OPERATING BUDGET & CAPITAL IMPROVEMENT PROGRAM FY 2021-2022THE CITY OF SANTA CLARITA
City of Santa Clarita, California
Annual Comprehensive Financial Report
Year Ended June 30, 2021
Prepared by the Finance Division
City of Santa Clarita, California
Table of Contents
June 30, 2021
INTRODUCTORY SECTION
Letter of Transmittal ................................................................................ ................................................... .......... i GFOA Certificate of Achievement for Excellence in Financial Reporting ................................................................ ix Officials of the City of Santa Clarita ............................................................... ................................................... .... x Organizational Chart ................................................................................. ................................................... ........ xi Map of the City of Santa Clarita ..................................................................... ................................................... .. xii
FINANCIAL SECTION
Independent Auditor’s Report ......................................................................... ................................................... . 1 Management’s Discussion and Analysis ................................................................. .............................................. 5 Basic Financial Statements:
Government-wide Financial Statements:
Statement of Net Position ............................................................................ .................................................. 15 Statement of Activities .............................................................................. ................................................... .. 18 Fund Financial Statements:
Government Funds Financial Statements:
Balance Sheet ........................................................................................ ................................................... ..... 20 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position ........................... 23 Statement of Revenues, Expenditures and Changes in Fund Balances ............................................................ 24 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities .............................................................. ............................................ 26 Proprietary Funds Financial Statements:
Statement of Net Position ............................................................................ .................................................. 27 Statement of Revenues, Expenses and Changes in Net Position .......................................... ........................... 28 Statement of Cash Flows .............................................................................. .................................................. 29 Fiduciary Funds Financial Statements:
Statement of Fiduciary Net Position .................................................................. ............................................. 30 Statement of Changes in Fiduciary Net Position ....................................................... ...................................... 31 City of Santa Clarita, California .................................................................... ................................................... 33 Notes to Financial Statements ........................................................................ ................................................... 33 Required Supplementary Information:
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual:
General Fund ......................................................................................... ................................................... ..... 93 Bridge and Thoroughfare Special Revenue Fund ......................................................... ................................... 94 Developer Fees Special Revenue Fund .................................................................. ......................................... 95 Public Library Special Revenue Fund .................................................................. ............................................ 96 Landscape Maintenance District #1 Special Revenue Fund ............................................... .............................. 97 Schedule of Changes in the Net OPEB Liability and Related Ratios .................................................................. 98 City of Santa Clarita, California
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June 30, 2021
Schedule of Contributions – OPEB ..................................................................... ............................................. 99 Schedule of Money Weighted Rate of Return – OPEB...................................................... ............................. 100 Schedule of Changes in the City’s Net Pension Liability and Related Ratios................................................... 101 Schedule of City Contributions – Pensions ............................................................ ........................................ 102 Notes to Required Supplementary Information .......................................................... .................................. 103 Supplementary Information
Non-major Governmental Funds:
Description of Non-Major Governmental Funds .......................................................... ................................. 105 Combining Balance Sheet .............................................................................. ............................................... 109 Combining Statement of Revenues, Expenditures and Changes in Fund Balances ......................................... 117 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual:
Bikeway Special Revenue Fund ......................................................................... ........................................... 125 Gas Tax Special Revenue Fund ......................................................................... ............................................ 126 Proposition A Special Revenue Fund ................................................................... ......................................... 127 Special Assessment Special Revenue Fund .............................................................. ..................................... 128 Street Lighting District Special Revenue Fund ........................................................ ....................................... 129 Measure M Local Return Special Revenue Fund .......................................................... ................................. 130 SB1 Road Repair and Activity Special Revenue Fund .................................................... ................................. 131 State Park Special Revenue Fund ...................................................................... ........................................... 132 Transportation Development Act 8 Special Revenue Fund ................................................ ........................... 133 Traffic Safety Special Revenue Fund .................................................................. ........................................... 134 Community Development Block Grant Special Revenue Fund ............................................... ....................... 135 Air Quality Management District Special Revenue Fund ................................................. .............................. 136 Stormwater Special Revenue Fund ...................................................................... ......................................... 137 Surface Transportation Program Special Revenue Fund .................................................. ............................. 138 BJA Law Enforcement Special Revenue Fund ............................................................. ................................... 139 Supplemental Law Grant Special Revenue Fund .......................................................... ................................. 140 HOME Special Revenue Fund ............................................................................ ........................................... 141 Library Facilities Fees Special Revenue Fund ......................................................... ....................................... 142 Public Education and Government Special Revenue Fund ................................................. ........................... 143 Proposition C Special Revenue Fund ................................................................... ......................................... 144 American Rescue Plan Special Revenue Fund ............................................................ ................................... 145 Federal Grants Special Revenue Fund .................................................................. ........................................ 146 Measure R Special Revenue Fund........................................................................ ......................................... 147 Measure R Highway Improvement Special Revenue Fund ................................................... ......................... 148 Measure H Homeless Initiatives Special Revenue Fund .................................................. .............................. 149 Measure M ATP Special Revenue Fund ................................................................... ..................................... 150 Measure A Safe Parks Special Revenue Fund ............................................................ .................................... 151 Measure W Safe Clean Water Special Revenue Fund ...................................................... .............................. 152 Tourism Marketing District Special Revenue Fund ...................................................... .................................. 153 Open Space Preservation District Special Revenue Fund ................................................ .............................. 154 Miscellaneous Grants Special Revenue Fund ............................................................ .................................... 155 Park Dedication Special Revenue Fund ................................................................. ........................................ 156 Housing Successor Agency Special Revenue Fund ........................................................ ................................ 157 Tourism Marketing Bureau Special Revenue Fund ........................................................ ................................ 158 City of Santa Clarita, California
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June 30, 2021
Areawide Special Revenue Fund ........................................................................ .......................................... 159 Cooper Street Parking Structure CFD 2020 Special Revenue Fund ........................................ ........................ 160 Vista Canyon Wastewater Standby District Special Revenue Fund ................................................................ 161 General Capital Projects Fund ........................................................................ .............................................. 162 Public Financing Authority Capital Projects Fund ..................................................... ..................................... 163 Civic Arts Projects Capital Projects Fund ............................................................ ........................................... 164 Public Financing Authority Debt Service Fund ......................................................... ..................................... 165 Internal Services Funds:
Description of Internal Service Funds ................................................................ ........................................... 166 Combining Statement of Net Position .................................................................. ........................................ 167 Combining Statement of Revenues, Expenses and Changes in Net Position .................................................. 168 Combining Statement of Cash Flows .................................................................... ........................................ 169 Custodial Funds
Description of Custodial Funds ....................................................................... .............................................. 170 Combining Statement of Assets and Liabilities ........................................................ ..................................... 171 Combining Statement of Changes in Assets and Liabilities ............................................................................ 173
STATISTICAL SECTION
Net Position by Component ............................................................................ ............................................. 177 Changes in Net Position .............................................................................. ................................................. 1 79 Fund Balances of Governmental Funds .................................................................. ...................................... 183 Changes in Fund Balances of Governmental Funds ....................................................... ................................ 185 Assessed Values and Actual Values of Taxable Property ................................................ ............................... 187 Redevelopment Agency Assessed Values and Actual Values of Taxable Property ......................................... 189 Assessed Values – Taxable Property ................................................................... .......................................... 191 Assessed Values – Use Category Summary ............................................................... .................................... 193 Direct and Overlapping Property Tax Rates ............................................................ ...................................... 194 Principal Property Taxpayers ......................................................................... ............................................... 196 Property Tax Levies, Tax Collections and Delinquencies ............................................... ................................ 197 Successor Agency – Property Owners Based on Net Values ............................................... ........................... 198 Successor Agency – Project Assessment Appeals Summary and Tax Collection History ................................. 200 Charge Detail Report for CFD 2002-1 (Valencia Town Center) ........................................... ........................... 201 Ratio of Outstanding Debt by Type..................................................................... .......................................... 203 Ratio of General Bonded Debt Outstanding ............................................................. .................................... 205 Direct and Overlapping Tax and Assessment Debt ....................................................... ................................. 206 Legal Debt Margin Information ........................................................................ ............................................ 207 Pledged Revenue Coverage ............................................................................. ............................................. 209 Demographic and Economic Statistics .................................................................. ........................................ 210 Principal Employers ............................... ................................................... ................................................... 211 Full-Time and Part-Time City Employees by Function ................................................... ................................ 212 Operating Indicators by Function ..................................................................... ............................................ 213 Capital Assets Statistics by Function ................................................................ ............................................. 214
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OFFICIALS OF THE CITY OF SANTA CLARITA
As of June 30, 2021
City Council
Bill Miranda
MAYOR
Laurene Weste
MAYOR PRO TEM
Jason Gibbs
COUNCILMEMBER
Marsha McLean
COUNCILMEMBER
Cameron Smyth
COUNCILMEMBER
City Officials
Ken Striplin
CITY MANAGER
Frank Oviedo
ASSISTANT CITY MANAGER
Joseph Montes
CITY ATTORNEY
Carmen Magaña
DIRECTOR OF ADMINISTRATIVE SERVICES
Tom Cole
DIRECTOR OF COMMUNITY DEVELOPMENT
Jerrid McKenna INTERIM DIRECTOR OF NEIGHBORHOOD SERVICES
Robert Newman
DIRECTOR OF PUBLIC WORKS/CITY ENGINEER
Janine Prado DIRECTOR OF RECREATION AND COMMUNITY SERVICES
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10681 Foothill Blvd., Ste. 300 | Rancho Cucamonga, CA 91730-3831 | T 909.466.4410 | F 909.466.4431 | EOE
1 Independent Auditor’s Report
To the Honorable Mayor and Members of the City Council
of the City of Santa Clarita
Santa Clarita, California
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, the business- type activities, each major fund, and the aggregate remaining fund information of the City of Santa Clarita, California, (City) as of and for the year ended June 30, 2021, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes 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.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. 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. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
2 Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2021, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Emphasis of Matter
As discussed in Notes 1 and 23 to the financial statements, the City has adopted the provisions of GASB Statement No. 84, Fiduciary Activities, which has resulted in a restatement of the net position as of July 1, 2020. Our opinions are not modified with respect to this matter.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, schedules of revenues, expenditures and changes in fund balance – budget and actual for the General fund and each major special revenue fund and related notes, schedule of changes in the net OPEB liability and related ratios, schedule of contributions – OPEB, schedule of money weighted rate of return - OPEB, schedule of changes in the City’s net pension liability and related ratios, and schedule of city contributions – pensions, as listed in the table of contents, be presented to supplement the basic financial statements. Such information, 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.
Other 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 introductory section, combining and individual nonmajor funds financial statements and budgetary comparison schedules, and statistical section, are presented for purposes of additional analysis and are not a required part of the basic financial statements.
The combining and individual nonmajor funds financial statements and budgetary comparison schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual nonmajor funds financial statements and budgetary comparison schedules are fairly stated, in all material respects, in relation to the basic financial statements as a whole.
3 The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them.
Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 23, 2021, 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 the City’s internal control over financial reporting and compliance.
Rancho Cucamonga, California
December 23, 2021
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5 MANAGEMENT’S DISCUSSION AND ANALYSIS
Fiscal Year Ended June 30, 2021
This discussion and analysis of the City of Santa Clarita’s (the City) financial performance provides an overview of the financial activities of the City for the fiscal year ended June 30, 2021. Our analysis includes information regarding the City’s overall financial posit ion and results of operations to assist users in evaluating the City’s financial position, a discussion of sig nificant changes that occurred in funds, and information regarding significant budget variances. In addition, it describes the activities during the year for capital assets and long-term debt. We end our discussion and analysis with a description of currently known facts, decisions and conditions that are expected to have a si gnificant effect on the financial position or results of operations. Please read it in conjunction wit h the accompanying transmittal letter, the basic financial statements and the accompanying notes to those financial statements.
FINANCIAL HIGHLIGHTS
• The assets and deferred outflows of resources of the Ci ty exceeded its liabilities and deferred inflows of resources at the close of the most recent fiscal year by $1.4 billion. Of this amount, $133 million represents unrestricted net position that may be used to meet the City’s ongoing obligations to citizens and creditors. The City’s deferred outflows of resources total $26.8 million and deferred inflows of resources total $32 million.
• The City’s total deferred outflows of resources decreas ed by $6.8 million. The deferred inflows of resources increased by $24 million. The changes in deferred outflow and inflows were related to Other Post-Employment Benefits (OPEB) and Pensions (Table 1).
• The City’s total net position increased by $111 million. Net position of the business-type activities increased by $16 million, and the net position of the g overnmental activities increased by $95 million (Table 1 & 2).
• The net capital assets of the City’s governmental activitie s increased by $84.7 million, or 8.3% over last fiscal year. The increase was in part due to purchases and contributions of land totaling $30.1 million, and the increase of construction in progress of $55.6 million. See Note 6 to the financial statements for additional information.
• As of the close of the current fiscal year, the City’s gove rnmental funds reported combined ending fund balances of $312 million. This represents an increase of $11 million as compared to the prior year.
• Within governmental funds, the General Fund reported a fund balance of $188 million.
USING THIS ANNUAL REPORT
The financial statements presented herein include all o f the activities of the City and its component unit using the integrated approach as prescribed by Governmenta l Accounting Standards Board (GASB) Statement No. 34. The three components of the basic financial statements are as follows:
1) Government-Wide Financial Statements
The Government-Wide Financial Statements present the fi nancial picture of the City from the economic resources measurement focus using the accrual basis of accounting in a manner similar to a private-sector business. These statements include all a ssets and deferred outflows of resources of the City (including infrastructure) as well as all liabilities and deferred inflows of resources (including long-term debt).
6 USING THIS ANNUAL REPORT (CONTINUED)
2) Fund Financial Statements
The Fund Financial Statements include statements for each of the three categories of activities:
governmental, proprietary and fiduciary. For governmental activities, these fund statements tell how these services were financed in the short term, as well as what remains for future spending. Fund financial statements also report the City’s operations i n more detail than the government-wide statements by providing information about the City’s most significant funds and other funds.
3) Notes to the Basic Financial Statements
The notes provide additional information necessary to ena ble the user to fully understand the various financial statements.
In addition to the basic financial statements and notes, this report contains other supplementary information.
REPORTING THE CITY AS A WHOLE – GOVERNMENT-WIDE FINANCIAL STATEMENTS
The Statement of Net Position and the Statement of Activities
One of the most important questions asked about the Cit y’s finances is, “Is the City as a whole better or worse off as a result of the year’s activities?” The Statement of Net Position and the Statement of Activities report information about the City as a whole, and it s activities, in a way to answer this question. These statements include all assets and liabilities of the City using the accrual basis of accounting , which is similar to the accounting used by most private-sector companies. All of the current year’s revenues and expenses are taken into account, regardless of when cash is received or paid.
The Statement of Net Position reports all of the Cit y’s assets and deferred outflows of resources, and liabilities and deferred inflows of resources, with the difference between the two reported as net position.
Net position is one way to measure the City’s financial health or financial position . Over time, increases or decreases in the City’s net position is an indication of whether its financial health is improving or deteriorating. Other things to consider are non-financi al factors, such as changes in the economy due to external factors that would cause an increase or decrease in consumer spending.
The Statement of Activities presents information relating to how the City’s net position changed during the fiscal year. All activities resulting in changes in net posit ion are reported when earned or incurred, regardless of the receipt or disbursement of the related transaction’s cash flows. Some of the revenues and expenses reported in this statement will result in future fiscal period cash flows, such as the receipt of uncollected taxes and the payment of interest expense or compensated absences.
In the Statement of Net Position and the Statement of Activities, we separate the City’s activities as follows:
Governmental Activities – Most of the City’s basic services are reported in this category, including general administration (City Manager, City Clerk, Finance, etc.) , public safety, public works, recreation, neighborhood services, community services, and community development (planning). These activities are distinguished due to the use of property taxes, sales tax, t ransient occupancy tax, user fees, interest income, franchise fees, state and federal grants, contributions from other agencies, and other revenues to finance these activities.
Business-Type Activities – City functions that are intended to be primarily self -supporting through the imposition of user fees and charges are reported in the business-type activity category. Business-type activities for the City consist of transit activities related to the operation of the City’s local public transportation system.
7 REPORTING THE CITY AS A WHOLE – GOVERNMENT-WIDE FIN ANCIAL STATEMENTS (CONTINUED)
Component Unit Activities – The City of Santa Clarita is the primary government unit to one legally separate entity. The financial activity and data of the S anta Clarita Public Financing Authority has been accounted for within the funds of the City, and therefore, separate component unit financial information is not presented within the financial statements.
REPORTING THE CITY’S MOST SIGNIFICANT FUNDS – FUND FINANCIAL STATEMENTS
A fund is a grouping of related accounts used to account f or and accumulate financial information related to a specific activity or objective. Some funds are requir ed to be established by State law and bond covenants; however, management established many other funds to help it control and manage money for particular purposes or to show that it is meeting legal responsibilities for using certain taxes, grants and other resources. The fund financial statements provide detailed information about the most significant funds and other funds – not the City as a whole. The City’ s three types of funds are governmental, proprietary and fiduciary.
Governmental Funds – Most of the City’s basic services are reported in governm ental funds.
Governmental fund financial statements focus on how money flows in and out of those funds and the balances left at year-end that are available for spendin g. These funds are reported using an accounting method called “ modified accrual” accounting, which measures cash and all other financial assets that can readily be converted to cash. The governmental fund statements provide a detailed short-term view of the City’s general government operations and the basic services it provides. Governmental fund information helps determine whether there are more or fewer fina ncial resources that can be spent in the near future to finance the City’s programs. Because the focus of the g overnmental funds is narrower than that of the government-wide financial statements, it is useful to comp are the information presented for the governmental funds with similar information presented for the governmental activities in the government- wide financial statements. Reconciliation of the Fund Fi nancial Statements to the Government-Wide Financial Statements is provided to explain the differences created by this integrated approach.
The City reports governmental fund financial information within 46 governmental funds. The General Fund, Bridge and Thoroughfare Fund, Developer Fees Fund, Pu blic Library Fund and Landscape Maintenance District #1 Fund are presented separately as major funds in the governmental fund balance sheet and in the Governmental Fund Statement of Revenues, Expenditures, and Changes in Fund Balances. Financial data for the remaining 41 governmental funds are com bined into a single, aggregated presentation.
Supporting financial information on each of the other governmental funds is also provided within the report.
Proprietary Funds – The City maintains two different types of proprieta ry funds. When the City charges customers for the services it provides, these services are gener ally reported in a type of proprietary fund known as an enterprise fund. Enterprise funds are used to report the same functions presented as business- type activities in the government-wide financial statemen ts, but the proprietary fund statements provide more detail and additional information, such as a sta tement of cash flows. The City uses the Transit Enterprise Fund to account for the activities related to transit operations.
Internal service funds are an accounting device used to accumu late and allocate costs internally among the City’s various functions. The City uses three internal service funds to account for costs related to self- insurance, computer replacement and vehicle-equipment replacement.
Proprietary funds are reported in the same way all activities are reported in the Statement of Net Position and the Statement of Activities. The proprietary fund financial statements provide separate information for the Transit Enterprise Fund, which is considered to be a major fund of the City. All of the internal service funds are combined into a single, aggregated presentati on in the proprietary fund financial statements.
Individual fund data for the internal service funds is pr ovided in the form of combining statements in the supplementary information section of this report.
8 THE CITY AS TRUSTEE – FIDUCIARY FUND STATEMENTS
Reporting the City’s Fiduciary Responsibilities
The City is the trustee and custodian, or fiduciary , for certain funds held for the benefit of other par ties outside of the City. The City’s fiduciary activities are re ported in separate Statements of Fiduciary Net Position and Statement of Changes in Fiduciary Net Position. These activities were excluded from the City’s other financial statements because the City cannot use these assets to finance its operations. The City is responsible for ensuring that the assets reported in these funds are used for their intended purposes.
NOTES TO THE BASIC FINANCIAL STATEMENTS
The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements.
OTHER INFORMATION
In addition to the basic financial statements and accompan ying notes, this report also presents certain required supplementary information concerning the comparison of budget and actual results for the major governmental funds, other post-employment benefits money weighted rate of return, schedule of changes in the City’s net pension liability, OPEB and related ratios, and a schedule of the City’s pension and OPEB contributions. This section is located after the Notes to Financial Statements.
The combining statements referred to earlier in connect ion with the other governmental funds, internal service funds and fiduciary funds are presented immediately following the required supplementary information described in the previous paragraph in the supplementary information section.
THE CITY AS A WHOLE
The analysis below focuses on the net position (Table 1) and changes in net position (Table 2) of the City’s governmental and business-type activities.
The City’s net position may be analyzed and used as an in dicator of the City’s overall financial condition.
The City’s combined net position increased by $111 million, increasing from $1.29 billion to $1.40 billion.
9 THE CITY AS A WHOLE (CONTINUED)
TABLE 1
CITY OF SANTA CLARITA’S NET POSITION
The City’s net position is made up of three components: Net Investment in Capital Assets, Restricted Net Position and Unrestricted Net Position.
As of June 30, 2021, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $1.4 billion. The largest component of the City’s net position, 80%, is represented by its $1.12 billion net investment in capital assets (e.g., infrastructure, land, buildings and improvements, equipment, and construction in progress, less accumulated depreciation and any related outstanding debt used to acquire the capital assets). These capital assets are used to provide services to the citizens, and therefore are not available to finance future operations. In add ition, resources necessary to repay the related debt must be provided by sources other than the capital assets, a s the assets themselves cannot be used to satisfy these liabilities.
An additional portion of the City’s net position, 10.5% represents resources subject to external restrictions on how they may be used. The remaining 9.5% of unrestricted net position, $133 million, may be used to meet the City’s ongoing obligations to citizens and credit ors. Within the restricted section of net position, $7 million is related to Sheriff’s Station bond proceeds and $2.7 million is related to Vista Canyon Transit Center bond proceeds.
At the end of the current fiscal year, the City is able t o report positive balances in both categories of governmental and business-type net position consistent with prior years. Net position for governmental activities increased by $95 million over the prior year. Th e unrestricted net position of the business-type activities increased by $8.4 million.
10 THE CITY AS A WHOLE (CONTINUED)
Governmental Activities
Revenues from governmental activities increased by $34.2 million. The cost of all governmental activities this year was $169.7 million, a decrease of 6.13% over t he past year. As shown in the Statement of Activities, the governmental activities expenses were ultimately financed in part by the taxpayers, as $63.8 million in revenues were generated by service revenues received from the performance of these activities; another $44.5 million was received from government age ncies and other organizations that subsidized certain programs with operating grants and contribution s; and another $42.8 million in revenues was generated from capital grants and contributions. Of the $22.5 million increase in the operating grants and contributions, $9.6 million was from the American Rescue Plan Act of 2021 and $7 million was from the Emergency Rental Assistance Program. Overall, the City’s go vernmental program and general revenues amounted to $264 million, which funded the expenses and resulted in a $95 million increase in net position.
TABLE 2
CITY OF SANTA CLARITA’S CHANGES IN NET POSITION
Business-Type Activities
Business-type activities increased the City’s net position by $16 million for the current year. Business-type activities revenues increased by $18.4 million during the year for a total of $44.3 million in revenues, excluding transfers in from governmental activities. The increased revenue was largely due to an increase in operating grants and contributions of $16 million. Related transit activity expenses decreased by $3.2 million.
2021 2020 2021 2020 2021 2020
Program Revenues:
Charges for services 63,758,091 $ 57,665,088 $ 5,799,364 $ 6,785,178 $ 69,557,455 $ 64,450,266 $ Operating grants and contributions 44,524,768 22,066,816 29,444,844 13,405,112 73,969,612 35,471,928 Capital grants and contributions 42,849,916 41,462,296 9,036,527 5,701,142 51,886,443 47,163,438 General Revenues:
Taxes:
Property taxes 52,981,738 46,420,350 52,981,738 46,420,350 Other taxes 57,150,510 49,577,480 57,150,510 49,577,480 Other 2,946,239 12,785,744 41,855 (9,629) 2,988,094 12,776,115 Total Revenues 264,211,262 229,977,774 44,322,590 25,881,803 308,533,852 255,859,577 General government 51,594,712 54,710,526 - - 51,594,712 54,710,526 Public safety 35,128,997 29,907,832 - - 35,128,997 29,907,832 Recreation and community services 17,239,899 16,047,345 - - 17,239,899 16,047,345 Public works 15,107,049 33,663,857 - - 15,107,049 33,663,857 Community development 11,435,676 8,942,864 - - 11,435,676 8,942,864 Neighborhood Services 13,865,065 12,862,529 - - 13,865,065 12,862,529 Unallocated infrastructure depreciation 21,543,801 21,043,711 - - 21,543,801 21,043,711 Interest and fiscal charges 3,742,582 3,549,649 - - 3,742,582 3,549,649 Transit - - 27,898,955 31,060,676 27,898,955 31,060,676 Total Expenses 169,657,781 180,728,313 27,898,955 31,060,676 197,556,736 211,788,989 Increase/Decrease in Net Postion Before Transfers 94 ,553,481 49,249,461 16,423,635 (5,178,873) 110,977,116 44,070,588 Transfers 347,468 153,690 (347,468) (153,690) - - Changes in Net Position 94,900,949 49,403,151 16,076,167 (5,332,563) 110,977,116 44,070,588
Net Position – Beginning of Year 1,211,806,436 1,162,403,285 78,842,993 84,175,556 1,290,649,429 1,246,578,841 Net Position – End of Year 1,306,707,385 $ 1,211,806,436 $ 94,919,160 $ 78,842,993 $ 1,401,626,545 $ 1,290,649,429 $ Governmental Activities Business-type Activities Total
11 THE CITY’S FUNDS
The governmental funds reported a combined fund balance at the end of the current fiscal year of $312 million, an increase of $11 million over the prior year. Approximately $133 million is restricted and already reserved for specific restricted purposes.
The total governmental fund balance includes the general fund balance of $188 million . The General Fund is the chief operating fund of the City. The unassigned fund balance of $60 million is available for spending at the City’s discretion. More detailed information ab out the City’s classification of fund balances are presented in Note 11 to the financial statements.
Other major fund balance changes are noted below:
• The Bridge and Thoroughfare Fund has realized an incr ease of $3.7 million in its fund balance from prior year. The increase included $3.1 million developer fees revenue from the Bouquet Canyon project areas.
• The Developer Fee Fund has realized a decrease of $3.4 million in its fund balance from the prior year. The decrease is attributed to expending $2 million for the construction of the City’s new Sheriff’s Station.
• The Public Library Fund realized an increase of $2.5 mi llion in its fund balance as a result of increasing property tax revenue.
• The Landscape Maintenance District’s fund balance decrea sed by $1.5 million from the prior year due to various capital projects, including $1.2 million f or the Mountain View Park Play Area and Shade Structure project.
In addition to the major funds, the fund balances for the other governmental funds experienced an aggregate increase of $12 million. The increase included $9.6 million in grant funds from the American Rescue Plan Act of 2021.
The City’s proprietary funds provide the same type of info rmation found in the government-wide financial statements, but in more detail. The total net position for the Transit Enterprise Fund increased over the prior year by $16 million. The increase was mainly due to $18 million in funding from the CARES Act. The unrestricted portion of the business-type activities net position increased by $8.4 million from the prior year.
The Internal Service Funds net position decreased by $583, 146 or 5.6%. The ending fund balance for Internal Service Funds is $9.7 million, of which $7.8 million is unrestricted.
General Fund Budgetary Highlights
Comparison of the fiscal year 2020-2021 original (adop ted) general fund budgeted expenditures and transfers of $116.4 million to the final budgeted expenditures of $193.4 million results in a net increase of $77.1 million.
Included in this net increase is $11,642,615 committed purchase orders and contracts from the prior June 30 balance, as well as $1,230,417 of prior fiscal year operating and capital improvement projects approved for carryover into fiscal year 2020-2021.
12 THE CITY’S FUNDS (CONTINUED)
Original Budget
+
Continued
Appropriations +
Encumbrances
=
Beg. Balance + Supplemental
Changes =
Final Budget
$105,686,945 + $1,230,417+ $11,642,615 = $118,559,977+ $ 57,572,524 = $176,132,501
Comparing the beginning budget of $119 million with the final budget of $176 million indicates the General Fund had supplemental budgetary appropriations of $58 million during the fiscal year. Included in the supplemental appropriations are the results of this year’s budget review.
During the mid-year budget review, budgeted general fund revenue had an increase of $19.8 million, inclusive of transfers in. Included in the increase is $3.9 million and $200,000 in sales tax and property tax respectively, $803,858 loan repayment from the Successor Agency, $450,000 transfer in from Coronavirus Aid, Relief, and Economic Security (CARES) Act Corona Relief Fund (CRF) grant for the reimbursement of unemployment claims payments, and a net increase of $135,361 in development revenues as a result of increased permitting activities. It also included decreases in code fines for $350,000, a result of reduced parking enforcement efforts and waivers due to COVID-19 economic challenges, $560,000 in transient and occupancy tax revenue attributed to the coronavirus impact to the hotel industry, and $2.9 million in recreation programming revenue due to COVID-19 restrictions. In addition, an increase of $14.2 million was included to account for recreational ice rink facility bond proceeds, and a $1.4 million Los Angeles County Flood Control District contribution for improvements to the Mint Canyon Channel and storm drains in coordination with the City’s Canyon Country Community Center project.
At year-end, the City’s actual general fund revenues were $422,859 more than the final budgetary estimates. Actual general fund expenditures were le ss than the final budgetary estimates by $29 million, which is due to operational savings and capital projects carried forward to the next fiscal year.
CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets
The City had $1.1 billion (net of accumulated depreciation) invested in a broad range of capital assets. This investment in capital assets includes land, buildin gs and related improvements, vehicles and equipment, and infrastructure, such as streets, bridges, traffic si gnals, medians, sidewalks, trails, sewers, curbs and gutters, and drainage systems (see Table 3).
TABLE 3
CITY OF SANTA CLARITA’S CAPITAL ASSETS (net of depreciation)
13 CAPITAL ASSETS AND DEBT ADMINISTRATION (CONTINUED)
Major capital asset events during the year included:
• Acquisitions and contributions of land totaling $30.1 m illion
• Construction in progress additions totaling $60.4 milli on.
• Infrastructure additions totaling $785,621
Additional information on the City of Santa Clarita’s capital assets can be located in Note 6 to the financial statements
Debt Administration
At year-end, the City’s total debt amounted to $89.3 million in bonds, notes, capital leases, claims payable and compensated absences as shown in Table 4. A summary of debt activity for the year follows.
TABLE 4
CITY OF SANTA CLARITA’S OUTSTANDING DEBT
The City’s governmental activities had $89.1 million in debt at year-end. Governmental activities long-term debt increased overall by $13.8 million.
No new debt related to business-type activities was issued or refinanced during the current fiscal year.
The City continues to monitor the potential impacts of the COVID-19 pandemic on revenues and expenditures and budget adjustments will be made as needed between December and the end of the fiscal year.
During the fiscal year ended June 30, 2021, the City was able to meet its current year debt obligation in a timely manner. State statutes limit the amount of general obligation debt a governmental entity may issue to 15% of its adjusted assessed valuation. The debt limi tation for the City as of June 30, 2021 was $1,386,877,966. The calculation of the debt limitation is included in the statistical section .
Additional information on the City of Santa Clarita’s debt can be located in Note 7 to the financial statements.
14 ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS
Our long history of conservative and strategic budget practices has allowed the City to maintain a balanced budget every year. Since the Great Recession, our organization has understood that there will continue to be economic peaks and valleys, and we need to be prepared and positioned for times when the economy is weak.
• General Fund sales tax revenue continues to be one of th e largest revenue source to operate general governmental functions, accounting for 33% or $39 million as projected in the 2021-2022 budget.
• Property tax revenues account for 34% of the General Fun d budget or $41 million in 2021-2022.
The County Assessor’s office makes changes to the City’s property tax roll daily to reflect transfers in ownership, new construction, assessment appeals, parcel splits and other dynamic changes.
Total General Fund expenditures are projected to be $1 19.7 million, resulting in a balanced budget, an operating surplus of $318,032, and a 20% operating re serve of $18.8 million. The City’s 2021-2022 operating and capital budget for all funds is $248.3 million, net of transfers.
The City remains dedicated to service excellence, teamwork and creativity. City staff continues to do more with less, find creative ways to maintain services revered by our community, and provide award-winning programs. The 2021-2022 budget remains to be a reflect ion of the City’s commitment to the residents of Santa Clarita. This is consistent with the City’s long tra dition of ensuring that programming for Santa Clarita’s youth and children is a priority to help promote growth and curb teen crimes. A copy of the City’s 2021-2022 budget can be obtained by visiting the web at http://www.santa-clarita.com/city-
hall/departments/city-manager-s-office/city-budget .
This financial report is designed to provide a general overview of the City’s finances for all those with interest in the government’s finances. Questions concerning any of t he information provided in this report, or request for additional information should be addresse d to the City Clerk, City of Santa Clarita, 23920 Valencia Blvd., Santa Clarita, California 91355.
See Notes to Financial Statements 15
City of Santa Clarita, California
Statement of Net Position
June 30, 2021
Governmental Business-type
Activities Activities Total
Assets
Current Assets
Cash and investments 341,497,366 $ 3,912,296 $ 345,409,662 $ Receivables:
Accounts, net 774,682 1,301 775,983 Interest 660,584 7,389 667,973 Taxes 16,825,368 - 16,825,368 Prepaid costs 895,299 18,235 913,534 Due from other governments 16,509,387 6,585,829 23,095,216 Total current assets 377,162,686 10,525,050 387,687,736 Noncurrent Assets
Restricted assets
Cash and investments 2,073,153 - 2,073,153 Cash and investments with fiscal agents 10,255,231 - 10,255,231 Loans receivable 2,513,174 - 2,513,174 Desposits with others 60,000 - 60,000 Notes to RDA Successor Agency 16,144,988 - 16,144,988 Net OPEB asset 12,273,965 301,813 12,575,778 Capital assets
Nondepreciable assets 397,763,726 25,416,520 423,180,246 Depreciable assets, net 711,283,539 62,606,990 773,890,529 Total noncurrent assets 1,152,367,776 88,325,323 1,240,693,099 Total assets 1,529,530,462 98,850,373 1,628,380,835 Deferred Outflows of Resources
Deferred outflows related to OPEB 7,787,445 191,495 7,978,940 Deferred outflows related to pensions 16,867,923 614,391 17,482,314 Unamortized loss on refundings 1,339,105 - 1,339,105 Total deferred outflows of resources 25,994,473 805,886 26,800,359 Liabilities
Current liabilities
Accounts payable and accrued liabilities 27,523,139 2,601,398 30,124,537 Interest payable 403,308 - 403,308 Deposits payable 3,141,882 - 3,141,882 Due to other governments 7,734,479 - 7,734,479 Unearned revenues 519,787 - 519,787 Compensated absences 1,996,898 36,257 2,033,155 Claims and judgments 3,974,601 - 3,974,601 Bonds, loans and capital leases 2,272,776 - 2,272,776 Total current liabilities 47,566,870 2,637,655 50,204,525 Noncurrent liabilities
Compensated absences 2,316,355 105,412 2,421,767 Claims and judgments 2,436,045 - 2,436,045 Bonds, loans and capital leases 76,145,138 - 76,145,138 Developer credits 55,635,573 - 55,635,573 Net pension liability 33,516,968 1,220,809 34,737,777 Total noncurrent liabilities 170,050,079 1,326,221 171,376,300 Total liabilities 217,616,949 3,963,876 221,580,825 Deferred Inflows of Resources
Deferred inflows related to OPEB 30,693,803 754,765 31,448,568 Deferred inflows related to pensions 506,798 18,458 525,256 Total deferred inflows of resources 31,200,601 773,223 31,973,824
See Notes to Financial Statements 16
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See Notes to Financial Statements 17
City of Santa Clarita, California
Statement of Net Position (Continued)
June 30, 2021
Governmental Business-type
Activities Activities Total
Net Position
Net investment in capital assets 1,032,579,113 $ 88,023,510 $ 1,120,602,623 $ Restricted
Landscape maintenance 30,992,621 - 30,992,621 Lighting district 14,192,379 - 14,192,379 Transportation 43,681,203 - 43,681,203 Open space preservation 6,578,028 - 6,578,028 Public safety 1,337,165 - 1,337,165 Public library 5,395,240 - 5,395,240 Air quality improvement 178,378 - 178,378 Stormwater 5,388,016 - 5,388,016 Public education and government 604,329 - 604,329 Tourism marketing 542,936 - 542,936 Low and moderate-income housing 4,292,288 - 4,292,288 Capital improvements 24,729,745 - 24,729,745 Bond proceeds 9,644,574 - 9,644,574 Unrestricted 126,571,370 6,895,650 133,467,020 Total net position 1,306,707,385 $ 94,919,160 $ 1,401,626,545 $
See Notes to Financial Statements 18
City of Santa Clarita, California
Statement of Activities
For the Fiscal Year Ended June 30, 2021
Operating Capital
Charges for Contributions Contributions
Function/Programs Expenses Services and Grants and Gran ts Governmental activities:
General government 51,594,712 $ 9,254,707 $ 4,031,343 $ -$ Public safety 35,128,997 1,303,759 623,225 3,287,378 Recreation and community services 17,239,899 3,627,549 - 363,660 Public works 15,107,049 16,419,310 38,112,907 39,198,878 Community development 11,435,676 1,899,854 907,111 - Neighborhood services 13,865,065 31,252,912 850,182 - Unallocated infrastructure depreciation 21,543,801 - - - Interest and fiscal charges 3,742,582 - - - Total governmental activities 169,657,781 63,758,091 44,524,768 42,849,916 Business-type activities:
Transit enterprise 27,898,955 5,799,364 29,444,844 9,036,527 Total business-type activities 27,898,955 5,799,364 29,444,844 9,036,527 Total primary government 197,556,736 $ 69,557,455 $ 73,969,612 $ 51,886,443 $ General revenues:
Taxes:
Property taxes
Sales taxes
Franchise taxes
Transient occupancy taxes
Property transfer tax
Propety taxes in lieu of motor vehicle fee
Investment income (loss)
Miscellaneous
Total general revenues
Transfers
Change in Net Position
Net Position, Beginning of Year
Net Position, End of Year
Program Revenues
See Notes to Financial Statements 19
City of Santa Clarita, California
Statement of Activities (Continued)
For the Fiscal Year Ended June 30, 2021
Governmental Business-type
Activities Activities Total
(38,308,662) $ -$ (38,308,662) $ (29,914,635) - (29,914,635) (13,248,690) - (13,248,690) 78,624,046 - 78,624,046 (8,628,711) - (8,628,711) 18,238,029 - 18,238,029 (21,543,801) - (21,543,801) (3,742,582) - (3,742,582) (18,525,006) - (18,525,006) - 16,381,780 16,381,780 - 16,381,780 16,381,780 (18,525,006) 16,381,780 (2,143,226) 52,981,738 - 52,981,738 43,197,889 - 43,197,889 9,493,742 - 9,493,742 2,275,383 - 2,275,383 2,010,033 - 2,010,033 173,463 - 173,463 634,957 41,855 676,812 2,311,282 - 2,311,282 113,078,487 41,855 113,120,342
347,468 (347,468) - 94,900,949 16,076,167 110,977,116 1,211,806,436 78,842,993 1,290,649,429 1,306,707,385 $ 94,919,160 $ 1,401,626,545 $ Changes in Net Position
Net (Expense) Revenues and
See Notes to Financial Statements 20
City of Santa Clarita, California
Balance Sheet
Governmental Funds
June 30, 2021
Bridge and Developer
General Fund Thoroughfare Fees
Assets
Cash and investments 178,159,980 $ 14,067,007 $ 8,625,164 $ Receivables
Accounts, net 533,530 - -
Interest 349,271 30,740 18,255
Taxes 12,431,517 - -
Loans 110,000 - -
Notes to RDA Successor Agency 8,914,740 - 7,230,248 Prepaid costs 391,738 - -
Due from other governments 202,153 - - Due from other funds 4,580,961 - - Advances to other funds 8,023,848 - 131,695 Deposits with others 60,000 - - Restricted assets:
Cash and investments - - - Cash and investments with fiscal agents 9,644,574 - - Total assets 223,402,312 $ 14,097,747 $ 16,005,362 $ Liabilities, Deferred Inflows of Resources,
and Fund Balances (Deficit)
Liabilities
Accounts payable and accrued liabilities 14,116,987 $ 316,965 $ 6,207,096 $ Deposits payable 3,141,882 - - Due to other governments 7,700,000 - - Unearned revenues 519,787 - - Due to other funds - - - Advances from other funds - 6,411,163 - Total liabilities 25,478,656 6,728,128 6,207,096 Deferred Inflows of Resources
Unavailable revenues 9,929,517 - 7,361,943 Fund Balances (Deficit)
Nonspendable 7,474,892 - - Restricted 9,644,574 7,369,619 2,394,047 Committed - - 832 Assigned 110,906,093 - 41,444 Unassigned 59,968,580 - - Total fund balances (deficit) 187,994,139 7,369,619 2,436,323 Total liabilities, deferred inflows of
of resources and fund balances (deficit) 223,402,312 $ 14,097,747 $ 16,005,362 $ Special Revenue Funds
See Notes to Financial Statements 21
City of Santa Clarita, California
Balance Sheet (Continued)
Governmental Funds
June 30, 2021
Landscape Non-major Total
Public Maintenance Governmental Governmental
Library District #1 Funds Funds
3,107,377 $ 23,651,092 $ 99,487,172 $ 327,097,792 $ 53,547 11,525 176,080 774,682 5,762 48,549 183,105 635,682 249,256 209,423 3,935,172 16,825,368 - - 2,403,174 2,513,174 - - - 16,144,988 112,800 281,324 97,380 883,242 - - 16,307,234 16,509,387 - - - 4,580,961 - - - 8,155,543 - - - 60,000 - - 2,073,153 2,073,153 - - 610,657 10,255,231 3,528,742 $ 24,201,913 $ 125,273,127 $ 406,509,203 $ 149,207 $ 973,606 $ 5,702,814 $ 27,466,675 $ - - - 3,141,882 - - 34,479 7,734,479 - - - 519,787 - - 4,580,961 4,580,961 1,744,380 - - 8,155,543 1,893,587 973,606 10,318,254 51,599,327 - - 25,632,148 42,923,608 112,800 281,324 97,380 7,966,396 1,522,355 22,946,983 89,381,418 133,258,996 - - - 832 - - 713,730 111,661,267 - - (869,803) 59,098,777 1,635,155 23,228,307 - 89,322,725 311,986,268 3,528,742 $ 24,201,913 $ 125,273,127 $ 406,509,203 $ Special Revenue Funds
22 This page left blank intentionally.
See Notes to Financial Statements 23
City of Santa Clarita, California
Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position June 30, 2021
Fund balances of governmental funds 311,986,268 $
Amounts reported for governmental activities in
the statement of net position are different because:
Capital assets used in governmental activities are not financial resources and therefore are not reported in the governmental funds. Those capital assets consist of:
Nondepreciable assets 397,763,726 $
Depreciable assets, net of accumulated depreciation 709,380,258 1,107,143,984
Revenues reported as deferred inflows in the governmental funds do not provide current financial resources but are
recognized in the Statement of Activities 42,923,608
Amounts reported for net pension and OPEB liability are not due in the current period and therefore are not reported in the governmental funds. Related components that will affect the net pension and OPEB liability in future measurement years are reported as deferred outflows and deferred inflows of resources are therefore not reported in the governmental funds.
