Cities Index.
Agenda packet

Shafter City Council
April 1, 2025

Document
Agenda packet
Meeting
April 1, 2025
Body
Shafter City Council
Pages
379
Original file
134.3 MB
Text extracted from the city's file for reading and search. Open the original on shafterca.api.civicclerk.com. That file is the official record.

Quote
Account # Quote Date Quote #
1112090632 3/18/2025 Q1887841
THIS QUOTE IS SUBJECT TO THE TERMS LISTED AT https://www.barcodesinc.com/support/client-terms.htm ("TERMS"), AND CREATES A LEGALLY BINDING AGREEMENT WITH Barcodes Inc. (OR ITS APPLICABLE SUBSIDIARY) UNLESS A SEPARATE, PREEXISTING, WRITTEN AGREEMENT IS IN FORCE WITH Barcodes Inc.

OR ITS APPLICABLE SUBSIDIARY.

Price does not include shipping unless specified. Price Only Valid for quantity printed. Prices are only valid through the quote expiration date. Barcodes Inc. TRUESUPPORT AND SERVICES NOTICE: The Customer acknowledges that if declining any of the quoted Barcodes Inc. TrueSupport or Barcodes Inc. Services (such as staging, kitting, and installation), they will be charged for ANY support that they require through Barcodes Inc. at our hourly rates. If Barcodes Inc.'s TrueSupport or Services options are not listed on this quotation, please inquire for pricing.

Quote prepared by
Christi Melendez
E : [email protected]
P : (312) 546-4690
Quote Reference #
Q1887841
Expires: 4/17/2025
Device as a Service (DaaS) subscription option: A monthly DaaS subscription payment option is available for your consideration. Please contact your Barcodes Account Manager for a DaaS estimate and additional details.

Page 164 of 379 ends

CONSENT CALENDAR

CITY OF SHAFTER

CITY COUNCIL REPORT
MEETING DATE: April 1, 2025
DEPARTMENT: Alex Gonzalez, Deputy Public Works Director SUBJECT: ZERKER ROAD RECONSTRUCTION PHASE IV - DESIGN AND

ENGINEERING SERVICES

RECOMMENDATION
Council find the project is exempt from the California Environmental Quality Act; authorize a budget amendment to ST00038.2 of $56,000 from the Transportation Development Act fund; approve a proposal from Provost & Pritchard Consulting Group in the amount of $56,000 for design services related to the Zerker Road Reconstruction Phase IV Project; and authorize the Public Works Director to issue a Notice of Award and Notice to Proceed to Provost & Pritchard Consulting Group.

BACKGROUND
The City of Shafter has secured funding to continue reconstructing Zerker Road to better withstand current traffic. The next phase, "Phase IV", would occur between an existing rail service spur crossing near GMC Roofing and approximately 600 linear feet past the intersection with New Kapittel Court. The primary funding source is the Federal Regional Surface Transportation Program (RSTP), which totals $646,269, specifically programmed in the Federal Fiscal Year 2025-2026.

Due to limited City staff time, Public Works Staff requested a proposal from Provost & Pritchard Consulting Group to complete the design and engineering services required to develop construction plans, specifications, and cost estimates. They later submitted a proposal totaling $56,000, which has been reviewed and determined to be reasonable for the scope of work.

FISCAL IMPACT
ST00038.2 currently has $731,000 in funding allocated to construction and bidding, which includes the awarded RSTP federal funding and required local match. No funding was originally allocated for design services for this project. A design services agreement with Provost & Pritchard developed by Public Works shall not exceed $56,000. Funding for this design phase will be provided through Transportation Development Act (TDA) funds. The current programed awarded RSTP federal funding and local match will be used to support the subsequent construction phase of the project.

CEQA ANALYSIS

Page 165 of 379 ends

ZERKER ROAD RECONSTRUCTION PHASE IV - DESIGN AND ENGINEERING

SERVICES
- 2 -
This project is categorically exempt from the California Environmental Quality Act (CEQA) per Section 15301 (Class 1 – Existing Facilities) of the CEQA Guidelines because the project is the reconstruction of an existing segment of Zerker Road within the existing right-of-way that involves no expansion of existing use.

APPROVED BY THE CITY ATTORNEY
Not Applicable

ATTACHMENTS

1. Provost & Pritchard Proposal - Zerker Rd

Page 166 of 379 ends

1518 Mill Rock Way, Suite 100, Bakersfield, CA 93311-1351 • Tel: (661) 616-5900 www.provostandpritchard.com
I:\Marketing\Proposals\2025\City of Shafter Zerker Reconstruction PS&E East of UP RR - 25-269\Working Drafts\Proposal - Zerker Phase 1.docx Engineering • Structural • Geostructural • Surveying • Planning • Environmental • GIS • Construction Services • Hydrogeology • Consulting Clovis • Visalia • Bakersfield • Modesto • Los Banos • Chico • Sacramento • Sonora • San Luis Obispo • Riverside • Camarillo • Boise, ID March 26, 2025
Alex Gonzalez
City of Shafter
336 Pacific Avenue
Shafter, CA 93263
Subject: Engineering and Land Surveying Services for Zerker Road Reconstruction East of the Existing Railroad Crossing, Shafter, California
Dear Alex Gonzalez:

Thank you for the opportunity to submit this proposal to provide civil engineering services for the subject project. This proposal discusses our understanding of the project, recommends a scope of services together with associated fees, deliverables and approximate schedules, sets forth our assumptions and discusses other services that may be of interest as the project proceeds.

PROJECT UNDERSTANDING.

We understand that the City of Shafter requesting plans be developed for the reconstruction of Zerker Road from the railroad crossing to approximately 600 LF southeast of the intersection of Zerker Road and New Kapittel Court.

SCOPE OF SERVICES
Our proposed scope of work for this proposal is segregated into three phases, described below.

PHASE SUR: SURVEY
• Topographic site survey of all existing facilities within City Right of Way from the Railroad crossing east to the limits of the project.
• Basemap
o Obtain historic files from the City within the limits of the project o Prepare cad basemap from topo survey and historic information from the City PHASE PRE: PRELIMINARY DESIGN
• City field meeting and roadway review and marking
o Review Zerker Road with city staff and mark out areas of demolition and replacement o Measure roadway widths for estimating purposes
• Prepare 65% plans for road rehabilitation and reconstruct, including the following:
o Street improvements
o Typical Sections
o Sign and Striping
 Maintain existing conditions and determine if any improvements are needed • Prepare special provisions/specifications/contract as needed • Prepare quantity and cost estimate
• Submit to City staff for review and comment

Page 167 of 379 ends

City of Shafter March 26, 2025
Zerker Road Reconstruction East of the Existing Railroad Crossing Page 2 of 2 Job No.: 25-128
I:\Marketing\Proposals\2025\City of Shafter Zerker Reconstruction PS&E East of UP RR - 25-269\Working Drafts\Proposal - Zerker Phase 1.docx PHASE FD: FINAL DESIGN
• Prepare final plans for road widening and improvements, including the following:
o Street reconstruct
o Typical sections
o Sign and Striping
• Prepare final construction cost estimate
• Prepare final special provisions/specifications/contract • Coordinate with City staff regarding final design

PROFESSIONAL FEES
Provost & Pritchard Consulting Group will perform the services in these Phases on a time and materials basis, in accordance with our Standard Fee Schedule in effect at the time services are rendered. These fees will be invoiced monthly as they are accrued, and our total fees, reimbursable expenses, will not exceed our estimate of $56,000 without additional authorization.

PROPOSED FEE

PHASE ESTIMATED FEE
Phase SUR $4,000
Phase PRE $38,000
Phase FD $14,000
Total Estimated Fee: $56,000
The line items shown above are estimates and are not intended to limit billings for any given Task. Required task effort may vary up or down from the line item estimates shown, however total billings will not exceed the total shown without additional authorization. If the scope changes materially from that described above, as a result of because of design changes requested by the Owner, we will prepare a revised estimate of our fees for your approval before we proceed.

SCHEDULE
Once we receive an executed copy of this Proposal together with the signed Agreement, and are authorized to proceed, we will prepare a schedule for review and approval by the City for the submittal of 65% plans by May 23, 2025.

ADDITIONAL SERVICES
The following services are not included in this proposal, however, these and others can be provided at additional cost, upon request.
• Bidding and Construction Support

TERMS AND CONDITIONS
Please provide a standard City of Shafter agreement for our review and execution. This proposal is valid for 30 days from the date above.

Respectfully,
Provost & Pritchard Consulting Group
Ian Parks, RCE 58155
Principle Engineer

Page 168 of 379 ends

Assistant Engineer $ 121.00 - $ 149.00
Associate Engineer $ 142.00 - $ 172.00
Senior Engineer $ 180.00 - $ 217.00
Principal Engineer $ 227.00 - $ 287.00
Associate Structural Engineer $ 142.00 - $ 172.00
Senior Structural Engineer $ 180.00 - $ 216.00
Principal Structural Engineer $ 226.00 - $ 266.00
Assistant Electrical,I&C Engineer $ 128.00 $ 156.00
Associate Electrical,I&C Engineer $ 163.00 $ 192.00
Senior Electrical,I&C Engineer $ 202.00 $ 242.00
Assistant Specialist $ 101.00 - $ 121.00
Associate Specialist $ 126.00 - $ 156.00
Senior Specialist $ 163.00 - $ 201.00
Principal Specialist $ 211.00 - $ 271.00
Assistant Biologist $ 102.00 - $ 117.00
Associate Biologist $ 122.00 - $ 149.00
Senior Biologist $ 156.00 - $ 178.00
Principal Biologist $ 186.00 - $ 226.00
Assistant Geologist/Hydrogeologist $ 111.00 - $ 136.00
Associate Geologist/Hydrogeologist $ 137.00 - $ 165.00
Senior Geologist/Hydrogeologist $ 176.00 - $ 206.00
Principal Geologist/Hydrogeologist $ 216.00 - $ 256.00
Principal Tunneling Consultant $ 251.00 - $ 281.00
Assistant Planner $ 103.00 - $ 123.00
Associate Planner $ 130.00 - $ 151.00
Senior Planner $ 158.00 - $ 186.00
Principal Planner $ 194.00 - $ 224.00
Assistant Technician $ 90.00 - $ 107.00
Associate Technician $ 114.00 - $ 138.00
Senior Technician $ 144.00 - $ 172.00
Associate Construction Manager $ 140.00 - $ 160.00
Senior Construction Manager $ 167.00 - $ 191.00
Principal Construction Manager $ 201.00 - $ 231.00
Construction Inspector (PW) $ 175.00 - $ 220.00
Construction Inspector - OT (PW) $ 225.00 - $ 270.00
Construction Inspector - Dbl OT (PW) $ 250.00 - $ 295.00 Administrative Assistant $ 80.00 - $ 100.00
Project Administrator $ 94.00 - $ 120.00
Senior Project Administrator $ 128.00 - $ 210.00
Intern $ 70.00 - $ 85.00
Assistant Surveyor $ 116.00 - $ 146.00
Licensed Surveyor $ 166.00 - $ 206.00
Prev Wage OT (1)
1 Man Survey Crew $ 205.00 $ 270.00
2 Man Survey Crew $ 315.00 $ 370.00
Mileage IRS value + 15%
Outside Consultants Cost + 15%
Direct Costs Cost + 15%
PROJECT COSTS:
(1) Prevailing wage rates shown for San Joaquin, Stanislaus, Merced, Madera, Fresno, Tulare, Kings, and Kern Counties, other counties as quoted.
(2) Overtime for Construction Services prevailing wage will be calculated at 125% of the standard prevailing wage rate Prev. Wage (1)
$ 245.00
$ 345.00
(Field Work not including survey equipment billed at individual standard rate plus vehicle as appropriate) EXPERT WITNESS / GIS TRAINING: As quoted.

TRAVEL TIME (for greater than 1 hour from employee’s base office): $95/hr (unless the individual's rate is less) SPECIALISTS:

PLANNING STAFF
TECHNICAL STAFF:

CONSTRUCTION SERVICES:

SUPPORT STAFF:

SURVEYING SERVICES:

External Use
STANDARD FEE SCHEDULE - Effective 1/1/2025
This schedule supersedes previously published fee schedules as of the effective date.

Multi-year contracts are subject to any subsequent changes in these rates.

ENGINEERING STAFF: Fee Range

Page 169 of 379 ends

CONSENT CALENDAR

CITY OF SHAFTER

CITY COUNCIL REPORT
MEETING DATE: April 1, 2025
DEPARTMENT: Alex Gonzalez, Deputy Public Works Director SUBJECT: NOTICE OF COMPLETION 2024 RESIDENTIAL STREET
IMPROVEMENT PROJECT - ST00021.24

RECOMMENDATION
Council find that the action is not defined as a “project” under CEQA, as defined in Section 15378(b)(5) of the CEQA Guidelines: accept the public improvements completed for the 2024 Residential Street Improvement Project (#ST00021.24); approve an appropriation of Transportation Development Act funds totaling $19,645.07 to the project; and authorize the Deputy Public Works Director to file a notice of completion and acceptance of work for said improvements.

BACKGROUND
On September 3, 2024, the Council authorized the award of a contract to Westrock LLC dba Westrock General Engineering to complete street improvements along several residential streets including West Euclid Avenue, Oleander Avenue, Tamara Way, Bree Drive, Acacia Avenue, Redwood Drive, South Valley Street, West Ash Avenue, and Rosalee Avenue. The project involved full-depth pavement reconstruction and concrete improvements including curb, gutter, sidewalk, and wheelchair ramps to enhance the reliability and safety of the roadway and pedestrian pathways. Public Works Staff fieldapproved the project effective January 13, 2025.

FISCAL IMPACT
The total cost of the 2024 Residential Street Improvement Project, including materials testing and bidding expenses, was $719,645.07. The project was primarily funded with $700,000 in Transportation Development Act (TDA) funds. The final cost slightly exceeded the approved budget by $19,645.07, representing less than 3% of the total project cost. Available TDA funds are sufficient to cover the overage.

CEQA ANALYSIS
The action is not defined as a “project” per Section 15378(b)(5) of the CEQA Guidelines because the action is approval of a notice of completion and acceptance of work for a project that has already been environmentally cleared and therefore, it is organizational and administrative activity that will not result in direct or indirect physical changes to the environment and not subject to CEQA.

APPROVED BY THE CITY ATTORNEY
Not Applicable

Page 170 of 379 ends

NOTICE OF COMPLETION 2024 RESIDENTIAL STREET IMPROVEMENT PROJECT - ST00021.24
- 2 -

ATTACHMENTS

1. Notice of Completion, 2024 Residential Street Improvement Project

Page 171 of 379 ends

RECORDING REQUESTED BY, FOR THE

BENEFIT OF, AND WHEN RECORDED
MAIL TO:

CITY CLERK

CITY OF SHAFTER
336 PACIFIC AVENUE
SHAFTER, CALIFORNIA 93263

ABOVE SPACE FOR RECORDER'S USE
NO RECORDING FEE PURSUANT TO GOVT CODE 27383

NO DOCUMENTARY TRANSFER TAX PURSUANT TO
CALIFORNIA REVENUE & TAXATION CODE 11922
“EXEMPT FROM THE FEE PER GC 27388.1 (A)(1)
PAYMENT OF RECORDING FEES EXPRESSLY EXEMPTED BY LAW.”

NOTICE OF COMPLETION

AND ACCEPTANCE OF WORK
NOTICE IS HEREBY GIVEN that work has been completed on that certain project for the construction of “2024 RESIDENTIAL STREET IMPROVEMENT PROJECT” in the City of Shafter on JANUARY 13, 2025, and that said project was authorized for acceptance by this Agency on APRIL 1, 2025. The undersigned Agency owns the following interest in the public improvements installed: own, operate, maintain, repair, and replace public street improvements including curb, gutter, sidewalk, wheelchair ramps, grading, paving improvements, and traffic striping across several residential streets including W Euclid Ave, Oleander Ave, Tamara Way, Bree Dr, Acacia Ave, Redwood Dr, S Valley St, W Ash Ave, and Rosalee Ave in the City of Shafter, County of Kern.

The contractor on said project was WESTROCK LLC DBA WESTROCK GENERAL ENGINEERING. Refer to the approved plans for all information relating to said project.

The address of the undersigned Agency is Shafter City Hall, 336 Pacific Avenue, Shafter, California 93263.

CITY OF SHAFTER
________________________________________ _________________________ Alex Gonzalez, P.E. Date
City of Shafter, Deputy Public Works Director – Capital Projects ATTEST:
_______________________________________
Yazmina Pallares, City Clerk
I certify under the Penalty of Perjury under the laws of the State of California that the foregoing is true and correct. _______________________________________
Alex Gonzalez, P.E
City of Shafter, Deputy Public Works Director – Capital Projects Executed on ____________________________ at Shafter, California.

Page 172 of 379 ends

CONSENT CALENDAR

CITY OF SHAFTER

CITY COUNCIL REPORT
MEETING DATE: April 1, 2025
DEPARTMENT: Alex Gonzalez, Deputy Public Works Director SUBJECT: STRINGHAM PARK AMENITIES (#PK00007) – NOTICE OF

COMPLETION AND ACCEPTANCE OF WORK

RECOMMENDATION
Council find that the action is not defined as a “project” under CEQA, as defined in Section 15378(b)(5) of the CEQA Guidelines: accept the public improvements completed for the Stringham Park Amenities (#PK00007); authorize a budget amendment of $13,132.47 from the City's General Fund; and authorize the Deputy Public Works Director to file a notice of completion and acceptance of work for said improvements.

BACKGROUND
On November 21, 2023, the Council authorized the award of a contract to Proffitt Construction Inc., dba Superior Construction, to complete public improvements at Stringham Park. This project was funded mainly by a grant through the Clean California Grant Program. This project included constructing a 19-stall parking lot with future EV charger stalls and installing one shade structure, two playgrounds, a new irrigation system for improved water efficiency, and landscaping to enhance the park's appearance. Public Works Staff approved the project effective January 13, 2025.

FISCAL IMPACT
The total cost of the Stringham Park Amenities Project, including materials testing and bidding expenses, is $1,063,132.47. The project was primarily funded through a $656,250 grant from the Clean California Program. The City’s original General Fund contribution was $393,750, resulting in an approved project budget of $1,050,000.

The final cost exceeded the approved budget by $13,132.47, or approximately 1.2%.

This minor variance is proposed to be covered by available General Fund appropriations. If necessary, a budget amendment may be processed to ensure proper project closeout and accounting.

The additional cost reflects final construction and project-related expenses and remains within a reasonable range for a project of this scope.

CEQA ANALYSIS
The action is not defined as a “project” per Section 15378(b)(5) of the CEQA Guidelines because the action is approval of a notice of completion and acceptance of work for a

Page 173 of 379 ends

STRINGHAM PARK AMENITIES (#PK00007) – NOTICE OF COMPLETION AND ACCEPTANCE

OF WORK
- 2 -
project that has already been environmentally cleared and therefore, it is organizational and administrative activity that will not result in direct or indirect physical changes to the environment and not subject to CEQA.

APPROVED BY THE CITY ATTORNEY
No

ATTACHMENTS

1. Notice of Completion - Stringham Park Amenities

Page 174 of 379 ends

RECORDING REQUESTED BY, FOR THE

BENEFIT OF, AND WHEN RECORDED
MAIL TO:

CITY CLERK

CITY OF SHAFTER
336 PACIFIC AVENUE
SHAFTER, CALIFORNIA 93263

ABOVE SPACE FOR RECORDER'S USE
NO RECORDING FEE PURSUANT TO GOVT CODE 27383

NO DOCUMENTARY TRANSFER TAX PURSUANT TO
CALIFORNIA REVENUE & TAXATION CODE 11922
“EXEMPT FROM THE FEE PER GC 27388.1 (A)(1)
PAYMENT OF RECORDING FEES EXPRESSLY EXEMPTED BY LAW.”

NOTICE OF COMPLETION

AND ACCEPTANCE OF WORK
NOTICE IS HEREBY GIVEN that work has been completed on that certain project for the construction of “STRINGHAM PARK AMENITIES” in the City of Shafter on JANUARY 13, 2025, and that said project was authorized for acceptance by this Agency on APRIL 1, 2025. The undersigned Agency owns the following interest in the public improvements installed: own, operate, maintain, repair, and replace public park improvements including curb, gutter, sidewalk, wheelchair ramps, grading, paving improvements, traffic striping and signage, park lighting, irrigation, drainage, play equipment, shade structure, and site electrical. Project is located within Stringham Park in the City of Shafter, County of Kern.

The contractor on said project was PROFFITT CONSTRUCTION INC., DBA SUPERIOR CONSTRUCTION. Refer to the approved plans for all information relating to said project.

The address of the undersigned Agency is Shafter City Hall, 336 Pacific Avenue, Shafter, California 93263.

CITY OF SHAFTER
________________________________________ _________________________ Alex Gonzalez, P.E. Date
City of Shafter, Deputy Public Works Director – Capital Projects ATTEST:
_______________________________________
Yazmina Pallares, City Clerk
I certify under the Penalty of Perjury under the laws of the State of California that the foregoing is true and correct. _______________________________________
Alex Gonzalez, P.E
City of Shafter, Deputy Public Works Director – Capital Projects Executed on ____________________________ at Shafter, California.

Page 175 of 379 ends

CONSENT CALENDAR

CITY OF SHAFTER

CITY COUNCIL REPORT
MEETING DATE: April 1, 2025
DEPARTMENT: Alex Gonzalez, Deputy Public Works Director SUBJECT: VETERANS PARK SOCCER FIELD LIGHTING PROJECT NOTICE

OF COMPLETION

RECOMMENDATION
Council find that the action is not defined as a “project” under CEQA, as defined in Section 15378(b)(5) of the CEQA Guidelines: accept the public improvements completed for the Veterans Park Soccer Field Lighting Project (#PK00012); and authorize the Deputy Public Works Director to file a notice of completion and acceptance of work for said improvements.

BACKGROUND
On July 16, 2024, the Council authorized the award of a contract to Innovative Engineering Systems, Inc., dba Agilitech, to complete public improvements at Veterans Park. This project included the installation of six sports lights and associated electrical servicing to expand the park's use during nighttime hours. The Public Works Staff approved the project effective November 15, 2024.

FISCAL IMPACT
The total cost of the Veterans Park Soccer Field Lighting Project, including design, materials testing, and bidding expenses, amounted to $754,475.82. The project was funded, with $500,000 provided through the American Rescue Plan Act (ARPA). An additional $300,000 was allocated from the City’s General Fund. The project was completed within the approved budget of $800,000. Ultimately, the project was funded with $737,351.55 in ARPA funds and only $17,124.27 in General funds to expend the ARPA funds that we had available.

CEQA ANALYSIS
The action is not defined as a “project” per Section 15378(b)(5) of the CEQA Guidelines because the action is approval of a notice of completion and acceptance of work for a project that has already been environmentally cleared and therefore, it is organizational and administrative activity that will not result in direct or indirect physical changes to the environment and not subject to CEQA.

APPROVED BY THE CITY ATTORNEY
No

ATTACHMENTS

Page 176 of 379 ends

VETERANS PARK SOCCER FIELD LIGHTING PROJECT NOTICE OF COMPLETION - 2 -

1. Notice of Completion - Veterans Park Soccer Field Lighting

Page 177 of 379 ends

RECORDING REQUESTED BY, FOR THE

BENEFIT OF, AND WHEN RECORDED
MAIL TO:

CITY CLERK

CITY OF SHAFTER
336 PACIFIC AVENUE
SHAFTER, CALIFORNIA 93263

ABOVE SPACE FOR RECORDER'S USE
NO RECORDING FEE PURSUANT TO GOVT CODE 27383

NO DOCUMENTARY TRANSFER TAX PURSUANT TO
CALIFORNIA REVENUE & TAXATION CODE 11922
“EXEMPT FROM THE FEE PER GC 27388.1 (A)(1)
PAYMENT OF RECORDING FEES EXPRESSLY EXEMPTED BY LAW.”

NOTICE OF COMPLETION

AND ACCEPTANCE OF WORK
NOTICE IS HEREBY GIVEN that work has been completed on that certain project for the construction of “VETERANS PARK SOCCER FIELD LIGHTING PROJECT” in the City of Shafter on NOVEMBER 15, 2024, and that said project was authorized for acceptance by this Agency on APRIL 1, 2025. The undersigned Agency owns the following interest in the public improvements installed: own, operate, maintain, repair, and replace public park sports lighting including poles, luminaires, conduits, controls, and conductors. Project is located within Veteran’s Park in the City of Shafter, County of Kern.

The contractor on said project was INNOVATIVE ENGINEERING SYSTEMS, INC., DBA AGILITECH. Refer to the approved plans for all information relating to said project.

The address of the undersigned Agency is Shafter City Hall, 336 Pacific Avenue, Shafter, California 93263.

CITY OF SHAFTER
________________________________________ _________________________ Alex Gonzalez, P.E. Date
City of Shafter, Deputy Public Works Director – Capital Projects ATTEST:
_______________________________________
Yazmina Pallares, City Clerk
I certify under the Penalty of Perjury under the laws of the State of California that the foregoing is true and correct. _______________________________________
Alex Gonzalez, P.E
City of Shafter, Deputy Public Works Director – Capital Projects Executed on ____________________________ at Shafter, California.

Page 178 of 379 ends

CONSENT CALENDAR

CITY OF SHAFTER

CITY COUNCIL REPORT
MEETING DATE: April 1, 2025
DEPARTMENT: Marcos Torres, Deputy Public Works Director SUBJECT: TRAFFIC SIGNAL CONTROL CABINET UPGRADE AND

INSTALLATION OF BATTERY BACKUP EQUIPMENT

RECOMMENDATION
Council find the requested action is exempt from the California Environmental Quality Act; accept and approve a cost proposal for the replacement of a traffic controller and installation of battery backup equipment submitted by Loop Electric, Inc. in the amount of $54,810; and authorize the Public Works Director to award a construction contract for said services for an amount not to exceed $60,000.

BACKGROUND
Last year, Public Works Staff started an initiative to replace outdated traffic signal control cabinets throughout the City to enhance reliability and reduce repair and maintenance costs. The next scheduled upgrade is the intersection of Lerdo Highway and Beech Avenue, which includes installing a modern traffic signal controller with battery backup equipment to ensure the signal remains operational during power outages, thereby improving traffic safety and reducing disruptions. The Public Works Department also plans to install battery backups at two other locations, Lerdo Highway at Carver Street and Lerdo Highway at Zerker Road.

Loop Electric, Inc., the City's on-call contractor for traffic signal repairs and troubleshooting, submitted a cost proposal of $54,810 to complete the planned work. An appropriate budget to fund this proposal plus contingencies is $60,000.

FISCAL IMPACT
No budget action is required at this time. The requested budget can ben funded within existing Streets Division operations funds.

CEQA ANALYSIS
This project is categorically exempt from the California Environmental Quality Act (CEQA) per Section 15302 (Class 2 – Replacement or Reconstruction) and Section 15303 (Class 3 – New Construction or Conversion of Small Structures) of the CEQA Guidelines because the project is the replacement of outdated traffic signal control cabinets throughout the City located at the same site as the cabinets replaced and will have substantially the same purpose and capacity as the cabinets replaced as well as the installation of battery backup systems at two locations, which is the installation of small new equipment.

Page 179 of 379 ends

TRAFFIC SIGNAL CONTROL CABINET UPGRADE AND INSTALLATION OF BATTERY BACKUP

EQUIPMENT
- 2 -

APPROVED BY THE CITY ATTORNEY
Not Applicable

ATTACHMENTS

1. Loop Electric Proposal

Page 180 of 379 ends
Page 181 of 379 ends

CONSENT CALENDAR

CITY OF SHAFTER

CITY COUNCIL REPORT
MEETING DATE: April 1, 2025
DEPARTMENT: Alex Gonzalez, Deputy Public Works Director SUBJECT: COMMUNITY FACILITIES DISTRICT NO. 0816, AUTHORIZING

THE LEVY OF SPECIAL TAXES ORDINANCE ADOPTION

RECOMMENDATION
Council find the action is not defined as a "project" under CEQA; read by title only and waive second reading, and adopt Ordinance No. 765 (the “Ordinance”), an Ordinance of the City Council of the City of Shafter, California, acting as the legislative body of Community Facilities District No. 0816 (“CFD No. 0816”), authorizing the levy of special taxes within such community facilities district.

BACKGROUND
On March 18, 2025, the City successfully completed the formation of CFD No. 0816. At that time, the City Council waived the first reading and introduced the Ordinance. The City Council must now adopt the Ordinance in order to complete the authorization to impose the levy of special taxes in CFD No. 0816. The Ordinance will be adopted following the second reading proposed for action this evening.

FISCAL IMPACT
The authorization to levy the special taxes within CFD No. 0816 provides a funding mechanism for the public services that will be necessary to serve the expected development within CFD No. 0816.

CEQA ANALYSIS
This action has been reviewed per the authority and criteria contained in the California Environmental Quality Act (CEQA), the State and local CEQA Guidelines, and the City's environmental regulations. The City, acting as the lead agency, determined that the resolutions are not subject to CEQA pursuant to Sections 15060(c)(2), 15060(c)(3), and 15061(b)(3) of the State CEQA Guidelines, because it will not result in a direct or reasonably foreseeable indirect physical change to the environment as there is no possibility that the action would result in a significant environmental impact, and because it does not constitute a “project” as defined in Section 15378 of the State CEQA Guidelines, California Code of Regulations, Title 14, Chapter 3.

APPROVED BY THE CITY ATTORNEY
Yes

ATTACHMENTS

Page 182 of 379 ends

COMMUNITY FACILITIES DISTRICT NO. 0816, AUTHORIZING THE LEVY OF SPECIAL TAXES

ORDINANCE ADOPTION
- 2 -

1. CFD No. 0816 - Ordinance Authorizing Levy of Special Taxes

2. Exhibit A - Rate and Method of Apportionment

Page 183 of 379 ends

17236.00201\43320504.1
ORDINANCE NO. 765

ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SHAFTER ACTING IN ITS

CAPACITY AS THE LEGISLATIVE BODY OF THE CITY OF SHAFTER COMMUNITY FACILITIES DISTRICT NO. 0816, COUNTY OF KERN, STATE OF

CALIFORNIA, AUTHORIZING THE LEVY OF A SPECIAL TAX IN SUCH

COMMUNITY FACILITIES DISTRICT
WHEREAS, the City Council of the City of Shafter, California (the “City Council”), has initiated proceedings, held a public hearing, conducted an election and received a favorable vote from the qualified electors authorizing the levy of special taxes in a community facilities district, all as authorized pursuant to the terms and provisions of the “Mello-Roos Community Facilities Act of 1982,” being Chapter 2.5, Part 1, Division 2, Title 5 of the Government Code of the State of California (the “Act”). This community facilities district shall hereinafter be referred to as the City of Shafter Community Facilities District No. 0816, County of Kern, State of California (the “District”).

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SHAFTER DOES ORDAIN AS FOLLOWS:

Section 1. Incorporation of Recitals. The Recitals set forth above are incorporated herein, are made findings and determination of the City Council, and are an operative part of this Ordinance.

Section 2. Special Taxes. This City Council does, by the passage of this Ordinance, authorize the levy of special taxes on taxable properties located in the District pursuant to the Rate and Method of Apportionment as set forth in Exhibit “A” attached hereto and incorporated herein by this reference (the “Rate and Method”).

Section 3. Annual Levy of Special Taxes. This City Council, acting in its capacity as the legislative body of the District, is hereby further authorized, by resolution, to annually determine the special tax to be levied within the District for the then current tax year or future tax years; provided, however, the special tax to be levied shall not exceed the maximum special tax authorized to be levied pursuant to the Rate and Method.

Section 3. Manner of Collection. The special taxes herein authorized to be levied, to the extent possible, shall be collected in the same manner as ad valorem property taxes or in such other manner as this City Council shall determine, including without limitation, direct billing of the affected property owners, and shall be subject to the same penalties, procedure, sale and lien priority in any case of delinquency as applicable for ad valorem taxes. Any special taxes that may not be collected on the County of Kern tax roll shall be collected through a direct billing procedure by the Treasurer of the City of Shafter, acting for and on behalf of the District.

Section 4. Special Tax Lien. The special taxes authorized to be levied shall be secured by the lien imposed pursuant to Sections 3114.5 and 3115.5 of the Streets and Highways Code of the State of California, which lien shall be a continuing lien to secure each levy of the

Page 184 of 379 ends

Shafter City Council Ordinance No. 765
April 1, 2025

Page 2 ends

special tax, shall attach to all non-exempt real property in the District and shall continue in force and effect until the lien is canceled in accordance with law or until collection of the special tax by the legislative body ceases.

Section 5. Effective Date. This Ordinance shall be effective thirty (30) days after its adoption.

Within fifteen (15) days after its adoption, the City Clerk shall cause this Ordinance, or a summary of it, to be published in a newspaper of general circulation in the City of Shafter.

The foregoing Ordinance was introduced and the title thereof read at the regular meeting of the City Council the 18th day of March 2025 and by unanimous vote of the Council members present, further reading was waived.

PASSED, APPROVED, AND ADOPTED this 1st day of April, 2025.

Chad Givens, Mayor Date
ATTEST:

Yazmina Pallares, City Clerk Date
APPROVED AS TO FORM:

Marco A Martinez, City Attorney Date

Page 185 of 379 ends

Shafter City Council Ordinance No. 765
April 1, 2025

Page 3 ends

EXHIBIT “A”

RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX FOR THE CITY OF SHAFTER COMMUNITY FACILITIES DISTRICT NO. 0816
A-1

Page 186 of 379 ends

City of Shafter 1
Public Services CFD No. 0816 (TR6614)

CITY OF SHAFTER
COMMUNITY FACILITIES DISTRICT NO. 0816

RATE AND METHOD OF APPORTIONMENT
A Special Tax shall be levied on all Taxable Property within the boundaries of the City of Shafter Community Facilities District No. 0816 (“CFD No. 0816”) and collected each Fiscal Year commencing in Fiscal Year 2025/2026 according to the tax liability determined by the City Council, through the application of the rate and method of apportionment of the Special Tax set forth below. All Taxable Property shall be taxed to the extent and in the manner herein provided.

1. Definitions
“Accessory Dwelling Unit” or “ADU” means all Assessor’s Parcels of Residential Property for which a Building Permit(s) has been issued for an “Accessory Dwelling Unit” as defined in in California Government Code Section 66313(a), as may be amended from time to time, that is accessory to a primary Unit. The ADU may be located on the same Assessor’s Parcel as the primary Unit or on a separate Assessor’s Parcel. For purposes of clarification, where an ADU and primary Unit are on the same Assessor’s Parcel, the ADU located on such Assessor’s Parcel is considered a separate Unit from the primary Unit on such Assessor’s Parcel for purposes of the Special Tax and both Units will be taxed. Should an Assessor’s Parcel contain only an ADU, such Assessor’s Parcel will be taxed as a Unit. “Act” means the Mello-Roos Community Facilities Act of 1982, as amended, being Chapter 2.5 of Part 1 of Division 2 of Title 5 of the Government Code of the State of California.
“Administrative Expenses” means the actual or estimated costs incurred by the City, acting for and on behalf of CFD No. 0816 as the administrator thereof, to determine, levy and collect the Special Taxes, including a reasonable allocation of salaries of City employees and a proportionate amount of the City’s general administrative overhead related thereto, and the fees of consultants and legal counsel providing services related to the administration of the CFD; the costs of collecting installments of the Special Taxes; and any other costs required to administer the CFD as determined by the City. “Annual Tax Escalation Factor” On July 1, 2026 for Fiscal Year 2026/2027 and on each subsequent July 1 for the Fiscal Year then commencing, the Maximum Special Tax rates for all Assessor’s Parcels of Taxable Property shown under Section 3 shall be increased annually by the percentage increase in the Consumer Price Index (All Items) Los AngelesLong Beach-Anaheim, CA, (1982-84 = 100) since the beginning of the preceding Fiscal Year provided however, that any such annual increase shall not exceed four percent (4%). “Approved Property” means a Lot included in a Final Subdivision Map that was recorded prior to March 1 preceding the Fiscal Year in which the Special Tax is being levied, and that have not been issued a building permit on or prior to June 1 preceding the Fiscal Year in which the Special Tax is being levied.
“Assessor” means the Assessor of the County of Kern.

Page 187 of 379 ends

City of Shafter 2
Public Services CFD No. 0816 (TR6614)
“Assessor's Parcel” means a lot or parcel shown on an Assessor's Parcel Map with an assigned Assessor's Tax Number.
“Assessor’s Parcel Map” means an official map of the Assessor designating parcel(s) by Assessor’s Tax Number(s).
“Assessor's Tax Number” means the number assigned to an Assessor’s Parcel by the County for purposes of identification.
“Base Year” means Fiscal Year ending June 30, 2025.
“Building Permit” means a permit for new construction issued by the City for new construction of a residential or non-residential building on an Assessor’s Parcel for purposes of this definition, “Building Permit” shall not include permits for construction or installation of retaining walls, utility improvements, or other such improvements not intended for human use.
“CFD” or “CFD No. 0816” means the City of Shafter Community Facilities District No. 0816, County of Kern, State of California.
“CFD Administrator” means an official of the City, or designee thereof, responsible for determining the Special Tax Requirement and preparing the annual Special Tax roll. “City” means the City of Shafter, California.
“City Council” means the City Council of the City of Shafter which acts as the legislative body for CFD No. 0816 under the Act.
“County” means the County of Kern, California.
“Developed Property” means for each Fiscal Year, commencing with Fiscal Year 2025- 2026, each Assessor’s Parcel, for which a Building Permit for new construction was issued, prior to June 1 of the previous Fiscal Year.
“Exempt Property” means an Assessor’s Parcel that is not classified as Taxable Property.

Exempt Property is not subject to the Special Tax.
“Final Subdivision Map” means a subdivision of property creating single family residential buildable Lots by recordation of a final subdivision map or parcel map pursuant to the Subdivision Map Act (California Government Code Section 66410 et seq.), or recordation of a condominium plan pursuant to California Civil Code 4285, that creates individual Lots for which building permits may be issued without further subdivision and is recorded prior to June 1 preceding the Fiscal Year in which the Special Tax is being levied. “Fiscal Year” means the period starting on July 1 and ending the following June 30. “Land Use Class” means any of the classes listed in Section 3 below. “Lot” means an individual lot, identified and numbered on a recorded Final Subdivision Map, on which a building permit has been or is permitted to be issued for construction of one or more Dwelling Units without further subdivision of the lot and for which no further subdivision of the lot is anticipated.
“Maintenance” means the labor, material, administration, personnel, equipment and utilities necessary to maintain park, landscaping, parkways, trails, median islands, public lighting, street lights, including repair and replacement of recreational facilities, trees,

Page 188 of 379 ends

City of Shafter 3
Public Services CFD No. 0816 (TR6614)
plant material, sod, irrigation systems, weed control and other abatements, signs, monuments, and associated appurtenant facilities.
“Maintenance Requirement” means, for any Fiscal Year in which Special Taxes are levied, the amount equal to the budgeted costs for Maintenance applicable to the CFD for such Fiscal Year.
“Maximum Special Tax” means the greatest amount of Special Tax, determined in accordance with Section 3 below, which may be levied in any Fiscal Year on any Assessor’s Parcel.
“Owners Association” means a homeowners association or property owners association that provides services to, and collects assessments, fees, dues, or charges from, property within the CFD.
“Owners Association Property” means any property within the boundaries of the CFD that is owned in fee or through easement by an Owners Association, not including any such property that is located directly under a residential structure. “Non-Residential Property” means any Assessor’s Parcel, or portion of an Assessor’s Parcel, of Developed Property in the CFD for which a building permit(s) was issued for non-residential use.
“Public Property” means any property within the boundaries of CFD No. 0816, the ownership of which is transferred to a public agency, and is used for rights-of-way or any other purpose and is owned by, or irrevocably offered for dedication to the federal government, the State of California, the County, the City or any other public agency where the public agency has officially agreed to accept the offer of dedication; provided however that any property owned by a public agency and leased to a private entity and subject to taxation under Section 53340.1 of the Act shall be taxed and classified in accordance with its use.
“Reserve Fund” means a fund that shall be maintained for the CFD for each Fiscal Year to provide necessary cash flow for the first six months of each Fiscal Year, delinquencies in the payment of Special Taxes, reserve capital to cover repair and replacement costs, and a reasonable buffer to prevent large variations in annual Special Tax levies. “Residential Property” means all Assessor’s Parcels of Developed Property for which a Building Permit has been issued for purposes of constructing one or more residential Units.
“Special Tax” means any special tax authorized to be levied within CFD No. 0816 pursuant to the Act and this Rate and Method of Apportionment to fund the Special Tax Requirement.
“Special Tax Requirement” means that amount required in any Fiscal Year for the CFD to:
(i) pay for the Maintenance Requirement; (ii) pay for Administrative Expenses; (iii) pay any amounts required to establish or replenish the Reserve Fund; (iv) pay for reasonably anticipated delinquent Special Taxes based on the delinquency rate for Special Taxes levied in the previous Fiscal Year; less (v) a credit for funds available to reduce the annual Special Tax levy.
“State” means the State of California.

Page 189 of 379 ends

City of Shafter 4
Public Services CFD No. 0816 (TR6614)
“Taxable Property” means all of the Assessor's Parcels within the boundaries of CFD No. 0816 that are classified as Developed Property or Approved Property. Taxable Property does not include Welfare Exempt Property.
“Tax-Exempt Property” means an Assessor's Parcel not subject to the Special Tax. TaxExempt Property includes: (i) Public Property, or (ii) Owner Association Property, or (iii) Assessor’s Parcels with public or utility easements making impractical their utilization for other than the purposes set forth in the easement.
“Unit” means (i) for Residential Property, an individual single family detached or attached residential unit or an individual apartment unit, (ii) for Mobile Home Property, an individual mobile home, and (iii) an ADU. The number of Units assigned to each Assessor’s Parcel may be determined by (i) referencing Assessor’s data, (ii) site surveys and physical unit counts, and/or (iii) other research by the CFD Administrator. “Welfare Exempt Property” means, in any Fiscal Year, all Assessor’s Parcels within the boundaries of CFD No. 0816 that (a) have been granted a welfare exemption by the County under subdivision (g) of Section 214 of the Revenue and Taxation Code indicated in the Assessor’s data finalized as of January 1 of the previous Fiscal Year, and (b) are exempt from the Special Tax pursuant to Section 53340(c) of the Act.

2. Land Use Classification
Each Fiscal Year, each Assessor’s Parcel within the boundaries of CFD No. 0816 shall be classified as Taxable Property, Public Property or Exempt Property. Each Assessor’s Parcel of Taxable Property shall be classified as based on Section 3A and B below.

3. Maximum Special Tax Rates
A. Developed Property
TABLE 1
Fiscal Year 2025/2026
Maximum Special Tax Rates for Developed Property
Land Use
Class Description
Maximum
Special Tax
1 Residential Property $553.00 per Unit
2 Non-Residential Property $2,480.00 per Acre
B. Approved Property
The Maximum Special Tax for Approved Property shall be $553.00 per Lot.

Escalation of Maximum Special Tax
Each Fiscal Year following the Base Year, the Maximum Special Tax shall be increased in accordance with the Annual Tax Escalation Factor and otherwise adjusted as provided in this rate and method of apportionment.

Page 190 of 379 ends

City of Shafter 5
Public Services CFD No. 0816 (TR6614)
Multiple Land Use Classes
In some instances, an Assessor’s Parcel of Developed Property may contain more than one Land Use Class. The Maximum Special Tax levied on an Assessor’s Parcel shall be the sum of the Maximum Special Taxes for all Land Use Classes located on that Assessor’s Parcel. For an Assessor’s Parcel that contains both Residential Property and Non-Residential Property, the Acreage of such Assessor’s Parcel shall be allocated to each type of property based on the amount of acreage designated for each Land Use Class as determined by reference to the site plan approved for such Assessor’s Parcel. The CFD Administrator’s allocation to each type of property shall be final.

4. Method of Apportionment
For each Fiscal Year, commencing Fiscal Year 2025/2026, the CFD Administrator shall determine the Special Tax Requirement and calculate the Special Tax so that the amount of Special Taxes equals the Special Tax Requirement. The Special Tax shall be levied on Taxable Property each Fiscal Year as follows:

Step 1: The special tax shall be levied proportionally on each Assessor’s Parcel of Developed Property up to 100% of the applicable Maximum Special Tax; Step 2: If additional monies are needed to satisfy the Special Tax Requirement after the first step has been completed, the Special Tax shall be levied Proportionately on each Assessor's Parcel of Approved Property at up to 100% of the Maximum Special Tax for Approved Property. No Special Tax shall be levied on Exempt Property.

5. Collection of Special Taxes
Collection of the Special Tax shall be by the County in the same manner as ordinary ad valorem property taxes are collected and the Special Tax shall be subject to the same penalties and the same lien priority in the case of delinquency as ad valorem taxes; provided, however, that the City Council may provide for other means of collecting the Special Tax if necessary to meet its financial obligations, including direct billings to the property owners.

6. Administrative Changes and Appeals
Any taxpayer subject to the Special Tax and who claims the amount of the Special Tax levied on his or her Assessor’s Parcel is in error shall first consult with the CFD Administrator regarding such error not later than twelve (12) months after first having paid the first installment of the Special Tax that is disputed. If following such consultation, the CFD Administrator determines that an error has occurred, the CFD Administrator may recommend changing the amount of the Special Tax levied on such Assessor’s Parcel. If following such consultation and action, if any by the CFD Administrator, the landowner believes such error still exists, such person may file a written notice with the City Manager or designee of the City appealing the amount of the Special Tax levied on such Assessor’s Parcel. Upon the receipt of such notice, the City Manager or designee may establish such

Page 191 of 379 ends

City of Shafter 6
Public Services CFD No. 0816 (TR6614)
procedures as deemed necessary to undertake the review of any such appeal. The City Manager or designee thereof shall interpret this Rate and Method of Apportionment and make determinations relative to the administration of the Special Tax and any landowner appeals. The decision of the City Manager or designee shall be final and binding as to all persons.

Interpretations may be made by Resolution of the City Council for purposes of clarifying any vagueness or ambiguity as it relates to the Special Tax, the Rate and Method of Apportionment, the classification of properties, or any definition applicable to CFD No. 0816.

7. Term of Special Tax
The Special Tax shall be levied annually in perpetuity, unless terminated earlier by a super majority of the City Council.

8. Prepayment of Special Tax
The Special Tax may not be prepaid.

Page 192 of 379 ends

PUBLIC HEARINGS

CITY OF SHAFTER

CITY COUNCIL REPORT
MEETING DATE: April 1, 2025
DEPARTMENT: Clarisa Olaguez, Associate Planner
SUBJECT: EXTENSION OF TIME FOR TENTATIVE TRACT MAP NO. 7421

RECOMMENDATION
City Council find the action has already complied with the California Environmental Quality Act; conduct a public hearing and adopt Resolution No. 3014, a Resolution of the City Council of the City of Shafter, approving a two (2) year extension of time for Tentative Tract Map No. 7421 located east of Community Drive and north of Eagle Creek Drive, subject to the conditions approved by the City Council on March 21, 2023, to now expire on March 21, 2027. See Exhibit 2 for Resolution No. 3014.

BACKGROUND
On January 17, 2025, the current property owner, Lennar Homes of California, LLC submitted an application for a two-year extension of time request to extend the time to record a final map for Tentative Tract Map No. 7421 (Exhibit “A”). The City Council approved Tentative Tract Map No. 7421 on March 21, 2023, by Resolution No. 2906 (Exhibit 1). The project site is located near the intersection of Eagle Creek Drive and Community Drive. More generally, the project is located between the Friant/Kern Canal and Beardsley Canal, west of California State Highway 99, and north of Seventh Standard Road and proposes to subdivide 18.40 gross acres into 97 single-family residential lots ranging in size from 4,000 square feet to 7,000 square feet. The subject property is zoned for Specific Plan; and is approved for residential development within the Gossamer Grove Specific Plan.

PROJECT ANALYSIS:

The tentative map is currently set to expire on March 21, 2025. The owner would like additional approval time for the map to have sufficient time to submit an application for the Final Map in the near future. As two more two-year discretionary extension of time is allowed by the City’s Subdivision Ordinance and the Subdivision Map Act for this tract. Approval of the requested two-year extension would result in Tentative Tract Map No. 7421 expiring on March 21, 2027.

If the map has still not been recorded by the new expiration date, the map approval will expire, and the map will be considered null and void. The applicant would thereafter need to submit a new tentative map application for any undeveloped and unrecorded phases of the tract.

Page 193 of 379 ends

EXTENSION OF TIME FOR TENTATIVE TRACT MAP NO. 7421
- 2 -
Staff believe the eventual recordation and development of the approved subdivision would be beneficial to the community by increasing the housing supply. The Shafter Planning Commission unanimously recommended that the City Council approve the extension of time. Staff recommends that the City Council approve the requested twoyear extension of time to file a final map for Tentative Tract Map No. 7421.

FISCAL IMPACT
There is no fiscal impact directly resulting from the approval of this tentative tract map extension. Indirectly, this approval may expedite the development of this residential project. Development of residential projects typically results in increased one-time building-related revenues and annual property tax revenues. These revenues are generally offset by the increased ongoing costs of providing services to the newly developed properties.

CEQA ANALYSIS
The residential project is exempt from the California Environmental Quality Act, i.e., exempt from the requirements of Division 13 (commencing with Section 21000) of the Public Resources Code, pursuant to California Government Code §65457. The project is within the scope of the Program Environmental Impact Report (EIR) that was certified for the 2005 City of Shafter General Plan Update and related actions (SCH No. 2004101029). The certified Program EIR adequately describes the activity of the residential development proposed in Tentative Tract Map No. 7421 as adopted in the Gossamer Grove (previously the Coberly West) Specific Plan. Therefore, no additional CEQA analysis or documentation is required for the extension of time.

APPROVED BY THE CITY ATTORNEY
Not Applicable

ATTACHMENTS

1. Exhibit 1 - Resolution 2906 with conditions

2. Exhibit 2 - Resolution No. 3014

3. Exhibit A of Exhibit 2 - TTM No. 7421

Page 194 of 379 ends

RESOLUTION NO.2906

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SHAFTER AppRovING TENTATIVE TRACT NO. 7421, AS DEPICTED rN ATTACHMENT " Ao' WHEREAS, Lennar Homes of California, Inc., 8080 N. Palm Avenue, Suite 110, Fresno, CA 93711, submitted a tentative tract map application to the City of Shafter to subdivide approximately 18.40 acres ( gross) into 97 single- family residential lots within the adopted Gossamer Grove Specific Plan ( previously the Coberly West Specific Plan); and WHEREAS, Lennar Homes of California, Inc., 8080 N. Palm Ave., Suite 110, Fresno, CA 93711, is requesting approval of Tentative Tract No. 7421 on that certain property in the City of Shafter as shown in Attachment " A"; and
WHEREAS, the high- speed rail footprint as it is currently planned by the California HighSpeed Rail Authority, goes through the north and easterly portion of the proposed tract and, as a result, the infrastructure on that side of the tract is likely to be affected ( See Exhibit 4). The infrastructure ( e.g. utilities) required to support this tract is not designed to be plugged or reconfigured in a way that would facilitate the continuation of required infrastructure for the lots on that side of the tract; and
WHEREAS, The City, as required by the Subdivision Map Act, sent an agency notification to the High- Speed Rail Authority and no comments were submitted to Staff; and WHEREAS, the applicant has been made aware that the high- speed rail footprint goes through a portion of the property; and
WHEREAS, the Planning Commission did, on February 74,2023, approve Resolution No. 23- 421; a resolution of the Planning Commission of the City of Shafter recommending that the City Council approve Tentative Tract No. 7421 with conditions of approval; and WHEREAS, the City Council, through the City Clerk, did set Tuesday, March 2I,2023, at the hour of 6:00 p.m. in the Council Chambers of City Hall, 336 Pacific Avenue, Shafter, Califomia, as the time and place for a public hearing before said City Council on said proposal, and notice of the public hearing was given in the manner provided in Title Sixteen of the Shafter Municipal Code; and
WHEREAS, the project is exempt from the California Environmental Quality Act, i.e., exempt from the requirements of Division 13 ( commencing with Section 21000) of the Public Resources Code, pursuant to California Government Code $ 65457; and WHEREAS' the project is within the scope of the Program Environmental Impact Report EIR) that was certified for the 2005 City of Shafter General Plan Update and related actions ( SCH No. 2004101029) pursuant to Resolution No. 05-1738; and WHEREAS, the certified Program EIR adequately describes the activity of the residential development proposed in Tentative Tract No. 7421; and
Exhibit 1

Page 195 of 379 ends

Shafter City Council Resolution No.- 2906
March 21, 2023
Page2
WHEREAS, the facts presented in the staff report and evidence at the above referenced public hearing support the findings contained in this resolution; and WHEREAS, at said public hearing held on March 21,2023, the proposed tentative tract map was duly heard and considered, and the City Council found as follows:
l. All required public notices have been given. Hearing notices regarding the proposed project were mailed to property owners within 300 feet of the project area, the mineral rights owner, and published in a local newspaper of general circulation at least 10 days prior to the hearing.

2. The proposed tentative tract mao is onlv proposinq develooment consistent with the Grove Snecific Plan Therefore, the project is exempt from the California Environmental Quality Act, i.e., exempt from the requirements of Division 13 commencing with Section 21000) of the Public Resources Code, pursuant to Califomia Govemment Code $ 65457. The project is within the scope of the Program Environmental Impact Report ( EIR) that was certified for the Gossamer Grove ( previously the Coberly West) Specific Plan in 2005 ( SCH No. 2004101029). The certified Program EIR adequately describes the activity of the residential development proposed in Tentative Tract No. 7421 as adopted in the Gossamer Grove Specific Plan.

3. The City Council finds the proposed subdivision is in substantial conformity with the Subdivision Map Act and with Title 16 ( Subdivision Ordinance) of the Shafter Municipal Code. The proposed lots are in substantial conformance with the provisions of the Gossamer Grove Specific Plan and all lots have adequate and proper access to public streets, sanitary sewer, water lines, fire hydrants, drainage structures and utilities.

4. The attached Conditions of Approval are deemed necessary for the safety and welfare of the community and to ensure reasonable surface access is provided for oil and gas exploration and production within the Gossamer Grove Specific Plan.

5. Urban services are available for the proposed development. The project is within anareato be served by all necessary utilities and waste disposal systems. Improvements proposed as part of the project will deliver utilities to the individual lots or parcels to be created.

6. The proposed subdivision ( Tentative Tract No. 7421), together with the provisions for its design and improvement, is consistent with the City of Shafter General Plan. The proposed lots are cbnsistent with the Gossamer Grove Specific Plan. Proposed road improvements are consistent with the Circulation Program. The overall design of the project, as conditioned, is consistent with the goals and policies of all elements of the General Plan.

NOW, THEREFORE' BE IT RESOLVED that the City Council of the City of Shafter, in a regular session assembled on the 2I't day of March, 2022, hereby approves Tentative Tract Map No. 7421, as described above and shown in Attachment " A", with conditions of approval as provided in Attachment " B".

Page 196 of 379 ends

Shafter City Council Resolution No.- 2906
March 21,2023

Page 3 ends

ATTEST:

Pallares, City Clerk
PASSED AND PTED THrS 21't DAY OF MARCH, 2023.

Mayor

Page 197 of 379 ends

Exhibit A - TENTATM TRACT NO. 7421
s.

TENTATIVE TRACT NO. 7421
iltffi00ffi-. su8m/@6Lottn6wwN. 73J2,W2W6W' ULY2E, 2QO, tNWg6@. Pffi678@W7A, NWffiCEAFWffiN CAUW RECOWS N W trM Of LOT E1 ff fu6 W M, 7)'1, W I EffiOO WH 26, MIg. N W 63 6 W PMS 8 ilM il, ]N frE WE ffwKERNCaUWNC6E& aSSHdtWWfrc. 7Jt9,WJreCAWMf8, 202t,NW650fffi, Pr66S4W6, tNWOfr66BEKttuw Ecw. LW@ N ww er 6sfcroN J,, tMHP a w]Al,t;|w.u.o.M..
tN tuE cfr6 sffi, cNW aF KaN, fraft 6MffiN^
t0
lPEi
Uil6
S
PER sll@R tdMo 5-16
0 I-tutl
I84L rcE B' CUM M AM
w Lof Marc.
5ffiilG ilR8
l]l@lM( P@).

MW @6 triW P6f6 dO S@NW PSE05 m
ff tN & w m tr@wff soE trcrtc PdNOMCfrOFsffigAl@.
4LmrcS@sij| WEW6ffi6MnoN lm]|
mMw tr 5ffi,0@@ffiiloE.

SO@MOil NHMM rc & W W M WAER ffi FOR
R$DML qAE AN W-&fM qA8 ryw6ff ila N0&-El€4 MB m ff W & AW MW& || AW @UPN Af A UW ME. NO rru CUmY
@@@ Mffi NEWEC| Sft WU E iltrm m
LqMRffro& s,t t@E rN flE s0@ Nw 6
aFKN MUW M- 1E- 67 P8 MW M. 21& 762176M M ffi,ffi, RFMW JM 19. 2OIA.

EtSErEr r
ai) * Am gP& ilE 4ffi tN FA6R 6 o.M uM waB"
wm ftp NNw M, o2@at2712 6 ffiw rc@WgEWED W& 9,2W.
aa trmMFe ffi M P@c w PRME' N taw"
F
aFM w cfr ff w fF mu!ff M. 221tw9REM6, reWD W 3, M21.
c} fa@ q4E sE@ '
N
FA@P oF aLW w vaB
cMN 09RWA W NCJEM N. 22'17W tr dru4 4C&
W 16, 2021.(
r{f ww 6 w wffi tuN Lor 52 fo 6AW@W 0Fw W se&ft WN M fO trC&MM Wff* M.74' nW W. W gffiNG FMS WN
ffi trt aE cMAm ffi,N aoD l'& b'eD n€
w-6-9A/ OF WA WR M M WAe tufr)
ai) trEW. oR snF Ma w nfr Pwry$ N F^@'
@w B@Kil w tr sffi ftP w No,Jfr, P&2,
ff w, Prc 67 BW 78, KR.
oitvtGft ElBduoa&
w M 6 MNL rde G!& M 6 tufOtuA trc,
w0 il. P& AE. fr. 110 w d_ PM M., ffi_ '
t04S@. A gJttr mXC q 9J7il
559) 47-J1@ (# 9) 47- J1@
ilfiEn{. tEtriSomEFs
www. a 9w
PFr),E{rgntiFtoE
52 1
a EIIERAIj GROVE DRM
V LMrc Mfu Af LOf 9/
ffi
OEYEFI! iK''ET}
eL LO6 N fO 4E A 10' PU&E nq6 6$ffi ( PW).
vffirc6' 4t roE rff D M6^ Elf,m4 M ( PO
a/gtd
PW
40 ( mR
I

EIGH SPEED WL
ALICNMEfl ALERNATIW
SION6 CRTJK DRAI

PROPERTY
DRruT
CROVEi tor
ar$rc
NgM MA@ C@ M CM FOR
LorMAM ffi1c6, r6u E ?'
CM m SffiPST, M S-t
CR€[d
DRTVE
7I1I 5TA\ DARD RoAI)
a EAGtf CREEK DR,VE & EtERAn GROVE DRIyE
v
m
nisz
W.AL
I,g.E A
E

2. 2J AC
8, 121 St
m
A - WWEJ/Mfure WL/NE/ft
B- MSWmEm
a.5' 2'
ODIFIED CURB AND GUrrER
ol/frsl@ ffi lil l$ dsm
6ilM
6'4WW
LNT
IWMA, MilgDNALK
TOTAL 8'fE DATA
rcr 926:

PA- 2 M 1,W7.@ S. F. MNI'U' ffi frt @A 6W
sPe/Fc wNUtm@@E99{
ut8ff 0F & lt'& LoE 97{
u€8 6 e6@ aoE 2/
M66 '&
40ffiG6ffi ! f rfjg @s ! s{
fr D€M,
P - 2 LR: 97 LOE 1-7,5 AU/ AC PER flE MR GW VEW PN
TJg ffiS Nfr
ACg/ 7- 2 DU/
snilo us6 AeNULw
PROMfu @IOE@8ffiM/ W 9@ FIIILY
@W6R@654qrCWgW/ PWZdN6W ND USr$rtu@iPr-? @
@ME & l|l:;::NP PftEL flU! 8m 42- 37@06 & 42- 370-
W ilUM frAER @WM
smi cfr$w/ir' ffiffwffiwcrctu P^ c' Fc N, ffffi66 fiWW6MNWPM@tuE Af& r( re
nffR
sc@t d5nc6
cfficwwws ( SPENM)
doffits sc@L otr€ rffils S()@ as, cr
S
i
8W6J I
cofrM vau
I
i 6', & W WM
z:T NAIURE TRA,L ALONG IERDO CANAL
g/ LNM ffi
m
l=
t*
ld
I
l
l

NATURE TRAIL ALONG NORTH
r:r KERI' I WATER STORACE
DISTRICTvffim
t- - 4/ VrL / i"\ ? tt ^
2) ffi
26C0qx€ 80 NFOfrIA A[,, SE 22! TEL: ( 661) 61t6FEL0, CA 9ll0S M. oXINC. COM 8He€T r OF 6
s
MB

Page 198 of 379 ends

TE(EID
TENTATIVE TRACT NO. 7421
t coR s6c
ure 0f AW W-fi-YAr

L'NE IABLE
Nffi

92. 51
s.@
l&.s
J26, 61
50, @
405. 2r
ffi.gr
ffire
N6? 2t l r t
W€,12t
M48'12t
M€ 12"E
E91 ?' 1 2a
EItr,
L1
a
u
u
L5
L7

CURVE TABLE
RlM
00, 00'
5&.00'
lffi
628, 32'
a
W, E,
c1
c2
400' 0' 400'
SCI( E: 1'= 400'
sf, cffifi sc
m sfdw' P&$L/MW LtM gC_ OVERALL BOLTNDARY 1/1 COtur gC. Jt-8/27 € HEET 2 OF O

Page 199 of 379 ends

TENTATIVE TRACT NO. 7421
rtffi AD tr-su8orc' @ @ @ tn 6 W W M. fU2, W 2 WWW ULY A, 2M0, N W q ff W, Pffi 6' W ft, tN W W AF W ffi c@w tr@ffi @ rc w w &f & ff w w N0. 7t4, rcE, M wH 26, m19, N W 6J 0F 6 P/6 € B@d g, N BE ffi 6 W retu @W reWR, AS W W Wf rc. 7Jt9, W J W Mf A, & 21, N W 65 6 W, PA6 I frru' 6 & W M 6 hE km @ffi trffim, Lw@ N re w w 6 tcw Jt, * u
wwr@l
w, !. oil., tN w w 6 sffi, NW aF @, sAE 6 MA
T
c il uM trc. Jt-2a/27
ri}.;Y(
t'
rEaEre
XC.R XfuMtrM
@ MWru trrcN4os@ffitr
ffi00trm6s] ffift0||
@ rcttautwton
oY+
Ya
sffsff""
I
I
n, I
I
I
1 I
I
q,#,ffi
PfiaECr $ NYEYT)ft
1,4&
e.;
fr:
i50' 0' 150'
t
e
a
t6
il
2 560 & tr'@llA AW., S. ? 20 EL i661) 616-? 6mwasELo, a 9Js m. oKrrc. co! SN: 1"= 150'

LOT& STREETOVERWEW
SIIEET 3 OF 6

Page 200 of 379 ends

TENTATIVE TRACT NO. 7421
N 1/1 M. fiC
wrc
3 -.#
F**( w1212\ 25r6. 8)Rt(
wr212A 2693- 9J) N
w,2\2\ 8333'
IEOEI{D
L . SI$ NG BfrWo UNE$ EGD OfrEruS
gx)v
grsnNc @NtouRs rN E
a qrsiNc mMsc @t
G+EXISNG EfMC UNE, OFHAD
EP ,-
59-1
fs.s"'
tE(EO @{t ruED
v Ec@ w M M. 7J14, W t,
@OMDNffi5J6WPre68- 9,
x,c?,@qM@w.

N
W2ffiW| tr(wPfiMrrc. 2&,
BK. NWil6W. il667-
C.R.,@@M@W.

R7 s@Pg] W1ffio, w&.7fi,
N3dflda P&s
t55- 1fi, K. C. R., 0P & CMW W.

KC& Kry@Uil' trffi
OR WW trMD
@ MZ€B&P&oMffiryff
tu PRmSEo 4OruNE
ilC CL,...+*iSNG mCE, C&flUNX
il SISNG GW ilRE
R1 tr@Pfime. WNw6761
59 0F W PAffS Q-4s, r. C. R., &&
M@B| w.
rRR WV . gr$NC m&n6 VIW
filf,NG lrP oF cmR
MH O ilrsnrc wHN
PP + NNG POWA & E
PN + qISNC POW POU WH ]$ SFORMER
glsNc t@ oF cuRS
RE PO gIflNG EffiNf, PPSI
iltsNG TG UNE OF a@€
UC EXI$ NG UNDrcSOUND
w o firsrcwPPE
gl$re wau
w F gtflrc wAB v&€
LOT
E124 SF
QCOM ' lUNtrY
LOT
scno{
eE/M-w@ M
wMw@w
wM$ AtrCf ffi
Pnat?grnvEYoft
I
O
rom* sc@PFwt
60 0' 60'
l
SCALE: 1"= 60
s.- n6d
SEE SHEET 5
votE&
1, g€ srF J & /:, t!||ru dtrtuN @ sw ftov
@.@wwRDM€ N D6Dff& 8a.

E aarElns
A wAB,rulryEfrNfl@fotruptrugw'
wM ffi w M. [email protected] f m4 ffi.

REiru w 9, N9. ( a x 6)
Ct) flA@ w wN tN F^@ 6 w NWL wAw
wM 4R w M.22l,Ma 6 w w,
trMWt6, 2Ut.(fl'.W8
rrB4r rclm 6 st M wM tot 52 fo ffMilW& WW6wrc. EWWPWrc
WNWrytr. v21 MW.WWTt, ffi,
ru ffN/@MLOEA' M'E MW
Rff-tr-9rY0FWre M WND WN @M.)
S}IEET OF 6
AA
8Yi
5S0 @F@N| A AW. SE. ? m TEL: i66l) 6mw[516-?
wr[o, q 9Js M. oKrNc. coM
46B2g
SF
iOURT'- 7
47 7956 SF
v.@'
u& SF52fi 7
SF
43 7&3 SF
L= 2423'
I

Page 201 of 379 ends

86 419 g
85Q# 5F
a4MSF
83 448 g
SF
81MY
SF
M979
b
460 Sr
78&
4 1680 SF
7 s
404€ St
76 sf
75 M
I
7421 SF
11r''
g
10 5F
74&
6 SF
MY
10 9J25 SF
5912 {
12 44
72 SF
31iln9
13 fiF
49rt IJ1
14 679 SF
33 72& 5F
J?T
29 4175yl5
u
5170 g
28 5552 v
1410 SF
16 354n9
27ffi$
JOURT7
17 sv36
26 CASTLE HILL COURT
Jf7.4',
Bt89rc2 sr
2 SF
37 25
5552 v
19 M2 SF
7v38
I
39 1451 : g

I EAGLECREEKDRIVE
1Wff
40 P&
LEcNo
rcL . qSrc & ND UNTESS l{@ OFMSE
cBox I flsM cHRrw mx
XXx) v ExrflNG CoMouG rN ffi
419re ffCnE UNE, OWW
F -' tr$S S€ S PAW€ M
ft ( ilrflrc FRE mW
q,$|rc RovuNE
t
PROPOQ
AWUNE
tuc cl+*rffrc EilCE. C$NUN(
EXI$ rc HN6E LIN€
TENTATIVE TRACT NO. 7421
vftfffiMdD R[-s{ffio ff Lor tn 6 &q w N. TJJZ w z ffco@ iwr 8, 2a0, N w il ff w, Pffi 57 w n, N NE wE 6 M ffi6 w9w M re w v Lor u 6 wr w M- 7311, w t trM wcH 25, mt9, N w fi 6 W pM 4 M *, N BE KmM w @ w w s si]ff @ rur ro 7t19, w J w & y I, m21, N w 65 0F ffi PAc6 1frrcw 6, N BE w 6 w M. LMtu N HE M w 6 sEct@ Jr, t(rcP 28 wffi& w, u. D. u.. N w w 6 sffi. @ffi 0r ( m. flaE ff waNu Lf M
rpTE&
r. s s8ffi J
p8 m$0 0trc@ 6 ffi aof
@oww E6ffia uM M tu6 ro EE MM.

SEE SHEET 4 \
tt,t
QCO| 4UNm
g"
oY4
ilr$rc RR& rcN V{W {""
6LOT-S-- ?.-36- oto
ASTNO POWER 6E
qIilS SIGN. SEfr NME+
Itr E0 qr$rc ruPsoNE P€ o€ru
utsre ToE LINE oa $ oPe
glf,M
w&
W X d|$rc WATER VAE
3'MM
s*-'
f'f's;, A
Rt
e
R3
R5
R6
R7
ftMo Nry B Wr M 676t ft@@
s
q6 Prc Q-15, K.CR., ffiwM@w.
i|i;jlwSwf N.7311,W 1,
@frrysF6, PA64- v, r.ci.,6 wM@ wmv.

W2@@, recN8lmM. 7N2.NW A0F@, P6
67-m, K,C.R.,6 & CM@ W.

M@:ffiM.B19, PWEJw@ N w 65 tr6, Pr6 4- 6,
rca, fr 4cu@ Pffmf
Jl||il@ PA ll:)W &. 22t1M19, 0,R.,
8qMWW.
ft@RMf M.7*.W
1EMNWil6M. Pffi
155-- 19, K, CR., OF & CM@ W,

LOT' B'
w. M
KC&
28aR. N@q\ s.@'<(ffiwtrM
@ Mmru P&O&D4DSAE
@) R!
y9tr3
Pf EDEsruMtr
tuE tutuC@lmffi
@
uww- ffwM
s@MwffiwDM
a\
I\
i;!,
I : l
oo**ol :

II
1 IIi
rcEg8
I$ili"
I
LOT
L_...o^slffi$ cmffiffit i l
PR4E7fl/nvEroft wE - t:
o M7@ woMW S @mAnd 0F
ffi'1, LP, t, @, @9- 7wL(
1,W@s@NAZW@Wf W
BE trE ffifi gC. 3r-28/27) 4@ &
WW@ W HM ME 196
EtaEilE rr{t
is$
t,/,+-
6<
frr
I \
60' 0' 60'
t
a mrrmsmroMW6W8R& m, Ffffim JUM
w M,22t1@9 6 W
J, 20? 1.
560 trrF@Nh AW. SE. 2?0 Er.: ( 2600q$661) 616- sr(10, q 9Jru M, oKrNc. cil SCAtrr 1'= 60'
@ rmm:; iwMwcrmWNFM6rucD oF@, 0FMm a mf rc, 7&, w 2, w u PA6 67 W 7A, M.
fB
6 g{EET 5 OF O

Page 202 of 379 ends

TENTATIVE TRACT NO. 7421
uffi$ @ruM M tr-S|ffiAN ff LOf I n 6 W W M. 7JJ2, W 2 ffCW JULY 28, 20m. N W g 0F W, P&S 67 WM 74, N W M 6 W reW M M Wffi 6 LOf E ff Mf W NO. 7314, W I EWM WH 26, 419, N W 6J 6 W, PAffi $ MM g, ffi6IN W Km@w tuE @ @W reiffi, 6
gWil W Wf rc. 7J19, W J ffWW JWY E, 2021, N W 6 AF W Pffi 4 NrcWH 6, N UE W 6 W ffiffi. Laa@ N w ffi & F f sc?d Jr. twP 2a w,wwR w 27 w, t.D.u., N HE w aF s/@F, w v w, taE 6 2022
LE(-IO
0al.+ q,flNc coMouRs tN E
FL
mOrcSP
RoruNE
NC CL+qI$NG ruE, CUNSX
EAIEI'Ef,T$
wffi6MuMtuwctvoF*
sffituRsntratPWMsPBww w. u1101il9 @ ffiM RE@R6,
RE@RM W 3. 241.
oE
ilI$NG IRftGANON VN '
t'iq
ot4
Y(
S SAd J Fd l:)ffiS dRESN OF ffi ftOV
5 Rt
Q
ORJ
R4
w
86 M
s99rooPsrcrc. 5761 reWNwx 59 ff ffi. Pffi r2-S. eCR. fi 4CUU@ AE@(
w w tucf &. rJt1. w 1,
trWNWfr6W, Pffi+-*,
k.c.R_, & qcuw ffi?v.

REM PA W N, 7Nz M
2EWM N W 61 F M, PM 6'.8,
k.cq., w &Mwtuffiil.
@N W tuCf rc. 7J19, W
2ffiDO & W 65 f @. Pl6
K, C, R., I & CWW tuffi, J,
rewo JR! Pa @q w TJrq PW
@ ry qr 65 0F ffi, P6 1-6,
k.c.R..0R&M@tuffi.
c@ ffi @uiltr rc. 22110& 9. O.1,,
8N@U@WW4,
LOT 7*

EEMEMLD GROW DRIVE
wGLOtA4
o.R..# ffi
rw4&fM
ft @MW
M PWWffi
crcN
u€nD-rcw uNt
MffWCTr' ffi
@
rotuwtrosI 3 ** n*wdrffisHs'
s
o!
8 B ".$;# sufi.
ergiie
MAPLEIERF' r'.CELANE
PfttECrqnvE6tu BYr
60' 0' 60'
I:Eq
@ aFofra rvE . 9E ?20 F: : 66 ) 6!6-? 6n0wmsFLFro cr crs Mokfrc ad SCMi 1'= 60'

SHEET O OF O

Page 203 of 379 ends

Exhibit "B"

CONDITIONS OF APPROVAL
TENTATNIE TRACT NO. 7421
I
GEI{ ER4. L

4. The ou'ner(s) or project proponents ( liereinafter ret'erred to as " Developer"), solely af their cost and expense, shall defend, indemnify and hold hannless the City of Shaftel hereinatter referred to as " City"), its agents, legislative bodies, officers and employees legarding any legal or administralive actiott, clairn or proceeding concetning approval of Tentative Tract No. 7421 andlor relaled actions including. without limitatiol, actiols taken ol not taken with respect to the Califor: ria Environrnenfal Quality Aci { hereinafter refered to as " CEQA"); or, at its election and in the alternative, shall relinquish such approval.

Developer shall assume the defense of the City in any such lega1or administrative actiott, claim or proceeding with legal counsel paid for in the entirety by Developet, but subject to the City's reasonable approvals. Developer shall also reimburse the City, its agents, legislative bodies. olficers and ernployees for any judgrnents, amoilnts paid in settlements, court costs and attomeys' fees which the City, its agents, legislative bodies, officers and enployees may be required to pay or othetwise pay as a result of such action. claitn, or proceeding. Tlie City may, at its sole discretion, participate at its own expense in fhe del'ense of any such action, claim or proceeding. but such participation shall not relieve Developer' s obligations under these conditions of approval ( hereinafter referred fo as Conditions").

The developer/ applicant or the developerlapplicant' s engineer shall subrnit a list of all confractoLs aud/or subcontractors pertbming n'otk on this project tt-t the City Administrative Seryices Depaltment and such coniractors and subcontractors shall obtain valid business licenses to do business and/ or u,otk in the City of Shalter.

The follor. ving disclosure shall be given as parl of transi' er of propelties: " All your real property is near properly used for agricultural operations, yoll may be subject lo inconveniences or discr: rmfolts arising from such operations on any 24-hour basis. Said discornforls may include. but not be limited io equiprnent noises, odors from manure ot other chemicals. and dust or smoke. The City has determined that the use of real property for agricultural operations is a liigh priority and favored use to the City and Kern Counfy and will not be considered a nuisance for those inconveniences or discotnforts arising frorn agriculfural operations, provided such operalions are consistent with accepted custorns. standards, and laws."
Until all porlions of the tentative tract have been developed, all vacant and undeveloped land, not being aciively farmed, shall be maintained in a weed- free and clean ntanner by the developer/ applicantipropedy owner. Sliould said property not be so maintained, the City shall notify property owner that the properly is to be cleaned rvithin thirty ( 30) days of receipt of said notice. If property owner does nol cornply within the required time frame, City rnay then clear the land and bill tlie property o\ rner for expenses incuned. 2 1
I

Page 204 of 379 ends

5 Unless a final map is recorded, this tentative tract shall expire tlventy-four Qa) months from the date oiapproval by the City Council, unless an extension is granted by the Cify Council.

Should an extension be requested, Developer, not less than sixty ( 60) days prior to the expiration date, shall submit to the City, the applicable processing fees and a completed application requesting an extension of the rtap approval in accordance u'ith the provisions of Cit-v Clode and tlie Subdivision Map Act. PLEASE NOTE: This will be the only notice given lbr the above specific expiration date. The applicant is responsible for initiating an extension request.

A11 construction and development shall be consistent with the City of Shafter Gossamer Grove Specific Plan and Tract No. 74?1.

PLANNING
7 Prinr fn initietino rnw srarlins nr enrllrnrnrrins rviflrirr Tentafiwe Tract No 74)1 the developer shall provide the City of Shafter Planning Department u'ith rvritten confirmation fiorr. the San Joaquin Valley Air Pollution Control District tliat the proposed developrnent is in compliance with the requirements of the District' s Rule 95I0.

8. The developer/ applicant shall be required to pennanently maintain all landscaping. except for landscaping included in the Landscape and Lighting Maintenance District, incLuding the replacement of any trees or slirubs that do not survive"

9. Appraved street nanes are as tbllorvs: Commrinity Drive, Eagle Creek Drive, Emerald Glove DLive, Seco Canyon Way, Riverfawn floult. Gladehill Court, Castle Hill Courl, Redwood River Lane, and Spring Manor Drive.

10. Approved access shall be provided for eacli lot in accordance r,vith City standards i 1. All roof-nounted air conditioning equipment shall be located on the rear pofiion of tlie roof ridge line in such a manner as to be screened as much as practical fi'om view frorn public streets.

17. With tire exception of model houses, as provided in Section 3.080, Chapter 3, Title 16 Subdivision Ordinance) of the Shaller Municipal Code, no building pennit shall be issued by the City of Shafter until Tract No. 7421has been recorded pursuant to the requirements of Titte 16 {subdivision Ordinance) and Title L7 (Zaning Ordinance) of the Slr. after Municipal Code.
13 If Condition No. 138 is initiated by the developer and executed by the City of Shaf: er, no building pennit shall be issued until wet utilities have been installed, an all-weather surl'ace roadway is completed on the subject property, and suruey stakes or other lbrm of lemporary documentaticn will be provided for, and approved by the Building and Safety Inspector. to r.erify building location. Missing stakes or other temporary documentation will result in delays in inspection schedule.
6 2

Page 205 of 379 ends

T4
t9
All existing dry hole, idle. alrd active oil u'ells, as identified by the Califomia Depattment of ConseryationiDivision of Oil. Gas, and Geothenlal Resources { CDC-DOGGR), shall be plotted as details on the iinal map.

15. The following lote shall appear on the hnal rnap and all grading and construction plans a. If during grading or constmction, any plugged, abandoned. or unrecolded oil ol' gas rvells are uncoveLed or damaged. the Califomia Department of Conseruation/ Division of Oil, Gas, and Geothermal Resources ( CDC:- DOGGR) shall be caltacted to inspect and approve any remediation required. b. If any abandoned lvater rvells are located in ithin the developtnent or discovered during excavation or grading, tlie Kem County Public Health Departntent - Envircnnental Healtli Seryices Program must be contacted to obtain ilfonlation for the proper pennitting and destt-ttctiou procedures,
16 During grading operations, all activity shall be restricted to periods of low wind to reduce dust emissions. Verification of compliance will be the responsibility of the Cify of Shafter Building Inspection Division.
t7 Tlie developer of Traci No. 7421 sliall comply rvith all San Joaquin Valley Unified Air Pollution Conlrol District ( SJVUAPCD) requiremenfs rvhile grading and developing the site. It is the developer' s responsibility to contact the S.ryUAPCD to determine rvith tvldch requirementsArLes the developer tnust cornply.
l8 The recomrnendations of the archaeological and trafl-rc studies shall be intplemented by the developer during construction and development of Tentative Tract No. 7421.

The following avoidance and ninimization llleasures recorttllended in the biological assessillent. prepared by QK and dated October 7, ?022, shall be implemented by tlte developer during constntction and development:
a. Ploject constnrction activities sliould be limited to daylight hours. b. All food- related trash iterns such as wrappers, cans, bottles, and food scraps should be disposed of in securely closed containets
c. Pets should not be pennitted on the Project site during consttuction. d. Prior to the initiatiol of ground disnli'bing activities, a qualified biologist should conduct a species- specific awareness trainiag session r,r,ith all pelsonnel that will be rvorking on the Project site. The training session should consist of a brief presentation by persons knowledgeable in San Joaquin kit fox biology and legislative protection to explain endangered species concelns to personnel involved in the Project. The training session should include the follou'il1g: a description of the species that could potentially be found on the Project site and their liabitat needs; an explanation of the status of the species and their protection under the Endangered Species Act(s); and a list of lneasures being taken to reduce impacts to the species durilg project construction and irnplemenlation. A thct sheet conveying this inlbnnation should be prepared for distribution lo tlie previously referenced people and anyone else who may enter the Project site.

Page 206 of 379 ends

e. A pre-construction sulvey shoulcl be conducted 14 io 30 days priol to ground breaking to ensure that no special-status species have moved onto the Proiect site and could Lre subject to Proiect- related impacts.
f. Prnject- related vehicles should obsen' e a daytime speed limit of 20-nph throughout fhe Project site.
g. It is highll' recommended tliat all equipment slaged al the Project site be checked evely nlorning lo ensure uo special- status species have takea reflige in the equipment overnight.
h. To prevent inadvertent enirapnent of special- status species ol other anitnals during construction of the Project, ali excavated, steep- rvalled lioies or trenches more than 2-feet deep shr:uld be covered at the close of eacli worting day by pllwood or similar materials. If trenches cannot be closed, one or more escape ramps constructed ol earthen- fill or wooden plariks shall be installed.
i. Sorne special- status species, such as kit ibx and burrowing ou'ls. are attracted to denlike struchrres such as pipes and rnay enter stored pipes becorning trapped or iniurecl.

