Annual Comprehensive Financial Report 06-30-2025 (available in City Clerk's Reading File) — Santa Clarita City Council, January 13, 2026

ANNUAL

COMPREHENSIVE

FINANCIAL REPORT

FISCAL YEAR ENDED
JUNE 30, 2025
City of Santa Clarita, California

City of Santa Clarita, California
Annual Comprehensive Financial Report
Year Ended June 30, 2025

Prepared by the Finance Division

City of Santa Clarita
Annual Comprehensive Financial Report
For the Year Ended June 30, 2025

Table of Contents

i
Page

INTRODUCTORY SECTION (Unaudited)

GFOA Certificate of Achievement for Excellence in Financial Reporting .................................................................. v Letter of Transmittal ................................................................................................................................................... vii Elected Officials and Executive Management ........................................................................................................... xiv Organization Chart ...................................................................................................................................................... xv Map ............................................................................................................................................................................ xvi

FINANCIAL SECTION

Independent Auditor’s 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 .................................................................................................... .......................... 16 Statement of Activities ...................................................................................................... ............................. 20

Fund Financial Statements:

Governmental Fund Financial Statements:

Balance Sheet ................................................................................................................ .......................... 26 Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide Statement of Net Position ......................................................................... 29 Statement of Revenues, Expenditures, and Changes in Fund Balances .................................................. 30 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Chang es in Fund Balances to the
Government-Wide Statement of Activities .................................................................................... ... 32

Proprietary Fund Financial Statements:

Statement of Net Position .................................................................................................... .................... 35 Statement of Revenues, Expenses, and Changes in Net Position ............................................................ 36 Statement of Cash Flows ...................................................................................................... ................... 37

Fiduciary Fund Financial Statements:

Statement of Fiduciary Net Position .......................................................................................... .............. 41 Statement of Changes in Fiduciary Net Position ..................................................................................... 42

Notes to the Basic Financial Statements ........................................................................................................... 47

City of Santa Clarita
Annual Comprehensive Financial Report
For the Year Ended June 30, 2025

Table of Contents (Continued)

ii
Page

FINANCIAL SECTION (Continued)

Required Supplementary Information (Unaudited):

Budgetary Comparison Schedule:

General Fund ................................................................................................................ .................................. 103 Bridge and Thoroughfare Special Revenue Fund ................................................................................ .......... 104 Impact Fees Speci al Revenue Fund ............................................................................................................... 105 Landscape Maintenance Distri ct #1 Special Revenue Fund .......................................................................... 106 Transportation Development Act 8 (TDA) Special Revenue Fund ............................................................... 107 Measure R Highway Improveme nt Special Revenue Fund ........................................................................... 108

Budgetary Information ........................................................................................................................................ 109

Schedule of Changes in Net Pension Liability and Related Ratios:

CalPERS Miscellaneous ....................................................................................................... ......................... 110

Schedule of Contributions – Pensions:

CalPERS Miscellaneous ....................................................................................................... ......................... 112

Schedule of Changes in Net Other Postemployment Benefits Liability and Related Ratios:

Other Postemployment Benefits (“OPEB”) ...................................................................................... ............. 114

Schedule of Contributions – Other Postemployment Benefits ........................................................................... 116

Schedule of Money Weighted Rate of Return – OPEB ...................................................................................... 118

Supplementary Information:

Nonmajor Governmental Funds:

Combining Balance Sheet ..................................................................................................... ......................... 125 Combining Statement of Revenues, Expend itures, and Changes in Fund Balances ...................................... 135 Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual:

Bikeway Specia l Revenue Fund .............................................................................................................. 146 Gas Tax Special Revenue Fund ............................................................................................... ................ 147 Proposition A Special Revenue Fund ......................................................................................... ............. 148 Special Assessment Special Revenue Fund .................................................................................... ......... 149 Street Lighting Distri ct Special Revenue Fund ....................................................................................... 150 Measure M Local Return Special Revenue Fund .................................................................................... 151 SB1 Road Repair and Activity Special Revenue Fund .......................................................................... . 152 Traffic Safety Special 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 BJA Law Enforcement Special Revenue Fund ....................................................................................... 157 Supplemental Law Gran t Special Revenue Fund .................................................................................... 158 City of Santa Clarita
Annual Comprehensive Financial Report
For the Year Ended June 30, 2025

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):

HOME Special Revenue Fund .................................................................................................. ............ 159 Public Education and Govern ment Special Revenue Fund ................................................................... 160 Proposition C Special Revenue Fund ......................................................................................... ........... 161 Measure H Homeless In itiatives Special Revenue Fund ....................................................................... 162 Federal Grants Special Revenue Fund ........................................................................................ ........... 163 Measure R Special Revenue Fund ............................................................................................. ............ 164 Measure M ATP Special Revenue Fund ......................................................................................... ...... 165 Measure A Safe Park s Special Revenue Fund ....................................................................................... 166 Measure W Safe Clean Wa ter Special Revenue Fund ........................................................................... 167 Tourism Marketing District Special Revenue Fund ............................................................................ .. 168 Open Space Preservation District (OPSD) Special Revenue Fund ....................................................... 169 Miscellaneous Grants Special Revenue Fund .................................................................................. ..... 170 Park Dedication Special Revenue Fund ....................................................................................... ......... 171 Housing Successor Agen cy Special Revenue Fund .............................................................................. 172 Tourism Marketing Bureau Special Revenue Fund............................................................................... 173 Areawide Special Revenue Fund .............................................................................................. ............. 174 Cooper Street Parking Structur e CFD 2020 Special Revenue Fund ..................................................... 175 Developer Fee Special Revenue Fund ......................................................................................... .......... 176 Vista Canyon (VC) Wastewater Standby District Special Revenue Fund ............................................ 177 Public Library Special Revenue Fund ........................................................................................ ........... 178 American Rescue Plan Special Revenue Fund ...................................................................................... 179

Capital Projects Funds:

Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual:

General Capital Projects Fund .............................................................................................. ................. 180 Civic Arts Projects Capital Projects Fund .................................................................................. ........... 181

Debt Service Funds:

Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual:

Public Financing Author ity Debt Service Fund .................................................................................... 182

Internal Service Funds:

Combining Statement of Net Position........................................................................................... ............... 185 Combining Statement of Revenues, Expe nses and Changes in Net Position .............................................. 186 Combining Statement of Cash Flows ............................................................................................ ............... 187

Custodial Fund:

Combining Statement of Fiduciary Net Position ................................................................................ ......... 190 Combining Statement of Changes in Fiduciary Net Position ..................................................................... . 192 City of Santa Clarita
Annual Comprehensive Financial Report
For the Year Ended June 30, 2025

Table of Contents (Continued)

iv
Page

STATISTICAL SECTION (Unaudited)

Description of Statistical Section Contents ................................................................................................................. 197

Financial Trends:

Net Position by Component .................................................................................................................................. 198 Changes in Net Position ....................................................................................................... ................................ 200 Fund Balances of Governmental Funds ................................................................................................................ 204 Changes in Fund Balances of Governmental Funds ............................................................................................. 206

Revenue Capacity:

Assessed Values and Actual Values of Taxable Property .................................................................................... 208 Assessed Values – Taxable Property .................................................................................................................... 210 Assessed Values – Use Category Summary ......................................................................................................... 212 Direct and Overlapping Property Tax Rates ......................................................................................................... 213 Direct and Overlapping Property Tax Rates – One Year Detail of Rates Producing Revenue for City and Associ ated Redevelopment Agencies ........................................................ 215 Principal Property Taxpayers ............................................................................................................................... 216 Property Tax Levies, Tax Collections and Delinquencies .................................................................................... 218 Top Property Owners Based on Net Values ......................................................................................................... 219 Project Area Assessment Appeals Summary and Tax Collection History ........................................................... 221 Charge Detail Report for CFD 2002-1 (Valencia Town Center) .......................................................................... 222

Debt Capacity:

Ratios of Outstanding Debt by Type .................................................................................................................... 224 Ratios of General Bonded Debt Outstanding ....................................................................................................... 226 Direct and Overlapping Tax and Assessment Debt .............................................................................................. 227 Legal Debt Margin Information ................................................................................................. .......................... 228

Demographic and Economic Information:

Demographic and Economic Statistics ................................................................................................................. 231

Operating Information:

Principal Employers ........................................................................................................... .................................. 232 Full-Time and Part-Time City Employees by Function ....................................................................................... 233 Operating Indicators by Function ......................................................................................................................... 234 Capital Asset Statistics by Function ..................................................................................................................... 236

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, 2024
Executive Director/CEO
v
This page intentionally left blank.
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xiii

OFFICIALS OF THE CITY OF SANTA CLARITA
As of June 30, 2025
City Council
Bill Miranda MAYOR
Laurene Weste MAYOR PRO TEM
Patsy Ayala COUNCILMEMBER
Jason Gibbs COUNCILMEMBER
Marsha McLean 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
DEVEL
OPMENT
Jerrid McKenna DIRECT

OR OF NEIGHBORHOOD

SERVICE
S
Mike Hennawy DIRECTOR OF PUBLIC WORKS/CITY

ENGINEER
Janine Prado DIRECT

OR OF RECREATION AND

COMMUNITY SERVICES
Jason Crawford DIRECTOR OF COMMUNITY
DEVEL
OPMENT
Kristi Hobr
ecker DIRECT

OR OF HUMAN RESOURCES AND

LIBRARY SERVICES

Carrie Lujan COMMUNICATIONS DIVISION

MANAGER/PIO
xiv
|| | |||
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, 2025
Santa Clarita Residents
City Council
City Manager
|
|
|
Human Resources and
Library Services
xv
xvi
6 Hutton Centre Drive, Suite 1200
Santa Ana, California 92707

INDEPENDENT AUDITOR’S REPORT

To the Honorable Mayor and Members of the City Council
of the City of Santa Clarita
Santa Clarita, California

Report on the 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, 2025, 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, 2025, 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 Auditor’s 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 principle, GASB Statement No. 101, Compensated Absences in 2025 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

Page 2 ends

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.

Auditor’s 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 auditor’s report that includes our opinions.

Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, 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

Page 3 ends

3 Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The accompanying Combining and Individual Fund Financial Statements are presented for purposes of additional analysis and are not a 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 auditor’s report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.

In connection with our audit of the basi c financial statements, our responsibility is to read the other information and consider whether a material inconsistenc y exists between the other information and the basic financial statements, or the other information otherwise appears to be materially 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 12, 2025, 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 12, 2025

4 This page intentionally left blank.

5 MANAGEMENT’S DISCUSSION AND ANALYSIS

Fiscal Year Ended June 30, 2025

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, 2025. 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 resour ces at the close of the most recent fiscal year by $1. 75 billion. Of this amount, $274 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 $30.2 million and deferred inflows of resources total $22.0 million.

 The City’s total deferred outflow s of resources decreased by $6.5 million. The deferred inflows of resources decreased by $3.3 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 $94.2 million. Net position of the business-type activities increased by $2.0 million, and the net position of the governmental activities increased by $92.2 million (Table 1 & 2).

 The net capital assets of the City’s governmental activities increased by $38.2 million, or 3.09% over last fiscal year. The increase was in part d ue to increases of $43.6 million in construction in progress. This increase is attributed to: 1) a $20.5 million addition for the Vista Canyon Bridge; 2) a $7.6 million addition for the Rink Sports Pavilion; 3) a $5.8 million addition for the Energy Efficiency project; and 4) a $3.8 million and $2.9 million addition for Old Orchard Park and David March Park, respectively. 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 $517 million. This represents an increase of $49 million as compared to the prior year.

 Within governmental funds, the General Fund r eported a fund balance of $305 million, an increase of $23 million over the prior year. This increase is primarily attributed to 1) investment income being $4.2 million higher as a result of strong market performance and a higher overall fair market value of the City’s investment portfolio as of June 30, 2025; and 2) taxes being $3.5 million higher as a result of growth. Sales taxes generated by autos/transportation and the City’s share of state/county pools increased by 12% and 10%, respectively, over the prior year. Property taxes saw an increase as a result of continued housing sales with higher assessed valuations. Transient occupancy taxes saw an increase due to the opening of a new Hampton Inn, higher overall daily room rates, and higher occupancy rates as a result of accommodating displaced homeowners, insurance adjusters, and first responders related to the Palisades, Eaton, and Hughes fires. Capital outlay expenditures are $5.1 million lower in fiscal year 2024-2025 due to the one-time purchase of the Citrus Building in the prior year. Issuance of debt also increased by $1.8 million primarily due to a new subscription under GASB Statement No. 96-Subscription Liabilities for the City’s Accela permitting system and two new leases under GASB Statement No. 87- Leases for a Kyocera equipment lease of printer/copiers and an equipment lease of Flock Safety license plate readers.

 The financial statements presented herein include a ll of the activities of the City and its component unit using the integrated approach as prescrib ed 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 present 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 statements include all assets and deferred outflows of resources of the City (including infrastructure) as well as all liabilities and deferred inflows of resources (including long-term debt).

6 USING THIS ANNUAL REPORT

2) Fund Financial Statements
The Fund Financial Statements include statements for each of the three categories of activities:
governmental, proprietary and fiduciary. For governmental activities, these fund statements tell how these services were financed in the short term, as well as what remains for future spending. Fund financial statements also report the City’s operations in more detail than the government-wide statements by providing information about the City’s most significant funds and other funds.

3) Notes to the Basic Financial Statements
The notes provide additional information necessary to enable the user to fully understand the various financial statements.

In addition to the basic financial statements and notes, this report contains other supplementary information.

REPORTING THE CITY AS A WHOLE – GOVERNMENT-WIDE FINANCIAL STATEMENTS

The Statement of Net Position and the Statement of Activities

One of the most important questions asked about the City’s finances is, “Is the City as a whole better or worse off as a result of the year’s activities?” The Statement of Net 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.

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.

7 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.

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.

8 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 $94.2 million, increasing from $1.66 billion to $1.75 billion.

TABLE 1
CITY OF SANTA CLARITA’S NET POSITION

The City’s net position is made up of three components: Net Investment in Capital Assets, Restricted Net Position and Unrestricted Net Position.

As of June 30, 2025, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $1.75 billion. The larges t component of the City’s net posit ion, 72%, is represented by its $1.26 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, 12.4% represents resources subject to external restrictions on how they may be used. The remaining 15.6% of unr estricted net position, $274.1 million, may be used to meet the City’s ongoing obligations to citizens and creditors. 2025 2024 2025 2024 2025 2024
ASSETS:

Current and Other Assets 595,793,995$ 511,621,390$ 32,431,564$ 23,995,234$ 628,225,559$ 535,616,624$ Capital assets, net 1,274,647,287 1,236,492,893 81,023,060 84,534,345 1,355,670,347 1,321,027,238 Noncurrent Assets 28,597,740 41,106,181 142,638 183,117 28,740,378 41,289,298 TOTAL ASSETS 1,899,039,022 1,789,220,464 113,597,262 108,712,696 2,012,636,284 1,897,933,160 DEFERRED OUTFLOWS OF RESOURCES: 29,245,306 35,503,061 942,989 1,192,123 30,188,295 36,695,184 LIABILITIES:

Noncurrent Liabilities 180,811,506 189,216,881 1,441,068 1,515,204 182,252,574 190,732,085 Other Liabilties 76,442,808 53,401,988 7,247,311 4,427,438 83,690,119 57,829,426 TOTAL LIABILITIES 257,254,314 242,618,869 8,688,379 5,942,642 265,942,693 248,561,511 DEFERRED INFLOWS OF RESOURCES: 21,551,257 24,818,717 423,829 499,089 21,975,086 25,317,806 NET POSITION:

Net investment in
capital assets 1,182,845,748 1,154,546,653 81,023,060 84,534,345 1,263,868,808 1,239,080,998 Restricted 216,970,796 183,484,669 - - 216,970,796 183,484,669 Unrestricted 249,662,213 219,254,617 24,404,983 18,928,743 274,067,196 238,183,360 TOTAL NET POSITION 1,649,478,757 $ 1,557,285,939 $ 105,428,043$ 103,463,088$ 1,754,906,800$ 1,660,749,027$ Governmental Activities Business-type Activities Total

9 THE CITY AS A WHOLE (CONTINUED)

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 $92.2 million over the prior year. The unrestricted net position of the business-type activities increased by $5.5 million.

Governmental Activities

Revenues from governmental activities increased by $30.5 million. The cost of all governmental activities this year was $232.3 million, an increase of 14% over the past year. As shown in the Statement of Activities, the governmental activities expenses were ultimately financed in part by the taxpayers, as $97.9 million in revenues were generated by service revenues received from the performance of these activities; another $30 million was received from government agencies and other organizations that subsidized certain programs with operating grants and contributions ; and another $54.4 million in revenues was generated from capital grants and contributions. The $27.3 million increase in capital grants and contributions is attributed to: 1) $17 million in Measure R Highway Operational Improvement funds for the continued construction of the Vista Canyon Bridge project, which will provide a secondary access point from Soledad Canyon Road to the Vista Canyon community and Metrolink station; and 2) $10 million in Transportation Development Act (TDA) Article 8 funds for the completi on of the Fiscal Year 2023-2024 Overlay & Slurry Seal project to maintain the quality and viability of the City’s street infrastructure.

Overall, the City’s governmental program and general revenues amounted to $320.3 million, which funded the expenses and resulted in an $84 million increase in net position. The increase of $1.5 million in Property Taxes revenue is attributed to continued housing sale s activity with higher assessed valuations. The $2.0 million increase in Other Taxes is primarily due to a $1.2 million increase in Sales Tax generated by autos/transportation and the City’s share of state/county pools, which increased by 12% and 10%, respectively, over the prior year. Transient occupancy taxes saw an $250 thousand increase due to the opening of a new Hampton Inn, higher overall daily room rates, and higher occupancy rates as a result of accommodating displaced homeowners, insurance adjusters, and first responders related to the Palisades, Eaton, and Hughes fires. The increase of $3.2 million in Other revenues is mainly attributed to a $4.7 million increase in investment income compared to the prior year due to strong market performance and a higher overall fair market value of the City’s investment portfolio as of June 30, 2025.

Expenditures from governmental activities increased by $28.6 million, mainly due to a $26.2 million increase in Public Works expenditures. The main contributors to the increase in Public Works are: 1) a $5.7 issuance of Bridge and Thoroughfare credit which includes a net credit issuance of $3.9 million associated with Sand Canyon Plaza project, and a net credit issuance of $885 thousand associated with the Copper Hill Bridge Widening project; and 2) $14.4 million net additions from capital asset expenditures. The net capital asset expenditure additions include: 1) $20.5 million for t he Vista Canyon Bridge; 2) $7.6 million for the Rink Sports Pavilion; 3) $5.8 million for the Energy Effi ciency project; and 4) a $3.8 million and $2.9 million for Old Orchard Park and David March Park, respectively. Neighborhood Services had a $2.1 million increase mainly due to the following contributors: 1) an increa se of $1.3 million in personnel expenditures due to a 4% cost of living adjustment; 2) an increase to t he Vista Canyon Wastewater Standby District Fund for increased electric utility costs as a result of Southern Ca lifornia Edison rate in creases ($124,383) and increased contractual services costs associated with the water factory operator contract taken over by the City for a full year in Fiscal Year 2024-2025 versus th ree months in the prior year ($202,555). Recreation and Community Services had a $2.4 million increase mainly due to the following: 1) $1.3 million in personnel expenditures due to a 4% cost of living adjustment and the movement of the City’s Centre operations from Community Development to Recreation and Community Services in the current year 2) $1 million increase in depreciation expenditures mainly due to completion and depreciation of the City’s Central Park Build Out project; $285,000 for the operation and maintenance of the new Valencia Community Center. Public Safety decreased $2.0 million primarily due to the City recording the remaining balance owed for the City’s 100% share of Fire Station 104, which was $1.5 million less than the prior year. Interest and fiscal charges decreased by $1.5 million due to the payoff of 11 Bridge and Thoroughfare interfund loans in the prior year.

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

Business-Type Activities

Business-type activities increased the City’s net position by $2.0 million for the current year. Business-type activities revenues decreased by $756 thousand during the year for a total of $37.0 million in revenues, excluding transfers in from governmental activities. T he decrease is mainly attributed to operating grants and contributions, which decreased by $3.8 million due to: 1) the City utilizing its remaining balance of one- time Coronavirus Respon se and Relief Supplemental Appropriatio ns Act (CRRSAA) funding to support transit operations, which was $1.9 million less than the prior year; and 2) the City receiving $2.4 million less, collectively, in Measure R and Measure M Bu s Operation funds from the Los Angeles County Metropolitan Transportation Authority’s funding mark due to sales tax performance being lower than anticipated in the prior years. Transit expenditures decreased by $3 million, primarily due to Vista Canyon Metrolink Station rail related work being turned over to the Southern California Regional Rail Authority at project completion in prior year.

THE CITY’S FUNDS

The governmental funds reported a combined fund balance at the end of the current fiscal year of $517 million, an increase of $49 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 $305 million. The General Fund is the chief operating fund of the City. The unassigned fund balance of $63 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 TDA Article 8 special revenue fund and Measure R Highway Operational Improvement special revenue fund are classified as a major fund. See Note 19 for more information.

 The Bridge and Thoroughfare Fund increased $1.4 million due to a $3.0 million increase in Bridge and Thoroughfare fees collected primarily in the Valencia Bridge and Thoroughfare District associated with the Tesoro Highlands development.
2025 2024 2025 2024 2025 2024
Program Revenues:

Charges for services 97,860,043 $ 99,838,340 $ 7,603,837 $ 6,161,116 $ 105,463,880 $ 105,999,456 $ Operating grants and contributions 29,947,141 31,377,313 23,929,561 27,714,574 53,876,702 59,091,887 Capital grants and contributions 54,396,674 27,088,019 4,228,982 3,509,025 58,625,656 30,597,044 General Revenues:

Taxes:

Property taxes 49,818,171 48,363,857 - - 49,818,171 48,363,857 Other taxes 68,017,921 66,019,485 - - 68,017,921 66,019,485 Other 20,247,280 17,086,025 1,285,375 418,986 21,532,655 17,505,011 Total Revenues 320,287,229 289,773,039 37,047,755 37,803,701 357,334,984 327,576,740 General government 43,353,928 42,903,612 - - 43,353,928 42,903,612 Public safety 36,355,365 38,352,436 - - 36,355,365 38,352,436 Recreation and community services 23,946,496 21,576,455 - - 23,946,496 21,576,455 Public works 43,318,806 16,966,219 - - 43,318,806 16,966,219 Community development 21,359,973 20,881,513 - - 21,359,973 20,881,513 Neighborhood services 37,086,261 35,112,719 - - 37,086,261 35,112,719 Unallocated infrastructure depreciation 23,068,021 22,660,450 - - 23,068,021 22,660,450 Interest
and fiscal charges 3,785,637 5,267,945 - - 3,785,637 5,267,945 Transit - - 39,126,362 42,110,510 39,126,362 42,110,510 Total Expenses 232,274,487 203,721,349 39,126,362 42,110,510 271,400,849 245,831,859 Increase/Decrease in Net Postion Before Transfers 88,012,742 86,051,690 (2,078,607) (4,306,809) 85,934,135 81,744,881 Transfers (4,132,728) 254,834 4,132,728 (254,834) - - Changes in Net Position 83,880,014 86,306,524 2,054,121 (4,561,643) 85,934,135 81,744,881

Net Position – Beginning of Year, as previously reported 1,557,285,939 1,470,979,415 103,463,088 108,024,731 1,660,749,027 1,579,004,147 Change in accounting principle (3,159,442) - (89,166) - (3,248,608) - Correction of error 11,466,245 - - - 11,466,245 - Net Position – Beginning of Year, as restated 1,565,592,742 1,470,979,415 103,373,922 108,024,731 1,668,966,664 1,579,004,146 Net Position – End of Year 1,649,472,757 $ 1,557,285,939 $ 105,428,043 $ 103,463,088 $ 1,754,900,800 $ 1,660,749,027 $ Governmental Activities Business-type Activities Total

11 THE CITY’S FUNDS (Continued)

 The Impact Fee Fund’s fund balance increased by $2.5 million mainly due to a $5.7 million in Developer Fees, which is $527,305 higher than prio r year. Also contributed to the fund balance increase was an increase of $769,282 in investment income, which is $408,568 higher than prior year, due to higher fair market value in investment, when compared to prior year. A $1.5 million decrease in Public Safety Expenditure also contributed to the fund balance increase. The decrease was due to a lower remaining balance from the Fire Station Reimbursement.

 The Landscape Maintenance District’s fund balance increased by $1.4 million primarily due to consumer price index increases to special assessments and an increa se of $432 thousand in investment income as a result of strong market performance and a higher overall fair market value of the City’s investment portfolio.

In addition to the major funds, the fund balances fo r the other governmental funds experienced an aggregate increase of $18.8 million.

Governmental Funds fund balance changes are noted below:

 The Public Library Fund increased $2.7 million as a result of higher assessed valuations yielding higher property tax revenues as well as higher investment income from strong market performance and a higher overall fair market value of the City’s investment portfolio. In addition, overall annual expenditures were lower than annual revenues, resulting in fund balance accumulating in the fund for future expenditures.

 The Measure W Safe Clean Water Fund increased $2.6 million primarily due to overall annual expenditures being lower than annual revenues. Revenue remained steady at $3.3 million while capital expenditures decr eased by $0.7 million due to lower expenditures incu rred for the Via Princessa Park project when compared to the prior year.

 The Proposition C Local Return Fund increased by $5 million and the Proposition A Local Return Fund increased by $1.3 million as a result of utilizing one-time CRRSA and American Rescue Plan Act (ARPA) funds to fund transit operations, allowing Proposition A and C Local Return funds to accumulate and fund transit operations in future years. In addition, the Proposition C Local Return Fund expended $4.2 million less for Overlay and Slur ry projects. The utilization of $4.2 million of Proposition C Local Return funds in prior year was necessary to ensure local return funds did not expire as a result of accumulating fund balances due to the one-time CRRSA and ARPA funds.

 The Park Dedication Fund increased by $1.9 million primarily due to the collection of Park Dedication fees associated with the Sand Canyon Plaza development project.

 The Street Lighting District Fund increased by $2.0 million due to overall annual revenues exceeding annual expenditures, accumulating fund balance to pay for future expenditures, including the future payoff of the City’s Streetlight bonds.

The City’s proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail. The total net position for the Transit Enterprise Fund increased over the prior year by $2.0 million. The increase was primarily due to a $1.4 million increase in transit operating revenue and a $3.0 million decrease in transit expenditures when compared to the prior year. The prior year decrease in transit expenditures was a result of tu rning over Vista Canyon Metrolink Station rail related work to the Southern California Regional Rail Authority at project completion. The unrestricted portion of the business-type activities net position increased by $5.5 million from the prior year.

The Internal Service Funds net position increased by $2.0 million or 15.1%. The ending fund balance for Internal Service Funds is $15.4 million, of which $13.9 million is unrestricted.

General Fund Budgetary Highlights

Comparison of the fiscal year 2024-2025 origi nal (adopted) general fund budgeted expenditures and transfers of $166.0 million to the final budgeted expenditures of $201.8 million results in a net increase of $35.8 million.

12 THE CITY’S FUNDS (CONTINUED)

Included in this net increase is $22,256,517 committed purchase orders and contracts from the prior June 30 balance, as well as $3,014,873 of prior fiscal year operating and capital improvement projects approved for carryover into fiscal year 2024-2025.

Original Budget
+
Continued
Appropriations +
Encumbrances
=
Beg. Balance - Supplemental
Changes =
Final Budget
$165,977,621 + $3,014,873+ $22,256,517 = $191,249,011 + $ 10,525,074 = $201,774,085

Comparing the beginning budget balance of $191.2 million with the final budget of $201.8 million indicates the General Fund had a supplemental budgetary increase of $10.5 million during the fiscal year. The budgetary increase was primarily due to funding appropr iations for the Haskell Canyon Bike Park project ($4.5 million), purchase of the Vasquez Canyon Ranch property ($2.6 million), and Dockweiler Drive Extension project ($2.1 million).

During the mid-year budget review, budgeted general fund revenue had an decrease of $808,448, inclusive of transfers in. Included in this figure are decreases of $1.3 million in sales tax revenue due to slower than anticipated growth; $160,000 in film permits and fees as a result of continued impacts from recent industry strikes; $100,000 in right-of-way encroachment permits; and $100,000 in grading inspections due to project delays.

It also includes increases of $170,000 in community preservation and parking citations due to enforcement activities remaining at consistent levels; $71,000 in field and facility rentals as a result of continued demand; $200,000 in record maintenance due to higher than anticipated residential tract and commercial permit activity; and $187,774 transfer in from the Fire Facilities Fund for the City’s five percent share of fire district administrative fees, and an $88,186 transfer in from the Eastside Bridge & Thoroughfare District Fee Fund for the reimbursement of prior year Vista Canyon Bridge project expenditures.

At year-end, the City’s actual general fund revenues, excluding transfers in, were $14.7 million more than the final budgetary estimates. Actual general fund expenditures, excluding transfers out, were less than the final budgetary estimates by $53.9 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 $1.36 billion (net of ac cumulated depreciation) invested in a broad rang e of capital assets.

This investment in capital assets includes land, buildings and related improvements, vehicles and equipment, and infrastructure, such as streets, bridges, traffic signals, medians, sidewalks, trails, sewers, curbs and gutters, drainage systems and intangible asset, right of use (see Table 3).

TABLE 3
CITY OF SANTA CLARITA’S CAPITAL ASSETS (net of depreciation)

Major capital asset events during the year included:

 Land had a net increase totaling $2.4 million primarily due to the purchase of the Ayres property ($1.1 million) and Hartigan property ($0.68 million), as well as the recordation of a Vista Canyon parcel transferred from the Vista Canyon developer to the City per the development’s condition of approval ($0.52 million).
2025 2024 2025 2024 2025 2024
Land $ 266,437,549 $ 264,016,645 $ 15,087,880 $ 15,087,880 $ 281,525,429 $ 279,104,525 Construction in progress 96,645,180 53,039,073 399,758 233,090 97,044,938 53 ,272,163 Infrastructure, net 632,020,500 636,322,627 - - 632,020,500 636,322,627 Depreciable site improvements, net 74,580,498 74,826,418 13,221,703 13,987,103 87,802,201 88,813,521 Depreciable building and
improvements, net 196,012,252 200,529,101 27,190,331 28,214,434 223,202,583 228,743,535 Depreciable equipment, net 5,518,572 4,952,079 25,123,388 27,011,838 30,641,960 31,963,917 Intangible asset, net 3,432,736 2,806,950 - - 3,432,736 2,806,950 TOTALS 1,274,647,287$ 1,236,492,893 $ 81,023,060 $ 84,534,345$ 1,355,670,347$ 1,321,027,238 $ 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 $4. 3 million as there were no major additions to infrastructure and annual depreciation was higher than current year additions.

 Construction in progress had a net increase totaling $43.8 million du e to the following construction in progress: 1) a $20.5 million addition for the Vista Canyon Bridge; 2) a $7.6 million addition for the Rink Sports Pavilion; 3) a $5.8 million addition for the Energy Efficiency project; and 4) a $3.8 million and $2.9 million addition for Old Orchard Park and David March Park, respectively.

 Depreciable building and improvements had a net decrease of $5.5 million as there were no major additions to infrastructure and the annual depreciation was higher than current year additions.

 Intangible assets had a net increase of $625, 786 mainly due to a new subscription under GASB Statement No. 96-Subscription Liabilities for the City’s Accela permitting system and two new leases under GASB Statement No . 87-Leases for a Kyocera equipment lease of printer/copiers and an equipment lease of Flock Safety license plate readers.

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 $114 million in bonds, financed purchase note notes payable, lease liabilities, subscription liabilities, compensated absences, and claims/judgments as shown in Table 4.

A summary of debt activity for the year follows.

TABLE 4
CITY OF SANTA CLARITA’S OUTSTANDING DEBT

The City’s governmental activities had $114 million in debt at year-end. Governmental activities long-term debt increased overall by $1.2 million. Compensated absences reflect the implementation of GASB 101 in the current year which includes a re statement for the prior year, result ing in a $1.1 million increase. This increase is attributed to a 4% cost of living adjustment to employee salaries. Additional information on the City of Santa Clarita’s implementation of recent GASB pronouncements can be located in Note 1 to the financial statements.

No new debt related to business-type activities was issued or refinanced during the current fiscal year.

During the fiscal year ended June 30, 2025, 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, 2025 was $1,739,222,830. 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.