Net pension liability (33,389,386)
Deferred outflows of resources related to pensions 16,803,716 Deferred inflows of resources related to pensions (504,869) Net OPEB asset 12,236,239
Deferred outflows of resources related to OPEB 7,763,508 Deferred inflows of resources related to OPEB (30,599,457) (27,690,249)
Long-term liabilities are not due and payable in the current period and therefore are not reported in the governmental funds. Those long-term liabilities consist of:
Revenue/taxable revenue bonds (77,875,820)
Capital leases (542,094)
Deferred outflow of resources related to loss on refunding 1,339,105 Compensated absences (4,287,068)
Bridge and Thoroughfare developer payables (55,635,573) (137,001,450)
Accrued interest payable on long-term liabilities do not require the use of current financial resources and therefore are not reported in the governmental funds. (403,308)
Internal service funds are used by management to charge the costs of certain activities, such as insurance, and vehicle and computer replacement, to individual funds. These assets, deferred outflows/inflows of resources and liabilities of the internal service funds are included in governmental activities in the Statement of Net Position. 9,748,532
Net Position of Governmental Activities 1,306,707,385 $
See Notes to Financial Statements 24
City of Santa Clarita, California
Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds
For the Fiscal Year Ended June 30, 2021
Bridge and Developer
General Thoroughfare Fees
Revenues
Taxes 97,704,484 $ -$ -$ Special assessments - - - Licenses and permits 11,498,980 - - Intergovernmental 270,827 - - Charges for services 6,345,677 - - Investment income (loss) 128,498 395,138 37,723 Fines and forfeitures 621,214 - - Developer fees - 5,435,844 3,534,195 Other revenue 1,359,092 368,724 - Total revenues 117,928,772 6,199,706 3,571,918 Expenditures
Current
General government 17,962,178 600 - Public safety 28,378,605 - 6,606,531 Recreation and community service 13,567,831 - 258,909 Public works 51,655,008 558,442 65,498 Community development 6,553,126 - - Neighborhood services - - - Administration and personnel services 67,889 - - Capital outlay 14,904,104 1,496,432 - Debt service
Principal retirement - - - Interest and fiscal charges - 449,841 - Cost of issuance - - - Total expenditures 133,088,741 2,505,315 6,930,938 Excess (deficiency) of revenues
over (under) expenditures (15,159,969) 3,694,391 (3,359,020) Other financing sources (uses)
Bonds issued - - - Capital leases acquired 164,970 - - Premium on bonds issued - - - Transfers in 26,626,984 - - Transfers out (14,079,083) - (69,458) Total other financing sources (uses) 12,712,871 - (69,458) Net Change In Fund Balances (2,447,098) 3,694,391 (3,428,478) Fund Balances (Deficit), Beginning Of Year 190,441,237 3,675,228 5,864,801 Fund Balances (Deficit), End Of Year 187,994,139 $ 7,369,619 $ 2,436,323 $ Special Revenue Funds
See Notes to Financial Statements 25
City of Santa Clarita, California
Statement of Revenues, Expenditures and Changes in Fund Balances (Continued) Governmental Funds
For the Fiscal Year Ended June 30, 2021
Landscape Non-major Total
Public Maintenance Governmental Governmental
Library District #1 Funds Funds
8,561,137 $ 261,281 $ 3,605,346 $ 110,132,248 $ - 13,680,862 21,954,118 35,634,980 - - - 11,498,980 - - 42,787,888 43,058,715 93,786 - 509,912 6,949,375 2,770 (25,964) 126,410 664,575 - - 1,081,408 1,702,622 - - 2,124,273 11,094,312 144,556 - 12,112,428 13,984,800 8,802,249 13,916,179 84,301,783 234,720,607 6,231,428 12,094,800 9,771,915 46,060,921 - - 585,485 35,570,621 - 1,090,990 - 14,917,730 - 357,020 37,680,110 90,316,078 - - 5,003,251 11,556,377 140,919 1,605,715 12,139,344 13,885,978 - - 67,889 2,156 - 4,300,006 20,702,698 - - 2,315,371 2,315,371 60,936 - 2,852,848 3,363,625 - - 278,843 278,843 6,435,439 15,148,525 74,927,173 239,036,131 2,366,810 (1,232,346) 9,374,610 (4,315,524) - - 14,270,000 14,270,000 - - - 164,970 - - 225,409 225,409 98,500 10,000 16,440,441 43,175,925 - (275,935) (28,431,035) (42,855,511) 98,500 (265,935) 2,504,815 14,980,793 2,465,310 (1,498,281) 11,879,425 10,665,269 (830,155) 24,726,588 77,443,300 301,320,999 1,635,155 $ 23,228,307 $ 89,322,725 $ 311,986,268 $ Special Revenue Funds
See Notes to Financial Statements 26
City of Santa Clarita, California
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities
For the Year Ended June 30, 2021
Net changes in fund balances - total governmental funds 10,665,269 $ Amounts reported for governmental activities in the statement of activities are different because:
Governmental funds report capital outlays as expenditures. However, in the statement of activities the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense in the current period. Additionally, certain capital contributions are only reflected as revenues on government-wide statement of activities.
Net effect of various transactions involving capital assets (i.e. sales, retirements) 95,210,326 $ Capital contributions 15,000,000
Depreciation expense (25,644,465)
84,565,861
Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the governmental funds. 15,809,466 Bond proceeds provide current financial resources to governmental funds, but issuing debt increases long-term liabilities in the statement of net position.
Repayment of bond principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position.
Also, governmental funds report the effect of premiums and discounts when debit is first issued, whereas these amounts are deferred and amortized in the statement of activities. The following includes the amounts of repayment of long-term liabilities:
Changes in compensated absences (166,880)
Bond proceeds (14,270,000)
Premium on bonds issued (225,409)
Lease revenue bonds 1,585,000
Private placement lease payable 730,371
Capital leases (44,511)
Interest and fiscal charges (91,645)
Amortization of premiums of long-term liabilities 120,285 (12,362,789)
The issuance of Bridge and Thoroughfare district credits does not impact governmental funds, but increases long-term liabilities in the statement of net position. Redemptions of district credits does not impact expenditures in the governmental funds, but reduces long-term liabilities in the statement of net position.
Net impact of issuance and redemption of district credits (6,009,467) Redemption of district credits
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 governmental funds. These expenses consists of the following:
Changes in interest payable for long-term liabilities (84,243) Changes in net OPEB liability and related deferred inflows and outflows of resources 2,281,629 Changes in net pension liabilities and related deferred inflows and outflows of resources 618,369 2,815,755
Internal services funds are used by management to charge the costs of certain activities, such as insurance, and vehicle and computer replacement, to individual funds. The net revenue (expense) of the internal service funds is reported with governmental activities. (583,146)
Change in net position of governmental activities 94,900,949 $
See Notes to Financial Statements 27
City of Santa Clarita, California
Statement of Net Position
Proprietary Funds
June 30, 2021
Business-type Governmental
Activities Activities
Transit Internal
Enterprise Service Funds
Assets
Current assets
Cash and investments 3,912,296 $ 14,399,574 $ Receivables
Accounts 1,301 -
Interest 7,389 24,902
Prepaid costs 18,235 12,057
Due from other governments 6,585,829 -
Total current assets 10,525,050 14,436,533
Noncurrent assets
Net OPEB asset 301,813 37,726
Capital assets
Land and construction in progress 25,416,520 - Site improvements, net of accumulated depreciation 7,404,801 - Building and improvements, net of accumulated depreciation 26,190,090 - Equipment, net of accumulated depreciation 29,012,099 1,903,281 Total noncurrent assets 88,325,323 1,941,007 Total assets 98,850,373 16,377,540
Deferred outflows of resources
Deferred outflows related to OPEB 191,495 23,937 Deferred outflows related to pensions 614,391 64,207 Total deferred outflows of resources 805,886 88,144 Liabilities
Current liabilities
Accounts payable and accrued liabilities 2,601,398 56,464 Compensated absences 36,257 12,123
Claims and judgements - 3,974,601 Total current liabilities 2,637,655 4,043,188 Noncurrent liabilities
Compensated absences payable 105,412 14,062 Claims and judgments - 2,436,045 Net pension liability 1,220,809 127,582
Total noncurrent liabilities 1,326,221 2,577,689 Total liabilities 3,963,876 6,620,877
Deferred inflows of resources
Deferred inflows related to OPEB 754,765 94,346 Deferred inflows related to pensions 18,458 1,929 Total deferred inflows of resources 773,223 96,275 Net Position
Net investment in capital assets 88,023,510 1,903,281 Unrestricted 6,895,650 7,845,251
Total net position 94,919,160 $ 9,748,532 $
See Notes to Financial Statements 28
City of Santa Clarita, California
Statement of Revenues, Expenses and Changes in Net Position Proprietary Funds
For the Year Ended June 30, 2021
Business-type Governmental
Activities Activities
Transit Internal
Enterprise Service Funds
Operating revenues
Charges for services 3,877,529 $ 4,720,275 $
Other revenues 1,921,835 -
Total operating revenues 5,799,364 4,720,275
Operating expenses
Administration and personnel services 2,690,305 1,376,263 Transportation services 16,579,353 -
Services and supplies 2,990,913 3,559,073
Depreciation expense 5,662,334 365,520
Total operating expenses 27,922,905 5,300,856
Operating income (loss) (22,123,541) (580,581)
Nonoperating revenues (expenses)
Intergovernmental revenue 29,444,844 -
Investment income (loss) 41,855 (29,619) Gain (loss) on disposal of capital assets 23,950 - Total nonoperating revenues (expenses) 29,510,649 (29,619) Income (loss) before transfers and capital contributions 7,387,108 (610,200) Transfers and capital contributions
Transfers in - 65,130
Transfers out (347,468) (38,076)
Capital contributions 9,036,527 -
Total transfers and capital contributions 8,689,059 27,054 Change in net position 16,076,167 (583,146)
Net position
Net position, beginning of year 78,842,993 10,331,678 Net position, end of year 94,919,160 $ 9,748,532 $
See Notes to Financial Statements 29
City of Santa Clarita, California, California
Statement of Cash Flows
Proprietary Funds
For the Year Ended June 30, 2021
Business-type Governmental
Activities Activities
Transit Internal
Enterprise Service Funds
Operating Activities
Cash received from customers and users 3,877,537 $ 4,720,275 $ Cash paid to suppliers for goods and services (22,320,281) (2,376,798) Cash paid to employees for services (2,746,402) (1,383,598) Cash received from other sources 1,921,835 -
Net Cash Provided By (Used In) Operating Activities (19,267,311) 959,879 Noncapital Financing Activities
Cash transfers out (4,269,242) (38,076)
Cash transfers in - 65,130
Federal and state funding received 27,668,608 -
Net Cash (Used In) Provided By Noncapital Financing Activities 23,399,366 27,054 Capital And Related Financing Activities
Capital contributions 9,036,527 -
Acquisition of capital assets (9,290,852) (494,482) Net Cash Provided (Used) For Capital And Related Financing Activities (254,325) (494,482) Investing Activities
Interest received (paid) 34,466 (10,344) Net Increase/(Decrease) In Cash and Cash Equivalents 3,912,196 482,107 Cash and Cash Equivalents at Beginning of The Year 100 13,917,467 Cash and Cash Equivalents at End of Year 3,912,296 $ 14,399,574 $ Reconciliation of operating income (loss) to net cash
provided by (used in) operating activities
Operating income (loss) (22,123,541) $ (580,581) $
Adjustments to reconcile operating income (loss) to net cash provide by (used in) operating activities
Depreciation 5,662,334 365,520
(Increase)/Decrease in accounts receivable 8 - (Increase)/Decrease in prepaid expense 12,606 (12,057) Change in deferred amounts related to OPEB 645,611 80,702 Change in net OPEB liability (701,890) (87,736) Change in deferred amounts related to pensions 123,994 12,959 Change in net pension liability (146,604) (15,321) Increase/(Decrease) in accounts payable (2,762,621) (315,157) Increase in claims and judgments - 1,509,535 Increase in compensated absences 22,792 2,015 Total Adjustments 2,856,230 1,540,460
Net Cash Provided By (Used In) Operating Activities (19,267,311) $ 959,879 $
See Notes to Financial Statements 30
City of Santa Clarita, California
Statement of Fiduciary Net Position
June 30, 2021
Pension (and Other
Employee Benefit) Private-purpose
Trust Fund Trust Fund
Other Post
Employment Benefits Redevelopment Custodial
(OPEB) Trust Fund Successor Agency Funds
Assets
Cash and investments -$ 710,775 $ 1,818,388 $ Receivables
Interest - 7,478 8,469 Contributions - - 81,605 Prepaid costs - - 17,312 Due from other governments - 7,734,479 - Cash and investments - 21,351 - Cash and investments held with PARS 52,283,592 - - Cash and investments with fiscal agents - 1,478,188 3,188,004 Total assets 52,283,592 9,952,271 5,113,778 Deferred Outflows of Resources
Unamortized loss on refunding - 2,100,983 - Liabilities
Accounts payable - 51 254,117 Due to other governments - - 2,150 Interest payable - 313,180 - Due to external parties - - 32,452,784 Long term liabilities - current - 928,660 - Long term liabilities - noncurrent - 47,439,555 - Total liabilities - 48,681,446 32,709,051 Net position (deficit) - Restricted for:
OPEB 52,283,592 - - Individuals, organizations, and other governments - (36,628,192) (27,595,273) Total net position (deficit) 52,283,592 $ (36,628,192) $ (27,595,273) $
See Notes to Financial Statements 31
City of Santa Clarita, California
Statement of Changes in Fiduciary Net Position
For the Year Ended June 30, 2021
Pension (and Other
Employee Benefit) Private-purpose
Trust Fund Trust Fund
Other Post
Employment Benefits Redevelopment Custodial
(OPEB) Trust Fund Successor Agency Funds
Contributions:
Property taxes -$ 2,531,044 $ -$ Employer contributions 638,000 - - Investment income 10,837,684 25,230 17,784 Contribution from property owners - - 4,694,749 Member support - - 489,058 Total contributions 11,475,684 2,556,274 5,201,591 Deductions:
Benefit payments to plan participants 1,275,848 - - Administrative expenses 85,821 - 68,742 Contractual services - 4,325 419,581 Interest expense - 1,670,658 1,423,513 Contributions on behalf of others for the purchase
of building and structures - - 15,000,000 Payments to other governments - - 2,482,071 Total deductions 1,361,669 1,674,983 19,393,907 Net increase (decrease) in fiduciary net position 10,114,015 881,291 (14,192,316) Net Position/(Deficit), Beginning of Year, As Restated 42,169,577 (37,509,483) (13,402,957) Net Position/(Deficit), End of Year 52,283,592 $ (36,628,192) $ (27,595,273) $
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33 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
Note 1 - Summary of Significant Accounting Policies
A. Financial Reporting Entity
These financial statements present the financial results of the City of Santa Clarita, California (City) and its component units as required by accounting principles generally accepted (GAAP) in the United States of America. Component units are legally separate entities for which the primary government is financially accountable. The City has one component unit, the Santa Clarita Public Financing Authority (Authority), and one fiduciary component unit, the Other Post Employment Benefit (OPEB) Plan Trust Fund. The Authority is governed by the Board of the Authority, which is comprised of City Council. Additionally, the City and Authority have a financial benefit or burden relationship. Therefore, the entity is reported as a blended component unit with the City’s Annual Comprehensive Financial Report (ACFR). The OPEB Plan Trust Fund is reported as a fiduciary component unit as the OPEB Plan is legally separate from the City, and the City (and City Council) have administrative involvement in the plan, including directing the use of assets to ensure benefits are paid to intended recipients. As the City is legally required to contribute to the plan, there is a financial burden, thus it meets the criteria to report as a fiduciary component unit of the City. The City and its component units have a June 30 year-end.
The City was incorporated on December 15, 1987, as a general law city. The City operates under a council- manager form of government and provides its citizens with a full range of municipal services, either directly or under contract with the County of Los Angeles. Such services include public safety (police and fire protection), building permit/plan approval, planning, community development, recreation, animal control, and street maintenance.
Component Unit – Santa Clarita Public Financing Authority
The Authority was established in July 1991 as a joint powers authority between the City and the former redevelopment agency for the purpose of providing financing and funding of public capital improvements and the acquisition of property. On May 10, 2016, the City Council adopted Resolution 16-15 that removed the Successor Agency from the agreement and substituted the Santa Clarita Parking Authority. The Authority’s financial data and activity are reported within the debt service and capital projects fund types of the City. Separate financial statements for the Authority are not prepared.
Fiduciary Component Unit – OPEB Plan Trust Fund
In December 2011, the City Council approved Resolution 11-89, adopting the Public Agencies Post- Retirement Health Care Plan Document and Trust Agreement. The OPEB Plan Trust is a tax-qualified irrevocable trust, organized under Internal Revenue Code (IRC) section 115, established to pre-fund OPEB.
The Plan Trustee is U.S. Bank, and Public Agencies Retirement Services (PARS) is the Trust Administrator.
However, the City has administrative involvement with the Plan, through City management and City Council.
Further, as the City is required to contribute to the Plan, there is a financial burden, thus meeting the criteria to report as a fiduciary component unit within the City’s statements.
34 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
B. Government-Wide and Fund Financial Statements
The City’s government-wide financial statements (i.e., the Statement of Net Position and the Statement of Activities) report information on all the activities of the City. The effect of interfund activity has been removed from these statements, except for the interfund services provided and used. 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. Fiduciary activities of the City are not included in these statements.
The Statement of Activities demonstrates the degree to which the direct expenses of a given function are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function.
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, and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function. Taxes and other items not included among program revenues are reported as general revenues.
Separate financial statements are provided for governmental funds, proprietary funds and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds are reported as separate columns in the fund financial statements.
C. Basis of Accounting and Measurement Focus
The government-wide financial statements are presented on an “economic resources” measurement focus and the accrual basis of accounting. Accordingly, all of the City’s assets and liabilities, including capital assets, infrastructure assets, long-term liabilities, and deferred inflows and deferred outflows of resources are included in the accompanying Statement of Net Position. The Statement of Activities presents changes in net position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned, while expenses are recognized in the period in which the liability is incurred.
Certain types of transactions are reported as program revenues for the City in three categories:
• Charges for services
• Operating grants and contributions
• Capital grants and contributions
Certain eliminations have been made as prescribed by Governmental Accounting Standards Board (GASB) Statement No. 34, Basic Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments in regard to interfund activities. All internal balances in the Statement of Net Position have been eliminated, except those representing balances between the governmental activities and the business-type activities, which are presented as internal balances and eliminated in the total primary government column. In the Statement of Activities, internal service fund transactions have been eliminated; however, those transactions between governmental and business-type activities have not been eliminated.
The following interfund activities have been eliminated:
• Due to and from other funds
• Advances to and from other funds
• Transfers in and out
35 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
The City has conformed to the pronouncements of the GASB, which are acknowledged as the primary authoritative statements of GAAP in the United States of America applicable to state and local governments.
Governmental Fund Financial Statements
Governmental fund financial statements are reported using the “current financial resources” measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the City considers revenues to be available if they are collected within 60 days of the end of the current fiscal period for property and sales tax, and 90 days for all other revenues. Expenditures generally are recorded when a liability is incurred. However, debt service expenditures, expenditures related to compensated absences, pension and other post-employment benefits, and the redemption of district credits are recorded only when payment is due.
Property taxes, taxpayer-assessed tax revenues (e.g., franchise taxes, sales taxes, motor vehicle fees, etc.), net of estimated refunds and uncollectible amounts, intergovernmental revenues, charges for services, and interest associated with the current fiscal period are all considered susceptible to accrual and so have been recognized as revenues of the current fiscal period to the extent normally collected within the availability period, as defined above. All other revenue items are considered measurable only when cash is received by the City.
The City reports the following major governmental funds:
The General Fund is the primary operating fund of the City. It is used to account for all financial resources of the City that are not required to be accounted for in another fund.
The Bridge and Thoroughfare Special Revenue Fund is used to account for restricted district fees received from developers as set by the State Subdivision Law and the Los Angeles County and City of Santa Clarita, which are used for the construction of street, highway, bridge, and other thoroughfare in the Bouquet Canyon, Eastside Canyon, Via Princessa, and Valencia districts. This fund also accounts for the issuance and redemption of district credits associated with the contribution of infrastructure. The City has elected the Bridge and Thoroughfare Special Revenue Fund as a major fund for public interest purposes.
The Developer Fees Special Revenue Fund is used to account for monies received from developers restricted to fund specific projects and infrastructure maintenance throughout the City.
The Public Library Special Revenue Fund is used to account for property tax receipts and disbursements associated with the operation of the City of Santa Clarita Public Library. The City has elected the Public Library Special Revenue Fund as a major fund for public interest purposes.
The Landscape Maintenance District #1 Special Revenue Fund is used to account for property tax receipts and disbursements related to the landscape maintenance district. The City has elected the Landscape Maintenance District #1 Special Revenue Fund as a major fund for public interest purposes.
36 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
Proprietary Fund Financial Statements
Proprietary funds are accounted for using the “economic resources” measurement focus and the accrual basis of accounting. Accordingly, all assets and liabilities (whether current or noncurrent) and deferred inflows and deferred outflows of resources are included in the Statement of Net Position. The Statement of Revenues, Expenses and Changes in Net Position present increases (revenues) and decreases (expenses) in total net position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned, while expenses are recognized in the period in which the liability is incurred.
Operating revenues and expenses result from the operating and maintenance of the local public transit services. The operating revenues consist of charges to customers for the service provided. Operating expenses include the costs of providing these services, administrative expenses and depreciation expense.
All revenues and expenses not meeting these definitions and which are not capital in nature are reported as non-operating revenues and expenses.
The City reports the following major enterprise fund:
The Transit Enterprise Fund is used to account for the operation of the City’s local public transit bus system.
Fiduciary Fund Financial Statements
Fiduciary fund financial statements include a Statement of Net Position and a Statement of Changes in Fiduciary Net Position. The fiduciary funds represent an OPEB plan trust fund (a fiduciary component unit), a private-purpose trust fund and custodial funds. The OPEB plan trust funds and private-purpose trust funds are reported using the “economic resources” measurement focus and the accrual basis of accounting.
Custodial funds are reported on the accrual basis of accounting and are custodial in nature.
The OPEB Trust Fund is used to account for transactions for retiree health care. The City has administrative involvement of the Plan, and has reported the trust and Plan in its financial statements.
The Redevelopment Successor Agency Private-Purpose Trust Fund is used to account for monies received from the Los Angeles County Auditor Controller for the repayment of the enforceable obligations of the former Santa Clarita Redevelopment Agency. These funds are restricted for the sole purpose of payment of items on an approved Recognized Obligation Payment Schedule (ROPS).
The City reports the following Custodial Funds:
The following funds are used to account for assets and liabilities held by the City as an agent and related to the debt service activity on non-commitment special assessment debt:
Assessment District No. 92-2 Fund (Golden Valley Road)
Assessment District No. 99-1 Fund (Vermont Everett)
Community Facilities District No. 2002-1 Fund (Valencia Town Center) Community Facilities District No. 2016-1 Fund (Vista Canyon)
37 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
The Santa Clarita Watershed Recreation and Conservancy Authority is used to account for assets and liabilities held by the City as an agent and related to the park and open space lands for the Santa Clarita Watershed Recreation and Conservancy Authority (the Watershed Authority). The Watershed Authority holds land ($9,937,976) and other capital assets ($63,966 net of accumulated depreciation). These amounts are excluded from the City’s custodial fund, but reported within the Watershed Authority’s financial statements.
The Santa Clarita Public Television Authority is used to account for assets and liabilities held by the City as an agent and related to the operations of the Santa Clarita Public Television Authority (the SCPTA).
Fund Types Reported by the City
Additionally, the City reports the following fund types:
The Special Revenue Funds are used to account for the proceeds of specific revenue sources that are legally restricted or committed to expenditures for specified purposes.
The Debt Service Funds are used to account for the accumulation of resources for and payment of interest and principal on long-term debt.
The Capital Projects Funds are used to account for financial resources used for the acquisition or construction of major capital facilities (other than those financed by the proprietary funds).
The Internal Service Funds are used to account for the financing of special activities that provide services within the City. Such activities include self-insurance, computer replacement, and vehicle replacement.
D. Cash and Cash Equivalents and Investments
The City pools its available cash for investment purposes. The City’s cash and cash equivalents are considered to be cash on hand, demand deposits, and short-term investments with original maturity of three months or less from the date of acquisition. Cash and cash equivalents are combined with investments and displayed as cash and investments. For purposes of the statement of cash flows of the proprietary fund types, cash and cash equivalents include all investments, as the City operates an internal cash management pool that maintains the general characteristics of a demand deposit account.
In accordance with GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and for External Investment Pools, highly liquid money market investments with maturities of one year or less at time of purchase are stated at amortized cost. All other investments are reported at fair value. Fair value is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date.
The unexpended bond proceeds of the City’s bonds are classified as restricted assets because their use is restricted to the purpose for which the bonds were originally issued. The City’s cash and investments held by fiscal agents are pledged to the payment or security of certain long-term debt issuances. The California Government Code provides that these monies, in the absence of specific statutory provisions governing the issuance of the bonds, may be invested in accordance with the ordinance, resolutions, or indentures specifying the types of investments its trustees or fiscal agents may make.
38 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
The City also participates in the Los Angeles County Pooled Investment Fund, the Local Agency Investment Fund, and the California Asset Management Program.
In accordance with GASB Statement No. 40, Deposit and Investment Risk Disclosures (an amendment of GASB Statement No. 3), certain disclosure requirements, if applicable, are provided for deposit and investment risk in the following areas:
• Interest Rate Risk
• Credit Risk
o Overall
o Custodial Credit Risk
o Concentration of Credit Risk
• Foreign Currency Risk
The City applies GASB Statement No. 72, Fair Value Measurements and Application for determining fair value measurements, applying fair value to investments, and disclosures related to the fair value hierarchy.
The fair value hierarchy, which has three levels, is based on the valuation inputs used to measure fair value:
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.
Cash and Investments with PARS related to the City’s OPEB Trust are disclosed in Note 13.
E. Interfund Transactions
Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as “due to/from other funds” (i.e. current portion of interfund loans) or “advances from/to other funds” (i.e. noncurrent portion of interfund loans). Any residual balances outstanding between the governmental activities and business-type activities are reported in the government-wide financial statements as “internal balances.”
During the course of operations, numerous transactions occur between individual funds involving goods provided or services rendered. There are also transfers of revenues from funds authorized to receive the revenue to funds authorized to expend it. Any residual balances outstanding between governmental and business-type activities are reported in the government-wide financial statements as “transfers.”
F. Property Taxes/Special Assessments
Property taxes and special assessment taxes are considered enforceable liens on real property on July 1, the beginning of the fiscal year, and are due in two installments on November 1 and February 1; however, no penalties or interest are assessed until December 10 and April 10, respectively. These taxes are determined annually based on property values, subject to limits based on Proposition 13, as of January 1 of the levy year, which is prior to the end of the previous fiscal year. The County of Los Angeles bills and collects these taxes for the City and are remitted on a monthly basis. Remittance of property taxes to the City is accounted for in the City’s General Fund and Public Library Special Revenue Fund. Property taxes on certain registered motor vehicles are assessed and collected throughout the year. Special assessments are reported in the City’s Special Assessment Special Revenue Fund.
39 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
Property taxes in lieu of motor vehicle fee are the City’s own-source revenues and are apportioned according to formula similar to property tax revenues.
G. Allowances for Uncollectible Accounts
Allowances for uncollectible accounts are maintained on customer and other trade receivables that historically experience uncollectible amounts. Allowances are based on collection experience and management’s evaluation of the current status of existing receivables. As of June 30, 2021 allowances for uncollectible accounts totaled $137,387.
H. Prepaid Costs
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both the government-wide and fund financial statements. These are accounted for using the consumption method, and accordingly, the expenditure is recorded in the period in which the goods or services are received.
I. Capital Assets
Government-Wide Financial Statements, Proprietary Funds
Capital assets, which include land, site improvements, buildings and improvements, and equipment and infrastructure assets, are reported in the applicable governmental or business-type activities columns in the government-wide financial statements and in the proprietary funds. General infrastructure assets consist of roads, curbs and gutters, sidewalks, medians, street signs, bus shelters, bridges, trails, traffic signals, and storm drains/catch basins. Capital assets are defined by the City as assets with an initial cost of more than $5,000 ($25,000 for site improvements and building improvements and $100,000 for infrastructure) and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized.
Capital assets are depreciated using the straight-line method over the following estimated useful lives:
Site Improvements 5-25 years
Buildings and Improvements 5-50 years
Equipment 5-25 years
Infrastructure 20-60 years
Governmental Fund Financial Statements
The governmental fund financial statements do not present capital assets. Instead, capital assets purchases are reported as capital outlay expenditures or other functional expenditures such as public works. As such, capital assets are shown as a reconciling item in the Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position.
40 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
J. Long-Term Debt
Government-Wide Financial Statements, Proprietary Funds, and Fiduciary Funds
Long-term debt and other financed obligations, such as developer district credits, are reported as liabilities in the government-wide, proprietary fund, and fiduciary fund financial statements.
Bond premiums, discounts, and deferred gains and losses on refundings are deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are reported net of the applicable premium or discount. Deferred gains and losses on refundings are reported as a deferred inflow or deferred outflow of resources.
Governmental Fund Financial Statements
The governmental fund financial statements do not present long-term debt and other financed obligations.
Governmental funds recognize bond premiums and discounts during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuances costs are reported as debt service expenditures. Principal payments and reductions in the obligation are reported as debt service expenditures. As such, long-term debt and other financed obligations are shown as reconciling items in the Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position.
K. Compensated Absences
It is the City’s policy to permit employees to accumulate earned but unused vacation (compensated absences). For proprietary fund types and governmental activities, this accumulation is recorded as an expense and liability of the appropriate fund in the fiscal year earned. For the governmental funds, the amount of accumulated unpaid vacation, which is payable from available resources, is recorded as a liability of the General Fund when it has matured (i.e. when due and payable).
L. Claims and Judgments
When it is probable that a claim liability has been incurred at year-end and the amount of the loss can be reasonably estimated, the City records the estimated loss, net of any insurance coverage, under its self- insurance program. Claims payable, which includes an estimate for incurred but not reported (IBNR) claims, is recorded in the Self-Insurance Internal Service Fund.
M. Pensions
The net pension liability, deferred outflows and inflows of resources related to pensions, pension expense, information about the fiduciary net position of the California Public Employees’ Retirement System (CalPERS), and additions to/deductions from CalPERS’ fiduciary net position have been determined on the same basis as they are reported by CalPERS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms.
Investments are reported at fair value.
41 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
A deferred outflow of resources is a consumption of net position or fund balance by a government that is applicable to a future reporting period. A deferred inflow of resources represents an acquisition of net position or fund balance by the government that is applicable to a future period. Deferred outflows and inflows of resources related to pensions represent amounts that will be recognized as adjustments to pension expense in future years. As noted in Note 12, deferred outflows and inflows of resources will be recognized as pension expense in future years. Contributions subsequent to the measurement period will be recognized during the fiscal year ending June 30, 2022.
N. Other Post-Employment Benefits
For purposes of measuring the net OPEB liability, deferred outflows or resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the City’s Plan (OPEB Plan) and additions to/deductions from the OPEB Plan’s fiduciary net position have been determined on the same basis. For this purpose, benefit payments are recognized when currently due and payable in accordance with the benefit terms. Investments are reported at fair value (see Note 13).
Generally accepted accounting principles require that the reported results must pertain to liability and asset information within certain defined timeframes. For this report, the following timeframes are used:
Valuation Date June 30, 2020
Measurement Date June 30, 2021
Measurement Period July 1 , 2020 to June 30, 2021
O. Net Position and Fund Balances
Government-Wide Financial Statements, Proprietary Funds, and Fiduciary Funds
Net position represents the difference between assets and deferred outflows of resources less liabilities and deferred inflows of resources, and is classified into three categories:
Net Investment in Capital Assets – This amount consists of capital assets, net of accumulated depreciation, reduced by the outstanding balances of any borrowings used for the acquisition, construction, or improvement of those assets, and excludes unspent debt proceeds. Deferred outflows of resources and deferred inflows of resources that are attributable to the acquisition, construction, or improvement of those assets or related debt also should be included in this component of net position.
Restricted – This amount represents the net position that is not accessible for general use because its use is subject to restrictions enforceable by third parties and enabling legislation, reduced by liabilities and deferred inflows of resources related to those assets.
Unrestricted – This amount represents the residual of amounts not classified in the other two categories and represents the net position available for the City.
42 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
Governmental Fund Financial Statements
In the governmental fund financial statements, fund balances are classified in the following categories:
Nonspendable – Items that cannot be spent because they are not in spendable form, such as prepaid items and inventories; advances, which are long-term interfund borrowings; and items that are legally or contractually required to be maintained intact, such as principal of an endowment or revolving loan funds.
Restricted – Restricted fund balances encompass the portion of net fund resources subject to externally enforceable legal restrictions. This includes externally imposed restrictions by creditors, such as through debt covenants, grantors, contributors, laws or regulations of other governments, as well as restrictions imposed by law through constitutional provisions or enabling legislation.
Committed – Committed fund balances encompass the portion of net fund resources, the use of which is constrained by limitations that the government imposes upon itself at its highest level of decision- making, City Council through Council Resolution, and that remain binding unless removed in the same manner. The City Council is considered the highest authority for the City.
Assigned – Assigned fund balances encompass the portion of net fund resources reflecting the government’s intended use of resources. Assignment of resources can be designated by the highest level of decision-making or by a committee or official designated for that purpose. The City Treasurer authorizes assigned amounts for specific purposes pursuant to the policy-making powers granted to him through a resolution adopted by the City Council.
Unassigned –This includes the excess residual amounts in the General Fund and the residual deficit of all other governmental funds, which have not been restricted, committed, or assigned to specific purposes.
The General Fund is the only fund that reports a positive unassigned fund balance amount. In other governmental funds it is not appropriate to report a positive unassigned fund balance amount.
However, in governmental funds other than the General Fund, if expenditures incurred for specific purposes exceed the amounts that are restricted, committed, or assigned to those purposes, it may be necessary to report a negative unassigned fund balance in that fund.
The City Council has approved an operating reserve to be used for one-time unanticipated expenditure requirements and local disaster. At June 30, 2021, the balance totaled $18,760,000, which is included in the unassigned fund balance in the General Fund.
43 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
P. Spending Policy
Government-Wide Financial Statements and Proprietary Fund Financial Statements
When an expense is incurred for purposes for which both restricted and unrestricted resources are available, the City’s policy is to apply restricted resources first.
Governmental Fund Financial Statements
When expenditures are incurred for purposes for which all restricted, committed, assigned, and unassigned fund balances are available, the City’s policy is to apply in the following order, except for instances wherein an ordinance specifies the fund balance:
• Restricted
• Committed
• Assigned
• Unassigned
Q. Estimates
The preparation of the basic financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain balances and the disclosure of contingent assets and liabilities at the date of the basic financial statements and the related reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management believes that the estimates are reasonable.
R. Deferred Inflows of Resources, Unavailable Revenue and Unearned Revenue
Government-Wide Financial Statements
Unearned revenue represents money received during the current or previous years that has not been earned because certain performance criteria have not been met.
Fund Financial Statements
As described above, a deferred inflow of resources represents an acquisition of fund balance by the government that is applicable to a future period. In addition to unearned revenue, governmental funds report deferred inflows of resources related to resources that have earned but have not been received within the availability period. This does not provide an available financial resource in the current period; therefore, recognition is deferred until these criteria have been met.
44 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
S. Pronouncements Adopted in the Current Year
GASB Statement No. 84 – In January 2017, the GASB issued Statement No. 84, Fiduciary Activities. The objective of this Statement is to improve guidance regarding the identification of fiduciary activities for accounting and financial reporting purposes and how those activities should be reported. This Statement is effective for reporting periods beginning after December 15, 2019. The City has implemented this statement effective July 1, 2020. The impact to the City resulted in agency funds being presented as custodial funds.
The effect of the implementation of this standard on beginning net position (deficit) is disclosed in Note 23.
GASB Statement No. 98 – In October 2021, the GASB issued Statement No. 98, The Annual Comprehensive Financial Report. This Statement established the term annual comprehensive financial report and its acronym ACFR. The new term and acronym replaces instances of comprehensive annual financial report and its acronym in generally accepted accounting principles for state and local governments. This Statement is effective for fiscal years ending after December 15, 2021. The City has implemented this standard and accordingly is using the term annual comprehensive financial report or ACFR on a go forward basis.
T. Pronouncements Issued But Not Yet Adopted
The GASB has issued pronouncements that have an effective date subsequent to June 30, 2021, which may impact future financial presentations. Management has not determined what, if any, impact implementation of the following Statements may have on future financial statements of the City:
GASB Statement No. 87 – In June 2017, the GASB issued Statement No. 87, Leases. The objective of this Statement is to better meet the information needs of financial statement users by improving accounting and financial reporting for leases; enhancing the comparability of financial statements between governments; and also enhancing the relevance, reliability (representational faithfulness), and consistency of information about the leasing activities of governments. This Statement is effective for reporting periods beginning after June 15, 2021.
GASB Statement No. 91 – In May 2019, the GASB issued Statement No. 91, Conduit Debt Obligations. The objective of this Statement is to provide a single method of reporting conduit debt obligations by issues and eliminate diversity in practice. The Statement is effective for reporting periods beginning after December 15, 2021.
GASB Statement No. 92 – In January 2020, the GASB issued Statement No. 92, Omnibus 2020 . The objectives of this Statement are to enhance comparability in accounting and financial reporting to improve the consistency of authoritative literature by addressing practices issues that have been identified during implementation and application of certain GASB Statements. The Statement is effective for reporting periods beginning after June 15, 2021.
GASB Statement No. 93 – In March 2020, the GASB issued Statement No. 93 , Replacement of Interbank Offered Rates (IBOR). The objective of this Statement is to address the accounting and financial reporting implications that result from the replacement of an IBOR. The Statement is effective for reporting periods beginning after June 15, 2021.
45 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
GASB Statement No. 94 – In March 2020, the GASB issued Statement No. 94, Public-Private and Public- Public Partnerships and Availability Payment Arrangements. The objective of this Statement is to improve financial reporting by addressing issues related to public-private and public-public partnership arrangements (PPPs). The Statement is effective for reporting periods beginning after June 15, 2022.
GASB Statement No. 96 – In May 2020, the GASB issued Statement No. 96, Subscription-based Information Technology Arrangements. The objective of this Statement is to provide guidance on the accounting and financial reporting for subscription-based information technology arrangements (SBITAs) for government end users (governments). The Statement is effective for reporting periods beginning after June 15, 2022.
GASB Statement No. 97 – In June 2020, the GASB issued Statement No. 97, Certain Component Unit Criteria, and Accounting and Financial Reporting For Internal Revenue Code Section 457 Deferred Compensation Plans – An Amendment of GASB Statement No.14 and No.84 and A Supersession of GASB Statement No.32 . The objective of this Statement is to (1) increase consistency and comparability related to the reporting of fiduciary component units in circumstances in which a potential component unit does not have a governing board and the primary government performs the duties that a governing board typically would perform; (2) mitigate costs associated with the reporting of certain defined contribution pension plans, defined contribution other postemployment benefit (OPEB) plans, and employee benefit plans other than pension plans or OPEB plans (other employee benefit plans) as fiduciary component units in fiduciary fund financial statements; and (3) enhance the relevance, consistency, and comparability of the accounting and financial reporting for Internal Revenue Code (IRC) Section 457 deferred compensation plans (Section 457 plans) that meet the definition of a pension plan and for benefits provided through those plans. The Statement is effective for reporting periods beginning after June 15, 2021. Certain provisions were implemented during the current fiscal year with an immaterial effect on the City.
