San Marino City Council
November 13, 2024

CITY OF SAN MARINO
Annual
Comprehensive
Financial Report
For the Fiscal Year Ended June 30, 202
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City Clerk
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Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of San Marino
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2023
Executive Director/CEO
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12 CITY OF SAN MARINO, CALIFORNIA
Statement of Net Position
Governmental
Activities
ASSETS
Cash and investments $ 40,168,898
Receivables (net of uncollectibles):

Accounts 522,674
Taxes 1,083,577
Accrued interest 125,308
Due from other governments 18,543
Community development 5,157
Restricted assets:

Cash and investments 1,568,763
Cash with fiscal agent 69,332
Inventories 114,266
Capital assets (not being amortized) 149,691,956
Capital assets (net of accumulated depreciation/amortization) 55,931,573 Total assets 249,300,047

DEFERRED OUTFLOWS OF RESOURCES
Pension-related 18,056,225
OPEB-related 2,014,981
Total deferred outflows of resources 20,071,206
Accounts payable 1,069,978
Pass-through payable 476
Due to other governments 165,586
Accrued liabilities 1,410,717
Accrued interest 24,685
Deposits payable 22,621
Unearned revenue 401,406
Noncurrent liabilities:

Due within one year: bonds, notes, leases, SBITA, claims, and compensated absences 1,193,510
Due in more than one year:

Net pension liability 44,772,485
Net OPEB liability 6,941,787
Bonds, notes, leases, SBITA, claims, and compensated absences 4,234,559 Total liabilities 60,237,810

DEFERRED INFLOWS OF RESOURCES
Pension-related 1,811,014
OPEB-related 2,294,962
Total deferred inflows of resources 4,105,976

NET POSITION
Net investment in capital assets 204,744,294
Restricted:

Public safety 583,195
Community development 681,272
Parks and recreation 1,183
Public works 5,290,071
Debt service 43,877
CEPPT Investments Trust 1,568,763
Unrestricted (7,885,188)
Total net position $ 205,027,467
June 30, 2024
Primary
Government
See Notes to Financial Statements.
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14 CITY OF SAN MARINO, CALIFORNIA
Statement of Activities
For the Year Ended June 30, 2024
Operating Capital
Charges for Contributions Contributions Governmental
Expenses Services and Grants and Grants Activities
Functions/Programs:

Primary government:

Governmental activities:

General government $ 6,029,243 $ 274,859 $ 2,242,246 $ - $ (3,512,138) Public safety 20,134,246 4,674,054 216,971 - (15,243,221) Community development 2,127,253 1, 7,865 370,792 - (748,596) Recreation 2,250,933 959,482 2,300 - (1,289,151)
Parks and public works 5,683,009 183,943 688,718 685,392 (4,124,956) Library 1,953,966 181,591 62,285 - (1,710,090)
Interest on long-term debt 53,780 - - - (53,780)
Total governmental activities 38,232,430 7,644,721 3,220,385 685,392 (26,681,932) Total primary government $ 38,232,430 $ 7,644,721 $ 3,220,385 $ 685,392 (26,681,932) General revenues:

Property taxes 19,651,443
Sales taxes 648,547
Franchise taxes 757,649
Business licenses taxes 425,418
Utility users tax 2,124,689
Other taxes 2,480,578
Use of money and property 1,726,871
Other 52,799
Total general revenues and transfers 27,867,994
Change in net position 1,186,062
Net position-beginning 203,841,405
Net position-ending $ 205,027,467
Program Revenues
Net
(Expenses)
Primary
Government
See Notes to Financial Statements.
15 CITY OF SAN MARINO, CALIFORNIA
Balance Sheet
Governmental Funds
June 30, 2024
Capital
Projects Funds
Total Total
Nonmajor Governmental
General Funds Funds
ASSETS
Cash and investments $ 19,451,270 $ 14,159,196 $ 6,550,082 $ 40,160,548 Receivables (net of allowance for uncollectible):

Accounts 372,674 150,000 - 522,674
Taxes 997,365 - 86,212 1,083,577
Accrued interest 65,360 - 55,876 121,236
Due from other governments - - 18,543 18,543
Notes and loans 5,157 - - 5,157
Due from other funds 28,501 - - 28,501
Inventories 114,266 - - 114,266
Restricted assets:

