and other capital improvements. The interest and principal are due semi-annually with payments due on December 1 and June 1 each year. Principal and interest payments will be made through December 1, 2033 with total annual amounts of $229,126, and $114,563 in the final year. The interest rate of the debt is currently 5.59%.

Repayment under the Agreement shall be absolute and unconditional, subject to annual appropriation, repayments will be made from the City's general fund plus any other legally available funds of the City.

City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-44-
Note 5: Long-term liabilities (continued)
b. 2018 Streetlight Equipment Purchase Agreement - Direct Borrowing (continued) The annual debt service requirements on this debt are as follows:

Fiscal year Total
ending June 30, Principal Interest Payment
2025 137,605 $ 91,521 $ 229,126 $
2026 145,405 83,722 229,127
2027 153,646 75,480 229,126
2028 162,355 66,771 229,126
2029 171,558 57,569 229,127
2030-2034 900,589 130,478 1,031,067
Total 1,671,158 $ 505,541 $ 2,176,699 $
Street Light Financing
c. Special assessment debt with government commitment
$1,415,000 Assessment District 87-1 Bonds, Series 1987 A, dated March 19, 1987, were issued to finance certain improvements pursuant to the Improvement Bond Act of 1915. The payment of the bonds is secured by assessment liens upon certain lands as described in said assessment and are not direct liabilities of the City. The City may, however, from time to time, when due and delinquent, advance available funds to pay the amount of any succeeding installment of the assessment on said land and the interest thereon on the 1915 bonds. Prior to the fiscal year ended June 30, 1995, the City of San Jacinto advanced funds for said delinquencies. During the fiscal year ended June 30, 1995 the City did not advance further amounts to the reserve fund and had commenced foreclosure proceedings. The City has since settled $670,000 of the principal, due to a completed Bond Tender agreement in exchange for a portion of the parcels.

In accordance with GASB Statement No. 6 “Special Assessments,” the special assessment debt has been reflected in the accompanying financial statements at June 30, 2024 as “Special Assessment Debt with Government Commitment” in the amount of $1,084,259. This includes an amount of matured unpaid principal of $455,000. Matured unpaid interest on these bonds is also reported for interest payments due but not paid as of June 30, 2024, in the amount of $629,259.

These balances have been outstanding for several years and as such, the City has recorded the corresponding taxes receivable of $1,084,259 in addition to unavailable revenue in the same amount on the Governmental Funds Balance Sheet.

City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-45-
Note 5: Long-term liabilities (continued)
d. Installment Sales - Business-type activities
2015 Installment Sale - Direct Borrowing
In July 2015, the City signed an installment sale agreement with Municipal Finance Corporation in the amount of $3,902,310, maturing in 20 years at an annual interest rate of 3.5%. The proceeds are to be used for the acquisition and construction of certain energy efficiency improvements to the water supply facilities of the City’s Water Enterprise. Net revenues of the City’s Water Enterprise have been pledged to the payment of the installment payments.

The annual debt service requirements to maturity for the installment sale are as follows:

Fiscal year Total
ending June 30, Principal Interest Payment
2025 138,090 $ 101,109 $ 239,199 $
2026 155,456 96,128 251,584
2027 174,131 90,529 264,660
2028 194,199 84,263 278,462
2029 215,748 77,283 293,031
2030-2034 1,460,837 252,797 1,713,634
2035-2036 583,104 20,706 603,810
Total 2,921,565 $ 722,815 $ 3,644,380 $
2015 Installment Sale
The City may prepay the principal components of the installment payments in whole or in part, on any date on or after September 1, 2026 by paying the installment payment required to be paid on such date plus a prepayment price equal to the principal amount of the installment payments to be prepaid, together with 1% prepayment premium thereon. The City shall give the Corporation written notice of its intention to exercise its option not less than thirty days in advance of the date to exercise.

In the event of default, installment owner may declare all principal components of the unpaid installment payments, together with accrued interest thereon at the rate of interest per annum represented by the installment sale from the immediately preceding installment payment date on which payment was made, to be immediately due and payable, whereupon the same shall immediately become due and payable.

City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-46-
Note 5: Long-term liabilities (continued)
f. Lease Liabilities
Governmental activities
The City has entered into various lease agreements (as the lessee) for various vehicles. The lease terms are approximately 60 months. Monthly fixed payments range from $424 to $1,325 with interest rates ranging from 1.58% to 12.05%.

Future payment on the total lease liabilities are as follows.

Fiscal year Total
ending June 30, Principal Interest Payment
2025 175,108 $ 7,561 $ 182,669 $
2026 141,243 4,934 146,177
2027 82,739 2,578 85,317
2028 50,866 595 51,461
Total 449,956 $ 15,668 $ 465,624 $
Lease liabilities
See note 4 for the net book value of the right-to-use assets acquired through leases.

Business-type activities – Water Fund
The City has entered into various lease agreements (as the lessee) for various vehicles. The lease terms are approximately 60 months. Monthly fixed payments range from $553 to $1,981 or annual payments of $92,656 with interest rates ranging from 3.85% to 12.39%.

Business-type activities – Wastewater Fund
The City has entered into a lease agreement (as the lessee) for a vehicle. The lease term is approximately 60 months. Monthly fixed payments of $754 with interest rates of 8.06%.

Future payments on the business-type lease liabilities are as follows:

Fiscal year Total
ending June 30, Principal Interest Payment
2025 48,308 $ 329 $ 48,637 $
2026 22,268 85 22,353
2027 2,423 3 2,426
Total 72,999 $ 417 $ 73,416 $
Lease liabilities
See note 4 for the net book value of the right-to-use assets acquired through leases.

City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-47-
Note 5: Long-term liabilities (continued)
g. Debt issued without government commitment
Refinancing of $17,841,416 Community Facilities District No. 2001-2 Special Tax Bonds In March 2016, $17,975,000 City of San Jacinto Community Facilities District No. 2001-1 (Rancho San Jacinto, Phase 2) 2016 Special Tax Refunding bonds were issued by the San Jacinto Financing Authority for the purpose of refunding the $17,841,416 San Jacinto Financing Authority 2002 Local Agency Revenue Bonds, Series A. The balance at June 30, 2024 is $13,920,000.

