ANNUAL
COMPREHENSIVE
FINANCIAL REPORT
FISCAL YEAR ENDED
JUNE 30, 2024
City of Santa Clarita, California
City of Santa Clarita, California
Annual Comprehensive Financial Report
Year Ended June 30, 2024
Prepared by the Finance Division
City of Santa Clarita
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents
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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 ..................................................................................................................................................... xvi Map ........................................................................................................................................................................... xvii
FINANCIAL SECTION
Independent Auditors’ Report on the Audit of the Financial Statements ............................................................. 1
Management’s Discussion and Analysis (Required Supplementary Information) (Unaudited) ......................... 5
Basic Financial Statements:
Government-Wide Financial Statements:
Statement of Net Position .................................................................................................... .......................... 18 Statement of Activities ................................................................................................................................... 20
Fund Financial Statements:
Governmental Fund Financial Statements:
Balance Sheet ................................................................................................................ .......................... 26 Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide St atement of Net Position ......................................................................... 28 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 Stat ement 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 Fiduc iary 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, 2024
Table of Contents (Continued)
ii
Page
FINANCIAL SECTION (Continued)
Required Supplementary Information (Unaudited):
Budgetary Comparison Schedule:
General Fund ................................................................................................................ .................................. 103 Bridge and Thoroughfar e Special Revenue Fund .......................................................................................... 104 Impact Fees Special Revenue Fund ............................................................................................ ................... 105 Landscape Maintenance Dist rict #1 Special Revenue Fund .......................................................................... 106
Budgetary Information ........................................................................................................................................ 107
Schedule of Changes in Net Pension Liability and Related Ratios:
CalPERS Miscellaneous ....................................................................................................... ......................... 108
Schedule of Contributions – Pensions:
CalPERS Miscellaneous ....................................................................................................... ......................... 110
Schedule of Changes in Net Other Postemployment Benefits Liability and Related Ratios:
Other Postemployment Benefits (“OPEB”) ................................................................................................... 112
Schedule of Contributions – Othe r Postemployment Benefits (“OPEB”) ......................................................... 114
Schedule of Money Weighted Rate of Return – OPEB ...................................................................................... 116
Supplementary Information:
Nonmajor Governmental Funds:
Combining Ba lance Sheet .............................................................................................................................. 123 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ...................................... 134 Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual:
Bikeway Special Revenue Fund ............................................................................................... ............... 145 Gas Tax Special Revenue Fund ............................................................................................... ................ 146 Proposition A Special Revenue Fund ......................................................................................... ............. 147 Special Assessment Special Revenue Fund .................................................................................... ......... 148 Street Lighting Distri ct Special Revenue Fund ....................................................................................... 149 Measure M Local Return Special Revenue Fund .................................................................................... 150 SB1 Road Repair and Acti vity Special Revenue Fund ........................................................................... 151 Transportation Development Act (TDA) 8 Special Revenue Fund ......................................................... 152 Traffic Safety Sp ecial Revenue Fund ...................................................................................................... 153 Community Development Block Grant Special Revenue Fund .............................................................. 154 Air Quality Management District (AQMD) Special Revenue Fund ....................................................... 155 Stormwater Special Revenue Fund............................................................................................. ............. 156 Surface Transportation Prog ram Special Revenue Fund ......................................................................... 157 City of Santa Clarita
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents (Continued)
iii
Page
FINANCIAL SECTION (Continued)
Supplementary Information (Continued):
Nonmajor Governmental Funds (Continued):
Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual (Continued):
BJA Law Enforcement Special Revenue Fund ..................................................................................... 158 Supplemental Law Grant Special Revenue Fund ................................................................................ .. 159 HOME Special Revenue Fund .................................................................................................. ............ 160 Library Facilities Fees Special Revenue Fund ...................................................................................... 161 Public Education and Government Special Revenue Fund ................................................................... 162 Proposition C Special Revenue Fund ......................................................................................... ........... 163 Measure H Special Revenue Fund.............................................................................................. ........... 164 Federal Grants Special Revenue Fund ........................................................................................ ........... 165 Measure R Special Revenue Fund ............................................................................................. ............ 166 Measure R Highway Improv ement Special Revenue Fund ................................................................... 167 Measure M ATP Special Revenue Fund ......................................................................................... ...... 168 Measure A Safe Park s Special Revenue Fund ....................................................................................... 169 Measure W Safe Clean Wa ter Special Revenue Fund ........................................................................... 170 Tourism Marketing Distri ct Special Revenue Fund .............................................................................. 171 Open Space Preservation Distri ct (OPSD) Special Revenue Fund ....................................................... 172 Miscellaneous Grants Special Revenue Fund ....................................................................................... 173 Park Dedication Special Revenue Fund ....................................................................................... ......... 174 Housing Successor Agency Special Revenue Fund .............................................................................. 175 Tourism Marketing Bure au Special Revenue Fund............................................................................... 176 Areawide Special Revenue Fund .............................................................................................. ............. 177 Cooper Street Parking Structure CFD 2020 Special Revenue Fund ..................................................... 178 Developer Fee Special Revenue Fund ......................................................................................... .......... 179 Vista Canyon (VC) Wastewater Stan dby District Special Revenue Fund ............................................ 180 Public Library Special Revenue Fund ........................................................................................ ........... 181 American Rescue Pl an Special Revenue Fund ...................................................................................... 182
Capital Projects Funds:
Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual:
General ..................................................................................................................... ............................. 183 Civic Arts Projects Fund .................................................................................................... ................... 184
Debt Service Funds:
Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual:
Public Financing Authority Debt Service Fund..................................................................................... 185
Internal Service Funds:
Combining Statement of Net Position .......................................................................................... ............... 189 Combining Statement of Revenues, Expenses and Changes in Net Position .............................................. 190 Combining Statement of Cash Flows ............................................................................................ ............... 191
Custodial Fund:
Combining Statement of Fiduciary Net Position ......................................................................................... 194 Combining Statement of Change s in Fiduciary Net Position ...................................................................... 196 City of Santa Clarita
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents (Continued)
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Page
STATISTICAL SECTION (Unaudited)
Description of Statistical Section Contents ................................................................................................................. 201
Financial Trends:
Net Position by Component .................................................................................................................................. 202 Changes in Net Position ....................................................................................................................................... 204 Fund Balances – Governmental Funds ................................................................................................................. 208 Changes in Fund Balances – Governmental Funds .............................................................................................. 210
Revenue Capacity:
Assessed Valuation and Actual Values of Taxable Property ............................................................................... 212 Redevelopment Agency – Assessed Valuation and Actual Values of Taxable Property ..................................... 214 Assessed Values – Taxable Property .................................................................................................................... 216 Assessed Values – Use Category Summary ......................................................................................................... 218 Direct and Overlapping Property Tax Rates – Last Ten Fiscal Years .................................................................. 219 Direct and Overlapping Property Tax Rates – One Year Detail of Rates Producing Revenue for City and Asso ciated Redevelopment Agencies ........................................................ 221 Principal Property Taxpayers ............................................................................................................................... 222 Property Tax Levies, Tax Collections and Delinquencies .................................................................................... 224 Top Property Owners Based on Net Values ......................................................................................................... 225 Project Area Assessment Appeals Summary and Tax Collection History ........................................................... 227 Charge Detail Report for CFD 2002-1 (Valencia Town Center).......................................................................... 228
Debt Capacity:
Ratios of Outstanding Debt by Type .................................................................................................................... 230 Ratios of General Bonded Debt Outstanding ....................................................................................................... 232 Direct and Overlapping Tax and Assessment Debt .............................................................................................. 233 Legal Debt Margin Information ........................................................................................................................... 234 Pledged Revenue Coverage .................................................................................................................................. 236
Demographic and Economic Information:
Demographic and Economic Statistics ................................................................................................................. 237
Operating Information:
Principal Employers ............................................................................................................................................. 238 Full-Time and Part-Time City Employees by Function ....................................................................................... 239 Operating Indicators by Function ......................................................................................................................... 240 Capital Asset Statistics by Function ..................................................................................................................... 242
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented
to
City of Santa Clarita
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June
30, 2023
Executive Director/CEO
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Honorable Mayor, Mayor Pro Tern, City Council members and Santa Clarita residents 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 approximately 231,000, 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 38 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 transitioned 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 (PFA), 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 vii
Honorable Mayor, Mayor Pro Tern, City Council members and Santa Clarita residents 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 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 oflocally-based businesses with those of the community members, resulting in an unmatched quality of life.
The City of Santa Clarita was once again named as a finalist for the "Most Business Friendly City in Los Angeles County" in 2024 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. These practices have positioned Santa Clarita well for the future.
Santa Clarita's economy remains strong, with many new businesses that have opened in the community this year. These include a new Tesla dealership, Garcia Bros Cafe, San Fernando Coffee Company, Persian Grill and Cafe, Wild Fork, The Coral Enclave, Welik Mexican Cuisine, Santa Cruz Brewery, Makenna Koffee Company, Mendocino Farms, Daiso, Beverly Hills Rejuvenation Center, Koneko Cafe, Hammer & Nails Grooming, The Skin Agency, The Kebab Shop, MooyahBurger, Philz Coffee and Dose of Aesthetics.
Also, several businesses opened additional locations in Santa Clarita, including Trader Joe's, It's Boba Time, Aldi, Dollar Tree and Grocery Outlet. Businesses slated to open at a later date include Perspire Sauna, Farmer Boys, Yard House, Dog Haus and King of Crabs, as well as a second location for Sprouts.
Specifically in Old Town Newhall, several new businesses that have opened include: The Break Room, Teagan's Enchanted Tea Room, Gold Coast Sushi & Ramen and Henry's Coffee.
The Town Center Specific Plan, a comprehensive vision for the future of the Valencia Town Center, was adopted by the City Council and took effect on August 8. This plan lays the groundwork for a dynamic transformation of the area into a vibrant hub for shopping, dining, entertainment and events. As we move forward, the plan will guide growth and development, ensuring Valencia Town Center continues to evolve into a thriving destination that benefits both our residents and visitors. Proposals for new development within the project area are anticipated in early 2025.
Industrial construction remains steady, with the completion of Needham Ranch this year and the beginning of construction of the Santa Clarita Commerce Center. Residential construction continues, with the Highlands at Tesoro and Skyline Ranch developments continuing to build homes and Bouquet Canyon Residential gearing up for construction in early 2025.
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Honorable Mayor, Mayor Pro Tern, City Council members and Santa Clarita residents Commercial vacancy rates in offices within Santa Clarita have risen compared to the third quarter of last year, with the office vacancy rate at 19.5 percent, compared to 15.1 percent in 2023. The retail vacancy rate is currently at 3.8 percent, compared to 3.1 percent in 2023. The slowdown of demand for industrial space, paired with new industrial space recently becoming available, has raised the vacancy rate to 6.6 percent, compared to 0.6 percent last year.
In Fiscal Year 2023-24, the Film Office issued 366 permits, which led to 885 film days and $18,504,500 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 "Cesar Milan: Better Human, Better Dog," "CSI: Vegas," "Good Trouble," "NCIS" and "S.W.A.T." were based in Santa Clarita, while shows like "9-1-1," "Bosch Legacy," "Dr. Odyssey," "The Golden Bachelorette," "Love is Blind," "Platonic," "The Terminal List" and "The Old Man" regularly filmed on location within the City.
Numerous feature films were shot at sound stages and at movie ranches in Santa Clarita in the last year, including "Lonely Planet," "MaXXXine," "Night Swim," "Sacramento" and "Wolfs."
Tourism continues to be a significant part of the City of Santa Clarita's economy, contributing approximately $5.3 million to the General Fund from Transient Occupancy Tax in Fiscal Year 2023-24. The Tourism Marketing District (TMD), a collaborative assessment program and partnership between the City and local hotels, collected over $1 million in support of increased marketing, promotion and event attraction for 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 UCLA Hockey, Grace Baptist Shepherds' Conference, USA Flag Football Tournament, Coach Jay's Chess Tournament, Legends FC SCV Soccer Tournament, Boots in the Park, Santa Clarita Blue Heat Soccer, Western States Speed Skating Championships, Spartan Race and Statham Academy Summer Basketball Camps.
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 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.
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Honorable Mayor, Mayor Pro Tern, City Councilmembers and Santa Clarita residents The City of Santa Clarita has experienced steady growth since its incorporation in 1987.
Even throughout the 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. The City of Santa Clarita has practiced smart growth in prosperous financial times, and 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' ICR with a "stable" outlook. This ICR reflects S&P's forward-looking opinion of the City's overall creditworthiness and the capacity and willingness to meet financial obligations.
MAJOR MILESTONES IN FISCAL YEAR 2023-2024
❖ Completed the City's 38th park, Skyline Ranch Park, offering 10.5 acres, including a playground, pickleball/tennis courts, a basketball court and a baseball field. ❖ Opened the first permanent homeless shelters in Santa Clarita thanks to significant contributions from the City. Bridge to Home's shelter now houses more than 100 individuals and Family Premise's Resource Center has space for four families. xi
Honorable Mayor, Mayor Pro Tern, City Councilmembers and Santa Clarita residents ❖ Kicked off the Traffic and Pedestrian Safety Improvement Project which was awarded $1.5 million in federal funding to address traffic circulation and pedestrian improvements within our community.
❖ Launched the Animal Care Grant Program, a new initiative to provide direct financial assistance to nonprofit organizations that serve the City's animal population.
❖ Adopted a resolution to support the City of Santa Clarita being designated as a Clean California Community.
❖ Earned high marks in the 2024 Public Opinion Poll with 85 percent of participants rating the City favorably as a place to raise a family and 83 percent rating it positively as a place to live. These high marks reflect the City's ongoing commitment to maintaining a safe, family-friendly environment. ❖ Welcomed residents to the first Spanish-language social media pages for the City of Santa Clarita @CiudadDeSantaClarita.
❖ Led the groundbreaking for the future The Rink Sports Pavilion, which will feature a 12,000-square-foot multi-use rink, perfect for roller skating, basketball, volleyball and pickleball.
AWARDS AND ACKNOWLEDGEMENTS
The City of Santa Clarita continued to receive accolades over the last year. This year, Santa Clarita was named the 8th Safest City in the United States by PropertyClub, the 6th Safest City in the State by WalletHub, the 8th Kindest City in the State by LuvLink, the 16th Best City for Hispanic Entrepreneurs in the United States by WalletHub and the 6th Best City for Women in the United States by WalletHub. Santa Clarita was once again named a finalist for the Most Business-Friendly City by the Los Angeles Economic Development Corporation. This last year marked the 33rd 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.
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, 2023. This was the 35th 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 xii
Honorable Mayor, Mayor Pro Tern, City Councilmembers and Santa Clarita residents 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 2024-25 Investment Policy. This year marks the 30th 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 A ward is earned by public and nonprofit 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 Susan Yamaguchi; Financial Analyst, Purevsuren Wrinkle; and Interim Financial Analyst Georgianna Nieto. 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 McKenna; Director of Public Works, Mike Hennawy; Director of Recreation and Community Services, Janine Prado; Director of Economic Development, Tom Cole; 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.
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OFFICIALS OF THE CITY OF SANTA CLARITA
As of June 30, 2024
City Council
Cameron Smyth MAYOR
Bill Miranda MAYOR PRO TEM
Laurene Weste COUNCILMEMBER
Marsha McLean COUNCILMEMBER
Jason Gibbs COUNCILMEMBER
City Officials
Ken Striplin CITY MANAGER
Frank Oviedo ASSISTANT CITY MANAGER
Joseph Montes CITY ATTORNEY
Carmen Magaña DIRECTOR
OF ADMINISTRATIVE
SERVICES
Tom Cole DIRECTOR OF ECONOMIC
DEVELO
PMENT
Jerrid McKenna DIRECTOR OF NEIGHBORHOOD
SERVICES
Mike Hennawy DIRECTOR OF PUBLIC WORKS/CITY
ENGINEER
Janine Prado DIRECTOR
OF RECREATION AND
COMMUNI
TY SERVICES
Jason Crawford DIRECTOR OF COMMUNITY
DEVELO
PMENT
Kristi Hobrecker DIRECTOR
OF HUMAN RESOURCES AND
LIBRARY SERVICES
Carrie Lujan COMMUNICATIONS DIVISION
MANAGER/
PIO
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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, 2024
Santa Clarita Residents
City Council
City Manager
|
|
|
Human Resources and
Library Services
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200 E. Sandpointe Avenue, Suite 600
Santa Ana, California 92707
INDEPENDENT AUDITORS’ REPORT
To the Honorable Mayor and Members of the City Council
of the City of Santa Clarita
Santa Clarita, California
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activiti es, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Santa Clarita, California (the “City”), as of and for the year ended June 30, 2024, and the related notes to the fina ncial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements referre d to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2024, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accept ed 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’ Responsib ilities 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.
Emphasis of Matters
Change in Accounting Principle
As discussed in Notes 1 and 19 to the financial statements, the City adopted new accounting principal, GASB Statement No. 100, Accounting Changes and Error Corrections – an Amendment of GASB Statement No. 62 in 2024 and resulted in restatement of beginning fund balances. Our opinions are not modified with respect to this matter.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United 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.
To the Honorable Mayor and Members of the City Council
of the City of Santa Clarita
Santa Clarita, California
2 In preparing the financial statements, management is required to evaluate wh ether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ab ility to continue as a going concern for twelve months beyond the financial st atement date, including any currently known information that may raise substantial doubt shortly thereafter.
Auditors’ Responsibility for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whet her the financial statements as a whole are free from material misstatement, whether due to fraud or error, a nd to issue an auditors’ report that includes our opinions.
Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with 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, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we:
exercise professional judgment and maintain professional skepticism throughout the audit.
identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is expressed.
evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal cont rol-related matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis, the Budgetary Comparison Schedules, the Sc hedule of Changes in Net Pension Liability and Related Ratios, the Schedules of Contributions – Pensions, the Schedules of Changes in Net Other Postemployment Benefits Liability and Related Ratios, and the Schedules of Contribut ions – Other Postemployment Benefits be presented to supplement the basic financial statements. Such information is the responsibility of mana gement and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied cer tain limited procedures to the Required Supplementary Information in accordance with auditi ng standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited pro cedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
To the Honorable Mayor and Members of the City Council
of the City of Santa Clarita
Santa Clarita, California
3 Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The accompanying Combining and Individual Fund Financial Statements are presented for purposes of additional analysis and are not a re quired part of the basic financial statements. Such information is the responsibility of management and w as derived from and relates directly to the underlying accounting and other records used to prepare the basic financ ial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and ot her additional procedures in accordance with GAAS. In our opinion, the Combining 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 statements and our auditors' report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the 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 mi sstated. 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 repor t dated December 27, 2024, 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 agreemen ts and other matters. The purpose of that report is solely to describe the scope of our testing of internal control ove r financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.
Santa Ana, California
December 27, 2024
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4 5
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED)
Fiscal Year Ended June 30, 2024
This discussion and analysis of the City of Santa Cl arita’s (the City) financial performance provides an overview of the financial activities of the City for the fiscal year ended June 30, 2024. 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 the activities during the year for capital assets and long-term debt. We end our discussion and analysis with a description of currently known facts, decisions and conditions that are expected to have a significant effect on the financial position or results of operations. Please read it in conjunctio n with the accompanying transmittal letter, the basic financial statements and the accompanying notes to those financial statements.
FINANCIAL HIGHLIGHTS
The assets and deferred outflows of resources of the City ex ceeded its liabilities and deferred inflows of resources at the close of the most recent fiscal year by $1.7 billion. Of this amount, $238 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 $36.7 million and deferred inflows of resources total $25.3 million.
The City’s total deferred outflow s of resources decreased by $4.0 million. The deferred inflows of resources decreased by $2.2 million. The change s in deferred outflow and inflows were related primarily to Other Post-Employment Benefits (OPEB) and Pensions (Table 1).
The City’s total net position increased by $81.7 million. Net position of the business-type activities decreased by $4.6 million, and the net position of the governmental activities increased by $86.3 million (Table 1 & 2).
The net capital assets of the City’s governmental activities increased by $38.5 million, or 3.2% over last fiscal year. The increase was in part due to increases of $22.9 million in site improvements and $24.6 million in building and improvements. These increases are attributed to: 1) the completion of the Central Park Buildout and the Vista Canyon Ranch Metrolink Station; 2) the City’s acceptance of the Vista Canyon Water Factory from the Vista Canyon developer, fulfilling the development’s conditions of approval; and 3) an adjustment for t he County’s contribution for the Sheriff Station project. See Note 9 to the financial statements for additional information.
As of the close of the current fiscal year, the Ci ty’s governmental funds reported combined ending fund balances of $468 million. This represents an increase of $47 million as compared to the prior year.
Within governmental funds, the General Fund r eported a fund balance of $282 million, an increase of $15 million over the prior year. This increase is primarily attributed to investment income being $9.6 million higher and taxes being $3.4 million higher in fiscal year 2023-2024.
USING THIS ANNUAL REPORT
The financial statements presented herein include all of the activities of the City and its component unit using the integrated app roach as prescribed by Governmental Accounting Standards Board (GASB) Statement No. 34. The three components of the basic financial statements are as follows:
1) Government-Wide Financial Statements
The Government-Wide Financial Statements presen t the financial picture of the City from the economic resources measurement focus using the accrual basis of accounting in a manner similar to a private-sector business. These statement s include all assets and deferred outflows of resources of the City (including infrastructure) as well as all liabilities and deferred inflows of resources (including long-term debt).
6 USING THIS ANNUAL REPORT (CONTINUED)
2) Fund Financial Statements
The Fund Financial Statements include statements fo r each of the three categories of activities:
governmental, proprietary and fiduciary. For governmental activities, these fund statements tell how these services were financed in the short term, as well as what remains for future spending. Fund financial statements also report the City’s oper ations in more detail than the government-wide statements by providing information about the City’s most significant funds and other funds.
3) Notes to the Basic Financial Statements
The notes provide additional information necess ary to enable the user to fully understand the various financial statements.
In addition to the basic financial statements and notes, this report contains other supplementary information.
REPORTING THE CITY AS A WHOLE – GOVERNMENT-WIDE FINANCIAL STATEMENTS
The Statement of Net Position and the Statement of Activities
One of the most important questions asked about the City’s finances is, “Is the City as a whole better or worse off as a result of the year’s activities?” The Statement of Net Position and the Statement of Activities report information about the City as a whole, and its activities, in a way to answer this question. These statements include all assets and liabilities of the City using the accrual basis of accounting, which is similar to the accounting used by most private-sector companies. All of the current year’s revenues and expenses are taken into account, regardless of when cash is received or paid.
The Statement of Net Position reports all of the City ’s assets and deferred outflows of resources, and liabilities and deferred inflows of resources, with the differenc e between the two reported as net position.
Net position is one way to measure the City’s financial health or financial position. Over time, increases or decreases in the City’s net position is an indication of whether its financial health is improving or deteriorating. Other things to consider are non-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, user fees, interest income, franchise fees, state and federal grants, contributions from other agencies, and other revenues to finance these activities.
Business-Type Activities – City functions that are intended to be primarily self-supporting through the imposition of user fees and charges are reported in the business-type activity category. Business-type activities for the City consist of transit activities related to the operation of the City’s local public transportation system.
7 REPORTING THE CITY AS A WHOLE – GO VERNMENT-WIDE FINANCIAL STATEMENTS (CONTINUED)
Component Unit Activities – The City of Santa Clarita is the primary government unit to one legally separate entity. The financial activity and data of the Santa Clarita Public Financing Authority has been accounted for within the funds of the City, and therefore, separate component unit financial information is not presented within the financial statements.
REPORTING THE CITY’S MOST SIGNIFICANT FUNDS – FUND FINANCIAL STATEMENTS
A fund is a grouping of related accounts used to account 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 control and manage money for particular purposes or to show that it is meeting legal responsibilities for using certain taxes, grants and other resources. The fund financial statements provide detailed information about the most significant funds and other funds – not the City as a whole. The City’s three types of funds are governmental, proprietary and fiduciary.
Governmental Funds – Most of the City’s basic services are reported in governmental funds.
Governmental fund financial statements focus on how money flows in and out of those funds and the balances left at year-end that are available for s pending. These funds are reported using an accounting method called “modified accrual” accounting, which measures cash and all other financial assets that can readily be converted to cash. The governmental fund statements provide a detailed short-term view of the City’s general government operations and the basic serv ices it provides. Governmental fund information helps determine whether there are more or fewer financial resources that can be spent in the near future to finance the City’s programs. Because the focus of the governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for the governmental funds with similar information presented for the governmental activities in the government- wide financial statements. Reconc iliation of the Fund Financial 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 48 governmental funds. The General Fund, Bridge and Thoroughfare Fund, Impact Fee Fund, and Landscape Maintenance District #1 Fund are presented separately as major funds in the governm ental fund balance sheet and in the Governmental Fund Statement of Revenues, Expenditures, and C hanges in Fund Balances. Financial data for the remaining 44 governmental funds are combined into a single, aggregated presentation. Supporting financial information on each of the other governmental funds is also provided within the report.
Proprietary Funds – The City maintains two different types of proprietary funds. When the City charges customers for the services it provides, these services are generally reported in a type of proprietary fund known as an enterprise fund. Enterprise funds are used to report the same functions presented as business- type activities in the government-wide financial stat ements, but the proprietar y fund statements provide more detail and additional information, such as a stat ement of cash flows. The City uses the Transit Enterprise Fund to account for the activities related to transit operations.
Internal service funds are an accounting device used to accumulate and allocate costs internally among the City’s various functions. The City uses three internal service funds to account for costs related to self- insurance, computer replacement and vehicle-equipment replacement.
Proprietary funds are reported in the same way all acti vities are reported in the Statement of Net Position and the Statement of Activities. The proprietary fund financial statements provide separate information for the Transit Enterprise Fund, which is considered to be a major fund of the City. All of the internal service funds are combined into a single, aggregated present ation in the proprietary fund financial statements.
Individual fund data for the internal service funds is provided in the form of combining statements in the supplementary information section of this report.
8 THE CITY AS TRUSTEE – FIDUCIARY FUND STATEMENTS
Reporting the City’s Fiduciary Responsibilities
The City is the trustee and custodian, or fiduciary , for certain funds held for the benefit of other parties outside of the City. The City’s fiduciary activities are reported in separate St atements of Fiduciary Net Position and Statement of Changes in Fiduciary Net Position. These activities were excluded from the City’s other financial statements because the City cannot use these assets to finance its operations. The City is responsible for ensuring that the assets reported in these funds are used for their intended purposes.
NOTES TO THE BASIC FINANCIAL STATEMENTS
The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements.
OTHER INFORMATION
In addition to the basic financial statements and accom panying notes, this report also presents certain required supplementary information concerning the comparison of budget and actual results for the major governmental funds, other post-employment benefits money weighted rate of return, schedule of changes in the City’s net pension liability, OPEB and related ratios, and a schedule of the City’s pension and OPEB contributions. This section is located after the Notes to Financial Statements.
The combining statements referred to earlier in conn ection with the other governmental funds, internal service funds and fiduciary funds are presented immediately following the required supplementary information described in the previous paragraph in the supplementary information section.
THE CITY AS A WHOLE
The analysis below focuses on the net position (Table 1) and changes in net position (Table 2) of the City’s governmental and business-type activities.
The City’s net position may be analyzed and used as an indicator of the City’s overall financial condition.
The City’s combined net position increased by $81.7 million, increasing from $1.58 billion to $1.66 billion.
9 THE CITY AS A WHOLE (CONTINUED)
TABLE 1
CITY OF SANTA CLARITA’S NET POSITION
2024 2023 2024 2023 2024 2023
ASSE TS:
Current and Other Assets 511,621,390$ 461,479,196$ 23,995,234$ 15,484,464$ 535,616,624$ 476,963,660$ Capital assets, net 1,236,492,893 1,197,956,002 84,534,345 96,692,691 1,321,027,238 1,294,648,693 Noncurrent Assets 41,106,181 50,239,381 183,117 123,020 41,289,298 50,362,401 TOTAL ASSETS 1,789,220,464 1,709,674,579 108,712,696 112,300,175 1,897,933,160 1,821,974,754 DEFERRED OUTFLOWS OF RESOURCES: 35,503,061 39,409,551 1,192,123 1,291,206 36,695,184 40,700,757 LIA BILITIES:
Noncurrent Liabilities 189,216,881 187,488,294 1,515,204 1,445,888 190,732,085 188,934,182 Other Liabilties 53,401,988 63,740,323 4,427,438 3,527,922 57,829,426 67,268,245 TOTAL LIABILITIES 242,618,869 251,228,617 5,942,642 4,973,810 248,561,511 256,202,427 DEFERRED INFLOWS OF RESOURCES: 24,818,717 26,876,098 499,089 592,840 25,317,806 27,468,938 NET POSITION:
N et investm ent in
capital assets 1,154,546,653 1,124,934,271 84,534,345 96,692,691 1,239,080,998 1,221,626,962 Restricted 183,484,669 158,032,140 - - 183,484,669 158,032,140 Unrestricted 219,254,617 188,013,004 18,928,743 11,332,040 238,183,360 199,345,044 TOTAL NET POSITION 1,557,285,939 $ 1,470,979,415 $ 103,463,088 $ 108,024,731 $ 1,660,749,027 $ 1,579,004,146 $ *Net Position, as restated
Governmental Activities Business-type Activities Total
The City’s net position is made up of three components: Net Investment in Capital Assets, Restricted Net Position and Unrestricted Net Position.
As of June 30, 2024, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $1.7 billion. The largest component of t he City’s net position, 74.6%, is represented by its $1.24 billion net investment in capital assets (e.g ., infrastructure, land, buildings and improvements, equipment, and construction in progress, less accumulated depreciation and any related outstanding debt used to acquire the capital assets). These capital asse ts are used to provide services to the citizens, and therefore are not available to finance future operati ons. In addition, resources necessary to repay the related debt must be provided by s ources other than the capital assets , as the assets themselves cannot be used to satisfy these liabilities.
An additional portion of the City’s net position, 11.0% represents resources subject to external restrictions on how they may be used. The remaining 14.4% of unr estricted net position, $238.2 million, may be used to meet the City’s ongoing obligations to citizens and creditors.
At the end of the current fiscal year, the City is abl e to report positive balances in both categories of governmental and business-type net position consistent with prior years. Net position for governmental activities increased by $86.3 million over the prior year. The unrestricted net position of the business-type activities increased by $7.6 million.
10 THE CITY AS A WHOLE (CONTINUED)
Governmental Activities
Revenues from governmental activities increased by $13.6 million. The cost of all governmental activities this year was $203.7 million, an increase of 6.4% over the past year. As shown in the Statement of Activities, the governmental activities expenses were ultimately financed in part by the taxpayers, as $99.8 million in revenues were generated by service revenues received from the performance of these activities; another $31.4 million was received from government agencies and other organizations that subsidized certain programs with operating grants and contributions ; and another $27.1 million in revenues was generated from capital grants and contributio ns. The $8.8 million decrea se in capital grants and contributions is attributed to the prior year recordation of the Tesoro del Valle annexation. Overall, the City’s governmental program and general revenues amounted to $289.8 milli on, which funded the expenses and resulted in a $86 million increase in net position. The increase of $3.2 million in Property Taxes was due to higher assessed property values. The increase of $10.3 million in Other is attributed to a $9.6 million increase in investment income compared to the prior year.
TABLE 2
CITY OF SANTA CLARITA’S CHANGES IN NET POSITION
2024 2023 2024 2023 2024 2023
Program Revenues:
Charges for services 99,838,340$ 87,306,870$ 6,161,116$ 6,499,657$ 105,999,456$ 93,806,527$ Operating grants and contributions 31,377,313 35,092,994 27,714,574 15,173,066 59,091,887 50,266,060 Capital grants and contributions 27,088,019 35,865,511 3,509,025 8,107,402 30,597,044 43,972,913 General Revenues:
Taxes:
Property taxes 48,363,857 45,187,496 48,363,857 45,187,496 Other taxes 66,019,485 66,013,353 66,019,485 66,013,353 Other 17,086,025 6,740,803 418,986 851,790 17,505,011 7,592,593 Total Revenues 289,773,039 276,207,027 37,803,701 30,631,915 327,576,740 306,838,942 General government 42,903,612 49,428,154 - - 42,903,612 49,428,154 Public safety 38,352,436 33,228,916 - - 38,352,436 33,228,916 Recreation and community services 21,576,455 20,430,503 - - 21,576,455 20,430,503 Public w orks 16,966,219 18,720,585 - - 16,966,219 18,720,585 Community development 20,881,513 19,948,687 - - 20,881,513 19,948,687 Neighborhood services 35,112,719 23,816,831 - - 35,112,719 23,816,831 Unallocated infrastructure depreciation 22,660,450 22,077,333 - - 22,660,450 22,077,333 Interest and fiscal charges 5,267,945 3,912,327 - - 5,267,945 3,912,327 Transit - - 42,110,510 35,506,571 42,110,510 35,506,571 Total Expenses 203,721,349 191,563,336 42,110,510 35,506,571 245,831,859 227,069,907 Increase/Decrease in Net Postion Before Transfers 86,051,690 84,643,691 (4,306,809) (4,874,656) 81,744,881 79,769,035 Transfers 254,834 (8,384,754) (254,834) 8,384,754 - - Changes in Net Position 86,306,524 76,258,937 (4,561,643) 3,510,098 81,744,881 79,769,035
Net Position – Beginning of Year 1,470,979,415 1,394,720,478 108,024,731 104,514,633 1,579,004,146 1,499,235,111 Net Position – End of Year 1,557,285,939$ 1,470,979,415$ 103,463,088$ 108,024,731$ 1,660,749,027$ 1,579,004,146$ Governmental Activities Business-type Activities Total
Business-Type Activities
Business-type activities decreased the City’s net position by $4.6 million for the current year. Business-type activities revenues increased by $7.2 million during the year for a total of $37.8 million in revenues, excluding transfers in from governmental activities. The increase was mainly due to an increase in Operating grants and contributions which increased by $12.5 million, primarily as a result of utilizing federal American Rescue Plan Act (ARPA) ($9.8 million) an d Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA) ($2.7 million) funds for transit operations. Related transit activity expenses remained consistent from prior year. The increase in transit expenses was largely due to Vista Canyon Metrolink Station rail related work that was turned over to Southern California Regional Rail Authority (SCRRA) at the completion of the project.