ALI pipes, culverts. or similar structures u'itli a diameter of 3 inclies or greater that are stored at the Project site for ofle or ilrore overnight periods shall be thoroughly inspected for special- stafl: s species betbre the pipe is subsequently buried, capped, or' otherwise used or moved in any way. If a special- status species is discovered inside a pipe, that sectior of pipe shall not be rnoved until the USFWS and CDFW have been consulted. Ifnecessary, and under the direct supervision ofthe agency approved biologist, the pipe uray be moved once to remove it frorn the pafh of activity, until the tbx has escaped.
j The USFWS and CDFW should ilunediately be notified if a dead, injured, or entrapped San Joaquin kit tbx is found. Worh in the imnediate area should be tempolarily halted until further notice liam USFWS and CDFW. Any entrapped San Joaquin kit fox shall be permitted to escape.
k. Pre- construction clearance sulney of the project area and a 100- foot bulfer of the project area shall be conducted no rnore than 14 days prior to the start of grolnd clisturbance activities. If more tlian 30 days lapse between the tirne of the preconstruction suryey and the start of ground- disturbing activities, another preconsfruction survey musl be cornpleted. If knou' n kil fox dens are lbund in the project area, a no u'or* zone of 10O- feet radius will be obseryed. Polential or atypical dens will require a 50- foot radius no work zone. Natal dens rvithin the projeci area will require USFWS arid CDFW consultation.

L if burrorving orvls are present on ihe construction sites (rvithin 250-feet of the construction sites) during the breedirg season ( April 15 though July 15), and appear to be engaged in nesfing behavior, a feflced buffer shall be installed according to standard recommerdations ( CDFW 1995) betrveen the nesting site or active burorv and any earthmoving activify or other potential disturbance. rn. Should active nests for tree nesting species be obserued. avoidance measures rnay be required to ensure that nest abandonment does not occur. Typically. avoidance buft-ers are required by CDFW and USF\ VS up to -500 feet for raptor nests and up to 250 feet lbr other bird nests io avoid "take" (i.e., disturbance causing nest abandr: nment, or death). A biological rnonitor shall be present to uronitor any nests present u'hen rvork is conducted within the respective standard avoidance brffer areas.
4

Page 207 of 379 ends

2A Tract Map No. 7421 shall be subject to Development Agreement No. 15-13. as adopted by Ordinance No. 669 for traft-rc impact fees, or as it nay be amended by the Cily Council.

All utilities shall be designed and constructed in such a way as to allow for thern to be extended into any future residential development areas north, west, or south of Tract 7421 with rninimal dtsruption to residents rvithin the Gossamer Grove developmelt.

22. Tlie drive approaches on the following lots shall be installed as specified o. Lot I I - sottircast conrcr of / ol on Sprhtg A{rmor Drive b. Lol 12 - we. st, side af lot on Ca. vfle Hill Court
c. Lot 39 - west side of lot on Castle Hill Court
d. Lor 30 - rrct'tlrcast carner of lot on Spring tr'Ionor Driv- e e. Lot 3-l -soutlrcasl conrcr af lot orr Spring Martor Drive f
Lor 34 - we.st side of lot on Gladehill Court
g. Lot 16 - west sidet of lot on Glade. hill Courr
lt. Lot 54 - northeasl cot'tter of lor ott Sprittg Mattor Drive i. Lot 57 -. scntlrc{ tst corner o.f lol on Spring l{anar Drive j Lot 58 - vest side otr Seco Crnt. 1'on l{/a)t
lr, Lot 59 - enst side on Seco Cat4, ort l{a!
l. Lol 60 - enst side on Seco Canyort { I/ay
nr. Lot B8 - north sicle on Spt' irtg Martor Drive
tr. Lot 89 - east .cicle ort Retfi"* ood Rive. r Larte. a. Lof 97 - east side on Re"cl River Lane.

BUILDING
l-1 Prior to issuing a certiticate of ocqupqqcy lbr atv buildine, building address(es) shall be pennanently installed and be clearly visible frorn the street.

No final inspection or issuance of a certificate of occupancy shall be approved lbr any lot until all required improvements have been cotnpleted by the developer/ applicanl and accepted by the City.

Developer shall pay all developmenf l'ees and impact f'ees adopted by tlie City in effect at the time of issuance of any building pentiits.

Developers shall compty with the latest California Building Code, Mechadcal Code, Plumbing Code, Electrical Clode, File Code and all other applicable codes, otdinaRces. regulations, and development standards in efi- ect at the time of issuance of relative pennits. 27 Prinr tn issuance ofeach .
hrrilrlins
nptnril fnr lrnrrce s with'r Tentative Tnct7421 developer shall subrnit a site plan to the City Planning Depafiment for revierv and approval. The site plan sirall reference the floor plan layout and building elevations, for each of the singlefaririly residences to be constructed rvithin Tentative Tract 7 42L.

Private dlives constnrcted of Portland cetnent concrete shall be constructed at a tniniurutn tvidth of 16 l-eet from the edge of public roadr. vay pavement to the galage of each hone. 2T
24 25
26 5
28

Page 208 of 379 ends

29 30
A landscaping plan. including design of a permanent irrigation system, shall be submitted to and approved by tlie Planning Director. Said approved Landscape and irigation plan shall be inplenented prior to receiving a final inspection tbr any house constructed rvitirin the subdivision. All landscaping is subject to the requirements for landscaping contained herein these conditions and with City Standards. Landscaping shall include an irrigation system t-or bolh tire fiont-yard and the stleet side- yard { where applicable) provided tlre street side- yard is not obscured * om sight ticur an adjacent street by fencing, for each lot rvithin the subdivision. Landscaping shall comply with culrent State guidelines tbr residentiaI landscaping.

Fiber Optic Installation for Du'ellilg Units: Ou'ler agrees to install in each dr.velling unit the follorving fiber optic requirelllents:
a. Install a dedicated Cily Fiber Enclosure adjacent to the other utility enclcsures or a flommcn Comnunication Enclosllre ( collectively " Utility Enclosure") for the proposed comrnunications utilities ( phone, cable, tiber, etc.). The enclosure type shall be Benner- Narvman 14326W- UL or as approved by the City. The Utilily Enclosure may face the garage exterior or interior and siiall include one 120- voll, l5-amp convenience receptacle mounted inside the enclosule on either side rvall u,ith lhe outlets facing horizontally. The receptable power shall be protected by a ground tbult cilcuit interrupter ( GFCI).
b. Install a rvileless- transparent 28-30 inch or 42- inch Stmctuled Media Enclosure Media Enclosure") of type Legrand 30" ENP3050 or 42" ENP4250, Leviton 30" 49605- 30W. Primex Verge 30" P3000 or 42" P4300 or as approved by the City in a master bedroom closet u'all or a laundry roorn wall furthesi liom the water supply and maintain a minimum 4S-inch horizontal clearance between and 24- inch clearance above any netallic appliances or accessories. The enclosure shall include one 12O- volt, l5-amp convenience recepfacle located inside the enclosure. c. Install a conduit patliway from the Utility Enclosure ta the Media Enclosure with a minimum of one ( 1) l-inch diameter non-uretallic, flexibie conduit whicli shall maintain a minimum 36- inch bend ladius and protmde a minimum of 6-inclies into the enclosures. The conduit shall be rnarked with orange Tyvek or plas{ic tags, labeled " City Fiber Use Only" and " 661- 746- 5000", tie r,vlapped to the conduit in plain vierv rvithin the enclosures.
d. Install a continuous conduit u,ilhout breaks or couplings fiom tlie existing City Fiber Distribution Enclosure located in the right- of-rvay (" Distributior Enclosure") to ihe bollom side of tbe Utility Enclosure. The conduit shall. be installed a minimum of 36- inches below grade, profrude a miniurum of 12-inches into the Utility Enclosure, be orange in color, and be faclory labeled " City of Shafter 661- 746-, 5000". If the conduit does not have an integrated tracer wire, a continuous external # 12 AWG solidconductor tracer wire with high- density polyethylene insulation rated ibr direct burial shall be installed along rvith the colduit leaving a miniurum l5-feet of slack coiled in the Distribution Enclosure and 3-feet of slack coiled in the Utility Enclosure. Tlie conduit and tracer *' ire shall be inspected by a City of Shaller Public Works Department representative bet'ore shading and backfilling. 6

Page 209 of 379 ends

i. After backlilling, the conduit sliall be mandrel tested between fhe Distribution Enclosure and the Utility Enclosure. All conduits 112- incir or larger shall require mule tape or equivalent installed. Mule tape shall be slack ( no tension) and fastened to the plug or cap. Innerducfs and Microducts shall have the pull string completely removed before being tested with a ball bearing. The testing process shall be witnessed by a City of Shaller Public Works Depafiment represertative.
ii. Couplings shall be used to repair damaged or short conduit only if approved by the City. Conduit coriplings sliall be an air-tight, water-tight, push- on compression fitting approved by the City. Tracer rvire couplings shall be an air-tight, water-tight, twist or compression connector approved by the City.

Coupling integrity shall be inspectecl by a City of Shafter Public Worts Departnrent representative.

Category 6lJnshielded Trvisted Pair ( CAT 6 UTP) cable ( or as apploved by the City) shall be installed according to industry standards and tlie requirements below and shall aot be pinched. stapled, bent sharply. or crossing any sharp. unprofected edges:
i. Ilstall minimrul of three ( 3) cables from the Utilify Enclosule fo the Media Enclosure.
ii. Ilstall the following connection points temrinated to a CAT 6-raled 8P8C RJ-45) iack rvithin a single- gang lou' r'oltage rvall box. using the ANSVTIA568 T568A termination standard:

1. Minirnum of two (2) connection points to every entefiainment center, kitchen, masler bedroom. kitchenette, olfice, den, etc. iri. Install one (1) ot rlore Wi-Fi Access Point { WAP) ceiling nounting locatiotis as approved by the City) orr each floor such that no exterior wall is more tiran 3O-feet from any WAP rnounting location. Each WAP morurting location shall include a single- gang, low voltage wall box through whicli a silgle CAT 6 UTP cable u,ith a minimum three ( 3) feet of slack shall be tertninated with a CAT 6-rated SPBC ( RJ-45) plug for connecting to a WAP.

ENGINEERING
31 Developer shall remove and replace any existing public or private improvements that nay become damaged during any phase of construction, as required by the City Engineer. Tlte contractor working within the public rightof-way shall obtain an encroachment penirit from the City Engineer prior to colltttlencing any sucli work. 32 Developer shall relocate andlor install all necessary infrastnrcture to provide ulilities to fhe proposed project.

33. A ten ( 10j foot public utility easement, as shor, vn on the tentative map, shall be provided in the tiolt of all lots and on the street side of all corner lots as requested by the utility companies and the Ciry Engineer. Width may be reduced to 8 t'eet r,vith City Engineer approval. Easements shall be glanted rvith the linal map. 1

Page 210 of 379 ends

34 Pedestrian easesrents sliall be provided rvherever sidervalks and other public u,alking paths are to be constrscfed outside the proposed public riglits-of-way. The minimum width of the pedestrian easements shall be one ( 1) foot.
15 Easements to be given to the City or any other public ufility agercy for, sewer, water, stonn drain, electrical, or any other utilit-v or similar pilryose shall not cross private properly rvithout prior approval of the Cify Engineer.

Any above- ground utility cabinets or facilities to be located within the road right-oflu'ay or public utility easement shall be permitted only upon approval by tlie City Engineer. Such approval rvill be made in rvriting, upcn r,vdtten request of the applicant andior the affected utility company.

37. Any obstructions including utilities, irrigation lines, etc., shall be removed andlor relocatecl. iinecessary, at the expense of the developer, 38 No final inspection shall be approved until all required improvements have been completed by the applicant and accepted by the City.

39. All nelv utilities shall be underground service.

40. Prior to the issuance of a Certificate of Occupancy on any lot of Tract No. 7421, all required improvements shall be cornpleted and accepted by the City of Shafter. Required improvements shall be those improvements necessary to provide adequate City Sen' ices to the sulrject lot as detennined by ihe City Engineer.
4l. All improvements sliall be complete within one ( i) year fi'om the clate of fi1irg of the llnal rnap ibr the developllrenl, unless a time extension is granted by tlie City Engineer. Timing of improvemelts shall be subject to approval of the City Engineer.

A1AL Type and location of centralized mail delivery rarits shall be detenlined by tire postal service. If the postal seruice requires special easemelts for the placement of the delivery nnits, tirer: said easements shall be shown on the final map.

All road, landscaping, trail, sidewalk, block wall. and paseo improvements. required by and ccrnsisient with Tentative Trcct 74?I and the Gossamer Grove Specific Plan, shall be constnrcted by the developer and approved by the City of Shafter prior to recordation of the fiaal map or sliail be included as a public improvement in the subdivision improvement agreement. Wall plans, materials, ancl dimensions shall be consistent with the requirements oitlre Gossamer Grove Specilic Plan and Tentative Tracl742l and shall be approved by the City of Shafter prior to construction. Tirning of improvements shall be subiecf to approval of the City Engiteer.

Developer sliall place the entire subdivision within a new or add io an existing Landscape, il-ighting Maintenance District prior recordation of the frnal rnap and prior lo acceptance of improvements by the City of Shailer. The maintenance district shall be setup to cover the cost of street lighting, drainage basin rnaintenance, landscaping 36 43
8 44

Page 211 of 379 ends

45 16
maintenance, and park mainterance. as well as all adminisfrative costs associated tvith the City of Shatler's nanagement of the District.
a. The developer shall be lequired to cover the cost of stleet lighting, riraintain al1 landscaping, paft maintenance, including the repiacement of aly trees or shrubs that do not snlive, u,ithin public right-of-way and landscape easenetts for a period of one ( t ) year after final inspection of the landscape inprovements. or until such tirne as the maintenance district is formed. rvhicltever shall occur last. b. Developer shall be flilly responsible for tlie fonr:ation, and tormation cost r:f the Landscape;' Lighting District, as directed by the City Engineer. c. Developer shall be lirlly responsible lbr paying the cost of rvater fol all landscaping and electricity for the street lights until such time as the rnaintenance district is formed,
Engineered plals and building permits are required t-or all block rvalls greater ihan 6-feet in height.

Developer shall design and install a system of cr:nduits, tenuinal enclosures, distlibution enclosures. splice enclosrres. connection points. ald hand holes for a fiber optic network to eacli buildable lot rvithiri the developntent. Design and material specifications are ar, aiLatrle from the City of Shafter. Plans sliall tre submitted and approved by the City of Shafter, pdor to recordation of the final map, sirou, ing the proposed utility trench and all appurtenant hardrvare. Tlie design shall include the following utinimum specifications:

A combinatiol of fiber optic conduits shall niinitnally include 4" SDR- 11 HDPE, 2" SDR-I1 HDPE. 7-Way bundled HPDE innerduct r.vith attached tracer wite, and direct- bury HDPE Microduct lvith attached lracer u'ire. Fiber optic conduits may be joint irenched rvith other utility cottipany pipes and/ or condults. a.
b. All underground fiber optic conduits, innerduct bundles, Microducts, etc. shall be factory- labeled " Ciry of Shalter 66t- 746- 5A00". Conduits shall be identified by a pennanent marking, u'ith the address number of the residence they serue, rvithin the distribution enclosures.
c. All underground hber optic conduit paths shall have tracer wire. If the conduit does not have an integrated tracer wiLe, a continuous extemal # 12 AWG solid- conductor tracel wire rviih high- density polyethylene insulation rated tbr direct burial shall be installed along rvitli the conduit leaving a minitnum l5-feet of slack coiled in tlie endpoint euclosures,
d. The ends of all flber optic conduits, innerducis, and Microducls shall be plugged or' capped to prevent dirt. debris, or lbreigl objects from entering. e. After backfill and corupaction, all conduits shall be cirecked fot' obstructions. and le-excavated and repaired or replaced as required. Conduits 112-inch or larger shall require mule tape or equivalent installed. Mule tape shall hat'e a minimum 2' slack 9

Page 212 of 379 ends

at each end rvhich shall be lastened to a tie-off loop on the inside of the plug or cap.

Mule tape tie-offand tension check to be witnessed shall be witnessed by a City of Shafter Public Works Depafment representative. Innerducts and Microducts shall be mandrel tested while being witnessed by a City of Shatler Public Wor*s Departurent representative.
i. A combination of underground utility enclosures siiall minimally include -36"W x 60"L x 36" D polyrner concrete enclosures rvith dual torsion covers, 36"W x 36"L x 24- 36" D and 24"W x 36"L x 24- 36" D Hi- qh Densify Polyethylene ( HDPE) enclosures.
g, All underground utility enclosures shall be factory- stamped " City Fiber" 47 Prior to construction, all iurprovenent plans and landscaping plans shall be approved by the City of Shafter,

48. The side- yard l'ences along public streets shall consist of a masoffy block retaining rvall. or other materiaL as approved by tlie City Engineer, topped rvith a r.vooden fence. Sufficient area behind the sidervalk shall be provided to accomrnodate the installation of coilmunity mailboxes, rvhere required by the US Postal Service.
4q The linal subdivision map proposed lbr recordafion shall be in substantial conlbnnance rvith the approved tentative map.

50. The final subdivision map shall be drarvn to tie the project to the existing nonumenls in Seventh Standard Road.

ENGINEERING: GRADING & DRAINAGE
5 l. Prior to revierv of any required inprovement plans. both a drainage/ hydrology sfudy and a grading plan shall be submitted to and approved by the City Engineer. A master grading plan covering Tentative Tract 7421 sliall be subrnitted and approved, Future development plans sha1l be based upon the approved master plan. Any deviation from the approved master plan rvill require the approval of the City Engineer. 57 The drainagelhydrology study and hydraulic analysis lbr the project shall be perfonned by a registered civil engineer and submitted to tlie City Engineer lbr review and approval. The study shall demonstrate that any potential mn-off will not inpact surounding properties, The study shall focus on the project property and any afibcted adjacent properlies. 53 A soils repolt, prepared by a registered civil engineer shall be submitted along s'ith the grading plan. Soils report shall be performed in compliance rvith the latest edition of Califolria Building Code, flhapter 18. In addition. allsite grading, earthwork and building design shall be performed in accordance with the recommendations of the soiis report.

54. A grading pellit shall be obtained from the City prior to coRrmencement of any grading activity.
i0

Page 213 of 379 ends

5-5
56 57
Plior to issuance of a building penlit. the developer shall file a " Rough Grade Certiijcate" rvith the City in accordance with the City Engineering Design Staldards. Rough Grade Certificate shall be accompanied by certitied soil compaction test data fiorn an acceptable rnaterials testing company and a cefiificate that the rough grade is in substantial contbrmance rvith the approved grading plan and Chapter 3-l of the Calilbmia Burlding Code. Developer to obtain "Rough Grade Certit- icate" lbrm tiom the City.

Prior to linal approval, acceptance of work, or issrance of Certificate of Occupancy, the developer's engineer shall file a " Final Grade Cerlificate" stafing thal all required grading has been done in accordance u'ith the appr-oved grading p1an. Developer to obtain " Final Grade Cerlificate" forn frorn the City.

The location and fi'equency of soils compaction tesling shall be per the City Engineer. Soils compaction testing shall be prr: vided by the developerlowner.

Minimum slopes across any flat surface shall be 1%. For siopes less tli.at 1olo. surface drainage shall be channeled into a conctete v-gutter, curb and gutter, undergrould stonn drain. or sirnilar drainage stntctute.

A1l birilding pads shall provide a rninirnu n of 2To slope ar,vay fi om each house to an eafih slale, and a tninimum of 1?i, irom the highest point in the swale to the stteet. A four-inch landscape drain rnay be used to replace the earth sr.r,ale. The rlinirlrun pad heiglit shall be trvelve ( 12) inches atrot'e the adiacent curb.

Street side comer lots shall not have their side yard slope ( flnish grade to back of sidervalk) exceed 4 horizontal: I vertical. If maxirnun slope is exceeded, side yald shall be retained in an approved ntanner.
58 59
60 63
61 61. Wood retaining structures shall not be approved. Developer sliall use lnasoruy. keystone, corcrete, or other approved material.
62 Engineered off-site drainage plans fcrr Tentative Tract 74?l shall be submitted to ald approved by the Cify of Shatier prior to recordation of the linal map. The approved drainage facilities shall be constructed and approved try the City of Shafter prior to issnance of building pennits.

All storn drain pipes and manholes shall be installed rvith the street paving. Catch basin shall be installed per eity standards.

Drainage Basin
a. Developer sha1l u{ilize tire existing drainage basin construeted on Lot 3 of Tract No. 6761. Derreloper shall provide calculations shou'ing estirnated storm flor,vs ti'orn Tract 7 421are consistent with previous studies the developer used to size storm drain outfalls that Tract No. 7421 li'ill utilize.
1l

Page 214 of 379 ends

6V
b" A1l covenants, conditions, and restrictions contained within the document entitled Statement of Covelants Affecting Land Development for Tempolary Stonn Drainage Facilities on Lot 3 of Tract Map No. 6761," Document No. 0216047535 recorded 4l1812A16 are in efTecf.
6-5 The number and location of cross gutters allowed, if any. will be deternined during the grading and draiaage revierv process. The rninimum grade for al.lowed cross gulters shall be 0.6%.

66. Grading onto adjacent propefiy shall not be done without written pennission from the adj acent properfy o\l'ner.

The Otfice of the City Engineer shall be notified 24 hours in advalce of the placenent of any fill material.

68. Fill andlor import material shall be subject to the approval of the soils engineer.

Developer is responsible for ihe grading ollof pad areas to within 0.1-tbot of the design eler.ations.

A1l areas in the site on which stnrcftires are to be placed nust be compacted to 90% relative density, for a minimum distance of 5-feet in all directions from the foundations of the structure.

A1l tlll material shall be rnoisture conditioned lo at least 2o4 above optinrurn moisture and compacted Io 90o/a relative densify, as determined by test methods referenced in Califomia Building Code, appendix Chapter 33, Section 3305, and so certified by test and report fiom the soils engineer.

The design engineer shall exercise sufficient superuisory control during grading operations to ensure compliance with the plans, specifications, and code within his purview. 73 The placenient of fillshall be in 6-inch rnaximum litls, compacted with heavy compaction equiprnent approved by tlie City Engineer, unless specifically recommended otherrvise in the preliminary soils report.

74. Compacticn in proposed pavement areas should be per City standards and should extend to a minimum disfance of 2-feet beyond the outside edges of pavement.

75. All cut and fill slopes shall nat be steeper than 2 horizontal to 1 rrertical.

All fill areas to be cleared of all vegetation and other unsuitable materials for a structural fill and the areas shall be scarified to a depih of 6-inches, unless specifically noted otherwise in the preliminary soils reporl.
69 70
7l
72 76.
77 . All slopes in excess of tluee { 3) feet shall be prepared and mainlained to control against efos1011.
12

Page 215 of 379 ends

79 78 Grading q'or'tri shall be supervised as engineered grading in accordance with Chapter 3,1 of the California Building Code.

During grading, reasonable searching should be pertbrned for concealed subsurface obstructions. A11abandoned subsnrface obstructions should be removed. If tenninus of any abandoned piping is outside the project limits, the piping should be removed s,ithin the prqect and properly capped at the project boundary.
80 Developer' s attention is directed to tlie prcvisions of SJVAPCD' s Regulation VIII - Fugitive PM 10 Prohibitions. rvhich requires the submission of a Dust Control Plan tbr cefiain construction projects. Developer shall coruply with all applicable SJVAPIID mles and regulations including the subnission of a Dust Control Plat as may be applicable.

Curent S.IVAPCD mles and regulations ale available online at hftu : /lu'prv.vaIlevair. lruleslist. htm

81. It shall be tlie Developer' s responsibility to prevent a dust nuisance f}om ori-einating from the site of tlie rvork as a result of his operations. Preventative illeasnres to be takel by the Contractor shall include but shall not be limited to the folloi, ving:
a. Wafer shall be applied to all unpaved areas as required to prevent the surt'ace from becoming dry enough to penlit dust fonnation.
b. Paved surfaces over u,liich vehicular tralfic is per: nitted to travel shall be kept fi'ee of dilt.
c. Ternpolary suspension of the wor*. either as a resull of order by the Engineer or as a result of conditions beyond the control of the Contractor sliall not relieve the Contractor liotn his responsibility for dust control as set forth herein. 82 Any temporary dlainage basin serin,e the subdivision shall be surounded rvith a chaiu Lnk ibnce.

83. E}iGINEERING: \ YATER/FIRE
Tlie developer shali instail trvo rvater systems for the project together rvith such equiptuettt. pipeline, ald t-acilities, including individual u,ater services. as rnay be necessary to etlsure the development lias a minimum supply of water for llie puryoses of the development including fire protection, One lvater system shall be developed exclusively for drinkilg or domestic water seruice. Tlie other shall be tbr irrigation of latvns. parks. and conttnon landscape area and be provided by either existing or new u'ells. Developer shall subnit rvater improvement plans to the City Engineer and Oildale Mutual Water Company ibr review and approval. Developer shall construct the public water systeui in accordance with Subdivision Engineering Design Manual tbr the sul'rject propelty. The dual water systen] shall be constructed by the developer and approved by the City of Shaiter and Oildale Mutual Water Courpany prior to recoldation of the final map. 84 13

Page 216 of 379 ends

85 To tlie greatest extent possible, above ground air-vac or air release valves required by Oildale Mutual Water Company shall be located iri public landscaping or entrances to naftiral trail areas and not along residential properly fiontages. This requirentent is subiect to the approval of Oildale Mutual Water.

To the grealest extent possible, wet utilities ( sewer. rvater. stonn drain) shall be inslalled befin' een the florvlines on all streets.

Fire protection shall be provided per Kern County Fire Department Standards tbr the type of developmenl. A Certificate of Approval shall be obtained by the applicant fi'om the Kern County Fire Department. Evidence of tliis Certificate of Approval sha1l be provided to the City prior to acceptance of the water system by tlie City.

Prior to installation. all water improvement plans shall be reviewed and approved by the Kem County Fire Depafiment.

Water line size, location and materials shall be subject to the approval of tlie City Engineer.

Ittlinitrum watel line size shall be in accordance rvith the Sribdivision and Engineering Design Malual.

Whenever possible, fhe u,ater systern shall be looped to minimize dead ends.

Separate dual rvater selices shall be installed for each residential property, No pennanent stmctures shall be constmcted over proposed or existing utility easemelts.

Prior to issuance of a building pennit, water mains and fire hydrants to be installed by applicant shall be completed. tested, and accepted ( UFC 10.502, 10,503).

The developer shall provide AWWA approved fire hydrants that comply rvith Kern County Development Standards { C1ow 850 or equivalent).

The required tire hydrants shall tre placed a maximum of 660 feet apart throughout the tract fcr firefighting purposes. Final hydrant locations shall be apprcved by Kern County Fire prior installation.

The developer sliall install rel' lective rnarkers to identify hydralt locations pursuant to Caliibrnia Health and Safety Code 13060.

The required fire hydrants shall prr:vide a minimum t-rre flow of 500 gallons per minute for one hour at 20 psi residual pressure.

The rn'ater system for the required fire liydrants shall be looped, if practicabie.

The developer shall install the required water, access and street signs prior to issuance of any br:ilding perrnit.
86 87

88. 89.

90. 9t.
92,

93. 94.

95. 96.

97. 98.

99. t4

Page 217 of 379 ends

100. A fire florv test shall be perfonled and apploved by the Kem County Fire Depariment prior to issuance of any building permit and before any Certificates of Occupancy are issued.

The Kern Cormty Fire Department shall be contacted for a t-tre flow test and approval prior to the coounencement of construction.

ENGINEERING: SEWER
l0l. No properlies shall be seryed by a septic systeln. 102" Developer shall install a seu,er system for the development togefher with such materials, pipelines. nanholes. and individual services for lhe putposes ol the developnent.

Developer shall submit sewer improvement plans to the Cify Engineer for review and approval prior to recordation of the linal map. Developer shall construct the public selvel' system in accordance with the Shafter Subdivision Engineering Design Manual for ihe subject properfy.
103. Ser. ver line size, location, slope and rnaterials shall be subiect to the approval of the City Engineer. Minimum sewer line size. location, slope and materials shall also be in accordance with the Subdivision and Engineering Design Manual. 104. Tie-ins to existing sewer rnains, manholes" or other sttuctures shall be constructecl as directed by the City Engineer.
105. Server pipelines and madroles shall be installed r'r'ilhin the proposed street paving of the developtnent.
106. Separate sewel' sen' ices shall be installed for each propefiy. At no time sliall sewer be joint trenched rvilh rvater.
107. Seu,er lines shall not Lre permitted in easernents behveen the backyatds or side- yards of residential lots.
108. No pemranent structures shall be constructed or:er proposed or existing utility easenents.

ENGINEERING: STREET & TRAFFIC
109. Developer shall constr-nct and plovide right- of-rvay for all streets, curb, gutter, closs gutter. drainage l'acilities, sidewalks. rvalls, landscaping, street lights, drive apploaches, intersections, and other related improvenreilts consistent rvith Tentative Tract 7421 and the Gossamer Grove Specific Plan. Developer shall submit street improvetnent plans prepared by a registered civil engineer to the City Engineer for teview and approval ancl shall include: Preliruinary soils reporf, preliminary engineer' s estimate of consfitction costs; and plan check and inspection fees.
i 10. Additional rights of way easements or dedications necessaly ibr street and/ or public utrlity improvements located outside the tract boundary shall be granted to the City of Shafter prior to map recordation.
15

Page 218 of 379 ends

l l L The drau' ings shall include all proposed public street pavement, curb, g;utter, driveu' ays, street lights, cross gutter. catch basins, striping, signage, trafflc signals, and sidewalks along the perirneter of all streets adiacent to or rvithin the project site. Said improvements shall be constructed as per the street improvenient plans approved by the City Engineer in a nlarlner consistent rvith the Subdivision and Engineering Design Manual. 1i2. All local streets shall be de.reloped as tull-rvidth streets in accordaace ivifh standards and specificatiols of the Gossamer Grove Specitic Plan and the City of Shaller, as approved by the Clity Engineer. All local streets shall be fifty-two ( 52) feet full right-ot--r,r'ay u'ith l'oLty ( a0) feet i'lowline to florvline.

I 13. Additional Street Recluiremelts
Developer iltends to continue to use a modified 4.5-inch wedge shaped curb along home fi'ontages similar lo City of Fresno Standard P-9. City of Shailer agrees to the use of this 4.5-inch wedge shaped culb provided developer supplies a slip fr:nl tbr a

4.5-inch wedge shaped curb lhat is consistent with the City of Shafter standard 6-inch curb. Final dimensir: ns are subject to City of Sliafter approval. This modit-red curb shall be used on residential lot tiontages only.
114. Siror. lld a street lransition to another sireet rvith a nirety {90) degree turn occur, fhat transilion sirall be a street kluckle and shall be sliau' n on the final tract map and in tlie street irnprovement plans.
115. Cul- de- sac and street knuckle dirnensions and radii to confonn to tlie Subdivision and Engineering Design N{anual andlor as approved by the City Engineer. The use of off- set cul-de-sacs is applor, ed provided they meet llie requirements of the City of Shafter" 116. Streel signs shall be installed per City standards as required by tbe City Engineer 117. During construction, the developer shall rnaintain the project, including all adjacent streets in a dust liee condition. Tliis condition applies at all times including weekends. evenings, and light time hours, Duririg constnrction opelatir: ns, cleanup of soil l}om the public roadrvays shall be required, if deerned necessaly, by the City Engineer. 118. All utilities proposed under paving shall be installed prior to paving. Cover over utilities shall be at a depth as approved by tlie City Engineer.
119. Driveway approaches sliall be constructed in a manner consistent rvith the requirements tbr residential approaches as set fortli in tlie City's Subdivision and Engineering Design Malual r:r as permitted by the City Erigiueer.
nA. Sidervalk, including curb, shall be five ( 5) feet wide and shall be placed behind the curb, or as specified by the Gossamer Glove Specific Plan. Transitions at intersectiors and wlieelchair ranps shall be provided and installed per the City' s Subdivision and Engineer ing Design Manual.
a
16

Page 219 of 379 ends

L21. Monument and monunient covers shall be set per City Standards L2?. Tenporary turnarounds. if required, including right- ot'-rvay, shall be granted, designed, and installed per the Subdivision and Engineering Design Standards. 123. Property line locations shall be marked with a chiseled line on the top of curb for all property lines. The location of all sewer laterals shall be iridicated on the top or face of curb rvith a stantped " S".
124. Street lighting shall be installed in accordance with the City Engineering and Subdivision Design Manual as directed by the City Engineer. Developer shall coordinate with Pacific Gas & Electric to ensure that the street lights are established under the LS-2A rate schedule. 125. Secondary access easemelts shall be provided at the request of the Cliiy Engineer. Within any given phase erf deveiopment, secondary access easements and improvetnents shall be provided in a manner approved by the City Engineer. Access roads shall be fwelve ( 12) feet in ividth ald shall consist of three ( 3) inches of Class II aggregate trase over six (6) inches of native material compacted b 9Ao/ o relative ntaxitnunt density. 126. A waivel of direct access shall be dedicated and showt on lhe linal map as follows:

Lots 1-10, west side against Ernerald Grove Drive andlor Eagle Creek Drit'e b. Lots 13- 2 i, south side against Emerald Grove Drive and/ or Eagle Creek Drive. c. Lots. 2 1,22, 40,41, 51, 52, 59, 60, west side againsf Lot B. d. Lot 57. north line along Seco Canyon Way
e. Lot 54, south line along Rivert- awn Court
l. Lat 47. east line along Spring Manor Drive
g. Lot 46, east line along Spring Manor Dlive
h. Lot 33, north line along Gladehill Court.
i. Lot 30, south line along Castle Hill Clourt
j. Lot l l, norlh line along Castle Hill Court'
k. Lot 1, south line along Redu' ood River Lane
L Lot 89. u'est line along Spring Manor Grove
nr. Lots 9l tlrrough 97, south line along tract boundary

11. Lct 97, i.vest line along the EmeraLd Grove Drive.
o. Along the full pelimeter of Lot A except lvhere Lot A touches Ernerald Grove Drive.

Stone Creek Drive, Seco Canyon Way, Spring Manor Drive, Red River Lane. and the norlh tract baundary of Tract 73 l9-Phase 2
ENGINEERING: LANDSCAPING
127 . Electrical Source t-or Laldscaping:

Developer shall supply and install landscaping electrical senrices to power auy and all required timers. solinoids, pulrlps. motorized equiprlent. Cabinets and meter pedesfals shall be approved by the Cify of Shafter. Developer shall eontract with Pacitic, Gas & Electdc the location of each pedestal and nake all aruangements fol them to deliver po$rer at each location.
t7
a

Page 220 of 379 ends

128. Water Source for Landscaping:
a. Landscaping water seruice point of connection shall be approved by the City Engineer. Water source shall be from the non- potalrle wafer system installed vith
the
tracf.
129. Landscaping Enclosule
Landscaping timers. electrical seruice fuses, irreakers, etc., shall be installed witirin a comrnercial grade landscaping enclosure.
b. Commercial grade landscaping erslosure shall be installed within the dedisated landscaping area adjacent to the water source andior electrical source.

Commercial grade landscaping enclosure shall be installed on a concrete foundation poured onto a minimum of six (6) inches of native subgrade compacted to 90% ( or in accordance u.ith rnanufacfurer' s reconunendations, rvhichever is rnore stringent). d. The City of Shaller Subdivision alcl Design Manual requires a I l0-r'olt duplex electrical seruice within the enclosure.
130. The developer shall cornply u,ith all requirenents fr;r gratling ancl err: sion control, including the prevention of sedimentation or potential damage to olf-site properfy. 131. Sieeves shall be placed under the proposed paving lbr landscape piping or lorv voltage electrical per the Ciiy Engineer.
132. Natural trails proposed lbr Tract 7421 shall have tread pa& composed of a minimum of six 6) leel wide decornposed granite or some ather ADA complianf surfacing. Path of natural trail shall gently meander between the wal1s in a manner approved by the City. Tlail grade shall be 0.50 tt higher thal landscape grade. Cross slope in the tread path shall not exceed ADA standards. Grade tiom the tread path to the landscaped grade shall not exceed 4:1 i33. Natural Trails shall be lit to an average frrot-caldle of 0.5 foot-candle. The purpose is to provide a minimum amount of light lbr usage at night. Natural trails may be lit rvith a conbination of pole mounted lights, bollards, or sinilar devices. Wall mounted liglits will be prohibited. Pole mounted lights sliall not direct light into the residential lots or structures. Lighting shall be located near the natural trail edges so as lo not be obscured by landscaping" proposed or ilture.
134. Landscaping within the natural trails shall be approved by the City. Separate plan sets shall be provided for Natural Trail landscaping in a mamer similar to public landscaping along arterials, colleclors, or othel public areas. Plans shall shorv locations of water and electrical sen' ices necessaly to serve the landscaping and lighting needs of these aleas. a
18

Page 221 of 379 ends

I35. Natural trails shall be equipped with a minimal quantify of benches, trash receptacles, water fountains, picnic tables, etc. Details shall be worked out with the City during Natural trail plan approval.
136. Fencing constructed along the Lerdo Canal boundary shall be masonry wall. Height shall be 6 foot minimum.
137 . Bollards or other effective obstruction shall be placed where the natural trails touch public street improvements. Bollards shall also be required at the ends of culdesacs where openings in the masonry are proposed.
138. Developer shall deed the public landscaping lots and public trail lots ( Lots A & B) to the City of Shafter within 60 days of Notice of Completion for Tract74?L ENGINEERING: SUBDWISION IMPROVEMENT AGREEMENT
139. The developer shall furnish the City of Shafter acceptable security to guarantee the construction of public improvements in accordance with all applicable provisions of the City of Shafter Municipal Code and the State Subdivision Map Act. The developer rnay enter into a subdivision improvernent agreerneat with the City of Shafter for public improvements that are not completed at the time of Final Map approval. 19

Page 222 of 379 ends

CERTIFICATE OF GOVERNING BODY' S ACTION

STATE OF CALIFORNIA

COLTNTY OF KERN
l, Yazmita Pallares, City Clerk of the City of Shafter, California, DO HEREBY CERTIFY that the above Resolution 2906, a Resolution of the City Council of the City of Shafter, was duly passed and adoptedataRegular Meeting held on the 21st day of March2023, by the following vote:

SS
AYES:

NOES:

ABSENT:

ABSTAINING
DATED
sEAL)
Alvarado, Espinoza, Givens, and Prout.

None.

Olvera.

None.

March 21, 2023
of the City of Shafter

Page 223 of 379 ends

EXHIBIT 2
RESOLUTION NO. 3014

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SHAFTER APPROVING A TWO (2) YEAR EXTENSION OF TIME FOR TENTATIVE TRACT MAP NO. 7421 LOCATED NEAR THE INTERSECTION OF EAGLE CREEK DRIVE

AND COMMUNITY DRIVE, NORTH OF SEVENTH STANDARD, WITHIN THE CITY

OF SHAFTER
WHEREAS, on January 17, 2025, Lennar Homes of California, Inc, the property owners, requested approval of an extension of time to record a final map on that certain property in the City of Shafter as shown on attached Exhibit “A”. The extension of time request was submitted prior to the expiration of the map and is being considered within the 60-day time period allowed by the Subdivision Map Act; and
WHEREAS, Tentative Tract Map No. 7421, as illustrated in Exhibit “A”, proposing to subdivide 18.40 gross acres into 97 single-family residential parcels, was approved by the City Council on March 21, 2023, per Resolution No. 2906; and WHEREAS, Tentative Tract Map No. 7421 is exempt from the California Environmental Quality Act, i.e., exempt from the requirements of Division 13 (commencing with section 21000) of the Public Resources Code, pursuant to California Government Code §65457; and WHEREAS, Tentative Tract No. 7421 is within the scope of the Program Environmental Impact Report (EIR) that was certified for the 2005 City of Shafter General Plan Update and related actions (SCH No. 2004101029) pursuant to Resolution No. 05-1738; and WHEREAS, the certified program EIR and Addendum adequately describes the activity of the residential development proposed in Tentative Tract No. 7421 as adopted in the amended Gossamer Grove Specific Plan (previously Heritage Ranch Specific Plan) under Ordinance No. 699; and
WHEREAS, Tentative Tract Map No. 7421 was approved with a condition requiring the final map to be recorded within two years; and
WHEREAS, Title 16, Section 4.080.B of the City Municipal Code (Subdivision Ordinance) and Government Code §66452.6(e) allow the City Council to approve extensions of time for approved, or conditionally approved, tentative subdivision maps if the request is received prior to the expiration date of the map; and
WHEREAS, the City of Shafter has historically approved subdivision map extensions of time in two-year intervals; and
WHEREAS, the Planning Commission did, on March 11, 2025, approve Resolution No. 25-457, a resolution of the Planning Commission of the City of Shafter recommending that the City Council approve a two-year extension of time for Tentative Tract Map No. 7421, subject to the conditions approved by the City Council on March 21, 2023 (Resolution No. 2906), to expire on March 21, 2027; and

Page 224 of 379 ends

Shafter City Council Resolution No. 3014
April 1, 2025

Page 2 ends

WHEREAS, the City Council through the City Clerk, did set Tuesday, April 1, 2025 at the hour of 6:00 p.m. in the City Council Chambers of City Hall, 336 Pacific Avenue, Shafter, California, as the time and place for a public hearing before said City Council on said proposal, and notice of the public hearing was given in the manner provided in Title Sixteen of the Shafter Municipal Code; and
WHEREAS, at said City Council meeting held on April 1, 2025, the proposed extension of time for Tentative Tract Map No. 7421 was duly presented and considered and the City Council determined that Tentative Tract Map No. 7421 is eligible to receive a two-year extension of time for recordation of the final map.

NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Shafter, in a regular session assembled on the 1st day of April, 2025, resolved to approve a two-year extension of time for Tentative Tract Map No. 7421 (Exhibit “A”) located near the intersection of Eagle Creek Drive and Community Drive. More generally, the project is located between the Friant/Kern Canal and Beardsley Canal, west of California State Highway 99, and north of Seventh Standard Road, subject to the conditions approved by the City Council on March 21, 2023 (Resolution No. 2906), to expire on March 21, 2027.

PASSED AND ADOPTED THIS 1st DAY OF APRIL, 2025.
_______________________________
Chad Givens, Mayor
ATTEST
_______________________________
Yazmina Pallares, City Clerk
APPROVED AS TO FORM:
_________________________________
Marco A. Martinez, City Attorney

Page 225 of 379 ends

SUBJECT

PROPERTY

UNION PACIFIC RR

CALLOWAY CANAL

LERDO CANAL
7TH STANDARD ROAD
99 FREEWAY

GOSSAMER GROVE

BOULEVARD

LERDO CANAL

PROPOSED HIGH SPEED RAIL

ALIGNMENT ALTERNATIVE
COBBLE
CREEK
DRIVE

FRIANT KERN CANAL

GOSSAMER
GROVE

STONE CREEK DRIVE

COMMUNITY DRIVE
TENTATIVE TRACT NO. 7421 © COPYRIGHT BY QUAD KNOPF, INC. UNAUTHORIZED USE PROHIBITED. 12/01/2022
Exhibit 2 - Tentative Tract Map No. 7421

Page 226 of 379 ends

LINE TABLE CURVE TABLE
TENTATIVE TRACT NO. 7421
N
TRACT 7346, PHASE 2 BOOK 64 OF MAPS, PAGES 160-163, K.C.R.

TRACT 7388 BOOK __ OF MAPS, PAGES ___-___, K.C.R
TRACT 7332, PHASE 2 BOOK 64 OF MAPS, PAGES 67-78, K.C.R.

TRACT 7332, PHASE 1
BOOK 63 OF MAPS,
PAGES 143-149, K.C.R.

TRACT 7346, PHASE 1 BOOK 64 OF MAPS, PAGES 156-159, K.C.R.

TRACT 7346, PHASE 3 BOOK 64 OF MAPS, PAGES 164-167, K.C.R. TRACT 7319, PHASE 3 BOOK 65 OF MAPS, PAGES 4-6, K.C.R.

TRACT 7319, PHASE 2 BOOK 65 OF MAPS, PAGES 1-3, K.C.R. TRACT 7319, PHASE 1 BOOK 63 OF MAPS, PAGES 127-130, K.C.R.

TRACT 7314, PHASE 1 BOOK 63 OF MAPS, PAGES 48-54, K.C.R.

OVERALL BOUNDARY
TRACT 7314, PHASE 2 BOOK 64 OF MAPS, PAGES 33-37, K.C.R.

DRILL
ISLAND
DRILL
ISLAND
PUBLIC
PARK
PUBLIC
PARK
PUBLIC
PARK
DRILL
ISLAND
DRILL
ISLAND

PUBLIC PARK

OFFSITE

REGIONAL
BASIN
PUBLIC
PARK
PUBLIC
SCHOOL
TRACT 7315 BOOK 62 OF MAPS, PAGES 107-111, K.C.R. GOSSAMER GROVE BOULEVARD SOARING HEIGHTS WAY COMMUNITY DRIVE COMMUNITY DRIVE TRACT 6982 BOOK 62 OF MAPS, PAGES 5-8, K.C.R.

STONE CREEK DRIVE

BLOSSOM CREEK DRIVE EAGLE CREEK DRIVE

COTTON CREEK DRIVE

COBBLE CREEK DRIVE
TRACT 6983 BOOK 61 OF MAPS, PAGES 60-63, K.C.R.

TRACT 6762, PHASE 1 BOOK 61 OF MAPS, PAGES 49-54, K.C.R. TRACT 7115 BOOK 61 OF MAPS, PAGES 64-68, K.C.R.

TRACT 6762, PHASE 2 BOOK 62 OF MAPS, PAGES1-4, K.C.R. TRACT 6773 BOOK 61 OF MAPS, PAGES 55-59, K.C.R.

TRACT 7388 BOOK __ OF MAPS, PAGES ___-___, K.C.R.

DESIGNATED REMAINDER OF TRACT 7388 BOOK __ OF MAPS, PAGES ___-___, K.CR.

LOT "A" OF LOT LINE ADJUSTMENT NO. 18-67, CERTIFICATE OF COMPLIANCE DOC. NO. 218076247, O.R. 7TH STANDARD ROAD EMERALD GROVE DRIVE

C GOSSAMER GROVE BOULEVARD L
APN 091-210-03
NORTH KERN WATER STORAGE DISTRICT APN 482-040-09
NORTH KERN WATER STORAGE DISTRICT APN 482-010-05

NORTH KERN WATER STORAGE DISTRICT

FRIANT-KERN CANAL LERDO CANAL

C GOSSAMER GROVE BOULEVARD L
REMAINDER OF LOT 84
OF TRACT 7314, PHASE 1
BOOK 63 OF MAPS,
PAGES 48-54, K.C.R.

LOT 172 OF
TRACT 7332, PHASE 2 BOOK 64 OF MAPS, PAGES 67-78, K.C.R.

REDWOOD RIVER LANE
12/01/2022
Exhibit A of Exhibit 2

Page 227 of 379 ends

97 96 95 94 93 92
91 1
3 90
89 2
8 7
6 5
4 88
87 86
85 84
83 82
81 80
79 11
12 10
9 76
78 77
17 16 21 19 18
29 22 24 25 26 27 28 23
30 31
33 32
40 39 37 36 35 38
34 41 42 44 45 46
75 74
73 72
71 70
69 43
47 48
68 51 50 49
67 63
64 65
66 56
57 54
55 58
52 59
53 60
61 62

LOT 'B'

LOT 'A'
15 14 13 20

LOT 'B'
TENTATIVE TRACT NO. 7421
N

LOT & STREET OVERVIEW COMMUNITY DRIVE

STONE CREEK DRIVE

EAGLE CREEK DRIVE EMERALD GROVE DRIVE REDWOOD RIVER LANE

MAPLE TERRACE LANE

SECO CANYON WAY

SPRING MANOR DRIVE

CASTLE HILL COURT

GLADEHILL COURT

RIVERFAWN COURT
TRACT 7346, PHASE 1 BOOK 64 OF MAPS, PAGES 156-159, K.C.R.

TRACT 7346, PHASE 3 BOOK 64 OF MAPS, PAGES 164-167, K.C.R.

TRACT 7319, PHASE 3 BOOK 65 OF MAPS, PAGES 4-6, K.C.R.

TRACT 7319, PHASE 2 BOOK 65 OF MAPS, PAGES 1-3, K.C.R.

APN 482-010-05

NORTH KERN WATER

STORAGE DISTRICT

LERDO CANAL
12/01/2022 Page 228 of 379

STONE CREEK DRIVE
43 51 49
41 44
42 46
45 40 39
37 36 35
38 34
75 74
73 72
71 70
69 68
67 65
62 60
61 64
59 53
58 52
48 47
33 66
50 63
57 54
55 LOT 'B'

SECO CANYON WAY
56 GLADEHILL COURT

SPRING MANOR DRIVE

SPRING MANOR DRIVE

RIVERFAWN COURT

LOT 'A'

LOT 'B'

C COMMUNITY DRIVE
TRACT 7346, PHASE 1 BOOK 64 OF MAPS, PAGES 156-159, K.C.R.

APN 482-010-05 NORTH KERN WATER STORAGE DISTRICT
TENTATIVE TRACT NO. 7421
N
SEE SHEET 5

LERDO CANAL
L
12/01/2022 Page 229 of 379

EMERALD
GROVE

DR I VE
43 51 49
41 44
42 46
45 9
8 7
6 5
4 24 25 26 27 28
23 40 39 37 36 35 38
34 19 18 17 16
87 86
85 84
83 82
81 80
79 78
77 75
74 73
72 71
70 69
76 48 47
30 29
31 21
22 11
12 33
32 3
10 50

EAGLE CREEK DRIVE
88 LOT 'B'

GLADEHILL COURT

CASTLE HILL COURT

SPRING MANOR DRIVE

SPRING MANOR DRIVE

SPRING MANOR DRIVE

LOT 'B'
15 14 13 20

LOT 'B'

LOT 'A'
TRACT 7319, PHASE 3 BOOK 65 OF MAPS, PAGES 4-6, K.C.R.

C COMMUNITY DRIVE L
TRACT 7346, PHASE 3 BOOK 64 OF MAPS, PAGES 164-167, K.C.R.

TRACT 7346, PHASE 1 BOOK 64 OF MAPS, PAGES 156-159, K.C.R.

TENTATIVE TRACT NO. 7421
N
SEE SHEET 4
SEE SHEET 6

LERDO CANAL
12/01/2022 Page 230 of 379

REDWOOD RIVER LANE
2 8
7 6
5 4
96 95 94
87 86
85 84
83 93 92
97 1
91 3
90 88
89 MAPLE TERRACE LANE

SPRING MANOR DRIVE SPRING MANOR DRIVE

LOT 'A'

LOT 'B'
TENTATIVE TRACT NO. 7421
SEE SHEET 5

LERDO CANAL
TRACT 7319, PHASE 2 BOOK 65 OF MAPS, PAGES 1-3, K.C.R.

TRACT 7319, PHASE 3 BOOK 65 OF MAPS, PAGES 4-6, K.C.R.

C EMERALD GROVE DRIVE L
12/01/2022
N
EXHIBIT a OF

Page 231 of 379 ends

MANAGEMENT REPORT

CITY OF SHAFTER

CITY COUNCIL REPORT
MEETING DATE: April 1, 2025
DEPARTMENT: Rogelio Sanchez, Finance Director
SUBJECT: ANNUAL COMPREHENSIVE FINANCIAL REPORT (ACFR) FOR FISCAL YEAR 2023-2024

RECOMMENDATION
Council find the action is not defined as a "Project" pursuant to Section 15378(b)(4) of the CEQA Guidelines; accept the Annual Comprehensive Financial Report (ACFR), Federal Single Audit, and SAS 114 letter, for the year ended June 30, 2024. Note: The Final ACFR will be uploaded on Monday, March 31, 2025, and will be available at at https://www.shafter.com/153/Financial-Reports.

BACKGROUND
The Annual Comprehensive Financial Report (ACFR) for Fiscal Year 2023-24 has been completed and audited by the City's independent auditors, Lance, Soll & Lunghard, LLP (LSL). The City received an unqualified audit opinion, commonly referred to as a "clean opinion," indicating that the financial statements comply with Generally Accepted Accounting Principles (GAAP).

City Staff included a copy of the ACFR, and a representative from LSL will provide an overview of the audit results and address any questions from the City Council or the public. However, due to delay in finalization, the ACFR will be uploaded to the City's Financial Reports webpage on Monday, March 31, 2025. The report can be accessed at https://www.shafter.com/153/Financial-Reports.

The Letter of Transmittal and Management’s Discussion and Analysis (MD&A) sections of the ACFR offer key financial insights, including summaries, year-over-year comparisons, and analysis of City operations for the fiscal year ending June 30, 2024.

These sections should be reviewed alongside the basic financial statements to provide context and a deeper understanding of the financial results.

The Audit Opinion is located on pages 1 and 2 of the ACFR. As noted, the City received an unqualified opinion. However, due to timing constraints, the ACFR was not submitted to the Government Finance Officers Association (GFOA) for consideration in the Excellence in Financial Reporting Award program this year.

The Single Audit Compliance Report, required for entities that expend over $1,000,000 in federal funds, was also completed. This report ensures compliance with federal program requirements under the Office of Management and Budget (OMB) Circular APage 232 of 379 ANNUAL COMPREHENSIVE FINANCIAL REPORT (ACFR) FOR FISCAL YEAR 2023-2024 - 2 -
133. Any identified deficiencies, along with recommended corrective actions, are detailed within the Single Audit Report. A copy of this report is attached.

Additionally, the auditors have provided the Statement on Auditing Standards (SAS) 114 Letter, which communicates key audit matters to those charged with governance.

This letter addresses topics such as significant audit findings, any difficulties encountered, corrected and uncorrected misstatements, and any disagreements with management. The auditors will be available via Zoom during the City Council meeting to present this letter and answer questions.

The ACFR, including the Management’s Discussion and Analysis (MD&A) section, provides an in-depth financial analysis of the City's operations and is attached for review.

FISCAL IMPACT
There is no direct fiscal impact associated with the presentation of the Annual Comprehensive Financial Report (ACFR). The costs related to the audit and preparation of the ACFR were previously budgeted in the City's Finance Department expenditures for Fiscal Year 2023-24.

CEQA ANALYSIS
The action is not defined as a “project” per Section 15378(b)(4) of the CEQA Guidelines because the action is the acceptance of a comprehensive financial report and therefore, it is the creation of a governmental funding mechanism or other fiscal activity that does not involve any commitment to a specific project that can result in a potentially significant impact and not subject to CEQA.

APPROVED BY THE CITY ATTORNEY
No

ATTACHMENTS
None

Page 233 of 379 ends

ANNUAL COMPREHENSIVE

FINANCIAL REPORT
2023-2024 "Expanding Dreams, Realizing Possibilities"

&,7<2)6+$)7(5&$/,)251,$
$QQXDO&RPSUHKHQVLYH)LQDQFLDO5HSRUW
)RUWKH<HDU(QGHG-XQH
3UHSDUHGE\)LQDQFH'HSDUWPHQW

7+,63$*(,17(17,21$//</()7%/$1.

&,7<2)6+$)7(5&$/,)251,$
$QQXDO&RPSUHKHQVLYH)LQDQFLDO5HSRUW
)RUWKH<HDU(QGHG-XQH
7DEOHRI&RQWHQWV
3DJH
,1752'8&725<6(&7,21
8QDXGLWHG

/HWWHURI7UDQVPLWWDOL 2UJDQL]DWLRQDO&KDUW[L ),1$1&,$/6(&7,21
,1'(3(1'(17$8',7256¶5(3257 0$1$*(0(17¶6',6&866,21$1'$1$/<6,6
81$8',7('
 %DVLF)LQDQFLDO6WDWHPHQWV

*RYHUQPHQW:LGH)LQDQFLDO6WDWHPHQWV

6WDWHPHQWRI1HW3RVLWLRQ 6WDWHPHQWRI$FWLYLWLHVDQG&KDQJHVLQ1HW3RVLWLRQ )XQG)LQDQFLDO6WDWHPHQWV

*RYHUQPHQWDO)XQGV)LQDQFLDO6WDWHPHQWV

%DODQFH6KHHW 5HFRQFLOLDWLRQRIWKH*RYHUQPHQWDO)XQGV%DODQFH6KHHW WRWKH*RYHUQPHQW:LGH6WDWHPHQWRI1HW3RVLWLRQ 6WDWHPHQWRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHVLQ)XQG%DODQFHV 5HFRQFLOLDWLRQRIWKH*RYHUQPHQWDO)XQGV6WDWHPHQWRI5HYHQXHV ([SHQGLWXUHVDQG&KDQJHV)XQG%DODQFHVWRWKH*RYHUQPHQW:LGH 6WDWHPHQWRI$FWLYLWLHVDQG&KDQJHVLQ1HW3RVLWLRQ 3URSULHWDU\)XQGV)LQDQFLDO6WDWHPHQWV

6WDWHPHQWRI1HW3RVLWLRQ 6WDWHPHQWRI5HYHQXHV([SHQVHVDQG&KDQJHVLQ)XQG1HW3RVLWLRQ 6WDWHPHQWRI&DVK)ORZV )LGXFLDU\)XQGV)LQDQFLDO6WDWHPHQWV

6WDWHPHQWRI)LGXFLDU\1HW3RVLWLRQ 6WDWHPHQWRI&KDQJHVLQ)LGXFLDU\1HW3RVLWLRQ 1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQW 
&,7<2)6+$)7(5&$/,)251,$
$QQXDO&RPSUHKHQVLYH)LQDQFLDO5HSRUW
)RUWKH<HDU(QGHG-XQH
7DEOHRI&RQWHQWV
3DJH
5HTXLUHG6XSSOHPHQWDU\,QIRUPDWLRQ
8QDXGLWHG


1RWHVWRWKH5HTXLUHG6XSSOHPHQWDU\,QIRUPDWLRQ 
%XGJHWDU\&RPSDULVRQ6FKHGXOHV±6FKHGXOHRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHVLQ)XQG%DODQFHV± %XGJHWWR$FWXDO

*HQHUDO)XQG 
7UDQVSRUWDWLRQ6SHFLDO5HYHQXH)XQG


6FKHGXOHRI&KDQJHVLQ7RWDO23(%/LDELOLW\DQG5HODWHG5DWLRV

3RVW5HWLUHPHQW+HDOWK%HQHILWV 6FKHGXOHRI3URSRUWLRQDWH6KDUHRIWKH1HW3HQVLRQ/LDELOLW\ 
0LVFHOODQHRXV3ODQ 6DIHW\3ODQ 6FKHGXOHVRI&RQWULEXWLRQV

0LVFHOODQHRXV3ODQ 6DIHW\3ODQ 6XSSOHPHQWDU\,QIRUPDWLRQ
1RQPDMRU*RYHUQPHQWDO)XQGV

&RPELQLQJ%DODQFH6KHHWV &RPELQLQJ6WDWHPHQWVRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHLQ)XQG%DODQFH 6FKHGXOHRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHVLQ)XQG%DODQFHV± %XGJHW DQG $FWXDO 6FKHGXOHV ± 6FKHGXOH RI 5HYHQXHV ([SHQGLWXUHV DQG &KDQJHV LQ )XQG %DODQFHV ± %XGJHWWR$FWXDO

)HGHUDO*UDQW6SHFLDO5HYHQXH)XQG 7UDIILF6DIHW\6SHFLDO5HYHQXH)XQG 6/(6)*UDQWV6SHFLDO5HYHQXH)XQG 6WDWH*DVROLQH7D[6SHFLDO5HYHQXH)XQG $VVHW)RUIHLWXUH)XQG 5RDG0DLQWHQDQFHDQG5HKDELOLWDWLRQ$FW6SHFLDO5HYHQXH)XQG /RZDQG0RGHUDWH,QFRPH+RXVLQJ6SHFLDO5HYHQXH)XQG :DWHU&DSLWDO,PSURYHPHQW&DSLWDO3URMHFW)XQG :DVWHZDWHU&DSLWDO,PSURYHPHQW&DSLWDO3URMHFW)XQG 5HIXVH&DSLWDO,PSURYHPHQW&DSLWDO3URMHFW)XQG 
3DUN&DSLWDO,PSURYHPHQW&DSLWDO3URMHFW)XQG &DSLWDO$VVHW5HSODFHPHQW&DSLWDO3URMHFW)XQG 0HGLDQ0LWLJDWLRQ,PSURYHPHQW&DSLWDO3URMHFW)XQG 6WDWH*UDQWV&DSLWDO3URMHFW)XQG 1RQ0DMRU(QWHUSULVH)XQGV

&RPELQLQJ6WDWHPHQWRI1HW3RVLWLRQ &RPELQLQJ6WDWHPHQWVRI5HYHQXHV([SHQVHVDQG&KDQJHVLQ1HW3RVLWLRQ &RPELQLQJ6WDWHPHQWRI&DVK)ORZV 
&,7<2)6+$)7(5&$/,)251,$
$QQXDO&RPSUHKHQVLYH)LQDQFLDO5HSRUW
)RUWKH<HDU(QGHG-XQH
7DEOHRI&RQWHQWV
3DJH
,QWHUQDO6HUYLFH)XQGV

&RPELQLQJ6WDWHPHQWRI1HW3RVLWLRQ &RPELQLQJ6WDWHPHQWVRI5HYHQXHV([SHQVHVDQG&KDQJHLQ1HW3RVLWLRQ &RPELQLQJ6WDWHPHQWRI&DVK)ORZV &XVWRGLDO)XQGV

&RPELQLQJ6WDWHPHQWRI)LGXFLDU\1HW3RVLWLRQ &RPELQLQJ6WDWHPHQWVRI&KDQJHLQ)LGXFLDU\LQ1HW3RVLWLRQ 67$7,67,&$/6(&7,21
8QDXGLWHG

7DEOHRI&RQWHQWV 
)LQDQFLDO7UHQGV

1HW3RVLWLRQE\&RPSRQHQW±/DVW7HQ)LVFDO<HDUV &KDQJHVLQ1HW3RVLWLRQ±/DVW7HQ)LVFDO<HDUV *RYHUQPHQWDO$FWLYLWLHV7D[5HYHQXHE\6RXUFH±/DVW7HQ)LVFDO<HDUV *RYHUQPHQWDO$FWLYLWLHV6DOHV7D[5HYHQXHVE\%XVLQHVV&DWHJRU\± /DVW7HQ)LVFDO<HDUV )XQG%DODQFHVRI*RYHUQPHQWDO)XQGV±/DVW7HQ)LVFDO<HDUV &KDQJHVLQ)XQG%DODQFHVRI*RYHUQPHQWDO)XQGV±/DVW7HQ)LVFDO<HDUV *HQHUDO*RYHUQPHQWDO5HYHQXHVE\6RXUFH±/DVW7HQ)LVFDO<HDUV 5HYHQXH&DSDFLW\

$VVHVVHG9DOXHRI7D[DEOH3URSHUW\±/DVW7HQ)LVFDO<HDUV 'LUHFWDQG2YHUODSSLQJ3URSHUW\7D[5DWHV±/DVW7HQ)LVFDO<HDUV 3ULQFLSDO3URSHUW\7D[SD\HUV±&XUUHQW<HDUDQG1LQH<HDUV$JR 3URSHUW\7D[/HYLHVDQG&ROOHFWLRQV±/DVW7HQ)LVFDO<HDUV 'HEW&DSDFLW\

5DWLRVRI2XWVWDQGLQJ'HEWE\7\SH±/DVW7HQ)LVFDO<HDUV +LVWRULFDODQG2YHUODSSLQJ'HEW±/DVW7HQ)LVFDO<HDUV 
'HPRJUDSKLFDQG(FRQRPLF,QIRUPDWLRQ

'HPRJUDSKLFDQG(FRQRPLF6WDWLVWLFV±/DVW7HQ&DOHQGDU<HDUV 3ULQFLSDO(PSOR\HUV±&XUUHQW<HDUDQG7HQ<HDUV$JR 2SHUDWLQJ,QIRUPDWLRQ

)XOO7LPHDQG3DUW7LPH&LW\(PSOR\HHVE\)XQFWLRQ±/DVW7HQ)LVFDO<HDUV 2SHUDWLQJ,QGLFDWRUVE\)XQFWLRQ±/DVW7HQ)LVFDO<HDUV &DSLWDO$VVHWV6WDWLVWLFVE\)XQFWLRQ±/DVW7HQ)LVFDO<HDUV 
7+,63$*(,17(17,21$//</()7%/$1.
336 Pacific Avenue, Shafter, California 93263
0DUFK
+RQRUDEOH0D\RU
0HPEHUVRIWKH&LW\&RXQFLO
&LWL]HQVRIWKH
&LW\RI6KDIWHU
$QQXDO&RPSUHKHQVLYH)LQDQFLDO5HSRUW
$&)5
6XEPLVVLRQ
7KH$QQXDO&RPSUHKHQVLYH)LQDQFLDO5HSRUW
$&)5
RIWKH&LW\RI6KDIWHU
&LW\
IRUWKHILVFDO\HDUHQGHG
-XQHLVKHUHE\VXEPLWWHG7KHDFFXUDF\FRPSOHWHQHVVDQGIDLUQHVVRIWKLVUHSRUWLQFOXGLQJ DOOGLVFORVXUHVDUHWKHUHVSRQVLELOLW\RIWKH&LW\7RHQVXUHUHOLDEOHILQDQFLDOUHSRUWLQJWKH&LW\RI6KDIWHU KDVLPSOHPHQWHGDFRPSUHKHQVLYHLQWHUQDOFRQWUROIUDPHZRUNGHVLJQHGWRVDIHJXDUGDVVHWVDJDLQVWORVV WKHIW RU PLVXVH ZKLOH HQVXULQJ WKH SUHSDUDWLRQ RI ILQDQFLDO VWDWHPHQWV LQ DFFRUGDQFH ZLWK *HQHUDOO\ $FFHSWHG $FFRXQWLQJ 3ULQFLSOHV
*$$3
 5HFRJQL]LQJ WKDW WKH FRVW RI LQWHUQDO FRQWUROV VKRXOG QRW RXWZHLJKWKHLUEHQHILWVWKLVIUDPHZRUNSURYLGHVUHDVRQDEOH²QRWDEVROXWH²DVVXUDQFHDJDLQVWPDWHULDO PLVVWDWHPHQW0DQDJHPHQWDVVHUWVWKDWWRWKHEHVWRILWVNQRZOHGJHDQGEHOLHIWKLVILQDQFLDOUHSRUWLV FRPSOHWHDQGUHOLDEOHLQDOOPDWHULDOUHVSHFWV
,QGHSHQGHQW$XGLW
7KH&LW\¶VILQDQFLDOVWDWHPHQWVKDYHEHHQDXGLWHGE\/6///3 /6/
7KHREMHFWLYHRIWKLVLQGHSHQGHQW
DXGLWZDVWRREWDLQUHDVRQDEOHDVVXUDQFHWKDWWKH&LW\¶VILQDQFLDOVWDWHPHQWVIRUWKHILVFDO\HDUHQGHG -XQHDUHIUHHIURPPDWHULDOPLVVWDWHPHQW7KHDXGLWLQYROYHGHYDOXDWLQJHYLGHQFHVXSSRUWLQJ ILQDQFLDOGLVFORVXUHVDVVHVVLQJDFFRXQWLQJSULQFLSOHVDQG VLJQLILFDQWHVWLPDWHVDQG UHYLHZLQJRYHUDOO ILQDQFLDO VWDWHPHQW SUHVHQWDWLRQ %DVHG RQ WKLV DXGLW WKH LQGHSHQGHQW DXGLWRU LVVXHG DQ XQPRGLILHG RSLQLRQFRQFOXGLQJWKDWWKH&LW\¶VILQDQFLDOVWDWHPHQWVDUHIDLUO\SUHVHQWHGLQFRQIRUPLW\ZLWK*$$37KH LQGHSHQGHQWDXGLWRU¶VUHSRUWLVLQFOXGHGDVWKHILUVWFRPSRQHQWRIWKHILQDQFLDOVHFWLRQRIWKLVUHSRUW 7KH&LW\¶VILQDQFLDODXGLWLVDOVRSDUWRIDEURDGHUIHGHUDOO\PDQGDWHG6LQJOH$XGLWGHVLJQHGWRPHHW IHGHUDO JUDQWRU DJHQF\ UHTXLUHPHQWV 7KLV DXGLW HYDOXDWHV ERWK ILQDQFLDO VWDWHPHQW DFFXUDF\ DQG FRPSOLDQFHZLWKOHJDODQGUHJXODWRU\UHTXLUHPHQWVSDUWLFXODUO\UHJDUGLQJIHGHUDODZDUGDGPLQLVWUDWLRQ 7KHUHVXOWVRIWKLVDXGLWDUHDYDLODEOHLQWKH&LW\¶VVHSDUDWHO\LVVXHG6LQJOH$XGLW5HSRUW 0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV
0' $

*$$3UHTXLUHVPDQDJHPHQWWRSURYLGHDQDUUDWLYHLQWURGXFWLRQRYHUYLHZDQGDQDO\VLVWRDFFRPSDQ\ WKHILQDQFLDOVWDWHPHQWVLQWKHIRUPRID0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV 0' $
7KLVOHWWHURI
WUDQVPLWWDOLVGHVLJQHGWRFRPSOHPHQWWKH0' $DQGVKRXOGEHUHDGLQFRQMXQFWLRQZLWKLW7KH0' $ LPPHGLDWHO\IROORZVWKHLQGHSHQGHQWDXGLWRU¶VUHSRUW
3URILOHRIWKH&LW\RI6KDIWHU
7KH&LW\RI6KDIWHULVORFDWHGLQWKHVRXWKHUQ6DQ-RDTXLQ9DOOH\LQ.HUQ&RXQW\&DOLIRUQLD7KLVSULPDULO\ UXUDO UHJLRQ LV KHDYLO\ LQYHVWHG LQ DJULFXOWXUH DQG RLO DQG JDV SURGXFWLRQ )RXQGHG LQ   DQG
LQFRUSRUDWHG LQ 
 6KDIWHU EHFDPH D &KDUWHU &LW\ LQ 

 &RYHULQJ DSSUR[LPDWHO\  VTXDUH
PLOHV LW VHUYHV D SRSXODWLRQ RI DSSUR[LPDWHO\  6KDIWHU RSHUDWHV XQGHU D &RXQFLO0DQDJHU JRYHUQPHQWVWUXFWXUHZLWKDILYHPHPEHU&LW\&RXQFLOHOHFWHGDWODUJHIRUVWDJJHUHGIRXU\HDUWHUPV &RXQFLOHOHFWLRQVDUHKHOGLQ1RYHPEHURIHYHQQXPEHUHG\HDUV i

7KH&LW\SURYLGHVDUDQJHRIHVVHQWLDOVHUYLFHVLQFOXGLQJSROLFHSURWHFWLRQUHIXVHFROOHFWLRQZDWHUDQG ZDVWHZDWHU VHUYLFHV UDLO RSHUDWLRQV LQIUDVWUXFWXUH PDLQWHQDQFH DQG UHFUHDWLRQDO SURJUDPV )LUH SURWHFWLRQ LV FRQWUDFWHG WKURXJK .HUQ &RXQW\ DQG DPEXODQFH VHUYLFHV DUH SURYLGHG E\ D SULYDWH FRQWUDFWRU7KLVUHSRUWHQFRPSDVVHVDOOIXQGW\SHVDQGDFFRXQWJURXSVUHODWHGWRWKH&LW\RI6KDIWHUDQG WKH6XFFHVVRU$JHQF\WRWKH6KDIWHU&RPPXQLW\'HYHORSPHQW$JHQF\ 6HYHUDORWKHUJRYHUQPHQWDOHQWLWLHVRSHUDWHZLWKLQ6KDIWHU¶VFLW\OLPLWVLQFOXGLQJWKH6WDWHRI&DOLIRUQLD .HUQ &RXQW\ DQG YDULRXV ORFDO GLVWULFWV 7KHVH HQWLWLHV VXFK DV WKH .HUQ +LJK 6FKRRO 'LVWULFW 5LFKODQG 6FKRRO 'LVWULFW DQG 6KDIWHU 5HFUHDWLRQ DQG 3DUN 'LVWULFW DUH OHJDOO\ VHSDUDWH DQG QRW FRQVLGHUHGFRPSRQHQWXQLWVRIWKH&LW\)RUDGGLWLRQDOGHWDLOVRQWKHUHSRUWLQJHQWLW\VHH1RWHWRWKH ILQDQFLDOVWDWHPHQWV
)LQDQFLDO3ODQQLQJDQG%XGJHWLQJ
7KH DQQXDO EXGJHW LV WKH FRUQHUVWRQH RI WKH &LW\¶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
VHFWLRQRIWKLVUHSRUW
)DFWRUV$IIHFWLQJ)LQDQFLDO&RQGLWLRQ
7KH&LW\RI6KDIWHUPDLQWDLQVDVWURQJILQDQFLDOSRVLWLRQZLWKUHFXUULQJUHYHQXHVFRQVLVWHQWO\H[FHHGLQJ UHFXUULQJH[SHQGLWXUHVDQG VXIILFLHQWIXQGEDODQFHVWR FRYHUOLDELOLWLHVDQGPDLQWDLQSUXGHQW UHVHUYHV 7KLV VWDELOLW\ UHVXOWV IURP ORQJWHUP ILQDQFLDO SODQQLQJ FRQVHUYDWLYH ILVFDO SROLFLHV DQG SURDFWLYH HFRQRPLFGHYHORSPHQWLQLWLDWLYHVWKDWKDYHIRVWHUHGEXVLQHVVJURZWK 7KH&LW\¶VJHQHUDOIXQGEDODQFHLVVWUXFWXUHGWRFRYHURXWVWDQGLQJSHQVLRQOLDELOLWLHVSRVWHPSOR\PHQW EHQHILW REOLJDWLRQV FRQWLQJHQW FRPPLWPHQWV DQG VWUDWHJLF FDSLWDO LPSURYHPHQWV ZKLOH PDLQWDLQLQJ D KHDOWK\UHVHUYH,QWKH&LW\PDGHDVLJQLILFDQWVXSSOHPHQWDOSD\PHQWWR&DO3(56WRLPSURYHWKH IXQGHG VWDWXV RI LWV SHQVLRQ SODQV DQG PLWLJDWH WKH LPSDFW RI D UHGXFWLRQ LQ WKH &DO3(56 DVVXPHG HDUQLQJVUDWHWR
6KDIWHU¶VUHYHQXHVWUXFWXUHLVKHDYLO\UHOLDQWRQVDOHVWD[ZLWKDVLJQLILFDQWSRUWLRQJHQHUDWHGE\DVPDOO QXPEHURIEXVLQHVVHVSDUWLFXODUO\LQWKHRLOVHUYLFHVVHFWRU7RPLWLJDWHWKLVFRQFHQWUDWLRQULVNWKH&LW\ &RXQFLOKDVDGRSWHGD)XQG%DODQFH3ROLF\UHTXLULQJDPLQLPXPXQDVVLJQHGIXQGEDODQFHRIRIWKH IROORZLQJ\HDU¶VJHQHUDOIXQGRSHUDWLQJH[SHQGLWXUHV&XUUHQWIXQGEDODQFHOHYHOVH[FHHGWKLVWKUHVKROG $GGLWLRQDOO\ SRUWLRQV RI WKH JHQHUDO IXQG EDODQFH DUH DVVLJQHG IRU RQHWLPH VWUDWHJLF SURMHFWV DQG SD\PHQWVWRZDUGXQIXQGHGOLDELOLWLHVH[FOXGLQJWKHPIURPPLQLPXPIXQGEDODQFHFDOFXODWLRQV (FRQRPLF2XWORRN
7KH&LW\RI6KDIWHUFRQWLQXHVWRQDYLJDWHHFRQRPLFFKDOOHQJHVLQFOXGLQJLQIODWLRQDU\SUHVVXUHVDQGWKH SRWHQWLDOIRUD UHFHVVLRQ:KLOHWKHZRUVWHIIHFWVRIWKH&29,' SDQGHPLFDSSHDUWREHEHKLQGXV
HFRQRPLFXQFHUWDLQW\ UHPDLQV7KH&RQVXPHU3ULFH,QGH[ &3,8
IRUWKH/RV$QJHOHV&$DUHDWKH
FORVHVWSXEOLVKHGPHDVXUHIRU6KDIWHUUHIOHFWVRQJRLQJLQIODWLRQFRQFHUQV 7KH &LW\ DQWLFLSDWHV UHYHQXH DQG H[SHQGLWXUH JURZWK GXH WR FRQWLQXHG GHYHORSPHQW  KRZHYHU
IOXFWXDWLRQVLQHFRQRPLFFRQGLWLRQVFRXOGLPSDFW6KDIWHU¶VSULPDU\UHYHQXHVRXUFH²VDOHVWD[7KH&LW\¶V 6DOHV7D[&RQVXOWDQWVKDYHUHYLVHGWKHLUILVFDO\HDU IRUHFDVWSURMHFWLQJDPLOOLRQGHFUHDVH FRPSDUHGWRLQLWLDOEXGJHWHVWLPDWHV
LL

%\PDLQWDLQLQJVWURQJILQDQFLDOSROLFLHVDQGVWUDWHJLFSODQQLQJWKH&LW\RI6KDIWHUUHPDLQVZHOOSRVLWLRQHG WRPDQDJHHFRQRPLFIOXFWXDWLRQVZKLOHFRQWLQXLQJWRSURYLGHKLJKTXDOLW\VHUYLFHVWRLWV UHVLGHQWVDQG EXVLQHVVHV
Source: https://www.bls.gov/regions/west/news-release/consumerpriceindex_losangeles.htm ϭϰ͘Ϭ
ϭϴ͘ϴ
ϴ͘ϱ
ϳ͘ϵ
ϵ͘ϳ
ϭϲ͘ϭ
ϰ͘ϲ
ϱ͘ϰ
Ͳ
Ϯ͘Ϭ
ϰ͘Ϭ
ϲ͘Ϭ
ϴ͘Ϭ
ϭϬ͘Ϭ
ϭϮ͘Ϭ
ϭϰ͘Ϭ
ϭϲ͘Ϭ
ϭϴ͘Ϭ
ϮϬ͘Ϭ
ϭϯͲ:ĂŶ
ϭϯͲDĂLJ
ϭϯͲ^ĞƉ
ϭϰͲ:ĂŶ
ϭϰͲDĂLJ
ϭϰͲ^ĞƉ
ϭϱͲ:ĂŶ
ϭϱͲDĂLJ
ϭϱͲ^ĞƉ
ϭϲͲ:ĂŶ
ϭϲͲDĂLJ
ϭϲͲ^ĞƉ
ϭϳͲ:ĂŶ
ϭϳͲDĂLJ
ϭϳͲ^ĞƉ
ϭϴͲ:ĂŶ
ϭϴͲDĂLJ
ϭϴͲ^ĞƉ
ϭϵͲ:ĂŶ
ϭϵͲDĂLJ
ϭϵͲ^ĞƉ
ϮϬͲ:ĂŶ
ϮϬͲDĂLJ
ϮϬͲ^ĞƉ
ϮϭͲ:ĂŶ
ϮϭͲDĂLJ
ϮϭͲ^ĞƉ
ϮϮͲ:ĂŶ
ϮϮͲDĂLJ
ϮϮͲ^ĞƉ
ϮϯͲ:ĂŶ
ϮϯͲDĂLJ
ϮϯͲ^ĞƉ
ϮϰͲ:ĂŶ
ϮϰͲDĂLJ
ϮϰͲ^ĞƉ
ZĂƚĞ
zĞĂƌͲDŽŶƚŚ
ǀƐ<ĞƌŶhŶĞŵƉůŽLJŵĞŶƚ
<ĞƌŶ 
LLL

8QHPSOR\PHQW5DWH+LVWRULFDO7UHQG
&DOLIRUQLDYV.HUQ&RXQW\

6RXUFH
86%XUHDXRI/DERU6WDWLVWLFV

7KHUH LV QR UHOLDEOH GDWD VRXUFH DYDLODEOH WR PHDVXUH WKH VSHFLILF XQHPSOR\PHQW UDWH LQ WKH &LW\RI6KDIWHU+RZHYHUWKH&LW\¶VHFRQRPLFGHYHORSPHQWHIIRUWVKDYHVXFFHVVIXOO\FUHDWHGWKRXVDQGV RIQHZMREVLQUHFHQW\HDUVSULPDULO\LQORJLVWLFVZDUHKRXVLQJDQGWKHRLODQGJDVVHFWRUV7KHVHMRE RSSRUWXQLWLHVFRQWLQXHWREHQHILW6KDIWHU¶VXQHPSOR\HGZRUNIRUFH 2QHSRWHQWLDO ULVNWRORFDOHPSOR\PHQWLVWKHSURORQJHGGURXJKW FRQGLWLRQVLQ&DOLIRUQLD7KH6WDWHLV LPSOHPHQWLQJ VWULQJHQW JURXQGZDWHU DFFRXQWLQJ DQG UHSRUWLQJ UHTXLUHPHQWV ZKLFK ZLOO OLNHO\ UHGXFH JURXQGZDWHU SXPSLQJ WR VXVWDLQDEOH OHYHOV %RWK WKH RLO DQG JDV LQGXVWU\ DQG WKH DJULFXOWXUDO VHFWRU²NH\FRPSRQHQWVRI6KDIWHU¶VHFRQRP\²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
Source: https://tradingeconomics.com/commodity/brent-crude-oil 5HYLHZRI6KDIWHU¶V+RXVLQJ0DUNHW
6KDIWHU¶VKRXVLQJPDUNHWKDVUHPDLQHGUREXVWUHIOHFWLQJEURDGHUVWDWHDQGQDWLRQDOWUHQGV 2YHUWKHSDVW\HDUWKHQDWLRQDOKRXVLQJPDUNHWKDVVKRZQVLJQLILFDQWVWUHQJWKZLWKPHGLDQKRPHSULFHV ULVLQJE\EHWZHHQDQGDQGDSURMHFWHGLQFUHDVHE\-XQH,Q&DOLIRUQLDKRPH SULFHVVDZDDQQXDOLQFUHDVHZKLOH.HUQ&RXQW\H[SHULHQFHGDULVH6KDIWHURXWSDFHGWKH FRXQW\¶VJURZWKZLWKDQLPSUHVVLYH
LQFUHDVHLQPHGLDQKRPHSULFHV
LY

