each pay period. The total payroll expenditure for the most recent pay period (PR #02) for Date 1/29/26:
Total Earnings (Salaries) @ $408,295.10 plus Total Employer Expenses for Benefits @ $151,862.36 = Total @ $560,157.46,
This aligns with the payroll transfer amount listed in the attachment. These records collectively support the accuracy and legitimacy of the financial transactions presented for approval.
STRATEGIC PLAN RELATIONSHIP
None.
ENVIRONMENTAL ANALYSIS
The proposed action does not constitute as a project under the California Environmental Quality Act (“CEQA”), based on Section 15061(b)(3) of the CEQA Guidelines, as it can be determined with certainty that it will have no impact on the environment.
FISCAL IMPACT
There is no impact to the General Fund as a result of the recommended action.
Approved by:
___________________________
Michael Bruckner
City Manager
Attachment(s):
1. Resolution No. 26-15
RESOLUTION NUMBER 26-15
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SIERRA MADRE
APPROVING CERTAIN DEMANDS
WHEREAS, Government Code sections 37208-37209 authorize the City Council to ratify and approve warrants or checks drawn in payment of demands certified or approved by the Director of Finance as conforming to the budget; and, WHEREAS, the following demands have been reviewed and approved by the Finance Director; and,
WHEREAS, the Finance Director has verified that appropriated funds are available for payment thereof; and,
WHEREAS, the register of audited demands has been submitted to the City Council for approval; and
WHEREAS, City Warrants are the payment of bills, invoices and contractual obligations incurred by the City of Sierra Madre during the period enumerated therein, based on the approved fiscal year budget and existing budgetary authority, Municipal Code authority, or prior policy direction by the City Council; and WHEREAS, Payroll Transfer is the transfer of funds to cover the payroll costs for all City employees for the period enumerated therein.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Sierra Madre does hereby approve payment of City Warrants in the aggregate amount of $473,235.55; Sierra Madre Library Warrants in the aggregate amount of $405,102.67; and Payroll Transfer in the aggregate amount of $560,157.46 for the fiscal year ending June 30, 2026.
APPROVED AND ADOPTED this 24th day of February 2026.
_____________________________________
Mayor, City of Sierra Madre, California
I hereby certify that the foregoing Resolution Number 26-15 was adopted by the City Council of the City of Sierra Madre at a regular meeting held on the 24th day of February 2026.
AYES:
NOES:
ABSTAIN:
ABSENT:
_____________________________________
City Clerk, City of Sierra Madre, California
City of Sierra Madre
Department of Finance
Warrant Register Recap
City Council Meeting of February 24, 2026
CITY OF SIERRA MADRE AND SIERRA MADRE LIBRARY
City of Sierra Madre Warrants …..……….………….…….……..……………….473,235.55 Sierra Madre Library Warrants……...…..……..…………...……………......….$405,102.67 Payroll Transfer……..…..............………..……………………………………….$560,157.46 Warrant Register Post Date 2/24/26 Attachment 1A
Fiscal Year Description Amount Page #
FY25/26 General Warrants $358,875.25 1-3
FY25/26 General Manual Warrant $13,172.03 4-5
FY25/26 General Manual Utility Bills $101,188.27 6-7
Total $473,235.55
FY25/26 Library Warrant $404,102.58 8
FY25/26 Library Manual Warrant $1,000.09 9
Total $405,102.67
Pay Date:
2/12/2026 Payroll #03 $560,157.46 10
From: City of Sierra Madre-General Acct.
To: City of Sierra Madre-Payroll Acct.
Total $560,157.46
2/17/2026 2:07:13 PM Page 1 of 5
Check Approval Register
City of Sierra Madre, CA
APPKT08538 - GEN 2/24/26 Check Date: 02/17/2026
01 - Vendor Set 01
Packet:
Vendor Set:
Bank Code Payment Type Invoice # Invoice Description Account Number Distribution Amount Vendor Number Vendor Name Vendor Total
VEN04392 2 HOT UNIFORMS, INC 213.14
APBWEST Check 96562 FD - UNIFORMS
ca078d69-c493-4f92-937b-b3ef00fd44d8
10000.61000.53303 213.14
VEN03814 AIR SOURCE INDUSTRIES 93.15
APBWEST Check 00974889 OXYGEN
74f104a9-2263-4350-957e-b3ef00ff6eb5
10000.64000.53300 93.15
VEN04080 ALTAF L ALI MD INC 250.00
APBWEST Check AALI 299 PRE-EMPLOYMENT TEST
e2e5a96d-14b0-43a6-a86d-b3ef011b1104
60007.70101.52100 250.00
VEN03454 AMAZON CAPITAL SERVICES 752.26
APBWEST Check 16PX-YXD3-4CNG MISC SUPPLIES 1/5/26 - 1/18/26 92514078-928f-40a8-a885-b3ef00fef5d1
10000.83500.53205 65.61
1KPF-6F7D-6JLR MISC SUPPLIES 1/19/26 - 2/1/26
727ff04f-750d-4f6e-9028-b3ef00febe30
10000.61000.53300 396.40
1KTF-MRRG-NM4N MISC SUPPLIES 9/29/25 - 10/12/25
e2b2645f-dcea-4b65-a4d9-b3ef00fdc383
37006.72000.53999 100.45
1V3R-CGCR-4NYJ MISC SUPPLIES - CREDIT
be9edb1d-40d2-48f1-a4fc-b3ef00fe4ad8
10000.61000.53300 -183.68
1XHD-D36G-47DT MISC SUPPLIES 10/27/25 - 11/9/25
18768208-8f0a-4b7e-a741-b3ef00ff3114
71000.81100.53100 373.48
VEN03981 ANGEL'S AUTO REPAIR INC 2,313.74
APBWEST Check 039205 VEHICLE MAINT/#2099
2081dc20-4e3c-40c0-a6e5-b3ef01014a8b
60000.83100.53208 514.35
039337 VEHICLE MAINT
3779cdd5-58bf-4b7f-8d15-b3ef0100ecac
60000.83100.53208 1,799.39
VEN04026 ARCADIA TIRES 53.26
APBWEST Check INV043420 VEHICLE MAINT/#5101
14060fb3-9c88-4802-9815-b3ef0101c4e9
60000.83100.53208 53.26
0122 ARNOLD'S FRONTIER HARDWARE - PW 199.91
APBWEST Check 118279 FY 25/26 WATER DEPT. MAINTENANCE SUPPLIES 780a22a5-72d6-4ec0-b36b-b3f400e6f803
71000.81100.53200 17.66
118283 FY 25/26 MAINTENANCE SUPPLIES
dd0a6796-1f48-40d1-9bb3-b3f400e6f82e
60001.83200.53200 40.27
118284 FY 25/26 WATER DEPT. MAINTENANCE SUPPLIES
a23b37e4-ad25-4285-af77-b3f400e6f863
71000.81100.53200 32.70
118297 FY 25/26 WATER DEPT. MAINTENANCE SUPPLIES
98b507bd-a56f-4555-9971-b3f400e6f854
71000.81100.53200 13.25
118301 FY 25/26 MAINTENANCE SUPPLIES
1f7d7261-45ed-4b11-83d6-b3f400e6f84b
60001.83200.53200 11.03
118316 FY 25/26 MAINTENANCE SUPPLIES
8ef6f8e4-72ca-42e4-8c5a-b3f400e6f893
60001.83200.53200 8.82
118331 FY 25/26 MAINTENANCE SUPPLIES
c490c8b6-f6ad-448c-8fcc-b3f400e6f85f
60001.83200.53200 76.18
VEN04341 BADGE FRAME INC 804.07
APBWEST Check 43508 SM POLICE WALL SIGN
fbcbbbe0-b62c-4844-96b1-b3ef0113fac0
10000.50000.53999 804.07
1200 BLUE DIAMOND MATERIALS 1,258.15
APBWEST Check 4454806 MAINT. SUPPLIES
c4f3fe0d-9838-4a98-aa7f-b3ef01154e4f
10000.83500.53206 701.04
4463316 MAINT. SUPPLIES
11025fc9-e646-46ce-945d-b3ef0117cdb8
10000.83500.53206 557.11
1727 CHRIS CIMINO 740.11
APBWEST Check MAR2026 MAR 2026 RETIREE HEALTH INSURANCE f38d757e-fea7-4fec-8f53-b3ef01297b74
60007.70100.51302 740.11
0326 CITY OF PASADENA 17,477.00
APBWEST Check 30028360 DEC 2025 PASADENA PD INMATE BOOKING AND HOUSING 043942a2-04cb-4470-ba1c-b3ef011ac543
10000.50000.52003 560.00
30028438 FY 25/26 FOOTHILL AIR SUPPORT- Pasadena
446d2adc-2497-47cf-9aff-b3f400e6f846
35005.50000.52200 16,917.00
1121 COLANTUONO, HIGHSMITH & WHATLEY, PC 30,858.00
APBWEST Check 69190 JAN 2026 LEGAL SRVCS-RETAINER: GENERAL ADVICE 75e4b7b5-4941-462e-bf02-b3f400e6f868
10000.21000.52201 8,820.00
71000.81100.52201 1,890.00
72000.32000.52201 1,890.00
69191 JAN 2026 LEGAL SRVCS: LABOR/EMPLOYMENT
7294d626-a409-4e5d-8f55-b3ef009ec272
60007.70100.52201 1,113.00
69192 JAN 2026 LEGAL SRVCS: ASSESSMENT & PROP 218 SRV
8bf0ae26-5d82-46d1-9d9e-b3ef009f0935
32012.83000.52200 2,040.50
69193 JAN 2026 LEGAL SRVCS: CODE ENFORCEMENT
b68a8bef-01d0-4906-b0ca-b3ef009f4d0d
10000.40000.52201 1,060.00
69194 JAN 2026 LEGAL SRVCS: IMPLEMENTATION OF SETTLEM
c3bc355c-7022-4cfe-8a94-b3ef009f86b7
10000.40000.52201 530.00
69195 JAN 2026 LEGAL SRVCS: MATER DOLOROSA DEVELOPMENT
81f1bfda-6877-4597-a340-b3ef009fcb3d
10000.40000.52201 8,441.00
69196 JAN 2026 LEGAL SRVCS: ENVIRONMENTAL LEGAL SERVC
f92de9de-23bf-4208-aaac-b3ef00a029b2
10000.40000.52201 1,007.00
69197 JAN 2026 LEGAL SRVCS: V. SOUTHERN CA. EDISON
e14714b5-2ba0-4055-bf5a-b3ef00a06165
10000.21000.52201 462.50
69198 JAN 2026 LEGAL SRVCS: EATON FIRE RESPONSE
87e9fbc6-46e4-4cf1-aaff-b3ef00a08d5b
10000.21000.53998 318.00
69199 JAN 2026 LEGAL SRVCS: ADV. SOUTHERN CA. EDISON
c1cb043b-9915-4a6c-83b8-b3ef00a0c29a
10000.21000.52201 3,286.00
VEN03180 DICKS AUTO SUPPLY 378.78
APBWEST Check 235622 FY 25/26 AUTO PARTS
63ae2f23-bce9-4ea4-95b8-b3ef011b6733
60000.83100.53208 378.78
0507 DIRECT CONNECTION 2,539.15
APBWEST Check 96374 WATER BILL LETTERHEAD
fc14d8f4-8bdb-4480-882d-b3f400e6f83c
71000.32000.53102 2,539.15
VEN04105 DR. ANGELICA LOZA-GOMEZ M.D., PC. 992.00
APBWEST Check 43 JAN 2026 Medical Director Services
5884befb-8eb8-4772-98a5-b3f400e6f816
10000.64000.52200 992.00
1 2/17/2026 2:07:13 PM Page 2 of 5
APPKT08538 - GEN 2/24/26 Check Date: 02/17/2026
02 - Vendor Set 02
Packet:
Vendor Set:
Bank Code Payment Type Invoice # Invoice Description Account Number Distribution Amount Vendor Number Vendor Name Vendor Total
VEN04593 DTE TRADING INC 2,465.00
APBWEST Check INV043426 REFUND: SECURITY DEPOSIT
da35e78b-d014-4b02-bb21-b3f0009c4d10
10000.00000.23001 2,465.00
0551 FOOTHILL LOCK & KEY 968.30
APBWEST Check 17595 SERVICE CALL: KEY COPY
d8a97d18-d5a4-4b7b-b8ca-b3ef011c59d4
60001.83200.53200 968.30
VEN01613 GANAHL LUMBER COMPANY 450.13
APBWEST Check 142254464 MISC. MAINT. SUPPLIES
36245816-1cbe-4157-a63f-b3ef011d6014
60001.83200.53200 450.13
1639 GMS ELEVATOR SERVICES INC 135.00
APBWEST Check 128612 MONTHLY SERVICE
116d9015-d223-4130-99ab-b3ef011d2705
60001.83200.52200 135.00
VEN02878 GOLDEN BELL PRODUCTS INC 4,312.00
APBWEST Check 19517 FY 25/26 MANHOLE TREATMENT
cff556a9-7fd7-4453-a6b1-b3f400e6f884
72000.81200.52200 4,312.00
1359 HIRERIGHT, LLC 140.65
APBWEST Check H0253828 1/1/26 - 1/31/26 BACKGROUND SCREENING 8f70c4da-6e8a-482f-8124-b3ef011dc9a7
60007.70101.52100 140.65
0398 HONG L. TAM 46,621.15
APBWEST Check 1/31/2026 11/1/25 - 1/31/26 STRUCTURAL PLAN CHECK SERVICES e97ab0f0-c206-4440-80bc-b3f400e6f8aa
10000.40000.52100 46,621.15
VEN04552 HUE C. QUACH 9,840.00
AP EFT WEST Electronic Funds Transfer SM25-000-006 12/22/25 - 1/2/26 FISCAL POLICY PROF CONSULTING 44386e8a-9cf3-4f19-a3fd-b3f400e6f850
60002.30000.52200 2,460.00
SM25-000-008 1/19/26 - 1/30/26 FISCAL POLICY PROF CONSULTING aab68422-ca99-43ca-83d4-b3f400e6f868
60002.30000.52200 7,380.00
0937 INTERSTATE BATTERY SYSTEM OF 988.74
APBWEST Check 42893 BATTERY
4bc6d1e0-d307-475c-b286-b3ef012256b8
60000.83100.53208 1,168.74
42901 BATTERY FD
624c8eaf-307a-417c-887f-b3ef0120a0bd
60000.83100.53208 -180.00
VEN03983 JASPER ENGINE EXCHANGE INC 3,608.48
APBWEST Check 14149613 TRANSMISSION FOR 2019 POLICE INTERCEPTOR 9bb31688-7e2e-4344-802e-b3f400e6f897
60000.83100.53208 3,608.48
1044 JESSE TORIBIO 370.06
APBWEST Check MAR2026 MAR 2026 RETIREE HEALTH INSURANCE 14294805-147b-4e58-a566-b3ef0122946b
60007.70100.51302 370.06
1165 KENNETH BERRY 740.11
APBWEST Check MAR2026 MAR 2026 RETIREE HEALTH INSURANCE df517d7c-c2cc-494d-bd07-b3ef0122eb8f
60007.70100.51302 740.11
0515 LANDSCAPE WAREHOUSE 102.48
APBWEST Check 2601-579664 FY 25/26 MAINTENANCE SUPPLIES 654e627d-f618-4270-8161-b3ef012a82e6
10000.83300.53001 102.48
1724 LAWRENCE ROLL UP DOORS INC 7,869.51
APBWEST Check 2517773 SERVICE CALL: FIRE/ROLL UP DOOR
f8639387-8555-4143-8757-b3ef012823d4
60001.83200.56010 971.67
2517778 FD Overhead Door Repair
5c959ffc-5c64-4ced-ac08-b3f400e6f811
60001.83200.56010 6,897.84
VEN04103 LEXISNEXIS RISK SOLUTIONS 202.50
APBWEST Check 1300237135 JAN 2026 LE Investigative and Analysis system 7abb6b8b-ed10-4ff5-8281-b3ef012a19fc
10000.50000.52200 202.50
0640 LIFE-ASSIST INC. 224.66
APBWEST Check 2065174 FY25/26 EMS Medical Supplies
bc4e51fd-47ad-4176-8f4b-b3f400e6f8a1
10000.64000.53300 224.66
VEN04594 LOGISTICARE 698.45
APBWEST Check INV043427 RE: 25041435 EMS REFUND
ec03740c-77db-43a7-9846-b3f000b6398e
10000.64000.47029 698.45
VEN04472 MARINA RAMOS 138.44
APBWEST Check INV043423 REIMB: HOLIDAY/BD SOCIAL SUPPLIES 296cdfd1-56a5-40f7-a100-b3ef012b363f
37006.72000.53999 138.44
VEN04515 MARIPOSA LANDSCAPES INC 34,797.52
APBWEST Check 116310 SEPT 2025 LANDSCAPE MAINTENANCE
49d11e60-df06-4b79-b1bc-b3f400e6f7fe
10000.83300.52200 11,918.74
32012.83000.52200 6,691.23
60001.83200.52200 2,300.11
117966 JAN 2026 LANDSCAPE MAINTENANCE
ee00b333-0ffa-4915-9abc-b3f400e6f89c
10000.83300.52200 7,915.84
32012.83000.52200 4,443.98
60001.83200.52200 1,527.62
VEN01070 MARTIN CRUZ 740.11
APBWEST Check MAR2026 MARCH 2026 RETIREE INSURANCE
f71e8888-3f9a-4e21-903f-b3ef0129c496
60007.70100.51302 740.11
VEN04595 MARY GOODWIN 129.77
APBWEST Check INV043428 RE: 25049871 EMS REFUND
8c6b2e5d-1d10-40cb-922e-b3f000b68ed6
10000.64000.47029 129.77
VEN04200 NIKO MOBILE CARWASH 360.00
APBWEST Check 054912 PD CAR WASH 1/28/26
b4cdc68d-be46-4223-bbf1-b3ef012bc26a
10000.50000.52200 360.00
VEN04007 OCCUPATIONAL HEALTH CENTERS OF CA 334.00
APBWEST Check 89444823 PRE-EMPLOYMENT EXAM
0b268606-fe17-412d-9d5a-b3ef012c243b
60007.70101.52106 125.00
89611451 PRE-EMPLOYMENT EXAM
d9d35889-857e-49d6-8477-b3ef012dc102
60007.70101.52106 209.00
0786 OFFICE DEPOT, INC 452.95
APBWEST Check 447091533001 OFFICE SUPPLIES
dc66d1f3-221c-4cbd-89ad-b3ef012d5a36
10000.40000.53100 15.77
451785033001 OFFICE SUPPLIES
05c9c28b-ca5e-4202-aad6-b3ef012f3117
10000.50000.53100 152.34
451817512001 OFFICE SUPPLIES
27face8b-868f-482a-b10b-b3ef012f049e
10000.50000.53100 14.08
451817555001 OFFICE SUPPLIES
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10000.50000.53100 30.83
453405624001 OFFICE SUPPLIES
63627c72-018c-46e6-848c-b3ef012f8074
60002.31100.53100 8.22
2 2/17/2026 2:07:13 PM Page 3 of 5
APPKT08538 - GEN 2/24/26 Check Date: 02/17/2026
01 - Vendor Set 01
Packet:
Vendor Set:
Bank Code Payment Type Invoice # Invoice Description Account Number Distribution Amount Vendor Number Vendor Name Vendor Total
APBWEST Check 453406129001 OFFICE SUPPLIES
69b8409d-7a77-4c38-9967-b3ef012eab47
60002.31100.53100 81.70
453485480001 OFFICE SUPPLIES
ce4f3363-05ab-4666-9985-b3ef012f53a0
60002.31100.53100 137.80
456192998001 OFFICE SUPPLIES
2775c88e-9a94-4169-815a-b3ef012fa300
60002.31100.53100 12.21
VEN03169 PACIFIC TRAFFIC CONTROL INC 1,095.48
APBWEST Check INV33538-1 SERVICE: POSTING OF NO PARKING SIGNS f58a1958-f8bd-4fce-83d0-b3ef012fc406
10000.79007.52999 1,095.48
0323 PASADENA HUMANE SOCIETY 9,407.14
APBWEST Check DEC2025CtySM DEC 2025 Animal control services 4b5d7429-8698-45b9-971b-b3f400e6f80d
10000.50000.52004 4,703.57
FEB2026CtySM FEB 2026 Animal control services
c2b0cbf8-de7e-405c-8a74-b3f400e6f7a9
10000.50000.52004 4,703.57
0124 PATTON SALES CORP. 219.90
APBWEST Check 5169663 MISC SUPPLIES
62eb8027-0231-452d-a302-b3ef013209c8
60000.83100.53208 219.90
VEN01608 PHOENIX GROUP INFORMATION SYSTEMS 2,928.86
APBWEST Check 122025200 DEC 2025 Parking and citation services 1c3d9df8-11ba-4dd2-ab1e-b3f400e6f839
10000.50000.52200 2,928.86
0338 PRUDENTIAL OVERALL SUPPLY 260.84
APBWEST Check 52949289 FY 25/26 PUBLIC WORKS UNIFORMS
a6df1f40-601e-4fbc-ad20-b3f400e6f889
60001.83200.53303 130.42
52951308 FY 25/26 PUBLIC WORKS UNIFORMS
548d0757-26e1-4878-b7e7-b3f400e6f8aa
60001.83200.53303 130.42
VEN04165 R&A TANK TECHNOLOGIES LLC 165.00
APBWEST Check 010126-82 FEB 2025 MONTHLY INSPECTION
66efea25-09cb-4b34-9393-b3f0008f1918
60000.83100.55001 165.00
0447 RAYMOND BASIN MANAGEMENT BOARD 5,697.80
APBWEST Check 12-25-0007 TITLE 22 MONITORING 6/2025 -11/2025 1e7435fb-7002-4676-88d7-b3f0008f71f8
71000.81100.52001 5,697.80
0267 REGIONAL TAP SERVICE CENTER 33.60
APBWEST Check 6026731 JAN 2026 REGIONAL TAP SERVICES CENTER-CARDS d411ab08-619e-4c19-8d00-b3f0008e9ac5
37004.80000.52001 33.60
VEN03833 SCOTT ROSEVEAR 492.04
APBWEST Check INV043425 TRAVE REIMB: SD MIRAMAR COLLEGE: PLANS EXAMINER 1A ff6486a9-564d-493c-9cab-b3f000942f18
10000.61000.52205 492.04
1443 SHRED-IT USA LLC 1,733.47
APBWEST Check 8012825503 NOV 2025 Document shredding service e4b9147e-234a-4352-b9b0-b3f00091f1f6
10000.50000.52200 497.04
8013106265 DEC 2025 Document shredding service
9bffe9f0-d1db-4062-afb6-b3f00091baf5
10000.50000.52200 495.70
8013385557 JAN 2026 Document shredding service
45eb34bc-e495-40ff-b3a1-b3f00090c251
10000.50000.52200 740.73
VEN02885 SMUGGLER 2,465.00
APBWEST Check INV043424 REFUND: SECURITY DEPOSIT
24bb44f6-8d1c-4f70-91d4-b3f000921fed
10000.00000.23001 2,465.00
VEN04536 SPECIAL SIGNS 165.75
APBWEST Check 13106 POLYMETAL SIGN: SPECIAL RECOGNITION AND THANK YOU a6a0a0f2-6725-4d8b-a3ec-b3f0009974a0
37010.85000.56002 165.75
VEN02444 SUPERIOR COURT OF CA, CO OF L. A. 1,397.50
APBWEST Check DEC2025 DEC 2025 Citation Revenue distribution 940186db-e914-4847-8182-b3f400e6f85a
10000.50000.52200 1,397.50
VEN02014 SUSAN SAXE CLIFFORD, Ph.D. APC. 450.00
APBWEST Check 26-0212-11 Psychological Evaluation
935282db-36c5-417b-9e84-b3f000902f20
60007.70101.52100 450.00
1588 SWRCB 28,902.72
APBWEST Check WS-1053629 7/1/25-6/30/26 WATER SYS 1910148 FEES- WS-1053629 5b34c580-b155-4f6e-b200-b3f400e6f876
71000.81100.52401 28,902.72
VEN04209 TSK ARCHITECTS 4,200.00
APBWEST Check 107529 DEC 2025 ARCHITECT SERVICES - LIZZIES TRAIL INN 50228ef0-50f2-4e16-b10c-b3f400e6f87f
27001.83200.56010 3,495.48
60001.83200.56010 704.52
VEN04104 UCLA CENTER FOR PREHOSPITAL CARE 1,217.76
APBWEST Check 3013-1494 FEB 2026 Nurse Educator Services 342295cb-c292-45e5-beb8-b3f400e6f8a1
10000.64000.52200 1,217.76
0410 UNDERGROUND SERVICE ALERT 113.20
APBWEST Check 120260704 FY 25/26 UNDERGROUND ALERTS
a8e9dcac-9e71-4928-9c0c-b3f0009497f8
71000.81100.52200 113.20
VEN04541 URBAN FUTURES INC 27,218.75
APBWEST Check 2026-001 8/4/25-11/20/25 FIN.FCST MODEL & REV. ENHANCE FCST 89dc9b17-942c-4b57-be60-b3f400e6f829
10000.30000.53000 27,218.75
1390 VALLEY POWER SYSTEMS 44,196.84
APBWEST Check R05034 9/7/25-9/22/25 Emergency Gen Rental - CH/PD/FD 95d4d12f-dcf6-4027-86b7-b3f400e6f875
60001.83200.52200 17,556.96
R05044 9/22/25-10/19/25 Emergency Gen Rental - CH/PD/FD ee383684-99a6-4ce9-b7c9-b3f400e6f87b
60001.83200.52200 7,297.47
R05070 10/20/25-11/16/25 Emergency Gen Rental - CH/PD/FD 1f69807c-f7c8-4dc0-bf38-b3f400e6f86c
60001.83200.52200 6,447.47
R05077 11/17/25-12/14/25 Emergency Gen Rental - CH/PD/FD a3728064-83c4-441e-bd51-b3f400e6f833
60001.83200.52200 6,447.47
R05085 12/15/25 - 1/11/26 Emergency Gen Rental - CH/PD/FD 73f9d028-bccf-4f7d-ae79-b3f400e6f841
60001.83200.52200 6,447.47
VEN04223 WICKED EARTH 1,157.62
APBWEST Check 3531 MWTR 5K - CINCH BAGS
46926a0e-6405-4dd1-8192-b3f0009510a4
10000.79007.52999 1,157.62
0425 WILLDAN ASSOCIATES 49,743.25
APBWEST Check 006-27900REV MAY 2024 - THE MEADOWS - PLAN CHECK 69874c15-2c96-4643-a447-b3f400cc2dde
10000.00000.23601 37,295.00
006-30689 AUGUST 2025 - THE MEADOWS - PLAN CHECK
3123ba3e-538c-479e-be06-b3f400cb2042
10000.00000.23601 9,675.00
00631656 DEC 2025 PLAN CHECK AND INSPECTIONS
722a89da-e878-4e85-ad43-b3f400e6f7fa
10000.40000.52100 315.00
00714803 DEC 2025 CDBG GRANT FOR MHRP PROGRAM
6e0e9765-bf2d-476f-9c3d-b3f400e6f808
38002.83200.52100 2,458.25
Report Total: 358,875.25
3 2/17/2026 12:41:07 PM Page 1 of 3
Check Approval Register
City of Sierra Madre, CA
APPKT08527 - GEN BOA MAN 2/24/26 Check Date: 02/11/2026 01 - Vendor Set 01
Packet:
Vendor Set:
Bank Code Payment Type Invoice # Invoice Description Account Number Distribution Amount Vendor Number Vendor Name Vendor Total
0823 BANK OF AMERICA 11,993.75
APBWEST Check INV043282 LA - CAPIO CONF: LODGING FEE
692150f5-9ea3-4743-afa7-b3e800e838f5
10000.12000.53402 263.46
INV043283 BB - PALLET OF WATER FOR THE ENGINE
f3b6417c-a775-4ae1-8a4e-b3e800e8baeb
10000.61000.53300 535.99
INV043284 BB - LEAGUE OF CALF. CITIES - LODGING FEE
09a803e2-7cb9-4021-a039-b3e800e9500c
10000.61000.53402 249.44
INV043285 BB - GYM EQUIPMENT
480bf99d-767f-48fb-a98f-b3e800e9867c
36002.61000.53999 261.79
INV043286 BB - GRAMMARLY TYPING ASSISTANCE
211670b0-97f1-4961-afc1-b3e800e9b1a5
10000.61000.53409 30.00
INV043287 BB - PARAMEDIC RECET - GOLTARA
c34f5505-ff9d-4ae1-8777-b3e800e9f9ec
10000.64000.52205 300.00
INV043288 BB - STORAGE FOR FD MASTER PLAN
810c8dfd-8592-47e7-b70c-b3e800ea2fc8
10000.61000.53409 11.99
INV043289 BB - ALL-AMER. FIRE LEADERSHIP SYMP. - BARTLETT 38c8f42f-0313-40ab-af60-b3e800ea5be2
10000.61000.52205 1,100.00
INV043290 BB - ALL-AMER. FIRE LEADERSHIP SYMP. - GACAD
d3d75cbd-7b57-43db-a990-b3e800ebaeba
10000.61000.52205 1,100.00
INV043291 BB - FIRE DEPT. TRAILORS - TIRES
d5c448c5-ceab-4448-94e0-b3e800ebd2b3
36002.61000.53999 266.94
INV043292 BB - TUITION - ROSEVEAR PLAN EXAMINER
fc65ee52-5352-4cc4-9aa7-b3e800f0801f
10000.61000.52205 514.00
INV043293 RM - SGVCMA GIFT BASKET ITEMS
d0028dbb-f92f-4356-ae95-b3e800f1959e
60002.30000.53999 35.32
INV043294 RM - SGVCMA GIFT BASKET ITEMS
1f5cee6e-3b67-4a80-a7d3-b3e800f1e1ef
60002.30000.53999 48.62
INV043295 RM - LEAGUE OF CALF. CITIES - MAYOR CONF. FEE 2c5456fa-ad03-49a2-a9e9-b3e800f21ff7
10000.11000.53402 50.00
INV043296 RM - SGVCMA GIFT BASKET ITEMS
31fd7bcc-ee1f-40a8-a64a-b3e800f28531
60002.30000.53999 22.31
INV043297 RM - SGVCMA GIFT BASKET ITEMS
eaad4841-3780-4e47-9a93-b3e800f2bed7
60002.30000.53999 84.69
INV043298 RM - EMPLOYEE APPR CHRISTMAS PARTY - DESSERT
6a927773-e21c-442d-9f19-b3e800f36f2a
60002.30000.53999 106.00
INV043299 RM - EMPLOYEE APPR CHRISTMAS PARTY - GIFT CARDS 32748ab8-86aa-4894-b0d9-b3e800f3e2ff
60002.30000.53999 100.00
INV043300 RM - EMPLOYEE APPR CHRISTMAS PARTY - MEAL
86970e5c-b084-4a4c-b5fc-b3e800f41f54
60002.30000.53999 332.89
INV043301 RM - EMPLOYEE APPR CHRISTMAS PARTY - RAFFLE ITEMS aa220d8e-0309-4965-8ae8-b3e800f4ddc2
60002.30000.53999 176.71
INV043302 RM - EMPLOYEE APPR CHRISTMAS PARTY - GIFT CARDS 6fe80b4a-a3f6-4d8b-806f-b3e800f50fb9
60002.30000.53999 200.00
INV043303 SM - CWEA MEMBERSHIP - TAYLOR
6a86e66e-775f-4cac-bfc8-b3e800f86b66
72000.81200.53409 251.00
INV043305 SM - SMALL TOOLS - FLEET
36eaec1d-afbd-4c64-9400-b3e800f92ebd
60000.83100.53205 207.13
INV043306 SM - SMALL TOOLS - FLEET
841f8e6a-5e43-49e3-9726-b3e800f9baec
60000.83100.53205 109.38
INV043307 SM - PUBLIC WRKS MANGT. & PRACT. MANUAL & SOFTWARE 191e37a7-6644-4fa1-aa61-b3e800f9eb05
10000.82000.53402 440.00
INV043308 SM - STND PLANS FOR PUBLIC WRKS CONSTRUCTION
c498440c-f0ca-4774-888d-b3e800fa4685
10000.82000.53409 88.00
INV043309 SM -2026 CALF. AGWT-AGWA GROUNDWATER CONF REG FEE 120693e1-7e3e-4b0d-a04e-b3e800fa7cef
71000.81100.53402 493.29
INV043310 SM - CWEA MEMBERSHIP DUES - MCGOWAN
fe5ad7f2-a7ae-4429-bf7c-b3e800fcb8b2
72000.81200.53409 114.00
INV043311 OM - EMERGENCY SAT. INTERNET 1/8/26 - 2/8/26
cf45b9a7-a6e6-411e-bdcb-b3e800fd3ace
60003.30000.52200 540.00
INV043312 OM - ONLINE APPT. SCHED. SOFTWARE 1/4/26 - 2/7/26 c6ac1aa5-5fde-4c99-890f-b3e800fe052f
60003.30000.53503 78.00
INV043313 OM - FD: ADDITIONAL KIOSK DISPLAY
6615a698-9dee-463e-b702-b3e800ffd770
60003.30000.53103 97.34
INV043314 OM - REMOTE SUPPORT SUBSCRIPTION
29201e75-c80f-4c85-90ac-b3e8010020a4
60003.30000.53503 298.00
INV043315 OM - DNS RENEWAL
3b2c27e6-e6f4-4e29-931e-b3e801006641
60003.30000.53503 4.99
INV043316 OM - AI VOICE GREETINGS
b2075cce-360a-4d60-9f95-b3e8010093b3
60003.30000.53503 110.00
INV043317 OM - SIP TRUNK FOR SCADA SYSTEM
d891097e-5083-4bfa-9fb9-b3e801024a1b
60003.30000.55005 240.60
INV043320 OM - ZOOM DIALING SERVICE 11/17/25 - 1/16/26
011a8e80-4c43-4526-96a1-b3e80103630d
60003.30000.53503 71.50
INV043321 OM - EMERGENCY SAT. INTERNET 12/17/25 - 1/17/26 41236e74-a4aa-4b96-a055-b3e80103c807
60003.30000.52200 215.00
INV043322 TT - DEC 2025 SENIOR BINGO - LUNCH
2d5e97c1-1565-420d-9b6b-b3e80104b13c
37006.72000.53999 371.40
INV043323 TT - DEC 2025 SENIOR BINGO - DESSERTS
0b626949-5895-4f64-aac3-b3e801084798
37006.72000.53999 11.98
INV043324 TT - DEC 2025 SENIOR BINGO - ICE BUCKETS
cbf6be5b-476a-4c2c-993d-b3e80108b19b
37006.72000.53999 24.29
INV043325 TT - DEC 2025 SENIOR BINGO - PRIZE
f29f8960-4d02-480d-a938-b3e80108da1d
37006.72000.53999 15.00
INV043326 TT - DEC 2025 SENIOR BINGO - DRINKS,DESSERTS,PRIZE aac013f2-3974-495a-84b5-b3e80109a71e
37006.72000.53999 171.66
INV043327 TT - DEC 2025 SENIOR BINGO - SUPPLIES
bce11f01-fca1-4ef8-8198-b3e8010a374f
37006.72000.53999 58.01
INV043328 TT - JAN 2026 SENIOR BINGO - PLATES, NAPKINS
8fc8e75c-fc75-4173-bad5-b3e8010a6b66
37006.72000.53999 17.77
INV043329 TT - JAN 2026 SENIOR BINGO - FOOD & DESSERT
dde32bcc-0f71-44de-acda-b3e8010abf87
37006.72000.53999 238.78
INV043330 TT - JAN 2026 SENIOR BINGO - PRIZES
253ac7a9-aaf8-479e-8e41-b3e8010b6651
37006.72000.53999 70.00
INV043331 TT - JAN 2026 SENIOR BINGO - FOOD,DRINK,DESSERT 183149e3-a3ea-4183-a0bd-b3e8010ba043
37006.72000.53999 104.23
INV043332 TT - JAN 2026 SENIOR BINGO - TABLECLOTHS, DECOR c9a32f37-0a43-438d-a11f-b3e8010c0626
37006.72000.53999 79.48
INV043333 TT - JAN 2026 CRAFT - SUPPLIES
5f0d8c2b-d624-4798-8d2e-b3e8010c703d
37006.72000.53999 8.29
INV043334 TT - JAN 2026 CRAFT - SUPPLIES
4d28608d-86fc-4c63-95ff-b3e8010cbaba
37006.72000.53999 72.92
INV043335 TT - JAN 2026 CRAFT & CINEMA - MOVIE BAGS
89999873-e90c-4fda-a8d3-b3e8010cde09
37006.72000.53999 33.04
INV043336 TT - SENIOR CINEMA - BEVERAGES
87574bef-0218-4577-a737-b3e8010da61e
37006.72000.53999 53.90
INV043338 TT - FACILITIES SUPPLIES - BROOM
2faf4811-222b-48a5-963e-b3e8010e1eee
37006.72000.53999 16.23
4 2/17/2026 12:41:07 PM Page 2 of 3
APPKT08527 - GEN BOA MAN 2/24/26 Check Date: 02/11/2026 01 - Vendor Set 01
Packet:
Vendor Set:
Bank Code Payment Type Invoice # Invoice Description Account Number Distribution Amount Vendor Number Vendor Name Vendor Total
APBWEST Check INV043339 TT - SENIOR COFFEE & WATER CUPS, AND CREAMER f32a88cc-03f5-42b2-b5ab-b3e8010e720a
37006.72000.53999 92.25
INV043340 TT - SENIOR COFFEE CUP & CREAMER
933adf6a-4190-45be-a702-b3e8010e9f89
37006.72000.53999 60.88
INV043342 TT - FEB 2026 SENIOR BINGO - SUPPLIES & DECOR 7797d829-a19f-436d-a008-b3e8010fd9df
37006.72000.53999 32.05
INV043343 TT - SENIOR VALENTINES SOCIAL - PRIZES
8a79fb45-6792-436d-a115-b3e801101582
37006.72000.53999 28.67
INV043344 TT - SENIOR VALENTINES SOCIAL - DECOR & PRIZES cd6f2552-0e9e-4f34-87a9-b3e8011059b4
37006.72000.53999 54.11
INV043345 TT - SENIOR VALENTINES SOCIAL - SUPPLIES
da84c19b-64ed-4be0-bed9-b3e8011093fc
37006.72000.53999 190.10
INV043346 TT - SENIOR VALENTINES SOCIAL - SUPPLIES & DECOR b3bb61be-c89e-400b-9db6-b3e80110cf70
37006.72000.53999 105.76
INV043347 TT - SENIOR VALENTINES SOCIAL - SUPPLIES
4544906a-e24e-4e4c-810d-b3e80110ffe8
37006.72000.53999 84.50
INV043348 TT - SENIOR HOLIDAY SOCIAL - SUPPLIES RETURN
99d4cba1-a2d5-49a2-b943-b3e801113631
37006.72000.53999 -7.69
INV043350 MH - INTERVIEW PANEL - COFFEE
315847d8-a47f-4b76-b740-b3ec00bb2b74
60007.70100.53999 28.65
INV043351 CL - PC MEETING SUPPLIES
e59efd10-28cd-493e-ad54-b3ec00bb8d56
10000.40000.53999 34.28
INV043352 CL - CONFERENCE REG FEE - LIN
0752ed99-7f39-4589-adf2-b3ec00bc02b4
10000.40000.53402 400.00
INV043353 GB - RESERVE MEETING - ANNUAL DINNER
f76f1894-b801-46c0-87ea-b3ec00d7f4b0
10000.50000.53402 394.83
0833 HOME DEPOT 1,178.28
APBWEST Check 2833477 1502 - WATER DEPT - SMALL TOOLS
904f127c-4f9e-43e3-8627-b3ec00b6fa5f
71000.81100.53205 98.25
5515996 1502 - WATER DEPT - SMALL TOOLS
28a35713-a3d0-401c-8111-b3ec00b73e47
71000.81100.53205 158.36
7531051 6422 - FACILITIES SUPPLIES
e4e89542-81ed-482f-aa65-b3ec00b82c6c
60001.83200.53200 55.23
833031 6422 - FACILITIES MAINTENANCE SUPPLIES
40587c53-2dc5-48fd-bcf2-b3ec00b89304
60001.83200.53200 213.84
834240 1502 - WATER DEPT - SMALL TOOLS
ea575133-b14e-42ba-a0f2-b3ec00b7e080
71000.81100.53205 51.10
9820490 1502 - SEWER DEPT - SMALL TOOLS
d5c7db47-1b0f-4f8e-83b7-b3ec00b6b675
72000.81200.53205 539.65
WN46157742340978 6422 - USA MARKING PAINT
5136c28a-eac1-40ea-b394-b3ec00b92afa
10000.83500.53206 61.85
Report Total: 13,172.03
5 2/17/2026 12:33:15 PM Page 1 of 3
Check Approval Register
City of Sierra Madre, CA
APPKT08531 - UB MAN 2/24/26 Check Date: 02/11/2026
01 - Vendor Set 01
Packet:
Vendor Set:
Bank Code Payment Type Invoice # Invoice Description Account Number Distribution Amount Vendor Number Vendor Name Vendor Total
0129 AT&T 3,426.76
APBWEST Check INV043415 818 246-3783 591 4 1/23/26 - 2/22/26 5d0b1bd3-55e2-4225-8fe5-b3ed011adbf5
60003.30000.55005 3,426.76
VEN04074 CHARTER COMMUNICATIONS 3,412.08
APBWEST Check 106917301020126 106917301 2/1/26 - 2/28/26 991a05a3-abd5-49d8-b35a-b3ed01158009
60003.30000.55005 1,280.00
1876333301012126 187633301 1/27/26 - 2/26/26
2a6fc2e2-509c-4f10-8fd5-b3ed0112c884
60003.30000.52200 876.70
188596301012126 188596301 1/25/26 - 2/24/26
feda98db-44d4-48dd-b38c-b3ed0114b678
60003.30000.52200 199.98
188596401012126 188596401 1/25/26 - 2/24/26 YMCA ELEVATOR 4967c6a3-4c92-4c03-8a0e-b3ed01132f2e
60003.30000.52200 40.00
188596901010126 188596901 1/1/26 - 1/31/26
2affa4cb-8336-46c8-b066-b3ed01146b79
60003.30000.52200 205.80
188597101020126 188597101 2/6/26 - 3/5/26
2a546be3-2d72-41d1-9801-b3ed0114f9a8
60003.30000.52200 269.98
188597401012126 188597401 1/27/26 - 2/26/26
522b2200-69e9-4886-8718-b3ed01153a3a
60003.30000.52200 329.64
188597601012126 188597601 1/25/26 - 2/24/26
6aed7833-a66b-4f45-9d07-b3ed0113cc05
60003.30000.52200 209.98
VEN02792 FRONTIER CALIFORNIA INC 6,693.36
APBWEST Check INV043406 209-151-5743-051199-5 1/28/26 - 2/27/26 14cac381-1631-444d-9c31-b3ed01163192
60003.30000.55005 228.44
INV043407 209-188-3757-030707-5 2/4/26 - 3/3/26
eda69fe0-6cd5-4302-a772-b3ed0116e1a5
60003.30000.55005 3,233.04
INV043408 310-001-5763-051199-5 1/28/26 - 2/27/26
cc4c2c1e-2364-4f19-8c94-b3ed01174213
60003.30000.55005 132.22
INV043409 626-197-1492-030922-5 2/2/26 - 2/28/26
ff0d2930-2ffd-45a3-881b-b3ed0117948c
60003.30000.55005 813.75
INV043410 626-351-3285-091319-5 12/14/25 - 1/13/26
626b5f13-a5ec-46d5-8631-b3ed0117e954
60003.30000.55005 103.57
INV043411 626-351-3285-091319-5 1/14/26 - 2/13/26
5302ffb9-e194-4b40-85f1-b3ed0118f55d
60003.30000.55005 104.00
INV043412 626-355-0264-012498-5 2/4/26 - 3/3/26
1d2ffbac-7a52-42fb-88e9-b3ed01198dbf
60003.30000.55005 557.39
INV043413 626-355-1414-092017-5 2/1/26 - 2/28/26
e319a1ff-0155-422a-b91e-b3ed011a00c2
60003.30000.55005 1,520.95
VEN02829 RINGCENTRAL INC 10,979.76
APBWEST Check CD_001252604 10/23/25 - 11/22/25 VOIP PHONE SERVICE 11b317a0-5fa7-4eda-a641-b3ee01037c95
60003.30000.55005 2,740.04
CD_001279817 11/23/25 - 12/22/25 VOIP PHONE SERVICE
48c8be53-2bdb-450c-9a7c-b3ee01037c8c
60003.30000.55005 2,765.86
CD_001306644 12/23/25 - 1/22/26 VOIP PHONE SERVICE
3d9a897a-27ce-46b5-82b3-b3ee01037c9f
60003.30000.55005 2,740.03
CD_001333972 1/23/26 - 2/22/26 VOIP PHONE SERVICE
85cc138e-e338-41fb-8c72-b3ee01037c9a
60003.30000.55005 2,733.83
0384 SOUTHERN CALIF. EDISON CO. 70,567.76
APBWEST Check INV043354 700102141347 12/8/25 - 1/7/26
2c306b38-f726-4590-a835-b3ed00fdc83c
32012.83000.55003 426.16
38005.83500.55003 15.52
60001.83200.55003 8,308.58
71000.81100.55003 9,582.63
INV043355 700661951989 1/6/26 - 2/3/26
f3d17225-6494-4599-b0d5-b3ed00feee3a
60001.83200.55003 139.04
INV043356 700178900477 12/8/25 - 1/7/26
1006970f-02b1-428c-951d-b3ed00ff3e47
60001.83200.55003 66.41
INV043357 700162056328 1/1/26 - 1/31/26
05faf4ba-d1af-4910-8069-b3ed010719e8
32005.83500.55003 221.04
32012.83000.55003 2,470.77
38005.83500.55003 5,577.06
60001.83200.55003 281.13
INV043417 700835579161 1/8/26 - 2/5/26
97124725-1f6d-4f54-b1b6-b3ee008f6103
71000.81100.55003 43,417.70
INV043418 700178900477 1/8/26 - 2/5/26
4623b76e-b44e-4f2a-96c9-b3ee008fddb7
60001.83200.55003 61.72
0216 THE GAS COMPANY 1,984.11
APBWEST Check INV043358 166 518 7700 9 12/8/25 - 1/8/26 fa6a1489-ea7b-4a2b-ab17-b3ed01085ad4
60001.83200.55004 287.10
INV043359 166 518 7700 9 1/8/26 - 2/5/26
95f4b82e-7797-4be0-820c-b3ed010a4960
60001.83200.55004 262.80
INV043360 168 618 7700 5 1/1/26 - 2/1/26
702112d8-4061-40fc-bf80-b3ed010abe66
60001.83200.55004 391.46
INV043361 168 618 7700 5 1/8/26 - 2/5/26
4a5b8901-2829-4b74-9845-b3ed010bf1a8
60001.83200.55004 597.47
INV043362 055 218 7110 2 1/8/26 - 2/5/26
0de41fa3-18bb-41b4-9b60-b3ed010c669b
60001.83200.55004 111.47
INV043363 051 018 7151 4 1/8/26 - 2/4/26
e285a4d5-ae5b-446a-be2b-b3ed010cb409
60001.83200.55004 88.09
INV043364 053 118 7109 8 1/8/26 - 2/5/26
3b473ea3-720a-4520-b5b3-b3ed010cf5e8
60001.83200.55004 40.54
INV043365 135 119 3500 2 1/9/26 - 2/6/26
b0cc4489-6768-4507-899d-b3ed010d3624
60001.83200.55004 205.18
VEN03926 T-MOBILE 463.49
APBWEST Check INV043416 972239789 12/21/25 - 1/20/26
71abfef8-d150-4306-95d0-b3ed011bf9c0
60003.30000.55005 463.49
0942 TPX COMMUNICATION 336.01
APBWEST Check 189033879-0 1/23/26 - 2/22/26 PHONE SERVICE e088e80a-2124-462e-803f-b3ed011b7aa5
60003.30000.55005 336.01
0642 VERIZON WIRELESS LA 3,324.94
APBWEST Check 6134503045 960051887-00001 1/26/26 - 2/25/26 05a3a699-9c44-4353-80ba-b3ed011db098
60003.30000.55005 3,324.94
6 2/17/2026 12:33:15 PM Page 2 of 3
Report Total: 101,188.27
7 2/17/2026 12:38:28 PM Page 1 of 2
Check Approval Register
City of Sierra Madre, CA
APPKT08536 - LIB 2/24/26 Check Date: 02/17/2026
01 - Vendor Set 01
Packet:
Vendor Set:
Bank Code Payment Type Invoice # Invoice Description Account Number Distribution Amount Vendor Number Vendor Name Vendor Total
VEN03454 AMAZON CAPITAL SERVICES 1,354.71
APBWEST Check 17M9-XK4M-3WRT MISC SUPPLIES 9/15/25 - 9/28/25 3ee98593-f868-450f-9652-b3ee011fdac5
10000.90000.53100 260.26
1CQ7-DTG4-7F9V MISC SUPPLIES 12/8/25 - 12/21/25
febb6e45-97df-4da3-90c5-b3ee0121876b
10000.90000.53100 467.11
1FVV-1DR1-7CNH MISC SUPPLIES 12/8/25 - 12/21/25
f8796ff1-e3c9-4c6d-aa00-b3ee0121afe9
39006.90000.53999 260.65
1G6T-WX9K-3YLT MISC SUPPLIES 12/8/25 - 12/21/25
d09a3c1f-cbc1-4b3d-800c-b3ee0120f86a
39006.90000.53999 16.55
1NC4-X1LH-3V1J MISC SUPPLIES 1/19/26 - 2/1/26
b796acf7-1688-4a63-909b-b3ee0120b2c6
39006.90000.53406 113.79
1NCC-MHHN-4YWN MISC SUPPLIES 12/8/25 - 12/21/25
c0bf6c45-40b4-4607-a65d-b3ee0121d885
39006.90000.53406 193.06
1NCC-MHHN-76K3 MISC SUPPLIES 12/8/25 - 12/21/25
cf172796-aac8-47dd-8c30-b3ee01213326
10000.90000.53406 35.15
1RG3-TLMX-43KX MISC SUPPLIES 12/8/25 - 12/21/25
62330d36-88cc-4375-9a2d-b3ee01215b6e
10000.90000.53100 8.14
VEN04448 AMG AND ASSOCIATES INC 393,301.96
APBWEST Check AP16 1/31/25 LIB MEANINGFUL IMPROVEMENT PROJ 924a04fa-54bb-4fc3-9a67-b3ef010ab559
29007.90000.56010 414,002.06
AP16 RET 1/31/25 RET LIB MEANINGFUL IMPROVEMENT PROJ
2bf31a13-1edd-4377-97a2-b3ee011e286d
29007.00000.23500 -20,700.10
VEN04560 INGRAM LIBRARY SERVICE LLC 96.71
APBWEST Check 93945622 BOOKS & REFERENCE
53b6e400-8ac5-450b-adbc-b3ee01220c6e
10000.90000.53406 28.89
94212146 BOOKS & REFERENCE
9788a958-6b86-4d08-b483-b3ee012371bc
10000.90000.53406 28.89
94243569 BOOKS & REFERENCE
30211c12-ec7a-4074-b3f5-b3ee0123977e
10000.90000.53406 38.93
VEN04152 KANOPY INC 157.00
APBWEST Check 490733-PPU LIBRARY VIDEOS
e55607fb-7498-4cf4-a266-b3ee0123ba9a
10000.90000.52200 157.00
VEN03926 T-MOBILE 187.20
APBWEST Check INV043419 206696591 12/21/25 - 1/20/26 MOBIEL HOTSPOT SRVC 04cfe374-3003-464b-bc2f-b3ee0123efc7
10000.90000.52200 187.20
VEN04209 TSK ARCHITECTS 8,745.00
APBWEST Check 23-025.00-31 JAN 2025 ARCHITECTURAL & ENGINEERING - LIB PROJ. 79e78876-5104-4772-8530-b3ef010ab54b
29007.90000.56010 8,745.00
0425 WILLDAN ASSOCIATES 260.00
APBWEST Check 002-35642 11/19/25 LIB IMPROVE. PROJ. - BLDG INSPECTION 7a3f8d43-fa39-41d8-b933-b3ee0124b335
27001.83200.56010 260.00
Report Total: 404,102.58
8 2/17/2026 12:45:07 PM Page 1 of 2
Check Approval Register
City of Sierra Madre, CA
APPKT08526 - LIB BOA MAN 2/24/26 Check Date: 02/11/2026 01 - Vendor Set 01
Packet:
Vendor Set:
Bank Code Payment Type Invoice # Invoice Description Account Number Distribution Amount Vendor Number Vendor Name Vendor Total
0823 BANK OF AMERICA 1,000.09
APBWEST Check INV043274 LR - LIB SUPPLIES - BOOK COVERS e60a1790-031a-49ce-94e4-b3e800e51032
10000.90000.53100 582.92
INV043275 LR - WATER DELIVERY SERVICE
97dbf576-818a-4838-9d3b-b3e800e5bade
10000.90000.52200 109.91
INV043276 LR - J BOOK PURCHASE
e5748886-b69d-42a9-8d5a-b3e800e5ea9d
10000.90000.53406 15.90
INV043277 LR - STEAM SUPPLIES - SPINTRONIC REPLACEMENT PARTS c283b61d-5ec5-4401-8228-b3e800e615f6
39006.90000.53406 27.72
INV043278 LR - ICLOUD STORAGE FOR IPADS
cd617bfe-9fea-4046-8485-b3e800e6512d
10000.90000.52200 0.99
INV043279 LR - PERFORMERS SHOWCASE TRAINING: THOMAS/IMAHARA 4df06557-9e31-45a1-9bde-b3e800e684af
10000.90000.53402 35.70
INV043280 LR - WINTER PROGRAMING SUPPLIES
7e8ff618-5e33-41d3-b17e-b3e800e6be0b
39006.90000.53999 5.97
INV043281 LR - MAGNETIC MONORAIL STARTER STE
1b7cf8d4-3479-4e94-b807-b3e800e6e4b7
39006.90000.53406 220.98
Report Total: 1,000.09
9 10
CITY OF
SIERRA MADRE STAFF REPORT
FINANCE
DATE: February 24, 2026
TO: Honorable Mayor and City Council
FROM: Sue Spears, City Treasurer
By: Selena Yang, Senior Accountant
SUBJECT: Quarterly Treasurer’s Report – Quarter Ended December 31, 2025
RECOMMENDATION
It is recommended that the City Council receive and file the Treasurer’s Report for the cash and investment portfolio for quarter ended December 31, 2025.