11 THE CITY’S FUNDS
The governmental funds reported a combined fund balance at the end of the current fiscal year of $468 million, an increase of $47 million over the prior year. Approximately $198 million is restricted and already reserved for specific restricted purposes.
The total governmental fund balance includes the general fund balance of $282 million. The General Fund is the chief operating fund of the City. The unassigned fund balance of $68 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:
In the current year, the American Rescue Plan Fund, Developer Fee Fund, and Public Library Fund are no longer reported as a major fund due to decreases in activities. The new Impact Fee Fund is classified as a major fund. See Note 19 for more information.
The Bridge and Thoroughfare Fund has realized an increase of $6.4 million in its fund balance from prior year. The increase was due to higher interest earnings as a result of higher interest rates and a $5.2 million increase in Developer Fees.
The Landscape Maintenance District’s fund balance increased by $2.4 million from the prior year mainly due consumer price index (CPI) increase s to special assessments and an increase of $804,388 in investment income when compared to prior year.
The Impact Fee Fund is a new governmental fund established in fiscal year 2023-2024 to account for impact fees received from new development projects and are required to be used only for those purposes for which the impact fees were collected. In the current year, the Impact Fee Fund reports an ending fund balance of $6 million. See Note 19 for more information.
In addition to the major funds, the fund balances fo r the other governmental funds experienced an aggregate increase of $23 million as a result of the P ublic Library Fund being reclassified to a non-major fund, increasing taxes revenue by $10.2 million; and American Rescue Plan being reclassified to non-major fund increasing intergovernmental revenue by $6.3 million.
The City’s proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail. The total net positi on for the Transit Enterprise Fund decreased over the prior year by $4.6 million. The decrease was mainly due to a $7.5 million increase in transit expenses for Vista Canyon Metrolink Station rail related work that was turned over to Southern California Regional Rail Authority (SCRRA) at the completion of the project. The unrestricted portion of the business-type activities net position increased by $7.6 million from the prior year.
The Internal Service Funds net position increased by $1.4 million or 11.8%. The ending fund balance for Internal Service Funds is $13.4 million, of which $11.9 million is unrestricted.
General Fund Budgetary Highlights
Comparison of the fiscal year 2023-2024 origi nal (adopted) general fund budgeted expenditures and transfers of $139.8 million to the final budgeted expenditures of $191.8 million results in a net increase of $52 million.
Included in this net increase is $35,562,121 commi tted purchase orders and contracts from the prior June 30 balance, as well as $5,343,695 of prior fiscal year operating and capital improvement projects approved for carryover into fiscal year 2023-2024.
12 THE CITY’S FUNDS (CONTINUED)
Original Budget
+
Continued
Appropriations +
Encumbrances
=
Beg. Balance - Supplemental
Changes =
Final Budget
$139,832,905 + $5,343,695 + $35,562,121 = $180,738,721 + $ 11,065,272 = $191,803,993
Comparing the beginning budget balance of $180.8 million with the final budget of $191.8 million indicates the General Fund had a supplemental budgetary increase of $11 million during the fiscal year. The budgetary increase was primarily due funding appropria tions for the Central Park Buildout and Energy Efficiency project. Included in the supplemental appropriations are the results of this year’s budget review.
During the mid-year budget review, budgeted general fund revenue had an increase of $1.5 million, inclusive of transfers in. Included in this figure are increases of $1.8 million in development revenues attributed to continued residential activities and larg e projects, $400,000 in property tax revenue due to higher assessed valuations, $844,000 in franchise fees, transient occupancy tax for $200,000 due to steady occupancy/room rates and the addition of the new Hampton Inn hotel, facility rentals for $86,659, and $10,386 transfer in from the developer fee fund for fire admin fees. It also included decreases of $1.6 million in sales tax revenue due to slower than anticipated growth, $278,300 in film permits and fees as a result of the writers’ and actors’ strikes, and $125,000 in animal licenses.
At year-end, the City’s actual general fund revenues, excluding transfers in, were $12.4 million more than the final budgetary estimates. Actual general fund expenditures, excluding transfers out, were less than the final budgetary estimates by $41.6 million, which is due to operational savings and capital projects carried forward to the next fiscal year.
CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets
The City had $1.3 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 si gnals, medians, sidewalks, trails, sewers, curbs and gutters, drainage systems and intangible asset, right of use (see Table 3).
TABLE 3
CITY OF SANTA CLARITA’S CAPITAL ASSETS (net of depreciation)
2024 2023 2024 2023 2024 2023
Land $ 264,016,645 $ 260,562,680 $15,087,880 $ 15,087,880 $ 279,104,525 $ 275,650,560 Construction in progress 53,039,073 55,464,586 233,090 15,933,925 53,272,163 71, 398,511 Infrastructure, net 636,322,627 645,663,216 - - 636,322,627 645,663,216 Depreciable site improvements, net 74,826,418 51,899,472 13,987,103 6,268,360 88,813,521 58,167,832 Depreciable building and
improvements, net 200,529,101 175,904,560 28,214,434 29,252,614 228,743,535 205,157,174 Depreciable equipment, net 4,952,079 5,026,964 27,011,838 30,149,912 31,963,917 35,176,876 Intangible asset, net 2,806,950 3,434,524 - - 2,806,950 3,434,524 TOTALS 1,236,492,893$ 1,197,956,002 $ 84,534,345$ 96,692,691 $ 1,321,027,238$ 1,294,648,693 $ Governmental Activities Business Type Activities Total
13 CAPITAL ASSETS AND DEBT ADMINISTRATION (CONTINUED)
Major capital asset events during the year included:
Infrastructure had a net decrease totaling $9. 3 million as there were no major additions to infrastructure and the annual depreciation was higher than current year additions.
Construction in progress had a net decrease totaling $18 million due to the completion of the Central Park Buildout and the Vista Canyon Ranch Metrolink Station projects.
Depreciable site improvements had a net increase totaling $30.6 million as a result of the completion of the Central Park Buildout ($13.8 million),Vista Canyon Ranch Metrolink Station ($11.6 million), and Aquatic Center Pool Deck Replacement ($3.4 million), respectively.
Depreciable building and improvements had a net increase of $23.6 million as a result of the City accepting the Vista Canyon Wate r Factory from the Vista Canyon developer, fulfilling the development’s conditions of approval, and an adjustment for the County’s contribution for the Sheriff Station project.
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 $107 million in bonds, financed purchase notes, lease payable, subscription payable, claims payable and compensated absences as shown in Table 4. A summary of debt activity for the year follows.
TABLE 4
CITY OF SANTA CLARITA’S OUTSTANDING DEBT
2024 2023 2024 2023 2024 2023
Revenue and Taxable Revenue Bonds 13,453,845$ 13,799,814$ -$ - $ 13,453,845$ 13,799,814$ Lease Revenue Bonds 76,138,324 78,753,621 - - 76,138,324 78,753,621 Financed Purchase Notes Payable 64,218 97,376 - - 64,218 97,376 Lease Liabilities 369,641 544,549 - - 369,641 544,549 Subscription Liabilities 2,393,602 2,843,206 - - 2,393,602 2,843,206 Compensated Absences 5,017,858 4,718,161 118,319 136,656 5,136,177 4,854,817 Claims Payable 9,577,306 7,440,596 - - 9,577,306 7,440,596 TOTAL 107,014,794$ 108,197,323$ 118,319 $ 136,656$ 107,133,113$ 108,333,979 $ TotalGovernmental Activities Business-type Activitie s
The City’s governmental activities had $107 million in debt at year-end. Governmental activities long-term debt decreased overall by $1.2 million.
No new debt related to business-type activities was issued or refinanced during the current fiscal year.
During the fiscal year ended June 30, 2024, the City was able to meet its current year debt obligation in a timely manner. State statutes limit the amount of general obligation debt a governmental entity may issue to 15% of its adjusted assessed valuation. The debt limitation for the City as of June 30, 2024 was $1,673,839,364. The calculation of the debt limitation is included in the statistical section.
Additional information on the City of Santa Clarita’s debt can be located in Note 11 to the financial statements.
14 ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS
Our long history of conservative and strategic budget practices has allowed the City to maintain a balanced budget every year. Since the Great Recession, our organization has understood that there will continue to be economic peaks and valleys, and we need to be prepared and positioned for times when the economy is weak.
General Fund sales tax revenue continues to be one of the largest revenue source to operate general governmental functions, accounting for 32% or $47.7 million as projected in the 2024-2025 mid-year budget.
Property tax revenues account for 33% of t he General Fund budget or $49.6 million in 2024-2025.
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 2024-2025 mid-year General Fund expenditures are projected to be $148.3 million, resulting in a balanced budget, an operating surplus of $378,831, and a 20% operating reserve of $25.8 million. The City’s adopted 2024-2025 operating and capital budget for all funds was $342 million, net of transfers.
The City remains dedicated to service excellence, teamwork and creativity. City staff continues to do more with less, find creative ways to maintain services revered by our community, and provide award-winning programs. The 2024-2025 budget remains to be a reflecti on of the City’s commitment to the residents of Santa Clarita. This is consistent with the City’s long tradition of ensuring that programming for Santa Clarita’s youth and children is a priority to help promote growth and curb teen crimes. A copy of the adopted City’s 2024-2025 budget can be obtained by visiting the web at https://santaclarita.gov/city-budget/.
This financial report is designed to provide a general overview of the City’s finances for all those with interest in the government’s finances. Questions concerning any of the information provided in this report, or request for additional information should be addressed to the City Clerk, City of Santa Clarita, 23920 Valencia Blvd., Santa Clarita, California 91355.
BASIC FINANCIAL STATEMENTS
15 This page intentionally left blank.
16 GOVERNMENT-WIDE FINANCIAL STATEMENTS
17 Governmental Business-Type
Activities Activities Total
ASSETS
Current assets:
Cash and investments 482,768,992$ 21,218,288 $ 503,987,280 $ Accounts receivable, net 658,116 12,666 670,782 Interest receivable 2,154,784 94,135 2,248,919 Taxes receivable 14,518,905 - 14,518,905 Leases receivable, due within one year 437,116 - 437,116 Due from other government 10,349,016 2,655,286 13,004,302 Prepaid items 674,461 14,859 689,320 Deposits 60,000 - 60,000 Total current assets 511,621,390 23,995,234 535,616,624 Noncurrent assets:
Restricted Cash and Investments:
Cash and investments 213,061 - 213,061 Cash and investment with fiscal agents 9,322,711 - 9,322,711 Cash and investment with PARS 2,455,139 - 2,455,139 Lease receivable, due in more than one year 4,774,794 - 4,774,794 Notes to RDA Successor Agency 15,059,877 - 15,059,877 Net OPEB asset 7,446,967 183,117 7,630,084 Long-term receivables 1,833,632 - 1,833,632 Capital assets:
Non-depreciable capital assets 317,055,718 15,320,970 332,376,688 Depreciable capital assets, net 916,630,225 69,213,375 985,843,600 Intangible capital assets, net 2,806,950 - 2,806,950 Total capital assets, net 1,236,492,893 84,534,345 1,321,027,238 Total noncurrent assets 1,277,599,074 84,717,462 1,362,316,536 Total assets 1,789,220,464 108,712,696 1,897,933,160
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows of resources related to pensions 29,369,443 1,069,716 30,439,159 Deferred outflows of resources related to OPEB 4,977,804 122,407 5,100,211 Unamortized deferred loss on refunding 1,155,814 - 1,155,814 Total deferred outflows of resources 35,503,061 1,192,123 36,695,184
City of Santa Clarita
Statement of Net Position
June 30, 2024
Primary Government
See accompanying Notes to the Basic Financial Statements. 18 Governmental Business-Type
Activities Activities Total
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities 29,103,054 4,341,728 33,444,782 Accrued interest payable 437,311 - 437,311 Unearned revenue 2,729,922 - 2,729,922 Deposits payable 4,917,129 - 4,917,129 Due to the Successor Agency 7,734,479 - 7,734,479 Compensated absences - due within one year 2,967,937 85,710 3,053,647 Claims and judgement - due within one year 1,591,000 - 1,591,000 Long-term liabilities - due within one year 3,921,156 - 3,921,156 Total current liabilities 53,401,988 4,427,438 57,829,426 Noncurrent liabilities:
Compensated absences - due in more than one year 2,049,921 32,609 2,082,530 Claims and judgement - due in more than one year 7,986,306 - 7,986,306 Long-term liabilities - due in more than one year 88,498,474 - 88,498,474 Developer credits 49,977,943 - 49,977,943 Net pension liabilities 40,704,237 1,482,595 42,186,832 Total noncurrent liabilities 189,216,881 1,515,204 190,732,085 Total liabilities 242,618,869 5,942,642 248,561,511
DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources related to pensions 1,359,421 49,514 1,408,935 Deferred inflows of resources related to OPEB 18,282,737 449,575 18,732,312 Leases 5,176,559 - 5,176,559 Total deferred inflows of resources 24,818,717 499,089 25,317,806
NET POSITION
Net investment in capital assets 1,154,546,653 84,534,345 1,239,080,998 Restricted:
Landscape maintenance 30,696,888 - 30,696,888 Lighting District 17,276,463 - 17,276,463 Capital improvements 31,236,598 - 31,236,598 Transportation 55,945,169 - 55,945,169 Open space preservation 8,483,032 - 8,483,032 Public safety 655,936 - 655,936 Public library 7,073,423 - 7,073,423 Air quality improvement 643,333 - 643,333 Stormwater 5,344,828 - 5,344,828 Public education and government 892,726 - 892,726 Public television 47 - 47 Tourism marketing 895,650 - 895,650 Low and moderate income housing 4,588,221 - 4,588,221 Clean safe water 8,136,604 - 8,136,604 Debt service 1,086,933 - 1,086,933 Pensions 2,455,139 - 2,455,139 Other 8,073,679 - 8,073,679 Total restricted 183,484,669 - 183,484,669 Unrestricted (deficit) 219,254,617 18,928,743 238,183,360 1,557,285,939$ 103,463,088$ 1,660,749,027 $
Statement of Net Position (Continued)
June 30, 2024
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 42,903,612$ 44,473,152 $ 2,072,268 $ 971,444 $ Public safety 38,352,436 1,975,034 648,422 4,653,590 Recreation and community services 21,576,455 8,453,094 35,000 - Public works 16,966,219 16,588,500 23,264,504 17,677,190 Community development 20,881,513 15,488,032 5,085,589 - Neighborhood services 35,112,719 12,860,528 271,530 3,785,795 Unallocated infrastructure depreciation 22,660,450 - - - Interest and fiscal charges 5,267,945 - - - Total governmental activities 203,721,349 99,838,340 31,377,313 27,088,019 Business-type Activities:
Transit enterprise 42,110,510 6,161,116 27,714,574 3,509,025 Total business-type activities 42,110,510 6,161,116 27,714,574 3,509,025 Total primary government 245,831,859$ 105,999,456 $ 59,091,887 $ 30,597,044 $ Program Revenues
City of Santa Clarita
Statement of Activities
For the Year Ended June 30, 2024
See accompanying Notes to the Basic Financial Statements. 20 Governmental Business-Type
Functions/Programs Activities Activities Total
Governmental Activities:
General government 4,613,252$ - $ 4,613,252$ Public safety (31,075,390) - (31,075,390) Recreation and community services (13,088,361) - (13,088,361) Public works 40,563,975 - 40,563,975 Community development (307,892) - (307,892) Neighborhood services (18,194,866) - (18,194,866) Unallocated infrastructure depreciation (22,660,450) - (22,660,450) Interest and fiscal charges (5,267,945) - (5,267,945) Total governmental activities (45,417,677) - (45,417,677) Business-type Activities:
Transit enterprise - (4,725,795) (4,725,795) Total business-type activities - (4,725,795) (4,725,795) Total primary government (45,417,677) (4,725,795) (50,143,472) General revenues and transfers:
General revenues:
Taxes:
Property taxes 48,363,857 - 48,363,857 Sales taxes 48,143,344 - 48,143,344 Franchise taxes 10,936,950 - 10,936,950 Transient occupancy taxes 5,290,241 - 5,290,241 Property transfer tax 1,340,239 - 1,340,239 Property taxes in lieu of motor vehicle fee 308,711 - 308,711 Investment income 13,600,790 418,986 14,019,776 Miscellaneous 3,485,235 - 3,485,235 Total general revenues 131,469,367 418,986 131,888,353 Transfers 254,834 (254,834) - Changes in net position 86,306,524 (4,561,643) 81,744,881 Net position
Beginning of year 1,470,979,415 108,024,731 1,579,004,146 End of year 1,557,285,939$ 103,463,088$ 1,660,749,027$ Net (Expenses) Revenues and
Changes in Net Position
City of Santa Clarita
Statement of Activities (Continued)
For the Year Ended June 30, 2024
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 Landscape
General Bridge and Impact Maintenance
Fund Thoroughfare Fee District #1
ASSETS
Cash and investments 271,340,002$ 15,530,042 $ 10,391,173 $ 27,638,623 $ Accounts receivable, net 453,650 - - 13,322 Interest receivable 1,267,816 69,698 48,909 121,370 Taxes receivables 13,532,621 - - 160,000 Loans receivable - - - - Leases receivable 5,211,910 - - - Notes to RDA Successor Agency 7,350,839 - - - Prepaid items 549,583 - - 642 Due from other governments 276,112 - - - Due from other funds 4,963,420 - - - Advance to other funds 595,046 - - - Deposits with others 60,000 - - - Restricted assets:
Cash and investments - - - - Cash and investments with fiscal agents 9,318,302 - - - Cash and investments with PARS 2,455,139 - - - Total assets 317,374,440$ 15,599,740$ 10,440,082$ 27,933,957$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities 14,369,060$ 46,767$ 4,124,760$ 1,000,685$ Deposit payable 4,917,129 - - - Due to other funds 5,372 - - - Due to the Successor Agency 7,700,000 - - - Unearned revenue 1,063,567 - - - Advance from other funds - 595,046 - - Total liabilities 28,055,128 641,813 4,124,760 1,000,685
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue 2,215,119 368,724 - - Leases 5,176,559 - - - Total deferred inflows of resources 7,391,678 368,724 - - Fund Balances:
Nonspendable 8,555,468 - - 642 Restricted 11,773,441 14,589,203 6,315,322 26,932,630 Assigned 193,570,167 - - - Unassigned (deficit) 68,028,558 - - - Total fund balances 281,927,634 14,589,203 6,315,322 26,933,272 Total liabilities, deferred inflows of
resources, and fund balances 317,374,440$ 15,599,740$ 10,440,082$ 27,933,957$ (Continued)
Special Revenue Funds
City of Santa Clarita
Balance Sheet
Governmental Funds
June 30, 2024
See accompanying Notes to the Basic Financial Statements. 26 Nonmajor Total
Governmental Governmental
Funds Funds
ASSETS
Cash and investments 136,294,992$ 461,194,832$
Accounts receivable, net 164,731 631,703
Interest receivable 553,111 2,060,904
Taxes receivables 826,284 14,518,905
Loans receivable 1,833,632 1,833,632
Leases receivable 5,211,910
Notes to RDA Successor Agency 7,709,038 15,059,877 Prepaid items 124,236 674,461
Due from other governments 10,072,904 10,349,016 Due from other funds - 4,963,420 Advance to other funds - 595,046 Deposits with others - 60,000
Restricted assets:
Cash and investments 213,061 213,061
Cash and investments with fiscal agents 4,409 9,322,711 Cash and investments with PARS - 2,455,139 Total assets 157,796,398$ 529,144,617$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities 9,419,281$ 28,960,553$ Deposit payable - 4,917,129
Due to other funds 4,958,048 4,963,420
Due to the Successor Agency 34,479 7,734,479 Unearned revenue 1,666,355 2,729,922
Advance from other funds - 595,046 Total liabilities 16,078,163 49,900,549
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue 3,018,580 5,602,423
Leases - 5,176,559
Total deferred inflows of resources 3,018,580 10,778,982 Fund Balances:
Nonspendable 124,236 8,680,346
Restricted 138,751,013 198,361,609
Assigned 1,755,136 195,325,303
Unassigned (deficit) (1,930,730) 66,097,828
Total fund balances 138,699,655 468,465,086
Total liabilities, deferred inflows of
resources, and fund balances 157,796,398$ 529,144,617$ (Concluded)
City of Santa Clarita
Balance Sheet (Continued)
Governmental Funds
June 30, 2024
See accompanying Notes to the Basic Financial Statements. 27 General Bridge and Developer Public Impact
Fund Thoroughfare Fee Library Fee
REVENUES:
Taxes 114,227,509 $ - $ - $
Licenses, and permits 12,756,490 - - Special assessments - - - Intergovernmental 3,548,921 - - Charges for services 13,300,665 - - Investment income 12,824,215 2,739,201 360,714 Fines and forfeitures 1,247,292 - - Developer fees - 5,961,690 5,125,575 Other revenues 814,177 368,724 -
Total revenues 158,719,269 9,069,615 5,486,289
EXPENDITURES:
Current:
General government 16,038,382 - - Public safety 31,851,337 - 3,960,747 Recreation and community services 17,110,899 - - Public works 9,161,907 172,123 -
Community development 18,096,950 - - Neighborhood services 2,981,218 - - Capital outlay 30,323,530 267,558 307,956 Debt service:
Principal retirement 872,345 - - Interest and fiscal charges 11,140 2,194,901 - Total expenditures 126,447,708 2,634,582 4,268,703
REVENUES OVER (UNDER) EXPENDITURES 32,271,561 6,435,033 1,217,586 OTHER FINANCING SOURCES (USES):
Issuance of debt 148,042 - - Transfers in 3,463,778 -
-
Transfers out (20,909,335) - -
Total other financing sources (uses) (17,297,515) - - NET CHANGE IN FUND BALANCES 14,974,046 6,435,033 1,217,586 FUND BALANCES:
Beginning of year, as previously reported 267,762,150 8,154,170 12,105,435 5,407,159 - Change within financial reporting entity:
Major to/from nonmajor funds - - (12,105,435) (5,407,159) - Fund reclassification (808,562) - - - 5,097,736 Beginning of year, as restated (Note 19) 266,953,588 8,154,170 - - 5,097,736 End of year 281,927,634$ 14,589,203 $ -$ -$ 6,315,322$ (Continued)
Special Revenue Funds
For the Year Ended June 30, 2024
Governmental Funds
Statement of Revenues, Expenditures, and Changes in Fund Balances City of Santa Clarita
See accompanying Notes to the Basic Financial Statements. 28 Landscape Nonmajor Total
Maintenance American Governmental Governmental
District#1 Rescue Plan Funds Funds
REVENUES:
Taxes 306,309$ 13,766,349$ 128,300,167$
Licenses, and permits - - 12,756,490 Special assessments 15,752,739 23,932,666 39,685,405 Intergovernmental - 52,583,620 56,132,541 Charges for services - 1,414,309 14,714,974 Investment income 1,092,874 4,841,346 21,858,350 Fines and forfeitures - 758,726 2,006,018 Developer fees - 3,610,538 14,697,803 Other revenues - 692,656 1,875,557 Total revenues 17,151,922 101,600,210 292,027,305
EXPENDITURES:
Current:
General government 14,027,998 9,779,659 39,846,039 Public safety - 553,656 36,365,740 Recreation and community services - - 17,110,899 Public works - 7,966,231 17,300,261 Community development - 2,643,177 20,740,127 Neighborhood services 146,627 30,584,253 33,712,098 Capital outlay 515,498 39,788,853 71,203,395 Debt service:
Principal retirement - 3,025,084 3,897,429 Interest and fiscal charges - 3,191,005 5,397,046 Total expenditures 14,690,123 97,531,918 245,573,034
REVENUES OVER (UNDER) EXPENDITURES 2,461,799 4,068,292 46,454,271 OTHER FINANCING SOURCES (USES):
Issuance of debt - 336,717 484,759 Transfers in -
23,402,523 26,866,301
Transfers out (47,000) (5,655,132) (26,611,467) Total other financing sources (uses) (47,000) 18,084,108 739,593 NET CHANGE IN FUND BALANCES 2,414,799 22,152,400 47,193,864 FUND BALANCES:
Beginning of year, as previously reported 24,518,473 - 103,323,835 421,271,222 Change within financial reporting entity:
Major to/from nonmajor funds - - 17,512,594 - Fund reclassification - - (4,289,174) - Beginning of year, as restated (Note 19) 24,518,473 - 116,547,255 421,271,222 End of year 26,933,272$ -$ 138,699,655$ 468,465,086 $ (Concluded)
City of Santa Clarita
Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Governmental Funds
For the Year Ended June 30, 2024
Special Revenue Funds
See accompanying Notes to the Basic Financial Statements. 29 Total Fund Balances - Total Governmental Funds 468,465,086$ Amounts reported for governmental activities in the statement of net position are different because:
Nondepreciable assets 317,055,718$
Depreciable assets, net of $1,553,005 reported in Internal Service Funds 915,077,220 Intangible assets 2,806,950 1,234,939,888
5,602,423
29,257,652
Net pension liabilities, net of $(154,941) reported in Internal Service Funds (40,549,296) (1,354,247)
4,962,504
Net OPEB asset net of $22,888 reported in Internal Service Funds 7,424,079 (18,226,542)
13,413,239
(437,311)
Unamortized deferred loss on refunding 1,155,814
Long-term debt (88,732,461)
Unamortized bond premium (3,687,169)
Developers credits (49,977,943)
(4,969,777)
Net position of governmental activities 1,557,285,939$
Compensated absences, net of $(48,081) 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 $111,791 reported in Internal Service Funds Deferred inflows of resources related to pensions, net of $(5,174) 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 $15,300 reported in Internal Service Funds Deferred inflows of resources related to OPEB, net of $(56,195) reported in Internal Service Funds Internal service funds are used by the City to charge the cost of materials and supplies, maintenance and repair of vehicles and equipment and printing services provided to the various departments of the City. The assets and liabilities of the internal service funds are included in governmental activities in the Statement of Net Position.
Accrued interest payable for the current portion of interest due on long-term debt has not been reported in the governmental funds.
Long-term liabilities applicable to the City's governmental activities are not due and payable in the current period and, accordingly are not reported as fund liabilities. All liabilities, both current and long-term are reported in the Statement of Net Position.
Amount reported in government-wide statement of position:
City of Santa Clarita
Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide Statement of Net Position
June 30, 2024
Capital assets used in governmental activities are not current financial resources and therefore are not reported in governmental funds. Those assets consist of:
See accompanying Notes to the Basic Financial Statements. 30 Net change in fund balances - total governmental funds: 47,193,864$ Amounts reported for governmental activities in the Statement of Activities are different because:
Capital outlay expenditures, net of $293,723 reported in Internal Service Funds 82,362,796 $ Depreciation and amortization expense, net of $(346,967) reported in Internal Service Funds (34,220,701) 48,142,095 (9,454,590)
(3,025,256)
Change in compensated absences, net of $(31,070) reported in internal service funds (268,627) Pension expense, net of pension contribution made after measurement date (3,169,069) OPEB expense, net of OPEB contribution made after measurement date 2,075,694 Accrued interest for long-term debt 14,490
Principal repayment of long-term debt 3,897,429
Bond premium and deferred charges amortization 114,611
Issuance of long-term debt (484,759)
Net effect of issuance of district credits (142,409)
1,413,051
Change in net position of governmental activities 86,306,524$ 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, 2024
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, net of $(97,370) reported in Internal Service Funds Certain accrued revenues such as franchise fee and grants do not provide current financial resources and therefore, are not reported in the governmental funds as revenues. This is the amount of the net change in these accrued revenue amounts during the current period.
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in The issuance of Bridge and Thoroughfare district credits does not impact governmental funds, but increases long-term liabilities in the Statement of Net Position. Redemptions of the credit does not impact expenditures in the governmental funds, but reduces long-term liabilities in the Statement of Net Position.
See accompanying Notes to the Basic Financial Statements. 31 This page intentionally left blank.
32 PROPRIETARY FUND FINANCIAL STATEMENTS
33 This page intentionally left blank.
34 Business-type Governmental
Activities Activities
Transit Internal
Enterprise Fund Service Funds
ASSETS
Current assets:
Cash and investments 21,218,288$ 21,574,160$
Accounts receivable, net 12,666 26,413 Interest receivable 94,135 93,880
Due from other governments 2,655,286 -
Prepaid items 14,859 -
Total current assets 23,995,234 21,694,453
Noncurrent assets:
Net OPEB asset 183,117 22,888
Capital assets:
Capital assets, not being depreciated 15,320,970 - Capital assets, being depreciated, net 69,213,375 1,553,005 Total capital assets 84,534,345 1,553,005
Total noncurrent assets 84,717,462 1,575,893 Total assets 108,712,696 23,270,346
DEFERRED OUTFLOW OF RESOURCES
Deferred outflows of resources related to pensions 1,069,716 111,791 Deferred outflows of resources related to OPEB 122,407 15,300 Total deferred outflow of resources 1,192,123 127,091
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities 4,341,728 142,501 Compensated absence, due within one year 85,710 9,961 Claims and judgments, due within one year - 1,591,000 Total current liabilities 4,427,438 1,743,462 Noncurrent liabilities:
Compensated absences payable, due in more than one year 32,609 38,120 Claims and judgments, due in more than one year - 7,986,306 Net pension liabilities 1,482,595 154,941
Total noncurrent liabilities 1,515,204 8,179,367 Total liabilities 5,942,642 9,922,829
DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources related to pensions 49,514 5,174 Deferred inflows of resources related to OPEB 449,575 56,195 Total deferred inflows of resources 499,089 61,369
NET POSITION
Investment in capital assets 84,534,345 1,553,005 Unrestricted 18,928,743 11,860,234
Total net position 103,463,088$ 13,413,239 $
City of Santa Clarita
Statement of Net Position
Proprietary Funds
June 30, 2024
See accompanying Notes to the Basic Financial Statements. 35 Business-type Governmenta l
Activities Activities
Transit Internal
Enterprise Fund Service Funds
OPERATING REVENUES:
Charges for services 5,504,367$ 6,061,053$
Other revenues 656,749 19,463
Total operating revenues 6,161,116 6,080,516 OPERATING EXPENSES:
Administration and personnel services 3,524,492 359,330 Transportation services 20,626,923 -
Services and supplies 3,302,149 4,634,788
Depreciation expense 6,733,225 346,967
Total operating expenses 34,186,789 5,341,085
OPERATING INCOME (LOSS) (28,025,673) 739,431
NONOPERATING REVENUES (EXPENSES):
Intergovernmental 27,714,574 -
Investment income 418,986 770,990
(Loss) on sale of capital assets (420,531) (97,370) Total nonoperating revenues (expenses) 27,713,029 673,620 TRANSFERS AND CAPITAL CONTRIBUTIONS:
Transfer ou
t (254,834) -
Capital grants and contributions 3,509,025 - Contribution of capital assets (7,503,190) - Total capital contributions and transfers (4,248,999) - CHANGE IN NET POSITION (DEFICIT) (4,561,643) 1,413,051 NET POSITION:
Beginning of year 108,024,731 12,000,188
End of year 103,463,088$ 13,413,239$
City of Santa Clarita
Statement of Revenues, Expenses, and Changes in Net Position Proprietary Funds
For the Year Ended June 30, 2024
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 6,159,492$ 6,055,456$ Cash paid to suppliers for goods and services (25,110,177) (465,186) Cash paid to employees for services (1,422,493) (322,381) Cash paid to claims - (1,979,265) Net cash provided by (used in) operating activities (20,373,178) 3,288,624 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:
Cash transfers out (254,834) -
Federal and state funding received 29,673,287 - Net cash provided by noncapital financing activities 29,418,453 - CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:
Capital grants and contributions 3,509,025 - Acquisition of capital assets (2,518,600) (293,723) Proceed from sale of capital assets 20,000 - Net cash provided by (used in) capital and related financing activities 1,010,425 (293,723) CASH FLOWS FROM INVESTING ACTIVITIES:
Investment income receive
d 366,131 743,455
Net cash provided by investing activities 366,131 743,455 Net increase in cash and cash equivalents 10,421,831 3,738,356 CASH AND CASH EQUIVALENTS:
Beginning of yea
r 10,796,457 17,835,804
End of year 21,218,288$ 21,574,160$
NONCASH ITEM FROM CAPITAL AND RELATED FINANCING ACTIVITIES:
Capital contribution made (7,503,190)$ -$
NET INCOME (LOSS) TO NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES:
Operating income (loss) (28,025,673)$ 739,431
Adjustments to reconcile operating income (loss) to net cash provided by (used in) operating activities:
Depreciation 6,733,225 346,967
Change in assets and liabilities:
(Increase) decrease in accounts receivable (1,624) (25,060) (Increase) decrease in prepaid items 6,827 - (Increase) decrease in net pension asset 119,436 (7,512) (Increase) decrease in net OPEB asset (60,097) 12,482 (Increase) decrease in deferred outflows of resources related to pensions 16,240 1,697 (Increase) decrease in deferred outflows of resources related to OPEB 82,843 10,356 Increase (decrease) in accounts payable and accrued liabilities 867,733 53,797 Increase (decrease) in compensated absences (18,337) 31,070 Increase (decrease) in claims and judgements - 2,136,710 Increase (decrease) in deferred inflows of resources related to pensions (19,806) (2,070) Increase (decrease) in deferred inflows of resources related to OPEB (73,945) (9,244) Total adjustment 7,652,495 2,549,193
Net cash provided by (used in) operating activities (20,373,178)$ 3,288,624 $ City of Santa Clarita
Statement of Cash Flows
Proprietary Funds
For the Year Ended June 30, 2024
See accompanying Notes to the Basic Financial Statements. 37 This page intentionally left blank.
