CITY OF SAN MARINO
Annual
Comprehensive
Financial Report
For the Fiscal Year Ended June 30, 202
CITY OF SAN MARINO, CALIFORNIA
Annual Comprehensive Financial Report
For the Year Ended June 30, 2025
PREPARED BY:
FINANCE DEPARTMENT
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CITY OF SAN MARINO, CALIFORNIA
Annual Comprehensive Financial Report
For the Year Ended June 30, 2025
Table of Contents
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INTRODUCTORY SECTION
Letter of Transmittal ..................................................................................................................................................... i Organizational Chart ................................................................................................................................................ vii List of Elected and Administrative Officials ............................................................................................................. viii Certificate of Achievement for Excellence in Financial Reporting ........................................................................... vix
FINANCIAL SECTION
INDEPENDENT AUDITORS’ REPORT ..................................................................................................................... 1 MANAGEMENT'S DISCUSSION AND ANALYSIS .................................................................................................... 5
BASIC FINANCIAL STATEMENTS
Government-Wide Financial Statements:
Statement of Net Position ........................................................................................................................... 13 Statement of Activities ................................................................................................................................ 15 Fund Financial Statements:
Balance Sheet – Governmental Funds ....................................................................................................... 16 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position ................................................................................................................. 17 Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds ................................................................................................................ 18 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the
Statement of Activities ................................................................................................................................ 19 Statement of Net Position – Proprietary Fund ............................................................................................ 20 Statement of Revenues, Expenses and Changes in
Net Position – Proprietary Fund ................................................................................................................. 21 Statement of Cash Flows – Proprietary Fund ............................................................................................ 22 Notes to the Financial Statements ..................................................................................................................... 23
REQUIRED SUPPLEMENTARY INFORMATION
General Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual .................................................................................................................... 53
CITY OF SAN MARINO, CALIFORNIA
Annual Comprehensive Financial Report
For the Year Ended June 30, 2025
Table of Contents
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Number
Schedule of Proportionate Share of the Net Pension Liability ........................................................................... 54 Schedules of Plan Contributions ........................................................................................................................ 55 Schedule of Changes in the Net OPEB Liability and Related Ratios ................................................................ 56 Notes to Required Supplementary Information .................................................................................................. 59
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES
Combining Balance Sheet – Nonmajor Governmental Funds ........................................................................... 60 Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds ........................................................................................ 66 Budgetary Comparison Schedules – Special Revenue Funds:
State Gas Tax ............................................................................................................................................. 72 Community Development Block Grant ....................................................................................................... 73 Prop. A Transit ............................................................................................................................................. 74 Air Quality .................................................................................................................................................... 75 TDA Article 3 ................................................................................................................................................ 76 Prop. C Transit ............................................................................................................................................. 77 Asset Seizure ............................................................................................................................................... 78 California Recycling Grant ........................................................................................................................... 79 COPS Grant ................................................................................................................................................. 80 STPL ............................................................................................................................................................ 81 Measure W Clean Water ............................................................................................................................ 82 Measure R .................................................................................................................................................. 83 OTS Grant Fund .......................................................................................................................................... 84 PEG Fund .................................................................................................................................................... 85 SB 1383 and Used Oil Grant ....................................................................................................................... 86 Drought Education Fund .............................................................................................................................. 87 Measure M ................................................................................................................................................... 88 Bodyworn Camera Grant Fund .................................................................................................................... 89 Budgetary Comparison Schedule – Capital Projects Fund ............................................................................... 90 Budgetary Comparison Schedule – City Debt Service Fund ............................................................................. 91
CITY OF SAN MARINO, CALIFORNIA
Annual Comprehensive Financial Report
For the Year Ended June 30, 2025
Table of Contents
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STATISTICAL SECTION
Financial Trends:
Net Position by Component – Last Ten Fiscal Years ......................................................................................... 97 Changes in Net Position – Last Ten Fiscal Years .............................................................................................. 98 Fund Balances of Governmental Funds – Last Ten Fiscal Years .................................................................... 100 Changes in Fund Balances of Governmental Funds – Last Ten Fiscal Years ................................................. 102 Revenue Capacity:
Property Tax Dollar Breakdown ....................................................................................................................... 104 Direct and Overlapping Property Tax Rates – Last Ten Fiscal Years .............................................................. 105 Assessed and Estimated Actual Values of Taxable Property – Last Ten Fiscal Years .................................... 106 Top Ten Property Taxpayers – Current Year and Nine Years Ago .................................................................. 107 Assessed Value of Taxable Property by Category – Last Ten Fiscal Years .................................................... 108 Property Tax Levies and Collections – Last Ten Fiscal Years ......................................................................... 109 Debt Capacity:
Outstanding Debt by Type ................................................................................................................................ 110 Direct and Overlapping Debt ............................................................................................................................. 111 Demographic and Economic Information:
Demographic and Economic Statistics – Last Ten Calendar Years ................................................................. 112 Taxable Sales by Category ............................................................................................................................... 114 Operating Information:
Full-Time Equivalent City Employees by Function – Last Ten Fiscal Years .................................................... 115 Operating Indicators by Function – Last Ten Fiscal Years ............................................................................... 116 Capital Asset Statistics by Function – Last Ten Fiscal Years ........................................................................... 117
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CITY OF SAN MARINO
2200 Huntington Drive
San Marino, CA 91108-2639
www.cityofsanmarino.org
November 4, 2025
Honorable Mayor, Vice Mayor, City Councilmembers, and Citizens of San Marino:
The Finance Department is excited to present to the City Council the City of San Marino’s (City) fourth Annual Comprehensive Financial Report (ACFR), formally known as the Comprehensive Annual Financial Report for the fiscal year ended June 30, 2025. The ACFR is intended to provide readers with a clearly articulated, user-friendly reporting of the City’s financial affairs. Within the ACFR, readers will find reporting on all funds and account groups for the City. This report consists of management’s representations concerning the finances of the City. As such, management assumes full responsibility for the completeness and reliability of the information contained in this report, based upon a comprehensive internal control framework it established for this purpose. Because the cost of internal controls should not exceed anticipated benefits, the objective is to provide reasonable assurance, rather than absolute assurance, that the financial statements are free of any material misstatements.
State Law requires the City to prepare an annual financial report. This report fulfills that obligation.
LSL, LLP, an independent firm of certified public accountants, has issued an unmodified opinion on the financial statements of the City for the year ended June 30, 2025. This will be the seventh year in a row that the City was able to achieve a clean opinion from the auditors with no material weaknesses or significant deficiencies. The independent auditors’ report is located at the front of the financial section of this ACFR. The ACFR has been prepared in conformity with Generally Accepted Accounting Principles (GAAP) and the financial reporting requirements prescribed by the Governmental Accounting Standards Board (GASB). These reporting requirements specify that management provide a narrative introduction, overview and analysis to accompany the financial statements in the form of a Management’s Discussion and Analysis (MD&A). The MD&A, which immediately follows the independent auditors’ report, complements this letter of transmittal and should be read in conjunction with it.
THE PRIMARY GOVERNMENT
The City is a General Law city and operates under a Council/Manager form of government. The City Council consists of five members that are elected at-large and typically serve staggered, four-year terms. The Mayor and Vice Mayor seats typically are one-year in duration and are selected by the Council Members. The City Council serves as the City’s primary governing body. The City Council additionally appoints the City Manager, the City Attorney and the City Treasurer. The City Manager oversees daily functions and ensures that directions of the City Council are carried out. The City provides Public Safety (Police and Fire), Community Development, Planning, Building and Safety, Parks and Public Works, Code Enforcement, Recreation Programs, Library Services, Financial Management, and Administrative Services mostly with City employees.
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THE CITY OF SAN MARINO
Situated 12 miles from the majestic foothill mountains, the beautiful City of San Marino, California (population 12,330 as of January 1, 2025 California State Department of Finance) is located northeast of Los Angeles in the San Gabriel Valley. Incorporated in 1913, this uniquely residential community is known for expansive properties surrounded by beautiful gardens, wide streets, well-maintained parkways, and top performing schools.
A city of 3.77 square miles, San Marino is home to the renowned Huntington Library, Art Collections, and Botanical Gardens. With a focus on resident services and community, the City is recognized for its police and fire services, library, parks and community amenities, and planning and zoning that distinguish and maintain the community’s high-quality residential character. The intention of the City’s founding fathers was a high-quality, crime-free residential area that provides great schools, parks, and an exclusive lifestyle; the City’s physical form today reflects those early values and development patterns.
ACCOUNTING SYSTEM AND BUDGETARY CONTROL
Accurate accounting of the City’s assets is essential to safeguard against loss and misrepresentation. The City’s system of accounting establishes solid control of the City’s financial assets and allows for budgeting and reliable performance reporting. It provides for the proper recording of financial transactions and lends itself to the establishment of accurate financial statements.
The City’s adopted financial policy states an annual budget needs to be adopted by the City Council by at least June 30 of each fiscal year. The City Council is presented each year with a new annual operating and capital improvement project budget. Part of the financial policy also requires the City to publish quarterly financial reports and a present a 30-Year Long-Range Financial Projection to the City Council annually.
CAPITAL IMPROVEMENT PROJECTS
The City’s Capital Improvement Program (CIP) is a component of the budget process and addresses the City’s short and long-term capital needs. The CIP includes a plan to effectively maintain existing infrastructure as well as provide new facilities to support population growth and replace older assets that are no longer useful or are unsafe.
The City has over 119.5 lane miles and 100 sidewalk miles covering the 3.77 square miles, as well as over 2,300 streetlights, 13 Civic Facilities, 1 Community Center, and 1 park.
During this reporting period, the City focused its resources on: Lift Station Improvements, Street Rehabilitation, Street Striping/Marking Program, Citywide Sidewalk Replacement, Culvert Replacement Program, Street Tree Management Program, and other projects which benefited the citizens of San Marino.
LOCAL ECONOMIC CONDITION AND OUTLOOK
San Marino remains one of America’s wealthiest communities. San Marino is an elegant community that benefits from a strong property tax base. The median age of San Marino residents in 2023 is 45.5, while the median age in the State of California as a whole is reported at 38.2 years (2023 US Census Bureau).
The operating budget is funded almost entirely from the General Fund, with some additional funding from restricted transportation, public safety funds, and other special revenue funds. The City’s General Fund has an unassigned fund balance of $19.0M as of June 30, 2025 and is projected to decrease by $41 thousand by June 30, 2026, which will be equal to 52% of FY 2025-26 General Fund Group estimated revenues. The property tax and public safety parcel tax together make up approximately 68% of the City’s General Fund revenues. The assumption for property tax growth in Fiscal Year 2025-26 is 4%.
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The adopted capital budget consists of $3.1 million for new projects, $5.7 million for unfinished projects from the prior year, and approximately $932 thousand for new equipment. While funding for capital equipment comes from the General Fund, funding for capital improvements comes primarily from our Capital Projects Fund reserves, along with some external funding sources.
The budget for the year ended June 30, 2026, includes an assumed growth rate of 4% for property taxes, which has been the trend for property taxes in the past two years. A conservative approach was used during the budget process as the local economy recovers from impacts due to the COVID-19 pandemic, and the continuation of a slowly growing economy. The adopted budget includes total revenues of $39.2 million and total expenditures of $47.1 million ($37.4 million in operating expenditures and $9.7 million of capital expenditures). Please see the following graph for a breakdown of our revenue sources and expenditure categories:
LONG-TERM FINANCIAL PLANNING
Property tax, Public Safety Parcel Tax and Utility Users Taxes are the three major contributors to the increase and current estimates indicate a continued, modest amount of growth for the upcoming years. A Five-Year Forecast is prepared during every budget year for the General and Public Safety Funds. The results of the projections during the budget FY 2025-26 preparation indicate that expenditure growth will outpace revenue growth during the next five years. The annual budget process also includes a long-range, 5-year plan for the spending of money on the City’s CIP.
The City has a reserve policy that maintains a general fund balance of at least forty percent (40%) of fiscal year (FY) budgeted revenues. The purpose for this allowance is to provide for various identified contingencies as well as allow for normal operation of regular city services. The City’s reserve balance is strong and meets the minimum required by the City-wide financial policies.
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MAJOR MILSTONES IN FISCAL YEAR 2024-25
During FY 2024-25, the City had various accomplishments and a relational by-product of clearly defined, consistent management practices, and responsible stewardship of the City’s assets. The following are undertakings that have helped to strengthen the City’s financial stability.
1. Continuation of the Public Safety Parcel Tax
Educated the community on Measure SM, leading to a successful passing of the Public Safety Parcel Tax
2. Implementation of Sewer Service Charges
The city hired a consultant to perform a Sewer Rate Study, leading to successful implementation of annual sewer service charges starting FY 2025-26. The Sewer service charges will provide funding to fund 25% of Sewer System capital needs.
3. Continued to prefund employer pension contributions through the CalPERS’ California Employers’ Retiree Benefit Trust (CERBT) program.
The City opened up a Section 115 Trust with CalPERS’s CERBT program in Fiscal Year 2020-21 with an initial contribution of $500,000. In Fiscal Year 2024-25, an additional contribution of $100,000 was made with the purpose of prefunding future employer medical pension contributions. The City has made $900,000 in contributions over the past five fiscal years.
4. FY 2023-24 ACFR awarded the Certificate of Achievement for Excellence in Financial Reporting by Government Finance Officers Association’s (GFOA).
This was the third time the City received the Certificate of Achievement for Excellence in Financial Reporting by Government Finance Officers Association’s (GFOA).
5. Continued Delivery of Accurate and Comprehensible Financial Reports The Department of Finance prepares and presents the Quarterly Financial Reports to the City Council per the City’s Financial Policies. The Department continues to distribute monthly budget to actuals financial reports to management for the purpose of identifying areas of spending patterns not in keeping with the approved budget. As such, management is easily able to identify problems, understand the financial impact of the problems, and establish corrective action plans for meeting organizational and citywide goals. iv
INDEPENDENT AUDIT
For the fiscal year ended June 30, 2025, the City’s financial statements were audited by the certified public accounting firm of LSL, LLP to ensure that the financial statements of the City were free of material misstatement.
The audit a) examined activities, documents, and disclosures used to create the financial statements, b) assessed the accounting principles used by management, and c) evaluated the overall financial statement presentation. The results of the audit are as follows:
• The City’s financial statements have no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards; and
• Internal control over financial reporting and its operations was considered free from material weaknesses and significant deficiencies; and
• Financial statements present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of San Marino, California, as of June 30, 2025.
In this, it is my goal to provide readers and citizens an accurate depiction of the financial standing and activities regarding the City. Please reference the MD&A section of this report for a more complete and detailed accounting of financial performance for the fiscal year ended June 30, 2025.
AWARDS & ACKNOWLEDGEMENTS
The Government Finance Officers Association’s (GFOA) awarded the Certificate of Achievement for Excellence in Financial Reporting for the FY 2023-24 ACFR. This was the third year the City was recognized by the GFOA. The City will be submitting this year’s ACFR to the GFOA to determine its eligibility for the FY 2024-25 Certificate.
The GFOA awarded a Distinguished Budget Presentation Award to the City on August 12, 2025 for its operating and capital budget for fiscal year 2025-26. The award represents a significant achievement by the entity. It reflects the commitment of the governing body and staff to meeting the highest principles of governmental budgeting. In order to receive the budget award, the entity had to satisfy nationally recognized guidelines for effective budget presentation. These guidelines are designed to assess how well an entity's budget serves as a policy document, a financial plan, an operations guide and a communications device. The GFOA Distinguished Budget Presentation Award is valid for only one year.
The California Society of Municipal Finance Officers (CSMFO) awarded the Certificate for Excellence in Budgeting to the City on February 7, 2025 for its operating and capital budget for fiscal year 2024-25. The CSMFO Certificate of Excellence in Budgeting is valid for only one year. We believe our adopted operating and capital budget continues to meet the requirements of the CSMFO Certificate of Excellence in Budgeting and have submitted it for recognition for the fiscal year ended June 30, 2026.
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This report is a joint effort by all city departments. The preparation of this report could not have been accomplished without the hard work and team effort of the staff of the Finance Department, in particular, Account Clerks Mishalai Reed and Lisa Carlson. I want to express my appreciation to all members of the various City Departments who assisted and contributed to its preparation. I would also like to thank the Mayor; Vice Mayor, Councilmembers; and the Executive Team for their continuing efforts in administering the financial operations of the City responsibly and prudently.
Respectfully submitted,
Hillary Guirola-Leon
Finance Director
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City of San Marino
Organizational Chart
Residents
City Council
City Attorney City Manager
City Manager’s Office Community
Development
Community Services Finance
Fire Police Human Resources
Parks & Public Works Police
City Treasurer
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City Council
Mayor
Gretchen Shepherd Romey
Vice-Mayor
Tony Chou
Council Member
Hunter Chang
Council Member
John Chou
Council Member
Calvin Lo
Appointed Officials
Interim City Treasurer
Hillary Guirola-Leon
City Attorney
Joseph Montes
Executive Team
City Manager
Philippe Eskandar
Finance Director
Hillary Guirola-Leon
Human Resources Director
Lizette Guerrero
Community Development Director
Isidro Figueroa
Police Chief
John Incontro
Fire Chief
Mario Rueda
Parks & Public Works Director
Amber Shah
Community Services Director
Cathi Johnson
Community Engagement Manager
Nicole Tibbet
City Clerk
Alison Walker
City Leaders
viii
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, 2024
Executive Director/CEO
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LSLCPAS.COM
INDEPENDENT AUDITORS’ REPORT
To the Honorable Mayor and Members of the City Council
City of San Marino, California
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the City of San Marino, California, (hereafter, the City) as of and for the year ended June 30, 2025, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the City as of June 30, 2025, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.
Auditors’ Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinions.
Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material To the Honorable Mayor and Members of the City Council
City of San Marino, California
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 generally accepted auditing standards 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 City’s internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, budgetary comparison information, and required pension and other post-employment benefits schedules as listed on the table of contents be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. 2 To the Honorable Mayor and Members of the City Council City of San Marino, California
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The accompanying combining and individual fund financial statements and schedules (supplementary information) 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 auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditors’ report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated November 4, 2025, on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering City’s internal control over financial reporting and compliance.
Irvine, California
November 4, 2025
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4 MANAGEMENT’S DISCUSSION AND ANALYSIS
As management of the City of San Marino, we offer readers of the City’s basic financial statements this narrative overview and analysis of the financial activities of the City for the fiscal year ended June 30, 2025. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in the City’s basic financial statements.
FINANCIAL HIGHLIGHTS
• The aggregate net pension liability reported in the Statement of Net Position is $44.3 million. The net pension liability increased by $480 thousand, or 1%, this year. The aggregate net OPEB liability reported in the Statement of Net Position is $6.8 million. The City’s OPEB liability increased by $185 thousand this year. The increase is due to updates in valuation assumptions and a change in benefit terms. • The General Fund’s unassigned fund balance as of June 30, 2025 is $19.1 million. This represents a reserve ratio of 52% measured against annual General Fund operating revenue. The City’s Financial Policies specify that the General Fund unassigned fund balance shall be approximately 40% of General Fund revenues.
• The General Fund had a positive change in Fund balance of $1.5 million for FY 2024-25. This was due to one-time revenues received during the year related to expenditure reimbursement of $295,000 and the sale of Proposition A funds for $750,000 General Funds.
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis are intended to serve as an introduction to the City’s basic financial statements.
The basic financial statements consist of three components: 1) Government-wide Financial Statements, 2) Fund Financial Statements – both Governmental and Proprietary, and 3) Notes to Basic Financial Statements.
This report also contains required supplementary information in addition to the basic financial statements.
Government-wide Financial Statements. The government-wide financial statements are designed to provide readers with a broad overview of the City’s finances, in a manner similar to a private-sector business. There are two government-wide financial statements: the Statement of Net Position and the Statement of Activities.
The Statement of Net Position presents financial information about all of the City’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City is improving or deteriorating.
The Statement of Activities presents information showing how the City’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave).
Government-wide financial statements distinguish functions of an organization that are principally supported by taxes and intergovernmental revenues (“governmental activities”) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (“business-type activities”). The governmental activities of the City include general government, public safety, community development, recreation, parks and public works, library and interest on long-term debt. The City has no business-type activities as of June 30, 2025. Starting FY 2025-26, the City will have a Sewer fund where Sewer Service Charges will be accounted for.
Fund Financial Statements. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the City can be divided into two categories: governmental funds and proprietary funds.
5 Governmental Funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in assessing a government’s near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.
