OPERATING BUDGET & CAPITAL IMPROVEMENT PROGRAM FY 2021-2022 Page 1 of 261
City of Santa Clarita, California
Annual Comprehensive Financial Report
Year Ended June 30, 2022
Prepared by the Finance Division
City of Santa Clarita
Annual Comprehensive Financial Report
For the Year Ended June 30, 2022
Table of Contents
i
Page
INTRODUCTORY SECTION (Unaudited)
GFOA Certificate of Achievement for Excellence in Financial Reporting ............................................................ v Letter of Transmittal ............................................................................................................................................. vii Elected Officials and Executive Management ...................................................................................................... xv Organization Chart .............................................................................................................................................. xvii Map ...................................................................................................................................................................... xix
FINANCIAL SECTION
Independent Auditors’ Report on the Audit of the Financial Statements ....................................................... 1
Management’s Discussion and Analysis (Required Supplementary Information) (Unaudited) ................... 5
Basic Financial Statements:
Government-Wide Financial Statements:
Statement of Net Position .................................................................................................... .................... 18 Statement of Activities ...................................................................................................... ....................... 20
Fund Financial Statements:
Governmental Fund Financial Statements:
Balance Sheet ................................................................................................................ .................... 26 Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide St atement of Net Position ................................................................... 29 Statement of Revenues, Expenditures, and Changes in Fund Balances ............................................ 30 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Chang es in Fund Balances to the
Government-Wide Statement of Activities ................................................................................. 32
Proprietary Fund Financial Statements:
Statement of Net Position .................................................................................................... .............. 35 Statement of Revenues, Expenses, and Changes in Net Position ...................................................... 36 Statement of Cash Flows ...................................................................................................... ............. 37
Fiduciary Fund Financial Statements:
Statement of Fiduciary Net Position .......................................................................................... ........ 41 Statement of Changes in Fiduciary Net Position ............................................................................... 42
Notes to the Basic Financial Statements ..................................................................................................... 47
City of Santa Clarita
Annual Comprehensive Financial Report
For the Year Ended June 30, 2022
Table of Contents (Continued)
ii
Page
FINANCIAL SECTION (Continued)
Required Supplementary Information (Unaudited):
Budgetary Comparison Schedule:
General Fund ................................................................................................................ .......................... 103 Bridge and Thoroughfare Special Revenue Fund ................................................................................ .. 104 Developer Fees Special Revenue Fund ......................................................................................... ......... 105 Public Library Special Revenue Fund.......................................................................................... .......... 106 Landscape Maintenance District #1 Special Revenue Fund .................................................................. 107 American Rescue Plan ........................................................................................................................... 108
Budgetary Information ................................................................................................................................ 109
Schedule of Changes in Net Pension Liability and related ratios– Pensions:
CalPERS Miscellaneous ....................................................................................................... ................. 110
Schedule of City Contributions – Pensions:
CalPERS Miscellaneous ....................................................................................................... ................. 112
Schedule of Changes in Net Other Postempl oyment Benefits Liability and Related Ratios:
Other Postemployment Be nefits (“OPEB”) Plan ................................................................................... 114
Schedule of Contributions – Other Postemployment Benefits (“OPEB”) Plan ........................................ 116
Schedule of Money Weighted Rate of Return – OPEB .............................................................................. 118
Supplementary Information:
Nonmajor Governmental Funds:
Combining Balance Sheet ..................................................................................................... ................. 125 Combining Statement of Revenues, Expend itures, and Changes in Fund Balances .............................. 137 Schedule of Revenues, Expenditures, and Ch anges in Fund Balance – Budget and Actual:
Bikeway Specia l Revenue Fund ...................................................................................................... 149 Gas Tax Special Revenue Fund ............................................................................................... ........ 150 Prop A Special Revenue Fund ................................................................................................ ......... 151 Special Assessment Special Revenue Fund .................................................................................... . 152 Street Lighting Distri ct Special Revenue Fund ............................................................................... 153 Measure M Local Return Special Revenue Fund ............................................................................ 154 SB1 Road Repair and Activ ity Special Revenue Fund ................................................................... 155 State Park Special Revenue Fund ............................................................................................ ........ 156 Transportation Development Ac t 8 Special Revenue Fund ............................................................ 157 Traffic Safety Special Revenue Fund .............................................................................................. 158 Community Development Block Grant Special Revenue Fund ...................................................... 159 Air Quality Management Dist rict Special Revenue Fund ............................................................... 160 Stormwater Speci al Revenue Fund .................................................................................................. 161 Surface Transportation Program Special Revenue Fund ................................................................. 162 City of Santa Clarita
Annual Comprehensive Financial Report
For the Year Ended June 30, 2022
Table of Contents (Continued)
iii
Page
FINANCIAL SECTION (Continued)
Supplementary Information (Continued):
Nonmajor Governmental Funds (Continued):
Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual (Continued):
BJA Law Enforcement Speci al Revenue Fund ............................................................................... 163 Supplemental Law Grant Special Revenue Fund ............................................................................ 164 HOME Special Revenue Fund .................................................................................................. ...... 165 Library Facilities Fees Special Revenue Fund ................................................................................ 166 Public Education and Govern ment Special Revenue Fund ............................................................. 167 Proposition C Special Revenue Fund ......................................................................................... ..... 168 Measure H Speci al Revenue Fund ................................................................................................... 169 Federal Grants Special Revenue Fund ........................................................................................ ..... 170 Measure R Speci al Revenue Fund ................................................................................................... 171 Measure R Highway Improveme nt Special Revenue Fund ............................................................. 172 Measure M ATP Special Revenue Fund ......................................................................................... 173 Measure A Safe Park s Special Revenue Fund ................................................................................. 174 Measure W Safe Clean Wate r Special Revenue Fund ..................................................................... 175 Tourism Marketing District Special Revenue Fund ........................................................................ 176 Open Space Preservation Distri ct Special Revenue Fund ............................................................... 177 Miscellaneous Grants Special Revenue Fund ................................................................................. 178 Park Dedication Special Revenue Fund ....................................................................................... ... 179 Housing Successor Agency Special Revenue Fund ........................................................................ 180 Tourism Marketing Bureau Special Revenue Fund......................................................................... 181 Areawide Special Revenue Fund .............................................................................................. ....... 182 Cooper Street Parking Structur e CFD 2020 Special Revenue Fund ............................................... 183 Vista Canyon Wastewater Standby District Special Revenue Fund................................................ 184
Capital Projects Funds:
Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual:
General ..................................................................................................................... ....................... 185 Civic Arts Projects Fund .................................................................................................... ............. 186
Debt Service Funds:
Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual:
Public Financing Author ity Debt Service Fund .............................................................................................. 187
Internal Service Funds:
Combining Statement of Net Position........................................................................................... ......... 191 Combining Statement of Revenues, Expe nses and Changes in Net Position ........................................ 192 Combining Statement of Cash Flows ............................................................................................ ......... 193
Custodial Fund:
Combining Statement of Fiduciary Net Position ................................................................................ ... 196 Combining Statement of Changes in Fiduciary Net Position ................................................................ 198
City of Santa Clarita
Annual Comprehensive Financial Report
For the Year Ended June 30, 2022
Table of Contents (Continued)
iv
Page
STATISTICAL SECTION (Unaudited)
Description of Statistical Section Contents ......................................................................................................... 203
Financial Trends:
Net Position by Component .......................................................................................................................... 204 Changes in Net Position ............................................................................................................................... 206 Fund Balances – Governmental Funds ......................................................................................................... 210 Changes in Fund Balances – Governmental Funds ...................................................................................... 212
Revenue Capacity:
Assessed Valuation and Actual Value of Taxable Property ......................................................................... 214 Redevelopment Agency – Assessed Valuation and Actual Value of Taxable Property ............................... 216 Assessed Values – Taxable Property ............................................................................................................ 218 Assessed Values – Use Category Summary ................................................................................................. 220 Direct and Overlapping Property Tax Rates – Last Ten Fiscal Years .......................................................... 221 Direct and Overlapping Property Tax Rates – One Year Detail of Rates Producing Revenue for City and Associ ated Redevelopment Agencies ................................................ 222 Principal Property Taxpayers ....................................................................................................................... 223 Property Tax Levies, Tax Collections and Delinquencies ............................................................................ 224 Top Property Owners Based on Net Values ................................................................................................. 225 Project Area Assessment Appeals Summary and Tax Collection History ................................................... 227 Charge Detail Report for CFD 2002-1 (Valencia Town Center) .................................................................. 228
Debt Capacity:
Ratios of Outstanding Debt by Type ............................................................................................................ 230 Ratios of Net General Bonded Debt Outstanding ......................................................................................... 232 Direct and Overlapping Tax and Assessment Debt ...................................................................................... 233 Legal Debt Margin Information ................................................................................................. .................. 234 Pledged Revenue Coverage .......................................................................................................................... 236
Demographic and Economic Information:
Demographic and Economic Statistics ......................................................................................................... 237
Operating Information:
Principal Employers ........................................................................................................... .......................... 238 Full-Time and Part-Time City Employees by Function ............................................................................... 239 Operating Indicators by Function ................................................................................................................. 240 Capital Asset Statistics by Function ............................................................................................................. 242
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Santa Clarita
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2021
Executive Director/CEO
v
vi
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OFFICIALS OF THE CITY OF SANTA CLARITA
As of June 30, 2022
City Council
Laurene Weste MAYOR
Jason Gibbs MAYOR PRO TEM
Bill Miranda 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/CITY TREASURER Tom Cole DIRECTOR OF COMMUNITY DEVELOPMENT
Jerrid McKenna DIRECTOR OF NEIGHBORHOOD SERVICES
Mike Hennawy DIRECTOR OF PUBLIC WORKS/CITY ENGINEER
Janine Prado DIRECTOR OF RECREATION AND COMMUNITY SERVICES xvi
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Administrative Neighborhood Community Recreation and City Manager's Public Services Services Development Community Services Office Works || || ||
Finance Environmental Services Community Preservation Arts and Events Communications Building and Safety || || ||
Clerk and Contract Services Parks Economic Development Recreation and Community Services Human Resources Capital Improvement Program || || ||
Technology Services Special Districts Planning Open Space Intergovernmental Relations Engineering Services | ||
Transit Sheriff's Department General Services
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Public Library Fire Protection Traffic & Transportation Planning |
City Manager
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ORGANIZATION CHART
As of June 30, 2022
Santa Clarita Residents
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City Council
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200 E. Sandpointe Avenue, Suite 600
Santa Ana, California 92707
INDEP
ENDENT AUDITORS’ REPORT
To the Honorable Mayor and Members of the City Council
of the City of
Santa Clarita
Santa Clarita, California
Report on the Audit of the Financial Statements
Opinions
We have aud
ited 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 (the “City”), as of and for the year ended June 30, 2022, and the rela ted notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements referre d 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, 2022, and the resp ective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accep ted in the United States of America (“GAAS”), and the standards applicable to financial audits contained in Government Auditing Standards , issued by the Comptroller General of the United States ( “Government Auditing Standards” ). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be inde pendent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for twelve months beyond the financial st atement date, including any currently known information that may raise substantial doubt shortly thereafter.
To the Honorable Mayor, and Members of the City Council of the City of Santa Clarita
Santa Clarita, California
2 Auditors’ Responsibility for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whet her the financial s tatements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions.
Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, fo rgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are consider ed material if there is a substantial likelihood that, individually or in the aggregate, they would influence th e judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we:
exercise prof essional judgment and maintain professional skepticism throughout the audit. identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and d
esign and perform audit procedures res ponsive to those risks. Such pr ocedures include examining, o
n a test basis, evidence regarding the amounts and disclosures in the financial statements. obtain an understanding of internal control relevant to the audit in order to desi gn audit procedures that are appropriate in the
circumstances, but not for the purpo se of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is expressed. evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates
made by management, as well as evaluate the overall presentation of the financial statements. conclude whether, in our judgment, there are conditions or events, considered in the aggr egate, that raise substantial doubt about the
City’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United Stat es of Ameri ca require that the Management’s Discussion and Analysis, the Budgetary Comparison Schedules, the Sc hedule of Changes in Net Pension Liability and Related Ratios, the Schedule of City’s Proportionate Share of the Net Pension Liability and Related Ratios, the Schedules of Contributions – Pensions, the Schedules of Changes in Net Other Postemployment Benefits Liability and Related Ratios, and the Schedules of Contributions – Other Postem ployment Benefits on pages 5 through 14 and 103 through 118 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 appropria te operational, economic, or historical context. We have applied certain limited pr ocedures to the Required Supplementary Information in accordance with auditing standards generally accepted in the United States of Am erica, which consisted of inquiries of management about the methods of preparing the inform ation 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 expr ess an opinion or provide a ny assurance on the information because the limited procedures do not provide us with su fficient evidence to express an opinion or provide any assurance.
To the Honorable Mayor, and Members of the City Council of the City of Santa Clarita
Santa Clarita, California
3 Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The Co mbining and Individual Fund Financial Statements are presented for purposes of additional analysis and are not a required part of the basic financial statemen ts. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the Combining and Individual Fund Financial Statements are fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the othe r information included in the annual re port. The other information comprises the Introductory and Statistical Sections but does not include the basic financial statements and our auditor's report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basi c financial statements, our responsibility is to read the other information and consider whether a material inconsistenc y exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 21, 2022, on our consideration of the City’s internal control over financia l 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.
Santa Ana, California
December 21, 2022
o
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5 MANAGEMENT’S DISCUSSION AND ANALYSIS (Unaudited)
Fiscal Year Ended June 30, 2022
This discussion and analysis of the City of Santa Cl arita’s (the City) financial performance provides an overview of the financial activities of the City for the fiscal year ended June 30, 2022. Our analysis includes information regarding the City’s overall financial posi tion and results of operations to assist users in evaluating the City’s financial position, a discussion of significant 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 significant effect on the financial position or results of operations. Please read it in conjunctio n with 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 City ex ceeded its liabilities and deferred inflows of resources at the close of the most recent fiscal year by $1.5 billion. Of this amount, $170 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 $23.8 million and deferred inflows of resources total $48.4 million.
The City’s total deferred outflow s of resources decreased by $3.0 million. The deferred inflows of resources increased by $16.4 million. The change s in deferred outflow and inflows were related primarily to Other Post-Employment Benefits (OPEB) and Pensions (Table 1).
The City’s total net position increased by $97.6 m illion. Net position of the business-type activities increased by $9.6 million, and the net position of the governmental activities increased by $88 million (Table 1 & 2).
The net capital assets of the City’s governmental activities increased by $44.6 million, or 4% over last fiscal year. The increase was in part due to an increase of $131 million in buildings and other improvements, an increase of $19.6 million in site improvements and a decrease of $100.9 million in construction in progress. See Note 9 to the financial statements for additional information.
As of the close of the current fiscal year, the Ci ty’s governmental funds reported combined ending fund balances of $376 million. This represents an increase of $64 million as compared to the prior year.
Within governmental funds, the General Fund reported a fund balance of $229 million.
USING THIS ANNUAL REPORT
The financial statements presented herein include all of the activities of the City and its component unit using the integrated app roach as prescribed by Government al 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 presen t the financial 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 statement s include all assets 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 fo r 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 oper ations in 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 necess ary to enable 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 City’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 its 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 City ’s assets and deferred outflows of resources, and liabilities and deferred inflows of resources, with the differenc e 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 position 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 futu re 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, transient occupancy ta x, 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 – GO VERNMENT-WIDE FINANCIAL 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 Santa Clarita Public Financing Authority has been accounted for within the funds of the City, and theref ore, 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 acco unt for and accumulate financial information related to a specific activity or objective. Some funds ar e required 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 governmental 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 s pending. 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 serv ices it provides. Governmental fund information helps determine whether there are more or fewer financ ial resources that can be spent in the near future to finance the City’s programs. Because the focus of the governmental funds is narrower than that of the government-wide financial statements, it is usef ul to compare the information presented for the governmental funds with similar information presented for the governmental activities in the government- wide financial statements. Reconc iliation of the Fund Financial St atements 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 47 governmental funds. The General Fund, Bridge and Thoroughfare Fund, Developer Fees F und, Public Library Fund, Landscape Maintenance District #1 Fund, and American Rescue Plan Fund ar e presented separately as major funds in the governmental fund balance sheet and in the Government al Fund Statement of Revenues, Expenditures, and Changes in Fund Balances. Financial data for the remaining 41 governmental funds are combined 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 proprietary funds. When the City charges customers for the services it provides, these services are generally 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 stat ements, but the proprietar y fund statements provide more detail and additional information, such as a stat ement 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 accumulate 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 acti vities 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 present ation in the proprietary fund financial statements.
Individual fund data for the internal service funds is provided 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 parties outside of the City. The City’s fiduciary activities are reported in separate St atements 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 accom panying 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 conn ection 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 indicator of the City’s overall financial condition.
The City’s combined net position increased by $97.6 million, increasing from $1.4 billion to $1.5 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, 2022, assets exceeded liabilities by $1. 50 billion. The largest component of the City’s net position, 79%, is represented by its $1.18 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 addition, resources necessary to repay the related debt must be provid ed by sources other than the capital assets, as the assets themselves cannot be used to satisfy these liabilities.
An additional portion of the City’s net position, 10.2% represents resources subject to external restrictions on how they may be used. The remaining 11.4% of unrestricted net position, $170 million, may be used to meet the City’s ongoing obligations to citizens and creditors. Within the restricted section of net position, $2.65 million is related to Vista Canyon Transit Center bond proceeds.
At the end of the current fiscal year, the City is abl e to report positive balances in both categories of governmental and business-type net position consistent with prior years. Net position for governmental activities increased by $88 million ov er the prior year. The unrestricted net position of the business-type activities increased by $2 million.
10 THE CITY AS A WHOLE (CONTINUED)
Governmental Activities
Revenues from governmental activities increased by $25.3 million. The cost of all governmental activities this year was $178.7 million, an increase of 5.33% ov er the past year. As shown in the Statement of Activities, the governmental activities expenses were ultimately financed in part by the taxpayers, as $72.3 million in revenues were generated by service revenues received from the performance of these activities; another $38.1 million was received from government agencies and other organizations that subsidized certain programs with operating grants and contri butions; and another $68.6 million in revenues was generated from capital grants and contributions. T he $25.8 million increase in capital grants and contributions is mainly attributed to the recordation of Plum Canyon Park and Vista Canyon Park. Overall, the City’s governmental program and general revenues amounted to $289 million, which funded the expenses and resulted in a $111 million increase in net position. The decrease of $10.9 million in Property Taxes was due to relocation of Public Library Fund property tax, Measure W Safe Clean Water Fund property tax and Landscape Maintenance District Fund Ad Valorem from Property Taxes in prior year to Program Revenues in the current year.
TABLE 2
CITY OF SANTA CLARITA’S CHANGES IN NET POSITION
Business-Type Activities
Business-type activities increased the City’s net position by $9.6 million for the current year. Business-type activities revenues decreased by $11.5 million during the year for a total of $32.8 million in revenues, excluding transfers in from governmental activities. The decreased revenue was largely due to an decrease in operating grants and contributions of $17.4 million. Related transit ac tivity expenses increased by $3.4 million.
11 THE CITY’S FUNDS
The governmental funds reported a combined fund balance at the end of the current fiscal year of $376 million, an increase of $64 million over the prior year. Approximately $152 million is restricted and already reserved for specific restricted purposes.
The total governmental fund balance includes the general fund balance of $229 million. The General Fund is the chief operating fund of the City. Fund balance for the General Fund, as restated, increased by $31 million as a result of $6.3 million higher sales ta x revenues due to strong economic activity, $2.6 million higher transient occupancy tax revenues due to the onboarding of four new hotels and higher occupancy rates, $2.3 million higher recreation revenues as a re sult of pre-pandemic programming levels allowed under eased COVID restrictions. In addition, $39.8 m illion was accumulated and assigned to fund future facilities outlined in the City’s strategic plan.The unassigned fund balance of $62.1 million is available for spending at the City’s discretion. More detailed information about the City’s classification of fund balances are presented in Note 18 to the financial statements.
Other major fund balance changes are noted below:
The Bridge and Thoroughfare Fund has realized an increase of $650,210 in its fund balance from prior year. The increase included $696,621 devel oper fees revenue from the Eastside project areas.
The Developer Fee Fund has realized an increase of $1.7 million in its fund balance from the prior year. The increase is attributed to the collection of developer fees for projects as well as fire district fees.
The Public Library Fund realized an increase of $1.9 million in its fund balance as a result of increasing property tax revenue attributed to higher property value.
The Landscape Maintenance District’s fund balan ce decreased by $32,354 from the prior year due to various capital projects, including $281 thou sand for a Landscape Maintenance District Paseo Concrete project and Shangri-La Slope Restoration project.
In the current year, the American Rescue Plan Fund is classified as a major fund. Its fund balance remained zero, recognizing revenue for expenditures incurred during the year.
In addition to the major funds, the fund balances fo r the other governmental funds experienced an aggregate increase of $9.1 million. The increase included $3.3 million and $4.0 million in special revenue funds from the Proposition C and Measure W Clean Safe Water, respectively.
The City’s proprietary funds provide the same type of information 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 $9.6 million. The increase was mainly due to reserving Measure M and Measure R Bus Operations revenues for use in a subsequent fiscal year. The unres tricted portion of the business-type activities net position increased by $2.0 million from the prior year.
The Internal Service Funds net position increased by $1,027,407 or 10.5%. The ending fund balance for Internal Service Funds is $10.8 million, of which $9.1 million is unrestricted.
General Fund Budgetary Highlights
Comparison of the fiscal year 2021-2022 origi nal (adopted) general fund budgeted expenditures and transfers of $116.2 million to the final budgeted expendit ures of $120.2 million results in a net increase of $4 million.
12 THE CITY’S FUNDS (CONTINUED)
Included in this net increase is $11,595,760 committed purchase orders and contracts from the prior June 30 balance, as well as $942,881 of prior fiscal year operating and capital improvement projects approved for carryover into fiscal year 2021-2022.
Original Budget
+
Continued
Appropriations +
Encumbrances
=
Beg. Balance - Supplemental
Changes =
Final Budget
$116,237,448 + $942,881+ $11,595,760 = $128,776,089 - $ 8,537,037 = $120,239,052
Comparing the beginning budget of $129 million with the final budget of $120 million indicates the General Fund had supplemental budgetary decrease of $8.6 million during the fiscal year. The budgetary decrease was primarily due to adjusting the funding source for t he Central Park Buildout project from General Fund to American Rescue Plan Fund. Included in the supplem ental appropriations are the results of this year’s budget review.
During the mid-year budget review, budgeted general fund revenue had an increase of $12.1 million, inclusive of transfers in. Included in the increase is $4.5 million and $680 thousand respectively in sales tax and real property transfer tax, $500,000 in transient and occupancy tax revenue attributed to the addition of new hotels, $3 million increase for excess work ers compensation actuarially determined reserve, $601,759 interfund transfer to the general fund capital pr ojects, $31,441 from fire district administrative fees, $100,000 in sponsorship revenue attributed to the resumption of City events, and $58,533 for SB-90 claims reimbursement from the State of California. It also included $429,569 decreases in recreation revenues as a result of reduced and/or cancelled recreation programming due to COVID-19 state and county restrictions.
At year-end, the City’s actual general fund revenues were $587,974 more than the final budgetary estimates. Actual general fund expenditures were less than the final budgetary estimates by $12.6 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 $1.2 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, drainage systems and intangible asset, right of use (see Table 3). The City adopted GASB Statement No.87 during the year which resulted in the recordation of an intangible asset of $869,757.
Additional information on the City of Santa Clarita’s implementation of new GASB pronouncement can be located in Note 1 to the financial statements.
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:
Depreciable equipment had a net increase totaling $751,798
Construction in progress had a net decrease by $97.1 million, due to completion of construction in progress
Depreciable building and improvements had a net increase totaling $134 million, including the new Sheriff’s Station and Canyon Country Community Center
Intangible asset-right of use increased by $869,757
Additional information on the City of Santa Clarita’s capital assets can be located in Note 9 to the financial statements
Debt Administration
At year-end, the City’s total debt amounted to $85. 6 million in bonds, financed purchase notes, 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 $85.5 million in debt at year-end. Governmental activities long-term debt decreased overall by $3.7 millio n. The City adopted GASB Statement No.87 during the year which resulted to a lease payable of $880,316 as of June 30, 2022. Additional information on the City of Santa Clarita’s implementation of new GASB pronouncement can be located in Note 1 to the financial statements.
No new debt related to business-type activities was issued or refinanced during the current fiscal year.
The City continues to monitor the potential im pacts 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, 2022, the City wa s 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 limitation for the City as of June 30, 2022 was $1,439,651,798. 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 11 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 the largest revenue source to operate general governmental functions, accounting for 35% or $46.2 million as projected in the 2022-2023 budget.
Property tax revenues account for 33% of t he General Fund budget or $44.4 million in 2022-2023.
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 $132.7 million, resulting in a balanced budget, an operating surplus of $315,656, and a 20% operatin g reserve of $19.8 million. The City’s 2022-2023 operating and capital budget for all funds is $299.3 million, net of transfers.
The City remains dedicated to service excellence, teamwork and creativity. City staff continues to do more with less, find creative ways to maintain services revered by our community, and provide award-winning programs. The 2022-2023 budget remains to be a reflecti on of the City’s commitment to the residents of Santa Clarita. This is consistent with the City’s long tradition of ensuring that programming for Santa Clarita’s youth and children is a priority to help promote growth and curb teen crimes. A copy of the City’s 2022-2023 budget can be obtained by visiting the web at http://www.santa-clarita.com/city- hall/departments/city-manager-s-office/city-budget.
This financial report is designed to provide a general overview of the City’s finances for all those with interest in the government’s finances. Questions concerning any of the information provided in this report, or request for additional information should be addressed to the City Clerk, City of Santa Clarita, 23920 Valencia Blvd., Santa Clarita, California 91355.
BASIC FINANCIAL STATEMENTS
15 This page intentionally left blank.
16 GOVERNMENT-WIDE FINANCIAL STATEMENTS
17 Governmental Business-Type
Activities Activities Total
ASSETS
Current assets:
Cash and investments 402,871,984$ 7,337,210 $ 410,209,194 $ Accounts receivable, net 557,572 76,295 633,867 Interest receivable 705,633 13,774 719,407 Taxes receivable 16,287,311 - 16,287,311 Leases receivable, due within one year 268,267 - 268,267 Due from other government 7,275,308 7,224,661 14,499,969 Prepaid items 635,308 3,534 638,842 Deposits 60,000 - 60,000 Total current assets 428,661,383 14,655,474 443,316,857 Noncurrent assets:
Restricted Cash and Investments:
Cash and investments 621,463 - 621,463 Cash and investment with fiscal agents 2,657,166 - 2,657,166 Cash and investment with PARS 2,005,688 - 2,005,688 Lease receivable, due in more than one year 3,689,745 3,689,745 Notes to RDA Successor Agency 16,098,270 - 16,098,270 Net pension asset 417,723 15,215 432,938 Net OPEB asset 2,021,856 49,712 2,071,568 Long-term receivables 2,180,069 - 2,180,069 Capital assets:
Non-depreciable 292,712,556 29,209,181 321,921,737 Depreciable, net 860,063,272 66,388,140 926,451,412 Intangible asset, net 869,757 - 869,757 Total capital assets, net 1,153,645,585 95,597,321 1,249,242,906 Total noncurrent assets 1,183,337,565 95,662,248 1,278,999,813 Total assets 1,611,998,948 110,317,722 1,722,316,670
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows of resources related to pensions 11,388,275 414,777 11,803,052 Deferred outflows of resources related to OPEB 10,398,684 255,706 10,654,390 Unamortized deferred loss on refunding 1,339,105 - 1,339,105 Total deferred outflows of resources 23,126,064 670,483 23,796,547
City of Santa Clarita
Statement of Net Position
June 30, 2022
Primary Government
See accompanying Notes to the Basic Financial Statements. 18 Governmental Business-Type
Activities Activities Total
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities 29,183,161 5,016,517 34,199,678 Accrued interest payable 392,574 - 392,574 Unearned revenue 17,419,722 - 17,419,722 Deposits payable 3,308,188 - 3,308,188 Due to other governments 7,734,479 - 7,734,479 Compensated absences - due within one year 2,693,769 55,926 2,749,695 Claims and judgement - due within one year 1,714,712 - 1,714,712 Long-term liabilities - due within one year 2,571,047 - 2,571,047 Total current liabilities 65,017,652 5,072,443 70,090,095 Noncurrent liabilities:
Compensated absences - due in more than one year 1,377,599 86,839 1,464,438 Claims and judgement - due in more than one year 2,930,648 - 2,930,648 Long-term liabilities - due in more than one year 74,200,987 - 74,200,987 Developer credits 49,835,534 - 49,835,534 Total noncurrent liabilities 128,344,768 86,839 128,431,607 Total liabilities 193,362,420 5,159,282 198,521,702
DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources related to pensions 21,512,142 783,549 22,295,691 Deferred inflows of resources related to OPEB 21,583,508 530,741 22,114,249 Leases 3,954,864 - 3,954,864 Total deferred inflows of resources 47,050,514 1,314,290 48,364,804
NET POSITION
Net investment in capital assets 1,080,862,181 95,597,321 1,176,459,502 Restricted:
Landscape maintenance 38,419,618 - 38,419,618 Lighting District 15,028,273 - 15,028,273 Capital improvements 17,818,695 - 17,818,695 Transportation 45,430,246 - 45,430,246 Open space preservation 6,835,213 - 6,835,213 Public safety 922,853 - 922,853 Public library 7,359,462 - 7,359,462 Air quality improvement 285,522 - 285,522 Stormwater 3,957,776 - 3,957,776 Public education and government 803,812 - 803,812 Public television 17,280 - 17,280 Tourism marketing 895,514 - 895,514 Low and moderate income housing 3,961,350 - 3,961,350 Clean safe water 5,513,314 - 5,513,314 Debt service 1,094,902 - 1,094,902 Pensions 2,005,688 - 2,005,688 Other 1,999,679 - 1,999,679 Total restricted 152,349,197 - 152,349,197 Unrestricted (deficit) 161,500,700 8,917,312 170,418,012 1,394,712,078$ 104,514,633 $ 1,499,226,711 $ Statement of Net Position (Continued)
June 30, 2022
Primary Government
Total net position
City of Santa Clarita
See accompanying Notes to the Basic Financial Statements. 19 Operating Capital
Charges for Grants and Grants and
Functions/Programs Expenses Services Contributions Contributions Governmental Activities:
General government 14,728,358$ 916,671 $ 389,178 $ 75,000 $ Public safety 30,936,129 1,658,867 6,220,500 1,095,955 Recreation and community services 23,989,989 11,352,114 - 503,889 Public works 30,493,258 21,724,121 16,477,970 37,976,399 Community development 12,203,347 3,073,196 13,458,236 - Neighborhood services 42,179,104 33,555,637 1,547,819 28,975,297 Unallocated infrastructure depreciation 21,432,943 - - - Interest and fiscal charges 2,743,559 - - - Total governmental activities 178,706,687 72,280,606 38,093,703 68,626,540 Business-type Activities:
Transit enterprise 31,342,873 5,936,598 12,087,130 13,402,891 Total business-type activities 31,342,873 5,936,598 12,087,130 13,402,891 Total primary government 210,049,560$ 78,217,204 $ 50,180,833 $ 82,029,431 $ Program Revenues
City of Santa Clarita
Statement of Activities
For the Year Ended June 30, 2022
20 Governmental Business-Type
Functions/Programs Activities Activities Total
Governmental Activities:
General government (13,347,509)$ - $ (13,347,509)$ Public safety (21,960,807) - (21,960,807) Recreation and community services (12,133,986) - (12,133,986) Public works 45,685,232 - 45,685,232 Community development 4,328,085 - 4,328,085 Neighborhood services 21,899,649 - 21,899,649 Unallocated infrastructure depreciation (21,432,943) - (21,432,943) Interest and fiscal charges (2,743,559) - (2,743,559) Total governmental activities 294,162 - 294,162 Business-type Activities:
Transit enterprise - 83,746 83,746 Total business-type activities - 83,746 83,746 Total primary government 294,162 83,746 377,908 General revenues and transfers:
General revenues:
Taxes:
Property taxes 42,113,398 - 42,113,398 Sales taxes 49,476,922 - 49,476,922 Franchise taxes 10,883,225 - 10,883,225 Transient occupancy taxes 4,874,977 - 4,874,977 Property transfer tax 2,569,074 - 2,569,074 Property taxes in lieu of motor vehicle fee 349,171 - 349,171 Investment income (loss) (4,773,346) (185,016) (4,958,362) Miscellaneous 4,993,518 1,562,025 6,555,543 Gain on sale of capital asset - 36,900 36,900 Total general revenues 110,486,939 1,413,909 111,900,848 Transfers (8,097,818) 8,097,818 - Changes in net position 102,683,283 9,595,473 112,278,756 Net position
Beginning of year, as restated (Note 22) 1,292,028,795 94,919,160 1,386,947,955 End of year 1,394,712,078 $ 104,514,633 $ 1,499,226,711 $ Net (Expenses) Revenues and
Changes in Net Position
City of Santa Clarita
Statement of Activities (Continued)
For the Year Ended June 30, 2022
21 This page intentionally left blank.
22 FUND FINANCIAL STATEMENTS
23 This page intentionally left blank.
24 GOVERNMENTAL FUND FINANCIAL STATEMENTS
25 General Bridge and Developer Public
Fund Thoroughfare Fees Library
ASSETS
Cash and investments 215,082,447$ 14,493,304 $ 10,386,255 $ 3,148,016 $ Accounts receivable, net 271,191 - - 35 Interest receivable 392,588 27,309 19,339 5,788 Taxes receivables 13,747,176 - - 474,469 Loans receivable - - - - Leases receivable 3,958,012 - - - Notes to RDA Successor Agency 8,708,425 - 7,389,845 - Prepaid items 272,875 - - 135,639 Due from other governments 257,984 - - - Due from other funds 4,471,424 - - - Advance to other funds 5,989,211 - 133,442 - Deposits with others 60,000 - - - Restricted assets:
Cash and investments - - - - Cash and investments with fiscal agents 2,650,251 - - - Cash and investments with PARS 2,005,688 - - - Total assets 257,867,272$ 14,520,613 $ 17,928,881 $ 3,763,947 $
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities 11,696,308$ 9,407 $ 6,441,723$ 217,387 $ Deposit payable 3,308,188 - - - Due to other governments 7,700,000 - - - Unearned revenue 665,095 368,724 - 38,377 Due to other funds - - - - Advance from other funds - 6,122,653 - - Total liabilities 23,369,591 6,500,784 6,441,723 255,764
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue 1,792,999 - - - Leases 3,954,864 - - - Total deferred inflows of resources 5,747,863 - - - Fund Balances:
Nonspendable 15,030,511 - - 135,639 Restricted 4,655,939 8,019,829 11,447,358 3,372,544 Committed - - 783 - Assigned 146,922,006 - 39,017 - Unassigned (deficit) 62,141,362 - - - Total fund balances 228,749,818 8,019,829 11,487,158 3,508,183 Total liabilities, deferred inflows of
resources, and fund balances 257,867,272$ 14,520,613 $ 17,928,881 $ 3,763,947 $ (Continued)
Special Revenue Funds
City of Santa Clarita
Balance Sheet
Governmental Funds
June 30, 2022
See accompanying Notes to the Basic Financial Statements. 26 Landscape Nonmajor Total
Maintenance American Governmental Governmental
District #1 Rescue Plan Funds Funds
ASSETS
Cash and investments 23,334,578$ 15,545,176 $ 106,579,838 $ 388,569,614 $ Accounts receivable, net 26,966 - 259,380 557,572 Interest receivable 42,992 - 189,840 677,856 Taxes receivables 597,004 - 1,468,662 16,287,311 Loans receivable - - 2,180,069 2,180,069 Leases receivable - - 3,958,012 Notes to RDA Successor Agency - - - 16,098,270 Prepaid costs 135,149 - 74,081 617,744 Due from other governments - - 7,017,324 7,275,308 Due from other funds - - - 4,471,424 Advance to other funds - - - 6,122,653 Deposits with others - - - 60,000 Restricted assets:
Cash and investments - - 621,463 621,463 Cash and investments with fiscal agents - - 6,915 2,657,166 Cash and investments with PARS - - - 2,005,688 Total assets 24,136,689$ 15,545,176 $ 118,397,572 $ 450,154,462 $
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities 940,736$ 291,729 $ 9,129,239 $ 28,726,529 $ Deposit payable - - - 3,308,188 Due to other governments - - 34,479 7,734,479 Unearned revenue - 15,253,447 1,094,079 17,419,722 Due to other funds - - 4,471,424 4,471,424 Advance from other funds - - - 6,122,653 Total liabilities 940,736 15,545,176 14,729,221 67,782,995
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - - 2,812,539 4,605,538 Leases - - 3,954,864 Total deferred inflows of resources - - 2,812,539 8,560,402 Fund Balances:
Nonspendable 135,149 - 74,081 15,375,380 Restricted 23,060,804 - 101,559,709 152,116,183 Committed - - - 783 Assigned - - 1,042,532 148,003,555 Unassigned (deficit) - - (1,820,510) 60,320,852 Total fund balances 23,195,953 - 100,855,812 375,816,753 Total liabilities, deferred inflows of
resources, and fund balances 24,136,689$ 15,545,176 $ 118,397,572 $ 452,160,150 $ (Concluded)
City of Santa Clarita
Balance Sheet (Continued)
Governmental Funds
June 30, 2022
Special Revenue Funds
See accompanying Notes to the Basic Financial Statements. 27 This page intentionally left blank.