38 FIDUCIARY FUND FINANCIAL STATEMENTS
39 This page intentionally left blank.
40 Pension (and Other
Employee Benefit) Private-Purpose
Trust Fund Trust Fund
Other Post Redevelopmen t
Employment Benefits Successor Custodial
("OPEB") Trust Fund Agenc y Funds
ASSETS
Cash and investments -$ 1,431,256$ 1,962,074$ Interest receivable 103,068 6,257 8,526 Contributions receivable - - 31,260 Due from the City - 7,734,479 - Restricted:
Cash and investments - - - Cash and investments held with PARS:
Cash and cash equivalents 1,439,216 - - U.S. Treasury 5,317,960 - - U.S. government sponsored enterprise securities 3,404,210 Corporate notes 4,677,059 - - Foreign notes 242,351 - - Municipal bonds 272,930 - - Mutual funds - equity 30,914,136 - - Mutual funds - fixed income 4,685,541 - - Cash and investments with fiscal agent - 1,849,539 2,819,178 Total assets 51,056,471 11,021,531 4,821,038
DEFERRED OUTFLOWS OF RESOURCES
Unamortized loss on refunding - 1,803,519 - Total deferred outflows of resources - 1,803,519 -
LIABILITIES
Accounts payable and accrued liabilities - 299 2,495 Interest payable - 278,383 - Long term liabilities, due within one year - 1,063,660 - Long term liabilities, due in more than one year - 43,303,463 - Total liabilities - 44,645,805 2,495
NET POSITION
Restricted for:
Other post employment benefits 51,056,471 - - Individual, organizations, and other governments - (31,820,755) 4,818,543 Total net position (deficit) 51,056,471$ (31,820,755) $ 4,818,543 $ City of Santa Clarita
Statement of Fiduciary Net Position
Fiduciary Funds
June 30, 2024
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 - $ 3,535,694$ - $ Special assessment from property owners - - 2,354,133 Employer contributions 278,000 - - Net investment income (loss) 5,817,416 29,469 84,863 Total additions 6,095,416 3,565,163 2,438,996 DEDUCTIONS:
Benefit payments to plan participants 1,658,038 - - Administrative expenses 110,705 5,292 45,822 Payments for debt services - 1,461,155 2,276,129 Payments to other governments - - 274,063 Total deductions 1,768,743 1,466,447 2,596,014 Change in net position 4,326,673 2,098,716 (157,018) NET POSITION:
Beginning of year 46,729,798 (33,919,471) 4,975,561 End of year 51,056,471 $ (31,820,755) $ 4,818,543 $ City of Santa Clarita
Statement of Changes in Fiduciary Net Position
Fiduciary Funds
For the Year Ended June 30, 2024
See accompanying Notes to the Basic Financial Statements. 42 43
NOTES TO THE BASIC FINANCIAL STATEMENTS
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44 City of Santa Clarita
Index to the Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
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 X. Upcoming Government Accounting Standards Implementation ......................................................... 60
Note 2 – Cash and Investments ................................................................................................. ........................... 60
A. Deposits ................................................................................................................................................ 61 B. Investments .......................................................................................................................................... 62 C. Investments Authorized by Debt Agreements ..................................................................................... 63 D. Risk Disclosures ................................................................................................................................... 63 E. Fair Value Measurement ...................................................................................................................... 65 F. Local Agency Investment Fund (“LAIF”) ........................................................................................... 66 G. Loas Angeles County Pooled Investment Fund (“LACPIF”) .............................................................. 66 H. California Asset Management Program (“CAMP”) ............................................................................ 66
Note 3 – Accounts Receivable ............................................................................................................................... 66
Note 4 – Loans Receivable .................................................................................................................................... 66
Note 5 – Due from Other Government ................................................................................................................ 67
Note 6 – Notes to RDA Successor Agency ........................................................................................ ................... 67
Note 7 – Lease Receivables .................................................................................................... ............................... 67
Note 8 – Interfund Transactions ............................................................................................... ........................... 68
A. Due From/To Other Funds ................................................................................................................... 68 B. Advances To/From Other Funds .......................................................................................................... 68 C. Transfers In/Out ................................................................................................................................... 68
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, 2024
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 – Changes to or within the Financial Reporting Entity ....................................................................... 97
Note 20 – Santa Clarita Watershed Recreation and Conservancy Authority .................................................. 97
Note 21 – Commitments and Contingencies ........................................................................................................ 98
A. Project Commitments ........................................................................................................................... 98 B. Encumbrances ...................................................................................................................................... 98 C. Contingencies ....................................................................................................................................... 98
Note 22 – Other Required Disclosure .................................................................................................................. 99
A. Deficit Net Positions and Fund Balances ............................................................................................. 99
City of Santa Clarita
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
47 Note 1 – Summary of Significant Accounting Policies
The basic financial statements of the City of Santa Clarita , California, (the “City”) have been prepared in accordance with accounting principles generally accepted in the Un ited States of America (“U.S. GAAP”) as applied to governmental agencies. The Governmental Accounting Standards Board (“GASB”) is the accepted standard setting body for establishing governmental accounting and financial 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 government and provides its citizens with a full range of municipal services, either directly or under contract with the County of Los Angeles. Such services include public safety (police and fire protection), building permit/plan approval, planning, community development, recreation, animal control, and street maintenance.
Component 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 been “blended” as though they are part of the City because the component units’ governing body is substantially the same as the City’s and there is a financial benefit or burden relationship between the City and the component units; management of the City has operational responsibilities for the component unit; and/or the component unit provides services entirely, or almost entirely, to the City or otherwise exclusively, or 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 Clarita Public Financing Authority - The Authority was established in July 1991 as a joint powers authority between the City and the former redevelopment agency for the purpose of providing financing and funding of public capital improvements and the acquisition of property. On May 10, 2016, the City Council adopted Resolution 16- 15 that removed the Successor Agency from the agreement and substituted the Santa Clarita Parking Authority.
The Authority 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 (the “Authority”) is a joint powers authority formed under the provision of Section 6500 of the California Government Code in 2009 by the City and the William S. Hart 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, 2024
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 used 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, 2024
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 Impact Fees Special Revenue Fund is used to account for impact fees received from new development projects and are required to be used only for those purposes for which the impact fees were collected. The City has elected the Impact Fee Fund as a major fund for financial presentation purposes.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
50 Note 1 – Summary of Significant Accounting Policies (Continued)
B. Basis of Accounting and Measurement Focus (Continued)
Governmental Fund Financial Statements (Continued)
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.
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, 2024
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 $52,680. 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, 2024
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, 2024
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, 2024
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 asset s 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 la nd, site improvements, buildings and improvements, and equipment and infrastructure assets. General infrastructure assets consist of roads, curbs and gutters, sidewalks, medians, street signs, bus shelters, bridges, trails, traffic signals, and storm drains/catch basins. City policy has set the capitalization threshold for reporting capital assets w ith an initial cost of more than $25,000 for site improvements and building improvements, $100,000 for infrastructure and $10,000 for all other capital assets and an estimated useful life in excess of one year. The costs of normal maintenance and repa irs 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 functional expenditures such as public works. As such, capital assets are shown as a reconciling item in the Reconciliation of th e 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, 2024
55 Note 1 – Summary of Significant Accounting Policies (Continued)
J. Capital Assets (Continued)
Right-of-Use Subscription Assets
Subscription assets 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 Outflows and Inflows of Resources
The statement of net position reports separate sections for deferred outflows of resources and deferred inflows of resources, when applicable.
Deferred Outflows of Resources represent a consumption of net assets that apply to future periods.
Deferred Inflows of Resources represent an acquisition of net assets that apply to future periods.
L. Unearned and Unavailable Revenue
Unearned revenue is reported for transactions for which revenue has not yet been earned. Typical transactions recorded as unearned revenues are grant revenues received in advance.
In the governmental fund financial 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, Propri etary 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 s ources. 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, 2024
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, 2024
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:
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 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, 2024
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:
V aluation Date June 30, 2022
Measurem ent Date June 30, 2024
Measurement Period July 1, 2023 to June 30, 2024
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 considered enforceable liens on real property on July 1, the beginning of the fiscal year, and are due in two installments on November 1 and February 1; however, no penalties or interest are assessed until December 10 and April 10, r espectively. These taxes are determined annually based on property values, subject to limits based on Proposition 13, as of January 1 of the levy year, which is prior to the end of the previous fiscal year. The County of Los Angeles bills and collects these taxes for the City and are remitted on a monthly basis. Remittance of property taxes to the City is accounted for in the City’s General Fund and Public Library Special Revenue Fund. Property taxes on certai n 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 Ci ty’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 proprieta ry 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, 2024
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, 2024, the balance tota led $25,510,000, 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, 2024
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 Pronouncements for the Year Ended June 30, 2024
The requirements of the following accounting standards are effective for the purpose of implementation, if applicable to the City, for the year ended June 30, 20 24. The financial statements included herein apply the requirements and provisions of these statements, including necessary retroactive adjustments to financial statement classifications and presentations.
GASB Statement No. 100 – In June 2022, GASB issued Statement No. 100, Accounting Changes and Error Corrections – an Amendment of GASB Statement No. 62 . The primary objective of this Statement is to enhance accounting and financial reporting requir ements for accounting changes and e rror corrections to provide more understandable, reliable, relevant, consistent, and comparable inform ation for making decisions or assessing accountability. Implementation of this Statement resulted in restatement of beginning balance of fund balance at July 1, 2023 presented in Note 19.
Note 2 – Cash and Investments
The City had the following cash and investments at June 30, 2024:
Fiduciary
Fund
Governmental Business-Type Statement of
Activities Activities Net Position Total
Cash and investments 482,768,992$ 21,218,288$ 3,393,330$ 507,380,610$ Restricted cash and investments 11,990,911 - 55,622,120 67,613,031 Total cash and investments 494,759,903$ 21,218,288$ 59,015,450$ 574,993,641$ Government-Wide
Statement of Net Position
The City’s cash and investments at June 30, 2024, in more detail:
Deposits with financial institutions 28,108,413$
Cash on hand 4,448
Total cash 28,112,861
Investments 479,477,884
Investments with fiscal agent 13,994,355
Investment with PARS 53,408,541
Total inv estments 546,880,780
Total cash and inv estments 574,993,641$
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
61 Note 2 – Cash and Investments (Continued)
A. Deposits
The carrying amounts of the City’s demand deposits were $28,108,413 at June 30, 2024. Bank balances at that date were $30,439,216 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.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
62 Note 2 – Cash and Investments (Continued)
B. Investments
The following table identifies the investment types that are authorized for the City by the California Government Code (or the City’s investment policy, where more restrictive). The table also identifies certain provisions of the California Government Code (or the City’s investment policy, where more restrictive) that address interest rate risk, credit risk, and concentration of credit risk. This 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:
Ma x i m um Ma x i m um
M aximum 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 m ore than 10 percent invested in any one m utual fund.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
63 Note 2 – Cash and Investments (Continued)
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
M aximum Percentage Investments in
Authorized Investment Type Maturity Allowed One Issuer
U.S. Treasury Obligations N/A 50% None
U.S. Government-Sponsored Enterprise Securities 5 years None None Money Market Funds 5 years None None
State of California Local Agency Investment Fund (LAIF) 5 years 30% None
D. Risk Disclosures
Interest Rate Risk - As a means of limiting its exposure to fair 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, 2024, 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) 5,646,155$ -$ -$ 5,646,155$ California Asset Management Program
(CAMP) 56,331,764 - - 56,331,764 Los Angeles County Pooled Investment
Fund (LACPIF) 2,565,361 - - 2,565,361 Money Market Funds 219,296 - - 219,296 United States Government Sponsored
Enterprise Securities 17,886,748 10,593,494 - 28,480,242 US Treasuries Securities 11,783,417 80,794,184 113,250,492 205,828,093 Collateralized M ortgage Obligation - - 69,735,401 69,735,401 Asset Backed Securities - 250,093 3,307,011 3,557,104 Corporate Notes 2,915,562 16,548,746 82,932,436 102,396,744 Negotiable Certificates of Deposit 2,729,891 - - 2,729,891 Municipal Bonds 1,625,861 361,973 - 1,987,834 Investment with PARS 1,854,923 594,024 50,959,593 53,408,540 Restricted with Fiscal Agent:
Money Market Funds 5,441,319 - - 5,441,319 US Treasuries Securities 8,553,036 - - 8,553,036 Total 117,553,333$ 109,142,514$ 320,184,933$ 546,880,780$ Remaining Maturity (In Months)
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
64 Note 2 – Cash and Investments (Continued)
D. Risk Disclosures (Continued)
Credit Risk – Generally, Credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Presented below is the minimum rating required by (where applicable) the California Government Code, the City’s investment policy, or debt agreements, and the actual rating, by Standard and Poor’s and Moody’s at June 30, 2024 for each investment type:
Fair Value M inimum Not Required
at Legal to be
Investment Type June 30, 2024 Rating AAA Others Not Rated Rated Local Agency Investment Fund (LAIF) 5,646,155$ N/A -$ -$ -$ 5,646,155$ California Asset Management Program
(CAMP) 56,331,764 N/A - - - 56,331,764 Los Angeles County Pooled Investment
Fund (LACPIF) 2,565,361 N/A - - - 2,565,361 Money Market Funds 219,296 AAA 219,296 - - - United States Government Sponsored
Enterprise Securities 28,480,242 N/A 28,480,242 - - - US Treasuries Securities 205,828,093 N/A 205,828,093 - - - Collateralized M ortgage Obligation 69,735,401 AA 69,735,401 - - - Asset Backed Securities 3,557,104 AA- 3,557,104 - - - Corporate Notes 102,396,744 A- 20,919,116 81,134,722 342,906 - Negotiable Certificates of Deposit 2,729,891 N/A - 2,729,891 - - Municipal Bonds 1,987,834 A 1,091,229 896,605 - - Supranational Obligations - AA- - - - - Investment with PARS 53,408,540 N/A 4,047,799 3,340,953 6,525,757 39,494,031 Restricted with Fiscal Agent: -
Money Market Funds 5,441,319 N/A - - - 5,441,319 US Treasuries Securities 8,553,036 N/A 1,766,396 - - 6,786,640 Total 546,880,780$ 335,644,676$ 88,102 ,171$ 6,868,663$ 116,265,270$ N/A - Not Required
The actual rating for the “Others” Category above as follows:
Investment Type AA A BBB Total
Corporate Notes 13,233,583$ 66,553,095 $ 1,348,044 $ 81,134,722$ Negotiable Certificates of Deposit 2,729,891 - - 2,729,891 Municipal Bonds 896,605 - - 896,605 Investment with PARS 414,655 1,345,932 1,580,366 3,340,953 Total 17,274,734$ 67,899,027 $ 2,928,410 $ 88,102,171$
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 th e California Government Code. At June 30, 2024, 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 27,889,139$ 6% Federal Home Loan Mortgage Corporation Collateralized Mortgage Obligation 70,326,504$ 15% City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
65 Note 2 – Cash and Investments (Continued)
D. Risk Disclosures (Continued)
Custodial Credit Risk – The Custodial credit risk for deposits is the risk that, in the even t of the failure of a depository financial institution, a government will not be able to recover deposits or will not be able to recover collateral securities that are in the possession of a third party. The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty to a transaction, a government will not be able to recover the value of investment or collateral securities that are in th e possession of the third party. At June 30, 2024, none of the City’s deposits or investments were exposed to custodial credit risk.
E. Fair Value Measurement
At June 30, 2024, 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, 2024:
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) - $ - $ 5,646,155$ 5,646,155 $ California Asset Management Program
(CAMP) - - 56,331,764 56,331,764 Los Angeles County Pooled Investment
Fund (LACPIF) - - 2,565,361 2,565,361 Money Market Funds - - 219,296 219,296 United States Government Sponsored
Enterprise Securities - 28,480,242 - 28,480,242 US Treasury Securities 205,828,093 - - 205,828,093 Collateralized M ortgage Obligation - 69,735,401 - 69,735,401 Asset Backed Securities - 3,557,104 - 3,557,104 Corporate Notes - 102,396,744 - 102,396,744 Negotiable Certificates of Deposit - 2,729,891 - 2,729,891 Muni c i pa l Bonds - 1,987,834 - 1,987,834 Supernational Obligations - - - - Investment with PARS - 53,408,540 - 53,408,540 Restricted with Fiscal Agent:
Mone y Ma rke t Funds - - 5,441,319 5,441,319 US Treasury Securities 8,553,036 - - 8,553,036 Total 214,381,129$ 262,295,756$ 70,203,895$ 546,880,780$ 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.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
66 Note 2 – Cash and Investments (Continued)
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, 2024, the City had $5,646,155 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.
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, 2024, the City had $2,565,361 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, 2024, the City had $56,331,764 invested in the CAMP.
Note 3 – Accounts Receivables
Accounts receivable as of June 30, 2024, including allowances for uncollectible accounts, is as follows:
Sp ecial
Nonmajor Transit Internal
General Landscape Governmental Enterprise Service
Fund Maintenance Funds Fund Fund
Gross receivables 622,714$ 13,322$ 348,127$ 12,666$ 26,413$ Less: Allowance of uncollectibles (169,064) - (183,396) - - Account receivables, net 453,650$ 13,322$ 164,731$ 12,666$ 26,413$ Revenue Funds
Note 4 – Loans Receivable
The loans receivable balance in the governmental funds totaled $1,833,632 at June 30, 2024. The balance is related to deferred-payment rehabilitation loans to qualified homeowners in connection with HOME rehabilitation programs.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
67 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 24, $7,734,479 of these unallowable transfers remains due from the City to the Successor Agency Private Purpose Trust Fund.
Note 6 – Notes to RDA Successor Agency
Prior to the dissolution of the former redevelopment agency, the General Fund and 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, 2024, the loan amounts reported in the General Fund and De veloper Fees Special Revenue Fund was $3,637,610 and $5,319,887, respectively. In addition, the unpaid ac crued interests of these notes are $3,713,229 and $2,389,151, respectively, which are included in the note balance.
Note 7 – Lease Receivables
Lease receivable consists of agreements with lessees of the City for the right–to–use of the underlying assets for land owned by the City at various location. The remaining terms of the agreements range from 7 to 20 years. The incremental borrowing rates used was 0.165%. For the year ended June 30, 2024, the C ity recognized $381,784 in lease revenue and $16,462 in lease interest revenue for General Fund. The outstanding lease receivable is in the amount of $5,211,910 for General Fund. The future receipts for these leases, including interest, are as follows:
Year Ending
June 30, Principal Interest Total
2025 437,116$ 16,285 $ 453,401 $
2026 445,636 15,081 460,717
2027 454,404 13,854 468,258
2028 463,429 12,604 476,033
2029 435,190 11,359 446,549
2029-2033 1,949,108 38,702 1,987,810 2034-2038 848,684 12,514 861,198 2039-2042 178,343 1,004 179,347 Total 5,211,910$ 121,403 $ 5,333,313 $
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
68 Note 8 – Interfund Transactions
A. Due From/To Other Funds
At June 30, 2024, the City had the following due from/to other funds:
Due to Other Funds:
Nonmajor Governmental Funds 4,963,420$
Due from Other fund
General Fund
The above amounts resulted from temporary reclassifications made at June 30, 2024 to cover cash shortfalls.
B. Advances To/From Other Funds
At June 30, 2024, the City had the following advances:
Advances from Other Funds
Bridge and Thoroughfare
General Fund
595,046$
Advances to Other Funds
Bridge and Thoroughfare
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, 2024, the amount of the advance outstanding is $595,046.
C. Transfers In/Out
During the year ended June 30, 2024, the City had the following transfers in/out:
Nonmajor
General Governmental
Transfers out Fund Funds Total
General Fund -$ 20,909,335$ 20,909,335$ Landscape Maintenance District #1 30,000 17,000 47,000 Nonmajor Governmental Funds 3,283,778 2,371,354 5,655,132 Transit Enterprise Fund 150,000 104,834 254,834 Total 3,463,778$ 23,402,523$ 26,866,301$
Transfers in
Governmental Funds
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
69 Note 8 – Interfund Transactions (Continued)
C. Transfers In/Out (Continued)
The General Fund made transfers of $20,909,335 to the nonmajor governmental funds for the following:
Areawide Special Revenue Fund for $13,432,883 to provide for urban forestry and parks and parks facilities maintenance.
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 $4,238,691. General Capital Projects funds for capital improvement projects for $2,372,894. Proposition A Special Revenue Fund for $693,220 as re imbursement for Vista Canyon Metrolink Station from bond proceeds balance.
Housing Successor Agency Special Revenue Fund for $160,747 as its 20% portion of the Successor Agency loan repayment.
Surface Transportation Program Special Revenue Fund for $10,900 as reimbursement to ineligible overlay project in prior year.
The nonmajor governmental funds made transfers of $3,283,778 to the General Fund mainly for the following:
Library Facilities Fees Special Revenue Fund for $1,544,866 as reimbursement to library expenses. Developer Fees Special Revenue Fund for $1,042,563 as reimbursement for OTN Parking Structure and Sheriff's Station, and 5% of Fire District fees for admin charge. Traffic Safety Special Revenue Fund for $485,796 to f und traffic deputies as the budget is part of the sheriff's contract.
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 $1,674,352.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
70 Note 9 – Capital Assets
A. Governmental Activities
A summary of changes in the capital assets for the govern mental activities for the year ended June 30, 2024 is as follows:
Balance Balance
July 1, 2023 Transfers Additions Deletions June 30, 2024 Capital assets, not being depreciated:
Land 260,562,680$ -$ 3,453,965$ -$ 264,016,645$ Construction in progress 55,464,586 (26,271,073) 34,325,437 (10,479,877) 53,039,073 Total capital assets,
not being depreciated 316,027,266 (26,271,073) 37,779,402 (10,479,877) 317,055,718 Capital assets, being depreciated:
Site improvements 83,608,751 26,271,073 - (35,734) 109,844,090 Building improvements 211,037,844 - 30,580,626 (61,398) 241,557,072 Equipment 16,389,426 - 1,329,822 (1,731,229) 15,988,019 Infrastructure 1,112,690,985 - 12,481,909 (122,613) 1,125,050,281 Total capital assets, being depreciated 1,423,727,006 26,271,073 44,392,357 (1,950,974) 1,492,439,462 Less accumulated depreciation for:
Site improvements (31,709,279) - (3,786,540) 478,147 (35,017,672) Building improvements (35,133,284) - (5,952,862) 58,175 (41,027,971) Equipment (11,362,462) - (1,055,482) 1,382,004 (11,035,940) Infrastructure (467,027,769) - (22,660,450) 960,565 (488,727,654) Total accumulated depreciation (545,232,794) - (33,455,334) 2,878,891 (575,809,237) Total capital assets,
being depreciated, net 878,494,212 26,271,073 10,937,023 927,917 916,630,225 Intangible assets, being amortized:
Right-to-use leased building 580,966 - 175,306 - 756,272 Right
-to-use leased equipment 346,668 - - - 346,668 Right-to-use leased infrastructure 275,110 - - - 275,110 Right-to-use subscription assets 3,614,088 - 309,454 - 3,923,542 Total intangible assets,
being amortized 4,816,832 - 484,760 - 5,301,592 Less accumulated amortization for:
Right-to-use leased building (296,249) - (160,098) - (456,347) Right-to-use leased equipment (231,789) - (114,879) - (346,668) Right-to-use leased infrastructure (137,938) - (68,969) - (206,907) Right-to-use subscription assets (716,332) - (768,388) - (1,484,720) Total accumulated amortization (1,382,308) - (1,112,334) - (2,494,642) Total intangible assets,
being amortized, net 3,434,524 - (627,574) - 2,806,950 Governmental activities
capital assets, net 1,197,956,002$ -$ 48,088,851$ (9,551,960)$ 1,236,492,893$
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
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, 2024 as follows:
General government 2,872,050$
Public safety 1,984,092
Recreation and community service 4,621,082
Neighborhood services 1,049,046
Public works 1,020,478
Community development 13,503
Internal service funds depreciation 346,967
Allocated depreciation 11,907,218
Unallocated infrastructure depreciation 22,660,450
Total depreciation expense - governmental activities 34,567,668$
B. Business-Type Activities
A summary of changes in the capital ass ets for the business-type activities for the year ended June 30, 2024 is as follows:
Balance Balance
July 1, 2023 Transfers Additions Deletions June 30, 2024 Capital assets, not being depreciated:
Land 15,087,880$ -$ -$ -$ 15,087,880$ Construction in progress 15,933,925 (8,419,966) 222,321 (7,503,190) 233,090 Total capital assets,
not being depreciated 31,021,805 (8,419,966) 222,321 (7,503,190) 15,320,970 Capital assets, being depreciated:
Site improvements 12,941,276 8,419,966 - - 21,361,242 Building improvements 46,682,437 - - (6,800) 46,675,637 Equipment 69,093,703 - 2,296,279 (621,801) 70,768,181 Total capital assets, being depreciated 128,717,416 8,419,966 2,296,279 (628,601) 138,805,060 Less accumulated depreciation for:
Site improvements (6,672,916) - (880,295) 179,072 (7,374,139) Building improvements (17,429,823) - (1,024,103) (7,277) (18,461,203) Equipment (38,943,791) - (4,828,827) 16,275 (43,756,343) Total accumulated depreciation (63,046,530) - (6,733,225) 188,070 (69,591,685) Total capital assets,
being depreciated, net 65,670,886 8,419,966 (4,436,946) (440,531) 69,213,375 Business-type activities
capital assets, net 96,692,691$ -$ (4,214,625)$ (7,943,721)$ 84,534,345$
Depreciation expense in the amount of $6,733,225 was ch arged to Transit function of the business-type activities for the year ended June 30, 2024.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
72 Note 10 – Deposit Payable
The City collects deposits for a) improvements within the City, b) donations received fo r specified services, and c) deposits received in advance for recreation programs or other department services. These balances represent amounts that have been collected for which the eligibility requirements for revenue recognition have not been met. As of June 30, 2024, deposits payable were as follows:
General Fund:
Deposits from developers 3,679,182$
Other deposits payable 1,237,947
Total deposits payable 4,917,129$
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, 2024 is as follows:
Balance Balance Due within Due in M ore
July 1, 2023 Additions Deletions June 30, 2024 One Year Than One Year Gove rnme ntal Acti vi ti e s:
Lease Revenue Bonds
Series 2016A (Golden Valley Road) 7,480,000$ -$ (470,000)$ 7,010,000$ 490,000$ 6,520,000$ Series 2016B (OSPD) 11,575,000 - (485,000) 11,090,000 525,000 10,565,000 Series 2019 (Sheriff Station) 24,815,000 - (555,000) 24,260,000 585,000 23,675,000 Series 2020A (Recreational Facility) 10,645,000 - - 10,645,000 - 10,645,000 Series 2020A-T (Recreational Facility) 2,435,000 - (355,000) 2,080,000 360,000 1,720,000 Series 2022A (Energy Efficiency) 12,395,000 - (230,000) 12,165,000 245,000 11,920,000 Series 2022B (Energy Efficiency) 5,970,000 - (330,000) 5,640,000 350,000 5,290,000 Issuance premium and discount 3,438,621 - (190,297) 3,248,324 190,297 3,058,027 Subtotal 78,753,621 - (2,615,297) 76,138,324 2,745,297 73,393,027 Revenue and Taxable Revenue Bonds
Series 2018A (Streetlights) 11,295,000 - - 11,295,000 - 11,295,000 Series 2018B (Streetlights) 2,050,000 - (330,000) 1,720,000 340,000 1,380,000 Issuance premium and discount 454,814 - (15,969) 438,845 15,969 422,876 Subtotal 13,799,814 - (345,969) 13,453,845 355,969 13,097,876 Financed purchase notes payable 97,376 - (33,158) 64,218 34,464 29,754 Lease liabilities 544,549 175,305 (350,213) 369,641 222,045 147,596 Subscription liabilities 2,843,206 309,454 (759,058) 2,393,602 563,381 1,830,221 Total bonds and notes payable,
lease and subscription liabilities 96,038,566 484,759 (4,103,695) 92,419,630 3,921,156 88,498,474 Compensated absences 4,718,161 3,267,634 (2,967,937) 5,017,858 2,967,937 2,049,921 Claims and judgments 7,440,596 4,349,500 (2,212,790) 9,577,306 1,591,000 7,986,306 Total gov ernmental activ ities 108,197,323$ 8,101,893$ (9,284,422)$ 107,014,794$ 8,480,093 $ 98,534,701$
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
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 $89,65 6,387 and $2,763,243, 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, 2024, were $7,010,000 for Series 2016A and $11,090,000 for Series 2016B.
The Open Space Preservation District (OSPD) special ass essment revenues within the OSPD Fund have been pledged as an available source of repayment for the bonds.
The future annual debt service requirements for the Lease Revenue Bonds, Series 2016A are as followed:
Year Ending
June 30, Principal Interest Total
2025 490,000$ 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 555,000 138,950 693,950
2030-2034 3,020,000 463,275 3,483,275
2035-2036 1,355,000 40,875 1,395,875
Total 7,010,000$ 1,353,000$ 8,363,000$
The future annual debt service requirements for the Lease Revenue Bonds, Series 2016B are as followed:
Year Ending
June 30, Principal Interest Total
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 690,000 242,306 932,306
2030-2034 3,985,000 961,178 4,946,178
2035-2038 4,060,000 256,225 4,316,225
Total 11,090,000$ 2,607,783 $ 13,697,783$
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
74 Note 11 – Long-Term Liabilities (Continued)
A. Governmental Activities (Continued)
Lease Revenue Bonds, Series 2019 (Sheriff Station)
In June 2019, the Authority issued Lease Revenue Bonds , Series 2019 (Sheriff Station Project) in the amount of $25,850,000. The City will lease certain real property in conjunction with the Sheriff Station project, and receive rental payments, which are pledged for repayment of the bonds. Interest on the Lease Revenue Bonds, Series 2019, is paid as part of a variable rate between 4 percent and 5 percent payable on June 1 and December 1 of each year commencing on December 1, 2019. Principal payments are due annually in various amounts commencing December 1, 2022, through June 1, 2049. The unpaid ba lance as of June 30, 2024, was $24,260,000. The bonds maturing on or after June 1, 2028 are subject to redemption prior to their respective maturity dates as a whole or in part on any date on or after June 1, 2027 at a redemption price equal to the principal amount of the Bonds to be redeemed, plus accrued but unpaid interest, without premium. Further, the bonds are subject to redemption prior to their respective maturity dates, as a whole or in part on a pro rata basis if the City takes the leased property or any portion by power of eminent domain, or from insurance 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 $970,000 on June 1, 2036 and June 1, 2037, respectively.
The future annual debt service requirements for the Lease Revenue Bonds, Series 2019, are as followed:
Year Ending
June 30, Principal Interest Total
2025 585,000$ 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 710,000 719,313 1,429,313
2030-2034 4,030,000 3,109,063 7,139,063
2035-2039 4,845,000 2,295,463 7,140,463
2040-2044 5,630,000 1,513,463 7,143,463
2045-2049 6,530,000 614,781 7,144,781
Total 24,260,000$ 11,451,335 $ 35,711,335$
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
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, 2024, was $12,725,000. 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
2025 - $ 312,206$ 312,206 $
2026 - 312,206 312,206
2027 - 312,206 312,206
2028 - 312,206 312,206
2029 - 312,206 312,206
2030-2034 1,840,000 1,465,231 3,305,231
2035-2039 2,325,000 1,219,038 3,544,038
2040-2044 2,635,000 903,850 3,538,850
2045-2049 3,155,000 383,638 3,538,638
2050 690,000 18,975 708,975
Total 10,645,000$ 5,551,762 $ 16,196,762$
The future annual debt service requirements for the Taxable Revenue Bonds, Series 2020A-T are as followed:
Year Ending
June 30, Principal Interest Total
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 385,000 12,834 397,834
2030 225,000 4,876 229,876
Total 2,080,000$ 132,364 $ 2,212,364$
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
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, 2024, was $17,805,000. The bonds are payable solely from and secured by revenues pledge, including base rental payments payable to the City, bond proceeds, investment income, or insurance procedures or condemnation awards received or payable relating to base rental payments.