2025 2024 2025 2024 2025 2024
Revenue and Taxable Revenue Bonds 13,097,876$ 13,453,845$ -$ -$ 13,097,876$ 13,453,845$ Lease Revenue Bonds* 76,393,027 78,838,324 - - 76,393,027 78,838,324 Financed Purchase Notes Payable 29,754 64,218 - - 29,754 64,218 Lease Liabilities 972,536 369,641 - - 972,536 369,641 Subscription Liabilities 2,372,505 2,393,602 - - 2,372,505 2,393,602 Compensated Absences** 9,286,477 8,177,300 221,304 207,485 9,507,781 8,384,785 Claims and Judgments 11,944,679 9,577,306 - - 11,944,679 9,577,306 TOTAL 114,096,854$ 112,874,236$ 221,304$ 207,485$ 114,318,158$ 113,081,721$ *As restated
**Shown as net change during the year
TotalGovernmental Activities Business-type Activities

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. The City’s strategy demonstrated its continued success during the COVID-19 recession, a time in which the City remained in good fiscal health, with a balanced budget.

 General Fund sales tax revenue continues to be one of the largest revenue sources to operate general governmental functions, accounting for 31% or $50 million as projected in the 2025-2026 mid-year budget.

 Property tax revenues account for 32% of t he General Fund budget or $51.7 million in 2025-2026.

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 2025-2026 mid-year General Fund expenditures are projected to be $159.5 million, resulting in a balanced budget, an operating surplus of $353,506, and a 20% operating reserve of $26.7 million. The City’s adopted 2025-2026 operating and capital budget for all funds was $344.6 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 2025-2026 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 2025-2026 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 Governmental Business-Type
Activities Activities Total
ASSETS
Current assets:

Cash and investments 555,783,191$ 28,106,638 $ 583,889,829 $ Accounts receivable, net 1,012,139 - 1,012,139 Interest receivable 3,353,887 169,318 3,523,205 Taxes receivable 15,184,319 - 15,184,319 Leases receivable, due within one year 533,858 - 533,858 Due from other government 17,471,166 4,120,319 21,591,485 Prepaid items 2,395,435 35,289 2,430,724 Deposits 60,000 - 60,000 Total current assets 595,793,995 32,431,564 628,225,559 Noncurrent assets:

Restricted Cash and Investments:

Cash and investment with fiscal agents 4,694 - 4,694 Cash and investment with PARS 2,713,274 - 2,713,274 Lease receivable, due in more than one year 4,329,159 - 4,329,159 Notes to RDA Successor Agency 13,901,006 - 13,901,006 Net OPEB asset 5,800,821 142,638 5,943,459 Long-term receivables 1,848,786 - 1,848,786 Capital assets:

Non-depreciable capital assets 363,082,729 15,487,638 378,570,367 Depreciable capital assets, net 908,131,822 65,535,422 973,667,244 Intangible capital assets, net 3,432,736 - 3,432,736 Total capital assets, net 1,274,647,287 81,023,060 1,355,670,347 Total noncurrent assets 1,303,245,027 81,165,698 1,384,410,725 Total assets 1,899,039,022 113,597,262 2,012,636,284

DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows of resources related to pensions 21,129,360 769,582 21,898,942 Deferred outflows of resources related to OPEB 7,051,787 173,407 7,225,194 Unamortized deferred loss on refunding 1,064,159 - 1,064,159 Total deferred outflows of resources 29,245,306 942,989 30,188,295

City of Santa Clarita
Statement of Net Position
June 30, 2025
Primary Government
See accompanying Notes to the Basic Financial Statements. 16 Governmental Business-Type
Activities Activities Total

LIABILITIES
Current liabilities:

Accounts payable and accrued liabilities 50,418,890 7,103,475 57,522,365 Accrued interest payable 421,794 - 421,794 Unearned revenue 1,699,770 - 1,699,770 Deposits payable 4,793,440 - 4,793,440 Due to the Successor Agency 7,734,479 - 7,734,479 Due to other government 27,039 - 27,039 Compensated absences - due within one year 5,094,958 143,836 5,238,794 Claims and judgment - due within one year 1,676,000 - 1,676,000 Long-term liabilities - due within one year 4,576,438 - 4,576,438 Total current liabilities 76,442,808 7,247,311 83,690,119 Noncurrent liabilities:

Compensated absences - due in more than one year 4,191,519 77,468 4,268,987 Claims and judgment - due in more than one year 10,268,679 - 10,268,679 Long-term liabilities - due in more than one year 88,289,260 - 88,289,260 Developer credits 40,624,783 - 40,624,783 Net pension liabilities 37,437,265 1,363,600 38,800,865 Total noncurrent liabilities 180,811,506 1,441,068 182,252,574 Total liabilities 257,254,314 8,688,379 265,942,693

DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources related to pensions 815,653 29,708 845,361 Deferred inflows of resources related to OPEB 16,027,593 394,121 16,421,714 Leases 4,708,011 - 4,708,011 Total deferred inflows of resources 21,551,257 423,829 21,975,086

NET POSITION
Net investment in capital assets 1,182,845,748 81,023,060 1,263,868,808 Restricted:

Landscape maintenance 35,672,021 - 35,672,021 Lighting District 19,249,424 - 19,249,424 Capital improvements 32,070,749 - 32,070,749 Transportation 62,420,027 - 62,420,027 Open space preservation 8,464,843 - 8,464,843 Public safety 4,088,866 - 4,088,866 Public library 15,076,968 - 15,076,968 Air quality improvement 642,376 - 642,376 Stormwater 5,614,404 - 5,614,404 Public education and government 1,118,243 - 1,118,243 Tourism marketing 1,362,664 - 1,362,664 Low and moderate income housing 5,660,481 - 5,660,481 Clean safe water 10,740,982 - 10,740,982 Debt service 726 - 726 Pensions 2,713,274 - 2,713,274 Other 12,074,748 - 12,074,748 Total restricted 216,970,796 - 216,970,796 Unrestricted 249,662,213 24,404,983 274,067,196 1,649,478,757$ 105,428,043$ 1,754,906,800$
City of Santa Clarita
Statement of Net Position (Continued)
June 30, 2025
Primary Government
Total net position
See accompanying Notes to the Basic Financial Statements. 17 This page intentionally left blank.
18 GOVERNMENT-WIDE FINANCIAL STATEMENTS
19 Operating Capital
Charges for Grants and Grants and
Functions/Programs Expenses Services Contributions Contributions Governmental Activities:

General government 43,353,928$ 47,432,446 $ 3,477,072 $ 908,916 $ Public safety 36,355,365 1,919,701 2,306,102 4,779,842 Recreation and community services 23,943,496 8,708,352 35,000 - Public works 43,318,806 12,179,749 18,976,322 44,647,935 Community development 21,359,973 15,550,066 4,939,740 - Neighborhood services 37,086,261 12,069,729 212,905 4,062,981 Unallocated infrastructure depreciation 23,068,021 - - - Interest and fiscal charges 3,785,637 - - - Total governmental activities 232,271,487 97,860,043 29,947,141 54,399,674 Business-type Activities:

Transit enterprise 39,126,362 7,603,837 23,929,561 4,228,982 Total business-type activities 39,126,362 7,603,837 23,929,561 4,228,982 Total primary government 271,397,849$ 105,463,880 $ 53,876,702 $ 58,628,656 $ Program Revenues
City of Santa Clarita
Statement of Activities
For the Year Ended June 30, 2025
See accompanying Notes to the Basic Financial Statements. 20 Governmental Business-Type
Functions/Programs Activities Activities Total
Governmental Activities:

General government 8,464,506$ - $ 8,464,506$ Public safety (27,349,720) - (27,349,720) Recreation and community services (15,200,144) - (15,200,144) Public works 32,485,200 - 32,485,200 Community development (870,167) - (870,167) Neighborhood services (20,740,646) - (20,740,646) Unallocated infrastructure depreciation (23,068,021) - (23,068,021) Interest and fiscal charges (3,785,637) - (3,785,637) Total governmental activities (50,064,629) - (50,064,629) Business-type Activities:

Transit enterprise - (3,363,982) (3,363,982) Total business-type activities - (3,363,982) (3,363,982) Total primary government (50,064,629) (3,363,982) (53,428,611) General revenues and transfers:

General revenues:

Taxes:

Property taxes 49,818,171 - 49,818,171 Sales taxes 49,313,249 - 49,313,249 Franchise taxes 11,192,681 - 11,192,681 Transient occupancy taxes 5,545,207 - 5,545,207 Property transfer tax 1,567,684 - 1,567,684 Property taxes in lieu of motor vehicle fee 399,100 - 399,100 Investment income 18,291,469 1,285,375 19,576,844 Miscellaneous 1,955,811 - 1,955,811 Total general revenues 138,083,372 1,285,375 139,368,747 Transfers (4,132,728) 4,132,728 - Changes in net position 83,886,015 2,054,121 85,940,136 Net position
Beginning of year, as previously reported 1,557,285,939 103,463,088 1,660,749,027 Change in accounting principle (3,159,442) (89,166) (3,248,608) Correction of error 11,466,245 - 11,466,245 Beginning of year, as restated (Note 19) 1,565,592,742 103,373,922 1,668,966,664 End of year 1,649,478,757$ 105,428,043$ 1,754,906,800$ Net (Expenses) Revenues and
Changes in Net Position
City of Santa Clarita
Statement of Activities (Continued)
For the Year Ended June 30, 2025
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 293,418,436$ 23,510,427$ 15,223,918$ 28,087,887$ Accounts receivable, net 750,078 - - 6,350 Interest receivable 1,821,638 142,161 91,711 172,479 Taxes receivables 13,852,125 - - 183,170 Loans receivable - - - - Leases receivable 4,863,017 - - - Notes to RDA Successor Agency 6,032,371 - - - Prepaid items 444,142 - - 1,515,931 Due from other governments 420,181 - - - Due from other funds 9,182,339 - - - Advance to other funds 7,143,850 - - - Deposits with others 60,000 - - - Restricted assets:

Cash and investments with fiscal agents 726 - - - Cash and investments with PARS 2,713,274 - - - Total assets 340,702,177$ 23,652,588$ 15,315,629$ 29,965,817$

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES, AND FUND BALANCES
Liabilities:

Accounts payable and accrued liabilities 15,121,037$ 553,670$ 6,464,945$ 1,675,596$ Deposit payable 4,793,440 - - - Due to other funds - - - - Due to the Successor Agency 7,700,000 - - - Due to other government 27,039 - - - Unearned revenue 1,079,116 - - - Advance from other funds - 7,143,850 - - Total liabilities 28,720,632 7,697,520 6,464,945 1,675,596

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue 2,407,840 - - - Leases 4,708,011 - - - Total deferred inflows of resources 7,115,851 - - - Fund Balances:

Nonspendable 13,680,363 - - 1,515,931 Restricted 2,714,000 15,955,068 8,850,684 26,774,290 Assigned 225,276,237 - - - Unassigned (deficit) 63,195,094 - - - Total fund balances 304,865,694 15,955,068 8,850,684 28,290,221 Total liabilities, deferred inflows of
resources, and fund balances 340,702,177$ 23,652,588$ 15,315,629$ 29,965,817$ (Continued)
Special Revenue Funds
City of Santa Clarita
Balance Sheet
Governmental Funds
June 30, 2025
See accompanying Notes to the Basic Financial Statements. 26 Measure R Nonmajor Total
Highway Governmental Governmental
TDA Improvement Funds Funds
ASSETS
Cash and investments 14,405,090$ -$ 155,103,417$ 529,749,175$ Accounts receivable, net - - 255,711 1,012,139 Interest receivable 87,312 - 883,091 3,198,392 Taxes receivables - - 1,149,024 15,184,319 Loans receivable - - 1,848,786 1,848,786 Leases receivable - - 4,863,017 Notes to RDA Successor Agency - - 7,868,635 13,901,006 Prepaid items - - 435,362 2,395,435 Due from other governments - 12,404,745 4,646,240 17,471,166 Due from other funds - - - 9,182,339 Advance to other funds - - - 7,143,850 Deposits with others - - - 60,000 Restricted assets:

Cash and investments with fiscal agents - - 3,968 4,694 Cash and investments with PARS - - - 2,713,274 Total assets 14,492,402$ 12,404,745 $ 172,194,234 $ 608,727,592 $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES, AND FUND BALANCES
Liabilities:

Accounts payable and accrued liabilities 13,545,120$ 4,402,939 $ 8,529,557 $ 50,292,864 $ Deposit payable - - - 4,793,440 Due to other funds - 8,001,806 1,180,533 9,182,339 Due to the Successor Agency - - 34,479 7,734,479 Due to other government - - - 27,039 Unearned revenue - - 620,654 1,699,770 Advance from other funds - - - 7,143,850 Total liabilities 13,545,120 12,404,745 10,365,223 80,873,781

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - 1,138,824 2,646,578 6,193,242 Leases - - - 4,708,011 Total deferred inflows of resources - 1,138,824 2,646,578 10,901,253 Fund Balances:

Nonspendable - - 8,303,997 23,500,291 Restricted 947,282 - 150,030,435 205,271,759 Assigned - - 1,700,014 226,976,251 Unassigned (deficit) - (1,138,824) (852,013) 61,204,257 Total fund balances 947,282 (1,138,824) 159,182,433 516,952,558 Total liabilities, deferred inflows of
resources, and fund balances 14,492,402$ 12,404,745$ 172,194,234$ 608,727,592$ (Concluded)
City of Santa Clarita
Balance Sheet (Continued)
Governmental Funds
June 30, 2025
Special Revenue Funds
See accompanying Notes to the Basic Financial Statements. 27 This page intentionally left blank.
28 Total Fund Balances - Total Governmental Funds 516,952,558$ Amounts reported for governmental activities in the statement of net position are different because:

Nondepreciable assets 363,082,729$
Depreciable assets, net of $1,457,079 reported in Internal Service Funds 906,674,743 Intangible assets 3,432,736 1,273,190,208
6,193,242
21,048,935
(37,294,760)
(812,549)
7,030,112
Net OPEB asset net of $17,828 reported in Internal Service Funds 5,782,993 (15,978,330)
15,401,663
(421,794)
Unamortized deferred loss on refunding 1,064,159
Long-term debt (89,384,795)
Unamortized bond premium (3,480,903)
Developers credits (40,624,783)
(9,187,199)
Net position of governmental activities 1,649,478,757$
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, 2025
Capital assets used in governmental activities are not current financial resources and therefore are not reported in governmental funds. Those assets consist of:

Compensated absences, net of $(99,278) 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 $80,425 reported in Internal Service Funds Deferred inflows of resources related to pensions, net of $(3,104) 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 $21,675 reported in Internal Service Funds Deferred inflows of resources related to OPEB, net of $(49,263) 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.

Net pension liabilities, net of $(142,505) reported in Internal Service Funds See accompanying Notes to the Basic Financial Statements. 29 Landscape
General Bridge and Impact Maintenance
Fund Thoroughfare Fee District#1
REVENUES:

Taxes 117,711,053$ -$ -$ 313,546$ Licenses, and permits 11,548,817 - - - Special assessments - - - 16,420,736 Intergovernmental 2,050,502 - - - Charges for services 13,640,699 - - - Investment income 17,034,503 1,845,803 769,282 1,524,710 Fines and forfeitures 1,181,503 - - - Developer fees - 2,968,222 5,652,880 - Other revenues 984,183 598,932 183,044 - Total revenues 164,151,260 5,412,957 6,605,206 18,258,992

EXPENDITURES:

Current:

General government 14,708,928 - - 15,170,701 Public safety 31,943,849 - 2,452,951 - Recreation and community services 18,593,631 - - - Public works 9,958,758 181,327 - - Community development 18,578,903 - - - Neighborhood services 3,052,570 - - 181,566 Capital outlay 25,175,590 3,017,604 1,168,419 415,005 Debt service:

Principal retirement 1,044,155 - - - Interest and fiscal charges 72,512 759,975 - - Total expenditures 123,128,896
3,958,906 3,621,370 15,767,272

REVENUES OVER (UNDER) EXPENDITURES 41,022,364 1,454,051 2,983,836 2,491,720 OTHER FINANCING SOURCES (USES):

Issuance of debt 1,991,857 - - - Transfers in 3,366,966 - - 27,032 Transfers out (23,443,127) (88,186) (448,474) (1,161,803) Total other financing sources (uses) (18,084,304) (88,186) (448,474) (1,134,771) NET CHANGE IN FUND BALANCES 22,938,060 1,365,865 2,535,362 1,356,949 FUND BALANCES:

Beginning of year, as previously reported 281,927,634 14,589,203 6,315,322 26,933,272 Change within financial reporting entity:

Major to/from nonmajor funds - - - - Beginning of year, as restated (Note19) 281,927,634 14,589,203 6,315,322 26,933,272 End of year 304,865,694$ 15,955,068$ 8,850,684$ 28,290,221$ (Continued)
Special Revenue Funds
For the Year Ended June 30, 2025
Governmental Funds
Statement of Revenues, Expenditures, and Changes in Fund Balances City of Santa Clarita
See accompanying Notes to the Basic Financial Statements. 30 Measure R Nonmajor Total
Highway Governmental Governmental
TDA Improvement Funds Funds
REVENUES:

Taxes -$ -$ 14,238,053$ 132,262,652$ Licenses, and permits - - - 11,548,817 Special assessments - - 26,417,735 42,838,471 Intergovernmental 12,364,293 17,534,948 39,429,406 71,379,149 Charges for services - - 1,385,221 15,025,920 Investment income 420,034 - 7,548,685 29,143,017 Fines and forfeitures - - 1,053,822 2,235,325 Developer fees - - 1,880,081 10,501,183 Other revenues - - 839,246 2,605,405 Total revenues 12,784,327 17,534,948 92,792,249 317,539,939

EXPENDITURES:

Current:

General government - - 10,306,521 40,186,150 Public safety - - 517,742 34,914,542 Recreation and community services - - - 18,593,631 Public works 13,536 - 8,504,318 18,657,939 Community development - - 2,385,211 20,964,114 Neighborhood services - - 31,776,313 35,010,449 Capital outlay 10,557,962 17,606,072 32,688,831 90,629,483 Debt service:

Principal retirement - - 3,182,887 4,227,042 Interest and fiscal charges - - 3,083,278 3,915,765 Total expenditures 10,571,498 17,606,072 92,445,101 267,099,115

REVENUES OVER (UNDER) EXPENDITURES 2,212,829 (71,124) 347,148 50,440,824 OTHER FINANCING SOURCES (USES):

Issuance of debt - - 187,519 2,179,376 Transfers in - - 26,620,469 30,014,467 Transfers out (611,582) - (8,394,023) (34,147,195) Total other financing sources (uses) (611,582) - 18,413,965 (1,953,352) NET CHANGE IN FUND BALANCES 1,601,247 (71,124) 18,761,113 48,487,472 FUND BALANCES:

Beginning of year, as previously reported - - 138,699,655 468,465,086 Change within financial reporting entity:

Major to/from nonmajor funds (653,965) (1,067,700) 1,721,665 - Beginning of year, as restated (Note 19) (653,965) (1,067,700) 140,421,320 468,465,086 End of year 947,282$ (1,138,824)$ 159,182,433$ 516,952,558$ (Concluded)
City of Santa Clarita
Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Governmental Funds
For the Year Ended June 30, 2025
Special Revenue Funds
See accompanying Notes to the Basic Financial Statements. 31 Net change in fund balances - total governmental funds: 48,487,472$ Amounts reported for governmental activities in the Statement of Activities are different because:

Capital outlay expenditures, net of $244,088 reported in Internal Service Funds 76,066,013 $ Depreciation and amortization expense, net of $(324,852) reported in Internal Service Funds (35,183,348) 40,882,665 (2,632,345)
590,819
Change in compensated absences, net of $(13,322) reported in internal service funds (1,095,855) Pension expense, net of pension contribution made after measurement date (4,412,483) OPEB expense, net of OPEB contribution made after measurement date 2,674,734 Accrued interest for long-term debt 15,517
Principal repayment of long-term debt 4,227,042
Bond premium and deferred charges amortization 114,611
Issuance of long-term debt (2,179,376)
Net effect of (issuance) use of district credits (4,813,085) 2,026,299
Change in net position of governmental activities 83,886,015$ 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, 2025
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 and amortization expense. This is the amount by which capital expenditures exceeded depreciation and amortization in the current period:

The net effect of disposal of capital assets, net of $(15,162) 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. 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 28,106,638$ 26,034,016$
Interest receivable 169,318 155,495
Due from other governments 4,120,319 -
Prepaid items 35,289 -
Total current assets 32,431,564 26,189,511
Noncurrent assets:

Net OPEB asset 142,638 17,828
Capital assets:

Capital assets, not being depreciated 15,487,638 - Capital assets, being depreciated, net 65,535,422 1,457,079 Total capital assets 81,023,060 1,457,079
Total noncurrent assets 81,165,698 1,474,907 Total assets 113,597,262 27,664,418

DEFERRED OUTFLOW OF RESOURCES
Deferred outflows of resources related to pensions 769,582 80,425 Deferred outflows of resources related to OPEB 173,407 21,675 Total deferred outflow of resources 942,989 102,100

LIABILITIES
Current liabilities:

Accounts payable and accrued liabilities 7,103,475 126,026 Compensated absence, due within one year 143,836 16,613 Claims and judgments, due within one year - 1,676,000 Total current liabilities 7,247,311 1,818,639 Noncurrent liabilities:

Compensated absences payable, due in more than one year 77,468 82,665 Claims and judgments, due in more than one year - 10,268,679 Net pension liabilities 1,363,600 142,505
Total noncurrent liabilities 1,441,068 10,493,849 Total liabilities 8,688,379 12,312,488

DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources related to pensions 29,708 3,104 Deferred inflows of resources related to OPEB 394,121 49,263 Total deferred inflows of resources 423,829 52,367

NET POSITION
Investment in capital assets 81,023,060 1,457,079 Unrestricted 24,404,983 13,944,584
Total net position 105,428,043$ 15,401,663 $

City of Santa Clarita
Statement of Net Position
Proprietary Funds
June 30, 2025
See accompanying Notes to the Basic Financial Statements. 35 Business-type Governmenta l
Activities Activities
Transit Internal
Enterprise Fund Service Funds
OPERATING REVENUES:

Charges for services 6,356,158$ 6,466,498$
Other revenues 1,247,679 31,007
Total operating revenues 7,603,837 6,497,505 OPERATING EXPENSES:

Administration and personnel services 3,239,153 494,600 Transportation services 24,932,555 -
Services and supplies 4,164,309 4,927,485
Depreciation expense 6,849,764 324,852
Total operating expenses 39,185,781 5,746,937

OPERATING INCOME (LOSS) (31,581,944) 750,568
NONOPERATING REVENUES (EXPENSES):

Intergovernmental 23,929,561 -
Investment income 1,285,375 1,250,793
Gain on sale of capital assets 59,419 24,938 Total nonoperating revenues (expenses) 25,274,355 1,275,731 TRANSFERS AND CAPITAL CONTRIBUTIONS:

Transfers i
n 5,000,000 -
Transfer out (867,272) -
Capital grants and contributions 4,228,982 - Total capital contributions and transfers 8,361,710 - CHANGE IN NET POSITION (DEFICIT) 2,054,121 2,026,299 NET POSITION:

Beginning of year, as previously reported 103,463,088 13,413,239 Change in accounting principal (89,166) (37,875) Beginning of year, as restated (Note 19) 103,373,922 13,375,364 End of year 105,428,043$ 15,401,663 $
City of Santa Clarita
Statement of Revenues, Expenses, and Changes in Net Position Proprietary Funds
For the Year Ended June 30, 2025
See accompanying Notes to the Basic Financial Statements. 36 Business-type Governmenta l
Activities Activities
Transit Internal
Enterprise Fund Service Funds
CASH FLOWS FROM OPERATING ACTIVITIES:

Cash received from customers and users 7,616,503$ 6,523,918$ Cash paid to suppliers for goods and services (27,751,700) (428,420) Cash paid to employees for services (1,733,823) (446,662) Cash paid to claims - (2,174,170) Net cash provided by (used in) operating activities (21,869,020) 3,474,666 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:

Cash transferred out (867,272) -
Cash transferred in 5,000,000 -
Federal and state funding received 22,464,528 - Net cash provided by noncapital financing activities 26,597,256 - CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:

Capital grants and contributions 4,228,982 - Acquisition of capital assets (3,338,479) (244,088) Proceed from sale of capital assets 59,419 40,100 Net cash provided by (used in) capital and related financing activities 949,922 (203,988) CASH FLOWS FROM INVESTING ACTIVITIES:

Investment income receive
d 1,210,192 1,189,178
Net cash provided by investing activities 1,210,192 1,189,178 Net increase in cash and cash equivalents 6,888,350 4,459,856 CASH AND CASH EQUIVALENTS:

Beginning of yea
r 21,218,288 21,574,160
End of year 28,106,638$ 26,034,016$

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

Operating income (loss) (31,581,944)$ 750,568
Adjustments to reconcile operating income (loss) to net cash provided by (used in) operating activities:

Depreciation 6,849,764 324,852
Change in assets and liabilities:
(Increase) decrease in accounts receivable 12,666 26,413 (Increase) decrease in prepaid items (20,430) - (Increase) decrease in net pension asset (118,995) 5,060 (Increase) decrease in net OPEB asset 40,479 (12,436) (Increase) decrease in deferred outflows of resources related to pensions 300,134 31,366 (Increase) decrease in deferred outflows of resources related to OPEB (51,000) (6,375) Increase (decrease) in accounts payable and accrued liabilities 2,761,747 (16,475) Increase (decrease) in compensated absences 13,819 13,322 Increase (decrease) in claims and judgements - 2,367,373 Increase (decrease) in deferred inflows of resources related to pensions (19,806) (2,070) Increase (decrease) in deferred inflows of resources related to OPEB (55,454) (6,932) Total adjustment 9,712,924 2,724,098
Net cash provided by (used in) operating activities (21,869,020)$ 3,474,666 $ City of Santa Clarita
Statement of Cash Flows
Proprietary Funds
For the Year Ended June 30, 2025
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 -$ 1,000,469$ 2,037,916$ Interest receivable 115,871 6,003 12,255 Contributions receivable - - 116,753 Due from the City - 7,734,479 - Restricted:

Cash and investments held with PARS:

Cash and cash equivalents 1,376,091 - - U.S. Treasury 4,172,270 - - U.S. government sponsored enterprise securities 4,677,007 Corporate notes 6,102,773 - - Foreign notes 376,405 - - Mutual funds - equity 32,932,380 - - Mutual funds - fixed income 5,001,070 - - Cash and investments with fiscal agent - 1,878,896 2,818,928 Total assets 54,753,867 10,619,847 4,985,852

DEFERRED OUTFLOWS OF RESOURCES
Unamortized loss on refunding - 1,704,364 - Total deferred outflows of resources - 1,704,364 -

LIABILITIES
Accounts payable and accrued liabilities - 333 666 Interest payable - 265,651 - Long term liabilities, due within one year - 1,123,660 - Long term liabilities, due in more than one year - 41,020,930 - Total liabilities - 42,410,574 666

NET POSITION
Restricted for:

Other postemployment benefits 54,753,867 - - Individual, organizations, and other governments - (30,086,363) 4,985,186 Total net position (deficit) 54,753,867$ (30,086,363) $ 4,985,186 $ City of Santa Clarita
Statement of Fiduciary Net Position
Fiduciary Funds
June 30, 2025
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 - $ 3,068,680$ - $ Special assessment from property owners - - 2,399,001 Employer contributions 359,000 - - Net investment income 5,356,309 49,429 95,798 Total additions 5,715,309 3,118,109 2,494,799 DEDUCTIONS:

Benefit payments to plan participants 1,921,591 - - Administrative expenses 96,322 3,516 56,641 Payments for debt services - 1,380,201 2,239,406 Payments to other governments - - 32,109 Total deductions 2,017,913 1,383,717 2,328,156 Change in net position 3,697,396 1,734,392 166,643 NET POSITION:

Beginning of year 51,056,471 (31,820,755) 4,818,543 End of year 54,753,867 $ (30,086,363) $ 4,985,186 $ City of Santa Clarita
Statement of Changes in Fiduciary Net Position
Fiduciary Funds
For the Year Ended June 30, 2025
See accompanying Notes to the Basic Financial Statements. 42 43

NOTES TO THE BASIC FINANCIAL STATEMENTS

44 This page intentionally left blank.

City of Santa Clarita
Index to the Notes to the Basic Financial Statements
For the Year Ended June 30, 2025

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 Pronouncements ................................................................................ 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”) ........................................................................................... 65 G. Los Angeles County Pooled Investment Fund (“LACPIF”) ................................................................ 65 H. California Asset Management Program (“CAMP”) ............................................................................ 66

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

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

Note 5 – Due from the Successor Agency ............................................................................................................ 66

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

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

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

A. Due From/To Other Funds ................................................................................................................... 67 B. Advances To/From Other Funds .......................................................................................................... 68 C. Transfers In/Out ................................................................................................................................... 68 City of Santa Clarita
Index to the Notes to the Basic Financial Statements (Continued) For the Year Ended June 30, 2025

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

A. Governmental Activities ...................................................................................................................... 70 B. Business-Type activities ...................................................................................................... ................ 71

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

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

A. Governmental Activities ...................................................................................................................... 72 B. Business-Type Activities .................................................................................................................... 79 C. Fiduciary Activities .............................................................................................................................. 79 D. Non-City Obligation ........................................................................................................... ................. 81

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

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

Note 13 – Pension Plan .......................................................................................................................................... 84

A. General Information about the Pension Plan ....................................................................................... 84 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 Investments 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 – Restatement of Beginning Fund Balances and Net Position ............................................................. 97

A. Changes to or within the Financial Reporting Entity ........................................................................... 97 B. Change in Accounting Principal and Correction of Error .................................................................... 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, 2025

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 St andards 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 com ponent 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 th e 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 Dir ectors 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; ther efore, 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, 2025

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 ha s 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 expe nditures or expenses, as appropriate. City resources are allocated to and accounted for in individual funds b ased 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 St atements 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 wh en the resources are required to be u sed or the year when use is first permitted, matching requirements, in which the City must provide local resources to be used for a specified purpose, and expenditure requirements, in which the resources are provided to the City on a reimbursement basis. Fiduciary activities are not included in these statements.

Certain types of transactions are reported as program revenues for the City in three categories:

 Charges for services
 Operating grants and contributions
 Capital grants and contributions

Certain eliminations have been made in regards to in terfund 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 gove rnmental 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, 2025

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 th e 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, 2025

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.

 Transportation Development Act 8 (“TDA”) Special Revenue Fund is used to account for monies received from the State of California under Article 8 of the TDA. Th ese funds are restricted for local streets and road expenditures when the City’s unmet transportation needs have been satisfied.

 Measure R Highway Improvement Program Special Revenue Fund is used to account for the half-cent sales tax measure approved by LA County voters in Novemb er 2008 to fund carpool, highways and other highway related improvements.

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 th e service provided. Operating expenses include the costs of providing these services, administrative expenses a nd 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 incl ude 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, 2025

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 transac tions 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 $48,918. 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, 2025

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 inte rnal cash management pool that maintains the general characteristics of a demand deposit account.

Highly liquid money market investments with maturities of one year or less at time of purchase are stated at amortized cost. All other investments are reported at fair value. Fair value is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date.

The City participates in the Local 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 invest ments 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, 2025

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 expe nses. 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 cu stomer 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 th at 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 r esources 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 th e 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, 2025

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, build ings 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, 2025

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 res ources 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, 2025

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 pr oprietary 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 paym ents 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, 2025

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 and sick leave (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 earne d. For the governmental funds, the amount of accumulated unpaid leaves, which is payable from available resources, is recorded as an expenditure 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 pens ion 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, 2023
Measurement Date June 30, 2024
Measurement Period July 1, 2023 to June 30, 2024

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, de ferred 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, 2025

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

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

General Fund and special revenue funds are typically used to liquidate OPEB liabilities for governmental funds.

The following timeframes are reported OPEB reporting:

Valuation Date June 30, 2024
Measurement Date June 30, 2025
Measurement Period July 1, 2024 to June 30, 2025

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 am ounts 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 O PEB 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 de termined 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, 2025

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 remove d 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, 2025, the balance tota led $26,350,000, 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, 2025

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 amount s and disclosures. Accordingly, actual results could differ from those estimates.

W. Implementation of New GASB Pronouncements

The requirements of the following accounting standards are effective for the purpose of implementation for the year ended June 30, 2025. The financial st atements included herein apply the requirements and provisions of these statements, including necessary retroactive adjustments to financial statement classifications and presentations.