All bonds represent special limited obligations of the City, payable solely from special taxes levied CFD No. 2002-1, as applicable, and are not an obligation of the General Fund of the City of San Jacinto. The City has covenanted to annually levy the special tax and, in the event of any delinquency in payment to the City of the special tax, the City may order action to foreclose on any property liens.
h. Subscriptions payable
Governmental activities
On July 1, 2022, the City has entered into various subscription agreements ranging from 24 - 36 months. An initial subscription liability was recorded in the amount of $386,403. Annual payments range from $10,300 to $97,883 with interest rates ranging from 2.19% to 3.38%.

Annual debt service requirements for this liability are as follows:

Fiscal year Total
ending June 30, Principal Interest Payment
2025 121,907 $ 3,730 $ 125,637 $
2026 22,347 586 22,933
Total 144,254 $ 4,316 $ 148,570 $
Subscription liabilities

City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-48-
Note 6: Short-term/long-term interfund borrowings
Interfund transactions - Due to/due from other funds
Individual fund interfund receivable and payable balances at June 30, 2024 were as follows:

Receivable Fund
General
Payable Fund Fund
Non-Major Governmental Funds 939,984 $
Power Fund 1,617,391
Total 2,557,375 $
The interfund payables represent temporary loans to cover negative cash balances.

Interfund transactions - Advances
Individual fund interfund advances to and from balances at June 30, 2024 were as follows:

Payable Fund General Fund
Non-Major
Governmental
Funds Totals
City Capital Projects Fund 4,156,625 $ 4,774,413 $ 8,931,038 $ Community Facilities District 2003 3,444,897 - 3,444,897 Total 7,601,522 $ 4,774,413 $ 12,375,935 $
Receivable Fund
Advances between the City Capital Projects Fund and other City funds are for cash advanced to the City Capital Projects Fund for expected project costs. Also, see Note 1.

The General Fund has advanced cash to the Community Facilities District 2003 Fund to cover costs.

City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-49-
Note 7: Transfers in and out
Individual fund transfers in and transfers out activity as of June 30, 2024 were as follows:

Community Non-Major
General Facilities City Capital Governmental
Transfers-Out Fund District 2003 Projects Funds Totals
General Fund - $ - $ 2,304,535 $ 29,660 $ 2,334,195 $
Non-Major Governmental Funds 524,750 232,385 1,284,307 - 2,041,442 Water Fund - - 24,164 - 24,164
Internal Service Funds 50,000 - - - 50,000
Total 574,750 $ 232,385 $ 3,613,006 $ 29,660 $ 4,449,801 $ Transfers-In
 Transfers to the General Fund from non-major governmental funds represent reimbursement for costs of public safety and grant reimbursement costs.  Transfers to the City Capital Projects Fund from all other City funds are to fund various capital projects of the City. Also, see Note 1.
 Transfers to CFD 2003 were parking fines transferred by CSA 152.  Transfers between non-major governmental funds are to pay for operational costs, as directed by City Council.
 Transfers from Internal Service Funds to the General Fund are to fund equipment replacement reserves.

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City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-50-
Note 8: Defined benefit pension plan
A. General information about the pension 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 sponsors four rate plans (three miscellaneous and one safety). 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-ofliving adjustments for each plan are applied as specified by the Public Employees’ Retirement Law.

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 Plan’s provisions and benefits in effect at June 30, 2024 are summarized as follows:

Miscellaneous Plan
On or after
Hire date
Prior to
January 1, 2011
January 1, 2011
and prior to
January 1, 2013
On or after
January 1, 2013
Benefit formula 2.7% @ 55 2% @ 55 2.0% @ 62
Benefit vesting schedule 5 years of service 5 years of service 5 years of service Benefit payments monthly for life monthly for life monthly for life Retirement age 50-58 & up 50-67 & up 52-67 & up
Monthly benefits, as a % of eligible compensation 2.0%-2.7% 1.426%-2.418% 1.0%-2.5% Required employee contribution rates 8.000% 7.000% 6.750% Required employer contribution rates 15.950% 12.470% 7.680% Miscellaneous
City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-51-
Note 8: Defined benefit pension plan (continued)
A. General information about the pension plan (continued) Safety Plan
Hire date
Police Fire Police Fire
Benefit formula 2.0% @ 50 2.0% @ 55 2.7% @ 55 2.7% @ 55 Benefit vesting schedule 5 years of service 5 years of service 5 years of service 5 years of service Benefit payments monthly for life monthly for life monthly for life monthly for life Retirement age 50 50 50-57 50-57
Monthly benefits, as a % of eligible compensation 2%-2.7% 1.426%-2% 2.0% to 2.7% 2.0% to 2.7% Required employee contribution rates $44,325 Monthly $44,325 Monthly $39,945 Monthly $39,945 Monthly On or after
January 1, 2013
Safety-Inactive
Prior to
January 1, 2013
Contributions
Section 20814(c) of the California Public Employees’ Retirement Law (PERL) requires that the employer contribution rates for all public employers are determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. The total plan contributions are determined through CalPERS’ annual actuarial valuation process. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The 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 $1,625,506. The actual employer payments of $1,699,965 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 $1,619,188 by $80,776, which is being amortized over the expected average remaining service lifetime in the Public Agency Cost-Sharing Multiple Employer Plan.

B. 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 of the Plan 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.

City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-52-
Note 8: Defined benefit pension plan (continued)
B. Net pension liability (continued)
Actuarial methods and assumptions used to determine total pension liability (continued) Valuation Date June 30, 2022
Measurement Date June 30, 2023
Actuarial Cost Method Entry Age Actuarial Cost Method
Asset Valuation Method Fair Value of Assets
Actuarial Assumptions:

Discount Rate 6.90%
Inflation 2.30%
Salary Increases Varies by Entry Age and Service
Mortality Rate Table (1) Derived using CalPERS' membership data for all funds Post Retirement Benefit Increase
(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.

The lesser of contract COLA or 2.30% until Purchasing Power Protection Allowance floor on purchasing power applies, 2.30% thereafter.

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

In determining the long-term expected rate of return, CalPERS took into account both short-term 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:

Asset Class
Assumed
Asset
Allocation Real Return 1,2
Real Return
Years 11+3
Global equity - cap-weighted 30.0% 4.54% 5.98%
Global equity - non-cap-weighted 12.0% 3.84% 2.62%
Private equity 13.0% 7.28% 1.81%
Treasury 5.0% 27.00% 7.23%
Mortgage-backed securities 5.0% 50.00% 4.93%
Investment grade corporates 10.0% 1.56%
High yield 5.0% 2.27%
Emerging market debt 5.0% 2.48%
Private debt 5.0% 3.57%
Real assets 15.0% 3.21%
Leverage -5.0% -0.59%
Total 100%
1 An expected inflation of 2.30% used for this period
2 Figures are based on the 2021 Asset Liability Management study.