The future annual debt service requirements for the Lease Revenue Bonds, Series 2022A are listed below:
Year Ending
June 30, Principal Interest Total
2025 245,000$ 566,550 $ 811,550 $
2026 255,000 554,300 809,300
2027 270,000 541,550 811,550
2028 280,000 528,050 808,050
2029 295,000 514,050 809,050
2030-2034 1,720,000 2,332,750 4,052,750
2035-2039 2,190,000 1,860,875 4,050,875
2040-2044 2,730,000 1,317,925 4,047,925
2045-2049 3,400,000 648,000 4,048,000
2050 780,000 35,100 815,100
Total 12,165,000$ 8,899,150 $ 21,064,150$
The future annual debt service requirements for the Lease Revenue Bonds, Series 2022B are as followed:
Year Ending
June 30, Principal Interest Total
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
2028 425,000 195,375 620,375
2030-2034 2,505,000 623,125 3,128,125
2035-2036 1,190,000 60,250 1,250,250
Total 5,640,000$ 1,859,750$ 7,499,750$
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
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, 2024, 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, 2024, was $1,720,000. 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.
The future annual debt service requirements for the Revenue Bonds, Series 2018A are as followed:
Year Ending
June 30, Principal Interest Total
2025 - $ 465,394$ 465,394 $
2026 - 465,394 465,394
2027 - 465,394 465,394
2028 - 465,394 465,394
2029 100,000 462,894 562,894
2030-2034 2,215,000 2,073,438 4,288,438
2035-2039 2,630,000 1,663,291 4,293,291
2040-2044 3,205,000 1,045,125 4,250,125
2045-2047 3,145,000 257,900 3,402,900
Total 11,295,000$ 7,364,224 $ 18,659,224$
The future annual debt service requirements for the 2018 Taxable Revenue Bonds Series B are as follows:
Year Ending
June 30, Principal Interest Total
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 1,720,000$ 151,697$ 1,871,697$
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
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
2025 34,464 $ 1,878 $ 36,342 $
2026 29,754 531 30,285
Total 64,218$ 2,409$ 66,627$
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 $5,750 with interest rate of
0.165 percent.
The Television Authority has entered into a lease for office space that commenced in September 2016 and expires on September 30, 2023. The term of the agreements was for 84 months with an interest rate of 0.165 percent. The lease was extended to March 31, 2025. The lease was remeasured instead of treating it as a new lease.
The future annual lease payments are as follows:
Year Ending
June 30, Principal Interest Total
2025 222,045$ 671 $ 222,716$
2026 98,327 292 98,619
2027 49,269 41 49,310
Total 369,641$ 1,004$ 370,645$
Lastly, the City entered into an o ffice building lease for the property known as the MAIN, in December 23, 2020 that expired on December 31, 2 023. The agreement has monthly payments of $6,400 with interest rate of 0.165 percent. The lease was extended to December 31, 2026. Th e lease was remeasured instead of treating it as a new lease.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
79 Note 11 – Long-Term Liabilities (Continued)
A. Governmental Activities (Continued)
Subscription Liabilities
The City entered into subscription ag reements with various vendors for so ftware. The agreements expire from March 12, 2025 to June 30, 2030 with interest rates range from 1.58 percent to 2.65 percent.
The future subscription payments are as follows:
Year Ending
June 30, Principal Interest Total
2025 563,381$ 58,703$ 622,084$
2026 343,944 45,528 389,472
2027 362,821 37,055 399,876
2028 382,482 28,109 410,591
2029 360,264 18,673 378,937
2030 380,710 9,594 390,304
Total 2,393,602$ 197,662 $ 2,591,264$
Compensated Absences
The balance at June 30, 2024, was $5,017,858. The General Fund is used to liquidate the compensated absences for governmental activities.
Claims and Judgments
The balance at June 30, 2024, was $9,577,306. See Note 12 for more details.
B. Business-Type Activities
Balance Balance Due within Due in M ore
July 1, 2023 Additions Deletions June 30, 2024 One Year Than One Year Business-type activities
Compensated absences 136,656$ 67,373$ (85,710)$ 118,319$ 85,710$ 32,609$
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, 2024
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, 2023 Additions Deletions June 30, 2024 One Year Than One Year Fiduciary Activities:
RDA Successor Agency:
Loans from the City of Santa Clarita 15,594,886$ 268,725 $ (803,734) $ 15,059,877 $ - $ 15,059,877$ Tax Allocation Bonds:
Refunding Series 2017 29,680,000 - (985,000) 28,695,000 1,030,000 27,665,000 Unamortized Bond discounts 645,907 - (33,660) 612,247 33,660 578,587 Total fiduciary activities 45,920,793$ 268,725 $ (1,822,394)$ 44,367,124 $ 1,063,660 $ 43,303,464 $
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 be tween 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 Boar d reinstated the loans on February 25, 2015. On September 22, 2015, the Committee on Budget and Fiscal Review of the California State Senate approved SB 107. A mandate of this legislation included a recalculation of the notes to the RDA Successor Agency using a 3 percent simple interest from the origination of the note, instead of the LAIF rate. As such, the City increased the amounts in the General Fund and Developer Fees Special Revenue Fund to reflect increased interest balances. The unpaid amount of thes e notes is $7,350,839 and $7,709,038, re spectively, which include unpaid accrued interest of $3,713,229 and $2,389,151, 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 $1,803,519 as of June 30, 2024. 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, 2024, was $28,695,000.
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, 2024
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
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 1,235,000 907,897 2,142,897
2030-2034 6,910,000 3,772,222 10,682,222
2035-2039 8,265,000 2,382,916 10,647,916
2040-2043 7,830,000 641,800 8,471,800
Total 28,695,000$ 11,789,086 $ 40,484,086$
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
82 Note 11 – Long-Term Liabilities (Continued)
D. Non-City Obligations
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, 2024 was $225,000.
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, 2024 was $10,665,000.
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, 2024 was $16,890,000.
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, 2024
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 126 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’ errors 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 Workers’ Compensation Program
The City has a retained limit 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, 2024
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 $355,565,976. 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 $25,000.
Adequacy of Protection
During the past three fiscal years, none of the above pr ograms of protection experienced settlements or judgments that exceeded pooled or insured coverage. There were also no significant reductions in pooled or insured liability coverage in 2023-24.
C. Claims and Judgments Payable
The following table presents claims and judgments payable administered by both SDRMA and CJPIA for the year ended June 30, 2024, and its two preceding years:
Current Year Current Year
Balance at Claims and Changes Claim Balance at
Year Ended July 1 in Estimates Payments June 30
June 30, 2022 6,410,646$ 2,265,135 $ (4,030,421) $ 4,645,360 $ June 30, 2023 4,645,360$ 6,078,585 $ (3,283,349) $ 7,440,596 $ June 30, 2024 7,440,596$ 4,349,501 $ (2,212,791) $ 9,577,306 $
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
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, 2022 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 co st-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% 7.250% Required employer contribution
during measurement period 9.820% 9.820% 9.820%
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 co st-of-living adjustments, and death benefits to plan members and beneficiaries. Benefits are based on years of credited service, equal to one year of full time employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits (total service across all CalPERS employers, and with 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, 2024
86 Note 13 – Pension Plan (Continued)
A. General Information about the Pension Plan (Continued)
Employees Covered by Benefit Terms
At June 30, 2022, the valuation date, the following employees were covered by the benefit terms:
Active employees 473
Transferred and terminated employees 516
Retired Employees and Beneficiaries 289
Total 1,278
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, 2024 were in the amount of $9,661,147.
B. Net Pension Liability
Actuarial Methods and Assumption Used to Determine Total Pension Liability
The June 30, 2022 valuation was rolled forward to determine the June 30, 20 23 total pension liability, based on following actuarial methods and assumptions:
Valuation Date June 30, 2022
M easurement Date June 30, 2023
M easurement Period July 1, 2022 to June 30, 2023
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, 2024
87 Note 13 – Pension Plan (Continued)
B. Net Pension Liability (Continued)
Change of Assumptions
There were no assumption changes in 2023. 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 disc ount 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.
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, 2024
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, 2022 (Valuation Date) 265,397,069$ 226,608,751 $ 38,788,318 $ Changes Recognized for the M easurement Period:
Service Cost 6,560,886 - 6,560,886 Interest on the total pension liability 18,498,487 - 18,498,487 Changes of benefit terms 197,813 - 197,813 Changes of assumptions - - - Difference between expected and actual experience 4,108,538 - 4,108,538 Net plan to plan resource movement - - - Contributions from the employer - 9,124,266 (9,124,266) Contributions from employees - 2,879,083 (2,879,083) Net investment income - 14,130,498 (14,130,498) Benefit payments, including refunds
of employee contributions (9,779,721) (9,779,721) - Administrative Expense - (166,637) 166,637 Other - - - Net Changes during July 1, 2022 to June 30, 2023 19,586,003 16,187,489 3,398,514 Balance at June 30, 2023 (Measurement Date) 284,983,072$ 242,796,240 $ 42,186,832 $ 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 85,669,719 $ 42,186,832 $ 6,839,406 $ 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, 2024
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, 2024, the City recognized pension expense in the amounts of $12,959,186 for the miscellaneous plan.
As of measurement date of June 30, 2023, the City has deferred outflows and deferred inflows of resources related to pensions as follows:
Deferred outflows Deferred inflows
of Resources of Resources
Contribution made after measurement period 9,661,147$ - $ Changes of assumptions 6,041,015 - Difference between expected and actual experience 3,755,320 (1,408,935) Net difference between projected and actual earning
on pension plan investments 10,981,677 - Total 30,439,159$ (1,408,935)$
Miscellaneous Plan
The amounts above are net of outflows and inflows recognized in the 2022-2023 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 2022-23 measurement period is 4.4 years, which was obtained by dividing the to tal service years of 5,669 (the sum of remaining service lifetimes of the active employees) by 1,278 (the total num ber of participants: active, inactive, and retired), respectively.
The $9,661,147 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, 2025.
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
2025 5,301,424 $
2026 4,136,427
2027 9,243,423
2028 687,803
Total 19,369,077$
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
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 $1,260 per month. No minimum years of service were required for the unrepresented employees hired before January 1, 2008 and retired before January 1, 2012 and represented employees hired before January 1, 2008 and retired af ter 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, 2024 measurement date, the following numbers of participants were covered by the benefit terms:
Active plan members 476
Inactive plan members currently receiving benefits 155
Inactive plan members entitled to but not receiving benefits 42 Total 673
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
91 Note 14 – Other Postemployment Benefits (“OPEB”) (Continued)
A. General Information about the OPEB Plan (Continued)
Contributions
The obligation of the City to contribute to the plan is established and may be 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 2024 was negative $655,000, and no cash contribution was made. In addition, the City received a credit in the amount of $278,000 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 $1,380,038.
Additional $278,000 implied subsidy benefits were reported, which resulted in reporting total benefit payments to plan participants in the amount of $1,658,038.
B. Net OPEB Liability
The OPEB liability was measured as of June 30, 2024, and total liability used to calcu late the net OPEB liability was determined by an actuarial valuation as of June 30, 2024.
Significant Actuarial Assumptions Used for Total OPEB Liability
The total OPEB liability, measured as of June 30, 2024, 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 $1,260.26; 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
6.00% at June 30, 2023 and 6.00% at June 30, 2024
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, 2024
92 Note 14 – Other Postemployment Benefits (“OPEB”) (Continued)
B. Net OPEB Liability (Continued)
Change in assumptions
There was no change in assumptions in 2024 measurement period.
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 inv estments was applied to all periods of projected benefit payments to determine the total OPEB liability.
Expected Long-Term Rates of Return
Asset Class Targ et Allocation
PARS - Balanced
Expected Real
Rate of Return
Global Equity 60.00% 4.56%
Fixed Income 35.00% 0.78%
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, 2023 41,603,747$ 46,729,797$ (5,126,050)$ Changes Recognized for the Measurement Period:
Service Cost 975,655 - 975,655 Interest on the total OPEB liability 2,505,023 - 2,505,023 Net investment income - 5,817,416 (5,817,416) Employer cash contribution - - - Employer implied subsidy contribution - 278,000 (278,000) Administrative Expenses - (110,704) 110,704 Benefit payments (1,658,038) (1,658,038) - Assumption changes - - - Plan experience - - - Investment experience - - - Net Changes during July 1, 2023 to June 30, 2024 1,822,640 4,326,674 (2,504,034) Balance at June 30, 2024 (Measurement Date) 43,426,387$ 51,056,471$ (7,630,084)$ Increase (Decrease)
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
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%)
(1,907,415)$ (7,630,084)$ (12,393,267)$ 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%
(13,624,518)$ (7,630,084) $ (251,918) $ 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, 2024, the City recognized OPEB credit in the amount of $1,855,293.
At June 30, 2024, the City reported deferred outflows of resources and defe rred inflows of resources related to OPEB from the following sources:
Deferred outflows Deferred inflows
of Resources of Resources
Changes in assumptions 5,100,211 $ (9,783,735) $ Difference between expected and actual experience - (8,262,094) Net difference between projected and actual earning on
OPEB plan investments - (686,483) Total 5,100,211 $ (18,732,312)$
Other amounts reported as deferred outfl ows and inflows of resources relate d to OPEB will be recognized as expense as follows:
Deferred
Measurement Period Outflows/(Inflows)
Ending June 30, of Resources
2025 (2,926,209) $
2026 (1,170,007)
2027 (3,234,370)
2028 (2,401,848)
2029 (2,732,098)
Thereafter (1,167,569)
Total (13,632,101)$
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
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 percent to 70 percent equity. Fees incurred by the Plan for the investment management services are included in fair value of the investment, as they are paid through revenue sharing, rather than a direct payment.
The parameters for fixed income and equity securities based on asset allocation are as follows:
Maximum Percentage of Minimum Percentage o f
Authorized Investment Type Total Plan Assets Total Plan Assets Fixed Income
Long-term fixed income 20% 0%
Intermediate-term fixed income 50% 15%
Short-term fixed income 15% 0%
High-yield portion of the plan 8% 0%
Equity
Domestic large cap equity 50% 20%
Domestic mid-capitalization equity 15% 0%
Domestic small-capitalization equity 20% 0%
International equity 20% 0%
Real estate 10% 0%
Cash and investments related to the Plan consist of the following:
Assets Fair Value
Money market funds 1,439,216$
U.S. Treasury 5,317,960
U.S. government enterprise securities 3,404,210
Corporate notes 4,677,059
Foreign notes 242,351
Municipal bonds 272,930
Mutual funds - equity 30,914,136
Mutual funds - fixed income 4,685,541
Total Assets 50,953,403
Accrued Income 103,068
Total 51,056,471$
E. Concentrations of Credit Risk
Investments in any one issuer that represent 5 percent or more of the Plan’s total cash and investments are as follows:
Issue r Inve stme nt Type Amount Inve stme nts
The V anguard G roup, Inc. - V anguard G row th & Income Mutual Funds - Equity 6,161,414 12% BlackRock, Inc. - iS hares S &P 500 G row th Mutual Funds - Equity 5,904,512 12% Federal National Mortgage Association US G overnment S ponsored Enterprise S ecurities 2,562,152 5% Federal Home Loan Mortgage Corporation Collateralized Mortgage Obligation 2,755,757 5% City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
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 $23,000 per participant per year. Employee contributions to certain plans are voluntary.
During the year ended June 30, 2024, there were 1,847 participants in the plans. The employer and employee contributions were in the amounts of $516,272 and $2,552,137, 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 maintaini ng 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 occu rs, 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, 2024, the City accrued a liability of $49,977,943 for the value of infrastructure donated in excess of the district fees that were owed. Ther e is no maturity schedule for the developer payables, and it has been determined that current financ ial resources will not be used to repay the liability; therefore, the liability has been recorded as a long-term obligation in the governmental activities in the Statement of Net Position.
Balance Balance
July 1, 2023 Additions Deletions June 30, 2024
Bridge and Throughfare Credits:
Bouquet District 21,955,779$ -$ -$ 21,955,779$ Eastside District 11,927,888 - - 11,927,888 Via Princessa District 380,692 - - 380,692 Valencia District 15,571,175 142,409 - 15,713,584 Total Bridge and Thoroughfare Credits 49,835,534$ 142,409$ -$ 49,977,943$
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 1,236,492,893$ 84,534,345 $
Deferred charges for capital related debt 1,155,814 - Capital related debt (92,419,630) -
Unspent debt proceeds 9,317,576 -
Net investment in capital assets 1,154,546,653$ 84,534,345 $
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
96 Note 18 – Classification of Fund Balances
At June 30, 2024, fund balances are classified in the governmental funds as follows:
Landscape Nonmajor Total
General Bridge and Impact Maintenance Governmental Governmental Fund Thoroughfare Fees District #1 Funds Funds
Nonspendable:
Prepaid items 549,583 $ - $ - $ 642$ 124,236 674,461 $ Deposits 60,000 - - - - 60,000 Notes to RDA
Successor Agency 7,350,839 - - - - 7,350,839 Advances to other funds 595,046 - - - - 595,046 Total nonspendable 8,555,468 - - 642 124,236 8,680,346 Restricted:
Landscape maintenance - - - 26,932,630 7,636,084 34,568,714 Lighting District - - - - 17,276,463 17,276,463 Capital improvements - 14,589,203 2,560,557 - 10,902,736 28,052,496 Transportation - - - - 53,428,070 53,428,070 Open space preservatio n - - - - 8,800,569 8,800,569 Public safety - - 53,886 - 602,050 655,936 Public Library - - 3,700,879 - 7,803,873 11,504,752 Air quality improvement - - - - 643,333 643,333 Stormwater - - - - 5,325,179 5,325,179 Public education and
government - - - - 892,726 892,726 Tourism marketing - - - - 1,112,747 1,112,747 Low and moderate income
housing - - - - 5,296,223 5,296,223 Clean safe water - - - - 8,136,604 8,136,604 Bond proceeds for:
Capital projects 9,317,576 - - - - 9,317,576 Debt services 726 - - - - 726 Pensions 2,455,139 - - - - 2,455,139 Other - - - - 10,894,356 10,894,356 Total restricted 11,773,441 14,589,203 6,315,322 26,932,630 138,751,013 198,361,609 Assigned:
Operational 196,660 196,660
Capital projects 22,059,857 - - - 1,755,136 23,814,993 Public facilities 171,313,650 - - - - 171,313,650 Total assigned 193,570,167 - - - 1,755,136 195,325,303 Unassigned 68,028,558 - - - (1,930,730) 66,097,828 Total Fund Balance 281,927,634$ 14,589,203 $ 6,315,322$ 26,933,272$ 138,699,655$ 468,465,086 $ Major Governmental funds
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
97 Note 19 ‒ Changes to or within the Financial Reporting Entity
The Developer Fees Special Revenue Fund, Public Librar y Special Revenue Fund and American Rescue Plan Act Special Revenue Fund were previously reported as a major fund, but due to the decrease in the activities, the funds no longer meets the quantitative threshold requiring the fund to be reported as a major fund for the fiscal year ended June 30, 2024. The changes to or within the financial reporting entity resulted in adjustments to and reclassification of beginning fund balance.
There were also fund reclassification occurred at the beginning of the fiscal year related to the Impact Fees Special Revenue Fund from General Fund and Public Library Special Revenue Fund.
June 30, 2023 Change to or
As Previously with the Financial Fund June 30, 2023
Reported Reporting Entity Reclassification As Reclassified Governmental Funds
Ma j or Funds:
General Fund 267,762,150$ -$ (808,562)$ 266,953,588$ Bridge and Thoroughfare Special Revenue Fund 8,154,170 - - 8,154,170 Landscape Maintenance District #1 Special Revenue Fund 24,518,473 - - 24,518,473 Developer Fees Special Revenue Fund 12,105,435 (12,105,435) - - Public Library Special Revenue Fund 5,407,159 (5,407,159) - - Impact Fees Special Revenue Fund - - 5,097,736 5,097,736 Nonmajor Funds 103,323,835 17,512,594 (4,289,174) 116,547,255 Total Governmental Funds 421,271,222$ -$ -$ 421,271,222$
Note 20 – Santa Clarita Watershed Recreation and Conservancy Authority
In June 1992, the City entered into a joint powers agreement with the Santa Monica Mountains Conservancy (the Conservancy) to create the Watershed Authority. The purpose of the Watershed Authority is to acquire, develop, and conserve additional park and open space lands, including water-oriented recr eation and conservation projects. The governing board consists of two representatives from the Conservancy and two from the City.
The City performs administrative functions for the Watershed Authority. The Watershed Authority is reported as a custodial fund in these financial statements. The Wate rshed Authority may request the City to make annual contributions. For the year ended June 30, 2024, 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.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
98 Note 21 – Commitments and Contingencies
A. Project Commitments
The City has active projects as of June 30, 2024. At year-end, the City’s commitments with contractors for these projects are as follows:
Projects Commitments
Arts 42,500 $
Beautification 352,217
Circulation 4,030,302
Facilities & Buildings 13,776,150
Maintenance 23,904,837
Parks & Recreation 16,733,397
Resource & Conservation 8,402,656
Street & Bridges 38,655,198
Trails & Transit 256,358
106,153,615$
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, 2024, as follows:
Amount
General Fund 22,256,517$
Other governmental Funds 74,591,239
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.
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
99 Note 21 – Commitments and Contingencies (Continued)
C. Contingencies (Continued)
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 is almost complete.
Initially, SDRMA and its re-insurer, Evanston Insurance, were providing a defense under a reservation of rights.
However, with the elimination of all but one of the original causes of action, the insurers have indicated the suit is no longer within their coverage. The City filed a motion for summary judgment in hopes of disposing the remaining cause of action. The City believes the RFI-Bermite Lawsuit is without merit and intends to vigorously defend itself against all claims alleged by the Plaintiffs; however, depending on the dollar amount of the final judgment, damages, and potential attorneys’ fees, 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 th e RFI-Bermite Lawsuit in a way that would enable the City to pay its obligations when due. As of the financial statement issuance date, the outcome of the lawsuit cannot be reasonably estimated.
Note 22 – Other Required Disclosure
A. Deficit Net Positions and Fund Balances
Funds with deficit fund balances and net position at June 30, 2024 are as follows:
Deficit
Special Revenue Funds:
Transportation Development Act 8 (653,965) $
Community Development Block Grant (5,862)
Measure R Highway Improvement (1,067,700)
Measure M ATP (99,260)
Measure A Safe Parks (628)
Misc Grants (188,289)
The deficit fund balances will be eliminated through reimbursement from grantor agencies.
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100
REQUIRED SUPPLEMENTARY INFORMATION
(UNAUDITED)
101
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102
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Taxes 111,460,343$ 111,657,014$ 114,227,509$ 2,570,495$ Licenses and permits 8,872,071 12,006,271 12,756,490 750,219 Intergovernmental 206,744 3,802,993 3,548,921 (254,072) Charges for services 11,117,698 12,187,362 13,300,665 1,113,303 Investment income 5,181,856 5,181,856 12,824,215 7,642,359 Fines and penalties 1,142,925 1,150,425 1,247,292 96,867 Other revenues 82,200 365,951 814,177 448,226 Total revenues 138,063,837 146,351,872 158,719,269 12,367,397 EXPENDITURES:
Operating:
Personnel 55,324,786 55,357,880 51,839,648 3,518,232 Operations and maintenance 45,545,140 48,677,342 43,231,179 5,446,163 Capital outlay 1,052,481 6,657,854 6,627,656 30,198 Capital improvement projects 16,619,436 57,181,797 24,601,183 32,580,614 Total expenditures 118,541,843 167,874,873 126,299,666 41,575,207
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 19,521,994 (21,523,001) 32,419,603 53,942,604 OTHER FINANCING SOURCES (USES):
Transfers in 749,101 4,388,078 3,463,778 (924,300) Transfers out (20,592,075) (21,758,749) (20,909,335) 849,414 Total other financing sources (uses) (19,842,974) (17,370,671) (17,445,557) (74,886) NET CHANGE IN FUND BALANCE (320,980)$ (38,893,672)$ 14,974,046 53,867,718$ FUND BALANCE:
Beginning of year, as previously reported 267,762,150
Change within financial reporting entity:
Fund reclassification (808,562)
Beginning of year, as restated (Note 19) 266,953,588
End of yea
r 281,927,634$
City of Santa Clarita
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - General Fund
For the Year Ended June 30, 2024
103
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Investment earnings 664,545$ 2,284,644$ 2,739,201$ 454,557$ Developer fees - 5,892,786 5,961,690 68,904 Other revenues 368,724 368,724 368,724 - Total revenues 1,033,269 8,546,154 9,069,615 523,461 EXPENDITURES:
Operating:
Personnel 120,396 120,408 110,362 10,046 Operations and maintenance 596,830 626,330 2,254,630 (1,628,300) Capital outlay 2,032 2,032 2,032 - Capital improvement projects 532,000 4,632,696 267,558 4,365,138 Total expenditures 1,251,258 5,381,466 2,634,582 2,746,884 NET CHANGE IN FUND BALANCE (217,989)$ 3,164,688$ 6,435,033 3,270,345$ FUND BALANCE:
Beginning of year 8,154,170
End of yea
r 14,589,203$
City of Santa Clarita
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - Bridge and Thoroughfare Special Revenue Fund For the Year Ended June 30, 2024
104
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Investment earnings -$ -$ 360,714$ 360,714$ Developer fees - 5,005,076 5,125,575 120,499 Other revenue - 205,000 - (205,000) Total revenues - 5,210,076 5,486,289 276,213 EXPENDITURES:
Operating:
Operations and maintenance - 4,097,550 3,960,747 136,803 Capital outlay - 205,000 - 205,000 Capital improvement projects - 1,428,871 307,956 1,120,915 Total expenditures - 5,731,421 4,268,703 1,462,718
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES - (521,345) 1,217,586 1,738,931 OTHER FINANCING SOURCES (USES):
Transfers out - - - - Total other financing sources (uses) - - - - NET CHANGE IN FUND BALANCE -$ (521,345)$ 1,217,586 1,738,931$ FUND BALANCE:
Beginning of year, as previously reported -
Change within financial reporting entity:
Fund reclassification 5,097,736
Beginning of year, as restated (Note 19) 5,097,736
End of yea
r 6,315,322$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Impact Fees Special Revenue Fund
For the Year Ended June 30, 2024
105
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Taxes 294,264$ 294,264$ 306,309$ 12,045$ Special assessments 15,716,924 15,716,924 15,752,739 35,815 Investment earnings 555,886 555,886 1,092,874 536,988 Total revenues 16,567,074 16,567,074 17,151,922 584,848 EXPENDITURES:
Operating:
Personnel 1,672,349 1,622,954 1,526,774 96,180 Operations and maintenance 13,455,547 14,190,229 12,623,562 1,566,667 Capital outlay 24,289 24,289 24,289 - Capital improvement projects 673,277 1,276,438 515,498 760,940 Total expenditures 15,825,462 17,113,910 14,690,123 2,423,787
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 741,612 (546,836) 2,461,799 3,008,635 OTHER FINANCING (USES):
Transfers out (47,000) (47,000) (47,000) - Total other financing (uses) (47,000) (47,000) (47,000) - NET CHANGE IN FUND BALANCE 694,612$ (593,836)$ 2,414,799 3,008,635$ FUND BALANCE:
Beginning of year 24,518,473
End of yea
r 26,933,272$
City of Santa Clarita
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - Landscape Maintenance District #1 Special Revenue Fund For the Year Ended June 30, 2024
106
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.
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, 2024
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
107
Measurement period 2022-23 2021-22 2020-21 2019-20 2018-19 Total pension liability
Service cost 6,560,886$ 6,170,934$ 5,527,979$ 5,350,001$ 5,104,511$ Interest 18,498,487 17,206,725 16,234,316 15,203,985 14,120,352 Changes of assumptions - 10,873,827 - - - Changes of Benefit Terms 197,813 - - - - Differences between expected and actual experience 4,108,538 (2,536,083) 1,168,851 2,498,828 3,019,582 Benefit payments, including refunds of
employee contributions (9,779,721) (8,535,910) (7,668,205) (7,134,971) (6,246,516) Net change in total pension liability 19,586,003 23,179,493 15,262,941 15,917,843 15,997,929 Total pension liability - beginning 265,397,069 242,217,576 226,954,635 211,036,792 195,038,863 Total pension liability - ending (a) 284,983,072$ 265,397,069$ 242,217,576$ 226,954,635$ 211,036,792$ Pension fiduciary net position
Contributions - employer 9,124,266$ 8,462,964$ 11,219,959$ 15,978,300$ 12,500,090$ Contributions - employee 2,879,083 2,704,400 2,551,579 2,530,805 2,478,266 Net investment income 14,130,498 (18,522,060) 44,522,336 8,957,955 10,255,487 Benefit payments, including refunds of
employee contributions (9,779,721) (8,535,910) (7,668,205) (7,134,971) (6,246,516) Net plan to plan resources movement - - - - - Administrative expense (166,637) (151,157) (192,013) (242,657) (109,362) Other miscellaneous income/expense
1 - - - - 355 Net change in plan fiduciary net position 16,187,489 (16,041,763) 50,433,656 20,089,432 18,878,320 Plan fiduciary net position - beginning2
226,608,751 242,650,514 192,216,858 172,127,426 153,249,106 Plan fiduciary net position - ending (b) 242,796,240$ 226,608,751$ 242,650,514$ 192,216,858$ 172,127,426$ Plan net pension liability (asset) - ending (a) - (b) 42,186,832$ 38,788,318$ (432,938)$ 34,737,777$ 38,909,366$ Plan fiduciary net position as a 85.20% 85.38% 100.18% 84.69% 81.56% percentage of the total pension liability
Covered payroll3
39,192,868$ 36,363,784 $ 35,733,541 $ 34,033,087 $ 31,563,882 $ Plan net pension liability as a percentage
of covered payroll 107.64% 106.67% -1.21% 102.07% 123.27% 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: There were no assumption changes in 2023. Effective with the June 30, 2021 valuation date (June 30, 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. In addition, demographic assumptions and the price inflation 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 June 30, 2017 through June 30, 2021, 7.65% for measurement dates June 30, 2015 through June 30, 2016, and 7.50% for measurement date June 30, 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, 2024
Last Ten Fiscal Years1
California Public Employees' Retirement System Defined Pension Plan - Miscellaneous Plan 108
Measurement period 2017-18 2016-17 2015-16 2014-15 2013-14 Total pension liability
Service cost 4,920,377$ 4,921,221$ 4,409,399$ 4,418,053$ 4,462,544$ Interest 13,037,446 12,166,752 11,315,207 10,443,680 9,588,693 Changes of assumptions (1,615,911) 11,654,992 - (3,009,808) - Changes of Benefit Terms - - - - - Differences between expected and actual experience 1,709,604 (1,505,660) (305,665) 416,626 - Benefit payments, including refunds of
employee contributions (5,601,353) (4,406,046) (3,347,335) (2,971,092) (2,561,655) Net change in total pension liability 12,450,163 22,831,259 12,071,606 9,297,459 11,489,582 Total pension liability - beginning 182,588,700 159,757,441 147,685,835 138,388,376 126,898,794 Total pension liability - ending (a) 195,038,863$ 182,588,700$ 159,757,441$ 147,685,835$ 138,388,376$ Pension fiduciary net position
Contributions - employer 9,664,637$ 4,484,866$ 3,959,503$ 3,740,145$ 3,562,246$ Contributions - employee 2,203,916 2,224,721 2,252,522 2,164,107 2,339,435 Net investment income 11,713,900 13,510,656 622,282 2,506,239 16,243,165 Benefit payments, including refunds of
employee contributions (5,601,353) (4,406,046) (3,347,335) (2,971,092) (2,561,655) Net plan to plan resources movement (355) - 9,685 - Administrative expense (211,742) (177,534) (71,202) (131,529) - Other miscellaneous income/expense
1 (402,101) - - - Net change in plan fiduciary net position 17,366,902 15,636,663 3,415,770 5,317,555 19,583,191 Plan fiduciary net position - beginning2
135,882,204 120,245,541 116,829,771 111,512,216 91,929,025 Plan fiduciary net position - ending (b) 153,249,106$ 135,882,204$ 120,245,541$ 116,829,771$ 111,512,216$ Plan net pension liability (asset) - ending (a) - (b) 41,789,757$ 46,706,496$ 39,511,900$ 30,856,064$ 26,876,160$ Plan fiduciary net position as a 78.57% 74.42% 75.27% 79.11% 80.58% percentage of the total pension liability
Covered payroll3
29,326,360$ 28,956,876 $ 28,584,202 $ 28,017,332 $ 26,879,556 $ Plan net pension liability as a percentage
of covered payroll 142.50% 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 (Continued) 109
Fiscal year 2024 2023 2022 2021 2020
Actuarially determined contribution 7,661,147 7,123,275$ 6,510,552$ 6,190,238$ 6,323,890$ Contributions in relation to the
actuarially determined contribution (9,661,147) (9,123,275) (8,462,978) (11,219,252) (15,976,871) Contribution deficiency (excess) (2,000,000)$ (2,000,000)$ (1,952,426)$ (5,029,014)$ (9,652,981)$ Covered payroll 40,290,268$ 39,192,868$ 36,363,784$ 35,733,541$ 34,033,087$ Contributions as a percentage of
covered payroll 23.98% 23.28% 23.27% 31.40% 46.95%
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, 2021 Funding Valuation Report.