28 Total Fund Balances - Total Governmental Funds 375,816,753$ Amounts reported for governmental activities in the statement of net position are different because:
Nondepreciable assets 292,712,556$
Depreciable assets, net of $1,628,506 reported in Internal Service Funds 858,434,766 Intangible assets 869,757 1,152,017,079
4,605,538
11,344,929
Net pension asset, net of $1,590 reported in Internal Service Funds 416,133 (21,430,256)
10,366,721
Net OPEB asset net of $6,213 reported in Internal Service Funds 2,015,643 (21,517,166)
10,775,939
(392,574)
Unamortized deferred loss on refunding 1,339,105
Long-term debt (73,404,593)
Unamortized bond premium (3,367,441)
Developers credits (49,835,534)
(4,038,198)
Net position of governmental activities 1,394,712,078$
Compensated absences, net of $(33,170) reported in Internal Service Funds Some of the City's receivables for franchise fees, operating and capital grant reimbursements will be collected after year end, but are not available soon enough to pay for current-period expenditures, and therefore, are reported as unavailable revenues in the governmental funds.
Net pension liabilities and the related deferred outflows of resources and deferred inflows of resources are not due and payable in the current period or not available for current expenditures and are not reported in the governmental fund financial statements:
Deferred outflows of resources related to pensions, net of $43,436 reported in Internal Service Funds Deferred inflows of resources related to pensions, net of $(81,886) reported in Internal Service Fund Net other postemployment benefits liability and the related deferred outflows of resources and deferred inflows of resources are not due and payable in the current period or not available for current expenditures and are not reported in the governmental fund financial statements:
Deferred outflows of resources related to OPEB, net of $31,963 reported in Internal Service Funds Deferred inflows of resources related to OPEB, net of $(66,342) reported in Internal Service Funds Internal service funds are used by the City to charge the cost of materials and supplies, maintenance and repair of vehicles and equipment and printing services provided to the various departments of the City. The assets and liabilities of the internal service funds are included in governmental activities in the Statement of Net Position.
Accrued interest payable for the current portion of interest due on long-term debt has not been reported in the governmental funds.
Long-term liabilities applicable to the City's governmental activities are not due and payable in the current period and, accordingly are not reported as fund liabilities. All liabilities, both current and long-term are reported in the Statement of Net Position.
Amount reported in government-wide statement of position:
City of Santa Clarita
Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide Statement of Net Position
June 30, 2022
Capital assets used in governmental activities are not current financial resources and therefore are not reported in governmental funds. Those assets consist of:
See accompanying Notes to the Basic Financial Statements. 29 General Bridge and Developer Public
Fund Thoroughfare Fees Library
REVENUES:
Taxes 108,881,674 $ - $ - $ 8,817,029$ Licenses, and permits 9,724,390 - - - Special assessments - - - - Intergovernmental 6,743,551 - - - Charges for services 11,407,669 - - 321,083 Investment loss (4,598,424) (56,444) (69,549) (64,074) Fines and forfeitures 886,194 - - - Developer fees - 1,446,787 2,962,100 - Other revenues 3,749,636 368,724 539 87,044 Total revenues 136,794,690 1,759,067 2,893,090 9,161,082
EXPENDITURES:
Current:
General government 15,036,401 - - - Public safety 28,771,125 - 819,999 - Recreation and community services 18,092,923 - - - Public Works 14,300,658 140,021 - - Community development 7,255,026 - - - Neighborhood services 277,940 - - 6,957,836 Capital outlay 8,345,506 611,526 252,758 307,033 Debt service:
Principal retirement 282,509 - - - Interest and fiscal charges 7,776 357,310 - 23,185 Total expenditures 92,369,864 1,108,857 1,072,757 7,288,054
REVENUES OVER (UNDER) EXPENDITURES 44,424,826 650,210 1,820,333 1,873,028 OTHER FINANCING SOURCES (USES):
Transfers in 2,005,376 - - - Transfers out (15,298,008) - (131,441) - Total other financing sources (uses) (13,292,632) - (131,441) - NET CHANGE IN FUND BALANCES 31,132,194 650,210 1,688,892 1,873,028 FUND BALANCES:
Beginning of year, as restated (Note 22) 197,617,624 7,369,619 9,798,266 1,635,155 End of year 228,749,818 $ 8,019,829 $ 11,487,158 $ 3,508,183 $ (Continued)
Special Revenue Funds
For the Year Ended June 30, 2022
Governmental Funds
Statement of Revenues, Expenditures, and Changes in Fund Balances City of Santa Clarita
See accompanying Notes to the Basic Financial Statements. 30 Landscape Nonmajor Total
Maintenance American Governmental Governmental
District#1 Rescue Plan Funds Funds
REVENUES:
Taxes 271,857 $ - $ 5,446,599$ 123,417,159 $ Licenses, and permits - - - 9,724,390 Special assessments 14,280,265 - 22,093,747 36,374,012 Intergovernmental - 4,692,488 58,781,129 70,217,168 Charges for services - - 952,387 12,681,139 Investment loss (535,517) - (2,293,828) (7,617,836) Fines and forfeitures - - 1,055,832 1,942,026 Developer fees - - 265,238 4,674,125 Other revenues - - 1,433,948 5,639,891 Total revenues 14,016,605 4,692,488 87,735,052 257,052,074
EXPENDITURES:
Current:
General government - 162,511 457,574 15,656,486 Public safety - 80,478 518,390 30,189,992 Recreation and community services - 13,914 787,416 18,894,253 Public Works - - 9,129,324 23,570,003 Community development - - 5,891,661 13,146,687 Neighborhood services 13,405,051 4,309 23,085,106 43,730,242 Capital outlay 526,369 4,431,276 39,646,847 54,121,315 Debt service:
Principal retirement - - 2,080,612 2,363,121 Interest and fiscal charges - - 2,469,401 2,857,672 Total expenditures 13,931,420 4,692,488 84,066,331 204,529,771
REVENUES OVER (UNDER) EXPENDITURES 85,185 - 3,668,721 52,522,303 OTHER FINANCING SOURCES (USES):
Transfers in 10,000 - 17,584,435 19,599,811 Transfers out (127,539) - (12,140,641) (27,697,629) Total other financing sources (uses) (117,539) - 5,443,794 (8,097,818) NET CHANGE IN FUND BALANCES (32,354) - 9,112,515 44,424,485 FUND BALANCES:
Beginning of year, as restated (Note 22) 23,228,307 - 91,743,297 331,392,268 End of year 23,195,953 $ - $ 100,855,812$ 375,816,753 $ (Concluded)
City of Santa Clarita
Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Governmental Funds
For the Year Ended June 30, 2022
Special Revenue Funds
See accompanying Notes to the Basic Financial Statements. 31 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes Net change in fund balances - total governmental funds: 44,424,485$ Amounts reported for governmental activities in the Statement of Activities are different because:
Capital outlay expenditures, net of $90,073 reported in Internal Service Funds 50,518,986 $ Capital contribution from County of Los Angeles 30,821,842 Depreciation and amortization expense, net of $364,838 reported in Internal Service Funds (31,760,091) 49,580,737 (5,910,387)
(3,851,355)
Change in compensated absences, net of $6,985 reported in internal service funds 248,870 Pension expense, net of pension contribution made after measurement date 7,421,345 OPEB expense, net of OPEB contribution made after measurement date 1,464,908 Accrued interest for long-term debt 10,734
Principal repayment of long-term debt 2,363,121
Bond premium amortization 103,379
Net effect of redemption of district credit 5,800,039
1,027,407
Change in net position of governmental activities 102,683,283$ Some expenses reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in the governmental funds:
Internal service funds are used by management to charge the costs of certain activities, such as workers' compensation self-insurance, general liability self-insurance, vehicles, and technology to individual funds. The net revenue (expense) of these internal service funds are reported as governmental activities.
City of Santa Clarita
in Fund Balances to the Government-Wide Statement of Activities For the Year Ended June 30, 2022
Governmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of those capital assets is allocated over the estimated useful lives as depreciation expense. This is the amount by which capital expenditures exceeded depreciation in the current period:
The net effect of disposal of capital assets
Certain accrued revenues such as franchise fee and grants do not provide current financial resources and therefore, are not reported in the governmental funds as revenues. This is the amount of the net change in these accrued revenue amounts during the current period.
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 the credit does not impact expenditures in the governmental funds, but reduces long-term liabilities in the Statement of Net Position.
See accompanying Notes to the Basic Financial Statements. 32 PROPRIETARY FUND FINANCIAL STATEMENTS
33 This page intentionally left blank.
34 Business-type Governmental
Activities Activities
Transit Internal
Enterprise Fund Service Funds
ASSETS
Current assets:
Cash and investments 7,337,210$ 14,302,370 $ Accounts receivable 76,295 -
Interest receivable 13,774 27,777
Due from other governments 7,224,661 -
Prepaid items 3,534 17,564
Total current assets 14,655,474 14,347,711
Noncurrent assets:
Net pension asset 15,215 1,590
Net OPEB asset 49,712 6,213
Capital assets:
Capital assets, not being depreciated 29,209,181 - Capital assets, being depreciated, net 66,388,140 1,628,506 Total capital assets 95,597,321 1,628,506
Total noncurrent assets 95,662,248 1,636,309 Total assets 110,317,722 15,984,020
DEFERRED OUTFLOW OF RESOURCES
Deferred outflows of resources related to pensions 414,777 43,346 Deferred outflows of resources related to OPEB 255,706 31,963 Total deferred outflow of resources 670,483 75,309
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities 5,016,517 456,632 Compensated absence, due within one year 55,926 11,116 Claims and judgments, due within one year - 1,714,712 Total current liabilities 5,072,443 2,182,460 Noncurrent liabilities:
Compensated absences payable, due in more than one year 86,839 22,054 Claims and judgments, due in more than one year - 2,930,648 Total noncurrent liabilities 86,839 2,952,702 Total liabilities 5,159,282 5,135,162
DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources related to pensions 783,549 81,886 Deferred inflows of resources related to OPEB 530,741 66,342 Total deferred inflows of resources 1,314,290 148,228
NET POSITION
Investment in capital assets 95,597,321 1,628,506 Unrestricted 8,917,312 9,147,433
Total net position 104,514,633$ 10,775,939 $
City of Santa Clarita
Statement of Net Position
Proprietary Funds
June 30, 2022
See accompanying Notes to the Basic Financial Statements. 35 Business-type Governmenta l
Activities Activities
Transit Internal
Enterprise Fund Service Funds
OPERATING REVENUES:
Charges for services 5,936,598$ 5,552,256 $
Other revenues 1,562,025 79
Total operating revenues 7,498,623 5,552,335 OPERATING EXPENSES:
Administration and personnel services 3,292,139 1,226,551 Transportation services 18,591,237 -
Services and supplies 2,999,912 2,598,717
Depreciation expense 6,459,585 364,848
Total operating expenses 31,342,873 4,190,116
OPERATING INCOME (LOSS) (23,844,250) 1,362,219 NONOPERATING REVENUES (EXPENSES):
Intergovernmental 12,087,130 -
Investment income (loss) (185,016) (334,812) Gain on sale of capital assets 36,900 - Total nonoperating revenues (expenses) 11,939,014 (334,812) TRANSFERS AND CAPITAL CONTRIBUTIONS:
Transfers in 8,336,691 -
Transfer out (238,873) -
Capital grants and contributions 13,402,891 - Total capital contributions and transfers 21,500,709 - CHANGE IN NET POSITION (DEFICIT) 9,595,473 1,027,407 NET POSITION:
Beginning of year 94,919,160 9,748,532
End of year 104,514,633$ 10,775,939 $
City of Santa Clarita
Statement of Revenues, Expenses, and Changes in Net Position Proprietary Funds
For the Year Ended June 30, 2022
See accompanying Notes to the Basic Financial Statements. 36 Business-type Governmenta l
Activities Activities
Transit Internal
Enterprise Fund Service Funds
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from customers and users 7,423,629 $ 5,552,335 $ Cash paid to suppliers for goods and services (21,467,148) (2,255,320) Cash paid to employees for services (1,292,676) (1,201,173) Cash paid to claims - (1,765,286) Net cash provided by (used in) operating activities (15,336,195) 330,556 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:
Cash transfers in 8,336,691 -
Cash transfers out (238,873) -
Federal and state funding received 11,448,297 - Net cash provided by noncapital financing activities 19,546,115 - CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:
Capital contributions 13,402,891 -
Acquisition of capital assets (14,033,396) (90,073) Proceed from sale of capital assets 36,900 - Net cash (used in) ca
pital and related financing activities (593,605) (90,073) CASH FLOWS FROM INVESTING ACTIVITIES:
Investment loss (191,401) (337,687)
Net cash (used in) investin
g activities (191,401) (337,687)
Net increase (decrease) in cash and cash equivalents 3,424,914 (97,204) CASH AND CASH EQUIVALENTS:
Beginning of yea
r 3,912,296 14,399,574
End of year 7,337,210$ 14,302,370 $
NET INCOME (LOSS) TO NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES:
Operating income (loss) (23,844,250)$ 1,362,219
Adjustments to reconcile operating income (loss) to net cash provided by (used in) operating activities:
Depreciation 6,459,585 364,848
Change in assets and liabilities:
(Increase) decrease in accounts receivable (74,994) - (Increase) decrease in prepaid items 14,701 (5,507) (Increase) decrease in net pension asset (1,236,024) 31,513 (Increase) decrease in net OPEB asset 252,101 (129,172) (Increase) decrease in deferred outflows of resources related to pensions 199,614 20,861 (Increase) decrease in deferred outflows of resources related to OPEB (64,211) (8,026) Increase (decrease) in accounts payable and accrued liabilities 2,415,120 400,168 Increase (decrease) in compensated absences 1,096 6,985 Increase (decrease) in claims and judgements - (1,765,286) Increase (decrease) in deferred inflows of resources related to pensions 765,091 79,957 Increase (decrease) in deferred inflows of resources related to OPEB (224,024) (28,004) Total adjustmen
t 8,508,055 (1,031,663)
Net cash provided by (used in) operating activities (15,336,195)$ 330,556 $ City of Santa Clarita
Statement of Cash Flows
Proprietary Funds
For the Year Ended June 30, 2022
See accompanying Notes to the Basic Financial Statements. 37 This page intentionally left blank.
38 FIDUCIARY FUND FINANCIAL STATEMENTS
39 This page intentionally left blank.
40 Pension (and Other
Employee Benefit) Private-Purpose
Trust Fund Trust Fund
Other Post Redevelopmen t
Employment Benefits Successor Custodial
("OPEB") Trust Fund Agenc y Funds
ASSETS
Cash and investments - $ 1,430,140 1,050,750 $ Interest receivable - 2,615 1,897 Contributions receivable - - 911,106 Due from other governments - 7,734,479 - Restricted:
Cash and investments - 21,579 - Cash and investments held with PARS:
Cash and cash equivalents 2,764,186 - - U.S. government issues 6,214,981 - - Corporate notes 5,583,690 - - Foreign issues 151,058 - - Municipal issues 375,645 - - Domestic common stocks 4,803,555 - - Foreign stocks 116,471 - - Mutual funds - equity 20,306,179 - - Mutual finds - fixed income 3,662,838 - - Interest 83,672 - - Cash and investments with fiscal agent - 1,159,343 2,927,444 Total assets 44,062,275 10,348,156 4,891,197
DEFERRED OUTFLOWS OF RESOURCES
Unamortized loss on refunding - 2,001,828 - Total deferred outflows of resources - 2,001,828 -
LIABILITIES
Accounts payable and accrued liabilities - 324 3,845 Interest payable - 302,116 - Long term liabilities, due within one year - 968,660 - Long term liabilities, due in more than one year - 46,424,177 - Total liabilities - 47,695,277 3,845
NET POSITION
Other post employment benefits 44,062,275 - - Individual, organizations, and other governments - (35,345,293) 4,887,352 Total net position (deficit) 44,062,275$ (35,345,293) $ 4,887,352 $ City of Santa Clarita
Statement of Fiduciary Net Position
Fiduciary Funds
June 30, 2022
See accompanying Notes to the Basic Financial Statements. 41 Pension (and Other
Employee Benefit) Private-Purpose
Trust Fund Trust Fund
Other Post Redevelopmen t
Employment Benefits Successor Custodial
(OPEB) Trust Fund Agenc y Funds
ADDITIONS:
Redevelopment property tax trust fund - $ 2,958,673$ - $ Special assessment from property owners - - 2,299,667 Employer contributions 301,000 - - Net investment loss (7,090,104) (55,563) (41,176) Total additions (6,789,104) 2,903,110 2,258,491 DEDUCTIONS:
Benefit payments to plan participants 1,326,369 - - Contractual services 105,844 4,638 30,767 Payments for debt services - 1,615,573 2,162,073 Payments to other governments - - 18,413 Total deductions 1,432,213 1,620,211 2,211,253 Change in net position (8,221,317) 1,282,899 47,238 NET POSITION:
Beginning of year, as restated (Note 22) 52,283,592 (36,628,192) 4,840,114 End of year 44,062,275 $ (35,345,293) $ 4,887,352 $ City of Santa Clarita
Statement of Changes in Fiduciary Net Position
Fiduciary Funds
For the Year Ended June 30, 2022
See accompanying Notes to the Basic Financial Statements. 42 43
NOTES TO THE BASIC FINANCIAL STATEMENTS
44 This page intentionally left blank.
City of Santa Clarita
Index to the Notes to the Basic Financial Statements (Continued) For the Year Ended June 30, 2022
45 Note 1 – Summary of Significant Accounting Policies ........................................................................... ........... 47
A. Financial Reporting Entity .................................................................................................................. 47 B. Basis of Accounting and Measurement Focus .................................................................................... 48 C. Cash, Cash Equivalents and Investments ............................................................................................ 51 D. Cash and Investments with Fiscal Agents ........................................................................................... 52 E. Fair Value Measurement ..................................................................................................................... 52 F. Interfund Transactions......................................................................................................... ................ 52 G. Allowance for Uncollectible Accounts ............................................................................................... 53 H. Prepaid Items ....................................................................................................................................... 53 I. Lease Receivable ................................................................................................................................. 53 J. Capital Assets ...................................................................................................................................... 54 K. Deferred Outflows and Inflows of Resources ..................................................................................... 55 L. Unearned and Unavailable Revenue ................................................................................................... 55 M. Long-Term Debt .................................................................................................................................. 55 N. Lease Liabilities .................................................................................................................................. 55 O. Compensated Absences ....................................................................................................................... 56 P. Claims and Judgements ....................................................................................................................... 56 Q. Pensions....................................................................................................................... ........................ 56 R. Other Postemployment Benefits (“OPEB”) ........................................................................................ 57 S. Property Taxes and Special Assessments ............................................................................................ 57 T. Net Position and Fund Balances .......................................................................................................... 58 U. Spending Policy ............................................................................................................... ................... 59 V. Use of Estimates .................................................................................................................................. 59 W. Implementation of New GASB Pronouncement ................................................................................. 59
Note 2 – Cash and Investments ............................................................................................................................ 60
A. Deposits ............................................................................................................................................... 60 B. Investments ................................................................................................................... ...................... 61 C. Investments Authorized by Debt Agreements..................................................................................... 62 D. Risk Disclosures .................................................................................................................................. 62 E. Fair Value Measurement ..................................................................................................................... 64 F. Local Agency Investment Fund (“LAIF”) .......................................................................................... 65 G. Loas Angeles County Pooled Investment Fund .................................................................................. 65 H. California Asset Management Program .............................................................................................. 65
Note 3 – Accounts Receivable .............................................................................................................................. 65
Note 4 – Loans Receivable .................................................................................................................................... 66
Note 5 – Due from Other Government ............................................................................................ ................... 66
Note 6 – Notes to RDA Successor Agency ........................................................................................................... 66
Note 7 – Lease Receivables ................................................................................................................................... 66
Note 8 – Interfund Transactions .......................................................................................................................... 67
A. Due From/To Other Funds .................................................................................................................. 67 B. Advances To/From Other Funds ......................................................................................................... 67 C. Transfers In/Out .................................................................................................................................. 69
Note 9 – Capital Assets ......................................................................................................................................... 70
A. Governmental Activities ....................................................................................................... .............. 70 B. Business-type activities ....................................................................................................................... 71
Note 10 – Deposit Payable .................................................................................................................................... 71 City of Santa Clarita
Index to the Notes to the Basic Financial Statements (Continued) For the Year Ended June 30, 2022
46 Note 11 – Long-Term Liabilities .......................................................................................................................... 72
A. Governmental Activities ....................................................................................................... .............. 72 B. Business-types Activities ................................................................................................................... 78 C. Fiduciary Funds ................................................................................................................................... 78 D. Non-City Obligation ............................................................................................................................ 80
Note 12 – Risk Management ................................................................................................................................ 81
A. Special Districts Risk Management Authority (“SDRMA”) .............................................................. 81 B. California Joint Powers Insurance Authority (“CJPIA”) .................................................................... 81 C. Claims and Judgments Payable ........................................................................................................... 83
Note 13 – Pension Plan ......................................................................................................................................... 83
A. General Information about the Pension Plan ....................................................................................... 83 B. Net Pension Liability ........................................................................................................................... 85 C. Changes in the Net Pension Liability .................................................................................................. 87 D. Pension Expense, Deferred Outflows and Inflows of Resources Related to Pensions ........................ 88
Note 14 – Other Postemployment Benefits (“OPEB”) ....................................................................................... 89
A. General Information about the OPEB Plan ......................................................................................... 89 B. Net OPEB Liability ............................................................................................................................. 90 C. Changes in the Net OPEB Liability .................................................................................................... 91 D. Cash and Investment Held in Trust ..................................................................................................... 93 E. Concentrations of Credit Risk ............................................................................................................. 93
Note 15 – Deferred Compensation Plan/Defined Contribution Plan ............................................................... 94
Note 16 – Developer Credits .............................................................................................................................. .. 94
Note 17 – Net Investment in Capital Assets ........................................................................................................ 94
Note 18 – Classification of Fund Balances .......................................................................................................... 95
Note 19 – Santa Clarita Watershed Recreation and Conservancy Authority ................................................. 96
Note 20 – Commitments and Contingencies ....................................................................................................... 96
A. Project Commitments .......................................................................................................................... 96 B. Encumbrances ..................................................................................................................................... 96 C. Contingencies ...................................................................................................................................... 97
Note 21 – Other Required Disclosure ........................................................................................... ...................... 97
A. Expenditures in Excess of Appropriation ............................................................................................ 97 B. Deficit Net Positions and Fund Balances ............................................................................................ 98
Note 22 – Restatement of Beginning Net Position and Fund Balance .............................................................. 98
Note 23 – Subsequent Events ............................................................................................................................... 99 City of Santa Clarita
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
47 Note 1 – Summary of Significant Accounting Policies
The basic financial statements of the City of Santa Clarita, California, (the “City”) have been prepared in accordance with accounting principles generally accepted in the Un ited States of America (“U.S. GAAP”) as applied to governmental agencies. The Governmental Accounting Standards Board (“GASB”) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The following is a summary of the significant policies:
A. Financial Reporting Entity
The City was incorporated on Decembe r 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 muni cipal services, either directly or under contract with the County of Los Angeles. Such servi ces include public safety (police and fire protection), building permit/plan approval, planning, community development, recreation, animal control, and street maintenance.
Component Units
The financial statements include the financial activities of the City of Santa Clarita, the primary government, and its component units. Component units are legally sep arate entities for which th e primary government is financially accountable. The City has two component units , the Santa Clarita Public Financing Authority (the “Authority”) and the Santa Clarita Public Television Aut hority (the “Television Authority), and one fiduciary component unit, the Other Post-Employment Benefits (“OPEB”) Plan Trust Fund.
Although these component units are legally separate from the City, they have been “blended” as though they are part of the City because the component units’ governing body is substantially the same as the City’s and there is a financial benefit or burden relationship between the City and the component units; management of the City has operational responsibilities for the component unit; and/or the component unit provides services entirely, or almost entirely, to the City or otherwise exclusively, or almost exclusively, benefits the City, even though it does not provide services directly to it. Management determined that the following component units should be blended based on the criteria above:
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 prope rty. On May 10, 2016, the City Council adopted Resolution 16-15 that removed the Successor Agency fro m the agreement and substituted the Santa Clarita Parking Authority. 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 relati onship. Therefore, the Authority is reported as a blended component unit in the City’s fina ncial statements. 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.
Santa Clarita Public Television Authority - The Santa Clarita Public Television Authority, California (the “Authority”) is a joint powers authority formed under the provision of Section 6500 of the California Government Code in 2009 by the City and the William S. Hart Union High School District. The primary purpose of the Television Authority is to produce local community ser vice programming. The Television Authority provides public affairs and informational programming, as well as providing programming services for local government, educational and public agency meetings. The following entities have joined the Authority: Saugus Union School District, Newhall School District, Sulfur Springs School District, Castaic Union School District, and College of the Canyons. The Authority 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 and Television Authority have a financial benefit or burden relationship; theref ore, the Television Authority is reported as a blended component unit in the City’s financial statements as speci al revenue fund. Separate fi nancial statements for the Television Authority are prepared and can be obtained from the City’s Finance Division.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
48 Note 1 – Summary of Significant Accounting Policies (Continued)
A. Financial Reporting Entity (Continued)
Other Post Employment Benefits (“OPEB”) Plan Trust Fund – In December 2011, the City Council approved Resolution 11-89, adopting the Publ ic Agencies Post-Retirement Health Care Plan Document and Trust Agreement. The OPEB Plan Trust is a tax-qualified irre vocable trust, organized under Internal Revenue Code (“IRC”) section 115, established to pre-fund OPEB, and legally separate from the City. The Plan Trustee is U.S.
Bank and the Trust Administrator is Public Agencies Retirement Services (“PARS”). The City has administrative involvement with the Plan, through City management and the City Council, in directing the use of assets to ensure benefits are paid to intended recipients. Further, as the City is required to contribute to the Plan. The OPEB Plan Trust Fund is reported as a fiduciary activity as the City has control of the trust assets and the activity is OPEB arrangement administered through a qualifying trust.
B. Basis of Accounting and Measurement Focus
The accounts of the City are organized on the basis of f unds, each of which is considered a separate accounting entity. The operations of each fund are accounted for by providing a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. City resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.
Government-Wide Financial Statements
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, including capital assets, as well as infrastructure assets, deferred outflows of resources, liabilities, including long-term liabilities, and deferred inflows of resources, are included in the accompanying St atement 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. On an accrual basis, revenue from sales taxes is recognized in the pe riod in which the taxable sale takes place. Revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. Eligibility requirements include timing requirements, which specify the year when the resources are required to be used or the year when use is first permitted, matching requirements, in which th e City must provide local resources to be used for a specified purpose, and expenditure requirements, in which the resources are provided to the City on a reimbursement basis. Fiduciary activities are not included in these statements.
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 in regards to in terfund activities, payables and receivables. All internal balances in the Statement of Net Position have been e liminated 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 Statemen t 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:
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
49 Note 1 – Summary of Significant Accounting Policies (Continued)
B. Basis of Accounting and Measurement Focus (Continued)
Government-Wide Financial Statements (Continued)
Due from and to other funds
Advances to and from other funds
Transfers in and out
Governmental Fund Financial Statements
A Balance Sheet and a Statement of Revenues, Expenditures and Changes in Fund Balances are presented for all major governmental funds and aggregated nonmajor funds. Accompanying schedules are presented to reconcile and explain the differences in fund balances as presented in these statements, to the net position presented in the government-wide financial statements. The City has presented all major funds that met the applicable criteria.
All governmental funds are accounted for on a spending or “current financial resources” measurement focus and the modified accrual basis of accounting. Accordingly, only current assets and current liabilities are included on the Balance Sheet. The Statement of Revenues, Expenditures and Change in Fund Balances presents increases (revenue and other financing sources) and decreases (expenditures and other financing uses) in net current assets.
Under the modified accrual basis of accounting, revenues are recognized in the accounting period in which they become both “measurable” and “available” to finance expenditures 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 nonexchange transaction revenues. Expenditures generally are recorded when a liability is in curred. However, debt service expe nditures, expenditures related to compensated absences, pension and othe r post-employment benefits, and the redemption of district credits are recorded only when payment is due.
Revenues are recorded when received in cash, except those revenues subject to accrual are recognized when due.
Property taxes, taxpayer-assessed tax revenues (e.g., franchise taxes, sales taxes, motor vehicle fees, etc.), net of estimated refunds and uncollectible amounts, and intergove rnmental revenues 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.
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 distri cts. This fund also acco unts for the issuance and redemption of district credits associated with the cont ribution 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.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
50 Note 1 – Summary of Significant Accounting Policies (Continued)
B. Basis of Accounting and Measurement Focus (Continued)
Governmental Fund Financial Statements (Continued)
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 Clar ita 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 maintena nce district. The City has elected the Landscape Maintenance District #1 Special Revenue Fund as a major fund for public interest purposes.
The American Rescue Plan Act Special Revenue Fund is used 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.
Additionally, the City reports the following governmental fund types:
The Special Revenue Funds are used to account for the proceeds of sp ecific 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).
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) are included on the Statement of Net Position. The Statement of Revenues, Expenses and Changes in Net Position presents 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 a nd 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.
A separate column representing internal service funds is also presented in these statements. However, internal service balances and activities have been combined with the governmental activities in the Government-Wide Financial Statements. The City’s internal service funds include three individual funds which provide services directly to other City funds. These areas of service in clude self-insurance, computer replacement, and vehicle replacement. These funds provide service to other City departments on a cost reimbursement basis.
The City reports the following major proprietary fund:
The Transit Enterprise Fund is used to account for the operation of the City’s local public transit bus system.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
51 Note 1 – Summary of Significant Accounting Policies (Continued)
B. Basis of Accounting and Measurement Focus (Continued)
Fiduciary Fund Financial Statements
Fiduciary fund financial statements include a Statement of Net Position and a Statement of Changes in Fiduciary Net Position. The City’s fiduciary funds represent an O PEB Plan trust fund, a private purpose trust fund, and custodial funds. These fiduciary funds are accounted for on the accrual basis of accounting. These fiduciary fund activity assets are controlled by the City and the assets are not derived 1) solely from the government’s own- source revenues or 2) from government-mandated no nexchange transactions or voluntary nonexchange transactions.
The City reports the following three types of fiduciary funds:
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 C ontroller for the repayment of th e 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 Custodial Funds are used to account for assets for the benefit of organizations or other governments that are not part of the City. In addition, the assets are not derived from the City’s provision of goods or services to those individuals, organizations, or other governments. 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:
Five funds are reported under the custodial fund type:
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) Santa Clarita Watershed Recreation and Conservancy Authority (the “Watershed Authority”) Fund
The Assessment District and Community Facilities District Custodial Funds were established to account for receipt of special taxes and assessments used to pay principal and interest on related bonds that are not direct City liabilities, as well as receipt and disbursement of capital project bond proceeds related to bonds that are not direct obligations of the City. The Watershed Authority Custodial Fund 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 Watershed Authority. The Watershed Authority holds land ( $9,937,976) and other cap ital assets ($60,204 net of accumulated depreciation). These amounts are excluded fro m the City’s custodial fund, but reported within the Watershed Authority’s financial statements.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
52 Note 1 – Summary of Significant Accounting Policies (Continued)
C. Cash, 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, an d 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 inte rnal cash management pool that maintains the general characteristics of a demand deposit account.
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 City participates in the Local Ag ency Investment Fund (“LAIF”), Los Angeles County Pooled Investment Fund (“LACPIF”), and the California Asset Management Program (“CAMP”), investment pool managed by the State of California, Los Angeles, County, and CAMP. LAIF has invested a portion of the pool funds in structured notes and asset-backed securities. LAIF's investments are s ubject to credit risk with the full faith and credit of the State of California collateralizing these investments. In addition, these struct ured notes and asset-backed securities are subject to market risk as a result of chang es in interest rates. All investments in LAIF, LACPIF, and CAMP are reported at amortized cost, which approximates fair value.
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
D. Cash and Investments with Fiscal Agents
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 absen ce 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.
E. Fair Value Measurement
U.S. GAAP defines fair value, establishes a framework for measuring fair value and establishes disclosure about fair value measurement. Investments, unless otherwise speci fied at fair value in the financial statements, are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Levels of inputs are as follows:
Level 1 – Inputs are unadjusted, quoted prices for id entical assets or liabilities in active markets at the measurement date.
Level 2 – Inputs, other than quoted prices included in Level 1, that are observable for the assets or liabilities through corroboration with market data at the measurement date.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
53 Note 1 – Summary of Significant Accounting Policies (Continued)
E. Fair Value Measurement (Continued)
Level 3 – Unobservable inputs that reflect manageme nt’s best estimate of what market participants would use in pricing the assets or liabilities at the measurement date.
F. Interfund Transactions
Outstanding short-term borrowing between funds are reported to as “due fro m/to other funds.” Interfund loans are reported as advances to and from other funds and are eliminated upon consolidation. Advances to other funds are presented as nonspendable in General Fund’s fund balance to indicate that they are not in a spendable form.
For all other funds, advances to other funds are presente d as restricted fund balance since monies collected in future years would be restricted. When there are residual balances outstanding between the governmental activities and business-type activities, they are reported in the government-wide financial statements as "internal balances."
Interfund services provided are treated as revenues and expenses. Administrative overhead charges included with centralized expenses charged by the General Fund are in cluded in the direct expenses of enterprise activities.
Reimbursements occur when one fund incurs a cost, charges the appropriate benefiting fund and reduces its related cost as a reimbursement. All other interfund transactions are treated as transfers. Transfers between governmental or between proprietary funds are eliminated as part of the reconciliation to the government-wide financial statements. Any residual balances outstandi ng between governmental and business-type activities are reported in the government-wide financial statements as “transfers.”
G. Allowance for Uncollectible Accounts
Allowances for uncollectible accounts are maintained on cust omer 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.
H. Prepaid Items
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 by using purchase method. A nonspendable fund balance has been reported in the governmental funds to show that the prepaid items do not constitute “available spendable resources,” even though they are a component of current assets.
I. Lease Receivable
The City is a lessor for leases of land and recognizes lease s receivable and deferred inflows of resources in the financial statements. Variable payments based on futu re performance or usage of the underlying asset are not included in the measurement of the lease receivable.
At the commencement of a lease, the le ase receivable is measured at the pre sent value of payments expected to be received during the lease term. The City establishe d a threshold of $100,0 00 for lease receivables.
Subsequently, the lease receivable is reduced by the pr incipal portion of lease payments received. The deferred inflows of resources are initially measured as the initial amount of the lease receivable, adjusted for lease payments received at or before the lease commencemen t date. Subsequently, the deferred inflows of resources are recognized as revenue over the life of the lease term in a systematic and rational method.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
54 Note 1 – Summary of Significant Accounting Policies (Continued)
I. Lease Receivable (Continued)
Key estimates and judgments include how the City dete rmines (1) the discount rate it uses to discount the expected lease receipts to present value, (2) lease term, and (3) lease receipts.
The City uses incremental borrowing rate (IBR) provid ed by the financial institution at July 1, 2021 for existing leases or the current rate at the time a new lease is executed. The lease term includes the noncancelable period of the lease plus any option periods that are likely to be exercised.
Lease receipts included in the measurement of the lease receivable is composed of fixed payments from the lessee.
The City monitors changes in circumstances that would require a remeasurement of its lease and will remeasure the lease receivable and deferred inflows of resources if certain changes occur that are expected to significantly affect the amount of the lease receivable.
J. Capital Assets
In the Government-Wide Financial Statements, capital asset s are recorded at cost wh ere historical records are available and at an estimated original cost where no historical records exist. Donated capital assets are valued at their acquisition value. Capital assets, which include land, site improvements, buildings and improvements, and equipment and infrastructure assets. General infrastructure assets consist of roads, curbs and gutters, sidewalks, medians, street signs, bus shelters, bridges, trails, tra ffic signals, and storm drains/catch basins. City policy has set the capitalization threshold for reporting capital assets with an initial cost of more than $25,000 for site improvements and building improvements, $100,000 for infrastructure and $5,000 for all other capital assets and an estimated useful life in excess of one year. 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:
Assets Years
Site Improvement 5-25
Building and Improvements 5-50
Equipment 5-25
Infrastructure 20-60
The governmental fund financial statements do not presen t capital assets. Instead, capital assets purchases are reported as capital outlay expenditures or other functiona l 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.
The City established a threshold to recognize a right ‐to‐use lease asset (lease asset) in the government ‐wide financial statements and proprietary fund financial statements for a leased asset over $100,000. Lease assets are recorded at the amount of the initial measurement of the lease liabilities and adjusted by any lease payments made to the lessor at or before the commencement of the lease term, less any lease incentives received from the lessor at or before the commencement of the lease term along w ith any initial direct costs that are ancillary charges necessary to place the lease assets into service. Lease assets are amortized using the straight-line method over the shorter of the lease term or the useful life of the underlying asset, unless the lease contains a purchase option that the City has determined is reasonably certain of being exercised. In this case, the lease asset is amortized over the useful life of the underlying asset.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
55 Note 1 – Summary of Significant Accounting Policies (Continued)
K. Deferred Outflows and Inflows of Resources
The statement of net position reports separate sections for deferred outflows of resources and deferred inflows of resources, when applicable.
Deferred Outflows of Resources represent a consumption of net position that apply to future periods.
Deferred Inflows of Resources represent an acquisition of net position that apply to future periods.
L. Unearned and Unavailable Revenue
Unearned revenue is reported for transactions for which revenue has not yet been earned. Typical transactions recorded as unearned revenues are grant revenues received in advance.
In the governmental fund financial st atements, unavailable revenue is repor ted when transactions have not yet met the revenue recognition criteria based on the modifi ed accrual basis of accounting. The City reports unavailable revenue when an asset is reported in governmen tal fund financial statements but the revenue is not available.
M. Long-Term Debt
In the Government-Wide Financial Statements, Propri etary Fund Financial Statements, and Fiduciary Fund Financial Statements, long-term debt and other long-term obligations are reported as liabilities in the appropriate activities. Bonds payable are reported net of the app licable bond premium or discount. Debt issuance costs except for any portion related to prep aid insurance are recognized as expens e in the period incurred. Premiums or discounts not considered as part of the reacquisition price are amortized over the life of the bond.
The governmental fund financial statements do not present long-term debt and other financed obligations. The face amount of debt issued is reported as other fina ncing sources. Premiums received on debt issuances are reported as other financing sources while discounts on de bt 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 Governme ntal Funds Balance Sheet to the Statement of Net Position.