Note 2 - Cash and Investments
A. Cash and Investments
Cash and investments at June 30, 2021, are classified in the accompanying financial statements as follows:
Governmental Business-Type
Activities Activities Fiduciary Funds Total
Cash and investments 341,497,366 $ 3,912,296 $ 2,529,163 $ 347,938,825 $ Restricted assets
Cash and investments 2,073,153 - 21,351 2,094,504 Cash and investments held with PARS - - 52,283,592 52,283,592 Cash and investments with fiscal agents 10,255,231 - 4,666,192 14,921,423 Totals 353,825,750 $ 3,912,296 $ 59,500,298 $ 417,238,344 $
46 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
Cash and investments consisted of the following at June 30, 2021:
Cash on hand and deposits
Cash on hand 4,361 $
Deposits with financial institutions 70,142,336
Certificates of deposit 249,954
Total cash on hand and deposits 70,396,651
Investments
CA Local Agency Obligations 5,229,055
U.S. Treasury Securities 53,327,529
U.S. Government-Sponsored Enterprise Securities 64,287,407 Negotiable Certificate of Deposits 12,338,487
Supranational 3,619,491
Medium-Term Notes 37,690,075
Money Market Funds 1,006,547
Asset Backed 8,952,868
State of CA Local Agency Investment Fund (LAIF) 74,441,214 L.A. County Pooled Investment Fund (LACPIF) 1,633,952
California Asset Management Program (CAMP) 15,015,550
Total investments 277,542,174
Restricted investments
Money Market Funds 2,094,504
Investment with PARS 52,283,592
Total restricted investments 54,378,096
Restricted investments with fiscal agent
Money Market Funds 14,921,423
Total investments 346,841,693
Total cash and investments 417,238,344 $
The carrying amounts of the City’s deposits were $70,142,336 at June 30, 2021. Bank balances before reconciling items were $71,788,319 at that date, the total amount of which was collateralized or insured with securities held by the pledging financial institutions in the City’s name.
Cash and Investments with PARS related to the City’s OPEB Trust are disclosed in Note 13.
47 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
B. Investments Authorized by the California Government Code and the City’s Investment Policy
The following table identifies the investment types that are authorized for the City by the California Government Code (or the City’s investment policy, where more restrictive). The table also identifies certain provisions of the California Government Code (or the City’s investment policy, where more restrictive) that address interest rate risk, credit risk, and concentration of credit risk. This table does not address investments of debt proceeds held by bond trustees that are governed by the provisions of debt agreements of the City, rather than the general provisions of the California Government Code or the City’s investment policy.
Maximum
Percentage or Maximum
Maximum Amount of Investment in
Maturity Portfolio* One Issuer**
Local Agency Bonds 5 years No Limit 5%
U.S. Treasury Obligations 5 years No Limit No Limit
State of California Obligations 5 years No Limit 5%
California Local Agency Obligations 5 years No Limit 5% U.S. Governmental-Sponsored Enterprise Securities 5 years No Limit None Supranationals/Unsubordinated Obligations 5 years 30% 10% Banker's Acceptances 180 days 40% 5%
Commercial Paper 270 days 25% 5%
Negotiable Certificates of Deposit 5 years 30% 5%
Repurchase Agreements 1 year No Limit No Limit
Medium-Term Notes 5 years 30% 5%
Money Market Funds 5 years 20% 10%
Mortgage Pass-Through Securities 5 years 20% 5%
Asset Backed 5 years 20% 5%
California Asset Management Program (CAMP) Not Appli cable No Limit No Limit Los Angeles County Pooled Investment Fund (LACPIF) N ot Applicable No Limit No Limit State of California Local Agency Investment Fund (LAIF) Not Applicable Maximum amount
permitted per
California State
Treasurer's
No Limit
* Excluding amounts held by bond trustees that are not subject to California Government Code restriction. ** Banker's acceptances may have no more than 30 percent in any one commercial bank, commercial paper may not represent more than 10 percent of the City's surplus funds for any single issuer, and money market mutual funds may have no more than 10 percent invested in any one mutual fund.
Authorized
Investment Type
48 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
C. Investments Authorized by Debt Agreements
Investments of debt proceeds held by bond trustees are governed by provisions of the debt agreements, rather than the general provisions of the California Government Code or the City’s investment policy. The table below identifies the investment types that are authorized for investments held by bond trustees. The table also identifies certain provisions of these debt agreements that address interest rate risk, credit risk, and concentration of credit risk.
Maximum
Percentage of Maximum
Maximum Amount of Investment in
Authorized Investment Type Maturity Portfolio One Issuer U.S. Treasury Obligations N/A 50% None
U.S. Government-Sponsored Enterprise Securities 5 years None None Money Market Funds 5 years None None
State of California Local Agency Investment Fund (LAIF) 5 years 30% None
D. Disclosures Relating to Interest Rate Risk
As a means of limiting its exposure to fair-value losses arising from rising interest rates, the City’s investment policy limits investments to a maximum maturity of five years from the date of purchase.
Interest rate risk is the risk that changes in market interest rates which will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. One of the ways that the City manages its exposure to interest rate risk is by purchasing a combination of shorter-term and longer-term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time, as necessary, to provide the cash flow and liquidity needed for operations.
At June 30, 2021, the City had the following investment maturities:
Fair Value Less Than 1 1 to 2 2 to 3 3 to 4 4 to 5 More than 5 Investment
Local Agency Bonds $ 5,229,055 -$ -$ 2,466,037 $ 1,679,493 $ 1,083,525 $ -$ U.S. Treasury Securities 53,327,529 - 251,470 19,102,563 16,760,412 17,213,083 U.S. Government-Sponsored
Enterprise Securities 64,287,407 2,986,602 9,456,282 17,014,828 23,776,456 11,053,239 Supranational 3,619,491 2,263,789 - 1,355,702 - - - Negotiable Certificates of Deposit 12,338,487 1,794,383 10,544,104 - - - - Medium-Term Notes 37,690,075 8,072,220 13,319,739 8,190,805 8,093,310 14,000 - Money Market Funds 1,006,547 - - - - 1,006,547 - Asset Backed 8,952,868 - 3,294,330 2,778,183 1,595,309 1,285,046 Local Agency Investment Fund (LAIF) 74,441,214 74,441,214 - - - - - Los Angeles County Pooled
Investments Fund (LACPIF) 1,633,952 1,633,952 - - - - - California Asset Management
Program (CAMP) 15,015,550 15,015,550 - - - - - Total investments 277,542,174 106,207,710 36,865,925 50,908,119 51,904,980 31,655,441 - Restricted investments
Money Market Funds 2,094,504 2,094,504 - - - - - Investment with PARS 52,283,592 37,733,073 916,520 881,457 1,046,203 2,408,947 9,297,392 Total restricted investments 54,378,096 39,827,577 916,520 881,457 1,046,203 2,408,947 9,297,392 Restricted investments with fiscal agent
Money Market Funds 14,921,423 14,921,423 - - - - - Total investments subject
to interest rate risk 346,841,693 $ 160,956,709 $ 37,782,445 $ 51,789,576 $ 52,951,183 $ 34,064,388 $ 9,297,392 $ Investment Maturities (In Years)
Investment Type
49 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
E. Disclosures Relating to Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Presented below is the actual rating, as reported by Standard & Poor’s, as of year-end for each investment type:
Minimum
Rating Fair Value AAA AA+ AA/AA- A+ A/A- BBB+ (or less) Not Rated Investments
Local Agency None $ 5,229,055 1,122,689 $ 700,023 $ 2,645,704 $ 383,502 $ -$ -$ 377,137 $ U.S. Treasury Securities None 53,327,529 53,327,529 - - - - - - U.S. Government-Sponsored
Enterprise Securities None 64,287,407 4,007,886 57,253,543 - - - - 3,025,978 Supranational AA- 3,619,491 3,619,491 - - - - - - Negotiable Certificates of Deposit None 12,338,487 - - - - - - 12,338,487 Medium-Term Notes* A- 37,690,075 - 3,010,295 8,003,914 14,141,387 10,661,320 1,859,157 14,000 Money Market Funds AAA 1,006,547 - - - - - - 1,006,547 Asset Backed AA- 8,952,868 6,476,458 - - - - - 2,476,410 Local Agency Investment Fund (LAIF) None 74,441,214 - - - - - - 74,441,214 Los Angeles County Pooled
Investments Fund (LACPIF) None 1,633,952 - - - - - - 1,633,952 California Asset Management
Program (CAMP) None 15,015,550 - - - - - - 15,015,550 Total investments 277,542,175 68,554,052 60,963,861 10,649,618 14,524,890 10,661,320 1,859,157 110,329,276 Restricted investments
Money Market Funds None 2,094,504 - - - - - - 2,094,504 Investment with PARS None 52,283,592 835,432 - 91,743 487,637 593,237 3,920,504 46,355,039 Total restricted investments 54,378,096 835,432 - 91,743 487,637 593,237 3,920,504 48,449,543 Restricted investments with fiscal agent
Money Market Funds None 14,921,423 - - - - - - 14,921,423 Total restricted investments
with fiscal agent 14,921,423 - - - - - - 14,921,423 Total investments subject
to interest rate risk 346,841,693 $ 69,389,484 $ 60,963,861 $ 10,741,361 $ 15,012,527 $ 11,254,557 $ 5,779,661 $ 173,700,242 $ Investment Type
* Included in the medium-term notes is an investment in Lehman Brothers, which is not rated as of June 30, 2021. Lehman Brothers filed for Chapter 11 bankruptcy protection on September 15, 2008, and the company’s assets are still in the process of being liquidated. The value of the investment reported is the amount the City estimates it will receive when the investment is redeemed. As of June 30, 2021, this investment is recorded at $14,000. Additionally, the City had two investments totaling $1,859,157 with ratings lower than the investment policy minimum (Morgan Stanley and CityGroup). As these were downgraded subsequent to purchase, the City’s policy allows for these investments.
F. Concentration of Credit Risk
The investment policy of the City contains no limitations on the amount that can be invested in any one issuer beyond that stipulated by the California Government Code. As of June 30, 2021, the City held investments in Federal National Mortgage Association ($30,072,405) and Federal Home Loan Mortgage Corporation ($14,874,296) which comprise 10.84% and 5.36% of the City's total investments.
50 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
G. Custodial Credit Risk
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk associated with investments that are uninsured, are not in the name of the City, or are held by counterparty or counterparty’s trust department or agent but not in the City’s name. In the event of the failure of the counterparty (e.g., broker-dealer) to a transaction, the counterparty is then unable to deliver securities that are in the possession of another party. As of June 30, 2021, none of the City’s deposits or investments were exposed to custodial credit risk.
H. Fair Value Classifications
Fair value measurements are categorized based on the valuation inputs used to measure fair value: 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. Investments categorized as Level 2 are valued using market approach using quoted market prices and matrix pricing.
Investments' fair value measurements are as follows as of June 30, 2021:
Fair Value Level 2
Investments
Local Agency Bonds $ 5,229,055 5,229,055 $
U.S. Treasury Securities 53,327,529 53,327,529
Enterprise Securities 64,287,407 64,287,407
Supranational 3,619,491 3,619,491
Negotiable Certificates of Deposit 12,338,487 12,338,487 Medium-Term Notes 37,690,075 37,690,075
Money Market Funds 1,006,547 1,006,547
Asset Backed 8,952,868 8,952,868
Investments with PARS 52,283,592 52,283,592 Total leveled investments $ 238,735,050 $ 238,735,050 Uncategorized Investments
Local Agency Investment Fund (LAIF) 74,441,214 $
Los Angeles County Pooled Investments Fund (LACPIF) 1,633,952 California Asset Management Program (CAMP) 15,015,550
Restricted investments:
Money Market Funds 2,094,504
Restricted investments with fiscal agent:
Money Market Funds 14,921,423
Total investment portfolio 346,841,693 $
Investment Type
Deposits and withdrawals related to the investments in LAIF, LACPIF, CAMP, and money market funds are made on the basis of $1 and not fair value. Accordingly, under the fair value hierarchy these investments are uncategorized.
51 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
I. Investment in State Investment Pool
The City is a participant in the Local Agency Investment Fund (LAIF), which is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California. Each City may invest up to $75,000,000 without limitation in special bond proceeds accounts. Investments in LAIF are highly liquid, as deposits can be converted to cash within 24 hours without loss of interest. The City’s investments with LAIF at June 30, 2021 included a portion of the pool funds invested in structured notes and asset-backed securities:
Structured Notes – Debt securities (other than asset-backed securities) whose cash flow characteristics (coupon rate, redemption amount, or stated maturity) depend upon one or more indices and/or that have embedded forwards or options.
Asset-Backed Securities – Generally mortgage-backed securities that entitle their purchasers to receive a share of the cash flows from a pool of assets such as principal and interest repayments from a pool of mortgages (for example, collateralized mortgage obligations) or credit card receivables.
As of June 30, 2021, the City had $74,441,214 invested in LAIF. The LAIF fair value factor was used to calculate the fair value of the investments in LAIF from their amortized cost basis.
LAIF is overseen by the Local Agency Investment Advisory Board, which consists of five members, in accordance with State statute. LAIF is not registered with the Securities and Exchange Commission and is not rated.
J. Investment in County Investment Pool
The Los Angeles County Pooled Investment Fund (LACPIF) is a pooled investment fund program governed by the Los Angeles County Board of Supervisors and administered by the Los Angeles County Treasurer and Tax Collector. Investments in the LACPIF are highly liquid, as deposits and withdrawals can be made at any time without penalty. The LACPIF does not impose any maximum investment limit. The balance available for withdrawal is based on the accounting records maintained by the LACPIF, which are recorded on an amortized cost basis.
As of June 30, 2021, the City had $1,633,952 invested in the LACPIF.
K. Investment in California Asset Management Program
The City is a voluntary participant in a Joint Powers Authority (JPA), the California Asset Management Program (CAMP), which is a permitted investment under California Government Code 53601(p). CAMP is directed by a Board of Trustees, which is made up of experienced local government finance directors and treasurers.
As of June 30, 2021, the City had $15,015,550 invested in the CAMP.
52 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
Note 3 - Accounts Receivable
Accounts receivable as of June 30, 2021, including allowances for uncollectible accounts, is as follows:
Landscape
General Public Maintenance
Fund Library District #1
Gross receivables 636,194 $ 53,547 $ 11,525 $ Less: allowance for uncollectibles (102,664) - - Accounts receivables, net 533,530 $ 53,547 $ 11,525 $ Non-Major
Governmental
Funds Transit Total
Gross receivables 210,803 $ 1,301 $ 913,370 $ Less: allowance for uncollectibles (34,723) - (137,387) Accounts receivables, net 176,080 $ 1,301 $ 775,983 $
Note 4 - Loans Receivable
The loans receivable balance in the governmental funds totaled $2,513,174 at June 30, 2021 and has been offset by deferred inflows of resources for unavailable revenues since these loans are not available to finance current expenditures. The majority of the balance is related to deferred-payment rehabilitation loans to qualified homeowners in connection with CDBG and HOME rehabilitation programs.
Note 5 - Notes to RDA Successor Agency
Prior to the dissolution of the former redevelopment agency, the General Fund and Developer Fees Special Revenue Fund advanced the former redevelopment agency funding for various redevelopment activities. These advances were made in the form of promissory notes and were transferred to the RDA Successor Agency upon dissolution. In fiscal year 2014-2015, the California Department of Finance (DOF) approved final loan amounts from the General Fund and Developer Fees Special Revenue Fund to the former redevelopment agency for $7,225,964 and $5,407,868, respectively, using a LAIF rate of 0.26 percent, which was in effect when the Oversight Board reinstated the loans on February 25, 2015. On September 22, 2015, the Committee on Budget and Fiscal Review of the California State Senate approved SB 107. A mandate of this legislation included a recalculation of the notes to the RDA Successor Agency using a 3 percent simple interest from the origination of the note, instead of the LAIF rate. For fiscal year 2015-2016 and subsequent, the loan amounts will increase by the 3 percent interest only. As of June 30, 2021, the loan amounts reported in the General Fund and Developer Fees Special Revenue Fund was $5,601,007 and $ 5,319,886, respectively. In addition, the unpaid accrued interest of these notes is $ 3,313,733 and $1,910,362 respectively, which is included in the note balance.
53 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
Note 6 - Capital Assets
A. Governmental Activities
The following is a summary of changes in the capital assets for governmental activities during the fiscal year ended June 30, 2021:
Balance Balance
July 1, 2020 Additions Deletions June 30, 2021
Governmental activities:
Non-depreciable assets
Land $ 232,854,321 $ 30,147,119 $ - $ 263,001,440 Construction in progress 79,137,952 57,468,072 (1,843,738) 134,762,286 Total non-depreciable assets 311,992,273 87,615,191 (1,843,738) 397,763,726 Depreciable assets
Site improvements 49,973,061 1,386,086 - 51,359,147 Building and improvements 72,637,100 129,540 - 72,766,640 Equipment 15,224,911 1,088,309 (251,834) 16,061,386 Infrastructure 1,033,211,445 22,329,420 - 1,055,540,865 Total depreciable assets 1,171,046,517 24,753,783 (251,834) 1,195,728,038 Less accumulated depreciation
Site improvements 21,659,865 1,880,007 - 23,539,872 Building and improvements 25,161,982 1,476,663 - 26,638,645 Equipment 9,890,807 1,109,516 (251,834) 10,748,489 Infrastructure 401,973,694 21,543,799 - 423,517,493 Total accumulated depreciation 458,686,348 26,009,985 (251,834) 484,444,499 Total depreciable assets, net 712,360,169 (1,243,593) - 711,283,539 Total capital assets, net 1,024,352,442 $ 86,371,598 $ (1,843,738) $ 1,109,047,265 $ Governmental Activities
Depreciation expense was charged to functions/programs of governmental activities for the fiscal year ended June 30, 2021, as follows:
Depreciation:
Governmental Activities:
General government 758,685 $
Public safety 16,145
Recreation and community service 2,523,967
Neighborhood services 157,790
Public works 613,436
Community development 30,813
Internal service funds depreciation 365,348
Allocated Depreciation 4,466,184
Unallocated infrastructure depreciation 21,543,801
Total depreciation expense 26,009,985 $
54 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
B. Business-Type Activities
The following is a summary of changes in the capital assets for business-type activities during the fiscal year ended June 30, 2021:
Balance Balance
July 1, 2020 Additions Deletions Transfers June 30, 2021 Business-type activities
Non-depreciable assets
Land 15,087,880 $ -$ -$ $ - $ 15,087,880 Construction in progress 5,570,040 4,930,902 (172,302) - 10,328,640 Total non-depreciable assets 20,657,920 4,930,902 (172,302) - 25,416,520 Depreciable assets
Site improvements 12,941,276 - - - 12,941,276 Building and improvements 41,483,799 172,302 - - 41,656,101 Equipment 63,670,064 4,383,899 (2,437,593) - 65,616,370 Total depreciable assets 118,095,139 4,556,201 (2,437,593) - 120,213,747 Less accumulated depreciation
Site improvements 4,968,254 568,221 - - 5,536,475 Building and improvements 14,575,773 890,238 - - 15,466,011 Equipment 34,837,989 4,203,875 (2,437,593) - 36,604,271 Total accumulated depreciation 54,382,016 5,662,334 (2,437,593) - 57,606,757 Total depreciable assets, net 63,713,123 (1,106,133) - - 62,606,990 Total capital assets, net 84,371,043 $ 3,824,769 $ (172,302) $ - $ 88,023,510 $ Business-Type Activities
Depreciation expense for business-type activities for the fiscal year ended June 30, 2021 was charged as follows:
Depreciation:
Business-type Activities:
Transit enterprise fund 5,662,334 $
55 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
Note 7 - Long-Term Debt
A. Governmental Activities
The City has outstanding bonds and notes from direct borrowings and direct placements related to governmental activities totaling $77,875,820 and $542,094, respectively. The City has pledged assessment revenues to pay for the debt service for the lease revenue, revenue and taxable revenue bonds related to government-type activities. All outstanding bonds contain an event of default that changes the timing of repayment of outstanding amounts to become immediately due if the City is unable to make payment. The following is a summary of long-term debt transactions of the City for the year ended June 30, 2021:
Balance Balance Due Within Due More
July 1, 2020 Additions Deletions June 30, 2021 One Year Than One Year Lease, Revenue and Taxable Revenue Bonds
Series 2016A (Golden Valley Road) $ 8,785,000 $ - $ (420,000) $ 8,365,000 $ 435,000 $ 7,930,000 Series 2016B (OSPD) 12,805,000 - (375,000) 12,430,000 410,000 12,020,000 Series 2019 (Sheriff Station) 25,850,000 - - 2 5,850,000 505,000 25, 345,000 Series 2020A (Recreational Facility) - 10,645,000 - 10,645,000 - 10,645,000 Series 2020A-T (Recreational Facility) - 3,625,000 (485,000) 3,140,000 350,000 2,790,000 Plus deferred amount for issuance premium, net of discount 2,848,999 225,409 (90,340) 2,984,068 87,410 2,896,658 Total lease revenue bonds 50,288,999 14,495,409 (1,370,340) 63,414,068 1,787,410 61,626,658 Revenue and Taxable Revenue Bonds
Series 2018A (Streetlights Acquisition and Retrofit Program) 11,295,000 - - 11,295,000 - 11,295,000 Series 2018B-T (Streetlights Acquisition and Retrofit Program) 2,985,000 - (305,000) 2,680,000 310,000 2,370,000 Plus deferred amount for issuance premium, net of discount 516,697 - (29,945) 486,752 15,969 470,783 Total revenue and taxable revenue bonds 14,796,697 - (334,945) 14,461,752 325,969 14,135,783 Total Lease, Revenue and Taxable Revenue Bonds 65,085,696 14,495,409 (1,705,285) 77,875,820 2,113,379 75,762,441 Notes from direct borrowings and direct placements
Private Placement Lease:
Refunding, Series 2015 730,371 - (730,371) - - - Capital Leases 497,583 164,970 (120,459) 542,094 159,397 382,697 Total notes from direct borrowings and direct placements 1,227,954 164,970 (850,830) 542,094 159,397 382,697 Subtotal Bonds, Loans and Capital Leases 66,313,650 14,660,379 (2,556,115) 78,417,914 2,272,776 76,145,138 Compensated absences 4,144,358 2,165,793 (1,996,898) 4,313,253 1,996,898 2,316,355 Claims and judgments 4,901,109 2,751,537 (1,242,000) 6,410,646 3,974,601 2,436,045 Total 75,359,117 $ 19,577,709 $ (5,795,013) $ 89,141,813 $ 8,244,275 $ 80,897,538 $ Classification
Lease Revenue Bonds – Series 2016A and 2016B
In June 2016, the Authority issued Lease Revenue Refunding Bonds, Series 2016A (Golden Valley Road) and Series 2016B (OSPD), in the amount of $10,320,000 and $14,020,000, respectively. Interest on the Refunding Lease Revenue Bonds, Series 2016A, is paid as part of a variable rate between 2 percent and 4 percent payable on June 1 and December 1 of each year commencing on December 1, 2016. Interest on the Refunding Lease Revenue Bonds, Series 2016B, is paid as part of a variable rate between 2 percent and 4 percent payable on April 1 and October 1 of each year commencing on October 1, 2016. Principal payments are due annually in various amounts commencing December 1, 2016, through December 1, 2035, for Series 2016A, and October 1, 2016, through October 1, 2037, for Series 2016B. The unpaid balance as of June 30, 2021, was $8,365,000 for Series 2016A and $12,430,000 for Series 2016B.
The Open Space Preservation District (OSPD) special assessment revenues within the OSPD Fund have been pledged as an available source of repayment for the bonds.
56 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
The annual debt service requirements on the remaining bonds are as follows:
Series 2016A:
Year Ending June 30, Principal Interest Total
2022 435,000 $ 262,200 $ 697,200 $
2023 450,000 244,500 694,500
2024 470,000 226,100 696,100
2025 490,000 206,900 696,900
2026 510,000 186,900 696,900
2027-2031 2,785,000 698,225 3,483,225 2032-2036 3,225,000 260,975 3,485,975 8,365,000 $ 2,085,800 $ 10,450,800 $
Governmental Activities
Bonds
Series 2016B:
Year Ending June 30, Principal Interest Total
2022 410,000 $ 391,406 $ 801,406 $
2023 445,000 375,706 820,706
2024 485,000 358,606 843,606
2025 525,000 340,006 865,006
2026 565,000 319,806 884,806
2027-2031 3,435,000 1,213,609 4,648,609 2032-2036 4,430,000 711,488 5,141,488 2037-2038 2,135,000 64,875 2,199,875 12,430,000 $ 3,775,503 $ 16,205,503 $
Governmental Activities
Bonds
57 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
Lease Revenue Bonds – Series 2019
In June 2019, the Authority issued Lease Revenue Bonds, Series 2019 (Sheriff Station Project) in the amount of $25,850,000. The City will lease certain real property in conjunction with the Sheriff Station project, and receive rental payments, which are pledged for repayment of the bonds. Interest on the Lease Revenue Bonds, Series 2019, is paid as part of a variable rate between 4 percent and 5 percent payable on June 1 and December 1 of each year commencing on December 1, 2019. Principal payments are due annually in various amounts commencing December 1, 2022, through June 1, 2049. The unpaid balance as of June 30, 2021, was $25,850,000. The bonds maturing on or after June 1, 2028 are subject to redemption prior to their respective maturity dates as a whole or in part on any date on or after June 1, 2027 at a redemption price equal to the principal amount of the Bonds to be redeemed, plus accrued but unpaid interest, without premium. Further, the bonds are subject to redemption prior to their respective maturity dates, as a whole or in part on a pro rata basis if the City takes the leased property or any portion by power of eminent domain, or from insurance proceeds due to destruction of the leased property, at a redemption price equal to the sum of the principal of the bonds to be redeemed plus accrued by unpaid interest, without premium.
The term bonds maturing on June 1, 2037 are subject to mandatory redemption by sinking account payments of $940,000 and $970,000 on June 1, 2036 and June 1, 2037, respectively.
The annual debt service requirements on the remaining bonds are as follows:
Year Ending June 30, Principal Interest Total
2022 505,000 $ 924,563 $ 1,429,563 $ 2023 530,000 899,313 1,429,313 2024 555,000 872,813 1,427,813 2025 585,000 845,063 1,430,063 2026 610,000 815,813 1,425,813 2027-2031 3,550,000 3,595,515 7,145,515 2032-2036 4,355,000 2,780,262 7,135,262 2037-2041 5,150,000 1,991,060 7,141,060 2042-2046 5,975,000 1,170,559 7,145,559 2047-2049 4,035,000 253,056 4,288,056 25,850,000 $ 14,148,017 $ 39,998,017 $
Governmental Activities
Bonds
58 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
Revenue and Taxable Revenue Bonds – Series 2018A and 2018B (Streetlights Acquisition and Retrofit Program)
In June 2018, the Authority issued 2018 Revenue Bonds Series A and 2018 Taxable Revenue Bonds Series B, in the amount of $11,295,000 and $4,005,000, respectively.
Interest on the 2018 Revenue Bonds Series A, is paid as part of a variable rate between 3 percent and 5 percent payable on September 1 and March 1 of each year commencing on September 1, 2018. Principal payments are due annually in various amounts commencing September 1, 2018 through September 1, 2048, for the Series A bonds. The unpaid balance as of June 30, 2021, was $11,295,000.
Interest on the 2018 Taxable Revenue Bonds Series B, is paid as part of a variable rate between 2.150 percent and 3.750 percent payable on September 1 and March 1 of each year commencing on September 1, 2018. Principal payments are due annually in various amounts commencing September 1, 2018 through September 1, 2028, for the Series B bonds. The unpaid balance as of June 30, 2021, was $2,680,000. The bonds are payable from and secured by a pledge of and first lien on amounts on deposit in the Streetlighting fund, including assessment revenues and Ad-valorem revenues.
Ad valorem revenues and assessment revenues within the Lighting District Funds have been pledged as available sources of repayment for the bonds.
The annual debt service requirements on the remaining bonds are as follows:
Year Ending June 30, Principal Interest Total
2022 310,000 $ 550,063 $ 860,063 $
2023 320,000 540,613 860,613
2024 330,000 530,656 860,656
2025 340,000 519,975 859,975
2026 350,000 508,544 858,544
2027-2032 1,960,000 2,327,434 4,287,434 2032-2036 2,385,000 1,912,319 4,297,319 2037-2041 2,820,000 1,457,972 4,277,972 2042-2046 3,525,000 723,575 4,248,575 2046-2048 1,635,000 66,100 1,701,100 13,975,000 $ 9,137,250 $ 23,112,250 $
Governmental Activities
Bonds
59 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
Lease Revenue and Taxable Revenue Bonds – Series 2020A and 2020A-T (Recreational Facility)
In October 2020, the Santa Clarita Public Financing Authority issued Lease Revenue Bonds Series 2020A and Taxable Lease Revenue Bonds Series 2020A-T (Recreational Facility), in the amount of $10,645,000 and $3,625,000 respectively. Interest on the bonds is paid as part of a fixed rate between 0.45% and 4.00% payable on December 1 and June 1 of each year commencing on December 1, 2020. Principal payments are due annually in various amounts commencing June 1, 2030 through June 1, 2050 for Series 2020A and June 1, 2021 through June 1, 2030 for Series 2020A-T. Net bond proceeds in the amount of $14,200,000 were used to reimburse the City in October 2020 for its acquisition of an approximately 4.4 acre parcel and 93,000 square foot recreational facility located at 27745 Smyth Drive within the City.
The unpaid balance as of June 30, 2021, was $13,785,000. The bonds are payable solely from and secured by revenues pledge, including base rental payments payable to the City, bond proceeds, investment income, or insurance procedures or condemnation awards received or payable relating to base rental payments.
The annual debt service requirements on the remaining bonds are as follows:
Year Ending June 30, Principal Interest Total
2022 350,000 $ 356,678 $ 706,678 $
2023 355,000 354,589 709,589
2024 355,000 351,784 706,784
2025 360,000 348,319 708,319
2026 365,000 344,086 709,086
2027-2031 1,920,000 1,618,803 3,538,803
2032-2036 2,175,000 1,365,875 3,540,875
2037-2041 2,430,000 1,110,206 3,540,206
2042-2046 2,825,000 712,175 3,537,175
2047-2050 2,650,000 184,663 2,834,663
13,785,000 $ 6,747,178 $ 20,532,178 $
Governmental Activities
Bonds
Private Placement Lease
In July 2015, the Authority entered into a lease assignment agreement in the amount of $6,985,000 with Umpqua Bank. Interest on the lease is paid as part of a variable rate between 3.5 percent and 4.0 percent payable on October 1 and April 1 of each year commencing on October 1, 2015. Principal payments were due annually in various amounts commencing October 1, 2015, through October 1, 2020. The remaining amount outstanding was paid off during the year.
60 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
Capital Leases
On June 11, 2019, the City Council approved a lease-purchase agreement with Kyocera Document Solutions West, LLC for Citywide printers and copiers in the amount of $497,730. The lease agreement has 60 monthly payments of $8,944 with an interest rate of 3 percent. The final payment is due July 1, 2024. The lease was assigned by Kyocera Document Solutions West, LLC.
The assets acquired through the capital lease are as follows:
Equipment 559,747 $
Less: accumulated depreciation (204,498)
Total 355,249 $
Future capital lease payment requirements are as follows:
Year Ending June 30, Total
2022 107,448 $
2023 107,448
2024 107,448
2025 11,127
Net minimum lease payments 333,471
Less: amount representing interest (19,547)
Present value of net minimum lease payments 313,924 $
On April 28, 2020, the City Council approved a lease-purchase agreement with Kyocera Document Solutions West, LLC to install library printers and copiers in the amount of $88,497. The lease agreement has 60 monthly payments of $1,509 with an interest rate of 0.90 percent. The final payment is due April 5, 2025.
The lease was assigned by Kyocera Document Solutions West, LLC.
The assets acquired through the capital lease are as follows:
Equipment 111,831 $
Less: accumulated depreciation (26,094)
Total 85,737 $
61 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
Future capital lease payment requirements are as follows:
Year Ending June 30, Total
2022 18,107 $
2023 18,107
2024 18,107
2025 15,089
Net minimum lease payments 69,410
Less: amount representing interest (1,209)
Present value of net minimum lease payments 68,201 $
On April 27, 2021, the City Council approved a lease-purchase agreement with Zamboni Company, USA Inc. for Zamboni Equipment at the Cube – Ice and Entertainment Center (The Cube) in the amount of $164,970.
The lease agreement has 60 monthly payments of $3,029 with an interest rate of 3.87 percent. The final payment is due April 29, 2026. The lease was assigned by Zamboni Company, USA Inc.
The assets acquired through the capital lease are as follows:
Equipment 164,970 $
Less: accumulated depreciation (2,750)
Total 162,220 $
Future capital lease payment requirements are as follows:
Year Ending June 30, Total
2022 36,342 $
2023 36,342
2024 36,342
2025 36,342
2026 30,285
Net minimum lease payments 175,653
Less: amount representing interest (15,684)
Present value of net minimum lease payments 159,969 $
62 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
Compensated Absences
The City’s liability for accrued and unpaid compensated absences in the governmental activities totaled $4,313,253 at June 30, 2021. The majority of compensated absences are liquidated through the General Fund.
Claims and Judgments
The City’s liability for outstanding claims and judgments is $6,410,646 at June 30, 2021 (see Note 16).
B. Business-Type Activities
Compensated Absences
The City’s liability for accrued and unpaid compensated absences in the business-type activities at June 30, 2021, is as follows:
Balance Balance Due Within Due More
June 30, 2020 Additions Deletions June 30, 2021 One Year Than One Year Compensated
absences $ 118,877 $ 59,049 $ (36 ,257) $ 141,669 $ 36,257 $ 105,412
Note 8 - Deposits Payable
The City collects deposits for a) improvements within the City, b) donations received for specified services, and c) deposits received in advance for recreation programs or other department services. These balances represent amounts that have been collected for which the eligibility requirements for revenue recognition have not been met. As of June 30, 2021, deposits payable were as follows:
General Fund:
Deposits from developers 2,208,220 $
Sheriff's Station deposits payable 795
Other deposits payable 932,867
Total deposits payable 3,141,882 $
On May 31, 2016, the City entered into a memorandum of understanding with the County of Los Angeles (County) for the new Santa Clarita Valley Sheriff’s Station. The County agreed to deposit $18,000,000 into the City’s trust account earmarked for the design, engineering, and construction of the new Station. As of June 30, 2021, the City has used $17,999,205 from amounts on deposit.
63 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
Note 9 - Developer Credits
The City and County of Los Angeles have established the Santa Clarita Valley Bridge and Major Thoroughfare Districts to accommodate the needs of future development anticipated by the County of Los Angeles and the City of Santa Clarita General Plans. Included in the formation documents are provisions for district fees to be paid by developers, which are to be used to assist the City in constructing and maintaining the infrastructure within the areas of benefit. In lieu of paying the district fees, developers are allowed to donate infrastructure (roadways, bridges, intersections, and interchanges) necessary for the future development of the districts. In certain cases, the developer may donate infrastructure with a value that exceeds the district fees collected. If this occurs, the developer can receive a credit toward future district fees or request a cash withdrawal of the excess amount, subject to City approval if funding is determined to be available. As of June 30, 2021, the City accrued a liability of $55,635,573 for the value of infrastructure donated in excess of the district fees that were owed. There is no maturity schedule for the developer payables, and it has been determined that current financial resources will not be used to repay the liability; therefore, the liability has been recorded as a long- term obligation in the governmental activities in the Statement of Net Position.
The following is a summary of developer credits by district for the year ended June 30, 2021:
Balance Balance
July 1, 2020 Additions Deletions June 30, 2021
Bridge and Thoroughfare Credits:
Bouquet District $ 21,955,779 -$ $ - $ 21,955,779 Eastside District 11,927,888 - - 11,927,888 Via Princessa District 171,264 6,009,467 - 6,180,731 Valencia District 15,571,175 - - 15,571,175 Total Bridge and Thoroughfare Credits $ 49,626,106 $ 6,009,467 $ - $ 55,635,573
Note 10 - Interfund Transactions
A. Due To/Due From
At June 30, 2021, the City had the following short-term interfund receivables and payables:
Due From
Other Funds
General
Due to Other Funds:
Non-Major Governmental Funds 4,580,961 $
Total 4,580,961 $
64 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
B. Advances
At June 30, 2021, the City had the following interfund advances:
Developer
General Fees Total
Advances From Other Funds:
Bridge and Thoroughfare 6,279,468 $ 131,695 $ 6,411,163 $ Public Library 1,744,380 - 1,744,380 Total 8,023,848 $ 131,695 $ 8,155,543 $ Advances To Other Funds
Bridge and Thoroughfare
In March 2006, the General Fund advanced the Bridge and Thoroughfare Special Revenue Fund $430,000 for acquisition of land. The advance accrues interest at a rate equal to the yield of the average monthly investment portfolio and will be repaid with future available resources of the Bridge and Thoroughfare Special Revenue Fund. There is no fixed repayment schedule. At June 30, 2021, the amount of the advance outstanding is $601,580.
In December 2007, the General Fund advanced the Bridge and Thoroughfare Special Revenue Fund $3,000,000 to pay outstanding developer payables at the time. The advance accrues interest at a rate equal to the yield of the average monthly investment portfolio and will be repaid with future available resources of the Bridge and Thoroughfare Special Revenue Fund. There is no fixed repayment schedule. At June 30, 2021, the amount of the advance outstanding is $1,054,701.
In June 2016, the General Fund advanced the Bridge and Thoroughfare Special Revenue Fund $3,000,000 for the design of mass grading plans, buttress fill, survey, topography, complete roadway design and signals for the future intersections and road extension. The advance accrues interest at a rate equal to the yield of the average monthly investment portfolio and will be repaid with future available resources of the Bridge and Thoroughfare Special Revenue Fund. There is no fixed repayment schedule. At June 30, 2021, the amount of the advance outstanding is $610,165.
In January 2017, the General Fund advanced the Bridge and Thoroughfare Special Revenue Fund $3,500,000 for the widening of the Newhall Ranch Road Bridge over the San Francisquito Creek (Project S1039). The advance accrues interest at a rate equal to the yield of the average monthly investment portfolio and will be repaid with future available resources of the Bridge and Thoroughfare Special Revenue Fund. The payments are payable in separate annual installments over an eight-year period beginning January 2017 and ending June 2025. At June 30, 2021, the amount of the advance outstanding is $1,927,880.
65 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
In May 28, 2019, the General Fund advanced the Bridge and Thoroughfare Special Revenue Fund $2,000,000 for the onsite construction of the new Santa Clarita Valley Sheriff Station, which includes the main station building, detention facility, helipad, dry utilities, radio antenna tower, perimeter walls, landscaping, furnishings, fixtures, and equipment. The advance accrues interest at a rate equal to the yield of the average monthly investment portfolio and will be repaid with future available resources of the Bridge and Thoroughfare Special Revenue Fund. There is no fixed repayment schedule. At June 30, 2021, the amount of the advance outstanding is $2,085,142.
In July 2020, the Developer Fees Special Revenue Fund advanced the Bridge and Thoroughfare Special Revenue Fund $111,242 for the design and construction costs of the Newhall Avenue Pedestrian Facilities and Sidewalk project. The advance accrues interest at a rate equal to the yield of the average monthly investment portfolio and will be repaid with future available resources of the Bridge and Thoroughfare Special Revenue Fund. There is no fixed repayment schedule. At June 30, 2021, the amount of the advance outstanding is $131,695.
Public Library
The General Fund advanced the Public Library Special Revenue Fund $1,744,380, which consists of the following individual advances:
In May 2011, the General Fund advanced the Public Library Special Revenue Fund $8,071,596 for the acquisition of library facilities, real property, personal property, and collections from the County of Los Angeles. The advance accrues interest at a rate equal to the rate of return on investments and shall be repaid with future available resources of the Public Library Special Revenue Fund. At June 30, 2021, the principal amount of the advance of $1,744,380 is outstanding.
C. Transfers
At June 30, 2021, the City had the following transfers:
Landscape Non-Major Transit Internal
General Developer Maintenance Governmental Enterprise Service Fund Fees District #1 Funds Fund Fund Total
Transfers in:
General Fund -$ 69,458 $ 258,935 $ 25,916,737 $ 343,778 $ 38,076 $ 26,626,984 $ Landscape Maintenance District #1 10,000 - - - - - 10,000 Public Library - - - 98,500 - - 98,500 Non-Major Governmental Funds 14,004,670 - 17,000 2,415,081 3,690 - 16,440,441 Internal Service Funds 64,413 - - 717 - - 65,130 Total 14,079,083 $ 69,458 $ 275,935 $ 28,431,035 $ 347,468 $ 38,076 $ 43,241,055 $ Transfers Out
The General Fund made transfers to Areawide Fund for $9,780,852 to provide for urban forestry and parks and parks facilities maintenance, to Landscape Maintenance District #1 and non-major governmental funds for operating and capital improvement projects for $1,631,118 and current year debt service payments for $2,602,700, totaling $4,233,818. Transfers from the General Fund to the Self-Insurance Internal Service Fund of $64,413 were for risk management operations.
66 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
The Developer Fees Special Revenue Fund made transfers to the General Fund for administrative costs for $69,458.
The Landscape Maintenance District #1 Special Revenue Fund made transfers to the General Fund and the non-major governmental fund for operating costs and contribution to pay down the City's unfunded accrued liability for $57,000 and $218,935, respectively.
The American Rescue Plan Fund made transfer to the General Fund for $ 9,474,280 to cover revenue loss for FY 2020 attributed for COVID-19 pandemic.
The Non-major governmental funds, made transfers to the General Fund for current CalPERS pension obligations plus additional contribution to pay down the City’s Unfunded Accrued Liability and for the acquisition for the ice cube for $968,235 & $14.7M, respectively.
The non-major governmental funds made transfers to the non-major governmental funds in the amount of $229,588 for streetlight operations and maintenance.
Transfers from the non-major governmental funds to non-major governmental funds of $766,406 represents debt service payments for the 2016 Lease Revenue Refunding Bonds and $863,785 for the 2018 Lease Revenue Bonds Series A and 2018 Taxable Lease Revenue Bonds Series B.
The Transit Enterprise Fund made transfers to the General Fund for $150,000 to support the senior center transit operations and $193,778 for contribution to the City's Unfunded Accrued Liability.
