FUND DESCRIPTIONS
The basic accounting and reporting entity for the City is a fund. A fund is “an independent fiscal and accounting entity used to record all financial transactions related to the specific purpose for which the fund was created.” Funds are established for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions or limitations. The various funds are grouped in fund types and categories as follows:
Governmental Funds
1. General Fund – The General Fund is used to account for the general operations of the City. It is used to account for all financial resources except those required to be accounted for in another fund.
2. Special Revenue Funds – These funds are used to account for proceeds of specific revenue sources that are legally restricted to expenditures for specific purposes.
3. Debt Service/General Government – These funds are used to account for the accumulation of resources for, and the payment of, general long term principal and interest.
4. Capital Projects Funds – These funds account for financial resources used for the acquisition or construction of major capital facilities (other than those financed by proprietary funds).
Air Quality Management District (AQMD) – To account for revenues and expenditures for Air Quality Management.
Areawide – The City’s Areawide Beautification Zone operation is supported through a combination of special benefit assessments levied on individual parcels authorized by the Landscape and Lighting Act of 1972, Ad Valorem, and General Fund revenues. The Areawide Beautification Zone (AWB) is one of 62 financially independent Landscape Maintenance District zones. The three funding sources support reoccurring 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 including pedestrian bridges, monumental signage, decorative lighting, parks play equipment, shade structures, lighting, restroom facilities, reforestation, and irrigation infrastructure.
Bikeway – To account for monies received from the State of California restricted for bicycle and pedestrian facilities available under Article 3 of Transportation Development Act (SB821).
Bureau of Justice Assistance Law (BJA) Enforcement – To account for receipts and disbursements for the BJA law enforcement grant restricted for police department programs.
Bridge and Thoroughfare (B&T) – To account for monies received from developers for street and highway construction through bridge and thoroughfare districts.
Community Development Block Grant Funds – This account for monies received and expended by the City as a participant in the Federal Community Development Block Grant (CDBG) Program.
Developer Fees – To account for monies received from developers restricted to fund specific projects and infrastructure maintenance throughout the City.
Gas Tax Fund – To account for monies received and expended from the State Gas Tax allocation restricted to fund various street highway improvements, including maintenance.
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 improvement, transit operations and other transit-related expenditures.
Housing Successor Agency – To account for the transactions of the Housing Successor Agency for the continuance of the low-income and moderate-income programs of the former redevelopment agency.
Landscape Maintenance District – The City’s Landscape Maintenance District (LMD) operation is supported through special benefit assessments levied on individual parcels authorized by the Landscape and Lighting Act of 1972.
There are currently 62 financially independent LMD zones which are administered by the City. LMD funds support reoccurring costs associated with the maintenance of landscape, hardscape and ornamental improvements, 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 including but not limited to pedestrian bridges, monumental signage, decorative lighting, parks play equipment and irrigation infrastructure.
Library Facilities Fees – To account for monies received from the library facilities developer fees, which are restricted for use on library facilities.
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Measure M – To account for the half-cent sales tax revenues that Los Angeles County voters approved in November 2016 to meet the transportation needs of Los Angeles County.
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 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.
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.
Open Space Preservation District – Creation of the Open Space Preservation District (District) was approved by the property owners of the City of Santa Clarita (City) in July of 2007. The primary objective of the District is to facilitate the purchase and preservation of undeveloped land in and around the City. The District’s operations are supported through special benefit assessments levied on individual parcels authorized by the Landscaping and Lighting Act of 1972. This assessment will sunset after 30 years in 2037.
Park Dedication – To account for monies received from developers restricted to fund the acquisition and development of new parkland space. These monies are restricted under the Quimby Act by ordinance and require the dedication of land or impose a requirement of payment of fee in lieu.
Proposition A – To account for monies received through the one half cent sales tax levied within the County of Los Angeles restricted to fund transit related projects.
Proposition C – To account for the City’s share of the one-half percent increased sales tax in Los Angeles County. This revenue is to be used for transportation-related purposes.
Public Education and Government – To account for the one percent PEG Capital Grant funds received from video service providers pursuant to the Digital Infrastructure and Video Competition Act of 2006.
Public Library Fund – This fund is used to account for monies received through property tax revenues for public library acquisitions and maintenance of library services within the City.
Recreational Facility Fund – This fund is used to account for monies received from the operations of The Cube, Ice and Entertainment Center.
SB1 Road Repair and Rehabilitation – To account for monies received and expended from the State SB1 Road Repair and Rehabilitation allocation restricted to fund various maintenance, rehabilitation, 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 improvement of parklands within the City.
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.
Tourism Marketing District – These assessment fees are dedicated to support the programs, activities, and services to promote the City and hotels as a tourist destination. To help fund this program, each business in the Tourism Marketing Benefit Zone shall pay an assessment of two percent of total room rents charged and received from transient hotel guests who do not make the hotel their principal place of residence.
Traffic Safety – To account for monies received from vehicle code fines. This fund is used to finance law enforcement expenditures.
PROPRIETARY FUNDS
Enterprise Fund – These funds accounts for operations that are financed and operated in a manner similar to private business enterprises where the intent of City Council is that the costs and expenses, including depreciation and amortization, of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges.
Internal Service Funds – These funds accounts for activities involved in rendering services to departments within the City. Costs of materials and services used are accumulated in these funds and are charged to the user departments as such goods are delivered or services rendered.
FIDUCIARY FUNDS
Custodial Funds – This fund account for assets held by the City on behalf of others.
Pension (and other employee benefit) Trust Funds – This fund accounts for other post-employment benefit (OPEB) assets held in a qualifying trust.
Private-purpose Trust Funds – This fund accounts for funds held in a qualifying trust for specific purposes.
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