N. Lease Liabilities
The City recognizes lease liabilities with an initial, individual value of $100,000 or more with a lease term greater than one year in the government-wide and proprietary f und financial statements. Variable payments based on future performance of the lessee or usage of the underlying asset are not included in the measurement of the lease liability.
At the commencement of a l ease, the City initially measures the lease liability at the present value of payments expected to be made during the lease term. Subsequently, the lease liability is reduced by the principal portion of lease payments made.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
56 Note 1 – Summary of Significant Accounting Policies (Continued)
N. Lease Liabilities (Continued)
Key estimates and judgments related to leases include how the City de termines (1) the discount rate it uses to discount the expected lease payments to present value, (2) lease term, and (3) lease payments.
The City uses incremental borrowing rate provided by the financial institution at July 1, 2021 for existing leases or the current rate at the time a new lease is executed.
The lease term includes the noncancellable period of the lease. Lease payments included in the measurement of the lease liability are composed of fixed payments and purchase option price that the City is reasonably certain to exercise.
Lease payments included in the measurement of the lease payable is composed of fixed payments to the lessor.
The City monitors changes in circumstances that would require a remeasurement of its lease and will remeasure any lease asset and liability if certain changes occur that are expected to significantly affect the amount of the lease liability.
O. Compensated Absences
It is the City’s policy to permit employees to accumula te 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).
P. Claims and Judgments
When it is probable that a claim lia bility 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.
Q. Pensions
For purposes of measuring the net pe nsion liability, deferred outflows of resources a nd deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the plans and additions to/deductions from the plans’ fiduciary net position have been determined on the same basis as they are reported by the plans. For this purpose, benefit paymen ts (including refunds of employee contributions) are recognized when due and payable in accordance with benefit terms. Investments are reported at fair value.
General Fund and special revenue funds are typically used to liquidate pension liabilities for governmental funds.
The following time frames are used for pension reporting:
Valuation Date June 30, 2020
Measurement Date June 30, 2021
Measurement Period July 1, 2020 to June 30, 2021
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
57 Note 1 – Summary of Significant Accounting Policies (Continued)
Q. Pensions (Continued)
Gains and losses related to changes in total pension liability and fiduciary net position are recognized in pension expense systematically over time. The first amortized amounts are recognized in pension expense for the year the gain or loss occurs. The remaining amounts are categor ized as deferred outflows and deferred inflows of resources related to pensions and are to be recognized in future pension expense. The amortization period differs depending on the source of the gain or loss. The diffe rence between projected and actual earnings is amortized straight-line over 5 years. All other amounts are amortized straight-line over the av erage expected remaining service lives of all members that are provided with benefits (active, inactive, and retired) as of the beginning of the measurement period.
R. Other Postemployment Benefits (“OPEB”)
For the purpose of measuring the net OPEB liability, defe rred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the City’s OPEB Plan and additions to/deductions from the OPEB Plan’s fiduciary net position have been determined on the same basis as they are reported by the Plan. For this purpose, the OPEB Plan recognizes benefit payments when due and payable in accordance with the benefit terms. Investments are reported at fair value, except for money market investments, which are reported at amortized cost.
General Fund and special revenue funds are typically used to liquidate OPEB liabilities for governmental funds.
The following timeframes are reported OPEB reporting:
Valuation Date June 30, 2020
Measurement Date June 30, 2022
Measurement Period July 1, 2021 to June 30, 2022
Gains and losses related to changes in total OPEB liab ility and fiduciary net position are recognized in OPEB expense systematically over time. The first amortized amounts are recognized in OPEB expense for the year the gain or loss occurs. The remaining amounts are categor ized as deferred outflows and deferred inflows of resources related to OPEB and are to be recognized in future OPEB expense. The amortization period differs depending on the sources of gain or loss. The difference between projected and actual earnings is amortized on a straight-line basis over 5 years. All other amounts are amortized on a straight-line basis over the average expected remaining service lives of all members that are provided with benefits (active, inactive, and retired) at the beginning of the measurement period.
S. Property Taxes and 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 inst allments on November 1 a nd February 1; however, no penalties or interest are assessed until December 10 a nd April 10, respectively. These taxes are determined annually based on property values, subject to limits b ased 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 Reve nue Fund. Property taxes on certain registered motor vehicles are assessed and collected thro ughout the year. Special assessments are reported in the City’s Special Assessment Special Revenue Fund.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
58 Note 1 – Summary of Significant Accounting Policies (Continued)
S. Property Taxes and Special Assessments (Continued)
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.
T. Net Position and Fund Balances
In the Government-Wide Financial Statements and proprietary fund financial statements, net position is classified as follows:
Net Investment in Capital Assets – This component of net position of capital assets, net of accumulated depreciation, reduced by the outstanding balances of a ny 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 component of net positi on consists of restricted assets reduced by liabilities and deferred inflows of resources related to those assets.
Unrestricted – This component of net position is the amount of the assets, deferred outflows of resources, liabilities, and deferred inflows of resources that are not included in the determination of net investment in capital assets or the restricted component of net position.
In the Governmental Fund Financial Statements, fund balances are classified as follows:
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 bo rrowings; 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 in cludes externally imposed restrictions by creditors, such as through debt covenants, grantors, contributors, laws or regulations of other government s, 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 bi nding 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 purpo se. 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 Ge neral 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.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
59 Note 1 – Summary of Significant Accounting Policies (Continued)
T. Net Position and Fund Balances (Continued)
However, in governmental funds other than the Genera l 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 J une 30, 2022, the balan ce totaled $19,820,000, which is included in the unassigned fund balance in the General Fund.
U. Spending Policy
Government-Wide Financial Statements and the Proprietary Fund Financial Statements
When expenses are incurred for purpo ses for which both restricted and unrestricted components of net position are available, the City’s policy is to apply the restricted component of ne t position first, then the unrestricted component of net position as needed.
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, ex cept for instances wherein an ordinance specifies the fund balance:
Restricted
Committed
Assigned
Unassigned
V. Use of Estimates
The preparation of the basic financial statements in c onformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
W. Implementation of New GASB Pronouncement
In June 2017, GASB issued Statement No. 87, Leases (GASB Statement No. 87), to better meet the information needs of financial statement users by improving accoun ting and financial reporting for leases by governments.
This Statement increases the usefulness of governments’ financial statements by requiring recognition of certain lease assets and liabilities for leases that previously were classified as operating leases and recognized as inflows of resources or outflows of resources based on the paymen t provisions of the contract. It establishes a single model for lease accounting based on the foundational principl e that leases are financings of the right to use an underlying asset. Under this Statement, a lessee is requir ed to recognize a lease liability and an intangible right- to-use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of resources, thereby enhancing the relevance and consistency of informa tion about governments’ leasing activities. The effective date of GASB Statement No. 87 (as amended by GASB Statement No. 95) is for fiscal years beginning after June 15, 2021. Implementation of this Statement resulted in restatement of beginning balance of lease assets (Note 9) and lease liabilities (Note 11) at July 1, 2021.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
60 Note 2 – Cash and Investments
The City had the following cash and investments at June 30, 2022:
Fiduciary
Fund
Governmental Business-Type Statement of
Activities Activities Net Position Total
Cash and investments 402,871,984 $ 7,337,210 $ 2,480,890 $ 412,690,084 $ Restricted cash and investments 5,284,317 - 48,170,641 53,454,958 Total cash and investments 408,156,301$ 7,337,210 $ 50,651,531 $ 466,145,042 $ Government-Wide
Statement of Net Position
The City’s cash and investments at June 30, 2022, in more detail:
Deposits with financial institutions 113,862,730 $
Cash on hand 2,993
Total cash 113,865,723
Investments 298,902,862
Investments with fiscal agent 7,308,500
Investment with PARS 46,067,957
Total inv estments 352,279,319
Total cash and inv estments 466,145,042$
A. Deposits
The carrying amounts of the City’s demand deposits were $113,862,730 at June 30, 2022. Bank balances at that date were $116,127,663 the total am ount of which was collateralized or insured with accounts held by the pledging financial institutions in the City’s name as discussed below.
Cash and Investments with PARS related to the City’s OPEB Trust are disclosed in Note 14.
The California Government Code requires California banks and savings and loan associations to secure the City’s cash deposits by pledging securities as collateral. This C ode states that collateral pledged in this manner shall have the effect of perfecting a security interest in such collateral superior to those of a general creditor. Thus, collateral for cash deposits is considered to be held in the City's name.
The market value of pledged securities must equal at least 110% of the City's cash deposits. California law also allows institutions to secure City deposits by pledging first trust deed mortgage notes having a value of 150% of the City’s total cash deposits. The City may waive collateral requirements for cash deposits, deposits, which are fully insured up to $250,000 by the Federal Deposit Insurance Corporation (“FDIC”). The City did not waive the collateral requirement for deposits insured by FDIC.
The City follows the practice of pooling cash and investme nts of all funds, except for funds required to be held by fiscal agents under the provisions of bond indentures. Interest income earned on pooled cash and investments is allocated on an accounting period basis to the vari ous funds based on the period-end cash and investment balances. Interest income from cash and investments with fiscal agents is credited directly to the related fund.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
61 Note 2 – Cash and Investments (Continued)
B. Investments
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:
Ma x i m um Ma x i m um
Maximum Percentage Investments in
Authorized Investment Type Maturity Allowed * One Issuer ** Local Agency Bonds 5 years Non e 5%
U.S. Treasury Obligations 5 years None None
State of California Obligations 5 years None 5%
California Local Agency Obligations 5 years None 5%
U.S. Governmental-Sponsored Enterprise securities 5 years None None Supernationals/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 None None
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) N/A None None Los Angeles County Pooled Investment Fund (LACPIF) N/A None None State of California Local Agency Investment Fund (LAIF) N/A Maximum amount
permitted per
California State
Treasurer
None
N/A - Not Applicable
* Excluding amounts held by bond trustees that are 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 funds may have no more than 10 percent invested in any one mutual fund.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
62 Note 2 – Cash and Investments (Continued)
C. Investments Authorized by Debt Agreements
Investments of debt proceeds held by bond trustees ar e 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.
Ma x i m um Ma x i m um
Maximum Percentage Investments in
Authorized Investment Type Maturity Allowed * 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. Risk Disclosures
Interest Rate Risk - As a means of limiting its exposure to fair valu e losses arising from rising interest rates, the City’s investment policy limits investments to a maximum maturity of five years. At June 30, 2022, the City had the following investment maturities:
12 Months 13-24 25-60
Investment Type or Less Months Months Total
Local Agency Investment Fund 73,681,868$ - $ - $ 73,681,868$ California Asset Management Program
(CAMP) 15,054,701 - - 15,054,701 Los Angeles County Pooled Investment
Fund (LACPIF) 31,659,450 - - 31,659,450 Money Market Funds 392,557 - - 392,557 United States Government Sponsored
Enterprise Securities 1,137,321 13,873,031 32,513,215 47,523,567 US Treasury Bills - 17,203,500 63,544,977 80,748,477 Collat eraliz ed M ort gage Obligat ion 831,974 733,259 39,684 1,604,917 Asset Backed Securities 100,886 633,969 2,030,242 2,765,097 Corporate Notes 4,918,949 7,695,070 17,697,446 30,311,465 Negotiable Certificates of Deposit 4,972,155 - 1,371,678 6,343,833 Municipal Bonds - 2,346,879 2,574,612 4,921,491 Supranational Obligations - 1,310,809 2,584,630 3,895,439 Investment with PARS 33,817,883 257,826 11,992,248 46,067,957 Restricted with Fiscal Agent:
Money Market Funds 7,308,500 - - 7,308,500 Total 173,876,244$ 44,054,343 $ 134,348,732 $ 352,279,319 $ Remaining Maturity (In Months)
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
63 Note 2 – Cash and Investments (Continued)
D. Risk Disclosures (Continued)
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 assi gnment of a rating by a nationally recognized statistical rating organization. Presented below is the minimum rating required by (where applicable) the California Government Code, the City’s investment policy, or de bt agreements, and the actual rating, by Standard and Poor’s and Moody’s at June 30, 2022 for each investment type:
Fair Value M inimum Not Required
at Legal to be
Investment Type June 30, 2022 Rating AAA Others Not Rated Rated Local Agency Investment Fund 73,681,868$ N/A - $ - $ - $ 73,681,868$ California Asset Management Program
(CAMP) 15,054,701 N/A - - - 15,054,701 Los Angeles County Pooled Investment
Fund (LACPIF) 31,659,450 N/A - - - 31,659,450 Money Market Funds 392,557 AAA 392,557 - - - United States Government Sponsored
Enterprise Securities 47,523,567 N/A 47,523,567 - - - US Treasury Bills 80,748,477 N/A 80,748,477 - - - Collateralized Mortgage Obligation 1,604,917 AA 1,604,917 - - - Asset Backed Securities 2,765,097 AA- 2,765,097 - - - Corporate Notes 30,311,465 A- - 30,303,465 8,000 - Negotiable Certificates of Deposit 6,343,833 N/A - 6,343,833 - - Municipal Bonds 4,921,491 A 1,054,867 3,866,624 - - Supranational Obligations 3,895,439 AA- 3,895,439 - - - Investment with PARS 46,067,957 N/A 3,476,450 4,642,904 37,948,603 - Restricted with Fiscal Agent: -
Money Market Funds 7,308,500 N/A - - - 7,308,500 Total 352,279,319$ 141,461,371 $ 45,156,826 $ 37,956,603 $ 127,704,519 $ N/A - Not Required
* Included in corporate notes is an investment in Lehman Brothers, which is not rated as of June 30, 2022. 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 r eceive when the investment is redeemed. As of June 30, 2022, this investment is recorded at $8,000.
The actual rating for the “Others” Category above as follows:
Investment Type AA A BBB Total
Corporate Notes 6,421,228 $ 23,882,237 $ - $ 30,303,465$ Negotiable Certificates of Deposit - 6,343,833 - 6,343,833 Municipal Bonds 3,866,624 - - 3,866,624 Investment with PARS 234,906 1,441,368 2,966,630 4,642,904 Total 10,522,758$ 31,667,438 $ 2,966,630 $ 45,156,826 $
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. At June 30, 2022, the following investment represent 5% or more of total City investments:
Issuers Investment Type Amount Percentage
Federal National Mortgage Association US Government Sponsored Enterprise Securities 37,025,639$ 12% City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
64 Note 2 – Cash and Investments (Continued)
D. Risk Disclosures (Continued)
Custodial Credit Risk – The Custodial credit risk for deposits is the risk that, in the even t of the failure of a depository financial institution, a government will not be able to recove r deposits or will not be able to recover collateral securities that are in the possession of a third party. The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty to a transaction, a government will not be able to recover the value of investment or collateral securities that are in the possession of the third part y. At June 30, 2022, none of the City’s deposits or investments were exposed to custodial credit risk.
E. Fair Value Measurement
At June 30, 2022, investments are reported at fair value. The following table presents the fair value measurements of investments on a recurring basis and the levels with GASB 72 fair value hierarchy in which the fair value measurements fall at June 30, 2022:
Quoted Prices in Active Significant
Market for Identical Other Observable
Investment Type Assets (Level 1) Inputs (Level 2) Uncategorized Total Local Agency Investment Fund - $ - $ 73,681,868$ 73,681,868 $ California Asset Management Program
(CAMP) - - 15,054,701 15,054,701 Los Angeles County Pooled Investment
Fund (LACPIF) - - 31,659,450 31,659,450 Money Market Funds - - 392,557 392,557 United States Government Sponsored
Enterprise Securities - 47,523,567 - 47,523,567 US Treasury Bills 80,748,477 - - 80,748,477 Collateralized Mortgage obligation - 1,604,917 - 1,604,917 Asset Backed Securities - 2,765,097 - 2,765,097 Corporate Notes - 30,311,465 - 30,311,465 Negotiable Certificates of Deposit - 6,343,833 - 6,343,833 Municipal Bonds - 4,921,491 - 4,921,491 Supernational Obligations - 3,895,439 - 3,895,439 Investment with PARS - 46,067,957 - 46,067,957 Restricted with Fiscal Agent:
Money Market Funds - - 7,308,500 7,308,500 Total 80,748,477$ 143,433,766 $ 128,097,076 $ 352,279,319 $ Measurement Input
Deposits and withdrawals related to the investments in LAIF, LACPIF, CAMP, and money market funds are valued on amortized cost, which approximates fair valu e. Accordingly, under the fair value hierarchy these investments are uncategorized.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
65 Note 2 – Cash and Investments (Continued)
F. Local Agency Investment Fund (“LAIF”)
The City is a participant in LAIF which is regulat ed by California Government Code Section 16429 under the oversight of the Treasurer of the State of California. The City’s investments with LAIF at June 30, 2022, included a portion of the pool funds invested in Structured Notes and Asset-Backed Securities:
Structured Notes : debt securities (other th an asset-backed securities) whose cash flow characteristics (coupon rate, redemption amount, or stated maturity) de pend 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 principa l and interest repayments from a pool of mortgages (for example, Collateralized Mortgage Obligations) or credit card receivables.
As of June 30, 2022, the City had $73,681,868 invested in LAIF, which had invested 1.88% of the pool investment funds in Structured Notes and Asset-Backed Securities. Th e fair value of the City’s portion in the pool is the same as the value of the pool shares and is reported at amortized cost. LAIF is overseen by the Local Agency Investment Advisory Board, which consists of five me mbers, in accordance with State statute. LAIF is not registered with the Securities and Exchange Commission and is not rated.
G. Los Angeles County Pooled Investment Fund
The LACPIF is a pooled investment fund program gove rned 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 is reported at amortized cost.
As of June 30, 2022, the City had $31,659,450 invested in the LACPIF.
H. California Asset Management Program
The City is a voluntary participant in a CAMP, a Joint Powers Authority (“JPA”) investment pool, which is a permitted investment under California G overnment 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, 2022, the City had $15,054,701 invested in the CAMP.
Note 3 – Accounts Receivables
Accounts receivable as of June 30, 2022, including allowances for uncollectible accounts, is as follows:
Nonmajor Transit
General Public Landscape Governmental Enterprise
Fund Library Maintenance Funds Fund
Gross receivables 462,944 $ 35 $ 26,966$ 336,480 $ 76,295 $ Less: Allowance of uncollectibles (191,753) - - (77,100) - Account receivables, net 271,191 $ 35 $ 26,966$ 259,380 $ 76,295 $ Special Revenue Funds
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
66 Note 4 – Loans Receivable
The loans receivable balance in the gov ernmental funds totaled $2,180,069 at June 30, 2022. The majority of the balance is related to deferred-payment rehabilitation loans to qualified homeo wners in connection with Community Development Block Grant and HOME rehabilitation programs.
Note 5 - Due from Other Government
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 afte r January 1, 2011. As a resu lt of this review, the SCO concluded that assets transferred after January 1, 2011 , included unallowable transf ers 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 Successo r Agency as of February 2015. The City has transferred certain assets to the Successor Agency. As of June 30, 2022, $7,734,479 of these unallowable transfers remains due from the City to the Successor Agency Private Purpose Trust Fund.
Note 6 – 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 transfe rred to the RDA Successor Agency upon dissolution. During the fiscal year ended June 30, 2015, the California Department of Finan ce (“DOF”) approved final loan amounts from the General Fund and Developer Fees Special Reve nue 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. From the fiscal year ende d June 30, 2016 and thereafter, the loan amounts will increase by the 3 percent interest only. As of June 30, 2022, the loan amounts reported in the General Fund and Developer Fees Special Revenue Fund was $5,237,565 and $5,319,886, respectively. In addition, the unpaid accrued interests of these notes are $3,470,860 and $2,069,959, respectively, which are included in the note balance.
Note 7 – Lease Receivables
Lease receivable consists of agreements with other for the right–to–use of the unde rlying assets for land owned by the City at various location. The remaining terms of th e agreements range from 7 to 20 years. The incremental borrowing rates used was 0.165%. For the year ended June 30, 2022, the City recognized $271,816 in lease revenue and $15,691 in lease interest revenue fo r General Fund. The outstanding lease receivable is in the amount of $3,958,012 for General Fund.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
67 Note 7 – Lease Receivable (Continued)
The future receipts for these leases, including interest, are as follows:
Year Ending
June 30, Principal Interest Total
2023 268,267$ 16,092 $ 284,359 $
2024 269,324 15,035 284,359
2025 270,386 13,973 284,359
2026 271,452 12,907 284,359
2027 272,524 11,836 284,360
2028-2032 1,181,006 43,712 1,224,718 2033-2037 971,078 20,014 991,092 2038-2042 453,975 4,002 457,977 Total 3,958,012$ 137,571 $ 4,095,583 $
Note 8 – Interfund Transactions
A. Due From/To Other Funds
At June 30, 2022, the City had the following due from/to other funds:
Due to Other Funds:
Nonmajor Governmental Funds 4,471,424 $
Due from Other fund
General Fund
The above amounts resulted from temporary reclassifications made at June 30, 2022 to cover cash shortfalls.
B. Advances To/From Other Funds
At June 30, 2022, the City had the following advances:
Advances from Other Funds General Fund Developer Fees Total Bridge and Thoroughfare 5,989,211 $ 133,442 $ 6,122,653 $ 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 r esources of the Bridge and Thoroughfare Special Revenue Fund. There is no fixed repayment schedule. At June 30, 2022, the amount of the advance outstanding is $609,569.
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, 2022, the amount of the advance outstanding is $1,068,701.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
68 Note 8 – Interfund Transactions (Continued)
B. Advances To/From Other Funds (Continued)
Bridge and Thoroughfare (Continued)
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 extensi on. 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 sch edule. At June 30, 2022, the amount of the advance outstanding is $618,266.
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 th e yield of the average monthly investme nt portfolio and will be repaid with future available resources of the Bridge and Thoroughf are Special Revenue Fund. The payments are payable in separate annual installments over an eight-year peri od beginning January 2017 and ending June 2025. At June 30, 2022, the amount of the advance outstanding is $1,579,853.
In May 28, 2019, the General Fund advanced the Bri dge and Thoroughfare Special Revenue Fund $2,000,000 for the onsite construction of the new Santa Clarita Va lley 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 av ailable resources of the Bridge and Thoroughfare Special Revenue Fund. There is no fixed repayment schedule. At June 30, 2022, the amount of the advance outstanding is $2,112,822.
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 th e 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, 2022, the amount of the advance outstanding is $133,442.
Public Library
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 Reve nue Fund. During the year ended June 30, 2022, the principal amount of the advance was fully paid off.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
69 Note 8 – Interfund Transactions (Continued)
C. Transfers In/Out
During the year ended June 30, 2022, the City had the following transfers in/out:
Enterprise Fund
Landscape Nonmajor Transit
General M aintenance Governmental Enterprise
Transfers out Fund District #1 Funds Fund Total
General Fund - $ 10,000$ 15,288,008$ - $ 15,298,008$ Developer Fee Fund 131,441 - - - 131,441 Landscape Maintenance District #1 Fund 110,539 - 17,000 - 127,539 Nonmajor Governmental Funds 1,528,212 - 2,275,738 8,336,691 12,140,641 Transit Enterprise Fund 235,184 - 3,689 - 238,873 Total 2,005,376$ 10,000 $ 17,584,435$ 8,336,691 $ 27,936,502 $ Governmental Funds
Transfers in
The General Fund made transfers of $15,288,008 to the nonmajor governmental funds mainly for the following:
Areawide Special Revenue Fund for $11,222,174 to provide for urban forestry and parks and parks facilities maintenance
General Capital Projects funds for capital improvement projects for $959,705 Public Financing Authority Debt Service Fund fo r debt service payments for the 2016 Lease Revenue Bonds, Series A (Golden Valley Road), 2019 Lease Revenue Bonds (Sheriff Station),2020 Lease Revenue Bonds, Series A (Recreational Facility ) and 2020 Lease Revenue Bonds, Series A-T (Recreational Facility), in the amount of $2,833,440.
The Developer Fees Special Revenue Fund made transfers to the General Fund for administrative costs for $131,441.
The Landscape Maintenance District #1 Special Revenue Fund, the nonmajor governmental funds and the Transit Enterprise Fund made transfers to the General Fund fo r the pension unfunded accrue d liability contribution in the amount of $1,116,878.
The nonmajor governmental funds (Traffic Safety Speci al Revenue Fund) transfe rred $500,057 to the General fund for traffic safety expenditures.
Transfers within the nonmajor governmental funds are mainly for debt service payments for the 2016 Lease Revenue Refunding Bonds, Series B (OSPD), the 2018 Lease Revenue Bonds, Series A (Streetlights) and 2018 Taxable Lease Revenue Bonds, Series B (Streetlights), in the amount of $1,645,769.
The nonmajor governmental funds (Proposition A a nd Proposition C Special Re venue Funds) transferred $8,336,691 to Transit Funds to fund the transit operation.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
70 Note 9 – Capital Assets
A. Governmental Activities
A summary of changes in the capital assets for the governmental activities for the year ended June 30, 2022 is as follows:
Balance
July 1, 2021 Balance
(As Restated) Transfers Additions Deletions June 30, 2022 Capital assets, not being depreciated:
Land 263,001,440 $ (24,559,030) $ 24,835,670 $ (4,391,283) $ 258,886,797 $ Construction in progress 134,762,286 (129,246,008) 28,990,005 (680,524) 33,825,759 Total capital assets, not being depreciated 397,763,726 (153,805,038) 53,825,675 (5,071,807) 292,712,556 Capital assets, being depreciated:
Site improvements 51,359,147 18,236,605 6,812,269 (393,916) 76,014,105 Building improvements 72,766,640 132,056,153 3,112,371 - 207,935,164 Equipment 16,061,386 383,073 620,278 (1,237,467) 15,827,270 Infrastructure 1,055,540,865 3,129,207 17,060,308 - 1,075,730,380 Total capital assets, being depreciated 1,195,728,038 153,805,038 27,605,226 (1,631,383) 1,375,506,919 Less accumulated depreciation for:
Site improvements (23,539,872) - (5,049,888) - (28,589,760) Building improvements (26,638,645) - (4,118,165) - (30,756,810) Equipment (10,748,489) - (1,190,955) 792,803 (11,146,641) Infrastructure (423,517,493) - (21,432,943) - (444,950,436) Total accumulated depreciation (484,444,499) - (31,791,951) 792,803 (515,443,647) Total capital assets, being depreciated, net 711,283,539 153,805,038 (4,186,725) (838,580) 860,063,272 Lease assets, being amortized:
Intangible asset - right of use 1,202,745 - - - 1,202,745 Accumulated amortization - - (332,988) - (332,988) Total lease assets, being amortized, net 1,202,745 - (332,988) - 869,757 Governmental activities capital assets, net 1,110,250,010$ - $ 49,305,962$ (5,910,387) $ 1,153,645,585$
Depreciation and amortization expense was charged to functions of the governmental activities for the year ended June 30, 2022 as follows:
General government 1,453,866 $
Public safety 748,154
Recreation and community service 6,573,669
Neighborhood services 947,684
Public works 575,949
Community development 27,824
Internal service funds depreciation 364,850
Allocated depreciation 10,691,996
Unallocated infrastructure depreciation 21,432,943
Total depreciation expense - governmental activities 32,124,939$
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
71 Note 9 – Capital Assets
B. Business-Type Activities
A summary of changes in the capital assets for the business-type activities for the year ended June 30, 2022 is as follows:
Balance Balance
July 1, 2021 Transfers Additions Deletions June 30, 2022 Capital assets, not being depreciated:
Land 15,087,880 $ - $ - $ - $ 15,087,880$ Construction in progress 10,328,640 (4,158,035) 7,950,696 - 14,121,301 Total capital assets, not being depreciated 25,416,520 (4,158,035) 7,950,696 - 29,209,181 Capital assets, being depreciated:
Site improvements 12,941,276 - - - 12,941,276 Building improvements 41,656,101 3,945,825 - - 45,601,926 Equipment 65,616,370 212,210 6,082,700 (3,112,561) 68,798,719 Total capital assets, being depreciated 120,213,747 4,158,035 6,082,700 (3,112,561) 127,341,921 Less accumulated depreciation for:
Site improvements (5,536,475) - (568,220) - (6,104,695) Building improvements (15,466,011) - (980,520) - (16,446,531) Equipment (36,604,271) - (4,910,845) 3,112,561 (38,402,555) Total accumulated depreciation (57,606,757) - (6,459,585) 3,112,561 (60,953,781) Total capital assets, being depreciated, net 62,606,990 4,158,035 (376,885) - 66,388,140 Business-type activities capital assets, net 88,023,510$ - $ 7,573,811$ - $ 95,597,321$
Depreciation and amortization expense was charged to functions of the business-type activities for the year ended June 30, 2022 as follows:
Transit enterprise fund 6,459,585
Note 10 - Deposit 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 th e eligibility requirements for revenue re cognition have not been met. As of June 30, 2022, deposits payable were as follows:
General Fund:
Deposits from developers 2,356,684$
Other deposits payable 951,504
Total deposits payable 3,308,188$
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
72 Note 11 – Long-Term Liabilities
A. Governmental Activities
A summary of changes in long-term liabilities for governmental activities for the year ended June 30, 2022 is as follows:
Balance
July 1, 2021 Balance Due within Due in More
(As Restated) Additions Deletions June 30, 2022 One Year Than One Year Governmental Activities:
Lease Revenue Bonds
Series 2016A (Golden Valley Road) 8,365,000$ - $ (435,000)$ 7,930,000 $ 450,000 $ 7,480,000 $ Series 2016B (OSPD) 12,430,000 - (410,000) 12,020,000 445,000 11,575,000 Series 2019 (Sheriff Station) 25,850,000 - (505,000) 25,345,000 530,000 24,815,000 Series 2020A (Recreational Facility) 10,645,000 - - 10,645,000 - 10,645,000 Series 2020A-T (Recreational Facility) 3, 140,000 - (350,000) 2,790,000 355,000 2,435,000 Issuance premium and discount 2,984,068 - (87,410) 2,896,658 87,410 2,809,248 Subtotal 63,414,068 - (1,787,410) 61,626,658 1,867,410 59,759,248 Revenue and Taxable Revenue Bonds
Series 2018A (Streetlights) 11,295,000 - - 11,295,000 - 11,295,000 Series 2018A-T (Streetlights) 2,680,000 - (310,000) 2,370,000 320,000 2,050,000 Issuance premium and discount 486,752 - (15,969) 470,783 15,969 454,814 Subtotal 14,461,752 - (325,969) 14,135,783 335,969 13,799,814 Financed purchase notes payable 159,969 - (30,692) 129,277 31,901 97,376 Lease payable 1,202,745 - (322,429) 880,316 335,767 544,549 Total bonds, notes, and lease
payable 79,238,534 - (2,466,500) 76,772,034 2,571,047 74,200,987 Compensated absences 4,313,253 2,451,884 (2,693,769) 4,071,368 2,693,769 1,377,599 Claims and judgments 6,410,646 2,265,135 (4,030,421) 4,645,360 1,714,712 2,930,648 Total governmental activities 89,962,433$ 4,717,019 $ (9,190,690) $ 85,488,762 $ 6,979,528 $ 78,509,234 $
The City has outstanding bonds and notes from direct borrowings and lease payable related to governmental activities totaling $75,891,718 and $880,316, respectively. The City has pledged assessment revenues to pay for the debt service for the lease revenue, revenue and taxa ble 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.
Lease Revenue Bonds, Series 2016 A (Golden Valley Road) and 2016B (OSPD)
In June 2016, the Authority issued Lease Revenue Re funding Bonds, Series 2016A (Golden Valley Road) and Series 2016B (Open Space Preservation District), in the am ount of $10,320,000 and $1 4,020,000, 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 commen cing 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 balances as of June 30, 2002, were $7,930,000 for Series 2016A and $12,020,000 for Series 2016B.
The Open Space Preservation District (OSPD) special ass essment revenues within the OSPD Fund have been pledged as an available source of repayment for the bonds.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
73 Note 11 – Long-Term Liabilities (Continued)
A. Governmental Activities (Continued)
Lease Revenue Bonds, Series 2016 A (Golden Valley Road) and 2016B (OSPD) (Continued)
The future annual debt service requirements for the Lease Revenue Bonds, Series 2016 A are as followed:
Year Ending
June 30, Principal Interest Total
2023 450,000$ 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 530,000 166,100 696,100
2028-2032 2,850,000 629,175 3,479,175
2033-2036 2,630,000 163,925 2,793,925
Total 7,930,000$ 1,823,600 $ 9,753,600 $
The future annual debt service requirements for the Lease Revenue Bonds, Series 2016 B are as followed:
Year Ending
June 30, Principal Interest Total
2023 445,000 358,606 803,606
2024 485,000 340,006 825,006
2025 525,000 319,806 844,806
2026 565,000 298,006 863,006
2027 610,000 274,506 884,506
2028 -2032 3,620,000 1,134,525 4,754,525
2033-2037 4,675,000 564,516 5,239,516
2038 1,095,000 16,425 1,111,425
Total 12,020,000$ 3,306,396 $ 15,326,396 $
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
74 Note 11 – Long-Term Liabilities (Continued)
A. Governmental Activities (Continued)
Lease Revenue Bonds, Series 2019 (Sheriff Station)
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. Princi pal payments are due a nnually in various amounts commencing December 1, 2022, through June 1, 2049. The unpaid balance as of June 30, 2022, was $25,345,000.
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 whol e 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 a nd $970,000 on June 1, 2036 and June 1, 2037, respectively.
The future annual debt service requirements for the Lease Revenue Bonds, Series 2019, are as followed:
Year Ending
June 30, Principal Interest Total
2023 530,000$ 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 645,000 785,313 1,430,313
2028 -2032 3,710,000 3,433,213 7,143,213
2033-2037 4,520,000 2,615,463 7,135,463
2038-2042 5,305,000 1,836,563 7,141,563
2043-2047 6,155,000 991,313 7,146,313
2048-2049 2,730,000 128,594 2,858,594
Total 25,345,000$ 13,223,461 $ 38,568,461 $
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
75 Note 11 – Long-Term Liabilities (Continued)
A. Governmental Activities (Continued)
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 (Recrea tional 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 betw een 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 th e 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, 2022, was $13,435,000. 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 future annual debt service requirements for the Lease Revenue Bonds, Series 2020A are listed below:
Year Ending
June 30, Principal Interest Total
2023 - $ 312,206$ 312,206 $
2024 - 312,206 312,206
2025 - 312,206 312,206
2026 - 312,206 312,206
2027 - 312,206 312,206
2028 -2032 980,000 1,535,831 2,515,831
2033-2037 2,225,000 1,316,531 3,541,531
2038-2042 2,485,000 1,051,819 3,536,819
2043-2047 2,940,000 599,175 3,539,175
2048-2050 2,015,000 111,788 2,126,788
Total 10,645,000$ 6,176,174 $ 16,821,174 $
The future annual debt service requirements for the Taxable Revenue Bonds, Series 2020A-T are as followed:
Year Ending
June 30, Principal Interest Total
2023 355,000$ 42,382 $ 397,382 $
2024 355,000 39,578 394,578
2025 360,000 36,113 396,113
2026 365,000 31,879 396,879
2027 370,000 26,452 396,452
2028 -2030 985,000 37,919 1,022,919
Total 2,790,000$ 214,323 $ 3,004,323 $
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
76 Note 11 – Long-Term Liabilities (Continued)
A. Governmental Activities (Continued)
Revenue and Tax Revenue Bonds, Series 2018 A 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 comme ncing on September 1, 2018. Principal payments are due annually in various amounts comme ncing September 1, 2018 through Se ptember 1, 2048, for the Series A bonds. The unpaid balance as of June 30, 2022, was $11,295,000.
Interest on the 2018 Taxable Revenue Bonds Series B, is pa id as part of a variable rate between 2.150 percent and 3.750 percent payable on Septem ber 1 and March 1 of each year commencing on September 1, 2018.
Principal payments are due annually in variou s amounts commencing September 1, 2018 through September 1, 2028, for the Series B bonds. The unpaid balance as of June 30, 2022, was $2,370,000. The bonds are payable from and secured by a pl edge of and first lien on amounts on de posit 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 future annual debt service requirements for the Revenue Bonds, Series 2018A are as followed:
Year Ending
June 30, Principal Interest Total
2023 - $ 465,394$ 465,394 $
2024 - 465,394 465,394
2025 - 465,394 465,394
2026 - 465,394 465,394
2027 - 465,394 465,394
2028 -2032 1,380,000 2,220,219 3,600,219
2033-2037 2,460,000 1,833,759 4,293,759
2038-2042 2,935,000 1,334,938 4,269,938
2043-2047 3,685,000 562,425 4,247,425
2048 835,000 16,700 851,700
Total 11,295,000$ 8,295,011 $ 19,590,011 $
The future annual debt service requirements for the 2018 Taxable Revenue Bonds Series B are as follows:
Year Ending
June 30, Principal Interest Total
2023 320,000$ 75,219 $ 395,219 $
2024 330,000 65,263 395,263
2025 340,000 54,581 394,581
2026 350,000 43,150 393,150
2027 365,000 30,856 395,856
2028 -2029 665,000 23,109 688,109
Total 2,370,000$ 292,178 $ 2,662,178 $
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
77 Note 11 – Long-Term Liabilities (Continued)
A. Governmental Activities (Continued)
Finance Purchase Notes Payable
On April 27, 2021, the City Council approved a finance-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 agreement has 60 monthly payments of $3,029 with an inte rest rate of 3.87 percent. The final payment is due April 29, 2026.
The future annual debt service requirements are as follows:
Year Ending
June 30, Principal Interest Total
2023 31,901 $ 4,441 $ 36,342 $
2024 33,158 3,184 36,342
2025 34,464 1,878 36,342
2026 29,754 531 30,285
Total 129,277$ 10,034 $ 139,311 $
Lease Payable
On June 11, 2019, the City Council approved a lease ag reement with Kyocera Document Solutions West, LLC for Citywide printers and copiers in the amount of $4 97,730. The lease agreement has 60 monthly payments of $8,944 with an interest rate of 3 percent. The fina l payment is due July 1, 2024. The lease was assigned by Kyocera Document Solutions West, LLC.
