Agenda, second session — Ventura City Council, April 24, 2023

ADVANCE AGENDA ITEM

Date: April 3, 2023
Council Action Date: April 24, 2023

TO: Honorable Mayor and City Council

FROM: Akbar Alikhan, Interim City Manager
Greg Morley, Interim Chief Financial Officer

SUBJECT: ADVANCE ITEM
Fiscal Year 2021-2022 Audit and Accompanying Financial Reports

Staff is releasing the finalized Attachments to this Agenda item in advance for City Council consideration and citizen review.

Attached audit reports include unmodified opinio ns from the auditors. An unmodified opinion indicates the financial data is fairly represented in accordance with Generally Accepted Accounting Principles and that the information is materially correct and reported in accordance with the Governmental Acco unting Standards Board. Furthermore, the independent auditors no material misstatements in either the City Financial audit or the Measure O audit.

ATTACHMENTS:

A. Fiscal year ended June 30, 2022, Annual Comprehensive Financial Report (ACFR)
B. Independent Auditors’ Report on Internal Control Over Financial Reporting and On Compliance and Other Matters (for City financials)
C. Independent Auditors’ Final signed Governance communication (for City financials)
D. Independent Auditor’s Final Signed Opinion (for City financials) E. Fiscal year ended June 30, 2022 Measure O Transaction and Use Tax Special Revenue Fund Financial Statements

JUNE 30, 2022

CITY OF SAN BUENAVENTURA, CALIFORNIA

ANNUAL COMPREHENSIVE

FINANCIAL REPORT
FY 2021-22

ATTACHMENT A

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FY 2021-22

CITY COUNCIL
Joe Schroeder Mayor - District 7
Jeannette
Sanchez-Palacios Deputy Mayor - District 4
Liz Campos District 1
Doug Halter District 2
Mike Johnson District 3
Bill McReynolds District 5
Jim Duran District 6

EXECUTIVE TEAM
Akbar Alikhan Interim City Manager
Brad Conners Interim Assistant City Manager
Andy Heglund City Attorney
Michael B. MacDonald City Clerk
Darin Schindler Police Chief
Greg Morley Interim Chief Financial Officer
David Endaya Fire Chief
Danielle Keys Human Resources Director
Phil Nelson Public Works Director
Neda Zayer Acting Community Development Director
Nancy O’Connor Parks & Recreation Director
Gina Dorrington Ventura Water General Manager
Mitchell Cameron Chief Technology Officer
Heather Sumagaysay Communications Manager

FINANCE TEAM
Greg Morley Interim Chief Financial Officer
Jason Williams Accounting Manager
Jennifer Rowe Treasury Manager
James Lewis Sr Accountant
Mary Hilke Sr Accountant
Erwin Kosasih Accountant II
Jodi Pinyo Accountant II
Brenda Taylor Accountant II

INTRODUCTORY SECTION

INTRODUCTORY SECTION
City of San Buenaventura
Annual Comprehensive Financial Report
For the year ended
June 30, 2022
Table of Contents
Introductory Section Page
................................... .....................................................................................................................................................................................................................................................................................................................................................Letter of Transmittal. ...................................................................................................................................iv .................................... .....................................................................................................................................................................................................................................................................................................................................................Organizational Chart. ...................................................................................................................................xi Financial Section
Independent Auditors' Report................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................1 Management's Discussion and Analysis................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................5 Basic Financial Statements:

Government-Wide Financial Statements:

Government Fund Financial Statements:

Balance Sheet................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................24 Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide Statement of Net Position................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................25 Statement of Revenues, Expenditures and Changes in Fund Balances................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................26 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Government-Wide Statement of Activities................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................27 Proprietary Fund Financial Statements:

Statement of Net Position................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................28 Statement of Revenues, Expenses and Changes in Net Position................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................29 Statement of Cash Flows................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................30 Fiduciary Fund Financial Statements:

Statement of Net Position................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................32 Statement of Changes in Net Position................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................33 Notes to the Financial Statements................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................34 Required Supplementary Information (unaudited):

Schedule of Changes in the Net Pension Liability and Related Ratios - Miscellaneous Plan................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................86 Schedule of Contributions - Miscellaneous Plan................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................88 Schedule of Changes in the Net Pension Liability and Related Ratios- Safety Plan................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................89 Schedule of Contributions - Safety Plan................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................91 Budgetary Information................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................92 Schedule of General Fund Budget Comparison................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................93 Supplementary Information (unaudited)
Non-Major Governmental Funds:

Combining Balance Sheet................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................94 Combining Statement of Revenues, Expenditures and Changes in Fund Balances................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................97 Schedule of Revenue, Expenditures and Changes in Fund Balances - Budget and Actual:

Measure O - Transaction & Use Tax Fund................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................100 Gas Tax Fund................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................101 Transportation Fund................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................102 Transportation Development Act Program Funds................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................103 Law Enforcement Funds................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................104 i
City of San Buenaventura
Annual Comprehensive Financial Report
For the year ended
June 30, 2022
Table of Contents, Continued
General and Categorical Grants Fund................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................105 Housing & Community Development Block Grants Fund................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................106 Public Art Fund................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................107 Downtown Parking District Fund................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................108 Maintenance Assessment District Fund................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................109 Street Lighting District Fund................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................110 Property Based Improvement District Fund................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................111 Successor Housing Agency Fund................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................112 Capital Program Funds................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................113 Debt Service Fund - Parking Structure................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................114 Debt Service Obligation Fund................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................115 Internal Service Funds:

Combining Statement of Net Position................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................116 Combining Statement of Revenues, Expenses and Changes in Net Position................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................118 Combining Statement of Cash Flows................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................120 Index to the Statistical Section................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................122 Statistical Section:

Financial Trends
Net Position by Component - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................124 Changes in Net Position - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................125 Fund Balances of Governmental Funds - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................128 Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................129 Revenue Capacity
Assessed Value of Taxable Property................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................130 Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................131 Principal Property Taxpayers - Current Year and Nine Years Ago................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................132 Property Taxes Levies and Collections - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................133 Debt Capacity
Ratios of Outstanding Debt by Type - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................134 Direct and Overlapping Debt - June 30, 2022................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................135 Legal Debt Margin Information - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................136 Pledged Wastewater Coverage - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................137 Pledged Water Revenue Coverage - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................138 Demographic and Economic Information
Demographic and Economic Statistics - Last Ten Calendar Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................139 Full-time City Employees by Function - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................140 Principal Employers - Current Year and Seven Years Ago................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................141 Operating Information
Operating Indicators - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................142 Capital Assets Statistics by Function - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................143 Wastewater Service Rates - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................144 ii
City of San Buenaventura
Annual Comprehensive Financial Report
For the year ended
June 30, 2022
Table of Contents, Continued
Top Ten Wastewater Service Customers by Type - Current Year and Nine Years Ago................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................145 Water Sold by Type of Customer - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................146 Water Rates - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................147 Water Customers - Current Year and Nine Years Ago................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................148 iii

PAGE INTENTIONALLY LEFT BLANK
CITY OF SAN BUENAVENTURA, CALIFORNIA FY 2021-22 AN NUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL SECTION

FINANCIAL SECTION
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CliftonLarsonAllen LLP
CLAconnect.com

INDEPNDENT AUDITO
RS’ REPORT
Honorable Mayor and Members of the City Council
City of San Buenaventura
San Buenaventura, California
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, the business- type activities, each major fund, and the aggregate remaining fund information of the City of San Buenaventura (the City), as of and for the year ended June 30, 2022, 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 financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2022, 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. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Emphasis of Matter
As discussed in Note 1 to the financial statements, effective July 1, 2021, the City adopted new accounting guidance, GASB No. 87, Leases. The guidance requires lessees to recognize right-to-use asset and corresponding lease liability and lessors to recognize a lease receivable and corresponding deferred inflow of resources for all leases with l ease terms greater than twelve months. Our opinions are not modified with respect to this matter.
1 Honorable Mayor and Members of the City Council
City of San Buenaventura
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.

Auditors’ 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 auditors’ report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with 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 stat ements, 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 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 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.
2 Honorable Mayor and Members of the City Council
City of San Buenaventura
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, the schedule of General Fund budget comparison, the schedule of changes in net pension liability and related ratios – miscellaneous plan, the schedule of pension plan contributions – miscellaneous plan, the schedule of changes in net pension liability and related ratios – safety plan, the schedule of pension plan contributions – safety plan be presented to supplement the basic financial statements. Such in formation 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 combining and individual nonmajor fund financial statements and budgetary comparison schedules 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 accor dance with GAAS. In our opinion, the combining and individual nonmajor fund financial statements and budgetary comparison schedules are 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 report. The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditors’ report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.

In connection with our audit of the 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. 3 Honorable Mayor and Members of the City Council
City of San Buenaventura
Other Reporting Required by Government Au
diting Standards
In accordance with Government Auditing Standards, we have also issued our report dated March 27, 2023, 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 City’s internal control over financial reporting and compliance.

CliftonLarsonAllen LLP
Irvine, California
March 27, 2023
4 MANAGEMENT’S

DISCUSSION & ANALYSIS
MANAGEMENT’S

DISCUSSION & ANALYSIS
City of San Buenaventura
Management's Discussion and Analysis
For the year ended June 30, 2022
This section of the City of San Buenaventura’s Annual Comprehensive Financial Report (ACFR) presents Management’s Discussion and Analysis of the City’s financial performance during the fiscal year ended on June 30,
2022. In addition to this overview and analysis, the City would encourage readers to consider the information presented in the City’s Letter of Transmittal and the City’s financial statements.

FINANCIAL HIGHLIGHTS
 Government-Wide assets and deferred outflows of resources exceeded its liabilities and deferred inflows of resources as of June 30, 2022 by $348.8 million (Net Position), an increase of $36.0 million (11.5%) from the previous year. Overall, this is due to a net pension liability decrease of $74.8 million (31.3%) from $238.7 million in FY21 to $163.8 million in FY22.
 Government-Wide revenues totaled $230.2 million, which is a decrease of $(1.2) million, or (0.5)% from the prior year. Overall, while the City's Property, Sales, and other taxes increased by $12.5 million in total, the City received $3.4 million less in operating grants and contributions, and suffered a $9.2 million decrease in Investment FMV.
 Government-Wide expenses totaled $194.2 million, which is a decrease of $(21.6) million (10.19%) from the prior year. Overall, this is due to a $16.9 million credit to pension expense resulting from net pension liability decrease noted above.
 Overall, City revenues totaled $230.2 million versus expenses of $194.2 million, for an increase in Net Position of $36.0 million, due to a combination of the factors noted above.  The General Fund, the City’s primary operating fund, ended Fiscal Year 2021-2022 with a Fund Balance totaling $80.1 million. This represents an increase of $12.2 million from the prior year. The increase of $12.2 million was driven primarily by a $10.2 million increase in General Fund taxes from FY21 to FY22.  The General Fund Balance of $80.1 million consists of: $27.3 million in Unassigned Fund Balance; $8.3 million in Assigned Fund Balance; $40.7 million in Committed Fund Balance; $2.3 million in Restricted Fund Balance; and $1.5 million in Non-spendable Fund Balance. The City’s Unassigned Fund Balance, a key measure of liquidity, increased by $6.2 million from the prior year.