Inflation 2.30%
Salary increases Varies by entry age and service
Payroll Growth 2.80%
Investment rate of return 6.80% Net of Pension Plan Investment and Administrative Expenses; includes inflation.
Retirement age
Mortality
City of Santa Clarita
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pensions
Last Ten Fiscal Years1
California Public Employees' Retirement System Defined Pension Plan - Miscellaneous Plan The probabilities of Retirement are based on the 2021 CalPERS Experience Study for the period from 2001 to 2019.
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 Society of Actuaries.
The actuarial methods and assumptions used to set the actuarially determined contributions for Fiscal Year 2023-24 were derived from the June 30, 2021 funding valuation report.
For the Year Ended June 30, 2024
110
Fiscal year 2019 2018 2017 2016 2015
Actuarially determined contribution 5,637,826$ 4,662,191$ 4,484,140$ 3,958,892$ 3,740,138$ Contributions in relation to the
actuarially determined contribution (12,499,992) (9,662,191) (4,484,140) (3,958,892) (3,740,138) Contribution deficiency (excess) (6,862,166)$ (5,000,000)$ -$ -$ -$ Covered payroll 31,563,882$ 29,326,360$ 28,956,876$ 28,584,202$ 28,017,332$ Contributions as a percentage of
covered payroll 39.60% 32.96% 15.49% 13.85% 13.35%
City of Santa Clarita
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pensions (Continued)
For the Year Ended June 30, 2024
Last Ten Fiscal Years1
California Public Employees' Retirement System Defined Pension Plan - Miscellaneous Plan (Continued) 111
Measurement period 2023-24 2022-23 2021-22 2020-21 2019-20 Total OPEB liability
Service cost 975,655$ 1,076,110$ 1,100,210$ 2,154,981$ 1,610,969$ Interest 2,505,023 2,646,199 2,509,052 2,517,070 2,505,286 Changes of benefit terms - - - - - Differences between expected and actual experience - (3,466,684) - (5,463,407) - Changes of assumptions - 812,693 - (17,074,375) 8,477,248 Benefit payments, including refunds of
employee contributions (1,658,038) (1,455,278) (1,326,369) (1,265,682) (1,202,903) Net change in total pension liability 1,822,640 (386,960) 2,282,893 (19,131,413) 11,390,600 Total OPEB liability - beginning 41,603,747 41,990,707 39,707,814 58,839,227 47,448,627 Total OPEB liability - ending (a) 43,426,387$ 41,603,747 $ 41,990,707 $ 39,707,814 $ 58,839,227 $ OPEB fiduciary net position
Contributions - employer 278,000 $ 253,000 $ 301,000 $ 638,000 $ 636,000 $ Net investment income 5,817,416 3,955,861 (7,090,104) 10,837,685 1,475,065 Benefit payments (1,658,038) (1,455,278) (1,326,369) (1,265,682) (1,202,903) Administrative expense (110,704) (86,061) (105,845) (95,987) (77,123) Other expenses - - - - - Net change in plan fiduciary net position 4,326,674 2,667,522 (8,221,318) 10,114,016 831,039 Plan fiduciary net position - beginning 46,729,796 44,062,274 52,283,592 42,169,576 41,338,537 Plan fiduciar
y net position - ending (b) 51,056,470$ 46,729,796 $ 44,062,274 $ 52,283,592 $ 42,169,576 $ Plan net OPEB liability (asset) - ending (a) - (b) (7,630,083)$ (5,126,049) $ (2,071,567) $ (12,575,778) $ 16,669,651 $ Plan fiduciary net position as a percentage 117.57% 112.32% 104.93% 131.67% 71.67% of the total OPEB liability
Covered-employee payroll 46,573,286$ 45,582,496 $ 41,385,678 $ 35,631,538 $ 38,295,087 $ Plan net OPEB liability as a percentage of
covered-employee payroll -16.38% -11.25% -5.01% -35.29% 43.53% For the Year Ended June 30, 2024
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 112
Measurement period 2018-19 2017-18
Total OPEB liability
Service cost 1,701,975$ 1,711,000 $
Interest 2,823,979 2,633,073
Changes of benefit terms - -
Differences between expected and actual experience (7,334,973) - Changes of assumptions 2,078,284 (1,071,000)
Benefit payments, including refunds of
employee contributions (1,093,711) (1,054,000)
Net change in total pension liability (1,824,446) 2,219,073 Total OPEB liability - beginning 49,273,073 47,054,000 Total OPEB liability - ending (a) 47,448,627$ 49,273,073 $ OPEB fiduciary net position
Contributions - employer 923,250$ 1,227,000 $ Net investment income 2,618,633 2,963,587
Benefit payments (1,093,711) (1,054,041)
Administrative expense (73,935) (146,319)
Other expenses - -
Net change in plan fiduciary net position 2,374,237 2,990,227 Plan fiduciary net position - beginning 38,964,300 35,974,073 Plan fiduciar
y net position - ending (b) 41,338,537$ 38,964,300 $ Plan net OPEB liability (asset) - ending (a) - (b) 6,110,090$ 10,308,773 $ Plan fiduciary net position as a percentage 87.12% 79.08% of the total OPEB liability
Covered-employee payroll 33,895,751$ 30,634,000 $
Plan net OPEB liability as a percentage of
covered-employee payroll 18.03% 33.65%
Last Ten Fiscal Years
Other Postemployment Benefits ("OPEB") Plan (Continued) 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, 2024
113
Fiscal year ended June 30 2024 2023 2022 2021 2020
Actuarially determined contribution (ADC) 273,000$ 232,000 $ 482,000 $ 517,000 $ 1,112,000 $ Contributions in relation to the
actuarially determined contribution 278,000 253,000 301,000 638,000 636,000 Contribution deficiency (excess) (5,000)$ (21,000) $ 181,000 $ (121,000) $ 476,000 $ Covered-employee payroll 46,573,286$ 45,582,496 $ 41,385,678 $ 35,631,538 $ 38,295,087 $ Contributions as a percentage of
covered-employee payroll 0.60% 0.56% 0.73% 1.79% 1.66%
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 10-year fixed period for 2023/24
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, 2024
Last Ten Fiscal Years
114
Fiscal year ended June 30 2019 2018
Actuarially determined contribution (ADC) 1,127,000$ 1,755,000 $ Contributions in relation to the
actuarially determined contribution 923,250 1,227,000 Contribution deficiency (excess) 203,750$ 528,000 $ Covered-employee payroll 33,895,751$ 30,634,000 $
Contributions as a percentage of
covered-employee payroll 2.72% 4.01%
Other Postemployment Benefits ("OPEB") Plan (Continued) For the Year Ended June 30, 2024
Schedule of Contributions - Other Postemployment Benefits (Continued) Required Supplementary Information (Unaudited)
City of Santa Clarita
Last Ten Fiscal Years
115
Fiscal year 2024 2023 2022 2021 2020 2019 2018 2017
Actual money-weighted rate of return-
net of investment expense 12.85% 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 eight 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, 2024
116
SUPPLEMENTARY INFORMATION
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118
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.
TDA (Transportation Development Act 8) – To account for monies received from the State of California under Article 8 of the TDA. These funds are restricted for local streets and road expenditures when the City’s unmet transportation needs have been 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.
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.
119
NONMAJOR GOVERNMENTAL FUNDS
Nonmajor Special Revenue Funds (Continued):
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 combating 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.
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.
120
NONMAJOR GOVERNMENTAL FUNDS
Nonmajor Special Revenue Funds (Continued):
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.
Developer Fees Special Revenue Fund – To account for monies received from developers restricted to fund specific projects and infrastructure maintenance throughout the City.
Public Library Special Revenue Fund – To account for property tax receipts and disbursements associated with the operation of the City of Santa Clarita Public Library.
American Rescue Plan Act Special Revenue Fund – To account for the American Rescue Plan Act (“ARPA”) federal funding received to respond to the COVID-19 public health emergency, address negative economic impacts cause by the pandemic, replace lost revenue, and invest in infrastructure.
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.
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. 121
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122
Special
Bikeway Gas Tax Proposition A Assessment
Cash and investments 286,943 $ - $ 17,269,535$ 4,858,831 $ Accounts receivable, net - 2,167 - - Interest receivable 1,258 - 72,225 21,226 Taxes receivables - - - 5,733 Loans receivable - - - - Prepaid items - - - - Due from other governments - 537,123 - - Notes to RDA Successor Agency - - - - Restricted assets:
Cash and investments - - - - Cash and investments with fiscal agent - - - - Total assets 288,201$ 539,290 $ 17,341,760 $ 4,885,790 $ Liabilities:
Accounts payable and accrued liabilities 216,751 $ 286,385 $ 400 $ 43,924 $ Due to the Successor Agency - - - - Due to other funds - 252,905 - - Unearned revenue - - - - Total liabilities 216,751 539,290 400 43,924 Deferred Inflows of Resources
Unavailable revenue - - - - Total deferred inflows of resources - - - - Fund Balances (Deficits):
Nonspendable - - - - Restricted 71,450 -
17,341,360 4,841,866
Assigned - - - - Unassigned (deficits) - - - - Total fund balances (deficits) 71,450 - 17,341,360 4,841,866 Total liabilities, deferred inflows of
resources and fund balances 288,201$ 539,290$ 17,341,760$ 4,885,790$ (Continued)
Combining Balance Sheet
Special Revenue Funds
City of Santa Clarita
June 30, 2024
Nonmajor Governmental Funds
RESOURCES AND FUND BALANCES
ASSETS
LIABILITIES, DEFERRED INFLOWS OF
123
Street SB1 Road
Lighting Measure M Repair and
District Local Return Activity TDA
Cash and investments 17,725,976$ 11,911,752$ 5,599,789$ 1,673,138$ Accounts receivable, net 92,823 - - - Interest receivable 77,708 52,219 24,549 7,420 Taxes receivables 115,516 - - - Loans receivable - - - - Prepaid items 14,879 - - - Due from other governments - 337,147 1,037,373 653,966 Notes to RDA Successor Agency - - - - Restricted assets:
Cash and investments - - - - Cash and investments with fiscal agent - - - - Total assets 18,026,902$ 12,301,118$ 6,661,711$ 2,334,524$ Liabilities:
Accounts payable and accrued liabilities 735,560$ 64,809$ 59,548$ 2,334,523$ Due to the Successor Agency - - - - Due to other funds - - - - Unearned revenue - - - - Total liabilities 735,560 64,809 59,548 2,334,523 Deferred Inflows of Resources
Unavailable revenue - - - 653,966 Total deferred inflows of resources - - - 653,966 Fund Balances (Deficits):
Nonspendable 14,879 - - - Restricted 17,276,463
12,236,309 6,602,163 -
Assigned - - - - Unassigned (deficits) - - - (653,965) Total fund balances (deficits) 17,291,342 12,236,309 6,602,163 (653,965) Total liabilities, deferred inflows of
resources and fund balances 18,026,902$ 12,301,118$ 6,661,711$ 2,334,524$ (Continued)
Combining Balance Sheet (Continued)
Special Revenue Funds
City of Santa Clarita
June 30, 2024
Nonmajor Governmental Funds
RESOURCES AND FUND BALANCES
ASSETS
LIABILITIES, DEFERRED INFLOWS OF
124
Traffic Safety CDBG AQMD Stormwater
Cash and investments -$ -$ 558,586$ 5,475,176$ Accounts receivable, net - - - - Interest receivable - - 2,449 23,986 Taxes receivables 136,476 - - 33,677 Loans receivable - - - - Prepaid items - - - 19,649 Due from other governments - 327,465 77,601 - Notes to RDA Successor Agency - - - - Restricted assets:
Cash and investments - - - - Cash and investments with fiscal agent - - - - Total assets 136,476$ 327,465$ 638,636$ 5,552,488$ Liabilities:
Accounts payable and accrued liabilities -$ 283,415$ 75$ 207,660$ Due to the Successor Agency - - - - Due to other funds 136,476 49,912 - - Unearned revenue - - - - Total liabilities 136,476 333,327 75 207,660 Deferred Inflows of Resources
Unavailable revenue - - - - Total deferred inflows of resources - - - - Fund Balances (Deficits):
Nonspendable - - - 19,649 Restricted - -
638,561 5,325,179
Assigned - - - - Unassigned (deficits) - (5,862) - - Total fund balances (deficits) - (5,862) 638,561 5,344,828 Total liabilities, deferred inflows of
resources and fund balances 136,476$ 327,465$ 638,636$ 5,552,488$ (Continued)
Special Revenue Funds
Combining Balance Sheet (Continued)
City of Santa Clarita
June 30, 2024
Nonmajor Governmental Funds
RESOURCES AND FUND BALANCES
ASSETS
LIABILITIES, DEFERRED INFLOWS OF
125
Surface
Transportation BJA Law Supplemental
Program Enforcement Law Grant HOME
Cash and investments - $ 2 $ 686,221$ 974,810 $ Accounts receivable, net - - - - Interest receivable - - 3,008 4,274 Taxes receivables - - - - Loans receivable - - - 1,833,632 Prepaid items - - - - Due from other governments - 697 - - Notes to RDA Successor Agency - - - - Restricted assets:
Cash and investments - - - - Cash and investments with fiscal agent - - - - Total assets -$ 699 $ 689,229$ 2,812,716 $ Liabilities:
Accounts payable and accrued liabilities - $ 697 $ 87,181 $ - $ Due to the Successor Agency - - - - Due to other funds - - - - Unearned revenue - - - - Total liabilities - 697 87,181 - Deferred Inflows of Resources
Unavailable revenue - - - - Total deferred inflows of resources - - - - Fund Balances (Deficits):
Nonspendable - - - - Restricted -
2 602,048 2,812,716 Assigned - - - - Unassigned (deficits) - - - - Total fund balances (deficits) - 2 602,048 2,812,716 Total liabilities, deferred inflows of
resources and fund balances -$ 699$ 689,229$ 2,812,716$ (Continued)
ASSETS
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2024
Special Revenue Funds
126
Public Measure H
Library Education and Homeless
Facilities Fees Government Proposition C Initiatives
Cash and investments -$ 874,635$ 9,113,091$ -$ Accounts receivable, net - - - - Interest receivable - 3,833 39,951 - Taxes receivables - 14,258 - - Loans receivable - - - - Prepaid items - - - - Due from other governments - - 983,488 110,321 Notes to RDA Successor Agency - - - - Restricted assets:
Cash and investments - - - - Cash and investments with fiscal agent - - - - Total assets -$ 892,726$ 10,136,530$ 110,321$ Liabilities:
Accounts payable and accrued liabilities -$ -$ 44,463$ 949$ Due to the Successor Agency - - - - Due to other funds - - 588,149 75,396 Unearned revenue - - - - Total liabilities - - 632,612 76,345 Deferred Inflows of Resources
Unavailable revenue - - 506,288 - Total deferred inflows of resources - - 506,288 - Fund Balances (Deficits):
Nonspendable - - - - Restricted -
892,726 8,997,630 33,976
Assigned - - - - Unassigned (deficits) - - - - Total fund balances (deficits) - 892,726 8,997,630 33,976 Total liabilities, deferred inflows of
resources and fund balances -$ 892,726$ 10,136,530$ 110,321$ (Continued)
ASSETS
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2024
Special Revenue Funds
127
Measure R
Highway Measure M
Federal Grants Measure R Improvement ATP
Cash and investments 259,005 $ 8,189,107 $ - $ - $ Accounts receivable, net - - - - Interest receivable - 35,900 - - Taxes receivables - - - - Loans receivable - - - - Prepaid items - - - - Due from other governments 398,687 297,376 1,105,100 151,103 Notes to RDA Successor Agency - - - - Restricted assets:
Cash and investments - - - - Cash and investments with fiscal agent - - - - Total assets 657,692$ 8,522,383 $ 1,105,100 $ 151,103 $ Liabilities:
Accounts payable and accrued liabilities 138,583 $ 343,225 $ 667,049 $ 4,912 $ Due to the Successor Agency - - - - Due to other funds - - 438,074 144,727 Unearned revenue - - - - Total liabilities 138,583 343,225 1,105,123 149,639 Deferred Inflows of Resources
Unavailable revenue 188,444 - 1,067,677 100,724 Total deferred inflows of resources 188,444 - 1,067,677 100,724 Fund Balances (Deficits):
Nonspendable - - - - Restricted 330,665
8,179,158 - -
Assigned - - - - Unassigned (deficits) - - (1,067,700) (99,260) Total fund balances (deficits) 330,665 8,179,158 (1,067,700) (99,260) Total liabilities, deferred inflows of
resources and fund balances 657,692$ 8,522,383$ 1,105,100$ 151,103$ (Continued)
ASSETS
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2024
Special Revenue Funds
128
Measure W Tourism
Measure A Safe Clean Marketing
Safe Parks Water District OSPD
Cash and investments - $ 8,445,282$ 991,115 $ 8,487,926 $ Accounts receivable, net - - 3,150 43,108 Interest receivable - 37,023 4,345 37,210 Taxes receivables - - 159,369 31,387 Loans receivable - - - - Prepaid items - - 46,251 - Due from other governments 3,271,781 - - - Notes to RDA Successor Agency - - - - Restricted assets:
Cash and investments - - - - Cash and investments with fiscal agent - - - - Total assets 3,271,781$ 8,482,305 $ 1,204,230 $ 8,599,631 $ Liabilities:
Accounts payable and accrued liabilities - $ 345,701$ 109,157 $ 116,599 $ Due to the Successor Agency - - - - Due to other funds 3,272,409 - - - Unearned revenue - - - - Total liabilities 3,272,409 345,701 109,157 116,599 Deferred Inflows of Resources
Unavailable revenue - - - - Total deferred inflows of resources - - - - Fund Balances (Deficits):
Nonspendable - - 46,251 - Restricted -
8,136,604 1,048,822 8,483,032
Assigned - - - - Unassigned (deficits) (628) - - - Total fund balances (deficits) (628) 8,136,604 1,095,073 8,483,032 Total liabilities, deferred inflows of
resources and fund balances 3,271,781$ 8,482,305$ 1,204,230$ 8,599,631$ (Continued)
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2024
Special Revenue Funds
ASSETS
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
129
Housing Tourism
Miscellaneous Park Successor Marketing
Grants Dedication Agency Bureau
Cash and investments 1,084,281 $ 4,739,813 $ 919,147 $ 63,646 $ Accounts receivable, net - - - - Interest receivable - 20,779 4,029 279 Taxes receivables - - - - Loans receivable - - - - Prepaid items 40,504 - - - Due from other governments 783,676 - - - Notes to RDA Successor Agency - - - - Restricted assets:
Cash and investments - - 213,061 - Cash and investments with fiscal agent - - - - Total assets 1,908,461$ 4,760,592 $ 1,136,237 $ 63,925 $ Liabilities:
Accounts payable and accrued liabilities 88,131 $ 79,365 $ - $ - $ Due to the Successor Agency - - 34,479 - Due to other funds - - - - Unearned revenue 1,507,138 - - - Total liabilities 1,595,269 79,365 34,479 - Deferred Inflows of Resources
Unavailable revenue 501,481 - - Total deferred inflows of resources 501,481 - - - Fund Balances (Deficits):
Nonspendable 40,504 - - - Restricted -
4,681,227 1,101,758 63,925
Assigned - - - - Unassigned (deficits) (228,793) - - - Total fund balances (deficits) (188,289) 4,681,227 1,101,758 63,925 Total liabilities, deferred inflows of
resources and fund balances 1,908,461$ 4,760,592$ 1,136,237$ 63,925$ (Continued)
ASSETS
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2024
Special Revenue Funds
130
Santa Clarita
Cooper St VC Public
Parking Wastewater Television
Areawide CFD 2020-1 Standby District Authority
Cash and investments 8,400,985 $ 446,523 $ 2,539,495 $ 47 $ Accounts receivable, net 23,483 - - - Interest receivable 22,148 - 11,133 - Taxes receivables 92,795 - 1,093 - Loans receivable - - - - Prepaid items - - - - Due from other governments - - - - Notes to RDA Successor Agency - - - - Restricted assets:
Cash and investments - - - - Cash and investments with fiscal agent - - - - Total assets 8,539,411$ 446,523 $ 2,551,721 $ 47 $ Liabilities:
Accounts payable and accrued liabilities 903,327 $ 459 $ 177,155$ - $ Due to the Successor Agency - - - - Due to other funds - - - - Unearned revenue - - - - Total liabilities 903,327 459 177,155 - Deferred Inflows of Resources
Unavailable revenue - -
Total deferred inflows of resources - - - - Fund Balances (Deficits):
Nonspendable - - - - Restricted 7,636,084 446,064
2,374,566 47
Assigned - - - - Unassigned (deficits) - - - - Total fund balances (deficits) 7,636,084 446,064 2,374,566 47 Total liabilities, deferred inflows of
resources and fund balances 8,539,411$ 446,523$ 2,551,721$ 47$ (Continued)
ASSETS
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2024
Special Revenue Funds
131
Developer Public American
Fees Library Rescue Plan
Cash and investments 2,155,528 $ 7,913,929 $ 771,814 $ Accounts receivable, net - - - Interest receivable 10,128 34,694 - Taxes receivables - 235,980 - Loans receivable - - - Prepaid items - 2,953 - Due from other governments - - - Notes to RDA Successor Agency 7,709,038 - - Restricted assets:
Cash and investments - - - Cash and investments with fiscal agent - - - Total assets 9,874,694$ 8,187,556$ 771,814$ Liabilities:
Accounts payable and accrued liabilities -$ 380,730$ 612,597$ Due to the Successor Agency - - - Due to other funds - - - Unearned revenue - - 159,217 Total liabilities - 380,730 771,814 Deferred Inflows of Resources
Unavailable revenue - - - Total deferred inflows of resources - - - Fund Balances (Deficits):
Nonspendable - 2,953 - Restricted 9,706,532 7,803,873 -
Assigned 42,684 - - Unassigned (deficits) 125,478 - -
Total fund balances (deficits) 9,874,694 7,806,826 - Total liabilities, deferred inflows of
resources and fund balances 9,874,694$ 8,187,556$ 771,814$ (Continued)
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2024
Special Revenue Funds
ASSETS
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
132
Debt Service Fund
General Public Total Nonmajor
Capital Civic Financing Governmental
Projects Arts Projects Authority Funds
Cash and investments 2,563,962 $ 233,104 $ 1,081,798 $ 136,294,992 $ Accounts receivable, net - - - 164,731 Interest receivable - 1,337 - 553,111 Taxes receivables - - - 826,284 Loans receivable - - - 1,833,632 Prepaid items - - - 124,236 Due from other governments - - - 10,072,904 Notes to RDA Successor Agency - - - 7,709,038 Restricted assets:
Cash and investments - - - 213,061 Cash and investments with fiscal agent - - 4,409 4,409 Total assets 2,563,962$ 234,441 $ 1,086,207 $ 157,796,398 $ Liabilities:
Accounts payable and accrued liabilities 1,080,952 $ 4,999 $ - $ 9,419,281$ Due to the Successor Agency - - - 34,479 Due to other funds - - - 4,958,048 Unearned revenue - - - 1,666,355 Total liabilities 1,080,952 4,999 - 16,078,163 Deferred Inflows of Resources
Unavailable revenue - - 3,018,580 Total deferred inflows of resources - - - 3,018,580 Fund Balances (Deficits):
Nonspendable - - - 124,236
Restricted - - 1,086,207 138,751,013 Assigned 1,483,010 229,442 - 1,755,136 Unassigned (deficits) - - - (1,930,730) Total fund balances (deficits) 1,483,010 229,442 1,086,207 138,699,655 Total liabilities, deferred inflows of
resources and fund balances 2,563,962$ 234,441$ 1,086,207$ 157,796,398$ (Concluded)
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2024
Capital Projects Funds
ASSETS
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
133
Special
Bikeway Gas Tax Proposition A Assessment
REVENUES:
Taxes - $ - $ - $ - $ Special assessments - - - 706,632 Intergovernmental 210,647 6,193,161 6,067,876 - Charges for services - - - - Investment income 6,671 2,423 497,674 192,313 Fines and forfeitures - 3,495 - - Developer fees - - - - Other revenue - - - - Total revenues 217,318 6,199,079 6,565,550 898,945 EXPENDITURES:
Current:
General government - - - - Public safety - - - - Public works - 6,021,154 - - Community development - - - - Neighborhood services - - - 389,461 Capital outlay 144,961 116,066 16,060 - Debt service:
Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 144,961 6,137,220 16,060 389,461
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 72,357 61,859 6,549,490 509,484 OTHER FINANCING SOURCES (USES):
Issuance of debt -
- - - Transfers in - 19,344 794,364 17,000 Transfers out - (135,695) - (3,018) Total other financing sources (uses) - (116,351) 794,364 13,982 NET CHANGES IN FUND BALANCES 72,357 (54,492) 7,343,854 523,466 FUND BALANCES (DEFICITS):
Beginning of year, as previously reported (907) 54,492 9,997,506 4,318,400 Change within financial reporting entity
Major to/from nonmajor funds - - - - Fund reclassification - - - - Beginning of year, as restated (Note 19) (907) 54,492 9,997,506 4,318,400 End of yea
r 71,450$ - $ 17,341,360$ 4,841,866 $ (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, 2024
134
Street SB1 Road
Lighting Measure M Repair and
District Local Return Activity TDA
REVENUES:
Taxes -$ -$ -$ -$ Special assessments 6,558,646 - - - Intergovernmental - 4,261,300 5,952,398 2,292,113 Charges for services - - - - Investment income 702,375 469,328 179,559 134,945 Fines and forfeitures 199,586 - - - Developer fees - - - - Other revenue 13,355 - - - Total revenues 7,473,962 4,730,628 6,131,957 2,427,058 EXPENDITURES:
Current:
General government 2,930,749 - - - Public safety - - - - Public works 1,932,911 - - 12,166 Community development - - - - Neighborhood services - - - - Capital outlay 677,868 2,806,110 4,703,474 5,245,576 Debt service:
Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 5,541,528 2,806,110 4,703,474 5,257,742
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 1,932,434 1,924,518 1,428,483 (2,830,684)
OTHER FINANCING SOURCES (USES):
Issuance of debt - - - - Transfers in 453,449 - - - Transfers out (1,309,555) - - (19,344) Total other financing sources (uses) (856,106) - - (19,344) NET CHANGES IN FUND BALANCES 1,076,328 1,924,518 1,428,483 (2,850,028) FUND BALANCES (DEFICITS):
Beginning of year, as previously reported 16,215,014 10,311,791 5,173,680 2,196,063 Change within financial reporting entity
Major to/from nonmajor funds - - - - Fund reclassification - - - - Beginning of year, as restated (Note 19) 16,215,014 10,311,791 5,173,680 2,196,063 End of yea
r 17,291,342$ 12,236,309 $ 6,602,163 $ (653,965) $ (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, 2024
Special Revenue Funds
135
Traffic Safety CDBG AQMD Stormwater
REVENUES:
Taxes -$ -$ -$ -$ Special assessments - - - 4,293,030 Intergovernmental - 1,592,584 310,263 - Charges for services - - - 23,419 Investment income - - 24,199 221,669 Fines and forfeitures 485,796 - - - Developer fees - - - - Other revenue - - - 320,263 Total revenues 485,796 1,592,584 334,462 4,858,381 EXPENDITURES:
Current:
General government - - - - Public safety - - - - Public works - - - - Community development - 1,076,376 - - Neighborhood services - - 254,317 4,371,212 Capital outlay - 516,208 - 174,038 Debt service:
Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures - 1,592,584 254,317 4,545,250
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 485,796 - 80,145 313,131 OTHER FINANCING SOURCES (USES):
Issuance of debt - -
- -
Transfers in - - - 3,690 Transfers out (485,796) - - - Total other financing sources (uses) (485,796) - - 3,690 NET CHANGES IN FUND BALANCES - - 80,145 316,821 FUND BALANCES (DEFICITS):
Beginning of year, as previously reported - (5,862) 558,416 5,028,007 Change within financial reporting entity
Major to/from nonmajor funds - - - - Fund reclassification - - - - Beginning of year, as restated (Note 19) - (5,862) 558,416 5,028,007 End of yea
r -$ (5,862)$ 638,561 $ 5,344,828 $ (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, 2024
Special Revenue Funds
136
Surface
Transportation BJA Law Supplemental
Program Enforcement Law Grant HOME
REVENUES:
Taxes - $ - $ - $ - $ Special assessments - - - - Intergovernmental 1,302,000 30,568 663,145 - Charges for services - - - - Investment income - - 24,710 32,674 Fines and forfeitures - - - - Developer fees - - - - Other revenue - - - 32,025 Total revenues 1,302,000 30,568 687,855 64,699 EXPENDITURES:
Current:
General government - - - - Public safety - 30,568 523,088 - Public works - - - - Community development - - - - Neighborhood services - - - - Capital outlay 1,302,000 - - - Debt service:
Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 1,302,000 30,568 523,088 -
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES - - 164,767 64,699
OTHER FINANCING SOURCES (USES):
Issuance of debt - - - - Transfers in 10,900 - - - Transfers out - - - - Total other financing sources (uses) 10,900 - - - NET CHANGES IN FUND BALANCES 10,900 - 164,767 64,699 FUND BALANCES (DEFICITS):
Beginning of year, as previously reported (10,900) 2 437,281 2,748,017 Change within financial reporting entity
Major to/from nonmajor funds - - - - Fund reclassification - - - - Beginning of year, as restated (Note 19) (10,900) 2 437,281 2,748,017 End of yea
r -$ 2 $ 602,048$ 2,812,716 $ (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, 2024
Special Revenue Funds
137
Public Measure H
Library Education and Homeless
Facilities Fees Government Proposition C Initiatives
REVENUES:
Taxes -$ 315,874$ -$ -$ Special assessments - - - - Intergovernmental - - 5,491,557 323,310 Charges for services - - - - Investment income - 30,141 395,289 - Fines and forfeitures - - - - Developer fees - - - - Other revenue - - - - Total revenues - 346,015 5,886,846 323,310 EXPENDITURES:
Current:
General government - 220,818 - - Public safety - - - - Public works - - - - Community development - - - 266,560 Neighborhood services - - - - Capital outlay - - 4,209,739 - Debt service:
Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures - 220,818 4,209,739 266,560
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES - 125,197 1,677,107 56,750
OTHER FINANCING SOURCES (USES):
Issuance of debt - - - - Transfers in - - - - Transfers out (1,544,866) - - - Total other financing sources (uses) (1,544,866) - - - NET CHANGES IN FUND BALANCES (1,544,866) 125,197 1,677,107 56,750 FUND BALANCES (DEFICITS):
Beginning of year, as previously reported 4,274,301 767,529 7,320,523 (22,774) Change within financial reporting entity
Major to/from nonmajor funds - - - - Fund reclassification (2,729,435) - - - Beginning of year, as restated (Note 19) 1,544,866 767,529 7,320,523 (22,774) End of yea
r -$ 892,726$ 8,997,630 $ 33,976 $ (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, 2024
Special Revenue Funds
138
Measure R
Highway Measure M
Federal Grants Measure R Improvement ATP
REVENUES:
Taxes - $ - $ - $ - $ Special assessments - - - - Intergovernmental 1,674,599 3,773,691 507,644 272,515 Charges for services - - - - Investment income - 324,752 - - Fines and forfeitures - - - - Developer fees - - - - Other revenue - - - - Total revenues 1,674,599 4,098,443 507,644 272,515 EXPENDITURES:
Current:
General government - - - - Public safety - - - - Public works - - - - Community development - - - - Neighborhood services - - - - Capital outlay 1,608,443 3,280,480 953,377 89,453 Debt service:
Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 1,608,443 3,280,480 953,377 89,453
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 66,156 817,963 (445,733) 183,062
OTHER FINANCING SOURCES (USES):
Issuance of debt - - - - Transfers in - - - - Transfers out - - - - Total other financing sources (uses) - - - - NET CHANGES IN FUND BALANCES 66,156 817,963 (445,733) 183,062 FUND BALANCES (DEFICITS):
Beginning of year, as previously reported 264,509 7,361,195 (621,967) (282,322) Change within financial reporting entity
Major to/from nonmajor funds - - - - Fund reclassification - - - - Beginning of year, as restated (Note 19) 264,509 7,361,195 (621,967) (282,322) End of yea
r 330,665$ 8,179,158 $ (1,067,700) $ (99,260) $ (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, 2024
Special Revenue Funds
139
Measure W Tourism
Measure A Safe Clean Marketing
Safe Parks Water District OSPD
REVENUES:
Taxes - $ 3,235,579$ - $ - $ Special assessments - - - 3,291,708 Intergovernmental 3,491,084 - - - Charges for services - - 1,006,064 6,273 Investment income - 324,120 46,693 305,871 Fines and forfeitures - - - - Developer fees - - - - Other revenue - - - 2,500 Total revenues 3,491,084 3,559,699 1,052,757 3,606,352 EXPENDITURES:
Current:
General government - - - - Public safety - - - - Public works - - - - Community development - - 878,119 - Neighborhood services - 170,403 - 1,197,868 Capital outlay 1,777 1,810,606 - 26,051 Debt service:
Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 1,777 1,981,009 878,119 1,223,919
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 3,489,307 1,578,690 174,638 2,382,433
OTHER FINANCING SOURCES (USES):
Issuance of debt - - - - Transfers in - - - - Transfers out (224,209) - - (818,246) Total other financing sources (uses) (224,209) - - (818,246) NET CHANGES IN FUND BALANCES 3,265,098 1,578,690 174,638 1,564,187 FUND BALANCES (DEFICITS):
Beginning of year, as previously reported (3,265,726) 6,557,914 920,435 6,918,845 Change within financial reporting entity
Major to/from nonmajor funds - - - - Fund reclassification - - - - Beginning of year, as restated (Note 19) (3,265,726) 6,557,914 920,435 6,918,845 End of yea
r (628)$ 8,136,604$ 1,095,073 $ 8,483,032 $ (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, 2024
Special Revenue Funds
140
Housing Tourism
Miscellaneous Park Successor Marketing
Grants Dedication Agency Bureau
REVENUES:
Taxes - $ - $ - $ - $ Special assessments - - - - Intergovernmental 1,521,659 - - - Charges for services - - - 5,298 Investment income - 106,727 50,501 2,771 Fines and forfeitures - - - - Developer fees - 3,606,957 - - Other revenue - - - - Total revenues 1,521,659 3,713,684 50,501 8,069 EXPENDITURES:
Current:
General government - - - - Public safety - - - - Public works - - - - Community development 403,229 - - 7,237 Neighborhood services 227,791 - - - Capital outlay 250,833 786,521 250,000 - Debt service:
Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 881,853 786,521 250,000 7,237
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 639,806 2,927,163 (199,499) 832
OTHER FINANCING SOURCES (USES):
Issuance of debt - - - - Transfers in - - 160,747 - Transfers out - - - - Total other financing sources (uses) - - 160,747 - NET CHANGES IN FUND BALANCES 639,806 2,927,163 (38,752) 832 FUND BALANCES (DEFICITS):
Beginning of year, as previously reported (828,095) 1,754,064 1,140,510 63,093 Change within financial reporting entity
Major to/from nonmajor funds - - - - Fund reclassification - - - - Beginning of year, as restated (Note 19) (828,095) 1,754,064 1,140,510 63,093 End of yea
r (188,289)$ 4,681,227 $ 1,101,758 $ 63,925 $ (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, 2024
Special Revenue Funds
141
Santa Clarita
Cooper St VC Public
Parking Wastewater Television
Areawide CFD 2020-1 Standby District Authority
REVENUES:
Taxes - $ - $ - $ - $ Special assessments 8,344,713 198,687 539,250 - Intergovernmental - - - 342,021 Charges for services - - - - Investment income 83,799 - 135,224 1,147 Fines and forfeitures 69,849 - - - Developer fees - - - - Other revenue - - 1 - Total revenues 8,498,361 198,687 674,475 343,168 EXPENDITURES:
Current:
General government 6,138,573 - 8,092 269,755 Public safety - - - - Public works - - - - Community development - - - - Neighborhood services 14,785,650 131,981 754,431 - Capital outlay 441,805 - - 175,306 Debt service:
Principal retirement - - - 73,367 Interest and fiscal charges - - - 96 Total expenditures 21,366,028 131,981 762,523 518,524
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (12,867,667) 66,706 (88,048) (175,356)
OTHER FINANCING SOURCES (USES):
Issuance of debt - - - 175,306 Transfers in 13,657,092 - - - Transfers out - - - - Total other financing sources (uses) 13,657,092 - - 175,306 NET CHANGES IN FUND BALANCES 789,425 66,706 (88,048) (50) FUND BALANCES (DEFICITS):
Beginning of year, as previously reported 6,846,659 379,358 2,462,614 97 Change within financial reporting entity
Major to/from nonmajor funds - - - - Fund reclassification - - - - Beginning of year, as restated (Note 19) 6,846,659 379,358 2,462,614 97 End of yea
r 7,636,084$ 446,064$ 2,374,566$ 47$ (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, 2024
