Annual Comprehensive Financial Report 06-30-2023 (available in the City Clerk’s Reading File) — Santa Clarita City Council, January 23, 2024

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, 2023
Prepared by the Finance Division

City of Santa Clarita
Annual Comprehensive Financial Report
For the Year Ended June 30, 2023
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 Statement of Net Position ......................................................................... 29 Statement of Revenues, Expenditures, and Changes in Fund Balances .................................................. 30 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes 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, 2023
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 Distri ct #1 Special Revenue Fund .......................................................................... 107 American Rescue Plan ................................................................................................................................... 108 Budgetary Information ........................................................................................................................................ 109 Schedule of Changes in Net Pension Liability and Related Ratios:

CalPERS Miscellaneous ....................................................................................................... ......................... 110 Schedule of City Contributions – Pensions:

Other Postemployment Benefits (“OPEB”) ................................................................................................... 114 Schedule of Contributions – Other Postemployment Benefits (“OPEB”) ......................................................... 116 Schedule of Money Weighted Rate of Return – OPEB ...................................................................................... 118 Supplementary Information:

Nonmajor Governmental Funds:

Combining Balance Sheet ..................................................................................................... ......................... 125 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ...................................... 137 Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual:

Bikeway Special Revenue Fund .............................................................................................................. 149 Gas Tax Special Revenue Fund ............................................................................................................... 150 Prop A Special Revenue Fund ................................................................................................................. 151 Special Assessment Special Revenue Fund ............................................................................................. 152 Street Lighting District Special Revenue Fund ....................................................................................... 153 Measure M Local Return Special Revenue Fund .................................................................................... 154 SB1 Road Repair and Activity Special Revenue Fund ........................................................................... 155 State Park Special Revenue Fund ............................................................................................................ 156 Transportation Development Act 8 Special Revenue Fund .................................................................... 157 Traffic Safety Special Revenue Fund ...................................................................................................... 158 Community Development Block Grant Special Revenue Fund .............................................................. 159 Air Quality Management District Special Revenue Fund ....................................................................... 160 Stormwater Special Revenue Fund .......................................................................................................... 161 Surface Transportation Program Special Revenue Fund ......................................................................... 162 City of Santa Clarita
Annual Comprehensive Financial Report
For the Year Ended June 30, 2023
Table of Contents (Continued)
iii
Page
FINANCIAL SECTION (Continued)
Supplementary Information (Continued):

Nonmajor Governmental Funds (Continued):

Schedule of Revenues, Expenditures, and Changes i
n Fund Balance – Budget and Actual (Continued):

BJA Law Enforcement Special 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 Government Special Revenue Fund ................................................................... 167 Proposition C Special Revenue Fund .................................................................................................... 168 Measure H Special Revenue Fund ......................................................................................................... 169 Federal Grants Special Revenue Fund ................................................................................................... 170 Measure R Special Revenue Fund ......................................................................................................... 171 Measure R Highway Improvement Special Revenue Fund ................................................................... 172 Measure M ATP Special Revenue Fund ............................................................................................... 173 Measure A Safe Parks Special Revenue Fund ....................................................................................... 174 Measure W Safe Clean Water Special Revenue Fund ........................................................................... 175 Tourism Marketing District Special Revenue Fund .............................................................................. 176 Open Space Preservation District 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 Structure 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 Authority Debt Service Fund .................................................................................... 187 Internal Service Funds:

Combining Statement of Net Position........................................................................................... ............... 191 Combining Statement of Revenues, Expenses 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, 2023
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 Values of Taxable Property ............................................................................... 214 Redevelopment Agency – Assessed Valuation and Actual Values 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 Associated Redevelopment Agencies ........................................................ 223 Principal Property Taxpayers ............................................................................................................................... 224 Property Tax Levies, Tax Collections and Delinquencies .................................................................................... 226 Top Property Owners Based on Net Values ......................................................................................................... 227 Project Area Assessment Appeals Summary and Tax Collection History ........................................................... 229 Charge Detail Report for CFD 2002-1 (Valencia Town Center) .......................................................................... 230 Debt Capacity:

Ratios of Outstanding Debt by Type .................................................................................................................... 232 Ratios of General Bonded Debt Outstanding ....................................................................................................... 234 Direct and Overlapping Tax and Assessment Debt .............................................................................................. 235 Legal Debt Margin Information ................................................................................................. .......................... 236 Pledged Revenue Coverage .................................................................................................................................. 238 Demographic and Economic Information:

Demographic and Economic Statistics ................................................................................................................. 239 Operating Information:

Principal Employers ........................................................................................................... .................................. 240 Full-Time and Part-Time City Employees by Function ....................................................................................... 241 Operating Indicators by Function ......................................................................................................................... 242 Capital Asset Statistics by Function ..................................................................................................................... 244 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, 2022
Executive Director/CEO
v
vi
This page intentionally left blank.

December 21, 2023
City of

SANTA CLARITA
23920 Valencia Boulevard• Santa Clarita, California 91355-2196 Phone: (661) 259-2489 • FAX: (661) 259-8125
www.santa-clarita.com
Honorable Mayor, Mayor Pro Tern and City Councilmembers:

The Annual Comprehensive Financial Report (ACFR) of the City of Santa Clarita for fiscal year ended June 30, 2023, is hereby submitted in accordance with Chapter 2.12 of the City of Santa Clarita Municipal Code. This report provides the City Council and the public with an understanding of the financial condition of the City.

This report consists of management's representations concerning the finances of the City of Santa Clarita. As such, management assumes full responsibility for the completeness and reliability of the information contained in this report. To provide a reasonable basis for making these representations, management of the City has established a comprehensive framework of internal controls that are designed to protect the City's assets from loss, theft or misuse and to compile sufficient reliable information for the preparation of the City's financial statements. Because the cost of internal controls should not outweigh their benefits, the City's comprehensive framework of internal controls has been designed to provide reasonable, rather than absolute, assurance that the financial statements are free from material misstatement. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and reported in a manner designed to present fairly the financial position and results of operations of the various funds of the City of Santa Clarita.

State Law requires the City to prepare an annual financial report. This report fulfills that obligation. The Pun Group, LLP, an independent firm of certified public accountants, has issued an unmodified ("clean") opinion on the financial statements of the City of Santa Clarita for the year ended June 30, 2023. The independent auditor's report is located at the front of the financial section of this report. The ACFR has been prepared in conformity with Generally Accepted Accounting Principles (GAAP) and the financial reporting requirements prescribed by the Governmental Accounting Standards Board (GASB).

These reporting requirements specify that management provide a narrative introduction, overview and analysis to accompany the financial statements in the form of a Management's Discussion and Analysis (MD&A). The MD&A, which immediately follows the independent auditor's report, complements this letter of transmittal and should be read in conjunction with it.

Also, as a recipient of federal and state financial assistance, the City is required to have a "Single Audit" performed by our independent audit firm. The Single Audit was designed to vii
Honorable Mayor, Mayor Pro Tern and City Councilmembers meet the special needs of the federal grantor agencies. The standards governing the Single Audit engagements require that the independent auditor report on the fair presentation of the financial statements and the audited government's internal controls and compliance with legal requirements, with special emphasis on internal controls and legal requirements involving the administration of federal awards. These reports are available in the City's separately issued Single Audit Report.

CITY PROFILE
The City of Santa Clarita was incorporated on December 15, 1987, as a General Law City and operates under a City Council/City Manager form of government. It is located between the Santa Susana and San Gabriel mountain ranges, approximately 35 miles northwest from the City of Los Angeles. It is comprised of the communities of Canyon Country, Newhall, Saugus and Valencia, encompassing approximately 73.5 square miles. With a population of 230,659, the City is the third-largest in Los Angeles County and the 16th largest in the State of California. Santa Clarita offers an expansive parks and recreation network, with 37 beautiful park facilities, more than 13,000 acres of preserved open space and 150 miles of trails and paseos designed for commuting and recreational use, including walking, hiking, biking and skating. The City's unique blend of upscale sophistication with small-town charm and old-west heritage allows it to accommodate growth while continuing to provide an excellent quality of life for residents.

The City of Santa Clarita's five City Councilmembers are elected to four-year overlapping terms, with elections held bi-annually. Beginning in 2024, the council elections will transition to by-district elections. The position of Mayor is annually selected by the Councilmembers. The City Council is responsible for, among other things, passing ordinances, adopting the budget, setting policy and appointing committees. The City Council appoints the City Manager, who is responsible for implementing the policies of the Council, overseeing the day-to-day operations of City government and for appointing and managing the various Directors. The City Council also appoints the City Attorney.

The City provides, either directly or under contract, a full range of municipal services, including public safety, construction, maintenance of streets and other infrastructure, public libraries, public works, parks, recreation, community development and cultural events. The City also provides services through the Santa Clarita Public Financing Authority (PF A), which is a blended component unit of the City of Santa Clarita. The financial activities of this entity are included in this report, as its operations are under the control of the City.

The City operates on a fiscal year basis, which begins July 1, and ends June 30. The City's Municipal Code requires the City Manager to prepare a budget and present it to the City Council each year. The budget process begins in January of each year and is carried out under the direction of the City Manager in cooperation with the various City departments.

The proposed operating and capital budget is submitted by the City Manager to City Council for adoption by June 30, to take effect at the beginning of the fiscal year on July 1.

Budgetary control for the City is maintained through its accounting systems. Once viii
Honorable Mayor, Mayor Pro Tern and City Councilmembers adopted, the budget may be amended throughout the year as necessary. Budgetary control is established at the category level within each fund. The budgetary control for the Capital Improvement Program is at the program level.

LOCAL ECONOMY
The City of Santa Clarita (City) is one of Southern California's most desirable places to live and do business. City officials pride themselves on the organization's ability to balance the needs of locally-based businesses with those of the community members, resulting in an unmatched quality of life.

The City of Santa Clarita was once again named the "Most Business-Friendly City in Los Angeles County" in 2022 by the Los Angeles County Economic Development Corporation and continues to have a community-minded, business-driven approach to economic development. The City is committed to business-friendly practices that have resulted in a robust local economy with record-breaking sales tax revenue. These practices have positioned Santa Clarita well for the future.

The Center at Needham Ranch, a business park on Sierra Highway in the Newhall area, was approved by the City Council in 2003 and will ultimately construct approximately 1.7 million square feet of state-of-the-art business park space. After more than 20 years in planning and development, Phase I is operational, with seven buildings built, and Phase II is nearing completion, adding four more buildings. Phase I includes Illumination Dynamics, LA North Studios, DrinkPAK, Amazon and Tires Warehouse as its tenants and is fully occupied. Phase II will include additional facilities for Amazon and DrinkPAK.

Santa Clarita Valley's newest community, Vista Canyon, continues to develop. Vista Canyon creates a unique environment focused on connectivity, accessibility and sustainability, making it the perfect location to live, work and play. The new 185-acre development brings 950,000 square feet of commercial and office space, up to 1,100 residential units and 200 hotel rooms to our community. Construction of 245 single-family homes by KB Home has recently been completed and all have been sold, and the Vista Canyon Park and a 480-unit luxury apartment complex were also completed in 2022.

Additionally, the Vista Canyon Multi-Modal Center officially opened on October 20, 2023. This is the fourth Metrolink station in the City and the second transit center, and will serve local commuter, local bus routes, GO! Santa Clarita and Dial-A-Ride. The Multi Modal Center features state-of-the-art infrastructure, brand-new railroad tracks, benches, six bus bay canopies, lighting, a security system, 18 digital bike lockers, two touchscreen informational kiosks and free parking.

Santa Clarita's economy remains strong and many new businesses have opened in our community this year. These include The Flying Yolk, Total Wine & More, A T2 Aerospace, Brick and Flour Artisanal Mexican Food, Patron's Mexican Bar & Grill, Apola Greek Grille, Boba Boba, Dollar Tree, Capriotti's, Urbane Cafe, Copper Hill BBQ, Monty's Sports and Grill, Aldi and Madre Oaxacan Restaurant. Businesses slated to open later in the year include Wild Fork, Mooyah Burger, Philz Coffee, Farmer Boys, The ix
Honorable Mayor, Mayor Pro Tern and City Councilmembers Break Room, Sbarro Pizza, Beverly Hills Rejuvenation Center Med Spa, DogHaus, Pinkberry, The Kebab Shop, Daiso and Mi Cafecito Pupuseria Y Restaurante.

Specifically, in Old Town Newhall, a number of new businesses have opened, including Form+Content, Care Tucker, Brixton Phoenix, Sidecar Market and Victory Pizza Bar.

Commercial vacancy rates in offices within Santa Clarita have risen slightly compared to the third quarter of last year, with the office vacancy rate at 15.4 percent, compared to 13.8 percent in 2022. Retail vacancy rates have fallen slightly, with the retail vacancy rate at 3.3 percent, compared to 4.8 percent in 2022. There continues to be high demand for industrial space, and the industrial vacancy rate sits at a low of 0.6 percent, only slightly higher compared to 0.2 percent last year.

The City's Film Office experienced another strong year prior to the Writers Guild of America and Screen Actors Guild/American Federation of Television and Radio Artists strikes. In Fiscal Year 2022-23, the Film Office issued 539 permits, which led to 1,336 film days and $31,951,000 in estimated economic impact. Santa Clarita is home to approximately 60 sound stages, 10 movie ranches and a multitude of film-related businesses. Popular television shows like "The Afterparty," "Cesar Milan: Better Human, Better Dog," "CSI: Vegas," "Expats," "Good Trouble," "NCIS," "Mayans M.C.," "The Old Man" and "S.W.A.T.," were based in Santa Clarita, while shows like "Curb Your Enthusiasm," "Muppets Mayhem," Tiny Beautiful Things," "The Santa Clauses," "Ted Lasso" and "The Morning Show" regularly filmed on location within the City. Numerous feature films were filmed at sound stages and at movie ranches in Santa Clarita in the last year, including "80 For Brady," "Air," "Creed 3," "Dungeons & Dragons - Honor Among Thieves," "The Fabelmans" "The Killer," "Old Dads," "Oppenheimer" and "Rebel Moon." Tourism continues to be a significant part of the City of Santa Clarita's economy, contributing over $5.3 million to the General Fund from Transient Occupancy Tax in Fiscal Year 2022-23, a record high. The Tourism Marketing District (TMD), a collaborative assessment program and partnership between the City and local hotels, collected nearly $1 million in support of increased marketing and promotion of Santa Clarita as a tourism destination. Tourism Marketing District dollars are a vital component of the area's continued attraction of events and visitors, translating to dollars spent in the community and at local businesses. The following events were among those held in Santa Clarita in the last fiscal year: multiple hockey tournaments including the CAHA State Championships, Grace Baptist Bible Conference, Cal Super States Chess Championship, SteadicamOperators Workshop, TMU Cross Country Invitational and USW National Championship (women's football). The City also attracted large swimming events, Los Angeles Spartan Sprint Weekend and major festivals, including "Boots and Brews" and "Boots in the Parle"
Santa Clarita recognizes the important role education plays in the success of the community. The City is home to three premier educational institutions, including the California Institute of the Arts (CalArts), College of the Canyons and The Master's x
Honorable Mayor, Mayor Pro Tern and City Councilmembers University. These colleges offer world-class instruction and programming to prepare students to become the next generation of business professionals and leaders.

LONG-TERM FINANCIAL PLANNING
Santa Clarita is one of California's model cities, boasting the essential elements needed for well-balanced living and total well-being. Santa Clarita remains one of the safest cities in California among cities with populations exceeding 150,000. Santa Clarita is home to a well-educated population, with nearly 72 percent of adults aged 25 and older having attained some college or higher, compared to Los Angeles County, which averages 59 percent.

The City of Santa Clarita has experienced steady growth since its incorporation in 1987.

Even throughout this pandemic, City officials continue to work directly with the private and public sectors to attract new businesses to the Santa Clarita Valley. The City of Santa Clarita is focused on retaining existing companies and encouraging their growth within the City while working to attract new businesses, thereby creating new jobs for residents. Santa Clarita has set an aggressive goal of creating two jobs for every household, thereby providing an increased opportunity for residents to work close to home.

The City provides necessary funding for essential services for City Council and community-identified priorities while taking steps to ensure the City remains in good financial health. Twice per year, the City prepares extended forecasts for the General Fund to determine the future impact of current actions. These forecasts indicate a stable General Fund over the next few years, primarily due to projected marginal increases in sales and property taxes. Because the City of Santa Clarita has practiced smart growth in prosperous financial times, the City is well prepared for times when revenue projections do not include growth.

The City maintains a General Fund balance sufficient to provide for various identified contingencies, as well as an established operating reserve. In addition, the General Fund contributes annually to the City's facilities fund, which provides for major maintenance and replacement of infrastructure and capital improvements. The City's Capital Improvement Program (CIP) is a component of the annual budget process that addresses the City's short and long-term capital needs. Just as important, the CIP emphasizes a plan of action that effectively maintains the existing infrastructure to a sound physical standard, as well as providing new facilities to support current growth and complement new development.

In April 2023, Standard & Poor's Global Ratings (S&P) affirmed the City's 'AAA' issuer credit rating (ICR). The City was able to demonstrate strength in economy and management areas, as well as strong budgetary flexibility and liquidity with an operating surplus. Standard & Poor's Global Ratings recognized the City's budgetary flexibility as among the strongest nationwide for cities of comparable size with an available fund balance. This resulted in affirming the City of Santa Clarita's 'AAA' issuer credit rating (ICR) with a "stable" outlook. This ICR reflects S&P's forward-looking opinion of the xi
Honorable Mayor, Mayor Pro Tern and City Councilmembers City's overall creditworthiness and the capacity and willingness to meet financial obligations.

MAJOR MILESTONES IN FISCAL YEAR 2022-2023
❖ Completed the construction of the Central Park Buildout Project which brought four new multi-purpose fields, additional parking, a new restroom facility and the popular 172-step exercise staircase to the southern portion of the park. ❖ Opened the new Vista Canyon Multi-Modal Center offering the City's fourth Metrolink station and a bus transfer station to provide transit service to underserved communities.
❖ Welcomed its second inclusive play area at West Creek Parle The project includes a shaded inclusive play area with fun, challenging and engaging activities for people of all abilities, measuring approximately 10,600 square feet upon completion. It also includes an outdoor community fitness area and a Bankshot Playcourt, which offers basketball hoops at varying heights with non conventionally angled backboards.
❖ Kicked off the Citywide Energy Efficiency Project. Lighting, HVAC control and irrigation projects have already been completed and work is currently underway on solar infrastructure installation.
❖ Acquired and begun renovations on the new Valencia Community Center. When it opens its doors to residents in 2024, it will be the third community center in Santa Clarita.
❖ Held the first Make a Difference Day. This event coincides with National Community Service Day and hundreds of residents took part, taking on projects such as painting, organizing and building items for our local non-profits. ❖ The Building and Safety Division issued 6,920 permits and performed more than 43,650 building inspections for over $302 million of new construction.

A WARDS AND ACKNOWLEDGEMENTS
The City of Santa Clarita continued to receive accolades over the last year. This year, Santa Clarita was named the 4th Safest City in America by SmartAsset, the 5th Best City in the Nation for Women by Wallethub, the 8th Best City for Hispanic Entrepreneurs by Wallethub, the 31st Happiest City in the Nation by Wallethub and was recognized as the Most Business-Friendly City by the Los Angeles Economic Development Corporation.

This last year marked the 32nd consecutive year that Santa Clarita was designated as a Tree City USA by the National Arbor Day Foundation. This year, the City was also recognized with five California Association of Public Information Officials and five City-County and Marketing Association awards.
xii
Honorable Mayor, Mayor Pro Tem and City Councilmembers
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Santa Clarita for its Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2022. This was the 34th consecutive year the City has achieved this prestigious award. In order to be awarded a Certificate of Achievement for Excellence in Financial Reporting, a government unit must publish an easily readable and efficiently organized Annual Comprehensive Financial Report. This report must satisfy GAAP and applicable legal requirements. A Certificate of Achievement for Excellence in Financial Reporting is valid for a period of one year only. We believe our current annual comprehensive financial report continues to meet the requirements of the GFOA Certificate of Achievement Program, and we are submitting it to GFOA to determine its eligibility for another certificate.

The City of Santa Clarita has received an Investment Policy Certificate of Excellence Award from the Association of Public Treasurers of the United States and Canada for its Fiscal Year 2023-24 Investment Policy. This year marks the 29th consecutive year that the City has received the nationally recognized Certificate of Excellence Award from the Association of Public Treasurers of the United States and Canada for its success in developing a comprehensive written investment policy. In order to receive certification, investment policies must be carefully reviewed by the association's Investment Policy Certification Committee. For a policy to receive certification, it must be approved by all reviewers on 18 areas spelled out in the Model Investment Policy. This policy includes elements the Association of Public Treasurers of the United States and Canada deems essential to a written investment policy such as policy, scope, the delegation of authority, ethics and conflicts of interest.

In addition, the City was awarded the Annual Achievement of Excellence in Procurement (AEP) from the National Procurement Institute. This prestigious honor was awarded in recognition of the City's commitment to purchasing innovation and leadership. This is the 13th year that the City has received this award in acknowledgment of Santa Clarita's purchasing policies and practices. The AEP Award is earned by public and non-profit organizations that obtain a high application score based on standardized criteria. The City of Santa Clarita's procurement ethics standards, eProcurement practices and internal procurement automation received high honors and recognition among judges.

This report is a joint effort by many people from many different areas of responsibility.

The preparation of this report could not have been accomplished without the hard work and team effort of the staff of the Finance Division, in particular, Finance Manager, Brittany Houston; Finance Administrator, Mary Ann Ruprecht; Payroll Administrator, Jan Downey; Sr. Financial Analyst, Alicia Ng; Financial Analyst, Fabiola Gutierrez; Financial Analyst Matthew Curtis; and Financial Analyst, Purevsuren Wrinkle. I want to express my appreciation to all members of the Division who assisted and contributed to its preparation.

I would also like to thank the Mayor; Mayor Pro Tern; Councilmembers; City Manager, Ken Striplin; Assistant City Manager, Frank Oviedo; Director of Neighborhood Services, Jerrid Mc Kenna; Director of Public Works, Mike Hennawy; Director of Recreation and Community Services, Janine Prado; Director of Economic Development, Tom Cole; xiii
Honorable Mayor, Mayor Pro Tern and City Councilmembers Director of Community Development, Jason Crawford; and Director of Human Resources and Library Services, Kristi Hobrecker, for their continuing efforts in administering the financial operations of the City conservatively and responsibly.

Sincerely,
�tun�-::, ·Y4y:-�---
Carmen Magana
Director of Administrative Services/City Treasurer
CM:BH:jb
S IFINICAFRIACFR 23\MD&A, Transmittal Letter\Transm1ttal Letter FY 2022-23BH Edits docx xiv

OFFICIALS OF THE CITY OF SANTA CLARITA
As of June 30, 2023
City Council
Jason Gibbs MAYOR
Cameron Smyth MAYOR PRO TEM
Bill Miranda COUNCILMEMBER
Marsha McLean COUNCILMEMBER
Laurene Weste COUNCILMEMBER
City Officials
Ken Striplin CITY MANAGER
Frank Oviedo

ASSISTANT CITY MANAGER
Joseph Montes

CITY ATTORNEY
Carmen Magaña DIRECTOR OF ADMINISTRATI
VE

SERVICES
Tom Cole DIRECTOR OF EC
ONOMIC

DEVELOPMENT
Jerrid McKenna DIRECTOR OF NEIGHBOR
HOOD

SERVICES
Mike Hennawy DIRECTOR OF PUBLIC WORKS/CITY

ENGINEER

Janine Prado DIRECTOR OF RE

CREATION AND

COMMUNITY SERVICES
Jason Crawford DIRECTOR OF COMM
UNITY

DEVELOPMENT
Kristi Hobrecker

DIRECTOR OF HUMAN RESOURCES AND

LIBRARY SERVICES
Carrie Lujan COMMUNI

CATIONS DIVISION

MANAGER/PIO
xv
This page intentionally left blank.
xvi
|| | |||
Administrative Community City Manager's Neighborhood Public Recreation and Services Development Office Services Works Community Services | || | ||||
Finance Community Preservation Communications Economic Development Human Resources Environmental Services Capital Improvement Program | || | |||
Information Services Building and Safety Intergovernmental Relations Arts and Events Library Services Parks Engineering Services || | | ||
Special Districts Planning Public Safety Contract Transit Facilities Maintenance General Services ||
Parks Planning and Open Space Traffic
Economic
Development
Recreation and
Community Services

ORGANIZATION CHART
As of June 30, 2023
Santa Clarita Residents
City Council
City Manager
|
|
|
Human Resources and
Library Services
xvii
xviii
This page intentionally left blank.

xx
This page intentionally left blank.
200 E. Sandpointe Avenue, Suite 600
Santa Ana, California 92707

INDEPENDENT AUDIT
ORS’ 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 audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund inform ation of the City of Santa Clarita, California (the “City”), as of and for the year ended June 30, 2023, 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 referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2023, an d the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinions
We conducted our audit in accordance w ith auditing standards generally accepted 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 independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Responsibilities of Management for the Financial Statements Management is responsible for the prep aration and fair presentation of these fi nancial statements in accordance with accounting principles generally accepted in the United Stat es of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for twelve months beyond the financial statement date, including any curren tly 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

Page 2 ends

2 Auditors’ Responsibility for the Audit of the Financial Statements Our objectives are to obtain reasonable as surance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audito rs’ 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 considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we:
 exercise professional judgment and maintain professional skepticism throughout the audit.  identify and asse ss the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.  obtain an un derstanding of internal control relevant to the audit in order to desi gn audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is expressed.  evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as w
ell as evaluate the overall presentation of the financial statements.  conclude whether, in our judgment, there are conditions or events, considered in t he aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among ot her matters, the planned scope and timing of the audit, significant audit findings, and cer tain internal control-related matters that we identified during the audit.

Required Supplementary Information
Accounting principles generally accepted in the United Stat es of America 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 Ne t Other Postemployment Benefits Liability and Related Ratios, and the Schedules of Contributions – Other Postem ployment Benefits be presented to supplement the basic financial statements. Such information is the responsibility of management a nd, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited 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 information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not expr ess an opinion or provide an y 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

Page 3 ends

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 accompanying Combining and Individual Fund Financial Statements are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financ ial 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 ot her additional procedures in accordance with GAAS. In our opinion, the Co mbining and Individual Fund Financia l 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 report. The other information comprises the Introductory and Statistical Sections but does not include the basic financial statemen ts and our auditors' report thereon. Our opinions on the basic financial statements do not cover the other informati on, 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, 2023, 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 perform ed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.

Santa Ana, California
December 21, 2023

o
4 This page intentionally left blank.
5 MANAGEMENT’S DISCUSSION AND ANALYSIS (Unaudited)
Fiscal Year Ended June 30, 2023
This discussion and analysis of the City of Santa Clarita’s (the “City”) financial performance provides an overview of the financial activities of the City for the fiscal ye ar ended June 30, 2023. Our analysis includes information regarding the City’s overall financial position 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 th e activities during the year for capital assets and long-term debt. We end our discussion and analysis with a description of currently know n facts, decisions and conditions that are expected to have a significant effect on the financial position or resu lts of operations. Please read it in conjunction with the accompanying transmittal letter, the basic financial stat ements and the accompanying notes to those financial statements.

FINANCIAL HIGHLIGHTS
 The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows of resources at the close of the most recent fiscal year by $1.6 billion. Of this amount, $199.3 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 $40.7 million and deferred inflows of resources total $27.5 million.
 The City’s total deferred outflows of resources increased by $16.9 million. The deferred inflows of resources decreased by $20.9 million. The changes in deferred outfl ow and inflows were rela ted primarily to Other Post-Employment Benefits (“OPEB”) and Pensions (Table 1).  The City’s total net position increased by $79.8 million. Net position of the business-type activities increased by $3.5 million, and the net position of the governmental activities increased by $76.3 million (Table 1 & 2).  The net capital assets of the City’s governmental ac tivities increased by $40.7 million, or 3.5% over last fiscal year. The increase was in part du
e to an increase of $4.5 million in site improvements, an increase of $21.6 million in construction in progr ess and $14.9 million in Infrastructur e which includes the Tesoro del Valle annexation. See Note 9 to the financial statements for additional information.  As of the close of the current fiscal year, the City ’s governmental funds reported combined ending fund balances of $421 million. This represents an increase of $45 million as compared to the prior year.  Within governmental funds, the General Fund reporte d a fund balance of $268 million, an increase of $39 million over the prior year. This increase is attributed to the City’s issuance of bonds to fund an energy efficiency project and an accumulation of funds for the continued construction of future facilities as outlined in the Santa Clarita 2025 Strategic Plan.

USING THIS ANNUAL REPORT
The financial statements presented herein include all of the activities of the City and its component unit using the integrated approach as prescribed by Governmental Acc ounting Standards Board (GASB) Statement No. 34. The three components of the basic financial statements are as follows:
1) Government-Wide Financial Statements
The Government-Wide Financial Statements present th e 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 statements 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 for each of the three categories of activities: governmental, proprietary and fiduciary. For governmental activiti es, these fund statements tell how these services were financed in the short term, as well as what remains for future spending. Fund financial statements also report the City’s operations 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 necessary 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 Po sition 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 difference between the two reported as net position. Net position is one way to measure the City’s financial health or financial position. Over time, increases or decreases in the City’s net position is an indication of whether its financial health is improving or deteriorating. Other things to consider are non-financial 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 future fiscal period cash flows, such as the receipt of uncollected taxes and the payment of interest expense or compensated absences.

In the Statement of Net Position and the Statement of Activities, we separate the City’s activities as follows:

Governmental Activities – Most of the City’s basic services are reported in this category, including general administration (City Manager, City Clerk, Finance, etc. ), public safety, public works, recreation, neighborhood services, community services, and community development (planning). These activities are distinguished due to the use of property taxes, sales tax, transient occupancy tax, u ser 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 – GOV ERNMENT-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 Pub lic Financing Authority has been accounted for within the funds of the City, and therefore, separate component unit fi nancial information is not presented within the financial statements.

REPORTING THE CITY’S MOST SIGNIFICANT FUNDS – FUND FINANCIAL STATEMENTS A fund is a grouping of related accounts used to account for and accumulate financial information related to a specific activity or objective. Some funds are required to be established by State law and bond covenants; however, management established many other funds to help it contro l and manage money for par ticular purposes or to show that it is meeting legal responsibilities for using certain taxes, grants and other r esources. The fund financial statements provide detailed information about the most si gnificant 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 repor ted 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 spending. These funds are reported using an accounting method called “modified accrual” accounting, which measures cash and all other financial assets that can readily be converted to cash. The governmental fund statements provide a detailed short-term view of the City’s general government operations and the basic services it provides. Governmental fund information helps determine wh ether there are more or fewer financial resources that can be spent in the near future to finance the City’s programs. Because th e focus of the governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for the governmental funds with similar information presented for the governmental activities in the government-wide financial statements. Reconciliation of the Fund Financial Statements to the Government-Wide Financial Statements is provided to explain the differences created by this integrated approach.

The City reports governmental fund financial information within 47 governmental funds. The General Fund, Bridge and Thoroughfare Fund, Developer Fees Fund, Public Library Fund, Landscape Maintenance District #1 Fund, and American Rescue Plan Fund are presented separately as majo r funds in the governmental fund balance sheet and in the Governmental Fund Statement of Revenues, Expenditures, and Changes in Fund Balances. Financial data for the remaining 41 governmental funds are 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 statements, but the proprietary fund statemen ts provide more detail and additional information, such as a statement of cash flows. The City uses the Transit Ente rprise Fund to account for the activities related to transit operations.

Internal service funds are an accounting device used to accu mulate and allocate costs in ternally among the City’s various functions. The City uses three internal service funds to account for costs related to self-insurance, computer replacement and vehicle-equipment replacement.

Proprietary funds are reported in the same way all activities are reported in th e Statement of Net Position and the Statement of Activities. The proprietary fund financial st atements 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 presentation 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 Statements of Fiduciary Net Position and Statement of Changes in Fiduciary Net Position. These activities were excluded from the City’s other financial statements because the City cannot use these assets to finance its operations. The City is responsible for ensuring that the assets reported in these funds are used for their intended purposes.

NOTES TO THE BASIC FINANCIAL STATEMENTS
The notes provide additional information that is essentia l 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 accomp anying 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 connection with the other governmental funds, internal service funds and fiduciary funds are presented immediately following th e 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 $79.8 million, increasing from $1.50 billion to $1.58 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: Ne t Investment in Capital Assets, Restricted Net Position and Unrestricted Net Position.

As of June 30, 2023, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $1.58 billion. The largest component of the City’s net position, 77.4%, is represen ted by its $1.20 billion net investment in capital assets (e.g., infrastructure, land, bu ildings and improvements, equi pment, and construction in progress, less accumulated depreciation and any related outst anding 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 repa y the related debt must be provided by sources other than the capital assets, as the assets themselves cannot be used to satisfy these liabilities.

An additional portion of the C ity’s net position, 10.0% represents resources subject to external restrictions on how they may be used. The remaining 12.6% of unrestricted net position, $199.3 million, may be used to meet the City’s ongoing obligations to citizens and creditors. Within the restricted section of net position, $1.76 million is related to Vista Canyon Transit Center project bond proceeds, $429,128 is related to Streetlight bond proceeds, and $19.6 million is related to Energy Efficiency project bond proceeds.

At the end of the current fiscal year, the City is able 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 $76 million over the prior year. The unrestricted net position of the business-type activities increased by $2.4 million. 2023 2022* 2023 2022 2023 2022*
ASSETS:

Current and Other Assets 461,479,196$ 428,661,383$ 15,484,464$ 14,655,474$ 476,963,660$ 443,316,857$ Capital assets, net 1,197,956,002 1,157,259,673 96,692,691 95,597,321 1,294,648,693 1,252,856,994 Noncurrent Assets 50,239,381 29,691,980 123,020 64,927 50,362,401 29,756,907 TOTAL ASSETS 1,709,674,579 1,615,613,036 112,300,175 110,317,722 1,821,974,754 1,725,930,758 DEFERRED OUTFLOWS OF RESOURCES: 39,409,551 23,126,064 1,291,206 670,483 40,700,757 23,796,547 LIA BILITIES:

Noncurrent Liabilities 187,488,294 131,950,456 1,445,889 86,839 188,934,183 132,037,295 Other Liabilties 63,740,323 65,017,652 3,527,921 5,072,443 67,268,244 70,090,095 TOTAL LIABILITIES 251,228,617 196,968,108 4,973,810 5,159,282 256,202,427 202,127,390 DEFERRED INFLOWS OF RESOURCES: 26,876,098 47,050,514 592,840 1,314,290 27,468,938 48,364,804 NET POSITION:

Net investment in
capital assets 1,124,934,271 1,080,870,581 96,692,691 95,597,321 1,221,626,962 1,176,467,902 Restricted 158,032,140 152,349,197 - - 158,032,140 152,349,197 Unrestricted 188,013,004 161,500,700 11,332,040 8,917,312 199,345,044 170,418,012 TOTAL NET POSITION 1,470,979,415$ 1,394,720,478 $ 108,024,731 $ 104,514,633$ 1,579,004,146$ 1,499,235,111 $ *Net Position, as restated
Governmental Activities Business-type Activities Total

10 THE CITY AS A WHOLE (CONTINUED)

Governmental Activities

Revenues from governmental activities decreased by $13.3 million. The cost of all governmental activities this year was $191.6 million, an increase of 7.19% over the past year. The large year over year changes within expense categories is a result of the City’s reorganization that occurred during FY 2022-2023. Special Districts and Libraries were moved from Neighborhood Services to General Government, Building and Safety was moved from Public Works to Community Development, and Open Space was moved from Recreation and Community Services to Neighborhood Services. As shown in the Statement of Activities, the governmental activities expenses were ultimately financed in part by the taxpayers, as $87.3 million in revenues were generated by service revenues received from the performance of these activities; another $35.1 m illion was received from government agencies and other organizations that subsidized certain programs with operating grants and contributions; and another $35.9 million in revenues was generated from capital grants and contributions. The $32.8 m illion decrease in capital grants and contributions is mainly attributed to the prior year recordation of Plum Canyon Park and Vista Canyon Park contributed capital assets. In addition, a $7.3 million decrease in TDA Article 8 revenues due to current year street and road projects being funded with more restrictive f unding sources; $6.3 million decrease in Proposition C grants and Surface Transportation Program grants as a result of one-time grant funded projects being completed in the prior year; and a $1.8 million decrease in Measure W regional revenues as a result of one-time funds received for the Newhall Park Infiltration and Park Improvement project in the prior year contributed to the decrease. Overall, the City’s governmental program and ge neral revenues amounted to $276 million, which funded the expenses and resulted in a $76 million increase in net position. The incr ease of $3.1 million in Property Taxes was due to higher assessed property values. The increase of $6.5 million in Other is attributed to investment income and funds received from a surety company to complete the Central Park Buildout project as a result of the contracted construction company’s default.

TABLE 2
CITY OF SANTA CLARITA’S CHANGES IN NET POSITION

2023 2022* 2023 2022 2023 2022*
Program Revenues:

Charges for services 87,306,870$ 72,280,606$ 6,499,657$ 5,936,598$ 93,806,527$ 78,217,204$ Operating grants and contributions 35,092,994 38,093,703 15,173,066 12,087,130 50,266,060 50,180,833 Capital grants and contributions 35,865,511 68,626,540 8,107,402 13,402,891 43,972,913 82,029,431 General Revenues:

Taxes:

Property taxes 45,187,496 42,113,398 45,187,496 42,113,398 Other taxes 66,013,353 68,153,369 66,013,353 68,153,369 Other 6,740,803 220,172 851,790 1,413,909 7,592,593 1,634,081 Total Revenues 276,207,027 289,487,788 30,631,915 32,840,528 306,838,942 322,328,316 General government 49,428,154 14,728,358 - - 49,428,154 14,728,358 Public safety 33,228,916 30,936,129 - - 33,228,916 30,936,129 Recreation and community services 20,430,503 23,989,989 - - 20,430,503 23,989,989 Public w orks 18,720,585 30,493,258 - - 18,720,585 30,493,258 Community development 19,948,687 12,203,347 - - 19,948,687 12,203,347 Neighborhood services 23,816,831 42,179,104 - - 23,816,831 42,179,104 Unallocated infrastructure depreciation 22,077,333 21,432,943 - - 22,077,333 21,432,943 Interest and fiscal charges 3,912,327 2,735,159 - - 3,912,327 2,735,159 Transit - - 35,506,571 31,342,873 35,506,571 31,342,873 Total Expenses 191,563,336 178,698,287 35,506,571 31,342,873 227,069,907 210,041,160 Increase/Decrease in Net Postion Before Transfers 84,643,691 110,789,501 (4,874,656) 1,497,655 79,769,035 112,287,156 Transfers (8,384,754) (8,097,818) 8,384,754 8,097,818 - - Changes in Net Position 76,258,936 102,691,683 3,510,098 9,595,473 79,769,035 112,287,156

Net Position – Beginning of Year 1,394,720,478 1,292,028,795 104,514,633 94,919,160 1,499,235,111 1,386,947,955 Net Position – End of Year, as restated* 1,470,979,414$ 1,394,720,478$ 108,024,731$ 104,514,633$ 1,579,004,146$ 1,499,235,111$ Governm ental Activities Business-type Activities Total 11 THE CITY AS A WHOLE (CONTINUED)
Business-Type Activities
Business-type activities increased the City’s net position by $3.5 million for the current year. Business-type activities revenues decreased by $2.2 million during the year for a tota l of $30.6 million in revenues, excluding transfers in from governmental activities. The decr eased revenue was largely due to an decrease in capital grants and contributions for one-time federal grant revenues received in the prior year fo r transit buses and construction of the Vista Canyon Metrolink Station. Related transit activity expenses increased by $4.2 million mainly due to increased contracted bus operation costs.