On June 27, 2019, the City entered into lease agreement with Crown Castle Fi ber, LLC for lease of dark fiber.
The agreement ends on June 26, 2025. The agreement h as monthly payments of $5,750 with interest rate of
0.165 percent.
The Television Authority has entered into a lease for office space that commenced in September 2016 and expires on September 30, 2023. The term of the agreements is for 84 months. The interest rate used is 0.165 percent.
Lastly, the City entered into an office building lease for the property known as the MAIN, in December 23, 2020 that expires on December 31, 2026. The agreement has m onthly payments of $6,400 with interest rate of 0.165 percent.
The future annual lease payments are as follows:
Year Ending
June 30, Principal Interest Total
2023 335,767$ 1,792 $ 337,559 $
2024 284,315 1,029 285,344
2025 145,293 507 145,800
2026 76,573 227 76,800
2027 38,368 32 38,400
Total 880,316$ 3,587 $ 883,903 $
Compensated Absences
The balance at June 30, 2022, was $4,071,368. The General Fund are used to liquidate the compensated absences for governmental activities.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
78 Note 11 – Long-Term Liabilities (Continued)
A. Governmental Activities (Continued)
Claims and Judgments
The balance at June 30, 2022, was $4,645,360. See Note 12 for more details.
B. Business-Type Activities
Balance Balance Due within Due in More
July 1, 2021 Additions Deletions June 30, 2022 One Year Than One Year Business-type activities
Compensated absences 141,669$ 57,022 $ (55,926) $ 142,765 $ 55,926 $ 86,839 $
The Transit Enterprise Fund are used to liquidate the compensated absences for business-type activities.
C. Fiduciary Funds
The following Successor Agency long-term obligations were approved by California State Department of Finance as enforceable obligations and were considered as accounting liabilities in accordance with GAAP.
Balance Balance Due within Due in M ore
July 1, 2021 Additions Deletions June 30, 2022 One Year Than One Yea r Fiduciary Activities:
RDA Successor Agency:
Loans from the City of Santa Clarita 16,144,988$ 316,724 $ (363,442) $ 16,098,270 $ - $ 16,098,270$ Tax Allocation Bonds:
Refunding Series 2017 31,510,000 - (895,000) 30,615,000 935,000 29,680,000 Unamortized Bond discounts 713,227 - (33,660) 679,567 33,660 645,907 Total fiduciary activities 48,368,215$ 316,724 $ (1,292,102)$ 47,392,837 $ 968,660 $ 46,424,177 $
The Successor Agency's outstanding bonds from public offerings of $47,392,837 contain a provision that if any event of default should occur, the trustee shall at th e written direction of the Bond Owners of a majority in aggregate principal amount outstanding, and upon receipt of the prior written consent of the Bond Insurer, declare the principal of all of the bonds then outstanding, and the interest accrued thereon, to be due and payable immediately.
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 e ffect 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 Deve loper Fees Special Revenue Fund to reflect increased interest balances. The unpaid amount of these notes is $8,708,425 and $7,389,845, respectively, which include unpaid accrued interest of $3,470,860 and $2,069,959, respectively.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
79 Note 11 – Long-Term Liabilities (Continued)
C. Fiduciary Funds (Continued)
Tax Allocation Bond Refunding Series 2017
The former redevelopment agency issued Tax Allocati on 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 $2,001,828 as of June 30, 2022. Interest on th e 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, 2022, was $30,615,000.
Tax revenues deposited to the Redeve lopment 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.
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 accrue d 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 Insure d Bonds is accelerated, the Insurer may elect, in its sole discretion, to pay accelerated principal and interest accrued, on such principa l 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 reasonabl e 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 unde r applicable usury or similar laws limiting interest rates.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
80 Note 11 – Long-Term Liabilities (Continued)
C. Fiduciary Funds (Continued)
Tax Allocation Bond Refunding Series 2017 (Continued)
The annual debt service requirements for the Tax Allocation Bond Refunding Series 2017 are presented below:
Year Ending
June 30, Principal Interest Total
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 1,140,000 991,544 2,131,544
2028 -2032 6,430,000 4,267,531 10,697,531
2033-2037 7,680,000 2,975,472 10,655,472
2038-2042 9,250,000 1,365,450 10,615,450
2043 2,075,000 41,500 2,116,500
Total 30,615,000$ 14,138,423 $ 44,753,423 $
D. Non-City Obligations
1915 Act Limited Obligation Improvements Bonds – Golden Valley
On July 24, 1996, $879,432 of 1915 Act Limited Oblig ation Improvement Bonds (1915 Golden Valley Road Bonds) for the Golden Valley Road Im provement 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 Asse ssment District. The principal amount of debt outstanding at June 30, 2022 was $115,000.
1915 Act Limited Obligation Improvements Bonds – Vermont/Everett
On January 27, 2000, $790,000 of 1915 Act Lim ited Obligation Improvemen t 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 neith er 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, 2022 was $300,000.
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 ref unded 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 th e 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, 2022 was $12,170,000.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
81 Note 11 – Long-Term Liabilities (Continued)
D. Non-City Obligation (Continued)
Community Facilities District No. 2016-1 Vista Canyon
On February 13, 2020, $17, 230,000 of Special Tax bonds were issued for Community Fac ilities 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 assessm ents within the Community Facilities District. The principal amount of the debt outstanding at June 30, 2022 was $17,130,000.
Note 12 – Risk Management
A. Special Districts Risk Management Authority (“SDRMA”)
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 disaster s. The City joined Special Districts Risk Management Authority (“SDRMA”) in 2005. SDRMA is a self-insurance risk pool that serves as a not-for-profit public agency to its members. Through SDRMA, the City held vari ous deductibles from 2005 through 2021. Beginning in fiscal year 2019-2020, the City held a $50,000 general liability deductible. All general liability claims above the City’s deductible are handled by SDRMA’s $10,000,000 liability limit. Additionally, the City carries a $15,000,000 excess liability policy to cover any losses over the $10,000,000 SDRMA limit. The City’s workers’ compensation coverage was also administered by SDRMA. The City was self-insured for workers’ compensation up to $250,000, but purchased coverage through SDRM A 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.
B. California Joint Powers Insurance Authority (“CJPIA”)
The City joined California Joint Po wers Insurance Authority (“CJPIA”) during the year ended June 30, 2022.
CJPIA is a self-insurance risk pool that serves its member s. Claims incurred prior to joining CJPIA continue to be administered by SDRMA.
Description of Self-Insurance Pool Pursuant to Joint Powers Agreement
CJPIA is composed of 124 California public entities and is organized under a joint powers agreement pursuant to California Government Code §6500 et seq. The purpo se of the CJPIA is to arrange and administer programs for the pooling of self-insured losses, to purchase excess in surance or reinsurance, and to arrange for group purchased insurance for property and other lines of covera ge. CJPIA began covering claims of its members in 1978. Each member government has an elected official as its representativ e on the Board of Directors. The Board operates through a nine-member Executive Committee.
Each member pays an annual contribution at the beginning of the coverage period. The total funding requirement for primary self-insurance programs is based on an actuarial analysis. Costs are allocated to individual agencies based on payroll and claims history, relative to other members of the risk-sharing pool.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
82 Note 12 – Risk Management (Continued)
B. California Joint Powers Insurance Authority (“CJPIA”) (Continued)
Primary Self-Insurance Programs of the CJPIA
Primary Liability Program - Claims are made up of general governme nt exposures. (1) The payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within the formula. (2) The first layer of losses includes incurred costs up to $100,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the first layer. (3) The second layer of losses includes incurred costs from $100,000 to $500,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred costs fro m $500,000 to $50 million, are distributed based on the outcome of cost allocation within the first and second loss layers.
The overall coverage limit for each member, includi ng all layers of cove rage, is $50 million per occurrence. Subsidence losses also have a $50 million per occurrence limit. The coverage structure is composed of a combination of pooled self-insurance, reinsurance, and excess insurance. Additional information concerning the coverage structure is available on CJPIA’s website: https://cjpia.org/coverage/risk-sharing-pools/.
Primary Workers’ Compensation Program – Claims are made up of genera l government exposures. (1) The payroll of each member is evaluated relative to the payro ll of other members. A variable credibility factor is determined for each member, which estab lishes the weight applied to payro ll and the weight applied to losses within the formula. (2) The first layer of losses includes incurred costs up to $75,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the first layer. (3) The second layer of losses includes incurred costs from $75,000 to $200,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred costs from $200,000 to statutory limits are distributed based on the outcome of cost allocation within the first and second loss layers.
For 2021-22 the CJPIA’s pooled retention is $1 million per occurrence, with reinsurance to statutory limits under California Workers’ Compensation Law. Employe r’s Liability losses are pooled among members to $1 million. Coverage from $1 million to $5 million is purchased through reinsurance policies, and Employer’s Liability losses from $5 million to $10 million are pooled among members.
Purchased Insurance
Pollution Legal Liability Insurance – The City participates in the pollu tion legal liability insurance program which is available through CJPIA. The policy covers sudden and gradual pollution of scheduled property, streets, and storm drains owned by the City. Coverage is on a claims-made basis. There is a $250,000 deductible. CJPIA has an aggregate limit of $20 million.
Property Insurance – The City participates in the all-risk property protection program of CJPIA. This insurance protection is underwritten by several insurance companies. City property is currently insured according to a schedule of covered property submitted by the City to CJPIA. City proper ty currently has all-risk property insurance protection in the amount of $500,000,000. Ther e is a $10,000 deductible per occurrence except for non-emergency vehicle insurance which has a $2,500 deductible.
Crime Insurance – The City purchases crime insurance coverage in the amount of $3,000,000 with a $2,500 deductible. The fidelity coverage is provided through CJPIA.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
83 Note 12 – Risk Management (Continued)
B. California Joint Powers Insurance Authority (“CJPIA”) (Continued)
Adequacy of Protection
During the past three fiscal years, none of the ab ove programs of protection experienced settlements or judgments that exceeded pooled or insured coverage. There were also no significant reductions in pooled or insured liability coverage in 2021-22.
C. Claims and Judgments Payable
The following table presents claims and judgments pa yable administered by both SDRMA and CJPIA for the year ended June 30, 2022, and its two preceding years:
Current Year Current Year
Balance at Claims and Changes Claim Balance at
Year Ended July 1 in Estimates Payments June 30
June 30, 2020 3,654,276$ 1,982,098 $ (735,265) $ 4,901,109 $ June 30, 2021 4,901,109 2,751,537 (1,242,000) 6,410,646 June 30, 2022 6,410,646 2,265,135 (4,030,421) 4,645,360
Note 13 – Pension Plan
A. General Information about the Pension Plan
Plan Description
The City contribution to the California Public Employ ees Retirement System (“CalPERS”), an agent multiple- employer defined benefit pension plan for all permanent full-time general and some part-time employees of the City. CalPERS acts as a common investment and administrative agent for participating public entities within the State of California. Benefit provisions and all other requirements are established by state statue and City ordinance. A full description of the pension plan rega rding number of employees c overed, benefit provisions, assumptions (for funding, but not accounting purposes), and membership information are listed in the June 30, 2020 Annual Actuarial Valuat ion Report. This report and CalPERS’ audited financial statements are publicly available reports that can be obtained at CalPERS’ website under Forms and Publications.
Benefit Provided
CalPERS provides retirement and disability benefits, annual cost-of-living adjustments, and death benefits to plan members and beneficiaries. Benefit provisions under both plans are established by State Statute and City Resolution as follows:
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
84 Note 13 – Pension Plan (Continued)
A. General Information about the Pension Plan (Continued)
Benefit Provided
Tier 1 Tier 2 Tier 3
Benefit formula 2.7% @ 55 2% @ 60 2% @ 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
Required employee contribution rates 8.000% 7.000% 6.250% Required employer contribution
during measurement period 9.040% 9.040% 9.040%
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 classify
reciprocal plan within
the last 6 months*
Employees hired
January 1,2013 or
later *
* Those hired as part seasonal (PTS) who later convert to regular full time will qualify for Tier 1, 2, or 3 depending on the conversion date and status w hen hired
Miscellaneous
CalPERS provides retirement and disability benefits, annual cost-of-living adjustments, and death benefits to plan members and beneficiaries. Benefits are based on year s 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, a nd with certain other Retirement Systems with which CalPERS has reciprocity agreements). All members are e ligible 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 adjustme nts for the plan are applied as specified by the Public Employees’ Retirement Law.
Employees Covered by Benefit Terms
At June 30, 2020, the valuation date, the following employees were covered by the benefit terms:
Active employees 443
Transferred and terminated employees 464
Retired Employees and Beneficiaries 253
Total 1,160
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
85 Note 13 – Pension Plan (Continued)
A. General Information about the Pension Plan (Continued)
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 ch ange in the rate. The total plan c ontributions 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 duri ng the year, with an additional amount to finance any unfunded accrued liability. Th e employer is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. The employer contributions made during the year ended June 30, 2022 were in the amount of $8,462,978.
B. Net Pension Liability
Actuarial Methods and Assumption Used to Determine Total Pension Liability
The June 30, 2020 valuation was rolled forward to determine the June 30, 2021 total pension liability, based on following actuarial methods and assumptions:
Valuation Date June 30, 2020
M easurement Date June 30, 2021
M easurement Period July 1, 2020 to June 30, 2021
Actuarial Cost M ethod
Actuarial Assumptions:
Discount Rate
Inflation
Salary Increases
Payroll Growth 2.750%
Investment Rate of Return
Retirement Age
M ortality Rate Table
(1) Derived using CalPERS’ Membership Data for all Funds. (1)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 probabilities of Retirement are based on the 2017 CalPERS Experience Study for the period from 1997 to 2015.
Entry Age Normal
7.15%
2.500%
Varies by Entry Age and Service
7% net of pension plan investment and administrative expense; includes inflation.
Change of Assumptions
In 2021, there were no changes of assumptions.
Long-term Expected Rate of Return
The long-term expected rate of return on pension plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
86 Note 13 – Pension Plan (Continued)
B. Net Pension Liability (Continued)
Long-term Expected Rate of Return (Continued)
In determining the long-term expected rate of return, CalPERS took into account both short-term and long-term market return expectations as well as the expected pension fund cash flows. Using historical returns of all of the funds’ asset classes, expected compound (geometric) returns were calculated over the short-term (first 10 years) and the long-term (11+ years) using a building-block approach. Using the expected nominal returns for both short-term and long-term, the present value of benefits was calculated for each fund. The expected rate of return was set by calculating the rounded single equivalent expect ed return that arrived at the same present value of benefits for cash flows as the one calculated using both s hort-term and long-term returns. The expected rate of return was then set equal to the single equivalent ra te calculated above and adjusted to account for assumed administrative expenses.
The expected real rates of return by asset class are as followed:
Assumed Asset Real Return Real Return
Asset Class(1) Allocation Years 1 - 10 2 Years 11+3
Global Equity 50.00% 4.80% 5.98%
Fixed Income 28.00% 1.00% 2.62%
Inflation Assets 0.00% 0.77% 1.81%
Private Equity 8.00% 6.30% 7.23%
Real Assets 13.00% 3.75% 4.93%
Liquidity 1.00% 0.00% -0.92%
100.00%
2 An expected inflation rate of 2.00% used
3 An expected inflation rate of 2.92% used
1 In the CalPERS's ACFR, Fixed Income is included in Global Debt Securities; Liquidity is included in Short-term Investments; Inflation Assets are included in both Global Equity Securities and Global Debt Securities.
Discount Rate
The discount rate used to measure the total pension li ability was 7.15%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers w ill be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan memb ers. Therefore, the long-term expected rate of return on plan investments was applied to all periods of proj ected benefit payments to determine the total pension liability.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
87 Note 13 – Pension Plan (Continued)
C. Changes in the Net Pension Liability
The following table shows the changes in net pension liability for the City’s Miscellaneous Plan recognized over the measurement period:
Total Pension Plan Fiduciary Net Net Pension
L iability Position L iability/(Asset)
(a) (b) (c) = (a) - (b)
Balance at June 30, 2020 (Valuation Date) 226,954,635$ 192,216,858 $ 34,737,777 $ Changes Recognized for the M easurement Period:
Service Cost 5,527,979 - 5,527,979 Interest on the total pension liability 16,234,316 - 16,234,316 Changes of benefit terms - - - Changes of assumptions - - - Difference between expected and actual experience 1,168,851 - 1,168,851 Net plan to plan resource movement - - - Contributions from the employer - 11,219,959 (11,219,959) Contributions from employees - 2,551,579 (2,551,579) Net investment income - 44,522,336 (44,522,336) Benefit payments, including refunds
of employee contributions (7,668,205) (7,668,205) - Administrative Expense - (192,013) 192,013 Other - - - Net Changes during July 1, 2020 to June 30, 2021 15,262,941 50,433,656 (35,170,715) Balance at June 30, 2021 (Measurement Date) 242,217,576$ 242,650,514 $ (432,938) $ Increase (Decrease)
Sensitivity of the Net Pension Liability to Changes in the Discount Rate
The following presents the net pension liability of the plans as of the measu rement date, calculated using the discount rate of 7.15%, as well as what the net pension liability would be if it were calculated using a discount rate that is 1 percentage-point lower (6.15%) or 1 percentage-point higher (8.15%) than the current rate:
Discount Rate Current Discount Discount Rate
- 1% (6.15%) Rate (7.15%) + 1% (8.15%)
35,982,649$ (432,938) $ (30,177,810)$ Plan's Net Pension Liability/(Asset)
Pension Plan Fiduciary Net Position
Detailed information about the plan’s fiduciary net position is available in the separately issued CalPERS financial report.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
88 Note 13 – Pension Plan (Continued)
D. Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions
For the year ended June 30, 2022, the City recognized pension expense in the amounts of $742,667 for the miscellaneous plan.
As of measurement date of June 30, 2021, the City has deferred outflows and deferred inflows of resources related to pensions as follows:
Deferred outflows Deferred inflows
of Resources of Resources
Contribution made after measurement period 8,462,978$ - $ Changes of assumptions - (112,739) Difference between expected and actual experience 3,340,074 - Net difference between projected and actual earning
on pension plan investments - (22,182,952) Total 11,803,052 $ (22,295,691) $
Miscellaneous Plan
The amounts above are net of outflows and inflows recognized in the 2020-2021 measurement period expense.
The expected average remaining service lifetime (“EARSL” ) is calculated by dividing the total future service years by the total number of plan participants (active, inactive, and retired). The EARSL for the 2020-21 measurement period is 4.3 years, whic h was obtained by dividing the total service years of 5,006 (the sum of remaining service lifetimes of the active employees) by 1,16 0 (the total number of participants: active, inactive, and retired), respectively.
The $8,462,978 reported as deferred out flows of resources related to pe nsions, resulting from the City’s contributions subsequent to the measu rement date will be recognized as a reduction of the net pension liability and collectively net pension liability, respectively, in the year ending June 30, 2023.
Other amounts reported as deferred out flows and deferred inflows of res ources related to pensions will be recognized in the future pension expense as follows:
Measurement Period Deferred Outflows/
Ending June 30, (Inflows) of Resources
2022 (4,000,404)$
2023 (4,053,386)
2024 (4,868,415)
2025 (6,033,412)
Total (18,955,617)$
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
89 Note 14 – Other Postemployment Benefits (“OPEB”)
A. General Information about the OPEB Plan
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 provide s postemployment 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.
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 Po st-Retirement Health Care Plan Do cument and Trust Agreement. The OPEB Plan Trust is a tax-qualified irrevocable trust, organized under Internal Reve nue 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 descr ibed above, the City has ad ministrative involvement in the Plan, and reports assets as a fiduciary component unit.
Eligibility and Membership Covered by Benefit Terms
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 empl oyees hired before January 1, 2008 and retired before January 1, 2012 and represented employees hired before January 1, 2 008 and retired after January 1, 2012 and before January 1, 2014. For employees hired before January 1, 2008 the following vesting applies:
Year 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 Cal PERS minimum benefits and are not subjected to the vesting schedule above.
At June 30, 2022 measurement date, the following numbers of participants were covered by the benefit terms:
Active plan members 435
Inactive plan members currently receiving benefits 145
Inactive plan members entitled to but not receiving benefits 35 Total 615
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
90 Note 14 – Other Postemployment Benefits (“OPEB”) (Continued)
A. General Information about the OPEB Plan (Continued)
Contributions
The obligation of the City to contribute to the plan is established and may be am ended by the City Council.
Employees are not required to contribute to the plan. The City has established a practice of contributing to the OPEB Plan Trust 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 subsi dy component of the actuarial determined contribution for fiscal year 2022 was negative $344,000, and no cash contribution was made. In addition, the City received a credit in the amount of $301,000 relating to implied s ubsidy benefit payment which has been included in the contributions to the OPEB Plan Trust.
The total cash benefits paid directly by the OPEB Plan Tr ust to the recipients was in the amount of $1,025,369.
Additional $301,000 implied subsidy benefits were reported, which resu lted in reporting total benefit payments to plan participants in the amount of $1,326,369.
B. Net OPEB Liability
The OPEB liability was measured as of June 30, 2022, and total liability used to calculate the net OPEB liability was determined by an actuarial valuation as of June 30, 2022.
Significant Actuarial Assumptions Used for Total OPEB Liability
The total OPEB liability, measured as of June 30, 202 2, was determined using the following actuarial assumptions:
Actuarial Valuation Date
Contribution Policy
Discount Rate and Long-Term Expected Rate of
Return
Inflation
M ortality, Retirement, Disability, Termination
Mortality Improvement
Salary Increases
Me di c a l Tre nd
PE MHCA Mi ni m um Inc re a se s
Participation at Retirement
Waived Retirees Reelection 5% re-elect at 65 for pre-65 Cap Increase
Merit - CalPERS 1997-2015 Experience Study
4.25% annually
Hired < 1/1/08 - 95%
Hired ≥ 1/1/08 - 60%
No increase in $1,016.58 cap; Medical trend for EE+1 cap Non-Medicare - 7% for 2022, decreasing to an ultimate rate of 4% in 2076; Medicare - 6.1% for 2022, decreasing to an ultimate rate of 4.0% in 2076
Aggregate - 3% annually
June 30, 2020
6.25% at June 30, 2022 and June 30, 2021
Expected City contributions projected to keep sufficient plan assets to pay all benefits from trust
2.75% annually
CalPERS 1997-2015 Experience Study
Post-retirement mortality projected fully generational with Scale MP-20 19
Pre-fund cash benefit ADC with PARS Balanced Fund
Implied subsidy benefit on pay-as-you-go basis
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
91 Note 14 – Other Postemployment Benefits (“OPEB”) (Continued)
B. Net OPEB Liability (Continued)
Change in assumptions
In 2022, there were no changes in assumptions.
Discount Rate
The discount rate used to measure the total OPEB liability was 6.25%. The projection of cash flows used to determine the discount rate assumed that City contribu tions will be made at rate s equal to the actuarially determined contribution rates. Based on those assumptions, the OPEB plan's fiduciary net position was projected to be available to make all projected OPEB payments for current active and inactive employees and beneficiaries.
Therefore, the long-term expected rate of return on OPEB plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability.
Expected Long-Term Rates of Return
Asset Class Targ et Allocation Ex pected Rea l
Global Equity 58.00% 4.82%
Fixed Income 35.00% 1.47%
Cash 2.00% 3.76%
REITS 5.00% 0.06%
100.00%
Assumed Long-Term Rate of Inflation 2.75%
Exp ect ed Long-Term Net Rate of Return, Rounded 6.25%
C. Change in Net OPEB Liability
The following presents the changes in the net OPEB liability for the governmental activities’ Retiree Health Plan:
Total OPEB Plan Fiduciary Net Net OPEB
L iability Position L iability/ (Asset)
(a) (b) (c) = (a) - (b)
Balance at June 30, 2021 39,707,814 $ 52,283,593 $ (12,575,779) $ Changes Recognized for the Measurement Period:
Service Cost 1,100,210 - 1,100,210 Interest on the total OPEB liability 2,509,052 - 2,509,052 Expected investment income - (7,090,104) 7,090,104 Employer cash contribution - - - Employer implied subsidy contribution - 301,000 (301,000) Administrative Expenses - (105,845) 105,845 Benefit payments, including implied subsidy payments (1,326,369) (1,326,369) - Assumption changes - - - Plan experience - - - Investment experience - - - Net Changes during July 1, 2021 to June 30, 2022 2,282,893 (8,221,318) 10,504,211 Balance at June 30, 2022 (Measurement Date) 41,990,707 $ 44,062,275 $ (2,071,568) $ Increase (Decrease)
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
92 Note 14 – Other Postemployment Benefits (“OPEB”) (Continued)
C. Change in Net OPEB Liability (Continued)
Sensitivity of the Net OPEB Liability to Change in the Discount Rate
The following presents the total OPEB liability of the City, as well as what the City’s total OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (5.25 percent) or 1-percentage- point higher (7.25 percent) than the current discount rate:
Discount Rate Current Discount Discount Rate
-1% (5.25%) Rate (6.25%) +1 % (7.25%)
4,176,314$ (2,071,568) $ (7,170,527) $ Plan's Net OPE B L iability / (Asset)
Sensitivity of the Total OPEB Liability to Changes in the Health Care Cost Trend Rates
The following presents the total OPEB liability of the City, as well as what the City’s total OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower or 1-percentage-point higher than the current healthcare cost trend rates:
Healthcare Cost Healthcare Cost Healthcare Cost
Trend Rate - 1% Trend Rate Trend Rate + 1%
(8,369,094)$ (2,071,568) $ 5,839,915 $ Plan's Net OPE B L iability / (Asset)
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB
For the measurement period ended June 30, 2022, the City recognized OPEB credit in the amount of $1,204,559.
At June 30, 2022, the City reported deferred outflows of resources and defe rred inflows of resources related to OPEB from the following sources:
Deferred outflows Deferred inflows
of Resources of Resources
Changes in assumptions 6,806,104 $ (13,763,555)$ Difference between expected and actual experience - (8,350,694) Net difference between projected and actual earning on
OPEB plan investments 3,848,286 - Total 10,654,390 $ (22,114,249) $
Other amounts reported as deferred outflows and inflows of resources related to OPEB will be recognized as expense as follows:
Deferred
Measurement Period Outflows/(Inflows)
Ending June 30, of Resources
2023 (1,563,934) $
2024 (1,545,154)
2025 (1,783,754)
2026 (27,552)
2027 (2,091,916)
Thereafter (4,447,549)
Total (11,459,859)$
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
93 Note 14 – Other Postemployment Benefits (“OPEB”) (Continued)
D. Cash and Investment 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 allo cation 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. Fees incurred by the Plan for the investment management services are included in fair value of the investment, as they are paid through revenue sharing, rather than a direct payment.
The parameters for fixed income and equity securities based on asset allocation are as follows:
Maximum Percentage of Minimum Percentage o f
Authorized Investment Type Total Plan Assets Total Plan 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 2,764,186 $
U.S. Government Issues 6,214,981
Corporate Issues 5,583,690
Foreign Issues 151,058
Municipal Issues 375,645
Domestic Common Stocks 4,803,555
Foreign Stocks 116,471
Mutual Funds - Equity 20,306,179
Mutual Finds - Fixed Income 3,662,838
Total Assets 43,978,603
Accrued Income 83,672
Total 44,062,275 $
E. 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:
Issue r Inve stme nt Type Amount Inve stme nts
Dodge and Cox S tock Fund Mutual Funds - Equity 2,349,348 $ 5% Ishares Russel Mid Cap Mutual Funds - Equity 2,533,802 6% V anguard G row th and Income Mutual Funds - Equity 2,631,046 6% City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
94 Note 15 – Deferred Compensation Plan/Defined Contribution Plan
The City provides a deferred compensation/defined contri bution 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, 2022, there were 1595 participants in the plans. The employer and employee contributions were in the amounts of $227,263 and $2,636,986, respectively.
Note 16 – 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 doc uments 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 distri ct fees, developers are allowed to do nate 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 ex cess amount, subject to City approval if funding is determined to be available. As of June 30, 2022, the City accrued a liability of $49,835,534 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.
Balance Balance
July 1, 2021 Additions Deletions June 30, 2022
Bridge and Throughfare Credits:
Bouquet District 21,955,779 $ - $ - $ 21,955,779$ Eastside District 11,927,888 - - 11,927,888 Via Princessa District 6,180,731 - (5,800,039) 380,692 Valenica District 15,571,175 - - 15,571,175 Total Bridge and Thoroughfare Credits 55,635,573$ - $ (5,800,039)$ 49,835,534 $
Note 17 – Net Investment in Capital Assets
The net investment in capital assets for the governmental activities, and business-type activities is calculated as follows:
Governmental Business-Type
Activities Activities
Total capital assets, net 1,153,645,585 $ 95,597,321 $
Deferred charges for capital related debt 1,339,105 - Capital related debt (76,772,034) -
Unspent debt proceed 2,649,525 -
Net investment in capital assets 1,080,862,181 $ 95,597,321 $
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
95 Note 18 – Classification of Fund Balances
At June 30, 2022, fund balances are classified in the governmental funds as follows:
Landscape Nonmajor Total
General Bridge and Developer Public Maintenance Governmental Governmental Fund Thoroughfare Fee Library District #1 Funds Funds
Nonspendable:
Prepaid items 272,875 $ - $ - $ 135,639$ 135,149 $ 74,081 617,744 $ Deposits 60,000 - - - - - 60,000 Notes to RDA
Successor Agency 8,708,425 - - - - - 8,708,425 Advances to other funds 5,989,211 - - - - - 5,989,211 Total nonspendable 15,030,511 - - 135,639 135,149 74,081 15,375,380 Restricted:
Landscape maintenance - - - - 23,060,804 5,242,887 28,303,691 Lighting District - - - - - 15,028,274 15,028,274 Capital improvements - 8,019,829 3,138,144 - - 6,321,435 17,479,408 Transportation - - - - - 43,682,194 43,682,194 Open space preservation - - - - - 7,126,193 7,126,193 Public safety - - 486,791 - - 345,312 832,103 Public Library - - - 3,372,544 - 3,986,918 7,359,462 Air quality improvement - - 4,362 - - 285,522 289,884 Stormwater - - - - - 3,957,777 3,957,777 Public education and
government - - - - - 803,812 803,812 Tourism marketing - - - - - 895,514 895,514 Low and moderate income
housing - - 294,774 - - 4,858,703 5,153,477 Clean safe water - - - - - 5,513,314 5,513,314 Bond proceeds 2,650,251 - - - - - 2,650,251 Pensions 2,005,688 - - - - - 2,005,688 Other - - 7,523,287 - - 3,511,854 11,035,141 Total restricted 4,655,939 8,019,829 11,447,358 3,372,544 23,060,804 101,559,709 152,116,183 Committed:
Capital improvement - - 783 - - - 783 Total committed - - 783 - - - 783 Assigned:
Encumbrances 3,072,997 3,072,997
Capital projects - - 39,017 - - 1,042,522 1,081,539 Claims and settlements - - - - - 10 10 Public facilities 143,849,009 - - - - - 143,849,009 Total assigned 146,922,006 - 39,017 - - 1,042,532 148,003,555 Unassigned 62,141,362 - - - - (1,820,510) 60,320,852 Total Fund Balance 228,749,818$ 8,019,829 $ 11,487,158 $ 3,508,183 $ 23,195,953 $ 100,855,812 $ 375,816,753 $ Major Governmental funds
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
96 Note 19 – Santa Clarita Watershed Recreation and Conservancy Authority
In June 1992, the City entered into a joint powers agr eement 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 sp ace lands, including water-oriented recrea tion 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 Waters hed Authority. The Watershed Authority is reported as a custodial fund in these financial statements. The Wate rshed Authority may request the City to make annual contributions. For the year ended June 30, 2022, the C ity did not make any contri butions. 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 20 – Commitments and Contingencies
A. Project Commitments
The City has active projects as of June 30, 2022. At year-end, the City’s commitments with contractors for these projects are as follows:
Projects Commitments
Arts 30,000 $
Beautification 7,888
Circulation 863,751
Facilities & Buildings 1,212,844
Maintenance 23,667,841
Parks & Recreation 1,780,706
Resource & Conservation 493,277
Street & Bridges 3,981,443
Trails & Transit 10,505,510
42,543,260$
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, 2022, as follows:
Amount
General Fund 3,072,997 $
Other governmental Funds 38,504,941
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
97 Note 20 – Commitments and Contingencies (Continued)
C. Contingencies
The City has received Federal and State grants for speci fic 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.
RFI-Bermite Lawsuit
A lawsuit (the “RFI-Bermite Lawsuit”) seeking damages of at least $750 million was brought against the City in July of 2021, by Remediation Financial, Inc. (“RFI”) and Bermite Recovery, LLC (“Bermite,” and together with RFI, “Plaintiffs”). The lawsuit alleges that the City in terfered with the Plaintiffs’ ability to develop a 996-acre area of undeveloped property located in the City, comm only referred to as the “Wh ittaker-Bermite Site.” The Plaintiffs allege that the City unlawfully interfered w ith their development efforts and prevented the Plaintiffs from obtaining the financing and/or development partners they needed to develop the Whittaker-Bermite Site, resulting in lost profits to the Plaintiffs. On August 8, 2022, the City filed a motion to strike Plaintiffs’ state law claims based on California’s Anti-SLAPP Statute, and a separate motion to dismiss the complaint on various grounds, including state-law immunities, lack of standing, and other grounds.
The City’s insurance provider, SDRMA, is providing defense and indemnification under a reservation of rights.
The City has $25 million in covera ge, of which $10 million is cove red by SDRMA and $15 million excess insurance is covered by Evanston Insurance. The City believes the RFI-Bermite Lawsuit is without merit and intends to vigorously defend itself against all claims alleged by the Plaintiffs; however, depending on the dollar amount of the final judgment, potential attorneys’ fees, and the amount of the damages and attorneys’ fees covered by the City’s insurance policies, a judgment in fa vor of the Plaintiffs could have a material adverse impact on the City’s finances. The City expects to manage payment of any judgment in the RFI-Bermite Lawsuit in a way that would enable the City to pay its obligations when due. As of the financial statement issuance date, the outcome of the lawsuit cannot be reasonably estimated.
Note 21 – Other Required Disclosure
A. Expenditures in Excess of Appropriation
The following functions report expenditures in excess of appropriations for the year ended June 30, 2022.
Expenditure
in E xcess of
Expenditure Appropriation Appropriation
State Park Special Revenue Fund:
Operating:
Personnel 6,630 $ - $ (6,630)$ Supplemental Law Grant Special Revenue Fund:
Operating:
Operations and maintenance 496,404 493,957 (2,447) M easure W Safe Clean Water Special Revenue Fund:
Operating:
Personnel 140,379 137,032 (3,347) Tourism M arketing District Special Revenue Fund:
Operating:
Personnel 45,472 33,433 (12,039) City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
98 Note 21 – Other Required Disclosure (Continued)
B. Deficit Net Positions and Fund Balances
Funds with deficit fund balances and net position at June 30, 2022 are as follows:
Deficit
Gas Tax Special Revenue Fund (204,783) $
State Park Special Revenue Fund (250,000)
Surface Transportation Program Special Revenue Fund (10,900) Measure H Homeless Initiatives Special Revenue Fund (228,322) Measure R highway improvement Special Revenue Fund (94,402) Measure M ATP Special Revenue Fund (474,809)
Measure A Safe parks Special Revenue Fund (1,474)
Misc Grants Special Revenue Fund (441,547)
Cooper St parking CFD 2020-1 Special Revenue Fund (101,501)
The deficit fund balances will be eliminated through reim bursement from grantor agencies or when the levied tax revenues are received.
Note 22 – Restatement of Beginning Net Position and Fund Balance
Governmental Activities and Governmental Funds
The beginning net position for government al activities and fund balances for gove rnmental funds were restated as follows:
Governmental
Activities
Net Position, as previously reported 1,306,707,385 $
Unearned revenue (15,078,113)
Television Authority 17,398
Finance purchase notes payable 382,125
Net Position, as restated 1,292,028,795 $
Developer Fees CDBG HOME Total Nonmajor Total
General Special Revenue Special Revenue Special Revenue Governmental Governmental Fund Fund Fund Fund Funds Funds
Fund Balances, as previously 187,994,139$ 2,436,323 $ 10,852 $ 358,557 $ 89,322,725$ 311,986,268 $ reported:
Unavailable revenue 9,623,485 7,361,943 104,175 2,298,999 2,403,174 19,388,602 Television Authority - - - - 17,398 17,398 Fund Balances, as restated 197,617,624$ 9,798,266 $ 115,027 $ 2,657,556 $ 91,743,297 $ 331,392,268 $ Nonmajor Governmental Funds
Governmental activities beginning net position was restated to report unearned revenue for advance grant funds received prior to meeting eligibility requirement.
Governmental activities beginning net position and nonmajor governmental fund balance were restated to report the Santa Clarita Public Television Authority as special revenue fund, instead of custodial fund.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2022
99 Note 22 – Restatement of Beginning Net Position and Fund Balance (Continued)
Governmental Activities and Governmental Funds (Continued)
Governmental activities beginning net position was restated as result of implementing GASB Statement No. 87.
Governmental fund beginning fund balances were restated to reduce the una vailable revenues for advances to RDA Successor Agency, B&T loans, HOME and CDBG loans and th e associated accrued interest, and to report these balances in the nonspendable fund balance for General Fund and restricted fund balances for all other governmental funds.
Fiduciary Activities
The beginning fiduciary net position for Custodial funds were restated as follows:
Community Community
Assessment Assessment Facilities Facilities Total
District District District District Custodial
No. 92-2 No. 99-1 No. 2002-1 No. 2016-1 Funds
Fiduciary Net Position, as previously reported 144,302$ (129,715) $ (10,079,890)$ (17,564,057) $ (27,595,273) $ Bond and premium payable 155,000 315,000 12,835,000 19,147,785 32,452,785 Television Authority - - - - (17,398) Fiduciary Net Position, as restated 299,302 $ 185,285 $ 2,755,110 $ 1,583,728 $ 4,840,114 $ Custodial Funds
Custodial funds' beginning net position were restated to eliminate the reporting of bonds payable and related premium for the non-City obligation bonds and to report the Santa Clarita Public Television Authority as a special revenue fund, instead of a custodial fund.