Special Revenue Funds
142
Developer Public American
Fees Library Rescue Plan
REVENUES:
Taxes -$ 10,214,896$ - $
Special assessments - - - Intergovernmental - - 6,309,485 Charges for services - 373,255 - Investment income 288,825 238,146 - Fines and forfeitures - - - Developer fees 3,581 - - Other revenue 189,597 134,915 - Total revenues 482,003 10,961,212 6,309,485 EXPENDITURES:
Current:
General government - - 211,672 Public safety - - - Public works - - - Community development - - 11,656 Neighborhood services 9,820 8,277,845 13,474 Capital outlay 100,622 243,631 6,072,683 Debt service:
Principal retirement - 196,717 - Interest and fiscal charges - 4,763 - Total expenditures 110,442 8,722,956 6,309,485
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 371,561 2,238,256 - OTHER FINANCING SOURCES (USES):
Issuance of debt - 161,411 - Transfers in - -
-
Transfers out (1,042,563) - - Total other financing sources (uses) (1,042,563) 161,411 - NET CHANGES IN FUND BALANCES (671,002) 2,399,667 - FUND BALANCES (DEFICITS):
Beginning of year, as previously reported - - - Change within financial reporting entity
Major to/from nonmajor funds 12,105,435 5,407,159 - Fund reclassification (1,559,739) - - Beginning of year, as restated (Note 19) 10,545,696 5,407,159 - End of yea
r 9,874,694$ 7,806,826$ -$
(Continued)
Special Revenue 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, 2024
143
Debt Service Fund
General Public Total Nonmajor
Capital Civic Financing Governmental
Projects Arts Projects Authority Funds
REVENUES:
Taxes - $ - $ - $ 13,766,349$ Special assessments - - - 23,932,666 Intergovernmental - - - 52,583,620 Charges for services - - - 1,414,309 Investment income - 13,241 5,559 4,841,346 Fines and forfeitures - - - 758,726 Developer fees - - - 3,610,538 Other revenue - - - 692,656 Total revenues - 13,241 5,559 101,600,210 EXPENDITURES:
Current:
General government - - - 9,779,659 Public safety - - - 553,656 Public works - - - 7,966,231 Community development - - - 2,643,177 Neighborhood services - - - 30,584,253 Capital outlay 3,770,166 14,999 - 39,788,853 Debt service:
Principal retirement - - 2,755,000 3,025,084 Interest and fiscal charges - - 3,186,146 3,191,005 Total expenditures 3,770,166 14,999 5,941,146 97,531,918
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (3,770,166) (1,758) (5,935,587) 4,068,292
OTHER FINANCING SOURCES (USES):
Issuance of debt - - - 336,717 Transfers in 2,372,894 - 5,913,043 23,402,523 Transfers out - (71,840) - (5,655,132) Total other financing sources (uses) 2,372,894 (71,840) 5,913,043 18,084,108 NET CHANGES IN FUND BALANCES (1,397,272) (73,598) (22,544) 22,152,400 FUND BALANCES (DEFICITS):
Beginning of year, as previously reported 2,880,282 303,040 1,108,751 103,323,835 Change within financial reporting entity
Major to/from nonmajor funds - - - 17,512,594 Fund reclassification - - - (4,289,174) Beginning of year, as restated (Note 19) 2,880,282 303,040 1,108,751 116,547,255 End of yea
r 1,483,010$ 229,442$ 1,086,207$ 138,699,655$ (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, 2024
Capital Projects Funds
144
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 160,000$ 434,238$ 210,647$ (223,591)$ Investment earnings - - 6,671 6,671 Total revenues 160,000 434,238 217,318 (216,920) EXPENDITURES:
Capital improvement projects 160,000 571,116 144,961 426,155 Total expenditures 160,000 571,116 144,961 426,155 NET CHANGE IN FUND BALANCE -$ (136,878)$ 72,357 209,235$ FUND BALANCE:
Beginning of year (907)
End of yea
r 71,450$
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, 2024
145
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 6,444,160$ 6,106,668 6,193,161$ 86,493$ Investment earnings - - 2,423 2,423 Fines and forfeitures - - 3,495 3,495 Total revenues 6,444,160 6,106,668 6,199,079 92,411 EXPENDITURES:
Operating:
Personnel 2,874,301 2,843,896 2,611,178 232,718 Operations and maintenance 3,152,764 3,181,536 3,143,763 37,773 Capital outlay 44,254 266,213 266,213 - Capital improvement projects - 132,115 116,066 16,049 Total expenditures 6,071,319 6,423,760 6,137,220 286,540
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 372,841 (317,092) 61,859 378,951 OTHER FINANCING SOURCES (USES):
Transfers in - 344,596 19,344 (325,252) Transfers out (115,760) (135,695) (135,695) - Total other financing sources (uses) (115,760) 208,901 (116,351) (325,252) NET CHANGE IN FUND BALANCE 257,081$ (108,191)$ (54,492) 53,699$ FUND BALANCE:
Beginning of year 54,492
End of yea
r -$
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, 2024
146
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 6,613,578$ 6,196,301$ 6,067,876$ (128,425)$ Investment earnings 344,083 344,083 497,674 153,591 Total revenues 6,957,661 6,540,384 6,565,550 25,166 EXPENDITURES:
Capital improvement projects - 878,188 16,060 862,128 Total expenditures - 878,188 16,060 862,128
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 6,957,661 5,662,196 6,549,490 887,294 OTHER FINANCING SOURCES (USES):
Transfers in - 101,144 794,364 693,220 Transfers out - (767,966) - 767,966 Total other financing sources (uses) - (666,822) 794,364 1,461,186 NET CHANGE IN FUND BALANCE 6,957,661$ 4,995,374$ 7,343,854 2,348,480$ FUND BALANCE:
Beginning of year 9,997,506
End of yea
r 17,341,360$
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, 2024
147
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Special assessments 725,428$ 725,428$ 706,632$ (18,796)$ Investment earnings 118,043 118,043 192,313 74,270 Total revenues 843,471 843,471 898,945 55,474 EXPENDITURES:
Operating:
Personnel 63,391 64,021 61,409 2,612 Operations and maintenance 362,409 477,340 327,156 150,184 Capital outlay 896 896 896 - Total expenditures 426,696 542,257 389,461 152,796
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 416,775 301,214 509,484 208,270 OTHER FINANCING SOURCES (USES):
Transfers in 17,000 17,000 17,000 - Transfers out (2,780) (3,153) (3,018) 135 Total other financing sources (uses) 14,220 13,847 13,982 135 NET CHANGE IN FUND BALANCE 430,995$ 315,061$ 523,466 208,405$ FUND BALANCE:
Beginning of year 4,318,400
End of yea
r 4,841,866$
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, 2024
148
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Special assessments 6,432,953$ 6,432,953$ 6,558,646$ 125,693$ Investment earnings 432,628 432,628 702,375 269,747 Fines and forfeitures 525,000 525,000 199,586 (325,414) Other revenues 2,500 2,500 13,355 10,855 Total revenues 7,393,081 7,393,081 7,473,962 80,881 EXPENDITURES:
Operating:
Personnel 373,220 389,874 346,961 42,913 Operations and maintenance 4,611,440 4,690,231 4,511,299 178,932 Capital outlay 5,400 5,400 5,400 - Capital improvement projects 700,000 700,000 677,868 22,132 Total expenditures 5,690,060 5,785,505 5,541,528 243,977
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 1,703,021 1,607,576 1,932,434 324,858 OTHER FINANCING SOURCES (USES):
Transfers in 270,635 453,449 453,449 - Transfers out (1,131,291) (1,314,105) (1,309,555) 4,550 Total other financing sources (uses) (860,656) (860,656) (856,106) 4,550 NET CHANGE IN FUND BALANCE 842,365$ 746,920$ 1,076,328 329,408$ FUND BALANCE:
Beginning of year 16,215,014
End of yea
r 17,291,342$
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, 2024
149
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 4,662,921$ 4,346,753$ 4,261,300$ (85,453)$ Investment earnings - - 469,328 469,328 Total revenues 4,662,921 4,346,753 4,730,628 383,875 EXPENDITURES:
Capital improvement projects 2,617,971 7,781,897 2,806,110 4,975,787 Total expenditures 2,617,971 7,781,897 2,806,110 4,975,787 NET CHANGE IN FUND BALANCE 2,044,950$ (3,435,144)$ 1,924,518 5,359,662$ FUND BALANCE:
Beginning of year 10,311,791
End of yea
r 12,236,309$
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, 2024
150
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 5,661,305$ 5,549,394$ 5,952,398$ 403,004$ Investment earnings - - 179,559 179,559 Total revenues 5,661,305 5,549,394 6,131,957 582,563 EXPENDITURES:
Capital improvement projects 5,661,305 10,618,133 4,703,474 5,914,659 Total expenditures 5,661,305 10,618,133 4,703,474 5,914,659 NET CHANGE IN FUND BALANCE -$ (5,068,739)$ 1,428,483 6,497,222$ FUND BALANCE:
Beginning of year 5,173,680
End of yea
r 6,602,163$
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, 2024
151
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 17,779,096$ 13,138,184$ 2,292,113$ (10,846,071)$ Investment earnings - - 134,945 134,945 Total revenues 17,779,096 13,138,184 2,427,058 (10,711,126) EXPENDITURES:
Capital improvement projects 17,529,097 27,249,786 5,257,742 21,992,044 Total expenditures 17,529,097 27,249,786 5,257,742 21,992,044
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 249,999 (14,111,602) (2,830,684) 11,280,918 OTHER FINANCING (USES):
Transfers out - (344,596) (19,344) 325,252 Total other financing (uses) - (344,596) (19,344) 325,252 NET CHANGE IN FUND BALANCE 249,999$ (14,456,198)$ (2,850,028) 11,606,170$ FUND BALANCE:
Beginning of year 2,196,063
End of yea
r (653,965)$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Transportation Development Act 8 (TDA) Special Revenue Fund For the Year Ended June 30, 2024
152
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Fines and forfeitures 550,000$ 550,000$ 485,796$ (64,204)$ Total revenues 550,000 550,000 485,796 (64,204) OTHER FINANCING (USES):
Transfers out (550,000) (550,000) (485,796) 64,204 Total other financing (uses) (550,000) (550,000) (485,796) 64,204 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, 2024
153
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 2,854,021$ 2,472,498$ 1,592,584$ (879,914)$ Total revenues 2,854,021 2,472,498 1,592,584 (879,914) EXPENDITURES:
Operating:
Personnel 183,698 183,646 194,221 (10,575) Operations and maintenance 1,000,354 1,004,260 882,155 122,105 Capital improvement projects 1,478,181 2,706,356 516,208 2,190,148 Total expenditures 2,662,233 3,894,262 1,592,584 2,301,678 NET CHANGE IN FUND BALANCE 191,788$ (1,421,764)$ - 1,421,764$ FUND BALANCE:
Beginning of year (5,862)
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, 2024
154
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 289,000$ 289,000$ 310,263$ 21,263$ Investment earnings 7,603 7,603 24,199 16,596 Total revenues 296,603 296,603 334,462 37,859 EXPENDITURES:
Operating:
Operations and maintenance 22,216 19,483 16,658 2,825 Capital outlay 325,000 565,391 237,659 327,732 Total expenditures 347,216 584,874 254,317 330,557 NET CHANGE IN FUND BALANCE (50,613)$ (288,271)$ 80,145 368,416$ FUND BALANCE:
Beginning of year 558,416
End of yea
r 638,561$
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, 2024
155
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Special assessments 4,360,745$ 4,360,745$ 4,293,030$ (67,715)$ Charges for services 19,700 19,700 23,419 3,719 Investment earnings 91,077 91,077 221,669 130,592 Other revenues 327,179 327,179 320,263 (6,916) Total revenues 4,798,701 4,798,701 4,858,381 59,680 EXPENDITURES:
Operating:
Personnel 1,563,145 1,564,306 1,465,111 99,195 Operations and maintenance 3,005,388 4,066,798 2,881,171 1,185,627 Capital outlay 24,930 24,930 24,930 - Capital improvement projects 221,507 408,895 174,038 234,857 Total expenditures 4,814,970 6,064,929 4,545,250 1,519,679
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (16,269) (1,266,228) 313,131 1,579,359 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 (12,579)$ (1,262,538)$ 316,821 1,579,359$ FUND BALANCE:
Beginning of year 5,028,007
End of yea
r 5,344,828$
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, 2024
156
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental -$ 1,302,000$ 1,302,000$ -$ Total revenues - 1,302,000 1,302,000 - EXPENDITURES:
Capital improvement projects - 1,301,580 1,302,000 (420) Total expenditures - 1,301,580 1,302,000 (420)
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES - 420 - 420 OTHER FINANCING SOURCES:
Transfers in - 10,480 10,900 (420) Total other financing sources - 10,480 10,900 (420) NET CHANGE IN FUND BALANCE -$ 10,900$ 10,900 -$ FUND BALANCE:
Beginning of year (10,900)
End of yea
r -$
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, 2024
157
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental -$ 30,580$ 30,568$ (12)$ Total revenues - 30,580 30,568 (12) EXPENDITURES:
Operating:
Operations and maintenance - 30,580 30,568 12 Total expenditures - 30,580 30,568 12 NET CHANGE IN FUND BALANCE -$ -$ - -$ FUND BALANCE:
Beginning of year 2
End of yea
r 2$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual BJA Law Enforcement Special Revenue Fund
For the Year Ended June 30, 2024
158
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 353,814$ 585,563$ 663,145$ 77,582$ Investment earnings - - 24,710 24,710 Total revenues 353,814 585,563 687,855 102,292 EXPENDITURES:
Operating:
Operations and maintenance 554,927 554,927 523,088 31,839 Total expenditures 554,927 554,927 523,088 31,839 NET CHANGE IN FUND BALANCE (201,113)$ 30,636$ 164,767 134,131$ FUND BALANCE:
Beginning of year 437,281
End of yea
r 602,048$
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, 2024
159
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Investment earnings 18,076$ 18,076$ 32,674$ 14,598$ Other revenue - - 32,025 32,025 Total revenues 18,076 18,076 64,699 46,623 NET CHANGE IN FUND BALANCE 18,076$ 18,076$ 64,699 46,623$ FUND BALANCE:
Beginning of year 2,748,017
End of yea
r 2,812,716$
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, 2024
160
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Investment earnings 116,014$ 116,014$ -$ (116,014)$ Developer fees 200,000 - - - Total revenues 316,014 116,014 - (116,014)
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 316,014 116,014 - (116,014) OTHER FINANCING (USES):
Transfers out - (1,544,866) (1,544,866) - Total other financing (uses) - (1,544,866) (1,544,866) - NET CHANGE IN FUND BALANCE 316,014$ (1,428,852)$ (1,544,866) (116,014)$ FUND BALANCE:
Beginning of year, as previously reported 4,274,301
Change within financial reporting entity
Fund Classification (2,729,435)
Beginning of year, as restated (Note 19) 1,544,866
End of yea
r -$
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, 2024
161
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Taxes 450,000$ 450,000$ 315,874$ (134,126)$ Investment earnings 30,425 30,425 30,141 (284) Total revenues 480,425 480,425 346,015 (134,410) EXPENDITURES:
Operating:
Operations and maintenance 233,116 263,116 220,818 42,298 Total expenditures 233,116 263,116 220,818 42,298 NET CHANGE IN FUND BALANCE 247,309$ 217,309$ 125,197 (92,112)$ FUND BALANCE:
Beginning of year 767,529
End of yea
r 892,726$
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, 2024
162
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 6,424,663$ 6,124,854$ 5,491,557$ (633,297)$ Investment earnings - - 395,289 395,289 Total revenues 6,424,663 6,124,854 5,886,846 (238,008) EXPENDITURES:
Capital improvement projects 1,500,000 7,969,543 4,209,739 3,759,804 Total expenditures 1,500,000 7,969,543 4,209,739 3,759,804 NET CHANGE IN FUND BALANCE 4,924,663$ (1,844,689)$ 1,677,107 3,521,796$ FUND BALANCE:
Beginning of year 7,320,523
End of yea
r 8,997,630$
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, 2024
163
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental -$ 323,310$ 323,310$ -$ Total revenues - 323,310 323,310 - EXPENDITURES:
Operating:
Personnel - 19,360 19,177 183 Operations and maintenance - 247,383 247,383 - Total expenditures - 266,743 266,560 183 NET CHANGE IN FUND BALANCE -$ 56,567$ 56,750 183$ FUND BALANCE:
Beginning of year (22,774)
End of yea
r 33,976$
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, 2024
164
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 3,033,460$ 3,798,656$ 1,674,599$ (2,124,057)$ Total revenues 3,033,460 3,798,656 1,674,599 (2,124,057) EXPENDITURES:
Capital improvement projects 3,033,460 4,952,222 1,608,443 3,343,779 Total expenditures 3,033,460 4,952,222 1,608,443 3,343,779 NET CHANGE IN FUND BALANCE -$ (1,153,566)$ 66,156 1,219,722$ FUND BALANCE:
Beginning of year 264,509
End of yea
r 330,665$
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, 2024
165
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 4,114,342$ 3,853,261$ 3,773,691$ (79,570)$ Investment earnings - - 324,752 324,752 Total revenues 4,114,342 3,853,261 4,098,443 245,182 EXPENDITURES:
Capital improvement projects 6,570,724 11,088,682 3,280,480 7,808,202 Total expenditures 6,570,724 11,088,682 3,280,480 7,808,202 NET CHANGE IN FUND BALANCE (2,456,382)$ (7,235,421)$ 817,963 8,053,384$ FUND BALANCE:
Beginning of year 7,361,195
End of year 8,179,158$
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, 2024
166
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 20,065,000$ 20,851,232$ 507,644$ (20,343,588)$ Total revenues 20,065,000 20,851,232 507,644 (20,343,588) EXPENDITURES:
Capital improvement projects 20,065,000 20,438,660 953,377 19,485,283 Total expenditures 20,065,000 20,438,660 953,377 19,485,283 NET CHANGE IN FUND BALANCE -$ 412,572$ (445,733) (858,305)$ FUND BALANCE:
Beginning of year (621,967)
End of yea
r (1,067,700)$
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, 2024
167
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 297,582$ 1,594,247$ 272,515$ (1,321,732)$ Total revenues 297,582 1,594,247 272,515 (1,321,732) EXPENDITURES:
Capital improvement projects 297,582 1,354,035 89,453 1,264,582 Total expenditures 297,582 1,354,035 89,453 1,264,582 NET CHANGE IN FUND BALANCE -$ 240,212$ 183,062 (57,150)$ FUND BALANCE:
Beginning of year (282,322)
End of yea
r (99,260)$
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, 2024
168
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 204,144$ 3,489,934$ 3,491,084$ 1,150$ Total revenues 204,144 3,489,934 3,491,084 1,150 EXPENDITURES:
Capital improvement projects - 1,777 1,777 - Total expenditures - 1,777 1,777 -
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 204,144 3,488,157 3,489,307 1,150 OTHER FINANCING (USES):
Transfers out (194,251) (224,209) (224,209) - Total other financing (uses) (194,251) (224,209) (224,209) - NET CHANGE IN FUND BALANCE 9,893$ 3,263,948$ 3,265,098 1,150$ FUND BALANCE:
Beginning of year (3,265,726)
End of yea
r (628)$
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, 2024
169
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Taxes 3,214,929$ 3,214,929$ 3,235,579$ 20,650$ Investment earnings 98,829 98,829 324,120 225,291 Total revenues 3,313,758 3,313,758 3,559,699 245,941 EXPENDITURES:
Operating:
Personnel 160,134 149,981 125,107 24,874 Operations and maintenance 41,510 43,510 43,510 - Capital outlay 1,786 1,786 1,786 - Capital improvement projects 525,000 3,815,579 1,810,606 2,004,973 Total expenditures 728,430 4,010,856 1,981,009 2,029,847 NET CHANGE IN FUND BALANCE 2,585,328$ (697,098)$ 1,578,690 2,275,788$ FUND BALANCE:
Beginning of year 6,557,914
End of yea
r 8,136,604$
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, 2024
170
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Charges for services 900,000$ 950,000$ 1,006,064$ 56,064$ Investment earnings 25,267 25,267 46,693 21,426 Total revenues 925,267 975,267 1,052,757 77,490 EXPENDITURES:
Operating:
Personnel 36,328 53,258 53,258 - Operations and maintenance 634,045 843,115 824,861 18,254 Total expenditures 670,373 896,373 878,119 18,254 NET CHANGE IN FUND BALANCE 254,894$ 78,894$ 174,638 95,744$ FUND BALANCE:
Beginning of year 920,435
End of yea
r 1,095,073$
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, 2024
171
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Special assessments 3,267,232$ 3,267,232$ 3,291,708$ 24,476$ Charges for services 87,000 87,000 6,273 (80,727) Investment earnings 201,667 201,667 305,871 104,204 Other revenues - - 2,500 2,500 Total revenues 3,555,899 3,555,899 3,606,352 50,453 EXPENDITURES:
Operating:
Personnel 516,306 524,467 481,855 42,612 Operations and maintenance 515,002 768,021 709,314 58,707 Capital outlay 6,699 227,949 32,750 195,199 Capital improvement projects - 68,445 - 68,445 Total expenditures 1,038,007 1,588,882 1,223,919 364,963
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 2,517,892 1,967,017 2,382,433 415,416 OTHER FINANCING (USES):
Transfers out (825,006) (825,006) (818,246) 6,760 Total other financing (uses) (825,006) (825,006) (818,246) 6,760 NET CHANGE IN FUND BALANCE 1,692,886$ 1,142,011$ 1,564,187 422,176$ FUND BALANCE:
Beginning of year 6,918,845
End of yea
r 8,483,032$
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, 2024
172
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 171,734$ 4,015,240$ 1,521,659$ (2,493,581)$ Total revenues 171,734 4,015,240 1,521,659 (2,493,581) EXPENDITURES:
Operating:
Personnel 19,864 80,800 78,794 2,006 Operations and maintenance 82,370 630,470 552,226 78,244 Capital improvement projects - 1,521,163 250,833 1,270,330 Total expenditures 102,234 2,232,433 881,853 1,350,580 NET CHANGE IN FUND BALANCE 69,500 1,782,807 639,806 (1,143,001) FUND BALANCE:
Beginning of year (828,095)
End of yea
r (188,289)$
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, 2024
173
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Investment earnings 6,740$ 6,740$ 106,727$ 99,987$ Developer fees - 3,591,751 3,606,957 15,206 Total revenues 6,740 3,598,491 3,713,684 115,193 EXPENDITURES:
Capital improvement projects 550,000 1,694,532 786,521 908,011 Total expenditures 550,000 1,694,532 786,521 908,011 NET CHANGE IN FUND BALANCE (543,260)$ 1,903,959$ 2,927,163 1,023,204$ FUND BALANCE:
Beginning of year 1,754,064
End of yea
r 4,681,227$
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, 2024
174
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Investment earnings -$ -$ 50,501$ 50,501$ Total revenues - - 50,501 50,501 EXPENDITURES:
Capital improvement projects 250,000 250,000 250,000 - Total expenditures 250,000 250,000 250,000 -
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (250,000) (250,000) (199,499) 50,501 OTHER FINANCING SOURCES:
Transfers in - - 160,747 160,747 Total other financing sources - - 160,747 160,747 NET CHANGE IN FUND BALANCE (250,000)$ (250,000)$ (38,752) 211,248$ FUND BALANCE:
Beginning of year 1,140,510
End of yea
r 1,101,758$
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, 2024
175
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Charges for services 8,000$ 8,000$ 5,298$ (2,702)$ Investment earnings - - 2,771 2,771 Total revenues 8,000 8,000 8,069 69 EXPENDITURES:
Operating:
Operations and maintenance 8,780 8,780 7,237 1,543 Total expenditures 8,780 8,780 7,237 1,543 NET CHANGE IN FUND BALANCE (780)$ (780)$ 832 1,612$ FUND BALANCE:
Beginning of year 63,093
End of yea
r 63,925$
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, 2024
176
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Special assessments 8,361,185$ 8,361,185$ 8,344,713$ (16,472)$ Investment earnings 125,684 125,684 83,799 (41,885) Fines and forfeitures - - 69,849 69,849 Total revenues 8,486,869 8,486,869 8,498,361 11,492 EXPENDITURES:
Operating:
Personnel 6,813,246 6,670,322 6,237,871 432,451 Operations and maintenance 14,243,808 14,537,631 13,938,530 599,101 Capital outlay 876,686 1,040,361 1,020,964 19,397 Capital improvement projects 3,002,138 3,383,539 168,663 3,214,876 Total expenditures 24,935,878 25,631,853 21,366,028 4,265,825
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (16,449,009) (17,144,984) (12,867,667) 4,277,317 OTHER FINANCING SOURCES (USES):
Transfers in 14,293,082 14,371,278 13,657,092 (714,186) Transfers out - - - - Total other financing sources (uses) 14,293,082 14,371,278 13,657,092 (714,186) NET CHANGE IN FUND BALANCE (2,155,927)$ (2,773,706)$ 789,425 3,563,131$ FUND BALANCE:
Beginning of year 6,846,659
End of yea
r 7,636,084$
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, 2024
177
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Special assessments 446,057$ 446,057$ 198,687$ (247,370)$ Total revenues 446,057 446,057 198,687 (247,370) EXPENDITURES:
Operating:
Operations and maintenance 373,386 375,021 131,981 243,040 Total expenditures 373,386 375,021 131,981 243,040 NET CHANGE IN FUND BALANCE 72,671$ 71,036$ 66,706 (4,330)$ FUND BALANCE:
Beginning of year 379,358
End of yea
r 446,064$
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, 2024
178
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Investment earnings 67,328$ 67,328$ 288,825$ 221,497$ Developer fees 880,000 880,000 3,581 (876,419) Other revenues - - 189,597 189,597 Total revenues 947,328 947,328 482,003 (465,325) EXPENDITURES:
Operating:
Operations and maintenance 9,500 284,500 9,820 274,680 Capital outlay 7,000 7,000 7,000 - Capital improvement projects 3,663,566 1,086,212 93,622 992,590 Total expenditures 3,680,066 1,377,712 110,442 1,267,270
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (2,732,738) (430,384) 371,561 801,945 OTHER FINANCING (USES):
Transfers in - - - - Transfers out (58,000) - (1,042,563) (1,042,563) Total other financing (uses) (58,000) - (1,042,563) (1,042,563) NET CHANGE IN FUND BALANCE (2,790,738)$ (430,384)$ (671,002) (240,618)$ FUND BALANCE:
Beginning of year, as previously reported -
Change within financial reporting entity
Major to/from nonmajor funds 12,105,435
Fund reclassification (1,559,739)
Beginning of year, as restated (Note 19) 10,545,696
End of yea
r 9,874,694$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Developer Fees Special Revenue Fund
For the Year Ended June 30, 2024
179
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Special assessments 1,035,513$ 1,035,513$ 539,250$ (496,263)$ Investment earnings 138,564 138,564 135,224 (3,340) Other revenue - - 1 1 Total revenues 1,174,077 1,174,077 674,475 (499,602) EXPENDITURES:
Operating:
Operations and maintenance 32,087 1,589,064 762,523 826,541 Total expenditures 32,087 1,589,064 762,523 826,541 NET CHANGE IN FUND BALANCE 1,141,990$ (414,987)$ (88,048) 326,939$ FUND BALANCE:
Beginning of year 2,462,614
End of yea
r 2,374,566$
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, 2024
180
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Taxes 9,522,404$ 10,000,000$ 10,214,896$ 214,896$ Charges for services 408,085 408,085 373,255 (34,830) Investment earnings 126,213 126,213 238,146 111,933 Other revenues 79,548 96,793 134,915 38,122 Total revenues 10,136,250 10,631,091 10,961,212 330,121 EXPENDITURES:
Operating:
Personnel 5,385,101 5,073,299 4,809,754 263,545 Operations and maintenance 3,446,941 3,740,059 3,591,619 148,440 Capital outlay 77,952 77,952 239,363 (161,411) Capital improvement projects 92,200 132,906 82,220 50,686 Total expenditures 9,002,194 9,024,216 8,722,956 301,260
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 1,134,056 1,606,875 2,238,256 (631,381) OTHER FINANCING SOURCES:
Issuance of debt - - 161,411 161,411 Total other financing sources - - 161,411 161,411 NET CHANGE IN FUND BALANCE 1,134,056$ 1,606,875$ 2,399,667 (792,792)$ FUND BALANCE:
Beginning of year, as previously reported -
Change within financial reporting entity
Major to nonmajor funds 5,407,159
Beginning of year, as restated (Note 19) 5,407,159
End of yea
r 7,806,826$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Public Library Special Revenue Fund
For the Year Ended June 30, 2024
181
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental 906,777$ 6,484,624$ 6,309,485$ (175,139)$ Total revenues 906,777 6,484,624 6,309,485 (175,139) EXPENDITURES:
Operating:
Personnel 74,684 74,684 73,617 1,067 Operations and maintenance 177,969 177,969 163,185 14,784 Capital improvement projects: 160,256 6,231,971 6,072,683 159,288 Total expenditures 412,909 6,484,624 6,309,485 175,139 NET CHANGE IN FUND BALANCE 493,868$ -$ - -$ FUND BALANCE:
Beginning of year -
End of yea
r -$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual American Rescue Plan Special Revenue Fund
For the Year Ended June 30, 2024
182
Original Final Variance with
Budget Budget Actual Final Budget
EXPENDITURES:
Capital improvement projects 2,073,500$ 12,792,732$ 3,770,166$ 9,022,566$ Total expenditures 2,073,500 12,792,732 3,770,166 9,022,566
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (2,073,500) (12,792,732) (3,770,166) 9,022,566 OTHER FINANCING SOURCES:
Transfers in 2,073,500 2,372,894 2,372,894 -
-
Total other financing sources 2,073,500 2,372,894 2,372,894 - NET CHANGE IN FUND BALANCE -$ (10,419,838)$ (1,397,272) 9,022,566$ FUND BALANCE:
Beginning of year 2,880,282
End of yea
r 1,483,010$
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, 2024
183
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Investment earnings -$ -$ 13,241$ 13,241$ Total revenues - - 13,241 13,241 EXPENDITURES:
Capital improvement projects 161,468 226,968 14,999 211,969 Total expenditures 161,468 226,968 14,999 211,969
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (161,468) (226,968) (1,758) 225,210 OTHER FINANCING SOURCES (USES):
Transfers in - - - - Transfers out 157,439 (71,840) (71,840) - Total other financing sources (uses) 157,439 (71,840) (71,840) - NET CHANGE IN FUND BALANCE (4,029)$ (298,808)$ (73,598) 225,210$ FUND BALANCE:
Beginning of year 303,040
End of yea
r 229,442$
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, 2024
184
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Investment earnings -$ -$ 5,559$ 5,559$ Total revenues - - 5,559 5,559 EXPENDITURES:
Operating:
Operations and maintenance 5,944,659 5,944,659 5,941,146 3,513 Total expenditures 5,944,659 5,944,659 5,941,146 3,513
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (5,944,659) (5,944,659) (5,935,587) 9,072 OTHER FINANCING SOURCES:
Transfers in 5,944,659 5,944,659 5,913,043 (31,616) Total other financing sources 5,944,659 5,944,659 5,913,043 (31,616) NET CHANGE IN FUND BALANCE -$ -$ (22,544) (22,544)$ FUND BALANCE:
Beginning of year 1,108,751
End of yea
r 1,086,207$
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, 2024
185
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186
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. 187
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188
Self Computer Vehicle
Insurance Replacement Replacement Total
ASSETS
Current assets:
Cash and investments 11,736,654 $ 3,890,484 $ 5,947,022 $ 21,574,160 $ Accounts receivable 6,950 19,463 - 26,413 Interest receivable 50,754 17,055 26,071 93,880 Total current assets 11,794,358 3,927,002 5,973,093 21,694,453 Noncurrent assets:
Net OPEB asset 22,888 - - 22,888 Capital assets, being depreciated, net - 56,580 1,496,425 1,553,005 Total noncurrent assets 22,888 56,580 1,496,425 1,575,893 Total assets 11,817,246 3,983,582 7,469,518 23,270,346
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 111,791 - - 111,791 Deferred outflows related to OPEB 15,300 - - 15,300 Total deferred outflows of resources 127,091 - - 127,091
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities 29,358 113,143 - 142,501 Compensated absences, due within one year 9,961 - - 9,961 Claims and judgements, due within one year 1,591,000 - - 1,591,000 Total current liabilities 1,630,319 113,143 - 1,743,462 Noncurrent liabilities:
Compensated absences payable, due in more than one year 38,120 - - 38,120 Claims and judgements, due in more than one year 7,986,306 - - 7,986,306 Net pension liabilities 154,941 - - 154,941 Total noncurrent liabilities 8,179,367 -
- 8,179,367
Total liabilities 9,809,686 113,143 - 9,922,829
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 5,174 - - 5,174 Deferred inflows related to OPEB 56,195 - - 56,195 Total deferred inflows of resources 61,369 - - 61,369
NET POSITION
Investment in capital assets - 56,580 1,496,425 1,553,005 Unrestricted 2,073,282 3,813,859 5,973,093 11,860,234 Total net
position 2,073,282$ 3,870,439$ 7,469,518$ 13,413,239$ June 30, 2024
City of Santa Clarita
Combining Statement of Net Position
Internal Service Funds
189
Self Computer Vehicle
Insurance Replacemen t Replacement Total
OPERATING REVENUES:
Charges for services 4,108,458 $ 956,625 $ 995,970 $ 6,061,053 $ Other revenue - 19,463 - 19,463 Total operating revenues 4,108,458 976,088 995,970 6,080,516 OPERATING EXPENSES:
Administration and personnel services 359,244 86 - 359,330 Services and supplies 4,115,975 505,690 13,123 4,634,788 Depreciation expense - 44,279 302,688 346,967 Total o
perating expenses 4,475,219 550,055 315,811 5,341,085 NET OPERATING INCOME (366,761) 426,033 680,159 739,431 NONOPERATING REVENUE (EXPENSES):
Investment income 400,057 144,874 226,059 770,990 (Loss) on sale of capital asse
t - (33,754) (63,616) (97,370) Total nonoperating expenses 400,057 111,120 162,443 673,620 CHANGE IN NET POSITION 33,296 537,153 842,602 1,413,051 NET POSITION:
Beginning of the yea
r 2,039,986 3,333,286 6,626,916 12,000,188 End of the year 2,073,282$ 3,870,439$ 7,469,518$ 13,413,239$ For the Year Ended June 30, 2024
City of Santa Clarita
Combining Statement of Revenues, Expenses, and Changes in Net Position Internal Service Funds
190
Self Computer Vehicle
Insurance Replacement Replacement Total
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from users 4,102,861 $ 956,625 $ 995,970 $ 6,055,456 $ Cash paid to suppliers for goods and services (58,387) (393,676) (13,123) (465,186) Cash paid to employees for services (322,381) - - (322,381) Cash paid for claims and judgments (1,979,265) - - (1,979,265) Net cash provided by operating activities 1,742,828 562,949 982,847 3,288,624
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:
Acquisition and construction of capital assets - - (293,723) (293,723) Net cash (used in) capital and related financing activities - - (293,723) (293,723) CASH FLOWS FROM INVESTING ACTIVITIES:
Investment income received 384,632 139,837 218,986 743,455 Net cash provided by investing activities 384,632 139,837 218,986 743,455 Net increase in cash and cash equivalents 2,127,460 702,786 908,110 3,738,356 CASH AND CASH EQUIVALENTS:
Beginning of year 9,609,194 3,187,698 5,038,912 17,835,804 End of yea
r 11,736,654$ 3,890,484 $ 5,947,022 $ 21,574,160 $
RECONCILIATION OF OPERATING INCOME TO
NET CASH PROVIDED BY OPERATING ACTIVITIES:
Operating income (loss) (366,761) $ 426,033 $ 680,159 $ 739,431 $ Adjustments to reconcile operating income (loss) to net cash provided by operating activities:
Depreciation - 44,279 302,688 346,967 Change in assets and liabilities:
(Increase) decrease in accounts receivable (5,597) (19,463) - (25,060) (Increase) decrease in net pension asset (7,512) - - (7,512) (Increase) decrease in net OPEB asset 12,482 - - 12,482 (Increase) decrease in deferred outflows related to pensions 1,697 - - 1,697 (Increase) decrease in deferred outflows related to OPEB 10,356 - - 10,356 Increase in accounts payable and accrued liabilities (58,303) 112,100 - 53,797 Increase in compensated absences 31,070 - - 31,070 Increase in claims and judgements 2,136,710 - - 2,136,710 Increase (decrease) in deferred inflows related to pensions (2,070) - - (2,070) Increase (decrease) in deferred inflows related to OPEB (9,244) - - (9,244) Total adjustments 2,109,589 136,916 302,688 2,549,193 Net cash provided by operating activities 1,742,828$ 562,949 $ 982,847 $ 3,288,624 $ For the Year Ended June 30, 2024
Internal Service Funds
Combining Statement of Cash Flows
City of Santa Clarita
191
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192
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 .