+RXVLQJLQYHQWRU\LQ6KDIWHU¶VKLVWRULFDOFRUHKDVUHPDLQHGOLPLWHGIRUVHYHUDO\HDUV+RZHYHUUHFHQW GHYHORSPHQWDFWLYLW\KDVKHOSHGDOOHYLDWHVRPHRIWKLVSUHVVXUH7KHDGGLWLRQRIEXLOGLQJORWVDQGWKH SURJUHVVRIWKUHHQHZKRXVLQJGHYHORSPHQWVDW YDULRXVSULFHSRLQWVKDYHH[SDQGHGKRXVLQJRSWLRQV $QRWKHUUHVLGHQWLDOWUDFWLVVHWWREUHDNJURXQGLQPLGIXUWKHUFRQWULEXWLQJWRWKHFLW\ VJURZWK
,Q6RXWKHDVW6KDIWHUQHDU%DNHUVILHOGWKH*RVVDPHU*URYHGHYHORSPHQWE\/HQQDU+RPHVFRQWLQXHV WR VKDSH WKH ORFDO KRXVLQJ ODQGVFDSH 6LQFH VDOHV EHJDQ LQ  WKH SURMHFW²SODQQHG IRU  VLQJOHIDPLO\ KRPHV²KDV EHHQ DGYDQFLQJ DW DQ DQQXDO EXLOGRXW UDWH RI  WR  XQLWV 7KLV GHYHORSPHQWKDVEHHQDNH\GULYHURI6KDIWHU¶VSRSXODWLRQJURZWKULVLQJKRPHSULFHVDQGWRWDODVVHVVHG YDOXDWLRQ$GGLWLRQDOO\WZRQHLJKERULQJSURMHFWV0DUFRQD3UHVHUYHDQG0LVVLRQ/DNHVDUHIXOO\HQWLWOHG IXUWKHUVXSSRUWLQJIXWXUHH[SDQVLRQ
6KDIWHU¶VSRSXODWLRQJUHZE\RYHUWKHSDVW\HDUPDNLQJLWRQHRIWKHIDVWHVWJURZLQJFRPPXQLWLHV LQ.HUQ&RXQW\DQGDPRQJWKHIDVWHVWLQ&DOLIRUQLD7KLVJURZWKXQGHUVFRUHVWKHFLW\¶VGHVLUDELOLW\DQG HFRQRPLFVWUHQJWKSRVLWLRQLQJ6KDIWHUIRUFRQWLQXHGVXFFHVVLQWKHFRPLQJ\HDUV $VZHPRYHIRUZDUGZHUHPDLQFRPPLWWHGWRIRVWHULQJDWKULYLQJFRPPXQLW\DQGHQVXULQJVXVWDLQDEOH ZHOOSODQQHGGHYHORSPHQWWKDWVXSSRUWVRXUUHVLGHQWVDQGHFRQRP\ (FRQRPLF+LVWRU\

7KH6KDIWHU&RPPXQLW\'HYHORSPHQW$JHQF\DFWLYDWHGLQ 
ZDVDYDOXDEOHZLGHUDQJLQJWRROWRVSXU
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

)UHHZD\V6KDIWHUEHFDPHDWWUDFWLYHWRWKHORJLVWLFVDQGGLVWULEXWLRQ LQGXVWU\3DUDPRXQW/RJLVWLFV3DUNZDVGHYHORSHGRQDFUHVERUGHULQJWKHPDLQOLQH%16)5DLOURDG WUDFNVDQGLVQRZNQRZQDV:RQGHUIXO,QGXVWULDO3DUN
7DUJHW &RUSRUDWLRQ
1<6(
 7*7
 ZDV WKH ILUVW WR FRPH WR 6KDIWHU ZLWK WKHLU  PLOOLRQ VTXDUH IRRW
ZDUHKRXVHGLVWULEXWLRQFHQWHULQ,Q:LOOLDPV6RQRPD'7& 1<6(
:60
D&DOLIRUQLDVDOHV
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
1<6(
6/%
EXLOWDQGRFFXSLHGDQHZVTXDUHIRRWIDFLOLW\RQDFUHVWR SURYLGHRLO UHODWHGVHUYLFHVDQGVXSSOLHV%DNHU+XJKHV,QFRUSRUDWHG 1<6(
%+,
FRPSOHWHG
VTXDUHIHHWRIEXLOGLQJVIRUWKHLUQHZFRUSRUDWHFDPSXVRQDFUHVLQWKH&LW\RI6KDIWHU:HDWKHUIRUG ,QWHUQDWLRQDO
1<6(
:)7
DQRWKHURLOVHUYLFHVUHODWHGFRPSDQ\FRPSOHWHGFRQVWUXFWLRQLQRID QHZPDQXIDFWXULQJIDFLOLW\RQDFUHV7KHVHHQHUJ\VHFWRUFRPSDQLHVKDGEXVLQHVVWREXVLQHVVUHWDLO VDOHVFRPSRQHQWVSXUFKDVHGUDLOVHUYLFHVIURPWKH&LW\DQGSURYLGHGKXQGUHGVRIMREV Y

%HWZHHQDQGLQGXVWULDOJURZWKLQ6KDIWHUFRQWLQXHGDV:RQGHUIXO5HDO(VWDWH'HYHORSPHQW EURXJKW VHYHUDOQHZEXVLQHVVHVLQWRWKH:RQGHUIXO,QGXVWULDO3DUN IRUPHUO\WKH3DUDPRXQW/RJLVWLFV
3DUN
 5RVV 6WRUHV ,QF
1$6'$4
5267
 DQ 6 3  )RUWXQH  DQG 1DVGDT  FRPSDQ\ FRQVWUXFWHG D  PLOOLRQ VTXDUH IRRW GLVWULEXWLRQ IDFLOLW\ )HG([ 1<6(
)';
 FRPSOHWHG D 
VTXDUH IRRW WUDQVSRUWDWLRQ IDFLOLW\ RQ  DFUHV IRFXVHG RQ VXSSRUWLQJ WKH 5RVV SURMHFW DQG RWKHU QHLJKERULQJ EXVLQHVVHV $PHULFDQ 7LUH 'LVWULEXWRUV ,QF H[SDQGHG WKHLU RSHUDWLRQV IURP D  VTXDUHIRRW UHQWDO SURSHUW\WR D QHZO\ FRQVWUXFWHG PLOOLRQ VTXDUHIRRW EXLOGLQJWKDW VHUYHV DVWKHLU :HVW&RDVW'LVWULEXWLRQ&HQWHU%DNHUVILHOG3LSHDQG6XSSO\,QFFRPSOHWHGFRQVWUXFWLRQRQDDFUH SDUFHOWKDWKRXVHVWKHLUSLSHIDEULFDWLRQUHWDLOVDOHVDQGGLVWULEXWLRQEXVLQHVV7KHVHSURMHFWVJUHZWKH ORFDOMREEDVHDQGHVWDEOLVKHGWKH&LW\RI6KDIWHU¶VSRVLWLRQDVDORJLVWLFDOKXEIRUJRRGVPRYHPHQWLQ &DOLIRUQLD
7KH \HDUV  DQG  EURXJKW VHYHUDO VXEVWDQWLDO LQGXVWULDO SURMHFWV WR WKH &LW\ RI 6KDIWHU 05&*OREDO
1<6(
05&
GHYHORSHGDQHZVTXDUHIRRWSLSHSURFHVVLQJDQGVDOHVIDFLOLW\ORFDWHG RQ  DFUHV ZLWKLQ WKH :RQGHUIXO ,QGXVWULDO 3DUN 2XWVLGH RI WKH :RQGHUIXO ,QGXVWULDO 3DUN -6 $J 3DFNDJLQJ,QFDUHWDLOHURIDJULFXOWXUDOSDFNDJLQJSURGXFWVFRPSOHWHGDVTXDUHIRRWIDFLOLW\RQ 
DFUHVLQWKH(DVWHUQSRUWLRQRIWKH&LW\
,Q WKH &LW\ FRPSOHWHG D QHZ FRQWDLQHU \DUGIDFLOLW\ DGMDFHQWWRWKH FLW\ RZQHG UDLOURDGWUDFNWR VXSSRUWWKHORQJVWDQGLQJLQODQGSRUWYLVLRQ7KLVIDFLOLW\FDQSURYLGHDQRUJDQL]HGDQGVHFXUHORFDWLRQWR H[FKDQJHLPSRUWDQGH[SRUWHTXLSPHQWDQGKDV VWUHQJWKHQHG6KDIWHU¶VSRVLWLRQDVDNH\ORFDWLRQIRU ORJLVWLFVDQGZDUHKRXVLQJLQFHQWUDO&DOLIRUQLD
,Q  DQG 
 EXVLQHVV DQG LQGXVWULDO GHYHORSPHQW JURZWK FRQWLQXHG ZLWK (VVHQGDQW

1$6'4
(61'
DOHDGLQJQDWLRQDOZKROHVDOHGLVWULEXWRURIZRUNSODFHHVVHQWLDOVDQG6 3FRPSDQ\ RSHQLQJDQHZVTXDUHIRRWORJLVWLFVDQGGLVWULEXWLRQIDFLOLW\ 5RVV6WRUHV,QF 1$6'$4
5267

H[SDQGHGWKHLUIDFLOLW\E\DGGLQJDQRWKHUPLOOLRQ VTXDUHIRRWGLVWULEXWLRQZDUHKRXVH3HUIRUPDQFH )RRG*URXS
1<6(
3)*&
H[SDQGHGWKHLUFROGVWRUDJHIDFLOLW\DQG$OOLDQFH5HDG\0L[FRQVWUXFWHGWKHLU &DOLIRUQLDFHQWUDOYDOOH\KHDGTXDUWHUVLQ6KDIWHU
,Q$PD]RQEHJDQFRQVWUXFWLQJDRQHPLOOLRQVTXDUHIRRWPXOWLOHYHOIXOILOOPHQWFHQWHUWR6KDIWHULQ WKH:RQGHUIXO,QGXVWULDO3DUN DV D FRPSOLPHQWWRWKHLU H[LVWLQJIDFLOLW\QHDU0HDGRZV)LHOG$LUSRUW LQ QRUWK%DNHUVILHOG7KH6KDIWHUIDFLOLW\ZLOOEHDVRIWJRRGVGLVWULEXWLRQFHQWHUIRFXVLQJRQFORWKLQJERRNV DQGPLVFHOODQHRXVKRXVHKROGLWHPV&RQVWUXFWLRQKDVEHHQFRPSOHWHGDQG$PD]RQZLOOFRPPHQFHGDLO\ RSHUDWLRQVE\1RYHPEHU$PD]RQZLOOSURYLGHDSSUR[LPDWHO\QHZMREVDWWKLVIDFLOLW\ ,Q:DOPDUW
1<6(
:07
WKHZRUOG¶VODUJHVWFRPSDQ\E\UHYHQXHDQGHPSOR\PHQWFRPSOHWHG FRQVWUXFWLRQDQGEHJDQRSHUDWLRQVRIDVWDWHRIWKHDUWIXOO\DXWRPDWHGVTXDUHIRRWFROGVWRUDJH IDFLOLW\7KLVSURMHFWVKRZFDVHVFXWWLQJHGJHWHFKQRORJ\ DQGSURYLGHVRYHURQHKXQGUHG67(0IRFXVHG MREVIRUWKHIRXUKXQGUHGSRVLWLRQV
6LQFHWKHHYROYLQJHFRQRPLFFOLPDWHLQWKH6WDWHRI&DOLIRUQLDIRFXVHGRQDOWHUQDWLYHHQHUJ\DQG DZD\ IURP SHWUROHXP SURGXFWV DGYHUVHO\ DIIHFWHG VRPH 6KDIWHU EDVHG RSHUDWLRQV DQG FDXVHG WKHLU FORVXUHV+RZHYHULQHDFKFDVHDQHZLQGXVWULDORSHUDWLRQKDVWDNHQRYHUWKRVHIDFLOLWLHVFRQILUPLQJ 6KDIWHU¶VDWWUDFWLRQ
YL

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¶VH[SDQVLRQLQWR6KDIWHUZLOOFUHDWHQHZMREVDQGHVWDEOLVKDQHZFHQWUDOL]HGVXSSO\ DQGGLVWULEXWLRQEDVH
7KHGLYHUVLILFDWLRQRI6KDIWHU¶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¶V PDLQ KLJKZD\ WKDW ZLOO SURYLGH LQGRRU DQG RXWGRRU IDFLOLWLHV IRU PXOWLSOH\RXWKVSRUWV7KHSDUNZLOOEHDFDWDO\VWIRUWKHVSRUWVWRXULVPEXVLQHVVLQ6KDIWHUDVWKHKRVWRI WRXUQDPHQWVIRU VRFFHU EDVHEDOO VRIWEDOO EDVNHWEDOO YROOH\EDOO DQG RWKHU UHFUHDWLRQDO SXUVXLWV 7KH DGMDFHQW&LW\RZQHGODQGRQ/HUGR+LJKZD\LVDOVRDSRWHQWLDOUHWDLOKRWHOORFDWLRQ7KH/HUGR+LJKZD\ SURSHUWLHVHDVWRIWKHIXWXUHVSRUWVSDUNDUHDOOEHLQJHQYLVLRQHGWREHPDMRUFRPPHUFLDODQGKRXVLQJ GHYHORSPHQWVZLWKLQWKHQH[W\HDUV
,Q5H[FR'HYHORSPHQWFRQVWUXFWHGDVTXDUHIRRWVKHOOUHDG\IRUDWHQDQWDGMDFHQWWR WKH:RQGHUIXO,QGXVWULDO3DUNZLWKWKHGHVLUHGWHQDQWEHLQJDQRWKHU)RUWXQHFRPSDQ\VXSSOHPHQWLQJ WKHORJLVWLFVHIIRUWLQWKHDUHD:RQGHUIXO5HDO(VWDWH'HYHORSPHQWWHDPKDVVWDUWHGVXEPLWWLQJSODQVWR H[SDQGWKHLQGXVWULDOSDUNZHVWRI6DQWD)H+Z\ZLWKWKHJRDORIWKLVH[SDQVLRQEHLQJVOLJKWO\ELJJHUWKDQ WKHORJLVWLFKXE¶VFXUUHQWIRRWSULQW
/RFDOGHYHORSHUVFRQWLQXHWRPDUNHWODQGSDUFHOVDVIXWXUHVLWHVIRUUHWDLOVKRSSLQJFHQWHUVZLWKYDULRXV QHZWHQDQWVLQFOXGLQJPDMRUJURFHU\VWRUHVDQGQDWLRQDOUHWDLOHUVDVSRWHQWLDOWHQDQWV3ODQVIRUWKHVLWH DGMDFHQWWRWKH*RVVDPHU*URYHKRXVLQJGHYHORSPHQWDUHILQDOL]LQJDQGEHLQJUHYLHZHG&RPPHUFLDO UHDO HVWDWH EURNHUV DQG 6KDIWHU¶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
&LW\VWDIIFRQWLQXRXVO\VKDUHWKHVWRU\RI6KDIWHUDWPXOWLSOHFRQIHUHQFHVHYHQWVWUDGHVKRZVDQGPXFK PRUH7KLVHIIRUWLVDQLQYHVWPHQWPDGHE\WKHFLW\LQHFRQRPLFGHYHORSPHQWWRVSXUHFRQRPLFJURZWK DQGLQWURGXFHQHZGHYHORSPHQWVWRWKHFLW\DQGUHJLRQ %HFRPLQJDQDWLRQDOO\UHFRJQL]HGORJLVWLFVDQGGLVWULEXWLRQKXEKDVEHHQDSRVLWLYHDIILUPDWLRQRIWKH &LW\ RI6KDIWHU¶VEXVLQHVVGHYHORSPHQWVWUDWHJ\DQGSUREXVLQHVVHQYLURQPHQW7KHUHVXOWVDUHULVLQJORFDO UHYHQXHIURPLQFUHDVHGVDOHVWD[DQGSURSHUW\WD[HVDVZHOODVPRUHORFDODQGUHJLRQDOMRERSSRUWXQLWLHV 6KDIWHU¶VORFDWLRQLQWKHJHRJUDSKLFDOFHQWHURI&DOLIRUQLDDQGRSHQIRUEXVLQHVVUDLORSHUDWLRQLVGUDZLQJ LQFUHDVLQJDWWHQWLRQDVDVROXWLRQIRUVXSSO\FKDLQLVVXHVSODJXLQJWKHUDLODQGWUXFNLQJRSHUDWLRQVRXWRI WKH3RUWVRI/RQJ%HDFKDQG2DNODQG
YLL

:LWK6KDIWHU¶VSULPHJHRJUDSKLFDOORFDWLRQLQWKH&HQWUDO9DOOH\DQGODQGDYDLODELOLW\WKH FLW\KDVWKH SRWHQWLDOWRLQWURGXFHPDMRUUHWDLOHUVDQGPDMRUGHYHORSPHQWXVHVIRUHLJQWR.HUQ&RXQW\7KLVSRWHQWLDO LV EHLQJ UHFRJQL]HG DQG DFWHG RQ IRU LQFUHDVLQJ WKH TXDOLW\ RI OLIH TXDOLW\ RI SODFH DQG TXDOLW\ RI RSSRUWXQLW\KHUHLQ6KDIWHU
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³3ODFHWR%H´ 6KDIWHUKDVEHHQDQGZLOOFRQWLQXHWRFKDQJHWKHQDUUDWLYHRIEHLQJD³SDVVWKURXJK´FRPPXQLW\WRQRZ EHLQJDGHVWLQDWLRQ7KLVQDUUDWLYHLVEHLQJHPSKDVL]HGLQWKLVUHEUDQGLQJSURFHVVDQGLQDOOHFRQRPLF GHYHORSPHQWHIIRUWV
(QWHUSULVHIXQGV $OOHQWHUSULVHIXQFWLRQVRIWKH&LW\DUHH[SHFWHGWRFRYHUWKHLUIXOOVKDUHRIGLUHFWDQG LQGLUHFW FRVWV 7R HQVXUH ILQDQFLDO VXVWDLQDELOLW\ WKH &LW\ FRQGXFWHG D UDWH DQDO\VLV IRU :DWHU :DVWHZDWHUDQG5HIXVHXWLOLWLHV UHVXOWLQJLQDILYH\HDUVHULHVRI UDWHDGMXVWPHQWV7KHILUVWLQFUHDVH WRRNHIIHFWRQ-XO\
7KHVHUDWHDGMXVWPHQWVSURYLGHWKHQHFHVVDU\IXQGLQJWRNHHSSDFHZLWKULVLQJRSHUDWLRQDOFRVWVQHZ UHJXODWRU\UHTXLUHPHQWVIRUZDVWHZDWHUWUHDWPHQWDQGUHF\FOLQJZDWHUWUHDWPHQWH[SHQVHVWRPDLQWDLQ FOHDQGULQNLQJZDWHUDQGHVVHQWLDOFDSLWDOLPSURYHPHQWV 6KDIWHU(GXFDWLRQ3DUWQHUVKLS
7KH6KDIWHU(GXFDWLRQ3DUWQHUVKLSLQFOXGLQJWKH6KDIWHU/LEUDU\ /HDUQLQJ&HQWHUZDV UHRUJDQL]HG WKLV\HDUXQGHU&RPPXQLW\6HUYLFHVDORQJZLWKWKH6KDIWHU$TXDWLF&HQWHUDQGGRZQWRZQUHYLWDOL]DWLRQ 7KHVHSURMHFWVDUHGLYHUVHKRZHYHUWKH\FDQDOOEHFRQVLGHUHGSDUWRIWKHFRPPXQLW\LQIUDVWUXFWXUHRI 6KDIWHU6RPHDUHDVRIWKH&LW\RUJDQL]DWLRQKDYHUHVSRQVLELOLW\IRULQIUDVWUXFWXUHWKDWLVFUXFLDOIRUVDIHW\ DQGVXUYLYDO)RUH[DPSOHWKHUHPRYDORIZDVWHWKHSURYLVLRQRIFOHDQZDWHUDQGHQIRUFLQJWKHODZWR SURWHFWUHVLGHQWVIURPYLROHQFH/LEUDULHVSXEOLFSRROVDQGDYLEUDQWGRZQWRZQDUHLQIUDVWUXFWXUHRID GLIIHUHQW NLQG  7KH\ HQDEOH D FRPPXQLW\ WR WKULYH 7KH &LW\ LV LQFUHDVLQJO\ IRFXVHG RQ FRPPXQLW\ LQIUDVWUXFWXUHDQGWKLVUHRUJDQL]DWLRQLVHYLGHQFHRIWKDW  6KDIWHU/LEUDU\ /HDUQLQJ&HQWHU
7KHFHQWHUSLHFHRIWKH&LW\¶VHGXFDWLRQDOLQLWLDWLYHVWKH6KDIWHU /LEUDU\  /HDUQLQJ &HQWHU KDV D PLVVLRQ WR QXUWXUH GLVFRYHU\ OHDUQLQJ DQG FRQQHFWLRQ LQ WKH FRPPXQLW\(VWDEOLVKHGWKURXJKDVHULHVRIGHYHORSPHQWVVLQFHLWQRZRIIHUV

R $IXOOVHUYLFHOLEUDU\
R (GXFDWLRQDOSURJUDPPLQJLQFOXGLQJFODVVHVDXWKRUYLVLWVDQGVFLHQFHGHPRQVWUDWLRQV R 3DUWQHUVKLSVZLWKLQVWLWXWLRQVOLNH%DNHUVILHOG&ROOHJHIRUDGGLWLRQDOFODVVHVDQGVHUYLFHV R )LYHGD\DZHHNRSHUDWLRQVZLWKH[WHQGHGKRXUV
R ,QWKH&HQWHUDYHUDJHG
YLVLWRUVDWWHQGLQJFODVVHVRUSURJUDPVDQG
ERRN
FLUFXODWLRQVSHUPRQWK
R ³6FRXWPRELOH´RXUPRELOHOLEUDU\
QHZLQ
VXSSRUWVRXWUHDFKDWSXEOLFHYHQWVDQG
SURYLGHVOLEUDU\VHUYLFHVWRRXWO\LQJDUHDV
YLLL

 6KDIWHU $TXDWLF &HQWHU
5HRSHQLQJ XQGHU &LW\ PDQDJHPHQW LQ  WKH $TXDWLF &HQWHU ZLOO VXSSRUW\RXWKFRPSHWLWLRQUHFUHDWLRQDQGILWQHVVRSSRUWXQLWLHVIRUUHVLGHQWV  'RZQWRZQ5HYLWDOL]DWLRQ
7KH&LW\¶VHIIRUWVWRUHYLWDOL]HGRZQWRZQ6KDIWHUDUHLQWKHHDUO\VWDJHV 7KH\LQFOXGH

R 'RZQWRZQHYHQWVOLNH)LUVW)ULGD\VDQGWKH6KDIWHU)DUPHUV0DUNHW R &RPPXQLW\ DQG EXVLQHVV HQJDJHPHQW WR GHYHORS DQG LPSOHPHQW WKH GRZQWRZQ FRPSRQHQWRIWKH&LW\
VVWUDWHJLFSODQ
7RJHWKHU WKHVH LQLWLDWLYHV UHSUHVHQW D VXEVWDQWLDO LQYHVWPHQW LQ WKH JURZWK RI LQGLYLGXDO UHVLGHQWV IDPLOLHVDQGFRQQHFWLRQVDFURVVWKHFRPPXQLW\
&DVK DQGLQYHVWPHQW SROLFLHV DQG SUDFWLFH 7KH &LW\ FRQWLQXHVWRPDLQWDLQ DQ,QYHVWPHQW 3ROLF\ ZKLFK LV VXEPLWWHG DQQXDOO\ WR WKH &LW\ &RXQFLO DORQJ ZLWK TXDUWHUO\ 7UHDVXUHU¶V 5HSRUWV UHSRUWLQJ LQYHVWPHQWDFWLYLW\DQGSRUWIROLREDODQFHVGXULQJWKHILVFDO\HDU7KHJRDOV RIWKHSROLF\DUH WRLQYHVW SXEOLFIXQGVLQDPDQQHUZKLFKZLOOSURYLGH LQWKLVRUGHU VHFXULW\OLTXLGLW\DQGUHWXUQ
ZKLOH FRQIRUPLQJ
WRDOO6WDWHDQGORFDOVWDWXWHVJRYHUQLQJWKHLQYHVWPHQWRISXEOLFIXQGV ,QWKHFLW\ LPSOHPHQWHG LQYHVWPHQW PDQDJHPHQW VRIWZDUH IURP &OHDUZDWHU $QDO\WLFV WR LPSURYH WKH &LW\¶V PDQDJHPHQW DQG UHSRUWLQJRILQYHVWPHQWV
&DVKWHPSRUDULO\ LGOH GXULQJWKH \HDUZDV LQYHVWHG LQ GHPDQG GHSRVLWV FHUWLILFDWHV RI GHSRVLW /RFDO $JHQF\,QYHVWPHQW)XQGRIWKH6WDWHRI&DOLIRUQLD
/$,)
 &DOLIRUQLD&RRSHUDWLYH/LTXLG$VVHWV6HFXULWLHV
6\VWHP
&DOLIRUQLD&/$66
&RUSRUDWH%RQGVDQGREOLJDWLRQVRIWKH867UHDVXU\ Source: https://www.treasurer.ca.gov/pmia-laif/historical/quarterly.asp 7KH &LW\¶V LQYHVWPHQW SRUWIROLR IROORZV WKH &LW\¶V LQYHVWPHQW SROLF\ 7KH VDIHW\ DQG OLTXLGLW\ SROLF\ REMHFWLYHV ZHUH SODFHG DERYH UDWHV RI UHWXUQ FRQVLGHUDWLRQV LQ PDNLQJ GHSRVLWV DQG LQYHVWPHQWV $FFRUGLQJO\GHSRVLWVZHUHHLWKHULQVXUHGE\IHGHUDOGHSRVLWRU\LQVXUDQFHFROODWHUDOL]HGRUEDFNHGE\ WKHIXOOIDLWKRIWKHIHGHUDOJRYHUQPHQW)RUDGGLWLRQDOLQIRUPDWLRQVHH1RWHWRWKHILQDQFLDOVWDWHPHQWV ϱ͘ϯй Ϯ͘ϴй ϭ͘ϴй ϭ͘ϰй Ϯ͘ϵй ϰ͘ϱйϱ͘Ϯй ϯ͘ϭй ϭ͘ϱй Ϭ͘ϲй Ϭ͘ϱй Ϭ͘ϰй Ϭ͘Ϯй Ϭ͘Ϯй Ϭ͘ϯйϬ͘ϲйϬ͘ϵй ϭ͘ϵйϮ͘ϲй ϭ͘ϱй Ϭ͘ϯйϬ͘ϴй ϯ͘Ϯй ϰ͘ϲй Ϭ͘Ϭй
ϭ͘Ϭй
Ϯ͘Ϭй
ϯ͘Ϭй
ϰ͘Ϭй
ϱ͘Ϭй
ϲ͘Ϭй
ΖϬϭ ΖϬϮ ΖϬϯ ΖϬϰ ΖϬϱ ΖϬϲ ΖϬϳ ΖϬϴ ΖϬϵ ΖϭϬ Ζϭϭ ΖϭϮ Ζϭϯ Ζϭϰ Ζϭϱ Ζϭϲ Ζϭϳ Ζϭϴ Ζϭϵ ΖϮϬ ΖϮϭ ΖϮϮ ΖϮϯ ΖϮϰ >/&ZĂƚĞ
&ŝƐĐĂůzĞĂƌ
>/&ZĂƚĞƉƉŽƌƚŝŽŶŵĞŶƚZĂƚĞĂƐŽĨ:ƵŶĞ
L[

3HQVLRQDQGRWKHUSRVWHPSOR\PHQW EHQHILWV 7KH&LW\RI6KDIWHUSURYLGHVSHQVLRQEHQHILWVIRULWV VDIHW\ DQG QRQVDIHW\ HPSOR\HHV LQ VHSDUDWH SODQV PDQDJHG E\ WKH &DOLIRUQLD 3XEOLF (PSOR\HHV 5HWLUHPHQW6\VWHP
&DO3(56
7KH&LW\RI6KDIWHULVVXEMHFWWRWKH3XEOLF(PSOR\HHV¶3HQVLRQ5HIRUP $FWRI
3(35$
ZKLFKLPSRVHVDORZHUSHQVLRQEHQHILWOHYHODQGPDQGDWHGHPSOR\HHFRVWVKDULQJ RQQHZPHPEHUV(DFK\HDUD&DO3(56DFWXDU\FDOFXODWHVWKHDPRXQWRIWKHDQQXDOFRQWULEXWLRQWKDW WKH&LW\RI6KDIWHUPXVW PDNHWRWKHSHQVLRQSODQWRHQVXUHWKDWWKHSODQZLOOEHDEOHWRIXOO\PHHWLWV REOLJDWLRQVWRUHWLUHGHPSOR\HHVRQDWLPHO\EDVLV7KLVSD\PHQWLVFDOFXODWHGDVDSHUFHQWDJHRISD\UROO DQGUHPLWWHGWR&DO3(56ZLWKHDFKSD\UROOF\FOH$VDPDWWHURISROLF\WKH&LW\RI6KDIWHUIXOO\IXQGV HDFK\HDU¶VDQQXDOUHTXLUHGFRQWULEXWLRQWRWKHSHQVLRQSODQVDVGHWHUPLQHGE\WKHDFWXDU\ 5HVSHFWIXOO\VXEPLWWHG
Rogelio Sánchez Ruíz
)LQDQFH 'LUHFWRU
[

34 SHAFTER OPERATING BUDGET 2029€8:

20 SHAFTER OPERATING BUDGET 2029€8:
[LL

/6/&3$6&20
,1'(3(1'(17$8',7256¶5(3257
7RWKH+RQRUDEOH0D\RUDQG0HPEHUVRIWKH&LW\&RXQFLO
&LW\RI6KDIWHU&DOLIRUQLD
5HSRUWRQWKH$XGLWRIWKH)LQDQFLDO6WDWHPHQWV
Opinions
:HKDYHDXGLWHGWKHDFFRPSDQ\LQJILQDQFLDOVWDWHPHQWVRIWKHJRYHUQPHQWDODFWLYLWLHVWKHEXVLQHVVW\SHDFWLYLWLHV HDFKPDMRUIXQGDQGWKHDJJUHJDWHUHPDLQLQJIXQGLQIRUPDWLRQRIWKH&LW\RI6KDIWHU&DOLIRUQLD WKH³&LW\´
 DVRI
DQGIRU WKH\HDUHQGHG-XQHDQGWKH UHODWHGQRWHVWRWKHILQDQFLDOVWDWHPHQWVZKLFK FROOHFWLYHO\FRPSULVH WKH&LW\¶VEDVLF ILQDQFLDOVWDWHPHQWVDVOLVWHGLQWKHWDEOHRIFRQWHQWV ,Q RXU RSLQLRQWKHILQDQFLDO VWDWHPHQWV UHIHUUHGWR DERYH SUHVHQW IDLUO\ LQ DOOPDWHULDO UHVSHFWVWKH UHVSHFWLYH ILQDQFLDOSRVLWLRQRIWKHJRYHUQPHQWDODFWLYLWLHVWKHEXVLQHVVW\SHDFWLYLWLHVHDFKPDMRUIXQGDQGWKHDJJUHJDWH UHPDLQLQJIXQGLQIRUPDWLRQRIWKH&LW\DVRI-XQHDQGWKHUHVSHFWLYHFKDQJHVLQILQDQFLDOSRVLWLRQDQG ZKHUH DSSOLFDEOHFDVKIORZVWKHUHRIIRUWKH\HDUWKHQHQGHGLQDFFRUGDQFHZLWKDFFRXQWLQJ SULQFLSOHVJHQHUDOO\ DFFHSWHGLQWKH8QLWHG6WDWHVRI$PHULFD
Basis for Opinions
:HFRQGXFWHGRXUDXGLWLQDFFRUGDQFHZLWKDXGLWLQJVWDQGDUGVJHQHUDOO\DFFHSWHGLQWKH8QLWHG6WDWHVRI$PHULFD DQG WKH VWDQGDUGV DSSOLFDEOH WR ILQDQFLDO DXGLWV FRQWDLQHG LQ Government Auditing Standards LVVXHG E\ WKH &RPSWUROOHU*HQHUDORIWKH8QLWHG6WDWHV2XUUHVSRQVLELOLWLHVXQGHU WKRVH VWDQGDUGVDUH IXUWKHU GHVFULEHGLQWKH $XGLWRU¶V5HVSRQVLELOLWLHV IRU WKH$XGLWRIWKH)LQDQFLDO6WDWHPHQWV VHFWLRQRIRXU UHSRUW:HDUH UHTXLUHGWREH LQGHSHQGHQW RI WKH &LW\ DQG WR PHHW RXU RWKHU HWKLFDO UHVSRQVLELOLWLHV LQ DFFRUGDQFH ZLWK WKH UHOHYDQW HWKLFDO UHTXLUHPHQWVUHODWLQJWRRXUDXGLW:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYH REWDLQHG LVVXIILFLHQWDQGDSSURSULDWH WRSURYLGHDEDVLVIRURXUDXGLWRSLQLRQV
Responsibilities of Management for the Financial Statements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¶VDELOLW\WRFRQWLQXHDVDJRLQJFRQFHUQIRU WZHOYH PRQWKV EH\RQG WKH ILQDQFLDO VWDWHPHQW GDWH LQFOXGLQJ DQ\ FXUUHQWO\ NQRZQ LQIRUPDWLRQ WKDW PD\ UDLVH VXEVWDQWLDOGRXEWVKRUWO\WKHUHDIWHU
Auditor’s Responsibilities for the Audit of the Financial Statements 2XUREMHFWLYHVDUHWRREWDLQUHDVRQDEOHDVVXUDQFH DERXWZKHWKHU WKHILQDQFLDOVWDWHPHQWVDVDZKROHDUHIUHHIURP PDWHULDOPLVVWDWHPHQWZKHWKHU GXHWRIUDXGRUHUURUDQGWRLVVXHDQDXGLWRU¶VUHSRUWWKDWLQFOXGHV RXURSLQLRQV 5HDVRQDEOHDVVXUDQFHLVDKLJKOHYHORIDVVXUDQFHEXWLVQRWDEVROXWHDVVXUDQFHDQGWKHUHIRUHLVQRWDJXDUDQWHH WKDW DQ DXGLW FRQGXFWHG LQ DFFRUGDQFH ZLWK JHQHUDOO\ DFFHSWHG DXGLWLQJ VWDQGDUGV DQG Government Auditing Standards ZLOODOZD\VGHWHFWDPDWHULDOPLVVWDWHPHQWZKHQLWH[LVWV 
7RWKH+RQRUDEOH0D\RUDQG0HPEHUVRIWKH&LW\&RXQFLO &LW\RI6KDIWHU&DOLIRUQLD
7KHULVNRIQRWGHWHFWLQJDPDWHULDOPLVVWDWHPHQWUHVXOWLQJIURPIUDXGLVKLJKHUWKDQIRURQHUHVXOWLQJIURPHUURUDV IUDXGPD\LQYROYHFROOXVLRQIRUJHU\LQWHQWLRQDORPLVVLRQVPLVUHSUHVHQWDWLRQVRUWKHRYHUULGHRILQWHUQDOFRQWURO 0LVVWDWHPHQWVDUHFRQVLGHUHGPDWHULDOLIWKHUHLVDVXEVWDQWLDOOLNHOLKRRGWKDWLQGLYLGXDOO\RULQWKHDJJUHJDWHWKH\ ZRXOGLQIOXHQFHWKHMXGJPHQWPDGHE\DUHDVRQDEOHXVHUEDVHGRQWKHILQDQFLDOVWDWHPHQWV ,Q SHUIRUPLQJ DQ DXGLW LQ DFFRUGDQFH ZLWK JHQHUDOO\ DFFHSWHG DXGLWLQJ VWDQGDUGV DQG Government Auditing StandardsZH

x ([HUFLVHSURIHVVLRQDOMXGJPHQWDQGPDLQWDLQSURIHVVLRQDOVNHSWLFLVPWKURXJKRXWWKHDXGLW x ,GHQWLI\DQGDVVHVVWKHULVNVRIPDWHULDOPLVVWDWHPHQWRIWKHILQDQFLDOVWDWHPHQWVZKHWKHUGXHWRIUDXGRU HUURU DQG GHVLJQ DQG SHUIRUP DXGLW SURFHGXUHV UHVSRQVLYH WR WKRVH ULVNV 6XFK SURFHGXUHV LQFOXGH H[DPLQLQJRQDWHVWEDVLVHYLGHQFHUHJDUGLQJWKHDPRXQWVDQGGLVFORVXUHVLQWKHILQDQFLDOVWDWHPHQWV x 2EWDLQDQXQGHUVWDQGLQJRILQWHUQDOFRQWUROUHOHYDQWWRWKHDXGLWLQRUGHUWRGHVLJQDXGLWSURFHGXUHVWKDWDUH DSSURSULDWHLQWKHFLUFXPVWDQFHVEXWQRWIRUWKHSXUSRVHRIH[SUHVVLQJDQRSLQLRQRQWKHHIIHFWLYHQHVVRI WKH&LW\¶VLQWHUQDOFRQWURO$FFRUGLQJO\QRVXFKRSLQLRQLVH[SUHVVHG x (YDOXDWHWKHDSSURSULDWHQHVVRIDFFRXQWLQJSROLFLHVXVHGDQGWKHUHDVRQDEOHQHVVRIVLJQLILFDQWDFFRXQWLQJ HVWLPDWHVPDGHE\PDQDJHPHQWDVZHOODVHYDOXDWHWKHRYHUDOOSUHVHQWDWLRQRIWKHILQDQFLDOVWDWHPHQWV x &RQFOXGHZKHWKHULQRXUMXGJPHQWWKHUHDUHFRQGLWLRQVRUHYHQWVFRQVLGHUHGLQWKHDJJUHJDWHWKDWUDLVH VXEVWDQWLDOGRXEWDERXWWKH&LW\¶VDELOLW\WRFRQWLQXHDVDJRLQJFRQFHUQIRUDUHDVRQDEOHSHULRGRIWLPH :HDUHUHTXLUHGWRFRPPXQLFDWHZLWKWKRVHFKDUJHGZLWKJRYHUQDQFHUHJDUGLQJDPRQJRWKHUPDWWHUVWKHSODQQHG VFRSHDQGWLPLQJRIWKHDXGLWVLJQLILFDQWDXGLWILQGLQJVDQGFHUWDLQLQWHUQDOFRQWUROUHODWHGPDWWHUVWKDWZHLGHQWLILHG GXULQJWKHDXGLW
Required Supplementary Information
$FFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQWKH8QLWHG6WDWHVRI$PHULFDUHTXLUHWKDWWKHPDQDJHPHQW¶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¶VUHVSRQVHVWRRXU LQTXLULHVWKHEDVLFILQDQFLDOVWDWHPHQWVDQGRWKHUNQRZOHGJHZHREWDLQHGGXULQJRXUDXGLWRIWKHEDVLFILQDQFLDO VWDWHPHQWV :H GR QRW H[SUHVV DQ RSLQLRQ RU SURYLGH DQ\ DVVXUDQFH RQ WKH LQIRUPDWLRQ EHFDXVH WKH OLPLWHG SURFHGXUHVGRQRWSURYLGHXVZLWKVXIILFLHQWHYLGHQFHWRH[SUHVVDQRSLQLRQRUSURYLGHDQ\DVVXUDQFH Supplementary Information
2XUDXGLWZDVFRQGXFWHGIRUWKHSXUSRVHRIIRUPLQJRSLQLRQVRQWKHILQDQFLDOVWDWHPHQWVWKDWFROOHFWLYHO\FRPSULVH WKH&LW\¶VEDVLFILQDQFLDOVWDWHPHQWV7KHDFFRPSDQ\LQJFRPELQLQJDQGLQGLYLGXDOIXQGILQDQFLDOVWDWHPHQWVDQG VFKHGXOHV
³VXSSOHPHQWDU\LQIRUPDWLRQ´
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
2 
7RWKH+RQRUDEOH0D\RUDQG0HPEHUVRIWKH&LW\&RXQFLO &LW\RI6KDIWHU&DOLIRUQLD
Other Information
0DQDJHPHQWLVUHVSRQVLEOHIRUWKHRWKHULQIRUPDWLRQLQFOXGHGLQWKHDQQXDOUHSRUW7KHRWKHULQIRUPDWLRQFRPSULVHV WKHLQWURGXFWRU\DQGVWDWLVWLFDOVHFWLRQVEXWGRHVQRWLQFOXGHWKHEDVLFILQDQFLDOVWDWHPHQWVDQGRXUDXGLWRU¶VUHSRUW WKHUHRQ2XURSLQLRQVRQWKHEDVLFILQDQFLDOVWDWHPHQWVGRQRWFRYHUWKHRWKHULQIRUPDWLRQDQGZHGRQRWH[SUHVV DQRSLQLRQRUDQ\IRUPRIDVVXUDQFHWKHUHRQ
,QFRQQHFWLRQZLWKRXUDXGLWRIWKHEDVLFILQDQFLDOVWDWHPHQWVRXUUHVSRQVLELOLW\LVWRUHDGWKHRWKHULQIRUPDWLRQDQG FRQVLGHUZKHWKHUDPDWHULDOLQFRQVLVWHQF\H[LVWVEHWZHHQWKHRWKHULQIRUPDWLRQDQGWKHEDVLFILQDQFLDOVWDWHPHQWV RUWKHRWKHULQIRUPDWLRQRWKHUZLVHDSSHDUVWREHPDWHULDOO\PLVVWDWHG,IEDVHGRQWKHZRUNSHUIRUPHGZHFRQFOXGH WKDWDQXQFRUUHFWHGPDWHULDOPLVVWDWHPHQWRIWKHRWKHULQIRUPDWLRQH[LVWVZHDUHUHTXLUHGWRGHVFULEHLWLQRXUUHSRUW 2WKHU5HSRUWLQJ5HTXLUHGE\Government Auditing Standards ,QDFFRUGDQFHZLWKGovernment Auditing StandardsZHKDYHDOVRLVVXHGRXUUHSRUWGDWHG0DUFKRQRXU FRQVLGHUDWLRQRIWKH&LW\¶VLQWHUQDOFRQWURORYHUILQDQFLDOUHSRUWLQJDQGRQRXUWHVWVRILWVFRPSOLDQFHZLWKFHUWDLQ SURYLVLRQVRIODZVUHJXODWLRQVFRQWUDFWVDQGJUDQWDJUHHPHQWVDQGRWKHUPDWWHUV7KHSXUSRVHRIWKDWUHSRUWLV VROHO\WRGHVFULEHWKHVFRSHRIRXUWHVWLQJRILQWHUQDOFRQWURORYHUILQDQFLDOUHSRUWLQJDQGFRPSOLDQFHDQGWKHUHVXOWV RIWKDWWHVWLQJDQGQRWWRSURYLGHDQRSLQLRQRQWKHHIIHFWLYHQHVVRIWKH&LW\¶VLQWHUQDOFRQWURORYHUILQDQFLDOUHSRUWLQJ RURQFRPSOLDQFH7KDWUHSRUWLVDQLQWHJUDOSDUWRIDQDXGLWSHUIRUPHGLQDFFRUGDQFHZLWKGovernment Auditing StandardsLQFRQVLGHULQJWKH&LW\¶VLQWHUQDOFRQWURORYHUILQDQFLDOUHSRUWLQJDQGFRPSOLDQFH ,UYLQH&DOLIRUQLD
0DUFK
3 
7+,63$*(,17(17,21$//</()7%/$1.
4 
&,7<2)6+$)7(5&$/,)251,$
0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV
)RUWKH<HDU(QGHG-XQH
$VPDQDJHPHQWRIWKH&LW\RI6KDIWHUZHRIIHUUHDGHUVRIWKH&LW\RI6KDIWHU¶V$QQXDO&RPSUHKHQVLYH )LQDQFLDO 5HSRUW
$&)5
 WKLV QDUUDWLYH RYHUYLHZ DQG DQDO\VLV RI WKH ILQDQFLDO DFWLYLWLHV RI WKH &LW\RI6KDIWHUIRUWKHILVFDO\HDUHQGHG-XQH:HHQFRXUDJHUHDGHUVWRFRQVLGHUWKHLQIRUPDWLRQ SUHVHQWHG KHUH LQ FRQMXQFWLRQ ZLWK WKH DGGLWLRQDO LQIRUPDWLRQ SUHVHQWHG LQ WKH OHWWHU RI WUDQVPLWWDO ILQDQFLDOVWDWHPHQWVDQGQRWHVWRWKHILQDQFLDOVWDWHPHQWV ),1$1&,$/+,*+/,*+76)25),6&$/<($5
ƒ $VVHWVDQGGHIHUUHGRXWIORZVRIUHVRXUFHVRIWKH&LW\H[FHHGHGLWVOLDELOLWLHVDQGGHIHUUHGLQIORZV RI5HVRXUFHVDWWKHFORVHRIWKHILVFDO\HDUE\PLOOLRQ ƒ 7RWDO QHW SRVLWLRQ LQFUHDVHG E\  PLOOLRQ LQ WKH ILVFDO \HDU   7KH QHW SRVLWLRQ IRU JRYHUQPHQWDO DFWLYLWLHV LQFUHDVHG E\  PLOOLRQ ZKLOH WKH QHW SRVLWLRQ IRU EXVLQHVV W\SH DFWLYLWLHVGHFUHDVHGE\
PLOOLRQ
ƒ 2Q -XQH   WKH JRYHUQPHQWDO IXQGV KDG D FRPELQHG HQGLQJ IXQG EDODQFH RI 
PLOOLRQ$SSUR[LPDWHO\RIWKLVDPRXQW

PLOOLRQ
LVXQDVVLJQHG
ƒ 7KHJHQHUDOIXQGKDVDQXQDVVLJQHGIXQGEDODQFHRIPLOOLRQ7KLVDPRXQWLV RIWRWDOJHQHUDOIXQGRSHUDWLQJH[SHQGLWXUHVRIPLOOLRQOHVVDRQHWLPHFDSLWDORXWOD\RI PLOOLRQ
ƒ <HDUHQGJHQHUDOIXQGUHYHQXHFROOHFWLRQVWRWDOHGPLOOLRQZKLFKZDV

RIWKHILQDO
EXGJHW HVWLPDWH RI  PLOOLRQ 7D[ UHFHLSWV H[FHHGHG HVWLPDWHV E\   PLOOLRQ RU
 /LFHQVHV 3HUPLWV DQG )HHV FROOHFWLRQV H[FHHGHG HVWLPDWHV E\  RU  ,QWHUQDOWUDQVIHUVZHUH
PLOOLRQEHORZWKHILQDOEXGJHW,QWHUHVWLQFRPHFDPHLQKLJKHUE\ PLOOLRQFRPSDUHGWRWKHEXGJHWGXHWRKLJKHUFDVKUHVHUYHVEHLQJLQYHVWHGGXULQJ)< ƒ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
7KLVGLVFXVVLRQDQGDQDO\VLVLQWURGXFHVWKH UHDGHUWRWKH&LW\RI6KDIWHU¶VEDVLFILQDQFLDOVWDWHPHQWV 7KH&LW\RI6KDIWHU¶VEDVLFILQDQFLDOVWDWHPHQWVFRQVLVWRIWKUHHFRPSRQHQWV 
JRYHUQPHQWZLGHILQDQFLDO

VWDWHPHQWV
 
 IXQG ILQDQFLDO VWDWHPHQWV DQG 
 QRWHV WR WKH ILQDQFLDO VWDWHPHQWV 7KLV UHSRUW DOVR FRQWDLQVVXSSOHPHQWDOLQIRUPDWLRQWRKHOSWKHUHDGHUGHYHORSDIXOOXQGHUVWDQGLQJRIWKH&LW\¶VILQDQFLDO DFWLYLWLHV
5 
&,7<2)6+$)7(5&$/,)251,$
0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV
)RUWKH<HDU(QGHG-XQH
*RYHUQPHQW:LGH)LQDQFLDO6WDWHPHQWV
7KH JRYHUQPHQWZLGH ILQDQFLDO VWDWHPHQWV LQFOXGH WKH Statement of Net Position DQG WKH Statement of Activities and Changes in Net Position7KHVHVWDWHPHQWVDUHLQWHQGHGWRSURYLGHD UHDGHUZLWKDEURDGRYHUYLHZRIWKH&LW\¶VILQDQFHV7KH\DUHSUHVHQWHGLQDPDQQHUWKDWLVVLPLODUWR SULYDWHVHFWRUEXVLQHVV
7KH Statement of Net Position SUHVHQWV LQIRUPDWLRQ RQ DOO WKH &LW\¶V DVVHWV GHIHUUHG RXWIORZV RI UHVRXUFHVOLDELOLWLHVDQGGHIHUUHGLQIORZVRIUHVRXUFHVZLWKWKHGLIIHUHQFHEHWZHHQWKHWZRUHSRUWHGDV QHWSRVLWLRQ,QFUHDVHVDQGGHFUHDVHVLQQHWSRVLWLRQWKDWRFFXURYHUWLPHPD\VHUYHDVDQLQGLFDWRURI WKH&LW\¶VILQDQFLDOSRVLWLRQ
7KHStatement of Activities and Changes in Net PositionSUHVHQWVLQIRUPDWLRQVKRZLQJKRZWKH&LW\¶V QHWSRVLWLRQFKDQJHGGXULQJWKHPRVWUHFHQWILVFDO\HDU$OOFKDQJHVLQQHWSRVLWLRQDUHUHSRUWHGXVLQJ WKHAccrual Basis of Accounting&KDQJHVDUHUHSRUWHGDVVRRQDVWKHXQGHUO\LQJHYHQWFDXVLQJWKH FKDQJHVRFFXUVUHJDUGOHVVRIWKHWLPLQJRIWKHUHODWHGFDVKIORZV7KHUHIRUHUHYHQXHDQGH[SHQVHV DUHUHSRUWHGLQWKLVVWDWHPHQWIRUVRPHLWHPVWKDWZLOORQO\UHVXOWLQFDVKIORZVLQIXWXUHILVFDO\HDUVVXFK DVUHYHQXHVUHODWHGWRXQFROOHFWHGWD[HVRUHDUQHGEXWXQXVHGHPSOR\HHOHDYH %RWKRIWKHJRYHUQPHQWZLGHILQDQFLDOVWDWHPHQWVGLVWLQJXLVKIXQFWLRQVRIWKH&LW\WKDWDUHVXSSRUWHGE\ WD[HVDQGLQWHUJRYHUQPHQWDOUHYHQXHV
JRYHUQPHQWDODFWLYLWLHV
IURPRWKHUIXQFWLRQVWKDWDUHLQWHQGHGWR
EHVHOIVXSSRUWLQJ7KHVHOIVXSSRUWLQJIXQFWLRQVDUHFDOOHG “Business-Type Activities” RUHQWHUSULVH IXQGVDQGDUHLQWHQGHGWRUHFRYHUDOORUDVLJQLILFDQWSRUWLRQRIWKHLUFRVWVWKURXJKXVHUIHHVDQGFKDUJHV IRUVHUYLFHV
7KH JRYHUQPHQWDO DFWLYLWLHV RI WKH FLW\ LQFOXGH JHQHUDO JRYHUQPHQW DGPLQLVWUDWLRQ SXEOLF VDIHW\

SROLFHILUHDQGDQLPDOFRQWURO
SXEOLFZRUNVFXOWXUHDQGUHFUHDWLRQFLW\SODQQLQJSDUNUHFUHDWLRQDQG SD\PHQWVRQORQJWHUPGHEW
7KH VHOIVXSSRUWLQJ EXVLQHVVW\SH DFWLYLWLHV LQFOXGH 6KDIWHU¶V ZDWHU VHUYLFHV ZDVWHZDWHU VHUYLFHV UHIXVHFROOHFWLRQWUDQVLWRSHUDWLRQVUDLORSHUDWLRQVDQGQHWZRUNRSHUDWLRQV )XQG)LQDQFLDO6WDWHPHQWV
$IXQGLVDJURXSLQJRIUHODWHGDFFRXQWVWKDWDUHXVHGWRPDLQWDLQFRQWURORYHUUHVRXUFHVWKDWKDYHEHHQ VHJUHJDWHGIRUVSHFLILFDFWLYLWLHVRUREMHFWLYHV7KH&LW\OLNHRWKHUVWDWHDQGORFDOJRYHUQPHQWVXVHV IXQG DFFRXQWLQJ WR HQVXUH DQG GHPRQVWUDWH FRPSOLDQFH ZLWK ILQDQFHUHODWHG OHJDO DQG DFFRXQWLQJ UHTXLUHPHQWV7KH&LW\¶VIXQGVFDQEHGLYLGHGLQWRWKUHHFDWHJRULHV JRYHUQPHQWDOIXQGVSURSULHWDU\
IXQGVDQGILGXFLDU\IXQGV
*RYHUQPHQWDOIXQGVDUHXVHGWRDFFRXQWIRUWKHVDPHIXQFWLRQVUHSRUWHGDVJRYHUQPHQWDODFWLYLWLHVLQ WKH JRYHUQPHQWZLGH ILQDQFLDO VWDWHPHQWV 7KHVH VWDWHPHQWV IRFXV RQ KRZ FDVK DQG RWKHU ILQDQFLDO DVVHWVFDQUHDGLO\EHFRQYHUWHGWRDYDLODEOHUHVRXUFHV7KH\DOVRVKRZIXQGEDODQFHVWKDWDUHOHIWDW WKHHQGRIWKHILVFDO\HDUDQGGLVWLQJXLVKEHWZHHQDPRXQWVWKDWDUHUHVWULFWHGIRUVSHFLILFSXUSRVHVYHUVXV IXQGVWKDWDUHDYDLODEOHIRUVSHQGLQJ
6 
&,7<2)6+$)7(5&$/,)251,$
0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV
)RUWKH<HDU(QGHG-XQH
Governmental Funds
%HFDXVH WKH IRFXV RI JRYHUQPHQWDO IXQGV LV QDUURZHU WKDQ WKDW RI WKH JRYHUQPHQWZLGH ILQDQFLDO VWDWHPHQWV LW LV XVHIXO WR FRPSDUH WKH LQIRUPDWLRQ SUHVHQWHG IRU JRYHUQPHQWDO IXQGV ZLWK VLPLODU LQIRUPDWLRQSUHVHQWHGIRUJRYHUQPHQWDODFWLYLWLHVLQWKHJRYHUQPHQWZLGHILQDQFLDOVWDWHPHQWV%\GRLQJ VR UHDGHUV PD\ EHWWHU XQGHUVWDQG WKH ORQJWHUP LPSDFW RI WKH JRYHUQPHQW¶V QHDUWHUP ILQDQFLQJ GHFLVLRQV%RWKWKHJRYHUQPHQWDOIXQGEDODQFHVKHHWDQGWKHJRYHUQPHQWDOIXQGVWDWHPHQWRIUHYHQXHV H[SHQGLWXUHVDQGFKDQJHVLQIXQGEDODQFHVSURYLGHDUHFRQFLOLDWLRQWRIDFLOLWDWHWKLVFRPSDULVRQEHWZHHQ JRYHUQPHQWDOIXQGVDQGJRYHUQPHQWDODFWLYLWLHV
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roprietary Funds
3URSULHWDU\IXQGVDUHXVHGWRDFFRXQWIRUVHUYLFHVDQGDFWLYLWLHVIRUZKLFKWKH&LW\FKDUJHVFXVWRPHUV 7KH&LW\RI6KDIWHUPDLQWDLQVWZRGLIIHUHQWW\SHVRISURSULHW\IXQGV Enterprise Funds7KHVHDUHIXQGVWKDWDUHXVHGWRUHSRUWEXVLQHVVW\SHDFWLYLWLHVLQ JRYHUQPHQWZLGH ILQDQFLDOVWDWHPHQWV7KH&LW\RI6KDIWHUKDVIRXUPDMRUHQWHUSULVHIXQGV ZDWHUZDVWHZDWHUUDLODQG
ILEHURSWLFDQGFRPPXQLFDWLRQWRZHUIXQG$OORWKHUHQWHUSULVHIXQGVDUHDJJUHJDWHGDVQRQPDMRU IXQGV
Internal Service Funds7KHVHIXQGVDUHXVHGWRDOORFDWHDQGDFFXPXODWHFRVWVLQWHUQDOO\DPRQJWKH &LW\¶VIXQFWLRQV7KH&LW\XVHVLQWHUQDOVHUYLFHIXQGVWRDFFRXQWIRUWKHPDLQWHQDQFHDQGUHSODFHPHQW RILWVIOHHWPDLQWHQDQFHRI&LW\EXLOGLQJVDQGIDFLOLWLHVULVNPDQDJHPHQWDQGLQIRUPDWLRQWHFKQRORJ\ 7KHVHIXQGVDUHLQFOXGHGLQWKHJRYHUQPHQWDODFWLYLWLHVRIWKHJRYHUQPHQWZLGHILQDQFLDOVWDWHPHQWV EHFDXVHWKHLUDFWLYLWLHVVXSSRUWJRYHUQPHQWDODFWLYLWLHV7KHLQWHUQDOVHUYLFHIXQGVDUHFRPELQHGLQWR DVLQJOHDJJUHJDWHGSUHVHQWDWLRQLQWKHSURSULHWDU\IXQGILQDQFLDOVWDWHPHQWV Fiduciary Funds
)LGXFLDU\IXQGVDUHXVHGWRDFFRXQWIRUILQDQFLDOUHVRXUFHVKHOGIRUWKHEHQHILWRISDUWLHVRXWVLGHWKH&LW\ JRYHUQPHQW)LGXFLDU\IXQGVDUHQRWUHIOHFWHGLQWKHJRYHUQPHQWZLGHVWDWHPHQWVEHFDXVHWKHUHVRXUFHV RIWKHVHIXQGVDUHQRWDYDLODEOHWRVXSSRUWWKH&LW\RI6KDIWHU¶VJRYHUQPHQWDODFWLYLWLHV7KH&LW\PDLQWDLQV IRXUILGXFLDU\IXQGVRQHSULYDWHSXUSRVHWUXVWIXQGIRUWKH5'$6XFFHVVRU$JHQF\DQGWKUHHDJHQF\ IXQGV IRU WKLUG SDUW\ PRQH\V KHOG E\ WKH &LW\ UHODWLQJ WR WKH RSHUDWLRQ RI WKH PRGLILHG FRPPXQLW\ FRUUHFWLRQDOIDFLOLW\
1RWHVWR%DVLF)LQDQFLDO6WDWHPHQWV
7KH QRWHV WR EDVLF ILQDQFLDO VWDWHPHQWV SURYLGH LQIRUPDWLRQ WKDW ZLOO KHOS WKH UHDGHU JDLQ D IXOO XQGHUVWDQGLQJRIWKHGDWDSURYLGHGLQWKHJRYHUQPHQWZLGHDQGLQGLYLGXDOIXQGILQDQFLDOVWDWHPHQWV 7 
&,7<2)6+$)7(5&$/,)251,$
0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV
)RUWKH<HDU(QGHG-XQH
5HTXLUHG6XSSOHPHQWDO,QIRUPDWLRQ
7KLVUHSRUWDOVRSUHVHQWVFHUWDLQUHTXLUHGVXSSOHPHQWDU\LQIRUPDWLRQFRQFHUQLQJWKH&LW\¶VSURJUHVVLQ LWVREOLJDWLRQWRSURYLGHSHQVLRQEHQHILWVWRLWVHPSOR\HHVDQGWKHEXGJHWWRDFWXDOLQIRUPDWLRQIRUWKH &LW\¶VJHQHUDOIXQG
*29(510(17:,'(),1$1&,$/$1$/<6,6
$V QRWHG HDUOLHU QHW SRVLWLRQ PD\ VHUYH RYHU WLPH DV D XVHIXO LQGLFDWRU RI D JRYHUQPHQW¶V ILQDQFLDO SRVLWLRQV 7KHUHIRUH SULRU\HDU LQIRUPDWLRQ LVPDGH DYDLODEOHIRU D FRPSDUDWLYH DQDO\VLV RI JRYHUQPHQWZLGHGDWD
$QDO\VLVRI1HW3RVLWLRQ
$VRI-XQHWKH&LW\RI6KDIWHUKDVWRWDODVVHWVRIPLOOLRQWRWDOGHIHUUHGRXWIORZVRI UHVRXUFHV RI 
PLOOLRQWRWDO OLDELOLWLHV RI PLOOLRQ DQGWRWDO GHIHUUHG LQIORZV RI UHVRXUFHV RI  PLOOLRQ 7KHUHIRUH DVVHWV SOXV GHIHUUHG RXWIORZV H[FHHG OLDELOLWLHV SOXV GHIHUUHG LQIORZV E\ PLOOLRQ
$ODUJHSRUWLRQRIWKH&LW\¶VQHWSRVLWLRQ
PLOOLRQUHSUHVHQWVLWVQHWLQYHVWPHQWLQFDSLWDODVVHWV 7KHVHDVVHWVDUHODQGEXLOGLQJVHTXLSPHQWDQGLQIUDVWUXFWXUHOHVVDQ\RXWVWDQGLQJGHEWXVHGWRDFTXLUH WKHP7KHFLW\XVHVWKHVHFDSLWDODVVHWVWRSURYLGHPXQLFLSDOVHUYLFHVWRLWVFLWL]HQV7KHUHIRUHWKH\DUH QRWDYDLODEOHIRUVSHQGLQJ,WVKRXOGEHQRWHGWKDWHYHQWKRXJKWKH&LW\¶VFDSLWDODVVHWVDUHUHSRUWHGQHW RIUHODWHGGHEWWKHUHVRXUFHVQHHGHGWRUHSD\WKLVGHEWPXVWEHSURYLGHGIURPRWKHUVRXUFHVEHFDXVH FDSLWDODVVHWVW\SLFDOO\FDQQRWEHXVHGWROLTXLGDWHWKHVHOLDELOLWLHV 7KHUHPDLQLQJQHWSRVLWLRQ PLOOLRQ LQFOXGHV PLOOLRQWKDWLVVXEMHFWWRH[WHUQDOUHVWULFWLRQV
RQKRZLWFDQEHXVHGDQG
PLOOLRQZLWKQRVXFKUHVWULFWLRQV
$W WKH HQG RI WKH FXUUHQW ILVFDO \HDU WKH FLW\ FDQ UHSRUW SRVLWLYH EDODQFHV LQ WRWDO QHW SRVLWLRQ IRU JRYHUQPHQWDO)RUJRYHUQPHQWDODFWLYLWLHVXQUHVWULFWHGQHWSRVLWLRQWRWDOV PLOOLRQ5DLOILEHURSWLF
FRPPXQLFDWLRQDQGWUDQVLWVHUYLFHVIXQGVKDYHQHJDWLYHXQUHVWULFWHGQHWSRVLWLRQV 8 
&,7<2)6+$)7(5&$/,)251,$
0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV
)RUWKH<HDU(QGHG-XQH
7KHIROORZLQJWDEOHLVDFRQGHQVHG6WDWHPHQWRI1HW3RVLWLRQIRUWKH&LW\DVRI-XQHDQG 
     
&XUUHQWDQGRWKHUDVVHWV 
  
 
 
&DSLWDODVVHWV  
    
7RWDODVVHWV  
     'HIHUUHGRXWIORZVRIUHVRXUFHV      

/RQJWHUPOLDELOLWLHV       2WKHUOLDELOLWLHV 


   


7RWDOOLDELOLWLHV  
     
'HIHUUHGLQIORZVRIUHVRXFHV       
1HWSRVLWLRQ
1HWLQYHVWPHQW
LQFDSLWDODVVHWV      

5HVWULFWHG 

   
  

8QUHVWULFWHG 
 
     

7RWDOQHWSRVLWLRQ  
    &LW\RI 6KDIWHU
*RYHUQPHQWDODFWLYLWLHV %XVLQHVVW\SHDFWLYLWLHV 7RWDO

$PRXQWV,Q0LOOLRQV

)RU<HDUVHQGHG-XQHDQG
6WDWHPHQWRI1HW3RVLWLRQ
&KDQJHVLQ1HW3RVLWLRQ
7KH&LW\¶VWRWDOQHWSRVLWLRQFRQWLQXHVWRPDLQWDLQDILQDQFLDOO\KHDOWK\RXWORRNZLWKDQLQFUHDVHLQQHW SRVLWLRQRIPLOOLRQ$VRI-XQHWKH&LW\KDGDWRWDOQHWSRVLWLRQRIPLOOLRQ7KLV DPRXQWLVDQLQFUHDVHRIIURPWKHWRWDOQHWSRVLWLRQIRUWKHSULRU\HDU *RYHUQPHQWDODFWLYLWLHVH[SHULHQFHGDQLQFUHDVHLQQHWSRVLWLRQRIPLOOLRQZKLOHEXVLQHVVW\SH DFWLYLWLHVUHDOL]HGDGHFUHDVHLQQHWSRVLWLRQRI
PLOOLRQ
ϭϲϰ͘ϰ ϭϲϰ͘ϰ ϭϲϲ͘ϰ ϭϲϵ͘ϳ ϭϳϵ͘ϯ
ϭϵϭ͘ϲ ϮϬϬ͘ϵ
ϮϮϳ͘ϯ Ϯϯϱ͘ϲ
Ϯϱϴ͘ϵ
ϭϵ͘ϴ ϭϱ͘ϭ ϭϰ͘ϭ ϭϯ͘ϲ ϭϭ͘ϭ ϭϲ͘ϰ ϭϱ͘ϯ ϭϵ͘ϰ ϭϴ͘ϴ Ϯϲ͘ϲ ϭϰϰ͘ϲ ϭϰϵ͘ϰ ϭϱϮ͘Ϯ ϭϱϲ͘ϭ
ϭϲϴ͘Ϯ ϭϳϱ͘ϯ ϭϴϱ͘ϲ
ϮϬϴ͘Ϭ Ϯϭϲ͘ϳ
ϮϯϮ͘ϰ
Ͳ
ϱϬ͘Ϭ
ϭϬϬ͘Ϭ
ϭϱϬ͘Ϭ
ϮϬϬ͘Ϭ
ϮϱϬ͘Ϭ
ϯϬϬ͘Ϭ
ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵ ϮϬϮϬ ϮϬϮϭ ϮϬϮϮ ϮϬϮϯ ϮϬϮϰ
DŝůůŝŽŶƐ h^
ŝƚLJŽĨ^ŚĂĨƚĞƌͲ ŚĂŶŐĞƐŝŶEĞƚWŽƐŝƚŝŽŶ
ƐƐĞƚƐΘĞĨĞƌƌĞĚKƵƚĨůŽǁƐ >ŝĂďŝůŝƚŝĞƐΘĞĨĞƌƌĞĚ/ŶĨůŽǁƐ EĞƚWŽƐŝƚŝŽŶ 9 
&,7<2)6+$)7(5&$/,)251,$
0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV
)RUWKH<HDU(QGHG-XQH
7KHIROORZLQJWDEOHLVDFRQGHQVHG6WDWHPHQWRI$FWLYLWLHVDQG&KDQJHVLQ1HW3RVLWLRQIRUWKH&LW\DVRI -XQHDQG

     
5HYHQXHV

3URJUDPUHYHQXHV

&KDUJHVIRUVHUYLFHV
         
  
2SHUDWLQJJUDQWVDQGFRQWULEXWLRQV       &DSLWDOJUDQWVDQGFRQWULEXWLRQV  
   
*HQHUDOUHYHQXHV

3URSHUW\WD[HV  
     

6DOHVWD[HV       
0RWRUYHKLFOHWD[HV  
     

2WKHUWD[HV 
  
 
,QYHVWPHQWHDUQLQJV  
 

 
0LVFHOODQHRXVUHYHQXH    
  
7RWDOUHYHQXHV 
 
 
   
([SHQVHV

*HQHUDOJRYHUQPHQW 

  

 
3XEOLFVDIHW\        3XEOLFZRUNV       
&XOWXUHDQGUHFUDWLRQ        :DWHUVHUYLFHV   
   
 
:DVWHZDWHUVHUYLFHV     
  

5HIXVHFROOHFWLRQ   

  


7UDQVLWRSHUDWLRQV   
  

)LEHURSWLF FRPPXQLFDWLRQWRZHU        5DLOVSXUVHUYLFHV        7RWDOH[SHQVHV 
 

  

,QFUHDVH

GHFUHDVH
LQQHWSRVLWLRQ
EHIRUHRWKHUILQDQFLQJVRXUFHVDQGXVHV     


 
7UDQVIHUV 





  
&KDQJHLQQHWSRVLWLRQ   




 
1HWSRVLWLRQEHJLQQLQJDVUHVWDWHG       
1HWSRVLWLRQHQGLQJ       $FWLYLWLHV $FWLYLWLHV 7RWDO
&LW\RI6KDIWHU
6WDWHPHQWRI$FWLYLWLHVDQG&KDQJHVLQ1HW3RVLWLRQ
*RYHUQPHQWDO %XVLQHVV7\SH
)RU<HDUVHQGHG-XQHDQG

$PRXQWV,Q0LOOLRQV

10 
&,7<2)6+$)7(5&$/,)251,$
0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV
)RUWKH<HDU(QGHG-XQH
*RYHUQPHQWDO$FWLYLWLHV
1HW SRVLWLRQ LQWKH JRYHUQPHQWDO DFWLYLWLHV LQFUHDVHG E\ PLOOLRQ LQILVFDO \HDU  GXHWRWKH

IROORZLQJ

5HYHQXH%UHDNGRZQ

ƒ 7D[HV&ROOHFWHG
7KH FLW\ FROOHFWHGPLOOLRQ LQWD[ UHYHQXH UHIOHFWLQJ D PLOOLRQ RU GHFUHDVHIURPWKHSUHYLRXV\HDU
V
PLOOLRQ7KHGHFUHDVHZDVPDLQO\DWWULEXWHGWR
FKDQJHVLQ6DOHV7D[DJUHHPHQWV,QSURSRUWLRQWKHGHFUHDVHLQSD\PHQWVWRSDUWQHUVUHODWHGWR VDOHVWD[DJUHHPHQWVGHFUHDVHGE\
PLOOLRQ
ƒ )HHVGHFOLQHGE\



ZKLFKLVDVLJQLILFDQWUHGXFWLRQLQIHHFROOHFWLRQV ƒ ,PSDFW)HHVIHOOE\

VXJJHVWLQJDVORZGRZQLQGHYHORSPHQWUHODWHGUHYHQXH ƒ /LFHQVHV 3HUPLWVGHFUHDVHGE\



GXHWRIHZHUSHUPLWDSSOLFDWLRQV
ƒ )LQHVLQFUHDVHGE\

VKRZLQJDVOLJKWULVHLQUHYHQXHIURPILQHV
ƒ 5HQWVURVHE\

LQGLFDWLQJLPSURYHGUHQWDOLQFRPH
ƒ ,QWHUHVW5HYHQXHVDZDVWURQJLQFUHDVHRI


EHQHILWLQJIURPKLJKHULQWHUHVW
UDWHV
ƒ *UDQWVGHFOLQHGVLJQLILFDQWO\E\


VXJJHVWLQJDGHFUHDVHLQJUDQWIXQGLQJ
([SHQGLWXUHV%UHDNGRZQ

ƒ :DJHV %HQHILWVLQFUHDVHGE\




UHIOHFWLQJKLJKHUSHUVRQQHOFRVWV
ƒ 3ODQQHG 2SHUDWLRQV GHFUHDVHG E\ 

 LQGLFDWLQJ FRVWVDYLQJ PHDVXUHV LQ
RSHUDWLRQV
ƒ 8WLOLW\%LOOVURVHE\




VXJJHVWLQJDQLQFUHDVHLQPDQGDWRU\H[SHQVHV
ƒ 2SHUDWLRQV,QWHUQDOVDZDVLJQLILFDQWLQFUHDVHRI 


GXHWRH[SDQGHGLQWHUQDO
SURMHFWVRUVHUYLFHV
ƒ 6DOHV7D[$JUHHPHQWV([SHQVHVGHFOLQHGGUDVWLFDOO\E\ 



ƒ &DSLWDO2XWOD\LQFUHDVHGE\


LQGLFDWLQJDULVHLQLQYHVWPHQWVIRUIL[HGDVVHWV
ƒ &DSLWDO 3URMHFWV VXUJHG E\ 


 UHIOHFWLQJ D VXEVWDQWLDO LQFUHDVH LQ
LQIUDVWUXFWXUHRUORQJWHUPLQYHVWPHQWV
,Q)<JRYHUQPHQWDODFWLYLWLHVH[SHULHQFHGDVLJQLILFDQWLQFUHDVHLQµSDSHU¶ORVVHVGXHWRXQUHDOL]HG LQYHVWPHQW ORVVHV 7KLV ZDV ODUJHO\ GULYHQ E\ WKH VKDUS ULVH LQ LQWHUHVW UDWHV GXULQJ WKH LQIODWLRQDU\ SHULRG XQGHU WKH %LGHQ DGPLQLVWUDWLRQ ,QYHVWPHQWV WKDW KDG EHHQ SXUFKDVHG GXULQJ WKH SUHFHGLQJ ORZLQWHUHVWUDWHHQYLURQPHQWVDZDGHFOLQHLQPDUNHWYDOXHUHVXOWLQJLQVXEVWDQWLDOXQUHDOL]HGORVVHV +RZHYHULQ)<DSDUWLDOUHFRYHU\LQLQYHVWPHQWYDOXHVFRQWULEXWHGWRDUHERXQGPDNLQJLWWKH SULPDU\IDFWRUEHKLQGWKHLQFUHDVHLQQHWSRVLWLRQIRUJRYHUQPHQWDODFWLYLWLHV 11 
&,7<2)6+$)7(5&$/,)251,$
0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV
)RUWKH<HDU(QGHG-XQH
Ψϭϱ͘ϵD
Ψϭϴ͘ϳD
ΨϮϮ͘ϰD ΨϮϮ͘ϬD ΨϮϯ͘ϳD ΨϮϱ͘ϮD
Ψϭϴ͘ϵD
Ψϭ͘ϳD
Ψϭ͘ϵD
ΨϮ͘ϬD ΨϮ͘ϰD
ΨϮ͘ϲD
Ψϯ͘ϬD
Ψϯ͘ϰD
ΨϮ͘ϭD
ΨϮ͘ϮD
ΨϮ͘ϱD ΨϮ͘ϴD
Ψϯ͘ϭD
Ψϰ͘ϬD
Ψϰ͘ϰD
ΨϬ͘ϱD
ΨϬ͘ϲD
ΨϬ͘ϴD ΨϬ͘ϵD
Ψϭ͘ϭD
Ψϭ͘ϯD
ΨϮ͘ϬD
ΨϮϬ͘ϮD
ΨϮϯ͘ϰD
ΨϮϳ͘ϳD ΨϮϴ͘ϮD
ΨϯϬ͘ϱD
Ψϯϯ͘ϰD
ΨϮϴ͘ϳD
ΨϬ͘ϬD
Ψϱ͘ϬD
ΨϭϬ͘ϬD
Ψϭϱ͘ϬD
ΨϮϬ͘ϬD
ΨϮϱ͘ϬD
ΨϯϬ͘ϬD
Ψϯϱ͘ϬD
ΨϰϬ͘ϬD
ϭϳͬϭϴĐƚƵĂůϭϴͬϭϵĐƚƵĂůϭϵͬϮϬĐƚƵĂůϮϬͬϮϭĐƚƵĂůϮϭͬϮϮĐƚƵĂůϮϮͬϮϯĐƚƵĂůϮϯͬϮϰĐƚƵĂů DŝůůŝŽŶh^
'ĞŶĞƌĂů&ƵŶĚdĂdžĞƐ
^ĂůĞƐdĂdžĞƐ WƌŽƉĞƌƚLJdĂdžĞƐ
WƌŽƉĞƌƚLJdĂdž/Ŷ>ŝĞƵŽĨs>& &ƌĂŶĐŚŝƐĞdĂdž
dŽƚĂůdĂdžĞƐ
12 
&,7<2)6+$)7(5&$/,)251,$
0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV
)RUWKH<HDU(QGHG-XQH
ΨϬ͘ϴD ΨϬ͘ϴD ΨϬ͘ϵD
Ψϭ͘ϳD
Ψϭ͘ϮD
Ψϭ͘ϲD
Ψϭ͘ϬD
ΨϬ͘ϲD
Ψϭ͘ϯD Ψϭ͘ϭD
Ψϭ͘ϴD
Ψϭ͘ϰD
Ψϭ͘ϳD
ΨϬ͘ϯD Ψϭ͘ϮD
ΨϬ͘ϰD ΨϬ͘ϯD
ΨϬ͘ϯD
ΨϬ͘ϯD
ΨϬ͘ϱD
ΨϬ͘ϲD
ΨϬ͘ϱD
ΨϮ͘ϮD
Ψϭ͘ϳD
ΨϬ͘ϴD
ΨϬ͘ϴD
Ψϭ͘ϯD
ΨϮ͘ϮD
Ψϭ͘ϬD
ΨϬ͘ϰD
ΨϬ͘ϵD
Ψϭ͘ϬD
ΨϮ͘ϳD
Ψϰ͘ϴD
Ψϱ͘ϮD
Ψϲ͘ϳD
Ψϯ͘ϵD
Ψϱ͘ϯD Ψϱ͘ϯD
ΨϬ͘ϬD
Ψϭ͘ϬD
ΨϮ͘ϬD
Ψϯ͘ϬD
Ψϰ͘ϬD
Ψϱ͘ϬD
Ψϲ͘ϬD
Ψϳ͘ϬD
Ψϴ͘ϬD
ϭϳͬϭϴĐƚƵĂů ϭϴͬϭϵĐƚƵĂů ϭϵͬϮϬĐƚƵĂů ϮϬͬϮϭĐƚƵĂů ϮϭͬϮϮĐƚƵĂů ϮϮͬϮϯĐƚƵĂů ϮϯͬϮϰĐƚƵĂů DŝůůŝŽŶh^
'ĞŶĞƌĂů&ƵŶĚŚĂƌŐĞƐĂŶĚ&ĞĞƐ
ŚĂƌŐĞƐĨŽƌ^ĞƌǀŝĐĞƐ >ŝĐĞŶƐĞΘWĞƌŵŝƚƐ &ŝŶĞƐ͕&ŽƌĨĞŝƚƵƌĞƐ͕ ZĞŶƚƐΘŽŶĐĞƐƐŝŽŶƐ /ŶǀĞƐƚŵĞŶƚ
ĂƌŶŝŶŐƐ 'ƌĂŶƚƐΘŽŶĂƚŝŽŶƐ
KƚŚĞƌ'&ZĞǀĞŶƵĞ dŽƚĂů'&ŚĂƌŐĞƐΘ&ĞĞƐ
13 
&,7<2)6+$)7(5&$/,)251,$
0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV
)RUWKH<HDU(QGHG-XQH
*RYHUQPHQWDO$FWLYLWLHV([SHQVHV
)LVFDO\HDUJRYHUQPHQWDOH[SHQGLWXUHVUHPDLQHGVLPLODUWRSUHYLRXV\HDU3URMHFWHGODERUFRVWV ZHUH H[SHFWHG WR EH KLJKHU EXW WKH SROLFH GHSDUWPHQW KDG YDULRXV YDFDQFLHV GXULQJ WKH \HDU 0 2H[SHQGLWXUHZDVKLJKHUGXULQJWKHLQIODWLRQDU\SHULRG 

  

  






*HQHUDOJRYHUQPHQW 3XEOLFVDIHW\ 3XEOLFZRUNV &XOWXUHDQGUHFUHDWLRQ 0LOOLRQV
&LW\RI6KDIWHU
*RYHUQPHQWDO$FWLYLWLHV3URJUDP5HYHQXHVDQG([SHQVHV
3URJDP5HYHQXHV 3URJUDP([SHQVHV
14 
&,7<2)6+$)7(5&$/,)251,$
0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV
)RUWKH<HDU(QGHG-XQH
Ψϳ͘ϳD
Ψϯ͘ϰD
Ψϭϯ͘ϰD
Ψϭ͘ϮD
Ψϭ͘ϭD
Ψϭ͘ϮD
ΨϬ͘ϲD
ΨϬ͘ϱD
ΨϬ͘ϰD
ΨϬ͘ϰD
ΨϬ͘ϮD
ΨϬ͘ϭD
Ψϴ͘ϭD
Ψϰ͘ϮD
ΨϭϮ͘ϯD
Ψϭ͘ϰD
Ψϭ͘ϯD
Ψϭ͘ϮD
ΨϬ͘ϲD
ΨϬ͘ϵD
ΨϬ͘ϰD
ΨϬ͘ϰD
ΨϬ͘ϯD
ΨϬ͘ϭD
Ψϵ͘ϵD
Ψϱ͘ϬD
Ψϰ͘ϬD
Ψϭ͘ϰD
Ψϭ͘ϮD
Ψϭ͘ϬD
ΨϬ͘ϳD
ΨϬ͘ϳD
ΨϬ͘ϱD
ΨϬ͘ϰD
ΨϬ͘ϯD
ΨϬ͘ϭD
ΨϬ͘ϬD ΨϮ͘ϬD Ψϰ͘ϬD Ψϲ͘ϬD Ψϴ͘ϬD ΨϭϬ͘ϬD ΨϭϮ͘ϬD Ψϭϰ͘ϬD Ψϭϲ͘ϬD WŽůŝĐĞ
WƵďůŝĐtŽƌŬƐ