Note 23 – Subsequent Events
On October 1, 2022, the Financing Authority issued $12,845,000 Lease Revenue B onds (Energy Efficiency Program), Series A (Green Bonds) and $5,970,000 Lease Revenue Bonds (Energy Efficiency Program), Series B (Green Bonds). Interest on the Bonds will be payabl e semiannually on June 1 and December 1 of each year, commencing June 1, 2023 and at rate range from 4.375% to 5.000% annum. Principal on the Series A bonds commences on June 1, 2023 and matu res on June 1, 2050. Principal on the Series B bonds commends on December 1, 2023 and matures on December 1, 2035. Proceeds of the bonds will be used to finance energy efficiency improvements associated with buildings and facilities such as heating, ventilation, and air conditioning, lighting, water conservation, solar, and refrige ration improvements (the “2022 Project”), and to pay the costs of issuing the bonds.
100
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REQUIRED SUPPLEMENTARY INFORMATION
(UNAUDITED)
101
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102
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Taxes 92,842,981 $ 103,658,191 $ 108,881,674 $ 5,223,483 $ Licenses and permits 8,713,224 8,513,224 9,724,390 1,211,166 Intergovernmental 130,000 6,706,376 6,743,551 37,175 Charges for services 9,110,788 10,765,097 11,407,669 642,572 Investment income (loss) 2,155,571 2,155,571 (4,598,424) (6,753,995) Fines and penalties 922,000 835,425 886,194 50,769 Other revenues 584,616 3,572,832 3,749,636 176,804 Total revenues 114,459,180 136,206,716 136,794,690 587,974 EXPENDITURES:
Operating:
Personnel 47,343,521 47,614,094 43,972,482 3,641,612 Operations and maintenance 43,419,627 44,433,634 40,051,875 4,381,759 Capital outlay 36,348 132,573 79,852 52,721 Capital improvement projects 10,352,210 11,915,841 8,265,655 3,650,186 Total expenditures 101,151,706 104,096,142 92,369,864 11,726,278
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 13,307,474 32,110,574 44,424,826 12,314,252 OTHER FINANCING SOURCES (USES):
Transfers in 2,040,317 2,071,758 2,005,376 (66,382) Transfers out (15,085,742) (16,142,910) (15,298,008) 844,902 Total other financing sources (uses) (13,045,425) (14,071,152) (13,292,632) 778,520 NET CHANGE IN FUND BALANCE 262,049$ 18,039,422 $ 31,132,194 13,092,772 $ FUND BALANCE:
Beginning of year, as restated (Note 22) 197,617,624
End of year 228,749,818$
City of Santa Clarita
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - General Fund
For the Year Ended June 30, 2022
103
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Investment earnings 508,390 $ 508,390 $ (56,444) $ (564,834) $ Developer fees - 1,101,086 1,446,787 345,701 Other revenues 368,724 368,724 368,724 - Total revenues 877,114 1,978,200 1,759,067 (219,133) EXPENDITURES:
Operating:
Personnel 99,809 102,837 95,770 7,067 Operations and maintenance 460,333 460,333 401,561 58,772 Capital improvement projects 1,087,194 5,831,532 611,526 5,220,006 Total expenditures 1,647,336 6,394,702 1,108,857 5,285,845 NET CHANGE IN FUND BALANCE (770,222)$ (4,416,502) $ 650,210 5,066,712 $ FUND BALANCE:
Beginning of year 7,369,619
End of yea
r 8,019,829$
City of Santa Clarita
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - Bridge and Thoroughfare Special Revenue Fund For the Year Ended June 30, 2022
104
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Investment earnings 30,196 $ 30,196 $ (69,549) $ (99,745) $ Developer fees - 2,511,208 2,962,100 450,892 Other revenues - - 539 539 Total revenues 30,196 2,541,404 2,893,090 351,686 EXPENDITURES:
Operating:
Operations and maintenance - 1,095,000 819,999 275,001 Capital improvement projects 763,381 1,396,393 252,758 1,143,635 Total expenditures 763,381 2,491,393 1,072,757 1,418,636
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (733,185) 50,011 1,820,333 1,770,322 OTHER FINANCING (USES):
Transfers out (100,000) (131,441) (131,441) - Total other financing (uses) (100,000) (131,441) (131,441) - NET CHANGE IN FUND BALANCE (833,185)$ (81,430) $ 1,688,892 1,770,322 $ FUND BALANCE:
Beginning of year, as restated (Note 22) 9,798,266
End of yea
r 11,487,158$
City of Santa Clarita
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - Developer Fees Special Revenue Fund For the Year Ended June 30, 2022
105
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Taxes 8,481,209 $ 8,481,209 $ 8,817,029 $ 335,820 $ Charges for services 207,713 207,713 321,083 113,370 Investment earnings 15,688 15,688 (64,074) (79,762) Other revenues 2,500 43,546 87,044 43,498 Total revenues 8,707,110 8,748,156 9,161,082 412,926 EXPENDITURES:
Operating:
Personnel 4,288,587 4,412,731 3,923,910 488,821 Operations and maintenance 3,013,605 3,095,715 3,057,111 38,604 Capital outlay 360,000 395,383 215,131 180,252 Capital improvement projects 262,400 114,105 91,902 22,203 Total expenditures 7,924,592 8,017,934 7,288,054 729,880 NET CHANGE IN FUND BALANCE 782,518$ 730,222 $ 1,873,028 1,142,806 $ FUND BALANCE:
Beginning of year 1,635,155
End of yea
r 3,508,183$
City of Santa Clarita
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - Public Library Special Revenue Fund For the Year Ended June 30, 2022
106
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Taxes 258,226 $ 258,226 $ 271,857 $ 13,631 $ Special assessments 14,697,645 14,697,645 14,280,265 (417,380) Investment earnings 319,757 319,757 (535,517) (855,274) Total revenues 15,275,628 15,275,628 14,016,605 (1,259,023) EXPENDITURES:
Operating:
Personnel 1,283,040 1,321,159 1,265,298 55,861 Operations and maintenance 12,540,855 13,429,519 12,139,755 1,289,764 Capital improvement projects 1,442,000 2,290,549 526,367 1,764,182 Total expenditures 15,265,895 17,041,227 13,931,420 3,109,807
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 9,733 (1,765,599) 85,185 1,850,784 OTHER FINANCING SOURCES (USES):
Transfers in 10,000 10,000 10,000 - Transfers out (127,539) (127,539) (127,539) - Total other financing sources (uses) (117,539) (117,539) (117,539) - NET CHANGE IN FUND BALANCE (107,806)$ (1,883,138) $ (32,354) 1,850,784 $ FUND BALANCE:
Beginning of year 23,228,307
End of yea
r 23,195,953$
City of Santa Clarita
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - Landscape Maintenance District #1 Special Revenue Fund For the Year Ended June 30, 2022
107
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental - $ 15,108,126$ 4,692,488 $ (10,415,638) $ Total revenues - 15,108,126 4,692,488 (10,415,638) EXPENDITURES:
Operating:
Personnel - 50,802 34,157 16,645 Operations and maintenance - 279,685 227,055 52,630 Capital outlay - 2,318,165 2,317,698 467 Capital improvement projects:
Operations and maintenance - 12,935,336 2,113,578 10,821,758 Total expenditures - 15,583,988 4,692,488 10,891,500 NET CHANGE IN FUND BALANCE -$ (475,862)$ - 475,862$ FUND BALANCE:
Beginning of year -
End of year -$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual American Rescue Plan Special Revenue Fund
For the Year Ended June 30, 2022
108
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.
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, operations and maintenance, 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.
City of Santa Clarita
Required Supplementary Information (Unaudited)
Notes to the Budgetary Comparison Schedule
For the Year Ended June 30, 2022
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.
Budgetary Information
109
Measurement period 2020-21 2019-20 2018-19 2017-18 2016-17 Total pension liability
Service cost 5,527,979 $ 5,350,001 $ 5,104,511 $ 4,920,377 $ 4,921,221 $ Interest 16,234,316 15,203,985 14,120,352 13,037,446 12,166,752 Changes of assumptions - - - (1,615,911) 11,654,992 Differences between expected and actual experience 1,168,851 2,498,828 3,019,582 1,709,604 (1,505,660) Benefit payments, including refunds of employee
contributions (7,668,205) (7,134,971) (6,246,516) (5,601,353) (4,406,046) Net change in total pension liability 15,262,941 15,917,843 15,997,929 12,450,163 22,831,259 Total pension liability - beginning 226,954,635 211,036,792 195,038,863 182,588,700 159,757,441 Total pension liability - ending (a) 242,217,576$ 226,954,635 $ 211,036,792 $ 195,038,863 $ 182,588,700 $ Pension fiduciary net position
Contributions - employer 11,219,959 $ 15,978,300 $ 12,500,090 $ 9,664,637 $ 4,484,866 $ Contributions - employee 2,551,579 2,530,805 2,478,266 2,203,916 2,224,721 Net investment income 44,522,336 8,957,955 10,255,487 11,713,900 13,510,656 Benefit payments, including refunds of employee
contributions (7,668,205) (7,134,971) (6,246,516) (5,601,353) (4,406,046) Net plan to plan resources movement - - (355) - Administrative expense (192,013) (242,657) (109,362) (211,742) (177,534) Other miscellaneous income/expense1
- - 355 (402,101) - Net change in plan fiduciary net position 50,433,656 20,089,432 18,878,320 17,366,902 15,636,663 Plan fiduciary net position - beginning2
192,216,858 172,127,426 153,249,106 135,882,204 120,245,541 Plan fiduciary net position - ending (b) 242,650,514$ 192,216,858 $ 172,127,426 $ 153,249,106 $ 135,882,204 $ Plan net pension liability (asset) - ending (a) - (b) (432,938)$ 34,737,777 $ 38,909,366 $ 41,789,757 $ 46,706,496 $ Plan fiduciary net position as a percentage 100.18% 84.69% 81.56% 78.57% 74.42% of the total pension liability
Covered payroll3
35,733,541$ 34,033,087 $ 31,563,882 $ 29,326,360 $ 28,956,876 $ Plan net pension liability as a percentage of
covered payroll -1.21% 102.07% 123.27% 142.50% 161.30%
1 2
3 Notes to Schedule:
City of Santa Clarita
Required Supplementary Information (Unaudited)
Schedule of Changes in Net Pension Liability and Related Ratios For the Year Ended June 30, 2022
Last Ten Fiscal Years1
California Public Employees' Retirement System Defined Pension Plan - Miscellaneous Plan During Fiscal Year 2017-18, as a result of Governmental Accounting Standards Board Statement (GASB) No. 75, Accounting and financial Reporting for Postemployment Benefit Plans Other than Pensions (GASB 75), CalPERS reported its proportionate share of activity related to postemployment benefi ts for participation in the State of California’s agent OPEB plan. Accordingly, CalPERS recorded a one-time expense as a result of the adoption of GASB 75.
Additionally, CalPERS employees participate in various State of California agent pension plans and during Fiscal Year 2017-18, CalPERS recorded a c orrection to previously reported financial
Includes any beginning of year adjustment.
Benefit Changes: There were no changes in benefits
Changes of Assumptions: None in 2019 - 2021. In 2018, demographic assumptions and inflation rate were changed in accordance to the CalPERS Experience Study and Review of Assumptions December 2017. There were no changes in the discount rate. In 2017, the discount rate was reduced from 7.65% to 7.15%. In 2016, there were no changes. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5% (net of administrative expense) to 7.65% (without a red uction for pension plan administrative expense). In 2014, amounts reported were based on the 7.5% discount rate.
Includes one year’s payroll growth using 2.75% payroll growth assumption for fiscal years ended June 30, 2018-21; 3.00% payroll growth assumption fo r fiscal years ended June 30, 2014-17.
110
Measurement period 2015-16 2014-15 2013-14
Total pension liability
Service cost 4,409,399$ 4,418,053 $ 4,462,544 $ Interest 11,315,207 10,443,680 9,588,693 Changes of assumptions - (3,009,808) - Differences between expected and actual experience (305,665) 416,626 - Benefit payments, including refunds of employee
contributions (3,347,335) (2,971,092) (2,561,655) Net change in total pension liability 12,071,606 9,297,459 11,489,582 Total pension liability - beginning 147,685,835 138,388,376 126,898,794 Total pension liability - ending (a) 159,757,441$ 147,685,835 $ 138,388,376 $ Pension fiduciary net position
Contributions - employer 3,959,503$ 3,740,145 $ 3,562,246 $ Contributions - employee 2,252,522 2,164,107 2,339,435 Net investment income 622,282 2,506,239 16,243,165 Benefit payments, including refunds of employee
contributions (3,347,335) (2,971,092) (2,561,655) Net plan to plan move 9,685 -
Administrative expense (71,202) (131,529) - Other miscellaneous income/expense - - Net change in plan fiduciary net position 3,415,770 5,317,555 19,583,191 Plan fiduciary net position - beginning 116,829,771 111,512,216 91,929,025 Plan fiduciary net position - ending (b) 120,245,541$ 116,829,771 $ 111,512,216 $ Plan net pension liability (asset) - ending (a) - (b) 39,511,900$ 30,856,064 $ 26,876,160 $ Plan fiduciary net position as a percentage 75.27% 79.11% 80.58% of the total pension liability
Covered payroll 28,584,202$ 28,017,332 $ 26,879,556 $ Plan net pension liability as a percentage of
covered payroll 138.23% 110.13% 99.99%
City of Santa Clarita
Required Supplementary Information (Unaudited)
Schedule of Changes in Net Pension Liability and Related Ratios (Continued) For the Year Ended June 30, 2022
Last Ten Fiscal Years1
California Public Employees' Retirement System Defined Pension Plan - Miscellaneous Plan 111
Fiscal year 2022 2021 2020 2019 2018
Actuarially determined contribution 6,510,552 $ 6,190,238 $ 6,323,890 $ 5,637,826 $ 4,662,191 $ Contributions in relation to the
actuarially determined contribution (8,462,978) (11,219,252) (15,976,871) (12,499,992) (9,662,191) Contribution deficiency (excess) (1,952,426) $ (5,029,014) $ (9,652,981) $ (6,862,166) $ (5,000,000) $ Covered payroll 35,373,331 $ 35,733,541 $ 34,033,087 $ 31,563,882 $ 29,326,360 $ Contributions as a percentage of covered
payroll 23.92% 31.40% 46.95% 39.60% 32.96%
1 Notes to Schedule:
Methods and assumptions used to determine contribution rates:
Actuarial cost method Entry Age Normal Cost Method
Amortization method Level percentage of payroll
Asset valuation method Fair Value Assets. For details, see June 30, 2018 Funding Valution Report.
Inflation
Salary increases varies by entry age and service
Payroll Growth
Investment rate of return
Retirement age
Mortality
City of Santa Clarita
Required Supplementary Information (Unaudited)
Schedule of City Contributions - Pensions
For the Year Ended June 30, 2022
Last Ten Fiscal Years1
California Public Employees' Retirement System Defined Pension Plan - Miscellaneous Plan Only 9 years shown after GASB 68 was implemented effective June 30, 2014.
The actuarial methods and assumptions used to set the actuarially determined contributions for Fiscal Year 2021-22 were derived from the June 30, 2018 funding valuation report.
7.00% Net of Pension Plan Investment and Administrative Expenses; includes Inflation.
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.
2.50%
2.75%
112
Fiscal year 2017 2016 2015 2014
Actuarially determined contribution 4,484,140 $ 3,958,892 $ 3,740,138 $ 3,562,246 $ Contributions in relation to the
actuarially determined contribution (4,484,140) (3,958,892) (3,740,138) (3,562,246) Contribution deficiency (excess) - $ - $ - $ - $ Covered payroll 28,956,876 $ 28,584,202 $ 28,017,332 $ 26,879,556 $ Contributions as a percentage of covered payroll 15.49% 13.85% 13.35% 13.25% City of Santa Clarita
Required Supplementary Information (Unaudited)
Schedule of City Contributions - Pensions (Continued)
For the Year Ended June 30, 2022
Last Ten Fiscal Years1
California Public Employees' Retirement System Defined Pension Plan - Miscellaneous Plan 113
Measurement period 2021-22 2020-21 2019-20 2018-19
Total OPEB liability
Service cost 1,100,210 $ 2,154,981 $ 1,610,969 $ 1,701,975 $ Interest 2,509,052 2,517,070 2,505,286 2,823,979 Changes of benefit terms - - - - Differences between expected and actual experience - (5,463,407) - (7,334,973) Changes of assumptions - (17,074,375) 8,477,248 2,078,284 Benefit payments, including refunds of employee contributions (1,326,369) (1,265,682) (1,202,903) (1,093,711) Net change in total pension liability 2,282,893 (19,131,413) 11,390,600 (1,824,446) Total OPEB liability - beginning 39,707,814 58,839,227 47,448,627 49,273,073 Total OPEB liability - ending (a) 41,990,707$ 39,707,814 $ 58,839,227 $ 47,448,627 $ OPEB fiduciary net position
Contributions - employer 301,000 $ 638,000 $ 636,000 $ 923,250 $ Net investment income (7,090,104) 10,837,685 1,475,065 2,618,633 Benefit payments, including refunds of employee contributions (1,326,369) (1,265,682) (1,202,903) (1,093,711) Administrative expense (105,845) (95,987) (77,123) (73,935) Other expenses - - - - Net change in plan fiduciary net position (8,221,318) 10,114,016 831,039 2,374,237 Plan fiduciary net position - beginning 52,283,592 42,169,576 41,338,537 38,964,300 Plan fiduciary net position - ending (b) 44,062,274$ 52,283,592 $ 42,169,576 $ 41,338,537 $ Plan net OPEB liability (asset) - ending (a) - (b) (2,071,567)$ (12,575,778) $ 16,669,651 $ 6,110,090 $ Plan fiduciary net position as a percentage 104.93% 131.67% 71.67% 87.12% of the total OPEB liability
Covered-employee payroll 41,385,678$ 35,631,538 $ 38,295,087 $ 33,895,751 $ Plan net OPEB liability as a percentage of
covered-employee payroll -5.01% -35.29% 43.53% 18.03%
Notes to Schedule:
Historical information is only for measurement periods presented after GASB 75 implementation.
* For the 12 month period ending on June 30 (Measurement Date).
Last Ten Fiscal Years
City of Santa Clarita
Required Supplementary Information (Unaudited)
Schedule of Changes in Net Other Postemployment Benefits Liability and Related Ratios For the Year Ended June 30, 2022
Other Postemployment Benefits ("OPEB") Plan
114
Measurement period 2017-18
Total OPEB liability
Service cost 1,711,000$
Interest 2,633,073
Changes of benefit terms -
Differences between expected and actual experience -
Changes of assumptions (1,071,000)
Benefit payments, including refunds of employee contributions (1,054,000) Net change in total pension liability 2,219,073
Total OPEB liability - beginning 47,054,000
Total OPEB liability - ending (a) 49,273,073$
OPEB fiduciary net position
Contributions - employer 1,227,000$
Net investment income 2,963,587
Benefit payments, including refunds of employee contributions (1,054,041) Administrative expense (146,319)
Other expenses -
Net change in plan fiduciary net position 2,990,227
Plan fiduciary net position - beginning 35,974,073
Plan fiduciary net position - ending (b) 38,964,300$
Plan net OPEB liability (asset) - ending (a) - (b) 10,308,773$ Plan fiduciary net position as a percentage 79.08%
of the total OPEB liability
Covered-employee payroll 30,634,000$
Plan net OPEB liability as a percentage of
covered-employee payroll 33.65%
Last Ten Fiscal Years
Other Postemployment Benefits ("OPEB") Plan
City of Santa Clarita
Required Supplementary Information (Unaudited)
Schedule of Changes in Net Other Postemployment Benefits Liability and Related Ratios (Continued) For the Year Ended June 30, 2022
115
Fiscal year ended June 30 2022 2021 2020 2019
Actuarially determined contribution (ADC) 482,000 $ 517,000 $ 1,112,000 $ 1,127,000 $ Contributions in relation to the
actuarially determined contribution 301,000 638,000 636,000 923,250 Contribution deficiency (excess) 181,000 $ (121,000) $ 476,000 $ 203,750 $ Covered-employee payroll* 41,385,678$ 35,631,538 $ 38,295,087 $ 33,895,751 $ Contributions as a percentage of covered payroll 0.73% 1.79% 1.66% 2.72% *
Methods and assumptions used to determine contribution rates:
Contribution valuation date June 30, 2020
Actuarial cost method Entry Age Normal, level percentage of payroll Amortization method Level percentage of pay
Amortization period 12-year fixed period for 2021/22
Asset valuation method Investment gains and losses spread over 5-year rolling Discount Rate 6.50%
General Inflation Rate 2.75%
Medical Trend Non-Medicare- 7% for 2022, decreasing to an ultimate rate of 4.0% in 2076 Medicare - 6.1% for 2022, decreasing to an ultimate rate of 4.0% in 2076 Mortality CalPERS 1997-2015 experience study
Mortality Improvement Retirement mortality projected fully generational with scale MP-2019 Note: Historical information presented is only for periods after GASB 75 implementation.
Other Postemployment Benefits ("OPEB") Plan
For the 12 months period ending on June 30 (fiscal year end) as reported by the City.
City of Santa Clarita
Required Supplementary Information (Unaudited)
Schedule of Contributions - Other Postemployment Benefits For the Year Ended June 30, 2022
Last Ten Fiscal Years
116
Fiscal year ended June 30 2018
Actuarially determined contribution (ADC) 1,755,000$
Contributions in relation to the
actuarially determined contribution 1,227,000
Contribution deficiency (excess) 528,000$
Covered-employee payroll* 30,634,000$
Contributions as a percentage of covered payroll 4.01%
Other Postemployment Benefits ("OPEB") Plan
For the Year Ended June 30, 2022
Schedule of Contributions - Other Postemployment Benefits (Continued) Required Supplementary Information (Unaudited)
City of Santa Clarita
Last Ten Fiscal Years
117
Fiscal year 2022 2021 2020 2019 2018 2017
Actual money-weighted rate of return-
net of investment expense -13.55% 26.10% 3.78% 6.94% 8.26% 12.81% * Fiscal year 2017 was the first year of GASB 74 implementation, therefore, only six years are shown.
Other Postemployment Benefits ("OPEB") Plan
Last Ten Fiscal Years*
City of Santa Clarita
Required Supplementary Information (Unaudited)
Schedule of Money Weighted Rate of Return - OPEB
For the Year Ended June 30, 2022
118
SUPPLEMENTARY INFORMATION
119
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120
NONMAJOR GOVERNMENTAL FUNDS
Nonmajor Special Revenue Funds:
Special Revenue Funds are used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purposes other than debt service or capital projects.
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.
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.
121
NONMAJOR GOVERNMENTAL FUNDS
Nonmajor Special Revenue Funds (Continued):
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.
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.
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 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.
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. 122
NONMAJOR GOVERNMENTAL FUNDS
Nonmajor Special Revenue Funds (Continued):
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.
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. 123
NONMAJOR GOVERNMENTAL FUNDS
Nonmajor Capital Projects Funds:
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.
Nonmajor Debt Services Funds:
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.
124
Special
Bikeway Gas Tax Proposition A Assessment
Cash and investments 383,455 $ - $ 10,776,540$ 3,861,591 $ Accounts receivable, net - 12,857 - - Interest receivable 705 - 19,815 7,069 Taxes receivables - - - 23,844 Loans receivable - - - - Prepaid costs - - - - Due from other governments 12,352 423,317 - - Restricted assets:
Cash and investments - - - - Cash and investments with fiscal agent - - - - Total assets 396,512$ 436,174 $ 10,796,355 $ 3,892,504 $ Liabilities:
Accounts payable and accrued liabilities 290,059 $ 54,124 $ 532,947 $ 13,829 $ Due to other governments - - - - Due to other funds - 586,833 - - Unearned revenue - - - - Total liabilities 290,059 640,957 532,947 13,829 Deferred Inflows of Resources
Unavailable revenue - - - - Total deferred inflows of resources - - - - Fund Balances (Deficits):
Nonspendable - - - - Restricted 106,453 - 10,263,408 3,878,675 Assigned - - - - Unassigned (deficits) - (204,783) - - Total fund balances (deficits) 106,453 (204,783) 10,263,408 3,878,675 Total liabilities, deferred inflows of
resources and fund balances 396,512$ 436,174 $ 10,796,355 $ 3,892,504 $ (Continued)
Combining Balance Sheet
Special Revenue Funds
City of Santa Clarita
June 30, 2022
Nonmajor Governmental Funds
RESOURCES AND FUND BALANCES
ASSETS
LIABILITIES, DEFERRED INFLOWS OF
125
Street SB1 Road
Lighting Measure M Repair and
District Local Return Activity State Park
Cash and investments 14,425,233 $ 7,080,903 $ 4,665,913 $ - $ Accounts receivable, net 153,239 - - - Interest receivable 27,604 13,020 8,579 - Taxes receivables 313,444 - - - Loans receivable - - - - Prepaid costs - - - - Due from other governments - - 796,976 250,000 Restricted assets:
Cash and investments 415,077 - - - Cash and investments with fiscal agent - - - - Total assets 15,334,597$ 7,093,923 $ 5,471,468 $ 250,000 $ Liabilities:
Accounts payable and accrued liabilities 306,324 $ 118,726 $ - $ - $ Due to other governments - - - - Due to other funds - - - 250,000 Unearned revenue - - - - Total liabilities 306,324 118,726 - 250,000 Deferred Inflows of Resources
Unavailable revenue - - - 250,000 Total deferred inflows of resources - - - 250,000 Fund Balances (Deficits):
Nonspendable - - - - Restricted 15,028,273 6,975,197 5,471,468 - Assigned - - - - Unassigned (deficits) - - - (250,000) Total fund balances (deficits) 15,028,273 6,975,197 5,471,468 (250,000) Total liabilities, deferred inflows of
resources and fund balances 15,334,597$ 7,093,923 $ 5,471,468 $ 250,000 $ (Continued)
Combining Balance Sheet (Continued)
Special Revenue Funds
City of Santa Clarita
June 30, 2022
Nonmajor Governmental Funds
RESOURCES AND FUND BALANCES
ASSETS
LIABILITIES, DEFERRED INFLOWS OF
126
TDA Traffic Safety CDBG AQMD
Cash and investments 10,418,383 $ - $ - $ 226,637$ Accounts receivable, net - - - - Interest receivable 19,157 - - 417 Taxes receivables - 46,209 - - Loans receivable - - 115,200 - Prepaid costs - - - - Due from other governments - - 163,930 72,874 Restricted assets:
Cash and investments - - - - Cash and investments with fiscal agent - - - - Total assets 10,437,540$ 46,209 $ 279,130 $ 299,928 $ Liabilities:
Accounts payable and accrued liabilities 3,282,354 $ - $ 158,685$ 14,406 $ Due to other governments - - - - Due to other funds - 46,209 11,108 - Unearned revenue - - - - Total liabilities 3,282,354 46,209 169,793 14,406 Deferred Inflows of Resources
Unavailable revenue - - - - Total deferred inflows of resources - - - - Fund Balances (Deficits):
Nonspendable - - - - Restricted 7,155,186 - 109,337 285,522 Assigned - - - - Unassigned (deficits) - - - - Total fund balances (deficits) 7,155,186 - 109,337 285,522 Total liabilities, deferred inflows of
resources and fund balances 10,437,540$ 46,209 $ 279,130 $ 299,928 $ (Continued)
Special Revenue Funds
Combining Balance Sheet (Continued)
City of Santa Clarita
June 30, 2022
Nonmajor Governmental Funds
RESOURCES AND FUND BALANCES
ASSETS
LIABILITIES, DEFERRED INFLOWS OF
127
Surface
Transportation BJA Law Supplemental
Stormwater Program Enforcement Law Grant
Cash and investments 3,963,675 $ - $ 2 $ 423,137$ Accounts receivable, net 37,080 - - - Interest receivable 7,281 - - 778 Taxes receivables 201,775 - - - Loans receivable - - - - Prepaid costs - - - - Due from other governments - - - - Restricted assets:
Cash and investments - - - - Cash and investments with fiscal agent - - - - Total assets 4,209,811$ - $ 2 $ 423,915$ Liabilities:
Accounts payable and accrued liabilities 252,035 $ - $ - $ 78,605$ Due to other governments - - - - Due to other funds - 10,900 - - Unearned revenue - - - - Total liabilities 252,035 10,900 - 78,605 Deferred Inflows of Resources
Unavailable revenue - - - - Total deferred inflows of resources - - - - Fund Balances (Deficits):
Nonspendable - - - - Restricted 3,957,776 - 2 345,310 Assigned - - - - Unassigned (deficits) - (10,900) - - Total fund balances (deficits) 3,957,776 (10,900) 2 345,310 Total liabilities, deferred inflows of
resources and fund balances 4,209,811$ - $ 2 $ 423,915$ (Continued)
ASSETS
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2022
Special Revenue Funds
128
Public
Library Education and
HOME Facilities Fees Government Proposition C
Cash and investments 604,484 $ 3,979,601 $ 689,028 $ 10,550,568 $ Accounts receivable, net 24,819 - - - Interest receivable 1,111 7,317 1,267 19,400 Taxes receivables - - 117,493 - Loans receivable 2,064,869 - - - Prepaid costs - - - - Due from other governments - - - 1,401,499 Restricted assets:
Cash and investments - - - - Cash and investments with fiscal agent - - - - Total assets 2,695,283$ 3,986,918 $ 807,788 $ 11,971,467 $ Liabilities:
Accounts payable and accrued liabilities - $ - $ 3,976$ 334,682 $ Due to other governments - - - - Due to other funds - - - 1,283,606 Unearned revenue - - - - Total liabilities - - 3,976 1,618,288 Deferred Inflows of Resources
Unavailable revenue - - - 878,316 Total deferred inflows of resources - - - 878,316 Fund Balances (Deficits):
Nonspendable - - - - Restricted 2,695,283 3,986,918 803,812 9,474,863 Assigned - - - - Unassigned (deficits) - - - - Total fund balances (deficits) 2,695,283 3,986,918 803,812 9,474,863 Total liabilities, deferred inflows of
resources and fund balances 2,695,283$ 3,986,918 $ 807,788 $ 11,971,467 $ (Continued)
ASSETS
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2022
Special Revenue Funds
129
Measure H Measure R
Homeless Highway
Initiatives Federal Grants Measure R Improvement
Cash and investments - $ 1,995,637$ 4,624,412 $ - $ Accounts receivable, net - - - - Interest receivable - - 8,503 - Taxes receivables - - - - Loans receivable - - - - Prepaid costs - - - - Due from other governments 228,322 278,846 - 94,476 Restricted assets:
Cash and investments - - - - Cash and investments with fiscal agent - - - - Total assets 228,322$ 2,274,483 $ 4,632,915 $ 94,476 $ Liabilities:
Accounts payable and accrued liabilities 25,633 $ 245,482 $ 397,297 $ 78,855 $ Due to other governments - - - - Due to other funds 202,689 - - 15,643 Unearned revenue - 1,094,079 - - Total liabilities 228,322 1,339,561 397,297 94,498 Deferred Inflows of Resources
Unavailable revenue 228,322 278,846 - 94,380 Total deferred inflows of resources 228,322 278,846 - 94,380 Fund Balances (Deficits):
Nonspendable - - - - Restricted - 656,076 4,235,618 - Assigned - - - - Unassigned (deficits) (228,322) - - (94,402) Total fund balances (deficits) (228,322) 656,076 4,235,618 (94,402) Total liabilities, deferred inflows of
resources and fund balances 228,322$ 2,274,483 $ 4,632,915 $ 94,476 $ (Continued)
ASSETS
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2022
Special Revenue Funds
130
Measure W Tourism
Measure M Measure A Safe Clean Marketing
ATP Safe Parks Water District
Cash and investments - $ - $ 5,719,605$ 725,056 $ Accounts receivable, net - - - - Interest receivable - - 10,517 1,333 Taxes receivables - - - 123,266 Loans receivable - - - - Prepaid costs - - - 21,417 Due from other governments 557,461 736 - - Restricted assets:
Cash and investments - - - - Cash and investments with fiscal agent - - - - Total assets 557,461$ 736 $ 5,730,122$ 871,072 $ Liabilities:
Accounts payable and accrued liabilities 89,951 $ 736 $ 216,808$ 17,930 $ Due to other governments - - - - Due to other funds 467,510 738 - - Unearned revenue - - - - Total liabilities 557,461 1,474 216,808 17,930 Deferred Inflows of Resources
Unavailable revenue 474,809 736 - - Total deferred inflows of resources 474,809 736 - - Fund Balances (Deficits):
Nonspendable - - - 21,417 Restricted - - 5,513,314 831,725 Assigned - - - - Unassigned (deficits) (474,809) (1,474) - - Total fund balances (deficits) (474,809) (1,474) 5,513,314 853,142 Total liabilities, deferred inflows of
resources and fund balances 557,461$ 736 $ 5,730,122$ 871,072 $ (Continued)
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2022
Special Revenue Funds
ASSETS
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
131
Housing
Miscellaneous Park Successor
OSPD Grants Dedication Agency
Cash and investments 6,848,562 $ - $ 2,341,128$ 797,919 $ Accounts receivable, net - - - - Interest receivable 12,593 - 4,305 1,467 Taxes receivables 108,627 - - - Loans receivable - - - - Prepaid costs - 12,772 - - Due from other governments - 2,736,535 - - Restricted assets:
Cash and investments - - - 206,386 Cash and investments with fiscal agent - - - - Total assets 6,969,782$ 2,749,307 $ 2,345,433 $ 1,005,772 $ Liabilities:
Accounts payable and accrued liabilities 134,569 $ 1,089,037 $ 267,769 $ - $ Due to other governments - - - 34,479 Due to other funds - 1,494,687 - - Unearned revenue - - - - Total liabilities 134,569 2,583,724 267,769 34,479 Deferred Inflows of Resources
Unavailable revenue - 607,130 - - Total deferred inflows of resources - 607,130 - - Fund Balances (Deficits):
Nonspendable - 12,772 - - Restricted 6,835,213 - 2,077,664 971,293 Assigned - - - - Unassigned (deficits) - (454,319) - - Total fund balances (deficits) 6,835,213 (441,547) 2,077,664 971,293 Total liabilities, deferred inflows of
resources and fund balances 6,969,782$ 2,749,307 $ 2,345,433 $ 1,005,772 $ (Continued)
ASSETS
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2022
Special Revenue Funds
132
Tourism Cooper St VC
Marketing Parking Wastewater
Bureau Areawide CFD 2020-1 Standby District
Cash and investments 63,672 $ 5,941,804 $ - $ 3,306,181$ Accounts receivable, net - 31,385 - - Interest receivable 117 10,906 - 6,079 Taxes receivables - 363,074 - 170,930 Loans receivable - - - - Prepaid costs - 39,892 - - Due from other governments - - - - Restricted assets:
Cash and investments - - - - Cash and investments with fiscal agent - - - - Total assets 63,789$ 6,387,061 $ - $ 3,483,190$ Liabilities:
Accounts payable and accrued liabilities - $ 1,104,281$ - $ - $ Due to other governments - - - - Due to other funds - - 101,501 - Unearned revenue - - - - Total liabilities - 1,104,281 101,501 - Deferred Inflows of Resources
Unavailable revenue -
Total deferred inflows of resources - - - - Fund Balances (Deficits):
Nonspendable - 39,892 - - Restricted 63,789 5,242,888 - 3,483,190 Assigned - - - - Unassigned (deficits) - - (101,501) - Total fund balances (deficits) 63,789 5,282,780 (101,501) 3,483,190 Total liabilities, deferred inflows of
resources and fund balances 63,789$ 6,387,061 $ - $ 3,483,190$ (Continued)
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2022
Special Revenue Funds
ASSETS
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
133
Special Revenue
Fund
Santa Clarita
Public General PFA
Television Capital Capital Civic
Authority Projects Projects Arts Projects
Cash and investments 17,280 $ 689,853 $ 10 $ 372,308$ Accounts receivable, net - - - - Interest receivable - - - 500 Taxes receivables - - - - Loans receivable - - - - Prepaid costs - - - - Due from other governments - - - - Restricted assets:
Cash and investments - - - - Cash and investments with fiscal agent - - - - Total assets 17,280$ 689,853 $ 10 $ 372,808$ Liabilities:
Accounts payable and accrued liabilities - $ 20,139$ - $ - $ Due to other governments - - - - Due to other funds - - - - Unearned revenue - - - - Total liabilities - 20,139 - - Deferred Inflows of Resources
Unavailable revenue - -
Total deferred inflows of resources - - - - Fund Balances (Deficits):
Nonspendable - - - - Restricted 17,280 - - - Assigned - 669,714 10 372,808 Unassigned (deficits) - - - - Total fund balances (deficits) 17,280 669,714 10 372,808 Total liabilities, deferred inflows of
resources and fund balances 17,280$ 689,853 $ 10 $ 372,808$ (Continued)
Capital Projects Funds
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2022
ASSETS
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
134
Debt Service Fund
Public Total Nonmajor
Financing Governmental
Authority Funds
Cash and investments 1,087,261$ 106,579,838 $
Accounts receivable, net - 259,380 Interest receivable - 189,840
Taxes receivables - 1,468,662
Loans receivable - 2,180,069
Prepaid costs - 74,081
Due from other governments - 7,017,324 Restricted assets:
Cash and investments - 621,463
Cash and investments with fiscal agent 6,915 6,915 Total assets 1,094,176$ 118,397,572 $
Liabilities:
Accounts payable and accrued liabilities -$ 9,129,239$ Due to other governments - 34,479 Due to other funds - 4,471,424 Unearned revenue - 1,094,079
Total liabilities - 14,729,221 Deferred Inflows of Resources
Unavailable revenue - 2,812,539 Total deferred inflows of resources - 2,812,539 Fund Balances (Deficits):
Nonspendable - 74,081
Restricted 1,094,176 101,559,709
Assigned - 1,042,532
Unassigned (deficits) - (1,820,510) Total fund balances (deficits) 1,094,176 100,855,812 Total liabilities, deferred inflows of
resources and fund balances 1,094,176$ 118,397,572 $ (Concluded)
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2022
ASSETS
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
135
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136
Special
Bikeway Gas Tax Proposition A Assessment
REVENUES:
Taxes - $ - $ - $ - $ Special assessments - - - 646,048 Intergovernmental 138,939 5,180,583 5,604,452 - Charges for services - - - - Investment income (loss) (10,153) (12,619) (224,067) (85,794) Fines and forfeitures - 27,678 - - Developer fees - - - - Other revenue - - - - Total revenues 128,786 5,195,642 5,380,385 560,254 EXPENDITURES:
Current:
General government - - - - Public safety - - - - Recreation and community services - - - - Public works - 5,364,479 - 68,187 Community development - - - - Neighborhood services - - - 177,195 Capital outlay 23,771 5,166 1,695,189 - Debt service:
Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 23,771 5,369,645 1,695,189 245,382
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 105,015 (174,003) 3,685,196 314,872 OTHER FINANCING SOURCES (USES):
Transfers in - 317,655 - 17,000 Transfers out - (339,398) (4,228,859) (4,754) Total other financing sources (uses) - (21,743) (4,228,859) 12,246 NET CHANGES IN FUND BALANCES 105,015 (195,746) (543,663) 327,118 FUND BALANCES (DEFICITS):
Beginning of year, as restated (Note 22) 1,438 (9,037) 10,807,071 3,551,557 End of year 106,453$ (204,783) $ 10,263,408 $ 3,878,675 $ (Continued)
City of Santa Clarita
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Special Revenue Funds
Nonmajor Governmental Funds
For the Year Ended June 30, 2022
137
Street SB1 Road
Lighting Measure M Repair and
District Local Return Activity State Park
REVENUES:
Taxes - $ - $ - $ - $ Special assessments 6,105,312 - - - Intergovernmental - 3,944,834 4,501,930 116,340 Charges for services - - - - Investment income (loss) (334,637) (164,805) (114,652) - Fines and forfeitures 472,119 - - - Developer fees - - - - Other revenue 136,533 - - - Total revenues 6,379,327 3,780,029 4,387,278 116,340 EXPENDITURES:
Current:
General government - - - - Public safety - - - - Recreation and community services - - - - Public works 1,498,886 - - - Community development - - - - Neighborhood services 3,038,434 - - 6,630 Capital outlay 134,991 3,644,097 3,554,073 250,000 Debt service:
Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 4,672,311 3,644,097 3,554,073 256,630
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 1,707,016 135,932 833,205 (140,290) OTHER FINANCING SOURCES (USES):