City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-53-
Note 8: Defined benefit pension plan (continued)
B. Net pension liability (continued)
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.

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.

City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-54-
Note 8: Defined benefit pension plan (continued)
C. Proportionate share of net pension liability
The following table shows the City’s proportionate share of the net pension liability over the measurement period.

Plan Total Pension
Liability (a)
Plan Fiduciary Net
Position (b)
Plan Net Pension Liability
(c ) = (a) - (b)
Balance at: 6/30/2022 (VD) 51,901,224 $ 37,526,813 $ 14,374,411 $ Balance at: 6/30/2023 (MD) 54,644,157 39,484,713 15,159,444 Net changes during 2022-23 2,742,933 $ 1,957,900 $ 785,033 $ Valuation Date (VD), Measurement Date (MD)
Increase (Decrease)
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 total Plan as of the June 30, 2022 and 2023 measurement dates was as follows:

Miscellaneous Safety Total
Proportion - June 30, 2022 0.18181% 0.08538% 0.26719%
Proportion - June 30, 2023 0.18178% 0.08120% 0.26298%
Change - Increase (Decrease) (0.00003%) (0.00418%) (0.00421%) 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 Plan as of the measurement date, calculated using the discount rate of 6.9 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 (5.9 percent) or 1 percentage-point higher (7.9 percent) than the current rate:

Miscellaneous
Plan's Net Pension Liability 13, $ 9,089,619 910,678 $ 5,121,474 $ Safety
Plan's Net Pension Liability 8, 6,069,825 675,943 3,939,136 Total 22,586,621 $ 15,159,444 $ 9,060,610 $
Discount Rate - 1%
(5.90%)
Current Discount Rate
(6.90%)
Discount Rate + 1%
(7.90%)
City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-55-
Note 8: Defined benefit pension plan (continued)
C. Proportionate share of net pension liability (continued) 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
projected and actual earnings
on pension plan investments
5-year straight-line amortization
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
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 3.8 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.

City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-56-
Note 8: Defined benefit pension plan (continued)
D. 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 $14,374,411. For the measurement period ending June 30, 2023 (the measurement date), the City incurred a pension credit of $2,320,338.

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

Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and actual experience 909,984 $ 110,183 $ Changes of assumptions 903,024 -
Differences between projected and actual investment
earnings 2,302,345 -
Differences between employer's contributions and
proportionate share of contributions 82,378 247,930
Change in employer's proportion 66,479 460,166
Pension contributions subsequent to measurement date 1,625,506 - $ 818,279 5,889,716 $
The amounts above are net of outflows and inflows recognized in the 2022-23 measurement period expense. Contributions subsequent to the measurement date of $1,625,506 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:

Fiscal Year
Ending June 30: Miscellaneous Safety Total
2025 591,451 $ 353,607 $ 945,058 $
2026 403,945 265,997 669,942
2027 1,131,363 634,156 1,765,519
2028 42,229 23,183 65,412
2029 - - -
Thereafter - - -
E. 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.

City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-57-
IV. OTHER DISCLOSURES
Note 9: Risk management
The City adopted a self-insured workers’ compensation program which is administered by a service agent. The City is self-insured for the first $250,000 on each claim. Insurance coverage in excess of the self-insured amount is provided by Public Entity Risk Management Authority (PERMA) up to statutory limits for workers’ compensation.

Effective July 1, 2002, the City elected to reduce self-insured liability claim coverage from $125,000 to $50,000 on each general liability claim against the City. The insurance coverage in excess of the selfinsured amount is provided by PERMA up to a limit of $50,000,000.

Claims, expenditures and liabilities are reported when it is probable that a loss has occurred and the amount of that loss can be reasonably estimated. These losses include an estimate of claims that have been incurred but not reported. At June 30, 2024, the amount of these liabilities was $428,495.

This amount represents an estimate of $428,495 for reported claims through June 30, 2024. These claims are recorded as claims payable in the Workers’ Compensation Fund and Liability Insurance Fund. This liability is the City’s best estimate based on available information. Changes in the reported liability are as follows:

Change in
Liability at Claim Liability at
Year Beginning of Year Payable End of Year
2021-2022 203,597 $ 121,136 $ 324,733 $
2022-2023 324,733 103,762 428,495
2023-2024 428,495 41,637 470,132
Effective July 1, 1986 the City became a member of PERMA, a public entity risk pool, currently operating as a common risk management and insurance program for 20 California cities and 10 Special District/Agencies. The City pays an annual premium to the pool for its excess general liability insurance coverage. The agreement for formation of PERMA provides that the pool will be self-sustaining through member premiums. The City continues to carry commercial companies for all other risks of loss, including property insurance, earthquake and flood, auto physical damage insurance and TULIP/special events insurance.

PERMA has published its own financial report for the year ended June 30, 2024, which can be obtained from their website, www.permarisk.gov.

City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-58-
Note 10: Commitments and contingencies
a. Construction commitments
The City has entered into various commitments for construction and/or capital projects. As of June 30, 2024, the City had outstanding contracts commitments of $9,935,580. b. Grants
Amounts received or receivable from grant agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time although the City expects such amounts, if any, to be immaterial.
c. Other
The City is involved as a defendant in various legal proceedings. While it is not feasible to predict or determine the outcome in these cases, it is the opinion of the City that the outcome of the majority of these cases will have no material adverse effect on the financial position of the City.

Note 11: Fund balance reservations/designations
The City’s Government Fund balances are detailed below:

General LLPD#2
Community
Facilities
District 2003
City Capital
Projects
Non-Major
Governmental
Funds
Total
Governmental
Funds
Nonspendable:

Prepaids/Inventory 233,649 $ - $ - $ - $ - $ 233,649 $
Advances receivable 7,601,522 - - - 5,673 7,607,195
Land held for resale - - - - 339,807 339,807
Total nonspendable 7,835,171 - - - 345,480 8,180,651
Restricted:

Other government restrictions 74,348 11,357,785 - - 25,385,559 36,817,692 Total restricted 74,348 11,357,785 - - 25,385,559 36,817,692 Assigned: - - - - 1,499,352 1,499,352
Unassigned: 21,648,749 - (4,778,452) - (975,427) 15,894,870 Total fund balances 29,558,268 $ 11,357,785 $ (4,778,452) $ - $ 26,254,964 $ 62,392,565 $ The City has established a minimum fund balance policy for the General Fund Contingency Reserve.