GASB Statement No. 101 – In June 2022, GASB issued Statement No. 101, Compensated Absences. The objective of this Statement is to better meet the information n eeds of financial statement users by updating the recognition and measurement guidance for compensat ed absences. That objective is achie ved by aligning the recognition and measurement guidance under a unified model and by am ending certain previously required disclosures.

Implementation of this Statement resulted in restatement of beginning net position at July 1, 2024 presented in Note

19. GASB Statement No. 102 – In December 2023, GASB issued Statement No. 102, Certain Risk Disclosures. The objective of this Statement is to provide users of government financial statements with essential information about risks related to a government's vulnerabilities due to cer tain concentrations or constraints which may limit a government's ability to acquire resources or control spe nding. Application of this statement did not have a significant effect on the City’s financial statements for the fiscal year ended June 30, 2025.

Note 2 – Cash and Investments

The City had the following cash and investments at June 30, 2025:

Fiduciary
Fund
Governmental Business-Type Statement of
Activities Activities Net Position Total
Cash and investments 555,783,191 $ 28,106,638 $ 3,038,385 $ 586,928,214 $ Restricted cash and investments 2,717,968 - 59,335,820 62,053,788 Total cash and inv estments 558,501,159$ 28,106,638 $ 62,374,205 $ 648,982,002 $ Government-Wide
Statement of Net Position

The City’s cash and investments at June 30, 2025, in more detail:

Deposits with financial institutions 39,139,890 $
Cash on hand 4,569
Total cash 39,144,459
Investments 547,778,741
Investments with fiscal agent 4,707,532
Investment with PARS 57,351,270
Total inv estments 609,837,543
Total cash and inv estments 648,982,002$

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

61 Note 2 – Cash and Investments (Continued)

A. Deposits

The carrying amounts of the City’s demand deposits were $39,139,890 at June 30, 2025. Bank balances at that date were $37,186,714 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 l east 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 Insura nce 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, 2025

62 Note 2 – Cash and Investments (Continued)

B. Investments

The following table identifies the investment t ypes that are authorized for the City by the California Government Code (or the City’s investment policy, where more restrictiv e). 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 Supranationals/unsubordinated Obligations 5 years 30% 10% Banker's Acceptances 180 days 40% 5%
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%
Collateralized Certificates of Deposit 5 years None None 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 more than 10 percent of the City's surplus funds for any single issuer, and money market funds may have no more than 10 percent invested in any one mutual fund.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

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 b ond 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, 2025, 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) 5,938,133$ - $ - $ 5,938,133$ California Asset Management Program
(CAMP) 38,288,202 - - 38,288,202 Los Angeles County Pooled Investment
Fund (LACPIF) 2,667,799 - - 2,667,799 Money Market Funds 702,020 - - 702,020 United States Government Sponsored
Enterprise Securities - 11,428,214 82,382,839 93,811,053 US Treasuries Securities 27,730,945 62,298,706 173,456,202 263,485,853 Collateralized M ortgage Obligation - - - Asset Backed Securities - - 32,280,031 32,280,031 Corporate Notes 10,068,635 27,068,826 73,468,189 110,605,650 Investment with PARS 1,854,923 594,024 54,902,323 57,351,270 Restricted with Fiscal Agent:

Money Market Funds 4,707,532 - - 4,707,532 Total 91,958,189$ 101,389,770 $ 416,489,584 $ 609,837,543 $ Remaining M aturity (In M onths)

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

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 requi red by (where applicable) the California Government Code, the City’s investment policy, or debt agreements, and the actual rating, by Standard and Poor’s and Moody’s at June 30, 2025 for each investment type:

Fair Value M inimum Not Required
at Legal to be
Investment Type June 30, 2025 Rating AAA Others Not Rated Rated Local Agency Investment Fund (LAIF) 5,938,133$ N/A - $ - $ - $ 5,938,133$ California Asset Management Program
(CAMP) 38,288,202 N/A - - - 38,288,202 Los Angeles County Pooled Investment
Fund (LACPIF) 2,667,799 N/A - - - 2,667,799 Money Market Funds 702,020 AAA 702,020 - - - United States Government Sponsored
Enterprise Securities 93,811,053 N/A 93,811,053 - - - US Treasuries Securities 263,485,853 N/A 263,485,853 - - - Asset Backed Securities 32,280,031 AA- 25,121,763 - 7,158,268 - Corporate Notes 110,605,650 A- 8,256,541 102,349,109 - - Investment with PARS 57,351,270 N/A 796,099 4,377,249 164,662 52,013,260 Restricted with Fiscal Agent: -
Money Market Funds 4,707,532 N/A 4,707,532 - - - Total 609,837,543$ 396,880,861 $ 106,726,358 $ 7,322,930 $ 98,907,394 $ N/A - Not Required

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

Investment Type AA A BBB BB Total
Corporate Notes 28,569,563 $ 72,393,950 $ 1,385,596 $ - $ 102,349,109$ Investment with PARS 129,416 1,837,038 2,342,302 68,493 4,377,249 28,698,979$ 74,230,988 $ 3,727,898 $ 68,493 $ 106,726,358$

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, 2025, the following investment represent 5% or more of total City investments:

Issuers Investment Type Amount Percentage
Federal Home Loan M ortgage Corporation Collateralized M ortgage Obligation 90,420,239 $ 17%

Custodial Credit Risk – The Custodial credit risk for deposits is the risk that, in the even t of the failure of a depository financial institution, a government will not be able to recove r deposits or will not be able to recover collateral securities that are in the possession of a third part y. The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty to a transaction, a government will not be able to recover the value of investment or collateral securities that are in th e possession of the third party. At June 30, 2025, none of the City’s deposits or investments were exposed to custodial credit risk.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

65 Note 2 – Cash and Investments (Continued)

E. Fair Value Measurement

At June 30, 2025, 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, 2025:

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) - $ - $ 5,938,133$ 5,938,133 $ California Asset Management Program
(CAMP) - - 38,288,202 38,288,202 Los Angeles County Pooled Investment
Fund (LACPIF) - - 2,667,799 2,667,799 Money Market Funds - - 702,020 702,020 United States Government Sponsored
Enterprise Securities - 93,811,053 - 93,811,053 US Treasury Securities 263,485,853 - - 263,485,853 Asset Backed Securities - 32,280,031 - 32,280,031 Corporate Notes - 110,605,650 - 110,605,650 Investment with PARS - 57,351,270 - 57,351,270 Restricted with Fiscal Agent:

Money Market Funds - - 4,707,532 4,707,532 Total 263,485,853$ 294,048,004 $ 52,303,686 $ 609,837,543 $ 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. Accord ingly, under the fair value hierarchy these investments are uncategorized.

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

F. Local Agency Investment Fund (“LAIF”)

The City is a participant in LAIF which is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California. As of June 30, 2025, the City had $5,938,133 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, 2025, the City had $2,667,799 invested in the LACPIF.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

66 Note 2 – Cash and Investments (Continued)

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, 2025, the City had $38,288,202 invested in the CAMP.

Note 3 – Accounts Receivable

Accounts receivable as of June 30, 2025, including allowances for uncollectible accounts, is as follows:

Sp ecial
Nonmajor
General Landscape Governmental
Fund Maintenance Funds
Gross receivables 1,093,980 $ 6,350 $ 340,058 $ Less: Allowance of uncollectibles (343,902) - (84,347) Account receivables, net 750,078 $ 6,350 $ 255,711 $ Revenue Funds

Note 4 – Loans Receivable

The loans receivable balance in the governmental funds totaled $1,848,786 at June 30, 2025. The balance is related to deferred-payment rehabilitation loans to qualified homeowners in connection with HOME rehabilitation programs.

Note 5 – Due from the Successor Agency

Pursuant to Health and Safety Code section 34167.5, in February 2015, the State Controller’s Office (“SCO”) reviewed all asset transfers made by the former RDA to the City af ter January 1, 2011. As a result of this review, the SCO concluded that assets transferred after January 1, 2011, included unallowable transfers to the City totaling $14,628,194.

In subsequent actions, the City returned property valued at $763,436 to the Successor Agency, leaving $13,864,758 in unallowable transfers to be returned by the City to the Successor Agency as of February 2015. The City has transferred certain assets to the Successor Agency. As of June 30, 20 25, $7,734,479 of these unallowable transfers remains due from the City to the Successor Agency Private Purpose Trust Fund.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

67 Note 6 – Notes to RDA Successor Agency

Prior to the dissolution of the former redevelopment ag ency, 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 th e 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, 2025, the loan balance reported in the General Fund and Developer Fees Special Revenue Fund were $6,032,371 and $7,868,635, respectively, including the unpaid accrued interest of $3,780,777 and $2,548,748, respectively.

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, 2025, the C ity recognized $468,549 in lease revenue and $16,285 in lease interest revenue for General Fund. The outstanding lease receivable is in the amount of $4,863,017 for General Fund. The future receipts for these leases, including interest, are as follows:

Year Ending
June 30, Principal Interest Total
2026 533,858$ 15,082 $ 548,940 $
2027 454,404 13,854 468,258
2028 463,428 12,604 476,032
2029 435,190 11,359 446,549
2030 437,165 10,141 447,306
2031-2035 1,780,459 32,731 1,813,190 2036-2040 667,159 9,066 676,225 2041-2042 91,354 281 91,635 Total 4,863,017$ 105,118 $ 4,968,135 $

Note 8 – Interfund Transactions

A. Due From/To Other Funds

At June 30, 2025, the City had the following due from/to other funds:

Due to Other Funds:

M easure R Highway Improvement
Nonmajor Governmental Funds
Total 9,182,339$
1,180,533
Due from Other fund
General Fund
8,001,806$

The above amounts resulted from temporary reclassifications made at June 30, 2025 to cover cash shortfalls.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

68 Note 8 – Interfund Transactions (Continued)

B. Advances To/From Other Funds

At June 30, 2025, the City had the following advances:

Advances from Other Funds
Bridge and Thoroughfare
General Fund
7,143,850$
Advances to Other Funds

Bridge and Thoroughfare

In December 2024, the General Fund advanced the Bridge and Thoroughfare Special Revenue Fund $7,000,000 for the construction of the Vista Canyon Bridge over the Santa Clara River to connect Soledad Canyon Road to the Vista Canyon development. The advance accrues interest at a rate e qual to the yield of the average monthly investment portfolio and will be repaid with future av ailable resources of the Bridge and Thoroughfare Special Revenue Fund. At June 30, 2025, the amount of the advance outstanding is $7,143,850.

C. Transfers In/Out

During the year ended June 30, 2025, the City had the following transfers in/out:

Proprietary Fund
Landscape Nonmajor Transit
General Maintenance Governmental Enterprise
Transfers out Fund District #1 Funds Fund Total
General Fund - $ 10,000$ 23,433,127$ - $ 23,443,127$ Bridge and Thoroughfare Fund - - 88,186 - 88,186 Impact Fee Fund 448,474 - - - 448,474 Landscape Maintenance District #1 614,157 - 547,646 - 1,161,803 TDA Fund - - 611,582 - 611,582 Nonmajor Governmental Funds 1,457,785 - 1,936,238 5,000,000 8,394,023 Transit Enterprise Fund 846,550 17,032 3,690 - 867,272 Total 3,366,966$ 27,032 $ 26,620,469$ 5,000,000 $ 35,014,467 $ Governmental Funds
Transfers in

The General Fund made transfers of $10,000 to Landscape Maintenance District #1 Special Revenue Fund for the Summit Park maintenance and $23,433,127 to the nonmajor governmental funds for the following:
 Areawide Special Revenue Fund for $14,790,840 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 $4,260,103.  General Capital Projects funds for capital improvement projects in the amount of $3,785,045.  Housing Successor Agency Special Revenue Fund in the amount of $277,203 as its 20% portion of the Successor Agency loan repayment.
 Civic Arts Capital Projects Fund towards costs relate d to labor, material, and installation of the art component in the amount of $219,936 for the Rink Sports Pavilion Art.  Gas Tax Special Revenue Fund for non-street operations in the amount of $100,000.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

69 Note 8 – Interfund Transactions (Continued)

C. Transfers In/Out (Continued)

The Bridge and Thoroughfare Special Revenue Fund made transfer of $88,186 to nonmajor governmental funds (General Fund Capital Projects Fund) for Vista Canyon Bridge.

The Impact Fee Special Revenue Fund transferred $448,474 to the General Fund for the 5% administrative fee from Fire District fees and for costs related to the Sheriff’s Station.

The Landscape Maintenance District #1 Special Revenue Fund made the following transfers:
 $614,157 into the General Fund, consisting $40,000 for the graffiti removal and personnel costs and $574,157 for pension payments.
 $547,646 into Areawide Special Revenue Fund for the maintenance of medians in Zone T1B Plum/Whites Canyon Road.

The TDA Special Revenue Fund transferred $611,582 to nonmajor government funds (G as Tax Special Revenue Fund) for street operations.

The nonmajor governmental funds made transfers of $1,457,785 to the General Fund mainly for the following:
 $501,540 from Traffic Safety Special Revenue Fund to fund traffic deputies as the budget is part of the sheriff's contract.
 $514,727, $122,833, and $101,947 from Stormwater Special Revenue Fund, OSPD Special Revenue Fund, and Street Light District Special Revenue Fund, respectively, for pension payments.  $115,762 from Housing Successor Special Revenue Fund for Successor Agency loan interest.  $67,000 from Gas Tax Special Revenue Fund for eligible gas tax expenditures.  $33,977 from Measure H Homeless Initiatives Special Revenue Fund for the homeless coordinator charges.

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 $1,703,497 and $232,741 from Measure A Safe Parks Special Revenue Fund to Areawide Special Revenue Fund for park maintenance.

Transfer from nonmajor governmental funds (Proposition A Special Revenue Fund) to Transit Enterprise Fund in the amount of $5,000,000 was to contribute toward the funding of the Vista Cyn Metrolink Station.

The Transit Enterprise Fund transferred $846,550 to the General Fund of which the $150,000 was mainly to support the senior center transit operations and $696,550 was for th e proportional share of Metrolink station maintenance, $17,032 to Landscape Maintenance District #1 Special Revenue Fund for the maintenance at Vista Canyon Transit Center, and $3,690 to the nonmajor governmental fund (Stormwater Special Revenue Fund) for the cost of sweeping at the Metrolink stations.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

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, 2025 is as follows:

Balance Balance
July 1, 2024 Transfers Additions Deletions June 30, 2025 Capital assets, not being depreciated:

Land 264,016,645 $ - $ 2,841,861$ (420,957) $ 266,437,549$ Construction in progress 53,039,073 (1,866,280) 46,103,240 (630,853) 96,645,180 Total capital assets,
not being depreciated 317,055,718 (1,866,280) 48,945,101 (1,051,810) 363,082,729 Capital assets, being depreciated:

Site improvements 109,844,090 1,659,277 3,196,327 (27,534) 114,672,160 Building improvements 241,557,072 - 459,941 (10,161) 242,006,852 Equipment 15,988,019 - 1,791,021 (788,925) 16,990,115 Infrastructure 1,125,050,281 207,003 20,038,335 (1,525,200) 1,143,770,419 Total capital assets, being depreciated 1,492,439,462 1,866,280 25,485,624 (2,351,820) 1,517,439,546 Less accumulated depreciation for:

Site improvements (35,017,672) - (5,073,990) - (40,091,662) Building improvements (41,006,795) - (4,987,805) - (45,994,600) Equipment (11,057,116) - (1,124,794) 710,367 (11,471,543) Infrastructure (488,727,654) - (23,068,021) 45,756 (511,749,919) Total accumulated depreciation (575,809,237) - (34,254,610) 756,123 (609,307,724) Total capital assets,
being depreciated, net 916,630,225 1,866,280 (8,768,986) (1,595,697) 908,131,822 Intangible assets, being amortized:

Right-to-use leased building 756,272 - 94,071 (271,871) 578,472 Right-to-use leased equipment 346,668 - 945,878 (346,668) 945,878 Right-to-use leased infrastructure 275,110 - 48,408 - 323,518 Right-to-use subscription assets 3,923,542 - 791,019 (930,252) 3,784,309 Total intangible assets,
being amortized 5,301,592 - 1,879,376 (1,548,791) 5,632,177 Less accumulated amortization for:

Right-to-use leased building (456,347) - (171,803) 271,871 (356,279) Right-to-use leased equipment (346,668) - (214,917) 346,668 (214,917) Right-to-use leased infrastructure (206,907) - (70,436) - (277,343) Right-to-use subscription assets (1,484,720) - (796,434) 930,252 (1,350,902) Total accumulated amortization (2,494,642) - (1,253,590) 1,548,791 (2,199,441) Total intangible assets,
being amortized, net 2,806,950 - 625,786 - 3,432,736 Governmental activities
capital assets, net 1,236,492,893$ - $ 40,801,901$ (2,647,507) $ 1,274,647,287$

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

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, 2025 as follows:

General government 2,648,451 $
Public safety 1,434,643
Recreation and community service 5,677,969
Neighborhood services 1,224,249
Public works 1,116,513
Community development 13,502
Internal service funds 324,852
Allocated depreciation and amortization 12,440,179
Unallocated infrastructure 23,068,021
Total depreciation and amortization expense
- governmental activities 35,508,200$

B. Business-Type Activities

A summary of changes in the capital ass ets for the business-type activities for the year ended June 30, 2025 is as follows:

Balance Balance
July 1, 2024 Transfers Additions Deletions June 30, 2025 Capital assets, not being depreciated:

Land 15,087,880 $ - $ - $ - $ 15,087,880$ Construction in progress 233,090 - 166,668 - 399,758 Total capital assets,
not being depreciated 15,320,970 - 166,668 - 15,487,638 Capital assets, being depreciated:

Site improvements 21,361,242 - 121,650 - 21,482,892 Building improvements 46,675,637 - - - 46,675,637 Equipment 70,768,181 - 3,050,161 (4,500,279) 69,318,063 Total capital assets, being depreciated 138,805,060 - 3,171,811 (4,500,279) 137,476,592 Less accumulated depreciation for:

Site improvements (7,374,139) - (887,050) - (8,261,189) Building improvements (18,461,203) - (1,024,103) - (19,485,306) Equipment (43,756,343) - (4,938,611) 4,500,279 (44,194,675) Total accumulated depreciation (69,591,685) - (6,849,764) 4,500,279 (71,941,170) Total capital assets,
being depreciated, net 69,213,375 - (3,677,953) - 65,535,422 Business-type activities
capital assets, net 84,534,345$ - $ (3,511,285)$ - $ 81,023,060$

Depreciation expense in the amount of $6,849,764 was ch arged to Transit function of the business-type activities for the year ended June 30, 2025.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

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 ot her department services. These balances represent amounts that have been collected for which the eligibility require ments for revenue recognition have not been met. As of June 30, 2025, deposits payable were as follows:

General Fund:

Deposits from developers 3,954,952$
Other deposits payable 838,488
Total de posits payable 4,793,440$

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, 2025 is as follows:

Balance
July 1, 2024 Balance Due within Due in M ore
(As Restated) Additions Deletions June 30, 2025 One Year Than One Year Governmental Activities:

Lease Revenue Bonds
Series 2016A (Golden Valley Road) 7,010,000$ - $ (490,000)$ 6,520,000 $ 510,000 $ 6,010,000 $ Series 2016B (OSPD) 11,090,000 - (525,000) 10,565,000 565,000 10,000,000 Series 2019 (Sheriff Station) 24,260,000 - (585,000) 23,675,000 610,000 23,065,000 Series 2020A (Recreational Facility) 10,645,000 - - 10,645,000 - 10,645,000 Series 2020A-T (Recreational Facility) 2,080,000 - (360,000) 1,720,000 365,000 1,355,000 Series 2022A (Energy Efficiency) 12,165,000 - (245,000) 11,920,000 255,000 11,665,000 Series 2022B (Energy Efficiency) 5,640,000 - (350,000) 5,290,000 370,000 4,920,000 California Energy Commission 2024 2,700,000 300,000 - 3,000,000 233,218 2,766,782 Issuance premium 3,248,324 - (190,297) 3,058,027 190,297 2,867,730 Subtotal 78,838,324 300,000 (2,745,297) 76,393,027 3,098,515 73,294,512 Revenue and Taxable Revenue Bonds
Series 2018A (Streetlights) 11,295,000 - - 11,295,000 - 11,295,000 Series 2018B (Streetlights) 1,720,000 - (340,000) 1,380,000 350,000 1,030,000 Issuance premium 438,845 - (15,969) 422,876 15,969 406,907 Subtotal 13,453,845 - (355,969) 13,097,876 365,969 12,731,907 Financed purchase notes payable 64,218 - (34,464) 29,754 29,754 - Lease liabilities 369,641 1,088,357 (485,462) 972,536 477,710 494,826 Subscription liabilities 2,393,602 791,019 (812,116) 2,372,505 604,490 1,768,015 Total bonds and notes payable,
lease and subscription liabilities 95,119,630 2,179,376 (4,433,308) 92,865,698 4,576,438 88,289,260 Compensated absences* 8,177,300 1,109,177 - 9,286,477 5,094,958 4,191,519 Claims and judgments 9,577,306 6,803,417 (4,436,044) 11,944,679 1,676,000 10,268,679 Total governmental activities 112,874,236$ 10,091,970 $ (8,869,352) $ 114,096,854 $ 11,347,396 $ 102,749,458 $ * Shown as net change during the year.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

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 $89,52 0,657 and $3,345,041, 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. Prin cipal 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, 2025, were $6,520,000 for Series 2016A and $10,565,000 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
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 570,000 127,700 697,700
2031-2035 3,120,000 366,175 3,486,175
2036 685,000 10,275 695,275
Total 6,520,000$ 1,146,100 $ 7,666,100 $

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

Year Ending
June 30, Principal Interest Total
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 725,000 228,156 953,156
2031-2035 4,195,000 845,472 5,040,472
2036-2038 3,125,000 143,775 3,268,775
Total 10,565,000$ 2,287,977 $ 12,852,977 $
City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

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 receives 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, 2025, was $23,675,000. 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 redemptio n 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 th e 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
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 745,000 683,813 1,428,813
2031-2035 4,190,000 2,947,863 7,137,863
2036-2040 5,000,000 2,141,063 7,141,063
2041-2045 5,800,000 1,344,563 7,144,563
2046-2049 5,300,000 415,469 5,715,469
Total 23,675,000$ 10,606,273 $ 34,281,273 $

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, 2025, was $12,365,000. The bonds are payable solely from and secured by revenues pledge, including base rental payments payable to the City, bo nd proceeds, investment income, or insurance procedures or condemnation awards received or payable relating to base rental payments.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

75 Note 11 – Long-Term Liabilities (Continued)

A. Governmental Activities (Continued)

Lease Revenue and Taxable Revenue Bonds, Series 2020A and 2020A-T (Recreational Facility) (Continued)

The future annual debt service requirements for the Lease Revenue Bonds, Series 2020A are listed below:

Year Ending
June 30, Principal Interest Total
2026 - $ 312,206$ 312,206 $
2027 - 312,206 312,206
2028 - 312,206 312,206
2029 - 312,206 312,206
2030 165,000 312,206 477,206
2031-2035 2,120,000 1,416,981 3,536,981
2036-2040 2,375,000 1,166,081 3,541,081
2041-2045 2,725,000 813,525 3,538,525
2046-2050 3,260,000 281,938 3,541,938
Total 10,645,000$ 5,239,555 $ 15,884,555 $

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

Year Ending
June 30, Principal Interest Total
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 1,720,000$ 96,251 $ 1,816,251$

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, 2025, was $17,210,000. The bonds are payable solely from and secured by revenues pledge, including base rental payments payable to the City, bo nd proceeds, investment income, or insurance procedures or condemnation awards received or payable relating to base rental payments.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

76 Note 11 – Long-Term Liabilities (Continued)

A. Governmental Activities (Continued)

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

The future annual debt service requirements for the Lease Revenue Bonds, Series 2022A are listed below:

Year Ending
June 30, Principal Interest Total
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 315,000 499,300 814,300
2031-2035 1,800,000 2,246,750 4,046,750
2036-2040 2,295,000 1,757,250 4,052,250
2041-2045 2,850,000 1,196,350 4,046,350
2046-2050 3,560,000 495,000 4,055,000
Total 11,920,000$ 8,332,600 $ 20,252,600 $

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

Year Ending
June 30, Principal Interest Total
2026 370,000$ 255,250 $ 625,250 $
2027 390,000 236,250 626,250
2028 410,000 216,250 626,250
2029 425,000 195,375 620,375
2030 455,000 173,375 628,375
2031-2035 2,630,000 494,750 3,124,750
2036 610,000 15,250 625,250
Total 5,290,000$ 1,586,500 $ 6,876,500 $

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, 2025, 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, 2025, was $1,380,000. 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.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

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) (Continued)

The future annual debt service requirements for the Revenue Bonds, Series 2018A are as followed:

Year Ending
June 30, Principal Interest Total
2026 - $ 465,394$ 465,394 $
2027 - 465,394 465,394
2028 - 465,394 465,394
2029 100,000 462,894 562,894
2030 405,000 450,269 855,269
2031-2035 2,300,000 1,990,788 4,290,788
2036-2040 2,720,000 1,567,222 4,287,222
2041-2045 3,365,000 884,575 4,249,575
2046-2048 2,405,000 146,900 2,551,900
Total 11,295,000$ 6,898,830 $ 18,193,830 $

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

Year Ending
June 30, Principal Interest Total
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 1,380,000$ 97,116 $ 1,477,116$

California Energy Commission (“CEC”) Loan

In March 2023, the City entered into loan agreement with California Energy Commission (“CEC”) in the amount of $3,000,000 for the funding of the upgrades of existing interior and exterior lighting to LEDs, retrofits of existing HVAC equipment, and transformers to high efficiency units at multiple sites. The loan bears one percent interest and the principal and interest are due semi-a nnually commencing on Decem ber 22, 2025 through December 22, 2035. The funding of the loan is on reim bursement basis after incurring eligible project costs. The loan was fully funded in the year ended June 30, 2025.

The future annual debt service requirements are as follows:

Year Ending
June 30, Principal Interest Total
2026 233,218$ 72,815 $ 306,033 $
2027 279,059 26,974 306,033
2028 281,792 24,241 306,033
2029 284,681 21,352 306,033
2030 287,535 18,498 306,033
2031-2035 1,481,462 48,700 1,530,162
2036 152,253 763 153,016
Total 3,000,000$ 213,343 $ 3,213,343 $

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

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
2026 29,754 $ 531 $ 30,285$

Lease Liabilities

As of June 30, 2025, the City had 2 active building lease s. The leases have payments that range from $5,771 to $6,400 and interest rates that range from .1650% to 2.6270%. The combined va lue of the right-to-use asset, as of June 30, 2025 of $578,472 with accumulated amortization of $356,279 is included within the capital asset table in Note 9.

As of June 30, 2025, the City had 2 active equipment leases. The leases ha ve payments that range from $788 to $125,000 and interest rates that range from .2847% to 2.9990%. The combined value of the right-to-use asset, as of June 30, 2025 of $945,878 with accumulated amortization of $214,917 is included within the capital asset table in Note 9.

As of June 30, 2025, the City had one active infrastructure lease. The lease has receipts that range from $47,000 to $69,000 monthly with an interest rate of .1650%. The value of the right-to-use asset, as of June 30, 2025 of $323,518 with accumulated amortization of $277,343 is included within the capital asset table in Note 9.

The future annual lease payments are as follows:

Year Ending
June 30, Principal Interest Total
2026 477,710$ 19,691 $ 497,401 $
2027 187,867 11,508 199,375
2028 142,813 7,253 150,066
2029 164,146 2,679 166,825
Total 972,536$ 41,131 $ 1,013,667$

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.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

79 Note 11 – Long-Term Liabilities (Continued)

A. Governmental Activities (Continued)

Subscription Liabilities (Continued)

The future subscription payments are as follows:

Year Ending
June 30, Principal Interest Total
2026 604,490$ 60,956 $ 665,446 $
2027 644,558 45,050 689,608
2028 382,482 28,109 410,591
2029 360,264 18,673 378,937
2030 380,711 9,594 390,305
Total 2,372,505$ 162,382 $ 2,534,887 $

Compensated Absences

The balance at June 30, 2025, was $9,286,477.

Claims and Judgments

The balance at June 30, 2025, was $11,944,679. See Note 12 for more details.

B. Business-Type Activities

A summary of changes in long-term liabilities for business-t ype activities for the year ended June 30, 2025 is as follows:

Balance
July 1, 2024 Balance Due within Due in M ore
(As Restated) Additions Deletions June 30, 2025 One Year Than One Year Business-type activities
Compensated absences* 207,485 $ 13,819 - 221,304$ 143,836 $ 77,468 $ * Shown as net change during the year.

C. Fiduciary Activities

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, 2024 Additions Deletions June 30, 2025 One Year Than One Year Fiduciary Activities:

RDA Successor Agency:

Loans from the City of Santa Clarita 15,059,877$ 227,145 $ (1,386,016)$ 13,901,006 $ - $ 13,901,006$ Tax Allocation Bonds:

Refunding Series 2017 28,695,000 - (1,030,000) 27,665,000 1,090,000 26,575,000 Unamortized Bond premium 612,247 - (33,663) 578,584 33,660 544,924 Total fiduciary activities 44,367,124$ 227,145 $ (2,449,679)$ 42,144,590 $ 1,123,660 $ 41,020,930 $

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

80 Note 11 – Long-Term Liabilities (Continued)

C. Fiduciary Activities (Continued)

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 eff ect 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 $6,032,371 and $7,868,635, re spectively, which include unpaid accrued interest of $3,780,777 and $2,548,748, 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 $1,704,364 as of June 30, 2025. Interest on th e Tax Allocation Refunding Bonds, Series 2017, is paid as part of a variable rate between 2 percent and 5 percent payable on April 1 and October 1 of each year commencing on April 1, 2017. Principal payments are due annually in various amounts commencing October 1, 2017, through October 1, 2042. The unpaid balance as of June 30, 2025, was $27,665,000.

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.

If an Event of Default under the Indenture has occurred a nd 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.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

81 Note 11 – Long-Term Liabilities (Continued)

C. Fiduciary Activities (Continued)

Tax Allocation Bond Refunding Series 2017 (Continued)

If there are claims upon the Insurance Policy and payments are made by the Insurer, the Successor Agency agrees to pay to the Insurer (i) a sum equal to the total of 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 inter est 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
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 1,275,000 856,725 2,131,725
2031-2025 7,170,000 3,513,331 10,683,331
2036-2040 8,575,000 2,061,381 10,636,381
2041-2043 5,985,000 365,500 6,350,500
Total 27,665,000$ 10,688,791 $ 38,353,791 $

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, 2025 was $185,000.

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, 2025 was $9,815,000.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

82 Note 11 – Long-Term Liabilities (Continued)

D. Non-City Obligations(Continued)

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 Re funding 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, 2025 was $16,740,000.

Note 12 – Risk Management

A. Special Districts Risk Management Authority (“SDRMA”)

The City is exposed to various risks of loss related to to rts; 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 de ductible. All general liability claims above the City’s deductible are handled by SDRMA’s $10,000,000 liability limit.

Additionally, the City carries a $15,000 ,000 excess liability policy to 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 Powe rs 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. CJPI A began covering claims of its members in 1978. Each member government has an elected offi cial 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.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

83 Note 12 – Risk Management (Continued)

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

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 o ccurrence. 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 occurre nce 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.

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.

Cyber Liability Insurance Program. The cyber liability program provides coverage for both first- and third-party claims. Members work directly with a cyber incident coach to investigate and respond to incidents. Protects against expenses the Insured incurs directly (i.e. 1st Party) in connection with a Privacy Incident, Network Security Incident, or Cyber Crime Incident. Protects against the city’s liability to others (i.e. 3rd Party) in connection with a Privacy Incident, Network Security Incident, or Media Incident. There is a $100,000 deductible, with a $2,000,000 aggregate limit. There is a $10,000,000 pool aggregate limit for all members of the California JPIA.

Examples of covered expenses include forensics, notifi cation, identity monitoring, breach coaching, data restoration, systems restoration, extortion costs, bu siness interruption loss, defe nse expense, damages, pre- judgement interests, judgments, post-judgment interests, settlements, PCI assessments, and consumer redress funds.

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 2024-25.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

84 Note 12 – Risk Management (Continued)

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, 2025, 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, 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 June 30, 2025 9,577,306 6,803,417 (4,436,044) 11,944,679

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 statute 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.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

85 Note 13 – Pension Plan (Continued)

A. General Information about the Pension Plan (Continued)

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:

Benefit and Required Contribution
T i e r 1T i e r 2T i e r 3
Benefit formula 2.7% @ 55 2% @ 60 2% @ 62
Benefit vesting schedule 5 years of servic e 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
durin
g 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 when 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 year s of credited service, equal to one year of full time employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits (total service across all CalPERS employers, and with cer tain other Retirement Systems with which CalPERS has reciprocity agreements). All members are eligible for non-duty disability benefits after 5 years of service. The death benefit is one of the following: Basic Death Benefit, th e 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.