OVERVIEW OF THE FINANCIAL STATEMENTS
The City’s basic financial statements are comprised of three components: 1) Government-Wide Financial Statements, 2) Fund Financial Statements, and 3) Notes to the Basic Financial Statements. Each of these sections is discussed below. This report also contains other required and supplementary information in addition to the basic financial statements.
5 Government-Wide Financial Statements
The Government-Wide Financial Statements are designed to provide readers with a broad overview of the City’s financial condition and are prepared similarly to those in the private sector. The Government-Wide Financial Statements separate functions that are primarily supported by taxes and charges for services (governmental activities) from functions that are supported by user fees (business-type activities). Governmental activities include City Council, City Manager’s Office, City Attorney’s Office, City Clerk’s Office, and the departments of Finance & Technology, Human Resources, Community Development, Police, Fire, Parks and Recreation (includes the City’s two municipal golf courses), Public Works, and Non-Departmental (city-wide) activities. Business-type activities include Water and Wastewater.

The Government-Wide Financial Statements include not only the City of San Buenaventura (known as the primary government), but also includes the Public Facilities Financing Authority as a legally separate component unit. The governing board of this entity is comprised entirely of members of City Council, and its financial activity has been included as an integral part of the primary government.

The Statement of Net Position presents information on all City assets, liabilities, and deferred inflows/outflows of resources with the difference reported as Net Position. Over time, continued increases or decreases in Net Position may serve as a useful indicator of whether the City’s financial condition is improving or deteriorating.

The Statement of Activities presents information on how the City’s Net Position changed during the most recent fiscal year. These changes are reported on the full accrual basis when the economic event occurs (not when the cash is received or paid). More information may be found in the Government-Wide Financial Statements Section.

Fund Financial Statements

The City separates financial activities into funds to maintain control over resources that have been legally separated by an external authority or by the City Council. All City funds can be divided into three categories:
governmental funds, proprietary funds, and fiduciary funds.

Governmental Funds - Governmental funds are used to report essentially the same functions reported as governmental activities in the Government-Wide Financial Statements. However, unlike the Government-Wide Financial Statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year.

Governmental fund financial statements are prepared on the modified accrual basis of accounting. This basis of accounting means that revenues are recognized when they become measurable and available, and expenditures are recognized when the related fund liability is incurred, except for long-term debt and similar long-term items which are recorded when due. Therefore, the focus of the governmental fund financial statements is on near-term inflows and outflows of spendable resources as well as on the balance of spendable resources available at the end of the fiscal year.

It is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the Government-Wide Financial Statements. To facilitate this comparison, reconciliations are provided for both the governmental fund balance sheet and the governmental statement of revenues, expenditures, and changes in fund balances. Governmental Funds Financial Statements may be found in the Fund Financial Statements section.

Proprietary Funds - Proprietary funds are used to account for services provided to external customers or other City departments and funds that are primarily funded from user fees and charges. Proprietary funds use the accrual basis of accounting and measure the balance and change in total economic resources. Accordingly, balance sheets of proprietary funds include all assets and liabilities, including long-term receivables, capital assets, and long-term liabilities. The basis of accounting and measurement focus used to prepare proprietary fund statements is the same that is used to prepare the Government-Wide Financial Statements. Thus, proprietary fund statements provide the same, but more detailed information about these funds, which are included in the “Business-Type Activity” column of the Government-Wide statements. Proprietary Fund Financial Statements may be found in the Fund Financial Statements section.
6 Overview of the Financial Statements (continued)
The City maintains two different types of proprietary funds:
 Enterprise Funds are used to report the same functions presented as business-type activities in the Government-Wide Financial Statements. The City uses Enterprise Funds to account for its Water and Wastewater activities. Water and Wastewater Funds are classified as major funds, and are combined in Enterprise Fund reporting.
 Internal Service Funds are used by the City to account for its intracity services: information technology services, fleet services, building maintenance services, digital publishing services, workers’ compensation, employee fringe benefits, and risk management. Because Internal Service Funds predominantly benefit governmental rather than business-type functions, they have been included within governmental activities in the Government-Wide Financial Statements. Internal Service Funds are combined into a single, aggregated presentation in the proprietary funds financial statements. Individual fund data for the internal service funds is provided in the form of combining statements in the Supplementary Information section.

Fiduciary Funds - Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the Government-Wide Financial Statements because the resources of those funds are not available to support City programs. The accounting used for fiduciary funds is much like that used for proprietary funds. The City maintains one fiduciary fund, the Redevelopment Successor Agency Private Purpose Trust Fund. The private purpose trust fund is used to account for the winding down of the former Redevelopment Agency. Detailed information may be found in the Fund Financial Statements section.