The City Council stipulates that the Contingency Reserve must be a minimum of 15 percent of the upcoming fiscal year's General Fund annual budgeted operating expenditures. At fiscal year-end the Reserve for Contingency balance was $4,317,629, 15 percent of fiscal year June 30, 2024 budgeted General Fund operating expenditures. This reserve has been reported as unassigned in the General Fund.

City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-59-
Note 12: Dissolution of California Redevelopment Agencies On December 29, 2011, the California Supreme Court upheld Assembly Bill X1 26 (Bill) that provides for the dissolution of all redevelopment agencies in the State of California. Most cities in California had established a redevelopment agency that was included in the reporting entity of the City as a blended component unit (since the City council, in many cases, also served as the governing board for those agencies).

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.

In accordance with the provisions of ABX 1 26 (Bill) and the California Supreme Court’s decision to uphold the Bill, the obligations of the former redevelopment agency became vested with the funds established for the successor agency upon the date of dissolution, February 1, 2012. Former tax increment revenues pledged to fund the debts of the former redevelopment agency will be distributed to the Successor Agency subject to the reapportionment of such revenues as provided by the Bill.

The debt of the Successor Agency as of June 30, 2024 is as follows:

Balance at Balance at Due within
June 30, 2023 Additions Deletions June 30, 2024 one year Successor agency
Bonds payable:
2005 Tax Allocation Bonds 5,285,000 $ - $ (340,000) $ 4,945,000 $ 355,000 $ Total long-term liabilities 5,285,000 $ - $ (340,000) $ 4,945,000 $ 355,000 $ Future debt service requirements for the bonds payable are as follows:

Fiscal year Total
ending June 30, Principal Interest Payment
2025 355,000 $ 219,128 $ 574,128 $
2026 370,000 202,630 572,630
2027 390,000 185,150 575,150
2028 405,000 166,865 571,865
2029 425,000 147,775 572,775
2030-2034 2,440,000 419,600 2,859,600
2035 560,000 12,730 572,730
Totals 4,945,000 $ 1,353,878 $ 6,298,878 $
2005 Tax Allocation Bonds
City of San Jacinto
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-60-
Note 13: Risks and uncertainties
Successor Agency
Deductions (expenses) incurred by the Successor Agency for the year ended June 30, 2024 (and subsequent years in which the Successor Agency is in operation) are subject to review by various State agencies and the County in which the Successor Agency resides. If any expenses incurred by the Successor Agency are disallowed by the State agencies or County, the City, acting as the Successor Agency could be liable for the repayment of the disallowed costs from either its own funds or by the State withholding remittances normally paid to the City. The amount, if any, of expenses that may be disallowed by the State agencies or County cannot be determined at this time, although the Successor Agency expects such amounts, if any, to be immaterial.

Note 14: Restatement of Net Position
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 and net position. The Community Facilities District 2003 Fund was previously reported as non-major funds, and qualified as major for the year ending June 30, 2024, while the TUMF Capital Projects Fund no longer met the criteria to be reported as a major fund for the fiscal year ending June 30, 2024. This qualifies as a change to or within the financial reporting entity, under the guidance of GASB 100. There was a change in the measurement of lease liabilities in the current year, primarily related to the IBR rates used to be more in line with rates used at the time of the lease inception. This qualifies as a correction of an error under the guidance of GASB 100.

Community
Facilities
District 2003
TUMF Capital
Projects
Non-Major
Governmental
Funds
Fund balance, beginning of year, as previously reported - $ (428,699) $ 20,371,359 $ Change from major to non-major (3,989,470) 428,699 3,560,771 Fund balance, beginning of year, as restated (3,989,470) $ - $ 23,932,130 $ Governmental
Activities
Net position, beginning of year, as previously reported 149,774,365 $ Remeasurement of lease liability 96,420
Net position, beginning of year, as restated 149,870,785 $ Required Supplementary Information
This page left intentionally blank.

City of San Jacinto
Required Supplementary Information
Budgetary Comparison Schedule - General Fund
For the Year Ended June 30, 2024
-61-
Actual Variance with
Original Final Amounts Final Budget

REVENUES
Taxes 18,156,273 $ 18,156,273 $ 19,396,314 $ 1,240,041 $ Licenses and permits 1,976,400 1,976,400 1,430,039 (546,361) Fines and forfeitures 260,000 260,000 362,302 102,302
Development fees 275,000 275,000 102,000 (173,000)
Intergovernmental 8,575,081 9,177,501 6,471,679 (2,705,822) Charges for services 3,636,500 3,636,500 5,082,013 1,445,513 Investment earnings 275,000 275,000 2,557,674 2,282,674 Other/Overhead Allocations 5,722,689 5,722,689 5,821,898 99,209 Total revenues 38,876,943 39,479,363 41,223,919 1,744,556

EXPENDITURES
Current:

General government 4,323,385 4,398,385 3,753,598 644,787 Public safety 20,336,643 20,336,643 18,939,127 1,397,516 Public works 2,925,735 2,922,518 3,294,697 (372,179)
Community development 7,863,542 8,475,739 6,649,642 1,826,097 Culture and leisure 140,339 140,339 230,121 (89,782)
Capital outlay 523,804 803,167 930,479 (127,312)
Debt service:

Principal 236,659 236,658 236,658 -
Interest 101,985 101,985 101,985 -
Total expenditures 36,452,092 37,415,434 34,136,307 3,279,127 Excess (deficiency) of revenues
over (under) expenditures 2,424,851 2,063,929 7,087,612 5,023,683

OTHER FINANCING SOURCES (USES)
Proceeds from the sale of property 10,000 10,000 51,881 41,881 Subscription acquisition - 201,661 201,661 -
Transfers in 811,892 811,892 574,750 (237,142)
Transfers out (6,230,096) (6,497,399) (2,334,195) 4,163,204 Total other financing sources (uses) (5,408,204) (5,473,846) (1,505,903) 3,967,943 Net change in fund balance (2,983,353) (3,409,917) 5,581,709 8,991,626 Fund balance, beginning of year 23,976,559 23,976,559 23,976,559 - Fund balance, end of year 20,993,206 $ 20,566,642 $ 29,558,268 $ 8,991,626 $ Budgeted Amounts
City of San Jacinto
Required Supplementary Information
Budgetary Comparison Schedule – LLPD#2
For the Year Ended June 30, 2024
-62-
Actual Variance with
Original Final Amounts Final Budget