193
Community
Assessment Assessment Facilities
District District District
No.92-2 No.99-1 No 2002-1
ASSETS
Cash and investments 20,146$ 165,246$ 1,217,973$ Interest receivable 88 724 5,333 Contributions receivable - 52 31,208 Cash and investments with fiscal agents - 62,243 1,650,227 Total assets 20,234 228,265 2,904,741
LIABILITIES
Accounts payable - - 163 Total liabilities - - 163
NET POSITION
Restricted for:
Individuals, organizations, and other governments 20,234$ 228,265$ 2,904,578$ City of Santa Clarita
Combining Statement of Fiduciary Net Position
Custodial Funds
June 30, 2024
194
Santa Clarita
Community Watershed and
Facilities Recreation
District Conservancy
No 2016-1 Authority Total
ASSETS
Cash and investments 543,134 $ 15,575 $ 1,962,074$ Interest receivable 2,381 - 8,526 Contributions receivable - - 31,260 Cash and investments with fiscal agents 1,106,708 - 2,819,178 Total assets 1,652,223 15,575 4,821,038
LIABILITIES
Accounts payable 2,332 - 2,495 Total liabilities 2,332 - 2,495
NET POSITION
Restricted for:
Individuals, organizations, and other governments 1,649,891 $ 15,575 $ 4,818,543$ City of Santa Clarita
Combining Statement of Fiduciary Net Position (Continued) Custodial Funds
June 30, 2024
195
Community
Assessment Assessment Facilities
District District District
No.92-2 No.99-1 No 2002-1
ADDITIONS:
Special assessment from property owners 697 $ 72,015 $ 1,398,680 $ Net investment gain (loss) 11,598 9,709 46,136 Total additions 12,295 81,724 1,444,816 DEDUCTIONS:
Contractual services 2,678 5,851 2,713 Payments for debt services 72,398 57,656 1,337,875 Payments to other governments 248,424 12,872 12,767 Total deductions 323,500 76,379 1,353,355 Change in net position (311,205) 5,345 91,461 NET POSITION:
Beginning of year 331,439 222,920 2,813,117 End of year 20,234$ 228,265 $ 2,904,578 $ City of Santa Clarita
Combining Statement of Changes in Fiduciary Net Position Custodial Funds
For the Year Ended June 30, 2024
196
Santa Clarita
Community Watershed and
Facilities Recreation
District Conservancy
No 2016-1 Authority Total
ADDITIONS:
Special assessment 881,741 $ 1,000 $ 2,354,133$ Net investment gain (loss) 17,429 (9) 84,863 Total additions 899,170 991 2,438,996 DEDUCTIONS:
Contractual services 33,859 721 45,822 Payments for debt services 808,200 - 2,276,129 Payments to other governments - - 274,063 Total deductions 842,059 721 2,596,014 Change in net position 57,111 270 (157,018) NET POSITION:
Beginning of year 1,592,780 15,305 4,975,561 End of year 1,649,891$ 15,575 $ 4,818,543 $ City of Santa Clarita
Combining Statement of Changes in Fiduciary Net Position (Continued) Custodial Funds
For the Year Ended June 30, 2024
197
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198
STATISTICAL SECTION
(Unaudited)
199
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200
Contents Page
Financial Trends 202- 211
Revenue Capacity 212 - 229
Debt Capacity 230 - 236
Demographic and Economic Information 237
Operating Information 238 - 242
These
tables contain information to help the reader assess the City's most significant local revenue source, the property tax.
City of Santa Clarita
Statistical Section
(Unaudited)
This part of the City of Santa Clarita's annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City's overall financial health.
These tables contain trend information to help the reader understand how the City's financial performance and well-being have changed over time.
These tables present information to help the reader assess the affordability of the City's current levels of outstanding debt and the City's ability to issue additional debt in the future.
These tables offer demographic and economic indicators to help the reader understand the environment within which the City's financial activities take place.
These tables contain service and infrastructure data to help the reader understand how the information in the City's financial report relates to the services the City provides and the activities it performs.
Sources: City of Santa Clarita Finance Division
201
FISCAL YEAR
23-24 22-23 21-22 20-21 19-20
Governmental Activities
Net investment in capital assets 1,154,546,653 $ 1,124,934,271 $ 1,080,862,181 $ 1,032,579,113 $ 984,052,712 $ Restricted for:
Debt service 1,086,933 - - - - Specific projects and programs 182,397,736 158,032,140 152,349,197 147,556,902 146,874,629 Total restricted 183,484,669 158,032,140 152,349,197 147,556,902 146,874,629 Unrestricted 219,254,617 188,013,004 161,500,702 126,571,370 80,879,095 Total governmental activities
net position 1,557,285,939 $ 1,470,979,415 $ 1,394,712,080 $ 1,306,707,385 $ 1,211,806,436 $ Business-Type Activities
Net investment in capital assets 84,534,345 $ 96,692,691 $ 95,597,321 $ 88,023,510 $ 80,308,956 $ Unrestricted 18,928,743 11,332,040 8,917,312 6,895,650 (1,465,963) Total business-type activities
net position 103,463,088 $ 108,024,731 $ 104,514,633 $ 94,919,160 $ 78,842,993 $ Primary Government
Net investment in capital assets 1,239,080,998 $ 1,221,626,962 $ 1,176,459,502 $ 1,120,602,623 $ 1,064,361,668 $ Restricted 183,484,669 158,032,140 152,349,197 147,556,902 146,874,629 Unrestricted 238,183,360 199,345,044 170,418,014 133,467,020 79,413,132 Total primary government
net position 1,660,749,027 $ 1,579,004,146 $ 1,499,226,713 $ 1,401,626,545 $ 1,290,649,429 $
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, 2024
(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.
202
FISCAL YEAR
17-18 17-18 16-17 15-16 14-15
Governmental Activities
Net investment in capital assets 920,036,752 $ 895,056,642 $ 867,144,998 $ 810,324,041 $ 818,817,043 $ Restricted for:
Debt service - - - - - Specific projects and programs 119,375,331 113,286,625 87,272,723 70,773,322 73,541,304 Total restricted 119,375,331 113,286,625 87,272,723 70,773,322 73,541,304 Unrestricted 122,991,202 85,155,060 105,514,664 115,356,272 79,211,600 Total governmental activities
net position 1,162,403,285 $ 1,093,498,327 $ 1,059,932,385 $ 996,453,635 $ 971,569,947 $
Business-Type Activities
Net investment in capital assets 83,906,440 $ 79,199,471 $ 79,589,102 $ 76,687,260 $ 78,495,871 $ Unrestricted 269,116 (888,318) (1,202,362) 3,101,763 2,766,972 Total business-type activities
net position 84,175,556 $ 78,311,153 $ 78,386,740 $ 79,789,023 $ 81,262,843 $ Primary Government
Net investment in capital assets 1,003,943,192 $ 974,256,113 $ 946,734,100 $ 887,011,301 $ 897,312,914 $ Restricted 119,375,331 113,286,625 87,272,723 70,773,322 73,541,304 Unrestricted 123,260,318 84,266,742 104,312,302 118,458,035 81,978,572 Total primary government
net position 1,246,578,841 $ 1,171,809,480 $ 1,138,319,125 $ 1,076,242,658 $ 1,052,832,790 $
City of Santa Clarita
Net Position by Component (1) (Continued)
Last Ten Fiscal Years Ended June 30, 2024
(accrual basis of accounting)
203
FISCAL YEAR
23-24 22-23 21-22 20-21 19-20
Expenses
Governmental Activities
General government 42,903,612 $ 49,428,154 $ 14,728,358 $ 51,594,712 $ 54,710,526 $ Public safety 38,352,436 33,228,916 30,936,129 35,128,997 29,907,832 Public works 21,576,455 18,720,585 30,493,258 17,239,899 33,663,857 Recreation and community service 16,966,219 20,430,503 23,989,989 15,107,049 16,047,345 Community development 20,881,513 19,948,687 12,203,347 11,435,676 8,942,864 Neighborhood Services 35,112,719 23,816,831 42,179,104 13,865,065 12,862,529 Unallocated infrastructure depreciation 22,660,450 22,077,333 21,432,943 21,543,801 21,043,711 Interest on long-term debt 5,267,945 3,912,327 2,743,559 3,742,582 3,549,649 Total governmental activities expenses 203,721,349 191,563,336 178,706,687 169,657,781 180,728,313 Business-Type Activities
Transit 42,110,510 35,506,571 31,342,873 27,898,955 31,060,676 Total business-type activities expenses 42,110,510 35,506,571 31,342,873 27,898,955 31,060,676 Total primary government expenses 245,831,859 $ 227,069,907 $ 210,049,560 $ 197,556,736 $ 211,788,989 $ Program Revenues
Governmental Activities
Charges for services:
General government 44,473,152 $ 41,180,442 $ 916,671 $ 9,254,707 $ 8,215,989 $ Public safety 1,975,034 2,053,902 1,658,867 1,303,759 1,484,005 Public works 8,453,094 7,366,425 11,352,114 3,627,549 12,201,244 Recreation and community service 16,588,500 11,412,044 21,724,121 16,419,310 3,635,790 Community development 15,488,032 15,864,222
3,073,196 1,899,854 1,552,869
Neighborhood Services 12,860,528 9,429,835 33,555,637 31,252,912 30,575,191 Operating grants and contributions 31,377,313 35,092,994 38,093,703 44,524,768 22,066,816 Capital grants and contributions 27,088,019 35,865,511 68,626,540 42,849,916 41,462,296 Total governmental activities program revenues 158,303,672 158,265,375 179,000,849 151,132,775 121,194,200 Business-Type Activities
Charges for services:
Transit 6,161,116 6,499,657 5,936,598 5,799,364 6,785,178 Operating grants and contributions 27,714,574 15,173,066 12,087,130 29,444,844 13,405,112 Capital grants and contributions 3,509,025 8,107,402 13,402,891 9,036,527 5,701,142 Total business-type activities program revenues 37,384,715 29,780,125 31,426,619 44,280,735 25,891,432 Total primary government revenues 195,688,387 $ 188,045,500 $ 210,427,468 $ 195,413,510 $ 147,085,632 $ 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, 2024
(accrual basis of accounting)
204
FISCAL YEAR
18-19 17-18 16-17 15-16 14-15
Expenses
Governmental Activities
General government 62,309,457 $ 53,928,438 $ 44,390,099 $ 39,155,006 $ 46,224,813 $ Public safety 27,757,002 27,232,724 25,231,712 23,778,931 22,235,368 Public works 20,772,164 14,771,925 23,563,825 38,223,035 36,103,144 Recreation and community service 17,585,165 23,472,469 16,224,154 15,594,958 22,619,337 Community development 7,214,786 6,957,438 7,057,301 10,505,906 5,720,237 Neighborhood Services 12,622,824 1,082,836 1,815,637 - - Unallocated infrastructure depreciation 20,630,522 19,259,333 18,833,113 18,342,933 18,072,657 Interest on long-term debt 2,589,767 1,638,960 1,378,888 2,194,181 1,827,094 Total governmental activities expenses 171,481,687 148,344,123 138,494,729 147,794,950 152,802,650 Business-Type Activities
Transit 32,065,240 28,309,870 29,858,499 28,127,407 28,062,668 Total business-type activities expenses 32,065,240 28,309,870 29,858,499 28,127,407 28,062,668 Total primary government expenses 203,546,927 $ 176,653,993 $ 168,353,228 $ 175,922,357 $ 180,865,318 $ Program Revenues
Governmental Activities
Charges for services:
General government 8,547,181 $ 10,007,154 $ 6,740,507 $ 22,914,059 $ 26,783,616 $ Public safety 1,937,603 1,429,900 1,231,974 1,162,551 1,605,059 Public works 14,669,328 15,792,197 11,549,806 16,407,616 13,056,586 Recreation and community service 6,344,242 8,306,076 6,191,011 8,142,336 4,525,662 Community development 1,704,920 1,901,897
1,906,079 1,843,296 1,774,482
Neighborhood Services 29,338,661 27,090,508 25,044,704 - - Operating grants and contributions 13,574,920 9,259,079 5,977,971 7,687,397 12,561,608 Capital grants and contributions 59,565,349 31,807,581 55,220,052 23,629,474 30,107,231 Total governmental activities program revenues 135,682,204 105,594,392 113,862,104 81,786,729 90,414,244 Business-Type Activities
Charges for services:
Transit 7,662,186 6,987,488 7,231,136 7,546,433 6,779,579 Operating grants and contributions 15,292,991 10,226,946 8,459,236 9,153,499 8,228,348 Capital grants and contributions 10,434,282 3,102,269 9,138,643 3,504,305 1,423,440 Total business-type activities program revenues 33,389,459 20,316,703 24,829,015 20,204,237 16,431,367 Total primary government revenues 169,071,663 $ 125,911,095 $ 138,691,119 $ 101,990,966 $ 106,845,611 $ City of Santa Clarita
Changes in Net Position (Continued)
Last Ten Fiscal Years Ended June 30, 2024
(accrual basis of accounting)
205
FISCAL YEAR
23-24 22-23 21-22 20-21 19-20
Net Revenues (expenses):
Governmental activities (45,417,677) (33,297,961) 294,162 (18,525,006) (59,534,113) Business-type activities (4,725,795) (5,726,446) 83,746 16,381,780 (5,169,244) Total net revenues (expenses) (50,143,472) (39,024,407) 377,908 (2,143,226) (64,703,357) General Revenue and Other Changes in Net Position
Governmental activities
Taxes:
Sales taxes 48,363,857 48,507,761 49,476,922 43,197,889 36,621,145 Property taxes 48,143,344 45,187,496 42,113,398 52,981,738 46,420,350 Franchise taxes 10,936,950 10,688,049 10,883,225 9,493,742 8,604,265 Real property transfer taxes 1,340,239 1,307,533 2,569,074 2,010,033 1,418,026 Transient occupancy taxes 5,290,241 5,296,490 4,874,977 2,275,383 2,726,113 Unrestricted revenue in lieu of motor vehicle taxes 308,711 213,520 349,171 173,463 207,931 Unrestricted investment earnings 13,600,790 3,407,265 (4,773,346) 634,957 12,311,467 Miscellaneous revenue 3,485,235 3,333,538 4,993,518 2,311,282 472,227 Gain on sale of capital asset - - - - 2,050 Transfers 254,834 (8,384,754) (8,097,818) 347,468 153,690 Reversal of Allowance for Notes to RDA Successor Agency - - - - - Capital Contributions - - - - - Total governmental activities 131,724,201 109,556,898 102,389,121 113,425,955 108,937,264 Business-type activities
Unrestricted investment earnings 418,986 13,527 (185,016) 41,855 (9,629)
Gain on sale of capital asset - 35,000 36,900 - - Miscellaneous revenue - 803,263 1,562,025 - - Transfers (254,834) 8,384,754 8,097,818 (347,468) (153,690) Total business-type activities 164,152 9,236,544 9,511,727 (305,613) (163,319) Total primary government 131,888,353$ 118,793,442 $ 111,900,848 $ 113,120,342 $ 108,773,945 $ Change in Net Position
Governmental activities 86,306,524$ 76,258,937$ 102,683,283$ 94,900,949 $ 49,403,151$ Business-type activities (4,561,643) 3,510,098 9,595,473 16,076,167 (5,332,563) Total primary government 81,744,881$ 79,769,035$ 112,278,756$ 110,977,116 $ 44,070,588 $ 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, 2024
(accrual basis of accounting)
206
FISCAL YEAR
18-19 17-18 16-17 15-16 14-15
Net Revenues (expenses):
Governmental activities (35,799,482) (42,749,731) (24,060,399) (66,008,221) (66,008,221) $ Business-type activities 1,324,219 (7,993,167) (5,029,484) (7,923,170) (7,923,170) Total net revenues (expenses) (34,475,263) (50,742,898) $ (29,089,883) $ (73,931,391) $ (73,931,391) $ General Revenue and Other Changes in Net Position
Governmental activities
Taxes:
Sales taxes 38,546,183 37,252,523 36,147,727 37,807,385 34,355,412 Property taxes 43,761,925 42,284,749 39,924,749 40,072,597 38,556,890 Franchise taxes 8,369,481 8,523,791 8,208,347 8,392,789 8,512,818 Real property transfer taxes 1,227,947 1,320,018 1,275,363 1,383,473 1,169,780 Transient occupancy taxes 3,352,776 3,489,281 3,639,264 3,813,437 3,124,904 Unrestricted revenue in lieu of motor vehicle taxes 147,752 162,103 144,665 129,053 85,703 Unrestricted investment earnings 12,528,843 591,177 1,052,254 4,142,959 2,240,594 Miscellaneous revenue 1,206,740 2,661,916 737,513 1,080,771 678,937 Gain on sale of capital asset (1,600) 10,935 11,711 459,709 27,410 Transfers (4,435,608) (5,924,278) (3,602,443) (6,390,264) (7,329,516) Reversal of Allowance for Notes to RDA Successor Agency - - - 12,633,832 Capital Contributions - - - - 15,780,230 Total governmental activities 104,704,439 90,372,215 87,539,150 90,891,909 109,836,994 Business-type activities
Unrestricted investment earnings 32,613 (1,242) (28,735) 59,086 17,592
Gain on sale of capital asset 71,963 20,238 53,223 - - Miscellaneous revenue - - - - - Transfers 4,435,608 5,924,278 3,602,443 6,390,264 7,329,516 Total business-type activities 4,540,184 5,943,274 3,626,931 6,449,350 7,347,108 Total primary government 109,244,623$ 96,315,489 $ 91,166,081 $ 97,341,259 $ 117,184,102 $ Change in Net Position
Governmental activities 68,904,957$ 47,622,484$ 63,478,751$ 24,883,688$ 43,828,773$ Business-type activities 5,864,403 (2,049,893) (1,402,553) (1,473,820) (576,062) Total primary government 74,769,360$ 45,572,591 $ 62,076,198 $ 23,409,868 $ 43,252,711 $ 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, 2024
(accrual basis of accounting)
207
FISCAL YEAR
23-24 22-23 21-22 20-21 19-20
General Fund
Nonspendable 8,555,468$ 14,295,430$ 15,030,511$ 7,474,892$ 9,810,973$ Restricted 11,773,441 23,514,275 4,655,940 9,644,574 23,063,669 Committed - - - - - Assigned 193,570,167 166,255,745 146,922,006 110,906,093 97,293,470 Unassigned 68,028,558 63,696,700 62,141,361 59,968,580 60,273,125 Total General Fund 281,927,634$ 267,762,150$ 228,749,818$ 187,994,139$ 190,441,237$ All Other Governmental Funds
Nonspendable 124,878$ 74,967$ 344,869$ 491,504$ 575,276$ Restricted 186,588,168 155,269,550 147,460,244 123,614,422 112,631,199 Committed - 1,584 783 832 9,277 Assigned 1,755,136 3,222,874 1,081,539 755,174 791,914 Unassigned (1,930,730) (5,059,903) (1,820,499) (869,803) (3,127,904) Total all other governmental funds 186,537,452$ 153,509,072$ 147,066,936$ 123,992,129$ 110,879,762$
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, 2024
(modified accrual basis of accounting)
General Fund
60%
All Other
Governmental Funds
40%
FUND BALANCES
Fiscal Year Ended June 30, 2024
208
FISCAL YEAR
18-19 17-18 16-17 15-16 14-15
General Fund
Nonspendable 12,050,141$ 12,390,885$ 15,742,945$ 11,108,252$ 11,024,338$ Restricted - - - - - Committed - - - - - Assigned 120,981,128 88,674,761 79,367,084 79,367,084 55,336,807 Unassigned 58,930,970 47,116,235 53,905,237 50,669,580 50,141,486 Total General Fund 191,962,239$ 148,181,881$ 149,015,266$ 141,144,916$ 116,502,631$ All Other Governmental Funds
Nonspendable 772,627$ 5,882$ 976,841$ 1,134,103$ 1,455,067$ Restricted 108,394,699 113,286,625 86,664,536 86,240,243 85,763,293 Committed 13,460 15,008 14,000 14,000 14,000 Assigned 1,040,181 1,117,165 2,151,360 1,881,728 1,843,822 Unassigned (3,266,496) (6,786,531) (5,897,790) (6,975,198) (8,633,303) Total all other governmental funds 106,954,471$ 107,638,149$ 83,908,947$ 82,294,876$ 80,442,879$
Source: City of Santa Clarita, Administrative Services Department - Finance Division Last Ten Fiscal Years Ended June 30, 2024
(modified accrual basis of accounting)
City of Santa Clarita
Fund Balances of Governmental Funds (Continued)
$80.44
82.29 83.91
107.64
106.95
110.88
123.99
147
153.51
186.54
0 20
40 60
80 100
120
140
160
180
200
14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24 (in Millions)
Fiscal Year
FUND BALANCES
ALL OTHER GOVERNMENTAL FUNDS
Last Ten Fiscal Years
209
FISCAL YEAR
23-24 22-23 21-22 20-21 19-20
Revenues:
Taxes 128,300,167 $ 124,245,820 $ 123,417,159 $ 110,132,248 $ 95,997,830 $ Special assessments 39,685,405 40,833,265 36,374,012 35,634,980 - Licenses and permits 12,756,490 13,073,140 9,724,390 11,498,980 7,538,878 Developer fees 14,697,803 3,048,765 4,674,125 11,094,312 2,917,250 Investment income (loss) 21,858,350 5,858,733 (7,617,836) 664,575 11,777,753 Intergovernmental 56,132,541 55,093,351 70,217,168 43,058,715 33,746,890 Fines and forfeitures 2,006,018 2,284,721 1,942,026 1,702,622 1,736,201 Service charges 14,714,974 13,467,246 12,681,139 6,949,375 42,052,534 Other revenues 1,875,557 2,596,935 5,639,891 13,984,800 3,508,593 Total Revenues 292,027,305 260,501,976 257,052,074 234,720,607 199,275,929 Expenditures:
Current:
General government 39,846,039 47,579,510 15,656,486 46,060,921 50,929,600 Public safety 36,365,740 32,234,273 30,189,992 35,570,621 30,511,022 Public works 17,300,261 16,754,090 23,570,003 90,316,078 72,953,711 Recreation and community service 17,110,899 15,941,571 18,894,253 14,917,730 13,846,768 Community development 20,740,127 19,466,417 13,146,687 11,556,377 8,709,340 Neighborhood services 33,712,098 24,377,481 43,730,242 13,885,978 13,100,419 Capital outlay 71,203,395 62,208,791 54,121,315 20,702,698 4,213,593 Debt service:
Principal 3,897,429 3,680,150 2,363,121 2,315,371 2,482,109 Interest 5,397,046 3,596,800 2,857,672 3,363,625 2,901,257 Redemption of district credits - 354,697 - 278,843 - Total Expenditures 245,573,034 226,193,780 204,529,771 239,036,131 199,647,819 Excess of Revenues Over (Under) Expenditures 46,454,271 34,308,196 52,522,303 (4,315,524) (371,890) Other Financing Sources (Uses)
Revenue bonds issued/issuance premium - 716,027 - 14,270,000 - Issuance of long-term debt 484,759 18,815,000 - 225,409 - Issuance of financed purchase - - - 164,970 - Transfers in 31,115,048 44,831,118 19,599,811 43,175,925 20,787,975 Transfers out (30,860,214) (53,215,872) (27,697,629) (42,855,511) (18,011,796) Issuance of district credits - - - - -
Total Other Financing Sources (Uses) 739,593 11,146,273 (8,097,818) 14,980,793 2,776,179 Net change in fund balances 47,193,864 45,454,469 44,424,485 10,665,269 2,404,289 Fund balances - Beginning of Year 421,271,222 375,816,753 331,392,268 301,320,999 298,916,710 Fund balances - End of Year 468,465,086 $ 421,271,222 $ 375,816,753 $ 311,986,268 $ 301,320,999 $ Debt service as percentage of noncapital expenditures 5.69% 4.39% 3.51% 4.12% 3.54% 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, 2024
(modified accrual basis of accounting)
210
FISCAL YEAR
18-19 17-18 16-17 15-16 14-15
Revenues:
Taxes 95,406,064 $ 93,032,465 $ 89,340,115 $ 91,598,734 $ 85,789,556 $ Special assessments - - - - - Licenses and permits 9,951,586 7,688,342 7,408,357 7,283,898 5,567,280 Developer fees 6,458,182 9,888,734 4,211,890 6,272,799 10,764,554 Investment income (loss) 12,045,344 595,650 1,030,146 3,937,618 2,026,507 Intergovernmental 36,086,192 36,491,705 23,922,361 31,380,753 31,953,692 Fines and forfeitures 1,851,190 1,372,687 1,117,620 973,753 1,261,752 Service charges 42,117,270 41,793,226 36,639,646 36,828,067 37,738,754 Other revenues 1,677,809 1,744,075 690,974 1,789,724 511,117 Total Revenues 205,593,637 192,606,884 164,361,109 180,065,346 175,613,212 Expenditures:
Current:
General government 59,638,451 50,728,642 41,138,676 35,969,981 43,196,168 Public safety 28,342,578 27,217,567 25,214,091 23,777,171 22,188,641 Public works 51,343,366 57,213,646 43,459,620 21,327,662 36,082,625 Recreation and community service 15,450,815 21,589,318 20,446,596 37,937,050 21,007,651 Community development 7,344,064 6,988,331 6,583,484 10,673,993 5,883,441 Neighborhood services 12,823,905 1,162,647 1,667,058 - - Capital outlay 5,053,670 12,083,887 9,759,258 10,562,953 23,224,180 Debt service:
Principal 2,833,260 2,138,803 2,167,429 2,852,140 1,992,479 Interest 2,520,153 1,647,842 1,237,357 4,539,815 1,850,703 Redemption of district credits - - - - 5,105,402 Total Expenditures 185,350,262 180,770,683 151,673,569 147,640,765 160,531,290 Excess of Revenues Over (Under) Expenditures 20,243,375 11,836,201 12,687,540 32,424,581 15,081,922 Other Financing Sources (Uses)
Revenue bonds issued/issuance premium 25,850,000 15,848,271 - 32,997,352 - Issuance of long-term debt 1,463,083 (35,099) - (32,907,353) - Issuance of financed purchase - - - - - Transfers in 56,075,180 25,690,566 8,046,713 11,940,563 7,850,640 Transfers out (60,534,955) (30,444,125) (11,249,832) (17,960,861) (14,478,956) Issuance of district credits - - - - - Total Other Financing Sources (Uses) 22,853,308 11,059,613 (3,203,119) (5,930,299) (6,628,316) Net change in fund balances 43,096,683 22,895,814 9,484,421 26,494,282 8,453,606 Fund balances - Beginning of Year 255,820,027 232,924,213 223,439,792 196,945,510 188,491,904 Fund balances - End of Year 298,916,710 $ 255,820,027 $ 232,924,213 $ 223,439,792 $ 196,945,510 $ 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, 2024
(modified accrual basis of accounting)
211
Fiscal IMPROVE- PERSONAL IMPROVE- PERSONAL OTHER
Year LAND MENTS PROPERTY TOTAL LAND MENTS PROPERTY EXEMPTIONS TOTAL 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 2023-24 2,221,125 - - 2,221,125 20,130,311,294 24,405,051,568 172,628,552 (1,037,255,789) 43,670,735,625 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, Los Angeles County Assessor 2023/24 Combined Tax Rolls
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, 44.01%
IMPROVEMENTS,
54.16%
PERSONAL
PROPERTY,
1.83%
ASSESSED VALUATION by CATEGORIES
(Total Secured and Unsecured)
Fiscal Year Ended June 30, 2024
212
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 2014-15 339,544,656 561,740,289 (13,152,888) 888,132,057 26,578,658,416 26,111,942,635 7.59% 0.09163% 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% 0.09169% 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% 0.09259% 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% 0.09111% 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% 0.09126% 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% 0.08989% 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% 0.09054% 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% 0.08972% 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% 0.08955% 219,411,916 2023-24 363,480,782 663,792,792 (2,306,700) 1,024,966,874 45,737,486,113 44,697,923,624 8.08% 0.08955% 218,633,648 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, Los Angeles County Assessor 2023/24 Combined Tax Rolls TOTALS
UNSECURED
LOCALLY ASSESSED
City of Santa Clarita
Assessed Values (1) and Actual Values of Taxable Property Last Ten Fiscal Years
$26,112
$27,331 $28,686
$30,727
$32,481
$35,175
$36,983
$38,391
$41,357
$44,698
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24 (in Millions)
Fiscal Year
TOTAL ASSESSED VALUATION
(Taxable Values)
Last Ten Fiscal Years
213
FISCAL IMPROVE- PERSONAL IMPROVE- PERSONAL OTHER
YEAR LAND MENTS PROPERTY TOTAL LAND MENTS PROPERTY EXEMPTIONS TOTAL 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
2023-24 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
214
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 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
2023-24 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)
Last Ten Fiscal Years
LOCALLY ASSESSED TOTALS
Assessed Values (2) and Actual Values of Taxable Property (Continued) 215
CATEGORY 23-24 22-23 21-22 20-21 19-20
Residential 35,583,713,691$ 32,800,203,874$ 30,326,102,286$ 29,068,019,284$ 27,571,753,581$ Commercial 4,214,808,288 4,083,237,255 3,980,147,941 3,866,268,970 3,681,744,410 Industrial 2,485,245,390 2,360,064,334 2,031,709,683 1,955,686,889 1,878,969,596 Irrigated 4,162,072 4,119,683 3,678,125 3,375,991 3,341,172 Dry farm - - - - - Recreational 116,127,811 116,460,141 109,898,400 118,115,005 116,868,740 Institutional 360,543,388 253,388,898 276,997,197 259,899,765 233,475,135 Government 1,646,734 674,098 804,413 1,357,829 1,323,707 Miscellaneous 324,844 318,478 356,649 352,996 346,079 Vacant land 736,283,483 646,601,491 644,262,314 677,706,729 702,751,187 SBE Nonunitary 2,221,125 4,429,350 4,429,350 4,284,643 4,284,643 Possessory Int. 167,879,924 157,291,212 147,670,464 143,487,714 129,182,761 Unsecured 1,024,966,874 929,940,213 864,657,787 884,856,619 850,777,410 Unknown - - - - TOTALS: 44,697,923,624 $ 41,356,729,027 $ 38,390,714,609 $ 36,983,412,434 $ 35,174,818,421 $
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
40,000
14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24 (in Millions)
Fiscal Year
ASSESSED VALUE - TAXABLE PROPERTY
Last Ten Fiscal Years
Residential
Commercial
Industrial
Vacant land
All others
216
CATEGORY 18-19 17-18 16-17 15-16 14-15
Residential 25,140,365,171$ 23,734,569,687$ 21,784,467,001$ 20,809,579,112$ 19,755,522,402$ Commercial 3,557,018,366 3,399,444,104 3,248,599,972 3,059,958,633 2,952,772,231 Industrial 1,861,078,681 1,790,582,919 1,706,030,432 1,799,119,742 1,642,718,866 Irrigated 3,707,035 2,993,570 2,960,760 2,936,120 2,834,466 Dry farm - - - - - Recreational 113,347,606 106,578,193 99,802,827 104,324,505 101,870,300 Institutional 230,449,000 193,500,837 213,333,035 162,056,819 142,862,940 Government 371,122 363,846 356,714 220,358 216,042 Miscellaneous 339,297 315,717 309,530 348,240 341,421 Vacant land 593,951,571 554,513,132 449,270,431 419,750,992 507,997,067 SBE Nonunitary 4,576,418 4,576,418 3,696,751 3,696,751 3,696,751 Possessory Int. 127,296,292 120,357,965 117,718,179 115,205,002 112,978,072 Unsecured 848,468,038 819,549,000 797,363,610 853,667,044 888,132,057 Unknown - 31 20 20 20 TOTALS: 32,480,968,597 $ 30,727,345,419 $ 28,423,909,262 $ 27,330,863,338 $ 26,111,942,635 $ 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.