Employees Covered by Benefit Terms

At June 30, 2023, the valuation date, the following employees were covered by the benefit terms:

Active employees 492
Transferred and terminated employees 542
Retired Employees and Beneficiaries 304
Total 1,338

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

86 Note 13 – Pension Plan (Continued)

A. General Information about the Pension Plan (Continued)

Contributions

Section 20814(c) of the California Public Employees’ Retirement Law (“PERL”) requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a 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, 2025 were in the amount of $7,761,451.

B. Net Pension Liability

Actuarial Methods and Assumption Used to Determine Total Pension Liability

The June 30, 2023 valuation was rolled forward to determine the June 30, 20 24 total pension liability, based on following actuarial methods and assumptions:

Valuation Date June 30, 2023
Measurement Date June 30, 2024
Measurement Period July 1, 2023 to June 30, 2024
Actuarial Cost Method
Actuarial Assumptions:

Discount Rate
Inflation
Salary Increases
Mortality Rate Table
(1)
Post Retirement Benefit Increase
Entry Age Actuarial

6.90%

2.300%
Varies by Entry Age and Service
The lesser of contract COLA or 2.30% until Purchasing Power Protection Allowance floor on purchasing power app lies, 2.30% thereafter Derived using CalPERS’ Membership Data for all Funds.
(1)The mortality table used was developed based on CalPERS-specific data. The probabilities of mortality are based on the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. Mortality rates incorporate full generational mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries. For more details on this table, please refer to the 2021 ex
perience study report from November 2021 that can be found on the CalPERS website.

Change of Assumptions

There were no assumption changes in 2024.

Long-term Expected Rate of Return

The long-term expected rate of return on pension plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

87 Note 13 – Pension Plan (Continued)

B. Net Pension Liability (Continued)

Long-term Expected Rate of Return (Continued)

In determining the long-term expected rate of return , CalPERS took into account both short-term and long-term market return expectations. 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%
M ortgage-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%
Strategic Financing -5.00% -0.59%
100.00%
1 An expected inflation rate of 2.30% used
2 Figures are based on 2021 Asset Liability M anagement 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 w ill be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan 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, 2025

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, 2023 (Valuation Date) 284,983,072$ 242,796,240 $ 42,186,832 $ Changes Recognized for the M easurement Period:

Service Cost 7,040,088 - 7,040,088 Interest on the total pension liability 19,947,640 - 19,947,640 Changes of benefit terms - - - Changes of assumptions - - - Difference between expected and actual experience 5,777,653 - 5,777,653 Net plan to plan resource movement - - - Contributions from the employer - 9,663,855 (9,663,855) Contributions from employees - 3,303,243 (3,303,243) Net investment income - 23,381,814 (23,381,814) Benefit payments, including refunds
of employee contributions (10,369,071) (10,369,071) - Administrative Expense - (197,564) 197,564 Other - - - Net Changes during July 1, 2023 to June 30, 2024 22,396,310 25,782,277 (3,385,967) Balance at June 30, 2024 (Measurement Date) 307,379,382$ 268,578,517 $ 38,800,865 $ 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 85,240,546 $ 38,800,865 $ 1,017,573 $ 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, 2025

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, 2025, the City recognized pension expense in the amounts of $12,354,835 for the miscellaneous plan.

As of measurement date of June 30, 2024, 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 7,761,451$ - $ Changes of assumptions 3,624,609 - Difference between expected and actual experience 6,787,117 (845,361) Net difference between projected and actual earning
on pension plan investments 3,725,765 - Total 21,898,942 $ (845,361) $
Miscellaneous Plan

The amounts above are net of outflows and inflows recognized in the 2023-2024 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 2023-24 measurement period is 4.4 years, which was obtained by dividing the to tal service years of 5,887 (the sum of remaining service lifetimes of the active employees) by 1,338 (the total num ber of participants: active, inactive, and retired), respectively.

The $7,761,451 reported as de ferred 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, 2026.

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
2026 4,139,512 $
2027 9,246,508
2028 690,888
2029 (784,778)
Total 13,292,130$

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

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 admini strative 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 Docume nt 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 after January 1, 2012 and before January 1, 2014.

For employees hired before January 1, 2008 the following vesting applies:

Year of service Vested Percentage
0 to 5 years 0%
5 to 9 years 50%
10 to 14 years 75%
15 years and greater 100%

Employees hired after January 1, 2008, receive the CalPERS minimum benefits and are not subjected to the vesting schedule above.

At June 30, 2025 measurement date, the following numbers of participants were covered by the benefit terms:

Active plan members 471
Inactive plan members currently receiving benefits 153
Inactive plan members entitled to but not receiving benefits 50 Total 674

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 2025 was negative $607,000, and no cash contribution was made. In addition, the City received a credit in the amount of $359,000 relating to implied subsidy benefit payment which has been included in the contributions to the OPEB Plan Trust.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

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

A. General Information about the OPEB Plan (Continued)

Contributions (Continued)

The total cash benefits paid directly by the OPEB Plan Trust to the recipients was in the amount of $1,562,591.

Additional $359,000 implied subsidy benefits were reported, which resulted in reporting total benefit payments to plan participants in the amount of $1,921,591.

B. Net OPEB Liability

The OPEB liability was measured as of June 30, 2025, 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, 2025, 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 Medical trend for EE+1 cap
June 30, 2024
Pre-fund cash benefit ADC with PARS Balanced Fund
Implied subsidy benefit on pay-as-you-go basis

6.00% at June 30, 2025 and 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 - 7.90% for 2026, decreasing to an ultimate rate of

3.45% in 2076;
Medicare - 6.90% for 2026, decreasing to an ultimate rate of

3.45% in 2076;
Medicare (Kaiser) - 5.65% for 2026, decreasing to an ultimate rate of 3.45% in 2076

3.50% annually
Hired < 1/1/08 - 95%
Hired ≥ 1/1/08 - 60%

Change in assumptions

There was no change in assumptions in 2025 measurement period.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

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

B. Net OPEB Liability (Continued)

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. Changes 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, 2024 43,426,387 $ 51,056,471 $ (7,630,084) $ Changes Recognized for the M easurement Period:

Service Cost 915,576 - 915,576 Interest on the total OPEB liability 2,602,870 - 2,602,870 Net investment income - 5,356,309 (5,356,309) Employer cash contribution - - - Employer implied subsidy contribution - 359,000 (359,000) Administrative Expenses - (96,322) 96,322 Benefit payments (1,921,591) (1,921,591) - Assumption changes - - - Plan experience 3,787,166 - 3,787,166 Investment experience - - - Net Changes during July 1, 2024 to June 30, 2025 5,384,021 3,697,396 1,686,625 Balance at June 30, 2025 (Measurement Date) 48,810,408 $ 54,753,867 $ (5,943,459) $ Increase (Decrease)

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

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%)
428,641$ (5,943,459)$ (11,246,750) $ 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%
(12,142,612)$ (5,943,459) $ 1,632,137 $ 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, 2025, the City recognized OPEB credit in the amount of $(2,389,956).

At June 30, 2025, 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 3,840,918 $ (7,794,825) $ Difference between expected and actual experience 3,384,276 (6,484,452) Net difference between projected and actual earning on
OPEB plan investments - (2,142,437) Total 7,225,194 $ (16,421,714)$

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
2026 (1,235,843) $
2027 (3,300,206)
2028 (2,467,684)
2029 (2,797,934)
2030 (369,400)
Thereafter 974,547
Total (9,196,520) $

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

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 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 percen t equity. Fees incurred by th e Plan for the investment management services are included in fair value of the inv estment, 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 of
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 1,376,091 $
U.S. Treasury 4,172,270
U.S. government enterprise securities 4,677,007
Corporate notes 6,102,773
Foreign notes 376,405
Mutual funds - equity 32,932,380
Mutual funds - fixed income 5,001,070
Total Assets 54,637,996
Accrued Income 115,871
Total 54,753,867 $

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:

Issuer Investment Type Amount Investments
Columbia Contrarian Core Fund Mutual Funds - Equity 5,069,119 9% Schwab US Large Cap ETF Mutual Funds - Equity 15,670,904 29% Federal Home Loan Mortgage Corporation Collateralized Mortgage Obligation 3,039,456 6% City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

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 $23,500 per participant per year. Employee contributions to certain plans are voluntary.

During the year ended June 30, 2025, there were 1,971 participants in the plans. The employer and employee contributions were in the amounts of $535,021 and $2,798,217, 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 th e 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, su bject to City approval, if funding is determined to be available. As of June 30, 2025, the City accrued a liability of $40,624,783 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
July 1, 2024 Balance
(As Restated - See
Note 19B) Additions Deletions June 30, 2025
Bridge and Thoroughfare Credits:

Bouquet District 14,548,893 $ - $ - $ 14,548,893$ Eastside District 7,621,706 4,837,069 (904,260) 11,554,515 Via Princessa District 380,692 - (4,419) 376,273 Valencia District 13,260,407 884,695 - 14,145,102 Total Bridge and Thoroughfare Credits 35,811,698$ 5,721,764 $ (908,679) $ 40,624,783 $

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 1,274,647,287 $ 81,023,060 $
Deferred charges for capital related debt 1,064,159 - Capital related debt (92,865,698) -
Net investment in capital assets 1,182,845,748 $ 81,023,060 $

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

96 Note 18 – Classification of Fund Balances

At June 30, 2025, fund balances are classified in the governmental funds as follows:

Landscape Measure R Nonmajor Total
General Bridge and Impact Maintenance Highway Governmental Governmental Fund Thoroughfare Fees District #1 TDA Improvement Funds Funds Nonspendable:

Prepaid items 444,142 $ - $ - $ 1,515,931$ - $ - $ 435,362 2,395,435 $ Deposits 60,000 - - - - - - 60,000 Notes to RDA
Successor Agency 6,032,371 - - - - - 7,868,635 13,901,006 Advances to other funds 7,143,850 - - - - - - 7,143,850 Total nonspendable 13,680,363 - - 1,515,931 - - 8,303,997 23,500,291 Restricted:

Landscape maintenance - - - 26,774,290 - - 8,897,731 35,672,021 Lighting District - - - - - - 19,249,424 19,249,424 Capital improvements - 15,955,068 2,434,530 - - - 5,812,515 24,202,113 Transportation - - - - 947,282 - 59,464,590 60,411,872 Open space preservatio n - - - - - - 8,464,843 8,464,843 Public safety - - 1,698,457 - - - 848,271 2,546,728 Public Library - - 4,609,795 - - - 10,467,173 15,076,968 Air quality improvement - - - - - - 642,376 642,376 Stormwater - - - - - - 5,614,404 5,614,404 Public education and
government - - - - - - 1,118,243 1,118,243 Tourism marketing - - - - - - 1,362,664 1,362,664 Low and moderate income
housing - - - - - - 5,659,165 5,659,165 Clean safe water - - - - - - 10,740,982 10,740,982 Bond p roceeds for:

Debt services 726 - - - - - - 726 Pensions 2,713,274 - - - - - - 2,713,274 Other - - 107,902 - - - 11,688,054 11,795,956 Total restricted 2,714,000 15,955,068 8,850,684 26,774,290 947,282 - 150,030,435 205,271,759 Assigned:

Operational 301,235 301,235
Capital projects 36,671,384 - - - - - 1,700,014 38,371,398 Public facilities 188,303,618 - - - - - - 188,303,618 Total assigned 225,276,237 - - - - - 1,700,014 226,976,251 Unassigned 63,195,094 - - - - (1,138,824) (852,013) 61,204,257 Total Fund Balance 304,865,694$ 15,955,068 $ 8,850,684 $ 28,290,221 $ 947,282 $ (1,138,824)$ 159,182,433 $ 516,952,558 $ Major Governmental funds

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

97 Note 19 ‒ Restatement of Beginning Fund Balances and Net Position

A. Changes to or within the Financial Reporting Entity

The TDA Special Revenue Fund and Measure R Highway Improvement Special Revenue Fund were previously reported as a nonmajor governmental fund, but due to the increase in the activities, the funds met the quantitative threshold requiring the fund to be reported as a major fund for the fiscal year ended June 30, 2025.

June 30, 2024 Change to or
As Previously with the Financial June 30, 2024
Reported Reporting Entity As Reclassified
Governmental Funds
Major Funds:

General Fund 281,927,634 $ - $ 281,927,634$ Bridge and Thoroughfare Special Revenue Fund 14,589,203 - 14,589,203 Impact Fees Special Revenue Fund 6,315,322 - 6,315,322 Landscape Maintenance District #1 Special Revenue Fund 26,933,272 - 26,933,272 TDA Special Revenue Fund - (653,965) (653,965) Measure R Highway Improvement Special Revenue Fund - (1,067,700) (1,067,700) Nonmajor governmental funds 138,699,655 1,721,665 140,421,320 Total Governmental Funds 468,465,086$ - $ 468,465,086$

B. Change in Accounting Principle and Correction of Error

The beginning net positions were restated as follows:

Governmental Business-type Internal
Activities Activities Service Fund
Beginning net position, as previously reported 1,557,285,939 $ 103,463,088 $ 13,413,239 $ Change in accounting principle:

GASB 101 - Compensated Absences (3,159,442) (89,166) (37,875) Correction of error (a):

Developer credit 14,166,245 - - CEC Loan (2,700,000) - - Total correction of error 11,466,245 - - Beginning net position, as restated 1,565,592,742 $ 103,373,922 $ 13,375,364 $

a) The beginning Governmental Activities net position was increased by $14,166,245 to correct the developer credit balance. Additionally, the beginning net pos ition was decreased by $2,7 00,000 to correct the proceeds received from the California Energy Commission, which had been previously recorded as revenue rather than as a loan obligation.

Note 20 – Santa Clarita Watershed Recreation and Conservancy Authority

In June 1992, the City entered into a joint powers ag reement with the Santa Monica Mountains Conservancy (the Conservancy) to create the Watershed Authority. The purpose of the Watershed Authority is to acquire, develop, and conserve additional park and open sp ace lands, including water-oriented recr eation and conservation projects. The governing board consists of two representatives from the Conservancy and two from the City.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

98 Note 20 – Santa Clarita Watershed Recreation and Conservancy Authority (Continued)

The City performs administrative functions for the Waters hed Authority. The Watershed Authority is reported as a custodial fund in these financial statements. The Wate rshed Authority may request the City to make annual contributions. For the year ended June 30, 2025, the City did not make any contributions. Separate financial statements for the Santa Clarita Watershed Recreation and Conservancy Authority may be obtained from the City’s administrative offices at 23920 Valencia Boulevard, Santa Clarita, California 91355.

Note 21 – Commitments and Contingencies

A. Project Commitments

The City has active projects as of June 30, 2025. At yea r-end, the City’s commitments with contractors for these projects are as follows:

Projects Commitments
Arts 116,000 $
Beautification 3,750,517
Circulation 1,686,028
Facilities & Buildings 12,773,493
Maintenance 24,230,236
Parks & Recreation 40,550,477
Resource & Conservation 1,051,338
Street & Bridges 19,616,685
Trails & Transit 37,163
103,811,937$

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 co mmitments 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, 2025, as follows:

Amount
General Fund 36,972,620 $
Other governmental Funds 56,313,768

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.

City of Santa Clarita
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025

99 Note 21 – Commitments and Contingencies (Continued)

C. Contingencies (Continued)

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 file d a motion to strike Plaintiffs’ state law claims based on California’s Anti-SLAPP Statute, and a separate motion to dismiss the complaint on various grounds, including state-law immunities, lack of standing, and other grounds.

The City was successful in a first round of challenges to the Complaint to eliminate RFI as a Plaintiff. An amended Complaint was filed on behalf of Be rmite, based upon its prior ownership of 30 acres. The City again brought challenges to the Bermite complaint—motions to dismi ss and an Anti-SLAPP motion. The City was successful in eliminating all but one cause of action, and the City was awarded attorney’s fees. The claim against the City has been reduced to $30 million due to Bermite being the only remaining Plaintiff. Discovery 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 which was denied. 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 mana ge payment of any judgment in the RFI-Bermite Lawsuit in a way that would enable the City to pay its obligations when due. As of the financial statement issuance date, the outcome of the lawsuit cannot be reasonably estimated.

Note 22 – Other Required Disclosure

A. Deficit Net Positions and Fund Balances

Funds with deficit fund balances and net position at June 30, 2025 are as follows:

Deficit
Special Revenue Funds:

Measure R Highway Improvement (1,138,824) $
Community Development Block Grant (7,178)
M easure H Homeless Initiatives (127)
Measure M ATP (229,388)
Measure A Safe Parks (233,369)
Misc Grants (350,832)

The deficit fund balances will be eliminated through reimbursement from grantor agencies.

100
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REQUIRED SUPPLEMENTARY INFORMATION
(UNAUDITED)
101
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102
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Taxes 116,297,242 $ 114,217,242 $ 117,711,053 $ 3,493,811 $ Licenses and permits 10,028,782 11,715,823 11,548,817 (167,006) Intergovernmental 211,241 2,337,307 2,050,502 (286,805) Charges for services 12,157,607 12,570,437 13,640,699 1,070,262 Investment income 7,087,878 7,087,878 17,034,503 9,946,625 Fines and penalties 1,131,000 1,206,000 1,181,503 (24,497) Other revenues 245,294 288,056 984,183 696,127 Total revenues 147,159,044 149,422,743 164,151,260 14,728,517 EXPENDITURES:

Operating:

Personnel 56,334,296 55,826,538 52,270,741 3,555,797 Operations and maintenance 49,822,538 52,303,570 45,682,566 6,621,004 Capital outlay* - 490,724 2,131,488 (1,640,764) Capital improvement projects 34,488,589 68,443,337 23,044,101 45,399,236 Total expenditures 140,645,423 177,064,169 123,128,896 53,935,273

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 6,513,621 (27,641,426) 41,022,364 68,663,790 OTHER FINANCING SOURCES (USES):

Issuance of debt* - - 1,991,857 1,991,857 Transfers in 2,875,214 3,490,427 3,366,966 (123,461) Transfers out (25,332,198) (24,709,916) (23,443,127) 1,266,789 Total other financing sources (uses) (22,456,984) (21,219,489) (18,084,304) 3,135,185

NET CHANGE IN FUND BALANCE (15,943,363)$ (48,860,915) $ 22,938,060 71,798,975 $ FUND BALANCE:

Beginning of year 281,927,634
End of year 304,865,694$
City of Santa Clarita
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - General Fund
For the Year Ended June 30, 2025
*There was no budget adopted for GASB 87, Leases and GASB 96, Subscription-based Information Technology Arrangements activities for 2025. 103
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Investment earnings 808,490 $ 808,490 $ 1,845,803 $ 1,037,313 $ Developer fees - 2,751,676 2,968,222 216,546 Other revenues 368,724 368,724 598,932 230,208 Total revenues 1,177,214 3,928,890 5,412,957 1,484,067 EXPENDITURES:

Operating:

Personnel 124,508 124,508 116,520 7,988 Operations and maintenance 617,261 1,024,634 824,783 199,851 Capital improvement projects 460,000 17,277,202 3,017,603 14,259,599 Total expenditures 1,201,769 18,426,344 3,958,906 14,467,438

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (24,555) (14,497,454) 1,454,051 15,951,505 OTHER FINANCING (USES):

Transfers out - (88,186) (88,186) - Total other financing (uses) - (88,186) (88,186) - NET CHANGE IN FUND BALANCE (24,555)$ (14,585,640)$ 1,365,865 15,951,505 $ FUND BALANCE:

Beginning of year 14,589,203
End of yea
r 15,955,068$
City of Santa Clarita
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - Bridge and Thoroughfare Special Revenue Fund For the Year Ended June 30, 2025
104
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Investment earnings 201,861 $ 201,861 $ 769,282 $ 567,421 $ Developer fees 300,000 4,497,272 5,652,880 1,155,608 Other revenue - 205,000 183,044 (21,956) Total revenues 501,861 4,904,133 6,605,206 1,701,073 EXPENDITURES:

Operating:

Operations and maintenance - 2,482,951 2,457,550 25,401 Capital outlay - 205,000 182,245 22,755 Capital improvement projects - 1,186,676 981,575 205,101 Total expenditures - 3,874,627 3,621,370 253,257

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 501,861 1,029,506 2,983,836 1,954,330 OTHER FINANCING SOURCES (USES):

Transfers out - (448,474) (448,474) - Total other financing sources (uses) - (448,474) (448,474) - NET CHANGE IN FUND BALANCE 501,861$ 581,032 $ 2,535,362 1,954,330 $ FUND BALANCE:

Beginning of year 6,315,322
End of yea
r 8,850,684$
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, 2025
105
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Taxes 308,344 $ 308,344 $ 313,546 $ 5,202 $ Special assessments 16,166,204 16,166,204 16,420,736 254,532 Investment earnings 778,019 778,019 1,524,710 746,691 Total revenues 17,252,567 17,252,567 18,258,992 1,006,425 EXPENDITURES:

Operating:

Personnel 1,669,074 1,709,601 1,639,123 70,478 Operations and maintenance 14,072,319 14,415,615 13,713,144 702,471 Capital improvement projects 504,680 986,014 415,005 571,009 Total expenditures 16,246,073 17,111,230 15,767,272 1,343,958

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 1,006,494 141,337 2,491,720 2,350,383 OTHER FINANCING (USES):

Transfers in 10,000 27,032 27,032 - Transfers out (614,157) (1,161,803) (1,161,803) - Total other financing (uses) (604,157) (1,134,771) (1,134,771) - NET CHANGE IN FUND BALANCE 402,337$ (993,434) $ 1,356,949 2,350,383 $ FUND BALANCE:

Beginning of year 26,933,272
End of yea
r 28,290,221$
City of Santa Clarita
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - Landscape Maintenance District #1 Special Revenue Fund For the Year Ended June 30, 2025
106
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 14,542,034 $ 18,488,757 $ 12,364,293 $ (6,124,464) $ Investment earnings - - 420,034 420,034 Total revenues 14,542,034 18,488,757 12,784,327 (5,704,430) EXPENDITURES:

Operating:

Operations and maintenance 13,536 13,536 13,536 - Capital improvement projects 7,914,493 17,754,125 10,557,962 7,196,163 Total expenditures 7,928,029 17,767,661 10,571,498 7,196,163

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 6,614,005 721,096 2,212,829 1,491,733 OTHER FINANCING (USES):

Transfers out (6,614,005) (829,435) (611,582) 217,853 Total other financing (uses) (6,614,005) (829,435) (611,582) 217,853 NET CHANGE IN FUND BALANCE -$ (108,339)$ 1,601,247 1,709,586 $ FUND BALANCE:

Beginning of year (653,965)
End of yea
r 947,282$
City of Santa Clarita
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - Transportation Development Act 8 (TDA) Special Revenue Fund For the Year Ended June 30, 2025
107
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 70,000 $ 20,551,896 $ 17,534,948 $ (3,016,948) $ Total revenues 70,000 20,551,896 17,534,948 (3,016,948) EXPENDITURES:

Capital improvement projects 70,000 19,484,220 17,606,072 1,878,148 Total expenditures 70,000 19,484,220 17,606,072 1,878,148 NET CHANGE IN FUND BALANCE -$ 1,067,676$ (71,124) (1,138,800) $ FUND BALANCE:

Beginning of year (1,067,700)
End of yea
r (1,138,824)$
City of Santa Clarita
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - Measure R Highway Improvement Special Revenue Fund For the Year Ended June 30, 2025
108
The City’s Department Heads, with approval of the City Manager, may make transfers of appropriations within certain line-items within a program, but may not exceed the total appropriated amounts for each category. City Manager may approve transfers that do not change the total appropriated amount within the fund. The legal level of budgetary control (i.e., the level at which expenditures may not legally exceed appropriations) is the category level. The City does not require additional appropriations through the budget process for bond funds, grant funds, trust and custodial funds, and capital funds. Legislative action by the City Council to issue bond funds, accept grants, and/or authorize capital projects is considered as authority to expend funds for those purposes. There are no adopted budgets for Santa Clarita Public Television Authority Special Revenue Fund and Tesoro Open Space 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, 2025
Annual budgets are legally adopted on a basis consistent with generally accepted accounting principles in the United States of America for the General Fund, Capital Projects Funds, Debt Service Funds, and each of the special revenue funds. All annual appropriations lapse at fiscal year- end.

Budgetary Information
109
Measurement period 2023-24 2022-23 2021-22 2020-21 2019-20 Total pension liability
Service cost 7,040,088 $ 6,560,886 $ 6,170,934 $ 5,527,979 $ 5,350,001 $ Interest 19,947,640 18,498,487 17,206,725 16,234,316 15,203,985 Changes of assumptions - - 10,873,827 - - Changes of Benefit Terms - 197,813 - - - Differences between expected and actual experience 5,777,653 4,108,538 (2,536,083) 1,168,851 2,498,828 Benefit payments, including refunds of
employee contributions (10,369,071) (9,779,721) (8,535,910) (7,668,205) (7,134,971) Net change in total pension liability 22,396,310 19,586,003 23,179,493 15,262,941 15,917,843 Total pension liability - beginning 284,983,072 265,397,069 242,217,576 226,954,635 211,036,792 Total pension liability - ending (a) 307,379,382$ 284,983,072 $ 265,397,069 $ 242,217,576 $ 226,954,635 $ Pension fiduciary net position
Contributions - employer 9,663,855 $ 9,124,266 $ 8,462,964 $ 11,219,959 $ 15,978,300 $ Contributions - employee 3,303,243 2,879,083 2,704,400 2,551,579 2,530,805 Net investment income 23,381,814 14,130,498 (18,522,060) 44,522,336 8,957,955 Benefit payments, including refunds of
employee contributions (10,369,071) (9,779,721) (8,535,910) (7,668,205) (7,134,971) Net plan to plan resources movement - - - - - Administrative expense (197,564) (166,637) (151,157) (192,013) (242,657) Other miscellaneous income/expense1
- - - - - Net change in plan fiduciary net position 25,782,277 16,187,489 (16,041,763) 50,433,656 20,089,432 Plan fiduciary net position - beginning2
242,796,240 226,608,751 242,650,514 192,216,858 172,127,426 Plan fiduciary net position - ending (b) 268,578,517$ 242,796,240 $ 226,608,751 $ 242,650,514 $ 192,216,858 $ Plan net pension liability (asset) - ending (a) - (b) 38,800,865$ 42,186,832 $ 38,788,318 $ (432,938) $ 34,737,777 $ Plan fiduciary net position as a 87.38% 85.20% 85.38% 100.18% 84.69% percentage of the total pension liability
Covered payroll3
42,589,765$ 39,192,868 $ 36,363,784 $ 35,733,541 $ 34,033,087 $ Plan net pension liability as a percentage
of covered payroll 91.10% 107.64% 106.67% -1.21% 102.07% 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, CalP ERS employees participate in various State of California agent pension plans and during Fiscal Year 2017-18, CalPERS recorded a correction to previousl y reported financial statements to properly reflect its proportionate share of activity related to pensions in accordance with GASB Statement No. 68, Accounti ng 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, 2022-2024; 2.75% payroll growth assumption f or fiscal years ended June 30, 2018-21; 3.00% payroll growth assumption for fiscal years ended June 30, 2015-17.

Changes of Assumptions: There were no assumption changes in 2024 and 2023. Effective with the June 30, 2021 valuation date (June 30, 2022 measurement d ate), 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-te rm market return expectations as well as the expected pension fund cash flows. In addition, demographic assumptions and the price inflation assumption were ch anged 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, 2025
Last Ten Fiscal Years1
California Public Employees' Retirement System Defined Pension Plan - Miscellaneous Plan 110
Measurement period 2018-19 2017-18 2016-17 2015-16 2014-15 Total pension liability
Service cost 5,104,511 $ 4,920,377 $ 4,921,221 $ 4,409,399 $ 4,418,053 $ Interest 14,120,352 13,037,446 12,166,752 11,315,207 10,443,680 Changes of assumptions - (1,615,911) 11,654,992 - (3,009,808) Changes of Benefit Terms - - - - - Differences between expected and actual experience 3,019,582 1,709,604 (1,505,660) (305,665) 416,626 Benefit payments, including refunds of
employee contributions (6,246,516) (5,601,353) (4,406,046) (3,347,335) (2,971,092) Net change in total pension liability 15,997,929 12,450,163 22,831,259 12,071,606 9,297,459 Total pension liability - beginning 195,038,863 182,588,700 159,757,441 147,685,835 138,388,376 Total pension liability - ending (a) 211,036,792$ 195,038,863 $ 182,588,700 $ 159,757,441 $ 147,685,835 $ Pension fiduciary net position
Contributions - employer 12,500,090 $ 9,664,637 $ 4,484,866 $ 3,959,503 $ 3,740,145 $ Contributions - employee 2,478,266 2,203,916 2,224,721 2,252,522 2,164,107 Net investment income 10,255,487 11,713,900 13,510,656 622,282 2,506,239 Benefit payments, including refunds of
employee contributions (6,246,516) (5,601,353) (4,406,046) (3,347,335) (2,971,092) Net plan to plan resources movement - (355) - 9,685 Administrative expense (109,362) (211,742) (177,534) (71,202) (131,529) Other miscellaneous income/expense1
355 (402,101) - - Net change in plan fiduciary net position 18,878,320 17,366,902 15,636,663 3,415,770 5,317,555 Plan fiduciary net position - beginning2
153,249,106 135,882,204 120,245,541 116,829,771 111,512,216 Plan fiduciary net position - ending (b) 172,127,426$ 153,249,106 $ 135,882,204 $ 120,245,541 $ 116,829,771 $ Plan net pension liability (asset) - ending (a) - (b) 38,909,366$ 41,789,757 $ 46,706,496 $ 39,511,900 $ 30,856,064 $ Plan fiduciary net position as a 81.56% 78.57% 74.42% 75.27% 79.11% percentage of the total pension liability
Covered payroll3
31,563,882$ 29,326,360 $ 28,956,876 $ 28,584,202 $ 28,017,332 $ Plan net pension liability as a percentage
of covered payroll 123.27% 142.50% 161.30% 138.23% 110.13% 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, 2025
Last Ten Fiscal Years1
California Public Employees' Retirement System Defined Pension Plan - Miscellaneous Plan (Continued) 111
Fiscal year 2025 2024 2023 2022 2021
Actuarially determined contribution 5,761,451 7,661,147 7,123,275 $ 6,510,552 $ 6,190,238 $ Contributions in relation to the
actuarially determined contribution (7,761,451) (9,661,147) (9,123,275) (8,462,978) (11,219,252) Contribution deficiency (excess) (2,000,000) $ (2,000,000) $ (2,000,000) $ (1,952,426) $ (5,029,014) $ Covered payroll 47,631,005 $ 40,290,268 $ 39,192,868 $ 36,363,784 $ 35,733,541 $ Contributions as a percentage of
covered payroll 16.29% 23.98% 23.28% 23.27% 31.40%
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, 2022 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 and Review of Actuarial Assumptions.

The probabilities of mortality are based on the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. Mortality rates incorporate full generational 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 2024-25 were derived from the June 30, 2022 funding valuation report.