67 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
Note 11 - Fund Balances and Net Position
A. Fund Balance Classification
The details of fund balance of the governmental funds as of June 30, 2021, are presented below:
Landscape Non-Major
General Bridge and Developer Public Maintenance Governmental Fund Thoroughfare Fee Library District #1 Funds Total
Nonspendable:
Prepaid items 391,738 $ -$ -$ 112,800 $ 281,324 $ 97,380 $ 883,242 $ Deposits with others 60,000 - - - - - 60,000 Advances to other funds* 7,023,154 - - - - - 7,023,154 Total nonspendable 7,474,892 - - 112,800 281,324 97,380 7,966,396 Restricted:
Landscape maintenance - - - - 22,946,983 5,349,384 28,296,367 Lighting District - - - - - 14,192,379 14,192,379 Capital improvements - 7,369,619 1,718,057 - - 8,140,639 17,228,315 Transportation - - - - - 39,374,211 39,374,211 Open space preservation - - - - - 6,848,214 6,848,214 Public Safety - - 250,020 - - 304,679 554,699 Public library - - - 1,522,355 - 3,872,885 5,395,240 Air quality improvement - - 112,855 - - 178,378 291,233 Stormwater - - - - - 3,885,950 3,885,950 Public education and government - - - - - 604,329 604,329 Tourism marketing - - - - - 542,936 542,936 Low-and moderate-income housing - - 313,115 - - 1,878,262 2,191,377 Clean Safe Water - - - - - 1,502,066 1,502,066 Bond Proceeds 9,644,574 - - - - - 9,644,574 Other - - - - - 2,707,106 2,707,106 Total restricted 9,644,574 7,369,619 2,394,047 1,522,355 22,946,983 89,381,418 133,258,996 Committed:
Capital improvements - - 832 - - - 832 Total committed - - 832 - - - 832 Assigned:
Capital projects 15,500,000 - 41,444 - - 713,720 16,255,164 Claims and settlements - - - - - 10 10 Pension 2,000,000 - - - - - 2,000,000 Public facilities 93,406,093 - - - - - 93,406,093 Total assigned 110,906,093 - 41,444 - - 713,730 111,661,267 Unassigned 59,968,580 - - - - (869,803) 59,098,777 Total fund balances 187,994,139 $ 7,369,619 $ 2,436,323 $ 1,635,155 $ 23,228,307 $ 89,322,725 $ 311,986,268 $ Major Governmental Funds
* Accrued interest on General Fund advances to other funds of $1,000,694, do not provide current financial resources and are reported as deferred inflows of resources for unavailable revenues.
68 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
For net position, within the business type activities, the net investment in capital assets includes capital assets. For the governmental activities, the capital asset balance is offset by the associated debt balances and bond reserves as follows:
Governmental Activities:
Capital Assets, net 1,109,047,265 $
Series 2016A (Golden Valley Road) (8,365,000)
Series 2016B (Open Space Preservation District) (12,430,000) Series 2019 (Sheriff Station) (25,850,000)
Series 2018A & 2018B-T (Streetlight & Retrofit) (13,975,000) Series 2020A & 2020A-T (Recreational Facility) (13,785,000) Restricted Cash and Investments 610,657
Issuance premium (3,470,820)
Capital Lease (542,094)
Deferred charges on Refunding 1,339,105
Net investment in Capital Assets 1,032,579,113 $
Note 12 - Agent Multiple-Employer Plan
A. Plan Description
The City’s defined benefit pension plan, California Public Employees’ Retirement System (CalPERS), provides pensions for all permanent full-time general and some part-time employees of the City. CalPERS is an agent- multiple employer defined benefit pension plan administered by the California Public Employees’ Retirement System. CalPERS acts as a common investment and administrative agent for its participating member employers and are included within Public Employees’ Retirement Fund A (PERF A). Benefits provisions under the Plan are established by State statute and may be amended by City resolution. CalPERS issues a publicly available financial report, which includes a full description of the pension plan regarding benefit provisions, and assumptions and membership information that can be obtained at https://www.calpers.ca.gov .
B. Benefits Provided
CalPERS provides retirement and disability benefits, annual cost-of-living adjustments, and death benefits to plan members 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 (total service across all CalPERS employers, and with certain other Retirement Systems with which CalPERS has reciprocity agreements). All members are eligible for non-duty disability benefits after 5 years of service. The death benefit is one of the following: Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost of living adjustments for the plan are applied as specified by the Public Employees’ Retirement Law.
69 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
The Plan’s provisions and benefits in effect as of June 30, 2021 are summarized as follows:
Tier 1 Tier 2 Tier 3
Formula 2.7% at 55 2% at 60 2% at 62
Benefit vesting schedule 5 years of service 5 years of service 5 years of service Benefit payments monthly for life monthly for life monthly for life Retirement age 50-55 50-60 52-62
Monthly benefits, as a % of annual salary 2.7% 2.0% 2.0% Required employee contribution rates 8% 7% 6.25%
Required employer contribution rates
Required Unfunded Accrued Liability (UAL) contribution
Tier 1 Tier 2 Tier 3
Applies to: Employees hired before
April 9, 2011*
Employees hired
between April 9, 2011,
and December 31, 2012,
or those hired January 1,
2013, or later, who have
been a Classic CalPERS
member with a public
agency or in a Classific
reciprocal plan within
the last 6 months). *
Employees hired
January 1, 2013, or later
*
Miscellaneous
* Those hired as part-time seasonal (PTS) who later convert to regular full-time will qualify for Tier 1, 2 or 3 depending on their conversion date.
9.398%
$3,591,974
C. Employees Covered by Benefit Terms
At June 30, 2019, the following employees were covered by the benefit terms:
Inactive employees or beneficiaries currently receiving benefits 236 Employees entitled to but not yet receiving benefits 454 Active employees 449
1,139
The information was obtained from the CalPERS Annual Valuation Report as of June 30, 2019.
D. Contributions
Section 20814(c) of the California Public Employees' Retirement Law (PERL) requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. The total plan contributions are determined through CalPERS' annual actuarial valuation process. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The employer is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. Refer to Section B for required contribution rates during the year ended June 30, 2021, including amounts paid by the City related to employees’ required contribution rates. The employer contributions during the year ended June 30, 2021 were $11,219,252.
70 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
E. Actuarial Assumptions
The total pension liability in the June 30, 2019 actuarial valuation was determined using the following actuarial assumptions:
Valuation Date June 30, 2019
Measurement Date June 30, 2020
Actuarial Cost Method Entry-Age Normal Cost Method
Actuarial Assumptions:
Discount Rate 7.15 percent
Inflation 2.625 percent
Salary increases Varies by Entry Age and Service
Investment rate of return 7.25 percent
Mortality rates were based on the probabilities of mortality are based on the 2017 CalPERS Experience Study for the period from 1997 to 2015. Pre-retirement and Post-retirement mortality rates include 15 years of projected mortality improvement using 90% of Scale MP-2016 published by the Society of Actuaries.
The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of 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 7.25 percent rate of return on pension plan investments, CalPERS took into account both short- and long-term market return expectations, as well as the expected pension fund cash flows.
Using historical returns of all the funds’ asset classes, expected compound (geometric) returns were calculated over the short-term (first 10 years) and the long-term (11-60 years) using a building-block approach. Using the expected nominal returns for both short- and long-term, the present value of benefits was calculated for each fund. The expected rate of return was set by calculating the single equivalent expected return that arrived at the same present value of benefits for cash flows as the one calculated using both short- and long-term returns. The expected rate of return was then set equivalent to the single equivalent rate calculated above and adjusted to account for assumed administrative expenses. The target allocation and best estimates of arithmetic real rates of return for each major asset class are the same for each Plan.
71 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
These geometric rates of return are net of administrative expenses and are summarized in the following table:
Assumed Asset Real Return Real Return
Asset Class (1) Allocation Years 1-10 (2) Years 11+ (3) Global Equity 50.0% 4.80% 5.98%
Fixed Income 28.0% 1.00% 2.62%
Inflation Assets 0.0% 0.77% 1.81%
Private Equity 8.0% 6.30% 7.23%
Real Estate 13.0% 3.75% 4.93%
Liquidity 1.0% 0.00% -0.92%
100%
(1) In the System's ACFR, fixed income is included in Global Debt Securities; Liquidity is included in Short-term Investments; Inflation Assets are included in both Gloal Equity Securityes and Global Debt Securities (2) An expected inflation rate of 2.00% used for this period (3) An expected inflation rate of 2.92% used for this period
F. Discount Rate
The discount rate used to measure the total pension liability was 7.15 percent. The projection of cash flows used to determine the discount rate assumed that employee contributions will be made at the current contribution rate and that the City’s contributions will be made at statutorily required rates, actuarially determined. Based on those assumptions, the pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability. To determine whether the municipal bond rate should be used in the calculation of a discount rate for the plan, CalPERS stress tested plans that would most likely result in a discount rate that would be different from the actuarially assumed discount rate. Based on the testing, none of the tested plans run out of assets. Therefore, the current 7.15 percent discount rate is adequate, and the use of the municipal bond rate calculation is not necessary. The long-term expected discount rate of 7.15 percent was applied to all plans in the Public Employees Retirement Fund (PERF). The stress-test results are presented in a detailed report that can be obtained from the CalPERS website.
72 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
G. Changes in the Net Pension Liability
Total Pension Plan Fiduciary Net Pension
Liability (a) Net Position (b) Liability (a) - (b)
Balances at June 30, 2019 211,036,792 $ 172,127,426 $ 38,909,366 $ Changes recognized for the measurement period:
Service cost 5,350,001 - 5,350,001 Interest 15,203,985 - 15,203,985 Differences between expected and
actual experience 2,498,828 - 2,498,828 Net Plan to Plan Resource Movement - - Contributions from the employer - 15,978,300 (15,978,300) Contributions from the employees - 2,530,805 (2,530,805) Net investment income - 8,957,955 (8,957,955) Benefit payments, including refunds of
employee contributions (7,134,971) (7,134,971) - Administrative expense - (242,657) 242,657 Other miscellaneous (expense) - - - Net changes 15,917,843 20,089,432 (4,171,589) Balances at June 30, 2020 226,954,635 $ 192,216,858 $ 34,737,777 $ Increase (Decrease)
The plan’s Fiduciary Net Position as a percentage of the total pension liability is 84.70% for the measurement period ending June 30, 2020.
The City has allocated the proportion of the net pension liability and related components based on the share of contributions to the pension plan relative to the total contributions to the City. At June 30, 2021, the total net pension liability was allocated as follows:
Governmental Transit Total Net
Activities Enterprise Fund Pension Liability
Net pension liability 33,516,968 $ 1,220,809 $ 34,737,777 $
H. Sensitivity of the Net Pension Liability to Changes in the Discount Rate:
The following presents the net pension liability of the City, calculated using the discount rate of 7.15 percent, as well as what the City’s net pension liability would be if it were calculated using a discount rate that is 1-percentage point lower (6.15 percent) or 1-percentage point higher (8.15 percent) than the current rate:
1% Decrease Current Discount 1% Increase
(6.15%) Rate (7.15%) (8.15%)
Net pension liability 69,134,788 $ 34,737,777 $ 6,642,936 $
I. Pension Plan Fiduciary Net Position
Detailed information about the pension plan’s fiduciary net position is available in the separately issued CalPERS financial report.
73 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
J. Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions
For the year ended June 30, 2021, the City recognized pension expense of $10,577,338. At June 30, 2021, 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
Net difference between projected and actual earnings on pension plan investments 1,883,979 $ -$
Changes in assumptions 284,268 488,532
Differences between expected and actual experience 4,094,815 36,724 City contributions subsequent to the measurement date 11,219,252 - TotalTotal 17,482,314 $ 525,256 $
At June 30, 2021, the total deferred outflow of resources, and deferred inflow of resources, and pension expense related to the net pension liability was allocated as follows:
Governmental Transit
Activities Enterprise Fund Total
Deferred outflows of resources 16,867,923 $ 614,391 $ 17,482,314 $ Deferred inflows of resources 506,798 18,458 525,256 Pension expense 10,205,613 371,725 10,577,338
Amounts reported as deferred outflows of resources and deferred inflows of resources are amortized in pension expense for the year the gain or loss occurs, except for contributions subsequent to the measurement period of $11,219,252 which will be recognized as a reduction of the net pension liability during the fiscal year ending June 30, 2022. The amortization period differs depending on the source of the gain or loss. Differences between projected and actual investment earnings are amortized on a 5-year straight-line basis and all other amounts are amortized over the average expected remaining service lives of all members that are provided with benefits. As of the June 30, 2020 measurement date, the expected average remaining service lifetime is 4.4 years. Deferred outflows and inflows of resources related to pensions will be recognized in pension expense as follows:
Deferred
Outflows/(Inflows)
of Resources
1,130,615 $
1,842,728
1,789,746
974,717
5,737,806 $
Fiscal Year Ending
2021
2022
2023
2024
74 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
Note 13 - Post-Employment Health Benefits
A. Plan Description
The City has elected through resolution to provide healthcare benefits as single employer plan to retirees, spouses, and eligible dependents of the City. This plan provides post-employment medical insurance benefits through the CalPERS Health Plan (the Plan). The City has administrative involvement with the Plan, and has included the trust, as well as Plan required disclosures within the City’s ACFR. A separate financial report is not issued.
B. Funding Policy
The City conducted an actuarial valuation to determine the City’s obligation to fund OPEB and determined that it served the City’s interests to prefund those benefits. In December 2011, the City Council approved Resolution 11-89 adopting the Public Agencies Post-Retirement Health Care Plan Document and Trust Agreement. The OPEB Plan Trust is a tax-qualified irrevocable trust, organized under Internal Revenue Code (IRC) Section 115, established to pre-fund OPEB. The Plan Trustee is U.S. Bank, and Public Agencies Retirement Services (PARS) is the Trust Administrator. However, as described above, the City has administrative involvement in the Plan, and reports assets as a fiduciary component unit.
The obligation of the City to contribute to the plan is established and may be amended by the City Council.
Employees are not required to contribute to the plan. The City has established a practice of contributing to the irrevocable trust administered by PARS 100 percent of the Cash Subsidy. The Cash Subsidy represents a level of funding that, if paid on an ongoing basis, is projected to cover the normal cost of each year and is not determined based on a level of pay. As a result of reporting a net OPEB asset, the Cash Subsidy component of the annual required contribution for fiscal year 2020-2021 was negative $297,000. During the year $961,682 in benefits was paid directly by the Trust to recipients.
Due to an amendment to Actuarial Standards of Practice (ASOP) No. 6 Measuring Retiree Group Benefits Obligations and Determining Retiree Group Benefits Costs or Contributions, valuations performed after March 31, 2015 requires the calculation of an implicit subsidy component of the annual required contribution and actuarial liability. The City has elected not to fund the implicit subsidy component of the annual required contribution. The City received credit of $304,000 related to the fiscal year 2020-2021 implied subsidy payments which has been included in the contributions amount above.
75 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
C. Eligibility
City employees who have a service retirement from the City at age 50 with five or more years of city service are eligible to receive post-employment medical benefits. Employees who have a disability retirement are also eligible. The benefit for employees hired before January 1, 2008 is up to $1,017 per month. The maximum benefit will be adjusted when the lowest cost employee rate, plus one, exceeds $1,017. No minimum years of service were required for the unrepresented employees hired before January 1, 2008 and retired before January 1, 2012 and represented employees hired before January 1, 2008 and retired after January 1, 2012 and before January 1, 2014. For employees hired before January 1, 2008 the following vesting applies:
Years of Service Vested Percentage
0 to 5 years 0%
5 to 9 years 50%
10 to 14 years 75%
15 years and greater 100%
Employees hired after January 1, 2008, receive the PERS minimum and are not subject to a vesting schedule.
As of the June 30, 2021 measurement date, the following current and former employees were covered by the benefit terms under the Plan:
Participants Total
Inactives currently receiving benefits 128
Inactives entitled to but not yet receiving benefits 41 Active employees 427
Total 596
D. Contributions
The Plan and its contribution requirements are based on the actuarially determined contribution. For the fiscal year ended June 30, 2021, the City’s cash contributions were $334,000 in payments to the trust and the estimated implied subsidy was $304,000 resulting in total contributions of $638,000. An additional $961,682 in benefits was paid directly by the Trust to recipients during the year.
76 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
E. Net OPEB Liability
The City’s net OPEB liability was measured as of June 30, 2021 and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation dated June 30, 2020, based on the following assumptions:
Actuarial Valuation Date June 30, 2020
Contribution Policy Pre-fund cash benefit Actuarially Determined Contribution (ADC) with PARS Balance Fund Implied
subsidy benefit on pay-as-you-go basis
Discount Rate 6.25% at June 30, 2021
4.17% at June 30, 2020
Expected City contributions projected to be sufficient to pay all benefits from trust.
Municipal Bond Index Bond Buyer 20-bond Index
2.16% at June 30, 2021
2.21% June 30, 2020
Long Term Return on Assets 6.50%
General Inflation 2.75% per annum
Mortality, Retirement, Disability, Termination CalPERS 1997-2015 Experience Study Mortality Improvement Retirement mortality projected fully generational with Scale MP-2019
Salary Increases Aggregate -3% per annum
Merit - CalPERS 1997-2015 Experience Study
Medical Trend Non-Medicare - 7.25% for 2021, decreasing to an ultimate rate of 4.0% in 2076
Medicare - 6.3% for 2021, decreasing to an ultimate rate of 4.0% in 2076
PEMHCA Minimum Increases 4.25% per annum
Healthcare participation at Hired < 1/1/08: 95%
Hired ≥ 1/1/08: 60%
Waived Retirees Re-election 5% re-elect at 65 for pre-65 Cap Increases No increase on $1,016.58 cap
Medical trend for EE+1 cap
77 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
F. Cash and Investments Held in Trust
The City elected a discretionary investment approach with a moderate investment objective. The primary objective is to maximize total Plan return, subject to the risk and quality constraints established. The Plan’s targeted rate of return is 6.5 percent. The asset allocation ranges for this objective are 0 percent to 20 percent cash source, 30 percent to 50 percent fixed income, and 50 percent to 70 percent equity.
The parameters for fixed income and equity securities based on asset allocation are as follows:
Maximum Minimum
Percentage of Percentage of
Total Plan Total Plan
Authorized Investment Type Assets Assets
Fixed Income
Long-term fixed income 20% 0%
Intermediate-term fixed income 50% 15%
Short-term fixed income 15% 0%
High-yield portion of the Plan 8% 0%
Equity
Domestic large cap equity 50% 20%
Domestic mid-capitalization equity 15% 0%
Domestic small capitalization equity 20% 0%
International equity 20% 0%
Real estate 10% 0%
Cash and investments related to the Plan consist of the following:
Assets Fair Value
Cash and Equivalents 412,855 $
U.S. Government Issues 8,374,329
Corporate Issues 5,853,559
Foreign Issues 122,023
Municipal Issues 251,349
Domestic Common Stocks 5,624,760
Foreign Stocks 135,121
Mutual Funds-Equity 27,197,013
Mutual Funds-Fixed Income 4,240,637
Total assets 52,211,647
Accrued Income 71,945
Total 52,283,592 $
78 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
The long-term expected rate of return on OPEB plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of OPEB plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table:
Target
Allocation Expected Real
Asset Class PARS-Balance Rate of Return
Global Equity 58% 4.82%
Fixed Income 35% 1.47%
REITS 2% 3.76%
Cash 5% 0.06%
For the year ended June 30, 2021, the annual money weighted rate of return on investments was 26.10 percent. The money weighted rate of return expresses investment performances adjusted for the changing amounts actually invested.
G. Concentrations of Credit Risk
Investments in any one issuer that represent 5 percent or more of the Plan’s total cash and investments are as follows:
Issuer Investment Type Amount Investments
Vanguard Growth and Income Mutual Funds-Equity 4,503,821 $ 8.63% Hartford Schroeders Emerging Markets Mutual Funds-Equity 2,884,428 $ 5.91% Dodge and Cox Stock Fund Mutual Funds-Equity 2,935,339 $ 5.62%
H. Discount Rate
The discount rate used to measure the total OPEB liability was 6.25 percent for the Plan, an increase from
4.17 percent in the prior year. The plan’s fiduciary net position, plus expected City contributions, are projected to be sufficient to make all projected future benefit payments of current active and inactive employees.
79 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
I. Changes in the Net OPEB Liability
The changes in the net OPEB liability for the Plan are as follows:
Total Net
OPEB Fiduciary OPEB
Liability Net Position Liability/(Asset)
(a) (b) (c) = (a) - (b)
Balance at June 30, 2020 58,839,227 $ 42,169,576 $ 16,669,651 $ Changes for the year
Service cost 2,154,981 - 2,154,981 Interest 2,517,070 - 2,517,070 Actual vs. expected experience (5,463,407) - (5,463,407) Assumption changes (17,074,375) - (17,074,375) Contributions - employer* - 638,000 (638,000) Net investment income - 10,837,685 (10,837,685) Benefit payments (1,265,682) (1,265,682) - Administrative expenses - (95,987) 95,987 Net Changes (19,131,413) 10,114,016 (29,245,429) Balance at June 30, 2021 39,707,814 $ 52,283,592 $ (12,575,778) $ *Contributions to trust of $334,000 plus $304,000 implied subsidy benefit payments by the City.
The plan's fiduciary net position as a percentage of the total OPEB liability is 131.67%. Per the most recent funding valuation dated June 30, 2020, the City’s actuarial obligations are 118% funded.
J. Changes of Assumptions
For the June 30, 2021 measurement date, the discount rate was changed from 4.17% to 6.25%. Further, the participation rate at retirement was decreased from 100% to 95% for those hired before 1/1/08. The waived retiree reelection was decreased from 10% reelect at 65 to 5% reelect at 65. The mortality improvement scale was updated to Scale MP-2019.
K. 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, 2021:
1% Decrease Current Rate 1% Increase
(5.25%) (6.25%) (7.25%)
Net OPEB Liability (Asset) (6,569,916) $ (12,575,778) $ (17,469,714) $
80 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
L. 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, 2021:
1% Decrease Current Rate 1% Increase
Net OPEB Liability (Asset) (18,312,759) $ (12,575,778) $ (5,379,662) $ Healthcare Trend Rate
M. OPEB Plan Fiduciary Net Position
PARS issues a publicly available report that may be obtained from the Public Agency Retirement Services, 4350 Von Karman Ave, Newport Beach, California 92660.
N. OPEB Expense, Deferred Inflows of Resources, and Deferred Outflows of Resources Related to OPEB
For the fiscal year ended June 30, 2021, the City recognized OPEB credit of $1,706,942. As of fiscal year ended June 30, 2021, the City reported deferred inflows of resources related to OPEB from the following sources:
Deferred Deferred
Outflows Inflows
of Resources of Resources
Differences between expected and actual experience -$ 9,759,540 $ Changes of assumptions 7,978,940 15,753,465
Net difference between projected and actual earnings on plan investments - 5,935,563 Total 7,978,940 $ 31,448,568 $
At June 30, 2021, the total deferred outflow of resources, and deferred inflow of resources, and OPEB expense related to the net OPEB liability (asset) was allocated as follows:
Governmental Transit
Activities Enterprise Fund Total
Deferred outflows of resources 7,787,445 $ 191,495 $ 7,978,940 $ Deferred inflows of resources 30,693,803 754,765 31,448,568 Net OPEB Liability (Asset) (12,273,965) (301,813) (12,575,778)
81 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
Amounts reported as deferred inflows and outflows of resources are amortized in OPEB expense. The amortization period differs depending on the source of the gain or loss. The amortization period is a 15-year fixed period and all other amounts are amortized over the average expected remaining service lives of all members that are provided with benefits. As of June 30, 2021 measurement date, the expected average remaining service lifetime is 9 years. Deferred inflows and outflows of resources related to OPEB will be recognized in OPEB expense as follows:
Deferred
Fiscal Year Outflows/(Inflows)
Ended June 30: of Resources
2022 (3,752,300) $
2023 (3,628,301)
2024 (3,609,521)
2025 (3,848,121)
2026 (2,091,920)
Thereafter (6,539,465)
(23,469,628) $
Note 14 - Individual Fund Disclosures – Deficit Fund Balance
Funds that have a deficit fund balance at June 30, 2021, are as follows:
Deficit Fund
Balance
Non-Major Governmental Funds
Gas Tax Special Revenue Fund (9,037) $
State Park Special Revenue Fund (109,710)
Surface Transporatation Program Special Revenue Fund (71,919) Measure R Highway Improvement Special Revenue Fund (15,781) Measure H Homeless Initiatives Special Revenue Fund (150,094) Measure M ATP Special Revenue Fund (7,945)
Measure A Safe Parks Special Revenue Fund (194,138)
Miscellaneous Grants (16,143)
Cooper St Parking CFD 2020-1 Capital Projects Fund (277,320) Fund
The non-major governmental fund deficits have corresponding deferred revenue and will be eliminated in the next fiscal year.
The deficit in the Cooper Street Parking CFD 2020-1 Capital Projects Fund will be eliminated in Fiscal Year 2021-
22. The deficit was due to Los Angeles County Registrar-Recorder’s Office delay in the recordation of the boundary map as a result of Covid-19 pandemic closures. This delay resulted in the special tax levy, for Fiscal Year 2020-21, not being permitted to be billed and collected until Fiscal Year 2021-22. The Special Tax for FY 2021-22 will also be levied and collected in Fiscal Year 2021-22 .
82 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
Note 15 - Deferred Compensation Plan/Defined Contribution Plan
The City provides a deferred compensation/defined contribution plans for certain classifications of management under IRC Section 401(a). City participation in contributions to the plans is mandatory. The City is obligated to contribute amounts ranging from $2,000 to $19,500 per participant per year. Employee contributions to certain plans are voluntary. During the year ended June 30, 2021, there were 1,388 participants in the plans. The City’s contributions totaled $214,459, and employees’ contributions totaled $2,191,356.
Note 16 - Self-Insurance
The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors, and omissions; injuries to employees; and natural disasters. The City joined Special Districts Risk Management Authority (SDRMA) in the fall of 2005. SDRMA is a self-insurance risk pool that serves as a not-for-profit public agency to its members. Through SDRMA, the City currently holds a $50,000 general liability deductible. All general liability claims above $50,000 and up to a limit of $10,000,000 are handled by SDRMA. The City’s workers’ compensation coverage is also administered by SDRMA. The City is self-insured for workers’ compensation up to $250,000, but has purchased coverage through SDRMA for individual claims exceeding $250,000 up to a maximum of $5,000,000. Settlements have not exceeded coverages for each of the past three fiscal years.
The annual member contribution is $1,617,995 for the general liability program and the workers’ compensation program (based on estimated wages).
At June 30, 2021, $1,683,996 was accrued by the City for general liability claims, and $4,726,650 was accrued for workers’ compensation claims and judgments. These accruals represent management’s estimates of amounts to be paid for incurred and reported claims, as well as incurred but not reported (IBNR) claims based upon past experience and modified for current trends and information.
Changes in the reported claims liability since June 30, 2019, resulted in the following:
Claims liability as of June 30, 2019 3,654,276 $
Claims and changes in estimates during the year ended June 30, 2020 1,982,098 Claims and payments during the year ended June 30, 2020 (735,265) Claims liability as of June 30, 2020 4,901,109
Claims and changes in estimates during the year ended June 30, 2021 2,751,537 Claims and payments during the year ended June 30, 2021 (1,242,000) Claims liability as of June 30, 2021 6,410,646 $
83 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
Note 17 - Non-Commitment Debt
A. 1915 Act Limited Obligation Improvements Bonds – Golden Valley
On July 24, 1996, $879,432 of 1915 Act Limited Obligation Improvement Bonds (1915 Golden Valley Road Bonds) for the Golden Valley Road Improvement Assessment District (the Golden Valley Assessment District) were issued. The 1915 Golden Valley Road Bonds are not a general obligation of the City, and neither the faith and credit nor the taxing power of the City is pledged to the payment of the bonds. The source of the debt service is from the property assessments within the Golden Valley Assessment District. The principal amount of debt outstanding at June 30, 2021 was $155,000.
B. 1915 Act Limited Obligation Improvements Bonds – Vermont/Everett
On January 27, 2000, $790,000 of 1915 Act Limited Obligation Improvement Bonds (1915 Vermont Drive/Everett Drive Bonds) for the Vermont Drive/Everett Drive Improvement Assessment District (the Vermont/Everett Assessment District) were issued. The 1915 Vermont Drive/Everett Drive Bonds are not a general obligation of the City, and neither the faith and credit nor the taxing power of the City is pledged to the payment of the bonds. The source of the debt service is from the property assessments within the Vermont/Everett Assessment District. The principal amount of the debt outstanding at June 30, 2021 was $315,000.
C. Community Facilities District No. 2002-1 Special Tax Bonds
On October 29, 2002, $17,370,000 of Special Tax bonds were issued for Community Facilities District No. 2002-1 (the Community Facilities District). On October 12, 2012, these bonds were refunded with the issuance of Community Facilities District No. 2002-1 (Valencia Town Center) Special Tax Refunding bonds for $16,485,000. The Special Tax Refunding bonds are not a general obligation of the City, and neither the faith and credit nor the taxing power of the City is pledged to the payment of the bonds. The source of the debt service is from the property assessments within the Community Facilities District. The principal amount of the debt outstanding at June 30, 2021 was $12,835,000.
D. Community Facilities District No. 2016-1 Vista Canyon
On February 13, 2020, $17,230,000 of Special Tax bonds were issued for Community Facilities District No. 2016-1 (the Community Facilities District). The Special Tax Refunding bonds are not a general obligation of the City, and neither the faith and credit nor the taxing power of the City is pledged to the payment of the bonds. The source of the debt service is from the property assessments within the Community Facilities District. The principal amount of the debt outstanding at June 30, 2021 was $17,130,000.
84 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
Note 18 - Santa Clarita Watershed Recreation and Conservancy Authority
In June 1992, the City entered into a joint powers agreement with the Santa Monica Mountains Conservancy (the Conservancy) to create the Watershed Authority. The purpose of the Watershed Authority is to acquire, develop, and conserve additional park and open space lands, including water-oriented recreation and conservation projects. The governing board consists of two representatives from the Conservancy and two from the City.
The City performs administrative functions for the Watershed Authority. The Watershed Authority is reported as a custodial fund in these financial statements. The Watershed Authority may request the City to make annual contributions. For the year ended June 30, 2021, the City did not make any contributions. Separate financial statements for the Santa Clarita Watershed Recreation and Conservancy Authority may be obtained from the City’s administrative offices at 23920 Valencia Boulevard, Santa Clarita, California 91355.
Note 19 - Santa Clarita Public Television Authority
In July 2009, the City entered into a joint powers agreement with the William S. Hart School District (the District) to create the Santa Clarita Public Television Authority (SCPTA). The SCPTA is reported as a custodial fund in these financial statements. The purpose of the SCPTA is to provide a forum for public, educational, and governmental television programs by the members, individuals, and organizations in the community. The following entities have joined the SCPTA: Saugus Union School District, Newhall School District, Sulfur Springs School District, Castaic Union School District, and College of the Canyons. The SCPTA has a seven-member Board of Directors consisting of one member appointed by each school district, one member from the College, and one member from the City.
The City performs administrative functions for the SCPTA, and may, at the SCPTA’s request, make annual contributions. For the year ended June 30, 2021, the City contributed $336,011. Separate financial statements for the Santa Clarita Public Television Authority are prepared biannually and may be obtained from the City’s administrative offices at 23920 Valencia Boulevard, Santa Clarita, California 91355.
85 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
Note 20 - Commitments and Contingencies
A. Construction Commitments
The City has active construction projects as of June 30, 2021. At year-end, the City’s commitments with contractors for infrastructure projects are as follows:
Expenditures
Contract to Date as of Remaining
Amount June 30, 2021 Commitments
Bridge 7,336,448 $ 6,043,597 $ 1,292,852 $
Median 1,068,908 961,470 107,438
Pavement 40,942,072 18,503,637 22,438,436 Traffic Signal 5,932,314 4,759,171 1,173,143 Trails 287,984 286,553 1,431
Project
B. Encumbrances
The City utilizes encumbrance accounting as a means of controlling expenditures. Under this method, funds are encumbered when purchase orders, contracts, and other commitments are signed or approved by authorized City officials. Such outstanding commitments at year-end do not constitute expenditures or liabilities.
Encumbrances of balances within the governmental funds are classified as either restricted or assigned and are included in the respective categories. These encumbrances are not separately classified in the financial statements and are summarized at June 30, 2021, as follows:
Amount
General Fund 11,595,790 $
Other governmental funds 44,951,515
C. Contingencies
The City has received Federal grants for specific purposes that are subject to review and audit by the Federal government. Although such audits could result in expenditure disallowance under grant terms, any required reimbursements are not expected to be material.
In the opinion of management and legal counsel, there are no liabilities that would have a substantial adverse effect on the financial position of the City as of June 30, 2021.
During 2020, the world-wide coronavirus pandemic impacted national and global economies. The City is closely monitoring its operations, liquidity and capital resources and is actively working to minimize the current and future impact of this unprecedented situation. As of the date of issuance of these financial statements, the current and future full impact to the City is not known.
86 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
Note 21 - Successor Agency Trust for Assets of Former Redevelopment Agency
On December 29, 2011, the California Supreme Court upheld Assembly Bill 1X 26 (the Bill), which provides for the dissolution of all redevelopment agencies in the State of California. This action impacted the reporting entity of the City that had previously reported a redevelopment agency within the reporting entity of the City as a blended component unit.
The Bill provides that upon dissolution of a redevelopment agency, either the City or another unit of local government will agree to serve as the “successor agency” to hold the assets until they are distributed to other units of state and local government. On January 24, 2012, the City Council elected to become the Successor Agency for the former redevelopment agency in accordance with the Bill as part of the City Resolution No. 12-3.
Each year, successor agencies will only be allocated revenue in the amount that is necessary to pay the estimated annual installment payments on enforceable obligations of the former redevelopment agency until all enforceable obligations of the prior redevelopment agency have been paid in full and all assets have been liquidated.
A. Cash and Investments
The balance of cash and investments at June 30, 2021, classified in the accompanying financial statements as follows:
RDA Successor
Agency
Cash and investments pooled with City 710,775 $
Restricted:
Cash and investments 21,351
Cash and investments with fiscal agent 1,478,188
Total 2,210,314 $
B. Due From Other Governments
Pursuant to Health and Safety Code section 34167.5, in February 2015, the State Controller’s Office (SCO) reviewed all asset transfers made by the former RDA to the City after January 1, 2011. As a result of this review, the SCO concluded that assets transferred after January 1, 2011, included unallowable transfers to the City totaling $14,628,194. In subsequent actions, the City returned property valued at $763,436 to the Successor Agency, leaving $13,864,758 in unallowable transfers to be returned by the City to the Successor Agency as of February 2015. The City has transferred certain assets to the Successor Agency. As of June 30, 2021, $7,734,479 of these unallowable transfers remains due from the City to the Successor Agency.
87 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
C. Long-Term Debt
Balance Balance Due Within Due More
July 1, 2020 Additions Deletions June 30, 2021 One Year Than One Year RDA Successor Agency:
Loans from the City of Santa Clarita 16,822,185 $ 327,626 $ (1,004,823) $ 16,144,988 $ -$ 16,144,988 $ Tax Allocation Bonds:
Refunding Series 2017 32,360,000 - (850,000) 31,510,000 895,000 30,615,000 Less deferred amounts for
unamortized discounts 746,887 - (33,660) 713,227 33,660 679,567 Total tax allocation bonds 33,106,887 - (883,660) 32,223,227 928,660 31,294,567 Total 49,929,072 $ 327,626 $ (1,888,483) $ 48,368,215 $ 928,660 $ 47,439,555 $ Classification
Loans from the City of Santa Clarita
At June 30, 2015, the California Department of Finance (DOF) approved the advances to the former redevelopment agency consisting of the promissory notes outstanding between the City and the former redevelopment agency entered into between the periods of July 1996 and June 2010. These consist of notes outstanding from the General Fund and the Developer Fees Special Revenue Fund in the amounts of $7,225,964 and $5,407,868, respectively using a LAIF rate of 0.26 percent, which was in effect when the Oversight Board reinstated the loans on February 25, 2015. On September 22, 2015, the Committee on Budget and Fiscal Review of the California State Senate approved SB 107. A mandate of this legislation included a recalculation of the notes to the RDA Successor Agency using a 3 percent simple interest from the origination of the note, instead of the LAIF rate. As such, the City increased the amounts in the General Fund and Developer Fees Special Revenue Fund to reflect increased interest balances. The unpaid amount of these notes is $8,914,740 and $7,230,248, respectively, which include unpaid accrued interest of $3,313,733 and $1,910,362, respectively.
Tax Allocation Bonds:
The former redevelopment agency issued Tax Allocation Bonds, which are special obligations of the Successor Agency secured by pledged property tax revenues. The bonds are not a debt of the City nor payable out of any funds or properties other than those of the Successor Agency.
In February 2017, the Successor Agency issued Tax Allocation Refunding Bonds, Series 2017, in the amount of $34,800,000 to refund the Tax Allocation Bonds Series 2008 and Tax Allocation Bonds Housing Set-Aside.
The difference between the reacquisition price and carrying value of the refunded debt was reported as a deferred outflow of resources and is amortized over the life of the refunded debt, as a component of interest expense, and totaled $2,100,983 as of June 30, 2021. Interest on the Tax Allocation Refunding Bonds, Series 2017, is paid as part of a variable rate between 2 percent and 5 percent payable on April 1 and October 1 of each year commencing on April 1, 2017. Principal payments are due annually in various amounts commencing October 1, 2017, through October 1, 2042. The unpaid balance as of June 30, 2021, was $31,510,000.
Tax revenues deposited to the Redevelopment Property Tax Trust Fund maintained by the County of Los Angeles, less (i) amounts payable by the State to the Successor Agency and (ii) unsubordinated Statutory Pass-Through Amounts, have been pledged as an available source of repayment for the bonds.
88 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
If an Event of Default under the Indenture has occurred and is continuing, the Trustee may, with the prior written consent of the Assured Guaranty Municipal Corp (the “Insurer”), or if requested in writing by the Owners of the majority in aggregate principal amount of the Bonds then Outstanding, the Trustee shall, by written notice to the Successor Agency, declare the principal of the Bonds, together with the accrued interest thereon, to be due and payable immediately, and upon any such declaration the same shall become immediately due and payable.
The Insurer insured the Bonds maturing on October 1 of the years 2022 through 2037, inclusive, and 2042 (the “Insured Bonds”). The maturity of Insured Bonds shall not be accelerated without the consent of the Insurer and in the event the maturity of the Insured Bonds is accelerated, the Insurer may elect, in its sole discretion, to pay accelerated principal and interest accrued, on such principal to the date of acceleration (to the extent unpaid by the Successor Agency) and the Trustee shall be required to accept such amounts.
If there are claims upon the Insurance Policy and payments are made by the Insurer, the Successor Agency agrees to pay to the Insurer (i) a sum equal to the total of all amounts paid by the Insurer under the Insurance Policy (the “Insurer Advances”); and (ii) interest on such Insurer Advances from the date paid by the Insurer until payment thereof in full, payable to the Insurer at the Late Payment Rate per annum (collectively, the “Insurer Reimbursement Amounts”). Additionally, the Successor Agency shall repay any draws under the Reserve Policy and pay all related reasonable expenses incurred by Insurer and shall pay interest thereon from the date of payment by Insurer at the Late Payment Rate.
“Late Payment Rate” means the lesser of (a) the greater of (i) the per annum rate of interest, publicly announced from time to time by JPMorgan Chase Bank at its principal office in The City of New York, as its prime or base lending rate (any change in such rate of interest to be effective on the date such change is announced by JPMorgan Chase Bank) plus 3%, and (ii) the then applicable highest rate of interest on the Insured Bonds (or Bonds for the Reserve Policy) and (b) the maximum rate permissible under applicable usury or similar laws limiting interest rates.
The annual debt service requirements on the bonds are as follows:
Year Ending June 30, Principal Interest Total
2022 895,000 $ 1,244,418 $ 2,139,418 $ 2023 935,000 1,198,669 2,133,669 2024 985,000 1,150,669 2,135,669 2025 1,030,000 1,100,294 2,130,294 2026 1,090,000 1,047,294 2,137,294 2027-2031 6,180,000 4,503,606 10,683,606 2032-2036 7,420,000 3,251,303 10,671,303 2037-2041 8,905,000 1,722,188 10,627,188 2042-2043 4,070,000 164,400 4,234,400 31,510,000 $ 15,382,841 $ 46,892,841 $
89 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
D. Deficit Net Position
As of June 30, 2021, the RDA Successor Agency Private-Purpose Trust Fund had a deficit net position of $36,628,192. This will be reduced with future receipt of distributions from the Redevelopment Property Tax Trust Fund from the County.