The City maintains twenty-three (23) individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures and changes in fund balances for the General Fund and the City’s Capital Projects Fund; each is considered to be a major fund. Data from the other twenty-one (21) governmental funds are combined into a single aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining statements in the combining and individual fund statements and schedules section of this report.
The City adopted an annual appropriated budget for all the funds. A budgetary comparison statement has been provided for each of the governmental funds that adopted a budget to demonstrate compliance with its own budget.
Proprietary Funds. The City maintains one internal service fund, one type of proprietary fund.
Internal service funds are an accounting device used to accumulate and allocate costs internally among the City’s various functions. The City uses an internal service fund to account for capitalized equipment. Because this service benefits governmental functions, it is included within governmental activities in the government-wide financial statements.
Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. The proprietary fund financial statements provide information for the City’s one internal service fund.
Notes to the Financial Statements. The notes provide additional information that is necessary to acquire a full understanding of the data provided in the government-wide and fund financial statements.
Other Information. In addition to the basic financial statements and accompanying notes, this report also presents Required Supplementary Information (RSI). RSI can be found immediately following the Notes to the Financial Statements, and includes a budgetary comparison schedule for the General Fund and supplemental information on the City’s pension and OPEB plans.
The combining statements, referred to earlier in connection with nonmajor governmental funds, are presented immediately following the RSI on pensions and OPEB.
THE CITY AS A WHOLE
The analysis below focuses on the net position and changes in net position presented in Table 1 and Table 2, respectively.
Net Position. The City’s net position can serve as a useful indicator of the City’s financial position. As of June 30, 2025, the City’s net position is $202 million, which was up $2.7 million for the year. Net Position consists of three categories: net investment in capital assets, restricted, and unrestricted. The largest portion of the City’s net position, approximately $212 million at June 30, 2025, is the City’s net investment in capital assets (i.e., land, buildings, machinery, equipment, and infrastructure). Because capital assets are used to provide service to citizens, they are not available to fund the City’s day-to-day activities. Net investment in capital assets increased by $7.7 million for the year as additions to capital assets exceeded depreciation on capital assets.
Capital assets are further discussed later in this analysis. 6 The restricted net position totaled $5.6 million at June 30, 2025. These are resources subject to external restrictions on how they can be used. Restricted net position decreased by $2.5 million this year, due primarily to using transportation-related special revenues reserves during the year. The remaining unrestricted net position was a negative $15.8 million. The negative net position is primarily caused by the reporting of the net pension liability and other postemployment benefits (OPEB) liability as required under GASB Statements No. 68 and No. 75, respectively.
Changes in Net Position. During the year, the net position for the City decreased by $2.7 million, or -330.9%. Revenues increased by $1.3 million, or 3.3%, and expenses increased by $5.2 million, or 13.7%, over the prior year amounts.
Program revenues decreased by $1.3 million and general revenues increased by $2 million. The general revenue increase was due to growth in property taxes and Utility Users Taxes. General revenues also increased due to other revenues that were one-time in nature. During the fiscal year, the city sold $1,000,000 in Proposition A funds in exchange for $750,000 in General funds. During the fiscal year, the city also received reimbursement from Valley vista Services in the amount of $225,000 for costs incurred with the RFP and evaluation services.
Other revenues also increased due to changes in market value of the city investments.
The overall $5.2 million increase in expenses was driven by an increase in expenses for the Public Safety and General Government divisions.
7 2025 2024 Change in $ Change in %
Current and Other Assets $ 37,681,051 $ 43,676,518 $ (5,995,467) -13.7% Capital Assets 213,693,612 205,623,529 8,070,083 3.9%
Total Assets 251,374,663 249,300,047 2,074,616 0.8%
Deferred Outflows of Resources
Deferred Pension-Related Items 13,527,836 18,056,225 (4,528,389) -25.1% Deferred Other Post-Employment
Benefits-Related Items 1,661,454 2,014,981 (353,527) -17.5% Total Deferred Outflows of Resources 15,189,290 20,071,206 (4,881,916) -24.3% Current Liabilities 5,795,115 4,288,979 1,506,136 35.1% Long-term Liabilities 55,337,516 55,948,831 (611,315) -1.1% Total Liabilities 61,132,631 60,237,810 894,821 1.5%
Deferred Inflows of Resources
Deferred Pension-Related Items 998,720 1,811,014 (812,294) -44.9% Deferred Other Post-Employment
Benefits-Related Items 2,144,090 2,294,962 (150,872) -6.6% Total Deferred Inflows of Resources 3,142,810 4,105,976 (963,166) -23.5% Net Position:
Net Investment in Capital Assets 212,512,065 204,744,294 7,767,771 3.8% Restricted 5,627,837 8,168,361 (2,540,524) -31.1%
Unrestricted (15,851,390) (7,885,188) (7,966,202) 101.0% Total Net Position $ 202,288,512 $ 205,027,467 $ (2,738,955) -1.3% Table 1
Condensed Statement of Net Position
8 2025 2024 Change in $ Change in %
Revenues:
Program Revenues
Charges for Services & Special Taxes $ 8,194,284 $ 7,644,721 $ 549,563 7.2% Operating Grants & Contributions 1,905,155 3,220,385 (1,315,230) -40.8% Capital Grants & Contributions 678,250 685,392 (7,142) -1.0% Total program revenues 10,777,689 11,550,498 (772,809) -6.7% General Revenues
Property Taxes 20,341,950 19,651,443 690,507 3.5%
Property Taxes in Lieu of Motor Vehicle Fees 2,110,856 2,480,578 (369,722) -14.9% Utility Users Taxes 2,363,550 2,124,689 238,861 11.2%
Business License Taxes 443,305 425,418 17,887 4.2%
Sales Taxes 694,873 648,547 46,326 7.1%
Franchise Taxes 718,933 757,649 (38,716) -5.1%
Use of Money & Property 1,662,088 1,726,871 (64,783) -3.8% Other Revenues 1,609,276 52,799 1,556,477 2947.9%
Total general revenues 29,944,831 27,867,994 2,076,837 7.5% Total revenues 40,722,520 39,418,492 1,304,028 3.3%
Expenses:
General Government 7,495,254 6,029,243 1,466,011 24.3%
Public Safety 23,256,896 20,134,246 3,122,650 15.5%
Community Development 2,260,848 2,127,253 133,595 6.3%
Recreation 2,254,453 2,250,933 3,520 0.2%
Parks & Public Works 6,396,864 5,683,009 713,855 12.6%
Library 1,793,161 1,953,966 (160,805) -8.2%
Interest on Long-Term Debt 3,999 53,780 (49,781) -92.6% Total expenses 43,461,475 38,232,430 5,229,045 13.7%
Changes in net position (2,738,955) 1,186,062 (3,925,017) -330.9% Net Position:
Beginning of year 205,027,467 203,841,405 1,186,062 0.6% Net Position at End of Year $ 202,288,512 $ 205,027,467 $ (2,738,955) -1.3% Table 2
Condensed Changes in Net Position
9 THE CITY’S FUNDS
The governmental funds balance sheet is shown on page 16 of this report. The combined fund balance of $33.4 million decreased during Fiscal Year 2025 by $7.2 million. The combined fund balance in the prior year was $40.5 million. The increase is due mostly to the use of existing Capital Projects Reserves to fund capital projects for the fiscal year. The Capital Projects net change in fund balance decreased by $6.0 million during the fiscal year, making up about 83% of the total change in combined fund balance.
The General Fund is the main operating fund of the City. As of June 30, 2025, the total fund balance of the General Fund is $21.3 million, an increase of $1.5 million from the prior year. General Fund revenues increased by $1.3 million, or 3.6%, compared to FY 2023-24. The overall increase in General Fund revenues was driven by an increase in property taxes of 4% and is in line with projections. Expenditures increased by $5 million, or
15.6%. The primary reason for the increase was the salary related expense increases that are part of the Memorandum of Understandings with the various City employee associations as well as due to inflationary pressures related to materials and supplies expenses. There was also an increase in the City’s required Unfunded Accrued Liability (UAL) contribution during Fy 2024-25 of 19.5%.
General Fund revenues less expenditures were $782 thousand before other financing sources (uses).
The City’s Capital Projects Fund began the year with accumulated reserves (assigned fund balance) of $14.2 million. During the year, the fund balance decreased by $6.0 million. This is due to the City’s investment in the Sewer Lift Station Improvements Of $1.2 million and $3.8 million in street rehabilitation. The city also started the Lacy Park Playground Replacement Project during the Fiscal year. In previous years, the City Council has approved transfers from the General fund to the Capital Projects fund to provide funding for capital improvement needs citywide.
The City has one proprietary fund, its Capitalized Equipment Internal Service Fund. The fund accumulates resources through internal charges based on depreciation for equipment replacement.
General Fund Budgetary Highlights
During the year, with the recommendation from the City’s staff, the City Council revised the City budget several times which is normal business practice. Adjustments were made as the City’s staff requested additional appropriations to cover the cost of projects that either had change orders for additional work, or the cost at the beginning of the project was underestimated. Adjustments were also made as department heads requested increases or decreases to their budgets to maintain their current level of services. By policy, all amendments modifying the adopted budget are approved by the City Council.
The budgetary comparison schedule for the General Fund is shown on page 53 of this report. Actual General Fund revenues came in $1.3 million higher than the final budget amount this year and is due to fluctuations in the market value of investments.
Actual General Fund expenditures were $48 thousand less than final appropriations for the year. The largest savings were in the areas of community development and general government.
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
At the end of FY 2024-25, the City had $213 million invested in the range of capital assets shown in Table 3 below. This amount represents a net increase (including additions and deductions) of $8.1 million over the prior year due to completed infrastructure projects.
10 2025 2024
Land $ 149,584,512 $ 149,584,512
Construction in Progress 9,332,322 107,444
Structures & Improvements 20,011,280 20,501,032
Furniture & Equipment 2,317,991 2,471,690
Lease Assets 846,775 197,392
Subscription Assets 378,548 693,909
Infrastructure 31,222,184 32,067,550
Total $ 213,693,612 $ 205,623,529
Governmental
Activities
Net of Depreciation
Capital Assets
Table 3
More detailed information related to the City’s capital asset activity including discussion regarding relevant disclosures related to changes in balances during the year and depreciation expense charged to function/programs of the primary government may be found at Note 4 in the Notes to the Financial Statements.
Debt
As of June 30, 2025, the City had no outstanding debt. The City had liabilities related to Leases, Subscription Based Information Technology Arrangements (SBITAs), Claims Payable, and Compensated Absences.
More detailed information related to the City’s long-term liabilities including discussion regarding future annual required payments and relevant disclosures may be found at Note 6 in the Notes to the Financial Statements.
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 show the City’s accountability for the money it receives. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the Finance Department, at the City of San Marino, 2200 Huntington Drive, San Marino, California 91108. The telephone number is (626) 300-0708. 11 THIS PAGE INTENTIONALLY LEFT BLANK
12 CITY OF SAN MARINO, CALIFORNIA
Statement of Net Position
Governmental
Activities
ASSETS
Cash and investments $ 34,306,598
Receivables (net of uncollectibles):
Accounts 369,279
Taxes 1,023,124
Accrued interest 141,564
Due from other governments 4,985
Notes and loans 3,674
Inventories 111,292
Prepaid costs 16,389
Restricted assets:
Cash and investments 1,704,146
Capital assets (not being depreciated/amortized) 158,916,834 Capital assets (net of accumulated depreciation/amortization) 54,776,778 Total assets 251,374,663
DEFERRED OUTFLOWS OF RESOURCES
Pension-related 13,527,836
OPEB-related 1,661,454
Total deferred outflows of resources 15,189,290
LIABILITIES
Accounts payable 2,475,352
Pass-through payable 1,236
Due to other governments 191,202
Accrued liabilities 1,504,600
Accrued interest 12,674
Deposits payable 66,551
Noncurrent liabilities:
Due within one year: leases, SBITA, claims, and
compensated absences 1,543,500
Due in more than one year:
Net pension liability 44,291,953
Net OPEB liability 6,756,138
Leases, SBITA, claims, and compensated absences 4,289,425 Total liabilities 61,132,631
DEFERRED INFLOWS OF RESOURCES
Pension-related 998,720
OPEB-related 2,144,090
Total deferred inflows of resources 3,142,810
NET POSITION
Net investment in capital assets 212,512,065
Restricted:
Public safety 589,086
Community development 728,845
Parks and recreation 1,217
Public works 2,604,543
CEPPT Investments Trust 1,704,146
Unrestricted (15,851,390)
Total net position $ 202,288,512
June 30, 2025
Primary
Government
See Notes to Financial Statements.
13 THIS PAGE INTENTIONALLY LEFT BLANK
14 CITY OF SAN MARINO, CALIFORNIA
Statement of Activities
For the Year Ended June 30, 2025
Operating Capital
Charges for Contributions Contributions Governmental
Expenses Services and Grants and Grants Activities
Functions/Programs:
Primary government:
Governmental activities:
General government $ 7,495,254 $ 269,664 $ 890,207 $ - $ (6,335,383) Public safety 23,256,896 4,738,504 263,263 - (18,255,129) Community development 2,260,848 1,994,101 27,735 - (239,012) Parks and recreation 2,254,453 895,043 3,022 - (1,356,388) Parks and public works 6,396,864 129,412 649,443 678,250 (4,939,759) Library 1,793,161 7 167,560 - 1,485 (1,554,116)
Interest on long-term debt - 3,999 - - (3,999)
Total governmental activities 43,461,475 8,194,284 1,905,155 678,250 (32,683,786) Total primary government $ 43,461,475 $ 8,194,284 $ 1,905,155 $ 678,250 (32,683,786) General revenues:
Property taxes 20,341,950
Sales taxes 694,873
Franchise taxes 718,933
Business licenses taxes 443,304
Utility users tax 2,363,550
Other taxes 2,598,292
Use of money and property 1,662,088
Other 1,076,170
Gain on sale of capital asset 45,671
Total general revenues 29,944,831
Change in net position (2,738,955)
Net position-beginning 205,027,467
Net position-ending $ 202,288,512
Program Revenues
Net
(Expenses)
Primary
Government
See Notes to Financial Statements.
15 CITY OF SAN MARINO, CALIFORNIA
Balance Sheet
Governmental Funds
June 30, 2025
Capital
Projects Funds
Total Total
Nonmajor Governmental
General Funds Funds
ASSETS
Cash and investments $ 20,954,070 $ 9,515,222 $ 3,823,838 $ 34,293,130 Receivables (net of uncollectibles):
Accounts 339,845 - 8,195 348,040
Taxes 926,895 - 96,229 1,023,124
Accrued interest 107,815 - 32,804 140,619
Due from other governments - - 4,985 4,985
Notes and loans 3,674 - - 3,674
Due from other funds 16,804 - 5 16,809
Inventories 111,292 - - 111,292
Prepaid items 16,389 - - 16,389
Restricted assets:
Cash and investments 1,704,146 - - 1,704,146
Total assets $ 24,180,930 $ 9,515,222 $ 3,966,056 $ 37,662,208
LIABILITIES
Accounts payable $ 1,598,590 $ 1,247,077 $ 22,461 $ 2,868,128 Pass-through payables 1,236 - - 1,236
Due to other governments 191,202 - - 191,202
Due to other funds - - 16,809 16,809
Accrued liabilities 1,105,837 - - 1,105,837
Deposits payable 34,599 31,952 - 66,551
Total liabilities 2,931,464 1,279,029 39,270 4,249,763
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - - 13,039 13,039
Total deferred inflows of resources - - 13,039 13,039
FUND BALANCES (DEFICITS)
Non-spendable 131,355 - - 131,355
Restricted 1,704,146 - 3,923,691 5,627,837
Committed 342,895 - - 342,895
Assigned - 8,236,193 - 8,236,193
Unassigned 19,071,070 - (9,944) 19,061,126
Total fund balances (deficits) 21,249,466 8,236,193 3,913,747 33,399,406 Total liabilities, deferred inflows of resources,
and fund balances (deficits) $ 24,180,930 $ 9,515,222 $ 3,966,056 $ 37,662,208 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, 2025
Amounts reported for governmental activities in the Statement of Net Position are different because:
Total fund balances - governmental funds $ 33,399,406
211,325,708
Deferred outflows-pension-related 13,527,836
Deferred outflows-OPEB-related 1,661,454
Deferred inflows-pension-related (998,720)
Deferred inflows-OPEB-related (2,144,090)
Total deferred outflows and inflows related to postemployment benefits 12,046,480 13,039
2,397,569
Leases and subscriptions payable (1,181,547)
Compensated absences (1,783,013)
Claims payable (2,868,365)
Accrued interest payable on long-term debt (12,674)
Net pension liability (44,291,953)
Net OPEB liability (6,756,138)
Total long-term liabilities (56,893,690)
Net position of governmental activities $ 202,288,512
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, 2025
Capital
Projects Funds
Total Total
Nonmajor Governmental
General Funds Funds
REVENUES
Taxes $ 30,408,896 $ 721,223 - $ $ 31,130,119
Licenses and permits 1,431,113 - - 1,431,113
Intergovernmental 560,876 - 1,671,951 2,232,827
Charges for services 2,870,983 - - 2,870,983
Use of money and property 1,176,330 69,692 413,004 1,659,026 Fines and forfeitures 133,868 - - 133,868
Contributions 154,206 - - 154,206
Miscellaneous 1,001,242 - - 1,001,242
Total revenues 37,737,514 69,692 2,806,178 40,613,384
EXPENDITURES
Current:
General government 5,538,703 - 1,165,419 6,704,122
Public safety 19,453,298 - 139,693 19,592,991
Community development 2,203,756 - - 2,203,756
Parks and recreation 2,149,925 - 68,504 2,218,429
Public works 4,666,059 8,026 47,072 4,721,157
Library 1,506,174 - - 1,506,174
Capital outlay 902,405 6,080,471 3,807,308 10,790,184
Debt service:
Lease and subscription payments 518,995 - - 518,995
Interest - leases and subscriptions 16,008 - - 16,008
Total expenditures 36,955,323 6,088,497 5,227,996 48,271,816 Excess (deficiency) of revenues
over (under) expenditures 782,191 (6,018,805) (2,421,818) (7,658,432)
OTHER FINANCING SOURCES (USES)
Transfers in 44,129 - - 44,129
Transfers out (114,561) - (263,908) (378,469)
Subscription and lease financing 821,305 - - 821,305
Total other financing sources (uses) 750,873 (263,908) - 486,965 Net change in fund balances 1,533,064 (6,018,805) (2,685,726) (7,171,467) Fund balances (deficit)-beginning 14,254,998 19,716,402 6,599,473 40,570,873 Fund balances (deficit)-ending $ 21,249,466 $ 8,236,193 $ 3,913,747 $ 33,399,406 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, 2025
Amounts reported for governmental activities in the Statement of Activities are different because:
Net change in fund balances - total governmental funds: $ (7,171,467) Capital outlay 10,708,807
Depreciation/amortization expense (2,534,938)
Total adjustment 8,173,869
Earned but unavailable grant revenues (9,597)
Subscription payments 371,550
Subscription financing (34,525)
Lease payments 147,445
Leases financing (786,780)
Total adjustment (302,310)
Accrued interest for long-term liabilities. This is the net change in accrued interest for the current period. 12,009
(86,346)
Compensated absences (187,801)
Changes in insurance liabilities 85,257
Changes in pension liabilities and related deferred outflows and inflows of resources (3,235,563) Changes in OPEB liabilities and related deferred outflows and inflows of resources (17,006) Total adjustment (3,355,113)
Change in net position of governmental activities $ (2,738,955) 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, 2025
Governmental
Activities -
Internal Service
Fund
ASSETS
Current assets:
Cash and investments $ 13,468
Receivables (net of uncollectibles):
Accounts 21,239
Accrued interest 945
Total current assets 35,652
Noncurrent:
Capital assets, net 2,367,904
Total noncurrent assets 2,367,904
Total assets 2,403,556
LIABILITIES
Current liabilities:
Accounts payable 5,987
Total current liabilities 5,987
Total liabilities 5,987
NET POSITION
Invested in capital assets 2,367,904
Unrestricted 29,665
Total net position $ 2,397,569
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, 2025
Governmental
Activities -
Internal Service
Fund
OPERATING REVENUES
Charges for services $ 218,317
Total operating revenues 218,317
OPERATING EXPENSES
Administrative expenses 17,828
Repairs and maintenance 51,289
Depreciation/amortization 688,619
Total operating expenses 757,736
Operating income (loss) (539,419)
NONOPERATING REVENUES (EXPENSES)
Other revenue 70,000
Interest revenue 3,062
Gain on sale of capital asset 45,671
Total nonoperating revenues (expenses) 118,733
Income (loss) before transfers (420,686)
Transfers in 334,340
Change in net position (86,346)
Net position-beginning 2,483,915
Net position-ending $ 2,397,569
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, 2025
Governmental
Activities -
Internal Service
Fund
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 197,078
Payments to suppliers and service providers (63,327)
Net cash provided by (used for)
operating activities 133,751
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds 334,340
Net cash provided by (used for)
noncapital financing activities 334,340
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Capital grants and contributions 70,000
Acquisition and construction of capital assets (585,741) Proceeds from sales of assets 46,579
Net cash provided by (used for)
capital and related financing activities (469,162)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest on investments 6,189
Net cash provided by (used for)
investing activities 6,189
Net increase (decrease) in
cash and cash equivalents 5,118
Cash and cash equivalents-beginning 8,350
Cash and cash equivalents-ending $ 13,468
RECONCILIATION OF CASH AND CASH EQUIVALENTS
TO THE STATEMENT OF NET POSITION
Cash and investments $ 13,468
Total cash and cash equivalents $ 13,468
RECONCILIATION OF OPERATING INCOME (LOSS)
TO NET CASH PROVIDED BY (USED FOR)
OPERATING ACTIVITIES
Operating income (loss) $ (539,419)
Adjustments to reconcile operating income (loss) to
net cash provided by (used for) operating activities:
Depreciation/amortization expense 688,619
(Increase) decrease in accounts receivable (21,239)
Increase (decrease) in accounts payable 5,790
Total adjustments 673,170
Net cash provided by (used for)
operating activities $ 133,751
Capitalized
Equipment
See Notes to Financial Statements.