For the Year Ended June 30, 2025
112
Fiscal year 2020 2019 2018 2017 2016
Actuarially determined contribution 6,323,890 $ 5,637,826 $ 4,662,191 $ 4,484,140 $ 3,958,892 $ Contributions in relation to the
actuarially determined contribution (15,976,871) (12,499,992) (9,662,191) (4,484,140) (3,958,892) Contribution deficiency (excess) (9,652,981) $ (6,862,166) $ (5,000,000) $ - $ - $ Covered payroll 34,033,087 $ 31,563,882 $ 29,326,360 $ 28,956,876 $ 28,584,202 $ Contributions as a percentage of
covered payroll 46.95% 39.60% 32.96% 15.49% 13.85%
City of Santa Clarita
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pensions (Continued)
For the Year Ended June 30, 2025
Last Ten Fiscal Years1
California Public Employees' Retirement System Defined Pension Plan - Miscellaneous Plan (Continued) 113
Measurement period 2024-25 2023-24 2022-23 2021-22 2020-21 Total OPEB liability
Service cost 915,576 $ 975,655 $ 1,076,110 $ 1,100,210 $ 2,154,981 $ Interest 2,602,870 2,505,023 2,646,199 2,509,052 2,517,070 Changes of benefit terms - - - - - Differences between expected and actual experience 3,787,166 - (3,466,684) - (5,463,407) Changes of assumptions - - 812,693 - (17,074,375) Benefit payments, including refunds of
employee contributions (1,921,591) (1,658,038) (1,455,278) (1,326,369) (1,265,682) Net change in total pension liability 5,384,021 1,822,640 (386,960) 2,282,893 (19,131,413) Total OPEB liability - beginning 43,426,387 41,603,747 41,990,707 39,707,814 58,839,227 Total OPEB liability - ending (a) 48,810,408$ 43,426,387 $ 41,603,747 $ 41,990,707 $ 39,707,814 $ OPEB fiduciary net position
Contributions - employer 359,000 $ 278,000 $ 253,000 $ 301,000 $ 638,000 $ Net investment income 5,356,309 5,817,416 3,955,861 (7,090,104) 10,837,685 Benefit payments (1,921,591) (1,658,038) (1,455,278) (1,326,369) (1,265,682) Administrative expense (96,322) (110,704) (86,061) (105,845) (95,987) Other expenses - - - - - Net change in plan fiduciary net position 3,697,396 4,326,674 2,667,522 (8,221,318) 10,114,016 Plan fiduciary net position - beginning 51,056,471 46,729,797 44,062,275 52,283,593 42,169,577 Plan fiduciary net position - ending (b) 54,753,867$ 51,056,471 $ 46,729,797 $ 44,062,275 $ 52,283,593 $ Plan net OPEB liability (asset) - ending (a) - (b) (5,943,459)$ (7,630,084) $ (5,126,050) $ (2,071,568) $ (12,575,779) $ Plan fiduciary net position as a percentage 112.18% 117.57% 112.32% 104.93% 131.67% of the total OPEB liability
Covered-employee payroll 49,547,287$ 46,573,286 $ 45,582,496 $ 41,385,678 $ 35,631,538 $ Plan net OPEB liability as a percentage of
covered-employee payroll -12.00% -16.38% -11.25% -5.01% -35.29% Note: Historical information presented is only for periods after GASB 75 implementation.

For the Year Ended June 30, 2025
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 114
Measurement period 2019-20 2018-19 2017-18
Total OPEB liability
Service cost 1,610,969$ 1,701,975 $ 1,711,000 $ Interest 2,505,286 2,823,979 2,633,073 Changes of benefit terms - - - Differences between expected and actual experience - (7,334,973) - Changes of assumptions 8,477,248 2,078,284 (1,071,000) Benefit payments, including refunds of
employee contributions (1,202,903) (1,093,711) (1,054,000) Net change in total pension liability 11,390,600 (1,824,446) 2,219,073 Total OPEB liability - beginning 47,448,627 49,273,073 47,054,000 Total OPEB liability - ending (a) 58,839,227$ 47,448,627 $ 49,273,073 $ OPEB fiduciary net position
Contributions - employer 636,000 $ 923,250 $ 1,227,000 $ Net investment income 1,475,065 2,618,633 2,963,587 Benefit payments (1,202,903) (1,093,711) (1,054,041) Administrative expense (77,123) (73,935) (146,319) Other expenses - - - Net change in plan fiduciary net position 831,039 2,374,237 2,990,227 Plan fiduciary net position - beginning 41,338,538 38,964,301 35,974,074 Plan fiduciary net position - ending (b) 42,169,577$ 41,338,538 $ 38,964,301 $ Plan net OPEB liability (asset) - ending (a) - (b) 16,669,650$ 6,110,089 $ 10,308,772 $ Plan fiduciary net position as a percentage 71.67% 87.12% 79.08% of the total OPEB liability
Covered-employee payroll 38,295,087$ 33,895,751 $ 30,634,000 $ Plan net OPEB liability as a percentage of
covered-employee payroll 43.53% 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, 2025
115
Fiscal year ended June 30 2025 2024 2023 2022 2021
Actuarially determined contribution (ADC) 496,000$ 273,000 $ 232,000 $ 482,000 $ 517,000 $ Contributions in relation to the
actuarially determined contribution 359,000 278,000 253,000 301,000 638,000 Contribution deficiency (excess) 137,000$ (5,000) $ (21,000) $ 181,000 $ (121,000) $ Covered-employee payroll 49,547,287$ 46,573,286 $ 45,582,496 $ 41,385,678 $ 35,631,538 $ Contributions as a percentage of
covered-employee payroll 0.72% 0.60% 0.56% 0.73% 1.79%
Methods and assumptions used to determine contribution rates:

Contribution valuation date June 30, 2024
Actuarial cost method Entry Age Normal, level percentage of payroll Amortization method Level percentage of pay
Amortization period Approximately 7.5-years remaining for 2024/25 Asset valuation method Market value
Discount Rate 6.00%
General Inflation Rate 2.50%
Medical Trend Non-Medicare - 7.90% for 2026, decreasing to an ultimate rate of 3.45% in 2076 Medicare (Non-Kaiser) - 6.90% for 2026, decreasing to an ultimate rate of 3.45% in 2076 Medicare (Kaiser) - 5.65% for 2026, decreasing to an ultimate rate of 3.45% in 2076 Mortality CalPERS 2000-2019 experience study
Mortality Improvement 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, 2025
Last Ten Fiscal Years
116
Fiscal year ended June 30 2020 2019 2018
Actuarially determined contribution (ADC) 1,112,000$ 1,127,000 $ 1,755,000 $ Contributions in relation to the
actuarially determined contribution 636,000 923,250 1,227,000 Contribution deficiency (excess) 476,000$ 203,750 $ 528,000 $ Covered-employee payroll 38,295,087$ 33,895,751 $ 30,634,000 $ Contributions as a percentage of
covered-employee payroll 1.66% 2.72% 4.01%
Other Postemployment Benefits ("OPEB") Plan (Continued) For the Year Ended June 30, 2025
Schedule of Contributions - Other Postemployment Benefits (Continued) Required Supplementary Information (Unaudited)
City of Santa Clarita
Last Ten Fiscal Years
117
Fiscal year 2025 2024 2023 2022 2021 2020 2019 2018 2017 Annual money-weighted rate of return-
net of investment expense 10.67% 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 nine 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, 2025
118

SUPPLEMENTARY INFORMATION
119
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120

NONMAJOR GOVERNMENTAL FUNDS
Nonmajor Special Revenue Funds:

Special Revenue Funds are used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purposes other than debt service or capital projects.

Bikeway – To account for monies received from the State of California restricted for bicycle and pedestrian facilities available under Article 3 of the Transportation Development Act (SB821).

Gas Tax – To account for monies received and expended from the state and county gas tax allocation restricted to fund various street highway improvements, including maintenance.

Proposition A – To account for the City’s share of the one-half percent (0.5%) increased sales tax in Los Angeles County as a result of “Proposition A.” This revenue is 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.

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.

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.

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.
121

NONMAJOR GOVERNMENTAL FUNDS
Nonmajor Special Revenue Funds (Continued):

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 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 capita basis. The measure provides local funding from an annual parcel tax of 1.5 cents per square foot of building floor area for parks and open space.

Measure W Safe Clean Water – To account for the special tax of 2.5 cents per square feet of impermeable area for parcels located in Los Angeles County Flood Control District that Los Angeles County voters approved November 2018 to pay for projects, infrastructure, and programs to capture, treat, and recycle rainwater.

Tourism Marketing District – To account for receipts and disbursements associated with promoting local businesses and tourism in the City of Santa Clarita through the Tourism Marketing District. The Tourism Marketing District was formed to provide financing for public programs to attract tourist visits to areas where tourism is economically important and desired. The Tourism Marketing District was established and is levied pursuant to the Parking and Business Improvement Area Law of 1989, Part 6 of Division 18 of the California Streets and Highways Code (the 1989 Law) and the provisions of the California Constitution Article XIIID (Proposition 218).

OSPD (Open Space Preservation District) – To account for monies received from special assessments for the costs of acquiring open space lands, parks, and parkland in accordance with the City’s programs.

Miscellaneous Grants – To account for receipts and disbursements of non-federal miscellaneous grants, which are restricted for planning, design, improvements, and maintenance of streets, roads, and bridges, facility construction and improvements, transit operations, and other transit-related expenditures.

Park Dedication – This fund accounts for monies received from developers restricted to finance the acquisition and develop new parkland space. These monies are restricted under the Quimby Act by ordinance and require the dedication of land or impose a requirement of the payment of fee in lieu.

Housing Successor Agency – To account for the transactions of the Housing Successor Agency for the continuation of the low- and moderate-income programs of the former redevelopment agency.

Tourism Marketing Bureau – To account for monies received from local and regional tourism-related organizations restricted for tourism and business development within the City’s boundaries .

Areawide – To account for receipts and disbursements for the City’s Areawide Beautification Zone operations which is supported through special benefit assessments levied on individual parcels authorized by the Landscape and Lighting Act of 1972. Funds are restricted for specific use on costs associated with the maintenance of landscape, hardscape and ornamental improvements, park facilities, tree pruning, as well as utility costs such as water and electricity. As provided for by the Landscape and Lighting Act, LMD funds may also be used for the construction and/or installation of capital improvements.

Cooper Street Parking Structure CFD 2020-1 – To account for special tax revenue collected for the operation and maintenance of the City owned public parking garage on Cooper Street in the Vista Canyon development area. 122

NONMAJOR GOVERNMENTAL FUNDS
Nonmajor Special Revenue Funds (Continued):

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.

Tesoro Open Space Maintenance Special Revenue Fund - To account for special tax revenue collected for the management and maintenance of approximately 770 acres of open space dedicated to the City as part of the Tesoro Highlands development.

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. 123
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124
Special
Bikeway Gas Tax Proposition A Assessment
Cash and investments 186,051 $ - $ 18,561,218$ 5,628,205 $ Accounts receivable, net - 5,102 - 58 Interest receivable 1,121 - 111,815 33,905 Taxes receivables - - - 33,252 Loans receivable - - - - Prepaid items - - - - Due from other governments - 543,259 - - Notes to RDA Successor Agency - - - - Restricted assets:

Cash and investments with fiscal agent - - - - Total assets 187,172$ 548,361 $ 18,673,033 $ 5,695,420 $ Liabilities:

Accounts payable and accrued liabilities 162,275 $ 411,823 $ - $ 26,414$ Due to the Successor Agency - - - - Due to other funds - 136,538 - - Unearned revenue - - - - Total liabilities 162,275 548,361 - 26,414 Deferred Inflows of Resources
Unavailable revenue - - - - Total deferred inflows of resources - - - - Fund Balances (Deficits):

Nonspendable - - - - Restricted 24,897 - 18,673,033 5,669,006 Assigned - - - - Unassigned (deficits) - - - - Total fund balances (deficits) 24,897 - 18,673,033 5,669,006 Total liabilities, deferred inflows of
resources and fund balances 187,172$ 548,361 $ 18,673,033 $ 5,695,420 $ (Continued)
Combining Balance Sheet
Special Revenue Funds
City of Santa Clarita
June 30, 2025
Nonmajor Governmental Funds

RESOURCES AND FUND BALANCES
ASSETS

LIABILITIES, DEFERRED INFLOWS OF
125
Street SB1 Road
Lighting Measure M Repair and
District Local Return Activity Traffic Safety
Cash and investments 19,479,850 $ 13,342,832 $ 6,418,228 $ - $ Accounts receivable, net 232,150 - - - Interest receivable 117,349 80,379 38,664 - Taxes receivables 122,037 - - 36,782 Loans receivable - - - - Prepaid items 2,757 - - - Due from other governments - - 1,108,105 - Notes to RDA Successor Agency - - - - Restricted assets:

Cash and investments with fiscal agent - - - - Total assets 19,954,143$ 13,423,211 $ 7,564,997 $ 36,782 $ Liabilities:

Accounts payable and accrued liabilities 701,962 $ 53,700 $ - $ - $ Due to the Successor Agency - - - - Due to other funds - - - 36,782 Unearned revenue - - - - Total liabilities 701,962 53,700 - 36,782 Deferred Inflows of Resources
Unavailable revenue - - - - Total deferred inflows of resources - - - - Fund Balances (Deficits):

Nonspendable 2,757 - - - Restricted 19,249,424 13,369,511 7,564,997 - Assigned - - - - Unassigned (deficits) - - - - Total fund balances (deficits) 19,252,181 13,369,511 7,564,997 - Total liabilities, deferred inflows of
resources and fund balances 19,954,143$ 13,423,211 $ 7,564,997 $ 36,782 $ (Continued)
Combining Balance Sheet (Continued)
Special Revenue Funds
City of Santa Clarita
June 30, 2025
Nonmajor Governmental Funds

RESOURCES AND FUND BALANCES
ASSETS

LIABILITIES, DEFERRED INFLOWS OF
126
BJA Law
CDBG AQMD Stormwater Enforcement
Cash and investments - $ 887,103$ 5,814,830 $ 2 $ Accounts receivable, net - - 3,472 - Interest receivable - 5,344 35,029 - Taxes receivables - - 69,390 - Loans receivable - - - - Prepaid items - - 17,849 - Due from other governments 665,898 80,207 - - Notes to RDA Successor Agency - - - - Restricted assets:

Cash and investments with fiscal agent - - - - Total assets 665,898$ 972,654 $ 5,940,570 $ 2 $ Liabilities:

Accounts payable and accrued liabilities 611,674 $ 330,278 $ 308,317 $ - $ Due to the Successor Agency - - - - Due to other funds 60,086 - - - Unearned revenue - - - - Total liabilities 671,760 330,278 308,317 - Deferred Inflows of Resources
Unavailable revenue 1,316 - - - Total deferred inflows of resources 1,316 - - - Fund Balances (Deficits):

Nonspendable - - 17,849 - Restricted - 642,376 5,614,404 2 Assigned - - - - Unassigned (deficits) (7,178) - - - Total fund balances (deficits) (7,178) 642,376 5,632,253 2 Total liabilities, deferred inflows of
resources and fund balances 665,898$ 972,654 $ 5,940,570 $ 2 $ (Continued)
Special Revenue Funds
Combining Balance Sheet (Continued)
City of Santa Clarita
June 30, 2025
Nonmajor Governmental Funds

RESOURCES AND FUND BALANCES
ASSETS

LIABILITIES, DEFERRED INFLOWS OF
127
Public
Supplemental Education and
Law Grant HOME Government Proposition C
Cash and investments 932,611 $ 1,049,406 $ 1,029,095 $ 14,488,484 $ Accounts receivable, net - - - - Interest receivable 5,618 6,323 6,198 87,280 Taxes receivables - - 82,950 - Loans receivable - 1,848,786 - - Prepaid items - - - - Due from other governments - - - 506,288 Notes to RDA Successor Agency - - - - Restricted assets:

Cash and investments with fiscal agent - - - - Total assets 938,229$ 2,904,515 $ 1,118,243 $ 15,082,052 $ Liabilities:

Accounts payable and accrued liabilities 89,960 $ - $ - $ 81,600$ Due to the Successor Agency - - - - Due to other funds - - - 506,288 Unearned revenue - - - - Total liabilities 89,960 - - 587,888 Deferred Inflows of Resources
Unavailable revenue - - - 506,288 Total deferred inflows of resources - - - 506,288 Fund Balances (Deficits):

Nonspendable - - - - Restricted 848,269 2,904,515 1,118,243 13,987,876 Assigned - - - - Unassigned (deficits) - - - - Total fund balances (deficits) 848,269 2,904,515 1,118,243 13,987,876 Total liabilities, deferred inflows of
resources and fund balances 938,229$ 2,904,515 $ 1,118,243 $ 15,082,052 $ (Continued)
ASSETS

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
Special Revenue Funds
128
Measure H
Homeless Measure M
Initiatives Federal Grants Measure R ATP
Cash and investments - $ - $ 7,417,487$ - $ Accounts receivable, net - - - - Interest receivable - - 44,684 - Taxes receivables - - - - Loans receivable - - - - Prepaid items - - - - Due from other governments 6,306 606,491 - 232,275 Notes to RDA Successor Agency - - - - Restricted assets:

Cash and investments with fiscal agent - - - - Total assets 6,306$ 606,491 $ 7,462,171 $ 232,275 $ Liabilities:

Accounts payable and accrued liabilities 378 $ 78,564 $ 1,741,163 $ 36,664 $ Due to the Successor Agency - - - - Due to other funds 5,928 8,818 - 192,724 Unearned revenue - - - - Total liabilities 6,306 87,382 1,741,163 229,388 Deferred Inflows of Resources
Unavailable revenue 127 103,148 - 232,275 Total deferred inflows of resources 127 103,148 - 232,275 Fund Balances (Deficits):

Nonspendable - - - - Restricted - 415,961 5,721,008 - Assigned - - - - Unassigned (deficits) (127) - - (229,388) Total fund balances (deficits) (127) 415,961 5,721,008 (229,388) Total liabilities, deferred inflows of
resources and fund balances 6,306$ 606,491 $ 7,462,171 $ 232,275 $ (Continued)
ASSETS

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
Special Revenue Funds
129
Measure W Tourism
Measure A Safe Clean Marketing
Safe Parks Water District OSPD
Cash and investments - $ 10,858,906$ 1,257,592 $ 8,117,857 $ Accounts receivable, net - - - - Interest receivable - 65,415 7,576 48,903 Taxes receivables - - 94,640 43,022 Loans receivable - - - - Prepaid items - - 48,264 - Due from other governments 243,666 - - - Notes to RDA Successor Agency - - - - Restricted assets:

Cash and investments with fiscal agent - - - - Total assets 243,666$ 10,924,321 $ 1,408,072 $ 8,209,782 $ Liabilities:

Accounts payable and accrued liabilities - $ 183,339$ 65,566 $ 136,527 $ Due to the Successor Agency - - - - Due to other funds 233,369 - - - Unearned revenue - - - - Total liabilities 233,369 183,339 65,566 136,527 Deferred Inflows of Resources
Unavailable revenue 243,666 - - - Total deferred inflows of resources 243,666 - - - Fund Balances (Deficits):

Nonspendable - - 48,264 - Restricted - 10,740,982 1,294,242 8,073,255 Assigned - - - - Unassigned (deficits) (233,369) - - - Total fund balances (deficits) (233,369) 10,740,982 1,342,506 8,073,255 Total liabilities, deferred inflows of
resources and fund balances 243,666$ 10,924,321 $ 1,408,072 $ 8,209,782 $ (Continued)
ASSETS

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
Special Revenue Funds
130
Housing Tourism
Miscellaneous Park Successor Marketing
Grants Dedication Agency Bureau
Cash and investments 1,150,709 $ 6,671,584 $ 1,369,043 $ 68,012 $ Accounts receivable, net - - - - Interest receivable - 40,190 8,945 410 Taxes receivables - - - - Loans receivable - - - - Prepaid items 31,119 - - - Due from other governments 653,745 - - - Notes to RDA Successor Agency - - - - Restricted assets:

Cash and investments with fiscal agent - - - - Total assets 1,835,573$ 6,711,774 $ 1,377,988 $ 68,422 $ Liabilities:

Accounts payable and accrued liabilities 32,017 $ 116,574 $ - $ - $ Due to the Successor Agency - - 34,479 - Due to other funds - - - - Unearned revenue 594,630 - - - Total liabilities 626,647 116,574 34,479 - Deferred Inflows of Resources
Unavailable revenue 1,559,758 - - Total deferred inflows of resources 1,559,758 - - - Fund Balances (Deficits):

Nonspendable 31,119 - - - Restricted - 6,595,200 1,343,509 68,422 Assigned - - - - Unassigned (deficits) (381,951) - - - Total fund balances (deficits) (350,832) 6,595,200 1,343,509 68,422 Total liabilities, deferred inflows of
resources and fund balances 1,835,573$ 6,711,774 $ 1,377,988 $ 68,422 $ (Continued)
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
Special Revenue Funds
ASSETS

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
131
Santa Clarita
Cooper St VC Public
Parking Wastewater Television
Areawide CFD 2020-1 Standby District Authority
Cash and investments 10,233,119 $ 288,272 $ 3,053,867 $ 181 $ Accounts receivable, net 14,929 - - - Interest receivable 41,808 - 18,397 - Taxes receivables 211,860 - 215,621 - Loans receivable - - - - Prepaid items 335,373 - - - Due from other governments - - - - Notes to RDA Successor Agency - - - - Restricted assets:

Cash and investments with fiscal agent - - - - Total assets 10,837,089$ 288,272 $ 3,287,885 $ 181 $ Liabilities:

Accounts payable and accrued liabilities 1,603,985 $ 1,413 $ 171,468 $ - $ Due to the Successor Agency - - - - Due to other funds - - - - Unearned revenue - - - - Total liabilities 1,603,985 1,413 171,468 - Deferred Inflows of Resources
Unavailable revenue - -
Total deferred inflows of resources - - - - Fund Balances (Deficits):

Nonspendable 335,373 - - - Restricted 8,897,731 286,859 3,116,417 181 Assigned - - - - Unassigned (deficits) - - - - Total fund balances (deficits) 9,233,104 286,859 3,116,417 181 Total liabilities, deferred inflows of
resources and fund balances 10,837,089$ 288,272 $ 3,287,885 $ 181 $ (Continued)
ASSETS

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
Special Revenue Funds
132
Tesoro
Developer Public American Open Space
Fees Library Rescue Plan Maintenance
Cash and investments 2,262,766 $ 10,565,384 $ 49,892 $ 43,954 $ Accounts receivable, net - - - - Interest receivable 13,631 63,647 - - Taxes receivables - 239,470 - - Loans receivable - - - - Prepaid items - - - - Due from other governments - - - - Notes to RDA Successor Agency 7,868,635 - - - Restricted assets:

Cash and investments with fiscal agent - - - - Total assets 10,145,032$ 10,868,501 $ 49,892 $ 43,954 $ Liabilities:

Accounts payable and accrued liabilities 14,880 $ 401,328 $ 23,868 $ - $ Due to the Successor Agency - - - - Due to other funds - - - - Unearned revenue - - 26,024 - Total liabilities 14,880 401,328 49,892 - Deferred Inflows of Resources
Unavailable revenue - - - - Total deferred inflows of resources - - - - Fund Balances (Deficits):

Nonspendable 7,868,635 - - - Restricted 2,213,222 10,467,173 - 43,954 Assigned 48,295 - - - Unassigned (deficits) - - - Total fund balances (deficits) 10,130,152 10,467,173 - 43,954 Total liabilities, deferred inflows of
resources and fund balances 10,145,032$ 10,868,501 $ 49,892 $ 43,954 $ (Continued)
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
Special Revenue Funds
ASSETS

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
133
Debt Service Fund
General Public Total Nonmajor
Capital Civic Financing Governmental
Projects Arts Projects Authority Funds
Cash and investments 2,498,752 $ 296,327 $ 1,081,798 $ 155,103,417 $ Accounts receivable, net - - - 255,711 Interest receivable - 460 - 883,091 Taxes receivables - - - 1,149,024 Loans receivable - - - 1,848,786 Prepaid items - - - 435,362 Due from other governments - - - 4,646,240 Notes to RDA Successor Agency - - - 7,868,635 Restricted assets:

Cash and investments with fiscal agent - - 3,968 3,968 Total assets 2,498,752$ 296,787 $ 1,085,766 $ 172,194,234 $ Liabilities:

Accounts payable and accrued liabilities 1,143,820 $ - $ - $ 8,529,557$ Due to the Successor Agency - - - 34,479 Due to other funds - - - 1,180,533 Unearned revenue - - - 620,654 Total liabilities 1,143,820 - - 10,365,223 Deferred Inflows of Resources
Unavailable revenue - - 2,646,578 Total deferred inflows of resources - - - 2,646,578 Fund Balances (Deficits):

Nonspendable - - - 8,303,997 Restricted - - 1,085,766 150,030,435 Assigned 1,354,932 296,787 - 1,700,014 Unassigned (deficits) - - - (852,013) Total fund balances (deficits) 1,354,932 296,787 1,085,766 159,182,433 Total liabilities, deferred inflows of
resources and fund balances 2,498,752$ 296,787 $ 1,085,766 $ 172,194,234 $ (Concluded)
Capital Projects Funds
City of Santa Clarita
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
ASSETS

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
134
Special
Bikeway Gas Tax Proposition A Assessment
REVENUES:

Taxes - $ - $ - $ - $ Special assessments - - - 837,912 Intergovernmental 212,616 6,362,711 6,052,596 - Charges for services - - - - Investment income 8,358 521 1,052,084 294,381 Fines and forfeitures - 5,681 - - Developer fees - - - - Other revenue - - - 77 Total revenues 220,974 6,368,913 7,104,680 1,132,370 EXPENDITURES:

Current:

General government - - - - Public safety - - - - Public works - 6,641,214 - - Community development - - - - Neighborhood services - - - 305,230 Capital outlay 267,527 372,281 773,007 - Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 267,527 7,013,495 773,007 305,230

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (46,553) (644,582) 6,331,673 827,140 OTHER FINANCING SOURCES (USES):

Issuance of debt - - - - Transfers in - 711,582 - - Transfers out - (67,000) (5,000,000) - Total other financing sources (uses) - 644,582 (5,000,000) - NET CHANGES IN FUND BALANCES (46,553) - 1,331,673 827,140 FUND BALANCES (DEFICITS):

Beginning of year, as previously reported 71,450 - 17,341,360 4,841,866 Change within financial reporting entity
Nonmajor to major funds - - - - Beginning of year, as restated (Note 19) 71,450 - 17,341,360 4,841,866 End of year 24,897$ - $ 18,673,033$ 5,669,006 $ (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, 2025
135
Street SB1 Road
Lighting Measure M Repair and
District Local Return Activity TDA
REVENUES:

Taxes - $ - $ - $ Special assessments 6,875,266 - - Intergovernmental - 4,264,951 6,288,172 Charges for services - - - Investment income 1,015,538 714,999 320,297 Fines and forfeitures 542,024 - - Developer fees - - - Other revenue - - - Total revenues 8,432,828 4,979,950 6,608,469 EXPENDITURES:

Current:

General government 3,146,533 - - Public safety - - - Public works 1,863,104 - - Community development - - - Neighborhood services - - - Capital outlay 501,715 3,846,748 5,645,635 Debt service:

Principal retirement - - - Interest and fiscal charges - - - Total expenditures 5,511,352 3,846,748 5,645,635

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 2,921,476 1,133,202 962,834 OTHER FINANCING SOURCES (USES):

Issuance of debt - - - Transfers in - - - Transfers out (960,637) - - Total other financing sources (uses) (960,637) - - NET CHANGES IN FUND BALANCES 1,960,839 1,133,202 962,834 FUND BALANCES (DEFICITS):

Beginning of year, as previously reported 17,291,342 12,236,309 6,602,163 (653,965) Change within financial reporting entity
Nonmajor to major funds - - - 653,965 Beginning of year, as restated (Note 19) 17,291,342 12,236,309 6,602,163 - End of year 19,252,181$ 13,369,511 $ 7,564,997 $ - $ (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, 2025
Special Revenue Funds
136
Traffic Safety CDBG AQMD Stormwater
REVENUES:

Taxes - $ - $ - $ - $ Special assessments - - - 4,457,483 Intergovernmental - 2,923,273 307,144 - Charges for services - - - 20,581 Investment income - - 42,569 304,965 Fines and forfeitures 501,540 - - - Developer fees - - - - Other revenue - - - 351,352 Total revenues 501,540 2,923,273 349,713 5,134,381 EXPENDITURES:

Current:

General government - - - - Public safety - - - - Public works - - - - Community development - 1,165,676 - - Neighborhood services - - 17,419 4,335,919 Capital outlay - 1,758,913 328,479 - Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures - 2,924,589 345,898 4,335,919

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 501,540 (1,316) 3,815 798,462 OTHER FINANCING SOURCES (USES):

Issuance of debt - - - - Transfers in - - - 3,690 Transfers out (501,540) - - (514,727) Total other financing sources (uses) (501,540) - - (511,037) NET CHANGES IN FUND BALANCES - (1,316) 3,815 287,425 FUND BALANCES (DEFICITS):

Beginning of year, as previously reported - (5,862) 638,561 5,344,828 Change within financial reporting entity
Nonmajor to major funds - - - - Beginning of year, as restated (Note 19) - (5,862) 638,561 5,344,828 End of year -$ (7,178)$ 642,376 $ 5,632,253 $ (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, 2025
Special Revenue Funds
137
Public
BJA Law Supplemental Education and
Enforcement Law Grant HOME Government
REVENUES:

Taxes - $ - $ - $ 435,975$ Special assessments - - - - Intergovernmental 20,317 695,336 - - Charges for services - - - - Investment income - 48,310 56,732 51,720 Fines and forfeitures - - - - Developer fees - - - - Other revenue - - 44,067 - Total revenues 20,317 743,646 100,799 487,695 EXPENDITURES:

Current:

General government - - - 262,178 Public safety 20,317 497,425 - - Public works - - - - Community development - - - - Neighborhood services - - - - Capital outlay - - 9,000 - Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 20,317 497,425 9,000 262,178

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES - 246,221 91,799 225,517 OTHER FINANCING SOURCES (USES):

Issuance of debt - - - - Transfers in - - - - Transfers out - - - - Total other financing sources (uses) - - - - NET CHANGES IN FUND BALANCES - 246,221 91,799 225,517 FUND BALANCES (DEFICITS):

Beginning of year, as previously reported 2 602,048 2,812,716 892,726 Change within financial reporting entity
Nonmajor to major funds - - - - Beginning of year, as restated (Note 19) 2 602,048 2,812,716 892,726 End of year 2$ 848,269$ 2,904,515 $ 1,118,243 $ (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, 2025
Special Revenue Funds
138
Measure H
Homeless
Proposition C Initiatives Federal Grants Measure R
REVENUES:

Taxes - $ - $ - $ - $ Special assessments - - - - Intergovernmental 5,020,143 330,384 1,351,982 3,764,410 Charges for services - - - - Investment income 712,911 - - 422,948 Fines and forfeitures - - - - Developer fees - - - - Other revenue - - - - Total revenues 5,733,054 330,384 1,351,982 4,187,358 EXPENDITURES:

Current:

General government - - - - Public safety - - - - Public works - - - - Community development - 330,510 - - Neighborhood services - - - - Capital outlay 742,808 - 1,266,686 6,645,508 Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 742,808 330,510 1,266,686 6,645,508

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 4,990,246 (126) 85,296 (2,458,150) OTHER FINANCING SOURCES (USES):

Issuance of debt - - - - Transfers in - - - - Transfers out - (33,977) - - Total other financing sources (uses) - (33,977) - - NET CHANGES IN FUND BALANCES 4,990,246 (34,103) 85,296 (2,458,150) FUND BALANCES (DEFICITS):

Beginning of year, as previously reported 8,997,630 33,976 330,665 8,179,158 Change within financial reporting entity
Nonmajor to major funds - - - - Beginning of year, as restated (Note 19) 8,997,630 33,976 330,665 8,179,158 End of year 13,987,876$ (127) $ 415,961$ 5,721,008 $ (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, 2025
Special Revenue Funds
139
Measure R Measure W
Highway Measure M Measure A Safe Clean
Improvement ATP Safe Parks Water
REVENUES:

Taxes - $ - $ - $ 3,298,931$ Special assessments - - - Intergovernmental 687,294 - - Charges for services - - - Investment income - - 520,383 Fines and forfeitures - - - Developer fees - - - Other revenue - - - Total revenues - 687,294 - 3,819,314 EXPENDITURES:

Current:

General government - - - Public safety - - - Public works - - - Community development - - - Neighborhood services - - 184,628 Capital outlay 817,422 - 1,030,308 Debt service:

Principal retirement - - - Interest and fiscal charges - - - Total expenditures - 817,422 - 1,214,936

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES - (130,128) - 2,604,378 OTHER FINANCING SOURCES (USES):

Issuance of debt - - - Transfers in - - - Transfers out - (232,741) - Total other financing sources (uses) - - (232,741) - NET CHANGES IN FUND BALANCES (130,128) (232,741) 2,604,378 FUND BALANCES (DEFICITS):

Beginning of year, as previously reported (1,067,700) (99,260) (628) 8,136,604 Change within financial reporting entity
Nonmajor to major funds 1,067,700 - - - Beginning of year, as restated (Note 19) - (99,260) (628) 8,136,604 End of year -$ (229,388)$ (233,369) $ 10,740,982 $ (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, 2025
Special Revenue Funds
140
Tourism
Marketing Miscellaneous Park
District OSPD Grants Dedication
REVENUES:

Taxes - $ - $ - $ - $ Special assessments - 3,395,652 - - Intergovernmental - - 600,469 - Charges for services 1,059,746 - - - Investment income 63,558 433,558 - 318,666 Fines and forfeitures - - - - Developer fees - - - 1,880,081 Other revenue - 58 - - Total revenues 1,123,304 3,829,268 600,469 2,198,747 EXPENDITURES:

Current:

General government - - - - Public safety - - - - Public works - - - - Community development 875,871 - 4,397 - Neighborhood services - 1,125,697 60,015 - Capital outlay - 2,145,709 698,600 284,774 Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 875,871 3,271,406 763,012 284,774

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 247,433 557,862 (162,543) 1,913,973 OTHER FINANCING SOURCES (USES):

Issuance of debt - - - - Transfers in - - - - Transfers out - (967,639) - - Total other financing sources (uses) - (967,639) - - NET CHANGES IN FUND BALANCES 247,433 (409,777) (162,543) 1,913,973 FUND BALANCES (DEFICITS):

Beginning of year, as previously reported 1,095,073 8,483,032 (188,289) 4,681,227 Change within financial reporting entity
Nonmajor to major funds - - - - Beginning of year, as restated (Note 19) 1,095,073 8,483,032 (188,289) 4,681,227 End of year 1,342,506$ 8,073,255 $ (350,832) $ 6,595,200 $ (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, 2025
Special Revenue Funds
141
Housing Tourism Cooper St
Successor Marketing Parking
Agency Bureau Areawide CFD 2020-1
REVENUES:

Taxes - $ - $ - $ - $ Special assessments - - 9,084,075 19,371 Intergovernmental - - - - Charges for services - 9,566 - - Investment income 80,310 3,688 281,567 - Fines and forfeitures - - 4,577 - Developer fees - - - - Other revenue - - - - Total revenues 80,310 13,254 9,370,219 19,371 EXPENDITURES:

Current:

General government - - 6,553,602 - Public safety - - - - Public works - - - - Community development - 8,757 - - Neighborhood services - - 15,898,421 178,576 Capital outlay - - 892,403 - Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures - 8,757 23,344,426 178,576

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 80,310 4,497 (13,974,207) (159,205) OTHER FINANCING SOURCES (USES):

Issuance of debt - - - - Transfers in 277,203 - 15,571,227 - Transfers out (115,762) - - - Total other financing sources (uses) 161,441 - 15,571,227 - NET CHANGES IN FUND BALANCES 241,751 4,497 1,597,020 (159,205) FUND BALANCES (DEFICITS):

Beginning of year, as previously reported 1,101,758 63,925 7,636,084 446,064 Change within financial reporting entity
Nonmajor to major funds - - - - Beginning of year, as restated (Note 19) 1,101,758 63,925 7,636,084 446,064 End of year 1,343,509$ 68,422 $ 9,233,104 $ 286,859 $ (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, 2025
Special Revenue Funds
142
Santa Clarita
VC Public
Wastewater Television Developer Public
Standby District Authority Fees Library
REVENUES:

Taxes - $ - $ - $ 10,503,147$ Special assessments 1,705,154 - - - Intergovernmental - 414,416 - - Charges for services - - - 295,328 Investment income 154,218 1,932 124,946 503,542 Fines and forfeitures - - - - Developer fees - - - - Other revenue 248 - 189,597 204,348 Total revenues 1,859,620 416,348 314,543 11,506,365 EXPENDITURES:

Current:

General government 2,008 342,200 - - Public safety - - - - Public works - - - - Community development - - - - Neighborhood services 1,115,761 - - 8,554,647 Capital outlay - 94,071 59,085 163,651 Debt service:

Principal retirement - 73,605 - 214,282 Interest and fiscal charges - 409 - 6,886 Total expenditures 1,117,769 510,285 59,085 8,939,466

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 741,851 (93,937) 255,458 2,566,899 OTHER FINANCING SOURCES (USES):

Issuance of debt - 94,071 - 93,448 Transfers in - - - - Transfers out - - - - Total other financing sources (uses) - 94,071 - 93,448 NET CHANGES IN FUND BALANCES 741,851 134 255,458 2,660,347 FUND BALANCES (DEFICITS):

Beginning of year, as previously reported 2,374,566 47 9,874,694 7,806,826 Change within financial reporting entity
Nonmajor to major funds - - - - Beginning of year, as restated (Note 19) 2,374,566 47 9,874,694 7,806,826 End of year 3,116,417$ 181 $ 10,130,152$ 10,467,173 $ (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, 2025
Special Revenue Funds
143
Tesoro General
American Open Space Capital Civic
Rescue Plan Maintenance Projects Arts Projects
REVENUES:

Taxes - $ - $ - $ - $ Special assessments - 42,822 - - Intergovernmental 133,192 - - - Charges for services - - - - Investment income - 1,132 - 7,910 Fines and forfeitures - - - - Developer fees - - - - Other revenue - - 49,499 - Total revenues 133,192 43,954 49,499 7,910 EXPENDITURES:

Current:

General government - - - - Public safety - - - - Public works - - - - Community development - - - - Neighborhood services - - - - Capital outlay 133,192 - 4,050,808 160,501 Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 133,192 - 4,050,808 160,501

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES - 43,954 (4,001,309) (152,591) OTHER FINANCING SOURCES (USES):

Issuance of debt - - - - Transfers in - - 3,873,231 219,936 Transfers out - - - - Total other financing sources (uses) - - 3,873,231 219,936 NET CHANGES IN FUND BALANCES - 43,954 (128,078) 67,345 FUND BALANCES (DEFICITS):

Beginning of year, as previously reported - - 1,483,010 229,442 Change within financial reporting entity
Nonmajor to major funds - - - - Beginning of year, as restated (Note 19) - - 1,483,010 229,442 End of year -$ 43,954$ 1,354,932 $ 296,787 $ (Continued)
Capital Projects Funds
City of Santa Clarita
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2025
Special Revenue Fund
144
Debt Service Fund
Public Total Nonmajor
Financing Governmental
Authority Funds
REVENUES:

Taxes -$ 14,238,053$
Special assessments - 26,417,735 Intergovernmental - 39,429,406 Charges for services - 1,385,221 Investment income 6,942 7,548,685
Fines and forfeitures - 1,053,822 Developer fees - 1,880,081
Other revenue - 839,246
Total revenues 6,942 92,792,249
EXPENDITURES:

Current:

General government - 10,306,521 Public safety - 517,742
Public works - 8,504,318
Community development - 2,385,211 Neighborhood services - 31,776,313 Capital outlay - 32,688,831
Debt service:

Principal retirement 2,895,000 3,182,887
Interest and fiscal charges 3,075,983 3,083,278 Total expenditures 5,970,983 92,445,101

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (5,964,041) 347,148
OTHER FINANCING SOURCES (USES):

Issuance of debt - 187,519
Transfers in 5,963,600 26,620,469
Transfers out - (8,394,023)
Total other financing sources (uses) 5,963,600 18,413,965 NET CHANGES IN FUND BALANCES (441) 18,761,113 FUND BALANCES (DEFICITS):

Beginning of year, as previously reported 1,086,207 138,699,655 Change within financial reporting entity
Nonmajor to major funds - 1,721,665 Beginning of year, as restated (Note 19) 1,086,207 140,421,320 End of year 1,085,766$ 159,182,433 $
(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, 2025
145
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 250,000 $ 231,924 $ 212,616 $ (19,308) $ Investment earnings - - 8,358 8,358 Total revenues 250,000 231,924 220,974 (10,950) EXPENDITURES:

Capital improvement projects 250,000 511,297 267,527 243,770 Total expenditures 250,000 511,297 267,527 243,770 NET CHANGE IN FUND BALANCE -$ (279,373)$ (46,553) 232,820 $ FUND BALANCE:

Beginning of year 71,450
End of yea
r 24,897$
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, 2025
146
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 6,276,032 $ 6,449,590 $ 6,362,711 $ (86,879) $ Investment earnings - - 521 521 Fines and forfeitures - - 5,681 5,681 Total revenues 6,276,032 6,449,590 6,368,913 (80,677) EXPENDITURES:

Operating:

Personnel 2,995,926 3,004,709 2,864,242 140,467 Operations and maintenance 3,832,858 3,832,858 3,776,973 55,885 Capital outlay 290,000 430,000 372,049 57,951 Capital improvement projects - 3,095 231 2,864 Total expenditures 7,118,784 7,270,662 7,013,495 257,167

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (842,752) (821,072) (644,582) 176,490 OTHER FINANCING SOURCES (USES):

Transfers in 6,714,005 929,435 711,582 (217,853) Transfers out (67,000) (67,000) (67,000) - Total other financing sources (uses) 6,647,005 862,435 644,582 (217,853) NET CHANGE IN FUND BALANCE 5,804,253$ 41,363 $ - (41,363)$ 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 Gas Tax Special Revenue Fund
For the Year Ended June 30, 2025
147
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 6,487,662 $ 5,964,140 $ 6,052,596 $ 88,456 $ Investment earnings 582,759 582,759 1,052,084 469,325 Total revenues 7,070,421 6,546,899 7,104,680 557,781 EXPENDITURES:

Capital improvement projects - 773,009 773,007 2 Total expenditures - 773,009 773,007 2

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 7,070,421 5,773,890 6,331,673 557,783 OTHER FINANCING (USES):

Transfers out - (5,000,000) (5,000,000) - Total other financing (uses) - (5,000,000) (5,000,000) - NET CHANGE IN FUND BALANCE 7,070,421$ 773,890 $ 1,331,673 557,783 $ FUND BALANCE:

Beginning of year 17,341,360
End of yea
r 18,673,033$
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, 2025
148
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Special assessments 740,826 $ 740,826 $ 837,912 $ 97,086 $ Investment earnings 154,753 154,753 294,381 139,628 Other revenue - - 77 77 Total revenues 895,579 895,579 1,132,370 236,791 EXPENDITURES:

Operating:

Personnel 66,519 66,443 64,462 1,981 Operations and maintenance 383,691 398,105 240,768 157,337 Capital outlay - 40,000 - 40,000 Total expenditures 450,210 504,548 305,230 199,318 NET CHANGE IN FUND BALANCE 445,369$ 391,031 $ 827,140 436,109 $ FUND BALANCE:

Beginning of year 4,841,866
End of yea
r 5,669,006$
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, 2025
149
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Special assessments 6,640,004 $ 6,640,004 $ 6,875,266 $ 235,262 $ Investment earnings 570,638 570,638 1,015,538 444,900 Fines and forfeitures 475,000 475,000 542,024 67,024 Other revenues 5,000 5,000 - (5,000) Total revenues 7,690,642 7,690,642 8,432,828 742,186 EXPENDITURES:

Operating:

Personnel 397,187 371,678 374,502 (2,824) Operations and maintenance 4,624,034 4,640,834 4,635,135 5,699 Capital improvement projects 500,000 508,400 501,715 6,685 Total expenditures 5,521,221 5,520,912 5,511,352 9,560

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 2,169,421 2,169,730 2,921,476 751,746 OTHER FINANCING (USES):

Transfers out (961,922) (961,922) (960,637) 1,285 Total other financing (uses) (961,922) (961,922) (960,637) 1,285 NET CHANGE IN FUND BALANCE 1,207,499$ 1,207,808 $ 1,960,839 753,031 $ FUND BALANCE:

Beginning of year 17,291,342
End of yea
r 19,252,181$
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, 2025
150
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 4,574,143 $ 4,205,730 $ 4,264,951 $ 59,221 $ Investment earnings - - 714,999 714,999 Total revenues 4,574,143 4,205,730 4,979,950 774,220 EXPENDITURES:

Capital improvement projects 11,512,157 16,398,981 3,846,748 12,552,233 Total expenditures 11,512,157 16,398,981 3,846,748 12,552,233 NET CHANGE IN FUND BALANCE (6,938,014)$ (12,193,251) $ 1,133,202 13,326,453 $ FUND BALANCE:

Beginning of year 12,236,309
End of yea
r 13,369,511$
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, 2025
151
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 5,903,107 $ 5,973,965 $ 6,288,172 $ 314,207 $ Investment earnings - - 320,297 320,297 Total revenues 5,903,107 5,973,965 6,608,469 634,504 EXPENDITURES:

Capital improvement projects 5,981,012 11,848,430 5,645,635 6,202,795 Total expenditures 5,981,012 11,848,430 5,645,635 6,202,795 NET CHANGE IN FUND BALANCE (77,905)$ (5,874,465) $ 962,834 6,837,299 $ FUND BALANCE:

Beginning of year 6,602,163
End of yea
r 7,564,997$
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, 2025
152
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Fines and forfeitures 550,000 $ 550,000 $ 501,540 $ (48,460) $ Total revenues 550,000 550,000 501,540 (48,460) OTHER FINANCING (USES):

Transfers out (550,000) (550,000) (501,540) 48,460 Total other financing (uses) (550,000) (550,000) (501,540) 48,460 NET CHANGE IN FUND BALANCE -$ - $ - - $ 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 Traffic Safety Special Revenue Fund
For the Year Ended June 30, 2025
153
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 2,687,396 $ 3,699,095 $ 2,923,273 $ (775,822) $ Total revenues 2,687,396 3,699,095 2,923,273 (775,822) EXPENDITURES:

Operating:

Personnel 198,189 192,370 182,574 9,796 Operations and maintenance 1,037,051 1,082,051 983,102 98,949 Capital improvement projects 1,452,156 2,161,973 1,758,913 403,060 Total expenditures 2,687,396 3,436,394 2,924,589 511,805 NET CHANGE IN FUND BALANCE -$ 262,701$ (1,316) (264,017) $ FUND BALANCE:

Beginning of year (5,862)
End of yea
r (7,178)$
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, 2025
154
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 302,100 $ 302,100 $ 307,144 $ 5,044 $ Investment earnings 12,724 12,724 42,569 29,845 Total revenues 314,824 314,824 349,713 34,889 EXPENDITURES:

Operating:

Operations and maintenance 22,105 21,359 17,419 3,940 Capital outlay 80,000 328,479 328,479 - Total expenditures 102,105 349,838 345,898 3,940 NET CHANGE IN FUND BALANCE 212,719$ (35,014) $ 3,815 38,829 $ FUND BALANCE:

Beginning of year 638,561
End of yea
r 642,376$
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, 2025
155
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Special assessments 4,485,481 $ 4,485,481 $ 4,457,483 $ (27,998) $ Charges for services 20,290 20,290 20,581 291 Investment earnings 131,380 131,380 304,965 173,585 Other revenues 225,570 225,570 351,352 125,782 Total revenues 4,862,721 4,862,721 5,134,381 271,660 EXPENDITURES:

Operating:

Personnel 1,634,388 1,651,340 1,610,071 41,269 Operations and maintenance 3,012,923 3,032,572 2,746,384 286,188 Capital outlay - 86,000 - 86,000 Capital improvement projects 141,507 178,280 (20,536) 198,816 Total expenditures 4,788,818 4,948,192 4,335,919 612,273

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 73,903 (85,471) 798,462 883,933 OTHER FINANCING SOURCES (USES):

Transfers in 3,690 3,690 3,690 - Transfers out (514,727) (514,727) (514,727) - Total other financing sources (uses) (511,037) (511,037) (511,037) - NET CHANGE IN FUND BALANCE (437,134)$ (596,508) $ 287,425 883,933 $ FUND BALANCE:

Beginning of year 5,344,828
End of yea
r 5,632,253$
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, 2025
156
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental - $ 20,737$ 20,317 $ (420) $ Total revenues - 20,737 20,317 (420) EXPENDITURES:

Operating:

Operations and maintenance - 20,737 20,317 420 Total expenditures - 20,737 20,317 420 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, 2025
157
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 500,000 $ 500,000 $ 695,336 $ 195,336 $ Investment earnings - - 48,310 48,310 Total revenues 500,000 500,000 743,646 243,646 EXPENDITURES:

Operating:

Operations and maintenance 574,382 574,382 497,425 76,957 Total expenditures 574,382 574,382 497,425 76,957 NET CHANGE IN FUND BALANCE (74,382)$ (74,382) $ 246,221 320,603 $ FUND BALANCE:

Beginning of year 602,048
End of yea
r 848,269$
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, 2025
158
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Investment earnings 530,314 $ - $ - $ - $ Investment earnings 29,880 29,880 56,732 26,852 Other revenue - - 44,067 44,067 Total revenues 560,194 29,880 100,799 70,919 EXPENDITURES:

Operating:

Operations and maintenance 9,000 9,000 9,000 - Capital improvement projects 530,314 530,314 - 530,314 Total expenditures 539,314 539,314 9,000 530,314 NET CHANGE IN FUND BALANCE 20,880$ (509,434) $ 91,799 601,233 $ FUND BALANCE:

Beginning of year 2,812,716
End of yea
r 2,904,515$
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, 2025
159
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Taxes 450,000 $ 450,000 $ 435,975 $ (14,025) $ Investment earnings 35,121 35,121 51,720 16,599 Total revenues 485,121 485,121 487,695 2,574 EXPENDITURES:

Operating:

Operations and maintenance 243,116 303,116 262,178 40,938 Total expenditures 243,116 303,116 262,178 40,938 NET CHANGE IN FUND BALANCE 242,005$ 182,005 $ 225,517 43,512 $ FUND BALANCE:

Beginning of year 892,726
End of yea
r 1,118,243$
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, 2025
160
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 6,992,373 $ 6,144,241 $ 5,020,143 $ (1,124,098) $ Investment earnings 310,257 310,257 712,911 402,654 Total revenues 7,302,630 6,454,498 5,733,054 (721,444) EXPENDITURES:

Capital improvement projects 2,140,858 3,337,654 742,808 2,594,846 Total expenditures 2,140,858 3,337,654 742,808 2,594,846 NET CHANGE IN FUND BALANCE 5,161,772$ 3,116,844 $ 4,990,246 1,873,402 $ FUND BALANCE:

Beginning of year 8,997,630
End of yea
r 13,987,876$
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, 2025
161
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 323,310 $ 335,217 $ 330,384 $ (4,833) $ Total revenues 323,310 335,217 330,384 (4,833) EXPENDITURES:

Operating:

Personnel - 25,979 21,272 4,707 Operations and maintenance - 309,238 309,238 - Total expenditures - 335,217 330,510 4,707

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 323,310 - (126) (126) OTHER FINANCING (USES):

Transfers out - (33,977) (33,977) - Total other financing (uses) - (33,977) (33,977) - NET CHANGE IN FUND BALANCE 323,310$ (33,977) $ (34,103) (126) $ FUND BALANCE:

Beginning of year 33,976
End of yea
r (127)$
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, 2025
162
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 2,048,104 $ 4,788,946 $ 1,351,982 $ (3,436,964) $ Total revenues 2,048,104 4,788,946 1,351,982 (3,436,964) EXPENDITURES:

Capital improvement projects 2,035,590 4,600,502 1,266,686 3,333,816 Total expenditures 2,035,590 4,600,502 1,266,686 3,333,816 NET CHANGE IN FUND BALANCE 12,514$ 188,444 $ 85,296 (103,148) $ FUND BALANCE:

Beginning of year 330,665
End of yea
r 415,961$
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, 2025
163
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 4,036,009 $ 3,709,370 $ 3,764,410 $ 55,040 $ Investment earnings - - 422,948 422,948 Total revenues 4,036,009 3,709,370 4,187,358 477,988 EXPENDITURES:

Capital improvement projects 4,225,749 11,838,120 6,645,508 5,192,612 Total expenditures 4,225,749 11,838,120 6,645,508 5,192,612 NET CHANGE IN FUND BALANCE (189,740)$ (8,128,750) $ (2,458,150) 5,670,600 $ FUND BALANCE:

Beginning of year 8,179,158
End of yea
r 5,721,008$
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, 2025
164
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 47,500 $ 6,254,687 $ 687,294 $ (5,567,393) $ Total revenues 47,500 6,254,687 687,294 (5,567,393) EXPENDITURES:

Capital improvement projects 47,500 6,154,061 817,422 5,336,639 Total expenditures 47,500 6,154,061 817,422 5,336,639 NET CHANGE IN FUND BALANCE -$ 100,626$ (130,128) (230,754) $ FUND BALANCE:

Beginning of year (99,260)
End of yea
r (229,388)$
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, 2025
165
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 213,958 $ 1,651,153 $ - $ (1,651,153)$ Total revenues 213,958 1,651,153 - (1,651,153) EXPENDITURES:

Capital improvement projects - 1,437,195 - 1,437,195 Total expenditures - 1,437,195 - 1,437,195

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 213,958 213,958 - (213,958) OTHER FINANCING (USES):

Transfers out (213,958) (232,741) (232,741) - Total other financing (uses) (213,958) (232,741) (232,741) - NET CHANGE IN FUND BALANCE -$ (18,783)$ (232,741) (213,958) $ FUND BALANCE:

Beginning of year (628)
End of yea
r (233,369)$
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, 2025
166
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Taxes 3,235,579 $ 3,235,579 $ 3,298,931 $ 63,352 $ Investment earnings 240,585 240,585 520,383 279,798 Total revenues 3,476,164 3,476,164 3,819,314 343,150 EXPENDITURES:

Operating:

Personnel 144,935 151,100 143,107 7,993 Operations and maintenance 41,521 91,521 41,521 50,000 Capital outlay - - - - Capital improvement projects 519,000 2,958,972 1,030,308 1,928,664 Total expenditures 705,456 3,201,593 1,214,936 1,986,657 NET CHANGE IN FUND BALANCE 2,770,708$ 274,571 $ 2,604,378 2,329,807 $ FUND BALANCE:

Beginning of year 8,136,604
End of yea
r 10,740,982$
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, 2025
167
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Charges for services 950,000 $ 950,000 $ 1,059,746 $ 109,746 $ Investment earnings 33,348 33,348 63,558 30,210 Total revenues 983,348 983,348 1,123,304 139,956 EXPENDITURES:

Operating:

Personnel 55,774 56,329 54,267 2,062 Operations and maintenance 833,433 853,433 821,604 31,829 Total expenditures 889,207 909,762 875,871 33,891 NET CHANGE IN FUND BALANCE 94,141$ 73,586 $ 247,433 173,847 $ FUND BALANCE:

Beginning of year 1,095,073
End of yea
r 1,342,506$
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, 2025
168
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Special assessments 3,356,853 $ 3,356,853 $ 3,395,652 $ 38,799 $ Charges for services 85,530 85,530 - (85,530) Investment earnings 287,155 287,155 433,558 146,403 Other revenues - - 58 58 Total revenues 3,729,538 3,729,538 3,829,268 99,730 EXPENDITURES:

Operating:

Personnel 541,906 532,276 489,947 42,329 Operations and maintenance 535,567 693,083 635,750 57,333 Capital outlay - 3,234,463 2,083,353 1,151,110 Capital improvement projects - 68,445 62,356 6,089 Total expenditures 1,077,473 4,528,267 3,271,406 1,256,861

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 2,652,065 (798,729) 557,862 1,356,591 OTHER FINANCING (USES):

Transfers out (967,639) (967,639) (967,639) - Total other financing (uses) (967,639) (967,639) (967,639) - NET CHANGE IN FUND BALANCE 1,684,426$ (1,766,368) $ (409,777) 1,356,591 $ FUND BALANCE:

Beginning of year 8,483,032
End of yea
r 8,073,255$
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, 2025
169
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 801,850 $ 3,621,949 $ 600,469 $ (3,021,480) $ Total revenues 801,850 3,621,949 600,469 (3,021,480) EXPENDITURES:

Operating:

Personnel 20,655 - - - Operations and maintenance 69,384 353,769 64,412 289,357 Capital outlay - 1,507,138 - 1,507,138 Capital improvement projects 1,123,850 835,330 698,600 136,730 Total expenditures 1,213,889 2,696,237 763,012 1,933,225 NET CHANGE IN FUND BALANCE (412,039)$ 925,712 $ (162,543) (1,088,255) $ FUND BALANCE:

Beginning of year (188,289)
End of year (350,832)$
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, 2025
170
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Investment earnings 64,285 $ 64,285 $ 318,666 $ 254,381 $ Developer fees - - 1,880,081 1,880,081 Total revenues 64,285 64,285 2,198,747 2,134,462 EXPENDITURES:

Capital improvement projects 3,670,000 4,578,011 284,774 4,293,237 Total expenditures 3,670,000 4,578,011 284,774 4,293,237 NET CHANGE IN FUND BALANCE (3,605,715)$ (4,513,726) $ 1,913,973 6,427,699 $ FUND BALANCE:

Beginning of year 4,681,227
End of yea
r 6,595,200$
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, 2025
171
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Investment earnings - $ - $ 80,310$ 80,310 $ Total revenues - - 80,310 80,310 OTHER FINANCING SOURCES (USES):

Transfers in 277,203 277,203 277,203 - Transfers out - (115,762) (115,762) - Total other financing sources (uses) 277,203 161,441 161,441 - NET CHANGE IN FUND BALANCE 277,203$ 161,441 $ 241,751 80,310 $ FUND BALANCE:

Beginning of year 1,101,758
End of yea
r 1,343,509$
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, 2025
172
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Charges for services 8,000 $ 8,000 $ 9,566 $ 1,566 $ Investment earnings - - 3,688 3,688 Total revenues 8,000 8,000 13,254 5,254 EXPENDITURES:

Operating:

Operations and maintenance 9,274 9,274 8,757 517 Total expenditures 9,274 9,274 8,757 517 NET CHANGE IN FUND BALANCE (1,274)$ (1,274) $ 4,497 5,771 $ FUND BALANCE:

Beginning of year 63,925
End of yea
r 68,422$
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, 2025
173
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Special assessments 8,679,479 $ 8,679,479 $ 9,084,075 $ 404,596 $ Investment earnings 135,806 135,806 281,567 145,761 Fines and forfeitures - - 4,577 4,577 Total revenues 8,815,285 8,815,285 9,370,219 554,934 EXPENDITURES:

Operating:

Personnel 6,987,607 7,166,213 6,972,752 193,461 Operations and maintenance 15,462,481 15,828,109 15,483,186 344,923 Capital outlay - 6,665 6,665 - Capital improvement projects 7,840,138 5,622,038 881,823 4,740,215 Total expenditures 30,290,226 28,623,025 23,344,426 5,278,599

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (21,474,941) (19,807,740) (13,974,207) 5,833,533 OTHER FINANCING SOURCES:

Transfers in 15,182,571 15,868,838 15,571,227 (297,611) Total other financing sources 15,182,571 15,868,838 15,571,227 (297,611) NET CHANGE IN FUND BALANCE (6,292,370)$ (3,938,902) $ 1,597,020 5,535,922 $ FUND BALANCE:

Beginning of year 7,636,084
End of yea
r 9,233,104$
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, 2025
174
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Special assessments 452,972 $ 452,972 $ 19,371 $ (433,601) $ Total revenues 452,972 452,972 19,371 (433,601) EXPENDITURES:

Operating:

Operations and maintenance 405,595 451,224 178,626 272,598 Total expenditures 405,595 451,224 178,626 272,598 NET CHANGE IN FUND BALANCE 47,377$ 1,748 $ (159,255) (161,003) $ FUND BALANCE:

Beginning of year 446,064
End of yea
r 286,809$
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, 2025
175
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Investment earnings 265,600 $ 265,600 $ 124,946 $ (140,654) $ Other revenues - - 189,597 189,597 Total revenues 265,600 265,600 314,543 48,943 EXPENDITURES:

Capital improvement projects 1,069,686 1,206,726 59,085 1,147,641 Total expenditures 1,069,686 1,206,726 59,085 1,147,641

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (804,086) (941,126) 255,458 1,196,584 OTHER FINANCING (USES):

Transfers out (58,000) (75,000) - 75,000 Total other financing (uses) (58,000) (75,000) - 75,000 NET CHANGE IN FUND BALANCE (862,086)$ (1,016,126) $ 255,458 1,271,584 $ FUND BALANCE:

Beginning of year 9,874,694
End of yea
r 10,130,152$
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, 2025
176
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Special assessments 1,035,513 $ 1,035,513 $ 1,705,154 $ 669,641 $ Investment earnings 92,540 92,540 154,218 61,678 Other revenue - - 248 248 Total revenues 1,128,053 1,128,053 1,859,620 731,567 EXPENDITURES:

Operating:

Operations and maintenance 818,080 1,061,617 1,117,769 (56,152) Total expenditures 818,080 1,061,617 1,117,769 (56,152) NET CHANGE IN FUND BALANCE 309,973$ 66,436 $ 741,851 675,415 $ FUND BALANCE:

Beginning of year 2,374,566
End of yea
r 3,116,417$
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, 2025
177
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Taxes 10,350,000 $ 10,350,000 $ 10,503,147 $ 153,147 $ Charges for services 290,100 290,100 295,328 5,228 Investment earnings 246,029 246,029 503,542 257,513 Other revenues 89,000 115,000 204,348 89,348 Total revenues 10,975,129 11,001,129 11,506,365 505,236 EXPENDITURES:

Operating:

Personnel 5,919,789 5,832,528 5,152,258 680,270 Operations and maintenance 3,328,971 3,804,593 3,623,557 181,036 Capital outlay* - - 93,448 (93,448) Capital improvement projects 146,000 126,543 70,203 56,340 Total expenditures 9,394,760 9,763,664 8,939,466 824,198

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 1,580,369 1,237,465 2,566,899 (1,329,434) OTHER FINANCING SOURCES:

Issuance of debt* - - 93,448 93,448 Total other financing sources - - 93,448 93,448 NET CHANGE IN FUND BALANCE 1,580,369$ 1,237,465 $ 2,660,347 (1,422,882) $ FUND BALANCE:

Beginning of year 7,806,826
End of yea
r 10,467,173$
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, 2025
*There was no budget adopted for GASB 87, Leases and GASB 96, Subscription-based Information Technology Arrangements activities for 2025. 178
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental - $ 159,217$ 133,192 $ (26,025) $ Total revenues - 159,217 133,192 (26,025) EXPENDITURES:

Capital improvement projects: - 159,288 133,192 26,096 Total expenditures - 159,288 133,192 26,096 NET CHANGE IN FUND BALANCE -$ (71) $ - 71 $ FUND BALANCE:

Beginning of year -
End of year -$
City of Santa Clarita
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual American Rescue Plan Special Revenue Fund
For the Year Ended June 30, 2025
179
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Other revenues - $ - $ 49,499$ 49,499 $ Total revenue - - 49,499 49,499 EXPENDITURES:

Capital improvement projects 5,706,300 7,278,852 4,050,808 3,228,044 Total expenditures 5,706,300 7,278,852 4,050,808 3,228,044

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (5,706,300) (7,278,852) (4,001,309) 3,277,543 OTHER FINANCING SOURCES:

Transfers in 5,706,300 4,832,430 3,873,231 (959,199) Total other financing sources 5,706,300 4,832,430 3,873,231 (959,199) NET CHANGE IN FUND BALANCE -$ (2,446,422)$ (128,078) 2,318,344 $ FUND BALANCE:

Beginning of year 1,483,010
End of yea
r 1,354,932$
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, 2025
180
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Investment earnings - $ - $ 7,910 $ 7,910 $ Total revenues - - 7,910 7,910 EXPENDITURES:

Capital improvement projects 173,468 431,904 160,501 271,403 Total expenditures 173,468 431,904 160,501 271,403

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (173,468) (431,904) (152,591) 279,313 OTHER FINANCING SOURCES:

Transfers in - 219,936 219,936 - Total other financing sources (uses) - 219,936 219,936 - NET CHANGE IN FUND BALANCE (173,468)$ (211,968) $ 67,345 279,313 $ FUND BALANCE:

Beginning of year 229,442
End of yea
r 296,787$
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, 2025
181
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Investment earnings - $ - $ 6,942 $ 6,942 $ Total revenues - - 6,942 6,942 EXPENDITURES:

Operating:

Operations and maintenance 5,974,863 5,974,863 5,970,983 3,880 Total expenditures 5,974,863 5,974,863 5,970,983 3,880

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (5,974,863) (5,974,863) (5,964,041) 10,822 OTHER FINANCING SOURCES:

Transfers in 5,974,863 5,974,863 5,963,600 (11,263) Total other financing sources 5,974,863 5,974,863 5,963,600 (11,263) NET CHANGE IN FUND BALANCE -$ - $ (441) (441) $ FUND BALANCE:

Beginning of year 1,086,207
End of yea
r 1,085,766$
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, 2025
182

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. 183
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184
Self Computer Vehicle
Insurance Replacement Replacement Total
ASSETS
Current assets:

Cash and investments 13,884,057 $ 4,602,691 $ 7,547,268 $ 26,034,016 $ Interest receivable 82,302 27,727 45,466 155,495 Total current assets 13,966,359 4,630,418 7,592,734 26,189,511 Noncurrent assets:

Net OPEB asset 17,828 - - 17,828 Capital assets, being depreciated, net - 88,205 1,368,874 1,457,079 Total noncurrent assets 17,828 88,205 1,368,874 1,474,907 Total assets 13,984,187 4,718,623 8,961,608 27,664,418

DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 80,425 - - 80,425 Deferred outflows related to OPEB 21,675 - - 21,675 Total deferred outflows of resources 102,100 - - 102,100

LIABILITIES
Current liabilities:

Accounts payable and accrued liabilities 77,522 48,263 241 126,026 Compensated absences, due within one year 16,613 - - 16,613 Claims and judgements, due within one year 1,676,000 - - 1,676,000 Total current liabilities 1,770,135 48,263 241 1,818,639 Noncurrent liabilities:

Compensated absences payable, due in more than one year 82,665 - - 82,665 Claims and judgements, due in more than one year 10,268,679 - - 10,268,679 Net pension liabilities 142,505 - - 142,505 Total noncurrent liabilities 10,493,849 - - 10,493,849 Total liabilities 12,263,984 48,263 241 12,312,488

DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 3,104 - - 3,104 Deferred inflows related to OPEB 49,263 - - 49,263 Total deferred inflows of resources 52,367 - - 52,367

NET POSITION
Investment in capital assets - 88,205 1,368,874 1,457,079 Unrestricted 1,769,936 4,582,155 7,592,493 13,944,584 Total net position 1,769,936$ 4,670,360 $ 8,961,367 $ 15,401,663 $ June 30, 2025
City of Santa Clarita
Combining Statement of Net Position
Internal Service Funds
185
Self Computer Vehicle
Insurance Replacement Replacement Total
OPERATING REVENUES:

Charges for services 4,149,522 $ 956,626 $ 1,360,350 $ 6,466,498 $ Other revenue - - 31,007 31,007 Total operating revenues 4,149,522 956,626 1,391,357 6,497,505 OPERATING EXPENSES:

Administration and personnel services 469,631 24,969 - 494,600 Services and supplies 4,588,673 332,276 6,536 4,927,485 Depreciation expense - 32,286 292,566 324,852 Total operating expenses 5,058,304 389,531 299,102 5,746,937 NET OPERATING INCOME (908,782) 567,095 1,092,255 750,568 NONOPERATING REVENUE (EXPENSES):

Investment income 643,311 232,826 374,656 1,250,793 Gain on sale of capital asset - - 24,938 24,938 Total nonoperating expenses 643,311 232,826 399,594 1,275,731 CHANGE IN NET POSITION (265,471) 799,921 1,491,849 2,026,299 NET POSITION:

Beginning of the year, as previously reported 2,073,282 3,870,439 7,469,518 13,413,239 Change in accounting principal (37,875) - - (37,875) Beginning of year, as restated (Note 19) 2,035,407 3,870,439 7,469,518 13,375,364 End of the year 1,769,936$ 4,670,360 $ 8,961,367 $ 15,401,663 $ For the Year Ended June 30, 2025
City of Santa Clarita
Combining Statement of Revenues, Expenses, and Changes in Net Position Internal Service Funds
186
Self Computer Vehicle
Insurance Replacement Replacement Total
CASH FLOWS FROM OPERATING ACTIVITIES:

Cash received from users 4,156,472 $ 976,089 $ 1,391,357 $ 6,523,918 $ Cash paid to suppliers for goods and services - (422,125) (6,295) (428,420) Cash paid to employees for services (446,662) - - (446,662) Cash paid for claims and judgments (2,174,170) - - (2,174,170) Net cash provided by operating activities 1,535,640 553,964 1,385,062 3,474,666

CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:

Acquisition and construction of capital assets - (63,911) (180,177) (244,088) Proceeds from sale of capital assets - - 40,100 40,100 Net cash (used in) capital and related financing activities - (63,911) (140,077) (203,988) CASH FLOWS FROM INVESTING ACTIVITIES:

Investment income received 611,763 222,154 355,261 1,189,178 Net cash provided by investing activities 611,763 222,154 355,261 1,189,178 Net increase in cash and cash equivalents 2,147,403 712,207 1,600,246 4,459,856 CASH AND CASH EQUIVALENTS:

Beginning of year 11,736,654 3,890,484 5,947,022 21,574,160 End of year 13,884,057$ 4,602,691 $ 7,547,268 $ 26,034,016 $

RECONCILIATION OF OPERATING INCOME TO
NET CASH PROVIDED BY OPERATING ACTIVITIES:

Operating income (loss) (908,782) $ 567,095 $ 1,092,255 $ 750,568 $ Adjustments to reconcile operating income (loss) to net cash provided by operating activities:

Depreciation - 32,286 292,566 324,852 Change in assets and liabilities:
(Increase) decrease in accounts receivable 6,950 19,463 - 26,413 (Increase) decrease in net pension asset 5,060 - - 5,060 (Increase) decrease in net OPEB asset (12,436) - - (12,436) (Increase) decrease in deferred outflows related to pensions 31,366 - - 31,366 (Increase) decrease in deferred outflows related to OPEB (6,375) - - (6,375) Increase in accounts payable and accrued liabilities 48,164 (64,880) 241 (16,475) Increase in compensated absences 13,322 - - 13,322 Increase in claims and judgements 2,367,373 - - 2,367,373 Increase (decrease) in deferred inflows related to pensions (2,070) - - (2,070) Increase (decrease) in deferred inflows related to OPEB (6,932) - - (6,932) Total adjustments 2,444,422 (13,131) 292,807 2,724,098 Net cash
provided by operating activities 1,535,640$ 553,964 $ 1,385,062 $ 3,474,666 $ For the Year Ended June 30, 2025
Internal Service Funds
Combining Statement of Cash Flows
City of Santa Clarita
187
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188

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 .
189
Community
Assessment Assessment Facilities
District District District
No.92-2 No.99-1 No 2002-1
ASSETS
Cash and investments - $ 172,557$ 1,370,081 $ Interest receivable - 1,040 8,244 Contributions receivable - 182 - Cash and investments with fiscal agents - 61,879 1,650,231 Total assets - 235,658 3,028,556

LIABILITIES
Accounts payable - - 333 Total liabilities - - 333

NET POSITION
Restricted for:

Individuals, organizations, and other governments - $ 235,658$ 3,028,223 $ City of Santa Clarita
Combining Statement of Fiduciary Net Position
Custodial Funds
June 30, 2025
190
Santa Clarita
Community Watershed and
Facilities Recreation
District Conservancy
No 2016-1 Authority Total
ASSETS
Cash and investments 480,699 $ 14,579 $ 2,037,916 $ Interest receivable 2,971 - 12,255 Contributions receivable 116,571 - 116,753 Cash and investments with fiscal agents 1,106,818 - 2,818,928 Total assets 1,707,059 14,579 4,985,852

LIABILITIES
Accounts payable 333 - 666 Total liabilities 333 - 666

NET POSITION
Restricted for:

Individuals, organizations, and other governments 1,706,726 $ 14,579 $ 4,985,186 $ City of Santa Clarita
Combining Statement of Fiduciary Net Position (Continued) Custodial Funds
June 30, 2025
191
Community
Assessment Assessment Facilities
District District District
No.92-2 No.99-1 No 2002-1
ADDITIONS:

Special assessment from property owners - $ 72,008$ 1,437,167 $ Net investment income (loss) 318 11,422 62,999 Total additions 318 83,430 1,500,166 DEDUCTIONS:

Contractual services 11,895 9,510 2,790 Payments for debt services - 54,806 1,362,000 Payments to other governments 8,657 11,721 11,731 Total deductions 20,552 76,037 1,376,521 Change in net position (20,234) 7,393 123,645 NET POSITION:

Beginning of year 20,234 228,265 2,904,578 End of year -$ 235,658$ 3,028,223 $ City of Santa Clarita
Combining Statement of Changes in Fiduciary Net Position Custodial Funds
For the Year Ended June 30, 2025
192
Santa Clarita
Community Watershed and
Facilities Recreation
District Conservancy
No 2016-1 Authority Total
ADDITIONS:

Special assessment from property owners 889,826 $ - $ 2,399,001$ Net investment income (loss) 21,311 (252) 95,798 Total additions 911,137 (252) 2,494,799 DEDUCTIONS:

Contractual services 31,702 744 56,641 Payments for debt services 822,600 - 2,239,406 Payments to other governments - - 32,109 Total deductions 854,302 744 2,328,156 Change in net position 56,835 (996) 166,643 NET POSITION:

Beginning of year 1,649,891 15,575 4,818,543 End of year 1,706,726$ 14,579 $ 4,985,186 $ City of Santa Clarita
Combining Statement of Changes in Fiduciary Net Position (Continued) Custodial Funds
For the Year Ended June 30, 2025
193
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194

STATISTICAL SECTION
(Unaudited)
195
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196
Contents Page
Financial Trends 198- 207
Revenue Capacity 208 - 225
Debt Capacity 226 - 232
Demographic and Economic Information 233
Operating Information 234 - 238
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
197

FISCAL YEAR
24-25 23-24 22-23 21-22 20-21
Governmental Activities
Net investment in capital assets 1,182,845,748$ 1,154,546,653 $ 1,124,934,271 $ 1,080,862,181 $ 1,032,579,113 $ Restricted for:

Debt service 726 1,086,933 - - - Specific projects and programs 216,970,070 182,397,736 158,032,140 152,349,197 147,556,902 Total restricted 216,970,796 183,484,669 158,032,140 152,349,197 147,556,902 Unrestricted 249,662,213 219,254,617 188,013,004 161,500,702 126,571,370 Total governmental activities
net position 1,649,478,757 $ 1,557,285,939 $ 1,470,979,415 $ 1,394,712,080 $ 1,306,707,385 $ Business-Type Activities
Net investment in capital assets 81,023,060$ 84,534,345 $ 96,692,691 $ 95,597,321 $ 88,023,510 $ Unrestricted 24,404,983 18,928,743 11,332,040 8,917,312 6,895,650 Total business-type activities
net position 105,428,043 $ 103,463,088 $ 108,024,731 $ 104,514,633 $ 94,919,160 $ Primary Government
Net investment in capital assets 1,263,868,808$ 1,239,080,998 $ 1,221,626,962 $ 1,176,459,502 $ 1,120,602,623 $ Restricted 216,970,796 183,484,669 158,032,140 152,349,197 147,556,902 Unrestricted 274,067,196 238,183,360 199,345,044 170,418,014 133,467,020 Total primary government
net position 1,754,906,800 $ 1,660,749,027 $ 1,579,004,146 $ 1,499,226,713 $ 1,401,626,545 $

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, 2025
(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.
198

FISCAL YEAR
19-20 17-18 17-18 16-17 15-16
Governmental Activities
Net investment in capital assets 984,052,712$ 920,036,752 $ 895,056,642 $ 867,144,998 $ 810,324,041 $ Restricted for:

Debt service - - - - - Specific projects and programs 146,874,629 119,375,331 113,286,625 87,272,723 70,773,322 Total restricted 146,874,629 119,375,331 113,286,625 87,272,723 70,773,322 Unrestricted 80,879,095 122,991,202 85,155,060 105,514,664 115,356,272 Total governmental activities
net position 1,211,806,436 $ 1,162,403,285 $ 1,093,498,327 $ 1,059,932,385 $ 996,453,635 $ Business-Type Activities
Net investment in capital assets 80,308,956$ 83,906,440 $ 79,199,471 $ 79,589,102 $ 76,687,260 $ Unrestricted (1,465,963) 269,116 (888,318) (1,202,362) 3,101,763 Total business-type activities
net position 78,842,993 $ 84,175,556 $ 78,311,153 $ 78,386,740 $ 79,789,023 $ Primary Government
Net investment in capital assets 1,064,361,668$ 1,003,943,192 $ 974,256,113 $ 946,734,100 $ 887,011,301 $ Restricted 146,874,629 119,375,331 113,286,625 87,272,723 70,773,322 Unrestricted 79,413,132 123,260,318 84,266,742 104,312,302 118,458,035 Total primary government
net position 1,290,649,429 $ 1,246,578,841 $ 1,171,809,480 $ 1,138,319,125 $ 1,076,242,658 $

City of Santa Clarita
Net Position by Component (1) (Continued)
Last Ten Fiscal Years Ended June 30, 2025
(accrual basis of accounting)
199

FISCAL YEAR
24-25 23-24 22-23 21-22 20-21
Expenses
Governmental Activities
General government 43,353,928 $ 42,903,612 $ 49,428,154 $ 14,728,358 $ 51,594,712 $ Public safety 36,355,365 38,352,436 33,228,916 30,936,129 35,128,997 Public works 43,318,806 21,576,455 18,720,585 30,493,258 17,239,899 Recreation and community service 23,943,496 16,966,219 20,430,503 23,989,989 15,107,049 Community development 21,359,973 20,881,513 19,948,687 12,203,347 11,435,676 Neighborhood Services 37,086,261 35,112,719 23,816,831 42,179,104 13,865,065 Unallocated infrastructure depreciation 23,068,021 22,660,450 22,077,333 21,432,943 21,543,801 Interest on long-term debt 3,785,637 5,267,945 3,912,327 2,743,559 3,742,582 Total governmental activities expenses 232,271,487 203,721,349 191,563,336 178,706,687 169,657,781 Business-Type Activities
Transit 39,126,362 42,110,510 35,506,571 31,342,873 27,898,955 Total business-type activities expenses 39,126,362 42,110,510 35,506,571 31,342,873 27,898,955 Total primary government expenses 271,397,849 $ 245,831,859 $ 227,069,907 $ 210,049,560 $ 197,556,736 $ Program Revenues
Governmental Activities
Charges for services:

General government 47,432,446 $ 44,473,152 $ 41,180,442 $ 916,671 $ 9,254,707 $ Public safety 1,919,701 1,975,034 2,053,902 1,658,867 1,303,759 Public works 12,179,749 8,453,094 7,366,425 11,352,114 3,627,549 Recreation and community service 8,708,352 16,588,500 11,412,044 21,724,121 16,419,310 Community development 15,550,066
15,488,032 15,864,222 3,073,196 1,899,854 Neighborhood Services 12,069,729 12,860,528 9,429,835 33,555,637 31,252,912 Operating grants and contributions 29,947,141 31,377,313 35,092,994 38,093,703 44,524,768 Capital grants and contributions 54,399,674 27,088,019 35,865,511 68,626,540 42,849,916 Total governmental activities program revenues 182,206,858 158,303,672 158,265,375 179,000,849 151,132,775 Business-Type Activities
Charges for services:

Transit 7,603,837 6,161,116 6,499,657 5,936,598 5,799,364 Operating grants and contributions 23,929,561 27,714,574 15,173,066 12,087,130 29,444,844 Capital grants and contributions 4,228,982 3,509,025 8,107,402 13,402,891 9,036,527 Total business-type activities program revenues 35,762,380 37,384,715 29,780,125 31,426,619 44,280,735 Total primary government revenues 217,969,238$ 195,688,387$ 188,045,500$ 210,427,468$ 195,413,510$ 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, 2025
(accrual basis of accounting)
200

FISCAL YEAR
19-20 18-19 17-18 16-17 15-16
Expenses
Governmental Activities
General government 54,710,526 $ 62,309,457 $ 53,928,438 $ 44,390,099 $ 39,155,006 $ Public safety 29,907,832 27,757,002 27,232,724 25,231,712 23,778,931 Public works 33,663,857 20,772,164 14,771,925 23,563,825 38,223,035 Recreation and community service 16,047,345 17,585,165 23,472,469 16,224,154 15,594,958 Community development 8,942,864 7,214,786 6,957,438 7,057,301 10,505,906 Neighborhood Services 12,862,529 12,622,824 1,082,836 1,815,637 - Unallocated infrastructure depreciation 21,043,711 20,630,522 19,259,333 18,833,113 18,342,933 Interest on long-term debt 3,549,649 2,589,767 1,638,960 1,378,888 2,194,181 Total governmental activities expenses 180,728,313 171,481,687 148,344,123 138,494,729 147,794,950 Business-Type Activities
Transit 31,060,676 32,065,240 28,309,870 29,858,499 28,127,407 Total business-type activities expenses 31,060,676 32,065,240 28,309,870 29,858,499 28,127,407 Total primary government expenses 211,788,989 $ 203,546,927 $ 176,653,993 $ 168,353,228 $ 175,922,357 $ Program Revenues
Governmental Activities
Charges for services:

General government 8,215,989 $ 8,547,181 $ 10,007,154 $ 6,740,507 $ 22,914,059 $ Public safety 1,484,005 1,937,603 1,429,900 1,231,974 1,162,551 Public works 12,201,244 14,669,328 15,792,197 11,549,806 16,407,616 Recreation and community service 3,635,790 6,344,242 8,306,076 6,191,011 8,142,336 Community development 1,552,869
1,704,920 1,901,897 1,906,079 1,843,296 Neighborhood Services 30,575,191 29,338,661 27,090,508 25,044,704 - Operating grants and contributions 22,066,816 13,574,920 9,259,079 5,977,971 7,687,397 Capital grants and contributions 41,462,296 59,565,349 31,807,581 55,220,052 23,629,474 Total governmental activities program revenues 121,194,200 135,682,204 105,594,392 113,862,104 81,786,729 Business-Type Activities
Charges for services:

Transit 6,785,178 7,662,186 6,987,488 7,231,136 7,546,433 Operating grants and contributions 13,405,112 15,292,991 10,226,946 8,459,236 9,153,499 Capital grants and contributions 5,701,142 10,434,282 3,102,269 9,138,643 3,504,305 Total business-type activities program revenues 25,891,432 33,389,459 20,316,703 24,829,015 20,204,237 Total primary government revenues 147,085,632$ 169,071,663$ 125,911,095$ 138,691,119$ 101,990,966$ City of Santa Clarita
Changes in Net Position (Continued)
Last Ten Fiscal Years Ended June 30, 2025
(accrual basis of accounting)
201

FISCAL YEAR
24-25 23-24 22-23 21-22 20-21
Net Revenues (expenses):

Governmental activities (50,064,629) (45,417,677) (33,297,961) 294,162 (18,525,006) Business-type activities (3,363,982) (4,725,795) (5,726,446) 83,746 16,381,780 Total net revenues (expenses) (53,428,611) (50,143,472) (39,024,407) 377,908 (2,143,226) General Revenue and Other Changes in Net Position
Governmental activities
Taxes:

Sales taxes 49,313,249 48,363,857 48,507,761 49,476,922 43,197,889 Property taxes 49,818,171 48,143,344 45,187,496 42,113,398 52,981,738 Franchise taxes 11,192,681 10,936,950 10,688,049 10,883,225 9,493,742 Real property transfer taxes 1,567,684 1,340,239 1,307,533 2,569,074 2,010,033 Transient occupancy taxes 5,545,207 5,290,241 5,296,490 4,874,977 2,275,383 Unrestricted revenue in lieu of motor vehicle taxes 399,100 308,711 213,520 349,171 173,463 Unrestricted investment earnings 18,291,469 13,600,790 3,407,265 (4,773,346) 634,957 Miscellaneous revenue 1,955,811 3,485,235 3,333,538 4,993,518 2,311,282 Gain on sale of capital asset - - - - - Transfers (4,132,728) 254,834 (8,384,754) (8,097,818) 347,468 Total governmental activities 133,950,644 131,724,201 109,556,898 102,389,121 113,425,955 Business-type activities
Unrestricted investment earnings 1,285,375 418,986 13,527 (185,016) 41,855 Gain on sale of capital asset - - 35,000 36,900 - Miscellaneous revenue - -
803,263 1,562,025 -
Transfers 4,132,728 (254,834) 8,384,754 8,097,818 (347,468) Total business-type activities 5,418,103 164,152 9,236,544 9,511,727 (305,613) Total primary government 139,368,747$ 131,888,353$ 118,793,442 $ 111,900,848 $ 113,120,342 $ Change in Net Position
Governmental activities 83,886,015$ 86,306,524$ 76,258,937$ 102,683,283$ 94,900,949 $ Business-type activities 2,054,121 (4,561,643) 3,510,098 9,595,473 16,076,167 Total primary government 85,940,136$ 81,744,881$ 79,769,035$ 112,278,756$ 110,977,116 $ 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, 2025
(accrual basis of accounting)
202

FISCAL YEAR
19-20 18-19 17-18 16-17 15-16
Net Revenues (expenses):

Governmental activities (59,534,113) (35,799,482) (42,749,731) (24,060,399) (66,008,221) Business-type activities (5,169,244) 1,324,219 (7,993,167) (5,029,484) (7,923,170) Total net revenues (expenses) (64,703,357) (34,475,263) (50,742,898) (29,089,883) (73,931,391) General Revenue and Other Changes in Net Position
Governmental activities
Taxes:

Sales taxes 36,621,145 38,546,183 37,252,523 36,147,727 37,807,385 Property taxes 46,420,350 43,761,925 42,284,749 39,924,749 40,072,597 Franchise taxes 8,604,265 8,369,481 8,523,791 8,208,347 8,392,789 Real property transfer taxes 1,418,026 1,227,947 1,320,018 1,275,363 1,383,473 Transient occupancy taxes 2,726,113 3,352,776 3,489,281 3,639,264 3,813,437 Unrestricted revenue in lieu of motor vehicle taxes 207,931 147,752 162,103 144,665 129,053 Unrestricted investment earnings 12,311,467 12,528,843 591,177 1,052,254 4,142,959 Miscellaneous revenue 472,227 1,206,740 2,661,916 737,513 1,080,771 Gain on sale of capital asset 2,050 (1,600) 10,935 11,711 459,709 Transfers 153,690 (4,435,608) (5,924,278) (3,602,443) (6,390,264) Total governmental activities 108,937,264 104,704,439 90,372,215 87,539,150 90,891,909 Business-type activities
Unrestricted investment earnings (9,629) 32,613 (1,242) (28,735) 59,086 Gain on sale of capital asset - 71,963 20,238 53,223 - Miscellaneous revenue - -
- - -
Transfers (153,690) 4,435,608 5,924,278 3,602,443 6,390,264 Total business-type activities (163,319) 4,540,184 5,943,274 3,626,931 6,449,350 Total primary government 108,773,945$ 109,244,623$ 96,315,489 $ 91,166,081$ 97,341,259$ Change in Net Position
Governmental activities 49,403,151$ 68,904,957$ 47,622,484$ 63,478,751$ 24,883,688$ Business-type activities (5,332,563) 5,864,403 (2,049,893) (1,402,553) (1,473,820) Total primary government 44,070,588$ 74,769,360$ 45,572,591$ 62,076,198$ 23,409,868$ 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, 2025
(accrual basis of accounting)
203

FISCAL YEAR
24-25 23-24 22-23 21-22 20-21
General Fund
Nonspendable 13,680,363$ 8,555,468$ 14,295,430$ 15,030,511$ 7,474,892$ Restricted 2,714,000 11,773,441 23,514,275 4,655,940 9,644,574 Assigned 225,276,237 193,570,167 166,255,745 146,922,006 110,906,093 Unassigned 63,195,094 68,028,558 63,696,700 62,141,361 59,968,580 Total General Fund 304,865,694$ 281,927,634$ 267,762,150$ 228,749,818$ 187,994,139$ All Other Governmental Funds
Nonspendable 9,819,928$ 124,878$ 74,967$ 344,869$ 491,504$ Restricted 202,557,759 186,588,168 155,269,550 147,460,244 123,614,422 Committed - - 1,584 783 832 Assigned 1,700,014 1,755,136 3,222,874 1,081,539 755,174 Unassigned (1,990,837) (1,930,730) (5,059,903) (1,820,499) (869,803) Total all other governmental funds 212,086,864$ 186,537,452$ 153,509,072$ 147,066,936$ 123,992,129$

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, 2025
(modified accrual basis of accounting)
General Fund
59%
All Other
Governmental Funds
41%

FUND BALANCES
Fiscal Year Ended June 30, 2025
204

FISCAL YEAR
19-20 18-19 17-18 16-17 15-16
General Fund
Nonspendable 9,810,973$ 12,050,141$ 12,390,885$ 15,742,945$ 11,108,252$ Restricted 23,063,669 - - - - Assigned 97,293,470 120,981,128 88,674,761 79,367,084 79,367,084 Unassigned 60,273,125 58,930,970 47,116,235 53,905,237 50,669,580 Total General Fund 190,441,237$ 191,962,239$ 148,181,881$ 149,015,266$ 141,144,916$ All Other Governmental Funds
Nonspendable 575,276$ 772,627$ 5,882$ 976,841$ 1,134,103$ Restricted 112,631,199 108,394,699 113,286,625 86,664,536 86,240,243 Committed 9,277 13,460 15,008 14,000 14,000 Assigned 791,914 1,040,181 1,117,165 2,151,360 1,881,728 Unassigned (3,127,904) (3,266,496) (6,786,531) (5,897,790) (6,975,198) Total all other governmental funds 110,879,762$ 106,954,471$ 107,638,149$ 83,908,947$ 82,294,876$

Source: City of Santa Clarita, Administrative Services Department - Finance Division Last Ten Fiscal Years Ended June 30, 2025
(modified accrual basis of accounting)
City of Santa Clarita
Fund Balances of Governmental Funds (Continued)
$82.29

83.91 107.64
106.95
110.88
123.99 147
153.51 186.54
212.09
0 50
100
150
200
250
15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24 24-25 (in Millions)
Fiscal Year

FUND BALANCES

ALL OTHER GOVERNMENTAL FUNDS
Last Ten Fiscal Years
205

FISCAL YEAR
24-25 23-24 22-23 21-22 20-21
Revenues:

Taxes 132,262,652 $ 128,300,167 $ 124,245,820 $ 123,417,159 $ 110,132,248 $ Special assessments 42,838,471 39,685,405 40,833,265 36,374,012 35,634,980 Licenses and permits 11,548,817 12,756,490 13,073,140 9,724,390 11,498,980 Developer fees 10,501,183 14,697,803 3,048,765 4,674,125 11,094,312 Investment income (loss) 29,143,017 21,858,350 5,858,733 (7,617,836) 664,575 Intergovernmental 71,379,149 56,132,541 55,093,351 70,217,168 43,058,715 Fines and forfeitures 2,235,325 2,006,018 2,284,721 1,942,026 1,702,622 Service charges 15,025,920 14,714,974 13,467,246 12,681,139 6,949,375 Other revenues 2,605,405 1,875,557 2,596,935 5,639,891 13,984,800 Total Revenues 317,539,939 292,027,305 260,501,976 257,052,074 234,720,607 Expenditures:

Current:

General government 40,186,150 39,846,039 47,579,510 15,656,486 46,060,921 Public safety 34,914,542 36,365,740 32,234,273 30,189,992 35,570,621 Public works 18,657,939 17,300,261 16,754,090 23,570,003 90,316,078 Recreation and community service 18,593,631 17,110,899 15,941,571 18,894,253 14,917,730 Community development 20,964,114 20,740,127 19,466,417 13,146,687 11,556,377 Neighborhood services 35,010,449 33,712,098 24,377,481 43,730,242 13,885,978 Capital outlay 90,629,483 71,203,395 62,208,791 54,121,315 20,702,698 Debt service:

Principal 4,227,042 3,897,429 3,680,150 2,363,121 2,315,371 Interest 3,915,765 5,397,046 3,596,800 2,857,672 3,363,625 Redemption of district credits - - 354,697 - 278,843 Total Expenditures 267,099,115 245,573,034 226,193,780 204,529,771 239,036,131 Excess of Revenues Over (Under) Expenditures 50,440,824 46,454,271 34,308,196 52,522,303 (4,315,524) Other Financing Sources (Uses)
Revenue bonds issued/issuance premium - - 716,027 - 14,270,000 Issuance of long-term debt 2,179,376 484,759 18,815,000 - 225,409 Issuance of financed purchase - - - - 164,970 Transfers in 30,014,467 31,115,048 44,831,118 19,599,811 43,175,925 Transfers out (34,147,195) (30,860,214) (53,215,872) (27,697,629) (42,855,511) Issuance of district credits - - - - - Total Other Financing Sources (Uses) (1,953,352) 739,593 11,146,273 (8,097,818) 14,980,793 Net change in fund balances 48,487,472 47,193,864 45,454,469 44,424,485 10,665,269 Fund balances - Beginning of Year 468,465,086 421,271,222 375,816,753 331,392,268 301,320,999 Fund balances - End of Year 516,952,558$ 468,465,086$ 421,271,222$ 375,816,753$ 311,986,268$ Debt service as percentage of noncapital expenditures 4.26% 5.69% 4.39% 3.51% 4.12% 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, 2025

206

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, 2025
(modified accrual basis of accounting)
207
Fiscal IMPROVE- PERSONAL IMPROVE- PERSONAL OTHER
Year LAND MENTS PROPERTY TOTAL LAND MENTS PROPERTY EXEMPTIONS TOTAL 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 24,342,844,316 172,628,552 (1,037,255,789) 43,608,528,373 2024-25 2,221,125 - 2,221,125 21,099,329,690 25,235,030,802 165,620,969 (1,200,249,566) 45,299,731,895 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 2024/25 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, 44.07%IMPROVEMENTS,

54.09%

PERSONAL

PROPERTY,

1.83%
ASSESSED VALUATION by CATEGORIES
(Total Secured and Unsecured)
Fiscal Year Ended June 30, 2025
208
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 2015-16 299,024,341 569,926,540 (15,283,837) 853,667,044 27,817,244,778 27,330,863,338 4.67% 0 230,402,082 2016-17 265,891,622 547,111,240 (15,791,822) 797,211,040 29,050,407,444 28,685,821,032 4.96% 0 226,031,427 2017-18 280,824,664 549,107,476 (10,383,140) 819,549,000 31,420,665,028 30,727,345,419 7.12% 0 228,373,713 2018-19 274,390,510 584,621,318 (10,543,790) 848,468,038 33,309,473,742 32,480,968,597 5.71% 0 225,813,184 2019-20 275,047,748 584,844,131 (9,114,469) 850,777,410 36,074,068,573 35,174,818,421 8.29% 0 230,072,192 2020-21 287,998,801 605,666,637 (8,808,819) 884,856,619 38,085,441,770 36,983,412,434 5.14% 0 223,881,831 2021-22 287,812,025 580,588,788 (3,743,026) 864,657,787 39,365,647,314 38,390,714,609 3.81% 0 220,341,312 2022-23 321,861,561 610,467,610 (2,388,958) 929,940,213 42,412,757,609 41,356,729,027 7.73% 0 219,411,916 2023-24 363,480,782 663,792,792 (2,306,700) 1,024,966,874 45,675,278,861 44,635,716,372 7.93% 0 218,633,648 2024-25 412,372,594 672,646,545 (7,696,686) 1,077,322,453 47,587,221,725 46,379,275,473 3.91% 0 216,745,182 TOTALS

UNSECURED

LOCALLY ASSESSED
City of Santa Clarita
Assessed Values (1) and Actual Values of Taxable Property (Continued) Last Ten Fiscal Years
$27,331
$28,686
$30,727
$32,481
$35,175
$36,983
$38,391
$41,357
$44,636 $46,379
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24 24-25 (in Millions)
Fiscal Year

TOTAL ASSESSED VALUATION
(Taxable Values)
Last Ten Fiscal Years
209
CATEGORY 24-25 23-24 22-23 21-22 20-21
Residential 37,001,943,953$ 35,583,713,691$ 32,800,203,874$ 30,326,102,286$ 29,068,019,284$ Commercial 4,319,033,359 4,214,808,288 4,083,237,255 3,980,147,941 3,866,268,970 Industrial 2,599,729,111 2,485,245,390 2,360,064,334 2,031,709,683 1,955,686,889 Irrigated 4,330,309 4,162,072 4,119,683 3,678,125 3,375,991 Recreational 120,768,199 116,127,811 116,460,141 109,898,400 118,115,005 Institutional 328,910,232 360,543,388 253,388,898 276,997,197 259,899,765 Government 701,327 1,646,734 674,098 804,413 1,357,829 Miscellaneous 1,387,085 324,844 318,478 356,649 352,996 Vacant land 748,165,825 736,283,483 646,601,491 644,262,314 677,706,729 SBE Nonunitary 2,221,125 2,221,125 4,429,350 4,429,350 4,284,643 Possessory Int. 174,762,407 167,879,924 157,291,212 147,670,464 143,487,714 Unsecured 1,077,322,453 1,024,966,874 929,940,213 864,657,787 884,856,619 Unknown 88 - - - - TOTALS: 46,379,275,473 $ 44,697,923,624 $ 41,356,729,027 $ 38,390,714,609 $ 36,983,412,434 $

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
15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24 24-25 (in Millions)
Fiscal Year

ASSESSED VALUE - TAXABLE PROPERTY
Last Ten Fiscal Years
Residential
Commercial
Industrial
Vacant land
All others
210
CATEGORY 19-20 18-19 17-18 16-17 15-16
Residential 27,571,753,581$ 25,140,365,171$ 23,734,569,687$ 21,784,467,001$ 20,809,579,112$ Commercial 3,681,744,410 3,557,018,366 3,399,444,104 3,248,599,972 3,059,958,633 Industrial 1,878,969,596 1,861,078,681 1,790,582,919 1,706,030,432 1,799,119,742 Irrigated 3,341,172 3,707,035 2,993,570 2,960,760 2,936,120 Recreational 116,868,740 113,347,606 106,578,193 99,802,827 104,324,505 Institutional 233,475,135 230,449,000 193,500,837 213,333,035 162,056,819 Government 1,323,707 371,122 363,846 356,714 220,358 Miscellaneous 346,079 339,297 315,717 309,530 348,240 Vacant land 702,751,187 593,951,571 554,513,132 449,270,431 419,750,992 SBE Nonunitary 4,284,643 4,576,418 4,576,418 3,696,751 3,696,751 Possessory Int. 129,182,761 127,296,292 120,357,965 117,718,179 115,205,002 Unsecured 850,777,410 848,468,038 819,549,000 797,363,610 853,667,044 Unknown - - 31 20 20 TOTALS: 35,174,818,421 $ 32,480,968,597 $ 30,727,345,419 $ 28,423,909,262 $ 27,330,863,338 $ 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 2024/25 Combined Tax Rolls

FISCAL YEAR
City of Santa Clarita
Last Ten Fiscal Years
Assessed Values—Taxable Property (Continued)
211
NET

ASSESSED TAXABLE

CATEGORY PARCELS VALUE PERCENT EXEMPTIONS VALUE PERCENT Residential 65,038 37,159,738,479 $ 78.0% 157,794,526 $ 37,001,943,953 $ 79.8% Commercial 989 4,490,128,955 9.4% 171,095,596 $ 4,319,033,359 9.3% Industrial 739 2,842,770,808 6.0% 243,041,697 $ 2,599,729,111 5.6% Irrigated 6 4,330,309 0.0% - $ 4,330,309 0.0% Recreational 35 121,797,263 0.3% 1,029,064 $ 120,768,199 0.3% Institutional 105 945,054,417 2.0% 616,144,185 $ 328,910,232 0.7% Government 6 1,679,665 0.0% 978,338 $ 701,327 0.0% Miscellaneous 7 1,387,085 0.0% - $ 1,387,085 0.0% Vacant land 3,689 757,360,703 1.6% 9,194,878 $ 748,165,825 1.6% SBE Nonunitary 14 2,221,125 0.0% - $ 2,221,125 0.0% Possessory Int. 2,081 175,733,689 0.4% 971,282 $ 174,762,407 0.4% Unsecured 4,340 1,085,019,139 2.3% 7,696,686 $ 1,077,322,453 2.3% Exempt 1,292 71,922,738 0.2% 71,922,738 $ - 0.0% Unknown 4 88 0.0% -$ 88 0.0% TOTALS: 71,910 47,659,144,463 $ 100.00% 1,279,868,990 $ 46,379,275,473 $ 100.00% Source: HdL Coren & Cone, Los Angeles County Assessor 2024/25 Combined Tax Rolls.