REVENUES
Assessments 5,041,400 $ 5,041,400 $ 5,390,227 $ 348,827 $ Investment earnings 85,000 85,000 259,651 174,651
Other/overhead allocations - - 49,380 49,380
Total revenues 5,126,400 5,126,400 5,699,258 572,858

EXPENDITURES
Community development 4,960,047 5,077,069 4,278,453 798,616 Total expenditures 4,960,047 5,077,069 4,278,453 798,616 Excess (deficiency) of revenues
over (under) expenditures 166,353 49,331 1,420,805 1,371,474

OTHER FINANCING SOURCES (USES)
Transfers in - 155,000 - 155,000
Transfers out (154,980) - - -
Total other financing sources (uses) (154,980) 155,000 - 155,000 Net change in fund balance 11,373 204,331 1,420,805 1,526,474 Fund balance (deficit), beginning of year 9,936,980 9,936,980 9,936,980 - Fund balance, end of year 9,948,353 $ 10,141,311 $ 11,357,785 $ 1,216,474 $ Budgeted Amounts
City of San Jacinto
Required Supplementary Information
Budgetary Comparison Schedule – Community Facilities District 2003 For the Year Ended June 30, 2024
-63-
Actual Variance with
Original Final Amounts Final Budget

REVENUES
Assessments 3,395,000 $ 3,395,000 $ 3,682,515 $ 287,515 $ Total revenues 3,395,000 3,395,000 3,682,515 287,515

EXPENDITURES
Current:

General government 30,500 30,500 16,278 14,222
Public safety 4,162,549 4,162,549 4,230,822 (68,273)
Capital outlay 84,000 84,000 324,292 (240,292)
Debt service:

Interest 20,000 20,000 132,490 (112,490)
Total expenditures 4,297,049 4,297,049 4,703,882 (406,833) Excess (deficiency) of revenues
over (under) expenditures (902,049) (902,049) (1,021,367) (119,318)

OTHER FINANCING SOURCES (USES)
Transfers in 169,558 169,558 232,385 62,827
Total other financing sources (uses) 169,558 169,558 232,385 62,827 Net change in fund balance (732,491) (732,491) (788,982) (56,491) Fund balance, beginning of year (3,989,470) (3,989,470) (3,989,470) - Fund balance, end of year (4,721,961) $ (4,721,961) $ (4,778,452) $ (56,491) $ Budgeted Amounts
City of San Jacinto
Required Supplementary Information
Schedule of the City's Proportionate Share of the Plan's Net Pension Liability and Related Ratios as of the Measurement Date - Last 10 Years For the Year Ended June 30, 2024
-64-
Measurement
Date
Employer's
Proportion of
the Collective
Net Pension
Liability1
Employer's
Proportionate
Share of the
Collective Net
Pension Liability
Employer's
Covered Payroll
Employer's
Proportionate
Share of the
Collective Net
Pension Liability
as a percentage
of the Employer's
Covered Payroll
Pension Plan's
Fiduciary Net
Position as a
percentage of
the Total
Pension Liability
Miscellaneous Plan
6/30/2014 0.18099% 4,473,080 $ 3,036,159 $ 147% 76.82%
6/30/2015 0.19300% 5,294,972 2,908,424 182% 73.75%
6/30/2016 0.18182% 6,316,067 2,317,063 273% 70.82%
6/30/2017 0.17913% 7,061,261 2,804,241 252% 69.75%
6/30/2018 0.18044% 6,800,330 3,119,387 218% 72.25%
6/30/2019 0.17949% 7,187,759 3,810,207 189% 73.22%
6/30/2020 0.17953% 7,572,634 4,262,727 178% 73.34%
6/30/2021 0.22695% 4,309,406 4,603,445 94% 85.73%
6/30/2022 0.18181% 8,507,294 5,068,470 168% 74.30%
6/30/2023 0.18178% 9,089,619 5,995,012 152% 74.50%
Safety Plan (Inactive)
6/30/2014 0.07000% 2,516,462 $ - $ - 0.00%
6/30/2015 0.07447% 3,068,587 - - 80.89%
6/30/2016 0.07781% 4,030,026 - - 75.83%
6/30/2017 0.07720% 4,613,123 - - 74.46%
6/30/2018 0.07932% 4,654,165 - - 74.14%
6/30/2019 0.07983% 4,983,113 - - 71.97%
6/30/2020 0.08052% 5,364,670 - - 70.10%
6/30/2021 0.09711% 3,408,091 - - 81.32%
6/30/2022 0.08538% 5,867,117 - - 68.79%
6/30/2023 0.08120% 6,069,825 - - 68.05%
1 Proportion of the collective 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.

City of San Jacinto
Required Supplementary Information
Schedule of Plan Contributions - Last 10 Years
For the Year Ended June 30, 2024
-65-
Fiscal Year
Actuarially
Determined
Contribution
Contributions
in Relation to
the Actuarially
Determined
Contribution
Contribution
Deficiency
(Excess) Covered payroll
Contributions
as a
percentage
of covered
payroll
Miscellaneous Plan
6/30/2015 640,721 $ (640,721) $ - $ 2,908,424 $ 22.03%
6/30/2016 613,674 (613,674) - 2,317,063 26.48%
6/30/2017 691,841 (691,841) - 2,804,241 24.67%
6/30/2018 738,923 (738,923) - 3,119,387 23.69%
6/30/2019 876,180 (876,180) - 3,810,207 23.00%
6/30/2020 1,012,917 (1,012,917) - 4,262,727 23.76%
6/30/2021 1,135,010 (1,135,010) - 4,603,445 24.66%
6/30/2022 1,260,063 (1,260,063) - 5,068,470 24.86%
6/30/2023 1,185,765 (1,185,765) - 5,995,012 19.78%
6/30/2024 1,271,431 (1,271,431) - 6,780,344 18.75%
Safety Plan (Inactive)
6/30/2015 138,527 $ (138,527) $ - $ - $ 0.00%
6/30/2016 146,311 (146,311) - - 0.00%
6/30/2017 175,023 (175,023) - - 0.00%
6/30/2018 219,078 (219,078) - - 0.00%
6/30/2019 283,052 (283,052) - - 0.00%
6/30/2020 416,795 (416,795) - - 0.00%
6/30/2021 462,234 (462,234) - - 0.00%
6/30/2022 476,521 (476,521) - - 0.00%
6/30/2023 514,200 (514,200) - - 0.00%
6/30/2024 354,075 (354,075) - - 0.00%
Notes to Schedule:

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.