THE CITY’S FUNDS
The governmental funds reported a combined fund balance at the end of the current fiscal year of $421 million, an increase of $45.5 million over the prior year. Approximately $179 million is restricted and already reserved for specific restricted purposes.

The total governmental fund balance includes the general fund balance of $268 million. The General Fund is the chief operating fund of
the City. The unassigned fund balance of $63.7 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 $134,341 in its fund balance from prior year.

The increase was due to higher interest earnings as a result of higher interest rates.  The Developer Fee Fund has realized an increase of $618 ,277 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 values and investment income.  The Landscape Maintenance District’s fund balance increased by $1.3 million from the prior year mainly due consumer price index (CPI) increases to special assessments and a fund balance transfer from Los Angeles County as a result of the Tesoro del Valle annexation.  In the current year, the American Re scue Plan Fund continues to be cl assified 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 for the other governmental funds experienced an aggregate increase of $2.5 million as a result of accumulating Measure M an d Measure R Local Return fu nds for the City’s annual overlay slurry projects.

The City’s proprietary fund
s 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 $3.5 million.

The increase was mainly due to reserving Measure M and Measure R Bus Operations revenues for use in a subsequent fiscal year. The unrestricted portion of the business-t ype activities net position increased by $2.4 million from the prior year.

The Internal Service Funds net position increased by $1.2 million or 11.4%. The ending fund balance for Internal Service Funds is $12.0 million, of which $10.3 million is unrestricted.

12 THE CITY’S FUNDS (CONTINUED)

General Fund Budgetary Highlights

Comparison of the fiscal year 2022-2023 original (adopted) general fund budgeted expenditures and transfers of $128.6 million to the final budgeted expenditures of $177 million results in a net increase of $48.4 million.

Included in this net increase is $3.1 million committed purchase orders and contracts from the prior June 30 balance, as well as $666,939 of prior fiscal year operating and capital improvement projects approved for carryover into fiscal year 2022-2023.

Original Budget
+
Continued
Appropriations +
Encumbrances
=
Beg. Balance - Supplemental
Changes =
Final Budget
$128,569,396 + $666,939+ $3,072,997 = $132,309,332 + $ 44,698,153 = $177,007,485

Comparing the beginning budget of $129 million with the final budget of $177 million indicates the General Fund had supplemental budgetary increase of $48 million during the fiscal year. The budgetary increase was primarily due to adjusting the funding source for Energy Efficiency pr oject from General Fund subsequent to Energy Efficiency Bond issuance. Included in the supplemental appropriations are the results of this year’s budget review.

During the mid-year budget review, budgeted general fund re venue had an increase of $1.9 million, inclusive of transfers in. Included in the increase is sales tax and transient occupancy tax for $800,000 each; $600,000 in contract classes attributed to the strong community demand for recr eation classes; $300,000 in other revenue attributed to waste hauler reimbursement of the City’s request for proposal process cost; $215,000 in youth sports registration due to increased participation; $140,000 in film permit road use for increased studio parking; $62,207 for SB90 claims reimbursement from the State of California; and $1.0 milli on reduction in real property transfer tax resulting from reduced home sales.

At year-end, the City’s actual general fund revenues were $8.5 million more than the final budgetary estimates. Actual general fund expenditures were less than the final budgetary estimates by $49.5 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 $1.3 billion (net of accumulated depreciation) invested in a broad range of capital assets. This investment in capital assets includes land, buildings and related improvements, vehicles and equipment, and infrastructure, such as streets, bridges, traffic signals, medians, sidewalks, trails, sewers, curbs and gutters, drainage systems and intangible asset, right of use (see Table 3). The City adopted GASB Statement No.96 during the year which resulted in reporting additional intangible assets of $2.9 million. Additional information on the City of Santa Clarita’s implementation of new GASB pronouncement can be located in Note 1 to the financial statements. 13 CAPITAL ASSETS AND DEBT ADMINISTRATION (CONTINUED)
Capital Assets (Continued)
TABLE 3
CITY OF SANTA CLARITA’S CAPITAL ASSETS (net of depreciation) Major capital asset events during the year included:
 Infrastructure had a net increase totaling $14.9 million, inclusive of the City’s annexation of Tesoro del Valle.  Construction in progress had a net increase totaling $23. 5 million due to the commen cement of the City’s Energy Efficiency Project and construction of the Vista Canyon Ranch Metrolink Station.  Depreciable site improvements had a net increase totaling $3.9 million as a result of the Aquatic Center Pool Deck Replacement project and ice rink facility improvements at The Cube Ice and Entertainment Center.  Intangible asset-right of use increased by $1 million following the restatement of the prior fiscal year due to the implementation of GASB Statement No.96 in the current fiscal year.

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 $1 08.3 million in bonds, financed purchase notes, lease payable, subscription payable, 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
2023 2022* 2023 2022 2023 2022*
Land $ 260,562,680 $ 258,886,797 $15,087,880 $ 15,087,880 $ 275,650,560 $ 273,974,677 Construction in progress 55,464,586 33,825,759 15,933,925 14,121,301 71,398,511 47,947, 060 Infrastructure, net 645,663,216 630,779,944 - - 645,663,216 630,779,944 Depreciable site improvements, net 51,899,472 47,424,345 6,268,360 6,836,581 58,167,832 54,260,926 Depreciable building and
improv ements, net 175,904,560 177,178,354 29,252,614 29,155,395 205,157,174 206,333,749 Depreciable equipment, net 5,026,964 4,680,629 30,149,912 30,396,164 35,176,876 35,076,793 Intangible asset, net 3,434,524 4,483,845 - - 3,434,524 4,483,845 TOTALS 1,197,956,002$ 1,157,259,673$ 96,692,691 $ 95,597,321 $ 1,294,648,693$ 1,252,856,994 $ *As restated
Gov ernmental Activ ities Business Type Activ ities Total 2023 2022* 2023 2022 2023 2022*
Revenue and Taxable Revenue Bonds 13,799,814$ 14,135,783$ -$ - $ 13,799,814 $ 14,135,783$ Lease Revenue Bonds 78,753,621 61,626,658 - - 78,753,621 61,626,658 Financed Purchase Notes Payable 97,376 129,277 - - 97,376 129,277 Lease Payable 544,549 880,316 - - 544,549 880,316 Subscription Payable 2,843,206 3,605,688 - - 2,843,206 3,605,688 Compensated Absences 4,718,161 4,071,368 136,656 142,765 4,854,817 4,214,133 Claims Payable 7,440,596 4,645,360 - - 7,440,596 4,645,360 TOTAL 108,197,323$ 89,094,450 $ 136,656$ 142,765 $ 108,333,979$ 89,237,215$ *As restated
TotalGovernmental Activities Business-type Activitie s
14 CAPITAL ASSETS AND DEBT ADMINISTRATION (CONTINUED)
Debt Administration (Continued)
The City’s governmental activities had $108.2 million in debt at year-end. Governmental activities long-term debt increased overall by $19.1 million. The increase in long-term debt is a result of issuing lease revenue bonds totaling $18.8 million for the City’s Energy Efficiency project. The City also adopted GASB Statement No.96 during the year which resulted in a subscription liability of $2.8 million as of June 30, 2023. 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.

During the fiscal year ended June 30, 2023, the City was ab le to meet its current year debt obligation in a timely manner. State statutes limit the amount of general obligatio n debt a governmental entity may issue to 15% of its adjusted assessed valuation. The debt limitation for the City as of June 30, 2023 was $1,550,877,339. 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.

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 op erate general governmental functions, accounting for 33% or $46.7 million as projected in the 2023-2024 mid-year budget.  Property tax revenues account for 33% of the General Fund budget or $47.5 million in 2023-2024. 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 2023-2024 mid-year General Fund expenditures are projected to be $145.0 million, resulting in a balanced budget, an operating surplus of $332,570, and a 20% operating reserve of $ 21.7 million. The City’s adopted 2023- 2024 operating and capital budget for all funds was $322 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 2023- 2024 budget remains to be a reflection 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 adopt ed City’s 2023-2024 budget can be obtained by visiting the web at https://santaclarita.gov/city-budget/.

This financial report is designed to provide a general ov erview 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 433,855,775$ 10,796,457 $ 444,652,232 $ Accounts receivable, net 1,205,453 11,042 1,216,495 Interest receivable 1,669,062 41,280 1,710,342 Taxes receivable 14,489,994 - 14,489,994
Leases receivable, due within one year 269,324 - 269,324 Due from other government 9,425,431 4,613,999 14,039,430 Prepaid items 504,157 21,686 525,843
Deposits 60,000 - 60,000
Total current assets 461,479,196 15,484,464 476,963,660 Noncurrent assets:

Restricted Cash and Investments:

Cash and investments 635,514 - 635,514
Cash and investment with fiscal agents 21,364,153 - 21,364,153 Cash and investment with PARS 2,173,310 - 2,173,310 Lease receivable, due in more than one year 3,420,420 3,420,420 Notes to RDA Successor Agency 15,594,887 - 15,594,887 Net OPEB asset 5,003,030 123,020 5,126,050 Long-term receivables 2,048,067 - 2,048,067 Capital assets:

Non-depreciable capital assets 316,027,266 31,021,805 347,049,071 Depreciable capital assets, net 878,494,212 65,670,886 944,165,098 Intangible capital assets, net 3,434,524 - 3,434,524 Total capital assets, net 1,197,956,002 96,692,691 1,294,648,693 Total noncurrent assets 1,248,195,383 96,815,711 1,345,011,094 Total assets 1,709,674,579 112,300,175 1,821,974,754

DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows of resources related to pensions 29,815,311 1,085,956 30,901,267 Deferred outflows of resources related to OPEB 8,346,771 205,250 8,552,021 Unamortized deferred loss on refunding 1,247,469 - 1,247,469 Total deferred outflows of resources 39,409,551 1,291,206 40,700,757 City of Santa Clarita
Statement of Net Position
June 30, 2023
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 35,438,276 3,473,995 38,912,271 Accrued interest payable 451,801 - 451,801
Unearned revenue 7,785,249 - 7,785,249
Deposits payable 4,360,796 - 4,360,796
Due to the Successor Agency 7,734,479 - 7,734,479 Compensated absences - due within one year 2,741,254 53,926 2,795,180 Claims and judgement - due within one year 1,270,000 - 1,270,000 Long-term liabilities - due within one year 3,958,468 - 3,958,468 Total current liabilities 63,740,323 3,527,921 67,268,244 Noncurrent liabilities:

Compensated absences - due in more than one year 1,976,907 82,730 2,059,637 Claims and judgement - due in more than one year 6,170,596 - 6,170,596 Long-term liabilities - due in more than one year 92,080,098 - 92,080,098 Developer credits 49,835,534 - 49,835,534
Net pension liabilities 37,425,159 1,363,159 38,788,318 Total noncurrent liabilities 187,488,294 1,445,889 188,934,183 Total liabilities 251,228,617 4,973,810 256,202,427

DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources related to pensions 1,903,189 69,320 1,972,509 Deferred inflows of resources related to OPEB 21,289,861 523,520 21,813,381 Leases 3,683,048 - 3,683,048
Total deferred inflows of resources 26,876,098 592,840 27,468,938

NET POSITION
Net investment in capital assets 1,124,934,271 96,692,691 1,221,626,962 Restricted:

Landscape maintenance 40,023,389 - 40,023,389 Lighting District 15,758,852 - 15,758,852
Capital improvements 16,683,386 - 16,683,386 Transportation 43,309,855 - 43,309,855
Open space preservation 6,918,845 - 6,918,845 Public safety 1,243,942 - 1,243,942
Public library 7,646,845 - 7,646,845
Air quality improvement 558,416 - 558,416
Stormwater 5,028,007 - 5,028,007
Public education and government 767,529 - 767,529
Public television 97 - 97
Tourism marketing 894,818 - 894,818
Low and moderate income housing 4,187,347 - 4,187,347 Clean safe water 6,557,914 - 6,557,914
Debt service 1,109,477 - 1,109,477
Pensions 2,173,310 - 2,173,310
Other 5,170,111 - 5,170,111
Total restricted 158,032,140 - 158,032,140
Unrestricted (deficit) 188,013,004 11,332,040 199,345,044 1,470,979,415$ 108,024,731$ 1,579,004,146$
Statement of Net Position (Continued)
June 30, 2023
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 49,428,154$ 41,180,442 $ 2,449,623 $ - $ Public safety 33,228,916 2,053,902 527,839 1,718,263 Recreation and community services 20,430,503 7,366,425 35,000 - Public works 18,720,585 11,412,044 26,257,053 27,352,111 Community development 19,948,687 15,864,222 5,248,825 - Neighborhood services 23,816,831 9,429,835 574,654 6,795,137 Unallocated infrastructure depreciation 22,077,333 - - - Interest and fiscal charges 3,912,327 - - -
Total governmental activities 191,563,336 87,306,870 35,092,994 35,865,511 Business-type Activities:

Transit enterprise 35,506,571 6,499,657 15,173,066 8,107,402 Total business-type activities 35,506,571 6,499,657 15,173,066 8,107,402 Total primary government 227,069,907$ 93,806,527$ 50,266,060$ 43,972,913$ Program Revenues
City of Santa Clarita
Statement of Activities
For the Year Ended June 30, 2023
See accompanying Notes to the Basic Financial Statements. 20 Governmental Business-Type
Functions/Programs Activities Activities Total
Governmental Activities:

General government (5,798,089)$ - $ (5,798,089)$ Public safety (28,928,912) - (28,928,912)
Recreation and community services (13,029,078) - (13,029,078) Public works 46,300,623 - 46,300,623
Community development 1,164,360 - 1,164,360
Neighborhood services (7,017,205) - (7,017,205)
Unallocated infrastructure depreciation (22,077,333) - (22,077,333) Interest and fiscal charges (3,912,327) - (3,912,327) Total governmental activities (33,297,961) - (33,297,961) Business-type Activities:

Transit enterprise - (5,726,446) (5,726,446)
Total business-type activities - (5,726,446) (5,726,446) Total primary government (33,297,961) (5,726,446) (39,024,407) General revenues and transfers:

General revenues:

Taxes:

Property taxes 45,187,496 - 45,187,496
Sales taxes 48,507,761 - 48,507,761
Franchise taxes 10,688,049 - 10,688,049
Transient occupancy taxes 5,296,490 - 5,296,490
Property transfer tax 1,307,533 - 1,307,533
Property taxes in lieu of motor vehicle fee 213,520 - 213,520 Investment income 3,407,265 13,527 3,420,792
Miscellaneous 3,333,538 803,263 4,136,801
Gain on sale of capital asset - 35,000 35,000
Total general revenues 117,941,652 851,790 118,793,442 Transfers (8,384,754) 8,384,754 -
Changes in net position 76,258,937 3,510,098 79,769,035 Net position
Beginning of year, as restated (Note 22) 1,394,720,478 104,514,633 1,499,235,111 End of year 1,470,979,415$ 108,024,731$ 1,579,004,146$ Net (Expenses) Revenues and
Changes in Net Position
City of Santa Clarita
Statement of Activities (Continued)
For the Year Ended June 30, 2023
See accompanying Notes to the Basic Financial Statements. 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 235,094,855$ 14,403,990$ 12,401,447$ 5,331,217$ Accounts receivable, net 410,344 - - 50 Interest receivable 1,000,860 54,270 46,976 20,002 Taxes receivables 13,384,566 - - 265,393 Loans receivable - - - - Leases receivable 3,689,744 - - - Notes to RDA Successor Agency 8,045,445 - 7,549,442 - Prepaid items 429,190 - - 11,086 Due from other governments 235,495 - - - Due from other funds 6,532,638 - - - Advance to other funds 5,760,795 - 136,697 - Deposits with others 60,000 - - - Restricted assets:

Cash and investments - - - - Cash and investments with fiscal agents 21,340,965 - - - Cash and investments with PARS 2,173,310 - - - Total assets 298,158,207$ 14,458,260$ 20,134,562$ 5,627,748$

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES, AND FUND BALANCES
Liabilities:

Accounts payable and accrued liabilities 11,607,418$ 37,874$ 8,029,127$ 220,589$ Deposit payable 4,360,796 - - - Due to other funds - - - - Due to the Successor Agency 7,700,000 - - - Unearned revenue 947,823 368,724 - - Advance from other funds - 5,897,492 - - Total liabilities 24,616,037 6,304,090 8,029,127 220,589

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue 2,096,972 - - - Leases 3,683,048 - - - Total deferred inflows of resources 5,780,020 - - - Fund Balances:

Nonspendable 14,295,430 - - 11,086 Restricted 23,514,275 8,154,170 12,064,299 5,396,073 Committed - - 1,584 - Assigned 166,255,745 - 39,552 - Unassigned (deficit) 63,696,700 - - - Total fund balances 267,762,150 8,154,170 12,105,435 5,407,159 Total liabilities, deferred inflows of
resources, and fund balances 298,158,207$ 14,458,260$ 20,134,562$ 5,627,748$ (Continued)
Special Revenue Funds
City of Santa Clarita
Balance Sheet
Governmental Funds
June 30, 2023
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 25,383,097$ 10,429,409$ 112,975,956$ 416,019,971$ Accounts receivable, net 6,925 - 786,781 1,204,100 Interest receivable 95,878 - 384,731 1,602,717 Taxes receivables 180,637 - 659,398 14,489,994 Loans receivable - - 2,048,067 2,048,067 Leases receivable - - 3,689,744 Notes to RDA Successor Agency - - - 15,594,887 Prepaid items - 2,596 61,285 504,157 Due from other governments - - 9,189,936 9,425,431 Due from other funds - - - 6,532,638 Advance to other funds - - - 5,897,492 Deposits with others - - - 60,000 Restricted assets:

Cash and investments - - 635,514 635,514 Cash and investments with fiscal agents - - 23,188 21,364,153 Cash and investments with PARS - - - 2,173,310 Total assets 25,666,537$ 10,432,005$ 126,764,856$ 501,242,175$

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES, AND FUND BALANCES
Liabilities:

Accounts payable and accrued liabilities 1,148,064$ 3,963,303$ 10,343,197$ 35,349,572$ Deposit payable - - - 4,360,796 Due to other funds - - 6,532,638 6,532,638 Due to the Successor Agency - - 34,479 7,734,479 Unearned revenue - 6,468,702 - 7,785,249 Advance from other funds - - - 5,897,492 Total liabilities 1,148,064 10,432,005 16,910,314 67,660,226

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - - 6,530,707 8,627,679 Leases - - 3,683,048 Total deferred inflows of resources - - 6,530,707 12,310,727 Fund Balances:

Nonspendable - 2,596 61,285 14,370,397 Restricted 24,518,473 - 105,136,535 178,783,825 Committed - - - 1,584 Assigned - - 3,183,322 169,478,619 Unassigned (deficit) - (2,596) (5,057,307) 58,636,797 Total fund balances 24,518,473 - 103,323,835 421,271,222 Total liabilities, deferred inflows of
resources, and fund balances 25,666,537$ 10,432,005$ 126,764,856$ 501,242,175$ (Concluded)
City of Santa Clarita
Balance Sheet (Continued)
Governmental Funds
June 30, 2023
Special Revenue Funds
See accompanying Notes to the Basic Financial Statements. 27 This page intentionally left blank.
28 Total Fund Balances - Total Governmental Funds 421,271,222$ Amounts reported for governmental activities in the statement of net position are different because:

Nondepreciable assets 316,027,266$
Depreciable assets, net of $1,703,619 reported in Internal Service Funds 876,790,593 Intangible assets 3,434,524 1,196,252,383
8,627,679
29,701,823
Net pension liabilities, net of $142,459 reported in Internal Service Funds (37,282,700) (1,895,945)
8,321,115
Net OPEB asset net of $15,376 reported in Internal Service Funds 4,987,654 (21,224,422)
12,000,188
(451,801)
Unamortized deferred loss on refunding 1,247,469
Long-term debt (92,145,131)
Unamortized bond premium (3,893,435)
Developers credits (49,835,534)
(4,701,150)
Net position of governmental activities 1,470,979,415$
Compensated absences, net of $(17,011) 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 $113,488 reported in Internal Service Funds Deferred inflows of resources related to pensions, net of $(7,244) 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 $25,656 reported in Internal Service Funds Deferred inflows of resources related to OPEB, net of $(65,439) 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, 2023
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 110,859,494 $ - $ - $ 9,439,660$ Licenses, and permits 13,073,140 - - - Special assessments - - - - Intergovernmental 2,320,990 - - - Charges for services 12,077,252 - - 354,628 Investment income 3,236,512 733,410 124,201 276 Fines and forfeitures 1,275,178 - - - Developer fees - 729,603 2,015,872 - Other revenues 1,397,011 375,044 199,597 180,548 Total revenues 144,239,577 1,838,057 2,339,670 9,975,112

EXPENDITURES:

Current:

General government 16,802,847 - - 7,763,380 Public safety 30,145,058 - 1,583,348 - Recreation and community services 15,941,571 - - - Public works 9,422,013 156,916 - - Community development 17,403,596 - - - Neighborhood services 2,798,122 - - - Capital outlay 11,673,103 887,335 79,869 228,020 Debt service:

Principal retirement 946,649 - - 110,669 Interest and fiscal charges 8,260 659,465 - - Cost of issuance - - - - Total expenditures 105,141,219 1,703,716 1,663,217 8,102,069

REVENUES OVER (UNDER) EXPENDITURES 39,098,358 134,341 676,453 1,873,043 OTHER FINANCING SOURCES (USES):

Issuance of debt - - - - Issuance premium - - - - Transfers in 21,282,272 - - 25,933 Transfers out (21,368,298) - (58,176) - Total other financing sources (uses) (86,026) - (58,176) 25,933 NET CHANGE IN FUND BALANCES 39,012,332 134,341 618,277 1,898,976 FUND BALANCES:

Beginning of year 228,749,818 8,019,829 11,487,158 3,508,183 End of year 267,762,150$ 8,154,170$ 12,105,435$ 5,407,159$ (Continued)
Special Revenue Funds
For the Year Ended June 30, 2023
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 285,490$ -$ 3,661,176$ 124,245,820$ Licenses, and permits - - - 13,073,140
Special assessments 15,362,717 - 25,470,548 40,833,265 Intergovernmental - 8,784,745 43,987,616 55,093,351
Charges for services - - 1,035,366 13,467,246
Investment income 288,486 - 1,475,848 5,858,733 Fines and forfeitures - - 1,009,543 2,284,721
Developer fees - - 303,290 3,048,765
Other revenues - - 444,735 2,596,935
Total revenues 15,936,693 8,784,745 77,388,122 260,501,976 EXPENDITURES:

Current:

General government 13,613,164 219,685 9,180,434 47,579,510 Public safety - - 505,867 32,234,273
Recreation and community services - - - 15,941,571
Public works - - 7,175,161 16,754,090
Community development - 10,077 2,052,744 19,466,417 Neighborhood services 174,024 26,688 21,378,647 24,377,481 Capital outlay 779,985 8,528,295 40,032,184 62,208,791 Debt service:

Principal retirement - - 2,622,832 3,680,150 Interest and fiscal charges - - 2,929,075 3,596,800 Cost of issuance - - 354,697 354,697
Total expenditures 14,567,173 8,784,745 86,231,641 226,193,780 REVENUES OVER (UNDER) EXPENDITURES 1,369,520 - (8,843,519) 34,308,196 OTHER FINANCING SOURCES (USES):

Issuance of debt - - 18,815,000 18,815,000
Issuance premium - - 716,027 716,027
Transfers in 10,000 - 23,512,913 44,831,118
Transfers out (57,000) - (31,732,398) (53,215,872) Total other financing sources (uses) (47,000) - 11,311,542 11,146,273 NET CHANGE IN FUND BALANCES 1,322,520 - 2,468,023 45,454,469 FUND BALANCES:

Beginning of year 23,195,953 - 100,855,812 375,816,753 End of year 24,518,473$ -$ 103,323,835$ 421,271,222$ (Concluded)
City of Santa Clarita
Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Governmental Funds
For the Year Ended June 30, 2023
Special Revenue Funds
See accompanying Notes to the Basic Financial Statements. 31 Net change in fund balances - total governmental funds: 45,454,469$ Amounts reported for governmental activities in the Statement of Activities are different because:

Capital outlay expenditures, net of $437,713 reported in Internal Service Funds 60,537,692 $ Capital contribution from Tesoro del Valle Annexation 11,515,258 Depreciation and amortization expense, net of $362,600 reported in Internal Service Funds (31,397,848) 40,655,102 (33,886)
4,022,141
Change in compensated absences, net of $16,159 reported in internal service funds (662,952) Pension expense, net of pension contribution made after measurement date 192,372 OPEB expense, net of OPEB contribution made after measurement date 1,219,149 Accrued interest for long-term debt (59,227)
Principal repayment of long-term debt 3,680,150
Bond premium and deferred charges amortization 98,397
Issuance of long-term debt (18,815,000)
Issuance premium (716,027)
1,224,249
Change in net position of governmental activities 76,258,937$ 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
Fund Balances to the Government-Wide Statement of Activities For the Year Ended June 30, 2023
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.

Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in 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 10,796,457$ 17,835,804$
Accounts receivable, net 11,042 1,353 Interest receivable 41,280 66,345
Due from other governments 4,613,999 -
Prepaid items 21,686 -
Total current assets 15,484,464 17,903,502
Noncurrent assets:

Net OPEB asset 123,020 15,376
Capital assets:

Capital assets, not being depreciated 31,021,805 - Capital assets, being depreciated, net 65,670,886 1,703,619 Total capital assets 96,692,691 1,703,619
Total noncurrent assets 96,815,711 1,718,995 Total assets 112,300,175 19,622,497

DEFERRED OUTFLOW OF RESOURCES
Deferred outflows of resources related to pensions 1,085,956 113,488 Deferred outflows of resources related to OPEB 205,250 25,656 Total deferred outflow of resources 1,291,206 139,144

LIABILITIES
Current liabilities:

Accounts payable and accrued liabilities 3,473,995 88,704 Compensated absence, due within one year 53,926 1,168 Claims and judgments, due within one year - 1,270,000 Total current liabilities 3,527,921 1,359,872 Noncurrent liabilities:

Compensated absences payable, due in more than one year 82,730 15,843 Claims and judgments, due in more than one year - 6,170,596 Net pension liabilities 1,363,159 142,459
Total noncurrent liabilities 1,445,889 6,328,898 Total liabilities 4,973,810 7,688,770

DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources related to pensions 69,320 7,244 Deferred inflows of resources related to OPEB 523,520 65,439 Total deferred inflows of resources 592,840 72,683

NET POSITION
Investment in capital assets 96,692,691 1,703,619 Unrestricted 11,332,040 10,296,569
Total net position 108,024,731$ 12,000,188 $

City of Santa Clarita
Statement of Net Position
Proprietary Funds
June 30, 2023
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 6,499,657$ 5,837,950$
Other revenues 803,263 60,751
Total operating revenues 7,302,920 5,898,701 OPERATING EXPENSES:

Administration and personnel services 3,302,578 324,831 Transportation services 21,304,588 -
Services and supplies 4,815,335 4,154,673
Depreciation expense 6,084,070 362,600
Total operating expenses 35,506,571 4,842,104

OPERATING INCOME (LOSS) (28,203,651) 1,056,597 NONOPERATING REVENUES (EXPENSES):

Intergovernmental 15,173,066 -
Investment income 13,527 167,652
Gain on sale of capital assets 35,000 - Total nonoperating revenues (expenses) 15,221,593 167,652 TRANSFERS AND CAPITAL CONTRIBUTIONS:

Transfers i
n 8,538,444 -
Transfer out (153,690) -
Capital grants and contributions 8,107,402 - Total capital contributions and transfers 16,492,156 - CHANGE IN NET POSITION (DEFICIT) 3,510,098 1,224,249 NET POSITION:

Beginning of year 104,514,633 10,775,939
End of year 108,024,731$ 12,000,188$
City of Santa Clarita
Statement of Revenues, Expenses, and Changes in Net Position Proprietary Funds
For the Year Ended June 30, 2023
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 7,368,173$ 5,897,348$ Cash paid to suppliers for goods and services (29,560,366) (718,722) Cash paid to employees for services (1,466,025) (344,414) Cash paid to claims - (992,149) Net cash provided by (used in) operating activities (23,658,218) 3,842,063 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:

Cash transfers in 8,538,444 -
Cash transfers out (153,690) -
Federal and state funding received 17,783,728 - Net cash provided by noncapital financing activities 26,168,482 - CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:

Capital grants and contributions 8,107,402 - Acquisition of capital assets (7,179,440) (437,713) Proceed from sale of capital assets 35,000 - Net cash provided by (used in) capital and related financing activities 962,962 (437,713) CASH FLOWS FROM INVESTING ACTIVITIES:

Investment income received (loss) (13,979) 129,084 Net cash
provided by (used in) investing activities (13,979) 129,084 Net increase in cash and cash equivalents 3,459,247 3,533,434 CASH AND CASH EQUIVALENTS:

Beginning of yea
r 7,337,210 14,302,370
End of year 10,796,457$ 17,835,804$

NET INCOME (LOSS) TO NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES:

Operating income (loss) (28,203,651)$ 1,056,597
Adjustments to reconcile operating income (loss) to net cash provided by (used in) operating activities:

Depreciation 6,084,070 362,600
Change in assets and liabilities:
(Increase) decrease in accounts receivable 65,253 (1,353) (Increase) decrease in prepaid items (18,152) 17,564 (Increase) decrease in net pension asset 1,378,374 (9,163) (Increase) decrease in net OPEB asset (73,308) 144,049 (Increase) decrease in deferred outflows of resources related to pensions (671,179) (70,142) (Increase) decrease in deferred outflows of resources related to OPEB 50,456 6,307 Increase (decrease) in accounts payable and accrued liabilities (1,542,522) (367,928) Increase (decrease) in compensated absences (6,109) (16,159) Increase (decrease) in claims and judgements - 2,795,236 Increase (decrease) in deferred inflows of resources related to pensions (714,229) (74,642) Increase (decrease) in deferred inflows of resources related to OPEB (7,221) (903) Total adjustment 4,545,433 2,785,466
Net cash provided by (used in) operating activities (23,658,218)$ 3,842,063 $ City of Santa Clarita
Statement of Cash Flows
Proprietary Funds
For the Year Ended June 30, 2023
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 -$ 801,020 2,097,995$ Interest receivable 119,362 2,998 7,846 Contributions receivable - - 595 Due from the City - 7,734,479 - Restricted:

Cash and investments - 29,220 - Cash and investments held with PARS:

Cash and cash equivalents 2,316,397 - - U.S. Treasury 3,661,500 - - U.S. government sponsored enterprise securities 4,730,031 Corporate notes 3,896,547 - - Foreign notes 97,753 - - Municipal bonds 488,950 - - Domestic common stocks 5,557,429 - - Foreign stocks 116,880 - - Mutual funds - equity 21,157,980 - - Mutual funds - fixed income 4,586,969 - - Cash and investments with fiscal agent - 1,833,395 2,872,005 Total assets 46,729,798 10,401,112 4,978,441

DEFERRED OUTFLOWS OF RESOURCES
Unamortized loss on refunding - 1,902,674 - Total deferred outflows of resources - 1,902,674 -

LIABILITIES
Accounts payable and accrued liabilities - 348 2,880 Interest payable - 302,116 - Long term liabilities, due within one year - 1,018,660 - Long term liabilities, due in more than one year - 44,902,133 - Total liabilities - 46,223,257 2,880

NET POSITION
Restricted for:

Other post employment benefits 46,729,798 - - Individual, organizations, and other governments - (33,919,471) 4,975,561 Total net position (deficit) 46,729,798$ (33,919,471) $ 4,975,561 $ City of Santa Clarita
Statement of Fiduciary Net Position
Fiduciary Funds
June 30, 2023
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 - $ 2,963,051$ - $ Special assessment from property owners - - 2,398,482 Employer contributions 253,000 - - Net investment income (loss) 3,955,861 25,024 (2,448) Total additions 4,208,861 2,988,075 2,396,034 DEDUCTIONS:

Benefit payments to plan participants 1,455,278 - - Contractual services 86,060 5,253 48,380 Payments for debt services - 1,557,000 2,229,283 Payments to other governments - - 30,162 Total deductions 1,541,338 1,562,253 2,307,825 Change in net position 2,667,523 1,425,822 88,209 NET POSITION:

Beginning of year 44,062,275 (35,345,293) 4,887,352 End of year 46,729,798 $ (33,919,471) $ 4,975,561 $ City of Santa Clarita
Statement of Changes in Fiduciary Net Position
Fiduciary Funds
For the Year Ended June 30, 2023
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, 2023

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 ............................................................................................. 52 D. Cash and Investments with Fiscal Agents ............................................................................................ 52 E. Fair Value Measurement ...................................................................................................................... 52 F. Interfund Transactions. ........................................................................................................................ 53 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. Subscription Liabilities ........................................................................................................................ 56 P. Compensated Absences ........................................................................................................................ 57 Q. Claims and Judgements ........................................................................................................................ 57 R. Pensions. ..................................................................................................................... ......................... 57 S. Other Postemployment Benefits (“OPEB”) ......................................................................................... 57 T. Property Taxes and Special Assessments ........................................................................................ .... 58 U. Net Position and Fund Balances .......................................................................................................... 58 V. Use of Estimates............................................................................................................... .................... 60 W. Implementation of New GASB Pronouncement .................................................................................. 60

Note 2 – Cash and Investments ................................................................................................. ........................... 60

A. Deposits ................................................................................................................................................ 61 B. Investments .......................................................................................................................................... 61 C. Investments Authorized by Debt Agreements ..................................................................................... 62 D. Risk Disclosures ................................................................................................................................... 63 E. Fair Value Measurement ...................................................................................................................... 65 F. Local Agency Investment Fund (“LAIF”) ........................................................................................... 65 G. Loas Angeles County Pooled Investment Fund ................................................................................... 66 H. California Asset Management Program ............................................................................................... 66

Note 3 – Accounts Receivable ............................................................................................................................... 66

Note 4 – Loans Receivable .................................................................................................................................... 66

Note 5 – Due from Other Government ................................................................................................................ 66

Note 6 – Notes to RDA Successor Agency ........................................................................................ ................... 67

Note 7 – Lease Receivables .................................................................................................... ............................... 67

Note 8 – Interfund Transactions ............................................................................................... ........................... 67

A. Due From/To Other Funds ................................................................................................................... 67 B. Advances To/From Other Funds .......................................................................................................... 68 C. Transfers In/Out ................................................................................................................................... 69

Note 9 – Capital Assets .......................................................................................................................................... 70

A. Governmental Activities ...................................................................................................................... 70 B. Business-type activities ........................................................................................................................ 71 City of Santa Clarita
Index to the Notes to the Basic Financial Statements (Continued) For the Year Ended June 30, 2023

46 Note 10 – Deposit Payable ..................................................................................................................................... 72

Note 11 – Long-Term Liabilities .......................................................................................................................... 72

A. Governmental Activities ...................................................................................................................... 72 B. Business-types Activities .................................................................................................................... 79 C. Fiduciary Funds ............................................................................................................... .................... 80 D. Non-City Obligation ............................................................................................................................ 82

Note 12 – Risk Management ................................................................................................................................. 82

A. Special Districts Risk Management Authority (“SDRMA”) ............................................................... 82 B. California Joint Powers Insurance Authority (“CJPIA”) ..................................................................... 83 C. Claims and Judgments Payable ............................................................................................................ 84

Note 13 – Pension Plan .......................................................................................................................................... 85

A. General Information about the Pension Plan ....................................................................................... 85 B. Net Pension Liability ......................................................................................................... .................. 86 C. Changes in the Net Pension Liability ................................................................................................... 88 D. Pension Expense, Deferred Outflows and Inflows of Resources Related to Pensions ........................ 89

Note 14 – Other Postemployment Benefits (“OPEB”) ....................................................................................... 90

A. General Information about the OPEB Plan .......................................................................................... 90 B. Net OPEB Liability .............................................................................................................................. 91 C. Changes in the Net OPEB Liability ..................................................................................................... 92 D. Cash and Investment Held in Trust ...................................................................................................... 94 E. Concentrations of Credit Risk .............................................................................................................. 94

Note 15 – Deferred Compensation Plan/Defined Contribution Plan ................................................................ 95

Note 16 – Developer Credits ................................................................................................................................. 95

Note 17 – Net Investment in Capital Assets ......................................................................................................... 95

Note 18 – Classification of Fund Balances ........................................................................................................... 96

Note 19 – Santa Clarita Watershed Recreation and Conservancy Authority .................................................. 97

Note 20 – Commitments and Contingencies ........................................................................................................ 97

A. Project Commitments ........................................................................................................................... 97 B. Encumbrances ...................................................................................................................................... 97 C. Contingencies ....................................................................................................................................... 98

Note 21 – Other Required Disclosure .................................................................................................................. 99

A. Expenditures in Excess of Appropriation ....................................................................................... ..... 99 B. Deficit Net Positions and Fund Balances ............................................................................................. 99

Note 22 – Restatement of Beginning Net Position and Fund Balance ............................................................... 99

City of Santa Clarita
Notes to the Basic Financial Statements
For the Year Ended June 30, 2023
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 accordanc e 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 re porting principles. The following is a summary of the significant policies:

A. Financial Reporting Entity
The City was incorporated on December 15, 1987, as a general law city. The City operates under a council- manager form of govern
ment and provides its citizens with a full range of municipal services, either directly or under contract with the County of Los Angeles. Such services include public safety (police and fire protection), building permit/plan approval, planning, community development, recreation, animal control, and street maintenance.