ĐŽŶŽŵŝĐ
ĞǀĞůŽƉŵĞŶƚ
ƵŝůĚŝŶŐ
ŽŵŵƵŶŝƚLJ
^ĞƌǀŝĐĞƐ
ĚŵŝŶŝƐƚƌĂƚŝǀ
Ğ^ĞƌǀŝĐĞƐ
ŝƚLJDĂŶĂŐĞƌ
WůĂŶŶŝŶŐ
,ƵŵĂŶ
ZĞƐŽƵƌĐĞƐ
ŝƚLJƚƚŽƌŶĞLJ
ŝƚLJůĞƌŬ
ŝƚLJŽƵŶĐŝů
'ĞŶĞƌĂů&ƵŶĚKƉĞƌĂƚŝŶŐ
džƉĞŶĚŝƚƵƌĞƐďLJĞƉĂƌƚŵĞŶƚ
ϮϯͬϮϰĐƚƵĂů ϮϮͬϮϯĐƚƵĂů ϮϭͬϮϮĐƚƵĂů
15 
&,7<2)6+$)7(5&$/,)251,$
0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV
)RUWKH<HDU(QGHG-XQH
%XVLQHVV7\SH$FWLYLWLHV
2SHUDWLQJ FRVWV KDG VLJQLILFDQW LQFUHDVHV FRPSDUHG WR WKH SUHYLRXV \HDU /DERU FRVW HTXLSPHQW VXSSOLHVUHSDLUVDQGRWKHUXWLOLWLHVZHUHWKHUHDVRQIRUWKHLQFUHDVH)XUWKHUDQDO\VLVZLOOEHSURYLGHGLQ WKHHQWHUSULVHIXQGVVHFWLRQ
Ψϵ͘ϲD ΨϭϬ͘ϴD Ψϭϭ͘ϳD ΨϭϮ͘ϬD ΨϭϮ͘ϳD Ψϭϰ͘ϳD
Ψϯ͘ϭD ΨϮ͘ϵD ΨϮ͘ϵD Ψϯ͘ϮD Ψϰ͘ϰD
Ψϰ͘ϮD
Ψϭ͘ϱD Ψϭ͘ϯD Ψϭ͘ϵD Ψϭ͘ϲD
Ψϭ͘ϳD
ΨϮ͘ϵD
ΨϬ͘ϬD ΨϬ͘ϬD
ΨϬ͘ϬD ΨϬ͘ϬD
ΨϬ͘ϮD
ΨϬ͘ϬD
Ψϴ͘ϵD
ΨϭϮ͘ϯD
ΨϭϮ͘ϴD Ψϭϯ͘ϬD
Ψϭϭ͘ϵD
ΨϬ͘ϯD ΨϮ͘ϵD
ΨϬ͘ϮD
ΨϬ͘ϰD ΨϬ͘ϭD
ΨϬ͘ϴD
ΨϬ͘ϲD
Ψϵ͘ϰD Ψϯ͘ϬD
ΨϮ͘ϱD
ΨϬ͘ϬD ΨϬ͘ϬD
Ψϭ͘ϲD ΨϬ͘ϬD
ΨϬ͘ϬD
Ψϯϱ͘ϱD
Ψϯϭ͘ϬD Ψϯϭ͘ϵD
Ψϯϰ͘ϲD
ΨϯϮ͘ϲD
ΨϮϳ͘ϯD
ΨϬ͘ϬD
Ψϱ͘ϬD
ΨϭϬ͘ϬD
Ψϭϱ͘ϬD
ΨϮϬ͘ϬD
ΨϮϱ͘ϬD
ΨϯϬ͘ϬD
Ψϯϱ͘ϬD
ΨϰϬ͘ϬD
ϭϴͬϭϵĐƚƵĂů ϭϵͬϮϬĐƚƵĂů ϮϬͬϮϭĐƚƵĂů ϮϭͬϮϮĐƚƵĂů ϮϮͬϮϯĐƚƵĂů ϮϯͬϮϰĐƚƵĂů DŝůůŝŽŶƐ
'ĞŶĞƌĂů&ƵŶĚ
džƉĞŶĚŝƚƵƌĞƐďLJĂƚĞŐŽƌLJ
tĂŐĞƐΘĞŶĞĨŝƚƐ WůĂŶŶĞĚKƉĞƌĂƚŝŽŶƐ ZĞƋƵŝƌĞĚKƉĞƌĂƚŝŽŶƐ KƉĞƌĂƚŝŽŶƐͲ/ŶƚĞƌŶĂů Ğďƚ^ĞƌǀŝĐĞ KƚŚĞƌEŽŶͲKƉĞƌĂƚŝŽŶĂ
ĂƉŝƚĂůKƵƚůĂLJ ĂƉŝƚĂůWƌŽũĞĐƚƐ dƌĂŶƐĨĞƌƐͲKƵƚ
dŽƚĂůƐ

 
 

   



:DWHU :DVWHZDWHU 5HIXVH 7UDQVLW 2WKHU
0LOOLRQV
&LW\RI6KDIWHU
%XVLQHVVW\SH$FWLYLWLHV3URJUDP5HYHQXHVDQG([SHQVHV
3URJDP5HYHQXHV 3URJUDP([SHQVHV
16 
&,7<2)6+$)7(5&$/,)251,$
0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV
)RUWKH<HDU(QGHG-XQH
),1$1&,$/$1$/<6,62)7+(&,7<¶6)81'6
$V QRWHG HDUOLHU WKH &LW\ XVHV IXQG DFFRXQWLQJ WR HQVXUH DQG GHPRQVWUDWH FRPSOLDQFH ZLWK ILQDQFHUHODWHGOHJDOUHTXLUHPHQWV
Governmental Funds
7KH &LW\ RI 6KDIWHU¶V JRYHUQPHQWDO IXQGV VWDWHPHQWV SURYLGH LQIRUPDWLRQ RQ WKH VKRUWWHUP LQIORZV RXWIORZV DQG EDODQFHV RI UHVRXUFHV WKDW DUH DYDLODEOH IRU VSHQGLQJ 7KLV LQIRUPDWLRQ LV XVHIXO LQ DVVHVVLQJWKH&LW\¶VILQDQFLDOUHTXLUHPHQWV,QSDUWLFXODUWKHXQUHVHUYHGIXQGEDODQFHPD\VHUYHDVD XVHIXOPHDVXUHRI&LW\IXQGVWKDWDUHDYDLODEOHIRUVSHQGLQJDWWKHHQGRIWKHILVFDO\HDU $VUHSRUWHGLQWKH6WDWHPHQWRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHVLQ)XQG%DODQFHVUHYHQXHIRU WKH JRYHUQPHQWDO IXQGV WRWDOHG  PLOOLRQ LQ ILVFDO \HDU  7KLV UHSUHVHQWV D GHFUHDVH RI 
PLOOLRQRUIURPILVFDO\HDUUHYHQXHVRIPLOOLRQ ,QFRQWUDVWILVFDO\HDUKDGH[SHULHQFHGVLJQLILFDQWJURZWKZLWKDQLQFUHDVHRIPLOOLRQRU FRPSDUHGWRILVFDO\HDUZKHUHUHYHQXHVZHUHPLOOLRQ 7KH*HQHUDO)XQGVDZDQLQFUHDVHRIPLOOLRQLQRSHUDWLQJUHYHQXHV H[FOXGLQJLQWHUQDOWUDQVIHUV
FKDUJHVDQGJUDQWV
FRPSDUHGWRWKHSULRU\HDU$PRQJWKHGLIIHUHQWUHYHQXHVRXUFHV*HQHUDO)XQG WD[HVH[SHULHQFHGWKHODUJHVWJURZWKLQFUHDVLQJE\PLOOLRQ6DOHV7D[HVUHFRUGHGWKHELJJHVWJDLQ ULVLQJE\
PLOOLRQZKLOH/LFHQVHVDQG3HUPLWVVKRZHGDQRWDEOHLQFUHDVHRIPLOOLRQUHIOHFWLQJ DJURZWKRYHUWKHSUHYLRXV\HDU
,QYHVWPHQW
(DUQLQJV

&KDUJHVIRU

VHUYLFHV


2SHUDWLQJJUDQWV
DQGFRQWULEXWLRQV

&DSLWDOJUDQWV
DQGFRQWULEXWLRQV

&LW\RI6KDIWHU
%XVLQHVV7\SH$FWLYLWLHV5HYHQXHVE\6RXUFH
17 
&,7<2)6+$)7(5&$/,)251,$
0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV
)RUWKH<HDU(QGHG-XQH

    

 

   
 


'ROODU&KDQJH




 


 



3HUFHQWDJH&KDQJH
     
5HYHQXH
*RYHUQPHQWDO)XQGV5HYHQXHV
&LW\RI6KDIWHU
([SHQGLWXUHV IRU JRYHUQPHQWDO IXQGV WRWDOHG  PLOOLRQ LQ ILVFDO \HDU  7KLV UHSUHVHQWV D GHFUHDVHRI
RUIURPILVFDO\HDUH[SHQGLWXUHVRI PLOOLRQ
,QWKH SULRU \HDU  H[SHQGLWXUHV KDG LQFUHDVHG E\   RU  FRPSDUHGWR  ZKHQ
H[SHQGLWXUHVZHUHPLOOLRQ
3URMHFWHGODERUFRVWVZHUHH[SHFWHGWREHKLJKHU
KRZHYHUYDFDQFLHVLQWKHSROLFHGHSDUWPHQWFRQWLQXHG WRPLWLJDWHVRPHRIWKHDQWLFLSDWHGLQFUHDVHV$GGLWLRQDOO\0DLQWHQDQFH 2SHUDWLRQV 0 2
H[SHQVHV
UHPDLQHGVWDEOHGHVSLWHLQIODWLRQDU\SUHVVXUHV

    
([SHQGLWXUHV 

 
   


'ROODU&KDQJH

 




 
 



3HUFHQWDJH&KDQJH
     
*RYHUQPHQWDO)XQGV([SHQGLWXUHV
&LW\RI6KDIWHU
2YHUDOOWKH&LW\RI6KDIWHU¶VJRYHUQPHQWDOIXQGVH[SHULHQFHGDIXQGEDODQFHLQFUHDVHRI PLOOLRQ
LQ ILVFDO \HDU  UHSUHVHQWLQJ D 
 JURZWK FRPSDUHG WR WKH SUHYLRXV \HDU 7KLV IROORZV D VLJQLILFDQWPLOOLRQ

LQFUHDVHLQFRQWLQXLQJWKH&LW\
VWUHQGRIILQDQFLDOVWUHQJWK
$V RI -XQH   WKH &LW\¶V JRYHUQPHQWDO IXQGV UHSRUWHG D FRPELQHG HQGLQJ IXQG EDODQFH RI 
PLOOLRQ XSIURP PLOOLRQLQ 7KLV JURZWKZDV GULYHQ E\ D FRPELQDWLRQ RIKLJKHU UHYHQXHVFRQWUROOHGH[SHQGLWXUHVDQGSRVVLEOHH[WHUQDOIXQGLQJVRXUFHV7KHLQFUHDVHLQIROORZV DVWURQJILVFDO\HDULQZKHUHWKHIXQGEDODQFHJUHZE\WKHKLJKHVWDPRXQWLQVL[\HDUV 7KH JHQHUDO IXQG¶V SHUIRUPDQFH LV H[SHFWHG WR UHIOHFW VLPLODU WUHQGV ZLWK VWURQJ UHYHQXH JURZWK FRQWULEXWLQJWRWKHRYHUDOOIXQGEDODQFHLQFUHDVH7KHPRVWQRWDEOH UHYHQXHLPSDFWOLNHO\FRPHVIURP WD[HVJUDQWVDQGRWKHUH[WHUQDOIXQGLQJVRXUFHVVLPLODUWRSUHYLRXV\HDUV$GGLWLRQDOO\UHFRYHU\IURP WKHXQUHDOL]HGORVVHVKDVFRQWULEXWHGWRWKHLPSURYHPHQW:KLOHVDZWKHORZHVWJURZWKLQUHFHQW \HDUV


 WKH IROORZLQJ WZR \HDUV UHERXQGHG VWURQJO\ ZLWK D WRWDO LQFUHDVH RI  PLOOLRQ KLJKOLJKWLQJ WKH &LW\¶V DELOLW\ WR JHQHUDWH UHYHQXHV DQG PDLQWDLQ ILVFDO VWDELOLW\ 7KH WUHQG RYHU WKH VL[\HDUSHULRG


VKRZVDQRYHUDOOLQFUHDVHLQWKHIXQGEDODQFHSRVLWLRQLQJWKH&LW\ ZHOOIRUIXWXUHLQYHVWPHQWVDQGORQJWHUPILQDQFLDOVXVWDLQDELOLW\ 18 
&,7<2)6+$)7(5&$/,)251,$
0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV
)RUWKH<HDU(QGHG-XQH

    
)XQG%DODQFH 

 
 

  

'ROODU&KDQJH

   
 
 

3HUFHQWDJH&KDQJH
  
 
  

*RYHUQPHQWDO)XQGV)XQG%DODQFH
&LW\RI6KDIWHU
2IWKH

JHQHUDOIXQGEDODQFH

ƒ PLOOLRQRUZDVQRQVSHQGDEOH
ƒ PLOOLRQRU
ZDVDVVLJQHG
ƒ PLOOLRQRU

ZDVXQDVVLJQHG
1RQVSHQGDEOHIXQGEDODQFHLVLQDIRUPVXFKDVDPRXQWVGXHIURPILGXFLDU\IXQGVRUSUHSDLGLWHPV ZKLFKFDQQRWEHVSHQWRUDUHVXEMHFWWRDOHJDOREOLJDWLRQQRWWREHVSHQW$VVLJQHGIXQGEDODQFHVDUH IXQGVWKDWWKH&LW\KDVH[SUHVVHGLQWHQWWREHXVHGIRUDVSHFLILFSXUSRVH8QDVVLJQHGIXQGEDODQFHV DUH WKH IXQGV DYDLODEOH WR EH DSSURSULDWH DQG ZLWKRXW DQ\ RI WKH UHVWULFWLRQV GLVFXVVHG LQ WKH DERYH FDWHJRULHV 6SHFLILF DPRXQWV RI IXQG EDODQFH E\ FDWHJRU\ DUH OLVWHG RQ WKH EDODQFH VKHHW IRU JRYHUQPHQWDOIXQGV
7KHJHQHUDOIXQGLVWKH&LW\¶VPDLQRSHUDWLQJIXQG7KHJHQHUDOIXQGEDODQFHFRQWDLQHGPLOOLRQWKDW ZDV QRQVSHQGDEOH IXQG EDODQFH IRU DGYDQFHV WR RWKHU IXQGV DQG DPRXQWV GXH WR WKH IRUPHU UHGHYHORSPHQWDJHQF\DILGXFLDU\IXQG7KHJHQHUDOIXQGEDODQFHDOVRFRQWDLQHGLQDVVLJQHG IXQGEDODQFHZKLFKLQFOXGHVDOORFDWLRQVIRUYDULRXVVWUDWHJLFLQLWLDWLYHVUHVHUYHVIRUFRQWLQJHQFLHVDQG IXWXUHSODQQHGFDSLWDOSURMHFWV$VRI-XQHWKHJHQHUDOIXQGKDGDQXQDVVLJQHGIXQGEDODQFH RI
PLOOLRQUHSUHVHQWLQJDQLQFUHDVHRIPLOOLRQRUIURPWKHSULRU\HDU¶VXQDVVLJQHG IXQGEDODQFHRIPLOOLRQ
$VDPHDVXUHRIWKHJHQHUDOIXQG¶VOLTXLGLW\LWLVXVHIXOWRFRPSDUHXQDVVLJQHGIXQGEDODQFHWRWRWDO JHQHUDOIXQGRSHUDWLQJH[SHQGLWXUHV$VRI-XQHWKHJHQHUDOIXQG¶VXQDVVLJQHGIXQGEDODQFH RI
PLOOLRQUHSUHVHQWVRIWRWDOJHQHUDOIXQGRSHUDWLQJH[SHQGLWXUHVRIPLOOLRQOHVV FDSLWDORXWOD\RIPLOOLRQ
7KHH[FHHGVWKHPLQLPXPVHWE\SROLF\)XUWKHUPRUHWKHJHQHUDOIXQGKDVDGGLWLRQDO DVVLJQHGUHVHUYHVWKDWFRXOGEHUHDOORFDWHGDWWKHFRXQFLO¶VGLVFUHWLRQLQFOXGLQJDPRXQWVDVVLJQHGWR FDSLWDO SURMHFWV RU IXQGV DYDLODEOH IRU LQWHUQDO ORDQV 5HYHQXH JURZWK KDV H[FHHGHG HVWLPDWHV DQG FRQWLQXHGWRILQDQFHJURZWKLQH[SHQGLWXUHVSUHYHQWLQJWKHXVHRIUHVHUYHVWRFRYHUUHFXUULQJJHQHUDO IXQGH[SHQGLWXUHV7KHFLW\XVHVWKHVHH[FHVVUHVHUYHVWRLQYHVWLQSURMHFWVWKDWJHQHUDWHSRVLWLYHUHWXUQV RQLQYHVWPHQWRUUHGXFHWKH&LW\¶VRQJRLQJRSHUDWLRQDOFRVWV 
    
)XQG%DODQFH 
 
  

  

'ROODU&KDQJH



  

 
3HUFHQWDJH&KDQJH
 
    
*HQHUDO)XQG8QDVVLJQHG)XQG%DODQFH
&LW\RI6KDIWHU
19 
&,7<2)6+$)7(5&$/,)251,$
0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV
)RUWKH<HDU(QGHG-XQH
Proprietary Funds
7KH&LW\¶VSURSULHWDU\IXQGVWDWHPHQWVSURYLGHILQDQFLDOGHWDLOVVLPLODUWRWKHJRYHUQPHQWZLGHILQDQFLDO VWDWHPHQWV7KH&LW\RI6KDIWHURSHUDWHVVHYHQHQWHUSULVHIXQGVZLWKIRXUPDMRUHQWHUSULVHIXQGV²WKH :DWHU )XQG :DVWHZDWHU )XQG 5DLO )XQG DQG 7HOHFRPPXQLFDWLRQV )XQG²EHLQJ UHSRUWHG LQ WKH 3URSULHWDU\)XQGV6WDWHPHQWRI5HYHQXHV([SHQVHVDQG&KDQJHVLQ1HW3RVLWLRQ7KH5HIXVH)XQG DQG7UDQVLW6HUYLFHV)XQGDUHQRQPDMRUHQWHUSULVHIXQGV )RUILVFDO\HDUWRWDOUHYHQXHVIRUSURSULHWDU\IXQGVDPRXQWHGWR PLOOLRQUHIOHFWLQJDPRGHVW
LQFUHDVHRI

IURPPLOOLRQLQILVFDO\HDU7KLVIROORZVDQLQFUHDVHLQ VLJQDOLQJDVORZUHFRYHU\DIWHUFRQVHFXWLYH\HDUVRIUHYHQXHGHFOLQHVLQ 
DQG




:KLOHWKHSURSULHWDU\IXQGVKDYHVHHQVRPHUHYHQXHVWDELOL]DWLRQWKHORQJWHUPWUHQGLQGLFDWHVYRODWLOLW\ ODUJHO\ LQIOXHQFHG E\ IOXFWXDWLQJ UHYHQXHV LQ PDMRU HQWHUSULVH IXQGV SDUWLFXODUO\ 5DLO DQG 7HOHFRPPXQLFDWLRQVZKLFKKDYHKLVWRULFDOO\EHHQVXEMHFWWRH[WHUQDOPDUNHWIDFWRUV 0RYLQJ IRUZDUG VXVWDLQHG UHYHQXH JURZWK PD\ GHSHQG RQ VWUDWHJLF LQYHVWPHQWV LQ LQIUDVWUXFWXUH SRWHQWLDO UDWH DGMXVWPHQWV DQG LPSURYHG HIILFLHQFLHV LQ VHUYLFH RSHUDWLRQV DFURVV WKH :DWHU :DVWHZDWHU5DLODQG7HOHFRPPXQLFDWLRQVIXQGV

    
5HYHQXH

 
 
  


'ROODU&KDQJH












 
3HUFHQWDJH&KDQJH
   
  
3URSULHWDU\)XQGV5HYHQXHV
&LW\RI6KDIWHU
,Q ILVFDO \HDU  WRWDO SURSULHWDU\ IXQG H[SHQVHV DPRXQWHG WR   PLOOLRQ UHIOHFWLQJ D 
LQFUHDVH

IURP

PLOOLRQLQILVFDO\HDU7KLVIROORZVD
LQFUHDVHLQDIWHU
WZRFRQVHFXWLYH\HDUVRIVLJQLILFDQWGHFOLQHVLQ

DQG


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
    
([SHQVHV

 
  
 

'ROODU&KDQJH









 
3HUFHQWDJH&KDQJH
 
   
 
3URSULHWDU\)XQGV([SHQVHV
&LW\RI6KDIWHU
20 
&,7<2)6+$)7(5&$/,)251,$
0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV
)RUWKH<HDU(QGHG-XQH
$V RI -XQH   WKH HQGLQJ QHW SRVLWLRQ RI WKH &LW\¶V SURSULHWDU\ IXQGV WRWDOHG  PLOOLRQ UHIOHFWLQJ D GHFUHDVH RI 
 PLOOLRQ


 FRPSDUHG WR  PLOOLRQ LQ ILVFDO \HDU  7KLV FRQWLQXHVWKH GRZQZDUGWUHQG REVHUYHG VLQFH  ZKHQWKH QHW SRVLWLRQ SHDNHG DW PLOOLRQ EHIRUHH[SHULHQFLQJFRQVHFXWLYHDQQXDOGHFOLQHV
7KHQHWSRVLWLRQGHFOLQHLVSULPDULO\GULYHQE\KLJKHUH[SHQGLWXUHVFRPSDUHGWRUHYHQXHVZKLFKKDVOHG WR DQ HURVLRQ RIILQDQFLDO UHVHUYHV 7KH SURSULHWDU\IXQGV KDYHIDFHG RSHUDWLRQDO FRVW LQFUHDVHV DQG IOXFWXDWLRQV LQ UHYHQXH SDUWLFXODUO\ ZLWKLQ WKH :DWHU :DVWHZDWHU 5DLO DQG 7HOHFRPPXQLFDWLRQV HQWHUSULVHIXQGV
:KLOH WKH GHFOLQH KDV EHHQ PRGHUDWH WKH FRQWLQXHG UHGXFWLRQ LQ QHW SRVLWLRQ PD\ ZDUUDQW FORVHU H[DPLQDWLRQ RI FRVW UHFRYHU\ VWUDWHJLHV SRWHQWLDO UDWH DGMXVWPHQWV DQG HIILFLHQF\ LPSURYHPHQWV LQ VHUYLFHGHOLYHU\6WUDWHJLFILQDQFLDOSODQQLQJDQGLQIUDVWUXFWXUHLQYHVWPHQWZLOOEHFULWLFDOWRPDLQWDLQLQJ ILVFDOVXVWDLQDELOLW\DQGHQVXULQJWKDWSURSULHWDU\IXQGRSHUDWLRQVUHPDLQVHOIVXIILFLHQW 
    
(QGLQJ1HW3RVLWLRQ   
  
 
'ROODU&KDQJH


 









3HUFHQWDJH&KDQJH
     

3URSULHWDU\)XQGV(QGLQJ1HW3RVLWLRQ
&LW\RI6KDIWHU
:DWHU6HUYLFHV)XQG
7KH:DWHU)XQGSOD\VDFUXFLDOUROHLQPDLQWDLQLQJWKH&LW\ VVDQLWDWLRQLQIUDVWUXFWXUH,WLVSULPDULO\IXQGHG
WKURXJKIHHVIRUVHUYLFHLQYHVWPHQWHDUQLQJVDQGRFFDVLRQDOJUDQWVDQGWUDQVIHUVLQ2YHUWKHSDVWILYH ILVFDO\HDUVWKHIXQGKDVVHHQPRGHUDWHUHYHQXHIOXFWXDWLRQVDQGULVLQJH[SHQVHVUHIOHFWLQJRSHUDWLRQDO GHPDQGVDQGFRVWFKDQJHV
7RWDOUHYHQXHVSHDNHGLQ)<DW

PLOOLRQEHIRUHGHFOLQLQJVOLJKWO\LQVXEVHTXHQW\HDUV

ƒ )HHV IRU 6HUYLFH UHPDLQHG WKH SULPDU\ UHYHQXH VRXUFH IOXFWXDWLQJ EHWZHHQ  PLOOLRQ

)<

DQGPLOOLRQ
)<
EHIRUHVHWWOLQJDWPLOOLRQLQ)<
ƒ ,QYHVWPHQW(DUQLQJVLPSURYHGRQ)<



EXWGHFOLQHGWRLQ)<OLNHO\
GXHWRPDUNHWIOXFWXDWLRQV
ƒ *UDQWV 'RQDWLRQVZHUHLUUHJXODUZLWKDSHDNLQ)< 
EXWUHPDLQLQJPLQLPDOLQ
RWKHU\HDUV
7RWDO H[SHQVHV LQFUHDVHG VLJQLILFDQWO\ JURZLQJ  IURP )<  

 PLOOLRQ
 WR )< 

PLOOLRQ


ƒ :DJHV %HQHILWVURVHIURPLQ)<
WRPLOOLRQLQ)<UHIOHFWLQJVWDIILQJ
LQFUHDVHVVDODU\DGMXVWPHQWVRUULVLQJEHQHILWFRVWV ƒ 3ODQQHG 2SHUDWLRQV VDZ IOXFWXDWLRQV SHDNLQJ LQ )<  DW  PLOOLRQ EHIRUH VOLJKWO\ GHFOLQLQJWR
LQ)<
ƒ 5HTXLUHG2SHUDWLRQVJUHZVWHDGLO\LQFUHDVLQJ
IURP)<

PLOOLRQ
WR)<

PLOOLRQ
LQGLFDWLQJKLJKHUUHJXODWRU\DQGPDLQWHQDQFHFRVWV
ƒ ,QWHUQDO 2SHUDWLRQV &RVWV PRUH WKDQ GRXEOHG IURP   LQ )< 
 WR  PLOOLRQ LQ
)<UHIOHFWLQJDGPLQLVWUDWLYHVKDUHGVHUYLFHRUFURVVGHSDUWPHQWDOH[SHQVHV 21 
&,7<2)6+$)7(5&$/,)251,$
0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV
)RUWKH<HDU(QGHG-XQH
:LWKH[SHQVHVULVLQJIDVWHUWKDQUHYHQXHVWKH:DWHU)XQGPD\QHHGWRH[SORUHFRVWVDYLQJPHDVXUHV RUIHHDGMXVWPHQWVWRPDLQWDLQORQJWHUPILQDQFLDOVXVWDLQDELOLW\ :DVWHZDWHU6HUYLFHV)XQG
7KH6HZHU)XQGSURYLGHVDFULWLFDOVHUYLFHIRUWKH&LW\DQGLVSULPDULO\IXQGHGWKURXJKIHHVIRUVHUYLFH LQYHVWPHQWHDUQLQJVJUDQWVDQGRFFDVLRQDOWUDQVIHUVLQ7KHILQDQFLDOGDWDRYHUWKHSDVWILYHILVFDO\HDUV VKRZVIOXFWXDWLRQVLQUHYHQXHDQGH[SHQVHVLQGLFDWLQJFKDQJHVLQRSHUDWLRQDOFRVWVH[WHUQDOIXQGLQJ DQGILQDQFLDOSODQQLQJ
7RWDOUHYHQXHVIRUWKH:DWHU)XQGH[SHULHQFHGVLJQLILFDQWYDULDWLRQZLWKDQRWDEOHGURSDIWHU)< 
EXWDJUDGXDOUHFRYHU\LQUHFHQW\HDUV

ƒ 3HDN UHYHQXH RFFXUUHG LQ )< 

PLOOLRQ
 SULPDULO\ GXHWR D RQHWLPH PLOOLRQ
WUDQVIHULQOLNHO\WRVXSSRUWLQIUDVWUXFWXUHRURSHUDWLRQDOIXQGLQJQHHGV ƒ 5HYHQXHV WKHQ GURSSHG VKDUSO\ LQ )< 
 PLOOLRQ
 EXW VKRZHG VWHDG\ UHFRYHU\ LQ
)<

PLOOLRQ
)<
PLOOLRQ
DQG)<
PLOOLRQ

ƒ )HHV IRU 6HUYLFH WKH SULPDU\ UHYHQXH VRXUFH FRQVLVWHQWO\ LQFUHDVHG HDFK \HDU IURP 

PLOOLRQLQ)<
WRPLOOLRQLQ)<UHIOHFWLQJUDWHDGMXVWPHQWVRUKLJKHUZDWHU FRQVXPSWLRQ
ƒ ,QYHVWPHQWHDUQLQJVLPSURYHG VLJQLILFDQWO\IURPLQ)<WR LQ)<
EHQHILWLQJIURPKLJKHULQWHUHVWUDWHVDQGILQDQFLDOUHWXUQV ƒ *UDQWV 'RQDWLRQVZHUHLQFRQVLVWHQWSHDNLQJDW LQ)<EXWUHPDLQLQJPLQLPDOLQ
RWKHU\HDUV
7RWDOH[SHQVHVIROORZHGDVWHDG\XSZDUGWUHQGZLWKDLQFUHDVHIURP)< 
PLOOLRQ

WR)<
PLOOLRQ


ƒ :DJHV  %HQHILWV URVH VLJQLILFDQWO\ IURP  LQ )<   WR  LQ )< 
UHIOHFWLQJVWDIILQJLQFUHDVHVVDODU\DGMXVWPHQWVRUULVLQJEHQHILWFRVWV ƒ 3ODQQHG 2SHUDWLRQV JUHZ IURP 
 LQ )< 
 WR 
 LQ )<  LQGLFDWLQJ
LQFUHDVHGRSHUDWLRQDOFRVWVPDLQWHQDQFHRUH[SDQVLRQSURMHFWV ƒ ,QWHUQDO2SHUDWLRQVFRVWVVSLNHGLQ)<



DQG)<

SRVVLEO\GXH
WRKLJKHUDGPLQLVWUDWLYHVXSSRUWRUVKDUHGVHUYLFHFRVWV 'HVSLWHULVLQJH[SHQVHVUHYHQXHVH[FHHGHGH[SHQVHVHDFK\HDUHQVXULQJSRVLWLYHQHWRSHUDWLQJ LQFRPHDQGILQDQFLDOVWDELOLW\IRUWKH6HZHU)XQG
5HIXVH6HUYLFHV
7KH5HIXVH)XQG LV UHVSRQVLEOHIRU VROLGZDVWHPDQDJHPHQW DQG UHODWHG VHUYLFHV$ NH\ VKLIW LQWKH IXQG¶VILQDQFLDOVRFFXUUHGLQ)<ZKHQUHIXVHRSHUDWLRQVZHUHRXWVRXUFHGOHDGLQJWRVLJQLILFDQW FKDQJHVLQFRVWVWUXFWXUH%HORZLVDQDQDO\VLVRIWKHIXQG¶VUHYHQXHDQGH[SHQGLWXUHWUHQGVRYHUWKH SDVWILYH\HDUV
22 
&,7<2)6+$)7(5&$/,)251,$
0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV
)RUWKH<HDU(QGHG-XQH
7RWDOUHYHQXHVIRUWKH5HIXVH)XQGKDYHVWHDGLO\LQFUHDVHGUHDFKLQJDILYH\HDUKLJKRI

PLOOLRQLQ
)<

ƒ )HHVIRU6HUYLFHJUHZFRQVLVWHQWO\IURPPLOOLRQLQ)< WR
PLOOLRQLQ)<
UHIOHFWLQJSRVVLEOHUDWHLQFUHDVHVRUKLJKHUVHUYLFHGHPDQG ƒ ,QYHVWPHQW(DUQLQJVUHPDLQHGPRGHVWEXWVKRZHGJURZWKLQFUHDVLQJIURPLQ)< 
WRLQ)<
ƒ *UDQWV  'RQDWLRQV SHDNHG LQ )< 

 EXW UHWXUQHG WR ORZHU OHYHOV LQ )< 



ƒ 7UDQVIHUV,QZHUHRQO\UHFRUGHGLQ)<

OLNHO\IRUDRQHWLPHRSHUDWLRQDORUFDSLWDO
DGMXVWPHQW
ƒ 2WKHU 5HYHQXH DSSHDUHG LQ )< 

 EXW ZDV DEVHQW LQ )<  VXJJHVWLQJ D
RQHWLPHJDLQRUH[WHUQDOIXQGLQJHYHQW
ƒ 2YHUDOO WKH UHYHQXH WUHQG VXJJHVWV VWDEOH DQG JURZLQJ ILQDQFLDO VXSSRUW SULPDULO\ GULYHQ E\ VHUYLFHIHHVGHVSLWHIOXFWXDWLRQVLQH[WHUQDOIXQGLQJ 7RWDOH[SHQVHVLQFUHDVHGE\IURP)<

PLOOLRQ
WR)<

PLOOLRQ
ZLWKDPDMRU
VKLIWRFFXUULQJLQ)<GXHWRRXWVRXUFLQJ

ƒ :DJHV  %HQHILWV GURSSHG VLJQLILFDQWO\ IURP   LQ )<  WR 
 LQ )< 
UHIOHFWLQJDUHGXFWLRQLQLQKRXVHVWDIIGXHWRRXWVRXUFLQJ+RZHYHULQ)<FRVWVVOLJKWO\ LQFUHDVHGWRSRVVLEO\IRUFRQWUDFWPDQDJHPHQWRUUHWDLQHGDGPLQLVWUDWLYHSHUVRQQHO ƒ 3ODQQHG2SHUDWLRQVVDZDVKDUSULVHIURP
LQ)<WRPLOOLRQLQ)<
DQGPLOOLRQLQ)<FRQILUPLQJWKHILQDQFLDOLPSDFWRIRXWVRXUFLQJVHUYLFHRSHUDWLRQV ƒ ,QWHUQDO 2SHUDWLRQV &RVWV ZHUH HOLPLQDWHG LQ )<  LQGLFDWLQJ D FRPSOHWH WUDQVLWLRQ RI RSHUDWLRQVWRH[WHUQDOFRQWUDFWRUV
:KLOHRXWVRXUFLQJLQFUHDVHGRSHUDWLRQDOFRVWVLWDOVRUHGXFHGLQWHUQDOVWDIILQJDQGRYHUKHDGH[SHQVHV SRWHQWLDOO\OHDGLQJWRJUHDWHUHIILFLHQF\DQGORQJWHUPVDYLQJV *(1(5$/)81'+,*+/,*+76
7RWDO UHYHQXHV SHDNHG LQ )<  DW  PLOOLRQ IROORZHG E\ D GHFOLQH WR  PLOOLRQ LQ )<7KHUHYHQXHWUHQGVLQGLFDWH

7D[HV
7KHODUJHVW UHYHQXH VRXUFHWD[HV VDZD VWHDG\LQFUHDVHIURP PLOOLRQLQ)<
WR

PLOOLRQLQ)<EHIRUHGHFOLQLQJWRPLOOLRQLQ)<7KHGHFOLQHLVUHODWHGFKDQJHV LQVDOHVWD[DJUHHPHQWV
)HHV IRU 6HUYLFH DQG /LFHQVHV  3HUPLWV
 7KHVH FDWHJRULHV IOXFWXDWHG SHDNLQJ LQ )<  DQG )<EHIRUHIDOOLQJLQ)<LQGLFDWLQJSRWHQWLDOFKDQJHVLQGHYHORSPHQWDFWLYLW\DQGVHUYLFH GHPDQG
,QYHVWPHQW(DUQLQJV
(DUQLQJV RQ LQYHVWPHQWVPRUHWKDQ GRXEOHG IURP PLOOLRQ LQ )< WR 
PLOOLRQLQ)<UHIOHFWLQJLPSURYHGILQDQFLDOPDUNHWFRQGLWLRQV 2YHUDOOGHVSLWHWKHUHYHQXHGHFOLQHLQ)<VWURQJLQYHVWPHQWUHWXUQVDQGVWDEOHWD[UHYHQXHRYHU WLPHLQGLFDWHFRQVLVWHQWILQDQFLDOKHDOWK
23 
&,7<2)6+$)7(5&$/,)251,$
0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV
)RUWKH<HDU(QGHG-XQH
7RWDOH[SHQVHVSHDNHGLQ)<DWPLOOLRQEHIRUHGHFOLQLQJWRPLOOLRQLQ)< PDUNLQJDUHGXFWLRQ7KHWUHQGVUHYHDO

:DJHV %HQHILWV
(PSOR\HHUHODWHGH[SHQVHVKDYHJURZQ FRQVLVWHQWO\ ULVLQJIURPPLOOLRQLQ )<
WRPLOOLRQLQ)<UHIOHFWLQJVDODU\DGMXVWPHQWVVWDIILQJOHYHOVDQGEHQHILWVFRVWV 3ODQQHG 5HTXLUHG2SHUDWLRQV
7KHVHRSHUDWLRQDOH[SHQVHVKDYHVHHQPRGHUDWHJURZWKZLWKDSHDN LQ)<
PLOOLRQ
DQGDVOLJKWUHGXFWLRQLQ)<
PLOOLRQ

2WKHU1RQ2SHUDWLRQDO([SHQVHV
7KLVFDWHJRU\GURSSHGVLJQLILFDQWO\LQ)<
PLOOLRQ
IURP
LWV SULRU ILYH\HDU WUHQG RI EHLQJ DERYH  PLOOLRQ LQGLFDWLQJ FRVW FRQWDLQPHQW HIIRUWV RU UHGXFHG GLVFUHWLRQDU\VSHQGLQJ
&DSLWDO3URMHFWV &DSLWDO2XWOD\
6SHQGLQJLQWKHVHFDWHJRULHVIOXFWXDWHGZLWKDQRWDEOHGURSLQFDSLWDO SURMHFWV IURP  PLOOLRQ LQ )<  WR  PLOOLRQ LQ )<  VXJJHVWLQJ IHZHU ODUJHVFDOH LQIUDVWUXFWXUHSURMHFWV

0.00 5.00

10.00 15.00

20.00 25.00

30.00 35.00

40.00 45.00
2018 2019 2020 2021 2022 2023 2024
Millions
&LW\RI6KDIWHU *HQHUDO)XQG5HYHQXHVDQG([SHQGLWXUHV Revenues Expenditures
24 
&,7<2)6+$)7(5&$/,)251,$
0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV
)RUWKH<HDU(QGHG-XQH
     
/DQG 

 

   
 

%XLOGLQJVDQGLPSURYHPHQWV
  
 
 
  

,PSURYHPHQWVRWKHUWKDQEXLOGLQJV      

  


0DFKLQHU\DQGHTXLSPHQW 
  
  

$XWRPRWLYHHTXLSPHQW 
  
   

,QIUDVWUXFWXUH 
  
 
 
&RQVWUXFWLRQLQSURFHVV  


   

,QWDQJLEOH5LJKWWR8VH$VVHW  
   

7RWDO 
   
 
 


&DSLWDO$VVHWV1HWRI'HSUHFLDWLRQ
&LW\RI6KDIWHU
$VRI-XQHDQG
$FWLYLWLHV $FWLYLWLHV 7RWDO
*RYHUQPHQWDO %XVLQHVV7\SH
$GGLWLRQDOLQIRUPDWLRQDERXWWKH&LW\¶VFDSLWDODVVHWVFDQEHIRXQGLQ1RWHRIWKHILQDQFLDOVWDWHPHQWV /RQJWHUPGHEW
$VRI-XQHWKHFLW\KDGQRERQGHGGHEW
7KH&LW\RI6KDIWHUKDVQRJHQHUDOREOLJDWLRQGHEW7KH&LW\¶VOLPLWIRUJHQHUDOREOLJDWLRQGHEWH[FHHGV PLOOLRQZKLFKUHSUHVHQWVRIWKHWRWDODVVHVVHGYDOXDWLRQRIWKHFLW\ 'XULQJWKHFXUUHQWILVFDO\HDUWKH&LW\RI6KDIWHUGLGQRWLVVXHDQ\QHZGHEWRUUHILQDQFHDQ\H[LVWLQJ GHEW$GGLWLRQDOLQIRUPDWLRQSHUWDLQLQJWR&LW\RI6KDIWHU¶VGHEWDGPLQLVWUDWLRQDQGRXWVWDQGLQJORQJWHUP REOLJDWLRQVFDQEHIRXQGLQ1RWH/RQJ7HUP'HEWRIWKH1RWHVWRWKH)LQDQFLDO6WDWHPHQWV &ODLPV DQG OLWLJDWLRQ OLDELOLWLHV DUH QRW UHFRUGHG DV WKH &LW\ KDV VXIILFLHQW UHVHUYHV ZLWK WKH &HQWUDO 6DQ-RDTXLQ5LVN0DQDJHPHQW$XWKRULW\WRFRYHURXWVWDQGLQJFODLPUHVHUYHVIRUZRUNHUV¶FRPSHQVDWLRQ FODLPVDQGOLDELOLW\FODLPV7KHUHZHUHPLQLPDORXWVWDQGLQJOLDELOLW\FODLPVDJDLQVWWKH&LW\DWWKHHQGRI ILVFDO\HDU
6XEVFULSWLRQ%DVHG,QIRUPDWLRQ7HFKQRORJ\$UUDQJHPHQWV 6%,7$

6%,7$UHIHUVWRFRQWUDFWVIRU,QIRUPDWLRQ7HFKQRORJ\VHUYLFHVWKDWSURYLGHWKHULJKWWRXVHVRIWZDUHRU WHFKQRORJ\ DVVHWV IRU D VSHFLILF SHULRG LQ H[FKDQJH IRU SHULRGLF SD\PHQWV *$6%  UHTXLUHV
RUJDQL]DWLRQVWRUHFRJQL]HDVXEVFULSWLRQDVVHWVDQGOLDELOLWLHVRQWKH$QQXDO&RPSUHKHQVLYH)LQDQFLDO 5HSRUW'XULQJ)<WKH&LW\HQWHUHGLQWRVHYHUDOFRQWUDFWVUHVXOWLQJLQD5LJKWWR8VH$VVHWRI IRUWKHJRYHUQPHQWDODFWLYLWLHVDQGIRUWKHEXVLQHVVW\SHDFWLYLWLHVLQFOXGHGLQWKH &DSLWDO $VVHWV 6FKHGXOH 6XEVFULSWLRQ OLDELOLW\ DV RI -XQH   ZDV   IRU JRYHUQPHQWDO
DFWLYLWLHVDQGIRUEXVLQHVVW\SHDFWLYLWLHV
25 
&,7<2)6+$)7(5&$/,)251,$
0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV
)RUWKH<HDU(QGHG-XQH
(&2120,&)$&7256$1'1(;7<($5¶6%8'*(7$1'5$7(6
7KHIROORZLQJIDFWRUVZHUHWDNHQLQWRFRQVLGHUDWLRQLQSUHSDUDWLRQRIWKHILVFDO\HDUEXGJHW %XGJHWLQJ$SSURDFK
7KH&LW\RI6KDIWHUFRQGXFWVILQDQFLDOSODQQLQJRQD³5HFXUULQJ5HYHQXHVYHUVXV 5HFXUULQJ ([SHQGLWXUH%DVLV´WR LQVXUHILQDQFLDO VWDELOLW\2QHWLPH UHYHQXHV DUH QRW XVHGWR SD\IRU UHFXUULQJRSHUDWLQJH[SHQGLWXUHV'HWDLOHGSURMHFWLRQVDUHGHYHORSHGWKURXJKRXWWKH\HDUDQGXVHGWR PRQLWRU UHFXUULQJ UHYHQXHV DQG GULYH GHFLVLRQV UHJDUGLQJ DQ\ FRVW RU VHUYLFH OHYHO LQFUHDVH 7KLV DSSURDFKKDVVHUYHGWKHFLW\ZHOORYHUWKH\HDUVDQGUHVXOWHGLQDVWURQJEDODQFHVKHHWDQGVWDEOHDQQXDO RSHUDWLRQV
(PSOR\HH:DJHVDQG%HQHILWV
&RVWRI±OLYLQJLQFUHDVHVZHUHLQFRUSRUDWHGLQWRWKHEXGJHW 7KH&LW\&RXQFLOGLGDXWKRUL]HWKHSD\PHQWRIWKHLQFUHDVHVWRKHDOWKGHQWDODQGOLIHLQVXUDQFHFRVWVIRU &LW\HPSOR\HHV$VFRPPHUFLDOO\DYDLODEOHKHDOWKLQVXUDQFHKDVEHHQLQFUHDVLQJE\GRXEOHGLJLWVWKH &LW\PDGHDVKLIWLQWRSRROZLWKRWKHUSXEOLFDJHQFLHVIRUKHDOWKLQVXUDQFHWKURXJKWZR-RLQW3RZHUV $XWKRULWLHV
-3$
7KHVH-3$DJUHHPHQWVW\SLFDOO\UHTXLUHDWKUHH\HDUPLQLPXPFRPPLWPHQWDQGDUH WKHDVVXPHGSURYLGHUVIRU
8WLOLW\8VHU&KDUJHV
7KH&LW\KDVLPSOHPHQWHGDILYH\HDUUDWHLQFUHDVHIRUZDWHUZDVWHZDWHUDQG UHIXVHXWLOLWLHVHIIHFWLYH-XO\)RU
WKHVHUDWHVDUHVHWWRLQFUHDVHE\DQG UHVSHFWLYHO\FRPSDUHGWRWKHSULRU\HDU7KHUDWHSODQVZHUHGHYHORSHGWRFRYHUWKH&LW\¶VLQFUHDVLQJ RSHUDWLRQDO FRVWV LQ DGGLWLRQ WR FDSLWDO QHHGV DQG UHJXODWRU\ FRVWV &XUUHQW UDWHV UHPDLQ XQFKDQJHG GHVSLWHUHFHQWLQIODWLRQFRVWV7KHPDQDJHPHQWWHDPZLOOUHFRPPHQGDQHZUDWHVWXG\LQ)<EXW LWPXVWEHDXWKRUL]HGE\WKHFLW\FRXQFLO
&DSLWDO3URMHFWV
7KHFLW\VSHQWPLOOLRQLQ&,3SURMHFWVRQWKHILVFDO\HDU7KHIROORZLQJ WDEOHOLVWVUHODWHGSURMHFWVDQGH[SHQVHVZLWKLQWKHVDPHSHULRG 3URMHFW1XPEHU     
3)6KDIWHU$TXDWLF&HQWHU3URM
    

67
6KDIWHU-RE&HQWHU$FFHVV,PSURY      :$:HOO'HYHORSPHQW  

 

:$:DWHU0HWHU5HWURILWV  

 
 

676DQWD)H:D\6KRXOGHU,PSURYHPHQWV      :$:DWHU0HWHU1HZ,QVWDOODWLRQV      673DYHPHQW6HDOLQJ 
 
 
 
 

3.6WULQJKDP3DUN$PHQLWLHV3URMHFW      67/HUGR+Z\5HFRQVWUXFWLRQ3URM6%   

 

::/LIW6WDWLRQ,PSURYHPHQWV 
    
:$0DMRU:HOORU&DVLQJ5HSDLUV  
   
::::73([SDQVLRQ3URMHFW     
:$:DWHU7DQN,PSURYHPHQWV    


67=HUNHU5G5HFRQVWUXFWLRQ3URM      2WKHUV 


 

  

7RWDOV 
 
 
 

26 
&,7<2)6+$)7(5&$/,)251,$
0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV
)RUWKH<HDU(QGHG-XQH
2WKHU(FRQRPLF)DFWRUV
,QYHVWPHQWHDUQLQJVDUHSURMHFWHGWRLQFUHDVHZLWKKLJKHULQWHUHVWUDWHVDQG ODUJHU FDVK EDODQFHV 6KDIWHU LV KRPH WR VHYHUDO RLO UHODWHG EXVLQHVVHV 6DOHV WD[HV KDG VLJQLILFDQW GHFUHDVHVIURPWKHWRSILYHPDMRUFRQWULEXWRUV
KRZHYHUWKHUHZDVDQXQH[SHFWHGERRVWIURPWKHUHFHQW IXOILOPHQWFHQWHUZKLFKDOORZHGVDOHVWD[HVWRH[FHHGDOOH[SHFWDWLRQV*RVVDPHU*URYHDURXJKO\ ORW KRXVLQJ GHYHORSPHQW LQ 6RXWKHDVW 6KDIWHU LV FRQWLQXLQJ XQGHU FRQVWUXFWLRQ DQG VHOOLQJ KRPHV $GGLWLRQDOO\WKHUHDUHDFRXSOHRIODUJHLQGXVWULDOGHYHORSPHQWVFXUUHQWO\SHUPLWWHGRUXQGHUFRQVWUXFWLRQ LQ WKH :RQGHUIXO ,QGXVWULDO 3DUN :LWK DOO WKLV GHYHORSPHQW ZH DUH DQWLFLSDWLQJ FRQWLQXHG JURZWK LQ DVVHVVHGYDOXDWLRQDQGSRSXODWLRQRYHUWKHQH[WIHZ\HDUV 5(48(676)25,1)250$7,21
7KHILQDQFLDOUHSRUWLVGHVLJQHGWRSURYLGHRXUFLWL]HQVWD[SD\HUVFXVWRPHUVDQGLQYHVWRUVDQGFUHGLWRUV ZLWKDJHQHUDORYHUYLHZRIWKH&LW\¶VILQDQFHVDQGWRGHPRQVWUDWHWKH&LW\¶VDFFRXQWDELOLW\IRUWKHPRQH\ LWUHFHLYHV,QGLYLGXDOVDUHIUHHWRFRQWDFWWKH&LW\RI6KDIWHU¶V)LQDQFH'HSDUWPHQWZLWKTXHVWLRQVRU UHTXHVWVIRUDGGLWLRQDOILQDQFLDOLQIRUPDWLRQ
$OOLQTXLULHVFDQEHPDGHE\FDOOLQJRUYLVLWXVDWKWWSV ZZZVKDIWHUFRP)LQDQFH
27 
7+,63$*(,17(17,21$//</()7%/$1.
28 
%$6,&),1$1&,$/67$7(0(176
29 
7+,63$*(,17(17,21$//</()7%/$1.
30 
*29(510(17:,'(),1$1&,$/67$7(0(176
31 
7+,63$*(,17(17,21$//</()7%/$1.
32 
&,7<2)6+$)7(5&$/,)251,$
6WDWHPHQWRI1HW3RVLWLRQ
*RYHUQPHQWDO %XVLQHVV7\SH
$FWLYLWLHV $FWLYLWLHV 7RWDO
$66(76
&DVKDQGLQYHVWPHQWV  
   

5HFHLYDEOHV
QHWRIXQFROOHFWLEOHV

$FFRXQWV  


  

$FFUXHGLQWHUHVW   
'XHIURPRWKHUJRYHUQPHQWV 
  
,QWHUQDOEDODQFHV 



  
/HDVHVUHFHLYDEOH  

 
3UHSDLGFRVWV      &DSLWDODVVHWV
QRWEHLQJGHSUHFLDWHG

  
&DSLWDODVVHWV
QHWRIDFFXPXODWHGGHSUHFLDWLRQDPRUWL]DWLRQ


  
7RWDODVVHWV      '()(55('287)/2:62)5(6285&(6
3HQVLRQUHODWHG  


  
23(%UHODWHG     

7RWDOGHIHUUHGRXWIORZVRIUHVRXUFHV      

/,$%,/,7,(6
$FFRXQWVSD\DEOH 

   
$FFUXHGOLDELOLWLHV  

   


$FFUXHGLQWHUHVW    
'HSRVLWVSD\DEOH      8QHDUQHGUHYHQXH  
   

1RQFXUUHQWOLDELOLWLHV

'XHZLWKLQRQH\HDU
ERQGVOHDVHV6%,7$
DQGFRPSHQVDWHGDEVHQFHV      'XHLQPRUHWKDQRQH\HDU

1HWSHQVLRQOLDELOLW\   
 

7RWDO23(%OLDELOLW\
     %RQGVOHDVHV6%,7$DQG
FRPSHQVDWHGDEVHQFHV 

 
 


7RWDOOLDELOLWLHV 

 

'()(55(',1)/2:62)5(6285&(6
3HQVLRQUHODWHG   

  
23(%UHODWHG  
  

/HDVHUHODWHG  

  

7RWDOGHIHUUHGLQIORZVRIUHVRXUFHV      
1(7326,7,21
1HWLQYHVWPHQWLQFDSLWDODVVHWV    

5HVWULFWHG

7UDIILFVDIHW\    
/DZHQIRUFHPHQW   
5RDGPDLQWHQDQFHDQGWUDQVSRUWDWLRQ     /RZDQGPRGHUDWHLQFRPHKRXVLQJ    /LJKWLQJDQGODQGVFDSHPDLQWHQDQFH     :DWHUFDSLWDOLPSURYHPHQWV 
  

:DVWHZDWHUFDSLWDOLPSURYHPHQWV

  


5HIXVHFDSLWDOLPSURYHPHQWV 
  

1HZSDUNDQGSDUNLPSURYHPHQWV     8QUHVWULFWHG 
 


7RWDOQHWSRVLWLRQ    -XQH
3ULPDU\*RYHUQPHQW
6HH1RWHVWR)LQDQFLDO6WDWHPHQWV
33 
&,7<2)6+$)7(5&$/,)251,$
6WDWHPHQWRI$FWLYLWLHV
)RUWKH<HDU(QGHG-XQH
2SHUDWLQJ &DSLWDO
&KDUJHVIRU &RQWULEXWLRQV &RQWULEXWLRQV
([SHQVHV 6HUYLFHV DQG*UDQWV DQG*UDQWV
)XQFWLRQV3URJUDPV

3ULPDU\JRYHUQPHQW

*RYHUQPHQWDODFWLYLWLHV

*HQHUDOJRYHUQPHQW 

    
3XEOLFVDIHW\  

 

&XOWXUHDQGUHFUHDWLRQ    
3XEOLFZRUNV 
   
7RWDOJRYHUQPHQWDODFWLYLWLHV 
 
  
  
%XVLQHVVW\SHDFWLYLWLHV

:DWHU6HUYLFHV 
  
   
:DVWHZDWHU6HUYLFHV  
  
5DLO6SXU6HUYLFHV    
5HIXVH&ROOHFWLRQ6HUYLFHV 


 
  
7UDQVLW6HUYLFHV     )LEHU2SWLFDQG&RPPXQLFDWLRQ7RZHU 
   
7RWDOEXVLQHVVW\SHDFWLYLWLHV 
 
  
7RWDOSULPDU\JRYHUQPHQW 
 

 

*HQHUDOUHYHQXHVDQGWUDQVIHUV

*HQHUDOUHYHQXHV

3URSHUW\WD[HV
6DOHVWD[HV
)UDQFKLVHWD[HV
2WKHUWD[HV
0RWRUYHKLFOHLQOLHXXQUHVWULFWHG
8VHRIPRQH\DQGSURSHUW\
2WKHU
*DLQRQVDOHRIFDSLWDODVVHW
7UDQVIHUV
7RWDOJHQHUDOUHYHQXHVDQGWUDQVIHUV
&KDQJHLQQHWSRVLWLRQ
1HWSRVLWLRQEHJLQQLQJ
1HWSRVLWLRQHQGLQJ
3URJUDP5HYHQXHV
6HH1RWHVWR)LQDQFLDO6WDWHPHQWV
34 
*RYHUQPHQWDO %XVLQHVV7\SH
$FWLYLWLHV $FWLYLWLHV 7RWDO


 




 




 




 




 




  





  




  




  




  





  






  













   

        
   

      

 

    



 

 
 
 






 
     
3ULPDU\*RYHUQPHQW
1HW
([SHQVHV
5HYHQXHVDQG
&KDQJHVLQ1HW3RVLWLRQ
6HH1RWHVWR)LQDQFLDO6WDWHPHQWV
35 
7+,63$*(,17(17,21$//</()7%/$1.
36 
)81'),1$1&,$/67$7(0(176
37 
7+,63$*(,17(17,21$//</()7%/$1.
38 
*RYHUQPHQWDO)XQGV)LQDQFLDO6WDWHPHQWV
*HQHUDO )XQG ± 7KH *HQHUDO )XQG LV XVHG WR DFFRXQW IRU UHVRXUFHV WUDGLWLRQDOO\ DVVRFLDWHG ZLWK JRYHUQPHQW ZKLFKDUHQRWUHTXLUHGOHJDOO\RUE\VRXQGILQDQFLDOPDQDJHPHQWWREHDFFRXQWHGIRULQDQRWKHUIXQG 7UDQVSRUWDWLRQ)XQG±7KLVIXQGLVXVHGWRDFFRXQWIRUWKH&LW\ VVKDUHRIPRWRUIXHOWD[UHYHQXHVDQGVSHFLDO
VWDWHJUDQWVWKDWDUHOHJDOO\UHVWULFWHGWRFRQVWUXFWLRQDQGPDLQWHQDQFHRIORFDOURDGVZLWKLQWKH&LW\OLPLWV 7UDIILF0LWLJDWLRQ,PSURYHPHQW)XQG±7KLVIXQGZDVHVWDEOLVKHGWRDFFRXQWIRUH[SHQGLWXUHVIRUWKH FRVWRI WUDIILFUHODWHGSURMHFWV
39 
&,7<2)6+$)7(5&$/,)251,$
%DODQFH6KHHW
*RYHUQPHQWDO)XQGV
-XQH
7RWDO 7RWDO
1RQPDMRU *RYHUQPHQWDO
*HQHUDO )XQGV )XQGV
$66(76
&DVKDQGLQYHVWPHQWV       

  
5HFHLYDEOHV

$FFRXQWVUHFHLYDEOHQHW     
 

,QWHUHVW          'XHIURPRWKHUJRYHUPHQWV           

/HDVHV

        

'XHIURPRWKHUIXQGV          3UHSDLGFRVWV         'XHIURP6XFFHVVRU$JHQF\          7RWDODVVHWV 
  
 
/,$%,/,7,(6
$FFRXQWVSD\DEOH   
  
    
 

$FFUXHGOLDELOLWLHV   
    

8QHDUQHGUHYHQXHV         'HSRVLWVSD\DEOH          'XHWRRWKHUIXQGV           

7RWDOOLDELOLWLHV 
  
 
 
'()(55(',1)/2:62)5(6285&(6
/HDVHV  

      

8QDYDLODEOHUHYHQXHV   
    

 
7RWDOGHIHUUHGLQIORZVRIUHVRXUFHV 
   

 

)81'%$/$1&(6
'(),&,76

1RQVSHQGDEOH          
5HVWULFWHG           

$VVLJQHG           8QDVVLJQHG 
 
   


 

7RWDOIXQGEDODQFHV

GHILFLWV




 
 

7RWDOOLDELOLWLHVGHIHUUHGLQIORZVRIUHVRXUFHV
DQGIXQGEDODQFHV

GHILFLWV

  
 
7UDIILF
0LWLJDWLRQ
7UDQVSRUWDWLRQ ,PSURYHPHQW
&DSLWDO3URMHFWV
)XQGV
6SHFLDO
5HYHQXH)XQGV
6HH1RWHVWR)LQDQFLDO6WDWHPHQWV
40 
5HFRQFLOLDWLRQRIWKH%DODQFH6KHHWRI*RYHUQPHQWDO)XQGV WRWKH6WDWHPHQWRI1HW3RVLWLRQ
-XQH
$PRXQWVUHSRUWHGIRUJRYHUQPHQWDODFWLYLWLHVLQWKH6WDWHPHQWRI1HW3RVLWLRQDUHGLIIHUHQWEHFDXVH

7RWDOIXQGEDODQFHVJRYHUQPHQWDOIXQGV 


'HIHUUHGRXWIORZVSHQVLRQUHODWHG 
 
'HIHUUHGRXWIORZV23(%UHODWHG  
'HIHUUHGLQIORZVSHQVLRQUHODWHG


'HIHUUHGLQIORZV23(%UHODWHG


7RWDOGHIHUUHGRXWIORZVDQGLQIORZVUHODWHGWRSRVWHPSOR\PHQWEHQHILWV  8QDYDLODEOHUHYHQXHV 
7RWDORWKHUORQJWHUPDVVHWV 


/HDVHVDQG6%,7$SD\DEOH 


&RPSHQVDWHGDEVHQFHV 


1HWSHQVLRQOLDELOLW\ 


7RWDO23(%OLDELOLW\ 



7RWDOORQJWHUPOLDELOLWLHV 



1HWSRVLWLRQRIJRYHUQPHQWDODFWLYLWLHV 
/RQJWHUP OLDELOLWLHV WKDW DUH QRW GXH DQG SD\DEOH LQ WKH FXUUHQW SHULRG DQG WKHUHIRUH DUH QRW UHSRUWHGLQWKHIXQGV
&,7<2)6+$)7(5&$/,)251,$
&DSLWDO DVVHWV QHW RI DFFXPXODWHG GHSUHFLDWLRQDPRUWL]DWLRQ XVHG LQ JRYHUQPHQWDO DFWLYLWLHV DUHQRWILQDQFLDOUHVRXUFHVDQGWKHUHIRUHDUHQRWUHSRUWHGLQWKHIXQGV 'LIIHUHQFHV EHWZHHQ H[SHFWHG DQG DFWXDO H[SHULHQFHV DVVXPSWLRQ FKDQJHV DQG QHW GLIIHUHQFHV EHWZHHQ SURMHFWHG DQG DFWXDO HDUQLQJV DQG FRQWULEXWLRQV VXEVHTXHQW WR WKH PHDVXUHPHQW GDWH

IRU WKH SRVWUHWLUHPHQW EHQHILWV
SHQVLRQ DQG 23(%
DUH UHFRJQL]HG DV GHIHUUHG RXWIORZV RI
UHVRXUFHVDQGGHIHUUHGLQIORZVRIUHVRXUFHVRQWKH6WDWHPHQWRI1HW3RVLWLRQ 2WKHU ORQJWHUP DVVHWV WKDW DUH QRW DYDLODEOH WR SD\ IRU FXUUHQW SHULRG H[SHQGLWXUHV DQG WKHUHIRUHDUHHLWKHUODEHOHGXQDYDLODEOHRUQRWUHSRUWHGLQWKHIXQGV ,QWHUQDO VHUYLFH IXQGV SURYLGH VHUYLFHV WR RWKHU IXQGV RQ D FRVWUHLPEXUVHPHQW EDVLV 7KH DVVHWV GHIHUUHG RXWIORZV RI UHVRXUFHV OLDELOLWLHV DQG GHIHUUHG LQIORZV RI UHVRXUFHV RI WKH LQWHUQDOVHUYLFHIXQGVDUHLQFOXGHGLQJRYHUQPHQWDODFWLYLWLHVLQWKH6WDWHPHQWRI$FWLYLWLHV 6HH1RWHVWR)LQDQFLDO6WDWHPHQWV
41 
&,7<2)6+$)7(5&$/,)251,$
6WDWHPHQWRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHVLQ)XQG%DODQFHV *RYHUQPHQWDO)XQGV
)RUWKH<HDU(QGHG-XQH
)RUPHUO\
0DMRU)XQGV 7RWDO 7RWDO
6WDWH*UDQW 1RQPDMRU *RYHUQPHQWDO
*HQHUDO )XQG )XQGV )XQGV
5(9(18(6
7D[HV 
          



6SHFLDODVVHVVPHQWV   

 


/LFHQVHVSHUPLWVDQGIHHV     
  

,QWHUJRYHUQPHQWDO         
&KDUJHVIRUVHUYLFHV       8VHRIPRQH\DQGSURSHUW\ 




 
     )LQHVIRUIHLWXUHVDQGSHQDOWLHV        

0LVFHOODQHRXV   
   

7RWDOUHYHQXHV 



    


(;3(1',785(6
&XUUHQW

*HQHUDOJRYHUQPHQW 

     


3XEOLFZRUNV 
       &XOWXUHDQGUHFUHDWLRQ 

    


3XEOLFVDIHW\

    


&DSLWDORXWOD\     

 
 
'HEWVHUYLFH

3ULQFLSDOUHWLUHPHQW 
     

7RWDOH[SHQGLWXUHV 
   

  
([FHVV
GHILFLHQF\
RIUHYHQXHV
RYHU
XQGHU
H[SHQGLWXUHV 



 
    

27+(5),1$1&,1*6285&(6
86(6

7UDQVIHUVLQ   
     
7UDQVIHUVRXW   




 




6XEVFULSWLRQVLVVXHG       3URFHHGVIURPVDOHRIDVVHWV     
7RWDORWKHUILQDQFLQJVRXUFHV
XVHV

    





1HWFKDQJHLQIXQGEDODQFHV 

 



  

 

)XQGEDODQFHV

GHILFLW
EHJLQQLQJ 
 



 
 
 
5HVWDWHPHQWVFKDQJHVWRRUZLWKLQWKHUHSRUWLQJHQWLW\    

  

)XQGEDODQFHV

GHILFLW
EHJLQQLQJUHVWDWHG 
 



  
 
)XQGEDODQFHV

GHILFLW
HQGLQJ 



   
  

6SHFLDO
5HYHQXH)XQGV
&DSLWDO3URMHFWV
)XQGV
7UDQVSRUWDWLRQ
7UDIILF
0LWLJDWLRQ
,PSURYHPHQW
6HH1RWHVWR)LQDQFLDO6WDWHPHQWV
42 
5HFRQFLOLDWLRQRIWKH6WDWHPHQWRI5HYHQXHV([SHQVHVDQG&KDQJHVLQ )XQG%DODQFHVRI*RYHUQPHQWDO)XQGVWRWKH6WDWHPHQWRI$FWLYLWLHV )RUWKH<HDU(QGHG-XQH
$PRXQWVUHSRUWHGIRUJRYHUQPHQWDODFWLYLWLHVLQWKH6WDWHPHQWRI$FWLYLWLHVDUHGLIIHUHQWEHFDXVH

1HWFKDQJHLQIXQGEDODQFHVWRWDOJRYHUQPHQWDOIXQGV


&DSLWDORXWOD\ 


'HSUHFLDWLRQDPRUWL]DWLRQH[SHQVH



7RWDODGMXVWPHQW 

(DUQHGEXWXQDYDLODEOHJUDQWUHYHQXHV


7RWDODGMXVWPHQW 


,VVXDQFHRIVXEVFULSWLRQV 


3ULQFLSDOSD\PHQWVVXEVFULSWLRQV 
 
7RWDODGMXVWPHQW 


&RPSHQVDWHGDEVHQFHV 


&KDQJHVLQSHQVLRQOLDELOLWLHVDQGUHODWHGGHIHUUHGRXWIORZVDQGLQIORZVRIUHVRXUFHV 

&KDQJHVLQ23(%OLDELOLWLHVDQGUHODWHGGHIHUUHGRXWIORZVDQGLQIORZVRIUHVRXUFHV  

7RWDODGMXVWPHQW 


&KDQJHLQQHWSRVLWLRQRIJRYHUQPHQWDODFWLYLWLHV  ,QWHUQDO VHUYLFH IXQGV SURYLGH VHUYLFHV WR RWKHU IXQGV RQ D FRVWUHLPEXUVHPHQW EDVLV 7KH QHW UHYHQXHRIFHUWDLQDFWLYLWLHVRILQWHUQDOVHUYLFHIXQGVLVUHSRUWHGZLWKJRYHUQPHQWDODFWLYLWLHV 6RPH H[SHQVHV UHSRUWHG LQ WKH 6WDWHPHQW RI $FWLYLWLHV GR QRW UHTXLUH WKH XVH RI FXUUHQW ILQDQFLDO UHVRXUFHVDQGWKHUHIRUHDUHQRWUHSRUWHGDVH[SHQGLWXUHVLQWKHJRYHUQPHQWDOIXQGV &,7<2)6+$)7(5&$/,)251,$
*RYHUQPHQWDO IXQGV UHSRUW FDSLWDO RXWOD\V DUH H[SHQGLWXUHV +RZHYHU LQ WKH 6WDWHPHQW RI $FWLYLWLHV WKH FRVW RI WKHVH DVVHWV LV DOORFDWHG RYHU WKHLU HVWLPDWHG XVHIXO OLYHV DQG UHSRUWHG DV GHSUHFLDWLRQDPRUWL]DWLRQ H[SHQVH 7KLV LV WKH DPRXQW E\ ZKLFK FDSLWDO RXWOD\V H[FHHGHG GHSUHFLDWLRQDPRUWL]DWLRQH[SHQVHLQWKHFXUUHQWSHULRG 5HYHQXHV LQ WKH 6WDWHPHQW RI $FWLYLWLHV WKDW GR QRW SURYLGH FXUUHQW ILQDQFLDO UHVRXUFHV DUH QRW UHSRUWHGDVUHYHQXHVLQWKHIXQGV
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
6HH1RWHVWR)LQDQFLDO6WDWHPHQWV
43 
7+,63$*(,17(17,21$//</()7%/$1.
44 
3URSULHWDU\)XQGV)LQDQFLDO6WDWHPHQWV
:DWHU6HUYLFHV)XQG±7KLVIXQGLVXVHGWRDFFRXQWIRUWKHDFWLYLWLHVRIWKH&LW\ VZDWHUSXPSLQJWUHDWPHQWDQG
GLVWULEXWLRQRSHUDWLRQV
:DVWHZDWHU6HUYLFHV)XQG±7KLVIXQGLVXVHGWRDFFRXQWIRUWKHDFWLYLWLHVRIWKH&LW\ VZDVWHZDWHUFROOHFWLRQ
DQGWUHDWPHQWRSHUDWLRQV
5DLO6SXU6HUYLFHV)XQG ±7KLVIXQGLVXVHGWRDFFRXQWIRUWKHDFWLYLWLHVRIWKH&LW\ V5DLORSHUDWLRQVFUHDWHGZLWK
WKH FRQVWUXFWLRQ RI DQ LQLWLDO UDLO VSXU ZLWKLQ WKH &LW\ 7KH HQWHUSULVH DFFRXQW LV EHLQJ EXLOW DQG VLJQLILFDQW RSHUDWLRQDOUHYHQXHLVH[SHFWHGLQIXWXUH\HDUV7KHUHYHQXHIURPWKLVRSHUDWLRQLVLQLWLDOO\SOHGJHGIRUUHSD\PHQW RIDORDQDGYDQFHGE\WKH*HQHUDO)XQG
)LEHU2SWLFDQG&RPPXQLFDWLRQ7RZHU±7KLVIXQGLVXVHGWRDFFRXQWIRUWKHDFWLYLWLHVRIWKH&LW\¶VILEHURSWLF GLVWULEXWLRQ RSHUDWLRQV WR VHSDUDWH VHUYLFH DUHDV ZLWKLQ WKH &LW\ 7KH HQWHUSULVH DFFRXQW LV EHLQJ EXLOW DQG RSHUDWLRQDOUHYHQXHLVH[SHFWHGLQIXWXUH\HDUV7KHUHYHQXHIURPWKLVRSHUDWLRQLVLQLWLDOO\SOHGJHGIRUUHSD\PHQW RIDORDQDGYDQFHGE\WKH*HQHUDO)XQG
,QWHUQDO6HUYLFH)XQGV±7KHVHIXQGVDUHXVHGWRSURYLGHJRRGVDQGVHUYLFHVE\RQHGHSDUWPHQWRUDJHQF\WR RWKHUGHSDUWPHQWVRUDJHQFLHVRIWKH&LW\RQDFRVWUHLPEXUVHPHQWEDVLV 45 
&,7<2)6+$)7(5&$/,)251,$
6WDWHPHQWRI1HW3RVLWLRQ
3URSULHWDU\)XQGV
-XQH
$66(76
&XUUHQWDVVHWV

&DVKDQGLQYHVWPHQWV 
 
   
5HFHLYDEOHV

$FFRXQWV5HFHLYDEOH1HW     
 

/HDVHVUHFHLYDEOH 
    
'XHIURPRWKHUJRYHUQPHQWV    
3UHSDLG&RVWV    
7RWDOFXUUHQWDVVHWV  
  
 

1RQFXUUHQW

/HDVHV5HFHLYDEOH 


   
&DSLWDODVVHWVQHWRIDFFXPXODWHGGHSUHFLDWLRQDPRUWL]DWLRQ      7RWDOQRQFXUUHQWDVVHWV   
    
7RWDODVVHWV 



 
'()(55('287)/2:62)5(6285&(6
5HODWHGWRSHQVLRQV      
5HODWHGWR23(%     



7RWDOGHIHUUHGRXWIORZVRIUHVRXUFHV    
/,$%,/,7,(6
&XUUHQWOLDELOLWLHV

$FFRXQWVSD\DEOH 
  
 


$FFUXHGOLDELOLWLHV 
  
$FFUXHGLQWHUHVW
    
'HIHUUHGUHYHQXH    
'HSRVLWVSD\DEOH 

    
'XHWRRWKHUIXQGV     
6XEVFULSWLRQOLDELOLW\     

&RPSHQVDWHGDEVHQFHV 
 
  
  

7RWDOFXUUHQWOLDELOLWLHV 

     
 
1RQFXUUHQWOLDELOLWLHV

6XEVFULSWLRQOLDELOLW\ 
   
1HWSHQVLRQOLDELOLW\ 
  
  

7RWDO23(%OLDELOLW\   
  
&RPSHQVDWHGDEVHQFHV

    
 
7RWDOQRQFXUUHQWOLDELOLWLHV       
7RWDOOLDELOLWLHV    

'()(55(',1)/2:62)5(6285&(6
5HODWHGWRSHQVLRQV       5HODWHGWR23(% 

    

5HODWHGWROHDVHV    
 
7RWDOGHIHUUHGLQIORZVRIUHVRXUFHV 
  
 

1(7326,7,21
1HW,QYHVWPHQWLQ&DSLWDO$VVHWV   
      8QUHVWULFWHG  
  

 
7RWDOQHWSRVLWLRQ

GHILFLW
 
  


%XVLQHVV7\SH$FWLYLWLHV
:DWHU
6HUYLFHV
:DVWHZDWHU
6HUYLFHV
5DLO6SXU
6HUYLFHV
5HIXVH
&ROOHFWLRQ
6HUYLFHV
6HH1RWHVWR)LQDQFLDO6WDWHPHQWV
46 
&,7<2)6+$)7(5&$/,)251,$
6WDWHPHQWRI1HW3RVLWLRQ
3URSULHWDU\)XQGV
-XQH
$66(76
&XUUHQWDVVHWV

&DVKDQGLQYHVWPHQWV
5HFHLYDEOHV

$FFRXQWV5HFHLYDEOH1HW
/HDVHVUHFHLYDEOH
'XHIURPRWKHUJRYHUQPHQWV
3UHSDLG&RVWV
7RWDOFXUUHQWDVVHWV
1RQFXUUHQW

/HDVHV5HFHLYDEOH
&DSLWDODVVHWVQHWRIDFFXPXODWHGGHSUHFLDWLRQDPRUWL]DWLRQ 7RWDOQRQFXUUHQWDVVHWV
7RWDODVVHWV
'()(55('287)/2:62)5(6285&(6
5HODWHGWRSHQVLRQV
5HODWHGWR23(%
7RWDOGHIHUUHGRXWIORZVRIUHVRXUFHV
/,$%,/,7,(6
&XUUHQWOLDELOLWLHV

$FFRXQWVSD\DEOH
$FFUXHGOLDELOLWLHV
$FFUXHGLQWHUHVW
'HIHUUHGUHYHQXH
'HSRVLWVSD\DEOH
'XHWRRWKHUIXQGV
6XEVFULSWLRQOLDELOLW\
&RPSHQVDWHGDEVHQFHV
7RWDOFXUUHQWOLDELOLWLHV
1RQFXUUHQWOLDELOLWLHV

6XEVFULSWLRQOLDELOLW\
1HWSHQVLRQOLDELOLW\
7RWDO23(%OLDELOLW\
&RPSHQVDWHGDEVHQFHV
7RWDOQRQFXUUHQWOLDELOLWLHV
7RWDOOLDELOLWLHV
'()(55(',1)/2:62)5(6285&(6
5HODWHGWRSHQVLRQV
5HODWHGWR23(%
5HODWHGWROHDVHV
7RWDOGHIHUUHGLQIORZVRIUHVRXUFHV
1(7326,7,21
1HW,QYHVWPHQWLQ&DSLWDO$VVHWV
8QUHVWULFWHG
7RWDOQHWSRVLWLRQ

GHILFLW

*RYHUQPHQWDO
$FWLYLWLHV
2WKHU 7RWDO
(QWHUSULVH (QWHUSULVH ,QWHUQDO
)XQGV )XQGV 6HUYLFH)XQGV
   
  
 
 


   
 
  

     


 

  


  
 
   


    


 

  
 


  
  
  

 




 

   
 

   
 
   
    
  

  
  
   
 
      

 
 


 

   

   
  
   

 
        
 



   
 


    

   



 


 






   
 
%XVLQHVV7\SH$FWLYLWLHV
)LEHU2SWLFDQG
&RPPXQLFDWLRQ
7RZHU
6HH1RWHVWR)LQDQFLDO6WDWHPHQWV
47 
&,7<2)6+$)7(5&$/,)251,$
6WDWHPHQWRI5HYHQXHV([SHQVHVDQG
&KDQJHVLQ1HW3RVLWLRQ
3URSULHWDU\)XQGV
)RUWKH<HDU(QGHG-XQH
23(5$7,1*5(9(18(6
&KDUJHVIRUVHUYLFHV  
 
     

0LVFHOODQHRXV     
7RWDORSHUDWLQJUHYHQXHV     


23(5$7,1*(;3(16(6
$GPLQLVWUDWLRQ 
  
 
6DODULHVDQGZDJHV        &RQWUDFWXDO   
  
0DWHULDOV     

8WLOLWLHV   
  
(TXLSPHQWDQGVXSSOLHV     
0DLQWHQDQFHDQGUHSDLU    
 
'HSUHFLDWLRQDPRUWL]DWLRQH[SHQVH   


  


7RWDORSHUDWLQJH[SHQVHV 
   


2SHUDWLQJLQFRPH
ORVV









12123(5$7,1*5(9(18(6
(;3(16(6

,QWHUHVWUHYHQXH 
   



,QWHUHVWH[SHQVH 




 


7RWDOQRQRSHUDWLQJUHYHQXHV
H[SHQVHV

   

,QFRPH
ORVV
EHIRUHWUDQVIHUV 






7UDQVIHU,Q  
 
  
&KDQJHLQQHWSRVLWLRQ 







1HWSRVLWLRQEHJLQQLQJ     
1HWSRVLWLRQHQGLQJ  
  


%XVLQHVV7\SH$FWLYLWLHV
:DWHU
6HUYLFHV
:DVWHZDWHU
6HUYLFHV
5DLO6SXU
6HUYLFHV
5HIXVH
&ROOHFWLRQ
6HUYLFHV
6HH1RWHVWR)LQDQFLDO6WDWHPHQWV
48 
&,7<2)6+$)7(5&$/,)251,$
6WDWHPHQWRI5HYHQXHV([SHQVHVDQG
&KDQJHVLQ1HW3RVLWLRQ
3URSULHWDU\)XQGV
)RUWKH<HDU(QGHG-XQH
23(5$7,1*5(9(18(6
&KDUJHVIRUVHUYLFHV
0LVFHOODQHRXV
7RWDORSHUDWLQJUHYHQXHV
23(5$7,1*(;3(16(6
$GPLQLVWUDWLRQ
6DODULHVDQGZDJHV
&RQWUDFWXDO
0DWHULDOV
8WLOLWLHV
(TXLSPHQWDQGVXSSOLHV
0DLQWHQDQFHDQGUHSDLU
'HSUHFLDWLRQDPRUWL]DWLRQH[SHQVH
7RWDORSHUDWLQJH[SHQVHV
2SHUDWLQJLQFRPH
ORVV

12123(5$7,1*5(9(18(6
(;3(16(6

,QWHUHVWUHYHQXH
,QWHUHVWH[SHQVH
7RWDOQRQRSHUDWLQJUHYHQXHV
H[SHQVHV

,QFRPH
ORVV
EHIRUHWUDQVIHUV
7UDQVIHU,Q
&KDQJHLQQHWSRVLWLRQ
1HWSRVLWLRQEHJLQQLQJ
1HWSRVLWLRQHQGLQJ
*RYHUQPHQWDO
$FWLYLWLHV
2WKHU 7RWDO
(QWHUSULVH (QWHUSULVH ,QWHUQDO
)XQGV )XQGV 6HUYLFH)XQGV
    
  


        
 
  
   
 
   
 

  
   
  
   
  
   
  

  
  
  


 


   



  
  
  
    
 













  
 



 




 
  









  
   








 
  
  
  




   
 
%XVLQHVV7\SH$FWLYLWLHV
)LEHU2SWLFDQG
&RPPXQLFDWLRQ
7RZHU
6HH1RWHVWR)LQDQFLDO6WDWHPHQWV
49 
&,7<2)6+$)7(5&$/,)251,$
6WDWHPHQWRI&DVK)ORZV
3URSULHWDU\)XQGV
)RUWKH<HDU(QGHG-XQH
&$6+)/2:6)52023(5$7,1*$&7,9,7,(6
5HFHLSWVIURPFXVWRPHUV     
   
5HFHLSWVIURPLQWHUIXQGFKDUJHV  
3D\PHQWVWRVXSSOLHUVDQGVHUYLFHSURYLGHUV 





 
 



3D\PHQWVWRHPSOR\HHVIRUVDODULHVDQGEHQHILWV  


 

 




1HWFDVKSURYLGHGE\
XVHGIRU

RSHUDWLQJDFWLYLWLHV 

 



&$6+)/2:6)520121&$3,7$/
),1$1&,1*$&7,9,7,(6
7UDQVIHUVIURPRWKHUIXQGV  
 
  
,QWHUHVWSDLGRQRQFDSLWDOGHEW  
3D\PHQWVIURPRWKHUIXQGVRQLQWHUIXQGERUURZLQJV    

 
 
3D\PHQWVWRRWKHUIXQGVRQLQWHUIXQGERUURZLQJV  
1HWFDVKSURYLGHGE\
XVHGIRU

QRQFDSLWDOILQDQFLQJDFWLYLWLHV    
 
&$6+)/2:6)520&$3,7$/$1'5(/$7('
),1$1&,1*$&7,9,7,(6
$FTXLVLWLRQDQGFRQVWUXFWLRQRIFDSLWDODVVHWV 






  
3ULQFLSDOSDLGRQFDSLWDOGHEW 




 