SUMMARY
The report covering October 1, 2025, through December 31, 2025, presents the City’s financial position across all funds, summarized investment performance, and affirms compliance with the City’s Investment Policy and all applicable state laws.
DISCUSSION & ANALYSIS
The Treasurer’s report is organized into three main sections:
Cash and Investment Portfolio Summary: This section presents the City’s total cash and investment holding as of December 31, 2025.
o Total Cash: $3,305,550.53
o Total Investments: $41,239,714.53
o Total Portfolio: $44,545,265.06
Cash Balances by Fund: This section provides information of City’s cash activity within each fund.
Bank Reconciliation and Investment Statements: This section contains documents that verifies the reported balance.
STRATEGIC PLAN RELATIONSHIP
Strategy OS 2.2 – Develop and Maintain Long-Term Financial Planning Quarterly Treasurer’s Report
February 24, 2026
ENVIRONMENTAL ANALYSIS
The proposed action does not constitute as a project under the California Environmental Quality Act (“CEQA”), based on Section 15061(b) (3) of the CEQA Guidelines, as it can be determined with certainty that it will have no impact on the environment.
FISCAL IMPACT
There is no impact to the General Fund as a result of the recommended action.
Approved by:
___________________________
Michael Bruckner
City Manager
Attachment(s):
1. Treasurer’s Report – Quarter Ended December 31, 2025
City of Sierra Madre
Treasurer's Report
Cash Balances by Fund
For the Quarter Ended December 31,2025
Fund Balance Balance
No. Fund 10/1/2025 Receipts Disbursements 12/31/2025
10000 General 11,830,145.99 5,841,097.12 4,356,107.11 13,315,136.00 25001 Homeland Security Fund (45,162.58) - - (45,162.58) 26002 Misc Grants 55,853.52 535.93 3,100.00 53,289.45
27001 State Park Dept OGALS Fund - - 41,779.36 (41,779.36) 29007 Targeted State Grants-Library 4,730,559.55 188,970.83 1,938,279.65 2,981,250.73 32XXX Assessment Districts 1,310,262.02 66,524.77 98,941.54 1,277,845.25 34002 Development Impact Fees 1,089,180.72 10,912.87 15,000.00 1,085,093.59 34003 Art In Public Places 28,272.77 283.27 - 28,556.04 35001 DUI Enforcement Grant 1,306.72 12.84 2,310.84 (991.28) 35003 Police Donations 51,154.87 1,017.49 - 52,172.36
35004 PSAF 223,927.75 44,690.56 - 268,618.31
35005 State COPS Grant (39,439.91) 186,149.39 67,322.31 79,387.17 35008 Officer Wellness and Mental Health 16,449.86 104.03 15,085.75 1,468.14 36002 Fire Department Donations 28,107.38 1,746.78 9,062.88 20,791.28 37001 Community Arts Commission 6,442.51 64.55 - 6,507.06 37003 Recreation Donations 8,742.84 87.60 - 8,830.44
37004 Prop A 1,189,476.28 81,408.45 553.17 1,270,331.56 37005 Open Space Fund 269,760.38 15,156.78 - 284,917.16 37006 Senior Center 223,288.43 5,867.20 9,194.21 219,961.42 37007 SM Community Foundation 57,792.43 579.04 - 58,371.47 37008 Youth Activity Center 69,806.50 699.42 - 70,505.92 37009 Prop C 318,902.50 60,768.10 - 379,670.60
37010 County Prop A Park Dev (330.08) - 159,149.33 (159,479.41) 38001 CA Beverage Container 8,593.05 62.14 5,000.00 3,655.19 38002 CDBG (65,910.45) 67,539.00 59,494.00 (57,865.45)
38003 AQMD 46,010.91 4,170.62 - 50,181.53
38004 Environmental Fund 375,287.05 47,602.81 16,550.00 406,339.86 38005 Gas Tax 302,153.52 86,232.70 67,902.75 320,483.47 38007 Measure R 245,047.41 45,619.48 - 290,666.89
38012 Measure M 511,772.81 54,024.78 - 565,797.59
38013 RMRA 424,061.50 107,290.35 - 531,351.85
38015 Measure W 103,628.19 154,946.04 153,907.75 104,666.48 39002 Library Gift & Memorial 253,471.87 2,577.47 5,843.21 250,206.13 39006 Friends of the Library (17,426.92) 17,613.69 10,819.11 (10,632.34) 39009 Robert Day Trust 752,058.30 7,535.13 - 759,593.43 39010 American Rescue Plan Act 243,288.18 2,415.64 3,100.00 242,603.82 40000 Capital Projects Fund 282,496.08 2,565.88 50,417.11 234,644.85 47000 Low & Mod Housing 365,393.06 3,661.00 - 369,054.06 50001 Debt Service 13,337.63 - - 13,337.63
60000 Internal Svcs - Fleet 820,623.28 105,527.49 114,024.63 812,126.14 60001 Internal Svcs - Facilities 893,273.51 81,320.60 300,203.35 674,390.76 60002 Internal Svcs - Admin 704,912.21 6,725.55 299,517.64 412,120.12 60003 Internal Svcs - Technology 406,721.09 8,011.22 390,072.84 24,659.47 60007 IS-Personnel & Risk Mgmt 219,583.26 1,964,737.34 1,822,128.96 362,191.64 60008 General Plan Update 187,932.81 1,832.34 51,648.58 138,116.57 71000 Water 12,843,780.80 2,205,476.76 1,158,512.95 13,890,744.61 72000 Sewer 2,680,821.77 361,549.10 182,705.73 2,859,665.14 76000 Special Services Strike team 81,874.30 - - 81,874.30 TOTALS 11,845,714.15 44,107,285.67 11,407,734.76 44,545,265.06 General Ledger Beginning Balance $ 4,660,274.23 +Deposits 8,425,516.40
‐Withdrawals/Debits/Checks (9,780,240.10)
General Ledger Ending Balance: 3,305,550.53 $
Bank Statement Ending Balance: $ 3,564,001.73 +Deposits in Transit 78,527.22
‐Outstanding Checks/Withdrawals (336,978.42)
General Ledger Ending Balance: 3,305,550.53 $
‐
City of Sierra Madre
Bank Reconciliation
General Account‐ BMO
Period Ending 12/31/25
As of December 31, 2025
Investment Purchase Maturity Amount
Annual
Interest
Rate
Annual Interest
Income
LAIF (Estimate) Various Any time 39,222,513 $ 4.025% 1,578,706 $ US Treasury 5/4/2022 6/30/2026 1,100,000 0.88% 9,625 US Treasury 9/11/2024 8/31/2026 500,000 3.55% 17,750 US Treasury 10/24/2024 9/30/2026 500,000 3.95% 19,755 Total 41,322,513 $ 1,625,836 $
Investment Maturity Illustration
Annual Maturities
2026 2,100,000
Total 2,100,000 $
State of California
Pooled Money Investment Account
Market Valuation as of 12/31/2025
Fiscal Year 25‐26
Cost 39,222,512.93
FMV Factor 1.002181483
FMV 39,308,076.18
FMV Appr 85,563.25
99999‐00000‐12001‐LAIF 39,222,512.93
10000‐00000‐12006‐Allow for FMV LAIF 85,563.25 TOTAL 39,308,076.18
CHECK ‐
Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
November 04, 2025
LAIF Home
PMIA Average Monthly Yields
CITY OF SIERRA MADRE
FINANCE DIRECTOR
232 W. SIERRA MADRE BLVD
SIERRA MADRE, CA 91024
Account Number: 98-19-870
October 2025 Statement
Tran Type Definitions
Effective
Date
Transaction
Date
Tran
Type
Confirm
Number
Web
Confirm
Number Authorized Caller Amount
10/15/2025 10/14/2025 QRD 1785395 N/A SYSTEM 424,357.19 Account
Summary
Total Deposit: 424,357.19 Beginning Balance: 37,298,155.74 Total Withdrawal: 0.00 Ending Balance: 37,722,512.93
Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
February 03, 2026
LAIF Home
PMIAAverage Monthly Yields
CITY OF SIERRA MADRE
FINANCE DIRECTOR
232 W. SIERRA MADRE BLVD
SIERRA MADRE, CA 91024
Account Number: 98-19-870
November 2025 Statement
Tran Type Definitions
Effective
Date
Transaction
Date
Tran
Type
Confirm
Number
Web
Confirm
Number Authorized Caller Amount
11/7/2025 11/6/2025 RW 1786626 1747249 SELENA YANG -1,000,000.00 Account Summary
Total Deposit: 0.00 Beginning Balance: 37,722,512.93
Total Withdrawal: -1,000,000.00 Ending Balance: 36,722,512.93 2/3/26, 10:37 AM LAIF Regular Monthly Statement
https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1 Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
February 03, 2026
LAIF Home
PMIAAverage Monthly Yields
CITY OF SIERRA MADRE
FINANCE DIRECTOR
232 W. SIERRA MADRE BLVD
SIERRA MADRE, CA 91024
Account Number: 98-19-870
December 2025 Statement
Tran Type Definitions
Effective
Date
Transaction
Date
Tran
Type
Confirm
Number
Web
Confirm
Number Authorized Caller Amount
12/19/2025 12/19/2025 RD 1788192 N/A SATNAM RAIT 3,000,000.00 12/29/2025 12/29/2025 RW 1788474 N/A SATNAM RAIT -500,000.00 Account Summary
Total Deposit: 3,000,000.00 Beginning Balance: 36,722,512.93 Total Withdrawal: -500,000.00 Ending Balance: 39,222,512.93 2/3/26, 10:38 AM LAIF Regular Monthly Statement
https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1
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CITY OF
SIERRA MADRE STAFF REPORT
FINANCE
DATE: February 24, 2026
TO: Honorable Mayor and City Council
FROM: Michael Bruckner, City Manager/Interim Finance Director By: Satnam Rait, Budget and Finance Manager
SUBJECT: Annual Comprehensive Financial Report (ACFR) for FY 2024-25
RECOMMENDATION
It is recommended that the City Council receive and file the Annual Comprehensive Financial Report (ACFR) and attached reports for the Fiscal Year ended June 30, 2025.
SUMMARY
The independent audit firm Rogers, Anderson, Malady, & Scott, LLP, Certified Public Accountants, has completed their annual financial audit of the City of Sierra Madre for the Fiscal Year ended June 30, 2025, and issued an unmodified Audit opinion.
The Government Finance Officers Association (GFOA) established the Certificate of Achievement for Excellence in Financial Reporting Program to encourage governments to go beyond the minimum reporting requirements. The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting. The City of Sierra Madre has received the Certificate of Achievement for Excellence in Financial Reporting for eight consecutive years. The Finance Department has submitted the ACFR to Government Finance Officers Association (GFOA) by the deadline of January 30, 2026, for award review and consideration.
DISCUSSION & ANALYSIS
Below is a completed financial analysis report for the City of Sierra Madre, focusing on the General Fund for the fiscal year ended June 30, 2025, with an explicit note that the ACFR also contains detailed information for all other major and non-major funds.
Annual Comprehensive Financial Report (FY 2024-25)
February 24, 2026
General Fund Overview
For the fiscal year ended June 30, 2025, the City of Sierra Madre’s General Fund reported a deficit of $645,000 for the period, driven largely by one-time transfers and emergency costs, while the underlying operating performance remained strong. Total General Fund revenues significantly exceeded the budget, and expenditures were managed below the adopted level, demonstrating disciplined financial control. The General Fund ended the year with a fund balance of $14.0 million, which exceeds the City’s 25% emergency-reserve target and provides fiscal flexibility despite the year-end operating deficit.
The City notes that the General Fund deficit of $645,000 for FY 2024-25 resulted from:
A one-time transfer of $1.8 million to the Targeted State Grant Library Fund to finance the completion of the Library Meaningful Improvement Project. Higher-than-budgeted personnel and emergency costs, particularly related to the Eaton Fire in January 2025, which required additional Police, Fire, and Public Works resources.
General Fund Revenues
The City’s total revenues for the General Fund were $19.1 million, versus an adopted budget of $17.4 million, resulting in a $1.7 million positive variance.
Key revenue categories and their variances are summarized as follows:
Revenue Category Adopted Budget Actual Revenue Variance Property Tax $8.9 million $9.2 million $300,000
Utility Users Tax (UUT) $3.2 million $3.5 million $300,000 Licenses & Permits $1.8 million $1.9 million $100,000
Sales Tax $1.4 million $1.5 million $100,000
Charges for Services $830,000 $1.0 million $170,000
These favorable revenue outcomes reflect robust economic activity, effective collections, and strong performance in core tax bases, which helped offset the impact of unplanned expenditures during the year
Annual Comprehensive Financial Report (FY 2024-25)
February 24, 2026
General Fund Expenditures and Deficit
Total General Fund expenditures ended at $17.7 million, which is below the adopted budget of $17.9 million, indicating operating efficiency.
However, the deficit of $645,000 arises from the non-recurring transfer of $1.8 million to the Library fund and the Eaton Fire-related costs, which were not fully budgeted in advance. The City explicitly notes that, absent these one-time items, the General Fund’s operating performance was strong, with revenues exceeding budget and expenditures controlled below plan.
Management attributes the deficit to unforeseen public safety emergencies and long-term capital investments, rather than underlying structural imbalances in the operating budget.
Fund Balance and Fiscal Policy
The General Fund balance ended at $14.0 million, which:
Exceeds the City’s 25% emergency-reserve policy level, reinforcing the City’s position as fiscally resilient.
Provides a buffer against future shocks, including economic downturns, rising insurance and public-safety costs, or additional emergencies.
The ACFR emphasizes that this robust fund balance is a one-time resource that must be managed prudently, especially as the City moves beyond the completion of the Library project and faces pressure from rising municipal costs regionwide
Context within the ACFR – Other Funds
The ACFR for FY 2024-25 includes comprehensive financial statements for all major and non-major funds, as follows:
Government-wide financial statements (Statement of Net Position and Statement of Activities) present the City’s financial position and activities on an accrual basis, including the City plus its component units.
Governmental-fund statements for the General Fund, Targeted State Grant Library Fund, and non-major governmental funds show detailed revenues, expenditures, and changes in fund balances.
Proprietary-fund statementsfor the Water and Sewer Fundsreport net position increases Annual Comprehensive Financial Report (FY 2024-25)
February 24, 2026
of $2.7 million and $148,000, respectively, reflecting strong performance in utility operations.
The City’s total net position at June 30, 2025, was $254 million, an increase of $7.8 million from the prior year, driven largely by capital asset growth (including the Library project) and effective revenue recognition.
Conclusion and Outlook
The City of Sierra Madre’s General Fund demonstrated strong underlying operating performance in FY 2024-25, with revenues exceeding budget and expenditures controlled below adopted levels, despite a $645,000 deficit caused by targeted transfers and emergency costs. The $14.0 million fund balance places the City well above its emergency-reserve policy threshold and provides a solid foundation for future fiscal planning.
The ACFR also discloses that the City’s other major funds—including the Library grant fund, Water and Sewer funds, and non-major governmental funds—show overall positive trends, reinforcing the City’s long-term financial stability. Going forward, the City will need to manage its reserves carefully and diversify revenue sourcesto offset rising regional costs while maintaining high levels of service.
STRATEGIC PLAN RELATIONSHIP
Strategy OS 2.2 – Develop and Maintain Long-Term Financial Planning
ENVIRONMENTAL ANALYSIS
The proposed action does not constitute a project under the California Environmental Quality Act (“CEQA”), based on Section 15061(b)(3) of the CEQA Guidelines, as it can be determined with certainty that it will have no impact on the environment.
FISCAL IMPACT
There is no impact to the General Fund as a result of the recommended action.
Annual Comprehensive Financial Report (FY 2024-25)
February 24, 2026
Approved by:
___________________________
Michael Bruckner
City Manager
Attachment(s)
1. Annual Comprehensive Financial Report (ACFR)
2. Auditor’s Report on Internal Controls and Compliance matters
3. SAS 114 Letter
4. GANN Limit Report and Calculation
Annual Comprehensive Financial Report
City of Sierra Madre, California
Village of the Foothills
For the Year Ended June 30, 2025
Prepared by the Finance Department Staff
City of Sierra Madre
232 West Sierra Madre Boulevard
Sierra Madre, CA 91024
This page intentionally left blank
INTRODUCTORY SECTION (UNAUDITED)
LETTER OF TRANSMITTAL i
GFOA CERTIFICATE OF ACHIEVEMENT xi
ORGANIZATIONAL CHART xii
ELECTED OFFICIALS AND EXECUTIVE MANAGEMENT xiii
FINANCIAL SECTION
INDEPENDENT AUDITOR’S REPORT 1
MANAGEMENT’S DISCUSSION AND ANALYSIS
(REQUIRED SUPPLEMENTARY INFORMATION) (UNAUDITED) 5
BASIC FINANCIAL STATEMENTS:
GOVERNMENT-WIDE FINANCIAL STATEMENTS:
STATEMENT OF NET POSITION 17
STATEMENT OF ACTIVITIES 18
FUND FINANCIAL STATEMENTS:
GOVERNMENTAL FUNDS:
BALANCE SHEET 20
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE GOVERNMENT-WIDE STATEMENT OF NET POSITION 21
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES 22
RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCES TO THE GOVERNMENT-WIDE STATEMENT OF ACTIVITIES 23
PROPRIETARY FUNDS:
STATEMENT OF FUND NET POSITION 24
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION 25 STATEMENT OF CASH FLOWS 26
NOTES TO BASIC FINANCIAL STATEMENTS 28
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED):
BUDGETS AND BUDGETARY ACCOUNTING 62
GENERAL FUND BUDGETARY COMPARISON SCHEDULE 63
TARGET STATE GRANT LIBRARY FUND BUDGETARY COMPARISON SCHEDULE 64 DEFINED BENEFIT PENSION PLAN - SCHEDULE OF EMPLOYER’S PROPORTIONATE SHARE OF THE PLAN’S NET PENSION LIABILITY AND RELATED RATIOS AS OF THE MEASUREMENT DATE – LAST 10 YEARS 65 DEFINED BENEFIT PENSION PLAN - SCHEDULE OF PLAN CONTRIBUTIONS – LAST 10 YEAR 66 OTHER POST-EMPLOYMENT BENEFITS - SCHEDULE OF CHANGE’S NET OPEB LIABILITY AND RELATED RATIOS AS OF THE MEASUREMENT DATE – LAST 10 YEARS 67
OTHER POST-EMPLOYMENT BENEFITS - SCHEDULE OF PLAN CONTRIBUTIONS – LAST 10 YEARS 68 SUPPLEMENTARY INFORMATION:
NON-MAJOR GOVERNMENTAL FUNDS BY FUND TYPE:
COMBINED BALANCE SHEET 69
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES 70 NON-MAJOR SPECIAL REVENUE FUNDS:
COMBINING BALANCE SHEET 71
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES 72
FINANCIAL SECTION (CONTINUED)
NON-MAJOR SPECIAL REVENUE FUNDS - GRANTS:
COMBINING BALANCE SHEET 73
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES 74
NON-MAJOR SPECIAL REVENUE FUNDS - ASSESSMENTS:
COMBINING BALANCE SHEET 75
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES 77
NON-MAJOR SPECIAL REVENUE FUNDS - OTHER:
COMBINING BALANCE SHEET 79
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES 85
NON-MAJOR CAPITAL PROJECT FUNDS:
COMBINING BALANCE SHEET 91
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES 92
NON-MAJOR SPECIAL REVENUE FUNDS:
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL:
LIBRARY GRANT SPECIAL REVENUE FUND 93
AMERICAN RESCUE PLAN ACT FUND 94
BONITA SEWER ASSESSMENT DISTRICT FUND SPECIAL REVENUE FUND 95 LIGHTING DISTRICT #1 SPECIAL REVENUE FUND 96
SEWER ASSESSMENT DISTRICT SPECIAL REVENUE FUND 97
SIERRA MADRE CFD SPECIAL REVENUE FUND 98
DOWNTOWN LANDSCAPING AND LIGHTING MAINTENANCE DISTRICT 99 DEVELOPMENT IMPACT FEES SPECIAL REVENUE FUND 100
PUBLIC SAFETY AUGMENTATION SPECIAL REVENUE FUND 101
STATE COPS GRANT SPECIAL REVENUE FUND 102
LOCAL TRANSPORTATION PROP A SPECIAL REVENUE FUND 103
OPEN SPACE SPECIAL REVENUE FUND 104
SENIOR CENTER SPECIAL REVENUE FUND 105
LOCAL TRANSIT PROP C SPECIAL REVENUE FUND 106
CLEAR AIR (AQMD) SPECIAL REVENUE FUND 107
ENVIRONMENTAL SPECIAL REVENUE FUND 108
GAS TAX SPECIAL REVENUE FUND 109
MEASURE R SPECIAL REVENUE FUND 110
MEASURE M SPECIAL REVENUE FUND 111
ROAD MAINTENANCE REHABILITATION SPECIAL REVENUE FUND 112 LIBRARY GIFT AND MEMORIAL SPECIAL REVENUE FUND 113
FRIENDS OF THE LIBRARY SPECIAL REVENUE FUND 114
MEASURE W SPECIAL REVENUE FUND 115
ROBERT DAY TRUST FUND SPECIAL REVENUE FUND 116
OTHER NON-MAJOR FUNDS:
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL:
CAPITAL PROJECTS FUND 117
FINANCIAL SECTION (CONTINUED)
INTERNAL SERVICE FUNDS:
COMBINING STATEMENT OF NET POSITION 118
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION 120 COMBINING STATEMENT OF CASH FLOWS 122
STATISTICAL SECTION (UNAUDITED)
NET POSITION BY COMPONENT 125
CHANGES IN NET POSITION 127
FUND BALANCES OF GOVERNMENTAL FUNDS 131
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS 133
ASSESSED VALUE OF TAXABLE PROPERTY 135
PROPERTY TAX RATES - DIRECT & OVERLAPPING GOVERNMENTS 137 PRINCIPAL PROPERTY TAXPAYERS 139
PROPERTY TAX LEVIES AND COLLECTIONS 140
TOTAL DIRECT AND OVERLAPPING DEBT 141
OUTSTANDING DEBT BY TYPE 142
PLEDGED REVENUE COVERAGE 144
DEMOGRAPHIC AND ECONOMIC STATISTICS 146
TOP 25 SALES TAX PRODUCERS 147
FULL-TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION 148 OPERATING INDICATORS BY FUNCTION 149
CAPITAL ASSETS – BOOK VALUE 151
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January 28, 2026
Honorable Mayor and City Council of the
City of Sierra Madre
Sierra Madre, California
To the Honorable Mayor, Members of the City Council, and Citizens of the City of Sierra Madre:
We are pleased to present the City of Sierra Madre’s Annual Comprehensive Financial Report (ACFR) for the fiscal year ending June 30, 2025 (FY 24-25). This report has been prepared in accordance with Generally Accepted Accounting Principles (GAAP) as set forth in the pronouncements of the Governmental Accounting Standards Board (GASB). GASB has the primary responsibility for determining accounting and financial reporting standards for state and local government entities.
This report contains management’s representations concerning the finances of the City. Management assumes full responsibility for the completeness and reliability of all information presented. To provide a reasonable basis for these representations, management has established a comprehensive internal control framework designed to protect the City’s assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the City’s financial statements in conformity with GAAP. Because the cost of controls should not exceed anticipated benefits, the City’s internal control framework is designed to provide reasonable — rather than absolute — assurance that the financial statements are free from material misstatement. As management, we assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material respects.
The City of Sierra Madre’s financial statements have been audited by Rogers, Anderson, Malody & Scott, LLP, Certified Public Accountants. The objective of the independent audit was to provide reasonable assurance that the City’s financial statements for the fiscal year ended June 30, 2025, are free of material misstatement. The audit procedures included testing evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Based on the audit, the independent auditor rendered an opinion that the City’s financial statements for FY 24-25 are fairly presented in conformity with GAAP. The independent auditor’s report appears as the first component of the financial section of this report.
GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The City of Sierra Madre’s MD&A can be found immediately following the report of the independent auditors.
While this transmittal is traditionally addressed to the governing body, the ACFR is also intended to provide relevant financial information to the citizens of Sierra Madre, City staff, creditors, investors, and other interested readers. We encourage questions or comments and invite readers to contact the Finance Department.
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CITY PROFILE
The City of Sierra Madre is located in Southern California within the San Gabriel Valley in Los Angeles County. Sierra Madre lies approximately 12 miles northeast of the City of Los Angeles, nestled against the foothills with Pasadena to the west and Arcadia to the south and east. The City was incorporated in 1907 under the laws of the State of California and operates as a general law city under a Council-Manager form of government.
Under this form of government, a five-member elected at-large City Council is responsible for establishing policy, passing local ordinances, voting appropriations, and developing the City’s overall vision. The Mayor serves primarily ceremonial duties and is the presiding officer of the City Council; the Mayor and Mayor Pro-Tem are selected annually by Council nomination and vote in December.
Sierra Madre is a full-service city with approximately 91 full-time equivalent employees across ten departments, including full-service Police and Fire Departments. Part-time employees and volunteers, as well as community service clubs, contribute significantly to City services. The City serves roughly 11,000 residents, encompasses about 4,400 parcels, and provides water and/or sewer services to approximately 3,800 customers.
This report includes all funds of the City of Sierra Madre, Sierra Madre Public Financing Authority, and Successor Agency to the Dissolved Sierra Madre Redevelopment Agency. The financial operations of the City, Financing Authority, and Successor Agency are closely related. The entity is legally separate; however, the City of Sierra Madre elected officials have a continuing oversight responsibility over the Authority and Agency. The Sierra Madre Financing Authority, was established in 1972 to facilitate various financing activities for the City and the Successor Agency. The State eliminated redevelopment agencies with Assembly Bill No. X1 26 in June 2011 and pursuant to Senate Bill No. 107, effective July 1, 2018, Sierra Madre’s Successor Agency’s matters are handled by the seven-member Consolidated Oversight Board in the Fourth Supervisorial District to wind down the affairs and liquidate the debts of the former Sierra Madre Redevelopment Agency.
MAJOR ACCOMPLISHMENTS
Administrative Services
x Automated payroll processing, improving efficiency and accuracy. x Began automation of accounts payable for more efficient vendor payments. x Secured professional legislative advocacy and grant-writing services to increase funding opportunities.
x Earned the Government Finance Officers Association (GFOA) Distinguished Budget Presentation Award for five consecutive years.
x Received the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting for eight consecutive years.
Community Services
x Advanced department branding efforts by aligning marketing guidelines with citywide standards across social media, web, and print communications.
x Expanded community programs by introducing new events such as Bark in the Park Festival and enhanced participation in annual events like the Mount Wilson Trail Race, 3rd and 4th of July Festivities, and Halloween Happenings.
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x Expanded senior programming at the Hart Park House, adding new wellness and arts classes while maintaining Senior Lunches and Senior Tea & Talk programs. x Increased marketing and outreach for Community Garden programs through banners, newspaper ads, and new signage.
x Successfully negotiated and developed a MOU between the City and the Young Men’s Christian Association (YMCA) for leasing City facilities that was approved by the City Council. x Completed installation of a new playground apparatus and outdoor fitness equipment at Sierra Vista Park.
x Secured Community Services Commission and City Council approval for converting Sierra Vista tennis courts into pickle ball courts using Measure A Capital Improvement Project (CIP) funding. x Updated and submitted required Parks Inventory and Annual Status Reports to the Los Angeles County Regional Park and Open Space District (RPOSD).
x Initiated planning for the Parks and Facilities Master Plan and the Youth Master Plan.
Fire
x Incorporated recommendations of analysis into budgetary planning. x Reviewed the results of the Department’s Master Plan and made recommendations to the City Manager on a strategy to achieve industry comparable salaries and benefits. x Provided State and Federal required training for all FD employees. x Developed and maintained a strategy to maintain an 85% Paramedic Licensure status.
Human Resources
x Continued updating the City's Americans with Disabilities Act (ADA) Transition Plan. x Implemented the Workplace Violence Prevention Program by the July 1, 2024 State mandate. x Conducted citywide training sessions on the new Workplace Violence Prevention Program. x Finalized the Emergency Operations Center (EOC) Emergency Operations Plans (EOP) to strengthen organizational emergency preparedness.
Information Technology
x Deployed Next Generation Wireless Fidelity 6 (Wi-Fi 6) with enhanced security and performance Citywide, including expansion to conference rooms, Hart Park House, and EOC. x Achieved full Internet Service Provider (ISP) carrier diversity with two fiber providers, including expansion of Satellite Internet.
x Implemented Enterprise Email Security and Cybersecurity User Awareness Training platform. x Upgrade 50% of network to 10Gig speed.
x Increased runtime of critical data centers Citywide.
x Installed a second Gigabit fiber-internet access line at City Hall to ensure carrier redundancy and backup VPN tunnels for full system resilience.
x Completed the upgrade of Police Mobile Data Terminal (MDT) on all Police Vehicles.
Library
x Awarded a consulting services contract for furniture, fixtures, and equipment services for the Library Meaningful Improvement Project to TSK Architects. x Expanded Library programming at the temporary facility, increasing offsite and community-based activities.
x Facilitated a ground-breaking ceremony for the Library Meaningful Improvement Project.
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x Provided limited emergency services to the Sierra Madre community during the Eaton Fire and windstorm events.
Planning & Community Preservation
• Contracted a consultant and began implementing an online permitting system to comply with Assembly Bill 2234, which requires local agencies to provide clear, online processes and strict timelines for post-entitlement permits on residential projects, and Senate Bill 379, which mandates that cities and counties include climate adaptation and resiliency strategies in their general plan safety elements.
• Integrated the Solar Automated Permit Processing Platform (SolarAPP+) into city-wide online system.