Notes to the Basic Financial Statements
The notes to the basic financial statements provide additional information that is essential to a full understanding of the data provided in the Government-Wide and fund financial statements. This additional information may be found in the Notes to Basic Financial Statements section.

Other Information
In addition to the basic financial statements and accompanying notes, this report also presents certain Required Supplementary Information concerning the City’s progress in funding the obligation to provide pension benefits to City employees and General Fund budgetary comparison schedules, which can both be found in the Required Supplementary Information section. The combining statements, referred to earlier, in connection with non-major governmental funds, are located in the Non-Major Governmental Funds section, and Internal Service Funds are located in the Internal Service Funds section.

GOVERNMENT-WIDE FINANCIAL ANALYSIS
Net position represents the difference between the City's resources and its obligations. As noted earlier, Net Position may serve as a useful indicator of a government's financial condition. The City’s assets and deferred outflows exceeded its liabilities and deferred inflows by $348.8 million at the close of Fiscal Year 2020- 2022, an increase of $36.0 million from the prior year. The Government-Wide Financial Statements present both the short term (current) and long-term financial activities of the City. The following graphs and tables address the financial results of the City as a whole.

The City has positive balances in all three categories of combined Net Position. The negative balance of unrestricted Net Position in the Governmental Activities primarily reflects pension obligations. Net investment in capital assets, restricted and unrestricted, are reported in accordance with GASB 68.

The largest portion of the City’s Net Position,
$265.0 million, reflects its investment in capital assets less any related debt used to acquire those assets that is still outstanding. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City’s net 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. Restricted Net Position at year end equaled $69.4 million and is subject to restrictions imposed by external parties; therefore, its use is determined by those restrictions and contractual agreements. The unrestricted Net Position of
$14.4 million is an increase over the prior year and is primarily a result of the improved net position in Governmental Activities. Additional information on GASB 68 may be found in the Notes to the Financial Statements, Note 13, as well as in the Required Supplementary Information section. 7 For the year ended June 30, 2022 , the financial statements include the adoption of GASB Statement No. 87, Leases. The primary objective of this statement is to enhance the relevance and consistency of information about governments' leasing activities. This statement establishes a single model for lease accounting based on the principle that leases are financings of the right to use an underlying asset. Under this Statement, a lessee is required to recognize a lease liability and an intangible right-to-use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of resources. The addition of the right-to-use assets, the associated lease liabilities, lease receivables, and deferred inflow of resources did not significantly affect the City's Net Position. For additional information, refer to the Notes to the Financial Statements, Note 5 and Note 8.

Government-Wide Financial Analysis (continued)

Government-Wide revenues decreased by $1.2 million from the previous year, with total expenses decreasing by $(21.6) million. This comprises $20.7 million of the $ 36.0 million increase in Net Position, versus last year's increase of $15.6 million.

See the table below for the governmental and business-type activities summary of assets and deferred outflows and liabilities and deferred inflows, as well as the Government-Wide Statement of Activities table for a summary of revenues and expenses.

Government-Wide Statement of Net Position
As of
June 30, 2022
(in millions)
Table 1 Governmental Activities
Business-Type
Activities Combined Activities
2022 2021 2022 2021 2022 2021
Assets:

Current Assets $ 125.5 $ 173.8 $ 94.1 $ 113.7 $ 219.6 $ 287.5 Non-current Assets 103.9 26.2 59.0 42.3 162.9 68.5
Capital Assets (net of depreciation) 150.0 150.3 214.9 214.0 364.9 364.3 Total assets 379.4 350.3 368.0 370.0 747.4 720.3
Total Deferred Outflows of Resources 25.0 27.9 5.6 6.0 30.6 33.9 Liabilities:

Current Liabilities 42.9 36.7 10.6 11.6 53.5 48.3
Long-term Liabilities 197.2 270.1 108.4 121.8 305.6 391.9 Total liabilities 240.1 306.8 119.0 133.4 359.1 440.2
Total Deferred Inflows of Resources 63.2 1.1 6.9 0.1 70.1 1.2 Net position:

Net Investment in Capital Assets 147.7 119.0 117.3 118.0 265.0 237.0 Restricted 66.0 68.5 3.4 7.3 69.4 75.8
Unrestricted (112.6) (117.2) 127.0 117.2 14.4 -
Total net position $ 101.1 $ 70.3 $ 247.7 $ 242.5 $ 348.8 $ 312.8 8 Government-Wide Financial Analysis (continued)
Government-Wide Statement of Activities
As of June 30, 2022
(in millions)
Governmental Activities Business-type Activities Total Activities 2022 2021 2022 2021 2022 2021
Program revenues:

Charges for service $ 29.8 $ 36.7 $ 67.4 $ 61.0 $ 97.2 $ 97.7 Operating grants and contributions 17.7 20.6 0.8 1.2 18.5 21.8 Capital grants and contributions 2.0 3.1 - - 2.0 3.1
Taxes
Property taxes 44.8 42.8 - - 44.8 42.8
Sales taxes 49.2 44.1 - - 49.2 44.1
Other taxes 21.9 16.5 - - 21.9 16.5
Franchise and PEG fees 5.6 5.1 - - 5.6 5.1
Interest and dividends 2.0 1.8 1.2 1.5 3.2 3.3
Investment FMV Incr/(Decr) (6.7) (1.5) (5.5) (1.5) (12.2) (3.0) Gain on disposal of assets 0.03 - - - - -
Total revenues 166.3 169.2 63.9 62.2 230.2 231.4
Expenses
General government 17.0 15.6 - - 17.0 15.6
Human resources 0.4 5.1 - - 0.4 5.1
Finance and technology 6.0 7.0 - - 6.0 7.0
Community development 9.4 8.1 - - 9.4 8.1
Parks & Recreation 23.7 24.2 - - 23.7 24.2
Public safety- police 38.9 44.8 - - 38.9 44.8
Public safety- fire 21.9 24.6 - - 21.9 24.6
Public works 19.2 27.4 - - 19.2 27.4
Interest on long-term debt 0.5 1.4 - - 0.5 1.4
Wastewater - - 21.2 21.3 21.2 21.3
Water - - 36.0 36.3 36.0 36.3
Total expenses 137.0 158.2 57.2 57.6 194.2 215.8
Increase (decrease) in net position 29.3 11.0 6.7 4.6 36.0 15.6 Transfers 1.4 1.7 (1.4) (1.7) - -
Change in net position before other
income 30.7 12.7 5.3 2.9 36.0 15.6
Change in net position 30.7 12.7 5.3 2.9 36.0 15.6
Net position-beginning 70.4 57.6 242.4 239.6 312.8 297.2 Net position-ending $ 101.1 $ 70.3 $ 247.7 $ 242.5 $ 348.8 $ 312.8

FUND FINANCIAL ANALYSIS
Governmental Funds Revenue Highlights
Total revenues of Governmental Funds, as recorded in the Statement of Revenues, Expenditures, and Changes in Fund Balance, were $168.1 million, an increase to the previous year of $4.0 million. The primary driver of this increase is due to an approximately $9 million increase in taxes. This is also the largest component of revenues totaling
$106.5 million, or 63.4% of total revenues in the current fiscal year. This is consistent with the nature and purpose of Governmental Funds, particularly in the General Fund, where programs are largely supported by general taxes. The highest tax receipts in the General Fund include property tax ( $32.5 million), sales tax ( $32.6
million), and utility users tax ($8.7 million). Some of the key changes in governmental revenues are:
 Overall, growth in sales tax and charges for services increased once the mandated closures due to COVID-19 were lifted.
 Property tax revenues increased by $5.4 million or 32.7%, compared to the prior year, primarily due to increasing property values, property sales, and new developments. 9  Sales tax revenues increased by $5.1 million or 11.6% compared to the prior year. This was due to the City's increased share of sales tax receipts from on-line purchases related to the impact of the U.S. Supreme Court decision in South Dakota v. Wayfair, Inc ., as well as strong retail sales growth evident as compared with last fiscal year.
 Other taxes increased by $5.4 million or 32.7% primarily due to a $3.3 million increase in transient occupancy taxes which resulted from increased hotel occupancy after the Pandemic. Additionally there was an approximately $841 thousand increase of utility users taxes (UUT), which are imposed on consumers of utilities as a percentage of charges made for such utilities. The increase in UUT is due to the increase in gas and electricity rates on consumers during the fiscal year.
 Charges for services decreased by $6.9 million or -18.8%, with the largest decreases coming from charges for services related to General Government, Community Development, and Public Works. The decrease General Government charges for services is primarily due to a $3.5 million reduction in donations and contributions, as well as a $600 thousand reduction in mitigation and cap deficiency fees collected from developers. The reduction in Community Development charges for services is primarily due to $300 thousand reduction in developer technology fees, a $494 thousand reduction in development contributions. The reduction in Public Works charges for services is primarily due to approximately $600 thousand in plan check and inspection fees, and approximately $550 thousand reduction in lease property revenues. 10 Fund Financial Analysis (continued)
The Governmental Funds' charts below illustrate revenues and percentage of total revenues by category.

Governmental Funds - Revenues
Value by Function $168.1 Million
Governmental Funds - Revenues
Percentage by Function
11 Fund Financial Analysis (continued)
Governmental Funds Expenditure Highlights
Functional expenditures for the year totaled approximately $154.5 million in the Governmental Funds, an increase of approximately $5.3 million from the prior year. Per GASB, depreciation expenses are not recorded at the fund level, but are reflected in the Government-Wide Statement of Activities. While there was a $3.6 million decrease in capital outlay from prior year, there were significant increases in functional expenses (approximately $8.9 million).

This was primarily due to a $3.8 million increase of recognizing bad debts ($2.6 million in General Government and $1.2 million in Parks & Recreation functions). Additionally, the City saw a $700 thousand increase in property taxes, approximately $2.1 million increases in salaries and benefits, $1.3 million in contracted services, and modest increases in general administrative expenses. As with previous years, Public Safety (Police and Fire) activities consumed the largest portion of appropriations in the combined amount of $71.7 million, or 46.4% of the
total expenditures in Governmental Funds. Parks & Recreation activities are the next highest consumers of Governmental Fund appropriations in the amount of $22.4 million, or 14.5% of total Governmental Fund expenditures.