Component 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 separate entities for which the 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 Authority (the “Telev ision 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 b een “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 almo st 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 Cl
arita Public Financing Authority - The Authority was established in July 1991 as a joint powers authority between the City and the former redevelopment agency for the purpose of providing financing and funding of public capital improvements and the acquisition of property. On May 10, 2016, the City Council adopted Resolution 16- 15 that removed the Successor Agency from the agreement and substituted the Santa Clarita Parking Authority.

The Authority is governed by the Board of the Authority, which is comprised of City Council. Additionally, the City and Authority have a financial benefit or burden relationship. Therefore, the Authority is reported as a blended component unit in the City’s financial statements. The Au thority’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 (th e
“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 Un ion High School District. The primary purpose of the Television Authority is to produce local community service programming. The Television Authority provides public affairs and informational programming, as well as providing programming services for local government, educational and public agency meeti ngs. 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 me mber from the City. The City and Television Authority have a financial benefit or burden relationship; therefore, the Television Authority is reported as a blended component unit in the City’s financial statements as speci al revenue fund. Separate financial 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, 2023

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 Public Agencies Post-Retirement Health Care Plan Document and Trust Agreement.

The OPEB Plan Trust is a tax-qualified irrevocable trus t, 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 Retir ement 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 pr oviding 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 Statemen t 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 period 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 u sed or the year when use is first permitted, matching requirements, in which the 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 interfund activities, payables and receivables. All internal balances in the Statement of Net Po sition have been eliminated except those representing balances between the governmental activities and the business-type activities, which are presented as internal balances and eliminated in the total primary government column. In the Statement of Activities, internal service fund transactions have been eliminated; however, those transactions between governmental and business-type activities have not been eliminated. The following interfund activities have been eliminated:

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

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, Expenditu res and Changes in Fund Balances are presented for all major governmental funds and aggregated nonmajor f unds. 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 th e 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 incurred. However, debt service expenditures, expenditures rela ted to compensated absences, pension and other post-employment benefits, and the redemption of district credits are recorded only when payment is due.

Revenues are recorded when received in cash, except tho se 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 inter governmental 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 districts. This fund also accounts for the issuance and redemption of district credits associated with the contribution of infrastructure. Th e 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, 2023

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 Clarita Public Library. The City has elected the Public Library Special Revenue Fund as a major fund for public interest purposes.

 The Landscape Maintenance District #1 Special Revenue Fund is used to account for property tax receipts and disbursements related to the landscape maintenance dist rict. 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 th e 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 specific revenue sources that are legally restricted or committed to expenditures for specified purposes.

The Debt Service Funds are used to account for the accumulation of resources for and payment of interest and principal on long-term debt.

The Capital Projects Funds are used to account for financial resources u sed 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 accrua l basis of accounting, revenues are recognized in the period in which they are earned while expenses are recognized in the period in which the liability is incurred.

Operating revenues and expenses result from the operating and maintenance of the local public transit services. The operating revenues consist of charges to customers for the service provided. Operating expenses include the costs of providing these services, administrative expenses and depreciation expense. A ll 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 statem ents. 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 include 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, 2023

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 priv ate 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 nonexchange 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 Controller for the repayment of the enforceable obligations of the former Santa Clarita Redevelopment Agency. These funds are restricted for the sole purpose of payment of items on an approved Recognized Obligation Payment Schedule (ROPS).

 The 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 Fund s 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 Fu nd 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 in the amount of $9,937,976 and other capital assets net of accumulated depreciation in the amount of $56,442. These amounts are excluded from 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, 2023

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, and short-term investments with original maturity of three months or less from the date of acquisition. Cash and cash equivalents ar e combined with investments and displayed as cash and investments. For purposes of the statement of cash flows of the proprietary fund types, cash and cash equivalents include all investments, as the City operates an internal cash management pool that maintains the general characteristics of a demand deposit account.

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 Agency 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 subject to cred it risk with the full faith and credit of the State of California collateralizing these investments. In additi on, these structured notes and asset-backed securities are subject to market risk as a result of changes 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 absence of specific statutory provisions governing the issuance of the bonds, may be invested in accordance with the or dinance, resolutions, or indentures sp ecifying the types of investments its trustees or fiscal agents may make.

E. Fair Value Measurement

U.S. GAAP defines fair value, establis hes a framework for measuring fair value and establishes disclosure about fair value measurement. Investments, unless otherwise spec ified 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 identical 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.  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.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

53 Note 1 – Summary of Significant Accounting Policies (Continued)

F. Interfund Transactions

Outstanding short-term borrowing between funds are reported to as “due from/to other funds.” Interfund loans are reported as advances to and from other funds and are elimin ated 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 presented 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 incl uded 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 th e government-wide financial statements. Any residual balances outstanding between go vernmental 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 customer and other trade receivables that historically experience uncollectible amounts. Allowances are based on collection experience and management’s evaluation of the current status of existing receivables.

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 leases receivable and deferred inflows of resources in the financial statements. Variable payments based on future performance or usage of the underlying asset are not included in the measurement of the lease receivable. At the commencement of a lease, the lease receivable is measured at the present value of payments expected to be received during the lease term. The City established a threshold of $100,000 for lease receivables. Subsequently, the lease receivable is reduced by the principal 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 commencement date. Subsequently, the deferred inflows of resources are recognized as revenue over the life of the lease term in a systematic and rational method.

Key estimates and judgments include how the City determines (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) provided by the financial institution or the current rate at the time a new lease is executed.
 The lease term includes the noncancelab le period of the lease plus any option periods that are likely to be exercised.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

54 Note 1 – Summary of Significant Accounting Policies (Continued)

I. Lease Receivable (Continued)

 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 assets are recorded at cost wh ere historical records are available and at an estimated original cost where no hist orical records exist. Donated capital assets are valued at their acquisition value. Capital assets, which include land, site improvements, buildi ngs and improvements, and equipment and infrastructure assets. General infrastructure assets consist of roads, curbs and gutters, sidewalks, medians, street signs, bus shelters, bridges, trails, traffic 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 pr esent 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 $100,000 threshold to recognize right ‐to‐use assets, including lease assets or subscription- based information technology arrangement (“SBITA” ) assets (“subscription assets”), in the government ‐wide financial statements and proprietary fund financial statements.

Right-of-Use Lease Assets

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 commen cement of the lease term, less any lease incentives received from the lessor at or before the commencement of the lease term along with any initial direct costs that are ancillary charges necessary to place the lease as sets 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, 2023
55 Note 1 – Summary of Significant Accounting Policies (Continued) J. Capital Assets (Continued)
Right-of-Use Subscription Assets
Subscription asset
s are recorded at the amount of the in itial measurement of the SBITA liabilities (“subscription liabilities”) and adjusted by any subscription payments to the SBITA vendor at or before the commencement of the subscription term, less any incentives re ceived from the SBITA vendor at or before the commencement of the subscription term along with subscription implementation costs. Subscription assets are amortized over the shorter of the subscription term or the useful life of the underlying information technology assets.

K. Deferred Out
flows 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 assets that apply to future periods.

Deferred Inflows of Resources r
epresent an acquisition of net assets that apply to future periods.

L. Unearned and Unavailable Revenue
Unearned revenue is reported for transa
ctions 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 statements, unavailable revenue is reported when transactions have not yet met the revenue recognition criteria based on the modified accrual basis of accounting. The City reports unavailable revenue when an asset is reported in governmental fund financial statements but the revenue is not available.

M. Long-Term Debt
In the Government-Wide Financial Statements, Proprieta ry Fund Financial Statements, and Fiduciary Fund Financial Statements, long-term debt and other long-term obligations are re ported as liabilities in the appropriate activities. Bonds payable are reported net of the applicable bond premium or discount. Debt issuance costs except for any portion related to prepaid insurance are recognized as expense 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 financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuances costs are reported as debt service expenditures. Principal payments and reductions in the obligation are reported as debt service expenditures. As such, long-term debt and other financed obligations are shown as reconciling items in the Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position.

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 fund 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.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

56 Note 1 – Summary of Significant Accounting Policies (Continued)

N. Lease Liabilities (Continued)

At the commencement of a lease, the City initially measures the lease liability at the present value of payments expected to be made during the lease term. Subsequently, the lease liability is reduced by the principal portion of lease payments made.

Key estimates and judgments related to leases include how the City determines (1) the discount rate it uses to discount the expected lease payments to present value, (2) lease term, and (3) lease payments.

 The City uses incremental borrowing rate provided by th e financial institution 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 circum stances that would require a remeasureme nt 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. Subscription Liabilities

The City recognizes subscription liabilities with an initial, individual value of $100,000 or more with a subscription term greater than one year in the government-wide and proprietary fund financial statements. Variable payments based on future performance of the City, usage of the underlying information technology assets, or number of user seats are not included in the measurement of the subscription liability.

At the commencement of a subscription, the City initially measures the subscription liability at the present value of payments expected to be made during the subscription te rm. Subsequently, the subscription liability is reduced by the principal portion of subscription payments made.

Key estimates and judgments related to subscription liabilities include how the City determines (1) the discount rate it uses to discount the expected subscription payments to present value, (2) subscription term, and (3) subscription payments.

 The City uses incremental borrowing rate provided by the financial institution at July 1, 2022 for existing subscription or the current rate at the time a new subscription is executed.

 The subscription term includes the noncancellable period of the SBITA. Subscription payments included in the measurement of the subscription liability are composed of fixed payments.

The City monitors changes in circumstances that would require a remeasurement of its SBITA and will remeasure any subscription asset and liability if certain changes occur that are expected to significantly affect the amount of the subscription liability.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

57 Note 1 – Summary of Significant Accounting Policies (Continued)

P. Compensated Absences

It is the City’s policy to permit employees to accumulate earned but unused vacation (compensated absences). For proprietary fund types and governmental activities, this accumulation is recorded as an expense and liability of the appropriate fund in the fiscal year earned. For the governmental funds, the amount of accumulated unpaid vacation, which is payable from available resources, is recorded as a liability of the General Fund when it has matured (i.e. when due and payable).

Q. Claims and Judgments

When it is probable that a claim liability has been incurred at year-end and the amount of the loss can be reasonably estimated, the City records the estimat ed 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.

R. Pensions

For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiducia ry 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 payments (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:

V aluation Date June 30, 2021
Measurement Date June 30, 2022
Measurement Period July 1, 2021 to June 30, 2022

Gains and losses related to changes in total pension liab ility and fiduciary net position are recognized in pension expense systematically over time. The first amortized am ounts are recognized in pension expense for the year the gain or loss occurs. The remaining amounts are categorized 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 difference between projected and actual earnings is amortized straight-line over 5 years. All other amounts are amortized straight-line over the average expected remaining service lives of all members that are provided with benefits (active, inactiv e, and retired) as of the beginning of the measurement period.

S. Other Postemployment Benefits (“OPEB”)

For the purpose of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, informati on 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. Investment s are reported at fair value, except for money market investments, which are reported at amortized cost.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

58 Note 1 – Summary of Significant Accounting Policies (Continued)

S. Other Postemployment Benefits (“OPEB”) (Continued)

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, 2022
Measurement Date June 30, 2023
Measurement Period July 1, 2022 to June 30, 2023

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 categorized 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 project ed and actual earnings is amortized on a straight-line basis over 5 years. All other amounts are amortized on a st raight-line basis over the av erage expected remaining service lives of all members that are provided with benefits (active, inactive, and retir ed) at the beginning of the measurement period.

T. Property Taxes and Special Assessments

Property taxes and special assessment taxes are consider ed enforceable liens on real property on July 1, the beginning of the fiscal year, and are due in two installments on November 1 and February 1; however, no penalties or interest are assessed until December 10 and April 10, respectively. These taxes are determined annually based on property values, subject to limits based on Proposition 13, as of January 1 of the levy year, which is prior to the end of the previous fiscal year. The County of Los Ange les bills and collects these taxes for the City and are remitted on a monthly basis. Remittance of property taxes to the City is accounted for in the City’s General Fund and Public Library Special Revenue Fund. Property tax es on certain registered motor vehicles are assessed and collected throughout the year. Special assessments are reported in the City’s Special Assessment Special Revenue Fund.

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.

U. 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 any borrowings used for the acquisition, construction, or improvement of those assets, and excludes unspent debt proceeds. Deferred outflows of resources and deferred inflows of resources that are attributable to the acqui sition, 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.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

59 Note 1 – Summary of Significant Accounting Policies (Continued)

U. Net Position and Fund Balances (Continued)

Unrestricted – This component of net positi on is the amount of the assets, deferred outflows of resources, liabilities, and deferred inflows of res ources that are not included in the de termination of net investment in capital assets or the restricted component of net position.

When expenses are incurred for purposes for which both restricted and unrestricted components of net position are available, the City’s policy is to apply the restricted component of net position first, then the unrestricted component of net position as needed.

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 bor rowings; and items that are legally or contractually required to be maintained intact, such as principal of an endowment or revolving loan funds.

Restricted – Restricted fund balances encompass the portion of net fund resources subject to externally enforceable legal restrictions. This includes exte rnally imposed restrictions by creditors, such as through debt covenants, grantors, contributors, laws or regulations of other go vernments, as well as restrictions imposed by law through constitutional provisions or enabling legislation.

Committed – Committed fund balances encompass the portion of net fund resources, the use of which is constrained by limitations that the government imposes upon itself at its highest level of decision- making, City Council through Council Resolution, and that remain binding unless removed in the same manner. The City Council is considered the highest authority for the City.

Assigned – Assigned fund balances encompass the portion of net fund resources reflecting the government’s intended use of resources. Assignment of resources can be designated by the highest level of decision-making or by a committee or official designated for that purpose. The City Treasurer authorizes assigned amounts for specific purposes pursuant to the policy-making powers granted to him through a resolution adopted by the City Council.

Unassigned –This includes the excess residual amounts in the Genera l 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 ba lance amount. In other governmental funds it is not appropriate to report a positive unassigned fund balance amount.

However, in governmental funds other than the General Fund, if expenditures incurred for specific purposes exceed the amounts that are restricted, committed, or assigned to those purposes, it may be necessary to report a negative unassigned fund balance in that fund.

The City Council has approved an operating reserve to be used for one-time unanticipated expenditure requirements and local disaster. At June 30, 2023, the balance tota led $21,260,000, which is included in the unassigned fund balance in the General Fund.

When expenditures are incurred for purposes for which all restricted, committed, assigned and unassigned fund balances are available, the City’s policy is to apply in the following order, except for instances wherein an ordinance specifies the fund balance: restricted, committed, assigned, and then unassigned.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

60 Note 1 – Summary of Significant Accounting Policies (Continued)

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 May 2020, GASB issued Statement No. 96, Subscription-Based Information Technology Arrangements (GASB Statement No. 96), to better meet the information needs of financial statement users by (a) establishing uniform accounting and financial reporting requirements for SBITAs; (b) improving the comparability of financial statements among governments that have entered into SBITAs; and (c) enhancing the understandability, reliability, relevance, and consistency of inform ation about SBITAs. Under this Statement, a government is required to recognize a subscription liability and an intangible right-to-use subscriptio n asset. The effective date of GASB Statement No. 96 is for fiscal years beginning after June 15, 2022. Implementation of this Statement resulted in restatement of beginning balance of capital assets (Note 9) and long-term debt liabilities (Note 11) at July 1, 2022.

Note 2 – Cash and Investments

The City had the following cash and investments at June 30, 2023:

Fiduciary
Fund
Governmental Business-Type Statement of
Activities Activities Net Position Total
Cash and investments 433,855,775 $ 10,796,457 $ 2,899,015 $ 447,551,247 $ Restricted cash and investments 24,172,977 - 51,345,056 75,518,033 Total cash and investments 458,028,752$ 10,796,457 $ 54,244,071 $ 523,069,280 $ Government-Wide
Statement of Net Position

The City’s cash and investments at June 30, 2023, in more detail:

Deposits with financial institutions 31,785,216$
Cash on hand 4,514
Total cash 31,789,730
Investments 415,807,431
Investments with fiscal agent 26,688,375
Investment with PARS 48,783,744
Total inv estments 491,279,550
Total cash and inv estments 523,069,280$

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

61 Note 2 – Cash and Investments (Continued)

A. Deposits

The carrying amounts of the City’s demand deposits were $31,785,216 at June 30, 2023. Bank balances at that date were $31,407,071 the total amount of wh ich 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 Code states that collateral pledged in this manner shall have the effect of perfecting a security interest in such collateral superior to those of a general creditor. Thus, collateral for cash deposits is considered to be held in the City's name.

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 fi rst trust deed mortgage notes having a value of 150% of the City’s total cash deposits. The City may waive colla teral 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 investments of all funds, except for funds required to be held by fiscal agents under the provisions of bond indentures. In terest income earned on pooled cash and investments is allocated on an accounting period basis to the various 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.

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 ta ble 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:

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

62 Note 2 – Cash and Investments (Continued)

B. Investments (Continued)

Ma x i m um Ma x i m um
Maximum Percentage Investments in
Authorized Investment Type Maturity Allowed * One Issuer ** City Bonds 5 years None 5%
U.S. Treasuries 5 years None None
State Bonds 5 years None 5%
Municipal Bonds 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% 30%
Commercial Paper 270 days 40% 5%
Negotiable Certificates of Deposit 5 years 30% 5%
Repurchase Agreements 1 year None None
Corporate Notes 5 years 30% 5%
Money Market Funds 5 years 20% 10%
Mortgage Pass-Through Securities 5 years 20% 5%
Asset Backed/M ortgage Backed Securities 5 years 20% 5% State of California Local Agency Investment Fund (LAIF) N/A Maximum permitted by Law
None
Los Angeles County Pooled Investment Fund (LACPIF) N/A None None Local Government Investment Pool (LGIP) N/A None 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 m ore than 10 percent of the City's surplus funds for any single issuer, and m oney m arket funds m ay have no more than 10 percent invested in any one mutual fund.

C. Investments Authorized by Debt Agreements

Investments of debt proceeds held by bond trustees are governed by provisions of the debt agreements, rather than the general provisions of the California Government Code or the City’s investment policy. The table below identifies the investment types that are authorized for investments held by bond trustees. The table also identifies certain provisions of these debt agreements that address inte rest 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 City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
63 Note 2 – Cash and Investments (Continued)
D. Risk Disclosures
Interest Rate Risk -
As a means of limiting its exposure to fair va lue losses arising from rising interest rates, the City’s investment policy limits investments to a maximum maturity of five years. At June 30, 2023, the City had the following investment maturities:
12 Months 13-24 25-60
Investment Type or Less Months Months Total
Local Agency Investment Fund (LAIF) 10,211,508$ -$ -$ 10,211,508$ California Asset Management Program
(CAMP) 53,916,924 - - 53,916,924
Los Angeles County Pooled Investment
Fund (LACPIF) 2,464,604 - - 2,464,604
Money Market Funds 1,206,001 - - 1,206,001
United States Government Sponsored
Enterprise Securities 4,039,574 21,967,772 10,174,756 36,182,102 US Treasuries Securities 21,212,688 51,000,736 150,417,178 222,630,602 Collateralized Mortgage Obligation 357,559 - 2,391,036 2,748,595 Asset Backed Securities 70,083 197,416 1,046,713 1,314,212 Corporate Notes 6,727,995 12,450,227 54,409,659 73,587,881 Negotiable Certificates of Deposit - 2,729,318 2,729,318 Municipal Bonds 2,354,380 1,562,853 988,653 4,905,886 Supranational Obligations 1,333,018 2,576,780 - 3,909,798 Investment with PARS 35,983,458 460,642 12,339,644 48,783,744 Restricted with Fiscal Agent:

Money Market Funds 24,921,979 - - 24,921,979
US Treasuries Securities 1,766,396 - - 1,766,396
Total 166,566,167$ 92,945,744$ 231,767,639$ 491,279,550$ Remaining Maturity (In Months)
Credit Risk – Generally, Credit risk is the risk that an issuer of an investment will not fulfil l its obligation to the
holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Presented below is the minimum rating requi red by (where applicable) the California Government Code, the City’s investment policy, or debt agreements, and the actual rating, by Standard and Poor’s and Moody’s at June 30, 2023 for each investment type:

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

64 Note 2 – Cash and Investments (Continued)

D. Risk Disclosures (Continued)

Fair Value M inimum Not Required
at Legal to be
Investment Type June 30, 2023 Rating AAA Others Not Rated Rated Local Agency Investment Fund (LAIF) 10,211,508$ N/A -$ -$ -$ 10,211,508$ California Asset Management Program
(CAMP) 53,916,924 N/A - - - 53,916,924 Los Angeles County Pooled Investment
Fund (LACPIF) 2,464,604 N/A - - - 2,464,604 Money Market Funds 1,206,001 AAA 1,206,001 - - - United States Government Sponsored
Enterprise Securities 36,182,102 N/A 36,182,102 - - - US Treasuries Securities 222,630,602 N/A 222,630,602 - - - Collateralized M ortgage Obligation 2,748,595 AA 2,748,595 - - - Asset Backed Securities 1,314,212 AA- 1,314,212 - - - Corporate Notes 73,587,881 A- 4,524,173 69,059,708 4,000 - Negotiable Certificates of Deposit 2,729,318 N/A - 2,729,318 - - Municipal Bonds 4,905,886 A 1,689,730 3,216,156 - - Supranational Obligations 3,909,798 AA- 3,909,798 - - - Investment with PARS 48,783,744 N/A 9,339,245 3,434,448 101,089 35,908,962 Restricted with Fiscal Agent: -
Money Market Funds 24,921,979 N/A - - - 24,921,979 US Treasuries Securities 1,766,396 N/A 1,766,396 - - - Total 491,279,550$ 285,310,854$ 78 ,439,630$ 105,089$ 127,423,977$ 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 receive when the investment is redeemed. As of June 30, 2023, this investment is recorded at $4,000.

The actual rating for the “Others” Category above as follows:

Investment Type AA A BBB Total
Corporate Notes 15,878,555$ 53,181,153 $ - $ 69,059,708$ Negotiable Certificates of Deposit 2,729,318 - - 2,729,318 Municipal Bonds 3,216,156 - - 3,216,156 Investment with PARS 636,212 1,123,892 1,674,344 3,434,448 Total 22,460,241$ 54,305,045 $ 1,674,344 $ 78,439,630$

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, 2023, 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 27,951,736$ 7%

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 recover depos its or will not be able to recover collateral securities that are in the possession of a third part y. 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 th e possession of the third party. At June 30, 2023, none of the City’s deposits or investments were exposed to custodial credit risk.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

65 Note 2 – Cash and Investments (Continued)

E. Fair Value Measurement

At June 30, 2023, 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, 2023:

Quoted Prices in Active Significant
Market for Identical Other Observable
Investment Type Assets (Level 1) Inputs (Level 2) Uncategorized Total Local Agency Investment Fund (LAIF) -$ -$ 10,211,508$ 10,211,508$ California Asset Management Program
(CAMP) - - 53,916,924 53,916,924 Los Angeles County Pooled Investment
Fund (LACPIF) - - 2,464,604 2,464,604 Mone y Ma rke t Funds - - 1,206,001 1,206,001 United States Government Sponsored
Enterprise Securities - 36,182,102 - 36,182,102 US Treasury Securities 222,630,602 - - 222,630,602 Collateralized M ortgage obligation - 2,748,595 - 2,748,595 Asset Backed Securities - 1,314,212 - 1,314,212 Corporate Notes - 73,587,881 - 73,587,881 Negotiable Certificates of Deposit - 2,729,318 - 2,729,318 Municipal Bonds - 4,905,886 - 4,905,886 Supernational Obligations - 3,909,798 - 3,909,798 Investment with PARS - 48,783,744 - 48,783,744 Restricted with Fiscal Agent:

Money Market Funds - - 24,921,979 24,921,979 US Treasury Securities 1,766,396 - - 1,766,396 Total 224,396,998$ 174,161,536$ 92,721,016$ 491,279,550$ M easurement Input

Deposits and withdrawals related to the investments in LAIF, LACPIF, CAMP, and money market funds are valued on amortized cost, which approximates fair value. Accordingly, under the fair value hierarchy these investments are uncategorized.

Level 2 investments are based on institutional bond quotes or matrix pricing.

F. Local Agency Investment Fund (“LAIF”)

The City is a participant in LAIF which is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California. As of June 30, 2023, the City had $10,211,508 invested in LAIF. The 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 members, in accordance with State statute. LAIF is not registered with the Securities and Exchange Commission and is not rated.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

66 Note 2 – Cash and Investments (Continued)

G. Los Angeles County Pooled Investment Fund (“LACPIF”)

The LACPIF is a pooled investment fund program governed by the Los Angeles County Board of Supervisors and administered by the Los Angeles County Treasurer and Tax Collector. Investments in the LACPIF are highly liquid, as deposits and withdrawals can be made at any time without penalty. The LACPIF does not impose any maximum investment limit. The balance available for withdrawal is based on the accounting records maintained by the LACPIF, which is reported at amortized cost.

As of June 30, 2023, the City had $2,464,604 invested in the LACPIF.

H. California Asset Management Program (“CAMP”)

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, 2023, the City had $53,916,924 invested in the CAMP.

Note 3 – Accounts Receivables

Accounts receivable as of June 30, 2023, including allowances for uncollectible accounts, is as follows:

Nonmajor Transit
General Public Landscape Governmental Enterprise
Fund Library Maintenance Funds Fund
Gross receivables 627,564 $ 50 $ 6,925$ 857,669 $ 29,252 $ Less: Allowance of uncollectibles (217,220) - - (70,888) (18,210) Account receivables, net 410,344 $ 50 $ 6,925$ 786,781 $ 11,042 $ Special Revenue Funds

Note 4 – Loans Receivable

The loans receivable balance in the governmental funds totaled $2,048,067 at June 30, 2023. The balance is related to deferred-payment rehabilitation loans to qualified homeowners in connection with HOME rehabilitation programs.

Note 5 – Due from the Successor Agency

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 af ter January 1, 2011. As a result of this review, the SCO concluded that assets transferred after January 1, 2011, included unallowable transfers to the City totaling $14,628,194.

In subsequent actions, the City returned property valued at $763,436 to the Successor Agency, leaving $13,864,758 in unallowable transfers to be returned by the City to the Successor Agency as of February 2015. The City has transferred certain assets to the Successor Agency. As of June 30, 20 23, $7,734,479 of these unallowable transfers remains due from the City to the Successor Agency Private Purpose Trust Fund.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

67 Note 6 – Notes to RDA Successor Agency

Prior to the dissolution of the former redevelopment agency, the General Fund and De veloper Fees Special Revenue Fund advanced the former redevelopment agency funding for various redevelopment activities. These advances were made in the form of promissory notes and were transferred to the RDA Successor Agency upon dissolution. During the fiscal year ended June 30, 2015, the California Department of Finance (“DOF”) approved final loan amounts from the General Fund and Developer Fees Specia l Revenue Fund to the former rede velopment 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 ended June 30, 2016 and thereafter, the loan amounts will increase by the 3 percent interest only. As of June 30, 2023, the loan amounts reported in the General Fund and De veloper Fees Special Revenue Fund was $4,441,344 and $5,319,887, respectively. In addition, the unpaid ac crued interests of these notes are $3,604,101 and $2,229,555, 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 underlying assets for land owned by the City at various location. The remaining terms of the agreem ents range from 7 to 20 years. The incremental borrowing rates used was 0.165%. For the year ended June 30, 2023, the City recognized $271,816 in lease revenue and $16,092 in lease interest revenue for General Fund. The outstanding lease receivable is in the amount of $3,689,744 for General Fund.

The future receipts for these leases, including interest, are as follows:

Year Ending
June 30, Principal Interest Total
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 273,600 10,759 284,359
2029-2033 1,128,630 38,799 1,167,429 2034-2038 903,008 15,955 918,963 2039-2042 300,820 2,215 303,035 Total 3,689,744$ 121,479$ 3,811,223$

Note 8 – Interfund Transactions

A. Due From/To Other Funds

At June 30, 2023, the City had the following due from/to other funds:

Due to Other Funds:

Nonmajor Governmental Funds
Due from Other fund
General Fund
6,532,638$

The above amounts resulted from temporary reclassifications made at June 30, 2023 to cover cash shortfalls.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

68 Note 8 – Interfund Transactions (Continued)

B. Advances To/From Other Funds

At June 30, 2023, the City had the following advances:

Advances from Other Funds General Fund Developer Fees Total Bridge and Thoroughfare 5,760,795 $ 136,697 $ 5,897,492 $ Advances to Other Funds

Bridge and Thoroughfare

In March 2006, the General Fund advanced the Bridge and Thoroughfare Special Revenue Fund $430,000 for acquisition of land. The advance accrues interest at a rate equal to the yield of the average monthly investment portfolio and will be repaid with future available resources of the Bridge and Thoroughfare Special Revenue Fund.

There is no fixed repayment schedule. At June 30, 2023, the amount of the advance outstanding is $624,438.

In December 2007, the General Fund advanced the Bridge and Thoroughfare Special Revenue Fund $3,000,000 to pay outstanding developer payables at th e 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, 2023, the amount of the advance outstanding is $1,094,767.

In June 2016, the General Fund advanced the Bridge and Thoroughfare Special Revenue Fund $3,000,000 for the design of mass grading plans, buttress fill, survey, topography, complete roadway design and signals for the future intersections and road extension. The advance accrues interest at a rate equal to the yield of the average monthly investment portfolio and will be repaid with future available resources of the Bridge and Thoroughfare Special Revenue Fund. There is no fixed repayment schedule. At June 30, 2023, the amount of the advance outstanding is $633,344.

In January 2017, the General Fund advanced the Brid ge and Thoroughfare Special Revenue Fund $3,500,000 for the widening of the Newhall Ranch Road Bridge over th e San Francisquito Creek (Project S1039). The advance accrues interest at a rate equal to the 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 period beginning January 2017 and ending June 2025. At June 30, 2023, the amount of the advance outstanding is $1,243,890.

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 Valley Sh eriff Station, which includes the main station building, detention facility, helipad, dry utilities, radio antenna tower, perimeter walls, landscaping, furnishings, fixtures, and equipment. The advance accrues interest at a rate equal to the yield of the average monthly investment portfolio and will be repaid with future available resources of the Bridge and Thoroughfare Special Revenue Fund. There is no fixed repayment schedule. At June 30, 2023, the amount of the advance outstanding is $2,164,356.

In July 2020, the Developer Fees Special Revenue Fund advanced the Bri dge and Thoroughfare Special Revenue Fund $111,242 for the design and constr uction costs of the Newhall Avenue Pedestrian Facilities and Sidewalk project. The advance accrues interest at a rate equal to the yield of the average monthly investment portfolio and will be repaid with future available resources of the Br idge and Thoroughfare Special Revenue Fund. There is no fixed repayment schedule. At June 30, 2023, the amount of the advance outstanding is $136,697.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

69 Note 8 – Interfund Transactions (Continued)

C. Transfers In/Out

During the year ended June 30, 2023, the City had the following transfers in/out:

Enterprise
Fund
Public Landscape Nonmajor Transit
General Library Maintenance Governmental Enterprise
Transfers out Fund Fund District #1 Funds Fund Total
General Fund - $ - $ 10,000$ 21,358,298$ -$ 21,368,298$ Developer Fee Fund 58,176 - - - - 58,176 Landscape Maintenance District #1 40,000 - - 17,000 - 57,000 Nonmajor Governmental Funds 21,034,096 25,933 - 2,133,925 8,538,444 31,732,398 Transit Enterprise Fund 150,000 - - 3,690 - 153,690 Total 21,282,272$ 25,933$ 10,000$ 23,512,913$ 8,538,444$ 53,369,562$ Transfers in
Governmental Funds

The General Fund made transfers of $21,358,298 to the nonmajor governmental funds mainly for the following:

 Areawide Special Revenue Fund for $12,823,503 to provide for urban forestry and parks and parks facilities maintenance
 General Capital Projects funds for capital improvement projects for $4,461,165  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), 2020 Lease Revenue Bonds, Series A-T (Recreational Facility) and 2022 Lease Revenue Bonds, Series A and Series B (Energy Efficiency), in the amount of $3,814,385.

The Developer Fees Special Revenue Fund made transfers to the General Fund for administrative costs for $58,176.

The nonmajor governmental funds (Public Financing Authority Debt Service Fund) transferred $19,163,579 to the General Fund to provide funding for the energy efficiency project with the bond proceeds.

The nonmajor governmental funds (Gas Tax, DBAA, and Areawide Special Revenue Funds) made transfers to the General Fund for the pension unfunded accrued liability contribution in the amount of $634,130.

The nonmajor governmental funds (Traffic Safety Special Revenue Fund) transferred $532,693 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 L ease Revenue Bonds, Series A (Streetlights) and 2018 Taxable Lease Revenue Bonds, Series B (Streetlights), in the amount of $1,663,768.

The nonmajor governmental funds (Proposition A, Propos ition C and Federal Grants Special Revenue Funds) transferred $8,538,444 to Transit Enterprise Funds to fund the transit operation.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

70 Note 9 – Capital Assets

A. Governmental Activities

A summary of changes in the capital assets for the govern mental activities for the year ended June 30, 2023 is as follows:

Balance
July 1, 2022 Balance
(As Restated) Transfers Additions Deletions June 30, 2023 Capital assets, not being depreciated:

Land 258,886,797 $ - $ 1,675,883$ - $ 260,562,680$ Construction in progress 33,825,759 (11,012,018) 32,651,968 (1,123) 55,464,586 Total capital assets,
not being depreciated 292,712,556 (11,012,018) 34,327,851 (1,123) 316,027,266 Capital assets, being depreciated:

Site improvements 76,014,105 4,827,367 2,767,279 - 83,608,751 Building improvements 207,935,164 896,597 2,206,083 - 211,037,844 Equipment 15,827,270 - 1,516,899 (954,743) 16,389,426 Infrastructure 1,075,730,380 5,288,054 31,672,551 - 1,112,690,985 Total capital assets, being depreciated 1,375,506,919 11,012,018 38,162,812 (954,743) 1,423,727,006 Less accumulated depreciation for:

Site improvements (28,589,760) - (3,119,519) - (31,709,279) Building improvements (30,756,810) - (4,376,474) - (35,133,284) Equipment (11,146,641) - (1,137,801) 921,980 (11,362,462) Infrastructure (444,950,436) - (22,077,333) - (467,027,769) Total accumulated depreciation (515,443,647) - (30,711,127) 921,980 (545,232,794) Total capital assets,
being depreciated, net 860,063,272 11,012,018 7,451,685 (32,763) 878,494,212 Intangible assets, being amortized:

Right-to-use leased building 580,966 - - - 580,966 Right-to-use leased equipment 346,668 - - - 346,668 Right-to-use leased infrastructure 275,111 - - - 275,111 Right-to-use subscription assets 3,614,088 - - - 3,614,088 Total intangible assets,
being amortized 4,816,833 - - - 4,816,833 Less accumulated amortization for:

Right-to-use leased building (148,125) - (68,969) - (217,094) Right-to-use leased equipment (115,894) - (115,895) - (231,789) Right-to-use leased infrastructure (68,969) - (148,125) - (217,094) Right-to-use subscription assets - - (716,332) - (716,332) Total accumulated amortization (332,988) - (1,049,321) - (1,382,309) Total intangible assets,
being amortized, net 4,483,845 - (1,049,321) - 3,434,524 Gove rnme ntal acti vi ti e s
capital assets, net 1,157,259,673$ -$ 40,730,215$ (33,886)$ 1,197,956,002$

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

71 Note 9 – Capital Assets (Continued)

A. Governmental Activities (Continued)

Depreciation and amortization expense was charged to functions of the governmental activities for the year ended June 30, 2023 as follows:

General government 2,104,388$
Public safety 995,186
Recreation and community service 4,746,362
Neighborhood services 820,975
Public works 642,179
Community development 11,425
Internal service funds depreciation 362,600
Allocated depreciation 9,683,115
Unallocated infrastructure depreciation 22,077,333
Total depreciation expense - governmental activities 31,760,448$

B. Business-Type Activities

A summary of changes in the capital ass ets for the business-type activities for the year ended June 30, 2023 is as follows:

Balance Balance
July 1, 2022 Transfers Additions Deletions June 30, 2023 Capital assets, not being de preciated:

Land 15,087,880$ -$ -$ -$ 15,087,880$ Construction in progress 14,121,301 (1,080,511) 2,893,135 - 15,933,925 Total capital assets,
not being depreciated 29,209,181 (1,080,511) 2,893,135 - 31,021,805 Capital assets, being depreciated:

Site improvements 12,941,276 - - - 12,941,276 Building improvements 45,601,926 1,080,511 - - 46,682,437 Equipment 68,798,721 - 4,286,305 (3,991,323) 69,093,703 Total capital assets, being depreciated 127,341,923 1,080,511 4,286,305 (3,991,323) 128,717,416 Less accumulated depreciation for:

Site improvements (6,104,695) - (568,221) - (6,672,916) Building improvements (16,446,532) - (983,291) - (17,429,823) Equipment (38,402,556) - (4,532,558) 3,991,323 (38,943,791) Total accumulated depreciation (60,953,783) - (6,084,070) 3,991,323 (63,046,530) Total capital assets,
being depreciated, ne t 66,388,140 1,080,511 (1,797,765) - 65,670,886 Business-type activities
capital assets, net 95,597,321$ -$ 1,095,370$ -$ 96,692,691$

Depreciation expense in the amount of $6,084,070 was ch arged to Transit function of the business-type activities for the year ended June 30, 2023.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

72 Note 10 – Deposit Payable

The City collects deposits for a) improvements within the City, b) donations received fo r specified services, and c) deposits received in advance for recreation programs or other department services. These balances represent amounts that have been collected for which the eligibility requirements for revenue recognition have not been met. As of June 30, 2023, deposits payable were as follows:

General Fund:

Deposits from developers 2,825,899$
Other deposits payable 1,534,897
Total deposits payable 4,360,796$

Note 11 – Long-Term Liabilities

A. Governmental Activities

A summary of changes in long-term lia bilities for governmental act ivities for the year ended June 30, 2023 is as follows:

Balance
July 1, 2022 Balance Due within Due in M ore
(As Restated) Additions Deletions June 30, 2023 One Year Than One Year Governmental Activities:

Lease Revenue Bonds
Series 2016A (Golden Valley Road) 7,930,000$ - $ (450,000)$ 7,480,000 $ 470,000 $ 7,010,000 $ Series 2016B (OSPD) 12,020,000 - (445,000) 11,575,000 485,000 11,090,000 Series 2019 (Sheriff Station) 25,345,000 - (530,000) 24,815,000 555,000 24,260,000 Series 2020A (Recreational Facility) 10,645,000 - - 10,645,000 - 10,645,000 Series 2020A-T (Recreational Facility) 2,790,000 - (355,000) 2,435,000 355,000 2,080,000 Series 2022A (Energy Efficiency) - 12,845,000 (450,000) 12,395,000 230,000 12,165,000 Series 2022B (Energy Efficiency) - 5,970,000 5,970,000 330,000 5,640,000 Issuance premium and discount 2,896,658 716,027 (174,064) 3,438,621 141,598 3,297,023 Subtotal 61,626,658 19,531,027 (2,404,064) 78,753,621 2,566,598 76,187,023 Revenue and Taxable Revenue Bonds
Series 2018A (Streetlights) 11,295,000 - - 11,295,000 - 11,295,000 Series 2018B (Streetlights) 2,370,000 - (320,000) 2,050,000 330,000 1,720,000 Issuance premium and discount 470,783 - (15,969) 454,814 15,969 438,845 Subtotal 14,135,783 - (335,969) 13,799,814 345,969 13,453,845 Financed purchase notes payable 129,277 - (31,901) 97,376 33,158 64,218 Lease liabilities 880,316 - (335,767) 544,549 284,315 260,234 Subscription liabilities 3,605,688 (762,482) 2,843,206 728,428 2,114,778 Total bonds and notes payable,
lease and subscription liabilities 80,377,722 19,531,027 (3,870,183) 96,038,566 3,958,468 92,080,098 Compensated absences 4,071,368 3,388,047 (2,741,254) 4,718,161 2,741,254 1,976,907 Claims and judgments 4,645,360 6,078,585 (3,283,349) 7,440,596 1,270,000 6,170,596 Total governmental activities 89,094,450$ 28,997,659$ (9,894,786) $ 108,197,323$ 7,969,722$ 100,227,601$

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

73 Note 11 – Long-Term Liabilities (Continued)

A. Governmental Activities (Continued)

The City has outstanding bonds and notes from direct borrowings and lease/subscription payable related to governmental activities totaling $92,65 0,811 and $3,387,755, respectively. The City has pledged assessment revenues to pay for the debt service for the lease revenue, revenue and taxable revenue bonds related to government- type activities. All outstanding bonds contain an event of default that changes the timing of repayment of outstanding amounts to become immediately due if the City is unable to make payment.