22 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The basic financial statements of the City of San Marino (the “City”) have been prepared in conformity with Generally Accepted Accounting Principles (GAAP) applicable to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. More significant accounting policies of the City are described below.
A. Description of Entity
The City was incorporated on April 13, 1913, under the laws of the State of California and enjoys all the rights and privileges applicable to a General Law City. The City operates under a Council-Manager form of government and provides basic local government services including public safety (police, fire and emergency operations), maintenance and construction of public improvements, recreation, planning, zoning, library and general administration.
The accompanying financial statements contain information for the total reporting entity, which includes the City (the primary government). There are no component units as defined by GAAP.
B. Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the nonfiduciary activities of the primary government and its component units. For the most part, the effect of interfund activity has been removed from these statements. 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 fees and charges for support.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include: 1) charges to customers or applicants who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment, and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds. Major individual governmental funds are reported as separate columns in the fund financial statements.
C. Measurement Focus, Basis of Accounting and Financial Statement Presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund financial statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied.
Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.
Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded only when payment is due.
23 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Property taxes, franchise taxes, licenses and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Only the portion of special assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period. All other revenue items are considered to be measurable and available only when cash is received by the government.
The City reports the following major governmental funds:
• The General Fund is used to account for all financial resources of the general government, except those required to be accounted for in another fund.
• The Capital Projects Fund is used to track the investment of City funds for capital projects that have a cost greater than $5,000 per unit and a useful life of two or more years.
Additionally, the City reports the following fund types:
• Special Revenue Funds are used to account for financial resources which are restricted for specific purposes. • The Debt Service Fund is used to account for the accumulation of resources for and the payment of general long-term debt principal and interest.
• The Internal Service Fund is used to account for equipment purchases and capital assets of the City and the replacement of equipment to other departments of the City.
D. Assets, Deferred Outflows, Liabilities, Deferred Inflows and Net Position or Equity
1. Cash and Investments
The City's cash and cash equivalents are considered to be cash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition.
Investments for the City are reported at fair value, which is the determined using observable inputs at June 30, 2025. The City's policy is generally to hold investments until maturity or until market values equal or exceed cost.
2. Receivables and Payables
Activity between funds that is representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as either "due to/from other funds" (i.e., the current portion of interfund loans) or "advances to/from other funds" (i.e., the non-current portion of interfund loans). All other outstanding balances between funds are reported as "due to/from other funds." Any residual balances outstanding between the governmental activities and business-type activities are reported in the government-wide financial statements as "internal balances." Advances between funds, as reported in the fund financial statements, are offset by a fund balance reserve account in applicable governmental funds to indicate that they are not available for appropriation and are not expendable available financial resources.
All trade and property tax receivables are shown net of an allowance for uncollectibles. 24 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
3. Functional Classifications
Expenditures of the Governmental Funds are classified by function. Functional classifications are defined as follows:
• General Government includes legislative activities that have a primary objective of providing legal and policy guidelines for the City. Also included in this classification are those activities that provide management or support services across more than one functional area.
• Public Safety includes those activities that involve the protection of people and property. • Community Development includes those activities that involve the enhancing of the general quality of life. • Parks and Recreation includes activities for children, adults and senior citizens. • Public Works includes those activities that involve the maintenance and improvement of City streets, roads and park department development and maintenance.
• Library includes those activities related to the provision of library services to the community.
4. Inventories
All inventories are valued at cost using the first-in/first-out (FIFO) method. Inventories in the General Fund consist of gasoline and garage items. Inventory costs are recorded as expenditures when used.
The General Fund inventory is accounted for on the consumption method and is equally offset by a reservation of fund balance in the fund-level statements, which indicates that it does not constitute "available spendable resources."
5. Capital Assets
Capital assets, which include property, plant, equipment, right-to-use lease assets (lease assets), right-to-use subscription assets (subscription assets), and infrastructure assets (e.g., roads, bridges, sidewalks and similar items), are reported in the governmental activities column in the government-wide financial statements. Capital assets are defined by the City as assets with an initial, individual cost of more than $5,000 (amount not rounded) and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets, donated works of art and similar items, and assets received in a service concession arrangement are recorded at acquisition value at the time of acquisition.
In accordance with GASB Statement No. 34, the City has reported general infrastructure assets acquired in the current and prior fiscal years.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets’ lives are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are constructed. 25 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Property, plant and equipment of the primary government is depreciated using the straight-line method over the following estimated useful lives:
6. Leases
Lease assets are reported in the governmental activities column in the governmental-wide financial statements.
These assets are defined by the City as assets with an initial, individual cost of more than $5,000 (amount not rounded) and an estimated useful life in excess of two years. Such assets are recorded at the present value of the lease liability including expenses to place the asset into service.
At the commencement of a lease, the City initially measures the lease liability at the present value of payments expected to be made during the lease term. Subsequently, the lease liability is reduced by the principal portion of lease payments made. The lease asset is initially measured as the initial amount of the lease liability, adjusted for lease payments made at or before the lease commencement date, plus certain initial direct costs. Subsequently, the lease asset is amortized on a straight‐line basis over its useful life. Key estimates and judgments related to leases include how the City determines (1) the discount rate it uses to discount the expected lease payments to present value, (2) lease term, and (3) lease payments.
• The City uses the interest rate charged by the lessor as the discount rate. When the interest rate charged by the lessor is not provided, the City generally uses its estimated incremental borrowing rate as the discount rate for leases.
• The lease term includes the noncancellable period of the lease. Lease payments included in the measurement of the lease liability are composed of fixed payments and the purchase option price that the City is reasonably certain to exercise.
The City monitors changes in circumstances that would require a remeasurement of its lease and will remeasure the lease asset and liability if certain changes occur that are expected to significantly affect the amount of the lease liability.
Lease assets are reported with other capital assets and lease liabilities are reported with long-term debt on the statement of net position.
7. Subscription-Based Information Technology Arrangements The City is a subscriber for noncancellable subscriptions of information technology services. The City recognizes a subscription liability and subscription asset in the government‐wide financial statements. The City recognizes subscription liabilities with an initial, individual value of $5,000 or more.
At the commencement of a subscription, the City initially measures the subscription liability at the present value of payments expected to be made during the subscription term. Subsequently, the subscription liability is reduced by the principal portion of subscription payments made. The subscription asset is initially measured as the initial amount of the subscription liability, adjusted for subscription payments made at or before the subscription commencement date, plus certain initial direct costs. Subsequently, the subscription asset is amortized on a straight‐line basis over its useful life. Key estimates and judgments related to subscriptions include how the City determines (1) the discount rate it uses to discount the expected subscription payments to present value, (2) lease term, and (3) subscription payments.
Assets Years
Structures and improvements 7-50
Furniture and equipment 3-20
Infrastructure 10-25
Leased assets 2-5
Subscription assets 2-5
26 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) • The City uses the interest rate charged by the vendor as the discount rate. When the interest rate charged by the vendor is not provided, the City generally uses its estimated incremental borrowing rate as the discount rate for subscriptions.
• The subscription term includes the noncancellable period of the subscription. Subscription payments included in the measurement of the subscription liability are composed of fixed payments that the City is reasonably certain to exercise.
The City monitors changes in circumstances that would require a remeasurement of its subscriptions and will remeasure the subscription asset and liability if certain changes occur that are expected to significantly affect the amount of the subscription liability.
Subscription assets are reported with other capital assets and subscription liabilities are reported with long-term debt on the statement of net position.
8. Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position and governmental fund balance sheet will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that applies to future periods. The City only has two items that qualify for reporting in this category. The deferred outflows relating to the net pension obligation and to the total other post-employment benefit (OPEB) obligation reported in the government-wide statement of net position. These outflows are the results of contributions made after the measurement period, which are recognized in the following year, and of adjustments due to difference in proportions, changes in assumptions, and differences between expected and actual experiences. These amounts are deferred and amortized over the expected average remaining service lifetime.
In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets that applies to future periods. The City has three items reported in this category. One arises only under a modified accrual basis of accounting. Accordingly, the item, unavailable revenues, is reported only in the governmental fund balance sheet. These amounts are deferred and recognized as an inflow of resources in the period that the amounts become available. The second and third items are the deferred inflows relating to the net pension obligation and to the net OPEB obligation reported in the government-wide statement of net position. These inflows are the result of changes in employees’ proportion differences in proportionate share of contributions, changes in assumptions, differences between projected and actual experiences, adjustments due to differences in proportions, and the net difference between projected and actual earnings on plan investments. These items, with the exception of the difference between projected and actual earnings on plan investments, are deferred and recognized over the remaining service life. The difference between projected and actual earnings on plan investments is amortized over five years.
9. Pension Plans
For purposes of measuring the net pension liability, deferred outflows and inflows of resources related to pensions, and pension expense, information about the fiduciary net position and additions to/deductions from the fiduciary net position have been determined on the same basis as they are reported by the California Public Employees’ Retirement System (“CalPERS”) Financial Office. 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. CalPERS’ audited financial statements are publicly available reports that can be obtained at CalPERS’ website under Forms and Publications. GAAP requires that the reported results must pertain to liability and asset information within certain defined timeframes. 27 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) For this report, the following timeframes are used.
Valuation Date (VD): June 30, 2023
Measurement Date (MD): June 30, 2024
Measurement Period (MP): July 1, 2023 to June 30, 2024
10. Other Postemployment Benefits (OPEB)
For purposes of measuring the net OPEB liability, deferred outflows and inflows of resources related to OPEB, and OPEB expense, and information about the City’s OPEB plan have been determined by an independent actuary.
For this purpose, benefit payments are recognized when currently due and payable in accordance with the benefit terms.
GAAP require that the reported results must pertain to liability and asset information within certain defined timeframes. For this report, the following timeframes are used.
Valuation Date (VD): June 30, 2023
Measurement Date (MD): June 30, 2024
Measurement Period (MP): July 1, 2023 to June 30, 2024
11. Compensated Absences
It is the government's policy to permit employees to accumulate earned but unused vacation and sick pay benefits.
Vacation time accrued is transferable from one year to the next with the exception that no more than 180 through 624 hours of vacation time may be carried over to the next year, depending on the job classification. An employee accruing the maximum number of hours for vacation time shall be compensated at the employee’s regular hourly rate on a monthly basis for the number of vacation hours the employee would have accrued, until the number of accrued hours drops below the maximum number of accruable hours.
Employees are entitled to accrue sick leave, depending on job classification, from 240 up to 340 hours. Upon reaching the maximum accrual allowed, the employee shall cease to accrue sick leave time until such time as the total accrued hours are less than the maximum permitted. Employees have no vested rights in the accrued sick leave time.
12. Proprietary Funds Operating and Nonoperating Revenues and Expenses 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 of the internal service fund is charges to customers for sales and services. Operating expenses for the internal service fund include contractual services and depreciation/amortization on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses.
28 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
13. Long-Term Obligations
In the government-wide financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities in the statement of net position.
14. Fund Balance
In the fund financial statements, government funds report the following fund balance classification:
Non-spendable includes amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact. The City reports $131,355 in non-spendable balance as of June 30, 2025.
Restricted includes amounts that are constrained on the use of resources by either (a) external creditors, grantors, contributors, or laws of regulations of other governments or (b) by law through constitutional provisions or enabling legislation. The City reports $5,627,837 in restricted balance as of June 30, 2025.
Committed includes amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the government’s highest authority, the City Council. The formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is through resolution. The City reports $342,895 in committed balance as of June 30, 2025.
Assigned includes amounts that are constrained by the government’s intent to be used for specific purposes but are neither restricted nor committed. The Finance Director is authorized to assign amounts to a specific purpose, which was established by the governing body in resolution. The City reports $8,236,193 in assigned balance as of June 30, 2025.
Unassigned include the residual amounts that have not been restricted, committed, or assigned to specific purposes. The City reports $19,061,126 in unassigned balance as of June 30, 2025.
An individual governmental fund could include non-spendable resources and amounts that are restricted or unrestricted (committed, assigned, or unassigned) or any combination of those classifications. Restricted and unrestricted amounts are to be considered spent when an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available and committed, assigned, then unassigned amounts are considered to have been spent when an expenditure is incurred for purposes for which amounts in any of those unrestricted fund balance classifications can be used.
15. Net Position Flow Assumption
Sometimes the government will fund outlays for a particular purpose from both restricted (e.g., restricted bond or grant proceeds) and unrestricted resources. In order to calculate the amounts to report as restricted net position and unrestricted net position in the government-wide and proprietary fund financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. It is the government’s policy to consider restricted net position to have been depleted before unrestricted – net position is applied.
16. Fund Balance Flow Assumptions
Sometimes the government will fund outlays for a particular purpose from both restricted and unrestricted resources (the total of committed, assigned, and unassigned fund balance). In order to calculate the amounts to report as restricted, committed, assigned, and unassigned fund balance in the governmental fund financial statements a flow assumption must be made about the order in which the resources are considered to be applied. It is the government’s policy to consider restricted fund balance to have been depleted before using any of the components of unrestricted fund balance. Further, when the components of unrestricted fund balance can be used for the same purpose, committed fund balance is depleted first, followed by assigned fund balance. Unassigned fund balance is applied last.
29 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
17. Property Tax Revenue
Property tax revenue is recognized on the basis of National Committee on Governmental Accounting Interpretation No. 3, (adopted by GASB) that is, in the fiscal year for which the taxes have been levied providing they become available. Available means then due, or past due and receivable within the current period and collected within the current period or expected to be collected soon enough thereafter to be used to pay liabilities of the current period.
The County of Los Angeles collects property taxes for the City. Tax liens attach annually as of 12:01 A.M. on the first day in January preceding the fiscal year for which the taxes are levied. The tax levy is made July 1 and covers the fiscal period July 1 to June 30. All secured personal property taxes and one-half of the taxes on real property are due November 1; the second installment is due February 1. All taxes are delinquent, if unpaid, on December 10 and April 10, respectively. Unsecured personal property taxes become due on the first of March each year and are delinquent, if unpaid, on August 31.
NOTE 2: STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY
A. Compliance with Budgetary Limitations
The County Park Bond, Homeland Security Grant, and Prop 1B Street special revenue funds did not adopt a budget for the year ended June 30, 2025.
B. Deficit Fund Balances
The following governmental fund had a deficit fund balance as of June 30, 2025:
The deficit fund balances will be resolved with future grant revenue.
NOTE 3: CASH AND INVESTMENTS
As of June 30, 2025, the City reported $36,010,744 in cash and investments. The City follows the practice of pooling cash and investments of all funds, except for funds required to be held by fiscal agents under provisions of bond indentures. Interest income earned on pooled cash and investments is allocated quarterly to the various funds based on quarterly cash and investment balances. Interest income from cash and investments with fiscal agents is credited directly to the related fund.
A. Deposits
As of June 30, 2025, the carrying amount of the City’s deposits was $3,575,792 and the bank balance was $3,860,832. The $285,040 difference represents outstanding checks and other reconciling items.
The California Government Code requires California banks and savings and loan associations to secure City’s deposits by pledging securities as collateral. This Code states that collateral pledged in this manner shall have the effect of perfecting a security interest in such collateral superior to those of a general creditor. Thus, collateral for cash deposits is considered to be held in the City’s name.
Fund Name Fund Type Deficit
Community Development Block Grant Nonmajor Special Revenue Fund 8,089 $ County Park Bond Nonmajor Special Revenue Fund 9
Air Quality Nonmajor Special Revenue Fund 1,730
OTS Grant Fund Nonmajor Special Revenue Fund 116
30 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 3: CASH AND INVESTMENTS (CONTINUED)
The market value of pledged securities must equal at least 110% of the City’s cash deposits. California law also allows institutions to secure City deposits by pledging first trust deed mortgage notes having a value of 150% of the City’s total cash deposits. The City invests in a money market account with their bank that is collateralized with a letter of credit with a value of 105% of the City’s total cash deposit which is in accordance with the California Government Code. The City may waive collateral requirements for cash deposits, that are fully insured up to $250,000 by the Federal Deposit Insurance Corporation. The City, however, has not waived the collateralization requirements.
B. Investments
Under provision of the City’s investment policy and in accordance with the California Government Code, the following investments are authorized:
• United States Treasury Bills, Bonds and Notes
• Federal Agency Securities
• State of California Local Agency Investment Fund (LAIF) and other local government investment pools • Money Market Mutual Funds in compliance with California Government Code Section 53601(L) • Certificates of Deposit placed through a private placement service in compliance with California Government Code Sections 53601.8 and 53635.8 C. Investments Authorized by Debt Agreements
The above investments do not address investment of debt proceeds held by a bond trustee. Investments of debt proceeds held by a bond trustee are governed by provisions of the debt agreements rather than the general provisions of the California Government Code or the City’s investment policy.
D. Investments in State Investment Pool
The City is a voluntary participant in the State of California Local Agency Investment Fund (LAIF) that 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 the pool is reported in the accompanying financial statements at amounts based on 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 accounting records maintained by LAIF, which are recorded on an amortized cost basis. LAIF is not registered with the Securities and Exchange Commission and is not rated. Deposits and withdrawals in LAIF are made on the basis of $1 and not fair value. Accordingly, the City’s investment in this pool is measured on uncategorized inputs not defined as Level 1, 2, or 3.
E. Fair Value Hierarchy
The City categorizes its fair value measurements within the fair value hierarchy established by GAAP. 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. As of June 30, 2025, all the City’s investments, with the exception of LAIF, are valued using Level 2 inputs. The City's Level 2 inputs were obtained from the City's third-party investment manager based on identical or comparable assets or liabilities or through the use of valuation methodologies using observable market inputs. Prices from the City's third-party investment manager are validated through analytical reviews and assessment of current market activity.
F. 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 deposits or will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that in the event of the failure of the counterparty to a transaction, a government will not be able to recover the value of investment or collateral securities that are in the possession of an outside party. 31 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 3: CASH AND INVESTMENTS (CONTINUED)
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 as follows. 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 City. California law also allows financial institutions to secure City deposits by pledging a letter of credit having a value of 105% of the City’s deposits for the money market account. The City’s investment policy requires delivery versus payment procedures and that all securities be held in third-party safekeeping by a custodial financial institution.
As of June 30, 2025, all of the City’s deposits with financial institutions in excess of Federal depository insurance limits were collateralized by an interest in an undivided collateral pool as required by State law. In addition, all investments were held by a third-party safekeeping institution.
G. Concentration of Credit Risk
The City’s investment policy contains a limitation on the maximum percentage of total portfolio investments in certain types of investments. The City limits total portfolio investments in mortgage-backed securities and negotiable certificates of deposit to 20% and 30%, respectively. Total investment in money market mutual funds shall not exceed 20% of the City’s total portfolio. The City was in compliance with these limitations at June 30, 2025.