• Received California Energy Commission CalAPP grant reimbursement for online solar permitting, launching Solar Automated Permit Processing Platform (SolarAPP+). • Promoted the redevelopment of properties affected by the Eaton Fire and Winter Storms through the implementation of an urgency ordinance that suspends many of the discretionary approvals normally required
• Sierra Madre has fulfilled its state-mandated obligation to plan for enough affordable homes for low-income residents. This is part of California’s Regional Housing Needs Allocation (RHNA) process, which ensures every city does its part to address the housing shortage and make communities more affordable.
• Continued processing environmental reviews for major development projects including The Meadows at Bailey Canyon and Gingko at Grandview Residential Development. • Processed 22 Accessory Dwelling Unit (ADU) applications toward RHNA reporting.
Police
x Increased patrol coverage by 10% and reduced average emergency response times to under 5 minutes through targeted recruitment and a streamlined hiring process. x Completed full department-wide deployment of body-worn cameras and integrated digital evidence management software, resulting in an 85% digital evidence capture rate and improved public trust.
x Increased annual officer training hours from 40 to 50 by expanding enrollment in POST-certified crisis intervention, de-escalation, and leadership courses.
Public Works
x Completed Downtown Sidewalk Enhancement and Sierra Keys Avenue Water Main Replacement Projects.
x Rehabilitated streets as part of the Street Improvement Program, improving Pavement Condition Index (PCI) ratings toward State standards.
x Coordinated street resurfacing efforts with Southern California Edison (SCE) infrastructure upgrades citywide.
x Continued collaborative environmental efforts with Clean Power Alliance and regional storm water quality groups.
Utility Services
x Imported 1,130 acre-feet of water for groundwater recharge. x Repaired 457 water leaks and installed over 1,600 linear foot (LF) of new mainline. x Inspected and logged 20,000 LF of sewer lines; cleaned 65,000 LF of sewer mains.
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x Inspected and cleaned all City reservoirs.
x Removed and replaced 190 of the oldest water meters with new, high-accuracy models (99% accuracy).
x Achieved 1001 user registrations on the Sensus Analytics Advanced Metering Infrastructure (AMI) Customer Portal.
MAJOR INITIATIVES FOR THE FUTURE
Administrative Services
x Create a sustainable capital investment plan.
x Develop and maintain long-term financial planning.
x Expand and diversify utility bill payment methods to improve customer convenience and engagement.
x Evaluate and implement modernized payment options including digital wallets, online portals, self-service kiosks, real-time processing, and exploring cryptocurrency and buy-now-pay-later options.
x Enhance financial transparency through award-winning reporting and resident engagement initiatives.
Community Services
x Project: Expand Hart Park House facility space to enhance senior programming.
Desired Outcome: Improve facility functionality to better support multigenerational recreation, education, and wellness programming.
x Project: Increase event sponsorship revenue by 10%.
Desired Outcome: Strengthen financial support for community special events and recreation programs.
x Project: Finalize Parks and Facilities Master Plan and initiate the Youth Master Plan.
Desired Outcome: Establish a roadmap for future park development, facility upgrades, and youth programming priorities.
x Project: Use Measure A funds for targeted facility improvements.
Desired Outcome: Enhance parks infrastructure and open space amenities to better serve the community.
Fire
x Project: Expand the department’s paramedic subscription program by 50%.
Desired Outcome: Enhance community access to emergency medical services and increase department revenue to support sustainable operations.
x Project: Achieve membership and participation in California OES Regional Task Force-4 (Urban Search & Rescue CA-RTF-4) with two SMFD members.
Desired Outcome: Enhance the department’s operational readiness and capability to respond to complex rescue operations.
x Project: Expand public education outreach programs by 10%.
Desired Outcome: Increase community awareness and preparedness for fire-related emergencies, contributing to overall public safety.
x Project: Ensure pre-fire plans are revised and maintained by year-end.
Desired Outcome: Maintain up-to-date operational plans to enhance response efficiency and effectiveness during fire incidents.
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Human Resources
x Project: Develop and formalize employee recognition and retention initiatives.
Desired Outcome: Increase employee engagement and retention across all departments. x Project: Implement a citywide Emergency Operations Plan (EOP) training for all departments.
Desired Outcome: Enhance operational readiness and emergency response capabilities Citywide.
Information Technology
x Project: Complete the 10-Gigabit network implementation project.
Desired Outcome: Improve network speed, capacity, and reliability for all departments, specifically public safety.
x Project: Deploy Managed Detection and Response (MDR) security platform and implement Security Information and Event Management (SIEM) system.
Desired Outcome: Enhance cybersecurity monitoring and incident response capabilities. x Project: Office 365 migration City Wide.
Desired Outcome: Improve Security, resiliency, and functionality of Business Enterprise Communication Tools.
x Project: Strengthen disaster recovery systems and backup power strategies across all data centers.
Desired Outcome: Ensure continued service delivery during emergencies and power outages.
Library
x Project: Open a renovated, expanded, and safe Library Building at 440 W Sierra Madre Blvd.
Desired Outcome: Create a welcoming and functional new Library space as part of the Library Meaningful Improvement Project.
x Project: Complete a Library Strategic Plan.
Desired Outcome: Provide a strategic framework to guide Library programming, collections, and services over the next five years.
x Project: Ensure renovated Library building is up to State and County environmental requirements regarding sustainability and resilience.
Desired Outcome: Integrate sustainability and resilience features into the completed Library facility.
Planning & Community Preservation
x Project: Fully implement online permitting and land management system.
Desired Outcome: Reduce permit processing times and improve customer service by enabling online application submission, review, and tracking.
x Project: Conduct a comprehensive review of the Noise Ordinance, its enforcement processes, and related concerns.
Desired Outcomes: Enhanced community well-being and improvement to noise regulation and enforcement.
x Project: Develop Objective Design Standards and Guidelines for SB 330 Compliance.
Desired Outcomes: Enhanced urban design, alignment with the community’s need for housing, and an efficient development process.
x Project: Develop local program to require retrofit of soft-first story buildings.
Desired Outcome: Increase community resiliency by reducing seismic risk to vulnerable residential structures.
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Police
x Project: Conduct a comprehensive staffing analysis evaluating call volume trends and response time data.
Desired Outcome: Develop a data-informed staffing model to maintain and improve service levels across patrol and dispatch operations.
x Project: Formalize enhanced mutual aid agreements with neighboring jurisdictions for shared resource deployment.
Desired Outcome: Improve regional emergency response capabilities and strengthen inter-agency partnerships.
x Project: Deploy advanced surveillance systems in high-risk areas throughout the city.
Desired Outcome: Achieve a 15% reduction in property crime incidents by improving proactive policing measures.
x Project: Launch targeted youth engagement and education programs.
Desired Outcome: Decrease juvenile crime by 20% and foster stronger relationships between the Police Department and community youth.
Public Works
x Project: Continue the aggressive Street Rehabilitation Program.
Desired Outcome: Improve pavement conditions and extend the lifecycle of existing roadways, achieving higher Pavement Condition Index (PCI) standards citywide. x Project: Maintain implementation of National Pollutant Discharge Elimination System (NPDES) Permit requirements.
Desired Outcome: Ensure continued compliance with storm water quality mandates to protect local water bodies.
x Project: Expand community education efforts around landfill diversion and recycling.
Desired Outcome: Improve solid waste diversion rates and increase public awareness of sustainability initiatives.
Utility Services
x Project: Complete Tunnel Lining and Water Treatment Enhancements.
Desired Outcome: Improve water quality and infrastructure resiliency by enhancing tunnel water systems.
x Project: New Emergency Generator at Main Facility.
Desired Outcome: Ensure continuous water system operations during power outages and emergencies.
x Project: Rehabilitate WELL 4.
Desired Outcome: Modernize well infrastructure to increase reliability and reduce maintenance costs.
x Project: Clean 75% of sewer system and camera-inspect 25%.
Desired Outcome: Maintain sewer system functionality and reduce environmental contamination risks.
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RESULTS FOR FY 24-25
For Fiscal Year 2024-2025, the City of Sierra Madre navigated a complex but productive economic environment. While the San Gabriel Valley (SGV) continued to see steady growth, Sierra Madre’s yearend position reflects a deliberate balance between strong revenue collection and significant, one-time community investments. Despite the pressures of unforeseen emergency costs and major capital commitments, the City’s financial foundation remains stable, mirroring the fiscal resilience found in neighboring foothill communities.
Sierra Madre’s year-end position was defined by a series of extraordinary events that required the active use of its financial resources. While the City practiced conservative budgeting, the final year-end numbers reflect a General Fund deficit of approximately $645,000. This was primarily due to the convergence of unexpected public safety emergencies and the successful realization of long-term infrastructure goals.
Total revenues remained a significant bright spot, comfortably exceeding the adopted budget across every major category. This robust performance provided the necessary liquidity to absorb unbudgeted costs while maintaining high service levels.
Revenue Category Adopted Budget Actual Received Variance Property Tax $8.9 Million $9.2 Million +$300,000
Utility Users Tax (UUT) $3.2 Million $3.5 Million +$300,000 Licenses & Permits $1.8 Million $1.9 Million +$100,000
Sales Tax $1.4 Million $1.5 Million +$100,000
Charges for Services $830,000 $1.0 Million +$170,000
Total expenditures ended higher than initially projected due to two critical, non-recurring factors:
x The Eaton Fire (January 2025): This incident required an immediate and coordinated mobilization of City resources for such emergency response and personnel costs. While the Police and Fire departments managed the front-line, the Public Works Department provided essential support through water utility stabilization, and rapid post-fire debris clearing to secure the hillside infrastructure. The efforts, while unbudgeted, were vital to protecting the community’s safety and physical assets.
x New Library Construction: The City executed a significant one-time transfer of $1.8 million to fund the completion of the Library project. This landmark regional investment remains on track for its highly anticipated March 2025 opening, representing a major fulfillment of the City’s strategic plan.
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Despite the year-end deficit and the substantial library transfer, Sierra Madre’s overall financial position is remarkably strong. The General Fund concluded FY 2024-2025 with a $14.0 Million Fund Balance. This healthy reserve serves a dual purpose:
x Meeting Policy Targets: The balance far exceeds the City’s 25% emergency reserve level, a goldstandard benchmark for municipal stability. x Long-Term Resilience: This significant fund balance provides a vital cushion to weather potential financial challenges in the long term, ensuring the City can maintain its infrastructure and service levels regardless of regional economic fluctuations.
ECONOMIC OUTLOOK
Building upon the fiscal resilience demonstrated in FY 2024-2025, Sierra Madre’s financial position is moving in a stronger direction. The City’s ability to absorb approximately $2.4 million in combined emergency response and capital investment costs—while maintaining a $14.0 million General Fund balance—demonstrates a commendable level of stability. However, as the City moves beyond the completion of the new Library, the outlook shifts toward a period of necessary fiscal discipline. While the current fund balance is a significant asset, it is a one-time resource that must be managed carefully against the reality of rising municipal costs. Throughout the San Gabriel Valley, cities are facing persistent upward pressure on expenditures, including escalating public safety costs, insurance premiums, and infrastructure maintenance. Consequently, Sierra Madre’s future budgeting must focus on long-term sustainability to ensure that operational growth does not outpace revenue.
The broader San Gabriel Valley economy is currently characterized by a stabilization of traditional revenue streams. While residential property values in the region remain a significant anchor, the costs of municipal operations—including public safety, insurance, and regional labor—continue to outpace standard inflationary growth. For a residential-heavy community, this creates a structural challenge. The City's reliance on a few core revenue categories provided stability this year, but the long-term outlook highlights a need to proactively identify additional revenue sources and further diversify the tax base to protect against future regional economic shifts.
Ultimately, Sierra Madre is in a position of "prepared strength." The $14.0 million cushion provides a significant advantage, allowing the City to meet its 25% emergency reserve level while having the flexibility to weather unexpected challenges. By pairing this strong reserve position with a more cautious, diversified approach to revenue generation, the City can ensure it remains a model of stability within the San Gabriel Valley, maintaining its high standard of service and infrastructure for the long term.
OTHER INFORMATION
Internal Control. City management is responsible for establishing and maintaining an internal control structure designed to ensure that City assets are protected from loss, theft, or misuse and to ensure that adequate accounting data are compiled to allow for the preparation of financial statements in conformity with accounting principles generally accepted in the United States of America as prescribed by the Governmental Accounting Standards Board (GASB) and the American Institute of Certified Public Accountants (AICPA). The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that the cost of
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controls should not exceed the benefits likely to be derived, and the valuation of costs and benefits requires estimates and judgments by management.
Budgeting Controls. The City maintains budgetary controls to ensure compliance with legal provisions embodied in the annual appropriated budget approved by the City Council. Activities of general, special revenue, debt services, and capital projects funds are included in the annual appropriated budget. The level of budgetary control (that is, the level at which expenditures cannot legally exceed the appropriated amount) is established at the department level. The City also maintains an encumbrance accounting system as a technique of accomplishing budgetary control. As demonstrated by the statements and schedules included in the financial section of this report, the City continues to meet its responsibility for sound financial management.
Independent Audit. State statutes require an annual audit of the City's financial records by independent certified public accountants. As a result, the independent accounting firm of Rogers, Anderson, Malody & Scott, LLP was selected to perform the audit for the fiscal year ended June 30, 2025. The auditor’s unmodified (clean) opinion on the basic financial statements and accompanying footnotes is included in the Financial Section of this report (ACFR).
Award. GFOA Certificate of Achievement Award: The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Sierra Madre for its Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2024. The Certificate of Achievement is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government financial reports.
In order to be awarded a Certificate of Achievement, a governmental unit must publish an easily readable and efficiently organized ACFR, whose contents conform to program standards. The ACFR must satisfy both Generally Accepted Accounting Principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. The City of Sierra Madre has received a Certificate of Achievement for the last eight (8) consecutive years. We believe that our current ACFR continues to conform to the Certificate of Achievement Program’s requirements and we are submitting it to GFOA to determine its eligibility for a Certificate of Achievement for the fiscal year ended June 30, 2025.
Acknowledgments. The preparation of the City's ACFR could not have been accomplished without the efficient and dedicated services of the entire Finance Department staff. I would like to express appreciation to all members of the department and to Rogers, Anderson, Malody & Scott, LLP, the City’s independent auditor, who assisted and contributed to its preparation.
I would also like to thank the Mayor, members of the City Council, and the City Manager for their interest and support in planning and conducting the financial operations of the City in a responsible and progressive manner, for the best interest of the citizens of the City of Sierra Madre.
Respectfully submitted,
Michael Bruckner Satnam Rait
City Manager/Interim Finance Director Finance and Budget Manager
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-xiiCITY OF SIERRA MADRE
Organizational Structure
As of June 30, 2025
CITY COUNCIL CITY TREASURER
City Manager City
Attorney
Finance
Administrative
Services
Community Services
Human Resources Fire
Information Technology
Services Library Services
Planning & Community
Preservation Police
Utilities Public Works
City
Clerk
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Village of the Foothills
Annual Comprehensive Financial Report
For the Year Ended June 30, 2025
Sierra Madre, California
City Council and Elected Officials
As of June 30, 2025
Robert Parkhurst Mayor
Kristine Lowe Mayor Pro Tempore
Gene Goss Council Member
Kelly Kriebs Council Member
Edward Garcia Council Member
Laura Aguilar City Clerk
Sue Spears City Treasurer
Executive Management
Michael Bruckner City Manager
Aleks Giragosian City Attorney
Miguel Hernandez Assistant City Manager
Anthony Rainey Finance Director
Brent Bartlett Fire Chief
Leila Regan City Librarian
Gustavo Barrientos Police Chief
Arnulfo Yanez Director of Public Works
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Tel. 909-889-0871 | www.ramscpa.net | 735 E. Carnegie Dr. Suite 100, San Bernardino, CA 92408
CERTIFIED PUBLIC ACCOUNTANTS
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Independent Auditor’s Report
To the Honorable City Council
City of Sierra Madre, California
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information of the City of Sierra Madre (the City), as of and for the year ended June 30, 2025, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2025, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards).
Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Emphasis of Matter
As described in Note 1 to the financial statements during the year ended June 30, 2025, the City adopted new accounting guidance under Governmental Accounting Standards Board (GASB) Statement No. 101, Compensated Absences. Our opinions are not modified with respect to this matter. -2-
Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
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Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management discussion and analysis and the required supplementary information, as listed in the table of contents be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The supplementary information as listed in the table of contents, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the accompanying supplementary information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual comprehensive financial report. The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditor's report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated.
If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
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Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated January 28, 2026 on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.
San Bernardino, California
January 28, 2026
City of Sierra Madre, California
Village of the Foothills
Management’s Discussion and Analysis
For the Year Ended
June 30, 2025
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CITY OF SIERRA MADRE
Management Discussion and Analysis
June 30, 2025
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MANAGEMENT’S DISCUSSION AND ANALYSIS
As management of the City of Sierra Madre (“City”), we offer readers of the City’s financial statements this narrative overview and analysis of the financial activities of the City for the fiscal year ended June 30, 2025. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our letter of transmittal, which can be found on pages i-x of this report.
FINANCIAL HIGHLIGHTS
At June 30, 2025, the City’s net position was $254M, representing an increase of $7.8M from the prior fiscal year. This increase was primarily driven by the Library Meaningful Improvement Project. Capital Assets, net increased by $4.9 million due to construction in progress for the Library project. In addition, unearned revenues decreased by $4.5 million as Library-related revenues were recognized during the year. These increases were partially offset by a $2.3 million decrease in the deferred outflows of resources associated with pension-related items. The City’s net position is comprised of the following components a) Net Investment in Capital Assets at $216.6M, b) Restricted Net Position at $11.0M, and c) Unrestricted Net Position at $26.4M. During FY 2024-2025, the General Fund’s Fund Balance decreased by $645,000, the Targeted State Grant Library Fund increased by $312,000, and Non-Major Governmental fund balance increased by $1.2M.
Additionally, with the ongoing commitment to financial sustainability, the City allotted $477,803 to a Section 115 Trust for long-term pension obligations.
The decrease in the General Fund was driven by a transfer to Targeted State Grant Library Fund for $1.8 million, an increase in personnel costs for Public Safety and the Eaton Fire (January 2025) related costs. While the General Fund ended the fiscal year with a $645,000 deficit, the underlying results reveal a strong operational performance. Revenues significantly outperformed expectations, reaching $19.1 million against a $17.4 million budget. Simultaneously, the City achieved a positive expenditure variance by spending $17.7 million, finishing below the $17.9 million adopted budget. This disciplined underspending aligns directly with the City’s adopted budget plan, demonstrating effective cost control alongside robust revenue growth. In the City’s proprietary funds: The Water Fund net position increased by $2.7M and the Sewer Fund increased by $148,000.
OVERVIEW OF FINANCIAL STATEMENTS
The discussion and analysis provided here are intended to serve as an introduction to the City of Sierra Madre’s basic financial statements. The City’s basic financial statements consist of three components: (1) government-wide financial statements, (2) fund financial statements, and (3) the notes to the basic financial statements. This report also includes supplementary information intended to furnish additional detail to support the basic financial statements themselves.
CITY OF SIERRA MADRE
Management Discussion and Analysis
June 30, 2025
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Government-Wide Financial Statements
The government-wide financial statements are designed to provide readers with a broad overview of the City of Sierra Madre’s finances, in a manner similar to the private sector business. These statements are designed to provide information about the activities of the City as a whole and present a longer-term view of the City’s finances. The statements are prepared using the accrual basis of accounting, which considers money available when earned and considers money spent when a liability is incurred. As such, this basis of accounting focuses on measuring economic resources that are available to the City regardless of the timing of the availability of those resources. The accrual basis of accounting is similar to that used by most private sector companies.
Accordingly, all of the current year’s revenues and expenses are taken into account regardless of when cash is received or paid. Additionally, these statements reflect the capitalization and depreciation of infrastructure and other capital assets (e.g., buildings, vehicles, and equipment, etc.) as well as the recognition of various long-term liabilities (e.g., bonds payable, accrued employee benefits, claims and judgments payable, etc.).
The statement of net position presents information on all the City’s assets, liabilities, and deferred inflows/outflows of resources. The difference between assets plus deferred outflows of resources, and liabilities and deferred inflows of resources is reported as net position. This statement includes changes in capitalized and depreciated capital assets. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City is improving or deteriorating.
The statement of activities presents information showing how the City’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave).
The government-wide financial statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the City include general government, public safety (police and fire protection), public works, development services, and culture and recreation (community and library services). The City's business-type activities include the Municipal Utility operations and other self-supporting activities.
The government-wide financial statements include the City and its component units. As stated in Note 1A of the notes to the financial statements, the inclusion of an organization within the scope of the reporting entity of the City of Sierra Madre, as either blended or separately shown, is based on the provisions of GASB Statement No. 14 the Financial Reporting Entity.
The government-wide financial statements can be found on pages 17 through 19 of this report.
CITY OF SIERRA MADRE
Management Discussion and Analysis
June 30, 2025
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Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The fund financial statements provide detailed information about the most significant funds and other funds – not the City as a whole. Some funds are required by state law and by bond covenants. In addition, in order to meet legal responsibilities for using certain taxes, grants, and other resources, prudent fiscal management requires the establishment of other funds to help control and manage money. All of the funds of the City can be divided into two categories: governmental funds and proprietary funds. The basic fund financial statements can be found on pages 20 through 27 of this report.
By contrast to the government-wide financial statements, the governmental fund financial statements, a part of the Fund Financial Statements, use the modified accrual basis of accounting which considers money available when it is collectible within the current period or soon enough thereafter (60 days after the end of the current fiscal period, except for expenditure driven grants) to pay liabilities of the current period. Expenses are recorded when a liability is incurred. Debt service, claims and judgments, and accrued employee leave benefits are not recorded as liabilities, they are expensed at the time a payment is due. Note 1 of the notes to the Financial Statements more fully describes each basis of accounting.
Governmental funds: Most of the City’s basic services are reported in governmental funds, which focus on how money flows in and out of those funds and the balances left at year-end that are available for spending. The governmental fund financial statements provide a detailed short-term view of the City’s general government operations and the basic services it provides. Governmental fund information helps determine whether there are more or fewer financial resources that can be spent in the near future to finance the City’s programs. The differences between the results in the governmental fund financial statements and those in the government-wide financial statements are explained in a reconciliation following each governmental fund financial statement.
The City maintains 39 individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund Statement of Revenues, Expenditures, and Changes in Fund Balances for the General Fund which is considered to be a major fund. Data from the other governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these non-major governmental funds are provided in the form of combining statements in the Supplementary Information.
The City adopts an annual appropriated budget for its General Fund. A budgetary comparison statement has been provided to demonstrate compliance with this budget. This comparison can be found on page 63 of this report.
Although legally separate, component units function for all practical purposes as departments of the City and, therefore, have been blended as part of the primary government.
Proprietary funds: When the City charges customers’ fees to cover the cost of the services it provides; these services are generally reported in proprietary funds. The City maintains two different types of proprietary funds:
enterprise funds and internal service funds. In the fund financial statements section, proprietary funds provide similar information to that contained in the business-type activities in the government-wide financial statements, only in more detail. The basic proprietary fund financial statements can be found on pages 24 through 27 of this report.
CITY OF SIERRA MADRE
Management Discussion and Analysis
June 30, 2025
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Enterprise refers to the fund type while business-type refers to the activity type. The City uses enterprise funds to account for its Water Utility and Sewer Utility, both of which are major funds; and various smaller self-supporting community operations, which are shown in aggregate titled Non-Major Enterprise Funds. Enterprise funds are used to report the same functions presented as Business-Type activities in the government-wide financial statements.
Internal Service funds by contrast are an accounting mechanism used to accumulate and allocate costs internally among the City’s various functions. The City uses internal service funds to account for Vehicle/Equipment Replacement and Maintenance, Facilities Maintenance, City Administration, and Information Technology (IT), Personnel/Risk Management, and General Plan/Housing Update. All internal service funds are combined into a single, aggregated presentation in the proprietary fund financial statements.
Internal Service funds are presented as proprietary funds because both enterprise and internal service funds follow the accrual basis of accounting. However, because these services predominantly involve governmental rather than business-type activities, this fund type has been included within Governmental Activities in the government-wide financial statements.
Notes to the Financial Statements
The notes provide additional information that is essential to obtain a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements begin on page 28 of this report.
Other Information
In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the City’s budgetary information and compliance; Schedule of the City’s Proportionate Share of the Plan’s Net Pension Liability and Related Ratios, Schedule of Plan Contributions, and Schedule of Changes in the Net OPEB Liability and Related Ratios, and the Schedule of OPEB Contributions.
Required supplementary information can be found on pages 62 through 68 of this report.
The combining statements referred to earlier in connection with non-major governmental funds, enterprise funds, and internal service funds are presented immediately following the required supplementary information captioned supplementary schedules. Combining and individual fund statements and schedules can be found on pages 69 through 123 of this report.
THE CITY AS A WHOLE
Government-Wide Financial Statements
The government-wide financial statements are designed to provide readers with a broad overview of the City’s finances, in a manner similar to private-sector business.
The Statement of Net Position and the Statement of Activities As noted earlier, the Statement of Net Position and the Statement of Activities report information about the City as a whole and about its activities. These statements include all assets, liabilities, and deferred outflows/inflows of resources of the City using the accrual basis of accounting, which is similar to the accounting used by most private-sector companies.
CITY OF SIERRA MADRE
Management Discussion and Analysis
June 30, 2025
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These two statements report the City’s net position and changes in them. Net position is the difference between assets, liabilities, and deferred outflows/inflows of resources, which is one way to measure the City’s financial health or financial position. Over time, increases or decreases in the City’s net position are one indicator of whether its financial health is improving or deteriorating. Other factors to consider are changes in the City’s property tax base and the condition of the City’s infrastructure, such as City wells and reservoirs construction/replacements, street maintenance/repairs, and building maintenance/improvements.
In the Statement of Net Position and the Statement of Activities, City activities are separated as follows:
Governmental activities – The majority of the City’s basic services are reported in this category, including Administrative Services, Police, Fire, Public Works, Planning and Development Services, Parks and Recreation, and the Library. Revenues such as property taxes, sales taxes, utility user taxes, franchise fees, and other state and federal funds finance these activities.
Business-type activities – The City charges a fee to customers to cover the services it provides within this category. The City’s water system, sewer system, and community operations are reported in this category.
Government-Wide Financial Analysis
Our analysis focuses on the City’s net position (Table 1) and the changes in net position (Table 2) as a result of the City’s activities. Comparative total data for the prior year have been presented. An analysis of the significant increases/decreases from the prior year is provided before each table.
Net Position: Net Position, the difference between a government’s assets plus deferred outflows of resources and liabilities and deferred inflows of resources, may serve over time as one potential useful indicator of a government’s financial position (Table 1). Net Position includes the City’s capital assets, cash balances, amounts receivable from other entities, and other similar resources offset by payments due to vendors, interest payable, long-term debt, and other similar obligations. By far the largest portion of the City’s net position (85%) reflects its investment in capital assets (e.g. land, buildings, utility plant, machinery, equipment, and infrastructure), net of any related outstanding debt, used to acquire those assets. The City uses these assets to provide services to citizens. Consequently, these assets are not available for future spending. Although the City’s investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.
CITY OF SIERRA MADRE
Management Discussion and Analysis
June 30, 2025
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In the case of the City, total assets and deferred outflows of resources exceeded total liabilities and deferred inflows of resources by $254 million at the close of the most recent fiscal year as compared to the net position of $246 million in fiscal year 2023-24.
Table 1
Condensed Statement of Net Position
June 30, 2024 and 2025
(in thousands)
2024 2025 2024 2025 2024 2025
Assets
Current and other assets 39,028 $ $ 37,074 12,932 $ $ 15,344 51,960 $ $ 52,418 Noncurrent assets 1,500 1,500 - - 1,500 1,500
Capital assets, net 186,460 191,705 31,662 31,395 218,122 223,100 Total assets 226,988 230,279 44,594 46,739 271,582 277,018 Deferred outflows of resources 7,359 5,174 389 276 7,748 5,450 Liabilities
Current and other liabilities 12,337 9,392 1,518 1,420 13,855 10,812 Noncurrent liabilities 10,202 9,749 6,819 6,108 17,021 15,857 Total liabilities 22,539 19,141 8,337 7,528 30,876 26,669 Deferred inflows of resources 2,043 1,625 115 121 2,158 1,746 Net position:
Net investment in capital assets 186,427 191,414 24,634 25,173 211,061 216,587 Restricted 9,351 10,973 53 58 9,404 11,031
Unrestricted 13,987 12,300 11,844 14,135 25,831 26,435
Total net position 209,765 $ $ 214,687 36,531 $ $ 39,366 246,296 $ $ 254,053 Governmental
activities Business-type activities Total
CITY OF SIERRA MADRE
Management Discussion and Analysis
June 30, 2025
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Statement of Activities and Changes in Net Position: Program expenses by function, general revenues by major source, excess and/or deficiency of revenues over expenses before transfers, changes in and total net position are presented in the Statement of Activities (Table 2). Total revenues increased by approximately $4.3 million, and total expenses increased by $1.7 million.
Table 2
Condensed Statement of Activities
For the years ended June 30, 2024 and 2025
(in thousands)
2024 2025 2024 2025 2024 2025
Revenues:
Program revenues
Charges for services 3,258 $ $ 3,172 7,951 $ $ 8,582 11,209 $ $ 11,754 Operating grants and contributions 3,824 7,144 - - 3,824 7,144 General revenues
Taxes 14,168 14,912 - - 14,168 14,912
Investment income 1,631 1,598 411 563 2,042 2,161
Miscellaneous 503 146 74 - 577 146
Total revenues 23,384 26,972 8,436 9,145 31,820 36,117
Expenses:
General government 3,689 3,913 - - 3,689 3,913
Public safety 8,788 8,058 - - 8,788 8,058
Public works 4,316 7,018 - - 4,316 7,018
Development s ervices 1,824 1,583 - - 1,824 1,583
Culture and recreation 1,667 1,451 - - 1,667 1,451
Interest 1 1 - - 1 1
Water - - 5,116 5,123 5,116 5,123
Sewer - - 1,289 1,215 1,289 1,215
Total expenses 20,285 22,024 6,405 6,338 26,690 28,362
Change in net position
before transfers 3,099 4,948 2,031 2,807 5,130 7,755
Transfers (22) (26) 22 26 - -
Change in net position 3,077 4,922 2,053 2,833 5,130 7,755 Net position, beginning of year, as restated 206,690 209,765 34,478 36,532 241,168 246,297 Net position, end of year 209,767 $ $ 214,687 36,531 $ $ 39,365 246,298 $ $ 254,052 Governmental activities
Business-type
activities Total
CITY OF SIERRA MADRE
Management Discussion and Analysis
June 30, 2025
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Governmental Activities: The following (Table 3) presents the cost of each of the City’s largest programs – general government, public safety, public works, community development and culture and recreation, – and in addition, each program’s net cost (total cost less revenues generated by the activities). The net cost shows the financial burden that was placed on the City’s taxpayers by each of these functions (excludes interest expense and includes the change in Net Pension Liability):
Table 3
Net Cost of Governmental Activities
For the year ended June 30, 2025
(in thousands)
Total cost of
services
Total program
revenues
Net cost of
services
General government $ 3,913 $ 2,024 (1,889) $
Public safety 8,058 1,294 (6,764)
Public works 7,018 3,674 (3,344)
Development services 1,583 32 (1551)
Culture and recreation 1,451 3,294 1,843
Totals $ 22,023 $ 10,318 (11,705) $
THE CITY’S FUNDS
Financial Analysis of the Government’s Funds
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance related legal requirements. The following financial analysis is performed only for the governmental (Table 4) and proprietary funds (Table 5). The fiduciary funds are excluded from this analysis as they do not represent resources available to the City.
Table 4
Condensed Statement of Revenues, Expenditures and Changes in Fund Balance For the years ended June 30, 2024 and 2025
(in thousands)
2024 2025 2024 2025 2024 2025 2024 2025
General Fund 18,717 $ $ 19,064 15,404 $ $ 17,723 (684) $ (1,986) $ 2,629 $ (645) $ Target State Grant Library 1,060 3,235 788 4,723 - 1,800 272 312 Other governmental funds 3,723 4,500 3,287 3,440 662 160 1,098 1,220 Totals 23,500 $ $ 26,799 19,479 $ $ 25,886 (22) $ (26) $ 3,999 $ $ 887 Revenues Expenditures Transfers
Net change in fund
balance
CITY OF SIERRA MADRE
Management Discussion and Analysis
June 30, 2025
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Governmental Funds: Based on the audited Statement of Revenues, Expenditures and Changes in Fund Balance, the total fund balance of the City’s General Fund balance decreased by approximately $645,000 in FY 2024-25. In comparison with the prior fiscal year, the General Fund revenues increased by approximately $347,000, expenditures increased by approximately $2.3 million, and net transfers out increased by approximately $1.3 million.
The decrease in General Fund balance during FY 24-25 was primarily due to an increase in expenditures. Key contributing factors include:
1. Transfer to Targeted State Grant Library Fund ($1.3M) to cover additional cost for the City’s Library Meaningful Improvement Project.
2. Increase in Public Safety personnel costs – Fire by $645,000 and Police by $319,000.
3. Increase in Cost allocation of $389,000 from prior year.
4. Increase in Eaton Fire non personnel costs of $463,000 mainly in Public Works department.
5. Professional Services $143,000 increase from Development department.
At June 30, 2025, the fund balance for the General Fund was $14.0 million which was a decrease of approximately $645,000. The City adopted an operating reserve as follows:
Table 4-a
Fund balances for the General Fund
Amount
General Fund - fund balance for the year ending June 30, 2024 14,647,481 $ Total revenues 19,064,222
Total expenditures (17,722,773)
Subscription acquisition and transfers (1,986,065)
General Fund - fund balance for the year ending June 30, 2025 14,002,865 $ Unassigned reserves
25% of operating expenditures - cash flow reserve policy 4,430,693 $ Unassigned (less nonspendable and restricted amounts) 9,085,951 The unassigned General Fund reserves were accumulated over time. The total unassigned General Fund reserves decreased at year ending June 30, 2025. The unassigned General Fund reserves are the result of:
Fluctuations in assigned reserves (25% of annual operating expenditures per the City’s fund balance policy); and
Year-end operating surpluses/deficits.
It is important to note the 25% is the minimum fund balance set for emergency reserves. Additional reserves are necessary above the 25% to minimize risk, for cash flow purposes, and to fund capital needs. The latest Capital Improvement Plan has $16.2 million in unfunded projects over the next four years. Unfunded Projects will be reviewed alongside Strategic goals to determine priority and allocate limited resources.
CITY OF SIERRA MADRE
Management Discussion and Analysis
June 30, 2025
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Enterprise Funds: As shown in the Statement of Revenues, Expenses, and Changes in Net Position, the Enterprise Funds had an increase in net position of $2.8 million for the current year. The Water fund had an increase in net position of $2.7 million primarily due to investment in capital assets; and the Sewer Fund had an increase in net position of $146,000. At the close of FY 2024-2025, the total net change in net position of the City’s Internal Service Funds had an increase of $8,000.
Table 5
Statement of Revenues, Expenses and Changes in Net Position For the years ended June 30, 2024 and 2025
(in thousands)
2024 2025 2024 2025 2024 2025 2024 2025
Water 6,707 $ $ 7,328 4,929 $ $ 4,951 240 $ $ 311 2,018 $ $ 2,688 Sewer 1,245 1,255 1,289 1,215 80 106 36 146
Totals 7,952 $ $ 8,583 6,218 $ $ 6,166 320 $ $ 417 2,054 $ $ 2,834 Governmental Activities -
Internal Service Funds 5,191 $ $ 5,235 4,953 $ $ 5,415 134 $ $ 188 372 $ $ 8 Revenues Expenses
Nonoperating
revenue(expenses)
and transfers
Net change in fund
balance
Capital Assets and Debt Administration
Capital Assets and intangible right-to-use assets
The City’s investment in capital assets for its governmental and business-type activities as of June 30, 2025, amounts to $223.1 million (net of accumulated depreciation and amortization). This net investment in capital assets includes land, buildings, machinery, equipment, vehicles, park facilities, roads, highways, bridges, sewer lines, and the water distribution system.
Table 6
Capital assets and intangible assets (net of depreciation and amortization) June 30, 2024 and 2025
(in thousands)
2024 2025 2024 2025 2024 2025
Land 162,276 $ $162,276 1,483 $ $1,483 163,759 $ $163,759 Trees 1,206 1,206 - - 1,206 1,206
Construction in progress 5,077 9,890 135 633 5,212 10,523 Structures and improvements 6,197 6,804 95 75 6,292 6,879 Machinery and equipment 1,710 2,519 213 405 1,923 2,924 Infrastructure 9,955 8,957 29,735 28,798 39,690 37,755
Right-to-use - leases 21 16 - - 21 16
Right-to-use - subscription 18 36 - - 18 36
Total 186,460 $ $191,704 31,661 $ $31,394 218,121 $ $223,098 Governmental Activities
Business-type
Activities Total
CITY OF SIERRA MADRE
Management Discussion and Analysis
June 30, 2025
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Additional information on the City of Sierra Madre’s capital assets can be found in Note 6 on pages 41 through 43 of this report.
Debt Administration
At the end of FY 2024-2025, the City had long-term debt outstanding of $6.1 million, of which $3.9 million is due for the 2017 Installment Agreement and $2.2 million for the loan from the San Gabriel Valley Municipal Water District.
Additional information on the City’s long-term debt can be found in Note 6 of the Financial Statements (pages 44 through 46).
Economic Condition and Budget Outlook
Sierra Madre is a full-service municipality; it funds 91 full-time employees assigned to nine operating departments, which include general government activity, police and fire services, and water and sewer utilities. The City’s primary goal is to provide high quality, cost-effective services to its residents and businesses. As in all service industries, personnel expense is the primary business cost. During the budget preparation for FY2017-18, Zerobased budget techniques were inaugurated to more efficiently manage financial resources; the technique is effective and has become a permanent part of the annual budget planning process. Zero-Based budgeting ensures accountability and provides departments with a City-wide budget perspective.
Citizens of Sierra Madre approved a permanent extension of the Utility Users Tax (UUT) at 10% (the City’s second largest revenue source), and property taxes in Sierra Madre continued to increase similar to the property value increases in Los Angeles County as a whole. However, in November 2024, Measure PS – a Public Safety parcel tax was placed on the ballot but did not pass, underscoring the challenges associated with securing new revenue in a predominantly residential community. In response, the City formed a Revenue Committee tasked with reviewing all City funds and providing insight and recommendations to strengthen long-term fiscal sustainability. Moving forward, challenges to the budget will include mandatory programs from the County and State and increases in pension obligations through CalPERS and the unfunded accrued liability (UAL). The City has made additional prepayment, which has reduced our annual contributions going forward. The City also set aside funds in a Section 115 Trust fund for the purpose of paying off pension liabilities.
Strategic goals will be implemented into the budget process and as a resource to help prioritize programs and projects. The latest Capital Improvement Plan has $16.2M in unfunded projects over the next four years. Unfunded Projects will be reviewed alongside Strategic goals to determine priority and allocate limited resources. Strategic goals will also help guide a General Fund reserve policy to set aside funding for future projects.
The broader San Gabriel Valley economy reflects stabilization in traditional revenue sources, with residential property values remaining a primary anchor. However, municipal operating costs—particularly public safety, insurance, and labor—continue to outpace inflation. For a residentially focused community like Sierra Madre, this creates a structural challenge and highlights the need to diversify revenue sources to ensure long-term fiscal stability.
Overall, Sierra Madre remains in a position of “prepared strength.” The $14.0 million General Fund balance allows the City to meet its 25% emergency reserve target while maintaining flexibility to address future challenges. By pairing strong reserves with disciplined budgeting and diversified revenue strategies, the City can continue to provide high-quality services and maintain long-term financial stability.
CITY OF SIERRA MADRE
Management Discussion and Analysis
June 30, 2025
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General Fund
The City’s largest fund is the General Fund with an annual operating budget of approximately $19.1 million. It provides the resources necessary to sustain the day-to-day activities and services to the community. All ten departments receive support from the General Fund, either directly or indirectly in the form of subsidies (recorded as Transfers Out in the financial statements) or cost allocations (overhead).
The City of Sierra Madre, with a population of approximately 11,000, is primarily a residential community. Its small size and quiet neighborhoods provide a village-like atmosphere the residents are proud to maintain. Sierra Madre has a small, bustling downtown, centered around the iconic Kersting Court. The commercial activity is proportional to the small population of the City, meaning Sierra Madre receives its most significant support from property tax and utility user tax (UUT), and a smaller amount from sales tax and other commercial activities.
At fiscal year ending June 30, 2025, General Fund revenues were 48% property taxes, 29% other taxes, 10% licenses and permits, and 13% other sources.
Water Fund
The City Water fund utility is the City’s second largest fund. As a proprietary fund, it is intended to be selfsupporting, with operating and capital costs recovered through user charges for water services. The Water Fund operates in a manner similar to a stand-alone enterprise and is not supported by other City funds.
In FY 2018-2019 the City adopted the comprehensive water and wastewater cost of service and a Proposition 218 process to implement rate increases. During FY 2023–2024, the City completed an updated Water and Wastewater Cost of Service Study, and water rates were adjusted accordingly to maintain adequate cost recovery and financial sustainability. An infrastructure charge continues to be assessed to help fund ongoing water main replacement and system improvement needs.
Due to the Eaton Fire, no water capital projects were undertaken in FY 2024–2025. In the prior fiscal year, FY 2023– 2024, the Water Fund invested approximately $1.2 million in capital improvements. The City anticipates resuming capital improvement activity in the upcoming fiscal year and will continue to evaluate and prioritize water infrastructure projects to ensure system reliability and long-term service delivery.
Sewer Fund
The Sewer Fund is a proprietary enterprise fund similar to the Water Fund, and is intended to be self-supporting through sewer service charges. There were no sewer capital projects in FY24-25 and the City will continue to assess sewer system needs to maintain long-term financial and operational stability.
Contacting the City’s Financial Management
This financial report is designed to provide our citizens, taxpayers, customers, investors, and creditors with a general overview of the City of Sierra Madre’s finances and to show the City’s accountability for the money it receives. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the Finance Department at the City of Sierra Madre, 232 West Sierra Madre Boulevard, Sierra Madre, California, 91024.