Transfers in 218,063 - - - Transfers out (1,089,185) - - - Total other financing sources (uses) (871,122) - - - NET CHANGES IN FUND BALANCES 835,894 135,932 833,205 (140,290) FUND BALANCES (DEFICITS):
Beginning of year, as restated (Note 22) 14,192,379 6,839,265 4,638,263 (109,710) End of year 15,028,273$ 6,975,197 $ 5,471,468 $ (250,000) $ (Continued)
City of Santa Clarita
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2022
Special Revenue Funds
138
TDA Traffic Safety CDBG AQMD
REVENUES:
Taxes - $ - $ - $ - $ Special assessments - - - - Intergovernmental 10,759,480 - 1,053,124 286,347 Charges for services - - - - Investment income (loss) (234,695) - 534 (4,021) Fines and forfeitures - 500,057 - - Developer fees - - - - Other revenue - - - - Total revenues 10,524,785 500,057 1,053,658 282,326 EXPENDITURES:
Current:
General government - - - - Public safety - - - - Recreation and community services - - - - Public works 14,175 - - - Community development - - 732,200 - Neighborhood services - - - 13,961 Capital outlay 11,204,219 - 327,148 161,221 Debt service:
Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 11,218,394 - 1,059,348 175,182
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (693,609) 500,057 (5,690) 107,144 OTHER FINANCING SOURCES (USES):
Transfers in - - - - Transfers out (217,655) (500,057) - - Total other financing sources (uses) (217,655) (500,057) - - NET CHANGES IN FUND BALANCES (911,264) - (5,690) 107,144 FUND BALANCES (DEFICITS):
Beginning of year, as restated (Note 22) 8,066,450 - 115,027 178,378 End of year 7,155,186$ - $ 109,337$ 285,522 $ (Continued)
City of Santa Clarita
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2022
Special Revenue Funds
139
Surface
Transportation BJA Law Supplemental
Stormwater Program Enforcement Law Grant
REVENUES:
Taxes - $ - $ - $ - $ Special assessments 3,769,691 - - - Intergovernmental - 1,163,143 21,986 546,051 Charges for services 19,896 - - - Investment income (loss) (78,665) - - (9,016) Fines and forfeitures - - - - Developer fees - - - - Other revenue 531,311 - - - Total revenues 4,242,233 1,163,143 21,986 537,035 EXPENDITURES:
Current:
General government - - - - Public safety - - 21,986 496,404 Recreation and community services -
Public works 2,044,651 - - - Community development - - - - Neighborhood services 1,981,117 - - - Capital outlay 70,617 1,102,124 - - Debt service:
Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 4,096,385 1,102,124 21,986 496,404
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 145,848 61,019 - 40,631 OTHER FINANCING SOURCES (USES):
Transfers in 3,690 - - - Transfers out (77,712) - - - Total other financing sources (uses) (74,022) - - - NET CHANGES IN FUND BALANCES 71,826 61,019 - 40,631 FUND BALANCES (DEFICITS):
Beginning of year, as restated (Note 22) 3,885,950 (71,919) 2 304,679 End of year 3,957,776$ (10,900) $ 2 $ 345,310$ (Continued)
City of Santa Clarita
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2022
Special Revenue Funds
140
Public
Library Education and
HOME Facilities Fees Government Proposition C
REVENUES:
Taxes - $ - $ 436,645$ - $ Special assessments - - - - Intergovernmental - - - 9,279,022 Charges for services - - - - Investment income (loss) (13,758) (88,690) (15,261) (221,236) Fines and forfeitures - - - - Developer fees - 202,723 - - Other revenue 51,485 - - - Total revenues 37,727 114,033 421,384 9,057,786 EXPENDITURES:
Current:
General government - - 197,811 - Public safety - - - - Recreation and community services - - - - Public works - - - - Community development - - - - Neighborhood services - - - - Capital outlay - - 24,090 1,609,808 Debt service:
Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures - - 221,901 1,609,808
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 37,727 114,033 199,483 7,447,978 OTHER FINANCING SOURCES (USES):
Transfers in - - - - Transfers out - - - (4,107,832) Total other financing sources (uses) - - - (4,107,832) NET CHANGES IN FUND BALANCES 37,727 114,033 199,483 3,340,146 FUND BALANCES (DEFICITS):
Beginning of year, as restated (Note 20) 2,657,556 3,872,885 604,329 6,134,717 End of year 2,695,283$ 3,986,918 $ 803,812 $ 9,474,863 $ (Continued)
City of Santa Clarita
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2022
Special Revenue Funds
141
Measure H Measure R
Homeless Highway
Initiatives Federal Grants Measure R Improvement
REVENUES:
Taxes - $ - $ - $ - $ Special assessments - - - - Intergovernmental - 4,222,350 3,486,021 12,687 Charges for services - - - - Investment income (loss) - 6,847 (104,810) - Fines and forfeitures - - - - Developer fees - - - - Other revenue 219,860 - - - Total revenues 219,860 4,229,197 3,381,211 12,687 EXPENDITURES:
Current:
General government - - - - Public safety - - - - Recreation and community services - - - - Public works - - - - Community development 298,088 3,944,948 - - Neighborhood services - - - - Capital outlay - 434,860 2,032,600 91,308 Debt service:
Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 298,088 4,379,808 2,032,600 91,308
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (78,228) (150,611) 1,348,611 (78,621) OTHER FINANCING SOURCES (USES):
Transfers in - - - - Transfers out - - - - Total other financing sources (uses) - - - - NET CHANGES IN FUND BALANCES (78,228) (150,611) 1,348,611 (78,621) FUND BALANCES (DEFICITS):
Beginning of year, as restated (Note 22) (150,094) 806,687 2,887,007 (15,781) End of year (228,322)$ 656,076 $ 4,235,618 $ (94,402) $ (Continued)
City of Santa Clarita
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2022
Special Revenue Funds
142
Measure W Tourism
Measure M Measure A Safe Clean Marketing
ATP Safe Parks Water District
REVENUES:
Taxes - $ - $ 5,009,954$ - $ Special assessments - - - - Intergovernmental 94,925 387,548 - - Charges for services - - - 917,590 Investment income (loss) - 103 (118,812) (19,497) Fines and forfeitures - - - - Developer fees - - - - Other revenue - - - - Total revenues 94,925 387,651 4,891,142 898,093 EXPENDITURES:
Current:
General government - - - - Public safety - - - - Recreation and community services - - - - Public works - - - - Community development - - - 517,848 Neighborhood services - - 180,087 - Capital outlay 561,789 736 699,807 - Debt service:
Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 561,789 736 879,894 517,848
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (466,864) 386,915 4,011,248 380,245 OTHER FINANCING SOURCES (USES):
Transfers in - - - - Transfers out - (194,251) - - Total other financing sources (uses) - (194,251) - - NET CHANGES IN FUND BALANCES (466,864) 192,664 4,011,248 380,245 FUND BALANCES (DEFICITS):
Beginning of year, as restated (Note 22) (7,945) (194,138) 1,502,066 472,897 End of year (474,809)$ (1,474) $ 5,513,314$ 853,142 $ (Continued)
City of Santa Clarita
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2022
Special Revenue Funds
143
Housing
Miscellaneous Park Successor
OSPD Grants Dedication Agency
REVENUES:
Taxes - $ - $ - $ - $ Special assessments 3,051,349 - - - Intergovernmental - 7,650,801 - - Charges for services 12,272 - - - Investment income (loss) (158,772) - (54,383) (17,705) Fines and forfeitures - - - - Developer fees - - 62,515 - Other revenue 4,271 - - - Total revenues 2,909,120 7,650,801 8,132 (17,705) EXPENDITURES:
Current:
General government - - - - Public safety - - - - Recreation and community services 787,416 - - - Public works - - - - Community development - 391,119 - - Neighborhood services - 58,421 - - Capital outlay 1,061,178 7,626,665 1,983,047 - Debt service:
Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 1,848,594 8,076,205 1,983,047 -
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 1,060,526 (425,404) (1,974,915) (17,705) OTHER FINANCING SOURCES (USES):
Transfers in - - - 72,688 Transfers out (803,341) - - - Total other financing sources (uses) (803,341) - - 72,688 NET CHANGES IN FUND BALANCES 257,185 (425,404) (1,974,915) 54,983 FUND BALANCES (DEFICITS):
Beginning of year, as restated (Note 22) 6,578,028 (16,143) 4,052,579 916,310 End of year 6,835,213$ (441,547) $ 2,077,664 $ 971,293 $ (Continued)
City of Santa Clarita
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2022
Special Revenue Funds
144
Tourism Cooper St VC
Marketing Parking Wastewater
Bureau Areawide CFD 2020-1 Standby District
REVENUES:
Taxes - $ - $ - $ - $ Special assessments - 7,351,963 304,242 865,142 Intergovernmental - - - - Charges for services 2,629 - - - Investment income (loss) (1,421) (136,272) 1,326 (73,113) Fines and forfeitures - 55,978 - - Developer fees - - - - Other revenue - - - - Total revenues 1,208 7,271,669 305,568 792,029 EXPENDITURES:
Current:
General government - - - - Public safety - - - - Recreation and community services - - - Public works - - 129,749 - Community development 7,458 - - - Neighborhood services - 17,624,168 - 5,093 Capital outlay - 632,597 - - Debt service:
Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 7,458 18,256,765 129,749 5,093
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (6,250) (10,985,096) 175,819 786,936 OTHER FINANCING SOURCES (USES):
Transfers in - 11,416,425 - - Transfers out - (577,597) - - Total other financing sources (uses) - 10,838,828 - - NET CHANGES IN FUND BALANCES (6,250) (146,268) 175,819 786,936 FUND BALANCES (DEFICITS):
Beginning of year, as restated (Note 22) 70,039 5,429,048 (277,320) 2,696,254 End of year 63,789$ 5,282,780 $ (101,501) $ 3,483,190 $ (Continued)
City of Santa Clarita
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2022
Special Revenue Funds
145
Special Revenue
Fund
Santa Clarita
Public General PFA
Television Capital Capital Civic
Authority Projects Projects Arts Projects
REVENUES:
Taxes - $ - $ - $ - $ Special assessments - - - - Intergovernmental 330,566 - - - Charges for services - - - - Investment income (loss) (117) - - (5,960) Fines and forfeitures - - - - Developer fees - - - - Other revenue - - - - Total revenues 330,449 - - (5,960) EXPENDITURES:
Current:
General government 259,763 - - - Public safety - - - - Recreation and community services - - - - Public works - 9,197 - - Community development - - - - Neighborhood services - - - - Capital outlay - 639,588 - 76,158 Debt service:
Principal retirement 70,612 - - - Interest and fiscal charges 192 - - - Total expenditures 330,567 648,785 - 76,158
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (118) (648,785) - (82,118) OTHER FINANCING SOURCES (USES):
Transfers in - 959,705 - 100,000 Transfers out - - - - Total other financing sources (uses) - 959,705 - 100,000 NET CHANGES IN FUND BALANCES (118) 310,920 - 17,882 FUND BALANCES (DEFICITS):
Beginning of year, as restated (Note 22) 17,398 358,794 10 354,926 End of year 17,280$ 669,714 $ 10 $ 372,808$ (Continued)
Capital Projects Funds
City of Santa Clarita
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2022
146
Debt Service Fund
Public Total Nonmajor
Financing Governmental
Authority Funds
REVENUES:
Taxes -$ 5,446,599$
Special assessments - 22,093,747 Intergovernmental - 58,781,129 Charges for services - 952,387 Investment income (loss) 293 (2,293,828) Fines and forfeitures - 1,055,832 Developer fees - 265,238
Other revenue 490,488 1,433,948
Total revenues 490,781 87,735,052
EXPENDITURES:
Current:
General government - 457,574
Public safety - 518,390
Recreation and community services - 787,416 Public works - 9,129,324
Community development - 5,891,661 Neighborhood services - 23,085,106 Capital outlay - 39,646,847
Debt service:
Principal retirement 2,010,000 2,080,612
Interest and fiscal charges 2,469,209 2,469,401 Total expenditures 4,479,209 84,066,331
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (3,988,428) 3,668,721
OTHER FINANCING SOURCES (USES):
Transfers in 4,479,209 17,584,435
Transfers out - (12,140,641)
Total other financing sources (uses) 4,479,209 5,443,794 NET CHANGES IN FUND BALANCES 490,781 9,112,515 FUND BALANCES (DEFICITS):
Beginning of year, as restated (Note 22) 603,395 91,743,297 End of year 1,094,176$ 100,855,812 $
(Concluded)
City of Santa Clarita
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
June 30, 2022
147
This page intentionally left blank.
148
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 390,451 $ 428,106 $ 138,939 $ (289,167) $ Investment earnings - - (10,153) (10,153) Total revenues 390,451 428,106 128,786 (299,320) EXPENDITURES:
Capital improvement projects 390,451 429,537 23,771 405,766 Total expenditures 390,451 429,537 23,771 405,766 NET CHANGE IN FUND BALANCE -$ (1,431)$ 105,015 106,446 $ FUND BALANCE:
Beginning of year 1,438
End of yea
r 106,453$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Bikeway Special Revenue Fund
For the Year Ended June 30, 2022
149
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 5,371,370 $ 5,279,718 5,180,583 $ (99,135) $ Investment earnings - - (12,619) (12,619) Fines and forfeitures - - 27,678 27,678 Total revenues 5,371,370 5,279,718 5,195,642 (84,076) EXPENDITURES:
Operating:
Personnel 2,698,749 2,779,917 2,710,982 68,935 Operations and maintenance 2,647,346 2,662,346 2,653,497 8,849 Capital outlay 232,700 239,659 - 239,659 Capital improvement projects - 21,920 5,166 16,754 Total expenditures 5,578,795 5,703,842 5,369,645 334,197
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (207,425) (424,124) (174,003) 250,121 OTHER FINANCING SOURCES (USES):
Transfers in 611,380 317,655 317,655 - Transfers out (339,398) (339,398) (339,398) - Total other financing sources (uses) 271,982 (21,743) (21,743) - NET CHANGE IN FUND BALANCE 64,557$ (445,867) $ (195,746) 250,121 $ FUND BALANCE:
Beginning of year (9,037)
End of yea
r (204,783)$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Gas Tax Special Revenue Fund
For the Year Ended June 30, 2022
150
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 4,481,802 $ 5,581,802 $ 5,604,452 $ 22,650 $ Investment earnings - - (224,067) (224,067) Total revenues 4,481,802 5,581,802 5,380,385 (201,417) EXPENDITURES:
Capital improvement projects 453,500 2,030,947 1,695,189 335,758 Total expenditures 453,500 2,030,947 1,695,189 335,758
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 4,028,302 3,550,855 3,685,196 134,341 OTHER FINANCING (USES):
Transfers out (8,319,648) (4,228,859) (4,228,859) - Total other financing (uses) (8,319,648) (4,228,859) (4,228,859) - NET CHANGE IN FUND BALANCE (4,291,346)$ (678,004) $ (543,663) 134,341 $ FUND BALANCE:
Beginning of year 10,807,071
End of yea
r 10,263,408$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Proposition A Special Revenue Fund
For the Year Ended June 30, 2022
151
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Special assessments 653,786 $ 653,786 $ 646,048 $ (7,738) $ Investment earnings 49,441 49,441 (85,794) (135,235) Total revenues 703,227 703,227 560,254 (142,973) EXPENDITURES:
Operating:
Personnel 57,767 59,295 48,163 11,132 Operations and maintenance 351,020 351,020 197,219 153,801 Total expenditures 408,787 410,315 245,382 164,933
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 294,440 292,912 314,872 21,960 OTHER FINANCING SOURCES (USES):
Transfers in 17,000 17,000 17,000 - Transfers out (4,754) (4,754) (4,754) - Total other financing sources (uses) 12,246 12,246 12,246 - NET CHANGE IN FUND BALANCE 306,686$ 305,158 $ 327,118 21,960 $ FUND BALANCE:
Beginning of year 3,551,557
End of yea
r 3,878,675$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Special Assessment Special Revenue Fund
For the Year Ended June 30, 2022
152
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Special assessments 6,006,092 $ 6,006,092 $ 6,105,312 $ 99,220 $ Investment earnings 204,091 204,091 (334,637) (538,728) Fines and forfeitures 485,000 485,000 472,119 (12,881) Other revenues 15,000 149,245 136,533 (12,712) Total revenues 6,710,183 6,844,428 6,379,327 (465,101) EXPENDITURES:
Operating:
Personnel 240,426 271,599 268,070 3,529 Operations and maintenance 3,894,467 4,285,040 4,269,250 15,790 Capital improvement projects - 322,171 134,991 187,180 Total expenditures 4,134,893 4,878,810 4,672,311 206,499
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 2,575,290 1,965,618 1,707,016 (258,602) OTHER FINANCING SOURCES (USES):
Transfers in 218,063 218,063 218,063 - Transfers out (1,089,185) (1,089,185) (1,089,185) - Total other financing sources (uses) (871,122) (871,122) (871,122) - NET CHANGE IN FUND BALANCE 1,704,168$ 1,094,496 $ 835,894 (258,602) $ FUND BALANCE:
Beginning of year 14,192,379
End of yea
r 15,028,273$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Street Lighting District Special Revenue Fund
For the Year Ended June 30, 2022
153
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 3,159,907 $ 3,971,907 $ 3,944,834 $ (27,073) $ Investment earnings - - (164,805) (164,805) Total revenues 3,159,907 3,971,907 3,780,029 (191,878) EXPENDITURES:
Capital improvement projects 4,053,896 6,046,917 3,644,097 2,402,820 Total expenditures 4,053,896 6,046,917 3,644,097 2,402,820 NET CHANGE IN FUND BALANCE (893,989)$ (2,075,010) $ 135,932 2,210,942 $ FUND BALANCE:
Beginning of year 6,839,265
End of yea
r 6,975,197$
City of Santa Clarita
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, 2022
154
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 4,262,756 $ 4,262,756 $ 4,501,930 $ 239,174 $ Investment earnings - - (114,652) (114,652) Total revenues 4,262,756 4,262,756 4,387,278 124,522 EXPENDITURES:
Capital improvement projects 5,127,075 8,681,147 3,554,073 5,127,074 Total expenditures 5,127,075 8,681,147 3,554,073 5,127,074 NET CHANGE IN FUND BALANCE (864,319)$ (4,418,391) $ 833,205 5,251,596 $ FUND BALANCE:
Beginning of year 4,638,263
End of yea
r 5,471,468$
City of Santa Clarita
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, 2022
155
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 111,000 $ 365,356 $ 116,340 $ (249,016) $ Total revenues 111,000 365,356 116,340 (249,016) EXPENDITURES:
Operating:
Personnel - - 6,630 (6,630) Capital improvement projects 111,000 250,000 250,000 - Total expenditures 111,000 250,000 256,630 (6,630) NET CHANGE IN FUND BALANCE -$ 115,356$ (140,290) (255,646) $ FUND BALANCE:
Beginning of year (109,710)
End of yea
r (250,000)$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual State Park Special Revenue Fund
For the Year Ended June 30, 2022
156
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 11,307,073 $ 11,786,179 $ 10,759,480 $ (1,026,699) $ Investment earnings - - (234,695) (234,695) Total revenues 11,307,073 11,786,179 10,524,785 (1,261,394) EXPENDITURES:
Capital improvement projects 10,801,672 19,917,329 11,218,394 8,698,935 Total expenditures 10,801,672 19,917,329 11,218,394 8,698,935
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 505,401 (8,131,150) (693,609) 7,437,541 OTHER FINANCING (USES):
Transfers out (511,380) (217,655) (217,655) - Total other financing (uses) (511,380) (217,655) (217,655) - NET CHANGE IN FUND BALANCE (5,979)$ (8,348,805)$ (911,264) 7,437,541 $ FUND BALANCE:
Beginning of year 8,066,450
End of yea
r 7,155,186$
City of Santa Clarita
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, 2022
157
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Fines and forfeitures 550,000 $ 550,000 $ 500,057 $ (49,943) $ Total revenues 550,000 550,000 500,057 (49,943) OTHER FINANCING (USES):
Transfers ou
t (550,000) (550,000) (500,057) 49,943 Total other financing (uses) (550,000) (550,000) (500,057) 49,943 NET CHANGE IN FUND BALANCE -$ - $ - - $ FUND BALANCE:
Beginning of year -
End of year -$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Traffic Safety Special Revenue Fund
For the Year Ended June 30, 2022
158
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 3,312,428 $ 2,541,924 $ 1,053,124 $ (1,488,800) $ Investment earnings - - 534 534 Total revenues 3,312,428 2,541,924 1,053,658 (1,488,266) EXPENDITURES:
Operating:
Personnel 177,804 161,635 140,704 20,931 Operations and maintenance 1,117,455 883,343 591,496 291,847 Capital improvement projects 50,000 2,137,123 327,148 1,809,975 Total expenditures 1,345,259 3,182,101 1,059,348 2,122,753 NET CHANGE IN FUND BALANCE 1,967,169$ (640,177) $ (5,690) 634,487 $ FUND BALANCE:
Beginning of year, as restated (Note 22) 115,027
End of yea
r 109,337$
City of Santa Clarita
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, 2022
159
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 280,957 $ 280,957 $ 286,347 $ 5,390 $ Investment earnings 1,941 1,941 (4,021) (5,962) Total revenues 282,898 282,898 282,326 (572) EXPENDITURES:
Operating:
Operations and maintenance 22,101 22,101 13,961 8,140 Capital improvement projects - 177,595 161,221 16,374 Total expenditures 22,101 199,696 175,182 24,514 NET CHANGE IN FUND BALANCE 260,797$ 83,202 $ 107,144 23,942 $ FUND BALANCE:
Beginning of year 178,378
End of yea
r 285,522$
City of Santa Clarita
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, 2022
160
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Special assessments 3,753,987 $ 3,753,987 $ 3,769,691 $ 15,704 $ Charges for services 19,479 19,479 19,896 417 Investment earnings 52,480 52,480 (78,665) (131,145) Other revenues 564,265 1,026,922 531,311 (495,611) Total revenues 4,390,211 4,852,868 4,242,233 (610,635) EXPENDITURES:
Operating:
Personnel 1,382,494 1,418,901 1,376,912 41,989 Operations and maintenance 2,129,502 2,924,722 2,648,856 275,866 Capital outlay 41,300 56,300 12,678 43,622 Capital improvement projects 97,877 427,188 57,939 369,249 Total ex
penditures 3,651,173 4,827,111 4,096,385 730,726
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 739,038 25,757 145,848 120,091 OTHER FINANCING SOURCES (USES):
Transfers in 3,690 3,690 3,690 - Transfers out (77,712) (77,712) (77,712) - Total other financing sources (uses) (74,022) (74,022) (74,022) - NET CHANGE IN FUND BALANCE 665,016$ (48,265) $ 71,826 120,091 $ FUND BALANCE:
Beginning of year 3,885,950
End of year 3,957,776$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Stormwater Special Revenue Fund
For the Year Ended June 30, 2022
161
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 1,301,580 $ 1,338,737 $ 1,163,143 $ (175,594) $ Total revenues 1,301,580 1,338,737 1,163,143 (175,594) EXPENDITURES:
Capital improvement projects 1,301,580 2,638,174 1,102,124 1,536,050 Total expenditures 1,301,580 2,638,174 1,102,124 1,536,050 NET CHANGE IN FUND BALANCE -$ (1,299,437)$ 61,019 1,360,456 $ FUND BALANCE:
Beginning of year (71,919)
End of yea
r (10,900)$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Surface Transportation Program Special Revenue Fund
For the Year Ended June 30, 2022
162
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental - $ 25,988$ 21,986 $ (4,002) $ Total revenues - 25,988 21,986 (4,002) EXPENDITURES:
Operating:
Operations and maintenance - 25,988 21,986 4,002 Total expenditures - 25,988 21,986 4,002 NET CHANGE IN FUND BALANCE -$ - $ - - $ FUND BALANCE:
Beginning of year 2
End of yea
r 2$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual BJA Law Enforcement Special Revenue Fund
For the Year Ended June 30, 2022
163
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 351,750 $ 351,750 $ 546,051 $ 194,301 $ Investment earnings - - (9,016) (9,016) Total revenues 351,750 351,750 537,035 185,285 EXPENDITURES:
Operating:
Operations and maintenance 493,957 493,957 496,404 (2,447) Total expenditures 493,957 493,957 496,404 (2,447) NET CHANGE IN FUND BALANCE (142,207)$ (142,207) $ 40,631 182,838 $ FUND BALANCE:
Beginning of year 304,679
End of yea
r 345,310$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Supplemental Law Grant Special Revenue Fund
For the Year Ended June 30, 2022
164
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Investment earnings 4,935 $ 4,935 $ (13,758) $ (18,693) $ Other revenue - - 51,485 51,485 Total revenues 4,935 4,935 37,727 32,792 NET CHANGE IN FUND BALANCE 4,935$ 4,935 $ 37,727 32,792 $ FUND BALANCE:
Beginning of year, as restated (Note 22) 2,657,556
End of yea
r 2,695,283$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual HOME Special Revenue Fund
For the Year Ended June 30, 2022
165
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Investment earnings 59,030 $ 59,030 $ (88,690) $ (147,720) $ Developer fees 500,000 200,000 202,723 2,723
Total revenues 559,030 259,030 114,033 (144,997) NET CHANGE IN FUND BALANCE 559,030$ 259,030 $ 114,033 (144,997) $ FUND BALANCE:
Beginning of year 3,872,885
End of yea
r 3,986,918$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Library Facilities Fees Special Revenue Fund
For the Year Ended June 30, 2022
166
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Taxes 430,000 $ 430,000 $ 436,645 $ 6,645 $ Investment earnings 10,196 10,196 (15,261) (25,457) Total revenues 440,196 440,196 421,384 (18,812) EXPENDITURES:
Operating:
Operations and maintenance 235,704 235,704 197,811 37,893 Capital outlay 32,000 32,000 24,090 7,910 Total expenditures 267,704 267,704 221,901 45,803 NET CHANGE IN FUND BALANCE 172,492$ 172,492 $ 199,483 26,991 $ FUND BALANCE:
Beginning of year 604,329
End of yea
r 803,812$
City of Santa Clarita
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, 2022
167
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 3,717,537 $ 10,499,453 $ 9,279,022 $ (1,220,431) $ Investment earnings - - (221,236) (221,236) Total revenues 3,717,537 10,499,453 9,057,786 (1,441,667) EXPENDITURES:
Capital improvement projects - 9,488,594 1,609,808 7,878,786 Total expenditures - 9,488,594 1,609,808 7,878,786
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 3,717,537 1,010,859 7,447,978 6,437,119 OTHER FINANCING (USES):
Transfers out - (4,107,832) (4,107,832) - Total other financing (uses) - (4,107,832) (4,107,832) - NET CHANGE IN FUND BALANCE 3,717,537$ (3,096,973) $ 3,340,146 6,437,119 $ FUND BALANCE:
Beginning of year 6,134,717
End of yea
r 9,474,863$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Proposition C Special Revenue Fund
For the Year Ended June 30, 2022
168
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Other revenues - $ 501,493$ 219,860 $ (281,633) $ Total revenues - 501,493 219,860 (281,633) EXPENDITURES:
Operating:
Personnel - 45,091 43,523 1,568 Operations and maintenance - 300,000 254,565 45,435 Total expenditures - 345,091 298,088 47,003 NET CHANGE IN FUND BALANCE -$ 156,402$ (78,228) (234,630) $ FUND BALANCE:
Beginning of year (150,094)
End of yea
r (228,322)$
City of Santa Clarita
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, 2022
169
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 1,266,713 $ 6,408,033 $ 4,222,350 $ (2,185,683) $ Investment earnings - - 6,847 6,847 Total revenues 1,266,713 6,408,033 4,229,197 (2,178,836) EXPENDITURES:
Operating:
Operations and maintenance - 4,196,658 4,093,753 102,905 Capital improvement projects 1,097,776 3,172,987 286,055 2,886,932 Total expenditures 1,097,776 7,369,645 4,379,808 2,989,837 NET CHANGE IN FUND BALANCE 168,937$ (961,612) $ (150,611) 811,001 $ FUND BALANCE:
Beginning of year 806,687
End of yea
r 656,076$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Federal Grants Special Revenue Fund
For the Year Ended June 30, 2022
170
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 2,788,153 $ 3,504,153 $ 3,486,021 $ (18,132) $ Investment earnings - - (104,810) (104,810) Total revenues 2,788,153 3,504,153 3,381,211 (122,942) EXPENDITURES:
Capital improvement projects 3,339,112 2,605,476 2,032,600 572,876 Total expenditures 3,339,112 2,605,476 2,032,600 572,876 NET CHANGE IN FUND BALANCE (550,959)$ 898,677 $ 1,348,611 449,934 $ FUND BALANCE:
Beginning of year 2,887,007
End of yea
r 4,235,618$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Measure R Special Revenue Fund
For the Year Ended June 30, 2022
171
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental - $ 4,395,359$ 12,687 $ (4,382,672)$ Total revenues - 4,395,359 12,687 (4,382,672) EXPENDITURES:
Capital improvement projects - 4,386,430 91,308 4,295,122 Total expenditures - 4,386,430 91,308 4,295,122 NET CHANGE IN FUND BALANCE -$ 8,929 $ (78,621) (87,550) $ FUND BALANCE:
Beginning of year (15,781)
End of yea
r (94,402)$
City of Santa Clarita
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, 2022
172
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 1,174,500 $ 880,291 $ 94,925 $ (785,366) $ Total revenues 1,174,500 880,291 94,925 (785,366) EXPENDITURES:
Capital improvement projects 1,174,700 1,859,545 561,789 1,297,756 Total expenditures 1,174,700 1,859,545 561,789 1,297,756 NET CHANGE IN FUND BALANCE (200)$ (979,254)$ (466,864) 512,390 $ FUND BALANCE:
Beginning of year (7,945)
End of yea
r (474,809)$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Measure M ATP Special Revenue Fund
For the Year Ended June 30, 2022
173
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 194,251 $ 3,461,047 $ 387,548 $ (3,073,499) $ Investment earnings - - 103 103 Total revenues 194,251 3,461,047 387,651 (3,073,396) EXPENDITURES:
Capital improvement projects - 3,072,514 736 3,071,778 Total expenditures - 3,072,514 736 3,071,778
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 194,251 388,533 386,915 (1,618) OTHER FINANCING SOURCES (USES):
Transfers out (179,836) (194,251) (194,251) - Total other financing sources (uses) (179,836) (194,251) (194,251) - NET CHANGE IN FUND BALANCE 14,415$ 194,282 $ 192,664 (1,618) $ FUND BALANCE:
Beginning of year (194,138)
End of yea
r (1,474)$
City of Santa Clarita
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, 2022
174
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Taxes 3,211,394 $ 3,508,851 $ 5,009,954 $ 1,501,103 $ Investment earnings 94,542 94,542 (118,812) (213,354) Total revenues 3,305,936 3,603,393 4,891,142 1,287,749 EXPENDITURES:
Operating:
Personnel 133,955 137,032 140,379 (3,347) Operations and maintenance 38,085 39,708 39,708 - Capital improvement projects 2,031,103 2,326,771 699,807 1,626,964 Total expenditures 2,203,143 2,503,511 879,894 1,623,617 NET CHANGE IN FUND BALANCE 1,102,793$ 1,099,882 $ 4,011,248 2,911,366 $ FUND BALANCE:
Beginning of year 1,502,066
End of yea
r 5,513,314$
City of Santa Clarita
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, 2022
175
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Charges for services 625,000 $ 687,500 $ 917,590 $ 230,090 $ Investment earnings 6,189 6,189 (19,497) (25,686) Total revenues 631,189 693,689 898,093 204,404 EXPENDITURES:
Operating:
Personnel 31,885 33,433 45,472 (12,039) Operations and maintenance 537,384 537,384 472,376 65,008 Total expenditures 569,269 570,817 517,848 52,969 NET CHANGE IN FUND BALANCE 61,920$ 122,872 $ 380,245 257,373 $ FUND BALANCE:
Beginning of year 472,897
End of yea
r 853,142$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Tourism Marketing District Special Revenue Fund
For the Year Ended June 30, 2022
176
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Special assessments 3,024,693 $ 3,024,693 $ 3,051,349 $ 26,656 $ Charges for services 85,627 85,627 12,272 (73,355) Investment earnings 100,443 100,443 (158,772) (259,215) Other revenues - - 4,271 4,271 Total revenues 3,210,763 3,210,763 2,909,120 (301,643) EXPENDITURES:
Operating:
Personnel 333,386 341,942 312,443 29,499 Operations and maintenance 424,288 535,088 474,973 60,115 Capital outlay 15,000 2,780,445 1,061,178 1,719,267 Total expenditures 772,674 3,657,475 1,848,594 1,808,881
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 2,438,089 (446,712) 1,060,526 1,507,238 OTHER FINANCING SOURCES (USES):
Transfers out (803,341) (803,341) (803,341) - Total other financing sources (uses) (803,341) (803,341) (803,341) - NET CHANGE IN FUND BALANCE 1,634,748$ (1,250,053) $ 257,185 1,507,238 $ FUND BALANCE:
Beginning of year 6,578,028
End of yea
r 6,835,213$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Open Space Preservation District (OSPD) Special Revenue Fund For the Year Ended June 30, 2022
177
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 527,651 $ 10,072,395 $ 7,650,801 $ (2,421,594) $ Total revenues 527,651 10,072,395 7,650,801 (2,421,594) EXPENDITURES:
Operating:
Operations and maintenance 571,444 1,034,317 449,540 584,777 Capital improvement projects 90,000 9,074,712 7,626,665 1,448,047 Total expenditures 661,444 10,109,029 8,076,205 2,032,824 NET CHANGE IN FUND BALANCE (133,793) (36,634) (425,404) (388,770) FUND BALANCE:
Beginning of year (16,143)
End of year (441,547)$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Miscellaneous Grants Special Revenue Fund
For the Year Ended June 30, 2022
178
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Investment earnings 7,416 $ 7,416 $ (54,383) $ (61,799) $ Developer fees - - 62,515 62,515 Total revenues 7,416 7,416 8,132 716 EXPENDITURES:
Capital improvement projects - 2,665,836 1,983,047 682,789 Total expenditures - 2,665,836 1,983,047 682,789 NET CHANGE IN FUND BALANCE 7,416$ (2,658,420)$ (1,974,915) 683,505 $ FUND BALANCE:
Beginning of year 4,052,579
End of yea
r 2,077,664$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Park Dedication Special Revenue Fund
For the Year Ended June 30, 2022
179
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Investment earnings - $ - $ (17,705)$ (17,705) $ Total revenues - - (17,705) (17,705) OTHER FINANCING SOURCES:
Transfers in 73,160 73,160 72,688 (472) Total other financing sources 73,160 73,160 72,688 (472) NET CHANGE IN FUND BALANCE 73,160$ 73,160 $ 54,983 (18,177) $ FUND BALANCE:
Beginning of year 916,310
End of year 971,293$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Housing Successor Agency Special Revenue Fund
For the Year Ended June 30, 2022
180
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Charges for services 7,500 $ 7,500 $ 2,629 $ (4,871) $ Investment earnings - - (1,421) (1,421) Total revenues 7,500 7,500 1,208 (6,292) EXPENDITURES:
Operating:
Operations and maintenance 10,054 10,054 7,458 2,596 Total expenditures 10,054 10,054 7,458 2,596 NET CHANGE IN FUND BALANCE (2,554)$ (2,554) $ (6,250) (3,696) $ FUND BALANCE:
Beginning of year 70,039
End of yea
r 63,789$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Tourism Marketing Bureau Special Revenue Fund
For the Year Ended June 30, 2022
181
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Special assessments 7,260,857 $ 7,260,857 $ 7,351,963 $ 91,106 $ Investment earnings - - (136,272) (136,272) Fines and forfeitures - - 55,978 55,978 Total revenues 7,260,857 7,260,857 7,271,669 10,812 EXPENDITURES:
Operating:
Personnel 5,720,464 5,799,793 5,490,599 309,194 Operations and maintenance 12,088,537 12,612,438 12,133,569 478,869 Capital outlay 180,904 258,907 112,424 146,483 Capital improvement projects 1,268,849 559,750 520,173 39,577 Total expenditures 19,258,754 19,230,888 18,256,765 974,123
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (11,997,897) (11,970,031) (10,985,096) 984,935 OTHER FINANCING SOURCES (USES):
Transfers in 11,741,088 12,214,155 11,416,425 (797,730) Transfers out (577,597) (577,597) (577,597) - Total other financing sources (uses) 11,163,491 11,636,558 10,838,828 (797,730) NET CHANGE IN FUND BALANCE (834,406)$ (333,473) $ (146,268) 187,205 $ FUND BALANCE:
Beginning of year 5,429,048
End of yea
r 5,282,780$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Areawide Special Revenue Fund
For the Year Ended June 30, 2022
182
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Special assessments 302,422 $ 606,965 $ 304,242 $ (302,723) $ Investment earnings - - 1,326 1,326 Total revenues 302,422 606,965 305,568 (301,397) EXPENDITURES:
Operating:
Operations and maintenance 507,143 507,143 129,749 377,394 Total expenditures 507,143 507,143 129,749 377,394 NET CHANGE IN FUND BALANCE (204,721)$ 99,822 $ 175,819 75,997 $ FUND BALANCE:
Beginning of year (277,320)
End of yea
r (101,501)$
City of Santa Clarita
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, 2022
183
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Special assessments 1,147,285 $ 1,147,285 $ 865,142 $ (282,143) $ Investment earnings 44,805 44,805 (73,113) (117,918) Total revenues 1,192,090 1,192,090 792,029 (400,061) EXPENDITURES:
Operating:
Operations and maintenance 30,026 30,026 5,093 24,933 Total expenditures 30,026 30,026 5,093 24,933 NET CHANGE IN FUND BALANCE 1,162,064$ 1,162,064 $ 786,936 (375,128) $ FUND BALANCE:
Beginning of year 2,696,254
End of yea
r 3,483,190$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Vista Canyon (VC) Wastewater Standby District Special Revenue Fund For the Year Ended June 30, 2022
184
Original Final Variance with
Budget Budget Actual Final Budget
EXPENDITURES:
Capital improvement projects 581,049 $ 1,438,359 $ 648,785 $ 789,574 $ Total expenditures 581,049 1,438,359 648,785 789,574
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (581,049) (1,438,359) (648,785) 789,574 OTHER FINANCING SOURCES:
Transfers in 581,049 1,079,565 959,705 (119,860)
-
Total other financing sources 581,049 1,079,565 959,705 (119,860) NET CHANGE IN FUND BALANCE -$ (358,794)$ 310,920 669,714 $ FUND BALANCE:
Beginning of year 358,794
End of yea
r 669,714$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual General Capital Projects Fund
For the Year Ended June 30, 2022
185
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Investment earnings - $ - $ (5,960)$ (5,960) $ Total revenues - - (5,960) (5,960) EXPENDITURES:
Capital improvement projects 40,000 440,437 76,158 364,279 Total expenditures 40,000 440,437 76,158 364,279
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (40,000) (440,437) (82,118) 358,319 OTHER FINANCING SOURCES:
Transfers in - 100,000 100,000 - -
Total other financing sources - 100,000 100,000 - NET CHANGE IN FUND BALANCE (40,000)$ (340,437) $ 17,882 358,319 $ FUND BALANCE:
Beginning of year 354,926
End of yea
r 372,808$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Civic Arts Projects Capital Projects Fund
For the Year Ended June 30, 2022
186
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Investment earnings - $ - $ 293 $ 293 $ Other revenues - - 490,488 490,488 Total revenues - - 490,781 490,781 EXPENDITURES:
Operating:
Operations and maintenance 4,479,210 4,479,210 4,479,209 1 Total expenditures 4,479,210 4,479,210 4,479,209 1
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (4,479,210) (4,479,210) (3,988,428) 490,782 OTHER FINANCING SOURCES:
Transfers in 4,479,210 4,479,210 4,479,209 (1) -
Total other financing sources 4,479,210 4,479,210 4,479,209 (1) NET CHANGE IN FUND BALANCE -$ - $ 490,781 490,781 $ FUND BALANCE:
Beginning of year 603,395
End of yea
r 1,094,176$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Public Financing Authority Debt Service Fund
For the Year Ended June 30, 2022
187
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188
INTERNAL SERVICE FUNDS
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. 189
This page intentionally left blank.