Note 22 - Excess Appropriations
For the year ended June 30, 2021, expenditures exceed appropriations in the following categories (legal level of budgetary control) within the respective fund below:
Excess
Expenditures
Over
Appropriations Expenditures Appropriations
Non-Major Governmental Funds:
Street Lighting District Special Revenue Fund
Operating - Personnel 233,763 $ 233,907 $ (144) $ Traffic Safety Special Revenue Fund
Transfers Out (550,000) (558,862) (8,862) Public Education and Government Special Revenue Fund
Operating - Operating 201,742 209,832 (8,090) American Rescue Plan Special Revenue Fund
Operating - Personnel - 5,108 (5,108) Transfers Out - (9,474,280) (9,474,280) Measure W Safe Clean Water Special Revenue Fund
Operating - Personnel 132,735 134,172 (1,437) Tourism Marketing District Special Revenue Fund
Operating - Personnel 31,337 32,485 (1,148) Supplemental Law Grant Special Revenue Fund
Operating 479,544 486,898 (7,354) Measure A Safe Parks Special Revenue Fund
Transers Out (179,836) (194,251) (14,415) Fund
90 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
Note 23 - Restatement
As of July 1, 2020, the City adopted GASB Statement No. 84, Fiduciary Activities (GASB 84). As a result of the restatement, the City presents certain funds as custodial funds. These funds were previously presented as agency funds. These new custodial funds display assets and liabilities, with the difference reported as net position (deficit). The following table describes the effects of the implementation of GASB 84 on previously reported asset and liability accounts, as well the beginning net position (deficit) for each fund:
GASB 84 Restatement
June 30, 2020
Previously July 1, 2020
Presented Restatement Restated
Assessment District No. 92-2
Due to external parties 278,566 $ (53,566) $ 225,000 Net Position (deficit) - 53,566 53,566 Assessment District No.99-1
Due to external parties 175,919 199,081 375,000 Net Position (deficit) - (199,081) (199,081) Community Facilities District No 2002-1
Due to external parties 2,701,539 10,738,461 13,440,000 Net Position (deficit) - (10,738,461) (10,738,461) Community Facilities District No 2016-1
Due to external parties 16,616,395 2,531,388 19,147,783 Net Position (deficit) - (2,531,388) (2,531,388) Santa Clarita Watershed and Recreation Conservancy Authority Capital Assets - Land 9,937,976 (9,937,976) - Capital Assets - Building, net of accumulated depreciation 67,728 (67,728) - Due to external parties 10,018,022 (10,018,022) - Net Position (deficit) - 12,318 12,318 Santa Clarita Public Television Authority
Due to external parties 89 (89) - Net Position (deficit) - 89 89 Custodial Funds (previously Agency Funds) - Total
Capital Assets - Land 9,937,976 (9,937,976) - Capital Assets - Building, net of accumulated depreciation 67,728 (67,728) - Due to external parties 29,790,530 3,397,253 33,187,783 Net Position (deficit) - (13,402,957) (13,402,957) Fiduciary Funds
91 City of Santa Clarita, California
Notes to Financial Statements
June 30, 2021
Effects of Restatements
June 30, 2020
Previously July 1, 2020
Presented Restatement Restated
Assessment District No. 92-2
Net Position (deficit) -$ 53,566 $ 53,566 $ Assessment District No.99-1
Net Position (deficit) - (199,081) (199,081) Community Facilities District No 2002-1
Net Position (deficit) - (10,738,461) (10,738,461) Community Facilities District No 2016-1
Net Position (deficit) - (2,531,388) (2,531,388) Santa Clarita Watershed and Recreation Conservancy Authority Net Position (deficit) - 12,318 12,318 Santa Clarita Public Television Authority
Net Position (deficit) - 89 89 Custodial Funds - Total
Net Position (deficit) - (13,402,957) (13,402,957) Fiduciary Funds
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Required Supplementary Information
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See Notes to the Required Supplementary Information 93 City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual General Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Taxes 84,197,786 $ 89,479,675 $ 97,704,484 $ 8,224,809 $ Licenses and permits 7,632,820 9,771,235 11,498,980 1,727,745 Intergovernmental 180,389 1,653,944 270,827 (1,383,117) Charges for services 7,552,492 5,366,528 6,345,677 979,149 Investment income 2,449,478 2,449,478 128,498 (2,320,980) Fines and forfeitures 981,000 634,650 621,214 (13,436) Other revenue 7,230,809 8,150,403 1,359,092 (6,791,311) Total revenues 110,224,774 117,505,913 117,928,772 422,859 Expenditures:
Operating:
Personnel 45,040,988 47,151,977 40,933,746 6,218,231 Operating 46,952,067 47,457,393 38,665,320 8,792,073 Capital outlay 2,149 16,817 13,788 3,029 Capital Improvement Projects:
Personnel - - 194,356 (194,356) Operating 1,571,077 48,148,854 38,701,207 9,447,647 Capital outlay - 17,774,875 14,580,324 3,194,551 Total expenditures 93,566,281 160,549,915 133,088,741 27,461,174 Excess (deficiency) of revenues
over (under) expenditures 16,658,493 (43,044,002) (15,159,969) 27,884,033 Other Financing Sources (Uses):
Capital leases acquired - - 164,970 164,970 Transfers in 2,326,024 17,506,566 26,626,984 9,120,418 Transfers out (12,120,664) (15,582,586) (14,079,083) 1,503,503 Total other financing sources (uses) (9,794,640) 1,923,980 12,712,871 10,788,891 Net Change in Fund Balances 6,863,853 $ (41,120,022) $ (2,447,098) 38,672,924 $ Fund Balance at Beginning of Year 190,441,237
Fund Balance at End of Year 187,994,139 $
Budgeted Amounts
See Notes to the Required Supplementary Information 94 City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Bridge and Thoroughfare Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Investment income 459,262 $ 459,262 $ 395,138 $ (64,124) $ Developer fees - 1,817,440 5,435,844 3,618,404 Other revenue 368,724 368,724 368,724 - Total revenues 827,986 2,645,426 6,199,706 3,554,280 Expenditures:
Operating:
Personnel 89,688 94,175 86,633 7,542 Operating 549,298 549,300 501,212 48,088 Capital Improvement Projects:
Personnel - - 48,048 (48,048) Operating 4,167,065 7,832,826 1,869,422 5,963,404 Total expenditures 4,806,051 8,476,300 2,505,315 5,970,985 Excess (deficiency) of revenues
over (under) expenditures (3,978,065) (5,830,874) 3,694,391 9,525,265 Net Change in Fund Balances (3,978,065) $ (5,830,874) $ 3,694,391 9,525,265 $ Fund Balance at Beginning of Year 3,675,228
Fund Balance at End of Year 7,369,619 $
Budgeted Amounts
See Notes to the Required Supplementary Information 95 City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Developer Fees Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Investment income (loss) 72,917 $ 72,917 $ 37,723 $ (35,194) $ Developer fees 650,000 3,467,918 3,534,195 66,277 Total revenues 722,917 3,540,835 3,571,918 31,083 Expenditures:
Operating:
Operating - 5,621,653 5,621,653 - Capital Improvement Projects:
Operating 857,000 2,617,593 1,309,285 1,308,308 Total expenditures 857,000 8,239,246 6,930,938 1,308,308 Excess (deficiency) of revenues
over (under) expenditures (134,083) (4,698,411) (3,359,020) 1,339,391 Other Financing Sources (Uses):
Transfer out (100,000) (130,542) (69,458) 61,084 Net Change in Fund Balance (234,083) $ (4,828,953) $ (3,428,478) 1,400,475 $ Fund Balance at Beginning of Year 5,864,801
Fund Balance at End of Year 2,436,323 $
Budgeted Amounts
See Notes to the Required Supplementary Information 96 City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Public Library Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Taxes 8,000,000 $ 8,458,562 $ 8,561,137 $ 102,575 $ Charges for services 97,068 93,568 93,786 218 Investment income (loss) - - 2,770 2,770 Other revenue 511,829 92,710 144,556 51,846 Total revenues 8,608,897 8,644,840 8,802,249 157,409 Expenditures:
Operating:
Personnel 4,110,432 3,885,740 3,546,815 338,925 Operating 2,674,508 3,006,591 2,748,738 257,853 Capital outlay - 66,916 2,156 64,760 Capital Improvement Projects:
Personnel - - 8,649 (8,649) Operating 152,000 251,836 129,081 122,755 Total expenditures 6,936,940 7,211,083 6,435,439 775,644 Excess (deficiency) of revenues
over (under) expenditures 1,671,957 1,433,757 2,366,810 933,053 Other Financing Sources (Uses):
Transfer in - - 98,500 98,500 Net Change in Fund Balance 1,671,957 $ 1,433,757 $ 2,465,310 1,031,553 $ Fund Balance at Beginning of Year (830,155)
Fund Balance at End of Year 1,635,155 $
Budgeted Amounts
See Notes to the Required Supplementary Information 97 City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Landscape Maintenance District #1 Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Taxes 248,977 $ 248,977 $ 261,281 $ 12,304 $ Special assessments 13,626,063 13,537,654 13,680,862 143,208 Investment income (loss) 405,421 405,421 (25,964) (431,385) Total revenues 14,280,461 14,192,052 13,916,179 (275,873) Expenditures:
Operating:
Personnel 1,046,485 1,008,789 953,593 55,196 Operating 11,087,429 12,235,522 11,791,775 443,747 Capital Improvement Projects:
Personnel - - 131,388 (131,388) Operating 664,000 3,143,584 2,271,769 871,815 Total expenditures 12,797,914 16,387,894 15,148,525 1,239,369 Excess (deficiency) of revenues
over (under) expenditures 1,482,547 (2,195,842) (1,232,346) 963,496 Other Financing Sources (Uses):
Transfer in 10,000 10,000 10,000 - Transfer out (832,265) (275,935) (275,935) - Total other financing sources (uses) (822,265) (265,935) (265,935) - Net Change in Fund Balance 660,282 $ (2,461,777) $ (1,498,281) 963,496 $ Fund Balance at Beginning of Year 24,726,588
Fund Balance at End of Year 23,228,307 $
Budgeted Amounts
98 City of Santa Clarita, California
Schedule of Changes in the Net OPEB Liability and Related Ratios For the Year Ended June 30, 2021
2021 2020 2019 2018
Changes in Total OPEB Liability
Service Cost 2,154,981 $ 1,610,969 $ 1,701,975 $ 1,711,000 $ Interest 2,517,070 2,505,286 2,823,979 2,633,073 Actual vs. expected experience (5,463,407) - (7,334,973) - Assumption changes (17,074,375) 8,477,248 2,078,284 (1,071,000) Benefit payments (1,265,682) (1,202,903) (1,093,711) (1,054,000) Net Changes (19,131,413) 11,390,600 (1,824,446) 2,219,073 Total OPEB Liability (beginning of year) 58,839,227 47,448,627 49,273,073 47,054,000 Total OPEB Liability (end of year) 39,707,814 $ 58,839,227 $ 47,448,627 $ 49,273,073 $ Plan Fiduciary Net Position
Contribution - employer 638,000 $ 636,000 $ 923,250 $ 1,227,000 $ Net investment income 10,837,685 1,475,065 2,618,633 2,963,587 Benefit payments (1,265,682) (1,202,903) (1,093,711) (1,054,041) Administrative expense (95,987) (77,123) (73,935) (146,319) Net Changes 10,114,016 831,039 2,374,237 2,990,227 Plan Fiduciary Net Position (beginning of year) 42,169,576 41,338,537 38,964,300 35,974,073 Plan Fiduciary Net Position (end of year) 52,283,592 $ 42,169,576 $ 41,338,537 $ 38,964,300 $ Net OPEB Liability (Asset) - ending (a)-(b) (12,575,778) $ 16,669,651 $ 6,110,090 $ 10,308,773 $ Plan fiduciary net position as a percentage of the total OPEB liability 131.67% 71.67% 87.12% 79.08% Covered employee payroll* 35,631,538 $ 38,295,087 $ 33,895,751 $ 30,634,000 $ Net OPEB liability (asset) as a percentage of covered-employee payroll -35.29% 43.53% 18.03% 33.65% Notes to Schedule:
Future years' information will be displayed up to 10 years as information becomes available. *For the 12 month period ending on June 30 (Measurement Date).
99 City of Santa Clarita, California
Schedule of Contributions – OPEB
Last Ten Years*
For the Year Ended June 30, 2021
Fiscal Year Ended June 30 2021 2020 2019 2018
Actuarially Determined Contribution (ADC)* 517,000 $ 1,112,000 $ 1,127,000 $ 1,755,000 $ Contributions in relation to the actuarially determined contribution** 638,000 636,000 923,250 1,227,000 Contribution deficiency/(excess) (121,000) $ 476,000 $ 203,750 $ 528,000 $ Covered-employee payroll*** 35,631,538 $ 38,295,087 $ 33,895,751 $ 30,634,000 $ Contribution as a percentage of covered-employee payroll 1.79% 1.66% 2.72% 4.01% Notes to Schedule:
**Actual contribution, including implied subsidy
***For the 12 months period ending on June 30 (fiscal year end) Methods and Assumptions for 2020/21 Actuarially Determined Contributions
Valuation Date June 30, 2020
Actuarial Cost Method Entry Age Normal, Level Percentage of Payroll Amortization Method Level percent of pay
Amortization Period 13-year fixed period for 2020/21
Asset Valuation Method
Discount Rate 6.50%
General Inflation 2.75%
Medical Trend
Mortality CalPERS 1997-2015 experience study
Mortality Improvement
Historical information is required only for measurement periods for which GASB 75 is applicable.
Future years' information will be displayed up to 10 years as information becomes available. * Contributions to the plan are made on an Ad Hoc basis.
Investment gains and losses spread over 5-year rolling
Retirement mortality projected fully generational with
Scale MP-2019
Non-Medicare - 7.25% for 2021, decreasing to an ultimate rate of 4.0% in 2076
Medicare - 6.3% for 2021, decreasing to an ultimate rate of
4.0% in 2076
100
City of Santa Clarita, California
Schedule of Money Weighted Rate of Return – OPEB
Last Ten Years*
As of the Fiscal Year Ended June 30, 2021
2021 2020 2019 2018 2017
Annual money-weighted rate of return -
net of investment expense 26.10% 3.78% 6.94% 8.26% 12.81% Notes to Schedule
*Fiscal year 2017 was the first year of GASB 74 implementation, therefore, only four years are shown.
Last Ten Years*
101
City of Santa Clarita, California
Schedule of Changes in the City’s Net Pension Liability and Related Ratios Last Ten Years*
As of the Fiscal Year Ended June 30, 2021
Measurement Date June 30, 2020 June 30, 2019 June 30, 2018 June 30, 201 7 June 30, 2016 June 30, 2015 June 30, 2014 Total Pension Liability
Service cost 5,350,001 $ 5,104,511 $ 4,920,377 $ 4,921,221 $ 4,409,399 $ 4,418,053 $ 4,462,544 $ Interest 15,203,985 14,120,352 13,037,446 12,166,752 11,315,207 10,443,680 9,588,693 Difference between Expected and Actual Experience 2,498,828 3,019,582 1,709,604 (1,505,660) (305,665) 416,626 - Changes of Assumptions - - (1,615,911) 11,654,992 - (3,009,808) - Benefit Payments, Including Refunds of Employee Contributions (7,134,971) (6,246,516) (5,601,353) (4,406,046) (3,347,335) (2,971,092) (2,561,655) Net Change in Total Pension Liability 15,917,843 15,997,929 12,450,163 22,831,259 12,071,606 9,297,459 11,489,582 Total Pension Liability - Beginning 211,036,792 195,038,863 182,588,700 159,757,441 147,685,835 138,388,376 126,898,794 Total Pension Liability - Ending (a) 226,954,635 $ 211,036,792 $ 195,038,863 $ 182,588,700 $ 159,757,441 $ 147,685,835 $ 138,388,376 $ Plan Fiduciary Net Postion
Contributions - Employer 15,978,300 $ 12,500,090 9,664,637 $ 4,484,866 $ 3,959,503 $ 3,740,145 $ 3,562,246 $ Contributions - Employee 2,530,805 2,478,266 2,203,916 2,224,721 2,252,522 2,164,107 2,339,435 Net Investment Income 8,957,955 10,255,487 11,713,900 13,510,656 622,282 2,506,239 16,243,165 Administrative expenses (242,657) (109,362) (211,742) (177,534) (71,202) (131,529) - Benefit Payments, Including Refunds of Employee Contributions (7,134,971) (6,246,516) (5,601,353) (4,406,046) (3,347,335) (2,971,092) (2,561,655) Other Miscellaneous Income/(Expense) - 355 (402,101) - - - - Plan to Plan Resource Movement - - (355) - - 9,685 - Net Change in Fiduciary Net Position 20,089,432 18,878,320 17,366,902 15,636,663 3,415,770 5,317,555 19,583,191 Plan Fiduciary Net Postition - Beginning 172,127,426 153,249,106 135,882,204 120,245,541 116,829,771 111,512,216 91,929,025 Plan Fiduciary Net Postion - Ending (b) 192,216,858 $ 172,127,426 $ 153,249,106 $ 135,882,204 $ 120,245,541 $ 116,829,771 $ 111,512,216 $ Net pension liability - ending (a) - (b) 34,737,777 $ 38,909,366 $ 41,789,757 $ 46,706,496 $ 39,511,900 $ 30,856,064 $ 26,876,160 $ Plan Fiduciary Net Position as a Percentage of the Total Pension Liability 84.69% 81.56% 78.57% 74.42% 75.27% 79.11% 80.58% Covered Payroll 34,882,519 $ 33,054,867 $ 29,655,553 $ 29,966,168 $ 27,934,377 $ 27,234,699 $ 26,879,556 $ Plan Net Pension Liability as a Percentage of Covered Payroll 99.59% 117.71% 139.46% 155.86% 141.45% 113.30% 99.99% * only 8 years shown as GASB 68 was implemented effective June 30, 2014.
102
City of Santa Clarita, California
Schedule of City Contributions – Pensions
Last Ten Years*
As of the Fiscal Year Ended June 30, 2021
June 30, 2021 June 30, 2020 June 30, 2019 June 30, 201 8 June 30, 2017 June 30, 2016 June 30, 2015 June 30, 20 14 Actuarially determined contribution 6,190,238 $ 6,323,890 $ 5,637,826 $ 4,662,191 $ 4,484,140 $ 3,958,892 $ 3,740,138 $ 3,562,246 $ Contributions in relation to the actuarially determined contribution (11,219,252) (15,976,871) (12,499,992) (9,662,191) (4,484,140) (3,958,892) (3,740,138) (3,562,246) Contribution deficiency (excess) (5,029,014) $ (9,652,981) $ (6,862,166) $ (5,000,000) $ - $ - $ - $ - $ Covered Payroll 35,631,558 $ 34,882,519 $ 33,054,867 $ 29,655,553 $ 29,966,168 $ 27,934,377 $ 27,234,699 $ 26,879,556 $ Contributions as a Percentage of Covered Payroll 31.49% 45.80% 37.82% 32.58% 14.96% 14.17% 13.73% 13.25% Actuarial Cost method Entry Age Normal
Amortization Method Level Percentage of Pay
Asset Valuation Method Fair Value of Asset. For Details, see June 30, 2017 Funding Valuation Report.
Inflation 2.63%
Salary increases Varies by Entry Age and Service
Payroll growth 2.88%
Investment Rate of Return 7.25% Net of Pension Plan Investment and Administrative Expenses; includes Inflation Retirement Age
Mortality
* only 8 years shown as GASB 68 was implemented effective June 30, 2014.
The actuarial methods and assumptions used to set the actuarially determined contributions for Fiscal Year 2019-20 were derived from the June 30, 2017 funding valuation report.
The probabilities of Retirement are based on the 2017 CalPERS Experience Study for the period from 1997 to 2015.
The probabilities of mortality are based on the 2017 CalPERS Experience Study for the period from 1997 to 2015. Pre-retirement and Post-retirement mortality rates include 15 years of projected mortality improvement using 90% of Scale MP-2016 published by the Society of Actuaries.
103
City of Santa Clarita, California
Notes to Required Supplementary Information
June 30, 2021
Budgetary Information
Annual budgets are legally adopted on a basis consistent with generally accepted accounting principles in the United States of America for the General Fund and each of the special revenue funds. All annual appropriations lapse at fiscal year-end.
On or before the last day in January of each year, all operational units submit requests for appropriations to the City Manager for budget preparation purposes. The proposed budget is presented to the City Council for review.
The City Council holds public hearings, and a final budget must be adopted no later than June 30.
The appropriated budget is prepared by fund, function, and department at the category level. The City reports the following categories: personnel, operating and capital outlay. Additionally, the City separately prepares a Capital Improvement Projects budget. The budgetary control for the Capital Improvement Program is at the program level.
The City’s Department Heads, with approval of the City Manager, may make transfers of appropriations within certain line-items within a program, but may not exceed the total appropriated amounts for each category. City Manager may approve transfers that do not change the total appropriated amount within the fund. The legal level of budgetary control (i.e., the level at which expenditures may not legally exceed appropriations) is the category level. The City does not require additional appropriations through the budget process for bond funds, grant funds, trust and agency funds, and capital funds. Legislative action by the City Council to issue bond funds, accept grants, and/or authorize capital projects is considered as authority to expend funds for those purposes.
Under encumbrance accounting, purchase orders, contracts, and other commitments for expenditures are recorded to reserve that portion of the applicable appropriation. Encumbrance accounting is employed as an extension of formal budgetary accounting. Since encumbrances do not yet constitute expenditures or liabilities, encumbrances outstanding at year-end are classified as either restricted, committed, or assigned fund balances.
Unexpended appropriations lapse at year-end.
104
City of Santa Clarita, California
Note to Required Supplementary Information
June 30, 2021
For the year ended June 30, 2021, expenditures exceeded appropriations in the following categories (legal level of budgetary control) of the respective funds:
Excess
Expenditures
Over
Appropriations Expenditures Appropriations
Non-Major Governmental Funds:
Street Lighting District Special Revenue Fund
Operating - Personnel 233,763 $ 233,907 $ (144) $ Traffic Safety Special Revenue Fund
Transfers Out (550,000) (558,862) (8,862) Public Education and Government Special Revenue Fund
Operating - Operating 201,742 209,832 (8,090) American Rescue Plan Special Revenue Fund
Operating - Personnel - 5,108 (5,108) Transfers Out - (9,474,280) (9,474,280) Measure W Safe Clean Water Special Revenue Fund
Operating - Personnel 132,735 134,172 (1,437) Tourism Marketing District Special Revenue Fund
Operating - Personnel 31,337 32,485 (1,148) Supplemental Law Grant Special Revenue Fund
Operating 479,544 486,898 (7,354) Measure A Safe Parks Special Revenue Fund
Transers Out (179,836) (194,251) (14,415) Fund
Supplementary Information
105
City of Santa Clarita, California
Description of Non-Major Governmental Funds
As of and For the Year Ended June 30, 2021
The Special Revenue Funds are used to account for proceeds of specific revenue sources that are legally restricted to expenditures for specific purposes.
Bikeway – To account for monies received from the State of California restricted for bicycle and pedestrian facilities available under Article 3 of the Transportation Development Act (SB821).
Gas Tax – To account for monies received and expended from the state and county gas tax allocation restricted to fund various street highway improvements, including maintenance.
Proposition A – To account for the City’s share of the one-half percent (0.5%) increased sales tax in Los Angeles County as a result of “Proposition A.” This revenue is to be used for transportation-related purposes.
Special Assessment – To account for special assessments received for small assessment districts. These funds may be used for maintenance expenses with the districts.
Street Lighting District - To account for property tax and levy of assessment receipts and disbursements related to the streetlights maintenance program.
Measure M Local Return - To account for the half-cent sales tax revenue that Los Angeles County voters approved in November 2016 to meet the transportation needs of Los Angeles County.
SB1 Road Repair and Activity - To account for monies received and expended from the State SB1 Road and Repair Rehabilitation to fund various maintenance, rehabilitations, and safety needs on streets and roads.
State Park – To account for grant monies received from the State of California Department of Parks and Recreation for construction or improvements of parkland within the City.
TDA (Transportation Development Act 8) – To account for monies received from the State of California under Article 8 of the TDA. These funds may be used for local streets and road expenditures when the City’s unmet transportation needs have been satisfied.
Traffic Safety – To account for monies received from vehicle code fines. This fund is used to finance law enforcement expenditures.
CDBG (Community Development Block Grant) – To account for Federal entitlements under the Housing and Community Development Act of 1974, as amended. The City Council annually allocates CDBG funds to various programs.
AQMD (Air Quality Management District) – To account for revenues and expenditures for Air Quality Management.
Stormwater – To account for monies received from assessments restricted for the use of the stormwater and run-off programs.
106
City of Santa Clarita, California
Non-Major Governmental Funds (Continued)
As of and For the Year Ended June 30, 2021
Surface Transportation Program – To account for receipts and disbursements associated with the Surface Transportation Program restricted for construction, reconstruction, and improvement of highways and bridges on eligible Federal Aid highway routes.
Bureau of Justice Assistance (BJA) Law Enforcement – To account for receipts and disbursements for the BJA law enforcement grant restricted for police department programs.
Supplemental Law Grant – To account for receipts and disbursements for the supplemental law grant restricted for police department programs.
HOME – To account for receipts and disbursements for the activity for the HOME grant program restricted to expand the supply of affordable housing for very low- and low-income families.
Library Facilities Fees – To account for monies received from the library facilities developer fees, which are restricted for use on library facilities.
Public Education and Government (PEG) – To account for the one-percent (1%), PEG Capital Grant funds received from video service providers pursuant to the Digital Infrastructure and Video Competition Act of 2006.
Proposition C – To account for the City’s share of the one-half percent (0.5%) increased sales tax in Los Angeles County as a result of Proposition C. This revenue is to be used for transportation-related purposes.
American Rescue Plan Fund (ARPA) - To account for the American Rescue Plan Act (ARPA) federal funding received to respond to the COVID-19 public health emergency, address negative economic impacts cause by the pandemic, replace lost revenue, and invest in infrastructure.
Federal Grants – To account for receipts and disbursements of miscellaneous federal grant monies not accounted for in other funds. These receipts are restricted for planning, design, improvements, and maintenance of streets, roads and bridges, facility construction and improvements, transit operations, and other transit-related expenditures.
Measure R – To account for the half-cent sales tax revenues that Los Angeles County voters approved in November 2008 to meet the transportation needs of Los Angeles County.
Measure R Highway Improvement Program – To account for the half-cent sales tax measure approved by LA County voters in November 2008 to fund carpool, highways and other highway related improvements.
Measure H Homeless Initiatives Fund - To account for the one-quarter of a cent sales tax approved by Los Angeles County voters in 2017 for the specific purpose of preventing and combatting homelessness and for funding homeless services and short-term housing.
Measure M ATP - To account for the half-cent sales tax measure approved by LA County voters in November 2016 to fund active transportation projects throughout Los Angeles County.
107
City of Santa Clarita, California
Non-Major Governmental Funds (Continued)
As of and For the Year Ended June 30, 2021
Measure A Safe Clean Neighborhood Parks Entitlement (Measure A Safe Parks) - The Clean Safe Neighborhood Parks and Beaches Measure was passed by the voters of Los Angeles in November of 2016. Entitlement funds are distributed to cities on a per capital basis. The measure provides local funding from an annual parcel tax of
1.5 cents per square foot of building floor area for parks and open space.
Measure W Safe Clean Water - To account for the special tax of 2.5 cents per square feet of impermeable area for parcels located in Los Angeles County Flood Control District that Los Angeles County voters approved November 2018 to pay for projects, infrastructure, and programs to capture, treat, and recycle rainwater.
Tourism Marketing District – To account for receipts and disbursements associated with promoting local businesses and tourism in the City of Santa Clarita through the Tourism Marketing District. The Tourism Marketing District was formed to provide financing for public programs to attract tourist visits to areas where tourism is economically important and desired. The Tourism Marketing District was established and is levied pursuant to the Parking and Business Improvement Area Law of 1989, Part 6 of Division 18 of the California Streets and Highways Code (the 1989 Law) and the provisions of the California Constitution Article XIIID (Proposition 218).
OSPD (Open Space Preservation District) – To account for monies received from special assessments for the costs of acquiring open space lands, parks, and parkland in accordance with the City’s programs.
Miscellaneous Grants – To account for receipts and disbursements of non-federal miscellaneous grants, which are restricted for planning, design, improvements, and maintenance of streets, roads, and bridges, facility construction and improvements, transit operations, and other transit-related expenditures.
Park Dedication – This fund accounts for monies received from developers restricted to finance the acquisition and develop new parkland space. These monies are restricted under the Quimby Act by ordinance and require the dedication of land or impose a requirement of the payment of fee in lieu.
Housing Successor Agency – To account for the transactions of the Housing Successor Agency for the continuation of the low- and moderate-income programs of the former redevelopment agency.
Tourism Marketing Bureau – To account for monies received from local and regional tourism-related organizations restricted for tourism and business development within the City’s boundaries.
Areawide - To account for receipts and disbursements for the City’s Areawide Beautification Zone operations which is supported through special benefit assessments levied on individual parcels authorized by the Landscape and Lighting Act of 1972. Funds are restricted for specific use on costs associated with the maintenance of landscape, hardscape and ornamental improvements, park facilities, tree pruning, as well as utility costs such as water and electricity. As provided for by the Landscape and Lighting Act, LMD funds may also be used for the construction and/or installation of capital improvements.
Cooper Street Parking Structure CFD 2020-1 - To account for special tax revenue collected for the operation and maintenance of the City owned public parking garage on Cooper Street in the Vista Canyon development area.
Vista Canyon (VC) Wastewater Standby District – To account for the wastewater standby assessment and sewer rate revenues. Funds are restricted to pay for the annual maintenance and operational costs of the self- contained Recycled Water Factory.
108
City of Santa Clarita, California
Non-Major Governmental Funds (Continued)
As of and For the Year Ended June 30, 2021
The Capital Projects Funds are used to account for and report financial resources that are restricted, committed, or assigned to expenditures for capital outlays, including the acquisition or construction of capital facilities and other assets.
General Capital Projects – To account for major capital improvement projects not accounted for in other funds.
Public Financing Authority – To account for the construction of all capital projects that utilize public financing authority funds.
Civic Arts Projects – To account for Civic Art Allocations which represent an amount equal to 1 percent of the eligible cost of design services and construction of City Capital Improvement Projects. If use of all, or a portion, of a project's funding is prohibited by the funding source for the purposes of the Civic Art Program, the Civic Art Allocation will reflect only that portion of the funding that is eligible for application to the City of Santa Clarita Civic Art Program.
The Debt Service Funds are used to account for and report financial resources that are restricted, committed, or assigned to expenditures for principal and interest.
Public Financing Authority – To account for principal and interest payments for obligations issued by the Santa Clarita Public Financing Authority and bond proceeds held by the City’s trustee. Budgetary control includes items restricted by the bond indentures.
109
City of Santa Clarita, California
Combining Balance Sheet
Non-Major Governmental Funds
June 30, 2021
Special
Bikeway Gas Tax Proposition A Assessment
Assets
Cash and investments 43,141 $ 60,009 $ 11,113,348 $ 3,527,822 $ Receivables
Accounts, net - 7,876 - 19,571 Interest 31 - 23,643 7,410 Taxes - - - 10,682 Loans - - - - Prepaid costs - - - - Due from other governments - - - - Restricted assets:
Cash and investments - - - - Cash and investments with fiscal agents - - - - Total assets 43,172 $ 67,885 $ 11,136,991 $ 3,565,485 $ Liabilities, Deferred Inflows of Resources
and Fund Balances
Liabilities
Accounts payable and accrued liabilities 41,734 $ 76,922 $ 329,920 $ 13,928 $ Due to other governments - - - - Due to other funds - - - - Total liabilities 41,734 76,922 329,920 13,928 Deferred Inflows of Resources
Unavailable revenues - - - - Total deferred inflows of resources - - - - Fund balances (deficit)
Nonspendable - - - - Restricted 1,438 - 10,807,071 3,551,557 Assigned - - - - Unassigned - (9,037) - - Total fund balances (deficit) 1,438 (9,037) 10,807,071 3,551,557 Total liabilities, deferred inflows of
resources, and fund balances 43,172 $ 67,885 $ 11,136,991 $ 3,565,485 $ Special Revenue Funds
110
City of Santa Clarita, California
Combining Balance Sheet (Continued)
Non-Major Governmental Funds
June 30, 2021
Street SB1 Road
Lighting Measure M Repair and
District Local Return Activity State Park TDA Traffic Safety CDBG 12,308,539 $ 6,966,744 $ 3,879,493 $ -$ -$ -$ 7,589 $ 112,718 - - - - - - 27,376 15,319 9,027 - - - 382 149,334 - - - - 44,901 - - - - - - - 104,175 - - - - - - - - - 749,743 860 8,571,529 - 201,110 1,866,767 - - - - - - - - - - - - - 14,464,734 $ 6,982,063 $ 4,638,263 $ 860 $ 8,571,529 $ 44,901 $ 313,256 $ 272,355 $ 142,798 $ -$ -$ 450,435 $ -$ 198,229 $ - - - - - - - - - - 110,570 54,644 44,901 - 272,355 142,798 - 110,570 505,079 44,901 198,229 - - - - - - 104,175 - - - - - - 104,175 - - - - - - - 14,192,379 6,839,265 4,638,263 - 8,066,450 - 10,852 - - - - - - - - - - (109,710) - - - 14,192,379 6,839,265 4,638,263 (109,710) 8,066,450 - 10,852 `
14,464,734 $ 6,982,063 $ 4,638,263 $ 860 $ 8,571,529 $ 44,901 $ 313,256 $ (Continued)
Special Revenue Funds
111
City of Santa Clarita, California
Combining Balance Sheet (Continued)
Non-Major Governmental Funds
June 30, 2021
Assets
Cash and investments
Receivables
Accounts, net
Interest
Taxes
Loans
Prepaid costs
Due from other governments
Restricted assets:
Cash and investments
Cash and investments with fiscal agents
Total assets
Liabilities, Deferred Inflows of Resources
and Fund Balances
Liabilities
Accounts payable and accrued liabilities
Due to other governments
Due to other funds
Total liabilities
Deferred Inflows of Resources
Unavailable revenues
Total deferred inflows of resources
Fund balances (deficit)
Nonspendable
Restricted
Assigned
Unassigned
Total fund balances (deficit)
Total liabilities, deferred inflows of
resources, and fund balances
Surface
Transportation BJA Law
AQMD Stormwater Program Enforcement
31,808 $ 4,079,515 $ -$ 2$ - 1,338 - - 11 8,210 - - - 65,564 - - - - - - - - - - 192,665 - 94,867 18,983 - - - - - - - - 224,484 $ 4,154,627 $ 94,867 $ 18,985 $ 46,106 $ 268,677 $ 1,397 $ 520 $ - - - - - - 104,370 18,463 46,106 268,677 105,767 18,983 - - 61,019 - - - 61,019 - - - - - 178,378 3,885,950 - 2 - - - - - - (71,919) - 178,378 3,885,950 (71,919) 2 224,484 $ 4,154,627 $ 94,867 $ 18,985 $ Special Revenue Funds
112
City of Santa Clarita, California
Combining Balance Sheet (Continued)
Non-Major Governmental Funds
June 30, 2021
Public
Supplemental Library Education and American
Law Grant HOME Facilities Fees Government Proposition C Rescue Plan Federal Grants 344,613 $ 344,394 $ 3,864,709 $ 485,339 $ 10,361,747 $ 7,995,097 $ 7,232,733 $ - 13,434 - - - - - 641 729 8,176 1,024 22,819 - 14,942 - - - 117,966 - - - - 2,298,999 - - - - - - - - - - - - - - - - 4,245,973 - 1,102,033 - - - - - - - - - - - - - - 345,254 $ 2,657,556 $ 3,872,885 $ 604,329 $ 14,630,539 $ 7,995,097 $ 8,349,708 $ 40,575 $ -$ -$ -$ 834,678 $ 38,872 $ 421,133 $ - - - - - - - - - - - 3,415,171 - - 40,575 - - - 4,249,849 38,872 421,133 - 2,298,999 - - 4,245,973 7,956,225 7,121,888 - 2,298,999 - - 4,245,973 7,956,225 7,121,888 - - - - - - - 304,679 358,557 3,872,885 604,329 6,134,717 - 806,687 - - - - - - - - - - - - - - 304,679 358,557 3,872,885 604,329 6,134,717 - 806,687 345,254 $ 2,657,556 $ 3,872,885 $ 604,329 $ 14,630,539 $ 7,995,097 $ 8,349,708 $ (Continued)
Special Revenue Funds
113
City of Santa Clarita, California
Combining Balance Sheet (Continued)
Non-Major Governmental Funds
June 30, 2021
Assets
Cash and investments
Receivables
Accounts, net
Interest
Taxes
Loans
Prepaid costs
Due from other governments
Restricted assets:
Cash and investments
Cash and investments with fiscal agents
Total assets
Liabilities, Deferred Inflows of Resources
and Fund Balances
Liabilities
Accounts payable and accrued liabilities
Due to other governments
Due to other funds
Total liabilities
Deferred Inflows of Resources
Unavailable revenues
Total deferred inflows of resources
Fund balances (deficit)
Nonspendable
Restricted
Assigned
Unassigned
Total fund balances (deficit)
Total liabilities, deferred inflows of
resources, and fund balances
Measure R Measure H
Highway Homeless
Measure R Improvement Initiatives Measure M ATP
3,226,760 $ -$ -$ -$ - - - - 6,781 - - - - - - - - - - - - - - - - 15,783 150,094 19,563 - - - - - - - - 3,233,541 $ 15,783 $ 150,094 $ 19,563 $ 346,534 $ 55 $ 392 $ 3,135 $ - - - - - 15,727 149,702 16,428 346,534 15,782 150,094 19,563 - 15,782 150,094 7,945 - 15,782 150,094 7,945 - - - - 2,887,007 - -
- - - - - (15,781) (150,094) (7,945) 2,887,007 (15,781) (150,094) (7,945) 3,233,541 $ 15,783 $ 150,094 $ 19,563 $ Special Revenue Funds
114
City of Santa Clarita, California
Combining Balance Sheet (Continued)
Non-Major Governmental Funds
June 30, 2021
Measure W Tourism Housing
Measure A Safe Clean Marketing Miscellaneous Park Successor Safe Parks Water District OSPD Grants Dedication Agency 81 $ 1,505,176 $ 419,265 $ 6,551,135 $ -$ 4,706,110 $ 742,836 $ - - - - (8) - - 31 3,138 1,953 15,490 - 8,587 1,567 - 3,250,000 95,398 45,567 - - - - - - - - - - - - - - 17,716 - - 546,121 - - - 397,910 - - - - - - - - 206,386 - - - - - - - 546,233 $ 4,758,314 $ 516,616 $ 6,612,192 $ 415,618 $ 4,714,697 $ 950,789 $ -$ 6,248 $ 43,719 $ 34,164 $ 129,305 $ 662,118 $ -$ - - - - - - 34,479 546,120 - - - 76,659 - - 546,120 6,248 43,719 34,164 205,964 662,118 34,479 194,251 3,250,000 - - 225,797 - - 194,251 3,250,000 - - 225,797 - - - - - - 17,716 - - - 1,502,066 472,897 6,578,028 - 4,052,579 916,310 - - - - - - - (194,138) - - - (33,859) - - (194,138) 1,502,066 472,897 6,578,028 (16,143) 4,052,579 916,310 546,233 $ 4,758,314 $ 516,616 $ 6,612,192 $ 415,618 $ 4,714,697 $ 950,789 $ (Continued)
Special Revenue Funds
115
City of Santa Clarita, California
Combining Balance Sheet (Continued)
Non-Major Governmental Funds
June 30, 2021
Assets
Cash and investments
Receivables
Accounts, net
Interest
Taxes
Loans
Prepaid costs
Due from other governments
Restricted assets:
Cash and investments
Cash and investments with fiscal agents
Total assets
Liabilities, Deferred Inflows of Resources
and Fund Balances
Liabilities
Accounts payable and accrued liabilities
Due to other governments
Due to other funds
Total liabilities
Deferred Inflows of Resources
Unavailable revenues
Total deferred inflows of resources
Fund balances (deficit)
Nonspendable
Restricted
Assigned
Unassigned
Total fund balances (deficit)
Total liabilities, deferred inflows of
resources, and fund balances
Tourism Cooper St VC
Marketing Parking Wastewater
Bureau Areawide CFD 2020-1 Standby District