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.

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Non-Major Governmental Funds
City of San Jacinto
Combining Balance Sheet – Non-Major Governmental Funds
June 30, 2024
-66-
Gas Tax Measure A Traffic Safety
CFD #2003-2
Sewer Lift
Operations
ASSETS
Cash and investments - $ 2,482,691 $ 5,785 $ 338 $
Receivables, net:

Accounts - - - -
Interest - - - -
Taxes and assessments - - - -
Notes - - - -
Prepaids - - 3,248 -
Due from other governments 164,184 267,187 18,545 -
Due from other funds - - - -
Advances receivable - 946,128 - -
Land held for resale - - - -
Total assets 164,184 $ 3,696,006 $ 27,578 $ 338 $

LIABILITIES
Accounts payable - $ - $ 92,073 $ 338 $
Accrued payroll - - - -
Due to other governments - - - -
Due to other funds - - - -
Unearned revenue - - - -
Advances payable - - - -
Total liabilities - - 92,073 338

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - - - -

FUND BALANCES
Nonspendable - - 3,248 -
Restricted 164,184 3,696,006 - -
Assigned - - - -
Unassigned - - (67,743) -
Total fund balances (deficit) 164,184 3,696,006 (64,495) - Total liabilities, deferred inflows
of resources and fund balances 164,184 $ 3,696,006 $ 27,578 $ 338 $ Special Revenue Funds
Continued
-67-
LLPD #1
Park
Development
Parkway
Development CSA 152
State Asset
Seizure
Public Safety
Sales Tax
$ 34,911 60,137 $ 18,772 $ 250 $ 118,775 $ - $
- - - 274,668 - -
- - - - - -
- 13,162 - - - -
- - - - - -
- - - - - -
- 14,154 - - - 86,173
- - - - - -
- - - - - -
- - - - - -
$ 34,911 87,453 $ 18,772 $ 274,918 $ 118,775 $ 86,173 $ $ - 87,453 $ - $ 8,229 $ - $ - $
- - - - - -
- - - - - -
- - - 230,060 - -
- - - - - -
- - - - - -
- 87,453 - 238,289 - -
- - - 208,893 - -
- - - - - -
34,911 - 18,772 - 118,775 86,173
- - - - - -
- - - (172,264) - -
34,911 - 18,772 (172,264) 118,775 86,173
$ 34,911 87,453 $ 18,772 $ 274,918 $ 118,775 $ 86,173 $ Special Revenue Funds
City of San Jacinto
Combining Balance Sheet – Non-Major Governmental Funds
June 30, 2024
-68-
Air Quality
Improvement
AB3229
COPS
Program
Fire
Mitigation AB1600
ASSETS
Cash and investments 56,321 $ - $ - $ 510,390 $
Receivables, net:

Accounts - - - -
Interest - - - -
Taxes and assessments - - - -
Notes - - - -
Prepaids - 2,400 - -
Due from other governments - - - -
Due from other funds - - - -
Advances receivable - - - -
Land held for resale - - - -
Total assets 56,321 $ 2,400 $ - $ 510,390 $

LIABILITIES
Accounts payable - $ 42,730 $ - $ - $
Accrued payroll - - - -
Due to other governments - - - -
Due to other funds - 112,012 - -
Unearned revenue - - - -
Advances payable - - - -
Total liabilities - 154,742 - -

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - - - -

FUND BALANCES
Nonspendable - 2,400 - -
Restricted 56,321 - - 510,390
Assigned - - - -
Unassigned - (154,742) - -
Total fund balances (deficit) 56,321 (152,342) - 510,390 Total liabilities, deferred inflows
of resources and fund balances 56,321 $ 2,400 $ - $ 510,390 $ Special Revenue Funds
Continued
-69-
Special District
Administration
Federal Asset
Seizure
Vandalism &
Graffiti Reward RMRA CDBG CFD 2018-1
$ 36,898 55,291 $ - $ 1,821,585 $ - $ 7,585 $
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- 25 - - - -
- - - 243,325 30,071 -
- - - - - -
- - - 1,161,087 - -
- - - - - -
$ 36,898 55,316 $ - $ 3,225,997 $ 30,071 $ 7,585 $
$ - 1,513 $ - $ - $ - $ - $
- 5,448 - - - -
- - - - - -
- - - - 30,071 -
- - - - - -
- - - - - -
- 6,961 - - 30,071 -
- - - - 30,071 -
- 25 - - - -
36,898 48,330 - 3,225,997 - 7,585
- - - - - -
- - - - (30,071) -
36,898 48,355 - 3,225,997 (30,071) 7,585
$ 36,898 55,316 $ - $ 3,225,997 $ 30,071 $ 7,585 $
Special Revenue Funds
City of San Jacinto
Combining Balance Sheet – Non-Major Governmental Funds
June 30, 2024
-70-
CFD 2017-1 CFD 2020-1
CFD #2021-1
Public Safety
Development
Impact Fees
ASSETS
Cash and investments 185,800 $ 61,825 $ - $ 5,888,895 $ Receivables, net:

Accounts - - - -
Interest - - - -
Taxes and assessments 3,725 - - -
Notes - - - -
Prepaids - - - -
Due from other governments - - - -
Due from other funds - - - -
Advances receivable - - - 1,019,339
Land held for resale - - - -
Total assets 189,525 $ 61,825 $ - $ 6,908,234 $

LIABILITIES
Accounts payable 33,536 $ 14 $ - $ - $
Accrued payroll - - - -
Due to other governments - - - -
Due to other funds - - - -
Unearned revenue - - - -
Advances payable - - - -
Total liabilities 33,536 14 - -