Lease Revenue Bonds, Series 2016 A (Golden Valley Road) and 2016B (OSPD)

In June 2016, the Authority issued Lease Revenue Refunding Bonds, Series 2016A (Golden Valley Road) and Series 2016B (Open Space Preservation District), in the am ount of $10,320,000 and $ 14,020,000, respectively.

Interest on the Refunding Lease Revenue Bonds, Series 2016A, is paid as part of a variable rate between 2 percent and 4 percent payable on June 1 and December 1 of each year commencing on December 1, 2016. Interest on the Refunding Lease Revenue Bonds, Series 2016B, is paid as part of a variable ra te between 2 percent and 4 percent payable on April 1 and October 1 of each year commenc ing 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, 2023, were $7,480,000 for Series 2016A and $11,575,000 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.

The future annual debt service requirements for the Lease Revenue Bonds, Series 2016A are as followed:

Year Ending
June 30, Principal Interest Total
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 550,000 150,000 700,000
2029-2033 2,925,000 551,825 3,476,825
2034-2036 2,005,000 91,275 2,096,275
Total 7,480,000$ 1,579,100$ 9,059,100$

The future annual debt service requirements for the Lease Revenue Bonds, Series 2016B are as followed:

Year Ending
June 30, Principal Interest Total
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 655,000 255,756 910,756
2029-2033 3,800,000 1,054,835 4,854,835
2034-2038 4,935,000 404,875 5,339,875
Total 11,575,000$ 2,947,790 $ 14,522,790$
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

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 a nd 5 percent payable on June 1 and December 1 of each year commencing on December 1, 2019. Principal payments are due annually in various amounts commencing December 1, 2022, through June 1, 2049. The unpaid balance as of June 30, 2023, was $24,815,000. 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 redempti on price equal to the principal amount of the Bonds to be redeemed, plus accrued but unpaid interest, without premium. Further, the bonds are subject to redemption prior to their respective maturity dates, as a whole or in part on a pro rata basis if the City takes the leased property or any portion by power of eminent domain, or from insurance pro ceeds due to destruction of the leased property, at a redemption price equal to the sum of the principal of the bonds to be redeemed plus accrued by unpaid interest, without premium. The term bonds maturing on June 1, 2037 are subject to mandatory redemption by sinking account payments of $940,000 and $970,000 on June 1, 2036 and June 1, 2037, respectively.

The future annual debt service requirements for the Lease Revenue Bonds, Series 2019, are as followed:

Year Ending
June 30, Principal Interest Total
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 675,000 753,063 1,428,063
2029 -2033 3,870,000 3,270,963 7,140,963
2034-2038 4,685,000 2,453,763 7,138,763
2039-2043 5,465,000 1,677,413 7,142,413
2044-2048 6,340,000 806,663 7,146,663
2049 1,385,000 43,281 1,428,281
Total 24,815,000$ 12,324,148 $ 37,139,148$
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

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 between 0.45% and 4.00% payable on December 1 and June 1 of each year commencing on Decemb er 1, 2020. Principal paym ents are due annually in various amounts commencing June 1, 2030 through June 1, 2050 for Series 2020A and June 1, 2021 through June 1, 2030 for Series 2020A-T. Net bond proceeds in the amount of $14,200,000 were used to reimburse the City in October 2020 for its acquisition of an approximately 4.4 acre parcel and 93,000 square foot recreational facility located at 27745 Smyth Drive within the City.

The total unpaid balance as of June 30, 2023, was $13,080,000. 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
2024 - $ 312,206$ 312,206 $
2025 - 312,206 312,206
2026 - 312,206 312,206
2027 - 312,206 312,206
2028 - 312,206 312,206
2029 -2033 1,405,000 1,504,781 2,909,781
2034-2038 2,275,000 1,269,175 3,544,175
2039-2043 2,555,000 983,094 3,538,094
2044-2048 3,050,000 489,513 3,539,513
2049-2050 1,360,000 56,375 1,416,375
Total 10,645,000$ 5,863,968 $ 16,508,968 $

The future annual debt service requirements for the Taxable Revenue Bonds, Series 2020A-T are as followed:

Year Ending
June 30, Principal Interest Total
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 375,000 20,210 395,210
2029-2030 610,000 17,709 627,709
Total 2,435,000$ 171,941 $ 2,606,941 $
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

76 Note 11 – Long-Term Liabilities (Continued)

A. Governmental Activities (Continued)

Lease Revenue and Revenue Bonds, Series 2022A and 2022B (Energy Efficiency Program)

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 Re venue 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 matures on June 1, 2050. Principal on the Series B bonds commences on December 1, 2023 and matures on December 1, 2035. Pr oceeds 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 refrigeration impr ovements (the “2022 Project”), and to pay the costs of issuing the bonds.

The total unpaid balance as of June 30, 2023, was $18,365,000. 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 2022A are listed below:

Year Ending
June 30, Principal Interest Total
2024 230,000$ 578,050 $ 808,050 $
2025 245,000 566,550 811,550
2026 255,000 534,300 789,300
2027 270,000 541,550 811,550
2028 280,000 528,050 808,050
2029-2033 1,635,000 2,414,500 4,049,500
2034-2038 2,090,000 1,962,500 4,052,500
2039-2043 2,615,000 1,433,725 4,048,725
2044-2048 3,255,000 794,475 4,049,475
2049-2050 1,520,000 103,500 1,623,500
Total 12,395,000$ 9,457,200 $ 21,852,200 $

The future annual debt service requirements for the Lease Revenue Bonds, Series 2022B are as followed:

Year Ending
June 30, Principal Interest Total
2024 330,000$ 290,250$ 620,250$
2025 350,000 273,250 623,250
2026 370,000 255,250 625,250
2027 390,000 236,250 626,250
2028 410,000 216,250 626,250
2029-2033 2,375,000 745,125 3,120,125
2034-2036 1,745,000 133,625 1,878,625
Total 5,970,000$ 2,150,000 $ 8,120,000 $
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

77 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 betw een 3 percent and 5 percent payable on September 1 and March 1 of each year commencing on September 1, 2018. Principal payments are due annually in various amounts commencing September 1, 2 018 through September 1, 2048, for the Series A bonds.

The unpaid balance as of June 30, 2023, was $11,295,000.

Interest on the 2018 Taxable Revenue Bonds Series B, is paid as part of a variable rate between 2.150 percent and

3.750 percent payable on September 1 and March 1 of each year commencing on September 1, 2018. Principal payments are due annually in various amounts commencing September 1, 2018 through September 1, 2028, for the Series B bonds. The unpaid balance as of June 30, 2023, was $2,050,000. The bonds are payable from and secured by a pledge of and first lien on am ounts on deposit in the Streetlighting fund, including assessment revenues and Ad-valorem revenues.

Ad valorem revenues and assessment revenues within the Li ghting 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
2024 - $ 465,394$ 465,394 $
2025 - 465,394 465,394
2026 - 465,394 465,394
2027 - 465,394 465,394
2028 - 465,394 465,394
2029 -2033 1,840,000 2,153,031 3,993,031
2034-2038 2,545,000 1,750,741 4,295,741
2039-2043 3,060,000 1,197,550 4,257,550
2044-2048 3,850,000 401,325 4,251,325
Total 11,295,000$ 7,829,617 $ 19,124,617 $

The future annual debt service requirements for the 2018 Taxable Revenue Bonds Series B are as follows:

Year Ending
June 30, Principal Interest Total
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 375,000 17,672 392,672
2029 290,000 5,438 295,438
Total 2,050,000$ 216,960 $ 2,266,960 $
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

78 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 Zam boni Company, USA Inc. for Zamboni Equipment at the Cube – Ice and Entertainmen t 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
2024 33,158$ 3,184$ 36,342$
2025 34,464 1,878 36,342
2026 29,754 531 30,285
Total 97,376$ 5,593$ 102,969$

Lease Liabilities

On June 11, 2019, the City Council approved a lease agreement with Kyocera Document Solutions West, LLC for Citywide printers and copiers in the amount of $497,730. The lease agreement has 60 monthly payments of $8,944 with an interest rate of 3 percent. The final payment is due July 1, 2024. The lease was assigned by Kyocera Document Solutions West, LLC.

On June 27, 2019, the City entered into lease agreement with Crown Castle Fiber, LLC for lease of dark fiber. The agreement ends on June 26, 2025. The agreement has 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 o ffice building lease for the property known as the MAIN, in December 23, 2020 that expires on December 31, 2026. The agreement has monthly 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
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 544,549$ 1,795$ 546,344$

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

79 Note 11 – Long-Term Liabilities (Continued)

A. Governmental Activities (Continued)

Subscription Liabilities

The City entered into subscription ag reements with various vendors for so ftware. The agreements expire from March 12, 2025 to June 30, 2029 with interest rates range from 1.58 percent to 2.65 percent.

The future subscription payments are as follows:

Year Ending
June 30, Principal Interest Total
2024 728,428$ 67,693 $ 796,121 $
2025 515,963 51,572 567,535
2026 378,593 39,697 418,290
2027 399,208 30,350 429,558
2028 420,676 20,488 441,164
2029 400,338 10,088 410,426
Total 2,843,206$ 219,888 $ 3,063,094 $

Compensated Absences

The balance at June 30, 2023, was $4,718,161. The General Fund is used to liquidate the compensated absences for governmental activities.

Claims and Judgments

The balance at June 30, 2023, was $7,440,596. See Note 12 for more details.

B. Business-Type Activities

Balance Balance Due within Due in M ore
July 1, 2022 Additions Deletions June 30, 2023 One Year Than One Year Business-type activities
Compensated absences 142,765$ 47,817$ (53,926)$ 136,656$ 53,926$ 82,730$

The Transit Enterprise Fund is used to liquidate the compensated absences for business-type activities.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

80 Note 11 – Long-Term Liabilities (Continued)

C. Fiduciary Funds

The following Successor Agency long-term obligations were approved by Califo rnia 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, 2022 Additions Deletions June 30, 2023 One Year Than One Year Fiduciary Activities:

RDA Successor Agency:

Loans from the City of Santa Clarita 16,098,270$ 292,837 $ (796,221) $ 15,594,886 $ - $ 15,594,886$ Tax Allocation Bonds:

Refunding Series 2017 30,615,000 - (935,000) 29,680,000 985,000 28,695,000 Unamortized Bond discounts 679,567 - (33,660) 645,907 33,660 612,247 Total fiduciary activities 47,392,837$ 292,837$ (1,764,881)$ 45,920,793$ 1,018,660$ 44,902,133$

Loans from the City of Santa Clarita

At June 30, 2015, the California Department of Finance (“DOF”) approved the advances to the former redevelopment agency consisting of the promissory notes outstanding between the City and the former redevelopment agency entered into between the periods of July 1996 and June 2010. These consist of notes outstanding from the General Fund and the Developer Fees Special Revenue Fund in the amounts of $7,225,964 and $5,407,868, respectively using a LAIF rate of 0.26 percent, which was in effect when the Oversight Board reinstat ed the loans on February 25, 2015. On September 22, 2015, the Committee on Budget and Fiscal Review of the California State Senate approved SB 107.

A mandate of this legislation included a recalculation of the notes to the RDA Successor Agency using a 3 percent simple interest from the origination of the note, instead of the LAIF rate. As such, the City increased the amounts in the General Fund and Developer Fees Special Revenue Fund to reflect increased interest balances. The unpaid amount of these notes is $8,045,445 and $7,549,442, respectively, which include unpaid accrued interest of $3,604,101 and $2,229,555, respectively.

Tax Allocation Bond Refunding Series 2017

The former redevelopment agency issued Tax Allocation Bonds, which are special ob ligations 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 A llocation 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 $1,902,674 as of June 30, 2023. Interest on the Tax Allocation Refunding Bonds, Series 2017, is paid as part of a variable rate between 2 percent and 5 percent payable on April 1 and October 1 of each year commencing on April 1, 2017. Principal payments are due annually in various amounts commencing October 1, 2017, through October 1, 2042. The unpaid balance as of June 30, 2023, was $29,680,000.

Tax revenues deposited to the Redevelopment Property Tax Trust Fund maintained by the County of Los Angeles, less (i) amounts payable by the State to the Successor Agen cy and (ii) unsubordinated Statutory Pass-Through Amounts, 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, 2023

81 Note 11 – Long-Term Liabilities (Continued)

C. Fiduciary Funds (Continued)

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 “Ins urer”), 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, togeth er with the accrued interest thereon, to be due and payable immediately, and upon any such declaration the same shall become immediately due and payable.

The Insurer insured the Bonds maturing on October 1 of the years 2022 through 2037, inclusive, and 2042 (the “Insured Bonds”). The maturity of Insured Bonds shall not be accelerated without the consent of the Insurer and in the event the maturity of the Insured Bonds is accelerate d, the Insurer may elect, in its sole discretion, to pay accelerated principal and interest accrued, on such principal to the date of acceleration (to the extent unpaid by the Successor Agency) and the Trustee shall be required to accept such amounts.

If there are claims upon the Insurance Policy and payments are made by the Insurer, th e Successor Agency agrees to pay to the Insurer (i) a sum equal to the total of al l amounts paid by the Insurer under the Insurance Policy (the “Insurer Advances”); and (ii) interest on such Insurer Advances from the date paid by the Insurer until payment thereof in full, payable to the Insurer at the Late Payment Rate per annum (collectively, the “Insurer Reimbursement Amounts”). Additionally, the Successor Agency shall repay any draws under the Reserve Policy and pay all related reasonable expenses incurred by Insurer and shall pay interest thereon from the date of payment by Insurer at the Late Payment Rate.

“Late Payment Rate” means the lesser of (a) the greater of (i) the per annum rate of interest, publicly announced from time to time by JPMorgan Chase Bank at its principal office in The City of New York, as its prime or base lending rate (any change in such rate of interest to be effective on the date such change is announced by JPMorgan Chase Bank) plus 3%, and (ii) the then applicable highest rate of interest on the Insu red Bonds (or Bonds for the Reserve Policy) and (b) the maximum rate permissible under applicable usury or similar laws limiting interest rates.

The annual debt service requirements for the Tax Allocation Bond Refunding Series 2017 are presented below:

Year Ending
June 30, Principal Interest Total
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 1,195,000 945,119 2,140,119
2029 -2033 6,665,000 4,027,637 10,692,637
2034-2038 7,970,000 2,686,697 10,656,697
2039-2043 9,605,000 990,500 10,595,500
Total 29,680,000$ 12,939,754 $ 42,619,754$

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

82 Note 11 – Long-Term Liabilities (Continued)

D. Non-City Obligations

1915 Act Limited Obligation Improvements Bonds – Golden Valley

On July 24, 1996, $879,432 of 1915 Act Limited Obligation Improvement Bonds (1915 Golden Valley Road Bonds) for the Golden Valley Road Improvement Assessment District (the Golden Valley Assessment District) were issued.

The 1915 Golden Valley Road Bonds are not a general obligation of the City, and neither the faith and credit nor the taxing power of the City is pledged to the payment of the bonds. The source of the debt service is from the property assessments within the Golden Valley Assessment District. The principal amount of debt outstanding at June 30, 2023 was $70,000.

1915 Act Limited Obligation Improvements Bonds – Vermont/Everett

On January 27, 2000, $790,000 of 1915 Act Limited Obligation Improvement Bonds (1915 Vermont Drive/Everett Drive Bonds) for the Vermont Drive/Everett Drive Im provement Assessment District (the Vermont/Everett Assessment District) were issued. The 1915 Vermont Drive/Everett Drive Bonds are not a general obligation of the City, and neither the faith and credit nor the taxing power of the City is pledged to the payment of the bonds. The source of the debt service is from the property assessments within the Vermont/Everett Assessment District. The principal amount of the debt outstanding at June 30, 2023 was $265,000.

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 obligati on 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 Comm unity Facilities District. The principal amount of the debt outstanding at June 30, 2023 was $11,450,000.

Community Facilities District No. 2016-1 Vista Canyon

On February 13, 2020, $17,230,000 of Special Tax bonds were issued for Community Facilities District No. 2016- 1 (the Community Facilities District). The Special Tax Refunding bonds are not a general obligation of the City, and neither the faith and credit nor the taxing power of the City is pledged to the payment of the bonds. The source of the debt service is from the property assessments within the Community Facilities District. The principal amount of the debt outstanding at June 30, 2023 was $17,020,000.

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 disasters. 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 various 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.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
83 Note 12 – Risk Management (Continued)
A. Special Districts Risk Management Authority (“SDRMA”) (Continued) Additionally, the City carries a $15,000 ,000 excess liability policy to co ver 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 SDRMA for individual claims exceeding $250,000 up to a maximum of $5,000,000. Settlements have not exceeded coverages for each of the past three fiscal years.

B. California Joint Powers Insurance Authority (“CJPIA”) The City joined California Joint Powers Insurance Authority (“CJPIA”) effective July 1, 2021. CJPIA is a self- insurance risk pool that serves its members. Claims incurred prior to joining CJPIA continue to be administered by SDRMA.

Risk Pool Membership
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 purpose of the CJPIA is to arrange and administer programs for the pooling of self-insured losses, to purchase excess insurance or reinsurance, and to arrange for group purchased insurance for property and other lines of coverage. CJPIA began covering claims of its members in 1978. Each member government has an elected official as its representative on the Board of Directors. The Board operates through a nine-member Executive Committee.

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 allocat ed to individual agencies based on payroll and claims history, relative to other members of the risk-sharing pool.

Excess Liability Program
Liability coverage includes auto liabilit y, employment practices liability, public officials’ er rors and omissions,
bodily injury, personal injury, third party property damage, advertising injury, and employee benefit administration liability. The City has a retained limit of $100,000 per occurrence. The overall coverage limit for each member, including all layers of coverage, is $50 million per occurrence. The coverage structure is composed of a combination of pooled self-insurance, reinsuran ce, and excess insurance. Additional in formation concerning the coverage structure is available on the CJPIA’s website: https://cjpia.org/coverage/risk-sharing-pools/.

Excess Wor
kers’ Compensation Program
The City has a retained li
mit of $250,000 per occurrence for workers’ compensation claims. CJPIA’s pooled retention is $1 million per occurrence with reinsurance to statutory limits under California Workers’ Compensation Law. Employer’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.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

84 Note 12 – Risk Management (Continued)

B. California Joint Powers Insurance Authority (“CJPIA”) (Continued)

Purchased Insurance

All-Risk Property Protection Program . This insurance protection is underwritten by several insurance companies. The City’s property is currently insured according to a schedule of covered property submitted by the City to the Authority. The total insured value of sche duled City property is $320,632,388. There is a $10,000 deductible per occurrence except for non-emergency vehicle insurance which has a $2,500 deductible.

Pollution Legal Liability Insurance Program . The policy covers sudden and gradual pollution of scheduled property, streets, and storm drains owned by the City. C overage is on a claims-made basis. There is a $250,000 deductible. The Authority has an aggregate limit of $20 million.

Crime Insurance Program . Formerly called Blanket Fidelity Bond, this policy covers faithful performance, depositor’s forgery, theft of money and securities, and computer fraud related to the transfer of money. The policy limit is $5,000,000, and the deductible is $25,000.

Adequacy of Protection

During the past three fiscal years, none of the above programs of protection experienced settlements or judgments that exceeded pooled or insured coverage. There were also no significant reductions in pooled or insured liability coverage in 2022-23.

C. Claims and Judgments Payable

The following table presents claims and judgments payable administered by both SDRMA and CJPIA for the year ended June 30, 2023, 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, 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 June 30, 2023 4,645,360 6,078,585 (3,283,349) 7,440,596

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

85 Note 13 – Pension Plan

A. General Information about the Pension Plan

Plan Description

The City contribution to the California Public Employ ees Retirement System (“Cal PERS”), an agent multiple- employer defined benefit pension plan for all permanent full-time general a nd some part-time employees of the City. CalPERS acts as a common investment and administra tive 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 regarding number of employees covered, benefit provisions, assumptions (for funding, but not accounting purposes), and membership information are listed in the June 30, 2021 Annual Actuarial Valuation Report. This repor t 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:

Tier 1T ier 2T ier 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 their 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, and with cer tain other Retirement Systems with which CalPERS has reciprocity agreements). All members are eligible for non-duty disability benefits after 5 years of service. The death benefit is one of the following: Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost of living adjustments for the plan are applied as specified by the Public Employees’ Retirement Law.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

86 Note 13 – Pension Plan (Continued)

A. General Information about the Pension Plan (Continued)

Employees Covered by Benefit Terms

At June 30, 2021, the valuation date, the following employees were covered by the benefit terms:

Active employees 464
Transferred and terminated employees 480
Retired Employees and Beneficiaries 273
Total 1,217

Contributions

Section 20814(c) of the California Public Employees’ Retirement Law (“PERL”) requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. The total plan contributions are determined through CalPERS’ annual actuarial valuation process. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The employer is required to contribute the differe nce between the actuarially determined rate and the contribution rate of employees. The employer contributions made during the year ended June 30, 2023were in the amount of $9,123,275.

B. Net Pension Liability

Actuarial Methods and Assumption Used to Determine Total Pension Liability

The June 30, 2021 valuation was rolled forward to determine the June 30, 20 22 total pension liability, based on following actuarial methods and assumptions:

Valuation Date June 30, 2021
M easurement Date June 30, 2022
M easurement Period July 1, 2021 to June 30, 2022
Actuarial Cost Method
Actuarial Assumptions:

Discount Rate
Inflation
Salary Increases
Payroll Growth 2.750%
Investment Rate of Return
Retirement Ag e
Mortality Rate Table
(1)
Entry Age Actuarial

6.90%

2.300%
Varies by Entry Age and Service
7% net of pension plan investment and administrative expense; includes inflation.

The probabilities of Retirement are based on the 2021 CalPERS Experience Stud
y for the period from 2001 to 2019.

Derived using CalPERS’ Membership Data for all Funds.
(1)The probabilities of mortality are based on the 2021 CalPERS Experience Study for the period from 2001 to 2019. Pre-retirement and Post-retirement mortality rates include 15 years of projected mortality improvement using 80% of Scale MP-2020 published by the Societ
y of Actuaries.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

87 Note 13 – Pension Plan (Continued)

B. Net Pension Liability (Continued)

Change of Assumptions

Effective with the June 30, 2021 valuation date (2022 measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determining the long-term expected rate of return, CalPER S took into account long-term market return expectations as well as the expected pens ion fund cash flows. Projected returns for all asset classes are estimated, combined with risk estimates, and are used to project compound (geometric) returns over the long term. The discount rate used to discount liabilities was in formed by the long-term projected portfolio return. In addition, demographic assumptions and the inflation rate assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial 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.

In determining the long-term expected rate of return , CalPERS took into account both short-term and long-term market return expectations. Using historical returns of all of the funds’ asset classes, expected compound (geometric) returns were calculated over the next 20 year s using a building-block approach. The expected rate of return was then adjusted to account for assumed administrative expenses of 10 basis points. The expected real rates of return by asset class are as follows.

Assumed Asset Real Return
Asset Class(1) Allocation Years 1, 2
Global Equity - Cap-weighted 30.00% 4.54%
Global Equity - Non-Cap-weighted 12.00% 3.84%
Private Equity 13.00% 7.28%
Treasury 5.00% 0.27%
Mortgage-backed Securities 5.00% 0.50%
Investment Grade Corporates 10.00% 1.56%
High Yield 5.00% 2.27%
Emerging Market Debt 5.00% 2.48%
Private Debt 5.00% 3.57%
Real Assets 15.00% 3.21%
Leverage -5.00% -0.59%
100.00%
1 An expected inflation rate of 2.30% used
2 Figures are based on 2021 Asset Liability Management Study

Discount Rate

The discount rate used to measure the total pension lia bility was 6.90%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected 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, 2023

88 Note 13 – Pension Plan (Continued)

C. Changes in the Net Pension Liability

The following table shows the changes in net pension lia bility 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, 2021 (Valuation Date) 242,217,576$ 242,650,514 $ (432,938) $ Changes Recognized for the M easurement Period:

Service Cost 6,170,934 - 6,170,934 Interest on the total pension liability 17,206,725 - 17,206,725 Changes of benefit terms - - - Changes of assumptions 10,873,827 - 10,873,827 Difference between expected and actual experience (2,536,083) - (2,536,083) Net plan to plan resource movement - - - Contributions from the employer - 8,462,964 (8,462,964) Contributions from employees - 2,704,400 (2,704,400) Net investment income - (18,522,060) 18,522,060 Benefit payments, including refunds
of employee contributions (8,535,910) (8,535,910) - Administrative Expense - (151,157) 151,157 Other - - - Net Changes during July 1, 2021 to June 30, 2022 23,179,493 (16,041,763) 39,221,256 Balance at June 30, 2022 (Measurement Date) 265,397,069$ 226,608,751 $ 38,788,318 $ Increase (Decrease)

Sensitivity of the Net Pension Liability to Changes in the Discount Rate

The following presents the net pensio n liability of the plans as of the m easurement date, calculated using the discount rate of 6.90%, as well as what the net pension liability would be if it were calculated using a discount rate that is 1 percentage-point lower (5.90%) or 1 percentage-point higher (7.90%) than the current rate:

Discount Rate Current Discount Discount Rate
- 1% (5.90%) Rate (6.90%) + 1% (7.90%)
Miscellaneous Plan 79,621,570 $ 38,788,318 $ 5,596,459 $ Plan's Net Pension L iability/(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, 2023

89 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, 2023, the City recognized pension expense in the amounts of $8,923,120 for the miscellaneous plan.

As of measurement date of June 30, 2022, 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 9,123,275$ - $ Changes of assumptions 8,457,421 - Difference between expected and actual experience 1,694,788 (1,972,509) Net difference between projected and actual earning
on pension plan investments 11,625,783 - Total 30,901,267 $ (1,972,509) $
Miscellaneous Plan

The amounts above are net of outflows and inflows recognized in the 2021-2022 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, inactiv e, and retired). The EARSL for the 2021-22 measurement period is 4.5 years, which was obtained by dividing the to tal service years of 5,489 (the sum of remaining service lifetimes of the active employees) by 1,217 (the total num ber of participants: active, inactive, and retired), respectively.

The $9,123,275 reported as deferred outflows of resources related to pensions, resulting from the City’s contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability and collectively net pension liability, respectively, in the year ending June 30, 2024.

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:

Year Ending Deferred Outflows/
June 30, (Inflows) of Resources
2024 4,868,392 $
2025 4,053,363
2026 2,888,366
2027 7,995,362
Total 19,805,483$
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

90 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 provides postemployment me dical 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 th e City’s obligation to fund OPEB and determined that it served the City’s interests to prefund those benefits. In December 2011, the City Council approved Resolution 11- 89 adopting the Public Agencies Post-R etirement Health Care Plan Document and Trust Agreement. The OPEB Plan Trust is a tax-qualified irrevocable trust, orga nized under Internal Revenue Code (“IRC”) Section 115, established to pre-fund OPEB. The Plan Trustee is U.S. Bank, and Public Agencies Retirement Services (“PARS”) is the Trust Administrator. However, as described above, the City has administrative involvement in the Plan, and reports assets as a fiduciary component unit.

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 employees hired befo re January 1, 2008 and re tired before January 1, 2012 and represented employees hired before January 1, 20 08 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 CalPERS minimum benefits and are not subjected to the vesting schedule above.

At June 30, 2023 measurement date, the following numbers of participants were covered by the benefit terms:

Active plan members 457
Inactive plan members currently receiving benefits 152
Inactive plan members entitled to but not receiving benefits 36 Total 645

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
91 Note 14 – Other Postemployment Benefits (“OPEB”) (Continued) A. General Information about the OPEB Plan (Continued)
Contributions
The oblig
ation of the City to contribute to the plan is established and may be amended by the City Council.

Employees are not required to contribute to the plan. The City has established a practice of contributing to the 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 subsidy co mponent of the actuarial determined contribution for fiscal year 2023 was negative $615,000, and no cash contribution was made. In addition, the City received a credit in the amount of $253,000 relating to implied subsidy benefit payment which has been included in the contributions to the OPEB Plan Trust.

The total cash benefits paid directly by the OPEB Plan Trust to the recipients was in the amount of $1,202,278.

Additional $253,000 implied subsidy benefits were reported, which resulted in reporting total benefit payments to plan participants in the amount of $1,455,278.

B. Net OPEB Liability
The OPEB liability was measured as of June 30, 2023, and total liability used to calcu late the net OPEB liability was determined by an actuarial valuation as of June 30, 2023.

Significant Actuarial Assumptions Used for Total OPEB Liability The total OPEB liability, measured as of June 30, 2023, was determined using the following actuarial assumptions:

Actuarial Valuation Date
Contribution Policy
Discount Rate and Long-Term Expected Rate of
Return
Inflation
Mortality, Retirement, Disability, Termination
Mortality Improvement
Salary Increases
M edical Trend
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 No increase in $1,016.58 cap; Medical trend for EE+1 cap June 30, 2022
Pre-fund cash benefit ADC with PARS Balanced Fund
Implied subsidy benefit on pay-as-you-go basis

6.25% at June 30, 2022 and 6.00% at June 30, 2023
Expected City contributions projected to keep sufficient plan assets to pay all benefits from trust

2.50% annually
CalPERS 2000-2019 Experience Study
Mortality projected fully generational with Scale MP-2021 Aggregate - 2.75% annually
Merit - CalPERS 2000-2019 Experience Study
Non-Medicare - 8.50% for 2024, decreasing to an ultimate rate of

3.45% in 2076;
Medicare - 7.50% for 2024, decreasing to an ultimate rate of

3.45% in 2076;
Medicare (Kaiser) - 6.25% for 2024, decreasing to an ultimate rate of 3.45% in 2076

3.50% annually
Hired < 1/1/08 - 95%
Hired ≥ 1/1/08 - 60%
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

92 Note 14 – Other Postemployment Benefits (“OPEB”) (Continued)

B. Net OPEB Liability (Continued)

Change in assumptions

The discount rate was changed from 6.25% at June 30, 2022 to 6.00% at June 30, 2023.

Discount Rate

The discount rate used to measure the total OPEB liability was 6.00%. The projection of cash flows used to determine the discount rate assumed that City contributions will be made at rates 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 invest ments was applied to all periods of projected benefit payments to determine the total OPEB liability.

Expected Long-Term Rates of Return

Asset Class Target Allocation Expected Real
Global Equity 60.00% 4.56%
Fixed Income 35.00% 78.00%
Cash 5.00% -0.50%
100.00%
Assumed Long-Term Rate of Inflation 2.50%
Expected Long-Term Net Rate of Return, Rounded 6.00%

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, 2022 41,990,707 $ 44,062,275 $ (2,071,568) $ Changes Recognized for the M easurement Period:

Service Cost 1,076,110 - 1,076,110 Interest on the total OPEB liability 2,646,199 - 2,646,199 Net investment income - 3,955,861 (3,955,861) Employer cash contribution - - - Employer implied subsidy contribution - 253,000 (253,000) Administrative Expenses - (86,061) 86,061 Benefit payments, including implied subsidy payments (1,455,278) (1,455,278) - Assumption changes 812,693 - 812,693 Plan experience (3,466,684) - (3,466,684) Investment experience - - - Net Changes during July 1, 2022 to June 30, 2023 (386,960) 2,667,522 (3,054,482) Balance at June 30, 2023 (Measurement Date) 41,603,747 $ 46,729,797 $ (5,126,050) $ Increase (Decrease)

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

93 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-pe rcentage-point lower (5.00 percent) or 1-percentage- point higher (7.00 percent) than the current discount rate:

Discount Rate Current Discount Discount Rate
-1% (5.00%) Rate (6.00%) +1 % (7.00%)
455,031$ (5,126,050)$ (9,764,127)$ 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%
(10,621,091)$ (5,126,050) $ 1,626,485 $ 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, 2023, the City recognized OPEB credit in the amount of $999,981. At June 30, 2023, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:

Deferred outflows Deferred inflows
of Resources of Resources
Changes in assumptions 6,359,504$ (11,773,645)$ Difference between expected and actual experience - (10,039,736) Net difference between projected and actual earning on
OPEB plan investments 2,192,517 -
Total 8,552,021$ (21,813,381)$

Other amounts reported as deferred outfl ows and inflows of resources related to OPEB will be recognized as expense as follows:

Deferred
Measurement Period Outflows/(Inflows)
Ending June 30, of Resources
2024 (2,075,939) $
2025 (2,314,539)
2026 (558,337)
2027 (2,622,700)
2028 (1,790,178)
Thereafter (3,899,667)
Total (13,261,360)$

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

94 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 allocation ranges for this objective are 0 percent to 20 percent cash source, 30 percent to 50 percent fixed income, and 50 pe rcent to 70 percent equity. Fees incu rred 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
Money market funds 2,316,397$
U.S. Treasury 3,661,500
U.S. government enterprise securities 4,730,031
Corporate notes 3,896,547
Foreign notes 97,753
Municipal bonds 488,950
Domestic common stocks 5,557,429
Foreign stocks 116,880
Mutual funds - equity 21,157,980
Mutual funds - fixed income 4,586,969
Total Assets 46,610,436
Accrued Income 119,362
Total 46,729,798$

E. Concentrations of Credit Risk

Investments in any one issuer that re present 5 percent or more of the Pl an’s total cash and investments are as follows:

Issuer Investment T ype Amount Investments
Dodge and Cox S tock Fund Mutual Funds - Equity 2,447,913$ 5% Ishares Russel Mid Cap Mutual Funds - Equity 2,388,446 5% V anguard G row th and Income Mutual Funds - Equity 2,274,888 5% City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

95 Note 15 – Deferred Compensation Plan/Defined Contribution Plan

The City provides a deferred compensation/defined contribution plans for certain classifications of management under IRC Section 401(a). City participation in contributions to th e 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, 2023, there were 1,710 participants in the plans. The employer and employee contributions were in the amounts of $474,391 and $2,508,357, 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 documents are provisions for district fees to be paid by developers, which are to be used to assist the City in constructing and maintaining the infrastructure within the areas of benefit. In lieu of paying the district fees, developers are allowed to d onate infrastructure (roadways, bridges, intersections, and interchanges) necessary for the future development of the districts. In certain cases, the developer may donate infrastructure with a value that exceeds the district fees collected. If this occurs, the developer can receive a credit toward future district fees or request a cash withdrawal of the excess amount, subject to City approval if funding is determined to be available. As of June 30, 2023, 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, 2022 Additions Deletions June 30, 2023
Bridge and Throughfare Credits:

Bouquet District 21,955,779$ -$ -$ 21,955,779$ Eastside District 11,927,888 - - 11,927,888 Via Princessa District 380,692 - - 380,692 Valenica District 15,571,175 - - 15,571,175 Total Bridge and Thoroughfare Credits 49,835,534$ -$ -$ 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 1,197,956,002 $ 96,692,691 $
Deferred charges for capital related debt 1,247,469 - Capital related debt (96,038,566) -
Unspent debt proceeds 21,769,366 -
Net investment in capital assets 1,124,934,271 $ 96,692,691 $

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

96 Note 18 – Classification of Fund Balances

At June 30, 2023, fund balances are classified in the governmental funds as follows:

Landscape American Nonmajor Total
General Bridge and Dev eloper Public Maintenance Rescue Gov ernmental Gov ernmental Fund Thoroughfare Fees Library District #1 Plan Funds Funds Nonspendable:

Prepaid items 429,190 $ - $ - $ 11,086$ - $ 2,596$ 61,285 504,157 $ Deposits 60,000 - - - - - - 60,000 Notes to RDA
Successor Agency 8,045,445 - - - - - - 8,045,445 Advances to other funds 5,760,795 - - - - - - 5,760,795 Total nonspendable 14,295,430 - - 11,086 - 2,596 61,285 14,370,397 Restricted:

Landscape maintenance - - - - 24,518,473 - 6,846,659 31,365,132 Lighting District - - - - - - 15,758,852 15,758,852 Capital improvements - 8,154,170 3,596,752 - - - 5,772,673 17,523,595 Transportation - - - - - - 42,415,250 42,415,250 Open space preservatio n - - - - - - 7,218,636 7,218,636 Public safety - - 656,488 - - - 437,283 1,093,771 Public Library - - - 5,396,073 - - 4,274,301 9,670,374 Air quality improvement - - 4,422 - - - 558,416 562,838 Stormwater - - - - - - 5,028,007 5,028,007 Public education and
government - - - - - - 767,529 767,529 Tourism marketing - - - - - - 968,031 968,031 Low and moderate income
housing - - 298,820 - - - 4,997,278 5,296,098 Clean safe water - - - - - - 6,557,914 6,557,914 Bond proceeds for:

Capital projects 21,340,238 - - - - - 429,128 21,769,366 Debt services 727 - - - - - - 727 Pensions 2,173,310 - - - - - - 2,173,310 Other - - 7,507,817 - - - 3,106,578 10,614,395 Total restricted 23,514,275 8,154,170 12,064,299 5,396,073 24,518,473 - 105,136,535 178,783,825 Committed:

Ca
pital improvement - - 1,584 - - - - 1,584 Total committed - - 1,584 - - - - 1,584 Assigned:

Op erational 754,471 754,471
Capital projects 34,807,650 - 39,552 - - - 3,183,322 38,030,524 Public facilities 130,693,624 - - - - - - 130,693,624 Total assigned 166,255,745 - 39,552 - - - 3,183,322 169,478,619 Unassigned 63,696,700 - - - - (2,596) (5,057,307) 58,636,797 Total Fund Balance 267,762,150$ 8,154,170$ 12,105,435$ 5,407,159$ 24,518,473$ -$ 103,323,835$ 421,271,222$ Major Governmental funds

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

97 Note 19 – Santa Clarita Watershed Recreation and Conservancy Authority

In June 1992, the City entered into a joint powers agreement with the Santa Monica Mountains Conservancy (the Conservancy) to create the Watershed Authority. The purpose of the Watershed Authority is to acquire, develop, and conserve additional park and open 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 Wate rshed 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, 2023, the City did not make any contributions. Separate financial statements for the Santa Clarita Watershed Recreation and Conservancy Authority may be obtained from the City’s administrative offices at 23920 Valencia Boulevard, Santa Clarita, California 91355.