69,892 $ 5,720,656 $ (1,326) $ 2,655,198 $ - 21,151 - - 147 - (592) 5,600 - 119,532 - 36,228 - - - - - 79,664 - - - - - - - - - - - - - - 70,039 $ 5,941,003 $ (1,918) 2,697,026 $ -$ 511,955 $ 247,196 $ 772 $ - - - - - - 28,206 - - 511,955 275,402 772 - - - - - - - - - 79,664 - - 70,039 5,349,384 - 2,696,254 - - - - - - (277,320) - 70,039 5,429,048 (277,320) 2,696,254 70,039 $ 5,941,003 $ (1,918) 2,697,026 $ Special Revenue Funds
116
City of Santa Clarita, California
Combining Balance Sheet (Continued)
Non-Major Governmental Funds
June 30, 2021
Debt Service
Fund
General Public Public Total Non-major
Capital Financing Civic Financing Governmental
Projects Authority Arts Projects Authority Funds
887,092 $ 10 $ 354,263 $ 3,382 $ 99,487,172 $ - - - - 176,080 - - 663 - 183,105 - - - - 3,935,172 - - - - 2,403,174 - - - - 97,380 - - - - 16,307,234 - - - - 2,073,153 - - - 610,657 610,657 887,092 $ 10 $ 354,926 $ 614,039 $ 125,273,127 $ 528,298 $ -$ -$ 10,644 $ 5,702,814 $ - - - - 34,479 - - - - 4,580,961 528,298 - - 10,644 10,318,254 - - - - 25,632,148 - - - - 25,632,148 - - - - 97,380 - - - 603,395 89,381,418 358,794 10 354,926 - 713,730 - - - - (869,803) 358,794 10 354,926 603,395 89,322,725 887,092 $ 10 $ 354,926 $ 614,039 $ 125,273,127 $ Capital Projects Funds
117
City of Santa Clarita, California
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non-Major Governmental Funds
For the Year Ended June 30, 2021
Special
Bikeway Gas Tax Proposition A Assessment
Revenues
Taxes -$ -$ -$ - Special assessments - - - 618,684 Intergovernmental 259,188 4,789,933 4,388,257 - Charges for services - - - - Investment income (loss) (8,113) 36 50,545 16,345 Fines and forfeitures - 6,475 - - Developer fees - - - - Other revenue - 3,478 - 19,571 Total revenues 251,075 4,799,922 4,438,802 654,600 Expenditures
Current
General government - 14,549 7,877 283 Public safety - - - - Public works 273,462 4,802,593 51,024 54,766 Community development - - - - Neighborhood services - - - 150,695 Capital outlay - 151,423 2,301,144 - Debt service
Principal retirement - - - - Interest and fiscal charges - - - - Cost of issuance - - - - Total expenditures 273,462 4,968,565 2,360,045 205,744 Excess (deficiency) of revenues over
(under) expenditures (22,387) (168,643) 2,078,757 448,856 Other Financing Sources (Uses)
Bonds issued - - - - Premium on bonds issued - - - - Transfers in - 455,301 - 17,000 Transfers out - (311,543) - (4,630) Total other financing sources (uses) - 143,758 - 12,370 Net Change in Fund Balances (22,387) (24,885) 2,078,757 461,226 Fund Balances (Deficit), Beginning of Year 23,825 15,848 8,728,314 3,090,331 Fund Balances (Deficit), End of Year 1,438 $ (9,037) $ 10,807,071 $ 3,551,557 $ Special Revenue Funds
118
City of Santa Clarita, California
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued) Non-Major Governmental Funds
For the Year Ended June 30, 2021
Street SB 1 Road
Lighting Measure M Repair and
District Local Return Activity State Park TDA Traffic Safety CDBG -$ -$ -$ -$ -$ -$ -$ 6,408,017 - - - - - - - 3,097,393 4,114,301 11,790 9,538,331 - 893,177 10,000 - - - - - - (435) 6,374 (2,163) 3 (26,488) - 3,721 435,487 - - - - 558,862 - - - - - - - - 55,471 - - 411 10,622 - - 6,908,540 3,103,767 4,112,138 12,204 9,522,465 558,862 896,898 3,225,613 - - - - - - - - - - - - - 1,810,010 3,870,779 3,970,535 111,000 2,359,558 - - - - - - - - 893,177 77,063 - - - - - - - - - - 23 - - - - - - - - - - - - - - - - - - - - - - - 5,112,686 3,870,779 3,970,535 111,000 2,359,581 - 893,177 1,795,854 (767,012) 141,603 (98,796) 7,162,884 558,862 3,721 - - - - - - - - - - - - - - 229,588 - - - - - - (1,123,290) - - - (355,301) (558,862) - (893,702) - - - (355,301) (558,862) - 902,152 (767,012) 141,603 (98,796) 6,807,583 - 3,721 13,290,227 7,606,277 4,496,660 (10,914) 1,258,867 - 7,131 14,192,379 $ 6,839,265 $ 4,638,263 $ (109,710) $ 8,066,450 $ -$ 10,852 $ (Continued)
Special Revenue Funds
119
City of Santa Clarita, California
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued) Non-Major Governmental Funds
For the Year Ended June 30, 2021
Revenues
Taxes
Special assessments
Intergovernmental
Charges for services
Investment income (loss)
Fines and forfeitures
Developer fees
Other revenue
Total revenues
Expenditures
Current
General government
Public safety
Public works
Community development
Neighborhood services
Capital outlay
Debt service
Principal retirement
Interest and fiscal charges
Cost of issuance
Total expenditures
Excess (deficiency) of revenues over
(under) expenditures
Other Financing Sources (Uses)
Bonds issued
Premium on bonds issued
Transfers in
Transfers out
Total other financing sources (uses)
Net Change in Fund Balances
Fund Balances (Deficit), Beginning of Year
Fund Balances (Deficit), End of Year
Surface
Transportation BJA Law
AQMD Stormwater Program Enforcement
-$ -$ -$ -$ - 3,647,985 - - 408,774 - 137,814 98,587 - - - - (5,447) (7,180) - 2 - - - - - - - - - 549,161 - - 403,327 4,189,966 137,814 98,589 - 12,321 - - - - - 98,587 236,890 4,102,722 172,195 - - - - - 444,269 8,296 - - 153,059 - - - - - - - - - - - - - - - 834,218 4,123,339 172,195 98,587 (430,891) 66,627 (34,381) 2 - - - - - - - - - 3,690 - - - (182,899) - - - (179,209) - - (430,891) (112,582) (34,381) 2 609,269 3,998,532 (37,538) - 178,378 $ 3,885,950 $ (71,919) $ 2$ Special Revenue Funds
120
City of Santa Clarita, California
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued) Non-Major Governmental Funds
For the Year Ended June 30, 2021
Public
Supplemental Library Education and Federal
Law Grant HOME Facilities Fees Government Proposition C ARPA Grants -$ -$ -$ 393,952 $ -$ -$ -$ - - - - - - - 524,638 13,934 - - 6,701,878 - 3,969,336 - - - - - - - (313) 518 17,198 2,135 60,395 - 87,396 - - - - - - - - - 863,465 - - - - - - - - 4,672 9,618,118 1,656,762 524,325 14,452 880,663 396,087 6,766,945 9,618,118 5,713,494 - - - 209,832 - - - 486,898 - - - - - - - - - - 5,051,729 - 567,781 - - - - - - 3,775,853 - - - - - 143,838 - - - - 20,034 1,143,322 - 12,292 - - - - - - - - - - - - - - - - - - - - - 486,898 - - 229,866 6,195,051 143,838 4,355,926 37,427 14,452 880,663 166,221 571,894 9,474,280 1,357,568 - - - - - - - - - - - - - - - - - - - - - - - - - - (9,474,280) (253,327) - - - - - (9,474,280) (253,327) 37,427 14,452 880,663 166,221 571,894 - 1,104,241 267,252 344,105 2,992,222 438,108 5,562,823 - (297,554) 304,679 $ 358,557 $ 3,872,885 $ 604,329 $ 6,134,717 $ -$ 806,687 $ (Continued)
Special Revenue Funds
121
City of Santa Clarita, California
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued) Non-Major Governmental Funds
For the Year Ended June 30, 2021
Revenues
Taxes
Special assessments
Intergovernmental
Charges for services
Investment income (loss)
Fines and forfeitures
Developer fees
Other revenue
Total revenues
Expenditures
Current
General government
Public safety
Public works
Community development
Neighborhood services
Capital outlay
Debt service
Principal retirement
Interest and fiscal charges
Cost of issuance
Total expenditures
Excess (deficiency) of revenues over
(under) expenditures
Other Financing Sources (Uses)
Bonds issued
Premium on bonds issued
Transfers in
Transfers out
Total other financing sources (uses)
Net Change in Fund Balances
Fund Balances (Deficit), Beginning of Year
Fund Balances (Deficit), End of Year
Measure R Measure H
Highway Homeless
Measure R Improvement Initiatives Measure M ATP
-$ -$ -$ -$ - - - - 2,733,710 160,132 - 44,503 - - - - (15,192) - - - - - - - - - - - - - - - 2,718,518 160,132 - 44,503 22 - - - - - - - 4,111,125 172,745 - 49,448 - - 150,094 - - - - - - - - - - - - - - - - - - - - - 4,111,147 172,745 150,094 49,448 (1,392,629) (12,613) (150,094) (4,945) - - - - - - - - - - - - - - - - - - - - (1,392,629) (12,613) (150,094) (4,945) 4,279,636 (3,168) - (3,000) 2,887,007 $ (15,781) $ (150,094) $ (7,945) $ Special Revenue Funds
122
City of Santa Clarita, California
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued) Non-Major Governmental Funds
For the Year Ended June 30, 2021
Measure W Tourism Housing
Measure A Safe Clean Marketing Miscellaneous Park Successor Safe Parks Water District OSPD Grants Dedication Agency -$ 3,211,394 $ -$ -$ -$ -$ -$ - - - 2,881,269 - - - 351,870 - - - 550,342 - - - 426,829 72,933 - - - 112 24,964 1,483 17,640 - (10,516) 15,937 - - - - - - - - - - - - 1,260,808 - - - - - - - 200,965 351,982 3,236,358 428,312 2,971,842 550,342 1,250,292 216,902 - - 453,437 716,532 - - - - - - - - - - - - - 7,690 495,248 2,267,856 - - - - - 162,127 - - - 147,482 - - - - - - - - 470,455 - 48,254 - - - - - - - - - - - - - - - - - - - - - - - 147,482 453,437 1,194,677 657,375 2,316,110 - 351,982 3,088,876 (25,125) 1,777,165 (107,033) (1,065,818) 216,902 - - - - - - - - - - - - - - - - - - - - - (194,251) - (500,000) (791,563) - - - (194,251) - (500,000) (791,563) - - - 157,731 3,088,876 (525,125) 985,602 (107,033) (1,065,818) 216,902 (351,869) (1,586,810) 998,022 5,592,426 90,890 5,118,397 699,408 (194,138) $ 1,502,066 $ 472,897 $ 6,578,028 $ (16,143) $ 4,052,579 $ 916,310 $ (Continued)
Special Revenue Funds
123
City of Santa Clarita, California
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued) Non-Major Governmental Funds
For the Year Ended June 30, 2021
Revenues
Taxes
Special assessments
Intergovernmental
Charges for services
Investment income (loss)
Fines and forfeitures
Developer fees
Other revenue
Total revenues
Expenditures
Current
General government
Public safety
Public works
Community development
Neighborhood services
Capital outlay
Debt service
Principal retirement
Interest and fiscal charges
Cost of issuance
Total expenditures
Excess (deficiency) of revenues over
(under) expenditures
Other Financing Sources (Uses)
Bonds issued
Premium on bonds issued
Transfers in
Transfers out
Total other financing sources (uses)
Net Change in Fund Balances
Fund Balances (Deficit), Beginning of Year
Fund Balances (Deficit), End of Year
Tourism Cooper St VC
Marketing Parking Wastewater
Bureau Areawide CFD 2020-1 Standby District
-$ -$ -$ -$ - 7,238,692 - 1,159,471 - - - - 150 - - - 68 (115,927) (2,348) 15,407 - 80,584 - - - - - - - (8,483) - - 218 7,194,866 (2,348) 1,174,878 2,678 5,128,771 - - - - - - - 1,305,979 274,972 - - 22,000 - - - 11,166,157 - 1,544 - - - - - - - - - - - - - - - - 2,678 17,622,907 274,972 1,544 (2,460) (10,428,041) (277,320) 1,173,334 - - - - - - - - - 9,980,853 - - - (481,089) - - - 9,499,764 - - (2,460) (928,277) (277,320) 1,173,334 72,499 6,357,325 - 1,522,920 70,039 $ 5,429,048 $ (277,320) 2,696,254 $ Special Revenue Funds
124
City of Santa Clarita, California
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued) Non-Major Governmental Funds
For the Year Ended June 30, 2021
Debt Service
Fund
General Public Public Total Non-major
Capital Financing Civics Financing Governmental
Projects Authority Arts Projects Authority Funds
-$ -$ -$ -$ 3,605,346 $ - - - - 21,954,118 - - - - 42,787,888 - - - - 509,912 - - 253 - 126,410 - - - - 1,081,408 - - - - 2,124,273 1,680 - - - 12,112,428 1,680 - 253 - 84,301,783 - - - - 9,771,915 - - - - 585,485 1,534,508 - 25,495 - 37,680,110 - - - - 5,003,251 - - - - 12,139,344 - - - - 4,300,006 - - - 2,315,371 2,315,371 - - - 2,852,848 2,852,848 - - - 278,843 278,843 1,534,508 - 25,495 5,447,062 74,927,173 (1,532,828) - (25,242) (5,447,062) 9,374,610 - - - 14,270,000 14,270,000 - - - 225,409 225,409 1,481,118 - 40,000 4,232,891 16,440,441 - - - (14,200,000) (28,431,035) 1,481,118 - 40,000 4,528,300 2,504,815 (51,710) - 14,758 (918,762) 11,879,425 410,504 10 340,168 1,522,157 77,443,300 358,794 $ 10 $ 354,926 $ 603,395 $ 89,322,725 $ Capital Projects Funds
125
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Bikeway Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Intergovernmental 67,129 $ 363,295 $ 259,188 $ (104,107) $ Investment income (loss) - - (8,113) (8,113) Total revenues 67,129 363,295 251,075 (112,220) Expenditures:
Capital Improvement Projects:
Personnel - - 558 (558) Operating 67,128 400,141 272,904 127,237 Total expenditures 67,128 400,141 273,462 126,679 Excess (Deficiency) of Revenues
Over (Under) Expenditures 1 (36,846) (22,387) 14,459 Net Change in Fund Balance 1$ (36,846) $ (22,387) 14,459 $ Fund Balance at Beginning of Year 23,825
Fund Balance at End of Year 1,438 $
Budgeted Amounts
126
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Gas Tax Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Intergovernmental 4,593,233 $ 4,929,578 $ 4,789,933 $ (139,645) $ Investment income (loss) - - 36 36 Fines and forfeitures - - 6,475 6,475 Other revenue - - 3,478 3,478 Total revenues 4,593,233 4,929,578 4,799,922 (129,656) Expenditures:
Operating:
Personnel 2,591,522 2,642,957 2,442,570 200,387 Operating 2,320,603 2,368,603 2,312,451 56,152 Capital outlay - 151,423 151,423 - Capital Improvement Projects:
Personnel - - 2,730 (2,730) Operating - 100,509 59,391 41,118 Total expenditures 4,912,125 5,263,492 4,968,565 294,928 Excess (deficiency) of revenues
over (under) expenditures (318,892) (333,914) (168,643) 165,272 Other Financing Sources (Uses):
Transfer in 630,434 562,206 455,301 (106,905) Transfer out (311,543) (311,543) (311,543) - Total other financing sources (uses) 318,891 250,663 143,758 (106,905) Net Change in Fund Balance (1) $ (83,251) $ (24,885) 58,367 $ Fund Balance at Beginning of Year 15,848
Fund Deficit at End of Year (9,037) $
Budgeted Amounts
127
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Proposition A Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Intergovernmental 3,896,055 $ 3,896,055 $ 4,388,257 $ 492,202 $ Investment income (loss) 59,265 59,265 50,545 (8,720) Total revenues 3,955,320 3,955,320 4,438,802 483,482 Expenditures:
Capital Improvement Projects:
Personnel - - 58,901 (58,901) Operating - 4,390,990 2,301,144 2,089,846 Total expenditures - 4,390,990 2,360,045 2,030,945 Excess (deficiency) of revenues
over (under) expenditures 3,955,320 (435,670) 2,078,757 2,514,427 Other Financing Sources (Uses):
Transfer out (3,955,320) (1,231,848) - 1,231,848 Net Change in Fund Balance -$ (1,667,518) $ 2,078,757 3,746,275 $ Fund Balance at Beginning of Year 8,728,314
Fund Balance at End of Year 10,807,071 $
Budgeted Amounts
128
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Special Assessment Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Special assessments 623,686 $ 623,686 $ 618,684 $ (5,002) $ Investment income (loss) 49,771 49,771 16,345 (33,426) Other revenue - - 19,571 19,571 Total revenues 673,457 673,457 654,600 (38,428) Expenditures:
Operating:
Personnel 54,779 55,292 47,107 8,185 Operating 349,745 349,747 158,637 191,110 Total expenditures 404,524 405,039 205,744 199,295 Excess (deficiency) of revenues
over (under) expenditures 268,933 268,418 448,856 160,867 Other Financing Sources (Uses):
Transfer in - - 17,000 17,000 Transfer out (4,630) (4,630) (4,630) - Total other financing sources (uses) (4,630) (4,630) 12,370 17,000 Net Change in Fund Balance 264,303 $ 263,788 $ 461,226 177,867 $ Fund Balance at Beginning of Year 3,090,331
Fund Balance at End of Year 3,551,557 $
Budgeted Amounts
129
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Street Lighting District Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Special assessments 5,950,117 $ 5,950,117 $ 6,356,309 $ 406,192 $ Charges for services 20,000 2,500 10,000 7,500 Investment income (loss) 230,670 230,670 (435) (231,105) Fines and forfeitures 410,000 560,000 435,487 (124,513) Other revenue 150,000 100,000 55,471 (44,529) Total revenues 6,760,787 6,843,287 6,856,832 13,545 Expenditures:
Operating:
Personnel 237,724 233,763 233,907 (144) Operating 4,362,602 4,558,187 4,558,187 - Total expenditures 4,600,326 4,791,950 4,792,094 (144) Excess (deficiency) of revenues
over (under) expenditures 2,160,461 2,051,337 2,064,738 13,401 Other Financing Sources (Uses):
Transfer in 427,720 472,413 281,296 (191,117) Transfer out (1,321,543) (1,366,236) (1,123,290) 242,946 Total other financing sources (uses) (893,823) (893,823) (841,994) 51,829 Net Change in Fund Balance 1,266,638 $ 1,157,514 $ 1,222,744 65,230 $ Reconciliation to GAAP Basis Expenditures 320,592
Fund Balance at Beginning of Year 13,290,227
Fund Balance at End of Year 14,192,379 $
Budgeted Amounts
130
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Measure M Local Return Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Intergovernmental 2,746,924 $ 2,746,924 $ 3,097,393 $ 350,469 $ Investment income (loss) 9,408 9,408 6,374 (3,034) Total revenues 2,756,332 2,756,332 3,103,767 347,435 Expenditures:
Capital Improvement Projects:
Operating 4,856,791 9,743,109 3,870,779 5,872,330 Net Change in Fund Balance (2,100,459) $ (6,986,777) $ (767,012) 6,219,765 Fund Balance at Beginning of Year 7,606,277
Fund Balance at End of Year 6,839,265 $
Budgeted Amounts
131
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual SB1 Road Repair and Activity Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Intergovernmental 3,707,349 $ 3,707,349 $ 4,114,301 $ 406,952 $ Investment income (loss) - - (2,163) (2,163) Total revenues 3,707,349 3,707,349 4,112,138 404,789 Expenditures:
Capital Improvement Projects:
Operating 3,804,072 7,524,602 3,970,535 3,554,067 Net Change in Fund Balance (96,723) $ (3,817,253) $ 141,603 3,958,856 $ Fund Balance at Beginning of Year 4,496,660
Fund Balance at End of Year 4,638,263 $
Budgeted Amounts
132
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual State Park Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Intergovernmental -$ 10,458 $ 11,790 $ 1,332 $ Investment income (loss) - - 3 3 Other revenue - - 411 411 Total revenues - 10,458 12,204 1,335 Expenditures:
Capital Improvement Projects:
Operating - 111,000 111,000 - Net Change in Fund Balance -$ (100,542) $ (98,796) 1,335 $ Fund Deficit at Beginning of Year (10,914)
Fund Deficit at End of Year (109,710) $
Budgeted Amounts
133
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Transportation Development Act 8 Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Intergovernmental 9,898,475 $ 5,604,511 $ 9,538,331 $ 3,933,820 $ Investment income (loss) - - (26,488) (26,488) Other revenue - - 10,622 10,622 Total revenues 9,898,475 5,604,511 9,522,465 3,907,332 Expenditures:
Capital Improvement Projects:
Operating 5,152,977 11,544,063 2,359,581 9,184,482 Excess (deficiency) of revenues
over (under) expenditures 4,745,498 (5,939,552) 7,162,884 13,091,814 Other Financing Sources (Uses):
Transfer out (4,745,498) (462,206) (355,301) 106,905 Net Change in Fund Balance -$ (6,401,758) $ 6,807,583 13,198,719 $ Fund Balance at Beginning of Year 1,258,867
Fund Balance at End of Year 8,066,450 $
Budgeted Amounts
134
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Traffic Safety Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Fines and forfeitures 550,000 $ 550,000 $ 558,862 $ 8,862 $ Other Financing Sources (Uses):
Transfer out (550,000) (550,000) (558,862) (8,862) Net Change in Fund Balance -$ -$ - -$ Fund Balance at Beginning of Year -
Fund Balance at End of Year -$
Budgeted Amounts
135
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Community Development Block Grant Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Intergovernmental 2,647,881 $ 3,247,881 $ 893,177 $ (2,354,704) $ Investment income (loss) - - 3,721 3,721 Total revenues 2,647,881 3,247,881 896,898 (2,350,983) Expenditures:
Operating:
Personnel 192,722 784,260 136,873 647,387 Operating 697,464 1,117,223 362,365 754,858 Capital Improvement Projects:
Operating 1,740,637 2,190,637 393,939 1,796,698 Total expenditures 2,630,823 4,092,120 893,177 3,198,943 Excess (deficiency) of revenues
over (under) expenditures 17,058 (844,239) 3,721 847,960 Net Change in Fund Balance 17,058 $ (844,239) $ 3,721 847,960 $ Fund Balance at Beginning of Year 7,131
Fund Balance at End of Year 10,852 $
Budgeted Amounts
136
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Air Quality Management District Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Intergovernmental 280,943 $ 402,943 $ 408,774 $ 5,831 $ Investment income (loss) (8,131) (8,131) (5,447) 2,684 Total revenues 272,812 394,812 403,327 8,515 Expenditures:
Operating:
Operating 21,531 21,531 13,000 8,531 Capital Improvement Projects:
Personnel - - 8,322 (8,322) Operating 28,000 998,812 812,896 185,916 Total expenditures 49,531 1,020,343 834,218 186,125 Excess (deficiency) of revenues
over (under) expenditures 223,281 (625,531) (430,891) 194,640 Net Change in Fund Balance 223,281 $ (625,531) $ (430,891) 194,640 $ Fund Balance at Beginning of Year 609,269
Fund Balance at End of Year 178,378 $
Budgeted Amounts
137
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Stormwater Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Special assessments 3,617,663 $ 3,617,663 $ 3,647,985 $ 30,322 $ Investment income (loss) 48,600 48,600 (7,180) (55,780) Other revenue - 982,214 549,161 (433,053) Total revenues 3,666,263 4,648,477 4,189,966 (458,511) Expenditures:
Operating:
Personnel 1,313,433 1,308,750 1,282,324 26,426 Operating 2,049,062 3,607,733 2,668,943 938,790 Capital Improvement Projects:
Personnel - - 5,656 (5,656) Operating 35,376 549,257 166,416 382,841 Total expenditures 3,397,871 5,465,741 4,123,339 1,342,402 Excess (deficiency) of revenues
over (under) expenditures 268,392 (817,264) 66,627 883,891 Other Financing Sources (Uses):
Transfer in 3,690 3,690 3,690 - Transfer out (182,899) (182,899) (182,899) - Total other financing sources (uses) (179,209) (179,209) (179,209) - Net Change in Fund Balance 89,183 $ (996,473) $ (112,582) 883,891 $ Fund Balance at Beginning of Year 3,998,532
Fund Balance at End of Year 3,885,950 $
Budgeted Amounts
138
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Surface Transportation Program Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Intergovernmental -$ 1,414,789 $ 137,814 $ (1,276,975) $ Expenditures:
Capital Improvement Projects:
Operating - 1,373,368 172,195 1,201,173 Excess (Deficiency) of Revenues
Over (Under) Expenditures - 41,421 (34,381) (75,802) Net Change in Fund Balance -$ 41,421 $ (34,381) $ (75,802) $ Fund Deficit at Beginning of Year (37,538)
Fund Deficit at End of Year (71,919) $
Budgeted Amounts
139
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual BJA Law Enforcement Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Intergovernmental -$ 102,284.00 $ 98,587 $ (3,697) $ Investment income (loss) - -$ 2 2 Total revenues - 102,284.00 $ 98,589 (3,695) Expenditures:
Operating:
Operating - 38,458.00 $ 34,761 3,697 Capital Improvement Projects:
Operating - 63,826.00 $ 63,826 0.42 Total expenditures - 102,284.00 $ 98,587 3,697 Excess (deficiency) of revenues
over (under) expenditures - - 2 2 Net Change in Fund Balance -$ -$ 2 0$ Fund Balance at Beginning of Year -
Fund Balance at End of Year 2$
Budgeted Amounts
140
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Supplemental Law Grant Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Intergovernmental 332,922 $ 405,458 $ 524,638 $ 119,180 $ Investment income (loss) - - (313) (313) Total revenues 332,922 405,458 524,325 118,867 Expenditures:
Operating:
Operating 479,544 479,544 486,898 (7,354) Excess (deficiency) of revenues
over (under) expenditures (146,622) (74,086) 37,427 111,513 Net Change in Fund Balance (146,622) $ (74,086) $ 37,427 111,513 $ Fund Balance at Beginning of Year 267,252
Fund Balance at End of Year 304,679 $
Budgeted Amounts
141
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual HOME Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Intergovernmental -$ -$ 13,934 $ 13,934 $ Investment income (loss) 6,041 6,041 518 (5,523) Total revenues 6,041 6,041 14,452 8,411 Excess (deficiency) of revenues
over (under) expenditures 6,041 6,041 14,452 8,411 Net Change in Fund Balance 6,041 $ 6,041 $ 14,452 8,411 $ Fund Balance at Beginning of Year 344,105
Fund Balance at End of Year 358,557 $
Budgeted Amounts
142
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Library Facilities Fees Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Investment income (loss) 51,747 $ 51,747 $ 17,198 $ (34,549) $ Developer fees 230,000 899,000 863,465 (35,535) Total revenues 281,747 950,747 880,663 (70,084) Excess (deficiency) of revenues
over (under) expenditures 281,747 950,747 880,663 (70,084) Net Change in Fund Balance 281,747 $ 950,747 $ 880,663 (70,084) $ Fund Balance at Beginning of Year 2,992,222
Fund Balance at End of Year 3,872,885 $
Budgeted Amounts
143
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Public Education and Government Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Taxes 430,000 $ 430,000 $ 393,952 $ (36,048) $ Investment income (loss) 7,259 7,259 2,135 (5,124) Total revenues 437,259 437,259 396,087 (41,172) Expenditures:
Operating:
Operating 133,000 201,742 209,832 (8,090) Capital outlay - 28,884 20,034 8,850 Total expenditures 133,000 230,626 229,866 760 Net Change in Fund Balance 304,259 $ 206,633 $ 166,221 (40,412) $ Fund Balance at Beginning of Year 438,108
Fund Balance at End of Year 604,329 $
Budgeted Amounts
144
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Proposition C Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Intergovernmental 4,182,399 $ 12,077,839 $ 6,701,878 $ (5,375,961) $ Investment income (loss) 12,332 12,332 60,395 48,063 Other revenue - - 4,672 4,672 Total revenues 4,194,731 12,090,171 6,766,945 (5,327,898) Expenditures:
Capital Improvement Projects:
Personnel - - 34,674 (34,674) Operating 1,515,000 9,261,590 6,160,377 3,101,213 Total expenditures 1,515,000 9,261,590 6,195,051 3,066,539 Excess (deficiency) of revenues
over (under) expenditures 2,679,731 2,828,581 571,894 (2,261,359) Net Change in Fund Balance 2,679,731 $ 2,828,581 $ 571,894 (2,261,359) $ Fund Balance at Beginning of Year 5,562,823
Fund Balance at End of Year 6,134,717 $
Budgeted Amounts
145
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual American Rescue Plan Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Other revenue -$ 403,578 $ 9,618,118 $ 9,214,540 $ Expenditures:
Operating:
Personnel -$ -$ 5,108 $ (5,108) $ Operating - 403,578 138,730 264,848 Total Expenditures - 403,578 143,838 259,740 Excess (deficiency) of revenues
over (under) expenditures - - 9,474,280 9,474,280 Other Financing Sources (Uses):
Transfer out - - (9,474,280) (9,474,280) Net Change in Fund Balance -$ - $ - 264,848 $ Fund Balance at Beginning of Year -
Fund Balance at End of Year -$
Budgeted Amounts
146
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Federal Grants Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Intergovernmental 934,875 $ 4,447,507 $ 3,969,336 $ (478,171) $ Investment income (loss) - - 87,396 87,396 Other revenue - 6,619,208 1,656,762 (4,962,446) Total Revenues 934,875 11,066,715 5,713,494 (5,353,221) Expenditures:
Operating 934,875 11,848,120 4,355,926 7,492,194 Excess (Deficiency) of Revenues
Over (Under) Expenditures - (781,405) 1,357,568 2,138,973 Other Financing Sources (Uses):
Transfer out - (450,000) (253,327) 196,673 Net Change in Fund Balance -$ (1,231,405) $ 1,104,241 7,014,023 Fund Balance at Beginning of Year (297,554)
Fund Balance at End of Year 806,687 $
Budgeted Amounts
147
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Measure R Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Intergovernmental 2,423,756 $ 2,423,756 $ 2,733,710 $ 309,954 $ Investment income (loss) - - (15,192) (15,192) Total revenues 2,423,756 2,423,756 2,718,518 294,762 Expenditures:
Capital Improvement Projects:
Operating 2,369,379 6,210,654 4,111,147 2,099,507 Excess (deficiency) of revenues
over (under) expenditures 54,377 (3,786,898) (1,392,629) 2,394,269 Net Change in Fund Balance 54,377 $ (3,786,898) $ (1,392,629) 2,394,269 $ Fund Deficit at Beginning of Year 4,279,636
Fund Deficit at End of Year 2,887,007 $
Budgeted Amounts
148
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Measure R Highway Improvement Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Intergovernmental -$ 4,562,344 $ 160,132 $ (4,402,212) $ Expenditures:
Operating - 4,559,176 172,745 4,386,431 Excess (deficiency) of revenues
over (under) expenditures - 3,168 (12,613) (15,781) Net Change in Fund Balance -$ 3,168 $ (12,613) (15,781) $ Fund Balance at Beginning of Year (3,168)
Fund Balance at End of Year (15,781) $
Budgeted Amounts
149
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Measure H Homeless Initiatives Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Other revenue -$ 501,493 $ -$ (501,493) $ Expenditures:
Operating:
Personnel - 68,152 23,601 44,551 Operating - 501,493 126,493 375,000 Net Change in Fund Balance -$ (68,152) $ (150,094) 375,000 $ Fund Balance at Beginning of Year -
Fund Deficit at End of Year (150,094) $
Budgeted Amounts
150
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Measure M ATP Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Intergovernmental 1,197,000 $ 737,494 $ 44,503 $ (692,991) $ Expenditures:
Capital Improvement Projects:
Personnel - - 7,063 (7,063) Operating 1,197,000 1,241,994 42,385 1,199,609 Total expenditures 1,197,000 1,241,994 49,448 1,192,546 Net Change in Fund Balance -$ (504,500) $ (4,945) 499,555 $ Fund Deficit at Beginning of Year (3,000)
Fund Deficit at End of Year (7,945) $
Budgeted Amounts
151
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Measure A Safe Parks Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Intergovernmental 179,836 $ 531,695 $ 351,870 $ (179,825) $ Investment income (loss) - - 112 112 Total revenues 179,836 531,695 351,982 (179,713) Excess (deficiency) of revenues
over (under) expenditures 179,836 531,695 351,982 (179,713) Other Financing Sources (Uses):
Transfer out (179,836) (179,836) (194,251) (14,415) Net Change in Fund Balance -$ 351,859 $ 157,731 (194,240) $ Fund Deficit at Beginning of Year (351,869)
Fund Deficit at End of Year (194,138) $
Budgeted Amounts
152
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Measure W Safe Clean Water Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Taxes 3,000,000 $ 6,422,788 $ 3,211,394 $ (3,211,394) $ Intergovernmental - 1,801,103 - (1,801,103) Investment income (loss) 47,740 47,740 24,964 (22,776) Total revenues 3,047,740 8,271,631 3,236,358 (5,035,273) Expenditures:
Operating:
Personnel 128,774 132,735 134,172 (1,437) Operating 1,116 1,116 1,116 - Capital Improvement Projects:
Personnel - - 6,892 (6,892) Operating 113,600 257,862 5,302 252,560 Total expenditures 243,490 391,712 147,482 244,231 Excess (deficiency) of revenues
over (under) expenditures 2,804,250 7,879,919 3,088,876 (4,791,042) Net Change in Fund Balance 2,804,250 $ 7,879,919 $ 3,088,876 (2,967,163) Fund Deficit at Beginning of Year (1,586,810)
Fund Balance at End of Year 1,502,066 $
Budgeted Amounts
153
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Tourism Marketing District Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Charges for services 625,000 $ 405,000 $ 426,829 $ 21,829 $ Investment income (loss) 15,512 15,512 1,483 (14,029) Total revenues 640,512 420,512 428,312 7,800 Expenditures:
Operating:
Personnel 31,460 31,337 32,485 (1,148) Operating 557,433 557,433 420,952 136,481 Total expenditures 588,893 588,770 453,437 135,333 Excess (deficiency) of revenues
over (under) expenditures 51,619 (168,258) (25,125) 143,133 Other Financing Sources (Uses):
Transfer out - (500,000) (500,000) - Net Change in Fund Balance 51,619 $ (668,258) $ (525,125) 143,133 $ Fund Balance at Beginning of Year 998,022
Fund Balance at End of Year 472,897 $
Budgeted Amounts
154
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Open Space Preservation District Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Special assessments 2,848,291 $ 2,848,291 $ 2,881,269 $ 32,978 $ Charges for services 124,442 124,442 72,933 (51,509) Investment income (loss) 103,776 103,776 17,640 (86,136) Total revenues 3,076,509 3,076,509 2,971,842 (104,667) Expenditures:
Operating:
Personnel 324,460 324,850 314,704 10,146 Operating 423,995 620,913 500,992 119,921 Capital outlay - 1,438,400 304,459 1,133,941 Capital Improvement Projects:
Operating 30,000 145,467 74,522 70,945 Total expenditures 778,455 2,529,629 1,194,677 1,334,952 Excess (deficiency) of revenues
over (under) expenditures 2,298,054 546,880 1,777,165 1,230,285 Other Financing Sources (Uses):
Transfer out (791,563) (791,563) (791,563) - Net Change in Fund Balance 1,506,491 $ (244,683) $ 985,602 1,230,285 $ Fund Balance at Beginning of Year 5,592,426
Fund Balance at End of Year 6,578,028 $
Budgeted Amounts
155
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Miscellaneous Grants Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Intergovernmental 764,976 $ 10,104,276 $ 550,342 $ (9,553,934) $ Expenditures:
Operating:
Operating 691,500 713,440 233,892 479,548 Capital Improvement Projects:
Operating 72,000 9,271,231 423,483 8,847,748 Total expenditures 763,500 9,984,671 657,375 9,327,296 Net Change in Fund Balance 1,476 $ 119,605 $ (107,033) (226,638) $ Fund Balance at Beginning of Year 90,890
Fund Deficit at End of Year (16,143) $
Budgeted Amounts
156
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Park Dedication Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Investment income (loss) 15,767 $ 15,767 $ (10,516) $ (26,283) $ Developer fees 345,368 1,260,808 1,260,808 - Total revenues 361,135 1,276,575 1,250,292 (26,283) Expenditures:
Capital improvement projects:
Personnel - - 11,138 (11,138) Operating 165,000 4,981,945 2,304,972 2,676,973 Total expenditures 165,000 4,981,945 2,316,110 2,665,835 Excess (deficiency) of revenues
over (under) expenditures 196,135 (3,705,370) (1,065,818) 2,639,552 Net Change in Fund Balance 196,135 $ (3,705,370) $ (1,065,818) 2,639,552 $ Fund Balance at Beginning of Year 5,118,397
Fund Balance at End of Year 4,052,579 $
Budgeted Amounts
157
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Housing Successor Agency Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Investment income (loss) -$ -$ 15,937 $ 15,937 $ Other revenue - 200,965 200,965 - Total revenues - 200,965 216,902 15,937 Net Change in Fund Balance -$ 200,965 $ 216,902 15,937 $ Fund Balance at Beginning of Year 699,408
Fund Balance at End of Year 916,310 $
Budgeted Amounts
158
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Tourism Marketing Bureau Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Charges for services 7,500 $ -$ 150 $ 150 $ Investment income (loss) - - 68 68 Total revenues 7,500 - 218 218 Expenditures:
Operating:
Operating 9,676 9,676 2,678 6,998 Net Change in Fund Balance (2,176) $ (9,676) $ (2,460) 7,216 $ Fund Balance at Beginning of Year 72,499
Fund Balance at End of Year 70,039 $
Budgeted Amounts
159
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Areawide Special Revenue Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Special assessments 7,114,672 $ 7,133,172 $ 7,238,692 $ 105,520 $ Investment income (loss) - - (115,927) (115,927) Fines and forfeitures - - 80,584 80,584 Other revenue - - (8,483) (8,483) Total revenues 7,114,672 7,133,172 7,194,866 61,694 Expenditures:
Operating:
Personnel 5,681,894 5,595,695 5,048,430 547,265 Operating 10,533,652 11,083,137 10,562,136 521,001 Capital Improvement Projects:
Personnel - - 24,822 (24,822) Operating 1,101,858 3,784,672 1,987,519 1,797,153 Total expenditures 17,317,404 20,463,504 17,622,907 2,840,597 Excess (deficiency) of revenues
over (under) expenditures (10,202,732) (13,330,332) (10,428,041) 2,902,291 Other Financing Sources (Uses):
Transfer in 11,121,121 10,840,287 9,980,853 (859,434) Transfer out (481,089) (481,089) (481,089) - Total other financing sources (uses) 10,640,032 10,359,198 9,499,764 (859,434) Net Change in Fund Balance 437,300 $ (2,971,134) $ (928,277) 2,042,857 $ Fund Balance at Beginning of Year 6,357,325
Fund Balance at End of Year 5,429,048 $
Budgeted Amounts
160
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Cooper Street Parking Structure CFD 2020 Special Revenue Fund For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Investment income (loss) -$ -$ (2,348) $ (2,348) $ Other revenue - 302,422 - (302,422) Total revenues - 302,422 (2,348) (304,770) Expenditures:
Operating:
Operating - 302,422 274,972 27,450 Excess (deficiency) of revenues
over (under) expenditures - - (277,320) (277,320) Net Change in Fund Balance -$ -$ (277,320) 27,450 $ Fund Balance at Beginning of Year -
Fund Deficit at End of Year (277,320) $
Budgeted Amounts
161
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Vista Canyon Wastewater Standby District Special Revenue Fund For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Special assessments 1,092,654 $ 1,092,654 $ 1,159,471 $ 66,817 $ Investment income (loss) 40,446 40,446 15,407 (25,039) Total revenues 1,133,100 1,133,100 1,174,878 41,778 Expenditures:
Operating:
Operating 26,500 $ 26,500 $ 1,544 $ 24,956 $ Net Change in Fund Balance 1,106,600 $ 1,106,600 $ 1,173,334 66,734 $ Fund Balance at Beginning of Year 1,522,920
Fund Balance at End of Year 2,696,254 $
Budgeted Amounts
162
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual General Capital Projects Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Other revenue -$ -$ 1,680 $ 1,680 $ Expenditures:
Capital Improvement Projects:
Operating 124,175 2,099,132 1,534,508 564,624 Excess (deficiency) of revenues
over (under) expenditures (124,175) (2,099,132) (1,532,828) 566,304 Other Financing Sources (Uses):
Transfer in (124,175) (1,642,740) 1,481,118 3,123,858 Net Change in Fund Balance (248,350) $ (3,741,872) $ (51,710) 3,688,482 $ Fund Balance at Beginning of Year 410,504
Fund Balance at End of Year 358,794 $
Budgeted Amounts
163
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Public Financing Authority Capital Projects Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Total revenues -$ -$ -$ -$ Expenditures:
Total Expenditures - - - - Net Change in Fund Balance -$ -$ - -$ Fund Balance at Beginning of Year 10
Fund Balance at End of Year 10 $
Budgeted Amounts
164
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Civic Arts Projects Capital Projects Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Revenues:
Investment income (loss) -$ -$ 253 $ 253 $ Expenditures:
Capital Improvement Projects:
Operating - 365,931 25,495 340,436 Other Financing Sources (Uses):
Transfer in - 40,000 40,000 - Net Change in Fund Balance -$ (325,931) $ 14,758 340,689 $ Fund Balance at Beginning of Year 340,168
Fund Balance at End of Year 354,926 $
Budgeted Amounts
165
City of Santa Clarita, California
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Public Financing Authority Debt Service Fund
For the Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive/(Negative)
Expenditures:
Operating 3,067,433 $ 3,770,731 $ 5,447,062 $ (1,676,331) $ Excess (deficiency) of revenues
over (under) expenditures (3,067,433) (3,770,731) (5,447,062) (1,676,331) Other financing sources (uses):
Bonds issued - - 14,270,000 14,270,000 Premium on bonds issued - - 225,409 225,409 Transfer in 3,067,433 4,695,294 4,232,891 (462,403) Transfer out - (14,200,000) (14,200,000) - Total other financing sources (uses) 3,067,433 (9,504,706) 4,528,300 14,033,006 Net Change in Fund Balance -$ (13,275,437) $ (918,762) (2,138,734) $ Fund Balance at Beginning of Year 1,522,157
Fund Balance at End of Year 603,395 $
Budgeted Amounts
166
City of Santa Clarita, California
Description of Internal Service Funds
As of and for the Year Ended June 30, 2021
The Internal Service Funds are used to account for goods or services provided by a central service department to other City departments.
Self-Insurance – To account for the City’s self-insurance program.
Computer Replacement – To account for the financing of the replacement of the City’s computer equipment.
Vehicle Replacement – To account for the financing of the replacement of the City’s automotive equipment.