Cash and investments 1,568,763 - - 1,568,763
Cash and investments with fiscal agents - - 69,332 69,332 Total assets $ 14,309,196 22,603,356 $ 6,780,045 $ $ 43,692,597

LIABILITIES
Accounts payable $ 1,048,764 $ 54,198 $ 129,235 $ 1,232,197 Accrued liabilities 1,248,101 - 200 1,248,301
Unearned revenues 401,406 - - 401,406
Pass-through payables 476 - - 476
Deposits payable 22,621 - - 22,621
Due to other governments 165,586 - 165,586
Due to other funds - - 28,501 28,501
Total liabilities 2,886,954 54,198 157,936 3,099,088

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - - 22,636 22,636
Total deferred inflows of resources - - 22,636 22,636

FUND BALANCES (DEFICITS)
Non-spendable 119,423 - - 119,423
Restricted 1,568,763 - 6,599,598 8,168,361
Committed 321,603 - - 321,603
Assigned - 14,254,998 - 14,254,998
Unassigned 17,706,613 - (125) 17,706,488
Total fund balances (deficits) 19,716,402 14,254,998 6,599,473 40,570,873 Total liabilities, deferred inflows of resources,
and fund balances (deficits) $ 22,603,356 $ 14,309,196 $ 6,780,045 $ 43,692,597 Capital
Projects Fund
See Notes to Financial Statements.
16 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position
June 30, 2024
Amounts reported for governmental activities in the Statement of Net Position are different because:

Total fund balances - governmental funds $ 40,570,873
203,151,839
Deferred outflows-pension-related 18,056,225
Deferred outflows-OPEB-related 2,014,981
Deferred inflows-pension-related (1,811,014)
Deferred inflows-OPEB-related (2,294,962)
Total deferred outflows and inflows related to postemployment benefits 15,965,230 22,636
2,483,915
Leases and subscriptions payable (879,235)
Compensated absences (1,595,212)
Lease payments (2,953,622)
Accrued interest payable on long-term debt (24,685)
Net pension liability (44,772,485)
Net OPEB liability (6,941,787)
Total long-term liabilities (57,167,026)
Net position of governmental activities $ 205,027,467
Long-term liabilities that are not due and payable in the current period, and therefore, are not reported in the funds.

CITY OF SAN MARINO, CALIFORNIA
Capital assets, net of accumulated depreciation/amortization, used in governmental activities are not financial resources and, therefore, are not reported in the funds.

Differences between expected and actual experiences, assumption changes and net differences between projected and actual earnings, and contributions subsequent to the measurement date for the postretirement benefits (pension and OPEB) are recognized as deferred outflows of resources and deferred inflows of resources on the Statement of Net Position.

Revenues reported as unavailable revenue in the governmental funds are recognized in the Statement of Activities.

Internal service funds provide services to other funds on a cost-reimbursement basis.

The assets, deferred outflows of resources, liabilities, and deferred inflows of resources of the internal service funds are included in governmental activities in the Statement of Activities.

See Notes to Financial Statements.
17 CITY OF SAN MARINO, CALIFORNIA
Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds
For the Year Ended June 30, 2024
Capital
Projects Funds
Total Total
Nonmajor Governmental
General Funds Funds

REVENUES
Taxes $ 29,337,568 $ 688,855 - $ $ 30,026,423
Licenses and permits 1,043,196 - - 1,043,196
Intergovernmental 1,951,973 - 1,513,494 3,465,467
Charges for services 2,707,501 - - 2,707,501
Use of money and property 1,063,076 163,837 478,579 1,705,492 Fines and forfeitures 132,555 - - 132,555
Contributions 128,482 150,000 - 278,482
Miscellaneous 52,367 - - 52,367
Total revenues 36,416,718 313,837 2,680,928 39,411,483

EXPENDITURES
Current:

General government 4,906,209 - 160,468 5,066,677
Public safety 16,714,327 10,602 142,464 16,867,393
Community development 2,065,258 - - 2,065,258
Parks and recreation 2,125,940 - 49,883 2,175,823
Public works 4,014,766 70,276 3,500 4,088,542
Library 1,535,954 - - 1,535,954
Capital outlay 163,111 3,815,533 197,692 4,176,336
Debt service:

Principal - - 545,000 545,000
Interest and fiscal charges - - 29,888 29,888
Lease and subscription payments 405,805 - - 405,805
Interest - leases and subscriptions 19,399 - - 19,399
Total expenditures 31,950,769 3,896,411 1,128,895 36,976,075 Excess (deficiency) of revenues
over (under) expenditures 4,465,949 (3,582,574) 1,552,033 2,435,408

OTHER FINANCING SOURCES (USES)
Transfers in 342,872 2,050,000 574,737 2,967,609
Transfers out (2,870,828) - (193,300) (3,064,128)
Subscription financing 153,786 - - 153,786
Total other financing sources (uses) (2,374,170) 2,050,000 381,437 57,267 Net change in fund balances 2,091,779 (1,532,574) 1,933,470 2,492,675 Fund balances (deficit)-beginning 15,787,572 17,624,623 4,666,003 38,078,198 Fund balances (deficit)-ending $ 19,716,402 $ 14,254,998 $ 6,599,473 $ 40,570,873 Capital
Projects Fund
See Notes to Financial Statements.
18 Reconciliation of the Statement of Revenues, Expenses and Changes in Fund Balances of Governmental Funds to the Statement of Activities For the Year Ended June 30, 2024
Amounts reported for governmental activities in the Statement of Activities are different because:

Net change in fund balances - total governmental funds: $ 2,492,675 Capital outlay 4,116,359
Depreciation/amortization expense (2,371,895)
Total adjustment 1,744,464
Earned but unavailable grant revenues (3,482)
Earned but unavailable other revenues (10,888)
Total adjustment (14,370)
Subscription payments 315,468
Subscription financing (153,786)
Lease payments 73,184
Amortization of bond premiums and discounts (1,574)
Principal payments 545,000
Total adjustment 778,292
Accrued interest for long-term liabilities. This is the net change in accrued interest for the current period. (2,919)
88,895
Compensated absences (200,717)
Changes in insurance liabilities (830,545)
Changes in pension liabilities and related deferred outflows and inflows of resources (2,139,048) Changes in OPEB liabilities and related deferred outflows and inflows of resources (730,665) Total adjustment (3,900,975)
Change in net position of governmental activities $ 1,186,062 Internal service funds provide services to other funds on a cost-reimbursement basis. The net revenue of certain activities of internal service funds is reported with governmental activities.

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.

CITY OF SAN MARINO, CALIFORNIA
Governmental funds report capital outlays are expenditures. However, in the Statement of Activities, the cost of these assets is allocated over their estimated useful lives and reported as depreciation/amortization expense. This is the amount by which capital outlays exceeded depreciation/amortization expense in the current period.

Revenues in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds.

Bond and other debt proceeds provide current financial resources to governmental funds, but issuing debt increases long-term liabilities in the Statement of Net Position. Repayment of bond and other debt principal is an expenditure in the governmental funds, but repayment reduces long-term liabilities in the Statement of Net Position. Also, governmental funds report the effect of premiums, discounts, and similar items when debt is first issued, whereas these amounts are deferred and amortized in the Statement of Activities.

See Notes to Financial Statements.
19 CITY OF SAN MARINO, CALIFORNIA
Statement of Net Position
Proprietary Fund
June 30, 2024
Governmental
Activities -
Internal Service
Fund
ASSETS
Current assets:

Cash and investments $ 8,350
Receivables (net of uncollectibles):

Interest 4,072
Total current assets 12,422
Noncurrent:

Capital assets, net 2,471,690
Total noncurrent assets 2,471,690
Total assets 2,484,112

LIABILITIES
Current liabilities:

Accounts payable 197
Total current liabilities 197
Total liabilities 197

NET POSITION
Invested in capital assets 2,471,690
Unrestricted 12,225
Total net position $ 2,483,915
Capitalized
Equipment
See Notes to Financial Statements.
20 CITY OF SAN MARINO, CALIFORNIA
Statement of Revenues, Expenses and
Changes in Net Position
Proprietary Fund
For the Year Ended June 30, 2024
Governmental
Activities -
Internal Service
Fund

OPERATING REVENUES
Charges for services $ 631,107
Total operating revenues 631,107