Note 20 – Commitments and Contingencies

A. Project Commitments

The City has active projects as of June 30, 2023. At year-end, the City’s commitments with contractors for these projects are as follows:

Projects Commitments
Arts 48,500$
Beautification 895,086
Circulation 4,481,515
Facilities & Buildings 14,701,641
M aintenance 23,800,917
Parks & Recreation 9,892,335
Resource & Conservation 28,848,540
Street & Bridges 3,870,760
Trails & Transit 2,155,832
88,695,126$

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 appr oved 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 clas sified in the financial statements and are summarized at June 30, 2023, as follows:

Amount
General Fund 35,562,121 $
Other governmental Funds 44,608,815
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

98 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 br ought against the City in July of 2021, by Remediation Financial, Inc. (“RFI”) and Bermite Recovery, LLC (“Be rmite,” and together with RFI, “Plaintiffs”). The lawsuit alleges that the City interfered with the Plaintiffs’ ability to develop a 996-acre area of undeveloped property located in the City, commonly referred to as the “Whittaker-Bermite Site.” The Plaintiffs allege that the City unlawfully interfered with 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 was successful in a first round of challenges to the Complaint to eliminate RFI as a Plaintiff. An amended Complaint was filed on behalf of Be rmite, based upon its prior ownership of 30 acres. The City again brought challenges to the Bermite complaint—motions to dismi ss and an Anti-SLAPP motion. The City was successful in eliminating all but one cause of action, and the City was awarded attorney’s fees. The claim against the City has been reduced to $30 million due to Bermite being the only remaining Plaintiff. Discovery has just commenced.

The City’s insurance provider, SDRMA, is providing defense and indemnifi cation under a reservation of rights.

The City has $10 million in coverage through SDMRA. The City has excess liability coverage in the amount of $15 million excess through Evanston Insurance. Evanston has provi ded the City with a reservation of rights letter and will provide coverage accordi ngly. The City believes the RFI-Bermite La wsuit 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 favor of the Plaintiffs could have an 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.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
99 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, 2023.

Expenditure
in E xcess of
Expenditure Appropriation Appropriation
Special Assessment Special Revenue Fund:

Operating - personnel 68,393 $ 61,913$ (6,480)$
Community Development Block Grant Special Revenue Fund:

Operating - operations and maintenance 176,487 168,835 (7,652) Measure W Safe Clean Water Special Revenue Fund:

Operating - personnel 153,938 153,414 (524)
Tourism Marketing District Special Revenue Fund:

Operating - opearations and maintenance 9,765 8,568 (1,197) B. Deficit Net Positions and Fund Balances
Funds with deficit fund balances and net position at June 30, 2023 are as follows:

Deficit
Special Revenue Funds:

Bikeway (907) $
Community Development Block Grant (5,862)
Surface Transportation Program (10,900)
Measure H Homeless Initiatives (22,774)
Measure R Highway Improvement (621,967)
Measure M ATP (282,322)
Measure A Safe Parks (3,265,726)
Misc Grants (828,095)
The deficit fund balances will be eliminated through reimbursement from grant or agencies.

Note 22 – Restatement of Beginning Net Position
Governmental Activities
The beginning net positi
on for governmental activities was restated to implement GASB 96 as follows :

Governmental
Activities
Net Position, as previously reported 1,394,712,078$
Subscription assets 3,614,088
Subscription liabilities (3,605,688)
Net Position, as restated 1,394,720,478$

100
This page intentionally left blank.

REQUIRED SUPPLEMENTARY INFORMATION
(UNAUDITED)
101
This page intentionally left blank.
102
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Taxes 106,513,746$ 107,818,582$ 110,859,494$ 3,040,912$ Licenses and permits 8,365,931 9,865,931 13,073,140 3,207,209 Intergovernmental 129,309 2,291,516 2,320,990 29,474 Charges for services 9,942,818 10,976,188 12,077,252 1,101,064 Investment income (loss) 2,540,409 2,540,409 3,236,512 696,103 Fines and penalties 920,000 1,134,509 1,275,178 140,669 Other revenues 897,080 1,118,471 1,397,011 278,540 Total revenues 129,309,293 135,745,606 144,239,577 8,493,971 EXPENDITURES:

Operating:

Personnel 49,922,548 52,812,274 48,498,555 4,313,719 Operations and maintenance 44,849,503 48,262,523 44,490,368 3,772,155 Capital outlay 1,092,879 1,863,156 478,898 1,384,258 Capital improvement projects 11,496,000 51,706,058 11,673,398 40,032,660 Total expenditures 107,360,930 154,644,011 105,141,219 49,502,792

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 21,948,363 (18,898,405) 39,098,358 57,996,763 OTHER FINANCING SOURCES (USES):

Transfers in 1,858,973 21,299,579 21,282,272 (17,307) Transfers out (21,208,466) (22,363,474) (21,368,298) 995,176 Total other financing sources (uses) (19,349,493) (1,063,895) (86,026) 977,869 NET CHANGE IN FUND BALANCE 2,598,870$ (19,962,300)$ 39,012,332 58,974,632$ FUND BALANCE:

Beginning of year, as restated (Note 22) 228,749,818
End of yea
r 267,762,150$
City of Santa Clarita
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - General Fund
For the Year Ended June 30, 2023
103
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Investment earnings 371,883$ 588,139$ 733,410$ 145,271$ Developer fees - - 729,603 729,603 Other revenues 368,724 368,724 375,044 6,320 Total revenues 740,607 956,863 1,838,057 881,194 EXPENDITURES:

Operating:

Personnel 112,263 110,900 108,623 2,277 Operations and maintenance 397,354 705,747 707,758 (2,011) Capital improvement projects 600,000 5,520,031 887,335 4,632,696 Total expenditures 1,109,617 6,336,678 1,703,716 4,632,962 NET CHANGE IN FUND BALANCE (369,010)$ (5,379,815)$ 134,341 5,514,156$ FUND BALANCE:

Beginning of year 8,019,829
End of yea
r 8,154,170$
City of Santa Clarita
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - Bridge and Thoroughfare Special Revenue Fund For the Year Ended June 30, 2023
104
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Investment earnings 23,257$ 23,257$ 124,201$ 100,944$ Developer fees - 2,430,688 2,015,872 (414,816) Other revenues - 40,000 199,597 159,597 Total revenues 23,257 2,493,945 2,339,670 (154,275) EXPENDITURES:

Operating:

Operations and maintenance - 1,858,347 1,583,348 274,999 Capital improvement projects 2,918,859 3,424,799 79,869 3,344,930 Total expenditures 2,918,859 5,283,146 1,663,217 3,619,929

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (2,895,602) (2,789,201) 676,453 3,465,654 OTHER FINANCING (USES):

Transfers out (100,000) (58,176) (58,176) - Total other financing (uses) (100,000) (58,176) (58,176) - NET CHANGE IN FUND BALANCE (2,995,602)$ (2,847,377)$ 618,277 3,465,654$ FUND BALANCE:

Beginning of year 11,487,158
End of yea
r 12,105,435$
City of Santa Clarita
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - Developer Fees Special Revenue Fund For the Year Ended June 30, 2023
105
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Taxes 8,959,540$ 8,959,540$ 9,439,660$ 480,120$ Charges for services 428,574 428,574 354,628 (73,946) Investment earnings 38,606 38,606 276 (38,330) Other revenues 83,092 192,984 180,548 (12,436) Total revenues 9,509,812 9,619,704 9,975,112 355,408 EXPENDITURES:

Operating:

Personnel 4,833,726 4,933,081 4,466,055 467,026 Operations and maintenance 3,113,676 3,316,705 3,204,021 112,684 Capital outlay - 203,973 203,973 - Capital improvement projects 283,800 283,800 228,020 55,780 Total expenditures 8,231,202 8,737,559 8,102,069 635,490

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 1,278,610 882,145 1,873,043 990,898 OTHER FINANCING SOURCES:

Transfers in - 25,933 25,933 - Total other financing sources - 25,933 25,933 - NET CHANGE IN FUND BALANCE 1,278,610$ 908,078$ 1,898,976 990,898$ FUND BALANCE:

Beginning of year 3,508,183
End of yea
r 5,407,159$
City of Santa Clarita
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - Public Library Special Revenue Fund For the Year Ended June 30, 2023
106
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Taxes 275,213$ 275,213$ 285,490$ 10,277$ Special assessments 14,813,474 15,008,474 15,362,717 354,243 Investment earnings 262,682 262,682 288,486 25,804 Total revenues 15,351,369 15,546,369 15,936,693 390,324 EXPENDITURES:

Operating:

Personnel 1,368,076 1,550,856 1,380,271 170,585 Operations and maintenance 13,600,344 14,342,142 12,406,917 1,935,225 Capital improvement projects 2,536,237 3,025,242 779,985 2,245,257 Total expenditures 17,504,657 18,918,240 14,567,173 4,351,067

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (2,153,288) (3,371,871) 1,369,520 4,741,391 OTHER FINANCING SOURCES (USES):

Transfers in 10,000 10,000 10,000 - Transfers out (57,000) (57,000) (57,000) - Total other financing sources (uses) (47,000) (47,000) (47,000) - NET CHANGE IN FUND BALANCE (2,200,288)$ (3,418,871)$ 1,322,520 4,741,391$ FUND BALANCE:

Beginning of year 23,195,953
End of yea
r 24,518,473$
City of Santa Clarita
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - Landscape Maintenance District #1 Special Revenue Fund For the Year Ended June 30, 2023
107
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 4,613,755$ 14,333,739$ 8,784,745$ (5,548,994)$ Total revenues 4,613,755 14,333,739 8,784,745 (5,548,994) EXPENDITURES:

Operating:

Personnel 60,332 74,684 73,617 1,067 Operations and maintenance 176,584 194,558 182,834 11,724 Capital improvement projects: 3,823,600 14,236,755 8,528,294 5,708,461 Total expenditures 4,060,516 14,505,997 8,784,745 5,721,252 NET CHANGE IN FUND BALANCE 553,239$ (172,258)$ - 172,258$ FUND BALANCE:

Beginning of year -
End of yea
r -$
City of Santa Clarita
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - American Rescue Plan Special Revenue Fund For the Year Ended June 30, 2023
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 custodial 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. There is no adopted budget for Santa Clarita Public Television Authority Special Revenue Fund and Public Financing Authority Capital Projects Fund.

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, 2023
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 2021-22 2020-21 2019-20 2018-19 2017-18 Total pension liability
Service cost 6,170,934$ 5,527,979$ 5,350,001$ 5,104,511$ 4,920,377$ Interest 17,206,725 16,234,316 15,203,985 14,120,352 13,037,446 Changes of assumptions 10,873,827 - - - (1,615,911) Differences between expected and actual experience (2,536,083) 1,168,851 2,498,828 3,019,582 1,709,604 Benefit payments, including refunds of
employee contributions (8,535,910) (7,668,205) (7,134,971) (6,246,516) (5,601,353) Net change in total pension liability 23,179,493 15,262,941 15,917,843 15,997,929 12,450,163 Total pension liability - beginning 242,217,576 226,954,635 211,036,792 195,038,863 182,588,700 Total pension liability - ending (a) 265,397,069$ 242,217,576$ 226,954,635$ 211,036,792$ 195,038,863$ Pension fiduciary net position
Contributions - employer 8,462,964$ 11,219,959$ 15,978,300$ 12,500,090$ 9,664,637$ Contributions - employee 2,704,400 2,551,579 2,530,805 2,478,266 2,203,916 Net investment income (18,522,060) 44,522,336 8,957,955 10,255,487 11,713,900 Benefit payments, including refunds of
employee contributions (8,535,910) (7,668,205) (7,134,971) (6,246,516) (5,601,353) Net plan to plan resources movement - - (355) Administrative expense (151,157) (192,013) (242,657) (109,362) (211,742) Other miscellaneous income/expense
1 - - - 355 (402,101) Net change in plan fiduciary net position (16,041,763) 50,433,656 20,089,432 18,878,320 17,366,902 Plan fiduciary net position - beginning2
242,650,514 192,216,858 172,127,426 153,249,106 135,882,204 Plan fiduciary net position - ending (b) 226,608,751$ 242,650,514$ 192,216,858$ 172,127,426$ 153,249,106$ Plan net pension liability (asset) - ending (a) - (b) 38,788,318$ (432,938)$ 34,737,777$ 38,909,366$ 41,789,757$ Plan fiduciary net position as a 85.38% 100.18% 84.69% 81.56% 78.57% percentage of the total pension liability
Covered payroll3
36,363,784$ 35,733,541 $ 34,033,087 $ 31,563,882 $ 29,326,360 $ Plan net pension liability as a percentage
of covered payroll 106.67% -1.21% 102.07% 123.27% 142.50% Notes to Schedule:

Benefit Changes: There were no changes in benefits
1 During Fiscal Year 2017-18, CalPERS implemented GASB 75 and reported its proportionate share of activity related to postemployment benefits 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 correction to previously reported financial statements to properly reflect its proportionate share of activity related to pensions in accordance with GASB Statement No. 68, Accounting and Financial Reporting for Pensions (GASB 68).
2 Includes any beginning of year adjustment.
3 Includes one year’s payroll growth using 2.80% payroll growth assumption for fiscal year ended June 30, 2022; 2.75% payroll growth assumption for fiscal years ended June 30, 2018-21; 3.00% payroll growth assumption for fiscal years ended June 30, 2014-17.

Changes of Assumptions: Effective with the June 30, 2021 valuation date (2022 measurement date), the accounting discount rate was reduced from 7.15% to 6.90%.

In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated, combined with risk estimates, and are used to project compound (geometric) returns over the long term.

The discount rate used to discount liabilities was informed by the long-term projected portfolio return. In addition, demographic assumptions and the inflation rate assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The accounting discount rate was 7.15% for measurement dates 2017 through 2021, 7.65% for measurement dates 2015 through 2016, and 7.50% for measurement date 2014.

City of Santa Clarita
Required Supplementary Information (Unaudited)
Schedule of Changes in Net Pension Liability and Related Ratios For the Year Ended June 30, 2023
Last Ten Fiscal Years1
California Public Employees' Retirement System Defined Pension Plan - Miscellaneous Plan 110
Measurement period 2016-17 2015-16 2014-15 2013-14
Total pension liability
Service cost 4,921,221$ 4,409,399$ 4,418,053$ 4,462,544$ Interest 12,166,752 11,315,207 10,443,680 9,588,693 Changes of assumptions 11,654,992 - (3,009,808) - experience (1,505,660) (305,665) 416,626 - Benefit payments, including refunds of
employee contributions (4,406,046) (3,347,335) (2,971,092) (2,561,655) Net change in total pension liability 22,831,259 12,071,606 9,297,459 11,489,582 Total pension liability - beginning 159,757,441 147,685,835 138,388,376 126,898,794 Total pension liability - ending (a) 182,588,700$ 159,757,441$ 147,685,835$ 138,388,376$ Pension fiduciary net position
Contributions - employer 4,484,866$ 3,959,503$ 3,740,145$ 3,562,246$ Contributions - employee 2,224,721 2,252,522 2,164,107 2,339,435 Net investment income 13,510,656 622,282 2,506,239 16,243,165 Benefit payments, including refunds of
employee contributions (4,406,046) (3,347,335) (2,971,092) (2,561,655) Net plan to plan resources movement - 9,685 - Administrative expense (177,534) (71,202) (131,529) - Other miscellaneous income/expense
1 - - - Net change in plan fiduciary net position 15,636,663 3,415,770 5,317,555 19,583,191 Plan fiduciary net position - beginning2
120,245,541 116,829,771 111,512,216 91,929,025 Plan fiduciary net position - ending (b) 135,882,204$ 120,245,541$ 116,829,771$ 111,512,216$ Plan net pension liability (asset) - ending (a) - (b) 46,706,496$ 39,511,900$ 30,856,064$ 26,876,160$ Plan fiduciary net position as a 74.42% 75.27% 79.11% 80.58% percentage of the total pension liability
Covered payroll3
28,956,876$ 28,584,202 $ 28,017,332 $ 26,879,556 $ Plan net pension liability as a percentage
of covered payroll 161.30% 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, 2023
Last Ten Fiscal Years1
California Public Employees' Retirement System Defined Pension Plan - Miscellaneous Plan 111
Fiscal year 2023 2022 2021 2020 2019
Actuarially determined contribution 7,123,275$ 6,510,552$ 6,190,238$ 6,323,890$ 5,637,826$ Contributions in relation to the
actuarially determined contribution (9,123,275) (8,462,978) (11,219,252) (15,976,871) (12,499,992) Contribution deficiency (excess) (2,000,000)$ (1,952,426)$ (5,029,014)$ (9,652,981)$ (6,862,166)$ Covered payroll 37,381,970$ 36,363,784$ 35,733,541$ 34,033,087$ 31,563,882$ Contributions as a percentage of
covered payroll 24.41% 23.27% 31.40% 46.95% 39.60%
Notes to Schedule:

Methods and assumptions used to determine contribution rates:

Actuarial cost method Entry Age Actuarial Cost Method
Amortization method Level percentage of payroll
Asset valuation method Fair Value Assets. For details, see June 30, 2019 Funding Valuation Report.

Inflation 2.50%
Salary increases Varies by entry age and service
Payroll Growth 2.75%
Investment rate of return 7.00% Net of Pension Plan Investment and Administrative Expenses; includes inflation.

Retirement age
Mortality
City of Santa Clarita
Required Supplementary Information (Unaudited)
Schedule of City Contributions - Pensions
Last Ten Fiscal Years1
California Public Employees' Retirement System Defined Pension Plan - Miscellaneous Plan 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.

The actuarial methods and assumptions used to set the actuarially determined contributions for the year ended June 30, 2023 were derived from the June 30, 2020 funding valuation report.

For the Year Ended June 30, 2023
112
Fiscal year 2018 2017 2016 2015 2014
Actuarially determined contribution 4,662,191$ 4,484,140$ 3,958,892$ 3,740,138$ 3,562,246$ Contributions in relation to the
actuarially determined contribution (9,662,191) (4,484,140) (3,958,892) (3,740,138) (3,562,246) Contribution deficiency (excess) (5,000,000)$ -$ -$ -$ -$ Covered payroll 29,326,360$ 28,956,876$ 28,584,202$ 28,017,332$ 26,879,556$ Contributions as a percentage of
covered payroll 32.96% 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, 2023
Last Ten Fiscal Years1
California Public Employees' Retirement System Defined Pension Plan - Miscellaneous Plan 113
Measurement period 2022-23 2021-22 2020-21 2019-20 2018-19 Total OPEB liability
Service cost 1,076,110$ 1,100,210$ 2,154,981$ 1,610,969$ 1,701,975$ Interest 2,646,199 2,509,052 2,517,070 2,505,286 2,823,979 Changes of benefit terms - - - - - Differences between expected and actual experience (3,466,684) - (5,463,407) - (7,334,973) Changes of assumptions 812,693 - (17,074,375) 8,477,248 2,078,284 Benefit payments, including refunds of
employee contributions (1,455,278) (1,326,369) (1,265,682) (1,202,903) (1,093,711) Net change in total pension liability (386,960) 2,282,893 (19,131,413) 11,390,600 (1,824,446) Total OPEB liability - beginning 41,990,707 39,707,814 58,839,227 47,448,627 49,273,073 Total OPEB liability - ending (a) 41,603,747$ 41,990,707 $ 39,707,814 $ 58,839,227 $ 47,448,627 $ OPEB fiduciary net position
Contributions - employer 253,000 $ 301,000 $ 638,000 $ 636,000 $ 923,250 $ Net investment income 3,955,861 (7,090,104) 10,837,685 1,475,065 2,618,633 Benefit payments, including refunds of
employee contributions (1,455,278) (1,326,369) (1,265,682) (1,202,903) (1,093,711) Administrative expense (86,061) (105,845) (95,987) (77,123) (73,935) Other expenses - - - - - Net change in plan fiduciary net position 2,667,522 (8,221,318) 10,114,016 831,039 2,374,237 Plan fiduciary net position - beginning 44,062,274 52,283,592 42,169,576 41,338,537 38,964,300 Plan fiduciar
y net position - ending (b) 46,729,796$ 44,062,274 $ 52,283,592 $ 42,169,576 $ 41,338,537 $ Plan net OPEB liability (asset) - ending (a) - (b) (5,126,049)$ (2,071,567) $ (12,575,778) $ 16,669,651 $ 6,110,090 $ Plan fiduciary net position as a percentage 112.32% 104.93% 131.67% 71.67% 87.12% of the total OPEB liability
Covered-employee payroll 45,582,496$ 41,385,678 $ 35,631,538 $ 38,295,087 $ 33,895,751 $ Plan net OPEB liability as a percentage of
covered-employee payroll -11.25% -5.01% -35.29% 43.53% 18.03% For the Year Ended June 30, 2023
City of Santa Clarita
Required Supplementary Information (Unaudited)
Schedule of Changes in Net Other Postemployment Benefits Liability and Related Ratios 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 fiduciar
y 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, 2023
115
Fiscal year ended June 30 2023 2022 2021 2020 2019
Actuarially determined contribution (ADC) 232,000$ 482,000 $ 517,000 $ 1,112,000 $ 1,127,000 $ Contributions in relation to the
actuarially determined contribution 253,000 301,000 638,000 636,000 923,250 Contribution deficiency (excess) (21,000)$ 181,000 $ (121,000) $ 476,000 $ 203,750 $ Covered-employee payroll 45,582,496$ 41,385,678 $ 35,631,538 $ 38,295,087 $ 33,895,751 $ Contributions as a percentage of
covered-employee payroll 0.56% 0.73% 1.79% 1.66% 2.72%
Methods and assumptions used to determine contribution rates:

Contribution valuation date June 30, 2022
Actuarial cost method Entry Age Normal, level percentage of payroll Amortization method Level percentage of pay
Amortization period 11-year fixed period for 2022/23
Asset valuation method Investment gains and losses spread over 5-year rolling Discount Rate 6.00%
General Inflation Rate 2.50%
Medical Trend Non-Medicare - 8.50% for 2024, decreasing to an ultimate rate of 3.45% in 2076 Medicare (Non-Kaiser) - 7.50% for 2024, decreasing to an ultimate rate of 3.45% in 2076 Medicare (Kaiser) - 6.25% for 2024, decreasing to an ultimate rate of 3.45% in 2076 Mortality CalPERS 2000-2019 experience study
Mortality Improvement Retirement mortality projected fully generational with scale MP-2021 Note: Historical information presented is only for periods after GASB 75 implementation.

Other Postemployment Benefits ("OPEB") Plan
City of Santa Clarita
Required Supplementary Information (Unaudited)
Schedule of Contributions - Other Postemployment Benefits For the Year Ended June 30, 2023
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-employee payroll 4.01%
Other Postemployment Benefits ("OPEB") Plan
For the Year Ended June 30, 2023
Schedule of Contributions - Other Postemployment Benefits (Continued) Required Supplementary Information (Unaudited)
City of Santa Clarita
Last Ten Fiscal Years
117
Fiscal year 2023 2022 2021 2020 2019 2018 2017
Actual money-weighted rate of return-
net of investment expense 9.30% -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 seven years are shown.

City of Santa Clarita
Required Supplementary Information (Unaudited)
Schedule of Money Weighted Rate of Return - OPEB
For the Year Ended June 30, 2023
118

SUPPLEMENTARY INFORMATION
119
This page intentionally left blank.
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 restricted 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 and is restricted 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 are restircted 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 County 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 the operations of the Santa Clarita Public Television Authority, for which 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 262,572 $ - $ 9,961,536$ 4,315,946 $ Accounts receivable, net - 19,296 - - Interest receivable 990 - 37,558 16,208 Taxes receivables - - - 10,729 Loans receivable - - - - Prepaid items - - - - Due from other governments 17,383 501,360 - - Restricted assets:

Cash and investments - - - - Cash and investments with fiscal agent - - - - Total assets 280,945$ 520,656 $ 9,999,094 $ 4,342,883 $ Liabilities:

Accounts payable and accrued liabilities 281,852 $ 124,061 $ 1,588 $ 24,483 $ Due to other governments - - - - Due to other funds - 342,103 - - Total liabilities 281,852 466,164 1,588 24,483 Deferred Inflows of Resources
Unavailable revenue - - - - Total deferred inflows of resources - - - - Fund Balances (Deficits):

Nonspendable - - - - Restricted - 54,492 9,997,506 4,318,400 Assigned - - - - Unassigned (deficits) (907) - - - Total fund balances (deficits) (907) 54,492 9,997,506 4,318,400 Total liabilities, deferred inflows of
resources and fund balances 280,945$ 520,656 $ 9,999,094 $ 4,342,883 $ (Continued)
Combining Balance Sheet
Special Revenue Funds
City of Santa Clarita
June 30, 2023
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 15,972,181$ 10,804,587$ 4,290,058$ -$ Accounts receivable, net 343,293 - - - Interest receivable 60,219 40,736 16,175 - Taxes receivables 134,097 - - - Loans receivable - - - - Prepaid items 27,034 - - - Due from other governments - - 895,607 250,000 Restricted assets:

Cash and investments 429,128 - - - Cash and investments with fiscal agent - - - - Total assets 16,965,952$ 10,845,323 $ 5,201,840 $ 250,000 $ Liabilities:

Accounts payable and accrued liabilities 750,938 $ 533,532 $ 28,160 $ - $ Due to other governments - - - - Due to other funds - - - 250,000 Total liabilities 750,938 533,532 28,160 250,000 Deferred Inflows of Resources
Unavailable revenue - - - - Total deferred inflows of resources - - - - Fund Balances (Deficits):

Nonspendable 27,034 - - - Restricted 16,187,980 10,311,791 5,173,680 - Assigned - - - - Unassigned (deficits) - - - - Total fund balances (deficits) 16,215,014 10,311,791 5,173,680 - Total liabilities, deferred inflows of
resources and fund balances 16,965,952$ 10,845,323 $ 5,201,840 $ 250,000 $ (Continued)
Combining Balance Sheet (Continued)
Special Revenue Funds
City of Santa Clarita
June 30, 2023
Nonmajor Governmental Funds

RESOURCES AND FUND BALANCES
ASSETS

LIABILITIES, DEFERRED INFLOWS OF
126
TDA Traffic Safety CDBG AQMD
Cash and investments 3,847,539$ -$ -$ 480,285$ Accounts receivable, net - - - - Interest receivable 15,634 - - 1,811 Taxes receivables - 33,365 - - Loans receivable - - - - Prepaid items - - - - Due from other governments - - 350,060 76,320 Restricted assets:

Cash and investments - - - - Cash and investments with fiscal agent - - - - Total assets 3,863,173$ 33,365 $ 350,060 $ 558,416 $ Liabilities:

Accounts payable and accrued liabilities 1,667,110 $ - $ 343,322$ - $ Due to other governments - - - - Due to other funds - 33,365 12,600 - Total liabilities 1,667,110 33,365 355,922 - Deferred Inflows of Resources
Unavailable revenue - - - - Total deferred inflows of resources - - - - Fund Balances (Deficits):

Nonspendable - - - - Restricted 2,196,063 - - 558,416 Assigned - - - - Unassigned (deficits) - - (5,862) - Total fund balances (deficits) 2,196,063 - (5,862) 558,416 Total liabilities, deferred inflows of
resources and fund balances 3,863,173$ 33,365$ 350,060$ 558,416$ (Continued)
Special Revenue Funds
Combining Balance Sheet (Continued)
City of Santa Clarita
June 30, 2023
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 5,248,721 $ 196,975 $ 2 $ 476,212$ Accounts receivable, net 1,537 - - - Interest receivable 19,775 - - 1,795 Taxes receivables 73,570 - - - Loans receivable - - - - Prepaid items - - - - Due from other governments - - - - Restricted assets:

Cash and investments - - - - Cash and investments with fiscal agent - - - - Total assets 5,343,603$ 196,975 $ 2 $ 478,007$ Liabilities:

Accounts payable and accrued liabilities 315,596 $ 207,875 $ - $ 40,726$ Due to other governments - - - - Due to other funds - - - - Total liabilities 315,596 207,875 - 40,726 Deferred Inflows of Resources
Unavailable revenue - - - - Total deferred inflows of resources - - - - Fund Balances (Deficits):

Nonspendable - - - - Restricted 5,028,007 - 2 437,281 Assigned - - - - Unassigned (deficits) - (10,900) - - Total fund balances (deficits) 5,028,007 (10,900) 2 437,281 Total liabilities, deferred inflows of
resources and fund balances 5,343,603$ 196,975$ 2$ 478,007$ (Continued)
ASSETS

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2023
Special Revenue Funds
128
Public
Library Education and
HOME Facilities Fees Government Proposition C
Cash and investments 697,320 $ 4,258,246 $ 658,286 $ 9,270,671 $ Accounts receivable, net - - - - Interest receivable 2,630 16,055 2,481 34,953 Taxes receivables - - 106,762 - Loans receivable 2,048,067 - - - Prepaid items - - - - Due from other governments - - - 1,008,583 Restricted assets:

Cash and investments - - - - Cash and investments with fiscal agent - - - - Total assets 2,748,017$ 4,274,301 $ 767,529 $ 10,314,207 $ Liabilities:

Accounts payable and accrued liabilities - $ - $ - $ 1,039,520$ Due to other governments - - - - Due to other funds - - - 1,008,582 Total liabilities - - - 2,048,102 Deferred Inflows of Resources
Unavailable revenue - - - 945,582 Total deferred inflows of resources - - - 945,582 Fund Balances (Deficits):

Nonspendable - - - - Restricted 2,748,017 4,274,301 767,529 7,320,523 Assigned - - - - Unassigned (deficits) - - - - Total fund balances (deficits) 2,748,017 4,274,301 767,529 7,320,523 Total liabilities, deferred inflows of
resources and fund balances 2,748,017$ 4,274,301$ 767,529$ 10,314,207$ (Continued)
ASSETS

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2023
Special Revenue Funds
129
Measure H Measure R
Homeless Highway
Initiatives Federal Grants Measure R Improvement
Cash and investments -$ 70,848$ 7,722,243$ -$ Accounts receivable, net - - - 201,776 Interest receivable - - 29,115 - Taxes receivables - - - - Loans receivable - - - - Prepaid items - - - - Due from other governments 22,774 711,544 - 645,675 Restricted assets:

Cash and investments - - - - Cash and investments with fiscal agent - - - - Total assets 22,774$ 782,392 $ 7,751,358 $ 847,451 $ Liabilities:

Accounts payable and accrued liabilities 494 $ 255,859$ 390,163 $ 222,729 $ Due to other governments - - - - Due to other funds 22,280 - - 624,744 Total liabilities 22,774 255,859 390,163 847,473 Deferred Inflows of Resources
Unavailable revenue 22,774 262,024 - 621,945 Total deferred inflows of resources 22,774 262,024 - 621,945 Fund Balances (Deficits):

Nonspendable - - - - Restricted - 264,509 7,361,195 - Assigned - - - - Unassigned (deficits) (22,774) - - (621,967) Total fund balances (deficits) (22,774) 264,509 7,361,195 (621,967) Total liabilities, deferred inflows of
resources and fund balances 22,774$ 782,392 $ 7,751,358 $ 847,451 $ (Continued)
ASSETS

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2023
Special Revenue Funds
130
Measure W Tourism
Measure M Measure A Safe Clean Marketing
ATP Safe Parks Water District
Cash and investments - $ - $ 7,123,890$ 840,726 $ Accounts receivable, net - - - - Interest receivable - - 26,859 4,286 Taxes receivables - - - 102,697 Loans receivable - - - - Prepaid items - - - 15,497 Due from other governments 314,247 3,264,988 - - Restricted assets:

Cash and investments - - - - Cash and investments with fiscal agent - - - - Total assets 314,247$ 3,264,988 $ 7,150,749 $ 963,206 $ Liabilities:

Accounts payable and accrued liabilities 60,515 $ 28,564 $ 592,835 $ 42,771 $ Due to other governments - - - - Due to other funds 253,757 3,237,162 - - Total liabilities 314,272 3,265,726 592,835 42,771 Deferred Inflows of Resources
Unavailable revenue 282,297 3,264,988 - - Total deferred inflows of resources 282,297 3,264,988 - - Fund Balances (Deficits):

Nonspendable - - - 15,497 Restricted - - 6,557,914 904,938 Assigned - - - - Unassigned (deficits) (282,322) (3,265,726) - - Total fund balances (deficits) (282,322) (3,265,726) 6,557,914 920,435 Total liabilities, deferred inflows of
resources and fund balances 314,247$ 3,264,988 $ 7,150,749 $ 963,206 $ (Continued)
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2023
Special Revenue Funds
ASSETS

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
131
Housing
Miscellaneous Park Successor
OSPD Grants Dedication Agency
Cash and investments 6,893,812 $ - $ 1,893,056$ 964,965 $ Accounts receivable, net - 201,776 - - Interest receivable 25,991 - 7,137 3,638 Taxes receivables 49,421 - - - Loans receivable - - - - Prepaid items - 18,754 - - Due from other governments - 1,131,395 - - Restricted assets:

Cash and investments - - - 206,386 Cash and investments with fiscal agent - - - - Total assets 6,969,224$ 1,351,925 $ 1,900,193 $ 1,174,989 $ Liabilities:

Accounts payable and accrued liabilities 50,379 $ 300,878 $ 146,129 $ - $ Due to other governments - - - 34,479 Due to other funds - 748,045 - - Total liabilities 50,379 1,048,923 146,129 34,479 Deferred Inflows of Resources
Unavailable revenue - 1,131,097 - - Total deferred inflows of resources - 1,131,097 - - Fund Balances (Deficits):

Nonspendable - 18,754 - - Restricted 6,918,845 - 1,754,064 1,140,510 Assigned - - - - Unassigned (deficits) - (846,849) - - Total fund balances (deficits) 6,918,845 (828,095) 1,754,064 1,140,510 Total liabilities, deferred inflows of
resources and fund balances 6,969,224$ 1,351,925$ 1,900,193$ 1,174,989$ (Continued)
ASSETS

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2023
Special Revenue Funds
132
Tourism Cooper St VC
Marketing Parking Wastewater
Bureau Areawide CFD 2020-1 Standby District
Cash and investments 62,856$ 8,005,389$ 538,559$ 3,370,370$ Accounts receivable, net - 19,103 - - Interest receivable 237 6,604 - 12,707 Taxes receivables - 136,325 - 12,432 Loans receivable - - - - Prepaid items - - - - Due from other governments - - - - Restricted assets:

Cash and investments - - - - Cash and investments with fiscal agent - - - - Total assets 63,093$ 8,167,421 $ 538,559 $ 3,395,509 $ Liabilities:

Accounts payable and accrued liabilities - $ 1,320,762$ 159,201 $ 932,895 $ Due to other governments - - - - Due to other funds - - - - Total liabilities - 1,320,762 159,201 932,895 Deferred Inflows of Resources
Unavailable revenue -
Total deferred inflows of resources - - - - Fund Balances (Deficits):

Nonspendable - - - - Restricted 63,093 6,846,659 379,358 2,462,614 Assigned - - - - Unassigned (deficits) - - - - Total fund balances (deficits) 63,093 6,846,659 379,358 2,462,614 Total liabilities, deferred inflows of
resources and fund balances 63,093$ 8,167,421 $ 538,559 $ 3,395,509 $ (Continued)
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2023
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 97 $ 3,360,542$ - $ 301,903$ Accounts receivable, net - - - - Interest receivable - - - 1,137 Taxes receivables - - - - Loans receivable - - - - Prepaid items - - - - Due from other governments - - - - Restricted assets:

Cash and investments - - - - Cash and investments with fiscal agent - - - - Total assets 97$ 3,360,542$ - $ 303,040$ Liabilities:

Accounts payable and accrued liabilities - $ 480,260$ - $ - $ Due to other governments - - - - Due to other funds - - - - Total liabilities - 480,260 - - Deferred Inflows of Resources
Unavailable revenue - -
Total deferred inflows of resources - - - - Fund Balances (Deficits):

Nonspendable - - - - Restricted 97 - - - Assigned - 2,880,282 - 303,040 Unassigned (deficits) - - - - Total fund balances (deficits) 97 2,880,282 - 303,040 Total liabilities, deferred inflows of
resources and fund balances 97$ 3,360,542$ - $ 303,040$ (Continued)
Capital Projects Funds
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2023
ASSETS

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
134
Debt Service Fund
Public Total Nonmajor
Financing Governmental
Authority Funds
Cash and investments 1,085,563$ 112,975,956$
Accounts receivable, net - 786,781 Interest receivable - 384,731
Taxes receivables - 659,398
Loans receivable - 2,048,067
Prepaid items - 61,285
Due from other governments - 9,189,936 Restricted assets:

Cash and investments - 635,514
Cash and investments with fiscal agent 23,188 23,188 Total assets 1,108,751$ 126,764,856 $
Liabilities:

Accounts payable and accrued liabilities -$ 10,343,197$ Due to other governments - 34,479 Due to other funds - 6,532,638 Total liabilities - 16,910,314 Deferred Inflows of Resources
Unavailable revenue - 6,530,707 Total deferred inflows of resources - 6,530,707 Fund Balances (Deficits):

Nonspendable - 61,285
Restricted 1,108,751 105,136,535
Assigned - 3,183,322
Unassigned (deficits) - (5,057,307) Total fund balances (deficits) 1,108,751 103,323,835 Total liabilities, deferred inflows of
resources and fund balances 1,108,751$ 126,764,856$ (Concluded)
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2023
ASSETS

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
135
This page intentionally left blank.
136
Special
Bikeway Gas Tax Proposition A Assessment
REVENUES:

Taxes - $ - $ - $ - $ Special assessments - - - 676,502 Intergovernmental 231,158 5,709,962 5,823,952 - Charges for services - - - - Investment income (loss) 3,536 637 203,363 48,846 Fines and forfeitures - 25,655 - - Developer fees - - - - Other revenue - 3,787 - - Total revenues 234,694 5,740,041 6,027,315 725,348 EXPENDITURES:

Current:

General government - - - - Public safety - - - - Public works - 5,322,958 - - Community development - - - - Neighborhood services - - - 299,347 Capital outlay 342,054 754 218,712 - Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Cost of issuance - - - - Total expenditures 342,054 5,323,712 218,712 299,347

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (107,360)
416,329 5,808,603 426,001
OTHER FINANCING SOURCES (USES):

Issuance of debt - - - - Issuance premium - - - - Transfers in - 108,415 - 17,000 Transfers out - (265,469) (6,074,505) (3,276) Total other financing sources (uses) - (157,054) (6,074,505) 13,724 NET CHANGES IN FUND BALANCES (107,360) 259,275 (265,902) 439,725 FUND BALANCES (DEFICITS):

Beginning of year 106,453 (204,783) 10,263,408 3,878,675 End of yea
r (907)$ 54,492 $ 9,997,506 $ 4,318,400 $ (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, 2023
137
Street SB1 Road
Lighting Measure M Repair and
District Local Return Activity State Park
REVENUES:

Taxes -$ -$ -$ -$ Special assessments 6,410,634 - - - Intergovernmental - 4,097,322 5,111,045 250,000 Charges for services - - - - Investment income (loss) 204,211 42,387 72,739 - Fines and forfeitures 413,615 - - - Developer fees - - - - Other revenue 5,000 - - - Total revenues 7,033,460 4,139,709 5,183,784 250,000 EXPENDITURES:

Current:

General government 2,634,114 - - - Public safety - - - - Public works 1,837,380 - - - Community development - - - - Neighborhood services - - - - Capital outlay 515,063 803,115 5,481,572 - Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Cost of issuance - - - - Total expenditures 4,986,557 803,115 5,481,572 -

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 2,046,903 3,336,594 (297,788) 250,000 OTHER FINANCING SOURCES (USES):

Issuance of debt - - - - Issuance premium - - - - Transfers in 231,485 - - - Transfers out (1,091,647) - - - Total other financing sources (uses) (860,162) - - - NET CHANGES IN FUND BALANCES 1,186,741 3,336,594 (297,788) 250,000 FUND BALANCES (DEFICITS):

Beginning of year 15,028,273 6,975,197 5,471,468 (250,000) End of yea
r 16,215,014$ 10,311,791 $ 5,173,680 $ - $ (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, 2023
Special Revenue Funds
138
TDA Traffic Safety CDBG AQMD
REVENUES:

Taxes -$ -$ -$ -$
Special assessments - - - -
Intergovernmental 3,482,906 - 2,138,254 302,074 Charges for services - - - -
Investment income (loss) 187,490 - - (993) Fines and forfeitures - 532,693 - -
Developer fees - - - -
Other revenue - - - -
Total revenues 3,670,396 532,693 2,138,254 301,081 EXPENDITURES:

Current:

General government - - - -
Public safety - - - -
Public works 14,823 - - -
Community development - - 938,501 -
Neighborhood services - - - 13,388
Capital outlay 8,614,696 - 1,314,952 14,799 Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Cost of issuance - - - -
Total expenditures 8,629,519 - 2,253,453 28,187

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (4,959,123) 532,693 (115,199) 272,894
OTHER FINANCING SOURCES (USES):

Issuance of debt - - - -
Issuance premium - - - -
Transfers in - - - -
Transfers out - (532,693) - -
Total other financing sources (uses) - (532,693) - - NET CHANGES IN FUND BALANCES (4,959,123) - (115,199) 272,894 FUND BALANCES (DEFICITS):

Beginning of year 7,155,186 - 109,337 285,522 End of yea
r 2,196,063$ -$ (5,862)$ 558,416$ (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, 2023
Special Revenue Funds
139
Surface
Transportation BJA Law Supplemental
Stormwater Program Enforcement Law Grant
REVENUES:

Taxes - $ - $ - $ - $ Special assessments 5,093,471 - - - Intergovernmental - - 17,159 574,989 Charges for services 21,830 - - - Investment income (loss) 29,826 - - 5,690 Fines and forfeitures - - - - Developer fees - - - - Other revenue 267,057 - - - Total revenues 5,412,184 - 17,159 580,679 EXPENDITURES:

Current:

General government - - - - Public safety - - 17,159 488,708 Public works - - - - Community development - - - - Neighborhood services 4,224,388 - - - Capital outlay 121,255 - - - Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Cost of issuance - - - - Total expenditures 4,345,643 - 17,159 488,708

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 1,066,541 - - 91,971 OTHER FINANCING SOURCES (USES):

Issuance of debt - - - - Issuance premium - - - - Transfers in 3,690 - - - Transfers out - - - - Total other financing sources (uses) 3,690 - - - NET CHANGES IN FUND BALANCES 1,070,231 - - 91,971 FUND BALANCES (DEFICITS):

Beginning of year 3,957,776 (10,900) 2 345,310 End of yea
r 5,028,007$ (10,900)$ 2$ 437,281$ (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, 2023
Special Revenue Funds
140
Public
Library Education and
HOME Facilities Fees Government Proposition C
REVENUES:

Taxes - $ - $ 446,248$ - $ Special assessments - - - - Intergovernmental - - - 5,010,906 Charges for services - - - - Investment income (loss) 7,685 53,764 12,062 176,157 Fines and forfeitures - - - - Developer fees - 233,619 - - Other revenue 45,049 - - - Total revenues 52,734 287,383 458,310 5,187,063 EXPENDITURES:

Current:

General government - - 494,593 - Public safety - - - - Public works - - - - Community development - - - - Neighborhood services - - - - Capital outlay - - - 4,878,673 Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Cost of issuance - - - - Total expenditures - - 494,593 4,878,673

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 52,734 287,383 (36,283) 308,390 OTHER FINANCING SOURCES (USES):

Issuance of debt - - - - Issuance premium - - - - Transfers in - - - - Transfers out - - - (2,462,730) Total other financing sources (uses) - - - (2,462,730) NET CHANGES IN FUND BALANCES 52,734 287,383 (36,283) (2,154,340) FUND BALANCES (DEFICITS):

Beginning of year, as restated (Note 20) 2,695,283 3,986,918 803,812 9,474,863 End of yea
r 2,748,017$ 4,274,301$ 767,529$ 7,320,523$ (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, 2023
Special Revenue Funds
141
Measure H Measure R
Homeless Highway
Initiatives Federal Grants Measure R Improvement
REVENUES:

Taxes -$ -$ -$ -$ Special assessments - - - - Intergovernmental 444,425 1,584,608 3,622,058 3,328,898 Charges for services - - - - Investment income (loss) - - 15,415 - Fines and forfeitures - - - - Developer fees - - - - Other revenue - - - - Total revenues 444,425 1,584,608 3,637,473 3,328,898 EXPENDITURES:

Current:

General government - - - - Public safety - - - - Public works - - - - Community development 238,877 4,499 - - Neighborhood services - - - - Capital outlay - 1,560,972 511,896 3,856,463 Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Cost of issuance - - - - Total expenditures 238,877 1,565,471 511,896 3,856,463

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 205,548 19,137 3,125,577 (527,565) OTHER FINANCING SOURCES (USES):

Issuance of debt - - - - Issuance premium - - - - Transfers in - - - - Transfers out - (410,704) - - Total other financing sources (uses) - (410,704) - - NET CHANGES IN FUND BALANCES 205,548 (391,567) 3,125,577 (527,565) FUND BALANCES (DEFICITS):

Beginning of year (228,322) 656,076 4,235,618 (94,402) End of yea
r (22,774)$ 264,509$ 7,361,195$ (621,967)$ (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, 2023
Special Revenue Funds
142
Measure W Tourism
Measure M Measure A Safe Clean Marketing
ATP Safe Parks Water District
REVENUES:

Taxes - $ - $ 3,214,928$ - $ Special assessments - - - - Intergovernmental 527,151 - - - Charges for services - - - 993,211 Investment income (loss) - - 65,957 4,542 Fines and forfeitures - - - - Developer fees - - - - Other revenue - - - - Total revenues 527,151 - 3,280,885 997,753 EXPENDITURES:

Current:

General government - - - - Public safety - - - - Public works - - - - Community development - - - 634,460 Neighborhood services - - 191,630 - Capital outlay 334,664 3,070,001 2,044,655 - Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Cost of issuance - - - - Total expenditures 334,664 3,070,001 2,236,285 634,460

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 192,487 (3,070,001) 1,044,600 363,293 OTHER FINANCING SOURCES (USES):

Issuance of debt - - - - Issuance premium - - - - Transfers in - - - - Transfers out - (194,251) - (296,000) Total other financing sources (uses) - (194,251) - (296,000) NET CHANGES IN FUND BALANCES 192,487 (3,264,252) 1,044,600 67,293 FUND BALANCES (DEFICITS):

Beginning of year (474,809) (1,474) 5,513,314 853,142 End of yea
r (282,322)$ (3,265,726) $ 6,557,914 $ 920,435 $ (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, 2023
Special Revenue Funds
143
Housing
Miscellaneous Park Successor
OSPD Grants Dedication Agency
REVENUES:

Taxes - $ - $ - $ - $ Special assessments 3,189,455 - - - Intergovernmental - 1,403,806 - - Charges for services 12,272 - - - Investment income (loss) 84,357 - 41,391 9,973 Fines and forfeitures - - - - Developer fees - - 69,671 - Other revenue 1,500 - - - Total revenues 3,287,584 1,403,806 111,062 9,973 EXPENDITURES:

Current:

General government - - - - Public safety - - - - Public works - - - - Community development - 226,642 - - Neighborhood services 784,552 170,360 - - Capital outlay 1,615,794 1,393,352 434,662 - Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Cost of issuance - - - - Total expenditures 2,400,346 1,790,354 434,662 -

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 887,238 (386,548) (323,600) 9,973 OTHER FINANCING SOURCES (USES):

Issuance of debt - - - - Issuance premium - - - - Transfers in - - - 159,244 Transfers out (803,606) - - - Total other financing sources (uses) (803,606) - - 159,244 NET CHANGES IN FUND BALANCES 83,632 (386,548) (323,600) 169,217 FUND BALANCES (DEFICITS):

Beginning of year 6,835,213 (441,547) 2,077,664 971,293 End of yea
r 6,918,845$ (828,095)$ 1,754,064$ 1,140,510$ (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, 2023
Special Revenue Funds
144
Tourism Cooper St VC
Marketing Parking Wastewater
Bureau Areawide CFD 2020-1 Standby District
REVENUES:

Taxes -$ -$ -$ -$ Special assessments - 7,828,624 995,475 1,276,387 Intergovernmental - - - - Charges for services 8,053 - - - Investment income (loss) 1,016 146,307 - 52,052 Fines and forfeitures - 37,580 - - Developer fees - - - - Other revenue - - 122,342 - Total revenues 9,069 8,012,511 1,117,817 1,328,439 EXPENDITURES:

Current:

General government - 5,774,534 - 5,438 Public safety - - - - Public works - - - - Community development 9,765 - - - Neighborhood services - 12,716,000 635,405 2,343,577 Capital outlay - 579,473 - - Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Cost of issuance - - - - Total expenditures 9,765 19,070,007 635,405 2,349,015

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (696) (11,057,496) 482,412 (1,020,576) OTHER FINANCING SOURCES (USES):

Issuance of debt - - - - Issuance premium - - - - Transfers in - 13,053,760 - - Transfers out - (432,385) (1,553) - Total other financing sources (uses) - 12,621,375 (1,553) - NET CHANGES IN FUND BALANCES (696) 1,563,879 480,859 (1,020,576) FUND BALANCES (DEFICITS):

Beginning of year 63,789 5,282,780 (101,501) 3,483,190 End of yea
r 63,093$ 6,846,659 $ 379,358 $ 2,462,614 $ (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, 2023
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 326,943 - - - Charges for services - - - - Investment income (loss) 557 - - 4,232 Fines and forfeitures - - - - Developer fees - - - - Other revenue - - - - Total revenues 327,500 - - 4,232 EXPENDITURES:

Current:

General government 271,755 - - - Public safety - - - - Public works - - - - Community development - - - - Neighborhood services - - - - Capital outlay - 2,250,597 10 74,000 Debt service:

Principal retirement 72,832 - - - Interest and fiscal charges 96 - - - Cost of issuance - - - - Total expenditures 344,683 2,250,597 10 74,000

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (17,183) (2,250,597) (10) (69,768) OTHER FINANCING SOURCES (USES):

Issuance of debt - - - - Issuance premium - - - - Transfers in - 4,461,165 - - Transfers out - - - - Total other financing sources (uses) - 4,461,165 - - NET CHANGES IN FUND BALANCES (17,183) 2,210,568 (10) (69,768) FUND BALANCES (DEFICITS):

Beginning of year 17,280 669,714 10 372,808 End of yea
r 97$ 2,880,282$ - $ 303,040$ (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, 2023
146
Debt Service Fund
Public Total Nonmajor
Financing Governmental
Authority Funds
REVENUES:

Taxes -$ 3,661,176$
Special assessments - 25,470,548 Intergovernmental - 43,987,616 Charges for services - 1,035,366 Investment income (loss) 2,649 1,475,848 Fines and forfeitures - 1,009,543 Developer fees - 303,290
Other revenue - 444,735
Total revenues 2,649 77,388,122
EXPENDITURES:

Current:

General government - 9,180,434 Public safety - 505,867
Public works - 7,175,161
Community development - 2,052,744 Neighborhood services - 21,378,647 Capital outlay - 40,032,184
Debt service:

Principal retirement 2,550,000 2,622,832
Interest and fiscal charges 2,928,979 2,929,075 Cost of issuance 354,697 354,697
Total expenditures 5,833,676 86,231,641

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (5,831,027) (8,843,519)
OTHER FINANCING SOURCES (USES):

Issuance of debt 18,815,000 18,815,000
Issuance premium 716,027 716,027
Transfers in 5,478,154 23,512,913
Transfers out (19,163,579) (31,732,398)

Total other financing sources (uses) 5,845,602 11,311,542 NET CHANGES IN FUND BALANCES 14,575 2,468,023 FUND BALANCES (DEFICITS):

Beginning of year 1,094,176 100,855,812
End of yea
r 1,108,751$ 103,323,835$
(Concluded)
City of Santa Clarita
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2023
147
This page intentionally left blank.
148
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 226,967$ 525,482$ 231,158$ (294,324)$ Investment earnings - - 3,536 3,536 Total revenues 226,967 525,482 234,694 (290,788) EXPENDITURES:

Capital improvement projects 226,967 632,759 342,054 290,705 Total expenditures 226,967 632,759 342,054 290,705 NET CHANGE IN FUND BALANCE -$ (107,277)$ (107,360) (83)$ FUND BALANCE:

Beginning of year 106,453
End of yea
r (907)$
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, 2023
149
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 6,375,199$ 5,584,141 5,709,962$ 125,821$ Investment earnings - - 637 637 Fines and forfeitures - - 25,655 25,655 Other revenues - - 3,787 3,787 Total revenues 6,375,199 5,584,141 5,740,041 155,900 EXPENDITURES:

Operating:

Personnel 2,653,789 2,685,208 2,547,593 137,615 Operations and maintenance 2,780,462 2,780,462 2,719,240 61,222 Capital outlay - 277,855 56,125 221,730 Capital improvement projects - 16,754 754 16,000 Total expenditures 5,434,251 5,760,279 5,323,712 436,567

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 940,948 (176,138) 416,329 592,467 OTHER FINANCING SOURCES (USES):

Transfers in 100,000 407,423 108,415 (299,008) Transfers out (272,305) (265,469) (265,469) - Total other financing sources (uses) (172,305) 141,954 (157,054) (299,008) NET CHANGE IN FUND BALANCE 768,643$ (34,184)$ 259,275 293,459$ FUND BALANCE:

Beginning of year (204,783)
End of yea
r 54,492$
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, 2023
150
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 5,405,645$ 5,405,645$ 5,823,952$ 418,307$ Investment earnings 118,815 118,815 203,363 84,548 Total revenues 5,524,460 5,524,460 6,027,315 502,855 EXPENDITURES:

Capital improvement projects 120,000 335,757 218,712 117,045 Total expenditures 120,000 335,757 218,712 117,045

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 5,404,460 5,188,703 5,808,603 619,900 OTHER FINANCING (USES):

Transfers out (4,573,381) (6,074,505) (6,074,505) - Total other financing (uses) (4,573,381) (6,074,505) (6,074,505) - NET CHANGE IN FUND BALANCE 831,079$ (885,802)$ (265,902) 619,900$ FUND BALANCE:

Beginning of year 10,263,408
End of yea
r 9,997,506$
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, 2023
151
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Special assessments 694,669$ 694,669$ 676,502$ (18,167)$ Investment earnings 50,907 50,907 48,846 (2,061) Total revenues 745,576 745,576 725,348 (20,228) EXPENDITURES:

Operating:

Personnel 62,708 61,913 68,393 (6,480) Operations and maintenance 347,229 387,229 230,954 156,275 Total expenditures 409,937 449,142 299,347 149,795

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 335,639 296,434 426,001 129,567 OTHER FINANCING SOURCES (USES):

Transfers in 17,000 17,000 17,000 - Transfers out (3,389) (3,276) (3,276) - Total other financing sources (uses) 13,611 13,724 13,724 - NET CHANGE IN FUND BALANCE 349,250$ 310,158$ 439,725 129,567$ FUND BALANCE:

Beginning of year 3,878,675
End of yea
r 4,318,400$
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, 2023
152
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Special assessments 6,189,644$ 6,189,644$ 6,410,634$ 220,990$ Investment earnings 201,032 201,032 204,211 3,179 Fines and forfeitures 510,000 570,000 413,615 (156,385) Other revenues 2,500 2,500 5,000 2,500 Total revenues 6,903,176 6,963,176 7,033,460 70,284 EXPENDITURES:

Operating:

Personnel 358,607 368,739 336,916 31,823 Operations and maintenance 4,008,519 4,488,519 4,134,578 353,941 Capital improvement projects 335,000 522,179 515,063 7,116 Total expenditures 4,702,126 5,379,437 4,986,557 392,880

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 2,201,050 1,583,739 2,046,903 463,164 OTHER FINANCING SOURCES (USES):

Transfers in 231,485 231,485 231,485 - Transfers out (1,092,098) (1,092,098) (1,091,647) 451 Total other financing sources (uses) (860,613) (860,613) (860,162) 451 NET CHANGE IN FUND BALANCE 1,340,437$ 723,126$ 1,186,741 463,615$ FUND BALANCE:

Beginning of year 15,028,273
End of yea
r 16,215,014$
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, 2023
153
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 3,811,264$ 3,811,264$ 4,097,322$ 286,058$ Investment earnings - - 42,387 42,387 Total revenues 3,811,264 3,811,264 4,139,709 328,445 EXPENDITURES:

Capital improvement projects 4,131,286 6,531,178 803,115 5,728,063 Total expenditures 4,131,286 6,531,178 803,115 5,728,063 NET CHANGE IN FUND BALANCE (320,022)$ (2,719,914)$ 3,336,594 6,056,508$ FUND BALANCE:

Beginning of year 6,975,197
End of yea
r 10,311,791$
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, 2023
154
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 5,050,659$ 4,906,518$ 5,111,045$ 204,527$ Investment earnings - - 72,739 72,739
Total revenues 5,050,659 4,906,518 5,183,784 277,266 EXPENDITURES:

Capital improvement projects 5,596,984 10,438,400 5,481,572 4,956,828 Total expenditures 5,596,984 10,438,400 5,481,572 4,956,828 NET CHANGE IN FUND BALANCE (546,325)$ (5,531,882)$ (297,788) 5,234,094$ FUND BALANCE:

Beginning of year 5,471,468
End of yea
r 5,173,680$
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, 2023
155
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental -$ 250,000$ 250,000$ -$ Total revenues - 250,000 250,000 - NET CHANGE IN FUND BALANCE -$ 250,000$ 250,000 -$ FUND BALANCE:

Beginning of year (250,000)
End of yea
r -$
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, 2023
156
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 3,678,764$ 4,758,747$ 3,482,906$ (1,275,841)$ Investment earnings - - 187,490 187,490 Total revenues 3,678,764 4,758,747 3,670,396 (1,088,351) EXPENDITURES:

Capital improvement projects 3,378,744 11,663,424 8,629,519 3,033,905 Total expenditures 3,378,744 11,663,424 8,629,519 3,033,905

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 300,020 (6,904,677) (4,959,123) 1,945,554 OTHER FINANCING (USES):

Transfers out - (299,008) - 299,008 Total other financing (uses) - (299,008) - 299,008 NET CHANGE IN FUND BALANCE 300,020$ (7,203,685)$ (4,959,123) 2,244,562$ FUND BALANCE:

Beginning of year 7,155,186
End of yea
r 2,196,063$
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, 2023
157
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Fines and forfeitures 550,000$ 550,000$ 532,693$ (17,307)$ Total revenues 550,000 550,000 532,693 (17,307) OTHER FINANCING (USES):

Transfers out (550,000) (550,000) (532,693) 17,307 Total other financing (uses) (550,000) (550,000) (532,693) 17,307 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, 2023
158
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 1,956,414$ 2,382,727$ 2,138,254$ (244,473)$ Total revenues 1,956,414 2,382,727 2,138,254 (244,473) EXPENDITURES:

Operating:

Personnel 167,791 168,835 176,487 (7,652) Operations and maintenance 876,775 870,765 762,014 108,751 Capital improvement projects 711,848 1,343,127 1,314,952 28,175 Total expenditures 1,756,414 2,382,727 2,253,453 129,274 NET CHANGE IN FUND BALANCE 200,000$ -$ (115,199) (115,199)$ FUND BALANCE:

Beginning of year 109,337
End of yea
r (5,862)$
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, 2023
159
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 289,000$ 289,000$ 302,074$ 13,074$ Investment earnings 3,685 3,685 (993) (4,678) Total revenues 292,685 292,685 301,081 8,396 EXPENDITURES:

Operating:

Operations and maintenance 21,257 21,257 13,388 7,869 Capital improvement projects - 16,374 14,799 1,575 Total expenditures 21,257 37,631 28,187 9,444 NET CHANGE IN FUND BALANCE 271,428$ 255,054$ 272,894 17,840$ FUND BALANCE:

Beginning of year 285,522
End of yea
r 558,416$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Air Quality Management District (AQMD) Special Revenue Fund For the Year Ended June 30, 2023
160
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Special assessments 4,057,862$ 5,057,862$ 5,093,471$ 35,609$ Charges for services 19,743 19,743 21,830 2,087 Investment earnings 44,864 44,864 29,826 (15,038) Other revenues 259,440 259,440 267,057 7,617 Total revenues 4,381,909 5,381,909 5,412,184 30,275 EXPENDITURES:

Operating:

Personnel 1,478,854 1,494,122 1,494,122 - Operations and maintenance 3,062,024 3,458,345 2,730,266 728,079 Capital improvement projects 350,000 472,856 121,255 351,601 Total expenditures 4,890,878 5,425,323 4,345,643 1,079,680

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (508,969) (43,414) 1,066,541 1,109,955 OTHER FINANCING SOURCES:

Transfers in 3,690 3,690 3,690 - Total other financing sources 3,690 3,690 3,690 - NET CHANGE IN FUND BALANCE (505,279)$ (39,724)$ 1,070,231 1,109,955$ FUND BALANCE:

Beginning of year 3,957,776
End of yea
r 5,028,007$
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, 2023
161
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 1,301,580$ 1,301,580$ -$ (1,301,580)$ Total revenues 1,301,580 1,301,580 - (1,301,580) EXPENDITURES:

Capital improvement projects 1,301,580 1,301,580 - 1,301,580 Total expenditures 1,301,580 1,301,580 - 1,301,580 NET CHANGE IN FUND BALANCE -$ -$ - -$ FUND BALANCE:

Beginning of year (10,900)
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, 2023
162
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental -$ 24,062$ 17,159$ (6,903)$ Total revenues - 24,062 17,159 (6,903) EXPENDITURES:

Operating:

Operations and maintenance - 25,984 17,159 8,825 Total expenditures - 25,984 17,159 8,825 NET CHANGE IN FUND BALANCE -$ (1,922)$ - 1,922$ 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, 2023
163
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 362,000$ 362,000$ 574,989$ 212,989$ Investment earnings - - 5,690 5,690 Total revenues 362,000 362,000 580,679 218,679 EXPENDITURES:

Operating:

Operations and maintenance 516,514 516,514 488,708 27,806 Total expenditures 516,514 516,514 488,708 27,806 NET CHANGE IN FUND BALANCE (154,514)$ (154,514)$ 91,971 246,485$ FUND BALANCE:

Beginning of year 345,310
End of yea
r 437,281$
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, 2023
164
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Investment earnings 4,692$ 4,692$ 7,685$ 2,993$ Other revenue - - 45,049 45,049 Total revenues 4,692 4,692 52,734 48,042 NET CHANGE IN FUND BALANCE 4,692$ 4,692$ 52,734 48,042$ FUND BALANCE:

Beginning of year 2,695,283
End of yea
r 2,748,017$
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, 2023
165
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Investment earnings 53,268$ 53,268$ 53,764$ 496$ Developer fees 200,000 200,000 233,619 33,619
Total revenues 253,268 253,268 287,383 34,115 NET CHANGE IN FUND BALANCE 253,268$ 253,268$ 287,383 34,115$ FUND BALANCE:

Beginning of year 3,986,918
End of yea
r 4,274,301$
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, 2023
166
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Taxes 430,000$ 430,000$ 446,248$ 16,248$ Investment earnings 11,301 11,301 12,062 761 Total revenues 441,301 441,301 458,310 17,009 EXPENDITURES:

Operating:

Operations and maintenance 217,663 512,964 474,094 38,870 Capital outlay 12,000 20,499 20,499 - Total expenditures 229,663 533,463 494,593 38,870 NET CHANGE IN FUND BALANCE 211,638$ (92,162)$ (36,283) 55,879$ FUND BALANCE:

Beginning of year 803,812
End of yea
r 767,529$
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, 2023
167
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 5,422,714$ 5,635,622$ 5,010,906$ (624,716)$ Investment earnings - - 176,157 176,157 Total revenues 5,422,714 5,635,622 5,187,063 (448,559) EXPENDITURES:

Capital improvement projects 6,750,000 12,878,788 4,878,673 8,000,115 Total expenditures 6,750,000 12,878,788 4,878,673 8,000,115

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (1,327,286) (7,243,166) 308,390 7,551,556 OTHER FINANCING (USES):

Transfers out (2,462,730) (2,462,730) (2,462,730) - Total other financing (uses) (2,462,730) (2,462,730) (2,462,730) - NET CHANGE IN FUND BALANCE (3,790,016)$ (9,705,896)$ (2,154,340) 7,551,556$ FUND BALANCE:

Beginning of year 9,474,863
End of yea
r 7,320,523$
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, 2023
168
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 38,782$ 467,199$ 444,425$ (22,774)$ Total revenues 38,782 467,199 444,425 (22,774) EXPENDITURES:

Operating:

Personnel 45,091 18,314 18,314 - Operations and maintenance - 220,563 220,563 - Total expenditures 45,091 238,877 238,877 - NET CHANGE IN FUND BALANCE (6,309)$ 228,322$ 205,548 (22,774)$ FUND BALANCE:

Beginning of year (228,322)
End of yea
r (22,774)$
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, 2023
169
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 1,315,596$ 3,509,181$ 1,584,608$ (1,924,573)$ Total revenues 1,315,596 3,509,181 1,584,608 (1,924,573) EXPENDITURES:

Operating:

Operations and maintenance - 4,500 4,500 - Capital improvement projects 1,315,596 3,479,967 1,560,971 1,918,996 Total expenditures 1,315,596 3,484,467 1,565,471 1,918,996

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES - 24,714 19,137 (5,577) OTHER FINANCING (USES):

Transfers out - (410,704) (410,704) - Total other financing (uses)
NET CHANGE IN FUND BALANCE -$ (385,990)$ (391,567) (5,577)$ FUND BALANCE:

Beginning of year 656,076
End of yea
r 264,509$
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, 2023
170
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 3,362,880$ 3,362,880$ 3,622,058$ 259,178$ Investment earnings - - 15,415 15,415 Total revenues 3,362,880 3,362,880 3,637,473 274,593 EXPENDITURES:

Capital improvement projects 4,921,021 5,392,117 511,896 4,880,221 Total expenditures 4,921,021 5,392,117 511,896 4,880,221 NET CHANGE IN FUND BALANCE (1,558,141)$ (2,029,237)$ 3,125,577 5,154,814$ FUND BALANCE:

Beginning of year 4,235,618
End of year 7,361,195$
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, 2023
171
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 20,096,000$ 4,330,910$ 3,328,898$ (1,002,012)$ Total revenues 20,096,000 4,330,910 3,328,898 (1,002,012) EXPENDITURES:

Capital improvement projects 20,096,000 24,295,123 3,856,463 20,438,660 Total expenditures 20,096,000 24,295,123 3,856,463 20,438,660 NET CHANGE IN FUND BALANCE -$ (19,964,213)$ (527,565) 19,436,648$ FUND BALANCE:

Beginning of year (94,402)
End of yea
r (621,967)$
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, 2023
172
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 1,762,082$ 2,250,089$ 527,151$ (1,722,938)$ Total revenues 1,762,082 2,250,089 527,151 (1,722,938) EXPENDITURES:

Capital improvement projects 1,762,082 1,747,780 334,664 1,413,116 Total expenditures 1,762,082 1,747,780 334,664 1,413,116 NET CHANGE IN FUND BALANCE -$ 502,309$ 192,487 (309,822)$ FUND BALANCE:

Beginning of year (474,809)
End of yea
r (282,322)$
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, 2023
173
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 194,251$ 3,266,742$ -$ (3,266,742)$ Total revenues 194,251 3,266,742 - (3,266,742) EXPENDITURES:

Capital improvement projects - 3,071,777 3,070,001 1,776 Total expenditures - 3,071,777 3,070,001 1,776

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 194,251 194,965 (3,070,001) (3,264,966) OTHER FINANCING (USES):

Transfers out (194,251) (194,251) (194,251) - Total other financing (uses) (194,251) (194,251) (194,251) - NET CHANGE IN FUND BALANCE -$ 714$ (3,264,252) (3,264,966)$ FUND BALANCE:

Beginning of year (1,474)
End of yea
r (3,265,726)$
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, 2023
174
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Taxes 3,211,394$ 3,211,394$ 3,214,928$ 3,534$ Investment earnings 25,707 25,707 65,957 40,250
Total revenues 3,237,101 3,237,101 3,280,885 43,784 EXPENDITURES:

Operating:

Personnel 145,260 153,414 153,938 (524)
Operations and maintenance 36,692 39,692 37,692 2,000 Capital improvement projects 4,782,000 6,681,624 2,044,655 4,636,969 Total expenditures 4,963,952 6,874,730 2,236,285 4,638,445 NET CHANGE IN FUND BALANCE (1,726,851)$ (3,637,629)$ 1,044,600 4,682,229$ FUND BALANCE:

Beginning of year 5,513,314
End of yea
r 6,557,914$
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, 2023
175
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Charges for services 750,000$ 900,000$ 993,211$ 93,211$ Investment earnings 7,062 7,062 4,542 (2,520) Total revenues 757,062 907,062 997,753 90,691 EXPENDITURES:

Operating:

Personnel 35,056 55,242 55,117 125 Operations and maintenance 611,688 591,502 579,343 12,159 Total expenditures 646,744 646,744 634,460 12,284

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 110,318 260,318 363,293 102,975 OTHER FINANCING (USES):

Transfers out (296,000) (296,000) (296,000) - Total other financing (uses)
NET CHANGE IN FUND BALANCE (185,682)$ (35,682)$ 67,293 102,975$ FUND BALANCE:

Beginning of year 853,142
End of yea
r 920,435$
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, 2023
176
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Special assessments 3,114,941$ 3,114,941$ 3,189,455$ 74,514$ Charges for services 85,627 85,627 12,272 (73,355) Investment earnings 96,674 96,674 84,357 (12,317) Other revenues - - 1,500 1,500 Total revenues 3,297,242 3,297,242 3,287,584 (9,658) EXPENDITURES:

Operating:

Personnel 577,138 434,967 394,744 40,223 Operations and maintenance 425,216 508,216 389,808 118,408 Capital outlay 94,445 1,710,837 1,615,794 95,043 Total expenditures 1,096,799 2,654,020 2,400,346 253,674

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 2,200,443 643,222 887,238 244,016 OTHER FINANCING (USES):

Transfers out (803,606) (803,606) (803,606) - Total other financing (uses) (803,606) (803,606) (803,606) - NET CHANGE IN FUND BALANCE 1,396,837$ (160,384)$ 83,632 244,016$ FUND BALANCE:

Beginning of year 6,835,213
End of yea
r 6,918,845$
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, 2023
177
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 108,186$ 2,972,666$ 1,403,806$ (1,568,860)$ Total revenues 108,186 2,972,666 1,403,806 (1,568,860) EXPENDITURES:

Operating:

Personnel - 75,710 17,121 58,589 Operations and maintenance 71,444 941,609 379,648 561,961 Capital improvement projects - 1,410,740 1,393,585 17,155 Total expenditures 71,444 2,428,059 1,790,354 637,705 NET CHANGE IN FUND BALANCE 36,742 544,607 (386,548) (931,155) FUND BALANCE:

Beginning of year (441,547)
End of yea
r (828,095)$
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, 2023
178
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Investment earnings 8,818$ 8,818$ 41,391$ 32,573$
Developer fees - - 69,671 69,671
Total revenues 8,818 8,818 111,062 102,244
EXPENDITURES:

Capital improvement projects 1,386,000 1,605,111 434,662 1,170,449 Total expenditures 1,386,000 1,605,111 434,662 1,170,449 NET CHANGE IN FUND BALANCE (1,377,182)$ (1,596,293)$ (323,600) 1,272,693$ FUND BALANCE:

Beginning of year 2,077,664
End of yea
r 1,754,064$
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, 2023
179
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Investment earnings -$ -$ 9,973$ 9,973$ Total revenues - - 9,973 9,973 OTHER FINANCING SOURCES:

Transfers in 159,646 - 159,244 159,244 Total other financing sources 159,646 - 159,244 159,244 NET CHANGE IN FUND BALANCE 159,646$ -$ 169,217 169,217$ FUND BALANCE:

Beginning of year 971,293
End of yea
r 1,140,510$
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, 2023
180
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Charges for services 7,500$ 7,500$ 8,053$ 553$ Investment earnings - - 1,016 1,016 Total revenues 7,500 7,500 9,069 1,569 EXPENDITURES:

Operating:

Operations and maintenance 8,568 8,568 9,765 (1,197) Total expenditures 8,568 8,568 9,765 (1,197) NET CHANGE IN FUND BALANCE (1,068)$ (1,068)$ (696) 372$ FUND BALANCE:

Beginning of year 63,789
End of yea
r 63,093$
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, 2023
181
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Special assessments 7,719,409$ 7,719,409$ 7,828,624$ 109,215$ Investment earnings 64,993 64,993 146,307 81,314 Fines and forfeitures - - 37,580 37,580 Total revenues 7,784,402 7,784,402 8,012,511 228,109 EXPENDITURES:

Operating:

Personnel 7,549,822 6,232,971 5,833,259 399,712 Operations and maintenance 13,057,296 13,806,566 12,657,276 1,149,290 Capital outlay 184,310 476,785 329,501 147,284 Capital improvement projects 686,032 687,462 249,971 437,491 Total expenditures 21,477,460 21,203,784 19,070,007 2,133,777

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (13,693,058) (13,419,382) (11,057,496) 2,361,886 OTHER FINANCING SOURCES (USES):

Transfers in 14,328,172 13,910,505 13,053,760 (856,745) Transfers out (447,279) (432,385) (432,385) - Total other financing sources (uses) 13,880,893 13,478,120 12,621,375 (856,745) NET CHANGE IN FUND BALANCE 187,835$ 58,738$ 1,563,879 1,505,141$ FUND BALANCE:

Beginning of year 5,282,780
End of yea
r 6,846,659$
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, 2023
182
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Special assessments 304,543$ 995,525$ 995,475$ (50)$ Other revenues - 122,342 122,342 - Total revenues 304,543 1,117,867 1,117,817 (50) EXPENDITURES:

Operating:

Operations and maintenance 464,202 635,823 635,405 418 Total expenditures 464,202 635,823 635,405 418

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (159,659) 482,044 482,412 368 OTHER FINANCING (USES):

Transfers out - (30,652) (1,553) 29,099 Total other financing (uses) - (30,652) (1,553) 29,099 NET CHANGE IN FUND BALANCE (159,659)$ 451,392$ 480,859 29,467$ FUND BALANCE:

Beginning of year (101,501)
End of yea
r 379,358$
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, 2023
183
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Special assessments 1,094,755$ 1,654,693$ 1,276,387$ (378,306)$ Investment earnings 55,161 55,161 52,052 (3,109) Total revenues 1,149,916 1,709,854 1,328,439 (381,415) EXPENDITURES:

Operating:

Operations and maintenance 30,387 3,121,231 2,349,015 772,216 Total expenditures 30,387 3,121,231 2,349,015 772,216 NET CHANGE IN FUND BALANCE 1,119,529$ (1,411,377)$ (1,020,576) 390,801$ FUND BALANCE:

Beginning of year 3,483,190
End of yea
r 2,462,614$
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, 2023
184
Original Final Variance with
Budget Budget Actual Final Budget
EXPENDITURES:

Capital improvement projects 4,131,143$ 5,500,857$ 2,250,597$ 3,250,260$ Total expenditures 4,131,143 5,500,857 2,250,597 3,250,260

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (4,131,143) (5,500,857) (2,250,597) 3,250,260 OTHER FINANCING SOURCES:

Transfers in 4,131,143 4,596,144 4,461,165 (134,979)
-
Total other financing sources 4,131,143 4,596,144 4,461,165 (134,979) NET CHANGE IN FUND BALANCE -$ (904,713)$ 2,210,568 3,115,281$ FUND BALANCE:

Beginning of year 669,714
End of yea
r 2,880,282$
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, 2023
185
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Investment earnings -$ -$ 4,232$ 4,232$ Total revenues - - 4,232 4,232 EXPENDITURES:

Capital improvement projects 338,279 368,779 74,000 294,779 Total expenditures 338,279 368,779 74,000 294,779 NET CHANGE IN FUND BALANCE (338,279)$ (368,779)$ (69,768) 299,011$ FUND BALANCE:

Beginning of year 372,808
End of yea
r 303,040$
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, 2023
186
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Investment earnings -$ -$ 2,649$ 2,649$ Total revenues - - 2,649 2,649 EXPENDITURES:

Operating:

Operations and maintenance 4,497,621 5,482,057 5,833,676 (351,619) Total expenditures 4,497,621 5,482,057 5,833,676 (351,619)

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (4,497,621) (5,482,057) (5,831,027) (348,970) OTHER FINANCING SOURCES (USES):

Issuance of debt - - 18,815,000 18,815,000 Issuance premium - - 716,027 716,027 Transfers in 4,497,621 5,482,057 5,478,154 (3,903) Transfers out - (19,163,579) (19,163,579) - Total other financing sources (uses) 4,497,621 (13,681,522) 5,845,602 19,527,124 NET CHANGE IN FUND BALANCE -$ (19,163,579)$ 14,575 19,178,154$ FUND BALANCE:

Beginning of year 1,094,176
End of yea
r 1,108,751$
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, 2023
187
This page intentionally left blank.
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 9,609,194 $ 3,187,698 $ 5,038,912 $ 17,835,804 $ Accounts receivable 1,353 - - 1,353 Interest receivable 35,329 12,018 18,998 66,345 Total current assets 9,645,876 3,199,716 5,057,910 17,903,502 Noncurrent assets:

Net OPEB asset 15,376 - - 15,376 Capital assets, being depreciated, net - 134,613 1,569,006 1,703,619 Total noncurrent assets 15,376 134,613 1,569,006 1,718,995 Total assets 9,661,252 3,334,329 6,626,916 19,622,497

DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 113,488 - - 113,488 Deferred outflows related to OPEB 25,656 - - 25,656 Total deferred outflows of resources 139,144 - - 139,144

LIABILITIES
Current liabilities:

Accounts payable and accrued liabilities 87,661 1,043 - 88,704 Compensated absences, due within one year 1,168 - - 1,168 Claims and judgements, due within one year 1,270,000 - - 1,270,000 Total current liabilities 1,358,829 1,043 - 1,359,872 Noncurrent liabilities:

Compensated absences payable, due in more than one year 15,843 - - 15,843 Claims and judgements, due in more than one year 6,170,596 - - 6,170,596 Net pension liabilities 142,459 - - 142,459 Total noncurrent liabilities 6,328,898 - - 6,328,898 Total liabilities 7,687,727 1,043 - 7,688,770

DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 7,244 - - 7,244 Deferred inflows related to OPEB 65,439 - - 65,439 Total deferred inflows of resources 72,683 - - 72,683

NET POSITION
Investment in capital assets - 134,613 1,569,006 1,703,619 Unrestricted 2,039,986 3,198,673 5,057,910 10,296,569 Total net
position 2,039,986$ 3,333,286$ 6,626,916$ 12,000,188$ June 30, 2023
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 4,208,708 $ 956,625 $ 672,617 $ 5,837,950 $ Other revenue 8 - 60,743 60,751 Total operating revenues 4,208,716 956,625 733,360 5,898,701 OPERATING EXPENSES:

Administration and personnel services 324,384 447 - 324,831 Services and supplies 3,787,385 367,288 - 4,154,673 Depreciation expense - 72,343 290,257 362,600 Total o
perating expenses 4,111,769 440,078 290,257 4,842,104 NET OPERATING INCOME 96,947 516,547 443,103 1,056,597 NONOPERATING REVENUE (EXPENSES):

Investment income 74,177 30,727 62,748 167,652 Total nono
perating expenses 74,177 30,727 62,748 167,652 CHANGE IN NET POSITION 171,124 547,274 505,851 1,224,249 NET POSITION:

Beginning of the yea
r 1,868,862 2,786,012 6,121,065 10,775,939 End of the year 2,039,986$ 3,333,286$ 6,626,916$ 12,000,188$ For the Year Ended June 30, 2023
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 4,207,363 $ 956,625 $ 733,360 $ 5,897,348 $ Cash paid to suppliers for goods and services (325,524) (393,198) - (718,722) Cash paid to employees for services (344,414) - - (344,414) Cash paid for claims and judgments (992,149) - - (992,149) Net cash provided by operating activities 2,545,276 563,427 733,360 3,842,063

CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:

Acquisition and construction of capital assets - (33,415) (404,298) (437,713) Net cash (used in) capital and related financing activities - (33,415) (404,298) (437,713) CASH FLOWS FROM INVESTING ACTIVITIES:

Investment income received 53,218 23,552 52,314 129,084 Net cash provided by investing activities 53,218 23,552 52,314 129,084 Net increase in cash and cash equivalents 2,598,494 553,564 381,376 3,533,434 CASH AND CASH EQUIVALENTS:

Beginning of year 7,010,700 2,634,134 4,657,536 14,302,370 End of yea
r 9,609,194$ 3,187,698$ 5,038,912$ 17,835,804$

RECONCILIATION OF OPERATING INCOME TO
NET CASH PROVIDED BY OPERATING ACTIVITIES:

Operating income 96,947$ 516,547$ 443,103$ 1,056,597$ Adjustments to reconcile operating income to net cash
provided by operating activities:

Depreciation - 72,343 290,257 362,600 Change in assets and liabilities:
(Increase) decrease in accounts receivable (1,353) - - (1,353) (Increase) decrease in prepaid items 17,564 - - 17,564 (Increase) decrease in net pension asset (9,163) - - (9,163) (Increase) decrease in net OPEB asset 144,049 - - 144,049 (Increase) decrease in deferred outflows related to pensions (70,142) - - (70,142) (Increase) decrease in deferred outflows related to OPEB 6,307 - - 6,307 Increase in accounts payable and accrued liabilities (342,465) (25,463) - (367,928) Increase in compensated absences (16,159) - - (16,159) Increase in claims and judgements 2,795,236 - - 2,795,236 Increase (decrease) in deferred inflows related to pensions (74,642) - - (74,642) Increase (decrease) in deferred inflows related to OPEB (903) - - (903) Total adjustments 2,448,329 46,880 290,257 2,785,466 Net cash provided by operating activities 2,545,276$ 563,427 $ 733,360 $ 3,842,063 $ For the Year Ended June 30, 2023
Internal Service Funds
Combining Statement of Cash Flows
City of Santa Clarita
193
This page intentionally left blank.
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 277,507 $ 161,615 $ 1,158,803 $ Interest receivable 1,046 609 4,363 Contributions receivable 412 183 - Cash and investments with fiscal agents 53,619 61,559 1,650,229 Total assets 332,584 223,966 2,813,395

LIABILITIES
Accounts payable 1,145 1,046 278 Total liabilities 1,145 1,046 278

NET POSITION
Restricted for:

Individuals, organizations, and other governments 331,439 $ 222,920 $ 2,813,117 $ City of Santa Clarita
Combining Statement of Fiduciary Net Position
Custodial Funds
June 30, 2023
196
Santa Clarita
Community Watershed and
Facilities Recreation
District Conservancy
No 2016-1 Authority Total
ASSETS
Cash and investments 484,765 $ 15,305 $ 2,097,995 $ Interest receivable 1,828 - 7,846
Contributions receivable - - 595
Cash and investments with fiscal agents 1,106,598 - 2,872,005 Total assets 1,593,191 15,305 4,978,441

LIABILITIES
Accounts payable 411 - 2,880
Total liabilities 411 - 2,880

NET POSITION
Restricted for:

Individuals, organizations, and other governments 1,592,780$ 15,305$ 4,975,561$ City of Santa Clarita
Combining Statement of Fiduciary Net Position (Continued) Custodial Funds
June 30, 2023
197
Community
Assessment Assessment Facilities
District District District
No.92-2 No.99-1 No 2002-1
ADDITIONS:

Special assessment from property owners 84,430 $ 77,425 $ 1,371,634 $ Net investment loss 3,113 3,450 (6,273) Total additions 87,543 80,875 1,365,361 DEDUCTIONS:

Contractual services 6,790 5,751 2,688 Payments for debt services 51,336 55,328 1,310,500 Payments to other governments 10,085 9,990 10,087 Total deductions 68,211 71,069 1,323,275 Change in net position 19,332 9,806 42,086 NET POSITION:

Beginning of year 312,107 213,114 2,771,031 End of year 331,439$ 222,920 $ 2,813,117 $ City of Santa Clarita
Combining Statement of Changes in Fiduciary Net Position Custodial Funds
For the Year Ended June 30, 2023
198
Santa Clarita
Community Watershed and
Facilities Recreation
District Conservancy
No 2016-1 Authority Total
ADDITIONS:

Special assessment 864,993 $ - $ 2,398,482$ Net investment loss (2,746) 8 (2,448) Total additions 862,247 8 2,396,034 DEDUCTIONS:

Contractual services 32,451 700 48,380 Payments for debt services 812,119 - 2,229,283 Payments to other governments - - 30,162 Total deductions 844,570 700 2,307,825 Change in net position 17,677 (692) 88,209 NET POSITION:

Beginning of year, as restated (Note 22) 1,575,103 15,997 4,887,352 End of year 1,592,780$ 15,305 $ 4,975,561 $ City of Santa Clarita
Combining Statement of Changes in Fiduciary Net Position (Continued) Custodial Funds
For the Year Ended June 30, 2023
199
This page intentionally left blank.
200

STATISTICAL SECTION
(Unaudited)
201
This page intentionally left blank.
202
Contents Page
Financial Trends 204 - 213
Revenue Capacity 214 - 230
Debt Capacity 232 - 238
Demographic and Economic Information 239
Operating Information 240 - 245
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
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. 203

FISCAL YEAR
22-23 21-22 20-21 19-20 18-19
Governmental Activities
Net investment in capital assets 1,124,934,271$ 1,080,862,181 $ 1,032,579,113 $ 984,052,712 $ 920,036,752 $ Restricted 158,032,140 152,349,197 147,556,902 146,874,629 119,375,331 Unrestricted 188,013,004 161,500,702 126,571,370 80,879,095 122,991,202 Total governmental activities
net position 1,470,979,415 $ 1,394,712,080 $ 1,306,707,385 $ 1,211,806,436 $ 1,162,403,285 $ Business-Type Activities
Net investment in capital assets 96,692,691$ 95,597,321 $ 88,023,510 $ 80,308,956 $ 83,906,440 $ Unrestricted 11,332,040 8,917,312 6,895,650 (1,465,963) 269,116 Total business-type activities
net position 108,024,731 $ 104,514,633 $ 94,919,160 $ 78,842,993 $ 84,175,556 $ Primary Government
Net investment in capital assets 1,221,626,962$ 1,176,459,502 $ 1,120,602,623 $ 1,064,361,668 $ 1,003,943,192 $ Restricted 158,032,140 152,349,197 147,556,902 146,874,629 119,375,331 Unrestricted 199,345,044 170,418,014 133,467,020 79,413,132 123,260,318 Total primary government
net position 1,579,004,146 $ 1,499,226,713 $ 1,401,626,545 $ 1,290,649,429 $ 1,246,578,841 $

Note:

Source: City of Santa Clarita, Administrative Services Department - Finance Division

City of Santa Clarita
Net Position by Component (1)
Last Ten Fiscal Years Ended June 30, 2023
(accrual basis of accounting)
(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.
204

FISCAL YEAR
17-18 16-17 15-16 14-15 13-14
Governmental Activities
Net investment in capital assets 895,056,642$ 867,144,998 $ 810,324,041 $ 818,817,043 $ 799,926,613 $ Total restricted 113,286,625 87,272,723 70,773,322 73,541,304 71,643,713 Unrestricted 85,155,060 105,514,664 115,356,272 79,211,600 52,551,033 Total governmental activities
net position 1,093,498,327 $ 1,059,932,385 $ 996,453,635 $ 971,569,947 $ 924,121,359 $

Business-Type Activities
Net investment in capital assets 79,199,471$ 79,589,102 $ 76,687,260 $ 78,495,871 $ 83,296,545 $ Unrestricted (888,318) (1,202,362) 3,101,763 2,766,972 2,250,491 Total business-type activities
net position 78,311,153 $ 78,386,740 $ 79,789,023 $ 81,262,843 $ 85,547,036 $ Primary Government
Net investment in capital assets 974,256,113$ 946,734,100 $ 887,011,301 $ 897,312,914 $ 883,223,158 $ Restricted 113,286,625 87,272,723 70,773,322 73,541,304 71,643,713 Unrestricted 84,266,742 104,312,302 118,458,035 81,978,572 54,801,524 Total primary government
net position 1,171,809,480 $ 1,138,319,125 $ 1,076,242,658 $ 1,052,832,790 $ 1,009,668,395 $

City of Santa Clarita
Net Position by Component (1) (Continued)
Last Ten Fiscal Years Ended June 30, 2023
(accrual basis of accounting)
205

FISCAL YEAR
22-23 21-22 20-21 19-20 18-19
Expenses
Governmental Activities
General government 49,428,154 $ 14,728,358 $ 51,594,712 $ 54,710,526 $ 62,309,457 $ Public safety 33,228,916 30,936,129 35,128,997 29,907,832 27,757,002 Public works 18,720,585 30,493,258 17,239,899 33,663,857 20,772,164 Recreation and community service 20,430,503 23,989,989 15,107,049 16,047,345 17,585,165 Community development 19,948,687 12,203,347 11,435,676 8,942,864 7,214,786 Neighborhood Services 23,816,831 42,179,104 13,865,065 12,862,529 12,622,824 Unallocated infrastructure depreciation 22,077,333 21,432,943 21,543,801 21,043,711 20,630,522 Interest on long-term debt 3,912,327 2,743,559 3,742,582 3,549,649 2,589,767 Total governmental activities expenses 191,563,336 178,706,687 169,657,781 180,728,313 171,481,687 Business-Type Activities
Transit 35,506,571 31,342,873 27,898,955 31,060,676 32,065,240 Total business-type activities expenses 35,506,571 31,342,873 27,898,955 31,060,676 32,065,240 Total primary government expenses 227,069,907 $ 210,049,560 $ 197,556,736 $ 211,788,989 $ 203,546,927 $ Program Revenues
Governmental Activities
Charges for services:

General government 41,180,442 $ 916,671 $ 9,254,707 $ 8,215,989 $ 8,547,181 $ Public safety 2,053,902 1,658,867 1,303,759 1,484,005 1,937,603 Public works 11,412,044 11,352,114 3,627,549 12,201,244 14,669,328 Recreation and community service 7,366,425 21,724,121 16,419,310 3,635,790 6,344,242

Community development 15,864,222 3,073,196 1,899,854 1,552,869 1,704,920 Neighborhood Services 9,429,835 33,555,637 31,252,912 30,575,191 29,338,661 Operating grants and contributions 35,092,994 38,093,703 44,524,768 22,066,816 13,574,920 Capital grants and contributions 35,865,511 68,626,540 42,849,916 41,462,296 59,565,349 Total governmental activities program revenues 158,265,375 179,000,849 151,132,775 121,194,200 135,682,204 Business-Type Activities
Charges for services:

Transit 6,499,657 5,936,598 5,799,364 6,785,178 7,662,186 Operating grants and contributions 15,173,066 12,087,130 29,444,844 13,405,112 15,292,991 Capital grants and contributions 8,107,402 13,402,891 9,036,527 5,701,142 10,434,282 Total business-type activities program revenues 29,780,125 31,426,619 44,280,735 25,891,432 33,389,459 Total primary government revenues 188,045,500$ 210,427,468$ 195,413,510$ 147,085,632$ 169,071,663$ Source: City of Santa Clarita, Administrative Services Department - Finance Division City of Santa Clarita
Changes in Net Position
Last Ten Fiscal Years Ended June 30, 2023
(accrual basis of accounting)
206

FISCAL YEAR
17-18 16-17 15-16 14-15 13-14
Expenses
Governmental Activities
General government 53,928,438 $ 44,390,099 $ 39,155,006 $ 46,224,813 $ 41,807,284 $ Public safety 27,232,724 25,231,712 23,778,931 22,235,368 22,187,434 Public works 14,771,925 23,563,825 38,223,035 36,103,144 26,183,862 Recreation and community service 23,472,469 16,224,154 15,594,958 22,619,337 22,550,301 Community development 6,957,438 7,057,301 10,505,906 5,720,237 6,193,101 Neighborhood Services 1,082,836 1,815,637 - - - Unallocated infrastructure depreciation 19,259,333 18,833,113 18,342,933 18,072,657 17,561,539 Interest on long-term debt 1,638,960 1,378,888 2,194,181 1,827,094 1,872,832 Total governmental activities expenses 148,344,123 138,494,729 147,794,950 152,802,650 138,356,353 Business-Type Activities
Transit 28,309,870 29,858,499 28,127,407 28,062,668 26,819,161 Total business-type activities expenses 28,309,870 29,858,499 28,127,407 28,062,668 26,819,161 Total primary government expenses 176,653,993 $ 168,353,228 $ 175,922,357 $ 180,865,318 $ 165,175,514 $ Program Revenues
Governmental Activities
Charges for services:

General government 10,007,154 $ 6,740,507 $ 22,914,059 $ 26,783,616 $ 31,970,148 $ Public safety 1,429,900 1,231,974 1,162,551 1,605,059 1,847,403 Public works 15,792,197 11,549,806 16,407,616 13,056,586 12,463,046 Recreation and community service 8,306,076 6,191,011 8,142,336 4,525,662 4,390,686

Community development 1,901,897 1,906,079 1,843,296 1,774,482 1,961,243 Neighborhood Services 27,090,508 25,044,704 - - - Operating grants and contributions 9,259,079 5,977,971 7,687,397 12,561,608 19,421,199 Capital grants and contributions 31,807,581 55,220,052 23,629,474 30,107,231 22,530,841 Total governmental activities program revenues 105,594,392 113,862,104 81,786,729 90,414,244 94,584,566 Business-Type Activities
Charges for services:

Transit 6,987,488 7,231,136 7,546,433 6,779,579 7,587,497 Operating grants and contributions 10,226,946 8,459,236 9,153,499 8,228,348 8,984,127 Capital grants and contributions 3,102,269 9,138,643 3,504,305 1,423,440 10,804,747 Total business-type activities program revenues 20,316,703 24,829,015 20,204,237 16,431,367 27,376,371 Total primary government revenues 125,911,095$ 138,691,119$ 101,990,966$ 106,845,611$ 121,960,937$ City of Santa Clarita
Changes in Net Position (Continued)
Last Ten Fiscal Years Ended June 30, 2023
(accrual basis of accounting)
207

FISCAL YEAR
22-23 21-22 20-21 19-20 18-19
Net Revenues (expenses):

Governmental activities (33,297,961) $ 294,162 $ (18,525,006)$ (59,534,113) $ (35,799,482) $ Business-type activities (5,726,446) 83,746 16,381,780 (5,169,244) 1,324,219 Total net revenues (expenses) (39,024,407) $ 377,908 $ (2,143,226)$ (64,703,357) $ (34,475,263) $ General Revenue and Other Changes in Net Position
Governmental activities
Taxes:

Sales taxes 48,507,761 $ 49,476,922 $ 43,197,889 $ 36,621,145 $ 38,546,183 $ Property taxes 45,187,496 42,113,398 52,981,738 46,420,350 43,761,925 Franchise taxes 10,688,049 10,883,225 9,493,742 8,604,265 8,369,481 Real property transfer taxes 1,307,533 2,569,074 2,010,033 1,418,026 1,227,947 Transient occupancy taxes 5,296,490 4,874,977 2,275,383 2,726,113 3,352,776 Unrestricted revenue in lieu of motor vehicle taxes 213,520 349,171 173,463 207,931 147,752 Unrestricted investment earnings 3,407,265 (4,773,346) 634,957 12,311,467 12,528,843 Miscellaneous revenue 3,333,538 4,993,518 2,311,282 472,227 1,206,740 Gain on sale of capital asset - - - 2,050 (1,600) Transfers (8,384,754) (8,097,818) 347,468 153,690 (4,435,608) Reversal of Allowance for Notes to RDA Successor Agency - - - - - Capital Contributions - - - - - Total governmental activities 109,556,898 102,389,121 113,425,955 108,937,264 104,704,439 Business-type activities
Unrestricted investment earnings 13,527
(185,016) 41,855 (9,629) 32,613 Gain on sale of capital asset 35,000 36,900 - - 71,963 Miscellaneous revenue 803,263 1,562,025 - - - Transfers 8,384,754 8,097,818 (347,468) (153,690) 4,435,608 Total business-type activities 9,236,544 9,511,727 (305,613) (163,319) 4,540,184 Total primary government 118,793,442 111,900,848 113,120,342 108,773,945 109,244,623 Change in Net Position
Governmental activities 76,258,937 102,683,283 94,900,949 49,403,151 68,904,957 Business-type activities 3,510,098 9,595,473 16,076,167 (5,332,563) 5,864,403 Total primary government 79,769,035$ 112,278,756$ 110,977,116$ 44,070,588$ 74,769,360$ Source: City of Santa Clarita, Administrative Services Department - Finance Division City of Santa Clarita
Changes in Net Position
Last Ten Fiscal Years Ended June 30, 2023
(accrual basis of accounting)
208

FISCAL YEAR
17-18 16-17 15-16 14-15 13-14
Net Revenues (expenses):

Governmental activities (42,749,731) $ (24,060,399) $ (66,008,221) $ (62,388,406) $ (43,771,787) $ Business-type activities (7,993,167) (5,029,484) (7,923,170) (11,631,301) 557,210 Total net revenues (expenses) (50,742,898) $ (29,089,883) $ (73,931,391) $ (74,019,707) $ (43,214,577) $ General Revenue and Other Changes in Net Position
Governmental activities
Taxes:

Sales taxes 37,252,523 $ 36,147,727 $ 37,807,385 $ 34,355,412 $ 33,480,522 $ Property taxes 42,284,749 39,924,749 40,072,597 38,556,890 35,652,080 Franchise taxes 8,523,791 8,208,347 8,392,789 8,512,818 7,796,070 Real property transfer taxes 1,320,018 1,275,363 1,383,473 1,169,780 947,470 Transient occupancy taxes 3,489,281 3,639,264 3,813,437 3,124,904 2,781,527 Unrestricted revenue in lieu of motor vehicle taxes 162,103 144,665 129,053 85,703 86,531 Unrestricted investment earnings 591,177 1,052,254 4,142,959 2,240,594 2,090,322 Miscellaneous revenue 2,661,916 737,513 1,080,771 678,937 781,986 Gain on sale of capital asset 10,935 11,711 459,709 27,410 18,174 Transfers (5,924,278) (3,602,443) (6,390,264) (7,329,516) (5,692,032) Reversal of Allowance for Notes to RDA Successor Agency - - 12,633,832 - Capital Contributions - - - 15,780,230 - Total governmental activities 90,372,215 87,539,150 90,891,909 109,836,994 77,942,650 Business-type activities
Unrestricted investment earnings (1,242) (28,735) 59,086 17,592 4,791
Gain on sale of capital asset 20,238 53,223 - - - Miscellaneous revenue - - - - - Transfers 5,924,278 3,602,443 6,390,264 7,329,516 5,692,032 Total business-type activities 5,943,274 3,626,931 6,449,350 7,347,108 5,696,823 Total primary government 96,315,489 91,166,081 97,341,259 117,184,102 83,639,473 Change in Net Position
Governmental activities 47,622,484 63,478,751 24,883,688 47,448,588 34,170,863 Business-type activities (2,049,893) (1,402,553) (1,473,820) (4,284,193) 6,254,033 Total primary government 45,572,591$ 62,076,198$ 23,409,868$ 43,164,395$ 40,424,896$ 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, 2023
(accrual basis of accounting)
209

FISCAL YEAR
22-23 21-22 20-21 19-20 18-19
General Fund
Nonspendable 14,295,430$ 15,030,511$ 7,474,892$ 9,810,973$ 12,050,141$ Restricted 23,514,275 4,655,940 9,644,574 23,063,669 - Committed - - - - - Assigned 166,255,745 146,922,006 110,906,093 97,293,470 120,981,128 Unassigned 63,696,700 62,141,361 59,968,580 60,273,125 58,930,970 Total General Fund 267,762,150$ 228,749,818$ 187,994,139$ 190,441,237$ 191,962,239$ All Other Governmental Funds
Nonspendable 74,967$ 344,869$ 491,504$ 575,276$ 772,627$ Restricted 155,269,550 147,460,244 123,614,422 112,631,199 108,394,699 Committed 1,584 783 832 9,277 13,460 Assigned 3,222,874 1,081,539 755,174 791,914 1,040,181 Unassigned (5,059,903) (1,820,499) (869,803) (3,127,904) (3,266,496) Total all other governmental funds 153,509,072$ 147,066,936$ 123,992,129$ 110,879,762$ 106,954,471$

000

Source: City of Santa Clarita, Administrative Services Department - Finance Division City of Santa Clarita
Fund Balances of Governmental Funds
Last Ten Fiscal Years Ended June 30, 2023
(modified accrual basis of accounting)
General Fund
64%
All Other
Governmental Funds
36%

FUND BALANCES
Fiscal Year Ended June 30, 2023
210

FISCAL YEAR
17-18 16-17 15-16 14-15 13-14
General Fund
Nonspendable 12,390,885$ 15,742,945$ 11,108,252$ 11,024,338$ 11,519,143$ Restricted - - - - - Committed - - - - - Assigned 88,674,761 79,367,084 79,367,084 55,336,807 51,718,096 Unassigned 47,116,235 53,905,237 50,669,580 50,141,486 45,654,640 Total General Fund 148,181,881$ 149,015,266$ 141,144,916$ 116,502,631$ 108,891,879$ All Other Governmental Funds
Nonspendable 5,882$ 976,841$ 1,134,103$ 1,455,067$ 606,996$ Restricted 113,286,625 86,664,536 86,240,243 85,763,293 84,268,720 Committed 15,008 14,000 14,000 14,000 612,829 Assigned 1,117,165 2,151,360 1,881,728 1,843,822 3,412,127 Unassigned (6,786,531) (5,897,790) (6,975,198) (8,633,303) (9,300,647) Total all other governmental funds 107,638,149$ 83,908,947$ 82,294,876$ 80,442,879$ 79,600,025$

Source: City of Santa Clarita, Administrative Services Department - Finance Division Last Ten Fiscal Years Ended June 30, 2023
(modified accrual basis of accounting)
City of Santa Clarita
Fund Balances of Governmental Funds (Continued)
$79.60

80.44 82.29

83.91 107.64 106.95
110.88
123.99 147
153.51
0 20
40 60
80 100
120
140
160
180
13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 (in Millions)
Fiscal Year

FUND BALANCES

ALL OTHER GOVERNMENTAL FUNDS
Last Ten Fiscal Years
211

FISCAL YEAR
22-23 21-22 20-21 19-20 18-19
Revenues:

Taxes 124,245,820 $ 123,417,159 $ 110,132,248 $ 95,997,830 $ 95,406,064 $ Special assessments 40,833,265 36,374,012 35,634,980 - - Licenses and permits 13,073,140 9,724,390 11,498,980 7,538,878 9,951,586 Developer fees 3,048,765 4,674,125 11,094,312 2,917,250 6,458,182 Investment income 5,858,733 (7,617,836) 664,575 11,777,753 12,045,344 Intergovernmental 55,093,351 70,217,168 43,058,715 33,746,890 36,086,192 Fines and forfeitures 2,284,721 1,942,026 1,702,622 1,736,201 1,851,190 Service charges 13,467,246 12,681,139 6,949,375 42,052,534 42,117,270 Other revenues 2,596,935 5,639,891 13,984,800 3,508,593 1,677,809 Total Revenues 260,501,976 257,052,074 234,720,607 199,275,929 205,593,637 Expenditures:

Current:

General government 47,579,510 15,656,486 46,060,921 50,929,600 59,638,451 Public safety 32,234,273 30,189,992 35,570,621 30,511,022 28,342,578 Recreation and community service 15,941,571 18,894,253 14,917,730 13,846,768 15,450,815 Public works 16,754,090 23,570,003 90,316,078 72,953,711 51,343,366 Community development 19,466,417 13,146,687 11,556,377 8,709,340 7,344,064 Neighborhood services 24,377,481 43,730,242 13,885,978 13,100,419 12,823,905 Administration and personnel services - - 67,889 - - Capital outlay 62,208,791 54,121,315 20,702,698 4,213,593 5,053,670 Debt service:

Principal 3,680,150 2,363,121 2,315,371 2,482,109 2,833,260 Interest 3,596,800 2,857,672 3,363,625 2,901,257 2,520,153 Cost of issuance 354,697 - - - - Redemption of district credits - - 278,843 - - Total Expenditures 226,193,780 204,529,771 239,036,131 199,647,819 185,350,262 Excess of Revenues Over (Under) Expenditures 34,308,196 52,522,303 (4,315,524) (371,890) 20,243,375 Other Financing Sources (Uses)
Isuance of debt and premium 19,531,027 - 14,270,000 - 25,850,000 Proceeds of long-term debt - - 225,409 - 1,463,083 Proceeds from capital lease - - 164,970 - - Transfers in 44,831,118 19,599,811 43,175,925 20,787,975 56,075,180 Transfers out (53,215,872) (27,697,629) (42,855,511) (18,011,796) (60,534,955) Issuance of district credits - - - - - Total Other Financing Sources (Uses) 11,146,273 (8,097,818) 14,980,793 2,776,179 22,853,308 Net change in fund balances 45,454,469 44,424,485 10,665,269 2,404,289 43,096,683 Fund balances - Beginning of Year 375,816,753 331,392,268 301,320,999 255,820,027 232,924,213 Fund balances - End of Year 421,271,222$ 375,816,753$ 311,986,268$ 258,224,316$ 276,020,896$ Debt service as percentage of noncapital expenditures 4.39% 3.39% 4.12% 3.54% 3.69% Source: City of Santa Clarita, Administrative Services Department - Finance Division City of Santa Clarita
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years Ended June 30, 2023
(modified accrual basis of accounting)
212

FISCAL YEAR
17-18 16-17 15-16 14-15 13-14
Revenues:

Taxes 93,032,465 $ 89,340,115 $ 91,598,734 $ 85,789,556 $ 80,285,660 $ Special assessments - - - - -
Licenses and permits 7,688,342 7,408,357 7,283,898 5,567,280 5,366,972 Developer fees 9,888,734 4,211,890 6,272,799 10,764,554 2,600,997 Investment income 595,650 1,030,146 3,937,618 2,026,507 1,911,491 Intergovernmental 36,491,705 23,922,361 31,380,753 31,953,692 34,355,734 Fines and forfeitures 1,372,687 1,117,620 973,753 1,261,752 1,661,157 Service charges 41,793,226 36,639,646 36,828,067 37,738,754 42,156,582 Other revenues 1,744,075 690,974 1,789,724 511,117 5,943,608 Total Revenues 192,606,884 164,361,109 180,065,346 175,613,212 174,282,201 Expenditures:

Current:

General government 50,728,642 41,138,676 35,969,981 43,196,168 36,294,205 Public safety 27,217,567 25,214,091 23,777,171 22,188,641 22,137,338 Recreation and community service 21,589,318 20,446,596 37,937,050 21,007,651 20,498,108 Public works 57,213,646 43,459,620 21,327,662 36,082,625 24,385,865 Community development 6,988,331 6,583,484 10,673,993 5,883,441 6,185,263 Neighborhood services 1,162,647 1,667,058 - - - Administration and personnel services - - - - -
Capital outlay 12,083,887 9,759,258 10,562,953 23,224,180 36,580,589 Debt service:

Principal 2,138,803 2,167,429 2,852,140 1,992,479 1,837,174 Interest 1,647,842 1,237,357 4,539,815 1,850,703 1,885,546 Cost of issuance - - - - -
Redemption of district credits - - - 5,105,402 - Total Expenditures 180,770,683 151,673,569 147,640,765 160,531,290 149,804,088 Excess of Revenues Over (Under) Expenditures 11,836,201 12,687,540 32,424,581 15,081,922 24,478,113 Other Financing Sources (Uses)
Revenue bonds issued/issuance premium 15,848,271 - 32,997,352 - - Proceeds of long-term debt (35,099) - (32,907,353) - - Proceeds from capital lease - - - - -
Transfers in 25,690,566 8,046,713 11,940,563 7,850,640 9,757,447 Transfers out (30,444,125) (11,249,832) (17,960,861) (14,478,956) (15,524,498) Issuance of district credits - - - - 11,297,334
Total Other Financing Sources (Uses) 11,059,613 (3,203,119) (5,930,299) (6,628,316) 5,530,283 Net change in fund balances 22,895,814 9,484,421 26,494,282 8,453,606 30,008,396 Fund balances - Beginning of Year 223,439,792 196,945,510 188,491,904 158,483,508 141,810,350 Fund balances - End of Year 246,335,606$
206,429,931$ 214,986,186$ 166,937,114$ 171,818,746$ Debt service as percentage of noncapital expenditures 5.72% 2.80% 3.26% 2.95% 4.40% Source: City of Santa Clarita, Administrative Services Department - Finance Division City of Santa Clarita
Changes in Fund Balances of Governmental Funds (Continued) Last Ten Fiscal Years Ended June 30, 2023
(modified accrual basis of accounting)
213
Fiscal IMPROVE- PERSONAL IMPROVE- PERSONAL OTHER
Year LAND MENTS PROPERTY TOTAL LAND MENTS PROPERTY EXEMPTIONS TOTAL 2013-14 1,431,971 2,264,780 - 3,696,751 9,989,545,816 13,726,755,146 107,166,367 (412,668,046) 23,410,799,283 2014-15 1,431,971 2,264,780 - 3,696,751 10,820,572,961 14,749,259,449 103,844,310 (453,562,893) 25,220,113,827 2015-16 1,431,971 2,264,780 - 3,696,751 11,358,919,366 15,476,133,167 109,544,613 (471,097,603) 26,473,499,543 2016-17 1,431,971 2,264,780 - 3,696,751 11,931,551,116 16,179,111,473 123,045,242 (348,794,590) 27,884,913,241 2017-18 2,368,193 2,208,225 - 4,576,418 12,988,746,949 17,460,522,327 136,887,194 (682,936,469) 29,903,220,001 2018-19 2,368,193 2,208,225 - 4,576,418 13,850,827,148 18,431,289,844 163,768,504 (817,961,355) 31,627,924,141 2019-20 2,076,418 2,208,225 - 4,284,643 15,147,396,256 19,912,518,511 149,977,284 (890,135,683) 34,319,756,368 2020-21 2,076,418 2,208,225 - 4,284,643 15,925,933,378 21,099,965,791 161,592,520 (1,093,220,517) 36,094,271,172 2021-22 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 2022-23 2,221,125 2,208,225 - 4,429,350 18,425,022,715 22,876,809,236 174,167,137 (1,053,639,624) 40,422,359,464 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 2022-23

SECURED (UTILITY) SECURED

STATE ASSESSED LOCALLY ASSESSED
City of Santa Clarita
Assessed Values (1) and Actual Values of Taxable Property Last Ten Fiscal Years
LAND, 43.45%

IMPROVEMENTS,

54.70%

PERSONAL

PROPERTY,

1.85%
ASSESSED VALUATION by CATEGORIES
(Total Secured and Unsecured)
Fiscal Year Ended June 30, 2023
214
HOME-
BEFORE TAXABLE % TOTAL OWNER
Fiscal IMPROVE- PERSONAL OTHER OTHER ASSESSED INCR. DIRECT PROPERTY Year MENTS PROPERTY EXEMPTIONS TOTAL EXEMPTIONS VALUE (DECR.) RATE (2) TAX RELIEF 2013-14 329,350,845 541,533,568 (15,907,716) 854,976,697 24,698,048,493 24,269,472,731 15.65% 0 236,577,388 2014-15 339,544,656 561,740,289 (13,152,888) 888,132,057 26,578,658,416 26,111,942,635 7.59% 0 232,799,644 2015-16 299,024,341 569,926,540 (15,283,837) 853,667,044 27,817,244,778 27,330,863,338 4.67% 0 230,402,082 2016-17 265,891,622 547,111,240 (15,791,822) 797,211,040 29,050,407,444 28,685,821,032 4.96% 0 226,031,427 2017-18 280,824,664 549,107,476 (10,383,140) 819,549,000 31,420,665,028 30,727,345,419 7.12% 0 228,373,713 2018-19 274,390,510 584,621,318 (10,543,790) 848,468,038 33,309,473,742 32,480,968,597 5.71% 0 225,813,184 2019-20 275,047,748 584,844,131 (9,114,469) 850,777,410 36,074,068,573 35,174,818,421 8.29% 0 230,072,192 2020-21 287,998,801 605,666,637 (8,808,819) 884,856,619 38,085,441,770 36,983,412,434 5.14% 0 223,881,831 2021-22 287,812,025 580,588,788 (3,743,026) 864,657,787 39,365,647,314 38,390,714,609 3.81% 0 220,341,312 2022-23 321,861,561 610,467,610 (2,388,958) 929,940,213 42,412,757,609 41,356,729,027 7.73% 0 219,411,916 TOTALS

UNSECURED

LOCALLY ASSESSED
City of Santa Clarita
Assessed Values (1) and Actual Values of Taxable Property (Continued) Last Ten Fiscal Years
$24,269
$26,112
$27,331
$28,686
$30,727
$32,481
$35,175
$36,983
$38,391
$41,357
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 (in Millions)
Fiscal Year

TOTAL ASSESSED VALUATION
(Taxable Values)
Last Ten Fiscal Years
215

FISCAL IMPROVE- PERSONAL IMPROVE- PERSONAL OTHER

YEAR LAND MENTS PROPERTY TOTAL LAND MENTS PROPERTY EXEMPTIONS TOTAL 2013-14 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2014-15 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2015-16 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2016-17 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2017-18 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2018-19 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2019-20 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2020-21 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2021-22 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2022-23 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
City of Santa Clarita
Redevelopment Agency (1)
Assessed Values (2) and Actual Values of Taxable Property Last Ten Fiscal Years

STATE ASSESSED LOCALLY ASSESSED
216
HOME-

TOTALS TAXABLE OWNER

FISCAL IMPROVE- PERSONAL OTHER BEFORE ASSESSED VALUE PROPERTY

YEAR MENTS PROPERTY EXEMPTIONS TOTAL BASE YEAR BASE YEAR VALUE GROWTH TAX RELIEF 2013-14 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2014-15 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2015-16 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2016-17 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2017-18 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2018-19 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2019-20 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2020-21 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2021-22 N/A N/A N/A N/A N/A N/A N/A N/A N/A
2022-23 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

UNSECURED
City of Santa Clarita
Redevelopment Agency (1)
Assessed Values (2) and Actual Values of Taxable Property (Continued) Last Ten Fiscal Years

LOCALLY ASSESSED TOTALS
217
CATEGORY 22-23 21-22 20-21 19-20 18-19
Residential 32,800,203,874$ 30,326,102,286$ 29,068,019,284$ 27,571,753,581$ 25,140,365,171$ Commercial 4,083,237,255 3,980,147,941 3,866,268,970 3,681,744,410 3,557,018,366 Industrial 2,360,064,334 2,031,709,683 1,955,686,889 1,878,969,596 1,861,078,681 Irrigated 4,119,683 3,678,125 3,375,991 3,341,172 3,707,035 Dry farm - - - - - Recreational 116,460,141 109,898,400 118,115,005 116,868,740 113,347,606 Institutional 253,388,898 276,997,197 259,899,765 233,475,135 230,449,000 Government 674,098 804,413 1,357,829 1,323,707 371,122 Miscellaneous 318,478 356,649 352,996 346,079 339,297 Vacant land 646,601,491 644,262,314 677,706,729 702,751,187 593,951,571 SBE Nonunitary 4,429,350 4,429,350 4,284,643 4,284,643 4,576,418 Possessory Int. 157,291,212 147,670,464 143,487,714 129,182,761 127,296,292 Unsecured 929,940,213 864,657,787 884,856,619 850,777,410 848,468,038 Unknown - - - - - TO
TALS: 41,356,729,027 $ 38,390,714,609 $ 36,983,412,434 $ 35,174,818,421 $ 32,480,968,597 $

FISCAL YEAR
City of Santa Clarita
Assessed Values—Taxable Property
Last Ten Fiscal Years
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 (in Millions)
Fiscal Year

ASSESSED VALUE - TAXABLE PROPERTY
Last Ten Fiscal Years
Residential
Commercial
Industrial
Vacant land
All others
218
CATEGORY 17-18 16-17 15-16 14-15 13-14
Residential 23,734,569,687$ 21,784,467,001$ 20,809,579,112$ 19,755,522,402 $ 18,138,258,224 $ Commercial 3,399,444,104 3,248,599,972 3,059,958,633 2,952,772,231 2,847,760,176 Industrial 1,790,582,919 1,706,030,432 1,799,119,742 1,642,718,866 1,561,091,316 Irrigated 2,993,570 2,960,760 2,936,120 2,834,466 2,827,311 Dry farm - - - - -
Recreational 106,578,193 99,802,827 104,324,505 101,870,300 100,138,918 Institutional 193,500,837 213,333,035 162,056,819 142,862,940 136,824,169 Government 363,846 356,714 220,358 216,042 215,066 Miscellaneous 315,717 309,530 348,240 341,421 1,017,342 Vacant land 554,513,132 449,270,431 419,750,992 507,997,067 509,125,263 SBE Nonunitary 4,576,418 3,696,751 3,696,751 3,696,751 3,696,751 Possessory Int. 120,357,965 117,718,179 115,205,002 112,978,072 113,541,478 Unsecured 819,549,000 797,363,610 853,667,044 888,132,057 854,976,697 Unknown 31 20 20 20 20
TOTALS: 30,727,345,419 $ 28,423,909,262 $ 27,330,863,338 $ 26,111,942,635 $ 24,269,472,731 $ Notes: In 1978 the voters of the State of California passed Proposition 13, which limited taxes to a total maximum rate of 1% based upon the assessed value of the property being taxed. Each year, the assessed value of property may be increased by an “inflation factor” (limited to a maximum of 2%). With few exceptions, property is only reassessed as a result of new construction activity or at the time it is sold to a new owner.