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City of Sierra Madre, California
Village of the Foothills
Basic Financial Statements
For the Year Ended
June 30, 2025
CITY OF SIERRA MADRE
Statement of Net Position
June 30, 2025
See accompanying notes to the basic financial statements. -17-
Governmental
Activities
Business-type
Activities Total
Assets:
Current assets:
Cash and investments 34,735,934 $ 14,245,329 $ 48,981,263 $ Restricted cash and investments 477,803 58,475 536,278
Accounts 699,351 1,040,006 1,739,357
Taxes 540,708 - 540,708
Interest 443,186 - 443,186
Lease - 24,255 24,255
Due from other governments 153,136 - 153,136
Total current assets 37,074,373 15,343,810 52,418,183
Noncurrent assets:
Land held for resale 1,500,000 - 1,500,000
Capital assets:
Non-depreciable assets 173,372,485 2,116,740 175,489,225 Depreciable assets-net 18,332,342 29,278,016 47,610,358 Total noncurrent assets 193,204,827 31,394,756 224,599,583 Total assets 230,279,200 46,738,566 277,017,766
Deferred Outflows of Resources:
OPEB related 494,940 48,951 543,891
Pension related 4,679,083 226,958 4,906,041
Total deferred outflows of resources 5,174,023 275,909 5,449,932 Liabilities:
Current liabilities:
Accounts payable 1,935,381 361,728 2,297,109
Accrued payroll and related liabilities 885,632 61,246 946,878 Interest payable - 26,913 26,913
Deposits 662,074 120,271 782,345
Retentions 244,043 124,147 368,190
Unearned revenue 5,423,129 - 5,423,129
Due within one year 241,784 725,630 967,414
Total current liabilities 9,392,043 1,419,935 10,811,978 Noncurrent liabilities:
Due in more than one year 902,006 5,630,942 6,532,948
Net pension liability 8,643,457 456,458 9,099,915
Net OPEB liability 203,809 20,157 223,966
Total noncurrent liabilities 9,749,272 6,107,557 15,856,829 Total liabilities 19,141,315 7,527,492 26,668,807
Deferred Inflows of Resources:
OPEB related 297,722 29,445 327,167
Pension related 1,307,670 91,381 1,399,051
Leases - 19,634 19,634
Total deferred inflows of resources 1,625,026 120,826 1,745,852 Net Position:
Net investment in capital assets 191,413,706 25,172,798 216,586,504 Restricted for:
Culture and recreation 866,152 - 866,152
Development services 5,053,750 - 5,053,750
Public safety - 335,316 335,316
Public works - 4,239,790 4,239,790
Section 115 Trust 477,803 58,475 536,278
Unrestricted 12,300,365 14,134,884 26,435,249
Total net position $ 39,366,157 214,686,882 $ 254,053,039 $
CITY OF SIERRA MADRE
Statement of Activities
For the year ended June 30, 2025
See accompanying notes to the basic financial statements. -18-
Operating Capital
Charges for grants and grants and
Functions/programs Expenses services contributions contributions Total Primary government:
Governmental activities:
General government $ 350,764 3,913,456 $ 1,672,808 $ - $ 2,023,572 $ Public safety 902,357 8,058,040 391,332 - 1,293,689
Public works 1,843,499 7,018,458 1,830,039 - 3,673,538
Development services 15,006 1,582,914 16,795 - 31,801
Culture and recreation 60,840 1,451,096 3,233,319 - 3,294,159 Interest on long-term liability - 1,058 - - -
Total governmental activities 22,025,022 3,172,466 7,144,293 - 10,316,759 Business-type activities:
Water 7,328,024 5,121,742 - - 7,328,024
Sewer 1,214,995 1,255,193 - - 1,255,193
Total business-type activities 6,336,737 8,583,217 - - 8,583,217 Total primary government 28,361,759 $ 11,755,683 $ 7,144,293 $ - $ 18,899,976 $ General revenues:
Taxes:
Property taxes
Utility user taxes
Other taxes
Unrestricted sales taxes - shared state revenue
Investment earnings
Miscellaneous
Transfers in (out)
Total general revenues and transfers
Change in net position
Net position, beginning of year
Net position, end of year
Program Revenues
-19-
Governmental Business-type
Activities Activities Total
$ - (1,889,884) $ (1,889,884) $
- (6,764,351) (6,764,351)
- (3,344,920) (3,344,920)
- (1,551,113) (1,551,113)
- 1,843,063 1,843,063
- (1,058) (1,058)
- (11,708,263) (11,708,263)
2,206,282 - 2,206,282
40,198 - 40,198
2,246,480 - 2,246,480
2,246,480 (11,708,263) (9,461,783)
9,156,905 - 9,156,905
3,516,609 - 3,516,609
788,386 - 788,386
1,450,025 - 1,450,025
562,617 1,597,919 2,160,536
146,290 - 146,290
26,065 (26,065) -
588,682 16,630,069 17,218,751
2,835,162 4,921,806 7,756,968
36,530,995 209,765,076 246,296,071
$ 39,366,157 214,686,882 $ 254,053,039 $
Net (expense) revenue
and changes in net position
CITY OF SIERRA MADRE
Balance Sheet
Governmental funds
June 30, 2025
See accompanying notes to the basic financial statements. -20-
General Fund
Target State
Grant Library
Non-Major
Governmental
Funds
Total
Governmental
Funds
Assets:
Cash and investments 13,820,094 $ 6,671,482 $ 8,655,652 $ 29,147,228 $ Restricted cash and investments 455,176 - - 455,176
Receivables:
Accounts 503,211 - 190,181 693,392
Taxes 510,668 - 30,040 540,708
Interest 443,186 - - 443,186
Leases 24,255 - - 24,255
Due from other agencies - - 153,136 153,136
Due from other funds 50,363 - - 50,363
Land held for resale - - 1,500,000 1,500,000
Total assets 15,806,953 $ 6,671,482 $ 10,529,009 $ 33,007,444 $ Liabilities, deferred inflows of resources,
and fund balances:
Liabilities:
Accounts payable 674,066 $ 611,048 $ 272,572 $ 1,557,686 $ Accrued payroll and related
liabilities 503,754 - 120,656 624,410
Due to other funds - - 50,363 50,363
Deposits 606,634 - 55,440 662,074
Retentions - 229,066 14,977 244,043
Unearned revenue - 5,224,851 198,278 5,423,129
Total liabilities 1,784,454 6,064,965 712,286 8,561,705 Deferred inflows of resources:
Leases 19,634 - - 19,634
Total deferred inflows of resources 19,634 - - 19,634
Fund balances:
Restricted 486,221 606,517 9,857,446 10,950,184
Committed - - 13,338 13,338
Unassigned 13,516,644 - (54,061) 13,462,583
Total fund balances 14,002,865 606,517 9,816,723 24,426,105 Total liabilities, deferred inflows of
resources, and fund balances 15,806,953 $ 6,671,482 $ 10,529,009 $ 33,007,444 $
CITY OF SIERRA MADRE
Reconciliation of the Governmental Funds Balance Sheet
to the Government-wide Statement of Net Position
June 30, 2025
See accompanying notes to the basic financial statements. -21-
Total fund balances - total governmental funds $ 24,426,105 Amounts reported for governmental activities in the Statement of Net Position were different because:
Capital assets used in governmental activities were not current financial resources.
Therefore, they were not reported in the governmental funds:
Capital assets, net of depreciation 190,616,696
Long-term liabilities applicable to the City's governmental activities are not due and payable in the current period and accordingly are not reported as fund liabilities. All liabilities, both current and long-term are reported in the Statement of Net Position:
Subscription liability (4,792)
Net pension liability (8,279,460)
Net OPEB liability (194,850)
Compensated absences (892,667)
Deferred outflows and inflows of resources related to pension and OPEB are not reported in the governmental funds:
Pension and OPEB related deferred outflows of resources 4,956,026 Pension and OPEB related deferred inflows of resources (1,536,343) Internal service funds are used by management to charge the costs of certain activities, such as facilities management, to individual funds. The assets and liabilities of the internal service funds are not included in the governmental funds balance sheet, however, these are included in governmental activities in the Statement of Net Position. 5,596,167
Net position of governmental activities $ 214,686,882
CITY OF SIERRA MADRE
Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds
For the year ended June 30, 2025
See accompanying notes to the basic financial statements. -22-
General Fund
Target State
Grant Library
American
Rescue Plan Act
(formerly
major)
Non-Major
Governmental
Funds
Total
Governmental
Funds
Revenues:
Property taxes 9,156,905 $ - $ 114,577 $ 9,271,482 $
Other taxes 5,582,335 - - 5,582,335
Charges for services 1,058,775 - 832 1,059,607
Intergovernmental 275,040 2,922,812 3,667,705 6,865,557 Licenses and permits 1,859,594 - 172,684 2,032,278
Fines and forfeitures 106,922 - - 106,922
Investment income 936,709 312,380 358,097 1,607,186
Miscellaneous 87,942 - 186,191 274,133
Total revenues 19,064,222 3,235,192 4,500,086 26,799,500 Expenditures:
Current:
General government 4,545,502 - - 4,545,502
Public safety 9,302,410 - 367,127 9,669,537
Public works 971,946 4,722,812 2,903,165 8,597,923
Development 1,712,667 - 16,795 1,729,462
Culture and recreation 1,182,399 - 152,488 1,334,887
Debt Service:
Principal 7,561 - - 7,561
Interest 288 - - 288
Total expenditures 17,722,773 4,722,812 3,439,575 25,885,160 Excess (deficiency) of revenues
over (under) expenditures 1,341,449 (1,487,620) 1,060,511 914,340 Other financing sources (uses):
Transfers in - 1,800,000 185,000 1,985,000
Transfers out (1,986,065) - (25,000) (2,011,065)
Total other financing sources (uses) (1,986,065) 1,800,000 160,000 (26,065) Net change in fund balances (644,616) 312,380 1,220,511 888,275 294,137 14,647,481 120,028 8,476,184 23,537,830
- - (120,028) 120,028 -
294,137 14,647,481 - 8,596,212 23,537,830
Fund balances, end of year 14,002,865 $ 606,517 $ - $ 9,816,723 $ 24,426,105 $ Fund balances (deficit), beginning of year,
previously reported
Change within financial reporting entity
(major to nonmajor)
Fund balances (deficit), beginning of year,
as restated
CITY OF SIERRA MADRE
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Government-Wide Statement of Activities For the year ended June 30, 2025
See accompanying notes to the basic financial statements. -23-
Net change in fund balances - total governmental funds $ 888,275
Governmental funds report capital outlays as expenditures. However, in the Statement of Activities and Changes in Net Position, the costs of those assets meeting the City's capitalization policy threshold are allocated over their estimated useful lives as depreciation expense. This is the amount by which capital outlay exceeded depreciation expense in the current period:
Depreciation and amortization expense (1,504,760)
Capital outlay 6,832,727
The issuance of long-term debt provides current financial resources to governmental funds while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of issuance costs and similar items when debt is first issued, whereas these amounts are deferred and amortized in the Statement of Activities and Changes in Net Position. These differences are as follows:
Principal payments 7,561
Internal service funds are used by management to charge the costs of self-insurance and capital replacements to individual funds. The net revenue of internal service funds is reported with governmental activities. 6,884
Some expenses reported on the Statement of Activities do not require the use of current financial resources and, therefore, are not reported as expenditures in the governmental funds:
Net change in compensated absences 41,869
Net change in net OPEB liability related deferred outflows and inflows of resources 11,077 Net change in net pension liability related deferred outflows and inflows of resources (1,346,827) Change in net position of governmental activities $ 4,921,806 Amounts reported for governmental activities in the Statement of Activities were different because:
CITY OF SIERRA MADRE
Statement of Fund Net Position
Proprietary Funds
June 30, 2025
See accompanying notes to the basic financial statements. -24-
Non-Major Fund
Water Sewer
Special Strike
Team Services
Total
Enterprise
Funds
Governmental
Activities Internal
Service Funds
Assets:
Current assets:
Cash and investments 11,495,002 $ 2,668,453 $ 81,874 $ 14,245,329 $ 5,588,706 $ Restricted cash and investments 32,441 26,034 - 58,475 22,627 Receivables:
Accounts 888,877 151,129 - 1,040,006 5,959
Total current assets 12,416,320 2,845,616 81,874 15,343,810 5,617,292 Noncurrent assets:
Capital assets:
Non-depreciable assets 2,116,740 - - 2,116,740 1,980
Depreciable assets, net 26,810,236 2,467,780 - 29,278,016 1,086,151 Total noncurrent assets 28,926,976 2,467,780 - 31,394,756 1,088,131 Total assets 41,343,296 5,313,396 81,874 46,738,566 6,705,423 Deferred Outflows of Resources:
OPEB related 27,195 21,756 - 48,951 21,756
Pension related 126,088 100,870 - 226,958 196,241
Total deferred outflows of resources 153,283 122,626 - 275,909 217,997 Liabilities:
Current liabilities:
Accounts payable 174,528 187,200 - 361,728 377,695
Accrued payroll and related
liabilities 40,863 20,383 - 61,246 261,222
Interest payable 26,913 - - 26,913 -
Deposits 120,271 - - 120,271 -
Retentions 124,147 - - 124,147 -
Compensated absences - current 33,470 18,282 - 51,752 40,808 Lease liability - current - - - - 4,775
Subscription liability - current - - - - 12,876
Loan payable - current 270,000 - - 270,000 -
Installment agreement payable - current 403,878 - - 403,878 - Total current liabilities 1,194,070 225,865 - 1,419,935 697,376 Noncurrent liabilities:
Compensated absences 133,880 73,129 - 207,009 163,237
Net pension liability 253,588 202,870 - 456,458 363,997 Net OPEB liability 11,198 8,959 - 20,157 8,959
Lease liability - - - - 11,363
Subscription liability - - - - 13,272
Installment agreement/loan payable 5,423,933 - - 5,423,933 - Total noncurrent liabilities 5,822,599 284,958 - 6,107,557 560,828 Total liabilities 7,016,669 510,823 - 7,527,492 1,258,204 Deferred Inflows of Resources:
OPEB related 16,358 13,087 - 29,445 13,087
Pension related 50,767 40,614 - 91,381 55,962
Total deferred inflows of resources 67,125 53,701 - 120,826 69,049 Net Position:
Net investment in capital assets 22,705,018 2,467,780 - 25,172,798 1,045,845 Restricted - Section 115 Trust 32,441 26,034 - 58,475 22,627 Unrestricted 11,675,326 2,377,684 81,874 14,134,884 4,527,695 Total net position $ 4,871,498 34,412,785 $ 81,874 $ 39,366,157 $ 5,596,167 $ Major Funds
Enterprise Funds
Business-type Activities
CITY OF SIERRA MADRE
Statement of Revenues, Expenses, and Changes in Fund Net Position Proprietary Funds
For the year ended June 30, 2025
See accompanying notes to the basic financial statements. -25-
Enterprise Funds
Non-Major Fund
Water Sewer
Special Strike
Team Services
Total
Enterprise
Funds
Governmental
Activities
Internal Service
Funds
Operating revenues:
Charges for services 7,328,024 $ 1,254,175 $ - $ 8,582,199 $ 5,174,067 $ Licenses and permits - 1,018 - 1,018 25,124
Miscellaneous - - - - 35,362
Total operating revenues 7,328,024 1,255,193 - 8,583,217 5,234,553 Operating expenses:
Personnel services 837,838 638,064 - 1,475,902 1,759,004 Contractual services 335,176 54,483 - 389,659 765,183
Materials and supplies 15,971 877,221 - 893,192 373,686 Utilities 827,415 - - 827,415 712,476
Maintenance and operation 133,028 7,002 - 140,030 134,905 Administrative charges 1,121,478 327,683 - 1,449,161 1,501,797 Depreciation 818,909 171,792 - 990,701 148,411
Amortization - - - - 19,830
Total operating expenses 4,951,065 1,214,995 - 6,166,060 5,415,292 Operating income (loss) 2,376,959 40,198 - 2,417,157 (180,739) Nonoperating revenues (expenses):
Investment income 455,213 107,404 - 562,617 175,743
Gain (loss) on disposal of property - - - - 12,650
Interest expense (170,677) - - (170,677) (770)
Total nonoperating revenues (expenses) 284,536 107,404 - 391,940 187,623 Income before transfers 2,661,495 147,602 - 2,809,097 6,884 Transfers:
Transfers in 26,065 - - 26,065 -
Total transfers 26,065 - - 26,065 -
Change in net position 2,687,560 147,602 - 2,835,162 6,884 Net position, beginning of year 31,725,225 4,723,896 81,874 36,530,995 5,589,283 Net position, end of year 34,412,785 $ 4,871,498 $ 81,874 $ 39,366,157 $ 5,596,167 $ Business-type Activities
Major Funds
CITY OF SIERRA MADRE
Statement of Cash Flows
Proprietary Funds
For the year ended June 30, 2025
See accompanying notes to the basic financial statements. -26-
Non-Major Fund
Water Sewer
Special Strike
Team Services
Total
Enterprise
Funds
Governmental
Activities
Internal
Service Funds
Cash flows from operating activities:
Receipts from customers and users 7,182,355 $ 1,239,318 $ - $ 8,421,673 $ - $ Receipts from interfund services provided - - - - 5,235,556 Payments to suppliers (3, (225,146) 300,396) - (3,525,542) (3,307,392) Payments to employees (804,865) (603,112) - (1,407,977) (1,617,795) Net cash provided (used) by
operating activities 3,077,094 411,060 - 3,488,154 310,369 Cash flows from non-capital
financing activities:
Transfers from other funds 26,065 - - 26,065 -
Net cash provided (used) by non-capital
financing activities 26,065 - - 26,065 -
Cash flows from capital and
related financing activities:
Proceeds from sales of capital assets - - - - 12,650
Acquisition and construction
of capital assets (498,267) (225,667) - (723,934) (44,378) Principal paid (929,722) - - (929,722) (18,660)
Interest paid (173,340) - - (173,340) (770)
Net cash provided (used) by capital
and related financing activities (1,601,329) (225,667) - (1,826,996) (51,158) Cash flows from investing activities:
Investment income 455,213 107,404 - 562,617 175,743
Net cash provided (used)
by investing activities 455,213 107,404 - 562,617 175,743 Net increase (decrease) in cash and
cash equivalents 1,957,043 292,797 - 2,249,840 434,954
Cash and investments:
Beginning of year 9,570,400 2,401,690 81,874 12,053,964 5,176,379 End of year 11,527,443 $ 2,694,487 $ 81,874 $ 14,303,804 $ 5,611,333 $ Reconciliation to the Statement of Net Position:
Cash and investments 11,495,002 $ 2,668,453 $ 81,874 $ 14,245,329 $ 5,588,706 $ Restricted cash and investments 32,441 26,034 - 58,475 22,627 Total 11,527,443 $ 2,694,487 $ 81,874 $ 14,303,804 $ 5,611,333 $ Business-type Activities
Enterprise Funds
Major Funds
CITY OF SIERRA MADRE
Statement of Cash Flows (Continued)
Proprietary Funds
For the year ended June 30, 2025
See accompanying notes to the basic financial statements. -27-
Non-Major Fund
Water Sewer
Non-Major
Enterprise Funds
Total
Enterprise
Funds
Governmental
Activities
Internal
Service Funds
Reconciliation of operating income (loss) to net cash
provided (used) by operating activities:
Operating income (loss) 2,376,959 $ 40,198 $ - $ 2,417,157 $ (180,739) $ Adjustments to reconcile operating income (loss) to
net cash provided (used) by operating activities:
Depreciation 818,909 171,792 - 990,701 148,411
Amortization - - - - 19,830
Changes in assets, liabilities and deferred amounts:
(Increase) decrease in accounts receivable (145,669) (15,875) - (161,544) 1,003 (Increase) decrease in deferred outflows 62,908 50,326 - 113,234 91,918 Increase (decrease) in accounts payable (46,244) 179,993 - 133,749 180,655 Increase (decrease) in accrued liabilities (4,777) (3,780) - (8,557) 112,687 Increase (decrease) in deposits payable 10,485 - - 10,485 - Increase (decrease) in retentions payable 29,681 - - 29,681 - Increase (decrease) in compensated absences (17,896) (5,785) - (23,681) (31,307) Increase (decrease) in deferred inflows 2,909 2,328 - 5,237 (15,431) Increase (decrease) in net OPEB liability (1,002) (801) - (1,803) (801) Increase (decrease) in net pension liability (9,169) (7,336) - (16,505) (15,857) Total adjustments 700,135 370,862 - 1,070,997 491,108
Net cash provided (used) by operating activities 3,077,094 $ 411,060 $ - $ 3,488,154 $ 310,369 $ Noncash investing, capital and financing activities:
Lease liabilities - $ - $ - $ - $ 40,194 $
Lease acquisition - - - - (40,194)
Major Funds
Business-type Activities
Enterprise Funds
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City of Sierra Madre, California
Village of the Foothills
Notes to Basic Financial Statements
For the Year Ended
June 30, 2025
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CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-28-
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The basic financial statements of the City of Sierra Madre, California (the City) have been prepared in conformity with generally accepted accounting principles (GAAP) in the United States of America as applied to governmental agencies. The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The more significant of the City’s accounting policies are described below.
A. Financial Reporting Entity
The City was incorporated on February 2, 1907, under the general laws of the State of California. The City operates under a Council-Manager form of government and provides the following services: police protection, fire suppression and prevention, emergency medical response, recreation programs, senior services, local transportation, planning and permit processing, water utility, public library, streets, parks, sewer and storm drain utility, and general government and administrative services.
As required by GAAP, these basic financial statements present the City (the primary government) and its component unit for which the City is considered to be financially accountable. The component unit discussed below is included in the City’s reporting entity because of the significance of its operational or financial relationship with the City. The entity is legally separate; however, the City of Sierra Madre elected officials have a continuing oversight responsibility over the Authority.
An organization is fiscally dependent on the primary government if it is unable to adopt its budget, levy taxes or set rates or charges, or issue bonded debt without approval by the primary government. In a blended presentation, a component unit’s balances and transactions are reported in a manner similar to the balances and transactions of the City. Component units are presented on a blended basis when the component unit’s governing body is substantially the same as the City’s or the component unit provides services almost entirely to the City.
Blended Component Units
The Sierra Madre Public Financing Authority (Authority):
The Authority is a joint powers authority organized pursuant to Government Code Section 6500 of the State of California. The Authority exists pursuant to a Joint Exercise of Powers Agreement dated November 1972, between the City and the Authority. Its purpose is facilitating the issuance of debt instruments, loans, and other financing to the City or Authority for the construction of public improvements. It has no separate existence and has acted as a conduit between the issuer (the Authority and/or the City) and the underwriters. It was established as a vehicle to reduce local borrowing costs and promote greater use of existing and new financial instruments and mechanisms. City Council members, in concurrent sessions, serve as the governing board of the Authority.
Financial activity of the Authority has been blended into the City’s Annual Comprehensive Financial Report (ACFR) into various governmental and business-type activities and funds of the City as applicable.
Separate financial statements are not prepared for the Sierra Madre Public Financing Authority.
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-29-
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued) A. Financial Reporting Entity, (continued)
Organizations Other Than Component Units
Other governmental agencies, such as the County of Los Angeles, the Pasadena Unified School District, etc., provide services within the City. However, each of these agencies is governed by an independently elected governing board. Accordingly, their financial information is not included within the scope of this financial report, because the City Council does not have a continuing oversight responsibility over them, nor are their financial operations closely related thereto.
B. Basis of Accounting and Measurement Focus
The basic financial statements of the City are composed of the following:
Government-wide financial statements
Fund financial statements
Notes to basic financial statements
Financial reporting is based upon all Governmental Accounting Standards Board pronouncements.
Government-Wide Financial Statements
The City’s government-wide financial statements include a Statement of Net Position and a Statement of Activities and Changes in Net Position. These statements present summaries of governmental and business-type activities for the City accompanied by a total column. Fiduciary activities of the City are not included in these statements.
These basic financial statements are presented on an “economic resources” measurement focus and the accrual basis of accounting. Accordingly, all of the City’s assets and liabilities, including capital assets (as well as infrastructure assets) and long-term liabilities, are included in the accompanying Statement of Net Position. The Statement of Activities presents changes in net position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned while expenses are recognized in the period in which liability is incurred. The Statement of Activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Certain indirect costs are included in the program expenses reported for specific functions.
Certain types of transactions are reported as program revenues for the City in three categories: (1) charges for services, (2) operating grants and contributions and (3) capital grants and contributions. Program revenues are netted with program expenses in the Statement of Activities to present the net cost of each program.
Certain eliminations have been made as prescribed by generally accepted accounting principles in regard to interfund activities. All internal balances in the Statement of Net Position have been eliminated except those representing internal balances between the governmental activities and the business-type activities, which are presented as internal balances and eliminated in the total primary government column.
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-30-
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued) B. Basis of Accounting and Measurement Focus, (continued) Governmental Fund Financial Statements
Governmental fund financial statements include a Balance Sheet and a Statement of Revenues, Expenditures, and Changes in Fund Balances for all major governmental funds and non-major funds aggregated. The City has presented all major funds that met the applicable criteria.
All governmental funds are accounted for on a spending or “current financial resources” measurement focus and the modified accrual basis of accounting. Accordingly, only current assets and current liabilities are included on the Balance Sheet. The Statement of Revenues, Expenditures, and Changes in Fund Balances presents increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Under the modified accrual basis of accounting, revenues are recognized in the accounting period in which they become both measurable and available to finance expenditures of the current period. Revenues are considered available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period, generally 60 days after year-end. Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
Property taxes, sales taxes, franchise taxes, and other taxes associated with the current fiscal year are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal year.
Entitlements are recorded as revenues when all eligibility requirements are met, including any time requirements, and the amount is received during the period or within the availability period for this revenue source (within 60 days of year-end). Expenditure-driven grants are recognized as revenue when the qualifying expenditures have been incurred and all other eligibility requirements have been met, and the amount is received during the period or within the availability period for this revenue source (within 180 days of year-end). All other revenue items are considered measurable and available only when cash is received by the government.
The reconciliations of the Fund Financial Statements to the Government-Wide Financial Statements are provided to explain the differences created by the integrated approach of GASB Statement No. 34.
The City reports the following major governmental funds:
General Fund – Accounts for all financial resources of the general government except those required to be accounted for in another fund.
Target State Grant Library Fund – Accounts for a $10,000,000 award from the California State Library and allowable expenditures.
Proprietary Fund Financial Statements
Proprietary fund financial statements include a Statement of Net Position, a Statement of Revenues, Expenses, and Changes in Net Position, and a Statement of Cash Flows for the major proprietary funds and the non-major funds aggregated. The City maintains two proprietary fund types: enterprise funds and internal service funds.
Enterprise funds are used to account for services provided to businesses and individuals within the community.
Internal service funds account for services provided by one City department to other departments.
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-31-
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued) B. Basis of Accounting and Measurement Focus, (continued) Proprietary Fund Financial Statements, (continued)
Proprietary funds are accounted for using the “economic resources” measurement focus and the accrual basis of accounting. Accordingly, all assets and liabilities (whether current or noncurrent) are included on the Statement of Net Position. The Statement of Revenues, Expenses, and Changes in Net Position presents increases (revenues) and decreases (expenses) in total net position. Under the accrual basis of accounting, revenues are recognized in the period when they are earned; expenses are recognized when they are incurred. Unbilled service receivables are recorded as accounts receivable and as revenue when earned.
Operating revenues in the proprietary funds are those revenues that are generated from the primary operations of the fund. All other revenues are reported as non-operating revenues. Operating expenses are those expenses that are essential to the primary operations of the fund. All other expenses are reported as non-operating expenses.
The City reports the following major enterprise funds:
Water Fund – Accounts for the operations of the City’s water utility operations.
Sewer Fund – Accounts for the operations of the City’s sewer system and storm drain operations.
Additionally, the City also reports Internal Service Funds. These funds account for the administrative services, insurance coverage and facilities, fleet and electronic equipment maintenance services, all which are provided to other departments on a cost-reimbursement basis. A separate column representing internal service funds is also presented in these statements. However, internal service balances and activities have been combined with the governmental activities in the government-wide financial statements.
C. Cash, Cash Equivalents, and Investments
The City pools its available cash for investment purposes. The City has defined cash and cash equivalents to include cash on hand, demand deposits, cash with fiscal agent, as well as short-term investments with original maturity of three months or less from the date of acquisition. Cash and cash equivalents are combined with investments and displayed as cash and investments. Additionally, each fund’s equity in the City’s investment pool is treated as a cash equivalent, because the funds can deposit or effectively withdraw cash at any time without prior notice or penalty.
In accordance with generally accepted accounting principles, highly liquid market investments with maturities of one year or less at time of purchase are stated at amortized cost. All other investments are stated at fair value.
Market value is used as fair value for those securities for which market quotation are readily available or exceed cost. However, if the liquidity needs of the City were to require that investments be sold at a loss subsequent to year-end, the decline in value would be recorded as a loss at year-end.
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-32-
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued) C. Cash, Cash Equivalents, and Investments, (continued) The City participates in an investment pool managed by the State of California titled Local Agency Investment Fund (LAIF), which has invested a portion of the pool funds in Structured Notes and Asset-Backed Securities. LAIF’s investments are subject to credit risk with the full faith and credit of the State of California collateralizing these investments. In addition, these Structured Notes and Asset-Backed Securities are subject to market risk as to change in interest rates.
In accordance with generally accepted accounting principles, certain disclosure requirements, if applicable, are provided for deposit and investment risk in the following areas:
Inherent Rate Risk
Credit Risk
Overall
Custodial Credit Risk
Concentration of Credit Risk
Foreign Currency Risk
D. Land Held for Resale
Land Held for Resale in the Capital Projects Fund is an inventory of land owned by the City’s Housing Fund for lowmoderate housing needs, which will be sold or leased to developers. The land is recorded at the lower of acquisition cost or market. Fund balances are reserved in amounts equal to the carrying value of land held for resale, because such assets are not available to finance the City’s current operations.
E. Prepaid Expenses
Certain payments to vendors such as insurance premiums, prepaid rents, and deposits for real property acquisitions reflect costs applicable to future periods and are recorded as prepaid and other assets in both government-wide and fund financial statements. These costs will be recognized in the period when services are received or when the City receives title to the real property.
F. Property Taxes
Property tax in California is levied in accordance with Article 13B of the State Constitution at one percent of countywide assessed valuations. This one percent is allocated pursuant to State law to the appropriate units of local government. Property tax revenue is recognized in the fiscal year for which taxes have been levied provided that the revenues collected in the current period or will be collected within 60 days thereafter.
The following dates relate to property tax levies and collections:
Lien Date January 1
Levy Date July 1
Due Dates November 1 and February 1
Delinquent Dates December 10 and April 10
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-33-
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued) G. Capital Assets
Capital assets are valued at historical cost or estimated historical cost if actual historical cost was not available.
Donated assets are valued at acquisition value on the date of acquisition. The City’s capitalization policy is $5,000 and above for various capital assets and $25,000 for improvements and infrastructure. Capital assets are depreciated on a straight-line basis over their estimated useful lives as follows:
Roadways pavement AC 25 years
Street appurtenances bridges 40 years
Park structures 25 years
Wastewater manholes 60 years
Pipelines 60 years
Spreading basins 60 years
Pump stations 60 years
Meters 30 years
Pipelines 50 years
Pressure reducing stations 40 years
Fire hydrants 50 years
Wells 50 years
Reservoirs 75 years
General buildings 50 years
Vehicles and equipment 10 years
Right-to-use lease & subscription assets are amortized over the life of the associated contract on a straight-line method.
H. Claims Payable
The City records a liability to reflect an estimate of ultimate uninsured losses for both general liability claims (including property damage claims) and workers’ compensation claims.
I. Compensated Absences
All vested vacation and compensatory leave time is recognized as an expense and as a liability in the proprietary type funds at the time the liability vests. Governmental fund types recognize the vested vacation and compensatory time as expenditure in the current year to the extent that it is paid during the year. Accrued vacation and compensatory time relating to governmental funds is only included as a liability in the statement of net position as those amounts are payable from future resources and within the respective balance sheets for amounts relating to proprietary fund types.
J. Net Position and Fund Balances
Government-Wide Financial Statements – In the government-wide financial statements, net position is classified in the following categories:
Net Investment in Capital Assets - This amount consists of capital assets net of accumulated depreciation and reduced by outstanding debt that is attributed to the acquisition, construction, or improvements.
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-34-
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued) J. Net Position and Fund Balances, (continued)
Restricted Net Position - This amount is restricted by external creditors, grantors, contributors, or laws or regulations of other governments.
Unrestricted Net Position - This amount is all net position that do not meet the definition of “net investment in capital assets” or “restricted net position.”
When both restricted and unrestricted net position is available to meet an expense, the City’s policy is to apply restricted net position first.
Fund Financial Statements – Generally accepted accounting principles require the City to report the governmental fund balances in the following categories:
Nonspendable - reflects amounts that are not in a spendable form, examples of which include inventory, prepaid items, and other items legally or contractually required to remain intact, such as the principal of a permanent endowment.
Restricted - includes amounts that can be spent only for the specific purposes stipulated by external resource providers or through enabling legislation.
Committed - includes amounts that can be used only for the specific purposes determined by a formal action of the government’s highest level of decision-making authority (City Council by ordinance). Committed fund balance may be redirected by the City to other purposes, as long as, the original constraints are removed or modified in the same manner in which they were imposed, that is, by the same formal action of the highest level of decisionmaking authority.
Assigned - comprises amounts intended to be used by the government for specific purposes. Assignments may be established either by the City Council or by a designee of the City (the City Council has delegated this authority to the City Manager), and are subject to neither the restricted nor committed levels of constraints.
Unassigned - is the residual classification for the general fund and includes all amounts not contained in the other classifications. Unassigned amounts are technically available for any purpose.
When expenditures are incurred for purposes for which restricted, committed, assigned, or unassigned fund balances are available, the City’s policy is to apply restricted fund balance first, committed second, then assigned fund balance, and finally unassigned fund balance. Further, when components of unrestricted fund balance can be used for the same purpose, committed fund balance is used first, followed by assigned fund balance and lastly unassigned fund balance.
K. Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from those estimates.
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-35-
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued) L. Deferred Outflows/Inflows of Resources
In addition to assets, the statement of net position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that applies to future periods and so will not be recognized as an outflow of resources (expenses) until then. The City currently has OPEB and pension related deferred outflows of resources.
In addition to liabilities, the statement of net position will sometimes report a separate section for deferred inflows of resources. This separate financial element, deferred inflows of resources, represents an acquisition of net assets that applies to future periods and so will not be recognized as an inflow of resources (revenue) until that time. The City currently has OPEB, pension and lease related deferred inflows of resources.
M. Pensions
For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the Plan and additions to/deductions from the Plan’s fiduciary net position have been determined on the same basis. For this purpose, benefit payments (including refunds of employee contributions) are recognized when currently due and payable in accordance with the benefit terms. Investments are reported at fair value.
Generally accepted accounting principles require that the reported results must pertain to liability and asset information within certain defined timeframes. For this report, the following timeframes are used.
Valuation Date June 30, 2023
Measurement Date June 30, 2024
Measurement Period July 1, 2023 to June 30, 2024
N. Other Postemployment Benefits (OPEB)
For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the City’s plan (OPEB Plan) and additions to/deductions from the OPEB Plan’s fiduciary net position have been determined on the same basis.
For this purpose, benefit payments are reported at fair value.
Generally accepted accounting principles require that the reported results must pertain to liability and asset information within certain defined timeframes. For this report, the following timeframes are used:
Valuation Date (VD) June 30, 2023
Measurement Date (MD) June 30, 2024
Measurement Period (MP) July 1, 2023 to June 30, 2024
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-36-
2. CASH AND INVESTMENTS
Cash and investments as of June 30, 2025 are classified in the accompanying financial statements as follows:
Statement of Net Position:
Cash and investments 48,981,263 $
Restricted cash and investments 536,278
Total cash and investments 49,517,541 $
Cash and investments as of June 30, 2025 consist of the following:
Petty cash 2,300 $
Deposits with financial institutions 4,547,309
Investments 44,967,932
Total cash and investments 49,517,541 $
Investments Authorized by the California Government Code and the City’s Investment Policy The City’s investment policy does not contain any specific provisions intended to limit the City’s exposure to interest rate risk, credit risk, and concentration of credit risk.
The table below identifies the investment types that are authorized for the City by the California Government Code and the City’s investment policy. The table also identifies certain provisions of the California Government Code (or the City’s investment policy, if more restrictive) that address interest rate risk and concentration of credit risk. This table does not address investments of debt proceeds held by the fiscal agent that are governed by the provisions of debt agreements of the City, rather than the general provisions of the California Government Code or the City’s investment policy.
Investment Types
Authorized by State Law
Authorized by
investment
policy
Maximum
maturity*
Maximum
percentage of
portfolio*
Maximum
investment in
one issuer*
Local Agency Bonds Yes 5 years 10% None
US Treasury Obligations Yes 5 years None None
US Agency Securities Yes 5 years None None
Bankers' acceptances Yes 180 days 40% 30%
Commercial paper Yes 270 days 25% 10%
Negotiable certificates of deposit Yes 5 years 30% None Repurchase agreements Yes 92 days 20% None
Reverse repurchase agreements No 91 days None None
Medium-term notes No 91 days None None
Mortgage pass-through securities No 5 years 20% None
County pooled investment funds No N/A None None
Local Agency Investment Funds (LAIF) Yes N/A None 75, $ 000,000 JPA Pools (other investment pools) No N/A None None
* Based on state law requirements or investment policy requirements, whichever is more restrictive
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-37-
2. CASH AND INVESTMENTS, (continued)
Investments Authorized by Debt Agreements
Investments of debt proceeds held by bond trustee are governed by provisions of the debt agreements, rather than the general provisions of the California Government Code or the City’s investment policy. The table below identifies the investment types that are authorized for investments held by the bond trustee. The table also identifies certain provisions of these debt agreements that address interest rate risk, credit risk, and concentration of credit risk.
Authorized investment type
Maximum
maturity
Maximum
percentage of
portfolio
Maximum
investment
in one issuer
US Treasury Obligations None None None
US Agency Securities None None None
Money market funds None None None
Certificates of deposit secured by collateral None None None Interest-bearing deposit accounts None None None
Investment agreements None None None
Commercial paper None None None
Municipal bonds or notes None None None
State bonds or notes None None None
Bankers' acceptances 1 year None None
Repurchase agreements 30 days None None
Concentration of Credit
The investment policy of the City contains no limitations on the amount that can be invested in any one issuer beyond that stipulated by the California Government Code. As of June 30, 2025, there were no investments in any one issuer (other than US Treasury securities and external investment pools) that represents 5% or more of total City investments.
Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates which will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. One of the ways that the City manages its exposure to interest rate risk is by purchasing a combination of short-term and long-term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing, or coming close to maturity evenly over time, as necessary to provide cash flow and liquidity needed for operations.
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-38-
2. CASH AND INVESTMENTS, (continued)
Interest Rate Risk, (continued)
Information about the sensitivity of the fair values of the City’s investments (including investments held by fiscal agent) to market interest rate fluctuations is provided by the following table that shows the distribution of the City’s investment by maturity:
Investment type Total 12 or less 13 -24 25 - 60
State investment pool 41,104,167 $ 41,104,167 $ - $ - $ US Treasury Bills 1,349,465 1,349,465 - -
US Treasury Notes 2,514,300 1,517,765 996,535 -
Total 44,967,932 $ 43,971,397 $ 996,535 $ - $
Investment maturities (in months)
Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Presented below is the minimum rating required by (where applicable) the California Government Code, the City’s investment policy or debt agreements, and the actual rating as of year-end for each investment type.
Minimum
legal Not
Investment type Total rating AAA rated
State investment pool 41,104,167 $ N/A - $ 41,104,167 $ US Treasury Bills 1,349,465 N/A 1,349,465 -
US Treasury Notes 2,514,300 N/A 2,514,300 -
Total 44,967,932 $ 3,863,765 $ 41,104,167 $
Ratings as of year-end
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-39-
2. CASH AND INVESTMENTS, (continued)
Custodial Credit Risk
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g., broker-dealer) to a transaction, a government will not be able to recover the value of its investment or collateral securities that are in the possession of another party. The California Government Code and the City’s investment policy do not contain legal or policy requirements that would limit the exposure to custodial credit risk for deposits or investments, other than the following provision for deposits:
The California Government Code requires that a financial institution secure deposits made by state or local governmental units by pledging securities in an undivided collateral pool held by a depository regulated under state law (unless so waived by the governmental unit). The market value of the pledged securities in the collateral pool must equal at least 110% of the total amount deposited by the public agencies. California law also allows financial institutions to secure City deposits by pledging first trust deed mortgage notes having a value of 150% of the secured public deposits. As of June 30, 2025, none of the City’s deposits with financial institutions in excess of federal depository insurance limits were held in uncollateralized accounts.
Investment in State Investment Pool
The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is regulated by the California Government Code Section 16429 under the oversight of the Treasurer of the State of California. The fair value of the City’s investment in this pool is reported in the accompanying financial statements at amounts based upon the City’s pro rata share of the fair value provided by LAIF for the entire LAIF portfolio (in relation to the amortized cost of that portfolio). The balance available for withdrawal is based on the accounting records maintained by LAIF, which are recorded on an amortized cost basis. LAIF has a minimum $5,000 transaction amount in increments of $1,000 with a maximum of 15 transactions (combination of deposits and withdrawals) per month. LAIF requires a one-day prior notice for deposits and withdrawals of $10 million or more.
Fair Value Measurements
The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset.
Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs.
Investment type Total Level 1 Level 2 Level 3
US Treasury Bills 1,349,465 $ - $ 1,349,465 $ - $
US Treasury Notes 2,514,300 - 2,514,300 -
Sub-total 3,863,765 - $ 3,863,765 $ - $
Investments not subject to fair value hierarchy:
State investment pool 41,104,167
Total 44,967,932 $
Fair value measurement
Level 2 investments are valued using a Continuous Fixed Income Evaluated Pricing service.