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - - - -

FUND BALANCES
Nonspendable - - - -
Restricted 155,989 61,811 - 6,908,234
Assigned - - - -
Unassigned - - - -
Total fund balances (deficit) 155,989 61,811 - 6,908,234 Total liabilities, deferred inflows
of resources and fund balances 189,525 $ 61,825 $ - $ 6,908,234 $ Special Revenue Funds
Continued
-71-
Successor
Housing
Authority
Assessment
District 2003-
01 Total Special
Revenue
Funds
Underground
Utility
Flood
Control
Traffic
Signalization
$ 10,529,314 236,555 $ 22,112,118 $ 1,339,044 $ - $ 160,308 $ - - 274,668 - - -
- 293,970 293,970 - - -
9,110 - 25,997 - - -
- 2,965,155 2,965,155 - - -
- - 5,673 - - -
- - 823,639 - - -
- - - - - -
- - 3,126,554 - 1,647,859 -
- 339,807 339,807 - - -
$ 10,538,424 3,835,487 $ 29,967,581 $ 1,339,044 $ 1,647,859 $ 160,308 $ $ 2,157,647 - $ 2,423,533 $ - $ - $ - $
- - 5,448 - - -
- - - - - -
- - 372,143 - - -
- - - - - -
- - - - - -
2,157,647 - 2,801,124 - - -
- 3,269,133 3,508,097 - - -
- 339,807 345,480 - - -
8,380,777 226,547 23,737,700 - 1,647,859 -
- - - 1,339,044 - 160,308
- - (424,820) - - -
8,380,777 566,354 23,658,360 1,339,044 1,647,859 160,308 $ 10,538,424 3,835,487 $ 29,967,581 $ 1,339,044 $ 1,647,859 $ 160,308 $ Special Revenue Funds Capital Projects Funds
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City of San Jacinto
Combining Balance Sheet – Non-Major Governmental Funds
June 30, 2024
-72-
Debt Service
Highway 79
Capital
Projects
TUMF
Capital
Projects
(formerly
major)
Total Capital
Projects
Funds
Assessment
District 87-1
Debt Service
Total NonMajor
Governmental
Funds
ASSETS
Cash and investments - $ - $ 1,499,352 $ 161,362 $ 23,772,832 $ Receivables, net:

Accounts - - - - 274,668
Interest - - - - 293,970
Taxes and assessments - - - 1,084,259 1,110,256
Notes - - - - 2,965,155
Prepaids - - - - 5,673
Due from other governments - 276,712 276,712 - 1,100,351 Due from other funds - - - - -
Advances receivable - - 1,647,859 - 4,774,413
Land held for resale - - - - 339,807
Total assets - $ 276,712 $ 3,423,923 $ 1,245,621 $ 34,637,125 $

LIABILITIES
Accounts payable - $ - $ - $ - $ 2,423,533 $
Accrued payroll - - - - 5,448
Due to other governments - - - 144,128 144,128
Due to other funds - 276,712 276,712 291,129 939,984
Unearned revenue - - - - -
Advances payable - - - - -
Total liabilities - 276,712 276,712 435,257 3,513,093

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - 276,712 276,712 1,084,259 4,869,068

FUND BALANCES
Nonspendable - - - - 345,480
Restricted - - 1,647,859 - 25,385,559
Assigned - - 1,499,352 - 1,499,352
Unassigned - (276,712) (276,712) (273,895) (975,427)
Total fund balances (deficit) - (276,712) 2,870,499 (273,895) 26,254,964 Total liabilities, deferred inflows
of resources and fund balances - $ 276,712 $ 3,423,923 $ 1,245,621 $ 34,637,125 $ Capital Projects Funds
City of San Jacinto
Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Non-Major Funds
For the Year Ended June 30, 2024
-73-
Gas Tax Measure A
Traffic
Safety
CFD #2003-2
Sewer Lift
Operations

REVENUES
Taxes - $ - $ - $ - $
Assessments - - - 21,126
Fines and forfeitures - - 95,534 -
Development fees - - - -
Intergovernmental 1,488,025 1,631,069 - -
Investment earnings 666 80,201 - 110
Other/overhead allocations - - - -
Total revenues 1,488,691 1,711,270 95,534 21,236

EXPENDITURES
Current:

General government - - - -
Public safety - - 173,613 -
Public works 1,478,593 75,192 25,606 21,236
Community development - - - -
Culture and leisure - - - -
Capital outlay - - 11,449 -
Debt service:

Interest - - - -
Total expenditures 1,478,593 75,192 210,668 21,236
Excess (deficiency) of revenues
over (under) expenditures 10,098 1,636,078 (115,134) -

OTHER FINANCING SOURCES (USES)
Transfers in - - 27,160 -
Transfers out - (471,736) (77,160) -
Total other financing sources (uses) - (471,736) (50,000) - Net change in fund balances 10,098 1,164,342 (165,134) - Fund balances (deficit), beginning of year, as previously reported 154,086 2,531,664 100,639 - Change in financial reporting entity - - - -
Fund balances (deficit), beginning of year, as restated 154,086 2,531,664 100,639 - Fund balances (deficit), end of year 164,184 $ 3,696,006 $ (64,495) $ - $ Special Revenue Funds
Continued
-74-
LLPD #1
Park
Development
Parkway
Development CSA 152
State Asset
Seizure
Public Safety
Sales Tax
$ - - $ - $ - $ - $ 533,188 $
- 655,161 - - - -
- - - 523,931 - -
- - - - - -
- - - 202,129 - -
871 - 468 - 2,964 -
- - - - - -
871 655,161 468 726,060 2,964 533,188
- 2,859 - - - -
- - - - - -
- - - 512,843 - -
- - - - - -
- 372,354 - - - -
- 279,948 - - - -
- - - - - -
- 655,161 - 512,843 - -
871 - 468 213,217 2,964 533,188
- - - - - -
- - - (232,385) - (484,197)
- - - (232,385) - (484,197)
871 - 468 (19,168) 2,964 48,991
34,040 - 18,304 (153,096) 115,811 37,182
- - - - - -
34,040 - 18,304 (153,096) 115,811 37,182
$ 34,911 - $ 18,772 $ (172,264) $ 118,775 $ 86,173 $
Special Revenue Funds
City of San Jacinto
Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Non-Major Funds
For the Year Ended June 30, 2024
-75-
Air Quality
Improvement
AB3229 COPS
Program
Fire
Mitigation AB1600

REVENUES
Taxes $ - - $ - $ - $
Assessments - - - -
Fines and forfeitures - - - -
Development fees - - - -
Intergovernmental 72,780 211,159 - -
Investment earnings 2,010 - - 12,737
Other/overhead allocations - - - -
Total revenues 74,790 211,159 - 12,737

EXPENDITURES
Current:

General government - - - -
Public safety - (1,833) - -
Public works 73,055 - - -
Community development 583 - - -
Culture and leisure - - - -
Capital outlay - 302,470 - -
Debt service:

Interest - - - -
Total expenditures 73,638 300,637 - -
Excess (deficiency) of revenues
over (under) expenditures 1,152 (89,478) - 12,737