GASB Statement No. 40 requires that the City disclose investments in any one issuer that represents 5% or more of the total investments. At June 30, 2025, the following investment exceeded 5% of total investments, with the exception of the Local Agency Investment Fund (which is exempt from this restriction):
H. Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization.
Presented below is the minimum rating required by (where applicable) the California Government Code or the City’s investment policy, and the actual rating as of the fiscal year end for each investment type:
Fair Value Percentage
Federal Farm Credit Bank $ 1,716,060 5.29%
Less Than
Investment Type Total 1 Year 1 - 3 Years 3 - 5 Years
Local Agency Investment Fund $ 13,315,853 $ 13,315,853 $ - $ - Certificates of Deposit 5,140,535 2,449,123 2,442,095 249,317 Federal Home Loan Bank 1,501,655 998,330 503,325
Federal Farm Credit Bank 1,716,060 1,231,975 484,085 -
Municipal Securities 494,490 494,490 - -
Money Market Deposit Account 8,562,213 8,562,213 - -
Held by Trustee
CEPPT Investments Trust 1,704,146 1,704,146 - -
Total $ 32,434,952 $ 28,756,130 $ 3,429,505 $ 249,317
Remaining Maturity (in Months)
32 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 3: CASH AND INVESTMENTS (CONTINUED)
I. Interest Rate Risk
The City’s investment policy limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates. The City’s investment policy states that all investments shall mature in five years or less. The City has elected to use the segmented time distribution method of disclosure for its interest rate risk.
As of June 30, 2025, the City had the following investments and remaining maturities:
Total as of Minimum
Investment Type June 30, 2025 Legal Rating Aaa Aa Exempt Not Rated Local Agency Investment Fund 13,315,853 $ N/A - $ - $ - $ 13, $ 315,853 Certificates of Deposit 5,140,535 N/A - - - 5, 140,535
Federal Home Loan Bank 1,501,655 N/A - - 1, - 501,655
Federal Farm Credit Bank 1,716,060 N/A - - 1, - 716,060 Municipal Securities 494,490 N/A - - - 494,490
Money Market Deposit Account 8,562,213 N/A - - - 8, 562,213 Held by Trustee
CEPPT Investments Trust 1,704,146 N/A - - - 1, 704,146
$ 32,434,952 $ - $ 3, - $ 217,715 $ 29,217,237
Moody's Rating as of Fiscal Year End
33 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 4: CAPITAL ASSETS
Capital asset activity for the year ended June 30, 2025, was as follows:
Balance Balance
June 30, 2024 Additions Deletions Transfers June 30, 2025 Governmental activities:
Capital assets,
not being depreciated/amortized
Land $ 149,584,512 $ - $ - $ 149,584,512 - $
Construction-in-progress 107,444 9,224,878 - 9,332,322 - Total capital assets,
not being depreciated/amortized 149,691,956 9,224,878 - 158,916,834 - Capital assets,
being depreciated/amortized
Structures and improvements 27,254,620 86,377 - 27,340,997 - Furniture and equipment 8,045,432 535,828 (197,842) 8,383,418 - Infrastructure 84,407,722 640,672 - 85,048,394 -
Lease assets - equipment 529,763 772,268 (129,320) 1,172,711 - Subscription assets 1,336,558 34,525 - 1,371,083 -
Total capital assets,
being depreciated/amortized 121,574,095 2,069,670 (327,162) 123,316,603 - Less accumulated
depreciation/amortization
Structures and improvement (6,753,588) (576,129) - (7,329,717) - Furniture and equipment (5,573,742) (688,619) 196,934 (6,065,427) - Infrastructure (52,340,172) (1,486,038) - (53,826,210) - Lease assets - equipment (332,371) (122,885) 129,320 (325,936) - Subscription assets (642,649) (349,886) - (992,535) -
Total accumulated
depreciation/amortization (65,642,522) (3,223,557) 326,254 (68,539,825) - Total capital assets
being depreciated/amortized, net 55,931,573 (1,153,887) (908) 54,776,778 - Total governmental activities capital assets $ 205,623,529 $ 8,070,991 $ (908) $ 213,693,612 - $ 34 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 4: CAPITAL ASSETS
Depreciation/amortization expense was charged to functions/programs of the primary government as follows:
NOTE 5: INTERFUND RECEIVABLE, PAYABLE AND TRANSFERS
The composition of interfund balances as of June 30, 2025, was as follows:
A. Due To/From Other Funds
The General Fund made short term loans to various nonmajor funds in the amount of $16,804 to cover various temporary cash deficits during the year.
B. Interfund Transfers
Transfers into the Internal Service Fund from the General Fund and Nonmajor Funds are to fund equipment purchases, respectively. The transfer in the General Fund from the Nonmajor Funds is to close out the Debt Service Fund.
General government $ 535,519
Public safety 116,865
Community development 42,153
Public works 1,529,024
Library 311,377
Internal service funds 688,619
Total depreciation/amortization expense $ 3,223,557
General Internal
Transfers out Fund Service Fund Total
General Fund - $ $ 114,561 $ 114,561
Nonmajor Funds 44,129 219,779 263,908
$ 44,129 $ 334,340 $ 378,469
Transfers In
35 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 6: NONCURRENT LIABILITIES
NOTE 7: LEASES AND SUBSCRIPTION-BASED INFORMATION TECHNOLOGY ARRANGEMENTS A. Leases
The City has entered into various lease agreements as lessee for the acquisition and use of:
1. Postage Machine
In May 2024, the City entered into a noninterest bearing lease agreement with Pitney Bowes to obtain a postage machine. The lease term is five years with base monthly payments of $72 per month beginning on May 26, 2024.
As of June 30, 2025, the lease liability outstanding is $2,372.
2. Copiers
Between September 2016 and February 2022, the City entered into eleven noninterest bearing lease agreements with CopyFree to obtain photocopiers and a printer for different City departments. The lease term for each lease is five years with base monthly payments ranging between $114 and $398 per month. As of June 30, 2025, the total outstanding lease liability for these copiers is $47,227.
3. Facilities
The City has entered into two noninterest bearing facility use lease agreements with the San Marino Unified School District for use of a swimming pool and parking lot. The lease term for the swimming pool is five years with annual payments of $12,875 per year beginning July 1, 2019. The rent amount will be adjusted annually by the lesser of the Los Angeles Statistical Area Consumer Price Index or 3%. The lease term for the parking lot is ten years beginning with a lump sum payment of $61,600 in which $30,800 represents back-rent for the City’s use of the parking spaces. The remaining $30,800 is the initial annual rent payment beginning October 13, 2019. For the parking lot lease, the rent amount will increase by 2% from the preceding lease year. In addition to the annual rent, an additional annual payment of $2,000 will be paid to anticipate slurry seal repairs and needs. As of June 30, 2025, the total lease liability outstanding for these facilities is $141,872.
4. Vehicles
Between August 2024 and March 2025, the City entered into fifteen interest bearing lease agreements with Enterprise to obtain vehicles for different City departments. The lease term for each lease is five years with base monthly payments ranging between $620 and $1,216 per month. As of June 30, 2025, the total outstanding lease liability for these copiers is $634,465.
Amount
Balance Balance Due Within
June 30, 2024 Additions Deletions June 30, 2025 One Year Governmental activities
Leases, SBITA, claims,
and compensated absences
Leases 186,601 $ 786,780 $ (147,445) $ 825,936 $ 183,865 $ SBITAs 692,634 34,527 (371,550) 355,611 355,611
Compensated absences 1,595,212 187,801 - 1,783,013 187,801 Claims payable 2,953,622 1,669,751 (1,755,008) 2,868,365 816,223 Total leases, SBITA, claims
and compensated absences 5,428,069 $ 2,678,859 $ (2,274,003) $ 5,832,925 $ 1,543,500 $ *Compensated absences presented as a net change, as per the requirements of GASB Statement No. 101, Compensated Absences. 36 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 7: LEASES AND SUBSCRIPTION-BASED INFORMATION TECHNOLOGY ARRANGEMENTS (CONTINUED)
Information on the lease assets as of June 30, 2025 are as follows:
The future principal and interest lease payments as of June 30, 2025, were as follows:
B. Subscription-Based Information Technology Arrangements The City has thirty subscription-based information technology arrangements for the use of various software as of the end of the fiscal year. The City is required to make subscription payments through fiscal year 2026. As of June 30, 2025, the value of the subscription liability was $355,611. The City used an interest rate of 3.6% to calculate its subscription liability.
Information on the subscription assets as of June 30, 2025 are as follows:
The future principal and interest subscription payments as of June 30, 2025, were as follows:
Amount of Accumulated
Lease Type Major Class of Underlying Asset Lease Assets Amortization Vehicles Lease assets - equipment 731,143 $ (73,533) $
Postage machine lease Lease assets - equipment 3,902 (1,625) Copiers lease Lease assets - equipment 86,036 (39,802)
Facilities lease Lease assets - equipment 351,630 (210,976) Total $ 1,172,711 $ (325,936)
Governmental Activities
June 30 Principal Interest
2026 183,865 $ 19,968 $
2027 183,181 15,105
2028 185,472 10,308
2029 189,582 5,406
2030 83,836 848
Totals 825,936 $ 51,635 $
Governmental Activities
Amount of
Subscription Accumulated
Assets Amortization
$ (992,535) 1,371,083 $
Governmental Activities
Subscription Type
Software as a service
June 30 Principal Interest
2026 $ 355,611 $ 1,152
Totals $ 355,611 $ 1,152
Governmental Activities
37 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 8: CALPERS DEFINED BENEFIT PENSION PLANS
A. Plan Descriptions
All qualified permanent and probationary employees are eligible to participate in the City’s nine separate cost-sharing multiple-employer defined benefit pension plans administered by the California Public Employees’ Retirement System (CalPERS), which acts as a common investment and administrative agent for its participating member employers. Benefit provisions under the Plans are established by State statute and City resolution.
CalPERS issues publicly available reports that include a full description of the pension plans regarding benefit provisions, assumptions and membership information that can be found on the CalPERS website. The nine City cost-sharing plans are listed as follows:
i. Miscellaneous Plan
ii. Miscellaneous Second Tier Plan
iii. Miscellaneous PEPRA Plan
iv. Safety Fire First Tier Plan
v. Safety Fire Second Tier Plan
vi. Safety Police Plan
vii. Safety Police Second Tier Plan
viii. Safety Fire Second Tier PEPRA Plan
ix. Safety Police PEPRA Plan
B. 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 10 years of service.
The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost-of-living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law.
Below is a summary of the plans’ provisions and benefits in effect at June 30, 2025, for which the City has contracted:
38 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 8: CALPERS DEFINED BENEFIT PENSION PLANS (CONTINUED) Miscellaneous Miscellaneous
Miscellaneous * Second Tier * PEPRA
Hire Date Prior to 1/1/2010 1/1/2010 - 12/31/2012 On or after 1/1/2013 Benefit Provision
Benefit Formula 2.0% @ 55 2.0% @ 60 2.0% @ 62
Social Security no no no
Full/Modified full full full
Benefit Vesting Schedule 5 yr. service 5 yr. service 5 yr. service Benefit Payments monthly for life monthly for life monthly for life Retirement Age 50-63 50-63 52-67
Monthly Benefit as a % of
Eligible Compensation 1.426% to 2.418% 1.092% to 2.418% 1.0% to 2.5% Required Employer Contributions Rates 13.310% 10.930% 8.180% Required Employee Contributions Rates 6.930% 6.930% 8.250% Safety Fire
Safety Fire Second Tier
Safety Fire * Second Tier * PEPRA
Hire Date Prior to 1/1/2010 1/1/2010 - 12/31/2012 On or after 1/1/2013 Benefit Provision
Benefit Formula 3.0% @ 50 3.0% @ 55 2.0% @ 57
Social Security no no no
Full/Modified full full full
Benefit Vesting Schedule 5 yr. service 5 yr. service 5 yr. service Benefit Payments monthly for life monthly for life monthly for life Retirement Age 50 50-55 minimum 50
Monthly Benefit as a % of
Eligible Compensation 3% 2.4% to 3.0% 1.426% to 2.0%
Required Employer Contributions Rates 29.300% 26.290% 11.720% Required Employee Contributions Rates 8.990% 8.990% 11.750% Safety Police Safety Police
Safety Police * Second Tier * PEPRA
Hire Date Prior to 1/1/2010 1/1/2010 - 12/31/2012 On or after 1/1/2013 Benefit Provision
Benefit Formula 3.0% @ 50 2.0% @ 55 2.0% @ 57
Social Security no no no
Full/Modified full full full
Benefit Vesting Schedule 5 yr. service 5 yr. service 5 yr. service Benefit Payments monthly for life monthly for life monthly for life Retirement Age 50 50-55 minimum 50
Monthly Benefit as a % of
Eligible Compensation 3% 2.4% to 3.0% 1.426% to 2.0%
Required Employer Contributions Rates 29.300% 18.090% 11.720% Required Employee Contributions Rates 8.990% 6.990% 11.750% * Plan is closed to new entrants.
39 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 8: CALPERS DEFINED BENEFIT PENSION PLANS (CONTINUED) C. Contribution Description
Section 20814(c) of the California Public Employees’ Retirement Law (PERL) requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on July 1st following notice of a change in the rate. The total plan contributions are determined through the CalPERS’ annual actuarial valuation process. For public agency cost-sharing plans covered by either the Miscellaneous or Safety risk pools, the Plan’s actuarially determined rate is based on the estimated amount necessary to pay the Plan’s allocated share of the risk pool’s costs of benefits earned by employees during the year, and any unfunded accrued liability. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees.
For the year ended June 30, 2025, the contributions recognized as a reduction to the net pension liability for all Plans was $1,259,606 and $3,576,245 for the Miscellaneous Plan and Safety Plan, respectively, for a total of $4,835,851.
D. Pension Liabilities, Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions Contributions to the City’s pension plans are made from the general fund. The general fund has been used in prior years to liquidate the City's net pension liability. As of June 30, 2025, the City reported net pension liabilities for its proportionate shares of the net pension liability of each Plan as follows:
The City’s net pension liability for each Plan is measured as the proportionate share of the net pension liability. The net pension liability of each of the Plans is measured as of June 30, 2024, and the total pension liability for each Plan used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2023 rolled forward to June 30, 2024 using standard update procedures. The City’s proportion of the net pension liability was based on a projection of the City’s long-term share of contributions to the pension plans relative to the projected contributions of all participating employers, actuarially determined. The City’s proportionate share of the net pension liability for each Plan as of June 30, 2023 and 2024, was as follows:
Proportions as a percentage of the CalPERS Miscellaneous and Safety risk pools:
For the year ended June 30, 2025, the City recognized pension expense, as follows:
Net Pension
Liability
Miscellaneous Plan 11,157,525 $
Safety Plan 33,134,428
Total pension plans 44,291,953 $
Miscellaneous Safety
Proportion - June 30, 2023 0.090% 0.249%
Proportion - June 30, 2024 0.092% 0.274%
Change - Increase (Decrease) 0.002% 0.025%
Pension
Expenses
Miscellaneous Plan $ 632,510
Safety Plan 2,603,053
Total pension plans 3,235,563 $
40 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 8: CALPERS DEFINED BENEFIT PENSION PLANS (CONTINUED) The City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Miscellaneous Risk Pool
Contributions subsequent to the
measurement date 1,472,077 $ - $
Changes of assumptions 286,772 -
Differences between expected and
actual experience 964,670 37,641
Net difference between projected
and actual earnings on pension
plan investments 642,325 -
Adjustment due to differences in 73,456 -
proportions
Difference in actual to proportionate
share contribution - 251,424
Subtotal - Miscellaneous 3,439,300 289,065
Safety Risk Pool
Contributions subsequent to the
measurement date 3,936,901 -
Changes of assumptions 816,364 -
Differences between expected and
actual experience 2,704,064 87,920
Net difference between projected
and actual earnings on pension
plan investments 1,601,567 -
Adjustment due to differences in 223,126 338,139
proportions
Difference in actual to proportionate
share contribution 806,514 283,596
Subtotal - Safety 10,088,536 709,655
Total $ 13,527,836 $ 998,720
41 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 8: CALPERS DEFINED BENEFIT PENSION PLANS (CONTINUED) The $5,408,978 reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the fiscal year ended June 30, 2026. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense as follows:
E. Actuarial Assumptions
For the measurement period ended June 30, 2024 (the measurement date), the total pension liability was determined by rolling forward the June 30, 2023 total pension liability. The June 30, 2024 total pension liabilities were based on the following actuarial methods and assumptions:
F. Discount Rate
The discount rate used to measure the total pension liability was 6.90 percent for each plan. 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 period of projected benefit payments to determine the total pension liability.
Fiscal year ended June 30, Miscellaneous Safety Total Plans 2026 $ 501,662 $ 2,091,359 $ 2,593,021
2027 1,393,331 3,860,638 5,253,969
2028 3,282 37,967 41,249
2029 (220,117) (547,984) (768,101)
Total $ 1,678,158 $ 5,441,980 $ 7,120,138
Deferred Outflows/(Inflows) of Resources
Actuarial Cost Method Entry Age Normal Cost Method
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 The lesser of contract COLA up to 2.30% until Increase Purchasing Power Protection Allowance
floor on purchasing power applies, 2.30% thereafter
(1) The mortality table used was developed based on CalPERS-specific data. The probabilities of mortality are based on the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. Mortality rates incorporate full generational mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries. For more details on this table, please refer to the 2021 experience study report from November 2021 that can be found on the CalPERS website. 42 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 8: CALPERS DEFINED BENEFIT PENSION PLANS (CONTINUED) The long-term expected rate of return on pension plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.
In determining the long-term expected rate of return, CalPERS took into account both short-term and long-term market return expectations as well as the expected pension fund cash flows. Using historical and forecasted information for all the funds’ asset classes, expected compound (geometric) returns were calculated over the short-term (first 10 years) and the long-term (11+ years) using a building-block approach. Using the expected nominal returns for both short-term and long-term, the present value of benefits was calculated for each fund. The expected rate of return was set by calculating the rounded single equivalent expected return that arrived at the same present value of benefits for cash flows as the one calculated using both short-term and long-term returns.
The expected rate of return was then set equal to the single equivalent rate calculated above and adjusted to account for assumed administrative expenses.
The table below reflects long-term expected real rate of return by asset class. The rate of return was calculated using the capital market assumptions applied to determine the discount rate and asset allocation. These geometric rates of return are net of administrative expenses.
G. Sensitivity of the Net Pension Liability to Changes in the Discount Rate The following presents the City’s proportionate share of the net pension liability/ (asset) of the Plan, calculated using the discount rate of 6.90% for each Plan, as well as what the City’s proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (5.90%) or 1-percentage-point higher (7.90%) than the current rate (dollars expressed in thousands):
Assumed
Asset
Asset Class Allocation Real Return 1, 2
Global equity-cap-weighted 30.00% 4.54%
Global equity-non-cap-weighted 12.00% 3.84%
Private equity 13.00% 7.28%
Treasury 5.00% 0.27%
Mortgage-backed securities 5.00% 0.50%
Investment grade corporates 10.00% 1.56%
High yield 5.00% 2.27%
Emerging market debt 5.00% 2.48%
Private debt 5.00% 3.57%
Real assets 15.00% 3.21%
Leverage -5.00% -0.59%
1 An expected inflation of 2.30% used for this period.
2 Figures are based on the 2021-22 Asset Liability Management study Discount Rate Current Discount Rate
-1 Percent Discount Rate +1 Percent
(5.90%) (6.90%) (7.90%)
Miscellaneous Plan 17,339,547 $ 11, $ 6, 157,525 $ 068,810 Safety Plan 48,107,912 33, 20, 134,428 888,223
Plan's net pension liability/(asset) 65,447,459 $ 44, $ 26, 291,953 $ 957,033 43 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 8: CALPERS DEFINED BENEFIT PENSION PLANS (CONTINUED) H. Pension Plan Fiduciary Net Position
Detailed information about each pension plan’s fiduciary net position is available in the separately issued CalPERS financial reports. See CalPERS website for additional information.
NOTE 9: PARS DEFINED CONTRIBUTION RETIREMENT PLAN
The City of San Marino contributes to the California Public Agency Retirement System (PARS), an agent multiple-employer public employee retirement system that acts as a common investment and administrative agent for participating public entities within the State of California.