,QWHUHVWSDLGRQFDSLWDOGHEW

  


1HWFDVKSURYLGHGE\
XVHGIRU

FDSLWDODQGUHODWHGILQDQFLQJDFWLYLWLHV



 


&$6+)/2:6)520,19(67,1*$&7,9,7,(6
,QWHUHVWRQLQYHVWPHQWV       /HDVLQJDFWLYLWLHV   


1HWFDVKSURYLGHGE\
XVHGIRU

LQYHVWLQJDFWLYLWLHV 
  
1HWLQFUHDVH

GHFUHDVH
LQ
FDVKDQGFDVKHTXLYDOHQWV 




 

&DVKDQGFDVKHTXLYDOHQWVEHJLQQLQJ       

&DVKDQGFDVKHTXLYDOHQWVHQGLQJ 
 
    
%XVLQHVV7\SH$FWLYLWLHV
:DWHU
6HUYLFHV
:DVWHZDWHU
6HUYLFHV
5DLO6SXU
6HUYLFHV
5HIXVH
&ROOHFWLRQ
6HUYLFHV
6HH1RWHVWR)LQDQFLDO6WDWHPHQWV
50 
&,7<2)6+$)7(5&$/,)251,$
6WDWHPHQWRI&DVK)ORZV
3URSULHWDU\)XQGV
)RUWKH<HDU(QGHG-XQH
%XVLQHVV7\SH$FWLYLWLHV
:DWHU
6HUYLFHV
:DVWHZDWHU
6HUYLFHV
5DLO6SXU
6HUYLFHV
5HIXVH
&ROOHFWLRQ
6HUYLFHV
5(&21&,/,$7,212)&$6+$1'&$6+(48,9$/(176
727+(67$7(0(172)1(7326,7,21
&DVKDQGLQYHVWPHQWV  

     7RWDOFDVKDQGFDVKHTXLYDOHQWV  

     5(&21&,/,$7,212)23(5$7,1*,1&20(
/266

721(7&$6+3529,'('%<
86(')25

23(5$7,1*$&7,9,7,(6
2SHUDWLQJLQFRPH
ORVV






 


$GMXVWPHQWVWRUHFRQFLOHRSHUDWLQJLQFRPH
ORVV
WR
QHWFDVKSURYLGHGE\
XVHGIRU
RSHUDWLQJDFWLYLWLHV

'HSUHFLDWLRQDPRUWL]DWLRQH[SHQVH   


 



,QFUHDVH
GHFUHDVHLQDFFRXQWVUHFHLYDEOH 



 

,QFUHDVH
GHFUHDVHLQOHDVHVUHFHLYDEOH

     

,QFUHDVH
GHFUHDVHLQSUHSDLGLWHPV 

   ,QFUHDVH

GHFUHDVH
LQDFFRXQWVSD\DEOH 







,QFUHDVH

GHFUHDVH
LQDFFUXHGOLDELOLWLHV 

  
  
 
,QFUHDVH

GHFUHDVH
LQGHSRVLWVSD\DEOH  
  
 
,QFUHDVH

GHFUHDVH
LQFRPSHQVDWHGDEVHQFHV 
   



 



,QFUHDVH

GHFUHDVH
LQQHWSHQVLRQOLDELOLW\        
,QFUHDVH

GHFUHDVH
LQWRWDO23(%OLDELOLW\   



 

7RWDODGMXVWPHQWV  

 
  
1HWFDVKSURYLGHGE\
XVHGIRU

RSHUDWLQJDFWLYLWLHV  




  
6HH1RWHVWR)LQDQFLDO6WDWHPHQWV
51 
&,7<2)6+$)7(5&$/,)251,$
6WDWHPHQWRI&DVK)ORZV
3URSULHWDU\)XQGV
)RUWKH<HDU(QGHG-XQH
&$6+)/2:6)52023(5$7,1*$&7,9,7,(6
5HFHLSWVIURPFXVWRPHUV
5HFHLSWVIURPLQWHUIXQGFKDUJHV
3D\PHQWVWRVXSSOLHUVDQGVHUYLFHSURYLGHUV
3D\PHQWVWRHPSOR\HHVIRUVDODULHVDQGEHQHILWV
1HWFDVKSURYLGHGE\
XVHGIRU

RSHUDWLQJDFWLYLWLHV
&$6+)/2:6)520121&$3,7$/
),1$1&,1*$&7,9,7,(6
7UDQVIHUVIURPRWKHUIXQGV
,QWHUHVWSDLGRQRQFDSLWDOGHEW
3D\PHQWVIURPRWKHUIXQGVRQLQWHUIXQGERUURZLQJV
3D\PHQWVWRRWKHUIXQGVRQLQWHUIXQGERUURZLQJV
1HWFDVKSURYLGHGE\
XVHGIRU

QRQFDSLWDOILQDQFLQJDFWLYLWLHV
&$6+)/2:6)520&$3,7$/$1'5(/$7('
),1$1&,1*$&7,9,7,(6
$FTXLVLWLRQDQGFRQVWUXFWLRQRIFDSLWDODVVHWV
3ULQFLSDOSDLGRQFDSLWDOGHEW
,QWHUHVWSDLGRQFDSLWDOGHEW
1HWFDVKSURYLGHGE\
XVHGIRU

FDSLWDODQGUHODWHGILQDQFLQJDFWLYLWLHV
&$6+)/2:6)520,19(67,1*$&7,9,7,(6
,QWHUHVWRQLQYHVWPHQWV
/HDVLQJDFWLYLWLHV
1HWFDVKSURYLGHGE\
XVHGIRU

LQYHVWLQJDFWLYLWLHV
1HWLQFUHDVH

GHFUHDVH
LQ
FDVKDQGFDVKHTXLYDOHQWV
&DVKDQGFDVKHTXLYDOHQWVEHJLQQLQJ
&DVKDQGFDVKHTXLYDOHQWVHQGLQJ
*RYHUQPHQWDO
$FWLYLWLHV
2WKHU
(QWHUSULVH ,QWHUQDO
)XQGV 7RWDOV 6HUYLFH)XQGV
  
 

 
      





















 
  





      

      


         



       









  



 


      











    
  
  
 

 
  
  
 
   


         
      %XVLQHVV7\SH$FWLYLWLHV
)LEHU2SWLFDQG
&RPPXQLFDWLRQ
7RZHU
6HH1RWHVWR)LQDQFLDO6WDWHPHQWV
52 
&,7<2)6+$)7(5&$/,)251,$
6WDWHPHQWRI&DVK)ORZV
3URSULHWDU\)XQGV
)RUWKH<HDU(QGHG-XQH
5(&21&,/,$7,212)&$6+$1'&$6+(48,9$/(176
727+(67$7(0(172)1(7326,7,21
&DVKDQGLQYHVWPHQWV
7RWDOFDVKDQGFDVKHTXLYDOHQWV
5(&21&,/,$7,212)23(5$7,1*,1&20(
/266

721(7&$6+3529,'('%<
86(')25

23(5$7,1*$&7,9,7,(6
2SHUDWLQJLQFRPH
ORVV

$GMXVWPHQWVWRUHFRQFLOHRSHUDWLQJLQFRPH
ORVV
WR
QHWFDVKSURYLGHGE\
XVHGIRU
RSHUDWLQJDFWLYLWLHV

'HSUHFLDWLRQDPRUWL]DWLRQH[SHQVH

,QFUHDVH
GHFUHDVHLQDFFRXQWVUHFHLYDEOH

,QFUHDVH
GHFUHDVHLQOHDVHVUHFHLYDEOH

,QFUHDVH
GHFUHDVHLQSUHSDLGLWHPV
,QFUHDVH

GHFUHDVH
LQDFFRXQWVSD\DEOH
,QFUHDVH

GHFUHDVH
LQDFFUXHGOLDELOLWLHV
,QFUHDVH

GHFUHDVH
LQGHSRVLWVSD\DEOH
,QFUHDVH

GHFUHDVH
LQFRPSHQVDWHGDEVHQFHV
,QFUHDVH

GHFUHDVH
LQQHWSHQVLRQOLDELOLW\
,QFUHDVH

GHFUHDVH
LQWRWDO23(%OLDELOLW\
7RWDODGMXVWPHQWV
1HWFDVKSURYLGHGE\
XVHGIRU

RSHUDWLQJDFWLYLWLHV
*RYHUQPHQWDO
$FWLYLWLHV
2WKHU
(QWHUSULVH ,QWHUQDO
)XQGV 7RWDOV 6HUYLFH)XQGV
%XVLQHVV7\SH$FWLYLWLHV
)LEHU2SWLFDQG
&RPPXQLFDWLRQ
7RZHU
   
  
   
  













 
    



 







 

  







  


     
 

 

  
 
 
 

 
    
      
  
 




6HH1RWHVWR)LQDQFLDO6WDWHPHQWV
53 
7+,63$*(,17(17,21$//</()7%/$1.
54 
)LGXFLDU\)XQGV)LQDQFLDO6WDWHPHQWV
&XVWRGLDO)XQGV±7KHVHIXQGVDFFRXQWIRUDVVHWVKHOGE\WKH&LW\LQDILGXFLDU\FDSDFLW\IRULQGLYLGXDOVSULYDWH RUJDQL]DWLRQVDQGRWKHUJRYHUQPHQWVWKDWDUHQRWKHOGLQWUXVWVRUHTXLYDOHQWDUUDQJHPHQWV 5'$6XFFHVVRU$JHQF\3ULYDWH3XUSRVH7UXVW )XQG±7KLVIXQGLVXVHGWRDFFRXQWIRUPRQLHVUHFHLYHGIURP WKH .HUQ &RXQW\ $XGLWRU &RQWUROOHU IRU WKH UHSD\PHQW RI WKH HQIRUFHDEOH REOLJDWLRQV RI WKH IRUPHU 6KDIWHU &RPPXQLW\ 'HYHORSPHQW $JHQF\ 7KHVH IXQGV DUH UHVWULFWHG IRU WKH VROH SXUSRVH RI SD\PHQW RI LWHPV RQ DQ DSSURYHG5HFRJQL]HG3D\PHQW2EOLJDWLRQ6FKHGXOH
5236

55 
3ULYDWH
&XVWRGLDO 3XUSRVH
)XQGV 7UXVW)XQGV
$66(76
&DVKDQGFDVKHTXLYDOHQWV 
 


&DVKDQGLQYHVWPHQWVZLWKILVFDODJHQW   5HFHLYDEOHV

$FFRXQWVUHFHLYDEOH  

7RWDODVVHWV  
'()(55('287)/2:62)5(6285&(6
'HIHUUHGFKDUJHRQUHIXQGLQJ   7RWDOGHIHUUHGRXWIORZVRIUHVRXUFHV   /,$%,/,7,(6
$FFUXHG,QWHUHVW   'XHWRRWKHUDJHQFLHV   'HSRVLWVSD\DEOH   'XHWR&LW\  
/RQJWHUPOLDELOLWLHV

'XHLQRQH\HDU   'XHLQPRUHWKDQRQH\HDU   7RWDOOLDELOLWLHV  



1(7326,7,21
5HVWULFWHGIRURWKHURUJDQL]DWLRQVDQGJRYHUQPHQWV   


7RWDOQHWSRVLWLRQ

GHILFLW




 
&,7<2)6+$)7(5&$/,)251,$
6WDWHPHQWRI)LGXFLDU\1HW3RVLWLRQ
-XQH
6HH1RWHVWR)LQDQFLDO6WDWHPHQWV
56 
3ULYDWH
&XVWRGLDO 3XUSRVH
)XQGV 7UXVW)XQGV
$'',7,216
,QWHUHVWDQGFKDQJHLQIDLUYDOXHRILQYHVWPHQWV   7D[HV  

0LVFHOODQHRXV   7RWDODGGLWLRQV   

'('8&7,216
$GPLQLVWUDWLYHH[SHQVHV   ,QWHUHVWH[SHQVH  


0LVFHOODQHRXV   7RWDOGHGXFWLRQV  
 

1HWLQFUHDVH

GHFUHDVH
LQILGXFLDU\QHWSRVLWLRQ     1HWSRVLWLRQEHJLQQLQJ

GHILFLW
 



5HVWDWHPHQWFKDQJHLQDFFRXQWLQJSULQFLSOH  

1HWSRVLWLRQEHJLQQLQJUHVWDWHG  



1HWSRVLWLRQHQGLQJ

GHILFLW




 
&,7<2)6+$)7(5&$/,)251,$
6WDWHPHQWRI&KDQJHVLQ)LGXFLDU\1HW3RVLWLRQ
)RUWKH<HDU(QGHG-XQH
6HH1RWHVWR)LQDQFLDO6WDWHPHQWV
57 
7+,63$*(,17(17,21$//</()7%/$1.
58 
127(6727+(%$6,&),1$1&,$/67$7(0(176
59 
7+,63$*(,17(17,21$//</()7%/$1.
60 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 5(3257,1*(17,7<$1'6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6 7KH EDVLF ILQDQFLDO VWDWHPHQWV RI WKH &LW\ RI 6KDIWHU &DOLIRUQLD &LW\
 KDYH EHHQ SUHSDUHG LQ FRQIRUPLW\ ZLWK
*HQHUDOO\ $FFHSWHG $FFRXQWLQJ 3ULQFLSOHV RI WKH 8QLWHG 6WDWHV RI $PHULFD 86 *$$3
 DV DSSOLHG WR
JRYHUQPHQWDODJHQFLHV7KH*RYHUQPHQWDO$FFRXQWLQJ6WDQGDUGV%RDUG *$6%
LVWKHDFFHSWHGVWDQGDUGVHWWLQJ
ERG\IRUHVWDEOLVKLQJJRYHUQPHQWDODFFRXQWLQJDQGILQDQFLDOUHSRUWLQJVWDQGDUGVLQWKH8QLWHG6WDWHV7KHPRUH VLJQLILFDQWRIWKH&LW\¶VDFFRXQWLQJSROLFLHVDUHGHVFULEHGEHORZ $ )LQDQFLDO5HSRUWLQJ(QWLW\
7KH&LW\ZDVLQFRUSRUDWHGLQ
DQGEHFDPHD&KDUWHU&LW\LQ

7KHORFDOJRYHUQPHQWLVFRPSULVHGRIILYH
&RXQFLOPHPEHUVZKRDUHHOHFWHGHYHU\IRXU\HDUVDQGDFWXQGHUSRZHUVJUDQWHGXQGHUD&LW\&KDUWHU7KH&LW\ SURYLGHV D YDULHW\ RI VHUYLFHV LQFOXGLQJ JHQHUDO DGPLQLVWUDWLRQ SXEOLF VDIHW\ VWUHHW DQG KLJKZD\PDLQWHQDQFH PDLQWHQDQFH RIZDWHUZDVWHZDWHU DQG UHIXVH DQG RSHUDWLRQ RI D FRUUHFWLRQDOIDFLOLW\ KRZHYHUWKH FRUUHFWLRQDO IDFLOLW\ZDVFORVHGLQ2FWREHU
,Q HYDOXDWLQJ KRZWR GHILQHWKH &LW\IRUILQDQFLDO UHSRUWLQJ SXUSRVHVPDQDJHPHQW KDV FRQVLGHUHG DOO SRWHQWLDO FRPSRQHQWXQLWV7KHSULPDU\FULWHULDIRULQFOXGLQJDSRWHQWLDOFRPSRQHQWXQLWZLWKLQWKH UHSRUWLQJHQWLW\DUHWKH JRYHUQLQJ ERG\¶V ILQDQFLDO DFFRXQWDELOLW\ DQG D ILQDQFLDO EHQHILW RU EXUGHQ UHODWLRQVKLS DQG ZKHWKHU LW LV PLVOHDGLQJWRH[FOXGH$SULPDU\JRYHUQPHQWLVILQDQFLDOO\DFFRXQWDEOHDQGVKDUHVDILQDQFLDOEHQHILWRUEXUGHQ UHODWLRQVKLSLILWDSSRLQWVDYRWLQJPDMRULW\RIDQRUJDQL]DWLRQ¶VJRYHUQLQJERG\DQGLWLVDEOHWRLPSRVHLWVZLOORQ WKHRUJDQL]DWLRQRULIWKHUHLVDSRWHQWLDOIRUWKHRUJDQL]DWLRQWRSURYLGH VSHFLILFILQDQFLDOEHQHILWVWRRULPSRVH VSHFLILFILQDQFLDOEXUGHQVRQWKHSULPDU\JRYHUQPHQW$SULPDU\JRYHUQPHQWPD\DOVREHILQDQFLDOO\DFFRXQWDEOH LIDQRUJDQL]DWLRQLVILVFDOO\GHSHQGHQWRQWKHSULPDU\JRYHUQPHQWUHJDUGOHVVRIZKHWKHUWKHRUJDQL]DWLRQKDVD VHSDUDWHO\ HOHFWHG JRYHUQLQJ ERDUG D JRYHUQLQJ ERDUG DSSRLQWHG E\ D KLJKHU OHYHO RI JRYHUQPHQW RU D MRLQWO\ DSSRLQWHGERDUGDQGWKHUHLVDSRWHQWLDOIRUWKHRUJDQL]DWLRQWRSURYLGHVSHFLILFILQDQFLDOEHQHILWVWRRULPSRVH VSHFLILFILQDQFLDOEXUGHQVRQWKHSULPDU\JRYHUQPHQW
Blended Component Units
7KHILQDQFLDOUHSRUWLQJHQWLW\FRQVLVWVRIWKHSULPDU\JRYHUQPHQWWKH&LW\DQGLWVFRPSRQHQWXQLWV&RPSRQHQW XQLWV DUH OHJDOO\ VHSDUDWH HQWLWLHV IRU ZKLFK WKH HOHFWHG RIILFLDOV RI WKH SULPDU\ JRYHUQPHQW DUH ILQDQFLDOO\ DFFRXQWDEOH ,Q DGGLWLRQ FRPSRQHQW XQLWV FDQ EH RWKHU RUJDQL]DWLRQV IRU ZKLFK WKH SULPDU\ JRYHUQPHQW LV DFFRXQWDEOH DQG WKHLU H[FOXVLRQ ZRXOG FDXVH WKH UHSRUWLQJ HQWLW\¶V ILQDQFLDO VWDWHPHQWV WR EH PLVOHDGLQJ RU LQFRPSOHWH
%OHQGHGFRPSRQHQWXQLWVDOWKRXJKOHJDOO\VHSDUDWHHQWLWLHVDUHLQVXEVWDQFHSDUWRIWKHJRYHUQPHQW¶VRSHUDWLRQ DQGVRGDWDIURPWKHVHXQLWVDUHFRPELQHGZLWKGDWDRIWKHSULPDU\JRYHUQPHQW'LVFUHWHO\SUHVHQWVFRPSRQHQW XQLWVRQWKHRWKHUKDQGDUH UHSRUWHGLQDVHSDUDWHFROXPQLQWKHFRPELQHGILQDQFLDOVWDWHPHQWVWRHPSKDVL]H WKDWWKH\DUHOHJDOO\VHSDUDWHIURPWKHJRYHUQPHQW7KH&LW\KDVQREOHQGHGRUGLVFUHWHO\SUHVHQWHGFRPSRQHQW XQLWV
7KHDFFRXQWVRIWKH&LW\DUHRUJDQL]HGRQWKHEDVLVRIIXQGVHDFKRIZKLFKLVFRQVLGHUHGDVHSDUDWHDFFRXQWLQJ HQWLW\7KHRSHUDWLRQVRIHDFKIXQGDUHDFFRXQWHGIRUZLWKDVHSDUDWHVHWRIVHOIEDODQFLQJDFFRXQWVWKDWFRPSULVH LWV DVVHWV GHIHUUHG RXWIORZV OLDELOLWLHV GHIHUUHG LQIORZVIXQG HTXLW\ UHYHQXHV DQG H[SHQGLWXUHV RU H[SHQVHV DVDSSURSULDWH
*RYHUQPHQWDO UHVRXUFHV DUH DOORFDWHG WR DQG DFFRXQWHG IRU LQ LQGLYLGXDO IXQGV EDVHG XSRQ WKH SXUSRVHV IRU ZKLFKWKH\DUHWREHVSHQWDQGWKHPHDQVE\ZKLFKVSHQGLQJDFWLYLWLHVDUHFRQWUROOHG 61 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 5(3257,1*(17,7<$1'6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6 &217,18('

% %DVLVRI$FFRXQWLQJDQG0HDVXUHPHQW)RFXV
Government - Wide Financial Statements
7KH &LW\¶V *RYHUQPHQW:LGH )LQDQFLDO 6WDWHPHQWV LQFOXGH D 6WDWHPHQW RI 1HW 3RVLWLRQ DQG D 6WDWHPHQW RI $FWLYLWLHV 7KHVH VWDWHPHQWV SUHVHQW VXPPDULHV RI JRYHUQPHQWDO DQG EXVLQHVVW\SH DFWLYLWLHV IRU WKH &LW\ DFFRPSDQLHGE\DWRWDOFROXPQ)LGXFLDU\DFWLYLWLHVRIWKH&LW\DUHQRWLQFOXGHGLQWKHVHVWDWHPHQWV 7KHVHILQDQFLDOVWDWHPHQWVDUHSUHVHQWHGRQDQ³HFRQRPLFUHVRXUFHV´PHDVXUHPHQWIRFXVDQGWKHDFFUXDOEDVLV RIDFFRXQWLQJ$FFRUGLQJO\DOORIWKH&LW\¶VDVVHWVGHIHUUHGRXWIORZVRI UHVRXUFHVOLDELOLWLHVGHIHUUHGLQIORZVRI UHVRXUFHVLQFOXGLQJFDSLWDODVVHWVDVZHOODVLQIUDVWUXFWXUHDVVHWVDQGORQJWHUPOLDELOLWLHVDUHLQFOXGHGLQWKH DFFRPSDQ\LQJ6WDWHPHQWRI1HW3RVLWLRQ7KH6WDWHPHQWRI$FWLYLWLHVSUHVHQWVFKDQJHVLQ1HW3RVLWLRQ8QGHUWKH DFFUXDOEDVLVRIDFFRXQWLQJUHYHQXHVDUHUHFRJQL]HGLQWKHSHULRGLQZKLFKWKH\DUHHDUQHGZKLOHH[SHQVHVDUH UHFRJQL]HGLQWKHSHULRGLQZKLFKWKHOLDELOLW\LVLQFXUUHG &HUWDLQW\SHVRIWUDQVDFWLRQVDUHUHSRUWHGDVSURJUDPUHYHQXHVIRUWKH&LW\LQWKUHHFDWHJRULHV 
x &KDUJHVIRUVHUYLFHV
x 2SHUDWLQJJUDQWVDQGFRQWULEXWLRQV
x &DSLWDOJUDQWVDQGFRQWULEXWLRQV
&HUWDLQ HOLPLQDWLRQV KDYH EHHQ PDGH LQ UHJDUG WR LQWHUIXQG DFWLYLWLHV SD\DEOHV DQG UHFHLYDEOHV $OO LQWHUQDO EDODQFHVLQWKH6WDWHPHQWRI1HW3RVLWLRQKDYHEHHQHOLPLQDWHGH[FHSWWKRVHUHSUHVHQWLQJEDODQFHVEHWZHHQWKH JRYHUQPHQWDODFWLYLWLHVDQGWKHEXVLQHVVW\SHDFWLYLWLHVZKLFKDUHSUHVHQWHGDVLQWHUQDOEDODQFHVDQGHOLPLQDWHG LQ WKH WRWDO SULPDU\ JRYHUQPHQW FROXPQ ,Q WKH 6WDWHPHQW RI $FWLYLWLHV DQG &KDQJHV LQ 1HW 3RVLWLRQ LQWHUQDO VHUYLFH IXQG WUDQVDFWLRQV KDYH EHHQ HOLPLQDWHG
 KRZHYHU WKRVH WUDQVDFWLRQV EHWZHHQ JRYHUQPHQWDO DQG EXVLQHVVW\SHDFWLYLWLHVKDYHQRWEHHQHOLPLQDWHG7KHIROORZLQJLQWHUIXQGDFWLYLWLHVKDYHEHHQHOLPLQDWHG 
x 'XHWRIURPRWKHUIXQGV
x $GYDQFHVWRIURPRWKHUIXQGV
x 7UDQVIHUVLQRXW
Governmental Fund Financial Statements
*RYHUQPHQWDO)XQG)LQDQFLDO6WDWHPHQWVLQFOXGHD%DODQFH6KHHWDQGD6WDWHPHQWRI5HYHQXHV([SHQGLWXUHV DQG &KDQJHV LQ )XQG %DODQFHV IRU DOO PDMRU JRYHUQPHQWDO IXQGV DQG QRQPDMRU IXQGV DJJUHJDWHG $Q DFFRPSDQ\LQJVFKHGXOHLVSUHVHQWHGWRUHFRQFLOHDQGH[SODLQWKHGLIIHUHQFHVLQQHWSRVLWLRQDVSUHVHQWHGLQWKHVH VWDWHPHQWVWRWKH1HW3RVLWLRQSUHVHQWHGLQWKH*RYHUQPHQW:LGH)LQDQFLDO6WDWHPHQWV7KH&LW\KDVSUHVHQWHG DOOPDMRUIXQGVWKDWPHWWKHDSSOLFDEOHFULWHULD
$OOJRYHUQPHQWDOIXQGVDUHDFFRXQWHGIRURQDVSHQGLQJRUFXUUHQWILQDQFLDOUHVRXUFHVPHDVXUHPHQWIRFXVDQG WKHPRGLILHGDFFUXDOEDVLVRIDFFRXQWLQJ$FFRUGLQJO\RQO\FXUUHQWDVVHWVGHIHUUHGRXWIORZVRIUHVRXUFHVFXUUHQW OLDELOLWLHV DQG GHIHUUHG LQIORZV RI UHVRXUFHV DUH LQFOXGHG RQ WKH %DODQFH 6KHHW 7KH 6WDWHPHQW RI 5HYHQXHV ([SHQGLWXUHV DQG &KDQJHV LQ )XQG %DODQFHV SUHVHQWV LQFUHDVHV UHYHQXHV DQG RWKHU ILQDQFLQJ VRXUFHV
 DQG
GHFUHDVHV
H[SHQGLWXUHV DQG RWKHU ILQDQFLQJ XVHV
 LQ QHW FXUUHQW DVVHWV 8QGHU WKH PRGLILHG DFFUXDO EDVLV RI DFFRXQWLQJ UHYHQXHV DUH UHFRJQL]HG LQ WKH DFFRXQWLQJ SHULRG LQ ZKLFK WKH\ EHFRPH ERWK PHDVXUDEOH DQG DYDLODEOHWRILQDQFHH[SHQGLWXUHVRIWKHFXUUHQWSHULRG 5HYHQXHV DUH UHFRUGHG ZKHQ UHFHLYHG LQ FDVK H[FHSWIRUWKDW UHYHQXHV VXEMHFWWR DFFUXDO JHQHUDOO\  GD\V
DIWHU\HDUHQG
DUHUHFRJQL]HGZKHQGXH7KHSULPDU\UHYHQXHVRXUFHVZKLFKKDYHEHHQWUHDWHGDVVXVFHSWLEOH WRDFFUXDOE\WKH&LW\DUHSURSHUW\WD[VDOHVWD[LQWHUJRYHUQPHQWDOUHYHQXHVDQGRWKHUWD[HV([SHQGLWXUHVDUH UHFRUGHGLQWKHDFFRXQWLQJSHULRGLQZKLFKWKHUHODWHGIXQGOLDELOLW\LVLQFXUUHG 62 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 5(3257,1*(17,7<$1'6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6 &217,18('

8QHDUQHGUHYHQXHVDULVHZKHQSRWHQWLDOUHYHQXHVGRQRWPHHWERWKWKH³PHDVXUDEOH´DQG³DYDLODEOH´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
7KH&LW\UHSRUWVWKHIROORZLQJPDMRU*RYHUQPHQWDO)XQGV 
General Fund - 7KH *HQHUDO )XQG LV XVHG WR DFFRXQW IRU UHVRXUFHV WUDGLWLRQDOO\ DVVRFLDWHG ZLWK JRYHUQPHQW ZKLFKDUHQRWUHTXLUHGOHJDOO\RUE\VRXQGILQDQFLDOPDQDJHPHQWWREHDFFRXQWHGIRULQDQRWKHUIXQG Transportation Fund -7KLVIXQG LV XVHGWR DFFRXQWIRUWKH&LW\¶V VKDUH RIPRWRUIXHOWD[ UHYHQXHV DQG VSHFLDO VWDWHJUDQWVWKDWDUHOHJDOO\UHVWULFWHGWRFRQVWUXFWLRQDQGPDLQWHQDQFHRIORFDOURDGVZLWKLQWKH&LW\OLPLWV Traffic Mitigation Improvement Fund ±7KLVIXQGZDVHVWDEOLVKHGWRDFFRXQWIRUH[SHQGLWXUHVIRUWKHFRVWRIWUDIILF UHODWHGSURMHFWV
Proprietary Fund Financial Statements
3URSULHWDU\)XQG)LQDQFLDO6WDWHPHQWVLQFOXGHD6WDWHPHQWRI1HW3RVLWLRQD6WDWHPHQWRI5HYHQXHV([SHQVHV DQG&KDQJHVLQ)XQG1HW3RVLWLRQDQGD6WDWHPHQWRI&DVK)ORZVIRUHDFKPDMRU3URSULHWDU\)XQG $VHSDUDWHFROXPQ UHSUHVHQWLQJLQWHUQDOVHUYLFHIXQGVLVDOVRSUHVHQWHGLQWKHVHVWDWHPHQWV+RZHYHULQWHUQDO VHUYLFH EDODQFHV DQG DFWLYLWLHV KDYH EHHQ FRPELQHG ZLWK WKH JRYHUQPHQWDO DFWLYLWLHV LQ WKH *RYHUQPHQW:LGH )LQDQFLDO6WDWHPHQWV
3URSULHWDU\IXQGVDUHDFFRXQWHGIRUXVLQJWKHHFRQRPLFUHVRXUFHVPHDVXUHPHQWIRFXVDQGWKHDFFUXDOEDVLVRI DFFRXQWLQJ$FFRUGLQJO\DOODVVHWVGHIHUUHGRXWIORZVRI UHVRXUFHVOLDELOLWLHVDQGGHIHUUHGLQIORZVRI UHVRXUFHV

ZKHWKHU FXUUHQW RU QRQFXUUHQW
 DUH LQFOXGHG RQ WKH 6WDWHPHQW RI 1HW 3RVLWLRQ 7KH 6WDWHPHQW RI 5HYHQXHV ([SHQVHV DQG &KDQJHV LQ 1HW 3RVLWLRQ SUHVHQWV LQFUHDVHV

UHYHQXHV
 DQG GHFUHDVHV
H[SHQVHV
 LQ WRWDO
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
7KH&LW\UHSRUWVWKHIROORZLQJPDMRU3URSULHWDU\)XQGV

Water Services Fund -7KLVIXQGLVXVHGWRDFFRXQWIRUWKHDFWLYLWLHVRIWKH&LW\ VZDWHUSXPSLQJWUHDWPHQWDQG
GLVWULEXWLRQRSHUDWLRQV
Wastewater Services Fund -7KLVIXQGLVXVHGWRDFFRXQWIRUWKHDFWLYLWLHVRIWKH&LW\ VZDVWHZDWHUFROOHFWLRQDQG
WUHDWPHQWRSHUDWLRQV
Rail Spur Services Fund ±7KLVIXQGLVXVHGWRDFFRXQWIRUWKHDFWLYLWLHVRIWKH&LW\ V5DLORSHUDWLRQVFUHDWHGZLWK
WKHFRQVWUXFWLRQRIDQLQLWLDOUDLOVSXUZLWKLQWKH&LW\ 63 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 5(3257,1*(17,7<$1'6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6 &217,18('

Refuse Collection Services Fund - 7KLVIXQGLVXVHGWRDFFRXQWIRUWKHDFWLYLWLHVRIWKH&LW\ VUHIXVHFROOHFWLRQDQG
UHF\FOLQJRSHUDWLRQV
Fiber Optic & Communication Tower Fund - 7KLVIXQGLVXVHGWRDFFRXQWIRUWKHDFWLYLWLHVRIWKH&LW\¶VILEHURSWLF GLVWULEXWLRQRSHUDWLRQVWRVHSDUDWHVHUYLFHDUHDVZLWKLQWKH&LW\ Internal Service Funds
,QWHUQDO 6HUYLFH )XQGV DUH XVHG WR SURYLGH JRRGV DQG VHUYLFHV E\ RQH GHSDUWPHQW RU DJHQF\ WR RWKHU GHSDUWPHQWVRUDJHQFLHVRIWKH&LW\RQDFRVWUHLPEXUVHPHQWEDVLV 7KH&LW\UHSRUWVWKHIROORZLQJ,QWHUQDO6HUYLFH)XQGV

Building Maintenance Fund -7KLVIXQGLVXVHGWRDFFRXQWIRUWKHDFFXPXODWLRQDQGDOORFDWLRQRIFRVWVDVVRFLDWHG ZLWKWKHPDLQWHQDQFHRIWKH&LW\+DOOEXLOGLQJ
Liability Coverage Fund -7KLVIXQG LV XVHGWR DFFRXQWIRUWKH DFFXPXODWLRQ DQG DOORFDWLRQ RI FRVWV DVVRFLDWHG ZLWKULVNPDQDJHPHQW
Vehicle Maintenance Fund -7KLVIXQGLVXVHGWRDFFRXQWIRUWKHDFFXPXODWLRQDQGDOORFDWLRQRIFRVWVDVVRFLDWHG ZLWKWKHPDLQWHQDQFHRIWKH&LW\IOHHWRIYHKLFOHV
Information Technology Fund - 7KLV IXQG LV XVHG WR DFFRXQW IRU WKH FRVWV DVVRFLDWHG ZLWK DXWRPDWLRQ PDLQWHQDQFHRIWKH&LW\
VYDULRXVFRPSXWHUVVHUYHUVDQGLQWHUGHSDUWPHQWDOHOHFWURQLFFRPPXQLFDWLRQV Fiduciary Fund Financial Statements
)LGXFLDU\)XQG)LQDQFLDO6WDWHPHQWVLQFOXGHD6WDWHPHQWRI)LGXFLDU\1HW3RVLWLRQDQGD6WDWHPHQWRI&KDQJHV LQ )LGXFLDU\ 1HW 3RVLWLRQ 7KH &LW\
V )LGXFLDU\ )XQGV UHSUHVHQW WKH 3ULYDWH 3XUSRVH 7UXVW )XQG DQG &XVWRGLDO)XQG
7KH&LW\UHSRUWVWKHIROORZLQJDFWLYLWLHV

Custodial Funds -7KHVHIXQGVDFFRXQWIRUDVVHWVKHOGE\WKH&LW\LQDILGXFLDU\FDSDFLW\IRULQGLYLGXDOVSULYDWH RUJDQL]DWLRQVDQGRWKHUJRYHUQPHQWVWKDWDUHQRWKHOGLQWUXVWVRUHTXLYDOHQWDUUDQJHPHQWV RDA Successor Agency Private Purpose Trust Fund -7KLVIXQGLVXVHGWRDFFRXQWIRUQRQKRXVLQJDFWLYLWLHVRI WKH6XFFHVVRU$JHQF\WRWKH6KDIWHU&RPPXQLW\'HYHORSPHQW$JHQF\ & &DVK&DVK(TXLYDOHQWVDQG,QYHVWPHQWV
7KH&LW\SRROVLWVDYDLODEOHFDVKIRULQYHVWPHQWSXUSRVHV7KH&LW\¶VFDVKDQGFDVKHTXLYDOHQWVDUHFRQVLGHUHGWR EHFDVKRQKDQGGHPDQGGHSRVLWVDQGVKRUWWHUPLQYHVWPHQWVZLWKRULJLQDOPDWXULW\RIWKUHHPRQWKVRUOHVVIURP WKHGDWHRIDFTXLVLWLRQ&DVKDQG FDVKHTXLYDOHQWVDUH FRPELQHGZLWKLQYHVWPHQWVDQGGLVSOD\HGDV&DVKDQG ,QYHVWPHQWV
&HUWDLQGLVFORVXUHUHTXLUHPHQWVIRU'HSRVLWVDQG,QYHVWPHQW5LVNVZHUHPDGHLQWKHIROORZLQJDUHDV 
x ,QWHUHVW5DWH5LVN
x &UHGLW5LVN
x 2YHUDOO
x &XVWRGLDO&UHGLW5LVN
x &RQFHQWUDWLRQVRI&UHGLW5LVN
64 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 5(3257,1*(17,7<$1'6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6 &217,18('

+LJKO\OLTXLGPDUNHWLQYHVWPHQWVZLWKPDWXULWLHVRIRQH\HDURUOHVVDWWLPHRISXUFKDVHDUHVWDWHGDWDPRUWL]HG FRVW$OORWKHULQYHVWPHQWVDUHVWDWHGDWIDLUYDOXH0DUNHWYDOXHLVXVHGDVIDLUYDOXHIRUWKRVHVHFXULWLHVIRUZKLFK PDUNHWTXRWDWLRQVDUHUHDGLO\DYDLODEOH
7KH &LW\ SDUWLFLSDWHV LQ DQ LQYHVWPHQW SRROPDQDJHG E\WKH6WDWH RI &DOLIRUQLDWLWOHG /RFDO$JHQF\,QYHVWPHQW )XQG
/$,)
 ZKLFK KDV LQYHVWHG D SRUWLRQ RIWKH SRROIXQGV LQ6WUXFWXUHG 1RWHV DQG$VVHWEDFNHG6HFXULWLHV /$,)¶VLQYHVWPHQWVDUHVXEMHFWWRFUHGLW ULVNZLWKWKHIXOOIDLWKDQGFUHGLWRIWKH6WDWHRI&DOLIRUQLDFROODWHUDOL]LQJ WKHVHLQYHVWPHQWV,QDGGLWLRQWKHVH6WUXFWXUHG1RWHVDQG$VVHWEDFNHG6HFXULWLHVDUHVXEMHFWWRPDUNHWULVNDV WRFKDQJHLQLQWHUHVWUDWHV
)RUSXUSRVHRIWKHVWDWHPHQWRIFDVKIORZVFDVKHTXLYDOHQWVDUHGHILQHGDVLQYHVWPHQWVZLWKRULJLQDOPDWXULWLHV RI
GD\VRUOHVVZKLFKDUH UHDGLO\FRQYHUWLEOHWRNQRZQDPRXQWVRIFDVK7KH&LW\FRQVLGHUVDOOSRROHGFDVK DQGLQYHVWPHQWVKHOGE\WKH&LW\DVFDVKDQGFDVKHTXLYDOHQWVEHFDXVHWKHSRROLVXVHGHVVHQWLDOO\DVDGHPDQG GHSRVLW DFFRXQWIURPWKH VWDQGSRLQW RIWKHIXQGV 7KH &LW\ DOVR FRQVLGHUV DOO FDVK DQG LQYHVWPHQWV ZLWKILVFDO DJHQWDVFDVKDQGFDVKHTXLYDOHQWVEHFDXVHLQYHVWPHQWVPHHWWKHFULWHULDIRUFDVKHTXLYDOHQWVGHILQHGDERYH ' )DLU9DOXH0HDVXUHPHQW
86 *$$3 HVWDEOLVKHV D IUDPHZRUN IRU PHDVXULQJ IDLU YDOXH DQG HVWDEOLVKHV GLVFORVXUHV DERXW IDLU YDOXH PHDVXUHPHQW,QYHVWPHQWVXQOHVVRWKHUZLVHVSHFLILHGUHFRUGHGDWIDLUYDOXHLQWKH6WDWHPHQWVRI1HW3RVLWLRQ DUH FDWHJRUL]HG EDVHG XSRQWKH OHYHO RI MXGJPHQW DVVRFLDWHG ZLWKWKH LQSXWV XVHGWRPHDVXUHWKHLUIDLU YDOXH /HYHOVRILQSXWVDUHDVIROORZV

/HYHO  ± ,QSXWV DUH XQDGMXVWHG TXRWHG SULFHV IRU LGHQWLFDO DVVHWV RU OLDELOLWLHV LQ DFWLYH PDUNHWV DW WKH PHDVXUHPHQWGDWH
/HYHO±,QSXWVRWKHUWKDQTXRWHGSULFHVLQFOXGHGLQ/HYHOZKLFKDUHREVHUYDEOHIRUWKHDVVHWVRUOLDELOLWLHV WKURXJKFRUURERUDWLRQZLWKPDUNHWGDWDDWWKHPHDVXUHPHQWGDWH /HYHO±8QREVHUYDEOHLQSXWVWKDWUHIOHFWPDQDJHPHQW¶VEHVWHVWLPDWHRIZKDWPDUNHWSDUWLFLSDQWVZRXOGXVHLQ SULFLQJWKHDVVHWVRUOLDELOLWLHVDWWKHPHDVXUHPHQWGDWH ( ,QYHQWRULHV
,QYHQWRULHVFRQVLVWRIPDWHULDODQGVXSSOLHVZKLFKDUHVWDWHGDWFRVWXVLQJWKHILUVWLQILUVWRXWPHWKRG,QYHQWRULHV DUHUHFRJQL]HGDVH[SHQGLWXUHVZKHQFRQVXPHGUDWKHUWKDQZKHQSXUFKDVHG ) 3UHSDLG,WHPV
&HUWDLQ SD\PHQWV WR YHQGRUV DSSOLFDEOH WR IXWXUH DFFRXQWLQJ SHULRGV DUH UHFRUGHG DV SUHSDLG LWHPV 3UHSDLG LWHPVGRQRWUHIOHFWFXUUHQWDSSURSULDEOHUHVRXUFHVDQGWKXVDQHTXLYDOHQWSRUWLRQRIIXQGEDODQFHLVVKRZQDV QRQVSHQGDEOH
* ,QWHUIXQG7UDQVDFWLRQV
$FWLYLW\EHWZHHQIXQGVWKDWDUH UHSUHVHQWDWLYHRIOHQGLQJERUURZLQJDUUDQJHPHQWVRXWVWDQGLQJDWWKHHQGRIWKH ILVFDO\HDUDUHUHIHUUHGWRDVHLWKHU³GXHWRIURPRWKHUIXQGV´RU³DGYDQFHVWRIURPRWKHUIXQGV´ LHWKHFXUUHQW
SRUWLRQ RI LQWHUIXQG ORDQV
 $Q\ UHVLGXDO EDODQFHV RXWVWDQGLQJ EHWZHHQ WKH JRYHUQPHQWDO DFWLYLWLHV DQG EXVLQHVVW\SHDFWLYLWLHVDUHUHSRUWHGLQWKH*RYHUQPHQWDO:LGH)LQDQFLDO6WDWHPHQWVDV³LQWHUQDOEDODQFHV´ + &DSLWDO$VVHWV
&DSLWDO DVVHWV ZKLFK LQFOXGH ODQG EXLOGLQJV LPSURYHPHQWV HTXLSPHQW DQG LQIUDVWUXFWXUH DVVHWV HJ URDGV
EULGJHVVLGHZDONVDQGVLPLODULWHPV
DUHUHSRUWHGLQWKHDSSOLFDEOHJRYHUQPHQWDORUEXVLQHVVW\SHDFWLYLWLHVLQ WKH*RYHUQPHQW:LGH)LQDQFLDO6WDWHPHQWV&DSLWDODVVHWVDUHUHFRUGHGDWKLVWRULFDOFRVWRUHVWLPDWHGKLVWRULFDO FRVWLIDFWXDOFRVWLVQRWDYDLODEOH
65 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 5(3257,1*(17,7<$1'6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6 &217,18('

*LIWV RU FRQWULEXWLRQV RI FDSLWDO DVVHWV DUH UHFRUGHG DW DFTXLVLWLRQ YDOXHZKHQ UHFHLYHG&LW\ SROLF\ KDV VHWWKH FDSLWDOL]DWLRQWKUHVKROGIRUUHSRUWLQJFDSLWDODVVHWVDWDQGIRUUHSRUWLQJLQIUDVWUXFWXUHDVVHWVDW 'HSUHFLDWLRQDPRUWL]DWLRQLVUHFRUGHGRQDVWUDLJKWOLQHEDVLVRYHUWKHXVHIXOOLYHVRIWKHDVVHWVDVIROORZV 
<HDUV
%XLOGLQJVDQGLPSURYHPHQWV 
0DFKLQHU\DQGHTXLSPHQW 
,QIUDVWUXFWXUH 
6XEVFULSWLRQDVVHWV 6KRUWHURIWKHVXEVFULSWLRQDVVHW
V
8VHIXOOLIHRUWKHVXEVFULSWLRQWHUP
$VVHW7\SH
7KH&LW\GHILQHVLQIUDVWUXFWXUHDVWKHEDVLFSK\VLFDODVVHWVWKDWDOORZWKH&LW\WRIXQFWLRQ7KHDVVHWVLQFOXGH 
x 6WUHHWV\VWHP
x 6LWHDPHQLWLHVVXFKDVSDUNLQJDQGODQGVFDSHGDUHDVXVHGE\WKH&LW\LQWKHFRQGXFWRILWVEXVLQHVV (DFK PDMRU LQIUDVWUXFWXUH V\VWHP FDQ EH GLYLGHG LQWR VXEV\VWHPV )RU H[DPSOH WKH VWUHHW V\VWHP FDQ EH VXEGLYLGHG LQWR SDYHPHQW FXUE DQG JXWWHUV VLGHZDONV PHGLDQV VWUHHWOLJKWV WUDIILF FRQWURO GHYLFHV

VLJQV VLJQDOV DQG SDYHPHQW PDUNLQJV
 ODQGVFDSLQJ DQG ODQG 7KHVH VXEV\VWHPV ZHUH QRW GHOLQHDWHG LQ WKH %DVLF )LQDQFLDO 6WDWHPHQWV 7KH DSSURSULDWH RSHUDWLQJ GHSDUWPHQW PDLQWDLQV LQIRUPDWLRQ UHJDUGLQJ WKH VXEV\VWHPV
)RUDOOLQIUDVWUXFWXUHV\VWHPVWKH&LW\HOHFWHGWRXVHWKH%DVLF$SSURDFKIRULQIUDVWUXFWXUH UHSRUWLQJ(VWLPDWHG KLVWRULFDOFRVWVZHUHGHYHORSHGLQRQHRIWKUHHZD\V


KLVWRULFDOUHFRUGV


VWDQGDUGXQLWFRVWVDSSURSULDWHIRU
WKHFRQVWUXFWLRQDFTXLVLWLRQGDWH
RU

SUHVHQWFRVWLQGH[HGE\DUHFLSURFDOIDFWRURIWKHSULFHLQFUHDVHIURPWKH FRQVWUXFWLRQDFTXLVLWLRQGDWHWRWKHFXUUHQWGDWH7KHDFFXPXODWHGGHSUHFLDWLRQGHILQHGDVWKHWRWDOGHSUHFLDWLRQ IURP WKH GDWH RI FRQVWUXFWLRQDFTXLVLWLRQ WR WKH FXUUHQW GDWH RQ D VWUDLJKW OLQH XQUHFRYHUHG FRVW PHWKRG ZDV FRPSXWHGXVLQJLQGXVWU\DFFHSWHGOLIHH[SHFWDQFLHVIRUHDFKLQIUDVWUXFWXUHVXEV\VWHP7KHERRNYDOXHZDVWKHQ FRPSXWHGE\GHGXFWLQJWKHDFFXPXODWHGGHSUHFLDWLRQIURPWKHHVWLPDWHGKLVWRULFDOFRVW , ,QWHUHVW3D\DEOH
,QWKH*RYHUQPHQW:LGH)LQDQFLDO6WDWHPHQWVLQWHUHVWSD\DEOHRIORQJWHUPGHEWLVUHFRJQL]HGDVWKHOLDELOLW\LV LQFXUUHGIRU*RYHUQPHQWDO)XQGW\SHVDQG3URSULHWDU\)XQGW\SHV ,Q WKH )XQG )LQDQFLDO 6WDWHPHQWV 3URSULHWDU\ )XQG W\SHV UHFRJQL]H WKH LQWHUHVW SD\DEOH ZKHQ WKH OLDELOLW\ LV LQFXUUHG
- 8QHDUQHG5HYHQXHV
,Q WKH *RYHUQPHQW:LGH )LQDQFLDO 6WDWHPHQWV XQHDUQHG UHYHQXHV LV UHFRJQL]HG IRU WUDQVDFWLRQV IRU ZKLFK UHYHQXHKDVQRW\HWEHHQHDUQHG7\SLFDOWUDQVDFWLRQVUHFRUGHGDVXQHDUQHGUHYHQXHVLQWKH*RYHUQPHQW:LGH )LQDQFLDO6WDWHPHQWVDUHSUHSDLGFKDUJHVIRUVHUYLFHV ,QWKH)XQG)LQDQFLDO6WDWHPHQWVXQHDUQHGUHYHQXHLVUHFRUGHGZKHQWUDQVDFWLRQVKDYHQRW\HWPHWWKHUHYHQXH UHFRJQLWLRQ FULWHULD EDVHG RQWKHPRGLILHG DFFUXDO EDVLV RI DFFRXQWLQJ 7KH &LW\ UHFRUGV XQHDUQHG UHYHQXHIRU WUDQVDFWLRQV IRU ZKLFK UHYHQXHV KDYH QRW EHHQ HDUQHG RU IRU ZKLFK IXQGV DUH QRW DYDLODEOH WR PHHW FXUUHQW ILQDQFLDOREOLJDWLRQV7\SLFDOWUDQVDFWLRQVIRUZKLFKXQHDUQHGUHYHQXHLVUHFRUGHGDUHJUDQWVUHFHLYHGEXWQRW\HW HDUQHGLQWHUHVWRQLQWHUIXQGDGYDQFHVUHFHLYDEOHORQJWHUPDVVHVVPHQWVDQGORDQVUHFHLYDEOH 66 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 5(3257,1*(17,7<$1'6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6 &217,18('

. &RPSHQVDWHG$EVHQFHV
7KH &LW\ KDV FRPSHQVDWHG DEVHQFHV RI UHJXODU YDFDWLRQ IRU DOO GHSDUWPHQWV
 DQG VLFN OHDYH
IRU VHOHFWHG
GHSDUWPHQWV EDVHG RQ FRQWUDFWXDO DJUHHPHQWV
 ZKLFK DUH DFFRXQWHG IRU LQ DFFRUGDQFH ZLWK 86 *$$3 7KH &LW\¶VOLDELOLW\IRUYHVWHGDQGXQSDLGFRPSHQVDWHGDEVHQFHVWKDWH[FHHGH[SHQGDEOHDYDLODEOHILQDQFLDOUHVRXUFHV IRUJRYHUQPHQWDOIXQGW\SHVLVUHSRUWHGLQWKH*RYHUQPHQW:LGH)LQDQFLDO6WDWHPHQWV &RPSHQVDWHGDEVHQFHVOLDELOLWLHVRIJRYHUQPHQWDODFWLYLWLHVDUHJHQHUDOO\OLTXLGDWHGE\WKH*HQHUDO)XQGZKLOH WKH DPRXQWV UHFRUGHG LQ WKH EXVLQHVVW\SH DFWLYLWLHV DUH OLTXLGDWHG E\ WKH IXQG WKDW RULJLQDOO\ LQFXUUHG WKH H[SHQVH
/ %RQG3UHPLXPVDQG'LVFRXQWV
)RUJRYHUQPHQWDOIXQGVWDWHPHQWVERQGSUHPLXPVDQGGLVFRXQWVDUHUHFRJQL]HGGXULQJWKHFXUUHQWSHULRG%RQG SURFHHGVDUHUHSRUWHGDVRWKHUILQDQFLQJVRXUFHVRIWKHDSSOLFDEOHSUHPLXPRUGLVFRXQW )RUJRYHUQPHQWZLGHDQGSURSULHWDU\IXQGVWDWHPHQWVERQGSUHPLXPVDQGGLVFRXQWVDUHGHIHUUHGDQGDPRUWL]HG RYHUWKH OLIH RIWKH ERQGV XVLQJ D VWUDLJKWOLQHPHWKRG%RQGV SD\DEOH DUH UHSRUWHG QHW RIWKH DSSOLFDEOH ERQG SUHPLXPRUGLVFRXQW
0 /RQJ7HUP'HEW
Government-Wide Financial Statements
/RQJWHUPGHEWDQGRWKHUORQJWHUPREOLJDWLRQVDUHUHSRUWHGDVOLDELOLWLHVLQWKHDSSURSULDWHDFWLYLWLHV Fund Financial Statements
7KH*RYHUQPHQWDO)XQG)LQDQFLDO6WDWHPHQWVGRQRWSUHVHQWORQJWHUPGHEWEXWDUHVKRZQLQWKH5HFRQFLOLDWLRQ RIWKH*RYHUQPHQWDO)XQGV%DODQFH6KHHWWRWKH*RYHUQPHQW:LGH6WDWHPHQWRI1HW3RVLWLRQ 3URSULHWDU\)XQG)LQDQFLDO6WDWHPHQWVXVHWKHVDPHSULQFLSOHVDVWKRVHXVHGLQWKH*RYHUQPHQW:LGH)LQDQFLDO 6WDWHPHQWV
1 3HQVLRQV
)RU SXUSRVHV RI PHDVXULQJ WKH QHW SHQVLRQ OLDELOLW\ GHIHUUHG RXWIORZV RI UHVRXUFHV DQG GHIHUUHG LQIORZV RI UHVRXUFHVUHODWHGWRSHQVLRQVDQGSHQVLRQH[SHQVHLQIRUPDWLRQDERXWWKHILGXFLDU\QHWSRVLWLRQRIWKHSODQVDQG DGGLWLRQVWRGHGXFWLRQVIURPWKHSODQV¶ILGXFLDU\QHWSRVLWLRQKDYHEHHQGHWHUPLQHGRQWKHVDPHEDVLVDVWKH\DUH UHSRUWHG E\ WKH SODQV )RU WKLV SXUSRVH EHQHILW SD\PHQWV LQFOXGLQJ UHIXQGV RI HPSOR\HH FRQWULEXWLRQV
 DUH
UHFRJQL]HGZKHQGXHDQGSD\DEOHLQDFFRUGDQFHZLWKEHQHILWWHUPV,QYHVWPHQWVDUHUHSRUWHGDWIDLUYDOXH 7KHIROORZLQJWLPHIUDPHVDUHXVHGIRUSHQVLRQUHSRUWLQJ 
2 2WKHU3RVWHPSOR\PHQW%HQHILWV
23(%

)RU SXUSRVHV RI PHDVXULQJ WKH 7RWDO 23(% OLDELOLW\ GHIHUUHG RXWIORZV RI UHVRXUFHV DQG GHIHUUHG LQIORZV RI UHVRXUFHVUHODWHGWRSHQVLRQVDQG23(%H[SHQVHLQIRUPDWLRQDERXWWKHILGXFLDU\QHWSRVLWLRQRIWKHSODQVDQG DGGLWLRQVWRGHGXFWLRQVIURPWKHSODQV¶ILGXFLDU\QHWSRVLWLRQKDYHEHHQGHWHUPLQHGRQWKHVDPHEDVLVDVWKH\DUH UHSRUWHGE\WKHSODQV
1RWH

&DO3(56
9DOXDWLRQGDWH -XQH
0HDVXUHPHQWGDWH -XQH
0HDVXUHPHQWSHULRG -XO\WR-XQH
67 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 5(3257,1*(17,7<$1'6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6 &217,18('

7KHIROORZLQJWLPHIUDPHVDUHXVHGIRU23(%UHSRUWLQJ

3 'HIHUUHG2XWIORZV,QIORZVRI5HVRXUFHV
,Q DGGLWLRQ WR DVVHWV WKH VWDWHPHQW RI ILQDQFLDO SRVLWLRQ ZLOO VRPHWLPHV UHSRUW D VHSDUDWH VHFWLRQ IRU GHIHUUHG RXWIORZV RI UHVRXUFHV 7KLV VHSDUDWHILQDQFLDO VWDWHPHQW HOHPHQW GHIHUUHG RXWIORZV RI UHVRXUFHV UHSUHVHQWV D FRQVXPSWLRQ RI QHW DVVHWV WKDW DSSOLHV WR D IXWXUH SHULRG V
 DQG VR ZLOO QRW EH UHFRJQL]HG DV DQ RXWIORZ RI UHVRXUFHV
H[SHQVHVH[SHQGLWXUH
XQWLOWKHQ7KH&LW\KDVVHYHUDOLWHPVWKDWTXDOLI\IRUUHSRUWLQJLQWKLVFDWHJRU\ WKDWDUHGHIHUUHGLWHPVUHODWHGWRSHQVLRQVDQG23(%
,QDGGLWLRQWROLDELOLWLHVWKH VWDWHPHQWRIILQDQFLDOSRVLWLRQZLOO VRPHWLPHV UHSRUWD VHSDUDWH VHFWLRQIRUGHIHUUHG LQIORZV RI UHVRXUFHV 7KLV VHSDUDWH ILQDQFLDO VWDWHPHQW HOHPHQW GHIHUUHG LQIORZV RI UHVRXUFHV UHSUHVHQWV DQ DFTXLVLWLRQRIQHWDVVHWVWKDWDSSOLHVWRDIXWXUHSHULRG V
DQGVRZLOOQRWEHUHFRJQL]HGDVDQLQIORZRIUHVRXUFHV

UHYHQXH
XQWLOWKDWWLPH7KH&LW\KDV VHYHUDOLWHPVWKDWTXDOLI\IRUWKLVFDWHJRU\DGHIHUUHGJDLQRQ UHIXQGLQJ UHVXOWVIURPWKHGLIIHUHQFHLQWKHFDUU\LQJYDOXHRIWKH UHIXQGHGGHEWDQGLWV UHDFTXLVLWLRQSULFH7KLVDPRXQWLV GHIHUUHGDQGDPRUWL]HGRYHUWKHVKRUWHURIWKHOLIHRIWKHUHIXQGHGRUUHIXQGLQJGHEW7KHUHDUHDOVRVHYHUDOLWHPV WKDWTXDOLI\IRUUHSRUWLQJLQWKLVFDWHJRU\UHODWHGWRSHQVLRQVDQG23(% 4 1HW3RVLWLRQ
,Q WKH *RYHUQPHQW:LGH )LQDQFLDO 6WDWHPHQWV DQG WKH SURSULHWDU\ IXQG ILQDQFLDO VWDWHPHQWV 1HW 3RVLWLRQ DUH FODVVLILHGLQWKHIROORZLQJFDWHJRULHV

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
5 )XQG%DODQFHV
,QWKH*RYHUQPHQWDO)XQG)LQDQFLDO6WDWHPHQWVIXQGEDODQFHVDUHFODVVLILHGLQWKHIROORZLQJFDWHJRULHV 
Nonspendable - ,WHPVWKDWFDQQRWEHVSHQWEHFDXVHWKH\DUHQRWLQVSHQGDEOHIRUPVXFKDVSUHSDLGLWHPVDQG LQYHQWRULHV LWHPV WKDW DUH OHJDOO\ RU FRQWUDFWXDOO\ UHTXLUHG WR EH PDLQWDLQHG LQWDFW VXFK DV SULQFLSDO RI DQ HQGRZPHQWRUUHYROYLQJORDQIXQGV
Restricted - 5HVWULFWHGIXQGEDODQFHVHQFRPSDVVWKHSRUWLRQRIQHW UHVRXUFHV VXEMHFWWRH[WHUQDOO\HQIRUFHDEOH OHJDO UHVWULFWLRQV 7KLV LQFOXGHV H[WHUQDOO\ UHVWULFWLRQV E\ FUHGLWRUV VXFK DV WKURXJK GHEW FRYHQDQWV JUDQWRUV FRQWULEXWRUV ODZV RU UHJXODWLRQV RI RWKHU JRYHUQPHQWV DV ZHOO DV UHVWULFWLRQV LPSRVHG E\ ODZ WKURXJK FRQVWLWXWLRQDOSURYLVLRQVRUHQDEOLQJOHJLVODWLRQ
23(%
9DOXDWLRQGDWH -XQH
0HDVXUHPHQWGDWH -XQH
0HDVXUHPHQWSHULRG -XO\WR-XQH
68 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 5(3257,1*(17,7<$1'6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6 &217,18('

Committed - &RPPLWWHG IXQG EDODQFHV HQFRPSDVV WKH SRUWLRQ RI QHW IXQG UHVRXUFHV WKH XVH RI ZKLFK LV FRQVWUDLQHGE\OLPLWDWLRQVWKDWWKHJRYHUQPHQWLPSRVHVXSRQLWVHOI UHVROXWLRQRURUGLQDQFH
DWLWVKLJKHVWOHYHORI
GHFLVLRQPDNLQJQRUPDOO\WKHJRYHUQLQJERG\DQGWKDWUHPDLQELQGLQJXQOHVVUHPRYHGLQWKHVDPHPDQQHU7KH &LW\&RXQFLOLVFRQVLGHUHGWKHKLJKHVWDXWKRULW\IRUWKH&LW\ Assigned - $VVLJQHG IXQG EDODQFHV HQFRPSDVV WKH SRUWLRQ RI QHW IXQG UHVRXUFHV UHIOHFWLQJ WKH JRYHUQPHQW¶V LQWHQGHGXVHRIUHVRXUFHV$VVLJQPHQWRIUHVRXUFHVFDQEHGRQHE\WKHKLJKHVWOHYHORIGHFLVLRQPDNLQJRUE\D FRPPLWWHH RU RIILFLDO GHVLJQDWHG IRU WKDW SXUSRVH 7KH &LW\ &RXQFLO KDV DXWKRUL]HG WKH &LW\ 0DQDJHU DQG WKH 'LUHFWRU RI )LQDQFH IRU WKDW SXUSRVH 7KH &LW\ &RXQFLO PD\ DOVR DVVLJQ IXQG EDODQFH KRZHYHU XQOLNH FRPPLWPHQWVDVVLJQPHQWVJHQHUDOO\RQO\H[LVWWHPSRUDULO\DQGDGGLWLRQDODFWLRQGRHVQRWQRUPDOO\KDYHWREH WDNHQIRUWKHUHPRYDORIDQDVVLJQPHQW
Unassigned - 7KHVHDUHHLWKHUUHVLGXDOSRVLWLYHQHWUHVRXUFHVRIWKH*HQHUDO)XQGLQH[FHVVRIZKDWFDQSURSHUO\ EHFODVVLILHGLQRQHRIWKHRWKHUFDWHJRULHVRUQHJDWLYHEDODQFHVLQDOORWKHUIXQGV 6 6SHQGLQJ3ROLF\
Government-Wide Financial Statements and the Proprietary Fund Financial Statements :KHQDQH[SHQVHLVLQFXUUHGIRUSXUSRVHVIRUZKLFKERWKUHVWULFWHGDQGXQUHVWULFWHG1HW3RVLWLRQDUHDYDLODEOH WKH&LW\¶VSROLF\LVWRDSSO\UHVWULFWHG1HW3RVLWLRQILUVW Governmental Fund Financial Statements
:KHQH[SHQGLWXUHVDUHLQFXUUHGIRUSXUSRVHVIRUZKLFKDOOUHVWULFWHGFRPPLWWHGDVVLJQHGDQGXQDVVLJQHGIXQG EDODQFHV DUH DYDLODEOH WKH &LW\¶V SROLF\ LV WR DSSO\ LQ WKH IROORZLQJ RUGHU H[FHSW IRU LQVWDQFHV ZKHUHLQ DQ RUGLQDQFHVSHFLILHVWKHIXQGEDODQFH

x 5HVWULFWHG
x &RPPLWWHG
x $VVLJQHG
x 8QDVVLJQHG
7 3URSHUW\7D[HV
,Q
D6WDWHFRQVWLWXWLRQDODPHQGPHQW
$UWLFOH;,,,$
SURYLGHGWKDWWKHDGYDORUHP UHDOSURSHUW\WD[ UDWHEH OLPLWHGWRRIPDUNHWYDOXHDQGEHOHYLHGRQO\E\WKHFRXQW\DQGVKDUHGZLWKDOORWKHUMXULVGLFWLRQV7KH&RXQW\ RI .HUQ FROOHFWV WKH SURSHUW\ WD[HV DQG GLVWULEXWHV WKHP WR WD[LQJ MXULVGLFWLRQV RQ WKH EDVLV RI WKH WD[LQJ MXULVGLFWLRQV¶DVVHVVHGYDOXDWLRQVXEMHFWWRDGMXVWPHQWVIRUYRWHUDSSURYHGGHEW3URSHUW\WD[HVDUHIRUPDOO\GXH RQ 1RYHPEHU  DQG )HEUXDU\  DQG EHFRPH GHOLQTXHQW DV RI 'HFHPEHU  DQG $SULO  UHVSHFWLYHO\ 7D[HV EHFRPHDOLHQRQWKHSURSHUW\HIIHFWLYH0DUFKRIWKHSUHFHGLQJ\HDU 8 8VHRI(VWLPDWHV
7KH SUHSDUDWLRQ RI ILQDQFLDO VWDWHPHQWV LQ FRQIRUPLW\ ZLWK DFFRXQWLQJ SULQFLSOHV JHQHUDOO\ DFFHSWHG RI WKH 8QLWHG 6WDWHV RI $PHULFD UHTXLUHV PDQDJHPHQW WR PDNH HVWLPDWHV DQG DVVXPSWLRQV 7KHVH HVWLPDWHV DQG DVVXPSWLRQVDIIHFWWKHUHSRUWHGDPRXQWVRIDVVHWVGHIHUUHGRXWIORZVRIUHVRXUFHVOLDELOLWLHVGHIHUUHGLQIORZVRI UHVRXUFHVDQGWKHGLVFORVXUHRIFRQWLQJHQWDVVHWVDQGOLDELOLWLHV,QDGGLWLRQHVWLPDWHVDIIHFWWKHUHSRUWHGDPRXQW RIH[SHQVHV$FWXDOUHVXOWVFRXOGGLIIHUIURPWKHVHHVWLPDWHVDQGDVVXPSWLRQV 9 /HDVHV
/HVVHH7KH&LW\LVDOHVVHHIRUQRQFDQFHOODEOHOHDVHVRIHTXLSPHQW7KH&LW\UHFRJQL]HVDOHDVHOLDELOLW\DQGDQ LQWDQJLEOH ULJKWǦWRǦXVHOHDVHDVVHW
OHDVHDVVHW
LQWKHILQDQFLDO VWDWHPHQWV7KH&LW\ UHFRJQL]HVOHDVHOLDELOLWLHV ZLWKDQLQLWLDOLQGLYLGXDOYDOXHRIRUPRUH
69 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 5(3257,1*(17,7<$1'6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6 &217,18('

$WWKHFRPPHQFHPHQWRIDOHDVHWKH&LW\LQLWLDOO\PHDVXUHVWKHOHDVHOLDELOLW\DWWKHSUHVHQWYDOXHRISD\PHQWV H[SHFWHGWREHPDGHGXULQJWKHOHDVHWHUP6XEVHTXHQWO\WKHOHDVHOLDELOLW\LVUHGXFHGE\WKHSULQFLSDOSRUWLRQRI OHDVHSD\PHQWVPDGH7KHOHDVHDVVHWLVLQLWLDOO\PHDVXUHGDVWKHLQLWLDODPRXQWRIWKHOHDVHOLDELOLW\DGMXVWHGIRU OHDVHSD\PHQWVPDGHDWRUEHIRUHWKHOHDVHFRPPHQFHPHQWGDWHSOXVFHUWDLQLQLWLDOGLUHFWFRVWV6XEVHTXHQWO\ WKHULJKWWRXVHOHDVHDVVHWLVDPRUWL]HGRQDVWUDLJKWǦOLQHEDVLVRYHULWVXVHIXOOLIH .H\HVWLPDWHVDQGMXGJPHQWV UHODWHGWROHDVHVLQFOXGHKRZWKH&LW\GHWHUPLQHV 
WKHGLVFRXQW UDWHLWXVHVWR
GLVFRXQWWKHH[SHFWHGOHDVHSD\PHQWVWRSUHVHQWYDOXH 
OHDVHWHUPDQG

OHDVHSD\PHQWV
x 7KH&LW\XVHVWKHLQWHUHVWUDWHFKDUJHGE\WKHOHVVRUDVWKHGLVFRXQWUDWH:KHQWKHLQWHUHVWUDWHFKDUJHGE\ WKH OHVVRU LVQRW SURYLGHGWKH&LW\ JHQHUDOO\ XVHV LWV HVWLPDWHG LQFUHPHQWDO ERUURZLQJ UDWH DVWKHGLVFRXQW UDWHIRUOHDVHV
x 7KH OHDVH WHUP LQFOXGHV WKH QRQFDQFHOODEOH SHULRG RI WKH OHDVH /HDVH SD\PHQWV LQFOXGHG LQ WKH PHDVXUHPHQWRIWKHOHDVHOLDELOLW\DUHFRPSRVHGRIIL[HGSD\PHQWVDQGSXUFKDVHRSWLRQSULFHWKDWWKH&LW\LV UHDVRQDEO\FHUWDLQWRH[HUFLVH
7KH&LW\PRQLWRUVFKDQJHVLQFLUFXPVWDQFHVWKDWZRXOGUHTXLUHDUHPHDVXUHPHQWRILWVOHDVHDQGZLOOUHPHDVXUH WKH OHDVH DVVHW DQG OLDELOLW\ LI FHUWDLQ FKDQJHV RFFXUWKDW DUH H[SHFWHGWR VLJQLILFDQWO\ DIIHFWWKH DPRXQW RIWKH OHDVHOLDELOLW\
5LJKWWRXVHOHDVHDVVHWVDUH UHSRUWHGZLWKRWKHUFDSLWDODVVHWVDQGOHDVHOLDELOLWLHVDUH UHSRUWHGZLWKORQJWHUP GHEWRQWKHVWDWHPHQWRIQHWSRVLWLRQ
7KH&LW\GLGQRWKDYHDQ\OHVVHHWRLPSOHPHQWDQGUHFRJQL]HLQ)< /HVVRU7KH&LW\LVDOHVVRUIRUDQRQFDQFHOODEOHOHDVHRIDFHOOWRZHUVLWH7KH&LW\UHFRJQL]HVDOHDVHUHFHLYDEOH DQGDGHIHUUHGLQIORZRIUHVRXUFHVLQWKHILQDQFLDOVWDWHPHQWV $W WKH FRPPHQFHPHQW RI D OHDVH WKH &LW\ LQLWLDOO\ PHDVXUHV WKH OHDVH UHFHLYDEOH DW WKH SUHVHQW YDOXH RI SD\PHQWVH[SHFWHGWREH UHFHLYHGGXULQJWKHOHDVHWHUP6XEVHTXHQWO\WKHOHDVH UHFHLYDEOHLV UHGXFHGE\WKH SULQFLSDOSRUWLRQRIOHDVHSD\PHQWV UHFHLYHG7KHGHIHUUHGLQIORZRI UHVRXUFHVLVLQLWLDOO\PHDVXUHGDVWKHLQLWLDO DPRXQWRIWKHOHDVHUHFHLYDEOHDGMXVWHGIRUOHDVHSD\PHQWVUHFHLYHGDWRUEHIRUHWKHOHDVHFRPPHQFHPHQWGDWH 6XEVHTXHQWO\WKHGHIHUUHGLQIORZRIUHVRXUFHVLVUHFRJQL]HGDVUHYHQXHRYHUWKHOLIHRIWKHOHDVHWHUP .H\ HVWLPDWHV DQG MXGJPHQWV LQFOXGH KRZ WKH &LW\ GHWHUPLQHV 
 WKH GLVFRXQW UDWH LW XVHV WR GLVFRXQW WKH
H[SHFWHGOHDVHUHFHLSWVWRSUHVHQWYDOXH

OHDVHWHUPDQG

OHDVHUHFHLSWV
x 7KH&LW\XVHVLWVHVWLPDWHGLQFUHPHQWDOERUURZLQJUDWHDVWKHGLVFRXQWUDWHIRUOHDVHV x 7KHOHDVHWHUPLQFOXGHVWKHQRQFDQFHOODEOHSHULRGRIWKHOHDVH/HDVHUHFHLSWVLQFOXGHGLQWKHPHDVXUHPHQW RIWKHOHDVHUHFHLYDEOHLVFRPSRVHGRIIL[HGSD\PHQWVIURPWKHOHVVHH : 6XEVFULSWLRQ%DVHG,QIRUPDWLRQ7HFKQRORJ\$UUDQJHPHQWV 7KH&LW\LVDVXEVFULEHUIRUDQRQFDQFHOODEOHVXEVFULSWLRQRILQIRUPDWLRQWHFKQRORJ\VHUYLFHV7KH&LW\UHFRJQL]HV D VXEVFULSWLRQ OLDELOLW\ DQG DQ LQWDQJLEOH ULJKWǦWRǦXVH VXEVFULSWLRQ DVVHW VXEVFULSWLRQ DVVHW
 LQ WKH
JRYHUQPHQWǦZLGHILQDQFLDOVWDWHPHQWV7KH&LW\UHFRJQL]HVVXEVFULSWLRQOLDELOLWLHVZLWKDQLQLWLDOLQGLYLGXDOYDOXHRI RUPRUH
$WWKHFRPPHQFHPHQWRIDVXEVFULSWLRQWKH&LW\LQLWLDOO\PHDVXUHVWKHVXEVFULSWLRQOLDELOLW\DWWKHSUHVHQWYDOXHRI SD\PHQWVH[SHFWHGWREHPDGHGXULQJWKHVXEVFULSWLRQWHUP6XEVHTXHQWO\WKHVXEVFULSWLRQOLDELOLW\LVUHGXFHGE\ WKH SULQFLSDO SRUWLRQ RI VXEVFULSWLRQ SD\PHQWV PDGH 7KH VXEVFULSWLRQ DVVHW LV LQLWLDOO\ PHDVXUHG DV WKH LQLWLDO DPRXQW RI WKH VXEVFULSWLRQ OLDELOLW\ DGMXVWHG IRU VXEVFULSWLRQ SD\PHQWV PDGH DW RU EHIRUH WKH VXEVFULSWLRQ 70 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 5(3257,1*(17,7<$1'6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6 &217,18('

FRPPHQFHPHQW GDWH SOXV FHUWDLQ LQLWLDO GLUHFW FRVWV 6XEVHTXHQWO\ WKH VXEVFULSWLRQ DVVHW LV DPRUWL]HG RQ D VWUDLJKWǦOLQHEDVLVRYHULWVXVHIXOOLIH.H\HVWLPDWHVDQGMXGJPHQWVUHODWHGWRVXEVFULSWLRQVLQFOXGHKRZWKH&LW\ GHWHUPLQHV

 WKH GLVFRXQW UDWH LW XVHV WR GLVFRXQW WKH H[SHFWHG VXEVFULSWLRQ SD\PHQWV WR SUHVHQW YDOXH


OHDVHWHUPDQG

VXEVFULSWLRQSD\PHQWV
x 7KH&LW\XVHVWKHLQWHUHVWUDWHFKDUJHGE\WKHYHQGRUDVWKHGLVFRXQWUDWH:KHQWKHLQWHUHVWUDWHFKDUJHGE\ WKHYHQGRULVQRWSURYLGHGWKH&LW\JHQHUDOO\XVHVLWVHVWLPDWHGLQFUHPHQWDOERUURZLQJ UDWHDVWKHGLVFRXQW UDWHIRUVXEVFULSWLRQV
x 7KHVXEVFULSWLRQWHUPLQFOXGHVWKHQRQFDQFHOODEOHSHULRGRIWKHVXEVFULSWLRQ6XEVFULSWLRQSD\PHQWVLQFOXGHG LQWKHPHDVXUHPHQWRIWKHVXEVFULSWLRQOLDELOLW\DUHFRPSRVHGRIIL[HGSD\PHQWVWKDWWKH&LW\LV UHDVRQDEO\ FHUWDLQWRH[HUFLVH
7KH &LW\ PRQLWRUV FKDQJHV LQ FLUFXPVWDQFHV WKDW ZRXOG UHTXLUH D UHPHDVXUHPHQW RI LWV VXEVFULSWLRQV DQG ZLOO UHPHDVXUHWKHVXEVFULSWLRQDVVHWDQGOLDELOLW\LIFHUWDLQFKDQJHVRFFXUWKDWDUHH[SHFWHGWRVLJQLILFDQWO\DIIHFWWKH DPRXQWRIWKHVXEVFULSWLRQOLDELOLW\
6XEVFULSWLRQDVVHWVDUHUHSRUWHGZLWKRWKHUFDSLWDODVVHWVDQGVXEVFULSWLRQOLDELOLWLHVDUHUHSRUWHGZLWKORQJWHUP GHEWRQWKHVWDWHPHQWRIQHWSRVLWLRQ
127(
 &$6+$1',19(670(176
7KHIROORZLQJLVDVXPPDU\RISRROHGFDVKDQGLQYHVWPHQWVLQFOXGLQJFDVKDQGLQYHVWPHQWVZLWKILVFDODJHQWVDW -XQH
&DVKDQGLQYHVWPHQWVFRQVLVWHGRIWKHIROORZLQJDW-XQH 
$ 'HSRVLWV
$W -XQH   WKH FDUU\LQJ DPRXQW RI WKH &LW\¶V GHSRVLWV ZDV   DQG WKH EDQN EDODQFHV ZHUH
 7KHWRWDO EDQN EDODQFH ZDV FRYHUHG E\IHGHUDO GHSRVLWRU\ LQVXUDQFH RU E\ FROODWHUDO KHOG E\WKH &LW\¶VDJHQWLQWKH&LW\¶VQDPH
)LGXFLDU\
)XQGV
*RYHUQPHQWDO %XVLQHVV7\SH 6WDWHPHQWRI
$FWLYLWLHV $FWLYLWLHV 7RWDO 1HW3RVLWLRQ 7RWDO
&DVKDQGLQYHVWPHQWV     
  
 
  

 
&DVKDQGLQYHVWPHQWVZLWKILVFDODJHQW           7RWDOFDVKDQGLQYHVWPHQWV   
    
  
 
*RYHUQPHQW:LGH6WDWHPHQWRI1HW3RVLWLRQ
&DVK

&DVKRQKDQG 

'HSRVLWVZLWKILQDQFLDOLQVWLWXWLRQ 
 
7RWDOFDVK 
 
,QYHVWPHQWV
,QYHVWPHQWV 

,QYHVWPHQWVKHOGE\ERQGWUXVWHH   7RWDOLQYHVWPHQWV 
 
7RWDOFDVKDQGLQYHVWPHQWV 
 
71 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 &$6+$1',19(670(176
&217,18('

% 5LVNV'LVFORVXUHV
Interest Rate Risk
$V DPHDQV RI OLPLWLQJ LWV H[SRVXUHWRIDLU YDOXH ORVVHV DULVLQJIURP ULVLQJ LQWHUHVW UDWHVWKH &LW\¶V LQYHVWPHQW SROLF\SURYLGHVWKDWILQDOPDWXULWLHVRIVHFXULWLHVFDQQRWH[FHHGILYH\HDUV+RZHYHUXQGHUWKHLQYHVWPHQWSROLF\ UHVHUYHIXQGVPD\EHLQYHVWHGLQVHFXULWLHVH[FHHGLQJILYH\HDUVLIWKHPDWXULW\RIVXFKLQYHVWPHQWVLVPDGHWR FRLQFLGHDVQHDUO\DVSUDFWLFDEOHZLWKWKHH[SHFWHGXVHRIWKHIXQGV6SHFLILFPDWXULWLHVRILQYHVWPHQWVGHSHQGRQ OLTXLGLW\ QHHGV $W -XQH   WKH &LW\¶V SRROHG FDVK DQG LQYHVWPHQWV KDG WKH IROORZLQJ PDWXULWLHV 
Credit Risk
,WLVWKH&LW\¶VSROLF\WKDWFRPPHUFLDOSDSHUKDYHDUDWLQJRI³$´RUKLJKHUE\DQDWLRQDOO\UHFRJQL]HGVWDWLVWLFDO UDWLQJ RUJDQL]DWLRQ
15652
 DQG ZLWK D PDWXULW\ GDWH QRW H[FHHGLQJ  GD\V IURP WKH GDWH RI SXUFKDVH 0HGLXPWHUPQRWHVZLWKDILQDOPDWXULW\QRWH[FHHGLQJIRXU\HDUVIURPWKHGDWHRISXUFKDVHPXVWKDYHDUDWLQJ RI$$RUWKHHTXLYDOHQWE\D156520HGLXPWHUPQRWHVZLWKDILQDOPDWXULW\H[FHHGLQJIRXU\HDUVIURPWKHGDWH RISXUFKDVHVKDOOEHUDWHGDWOHDVW$$RUWKHHTXLYDOHQWE\D15652DWWKHWLPHRISXUFKDVH$FFRUGLQJWRWKH &LW\¶VLQYHVWPHQWSROLF\WKHDJJUHJDWHLQYHVWPHQWLQPHGLXPWHUPQRWHVZLOOQRWH[FHHGRIWKH&LW\¶VWRWDO SRUWIROLRRUSHULVVXDQFH)HGHUDOLQVWUXPHQWDOLWLHVPXVWKDYHDUDWLQJRI$$RUWKHHTXLYDOHQWE\D15652DW WKHWLPHRISXUFKDVH7KH/RFDO$JHQF\,QYHVWPHQW)XQG /$,)
DGPLQLVWHUHGE\WKH6WDWHRI&DOLIRUQLDKDVD
VHSDUDWH LQYHVWPHQW SROLF\ JRYHUQHG E\ *RYHUQPHQW &RGH 6HFWLRQV  WKDW SURYLGHV FUHGLW VWDQGDUGVIRULWVLQYHVWPHQWV
$W-XQHWKH&LW\¶VSRROHGFDVKDQGLQYHVWPHQWVKDGWKHIROORZLQJFUHGLWULVN 
7RWDO \HDURUOHVV \HDUV \HDUV \HDUV
             
   
                  
  
 
     

   
       
 
                   
  

  

   
  

      

 
 
        0RQH\0DUNHW0XWXDO)XQGV           7RWDO,QYHVWPHQWV 
  
   