Governmental Funds - Expenditures
Value by Function
$154.5 Million
Governmental Funds - Expenditures
Percentage by Function
12 PROPRIETARY FUND FINANCIAL ANALYSIS
The City's Proprietary Funds include the City's Enterprise Funds and Internal Service Funds. The City uses Enterprise Funds to account for its business-type activities. Water combines the Water Fund and the Water Capital Fund. Wastewater combines the Wastewater Fund the Wastewater Capital Fund, and the Estuary Fund which was dissolved and rolled into the Wastewater Capital Fund. Internal Service Funds are used to internally account for goods and services provided from one department to other departments within the City. The detailed activity in the Internal Service Funds is eliminated in the overall consolidation and reporting of City results.

Enterprise Funds Highlights
The Enterprise Funds' combined Net Position was
$247.9 million at year end compared to $242.4 million the previous year; an overall increase of $5.5 million. The City’s Wastewater Fund Net Position increased by $2.2 million and its Water Fund had a Net Position increase of $3.3 million. The primary driver in the increase in net position for both Water and Wastewater Funds is the increase in Utility Service Charge revenues ($4.2 million and $5.9 million for Wastewater and Water Funds respectively). Additionally, net transfers-out decreased in the Wastewater Fund by $1.1 million and net transfers-in decreased in the Water Fund by $3.6 million. Additionally, both funds had one-time contributed capital amounts totaling $2.8 million in FY 21 (approximately $939 thousand and $1.8 million in the Wastewater and Water Funds respectively). No such payments were received in FY22. The City's Water and Wastewater Funds include both Operating and Capital funds.

Combined operating revenues totaled
$68.2 million, as compared to the previous year, which totaled $59.5 million.

As noted above this represents an increase Utility Service Charge revenues ($4.2 million and $5.9 million for Wastewater and Water Funds respectively). Additionally, the City received approximately $416 thousand in Water and Wastewater Arrearages Grant money through the California Water and Wastewater Arrearages Payment Program in FY22, which were offset by forgiveness of customer balances, per requirements of the grant program. In addition, overall revenues related to investments were lower due to declines in interest income given historically low interest rates, and marked decreases in Fair Market Value (FMV) of investments due to poor performance in the stock market.

Overall operating expenses for the Enterprise Funds totaled $54.5 million and were comparable to the prior year (within approximately $100 thousand. Due to the increases in revenue, insignificant changes in expenses, and decrease in total transfers and capital contributions as described, the overall Net Position increased by $

5.5 million, versus an decrease of $8.2 million in the prior year. 2022 Wastewater Water Combined Total
Operating Revenues $ 28,138,966 $ 40,057,936 $ 68,196,902 Interest & Dividend Income 403,035 772,945 1,175,980
Transfers In 1,314,962 4,266,174 5,581,136
Revenues 29,856,963 45,097,055 74,954,018
Operating Expenses 20,061,215 34,494,680 54,555,895
(Gain) loss on Asset Disposal (321) - (321)
Interest Expense 878,815 1,508,518 2,387,333
Unrealized loss on investments 1,864,538 3,661,047 5,525,585 Transfers Out 4,841,252 2,134,630 6,975,882
Expenses 27,645,499 41,798,875 69,444,374
2022 Beginning Net Position 105,695,828 136,694,041 242,389,869 Change in Net Position 2,211,464 3,298,180 5,509,644
2022 Ending Net Position $ 107,907,292 $ 139,992,221 $ 247,899,513 13 GENERAL FUND BUDGETARY HIGHLIGHTS
General Fund Revenues
The General Fund is the main operating fund of the City. Its revenues are primarily derived from taxes and intergovernmental sources, which are used to pay for the traditional services provided by local government, i.e.

Public Safety (police & fire), Parks and Recreation, Community Development (building and planning), and Public Works.

General Fund revenues and other financing sources were $ 138.2 million, or $17.3 million more than budgeted.

This was due primarily to the receipt of $4.1 million more in sales taxes, $2.8 million more in transient occupancy taxes (TOT). As afore noted, this is primarily due to an increase in consumer purchases and an increase in hotel occupancy rates in the wake of the Pandemic. Additionally, the City received $7.2 million more than expected in intergovernmental revenues, and $2.8 million more than expected in charges for services.

General Fund Actual Final Budget to
Revenues by Type Original Final Budget Amounts Actual Variance Business Taxes $ 2,213,394 $ 2,213,394 $ 2,762,204 $ 548,810 Property Taxes 32,069,176 32,069,176 32,535,057 465,881 Sales taxes 28,422,575 28,422,575 32,552,141 4,129,566
Utility Users Taxes 7,745,518 7,745,518 8,732,879 987,361 Transient Occupancy Taxes 5,542,504 5,542,504 8,343,067 2,800,563 Other Taxes 575,622 575,622 833,743 258,121
Licenses and permits 4,508,308 4,508,308 5,062,843 554,535 Intergovernmental 13,478,825 13,478,825 20,693,558 7,214,733 Charges for services 14,062,667 14,098,574 16,243,809 2,145,235 Fines and forfeitures 2,045,000 2,045,000 1,859,198 (185,802) Use of money and property 1,341,341 1,341,341 (961,485) (2,302,826) Franchise and PEG fees 4,908,023 4,908,023 5,568,982 660,959 Other revenues 2,548,387 2,548,387 2,428,490 (119,897)
Transfers in 1,446,619 1,446,619 1,433,314 (13,305)
Lease liabilities issued - - 141,377 141,377
Total revenues and other
financing sources $ 120,907,959 $ 120,943,866 $ 138,229,177 $ 17,285,311 14 General Fund Budgetary Highlights, (continued)
General Fund Charges to Appropriations
The General Fund ended the year within its spending authority with unspent appropriations equaling $1.1 million.