At that point, the property is reassessed based upon the added value of the construction or at the purchase price (market value) or economic value of the property sold. The assessed valuation data shown above represents the only data currently available with respect to the actual market value of taxable property and is subject to the limitation just mentioned.

FISCAL YEAR
City of Santa Clarita
Last Ten Fiscal Years
Assessed Values—Taxable Property (Continued)
219
NET

ASSESSED TAXABLE

CATEGORY PARCELS VALUE PERCENT EXEMPTIONS VALUE PERCENT Residential 63,596 32,891,739,924 $ 77.4% 91,536,050 $ 32,800,203,874 $ 79.31% Commercial 944 4,219,512,203 9.9% 136,274,948 $ 4,083,237,255 9.87% Industrial 740 2,594,722,786 6.1% 234,658,452 $ 2,360,064,334 5.71% Irrigated 6 4,119,683 0.0% - $ 4,119,683 0.01% Recreational 35 117,070,738 0.3% 610,597 $ 116,460,141 0.28% Institutional 106 835,367,715 2.0% 581,978,817 $ 253,388,898 0.61% Government 6 1,614,448 0.0% 940,350 $ 674,098 0.00% Miscellaneous 7 318,478 0.0% - $ 318,478 0.00% Vacant land 3,561 654,190,901 1.5% 7,589,410 $ 646,601,491 1.56% SBE Nonunitary (15) 4,429,350 0.0% - $ 4,429,350 0.01% Possessory Int. (2,085) 157,342,212 0.4% 51,000 $ 157,291,212 0.38% Unsecured (4,444) 932,329,171 2.2% 2,388,958 $ 929,940,213 2.25% Exempt 1,262 66,738,981 0.2% 66,738,981 $ - 0.00% TOTALS: 63,719 42,479,496,590 $ 100.00% 1,122,767,563 $ 41,356,729,027 $ 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 2022-23
Residential,

79.31%
Commercial,

9.87%
Industrial,

5.71%
All Others,

5.11%
NET TAXABLE VALUE by USE CATEGORY
Fiscal Year 2022-23
Residential,

77.43%
Commercial
, 9.93%
Industrial,

6.11%
All Others,

6.53%
ASSESSED VALUE by USE CATEGORY
Fiscal Year 2022-23
220

LOS SCV COUNTY COUNTY
Fiscal ANGELES WATER SCHOOL SANITATION FLOOD
Year GENERAL COUNTY AGENCY DISTRICTS DISTRICTS CONTROL TOTAL 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 2022-23 1.000000 - 0.070600 0.368420 - - 1.439020 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

CONTROL

0.000000

0.200000

0.400000

0.600000

0.800000

1.000000

1.200000
DIRECT and OVERLAPPING PROPERTY TAX RATES
Fiscal Year 2022-23
221
This page intentionally left blank.
222
RDA Incremental Rate Total Direct Rate
City Share Prop. 13
of 1% plus applicable
Roll Year per Prop. 13 Debt Rates voter-approved debt
2022-23 0.086630 0.000000 0.086630 0.00000% 8.97200%
Agency 2022-23
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) 0.009706 Newhall Elementary School District Debt Services 2011 Ser. A (581.54) 0.026540 William S. Hart Unified Debt Services 2001 Ser. B (757.52) 0.013503 William S. Hart Un.Hsd Debt Services 2008 Ser. B (757.54) 0.003222 William S. Hart Un.Hsd Debt Services 2008 Ser. C (757.56) 0.008904 William S. Hart Un.Hsd Debt Services 2013 Ref. Bds. (757.57) 0.009341 William S. Hart Un.Hsd Debt Services 2020 Ref. Bds. (757.59) 0.018563 Santa Clarita Community College Debt Services 2001 Ser. 2003 (814.52) 0.003259 Santa Clarita Community College Debt Services 2006 Ser. 2012 (814.56) 0.000031 Santa Clarita Community College Debt Services 2013 Refunding Bonds(814.57) 0.006772 Santa Clarita Community College Debt Services 2006 Ser. 2014 (814.58) 0.001143 Santa Clarita Community College Debt Services 2016 Refunding Bonds (814.59) 0.005850 Santa Clarita Community College Debt Services 2006 Ser. 2016 (814.60) 0.001498 Santa Clarita Community College Debt Services 2016 Ser. 2017 (814.61) 0.003608 Santa Clarita Community College Debt Services 2016 Ser. 2019 (814.62) 0.010448 Santa Clarita Community College Debt Services 2019 Refunding Bonds (814.63) 0.003509 Santa Clarita Community College Debt Services 2021 Refunding Bonds (814.64) 0.002752 Total Tax Rate 0.194149
Source: HdL Coren & Cone, Los Angeles County Assessor 2022/23 Tax Rate Table Total City
Rates
City of Santa Clarita
Direct and Overlapping Property Tax Rates
(rate per $100 of assessed value)
One Year Detail of Rates Producing Revenue for City and Associated Redevelopment Agencies City General Fund Direct Rates
223
PERCENT of
Number TOTAL TOTAL CITY
of ASSESSED ASSESSED
OWNER/TAXPAYER Parcels VALUE VALUE
Valencia Town Center Venture LP 17 412,240,922 $ 1.02 % Ridgewood Vista Canyon LLC 3 207,788,324 0.51 Park Sierra Properties 15 153,078,980 0.38 BEL Valencia LLC Lessor 9 145,017,455 0.36 Social Innovation Park Owner DE LLC 14 133,500,000 0.33 WESCO IV LLC 2 131,004,316 0.32 Saugus Colony Limited 19 129,472,633 0.32 IVT River Oaks Valencia LLC 7 124,814,570 0.31 EQR Valencia LLC 218 114,870,557 0.28 EQR The Oaks LLC 28 112,514,122 0.28 Total 332 1,664,301,879 4.11 % All Others 38,812,312,582 95.89
Total Assessed Valuation 40,476,614,461 $ 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 2022/23 Combined Tax Rolls Current Fiscal Year and Nine Fiscal Years Ago
FISCAL YEAR 2022-23
City of Santa Clarita
Principal Property Taxpayers
224
PERCENT of
Number TOTAL TOTAL CITY
of ASSESSED ASSESSED
OWNER/TAXPAYER Parcels VALUE VALUE
Valencia Town Center 17 358,378,769 $ 1.48 % Saugus Colony Limited 20 140,548,344 0.58 VTC Business Center LLC 9 138,852,154 0.57 Park Sierra Properties 15 131,889,124 0.54 EQR Valencia LLC 218 98,997,964 0.41 Packard Humanities Institute 1 97,350,559 0.40 EQR The Oaks LLC 28 96,921,845 0.40 Walmart/Sam's 5 78,157,514 0.32 RREEF America Reit II Corporation 2 75,033,483 0.31 Time Warner Cable 4 65,264,656 0.27 319 1,281,394,412 5.28 % 22,987,636,319 94.72
24,269,030,731$ 100.00 %
FISCAL YEAR 2013-14
City of Santa Clarita
Principal Property Taxpayers (Continued)
Current Fiscal Year and Nine Fiscal Years Ago
225

COLLECTIONS TOTAL PERCENT

FISCAL TAXES PERCENT IN SUBSEQUENT COLLECTIONS COLLECTIONS

YEAR LEVIED COLLECTIONS COLLECTIONS YEARS TO DATE TO DATE 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% 2022-23 36,147,363 35,692,965 98.7% - 35,692,965 98.74% 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
40,000,000
2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23

FISCALYEAR

TAX COLLECTIONS & DELINQUENCY - LAST TEN FISCAL YEARS
LEVIES

COLLECTIONS DELINQUENT AMOUNT
226

Owner Parcels Value % of
Net AV Parcels Values % of
Net AV Value % of
Net AV
1 COV-SAUGUS B LLC 5 109,700,000 $ 11.87% 109,700,000 10.76% 2 SPECTRUM PACIFIC WEST LLC 3 54,183,294 56.82% 54,183,294 5.31% (Pending Appeals On Parcels)
3 COV SC LAND LLC 6 42,199,962 4.57% 42,199,962 4.14% 4 LA RAILROAD 93 LLC 24 32,075,940 3.47% 32,075,940 3.15% 5 NEWHALL BLISS LLC 10 30,973,279 3.35% 30,973,279 3.04% 6 OLD TOWN MAIN LLC 3 25,062,904 2.71% 25,062,904 2.46% 7 JDH 3 12,382,886 1.34% 12,382,886 1.21% 8 LYONS PROPERTIES LIMITED 1 11,463,092 1.24% 11,463,092 1.12% 9 TELFAIR CORPORATION 2 9,863,397 1.07% 9,863,397 0.97% 10 25805 SAN FERNANDO ROAD LLC 1 9,153,229 0.99% 9,153,229 0.90% 55 282,874,689$ 30.60% 3 54,183,294$ 56.82% 337,057,983$ 33.06% 924,320,991 95,364,991 1,019,685,982
677,952,924$ 41.72% 77,433,339$ 69.97% 755,386,263$ 44.62% 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 2022-23
CombinedUnsecuredSecured
227
This page intentionally left blank.
228
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
57 36 32 37.8% 21 / $223,416,040 19 74,984,683 $
Year Tax Levy
Current Year
Collection
Prior Year
Collection Total
Current Year
Collection
Percentage
Total Collection
Percentage
2013-14 3,526,463 2,828,495 815,124 3,643,619 80% 103% 2014-15 3,836,835 3,185,967 158,652 3,344,619 83% 87% 2015-16 3,579,829 3,430,748 518,292 3,704,259 96% 103% 2016-17 4,063,020 3,819,731 797,178 3,983,145 94% 98% 2017-18 4,188,893 3,944,498 860,267 4,046,235 94% 97% 2018-19 4,405,493 4,363,813 2,142,067 5,328,034 99% 121% 2019-20 4,715,737 4,618,068 1,503,717 4,689,684 98% 99% 2020-21 5,123,622 5,012,407 (66,406) 4,946,001 98% 97% 2021-22 5,758,932 5,718,046 533,235 6,251,281 99% 109% 2022-23 7,531,776 7,432,174 883,716 8,315,890 99% 110% Source: Los Angeles County Auditor/Controller Ledgers and special reports pursuant to AB X 26.

City of Santa Clarita
Successor Agency
Project Area Assessment Appeals Summary and Tax Collection History Fiscal Years 2013-14 Through 2022-23
For Fiscal Years 2013-14 Through 2022-23

Project Area Assessment Appeals Summary—FY 2022-23
Tax Collection History
229
ASSESSOR’S

PARCEL NUMBER PROPERTY OWNER
LAND

ASSESSED
VALUES ($)

STRUCTURE

ASSESSED
VALUES ($)
TOTAL

ASSESSED
VALUES ($)

TAXABLE

ACREAGE
2861-058-071 Valencia Town Center Venture LP 1,379,188 $ 210,156 $ 1,589,344 $ 0.84 2861-058-072 Valencia Town Center Venture LP 3,822,897 19,874,467 23,697,364 4.81 2861-058-073 Valencia Town Center Venture LP 30,211,070 3,722,845 33,933,915 15.68 2861-058-076 Valencia Town Center Venture LP 962,391 95,579 1,057,970 1.18 2861-058-077 Valencia Town Center Venture LP 5,196,511 444,481 5,640,992 6.70 2861-058-081 Valencia Town Center Venture LP 17,573,490 188,649,964 206,223,454 14.34 2861-058-084 Valencia Town Center Venture LP 3,625,312 10,508,170 14,133,482 2.05 2861-058-085 Valencia Town Center Venture LP 472,859 236,426 709,285 0.33 Totals: 63,243,718 $ 223,742,088 $ 286,985,806 $ 45.94 City of Santa Clarita
Charge Detail Report for CFD 2002-1 (Valencia Town Center) Fiscal Year 2022-23
230
ASSESSOR’S
PARCEL NUMBER CLASS MAX TAX RATE ($) MAX TAX

APPLIED RATE
($) CHARGE ($)
2861-058-071 1 40,125 $ 33,870 $ 29,858 $ 25,203 $ 2861-058-072 1 40,125 193,001 29,858 143,618 2861-058-073 1 40,125 629,241 29,858 468,237 2861-058-076 1 40,125 47,508 29,858 35,352 2861-058-077 1 40,125 268,838 29,858 200,050 2861-058-081 1&2 40,125 & 40,136 575,468 29,862 428,223 2861-058-084 1 40,125 82,256 29,858 61,209 2861-058-085 1 40,125 13,161 29,858 9,794 1,371,686 $
City of Santa Clarita
Charge Detail Report for CFD 2002-1 (Valencia Town Center) Fiscal Year 2022-23
231
FISCAL PRIVATE CAPITAL GASB 87 GASB 96
YEAR LOANS BONDS (2) PLACEMENT LEASE (5) LEASES LEASES (6) SUBSCRIPTION (7) 2013-14 9,323,138 15,291,374 580,000 12,002,622 - 154,705 - - 2014-15 8,128,138 15,175,988 300,000 11,673,964 - 217,615 - - 2015-16 - - 200,000 26,012,352 6,328,411 138,877 - - 2016-17 - - 100,000 25,262,456 4,984,543 60,444 - - 2017-18 - - - 40,380,831 3,595,740 32,200 - - 2018-19 - - - 65,333,412 2,177,480 2,538 - - 2019-20 - - - 65,085,696 730,371 497,583 - - 2020-21 - - - 77,875,819 - 542,094 - - 2021-22 - - - 75,762,440 - 97,376 880,316 - 2022-23 - - - 92,553,433 - 97,376 544,549 2,843,206 NOTES:

Sources: City of Santa Clarita, Administrative Services Department - Finance Division -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.

CERTIFICATES
OF PARTICIPATION (1) (3)
City of Santa Clarita
Ratio of Outstanding Debt by Type
Last Ten Fiscal Years

GOVERNMENTAL ACTIVITIES
-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. -Deferred amount for issuance premium, net of discount is included above. (1) In 1991 the Santa Clarita Public Financing Authority issued $22,940,000 aggregate principal amount of Local Agency (Redevelopment) Revenue Bonds Series 1991. Simultaneously with the receipt of the Bond proceeds, the Authority acquired $22,940,000 Certificates of Participation issued by the Santa Clarita Redevelopment Agency, of which the proceeds were transferred to the City to finance and/or refinance the design, acquisition, improvement or construction of land, the City Hall Building and certain road improvements, and to refinance certain debt. The Agency leased back the facilities to the City for lease payments to be made by the City to the Authority equal to the principal and interest due on the revenue bonds. At this point in time, the Agency is not active. -The 1991 Series certificates were later refunded in fiscal year 1997-98 by the Certificates of Participation Series 1997 of $19,670,000. As a result, the 1991 Series certificates are considered to be defeased and the liability for those certificates was removed from the general long-term debt. -On July 15, 2015, the Santa Clarita Public Financing Authority entered into a Private Placement Lease agreement for $6,985,000 to refinance the outstanding 2005 Series certificates. As a result, the 2005 Series were considered defeased and the liability for those certificates was removed from the long-term liability. (2) On January 16, 2007, the Santa Clarita Public Financing Authority issued $13,785,000 Lease Revenue Bonds (Golden Valley Road), Series 2007 for the acquisition of right-of-way.
- On June 22, 2016, the Santa Clarita Public Financing Authority issued $10,320,000 in Series 2016A Lease Revenue Bonds (Golden Valley Road) to 'advance refund $11,260,000 of oustanding 2007 Series bonds. As a result, the 2007 Series were considered defeased and the liability 'for those bonds was removed from the general long-term debt.
- On June 22, 2016, the Santa Clarita Public Financing Authority issued $14,020,000 in Series 2016B Lease Revenue Refunding Bonds (OSPD) to advance refund $15,070,000 of outstanding 2007 Series certificates.
(4) 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 agencies in the State of California effective February 1, 2012, the bonds were transferred to the RDA Successor Agency. - On June 1, 2018, the Santa Clarita Public Financing Authority issued $15,300,000 in Lease Revenue Bonds for the acquisition and retrofit of streetlights located within the City from Southern California Edison.
- On June 27, 2019, the Santa Clarita Public Financing Authority issued $25,850,000 in Lease Revenue bond proceeds for the construction of a new Sheriff Station facility.
- On October 22, 2020, the Santa Clarita Public Financing Authority issued $10,645,000 in Series 2020A Lease Revenue Bonds and $3,625,000 in Series 2020A-T Federally Taxable Lease Revenue Bonds to provide funds in the acquisition of a recreational facility. (3) On December 1, 2007, the Santa Clarita Public Financing Authority issued $15,525,000 in Certificates of Participation for the acquisition of open space and parkland.
-On June 22, 2016, the Santa Clarita Public Financing Authority issued $14,020,000 in Series 2016B Lease Revenue Refunding Bonds (OSPD) to advance refund $15,070,000 of outstanding 2007 Series certificates. As a result, the 2007 Series were considered defeased and the liability for those bonds was removed from the general long-term debt.
- On October 1, 2022, the Santa Clarita Public Financing Authority issued $12,845,000 Lease Revenue Bonds (Energy Efficiency Program), Series A (Green Bonds) and $5,970,000 Lease Revenue Bonds (Energy Efficiency Program), Series B - Deferred amount for issuance premium, net of discount is included above. 232

PERCENTAGE

OF OUTSTANDING

TOTAL TAXABLE DEBT DEBT TO

GOVERNMENTAL TAX ALLOCATION GRAND LEASE PRIMARY ASSESSED PER PERSONAL ACTIVITIES TOTAL BONDS (4) TOTAL PAYABLE TOTAL GOVERNMENT VALUE CAPITA INCOME 37,351,839 - 37,351,839 - - 37,351,839 0.15% 179 N/A 35,495,705 - 35,495,705 - - 35,495,705 0.14% 166 N/A 32,679,640 - 32,679,640 - - 32,679,640 0.12% 149 N/A 30,407,443 - 30,407,443 - - 30,407,443 0.11% 141 N/A 44,008,771 34,794,208 78,802,979 - - 44,008,771 0.14% 203 N/A 67,513,430 33,960,547 101,473,977 - - 67,513,430 0.21% 310 N/A 66,313,650 33,106,887 99,420,537 - - 66,313,650 0.19% 299 N/A 78,417,913 32,223,226 110,641,139 - - 78,417,913 0.21% 354 N/A 76,740,132 31,294,566 108,034,698 - - 76,740,132 0.20% 335 N/A 96,038,564 30,325,905 129,207,675 - - 96,038,564 0.23% 416 N/A City of Santa Clarita
Ratio of Outstanding Debt by Type (Continued)
Last Ten Fiscal Years

BUSINESS-TYPE ACTIVITIESSUCCESSOR AGENCY
(5) On July 15, 2015, the Santa Clarita Public Financing Authority entered into a Private Placement Lease agreement for $6,985,000 to refinance the outstanding 2005 Series certificates.
(6) On July 1, 2021, the City of Santa Clarita adopted Governemntal Account Standards Board Statement No. 87 Leases . (7) On July 1, 2022, the City of Santa Clarita adopted Governemntal Account Standards Board Statement No. 96 Subscription-Based Technology Arrangements. $179
$166
$149
$141
0 20
40 60
80 100
120
140
160
180
200
13-14 14-15 15-16 16-17
Fiscal Year
-
50 100
150
200
250
300
350
400
450
13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 Fiscal Year

OUTSTANDING DEBT PER CAPITA
Last Ten Fiscal Years
233

PERCENTAGE
OF

TAXABLE DEBT

FISCAL REVENUE CERTIFICATES OF ASSESSED PER
YEAR POPULATION (1) BONDS PARTICIPATION TOTAL VALUE CAPITA 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 0.19% 331 2022-23 230,659 92,553,433 - 92,553,433 0.22% 401 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
$175 $164
$118
$117
0 50
100
150
200
250
300
350
13-14 14-15 15-16 16-17
Fiscal Year

GENERAL BONDED DEBT OUTSTANDING

PER CAPITA
Last Ten Fiscal Years
-
50 100
150
200
250
300
350
400
450
2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 Fiscal Year

GENERAL BONDED DEBT OUTSTANDING

PER CAPITA
Last Ten Fiscal Years
234
2022-23 Assessed Valuation: $41,356,729,027
(Net of Redevelopment Agency Incremental Value of $755,386,263) 2022-23 Population: 230,659
Percent City’s Share
Total Debt Applicable of Debt
06/30/2023 To Cit y 06/30/2023
DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT:

Santa Clarita Community College District 380,436,436 $ 76.36% 290,486,045 $ William S. Hart Union High School District 299,603,941 76.35% 228,741,617 $ William S. Hart Union High School District Community Facilities District No. 90-1 70,000 100% 70,000 $ William S. Hart Union High School District Community Facilities District No. 2005-1 13,050,000 100% 13,050,000 $ William S. Hart Union High School District Community Facilities District No. 2015-1 24,470,000 100% 24,470,000 $ Los Angeles Community College and Unified School Districts 15,205,455,000 0.00001% 1,521 $ Castaic Union School District 23,205,000 27.70% 6,426,857 $ Newhall School District 2,550,000 60.64% 1,546,269 $ Newhall School District School Facilities Improvement District No. 2011-1 55,255,000 62.34% 34,447,625 $ Saugus Union School District 1,205,504 93.79% 1,130,618 $ Saugus Union School District School Facilities Improvement District No. 2014-1 123,620,000 94.37% 116,665,139 $ Saugus Union School District Community Facilities District No. 2005-1 13,370,000 100% 13,370,000 $ Saugus Union School District Community Facilities District No. 2006-1, Improvement Area No. 1 25,075,000 100% 25,075,000 $ Saugus Union School District Community Facilities District No. 2006-1, Improvement Area No. 2 19,215,000 100% 19,215,000 $ Saugus Union School District Community Facilities District No. 2006-1, Improvement Area No. 3 18,530,000 100% 18,530,000 $ Saugus Union School District Community Facilities District No. 2006-2, Improvement Area No. 1 10,960,000 100% 10,960,000 $ Saugus Union School District Community Facilities District No. 2006-2, Improvement Area No. 2 6,260,000 100% 6,260,000 $ Saugus Union School District Community Facilities District No. 2006-2, Improvement Area No. 3 13,375,000 100% 13,375,000 $ Saugus Union School District Community Facilities District No. 2019-1 9,155,000 100% 9,155,000 $ Saugus-Hart School District Community Facilities District No. 2000-1 6,630,000 100% 6,630,000 $ Saugus-Castaic School District Facilities Financing Authority -$ Community Facilities District No. 2006-1C 27,800,000 100% 27,800,000 $ Sulphur Springs Union School District 70,544,197 94% 66,527,410 $ Sulphur Springs Union School District No 2002-1 21,570,000 100% 21,570,000 $ Sulphur Springs Union School District No 2006-1 22,380,879 100% 22,380,879 $ Sulphur Springs Union School District No 2014-1 18,400,000 100% 18,400,000 $ City of Santa Clarita Community Facilities District No. 2002-1 11,450,000 100% 11,450,000 $ City of Santa Clarita Community Facilities District No. 2016-1 17,020,000 100% 17,020,000 $ City of Santa Clarita 1915 Act Bonds 335,000 100% 335,000 $ TOTAL DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT 1,025,088,979 $ Los Angeles County General Fund Obligations 2,601,551,282 2.18% 56,791,864 $ Los Angeles County Superintendent of Schools Certificates of Participation 3,403,487 2.18% 74,298 $ Los Angeles County Sanitation District No. 32 Authority 769,087 78.56% 604,218 $ Santa Clarita Community College District Certificates of Participation 5,740,000 76.36% 4,382,834 $ William S. Hart Union High School District General Fund Obligations 58,380,183 76.35% 44,572,102 $ Castaic Union School District Certificates of Participation 2,710,000 27.696% 750,562 $ Saugus Union School District General Fund Obligations - 0.000% -$ Sulphur Springs Union School District Certificates of Participation 28,880,000 94.31% 27,235,573 $ Los Angeles Unified School District Certificates of Participation 97,870,000 0.00001% 10 $ City of Santa Clarita Obligations 96,038,566 100.00% 96,038,566 $ (2) TOTAL DIRECT AND OVERLAPPING GENERAL FUND DEBT 230,450,027 $ Total Net Direct and Overlapping General Fund Debt 230,450,027 $ OVERLAPPING TAX INCREMENT DEBT (Successor Agency): 29,680,000 100.000% 29,680,000 Total Direct Debt 96,038,566$
Gross Total Overlapping Debt 1,189,180,440$
Net Total Overlapping Debt 1,189,180,440$
GROSS COMBINED TOTAL DEBT 1,285,219,006$ (3)
NET COMBINED TOTAL DEBT 1,285,219,006$
(1) Percentage of overlapping debt applicable to the city is estimated using taxable assed property value. Applicable percentages were estimated b 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 $97,376 for the Zamboni Lease, $544,549 GASB 87 Lease Payable, $2,843,206 GASB 96 subscription liabilities, $7,480,000 for the 2016A series Golden Valley Road Bond, $24,815,000 for the 2019 Series Sheriff Station Bond, $13,080,000 for the 2020A and 2020A-T Recreational Facility Bonds, $18,365,000 for the Energy Efficiency 2022A and 2022B Bonds, $11,575,000 for Open Space Preservation District, and $3,438,620 for deferred amount for issuance premium, net of discount. Also included are $13,345,000 for Revenue and Taxable Revenue Bonds - Series 2018A and Series 2018B, Streetlights Acquisition and Retrofit Program, and $454,814 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 obligation s
Ratios to 2022-2023 Assessed Valuation:

Total Overlapping Tax and Assessment Debt……………………………………………2.48% Total Direct Debt ($96,038,566)…………………………………………….0.23%
Combined Total Debt.…..……………………………………………………………………...........3.11% Ratios to Redevelopment Successor Agency Incremental Valuation ($755,386,263):

Total Overla pping Tax Increment Debt……………………………………………………..3.93% Source: Avenue Insights & Analytics California Municipal Statistics, Inc.

City of Santa Clarita
Direct and Overlapping Tax and Assessment Debt
June 30, 2023
235
22-23 21-22 20-21 19-20 18-19
Assessed valuation 41,356,729,027$ 38,390,714,609$ 36,983,412,434$ 35,174,818,421$ 32,480,968,597$ Conversion percentage 25% 25% 25% 25% 25%
Adjusted assessed valuation 10,339,182,257 9,597,678,652 9,245,853,109 8,793,704,605 8,120,242,149 Debt limit percentage 15% 15% 15% 15% 15%
Debt limit 1,550,877,339 1,439,651,798 1,386,877,966 1,319,055,691 1,218,036,322 Total net debt applicable to limit:

General obligation bonds - - - - - Legal debt margin 1,550,877,339$ 1,439,651,798 $ 1,386,877,966 $ 1,319,055,691 $ 1,218,036,322 $ 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 City of Santa Clarita
Legal Debt Margin Information
Last Ten Fiscal Years

FISCAL YEAR
236
17-18 16-17 15-16 14-15 13-14
Assessed valuation 30,727,345,419$ 28,685,821,032$ 27,330,863,338$ 26,111,942,635$ 24,269,472,731$ Conversion percentage 25% 25% 25% 25% 25%
Adjusted assessed valuation 7,681,836,355 7,171,455,258 6,832,715,835 6,527,985,659 6,067,368,183 Debt limit percentage 15% 15% 15% 15% 15%
Debt limit 1,152,275,453 1,075,718,289 1,024,907,375 979,197,849 910,105,227 Total net debt applicable to limit:

General obligation bonds - - - - - Legal debt margin 1,152,275,453$ 1,075,718,289$ 1,024,907,375$ 979,197,849$ 910,105,227$ Total debt applicable to the limit
as a percentage of debt limit 0% 0% 0% 0% 0%

FISCAL YEAR
City of Santa Clarita
Legal Debt Margin Information (Continued)
Last Ten Fiscal Years
0 200
400
600
800
1,000
1,200
1,400
1,600
13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 (in Millions)
Fiscal Year

LEGAL DEBT MARGIN
Last Ten Fiscal Years
237

LESS NET
Fiscal TRANSIT OPERATING AVAILABLE
Year REVENUES (1) EXPENSES (2) REVENUES Principal Interest COVERAGE 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 - - - 2022-23 39,170,359 35,660,261 3,510,098 - - -

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
238

AVERAGE AVERAGE PER

CITY OF ANNUAL LOS ANGELES ANNUAL CAPITA TOTAL

SANTA CLARITA PERCENTAGE COUNTY PERCENTAGE PERSONAL PERSONAL UNEMPLOYMENT YEAR POPULATION (1) INCREASE POPULATION (1) INCREASE INCOME (2) INCOME (2) RATE (3) 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% 75,821 985,475,353 7.30% 2022 228,835 3.28% 9,861,224 -1.82% N/A N/A 4.70% 2023 230,659 0.80% 9,761,210 -1.01% N/A N/A 5.30% 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

2.04% 1.96%

2.99%
-1.48%

0.11%

0.70%

1.76%
-0.16%

3.28%

0.80%
-1.50%
-0.50%

0.50%

1.50%

2.50%

3.50%

4.50%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
YEAR

POPULATION INCREASE
Last Ten Fiscal Years
239

PERCENT PERCENT
NUMBER of NUMBER of
of TOTAL of TOTAL

EMPLOYER EMPLOYEES EMPLOYMENT EMPLOYER EMPLOYEES EMPLOYMENT Six Flags Magic Mountain 2,500 12.13% Six Flags Magic Mountai n 4,500 24.32% Henry Mayo Newhall
Memorial Hospital 1,775 8.61% Princess Cruises 1,600 8.65% Princess Cruises 1,100 5.34%
Henry Mayo Newhall
Memorial Hos
pital 1,400 7.56%
The Master's College 916 4.44% Quest Diagnostics 850 4.59% Boston Scientific 742 3.60% The Master's College 800 4.32% Logix 694 3.37% Boston Scientific 770 4.16% Advanced Bionics 693 3.36% Woodward HRT 772 4.17% Woodward HRT 647 3.14% Cal Arts 690 3.73% Amazon 580 2.81% Walmar t 624 3.37% AMS Fulfillment 498 2.42% Aerospace Dynamics 548 2.96% Largest firms (1) 10,145 49.21% Largest firms (1) 12,554 67.83% All others 10,471 50.79% All others 5,953 32.17% Grand total 20,616 100.00% Grand total 18,507 100.00% * As of August 2023
NOTE: (1) Non-governmental employers
Source: 2023 Economic Outlook Santa Clarita Valley Economic Dev Corp & College of the Canyons 2023* 2014
City of Santa Clarita
Principal Employers
Current Fiscal Year and Nine Fiscal Years Ago
240
Function 22-23 (3) 21-22 20-21 19-20 18-19 17-18 16-17 15-16 14-15 13-14 General government 172.50 87.50 85.00 84.00 81.00 76.00 76.00 91.00 87.60 87.60 Public safety (1) - - - - - - - - - - Public works 94.00 142.50 141.50 141.50 139.50 126.50 128.50 131.50 125.00 122.00 Community development 63.50 46.00 45.00 45.00 44.00 43.00 44.00 37.00 41.00 41.00 Recreation and Comm Svcs 53.40 69.50 67.25 68.25 68.25 63.90 63.90 112.15 111.15 109.15 Neighborhood Services (2) 84.50 105.60 103.60 102.60 99.60 79.00 74.00 - - - Transit 10.00 10.00 10.00 10.00 10.00 12.00 12.00 12.00 11.00 11.00 Totals 477.90 461.10 452.35 451.35 442.35 400.40 398.40 383.65 375.75 370.75 (1) Police and Fire services are provided by the County (2) The Neighborhood Services department was added for FY 2016-17 (3) Citywide reorganization effective FY 2022-23
S
ource: City of Santa Clarita, Adopted Budget-Funded Regular Fulltime Equivalent Positions Last Ten Fiscal Years
City of Santa Clarita
Full-Time and Part-Time City Employees by Function

FISCAL YEAR

0.00 100.00
200.00
300.00
400.00
500.00
600.00
13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 370.75 375.75 383.65 398.40 400.40 442.35 451.35 452.35 461.10 477.90 Fiscal Year

CITY OF SANTA CLARITA - EMPLOYEES
Last Ten Fiscal Years
241
Function 22-23 21-22 20-21 19-20 18-19
Police:

Parking citations issued (1) 23,512 18,651 11,359 13,992 24,214 Parking revenue collected 1,101,410 $ 747,323 $ 417,978 $ 516,477 $ 364,954 $ Public works:

Street resurfacing (miles) 24.0 58.2 28.0 38.7 26.0 Parks and Recreation:

Number of recreation classes 1,518 2,038 1,593 2,197 2,773 Number of facility rentals (times) 7,078 12,096 10,016 11,778 12,787 Transit:

Number of customers served (2) 2,453,098 1,900,958 1,673,828 2,131,694 2,680,202

NOTE: (1) The City contracts with Ace Parking and Data Ticket Inc. for its parking enforcement 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
242
Function 17-18 16-17 15-16 14-15 13-14
Police:

Parking citations issued (1) 15,505 13,133 9,035 4,765 4,786 Parking revenue collected 498,749 $ 470,843 $ 379,384 $ 320,682 $ 323,040 $ Public works:

Street resurfacing (miles) 38.9 45.0 15.5 80.0 20.9 Parks and Recreation:

Number of recreation classes 2,903 2,992 2,918 2,189 2,557 Number of facility rentals (times) 12,013 19,924 13,390 19,018 14,604 Transit:

Number of customers served (2) 2,775,327 2,864,351 3,167,021 3,422,015 3,540,969

NOTE: (1) The City contracts with Ace Parking and Data Ticket Inc. for its parking enforcement services.

The number of citations issued and money collected are within the City’s boundaries. (2) Number of customers served includes those outside of the City boundaries.

Source: City of Santa Clarita, Administrative Services Department - Finance Division

FISCAL YEAR
City of Santa Clarita
Operating Indicators by Function (Continued)
Last Ten Fiscal Years
243
Function 22-23 21-22 20-21 19-20 18-19
Public works:

Streets (miles) 596 573 573 570 540
Street lights (1) 18,832 18,703 18,622 18,662 18,662
Traffic signals (City Jurisdiction) 200 199 198 195 187 Traffic signals (Joint Jurisdiction) 44445
Parks and recreation:

Number of parks 35 35 34 33 32
Community centers 22222
Transit:

Stations 44444
(1)

Source: City of Santa Clarita, Administrative Services Department - Finance Division The City of Santa Clarita assumed responsibility for the Streetlight Maintenance District from Los Angeles County in 1998.

Subsequently, between 2019 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 responsible for 18,832 streetlights, inclusive of Highway Safety Li
ghts which are attached to traffic signals.

FISCAL YEAR
City of Santa Clarita
Capital Assets Statistics by Function
Last Ten Fiscal Years
244
Function 17-18 16-17 15-16 14-15 13-14
Public works:

Streets (miles) 540 537 516 497 496 Street lights (1) 18,662 17,843 17,843 17,843 17,843 Traffic signals (City Jurisdiction) 187 186 180 180 177 Traffic signals (Joint Jurisdiction) 5 5 5 5 5 Parks and recreation:

Number of parks 32 32 32 32 29 Community centers 2 2 2 2 2 Transit:

Stations 4 4 4 4 4 Source: City of Santa Clarita, Administrative Services Department - Finance Division

FISCAL YEAR
City of Santa Clarita
Capital Assets Statistics by Function (Continued)
Last Ten Fiscal Years
245
23920 Valencia Blvd.

Suite 300
Santa Clarita, CA 91355
santa-clarita.com

Santa Clarita City CouncilJanuary 23, 2024

Santa Clarita City Council
January 23, 2024