OPERATING EXPENSES
Contractual services 29,003
Depreciation/amortization 631,107
Total operating expenses 660,110
Operating income (loss) (29,003)

NONOPERATING REVENUES (EXPENSES)
Interest revenue 21,379
Total nonoperating revenues (expenses) 21,379
Income (loss) before transfers (7,624)
Transfers in 439,391
Transfers out (342,872)
Change in net position 88,895
Net position-beginning 2,395,020
Net position-ending $ 2,483,915
Capitalized
Equipment
See Notes to Financial Statements.
21 CITY OF SAN MARINO, CALIFORNIA
Statement of Cash Flows
Proprietary Fund
For the Year Ended June 30, 2024
Governmental
Activities -
Internal Service
Fund

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 631,107
Payments to suppliers and service providers (69,287)
Net cash provided by (used for)
operating activities 561,820

CASH FLOWS FROM NONCAPITAL

FINANCING ACTIVITIES
Transfers from other funds 439,391
Transfers to other funds (342,872)
Net cash provided by (used for)
noncapital financing activities 96,519

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
Acquisition and construction of capital assets (668,785) Net cash provided by (used for)
capital and related financing activities (668,785)

CASH FLOWS FROM INVESTING ACTIVITIES
Interest on investments 17,307
Net cash provided by (used for)
investing activities 17,307
Net increase (decrease) in
cash and cash equivalents 6,861
Cash and cash equivalents-beginning 1,489
Cash and cash equivalents-ending $ 8,350

RECONCILIATION OF CASH AND CASH EQUIVALENTS

TO THE STATEMENT OF NET POSITION
Cash and investments $ 8,350
Total cash and cash equivalents $ 8,350

RECONCILIATION OF OPERATING INCOME (LOSS)

TO NET CASH PROVIDED BY (USED FOR)

OPERATING ACTIVITIES
Operating income (loss) $ (29,003)
Adjustments to reconcile operating income (loss) to
net cash provided by (used for) operating activities:

Depreciation/amortization expense 631,107
Increase (decrease) in accounts payable (40,284)
Total adjustments 590,823
Net cash provided by (used for)
operating activities $ 561,820
Capitalized
Equipment
See Notes to Financial Statements.
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1. Cash and Investments
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2. Receivables and Payables
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4. Inventories
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6. Leases
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8. Deferred Outflows/Inflows of Resources
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CITY OF SAN MARINO
Total Debt City’s Share of
6/30/24 % Applicable (1) Debt 6/30/24
$18,210,000 0.207% $ 37,695
174,690,000 7.100 12,402,990
363,215,000 0.001 3,632
2023-24 Assessed Valuation: $8,027,957,409
OVERLAPPING TAX AND ASSESSMENT DEBT:

Metropolitan Water District
Pasadena Area Community College District
Pasadena Unified School District
San Marino Unified School District 3,026,790 91.145 2,758,768 TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT $15,203,085
DIRECT AND OVERLAPPING GENERAL FUND DEBT:

Los Angeles County General Fund Obligations $2,479,229,730 0.400% $ 9,916,919 Los Angeles County Superintendent of Schools Certificates of Participation 2,857,300 0.400 11,429 Pasadena Area Community College District Certificates of Participation 28,785,000 7.100 2,043,735 San Marino Unified School District Certificates of Participation 5,495,000 91.145 5,008,418 City of San Marino 0 100 0
TOTAL DIRECT AND OVERLAPPING GENERAL FUND DEBT $16,980,501 TOTAL DIRECT DEBT $0
TOTAL OVERLAPPING DEBT $32,183,586
COMBINED TOTAL DEBT $32,183,586 (2)
(1) The percentage of overlapping debt applicable to the city is estimated using taxable assessed property value. Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by the district's total taxable assessed value.
(2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital lease obligations. Qualified Zone Academy Bonds are included based on principal due at maturity.

Ratios to 2023-24 Assessed Valuation:

Total Overlapping Tax and Assessment Debt ......................................... 0.19% Total Direct Debt ($0).......................................................................... 0.00% Combined Total Debt ............................................................................. 0.40% KD:($550)
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CITY OF SAN MARINO
Annual Comprehensive Financial Report
For the Fiscal Year Ended June 30, 202