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-40-
3. INTERFUND BALANCES AND TRANSFERS
A. Due To/Due From
At June 30, 2025, the City had the following short-term interfund receivables and payables:
Receivable Payable Amount
General Fund Non-Major Governmental Funds 50,363 $
The interfund amounts are for short-term loans to cover temporary cash deficits.
B. Transfers
At June 30, 2025, the City had the following transfers:
Transfers out Transfers in Amount
General Fund Non-major Governmental Funds 1,960,000 $
General Fund Water Fund 26,065
Non-major Governmental Funds Non-major Governmental Funds 25,000 Total 2,011,065 $
a. $1,960,000 from General Fund to non-major governmental funds to fund street capital expenditures as a match requirement, and to reimburse a grant fund for unallowed expenditures. b. $26,065 transfer from the General Fund to the Water Fund to subsidize low-income discount. c. $25,000 transfer from Robert Day Trust Fund to the Library Gift and Memorial Fund as approved by the Library Board of Trustees.
4. FUND DEFICIT
The following funds reported deficits in fund balance at June 30, 2025:
Description Deficit balance
Non-major Governmental Funds:
Homeland Security Fund 45,163 $
Community Development Block Grant 8,898
The deficits in the funds are due to expenditures being incurred before the revenue has been received.
5. LEASES RECEIVABLE
As of June 30, 2025, the City had various active leases. The leases have receipts of $42,548 and an interest rate of
0.9800%. As of June 30, 2025, the total combined value of the lease receivable is $24,255, and the value of the deferred inflow of resources is $19,634.
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-41-
6. CAPITAL ASSETS
A. Governmental Activities
A summary of changes in the governmental activities capital assets at June 30, 2025 is as follows:
Beginning Ending
Governmental activities: balance Additions Deletions balance Capital assets, not being depreciated:
Land 162,275,945 $ - $ - $ 162,275,945 $
Trees 1,206,214 - - 1,206,214
Construction in progress 5,077,392 5,456,475 (643,541) 9,890,326 Total capital assets, not being
depreciated 168,559,551 5,456,475 (643,541) 173,372,485 Capital assets, being depreciated
and amortized
Structures and improvements 14,123,406 870,277 (75,795) 14,917,888 Machinery and equipment 5,613,686 1,129,955 (52,831) 6,690,810 Infrastructure 29,519,524 91,182 - 29,610,706
Right-to-use lease equipment 40,692 - (16,375) 24,317
Right-to-use subscription 76,790 40,194 (52,748) 64,236 Total capital assets, being
depreciated and amortized 49,374,098 2,131,608 (197,749) 51,307,957 Less accumulated depreciation
and amortization
Structures and improvements (7,925,991) (236,186) 48,552 (8,113,625) Machinery and equipment (3,903,999) (321,129) 52,831 (4,172,297) Infrastructure (19,564,925) (1,088,736) - (20,653,661)
Right-to-use lease equipment (19,486) (4,891) 16,375 (8,002) Right-to-use subscription (58,719) (22,059) 52,748 (28,030) Total accumulated depreciation
and amortization (31,473,120) (1,673,001) 170,506 (32,975,615) Total capital assets being depreciated
and amortized 17,900,978 458,607 (27,243) 18,332,342
Governmental activities,
capital assets, net 186,460,529 $ 5,915,082 $ (670,784) $ 191,704,827 $
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-42-
6. CAPITAL ASSETS, (continued)
A. Governmental Activities, (continued)
Depreciation and amortization expense was charged to functions/programs of the City’s governmental activities as follows:
Governmental activities:
General government 78,130 $
Public safety 224,296
Public works 1,187,117
Culture and recreation 183,458
Total 1,673,001 $
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CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-43-
6. CAPITAL ASSETS, (continued)
B. Business-type Activities
A summary of changes in the business-type activities capital assets at June 30, 2025 is as follows:
Beginning Ending
Business-type activities: balance Additions Deletions balance Capital assets, not being depreciated:
Land 1,483,250 $ - $ - $ 1,483,250 $
Construction in progress 135,223 498,267 - 633,490
Total capital assets, not being
depreciated 1,618,473 498,267 - 2,116,740
Capital assets, being depreciated:
Structures and improvements 821,290 - - 821,290
Machinery and equipment 1,312,175 225,667 (12,500) 1,525,342 Infrastructure 54,854,951 - - 54,854,951
Total capital assets, being
depreciated 56,988,416 225,667 (12,500) 57,201,583
Structures and improvements (726,748) (19,395) - (746,143) Machinery and equipment (1,098,828) (34,100) 12,500 (1,120,428) Infrastructure (25,119,790) (937,206) - (26,056,996)
Total accumulated depreciation (26,945,366) (990,701) 12,500 (27,923,567) Total capital assets being depreciated 30,043,050 (765,034) - 29,278,016 Business-type activities,
capital assets, net 31,661,523 $ (266,767) $ - $ 31,394,756 $ Depreciation expense was charged to functions/programs of the City’s business-type activities as follows:
Business-type activities:
Water 818,909 $
Sewer 171,792
Total 990,701 $
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-44-
7. LONG-TERM LIABILITIES
A. Governmental Activities
A summary of changes in the governmental activities long-term liabilities at June 30, 2025 is as follows:
Beginning Additions/ Ending Due within Due more
Governmental activities: balance Adjustments Deletions balance one year than one year Lease liability 20,752 $ - $ (4,614) $ 16,138 $ 4,775 $ 11,363 $ Subscription liability 12,353 40,194 (21,607) 30,940 17,667 13,273 Compensated absences 1,169,888 683,854 (757,030) 1,096,712 219,342 877,370 Total 1,202,993 $ 724,048 $ (783,251) $ 1,143,790 $ 241,784 $ 902,006 $ Lease Liability
As of June 30, 2025, the City had 1 active lease. The lease has payments of $5,271 and an interest rate of 3.4510%.
As of June 30, 2025, the total combined value of the lease liability is $16,138. The combined value of the right-touse asset, as of June 30, 2025 of $24,317 with accumulated amortization of $8,002 is included with the right-touse lease equipment in the capital assets note.
Annual debt service requirements are as follows:
Year ending
June 30, Principal Interest Total
2026 4,775 $ 496 $ 5,271 $
2027 4,942 329 5,271
2028 5,115 156 5,271
2029 1,306 11 1,317
Totals 16,138 $ 992 $ 17,130 $
Subscription Liabilities
As of June 30, 2025, the City had 7 active subscriptions. The subscriptions have payments that range from $735 to $14,158 and interest rates that range from 1.8937% to 3.0670%. As of June 30, 2025, the total combined value of the subscription liability is $30,940. The combined value of the right-to-use asset, as of June 30, 2025 of $64,236 with accumulated amortization of $28,030 is included with the right-to-use subscription in the capital assets note.
Annual debt service requirements are as follows:
Year ending
June 30, Principal Interest Total
2026 17,667 $ 909 $ 18,576 $
2027 13,273 407 13,680
Totals 30,940 $ 1,316 $ 32,256 $
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
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7. LONG-TERM LIABILITIES, (continued)
B. Business-type Activities
A summary of changes in the Business-type Activities long-term liabilities at June 30, 2025 is as follows:
Beginning Ending Due within Due more
Business-type activities: balance Additions Deletions balance one year than one year Long-term debt
Direct borrowings:
2017 Installment agreement 4,327,533 $ - $ (389,722) $ 3,937,811 $ 403,878 $ 3,533,933 $ Loan payable to SGVMWD 2,700,000 - (540,000) 2,160,000 270,000 1,890,000 Subtotal long-term debt 7,027,533 - (929,722) 6,097,811 673,878 5,423,933 Other long-term liabilities
Compensated absences 282,442 120,163 (143,844) 258,761 51,752 207,009 Subtotal other long-term
liabilities 282,442 120,163 (143,844) 258,761 51,752 207,009 Total long-term liabilities 7,309,975 $ 120,163 $ (1,073,566) $ 6,356,572 $ 725,630 $ 5,630,942 $ 2017 Installment Agreement $6,761,977 – direct borrowing In October 2017, the City entered into an installment agreement to issue debt totaling $6,761,977. The purpose of the issuance was to pay off the outstanding principal of the 1998 A Series and 2003 Series bonds. The interest and principal are due semi-annually with payments due on April 30 and October 31 each year. Principal payments will be made through October 31, 2033 in amounts ranging from $158,711 to $266,253. Principal and interest payments range from $272,078 to $405,215. The interest rate of the debt is currently 4.10%.
The City has pledged all of the net water revenues (as described in the agreement) to the payment of the debt until paid in full. The current year debt service was $389,722 and the net revenues were $3,871,244.
In the event of default, the lender, at its option upon notice to the City, may declare the entire principal amount of the unpaid 2017 Installment Agreement and any accrued interest thereon to be accelerated and immediately due and payable, whereupon the same shall immediately become due and payable.
The outstanding balance is $3,937,811 at June 30, 2025.
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-46-
7. LONG-TERM LIABILITIES, (continued)
B. Business-type Activities (continued)
Annual debt service requirements on this debt are as follows:
Year ending
June 30, Principal Interest Total
2026 403,878 $ 157,374 $ 561,252 $
2027 418,549 140,666 559,215
2028 433,752 123,351 557,103
2029 449,508 105,407 554,915
2030 465,836 86,812 552,648
2031 - 2034 1,766,288 147,424 1,913,712
Totals 3,937,811 $ 761,034 $ 4,698,845 $
Loan Payable to San Gabriel Valley Municipal Water District $2,700,000 – direct borrowing The City has identified three water main infrastructure replacement projects. Therefore, the City entered into a loan agreement with the San Gabriel Valley Municipal Water District to fund a portion of the project cost in the amount up to $2,700,000. As of June 30, 2025, the City reported a loan payable of $2,160,000. Payments are due in ten annual installments beginning one year after the Notice of Completion is approved by City Council. The loan bears no interest unless there is an event of default in payment, at which time interest would begin to accrue at the rate of 6% per annum.
Annual debt service requirements on this debt are as follows:
Year ending
June 30, Principal
2026 270,000 $
2027 270,000
2028 270,000
2029 270,000
2030 270,000
2031 - 2032 810,000
Totals 2,160,000 $
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
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8. NET POSITION AND FUND BALANCES
A. Fund Balance Classification
In accordance with generally accepted accounting principles, the City’s fund balances are as follows:
General Target State Non-Major
Fund Grant Library Governmental Funds Total
Restricted for:
Public works - $ - $ 2,555,119 $ 2,555,119 $
Public safety 31,045 - 304,271 335,316
Community services/development - 606,517 4,447,233 5,053,750 Streets projects - - 1,684,671 1,684,671
Culture and recreation - - 866,152 866,152
Section 115 Trust 455,176 - - 455,176
Committed to:
Debt service - - 13,338 13,338
Unassigned 13,516,644 - (54,061) 13,462,583
Total fund balance 14,002,865 $ 606,517 $ 9,816,723 $ 24,426,105 $ The City Council has adopted a minimum fund balance policy for the General Fund. The intent of the policy is to maintain a minimum unassigned fund balance. The policy requires 25% of General Fund expenditures be set aside.
As of June 30, 2025, the amount set aside was $4,430,856 and is reported as unassigned fund balance.
B. Net Position Classification
In accordance with generally accepted accounting principles, the City’s restricted net position is as follows:
Description
Restricted:
Culture and recreation $ - 866,152 $ 866,152 $
Development services - 5,053,750 5,053,750
Public safety - 335,316 335,316
Public works - 4,239,790 4,239,790
Section 115 Trust 477,803 58,475 536,278
Total restricted net position 10,972,811 $ 58,475 $ 11,031,286 $ Governmental
Activities
Business-type
Activities Total
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-48-
8. NET POSITION AND FUND BALANCES, (continued)
C. Net Investment in Capital Assets
Net position for governmental activities and business-type activities is classified as 1) net investment in capital assets, 2) restricted, or 3) unrestricted. Net position that was classified as net investment in capital assets as of June 30, 2025, was determined as follows:
Governmental
Activities
Capital assets, net of accumulated depreciation 191,704,827 $ Less capital related debt balance:
Lease and subscription liabilities (47,078)
Retention payable (244,043)
Net investment in capital assets $ 191,413,706
Total
Enterprise
Water Sewer Funds
Capital assets, net of accumulated depreciation 28,926,976 $ 2,467,780 $ 31,394,756 $ Less capital related debt balance:
Outstanding principal balance of 2017 Installment Agreement and Loan Payable to SGVMWD (6,097,811) - (6,097,811)
Retention payable (124,147) - (124,147)
Net investment in capital assets 22,705,018 $ 2,467,780 $ 25,172,798 $ Business-type Activities
9. RISK MANAGEMENT
The City of Sierra Madre is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters for which the Member entity obtains insurance coverage.
The City of Sierra Madre is a Member of the California Intergovernmental Risk Authority (CIRA), a joint powers authority, which provides joint protection programs for public entities covering automobile, general liability, errors and omission losses, workers’ compensation, and property claims. Under the General Liability program, the City has a $25,000 retention limit similar to a deductible, with the Authority being responsible for losses above that amount up to $1 million. The Authority has additional coverage of $39 million in excess of its $1 million retention limit through affiliated risk management authorities. The Authority also provides $600 million aggregate property coverage to its members with such coverage provided by purchased insurance.
Liabilities of the member entity are reported when it is probable that a loss has occurred, and the amount of the loss can be reasonably estimated. Liabilities include an amount for claims that have been incurred but not reported (IBNRs). The result of the process to estimate the claims liability is not an exact amount as it depends on many complex factors, such as inflation, changes in legal doctrines, and damage awards. Accordingly, claims are reevaluated periodically to consider the effects of economic and social factors. The estimate of the claims liability also includes amounts for incremental claim adjustment expenses related to specific claims and other claim adjustment expenses regardless of whether allocated to specific claims. Estimated recoveries, for example, from salvage or subrogation, are another component of the claims liability estimate.
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-49-
9. RISK MANAGEMENT, (continued)
The Authority covers workers’ compensation claims up to its self-insurance limit of $500,000. Safety National and Gray Insurance Company provide excess coverage to statutory limits. Financial Statements of CIRA may be obtained from its administrative office located at 2330 E. Bidwell Street, Suite 150, Folsom, CA 95630; www.cirajpa.org or by calling (916) 927-7727.
Adequacy of Protection
During the past three fiscal years, none of the above programs of protection experienced settlements or judgments that exceeded pooled or insured coverage. There were also no significant reductions in pooled or insured liability coverage in 2024-25.
10. DEFERRED COMPENSATION PLAN
The City has made available to its employees a deferred compensation plan (Plan). The Plan permits employees to defer a portion of their salary until future years. All amounts of compensation deferred under the Plan, all property and rights purchased with those amounts, and all income attributable to those amounts are held in such trust accounts for the exclusive benefit of the employee participants and their beneficiaries. The accumulated assets of the Plan are not required to be reported in the accompanying financial statements.
11. DEFINED BENEFIT PENSION PLAN
A. General Information about the Pension Plan
Plan Description
All qualified permanent and probationary employees are eligible to participate in the Public Agency Cost-Sharing Multiple-Employer Defined Benefit Pension Plan (Plan or PERF C) administered by the California Public Employees’ Retirement System (CalPERS.) The Plan consists of a miscellaneous pool and a safety pool (also referred to as “risk pools”), which are comprised of individual employer miscellaneous and safety rate plans, respectively. Plan assets may be used to pay benefits for any employer rate plan of the safety and miscellaneous pools. Accordingly, rate plans within the safety or miscellaneous pools are not separate plans under generally accepted accounting principles. Individual employers may sponsor more than one rate plan in the miscellaneous or safety risk pools.
The City participates in five rate plans (two miscellaneous and three safety). Benefit provisions under the Plan are established by State statute and City resolution. CalPERS issues publicly available reports that include a full description of the pension plan regarding benefit provisions, assumptions and membership information that can be found on the CalPERS’ website, at www.calpers.ca.gov.
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-50-
11. DEFINED BENEFIT PENSION PLAN, (continued)
A. General Information About the Pension Plan, (continued) Benefits Provided
CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full-time employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members are eligible for non-duty disability benefits after 5 years of service. The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost-of-living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law.
The Plan operates under the provisions of the California Public Employees’ Retirement Law (PERL), the California Public Employees’ Pension Reform Act of 2013 (PEPRA), and the regulations, procedures and policies adopted by the CalPERS Board of Administration. The Plan’s authority to establish and amend the benefit terms are set by the PERL and PEPRA, and may be amended by the California state legislature and in some cases require approval by the CalPERS Board.
The Plans’ provisions and benefits in effect at June 30, 2025 are summarized as follows:
Hire date
Prior to
January 1, 2013
On or after
January 1, 2013
Benefit formula 2.5% @ 55 2% @ 62
Benefit vesting schedule 5 years service 5 years service Benefit payments monthly for life monthly for life
Retirement age 50 - 57 52 - 67
Monthly benefits, as a % of eligible compensation 2.0% to 2.5% 1.0% to 2.5% Required employer contribution rates 14.99% 8.18%
Hire date
Prior to
January 1, 2013
On or after
January 1, 2013
Benefit formula 3% @ 55 2.7% @ 57
Benefit vesting schedule 5 years service 5 years service Benefit payments monthly for life monthly for life
Retirement age 50 - 55 50 - 57
Monthly benefits, as a % of eligible compensation 2.4% to 3.0% 2.0% to 2.7% Required employer contribution rates 26.29% 14.72%
Miscellaneous
Safety
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-51-
11. DEFINED BENEFIT PENSION PLAN, (continued)
A. General Information About the Pension Plan, (continued) Contributions
Section 20814(c) of the California Public Employees’ Retirement Law (PERL) requires that the employer contribution rates for all public employers are determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. The total plan contributions are determined through CalPERS’ annual actuarial valuation process. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The employer is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. Employer contribution rates may change if plan contracts are amended.
Payments made by the employer to satisfy contribution requirements that are identified by the pension plan terms as plan member contribution requirements are classified as plan member contributions. Employer Contributions to the Plan for the fiscal year ended June 30, 2025 were $1,768,848.
B. Net Pension Liability
The City’s net pension liability for the Plan is measured as the total pension liability, less the pension plan’s fiduciary net position. The net pension liability of the Plan is measured as of June 30, 2024, using an annual actuarial valuation as of June 30, 2023 rolled forward to June 30, 2024 using standard update procedures. A summary of principal assumptions and methods used to determine the net pension liability is as follows.
Actuarial Methods and Assumptions Used to Determine Total Pension Liability The collective total pension liability for the June 30, 2024 measurement period was determined by an actuarial valuation as of June 30, 2023, with update procedures used to roll forward the total pension liability to June 30, 2024. The collective total pension liability was based on the following assumptions.
Valuation date June 30, 2023
Measurement date June 30, 2024
Actuarial cost method Entry Age Acturial Cost Method
Asset valuation method Fair Value of Assets
Actuarial assumptions:
Discount rate
Inflation 2.30%
Salary increases Varies by Entry Age and Service
Mortality rate table (1)
Post retirement benefit increase
5.90%
Derived using CALPERS' membership
data for all Funds
The lesser of contract COLA or 2.30%
until Purchasing Power Protection
Allowance floor on purchasing
power applies, 2.3% thereafter.
(1) The mortality table used was developed based on CalPERS-specific data. The probabilities of mortality are based on the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. Mortality rates incorporate full generational mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries. For more details on this table, please refer to the 2021 experience study report from November 2021 that can be found on the CalPERS website.
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-52-
11. DEFINED BENEFIT PENSION PLAN, (continued)
B. Net Pension Liability, (continued)
Long-term Expected Rate of Return
The long-term expected rate of return on pension plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.
In determining the long-term expected rate of return, CalPERS took into account both short-term and long-term market return expectations. Using historical returns of all of the funds’ asset classes, expected compound (geometric) returns were calculated over the next 20 years using a building-block approach. The expected rate of return was then adjusted to account for assumed administrative expenses of 10 Basis points.
The expected real rates of return by asset class are as follows:
Asset class
Assumed asset
allocation Real return 1, 2
Global equity - cap-weighted 30% 4.54%
Global equity - non-cap-weighted 12% 3.84%
Private equity 13% 7.28%
Treasury 5% 0.27%
Mortgage-backed securities 5% 0.50%
Investment grade corporates 10% 1.56%
High yield 5% 2.27%
Emerging market debt 5% 2.48%
Private debt 5% 3.57%
Real assets 15% 3.21%
Leverage (5%) (0.59%)
2 Figures are based on the 2021-22 Asset Liability Management study. 1 An expected inflation of 2.30% used for this period.
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-53-
11. DEFINED BENEFIT PENSION PLAN, (continued)
B. Net Pension Liability, (continued)
Discount Rate
The discount rate used to measure the total pension liability for PERF C was 6.90%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability.
Subsequent Events
There were no subsequent events that would materially affect the results presented in this disclosure.
Pension Plan Fiduciary Net Position
Information about the pension plan’s assets, deferred outflows of resources, liabilities, deferred inflows of resources, and fiduciary net position are presented in CalPERS’ audited financial statements, which are publicly available reports that can be obtained at CalPERS’ website, at www.calpers.ca.gov. The plan’s fiduciary net position and additions to/deductions from the plan’s fiduciary net position have been determined on the same basis used by the pension plan, which is the economic resources measurement focus and the accrual basis of accounting.
Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. Investments are reported at fair value.
C. Proportionate Share of Net Pension Liability
The following table shows the Plans’ proportionate share of the net pension liability over the measurement period.
Plan Total Pension
Liability
(a)
Plan Fiduciary Net
Position
(b)
Plan Net Pension
Liability / (Asset)
(c ) = (a) - (b)
Balance at: 6/30/2023 (VD*) 68,870,976 $ 59,374,651 $ 9,496,325 $ Balance at: 6/30/2024 (MD*) 73,393,246 64,293,331 9,099,915 Net Changes during 2023-24 4,522,270 4,918,680 (396,410) Increase (decrease)
* Valuation Date (VD), Measurement Date (MD)
The City’s proportion of the net pension liability was determined by CalPERS using the output from the Actuarial Valuation System and the fiduciary net position, as provided in the CalPERS Public Agency Cost-Sharing Allocation Methodology Report, which is a publicly available report that can be obtained at CalPERS’ website, at www.calpers.ca.gov.
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-54-
11. DEFINED BENEFIT PENSION PLAN, (continued)
C. Proportionate Share of Net Pension Liability, (continued) The City’s proportionate share of the net pension liability for the Plan as of the June 30, 2023 and 2024 measurement dates was as follows:
Misc. Safety Total
Proportion - June 30, 2023 0.10509% 0.05674% 0.07612%
Proportion - June 30, 2024 0.10486% 0.05525% 0.07504%
Change - increase/(decrease) -0.00023% -0.00149% -0.00108% Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate The following presents the City’s proportionate share of the net pension liability/(asset) of the Plan as of the measurement date, calculated using the discount rate of 6.9 percent, as well as what the net pension liability would be if it were calculated using a discount rate that is 1 percentage-point lower (5.9 percent) or 1 percentagepoint higher (7.9 percent) than the current rate:
Discount rate -1% Current discount rate Discount rate +1%
5.90% 6.90% 7.90%
Net Pension Liability / (Asset) - Misc. 10,630,935 $ 5,071,761 $ 495,742 $ Net Pension Liability / (Asset) - Safety 8,426,095 4,028,154 431,257 Net Pension Liability / (Asset) - Total 19,057,030 $ 9,099,915 $ 926,999 $ Amortization of Deferred Outflows and Deferred Inflows of Resources Gains and losses related to changes in total pension liability and fiduciary net position are recognized in pension expense systematically over time.
The first amortized amounts are recognized in pension expense for the year the gain or loss occurs. The remaining amounts are categorized as deferred outflows and deferred inflows of resources related to pensions and are to be recognized in future pension expense.
The amortization period differs depending on the source of the gain or loss:
Net difference between projected
and actual earnings on pension plan
investments
5 year straight-line amortization
All other amounts Straight-line amortization over the expected average remaining service lives (EARSL) of all members that are provided with benefits (active, inactive and retired) as of the beginning of the measurement period
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-55-
11. DEFINED BENEFIT PENSION PLAN, (continued)
D. Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions As of the start of the measurement period (July 1, 2023), the City’s net pension liability was $9,496,325. For the measurement period ending June 30, 2024 (the measurement date), the City incurred a pension expense of $3,277,326.
As of June 30, 2025, the City has deferred outflows and deferred inflows of resources related to pensions as follows:
Deferred outflows
of resources
Deferred inflows
of resources
Changes of assumptions $ - 229,600 $
Differences between expected and actual
experience 27,799 767,234
Differences between projected and actual
investment earnings - 486,678
Differences between employer's contributions
and proportionate share of contributions 1,371,252 -
Change in employer's proportion - 1,653,681
Pension contributions made subsequent to
measurement date - 1,768,848
Totals 4,906,041 $ 1,399,051 $
The amounts above are net of outflows and inflows recognized in the 2023-24 measurement period expense.
Contributions subsequent to the measurement date of $1,768,848 reported with deferred outflows of resources will be recognized as a reduction of the net pension liability in the upcoming fiscal year. Other amounts reported as deferred outflows and deferred inflows of resources related to pensions will be recognized in future pension expense as follows:
Fiscal year ending June 30: Misc. Safety Total
2026 515,091 $ 492,745 $ 1,007,836 $
2027 483,313 467,411 950,724
2028 (79,627) 25,883 (53,744)
2029 (100,056) (66,618) (166,674)
2030 - - -
Thereafter - - -
$ 919,421 818,721 $ 1,738,142 $
E. Payable to the Pension Plan
At June 30, 2025, the City reported a payable of $10,356 for the outstanding amount of contributions to the pension plan required for the year then ended.
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-56-
12. DEFINED CONTRIBUTION PENSION PLAN
The City provides pension benefits for all of its part-time employees through a defined contribution plan. In a defined contribution plan, benefits depend solely on amounts contributed to the plan plus investment earnings.
The plan is administered as part of the Accumulation Program for Part-time and Limited-service Employees (The APPLE Plan) all part-time employees are eligible to participate from the date of employment. Federal legislation requires contributions of at least 7.5% to a retirement plan; the employee pays the entire 7.5% of the contribution.
The contributions for each employee (and interest earned by the accounts) are fully vested immediately. The 457(b) pension plan for part-time employees was implemented in response to the Omnibus Reconciliation Act of 1990 (OBRA 90) that required all part-time employees working for governmental agencies to include these employees in Social Security (Old Age Security and Disability Insurance - OASDI) or a qualified alternative to Social Security covered under section IRC 3121.
For the year ended June 30, 2025, the City’s payroll covered by the plan was $297,301. The employees contributed 100% of the contributions.
13. COMMITMENTS AND CONTINGENCIES
A. Grant Audits
The City participates in Federal and State grant programs. No cost disallowance is expected, as a result of these audits; however, these programs are subject to further examination by the grantors. Expenditures, if any, which may be disallowed by the granting agencies, cannot be determined at this time. The City expects such amounts, if any, to be immaterial.
B. Litigation
The City is presently involved in certain matters of litigation that have arisen in the normal course of conducting City business. City management believes, based upon consultation with the City Attorney, that these cases, in the aggregate, are not expected to result in a material adverse financial impact on the City beyond that already accrued in the basic financial statements. Additionally, City management believes that sufficient resources are available to the City to cover any potential losses, should an unfavorable outcome arise.
C. Compliance with Laws and Regulations
The City has complied with the California State Controller’s requirements by filing its audited financial statements in a timely manner. Management is working to prepare and file the audited financial statements to fulfill such regulatory requirements.
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-57-
14. OTHER POST EMPLOYMENT EMPLOYEE BENEFITS
Plan Description
The City administers an agent-multiple employer defined benefit plan which provides medical benefits to eligible retirees and their spouses. Medical coverage is currently provided through CalPERS as permitted under the Public Employees’ Medical and Hospital Care Act (PEMHCA). This coverage requires the employee to satisfy the requirements for retirement under CalPERS: either (a) attainment of age 50 (age 52, if new to PERS on or after January 1, 2013) with 5 years of State or public City service or (b) approved disability retirement. The Plan does not issue separate financial statements.
Benefits Provided
The City has participated in the CalPERS medical program since 1995 for all employees other than Police Officer’s Association (POA) employees, and since 1999 for POA employees. As such, the City is obligated to contribute toward the cost of retiree medical coverage for the retiree’s and spouse’s lifetime so long as they remain eligible for and covered by this medical program. The City provides additional benefits based on employee agreements beyond those required under PEMHCA. The following is a summary of these benefits:
All employees who retire from the City (including disability retirement) and continue coverage in the CalPERS medical program are eligible for the benefit provided in the PEMHCA resolutions. Those resolutions provide for the City to contribute toward retiree premiums by multiplying together the following items: 5% times the number of prior years the City has been contracted with PEMHCA times The monthly contracted PEMCHA contribution the employer makes towards active employee health benefits, which was $158 per month in 2025.
The City’s monthly PEMCHA contribution toward health plan benefits for retirees as of the June 30, 2024 measurement date is $158 for all retirees, since all employee groups have been contracted with CalPERS for over 20 years.
In addition to the benefits described above, the City also provides the following monthly subsidy toward retiree (single coverage) medical premiums until the retiree reaches age 65. For CEA (and other non-POA) employees hired before October 15, 1995 and POA employees hired on or before December 22, 2011 who meet the requirements for CalPERS retirement (including industrial disability retirement), 5% times the number of years worked for the City (up to a maximum of 100%) times the lowest premium in Region 3.
For CEA (and other non-POA) employees hired on or after October 15, 1995 and POA employees hired after December 22, 2011 who retire (including disability retirement) at age 60 or older with at least 30 years of service with the City, 100% of the actual premium in Region 3.
The lowest cost HMO plan premium in the Region 3 available to retirees in 2025 is the Health Net Salud y Mas plan with a monthly premium of $714.40.
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-58-
14. OTHER POST EMPLOYMENT EMPLOYEE BENEFITS, (continued) Employee covered
As of the June 30, 2023 valuation, the following current and former employees are covered by the benefit terms under the plan:
Active employees 94
Inactive employees entitle to but not receiving benefits 22 Inactive employees or beneficiaries currently receiving benefits 22 Total 138
Contributions
The contribution requirements of plan members and the City are established and may be amended by the City Council. The City makes contributions to eligible retirees for their medical plan premiums when the retiree enrolls in a City sponsored health plan. The current monthly amount paid by the City varies depending on the retiree’s bargaining unit at retirement. These amounts do not increase in future years to account for inflation. The City provided amounts are detailed in the Summary of Principal Plan Provisions. For the fiscal year ended June 30, 2025, the City’s contributions to the trust were $30,208, cash contributions were $70,777 in payments for premiums and $52,424 in implicit subsidy payment. The City voluntarily prefunds its annual contribution requirement (i.e. to set aside funds in advance of when medical premiums become due).
Net OPEB liability/(asset)
The City’s net OPEB liability/(asset) was measured as of June 30, 2024 and the total OPEB liability used to calculate the net OPEB liability/asset was determined by an actuarial valuation dated June 30, 2023, based on the following actuarial methods and assumptions:
Discount rate 5.90%
Inflation 2.50%
Salary increases 3.00%
Mortality rate MacLeod Watts Scale 2022 applied generationally Healthcare trend 6.0% to 3.9% for 2025 and beyond
Changes of Assumptions
Trust rate of return and
discount rate For accounting purposes: Increased from 5.6% to 5.9%.
Demographic Assumptions Updated demographic assumptions from 2019 to the 2021 CalPERS experience study.
Healthcare Trend Updated to the Getzen model which was published by the Society of Actuaries.
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-59-
14. OTHER POST EMPLOYMENT EMPLOYEE BENEFITS, (continued) Discount rate
The discount rate used to measure the total OPEB liability/(asset) was 5.9% percent. The discount rate is the expected long-term return on trust assets. The projection of cash flows used to determine the discount rate assumed that City contributions will be made at rates equal to the actuarially determined contribution rates.
The following table reflects long-term expected real rate of return by asset class. The rate of return was calculated using the capital market assumptions applied to determine the discount rate and asset allocation.
Asset class
Current target
allocation
Expected long-term
rate of return
Global equity 34.0% 7.10%
Fixed income 41.0% 5.00%
REIT's 17.0% 6.40%
Treasury inflation
protected securities 5.0% 3.80%
Commodities 3.0% 4.40%
Total 100%
Changes in the net OPEB liability/(asset)
The changes in the net OPEB liability for the plan are as follows:
Net OPEB
Total OPEB Plan fiduciary liability/(asset)
liability (a) net position (b) (a)-(b)=(c)
Balance at June 30, 2024
(measurement date June 30, 2023) 2,411,910 $ 2,167,916 $ 243,994 $ Changes recognized for the measurement period:
Service cost 125,693 - 125,693
Interest cost 139,429 - 139,429
Difference between the expected
and the actual experience 129,617 - 129,617
Changes of assumptions (87,848) - (87,848)
Employer contributions - 149,706 (149,706)
Net investment income - 177,911 (177,911)
Benefit payments (95,584) (95,584) -
Administrative expenses - (698) 698
Net changes 231,335 211,307 (20,028)
Balance at June 30, 2025
(measurement date June 30, 2024) 2,623,217 $ 2,399,251 $ 223,966 $
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-60-
14. OTHER POST EMPLOYMENT EMPLOYEE BENEFITS, (continued) Sensitivity of the Net OPEB Liability/(Asset) to Changes in the Discount Rate The following presents the net OPEB liability of the City if it were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2024:
Discount rate
1% decrease Current rate 1% increase
Net OPEB liability/(asset) 536,141 $ 223,966 $ (37,393) $ Sensitivity of the Net OPEB Liability to Changes in the Health Care Cost Trend Rates The following presents the net OPEB liability of the City if it were calculated using health care cost trend rates that are one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2024:
1% decrease Current rate 1% increase
Net OPEB liability/(asset) (82,501) $ 223,966 $ 598,853 $ Healthcare Cost Trend Rates
Recognition of Deferred Outflows and Deferred Inflows of Resources Gains and losses related to changes in total OPEB liability and fiduciary net position are recognized in OPEB expense systematically over time.
Amounts are first recognized in OPEB expense for the year the gain or loss occurs. The remaining amounts are categorized as deferred outflows and deferred inflows of resources related to OPEB and are to be recognized in future OPEB expense.
The recognition period differs depending on the source of the gain or loss:
Difference between projected and actual
earnings 5 year straight-line amortization
All other amounts Straight-line recognition over the
expected average remaining service
lifetime (EARSL) of all members that are
provided with benefits, determined as of
the beginning of the Measurement Period.
In determining the EARSL, all active,
retired and inactive (vested) members are
counted, with the latter two groups having
0 remaining service years.
CITY OF SIERRA MADRE
Notes to Basic Financial Statements
For the year ended June 30, 2025
-61-
14. OTHER POST EMPLOYMENT EMPLOYEE BENEFITS, (continued) OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB For the fiscal year ended June 30, 2025, the City recognized OPEB expense of $140,674. As of fiscal year ended June 30, 2025, the City reported deferred outflows of resources related to OPEB from the following sources:
Deferred outflows Deferred inflows
of resources of resources
Changes in assumptions 154,290 $ 160,615 $
Differences between expected
and actual experience 124,961 166,552
Net difference between projected and
actual earnings on investments 111,231 -
Contributions subsequent to the
measurement date 153,409 -
Totals 543,891 $ 327,167 $
The $153,409 reported as deferred outflows of resources related to contributions subsequent to the June 30, 2024 measurement date will be recognized as a reduction of the net OPEB liability / (asset) in the upcoming fiscal year.
Other amounts reported as deferred outflows of resources related to OPEB will be recognized as expense as follows:
For the fiscal Recognized net
year ending deferred outflows
June 30, (inflows) of resources
2026 (5,920) $
2027 64,715
2028 (24,738)
2029 (21,096)
2030 9,287
Thereafter 41,067
$ 63,315
City of Sierra Madre, California
Village of the Foothills
Required Supplementary Information
For the Year Ended
June 30, 2025
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CITY OF SIERRA MADRE
Required Supplementary Information
For the year ended June 30, 2025
-62-
BUDGETS AND BUDGETARY ACCOUNTING
The City adopts an annual budget prepared on the modified accrual basis of accounting for governmental funds. The City Manager or a designee is authorized to transfer budgeted amounts between the accounts of any department.
Revisions that alter the total appropriations of any department or fund may be approved by the City Council. Prior year appropriations lapse unless they are approved for carryover into the following fiscal year.
The City did not adopt budgets for the following funds: Homeland Security Fund, Officer Wellness and Mental Health Program, Fane/Winwood Assessment District, Development Fees Art in Public Places, DUI Enforcement, Police Department Donations, Fire Department Donations, Community Arts Commission, Recreation Department Donations, SM Community Foundation, YAC-Youth Activity Center, County Prop A Park Development, CA Beverage Container Grant, Community Development Block Grant, Local Historical Society, Cal Energy Grant, and Low & Moderate Income Housing Asset Fund.
The remainder of this page left intentionally blank.
CITY OF SIERRA MADRE
Required Supplementary Information
General Fund Budgetary Comparison Schedule
For the year ended June 30, 2025
-63-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Property taxes 8,982,000 $ 8,912,000 $ 9,156,905 $ 244,905 $ Other taxes 5,162,500 5,157,500 5,582,335 424,835
Charges for services 829,600 829,600 1,058,775 229,175
Intergovernmental 180,000 180,000 275,040 95,040
Licenses and permits 1,636,000 1,754,000 1,859,594 105,594 Fines and forfeitures 90,000 90,000 106,922 16,922
Investment income 350,000 460,000 936,709 476,709
Miscellaneous 56,000 56,000 87,942 31,942
Total revenues 17,286,100 17,439,100 19,064,222 1,625,122 Expenditures:
Current:
General government:
Administrative Services 4,119,550 4,139,550 4,004,395 135,155 Elected and Appointed 581,550 649,550 541,107 108,443
Total general government 4,701,100 4,789,100 4,545,502 243,598 Public safety:
Police 5,225,100 5,225,100 5,221,140 3,960
Fire 3,757,051 3,986,051 4,081,270 (95,219)
Total public safety 8, 9,211,151 982,151 9,302,410 (91,259) Public works 692,450 867,450 971,946 (104,496)
Development 1,601,100 1,831,100 1,712,667 118,433
Culture and recreation:
Community Services 438,650 438,650 394,426 44,224
Library Services 747,900 749,900 787,973 (38,073)
Total culture and recreation 1,186,550 1,188,550 1,182,399 6,151 Debt Service:
Principal 7,561 7,561 7,561 -
Interest 288 288 288 -
Total expenditures 17,171,200 17,895,200 17,722,773 172,427 Excess (deficiency) of revenues
over (under) expenditures (456,100) 114,900 1,341,449 1,797,549 Other financing sources (uses):
Transfers out (186,000) (1,986,000) (1,986,065) (65)
Total other financing sources (uses) (186,000) (1,986,000) (1,986,065) (65) Net change in fund balance (71, (2,442,100) 100) (644,616) 1,797,484 Fund balance, beginning of year 14, 14,647,481 647,481 14,647,481 - Fund balance, end of year 14, $ 12,205,381 576,381 $ 14,002,865 $ 1,797,484 $
CITY OF SIERRA MADRE
Required Supplementary Information
Target State Grants Library Fund Budgetary Comparison Schedule For the year ended June 30, 2025
-64-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Intergovernmental - $ - $ 2,922,812 $ 2,922,812 $
Investment income - 225,000 312,380 87,380
Total revenues - 225,000 3,235,192 3,010,192
Expenditures:
Current:
Public works 8,405,774 10,205,774 4,722,812 5,482,962
Total expenditures 8,405,774 10,205,774 4,722,812 5,482,962 Excess (deficiency) of revenues
over (under) expenditures (8,405, (9,980,774) 774) (1,487,620) 8,493,154 Other financing sources (uses):
Transfers in - 1,800,000 1,800,000 -
Total other financing sources (uses) - 1,800,000 1,800,000 - Net change to fund balance (8,405, (8,180,774) 774) 312,380 8,493,154 294,137 294,137 294,137 -
Fund balance (deficit), end of year (8,111, $ (7,886,637) 637) $ 606,517 $ 8,493,154 $ Fund balance, beginning of year
CITY OF SIERRA MADRE
Required Supplementary Information
For the year ended June 30, 2025
-65-
1. DEFINED BENEFIT PENSION PLAN – PUBLIC EMPLOYEE RETIREMENT SYSTEMS (PERS) Schedule of Employer’s Proportionate Share of the Plan’s Net Pension Liability and Related Ratios as of the Measurement Date – Last 10 Years
Measurement Date
Employer's
Proportion of the
Collective Net
Pension Liability /
(Asset)1
Employer's
Proportionate
Share of the
Collective Net
Pension
Liability
Employer's
Covered
Payroll
Employer's
Proportionate
Share of the
Collective Net
Pension
Liability as a
percentage of
the Employer's
Covered
Payroll
Pension Plan's
Fiduciary Net
Position as a
percentage of
the Total
Pension
Liability/Asset
June 30, 2015 10,143,930 $ 0.14779% 4,841,779 $ 209.51% 78.40% June 30, 2016 12,331,116 0.14251% 4,869,024 253.26% 74.06% June 30, 2017 13,878,779 0.13995% 5,243,636 264.68% 73.31% June 30, 2018 12,568,021 0.13042% 4,566,971 275.19% 75.26% June 30, 2019 9,173,680 0.08953% 4,773,023 192.20% 75.26% June 30, 2020 6,798,935 0.06249% 5,315,808 127.90% 75.10% June 30, 2021 (2,304,014) -0.04260% 5,789,730 -39.79% 88.29% June 30, 2022 8,066,963 0.06984% 6,343,997 127.16% 76.68% June 30, 2023 9,496,325 0.07612% 6,846,964 138.69% 76.21% June 30, 2024 9,099,815 0.07504% 7,971,708 114.15% 78.08% 1 Proportion of the collective net pension liability represents the plan's proportion of PERF C, which includes both the Miscellaneous and Safety Risk Pools excluding the 1959 Survivors Risk Pool
CITY OF SIERRA MADRE
Required Supplementary Information
For the year ended June 30, 2025
-66-
1. DEFINED BENEFIT PENSION PLAN – PUBLIC EMPLOYEE RETIREMENT SYSTEMS (PERS), (continued) Schedule of Plan Contributions – Last 10 Years
Fiscal year
Actuarially
Determined
Contribution
Contributions
in Relation to
the Actuarially
Determined
Contribution
Contribution
Deficiency
(Excess)
Covered
payroll
Contributions as
a Percentage of
Covered Payroll
June 30, 2016 1,175,439 $ (1,175,439) $ - $ 4,869,024 $ 24.14% June 30, 2017 1,272,198 (1,272,198) - 5,243,636 24.26%
June 30, 2018 1,418,218 (1,418,218) - 4,566,971 31.05%
June 30, 2019 1,585,121 (6,585,121) (5,000,000) 4,773,023 137.97% June 30, 2020 1,107,313 (4,107,313) (3,000,000) 5,315,808 77.27% June 30, 2021 1,046,555 (2,546,555) (1,500,000) 5,789,730 43.98% June 30, 2022 1,202,469 (1,202,469) - 6,343,997 18.95%
June 30, 2023 1,372,415 (1,712,415) (340,000) 6,846,964 25.01% June 30, 2024 1,354,110 (1,544,110) (190,000) 7,971,708 19.37% June 30, 2025 1,618,848 (1,768,848) (150,000) 8,363,568 21.15% Notes to Schedule:
Change in Assumptions: There were no assumption changes in 2023 or 2024. Effective with the June 30, 2021, valuation date (June 30, 2022, measurement date), the accounting discount rate was reduced from
7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. In addition, demographic assumptions and the price inflation assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The accounting discount rate was 7.15% for measurement dates June 30, 2017, through June 30, 2021, and 7.65% for measurement dates June 30, 2015, through June 30, 2016.