City of Santa Clarita
Assessed Values—Use Category Summary
Fiscal Year 2024-25
Residential,

78.0%
Commercial,

9.4%
Industrial,

6.0%
All Others,

6.6%
ASSESSED VALUE by USE CATEGORY
Fiscal Year 2024-25
Residential,

79.8%
Commercial,

9.3%
Industrial,

5.6%
All Others,

5.3%
NET TAXABLE VALUE by USE CATEGORY
Fiscal Year 2024-25
212

LOS SCV COUNTY COUNTY
Fiscal ANGELES WATER SCHOOL SANITATION FLOOD
Year GENERAL COUNTY AGENCY DISTRICTS DISTRICTS CONTROL TOTAL 2015-16 1.000000 - 0.07060 0.11607 - - 1.18667 2016-17 1.000000 - 0.07060 0.11944 - - 1.19004 2017-18 1.000000 - 0.07060 0.13535 - - 1.20595 2018-19 1.000000 - 0.07060 0.49614 - - 1.56674 2019-20 1.000000 - 0.07060 0.35718 - - 1.42778 2020-21 1.000000 - 0.07060 0.40498 - - 1.47558 2021-22 1.000000 - 0.07060 0.38485 - - 1.45545 2022-23 1.000000 - 0.07060 0.36842 - - 1.43902 2023-24 1.000000 - 0.07060 0.37442 - - 1.44502 2024-25 1.000000 - 0.07060 0.37739 - - 1.44799 Source: HdL Coren & Cone, Los Angeles County Assessor 2015/16 - 2024/25 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 2024-25
213
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214
RDA Incremental Rate Total Direct Rate
City Share Prop. 13
of 1% plus applicable
Roll Year per Prop. 13 Debt Rates voter-approved debt
2024-25 0.086630 0.000000 0.086630 0.00000% 8.92300%
Agency 2024-25
LA County General (001.05) 0.18580 Notes: General fund tax rates are Consolidated Fire Protection District of LA Co. (007.30) 0.18090 representative and based upon the direct Educational Augmentation Fund Impound (400.01) 0.13200 and overlapping rates for the largest William S. Hart Union High (757.02) 0.09400 General Fund tax rates area (TRA) by net SCV Water Agency (302.01) 0.06550 taxable value. Total Direct Rate is the Saugus Union School District (581.01) 0.06280 weighted average of all individual direct City of Santa Clarita Tax District 1 (249.01) 0.05920 rates applied by the government preparing Educational Revenue Augmentation Fund (ERAF) (400.00) 0.05430 the statistical section information.

William S. Hart Elementary School Fund (757.07) 0.04940 The percentages presented in the columns Santa Clarita Community College (814.04) 0.04320 above do not sum across rows. In 1978 Santa Clarita Library (249.56) 0.02740 California voters passed Proposition 13, LA County Flood Control Maintenance (030.70) 0.01210 which set the property tax at a 1.00% fixed Santa Clarita Valley Sanitation Dist. LA Co. 0.00989 amount. This 1.00% is shared by all the County School Service Fund Saugus Union (581.06) 0.00905 taxing agencies for which the subject LA County Fire - Ffw (007.31) 0.00550 property resides within. In addition to the Children's Institutional Tuition Fund (400.21) 0.00327 1.00% fixed amount, property owners are LA County Flood Control Improvement District (030.10) 0.00217 charged taxes as a percentage of assessed County School Services (400.15) 0.00165 property values for the payment of any Development Center Handicapped Saugus Union (581.07) 0.00104 voter-approved bonds.

County School Service Hart William S. Hart (757.06) 0.00039 Greater LA Co. Vector Control (061.80) 0.00031
LA County Accum Cap Outlay (001.20) 0.00013
Total Prop. 13 Rate: 1.00000
SCV Water Agency (302.01) 0.065500
Newhall Elementary School District Debt Services 2004 Refunding Bonds (581.52) 0.007590 Newhall Elementary School District Debt Services 2011 Ser. A (581.54) 0.026177 William S. Hart Unified Debt Services 2001 Ser. B (757.52) 0.012499 William S. Hart Un.Hsd Debt Services 2008 Ser. B (757.54) 0.007638 William S. Hart Un.Hsd Debt Services 2008 Ser. C (757.56) 0.001783 William S. Hart Un.Hsd Debt Services 2013 Ref. Bds. (757.57) 0.009748 William S. Hart Un.Hsd Debt Services 2020 Ref. Bds. (757.59) 0.022138 Santa Clarita Community College Debt Services 2001 Ser. 2003 (814.52) 0.003149 Santa Clarita Community College Debt Services 2006 Ser. 2012 (814.56) 0.000065 Santa Clarita Community College Debt Services 2013 Refunding Bonds (814.57) - Santa Clarita Community College Debt Services 2006 Ser. 2014 (814.58) 0.000189 Santa Clarita Community College Debt Services 2016 Refunding Bonds (814.59) 0.005648 Santa Clarita Community College Debt Services 2006 Ser. 2016 (814.60) 0.001438 Santa Clarita Community College Debt Services 2016 Ser. 2017 (814.61) 0.003307 Santa Clarita Community College Debt Services 2016 Ser. 2019 (814.62) 0.002835 Santa Clarita Community College Debt Services 2019 Refunding Bonds (814.63) 0.003277 Santa Clarita Community College Debt Services 2021 Refunding Bonds (814.64) 0.008662 Santa Clarita Community College Debt Services 2016 Ser. 2022 (814.65) 0.007428 Total Tax Rate 0.189071
Source: HdL Coren & Cone, Los Angeles County Assessor 2024/25 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
215
PERCENT of
Number TOTAL TOTAL CITY
Primary of ASSESSED ASSESSED
OWNER/TAXPAYER Use/Agency Parcels VALUE VALUE
Centennial VTC LLC Commercial TD #1 17 428,895,428 $ 0.95 % Ridgewood Vista Canyon LLC Residential TD #1 3 240,533,698 0.53 COV SC Land LLC Industrial Succesor Agency 16 162,014,164 0.36 Park Sierra Properties Residential TD #1 15 160,356,236 0.35 Bel Valencia LLC Lessor Commercial TD #1 9 150,876,148 0.33 SoCal Innovation Park Owner DE LLC Industrial TD #1 14 138,893,390 0.31 Wesco IV LLC Residential TD #1 2 136,480,799 0.30 Saugus Colony Limited Residential TD #1 19 134,626,430 0.30 Trea River Oaks Owner LLC Commercial TD #1 7 129,857,067 0.29 Kaiser Industrial TD #1 7 115,068,053 0.25 Total 109 1,797,601,413 3.96 % All Others 43,556,190,194 96.04
Total Assessed Valuation 45,353,791,607 $ 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 2024/25 Combined Tax Rolls Current Fiscal Year and Nine Fiscal Years Ago
FISCAL YEAR 2024-25
City of Santa Clarita
Principal Property Taxpayers
216
PERCENT of
Number TOTAL TOTAL CITY
of ASSESSED ASSESSED
OWNER/TAXPAYER Parcels VALUE VALUE
Valencia Town Center Venture LP 17 367,936,798 $ 1.35 % Packard Humanities Institute 1 208,435,089 0.76 Saugus Colony Limited 20 144,010,414 0.53 PFI Valencia LLC 9 138,800,017 0.51 Park Sierra Properties 15 135,206,123 0.49 EQR Valencia LLC 218 101,364,875 0.37 EQR The Oaks LLC 28 99,293,291 0.36 Valencia Biomedical Park LLC 5 98,603,931 0.36 ARC SLSTCCA001 LLC 4 96,000,000 0.35 RREEF America REIT II Corporation 2 80,968,282 0.30 Total 319 1,470,618,820 5.38 % All Others 25,860,244,518 94.62 Total Assessed Valuation 27,330,863,338 $ 100.00 % FISCAL YEAR 2015-16
City of Santa Clarita
Principal Property Taxpayers (Continued)
Current Fiscal Year and Nine Fiscal Years Ago
217

COLLECTIONS TOTAL PERCENT

FISCAL TAXES PERCENT IN SUBSEQUENT COLLECTIONS COLLECTIONS

YEAR LEVIED COLLECTIONS COLLECTIONS YEARS TO DATE TO DATE 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% 2024-25 40,408,662 39,811,722 98.5% - 39,811,722 98.52% 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
45,000,000
2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25

FISCALYEAR

TAX COLLECTIONS & DELINQUENCY - LAST TEN FISCAL YEARS
LEVIES

COLLECTIONS DELINQUENT AMOUNT
218
Owner Parcels Value % of
Net AV Parcels Values % of
Net AV Value % of
Net AV
1 COV-SAUGUS B LLC 5 114,131,876 $ 11.49% 114,131,876$ 10.36% 2 SPECTRUM PACIFIC WEST LLC 3 45,158,496 41.57% 45,158,496 4.10% (Pending Appeals On Parcels)
3 COV SC LAND 5 36,889,422 3.71% 36,889,422 0 4 LA RAILROAD 93 LLC 24 33,371,780 3.36% 33,371,780 3.03% 5 NEWHALL BLISS LLC 10 32,701,716 3.29% 32,701,716 2.97% 6 NEWHALL CROSSING LLC 3 26,075,441 2.62% 26,075,441 2.37% (Pending Appeals On Parcels)
7 BURRTEC WASTE INDUSTRIES INC 1 20,422,968 18.80% 20,422,968 1.85% 8 ELLIS RAYMOND C AND ROCIO TRUS T 2 12,899,496 1.30% 12,899,496 1.17% (Pending Appeals On Parcels)
9 JDH 3 12,883,149 1.30% 12,883,149 1.17% 10 TELFAIR CORPORATION 2 12,651,576 11.65% 12,651,576 1.15% (Pending Appeals On Parcels)
Top Ten Total 52 268,952,880$ 27.07% 6 78,233,040$ 72.01% 347,185,920 $ 31.51% Agency Total 993,520,569 108,630,786 1,102,151,355 Incremental Net AV Total 747,261,824$ 35.99% 90,699,134$ 86.26% 837,960,958 $ 41.43% Source: HdL Coren & Cone
City of Santa Clarita
Successor Agency
Top Property Owners Based on Net Values
Fiscal Year 2024-25
CombinedUnsecuredSecured
219
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220
Total No. of
Appeals
No. of Resolved
Appeals
No. of Successful
Appeals
Average
Reduction
No. & Value of
Appeals Pending
Estimated No. of
Appeals Allowed
Estimated Reduction
on Pending Appeals
Allowed
57 19 15 13.1% 38 / $284,750,269 30 194,558,453 $
Year Tax Levy
Current Year
Collection
Prior Year
Collection Total
Current Year
Collection
Percentage
Total Collection
Percentage
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% 2024-25 8,814,472 8,680,380 172,046 8,852,426 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 2015-16 Through 2024-25
For Fiscal Years 2014-15 Through 2023-24

Project Area Assessment Appeals Summary—FY 2024-25
Tax Collection History
221
ASSESSOR’S

PARCEL NUMBER PROPERTY OWNER
LAND

ASSESSED
VALUES ($)

STRUCTURE

ASSESSED
VALUES ($)
TOTAL

ASSESSED
VALUES ($)

TAXABLE

ACREAGE
2861-058-071 Centennial VTC, LLC 1,434,906 $ 218,646 $ 1,653,552 $ 0.84 2861-058-072 Centennial VTC, LLC 3,977,341 20,677,395 24,654,736 4.81 2861-058-073 Centennial VTC, LLC 31,431,596 3,873,247 35,304,843 15.68 2861-058-076 Centennial VTC, LLC 1,001,270 99,439 1,100,709 1.18 2861-058-077 Centennial VTC, LLC 5,406,449 462,437 5,868,886 6.70 2861-058-081 Centennial VTC, LLC 18,283,458 196,271,422 214,554,880 14.34 2861-058-084 Centennial VTC, LLC 3,771,774 10,932,699 14,704,473 2.05 2861-058-085 Centennial VTC, LLC 491,962 245,977 737,939 0.33 Totals: 65,798,756 $ 232,781,262 $ 298,580,018 $ 45.94 City of Santa Clarita
Charge Detail Report for CFD 2002-1 (Valencia Town Center) Fiscal Year 2024-25
222
ASSESSOR’S
PARCEL NUMBER CLASS MAX TAX RATE ($) MAX TAX

APPLIED RATE
($) CHARGE ($)
2861-058-071 1 41,746 $ 35,238 $ 31,285 $ 26,407 $ 2861-058-072 1 41,746 200,799 31,285 150,480 2861-058-073 1 41,746 654,662 31,285 490,607 2861-058-076 1 41,746 49,427 31,285 37,041 2861-058-077 1 41,746 279,699 31,285 209,608 2861-058-081 1&2 41,746 & 41,757 598,717 31,289 448,681 2861-058-084 1 41,746 85,579 31,285 64,134 2861-058-085 1 41,746 13,693 31,285 10,261 1,917,814 $ 1,437,219 $
City of Santa Clarita
Charge Detail Report for CFD 2002-1 (Valencia Town Center) (Continued) Fiscal Year 2024-25
223
FISCAL PRIVATE PURCHASE GASB 87 GASB 96
YEAR LOANS (6) BONDS (1) PLACEMENT LEASE (3) FINANCE LEASES (4) SUBSCRIPTION (5) 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 2,700,000 89,592,169 - 64,218 369,641 2,393,602 2024-25 3,000,000 86,490,902 - 29,754 972,537 2,372,505 NOTES:
- Deferred amount for issuance premium, net of discount is included above. -Deferred amount for issuance premium, net of discount is included above.

Sources: City of Santa Clarita, Administrative Services Department - Finance Division (1) 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 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 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.

City of Santa Clarita
Ratio of Outstanding Debt by Type
Last Ten Fiscal Years

GOVERNMENTAL ACTIVITIES
- On June 22, 2016, the Santa Clarita Public Financing Authority issued $14,020,000 in Series 2016B Lease Revenue Refunding Bonds (OSPD) to advance refund $15,070,000 of outstanding 2007 Series certificates.
- On June 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 4, 2022, the Santa Clarita Public Financing Authority issued $12,845,000 in Series 2022A Lease Revenue Bonds and $5,970,000 in Series 2022B Lease Revenue Bonds to provide funds to pay for a portion of the costs of financing certain energy efficiency improvements for City. (2) 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. (3) 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.
(4) On July 1, 2021, the City of Santa Clarita adopted Governmental Account Standards Board Statement No. 87 Leases. (5) On July 1, 2022, the City of Santa Clarita adopted Governmental Account Standards Board Statement No. 96 Subscription-Based Technology Arrangements. (6) On March 6 2023, the City entered into a loan agreement with the California Energy Commission (CEC) in the amount of $3,000,000. The purpose of this Energy Conservation Assistance Act (ECAA) one percent interest loan was to fund the upgrades of existing interior and exterior lighting to LEDs and retrofits of existing HVAC equipment and transformers to high efficiency units at multiple sites. 224

PERCENTAGE

OF OUTSTANDING

TAX TOTAL TAXABLE DEBT DEBT TO

GOVERNMENTAL ALLOCATION GRAND PRIMARY ASSESSED PER PERSONAL ACTIVITIES TOTAL BONDS (2) TOTAL GOVERNMENT VALUE CAPITA INCOME 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 95,119,630 29,307,245 126,820,477 95,119,630 0.21% 413 N/A 92,865,698 28,243,585 123,481,788 92,865,698 0.20% 400 N/A City of Santa Clarita
Ratio of Outstanding Debt by Type (Continued)
Last Ten Fiscal Years

SUCCESSOR AGENCY
$149
$141
$203
0 50
100
150
200
250
15-16 16-17 17-18
Fiscal Year
-
50 100
150
200
250
300
350
400
450
15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24 24-25 Fiscal Year

OUTSTANDING DEBT PER CAPITA
Last Ten Fiscal Years
$500 $484
$466
$0
$0
$0
$0
$149
$141
$203
0 100
200
300
400
500
600
07-08 08-09 09-10 10-11 11-12 12-13 14-15 15-16 16-17 17-18 Fiscal Year
0 50
100
150
200
250
300
350
400
450
15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24 24-25 Fiscal Year

OUTSTANDING DEBT PER CAPITA
Last Ten Fiscal Years
225

PERCENTAGE
OF

TAXABLE DEBT

FISCAL REVENUE ASSESSED PER
YEAR POPULATION (1) BONDS TOTAL VALUE CAPITA
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 2024-25 232,377 86,490,902 86,490,902 0.19% 372 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
$118 $117
0 50
100
150
200
250
300
350
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
2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 Fiscal Year

GENERAL BONDED DEBT OUTSTANDING

PER CAPITA
Last Ten Fiscal Years
226
2024-25 Assessed Valuation: $46,379,275,473
(Net of Redevelopment Agency Incremental Value of $837,960,958) 2024-25 Population: 232,377
Percent City’s Share
Total Debt Applicable of Debt
06/30/2025 To Cit y (1) 06/30/2025
DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT:

Santa Clarita Community College District 358,983,234 $ 1% 275,422,707$ William S. Hart Union High School District 258,690,624 $ 77% 198,451,925$ William S. Hart Union High School District Community Facilities District No. 2005-1 16,015,000 $ 100% 16,015,000$ William S. Hart Union High School District Community Facilities District No. 2015-1 23,970,000 $ 100% 23,970,000$ William S. Hart Union High School District Community Facilities District No. 90-1 10,000 $ 100% 10,000$ Los Angeles Community College and Unified School Districts 16,664,910,000 $ 0.000005%-0.00001% 1,421$ Castaic Union School District 28,275,000$ 26% 7,389,106$ Newhall School District School Facilities Improvement District No. 2011-1 52,475,000$ 63% 33,152,131$ Saugus Union School District School Facilities Improvement District No. 2014-1 116,820,000$ 98% 114,317,716$ Saugus Union School District Community Facilities District No. 2005-1 12,180,000$ 100% 12,180,000$ Saugus Union School District Community Facilities District No. 2006-1, Improvement Area No. 1 23,845,000$ 100% 23,845,000$ Saugus Union School District Community Facilities District No. 2006-1, Improvement Area No. 2 18,295,000$ 100% 18,295,000$ Saugus Union School District Community Facilities District No. 2006-1, Improvement Area No. 3 17,435,000$ 100% 17,435,000$ Saugus Union School District Community Facilities District No. 2006-2, Improvement Area No. 1 10,445,000$ 100% 10,445,000$ Saugus Union School District Community Facilities District No. 2006-2, Improvement Area No. 2 5,890,000$ 100% 5,890,000$ Saugus Union School District Community Facilities District No. 2006-2, Improvement Area No. 3 12,630,000$ 100% 12,630,000$ Saugus Union School District Community Facilities District No. 2019-1 8,980,000$ 100% 8,980,000$ Saugus-Hart School District Community Facilities District No. 2000-1 5,470,000$ 100% 5,470,000$ Community Facilities District No. 2006-1C 12,175,000$ 100% 12,175,000$ Sulphur Springs Union School District 69,725,090$ 95% 66,076,376$ Sulphur Springs Union School District No 2002-1 20,885,000$ 100% 20,885,000$

Sulphur Springs Union School District No 2006-1 21,885,879$ 100% 21,885,879$ Sulphur Springs Union School District No 2014-1 18,180,000$ 100% 18,180,000$ Sulphur Springs Union School District No 2019-1 34,625,000$ 100% 34,625,000$ City of Santa Clarita Community Facilities District No. 2002-1 9,815,000$ 100% 9,815,000$ City of Santa Clarita Community Facilities District No. 2016-1 16,740,000$ 100% 16,740,000$ California Municipal Finance Authority Community Facilities District No. 2022-25, I.A. No. 1 18,430,000$ 100% 18,430,000$ California Municipal Finance Authority Community Facilities District No. 2022-25, I.A. No. 2 8,785,000$ 100% 8,785,000$ City of Santa Clarita 1915 Act Bonds 185,000$ 100% 185,000$ TOTAL DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT 1,011,682,261$ DIRECT AND OVERLAPPING GENERAL FUND DEBT:

Los Angeles County General Fund Obligations 3,036,637,390$ 0% 67,018,587$ Los Angeles County Superintendent of Schools Certificates of Participation 2,331,775$ 2% 51,462$ Santa Clarita Community College District Certificates of Participation 4,055,000$ 77% 3,111,118$ William S. Hart Union High School District General Fund Obligations 54,401,633$ 77% 41,733,669$ Castaic Union School District Certificates of Participation 2,315,000$ 26% 604,979$ Sulphur Springs Union School District Certificates of Participation 28,280,000$ 95% 26,800,108$ Los Angeles Unified School District Certificates of Participation 225,010,000$ 0% 23$ City of Santa Clarita Obligations 92,865,698$ 100% 92,865,698$ (2) TOTAL DIRECT AND OVERLAPPING GENERAL FUND DEBT 232,185,644$ Total Net Direct and Overlapping General Fund Debt 232,185,644$ OVERLAPPING TAX INCREMENT DEBT (Successor Agency): 27,665,000$ 1% 27,665,000$ Total Direct Debt 92,865,698$
Gross Total Overlapping Debt 1,178,667,207$
Net Total Overlapping Debt 1,178,667,207$
GROSS COMBINED TOTAL DEBT 1,271,532,905$
NET COMBINED TOTAL DEBT 1,271,532,905$
(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 2024-25 Assessed Valuation:

Total Overlapping Tax and Assessment Debt…………………………………………………………2.18% Total Direct Debt ($92,865,697.60)……………………………………………………….……0.20% Combined Total Debt………………………………………………………………………….………..…2.74% Ratios to Redevelopment Successor Agency Incremental Valuation ($809,031,717):

Total Overlapping Tax Increment Debt…………………………………………………………….…3.30% Source: California Municipal Statistics, Inc.

City of Santa Clarita
Direct and Overlapping Tax and Assessment Debt
June 30, 2025
227
24-25 23-24 22-23 21-22 20-21
Assessed valuation 46,379,275,473$ 44,635,716,372$ 41,356,729,027$ 38,390,714,609$ 36,983,412,434$ Conversion percentage 25% 25% 25% 25% 25%
Adjusted assessed valuation 11,594,818,868 11,158,929,093 10,339,182,257 9,597,678,652 9,245,853,109 Debt limit percentage 15% 15% 15% 15% 15%
Debt limit 1,739,222,830 1,673,839,364 1,550,877,339 1,439,651,798 1,386,877,966 Total net debt applicable to limit:

General obligation bonds -
Legal debt margin 1,739,222,830$ 1,673,839,364 $ 1,550,877,339 $ 1,439,651,798 $ 1,386,877,966 $ 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
228
19-20 18-19 17-18 16-17 15-16
Assessed valuation 35,174,818,421$ 32,480,968,597$ 30,727,345,419$ 28,685,821,032$ 27,330,863,338$ Conversion percentage 25% 25% 25% 25% 25%
Adjusted assessed valuation 8,793,704,605 8,120,242,149 7,681,836,355 7,171,455,258 6,832,715,835 Debt limit percentage 15% 15% 15% 15% 15%
Debt limit 1,319,055,691 1,218,036,322 1,152,275,453 1,075,718,289 1,024,907,375 Total net debt applicable to limit:

General obligation bonds - - - - - Legal debt margin 1,319,055,691$ 1,218,036,322$ 1,152,275,453$ 1,075,718,289$ 1,024,907,375$ Total debt applicable to the limit
as a percentage of debt limit 0% 0% 0% 0% 0%

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
15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24 24-25 (in Millions)
Fiscal Year

LEGAL DEBT MARGIN
Last Ten Fiscal Years
229
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230

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) 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% 80,898 1,035,420,068 5.30% 2024 230,428 -0.10% 9,824,091 0.64% N/A N/A 6.20% 2025 232,377 0.84% 9,876,811 0.54% N/A N/A 5.50% Sources: (1) State of California, Finance Department, as of 1/1/2025: 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, Employment Development Department (EDD), for the month of March 2025 Data for all County Sub-Areas, Year 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

2.99%
-1.48%

0.11%

0.70%

1.76%
-0.16%

3.28%

0.80%
-0.10%

0.84%
-1.50%
-0.50%

0.50%

1.50%

2.50%

3.50%

4.50%
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
YEAR

POPULATION INCREASE
Last Ten Fiscal Years
231

PERCENT PERCENT
NUMBER of NUMBER of
of TOTAL of TOTAL

EMPLOYER EMPLOYEES EMPLOYMENT EMPLOYER EMPLOYEES EMPLOYMENT Six Flags Magic Mountain 3,000 14.06% Six Flags Magic Mountain 3,200 11.15% Henry Mayo Newhall
Memorial Hospital 1,695 7.94% Princess Cruises 1,948 6.79% California Institute of the
Arts 1,629 7.63%
Henry Mayo Newhall
Memorial Hospital 1,822 6.35%
Logix 849 3.98% Quest Diagnostics 913 3.18% Walmart 849 3.98% The Master's College 760 2.65% Woodward HRT 710 3.33% Boston Scientific 750 2.61% Amazon 678 3.18% Woodward HRT 725 2.53% Princess Cruises 668 3.13% Aerospace Dynamics 705 2.46% The Master's College 664 3.11% Advanced Bionics 700 2.44% Boston Scientific 649 3.04%
California Institute of the
Arts 690 2.40%
Largest firms
(1)
11,391 53.39% Largest firms (1)
12,213 42.55%
All others 9,946 46.61% All others 16,492 57.45% Grand total 21,337 100.00% Grand total 28,705 100.00% * As of September 2025
NOTE: (1) Non-governmental employers
Source: 2025 Economic Outlook Santa Clarita Valley Economic Dev Corp & College of the Canyons, ACFR 2016 2025* 2016
City of Santa Clarita
Principal Employers
Current Fiscal Year and Nine Fiscal Years Ago
232
Function 24-25 23-24 22-23 (3) 21-22 20-21 19-20 18-19 17-18 16-17 15-16 General government 172.50 173.50 172.50 87.50 85.00 84.00 81.00 76.00 76.00 91.00 Public safety (1) - - - - - - - - - - Public works 94.00 93.00 94.00 142.50 141.50 141.50 139.50 126.50 128.50 131.50 Community development 63.50 63.50 63.50 46.00 45.00 45.00 44.00 43.00 44.00 37.00 Recreation and Comm Svcs 56.40 53.40 53.40 69.50 67.25 68.25 68.25 63.90 63.90 112.15 Neighborhood Services (2) 86.50 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 10.00 12.00 12.00 12.00 Totals 482.90 479.90 477.90 461.10 452.35 451.35 442.35 400.40 398.40 383.65 (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
So
urce: City of Santa Clarita, Adopted Budget-Funded Regular Fulltime Equivalent Positions City of Santa Clarita
Full-Time and Part-Time City Employees by Function
Last Ten Fiscal Years

FISCAL YEAR

0.00 100.00
200.00
300.00
400.00
500.00
600.00
15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24 24-25 383.65
398.40 400.40
442.35 451.35 452.35 461.10 477.90
479.90 482.90
Fiscal Year

CITY OF SANTA CLARITA - EMPLOYEES
Last Ten Fiscal Years
233
Function 24-25 23-24 22-23 21-22 20-21
Police:

Parking citations issued (1) 19,712 21,787 23,512 18,651 11,359 Parking revenue collected 844,721$ 972,705$ 1,101,410$ 747,323$ 417,978 $ Public works:

Street resurfacing (miles) 24.0 20.0 24.0 58.2 28.0 Parks and Recreation:

Number of recreation classes 1,569 1,572 1,518 2,038 1,593 Number of facility rentals (times) 12,512 12,097 7,078 12,096 10,016 Transit:

Number of customers served (2) 2,551,074 2,056,971 2,453,098 1,900,958 1,673,828

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

FISCAL YEAR
City of Santa Clarita
Operating Indicators by Function
Last Ten Fiscal Years
234

FISCAL YEAR
Function 19-20 18-19 17-18 16-17 15-16
Police:

Parking citations issued (1) 13,992 24,214 15,505 13,133 9,035 Parking revenue collected 516,477 $ 364,954$ 498,749$ 470,843$ 379,384$ Public works:

Street resurfacing (miles) 38.7 26.0 38.9 45.0 15.5 Parks and Recreation:

Number of recreation classes 2,197 2,773 2,903 2,992 2,918 Number of facility rentals (times) 11,778 12,787 12,013 19,924 13,390 Transit:

Number of customers served (2) 2,131,694 2,680,202 2,775,327 2,864,351 3,167,021

City of Santa Clarita
Operating Indicators by Function (Continued)
Last Ten Fiscal Years
235
Function 24-25 23-24 22-23 21-22 20-21 19-20 18-19 17-18 16-17 15-16 14-15 Public works:

Streets (miles) 597 597 596 573 573 570 540 540 537 516 497 Street lights (1) 18,834 18,832 18,832 18,703 18,622 18,662 18,662 18,662 17,843 17,843 17,843 Traffic signals (City Jurisdiction) 205 202 200 199 198 195 187 187 186 180 180 Traffic signals (Joint Jurisdiction) 22444 4 5 5 5 5 5 Parks and recreation:

Number of parks 39 36 35 35 34 33 32 32 32 32 32 Community centers 3 2 2 2 2 2 2 2 2 2 2 Transit:

Stations 6 6 4 4 4 4 4 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 is responsible for 18,834 streetlights, inclusive of Highway Safety Lights which are attached to traffic signals.

Source: City of Santa Clarita, Administrative Services Department - Finance Division City of Santa Clarita
Capital Assets Statistics by Function
Last Ten Fiscal Years

FISCAL YEAR
236
23920 Valencia Blvd.

Suite 300
Santa Clarita, CA 91355
SantaClarita.gov

Santa Clarita City CouncilJanuary 13, 2026

Santa Clarita City Council
January 13, 2026