The PARS plan is a defined contribution 401(a) plan as defined under Section 401(a) of the Internal Revenue Code, in which the City and the participant each contribute 3.75% of the participant’s compensation before tax. All City employees who are not participating in PERS are required to participate in PARS. Employees are 100% vested in employee and City contributions upon enrollment. As June 30, 2025, the balance in the plan was $355,698. For fiscal year 2024-2025, the City and employee's contributions to PARS were both $25,766 (3.75% of covered payroll), respectively. Total covered payroll was $687,084.
NOTE 10: OTHER POST-EMPLOYMENT BENEFITS
A. Plan Description
The City has established the City of San Marino Retiree Health Insurance Program (the Program), an agent, multiple-employer defined benefit retiree health insurance plan. The Program, which is administered by the City, provides medical insurance benefits to eligible retirees. The plan provides lifetime benefits ranging from $200 to $800 per month towards the health insurance premiums of all employees who retire from employment with the City and who elect to buy insurance through CalPERS. All employees are vested after five years of employment and must reach the age of 50 and qualify for CalPERS retirement in order to receive these benefits. The plan and its contribution requirements are established by Memoranda of Understanding with the applicable employee bargaining units and may be amended by agreement between the City and the bargaining units.
B. Employees Covered
As of the June 30, 2023 valuation date, the following current and former employees were covered by the benefit terms under the Program:
C. Contributions
For the measurement date ended June 30, 2024, the City’s cash contributions were $428,564 in total payments, subsidies and administrative costs, which were recognized as a reduction to the net OPEB liability. The general fund has been used in prior years to liquidate the City's net OPEB liability.
Inactive employees currently receiving benefit payments 58 Active employees 116
Total 174
44 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 10: OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
D. Change in Assumptions
Change of assumptions reflect the following change in assumptions from June 30, 2023 to the June 30, 2024 measurement date:
• Discount rate increased from 4.17% to 4.53%.
• Mortality improvement scale was updated from using 80% of Scale MP-2020 to the 2021 CalPERS mortality.
E. Discount Rate
The discount rate used to measure the net OPEB liability was 4.53%. Per GASB guidance, the single rate that produces the same present value of expected benefit payments as the expected long-term rate of return on plan assets during the period when projected assets are sufficient to pay future retiree benefits, and the 20-year municipal bond rate after assets are projects to be exhausted.
F. Net OPEB Liability
The net OPEB liability was determined using an actuarial valuation and measurement date as of June 30, 2024, using the following actuarial assumptions.
Actuarial Measurement Date June 30, 2024
Contribution Policy The City established an OPEB trust account during fiscal year ending 6/30/2021 and
adopted a formal OPEB funding policy. The
City if committed to making contributions of
$100,000 per year through fiscal year ending
June 30, 2025. Thereafter, trust contribution
will be made on an ad-hoc basis.
Actuarial Cost Method Entry Age Normal
Discount rate 4.53%
Long-term investment return assumption 6.25%
Inflation rate 2.50%
Mortality The mortality assumptions are based on the
2021 CalPERS Mortality for Miscellaneous and
Schools, and Safety Employees table created
by CalPERS. CalPERS periodically studies
mortality for participating agencies and
establishes mortality tables that are modified
versions of commonly used tables. This table
incorporates mortality projection as deemed
appropriate based on CalPERS analysis.
Healthcare cost trend rate 4.00%
45 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 10: OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
G. Changes in the net OPEB Liability
The components of the City’s net OPEB liability as of June 30, 2025, were as follows:
The plan fiduciary net position is from the City’s California Retirees Benefit Trust (CERBT) Fund, which qualifies as an agent multiple-employer plan. The trust is administered through CalPERS and meets the criteria of a Section 115 trust. As of June 30, 2025, the City held $1,010,087 in the trust account of which $820,210 is realized in the plan fiduciary net position as of measurement date June 30, 2024.
H. Sensitivity of the Net OPEB Liability to Changes in the Discount Rate The following presents the net OPEB liability of the City if it were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2024:
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability/(Asset)
(a) (b) (c) = (a) - (b)
Balance at June 30, 2024 7,604,938 $ $ 6, 663,151 $ 941,787 (Measured at 6/30/2023)
Changes recognized for the
measurement period:
Service cost 364,502 - 364,502
Interest on total OPEB liability 317,560 57,289 260,271 Changes of assumptions (366,948) - ( 366,948)
Differences between expected and
actual experience (15,140) - (15, 140)
Contributions-employer - ( 428,564 428,564)
Benefit payments, including $165,874
implied subsidy costs (328,564) ( - 328,564)
Administrative expense - ( 230 230)
Net changes during 2024-25 (28,590) ( 157,059 185,649)
Balance at June 30, 2025 7,576,348 $ $ 6, 820,210 $ 756,138 (Measured at 6/30/2024)
Discount Rate Current Discount Rate
-1 Percent Discount Rate +1 Percent
(3.53%) (4.53%) (5.53%)
Plan's net OPEB liability/(asset) 7,822,710 $ 6, $ 5, 756,138 $ 901,955 46 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 10: OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
I. Sensitivity of the Net OPEB Liability to Changes in the Health Care Cost Trend Rates The following presents the net OPEB liability of the City if it were calculated using health care cost trend rates that are one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2024:
J. OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB For the fiscal year ended June 30, 2025, the City recognized OPEB expense of $469,382. As of fiscal year, ended June 30, 2025, the City reported deferred outflows of resources related to OPEB from the following sources:
The $286,502 reported as deferred outflows of resources related to contributions subsequent to the June 30, 2024 measurement date will be recognized as a reduction of the net OPEB liability during the fiscal year ending June 30, 2026. Other amounts reported as deferred outflows of resources related to OPEB will be recognized as expense as follows:
Current
1 Percent Heathcare 1 Percent
Decrease Trend Rate Increase
Plan's net OPEB liability/(asset) 5,652,593 $ 6, $ 8, 756,138 $ 123,653 Deferred Outflows Deferred Inflows
of Resources of Resources
Contributions subsequent to the
measurement date $ 286,502 $ -
Changes in assumptions 824,119 (2,109,174)
Differences between expected and
actual experience 516,068 (34,916)
Net difference between projected
and actual earnings on OPEB
plan investments 34,765 -
Total $ 1,661,454 $ (2,144,090)
Deferred
Outflows/(Inflows)
Fiscal year ended June 30, of Resources
2026 (156,081) $
2027 (84,291)
2028 (97,122)
2029 (185,253)
2030 (166,078)
Thereafter (80,313)
Total (769,138) $
47 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 10: OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
The City began pre-funding the Program through the CERBT during the fiscal year ended June 30, 2021. The City has a policy of contributing City Council approved amounts each year. The CERBT issues a publicly available financial report that includes financial statements and required supplementary information for the City, not individualized, but in aggregate with the other CERBT participating agencies. This report may be obtained at the following address: CERBT - State of California PERS - 400 Q St - Sacramento, California 95811.
NOTE 11: RISK MANAGEMENT
A. Description of Self-Insurance Pool Pursuant to Joint Powers Agreement The City is a member of the California Joint Powers Insurance Authority (Authority). The Authority is composed of 126 California public entities and is organized under a joint powers agreement pursuant to California Government Code §6500 et seq. The purpose of the Authority is to arrange and administer programs for the pooling of self-insured losses, to purchase excess insurance or reinsurance, and to arrange for group purchased insurance for property and other lines of coverage. The Authority began covering claims of its members in 1978. Each member government has an elected official as its representative on the Board of Directors. The Board operates through a nine-member Executive Committee.
B. Primary Self-Insurance Programs of the Authority
Each member pays an annual contribution at the beginning of the coverage period. The total funding requirement for primary self-insurance programs is based on an actuarial analysis. Costs are allocated to individual agencies based on payroll and claims history, relative to other members of the risk-sharing pool.
1. Primary Liability Program
Claims are pooled separately between police and general government exposures. (1) The payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within the formula. (2) The first layer of losses includes incurred costs up to $100,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the first layer. (3) The second layer of losses includes incurred costs from $100,000 to $500,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred costs from $500,000 to $50 million, are distributed based on the outcome of cost allocation within the first and second loss layers.
The overall coverage limit for each member, including all layers of coverage, is $50 million per occurrence. Subsidence losses also have a limit of $50 million per occurrence limit. The coverage structure is composed of a combination of pooled self-insurance, reinsurance, and excess insurance. Additional information concerning the coverage structure is available on the Authority’s website: https://cjpia.org/coverage/risk-sharingpools. 48 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 11: RISK MANAGEMENT (CONTINUED)
For workers’ compensation, the City is self-insured for the first $750,000 on each claim with excess provided through a buffer layer insurance coverage. Claims expenditures and liabilities for workers’ compensation 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. This liability is the City’s best estimate based on available information. The total liability reserve for workers’ compensation at June 30, 2025 is as follow:
The City estimates that $816,223 of the total claims outstanding at June 30, 2025 will be due within one year.
C. Purchased Insurance
1. Pollution Legal Liability Insurance
The City participates in the pollution legal liability insurance program which is available through the Authority. The policy covers sudden and gradual pollution of scheduled property, streets, and storm drains owned by the City. Coverage is on a claims-made basis. There is a $250,000 deductible. The Authority has an aggregate limit of $20 million.
2. Property Insurance
The City participates in the all-risk property protection program of the Authority. This insurance protection is underwritten by several insurance companies. City property is currently insured according to a schedule of covered property submitted by the City to the Authority. City property currently has all-risk property insurance protection in the amount of $41,231,417. There is a $10,000 deductible per occurrence except for non-emergency vehicle insurance which has a $2,500 deductible.
3. Crime Insurance
The City purchases crime insurance coverage in the amount of $5,000,000 with a $2,500 deductible. The fidelity coverage is provided through the Authority.
4. Adequacy of Protection
During the past three fiscal years, none of the above programs of protection experienced settlements or judgments that exceeded pooled or insured coverage. There were also no significant reductions in pooled or insured liability coverage in 2024-25.
Workers'
Compensation
Liability - June 30, 2023 2,123,077 $
Claims incurred 2,041,365
Claims payments (1,210,820)
Liability - June 30, 2024 2,953,622
Claims incurred 1,669,751
Claims payments (1,755,008)
Liability - June 30, 2025 2,868,365 $
49 CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 12: COMMITMENTS AND CONTINGENCIES
Numerous claims and suits have been filed against the City in the normal course of business. Based upon information received from the City Attorney and the self-insurance administrator, the estimated liability under such claims would be adequately covered by self-insurance designations and insurance coverage.
1. Commitments
At June 30, 2025, the City had the following construction commitments: the Sidewalk Replacement Program contracted for $2,771,215 with total expenditures of $1,262,941; the Lift Stations Project contracted for $2,575,194 with total expenditures of $1,251,297; the Alley Parking Lot Project contracted for $64,930 with total expenditures of $57,356; the Lacy Park Culvert Design Project contracted for $345,006 with total expenditures of $92,405; and the Street Rehab Project contracted for $7,251,268 with total expenditures of $7,184,796. The total remaining commitments for these projects are $3,158,277.
NOTE 13: FUND BALANCE CLASSIFICATION
At June 30, 2025, the governmental funds report the following fund balance classifications:
Total Total
Capital Nonmajor Governmental
General Projects Fund Funds Funds
Non-spendable
Notes and loans receivable $ 3,674 $ - $ - $ 3,674
Inventories 111,292 - 111,292 -
Prepaid costs 16,389 - - 16,389
Total non-spendable 131,355 - 131,355 -
Restricted
Public safety - 589,086 - 589,086
Public works - 2,604,543 - 2,604,543
Community development - 728,845 - 728,845
Parks and recreation - - 1,217 1,217
CEPPT Investments Trust 1,704,146 - 1,704,146 -
Total restricted 1,704,146 3,923,691 - 5,627,837
Committed
Community development projects 92,648 - - 92,648
Public safety 46,256 - - 46,256
Parks and recreation 87,586 - - 87,586
Library 116,405 - 116,405 -
Total committed 342,895 - 342,895 -
Assigned
Capital projects 8,236,193 - 8,236,193 -
Total assigned 8,236,193 - 8,236,193 -
Unassigned 19,071,070 - (9,944) 19,061,126
Total fund balances (deficits) $ 21,249,466 $ 8,236,193 $ 3,913,747 $ 33,399,406 50 5HTXLUHG6XSSOHPHQWDU\
,QIRUPDWLRQ
THIS PAGE INTENTIONALLY LEFT BLANK
52 CITY OF SAN MARINO, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual General Fund
For the Year Ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes $ 30,193,750 $ 30,538,750 $ 30,408,896 $ (129,854) Licenses and permits 917,000 1,259,000 1,431,113 172,113 Intergovernmental 510,466 510,466 560,876 50,410
Charges for services 2,598,647 2,582,171 2,870,983 288,812 Use of money and property 446,750 446,750 1,176,330 729,580 Fines and forfeitures 104,600 104,600 133,868 29,268
Contributions 41,600 165,800 154,206 (11,594)
Miscellaneous 765,500 765,500 1,001,242 235,742
Total revenues 35,578,313 36,373,037 37,737,514 1,364,477
EXPENDITURES
Current:
General government 6,026,128 6,537,478 5,538,703 998,775 Public safety 18,250,004 19,457,982 19,453,298 4,684
Community development 2,610,234 2,610,234 2,203,756 406,478 Parks and recreation 2,427,325 2,375,913 2,149,925 225,988 Public works 4,332,423 4,723,319 4,666,059 57,260
Library 1,663,140 1,675,271 1,506,174 169,097
Capital outlay 6,100 87,441 902,405 (814,964)
Debt service:
Lease and subscription payments - - 518,995 (518,995)
Interest - leases and subscriptions - - 16,008 (16,008) Total expenditures 35,315,354 37,467,638 36,955,323 48,543 Excess (deficiency) of revenues
over (under) expenditures 262,959 (1,094,601) 782,191 1,413,020
OTHER FINANCING SOURCES (USES)
Transfers in 14,667,442 15,698,244 44,129 (15,654,115)
Transfers out 14,403,109 15,548,472 (114,561) (15,663,033) Subscription financing - - 821,305 821,305
Total other financing sources (uses) 29,070,551 31,246,716 750,873 (30,495,843) Net change in fund balances $ 29,333,510 $ 30,152,115 1,533,064 $ (29,082,823) Fund balances (deficit)-beginning 19,716,402
Fund balances (deficit)-ending $ 21,249,466
53 CITY OF SAN MARINO, CALIFORNIA
Schedules of Proportationate Share of Net Pension Liability As of June 30, for the Last Ten Fiscal Years
Proportionate Share Plan's Fiduciary
Proportion of the Proportionate of the Net Pension Net Position as a Reporting Date 1 Net Pension Share of Net Liability as a % of % of the Total as of June 30, Liability Pension Liability Covered Payroll Covered Payroll Pension Liability 2025 0.0920% $ 11,157,525 $ 5,750,334 194.0% 0.0%
2024 0.0899% 11,217,042 4,793,333 234.0% 0.0%
2023 0.0897% 10,360,723 4,446,375 233.0% 0.0%
2022 0.0871% 4,712,711 4,639,838 101.6% 0.0%
2021 0.0790% 8,595,291 4,440,251 193.6% 0.0%
2020 0.0762% 7,808,692 4,284,180 182.3% 0.0%
2019 0.0730% 7,034,588 4,335,098 162.3% 0.0%
2018 0.0724% 7,175,549 5,125,321 140.0% 0.0%
2017 0.0704% 6,087,772 3,796,330 160.4% 0.0%
2016 0.0668% 4,582,203 3,862,174 118.6% 0.0%
2025 0.2742% $ 33,134,428 $ 6,834,125 484.8% 0.0%
2024 0.2492% 33,555,443 6,206,638 540.6% 0.0%
2023 0.1712% 31,277,864 5,641,650 554.4% 0.0%
2022 0.3294% 17,814,242 5,454,449 326.6% 0.0%
2021 0.2489% 27,079,424 5,553,316 487.6% 0.0%
2020 0.2417% 24,764,857 5,060,432 489.4% 0.0%
2019 0.2372% 22,860,409 4,896,095 466.9% 0.0%
2018 0.2275% 22,563,016 4,779,412 472.1% 0.0%
2017 0.2270% 19,645,542 4,765,647 412.2% 0.0%
2016 0.2268% 15,567,356 4,873,353 319.4% 0.0%
Notes to Schedule of Proportionate Share of the Net Pension Liability:
1 The proportions and proportionate share of the net pension liability are measured as of one year behind the reporting date. Refer to notes to basic financial statements.
Miscellaneous Plan
Safety Plan
Benefit Changes : None
Changes of Assumptions : None
54 CITY OF SAN MARINO, CALIFORNIA
Schedules of Plan Contributions
As of June 30, for the Last Ten Fiscal Years 1
Covered/ Contribution as a
Fiscal Year Actuarially Actual Contribution Covered- % of Covered/ Ending Determined Employer Deficiency Employee Covered Employee June 30, Contribution Contributions (Excess) Payroll Payroll 2025 $ 1,472,077 $ 1,472,077 $ - $ 6,288,271 23.4%
2024 1,259,606 1,259,606 - 5,750,334 21.9%
2023 1,165,556 1,165,556 - 4,793,333 24.3%
2022 907,187 907,187 - 4,446,375 20.4%
2021 747,530 747,530 - 4,639,838 16.1%
2020 659,077 659,077 - 4,440,251 14.8%
2019 687,781 687,781 - 4,284,180 16.1%
2018 585,135 585,135 - 4,335,098 13.5%
2017 539,909 539,909 - 5,125,321 10.5%
2016 552,286 552,286 - 3,796,330 14.5%
2025 $ 3,936,901 $ 3,936,901 $ - $ 6,757,140 58.3%
2024 3,576,245 3,576,245 - 6,834,125 52.3%
2023 3,375,365 3,375,365 - 6,206,638 54.4%
2022 3,090,046 3,090,046 - 5,641,650 54.8%
2021 2,828,922 2,828,922 - 5,454,449 51.9%
2020 2,553,327 2,553,327 - 5,553,316 46.0%
2019 2,177,743 2,177,743 - 5,060,432 43.0%
2018 1,847,780 1,847,780 - 4,896,095 37.7%
2017 1,751,030 1,751,030 - 4,779,412 36.6%
2016 1,433,464 1,433,464 - 4,765,647 30.1%
2025 $ 286,502 $ 286,502 $ - $ 15,398,302 1.9%
2024 262,690 262,690 - 14,278,968 1.8%
2023 291,286 291,286 - 13,254,897 2.2%
2022 281,540 281,540 - 12,153,108 2.3%
2021 778,376 778,376 - 11,538,598 6.7%
2020 276,482 276,482 - 11,641,439 2.4%
2019 187,153 187,153 - 10,771,862 1.7%
2018 185,544 185,544 - 10,589,124 1.8%
1 Fiscal year 2018 was the first year of GASB Statement No. 75 implementation for OPEB plan, therefore only eight years are shown.