190
Self Computer Vehicle
Insurance Replacement Replacement Total
ASSETS
Current assets:
Cash and investments 7,010,700 $ 2,634,134 $ 4,657,536 $ 14,302,370 $ Interest receivable 14,370 4,843 8,564 27,777 Prepaid items 17,564 - - 17,564 Total current assets 7,042,634 2,638,977 4,666,100 14,347,711 Noncurrent assets:
Net pension asset 1,590 - - 1,590 Net OPEB asset 6,213 - - 6,213 Capital assets, being depreciated, net - 173,541 1,454,965 1,628,506 Total noncurrent assets 7,803 173,541 1,454,965 1,636,309 Total assets 7,050,437 2,812,518 6,121,065 15,984,020
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 43,346 - - 43,346 Deferred outflows related to OPEB 31,963 - - 31,963 Total deferred outflows of resources 75,309 - - 75,309
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities 430,126 26,506 - 456,632 Compensated absences, due within one year 11,116 - - 11,116 Claims and judgements, due within one year 1,714,712 - - 1,714,712 Total current liabilities 2,155,954 26,506 - 2,182,460 Noncurrent liabilities:
Compensated absences payable, due in more than one year 22,054 - - 22,054 Claims and judgements, due in more than one year 2,930,648 - - 2,930,648 Total noncurrent liabilities 2,952,702 - - 2,952,702 Total liabilities 5,108,656 26,506 - 5,135,162
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 81,886 - - 81,886 Deferred inflows related to OPEB 66,342 - - 66,342 Total deferred inflows of resources 148,228 - - 148,228
NET POSITION
Investment in capital assets - 173,541 1,454,965 1,628,506 Unrestricted 1,868,862 2,612,471 4,666,100 9,147,433 Total net position 1,868,862$ 2,786,012 $ 6,121,065 $ 10,775,939 $ June 30, 2022
City of Santa Clarita
Combining Statement of Net Position
Internal Service Funds
191
Self Computer Vehicle
Insurance Replacemen t Replacement Total
OPERATING REVENUES:
Charges for services 4,267,827 $ 804,311 $ 480,118 $ 5,552,256 $ Other revenue - - 79 79 Total operating revenues 4,267,827 804,311 480,197 5,552,335 OPERATING EXPENSES:
Administration and personnel services 1,176,948 49,603 - 1,226,551 Services and supplies 2,284,167 314,550 - 2,598,717 Depreciation expense - 70,376 294,472 364,848 Total operating expenses 3,461,115 434,529 294,472 4,190,116 NET OPERATING INCOME 806,712 369,782 185,725 1,362,219 NONOPERATING REVENUE (EXPENSES):
Investment (loss) (172,525) (58,843) (103,444) (334,812) Total nonoperating expenses (172,525) (58,843) (103,444) (334,812) CHANGE IN NET POSITION 634,187 310,939 82,281 1,027,407 NET POSITION:
Beginning of the year 1,234,675 2,475,073 6,038,784 9,748,532 End of the year 1,868,862$ 2,786,012 $ 6,121,065 $ 10,775,939 $ For the Year Ended June 30, 2022
City of Santa Clarita
Combining Statement of Revenues, Expenses, and Changes in Net Position Internal Service Funds
192
Self Computer Vehicle
Insurance Replacement Replacement Total
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from users 4,267,827 $ 804,311 $ 480,197 $ 5,552,335 $ Cash paid to suppliers for goods and services (1,887,474) (366,537) (1,309) (2,255,320) Cash paid to employees for services (1,201,173) - - (1,201,173) Cash paid for claims and judgments (1,765,286) - - (1,765,286) Net cash provided by operating activities (586,106) 437,774 478,888 330,556
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:
Acquisition and construction of capital assets - (21,152) (68,921) (90,073) Net cash (used in) capital and related financing activities - (21,152) (68,921) (90,073) CASH FLOWS FROM INVESTING ACTIVITIES:
Investment loss (175,873) (58,981) (102,833) (337,687) Net cash (used in) investing activities (175,873) (58,981) (102,833) (337,687) Net increase (decrease) in cash and cash equivalents (761,979) 357,641 307,134 (97,204) CASH AND CASH EQUIVALENTS:
Beginning of year 7,772,679 2,276,493 4,350,402 14,399,574 End of yea
r 7,010,700$ 2,634,134 $ 4,657,536 $ 14,302,370 $
RECONCILIATION OF OPERATING INCOME TO
NET CASH PROVIDED BY OPERATING ACTIVITIES:
Operating loss 806,712 $ 369,782 $ 185,725 $ 1,362,219 $ Adjustments to reconcile operating loss to net cash
provided by (used in) operating activities:
Depreciation - 70,376 294,472 364,848 Change in assets and liabilities:
(Increase) decrease in prepaid items (5,507) - - (5,507) (Increase) decrease in net pension asset 31,513 - - 31,513 (Increase) decrease in net OPEB asset (129,172) - - (129,172) (Increase) decrease in deferred outflows related to pensions 20,861 - - 20,861 (Increase) decrease in deferred outflows related to OPEB (8,026) - - (8,026) Increase in accounts payable and accrued liabilities 403,861 (2,384) (1,309) 400,168 Increase in compensated absences 6,985 - - 6,985 Increase in claims and judgements (1,765,286) - - (1,765,286) Increase (decrease) in deferred inflows related to pensions 79,957 - - 79,957 Increase (decrease) in deferred inflows related to OPEB (28,004) - - (28,004) Total adjustments (1,392,818) 67,992 293,163 (1,031,663) Net cash
provided by (used in) operating activities (586,106)$ 437,774 $ 478,888 $ 330,556 $ For the Year Ended June 30, 2022
Internal Service Funds
Combining Statement of Cash Flows
City of Santa Clarita
193
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194
CUSTODIAL FUNDS
Custodial Funds are used to account for assets for the benefit of organizations or other governments that are not part of the City. In addition, the assets are not derived from the City’s provision of goods or services to those individuals, organizations, or other governments.
Assessment District No. 92-2 (Golden Valley Road) – To account for monies held to account for debt service requirements of Assessment District No. 92-2.
Assessment District No. 99-1 (Vermont Everett) – To account for monies held to account for debt service requirements of Assessment District No. 99-1.
Community Facilities District No. 2002-1 (Valencia Town Center) – To account for monies held to account for debt service requirements for Community Facilities District No. 2002-1 Community Facilities District No. 2016-1 (Vista Canyon) – 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 is holding cash .
195
Community
Assessment Assessment Facilities
District District District
No.92-2 No.99-1 No 2002-1
ASSETS
Cash and investments 258,179 $ 147,004 $ 452,383 $ Interest receivable 475 270 829 Contributions receivable 1,636 6,111 667,904 Cash and investments with fiscal agents 52,886 59,729 1,650,228 Total assets 313,176 213,114 2,771,344
LIABILITIES
Accounts payable 1,069 - 313 Total liabilities 1,069 - 313
NET POSITION
Restricted for:
Individuals, organizations, and other governments 312,107 $ 213,114 $ 2,771,031 $ City of Santa Clarita
Combining Statement of Fiduciary Net Position
Custodial Funds
June 30, 2022
196
Santa Clarita
Community Watershed and
Facilities Recreation
District Conservancy
No 2016-1 Authority Total
ASSETS
Cash and investments 177,187 $ 15,997 $ 1,050,750$ Interest receivable 323 - 1,897 Contributions receivable 235,455 - 911,106 Cash and investments with fiscal agents 1,164,601 - 2,927,444 Total assets 1,577,566 15,997 4,891,197
LIABILITIES
Accounts payable 2,463 - 3,845 Total liabilities 2,463 - 3,845
NET POSITION
Restricted for:
Individuals, organizations, and other governments 1,575,103 $ 15,997 $ 4,887,352$ City of Santa Clarita
Combining Statement of Fiduciary Net Position (Continued) Custodial Funds
June 30, 2022
197
Community
Assessment Assessment Facilities
District District District
No.92-2 No.99-1 No 2002-1
ADDITIONS:
Special assessment from property owners 81,332 $ 79,916 $ 1,335,757 $ Net investment loss (6,063) (3,381) (20,889) Total additions 75,269 76,535 1,314,868 DEDUCTIONS:
Contractual services 7,171 5,481 2,579 Payments for debt services 49,248 37,100 1,290,125 Payments to other governments 6,045 6,125 6,243 Total deductions 62,464 48,706 1,298,947 Change in net position 12,805 27,829 15,921 NET POSITION:
Beginning of year, as restated (Note 22) 299,302 185,285 2,755,110 End of year 312,107$ 213,114 $ 2,771,031 $ City of Santa Clarita
Combining Statement of Changes in Fiduciary Net Position Custodial Funds
For the Year Ended June 30, 2022
198
Santa Clarita
Community Watershed and
Facilities Recreation
District Conservancy
No 2016-1 Authority Total
ADDITIONS:
Special assessment 802,662 $ - $ 2,299,667$ Net investment loss (10,850) 7 (41,176) Total additions 791,812 7 2,258,491 DEDUCTIONS:
Contractual services 14,837 699 30,767 Payments for debt services 785,600 - 2,162,073 Payments to other governments - - 18,413 Total deductions 800,437 699 2,211,253 Change in net position (8,625) (692) 47,238 NET POSITION:
Beginning of year, as restated (Note 22) 1,583,728 16,689 4,840,114 End of year 1,575,103$ 15,997 $ 4,887,352 $ City of Santa Clarita
Combining Statement of Changes in Fiduciary Net Position (Continued) Custodial Funds
For the Year Ended June 30, 2022
199
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200
STATISTICAL SECTION
(Unaudited)
201
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202
Contents Page
Financial Trends 204 - 213
Revenue Capacity 214 - 229
Debt Capacity 230 - 236
Demographic and Economic Information 237
Operating Information 238 - 242
These tables contain information to help the reader assess the City's most significant local revenue source, the property tax.
City of Santa Clarita
Statistical Section
(Unaudited)
This part of the City of Santa Clarita's annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City's overall financial health.
These tables contain trend information to help the reader understand how the City's financial performance and well-being have changed over time.
These tables present information to help the reader assess the affordability of the City's current levels of outstanding debt and the City's ability to issue additional debt in the future.
These tables offer demographic and economic indicators to help the reader understand the environment within which the City's financial activities take place.
These tables contain service and infrastructure data to help the reader understand how the information in the City's financial report relates to the services the City provides and the activities it performs.
Sources: City of Santa Clarita Finance Division
203
21-22 20-21 19-20 18-19 17-18
Governmental Activities
Net investment in capital assets 1,080,862,181 $ 1,032,579,113 $ 984,052,712 $ 920,036,752 $ 895,056,642 $ Restricted for:
Capital projects - - - - - Specific projects and programs 152,349,197 147,556,902 146,874,629 119,375,331 113,286,625 Total restricted 152,349,197 147,556,902 146,874,629 119,375,331 113,286,625 Unrestricted 161,500,700 126,571,370 80,879,095 122,991,202 85,155,060 Total governmental activities net position 1,394,712,078$ 1,306,707,385 $ 1,211,806,436 $ 1,162,403,285 $ 1,093,498,327 $ Business-Type Activities
Net investment in capital assets 95,597,321 $ 88,023,510 $ 80,308,956 $ 83,906,440 $ 79,199,471 $ Unrestricted 8,917,312 6,895,650 (1,465,963) 269,116 (888,318) Total business-type activities net position 104,514,633$ 94,919,160 $ 78,842,993 $ 84,175,556 $ 78,311,153 $ Primary Government
Net investment in capital assets 1,176,459,502 $ 1,120,602,623 $ 1,064,361,668 $ 1,003,943,192 $ 974,256,113 $ Restricted 152,349,197 147,556,902 146,874,629 119,375,331 113,286,625 Unrestricted 170,418,012 133,467,020 79,413,132 123,260,318 84,266,742 Total primary government net position 1,499,226,711$ 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 Fiscal Year
(1) Accounting standards require that net position be reported 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. (accrual basis of accounting)
Last Ten Fiscal Years Ended June 30, 2022
Net Position by Component (1)
City of Santa Clarita
204
16-17 15-16 14-15 13-14 12-13
Governmental Activities
Net investment in capital assets 867,144,998 $ 810,324,041 $ 818,817,043 $ 799,926,613 $ 738,271,282 $ Restricted for:
Capital projects - - - - 14,292,447 Specific projects and programs 87,272,723 70,773,322 73,541,304 71,643,713 54,229,493 Total restricted 87,272,723 70,773,322 73,541,304 71,643,713 68,521,940 Unrestricted 105,514,664 115,356,272 79,211,600 52,551,033 65,706,424 Total governmental activities net position 1,059,932,385$ 996,453,635 $ 971,569,947 $ 924,121,359 $ 872,499,646 $
Business-Type Activities
Net investment in capital assets 79,589,102 $ 76,687,260 $ 78,495,871 $ 83,296,545 $ 76,561,407 $ Unrestricted (1,202,362) 3,101,763 2,766,972 2,250,491 3,835,316 Total business-type activities net position 78,386,740$ 79,789,023 $ 81,262,843 $ 85,547,036 $ 80,396,723 $ Primary Government
Net investment in capital assets 946,734,100 $ 887,011,301 $ 897,312,914 $ 883,223,158 $ 814,832,689 $ Restricted 87,272,723 70,773,322 73,541,304 71,643,713 68,521,940 Unrestricted 104,312,302 118,458,035 81,978,572 54,801,524 69,541,740 Total primary government net position 1,138,319,125$ 1,076,242,658 $ 1,052,832,790 $ 1,009,668,395 $ 952,896,369 $
Fiscal Year
City of Santa Clarita
Net Position by Component (1) (Continued)
Last Ten Fiscal Years Ended June 30, 2022
(accrual basis of accounting)
205
21-22 20-21 19-20 18-19 17-18
Expenses
Governmental Activities
General government 14,728,358 $ 51,594,712 $ 54,710,526 $ 62,309,457 $ 53,928,438 $ Public safety 30,936,129 35,128,997 29,907,832 27,757,002 27,232,724 Public works 30,493,258 17,239,899 33,663,857 20,772,164 14,771,925 Recreation and community service 23,989,989 15,107,049 16,047,345 17,585,165 23,472,469 Community development 12,203,347 11,435,676 8,942,864 7,214,786 6,957,438 Neighborhood Services 42,179,104 13,865,065 12,862,529 12,622,824 1,082,836 Unallocated infrastructure depreciation 21,432,943 21,543,801 21,043,711 20,630,522 19,259,333 Interest on long-term debt 2,743,559 3,742,582 3,549,649 2,589,767 1,638,960 Total governmental activities expenses 178,706,687$ 169,657,781 $ 180,728,313 $ 171,481,687 $ 148,344,123 $ Business-Type Activities
Transit 31,342,873 27,898,955 31,060,676 32,065,240 28,309,870 Total business-type activities expenses 31,342,873 27,898,955 31,060,676 32,065,240 28,309,870 Total primary government expenses 210,049,560 $ 197,556,736 $ 211,788,989 $ 203,546,927 $ 176,653,993 $ Program Revenues
Governmental Activities
Charges for services:
General government 916,671 $ 9,254,707 $ 8,215,989 $ 8,547,181 $ 10,007,154 $ Public safety 1,658,867 1,303,759 1,484,005 1,937,603 1,429,900 Public works 21,724,121 3,627,549 12,201,244 14,669,328 15,792,197 Recreation and community service 11,352,114 16,419,310 3,635,790 6,344,242 8,306,076
Community development 3,073,196 1,899,854 1,552,869 1,704,920 1,901,897 Neighborhood Services 33,555,637 31,252,912 30,575,191 29,338,661 27,090,508 Operating grants and contributions 38,093,703 44,524,768 22,066,816 13,574,920 9,259,079 Capital grants and contributions 68,626,540 42,849,916 41,462,296 59,565,349 31,807,581 Total governmental activities program revenues 179,000,849$ 151,132,775 $ 121,194,200 $ 135,682,204 $ 105,594,392 $ Business-Type Activities
Charges for services:
Transit 5,936,598 5,799,364 6,785,178 7,662,186 6,987,488 Operating grants and contributions 12,087,130 29,444,844 13,405,112 15,292,991 10,226,946 Capital grants and contributions 13,402,891 9,036,527 5,701,142 10,434,282 3,102,269 Total business-type activities program revenues 31,426,619 44,280,735 25,891,432 33,389,459 20,316,703 Total primary government revenues 210,427,468 $ 195,413,510 $ 147,085,632 $ 169,071,663 $ 125,911,095 $ Source: City of Santa Clarita, Administrative Services Department - Finance Division Fiscal Year
City of Santa Clarita
Changes in Net Position
Last Ten Fiscal Years Ended June 30, 2022
(accrual basis of accounting)
206
16-17 15-16 14-15 13-14 12-13
Expenses
Governmental Activities
General government 44,390,099 $ 39,155,006 $ 46,224,813 $ 41,807,284 $ 35,921,943 $ Public safety 25,231,712 23,778,931 22,235,368 22,187,434 19,940,098 Public works 23,563,825 38,223,035 36,103,144 26,183,862 28,651,261 Recreation and community service 16,224,154 15,594,958 22,619,337 22,550,301 21,809,820 Community development 7,057,301 10,505,906 5,720,237 6,193,101 7,214,293 Neighborhood Services 1,815,637 - - - - Unallocated infrastructure depreciation 18,833,113 18,342,933 18,072,657 17,561,539 15,163,864 Interest on long-term debt 1,378,888 2,194,181 1,827,094 1,872,832 1,992,574 Total governmental activities expenses 138,494,729$ 147,794,950 $ 152,802,650 $ 138,356,353 $ 130,693,853 $ Business-Type Activities
Transit 29,858,499 28,127,407 28,062,668 26,819,161 25,653,753 Total business-type activities expenses 29,858,499 28,127,407 28,062,668 26,819,161 25,653,753 Total primary government expenses 168,353,228 $ 175,922,357 $ 180,865,318 $ 165,175,514 $ 156,347,606 $ Program Revenues
Governmental Activities
Charges for services:
General government 6,740,507 $ 22,914,059 $ 26,783,616 $ 31,970,148 $ 24,323,027 $ Public safety 1,231,974 1,162,551 1,605,059 1,847,403 2,284,334 Public works 11,549,806 16,407,616 13,056,586 12,463,046 9,943,014 Recreation and community service 6,191,011 8,142,336 4,525,662 4,390,686 4,371,888
Community development 1,906,079 1,843,296 1,774,482 1,961,243 1,611,184 Neighborhood Services 25,044,704 - - - - Operating grants and contributions 5,977,971 7,687,397 12,561,608 19,421,199 9,061,950 Capital grants and contributions 55,220,052 23,629,474 30,107,231 22,530,841 33,585,797 Total governmental activities program revenues 113,862,104$ 81,786,729 $ 90,414,244 $ 94,584,566 $ 85,181,194 $ Business-Type Activities
Charges for services:
Transit 7,231,136 7,546,433 6,779,579 7,587,497 6,863,086 Operating grants and contributions 8,459,236 9,153,499 8,228,348 8,984,127 8,579,209 Capital grants and contributions 9,138,643 3,504,305 1,423,440 10,804,747 8,513,238 Total business-type activities program revenues 24,829,015 20,204,237 16,431,367 27,376,371 23,955,533 Total primary government revenues 138,691,119 $ 101,990,966 $ 106,845,611 $ 121,960,937 $ 109,136,727 $ City of Santa Clarita
Changes in Net Position (Continued)
Last Ten Fiscal Years Ended June 30, 2022
(accrual basis of accounting)
Fiscal Year
207
21-22 20-21 19-20 18-19 17-18
Net Revenues (expenses):
Governmental activities 294,162 $ (18,525,006)$ (59,534,113) $ (35,799,482) $ (42,749,731) $ Business-type activities 83,746 16,381,780 (5,169,244) 1,324,219 (7,993,167) Total net revenues (expenses) 377,908 $ (2,143,226)$ (64,703,357) $ (34,475,263) $ (50,742,898) $ General Revenue and Other Changes in Net Position
Governmental activities
Taxes:
Sales taxes 49,476,922 $ 43,197,889 $ 36,621,145 $ 38,546,183 $ 37,252,523 $ Property taxes 42,113,398 52,981,738 46,420,350 43,761,925 42,284,749 Franchise taxes 10,883,225 9,493,742 8,604,265 8,369,481 8,523,791 Real property transfer taxes 2,569,074 2,010,033 1,418,026 1,227,947 1,320,018 Transient occupancy taxes 4,874,977 2,275,383 2,726,113 3,352,776 3,489,281 Unrestricted revenue in lieu of motor vehicle taxes 349,171 173,463 207,931 147,752 162,103 Unrestricted investment earnings (4,773,346) 634,957 12,311,467 12,528,843 591,177 Miscellaneous revenue 4,993,518 2,311,282 472,227 1,206,740 2,661,916 Gain on sale of capital asset - - 2,050 (1,600) 10,935 Transfers (8,097,818) 347,468 153,690 (4,435,608) (5,924,278) - - - - - Capital Contributions - - - - - Total governmental activities 102,389,121 113,425,955 108,937,264 104,704,439 90,372,215 Business-type activities
Unrestricted investment earnings (185,016) 41,855 (9,629) 32,613 (1,242) Gain on sale of capital asset 36,900 - - 71,963 20,238 Miscellaneous revenue 1,562,025 - - - - Transfers 8,097,818 (347,468) (153,690) 4,435,608 5,924,278 Total business-type activities 9,511,727 (305,613) (163,319) 4,540,184 5,943,274 Total primary government 111,900,848 $ 113,120,342 $ 108,773,945 $ 109,244,623 $ 96,315,489 $ Change in Net Position
Governmental activities 102,683,283 $ 94,900,949 $ 49,403,151 $ 68,904,957 $ 47,622,484 $ Business-type activities 9,595,473 16,076,167 (5,332,563) 5,864,403 (2,049,893) Total primary government 112,278,756 $ 110,977,116 $ 44,070,588 $ 74,769,360 $ 45,572,591 $ Source: City of Santa Clarita, Administrative Services Department - Finance Division City of Santa Clarita
Changes in Net Position (Continued)
Last Ten Fiscal Years Ended June 30, 2022
(accrual basis of accounting)
Reversal of Allowance for Notes to RDA
Successor Agency
Fiscal Year
208
16-17 15-16 14-15 13-14 12-13
Net Revenues (expenses):
Governmental activities (24,060,399) $ (66,008,221) $ (62,388,406) $ (43,771,787) $ (82,355,724) $ Business-type activities (5,029,484) (7,923,170) (11,631,301) 557,210 (9,906,515) Total net revenues (expenses) (29,089,883) $ (73,931,391) $ (74,019,707) $ (43,214,577) $ (92,262,239) $ General Revenue and Other Changes in Net Position
Governmental activities
Taxes:
Sales taxes 36,147,727 $ 37,807,385 $ 34,355,412 $ 33,480,522 $ 32,057,358 $ Property taxes 39,924,749 40,072,597 38,556,890 35,652,080 32,341,369 Franchise taxes 8,208,347 8,392,789 8,512,818 7,796,070 7,141,953 Real property transfer taxes 1,275,363 1,383,473 1,169,780 947,470 706,180 Transient occupancy taxes 3,639,264 3,813,437 3,124,904 2,781,527 2,556,774 Unrestricted revenue in lieu of motor vehicle taxes 144,665 129,053 85,703 86,531 91,062 Unrestricted investment earnings 1,052,254 4,142,959 2,240,594 2,090,322 (82,870) Miscellaneous revenue 737,513 1,080,771 678,937 781,986 310,676 Gain on sale of capital asset 11,711 459,709 27,410 18,174 - Transfers (3,602,443) (6,390,264) (7,329,516) (5,692,032) (5,187,224) - 12,633,832 - - Capital Contributions - - 15,780,230 - - Total governmental activities 87,539,150 90,891,909 109,836,994 77,942,650 69,935,278 Business-type activities
Unrestricted investment earnings (28,735)
59,086 17,592 4,791 29,660 Gain on sale of capital asset 53,223 - - - - Miscellaneous revenue - - - - - Transfers 3,602,443 6,390,264 7,329,516 5,692,032 5,187,224 Total business-type activities 3,626,931 6,449,350 7,347,108 5,696,823 5,216,884 Total primary government 91,166,081 $ 97,341,259 $ 117,184,102 $ 83,639,473 $ 75,152,162 $ Change in Net Position
Governmental activities 63,478,751 $ 24,883,688 $ 47,448,588 $ 34,170,863 $ (12,420,446) $ Business-type activities (1,402,553) (1,473,820) (4,284,193) 6,254,033 (4,689,631) Total primary government 62,076,198 $ 23,409,868 $ 43,164,395 $ 40,424,896 $ (17,110,077) $ City of Santa Clarita
Changes in Net Position (Continued)
Last Ten Fiscal Years Ended June 30, 2022
(accrual basis of accounting)
Reversal of Allowance for Notes to RDA
Successor Agency
Fiscal Year
209
21-22 20-21 19-20 18-19 17-18
General Fund
Nonspendable 15,030,511 $ 7,474,892 $ 9,810,973 $ 12,050,141 $ 12,390,885 $ Restricted 4,655,939 9,644,574 23,063,669 - - Committed - - - - - Assigned 146,922,006 110,906,093 97,293,470 120,981,128 88,674,761 Unassigned 62,141,362 59,968,580 60,273,125 58,930,970 47,116,235 Total General Fund 228,749,818 $ 187,994,139 $ 190,441,237 $ 191,962,239 $ 148,181,881 $ All Other Governmental Funds
Nonspendable 344,869 $ 491,504 $ 575,276 $ 772,627 $ 5,882 $ Restricted 147,460,244 123,614,422 112,631,199 108,394,699 113,286,625 Committed 783 832 9,277 13,460 15,008 Assigned 1,081,549 755,174 791,914 1,040,181 1,117,165 Unassigned (1,820,510) (869,803) (3,127,904) (3,266,496) (6,786,531) Total all other governmental funds 147,066,935 $ 123,992,129 $ 110,879,762 $ 106,954,471 $ 107,638,149 $
000
City of Santa Clarita
Fund Balances of Governmental Funds
Last Ten Fiscal Years Ended June 30, 2022
(modified accrual basis of accounting)
Fiscal Year
General Fund
61%
All Other
Governmental Funds
39%
FUND BALANCES
Fiscal Year Ended June 30, 2022
210
16-17 15-16 14-15 13-14 12-13
General Fund
Nonspendable 15,742,945 $ 11,108,252 $ 11,024,338 $ 11,519,143 $ 11,910,059 $ Restricted - - - - - Committed - - - - - Assigned 79,367,084 79,367,084 55,336,807 51,718,096 47,106,536 Unassigned 53,905,237 50,669,580 50,141,486 45,654,640 35,320,706 Total General Fund 149,015,266 $ 141,144,916 $ 116,502,631 $ 108,891,879 $ 94,337,301 $ All Other Governmental Funds
Nonspendable 976,841 $ 1,134,103 $ 1,455,067 $ 606,996 $ 670,612 $ Restricted 86,664,536 86,240,243 85,763,293 84,268,720 68,957,999 Committed 14,000 14,000 14,000 612,829 716,826 Assigned 2,151,360 1,881,728 1,843,822 3,412,127 4,466,367 Unassigned (5,897,790) (6,975,198) (8,633,303) (9,300,647) (10,665,597) Total all other governmental funds 83,908,947 $ 82,294,876 $ 80,442,879 $ 79,600,025 $ 64,146,207 $ Fiscal Year
City of Santa Clarita
Fund Balances of Governmental Funds (Continued)
Last Ten Fiscal Years Ended June 30, 2022
(modified accrual basis of accounting)
$64.14 79.60
80.44 82.29
83.91 107.64
106.95
110.88
123.99
147.07
0 20
40 60
80 100
120
140
160
12-13 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 (in Millions)
Fiscal Year
FUND BALANCES
ALL OTHER GOVERNMENTAL FUNDS
Last Ten Fiscal Years
211
21-22 20-21 19-20 18-19 17-18
Revenues:
Taxes 123,417,159 $ 110,132,248 $ 95,997,830 $ 95,406,064 $ 93,032,465 $ Special assessments 36,374,012 35,634,980 - - - Licenses and permits 9,724,390 11,498,980 7,538,878 9,951,586 7,688,342 Developer fees 4,674,125 11,094,312 2,917,250 6,458,182 9,888,734 Investment income (7,617,836) 664,575 11,777,753 12,045,344 595,650 Intergovernmental 70,217,168 43,058,715 33,746,890 36,086,192 36,491,705 Fines and forfeitures 1,942,026 1,702,622 1,736,201 1,851,190 1,372,687 Service charges 12,681,139 6,949,375 42,052,534 42,117,270 41,793,226 Other revenues 5,639,891 13,984,800 3,508,593 1,677,809 1,744,075 Total Revenues 257,052,074 234,720,607 199,275,929 205,593,637 192,606,884 Expenditures:
Current:
General government 15,656,486 46,060,921 50,929,600 59,638,451 50,728,642 Public safety 30,189,992 35,570,621 30,511,022 28,342,578 27,217,567 Public works 25,551,120 90,316,078 72,953,711 51,343,366 57,213,646 Recreation and community service 18,894,253 14,917,730 13,846,768 15,450,815 21,589,318 Community development 13,146,687 11,556,377 8,709,340 7,344,064 6,988,331 Neighborhood services 41,749,125 13,885,978 13,100,419 12,823,905 1,162,647 Administration and personnel services - 67,889 - - - Capital outlay 54,121,315 20,702,698 4,213,593 5,053,670 12,083,887 Debt service:
Principal 2,363,121 2,315,371 2,482,109 2,833,260 2,138,803 Interest 2,857,672 3,363,625 2,901,257 2,520,153 1,647,842 Redemption of district credits - 278,843 - - - Total Expenditures 204,529,771 239,036,131 199,647,819 185,350,262 180,770,683 Excess of Revenues Over (Under) Expenditures 52,522,303 (4,315,524) (371,890) 20,243,375 11,836,201 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 19,599,811 43,175,925 20,787,975 56,075,180 25,690,566 Transfers out (27,697,629) (42,855,511) (18,011,796) (60,534,955) (30,444,125) Issuance of district credits - - - - - Total Other Financing Sources (Uses) (8,097,818) 14,980,793 2,776,179 22,853,308 11,059,613 Net change in fund balances 44,424,485 10,665,269 2,404,289 43,096,683 22,895,814 Fund balances - Beginning of Year, as restated 331,392,268 258,224,316 255,820,027 232,924,213 223,439,792 Fund balances - End of Year 375,816,753 $ 268,889,585 $ 258,224,316 $ 276,020,896 $ 246,335,606 $ Debt service as percentage of noncapital expenditures 3.51% 4.12% 3.54% 3.69% 3.10% Source: City of Santa Clarita, Administrative Services Department - Finance Division Fiscal Year
City of Santa Clarita
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years Ended June 30, 2022
(modified accrual basis of accounting)
212
16-17 15-16 14-15 13-14 12-13
Revenues:
Taxes 89,340,115 $ 91,598,734 $ 85,789,556 $ 80,285,660 $ 73,972,006 $ Special assessments - - - - - Licenses and permits 7,408,357 7,283,898 5,567,280 5,366,972 4,246,957 Developer fees 4,211,890 6,272,799 10,764,554 2,600,997 15,828,388 Investment income 1,030,146 3,937,618 2,026,507 1,911,491 1,702,006 Intergovernmental 23,922,361 31,380,753 31,953,692 34,355,734 27,452,216 Fines and forfeitures 1,117,620 973,753 1,261,752 1,661,157 2,114,166 Service charges 36,639,646 36,828,067 37,738,754 42,156,582 36,311,324 Other revenues 690,974 1,789,724 511,117 5,943,608 332,146 Total Revenues 164,361,109 180,065,346 175,613,212 174,282,201 161,959,209 Expenditures:
Current:
General government 41,138,676 35,969,981 43,196,168 36,294,205 35,433,288 Public safety 25,214,091 23,777,171 22,188,641 22,137,338 19,894,859 Public works 43,459,620 21,327,662 36,082,625 24,385,865 27,968,407 Recreation and community service 20,446,596 37,937,050 21,007,651 20,498,108 19,824,550 Community development 6,583,484 10,673,993 5,883,441 6,185,263 7,252,424 Neighborhood services 1,667,058 - - - - Administration and personnel services - - - - - Capital outlay 9,759,258 10,562,953 23,224,180 36,580,589 23,837,533 Debt service:
Principal 2,167,429 2,852,140 1,992,479 1,837,174 1,750,538 Interest 1,237,357 4,539,815 1,850,703 1,885,546 2,039,144 Redemption of district credits - - 5,105,402 - 14,368,419 Total Expenditures 151,673,569 147,640,765 160,531,290 149,804,088 152,369,162 Excess of Revenues Over (Under) Expenditures 12,687,540 32,424,581 15,081,922 24,478,113 9,590,047 Other Financing Sources (Uses)
Revenue bonds issued/issuance premium - 32,997,352 - - - Proceeds of long-term debt - (32,907,353) - - - Proceeds from capital lease - - - - - Transfers in 8,046,713 11,940,563 7,850,640 9,757,447 9,069,495 Transfers out (11,249,832) (17,960,861) (14,478,956) (15,524,498) (14,256,719) Issuance of district credits - - - 11,297,334 12,270,335 Total Other Financing Sources (Uses) (3,203,119) (5,930,299) (6,628,316) 5,530,283 7,083,111 Net change in fund balances 9,484,421 26,494,282 8,453,606 30,008,396 16,673,158 Fund balances - Beginning of Year 196,945,510 188,491,904 158,483,508 141,810,350 100,653,413 Fund balances - End of Year 206,429,931 $ 214,986,186 $ 166,937,114 $ 171,818,746 $ 117,326,571 $ Debt service as percentage of noncapital expenditures 5.72% 2.80% 3.26% 2.95% 4.40% Fiscal Year
City of Santa Clarita
Changes in Fund Balances of Governmental Funds (Continued) Last Ten Fiscal Years Ended June 30, 2022
(modified accrual basis of accounting)
213
Fiscal Personal Personal Other
Year Land Improvements Property Total Land Improvements Property Exemptions Total 2013 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 2014 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 2015 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 2016 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 2017 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 2018 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 2019 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 2020 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 2021 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 2022 2,221,125 2,208,225 - 4,429,350 16,732,539,639 21,591,409,056 168,868,456 (971,189,679) 37,521,627,472 Note:
(1) Assessed valuation is based on 100% of full value in accordance with Section 135 of the California Revenue and Taxation Code. (2) Direct Rate includes Redevelopment Agency areas.