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers out - - - -
Total other financing sources (uses) - - - -
Net change in fund balances 1,152 (89,478) - 12,737
Fund balances (deficit), beginning of year, as previously reported 55,169 (62,864) - 497,653 Change in financial reporting entity - - - -
Fund balances (deficit), beginning of year, as restated 55,169 (62,864) - 497,653 Fund balances (deficit), end of year 56,321 $ (152,342) $ - $ 510,390 $ Special Revenue Funds
Continued
-76-
Special District
Administration
Federal Asset
Seizure
Vandalism &
Graffiti Reward RMRA CDBG CFD 2018-1
$ - - $ - $ - $ - $ - $
- - - - - 3,554
- - - - - -
- - - - - -
- - - 1,396,185 (1,776) -
923 - - 66,079 - 163
- 251,741 - - - -
923 251,741 - 1,462,264 (1,776) 3,717
- - - - - -
- - - - - -
- - - - - -
- 307,837 - - - 3,817
- - - - - -
- - - - - -
- - - - - -
- 307,837 - - - 3,817
923 (56,096) - 1,462,264 (1,776) (100)
- - - - - -
- - (40,553) (308,715) (28,295) -
- - (40,553) (308,715) (28,295) -
923 (56,096) (40,553) 1,153,549 (30,071) (100)
35,975 104,451 40,553 2,072,448 - 7,685
- - - - - -
35,975 104,451 40,553 2,072,448 - 7,685
$ 36,898 48,355 $ - $ 3,225,997 $ (30,071) $ 7,585 $
Special Revenue Funds
City of San Jacinto
Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Non-Major Funds
For the Year Ended June 30, 2024
-77-
CFD 2017-1 CFD 2020-1
CFD #2021-1
Public Safety
Development
Impact Fees

REVENUES
Taxes - $ - $ - $ - $
Assessments 368,430 49,287 - -
Fines and forfeitures - - - -
Development fees - - - 655,624
Intergovernmental - - - -
Investment earnings 2,306 858 - 163,746
Other/overhead allocations - - - -
Total revenues 370,736 50,145 - 819,370

EXPENDITURES
Current:

General government - - - -
Public safety - - - -
Public works - - - 28,122
Community development 194,102 1,605 - -
Culture and leisure - - - 29,420
Capital outlay - - - -
Debt service:

Interest - - - -
Total expenditures 194,102 1,605 - 57,542
Excess (deficiency) of revenues
over (under) expenditures 176,634 48,540 - 761,828

OTHER FINANCING SOURCES (USES)
Transfers in - - 2,500 -
Transfers out - - - (117,465)
Total other financing sources (uses) - - 2,500 (117,465) Net change in fund balances 176,634 48,540 2,500 644,363 Fund balances (deficit), beginning of year, as previously reported (20,645) 13,271 (2,500) 6,263,871 Change in financial reporting entity - - - -
Fund balances (deficit), beginning of year, as restated (20,645) 13,271 (2,500) 6,263,871 Fund balances (deficit), end of year 155,989 $ 61,811 $ - $ 6,908,234 $ Special Revenue Funds
Continued
-78-
Community
Facilities
District 2003
(formerly
non-major)
Successor
Housing
Authority
Assessment
District
2003-01
Total Special
Revenue Funds
Underground
Utility Flood Control
$ - - $ - $ 533,188 $ - $ - $
- - 1,252,899 2,350,457 - -
- - - 619,465 - -
- - - 655,624 - 193,414
- - - 4,999,571 - -
5,963 - 248,645 588,710 33,415 40,826
- - - 251,741 - -
5,963 - 1,501,544 9,998,756 33,415 234,240
5,618 - - 8,477 - -
- - - 171,780 - -
- - 134,554 2,349,201 - 51,203
- - - 507,944 - -
- - - 401,774 - -
- - 2,120,288 2,714,155 - -
- - - - - -
5,618 - 2,254,842 6,153,331 - 51,203
345 - (753,298) 3,845,425 33,415 183,037
- - - 29,660 - -
- - - (1,760,506) - (68,654)
- - - (1,730,846) - (68,654)
345 - (753,298) 2,114,579 33,415 114,383
566,009 (3,989,470) 9,134,075 17,554,311 1,305,629 1,533,476 - 3,989,470 - 3,989,470 - -
566,009 - 9,134,075 21,543,781 1,305,629 1,533,476
$ 566,354 - $ 8,380,777 $ 23,658,360 $ 1,339,044 $ 1,647,859 $ Special Revenue Funds Capital Projects Funds

City of San Jacinto
Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Non-Major Funds
For the Year Ended June 30, 2024
-79-
Traffic
Signalization
Highway 79
Capital
Projects
TUMF Capital
Projects
(formerly
major)
Total Capital
Projects Funds

REVENUES
Taxes - $ - $ - $ - $
Assessments - - - -
Fines and forfeitures - - - -
Development fees - - - 193,414
Intergovernmental - - 266,870 266,870
Investment earnings 4,001 - - 78,242
Other/overhead allocations - - - -
Total revenues 4,001 - 266,870 538,526

EXPENDITURES
Current:

General government - - - -
Public safety - - - -
Public works - - - 51,203
Community development - - - -
Culture and leisure - - - -
Capital outlay - - - -
Debt service:

Interest - - - -
Total expenditures - - - 51,203
Excess (deficiency) of revenues
over (under) expenditures 4,001 - 266,870 487,323

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers out - (97,399) (114,883) (280,936)
Total other financing sources (uses) - (97,399) (114,883) (280,936) Net change in fund balances 4,001 (97,399) 151,987 206,387 Fund balances (deficit), beginning of year, 156,307 97,399 - 3,092,811 Change in financial reporting entity - - (428,699) (428,699) Fund balances (deficit), beginning of year, 156,307 97,399 (428,699) 2,664,112 Fund balances (deficit), end of year 160,308 $ - $ (276,712) $ 2,870,499 $ Capital Projects Funds
Concluded
-80-
Debt Service
Assessment
District 87-1
Debt
Service
Total Non-Major
Governmental
Funds
$ 533,188 - $
2,350,457 -
619,465 -
849,038 -
5,266,441 -
670,970 4,018
251,741 -
10,541,300 4,018
10,627 2,150
171,780 -
2,400,404 -
507,944 -
401,774 -
2,714,155 -
- -
6,206,684 2,150
4,334,616 1,868
29,660 -
(2,041,442) -
(2,011,782) -
2,322,834 1,868
20,371,359 (275,763)
3,560,771 -
23,932,130 (275,763)
$ 26,254,964 (273,895) $
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