6DYLQJV3ODQ
,QYHVWPHQW0DWXULWLHV
,QYHVWPHQW7\SH
/RFDO$JHQF\,QYHVWPHQW)XQG
0RQH\0DUNHW
&HUWLILFDWHRI'HSRVLW
&DOLIRUQLD&/$66
+HOGE\%RQG7UXVWHH
86*RYHUQPHQW$JHQF\6HFXULWLHV
1RQ86*RYHUQPHQW
$JHQF\6HFXULWLHV
&RUSRUDWH6HFXULWLHV
0RUWJDJH%DFNHG6HFXULWLHV
0XQLFLSDO6HFXULWLHV
7RWDO
0LQLPXP
/HJDO5DWLQJ
5DWLQJVDW<HDU
(QG
$$RU$$$
5DWLQJVDW<HDU
(QG
$$ 1RW5DWHG
 1$      
 1$      
 1$      
 $ 

  

 $$      

1$ 
 
 $      
 $$  

 



1$ 

 

 1$ 
  
0RQH\0DUNHW0XWXDO)XQGV  $$    7RWDO,QYHVWPHQWV 
  
 
+HOGE\%RQG7UXVWHH
,QYHVWPHQW7\SH
/RFDO$JHQF\,QYHVWPHQW)XQG
0RQH\0DUNHW
&HUWLILFDWHRI'HSRVLW
6DYLQJV3ODQ
86*RYHUQPHQW$JHQF\6HFXULWLHV
1RQ86*RYHUQPHQW
$JHQF\6HFXULWLHV
&RUSRUDWH6HFXULWLHV
0RUWJDJH%DFNHG6HFXULWLHV
0XQLFLSDO6HFXULWLHV
&DOLIRUQLD&/$66
72 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 &$6+$1',19(670(176
&217,18('

Custodial Credit Risk
$OO SRROHG FHUWLILFDWHV RI GHSRVLW DQG EDQN EDODQFHV DUH HQWLUHO\ LQVXUHG RU FROODWHUDOL]HG 7KH &DOLIRUQLD *RYHUQPHQW&RGHUHTXLUHV&DOLIRUQLDEDQNVDQGVDYLQJVDQGORDQDVVRFLDWLRQVWRVHFXUHDQDJHQF\¶VGHSRVLWVE\ SOHGJLQJJRYHUQPHQWVHFXULWLHVDVFROODWHUDO7KHPDUNHWYDOXHRIWKHSOHGJHGVHFXULWLHVPXVWHTXDODWOHDVW RI DQ DJHQF\¶V GHSRVLWV &DOLIRUQLD ODZ DOVR DOORZV ILQDQFLDO LQVWLWXWLRQV WR VHFXUH ORFDO DJHQF\ GHSRVLWV E\ SOHGJLQJILUVWWUXVWGHHGPRUWJDJHQRWHVKDYLQJDYDOXHRIRIDORFDODJHQF\¶VGHSRVLWV7KH&LW\PD\ZDLYH FROODWHUDO UHTXLUHPHQWV IRU GHSRVLWV ZKLFK DUH IXOO\ LQVXUHG XS WR  E\ WKH )HGHUDO 'HSRVLW ,QVXUDQFH &RUSRUDWLRQ
)',&

)RUDQLQYHVWPHQWFXVWRGLDOFUHGLWULVNLVWKHULVNWKDWLQWKHHYHQWRIWKHIDLOXUHRIWKHFRXQWHUSDUW\WKH&LW\ZLOO QRWEHDEOHWRUHFRYHUWKHYDOXHRILWVLQYHVWPHQWVRUFROODWHUDOVHFXULWLHVWKDWDUHLQWKHSRVVHVVLRQRIDQRXWVLGH SDUW\$OOVHFXULWLHVZLWKWKHH[FHSWLRQRIWKH&HUWLILFDWHVRI'HSRVLWVPRQH\PDUNHWIXQGVDQG/$,)DUHKHOGE\ D WKLUGSDUW\ FXVWRGLDQ
8QLRQ %DQN RI &DOLIRUQLD 7UXVW 'LYLVLRQ
 8QLRQ %DQN LV D UHJLVWHUHG PHPEHU RI WKH
)HGHUDO5HVHUYH%DQN
7KH VHFXULWLHV KHOG E\ 8QLRQ %DQN DUH LQ VWUHHW QDPH DQG DQ DFFRXQW QXPEHU DVVLJQHG WR WKH &LW\ LGHQWLILHV RZQHUVKLS 7KH &LW\ PDNHV DOO LQYHVWPHQW SXUFKDVHV RWKHU WKDQ /$,) PRQH\ PDUNHW DQG &HUWLILFDWHV RI 'HSRVLWVRQD'HOLYHU\YHUVXV3D\PHQW
'93
EDVLVDVDQDGGLWLRQDOSURWHFWLRQDJDLQVWFXVWRGLDOFUHGLWULVN Concentration of Credit Risk
:LWKWKHH[FHSWLRQRI/$,)WKH&LW\¶VLQYHVWPHQWSROLF\FRQWDLQVOLPLWDWLRQVRQWKHDPRXQWWKDWFDQEHLQYHVWHGLQ DQ\RQHLVVXHUEH\RQGWKDWVWLSXODWHGE\WKH&DOLIRUQLD*RYHUQPHQW&RGH:LWKWKHH[FHSWLRQRI/$,)WKH&LW\ KDVQRWLQYHVWHGPRUHWKDQRILWVWRWDOLQYHVWPHQWYDOXHZLWKDQ\RQHLVVXHU & ([WHUQDO,QYHVWPHQW3RRO
7KH&LW\LVDYROXQWDU\SDUWLFLSDQWLQWKH/RFDO$JHQF\,QYHVWPHQW)XQG /$,)
WKDWLVUHJXODWHGE\WKH&DOLIRUQLD
*RYHUQPHQW &RGH XQGHU WKH RYHUVLJKW RI WKH 7UHDVXUHU RI WKH 6WDWH RI &DOLIRUQLD 7KH IDLU YDOXH RI WKH &LW\¶V LQYHVWPHQW LQ WKLV SRRO LV UHSRUWHG LQ WKH DFFRPSDQ\LQJ ILQDQFLDO VWDWHPHQWV DW DPRXQWV EDVHG RQ WKH &LW\¶V SURUDWDVKDUHRIWKHIDLUYDOXHSURYLGHGE\/$,)IRUWKHHQWLUH/$,)SRUWIROLR LQUHODWLRQWRWKHDPRUWL]HGFRVWRI
WKDWSRUWIROLR
7KHEDODQFHDYDLODEOHIRUZLWKGUDZDOLVEDVHGRQWKHDFFRXQWLQJUHFRUGVPDLQWDLQHGE\/$,)ZKLFK DUH UHFRUGHGRQDQDPRUWL]HGFRVWEDVLV/$,)LVQRW UHJLVWHUHGZLWKWKH6HFXULWLHVDQG([FKDQJH&RPPLVVLRQ DQGLVQRWUDWHG'HSRVLWVDQGZLWKGUDZDOVLQ/$,)DUHPDGHRQWKHEDVLVRIDQGQRWIDLUYDOXH$FFRUGLQJO\ WKH&LW\¶VLQYHVWPHQWLQWKLVSRROLVPHDVXUHGRQXQFDWHJRUL]HGLQSXWVQRWGHILQHGDV/HYHORU 127(
 )$,59$/8(0($685(0(176
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
/HYHOLQSXWVDUHVLJQLILFDQWRWKHUREVHUYDEOHLQSXWV /HYHOLQSXWVDUHVLJQLILFDQWXQREVHUYDEOH
LQSXWV:LWKWKHH[FHSWLRQRI/$,)ZKLFKLVXQFDWHJRUL]HGDOORIWKH&LW\¶VLQYHVWPHQWVDUHYDOXHGXVLQJ/HYHO LQSXWV
73 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 )$,59$/8(0($685(0(176
&217,18('

)DLUYDOXHRIDVVHWVPHDVXUHGRQDUHFXUULQJEDVLVDW-XQHDUHDVIROORZV 
127(
 ,17(5)81'%$/$1&(6$1'75$16$&7,216
Due to/Due from Other Funds
$VRI-XQHLQWHUIXQGUHFHLYDEOHVDQGSD\DEOHVZHUHDVIROORZV 
&XUUHQWLQWHUIXQGEDODQFHVDULVHLQWKHQRUPDOFRXUVHRIRSHUDWLRQVWRFRYHUFDVKVKRUWDJHVDQGDUHH[SHFWHGWR EHUHSDLGVKRUWO\DIWHUWKHHQGRIWKHILVFDO\HDU
-XQH /HYHO
,QYHVWPHQWVPHDVXUHGE\IDLUYDOXHOHYHO

1HJRWLDEOHFHUWLILFDWHVRIGHSRVLW   86*RYHUQPHQW$JHQF\6HFXULWLHV 


1RQ86*RYHUQPHQW$JHQF\6HFXULWLHV   &RUSRUDWH6HFXULWLHV 
 

0RUWJDJH%DFNHG6HFXULWLHV 




0XQLFLSDO6HFXULWLHV 
 

7RWDO,QYHVWPHQWVE\IDLUYDOXHOHYHO   ,QYHVWPHQWVQRWVXEMHFWWRWKHIDLUYDOXHKLHUDUFK\

/RFDODJHQF\LQYHVWPHQWIXQGV6WDWHRI&$  0RQH\PDUNHWPXWXDOIXQGV 
&HUWLILFDWHRIGHSRVLW 

7RWDOLQYHVWPHQWVQRWVXEMHFWWRWKHIDLUYDOXHKLHUDUFK\    7RWDOLQYHVWPHQWV 

5HFHLYDEOH)XQG $PRXQW 3XUSRVH
*HQHUDO)XQG 7UDQVSRUWDWLRQ)XQG  2YHUGUDZQ&DVK *HQHUDO)XQG 1RQPDMRU*RYHUPHQWDO)XQGV  2YHUGUDZQ&DVK *HQHUDO)XQG 5DLO6SXU6HUYLFHV)XQG  2YHUGUDZQ&DVK *HQHUDO)XQG )LEHU2SWLF &RPPXQLFDWLRQ7RZHU)XQG  2YHUGUDZQ&DVK *HQHUDO)XQG 2WKHU(QWHUSULVH)XQGV  2YHUGUDZQ&DVK *HQHUDO)XQG ,QWHUQDOVHUYLFHIXQGV 
 2YHUGUDZQ&DVK
7RWDO 
3D\DEOH)XQG
74 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 ,17(5)81'%$/$1&(6$1'75$16$&7,216
&217,18('

Transfers In/Out
,QWHUIXQGWUDQVIHUVIRUWKH\HDUHQGHG-XQHZHUHDVIROORZV 
7UDQVIHUV ZHUHPDGHIURP 2WKHU *RYHUQPHQWDO )XQGVWR *HQHUDO:DWHU 6HUYLFHV:DVWHZDWHU 6HUYLFHV DQG ,QIRUPDWLRQ7HFKQRORJ\)XQGIRU
IRUDGPLQLVWUDWLRQFRVWV
127(
 &$3,7$/$66(76
$ *RYHUQPHQWDO$FWLYLWLHV
6XPPDU\ RI FKDQJHV LQ FDSLWDO DVVHWV IRU JRYHUQPHQWDO DFWLYLWLHV IRU WKH \HDU HQGHG -XQH   DUH DV

IROORZV

7UDQVIHUV,Q $PRXQW 3XUSRVH
*HQHUDO)XQG 2WKHU*RYHUQPHQWDO)XQGV 
 $GPLQLVWUDWLYH&RVWV
6XEWRWDO 

1RQ0DMRU*RYHUQPHQWDO)XQGV 2WKHU*RYHUQPHQWDO)XQGV  $GPLQLVWUDWLYH&RVWV 6XEWRWDO 
:DWHU6HUYLFHV 2WKHU*RYHUQPHQWDO)XQGV  $GPLQLVWUDWLYH&RVWV
6XEWRWDO 

:DVWHZDWHU6HUYLFHV 2WKHU*RYHUQPHQWDO)XQGV   $GPLQLVWUDWLYH&RVWV
6XEWRWDO 

,QIRUPDWLRQ7HFKQRORJ\ 2WKHUJRYHUQPHQWDOIXQGV   $GPLQLVWUDWLYH&RVWV
6XEWRWDO 

7RWDO 



7UDQVIHUV2XW
%DODQFH
-XO\ $GGLWLRQV 'HOHWLRQV
7UDQVIHUIURP
%XVLQHVV7\SH
%DODQFH
-XQH
&DSLWDODVVHWVQRWEHLQJGHSUHFLDWHGDPRUWL]HG


    
  




     7RWDOFDSLWDODVVHWVQRWEHLQJGHSUHFLDWHGDPRUWL]HG    
  
  
&DSLWDODVVHWVEHLQJGHSUHFLDWHGDPRUWL]HG
%XLOGLQJVDQG,PSURYHPHQWV        ,PSURYHPHQWVRWKHUWKDQEXLOGLQJV 

    
 
0DFKLQHU\DQG(TXLSPHQW        $XWRPRWLYHHTXLSPHQW    
   
,QIUDVWUXFWXUH 

     

6XEVFULSWLRQ$VVHW    

   
7RWDOFDSLWDODVVHWVEHLQJGHSUHFLDWHGDPRUWL]HG    


 
$FFXPXODWHG'HSUHFLDWLRQ$PRUWL]DWLRQ

%XLOGLQJVDQG,PSURYHPHQWV 




 


 
,PSURYHPHQWVRWKHUWKDQEXLOGLQJV 



 

 
0DFKLQHU\DQG(TXLSPHQW 



 

 
$XWRPRWLYHHTXLSPHQW 





 

 
,QIUDVWUXFWXUH 



 

 
6XEVFULSWLRQ$VVHW 





 
   

7RWDODFFXPXODWHGGHSUHFLDWLRQDPRUWL]DWLRQ 




 

   


7RWDOFDSLWDODVVHWVEHLQJGHSUHFLDWHGDPRUWL]HGQHW     

 
 


7RWDOFDSLWDODVVHWVQHW      

/DQG
&RQVWUXFWLRQLQ3URJUHVV
75 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 &$3,7$/$66(76
&217,18('

'HSUHFLDWLRQH[SHQVHZDVFKDUJHGWRIXQFWLRQVSURJUDPVDVIROORZV 
% %XVLQHVV7\SH$FWLYLWLHV
6XPPDU\ RI FKDQJHV LQ FDSLWDO DVVHWV IRU EXVLQHVVW\SH DFWLYLWLHV IRU WKH \HDU HQGHG -XQH   DUH DV

IROORZV

'HSUHFLDWLRQDPRUWL]DWLRQH[SHQVHVIRUEXVLQHVVW\SHDFWLYLWLHVIRUWKH\HDUHQGHG-XQHDUHDVIROORZV 
*HQHUDOJRYHUQPHQW 


3XEOLFVDIHW\ 
3XEOLF:RUNV 
&XOWXUHDQGUHFUHDWLRQ 
,QWHUQDO6HUYLFH)XQGV 
7RWDOGHSUHFLDWLRQDPRUWL]DWLRQH[SHQVHV 

%DODQFH
-XO\ $GGLWLRQV 'HOHWLRQV
7UDQVIHUWR
*RYHUQPHQWDO
$FWLYLWLHV
%DODQFH
-XQH
&DSLWDODVVHWVQRWEHLQJGHSUHFLDWHGDPRUWL]HG
              
7RWDOFDSLWDODVVHWVQRWEHLQJGHSUHFLDWHGDPRUWL]HG         &DSLWDODVVHWVEHLQJGHSUHFLDWHGDPRUWL]HG
%XLOGLQJVDQG,PSURYHPHQWV        ,PSURYHPHQWVRWKHUWKDQEXLOGLQJV 

       0DFKLQHU\DQG(TXLSPHQW        
$XWRPRWLYHHTXLSPHQW    
   
,QIUDVWUXFWXUH    

  



6XEVFULSWLRQ$VVHW        7RWDOFDSLWDODVVHWVEHLQJGHSUHFLDWHGDPRUWL]HG  


 





$FFXPXODWHG'HSUHFLDWLRQDPRUWL]DWLRQ

%XLOGLQJVDQG,PSURYHPHQWV 



 

 
,PSURYHPHQWVRWKHUWKDQEXLOGLQJV 





 

 
0DFKLQHU\DQG(TXLSPHQW 




 


 
$XWRPRWLYHHTXLSPHQW 





 

 
,QIUDVWUXFWXUH 




 



 
6XEVFULSWLRQ$VVHW 




 


 
7RWDODFFXPXODWHGGHSUHFLDWLRQDPRUWL]DWLRQ 




 


 
7RWDOFDSLWDODVVHWVEHLQJGHSUHFLDWHGDPRUWL]HGQHW      


  
7RWDOFDSLWDODVVHWVQHW 
 
 


  
/DQG
&RQVWUXFWLRQLQ3URJUHVV
:DWHU6HUYLFHV 
:DVWHZDWHU6HUYLFHV 
5DLO6SXU6HUYLFHV 



5HIXVH&ROOHFWLRQ6HUYLFHV 


7UDQVLW6HUYLFHV 

)LEHU2SWLF &RPPXQLFDWLRQ7RZHU 

7RWDOGHSUHFLDWLRQDPRUWL]DWLRQH[SHQVHV  76 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 /($6(6 $1'68%6&5,37,21%$6(',1)250$7,217(&+12/2*<$55$1*(0(176 $ /HDVH5HFHLYDEOHDQG,QIORZVRI5HVRXUFHV
7KH&LW\DVDOHVVRUKDGHQWHUHGLQWROHDVHDJUHHPHQWVLQYROYLQJODQGDQGLQIUDVWUXFWXUH2XWRIWKHVHDUH TXDOLILHGOHDVHVXQGHU*$6%6WDWHPHQW1R7KHUHODWHGUHFHLYDEOHVRIWKHVHOHDVHVZHUHLQLWLDOO\PHDVXUHGRQ -XO\ZLWKWKH&LW\¶VDGRSWLRQRIWKHQHZOHDVHVWDQGDUGV7KH&LW\DOVRKDGGHIHUUHGLQIORZVRIUHVRXUFHV GXULQJ WKH ILVFDO \HDU WRWDOLQJ  7KLV WRWDO LQFOXGHV  
 RI OHDVH UHYHQXH  RI LQWHUHVW
UHYHQXHDQGRIYDULDEOHDQGRWKHUSD\PHQWVH[FOXGHGLQWKHLQLWLDOPHDVXUHPHQWRIWKHOHDVHUHFHLYDEOHV 7KHIROORZLQJLVDVXPPDU\RIWKHTXDOLILHGOHDVHVDQGGHVFULSWLRQRIWKHOHDVHDUUDQJHPHQWV 
/DQG/HDVHV7KH&LW\LVWKHOHVVRUIRUJURXQGOHDVHDJUHHPHQWVUHODWHGWRODQGLQFOXGLQJUDLOURDGWUDFNFHUWDLQ WLGH DQG VXEPHUJHG ODQGV ZLWK YDULHG WHUPV DQG WKH ODWHVW H[SLULQJ RQ 'HFHPEHU   ,QWHUHVW UDWHV YDU\ EHWZHHQ
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
7RWDOSD\PHQWVIRUWKHFXUUHQW\HDUYDULHGIURPWR )XWXUHDQQXDOOHDVHUHFHLYDEOHVDVRI-XQHDUHDVIROORZV 
%DODQFH 3ULQFLSDO %DODQFH /HDVH ,QWHUHVW
/HDVH DW 3D\PHQWV DW 5HYHQXH 5HYHQXH /DQG 
 


    
 
,QIUDVWUXFWXUH 
 
  

    
7RWDO  

   

   
/HDVH5HFHLYDEOH ,QIORZVRI5HVRXUFHV
)LVFDO<HDU(QGHG
-XQH 3ULQFLSDO ,QWHUHVW 7RWDO
 
    
 
 
 
   
 
     
      

     
 
   
 
7RWDO
     
*RYHUQPHQWDO$FWLYLWLHV
77 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 /($6(6$1'68%6&5,37,21%$6(',1)250$7,217(&+12/2*<$55$1*(0(176

&217,18('


7KHUHPDLQLQJDJUHHPHQWVWKDWDUHQRWTXDOLILHGXQGHU*$6%6WDWHPHQW1RDUHHLWKHUVKRUWWHUPLQQDWXUH GRQRWPHHWWKH&LW\¶VWKUHVKROGRURXWVLGHWKHVFRSHRIWKHVWDQGDUG7KHVHQRQTXDOLILHGOHDVHDJUHHPHQWVKDYH QRW EHHQ UHFRJQL]HG DQG PHDVXUHG DV SDUW RI WKH &LW\¶V OHDVH UHFHLYDEOH DQG WKH UHFHLSWV UHODWHG WR WKHVH DJUHHPHQWVDUHUHFRJQL]HGDVUHYHQXHDVDSSURSULDWHXQGHUVWDQGDUG*$$3UHYHQXHUHFRJQLWLRQUXOHV % 6XEVFULSWLRQ%DVHG,QIRUPDWLRQ7HFKQRORJ\$UUDQJHPHQWV 6%,7$

7KH&LW\KDVHQWHUHGLQWRYDULRXV6%,7$VDVWKHVXEVFULEHUIRUWKHXVHRI6RIWZDUH$QLQLWLDOVXEVFULSWLRQOLDELOLW\ ZDV UHFRUGHGLQWKHDPRXQWRI
GXULQJWKHFXUUHQWILVFDO\HDU7KHWHUPVRIWKHVHVXEVFULSWLRQV UDQJH IURPWRPRQWKV$VRI-XQHWKHWRWDOYDOXHRIWKHVXEVFULSWLRQOLDELOLW\ZDV

7KH&LW\LV
UHTXLUHGWRPDNH DQQXDO SULQFLSDO DQG LQWHUHVW SD\PHQWV UDQJLQJIURP WR 7KH VXEVFULSWLRQV KDYH LQWHUHVW UDWHV UDQJLQJIURPWR,QIRUPDWLRQRQWKHVXEVFULSWLRQDVVHWVDVRI -XQHDUHDV

IROORZV

)LVFDO<HDU(QGHG
-XQH 3ULQFLSDO ,QWHUHVW 7RWDO
   

  
     

     

 


   
 

     
  


 
 



 
  

 
    
 
 
   
 
7RWDO      
%XVLQHVV7\SH$FWLYLWLHV
$PRXQWRI
6%,7$&DSLWDO $FFXPXODWHG
$VVHWV $PRUWL]DWLRQ
 

6XEWRWDOJRYHUQPHQWDODFWLYLWLHV  

*RYHUQPHQWDO$FWLYLWLHV
6XEVFULSWLRQ7\SH
6RIWZDUHDVDVHUYLFH
78 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 /($6(6$1'68%6&5,37,21%$6(',1)250$7,217(&+12/2*<$55$1*(0(176

&217,18('


7KHIXWXUHSULQFLSDODQGLQWHUHVWVXEVFULSWLRQSD\PHQWVDVRI-XQHZHUHDVIROORZV 
127(
 /21*7(50'(%7
7KH&LW\¶V ORQJWHUP GHEW SD\DEOHIRUWKH EXVLQHVVW\SH DFWLYLWLHV DQGILGXFLDU\IXQGV DW -XQH   DUH DV

IROORZV

$PRXQWRI
6%,7$&DSLWDO $FFXPXODWHG
$VVHWV $PRUWL]DWLRQ
 
  
6XEWRWDOEXVLQHVVDFWLYLWLHV     
7RWDO 
   
%XVLQHVVW\SH$FWLYLWLHV
6XEVFULSWLRQ7\SH
6RIWZDUHDVDVHUYLFH
%DODQFH
-XO\ $GGLWLRQV 'HOHWLRQV
%DODQFH
-XQH
'XH:LWKLQ
2QH<HDU
*RYHUQPHQWDO$FWLYLWLHV 

    
  
 
 
%XVLQHVVW\SH$FWLYLWLHV
          
7RWDO 
     

   
)LVFDO<HDU
(QGLQJ
-XQH 3ULQFLSDO ,QWHUHVW 3ULQFLSDO ,QWHUHVW 3ULQFLSDO ,QWHUHVW  
    
  
     
 

 

 
    
   
   
                    



            7RWDOV 
       

  
 
*RYHUQPHQWDO$FWLYLWLHV %XVLQHVVW\SH$FWLYLWLHV 7RWDO
)LQDO
0DWXULW\
5HPDLQLQJ
,QWHUHVW5DWH
5HPDLQLQJ$QQXDO
3ULQFLSDO,QVWDOOPHQWV
2ULJLQDO,VVXH
$PRXQWV
2XWVWDQGLQJDW
-XQH
%XVLQHVV7\SH$FWLYLWLHV
'LUHFW%RUURZLQJ
6DQWD)H5DQFK&DSDFLW\   
   
7RWDO%XVLQHVV7\SH$FWLYLWLHV     )LGXFLDU\)XQGV
3XEOLF%RUURZLQJV

5HIXQGLQJ7D[$OORFDWLRQ
%RQGV6HULHV$       
7RWDO)XGLFLDU\)XQGV  
 
79 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 /21*7(50'(%7
&217,18('

$ *RYHUQPHQWDODQG%XVLQHVV7\SH
6XPPDU\ RI FKDQJHV LQ JRYHUQPHQWDO DQG EXVLQHVVW\SH DFWLYLWLHV ORQJWHUP GHEW IRU WKH \HDU HQGHG -XQHDUHDVIROORZV

Santa Fe Reach - Capacity - Loan Agreement - Wastewater Enterprise - Original Amount $966,222 $ORDQDJUHHPHQWZDVHQWHUHGLQWRLQ-XO\ZLWK1RUWKRIWKH5LYHU6DQLWDU\'LVWULFW 'LVWULFW
WRSXUFKDVH
SLSHOLQHFDSDFLW\LQWKHLUUHJLRQDOZDVWHZDWHUFROOHFWLRQSLSHOLQH7KH&LW\SXUFKDVHGWKLVFDSDFLW\IURPWKH'LVWULFW IRUWKH6DQWD )H 5HDFK SURMHFW 7KHWHUPV RIWKH DJUHHPHQW DUH EDVHG RQ VHPLDQQXDO SD\PHQWV DW D UDWH RI SHUDQQXPIRUDWZHQW\

\HDUWHUP7KHORDQZDVSDLGRIIDVRI-XQH $PRXQW
%DODQFH %DODQFH 'XH:LWKLQ
-XQH $GGLWLRQV 'HOHWLRQV -XQH 2QH<HDU *RYHUQPHQWDODFWLYLWLHV
6XEVFULSWLRQVOLDELOLW\ 

    
  
 
 
7RWDOJRYHUQPHQWDODFWLYLWLHV 

    
  
 
 
%XVLQHVVW\SHDFWLYLWLHV
/RDQ3D\DEOH           6XEVFULSWLRQVOLDELOLW\
          
7RWDOEXVLQHVVW\SHDFWLYLWLHV     
    
 
80 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 /21*7(50'(%7
&217,18('

% )LGXFLDU\)XQGV
6XPPDU\RIFKDQJHVLQILGXFLDU\IXQGVORQJWHUPGHEWIRUWKH\HDUHQGHG-XQHDUHDVIROORZV 
2016 Refunding Tax Allocation Bonds, Series A – Original Issue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

,QWKHHYHQWRIGHIDXOWERQGRZQHUVZLOOEHOLPLWHGWRHQIRUFLQJWKHREOLJDWLRQRIWKH$JHQF\WRUHSD\WKH%RQGVRQ DQDQQXDOEDVLVWRWKHH[WHQWRIWKH3OHGJHG7D[5HYHQXHV1RUHDORUSHUVRQDOSURSHUW\LQWKH3URMHFW$UHDVLV SOHGJHGWR VHFXUHWKH%RQGV DQG LW LV QRW DQWLFLSDWHGWKDWWKH$JHQF\ZLOO KDYH DYDLODEOHPRQH\V VXIILFLHQWWR UHGHHPDOORIWKH%RQGVXSRQWKHRFFXUUHQFHRIDQ(YHQWRI'HIDXOW 7KHDQQXDOGHEWVHUYLFHUHTXLUHPHQWVRQWKHORDQRXWVWDQGLQJDW-XQHZHUHDVIROORZV 
127(
 &203(16$7('$%6(1&(6
6XPPDU\RIFKDQJHVLQFRPSHQVDWHGDEVHQFHVIRUWKH\HDUHQGHG-XQHLVDVIROORZV 
%DODQFH
-XO\ $GGLWLRQV 'HOHWLRQV
%DODQFH
-XQH
$PRXQW'XH
:LWKLQ2QH
<HDU
$PRXQW'XH,Q
0RUH7KDQ2QH
<HDU
5HIXQGLQJ7D[$OORFDWLRQ%RQGV
6HULHV$
   
 
 
    
/HVV'HIHUUHG$PRXQWV
%RQGGLVFRXQWV


    

  


7RWDO
   
   

    
<HDU(QGLQJ
-XQH 3ULQFLSDO ,QWHUHVW 7RWDO
   
  
    


    


    


  



    
  
   
 


7RWDO 
  
%DODQFH
-XO\ $GGLWLRQV 'HOHWLRQV
%DODQFH
-XQH
'XH:LWKLQ
2QH<HDU
*RYHUQPHQWDO$FLWLYLHV
          %XVLQHVV7\SH$FWLYLHV 
        
7RWDO   
        81 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(

 121&,7<2%/,*$7,21
7KHIROORZLQJERQGLVVXHVDUHQRWUHSRUWHGLQWKH&LW\¶VILQDQFLDOVWDWHPHQWVEHFDXVHWKH\DUHVSHFLDOREOLJDWLRQV SD\DEOHVROHO\IURPDQGVHFXUHGE\VSHFLILFUHYHQXHVRXUFHVGHVFULEHGLQWKHUHVROXWLRQVDQGRIILFLDOVWDWHPHQWV RI WKH UHVSHFWLYH LVVXHV 1HLWKHU WKH IDLWK DQG FUHGLW QRU WKH WD[LQJ SRZHU RI WKH &LW\ WKH &RXQW\ WKH6WDWHRI&DOLIRUQLDRUDQ\SROLWLFDOVXEGLYLVLRQWKHUHRILVSOHGJHGIRUSD\PHQWRIWKHVHERQGV Assessment Bonds - Original Issue $155,143
2Q'HFHPEHU

WKH&LW\LVVXHGD/LPLWHG2EOLJDWLRQ,PSURYHPHQW%RQG$VVHVVPHQW'LVWULFW1R 
IRU WKH 1RUWK 3DUN1RUWK 6KDIWHU :DWHU 3URMHFW 7KH SULQFLSDO DPRXQW RI  DQG PDWXUHV LQ LQFUHPHQWV WKURXJKLQ VHPLDQQXDOSULQFLSDOSD\PHQWV UDQJLQJLQDPRXQWVIURPWR,QWHUHVWLVSD\DEOH VHPLDQQXDOO\DWSHUDQQXP7KHSULQFLSDODPRXQWRIERQGVRXWVWDQGLQJDW-XQHZDV Variable Rate Demand Industrial Development 1999 Revenue Bonds - Original Issue $3,500,000 2Q -XQH  

 WKH 6KDIWHU ,QGXVWULDO 'HYHORSPHQW $XWKRULW\ LVVXHG WKH 9DULDEOH 5DWH 'HPDQG ,QGXVWULDO 'HYHORSPHQW 5HYHQXH %RQGV 6HULHV 

 LQ WKH DPRXQW RI  7KH SULQFLSDO DPRXQW PDWXUHV LQ LQFUHPHQWVWKURXJK
LQDQQXDOSULQFLSDOSD\PHQWVUDQJLQJLQDPRXQWIURPWR 7KHERQGV
EHDUDYDULDEOHLQWHUHVWUDWH7KHRXWVWDQGLQJDPRXQWRIWKHERQGVDW-XQHZDV 127(
 3(16,213/$16
$ *HQHUDO,QIRUPDWLRQDERXWWKH3HQVLRQ3ODQV
Plan Descriptions
$OOTXDOLILHGSHUPDQHQWDQGSUREDWLRQDU\HPSOR\HHVDUHHOLJLEOHWRSDUWLFLSDWHLQHLWKHUWKH&LW\¶V0LVFHOODQHRXV (PSOR\HH3HQVLRQ3ODQ
0LVFHOODQHRXV3ODQ
RU6DIHW\(PSOR\HH3HQVLRQ3ODQ
6DIHW\3ODQ
ERWKRIZKLFKDUH
FRVWVKDULQJPXOWLSOH HPSOR\HU GHILQHG EHQHILW SHQVLRQ SODQV DGPLQLVWHUHG E\WKH &DOLIRUQLD3XEOLF(PSOR\HHV¶ 5HWLUHPHQW 6\VWHP
&DO3(56
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
%HQHILWRUWKH2SWLRQDO6HWWOHPHQW:'HDWK%HQHILW7KH FRVWRIOLYLQJDGMXVWPHQWVIRUWKHSODQDUHDSSOLHGDV VSHFLILHGE\WKH3XEOLF(PSOR\HHV¶5HWLUHPHQW/DZ
2ULJLQDO
$PRXQW
2XWVWDQGLQJ
%DODQFH
-XQH
$VVHVVPHQW%RQGV    
9DULDEOH5DWH'HPDQG,QGXVWULDO
'HYHORSPHQW

5HYHQXH%RQGV    
7RWDO  
 
82 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 3(16,213/$16
&217,18('

Benefits Provided
7KH3ODQV¶SURYLVLRQVDQGEHQHILWVLQHIIHFWDW-XQHPHDVXUHPHQWGDWHDUH 
Contributions
6HFWLRQ 
F
 RI WKH &DOLIRUQLD 3XEOLF (PSOR\HHV¶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
)RUWKH\HDUHQGHG-XQHWKHFRQWULEXWLRQVUHFRJQL]HGDVSDUWRISHQVLRQH[SHQVHIRUHDFK3ODQZHUHDV

IROORZV

+LUHGDWH
3ULRUWR
-DQXDU\
2QRUDIWHU
-DQXDU\
%HQHILWIRUPXOD # #
%HQHILWYHVWLQJVFKHGXOH \HDUVVHUYLFH \HDUVVHUYLFH %HQHILWSD\PHQWV 0RQWKO\IRUOLIH 0RQWKO\IRUOLIH
5HWLUHPHQWDJH  
0RQWKO\EHQHILWVDVDRIHOLJLEOH
FRPSHQVDWLRQ  
5HTXLUHGHPSOR\HHFRQWULEXWLRQUDWHV  

5HTXLUHGHPSOR\HUFRQWULEXWLRQUDWHV  

)LQDODQQXDOFRPSHQVDWLRQ \HDU \HDU
+LUHGDWH
3ULRUWR
-DQXDU\
2QRUDIWHU
-DQXDU\
%HQHILWIRUPXOD # #
%HQHILWYHVWLQJVFKHGXOH \HDUVVHUYLFH \HDUVVHUYLFH %HQHILWSD\PHQWV 0RQWKO\IRUOLIH 0RQWKO\IRUOLIH
5HWLUHPHQWDJH  
0RQWKO\EHQHILWVDVDRIHOLJLEOH WR 
WR
5HTXLUHGHPSOR\HHFRQWULEXWLRQUDWHV  
5HTXLUHGHPSOR\HUFRQWULEXWLRQUDWHV 
 
)LQDODQQXDOFRPSHQVDWLRQ \HDU \HDU
0LVFHOODQHRXV
6DIHW\
0LVFHOODQHRXV 6DIHW\ 7RWDO
&RQWULEXWLRQVHPSOR\HU 


 


83 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 3(16,213/$16
&217,18('

% 3HQVLRQ /LDELOLWLHV 3HQVLRQ ([SHQVHV DQG 'HIHUUHG 2XWIORZV,QIORZV RI 5HVRXUFHV 5HODWHG WR 3HQVLRQV
$V RI -XQH   WKH &LW\ UHSRUWHG QHW SHQVLRQ OLDELOLWLHV IRU LWV SURSRUWLRQDWH VKDUHV RI WKH 1HW 3HQVLRQ /LDELOLW\
$VVHW
RIWKH3ODQVDVIROORZV

7KH&LW\¶VQHWSHQVLRQOLDELOLW\
DVVHW
IRUHDFK3ODQLVPHDVXUHGDVWKHSURSRUWLRQDWH VKDUHRIWKHQHWSHQVLRQ OLDELOLW\
DVVHW
7KHQHWSHQVLRQOLDELOLW\
DVVHW
RIHDFKRIWKH3ODQVLVPHDVXUHGDVRI -XQHDQGWKH WRWDOSHQVLRQOLDELOLW\
DVVHW
IRUHDFK3ODQXVHGWRFDOFXODWHWKHQHWSHQVLRQOLDELOLW\ DVVHW
ZDVGHWHUPLQHGE\DQ
DFWXDULDOYDOXDWLRQDVRI-XQHUROOHGIRUZDUGWR-XQHXVLQJVWDQGDUGXSGDWHSURFHGXUHV7KH &LW\¶V SURSRUWLRQ RI WKH QHW SHQVLRQ OLDELOLW\
DVVHW
 ZDV EDVHG RQ D SURMHFWLRQ RI WKH &LW\¶V ORQJWHUP VKDUH RI FRQWULEXWLRQVWRWKHSHQVLRQSODQVUHODWLYHWRWKHSURMHFWHGFRQWULEXWLRQVRIDOOSDUWLFLSDWLQJHPSOR\HUVDFWXDULDOO\ GHWHUPLQHG7KH&LW\¶VSURSRUWLRQDWHVKDUHRIWKHQHWSHQVLRQOLDELOLW\ DVVHW
IRUHDFK3ODQDVRI-XQH
DQGZDVDVIROORZV

)RUWKH \HDU HQGHG -XQH  WKH &LW\ UHFRJQL]HG SHQVLRQ H[SHQVH LQFRPH
 RI  $W -XQH 
WKH&LW\UHSRUWHGGHIHUUHGRXWIORZVRIUHVRXUFHVDQGGHIHUUHGLQIORZVRIUHVRXUFHVUHODWHGWRSHQVLRQVIURP WKHIROORZLQJVRXUFHV

0LVFHOODQHRXV 6DIHW\ 7RWDO
3URSRUWLRQDWHVKDUHRIQHWSHQVLRQOLDELOLW\
DVVHW
   

0LVFHOODQHRXV 6DIHW\ 7RWDO
3URSRUWLRQ-XQH    3URSRUWLRQ-XQH   
&KDQJH,QFUHDVH
'HFUHDVH
 
 
'HIHUUHG2XWIORZVRI
5HVRXUFHV
'HIHUUHG,QIORZVRI
5HVRXUFHV
&RQWULEXWLRQPDGHDIWHUWKHPHDVXUHPHQWGDWH 

  
'LIIHUHQFHEHWZHHQH[SHFWHGDQG
DFWXDOH[SHULHQFHV  



&KDQJHRIDVVXPSWLRQ     1HWGLIIHUHQFHEHWZHHQSURMHFWHGDQGDFWXDO
HDUQLQJVRQSHQVLRQSODQLQYHVWPHQWV     $GMXVWPHQWGXHWRGLIIHUHQFHVLQSURSRUWLRQV 

   
'LIIHUHQFHVEHWZHHQFRQWULEXWLRQV
DQGSURSRUWLRQDWHVKDUH  


7RWDO 



0LVFHOODQHRXV3ODQ
84 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 3(16,213/$16
&217,18('

)RU WKH 0LVFHOODQHRXV 3ODQ DQG 6DIHW\ 3ODQ 
 DQG  UHVSHFWLYHO\ ZDV UHSRUWHG DV GHIHUUHG RXWIORZVRIUHVRXUFHVUHODWHGWRSHQVLRQVUHVXOWLQJIURP&LW\¶VFRQWULEXWLRQVVXEVHTXHQWWRWKHPHDVXUHPHQWGDWH DQGZLOOEHUHFRJQL]HGDVDUHGXFWLRQRIWKHQHWSHQVLRQOLDELOLW\ DVVHW
LQWKH\HDUHQGHG-XQH2WKHU
DPRXQWVUHSRUWHGDVGHIHUUHGRXWIORZVRIUHVRXUFHVDQGGHIHUUHGLQIORZVRIUHVRXUFHVUHODWHGWRSHQVLRQVZLOOEH UHFRJQL]HGLQSHQVLRQH[SHQVHDVIROORZV

'HIHUUHG2XWIORZVRI
5HVRXUFHV
'HIHUUHG,QIORZVRI
5HVRXUFHV
&RQWULEXWLRQPDGHDIWHUWKHPHDVXUHPHQWGDWH 
   
'LIIHUHQFHEHWZHHQH[SHFWHGDQG
DFWXDOH[SHULHQFHV 
 



&KDQJHRIDVVXPSWLRQ
    1HWGLIIHUHQFHEHWZHHQSURMHFWHGDQGDFWXDO
HDUQLQJVRQSHQVLRQSODQLQYHVWPHQWV     $GMXVWPHQWGXHWRGLIIHUHQFHVLQSURSRUWLRQV 

   
'LIIHUHQFHVEHWZHHQFRQWULEXWLRQV
DQGSURSRUWLRQDWHVKDUH  


7RWDO 



 
'HIHUUHG2XWIORZVRI
5HVRXUFHV
'HIHUUHG,QIORZVRI
5HVRXUFHV
&RQWULEXWLRQPDGHDIWHUWKHPHDVXUHPHQWGDWH 

   
'LIIHUHQFHEHWZHHQH[SHFWHGDQG
DFWXDOH[SHULHQFHV  



&KDQJHRIDVVXPSWLRQ     1HWGLIIHUHQFHEHWZHHQSURMHFWHGDQGDFWXDO
HDUQLQJVRQSHQVLRQSODQLQYHVWPHQWV 
   
$GMXVWPHQWVGXHWRGLIIHUHQFHVLQSURSRUWLRQV 
   
'LIIHUHQFHVEHWZHHQFRQWULEXWLRQV
DQGSURSRUWLRQDWHVKDUH  


7RWDO 

 
6DIHW\3ODQ
$JJUHJDWH7RWDO
)LVFDO3HULRGHQGHG
-XQH 0LVFHOODQHRXV3ODQ 6DIHW\3ODQ
   
 


 

     
 

7RWDO   

'HIHUUHG2XWIORZV
,QIORZV
RI5HVRXUFHV
85 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 3(16,213/$16
&217,18('

Actuarial Assumptions
7KHWRWDOSHQVLRQOLDELOLWLHVLQWKH-XQHDFWXDULDOYDOXDWLRQVZHUHGHWHUPLQHGXVLQJWKHIROORZLQJDFWXDULDO

DVVXPSWLRQV

7KH XQGHUO\LQJPRUWDOLW\ DVVXPSWLRQV DQG DOO RWKHU DFWXDULDO DVVXPSWLRQV XVHG LQWKH -XQH   YDOXDWLRQ ZHUHEDVHGRQWKH UHVXOWVRID'HFHPEHUDFWXDULDOH[SHULHQFHVWXG\IRUWKHSHULRG

WR)XUWKHU
GHWDLOVRIWKH([SHULHQFH6WXG\FDQEHIRXQGRQWKH&DO3(56ZHEVLWH Discount Rate
,QGHWHUPLQLQJWKHORQJWHUPH[SHFWHGUDWHRIUHWXUQ&DO3(56WRRNLQWRDFFRXQWERWKVKRUWWHUPDQGORQJWHUP PDUNHW UHWXUQ H[SHFWDWLRQV DVZHOO DVWKH H[SHFWHGSHQVLRQIXQG FDVKIORZV6XFK FDVKIORZVZHUH GHYHORSHG DVVXPLQJWKDWERWKPHPEHUVDQGHPSOR\HUVZLOOPDNHWKHLUUHTXLUHGFRQWULEXWLRQVRQWLPHDQGDVVFKHGXOHGLQDOO IXWXUH\HDUV8VLQJKLVWRULFDOUHWXUQVRIDOOWKHIXQGV¶DVVHWFODVVHVH[SHFWHGFRPSRXQG

JHRPHWULF
UHWXUQVZHUH
FDOFXODWHGRYHUWKHVKRUWWHUP
ILUVW\HDUV
DQGWKHORQJWHUP
 \HDUV
XVLQJDEXLOGLQJEORFNDSSURDFK
8VLQJ WKH H[SHFWHG QRPLQDO UHWXUQV IRU ERWK VKRUWWHUP DQG ORQJWHUP WKH SUHVHQW YDOXH RI EHQHILWV ZDV FDOFXODWHGIRUHDFKIXQG7KHH[SHFWHGUDWHRIUHWXUQZDVVHWE\FDOFXODWLQJWKHVLQJOHHTXLYDOHQWH[SHFWHGUHWXUQ WKDWDUULYHGDWWKHVDPHSUHVHQWYDOXHRIEHQHILWVIRUFDVKIORZVDVWKHRQHFDOFXODWHGXVLQJERWKVKRUWWHUPDQG ORQJWHUP UHWXUQV 7KH H[SHFWHG UDWH RI UHWXUQ ZDVWKHQ VHW HTXLYDOHQWWRWKH VLQJOH HTXLYDOHQW UDWH FDOFXODWHG DERYHDQGURXQGHGGRZQWRWKHQHDUHVWRQHTXDUWHURIRQHSHUFHQW $FWXDULDO&RVW0HWKRG (QWU\$JH1RUPDOLQDFFRUGDQFHZLWKWKH UHTXLUHPHQWVRI*$6%6WDWHPHQW1R
'LVFRXQW5DWH 

,QIODWLRQ 
6DODU\,QFUHDVHV 9DULHVE\(QWU\$JHDQG6HUYLFH
,QYHVWPHQW5DWHRI 

0RUWDOLW\5DWH7DEOH 'HULYHGXVLQJ&DO3(56¶0HPEHUVKLS'DWDIRU DOO)XQGV7KHPRUWDOLW\WDEOHXVHGZDV
GHYHORSHGEDVHGRQ&DO3(56¶VSHFLILFGDWD
7KHWDEOHLQFOXGHV\HDUVRIPRUWDOLW\
LPSURYHPHQWVXVLQJ6RFLHW\RI$FWXDULHV6FDOH
%%
3RVW5HWLUHPHQW%HQHILW
,QFUHDVH
&RQWUDFW&2/$XSWRXQWLO3XUFKDVLQJ
3RZHU3URWHFWLRQ$OORZDQFH)ORRURQ
3XUFKDVLQJ3RZHUDSSOLHVWKHUHDIWHU
$FWXDULDO$VVXPSWLRQV
86 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 3(16,213/$16
&217,18('

7KHWDEOHEHORZUHIOHFWVORQJWHUPH[SHFWHGUHDOUDWHRIUHWXUQE\DVVHWFODVV7KHUDWHRIUHWXUQZDVFDOFXODWHG XVLQJ WKH FDSLWDO PDUNHW DVVXPSWLRQV DSSOLHG WR GHWHUPLQH WKH GLVFRXQW UDWH DQG DVVHW DOORFDWLRQ 7KHVH JHRPHWULFUDWHVRIUHWXUQDUHQHWRIDGPLQLVWUDWLYHH[SHQVHV 7KHGLVFRXQW UDWHXVHGWRPHDVXUHWKHWRWDOSHQVLRQOLDELOLW\ZDV IRUWKHSODQ7RGHWHUPLQHZKHWKHUWKH
PXQLFLSDO ERQG UDWH VKRXOG EH XVHG LQWKH FDOFXODWLRQ RI D GLVFRXQW UDWHIRU HDFK SODQ&DO3(56 VWUHVVWHVWHG SODQVWKDWZRXOGPRVWOLNHO\UHVXOWLQDGLVFRXQWUDWHWKDWZRXOGEHGLIIHUHQWIURPWKHDFWXDULDOO\DVVXPHGGLVFRXQW UDWH%DVHGRQWKHWHVWLQJQRQHRIWKHWHVWHGSODQVUXQRXWRIDVVHWV7KHUHIRUHWKHFXUUHQW GLVFRXQWUDWH
LVDGHTXDWHDQGWKHXVHRIWKHPXQLFLSDOERQGUDWHFDOFXODWLRQLVQRWQHFHVVDU\7KHORQJWHUPH[SHFWHGGLVFRXQW UDWHRI
LVDSSOLHGWRDOOSODQVLQWKH3XEOLF(PSOR\HHV5HWLUHPHQW)XQG 3(5)
7KHVWUHVVWHVWUHVXOWVDUH
SUHVHQWHGLQDGHWDLOHGUHSRUWFDOOHG³*$6%&URVVRYHU7HVWLQJ5HSRUW´WKDWFDQEHREWDLQHGIURPWKH&DO3(56 ZHEVLWHXQGHUWKH*$6%6HFWLRQ
Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate 7KHIROORZLQJSUHVHQWVWKH&LW\¶VSURSRUWLRQDWHVKDUHRIWKHQHWSRVLWLRQOLDELOLW\IRUWKH3ODQFDOFXODWHGXVLQJWKH GLVFRXQWUDWHIRUHDFK3ODQDVZHOODVZKDWWKH&LW\¶VSURSRUWLRQDWHVKDUHRIWKH1HW3HQVLRQ/LDELOLW\ZRXOGEHLI LW ZHUH FDOFXODWHG XVLQJ D GLVFRXQW UDWHWKDW LV SHUFHQWDJH SRLQW ORZHU RU SHUFHQWDJH SRLQW KLJKHUWKDQWKH FXUUHQWUDWH

Pension Plan Fiduciary Net Position
'HWDLOHGLQIRUPDWLRQDERXWWKHSHQVLRQSODQ¶VILGXFLDU\QHWSRVLWLRQLVDYDLODEOHLQWKHVHSDUDWHO\LVVXHG&DO3(56 ILQDQFLDOUHSRUWV
$VVHW&ODVV
1HZ6WUDWHJLF
$OORFDWLRQ
5HDO5HWXUQ
<HDUV
*OREDO(TXLW\FDSZHLJKWHG  
*OREDO(TXLW\QRQFDSZHLJKWHG  
3ULYDWH(TXLW\  
7UHDVXU\  
0RUWJDJHEDFNHG6HFXULWLHV  
,QYHVWPHQW*UDGH&RUSRUDWHV  
+LJK<LHOG  
(PHUJLQJ0DUNHW'HEW  
3ULYDWH'HEW  
5HDO(VWDWH  
/HYHUDJH  


$QH[SHFWHGLQIODWLRQRIZDVXVHGIRUWKLVSHULRG 
)LJXUHVDUHEDVHGRQWKH$VVHW/LDELOLW\0DQDJHPHQWVWXG\ 'LVFRXQW5DWH



&XUUHQW'LVFRXQW


'LVFRXQW5DWH



0LVFHOODQHRXV
   


6DIHW\    




7RWDO   
 


87 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 3(16,213/$16
&217,18('

& 3D\DEOHWRWKH3HQVLRQ3ODQ
$W-XQHWKH&LW\KDGQRRXWVWDQGLQJDPRXQWVRZHGWRWKHSHQVLRQSODQIRUFRQWULEXWLRQVIRUWKH\HDU HQGHG-XQH
127(
 27+(53267(03/2<0(17+($/7+%(1(),76
$ *HQHUDO,QIRUPDWLRQDERXW23(%
Plan Description
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
Eligibility
(PSOR\HHVRIWKH&LW\DUHHOLJLEOHIRUUHWLUHHKHDOWKEHQHILWVLIWKH\UHWLUHZLWKLQGD\VRIWKHLUVHSDUDWLRQGDWH 0HPEHUVKLSLQWKHSODQFRQVLVWHGRIWKHIROORZLQJDW-XQHWKHGDWHRIWKHODWHVWDFWXDULDOYDOXDWLRQ 
Contributions
7KHREOLJDWLRQRIWKH&LW\WRFRQWULEXWHWRWKHSODQLVHVWDEOLVKHGDQGPD\EHDPHQGHGE\WKH%RDUGRI'LUHFWRUV 7KH%RDUGRI'LUHFWRUVKDVHVWDEOLVKHGDSROLF\RIIXQGLQJWKHDFWXDULDOO\GHWHUPLQHGFRQWULEXWLRQ $'&
RQDSD\
DV \RX JR EDVLV )RU WKH ILVFDO \HDU HQGHG -XQH   WKH &LW\¶V DYHUDJH FRQWULEXWLRQ UDWH ZDV  RI FRYHUHGHPSOR\HHSD\UROO(PSOR\HHVDUHQRWUHTXLUHGWRFRQWULEXWHWRWKHSODQ % 7RWDO23(%/LDELOLW\23(%([SHQVHDQG'HIHUUHG2XWIORZV,QIORZVRI5HVRXUFHV5HODWHGWR23(% Total OPEB Liability
7KH&LW\¶VWRWDO23(%OLDELOLW\ZDVPHDVXUHGDVRI-XQH7KHWRWDO23(%OLDELOLW\XVHGWRFDOFXODWHWKH 727$/23(%OLDELOLW\ZDVGHWHUPLQHGE\DQDFWXDULDOYDOXDWLRQDVRI-XQH7KHWRWDO23(%OLDELOLW\DW -XQHZDV
88 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 27+(53267(03/2<0(17+($/7+%(1(),76
&217,18('

Actuarial Assumptions
7KH WRWDO 23(% OLDELOLW\ LQ WKH -XQH   DFWXDULDO YDOXDWLRQ ZDV GHWHUPLQHG XVLQJ WKH IROORZLQJ DFWXDULDO DVVXPSWLRQVDSSOLHGWRDOOSHULRGVLQFOXGHGLQWKHPHDVXUHPHQWXQOHVVRWKHUZLVHVSHFLILHG 
7KH DFWXDULDO DVVXPSWLRQV XVHG LQ WKH -XQH   YDOXDWLRQ ZHUH EDVHG RQ WKH UHVXOWV RI DQ DFWXDULDO H[SHULHQFHVWXG\IRUWKHSHULRG-XO\WKURXJK-XQH Discount Rate
7KHGLVFRXQWUDWHXVHGWRPHDVXUHWKHWRWDO23(%OLDELOLW\ZDVSHUFHQW7KLVGLVFRXQWUDWHLVWKHPLGSRLQW URXQGHGWRILYHEDVLVSRLQWVRIWKHUDQJHRI\HDUPXQLFLSDOERQGUDWHLQGLFHV 6 30XQLFLSDOERQG<HDU
+LJK*UDGH5DWH,QGH[%RQG%X\HU%RQG*2,QGH[DQG)LGHOLW\*2$$<HDU%RQG,QGH[ Change in the Total OPEB Liability
7RWDO23(%
/LDELOLW\
%DODQFHDW-XQH
0HDVXUHPHQW'DWH


 
&KDQJHV5HFRJQL]HGIRUWKH0HDVXUHPHQW3HULRG

6HUYLFH&RVW  
,QWHUHVWRQWKHWRWDO23(%OLDELOLW\ 
 
&KDQJHVRIDVVXPSWLRQV



%HQHILWSD\PHQWV


1HW&KDQJHVGXULQJ-XO\WR-XQH   %DODQFHDW-XQH
0HDVXUHPHQW'DWH
 
89 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 27+(53267(03/2<0(17+($/7+%(1(),76
&217,18('

Sensitivity of the Total OPEB Liability to Changes in the Discount Rate 7KHIROORZLQJSUHVHQWVWKHWRWDO23(%OLDELOLW\RIWKH&LW\DVZHOODVZKDWWKH&LW\¶VWRWDO23(%OLDELOLW\ZRXOGEHLI LW ZHUH FDOFXODWHG XVLQJ D GLVFRXQW UDWH WKDW LV SHUFHQWDJHSRLQW ORZHU  SHUFHQW
 RU SHUFHQWDJH SRLQW
KLJKHU
SHUFHQW
WKDQWKHFXUUHQWGLVFRXQWUDWH

Sensitivity of the Total OPEB Liability to Changes in the Health Care Cost Trend Rates 7KHIROORZLQJSUHVHQWVWKHWRWDO23(%OLDELOLW\RIWKH&LW\DVZHOODVZKDWWKH&LW\¶VWRWDO23(%OLDELOLW\ZRXOGEHLI LWZHUHFDOFXODWHGXVLQJKHDOWKFDUHFRVWWUHQGUDWHVWKDWDUHSHUFHQWDJHSRLQWORZHU SHUFHQWGHFUHDVLQJWR
SHUFHQW
RUSHUFHQWDJHSRLQWKLJKHU
SHUFHQWGHFUHDVLQJWRSHUFHQW
WKDQWKHFXUUHQWKHDOWKFDUHFRVW
WUHQGUDWHV

OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB )RUWKHILVFDO\HDUHQGHG-XQHWKH&LW\UHFRJQL]HG23(%H[SHQVHRI $W-XQHWKH
&LW\UHSRUWHGGHIHUUHGRXWIORZVRIUHVRXUFHVDQGGHIHUUHGLQIORZVRIUHVRXUFHVUHODWHGWR23(%IURPWKHIROORZLQJ

VRXUFHV

7KH GLIIHUHQFH EHWZHHQ SURMHFWHG 23(% SODQ LQYHVWPHQW HDUQLQJV DQG DFWXDO HDUQLQJV LV DPRUWL]HG RYHU D ILYH\HDUSHULRG7KHUHPDLQLQJJDLQVDQGORVVHVDUHDPRUWL]HGRYHUWKHH[SHFWHGDYHUDJHUHPDLQLQJVHUYLFHOLIH 7KH H[SHFWHG DYHUDJH UHPDLQLQJ VHUYLFH OLIH LV  \HDUV ZKLFK ZDV GHWHUPLQHG DV RI -XO\   WKH EHJLQQLQJRIWKHPHDVXUHPHQWSHULRGIRUHPSOR\HHVFRYHUHGE\WKH23(%SODQEHQHILWWHUPVDVRIWKHYDOXDWLRQ GDWH
'LVFRXQW5DWH &XUUHQW'LVFRXQW 'LVFRXQW5DWH
  
   
 
3ODQ
V7RWDO23(%/LDELOLW\
$VVHW

+HDOWKFDUH&RVW +HDOWKFDUH&RVW +HDOWKFDUH&RVW
7UHQG5DWH 7UHQG5DWH 7UHQG5DWH
  
  


3ODQ
V7RWDO23(%/LDELOLW\
$VVHW

'HIHUUHG2XWIORZV
RI5HVRXUFHV
'HIHUUHG,QIORZV
RI5HVRXUFHV
&KDQJHVRIDVVXPSWLRQV     'LIIHUHQFHVEHWZHHQH[SHFWHGDQGDFWXDOH[SHULHQFH   

(PSOR\HUFRQWULEXWLRQVPDGHVXEVHTXHQW
WRWKHPHDVXUHPHQWGDWH     
 

90 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 27+(53267(03/2<0(17+($/7+%(1(),76
&217,18('

$PRXQWUHSRUWHGDVGHIHUUHGRXWIORZVRIUHVRXUFHVUHODWHGWR23(%ZLOOEHUHFRJQL]HGDVIXWXUH23(%H[SHQVH DVIROORZV

127(
 5,6.0$1$*(0(17$1'6(/),1685$1&(
7KH&LW\SDUWLFLSDWHVZLWKRWKHUSXEOLFHQWLWLHVLQDMRLQWYHQWXUHXQGHUDMRLQWSRZHUVDJUHHPHQWZKLFKHVWDEOLVKHV WKH&HQWUDO6DQ-RDTXLQ9DOOH\5LVN0DQDJHPHQW$XWKRULW\ &6-950$
7KHUHODWLRQVKLSEHWZHHQWKH&LW\DQG
&6-950$LVVXFKWKDW&6-950$LVQRWDFRPSRQHQWXQLWRIWKH&LW\IRUILQDQFLDOUHSRUWLQJSXUSRVHV$OOIXQGVRI WKH&LW\LQFOXGLQJWKHHQWHUSULVHIXQGVDUHLQFOXGHGLQWKHDERYHULVNPDQDJHPHQWDQGVHOILQVXUDQFHSURJUDP 7KH &LW\ LV FRYHUHG IRU WKH ILUVW  RI HDFK JHQHUDO OLDELOLW\ FODLP DQG  RI HDFK ZRUNHUV¶ FRPSHQVDWLRQFODLPWKURXJKWKH&6-950$7KH&LW\KDVWKH ULJKWWR UHFHLYHGLYLGHQGVRUWKHREOLJDWLRQWRSD\ DVVHVVPHQWV EDVHG RQ DQ HVWLPDWHG FODLPV OLDELOLWLHVIRUPXODZKLFK DPRQJ RWKHU H[SHQVHV LQFOXGHV UHSRUWHG DQGLQFXUUHGEXWQRWUHSRUWHG
,%15
FODLPVDQGFKDUJHVWKH&LW\¶VDFFRXQWIRUOLDELOLW\ORVVHVXQGHUDQG ZRUNHUV¶FRPSHQVDWLRQORVVHVXQGHU
7KH &6-950$ SDUWLFLSDWHV LQ DQ H[FHVV SRRO ZKLFK SURYLGHV JHQHUDO OLDELOLW\ FRYHUDJH IURP  WR 
 DQG ZRUNHUV¶ FRPSHQVDWLRQ FRYHUDJH IURP  WR WKH VWDWXWRU\ OLPLW 7KH &LW\ KDV KDG QR VHWWOHPHQWV ZKLFK H[FHHGHG LQVXUDQFH FRYHUDJH LQ WKH ODVW WHQ ILVFDO \HDUV DQG QR FKDQJHV LQ LQVXUDQFH FRYHUDJHIURPWKHSULRU\HDU7KH&LW\¶VGHGXFWLEOHDPRXQWLVLQFOXGHGZLWKWKHSUHPLXPV 7KH&6-950$LVDFRQVRUWLXPRIILIW\IRXU

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

<HDU(QGHG
-XQH
'HIHUUHG
2XWIORZV
,QIORZV

RI5HVRXUFHV
 

 














7KHUHDIWHU




7RWDO



7RWDO$VVHWV 

7RWDO/LDELOLWLHV 
1HW3RVLWLRQ 
2SHUDWLQJ5HYHQXHV 

2SHUDWLQJ([SHQVHV 

1RQRSHUDWLQJ5HYHQXHV
([SHQVHV


&KDQJHLQ1HW3RVLWLRQ 
91 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 27+(55(48,5('',6&/2685(6
$ 'HILFLW1HW3RVLWLRQ)XQG%DODQFHV
$W -XQH   WKH IROORZLQJ IXQGV KDG GHILFLW QHW SRVLWLRQ RU GHILFLW XQUHVWULFWHG QHW SRVLWLRQ ZKLFK ZLOO EH HOLPLQDWHGWKURXJKWKHUHGXFWLRQLQIXWXUHH[SHQVHVDQGRUWKHXVHRIQHZIXQGLQJVRXUFHV 
127(
 &200,70(176$1'&217,1*(1&,(6
7KH H[FHVV H[SHQGLWXUH RYHU DSSURSULDWLRQV IRU WKH *HQHUDO *RYHUQPHQW IXQFWLRQ LQ WKH *HQHUDO )XQG ZDV UHODWHGWR D VDOHVWD[ VKDULQJ DJUHHPHQWZKHUHE\WKH&LW\ LV UHTXLUHGWR SD\D GHVLJQDWHG SRUWLRQ RI VDOHVWD[ GROODUV JHQHUDWHG WR D UG SDUW\ 7KLV H[FHVV LV RIIVHW E\ H[FHVV UHYHQXH RYHU WKH DPRXQW EXGJHWHG LQ WD[HV UHYHQXHLQWKH*HQHUDO)XQG
Litigation
7KHUHDUHYDULRXVFODLPVDQGOHJDODFWLRQVSHQGLQJDJDLQVWWKH&LW\IRUZKLFKQRSURYLVLRQKDVEHHQPDGHLQWKH DFFRPSDQ\LQJ JHQHUDO SXUSRVHILQDQFLDO VWDWHPHQWV,QWKH RSLQLRQ RIWKH &LW\ DWWRUQH\ DQG &LW\PDQDJHPHQW OLDELOLWLHV DULVLQJ IURP WKHVH FODLPV DQG OHJDO DFWLRQV LI DQ\ ZLOO QRW KDYH DQ DGYHUVH PDWHULDO HIIHFW RQ WKH ILQDQFLDOSRVLWLRQRIWKH&LW\
Grants
7KH&LW\ KDV UHFHLYHG)HGHUDO JUDQWVIRU VSHFLILF SXUSRVHVWKDW DUH VXEMHFWWR UHYLHZ DQG DXGLW E\WKH)HGHUDO JRYHUQPHQW$OWKRXJKVXFKDXGLWVFRXOGUHVXOWLQH[SHQGLWXUHGLVDOORZDQFHXQGHUJUDQWWHUPVDQGDQ\UHTXLUHG UHLPEXUVHPHQWVDUHQRWH[SHFWHGWREHPDWHULDO
)XQG7\SH )XQGV 'HILFLW
*RYHUQPHQWDO)XQGV 7UDQVSRUWDWLRQ 


+RXVLQJDQG&RPPXQLW\'HYHORSPHQW 


3URSULHWDU\)XQGV 7UDQVLW 



,QWHUQDO6HUYLFH)XQGV %XLOGLQJ0DLQWHQDQFH  


/LDELOLW\&RYHUDJH 


9HKLFOH0DLQWHQDQFH 


)LGXFLDU\)XQGV 5'$6XFFHVVRU$JHQF\ 



92 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 &200,70(176$1'&217,1*(1&,(6
&217,18('

&RQVWUXFWLRQ&RPPLWPHQWV
7KHIROORZLQJPDWHULDOFRQVWUXFWLRQFRPPLWPHQWVH[LVWHGDW-XQH 

State Board of Equalization Local Sales Tax Allocation Petition ,QDSHWLWLRQZDVILOOHGZLWKWKH6WDWH%RDUGRI(TXDOL]DWLRQFKDOOHQJLQJWKHORFDOVDOHVWD[DOORFDWLRQIRU DODUJH6KDIWHUEDVHGUHWDLOHUJRLQJEDFNWRWKHIRXUWKTXDUWHURI 7KLVSHWLWLRQLVRQJRLQJDQGZLOOPRVWOLNHO\
QRWEHUHVROYHGIRUVHYHUDO\HDUV,QWKHPHDQWLPHWKH&LW\LVFRQWLQXLQJWRUHFHLYHWKHORFDOVDOHVWD[UHYHQXH IURPWKLVUHWDLOHU$OWKRXJKPDQDJHPHQWDQGWKH&LW\¶VDWWRUQH\EHOLHYHWKH&LW\KDVDVWURQJFDVHWKH&LW\KDV DVVLJQHG

RI*HQHUDO)XQG%DODQFHDVDORVVFRQWLQJHQF\UHVHUYHLQFDVHRIDQDGYHUVHRXWFRPH 127(
 35,253(5,2'$'-8670(176
&KDQJHVWRRUZLWKLQWKH5HSRUWLQJ(QWLW\
6WDWH*UDQW)XQGZDV SUHYLRXVO\ UHSRUWHG DV DPDMRU JRYHUQPHQWDOIXQG GXULQJWKH SULRUILVFDO \HDU 'XHWR D VLJQLILFDQW GHFUHDVH LQ DFWLYLW\ RI WKH IXQG GXULQJ WKH \HDU LW PHW WKH UHTXLUHPHQWV RI EHLQJ SUHVHQWHG DV D QRQPDMRUIXQG LQ DFFRUGDQFH ZLWK *$6% 6WDWHPHQW 1R  GXULQJWKHILVFDO \HDU HQGHG -XQH   7KH HIIHFWVRIWKDWFKDQJHWRRUZLWKLQWKHILQDQFLDOUHSRUWLQJHQWLW\DUHVKRZQLQFROXPQRIWKHWDEOHEHORZ &KDQJHLQ$FFRXQWLQJ3ULQFLSOH
)RUWKHILVFDO\HDUHQGHG-XQHWKH&LW\DGMXVWHGWKHOLDELOLW\EDODQFHRIWKHFXVWRGLDOIXQGVWRUHFODVVLI\ WKHQHWDVVHWVKHOGIRUWKHSD\PHQWRIIXWXUHGHEW VHUYLFHSD\PHQWVDVDOLDELOLW\ GXHWRRWKHUDJHQFLHV
7KLV
DGMXVWPHQWZDVLQDFFRUGDQFHZLWKQHZLQIRUPDWLRQSURYLGHGWRWKH&LW\IURPWKH*$6%GXULQJWKHILVFDO\HDULQ UHVSRQVHWRDWHFKQLFDOLQTXLU\IURPWKH&LW\¶VDXGLWRUV7KHHIIHFWRIWKLVFKDQJHLVVKRZQLQWKHWDEOHEHORZ $GMXVWPHQWVWRDQG5HVWDWHPHQWVRI%HJLQQLQJ%DODQFHV
'XULQJILVFDO\HDUFKDQJHVWRRUZLWKLQWKHILQDQFLDOUHSRUWLQJHQWLW\DQHUURUFRUUHFWLRQDQGWKHFKDQJHLQ DFFRXQWLQJSULQFLSOHUHVXOWHGLQDGMXVWPHQWVWRDQGUHVWDWHPHQWVRIEHJLQQLQJQHWSRVLWLRQDQGIXQGQHWSRVLWLRQ DVIROORZV

3URMHFW1DPH
&RQWUDFW
$PRXQW
([SHQGLWXUHV
DVRI
-XQH
5HPDLQLQJ
&RPPLWPHQWV
6KDIWHU$TXDWLF&HQWHU3URMHFW         
8QLILHG)LHOG6HUYLFHV 
 
  
5HPHLGDO7UDQVSRUWDWLRQ 
    
 
93 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWRWKH%DVLF)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 35,253(5,2'$'-8670(176
&217,18('

127(
 68%6(48(17(9(176
7KH &LW\ HYDOXDWHG VXEVHTXHQW HYHQWV IRU UHFRJQLWLRQ DQG GLVFORVXUH WKURXJK 0DUFK   WKH GDWH ZKLFK WKHVH ILQDQFLDO VWDWHPHQWV ZHUH DYDLODEOH WR EH LVVXHG 0DQDJHPHQW FRQFOXGHG WKDW QR PDWHULDO VXEVHTXHQW HYHQWVKDYHRFFXUUHGVLQFH-XQHWKDWUHTXLUHGUHFRJQLWLRQRUGLVFORVXUHLQVXFKILQDQFLDOVWDWHPHQWV -XQH &KDQJHVWRRU &KDQJHVLQ
$V3UHYLRXVO\ ZLWKLQWKH $FFRXQWLQJ -XQH
5HSRUWHG 5HSRUWLQJ(QWLW\ 3ULQFLSOH $V5HVWDWHG
*RYHUQPHQWDOIXQGV
*HQHUDO 
        
7UDQVSRUWDWLRQ

     

7UDIILF0LWJDWLRQ,PSURYHPHQW 

       
 
6WDWH*UDQWV 
 


     1RQPDMRUIXQGV 
  
    
 
7RWDOJRYHUQPHQWDOIXQGV         )LGXFLDU\)XQG
&XVWRGLDO)XQGV     
  
7RWDOILGXFLDU\IXQGV     
  
94 
5(48,5('6833/(0(17$5<,1)250$7,21
95 
7+,63$*(,17(17,21$//</()7%/$1.
96 
&,7<2)6+$)7(5&$/,)251,$
1RWHVWR5HTXLUHG6XSSOHPHQWDU\,QIRUPDWLRQ
)RUWKH<HDU(QGHG-XQH
127(
 %8'*(7$5<,1)250$7,21
Budgetary Policy and Control
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
FDQQRWOHJDOO\H[FHHGWKHDSSURSULDWHGDPRXQW
IRUWKHRSHUDWLQJEXGJHWLVDWWKHIXQGOHYHO
97 
&,7<2)6+$)7(5&$/,)251,$
6FKHGXOHRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHVLQ)XQG%DODQFHV%XGJHWWR$FWXDO *HQHUDO)XQG
)RUWKH<HDU(QGHG-XQH
9DULDQFHZLWK
)LQDO%XGJHW
$FWXDO 3RVLWLYH
2ULJLQDO )LQDO $PRXQWV
1HJDWLYH

5(9(18(6
7D[HV     
   
/LFHQVHVDQG3HUPLWV        


,QWHUJRYHUQPHQWDO5HYHQXHV  
 
     &KDUJHVIRU6HUYLFHV 

     8VHRI0RQH\DQG3URSHUW\        
)LQHVDQG)HHV        
0LVFHOODQHRXV  
 
  
  


7RWDOUHYHQXHV     
(;3(1',785(6
&XUUHQW

*HQHUDOJRYHUQPHQW    
 


3XEOLFZRUNV   
  
  
&XOWXUHDQGUHFUHDWLRQ   


 


3XEOLFVDIHW\


  


  
&DSLWDO2XWOD\   
    


'HEWVHUYLFH

3ULQFLSDO5HWLUHPHQW       



7RWDOH[SHQGLWXUHV  
 
 
([FHVV
GHILFLHQF\
RIUHYHQXHV
RYHU
XQGHU
H[SHQGLWXUHV  
 


27+(5),1$1&,1*6285&(6
86(6

7UDQVIHUV,Q        

6XEVFULSWLRQLVVXHG        3URFHHGVRQVDOHRIFDSLWDODVVHWV        7RWDORWKHUILQDQFLQJVRXUFHV
XVHV
  
 
1HWFKDQJHLQIXQGEDODQFHV 
  

 

)XQGEDODQFHVEHJLQQLQJ 

)XQGEDODQFHVHQGLQJ 


98 
&,7<2)6+$)7(5&$/,)251,$
6FKHGXOHRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHVLQ)XQG%DODQFHV%XGJHWWR$FWXDO 7UDQVSRUWDWLRQ
)RUWKH<HDU(QGHG-XQH
9DULDQFHZLWK
)LQDO%XGJHW
$FWXDO 3RVLWLYH
2ULJLQDO )LQDO $PRXQWV
1HJDWLYH

5(9(18(6
,QWHUJRYHUQPHQWDO5HYHQXHV        

8VHRI0RQH\DQG3URSHUW\     


 



7RWDOUHYHQXHV    






(;3(1',785(6
&DSLWDO2XWOD\        7RWDOH[SHQGLWXUHV     1HWFKDQJHLQIXQGEDODQFHV 










)XQGEDODQFHV

GHILFLW
EHJLQQLQJ 


)XQGEDODQFHV

GHILFLW
HQGLQJ 


99 
&,7<2)6+$)7(5&$/,)251,$
6FKHGXOHRI&KDQJHVLQWKH7RWDO23(%/LDELOLW\DQG5HODWHG5DWLRV $VRI-XQH)RUWKH/DVW7HQ)LVFDO<HDUV
   
0HDVXUHPHQW'DWH     7RWDO23(%/LDELOLW\
6HUYLFHFRVW        ,QWHUHVWRQWKHWRWDO23(%OLDELOLW\         $FWXDODQGH[SHFWHGH[SHULHQFHGLIIHUHQFH  
     


&KDQJHVLQDVVXPSWLRQV 



   

%HQHILWSD\PHQWV 






 



1HWFKDQJHLQWRWDO23(%OLDELOLW\ 



    

7RWDO23(%OLDELOLW\EHJLQQLQJ  




    

7RWDO23(%OLDELOLW\HQGLQJ
D
 


 

 
&RYHUHGHPSOR\HHSD\UROO 

  
  
7RWDO23(%OLDELOLW\DVDSHUFHQWDJH
RIFRYHUHGHPSOR\HHSD\UROO
   
1RWHVWR6FKHGXOH

+LVWRULFDOLQIRUPDWLRQLVUHTXLUHGRQO\IRUWKHPHDVXUHPHQWSHULRGVIRUZKLFK*$6%LVDSSOLFDEOH)LVFDO<HDUZDVWKH ILUVW\HDURILPSOHPHQWDWLRQ)XWXUH\HDUV
LQIRUPDWLRQZLOOEHGLVSOD\HGXSWR\HDUVDVLQIRUPDWLRQEHFRPHVDYDLODEOH 100

 
 

  
 
         
        










 
  
  



  




  
   
 
  

 

   
101

&,7<2)6+$)7(5&$/,)251,$
6FKHGXOHRI3URSRUWLRQDWH6KDUHRIWKH1HW3HQVLRQ/LDELOLW\ $VVHW

0LVFHOODQHRXV3ODQ
$VRI-XQH)RUWKH/DVW7HQ)LVFDO<HDUV
3URSRUWLRQDWH6KDUH
RIWKH1HW3HQVLRQ 3ODQ
V)LGXFLDU\1HW
3URSRUWLRQRIWKH 3URSRUWLRQDWH6KDUH /LDELOLW\
$VVHW
DVD 3RVLWLRQDVD
5HSRUWLQJ'DWH 1HW3HQVLRQ RI1HW3HQVLRQ 3HUFHQWDJHRI RIWKH7RWDO DVRI-XQH /LDELOLW\
$VVHW
/LDELOLW\
$VVHW
&RYHUHG3D\UROO &RYHUHG3D\UROO 3HQVLRQ/LDELOLW\
    
  
        



  
  


  
  





  


 




 
  
 
 
 
  


 

 
  


  
 
 
  
 

1RWHVWR6FKHGXOHRI3URSRUWLRQDWH6KDUHRIWKH1HW3HQVLRQ/LDELOLW\

%HQHILW&KDQJHV
1RQH
 7KH SURSRUWLRQV DQG SURSRUWLRQDWH VKDUH RI WKH QHW SHQVLRQ OLDELOLW\ DUH PHDVXUHG DV RI RQH \HDU EHKLQG WKH UHSRUWLQJ GDWH 5HIHU WR QRWHV WR EDVLF ILQDQFLDOVWDWHPHQWV
&KDQJHVRI$VVXPSWLRQV
7KHUHZHUHQRDVVXPSWLRQFKDQJHVLQ(IIHFWLYHZLWKWKH-XQHYDOXDWLRQGDWHWKHDFFRXQWLQJGLVFRXQWUDWHZDV UHGXFHGIURPWR

102

&,7<2)6+$)7(5&$/,)251,$
6FKHGXOHRI3URSRUWLRQDWH6KDUHRIWKH1HW3HQVLRQ/LDELOLW\ $VVHW

6DIHW\3ODQ
$VRI-XQH)RUWKH/DVW7HQ)LVFDO<HDUV
3URSRUWLRQDWH6KDUH
RIWKH1HW3HQVLRQ 3ODQ
V)LGXFLDU\1HW
3URSRUWLRQRIWKH 3URSRUWLRQDWH6KDUH /LDELOLW\
$VVHW
DVD 3RVLWLRQDVD
5HSRUWLQJ'DWH 1HW3HQVLRQ RI1HW3HQVLRQ 3HUFHQWDJHRI RIWKH7RWDO DVRI-XQH /LDELOLW\
$VVHW
/LDELOLW\
$VVHW
&RYHUHG3D\UROO &RYHUHG3D\UROO 3HQVLRQ/LDELOLW\
     
 

        


 
      
  


  

 



  
  
 

 
 
      
  



  
      
1RWHVWR6FKHGXOHRI3URSRUWLRQDWH6KDUHRIWKH1HW3HQVLRQ/LDELOLW\

%HQHILW&KDQJHV
1RQH
 7KH SURSRUWLRQV DQG SURSRUWLRQDWH VKDUH RI WKH QHW SHQVLRQ OLDELOLW\ DUH PHDVXUHG DV RI RQH \HDU EHKLQG WKH UHSRUWLQJ GDWH 5HIHU WR QRWHV WR EDVLF ILQDQFLDOVWDWHPHQWV
&KDQJHVRI$VVXPSWLRQV
7KHUHZHUHQRDVVXPSWLRQFKDQJHVLQ(IIHFWLYHZLWKWKH-XQHYDOXDWLRQGDWHWKHDFFRXQWLQJGLVFRXQWUDWHZDV UHGXFHGIURPWR

103

&,7<2)6+$)7(5&$/,)251,$
6FKHGXOHRI3ODQ&RQWULEXWLRQV
0LVFHOODQHRXV3ODQ
$VRI-XQH)RUWKH/DVW7HQ)LVFDO<HDUV
)LVFDO<HDU $FWXDULDOO\ $FWXDO &RQWULEXWLRQ &RQWULEXWLRQ (QGLQJ 'HWHUPLQHG (PSOR\HU 'HILFLHQF\ &RYHUHG DVDRI -XQH &RQWULEXWLRQ &RQWULEXWLRQ
([FHVV
3D\UROO &RYHUHG3D\UROO
 



   
 
 
   
 
            
 
 
    



 

   

 
 







 

   
     
 
    
 
1RWHVWR6FKHGXOHRI3ODQ&RQWULEXWLRQV

9DOXDWLRQ'DWH
-XQH
0HWKRGVDQGDVVXPSWLRQVXVHGWRGHWHUPLQHFRQWULEXWLRQUDWHV

$FWXDULDOFRVWPHWKRG
(QWU\$JH1RUPDO
$PRUWL]DWLRQPHWKRG
9DULHVE\GDWHHVWDEOLVKHGDQGVRXUFH0D\EHOHYHOGROODURUOHYHOSHUFHQWRISD\DQGPD\LQFOXGHGLUHFWUDWHVPRRWKLQJ 5HPDLQLQJDPRUWL]DWLRQSHULRG
'LIIHUVE\HPSOR\HUUDWHSODQEXWQRWPRUHWKDQ
\HDUV
,QIODWLRQ

6DODU\,QFUHDVHV
9DULHVE\HQWU\DJHDQGVHUYLFH
,QYHVWPHQWUDWHRIUHWXUQ


&RVWRI/LYLQJ$GMXVWPHQWV

5HWLUHPHQWDJH
%DVHGRQWKH&DO3(56([SHULHQFH6WXG\IRUWKHSHULRG


0RUWDOLW\
%DVHGRQWKH&DO3(56([SHULHQFH6WXG\IRUWKHSHULRG

3RVWUHWLUHPHQWPRUWDOLW\UDWHVLQFOXGH\HDUVRISURMHFWHGRQ JRLQJPRUWDOLW\LPSURYHPHQWVXVLQJ
RI6FDOH03SXEOLVKHGE\WKH6RFLHW\RI$FWXDULHV 104

&,7<2)6+$)7(5&$/,)251,$
6FKHGXOHRI3ODQ&RQWULEXWLRQV
6DIHW\3ODQ
$VRI-XQH)RUWKH/DVW7HQ)LVFDO<HDUV
)LVFDO<HDU $FWXDULDOO\ $FWXDO &RQWULEXWLRQ &RQWULEXWLRQ (QGLQJ 'HWHUPLQHG (PSOR\HU 'HILFLHQF\ &RYHUHG DVDRI -XQH &RQWULEXWLRQ &RQWULEXWLRQ
([FHVV
3D\UROO &RYHUHG3D\UROO
 