Changes in Benefit Terms: There were no changes to benefit terms that applied to all members of the Public Agency Pool. However, individual employers in the Plan may have provided a benefit improvement to their employees such as Golden Handshakes, service purchases, and other prior service costs. Employers that have done so may need to report this information as a separate liability in their financial statement as CalPERS considers such amounts to be separately financed employer-specific liabilities. These employers should consult with their auditors. Additionally, the figures above do not include any liability impact that occurred after the June 30, 2023, valuation date, unless the liability impact is deemed to be material to the Public Agency Pool.
CITY OF SIERRA MADRE
Required Supplementary Information
For the year ended June 30, 2025
-67-
2. OTHER POST EMPLOYMENT BENEFITS
Schedule of Change’s Net OPEB Liability and Related Ratios as of the Measurement Date – Last 10 Years* Measurement date June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018 Total OPEB Liability
Service cost 125,693 $ 138,183 $ 113,161 $ 96,434 $ 93,625 $ 113,216 $ 109,652 $ Interest cost 139,429 131,943 128,999 127,156 120,510 139,838 130,212 Plan experience 129,617 (14,531) - 12,735 - (352,670) - Changes in assumptions (87,848) 6,215 182,231 (131,711) - 47,406 - Benefit payments (95,584) (93,977) (134,288) (113,325) (111,228) (105,241) (95,572) Net change in Total OPEB Liability 167,833 211,307 290,103 (8,711) 102,907 (157,451) 144,292 Total OPEB Liability - beginning 2,244,077 2,411,910 1,953,974 1,962,685 1,859,778 2,017,229 1,872,937 Total OPEB Liability - ending (a) 2,411,910 2,623,217 2,244,077 1,953,974 1,962,685 1,859,778 2,017,229 Plan Fiduciary Net Position
Contribution - employer 149,706 93,977 134,288 113,325 150,528 163,349 95,572 Expected investment income/experience 122,899 118,291 154,513 393,718 101,166 118,856 98,236 Investment experience 55,012 (43,714) (455,814) - - - - Benefit payments (95,584) (93,977) (134,288) (113,325) (111,228) (105,241) (95,572) Administrative expense (698) (600) (606) (729) (920) (363) (2,941) Net change in Plan Fiduciary Net Position 73,977 231,335 (301,907) 392,989 139,546 176,601 95,295 Plan Fiduciary Net Position - beginning 2,093,939 2,167,916 2,395,846 2,002,857 1,863,311 1,686,710 1,591,415 Plan Fiduciary Net Position - ending (b) 2,167,916 2,399,251 2,093,939 2,395,846 2,002,857 1,863,311 1,686,710 Net OPEB Liability (asset) - ending (a) - (b) $ 243,994 223,966 $ 150,138 $ (441,872) $ (40,172) $ (3,533) $ 330,519 $ Plan fiduciary net position as a percentage
of the total OPEB liability 91.46% 89.88% 93.31% 122.61% 102.05% 100.19% 83.62% Covered-employee payroll 9,779,206 $ 8,852,694 $ 8,203,079 $ 7,686,509 $ 6,061,061 $ 5,884,525 $ 5,537,332 $ Net OPEB liability (asset) as a percentage
of covered-employee payroll 2.29% 2.76% 1.83% -5.75% -0.66% -0.06% 5.97% Notes to schedule: The following assumptions were changed from the prior valuation: Discount rate: increased from 5.60% to 5.90% Demographic assumptions: Morta the 2021 experience study. General inflation rate: same as that of prior year 2.5% Salary increase: Same as that of prior year 3.0% Medical trend: updated to use Getzen published by the Society of Actuaries
*Historical information is required only for measurement periods for which GASB 75 is applicable. Future years' information will be displayed up to 10 years as informat available.
CITY OF SIERRA MADRE
Required Supplementary Information
For the year ended June 30, 2025
-68-
2. OTHER POST EMPLOYMENT BENEFITS, (continued)
Schedule of Plan Contributions – Last 10 Years*
Fiscal year
Actuarially
Determined
Contributions
(ADC)
Contributions
in relation to
the ADC
Contribution
deficiency
(excess)
Coveredemployee
payroll
Contributions
as a
percentage of
coveredemployee
payroll
June 30, 2018 153,086 $ (95,572) $ 57,514 $ 5,537,332 $ 1.73% June 30, 2019 145,849 (163,349) (17,500) 5,884,525 2.78% June 30, 2020 150,528 (150,528) - 6,061,061 2.48%
June 30, 2021 100,910 (113,325) (12,415) 7,686,509 1.47% June 30, 2022 103,663 (134,288) (30,625) 8,203,079 1.64% June 30, 2023 90,289 (93,977) (3,688) 8,852,694 1.06%
June 30, 2024 149,706 (149,706) - 9,779,206 1.53%
June 30, 2025 153,409 (153,409) - 10,844,413 1.41%
Notes to schedule:
Methods and assumptions used to determine contributions:
Valuation date June 30, 2023
Funding method Entry age normal cost, level % of pay
Asset valuation Fair value of assets
Discount Rate 5.90%
Inflation 2.50%
Salary Increases 3.00%
Mortality Rate CalPERS 2021 Experience Study
Healthcare Trend Rate 6.0% in 2026 stepping down to 3.9% by 2075 Valuation Date: Actuarially determined contribution rates are calculated as of June 30, one year prior to the end of the fiscal year in which contributions are reported. Benefits are not based on a measure of pay so covered-employee payroll is issued.
*Fiscal year 2017-18 was the first year of implementation. Additional years to be presented as information becomes available.
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City of Sierra Madre, California
Village of the Foothills
Supplementary Information
For the Year Ended
June 30, 2025
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CITY OF SIERRA MADRE
Combined Balance Sheet
Non-Major Governmental Funds by Fund Type
June 30, 2025
-69-
Special
Revenue Funds
Capital
Projects Funds
Citywide Debt
Service Fund
Total Non-Major
Governmental
Funds
Assets:
Cash and investments 7,901,280 $ 741,034 $ 13,338 $ 8,655,652 $ Accounts 190,181 - - 190,181
Taxes 30,040 - - 30,040
Due from other agencies 153,136 - - 153,136
Land held for resale - 1,500,000 - 1,500,000
Total assets 8,274,637 $ 2,241,034 $ 13,338 $ 10,529,009 $ Liabilities and Fund Balances:
Liabilities:
Accounts payable 179,679 $ 92,893 $ - $ 272,572 $
Accrued payroll and
related liabilities 120,656 - - 120,656
Due to other funds 50,363 - - 50,363
Deposits 52,940 2,500 - 55,440
Retentions 1,809 13,168 - 14,977
Unearned revenue 198,278 - - 198,278
Total liabilities 603,725 108,561 - 712,286
Fund balances (deficit):
Restricted 7,724,973 2,132,473 - 9,857,446
Committed - - 13,338 13,338
Unassigned (54,061) - - (54,061)
Total fund balances 7,670,912 2,132,473 13,338 9,816,723 Total Liabilities, Deferred Inflows
of Resources, and Fund Balances 8,274,637 $ 2,241,034 $ 13,338 $ 10,529,009 $
CITY OF SIERRA MADRE
Combined Statement of Revenues, Expenditures and Changes in Fund Balances Non-Major Governmental Funds by Fund Type
For the year ended June 30, 2025
-70-
Special
Revenue Funds
Capital
Projects
Funds
City-wide Debt
Service Fund
Total Non-Major
Governmental
Funds
Revenues:
Property taxes 114,577 $ - $ - $ 114,577 $
Other taxes
Charges for services 832 - - 832
Intergovernmental 3,667,705 - - 3,667,705
Licenses and permits 172,684 - - 172,684
Investment income 325,662 32,435 - 358,097
Miscellaneous 186,191 - - 186,191
Total revenues 4,467,651 32,435 - 4,500,086
Expenditures:
Current:
Public safety 367,127 - - 367,127
Public works 2,526,955 376,210 - 2,903,165
Development 16,795 - - 16,795
Culture and recreation 152,488 - - 152,488
Total expenditures 3,063,365 376,210 - 3,439,575
Excess (deficiency) of revenues
over (under) expenditures 1,404,286 (343,775) - 1,060,511 Other financing sources (uses):
Transfers in 25,000 160,000 - 185,000
Transfers out (25,000) - - (25,000)
Total other financing sources (uses) - 160,000 - 160,000 Net change to fund balances 1,404,286 (183,775) - 1,220,511 2,316,248 6,146,598 13,338 8,476,184
- 120,028 - 120,028
2,316,248 6,266,626 13,338 8,596,212
Fund balances, end of year 7,670,912 $ 2,132,473 $ 13,338 $ 9,816,723 $ Fund balances (deficit), beginning of year,
previously reported
Change within financial reporting entity
(major to nonmajor)
Fund balances (deficit), beginning of year,
as restated
CITY OF SIERRA MADRE
Combining Balance Sheet
Non-Major Special Revenue Funds
June 30, 2025
-71-
Grant Funds
Assessment
Funds
Other Special
Revenue Funds
Total Special
Revenue Funds
Assets:
Cash and investments 380,930 $ 1,329,973 $ 6,190,377 $ 7,901,280 $ Receivables:
Accounts - - 190,181 190,181
Taxes - 818 29,222 30,040
Due from other agencies - - 153,136 153,136
Total assets 380,930 $ 1,330,791 $ 6,562,916 $ 8,274,637 $ Liabilities and Fund Balances:
Liabilities:
Accounts payable 45,163 $ 43,055 $ 91,461 $ 179,679 $
Accrued payroll and
related liabilities - - 120,656 120,656
Due to other funds - - 50,363 50,363
Deposits - - 52,940 52,940
Retentions - 1,809 - 1,809
Unearned revenue 198,278 - - 198,278
Total liabilities 243,441 44,864 315,420 603,725
Fund balances (deficit):
Restricted 182,652 1,285,927 6,256,394 7,724,973
Unassigned (45,163) - (8,898) (54,061)
Total fund balances 137,489 1,285,927 6,247,496 7,670,912 Total liabilities, deferred inflows
of resources, and fund balances 380,930 $ 1,330,791 $ 6,562,916 $ 8,274,637 $ This page intentionally left blank
CITY OF SIERRA MADRE
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non-Major Special Revenue Funds
For the year ended June 30, 2025
-72-
Grant Funds
Assessment
Funds
Other Special
Revenue Funds
Total Special
Revenue Funds
Revenues:
Property taxes - $ 114,577 $ - $ 114,577 $
Charges for services - - 832 832
Intergovernmental 1,546,824 - 2,120,881 3,667,705
Licenses and permits - - 172,684 172,684
Investment income 48,319 52,490 224,853 325,662
Miscellaneous - - 186,191 186,191
Total revenues 1,595,143 167,067 2,705,441 4,467,651
Expenditures:
Current:
Public safety 45,163 - 321,964 367,127
Public works 1,546,824 151,156 828,975 2,526,955
Development - - 16,795 16,795
Culture and recreation - - 152,488 152,488
Total expenditures 1,591,987 151,156 1,320,222 3,063,365 Excess (deficiency) of revenues
over (under) expenditures 3,156 15,911 1,385,219 1,404,286 Other financing sources (uses):
Transfers in - - 25,000 25,000
Transfers out - - (25,000) (25,000)
Total other financing sources (uses) - - - -
Net change in fund balances 3,156 15,911 1,385,219 1,404,286 1,270,016 14,305 4,862,277 6,146,598
- 120,028 - 120,028
1,270,016 134,333 4,862,277 6,266,626
Fund balances (deficit), end of year 137,489 $ 1,285,927 $ 6,247,496 $ 7,670,912 $ Fund balances (deficit), beginning of year,
previously reported
Change within financial reporting entity
(major to nonmajor)
Fund balances (deficit), beginning of year,
as restated
CITY OF SIERRA MADRE
Combining Balance Sheet
Non-Major Special Revenue Funds – Grants
June 30, 2025
-73-
Library Grant
Homeland
Security Fund
Officer
Wellness and
Mental Health
Program
American
Rescue Plan
Act
Total Special
Revenue-Grant
Funds
Assets:
Cash and investments 89,427 $ - $ 16,290 $ 275,213 $ 380,930 $ Total assets 89,427 $ - $ 16,290 $ 275,213 $ 380,930 $
Liabilities and Fund Balances:
Liabilities:
Accounts payable - $ 45,163 $ - $ - $ 45,163 $
Unearned revenue 63,363 - 15,000 119,915 198,278
Total liabilities 63,363 45,163 15,000 119,915 243,441
Fund balances:
Restricted 26,064 - 1,290 155,298 182,652
Unassigned - (45,163) - - (45,163)
Total fund balances 26,064 (45,163) 1,290 155,298 137,489 Total liabilities, deferred inflows
of resources, and fund balances 89,427 $ - $ 16,290 $ 275,213 $ 380,930 $
CITY OF SIERRA MADRE
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non-Major Special Revenue Funds – Grants
For the year ended June 30, 2025
-74-
Library Grant
Homeland
Security Fund
Officer
Wellness and
Mental Health
Program
American
Rescue Plan Act
(formerly major)
Total Special
Revenue-Grant
Funds
Revenues:
Intergovernmental 225,637 $ - $ - $ 1,321,187 $ 1,546,824 $ Investment income 12,403 - 646 35,270 48,319
Total revenues 238,040 - 646 1,356,457 1,595,143
Expenditures:
Current:
Public safety - 45,163 - - 45,163
Public works 225,637 - - 1,321,187 1,546,824
Total expenditures 225,637 45,163 - 1,321,187 1,591,987 Excess (deficit) of revenues
over (under) expenditures 12,403 (45,163) 646 35,270 3,156 Net change to fund balances 12,403 (45,163) 646 35,270 3,156 - 13,661 644 - 14,305
- - - 120,028 120,028
- 13,661 644 120,028 134,333
Fund balances (deficit), end of year 26,064 $ (45,163) $ 1,290 $ 155,298 $ 137,489 $ Fund balances (deficit), beginning of year,
previously reported
Change within financial reporting entity
(major to nonmajor)
Fund balances (deficit), beginning of year,
as restated
CITY OF SIERRA MADRE
Combining Balance Sheet
Non-Major Special Revenue Funds – Assessments
June 30, 2025
-75-
Bonita Sewer
Assessment
District
Fane/Winwood
Assessment
District
Lighting
District #1
Sewer
Assessment
District
Assets:
Cash and investments 104,046 $ 8,783 $ 571,718 $ 54,114 $ Taxes receivable - - - 265
Total assets 104,046 $ 8,783 $ 571,718 $ 54,379 $
Liabilities and Fund Balances:
Liabilities:
Accounts payable - $ - $ 205 $ - $
Retentions - - - -
Total liabilities - - 205 -
Fund balances:
Restricted 104,046 8,783 571,513 54,379
Total fund balances 104,046 8,783 571,513 54,379
Total liabilities and fund balances 104,046 $ 8,783 $ 571,718 $ 54,379 $ -76-
Sierra Madre
CFD
Downtown
Landscaping
and Lighting
Maintenance
District
Total Special
RevenueAssessment
Funds
$ 491,404 99,908 $ 1,329,973 $
434 119 818
$ 491,838 100,027 $ 1,330,791 $
$ 42,850 - $ 43,055 $
1,809 - 1,809
44,659 - 44,864
447,179 100,027 1,285,927
447,179 100,027 1,285,927
$ 491,838 100,027 $ 1,330,791 $
CITY OF SIERRA MADRE
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non-Major Special Revenue Funds – Assessments
For the year ended June 30, 2025
-77-
Bonita Sewer
Assessment
District
Fane/Winwood
Assessment
District
Lighting
District #1
Sewer
Assessment
District
Revenues:
Property taxes 9,644 $ - $ - $ 7,007 $
Investment income 3,885 348 22,729 1,973
Total revenues 13,529 348 22,729 8,980
Expenditures:
Current:
Public works - - 2,482 -
Total expenditures - - 2,482 -
Net change to fund balances 13,529 348 20,247 8,980
Fund balances, beginning of year 90,517 8,435 551,266 45,399 Fund balances (deficit), end of year 104,046 $ 8,783 $ 571,513 $ 54,379 $ -78-
Sierra Madre
CFD
Downtown
Landscaping
and Lighting
Maintenance
District
Total Special
RevenueAssessment
Funds
$ 91,319 6,607 $ 114,577 $
19,761 3,794 52,490
111,080 10,401 167,067
148,674 - 151,156
148,674 - 151,156
(37,594) 10,401 15,911
484,773 89,626 1,270,016
$ 447,179 100,027 $ 1,285,927 $
CITY OF SIERRA MADRE
Combining Balance Sheet
Non-Major Special Revenue Funds – Other
June 30, 2025
-79-
Development
Impact Fees
Development
Fees Art in
Public Places
DUI
Enforcement
Police
Department
Donations
Public Safety
Augmentation
Fund
Assets:
Cash and investments 1,095,348 $ 27,998 $ 1,294 $ 50,658 $ 188,505 $ Receivables:
Accounts - - - - -
Taxes - - - - 29,222
Due from other agencies - - - - -
Total assets 1,095,348 $ 27,998 $ 1,294 $ 50,658 $ 217,727 $ Liabilities and Fund Balances:
Liabilities:
Accounts payable 16,823 $ - $ - $ - $ - $
Accrued payroll and
related liabilities - - - - 2,954
Due to other funds - - - - -
Deposits 50,780 - - - -
Total liabilities 67,603 - - - 2,954
Fund balances (deficit):
Restricted 1,027,745 27,998 1,294 50,658 214,773
Unassigned - - - - -
Total fund balances 1,027,745 27,998 1,294 50,658 214,773 Total liabilities, deferred inflows
of resources, and fund balances 1,095,348 $ 27,998 $ 1,294 $ 50,658 $ 217,727 $ -80-
State COPS
Fire
Department
Donations
Community
Arts
Commission
Recreation
Department
Donations
Local
Transportation
Prop A Open Space Senior Center
$ 32,095 4,261 $ 6,380 $ 9,725 $ 1,106,480 $ 254,806 $ 223,586 $ - - - - - - -
- - - - - - -
- - - - - - -
$ 32,095 4,261 $ 6,380 $ 9,725 $ 1,106,480 $ 254,806 $ 223,586 $ $ 100 - $ - $ 1,072 $ 35 $ - $ 2,098 $
- - - - 792 - -
- - - - - - -
- - - - - - -
100 - - 1,072 827 - 2,098
31,995 4,261 6,380 8,653 1,105,653 254,806 221,488
- - - - - - -
31,995 4,261 6,380 8,653 1,105,653 254,806 221,488
$ 32,095 4,261 $ 6,380 $ 9,725 $ 1,106,480 $ 254,806 $ 223,586 $ (continued)
CITY OF SIERRA MADRE
Combining Balance Sheet
Non-Major Special Revenue Funds – Other, Continued
June 30, 2025
-81-
SM
Community
Foundation
YAC-Youth
Activity
Center
Local Transit
Prop C
County Prop A
Park
Development
CA Beverage
Container
Assets:
Cash and investments 57,230 $ 69,129 $ 257,650 $ - $ 8,510 $ Receivables:
Accounts - - - - -
Taxes - - - - -
Due from other agencies - - - - -
Total assets 57,230 $ 69,129 $ 257,650 $ - $ 8,510 $
Liabilities and Fund Balances:
Liabilities:
Accounts payable - $ - $ - $ - $ - $
Accrued payroll and
related liabilities - - - - -
Due to other funds - - - - -
Deposits - - - - -
Total liabilities - - - - -
Fund balances (deficit):
Restricted 57,230 69,129 257,650 - 8,510
Unassigned - - - - -
Total fund balances 57,230 69,129 257,650 - 8,510
Total liabilities, deferred inflows
of resources, and fund balances 57,230 $ 69,129 $ 257,650 $ - $ 8,510 $ -82-
Community
Development
Block
Grant
Clean Air
Fund (AQMD)
Environmental
Fund Gas Tax Fund Measure R Measure M
$ 41,794 - $ 345,318 $ 286,155 $ 196,690 $ 508,542 $
3,797 39,375 45,364 26,729 - -
- - - - - -
- - - - - -
$ 45,591 39,375 $ 390,682 $ 312,884 $ 196,690 $ 508,542 $ $ - 11,459 $ 48,760 $ 3,645 $ - $ - $
- - - 7,618 - -
- 36,814 - - - -
- - 2,160 - - -
- 48,273 50,920 11,263 - -
45,591 - 339,762 301,621 196,690 508,542
- (8,898) - - - -
45,591 (8,898) 339,762 301,621 196,690 508,542
$ 45,591 39,375 $ 390,682 $ 312,884 $ 196,690 $ 508,542 $ (continued)
CITY OF SIERRA MADRE
Combining Balance Sheet
Non-Major Special Revenue Funds – Other, Continued
June 30, 2025
-83-
Road
Maintenance
and
Rehabilitation
Library Gift
and
Memorial
Friends of the
Library
Local
Historical
Society Measure W
Assets:
Cash and investments 366,424 $ 248,138 $ - $ 174 $ 58,978 $ Receivables:
Accounts 53,744 154 21,018 - -
Taxes - - - - -
Due from other agencies - - - - 153,136
Total assets 420,168 $ 248,292 $ 21,018 $ 174 $ 212,114 $ Liabilities and Fund Balances:
Liabilities:
Accounts payable - $ - $ 7,469 $ - $ - $
Accrued payroll and
related liabilities - - - - 109,292
Due to other funds - - 13,549 - -
Deposits - - - - -
Total liabilities - - 21,018 - 109,292
Fund balances (deficit):
Restricted 420,168 248,292 - 174 102,822
Unassigned - - - - -
Total fund balances 248,292 420,168 - 174 102,822
Total liabilities, deferred inflows
of resources, and fund balances $ 248,292 420,168 $ 21,018 $ 174 $ 212,114 $ -84-
Robert Day
Trust Fund
Cal Energy
Grant
Total Other
Special Revenue
Funds
$ - 744,509 $ 6,190,377 $
- - 190,181
- - 29,222
- - 153,136
$ - 744,509 $ 6,562,916 $
$ - - $ 91,461 $
- - 120,656
- - 50,363
- - 52,940
- - 315,420
- 744,509 6,256,394
- - (8,898)
- 744,509 6,247,496
$ - 744,509 $ 6,562,916 $
(concluded)
CITY OF SIERRA MADRE
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Non-Major Special Revenue Funds – Other
For the year ended June 30, 2025
-85-
Development
Impact Fees
Development
Fees Art in
Public Places
DUI
Enforcement
Police
Department
Donations
Public Safety
Augmentation
Fund
Revenues:
Charges for services - $ - $ - $ - $ - $
Intergovernmental - - - - 166,669
Licenses and permits - - - - -
Investment income 44,318 1,110 51 1,863 6,306
Miscellaneous - - - 13,100 -
Total revenues 44,318 1,110 51 14,963 172,975
Expenditures:
Current:
Public safety - - - 5,489 115,024
Public works 16,823 - - - -
Development - - - - -
Culture and recreation 59,199 - - - -
Total expenditures 76,022 - - 5,489 115,024
Excess (deficiency) of revenues
over (under) expenditures (31,704) 1,110 51 9,474 57,951 Other financing sources (uses):
Transfers in - - - - -
Transfers out - - - - -
Total other financing sources (uses) - - - - -
Net change to fund balances (31,704) 1,110 51 9,474 57,951 Fund balances (deficit), beginning of year 1,059,449 26,888 1,243 41,184 156,822 Fund balances (deficit), end of year 1,027,745 $ 27,998 $ 1,294 $ 50,658 $ 214,773 $ -86-
State COPS
Grant
Fire
Department
Donations
Community
Arts
Commission
Recreation
Department
Donations
Local
Transportation
Prop A Open Space Senior Center
$ - - $ - $ - $ 832 $ - $ - $
- 194,663 - - 283,929 - -
- - - - - - -
833 2,997 253 463 38,540 9,020 9,075
19,902 - - - - 49,578 17,060
20,735 197,660 253 463 323,301 58,598 26,135
- 201,451 - - - - -
- - - - 35,575 - -
- - - - - - -
- - 840 5,079 4,016 - 28,085
- 201,451 840 5,079 39,591 - 28,085
20,735 (3,791) (587) (4,616) 283,710 58,598 (1,950)
- - - - - - -
- - - - - - -
- - - - - - -
20,735 (3,791) (587) (4,616) 283,710 58,598 (1,950)
11,260 8,052 6,967 13,269 821,943 196,208 223,438
$ 31,995 4,261 $ 6,380 $ 8,653 $ 1,105,653 $ 254,806 $ 221,488 $ (continued)
CITY OF SIERRA MADRE
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Non-Major Special Revenue Funds – Other, Continued
For the year ended June 30, 2025
-87-
SM
Community
Foundation
YAC-Youth
Activity
Center
Local Transit
Prop C
County Prop A
Park
Development
CA Beverage
Container
Grant
Revenues:
Charges for services - $ - $ - $ - $ - $
Intergovernmental - - 235,512 - -
Licenses and permits - - - - -
Investment income 2,269 2,742 5,192 - 531
Miscellaneous - - - - -
Total revenues 2,269 2,742 240,704 - 531
Expenditures:
Current:
Public safety - - - - -
Public works - - 2,800 - 10,000
Development - - - - -
Culture and recreation - - - - -
Total expenditures - - 2,800 - 10,000
Excess (deficiency) of revenues
over (under) expenditures 2,269 2,742 237,904 - (9,469) Other financing sources (uses):
Transfers in - - - - -
Transfers out - - - - -
Total other financing sources (uses) - - - - -
Net change to fund balances 2,269 2,742 237,904 - (9,469) Fund balances (deficit), beginning of year 54,961 66,387 19,746 - 17,979 Fund balances (deficit), end of year 57,230 $ 69,129 $ 257,650 $ - $ 8,510 $ -88-
Community
Development
Block Grant
Clean Air
Fund (AQMD)
Environmental
Fund Gas Tax Fund Measure R Measure M
$ - - $ - $ - $ - $ - $
14,541 58,282 - 315,687 176,601 200,083
- - 172,684 - - -
1,323 - 11,783 11,132 3,983 15,517
- - 30,000 - - -
15,864 58,282 214,467 326,819 180,584 215,600
- - - - - -
- 67,180 108,185 261,981 - -
- - - - - -
- - - - - -
- 67,180 108,185 261,981 - -
15,864 (8,898) 106,282 64,838 180,584 215,600
- - - - - -
- - - - - -
- - - - - -
15,864 (8,898) 106,282 64,838 180,584 215,600
29,727 - 233,480 236,783 16,106 292,942
$ 45,591 (8,898) $ 339,762 $ 301,621 $ 196,690 $ 508,542 $ (continued)
CITY OF SIERRA MADRE
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Non-Major Special Revenue Funds – Other, Continued
For the year ended June 30, 2025
-89-
Road
Maintenance
and
Rehabilitation
Library Gift
and
Memorial
Friends of the
Library
Local
Historical
Society Measure W
Revenues:
Charges for services - $ - $ - $ - $ - $
Intergovernmental 304,983 - - - 153,136
Licenses and permits - - - - -
Investment income 13,631 8,782 - - 2,620
Miscellaneous - 9,838 46,713 - -
Total revenues 318,614 18,620 46,713 - 155,756
Expenditures:
Current:
Public safety - - - - -
Public works 172,560 - - - 153,871
Development - - - - -
Culture and recreation - 8,556 46,713 - -
Total expenditures 172,560 8,556 46,713 - 153,871
Excess (deficiency) of revenues
over (under) expenditures 146,054 10,064 - - 1,885
Other financing sources (uses):
Transfers in - 25,000 - - -
Transfers out - - - - -
Total other financing sources (uses) - 25,000 - - -
Net change to fund balances 146,054 35,064 - - 1,885
Fund balances (deficit), beginning of year 274,114 213,228 - 174 100,937 Fund balances (deficit), end of year 420,168 $ 248,292 $ - $ 174 $ 102,822 $ -90-
Robert Day
Trust Fund
Cal Energy
Grant
Total Other
Special Revenue
Funds
$ - - $ 832 $
16,795 - 2,120,881
- - 172,684
- 30,519 224,853
- - 186,191
16,795 30,519 2,705,441
- - 321,964
- - 828,975
16,795 - 16,795
- - 152,488
16,795 - 1,320,222
- 30,519 1,385,219
- - 25,000
- (25,000) (25,000)
- (25,000) -
- 5,519 1,385,219
- 738,990 4,862,277
$ - 744,509 $ 6,247,496 $
(concluded)
CITY OF SIERRA MADRE
Combining Balance Sheet
Non-Major Capital Project Funds
June 30, 2025
-91-
Low & Moderate
Income Housing
Asset Fund
Capital Projects
Fund
Total Capital
Project Funds
Assets:
Cash and investments 361,843 $ 379,191 $ 741,034 $
Land held for resale 1,500,000 - 1,500,000
Total assets 1,861,843 $ 379,191 $ 2,241,034 $
Liabilities and Fund Balances:
Accounts payable - $ 92,893 $ 92,893 $
Deposits 2,500 - 2,500
Retentions - 13,168 13,168
Total liabilities 2,500 106,061 108,561
Fund balances:
Restricted 1,859,343 273,130 2,132,473
Total fund balances 1, 273,130 859,343 2,132,473
Total liabilities and fund balances 1, $ 379,191 861,843 $ 2,241,034 $
CITY OF SIERRA MADRE
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Non-Major Capital Project Funds
For the year ended June 30, 2025
-92-
Low & Moderate
Income Housing
Asset Fund
Capital Projects
Fund
Total Capital
Project Funds
Revenues:
Investment income 14,351 $ 18,084 $ 32,435 $
Total revenues 14,351 18,084 32,435
Expenditures:
Current:
Public works - 376,210 376,210
Total expenditures - 376,210 376,210
Excess (deficiency) of revenues
over (under) expenditures 14,351 (358,126) (343,775)
Other financing sources (uses):
Transfers in - 160,000 160,000
Total other financing sources (uses) - 160,000 160,000
Net change to fund balance 14,351 (198,126) (183,775)
Fund balances, beginning of year 1,844,992 471,256 2,316,248 Fund Balances, end of year 1,859,343 $ 273,130 $ 2,132,473 $
CITY OF SIERRA MADRE
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual Library Grant Fund Special Revenue Fund
For the year ended June 30, 2025
-93-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Intergovernmental - $ - $ 225,637 $ 225,637 $
Investment income - - 12,403 12,403
Total revenues - - 238,040 238,040
Expenditures:
Current:
Public works 334,605 334,605 225,637 108,968
Total expenditures 334,605 334,605 225,637 108,968
Net change to fund balance (334,605) (334,605) 12,403 347,008 13,661 13,661 13,661 -
Fund balance (deficit), end of year (320,944) $ (320,944) $ 26,064 $ 347,008 $ Fund balance, beginning of year
CITY OF SIERRA MADRE
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual American Rescue Plan Act Fund Special Revenue Fund
For the year ended June 30, 2025
-94-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Intergovernmental - $ - $ 1,321,187 $ 1,321,187 $
Investment income - - 35,270 35,270
Total revenues - - 1,356,457 1,356,457
Expenditures:
Current:
Public works 1,297,605 1,297,605 1,321,187 (23,582)
Total expenditures 1,297,605 1,297,605 1,321,187 (23,582) Net change to fund balance (1,297,605) (1,297,605) 35,270 1,332,875 120,028 120,028 120,028 -
Fund balance, end of year (1,177,577) $ (1,177,577) $ 155,298 $ 1,332,875 $ Fund balance, beginning of year
CITY OF SIERRA MADRE
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual Bonita Sewer Assessment District Fund Special Revenue Fund For the year ended June 30, 2025
-95-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Property taxes 11,000 $ 11,000 $ 9,644 $ (1,356) $
Investment income - - 3,885 3,885
Total revenues 11,000 11,000 13,529 2,529
Expenditures:
Total expenditures - - - -
Net change to fund balance 11,000 11,000 13,529 2,529
90,517 90,517 90,517 -
Fund balance, end of year 101,517 $ 101,517 $ 104,046 $ 2,529 $ Fund balance, beginning of year
CITY OF SIERRA MADRE
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual Lighting District #1 Special Revenue Fund
For the year ended June 30, 2025
-96-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Investment income - $ - $ 22,729 $ 22,729 $
Total revenues - - 22,729 22,729
Expenditures:
Current:
Public works 2,000 2,000 2,482 (482)
Total expenditures 2,000 2,000 2,482 (482)
Net change to fund balance (2,000) (2,000) 20,247 22,247 551,266 551,266 551,266 -
Fund balance, end of year 549,266 $ 549,266 $ 571,513 $ 22,247 $ Fund balance, beginning of year
CITY OF SIERRA MADRE
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual Sewer Assessment District Special Revenue Fund
For the year ended June 30, 2025
-97-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Property taxes 7,000 $ 7,000 $ 7,007 $ 7 $
Investment income - - 1,973 1,973
Total revenues 7,000 7,000 8,980 1,980
Expenditures:
Total expenditures - - - -
Net change to fund balance 7,000 7,000 8,980 1,980
45,399 45,399 45,399 -
Fund balance, end of year 52,399 $ 52,399 $ 54,379 $ 1,980 $ Fund balance, beginning of year
CITY OF SIERRA MADRE
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual Sierra Madre CFD Special Revenue Fund
For the year ended June 30, 2025
-98-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Property taxes 6,800 $ 6,800 $ 6,607 $ (193) $
Investment income - - 3,794 3,794
Total revenues 6,800 6,800 10,401 3,601
Expenditures:
Total expenditures - - - -
Net change to fund balance 6,800 6,800 10,401 3,601
89,626 89,626 89,626 -
Fund balance, end of year 96,426 $ 96,426 $ 100,027 $ 3,601 $ Fund balance, beginning of year
CITY OF SIERRA MADRE
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual Downtown Landscaping and Lighting Maintenance District
For the year ended June 30, 2025
-99-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Property taxes 95,000 $ 95,000 $ 91,319 $ (3,681) $
Investment income - - 19,761 19,761
Total revenues 95,000 95,000 111,080 16,080
Expenditures:
Current:
Public works 206,700 206,700 148,674 (58,026)
Total expenditures 206,700 206,700 148,674 (58,026)
Net change to fund balance (111,700) (111,700) (37,594) 74,106 484,773 484,773 484,773 -
Fund balance, end of year 373,073 $ 373,073 $ 447,179 $ 74,106 $ Fund balance, beginning of year
CITY OF SIERRA MADRE
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual Development Impact Fees Special Revenue Fund
For the year ended June 30, 2025
-100-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Investment income - $ - $ 44,318 $ 44,318 $
Total revenues - - 44,318 44,318
Expenditures:
Current:
Public works 511,602 511,602 16,823 494,779
Culture and recreation 179,800 179,800 59,199 120,601
Total expenditures 691,402 691,402 76,022 615,380
Net change to fund balance (691,402) (691,402) (31,704) 659,698 1,059,449 1,059,449 1,059,449 -
Fund balance, end of year 368,047 $ 368,047 $ 1,027,745 $ 659,698 $ Fund balance, beginning of year
CITY OF SIERRA MADRE
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual Public Safety Augmentation Special Revenue Fund
For the year ended June 30, 2025
-101-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Intergovernmental 165,000 $ 165,000 $ 166,669 $ 1,669 $ Investment income - - 6,306 6,306
Total revenues 165,000 165,000 172,975 7,975
Expenditures:
Current:
Public safety 153,800 105,900 115,024 (9,124)
Total expenditures 153,800 105,900 115,024 (9,124)
Net change to fund balance 11,200 59,100 57,951 (1,149) 156,822 156,822 156,822 -
Fund balance, end of year 168,022 $ 215,922 $ 214,773 $ (1,149) $ Fund balance, beginning of year
CITY OF SIERRA MADRE
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual State COPS Grant Special Revenue Fund
For the year ended June 30, 2025
-102-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Intergovernmental 170,000 $ 170,000 $ 194,663 $ 24,663 $ Investment income - - 2,997 2,997
Total revenues 170,000 170,000 197,660 27,660
Expenditures:
Current:
Public safety 194,900 242,800 201,451 41,349
Total expenditures 194,900 242,800 201,451 41,349
Net change to fund balance (24,900) (72,800) (3,791) 69,009 8,052 8,052 8,052 -
Fund balance, end of year (16,848) $ (64,748) $ 4,261 $ 69,009 $ Fund balance, beginning of year
CITY OF SIERRA MADRE
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual Local Transportation Prop A Special Revenue Fund
For the year ended June 30, 2025
-103-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Charges for services - $ - $ 832 $ 832 $
Intergovernmental 304,000 304,000 283,929 (20,071)
Investment income - - 38,540 38,540
Total revenues 304,000 304,000 323,301 19,301
Expenditures:
Current:
Public works 231,000 231,000 35,575 195,425
Culture and recreation 5,100 5,100 4,016 1,084
Total expenditures 236,100 236,100 39,591 196,509
Net change to fund balance 67,900 67,900 283,710 215,810 821,943 821,943 821,943 -
Fund balance, end of year 889,843 $ 889,843 $ 1,105,653 $ 215,810 $ Fund balance, beginning of year
CITY OF SIERRA MADRE
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual Open Space Special Revenue Fund
For the year ended June 30, 2025
-104-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Investment income - $ - $ 9,020 $ 9,020 $
Miscellaneous 49,550 49,550 49,578 28
Total revenues 49,550 49,550 58,598 9,048
Expenditures:
Total expenditures - - - -
Net change to fund balance 49,550 49,550 58,598 9,048
196,208 196,208 196,208 -
Fund balance, end of year 245,758 $ 245,758 $ 254,806 $ 9,048 $ Fund balance, beginning of year
CITY OF SIERRA MADRE
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual Senior Center Special Revenue Fund
For the year ended June 30, 2025
-105-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Investment income - $ - $ 9,075 $ 9,075 $
Miscellaneous - - 17,060 17,060
Total revenues - - 26,135 26,135
Expenditures:
Current:
Culture and recreation 21,000 21,000 28,085 (7,085)
Total expenditures 21,000 21,000 28,085 (7,085)
Net change to fund balance (21,000) (21,000) (1,950) 19,050 223,438 223,438 223,438 -
Fund balance, end of year 202,438 $ 202,438 $ 221,488 $ 19,050 $ Fund balance, beginning of year
CITY OF SIERRA MADRE
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual Local Transit Prop C Special Revenue Fund
For the year ended June 30, 2025
-106-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Intergovernmental 252,000 $ 252,000 $ 235,512 $ (16,488) $ Investment income - - 5,192 5,192
Total revenues 252,000 252,000 240,704 (11,296)
Expenditures:
Current:
Public works 252,000 252,000 2,800 249,200
Total expenditures 252,000 252,000 2,800 249,200
Net change to fund balance - - 237,904 237,904
19,746 19,746 19,746 -
Fund balance, end of year 19,746 $ 19,746 $ 257,650 $ 237,904 $ Fund balance, beginning of year
CITY OF SIERRA MADRE
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual Clear Air (AQMD) Special Revenue Fund
For the year ended June 30, 2025
-107-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Intergovernmental 14,000 $ 14,000 $ 14,541 $ 541 $
Investment income - - 1,323 1,323
Total revenues 14,000 14,000 15,864 1,864
Expenditures:
Total expenditures - - - -
Net change to fund balance 14,000 14,000 15,864 1,864
29,727 29,727 29,727 -
Fund balance, end of year 43,727 $ 43,727 $ 45,591 $ 1,864 $ Fund balance, beginning of year
CITY OF SIERRA MADRE
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual Environmental Special Revenue Fund
For the year ended June 30, 2025
-108-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Licenses and permits 110,000 $ 110,000 $ 172,684 $ 62,684 $ Investment income - - 11,783 11,783
Miscellaneous - - 30,000 30,000
Total revenues 110,000 110,000 214,467 104,467
Expenditures:
Current:
Public works 170,000 170,000 108,185 61,815
Total expenditures 170,000 170,000 108,185 61,815
Net change to fund balance (60,000) (60,000) 106,282 166,282 233,480 233,480 233,480 -
Fund balance, end of year 173,480 $ 173,480 $ 339,762 $ 166,282 $ Fund balance, beginning of year
CITY OF SIERRA MADRE
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual Gas Tax Special Revenue Fund
For the year ended June 30, 2025
-109-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Intergovernmental 308,000 $ 308,000 $ 315,687 $ 7,687 $ Investment income - - 11,132 11,132
Total revenues 308,000 308,000 326,819 18,819