The chart below shows each General Fund function and its charge to appropriations for the fiscal year ended June 30, 2022.

Total charges to appropriations were lower than budgeted primarily due to lower than anticipated expenditures by Community Development and Parks & Recreation functions. This was partially offset by greater than anticipated General Government expenditures.

General Fund Charges to Appropriations Original Final Budget Actual
Spending
Final Budget
to Actual
Variance
General Government $ 13,256,788 $ 13,329,825 $ 14,778,298 $ (1,448,473) Human Resources 1,639,232 1,728,573 1,278,106 450,467
Finance and Technology 4,392,645 4,392,645 4,039,675 352,970 Community Development 8,754,834 8,874,409 7,566,007 1,308,402 Parks & Recreation 19,501,820 19,287,961 17,826,851 1,461,110 Public Safety - Police 39,892,762 40,424,514 40,578,553 (154,039) Public Safety - Fire 22,124,211 22,449,211 22,126,069 323,142 Public Works 10,645,541 10,648,467 10,556,464 92,003
Capital outlay 89,400 119,140 688,434 (569,294)
Principal retirement - - 322,399 (322,399)
Interest and other charges - - 24,014 (24,014)
Transfers out 3,945,274 5,909,043 6,264,110 (355,067)
Total charges to appropriations $ 124,242,507 $ 127,163,788 $ 126,048,980 $ 1,114,808 15 General Fund Budgetary Highlights, (continued)
Summary of General Fund Activity vs. Prior Year
General Fund revenues and other financing sources totaled $138.2 million in Fiscal Year 2020-2022 as compared to $139.0 million in the previous year; a decrease of $0.8 million. This is primarily due to a $8 million decrease of transfers in from other funds offset by tax increases of $10.2 million from the prior year. Total charges to appropriations for the General Fund totaled $126.0 million, an increase of $7.9 million from the previous year.

Nonetheless, overall the General Fund Fund Balance increased by $12.2 million to $80.1 million as compared to the prior year of $67.9 million. Unassigned Fund Balance, a key measure of liquidity, grew $ 6.2 million due primarily to the receipt of $4.1 million more in sales taxes and $2.8 million more in transient occupancy taxes (TOT) than was expected. The significant increase in the Committed Fund Balance reflects the addition of the City Council approved Investment funding, and increases to the Catastrophic Reserve, as more fully described in the Letter of Transmittal.

General Fund Changes in Fund Balance
GENERAL FUND - FUND BALANCE 2022 2021
Change in Fund
Balance
Non-spendable $ 1,489,622 $ 4,270,776 $ (2,781,154)
Restricted 2,270,892 2,272,229 (1,337)
Committed 40,700,623 33,732,689 6,967,934
Assigned 8,330,896 6,568,387 1,762,509
Unassigned 27,310,200 21,077,955 6,232,245
TOTAL FUND BALANCE $ 80,102,233 $ 67,922,036 $ 12,180,197 16 CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
The City owns tangible capital assets that require ongoing maintenance, improvement, and major renovation and replacement. As a result, the City undertakes millions of dollars in capital improvement and construction projects each year.

The capital improvement projects undertaken in the Governmental Activities category typically include improvements to the City’s infrastructure (roads, curbs, storm drains, bridges, sidewalks, gutters, etc.) and improvements to City public facilities, such as parks, restrooms, community facilities, and playgrounds. As of June 30, 2022, the City’s total infrastructure and public facilities assets totaled $788.4 million, excluding depreciation.

An increase of tangible capital assets from City wide activities in the amount of $20.4 million is seen below and is
primarily the result of an increase in spending for ongoing construction and infrastructure projects, and assets capitalized from work-in-progress accounts (approximately $1.1 million in Governmental Activities and $14.4 million in Business-Type Activities). Additionally, the City's Machinery and Equipment Assets increased $11.7 million (or $1.4 million and 10.3 million in Governmental Activities and Business-Type Activities respectively). The net of non-current assets, liabilities and related deferred inflows/outflows of resources is not reportable in the governmental funds; however, it is shown in the Government-Wide Financial Statements.

Additionally,as afore-mentioned the City implemented GASB 87 in the current fiscal year. Under this Statement, a lessee is required to recognize a lease liability and a corresponding intangible right-to-use lease asset. In the fiscal year-ending June 30, 2022, the City capitalized $1.6 million in right-to-use leased assets. As noted below, these consist of leased buildings and leased machinery and equipment. Of the $1.6 million in leased assets, $1.5 million belong to Governmental Activities and $155 thousand belong to Business Activities. Of the $1.5 million in governmental right-to-use assets, $141,377 correspond to lease agreements entered into in the current fiscal year, and $1.3 million correspond to lease agreements entered prior to the commencement of the current fiscal year. Conversely, all of the $155 thousand in business type right-to-use assets correspond to lease agreements entered into in the current fiscal year.

Detailed information regarding capital assets can be found in the Notes to Basic Financial Statements, Note 5.