167
City of Santa Clarita, California
Combining Statement of Net Position
Internal Service Funds
June 30, 2021
Self Computer Vehicle
Insurance Replacement Replacement Totals
Assets
Current assets
Cash and investments 7,772,679 $ 2,276,493 $ 4,350,402 $ 14,399,574 $ Receivables
Interest 11,022 4,705 9,175 24,902 Prepaid costs 12,057 - - 12,057 Total current assets 7,795,758 2,281,198 4,359,577 14,436,533 Noncurrent assets
Net OPEB asset 37,726 - - 37,726 Equipment, net of accumulated depreciation - 222,765 1,680,516 1,903,281 Total noncurrent assets 37,726 222,765 1,680,516 1,941,007 Total assets 7,833,484 2,503,963 6,040,093 16,377,540 Deferred Outflows of Resources
Deferred outflows related to OPEB 23,937 - - 23,937 Deferred outflows related to pensions 64,207 - - 64,207 Total deferred outflows of resources 88,144 - - 88,144 Liabilities
Current liabilities
Accounts payable and accrued liabilities 26,314 28,841 1,309 56,464 Compensated absences 12,123 - - 12,123 Claims and judgments 3,974,601 - - 3,974,601 Total current liabilities 4,013,038 28,841 1,309 4,043,188 Noncurrent liabilities
Net pension liability 127,582 - - 127,582 Compensated absences payable 14,062 - - 14,062 Claims and judgments 2,435,996 49 - 2,436,045 Total non-current liabilities 2,577,640 49 - 2,577,689 Total liabilities 6,590,678 28,890 1,309 6,620,877 Deferred Inflows of Resources
Deferred inflows related to OPEB 94,346 - - 94,346 Deferred inflows related to pensions 1,929 - - 1,929 Total deferred inflows of resources 96,275 - - 96,275 Net position
Net investment in capital assets - 222,765 1,680,516 1,903,281 Unrestricted 1,234,675 2,252,308 4,358,268 7,845,251 Total net position 1,234,675 $ 2,475,073 $ 6,038,784 $ 9,748,532 $
168
City of Santa Clarita, California
Combining Statement of Revenues, Expenses and Changes in Net Position Internal Service Funds
For the Year Ended June 30, 2021
Self Computer Vehicle
Insurance Replacement Replacement Totals
Operating Revenues
Charges for services 3,495,914 $ 804,311 $ 420,050 $ 4,720,275 $ Operating Expenses
Administration and personnel services 1,316,348 59,915 - 1,376,263 Services and supplies 2,407,131 1,206,044 (54,102) 3,559,073 Depreciation expense - 61,672 303,848 365,520 Total operating expenses 3,723,479 1,327,631 249,746 5,300,856 Operating income (loss) (227,565) (523,320) 170,304 (580,581) Nonoperating Revenues
Investment income (loss) (23,716) (11,577) 5,674 (29,619) Income before transfers (251,281) (534,897) 175,978 (610,200) Transfers
Transfers in 64,560 570 - 65,130 Transfers out (38,076) - - (38,076) Total Transfers 26,484 570 - 27,054 Change in net position (224,797) (534,327) 175,978 (583,146) Net Position, Beginning of the Year 1,459,472 3,009,400 5,862,806 10,331,678 Net Position, End of the Year 1,234,675 $ 2,475,073 $ 6,038,784 $ 9,748,532 $
169
City of Santa Clarita, California
Combining Statement of Cash Flows
Internal Service Funds
For the Year Ended June 30, 2021
Self Computer Vehicle
Insurance Replacement Replacement Totals
Operating Activities
Cash received from customers and users 3,495,914 $ 804,311 $ 420,050 $ 4,720,275 $ Cash paid to/received from suppliers for goods and services (943,778) (1,417,618) (15,402) (2,376,798) Cash paid to employees for services (1,323,729) (59,869) - (1,383,598) Net Cash Provided by Operating Activities 1,228,407 (673,176) 404,648 959,879 Non-Capital Financing Activities
Cash transfers out (38,076) - - (38,076) Cash transfers in 64,560 570 - 65,130 Net Cash Provided (Used in) Non-capital Financing Activities 26,484 570 - 27,054 Capital and Related Financing Activities
Acquisition and construction of capital assets - (35,694) (458,788) (494,482) Investing Activities
Interest received (14,046) (6,769) 10,471 (10,344) Net Increase (Decrease) in Cash and Cash Equivalents 1,240,845 (715,069) (43,669) 482,107 Cash and Cash Equivalents, Beginning of Fiscal Year 6,531,834 2,991,562 4,394,071.00 13,917,467 Cash and Cash Equivalents, End of Fiscal Year 7,772,679 $ 2,276,493 $ 4,350,402 $ 14,399,574 Reconciliation of operating income to net cash
provided by operating activities
Operating income (227,565) $ (523,320) $ 170,304 $ (580,581) $ Adjustments to reconcile operating income (loss)
to net cash provided by operating activities:
Depreciation - 61,672 303,848 365,520 Change in deferred amounts related to pensions 12,959 - - 12,959 Change in deferred amounts related to OPEB 80,702 - - 80,702 Change in net OPEB liability (87,736) - - (87,736) Change in net pension liability (15,321) - - (15,321) Increase in prepaid expense (12,057) - - (12,057) Decrease in accounts payable (34,079) (211,574) (69,504) (315,157) Increase in claims and judgments 1,509,489 46 - 1,509,535 Increase in compensated absences 2,015 - - 2,015 Total Adjustments 1,455,972 (149,856) 234,344 1,540,460 Net Cash Provided by Operating Activities 1,228,407 $ (673,176) $ 404,648 $ 959,879 $
170
City of Santa Clarita, California
Description of Custodial Funds
As of and for the Year June 30, 2021
Custodial Funds are used to account for assets held by the City as a fiduciary for individuals or other governments.
Assessment District No. 92-2 – To account for monies held to account for debt service requirements of Assessment District No. 92-2.
Assessment District No. 99-1 – To account for monies held to account for debt service requirements of Assessment District No. 99-1.
Community Facilities District No. 2002-1 – To account for monies held to account for debt service requirements for Community Facilities District No. 2002-1.
Community Facilities District No. 2016-1 – To account for monies held to account for debt service requirements for Community Facilities District No. 2016-1.
Santa Clarita Watershed and Recreation Conservancy Authority – To account for monies held for the operations of the Watershed Authority, for which the City performs administrative functions.
Santa Clarita Public Television Authority – To account for monies held for the operations of the Santa Clarita Public Television Authority, for with the City performs administrative functions
171
City of Santa Clarita, California
Combining Statement of Assets and Liabilities
Custodial Funds
As of June 30, 2021
Community
Assessment Assessment Facilities
District District District
No. 92-2 No. 99-1 No. 2002-1
Assets
Cash and investments 245,128 $ 122,555 $ 1,099,912 $ Receivables
Interest 518 260 4,970 Contributions 776 2,751
Prepaid costs - - - Restricted assets
Cash and investments with fiscal agents 52,880 59,719 1,650,228 Total assets 299,302 185,285 2,755,110 Liabilities
Accounts payable - - - Due to other governments - - - Due to external parties 155,000 315,000 12,835,000 Total liabilities 155,000 315,000 12,835,000 Net position (deficit) - Restricted for:
Individuals, organizations, and other governments 144,302 (129,715) (10,079,890) Total net position (deficit) 144,302 $ (129,715) $ (10,079,890) $
172
City of Santa Clarita, California
Combining Statement of Assets and Liabilities (Continued) Custodial Funds
As of June 30, 2021
Santa Clarita
Community Watershed and Santa Clarita
Facilites Recreation Public
District Conservancy Television
No. 2016-1 Authority Authority Totals
334,018 $ 16,689 $ 86 $ 1,818,388 $ 2,721 - - 8,469 78,078 81,605
- - 17,312 17,312 1,425,177 - - 3,188,004 1,839,994 16,689 17,398 5,113,778 254,117 - - 254,117 2,150 - - 2,150 19,147,784 - - 32,452,784 19,404,051 - - 32,709,051 (17,564,057) 16,689 17,398 (27,595,273) (17,564,057) $ 16,689 $ 17,398 $ (27,595,273) $
173
City of Santa Clarita, California
Combining Statement of Changes in Assets and Liabilities Custodial Funds
For the Year Ended June 30, 2021
Community
Assessment Assessment Facilities
District District District
No. 92-2 No. 99-1 No. 2002-1
Contributions:
Investment income, net 1,128 $ (88) $ 12,699 $ Contribution from property owners 120,846 122,963 2,573,982 Member support - - - Total contributions 121,974 122,875 2,586,681 Deductions:
Administrative expenses - - - Contractual services 7,007 5,436 2,272 Interest expense 21,004 44,927 661,170 Contributions on behalf of others for the purchase
of building and structures - - - Payments to other governments 3,227 3,146 1,264,668 Total deductions 31,238 53,509 1,928,110 Net Increase (Decrease) In Fiduciary Net Position 90,736 69,366 658,571 Net Position, Beginning of Year, As Restated 53,566 (199,081) (10,738,461) Net Position, End of Year 144,302 $ (129,715) $ (10,079,890) $
174
City of Santa Clarita, California
Combining Statement of Changes in Assets and Liabilities (Continued) Custodial Funds
For the Year Ended June 30, 2021
Santa Clarita
Community Watershed and Santa Clarita
Facilites Recreation Public
District Conservancy Television
No. 2016-1 Authority Authority Totals
4,240 $ (3) $ (192) $ 17,784 $ 1,876,958 - - 4,694,749 - 153,047 336,011 489,058 1,881,198 153,044 335,819 5,201,591 - - 68,742 68,742 6,425 148,673 249,768 419,581 696,412 - - 1,423,513 15,000,000 - - 15,000,000 1,211,030 - - 2,482,071 16,913,867 148,673 318,510 19,393,907 (15,032,669) 4,371 17,309 (14,192,316) (2,531,388) 12,318 89 (13,402,957) (17,564,057) $ 16,689 $ 17,398 $ (27,595,273) $
175
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Statistical Section
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City of Santa Clarita, California
Statistical Section
176
This part of the City of Santa Clarita’s annual com prehensive financial report presents detail informa tion as a context for understanding what the information in t he financial statements, note disclosures and requi red supplementary information say about the government’s overall financial health.
CONTENTS PAGE
Financial Trends
These tables contain trend information that may assist the reader in the City’s current financial performance by placing it in historical perspective. 177-186
Revenue Capacity
These tables contain information that may help in assessing the viability of the City’s most significant revenue sources, the property and sales tax. 187-202
Debt Capacity
These tables present information that may assist the reader in analyzing the affordability of the City’s current levels of outstanding debt and the City’s ability to issue additional debt in the future. 203-209
Demographic and Economic Information
These tables offer demographic and economic indicators to help the reader understand the environment within which the City’s financial activities take place. 210-211
Operating Information
These tables contain service and infrastructure indicators that can inform one’s understanding of how the information in the City’s financial statements relates to the services the City provides and the activities it performs. 212-214
City of Santa Clarita
Net Position by Component (1)
Last Ten Fiscal Years Ended June 30, 2021
(accrual basis of accounting)
FISCAL YEAR
20-21 19-20 18-19 17-18
Governmental Activities
Net investment in capital assets 1,032,579,113 $ 984,052,712 $ 920,036,752 $ 895,056,642 $ Restricted for:
Capital projects - - - - Specific projects and programs 147,556,902 146,874,629 119,375,331 113,286,625 Total restricted 147,556,902 146,874,629 119,375,331 113,286,625 Unrestricted 126,571,370 80,879,095 122,991,202 85,155,060 Total governmental activities
net position 1,306,707,385 $ 1,211,806,436 $ 1,162,403,285 $ 1,093,498,327 $ Business-Type Activities
Net investment in capital assets 88,023,510 $ 80,308,956 $ 83,906,440 $ 79,199,471 $ Unrestricted 6,895,650 (1,465,963) 269,116 (888,318) Total business-type activities
net position 94,919,160 $ 78,842,993 $ 84,175,556 $ 78,311,153 $ Primary Government
Net investment in capital assets 1,120,602,623 $ 1,064,361,668 $ 1,003,943,192 $ 974,256,113 $ Restricted 147,556,902 146,874,629 119,375,331 113,286,625 Unrestricted 133,467,020 79,413,132 123,260,318 84,266,742 Total primary government
net position 1,401,626,545 $ 1,290,649,429 $ 1,246,578,841 $ 1,171,809,480 $
Note:
Source: City of Santa Clarita, Administrative Services Department - Finance Division * GASB 54-implemention date June 30, 2011.
(1
) Accounting standards require that net position be re ported in three components in the financial statements: net investment in capital assets, restricted and unrestricted. Net position is considered restricted only when (a) an external party, such as the State of California or the federal government, places a restriction on how the revenues may be used, or (b) enabling legislation is enacted by the City.
177
FISCAL YEAR
16-17 15-16 14-15 13-14 12-13 11-12
867,144,998 $ 810,324,041 $ 818,817,043 $ 799,926,613 $ 738,271,282 $ 743,281,558 $ - - - - 14,292,447 3,275,312
87,272,723 70,773,322 73,541,304 71,643,713 54,229,493 46,915,965 87,272,723 70,773,322 73,541,304 71,643,713 68,521,940 50,191,277 105,514,664 115,356,272 79,211,600 52,551,033 65,706,424 79,141,211 1,059,932,385 $ 996,453,635 $ 971,569,947 $ 924,121,359 $ 872,499,646 $ 872,614,046 $ 79 ,589,102 $ 76 ,687,260 $ 78,495,871 $ 83,296,545 $ 76,561,407 $ 73,778,640 $ (1,202,362) 3,101,763 2,766,972 2,250,491 3,835,316 3,099,419 78,386,740 $ 79,789,023 $ 81,262,843 $ 85,547,036 $ 80,396,723 $ 76,878,059 $ 946,734,100 $ 887,011,301 $ 897,312,914 $ 883,223,158 $ 814,832,689 $ 817,060,198 $ 87,272,723 70,773,322 73,541,304 71,643,713 68,521,940 50,191,277 104,312,302 118,458,035 81,978,572 54,801,524 69,541,740 82,240,630 1,138,319,125 $ 1,076,242,658 $ 1,052,832,790 $ 1,009,668,395 $ 952,896,369 $ 949,492,105 $ 178
City of Santa Clarita
Changes in Net Position
Last Ten Fiscal Years Ended June 30, 2021
(accrual basis of accounting)
FISCAL YEAR
20-21 19-20 18-19 17-18
Expenses
Governmental Activities
General government 51,594,712 $ 54,710,526 $ 62,309,457 $ 53,928,438 $ Public safety 35,128,997 29,907,832 27,757,002 27,232,724 Public works 15,094,614 33,663,857 20,772,164 14,771,925 Recreation and community service 17,252,334 16,047,345 17,585,165 23,472,469 Community development 11,435,676 8,942,864 7,214,786 6,957,438 Neighborhood Services 13,865,065 12,862,529 12,622,824 1,082,836 Unallocated infrastructure depreciation 21,543,801 21,043,711 20,630,522 19,259,333 Interest on long-term debt 3,742,582 3,549,649 2,589,767 1,638,960 Total governmental activities expenses 169,657,781 180,728,313 171,481,687 148,344,123 Business-Type Activities
Transit 27,898,955 31,060,676 32,065,240 28,309,870 Total business-type activities expenses 27,898,955 31,060,676 32,065,240 28,309,870 Total primary government expenses 197,556,736 $ 211,788,989 $ 203,546,927 $ 176,653,993 $ Program Revenues
Governmental Activities
Charges for services:
General government 9,254,707 $ 8,215,989 $ 8,547,181 $ 10,007,154 $ Public safety 1,303,759 1,484,005 1,937,603 1,429,900 Public works 3,627,549 12,201,244 14,669,328 15,792,197 Recreation and community service 16,419,310 3,635,790 6,344,242 8,306,076 Community development 1,899,854 1,552,869 1,704,920 1,901,897 Neighborhood Services 31,252,912 30,575,191 29,338,661 27,090,508 Operating grants and contributions 44,524,768 22,066,816 13,574,920 9,259,079 Capital grants and contributions 42,849,916 41,462,296 59,565,349 31,807,581 Total governmental activities program revenues 151,132,775 121,194,200 135,682,204 105,594,392 Business-Type Activities
Charges for services:
Transit 5,799,364 6,785,178 7,662,186 6,987,488
Operating grants and contributions 29,444,844 13,405,112 15,292,991 10,226,946 Capital grants and contributions 9,036,527 5,701,142 10,434,282 3,102,269 Total business-type activities program revenues 44,280,735 25,891,432 33,389,459 20,316,703 Total primary government revenues 195,413,510 $ 147,085,632 $ 169,071,663 $ 125,911,095 $ Source: City of Santa Clarita, Administrative Services Department - Finance Division 179
FISCAL YEAR
16-17 15-16 14-15 13-14 12-13 11-12
44,390,099 $ 39,155,006 $ 46,224,813 $ 41,807,284 $ 35,921,943 $ 33,664,470 $ 25,231,712 23,778,931 22,235,368 22,187,434 19,940,098 27,391,075 23,563,825 38,223,035 36,103,144 26,183,862 28,651,261 30,623,718 16,224,154 15,594,958 22,619,337 22,550,301 21,809,820 19,282,538 7,057,301 10,505,906 5,720,237 6,193,101 7,214,293 5,896,640 1,815,637 - - - - - 18,833,113 18,342,933 18,072,657 17,561,539 15,163,864 16,844,238 1,378,888 2,194,181 1,827,094 1,872,832 1,992,574 3,391,058 138,494,729 147,794,950 152,802,650 138,356,353 130,693,853 137,093,737 29,858,499 28,127,407 28,062,668 26,819,161 25,653,753 24,930,635 29,858,499 28,127,407 28,062,668 26,819,161 25,653,753 24,930,635 168,353,228 $ 175,922,357 $ 180,865,318 $ 165,175,514 $ 156,347,606 $ 162,024,372 $ 6,740,507 $ 22,914,059 $ 26,783,616 $ 31,970,148 $ 24,323,027 $ 13,719,117 $ 1,231,974 1,162,551 1,605,059 1,847,403 2,284,334 2,079,109 11,549,806 16,407,616 13,056,586 12,463,046 9,943,014 7,209,724 6,191,011 8,142,336 4,525,662 4,390,686 4,371,888 4,156,386 1,906,079 1,843,296 1,774,482 1,961,243 1,611,184 5,152,484 25,044,704 - - - - - 5,977,971 7,687,397 12,561,608 19,421,199 9,061,950 16,032,433 55,220,052 23,629,474 30,107,231 22,530,841 33,585,797 28,616,388 113,862,104 81,786,729 90,414,244 94,584,566 85,181,194 76,965,641 7,231,136 7,546,433 6,779,579 7,587,497 6,863,086 6,616,778 8,459,236 9,153,499 8,228,348 8,984,127 8,579,209 7,385,264 9,138,643 3,504,305 1,423,440 10,804,747 8,513,238 5,041,992 24,829,015 20,204,237 16,431,367 27,376,371 23,955,533 19,044,034 138,691,119 $ 101,990,966 $ 106,845,611 $ 121,960,937 $ 109,136,727 $ 96,009,675 $ 180
City of Santa Clarita
Ch
anges in Net Position
Last Ten Fiscal Years Ended June 30, 2021
(accrual basis of accounting)
FISCAL YEAR
20-21 19-20 18-19 17-18
Net Revenues (expenses):
Governmental activities (18,525,006) (59,534,113) (35,799,482) (42,749,731) Business-type activities 16,381,780 (5,169,244) 1,324,219 (7,993,167) Total net revenues (expenses) (2,143,226) (64,703,357) (34,475,263) (50,742,898) General Revenue and Other Changes in Net Position
Go
vernmental activities
Taxes:
Sales taxes 43,197,889$ 36,621,145$ 38,546,183$ 37,252,523$ Property taxes 52,981,738 46,420,350 43,761,925 42,284,749 Franchise taxes 9,493,742 8,604,265 8,369,481 8,523,791 Real property transfer taxes 2,010,033 1,418,026 1,227,947 1,320,018 Transient occupancy taxes 2,275,383 2,726,113 3,352,776 3,489,281 Unrestricted revenue in lieu of motor vehicle taxes 173,463 207,931 147,752 162,103 Unrestricted revenue in lieu of sales taxes - - - - Grants and contributions not restricted - - - -
to specific programs - - - -
Unrestricted investment earnings 634,957 12,311,467 12,528,843 591,177 Miscellaneous revenue 2,311,282 472,227 1,206,740 2,661,916 Gain on sale of capital asset - 2,050 (1,600) 10,935 Tra
nsfers 347,468 153,690 (4,435,608) (5,924,278)
Reversal of Allowance for Notes to RDA Successor Agency - - - - Capital Contributions - - - -
Total governmental activities 113,425,955 108,937,264 104,704,439 90,372,215 Business-type activities
Unrestricted investment earnings 41,855 (9,629) 32,613 (1,242) Gain on sale of capital asset - - 71,963 20,238
Miscellaneous revenue - - - -
Transfers (347,468) (153,690) 4,435,608 5,924,278
Tot
al business-type activities (305,613) (163,319) 4,540,184 5,943,274 Total primary government 113,120,342$ 108,773,945$ 109,244,623$ 96,315,489$ Extraordinary Item
Ga
in from dissolution of former redevelopment
agency of the City of Santa Clarita - - - -
Change in Net Position
Go
vernmental activities 94,900,949$ 49,403,151$ 68,904,957$ 47,622,484$ Business-type activities 16,076,167 (5,332,563) 5,864,403 (2,049,893) Total primary government 110,977,116$ 44,070,588$ 74,769,360$ 45,572,591$ Source: City of Santa Clarita, Administrative Services Department - Finance Division 181
FISCAL YEAR
16 -17 15-16 14-15 13-14 12-13 11-12
(24,060,399) (66,008,221) (62,388,406) $ (43,771,787) $ (68,670,913) $ (60,128,096) $ (5,029,484) (7,923,170) (11,631,301) 557,210 2,403,788 (5,886,601) (29,089,883) (73,931,391) (74,019,707) $ (43,214,577) $ (66,267,125) $ (66,014,697) $ 36,147,727$ 3 7,807,385$ 34,355,412 $ 33,480,522 $ 32,057,358 $ 28,828,139 $ 39,924,749 40,072,597 38,556,890 35,652,080 32,341,369 34,818,426 8,208,347 8,392,789 8,512,818 7,796,070 7,141,953 6,920,244 1,275,363 1,383,473 1,169,780 947,470 706,180 590,474 3,639,264 3,813,437 3,124,904 2,781,527 2,556,774 2,380,547 144,665 129,053 85,703 86,531 91,062 -
- - - - - -
- - - - - -
- - - - - 87,883
1,052,254 4,142,959 2,240,594 2,090,322 (82,870) 1,509,201 737,513 1,080,771 678,937 781,986 310,676 5,372,890
11,711 459,709 27,410 18,174 - -
(3,602,443) (6,390,264) (7,329,516) (5,692,032) (5,187,224) (6,844,199) - 12,633,832 - - -
- - 15,780,230 - - -
87,539,150 90,891,909 109,836,994 77,942,650 69,935,278 73,663,605 (28,735) 59,086 17,592 4,791 29,660 147
53,223 - - - - -
- - - - - -
3,602,443 6,390,264 7,329,516 5,692,032 5,187,224 6,844,199 3,626,931 6,449,350 7,347,108 5,696,823 5,216,884 6,844,346 91,166,081$ 97,341,259$ 117,184,102 $ 83,639,473 $ 75,152,162 $ 80,507,951 $ - - -$ -$ -$ 40,413,284 $
63,478,751$ 2 4,883,688$ 47,448,588 $ 34,170,863 $ 1,264,365 $ 53,948,793 $ (1,402,553) (1,473,820) (4,284,193) 6,254,033 7,620,672 957,745 62,076,198$ 23,409,868$ 43,164,395 $ 40,424,896 $ 8,885,037 $ 54,906,538 $ 182
City of Santa Clarita
Fund Balances of Governmental Funds
Last Ten Fiscal Years Ended June 30, 2021
(modified accrual basis of accounting)
FISCAL YEAR
20-21 19-20 18-19 17-18 16-17
General Fund
Reserved -$ -$ -$ -$ -$
Unreserved - - - - -
Nonspendable 7,474,892 9,810,973 12,050,141 12,390,885 15,742,945 Restricted 9,644,574 23,063,669 - - -
Committed - - - - -
Assigned 110,906,093 97,293,470 120,981,128 88,674,761 79,367,084 Unassigned 59,968,580 60,273,125 58,930,970 47,116,235 53,905,237 Total General Fund 187,994,139 $ 190,441,237 $ 191,962,239 $ 148,181,881 $ 149,015,266 $ All Other Governmental Funds
Reserved -$ -$ -$ -$ -$
Unreserved:
Special revenue funds - - - - -
Debt service fund - - - - -
Capital projects fund - - - - -
Nonspendable 491,504 575,276 772,627 5,882 976,841 Restricted 123,614,422 112,631,199 108,394,699 113,286,625 86,664,536 Committed 832 9,277 13,460 15,008 14,000
Assigned 755,174 791,914 1,040,181 1,117,165 2,151,360 Unassigned (869,803) (3,127,904) (3,266,496) (6,786,531) (5,897,790) Total all other governmental funds 123,992,129 $ 110,879,762 $ 106,954,471 $ 107,638,149 $ 83,908,947 $ 0 0 0
Note:
(1) Beginning in FY 2011, the fund balance classificatio n changed in accordance with GASB 54
Source: City of Santa Clarita, Administrative Services Department - Finance Division General Fund
60 %
All Other Governmental
Fu
nds
40%
FUND BALANCES
Fiscal
Year Ended June 30, 2021
183
FISCAL YEAR
(1)
1 5-16 14-15 13-14 12-13 11-12
-$
-$ -$ -$ -$ - - - - - 11,108,252 11,024,338 11,519,143 11,910,059 18,902,350 - - - - - - - - - 66,257 79,367,084 55,336,807 51,718,096 47,106,536 309,078 50,669,580 50,141,486 45,654,640 35,320,706 50,664,338 141,144,916 $ 116,502,631 $ 108,891,879 $ 94,337,301 $ 69,942,023 $ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - 1,134,103 1,455,067 606,996 670,612 28,885,983 86,240,243 85,763,293 84,268,720 68,957,999 46,915,965 14,000 14,000 612,829 716,826 - 1,881,728 1,843,822 3,412,127 4,466,367 3,275,312 (6,975,198) (8,633,303) (9,300,647) (10,665,597) (56,718,519) 82,294,876 $ 80,442,879 $ 79,600,025 $ 64,146,207 $ 22,358,741 $
$22.36
64.14 79.60
80.44 82.29 83.91
107.64
106.95
110.88
123.99
0 20
40 60
80 100
120
140
11-12
12-13 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21
(in Millions)
Fiscal Year
FUND BALANCES
A
LL OTHER GOVERNMENTAL FUNDS
Last Ten Fiscal Years
184
City of Santa Clarita
C
hanges in Fund Balances of Governmental Funds
Last Ten Fiscal Years Ended June 30, 2021
(modified accrual basis of accounting)
FISCAL YEAR
20-21 19-20 18-19 17-18 16-17
Revenues:
Taxes 110,132,248 $ 95,997,830 $ 95,406,064 $ 93,032,465 $ 89,340,115 $ Special assessments 35,634,980 - - - - Licenses and permits 11,498,980 7,538,878 9,951,586 7,688,342 7,408,357 Developer fees 11,094,312 2,917,250 6,458,182 9,888,734 4,211,890 Investment income 664,575 11,777,753 12,045,344 595,650 1,030,146 Intergovernmental 43,058,715 33,746,890 36,086,192 36,491,705 23,922,361 Fines and forfeitures 1,702,622 1,736,201 1,851,190 1,372,687 1,117,620 Service charges 6,949,375 42,052,534 42,117,270 41,793,226 36,639,646 Other revenues 13,984,800 3,508,593 1,677,809 1,744,075 690,974 Total Revenues 234,720,607 199,275,929 205,593,637 192,606,884 164,361,109 Expenditures:
Current:
General government 46,060,921 50,929,600 59,638,451 50,728,642 41,138,676 Public safety 35,570,621 30,511,022 28,342,578 27,217,567 25,214,091 Public works 90,316,078 72,953,711 51,343,366 57,213,646 43,459,620 Recreation and community service 14,917,730 13,846,768 15,450,815 21,589,318 20,446,596 Community development 11,556,377 8,709,340 7,344,064 6,988,331 6,583,484 Neighborhood services 13,885,978 13,100,419 12,823,905 1,162,647 1,667,058 Administration and personnel services 67,889 - - - - Capital outlay 20,702,698 4,213,593 5,053,670 12,083,887 9,759,258 Debt service:
Principal 2,315,371 2,482,109 2,833,260 2,138,803 2,167,429 Interest, professional services and fiscal charges 3,363,625 2,901,257 2,520,153 1,647,842 1,237,357 Redemption of district credits 278,843 - - - - Total Expenditures 239,036,131 199,647,819 185,350,262 180,770,683 151,673,569 Excess of Revenues Over (Under) Expenditures (4,315,524) (371,890) 20,243,375 11,836,201 12,687,540 Other Financing Sources (Uses)
Revenue bonds issued/issuance premium 14,270,000 - 25,850,000 15,848,271 - Proceeds of long-term debt 225,409 - 1,463,083 (35,099) - Proceeds from capital lease 164,970 - - - - Transfers in 43,175,925 20,787,975 56,075,180 25,690,566 8,046,713 Transfers out (42,855,511) (18,011,796) (60,534,955) (30,444,125) (11,249,832) Issuance of district credits - - - - - Total Other Financing Sources (Uses) 14,980,793 2,776,179 22,853,308 11,059,613 (3,203,119) Extraordinary Item:
Dissolution of Santa Clarita Redevelopment Agency - - - - - Net change in fund balances 10,665,269 2,404,289 43,096,683 22,895,814 9,484,421 Fund balances - Beginning of Year 301,320,999 298,916,710 255,820,027 232,924,213 223,439,792 Fund balances - End of Year 311,986,268 $ 301,320,999 $ 298,916,710 $ 255,820,027 $ 232,924,213 $ Debt service as percentage of noncapital expenditures 4 .12% 3.54% 3.69% 3.10% 3.06% Note:
(1) Beginning in FY 2011, the fund balance classification cha nged in accordance with GASB 54
Source: City of Santa Clarita, Administrative Services Department - Finance Division 185
FISCAL YEAR
(1)
1 5-16 14-15 13-14 12-13 11-12
91 ,598,734 $ 85,789,556 $ 80,285,660 $ 73,972,006 $ 73,625,713 $ - - - - - 7,283,898 5,567,280 5,366,972 4,246,957 4,097,709 6,272,799 10,764,554 2,600,997 15,828,388 7,181,986 3,937,618 2,026,507 1,911,491 1,702,006 2,739,794 31,380,753 31,953,692 34,355,734 27,452,216 28,375,142 973,753 1,261,752 1,661,157 2,114,166 1,674,085 36,828,067 37,738,754 42,156,582 36,311,324 28,145,012 1,789,724 511,117 5,943,608 332,146 6,425,792 180,065,346 175,613,212 174,282,201 161,959,209 152,265,233 35,969,981 43,196,168 36,294,205 35,433,288 50,816,449 23,777,171 22,188,641 22,137,338 19,894,859 25,412,420 21,327,662 36,082,625 24,385,865 27,968,407 20,753,607 37,937,050 21,007,651 20,498,108 19,824,550 19,523,584 10,673,993 5,883,441 6,185,263 7,252,424 5,923,872 - - - - - - - - - - 10,562,953 23,224,180 36,580,589 23,837,533 27,403,439 2,852,140 1,992,479 1,837,174 1,750,538 2,338,787 4,539,815 1,850,703 1,885,546 2,039,144 3,743,134 - 5,105,402 - 14,368,419 - 147,640,765 160,531,290 149,804,088 152,369,162 155,915,292 32,424,581 15,081,922 24,478,113 9,590,047 (3,650,059) 32,997,352 - - - - (32,907,353) - - - - - - - - 252,068 11,940,563 7,850,640 9,757,447 9,069,495 16,538,674 (17,960,861) (14,478,956) (15,524,498) (14,256,719) (29,810,448) - - 11,297,334 12,270,335 - (5,930,299) (6,628,316) 5,530,283 7,083,111 (13,019,706) - - - - 8,317,116 26,494,282 8,453,606 30,008,396 16,673,158 (8,352,649) 196,945,510 188,491,904 158,483,508 141,810,350 100,653,413 223,439,792 $ 196,945,510 $ 188,491,904 $ 158,483,508 $ 92,300,764 $
5.72% 2 .80% 3.26% 2.95% 4.40%
186
Fiscal IMPROVE- PERSONAL IMPROVE- PERSONAL OTHER
Year LAND MENTS PROPERTY TOTAL LAND MENTS PROPERTY EXEMPTIONS TOTAL 2011-12 1,431,971 2,264,780 - 3,696,751 9,097,382,703 11,485,773,659 107,089,927 (372,583,638) 20,317,662,651 2012-13 1,431,971 2,264,780 - 3,696,751 8,882,930,332 11,516,988,299 111,202,431 (400,045,608) 20,111,075,454 2013-14 1,431,971 2,264,780 - 3,696,751 9,989,545,816 13,726,755,146 107,166,367 (412,668,046) 23,410,799,283 2014-15 1,431,971 2,264,780 - 3,696,751 10,820,572,961 14,749,259,449 103,844,310 (453,562,893) 25,220,113,827 2015-16 1,431,971 2,264,780 - 3,696,751 11,358,919,366 15,476,133,167 109,544,613 (471,097,603) 26,473,499,543 2016-17 1, 431,971 2,264,780 - 3,696,751 11,931,551,116 16,179,111,473 123,045,242 (348,794,590) 27,884,913,241 2017-18 2,368,193 2,208,225 - 4,576,418 12,988,746,949 17,460,522,327 136,887,194 (682,936,469) 29,903,220,001 2018-19 2, 368,193 2,208,225 - 4,576,418 13,850,827,148 18,431,289,844 163,768,504 (817,961,355) 31,627,924,141 2019-20 2,076,418 2,208,225 - 4,284,643 15,147,396,256 19,912,518,511 149,977,284 (890,135,683) 34,319,756,368 2020-21 2,076,418 2,208,225 - 4,284,643 15,925,933,378 21,099,965,791 161,592,520 (1,093,220,517) 36,094,271,172 Note:
(1) Assessed valuation is based on 100% of full value in accordance w ith Section 135 of the California Revenue and Taxation Code. (2) Direct Rate includes Redevelopment Agency areas.
Sou
rce: HdL Coren & Cone, County of Los Angeles, Auditor-Controller Office, Combined Tax Rolls 2020-21
SECURED (UTILITY) SECURED
City of Santa Clarita
Assessed Values
(1) and Actual Values of Taxable Property
La
st Ten Fiscal Years
STATE ASSESSED LOCALLY ASSESSED
LAND, 41.82%
IMPROVEMENTS,
56.16%
PERSONAL
PR
OPERTY, 2.01%
ASSESSED VALUATION by CATEGORIES
(Total Secured and Unsecured)
Fiscal Year Ended June 30, 2021
187
H
OME-
BEFORE TAXABLE % TOTAL OWNER
IMPROVE- PERSONAL OTHER OTHER ASSESSED INCR. DIRECT PROPERTY MENTS PROPERTY EXEMPTIONS TOTAL EXEMPTIONS VALUE (DECR.) RATE (2) TAX RELIEF 314,286,482 548,430,090 (15,137,342) 847,579,230 21,556,659,612 21,168,938,632 0.26% 0.07291% 220,496,294 349,415,601 534,947,944 (13,693,787) 870,669,758 21,399,181,358 20,985,441,963 -0.87% 0.07183% 216,163,460 329,350,845 541,533,568 (15,907,716) 854,976,697 24,698,048,493 24,269,472,731 15.65% 0.09170% 236,577,388 339,544,656 561,740,289 (13,152,888) 888,132,057 26,578,658,416 26,111,942,635 7.59% 0.09163% 232,799,644 299,024,341 569,926,540 (15,283,837) 853,667,044 27,817,244,778 27,330,863,338 4.67% 0.09169% 230,402,082 265,891,622 547,111,240 (15,791,822) 797,211,040 29,050,407,444 28,685,821,032 4.96% 0.09259% 226,031,427 280,824,664 549,107,476 (10,383,140) 819,549,000 31,420,665,028 30,727,345,419 7.12% 0.09111% 228,373,713 274,390,510 584,621,318 (10,543,790) 848,468,038 33,309,473,742 32,480,968,597 5.71% 0.09126% 225,813,184 275,047,748 584,844,131 (9,114,469) 850,777,410 36,074,068,573 35,174,818,421 8.29% 0.08989% 230,072,192 287,998,801 605,666,637 (8,808,819) 884,856,619 38,085,441,770 36,983,412,434 5.14% 0.09054% 223,881,831 TOTALS
UNSECURED
LOCALLY ASSESSED
$21,169
$20,985
$24,269
$26,112 $27,331
$28,686
$30,727
$32,481
$35,175
$36,983
-
5 ,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
11-12 12-13 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 (in Millions)
Fiscal Year
TOTAL ASSESSED VALUATION
(
Taxable Values)
Last Ten Fiscal Years
188
FISCAL IM PROVE- PERSONAL IMPROVE- PERSONAL OTHER
YE
AR LAND MENTS PROPERTY TOTAL LAND MENTS PROPERTY EXEMPTIONS TOTAL 2011-12 - - - - 322,803,745 214,686,716 1,933,165 (7,016,751) 532,406,875 2012-13 N/A N/A N/A N/A N/ A N/A N/A N/A N/A
2013-14 N/A N/A N/A N/A N/ A N/A N/A N/A N/A
2014-15 N/A N/A N/A N/A N/ A N/A N/A N/A N/A
2015-16 N/A N/A N/A N/A N/ A N/A N/A N/A N/A
2016-17 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2017-18 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2018-19 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2019-20 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2020-21 N/A N/A N/A N/A N/A N/A N/A N/A N/A
(1) The Redevelopment Agency of the City was established on Nove mber 28, 1989, pursuant to the State of California and Safety Code, Section 33000. However, the Agency was not active until fiscal year 1998-99 and the Base Year was calculated in fiscal year 1996-97, which included the Homeowners Tax Relief of that year. Redevelopment agencies were dissolved by the State of California effective February 1, 2012.
(2) Assessed valuation is based on 100% of full value in accordance w ith Section 135 of the California Revenue and Taxation Code.
Source: County of Los Angeles, Auditor-Controller/Tax Division City of Santa Clarita
Redevelopment Agency (1)
Assessed Values (2) and Actual Values of Taxable Property La
st Ten Fiscal Years
SECURED (UTILITY) SECURED
STATE ASSESSED LOCALLY ASSESSED
189
HOME-
TO
TALS TAXABLE OWNER
IMPROVE- PERSONAL OTHER BEFORE ASSESSED VALUE PROPERTY
MENTS PROPERTY EXEMPTIONS TOTAL BASE YEAR BASE YEAR VALUE GROWTH TAX RELIEF 34,353,633 46,665,422 (102,000) 80,917,055 613,323,930 (266,351,517) 346,972,413 (1,755,321) 1,865,922
N/A N/ A N/A N/A N/A N/ A N/A N/A N/A
N/A N/ A N/A N/A N/A N/ A N/A N/A N/A
N/A N/ A N/A N/A N/A N/ A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A
TOTALS
UNSECURED
LOCALLY ASSESSED
190
FISCAL YEAR
CATEGORY 20-21 19-20 18-19 17-18 16-17
Residential 29,068,019,284$ 27,571,753,581$ 25,140,365,171$ 23,734,569,687$ 21,784,467,001$ Commercial 3,866,268,970 3,681,744,410 3,557,018,366 3,399,444,104 3,248,599,972 Industrial 1,955,686,889 1,878,969,596 1,861,078,681 1,790,582,919 1,706,030,432 Irrigated 3,375,991 3,341,172 3,707,035 2,993,570 2,960,760 Dry farm - - - - -
Recreational 118,115,005 116,868,740 113,347,606 106,578,193 99,802,827 Institutional 259,899,765 233,475,135 230,449,000 193,500,837 213,333,035 Government 1,357,829 1,323,707 371,122 363,846 356,714 Miscellaneous 352,996 346,079 339,297 315,717 309,530 Vacant land 677,706,729 702,751,187 593,951,571 554,513,132 449,270,431 SBE Nonunitary 4,284,643 4,284,643 4,576,418 4,576,418 3,696,751 Possessory Int. 143,487,714 129,182,761 127,296,292 120,357,965 117,718,179 Unsecured 884,856,619 850,777,410 848,468,038 819,549,000 797,363,610 Unknown - - - 31 20
TOTALS: 36,983,412,434 $ 35,174,818,421 $ 32,480,968,597 $ 30,727,345,419 $ 28,423,909,262 $ City of Santa Clarita
Assessed Values—Taxable Property
Last Ten Fiscal Years
-
5 ,000
10,000
15,000
20,000
25,000
30,000
11-12 12-13 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 (in Millions)
Fiscal Year
ASSESSED VALUE - TAXABLE PROPERTY
La
st Ten Fiscal Years
Residential
Commercial
Industrial
Vacant land
All others
191
15-16 14-15 13-14 12-13 11-12
20,809,579,112$ 19,755,522,402 $ 18,138,258,224 $ 14,971,655,728 $ 15,212,586,674 $ 3,059,958,633 2,952,772,231 2,847,760,176 2,794,405,083 2,748,247,727 1,799,119,742 1,642,718,866 1,561,091,316 1,413,623,056 1,455,126,754 2,936,120 2,834,466 2,827,311 2,796,388 3,016,072 - - - - - 104,324,505 101,870,300 100,138,918 104,981,278 106,506,146 162,056,819 142,862,940 136,824,169 132,119,758 125,982,002 220,358 216,042 215,066 210,850 206,717 348,240 341,421 1,017,342 864,299 847,359 419,750,992 507,997,067 509,125,263 565,117,297 533,608,937 3,696,751 3,696,751 3,696,751 3,696,751 3,696,751 115,205,002 112,978,072 113,541,478 125,301,717 131,534,263 853,667,044 888,132,057 854,976,697 870,669,758 847,579,230 20 20 20 - - 27,330,863,338 $ 26,111,942,635 $ 24,269,472,731 $ 20,985,441,963 $ 21,168,938,632 $ Notes: 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 limitation just mentioned.
FISCAL YEAR
192
NET
ASSESSED TAXABLE
CATEGORY PARCELS VALUE PERCENT EXEMPTIONS VALUE PERCENT Residential 62,102 29,158,139,375 $ 76.4% 90,120,091 $ 29,068,019,284 $ 78.60% Commercial 926 3,930,157,229 10.3% 63,888,259 $ 3,866,268,970 10.45% Industrial 746 2,185,015,808 5.7% 229,328,919 $ 1,955,686,889 5.29% Irrigated 6 3,375,991 0.0% -$ 3,375,991 0.01%
Recreational 35 121,268,242 0.3% 3,153,237 $ 118,115,005 0.32% Institutional 101 963,196,007 2.5% 703,296,242 $ 259,899,765 0.70% Government 7 1,357,829 0.0% -$ 1,357,829 0.00%
Miscellaneous 8 352,996 0.0% -$ 352,996 0.00%
Vacant land 3,692 680,882,440 1.8% 3,175,711 $ 677,706,729 1.83% SBE Nonunitary (14) 4,284,643 0.0% -$ 4,284,643 0.01% Possessory Int. (2,094) 143,745,772 0.4% 258,058 $ 143,487,714 0.39% Unsecured (4,509) 893,665,438 2.3% 8,808,819 $ 884,856,619 2.39% Exempt 1,234 60,873,039 0.2% 60,873,039 $ - 0.00%
TOTALS: 62,240 38,146,314,809 $ 100.00% 1,162,902,375 $ 36,983,412,434 $ 100.00% Source: HdL Coren & Cone, Los Angeles County Assessor 2020-21 Combined Tax Rolls.