Expenditures:
Current:
Public works 326,050 326,050 261,981 64,069
Total expenditures 326,050 326,050 261,981 64,069
Net change to fund balance (18,050) (18,050) 64,838 82,888 236,783 236,783 236,783 -
Fund balance, end of year 218,733 $ 218,733 $ 301,621 $ 82,888 $ Fund balance, beginning of year
CITY OF SIERRA MADRE
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual Measure R Special Revenue Fund
For the year ended June 30, 2025
-110-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Intergovernmental 189,000 $ 189,000 $ 176,601 $ (12,399) $ Investment income - - 3,983 3,983
Total revenues 189,000 189,000 180,584 (8,416)
Expenditures:
Current:
Public works 189,000 189,000 - 189,000
Total expenditures 189,000 189,000 - 189,000
Net change to fund balance - - 180,584 180,584
16,106 16,106 16,106 -
Fund balance, end of year 16,106 $ 16,106 $ 196,690 $ 180,584 $ Fund balance, beginning of year
CITY OF SIERRA MADRE
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual Measure M Special Revenue Fund
For the year ended June 30, 2025
-111-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Intergovernmental 214,000 $ 214,000 $ 200,083 $ (13,917) $ Investment income - - 15,517 15,517
Total revenues 214,000 214,000 215,600 1,600
Expenditures:
Current:
Public works 214,000 214,000 - 214,000
Total expenditures 214,000 214,000 - 214,000
Net change to fund balance - - 215,600 215,600
292,942 292,942 292,942 -
Fund balance, end of year 292,942 $ 292,942 $ 508,542 $ 215,600 $ Fund balance, beginning of year
CITY OF SIERRA MADRE
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual Road Maintenance and Rehabilitation Special Revenue Fund For the year ended June 30, 2025
-112-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Intergovernmental 286,000 $ 286,000 $ 304,983 $ 18,983 $ Investment income - - 13,631 13,631
Total revenues 286,000 286,000 318,614 32,614
Expenditures:
Current:
Public works 286,000 286,000 172,560 113,440
Total expenditures 286,000 286,000 172,560 113,440
Net change to fund balance - - 146,054 146,054
274,114 274,114 274,114 -
Fund balance, end of year 274,114 $ 274,114 $ 420,168 $ 146,054 $ Fund balance, beginning of year
CITY OF SIERRA MADRE
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual Library Gift and Memorial Special Revenue Fund
For the year ended June 30, 2025
-113-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Investment income - $ - $ 8,782 $ 8,782 $
Miscellaneous - - 9,838 9,838
Total revenues - - 18,620 18,620
Expenditures:
Current:
Culture and recreation - - 8,556 (8,556)
Total expenditures - - 8,556 (8,556)
Excess (deficiency) of revenues
over (under) expenditures - - 10,064 10,064
Other financing sources (uses):
Transfers in 25,000 25,000 25,000 -
Total other financing sources (uses) 25,000 25,000 25,000 - Net change to fund balance 25,000 25,000 35,064 10,064
213,228 213,228 213,228 -
Fund balance, end of year 238,228 $ 238,228 $ 248,292 $ 10,064 $ Fund balance, beginning of year
CITY OF SIERRA MADRE
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual Friends of the Library Special Revenue Fund
For the year ended June 30, 2025
-114-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Miscellaneous 55,000 $ 55,000 $ 46,713 $ (8,287) $
Total revenues 55,000 55,000 46,713 (8,287)
Expenditures:
Current:
Culture and recreation 55,000 55,000 46,713 8,287
Total expenditures 55,000 55,000 46,713 8,287
Net change to fund balance - - - -
- - - -
Fund balance, end of year - $ - $ - $ - $
Fund balance, beginning of year
CITY OF SIERRA MADRE
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual Measure W Special Revenue Fund
For the year ended June 30, 2025
-115-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Intergovernmental 150,000 $ 150,000 $ 153,136 $ 3,136 $ Investment income - - 2,620 2,620
Total revenues 150,000 150,000 155,756 5,756
Expenditures:
Current:
Public works 150,000 150,000 153,871 (3,871)
Total expenditures 150,000 150,000 153,871 (3,871)
Net change to fund balance - - 1,885 1,885
100,937 100,937 100,937 -
Fund balance (deficit), end of year 100,937 $ 100,937 $ 102,822 $ 1,885 $ Fund balance (deficit), beginning of year
CITY OF SIERRA MADRE
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual Robert Day Trust Fund Special Revenue Fund
For the year ended June 30, 2025
-116-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Investment income - $ - $ 30,519 $ 30,519
Total revenues - - 30,519 30,519
Expenditures:
Total expenditures - - - -
Excess (deficiency) of revenues
over (under) expenditures - - 30,519 30,519
Other financing sources (uses):
Transfers out (25,000) (25,000) (25,000) -
Total other financing sources (uses) (25,000) (25,000) (25,000) - Net change to fund balance (25,000) (25,000) 5,519 30,519 738,990 738,990 738,990 -
Fund balance, end of year 713,990 $ 713,990 $ 744,509 $ 30,519 $ Fund balance, beginning of year
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CITY OF SIERRA MADRE
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual Capital Projects Fund
For the year ended June 30, 2025
-117-
Original
Budget
Final
Budget Actual
Variance
with Final
Budget
Revenues:
Investment income - $ - $ 18,084 $ 18,084 $
Total revenues - - 18,084 18,084
Expenditures:
Current:
Public works 383,200 383,200 376,210 6,990
Total expenditures 383,200 383,200 376,210 6,990
Excess (deficiency) of revenues
over (under) expenditures (383,200) (383,200) (358,126) 25,074 Other financing sources (uses):
Transfers in 160,000 160,000 160,000 -
Total other financing sources (uses) 160,000 160,000 160,000 - Net change to fund balance (223,200) (223,200) (198,126) 25,074 471,256 471,256 471,256 -
Fund balance, end of year 248,056 $ 248,056 $ 273,130 $ 25,074 $ Fund balance, beginning of year
CITY OF SIERRA MADRE
Combining Statement of Net Position
Internal Service Funds
June 30, 2025
-118-
Fleet
Facilities
Management Administration
Assets:
Current assets:
Cash and investments 903,507 $ 1,131,144 $ 945,532 $
Restricted cash and investments - - -
Receivables:
Accounts - - -
Total current assets 903,507 1,131,144 945,532
Noncurrent assets:
Capital assets:
Non-depreciable assets - 1,980 -
Depreciable, net 359,869 623,575 -
Total noncurrent assets 359,869 625,555 -
Total assets 1,263,376 1,756,699 945,532
Deferred Outflows of Resources:
OPEB related - - 21,756
Pension related - - 196,241
Total deferred outflows of resources - - 217,997
Liabilities:
Current liabilities:
Accounts payable 16,362 121,864 11,255
Accrued payroll and related liabilities 5,308 3,228 22,364 Compensated absences - current 3,280 7,361 19,360
Lease liability - current - - -
Subscription liability - current - - -
Total current liabilities 24,950 132,453 52,979
Noncurrent liabilities:
Compensated absences 13,120 29,445 77,442
Net pension liability - - 363,997
Net OPEB liability - - 8,959
Lease liability - - -
Subscription liability - - -
Total noncurrent liabilities 13,120 29,445 450,398
Total liabilities 38,070 161,898 503,377
Deferred Inflows of Resources:
OPEB related - - 13,087
Pension related - - 55,962
Total deferred inflows of resources - - 69,049
Net Position:
Net investment in capital assets 359,869 625,555 -
Restricted - Section 115 Trust - - -
Unrestricted 865,437 969,246 591,103
Total net position $ 1,594,801 1,225,306 $ 591,103 $
-119-
Technology
Personnel and
Risk
Management
General Plan
and Housing
Update
Total Internal
Service Funds
$ 1,561,314 861,102 $ 186,107 $ 5,588,706 $
22,627 - - 22,627
- 5,959 - 5,959
1,583,941 867,061 186,107 5,617,292
- - - 1,980
- 102,707 - 1,086,151
- 102,707 - 1,088,131
1,583,941 969,768 186,107 6,705,423
- - - 21,756
- - - 196,241
- - - 217,997
108,033 120,181 - 377,695
213,740 16,582 - 261,222
8,340 2,467 - 40,808
- 4,775 - 4,775
- 12,876 - 12,876
324,240 162,754 - 697,376
33,360 9,870 - 163,237
- - - 363,997
- - - 8,959
- 11,363 - 11,363
- 13,272 - 13,272
9,870 57,995 - 560,828
334,110 220,749 - 1,258,204
- - - 13,087
- - - 55,962
- - - 69,049
- 60,421 - 1,045,845
22,627 - - 22,627
1,227,204 688,598 186,107 4,527,695
$ 1,249,831 749,019 $ 186,107 $ 5,596,167 $
CITY OF SIERRA MADRE
Combining Statement of Revenues, Expenses, and Changes in Net Position Internal Service Funds
For the year ended June 30, 2025
-120-
Fleet
Facilities
Management Administration
Operating revenues:
Charges for services 475,000 $ 686,550 $ 954,400 $
Licenses and permits - - -
Miscellaneous - - -
Total operating revenues 475,000 686,550 954,400
Operating expenses:
Personnel services 144,465 78,942 811,943
Contractual services 69,263 161,199 93,890
Materials and supplies 96,133 51,410 87,156
Utilities 102,512 349,279 -
Maintenance and operation - 47,449 9,538
Insurance, claims and charges - - -
Depreciation 105,838 19,540 -
Amortization - - -
Total operating expenses 518,211 707,819 1,002,527
Operating income (loss) (43,211) (21,269) (48,127)
Nonoperating revenues (expenses):
Investment income 32,078 39,167 33,844
Gain (Loss) on disposal of property 12,650 - -
Interest expense - - -
Total nonoperating revenues (expenses) 44,728 39,167 33,844 Income (loss) before transfers
and capital contributions 1,517 17,898 (14,283)
Change in net position 1,517 17,898 (14,283)
Net position, beginning of year 1,223,789 1,576,903 605,386 Net position, end of year 1,225,306 $ 1,594,801 $ 591,103 $ -121-
Technology
Personnel and
Risk
Management
General Plan
and Housing
Update
Total Internal
Service Funds
$ 1,972,917 1,085,200 $ - $ 5,174,067 $
- 25,124 - 25,124
362 - 35,000 35,362
1,973,279 1,110,324 35,000 5,234,553
305,864 417,790 - 1,759,004
116,105 324,726 - 765,183
46,062 92,925 - 373,686
- 260,685 - 712,476
- 77,918 - 134,905
1,501,797 - - 1,501,797
- 23,033 - 148,411
- 19,830 - 19,830
1,969,828 1,216,907 - 5,415,292
3,451 (106,583) 35,000 (180,739)
36,791 27,866 5,997 175,743
- - - 12,650
- (770) - (770)
36,791 27,096 5,997 187,623
40,242 (79,487) 40,997 6,884
40,242 (79,487) 40,997 6,884
1,209,589 828,506 145,110 5,589,283
$ 1,249,831 749,019 $ 186,107 $ 5,596,167 $
CITY OF SIERRA MADRE
Combining Statement of Cash Flows
Internal Service Funds
For the year ended June 30, 2025
-122-
Fleet
Facilities
Management Administration
Cash flows from operating activities:
Receipts from interfund services provided 475,000 $ 686,550 $ 954,400 $ Payments to suppliers (265,839) (535,938) (192,628)
Payments to employees (143,546) (78,645) (802,295)
Net cash provided (used) by operating activities 65,615 71,967 (40,523) Cash flows from capital and related financing activities:
Proceeds from sales of capital assets 12,650 - -
Principal paid - - -
Interest paid - - -
Net cash provided (used) by capital
and related financing activities 12,650 - -
Cash flows from investing activities:
Investment income 32,078 39,167 33,844
Net cash provided (used) by investing activities 32,078 39,167 33,844 Net increase (decrease) in cash and cash equivalents 110,343 111,134 (6,679) Cash and investments:
Beginning of year 793,164 1,020,010 952,211
End of year 903,507 $ 1,131,144 $ 945,532 $
Reconciliation to the Statement of Net Position:
Cash and investments 903,507 $ 1,131,144 $ 945,532 $
Restricted cash and investments - - -
Total 903,507 $ 1,131,144 $ 945,532 $
Reconciliation of operating income (loss) to net cash
provided (used) by operating activities:
Operating income (loss) (43,211) $ (21,269) $ (48,127) $ Adjustments to reconcile operating income (loss) to net cash provided (used) by operating activities:
Depreciation 105,838 19,540 -
Amortization - - -
Changes in assets, liabilities and deferred amounts:
(Increase) decrease in accounts receivable - - -
(Increase) decrease in deferred outflow of resources - - 91,918 Increase (decrease) in accounts payable 2,069 73,399 (2,044) Increase (decrease) in accrued liabilities 221 621 (8,920) Increase (decrease) in compensated absences 698 (324) (41,261) Increase (decrease) in deferred inflow of resources - - (15,431) Increase (decrease) in net OPEB liability - - (801)
Increase (decrease) in net pension liability - - (15,857) Total adjustments 108,826 93,236 7,604
Net cash provided (used) by operating activities 65,615 $ 71,967 $ (40,523) $ Noncash investing, capital and financing activities:
Subscription liabilities - $ - $ - $
Subscription acquisition - - -
-123-
Technology
Personnel and
Risk
Management
General Plan
and Housing
Update
Total Internal
Service Funds
$ 1,973,580 1,111,026 $ 35,000 $ 5,235,556 $
(1,639,284) (673,703) - (3,307,392)
(177,644) (415,665) - (1,617,795)
156,652 21,658 35,000 310,369
- - - 12,650
- (18,660) - (18,660)
- (770) - (770)
- (63,808) - (51,158)
36,791 27,866 5,997 175,743
36,791 27,866 5,997 175,743
193,443 (14,284) 40,997 434,954
1,390,498 875,386 145,110 5,176,379
$ 1,583,941 861,102 $ 186,107 $ 5,611,333 $
$ 1,561,314 861,102 $ 186,107 $ 5,588,706 $
22,627 - - 22,627
$ 1,583,941 861,102 $ 186,107 $ 5,611,333 $
$ 3,451 (106,583) $ 35,000 $ (180,739) $
- 23,033 - 148,411
- 19,830 - 19,830
301 702 - 1,003
- - - 91,918
24,680 82,551 - 180,655
117,743 3,022 - 112,687
10,477 (897) - (31,307)
- - - (15,431)
- - - (801)
- - - (15,857)
153,201 128,241 - 491,108
$ 156,652 21,658 $ 35,000 $ 310,369 $
$ - 40,194 $ - $ 40,194 $
- (40,194) - (40,194)
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City of Sierra Madre, California
Village of the Foothills
Statistical Section
For the Year Ended
June 30, 2025
This page intentionally left blank
-124-
This part of the City’s annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City’s overall financial health.
Financial trend information:
Intended to assist users in understanding and assessing how a government’s financial position has changed over time.
Revenue capacity information:
Intended to assist users in understanding and assessing the factors affecting a government’s ability to generate its own revenue.
Debt capacity information:
Intended to assist users in understanding and assessing a government’s debt burden and its ability to issue additional debt.
Demographic and economic information:
Intended to assist users in understanding the socioeconomic environment within which a government operates and to provide information that facilitates comparison of financial statement information over time and among governments.
Operating information:
Intended to provide information about a government’s operations and resources in order to assist readers in using financial information to understand and assess a government’s economic condition.
CITY OF SIERRA MADRE
Net Position by Component
Last Ten Fiscal Years (accrual basis of accounting)
-125-
As of June 30, 2016 2017 2018 2019
Governmental activities:
Net investment in capital assets 181,328,167 $ 180,505,323 $ 181,067,634 $ 180,934,074 $ Restricted 5,794,991 5,119,384 4,926,003 4,861,587
Unrestricted 1,731,997 5,264,763 6,263,121 8,123,037
Total governmental activities net position 188,855,155 $ 190,889,470 $ 192,256,758 $ 193,918,698 $ Business-Type activities:
Net investment in capital assets 16,824,482 $ 16,892,266 $ 17,975,946 $ 19,580,635 $ Restricted 1,149,456 1,149,456 - -
Unrestricted 1,313,820 1,439,579 2,585,503 2,639,373
Total business-type activities net position 19,287,758 $ 19,481,301 $ 20,561,449 $ 22,220,008 $ Primary government:
Net investment in capital assets 198,152,649 $ 197,397,589 $ 199,043,580 $ 200,514,709 $ Restricted 6,944,447 6,268,840 4,926,003 4,861,587
Unrestricted 3,045,817 6,704,342 8,848,624 10,762,410
Total primary government net position 208,142,913 $ 210,370,771 $ 212,818,207 $ 216,138,706 $ Source: City of Sierra Madre Finance Department
-126-
2020 2021 2022 2023 2024 2025
$ 181,760,515 180,629,535 $ 185,318,754 $ 185,244,915 $ 186,427,424 $ 191,413,706 $ 5,887,957 6,302,207 7,237,002 8,131,547 9,350,537 10,972,811 9,714,208 9,522,562 17,409,081 13,313,338 13,987,115 12,300,365 $ 197,585,284 196,231,700 $ 209,964,837 $ 206,689,800 $ 209,765,076 $ 214,686,882 $ $ 23,167,195 21,201,025 $ 22,881,196 $ 23,996,617 $ 24,633,990 $ 25,172,798 $ 54,000 - 47,615 49,455 53,195 58,475
5,044,835 7,365,272 10,160,260 10,430,773 11,843,810 14,134,884 $ 30,586,467 26,245,860 $ 33,089,071 $ 34,476,845 $ 36,530,995 $ 39,366,157 $ $ 204,927,710 201,830,560 $ 208,199,950 $ 209,241,532 $ 211,061,414 $ 216,586,504 $ 6,356,207 5,887,957 7,284,617 8,181,002 9,403,732 11,031,286 16,887,834 14,759,043 27,569,341 23,744,111 25,830,925 26,435,249 $ 228,171,751 222,477,560 $ 243,053,908 $ 241,166,645 $ 246,296,071 $ 254,053,039 $
CITY OF SIERRA MADRE
Changes in Net Position
Last Ten Fiscal Years (accrual basis of accounting)
-127-
Fiscal year ended June 30, 2016 2017 2018 2019
Expenses:
Governmental activities:
General government 1,791,927 $ 1,710,653 $ 1,334,388 $ 3,416,581 $ Public safety 5,754,806 5,115,933 5,394,253 5,688,672
Public works 1,401,974 1,961,343 2,196,985 1,883,420
Development 1,412,537 1,129,817 1,557,850 1,089,342
Culture and recreation 1,280,228 1,078,262 1,388,943 1,457,670 Interest on long-term debt 17,322 13,909 10,336 7,610
Total governmental activities expenses 11,658,794 11,009,917 11,882,755 13,543,295 Business-type activities:
Water 4,388,290 4,763,179 4,432,899 4,083,465
Sewer 1,172,547 1,371,492 1,029,623 629,988
Recreation services 259,594 22,697 4,150 -
Special services 108,211 125,547 171,228 -
Film services 43,620 50,618 77,923 -
Total business-type activities expenses 5,972,262 6,333,533 5,715,823 4,713,453 Total primary government expenses 17,631,056 $ 17,343,450 $ 17,598,578 $ 18,256,748 $ Program revenues:
Governmental activities:
Charges for services 2,350,878 $ 2,377,056 $ 2,305,382 $ 2,602,516 $ Operating grants and contributions 1,022,280 1,368,859 1,426,015 1,705,187 Capital grants and contributions - - - -
Total governmental activities
program revenues 3,373,158 3,745,915 3,731,397 4,307,703 Business-type activities:
Charges for services 5,606,012 6,337,602 6,719,044 6,675,962 Capital grants and contributions 46,234 62,166 - -
Total business-type activities
program revenues 5,652,246 6,399,768 6,719,044 6,675,962 Total primary government
program revenues 9,025,404 $ 10,145,683 $ 10,450,441 $ 10,983,665 $ Net revenue/(expense):
Governmental activities (8,285,636) $ (7,264,002) $ (8,151,358) $ (9,235,592) $ Business-type activities (320,016) 66,235 1,003,221 1,962,509 Total primary government
net revenue/(expense) (8,605,652) $ (7,197,767) $ (7,148,137) $ (7,273,083) $ Source: City of Sierra Madre Finance Department
-128-
2020 2021 2022 2023 2024 2025
$ 4,322,627 5,111,963 $ 1,464,496 $ 5,544,945 $ 3,689,340 $ 3,913,456 $ 6,445,253 5,473,096 2,377,264 8,085,479 8,788,024 8,058,040 2,464,339 2,260,036 2,131,163 3,747,946 4,316,367 7,018,458 1,025,108 990,443 517,557 2,384,299 1,824,297 1,582,914 1,114,768 1,065,948 373,800 2,985,550 1,666,617 1,451,096 - 3,097 68 431 1,304 1,058
15,372,095 14,904,584 6,864,348 22,748,650 20,285,949 22,025,022 4,734,967 3,670,810 4,275,124 5,154,213 5,115,315 5,121,742 1,110,982 582,658 945,302 1,305,431 1,289,314 1,214,995 - - - - - -
- - - - - -
- - - - - -
5,845,949 4,253,468 5,220,426 6,459,644 6,404,629 6,336,737 $ 21,218,044 19,158,052 $ 12,084,774 $ 29,208,294 $ 26,690,578 $ 28,361,759 $ $ 2,429,844 2,406,865 $ 3,116,788 $ 2,932,301 $ 3,257,586 $ 3,172,466 $ 2,534,045 2,279,930 3,108,323 2,389,501 3,823,731 7,144,293 114,657 - 45,343 - - -
4,824,431 4,940,910 6,270,454 5,321,802 7,081,317 10,316,759 8,160,577 10,058,070 7,800,525 7,645,601 7,952,042 8,583,217 - - - - - -
10,058,070 8,160,577 7,800,525 7,645,601 7,952,042 8,583,217 $ 14,882,501 13,101,487 $ 14,070,979 $ 12,967,403 $ 15,033,359 $ 18,899,976 $ $ (10,547,664) (9,963,674) $ (593,894) $ (17,426,848) $ (13,204,632) $ (11,708,263) $ 4,212,121 3,907,109 2,580,099 1,185,957 1,547,413 2,246,480 $ (6,335,543) (6,056,565) $ 1,986,205 $ (16,240,891) $ (11,657,219) $ (9,461,783) $
CITY OF SIERRA MADRE
Changes in Net Position, (continued)
(modified accrual basis of accounting)
-129-
Fiscal year ended June 30, 2016 2017 2018 2019
Governmental activities:
Taxes 8,487,077 $ 9,332,367 $ 9,512,791 $ 9,981,892 $
Investment income (loss) 38,125 85,587 87,400 373,205
Miscellaneous - - 673,942 148,141
Loss on disposal of property - - - -
Transfers (63,509) (118,957) (103,147) 394,294
Total governmental activities 8,461,693 9,298,997 10,170,986 10,897,532 Business-type activities:
Investment income (loss) 11,201 7,691 32,935 90,344
Miscellaneous - - - -
Transfers 63,509 118,957 103,147 (394,294)
Total business-type activities 74,710 126,648 136,082 (303,950) Total primary government 8,536,403 $ 9,425,645 $ 10,307,068 $ 10,593,582 $ Change in net position:
Governmental activities 176,057 $ 2,034,995 $ 2,019,628 $ 1,661,940 $ Business-type activities (245,306) 192,883 1,139,303 1,658,559 Total primary government (69,249) $ 2,227,878 $ 3,158,931 $ 3,320,499 $ Source: City of Sierra Madre Finance Department
-130-
2020 2021 2022 2023 2024 2025
$ 11,881,819 10,635,408 $ 12,880,340 $ 13,647,431 $ 14,168,040 $ 14,911,925 $ 393,927 (9,580) (302,973) 260,977 1,631,059 1,597,919
1,258,038 29,009 93,943 259,134 502,929 146,290
- - - - - -
(10,697) - (20,724) (22,199) (22,120) (26,065)
11,901,248 12,276,676 12,650,586 14,145,343 16,279,908 16,630,069 108,046 48,731 (184,925) 97,792 410,946 562,617
79,755 86,706 81,826 73,671 - -
10,697 - 20,724 22,199 22,120 26,065
128,486 118,743 (77,495) 201,817 506,737 588,682
$ 12,029,734 12,395,419 $ 12,573,091 $ 14,347,160 $ 16,786,645 $ 17,218,751 $ $ 1,353,584 2,313,002 $ 12,056,692 $ (3,281,505) $ 3,075,276 $ 4,921,806 $ 4,340,607 4,025,852 2,502,604 1,387,774 2,054,150 2,835,162 $ 5,694,191 6,338,854 $ 14,559,296 $ (1,893,731) $ 5,129,426 $ 7,756,968 $
CITY OF SIERRA MADRE
Fund Balances of Governmental Funds
(modified accrual basis of accounting)
-131-
As of June 30, 2016 2017 2018 2019
General fund:
Nonspendable - $ - $ - $ 2,365 $
Restricted - - 15,802 32,727
Committed - - - -
Assigned 4,720,472 - - -
Unassigned 1,938,003 7,428,117 8,736,391 6,915,213
Total General Fund 6,658,475 $ 7,428,117 $ 8,752,193 $ 6,950,305 $ All other governmental funds:
Restricted 4,406,441 5,119,384 4,856,087 4,828,860
Committed 1,457,095 1,391,394 903,576 870,091
Assigned - - - -
Unassigned (206,006) (155,931) (117,280) (60,595)
Total all other governmental funds 5,657,530 $ 6,354,847 $ 5,642,383 $ 5,638,356 $ Total all governmental funds 12,316,005 $ 13,782,964 $ 14,394,576 $ 12,588,661 $ Source: City of Sierra Madre Finance Department
-132-
2020 2021 2022 2023 2024 2025
$ 1,565 - $ - $ 5,450 $ - $ - $
455,167 32,639 404,690 453,889 452,819 486,221
- - - - - -
- - - - - -
9,236,030 7,557,690 9,603,886 11,560,063 14,194,662 13,516,644 $ 9,692,762 7,590,329 $ 10,008,576 $ 12,019,402 $ 14,647,481 $ 14,002,865 $ 5,826,040 5,855,318 6,813,634 7,658,311 8,877,011 10,463,963 936,179 401,910 13,338 13,338 13,338 13,338
- - - - - -
(32,283) (308,679) (223,946) (150,487) - (54,061)
$ 5,919,271 6,759,214 $ 6,603,026 $ 7,521,162 $ 8,890,349 $ 10,423,240 $ $ 15,612,033 14,349,543 $ 16,611,602 $ 19,540,564 $ 23,537,830 $ 24,426,105 $
CITY OF SIERRA MADRE
Changes in Fund Balances of Governmental Funds
(modified accrual basis of accounting)
-133-
Fiscal year ended June 30, 2016 2017 2018 2019
Revenues:
Property Taxes 5,677,308 $ 6,075,078 $ 6,426,261 $ 6,830,051 $ Other Taxes 2,809,769 3,257,288 3,228,635 3,302,646
Charges for services 881,477 690,417 733,929 974,741
Intergovernmental 1,022,280 1,176,272 1,228,646 1,536,011 Licenses and permits 837,657 1,222,728 1,227,077 1,231,070 Fines and forfeitures 190,999 167,318 118,324 140,395
Investment Income (loss) 25,726 63,194 84,912 306,329
Miscellaneous 440,745 489,181 933,142 327,781
Total revenues 11,885,961 13,141,476 13,980,926 14,649,024 Expenditures:
Current:
General government 1,970,283 2,391,482 2,609,677 3,662,657 Public safety 5,725,286 5,375,953 5,200,197 8,165,504
Public works 1,004,326 1,247,133 2,806,374 2,173,523
Development 1,485,372 1,355,877 1,437,228 1,272,696
Culture and recreation 1,228,487 1,115,425 1,141,498 1,496,982 Debt service:
Principal 72,604 75,964 79,484 83,163
Interest 18,442 15,082 11,563 7,879
Total expenditures 11,504,800 11,576,916 13,286,021 16,862,404 Excess (deficiency) of revenues
over (under) expenditures 1,564,560 381,161 694,905 (2,213,380) Other financing sources (uses):
Subscription acquisition - - - -
Transfers in 2,348,798 246,913 37,851 468,564
Transfers out (2,386,421) (343,835) (121,145) (61,099)
Total other financing sources (uses) (37,623) (96,922) (83,294) 407,465 Net change in fund balances 1,467,638 343,538 611,611 (1,805,915) 12,315,326 11,972,467 13,782,965 14,394,576
Fund balances, end of year 12, $ 13,782,964 316,005 $ 14,394,576 $ 12,588,661 $ Debt Service as a Percentage of Non-Capital Expenditures 1% 1% 1% 1% ***Note: In FY 2014-2015 Property Tax in-lieu of VLF is reported as part of Property Taxes.
Fund balances, beginning of year, as restated
-134-
2020 2021 2022 2023 2024 2025
$ 7,666,122 7,161,511 $ 7,967,081 $ 8,382,935 $ 8,859,401 $ 9,271,482 $ 3,644,793 4,393,543 4,913,188 5,230,313 5,284,445 5,582,335 824,891 647,586 935,827 940,391 957,204 1,059,607
1,745,392 2,154,464 2,645,384 2,244,921 3,843,162 6,865,557 1,245,264 1,464,992 1,962,943 1,882,838 2,181,430 2,032,278 82,903 70,616 116,820 109,610 89,175 106,922
320,460 (7,938) (208,415) 302,852 1,621,759 1,607,186
2,040,124 358,630 513,708 375,384 662,241 274,133
16,748,015 17,065,338 18,846,536 19,469,244 23,498,817 26,799,500 5,561,126 3,832,934 3,136,367 4,584,836 3,816,683 4,545,502 5,717,940 6,741,180 6,567,384 7,193,807 8,550,259 9,669,537 2,003,010 2,635,535 5,877,947 2,172,401 4,221,188 8,597,923 983,998 1,115,698 1,449,245 1,459,483 1,624,136 1,729,462 950,110 1,178,635 1,034,689 1,131,360 1,257,211 1,334,887 87,016 - - 8,671 9,487 7,561
4,026 - - 215 467 288
15,503,982 15,307,226 18,065,632 16,550,773 19,479,431 25,885,160 1,244,033 1,758,112 780,904 2,918,471 4,019,386 914,340 - - - 30,511 - -
169,858 1,022,186 214,856 1,836,016 686,905 1,985,000
(167,088) (1,003,729) (205,724) (1,862,504) (709,025) (2,011,065) 18,457 2,770 9,132 4,023 (22,120) (26,065)
1,262,490 1,760,882 790,036 2,922,494 3,997,266 888,275 14,349,543 12,588,661 15,821,566 16,618,070 19,540,564 23,537,830 $ 15,612,033 14,349,543 $ 16,611,602 $ 19,540,564 $ 23,537,830 $ 24,426,105 $ 1% 0% 0% 0% 0% 0%
CITY OF SIERRA MADRE
Assessed Value of Taxable Property
Last Ten Fiscal Years
-135-
Category 2016 2017 2018 2019
Residential 1,849,086,339 $ 1,958,752,239 $ 2,064,755,283 $ 2,175,830,705 $ Commercial 57,179,257 60,520,506 62,360,811 66,807,200
Industrial 11,350,279 11,523,349 11,904,983 11,759,635
Govt. Owned 167,478 170,032 173,432 599,145
Institutional 6,423,627 17,021,358 18,196,153 17,707,802 Recreational 1,722,001 1,748,259 1,783,221 1,818,882
Vacant 44,273,558 46,173,712 42,633,298 30,933,973
Cross Reference 1,968,133 1,998,146 2,038,108 1,851,661 Unsecured 7,011,648 6,843,871 6,959,470 7,981,925
Total assessed value 1,979,182,320 $ 2,104,751,472 $ 2,210,804,759 $ 2,315,290,928 $ Tax-Exempt Property (3,605,138) (3,605,138) (3,569,824) (3,569,824) Total taxable assessed value 1,975,577,182 $ 2,101,146,334 $ 2,207,234,935 $ 2,311,721,104 $ Total direct rate 0.2243 0.2234 0.2237 0.2236
Data Source: HDL Coren & Cone
-136-
2020 2021 2022 2023 2024 2025
$ 2,416,520,193 2,301,373,113 $ 2,507,761,801 $ 2,700,903,329 $ 2,855,020,187 $ 3,021,282,459 $ 73,200,604 70,441,465 77,989,769 81,836,857 86,728,755 88,109,059 12,234,680 11,994,809 10,113,154 11,032,028 10,521,685 10,732,097 - 202,511 443,851 452,727 - -
18,446,279 23,338,541 18,651,347 21,993,571 29,508,683 24,794,662 1,892,357 1,855,256 1,911,959 1,950,195 1,989,196 2,028,977 33,273,291 33,461,991 32,959,817 35,801,559 37,313,050 36,423,532 2,204,912 1,888,694 3,468,476 3,740,845 3,760,601 3,832,772 7,433,068 7,608,348 11,647,489 13,096,720 12,229,521 10,755,929 $ 2,565,205,384 2,452,164,728 $ 2,664,947,663 $ 2,870,807,831 $ 3,037,071,678 $ 3,197,959,487 $ (3,569,824) (3,569,824) (3,569,824) (3,569,824) (3,569,824) (4,953,065) $ 2,561,635,560 2,448,594,904 $ 2,661,377,839 $ 2,867,238,007 $ 3,033,501,854 $ 3,193,006,422 $
0.2043 0.2236 0.2228 0.2220 0.2218 0.2217
CITY OF SIERRA MADRE
Property Tax Rates
Direct and Overlapping Governments
(Rate per $100 of Taxable Value)
Last Ten Fiscal Years
-137-
Agency 2016 2017 2018 2019
Basic Levy 1.00000 1.00000 1.00000 1.00000
Arcadia Unified 0.07507 0.07788 0.07551 0.05365
Metropolitan Water District 0.01800 0.02300 0.03000 0.03000 Pasadena Community College Dist 0.00872 0.00885 0.00819 0.00767 Pasadena Unified School Dist 0.11168 0.10673 0.10547 0.09491 Sierra Madre Lighting 0.30902 0.30902 0.30902 0.30902
Total Direct & Overlapping Tax Rates 1.52249 1.52548 1.52819 1.49526 City's Share of 1% Levy Per Prop 13 0.21911 0.21911 0.21911 0.21911 Total Direct Rate 0.22338 0.22428 0.22367 0.22363
Data Source: HDL Coren & Cone
-138-
2020 2021 2022 2023 2024 2025
1.00000 1.00000 1.00000 1.00000 1.00000 1.00000
0.05433 0.04784 0.04774 0.04704 0.04579 0.04652
0.03000 0.03000 0.03000 0.03000 0.03000 0.03000
0.00721 0.00554 0.00899 0.00869 0.02510 0.02434
0.04531 0.02294 0.05361 0.07756 0.07911 0.06366
0.30902 0.30902 0.16848 0.00000 0.00000 0.00000
1.44587 1.41534 1.30882 1.16329 1.18000 1.16452
0.21911 0.21911 0.21911 0.21911 0.21911 0.21911
0.22363 0.20425 0.22284 0.22195 0.22179 0.22165
CITY OF SIERRA MADRE
Principal Property Taxpayers
Current Year and Nine Years Ago
-139-
Taxpayer
Taxable Assesed
Value
% of
Net
Assesed
Value Rank
Taxable Assesed
Value
% of
Net
Assesed
Value Rank
CETT Madre Limited $ 12,379,152 0.63% 1 $ 0.40% 12,607,783 3 CS One Carter LLC 11,464,933 0.58% 2
Ginkgo Stonehouse II LLC 8,897,527 0.45% 3 6,716,781 0.21% 7 MB Equity LLC 6,172,051 0.31% 4 34,955,033 1.10% 1
Barbera Family LP 5,134,204 0.26% 5
Montecito Development Group LLC 4,175,296 0.21% 6
Jason and Heather Young 3,850,423 0.20% 7
William L Sullivan Family Trust 3,766,746 0.19% 8
Kensington SM GP LLC 3,791,054 0.19% 9 16,426,279 0.52% 2 William and A Kefalas Trust 3,699,881 0.19% 10
Adrienne Sirott Trust 10,008,538 0.31% 5
Neil A Lavick 10,545,699 0.33% 4
Michael G and Rene C Hoffman Trust 7,363,736 0.23% 6
634 W. Sierra Madre Blvd LLC 6,352,478 0.20% 8
585 W. Sierra Madre LLC 6,202,310 0.19% 9
Richard C Wolgemuth Cotrustee 5,994,214 0.19% 10
Top Ten Total 63,331,267 3.21% 3.68% 117,172,851
City Total $ 1,972,170,672 $ 3,187,203,558
Data Source: HDL Coren & Cone
2015 2024
CITY OF SIERRA MADRE
Property Tax Levies and Collections
Last Ten Fiscal Years
-140-
Total Collections to Date
Fiscal
Year
Taxes Levied for
the Fiscal Year Amount Percentage
of Levy
Collections of
Subsequent Years Amount Percentage
of Levy
2016 4,229,810.14 4,129,506.26 97.63% 100,303.88 4,129,506.26 97.63% 2017 4,492,592.16 4,314,137.59 96.03% 178,454.57 4,314,137.59 96.03% 2018 4,772,165.30 4,553,847.52 95.43% 218,317.78 4,553,847.52 95.43% 2019 4,977,521.00 4,854,870.94 97.54% 122,650.06 4,854,870.94 97.54% 2020 5,454,161.24 5,262,884.00 96.49% 120,330.00 5,333,831.24 97.79% 2021 5,710,131.08 5,582,408.75 97.76% 157,211.20 5,552,919.88 97.25% 2022 5,920,942.25 6,271,281.22 105.92% 344,332.71 5,576,609.54 94.18% 2023 6,371,764.66 6,850,232.71 107.51% 350,085.48 6,021,679.18 94.51% 2024 6,736,051.45 7,090,417.14 105.26% 190,647.43 6,545,404.02 97.17% 2025 7,088,387.35 7,392,155.92 104.29% 193,411.38 6,894,975.97 97.27% Data Source: HDL Coren & Cone
Collected within the Fiscal
Year of the Levy
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CITY OF SIERRA MADRE
Total Direct and Overlapping Debt
As of June 30, 2025
-141-
Total Debt June 30, 2025 % Applicable (1)
City's Share of
Debt June 30,
2025
OVERLAPPING TAX AND ASSESSMENT DEBT:
Pasadena Area Community College District 149,370,000 $ 2.696 4,027,015 $ Arcadia Unified School District 316,175,000 0.382 1,207,789 Pasadena Unified School District 330,830,000 5.493 18,172,492 $ 23,407,296
DIRECT AND OVERLAPPING GENERAL FUND DEBT:
Los Angeles County General Fund Obligations 3,036,637,390 $ 0.152 4,615,689 $ Los Angeles County Superintendent of Schools Certificates of Participatio 0.152 3,544 2,331,775 Pasadena Area Community College District Certificates of Participation 28,490,000 2.696 768,090 City of Sierra Madre 100 - -
$ 5,387,323
TOTAL DIRECT DEBT $ 6,144,889
TOTAL OVERLAPPING DEBT $ 28,794,619
COMBINED TOTAL DEBT(2) $ 34,939,508
(2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital lease obligations.
Debt To Assessed Valuation Ratios:
Direct Debt 0.00%
Overlapping Debt 0.73%
Total Debt 0.90%
Data Source: California Municipal Statistics, Inc.
Total Direct Debt Data: City of Sierra Madre Finance Department
TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT
TOTAL DIRECT AND OVERLAPPING GENERAL FUND DEBT
(1) The percentage of overlapping debt applicable to the city is estimated using taxable assessed property value. Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by the district's total taxable assessed value.
CITY OF SIERRA MADRE
Outstanding Debt by Type
-142-
Fiscal Year
Ended June 30, Master Lease Lease liability
Subscription
liability Total
2016 375,785 $ - $ - $ 375,785 $
2017 288,119 - - 288,119
2018 196,393 - - 196,393
2019 100,420 - - 100,420
2020 - - - -
2021 - - - -
2022 - 10,439 - 10,439
2023 - 4,488 44,843 49,331
2024 - 20,752 12,353 33,105
2025 16,138 30,940 47,078
Source: City of Sierra Madre Finance Department
Population and Personal Income data: HDL Coren & Cone, California State Department of Finance Governmental Activities
Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements.
-143-
Master Lease
Revenue Parity
Bonds Loans Total
Total Primary
Government
Percentage
of Personal
Income Per Capita
$ 8,165,000 181,341 $ 728,438 $ 9,074,779 $ 9,450,564 $ 1.65% 858.36 7,715,000 139,036 582,751 8,436,787 8,724,906 1.52% 794.18 - 94,771 6,940,756 7,035,527 7,231,920 1.19% 649.48
- 48,457 6,372,601 6,421,058 6,521,478 1.00% 602.95
- - 5,900,868 5,900,868 5,900,868 0.89% 553.81
- - 5,416,637 5,416,637 5,416,637 0.81% 508.37
- - 7,158,098 7,158,098 7,168,537 0.96% 658.82
- - 7,403,595 7,403,595 7,452,926 0.88% 688.75
- - 7,027,533 7,027,533 7,060,638 0.79% 647.23
6,097,811 6,097,811 6,144,889 0.67% 565.31
Business-type Activities
CITY OF SIERRA MADRE
Pledged Revenue Coverage
-144-
Business-type Activities - Water Fund
Debt Service
Fiscal Year
Ended June 30,
Operating
Revenues
Operation and
Maintenance
Costs Net Revenues Principal Interest Coverage
Sierra Madre Water Revenue Refunding Bonds, Series 1998A Sierra Madre Water Revenue Parity Bonds, Series 2003
2016 4,498,726 $ 2,348,112 $ 2,150,614 $ 425,000 $ 420,720 $ 2.54 2017 5,249,123 2,567,912 2,681,211 450,000 398,845 3.16 2018 5,521,322 2,319,129 3,202,193 258,284 186,735 7.20 City of Sierra Madre Installment Purchase Agreement**
2019 5,611,440 2,364,338 3,247,102 422,467 257,981 4.77 2020 6,954,132 1,905,193 5,048,939 326,046 243,699 8.86 2021 8,934,480 2,824,490 6,109,990 338,543 231,875 10.71 2022 6,655,722 4,059,012 2,596,710 350,161 216,112 4.59 2023 6,446,169 4,952,653 1,493,516 362,881 201,560 2.65 2024 6,707,324 4,928,918 1,778,406 376,062 188,964 3.15 2025 7,328,024 4,951,065 2,376,959 929,722 173,340 2.15 Source: City of Sierra Madre Finance Department
Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements. ** The City determined that paying the prior installment sales agreements for the Revenue Bonds listed above with the proceeds from the 2017 Installment Purchase Agreement, would reduce the City's interest expense payable from Water Revenues.