Source: HdL Coren & Cone, Los Angeles County Assessor 2023/24 Combined Tax Rolls
FISCAL YEAR
City of Santa Clarita
Last Ten Fiscal Years
Assessed Values—Taxable Property (Continued)
217
NET
ASSESSED TAXABLE
CATEGORY PARCELS VALUE PERCENT EXEMPTIONS VALUE PERCENT Residential 64,877 35,694,864,769 $ 77.9% 111,151,078 $ 35,583,713,691 $ 79.61% Commercial 988 4,349,716,601 9.5% 134,908,313 $ 4,214,808,288 9.43% Industrial 738 2,715,117,710 5.9% 229,872,320 $ 2,485,245,390 5.56% Irrigated 6 4,162,072 0.0% - $ 4,162,072 0.01% Recreational 35 119,421,060 0.3% 3,293,249 $ 116,127,811 0.26% Institutional 106 910,587,530 2.0% 550,044,142 $ 360,543,388 0.81% Government 6 1,646,734 0.0% - $ 1,646,734 0.00% Miscellaneous 7 324,844 0.0% - $ 324,844 0.00% Vacant land 3,648 743,334,230 1.6% 7,050,747 $ 736,283,483 1.65% SBE Nonunitary (14) 2,221,125 0.0% - $ 2,221,125 0.00% Possessory Int. (2,081) 168,815,864 0.4% 935,940 $ 167,879,924 0.38% Unsecured (4,394) 1,027,273,574 2.2% 2,306,700 $ 1,024,966,874 2.29% Exempt 1,272 67,089,202 0.1% 67,089,202 $ - 0.00% TOTALS: 71,683 45,804,575,315 $ 100.00% 1,106,651,691 $ 44,697,923,624 $ 100.00% Source: HdL Coren & Cone, Los Angeles County Assessor 2023/24 Combined Tax Rolls.
City of Santa Clarita
Assessed Values—Use Category Summary
Fiscal Year 2023-24
Residential,
79.61%
Commercial,
9.43%
Industrial,
5.56%
All Others,
5.40%
NET TAXABLE VALUE by USE CATEGORY
Fiscal Year 2023-24
Residential,
77.93%
Commercial
, 9.50%
Industrial,
5.93%
All Others,
6.65%
ASSESSED VALUE by USE CATEGORY
Fiscal Year 2023-24
218
LOS SCV COUNTY COUNTY
Fiscal ANGELES WATER SCHOOL SANITATION FLOOD
Year GENERAL COUNTY AGENCY DISTRICTS DISTRICTS CONTROL TOTAL 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 2023-24 1.000000 - 0.070600 0.374420 - - 1.445020 Source: HdL Coren & Cone, Los Angeles County Assessor 2014/15 - 2023/24 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 2023-24
219
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220
RDA Incremental Rate Total Direct Rate
City Share Prop. 13
of 1% plus applicable
Roll Year per Prop. 13 Debt Rates voter-approved debt
2023-24 0.086630 0.000000 0.086630 0.00000% 8.96500%
Agency 2023-24
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) 0.008767 Newhall Elementary School District Debt Services 2011 Ser. A (581.54) 0.025189 William S. Hart Unified Debt Services 2001 Ser. B (757.52) 0.012636 William S. Hart Un.Hsd Debt Services 2008 Ser. B (757.54) 0.007226 William S. Hart Un.Hsd Debt Services 2008 Ser. C (757.56) 0.001254 William S. Hart Un.Hsd Debt Services 2013 Ref. Bds. (757.57) 0.009302 William S. Hart Un.Hsd Debt Services 2020 Ref. Bds. (757.59) 0.021255 Santa Clarita Community College Debt Services 2001 Ser. 2003 (814.52) 0.003109 Santa Clarita Community College Debt Services 2006 Ser. 2012 (814.56) 0.000060 Santa Clarita Community College Debt Services 2013 Refunding Bonds (814.57) - Santa Clarita Community College Debt Services 2006 Ser. 2014 (814.58) 0.001150 Santa Clarita Community College Debt Services 2016 Refunding Bonds (814.59) 0.005515 Santa Clarita Community College Debt Services 2006 Ser. 2016 (814.60) 0.001426 Santa Clarita Community College Debt Services 2016 Ser. 2017 (814.61) 0.003360 Santa Clarita Community College Debt Services 2016 Ser. 2019 (814.62) 0.009986 Santa Clarita Community College Debt Services 2019 Refunding Bonds (814.63) 0.003287 Santa Clarita Community College Debt Services 2021 Refunding Bonds (814.64) 0.009242 Santa Clarita Community College Debt Services 2016 Ser. 2022 (814.65) 0.000198 Total Tax Rate 0.188462
Source: HdL Coren & Cone, Los Angeles County Assessor 2023/24 Annual Tax Increment Tables 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
221
PERCENT of
Number TOTAL TOTAL CITY
of ASSESSED ASSESSED
OWNER/TAXPAYER Parcels VALUE VALUE
Centennial VTC LLC 17 420,485,726 $ 0.96 %
Azure HGI Vista Canyon ET AL 3 234,345,000 0.54
Park Sierra Properties 15 156,946,767 0.36
BEL Valencia LLC Lessor 9 147,917,798 0.34
Social Innovation Park Owner DE LLC 14 136,170,000 0.31 Wesco IV LLC 2 133,708,166 0.31
Saugus Colony Limited 19 132,086,706 0.30
IVT River Oaks Valencia LLC 7 127,310,857 0.29
Kaiser 7 116,773,113 0.27
EQR Valencia LLC 218 117,160,725 0.27
Total 311 1,722,904,858 3.94 %
All Others 42,000,874,043 96.06
Total Assessed Valuation 43,723,778,901 $ 100.00 %
NOTE: The amounts shown above include assessed value data for both the City and the Redevelopment Agency.
Source: HdL Coren & Cone, Los Angeles County Assessor 2023/24 Combined Tax Rolls Current Fiscal Year and Nine Fiscal Years Ago
FISCAL YEAR 2023-24
City of Santa Clarita
Principal Property Taxpayers
222
PERCENT of
Number TOTAL TOTAL CITY
of ASSESSED ASSESSED
OWNER/TAXPAYER Parcels VALUE VALUE
Valencia Town Center Ventura LP 17 358,599,162$ 1.42 % Packard Humanities Institute 1 167,592,530 0.66
VTC Business Center LLC 9 138,800,017 0.55
Park Sierra Properties 15 132,347,680 0.52
Saugus Colony Limited 19 111,948,627 0.44
EQR Valencia LLC 218 99,428,019 0.39
EQR The Oaks LLC 28 97,365,194 0.39
RREEF America Reit II Corporation 2 79,368,053 0.31
Walmart/Sam's 5 69,983,006 0.28
Time Warner Cable 4 11,463,709 0.05
318 1,266,895,997 5.01 %
24,001,096,397 94.99
25,267,992,394$ 100.00 %
FISCAL YEAR 2014-15
City of Santa Clarita
Principal Property Taxpayers (Continued)
Current Fiscal Year and Nine Fiscal Years Ago
223
COLLECTIONS TOTAL PERCENT
FISCAL TAXES PERCENT IN SUBSEQUENT COLLECTIONS COLLECTIONS
YEAR LEVIED COLLECTIONS COLLECTIONS YEARS TO DATE TO DATE 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% 2023-24 39,092,576 38,720,597 99.0% 38,720,597 99.05% 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
2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24
FISCALYEAR
TAX COLLECTIONS & DELINQUENCY - LAST TEN FISCAL YEARS
LEVIES
COLLECTIONS DELINQUENT AMOUNT
224
Owner Parcels Value % of
Net AV Parcels Values % of
Net AV Value % of
Net AV
1 COV-SAUGUS B LLC 5 111,894,000 $ 11.61% 111,894,000 10.43% 2 SPECTRUM PACIFIC WEST LLC 3 53,410,472 48.76% 53,410,472 4.98% (Pending Appeals On Parcels)
3 COV SC LAND 6 43,043,961 4.47% 43,043,961 $ 4.01% 4 LA RAILROAD 93 LLC 24 32,717,442 $ 3.40% 32,717,442 3.05% 5 NEWHALL BLISS LLC 10 31,592,400 3.28% 31,592,400 2.94% 6 NEWHALL CROSSING LLC 3 25,564,160 2.65% 25,564,160 2.38% 7 JDH 3 12,630,540 1.31% 12,630,540 1.18%
8 HASA INC 3 11,783,035 10.76% 11,783,035 1.10% (Pending Appeals On Parcels)
9 SANTA CLARITA MEDICAL CENT E 1 11,692,353 1.21% 11,692,353 1.09% 10 TELFAIR CORPORATION 2 10,060,662 1.04% 10,060,662 0 Top Ten Total 54 279,195,518$ 28.97% 6 65,193,507$ 59.51% 344,389,025$ 32.09% Agency Total 963,680,212 109,541,902 1,073,222,114 Incremental Net AV Total 717,421,467$ 38.92% 91,610,250$ 71.16% 809,031,717$ 42.57% Source: HdL Coren & Cone
City of Santa Clarita
Successor Agency
Top Property Owners Based on Net Values
Fiscal Year 2023-24
CombinedUnsecuredSecured
225
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226
Total No. of
Appeals
No. of Resolved
Appeals
No. of Successful
Appeals
Average
Reduction
No. & Value of
Appeals Pending
Estimated No. of
Appeals Allowed
Estimated Reduction
on Pending Appeals
Allowed
203 157 129 16.3% 46 / $287,627,676 38 38,474,850 $
Year Tax Levy
Current Year
Collection
Prior Year
Collection Total
Current Year
Collection
Percentage
Total Collection
Percentage
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% 2023-24 8,269,362 8,140,932 153,624 8,294,556 98% 100% 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 2014-15 Through 2023-24
For Fiscal Years 2014-15 Through 2023-24
Project Area Assessment Appeals Summary—FY 2023-24
Tax Collection History
227
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 1,406,771 $ 214,359 $ 1,621,130 $ 0.84 2861-058-072 Valencia Town Center Venture LP 3,899,354 20,271,956 24,171,310 4.81 2861-058-073 Valencia Town Center Venture LP 30,815,291 3,797,301 34,612,592 15.68 2861-058-076 Valencia Town Center Venture LP 981,638 97,490 1,079,128 1.18 2861-058-077 Valencia Town Center Venture LP 5,300,441 453,370 5,753,811 6.70 2861-058-081 Valencia Town Center Venture LP 17,924,959 192,422,963 210,347,922 14.34 2861-058-084 Valencia Town Center Venture LP 3,697,818 10,718,333 14,416,151 2.05 2861-058-085 Valencia Town Center Venture LP 482,316 241,154 723,470 0.33 Totals: 64,508,588 $ 228,216,926 $ 292,725,514 $ 45.94 City of Santa Clarita
Charge Detail Report for CFD 2002-1 (Valencia Town Center) Fiscal Year 2023-24
228
ASSESSOR’S
PARCEL NUMBER CLASS MAX TAX RATE ($) MAX TAX
APPLIED RATE
($) CHARGE ($)
2861-058-071 1 40,928 $ 34,547 $ 29,858 $ 25,700 $ 2861-058-072 1 40,928 196,861 29,858 146,450 2861-058-073 1 40,928 641,826 29,858 477,469 2861-058-076 1 40,928 48,458 29,858 36,049 2861-058-077 1 40,928 274,215 29,858 203,995 2861-058-081 1&2 40,927.54 & 40,938.71 586,977 29,862 436,666 2861-058-084 1 40,928 83,901 29,858 62,416 2861-058-085 1 40,928 13,424 29,858 9,987 1,880,210 $ 1,398,732 $
City of Santa Clarita
Charge Detail Report for CFD 2002-1 (Valencia Town Center) (Continued) Fiscal Year 2023-24
229
FISCAL PRIVATE PURCHASE GASB 87 GASB 96
YEAR LOANS BONDS (2) PLACEMENT LEASE (5) FINANCE LEASES (6) SUBSCRIPTION (7) 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 - 129,277 880,316 3,605,688 2022-23 - - - 92,553,433 - 97,376 544,549 2,843,206 2023-24 - - - 89,592,169 - 64,218 369,641 2,393,602 NOTES:
- Deferred amount for issuance premium, net of discount is included above.
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-
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 outstanding 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 -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 230
PERCENTAGE
OF OUTSTANDIN G
TAX TOTAL TAXABLE DEBT DEBT TO
GOVERNMENTAL ALLOCATION GRAND LEASE PRIMARY ASSESSED PER PERSONAL ACTIVITIES TOTAL BONDS (4) TOTAL PAYABLE TOTAL GOVERNMENT VALUE CAPITA INCOME 35,495,705 - 32,679,640 - - 35,495,705 0.14% 166 N/A 32,679,640 - 30,407,443 - - 32,679,640 0.12% 149 N/A 30,407,443 - 78,802,979 - - 30,407,443 0.11% 141 N/A 44,008,771 34,794,208 101,473,977 - - 44,008,771 0.14% 203 N/A 67,513,430 33,960,547 99,420,537 - - 67,513,430 0.21% 310 N/A 66,313,650 33,106,887 110,641,139 - - 66,313,650 0.19% 299 N/A 78,417,913 32,223,226 115,277,975 - - 78,417,913 0.21% 354 N/A 80,377,721 31,294,566 129,207,675 - - 80,377,721 0.21% 351 N/A 96,038,564 30,325,905 129,207,675 - - 96,038,564 0.23% 416 N/A 92,419,630 29,307,245 124,120,477 - - 92,419,630 0.21% 401 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 Governmental Account Standards Board Statement No. 87 Leases . '(7) On July 1, 2022, the City of Santa Clarita adopted Governmental Account Standards Board Statement No. 96 Subscription-Based Technology Arrangements. $0
$166
$149
$141
0 20
40 60
80 100
120
140
160
180
14-15 15-16 16-17 17-18
Fiscal Year
-
50 100
150
200
250
300
350
400
450
14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24 Fiscal Year
OUTSTANDING DEBT PER CAPITA
Last Ten Fiscal Years
231
PERCENTAGE
OF
TAXABLE DEBT
FISCAL REVENUE CERTIFICATES OF ASSESSED PER
YEAR POPULATION (1) BONDS PARTICIPATION TOTAL VALUE CAPITA 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 2023-24 230,428 89,592,169 - 89,592,169 0.20% 389 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
$164
$118 $117
0 50
100
150
200
250
300
350
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
2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 Fiscal Year
GENERAL BONDED DEBT OUTSTANDING
PER CAPITA
Last Ten Fiscal Years
232
2023-24 Assessed Valuation: $44,635,716,372
(Net of Redevelopment Agency Incremental Value of $809,031,717) 2023-24 Population: 230,428
Percent City’s Share
Total Debt Applicable of Debt
06/30/2024 To City (1) 06/30/2024
DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT:
Santa Clarita Community College District 370,229,812$ 77.52% 287,016,959$ William S. Hart Union High School District 279,610,597$ 77.52% 216,742,950$ William S. Hart Union High School District Community Facilities District No. 90-1 35,000$ 100% 35,000$ William S. Hart Union High School District Community Facilities District No. 2005-1 12,515,000$ 100% 12,515,000$ William S. Hart Union High School District Community Facilities District No. 2015-1 24,240,000$ 100% 24,240,000$ Los Angeles Community College and Unified School Districts 15,879,230,000$ 0.000005% - 0.00001% 1,330$ Castaic Union School District 23,085,000$ 27.54% 6,357,147$ Newhall School District 1,305,000$ 61.01% 796,154$ Newhall School District School Facilities Improvement District No. 2011-1 53,960,000$ 63.53% 34,278,630$ Saugus Union School District 159,248$ 96.08% 153,010$
Saugus Union School District School Facilities Improvement District No. 2014-1 119,210,000$ 97.82% 116,605,262$ Saugus Union School District Community Facilities District No. 2005-1 12,800,000$ 100% 12,800,000$ Saugus Union School District Community Facilities District No. 2006-1, Improvement Area No. 1 24,475,000$ 100% 24,475,000$ Saugus Union School District Community Facilities District No. 2006-1, Improvement Area No. 2 18,765,000$ 100% 18,765,000$ Saugus Union School District Community Facilities District No. 2006-1, Improvement Area No. 3 17,995,000$ 100% 17,995,000$ Saugus Union School District Community Facilities District No. 2006-2, Improvement Area No. 1 10,710,000$ 100% 10,710,000$ Saugus Union School District Community Facilities District No. 2006-2, Improvement Area No. 2 6,080,000$ 100% 6,080,000$ Saugus Union School District Community Facilities District No. 2006-2, Improvement Area No. 3 13,010,000$ 100% 13,010,000$ Saugus Union School District Community Facilities District No. 2019-1 9,075,000$ 100% 9,075,000$ Saugus-Hart School District Community Facilities District No. 2000-1 6,060,000$ 100% 6,060,000$ Community Facilities District No. 2006-1C 12,575,000$ 100% 12,575,000$ Sulphur Springs Union School District 70,320,617$ 94.76% 66,635,817$ Sulphur Springs Union School District No 2002-1 20,885,000$ 100% 20,885,000$ Sulphur Springs Union School District No 2006-1 22,145,879$ 100% 22,145,879$ Sulphur Springs Union School District No 2014-1 18,300,000$ 100% 18,300,000$ City of Santa Clarita Community Facilities District No. 2002-1 10,665,000$ 100% 10,665,000$ City of Santa Clarita Community Facilities District No. 2016-1 16,890,000$ 100% 16,890,000$ City of Santa Clarita 1915 Act Bonds 225,000$ 100% 225,000$ TOTAL DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT 986,033,138$ DIRECT AND OVERLAPPING GENERAL FUND DEBT:
Los Angeles County General Fund Obligations 2,479,229,730$ .02% 55,460,369$ Los Angeles County Superintendent of Schools Certificates of Participation 2,857,300$ 2.24% 63,918$ Santa Clarita Community College District Certificates of Participation 4,910,000$ 77.52% 3,806,428$ William S. Hart Union High School District General Fund Obligations 56,448,432$ 77.52% 43,756,567$ Castaic Union School District Certificates of Participation 2,520,000$ 27.54% 693,958$ Sulphur Springs Union School District Certificates of Participation 28,880,000$ 94.76% 27,366,688$ Los Angeles Unified School District Certificates of Participation 471,590,000$ 0.0000001% 47$ City of Santa Clarita Obligations 92,419,630$ 100% 92,419,630$ TOTAL DIRECT AND OVERLAPPING GENERAL FUND DEBT 223,567,605$ Total Net Direct and Overlapping General Fund Debt 223,567,605$ OVERLAPPING TAX INCREMENT DEBT (Successor Agency): 28,695,000$ 100% 28,695,000$ Total Direct Debt 92,419,630$
Gross Total Overlapping Debt 1,145,876,113$
Net Total Overlapping Debt 1,145,876,113$
GROSS COMBINED TOTAL DEBT 1,238,295,743$
NET COMBINED TOTAL DEBT 1,238,295,743$
(1) Percentage of overlapping debt applicable to the city is estimated using taxable assed property value. Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by the district's total taxable value. (2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital lease obligations.
Ratios to 2023-24 Assessed Valuation:
Total Overlapping Tax and Assessment Debt…………………………………………………………2.21% Total Direct Debt ($92,419,630)……………………………………………………….……………0.21% Combined Total Debt……………………………………………………………………………….…2.77% Ratios to Redevelopment Successor Agency Incremental Valuation ($809,031,717):
Total Overlapping Tax Increment Debt…………………………………………………………….…3.55% Source: California Municipal Statistics, Inc.
City of Santa Clarita
Direct and Overlapping Tax and Assessment Debt
June 30, 2024
233
23-24 22-23 21-22 20-21 19-20
Assessed valuation 44,635,716,372$ 41,356,729,027$ 38,390,714,609$ 36,983,412,434$ 35,174,818,421$ Conversion percentage 25% 25% 25% 25% 25%
Adjusted assessed valuation 11,158,929,093 10,339,182,257 9,597,678,652 9,245,853,109 8,793,704,605 Debt limit percentage 15% 15% 15% 15% 15%
Debt limit 1,673,839,364 1,550,877,339 1,439,651,798 1,386,877,966 1,319,055,691 Total net debt applicable to limit:
General obligation bonds - -
Legal debt margin 1,673,839,364$ 1,550,877,339 $ 1,439,651,798 $ 1,386,877,966 $ 1,319,055,691 $ 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
234
18-19 17-18 16-17 15-16 14-15
Assessed valuation 32,480,968,597 $ 30,727,345,419 $ 28,685,821,032 $ 27,330,863,338 $ 26,111,942,635 $ Conversion percentage 25% 25% 25% 25% 25%
Adjusted assessed valuation 8,120,242,149 7,681,836,355 7,171,455,258 6,832,715,835 6,527,985,659 Debt limit percentage 15% 15% 15% 15% 15%
Debt limit 1,218,036,322 1,152,275,453 1,075,718,289 1,024,907,375 979,197,849 Total net debt applicable to limit:
General obligation bonds - - - - -
Legal debt margin 1,218,036,322 $ 1,152,275,453 $ 1,075,718,289 $ 1,024,907,375 $ 979,197,849 $ 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
1,800
14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24 (in Millions)
Fiscal Year
LEGAL DEBT MARGIN
Last Ten Fiscal Years
235
LESS NET
Fiscal TRANSIT OPERATING AVAILABLE
Year REVENUES (1) EXPENSES (2) REVENUES Principal Interest COVERAGE 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 - - - 2023-24 29,879,980 34,441,623 (4,561,643)
NOTE: (1) Includes Other revenues, Transfers in and Capital contributions (2) Includes Transfers out and Other expenses
DEBT SERVICE
TRANSIT
City of Santa Clarita
Pledged Revenue Coverage
Last Ten Fiscal Years
236
AVERAGE AVERAGE PER
CITY OF ANNUAL LOS ANGELES ANNUAL CAPITA TOTAL
SANTA CLARITA PERCENTAGE COUNTY PERCENTAGE PERSONAL PERSONAL UNEMPLOYMENT YEAR POPULATION (1) INCREASE POPULATION (1) INCREASE INCOME (2) INCOME (2) RATE (3) 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% 76,445 984,030,663 4.70% 2023 230,659 0.80% 9,761,210 -1.01% N/A N/A 5.30% 2024 230,428 -0.10% 9,824,091 0.64% N/A N/A 6.20% Sources: (1) State of California, Finance Department, as of 1/1/2024: 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 July 2024 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
1.96%
2.99%
-1.48%
0.11%
0.70%
1.76%
-0.16%
3.28%
0.80%
-0.10%
-1.50%
-0.50%
0.50%
1.50%
2.50%
3.50%
4.50%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
YEAR
POPULATION INCREASE
Last Ten Fiscal Years
237
PERCENT PERCENT
NUMBER of NUMBER of
of TOTAL of TOTAL
EMPLOYER EMPLOYEE SEMPLOYMENT EMPLOYER EMPLOYEE SEMPLOYMENT Six Flags Magic Mountain 3,000 15.07% Six Flags Magic Mountai n 3,200 11.35% Henry Mayo Newhall
Memorial Hospital 1,683 8.46% Princess Cruises 1,885 6.69% Princess Cruises 901 4.53%
Henry Mayo Newhall
Memorial Hos
pital 1,640 5.82%
The Master's College 889 4.47% Quest Diagnostics 850 3.02% Advanced Bionics 723 3.63% Boston Scientific 780 2.77% Woodward HRT 710 3.57% The Master's College 760 2.70% Boston Scientific 649 3.26% Woodward HRT 728 2.58% Logix 679 3.41% Advanced Bionics 700 2.48% Amazon 580 2.91% Cal Arts 690 2.45% AMS Fulfillment 489 2.46% Walmart 624 2.21% Largest firms (1) 10,303 51.76% Largest firms (1) 11,857 42.07% All others 9,601 48.24% All others 16,329 57.93% Grand total 19,904 100.00% Grand total 28,186 100.00% * As of August 2024
NOTE: (1) Non-governmental employers
Source: 2024 Economic Outlook Santa Clarita Valley Economic Dev Corp & College of the Canyons 2024* 2015
City of Santa Clarita
Principal Employers
Current Fiscal Year and Nine Fiscal Years Ago
238
Function 23-24 22-23 (3) 21-22 20-21 19-20 18-19 17-18 16-17 15-16 14-15 General government 173.50 172.50 87.50 85.00 84.00 81.00 76.00 76.00 91.00 87.60 Public safety (1) - - - - - - - - - - Public works 93.00 94.00 142.50 141.50 141.50 139.50 126.50 128.50 131.50 125.00 Community development 63.50 63.50 46.00 45.00 45.00 44.00 43.00 44.00 37.00 41.00 Recreation and Comm Svcs 53.40 53.40 69.50 67.25 68.25 68.25 63.90 63.90 112.15 111.15 Neighborhood Services (2) 86.50 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 10.00 12.00 12.00 12.00 11.00 Totals 479.90 477.90 461.10 452.35 451.35 442.35 400.40 398.40 383.65 375.75 (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
Sour
ce: 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
14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24 375.75 383.65 398.40 400.40
442.35 451.35 452.35 461.10
477.90 479.90
Fiscal Year
CITY OF SANTA CLARITA - EMPLOYEES
Last Ten Fiscal Years
239
Function 23-24 22-23 21-22 20-21 19-20
Police:
Parking citations issued (1) 21,787 23,512 18,651 11,359 13,992 Parking revenue collected 972,705 $ 1,101,410 $ 747,323 $ 417,978 $ 516,477 $ Public works:
Street resurfacing (miles) 20.0 24.0 58.2 28.0 38.7 Parks and Recreation:
Number of recreation classes 1,572 1,518 2,038 1,593 2,197 Number of facility rentals (times) 12,097 7,078 12,096 10,016 11,778 Transit:
Number of customers served (2) 2,056,971 2,453,098 1,900,958 1,673,828 2,131,694
NOTE: (1) The City contracts with 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
240
Function 18-19 17-18 16-17 15-16 14-15
Police:
Parking citations issued (1) 24,214 15,505 13,133 9,035 4,765 Parking revenue collected 364,954 $ 498,749 $ 470,843 $ 379,384 $ 320,682 $ Public works:
Street resurfacing (miles) 26.0 38.9 45.0 15.5 80.0 Parks and Recreation:
Number of recreation classes 2,773 2,903 2,992 2,918 2,189 Number of facility rentals (times) 12,787 12,013 19,924 13,390 19,018 Transit:
Number of customers served (2) 2,680,202 2,775,327 2,864,351 3,167,021 3,422,015
FISCAL YEAR
City of Santa Clarita
Operating Indicators by Function (Continued)
Last Ten Fiscal Years
241
Function 23-24 22-23 21-22 20-21 19-20 18-19 17-18 16-17 15-16 14-15 Public works:
Streets (miles) 597 596 573 573 570 540 540 537 516 497 Street lights (1) 18,832 18,832 18,703 18,622 18,662 18,662 18,662 17,843 17,843 17,843 Traffic signals (City Jurisdiction) 202 200 199 198 195 187 187 186 180 180 Traffic signals (Joint Jurisdiction) 244445 5 5 5 5 Parks and recreation:
Number of parks 36 35 35 34 33 32 32 32 32 32 Community centers 222222 2 2 2 2 Transit:
Stations 644444 4 4 4 4 (1) 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 Lights which are attached to traffic signals.
Source: City of Santa Clarita, Administrative Services Department - Finance Division
FISCAL YEAR
City of Santa Clarita
Capital Assets Statistics by Function
Last Ten Fiscal Years
242
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