Source: HdL Coren & Cone, County of Los Angeles, Auditor-Controller Office, Combined Tax Rolls 2021-22 Secured (Utility) Secured
City of Santa Clarita
Assessed Values (1) and Actual Values of Taxable Property Last Ten Fiscal Years
State Assessed Locally Assessed
LAND, 42.51%
IMPROVEMENTS,
55.59%
PERSONAL
PROPERTY, 1.90%
ASSESSED VALUATION by CATEGORIES
(Total Secured and Unsecured)
Fiscal Year Ended June 30, 2022
214
HOME-
Before Taxable % TOTAL OWNER
Fiscal Personal Other Other Assessed Incr. DIRECT PROPERTY Year Improvements Property Exemptions Total Exemptions Value (Decr.) RATE (2) TAX RELIEF 2013 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 2014 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 2015 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 2016 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 2017 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 2018 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 2019 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 2020 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 2021 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 2022 287,812,025 580,588,788 (3,743,026) 864,657,787 39,365,647,314 38,390,714,609 3.81% 0.08972% 220,341,312 Unsecured
Locally Assessed
City of Santa Clarita
Assessed Values (1) and Actual Values of Taxable Property (Continued) Last Ten Fiscal Years
Totals
$20,985
$24,269
$26,112
$27,331
$28,686
$30,727
$32,481
$35,175
$36,983 $38,391
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
12-13 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 (in Millions)
Fiscal Year
TOTAL ASSESSED VALUATION
(Taxable Values)
Last Ten Fiscal Years
215
Fiscal Personal Personal Other
Year Land Improvements Property Total Land Improvements Property Exemptions Total 2013 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2014 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2015 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2016 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2017 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2018 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2019 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2020 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2021 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2022 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 November 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 with Section 135 of the California Revenue and Taxation Code.
Source: County of Los Angeles, Auditor-Controller/Tax Division Secured (Utility) Secured
State Assessed Locally Assessed
City of Santa Clarita
Redevelopment Agency (1)
Assessed Values (2) and Actual Values of Taxable Property Last Ten Fiscal Years
216
Home
Totals Taxable Owner
Fiscal Personal Other Before Assessed Value Property
Year Improvements Property Exemptions Totals Base Year Base Year Value Growth Tax Relief 2013 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2014 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2015 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2016 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2017 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2018 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2019 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2020 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2021 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2022 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Locally Assessed
Totals
Unsecured
City of Santa Clarita
Redevelopment Agency (1)
Assessed Values (2) and Actual Values of Taxable Property (Continued) Last Ten Fiscal Years
217
Category 21-22 20-21 19-20 18-19 17-18
Residential 30,326,102,286$ 29,068,019,284 $ 27,571,753,581 $ 25,140,365,171 $ 23,734,569,687 $ Commercial 3,980,147,941 3,866,268,970 3,681,744,410 3,557,018,366 3,399,444,104 Industrial 2,031,709,683 1,955,686,889 1,878,969,596 1,861,078,681 1,790,582,919 Irrigated 3,678,125 3,375,991 3,341,172 3,707,035 2,993,570 Dry farm - - - - - Recreational 109,898,400 118,115,005 116,868,740 113,347,606 106,578,193 Institutional 276,997,197 259,899,765 233,475,135 230,449,000 193,500,837 Government 804,413 1,357,829 1,323,707 371,122 363,846 Miscellaneous 356,649 352,996 346,079 339,297 315,717 Vacant land 644,262,314 677,706,729 702,751,187 593,951,571 554,513,132 SBE Nonunitary 4,429,350 4,284,643 4,284,643 4,576,418 4,576,418 Possessory Int. 147,670,464 143,487,714 129,182,761 127,296,292 120,357,965 Unsecured 864,657,787 884,856,619 850,777,410 848,468,038 819,549,000 Unknown - - - - 31 Totals 38,390,714,609$ 36,983,412,434 $ 35,174,818,421 $ 32,480,968,597 $ 30,727,345,419 $ Assessed Values—Taxable Property
Last Ten Fiscal Years
City of Santa Clarita
Fiscal Year
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
12-13 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 (in Millions)
Fiscal Year
ASSESSED VALUE - TAXABLE PROPERTY
Last Ten Fiscal Years
Residential
Commercial
Industrial
Vacant land
All others
218
Category 16-17 15-16 14-15 13-14 12-13
Residential 21,784,467,001$ 20,809,579,112 $ 19,755,522,402 $ 18,138,258,224 $ 14,971,655,728 $ Commercial 3,248,599,972 3,059,958,633 2,952,772,231 2,847,760,176 2,794,405,083 Industrial 1,706,030,432 1,799,119,742 1,642,718,866 1,561,091,316 1,413,623,056 Irrigated 2,960,760 2,936,120 2,834,466 2,827,311 2,796,388 Dry farm - - - - - Recreational 99,802,827 104,324,505 101,870,300 100,138,918 104,981,278 Institutional 213,333,035 162,056,819 142,862,940 136,824,169 132,119,758 Government 356,714 220,358 216,042 215,066 210,850 Miscellaneous 309,530 348,240 341,421 1,017,342 864,299 Vacant land 449,270,431 419,750,992 507,997,067 509,125,263 565,117,297 SBE Nonunitary 3,696,751 3,696,751 3,696,751 3,696,751 3,696,751 Possessory Int. 117,718,179 115,205,002 112,978,072 113,541,478 125,301,717 Unsecured 797,363,610 853,667,044 888,132,057 854,976,697 870,669,758 Unknown 20 20 20 20 - Totals 28,423,909,262$ 27,330,863,338 $ 26,111,942,635 $ 24,269,472,731 $ 20,985,441,963 $ 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.
City of Santa Clarita
Assessed Values—Taxable Property (Continued)
Last Ten Fiscal Years
Fiscal Year
219
Net
Assessed Taxable
Category Parcels Value Percent Exemptions Value Percent Residential 63,302 30,420,978,191 77.1% 94,875,905 30,326,102,286 78.99% Commercial 938 4,100,133,721 10.4% 119,985,780 3,980,147,941 10.37% Industrial 735 2,254,211,678 5.7% 222,501,995 2,031,709,683 5.29% Irrigated 6 3,678,125 0.0% - 3,678,125 0.01% Recreational 35 113,084,198 0.3% 3,185,798 109,898,400 0.29% Institutional 104 803,504,100 2.0% 526,506,903 276,997,197 0.72% Government 7 1,726,326 0.0% 921,913 804,413 0.00% Miscellaneous 8 356,649 0.0% - 356,649 0.00% Vacant land 3,597 647,473,699 1.6% 3,211,385 644,262,314 1.68% SBE Nonunitary (15) 4,429,350 0.0% - 4,429,350 0.01% Possessory Int. (2,099) 147,670,464 0.4% - 147,670,464 0.38% Unsecured (4,292) 868,400,813 2.2% 3,743,026 864,657,787 2.25% Exempt 1,249 76,200,897 0.2% 76,200,897 - 0.00% Totals 63,575 39,441,848,211 $ 100.00% 1,051,133,602 38,390,714,609 $ 100.00% Source: HdL Coren & Cone, Los Angeles County Assessor 2021-22 Combined Tax Rolls.
City of Santa Clarita
Assessed Values—Use Category Summary
Fiscal Year 2021-22
Residential,
78.99%
Commercial
, 10.37%
Industrial,
5.29%
All Others,
5.35%
NET TAXABLE VALUE by USE CATEGORY
Fiscal Year 2021-22
Residential,
77.13%
Commercial,
10.40%
Industrial,
5.72%
All Others,
6.76%
ASSESSED VALUE by USE CATEGORY
Fiscal Year 2021-22
220
Los Castaic Lake County County
Fiscal Angeles Water School Sanitation Flood
Year General County Agency Districts Districts Control Total 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 2021-22 1.000000 - 0.070600 0.384850 - - 1.455450 Source: HdL Coren & Cone, Los Angeles County Assessor 2020-21 Tax Rate Table City of Santa Clarita
Direct and Overlapping Property Tax Rates
(rate per $100 of assessed value)
Last Ten Fiscal Years
General
LA County
SCV
WATER AGENCY
SCHOOL
DISTRICTS
SANITATION
DISTRICTS
County Flood
0.000000
0.200000
0.400000
0.600000
0.800000
1.000000
1.200000
DIRECT and OVERLAPPING PROPERTY TAX RATES
Fiscal Year 2020-21
221
RDA Incremental Rate Total Direct Rate
City Share Prop. 13
of 1% plus applicable
Roll Year per Prop. 13 Debt Rates voter-approved debt
2021-22 0.086630 0.000000 0.086630 0.00000% 8.97200%
Agency 2021-22
City of Santa Clarita Tax District 1 (249.01) 0.05920 Notes: General fund tax rates are SCV 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) 0.010619 Newhall Elementary School District Debt Services 2011 Ser. A (581.54) 0.027513 William S. Hart Unified Debt Services 2001 Ser. B (757.52) 0.014186 William S. Hart Un.Hsd Debt Services 2012 Refunding Bonds (757.55) 0.008284 William S. Hart Un.Hsd Debt Services 2008 Ser. C (757.56) 0.007959 William S. Hart Un.Hsd Debt Services 2013 Ref. Bds. (757.57) 0.009227 William S. Hart Un.Hsd Debt Services 2020 Ref. Bds. (757.59) 0.014631 Santa Clarita Community College Debt Services 2001 Ser. 2003 (814.52) 0.003361 Santa Clarita Community College Debt Services 2006 Ser. 2012 (814.56) 0.000643 Santa Clarita Community College Debt Services 2013 Refunding Bonds(814.57) 0.007274 Santa Clarita Community College Debt Services 2006 Ser. 2014 (814.58) 0.001091 Santa Clarita Community College Debt Services 2016 Refunding Bonds (814.59) 0.006113 Santa Clarita Community College Debt Services 2006 Ser. 2016 (814.60) 0.001565 Santa Clarita Community College Debt Services 2016 Ser. 2017 (814.61) 0.003823 Santa Clarita Community College Debt Services 2016 Ser. 2019 (814.62) 0.010912 Santa Clarita Community College Debt Services 2019 Refunding Bonds (814.63) 0.003063 Santa Clarita Community College Debt Services 2021 Refunding Bonds (814.64) 0.003191 Total Tax Rate 0.198955
Source: HdL Coren & Cone, Los Angeles County Assessor 2021/22 Tax Rate Table Total City
Rates
City General Fund Direct Rates
City of Santa Clarita
Direct and Overlapping Property Tax Rates
(rate per $100 of assessed value)
One Year Detail of Rates Producing Revenue for City and Associated Redevelopment Agencies 222
Percent of Percent of
Number Total Total City Number Total Total City
of Assessed Assessed of Assessed Assessed
Owner/Taxpayer Parcels Value Value Parcels Value Value
Valencia Town Center Venture LP 17 410,701,462$ 1.09 % 18 351,546,003$ 1.68 % Park Sierra Properties 15 149,873,887 0.40 10 138,857,780 0.66 BEL Valencia LLC Lessor 9 142,173,982 0.38 218 97,073,823 0.46 WESCO IV LLC 2 128,369,714 0.34 11 78,039,507 0.37 Saugus Colony Limited 19 126,951,335 0.34 2 70,987,026 0.34 IVT River Oaks Valencia LLC 7 120,885,522 0.32 17 71,577,658 0.34 EQR Valencia LLC 218 112,632,436 0.30 25 61,757,458 0.29 EQR The Oaks LLC 28 110,316,781 0.29 7 56,408,923 0.27 ARC SLSTCCA001 LLC 4 106,591,121 0.28 3 55,868,091 0.27 Valencia Biomedical Park LLC 11 89,821,022 0.24 1 54,804,930 0.26 Total 330 1,498,317,262 3.99 % 312 1,036,921,199 4.94 % All Others 36,076,588,243 96.01 19,948,078,764 95.06 Total Assessed Valuation 37,574,905,505 $ 100.00 % 20,984,999,963 $ 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 2021/22 Combined Tax Rolls Fiscal Year 2021-22 Fiscal Year 2012-13
City of Santa Clarita
Principal Property Taxpayers
Current Fiscal Year and Nine Fiscal Years Ago
223
Collections Total Percent
Fiscal Taxes Percent in Subsequent Collections Collections Year Levied Collections Collect ions Years to Date to Date 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% 2021-22 33,543,481 33,231,723 99.1% - 33,231,723 99.07% 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
2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22
FISCAL YEAR
TAX COLLECTIONS & DELINQUENCY - LAST TEN FISCAL YEARS
LEVIES
COLLECTIONS DELINQUENT AMOUNT
224
Owner Parcels Value % of
Net AV Parcels Values % of
Net AV Value % of
Net AV
1 SPECTRUM PACIFIC WEST LLC 3 50,635,803$ 59.46% 50,635,803 $ 6.13% (Pending Appeals On Parcels)
2 LA RAILROAD 93 LLC 24 31,447,000 4.24% 31,447,000 3.81% 3 NEWHALL BLISS LLC 10 22,426,902 3.03% 22,426,902 2.72% 4 COV-SAUGUS B LLC 5 19,356,486 2.61% 19,356,486 2.34% 5 OLD TOWN MAIN LLC 2 15,466,547 2.09% 15,466,547 1.87% 6 JDH MULBERRY 1 11,590,504 1.56% 11,590,504 1.40% 7 NEWHALL CROSSING LLC 1 11,412,163 1.54% 11,412,163 1.38% 8 LYONS PROPERTIES LIMITED 1 11,238,326 1.52% 1.36% (Pending Appeals On Parcels)
9 TELFAIR CORPORATION 2 9,669,999 1.31% 9,669,999 1.17% 10 25805 SAN FERNANDO ROAD LLC 1 8,973,755 1.21% 8,973,755 1.09% 47 141,581,682 $ 19.11% 3 50,635,803$ 59.46% 192,217,485 $ 23.27% 740,864,794 85,162,194 826,026,988
494,496,727 $ 28.63% 67,230,542 $ 75.32% 561,727,269 $ 34.22% Source: HdL Coren & Cone
Incremental Net AV Total
Agency Total
Top Ten Total
City of Santa Clarita
Successor Agency
Top Property Owners Based on Net Values
Fiscal Year 2021-22
CombinedUnsecuredSecured
225
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226
Total No. of
Appeals
No. of Resolved
Appeals
No. of Successful
Appeals
Average
Reduction
No. & Value of
Appeals Pending
Estimated No. of
Appeals Allowed
Estimated Reduction
on Pending Appeals
Allowed
71 57 54 45.9% 14 / $104,553,941 13 45,491,519 $
Year Tax Levy
Current Year
Collection
Prior Year
Collection Total
Current Year
Collection
Percentage
Total Collection
Percentage
2012-13 (1) 3,485,808 2,786,791 275,290 3,062,081 80% 88% 2013-14 (1) 3,526,463 2,828,495 815,124 3,643,619 80% 103% 2014-15 (1) 3,836,835 3,185,967 158,652 3,344,619 83% 87% 2015-16 (1) 3,579,829 3,430,748 518,292 3,704,259 96% 103% 2016-17 (1) 4,063,020 3,819,731 797,178 3,983,145 94% 98% 2017-18 (1) 4,188,893 3,944,498 860,267 4,046,235 94% 97% 2018-19 (1) 4,405,493 4,363,813 2,142,067 5,328,034 99% 121% 2019-20 (1) 4,715,737 4,618,068 1,503,717 4,689,684 98% 99% 2020-21 (1) 5,123,622 5,012,407 (66,406) 4,946,001 98% 97% 2021-22 (1) 5,758,932 5,718,046 533,235 6,251,281 99% 109% 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.
(1) Sources: Ledgers and special reports from Los Angeles County Auditor-Controller commencing February 2012 pursuant to AB X 1 26.
For Fiscal Years 2012-13 Through 2021-22
Project Area Assessment Appeals Summary—FY 2021-22
Tax Collection History
City of Santa Clarita
Successor Agency
Project Area Assessment Appeals Summary and Tax Collection History Fiscal Years 2012-13 Through 2021-22
227
Assessor’s Parcel
Number Property Owner
Land Assessed
Value ($)
Structure
Assessed Value ($)
Total Assessed
Value ($)
Taxable
Acreage
2861-058-071 Valencia Town Center Venture LP 1,352,146 $ 206,036 $ 1,558,182 $ 0.84 2861-058-072 Valencia Town Center Venture LP 3,747,939 19,484,772 23,232,711 4.81 2861-058-073 Valencia Town Center Venture LP 29,618,697 3,649,849 33,268,546 15.68 2861-058-076 Valencia Town Center Venture LP 943,521 93,705 1,037,226 1.18 2861-058-077 Valencia Town Center Venture LP 5,094,619 435,766 5,530,385 6.70 2861-058-081 Valencia Town Center Venture LP 17,228,912 184,950,946 202,179,858 14.34 2861-058-084 Valencia Town Center Venture LP 3,554,228 10,302,128 13,856,356 2.05 2861-058-085 Valencia Town Center Venture LP 463,588 231,791 695,379 0.33 Totals: 62,003,650$ 219,354,993 $ 281,358,643 $ 45.94 City of Santa Clarita
Charge Detail Report for CFD 2002-1 (Valencia Town Center) Fiscal Year 2021-22
228
Class
Max Tax Rate
($) Max Tax Applied Rate ($) Charge ($)
1 39,338 $ 33,205 $ 28,604 $ 24,544 $ 1 39,338 189,217 28,604 139,862 1 39,338 616,903 28,604 455,990 1 39,338 46,577 28,604 34,427 1 39,338 263,566 28,604 194,818 1&2
39,338.27 &
264,976.47 564,184 28,607 417,022 1 39,338 80,643 28,604 59,608 1 39,338 12,903 28,604 9,537 1,335,809$
City of Santa Clarita
Charge Detail Report for CFD 2002-1 (Valencia Town Center) (Continued) Fiscal Year 2021-22
229
Private Purchase Governmental
Fiscal Placement Financed Activities
Year Loans Bonds (2) Lease (4) Notes (5) Total
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 2018-19 - - - 65,333,412 2,177,480 2,538 67,513,430 2019-20 - - - 65,085,696 730,371 497,583 66,313,650 2020-21 - - - 77,875,819 - 542,094 78,417,913 2021-22 - - - 75,762,440 - 129,277 75,891,717 Notes:
- Deferred amount for issuance premium, net of discount is included above.
Sources: City of Santa Clarita, Administrative Services Department - Finance Division Certificates
of Participation (1) (3)
Governmental Activities
(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 'advan ce refund $11,260,000 of outstanding 2007 Series bonds. As a result, the 2007 Series were considered defeased and the liability 'for those bonds was remo ved 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 re fund $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 streetli ghts located within the City from Southern California Edison.
(1) In 1991 the Santa Clarita Public Financing Authority issued $22,940,000 aggregate principal amount of Local Agency (Redevelopment) Revenue Bonds S eries 1991. Simultaneously with the receipt of the Bond proceeds, the Authority acquired $22,940,000 Certificates of Participation issued by the Santa Cl arita Redevelopment Agency, of which the proceeds were transferred to the City to finance and/or refinance the design, acquisition, improvement or constr uction 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 paymen ts 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. -On June 22, 2016, the Santa Clarita Public Financing Authority issued $14,020,000 in Series 2016B Lease Revenue Refunding Bonds (OSPD) to advance re fund $15,070,000 of outstanding 2007 Series certificates. As a result, the 2007 Series were considered defeased and the liability for those bonds was remo ved from the general long-term debt.
City of Santa Clarita
Last Ten Fiscal Years
Ratio of Outstanding Debt by Type
-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. -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. (5) As result of implementing GASB Statement No. 87, these obligations are reported as purchase financed notes effective fiscal year 2021-22. -In November 2001, the Santa Clarita Public Financing Authority issued $3,200,000 in Certificates of 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. - 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 Sheri ff 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 2 020A-T Federally Taxable Lease Revenue Bonds to provide funds in the acquisition of a recreational facility. (3) On December 1, 2007, the Santa Clarita Public Financing Authority issued $15,525,000 in Certificates of Participation for the acquisition of open sp ace and parkland.
-On July 15, 2015, the Santa Clarita Public Financing Authority entered into a Private Placement Lease agreement for $6,985,000 to refinance the outs tanding 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. (4) On July 15, 2015, the Santa Clarita Public Financing Authority entered into a Private Placement Lease agreement for $6,985,000 to refinance the outst anding 2005 Series certificates.
230
Percentage
of Outstanding
Total Taxable Debt Debt to
Grand Lease Primary Assessed Per Personal
Total Payable Total Government Value Capita Income
- - 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 34,794,208 - 78,802,979 - - 44,008,771 0.14% 203 N/A 33,960,547 - 101,473,977 - - 67,513,430 0.21% 310 N/A 33,106,887 - 99,420,537 - - 66,313,650 0.19% 299 N/A 32,223,226 - 110,641,139 - - 78,417,913 0.21% 354 N/A 31,294,566 - 107,186,283 - - 75,891,717 0.20% 332 N/A Successor Agency Business-Type Activities
Allocation
Bonds (6)
Tax
City of Santa Clarita
Ratio of Outstanding Debt by Type (Continued)
Last Ten Fiscal Years
(6) On June 1, 2008, the Santa Clarita Redevelopment Agency issued $29,860,000 in Non-Housing Tax Allocation Bonds and $8,850,000 in Low/Mod Housing Tax Allocations Bonds to fund certain redevelopment projects within the Newhall Redevelopment Project area. Upon the dissolution of redevelopment age ncies 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 d iscount is included above.
-
50 100
150
200
250
300
350
400
2012-132013-142014-152015-162016-17 2017-182018-192019-202020-212021-22 Fiscal Year
OUTSTANDING DEBT PER CAPITA
Last Ten Fiscal Years
231
Percentage
of
Taxable Debt
Fiscal Revenue Certificates of Assessed Per
Year Population (1) Bonds Partici pation Total Value Ca pita 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 2021-22 228,835 75,762,440 - 75,762,440 0.33% 331 Source: (1) State of California, Finance Department
Outstanding General Bonded Debt
City of Santa Clarita
Ratio of General Bonded Debt Outstanding
Last Ten Fiscal Years
-
50 100
150
200
250
300
350
400
2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 Fiscal Year
GENERAL BONDED DEBT OUTSTANDING
PER CAPITA
Last Ten Fiscal Years
232
2021-22 Assessed Valuation: $38,390,714,609
(Net of Redevelopment Agency Incremental Value of $561,727,269) 2021-22 Population: 228,835
Percent Cit y’s Share
Total Debt A pplicable of Debt
06/30/2022 To Cit y 06/30/2022
DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT:
Santa Clarita Community College District 319,796,439$ 76.30% 243 ,991,891$ William S. Hart Union High School District 318,793,875 76.29% 243 ,198,283 William S. Hart Union High School District Community Facilities District No. 90-1 105 ,000 100% 105 ,000 William S. Hart Union High School District Community Facilities District No. 2005-1 13 ,540,000 100% 13 ,540,000 William S. Hart Union High School District Community Facilities District No. 2015-1 24 ,665,000 100% 24 ,665,000 Los Angeles Community College and Unified School Districts 14 ,916,575,000 0.00001% 1 ,492 Castaic Union School District 23,625,000 27.36% 6 ,464,036 Newhall School District 3,730,000 60.53% 2 ,257,732 Newhall School District School Facilities Improvement District No. 2011-1 56 ,345,000 61.86% 34 ,853,890 Saugus Union School District 2,321,729 93.81% 2 ,178,107 Saugus Union School District School Facilities Improvement District No. 2014-1 128 ,030,000 94.33% 120 ,775,820 Saugus Union School District Community Facilities District No. 2005-1 13 ,895,000 100% 13 ,895,000 Saugus Union School District Community Facilities District No. 2006-1, Improvement Area No. 1 25 ,655,000 100% 25 ,655,000 Saugus Union School District Community Facilities District No. 2006-1, Improvement Area No. 2 19 ,645,000 100% 19 ,645,000 Saugus Union School District Community Facilities District No. 2006-1, Improvement Area No. 3 19 ,045,000 100% 19 ,045,000 Saugus Union School District Community Facilities District No. 2006-2, Improvement Area No. 1 11 ,200,000 100% 11 ,200,000 Saugus Union School District Community Facilities District No. 2006-2, Improvement Area No. 2 6 ,435,000 100% 6 ,435,000 Saugus Union School District Community Facilities District No. 2006-2, Improvement Area No. 3 13 ,730,000 100% 13 ,730,000 Saugus Union School District Community Facilities District No. 2019-1 9 ,225,000 100% 9 ,225,000 Saugus-Hart School District Community Facilities District No. 2000-1 7 ,175,000 100% 7 ,175,000 Saugus-Castaic School District Facilities Financing Authority - Community Facilities District No. 2006-1C 15 ,310,000 100% 15 ,310,000 Sulphur Springs Union School District 57,590,709 94% 54 ,132,963 Sulphur Springs Union School District No 2002-1 22 ,270,000 100% 22 ,270,000 Sulphur Springs Union School District No 2006-1 22 ,590,879 100% 22 ,590,879 Sulphur Springs Union School District No 2014-1 18 ,610,000 100% 18 ,610,000 City of Santa Clarita Community Facilities District No. 2002-1 12 ,170,000 100% 12 ,170,000 City of Santa Clarita Community Facilities District No. 2016-1 17 ,130,000 100% 17 ,130,000 City of Santa Clarita 1915 Act Bonds 415 ,000 100% 415 ,000 TOTAL DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT 980,665,093 Los Angeles County General Fund Obligations 2,698,357,105 2.17% 58 ,473,398 Los Angeles County Superintendent of Schools Certificates of Participation 3,972,227 2.17% 86 ,078 Los Angeles County Sanitation District No. 32 Authority 1,502,964 78.42% 1 ,178,654 Santa Clarita Community College District Certificates of Participation 6,545,000 76.30% 4 ,993,573 William S. Hart Union High School District General Fund Obligations 41,126,267 76.29% 31 ,373,995 Castaic Union School District Certificates of Participation 2,885,000 27.361% 789 ,365 Saugus Union School District General Fund Obligations - 0.000% - Sulphur Springs Union School District Certificates of Participation 28,880,000 94.00% 27 ,146,045 Los Angeles Unified School District Certificates of Participation 120,710,000 0.00001% 12 City of Santa Clarita Obligations 76,772,034 100.00% 76 ,772,034 (2) TOTAL DIRECT AND OVERLAPPING GENERAL FUND DEBT 200,813,155 Total Net Direct and Overlapping General Fund Debt 200,813,155 OVERLAPPING TAX INCREMENT DEBT (Successor Agency): 30,615,000 100.000% 30,615,000 Total Direct Debt 76,772,034$
Gross Total Overlapping Debt 1,135,321,214
Net Total Overlapping Debt 1,135,321,214
GROSS COMBINED TOTAL DEBT 1,212,093,248 (3)
NET COMBINED TOTAL DEBT 1,212,093,248
(1) Percentage of overlapping debt applicable to the city is 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 $129,277 for the Zamboni Lease, $880,316 GASB 87 Lease Payable, $7,930,000 for the 2016A series Golden Valley Road bond, $25,345,000 for the 2019 Series Sheriff Station Bond, $13,435,000 Recreational Facility, $12,020,000 for Open Space Preservation District, and $2,896,658 for deferred amount for issuance premium, net of discount.
Also included are $13,665,000 for Revenue and Taxable Revenue Bonds - Series 2018A and Series 2018B , Streetlights Acquisition and Retrofit Program, and $470,783 for deferred amount for issuance premium, net of discount. (3) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital lease obligations.
Ratios to 2021-2022 Assessed Valuation:
Total Overlapping Tax and Assessment Debt……………………………………………2.55% Total Direct Debt ($76,772,034)………………………………………………………….0.20% Combined Total Debt.…..…………………………………………………………………..3.15% Ratios to Redevelopment Successor Agency Incremental Valuation ($561,727,269):
Tota l Overlapping Tax Increment Debt……………………………………………………..5.45% Source: Avenue Insights & Analytics
California Municipal Statistics, Inc.
City of Santa Clarita
Direct and Overlapping Tax and Assessment Debt
June 30, 2022
233
21-22 20-21 19-20 18-19 17-18
Assessed valuation 38,390,714,609 $ 36,983,412,434 $ 35,174,818,421 $ 32,480,968,597 $ 30,727,345,419 $ Conversion percentage 25% 25% 25% 25% 25%
Adjusted assessed valuation 9,597,678,652 9,245,853,109 8,793,704,605 8,120,242,149 7,681,836,355 Debt limit percentage 15% 15% 15% 15% 15%
Debt limit 1,439,651,798 1,386,877,966 1,319,055,691 1,218,036,322 1,152,275,453 Total net debt applicable to limit:
General obligation bonds - - - - Legal debt margin 1,439,651,798 $ 1,386,877,966 $ 1,319,055,691 $ 1,218,036,322 $ 1,152,275,453 $ Total debt applicable to the limit
as a percentage of debt limit 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.
However, 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
City of Santa Clarita
Legal Debt Margin Information
Last Ten Fiscal Years
234
16-17 15-16 14-15 13-14 12-13
Assessed valuation 28,685,821,032 $ 27,330,863,338 $ 26,111,942,635 $ 24,269,472,731 $ 20,985,441,963 $ Conversion percentage 25% 25% 25% 25% 25%
Adjusted assessed valuation 7,171,455,258 6,832,715,835 6,527,985,659 6,067,368,183 5,246,360,491 Debt limit percentage 15% 15% 15% 15% 15%
Debt limit 1,075,718,289 1,024,907,375 979,197,849 910,105,227 786,954,074 Total net debt applicable to limit:
General obligation bonds - - - - - Legal debt margin 1,075,718,289 $ 1,024,907,375 $ 979,197,849 $ 910,105,227 $ 786,954,074 $ Total debt applicable to the limit
as a percentage of debt limit 0% 0% 0% 0% 0%
City of Santa Clarita
Legal Debt Margin Information (Continued)
Last Ten Fiscal Years
Fiscal Year
0 200
400
600
800
1,000
1,200
1,400
1,600
12-13 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 (in Millions)
Fiscal Year
LEGAL DEBT MARGIN
Last Ten Fiscal Years
235
Less Net
Fiscal Transit O perating Availabl e
Year Revenues (1) Expenses (2) Revenue Principal Interest Coverage 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 - - - 2021-22 41,177,219 31,581,746 9,595,473 - - -
NOTE: (1) Includes Other revenues, Transfers in and Capital contributions (2) Includes Transfers out and Other expenses
Debt Service
TRANSIT
City of Santa Clarita
Pledged Revenue Coverage
Last Ten Fiscal Years
236
Average Average Per
City of Annual Los Angeles Annual Capita Total
Santa Clarita Percentage County Percentage Personal Person Unemployment Year Population (1) Increase Population (1) Increase Income (2) Income (2) Rate (3) 2012 177,445 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% 69,805 915,132,543 13.60% 2021 221,572 -0.16% 10,044,458 -1.26% N/A N/A 7.30% 2022 228,835 3.28% 9,861,224 -1.82% N/A N/A 4.70% Sources: (1) State of California, Finance Department, as of 1/1/2022: E-1 (2) U.S. Department of Commerce, Bureau of Economic Analysis (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 Development (EDD), for the month of August 2022 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
Last Ten Calendar Years
15.50%
2.04% 1.96%
2.99%
0.11% 0.70%
1.76%
-0.16%
3.28%
-1.00%
1.00%
3.00%
5.00%
7.00%
9.00%
11.00%
13.00%
15.00%
17.00%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
YEAR
POPULATION INCREASE
Last Ten Fiscal Years
237
PERCENT PERCENT
NUMBER of NUMBER of
of TOTAL of TOTAL
EMPLOYER EMPLOYEE SEMPLOYMENT EMPLOYER EMPLOYEE SEMPLOYMENT Six Flags Magic Mountain 2,200 10.70% Six Flags Magic Mountai n 4,500 25.92% Henry Mayo Newhall
Memorial Hospital 1,778 8.65% Princess Cruises 1,600 9.22% Princess Cruises 1,116 5.43%
Henry Mayo Newhall
Memorial Hospital 1,400 8.06%
Boston Scientific 893 4.34% Quest Diagnostics 850 4.90% The Master's College 863 4.20% The Master's College 800 4.61% Advanced Bionics 693 3.37% Woodward HRT 772 4.45% Logix 674 3.28% Walmar t 624 3.59% Woodward HRT 610 2.97% Advanced Bionics 600 3.46% Amazon 580 2.82% Parmavite 567 3.27% Kaiser Permanente 528 2.57% Aerospace Dynamics 548 3.16% Largest firms (1) 9,935 37.63% Largest firms (1) 12,261 70.62% All others 10,620 51.67% All others 5,100 29.38% Grand total 20,555 89.30% Grand total 17,361 100.00% * As of August 2022
NOTE: (1) Non-governmental employers
Source: 2022 Economic Outlook Santa Clarita Valley Economic Dev Corp & College of the Canyons 2022* 2013
City of Santa Clarita
Principal Employers
Current Fiscal Year and Nine Fiscal Years Ago
238
Function 21-22 20-21 19-20 18-19 17-18 16-17 15-16 14-15 13-14 12-13 General government 88 85 84 81 76 76 91 88 88 90 Public safety (1) - - - - - - - - - - Public works 143 142 142 140 127 129 132 125 122 129 Community development 46 45 45 44 43 44 37 41 41 32 Recreation and Comm Svcs 70 67 68 68 64 64 112 111 109 108 Neighborhood Services (2) 106 104 103 100 79 74 - - - - Transit 10 10 10 10 12 12 12 11 11 11 Totals 461 452 451 442 400 398 384 376 371 370 (1) Police 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 City of Santa Clarita
Full-Time and Part-Time City Employees by Function
Last Ten Fiscal Years
Fiscal Year
0.00 50.00
100.00
150.00
200.00
250.00
300.00
350.00
400.00
450.00
500.00
12-13 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 369.75 370.75 375.75 383.65 398.40 400.40
442.35 451.35 452.35 461.10
Fiscal Year
CITY OF SANTA CLARITA - EMPLOYEES
Last Ten Fiscal Years
239
Function 21-22 20-21 19-20 18-19 17-18
Police:
Parking citations issued (1) 18,651 11,359 13,992 24,214 15,505 Parking revenue collected 747,323 417,978 516,477 364,954 498,749 Public works:
Street resurfacing (miles) 58 28 39 26 39 Parks and Recreation:
Number of recreation classes 2,038 1,593 2,197 2,773 2,903 Number of facility rentals (times) 12,096 10,016 11,778 12,787 12,013 Transit:
Number of customers served (2) 1,900,958 1,673,828 2,131,694 2,680,202 2,775,327
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 City of Santa Clarita
Operating Indicators by Function
Last Ten Fiscal Years
Fiscal Year
240
Function 16-17 15-16 14-15 13-14 12-13
Police:
Parking citations issued (1) 13,133 9,035 4,765 4,786 5,726 Parking revenue collected 470,843 379,384 320,682 323,040 341,607 Public works:
Street resurfacing (miles) 45 16 80 21 18 Parks and Recreation:
Number of recreation classes 2,992 2,918 2,189 2,557 2,548 Number of facility rentals (times) 19,924 13,390 19,018 14,604 13,000 Transit:
Number of customers served (2) 2,864,351 3,167,021 3,422,015 3,540,969 3,661,302 City of Santa Clarita
Operating Indicators by Function (Continued)
Last Ten Fiscal Years
Fiscal Year
241
Function 21-22 20-21 19-20 18-19 17-18 16-17 15-16 14-15 13-14 12-13 Public works:
Streets (miles) 573 573 570 540 540 537 516 497 496 496 Street lights (1) 18,703 18,622 18,662 18,662 18,662 17,843 17,843 17,843 17,843 17,843 Traffic signals (City Jurisdiction) 199 198 195 187 187 186 180 180 177 177 Traffic signals (Joint Jurisdiction) 4 4 4 5 5 5 5 5 5 5 Parks and recreation:
Number of parks 35 34 33 32 32 32 32 32 29 29 Community centers 2 2 2 2 2 2 2 2 2 1 Transit:
Stations 4 4 4 4 4 4 4 4 4 4 Source: City of Santa Clarita, Administrative Services Department - Finance Division Fiscal Year
(1) The City of Santa Clarita assumed responsibility for the Streetlight Maintenance District from Los Angeles County in 1998. Subsequently, between 20 19 and 2021 the City purchased the majority of streetlights from Southern California Edison and converted the lights to LED. At this time, the City owns and re sponsible for 18,703 streetlights, inclusive of Highway Safety Lights which are attached to traffic signals.
City of Santa Clarita
Capital Assets Statistics by Function
Last Ten Fiscal Years
242
23920 Valencia Blvd.
Suite 300
Santa Clarita, CA 91355
santa-clarita.com