Miscellaneous Cost-Sharing, Multiple-Employer Pension Plan Safety Agent, Multiple-Employer Pension Plan
Single Employer OPEB Plan
55 CITY OF SAN MARINO, CALIFORNIA
Schedule of Changes in Net OPEB Liability and Related Ratios As of June 30, for the Last Ten Fiscal Years 1
2025 2024 2023 2022
Measurement Date 6/30/2024 6/30/2023 6/30/2022 6/30/2021
TOTAL OPEB LIABILITY
Service cost $ 364,502 $ 353,493 $ 344,032 $ 390,122
Interest on total pension liability 317,560 257,607 194,930 182,822 Changes of benefit terms 667,789 - - -
Changes of assumptions (366,948) 218,259 (1,320,614) (1,722,567) Difference between expected and actual experience (15,140) 19,213 (34,428) 904,956 Benefit payments, including refunds of employee
contributions (328,564) (317,579) (276,989) (276,973)
Net change in total OPEB liability (28,590) 1,198,782 (1,093,069) (521,640) Total OPEB liability-beginning 6,406,156 7,604,938 7,499,225 8,020,865 Total OPEB liability-ending (a) 7,576,348 7,604,938 6,406,156 7,499,225
PLAN FIDUCIARY NET POSITION
Contributions-employer 428,564 417,579 376,989 776,973
Net investment income 57,289 20,737 (73,079) 15,812
Benefit payments, including refunds of employee
contributions (328,564) (317,579) (276,989) (276,973)
Administrative expense (230) (157) (135) (27)
Net change in fiduciary net position 157,059 120,580 26,786 515,785 Plan fiduciary net position-beginning 663,151 542,571 515,785 - Plan fiduciary net position-ending (b) 820,210 663,151 542,571 515,785 Net OPEB liability/(asset) (a) - (b) $ 6,756,138 $ 6,941,787 $ 5,863,585 $ 6,983,440 Plan fiduciary net position as a percentage of the
total OPEB liability 10.83% 8.72% 8.47% 6.88%
Covered-employee payroll $ 14,278,968 $ 13,254,897 $ 12,153,108 $ 11,538,598 Plan net OPEB liability/(asset) as a percentage of
covered-employee payroll 47.32% 52.37% 48.25% 60.52%
Notes to Schedule of Changes in the Net OPEB Liability and Related Ratios:
1 Fiscal year 2018 was the first year of GASB Statement No. 75 implementation; therefore only eight years are shown.
Benefit Changes : None
Changes of Assumptions : None
56 2021 2020 2019 2018
6/30/2020 6/30/2019 6/30/2018 6/30/2017
$ 378,759 $ 274,204 $ 287,072 $ 338,547
229,315 224,214 208,836 179,779
- - - -
1,366,176 252,998 (247,709) (665,092)
10,965 177,823 - -
(274,895) (276,274) (273,920) (278,857)
652,965 1,710,320 (25,721) (425,623)
5,657,580 6,310,545 5,683,301 6,108,924
6,310,545 8,020,865 5,657,580 5,683,301
274,895 - - -
- - - -
- (274,895) - -
- - - -
- - - -
- - - -
- - - -
$ 6,310,545 8,020,865 $ 5,657,580 $ 5,683,301 $
0.00% 0.00% 0.00% 0.00%
$ 11,641,439 $ 10,771,862 $ 10,589,124 $ 11,110,666
68.90% 58.58% 53.43% 51.15%
57 THIS PAGE INTENTIONALLY LEFT BLANK
58 CITY OF SAN MARINO, CALIFORNIA
Notes to Required Supplementary Information
For the Year Ended June 30, 2025
NOTE 1: BUDGETS AND BUDGETARY ACCOUNTING DATA
The City follows these procedures in establishing the budgetary data reflected in the financial statements:
1. The annual budget is adopted by the City Council and provides for the general operation of the City. The operating budget includes proposed expenditures and the means of financing them.
2. The City Council approves total budgeted appropriations and any amendments to appropriations throughout the year. This "appropriated budget" covers substantially all City expenditures. Actual expenditures may not exceed budgeted appropriations at the fund level. The City Manager is authorized to transfer budgeted amounts between the accounts of any department.
3. Encumbrance accounting, under which purchase orders, contracts and other commitments for the expenditure of monies are recorded to reserve that portion of the applicable appropriation, is employed as an extension of formal budgetary integration in the Governmental Fund Types during the year. However, at year-end all appropriations lapse. Accordingly, encumbrances are canceled and generally reappropriated as part of the following year's budget. Encumbrances are not included in reported expenditures.
4. Budgets for the general, special revenue, debt service, and capital project funds are adopted on a basis substantially consistent with generally accepted accounting principles (GAAP). Accordingly, actual revenues and expenditures can be compared with related budgeted amounts without any significant reconciling items.
5. Under Article XIIIB of the California Constitution (the Gann Spending Limitation Initiative), the City is restricted as to the amount of annual appropriations from proceeds of taxes, and if proceeds of taxes exceed the legal appropriations limit, the excess must either be refunded to the State Controller or returned to the taxpayers through revised tax rates or revised fee schedules, or an excess in one year may be offset against a deficit in the following year. For the fiscal year ended June 30, 2025, based on calculations by City management, appropriations from proceeds of taxes did not exceed the legal appropriations limit.
6. The County Park Bond, Homeland Security Grant, and Prop 1B Street special revenue funds did not adopt a budget for the year ended June 30, 2025.
NOTE 2: ACTUARIAL METHODS AND ASSUMPTIONS USED FOR THE PENSION PLAN CONTRIBUTIONS The actuarial methods and assumptions used to set the actuarially determined CalPERS contributions for fiscal year 2024-25 were from the June 30, 2023 public agency valuations. 59 CITY OF SAN MARINO, CALIFORNIA
Balance Sheet
Combining Nonmajor Governmental Funds
June 30, 2025
ASSETS
Cash and investments $ 25,145 $ - $ - $ 585,043
Receivables (net of uncollectibles):
Accounts - 8,195 - -
Taxes 90,303 - - -
Accrued interest - - - 5,234
Due from other governments - 925 - -
Due from other funds - - - -
Total assets 115,448 9,120 - 590,277
LIABILITIES
Accounts payable - 6,393 - 16,068
Due to other funds - 2,621 9 -
Total liabilities - 9,014 9 16,068
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - 8,195 - -
Total deferred inflows of resources - 8,195 - -
FUND BALANCES (DEFICITS)
Restricted 115,448 - - 574,209
Unassigned - (8,089) (9) -
Total fund balances (deficits) 115,448 (8,089) (9) 574,209 Total liabilities, deferred inflows of resources,
and fund balances (deficits) $ 115,448 $ 9,120 $ - $ 590,277 Special Revenue Funds
State Gas Tax
Community
Development
Block Grant
County Park
Bond
Prop. A
Transit
60 CITY OF SAN MARINO, CALIFORNIA
Balance Sheet
Combining Nonmajor Governmental Funds
June 30, 2025
ASSETS
Cash and investments
Receivables (net of uncollectibles):
Accounts
Taxes
Accrued interest
Due from other governments
Due from other funds
Total assets
LIABILITIES
Accounts payable
Due to other funds
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues
Total deferred inflows of resources
FUND BALANCES (DEFICITS)
Restricted
Unassigned
Total fund balances (deficits)
Total liabilities, deferred inflows of resources,
and fund balances (deficits)
$ - $ 1,214 $ 595,636 $ 60,008
- - - -
- - - -
- 3 5,026 528
4,060 - - -
- - - -
4,060 1,217 600,662 60,536
- - - -
5,790 - - -
5,790 - - -
- - - -
- - - -
- 1,217 600,662 60,536
(1,730) - - -
(1,730) 1,217 600,662 60,536
$ 4,060 $ 1,217 $ 600,662 $ 60,536
Air Quality TDA Article 3
Prop. C
Transit Asset Seizure
Special Revenue Funds
61 CITY OF SAN MARINO, CALIFORNIA
Balance Sheet
Combining Nonmajor Governmental Funds
June 30, 2025
ASSETS
Cash and investments
Receivables (net of uncollectibles):
Accounts
Taxes
Accrued interest
Due from other governments
Due from other funds
Total assets
LIABILITIES
Accounts payable
Due to other funds
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues
Total deferred inflows of resources
FUND BALANCES (DEFICITS)
Restricted
Unassigned
Total fund balances (deficits)
Total liabilities, deferred inflows of resources,
and fund balances (deficits)
$ 227,224 $ 523,635 $ 4 $ 1,333
- - - -
- - - -
1,584 4,906 - 9
- - - -
- - 5 -
228,808 528,541 9 1,342
- - - -
- - - -
- - - -
- - - -
- - - -
228,808 528,541 9 1,342
- - - -
228,808 528,541 9 1,342
$ 228,808 $ 528,541 $ 9 $ 1,342
Homeland
Security Grant STPL
California
Recycling
Grant COPS Grant
Special Revenue Funds
62 CITY OF SAN MARINO, CALIFORNIA
Balance Sheet
Combining Nonmajor Governmental Funds
June 30, 2025
ASSETS
Cash and investments
Receivables (net of uncollectibles):
Accounts
Taxes
Accrued interest
Due from other governments
Due from other funds
Total assets
LIABILITIES
Accounts payable
Due to other funds
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues
Total deferred inflows of resources
FUND BALANCES (DEFICITS)
Restricted
Unassigned
Total fund balances (deficits)
Total liabilities, deferred inflows of resources,
and fund balances (deficits)
$ 1,058,851 $ 67,022 $ 61 $ 453,238
- - - -
- - - 5,926
9,320 274 62 3,988
- - - -
- - - -
1,068,171 67,296 123 463,152
- - - -
- - 239 -
- - 239 -
- - - -
- - - -
1,068,171 67,296 - 463,152
- - (116) -
1,068,171 67,296 (116) 463,152
$ 1,068,171 $ 67,296 $ 123 $ 463,152
Measure W
Clean Water Measure R
OTS Grant
Fund PEG Fund
Special Revenue Funds
63 CITY OF SAN MARINO, CALIFORNIA
Balance Sheet
Combining Nonmajor Governmental Funds
June 30, 2025
ASSETS
Cash and investments
Receivables (net of uncollectibles):
Accounts
Taxes
Accrued interest
Due from other governments
Due from other funds
Total assets
LIABILITIES
Accounts payable
Due to other funds
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues
Total deferred inflows of resources
FUND BALANCES (DEFICITS)
Restricted
Unassigned
Total fund balances (deficits)
Total liabilities, deferred inflows of resources,
and fund balances (deficits)
$ 21,139 $ 36,563 $ 167,722 $ -
- - - -
- - - -
114 322 1,434 -
- - - -
- - - -
21,253 36,885 169,156 -
- - - -
8,150 - - -
8,150 - - -
4,844 - - -
4,844 - - -
8,259 36,885 169,156 -
- - - -
8,259 36,885 169,156 -
$ 21,253 $ 36,885 $ 169,156 $ -
SB 1383 and
Used Oil Grant
Drought
Education
Fund Measure M
Bodyworn
Camera Grant
Special Revenue Funds
64 CITY OF SAN MARINO, CALIFORNIA
Balance Sheet
Combining Nonmajor Governmental Funds
June 30, 2025
ASSETS
Cash and investments
Receivables (net of uncollectibles):
Accounts
Taxes
Accrued interest
Due from other governments
Due from other funds
Total assets
LIABILITIES
Accounts payable
Due to other funds
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues
Total deferred inflows of resources
FUND BALANCES (DEFICITS)
Restricted
Unassigned
Total fund balances (deficits)
Total liabilities, deferred inflows of resources,
and fund balances (deficits)
Total
Nonmajor
Funds
$ - $ 3,823,838
- 8,195
- 96,229
- 32,804
- 4,985
- 5
- 3,966,056
- 22,461
- 16,809
- 39,270
- 13,039
- 13,039
- 3,923,691
- (9,944)
- 3,913,747
$ - $ 3,966,056
Debt Service
Fund
City Debt
Service Fund
65 CITY OF SAN MARINO, CALIFORNIA
Statement of Revenues, Expenditures,
and Changes in Fund Balances
Combining Nonmajor Governmental Funds
For the Year Ended June 30, 2025
REVENUES
Taxes $ 695,906 $ - $ - $ -
Intergovernmental - 45,527 - 320,270
Use of money and property 45,879 (13) - 61,249
Total revenues 741,785 45,514 - 381,519
EXPENDITURES
Current:
General government - - - 1,165,419
Public safety - - - 50,000
Parks and recreation - 11,274 - 41,088
Public works - - - -
Capital outlay 1,231,053 42,448 - 2,840
Total expenditures 1,231,053 53,722 - 1,259,347
Excess (deficiency) of revenues
over (under) expenditures (489,268) (8,208) - (877,828)
OTHER FINANCING SOURCES (USES)
Transfers out - - - -
Total other financing sources (uses) - - - -
Net change in fund balances (489,268) (8,208) - (877,828) Fund balances (deficit)-beginning 604,716 119 (9) 1,452,037 Fund balances (deficit)-ending $ 115,448 $ (8,089) $ (9) $ 574,209 Special Revenue Funds
State Gas Tax
Community
Development
Block Grant
County Park
Bond
Prop. A
Transit
66 CITY OF SAN MARINO, CALIFORNIA
Statement of Revenues, Expenditures,
and Changes in Fund Balances
Combining Nonmajor Governmental Funds
For the Year Ended June 30, 2025
REVENUES
Taxes
Intergovernmental
Use of money and property
Total revenues
EXPENDITURES
Current:
General government
Public safety
Parks and recreation
Public works
Capital outlay
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances (deficit)-beginning
Fund balances (deficit)-ending
$ - $ - $ - $ -
16,258 19,000 265,656 -
644 34 62,849 4,106
16,902 19,034 328,505 4,106
- - - -
- - - -
- - - -
- - - -
- 19,000 650,000 -
- 19,000 650,000 -
16,902 34 (321,495) 4,106
(43,000) - - -
(43,000) - - -
(26,098) 34 (321,495) 4,106
24,368 1,183 922,157 56,430
$ (1,730) $ 1,217 $ 600,662 $ 60,536
Air Quality TDA Article 3 Asset Seizure
Prop. C
Transit
Special Revenue Funds
67 CITY OF SAN MARINO, CALIFORNIA
Statement of Revenues, Expenditures,
and Changes in Fund Balances
Combining Nonmajor Governmental Funds
For the Year Ended June 30, 2025
REVENUES
Taxes
Intergovernmental
Use of money and property
Total revenues
EXPENDITURES
Current:
General government
Public safety
Parks and recreation
Public works
Capital outlay
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances (deficit)-beginning
Fund balances (deficit)-ending
$ - $ - $ - $ -
65,935 194,663 - -
14,505 39,315 - 1,485
80,440 233,978 - 1,485
- - - -
- 82,192 - -
- - - -
- 31,750 - -
65,935 3,419 - 2,895
65,935 117,361 - 2,895
14,505 116,617 - (1,410)
- (114,832) - -
- (114,832) - -
14,505 1,785 - (1,410)
214,303 526,756 9 2,752
$ 228,808 $ 528,541 $ 9 $ 1,342
California
Recycling
Grant COPS Grant
Homeland
Security Grant STPL
Special Revenue Funds
68 CITY OF SAN MARINO, CALIFORNIA
Statement of Revenues, Expenditures,
and Changes in Fund Balances
Combining Nonmajor Governmental Funds
For the Year Ended June 30, 2025
REVENUES
Taxes
Intergovernmental
Use of money and property
Total revenues
EXPENDITURES
Current:
General government
Public safety
Parks and recreation
Public works
Capital outlay
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances (deficit)-beginning
Fund balances (deficit)-ending
$ - $ - $ - $ 25,317
234,353 199,205 7,303 -
67,178 17,741 198 29,736
301,531 216,946 7,501 55,053
- - - -
- - 7,501 -
- - - -
15,322 - - -
144,718 420,000 - -
160,040 420,000 7,501 -
141,491 (203,054) - 55,053
- - - -
- - - -
141,491 (203,054) - 55,053
926,680 270,350 (116) 408,099
$ 1,068,171 $ 67,296 $ (116) $ 463,152
Measure W
Clean Water Measure R
OTS Grant
Fund PEG Fund
Special Revenue Funds
69 CITY OF SAN MARINO, CALIFORNIA
Statement of Revenues, Expenditures,
and Changes in Fund Balances
Combining Nonmajor Governmental Funds
For the Year Ended June 30, 2025
REVENUES
Taxes
Intergovernmental
Use of money and property
Total revenues
EXPENDITURES
Current:
General government
Public safety
Parks and recreation
Public works
Capital outlay
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances (deficit)-beginning
Fund balances (deficit)-ending
$ - $ - $ - $ -
16,142 - 225,692 61,947
896 2,502 64,448 -
17,038 2,502 290,140 61,947
- - - -
- - - -
16,142 - - -
- - - -
- - 1,225,000 -
16,142 - 1,225,000 -
896 2,502 (934,860) 61,947
- - - (61,947)
- - - (61,947)
896 2,502 (934,860) -
7,363 34,383 1,104,016 -
$ 8,259 $ 36,885 $ 169,156 $ -
SB 1383 and
Used Oil Grant
Drought
Education
Fund Measure M
Bodyworn
Camera Grant
Special Revenue Funds
70 CITY OF SAN MARINO, CALIFORNIA
Statement of Revenues, Expenditures,
and Changes in Fund Balances
Combining Nonmajor Governmental Funds
For the Year Ended June 30, 2025
REVENUES
Taxes
Intergovernmental
Use of money and property
Total revenues
EXPENDITURES
Current:
General government
Public safety
Parks and recreation
Public works
Capital outlay
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances (deficit)-beginning
Fund balances (deficit)-ending
Debt Service
Funds
Total
Nonmajor
Funds
$ - $ 721,223
- 1,671,951
252 413,004
252 2,806,178
- 1,165,419
- 139,693
- 68,504
- 47,072
- 3,807,308
- 5,227,996
252 (2,421,818)
(44,129) (263,908)
(44,129) (263,908)
(43,877) (2,685,726)
43,877 6,599,473
$ - $ 3,913,747
City Debt
Service Fund
71 CITY OF SAN MARINO, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual State Gas Tax
For the Year Ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes $ 668,728 $ 668,728 $ 695,906 $ 27,178
Use of money and property 5,700 5,700 45,879 40,179
Total revenues 674,428 674,428 741,785 67,357
EXPENDITURES
Capital outlay 1,231,053 1,231,053 1,231,053 -
Total expenditures 1,231,053 1,231,053 1,231,053 -
Net change in fund balances $ (556,625) $ (556,625) (489,268) $ 67,357 Fund balances (deficit)-beginning 604,716
Fund balances (deficit)-ending $ 115,448
72 CITY OF SAN MARINO, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Community Development Block Grant
For the Year Ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 227,000 $ 361,541 $ 45,527 $ (316,014) Use of money and property - - (13) (13)
Total revenues 227,000 361,541 45,514 (316,027)
EXPENDITURES
Current:
Parks and recreation 10,000 12,000 11,274 726
Capital outlay 217,000 349,541 42,448 307,093
Total expenditures 227,000 361,541 53,722 307,819
Net change in fund balances $ - $ - (8,208) $ (8,208)
Fund balances (deficit)-beginning 119
Fund balances (deficit)-ending $ (8,089)
73 CITY OF SAN MARINO, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Prop. A Transit
For the Year Ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 343,314 $ 343,314 $ 320,270 $ (23,044) Use of money and property 84,000 84,000 61,249 (22,751) Total revenues 427,314 427,314 381,519 (45,795)
EXPENDITURES
Current:
General government 1,160,500 1,160,500 1,165,419 (4,919) Public safety 50,000 50,000 50,000 -
Parks and recreation 52,630 52,630 41,088 11,542
Capital outlay 107,500 188,565 2,840 185,725
Total expenditures 1,370,630 1,451,695 1,259,347 192,348 Net change in fund balances $ (943,316) $ (1,024,381) (877,828) $ 146,553 Fund balances (deficit)-beginning 1,452,037
Fund balances (deficit)-ending $ 574,209
74 CITY OF SAN MARINO, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Air Quality
For the Year Ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 16,500 $ 16,500 $ 16,258 $ (242)
Use of money and property 2,500 2,500 644 (1,856)
Total revenues 19,000 19,000 16,902 (2,098)
EXPENDITURES
Capital outlay 43,000 43,000 - 43,000
Total expenditures 43,000 43,000 - 43,000
Excess (deficiency) of revenues
over (under) expenditures (24,000) (24,000) 16,902 40,902
OTHER FINANCING SOURCES (USES)
Transfers out - - (43,000) (43,000)
Total other financing sources (uses) - - (43,000) (43,000) Net change in fund balances $ (24,000) $ (24,000) (26,098) $ (2,098) Fund balances (deficit)-beginning 24,368
Fund balances (deficit)-ending $ (1,730)
75 CITY OF SAN MARINO, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual TDA Article 3
For the Year Ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 19,000 $ 19,000 $ 19,000 $ -
Use of money and property 340 340 34 (306)
Total revenues 19,340 19,340 19,034 (306)
EXPENDITURES
Capital outlay 19,000 19,000 19,000 -
Total expenditures 19,000 19,000 19,000 -
Net change in fund balances $ 340 $ 340 34 $ (306)
Fund balances (deficit)-beginning 1,183
Fund balances (deficit)-ending $ 1,217
76 CITY OF SAN MARINO, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Prop. C Transit
For the Year Ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 284,770 $ 284,770 $ 265,656 $ (19,114) Use of money and property 42,000 42,000 62,849 20,849
Total revenues 326,770 326,770 328,505 1,735
EXPENDITURES
Capital outlay 650,000 650,000 650,000 -
Total expenditures 650,000 650,000 650,000 -
Net change in fund balances $ (323,230) $ (323,230) (321,495) $ 1,735 Fund balances (deficit)-beginning 922,157
Fund balances (deficit)-ending $ 600,662
77 CITY OF SAN MARINO, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Asset Seizure
For the Year Ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of money and property $ 3,200 $ 3,200 $ 4,106 $ 906 Total revenues 3,200 3,200 4,106 906
Net change in fund balances $ 3,200 $ 3,200 4,106 $ 906 Fund balances (deficit)-beginning 56,430
Fund balances (deficit)-ending $ 60,536
78 CITY OF SAN MARINO, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual California Recycling Grant
For the Year Ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 91,000 $ 91,000 $ 65,935 $ (25,065) Use of money and property 12,000 12,000 14,505 2,505
Total revenues 103,000 103,000 80,440 (22,560)
EXPENDITURES
Capital outlay 91,000 91,000 65,935 25,065
Total expenditures 91,000 91,000 65,935 25,065
Net change in fund balances $ 12,000 $ 12,000 14,505 $ 2,505 Fund balances (deficit)-beginning 214,303
Fund balances (deficit)-ending $ 228,808
79 CITY OF SAN MARINO, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual COPS Grant
For the Year Ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 200,000 $ 200,000 $ 194,663 $ (5,337) Use of money and property 36,000 36,000 39,315 3,315
Total revenues 236,000 236,000 233,978 (2,022)
EXPENDITURES
Current:
Public safety 138,410 143,110 82,192 60,918
Public works - - 31,750 (31,750)
Capital outlay 176,198 233,911 3,419 230,492
Total expenditures 314,608 377,021 117,361 259,660
Excess (deficiency) of revenues
over (under) expenditures (78,608) (141,021) 116,617 257,638
OTHER FINANCING SOURCES (USES)
Transfers out - - (114,832) (114,832)
Total other financing sources (uses) - - (114,832) (114,832) Net change in fund balances $ (78,608) $ (141,021) 1,785 $ 142,806 Fund balances (deficit)-beginning 526,756
Fund balances (deficit)-ending $ 528,541
80 CITY OF SAN MARINO, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual STPL
For the Year Ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of money and property $ 210 $ 210 $ 1,485 $ 1,275
Total revenues 210 210 1,485 1,275
EXPENDITURES
Capital outlay - 2,895 2,895 -
Total expenditures - 2,895 2,895 -
Net change in fund balances $ 210 $ (2,685) (1,410) $ 1,275 Fund balances (deficit)-beginning 2,752
Fund balances (deficit)-ending $ 1,342
81 CITY OF SAN MARINO, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Measure W Clean Water
For the Year Ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 240,000 $ 240,000 $ 234,353 $ (5,647) Use of money and property 52,000 52,000 67,178 15,178
Total revenues 292,000 292,000 301,531 9,531
EXPENDITURES
Current:
Public works 30,000 30,000 15,322 14,678
Capital outlay 214,508 237,418 144,718 92,700
Total expenditures 244,508 267,418 160,040 107,378
Net change in fund balances $ 47,492 $ 24,582 141,491 $ 116,909 Fund balances (deficit)-beginning 926,680
Fund balances (deficit)-ending $ 1,068,171
82 CITY OF SAN MARINO, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Measure R
For the Year Ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 213,577 $ 178,577 $ 199,205 $ 20,628 Use of money and property 7,500 7,500 17,741 10,241
Total revenues 221,077 186,077 216,946 30,869
EXPENDITURES
Capital outlay 420,000 420,000 420,000 -
Total expenditures 420,000 420,000 420,000 -
Net change in fund balances $ (198,923) $ (233,923) (203,054) $ 30,869 Fund balances (deficit)-beginning 270,350
Fund balances (deficit)-ending $ 67,296
83 CITY OF SAN MARINO, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual OTS Grant Fund
For the Year Ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 20,760 $ 7,500 $ 7,303 $ (197)
Use of money and property - - 198 198
Total revenues 20,760 7,500 7,501 1
EXPENDITURES
Current:
Public safety - 9,375 7,501 1,874
Total expenditures - 9,375 7,501 1,874
Net change in fund balances $ 20,760 $ (1,875) - $ 1,875 Fund balances (deficit)-beginning (116)
Fund balances (deficit)-ending $ (116)
84 CITY OF SAN MARINO, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual PEG Fund
For the Year Ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes $ 29,000 $ 29,000 $ 25,317 $ (3,683)
Use of money and property 22,000 22,000 29,736 7,736
Total revenues 51,000 51,000 55,053 4,053
Net change in fund balances $ 51,000 $ 51,000 55,053 $ 4,053 Fund balances (deficit)-beginning 408,099
Fund balances (deficit)-ending $ 463,152
85 CITY OF SAN MARINO, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual SB 1383 and Used Oil Grant
For the Year Ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ - $ - $ 16,142 $ 16,142
Use of money and property 1,200 1,200 896 (304)
Total revenues 1,200 1,200 17,038 15,838
EXPENDITURES
Current:
Parks and recreation - 16,142 16,142 -
Total expenditures - 32,284 16,142 -
Net change in fund balances $ 1,200 $ (31,084) 896 $ 15,838 Fund balances (deficit)-beginning 7,363
Fund balances (deficit)-ending $ 8,259
86 CITY OF SAN MARINO, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Drought Education Fund
For the Year Ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of money and property $ 1,000 $ 1,000 $ 2,502 $ 1,502 Total revenues 1,000 1,000 2,502 1,502
Net change in fund balances $ 1,000 $ 1,000 2,502 $ 1,502 Fund balances (deficit)-beginning 34,383
Fund balances (deficit)-ending $ 36,885
87 CITY OF SAN MARINO, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Measure M
For the Year Ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 242,054 $ 242,054 $ 225,692 $ (16,362) Use of money and property 54,000 54,000 64,448 10,448
Total revenues 296,054 296,054 290,140 (5,914)
EXPENDITURES
Capital outlay 1,225,000 1,225,000 1,225,000 -
Total expenditures 1,225,000 1,225,000 1,225,000 -
Net change in fund balances $ (928,946) $ (928,946) (934,860) $ (5,914) Fund balances (deficit)-beginning 1,104,016
Fund balances (deficit)-ending $ 169,156
88 CITY OF SAN MARINO, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Bodyworn Camera Grant Fund
For the Year Ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ - $ 61,948 $ 61,947 $ (1)
Total revenues - 61,948 61,947 (1)
EXPENDITURES
Capital outlay - 61,948 - 61,948
Total expenditures - 61,948 - 61,948
Excess (deficiency) of revenues
over (under) expenditures - - 61,947 61,947
OTHER FINANCING SOURCES (USES)
Transfers out - - (61,947) (61,947)
Total other financing sources (uses) - - (61,947) (61,947) Net change in fund balances $ - $ - - $ -
Fund balances (deficit)-beginning -
Fund balances (deficit)-ending $ -
89 CITY OF SAN MARINO, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Capital Projects Fund
For the Year Ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of money and property $ - $ - $ 69,692 $ 69,692
Contributions 25,000 25,000 - (25,000)
Miscellaneous - - - -
Total revenues 25,000 25,000 69,692 44,692
EXPENDITURES
Current:
Public works - 13,372 8,026 5,346
Capital outlay 12,929,010 13,830,959 6,080,471 7,750,488 Total expenditures 12,929,010 13,844,331 6,088,497 7,755,834 Net change in fund balances $ (12,904,010) $ (13,819,331) (6,018,805) $ 7,800,526 Fund balances (deficit)-beginning 14,254,998
Fund balances (deficit)-ending $ 8,236,193
90 CITY OF SAN MARINO, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual City Debt Service Fund
For the Year Ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of money and property $ - $ - $ 252 $ 252
Total revenues - - 252 252
OTHER FINANCING SOURCES (USES)
Transfers out (16,255) (44,129) (44,129) -
Total other financing sources (uses) (16,255) (44,129) (44,129) - Net change in fund balances $ (16,255) $ (44,129) (43,877) $ 252 Fund balances (deficit)-beginning 43,877
Fund balances (deficit)-ending $ -
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94 STATISTICAL SECTION CONTENT DESCRIPTION
(Unaudited)
This section of the City of San Marino’s annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City’s overall financial health.
Contents
Financial Trends
These schedules contain trend information to help the reader understand how the City’s financial performance and well-being have changed over time.
Net Position
Changes in Net Position
Fund Balances of Governmental Funds
Changes in Fund Balances of Governmental Funds
Revenue Capacity
These schedules contain information to help the reader assess the City’s most significant local revenue source which is property tax.
Property Tax Dollar Breakdown
Direct and Overlapping Property Tax Rates
Assessed and Estimated Actual Value of Taxable Property Top Ten Property Taxpayers
Assessed Value of Taxable Property by Category
Property Tax Levies and Collections
Debt Capacity
This schedule presents information to help the reader assess the affordability of the City’s current levels of outstanding debt and the City’s ability to issue additional debt in the future.
Outstanding Debt by Type
Direct and Overlapping Debt
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the environment within which the City’s financial activities take place.
Demographic and Economic Statistics
Taxable Sales by Category
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the information in the City’s financial report relates to the services the City provides and the activities it performs.
Full-Time Equivalent City Employees by Function
Operating Indicators by Function
Capital Asset Statistics by Function
Sources: Unless otherwise noted, the information in these schedules is derived from the annual comprehensive financial reports for the relevant year.
95 THIS PAGE INTENTIONALLY LEFT BLANK
96 Fiscal Year 2021 2022 2023 2024 2025
Governmental activities:
Net investment in capital assets $ 193,865,532 $ 195,581,766 $ 202,727,287 $ 204,744,294 $ 212,512,065 Restricted for:
Community development 595,999 639,519 651,371 681,272 728,845 Public safety 497,374 515,015 551,446 583,195 589,086
Parks and recreation - 19,857 - 1,183 1,217
Public works 3,116,062 2,756,112 3,476,959 5,290,071 2,604,543 Capital projects 324,687 519,454 - - -
Debt service 25,305 7,473 16,406 43,877 -
CEPPT Investments Trust 983,628 - 1,004,869 1,568,763 1,704,146 Other - - - - -
Library - - - - -
Unrestricted (5,187,251) (5,752,759) (4,606,790) (7,885,188) (15,851,390) Total governmental activities net position $ 193,237,708 $ 195,250,208 $ 203,841,405 $ 205,027,467 $ 202,288,512 Fiscal Year 2016 2017 2018 2019 2020
Governmental activities:
Net investment in capital assets $ 192,536,926 $ 193,671,643 $ 194,032,139 $ 193,203,453 $ 192,831,880 Restricted for:
Community development projects 174,805 277,005 431,248 489,125 555,102 Public safety 168,205 199,326 245,620 308,496 367,893
Parks and recreation 514,922 444,560 - - -
Public works 1,090,473 1,336,305 1,885,450 2,847,025 2,931,573 Capital projects - 12,606 - 474,782 389,004
Debt service 105 706 5,618 17,569 25,261
CEPPT Investments Trust - - - - -
Other - - - - -
Library 93,841 - - - -
Unrestricted (6,745,506) (5,347,593) (8,207,680) (4,160,588) (4,468,086) Total governmental activities net position $ 187,833,771 $ 190,581,952 $ 188,405,001 $ 193,179,862 $ 192,632,627 Source:
City Finance Department
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
97 2016 2017 2018 2019
Expenses:
Governmental Activities:
General government $ 2,326,271 $ 3,077,339 $ 3,663,683 $ 3,521,907 Public safety 11,597,897 12,645,452 12,280,195 13,445,148 Community development 1,174,123 1,181,366 1,338,231 1,494,584 Recreation 2,017,404 2,165,445 1,985,949 1,779,953
Parks and public works 4,618,557 4,563,872 4,718,783 4,486,175 Library 1,836,550 1,931,218 1,971,684 1,721,390
Interest on long-term debt 261,276 233,938 207,193 174,332 Total Primary Government 23,832,078 25,798,630 26,165,718 26,623,489 Program Revenues:
Governmental Activities:
Charges for services
General government 402,267 222,587 420,474 232,803
Public safety 4,354,843 4,686,373 4,100,997 4,268,794
Community development 947,995 926,421 1,029,530 890,995 Recreation 1,361,590 1,498,398 1,363,127 1,239,850
Parks and public works 152,005 154,455 263,667 239,935
Library 181,340 261,362 249,697 288,131
Operating grants and contributions 1,335,022 1,139,951 1,197,873 1,662,211 Capital grants and contributions 149,969 152,621 440,121 361,827 Total Governmental Activities
Program Revenues 8,885,031 9,042,168 9,065,486 9,184,546 General Revenues:
Taxes
Property taxes, levied for general purposes 13,498,406 14,143,693 14,893,990 15,973,630 Property taxes in lieu of motor vehicle fees 1,469,628 1,510,208 1,717,044 1,980,779 Sales taxes 397,155 471,675 457,068 517,556
Franchise taxes 504,114 565,976 599,333 576,612
Business licenses taxes 452,025 444,485 429,476 492,241 Utility users tax 1,687,842 1,615,883 1,641,964 1,643,375 Use of money and property 299,643 358,716 464,864 950,011 Other revenues 256,129 369,448 328,034 79,600
Gain (loss) on disposal of capital asset - 24,559 - -
Total General Revenues 18,564,942 19,504,643 20,531,773 22,213,804 Change in Net Position 3,617,895 2,748,181 3,431,541 4,774,861 Net Position at Beginning of Year 184,034,800 187,833,771 190,581,952 188,405,001 Restatement of Net Position 181,076 - (5,608,492) -
Net Position at End of Year $ 187,833,771 $ 190,581,952 $ 188,405,001 $ 193,179,862 Source:
City Finance Department
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
Fiscal Year Ended June 30,
98 2020 2021 2022 2023 2024 2025
$ 4,354,899 $ 4,042,349 $ 4,611,101 $ 5,334,076 $ 6,029,243 $ 7,495,254 15,598,297 15,545,191 15,698,333 12,512,790 20,134,246 23,256,896 1,769,276 1,848,428 2,154,836 1,432,253 2,127,253 2,260,848 1,623,266 1,050,051 1,433,822 1,664,964 2,250,933 2,254,453 6,255,832 6,475,534 4,908,159 4,432,516 5,683,009 6,396,864 1,965,221 1,755,493 1,746,247 1,430,081 1,953,966 1,793,161 140,158 103,557 81,328 85,050 53,780 3,999
31,706,949 30,820,603 30,633,826 26,891,730 38,232,430 43,461,475 177,658 343,695 222,525 310,890 274,859 269,664
4,312,639 4,265,822 4,303,390 4,452,758 4,674,054 4,738,504 1,063,005 1,024,293 1,006,379 1,239,025 1,370,792 1,994,101 669,887 368,093 688,749 1,042,594 959,482 895,043
295,619 218,978 194,465 167,623 183,943 129,412
183,123 77,857 240,122 198,294 181,591 167,560
1,251,970 1,348,383 1,994,903 1,765,001 3,220,385 1,905,155 354,832 384,133 373,503 1,172,585 685,392 678,250
8,308,733 8,031,254 9,024,036 10,348,770 11,550,498 10,777,689 16,606,474 17,620,277 18,265,599 18,900,735 19,651,443 20,341,950 2,075,327 2,185,451 2,238,910 2,356,542 2,480,578 2,110,856 396,599 357,873 526,987 591,677 648,547 694,873
581,382 638,415 625,255 712,639 757,649 718,933
392,172 411,005 406,759 444,375 425,418 443,304
1,644,239 1,803,909 1,873,500 2,175,428 2,124,689 2,363,550 851,960 348,839 (470,936) 584,644 1,726,871 1,662,088
300,318 47,215 156,216 44,485 52,799 1,563,606
- - - - - 45,671
22,848,471 23,412,984 23,622,290 25,810,525 27,867,994 29,944,831 (549,745) 623,635 2,012,500 9,267,565 1,186,062 (2,738,955) 193,179,862 192,632,627 193,237,708 195,250,208 203,841,405 205,027,467 2,510 (18,554) - (676,368) - -
$ 192,632,627 $ 193,237,708 $ 195,250,208 $ 203,841,405 $ 205,027,467 $ 202,288,512 99 General fund: 2016 2017 2018 2019
Nonspendable:
Inventory $ 34,844 $ 74,759 $ 68,268 $ 71,648
Prepaid costs 6,357 - 779 -
Notes and loans 27,628 20,169 19,155 19,155
Restricted for:
Community development projects - - - -
Public safety - - - -
Parks and recreation - - - -
Public Works - - - -
Capital Projects - - - -
Debt service - - - -
CEPPT Investments Trust - - - -
Committed to:
Community development projects - - 72,288 72,288
Public safety 9,159 - 2,953 7,462
Parks and recreation 68,899 - 67,653 119,402
Library 93,841 - 48,858 51,832
Unassigned 21,574,775 23,454,629 12,169,563 17,007,572
Total general fund 21,815,503 23,549,557 12,449,517 17,349,359 All other governmental funds:
Nonspendable:
Prepaid costs - - - -
Restricted for:
Community development projects 174,805 277,005 431,248 489,125 Public safety 159,046 199,326 245,620 308,496
Parks and recreation 446,023 444,560 - -
Public Works 1,090,473 1,336,305 1,885,450 2,832,181
Capital Projects - - 12,606 474,782
Debt service 105 706 5,618 17,569
Assigned to:
Capital Projects - - - 13,827,220
Unassigned (404,292) (460,667) 14,300,322 (5,833)
Total all other governmental funds 1,466,160 1,797,235 16,880,864 17,943,540 Total fund balances 23,281,663 25,346,792 29,330,381 35,292,899 Source: City Finance Department
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
100
2020 2021 2022 2023 2024 2025
$ 53,288 $ 57,764 $ 80,034 $ 106,552 $ 114,266 $ 111,292 - - 218,921 38,426 - 16,389
19,155 14,600 8,656 5,157 5,157 3,674
- - - - - -
- - - - - -
- - - - - -
- - 376,254 - - -
- - - - - -
- - - - - -
- - 983,628 1,004,869 1,568,763 1,704,146
72,288 72,288 72,288 72,288 85,738 92,648
32,302 50,823 66,102 33,235 54,098 46,256
116,965 118,708 66,805 62,325 81,288 87,586
88,508 62,217 69,182 77,757 100,479 116,405
15,271,353 16,164,877 16,279,195 16,224,014 17,706,613 19,071,070 15,653,859 16,541,277 18,221,065 17,624,623 19,716,402 21,249,466 - - - - - -
545,942 595,952 639,480 651,371 681,272 728,845
366,393 497,374 515,015 551,446 583,195 589,086
- - - 19,857 1,183 1,217
2,921,729 3,106,218 2,370,014 3,476,959 5,290,071 2,604,543 389,004 324,687 519,454 - - -
25,261 25,305 7,473 16,406 43,877 -
17,957,353 18,324,777 18,860,521 15,787,572 14,254,998 8,236,193 (17,293) (7,274) (63) (50,036) (125) (9,944)
22,188,389 22,867,039 22,911,894 20,453,575 20,854,471 12,149,940 37,842,248 39,408,316 41,132,959 38,078,198 40,570,873 33,399,406 101
2016 2017 2018 2019
Revenues:
Taxes $ 22,238,039 21,424,459 $ 23,342,737 $ $ 24,923,433 Licenses and permits 683,935 685,674 834,998 784,289
Intergovernmental 893,178 1,189,144 1,259,664 1,578,698 Charges for services 3,616,666 3,230,346 2,920,677 2,625,842 Use of money and property 358,716 299,643 464,864 949,750 Fines and forfeitures 173,709 215,098 273,306 174,096
Contributions 93,599 257,642 303,673 293,727
Miscellaneous 369,448 258,957 312,834 79,600
Total revenues 27,560,963 28,427,290 29,712,753 31,409,435 Expenditures:
Current:
General government 2,656,315 2,398,036 3,549,700 3,469,559 Public safety 11,793,484 11,768,225 11,435,033 12,247,210 Community development 1,150,283 1,227,472 1,282,435 1,506,893 Parks and recreation 2,125,041 2,109,214 1,924,088 1,788,154 Public works 3,581,924 3,807,213 3,435,691 3,309,652
Library 1,613,911 1,595,360 1,611,865 1,441,970
Capital outlay 2,680,641 2,265,176 1,194,227 909,734
Debt service:
Principal retirement 525,000 475,000 580,000 645,000
Interest and fiscal charges 235,562 260,737 207,370 176,224 Total expenditures 25,906,433 26,362,161 25,220,409 25,494,396 Excess (deficiency) of
revenues over (under)
expenditures 2,065,129 1,654,530 4,492,344 5,915,039
Other financing sources (uses):
Transfers in 3,466,229 3,004,243 15,840,975 996,336
Transfers out (3,466,229) (2,999,096) (16,349,730) (948,857) Leases - - - -
Total other financing
sources (uses) 5,147 - (508,755) 47,479
Net changes in fund balances $ 2,065,129 1,659,677 $ 3,983,589 $ 5,962,518 $ Debt service as a
percentage of noncapital
expenditures 3.11% 3.21% 3.28% 3.34%
Source: City Finance Department
Fiscal Year Ended June 30,
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
102
2020 2021 2022 2023 2024 2025
$ 25,490,434 $ 26,821,527 $ 27,767,502 $ 29,044,309 $ 30,026,423 $ 31,130,119 786,069 760,185 804,531 948,014 1,043,196 1,431,113
1,170,768 1,499,159 1,937,155 2,664,984 3,465,467 2,232,827 1,964,404 1,540,097 2,149,751 2,611,369 2,707,501 2,870,983 850,394 346,854 (473,043) 584,650 1,705,492 1,659,026
347,188 235,232 41,997 80,164 132,555 133,868
245,790 202,605 211,690 202,623 278,482 154,206
4 300,318 7,215 156,216 44,485 52,367 1,001,242
31,155,365 31,452,874 32,595,799 36,180,598 39,411,483 40,613,384 4,255,567 3,891,436 4,388,663 5,248,734 5,066,687 6,704,122 13,229,265 13,831,763 14,181,691 15,746,716 16,867,383 19,592,991 1,540,449 1,703,058 2,071,690 1,731,989 2,065,258 2,203,756 1,483,911 935,392 1,397,044 1,869,684 2,175,823 2,218,429 4,787,094 5,090,800 3,522,263 3,641,299 4,088,542 4,721,157 1,432,217 1,326,667 1,391,883 1,367,120 1,535,954 1,506,174 1,314,820 2,350,598 3,407,784 8,478,110 4,176,336 10,790,184 705,000 410,000 450,000 495,000 950,805 518,995
141,587 103,729 81,712 57,034 49,287 16,008
28,889,910 29,643,443 30,892,730 38,635,686 36,976,075 48,271,816 2,265,455 1,809,431 1,703,069 (2,455,088) 2,435,408 (7,658,432) 6,127,771 3,805,503 2,863,729 4,094,712 2,967,609 44,129 (5,846,587) (4,048,666) (2,863,729) (4,694,385) (3,064,128) (378,469) - - 21,574 - 153,786 821,305
281,184 (243,163) 21,574 (599,673) 57,267 486,965
$ 2,546,639 $ 1,566,268 $ 1,724,643 $ (3,054,761) $ 2,492,675 $ (7,171,467)
3.07% 1.88% 1.93% 1.83% 3.05% 1.43%
103
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104
Agency 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 Basic Levy* 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 Metropolitan Water District 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.007 Pasadena Community College District 0.009 0.009 0.008 0.008 0.007 0.006 0.009 0.009 0.025 0.024 Pasadena Unified School District 0.112 0.107 0.105 0.095 0.045 0.023 0.054 0.078 0.079 0.064 San Marino Unified 0.071 0.070 0.068 0.067 0.067 0.067 0.069 0.067 0.064 0.064 Total Direct & Overlapping Tax Rates **
1.195 1.189 1.185 1.173 1.123 1.099 1.135 1.157 1.172 1.159 City's Share of 1% Levy Per Prop 13*** 0.2364 0.2364 0.2364 0.2364 0.2364 0.2364 0.2364 0.2364 0.2364 0.2364 Voter Approved City Debt Rate
Redevelopment Rate****
Total Direct Rate***** 0.23463 0.23472 0.23482 0.23489 0.23496 0.23502 0.23505 0.23512 0.23517 0.23522 * In 1978, California voters passed Proposition 13 which sets the property tax rate at a 1.00% fixed amount. This 1.00% is shared by all taxing agencies for which the subject property resides within. In addition to the 1.00% fixed amount, property owners are charged taxes as a percentage of assessed property values for the payment of any voter approved bonds. ** Overlapping rates are those of local and county governments that apply to property owners within the City. Not all overlapping rates apply to all property owners.