 
          
 
 
         
      
     
 
  


 
 

 

   
 
      
 

 

   
 

1RWHVWR6FKHGXOHRI3ODQ&RQWULEXWLRQV

9DOXDWLRQ'DWH
-XQH
0HWKRGVDQGDVVXPSWLRQVXVHGWRGHWHUPLQHFRQWULEXWLRQUDWHV

$FWXDULDOFRVWPHWKRG
(QWU\$JH1RUPDO
$PRUWL]DWLRQPHWKRG
9DULHVE\GDWHHVWDEOLVKHGDQGVRXUFH0D\EHOHYHOGROODURUOHYHOSHUFHQWRISD\DQGPD\LQFOXGHGLUHFWUDWHVPRRWKLQJ 5HPDLQLQJDPRUWL]DWLRQSHULRG
'LIIHUVE\HPSOR\HUUDWHSODQEXWQRWPRUHWKDQ
\HDUV
,QIODWLRQ

6DODU\,QFUHDVHV
9DULHVE\HQWU\DJHDQGVHUYLFH
,QYHVWPHQWUDWHRIUHWXUQ


&RVWRI/LYLQJ$GMXVWPHQWV

5HWLUHPHQWDJH
%DVHGRQWKH&DO3(56([SHULHQFH6WXG\IRUWKHSHULRG


0RUWDOLW\
%DVHGRQWKH&DO3(56([SHULHQFH6WXG\IRUWKHSHULRG

3RVWUHWLUHPHQWPRUWDOLW\UDWHVLQFOXGH\HDUVRISURMHFWHGRQ JRLQJPRUWDOLW\LPSURYHPHQWVXVLQJ
RI6FDOH03SXEOLVKHGE\WKH6RFLHW\RI$FWXDULHV 105

7+,63$*(,17(17,21$//</()7%/$1.
106

6833/(0(17$5<,1)250$7,21
107

1RQ0DMRU*RYHUQPHQWDO)XQGV
6SHFLDO5HYHQXH)XQGV

Federal Grants Fund  7KLV IXQG LV XVHG WR DFFRXQW IRU YDULRXV )HGHUDO +LJKZD\ DQG WUDQVSRUWDWLRQ JUDQWV UHFHLYHGE\WKH&LW\
Traffic Safety Fund - 7KLVIXQGLVXVHGWRDFFRXQWIRUWKH&LW\ VVKDUHRIWUDIILFYLRODWLRQILQHVDOORFDWHGIRUWUDIILF HQIRUFHPHQWDQGVLJQDJH
SLESF Grants Fund - 7KLVIXQGLVXVHGWRDFFRXQWIRUUHYHQXHVDQGH[SHQGLWXUHVDVVRFLDWHGZLWKIURQWOLQHODZ HQIRUFHPHQWDQGPXQLFLSDOSROLFHVHUYLFHV
State Gasoline Tax Fund - 7KLVIXQGLVXVHGWRDFFRXQWIRUWKH&LW\ VVKDUHRIJDVROLQHWD[HVWKDWDUHDSSRUWLRQHG
XQGHU6WUHHWVDQG+LJKZD\V&RGHVHFWLRQVDQGRIWKH6WDWHRI&DOLIRUQLD7KHVHIXQGV DUHUHVWULFWHGWRDFWLYLWLHVDQGSXUFKDVHVWKDWDVVLVWLQWKHFRQVWUXFWLRQRIDQGPDLQWHQDQFHRIORFDOURDGVZLWKLQ WKH&LW\OLPLWV
Police Services Fund - 7KLV IXQG LV XVHG WR DFFRXQW IRU WKH ILQHV LPSRVHG E\ WKH &RXQW\ RI .HUQ DQG ORFDO GRQDWLRQVWRDVVLVWZLWKWKH'UXJ$ZDUHQHVVDQG5HKDELOLWDWLRQ(GXFDWLRQSURJUDP '$5(

Asset Forfeiture Fund - 7KLVIXQGLVXVHGWRDFFRXQWIRUUHYHQXHVDVVRFLDWHGZLWKWKHVDOHRIDVVHWVVHL]HGIURP LQGLYLGXDOVFRQYLFWHGRIGUXJUHODWHGFULPHV7KHH[SHQGLWXUHVRIWKLVIXQGPXVWDVVLVWLQGUXJDEXVHHQIRUFHPHQW RUHGXFDWLRQ
Road Maintenance and Rehabilitation Act Fund - 7KLVIXQGLVXVHGWRDFFRXQWIRULQWHUJRYHUQPHQWDOUHYHQXHVDQG H[SHQGLWXUHV UHODWLYH WR WKH 6WDWH RI &DOLIRUQLD 5RDG 0DLQWHQDQFH DQG 5HKDELOLWDWLRQ $FW IRU PDLQWHQDQFH RU UHFRQVWUXFWLRQUHODWHGWRVWUHHWV
Housing and Community Development Fund - 7KLVIXQGLVXVHGWRDFFRXQWIRUUHYHQXHVDQGH[SHQGLWXUHVUHODWHG WRSURJUDPVDQGSURMHFWVIXQGHGZLWK+RXVLQJ &RPPXQLW\'HYHORSPHQWJUDQWSURFHHGV Low and Moderate Income Housing Fund - 7KLV IXQG LV XVHG WR DFFRXQW IRU EDODQFH RI WKH IRUPHU ORZ DQG PRGHUDWH LQFRPH KRXVLQJ IXQGV RI WKH IRUPHU 6KDIWHU &RPPXQLW\ 'HYHORSPHQW $JHQF\ DQG UHYHQXHV DQG H[SHQGLWXUHVUHODWHGWRVXFKKRXVLQJSURMHFWVDQGSURJUDPV Lighting and Landscaping District Fund - 7KLVIXQG LV XVHGWR DFFRXQWIRUIXQGV UHFHLYHGIURPWKH OLJKWLQJ DQG ODQGVFDSLQJGLVWULFWWRSURYLGHIRUDOWHUQDWLYHVRXUFHVRIIXQGLQJIRUPDLQWHQDQFHDQGVHUYLFHRIODQGVFDSLQJDQG SXEOLFOLJKWLQJIDFLOLWLHVORFDWHGZLWKLQWKHSXEOLFDUHDVRIWKHDVVHVVPHQWGLVWULFWV &DSLWDO3URMHFWV)XQGV

Water Capital Improvement Fund - 7KLV IXQG ZDV HVWDEOLVKHG WR DFFRXQW IRU WKH LPSDFW IHHV FKDUJHG WR GHYHORSHUVIRUWKHLPSURYHPHQWVWKDWZLOOEHFRPHQHFHVVDU\WRNHHSSDFHZLWKWKHGHPDQGVSODFHGRQH[LVWLQJ SODQWDVVHWV7KLVDOORZVIRUDQLQFUHPHQWDOFKDUJHIRUH[LVWLQJFDSDFLW\WREHHVWDEOLVKHGWKDWZLOOEXLOGDGGLWLRQDO SODQWFDSDFLW\LQVWDJHGSKDVHV
Wastewater Capital Improvement Fund - 7KLV IXQG ZDV HVWDEOLVKHG WR DFFRXQW IRU WKH LPSDFW IHHV FKDUJHG WR GHYHORSHUVIRUWKHLPSURYHPHQWVWKDWZLOOEHFRPHQHFHVVDU\WRNHHSSDFHZLWKWKHGHPDQGVSODFHGRQH[LVWLQJ SODQWDVVHWV
Refuse Capital Improvement Fund - 7KLV IXQG ZDV HVWDEOLVKHG WR DFFRXQW IRU WKH LPSDFW IHHV FKDUJHG WR GHYHORSHUV IRU WKH FRVW RI QHZ UHIXVH FROOHFWLQJ V\VWHP WKDW ZLOO EHFRPH QHFHVVDU\ WR NHHS SDFH ZLWK WKH GHPDQGVSODFHGRQH[LVWLQJDVVHWV
108

1RQ0DMRU*RYHUQPHQWDO)XQGV
&DSLWDO3URMHFWV)XQGV&RQWLQXHG

Park Capital Improvement Fund -7KLVIXQGZDVHVWDEOLVKHGWRDFFRXQWIRUWKHSDUNLQOLHXIHHWKDWLVFKDUJHGWR GHYHORSHUVIRUWKHFRVWRIQHZSDUNVRULPSURYHPHQWVWRH[LVWLQJSDUNV Capital Assets Replacement Fund - 7KLVIXQGZDVHVWDEOLVKHGWRDFFRXQWIRUWKHSXUFKDVHRUFRQVWUXFWLRQRID QHZ&LW\+DOOIDFLOLW\7KHSXUSRVHRIWKHIXQGLVWRVHWDVLGHDQGUHVWULFWVDVVHWVWRUHSODFHH[LVWLQJIDFLOLWLHVLQWKH IXWXUH
MCCF Building and Equipment Replacement Fund - 7KLVIXQGLVXVHGWRDFFRXQWIRUWKHDFWLYLWLHVRIWKH&LW\ V
VPDOOSULVRQHTXLSPHQWDQGEXLOGLQJUHSODFHPHQWRSHUDWLRQVWKDWPXVWEHSURYLGHGXQGHUDWULSOHQHWOHDVHZLWK WKHRZQHU
Median Mitigation Improvement Fund - 7KLV IXQG ZDV HVWDEOLVKHG WR DFFRXQW IRU H[SHQGLWXUHV IRU WKH FRVW RI PHGLDQLQVWDOODWLRQUHODWHGSURMHFWVWKDWVHUYHPRUHWKDQRQHSURMHFWRUPXOWLSOHSKDVHVRISURMHFWV State Grant Fund±7KLVIXQGLVXVHGWRDFFRXQWIRUYDULRXVFDSLWDOSURMHFWVIXQGHGE\VWDWHJUDQWV 109

&,7<2)6+$)7(5&$/,)251,$
&RPELQLQJ%DODQFH6KHHW
1RQPDMRU*RYHUQPHQWDO)XQGV
-XQH
$66(76
&DVKDQGLQYHVWPHQWV   
    
5HFHLYDEOHV

$FFRXQWVUHFHLYDEOHQHW 

   'XHIURPRWKHUJRYHUQPHQWV  
 
     3UHSDLGFRVWV        7RWDODVVHWV   

   
/,$%,/,7,(6
$FFRXQWVSD\DEOH        'XHWRRWKHUIXQGV        7RWDOOLDELOLWLHV        '()(55(',1)/2:62)5(6285&(6
8QDYDLODEOHUHYHQXHV   

    7RWDOGHIHUUHGLQIORZVRIUHVRXUFHV   

    )81'%$/$1&(6
'(),&,76

1RQVSHQGDEOH        5HVWULFWHG       $VVLJQHG        8QDVVLJQHG        7RWDOIXQGEDODQFHV

GHILFLWV
      7RWDOOLDELOLWLHVGHIHUUHGLQIORZVRIUHVRXUFHV
DQGIXQGEDODQFHV

GHILFLWV


    )HGHUDO
*UDQWV 7UDIILF6DIHW\ 6(/6)*UDQWV
6WDWH
*DVROLQH7D[
6SHFLDO5HYHQXH)XQGV
110

&,7<2)6+$)7(5&$/,)251,$
&RPELQLQJ%DODQFH6KHHW
1RQPDMRU*RYHUQPHQWDO)XQGV
-XQH
$66(76
&DVKDQGLQYHVWPHQWV
5HFHLYDEOHV

$FFRXQWVUHFHLYDEOHQHW
'XHIURPRWKHUJRYHUQPHQWV
3UHSDLGFRVWV
7RWDODVVHWV
/,$%,/,7,(6
$FFRXQWVSD\DEOH
'XHWRRWKHUIXQGV
7RWDOOLDELOLWLHV
'()(55(',1)/2:62)5(6285&(6
8QDYDLODEOHUHYHQXHV
7RWDOGHIHUUHGLQIORZVRIUHVRXUFHV
)81'%$/$1&(6
'(),&,76

1RQVSHQGDEOH
5HVWULFWHG
$VVLJQHG
8QDVVLJQHG
7RWDOIXQGEDODQFHV

GHILFLWV

7RWDOOLDELOLWLHVGHIHUUHGLQIORZVRIUHVRXUFHV
DQGIXQGEDODQFHV

GHILFLWV

                 
  
               

                                                                

        

      


3ROLFH
6HUYLFHV
$VVHW
)RUIHLWXUH
5RDG
0DLQWHQDQFH
DQG
5HKDELOLWDWLRQ
$FW
+RXVLQJDQG
&RPPXQLW\
'HYHORSPHQW
6SHFLDO5HYHQXH)XQGV
111

&,7<2)6+$)7(5&$/,)251,$
&RPELQLQJ%DODQFH6KHHW
1RQPDMRU*RYHUQPHQWDO)XQGV
-XQH
$66(76
&DVKDQGLQYHVWPHQWV
5HFHLYDEOHV

$FFRXQWVUHFHLYDEOHQHW
'XHIURPRWKHUJRYHUQPHQWV
3UHSDLGFRVWV
7RWDODVVHWV
/,$%,/,7,(6
$FFRXQWVSD\DEOH
'XHWRRWKHUIXQGV
7RWDOOLDELOLWLHV
'()(55(',1)/2:62)5(6285&(6
8QDYDLODEOHUHYHQXHV
7RWDOGHIHUUHGLQIORZVRIUHVRXUFHV
)81'%$/$1&(6
'(),&,76

1RQVSHQGDEOH
5HVWULFWHG
$VVLJQHG
8QDVVLJQHG
7RWDOIXQGEDODQFHV

GHILFLWV

7RWDOOLDELOLWLHVGHIHUUHGLQIORZVRIUHVRXUFHV
DQGIXQGEDODQFHV

GHILFLWV

 
            

               
  
                                           

   
  
               
   
  
    
   
:DVWHZDWHU
&DSLWDO
,PSURYHPHQW
/LJKWLQJDQG
/DQGVFDSLQJ
'LVWULFW
/RZDQG0RG
,QFRPH
+RXVLQJ
6SHFLDO5HYHQXH)XQGV &DSLWDO3URMHFWV)XQGV
:DWHU&DSLWDO
,PSURYHPHQW
112

&,7<2)6+$)7(5&$/,)251,$
&RPELQLQJ%DODQFH6KHHW
1RQPDMRU*RYHUQPHQWDO)XQGV
-XQH
$66(76
&DVKDQGLQYHVWPHQWV
5HFHLYDEOHV

$FFRXQWVUHFHLYDEOHQHW
'XHIURPRWKHUJRYHUQPHQWV
3UHSDLGFRVWV
7RWDODVVHWV
/,$%,/,7,(6
$FFRXQWVSD\DEOH
'XHWRRWKHUIXQGV
7RWDOOLDELOLWLHV
'()(55(',1)/2:62)5(6285&(6
8QDYDLODEOHUHYHQXHV
7RWDOGHIHUUHGLQIORZVRIUHVRXUFHV
)81'%$/$1&(6
'(),&,76

1RQVSHQGDEOH
5HVWULFWHG
$VVLJQHG
8QDVVLJQHG
7RWDOIXQGEDODQFHV

GHILFLWV

7RWDOOLDELOLWLHVGHIHUUHGLQIORZVRIUHVRXUFHV
DQGIXQGEDODQFHV

GHILFLWV

        
 
                     
    
                                            
                     
    
  
     
5HIXVH
&DSLWDO
,PSURYHPHQW
3DUN&DSLWDO
,PSURYHPHQW
&DSLWDO$VVHWV
5HSODFHPHQW
0&&)
%XLOGLQJDQG
(TXLSPHQW
5HSODFHPHQW
&DSLWDO3URMHFWV)XQGV
113

&,7<2)6+$)7(5&$/,)251,$
&RPELQLQJ%DODQFH6KHHW
1RQPDMRU*RYHUQPHQWDO)XQGV
-XQH
$66(76
&DVKDQGLQYHVWPHQWV
5HFHLYDEOHV

$FFRXQWVUHFHLYDEOHQHW
'XHIURPRWKHUJRYHUQPHQWV
3UHSDLGFRVWV
7RWDODVVHWV
/,$%,/,7,(6
$FFRXQWVSD\DEOH
'XHWRRWKHUIXQGV
7RWDOOLDELOLWLHV
'()(55(',1)/2:62)5(6285&(6
8QDYDLODEOHUHYHQXHV
7RWDOGHIHUUHGLQIORZVRIUHVRXUFHV
)81'%$/$1&(6
'(),&,76

1RQVSHQGDEOH
5HVWULFWHG
$VVLJQHG
8QDVVLJQHG
7RWDOIXQGEDODQFHV

GHILFLWV

7RWDOOLDELOLWLHVGHIHUUHGLQIORZVRIUHVRXUFHV
DQGIXQGEDODQFHV

GHILFLWV

7RWDO
1RQPDMRU
)XQGV
 
 
  


 

 

 
   
           
  

    
  

    


    


      
   

        

 
   

     
0HGLDQ
0LWLJDWLRQ
,PSURYHPHQW 6WDWH*UDQWV
&DSLWDO3URMHFWV)XQGV
114

&,7<2)6+$)7(5&$/,)251,$
&RPELQLQJ6WDWHPHQWRI5HYHQXHV([SHQGLWXUHV
DQG&KDQJHVLQ)XQG%DODQFHV
1RQPDMRU*RYHUQPHQWDO)XQGV
)RUWKH<HDU(QGHG-XQH
5(9(18(6
7D[HV       

6SHFLDODVVHVVPHQWV        /LFHQVHVSHUPLWVDQGIHHV        ,QWHUJRYHUQPHQWDO   

 
 
8VHRIPRQH\DQGSURSHUW\  


    )LQHVIRUIHLWXUHVDQGSHQDOWLHV        7RWDOUHYHQXHV        (;3(1',785(6
&XUUHQW

3XEOLFZRUNV     &DSLWDORXWOD\   

     

7RWDOH[SHQGLWXUHV   

     

([FHVV
GHILFLHQF\
RIUHYHQXHV
RYHU
XQGHU
H[SHQGLWXUHV 

   27+(5),1$1&,1*6285&(6
86(6

7UDQVIHUVLQ        7UDQVIHUVRXW 







  
7RWDORWKHUILQDQFLQJVRXUFHV
XVHV








  
1HWFKDQJHLQIXQGEDODQFHV  

 
  
)XQGEDODQFHV

GHILFLW
EHJLQQLQJ        5HVWDWHPHQWVFKDQJHVWRRUZLWKLQWKHUHSRUWLQJHQWLW\        )XQGEDODQFHV

GHILFLW
EHJLQQLQJUHVWDWHG        )XQGEDODQFHV

GHILFLW
HQGLQJ         )HGHUDO
*UDQWV 7UDIILF6DIHW\ 6(/6)*UDQWV
6WDWH
*DVROLQH7D[
6SHFLDO5HYHQXH)XQGV
115

&,7<2)6+$)7(5&$/,)251,$
&RPELQLQJ6WDWHPHQWRI5HYHQXHV([SHQGLWXUHV
DQG&KDQJHVLQ)XQG%DODQFHV
1RQPDMRU*RYHUQPHQWDO)XQGV
)RUWKH<HDU(QGHG-XQH
5(9(18(6
7D[HV
6SHFLDODVVHVVPHQWV
/LFHQVHVSHUPLWVDQGIHHV
,QWHUJRYHUQPHQWDO
8VHRIPRQH\DQGSURSHUW\
)LQHVIRUIHLWXUHVDQGSHQDOWLHV
7RWDOUHYHQXHV
(;3(1',785(6
&XUUHQW

3XEOLFZRUNV
&DSLWDORXWOD\
7RWDOH[SHQGLWXUHV
([FHVV
GHILFLHQF\
RIUHYHQXHV
RYHU
XQGHU
H[SHQGLWXUHV
27+(5),1$1&,1*6285&(6
86(6

7UDQVIHUVLQ
7UDQVIHUVRXW
7RWDORWKHUILQDQFLQJVRXUFHV
XVHV

1HWFKDQJHLQIXQGEDODQFHV
)XQGEDODQFHV

GHILFLW
EHJLQQLQJ
5HVWDWHPHQWVFKDQJHVWRRUZLWKLQWKHUHSRUWLQJHQWLW\ )XQGEDODQFHV

GHILFLW
EHJLQQLQJUHVWDWHG
)XQGEDODQFHV

GHILFLW
HQGLQJ
                            

         

  

  
                     

  
 
              

       



  
 
 
   
  


     
   
  


     

 
3ROLFH
6HUYLFHV
$VVHW
)RUIHLWXUH
5RDG
0DLQWHQDQFH
DQG
5HKDELOLWDWLRQ
$FW
+RXVLQJDQG
&RPPXQLW\
'HYHORSPHQW
6SHFLDO5HYHQXH)XQGV
116

&,7<2)6+$)7(5&$/,)251,$
&RPELQLQJ6WDWHPHQWRI5HYHQXHV([SHQGLWXUHV
DQG&KDQJHVLQ)XQG%DODQFHV
1RQPDMRU*RYHUQPHQWDO)XQGV
)RUWKH<HDU(QGHG-XQH
5(9(18(6
7D[HV
6SHFLDODVVHVVPHQWV
/LFHQVHVSHUPLWVDQGIHHV
,QWHUJRYHUQPHQWDO
8VHRIPRQH\DQGSURSHUW\
)LQHVIRUIHLWXUHVDQGSHQDOWLHV
7RWDOUHYHQXHV
(;3(1',785(6
&XUUHQW

3XEOLFZRUNV
&DSLWDORXWOD\
7RWDOH[SHQGLWXUHV
([FHVV
GHILFLHQF\
RIUHYHQXHV
RYHU
XQGHU
H[SHQGLWXUHV
27+(5),1$1&,1*6285&(6
86(6

7UDQVIHUVLQ
7UDQVIHUVRXW
7RWDORWKHUILQDQFLQJVRXUFHV
XVHV

1HWFKDQJHLQIXQGEDODQFHV
)XQGEDODQFHV

GHILFLW
EHJLQQLQJ
5HVWDWHPHQWVFKDQJHVWRRUZLWKLQWKHUHSRUWLQJHQWLW\ )XQGEDODQFHV

GHILFLW
EHJLQQLQJUHVWDWHG
)XQGEDODQFHV

GHILFLW
HQGLQJ
       

                 
 
  
     
 
 
  

              
      
 
 
 
  
       

    


       

 
 
 
  

  

  
 
  


     
 

    
 


 
   
   
:DWHU&DSLWDO
,PSURYHPHQW
:DVWHZDWHU
&DSLWDO
,PSURYHPHQW
/RZDQG0RG
,QFRPH
+RXVLQJ
/LJKWLQJDQG
/DQGVFDSLQJ
'LVWULFW
6SHFLDO5HYHQXH)XQGV &DSLWDO3URMHFWV)XQGV
117

&,7<2)6+$)7(5&$/,)251,$
&RPELQLQJ6WDWHPHQWRI5HYHQXHV([SHQGLWXUHV
DQG&KDQJHVLQ)XQG%DODQFHV
1RQPDMRU*RYHUQPHQWDO)XQGV
)RUWKH<HDU(QGHG-XQH
5(9(18(6
7D[HV
6SHFLDODVVHVVPHQWV
/LFHQVHVSHUPLWVDQGIHHV
,QWHUJRYHUQPHQWDO
8VHRIPRQH\DQGSURSHUW\
)LQHVIRUIHLWXUHVDQGSHQDOWLHV
7RWDOUHYHQXHV
(;3(1',785(6
&XUUHQW

3XEOLFZRUNV
&DSLWDORXWOD\
7RWDOH[SHQGLWXUHV
([FHVV
GHILFLHQF\
RIUHYHQXHV
RYHU
XQGHU
H[SHQGLWXUHV
27+(5),1$1&,1*6285&(6
86(6

7UDQVIHUVLQ
7UDQVIHUVRXW
7RWDORWKHUILQDQFLQJVRXUFHV
XVHV

1HWFKDQJHLQIXQGEDODQFHV
)XQGEDODQFHV

GHILFLW
EHJLQQLQJ
5HVWDWHPHQWVFKDQJHVWRRUZLWKLQWKHUHSRUWLQJHQWLW\ )XQGEDODQFHV

GHILFLW
EHJLQQLQJUHVWDWHG
)XQGEDODQFHV

GHILFLW
HQGLQJ
               
                
  


        
  


                         
  


                         
  


 
 
           
 
    
  
     
5HIXVH
&DSLWDO
,PSURYHPHQW
3DUN&DSLWDO
,PSURYHPHQW
&DSLWDO$VVHWV
5HSODFHPHQW
0&&)
%XLOGLQJDQG
(TXLSPHQW
5HSODFHPHQW
&DSLWDO3URMHFWV)XQGV
118

&,7<2)6+$)7(5&$/,)251,$
&RPELQLQJ6WDWHPHQWRI5HYHQXHV([SHQGLWXUHV
DQG&KDQJHVLQ)XQG%DODQFHV
1RQPDMRU*RYHUQPHQWDO)XQGV
)RUWKH<HDU(QGHG-XQH
5(9(18(6
7D[HV
6SHFLDODVVHVVPHQWV
/LFHQVHVSHUPLWVDQGIHHV
,QWHUJRYHUQPHQWDO
8VHRIPRQH\DQGSURSHUW\
)LQHVIRUIHLWXUHVDQGSHQDOWLHV
7RWDOUHYHQXHV
(;3(1',785(6
&XUUHQW

3XEOLFZRUNV
&DSLWDORXWOD\
7RWDOH[SHQGLWXUHV
([FHVV
GHILFLHQF\
RIUHYHQXHV
RYHU
XQGHU
H[SHQGLWXUHV
27+(5),1$1&,1*6285&(6
86(6

7UDQVIHUVLQ
7UDQVIHUVRXW
7RWDORWKHUILQDQFLQJVRXUFHV
XVHV

1HWFKDQJHLQIXQGEDODQFHV
)XQGEDODQFHV

GHILFLW
EHJLQQLQJ
5HVWDWHPHQWVFKDQJHVWRRUZLWKLQWKHUHSRUWLQJHQWLW\ )XQGEDODQFHV

GHILFLW
EHJLQQLQJUHVWDWHG
)XQGEDODQFHV

GHILFLW
HQGLQJ
7RWDO
1RQPDMRU
)XQGV
        

    

      
  
  

 
 
      

  

 

  


  
          



     




  


     
 
   

 
 

 
    

0HGLDQ
0LWLJDWLRQ
,PSURYHPHQW
)RUPHUO\
0DMRU)XQGV
6WDWH*UDQWV
&DSLWDO3URMHFWV)XQGV
119

&,7<2)6+$)7(5&$/,)251,$
6FKHGXOHRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHVLQ)XQG%DODQFHV%XGJHWWR$FWXDO )HGHUDO*UDQWV
)RUWKH<HDU(QGHG-XQH
9DULDQFHZLWK
)LQDO%XGJHW
$FWXDO 3RVLWLYH
2ULJLQDO )LQDO $PRXQWV
1HJDWLYH

5(9(18(6
,QWHUJRYHUQPHQWDO5HYHQXHV      
 


8VHRI0RQH\DQG3URSHUW\    


 



7RWDOUHYHQXHV       (;3(1',785(6
&DSLWDO2XWOD\     

   

7RWDOH[SHQGLWXUHV   

 

([FHVV
GHILFLHQF\
RIUHYHQXHV
RYHU
XQGHU
H[SHQGLWXUHV 






27+(5),1$1&,1*6285&(6
86(6

7UDQVIHUV2XW 








 
7RWDORWKHUILQDQFLQJVRXUFHV
XVHV










1HWFKDQJHLQIXQGEDODQFHV 







)XQGEDODQFHVEHJLQQLQJ 
)XQGEDODQFHVHQGLQJ 
120

&,7<2)6+$)7(5&$/,)251,$
6FKHGXOHRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHVLQ)XQG%DODQFHV%XGJHWWR$FWXDO 7UDIILF6DIHW\
)RUWKH<HDU(QGHG-XQH
9DULDQFHZLWK
)LQDO%XGJHW
$FWXDO 3RVLWLYH
2ULJLQDO )LQDO $PRXQWV
1HJDWLYH

5(9(18(6
8VHRI0RQH\DQG3URSHUW\       

)LQHVDQG)HHV    

7RWDOUHYHQXHV 
 
  
(;3(1',785(6
&DSLWDO2XWOD\        7RWDOH[SHQGLWXUHV     1HWFKDQJHLQIXQGEDODQFHV 
 
  
)XQGEDODQFHVEHJLQQLQJ 
)XQGEDODQFHVHQGLQJ 
121

&,7<2)6+$)7(5&$/,)251,$
6FKHGXOHRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHVLQ)XQG%DODQFHV%XGJHWWR$FWXDO 6(/6)*UDQWV
)RUWKH<HDU(QGHG-XQH
9DULDQFHZLWK
)LQDO%XGJHW
$FWXDO 3RVLWLYH
2ULJLQDO )LQDO $PRXQWV
1HJDWLYH

5(9(18(6
,QWHUJRYHUQPHQWDO5HYHQXHV       

8VHRI0RQH\DQG3URSHUW\        7RWDOUHYHQXHV       ([FHVV
GHILFLHQF\
RIUHYHQXHV
RYHU
XQGHU
H[SHQGLWXUHV       27+(5),1$1&,1*6285&(6
86(6

7UDQVIHUV2XW 




  






7RWDORWKHUILQDQFLQJVRXUFHV
XVHV












1HWFKDQJHLQIXQGEDODQFHV 




 

)XQGEDODQFHVEHJLQQLQJ 
)XQGEDODQFHVHQGLQJ 
122

&,7<2)6+$)7(5&$/,)251,$
6FKHGXOHRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHVLQ)XQG%DODQFHV%XGJHWWR$FWXDO 6WDWH*DVROLQH7D[
)RUWKH<HDU(QGHG-XQH
9DULDQFHZLWK
)LQDO%XGJHW
$FWXDO 3RVLWLYH
2ULJLQDO )LQDO $PRXQWV
1HJDWLYH

5(9(18(6
7D[HV  

 

  

 

8VHRI0RQH\DQG3URSHUW\  
 
     
7RWDOUHYHQXHV 
 
  
(;3(1',785(6
&DSLWDO2XWOD\      
  

7RWDOH[SHQGLWXUHV    
 

1HWFKDQJHLQIXQGEDODQFHV 





 

)XQGEDODQFHVEHJLQQLQJ 
)XQGEDODQFHVHQGLQJ 
123

&,7<2)6+$)7(5&$/,)251,$
6FKHGXOHRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHVLQ)XQG%DODQFHV%XGJHWWR$FWXDO $VVHW)RUIHLWXUH
)RUWKH<HDU(QGHG-XQH
9DULDQFHZLWK
)LQDO%XGJHW
$FWXDO 3RVLWLYH
2ULJLQDO )LQDO $PRXQWV
1HJDWLYH

5(9(18(6
8VHRI0RQH\DQG3URSHUW\     
 

7RWDOUHYHQXHV    


1HWFKDQJHLQIXQGEDODQFHV    


)XQGEDODQFHVEHJLQQLQJ 

)XQGEDODQFHVHQGLQJ 
124

&,7<2)6+$)7(5&$/,)251,$
6FKHGXOHRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHVLQ)XQG%DODQFHV%XGJHWWR$FWXDO 5RDG0DLQWHQDQFHDQG5HKDELOLWDWLRQ$FW
)RUWKH<HDU(QGHG-XQH
9DULDQFHZLWK
)LQDO%XGJHW
$FWXDO 3RVLWLYH
2ULJLQDO )LQDO $PRXQWV
1HJDWLYH

5(9(18(6
7D[HV  

   
8VHRI0RQH\DQG3URSHUW\        7RWDOUHYHQXHV 



 
(;3(1',785(6
&XUUHQW

&DSLWDO2XWOD\       7RWDOH[SHQGLWXUHV     1HWFKDQJHLQIXQGEDODQFHV 





)XQGEDODQFHVEHJLQQLQJ 

)XQGEDODQFHVHQGLQJ 
125

&,7<2)6+$)7(5&$/,)251,$
6FKHGXOHRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHVLQ)XQG%DODQFHV%XGJHWWR$FWXDO /RZDQG0RG,QFRPH+RXVLQJ
)RUWKH<HDU(QGHG-XQH
9DULDQFHZLWK
)LQDO%XGJHW
$FWXDO 3RVLWLYH
2ULJLQDO )LQDO $PRXQWV
1HJDWLYH

5(9(18(6
8VHRI0RQH\DQG3URSHUW\       

7RWDOUHYHQXHV    

1HWFKDQJHLQIXQGEDODQFHV    

)XQGEDODQFHV

GHILFLW
EHJLQQLQJ 


)XQGEDODQFHV

GHILFLW
HQGLQJ 
126

&,7<2)6+$)7(5&$/,)251,$
6FKHGXOHRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHVLQ)XQG%DODQFHV%XGJHWWR$FWXDO :DWHU&DSLWDO,PSURYHPHQW
)RUWKH<HDU(QGHG-XQH
9DULDQFHZLWK
)LQDO%XGJHW
$FWXDO 3RVLWLYH
2ULJLQDO )LQDO $PRXQWV
1HJDWLYH

5(9(18(6
/LFHQVHVDQG3HUPLWV        8VHRI0RQH\DQG3URSHUW\        7RWDOUHYHQXHV     

1HWFKDQJHLQIXQGEDODQFHV     

)XQGEDODQFHVEHJLQQLQJ 

)XQGEDODQFHVHQGLQJ 

127

&,7<2)6+$)7(5&$/,)251,$
6FKHGXOHRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHVLQ)XQG%DODQFHV%XGJHWWR$FWXDO :DVWHZDWHU&DSLWDO,PSURYHPHQW
)RUWKH<HDU(QGHG-XQH
9DULDQFHZLWK
)LQDO%XGJHW
$FWXDO 3RVLWLYH
2ULJLQDO )LQDO $PRXQWV
1HJDWLYH

5(9(18(6
/LFHQVHVDQG3HUPLWV        8VHRI0RQH\DQG3URSHUW\        7RWDOUHYHQXHV     

(;3(1',785(6
&DSLWDO2XWOD\        
7RWDOH[SHQGLWXUHV     
([FHVV
GHILFLHQF\
RIUHYHQXHV
RYHU
XQGHU
H[SHQGLWXUHV     27+(5),1$1&,1*6285&(6
86(6

7UDQVIHUV2XW 





 


7RWDORWKHUILQDQFLQJVRXUFHV
XVHV









1HWFKDQJHLQIXQGEDODQFHV     

)XQGEDODQFHVEHJLQQLQJ 


)XQGEDODQFHVHQGLQJ 
128

&,7<2)6+$)7(5&$/,)251,$
6FKHGXOHRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHVLQ)XQG%DODQFHV%XGJHWWR$FWXDO 5HIXVH&DSLWDO,PSURYHPHQW
)RUWKH<HDU(QGHG-XQH
9DULDQFHZLWK
)LQDO%XGJHW
$FWXDO 3RVLWLYH
2ULJLQDO )LQDO $PRXQWV
1HJDWLYH

5(9(18(6
/LFHQVHVDQG3HUPLWV  

   


8VHRI0RQH\DQG3URSHUW\  

   

7RWDOUHYHQXHV     
1HWFKDQJHLQIXQGEDODQFHV     
)XQGEDODQFHVEHJLQQLQJ 

)XQGEDODQFHVHQGLQJ 

129

&,7<2)6+$)7(5&$/,)251,$
6FKHGXOHRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHVLQ)XQG%DODQFHV%XGJHWWR$FWXDO 3DUN&DSLWDO,PSURYHPHQW
)RUWKH<HDU(QGHG-XQH
9DULDQFHZLWK
)LQDO%XGJHW
$FWXDO 3RVLWLYH
2ULJLQDO )LQDO $PRXQWV
1HJDWLYH

5(9(18(6
/LFHQVHVDQG3HUPLWV    

8VHRI0RQH\DQG3URSHUW\        7RWDOUHYHQXHV     1HWFKDQJHLQIXQGEDODQFHV     )XQGEDODQFHVEHJLQQLQJ 

)XQGEDODQFHVHQGLQJ 
130

&,7<2)6+$)7(5&$/,)251,$
6FKHGXOHRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHVLQ)XQG%DODQFHV%XGJHWWR$FWXDO &DSLWDO$VVHWV5HSODFHPHQW
)RUWKH<HDU(QGHG-XQH
9DULDQFHZLWK
)LQDO%XGJHW
$FWXDO 3RVLWLYH
2ULJLQDO )LQDO $PRXQWV
1HJDWLYH

5(9(18(6
/LFHQVHVDQG3HUPLWV        

8VHRI0RQH\DQG3URSHUW\     

7RWDOUHYHQXHV     


1HWFKDQJHLQIXQGEDODQFHV     


)XQGEDODQFHVEHJLQQLQJ 
)XQGEDODQFHVHQGLQJ 
131

&,7<2)6+$)7(5&$/,)251,$
6FKHGXOHRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHVLQ)XQG%DODQFHV%XGJHWWR$FWXDO 0HGLDQ0LWLJDWLRQ,PSURYHPHQW
)RUWKH<HDU(QGHG-XQH
9DULDQFHZLWK
)LQDO%XGJHW
$FWXDO 3RVLWLYH
2ULJLQDO )LQDO $PRXQWV
1HJDWLYH

5(9(18(6
8VHRI0RQH\DQG3URSHUW\        7RWDOUHYHQXHV     1HWFKDQJHLQIXQGEDODQFHV     )XQGEDODQFHVEHJLQQLQJ 
)XQGEDODQFHVHQGLQJ 
132

&,7<2)6+$)7(5&$/,)251,$
6FKHGXOHRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHVLQ)XQG%DODQFHV%XGJHWWR$FWXDO 6WDWH*UDQWV
)RUWKH<HDU(QGHG-XQH
9DULDQFHZLWK
)LQDO%XGJHW
$FWXDO 3RVLWLYH
2ULJLQDO )LQDO $PRXQWV
1HJDWLYH

5(9(18(6
,QWHUJRYHUQPHQWDO5HYHQXHV        8VHRI0RQH\DQG3URSHUW\       

7RWDOUHYHQXHV     
(;3(1',785(6
&DSLWDO2XWOD\      
 


7RWDOH[SHQGLWXUHV    



1HWFKDQJHLQIXQGEDODQFHV 

  


)XQGEDODQFHVEHJLQQLQJ 

)XQGEDODQFHVHQGLQJ 

133

7+,63$*(,17(17,21$//</()7%/$1.
134

1RQ0DMRU(QWHUSULVH)XQGV
Transit Services Fund - 7KLV IXQG LV XVHG WR DFFRXQW IRU WKH DFWLYLWLHV RI WKH JRYHUQPHQW V SXEOLF WUDQVLW
RSHUDWLRQV
135

&,7<2)6+$)7(5&$/,)251,$
&RPELQLQJ6WDWHPHQWRI1HW3RVLWLRQ
2WKHU(QWHUSULVH)XQGV
-XQH
%XVLQHVV7\SH
$FWLYLWLHV
$66(76
&XUUHQWDVVHWV

5HFHLYDEOHV

$FFRXQWVUHFHLYDEOH1HW 

'XHIURPRWKHUJRYHUQPHQWV 
3UHSDLGFRVWV 
7RWDOFXUUHQWDVVHWV 


1RQFXUUHQW

&DSLWDODVVHWVQHWRIDFFXPXODWHGGHSUHFLDWLRQ  7RWDOQRQFXUUHQWDVVHWV 
7RWDODVVHWV 


'()(55('287)/2:62)5(6285&(6
5HODWHGWRSHQVLRQV 
5HODWHGWR23(% 
7RWDOGHIHUUHGRXWIORZVRIUHVRXUFHV  /,$%,/,7,(6
&XUUHQWOLDELOLWLHV

$FFRXQWVSD\DEOH 
$FFUXHGOLDELOLWLHV 

'HIHUUHGUHYHQXH 


'XHWRRWKHUIXQGV 
&RPSHQVDWHGDEVHQFHV 
7RWDOFXUUHQWOLDELOLWLHV 
1RQFXUUHQWOLDELOLWLHV

1HWSHQVLRQOLDELOLW\ 



7RWDO23(%OLDELOLW\ 
&RPSHQVDWHGDEVHQFHV 
7RWDOQRQFXUUHQWOLDELOLWLHV 
7RWDOOLDELOLWLHV 

'()(55(',1)/2:62)5(6285&(6
5HODWHGWRSHQVLRQV 
5HODWHGWR23(% 
7RWDOGHIHUUHGLQIORZVRIUHVRXUFHV  
1(7326,7,21
,QYHVWHGLQ&DSLWDO$VVHWV 
8QUHVWULFWHG 


7RWDOQHWSRVLWLRQ

GHILFLW




7UDQVLW6HUYLFHV
136

&,7<2)6+$)7(5&$/,)251,$
&RPELQLQJ6WDWHPHQWRI5HYHQXHV([SHQVHVDQG
&KDQJHVLQ1HW3RVLWLRQ
2WKHU(QWHUSULVH)XQGV
)RUWKH<HDU(QGHG-XQH
%XVLQHVV7\SH
$FWLYLWLHV
23(5$7,1*5(9(18(6
&KDUJHVIRUVHUYLFHV 
0LVFHOODQHRXV 
7RWDORSHUDWLQJUHYHQXHV 

23(5$7,1*(;3(16(6
$GPLQLVWUDWLRQ 

6DODULHVDQGZDJHV 
0DWHULDOV 
&RQWUDFWXDO 
8WLOLWLHV 
(TXLSPHQWDQGVXSSOLHV 
0DLQWHQDQFHDQGUHSDLU 


'HSUHFLDWLRQH[SHQVH 

7RWDORSHUDWLQJH[SHQVHV 
2SHUDWLQJLQFRPH
ORVV



&KDQJHLQQHWSRVLWLRQ 


1HWSRVLWLRQEHJLQQLQJ 
1HWSRVLWLRQ

GHILFLW
HQGLQJ 



7UDQVLW6HUYLFHV
137

&,7<2)6+$)7(5&$/,)251,$
&RPELQLQJ6WDWHPHQWRI&DVK)ORZV
2WKHU(QWHUSULVH)XQGV
)RUWKH<HDU(QGHG-XQH
%XVLQHVV7\SH
$FWLYLWLHV
&$6+)/2:6)52023(5$7,1*$&7,9,7,(6
5HFHLSWVIURPFXVWRPHUV 

3D\PHQWVWRVXSSOLHUVDQGVHUYLFHSURYLGHUV  


3D\PHQWVWRHPSOR\HHVIRUVDODULHVDQGEHQHILWV  

1HWFDVKSURYLGHGE\
XVHGIRU

RSHUDWLQJDFWLYLWLHV 

&$6+)/2:6)520121&$3,7$/
),1$1&,1*$&7,9,7,(6
3D\PHQWVIURPRWKHUIXQGVRQLQWHUIXQGERUURZLQJV  1HWFDVKSURYLGHGE\
XVHGIRU

QRQFDSLWDOILQDQFLQJDFWLYLWLHV  &$6+)/2:6)520&$3,7$/$1'5(/$7('
),1$1&,1*$&7,9,7,(6
$FTXLVLWLRQDQGFRQVWUXFWLRQRIFDSLWDODVVHWV  

1HWFDVKSURYLGHGE\
XVHGIRU

FDSLWDODQGUHODWHGILQDQFLQJDFWLYLWLHV  

&DVKDQGFDVKHTXLYDOHQWVEHJLQQLQJ  &DVKDQGFDVKHTXLYDOHQWVHQGLQJ  5(&21&,/,$7,212)23(5$7,1*,1&20(
/266

721(7&$6+3529,'('%<
86(')25

23(5$7,1*$&7,9,7,(6
2SHUDWLQJLQFRPH
ORVV



$GMXVWPHQWVWRUHFRQFLOHRSHUDWLQJLQFRPH
ORVV
WR
QHWFDVKSURYLGHGE\
XVHGIRU
RSHUDWLQJDFWLYLWLHV

'HSUHFLDWLRQH[SHQVH 


,QFUHDVH
GHFUHDVHLQDFFRXQWVUHFHLYDEOH 



,QFUHDVH
GHFUHDVHLQSUHSDLGLWHPV 


,QFUHDVH

GHFUHDVH
LQDFFRXQWVSD\DEOH 
,QFUHDVH

GHFUHDVH
LQDFFUXHGOLDELOLWLHV 
,QFUHDVH

GHFUHDVH
LQGHSRVLWVSD\DEOH 


,QFUHDVH

GHFUHDVH
LQFRPSHQVDWHGDEVHQFHV 
,QFUHDVH

GHFUHDVH
LQQHWSHQVLRQOLDELOLW\ 

,QFUHDVH

GHFUHDVH
LQWRWDO23(%OLDELOLW\ 

7RWDODGMXVWPHQWV 
1HWFDVKSURYLGHGE\
XVHGIRU

RSHUDWLQJDFWLYLWLHV 

7UDQVLW6HUYLFHV
138

,QWHUQDO6HUYLFH)XQGV
Building Maintenance Fund -7KLVIXQGLVXVHGWRDFFRXQWIRUWKHDFFXPXODWLRQDQGDOORFDWLRQRIFRVWVDVVRFLDWHG ZLWKWKHPDLQWHQDQFHRIWKH&LW\+DOOEXLOGLQJ
Liability Coverage Fund -7KLVIXQG LV XVHGWR DFFRXQWIRUWKH DFFXPXODWLRQ DQG DOORFDWLRQ RI FRVWV DVVRFLDWHG ZLWKULVNPDQDJHPHQW
Vehicle Maintenance Fund -7KLVIXQGLVXVHGWRDFFRXQWIRUWKHDFFXPXODWLRQDQGDOORFDWLRQRIFRVWVDVVRFLDWHG ZLWKWKHPDLQWHQDQFHRIWKH&LW\IOHHWRIYHKLFOHV
Information Technology Fund - 7KLV IXQG LV XVHG WR DFFRXQW IRU WKH FRVWV DVVRFLDWHG ZLWK DXWRPDWLRQ PDLQWHQDQFHRIWKH&LW\
VYDULRXVFRPSXWHUVVHUYHUVDQGLQWHUGHSDUWPHQWDOHOHFWURQLFFRPPXQLFDWLRQV 139

&,7<2)6+$)7(5&$/,)251,$
&RPELQLQJ6WDWHPHQWRI1HW3RVLWLRQ
,QWHUQDO6HUYLFH)XQGV
-XQH
7RWDO,QWHUQDO
6HUYLFH
)XQGV
$66(76
&XUUHQWDVVHWV

&DVKDQGLQYHVWPHQWV      
5HFHLYDEOHV

$FFRXQWVUHFHLYDEOH          3UHSDLGFRVWV          
7RWDOFXUUHQWDVVHWV          1RQFXUUHQW

&DSLWDODVVHWVQHWRIDFFXPXODWHGGHSUHFLDWLRQDPRUWL]DWLRQ        

7RWDOQRQFXUUHQWDVVHWV          

7RWDODVVHWV          '()(55('287)/2:62)5(6285&(6
5HODWHGWRSHQVLRQV 
 
    5HODWHGWR23(%  
        7RWDOGHIHUUHGRXWIORZVRIUHVRXUFHV     

 
/,$%,/,7,(6
&XUUHQWOLDELOLWLHV

$FFRXQWVSD\DEOH 
    $FFUXHGOLDELOLWLHV      
$FFUXHGLQWHUHVW          'XHWRRWKHUIXQGV     

6XEVFULSWLRQOLDELOLW\          &RPSHQVDWHGDEVHQFHV 
  
       7RWDOFXUUHQWOLDELOLWLHV 
     1RQFXUUHQWOLDELOLWLHV

6XEVFULSWLRQOLDELOLW\      &RPSHQVDWHGDEVHQFHV    
  
1HWSHQVLRQOLDELOLW\           7RWDO23(%OLDELOLW\   
      
7RWDOQRQFXUUHQWOLDELOLWLHV    



7RWDOOLDELOLWLHV      '()(55(',1)/2:62)5(6285&(6
5HODWHGWRSHQVLRQV 

  
 
5HODWHGWR23(%   
    
 

7RWDOGHIHUUHGLQIORZVRIUHVRXUFHV     

1(7326,7,21
1HW,QYHVWPHQWLQ&DSLWDO$VVHWV         

8QUHVWULFWHG 






   



7RWDOQHWSRVLWLRQ

GHILFLW







 

%XLOGLQJ
0DLQWHQDQFH
/LDELOLW\
&RYHUDJH
9HKLFOH
0DLQWHQDQFH
,QIRUPDWLRQ
7HFKQRORJ\
140

&,7<2)6+$)7(5&$/,)251,$
&RPELQLQJ6WDWHPHQWRI5HYHQXHV([SHQVHVDQG
&KDQJHVLQ1HW3RVLWLRQ
,QWHUQDO6HUYLFH)XQGV
)RUWKH<HDU(QGHG-XQH
7RWDO,QWHUQDO
6HUYLFH
)XQGV
23(5$7,1*5(9(18(6
&KDUJHVIRUVHUYLFHV  
 

 


0LVFHOODQHRXV          7RWDORSHUDWLQJUHYHQXHV     
23(5$7,1*(;3(16(6
$GPLQLVWUDWLRQ  

  
    

6DODULHVDQGZDJHV    
 
&RQWUDFWXDO  

  
  

  
8WLOLWLHV 
     
(TXLSPHQWDQGVXSSOLHV   
  
    


0DLQWHQDQFHDQGUHSDLU 
     

'HSUHFLDWLRQDPRUWL]DWLRQH[SHQVH          7RWDORSHUDWLQJH[SHQVHV 
  
  

2SHUDWLQJLQFRPH
ORVV





 
 

 



12123(5$7,1*5(9(18(6
(;3(16(6

,QWHUHVWUHYHQXH          ,QWHUHVWH[SHQVH 


 




 


7RWDOQRQRSHUDWLQJUHYHQXHV
H[SHQVHV
 





 
,QFRPH
ORVV
EHIRUHFDSLWDOFRQWULEXWLRQVDQGWUDQVIHUV  









7UDQVIHUVLQ        

&KDQJHLQQHWSRVLWLRQ 






 
1HWSRVLWLRQEHJLQQLQJ 

 

 

1HWSRVLWLRQ

GHILFLW
HQGLQJ 






 

%XLOGLQJ
0DLQWHQDQFH
/LDELOLW\
&RYHUDJH
9HKLFOH
0DLQWHQDQFH
,QIRUPDWLRQ
7HFKQRORJ\
141

&,7<2)6+$)7(5&$/,)251,$
&RPELQLQJ6WDWHPHQWRI&DVK)ORZV
,QWHUQDO6HUYLFH)XQGV
)RUWKH<HDU(QGHG-XQH
7RWDOV
&$6+)/2:6)52023(5$7,1*$&7,9,7,(6
5HFHLSWVIURPFXVWRPHUV  
 
 
3D\PHQWVWRVXSSOLHUVDQGVHUYLFHSURYLGHUV 








 


3D\PHQWVWRHPSOR\HHVIRUVDODULHVDQGEHQHILWV  








 



1HWFDVKSURYLGHGE\
XVHGIRU

RSHUDWLQJDFWLYLWLHV      
&$6+)/2:6)520121&$3,7$/
),1$1&,1*$&7,9,7,(6
7UDQVIHUVIURPRWKHUIXQGV          

,QWHUHVWSDLGRQQRQFDSLWDOGHEW  

 




 


3D\PHQWVIURPRWKHUIXQGVRQLQWHUIXQGERUURZLQJV          3D\PHQWVWRRWKHUIXQGVRQLQWHUIXQGERUURZLQJV  






   



1HWFDVKSURYLGHGE\
XVHGIRU

QRQFDSLWDOILQDQFLQJDFWLYLWLHV 






   
&$6+)/2:6)520&$3,7$/$1'5(/$7('
),1$1&,1*$&7,9,7,(6
$FTXLVLWLRQDQGFRQVWUXFWLRQRIFDSLWDODVVHWV       
 


3ULQFLSDOSDLGRQFDSLWDOGHEW       
 


1HWFDVKSURYLGHGE\
XVHGIRU

FDSLWDODQGUHODWHGILQDQFLQJDFWLYLWLHV       
 


&$6+)/2:6)520,19(67,1*$&7,9,7,(6
,QWHUHVWRQLQYHVWPHQWV       
 
1HWFDVKSURYLGHGE\
XVHGIRU

LQYHVWLQJDFWLYLWLHV       
 
1HWLQFUHDVH

GHFUHDVH
LQ
FDVKDQGFDVKHTXLYDOHQWV          
&DVKDQGFDVKHTXLYDOHQWVEHJLQQLQJ          &DVKDQGFDVKHTXLYDOHQWVHQGLQJ          
5(&21&,/,$7,212)&$6+$1'&$6+(48,9$/(176
727+(67$7(0(172)1(7326,7,21
&DVKDQGLQYHVWPHQWV          
7RWDOFDVKDQGFDVKHTXLYDOHQWV          
5(&21&,/,$7,212)23(5$7,1*,1&20(
/266

721(7&$6+3529,'('%<
86(')25

23(5$7,1*$&7,9,7,(6
2SHUDWLQJLQFRPH
ORVV





 
 

 



$GMXVWPHQWVWRUHFRQFLOHRSHUDWLQJLQFRPH
ORVV
WR
QHWFDVKSURYLGHGE\
XVHGIRU
RSHUDWLQJDFWLYLWLHV

'HSUHFLDWLRQDPRUWL]DWLRQH[SHQVH       

,QFUHDVH
GHFUHDVHLQDFFRXQWVUHFHLYDEOH   
      

,QFUHDVH
GHFUHDVHLQSUHSDLGLWHPV       
 


,QFUHDVH

GHFUHDVH
LQDFFRXQWVSD\DEOH   




 
,QFUHDVH

GHFUHDVH
LQDFFUXHGOLDELOLWLHV
    
 
  
,QFUHDVH

GHFUHDVH
LQFRPSHQVDWHGDEVHQFHV          ,QFUHDVH

GHFUHDVH
LQSHQVLRQDQGUHODWHGLWHPV          
,QFUHDVH

GHFUHDVH
LQ23(%DQGUHODWHGLWHPV      7RWDODGMXVWPHQWV  
 
 
1HWFDVKSURYLGHGE\
XVHGIRU

RSHUDWLQJDFWLYLWLHV           
%XLOGLQJ
0DLQWHQDQFH
/LDELOLW\
&RYHUDJH
9HKLFOH
0DLQWHQDQFH
,QIRUPDWLRQ
7HFKQRORJ\
142

&XVWRGLDO)XQGV
1RUWK3DUN1RUWK6KDIWHU)XQG±7KLVIXQGDFFRXQWVIRUWKHDFWLYLWLHV$VVHVVPHQW'LVWULFW1R 
143

7RWDO
&XVWRGLDO
)XQGV
$66(76
&DVKDQGFDVKHTXLYDOHQWV 
 

5HFHLYDEOHV

$FFRXQWVUHFHLYDEOH   7RWDODVVHWV    
/,$%,/,7,(6
'XHWRRWKHUDJHQFLHV   'HSRVLWVSD\DEOH   7RWDOOLDELOLWLHV     1(7326,7,21
5HVWULFWHGIRURWKHURUJDQL]DWLRQVDQGJRYHUQPHQWV   7RWDOQHWSRVLWLRQ     1RUWK
3DUN1RUWK
&,7<2)6+$)7(5&$/,)251,$
&RPELQLQJ6WDWHPHQWRI)LGXFLDU\1HW3RVLWLRQ
&XVWRGLDO)XQGV
-XQH
144

7RWDO
&XVWRGLDO
)XQGV
$'',7,216
,QWHUHVWDQGFKDQJHLQIDLUYDOXHRILQYHVWPHQWV   0LVFHOODQHRXV  
7RWDODGGLWLRQV  


'('8&7,216
,QWHUHVWH[SHQVH   0LVFHOODQHRXV  
7RWDOGHGXFWLRQV  


1HWLQFUHDVH

GHFUHDVH
LQILGXFLDU\QHWSRVLWLRQ   1HWSRVLWLRQEHJLQQLQJ   5HVWDWHPHQWFKDQJHLQDFFRXQWLQJSULQFLSOH  



1HWSRVLWLRQEHJLQQLQJUHVWDWHG   1HWSRVLWLRQHQGLQJ     &,7<2)6+$)7(5&$/,)251,$
&RPELQLQJ6WDWHPHQWRI&KDQJHVLQ)LGXFLDU\1HW3RVLWLRQ &XVWRGLDO)XQGV
)RUWKH<HDU(QGHG-XQH
1RUWK
3DUN1RUWK
145

7+,63$*(,17(17,21$//</()7%/$1.
146

67$7,67,&$/6(&7,21
81$8',7('

147

7+,63$*(,17(17,21$//</()7%/$1.
148

67$7,67,&$/6(&7,21
81$8',7('

7KLV SDUW RI WKH &LW\ RI 6KDIWHU
V $QQXDO &RPSUHKHQVLYH )LQDQFLDO 5HSRUW SUHVHQWV GHWDLOHG LQIRUPDWLRQ DV D FRQWH[W IRU XQGHUVWDQGLQJ ZKDW WKH LQIRUPDWLRQ LQ WKH ILQDQFLDO VWDWHPHQWV QRWH GLVFORVXUHV DQG UHTXLUHG VXSSOHPHQWDU\LQIRUPDWLRQVD\VDERXWWKH&LW\
VRYHUDOOILQDQFLDOKHDOWK
&RQWHQWV 3DJH
)LQDQFLDO7UHQGV7KHVHVFKHGXOHVFRQWDLQLQIRUPDWLRQWRKHOSWKHUHDGHUWRXQGHUVWDQGKRZWKH &LW\
VILQDQFLDOSHUIRUPDQFHDQGZHOOEHLQJKDYHFKDQJHGRYHUWLPH  1HW3RVLWLRQE\&RPSRQHQW±/DVW7HQ)LVFDO<HDUV  &KDQJHVLQ1HW3RVLWLRQ±/DVW7HQ)LVFDO<HDUV  *RYHUQPHQWDO$FWLYLWLHV7D[5HYHQXHE\6RXUFH±/DVW7HQ)LVFDO<HDUV  *RYHUQPHQWDO$FWLYLWLHV6DOHV7D[5HYHQXHVE\%XVLQHVV&DWHJRU\± /DVW7HQ)LVFDO<HDUV  )XQG%DODQFHVRI*RYHUQPHQWDO)XQGV±/DVW7HQ)LVFDO<HDUV  &KDQJHVLQ)XQG%DODQFHVRI*RYHUQPHQWDO)XQGV±/DVW7HQ)LVFDO<HDUV  *HQHUDO*RYHUQPHQWDO5HYHQXHVE\6RXUFH±/DVW7HQ)LVFDO<HDUV 5HYHQXH &DSDFLW\  7KHVH VFKHGXOHV FRQWDLQ LQIRUPDWLRQ WR KHOS WKH UHDGHU DVVHVV WKH &LW\ V
SURSHUW\WD[
 $VVHVVHG9DOXHRI7D[DEOH3URSHUW\±/DVW7HQ)LVFDO<HDUV

 'LUHFWDQG2YHUODSSLQJ3URSHUW\7D[5DWHV±/DVW7HQ)LVFDO<HDUV 3ULQFLSDO3URSHUW\7D[SD\HUV±&XUUHQW<HDUDQG1LQH<HDUV$JR 3URSHUW\7D[/HYLHVDQG&ROOHFWLRQV±/DVW7HQ)LVFDO<HDUV 'HEW&DSDFLW\7KHVHVFKHGXOHVSUHVHQWLQIRUPDWLRQWRKHOSWKHUHDGHUDVVHVVWKHDIIRUGDELOLW\ RIWKH&LW\
VFXUUHQWOHYHOVRIRXWVWDQGLQJGHEWDQGWKH&LW\
VDELOLW\WRLVVXHDGGLWLRQDOGHEWLQWKH
IXWXUH
 5DWLRVRI2XWVWDQGLQJ'HEWE\7\SH±/DVW7HQ)LVFDO<HDUV  +LVWRULFDODQG2YHUODSSLQJ'HEW±/DVW7HQ)LVFDO<HDUV 
'HPRJUDSKLF DQG (FRQRPLF ,QIRUPDWLRQ  7KHVH VFKHGXOHV RIIHU GHPRJUDSKLF DQG HFRQRPLF LQGLFDWRUV WR KHOS WKH UHDGHU XQGHUVWDQG WKH HQYLURQPHQW ZLWKLQ ZKLFK WKH &LW\ V ILQDQFLDO
DFWLYLWLHVWDNHSODFH
 'HPRJUDSKLFDQG(FRQRPLF6WDWLVWLFV±/DVW7HQ)LVFDO<HDUV 3ULQFLSDO(PSOR\HUV±&XUUHQW<HDUDQG7HQ<HDUV$JR 2SHUDWLQJ,QIRUPDWLRQ 7KHVH VFKHGXOHV FRQWDLQ VHUYLFH DQG LQIUDVWUXFWXUH GDWDWR KHOSWKH UHDGHU XQGHUVWDQG KRZ WKH LQIRUPDWLRQ LQ WKH &LW\
V ILQDQFLDO UHSRUW UHODWHV WR WKH VHUYLFHV WKH &LW\ SURYLGHV DQG WKH DFWLYLWLHV LW SHUIRUPV
 )XOOWLPHDQG3DUWWLPH&LW\(PSOR\HHV)XQGHGE\)XQFWLRQ±/DVW7HQ)LVFDO<HDUV  2SHUDWLQJ,QGLFDWRUVE\)XQFWLRQ±/DVW7HQ)LVFDO<HDUV  &DSLWDO$VVHWV6WDWLVWLFVE\)XQFWLRQ±/DVW7HQ)LVFDO<HDUV 6RXUFHV
 8QOHVV RWKHUZLVH QRWHG WKH LQIRUPDWLRQ LQ WKHVH VFKHGXOHV ZDV GHULYHG IURP WKH &LW\ V $QQXDO
&RPSUHKHQVLYHILQDQFLDOUHSRUWVIRUWKHUHOHYDQW\HDU 149
&,7<2)6+$)7(5&$/,)251,$
1(7326,7,21%<&20321(17
/$677(1),6&$/<($56

$&&58$/%$6,62)$&&2817,1*

    

*RYHUQPHQWDODFWLYLWLHV

1HWLQYHVWPHQWLQFDSLWDODVVHWV        
  
5HVWULFWHG 
 

 
 
8QUHVWULFWHG 
 
   
7RWDOJRYHUQPHQWDODFWLYLWLHV 

    
 
%XVLQHVVW\SHDFWLYLWLHV

1HWLQYHVWPHQWLQFDSLWDODVVHWV       

 

8QUHVWULFWHG 






7RWDOEXVLQHVVW\SHDFWLYLWLHV   
  

 
3ULPDU\JRYHUQPHQW

1HWLQYHVWPHQWLQFDSLWDODVVHWV 

 
   
  


 

5HVWULFWHG 
 

 

8QUHVWULFWHG  
 
 


7RWDOSULPDU\JRYHUQPHQWQHWSRVLWLRQ       )LVFDO<HDU
150
    
         
  




 






 
  
 
 
        


  

 
    

 
 
  



  



 








 
 
 
 
)LVFDO<HDU
151
&,7<2)6+$)7(5&$/,)251,$
&+$1*(6,11(7326,7,21
/$677(1),6&$/<($56

$&&58$/%$6,62)$&&2817,1*

    

([SHQVHV

*RYHUQPHQWDO$FWLYLWLHV

*HQHUDOJRYHUQPHQW 
 

  
    
 
3XEOLFVDIHW\ 


 

   


)LUH  
 
  
3XEOLFZRUNV      &XOWXUH UHFUHDWLRQ 
 
 
 

 

,QWHUHVWRQORQJWHUPGHEW     
7RWDOJRYHUQPHQWDODFWLYLWLHVH[SHQVHV 
   
 
%XVLQHVVW\SHDFWLYLWLHV

:DWHU  
  
 

:DVWHZDWHU  
 
 
 

0RGLILHGFRPPXQLW\FRUUHFWLRQDOIDFLOLW\RSHUDWLRQV    

 
 
0RGLILHGFRPPXQLW\FRUUHFWLRQDOIDFLOLW\&23      5HIXVHFROOHFWLRQVHUYLFHV  

 
7UDQVLWVHUYLFHV    
 
)LEHURSWLF FRPPXQLFDWLRQWRZHU      5DLOVSXUVHUYLFHV 


 
 



7RWDOEXVLQHVVW\SHDFWLYLWLHVH[SHQVHV   
  

7RWDOSULPDU\JRYHUQPHQWH[SHQVHV 
 
 
 

3URJUDP5HYHQXHV

*RYHUQPHQWDO$FWLYLWLHV

&KDUJHVIRUVHUYLFHV
*HQHUDO*RYHUQPHQW 
 

  
 
3XEOLFVDIHW\      3XEOLFZRUNV 
 
 
  



&XOWXUH UHFUHDWLRQ   
  
2SHUDWLQJJUDQWVDQGFRQWULEXWLRQV 

   
 

&DSLWDOJUDQWVDQGFRQWULEXWLRQV  
 
 
 
7RWDOJRYHUQPHQWDODFWLYLWLHV 
 

  

%XVLQHVVW\SHDFWLYLWLHV

&KDUJHVIRUVHUYLFHV

:DWHU 
 
  

 
:DVWHZDWHU    
 
0RGLILHGFRPPXQLW\FRUUHFWLRQVIDFLOLW\ 

 
  

5HIXVHFROOHFWLRQVHUYLFHV 


    
7UDQVLWVHUYLFHV    

)LEHU2SWLF FRPPXQLFDWLRQWRZHU6HUYLFHV      5DLO6SXU6HUYLFHV 
    

2SHUDWLQJJUDQWVDQGFRQWULEXWLRQV     
 
&DSLWDOJUDQWVDQGFRQWULEXWLRQV 




 

7RWDOEXVLQHVVW\SHDFWLYLWLHVSURJUDPUHYHQXHV      
7RWDOSULPDU\JRYHUQPHQWSURJUDPUHYHQXHV     


)LVFDO<HDU
152

&217,18('

    
 
       


 
 




   

 







   


  
 
 



    


   
 
 
 
  

 
 
 




    

   
 


    

 
  


 
 
 

 
 
 

 
 
  

    


 

  

 


 
 
    
 
  
 


   
 


 


  

   
 



 

 


  
 



   
   


  
  
 



  


 

   

)LVFDO<HDU
153
&,7<2)6+$)7(5&$/,)251,$
&+$1*(6,11(7326,7,21
/$677(1),6&$/<($56

$&&58$/%$6,62)$&&2817,1*

    

1HW5HYHQXHV
([SHQVH

*RYHUQPHQWDODFWLYLWLHV 














%XVLQHVVW\SHDFWLYLWLHV












7RWDOSULPDU\JRYHUQPHQWQHWH[SHQVH













*HQHUDO5HYHQXHVDQG2WKHU&KDQJHVLQ1HW3RVLWLRQ

*RYHUQPHQWDODFWLYLWLHV

7D[HV

3URSHUW\WD[HV  
 

  
6DOHVWD[HV 


  
 

*DVWD[  
  

)UDQFKLVHWD[     
2WKHUWD[HV



 



0RWRUYHKLFOHLQOLHXXQUHVWULFWHG  
 

  
,QYHVWPHQWHDUQLQJV      
2WKHUJHQHUDOUHYHQXHV      ([WUDRUGLQDU\*DLQ
/RVV
    
6SHFLDO,WHPV*DLQ

/RVV
    
7UDQVIHUV











7RWDOJRYHUQPHQWDFWLYLWLHV 
 
   

%XVLQHVVW\SHDFWLYLWLHV

,QYHVWPHQWHDUQLQJV   
 
 

2WKHUJHQHUDOUHYHQXHV

 
  



([WUDRUGLQDU\*DLQ
/RVV
    
7UDQVIHUV  
  

7RWDOEXVLQHVVW\SHDFWLYLWLHV 
   
 
7RWDOSULPDU\JRYHUQPHQW  

 
 
 

&KDQJHVLQQHWSRVLWLRQ
*RYHUQPHQWDODFWLYLWLHV    




%XVLQHVVW\SHDFWLYLWLHV 




 


7RWDOSULPDU\JRYHUQPHQW 
 
  
 
7KH&LW\UHFHLYHVFDSLWDODGGLWRQVRILQIUDVWUXFWXUHGXHWRGHYHORSPHQW *DVWD[ZDVUHFODVVLILHGDVFDSLWDOJUDQWVDQGFRQWULEXWLRQVSXEOLFZRUNVLQILVFDO\HDU )LVFDO<HDU
154

&217,18('

    









































  


 

 
 
  
  

 
  


  


  
 
 
 



 

 
 
 
    
    













 
 
  

 






 
 

 

 





    

 




  
 

 
 
 
  












 

  

 
)LVFDO<HDU
155
6DOHV 2WKHU7D[HV 8QUHVWULFWHG
)LVFDO 3URSHUW\ DQG8VH )UDQFKLVH *DV 0RWRU9HKLFOH %XVLQHVV <HDU 7D[ 7D[ )HHV 7D[ /LFHQVH7D[HV /LFHQVH 7RWDO
 
 
     

 
 

 


 



 

    

  
  
 

   

 
  
  
 


 
   
 
  
 
 
 


   

  
 
  
  

   

 

 
 
    
  


6RXUFH
&LW\RI6KDIWHU
3URSHUW\WD[HVZKLFKDUHWKHLQOLHXDPRXQWIRUUHSODFHPHQWRIPRWRUYHKLFOHOLFHQVHIHHVKDYHEHHQVXEWUDFWHGIURPWKHSURSHUW\WD[ FROXPQDQGSODFHGLQWKH9/)FROXPQ
&,7<2)6+$)7(5&$/,)251,$
*29(510(17$/$&7,9,7,(67$;5(9(18(%<6285&(
/$677(1),6&$/<($56

$&&58$/%$6,62)$&&2817,1*
156
)LVFDO %XVLQHVV *HQHUDO )RRG <HDURYHU<HDU
<HDU WR%XVLQHVV 7UDQVSRUWDWLRQ 5HWDLO 3URGXFWV &RQVWUXFWLRQ &RXQW\3RRO 7RWDO &KDQJH         
 

    
 
  
 
        
 
   
  
 


  



  
  
 

  

 

 
  
   
 
    
 
 
 

 
 

  

 
 
 


 
 
 
 
  
 


 

   

 
 
6DOHVWD[LVEDVHGRQWKHJURVVORFDO%UDGO\%XUQV6DOHVDQG8VH7D[ 'LUHFWDOORFDWLRQVRQO\DQGGRQRWLQFOXVHVWDWHZLGHDQGFRXQW\ZLGHSRROV 6RXUFH
&LW\RI6KDIWHU0XQL6HUYLFHV//&
&,7<2)6+$)7(5&$/,)251,$
*29(510(17$/$&7,9,7,(66$/(67$;5(9(18(6%<%86,1(66&$7(*25< /$677(1),6&$/<($56

$&&58$/%$6,62)$&&2817,1*

157
&,7<2)6+$)7(5&$/,)251,$
)81'%$/$1&(62)*29(510(17$/)81'6
/$677(1),6&$/<($56

$&&58$/%$6,62)$&&2817,1*
    

*HQHUDO)XQG

1RQVSHQGDEOH          $VVLJQHG     
8QDVVLJQHG 


 
   

7RWDOJHQHUDOIXQG 
 
 
  
$OORWKHUJRYHUQPHQWDOIXQGV

1RQVSHQGDEOH          5HVWULFWHG 
 
 

 

$VVLJQHG  

  
8QDVVLJQHG 

  
7RWDODOORWKHUJRYHUQPHQWDOIXQGV     

 

)LVFDO<HDU
158
    
    
   
 
 
  

  

  



  


 

 


        

  

 

  
  













 
 
  


)LVFDO<HDU
159
&,7<2)6+$)7(5&$/,)251,$
&+$1*(6,1)81'%$/$1&(62)*29(510(17$/)81'6
/$677(1),6&$/<($56

$&&58$/%$6,62)$&&2817,1*

    

5HYHQXHV

3URSHUW\WD[HV        
   

3URSHUW\WD[LQOLHXRI9/)  
 

  
2WKHUWD[HV  


  
/LFHQVHVSHUPLWVDQGIHHV  
 
 
 



)LQHVIRUIHLWXUHVDQGSHQDOWLHV  

 

,QYHVWPHQWHDUQLQJV      /HDVHUHYHQXH  
,QWHUJRYHUQPHQWDO 

 
  


&KDUJHVIRUVHUYLFHV  
  


2WKHU     
7RWDOUHYHQXHV           
([SHQGLWXUHV

&XUUHQW

*HQHUDOJRYHUQPHQW  

    


   
3XEOLFVDIHW\ 
   
 

3XEOLFZRUNV  



 
&XOWXUH UHFUHDWLRQ 
 

 


&DSLWDORXWOD\  
   

'HEW6HUYLFH

3ULQFLSDOUHWLUHPHQW  
,QWHUHVWDQGILVFDOFKDUJHV  
7RWDOH[SHQGLWXUHV    
    

  


([FHVV
GHILFLHQF\
RIUHYHQXHVRYHU

XQGHU
H[SHQGLWXUHV  
        2WKHUILQDQFLQJVRXUFHV
XVHV

7UDQVIHUVLQ   
   
    

7UDQVIHUVRXW















([WUDRUGLQDU\*DLQ
/RVV
 
3URFHHGVIURPVDOHRIFDSLWDODVVHWV  
6XEVFULSWLRQSURFHHGV  
7RWDORWKHUILQDQFLQJVRXUFHV
XVHV












1HWFKDQJHLQIXQGEDODQFHV   
   



 
 
    
'HEWVHUYLFHVDVDSHUFHQWDJHRIQRQFDSLWDO
H[SHQGLWXUHV
)LVFDO<HDU
160
    
          


   
 


  
  

  

  
 


 

 



 
    
  
 


   
 
 

 

 
 

      
  


         


 
 



 

 
 

   
 

  
 
 
    

  

 
      

 
        
 

   

 
   














 

 
    
   
 









  
 


    
 
    
)LVFDO<HDU
161
)LQHV 8VHRI
/LFHQVHV )RUIHLWXUHV 0RQH\ ,QWHU &KDUJHV
)LVFDO 3HUPLWV DQG DQG JRYHUQPHQWDO IRU 2WKHU 7RWDO
<HDU 7D[HV DQG)HHV 3HQDOWLHV 3URSHUW\ 5HYHQXH 6HUYLFHV 5HYHQXHV *RYHUQPHQWDO  
    

   
 
 
 
 
 
  
 
 
 
    
  
    
 


 


 
 

 
  


 


 
     
 


 

     

 
 




  
   
  

  

 
 

   
  
   
6RXUFH
&LW\RI6KDIWHU
&,7<2)6+$)7(5&$/,)251,$
*(1(5$/*29(510(17$/5(9(18(6%<6285&(
/$677(1),6&$/<($56

02',),('$&&58$/%$6,62)$&&2817,1*

$//*29(510(17$/)81'6
162
&,7<2)6+$)7(5&$/,)251,$
$66(66('9$/8(2)7$;$%/(3523(57<
/$677(1),6&$/<($56

,17+286$1'6

)LVFDO<HDU 7D[DEOH 7D[DEOH 7RWDO
(QGHG $VVHVVHG $VVHVVHG 'LUHFW7D[
-XQH 6HFXUHG 8QVHFXUHG 8WLOLW\ 9DOXH 6HFXUHG 8QVHFXUHG 8WLOLW\ 9DOXH 5DWH  
 

    

 



 

     
    
    
 

          

   
 
  





  

   
 
   
  
       
    
  
  
 
    



 
   
 
 
  
    
6RXUFH
&LW\RI6KDIWHUComprehensive Annual Financial Report For the Year Ended June 30th, 2020; 6RXUFH
.HUQ&RXQW\$VVHVVRU'DWD

&LW\ 5HGHYHORSPHQW$JHQF\
0XQL6HUYLFHVDQ$YHQX,QVLJKWVDQG$QDO\WLFV&RPSDQ\


5HSUHVHQW75$

163
&,7<2)6+$)7(5&$/,)251,$
',5(&7$1'29(5/$33,1*3523(57<7$;5$7(6

5$7(3(52)$66(66('9$/8(

/$677(1),6&$/<($56
    

2YHUODSSLQJ7D[ $VVHVVPHQW'HEW
6KDIWHU$OORFDWLRQ)DFWRU
.HUQ&RXQW\+LJK6FKRRO  
   
.HUQ&RXQW\&RPPXQLW\&ROOHJH&23  
   
5LFKODQG6FKRRO'LVWULFW  
 
  
5LR%UDYR*UHHOH\6FKRRO'LVWULFW
  
 
5RVHGDOH8QLRQ6FKRRO'LVWULFW    
 
1RUULV6FKRRO'LVWULFW 

 
 
&LW\RI6KDIWHU
$FW%RQGV     
.HUQ&RPPXQLW\&ROOHJH$VVHVVPHQW'LVWULFW 
   
.HUQ&RPPXQLW\&ROOHJH$VVHVVPHQW'LVWULFW1R      7RWDO$VVHVVPHQW5DWH     
'LUHFWDQG2YHUODSSLQJ*HQHUDO)XQG'HEW
6KDIWHU$OORFDWLRQ)DFWRU
.HUQ&RXQW\&23  
   

.HUQ&RXQW\3HQVLRQ2EOLJDWLRQV  
   

.HUQ&RXQW\%RDUGRI(GXFDWLRQ&23  
   

.HUQ&RXQW\&RPPXQLW\&ROOHJH&23  
   
.HUQ&RXQW\&RPPXQLW\&ROOHJH%HQHILW
2EOLJDWLRQV  
   
.HUQ+LJK6FKRRO&23  
   
5LR%UDYR*UHHGOH\8QLRQ6FKRRO'LVWULFW
2EOLJDWLRQV
    
.HUQ&RXQW\3XEOLF&HPHWDU\'LVWULFW&23     
&LW\RI6KDIWHU 
7RWDO'LUHFW 2YHUODSSLQJ5DWH   
  
2YHUODSSLQJ7D[,QFUHPHQW'HEW
6XFFHVVRU$JHQF\
           6RXUFH
0XQL6HUYLFHV//&
,Q
&DOLIRUQLDYRWHUVSDVVHG3URSRVLWLRQZKLFKVHWVWKHSURSHUW\WD[UDWHDW DIL[HGDPRXQW7KLVLVVKDUHGE\DOOWD[LQJDJHQFLHVIRUZKLFKWKH VXEMHFWSURSHUW\UHVLGHVZLWKLQ,QDGGLWLRQWRWKHIL[HGDPRXQWSURSHUW\ RZQHUVDUHFKDUJHGWD[HVDVDSHUFHQWDJHRIDVVHVVHGSURSHUW\YDOXHVIRUWKH SD\PHQWRIWKH([DPSOH8QLILHG6FKRRO'LVWULFWERQGV
)LVFDO<HDU
164
    
    
    
   


   
 
    

 
 
    

   

    

   
 
  
  
  
  
  
  
    
    
    

   
 

    
    
       
165
7D[SD\HU 7D[DEOH9DOXH
3HUFHQWRI
7RWDO&LW\
7D[DEOH
9DOXH 7D[DEOH9DOXH
3HUFHQWRI
7RWDO&LW\
7D[DEOH
9DOXH
5RVV'UHVV)RU/HVV,QF    


$PD]RQ&RP6HUYLFHV//&  
:DOPDUW6WRUHV(DVW/3  
([SUHVV$YH3URS//&  
:RQGHUIXO5HDO(VWDWH'HY//&   
7DUJHW&RUSRUDWLRQ  
 
)DQXFFKL:D\3URS//&  
 
/HQQDU+RPHV2I&DO,QF 
   

3DUDPRXQW/RJLVWLFV3DUN//& 

  
%LGDUW%URV,QF   


(ON&RUSRUDWLRQ2I7H[DV   
 
*DUOLF&RPSDQ\    
*ULPPZD\(QWHUSULVHV,QF   
 
)DUPODQG5HVHUYH,QF  

.HQQHWK2/HVWHU&R,QF 
  

0DULQHU$YH3URS//& 

3DFLILF3DUNV/RIWV/3 

 
%XLOGLQJ0DWHULDOV0DQXIDFWXULQJ&RUS    
*ROGHQ:HVW%)/3   
*UDSHU\,QF  
6HYHQWK6WDQGDUG/3 
  
=DFKDU\$FTXLVLWLRQ&R//& 
 
(GZDUGV7DG:LOOLDP .LPEHUOH\-R\    *0&5RRILQJ %OGJ3DSHU3URGXFWV    

5H[FR6KDIWHU//&  
9LQWDJH3URGXFWLRQ&DO//& 

%-6HUY&R8VD 
 
5ROO5HDO(VW'HY//&  
%DNHU+XJKHV  
:HDWKHUIRUG$UWLILFLDO/LIW6\VWHP 
 
7U\DG6HUYLFH&RUS 

6KDIWHU-73RZHUV)LQDQFLQJ 
 
&DOLI3DSHU3URGXFWV//& 

+\SRQH[&RUS  
$JUHVHUYH,QF  
$/*RRG/LYLQJ7UXVW8DG  
6KDIWHU5LWHDLG//& 
 
6LOO3URSHUWLHV 




*OREDO3URSHUWLHV 



7RWDO7RS7D[SD\HUV 

   
7RWDO7D[DEOH9DOXH 

    
0XQL6HUYLFHVDQ$YHQX,QVLJKWVDQG$QDO\WLFV&RPSDQ\
6RXUFH
.HUQ&RXQW\$VVHVVRU'DWD

&LW\RI6KDIWHU&DOLIRUQLD
3ULQFLSDO3URSHUW\7D[3D\HUV
/DVW)LVFDO<HDUDQG1LQH<HDUV$JR
 
166
&,7<2)6+$)7(5&$/,)251,$
3523(57<7$;/(9,(6$1'&2//(&7,216 
 


/$677(1),6&$/<($56
)LVFDO
7D[HV/HYLHG
IRUWKH &ROOHFWLRQVLQ
<HDU(QGHG )LVFDO<HDU 7RWDO 3HUFHQW 6XEVHTXHQW 3HUFHQW -XQH
2ULJLQDO/HY\
 $GMXVWPHQWV  $PRXQW RI/HY\  $PRXQW RI/HY\  
 