Funding was provided by Holman Capital Corporation and the City's Reserve Funds totaling $6,761,976. The proceeds were sufficient to defease the Revenue Bonds on November1, 2017, thereby satisfying and terminating the City's obligations under the prior installment sales agreements and indentures. Funding took place on October 31, 2017.
As with the original Revenue Bonds, the City irrevocably pledged all of the Net Water Revenues to the payment of the 2017 Installment Payments, and is a first priority lien on the collateral.
CITY OF SIERRA MADRE
Pledged Revenue Coverage (continued)
-145-
Governmental Activities
Debt Service
Fiscal Year
Ended June 30, Tax Increment(1) Principal Interest Coverage 2016 (2) $ 315,000 528,157 $ 78,625 $ 1.34
2017 (2) 567,950 330,000 62,500 1.45
2018 (2) 581,097 345,000 45,625 1.49
2019(2) 190,991 360,000 28,000 0.49
2020(2) 215,315 380,000 19,000 0.54
2021(2) - - - -
2022(2) - - - -
2023(2) - - - -
2024(2) - - - -
2025(2)
(1) Tax increment figures are net of related pass-through payments, beginning in 2008-2009, the City began paying AB1389 pass through payments.
(2) Due to the dissolution of the Community Redevelopment Agency, the Tax Allocation Bonds were transferred to the Successor Agency. This funding represents the Private Purpose Trust Fund.
Source: City of Sierra Madre Finance Department
Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements.
CITY OF SIERRA MADRE
Demographic and Economic Statistics
-146-
Calendar
Year Population
Personal
Income (In
Thousands)
Per Capita
Personal
Income
Unemployment
Rate
Median
Age
% of Pop
25+ with
High School
% of Pop 25+
with Bachelor's
Degree
2015 11,013 541,092 $ 49,132 $ 4.5% 45.8 97.5% 61.5%
2016 11,010 573,499 52,088 3.5% 46.2 98.4% 63.7%
2017 10,986 575,612 52,395 2.7% 45.0 99.2% 65.1%
2018 11,135 608,795 54,674 3.7% 46.6 99.3% 63.3%
2019 10,816 655,093 60,567 4.5% 47.6 98.7% 62.4%
2020 10,655 664,995 62,411 14.6% 49.0 98.4% 60.8%
2021 10,865 745,581 68,622 6.7% 47.5 98.5% 62.9%
2022 10,821 850,058 78,556 3.3% 48.3 98.5% 63.4%
2023 10,909 894,424 81,989 3.3% 46.6 98.1% 64.7%
2024 10,870 920,409 84,674 2.2% 46.9 98.0% 65.4%
Data Source: HDL Coren & Cone, California State Department of Finance, California EDD, Us Census
CITY OF SIERRA MADRE
Top 25 Sales Tax Producers
For Fiscal Year Ended June 30, 2025
-147-
Business Name Business Category
ACDC Apparel Family Apparel
Bottle Shop Convenience Stores/Liquor
Buccaneer Lounge Casual Dining
Casa Del Rey Casual Dining
Corfu Restaurant Casual Dining
Emmis Sierra Madre Casual Dining
Frontier Hardware Co Building Materials
K Petrol Service Stations
Lemon Zest Fast-Casual Restaurants
Leonora Moss Florist Shops
Lucky Baldwins Delirium Café Casual Dining
Lucky Stop Liquor and Fine Wine Convenience Stores/Liquor Monsieur Crepe Casual Dining
Nano Café Casual Dining
Only Place in Town Casual Dining
Roe Japanese Fusion Casual Dining
Rt Rogers Brewing Co Casual Dining
Sierra Madre Gas Station Service Stations
Sierra Madre Pizza Co Quick-Service Restaurants
Starbucks Quick-Service Restaurants
Tacos Ensenada Dom Quick-Service Restaurants
Taylors Ol Fashioned Meat Market Food Stores Non-Grocery Village Pizzeria Casual Dining
Wistaria Restaurant & Bar Casual Dining
Yui Casual Dining
Data Source: HDL Coren & Cone
CITY OF SIERRA MADRE
Full-Time Equivalent City Government Employees by Function -148-
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
General Government 11 11 13 12 15 11 16 16 16 16
Public Safety
Police
Officers 17 17 17 15 11 17 16 17 18 18
Civilians 6 6 7 7 11 5 6 5 5 5
Fire 18 19 19 20 16 16 17 18 17 18
Public Works 18 19 18 16 16 18 19 19 19 19
Development 5 5 5 5 4 4 5 6 6 6
Library and Recreation 12 13 14 12 13 12 9 9 9 9
Total 87 90 93 87 86 83 88 90 90 91
Source: City of Sierra Madre Finance Department
CITY OF SIERRA MADRE
Operating Indicators by Function
-149-
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Police
Number of:
Physical Arrests 214 248 223 231 210 178 218 107 88 106 Parking Violations 1,797 2,596 1,705 1,127 225 1,161 1,243 820 1,642 1,284 Traffic Violations 727 837 1,210 1,216 1,051 912 824 718 984 794 Fire
Number of:
Calls Answered 1,036 1,107 1,102 1,097 1,197 1,088 1,230 1,382 1,454 1,591 Inspections 1,678 2,084 1,687 1,905 1,935 2,012 1,825 1,673 1,879 1,942 Public Works
Number of:
Water Mains Repaired 550 388 395 374 303 403 391 338 284 800 Water service leaks repaired 19 30 46 62 78 57 77 68 79 80 Street resurfacing/repair (SF) - 142,500 454,000 705,270 180,000 136,600 130,000 70,000 77,000 48,000 Sidewalk Repairs (SF) 3,000 4,700 9,500 3,250 6,500 2,000 4,400 11,400 13,500 3,300 Trees planted - 12 16 31 15 15 16 12 25 18
Trees pruned 24 38 43 16 42 47 55 85 50 97
Trees removed 75 75 68 44 28 28 26 19 10 14
Sewer cleaned/inspected (LF) 186,176 146,000 120,817 98,000 80,000 148,316 50,000 103,000 70,000 65,000 Sewer Manhole inspected (each) 620 433 473 380 211 380 210 259 130 130 Sewer lines inspected (LF) 1,000 2,045 - - - 1,000 - 30,000 18,000 20,000 Meters replaced - 172 507 643 605 106 160 400 195 190
Valves exercised 267 3 - 60 605 600 564 350 252 250
Pot holes repaired 575 657 727 622 686 830 423 600 440 200 Water Mains Replaced (LF) 1,750 1,200 2,000 5,800 7,095 6,000 5,300 5,000 2,150 800 Recreation and Community Services
Number of participants:
Recreation classes 271 371 217 n/a n/a n/a n/a n/a n/a n/a Aquatic (1) n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Summer pool memberships n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Annual Events (2)
Movie Series 1,500 1,700 1,850 1,900 2,200 1,000 1,500 1,550 1,650 2,013 Concert Series 4,400 4,600 4,800 5,600 5,800 n/a 6,000 4,000 4,300 5,000 Summer Fun in the Park 305 265 261 285 291 150 204 89 n/a n/a Huck Finn (campsites) 63 50 36 48 n/a n/a n/a n/a n/a n/a Mt. Wilson Trail Race 346 337 332 350 n/a 300 349 350 500 n/a Window Painting n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Halloween Happenings 107 157 126 115 130 200 250 250 350 3,600 Family Night Camping Under the Stars n/a n/a n/a n/a n/a n/a n/a 36 n/a n/a Bark in the Park n/a n/a n/a n/a n/a n/a n/a n/a n/a 100 Excursions 511 477 464 569 262 - 25 37 106 72
Community Bike Ride n/a n/a n/a n/a n/a n/a n/a n/a n/a 35 Senior Program Activities
Senior Meals n/a n/a n/a n/a n/a n/a n/a n/a 1,111 3,865 Chair Yoga n/a n/a n/a n/a n/a n/a n/a n/a 1,611 1,763
Book Club n/a n/a n/a n/a n/a n/a n/a n/a 54 64
Senior Cinema n/a n/a n/a n/a n/a n/a n/a n/a 98 292
Hula n/a n/a n/a n/a n/a n/a n/a n/a 1,280 1,205
Excursions n/a n/a n/a n/a n/a n/a n/a n/a 106 81
Crafts n/a n/a n/a n/a n/a n/a n/a n/a 119 118
Bingo n/a n/a n/a n/a n/a n/a n/a n/a 409 320
Lunch & Learns - Real Estate, Medicare Pres n/a n/a n/a n/a n/a n/a n/a n/a 6 132 Blood Pressure n/a n/a n/a n/a n/a n/a n/a n/a 5 61
Birthday Celebration n/a n/a n/a n/a n/a n/a n/a n/a n/a 201 Holiday Lunch n/a n/a n/a n/a n/a n/a n/a n/a 52 50
Valentine's Day n/a n/a n/a n/a n/a n/a n/a n/a 35 28
St. Patricks n/a n/a n/a n/a n/a n/a n/a n/a 19 n/a
Thanksgiving Social n/a n/a n/a n/a n/a n/a n/a n/a 19 50 Older American n/a n/a n/a n/a n/a n/a n/a n/a 38 59
Luau Social n/a n/a n/a n/a n/a n/a n/a n/a n/a 50
Seniors Rock Concert n/a n/a n/a n/a n/a n/a n/a n/a n/a 600 Income Tax Program n/a n/a n/a n/a n/a n/a n/a n/a n/a 41 This page intentionally left blank
CITY OF SIERRA MADRE
Operating Indicators by Function, (continued)
-150-
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Library
Number of:
Registered borrowers 11,429 11,574 11,098 14,162 10,175 8,787 8,212 8,158 7,882 7,976 Circulation 113,272 97,829 114,432 115,572 97,870 84,675 103,616 108,873 91,294 92,990 Reference 6,493 5,237 5,066 4,868 4,686 4,837 4,626 5,304 4,517 5,579 Book volumes held 47,746 41,680 39,164 40,126 39,949 41,212 43,249 44,780 45,515 47,613 Use of electronic content 17,678 16,612 14,141 17,809 13,954 11,637 32,958 65,035 12,145 18,334 Media 18,238 6,084 5,904 5,892 5,545 5,707 5,708 5,719 5,570 5,784 Periodicals 61 95 82 73 71 72 67 61 66 56
Municipal Utilities
Number of:
Number of Customers
Residential 3,489 3,565 3,501 3,654 3,624 3,600 3,568 3,594 3,485 3,556 Non-Residential 195 210 193 163 248 190 215 186 206 163 Water Consumption in Units (000's) 667 925 765 741 860 1,179 847 867 1,895 1,449 Administrative Services
Number of:
Number of Customers
Online Bill Pay (average) 246 288 333 421 435 965 1,371 1,424 1,511 1,569 Business Licenses Issued 1,276 1,438 1,665 1,584 2,767 1,323 1,347 1,843 1,419 Development Services
Number of:
Accessory Dwelling Unit Permit n/a n/a 1 10 24 20 25 22 24 29 Business Licenses Issued 1,276 1,438 1,665 1,584 2,767 1,323 1,347 1,367 1,419 1,132 Conditional Use Permit 5 6 7 - - 1 6 2 2 1
Minor Conditional Use Permit 2 5 5 4 1 2 7 4 3 2
Design Review 13 11 14 7 4 3
Variance 1 - - 1 - - 1 - - 2
Minor Variance 2 2 - 3 - - - - - 2
Municipal Code Text Amendment 5 7 - 5 - 7 8 1 3 3
Building Permit 230 274 281 258 320 260 351 333 384 396 Electrical Permit 174 206 223 223 203 215 194 286 289 291 Mechanical Permit 100 128 135 140 117 109 122 133 151 162 Plumbing Permit 194 204 230 191 141 136 130 152 213 180 Sewer Permit 14 23 2 7 3 6 8 7 21 9
Data Source: Various City of Sierra Madre Departments
CITY OF SIERRA MADRE
Capital Assets – Book Value (excludes construction in progress) -151-
2016 2017 2018 2019
Roadways
Pavement AC (Governmental Funds) 10,731,909 $ 9,854,028 $ 9,549,273 $ 10,482,847 $ Street Appurtenances
Bridges (Governmental Funds) 29,591 21,137 12,682 4,227 Parks
Park Structures (Governmental Funds) 267,258 392,374 371,422 350,470 - - - -
Trees (Governmental Funds) 1,206,214 1,206,214 1,206,214 1,206,214 Wastewater
Manholes (Sewer) 672,551 643,932 615,313 586,693
Sewer Pipelines (Sewer) 2,576,706 2,469,342 2,361,979 2,254,616 Domestic Water Network
Spreading Basins (Water) 1,025,528 989,710 953,893 918,075 Pump Stations (Water) 1,322,223 1,265,958 1,209,694 1,153,429 Pipelines (Water) 4,141,639 4,143,901 4,352,079 5,620,212 Pressure Reducing Stations (Water) 250,630 233,345 216,061 198,776 Fire Hydrants (Water) 144,440 133,741 123,042 112,343
Wells (Water) 580,356 537,366 494,377 451,387
Reservoirs (Water) 13,174,440 12,967,602 12,760,764 12,553,926 Buildings All
Buildings (Water Fund) 118,766 110,328 101,799 93,316
Buildings (Sewer Fund) 118,813 110,284 101,840 93,353
Buildings (Governmental Funds) 5,642,913 5,409,185 5,175,456 5,127,521 Buildings (Governmental-ISF Facilities) - - 61,379 60,152 Land All
Land (Water Fund) 1,483,250 1,483,250 1,483,250 1,483,250 Land (Governmental Funds) 162,275,946 162,275,946 162,275,946 162,275,946 General Equipment All
Vehicle & Equipment (Water Fund) 59,040 71,118 62,638 54,158 Vehicle & Equipment (Sewer Fund) 230,880 169,174 107,464 45,756 Vehicle & Equipment (Governmental Funds) 501,492 387,136 555,906 1,089,507 Vehicle & Equipment (Governmental-ISF fleet) 654,076 821,597 745,502 - Software (Governmental-ISF Administration) 394,552 333,326 272,087 210,851 Right-to-use All
Equipment (Governmental-ISF Funds) - - - -
Subscription (Governmental Funds) - - - -
Subscription (Governmental-ISF Funds) - - - -
Total 207,603,213 $ 206,029,994 $ 205,170,057 $ 206,427,024 $ Data Source: Various City of Sierra Madre Departments
-152-
Fiscal Year Ended June 30,
2020 2021 2022 2023 2024 2025
$ 12,434,068 11,776,829 $ 13,061,359 $ 12,785,167 $ 13,643,337 $ 11,765,391 $ - - - - - -
1,335,386 329,873 1,289,681 1,251,585 1,213,490 2,021,633 - - - - - -
1,206,214 1,206,214 1,206,214 1,206,214 1,206,214 1,206,214 529,455 558,074 500,836 472,217 443,598 414,978
2,039,889 2,147,252 1,932,526 1,825,163 1,717,800 1,610,438 928,331 889,342 904,256 880,182 856,108 832,034
1,040,899 1,097,164 984,634 928,370 872,105 815,840
5,150,194 5,421,687 5,069,663 9,071,597 9,048,576 12,462,084 164,206 181,491 146,921 129,636 112,352 95,067
90,944 101,643 80,245 69,545 58,846 48,147
783,648 408,398 744,588 705,528 666,468 627,407
12,140,250 12,347,088 11,933,412 11,726,574 11,519,736 11,312,898 76,349 84,833 67,866 59,383 50,900 42,416
76,380 84,866 67,893 59,406 50,920 42,433
4,922,200 5,033,771 4,784,529 4,601,102 4,417,675 4,234,248 87,673 58,924 202,175 584,119 566,250 548,380
1,483,250 1,483,250 1,483,250 1,483,250 1,483,250 1,483,250 162,275,946 162,275,946 162,275,946 162,275,946 162,275,946 162,275,946 846,597 882,988 810,207 773,816 737,426 702,739
448,910 13,039 504,459 446,451 390,305 561,687
1,625,563 1,051,061 1,680,739 1,650,546 1,478,605 2,343,922 - - - - - -
112,223 149,613 72,802 57,583 42,363 27,144
- - 10,474 4,573 21,206 16,316
- - - 22,636 14,147 7,028
- - - 25,101 3,924 29,178
$ 209,798,576 207,583,346 $ 209,814,675 $ 213,095,690 $ 212,891,547 $ 215,526,818 $ This page intentionally left blank
Tel. 909-889-0871 | www.ramscpa.net | 735 E. Carnegie Dr. Suite 100, San Bernardino, CA 92408
CERTIFIED PUBLIC ACCOUNTANTS
-1-
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON
COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL
STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
Independent Auditor’s Report
To the Honorable City Council
City of Sierra Madre
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards), the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Sierra Madre (the City), as of and for the year ended June 30, 2025, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements, and have issued our report thereon dated January 28, 2026.
Report on Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City’s internal control over financial reporting (internal control) as a basis for designing procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the City’s financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses.
However, material weaknesses or significant deficiencies may exist that were not identified. -2-
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
San Bernardino, California
January 28, 2026
Tel. 909-889-0871 | www.ramscpa.net | 735 E. Carnegie Dr. Suite 100, San Bernardino, CA 92408
CERTIFIED PUBLIC ACCOUNTANTS
-1-
January 28, 2026
To the Honorable City Council
City of Sierra Madre
We have audited the financial statements of the City of Sierra Madre (the City) as of and for the year ended June 30, 2025, and have issued our report thereon dated January 28, 2026. Professional standards require that we advise you of the following matters relating to our audit.
Our Responsibility in Relation to the Financial Statement Audit As communicated in our engagement letter dated April 21, 2025, our responsibility, as described by professional standards, is to form and express opinions about whether the financial statements that have been prepared by management with your oversight are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America. Our audit of the financial statements does not relieve you or management of your respective responsibilities.
Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain reasonable, rather than absolute, assurance about whether the financial statements are free of material misstatement. An audit of financial statements includes consideration of the system of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control over financial reporting. Accordingly, as part of our audit, we considered the system of internal control of the City solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control.
We are also responsible for communicating significant matters related to the audit that are, in our professional judgment, relevant to your responsibilities in overseeing the financial reporting process.
However, we are not required to design procedures for the purpose of identifying other matters to communicate to you.
Planned Scope and Timing of the Audit
We conducted our audit consistent with the planned scope and timing we previously communicated to you.
Compliance with All Ethics Requirements Regarding Independence The engagement team, others in our firm, as appropriate, and our firm have complied with all relevant ethical requirements regarding independence.
We have evaluated whether certain nonattest services performed by our firm during the audit have created a significant threat to our independence in relation to the City. We have identified a threat to our independence (preparation of the City’s financial statements, creating a self-review threat) that if not reduced to an acceptable level, would impair our independence. In order to reduce the threat to an acceptable level, we have applied the following safeguard:
Prior to the issuance of the City’s financial statements, another partner or manager, independent of the engagement, will review the financial statements. -2-
Significant Risks Identified
We have identified the possibility of the following significant risks:
Management's override of internal controls over financial reporting – Management override of internal controls is the intervention by management in handling financial information and making decisions contrary to internal control policy.
Revenue recognition – Revenue recognition is a generally accepted accounting principle that refers to the conditions under which an City can recognize a transaction as revenue. Auditing standards indicate that recognizing revenue is a presumed fraud risk and usually classified as a significant risk in most audits.
These significant risks are presumptive in most audits and merit attention by the auditors due to the direct impact over financial reporting and internal control processes. Although identified as significant risks, we noted no matters of management override of controls or deviations from generally accepted accounting principles which caused us to modify our audit procedures or any related matters which are required to be communicated to those charged with governance due to these identified risks.
Qualitative Aspects of the City’s Significant Accounting Practices Significant Accounting Policies
Management has the responsibility to select and use appropriate accounting policies. A summary of the significant accounting policies adopted by the City is included in Note 1 to the financial statements. The City adopted GASB Statement No. 101, Compensated Absence, and GASB Statement No. 102, Certain Risk Disclosures during 2025. No matters have come to our attention that would require us, under professional standards, to inform you about (1) the methods used to account for significant unusual transactions and (2) the effect of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus.
Significant Accounting Estimates and Related Disclosures Accounting estimates and related disclosures are an integral part of the financial statements prepared by management and are based on management’s current judgments. Those judgments are normally based on knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ markedly from management’s current judgments.
The most sensitive accounting estimates affecting the City’s financial statements are:
Management’s estimate of the net pension liability and related deferred inflows and outflows of resources are based on actuarial reports by independent actuaries. We evaluated the key factors and assumptions used to develop the estimate in determining that it is reasonable in relation to the basic financial statements taken as a whole and in relation to the applicable opinion units.
Management’s estimate of the liability for other post-employment benefits (OPEB) and related deferred inflows and outflows of resources are based on actuarial reports provided by independent actuaries. We evaluated the key factors and assumptions used to develop the estimate in determining that it is reasonable in relation to the basic financial statements taken as a whole and in relation to the applicable opinion units.
-3-
Financial Statement Disclosures
Certain financial statement disclosures involve significant judgment and are particularly sensitive because of their significance to financial statement users.
The most sensitive disclosures affecting the City’s financial statements relate to:
The disclosure of net pension liability and related deferred inflows and outflows of resources in the basic financial statements is based on actuarial assumptions. Actual future liabilities and actuarial deferred inflows and outflows may vary from disclosed estimates.
The disclosures of the other post-employment benefits (OPEB) liability and related deferred inflows and outflows of resources in the basic financial statements is based on actuarial assumptions.
Actual future liabilities and actuarial deferred inflows and outflows may vary from disclosed estimates.
Significant Difficulties Encountered during the Audit
We encountered no significant difficulties in dealing with management relating to the performance of the audit.
Uncorrected and Corrected Misstatements
For purposes of this communication, professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that we believe are trivial, and communicate them to the appropriate level of management. Further, professional standards require us to also communicate the effect of uncorrected misstatements related to prior periods on the relevant classes of transactions, account balances or disclosures, and the financial statements as a whole and each applicable opinion unit. There were no uncorrected misstatements noted.
In addition, professional standards require us to communicate to you all material, corrected misstatements that were brought to the attention of management as a result of our audit procedures. None of the misstatements identified by us as a result of our audit procedures and corrected by management were material, either individually or in the aggregate, to the financial statements taken as a whole or applicable opinion unit.
Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter, which could be significant to the City’s financial statements or the auditor’s report. No such disagreements arose during the course of the audit.
Representations Requested from Management
We have requested certain written representations from management, which are included in the attached letter dated January 28, 2026.
Management’s Consultations with Other Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting matters. Management informed us that, and to our knowledge, there were no consultations with other accountants regarding auditing and accounting matters.
-4-
Other Significant Matters, Findings, or Issues
In the normal course of our professional association with the City, we generally discuss a variety of matters, including the application of accounting principles and auditing standards, significant events or transactions that occurred during the year, operating and regulatory conditions affecting the City, and operational plans and strategies that may affect the risks of material misstatement. None of the matters discussed resulted in a condition to our retention as the City’s auditors.
Other Information Included in Annual Reports
Pursuant to professional standards, our responsibility as auditors for other information, whether financial or nonfinancial, included in the City’s annual reports, does not extend beyond the information identified in the audit report, and we are not required to perform any procedures to corroborate such other information.
However, in accordance with such standards, we have:
Read the transmittal letter and statistical section and considered whether a material inconsistency existed between the other the information and the basic financial statements, or the other information otherwise appears to be materially misstated. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.
Our responsibility also includes communicating to you any information which we believe is a material misstatement of fact. Nothing came to our attention that caused us to believe that such information, or its manner of presentation, is materially inconsistent with the information, or manner of its presentation, appearing in the financial statements.
This report is intended solely for the information and use of the City Council and management of the City and is not intended to be and should not be used by anyone other than these specified parties.
Very truly yours,
January 28, 2026
Rogers, Anderson, Malody & Scott, LLP
This representation letter is provided in connection with your audit of the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Sierra Madre (the entity) which compromise the statement of financial position as of June 30, 2025 and the respective change in financial position and, where applicable, cash flows for the year then ended, and the related notes to the financial statements, for the purpose of expressing an opinion on whether the financial statements of the various opinion units are presented fairly, in all material respects, in accordance with accounting principles generally accepted for governments in the United States of America (U.S. GAAP).
Certain representations in this letter are described as being limited to matters that are material. Items are considered material, regardless of size, if they involve an omission or misstatement of accounting information such that, in the light of surrounding circumstances, there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
We confirm that, to the best of our knowledge and belief, having made such inquiries as we considered necessary for the purpose of appropriately informing ourselves as of January 28, 2026:
Financial Statements
x We have fulfilled our responsibilities, as set out in the terms of the audit engagement letter dated April 21, 2025, for the preparation and fair presentation of the financial statements of the various opinion units referred to above in accordance with U.S. GAAP. x The financial statements refer to above have been fairly presented in accordance with U.S. GAAP and include all properly classified funds, required supplementary information, and noted to the basic financial statements.
x We acknowledge our responsibility for the design, implementation, and maintenance of the system of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. x We acknowledge our responsibility for the design, implementation, and maintenance of internal control to prevent and detect fraud.
x The methods, data and significant assumptions used by us in making accounting estimates and their related disclosures, are appropriate to achieve recognition, measurement, or disclosure that is reasonable in the context of U.S. GAAP.
x All related party relationships and transactions have been appropriately accounted for and disclosed in accordance with the requirements of U.S. GAAP. x All events subsequent to the date of the financial statements and for which U.S. GAAP requires adjustment or disclosure have been adjusted or disclosed. x We acknowledge our responsibility for compliance with the laws, regulations, and provisions of contracts and grant agreements.
x The effects of all known actual or possible litigation and claims have been accounted for and disclosed in accordance with U.S. GAAP.
x All component units, as well as joint ventures with an equity interest, if any, are included and other joint ventures and related organizations are properly disclosed. x All funds and activities are properly classified.
Rogers, Anderson, Malody & Scott, LLP
x All funds that meet the quantitative criteria in GASB Statement No. 34, Basic Financial Statements—and Management's Discussion and Analysis—for State and Local Governments, GASB Statement No. 37, Basic Financial Statements—and Management's Discussion and Analysis—for State and Local Governments: Omnibus as amended, and GASB Statement No. 65, Items Previously Reported as Assets and Liabilities, for presentation as major are identified and presented as such and all other funds that are presented as major are considered important to financial statement users.
x All components of net position, nonspendable fund balance, and restricted, committed, assigned, and unassigned fund balance are properly classified and, if applicable, approved. x Our policy regarding whether to first apply restricted or unrestricted resources when an expense is incurred for purposes for which both restricted and unrestricted net position/fund balance are available is appropriately disclosed and net position/fund balance is properly recognized under the policy.
x All revenues within the statement of activities have been properly classified as program revenues, general revenues, contributions to term or permanent endowments, or contributions to permanent fund principal.
x All expenses have been properly classified in or allocated to functions and programs in the statement of activities, and allocations, if any, have been made on a reasonable basis. x All interfund and intra-entity transactions and balances have been properly classified and reported. x Special items and extraordinary items have been properly classified and reported. x Deposit and investment risks have been properly and fully disclosed. x Capital assets, including infrastructure assets, are properly capitalized, reported, and if applicable, depreciated.
x Nonexchange and exchange financial guarantees, either written or oral, under which it is more likely than not that a liability exists have been properly recorded, or if we are obligated in any manner, are disclosed
x We have reviewed, approved, and taken responsibility for the financial statements and related notes.
x We have reviewed and approved the various adjusting journal entries that were proposed by you for recording in our books and records and reflected in the financial statements. x We have evaluated all of our lease and subscription agreements and have given you our assessment as to whether each agreement is subject to GASB Statement No. 87, Leases and GASB Statement No. 96, Subscription Based Information Technology Arrangements. x With regard to investments and other instruments reported at fair value:
The underlying assumptions are reasonable and they appropriately reflect management’s intent and ability to carry out its stated courses of action. The measurement methods and related assumptions used in determining fair value are appropriate in the circumstances and have been consistently applied. The disclosures related to fair values are complete, adequate, and in accordance with U.S.
GAAP.
There are no subsequent events that require adjustments to the fair value measurements and disclosures included in the financial statements.
x With regard to pensions and OPEB:
We believe that the actuarial assumptions and methods used to measure pension and OPEB liabilities and costs for financial accounting purposes are appropriate in the circumstances. Increases in benefits, elimination of benefits and all similar amendments have been disclosed in accordance with U.S. GAAP and are included in the most recent actuarial valuation, or disclosed as a subsequent event.
Rogers, Anderson, Malody & Scott, LLP
x We have conducted a comprehensive risk assessment and disclosed all material concentrations and constraints in accordance with GASB Statement No. 102, Certain Risk Disclosures. These disclosures provide sufficient detail to enable users of financial statements to understand the nature of the circumstances disclosed and the government’s vulnerability to the risk of a substantial impact associated with the concentration or constraint, if applicable. x We have evaluated the concentrations and constraints, including those that occur subsequent to the statement of net position date but before the financial statements are issued and have been properly disclosed in the financial statements as subsequent events. x With respect to preparation of the financial statements, we have performed the following:
Made all management decisions and performed all management functions; Assigned a competent individual to oversee the services; Evaluated the adequacy of the services performed;
Evaluated and accepted responsibility for the result of the service performed; and Established and maintained internal controls, a process to monitor the system of internal controls.
Information Provided
x We have provided you with:
Access to all information, of which we are aware that is relevant to the preparation and fair presentation of the financial statements of the various opinion units referred to above, such as records, documentation, meeting minutes, and other matters; Additional information that you have requested from us for the purpose of the audit; and Unrestricted access to persons within the entity from whom you determined it necessary to obtain audit evidence.
A written acknowledgement of all the documents that we expect to issue that will be included in the annual report and the planned timing and method of issuance of that annual report; A final version of the annual report (including all the documents that, together, comprise the annual report) in a timely manner prior to the date of the auditor’s report. x The financial statements and any other information included in the annual report are consistent with one another, and the other information does not contain any material misstatements. x All information provided in electronic form are true representations of the original documents. x All transactions have been recorded in the accounting records and are reflected in the financial statements.
x We have disclosed to you the results of our assessment of the risk that the financial statements may be materially misstated as a result of fraud.
x We have provided to you our analysis of the entity’s ability to continue as a going concern, including significant conditions and events present, concentrations and constraints, and we believe that our use of the going concern basis of accounting is appropriate. x We have no knowledge of any fraud or suspected fraud that affects the entity and involves:
Management;
Employees who have significant roles in internal control; or Others where the fraud could have a material effect on the financial statements. x We have no knowledge of any instances, that have occurred or are likely to have occurred, of fraud and noncompliance with provisions of laws and regulations that have a material effect on the financial statements or other financial data significant to the audit objectives, and any other instances that warrant the attention of those charged with governance, whether communicated by employees, former employees, vendors (contractors), analysts, regulators, or others.
Rogers, Anderson, Malody & Scott, LLP
x We have no knowledge of any instances that have occurred or are likely to have occurred, of noncompliance with provisions of contracts and grant agreements that has a material effect on the determination of financial statement amounts or other financial data significant to the audit objectives.
x We have no knowledge of any instances that have occurred or are likely to have occurred of abuse that could be quantitatively or qualitatively material to the financial statements or other financial data significant to the audit objectives.
x We have a process to track the status of audit findings and recommendations. x We have identified for you all previous audits, attestation engagements, and other studies related to the audit objectives and whether related recommendations have been implemented. x We have disclosed to you all known actual or possible litigation, claims, and assessments whose effects should be considered when preparing the financial statements. x We have disclosed to you the identity of all the entity’s related parties and the nature of all the related party relationships and transactions of which we are aware. x There have been no communications from regulatory agencies concerning noncompliance with or deficiencies in accounting, internal control, or financial reporting practices. x The entity has no plans or intentions that may materially affect the carrying value or classification of assets and liabilities.
x For nonexchange financial guarantees where we have declared liabilities, the amount of the liability recognized is the discounted present value of the best estimate of the future outflows expected to be incurred as a result of the guarantee. Where there was no best estimate but a range of estimated future outflows has been established, we have recognized the minimum amount within the range. x We have disclosed to you all significant estimates and material concentrations known to management that are required to be disclosed in accordance with GASB Statement No. 62 (GASB62), Codification of Accounting and Financial Reporting Guidance Contained in Pre-December 30, 1989 FASB and AICPA Pronouncements. Significant estimates are estimates at the balance sheet date that could change materially within the next year. Concentrations refer to volumes of business, revenues, available sources of supply, or markets or geographic areas for which events could occur that would significantly disrupt normal finances within the next year. x We have identified and disclosed to you the laws, regulations, and provisions of contracts and grant agreements that could have a direct and material effect on financial statement amounts, including legal and contractual provisions for reporting specific activities in separate funds. x We have disclosed to you all nonexchange financial guarantees, under which we are obligated and have declared liabilities and disclosed properly in accordance with GASB Statement No. 70, Accounting and Financial Reporting for Nonexchange Financial Guarantees, for those guarantees where it is more likely than not that the entity will make a payment on any guarantee.
Rogers, Anderson, Malody & Scott, LLP
x There are no:
Violations or possible violations of laws or regulations, or provisions of contracts or grant agreements whose effects should be considered for disclosure in the financial statements or as a basis for recording a loss contingency, including applicable budget laws and regulations. Unasserted claims or assessments that our lawyer has advised are probable of assertion and must be disclosed in accordance with GASB-62.
Other liabilities or gain or loss contingencies that are required to be accrued or disclosed by GASB-62
Continuing disclosure consent decree agreements or filings with the Securities and Exchange Commission and we have filed updates on a timely basis in accordance with the agreements (Rule 240, 15c2-12).
x The entity has satisfactory title to all owned assets, and there are no liens or encumbrances on such assets nor has any asset or future revenue been pledged as collateral, except as disclosed to you.
x We have complied with all aspects of grant agreements and other contractual agreements that would have a material effect on the financial statements in the event of noncompliance.
Use of a Specialist
x We agree with the findings of specialists in evaluating the entity’s net pension and net other postemployment benefit liabilities and related deferred amounts and have adequately considered the qualifications of the specialist in determining the amounts and disclosures used in the financial statements and underlying accounting records. We did not give or cause any instructions to be given to specialists with respect to the values or amounts derived in an attempt to bias their work, and we are not otherwise aware of any matters that have had an impact on the independence or objectivity of the specialists.
Cybersecurity
x There have been no cybersecurity breaches or other cyber events whose effects should be considered for disclosure in the financial statements, as a basis for recording a loss contingency, or otherwise considered when preparing the financial statements.
Compliance Examination of the Coronavirus State and Local Fiscal Recovery Funds Program (CSLFRF)
With respect to the Compliance Examination of the Coronavirus State and Local Fiscal Recovery Funds Program (CSLFRF). We have no knowledge of any noncompliance with the compliance requirements "activities allowed or unallowed" and "allowable costs/cost principles" as described in Part IV "Requirements for an Alternative Compliance Examination Engagement for Recipients That Would Otherwise be Required to Undergo a Single Audit or Program-Specific Audit as a Result of Receiving Coronavirus State and Local Recovery Funds" is fairly stated, in all material respects.
Rogers, Anderson, Malody & Scott, LLP
Supplementary Information in Relation to the Financial Statements as a Whole With respect to supplementary information accompanying the financial statements:
x We acknowledge our responsibility for the presentation of the supplementary information in accordance with accounting principles generally accepted in the United States of America. x We believe the supplementary information, including its form and content, is fairly presented in accordance with accounting principles generally accepted in the United States of America. x The methods of measurement or presentation have not changed from those used in the prior period.
x We believe any significant assumptions or interpretations underlying the measurement or presentation of the supplementary information, and the basis for our assumptions and interpretations, are reasonable and appropriate in the circumstances. x When the supplementary information is not presented with the audited financial statements, management will make the audited financial statements readily available to the intended users of the supplementary information no later than the date of issuance by the entity of the supplementary information and the auditor’s report thereon.
x We acknowledge our responsibility to include the auditor’s report on the supplementary information in any document containing the supplementary information and that indicates the auditor reported on such supplementary information.
x We acknowledge our responsibility to present the supplementary information with the audited financial statements or, if the supplementary information will not be presented with the audited financial statements, to make the audited financial statements readily available to the intended users of the supplementary information no later than the date of issuance by the entity of the supplementary information and the auditor’s report thereon.
Required Supplementary Information
With respect to the required supplementary information accompanying the financial statements:
x We acknowledge our responsibility for the presentation of the required supplementary information in accordance with U.S. GAAP.
x We believe the required supplementary information, including its form and content, is measured and fairly presented in accordance with U.S. GAAP.
x The methods of measurement or presentation have not changed from those used in the prior period.
x We believe the significant assumptions or interpretations underlying the measurement or presentation of the required supplementary information, and the basis for our assumptions and interpretations, are reasonable and appropriate in the circumstances.
Accounting Estimates and Related Disclosures
x The significant judgments made in making the accounting estimates have taken into account all relevant information of which we are aware.
x We have consistently and appropriately selected and applied methods, assumptions, and data when making accounting estimates.
x The assumptions we used in making and disclosing accounting estimates appropriately reflect our intent and ability to carry out specific courses of action on behalf of the entity, when relevant to the accounting estimates and disclosures.
x The disclosures related to accounting estimates, including those disclosures describing estimation uncertainty, are complete and are reasonable in the context of the applicable financial reporting framework.
Rogers, Anderson, Malody & Scott, LLP
x We have obtained and applied appropriate specialized skills and expertise in making accounting estimates, if needed.
x We are not aware of any events subsequent to the date of the financial statements that require adjustment to our accounting estimates and related disclosures included in the financial statements.
Michael Bruckner, City Manager
Satnam Rait, Finance and Budget Manager
Tel. 909-889-0871 | www.ramscpa.net | 735 E. Carnegie Dr. Suite 100, San Bernardino, CA 92408
CERTIFIED PUBLIC ACCOUNTANTS
- 1 -
Independent Accountant’s Report
The Honorable City Council
City of Sierra Madre, California
We have performed the procedures enumerated below to the accompanying Appropriations Limit Worksheet of the City of Sierra Madre (the City) for the year ended June 30, 2025. The management of the City is responsible for the accompanying Appropriations Limit Worksheet.
The City has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of meeting the requirements of Section 1.5 of Article XIII-B of the California Constitution. These procedures, which were suggested by the League of California Cities and presented in the publication entitled Agreed-upon Procedures Applied to the Appropriations Limitation Prescribed by Article XIII-B of the California Constitution, were performed solely to assist you in meeting the requirements. This report may not be suitable for any other purpose.
The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes.
The procedures and the associated findings are as follows:
1. We obtained the completed worksheets and compared the limit and annual adjustment factors included in those worksheets to the limit and annual adjustment factors that were adopted by resolution of the City Council. We also compared the population and inflation options included in the aforementioned documents to those that were selected by a recorded vote of the City Council.
Finding: No exceptions were noted as a result of our procedures.
2. For the accompanying Appropriations Limit Worksheet, we added last year’s limit to total adjustments and agreed the resulting amount to this year’s limit.
Finding: No exceptions were noted as a result of our procedures.
3. We agreed the current year information presented in the accompanying Appropriations Limit Worksheet to the other documents referenced in number one above.
Finding: No exceptions were noted as a result of our procedures.
4. We agreed the prior year appropriations limit presented in the accompanying Appropriations Limit Worksheet to the prior year appropriations limit adopted by the City Council during the prior year.
Finding: No exceptions were noted as a result of our procedures. - 2 -
We were engaged by the City to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to and did not conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on accompanying Appropriations Limit Worksheet for the year ended June 30, 2025.
Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.
We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.
This report is intended solely for the information and use of the City Council and management of the City of Sierra Madre, California, and is not intended to be and should not be used by anyone other than these specified parties. However, this report is a matter of public record and its distribution is not limited.
San Bernardino, California
February 5, 2026
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City of Sierra Madre
Appropriations Limit Worksheet
June 30, 2025
Per capita personal income change 3.62%
Population change:
City population growth -0.15%
CPI change converted to a ratio 1.0362
Population change converted to a ratio 0.9985
2023 - 2024 Limit 13,237,698 $
2024 - 2025 Limit
($13,237,698 x 1.0362 x 0.9985) 13,696,327 $
CITY OF
SIERRA MADRE STAFF REPORT
CITY ATTORNEY
DATE: February 24, 2026
TO: Honorable Mayor and City Council
FROM: Aleks Giragosian, City Attorney
SUBJECT: Second Reading of Ordinance No. 1490 Amending Section 3.08.040 of the Sierra Madre Municipal Code Related to Purchasing for Non-Public Projects
RECOMMENDATION
It is recommended that the City Council introduce Ordinance No. 1490 amending Section
3.08.040 (Purchasing and Contracting for Goods and Services (Non-Public Projects)) of Chapter
3.08 (Purchasing Procedures) of Title 3 (Revenue and Finance) of the Sierra Madre Municipal Code to increase the dollar thresholds to account for inflation.
SUMMARY
This ordinance updates the City's purchasing policy thresholds to reflect inflation impacts since the thresholds were last established. The amendments apply exclusively to non-public project purchases such as maintenance agreements, equipment, and supplies—not to public works projects governed by state law. The changes streamline administrative processes by raising approval thresholds at the department head and City Manager levels while maintaining appropriate oversight for larger expenditures.
DISCUSSION & ANALYSIS
This amendment was initiated at the direction of City Council. The proposed changes affect only non-public project purchasing procedures under Municipal Code Section 3.08.040. Public works projects and alternative bidding procedures remain governed by state law and are not impacted by this ordinance.
At the February 10, 2026, City Council meeting, the City Council considered an amendment to the purchasing policy that raised the threshold requiring direct competitive pricing procedures to $5,000 and the threshold requiring City Manager approval to $15,000. After deliberation, the City Council directed the City Attorney to make changes that raise the threshold requiring direct competitive pricing procedures to $25,000, allow department heads to approve contracts up to Second Reading of Ordinance No. 1490 Purchasing Policy Ordinance Amendment February 24, 2026