City of Santa Clarita
Assessed Values—Use Category Summary
Fiscal Year 2020-21
Residential,
78 .60%
Commercial,
10 .45%
Industrial,
5. 29%
All Others,
5. 66%
NET TAXABLE VALUE by USE CATEGORY
Fiscal Year 2020-21
Residential,
76 .44%
Commercial,
10 .30%
Industrial,
5. 73%
All Others,
7. 53%
ASSESSED VALUE by USE CATEGORY
Fiscal Year 2020-21
193
LOS SCV COUNTY COUNTY
Fiscal ANGELES WATER SCHOOL SANITATION FLOOD
Year GENERAL COUNTY AGENCY DISTRICTS DISTRICTS CONTROL TOTAL 2011-12 1.000000 - 0.070600 0.091457 - - 1.162057 2012-13 1.000000 - 0.070600 0.112835 - - 1.183435 2013-14 1.000000 - 0.070600 0.120330 - - 1.190930 2014-15 1.000000 - 0.070600 0.118570 - - 1.189170 2015-16 1.000000 - 0.070600 0.116070 - - 1.186670 2016-17 1.000000 - 0.070600 0.119436 - - 1.190036 2017-18 1.000000 - 0.070600 0.135348 - - 1.205948 2018-19 1.000000 - 0.070600 0.496140 - - 1.566740 2019-20 1.000000 - 0.070600 0.357180 - - 1.427780 2020-21 1.000000 - 0.070600 0.404980 - - 1.475580 Source: HdL Coren & Cone, Los Angeles County Assessor 2020-21 Tax Rate Table City of Santa Clarita
Direct and Overlapping Property Tax Rates
(r
ate per $100 of assessed value)
Last Ten Fiscal Years
GENERAL
L
A COUNTY
SCV
WATER
AGENCY
SCHOOL
DISTRICTS
SANITATION
DISTRICTS
COUNTY FLOOD
CONTROL
0.000000
0. 200000
0.400000
0.600000
0.800000
1.000000
1.200000
DIRECT and OVERLAPPING PROPERTY TAX RATES
Fi
scal Year 2020-21
194
RDA Incremental Rate Total Direct Rate
Ci
ty Share Prop. 13
of 1% plus applicable
Roll Year per Prop. 13 Debt Rates voter-approved debt
2020-21 0.086630 0.000000 0.086630 0.00000% 9.05400%
Agency 2020-21
City of Santa Clarita Tax District 1 (249.01) 0.05920 Notes: General fund tax rates are SC
V Water Agency (302.01) 0.06550 representative and based upon the direct Children's Institutional Tuition Fund (400.21) 0.00327 and overlapping rates for the largest Consolidated Fire Protection District of LA Co. (007.30) 0.18090 General Fund tax rates area (TRA) by net County School Service Fund Saugus Union (581.06) 0.00905 taxable value. Total Direct Rate is the County School Service Hart William S. Hart (757.06) 0.00039 weighted average of all individual direct County School Services (400.15) 0.00165 rates applied by the government preparing Development Center Handicapped Saugus Union (581.07) 0.00104 the statistical section information.
Educational Augmentation Fund Impound (400.01) 0.13200 The percentages presented in the columns Educational Revenue Augmentation Fund (ERAF) (400.00) 0. 05430 above do not sum across rows. In 1978 Greater LA Co. Vector Control (061.80) 0.00031 California voters passed Proposition 13, Santa Clarita Library (249.56) 0.02740 which set the property tax at a 1.00% fixed LA County Fire - Ffw (007.31) 0.00550 amount. This 1.00% is shared by all the LA County Flood Control Improvement District (030.10) 0.00217 taxing agencies for which the subject LA County Flood Control Maintenance (030.70) 0.01210 property resides within. In addition to the LA County General (001.05) 0.18580 1.00% fixed amount, property owners are LA County Accum Cap Outlay (001.20) 0.00013 charged taxes as a percentage of assessed Saugus Union School District (581.01) 0.06280 property values for the payment of any Santa Clarita Community College (814.04) 0.04320 voter-approved bonds.
Santa Clarita Valley Sanitation Dist. LA Co. 0.00989
William S. Hart Elementary School Fund (757.07) 0.04940 William S. Hart Union High (757.02) 0.09400
Total Prop. 13 Rate: 1.00000
SCV Water Agency (302.01) 0. 065500
Newhall Elementary School District Debt Services 1999 Ser. A (581.52) 0.010562 Newhall Elementary School District Debt Services 1999 Ser. B (581.53) 0.026312 William S. Hart Unified Debt Services 2001 Ser. B (757.52) 0.014137 William S. Hart Un.Hsd Debt Services 2008 Ser. B (757.54) 0.004521 William S. Hart Un.Hsd Debt Services 2012 Refunding Bonds (757.55) 0.011015 William S. Hart Un.Hsd Debt Services 2008 Ser. C (757.56) 0.015624 William S. Hart Un.Hsd Debt Services 2013 Ref. Bds. (757.57) 0.009345 Santa Clarita Community College Debt Services 2001 Ser. 2003 (814.52) 0.003296 Santa Clarita Community College Debt Services 2006 Ser. 2012 (814.56) 0.000321 Santa Clarita Community College Debt Services 2013 Refunding Bonds(814.57)0.004871 S
anta Clarita Community College Debt Services 2006 Ser. 2014 (814.58) 0.002450 Santa Clarita Community College Debt Services 2016 Refunding Bonds (814.59)0.010192 S
anta Clarita Community College Debt Services 2006 Ser. 2016 (814.60) 0.001555 Santa Clarita Community College Debt Services 2016 Ser. 2017 (814.61) 0.003734 Santa Clarita Community College Debt Services 2016 Ser. 2019 (814.62) 0.010774 Santa Clarita Community College Debt Services 2019 Refunding Bonds (814.63)0.003353 Total Tax Rate 0.197562
Source: HdL Coren & Cone, Los Angeles County Assessor 2020/21 Tax Rate Table Ci
ty General Fund Direct Rates
Total City
Rates
City of Santa Clarita
Direct and Overlapping Property Tax Rates
(rate per $100 of assessed value)
One Year Detail of Rates Producing Revenue for City and Associated Redevelopment Agencies 195
City of Santa Clarita
P
rincipal Property Taxpayers
PERCENT of PERCENT of
Number TOTAL TOTAL CITY Number TOTAL TOTAL CITY
of ASSESSED ASSESSED of ASSESSED ASSESSED
OWNER/TAXPAYER Parcels VALUE VALUE OWNER/TAXPAYER Parcels VALUE VALUE Valencia Town Center Venture LP 17 406,490,238 $ 1.12 % Valencia Town Center Venture 18 343,427,920 $ 1.63 % Park Sierra Properties 15 148,438,396 0.41 VTC Business Center 10 153,382,773 0.73 PFI Valencia LLC 9 140,716,173 0.39 EQR Valencia LLC 218 95,241,618 0.45 WESCO IV LLC 2 126,965,014 0.35 Casden Santa Clarita LLC 25 61,750,408 0.29 Saugus Colony Limited 19 125,702,773 0.35 Walmart Real Estate Business Trust 9 77,463,294 0.37 IVT River Oaks Valencia LLC 7 119,645,996 0.33 RREEF America REIT II Corp 2 70,987,026 0.34 EQR Valencia LLC 218 111,495,487 0.31 Prado Town Center West LLC n/a 0.00 EQR The Oaks LLC 28 109,272,577 0.30 Time Warner NY Cable LLC 14 69,398,405 0.33 Valencia Biomedical Park LLC 15 107,326,854 0.30 DSEA River Oaks LLC 7 55,302,873 0.26 ARC SLSTCCA001 LLC 4 105,498,161 0.29 ERP Operating LP 3 54,801,133 0.26 Mann Biomedical Park LLC n/a 0.00 Mann Biomedical Park LLC 2 53,998,843 0.26 Total 334 1,501,551,669 4.15 % 308 1,035,754,293 4.91 % All Others 34,645,351,954 95.85 20,068,697,192 95.09 Total Assessed Valuation 36,146,903,623 $ 100.00 % 21,104,451,485 $ 100.00 % NOTE: The amounts shown above include assessed value data for both the City and the Redevelopment Agency.
Source: HdL Coren & Cone, LA County Assessor 2020/21 Combined Tax Rolls Current Fiscal Year and Nine Fiscal Years Ago
FISCAL YEAR 2020-21 FISCAL YEAR 2011-12
196
COLLECTIONS TOTAL PERCENT
FISCAL TAXES PERCENT IN SUBSEQUENT COLLECTIONS COLLECTIONS
YEAR LEVIED COLLECTIONS COLLECTIONS YEARS TO DATE TO DATE 2011-12 14,299,999 13,999,770 97.9% 49,862 14,049,633 98.25% 2012-13 18,634,850 18,297,746 98.2% - 18,297,746 98.19% 2013-14 21,446,963 21,128,332 98.5% - 21,128,332 98.51% 2014-15 23,131,317 22,795,838 98.5% - 22,795,838 98.55% 2015-16 24,304,887 23,957,604 98.6% - 23,957,604 98.57% 2016-17 25,483,385 25,178,564 98.8% - 25,178,564 98.80% 2017-18 27,299,254 26,957,834 98.7% - 26,957,834 98.75% 2018-19 28,692,974 28,469,759 99.2% - 28,469,759 99.22% 2019-20 30,653,870 30,235,002 98.6% - 30,235,002 98.63% 2020-21 32,544,160 32,250,334 99.1% - 32,250,334 99.10% NOTES:
Article XIII-A of the Constitution of the State of California, adopted by the electorate in June 1978, precludes the City from a local property tax levy. All general-purpose property taxes are levied by the County and allocated to other governmental entities on a predetermined formula.
The above figures include secured property taxes only.
Prior to the implementation of GASB 44 in FY 2006, collections in subsequent years were not required to be reported by tax year. Beginning in FY 2007, collections in subsequent years are included.
Source: County of Los Angeles, Department of Auditor-Controller City of Santa Clarita
Property Tax Levies, Tax Collections and Delinquencies
Last Ten Fiscal Years
-
5 ,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 FI
SCALYEAR
TAX COLLECTIONS & DELINQUENCY - LAST TEN FISCAL YEARS
LEVIES COLLECTIONS DELINQUENT AMOUNT
197
Successor Agency
T
op Property Owners Based on Net Values
Fiscal Year 2020-21
Owner P arcels Value % of
Net AV Parcels Values % of
Net AV Value % of
Net AV
1 S PECTRUM PACIFIC WEST LLC - -$ 0.00% 3 47,072,718 $ 57.88% 47,072,718 $ 6.10% 2 NEWHALL BLISS LLC 10 22,197,144 3.22% - - 0.00% 22,197,144 2.88% 3 OLD TOWN MAIN LLC 1 20,150,964 2.92% - - 0.00% 20,150,964 2.61% (Pending Appeals On Parcels) - -
4 SAUGUS STATION LLC 20 19,849,921 2.88% 1 119,900 0.15% 19,969,821 2.59% 5 JDH 3 12,015,190 1.74% 12,015,190 1.56% 6 PETER ANDREW COELER 3 11,211,250 1.62% 1 6,548 0.01% 11,217,798 1.45% 7 LYONS PROPERTIES LIMITED 1 11,123,092 1.61% - - 0.00% 11,123,092 1.44% (Pending Appeals On Parcels)
8 TELFAIR CORPORATION 2 9,570,847 1.39% - - 0.00% 9,570,847 1.24% 9 25805 SAN FERNANDO ROAD LLC 1 8,881,741 1.29% - - 0.00% 8,881,741 1.15% 10 RFT SPROUTS LLC ET AL 3 8,501,372 1.23% - - 0.00% 8,501,372 1.10% 44 123,501,521 $ 17.89% 5 47,199,166 $ 58.04% 170,700,687 $ 22.12% 690,233,000 81,327,935 771,560,935
443,864,933 $ 27.82% 63,396,283 $ 74.45% 507,261,216 $ 33.65% Source: HdL Coren & Cone
CombinedUnsecured
City of Santa Clarita
Secured
Incremental Net AV Total
Agency Total
Top Ten Total
198
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199
Successor Agency
Project Area Assessment Appeals Summary and Tax Collection History Fiscal Years 2011-12 Through 2020-21
Total No. of
Ap
peals
No. of
Resolved
Appeals
No. of
Successful
Appeals
Average
Reduction
No. & Value of
Appeals
Pending
Estimated No.
of Appeals
Al
lowed
Estimated
Reduction on
Pending Appeals
Allowed
1 23 106 95 52.3% 26 / $178,959,752 72 42,869,279 $
Year Tax Levy
Current Year
Collection
Prior Year
Collection Total
Current Year
Collection
Percentage
Total Collection
Percentage
2011-12 (1) 3,762,457 2,934,904 218,094 3,152,998 78% 84% 2012-13 (2) 3,485,808 2,786,791 275,290 3,062,081 80% 88% 2013-14 (2) 3,526,463 2,828,495 815,124 3,643,619 80% 103% 2014-15 (2) 3,836,835 3,185,967 158,652 3,344,619 83% 87% 2015-16 (2) 3,579,829 3,430,748 518,292 3,704,259 96% 103% 2016-17 (2) 4,063,020 3,819,731 797,178 3,983,145 94% 98% 2017-18 (2) 4,188,893 3,944,498 860,267 4,046,235 94% 97% 2018-19 (2) 4,405,493 4,363,813 2,142,067 5,328,034 99% 121% 2019-20 (2) 4,715,737 4,618,068 1,503,717 4,689,684 98% 99% 2020-21 (2) 5,123,622 5,012,407 (66,406) 4,946,001 98% 97% Source: Los Angeles County Auditor/Controller, Disbursement/Tax Division “CRA Remittance Advice” from Fiscal Years 1997-98 through 2010-11, and for Fiscal Year 2011-12, November 2011 through January 2012.
reports from Los Angeles County Auditor-Controller.
(2) Sources: Ledgers and special reports from Los Angeles County Auditor-Controller commencing F
ebruary 2012 pursuant to AB X 1 26.
(1) Sources: Ledgers and 2011-12 Revenue & Collection f rom Year-End Adjsuted Gross TI Collection by CRA For Fiscal Years 2010-11 Through 2019-20
City of Santa Clarita
Pr
oject Area Assessment Appeals Summary—FY 2020-21
Tax Collection History
200
Charge Detail Report for CFD 2002-1 (Valencia Town Center) Fiscal Year 2020-21
ASSESSOR’S
PARCEL NUMBER PROPERTY OWNER
LAND
ASSESSED
VALUES ($)
STRUCTURE
ASSESSED
VALUES ($)
TOTAL
ASSESSED
VALUES ($)
TAXABLE
ACREAGE
2861-058-071 Valencia Town Center Venture LP 1,338,282 $ 203,924 $ 1,542,206 $ 0.84 2861-058-072 Valencia Town Center Venture LP 3,709,509 19,284,980 22,994,489 4.81 2861-058-073 Valencia Town Center Venture LP 29,314,994 3,612,425 32,927,419 15.68 2861-058-076 Valencia Town Center Venture LP 933,847 92,745 1,026,592 1.18 2861-058-077 Valencia Town Center Venture LP 5,042,380 431,298 5,473,678 6.70 2861-058-081 Valencia Town Center Venture LP 17,052,251 183,054,502 200,106,753 14.34 2861-058-084 Valencia Town Center Venture LP 3,517,784 10,196,493 13,714,277 2.05 2861-058-085 Valencia Town Center Venture LP 458,835 229,415 688,250 0.33 Totals: 61,367,882 $ 2 17,105,782 $ 278,473,664 $ 45.94 City of Santa Clarita
201
CLASS
MAX TAX RATE
($) MAX TAX
APPLIED
RATE ($) CHARGE ($)
1 38 ,567 $ 32,554.35 $ 28,604 $ 24,144 $
1 38,567 185,506.95 28,604 137,583
1 38,567 604,806.65 28,604 448,562
1 38,567 45,663.25 28,604 33,867
1 38,567 258,398.45 28,604 191,644
1&2
38,566.93 &
259,780.85 55 3,121.59 28,607 410,229
1 38,567 79,062.21 28,604 58,637
1 38,567 12,649.95 28,604 9,382
1,314,050 $
202
City of Santa Clarita
Ratio of Outstanding Debt by Type
Last Ten Fiscal Years
FISCAL PRIVATE CAPITAL GOVERNMENTAL
YEAR LOANS BONDS (2) PLACEMENT LEASE (5) LEASES ACTIVITIES TOTAL 2011-12 11,610,000 15,490,000 1,040,000 12,525,000 - 242,417 40,907,417 - - 2012-13 10,480,549 15,379,349 810,000 12,316,280 - 201,880 39,188,058 - - 2013-14 9,323,138 15,291,374 580,000 12,002,622 - 154,705 37,351,839 - - 2014-15 8,128,138 15,175,988 300,000 11,673,964 - 217,615 35,495,705 - - 2015-16 - - 200,000 26,012,352 6,328,411 138,877 32,679,640 - - 2016-17 - - 100,000 25,262,456 4,984,543 60,444 30,407,443 - - 2017-18 - - - 40,380,831 3,595,740 32,200 44,008,771 34,794,208 - 2018-19 - - - 65,333,412 2,177,480 2,538 67,513,430 33,960,547 - 2019-20 - - - 65,085,696 730,371 497,583 66,313,650 33,106,887 - 2020-21 - - - 77,875,819 - 542,094 78,417,913 32,223,226 - NOTES:
(1) In 1991 the Santa Clarita Public Financing Authority issued $22,940,000 aggregate principal amount of the design, acquisition, improvement or construction of land, the City Hall Building and certain road improvements, and to refinance certain debt. The Agency leased back the facilities to the City for lease payments to be made by the City to the Authority equal to the principal and interest due on the revenue bonds. At this point in time, the Agency is not active. -The 1991 Series certificates were later refunded in fiscal year 1997-98 by the Certificates of Participation Series 1997 of $19,670,000. As a result, the 1991 Series certificates are considered to be defeased and the liability for those certificates was removed from the general long-term debt. -On July 1, 2005, the Santa Clarita Public Financing Authority issued $17,700,000 in Certificates of Participation to advance refund $17,640,000 of outstanding 1997 Series certificates. As a result, the 1997 Series were considered defeased and the liability for those certificates was removed from the long-term liability. -On July 15, 2015, the Santa Clarita Public Financing Authority entered into a Private Placement Lease agreement for $6,985,000 to refinance the outstanding 2005 Series certificates. As a result, the 2005 Series were considered defeased and the liability for those certificates was removed from the long-term liability.
-In November 2001, the Santa Clarita Public Financing Authority issued $3,200,000 in Certificates of (2) On January 16, 2007, the Santa Clarita Public Financing Authority issued $13,785,000 Lease Revenue Bonds (Golden Valley Road), Series 2007 for the acquisition of right-of-way. - On June 22, 2016, the Santa Clarita Public Financing Authority issued $10,320,000 in Series 2016A Lease Revenue Bonds (Golden Valley Road) to advance refund $11,260,000 of oustanding 2007 Series bonds. As a result, the 2007 Series were considered defeased and the liability for those bonds was removed from the general long-term debt. - On June 22, 2016, the Santa Clarita Public Financing Authority issued $14,020,000 in Series 2016B Lease Revenue Refunding Bonds (OSPD) to advance refund $15,070,000 of outstanding 2007 Series certificates. - On June 1, 2018, the Santa Clarita Public Financing Authority issued $15,300,000 in Lease Revenue Bonds for the acquisition and retrofit of streetlights located within the City from Southern California Edison. - On June 27, 2019, the Santa Clarita Public Financing Authority issued $25,850,000 in Lease Revenue bond proceeds for the construction of a new Sheriff Station facility.
- On October 22, 2020, the Santa Clarita Public Financing Authority issued $10,645,000 in Series 2020A Lease Revenue Bonds and $3,625,000 in Series 2020A-T Federally Taxable Lease Revenue Bonds to provide funds in the acquisition of a recreational facility. - Deferred amount for issuance premium, net of discount is included above. (3) On December 1, 2007, the Santa Clarita Public Financing Authority issued $15,525,000 in Certificates of Participation for the acquisition of open space and parkland.
-On June 22, 2016, the Santa Clarita Public Financing Authority issued $14,020,000 in Series 2016B Lease Revenue Refunding Bonds (OSPD) to advance refund $15,070,000 of outstanding 2007 Series certificates. As a result, the 2007 Series were considered defeased and the liability for those bonds was removed from the general long-term debt. (4) On June 1, 2008, the Santa Clarita Redevelopment Agency issued $29,860,000 in Non-Housing Tax Allocation Redevelopment Project area. Upon the dissolution of redevelopment agencies in the State of California effective February 1, 2012, the bonds were transferred to the RDA Successor Agency. -Deferred amount for issuance premium, net of discount is included above. (5) On July 15, 2015, the Santa Clarita Public Financing Authority entered into a Private Placement Lease agreement for $6,985,000 to refinance the outstanding 2005 Series certificates.
Sources: City of Santa Clarita, Administrative Services Department - Finance Division proceeds, the Authority acquired $22,940,000 Certificates of Participation issued by the Santa Clarita Redevelopment Agency, of which the proceeds were transferred to the City to finance and/or refinance Participation for the acquisition of parkland. In 2006 the COP Series 2001 were considered defeased and the liability for those certificates was removed from the general long- term debt.
CERTIFICATES
OF PARTICIPATION (1) (3)
TAX ALLOCATION
BONDS (4)
Local Agency (Redevelopment) Revenue Bonds Series 1991. Simultaneously with the receipt of the Bond Bonds and $8,850,000 in Low/Mod Housing Tax Allocations Bonds to fund certain redevelopment projects within the Newhall
GOVERNMENTAL ACTIVITIES SUCCESSOR AGENCY
203
PERCENTAGE
OF OUTSTANDING
TOTAL TAXABLE DEBT DEBT TO
GRAND LEASE PRIMARY ASSESSED PER PERSONAL
TOTAL PAYABLE TOTAL GOVERNMENT VALUE CAPITA INCOME
40,907,417 - - 40,907,417 0.19% 231 N/A 39,188,058 - - 39,188,058 0.19% 191 N/A 37,351,839 - - 37,351,839 0.15% 179 N/A 35,495,705 - - 35,495,705 0.14% 166 N/A 32,679,640 - - 32,679,640 0.12% 149 N/A 30,407,443 - - 30,407,443 0.11% 141 N/A 78,802,979 - - 44,008,771 0.14% 203 N/A 101,473,977 - - 67,513,430 0.21% 310 N/A 99,420,537 - - 66,313,650 0.19% 299 N/A 110,641,139 - - 78,417,913 0.21% 354 N/A
BUSINESS-TYPE ACTIVITIES
$231
$
191
$179
$166
$149 $141
0 50
100
150
200
250
11-12 12-13 13-14 14-15 15-16 16-17
Fiscal Year
-
50 100
150
200
250
300
350
400
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 Fiscal Year
OUTSTANDING DEBT PER CAPITA
L
ast Ten Fiscal Years
204
City of Santa Clarita
Ratio of General Bonded Debt Outstanding
Last Ten Fiscal Years
PERCENTAGE
OF
TAXABLE DEBT
FISCAL REVENUE CERTIFICATES OF ASSESSED PER
YEAR POPULATION (1) BONDS PARTICIPATION TOTAL VALUE CAPITA 2011-12 177,445 12,525,000 27,100,000 39,625,000 0.19% 223 2012-13 204,951 12,316,280 25,859,898 38,176,178 0.18% 186 2013-14 209,130 12,002,622 24,614,512 36,617,134 0.15% 175 2014-15 213,231 11,673,964 23,304,126 34,978,090 0.13% 164 2015-16 219,611 26,012,352 - 26,012,352 0.10% 118 2016-17 216,350 25,262,456 - 25,262,456 0.09% 117 2017-18 216,589 40,380,831 - 40,380,831 0.13% 186 2018-19 218,103 65,333,412 - 65,333,412 0.20% 300 2019-20 221,932 65,085,696 - 65,085,696 0.19% 293 2020-21 221,572 77,875,819 - 77,875,819 0.21% 351 Source: (1) State of California, Finance Department
OU
TSTANDING GENERAL BONDED DEBT
$223
$
186 $175
$164
$118
$117
0 50
100
150
200
250
300
350
11-12 12-13 13-14 14-15 15-16 16-17
Fiscal Year
GENERAL BONDED DEBT OUTSTANDING
PER
CAPITA
Last Ten Fiscal Years
-
50 100
150
200
250
300
350
400
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 Fiscal Year
GENERAL BONDED DEBT OUTSTANDING
PER
CAPITA
Last Ten Fiscal Years
205
City of Santa Clarita
Direct and Overlapping Tax and Assessment Debt
2020-21 Assessed Valuation: $37,222,674,431
(Net of Redevelopment Agency Incremental Value of $507,261,216) 2020-21 Population: 221,572
Percent City’s Share
Total Debt Applicable of Debt
06/30/2021 To City 06/30/2021
DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT:
Santa Clarita Community College District 329,210,313 $ 76.55% 252,020,371 $ William S. Hart Union High School District 337,283,655 76.54% 258,167,028 $ William S. Hart Union High School District Community Facilities District No. 90-1 160,000 100% 160,000 $ William S. Hart Union High School District Community Facilities District No. 2005-1 13,990,000 100% 13,990,000 $ William S. Hart Union High School District Community Facilities District No. 2015-1 24,830,000 100% 24,830,000 $ Los Angeles Community College and Unified School Districts 15,273,805,000 0.000% 1,527 $ Castaic Union School District 18,765,000 27.92% 5,238,250 $ Newhall School District 4,850,000 61.47% 2,981,489 $ Newhall School District School Facilities Improvement District No. 2011-1 57,265,000 62.28% 35,662,351 $ Saugus Union School District 8,431,729 93.92% 7,919,249 $ Saugus Union School District School Facilities Improvement District No. 2014-1 132,505,000 94.13% 124,720,331 $ Saugus Union School District Community Facilities District No. 2005-1 14,385,000 100% 14,385,000 $ Saugus Union School District Community Facilities District No. 2006-1, Improvement Area No. 1 26,205,000 100% 26,205,000 $ Saugus Union School District Community Facilities District No. 2006-1, Improvement Area No. 2 20,060,000 100% 20,060,000 $ Saugus Union School District Community Facilities District No. 2006-1, Improvement Area No. 3 19,540,000 100% 19,540,000 $ Saugus Union School District Community Facilities District No. 2006-2, Improvement Area No. 1 11,500,000 100% 11,500,000 $ Saugus Union School District Community Facilities District No. 2006-2, Improvement Area No. 2 6,605,000 100% 6,605,000 $ Saugus Union School District Community Facilities District No. 2006-2, Improvement Area No. 3 14,075,000 100% 14,075,000 $ Saugus Union School District Community Facilities District No. 2019-1 9,275,000 100% 9,275,000 $ Saugus-Hart School District Community Facilities District No. 2000-1 7,695,000 100% 7,695,000 $ Saugus-Castaic School District Facilities Financing Authority -$ Community Facilities District No. 2006-1C 15,665,000 100% 15,665,000 $ Sulphur Springs Union School District 57,962,379 94% 54,431,890 $ Sulphur Springs Union School District No 2002-1 22,270,000 100% 22,270,000 $ Sulphur Springs Union School District No 2006-1 22,775,879 100% 22,775,879 $ Sulphur Springs Union School District No 2014-1 7,545,000 100% 7,545,000 $ City of Santa Clarita Open Space and Parkland Assessment District 12,430,000 100% 12,430,000 $ City of Santa Clarita Landscaping and Lighting Streetlighting Zones A and B 13,975,000 100% 13,975,000 $ City of Santa Clarita Community Facilities District No. 2002-1 12,835,000 100% 12,835,000 $ City of Santa Clarita Community Facilities District No. 2016-1 17,230,000 100% 17,230,000 $ City of Santa Clarita 1915 Act Bonds 470,000 100% 470,000 $ TOTAL DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT 1,034,658,366 $ Los Angeles County General Fund Obligations 2,618,507,256 2.18% 57,031,088 $ Los Angeles County Superintendent of Schools Certificates of Participation 4,565,373 2.18% 99,434 $ Los Angeles County Sanitation District No. 32 Authority 2,483,311 78.44% 1,947,884 $ Santa Clarita Community College District Certificates of Participation 7,330,000 76.55% 5,611,335 $ William S. Hart Union High School District General Fund Obligations 42,370,725 76.54% 32,431,824 $ Castaic Union School District Certificates of Participation 3,045,000 27.915% 850,012 $ Saugus Union School District General Fund Obligations 10,025,000 93.922% 9,415,681 $ Sulphur Springs Union School District Certificates of Participation 28,880,000 93.91% 27,120,919 $ Los Angeles Unified School District Certificates of Participation 130,970,000 0.00001% 13 $ City of Santa Clarita Obligations 51,526,162 100.00% 51,526,162 $ (2) TOTAL DIRECT AND OVERLAPPING GENERAL FUND DEBT 186,034,352 $ Total Net Direct and Overlapping General Fund Debt 186,034,352 $ OVERLAPPING TAX INCREMENT DEBT (Successor Agency): 31,510,000 100.000% 31,510,000 Total Direct Debt 63,956,162 $
Gross Total Overlapping Debt 1,188,246,555
Net Total Overlapping Debt 1,188,246,555 $
GROSS COMBINED TOTAL DEBT 1,252,202,717 $ (3)
NET COMBINED TOTAL DEBT 1,252,202,717 $
(1) Percentage of overlapping debt applicable to the city i s estimated using taxable assed property value. Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by the district's total taxable value. (2) City of Santa Clarita Obligations includes $382,125 for the Kyocera Copier Lease, $159,969 for the Zamboni Lease, $8,365,000 for the 2016A series Golden Valley Road bond, $25,850,000 for the 2019 Series Sheriff Station Bond, $10,645,000 for the Lease Revenue Bonds & Recreational Facility, and $2,984,068 for deferred amount for issuance premium, net of discount.
Excludes Revenue and Taxable Revenue Bonds - Series 2018A and Series 2018B , Streetlights Acquisition and Retrofit Program, as they are not backed by the City of Santa Clarita's General Fund. (3) Excludes tax and revenue anticipation notes, enterprise re venue, mortgage revenue and non-bonded capital lease obligations.
Ratios to 2020-2021 Assessed Valuation:
Direct Debt ($12,430,000)…………………………………………………………………0.04% Total Overlapping Tax and Assessment Debt……………………………………………2.78% Total Direct Debt ($47,140,871)………………………………………………………….0.17% Combined Total Debt.…..…………………………………………………………………..3.36% Ratios to Redevelopment Successor Agency Incremental Valuation ($507,261,216):
Total Overlapping Tax Increment Debt……………………………………………………..6.21% Source: Avenue Insights & Analytics
California Municipal Statistics, Inc.
June 30, 2021
206
City of Santa Clarita
L
egal Debt Margin Information
Last Ten Fiscal Years
20-21 19-20 18-19 17-18 16-17 15-16
Assessed valuation 3 6,983,412,434 $ 35,174,818,421 $ 32,480,968,597 $ 30,727,345,419 $ 28,685,821,032 $ 27,330,863,338 $ Conversion percentage 25% 25% 25% 25% 25% 25%
Adjusted assessed valuation 9,245,853,109 8,793,704,605 8,120,242,149 7,681,836,355 7,171,455,258 6,832,715,835 Debt limit percentage 15% 15% 15% 15% 15% 15%
Debt limit 1,386,877,966 1,319,055,691 1,218,036,322 1,152,275,453 1,075,718,289 1,024,907,375 Total net debt applicable to limit:
General obligation bonds - - - - - - Legal debt margin 1,386,877,966 $ 1,319,055,691 $ 1,218,036,322 $ 1,152,275,453 $ 1,075,718,289 $ 1,024,907,375 $ Total debt applicable to the limit
as a percentage of debt limit 0% 0% 0% 0% 0% 0%
Section 43605 of the Government Code of the State of California provides for a legal debt limit of 15% of gross assessed valuation.
H
owever, this provision was enacted when assessed valuation was based upon 25% market value. Effective with the 1981-82 fiscal year, each parcel is now assessed at 100% of market value (as of the most recent change in ownership for that parcel).
The computations shown above reflect a conversion of assessed valuation data for each fiscal year from current full valuation perspective to the 25% level that was in effect at the time the legal debt margin was enacted by the State of California for local governments located within the State.
Source: City of Santa Clarita, Administrative Services Department - Finance Division
FISCAL YEAR
207
14-15 13-14 12-13 11-12
26,111,942,635 $ 24,269,472,731 $ 20,985,441,963 $ 21,168,938,632 $ 25% 25% 25% 25%
6,527,985,659 6,067,368,183 5,246,360,491 5,292,234,658 15% 15% 15% 15%
979,197,849 910,105,227 786,954,074 793,835,199 - - - - 979,197,849 $ 910,105,227 $ 786,954,074 $ 793,835,199 $ 0% 0% 0% 0%
FISCAL YEAR
0 200
400
600
800
1,0
00 1,200
09-10 10-11 11-12 12-13 13-14 14-15 15-16 16-17 17-18
(in Millions)
Fiscal Year
LEGAL DEBT MARGIN
La
st Ten Fiscal Years
0 200
400
600
800
1,0
00 1,200
1,400
11-12 12-13 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 (in Millions)
Fiscal Year
LEGAL DEBT MARGIN
La
st Ten Fiscal Years
208
City of Santa Clarita
Pledged Revenue Coverage
Last Ten Fiscal Years
LESS NET
Fiscal TRANSIT OPERATING AVAILABLE
Year REVENUES (1) EXPENSES (2) REVENUES Principal Interest COVERAGE 2011-12 26,133,433 25,175,688 957,745 - - - 2012-13 29,420,486 25,901,822 3,518,664 - - - 2013-14 33,298,907 27,044,874 6,254,034 - - - 2014-15 24,008,186 28,292,380 (4,284,194) - - - 2015-16 26,853,481 28,327,301 (1,473,820) - - - 2016-17 28,652,461 30,231,012 (1,578,551) - - - 2017-18 29,124,857 30,654,674 (1,529,817) - - - 2018-19 38,089,054 32,224,652 5,864,402 - - - 2019-20 25,891,432 31,223,995 (5,332,563) - - - 2020-21 44,346,540 28,270,373 16,076,167 - - -
NOTE: (1) Includes Other revenues, Transfers in and Capital co n tributions (2) Includes Transfers out and Other expenses
DEB
T SERVICE
TRANSIT
209
AVERAGE A VERAGE PER
CITY OF ANNUAL LOS ANGELES ANNUAL CAPITA TOTAL
SANTA CLARITA PERCENTAGE COUNTY PERCENTAGE PERSONAL PERSONAL UNEMPLOYMENT YEAR POPULATION (1) INCREASE POPULATION (1) INCREASE INCOME (2) INCOME (2) RATE (3) 2012 1 77,445 0.27% 9,884,632 0.67% 46,337 604,831,837 6.90% 2013 204,951 15.50% 9,958,091 0.74% 48,425 635,891,798 6.60% 2014 209,130 2.04% 10,041,797 0.84% 50,751 673,073,539 4.70% 2015 213,231 1.96% 10,136,559 0.94% 54,526 727,377,241 6.40% 2016 219,611 2.99% 10,241,335 1.03% 57,160 760,828,529 4.70% 2017 216,350 -1.48% 10,241,278 0.00% 60,087 802,394,100 4.40% 2018 216,589 0.11% 10,283,729 0.41% 63,913 849,493,416 5.10% 2019 218,103 0.70% 10,253,716 -0.29% 66,684 881,215,471 4.80% 2020 221,932 1.76% 10,172,951 -0.79% N/A N/A 13.60% 2021 221,572 -0.16% 10,044,458 -1.26% N/A N/A 7.30% Sources: (1) State of California, Finance Department, as of 1/1/2 021: E-1 (2) U.S. Department of Commerce, Bureau of Economic Anal ysis (BEA) Personal Income and Unemployment rates are for the regional area, Los Angeles. The City’s related information is not available. Information lags two years. (3) State of California, Department of Employment Develo pment (EDD), for the month of October 2021 Note: Reduction in 2017 population numbers due to change in the county controls. The primary factor was a lowering of the estimated school enrollment.
City of Santa Clarita
Demographic and Economic Statistics
L
ast Ten Calendar Years
0.27%
1 5.50%
2.04% 1.96%
2.99%
0.11% 0.70%
1.76%
-0.16%
-1.00%
1.00%
3.00%
5.00%
7.00%
9.00%
11.00%
13.00%
15.00%
17.00%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
YEAR
POPULATION INCREASE
L
ast Ten Fiscal Years
210
PERCENT PERCENT
NUMBER of NUMBER of
of TOTAL of TOTAL
EMPLOYER EMPLOYEES EMPLOYMENT EMPLOYER EMPLOYEES EMPLOYMENT Henry Mayo Newhall
M
emorial Hospital 1,917 7.63%
Six Flags Magic
Mountain 3,800 16.28%
Six Flags Magic Mountain 1,900 7.56% Princess Cruises 1,625 6.96% Princess Cruises 1,308 5.20%
Henry Mayo Newhall
Memorial Hospital 1,400 6.00%
Boston Scientific 875 3.48% Quest Diagnostics 850 3.64% The Master's College 755 3.00% The Master's College 812 3.48% Woodward HRT 721 2.87% Woodward HRT 790 3.38% Quest Dianostics 608 2.42% Walmart 624 2.67% Scorpion Internet
Marketing & Design 601 2.39% Parmavite 550 2.36% Cal Arts 600 2.39% Aerospace Dynamics 510 2.19% Amazon 580 2.31% Cal Arts 500 2.14% Largest firms (1) 9,865 31.62% Largest firms (1) 11,461 49.10% All others 15,272 60.76% All others 11,879 50.90% Grand total 25,137 92.37% Grand total 23,340 100.00% * As of March 2021
N
OTE: (1) Non-governmental employers
So
urce: 2021 Economic Outlook Santa Clarita Valley Economic Dev Corp & College of the Canyons 2021* 2012
City of Santa Clarita
Principal Employers
C
urrent Fiscal Year and Nine Fiscal Years Ago
211
Function 20-21 19-20 18-19 17-18 16-17 15-16 14-15 13-14 12-13 11-12 General government 85.00 84.00 81.00 76.00 76.00 91.00 87.60 87.60 89.60 84.35 Public safety (1) - - - - - - - - - - P
ublic works 141.50 141.50 139.50 126.50 128.50 131.50 125.00 122.00 129.00 126.00 Community development 45.00 45.00 44.00 43.00 44.00 37.00 41.00 41.00 32.00 30.50 Recreation and Comm Svcs 67.25 68.25 68.25 63.90 63.90 112.15 111.15 109.15 108.15 105.90 Neighborhood Services (2) 103.60 1 02.60 99.60 79.00 74.00 - - - - - Transit 10.00 10.00 10.00 12.00 12.00 12.00 11.00 11.00 11.00 13.00 Totals 452.35 451.35 442.35 400.40 398.40 383.65 375.75 370.75 369.75 359.75 (1) P olice and Fire services are provided by the County (2) The Neighborhood Services department was added for FY 2016-17 Source: City of Santa Clarita, Adopted Budget-Funded Regular Fulltime Equivalent Positions Last Ten Fiscal Years
City of Santa Clarita
Full-Time and Part-Time City Employees by Function
FISCAL YEAR
0.00 5
0.00 100.00
150.00
200.00
250.00
300.00
350.00
400.00
450.00
500.00
11-12 12-13 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 3 59.75 36 9.75 370.75 375.75 383.65 398.40 400.40
442.35
451.35 452.35
Fiscal Year
CITY OF SANTA CLARITA - EMPLOYEES
L
ast Ten Fiscal Years
212
City of Santa Clarita
Operating Indicators by Function
Last Ten Fiscal Years
Function 20-21 19-20 18-19 17-18 16-17 15-16 14-15 13-14 12-13 11-12 Police:
Parking citations issued (1) 11,359 13,992 24,214 15,505 13,133 9,035 4,765 4,786 5,726 5,521 Parking revenue collected 417,978$ 516,477$ 364,954$ 498,749 $ 470,843 $ 379,384 $ 320,682 $ 323,040 $ 341,607 $ 335,663 $ Public works:
Street resurfacing (miles) 28.0 38.7 26.0 38.9 45.0 15.5 80.0 20.9 18.0 24.0 Parks and Recreation:
Number of recreation classes 1,593 2,197 2,773 2,903 2,992 2,918 2,189 2,557 2,548 2,106 Number of facility rentals (times) 10,016 11,778 12,787 12,013 19,924 13,390 19,018 14,604 13,000 11,042 Transit:
Number of customers served (2) 1,673,828 2,131,694 2,680,202 2,775,327 2,864,351 3,167,021 3,422,015 3,540,969 3,661,302 3,612,060
NOTE: (1) The City contracts the Los Angeles County Sheriff Department for its police services.
The number of citations issued and money collected are within the City’s boundaries. (2) Number of customers served includes those outside of the City boundaries.
Source: City of Santa Clarita, Administrative Services Department - Finance Division
FISCAL YEAR
213
City of Santa Clarita
C
apital Assets Statistics by Function
Last Ten Fiscal Years
Function 20-21 19-20 18-19 17-18 16-17 15-16 14-15 13-14 12-13 11-12 Public works:
Streets (miles) 573 570 540 540 537 516 497 496 496 496 Street lights (1) 18,622 18,662 18,662 18,662 17,843 17,843 17,843 17,843 17,843 15,081 T
raffic signals (City Jurisdiction) 198 195 187 187 186 180 180 177 177 171 Traffic signals (Joint Jurisdiction) 4 4 5 5 5 5 5 5 5 6 Parks and recreation:
Number of parks 34 33 32 32 32 32 32 29 29 24 Community centers 2 2 2 2 2 2 2 2 1 1 Transit:
Stations 4 4 4 4 4 4 4 4 4 4 (1) The City of Santa Clarita assumed responsibility for t he Streetlight Maintenance District from Los Angeles County in 1998. Subsequently, in 2019 the City purchased the majority of streetlights from Southern California Edison. At this time the city owns and is responsible for maintaining an inventory of 17,570 streetlights, inclusive of 989 Highway Safety Lights which are attached to traffic signals. All remaining 103 streetlights are owned and maintained by Southern California Edison.
Source: City of Santa Clarita, Administrative Services Department - Finance Division
FISCAL YEAR
214