 
  



       


 

 


  

 
 



 
 

  
 
 





 
  
  

 
 


 

  


 

    

  



 
  

 



  




  

 
   
 
 


 
 
 
 
 

127(

7KHDPRXQWVSUHVHQWHGLQFOXGH&LW\SURSHUW\WD[HV
$OORFDWLRQRI&ROOHFWLRQVLQ6XEVHTXHQW<HDUVDUHEDVHGRQDFWXDOSULRUOHY\FROOHFWLRQVDOORFDWHGEHWZHHQOHY\\HDUVEDVHGRQDQHVWLPDWH 6RXUFH
.HUQ&RXQW\$XGLWRU&RQWUROOHU
V2IILFH
&ROOHFWHGZLWKLQWKH)LVFDO<HDU
RI/HY\ 7RWDO&ROOHFWLRQVWR'DWH
167
&,7<2)6+$)7(5&$/,)251,$
5$7,2162)28767$1',1*'(%7%<7<3(
/$677(1),6&$/<($56
)LVFDO<HDU *HQHUDO 7D[ 7RWDO 6DOHVDQG:DVWHZDWHU &HUWLILFDWHV /RDQV 7RWDO 7RWDO 3HUFHQWDJH 'HEW (QGHG 2EOLJDWLRQ $OORFDWLRQ *RYHUQPHQWDO /RDQ5HYHQXH RI DQG %XVLQHVVW\SH 3ULPDU\ RI3HUVRQDO 3HU -XQH %RQGV %RQGV /RDQV $FWLYLWLHV $JUHHPHQWV %RQGV 3DUWLFLSDWLRQ /HDVHV $FWLYLWLHV *RYHUQPHQW ,QFRPH &DSLWD      
  
  

 
      
  
 
  
     
 

   
 
  
    
       

    
   

 
                  
 
   
 
  

                         
            
1RWHV
'HWDLOVUHJDUGLQJWKH&LW\
VRXWVWDQGLQJGHEWFDQEHIRXQGLQWKHQRWHVWRWKHILQDQFLDOVWDWHPHQWV *RYHUQPHQWDO$FWLYLWLHV %XVLQHVVW\SH$FWLYLWLHV 168
&,7<2)6+$)7(5&$/,)251,$
+,6725,&$/$1'29(5/$33,1*'(%7
/$677(1),6&$/<($56
2YHUODSSLQJ7D[DQG$VVHVVPHQW'HEW
.HUQ&RXQW\+LJK
6FKRRO'LVWULFW
$SSOLFDEOH 'HEW
5LR%UDYR*UHHOH\
8QLRQ6FKRRO'LVWULFW
$SSOLFDEOH 'HEW
5RVHGDOH8QLRQ6FKRRO
'LVWULFW
$SSOLFDEOH 'HEW
.HUQ&RPPXQLW\&ROOHJH
$VVHVV'LVWULFW
$SSOLFDEOH 'HEW
                   
 
         


 
 
     
 
 
 

       
  
    

           
         
 
 
    

  

       
1RUULV6FKRRO'LVWULFW
$SSOLFDEOH 'HEW
5LFKODQG6FKRRO'LVWULFW
$SSOLFDEOH 'HEW
.HUQ&RXQW\
&RPPXQLW\&ROOHJH
'LVW5HSDLU ,PSURYH
$SSOLFDEOH 'HEW
&LW\RI6KDIWHU
$FW
%RQGV
$SSOLFDEOH 'HEW
 
 
  

 
 
  
         
    
  

  
 
 

 
 
 
 
  



    

   

 
 
  

 
   

    

    

 
 
  
  
  
  
 
 

    
  
   
 
  

&RQWLQXHG

169
7+,63$*(,17(17,21$//</()7%/$1.
170
&,7<2)6+$)7(5&$/,)251,$
+,6725,&$/$1'29(5/$33,1*'(%7
/$677(1),6&$/<($56
$VVHVVHG9DOXDWLRQ

29(5/$33,1*7$;$1'$66(660(17'(%7
7RWDO'HEW
 $SSOLFDEOH

&LW\
V6KDUH
RI'HEW
.HUQ&RXQW\&RPPXQLW\&ROOHJH'LVWULFW6FKRRO)DFLOLWLHV    

.HUQ&RXQW\&RPPXQLW\&ROOHJH'LVWULFW6FKRRO)DFLOLWLHV    
.HUQ&RXQW\8QLRQ+LJK6FKRRO'LVWULFW 
  


5LFKODQG6FKRRO'LVWULFW    1RUULV6FKRRO'LVWULFW 
  

5LR%UDYR*UHHOH\8QLRQ6FKRRO'LVWULFW    5156FKRRO)LQDQFLQJ$XWKRULW\&RPPXQLW\)DFLOLWLHV'LVWULFW1R    
&LW\RI6KDIWHU
$FW%RQGV    7RWDO2YHUODSSLQJ7D[DQG$VVHVVPHQW'HEW  ',5(&7$1'29(5/$33,1*'(%7

.HUQ&RXQW\*HQHUDO)XQG2EOLJDWLRQV 

  
.HUQ&RXQW\3HQVLRQ2EOLJDWLRQV    

.HUQ&RXQW\%RDUGRI(GXFDWLRQ&HUWLILFDWHVRI3DUWLFLSDWLRQ  
  
.HUQ&RXQW\&RPPXQLW\&ROOHJH'LVWULFW&HUWLILFDWHVRI3DUWLFLSDWLRQ    .HUQ&RXQW\&RPPXQLW\&ROOHJH'LVWULFW%HQHILW2EOLJDWLRQV    
5RVHGDOH8QLRQ6FKRRO'LVWULFW*HQHUDO)XQG2EOLJDWLRQV   
 
 



  






([FOXGHVWD[DQGUHYHQXHDQWLFLSDWLRQQRWHVHQWHUSULVHUHYHQXHPRUWJDJHUHYHQXHERQGVDQGQRQERQGHGFDSLWDOOHDVHREOLJDWLRQV 5DWLRVWR$VVHVVHG9DOXDWLRQ

7RWDO'LUHFWDQG2YHUODSSLQJ7D[DQG$VVHVVPHQW'HEW  7RWDO'LUHFW'HEW 
&RPELQHG7RWDO'HEW 
5DWLRVWR5HGHYHORSPHQW,QFUHPHQWDO9DOXDWLRQ



7RWDO2YHUODSSLQJ7D[,QFUHPHQW'HEW  6RXUFH
$YHQX,QVLJKWV $QDO\WLFV
&DOLIRUQLD0XQLFLSDO6WDWLVWLFV,QF


7KHSHUFHQWDJHRIRYHUODSSLQJGHEWDSSOLFDEOHWRWKHFLW\LVHVWLPDWHGXVLQJWD[DEOHDVVHVVHGSURSHUW\YDOXH$SSOLFDEOHSHUFHQWDJHV ZHUHHVWLPDWHGE\GHWHUPLQLQJWKHSRUWLRQRIWKHRYHUODSSLQJGLVWULFW VDVVHVVHGYDOXHWKDWLVZLWKLQWKHERXQGDULHVRIWKHFLW\GLYLGHGE\WKH

GLVWULFW
VWRWDOWD[DEOHDVVHVVHGYDOXH
&RPELQHG7RWDO'HEW
&LW\RI6KDIWHU
7RWDO'LUHFWDQG2YHUODSSLQJ*HQHUDO)XQG2EOLJDWLRQ'HEW 29(5/$33,1*7$;,1&5(0(17'(%7
6XFFHVVRU$JHQF\

171
&ŝƐĐĂůzĞĂƌ ŝƚLJWŽƉƵůĂƚŝŽŶ;ϭͿ
ŝƚLJhŶĞŵƉůŽLJŵĞŶƚ
ZĂƚĞ;ϮͿ ŽƵŶƚLJWŽƉƵůĂƚŝŽŶ;ϭͿ
ŽƵŶƚLJhŶĞŵƉůŽLJŵĞŶƚ
ZĂƚĞ;ϮͿ
ϮϬϭϰͲϭϱ ϭϳ͕ϵϳϬ ϴ͘ϴй ϴϳϰ͕Ϯϲϰ ϭϬ͘Ϯй ϮϬϭϱͲϭϲ ϭϴ͕Ϭϰϴ ϴ͘ϳй ϴϴϲ͕ϱϬϳ ϭϬ͘ϲй ϮϬϭϲͲϭϳ ϭϴ͕ϴϲϴ ϴ͘ϴй ϴϵϱ͕ϭϭϮ ϵ͘ϰй ϮϬϭϳͲϭϴ ϭϵ͕Ϯϳϭ ϭϬ͘ϳй ϵϬϱ͕ϴϬϭ ϳ͘ϯй ϮϬϭϴͲϭϵ ϮϬ͕ϴϴϲ ϴ͘ϰй ϵϭϲ͕ϰϲϰ ϲ͘Ϭй ϮϬϭϵͲϮϬ ϮϬ͕ϰϰϭ Ϯϰ͘ϲй ϵϭϳ͕ϱϱϯ ϭϴ͘ϯй ϮϬϮϬͲϮϭ ϮϬ͕ϰϰϴ ϭϭ͘ϱй ϵϭϰ͕ϭϵϯ ϭϮ͘ϱй ϮϬϮϭͲϮϮ ϮϬ͕ϰϴϲ ϱ͘ϵй ϵϬϳ͕ϯϮϰ ϲ͘Ϭй ϮϬϮϮͲϮϯ Ϯϭ͕ϯϭϴ ϳ͘Ϭй ϵϬϳ͕ϰϳϲ ϴ͘ϲй ϮϬϮϯͲϮϰ ϮϮ͕ϮϮϲ ϲ͘ϳй ϵϭϬ͕ϯϬϬ ϴ͘ϯй DƵŶŝ^ĞƌǀŝĐĞƐ͕>>ĂŶǀĞŶƵ/ŶƐŝŐŚƚƐĂŶĚŶĂůLJƚŝĐƐŽŵƉĂŶLJ ;ϭͿ^ƚĂƚĞŽĨĂůŝĨŽƌŶŝĂĞƉĂƌƚŵĞŶƚŽĨ&ŝŶĂŶĐĞ͘
;ϮͿ^ƚĂƚĞŽĨĂůŝĨŽƌŶŝĂ
ŵƉůŽLJŵĞŶƚĞǀĞůŽƉŵĞŶƚĞƉĂƌƚŵĞŶƚ͘
;ϯͿh͘^͘ĞŶƐƵƐƵƌĞĂƵ͘
;ϰͿ/ŶĐůƵĚĞƐZŝĐŚůĂŶĚ^ĐŚŽŽůŝƐƚƌŝĐƚ;^Ϳ͕<ĞƌŶ,ŝŐŚ^͕ĂŶĚDĂƉůĞ ůĞŵĞŶƚĂƌLJ^͘

^ŽƵƌĐĞ͗ŝƚLJŽĨ^ŚĂĨƚĞƌŽŵƉƌĞŚĞŶƐŝǀĞŶŶƵĂů&ŝŶĂŶĐŝĂůZĞƉŽƌƚ&ŽƌƚŚĞzĞĂƌ ŶĚĞĚ:ƵŶĞϯϬƚŚ͕ϮϬϮϯ
/dzK&^,&d
Z͕>/&KZE/

DK'ZW,/E
KEKD/^dd/^d/^
>^dd
E&/^>z
Z^
172
WĞƌĂƉŝƚĂWĞƌƐŽŶĂů
/ŶĐŽŵĞ;ϯͿ
WĞƌƐŽŶĂů/ŶĐŽŵĞ
;ϯͿ DĞĚŝĂŶŐĞ;ϯͿ
WƵďůŝĐ^ĐŚŽŽů

ŶƌŽůůŵĞŶƚ;ϰͿ
ϰϵ͕ϰϮϰ ϴϴϴ͕ϭϰϵ͕ϮϴϬ Ϯϳ͘ϰ ϰϭ͕ϭϯϬ
ϱϬ͕ϯϮϮ ϵϬϴ͕Ϯϭϯ͕ϵϴϯ Ϯϲ͘ϲ ϰϭ͕ϴϲϲ
ϱϮ͕ϳϰϰ ϵϵϱ͕ϭϳϮ͕ϰϳϭ Ϯϲ͘ϯ ϰϮ͕ϰϲϯ
ϱϲ͕ϭϬϬ ϭ͕Ϭϴϭ͕Ϭϵϲ͕ϱϰϴ Ϯϲ͘ϱ ϰϯ͕Ϯϳϵ
ϱϵ͕ϭϳϯ ϭ͕Ϯϯϱ͕ϴϴϳ͕Ϯϳϴ Ϯϳ͘ϭ ϰϰ͕ϭϬϭ
ϲϭ͕ϱϰϰ ϭ͕Ϯϱϴ͕ϬϭϮ͕ϯϭϵ Ϯϲ͘ϳ ϰϱ͕ϮϯϮ
ϲϲ͕ϰϯϬ ϭ͕ϯϱϴ͕ϯϲϯ͕Ϭϵϰ Ϯϳ͘Ϯ ϰϲ͕Ϭϰϳ
ϳϲ͕ϯϬϯ ϭ͕ϱϲϯ͕ϭϰϰ͕ϮϴϮ Ϯϳ͘ϰ ϰϲ͕ϱϱϱ
ϴϵ͕ϬϬϬ ϭ͕ϴϵϳ͕ϯϬϮ͕ϬϬϬ Ϯϳ͘ϰ ϰϲ͕ϲϵϬ
ϵϵ͕ϱϳϭ Ϯ͕Ϯϭϯ͕Ϭϱϱ͕Ϭϰϰ Ϯϳ͘ϱ ϰϲ͕ϳϯϰ
173
ϮϬϭϱ

ŵƉůŽLJĞƌ
EƵŵďĞƌŽĨ

ŵƉůŽLJĞĞƐ
WĞƌĐĞŶƚŽĨdŽƚĂů

ŵƉůŽLJŵĞŶƚ
EƵŵďĞƌŽĨ

ŵƉůŽLJĞĞƐ
ŵĂnjŽŶ&ƵůĨŝůůŵĞŶƚĞŶƚĞƌ Ϯ͕ϰϵϲ ϯϬ͘Ϭϳй ZŽƐƐŝƐƚƌŝďƵƚŝŽŶĞŶƚĞƌ ϭ͕ϵϵϮ Ϯϰ͘ϬϬй ϭ͕ϬϬϬ dĂƌŐĞƚŝƐƚƌŝďƵƚŝŽŶ ϭ͕ϮϳϬ ϭϱ͘ϯϬй ϲϳϬ 'ƌŝŵŵǁĂLJ
ŶƚĞƌƉƌŝƐĞƐ ϲϯϴ ϳ͘ϲϵй ϲϳϬ
ZŝĐŚůĂŶĚ^ĐŚŽŽůŝƐƚƌŝĐƚΎ ϰϲϰ ϱ͘ϱϵй ϯϴϳ tĂůŵĂƌƚŝƐƚƌŝďƵƚŝŽŶĞŶƚĞƌ ϰϬϯ ϰ͘ϴϲй '&DĂƚĞƌŝĂůƐŽƌƉ ϮϰϮ Ϯ͘ϵϮй
tŽŶĚĞƌĨƵůKƌĐŚĂƌĚƐ ϮϮϰ Ϯ͘ϳϬй
^ŚĂĨƚĞƌ,ŝŐŚ^ĐŚŽŽů;<ĞƌŶ,^ŝƐƚƌŝĐƚͿ ϭϱϵ ϭ͘ϵϮй ϭϯϴ ^ŚĂĨƚĞƌEƵƌƐŝŶŐĂƌĞ ϭϯϬ ϭ͘ϱϳй
ŝƚLJŽĨ^ŚĂĨƚĞƌΎΎ ϭϰϱ ϭ͘ϳϱй ϭϴϳ
ĂŬĞƌ,ƵŐŚĞƐ ϭϴϬ
:ZƵƐŚ;ůƐŽdƌLJĂĚ^Ğƌǀ͘ŽƌƉ͘Ϳ ϭϲϭ
tŝůůŝĂŵƐͲ^ŽŶŽŵĂ ϭϱϬ
'ůŽďĂů&ĂďƌŝĐĂƚŽƌƐ ϭϬϵ
dŽƚĂůdŽƉ
ŵƉůŽLJĞƌƐ ϴ͕ϭϲϯ ϲϴ͘Ϯϴй ϯ͕ϲϱϮ
dŽƚĂů>ĂďŽƌ&ŽƌĐĞ;ϭͿ ϴ͕ϯϬϬ
ZĞƐƵůƚƐďĂƐĞĚŽŶĚŝƌĞĐƚĐŽƌƌĞƐƉŽŶĚĞŶĐĞǁŝƚŚĐŝƚLJ͛ƐůŽĐĂůďƵƐŝŶĞƐƐĞƐ͘ ΎEŽƌĞƐƉŽŶƐĞĨƌŽŵ
ŵƉůŽLJĞƌ͕ƉƌĞǀŝŽƵƐLJĞĂƌΖƐĐŽƵŶƚĂƉƉůŝĞĚ͘
ΎΎ&zϮϯͬϮϰ͕ŝƚLJŽĨ^ŚĂĨƚĞƌͲͲŶŶƵĂůƵĚŐĞƚ͕&ƵůůΘWĂƌƚͲƚŝŵĞĐŽƵŶƚ͘ ;ϭͿ^ƚĂƚĞŽĨĂůŝĨŽƌŶŝĂ
ŵƉůŽLJŵĞŶƚĞǀĞůŽƉŵĞŶƚĞƉĂƌƚŵĞŶƚ͘
/dzK&^,&d
Z͕>/&KZE/
WZ/E/W>
DW>Kz
Z^
>^d&/^>z
ZEE/E
z
Z^'K
ϮϬϮϰ
DƵŶŝ^ĞƌǀŝĐĞƐ͕>>ĂŶǀĞŶƵ/ŶƐŝŐŚƚƐĂŶĚŶĂůLJƚŝĐƐŽŵƉĂŶLJ ^ŽƵƌĐĞ͗ϮϬϭϱ͕ŝƚLJŽĨ^ŚĂĨƚĞƌŽŵƉƌĞŚĞŶƐŝǀĞŶŶƵĂů&ŝŶĂŶĐŝĂůZĞƉŽƌƚ&ŽƌƚŚĞzĞĂƌ ŶĚĞĚ:ƵŶĞϯϬƚŚ͕ϮϬϭϱ
174
)XQFWLRQ     
    
*HQHUDOJRYHUQPHQW 
          
General government - PT  
3XEOLFVDIHW\

 
      40 47 50 3XEOLFZRUNV           Public Works - PT 1 1 1 1
(GXFDWLRQ3DUWQHUVKLS           Education Partnership - PT       11 12 22 17 &RPPXQLW\'HYHORSHPQW           :DWHU           :DVWHZDWHU           5HIXVHFROOHFWLRQ           7UDQVLWVHUYLFH       
    
Transit service - PT 3 3 3 2
5DLO2SHUDWLRQV           0&&))DFLOLW\


 
 
 
 
 
    
6XE7RWDO)7 
 
         6XE7RWDO37           7RWDO 
 
     
   

3ROLFHVHUYLFHDQG$QLPDO&RQWURORQO\DOOVWDIILQJ)LUHVHUYLFHVDUHSURYLGHGE\WKH&RXQW\RI.HUQWKUXDIHHIRUVHUYLFHFRQWUDFW  0&&))DFLOLW\LVD0RGLILHG&RPPXQLW\&RUUHFWLRQDO)DFLOLW\KRXVLQJ6WDWHRI&DOLIRUQLDLQPDWHVWKUXDFRQWUDFWZLWKWKH6WDWH 5HIXVHZDVRXWVRXUFHGWR$PHULFDQ5HIXVHDQG9DUQHU%URV 6RXUFH
&LW\RI6KDIWHU
)XOO7LPH(PSOR\HHVDVRI-XQH
/$677(1),6&$/<($56
)8//7,0($1'3$577,0(&,7<(03/2<((6
&,7<2)6+$)7(5&$/,)251,$
)81'('%<)81&7,21
175
&,7<2)6+$)7(5&$/,)251,$
23(5$7,1*,1',&$7256%<)81&7,21
/$677(1),6&$/<($56
    
    
3ROLFH

&DOOVIRUVHUYLFH 
 
      
 
  
7RWDO&ULPH8&5 
 
       
  
$UUHVWV FLWDWLRQV           
)HORQ\DUUHVWV  
  
       
0LVGHPHDQRUDUUHVWV       
     
3URSHUW\ORVV   
 
   
 
 

 

3URSHUW\5HFRYHU\  
 
   
 
 

  

7UDIILFFLWDWLRQV 
          
7UDIILFDFFLGHQWV            
3DUNLQJFLWDWLRQV 
          $QLPDO&RQWURO

&LWDWLRQV           
9LRODWLRQV  
  
  
     $GRSWLRQV     
 
      3XEOLFZRUNV

6WUHHWUHVXUIDFLQJ
PLOHV
        
:DWHU

1HZFRQQHFWLRQV
6)(
          $YHUDJHGDLO\SURGXFWLRQ

WKRXVDQGVRIJDOORQV
  
  
      
6HZHU

1HZFRQQHFWLRQV
6)(
          $YHUDJHGDLO\VHZDJH

WKRXVDQGVRIJDOORQV
          
6RXUFH
&LW\RI6KDIWHU
)LVFDO<HDU
176
)LVFDO<HDU     
   
3ROLFH

6WDWLRQV  
)LUH

)LUHVWDWLRQV
&RXQW\
  
3XEOLFZRUNV

6WUHHWV
PLOHV
   
       
6WUHHWOLJKWV    

 

  
  
7UDIILFVLJQDOV         
 

3DUNVDQGUHFUHDWLRQ

3DUNV      
 
:DWHU

:DWHUPDLQV
PLOHV
   
  
  
  
0D[LPXPGDLO\FDSDFLW\

WKRXVDQGVRIJDOORQV
        
 

:DVWHZDWHU

6DQLWDU\VHZHUV
PLOHV
          
6WRUPVHZHUV
PLOHV
          0D[LPXPGDLO\WUHDWPHQWFDSDFLW\

WKRXVDQGVRIJDOORQV
         6RXUFH
&LW\RI6KDIWHU
&$3,7$/$66(767$7,67,&6%<)81&7,21
&,7<2)6+$)7(5&$/,)251,$
/$677(1),6&$/<($56
177
7+,63$*(,17(17,21$//</()7%/$1.
178
&,7<2)6+$)7(5&$/,)251,$
)257+(<($5(1'('-81( 75$163257$7,21'(9(/230(17$&7)81'6 &,7<2)6+$)7(5&$/,)251,$
7UDQVSRUWDWLRQ'HYHORSPHQW$FW)XQGV
)RUWKH<HDU(QGHG-XQH
&,7<2)6+$)7(5&$/,)251,$
7UDQVSRUWDWLRQ'HYHORSPHQW$FW)XQGV
)RUWKH<HDU(QGHG-XQH
7DEOHRI&RQWHQWV
3DJH
,QGHSHQGHQW$XGLWRUV¶5HSRUW ),1$1&,$/67$7(0(176

%DODQFH6KHHW±$UWLFOH6SHFLDO5HYHQXH)XQG 6WDWHPHQWRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHVLQ)XQG%DODQFH  $UWLFOH6SHFLDO5HYHQXH)XQG 6WDWHPHQWRI1HW3RVLWLRQ±7UDQVLW2SHUDWLRQV(QWHUSULVH)XQG 6WDWHPHQWRI5HYHQXHV([SHQVHVDQG&KDQJHVLQ)XQG1HW3RVLWLRQ  7UDQVLW2SHUDWLRQV(QWHUSULVH)XQG 6WDWHPHQWRI&DVK)ORZV±7UDQVLW2SHUDWLRQV(QWHUSULVH)XQG 1RWHVWRWKH)LQDQFLDO6WDWHPHQWV 
5(48,5('6833/(0(17$5<,1)250$7,21

6FKHGXOHRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHVLQ)XQG  %DODQFH±%XGJHWDQG$FWXDO
$UWLFOH6SHFLDO5HYHQXH)XQG 6FKHGXOHRI&KDQJHVLQ1HW23(%/LDELOLW\DQG5HODWHG5DWLRV 
 3RVW5HWLUHPHQW+HDOWK%HQHILWV 6FKHGXOHVRI3URSRUWLRQDWH6KDUHRIWKH1HW3HQVLRQ/LDELOLW\ $VVHW


 0LVFHOODQHRXV3ODQ 6FKHGXOHVRI3HQVLRQ3ODQ&RQWULEXWLRQV

 0LVFHOODQHRXV3ODQ 27+(56833/(0(17$5<,1)250$7,21

6FKHGXOHRI2SHUDWLQJ([SHQVHV±7UDQVLW2SHUDWLRQV(QWHUSULVH)XQG ,QGHSHQGHQW$XGLWRUV¶5HSRUWRQ,QWHUQDO&RQWURO2YHU)LQDQFLDO5HSRUWLQJDQGRQ  &RPSOLDQFHDQG2WKHU0DWWHUV%DVHGRQDQ$XGLWRI)LQDQFLDO6WDWHPHQWV3HUIRUPHG  LQ$FFRUGDQFHZLWKGovernment Auditing Standards ,QGHSHQGHQW$FFRXQWDQWV¶5HSRUWRQ&RPSOLDQFHIRUWKH
 7UDQVSRUWDWLRQ'HYHORSPHQW$FW)XQGV 6XPPDU\6FKHGXOHRI3ULRU<HDU)LQGLQJV /6/&3$6&20
,1'(3(1'(17$8',7256¶5(3257
7RWKH+RQRUDEOH0D\RUDQG0HPEHUVRIWKH&LW\&RXQFLO
&LW\RI6KDIWHU&DOLIRUQLD
5HSRUWRQWKH$XGLWRIWKH)LQDQFLDO6WDWHPHQWV
Opinions
:H KDYH DXGLWHG WKH DFFRPSDQ\LQJ ILQDQFLDO VWDWHPHQWV RI $UWLFOH  6SHFLDO 5HYHQXH )XQG DQG WKH 7UDQVLW2SHUDWLRQV(QWHUSULVH)XQG
WKH³7'$)XQGV´
DVRIDQGIRUWKH\HDUHQGHG-XQHDQGWKHUHODWHG QRWHVWRWKHILQDQFLDOVWDWHPHQWVZKLFKFROOHFWLYHO\FRPSULVHWKH7'$)XQGV¶EDVLFILQDQFLDOVWDWHPHQWVDVOLVWHG LQWKHWDEOHRIFRQWHQWV
,Q RXU RSLQLRQWKHILQDQFLDO VWDWHPHQWV UHIHUUHGWR DERYH SUHVHQWIDLUO\ LQ DOOPDWHULDO UHVSHFWVWKH UHVSHFWLYH ILQDQFLDOSRVLWLRQDQGZKHUHDSSOLFDEOHFDVKIORZVWKHUHRIRIWKH7'$)XQGVRIWKH&LW\DVRI-XQHDQG WKH UHVSHFWLYH FKDQJHV LQ ILQDQFLDO SRVLWLRQ IRU WKH \HDU WKHQ HQGHG LQ DFFRUGDQFH ZLWK DFFRXQWLQJ SULQFLSOHV JHQHUDOO\DFFHSWHGLQWKH8QLWHG6WDWHVRI$PHULFD
Basis for Opinions
:HFRQGXFWHGRXUDXGLWLQDFFRUGDQFHZLWKDXGLWLQJVWDQGDUGVJHQHUDOO\DFFHSWHGLQWKH8QLWHG6WDWHVRI$PHULFD DQG WKH VWDQGDUGV DSSOLFDEOH WR ILQDQFLDO DXGLWV FRQWDLQHG LQ Government Auditing Standards LVVXHG E\ WKH &RPSWUROOHU*HQHUDORIWKH8QLWHG6WDWHV2XUUHVSRQVLELOLWLHVXQGHUWKRVHVWDQGDUGVDUHIXUWKHUGHVFULEHGLQWKH $XGLWRU¶V5HVSRQVLELOLWLHVIRUWKH$XGLWRIWKH)LQDQFLDO6WDWHPHQWV VHFWLRQRIRXU UHSRUW:HDUH UHTXLUHGWREH LQGHSHQGHQW RI WKH &LW\ DQG WR PHHW RXU RWKHU HWKLFDO UHVSRQVLELOLWLHV LQ DFFRUGDQFH ZLWK WKH UHOHYDQW HWKLFDO UHTXLUHPHQWVUHODWLQJWRRXUDXGLW:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXIILFLHQWDQGDSSURSULDWH WRSURYLGHDEDVLVIRURXUDXGLWRSLQLRQV
Emphasis of Matter
$VGLVFXVVHGLQ1RWHWKHILQDQFLDOVWDWHPHQWVSUHVHQWRQO\WKH7'$)XQGVRIWKH&LW\DQGGRQRWSXUSRUWWRDQG GRQRWSUHVHQWIDLUO\WKHILQDQFLDOSRVLWLRQRIWKH&LW\DVRI-XQHWKHFKDQJHVLQILQDQFLDOSRVLWLRQRU ZKHUH DSSOLFDEOH LWV FDVK IORZV IRU WKH \HDUV WKHQ HQGHG LQ DFFRUGDQFH ZLWK DFFRXQWLQJ SULQFLSOHV JHQHUDOO\ DFFHSWHGLQWKH8QLWHG6WDWHVRI$PHULFD2XURSLQLRQLVQRWPRGLILHGZLWKUHVSHFWWRWKLVPDWWHU Responsibilities of Management for the Financial Statements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¶VDELOLW\WRFRQWLQXHDVDJRLQJFRQFHUQIRU WZHOYH PRQWKV EH\RQG WKH ILQDQFLDO VWDWHPHQW GDWH LQFOXGLQJ DQ\ FXUUHQWO\ NQRZQ LQIRUPDWLRQ WKDW PD\ UDLVH VXEVWDQWLDOGRXEWVKRUWO\WKHUHDIWHU
7RWKH+RQRUDEOH0D\RUDQG0HPEHUVRIWKH&LW\&RXQFLO &LW\RI6KDIWHU&DOLIRUQLD
Auditor’s Responsibilities for the Audit of the Financial Statements 2XUREMHFWLYHVDUHWRREWDLQUHDVRQDEOHDVVXUDQFHDERXWZKHWKHUWKHILQDQFLDOVWDWHPHQWVDVDZKROHDUHIUHHIURP PDWHULDOPLVVWDWHPHQWZKHWKHUGXHWRIUDXGRUHUURUDQGWRLVVXHDQDXGLWRU¶VUHSRUWWKDWLQFOXGHVRXURSLQLRQV 5HDVRQDEOHDVVXUDQFHLVDKLJKOHYHORIDVVXUDQFHEXWLVQRWDEVROXWHDVVXUDQFHDQGWKHUHIRUHLVQRWDJXDUDQWHH WKDW DQ DXGLW FRQGXFWHG LQ DFFRUGDQFH ZLWK JHQHUDOO\ DFFHSWHG DXGLWLQJ VWDQGDUGV DQG Government Auditing Standards ZLOO DOZD\V GHWHFW D PDWHULDO PLVVWDWHPHQW ZKHQ LW H[LVWV 7KH ULVN RI QRW GHWHFWLQJ D PDWHULDO PLVVWDWHPHQWUHVXOWLQJIURPIUDXGLVKLJKHUWKDQIRURQHUHVXOWLQJIURPHUURUDVIUDXGPD\LQYROYHFROOXVLRQIRUJHU\ LQWHQWLRQDORPLVVLRQVPLVUHSUHVHQWDWLRQVRUWKHRYHUULGHRILQWHUQDOFRQWURO0LVVWDWHPHQWVDUHFRQVLGHUHGPDWHULDO LIWKHUHLVDVXEVWDQWLDOOLNHOLKRRGWKDWLQGLYLGXDOO\RULQWKHDJJUHJDWHWKH\ZRXOGLQIOXHQFHWKHMXGJPHQWPDGHE\ DUHDVRQDEOHXVHUEDVHGRQWKHILQDQFLDOVWDWHPHQWV
,Q SHUIRUPLQJ DQ DXGLW LQ DFFRUGDQFH ZLWK JHQHUDOO\ DFFHSWHG DXGLWLQJ VWDQGDUGV DQG Government Auditing StandardsZH

x ([HUFLVHSURIHVVLRQDOMXGJPHQWDQGPDLQWDLQSURIHVVLRQDOVNHSWLFLVPWKURXJKRXWWKHDXGLW x ,GHQWLI\DQGDVVHVVWKHULVNVRIPDWHULDOPLVVWDWHPHQWRIWKHILQDQFLDOVWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURU DQGGHVLJQDQGSHUIRUPDXGLWSURFHGXUHVUHVSRQVLYHWRWKRVHULVNV6XFKSURFHGXUHVLQFOXGHH[DPLQLQJRQD WHVWEDVLVHYLGHQFHUHJDUGLQJWKHDPRXQWVDQGGLVFORVXUHVLQWKHILQDQFLDOVWDWHPHQWV x 2EWDLQDQXQGHUVWDQGLQJRILQWHUQDOFRQWUROUHOHYDQWWRWKHDXGLWLQRUGHUWRGHVLJQDXGLWSURFHGXUHVWKDWDUH DSSURSULDWHLQWKHFLUFXPVWDQFHVEXWQRWIRUWKHSXUSRVHRIH[SUHVVLQJDQRSLQLRQRQWKHHIIHFWLYHQHVVRIWKH &LW\¶VLQWHUQDOFRQWURO$FFRUGLQJO\QRVXFKRSLQLRQLVH[SUHVVHG x (YDOXDWHWKH DSSURSULDWHQHVV RI DFFRXQWLQJ SROLFLHV XVHG DQGWKH UHDVRQDEOHQHVV RI VLJQLILFDQW DFFRXQWLQJ HVWLPDWHVPDGHE\PDQDJHPHQWDVZHOODVHYDOXDWHWKHRYHUDOOSUHVHQWDWLRQRIWKHILQDQFLDOVWDWHPHQWV x &RQFOXGHZKHWKHU LQ RXU MXGJPHQWWKHUH DUH FRQGLWLRQV RU HYHQWV FRQVLGHUHG LQWKH DJJUHJDWHWKDW UDLVH VXEVWDQWLDOGRXEWDERXWWKH&LW\¶VDELOLW\WRFRQWLQXHDVDJRLQJFRQFHUQIRUDUHDVRQDEOHSHULRGRIWLPH :HDUHUHTXLUHGWRFRPPXQLFDWHZLWKWKRVHFKDUJHGZLWKJRYHUQDQFHUHJDUGLQJDPRQJRWKHUPDWWHUVWKHSODQQHG VFRSHDQGWLPLQJRIWKHDXGLWVLJQLILFDQWDXGLWILQGLQJVDQGFHUWDLQLQWHUQDOFRQWUROUHODWHGPDWWHUVWKDWZHLGHQWLILHG GXULQJWKHDXGLW
Required Supplementary Information
$FFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQWKH8QLWHG6WDWHVRI$PHULFDUHTXLUHWKDWWKHVFKHGXOHRIUHYHQXHV H[SHQGLWXUHV DQG FKDQJHV LQ IXQG EDODQFH ±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¶V UHVSRQVHVWRRXULQTXLULHVWKHEDVLFILQDQFLDOVWDWHPHQWVDQGRWKHUNQRZOHGJHZHREWDLQHGGXULQJRXUDXGLWRIWKH EDVLFILQDQFLDOVWDWHPHQWV:HGRQRWH[SUHVVDQRSLQLRQRUSURYLGHDQ\DVVXUDQFHRQWKHLQIRUPDWLRQEHFDXVHWKH OLPLWHGSURFHGXUHVGRQRWSURYLGHXVZLWKVXIILFLHQWHYLGHQFHWRH[SUHVVDQRSLQLRQRUSURYLGHDQ\DVVXUDQFH 2 7RWKH+RQRUDEOH0D\RUDQG0HPEHUVRIWKH&LW\&RXQFLO &LW\RI6KDIWHU&DOLIRUQLD
Supplementary Information
2XUDXGLWZDVFRQGXFWHGIRUWKHSXUSRVHRIIRUPLQJRSLQLRQVRQWKHILQDQFLDOVWDWHPHQWVWKDWFROOHFWLYHO\FRPSULVH WKH7'$)XQG¶VEDVLFILQDQFLDOVWDWHPHQWV7KHDFFRPSDQ\LQJFRPELQLQJDQGLQGLYLGXDOIXQGILQDQFLDOVWDWHPHQWV DQGVFKHGXOHV
VXSSOHPHQWDU\LQIRUPDWLRQ
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ther Information
0DQDJHPHQWLVUHVSRQVLEOHIRUWKHRWKHULQIRUPDWLRQLQFOXGHGLQWKHDQQXDOUHSRUW7KHRWKHULQIRUPDWLRQFRPSULVHV WKHLQWURGXFWRU\DQGVWDWLVWLFDOVHFWLRQVEXWGRHVQRWLQFOXGHWKHEDVLFILQDQFLDOVWDWHPHQWVDQGRXUDXGLWRU¶VUHSRUW WKHUHRQ2XURSLQLRQVRQWKHEDVLFILQDQFLDOVWDWHPHQWVGRQRWFRYHUWKHRWKHULQIRUPDWLRQDQGZHGRQRWH[SUHVV DQRSLQLRQRUDQ\IRUPRIDVVXUDQFHWKHUHRQ
,QFRQQHFWLRQZLWKRXUDXGLWRIWKHEDVLFILQDQFLDOVWDWHPHQWVRXUUHVSRQVLELOLW\LVWRUHDGWKHRWKHULQIRUPDWLRQDQG FRQVLGHUZKHWKHUDPDWHULDOLQFRQVLVWHQF\H[LVWVEHWZHHQWKHRWKHULQIRUPDWLRQDQGWKHEDVLFILQDQFLDOVWDWHPHQWV RUWKHRWKHULQIRUPDWLRQRWKHUZLVHDSSHDUVWREHPDWHULDOO\PLVVWDWHG,IEDVHGRQWKHZRUNSHUIRUPHGZHFRQFOXGH WKDWDQXQFRUUHFWHGPDWHULDOPLVVWDWHPHQWRIWKHRWKHULQIRUPDWLRQH[LVWVZHDUHUHTXLUHGWRGHVFULEHLWLQRXUUHSRUW 2WKHU5HSRUWLQJ5HTXLUHGE\Government Auditing Standards ,QDFFRUGDQFHZLWKGovernment Auditing StandardsZHKDYHDOVRLVVXHGRXUUHSRUWGDWHG0DUFKRQRXU FRQVLGHUDWLRQRIWKH&LW\¶VLQWHUQDOFRQWURORYHUWKH7'$)XQGV¶ILQDQFLDOUHSRUWLQJDQGRQRXUWHVWVRILWVFRPSOLDQFH ZLWKFHUWDLQSURYLVLRQVRIODZVUHJXODWLRQVFRQWUDFWVDQGJUDQWDJUHHPHQWVDQGRWKHUPDWWHUV7KHSXUSRVHRIWKDW UHSRUWLVVROHO\WRGHVFULEHWKHVFRSHRIRXUWHVWLQJRILQWHUQDOFRQWURORYHUILQDQFLDOUHSRUWLQJDQGFRPSOLDQFHDQG WKHUHVXOWVRIWKDWWHVWLQJDQGQRWWRSURYLGHDQRSLQLRQRQWKHHIIHFWLYHQHVVRIWKH&LW\¶VLQWHUQDOFRQWURORYHUWKH 7'$)XQGV¶ILQDQFLDOUHSRUWLQJRURQFRPSOLDQFH7KDWUHSRUWLVDQLQWHJUDOSDUWRIDQDXGLWSHUIRUPHGLQDFFRUGDQFH ZLWKGovernment Auditing StandardsLQFRQVLGHULQJ&LW\¶VLQWHUQDOFRQWURORYHUWKH7'$)XQGV¶ILQDQFLDOUHSRUWLQJ DQGFRPSOLDQFH
,UYLQH&DOLIRUQLD
0DUFK
3 $VVHWV

'XHIURPRWKHUJRYHUPHQWV 
7RWDO$VVHWV 
/LDELOLWLHV'HIHUUHG,QIORZVRI5HVRXUFHVDQG)XQG%DODQFH

/LDELOLWLHV

$FFRXQWVSD\DEOH 
'XHWRRWKHUIXQGV 
7RWDO/LDELOLWLHV 
'HIHUUHG,QIORZVRI5HVRXUFHV

8QDYDLODEOH5HYHQXHV 
7RWDO'HIHUUHG,QIORZVRI5HVRXUFHV  )XQG%DODQFH
'HILFLW

8QUHVWULFWHG 


7RWDO)XQG%DODQFH
'HILFLW



7RWDO/LDELOLWLHVDQG)XQG%DODQFH  -XQH
&,7<2)6+$)7(5&$/,)251,$
$UWLFOH6SHFLDO5HYHQXH)XQG
%DODQFH6KHHW
6HH1RWHVWR)LQDQFLDO6WDWHPHQWV
4 Revenues:

Interest income $ (1,939)
Total Revenues (1,939)
Expenditures:

Construction, maintenance, and engineering 1,213,400
Total Expenditures 1,213,400
Net Change in Fund Balance (1,215,339)
Fund Balance (Deficit) at the Beginning of the Year (526,177) Fund Balance (Deficit) at the End of the Year $ (1,741,516)

CITY OF SHAFTER, CALIFORNIA
For the Year Ended June 30, 2024
Article 8 Special Revenue Fund
Statement of Revenues, Expenditures and Changes in Fund Balance See Notes to Financial Statements.
5 &,7<2)6+$)7(5&$/,)251,$
7UDQVLW2SHUDWLRQV(QWHUSULVH)XQG
6WDWHPHQWRI1HW3RVLWLRQ (17
-XQH
$66(76
&XUUHQWDVVHWV

5HFHLYDEOHV

$FFRXQWVUHFHLYDEOH 

'XHIURPRWKHUJRYHUQPHQWV  3UHSDLGFRVWV 
7RWDOFXUUHQWDVVHWV 


1RQFXUUHQW

&DSLWDO$VVHWV1HWRIDFFXPXODWHGGHSUHFLDWLRQ  7RWDOQRQFXUUHQWDVVHWV 
7RWDODVVHWV 


'()(55('287)/2:62)5(6285&(6
5HODWHGWRSHQVLRQV 
5HODWHGWR23(% 
7RWDOGHIHUUHGRXWIORZVRIUHVRXUFHV  /,$%,/,7,(6
&XUUHQWOLDELOLWLHV

$FFRXQWVSD\DEOH 
$FFUXHGOLDELOLWLHV 

'HIHUUHGUHYHQXH 


'XHWRRWKHUIXQGV 
$FFUXHGFRPSHQVDWHGDEVHQFHV  7RWDOFXUUHQWOLDELOLWLHV 
1RQFXUUHQWOLDELOLWLHV

1HWSHQVLRQOLDELOLW\ 



23(%OLDELOLW\ 
$FFUXHGFRPSHQVDWHGDEVHQFHV  7RWDOQRQFXUUHQWOLDELOLWLHV  7RWDOOLDELOLWLHV 

'()(55(',1)/2:62)5(6285&(6
5HODWHGWRSHQVLRQV 
5HODWHGWR23(% 
7RWDOGHIHUUHGLQIORZVRIUHVRXUFHV  
1(7326,7,21
,QYHVWHGLQFDSLWDODVVHWV 
8QUHVWULFWHG 


7RWDOQHWSRVLWLRQ

GHILFLW




6HH1RWHVWR)LQDQFLDO6WDWHPHQWV
6 &,7<2)6+$)7(5&$/,)251,$
7UDQVLW2SHUDWLRQV(QWHUSULVH)XQG
6WDWHPHQWRI5HYHQXHV([SHQVHV 
DQG&KDQJHVLQ)XQG1HW3RVLWLRQ 
)RUWKH<HDU(QGHG-XQH
23(5$7,1*5(9(18(6
7UDQVLW)DUHER[5HYHQXH 

7'$$UWLFOH 
0LVFHOODQHRXV 

7RWDORSHUDWLQJUHYHQXHV 
23(5$7,1*(;3(16(6
2SHUDWLRQV 
'HSUHFLDWLRQ 

9HKLFOHPDLQWHQDQFH 
*HQHUDODGPLQLVWUDWLRQ 

7RWDORSHUDWLQJH[SHQVHV 
2SHUDWLQJLQFRPH
ORVV



12123(5$7,1*5(9(18(6
(;3(16(6

2SHUDWLQJJUDQW 
7RWDOQRQRSHUDWLQJUHYHQXHV
H[SHQVHV

&KDQJHLQQHWSRVLWLRQ 


1HWSRVLWLRQEHJLQQLQJ 
1HWSRVLWLRQ

GHILFLW
HQGLQJ 



6HH1RWHVWR)LQDQFLDO6WDWHPHQWV
7 &,7<2)6+$)7(5&$/,)251,$
&RPELQLQJ6WDWHPHQWRI&DVK)ORZV
2WKHU(QWHUSULVH)XQGV
)RUWKH<HDU(QGHG-XQH
&$6+)/2:6)52023(5$7,1*$&7,9,7,(6
5HFHLSWVIURPFXVWRPHUV 
3D\PHQWVWRVXSSOLHUVDQGVHUYLFHSURYLGHUV  


3D\PHQWVWRHPSOR\HHVIRUVDODULHVDQGEHQHILWV  

1HWFDVKSURYLGHGE\
XVHGIRU

RSHUDWLQJDFWLYLWLHV 


&$6+)/2:6)520121&$3,7$/
),1$1&,1*$&7,9,7,(6
3D\PHQWVIURPRWKHUIXQGVRQLQWHUIXQGERUURZLQJV  6XEVLG\IURPIHGHUDODQGVWDWHJUDQWV  1HWFDVKSURYLGHGE\
XVHGIRU

QRQFDSLWDOILQDQFLQJDFWLYLWLHV 


&$6+)/2:6)520&$3,7$/$1'5(/$7('
),1$1&,1*$&7,9,7,(6
$FTXLVLWLRQDQGFRQVWUXFWLRQRIFDSLWDODVVHWV  

1HWFDVKSURYLGHGE\
XVHGIRU

FDSLWDODQGUHODWHGILQDQFLQJDFWLYLWLHV  

&DVKDQGFDVKHTXLYDOHQWVEHJLQQLQJ  &DVKDQGFDVKHTXLYDOHQWVHQGLQJ  5(&21&,/,$7,212)23(5$7,1*,1&20(
/266

721(7&$6+3529,'('%<
86(')25

23(5$7,1*$&7,9,7,(6
2SHUDWLQJLQFRPH
ORVV



$GMXVWPHQWVWRUHFRQFLOHRSHUDWLQJLQFRPH
ORVV
WR
QHWFDVKSURYLGHGE\
XVHGIRU
RSHUDWLQJDFWLYLWLHV

'HSUHFLDWLRQDPRUWL]DWLRQH[SHQVH 


,QFUHDVH
GHFUHDVHLQDFFRXQWVUHFHLYDEOH 



,QFUHDVH
GHFUHDVHLQSUHSDLGLWHPV 


,QFUHDVH

GHFUHDVH
LQDFFRXQWVSD\DEOH 
,QFUHDVH

GHFUHDVH
LQDFFUXHGOLDELOLWLHV 
,QFUHDVH

GHFUHDVH
LQGHSRVLWVSD\DEOH 


,QFUHDVH

GHFUHDVH
LQFRPSHQVDWHGDEVHQFHV 
,QFUHDVH

GHFUHDVH
LQQHWSHQVLRQOLDELOLW\ 

,QFUHDVH

GHFUHDVH
LQQHW23(%OLDELOLW\ 

7RWDODGMXVWPHQWV 
1HWFDVKSURYLGHGE\
XVHGIRU

RSHUDWLQJDFWLYLWLHV 


6HH1RWHVWR)LQDQFLDO6WDWHPHQWV
8 &,7<2)6+$)7(5&$/,)251,$
75$163257$7,21'(9(/230(17$&7)81'6
1RWHVWRWKH)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6
$ 7KH5HSRUWLQJ(QWLW\
7KH ILQDQFLDO VWDWHPHQWV RI WKH $UWLFOH  6SHFLDO 5HYHQXH )XQG DQG WKH 7UDQVLW 2SHUDWLRQV (QWHUSULVH )XQG

WKH ³7'$ )XQGV´
 RI WKH &LW\ RI 6KDIWHU
WKH ³&LW\´
 KDYH EHHQ SUHSDUHG LQ FRQIRUPLW\ ZLWK DFFRXQWLQJ SULQFLSOHV JHQHUDOO\ DFFHSWHG RIWKH 8QLWHG6WDWHV RI $PHULFD ³86 *$$3´
 DV DSSOLHGWR JRYHUQPHQWDO XQLWV
7KH *RYHUQPHQWDO $FFRXQWLQJ 6WDQGDUGV %RDUG
*$6%
 LV WKH DFFHSWHG VWDQGDUG VHWWLQJ ERG\ IRU
HVWDEOLVKLQJ JRYHUQPHQWDO DFFRXQWLQJ DQG ILQDQFLDO UHSRUWLQJ SULQFLSOHV 7KH PRUH VLJQLILFDQW RI WKH 7'$ )XQGV¶ DFFRXQWLQJ SROLFLHVDUHGHVFULEHGEHORZ
% )LQDQFLDO6WDWHPHQWV
7KH7UDQVSRUWDWLRQ'HYHORSPHQW$FW
³7'$´
 SURYLGHVIXQGLQJ RISXEOLFWUDQVSRUWDWLRQWKURXJK UHJLRQDOSODQQLQJ DQG SURJUDPPLQJ DJHQFLHV )XQGV DUH DOORFDWHGWRWKH &LW\WKURXJKWKH FRXQW\WUDQVSRUWDWLRQ SODQQLQJ DJHQF\ WKH .HUQ&RXQFLORI*RYHUQPHQWV7KH7'$)XQGVDFFRXQWIRUWKH&LW\¶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
(QWHUSULVH IXQGV DUH XVHG WR DFFRXQW IRU DFWLYLWLHV VLPLODU WR WKRVH IRXQG LQ WKH SULYDWH VHFWRU 7KH &LW\ XVHV DQ HQWHUSULVHIXQGWRDFFRXQWIRU LWVWUDQVLW RSHUDWLRQV EHFDXVHIHHV DUH FKDUJHGWR H[WHUQDO XVHUVIRU VHUYLFHV SURYLGHG
' 0HDVXUHPHQW)RFXVDQG%DVLVRI$FFRXQWLQJ
7KH $UWLFOH  6SHFLDO 5HYHQXH )XQG LV UHSRUWHG XVLQJ ³current financial resources” PHDVXUHPHQW IRFXV DQG WKH PRGLILHG DFFUXDO EDVLV RI DFFRXQWLQJ 8QGHU WKH PRGLILHG DFFUXDO EDVLV RI DFFRXQWLQJ UHYHQXHV DUH UHFRJQL]HG ZKHQ WKH\ EHFRPH PHDVXUDEOH DQG DYDLODEOH DQG H[SHQGLWXUHV DUH UHFRJQL]HG ZKHQ WKH IXQG OLDELOLWLHV DUH LQFXUUHG ³0HDVXUDEOH´ PHDQV WKH DPRXQW RI WKH WUDQVDFWLRQ FDQ EH GHWHUPLQHG DQG ³DYDLODEOH´ PHDQV FROOHFWLEOH ZLWKLQ WKH FXUUHQW SHULRG RU VRRQ HQRXJK WKHUHDIWHU WR EH XVHG WR SD\ OLDELOLWLHV RI WKH FXUUHQW SHULRG 7KH &LW\ XVHV DQ DYDLODELOLW\ SHULRG RI  GD\V 5HYHQXHV WKDW DUH VXVFHSWLEOH WR DFFUXDO LQFOXGHORFDOWUDQVSRUWDWLRQIXQGDOORFDWLRQV DQGLQYHVWPHQWHDUQLQJV 7KH 7UDQVLW 2SHUDWLRQV (QWHUSULVH )XQG LV FODVVLILHG DV DQ HQWHUSULVH IXQG XVLQJ WKH IORZ RI “economic resources” PHDVXUHPHQWIRFXVDQGWKHDFFUXDOEDVLVRIDFFRXQWLQJZKHUHE\ UHYHQXHVDUH UHFRUGHG ZKHQHDUQHGDQGH[SHQVHVDUH UHFRUGHGDWWKHWLPHOLDELOLWLHVDUHLQFXUUHG 9 &,7<2)6+$)7(5&$/,)251,$
75$163257$7,21'(9(/230(17$&7)81'6
1RWHVWRWKH)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6
&217,18('

3URSULHWDU\ IXQGV GLVWLQJXLVK operating UHYHQXHV DQG H[SHQVHV IURP nonoperating LWHPV 2SHUDWLQJ UHYHQXHV DQG H[SHQVHVJHQHUDOO\ UHVXOWIURPSURYLGLQJVHUYLFHVDQGSURGXFLQJDQGGHOLYHULQJJRRGVLQFRQQHFWLRQZLWKD SURSULHWDU\ IXQG¶V SULQFLSDO RQJRLQJ RSHUDWLRQV 7KH SULQFLSDO RSHUDWLQJ UHYHQXHV RI WKH 7UDQVLW 2SHUDWLRQV (QWHUSULVH )XQG DUH SDVVHQJHU IDUHV 2SHUDWLQJ H[SHQVHV LQFOXGH WKH FRVW RI YHKLFOH PDLQWHQDQFH DGPLQLVWUDWLYH H[SHQVHV DQG GHSUHFLDWLRQ RQ FDSLWDO DVVHWV DQG HTXLSPHQW $OO UHYHQXHV DQG H[SHQVHV QRW PHHWLQJWKLVGHILQLWLRQDUH UHSRUWHGDV QRQRSHUDWLQJUHYHQXHVDQGH[SHQVHV :KHQ ERWK UHVWULFWHG DQG XQUHVWULFWHG UHVRXUFHV DUH DYDLODEOH IRU XVH LW LV WKH 7'$ )XQGV¶ SROLF\ WR XVH UHVWULFWHG UHVRXUFHVILUVWDQGWKHQXQUHVWULFWHGUHVRXUFHVDVWKH\DUHQHHGHG ( &DVKDQG&DVK(TXLYDOHQWV
7KH FDVK KHOG E\ WKH 7UDQVLW 2SHUDWLRQV (QWHUSULVH )XQG DQG $UWLFOH  6SHFLDO 5HYHQXH )XQGV LV SDUW RI WKH &LW\¶V SRROHG FDVK DQG LQYHVWPHQWV 7KH SRROHG IXQGV DUH LQYHVWHG LQ DFFRUGDQFH ZLWK WKH &LW\¶V LQYHVWPHQW SROLF\ HVWDEOLVKHG SXUVXDQW WR VWDWH ODZ $OO PRQLHV QRW UHTXLUHG IRU LPPHGLDWH H[SHQVHV DUH LQYHVWHG RU GHSRVLWHG WR HDUQ PD[LPXP \LHOG FRQVLVWHQW ZLWK VDIHW\ DQG OLTXLGLW\ ,QWHUHVW HDUQLQJV LV DOORFDWHGWR WKHIXQG EDVHG RQ LWV SURSRUWLRQDWH VKDUH RIWKH SRRO 5HIHUWRWKH &LW\¶V %DVLF )LQDQFLDO 6WDWHPHQWVIRU GLVFORVXUHV RI FDVKDQGLQYHVWPHQWV DQGUHODWHGULVNFDWHJRUL]DWLRQ )RU WKH 6WDWHPHQW RI &DVK )ORZV WKH &LW\ FRQVLGHUV DOO SRROHG FDVK DQG LQYHVWPHQWV RI WKH 7UDQVLW 2SHUDWLRQV (QWHUSULVH )XQG DV FDVK DQG FDVK HTXLYDOHQWV EHFDXVH WKH SRRO LV XVHG HVVHQWLDOO\ DV D GHPDQG GHSRVLWDFFRXQWIURP WKHVWDQGSRLQWRIWKH7UDQVLW2SHUDWLRQV(QWHUSULVH)XQG ) &DSLWDO$VVHWV
$OO SXUFKDVHG FDSLWDO DVVHWV DUH YDOXHG DW FRVW ZKHUH KLVWRULFDO FRVW UHFRUGV DUH DYDLODEOH DQG DW DQ HVWLPDWHG KLVWRULFDO FRVW ZKHUH QR KLVWRULFDO UHFRUGV H[LVW 7KH FDSLWDOL]DWLRQ WKUHVKROG LV  7KH FRVWV RI QRUPDO PDLQWHQDQFH DQG UHSDLUV WKDW GR QRW DGG WR WKH YDOXH RI WKH DVVHWV RU PDWHULDOO\ H[WHQG DVVHW OLYHV DUH QRW FDSLWDOL]HG ,PSURYHPHQWV DUH FDSLWDOL]HG DQG GHSUHFLDWHG RYHUWKH UHPDLQLQJ XVHIXO OLYHV RIWKH UHODWHG FDSLWDO DVVHWVDVDSSOLFDEOH
'HSUHFLDWLRQ RI DOO FDSLWDO DVVHWV LQ WKH 7UDQVLW 2SHUDWLRQV (QWHUSULVH )XQG LV FRPSXWHG XVLQJ WKH VWUDLJKWOLQH PHWKRG RYHUWKHLUHVWLPDWHGXVHIXOOLYHV 7KHHVWLPDWHGXVHIXOOLIHRIDXWRHTXLSPHQWLV\HDUV * 'HIHUUHG2XWIORZV,QIORZVRI5HVRXUFHV
,Q DGGLWLRQ WR DVVHWV WKH 7UDQVLW 2SHUDWLRQV (QWHUSULVH )XQG VWDWHPHQW RI QHW SRVLWLRQ ZLOO VRPHWLPHV UHSRUW D VHSDUDWH VHFWLRQIRU GHIHUUHG RXWIORZV RI UHVRXUFHV7KLV VHSDUDWHILQDQFLDO VWDWHPHQW HOHPHQWdeferred outflows of resources UHSUHVHQWV D FRQVXPSWLRQ RI QHW DVVHWV WKDW DSSOLHV WR D IXWXUH SHULRG V
 DQG VR ZLOO not EH
UHFRJQL]HG DV DQ RXWIORZ RI UHVRXUFHV
H[SHQVHVH[SHQGLWXUH
 XQWLO WKHQ 7KH &LW\ KDV LWHPV WKDW TXDOLILHV IRU UHSRUWLQJLQWKLVFDWHJRU\WKDWLVUHODWHG WRSHQVLRQVDQG23(% ,Q DGGLWLRQ WR OLDELOLWLHV WKH 7UDQVLW 2SHUDWLRQV (QWHUSULVH )XQG VWDWHPHQW RI QHW SRVLWLRQ ZLOO VRPHWLPHV UHSRUW D VHSDUDWH VHFWLRQ IRU GHIHUUHG LQIORZV RI UHVRXUFHV 7KLV VHSDUDWH ILQDQFLDO VWDWHPHQW HOHPHQW deferred inflows of resources UHSUHVHQWV DQDFTXLVLWLRQ RIQHW DVVHWVWKDW DSSOLHVWRDIXWXUHSHULRG V
 DQG VRZLOOnot EH
UHFRJQL]HGDVDQLQIORZRI UHVRXUFHV

UHYHQXH
 XQWLO WKDW WLPH 7KH &LW\ KDV LWHPV WKDW TXDOLILHV IRU UHSRUWLQJ LQ WKLV FDWHJRU\ WKDW LV UHODWHG WR SHQVLRQVDQG23(% + 2WKHU3RVW(PSOR\PHQW%HQHILWV
23(%

)RU SXUSRVHV RI PHDVXULQJ WKH 7RWDO 23(% OLDELOLW\ GHIHUUHG RXWIORZV RI UHVRXUFHV DQG GHIHUUHG LQIORZV RI UHVRXUFHV UHODWHG WR SHQVLRQV DQG 23(% H[SHQVH LQIRUPDWLRQ DERXW WKH ILGXFLDU\ QHW SRVLWLRQ RI WKH SODQV DQG DGGLWLRQV WRGHGXFWLRQVIURPWKHSODQV¶ILGXFLDU\QHWSRVLWLRQKDYHEHHQGHWHUPLQHGRQWKHVDPHEDVLVDV WKH\DUHUHSRUWHGE\ WKHSODQV
1RWH


10 &,7<2)6+$)7(5&$/,)251,$
75$163257$7,21'(9(/230(17$&7)81'6
1RWHVWRWKH)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6
&217,18('

7KHIROORZLQJWLPHIUDPHVDUHXVHGIRU23(%UHSRUWLQJ

23(%
9DOXDWLRQ GDWH  -XQH
0HDVXUHPHQW GDWH -XQH
0HDVXUHPHQW SHULRG -XO\WR-XQH
, 'HILQHG%HQHILW3HQVLRQ3ODQ
)RU SXUSRVHV RI PHDVXULQJ WKH QHW SHQVLRQ OLDELOLW\ GHIHUUHG RXWIORZV RI UHVRXUFHV DQG GHIHUUHG LQIORZV RI UHVRXUFHV UHODWHG WR SHQVLRQV DQG SHQVLRQ H[SHQVH LQIRUPDWLRQ DERXW WKH ILGXFLDU\ QHW SRVLWLRQ RI WKH SODQV DQG DGGLWLRQV WRGHGXFWLRQVIURPWKH SODQV¶ILGXFLDU\ QHW SRVLWLRQ KDYH EHHQ GHWHUPLQHG RQWKH VDPH EDVLV DV WKH\ DUH UHSRUWHG E\ WKH SODQV
1RWH 
 )RU WKLV SXUSRVH EHQHILW SD\PHQWV
LQFOXGLQJ UHIXQGV RI HPSOR\HH

FRQWULEXWLRQV
DUHUHFRJQL]HG ZKHQGXHDQGSD\DEOHLQDFFRUGDQFHZLWKEHQHILWWHUPV,QYHVWPHQWVDUHUHSRUWHG DWIDLUYDOXH
7KHIROORZLQJWLPHIUDPHVDUHXVHGIRUSHQVLRQUHSRUWLQJ 
&DO3(56
9DOXDWLRQ GDWH -XQH
0HDVXUHPHQW GDWH -XQH
0HDVXUHPHQW SHULRG -XO\WR-XQH
- &RPSHQVDWHG$EVHQFHV
,W LV WKH &LW\¶V SROLF\ WR SHUPLW HPSOR\HHV WR DFFXPXODWH HDUQHG EXW XQXVHG YDFDWLRQ ZKLFK ZLOO EH SDLG WR HPSOR\HHV XSRQVHSDUDWLRQIURPVHUYLFH7KH7UDQVLW2SHUDWLRQV(QWHUSULVH)XQGDFFUXHVEHQHILWVLQWKHSHULRG LQZKLFKWKH\DUH HDUQHG /LDELOLWLHV IRU YDFDWLRQ KROLGD\ EHQHILWV DQG FRPSHQVDWRU\ WLPH DUH UHFRUGHG ZKHQ HDUQHG 7KH DPRXQW UHFRUGHGLQ&RPSHQVDWHG$EVHQFHVDW-XQHIRUWKH7UDQVLW2SHUDWLRQV(QWHUSULVH )XQGZDV
. 1HW3RVLWLRQ)XQG%DODQFHV
7KH $UWLFOH  6SHFLDO 5HYHQXH )XQG UHSRUWV IXQG EDODQFH DV QRQVSHQGDEOH UHVWULFWHG FRPPLWWHG DVVLJQHG RU XQDVVLJQHG EDVHGSULPDULO\RQWKHH[WHQWWRZKLFKWKH&LW\LVERXQGWR KRQRU FRQVWUDLQWV RQ KRZ VSHFLILFDPRXQWVFDQ EHVSHQW )XQGEDODQFHVDUHFDWHJRUL]HGDVIROORZV 
Nonspendable  7KLV DPRXQW LQGLFDWHG WKH SRUWLRQ RIIXQGV EDODQFHV ZKLFK FDQQRW EH VSHQW EHFDXVHWKH\ DUH HLWKHU QRW LQ VSHQGDEOH IRUP VXFK DV SUHSDLG LWHPV LQYHQWRULHV RU ORDQV UHFHLYDEOH RU OHJDOO\ RU FRQWUDFWXDOO\ UHTXLUHGWREHPDLQWDLQHGLQWDFWVXFKDVWKHSULQFLSDOSRUWLRQRIDQHQGRZPHQW Restricted 7KLVDPRXQWLQGLFDWHVWKHSRUWLRQRIIXQGEDODQFHVZKLFKKDVEHHQ UHVWULFWHG D
H[WHUQDOO\LPSRVHG
E\ FUHGLWRUV
VXFK DV WKURXJK GHEW FRYHQDQWV
 JUDQWRUV FRQWULEXWRUV RU ODZV RU UHJXODWLRQV RI RWKHU

JRYHUQPHQWV
E
LPSRVHGE\ODZWKURXJKFRQVWLWXWLRQDOSURYLVLRQVRUHQDEOLQJOHJLVODWLRQ Committed  7KLV DPRXQW LQGLFDWHV WKH SRUWLRQ RI IXQG EDODQFHV ZKLFK FDQ RQO\ EH XVHG IRU VSHFLILF SXUSRVHV SXUVXDQWWRIRUPDOUHVROXWLRQRURUGLQDQFHRIWKH&LW\&RXQFLO Assigned  7KLV DPRXQW LQGLFDWHV WKH SRUWLRQ RI IXQG EDODQFHV ZKLFK LV FRQVWUDLQHG E\ WKH &LW\¶V LQWHQW WR EH XVHGIRUVSHFLILFSXUSRVHEXWLVQHLWKHUUHVWULFWHGQRUFRPPLWWHG 7KH&LW\¶V$GPLQLVWUDWLYH6HUYLFHV'LUHFWRU LV DXWKRUL]HGWRGHWHUPLQHDQGGHILQHWKHDPRXQWRIDVVLJQHGIXQGEDODQFHV 11 &,7<2)6+$)7(5&$/,)251,$
75$163257$7,21'(9(/230(17$&7)81'6
1RWHVWRWKH)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6
&217,18('

Unassigned  7KLV DPRXQW LQGLFDWHV WKH SRUWLRQ RI IXQG EDODQFH WKDW GRHV QRW IDOO LQWR RQH RI WKH DERYH FDWHJRULHV
7KH &LW\ &RXQFLO HVWDEOLVKHV PRGLILHV RU UHVFLQGV IXQG EDODQFH FRPPLWPHQWV DQG DVVLJQPHQWV E\ SDVVDJH RI DQ RUGLQDQFHRUUHVROXWLRQ 7KLVLVGRQHWKURXJKDGRSWLRQRIWKHEXGJHWDQGVXEVHTXHQWEXGJHWDPHQGPHQWV WKDWRFFXU WKURXJKRXWWKH\HDU
/ 8VHRI(VWLPDWHV
7KH SUHSDUDWLRQ RI ILQDQFLDO VWDWHPHQWV LQ FRQIRUPLW\ ZLWK DFFRXQWLQJ SULQFLSOHV JHQHUDOO\ DFFHSWHG RI WKH 8QLWHG 6WDWHVRI$PHULFDUHTXLUHVPDQDJHPHQWWRPDNHHVWLPDWHVDQGDVVXPSWLRQVWKDWDIIHFWFHUWDLQ UHSRUWHG DPRXQWVDQG GLVFORVXUHV$FFRUGLQJO\DFWXDOUHVXOWVFRXOGGLIIHUIURPWKRVHHVWLPDWHV 127(
 '(326,76,17+(&,7<¶6322/
7KH &LW\ KDV SRROHG LWV FDVK DQG LQYHVWPHQWV LQ RUGHU WR DFKLHYH D KLJKHU UHWXUQ RQ LQYHVWPHQWV ZKLOH IDFLOLWDWLQJ PDQDJHPHQW RI FDVK &DVK LQ H[FHVV RI FXUUHQW UHTXLUHPHQWV LV LQYHVWHG LQ YDULRXV LQWHUHVWEHDULQJ DFFRXQWVDQGRWKHU LQYHVWPHQWV IRU YDU\LQJ WHUPV 7KH EDODQFH RI WKH 7'$ )XQGV¶ FDVK DQG LQYHVWPHQWV DV RI -XQH  ZDV  
7KH 7'$ )XQGV¶ FDVK LV GHSRVLWHG LQ WKH &LW\¶V LQWHUQDO LQYHVWPHQW SRRO ZKLFK LV UHSRUWHG DW IDLU YDOXH 7KH 7'$ )XQGV¶GRQRWRZQVSHFLILFDOO\LGHQWLILDEOHVHFXULWLHVLQWKH&LW\¶VSRRO ,QYHVWPHQWV HDUQLQJV LV DOORFDWHG EDVHG RQ DYHUDJH FDVK EDODQFHV,QYHVWPHQW SROLFLHV DQG DVVRFLDWHG ULVN IDFWRUV DSSOLFDEOHWRWKH7'$)XQGVDUHWKRVHRIWKH&LW\DQGDUHLQFOXGHGLQWKH&LW\¶VEDVLFILQDQFLDOVWDWHPHQWV 127(
 5(675,&7,216
)XQGV UHFHLYHGSXUVXDQWWR7'$$UWLFOHLQ$UWLFOH6SHFLDO5HYHQXH)XQGPD\RQO\EHXVHGIRUORFDO VWUHHWV DQG URDGVDQGSURMHFWVIRUXVHE\SHGHVWULDQDQGELF\FOHV )XQGV UHFHLYHG SXUVXDQW WR 7'$ $UWLFOH  LQ WKH 7UDQVLW 2SHUDWLRQV (QWHUSULVH )XQG PD\ RQO\ EH XVHG WR SURYLGH ORFDOSXEOLFWUDQVSRUWDWLRQ
127(
 &$3,7$/$66(76
7KHIROORZLQJLVDVXPPDU\RIFKDQJHVLQFDSLWDODVVHWVIRUWKH7UDQVLW2SHUDWLRQV(QWHUSULVH)XQGIRUWKHILVFDO \HDU HQGHG-XQH

-XO\ $GGLWLRQV 'HOHWLRQV -XQH
$XWRHTXLSPHQW

  

 
 
$FFXPXODWHGGHSUHFLDWLRQ





  


7RWDO         'HSUHFLDWLRQH[SHQVHIRUWKH\HDUHQGHG-XQHZDV 
12 &,7<2)6+$)7(5&$/,)251,$
75$163257$7,21'(9(/230(17$&7)81'6
1RWHVWRWKH)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 75$163257$7,21'(9(/230(17$&7&203/,$1&(5(48,5(0(176 7KH &LW\ LV VXEMHFWWRWKH SURYLVLRQV SXUVXDQWWR 6HFWLRQ DQG  RIWKH &DOLIRUQLD &RGH RI 5HJXODWLRQV DQG 6HFWLRQ



DQG

RIWKH3XEOLF8WLOLWLHV&RGH
6HFWLRQ
3XUVXDQW WR 6HFWLRQ  D WUDQVLW FODLPDQW LV SUHFOXGHG IURP UHFHLYLQJ PRQLHV IURP WKH /RFDO 7UDQVSRUWDWLRQ )XQG DQG WKH 6WDWH 7UDQVLW $VVLVWDQFH )XQG LQ DQ DPRXQW WKDW H[FHHGV WKH FODLPDQW¶V FDSLWDO DQG RSHUDWLQJ FRVWV OHVV WKH UHTXLUHG IDUHV ORFDO VXSSRUW DQG WKH DPRXQW UHFHLYHG GXULQJ WKH \HDU IURP D FLW\ RU FRXQW\ WR ZKLFK WKH RSHUDWRU KDV SURYLGHG VHUYLFH EH\RQG LWV ERXQGDULHV 7KH 7UDQVLW 2SHUDWLRQV (QWHUSULVH )XQG LV XQGHUWKH XSSHU OLPLWIRU 7'$ IXQGWKH \HDU HQGHG -XQH  ZKLFK LQGLFDWHVWKH&LW\ZDV LQ FRPSOLDQFH ZLWKWKHSURYLVLRQVRIWKH7'$IRUWKH\HDUHQGHG-XQH 2SHUDWLQJFRVWV 
/HVV

)DUHUHYHQXH 


8SSHUOLPLWIRU7'$IXQGLQJ 
7'$$OORFDWLRQUHFHLYHG 

2YHU
XQGHU
XSSHUOLPLWIRU7'$ 
6HFWLRQ
3XUVXDQW WR 6HFWLRQ  WKH FODLPDQW PXVW PDLQWDLQ DFFXUDWH DQG FRPSOHWH UHFRUGV DQG VKDOO SUHSDUH DQG VXEPLWDQ DQQXDOUHSRUWRILWVRSHUDWLRQVLQDFFRUGDQFHZLWKWKH8QLIRUP6\VWHPRI$FFRXQWVDQG5HFRUGV7KH &LW\PDLQWDLQHG LWV DFFRXQWV DQG UHFRUGV LQ DFFRUGDQFH ZLWK WKH 8QLIRUP 6\VWHP RI $FFRXQWV DQG 5HFRUGV DQG ZDV LQ FRPSOLDQFH ZLWK WKH UHTXLUHPHQW UHODWHG WR WKH SUHSDUDWLRQ DQG VXEPLVVLRQ RI DQ DQQXDO UHSRUW RI LWV RSHUDWLRQVIRUWKH \HDUV HQGHG-XQH
127(
 )$5(5$7,2
7KH &LW\¶V 7UDQVLW 2SHUDWLRQV (QWHUSULVH )XQG LV VXEMHFW WR WKH 7'$ SURYLVLRQV UHTXLULQJ WKH FDOFXODWLRQ RI DQG DGKHUHQFH WR IDUH DQG ORFDO VXSSRUW UDWLRV  $FFRUGLQJO\ WKH &LW\¶V 7UDQVLW 2SHUDWLRQV (QWHUSULVH )XQG PXVW PDLQWDLQDPLQLPXPIDUHUDWLRRI'XHWRWKHHIIHFWRI&29,' DQGVWDIIWXUQRYHUWKH&LW\KDGDGHFUHDVHLQ
IDUHV DQG ORFDO UHYHQXHV DV ZHOO DV GHOD\V LQ FODLPLQJ H[SHQVHV 7KH )XQG¶V IDUH UDWLR 
 RI RSHUDWLQJ
UHYHQXHV


WRQHWRSHUDWLQJH[SHQVHV
IRUWKH\HDUHQGHG-XQH
LQGLFDWHVWKH&LW\ZDV
LQFRPSOLDQFHZLWKWKHSURYLVLRQVRIWKH7'$IRUWKH\HDUHQGHG-XQH )DUHV  

$UWLFOH  
/RFDOIXQGVVXSSOHPHQWIRUSXEOLFWUDQVLW 


7RWDOIDUHVDQGORFDOUHYHQXHV  

2SHUDWLQJH[SHQVHV  
$OORZDEOH7'$DGMXVWPHQWV  
'HSUHFLDWLRQ



1HWRSHUDWLQJH[SHQVHV  

)DUHUHYHQXHUDWLR 
13 &,7<2)6+$)7(5&$/,)251,$
75$163257$7,21'(9(/230(17$&7)81'6
1RWHVWRWKH)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 3(16,213/$16
$ *HQHUDO,QIRUPDWLRQDERXWWKH3HQVLRQ3ODQV
Plan Descriptions
$OO TXDOLILHG SHUPDQHQW DQG SUREDWLRQDU\ HPSOR\HHV DUH HOLJLEOHWR SDUWLFLSDWH LQ HLWKHUWKH &LW\¶V0LVFHOODQHRXV (PSOR\HH3HQVLRQ3ODQ
0LVFHOODQHRXV3ODQ
ZKLFKLVD FRVWVKDULQJPXOWLSOHHPSOR\HUGHILQHGEHQHILWSHQVLRQ SODQVDGPLQLVWHUHGE\WKH&DOLIRUQLD3XEOLF(PSOR\HHV¶5HWLUHPHQW6\VWHP &DO3(56
%HQHILWSURYLVLRQVXQGHU
WKH 3ODQV DUH HVWDEOLVKHG E\ 6WDWH VWDWXWH DQG &LW\ UHVROXWLRQ &DO3(56 LVVXHV SXEOLFO\ DYDLODEOH UHSRUWV WKDW LQFOXGH D IXOO GHVFULSWLRQ RI WKH SHQVLRQ SODQV UHJDUGLQJ EHQHILW SURYLVLRQV DVVXPSWLRQV DQG PHPEHUVKLS LQIRUPDWLRQWKDWFDQEHIRXQGRQWKH&DO3(56ZHEVLWH
&DO3(56SURYLGHVVHUYLFHUHWLUHPHQWDQGGLVDELOLW\EHQHILWVDQQXDOFRVWRIOLYLQJDGMXVWPHQWVDQGGHDWKEHQHILWV WR SODQ PHPEHUV ZKR PXVW EH SXEOLF HPSOR\HHV DQG EHQHILFLDULHV %HQHILWV DUH EDVHG RQ \HDUV RI FUHGLWHG VHUYLFHHTXDOWRRQH \HDURIIXOOWLPHHPSOR\PHQW0HPEHUVRIWKH0LVFHOODQHRXV3ODQZLWKILYH \HDUV RI WRWDO VHUYLFH DUH HOLJLEOH WR UHWLUH DW DJH  ZLWK VWDWXWRULO\ UHGXFHG EHQHILWV $OO PHPEHUV DUH HOLJLEOH IRU QRQGXW\ GLVDELOLW\ EHQHILWVDIWHU \HDUV RI VHUYLFH7KHGHDWKEHQHILWLV RQH RIWKHIROORZLQJ WKH%DVLF'HDWK
%HQHILW RU WKH2SWLRQDO6HWWOHPHQW:'HDWK%HQHILW7KHFRVWRIOLYLQJDGMXVWPHQWVIRUWKHSODQDUHDSSOLHGDV VSHFLILHGE\ WKH3XEOLF(PSOR\HHV¶5HWLUHPHQW/DZ
Benefits Provided
7KH3ODQV¶SURYLVLRQVDQGEHQHILWVLQHIIHFWDW-XQHPHDVXUHPHQWGDWHDUHVXPPDUL]HGDVIROORZV 
+LUH'DWH
3ULRUWR-DQXDU\

2QRU$IWHU
-DQXDU\
%HQHILWIRUPXOD # #
%HQHILWYHVWLQJVFKHGXOH \HDUVVHUYLFH \HDUVVHUYLFH %HQHILWSD\PHQWV 0RQWKO\IRUOLIH 0RQWKO\IRUOLIH
5HWLUHPHQWDJH  
0RQWKO\EHQHILWVDVDRIHOLJLEOHFRPSHQVDWLRQ   5HTXLUHGHPSOR\HHFRQWULEXWLRQUDWHV  

5HTXLUHGHPSOR\HUFRQWULEXWLRQUDWHV  

)LQDO$QQXDO&RPSHQVDWLRQ \HDU \HDU
Contributions
6HFWLRQ 
F
 RI WKH &DOLIRUQLD 3XEOLF (PSOR\HHV¶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
75$163257$7,21'(9(/230(17$&7)81'6
1RWHVWRWKH)LQDQFLDO6WDWHPHQWV
)RUWKH<HDU(QGHG-XQH
127(
 3(16,213/$16
&217,18('

)RUWKH\HDUHQGHG-XQHWKHFRQWULEXWLRQVUHFRJQL]HGDVSDUWRISHQVLRQH[SHQVHZDV % 3HQVLRQ /LDELOLWLHV 3HQVLRQ ([SHQVHV DQG 'HIHUUHG 2XWIORZV,QIORZV RI 5HVRXUFHV 5HODWHG WR 3HQVLRQV
$V RI -XQH   WKH &LW\ UHSRUWHG D QHW SHQVLRQOLDELOLW\RI 

IRULWVSURSRUWLRQDWHVKDUHRIWKH1HW
3HQVLRQ/LDELOLW\
$VVHW

7KH &LW\¶V QHW SHQVLRQ OLDELOLW\
DVVHW
 IRU WKH 3ODQ LV PHDVXUHG DV WKH SURSRUWLRQDWH VKDUH RI WKH QHW SHQVLRQ OLDELOLW\
DVVHW
 7KH QHW SHQVLRQ OLDELOLW\
DVVHW
 RI HDFK RIWKH3ODQV LVPHDVXUHG DV RI -XQH   DQGWKH WRWDOSHQVLRQOLDELOLW\
DVVHW
IRUWKH3ODQXVHGWRFDOFXODWHWKHQHW SHQVLRQOLDELOLW\ DVVHW
ZDV GHWHUPLQHG E\DQ
DFWXDULDO YDOXDWLRQ DV RI -XQH   UROOHG IRUZDUG WR -XQH   XVLQJ VWDQGDUG XSGDWH SURFHGXUHV 7KH &LW\¶V SURSRUWLRQ RI WKH QHW SHQVLRQ OLDELOLW\ DVVHW
 ZDV EDVHG RQ D SURMHFWLRQ RI WKH &LW\¶V ORQJWHUP VKDUH RI FRQWULEXWLRQVWRWKH SHQVLRQ SODQV UHODWLYHWRWKH SURMHFWHG FRQWULEXWLRQV RI DOO SDUWLFLSDWLQJ HPSOR\HUV DFWXDULDOO\ GHWHUPLQHG 7KH &LW\¶V SURSRUWLRQDWH VKDUH RI WKH QHW SHQVLRQ OLDELOLW\ DVVHW
 IRU WKH 3ODQ DV RI
-XQHDQG ZDVDVIROORZV

3URSRUWLRQ-XQH 
3URSRUWLRQ-XQH 
&KDQJH,QFUHDVH
'HFUHDVH


)RUWKH\HDUHQGHG-XQHWKH&LW\UHFRJQL]HGSHQVLRQH[SHQVH LQFRPH
RI$W-XQH
WKH&LW\ UHSRUWHGGHIHUUHGRXWIORZVRI UHVRXUFHVDQGGHIHUUHGLQIORZVRI UHVRXUFHV UHODWHGWRSHQVLRQVIURPWKH IROORZLQJ VRXUFHV

)RU WKH 0LVFHOODQHRXV 3ODQ 

← All documents from this meeting