*** City's Share of 1% Levy is based on the City's share of the general fund tax rate area with the largest net taxable value within the City.
The ERAF portion of the City's Levy has been subtracted where known. **** Redevelopment Rate is based on the largest RDA tax rate area (TRA) and includes only rate(s) from indebtedness adopted prior to 1989 per California State statute. RDA direct and overlapping rates are applied only to the incremental property values.
The approval of ABX1 26 eliminated Redevelopment from the State of California for the fiscal year 2012/13 and years thereafter. ***** Total Direct Rate is the weighted average of all individual direct rates applied by the City/Agency preparing the statistical section information and excludes revenues derived from aircraft. Beginning in 2013/14 the Total Direct Rate no longer includes revenue generated from the former redevelopment tax rate areas. Challenges to recognized enforceable obligations are assumed to have been resolved during 2012/13. For the purposes of this report, residual revenue is assumed to be distributed to the City/Agency in the same proportions as general fund revenue.
Source: Hdl Coren & Cone
Direct and Overlapping Property Tax Rates
(Rate per $100 of Assessed Value)
105
Fiscal
Year Total Taxable Total
Ended Secured Unsecured Other Assessed Direct
June 30, Property Property Property Value Tax Rate % Change 2015-16 5,549,685,748 11,589,954 5,561,275,702 - 0.2346 6.84% 2016-17 5,840,557,197 11,658,362 5,852,215,559 - 0.2347 5.23% 2017-18 6,223,799,885 11,069,004 6,234,868,889 - 0.2348 6.54% 2018-19 6,530,465,845 10,979,041 6,541,444,886 - 0.2349 4.92% 2019-20 6,840,013,682 11,075,493 6,851,089,175 - 0.2350 4.73% 2020-21 7,125,216,090 10,777,605 7,135,993,695 - 0.2350 4.16% 2021-22 7,311,619,098 13,396,757 7,325,015,855 - 0.2351 2.65% 2022-23 7,707,852,850 14,237,903 7,722,090,753 - 0.2351 5.42% 2023-24 8,012,224,328 15,733,081 8,027,957,409 - 0.2352 3.96% 2024/25 8,364,699,826 16,036,202 8,380,736,028 0.2352 4.39% Note: Exempt values are not included in Total Net Taxable Values.
In 1978 the voters of the State of California passed Proposition 13 which limited taxes to a total maximum rate of 1%, based upon the assessed value of the property being taxed. Each year, the assessed value of property may be increased by an "inflation factor" (limited to a maximum of 2%).
With few exceptions, property is only reassessed as a result of new construction activity or at the time it is sold to a new owner. At that point, the property is reassessed based upon the added value of the construction or at the purchase price (market value) or economic value of the property sold. The assessed valuation data shown above represents the only data currently available with respect to the actual market value of taxable property and is subject to the limitations described above.
Source: HDL Coren & Cone and Los Angeles County Assessor's Combined Tax Rolls. 2014/15 - 2023/24 Taxable Property Values
(unaudited)
Assessed and Estimated Actual Values of Taxable Property Real Property
0 1,000,000,000
2,000,000,000
3,000,000,000
4,000,000,000
5,000,000,000
6,000,000,000
7,000,000,000
8,000,000,000
9,000,000,000
2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024/25 Millions
Fiscal Year
Net Assessed Value
106
Secured & Unsecured Percentage of Total
2024-25 Assessed Valuation Net Assessed Valuation
Charles B. Jr and Geneva H. Thornton $ 0.42% 33,663,876 WG LLC 0.36% 29,050,671
Prestige Cascade LLC 0.32% 26,010,000
California American Water Company 21,115,265 0.26%
Fantastic San Marino Properties LLC 0.26% 20,855,342
Carl K and Linda C Moy 0.21% 17,247,411
Yitai Group Investment USA 0.21% 16,756,535
Shon Morgan Cotrustee 0.20% 16,200,000
Delfina Castaly LLC 0.18% 14,790,000
F P L Evergreen LLC 0.18% 14,636,554
Top Ten Total $ 2.62% 210,325,654
City Total $ 8,027,957,409
Secured & Unsecured Percentage of Total
2015-16 Assessed Valuation Net Assessed Valuation
Charles B. Thornton Jr. $ 20.96% 27,979,506
Xia Jiang 13.43% 17,930,686
Anthony and Kathleen Haralambos 9.49% 12,666,272
California American Water Company 8.68% 11,588,810
Ming Wang 8.47% 11,300,000
Bijan Partovi Trust PCI Trust 8.43% 11,250,602
Andrew F Barth Company Trust 8.28% 11,056,906
Wei Wang 7.64% 10,200,552
Super Reach Properties LLC 7.40% 9,880,000
Oak Lane Real Estate Partners LLC 7.21% 9,623,297
Top Ten Total $ 133,476,631 100.00%
City Total $ 133,476,631
Source: Hdl Coren & Cone.
Top 10 Property Taxpayers
Current Year and Nine Years Ago
107
Category 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 Residential 5,349,273,573 5,632,287,793 6,008,153,556 6,303,176,985 6,584,410,979 6,871,117,800 7,046,134,705 7,423,450,614 7,716,697,231 8,064,122,940 Commercial 164,536,707 176,077,469 181,030,745 186,583,876 200,492,530 208,080,364 215,519,285 223,851,276 234,100,078 243,403,110Industrial 164,199 166,700 170,032 173,431 176,897 180,433 182,299 185,943 189,660 193,451Government Owned - - - - - - - - - - Institutional - - - - 6,424,212 - 4,516,088 11,359,399 4,698,536 -Miscellaneous 187,552 206,496 215,827 219,770 225,749 228,265 229,594 232,187 234,832 237,530 Recreational 4,980,967 5,056,923 2,834,319 2,749,417 2,804,403 2,860,489 862,461 879,709 897,301 915,245Vacant 17,331,935 13,123,324 18,041,603 21,972,207 28,195,908 22,977,473 24,064,469 25,551,553 32,694,918 33,310,315Cross Reference 13,210,815 13,638,492 13,353,803 15,590,259 17,283,004 19,771,266 20,110,197 22,342,169 22,711,772 22,517,235Unsecured 11,589,954 11,658,362 11,069,004 10,979,041 11,075,493 10,777,605 13,396,757 14,237,903 15,733,081 16,036,202Exempt (7,828,922) (7,828,922) (7,828,922) (7,828,922) (7,828,922) (7,828,922) (7,828,922) (7,828,922) (7,828,922) (7,828,922) Totals 5,561,275,702 5,852,215,559 6,234,868,889 6,541,444,986 6,851,089,175 7,135,993,695 7,325,015,855 7,722,090,753 8,027,957,409 8,380,736,028 Total Direct Rate 0.23463 0.23472 0.23482 0.23489 0.23496 0.23502 0.23505 0.23512 0.23517 0.02352 Notes: Exempt values are not included in Total. In 1978 the voters of the State of California passed Proposition 13 which limited taxes to a total maximum rate of 1%, based upon the assessed value of theproperty being taxed. Each year, the assessed value of property may be increased by an "inflation factor" (limited to a maximum of 2%). With few exceptions, property is only reassessed as a result of new construction activity or at the time it is sold to a new owner. At that point, the property is reassessed based upon the added value of the construction or at the purchase price (market value) or economic value of the property sold. The assessed valuation data shown above represents the only data currently available with respect to the actual market value of taxable property and is subject to the limitations described above.
Source: Hdl Coren & Cone
Assessed Value of Taxable Property by Category
Last Ten Fiscal Years
108
Fiscal Year Taxes Levied
Ended for the
June 30 Fiscal Year Amount % to Levy Years % to Levy
2016 13,253,014 12,601,451 95.08% 651,563 4.92%
2017 13,936,746 13,074,268 93.81% 862,478 6.19%
2018 14,703,953 14,121,763 96.04% 582,190 3.96%
2019 15,767,853 15,394,941 97.63% 372,912 2.37%
2020 16,475,820 16,094,480 97.69% 381,340 2.31%
2021 17,378,503 16,894,937 97.22% 483,566 2.78%
2022 17,945,192 16,979,687 94.62% 965,505 5.38%
2023 18,718,893 18,200,561 97.23% 518,332 2.77%
2024 19,410,543 18,967,403 97.72% 443,140 2.28%
2025 20,105,264 19,650,956 97.74% 454,308 2.26%
Source: Los Angeles County Auditor/Controller.
City Finance Department
Property Tax Levies and Collections
Last Ten Fiscal Years
Fiscal Year of Levy
Collected within the Collections in
Subsequent
(unaudited)
109
Fiscal Year
Ended June 30,
Bonds Payable Lease
Liability
Subscription
Liability Total
Percentage of
Personal
Income
Per Capita
2016 4,355,000 - - 4,355,000 22% 321.02
2017 3,830,000 - - 3,830,000 25% 284.40
2018 3,250,000 - - 3,250,000 32% 244.88
2019 2,605,000 - - 2,605,000 39% 210.90
2020 1,900,000 411,423 - 2,311,423 46% 191.23
2021 1,490,000 396,585 - 1,886,585 51% 145.56
2022 1,040,000 334,895 - 1,374,895 70% 112.17
2023 545,000 259,785 871,469 1,676,254 66% 137.33
2024 - 186,601 692,635 879,236 127% 71.03
2025 - 825,936 355,611 1,181,547 94% 95.83
Source:
City Finance Department
Governmental Activities
Outstanding Debt by Type
Last Ten Fiscal Years
110
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111
General Information
Date of Incorporation April 13, 1913
Form of Government Council-Manager
City Type General Law
Area 3.77 Square Miles
Lane Miles 119.5
Public Safety
Police Protection City-Owned and Operated, 1 Station
Fire Protection City-Owned and Operated, 1 Station
Education
School District San Marino Unified School District
Schools 1 High School, 1 Middle School, & 2 Elementary Schools Population Distribution by Race (2020 US Census) Percent Asian-American 64.6%
European-American 26.0%
Hispanic or Latino 7.0%
Other 2.4%
Single Family Residential Full Value Sales (01/01/2021-06/30/23) * Year Full Value Sales Average Price Median Price Median % Change 2022 136 2,963,081 2,609,000
2023 108 3,234,426 2,700,000 3.49%
2024 126 3,613,353 2,825,000 4.63%
2025 49 (Jan-June 2025) 3,251,592 3,150,000 11.50%
* "Single Family Residential" includes both stand-alone homes and townhouses and condos with a common wall.
Los Angeles County Recorder
HdL Coren & Cone
US Bureau of the Census. The official population census of the United States is conducted every ten years. (unaudited)
DEMOGRAPHIC AND ECONOMIC STATISTICS
Notes and Data Sources:
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
2,609,000 2,700,000 2,825,000 3,150,000
Median Price
112
Personal Income Per Capita Unemployment Median % of Pop 25+ with % of Pop 25+ with Population (In Thousands) Personal Income Rate Age High School Degree Bachelor's Degree 2015 13,566 968,617 71,400 2.6% 46.1 94.4% 69.9%
2016 13,467 958,308 71,159 2.0% 45.9 94.5% 71.1%
2017 13,272 966,580 72,828 2.2% 46.7 95.3% 71.7%
2018 13,352 1,024,823 76,754 2.2% 46.6 96.9% 73.4%
2019 13,087 1,019,187 77,877 2.3% 48.0 97.8% 75.6%
2020 12,961 1,062,978 82,013 4.1% 46.9 97.8% 78.1%
2021 12,257 957,019 78,079 3.1% 45.4 96.9% 78.2%
2022 12,206 966,035 79,144 2.4% 45.6 97.6% 80.8%
2023 12,379 1,098,595 88,746 2.5% 45.5 96.4% 80.1%
2024 12,330 1,116,039 90,514 3.3% 45.2 96.4% 80.2%
(unaudited)
Calendar
DEMOGRAPHIC AND ECONOMIC STATISTICS
Year
#VALUE!
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Notes and Data Sources:
Population: California State Department of Finance. Unemployment Data: California Employment Development Department 2000-2009 Income, Age, and Education Data: ESRI - Demographic Estimates are based on the last available Census. Projections are developed by incorporating all of the prior census data released to
date. Demographic Data is totaled from Census Block Groups that overlap the City's boundaries 2010 and later - Income, Age and Education Data - US Census Bureau, most recent American Community Survey 113
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114
Function 2025 2024 2023 2022 2021
Administration 9.50 9.50 9.50 9.50 9.50
Community Development 13.55 13.50 13.50 10.50 10.50
Police 43.50 43.50 40.00 40.00 40.00
Fire 21.00 21.00 21.00 21.00 21.00
Parks and Public Works 16.00 16.00 16.00 16.50 16.50
Recreation 19.09 19.75 16.61 12.70 16.48
Library 17.29 17.29 17.39 18.54 18.69
Old Mill - - - - -
Total 139.93 140.54 134.00 128.74 132.67
Function 2020 2019 2018 2017 2016
Administration 9.50 9.50 8.25 5.83 5.89
Community Development 9.50 9.00 7.92 6.92 7.77
Police 40.00 37.50 37.50 37.40 32.43
Fire 21.00 23.00 23.00 20.10 20.60
Parks and Public Works 20.02 20.02 20.02 19.19 17.21
Recreation 21.17 21.17 21.90 21.89 19.85
Library 18.39 18.39 18.34 18.29 18.34
Old Mill - - - - -
Total 139.58 138.58 136.93 129.62 122.09
Note:
A full-time employee is equivalent to 2,080 hours per year.
Source: City Finance Department
Fiscal Year Ended June 30,
Fiscal Year Ended June 30,
Full-Time Equivalent City Employees
by Function
115
2025 2024 2023 2022 2021
Police:(in fiscal year) (1)
Physical arrests 155 174 215 189 187
Fire: (in fiscal year) (2)
Number of incident calls (6) 2,075 2,036 2,226 1,882 1,592 Inspections (7) 1,151 1,182 974 842 322
Public works: (in fiscal year) (3)
Street resurfacing (lane miles) 4.5 9.3 - 10.8 9.7
Parks and recreation/Library:(in fiscal year)(4)
Number of programs offered 720 677 609 511 318
Total program participants 35,707 32,095 32,065 25,274 10,392 Community development: (in fiscal year)(5)
Building permits issued 989 905 906 966 754
2020 2019 2018 2017 2016
Police: (1)
Physical arrests 254 173 185 173 257
Fire: (2)
Number of incident calls 1,869 1,665 2,007 2,018 1,742
Inspections 249 439 306 N/A N/A
Public works: (3)
Street resurfacing (lane miles) 5.6 7.9 - N/A 8.5
Parks and recreation/Library:(in fiscal year) (4)
Number of programs offered 374 511 418 495 540
Total program participants N/A N/A N/A N/A N/A
Community development: (in fiscal year) (5)
Building permits issued N/A N/A N/A N/A N/A
Sources:
(1) San Marino Police Department
(2) San Marino Fire Department
(3) City Public Works Department
(4) City Community Services Department
(5) City Community Development Department
Notes:
(6) In 2018, incidents outside of San Marino accounted for greater than 50% of all EMS responses.
The Fire Department negotiated with our Verdugo Fire Communication Center partners to reduce the response area of RA91 outside of San Marino, improving the availability of the ambulance for San Marino residents.
(7) Includes brush inspections which started in FYE 6/30/19 N/A - Information not available.
Indicators are not available for the general government function.
Function
Fiscal Year Ended June 30,
Function
Fiscal Year Ended June 30,
Operating Indicators by Function
Last Ten Fiscal Years
116
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Public safety
Police:
Station 1 1 1 1 1 1 1 1 1 1
Fire:
Station 1 1 1 1 1 1 1 1 1 1
Highways and streets
Lane miles 119.5 119.5 119.5 119.5 119.5 119.5 119.5 119.5 119.5 119.5 Sidewalk miles 100 100 100 100 100 100 100 100 100 100
Streetlights (approximate) 2300 2300 2,300 2,300 2,300 2,300 2,300 2,300 2,300 2,300 Signalized Intersections 15 15 15 15 15 15 15 15 15 15
Culture and recreation
Libraries 1 1 1 1 1 1 1 1 1 1
Community Centers 1 1 1 - - - - - - -
Parks 1 1 1 1 1 1 1 1 1 1
Sewer
Sewer Connction Lines (miles) 51 51 51 51 51 51 51 51 51 51 Drainage Inlets 376 376 376 376 376 376 376 376 376 376 Sewer Manholes 1251 1251 1,251 1,251 1,251 1,251 1,251 1,251 1,251 1,251 Source:
City Finance Department
Last Ten Fiscal Years
Function
Fiscal Year Ended June 30
Capital Asset Statistics by Function
117
CITY OF SAN MARINO
Annual Comprehensive Financial Report
For the Fiscal Year Ended June 30, 202