Detailed information regarding the corresponding lease liabilities can be found in the Notes to Basic Financial Statements, Note 8.

Tangible Assets Governmental Activities Business-Type Activities Total 2022 2021 2022 2021 2022 2021
Land $ 22,759,511 $ 22,759,511 $ 497,497 $ 497,497 $ 23,257,008 $ 23,257,008 Water rights - - 1,221,838 1,221,838 1,221,838 1,221,838 Buildings and improvements 86,043,279 85,801,889 136,544,702 136,086,354 222,587,981 221,888,243 Improvements other than
buildings 38,519,511 37,593,152 71,153,304 57,154,182 109,672,815 94,747,334 Machinery and equipment 80,615,425 79,236,947 158,887,070 148,525,852 239,502,495 227,762,799 Infrastructure 135,721,102 135,094,954 16,920,985 16,893,355 152,642,087 151,988,309 Construction in progress 13,532,782 8,788,687 25,972,495 38,291,690 39,505,277 47,080,377 Total $ 377,191,610 $ 369,275,140 $ 411,197,891 $ 398,670,768 $ 788,389,501 $ 767,945,908 Right of Use Assets Governmental Activities Business-Type Activities Total 2022 2021 Restated 2022 2021 Restated 2022 2021
Leased Buildings and
Structures $ 755,459 $ 755,459 $ - $ - $ 755,459 $ 755,459 Leased Machinery and
Equipment 718,995 577,618 155,343 - 874,338 577,618
Total $ 1,474,454 $ 1,333,077 $ 155,343 $ - $ 1,629,797 $ 1,333,077 Capital Asset Totals Governmental Activities Business-Type Activities Total 2022 2021 2022 2021 2022 2021
Total $ 378,666,064 $ 370,608,217 $ 411,353,234 $ 398,670,768 $ 790,019,298 $ 769,278,985 17 Long-Term Obligations
As of June 30, 2022, the City has several debt issues outstanding and reported total long-term debt of $123.1 million. Of this amount, $101.7 million relates to revenue bonds and other long-term obligations of the City's business activities and $21.4 million is attributable to debt issuances for governmental activities.

The City’s debt decreased by $6.4 million through the timely payment of amounts due for each long-term obligation. The City Charter states that the City shall not incur an indebtedness evidenced by general obligation bonds greater than 15% of the total assessed valuation of all real and personal property within the City. The City has no general obligation debt; therefore, the reported level of debt is in compliance with Charter requirements.

Detailed information can be found in the Notes to Basic Financial Statements, Note 7.

Type of Debt Governmental Activities Business-Type Activities Total 2022 2021 2022 2021 2022 2021
Certificates of
participation $ 19,135,000 $ 20,950,000 $ - $ - $ 19,135,000 $ 20,950,000 Revenue bonds - - 101,720,000 106,085,000 101,720,000 106,085,000 Unamortized bond
premium 2,227,601 2,468,631 - - 2,227,601 2,468,631
Total $ 21,362,601 $ 23,418,631 $ 101,720,000 $ 106,085,000 $ 123,082,601 $ 129,503,631 18 THE YEAR AHEAD BUDGET AND ECONOMIC FACTORS
The Council adopts the City’s operating and capital improvement budgets annually. On June 13, 2022, the City Council adopted a balanced budget for the Fiscal Year 2022-2023. The City’s fiscal year runs from July 1st through June 30th each year. The FY2022-2023 Adopted Operating Budget is $275.2 million and the Capital Improvement Budget is $123.1 million, for a total combined Budget of $398.3 million. Designed with the best interest of the City’s citizens in mind, the adopted Fiscal Year 2022-2023 Operating and Capital Improvement Budget is balanced, and focuses on funding the City Council’s priorities:
 Improve Broadband Accessibility
 Develop Economic Strategy.
 Adopt Sustainable Fiscal Policy
 Create Affordable Compensation Policy
 Implement Hosing Element
 Expanded and Permanent Outdoor Dining
 Improve Permitting Process
 Ventura Water Pure
 Update General Plan
 Improve Historic Preservation Process
 Modernize Finance/Human Resource System
 Update Radio Systems to Current Technology
 Fire Strategic Plan
 Coastal Management Plan
 Extend Olivas Park Drive/Build Levee
The City has approved a balanced Budget for FY2022-2023 that provides the necessary resources to support the level of services its Community requires. While some level of continued financial uncertainty will remain because of potential recession, the City is committed to prudent budget principles and will react and modify the Budget as needed.

The City’s Strategic Plan is created under the guidance of the City Council and City Manager serves as the foundation for the budgeting process. Identified operational and capital improvements are then prioritized and performance measures are developed to track progress of each strategic goal. Resources are then allocated to each project and the proposed budget is developed. The Budget encompasses 37 different funds, including the General Fund, as well as the Enterprise funds: Water and Wastewater. The Budget must be balanced overall, and each individual fund must also be balanced.

Budget preparation begins with revenue projections. To make those projections as accurate as possible, six techniques are used, depending upon the unique characteristics of each revenue source:
 Deterministic Techniques (e.g., month-to-month trend analysis)  Time Series Techniques (e.g., moving averages)
 Econometric Models (e.g., predictive statistics)
 Informed/Expert Judgment (e.g., advice of expert staff)  Estimates from other governmental agencies (e.g., property valuation estimates)  Estimates from staff, subject matter experts, consulting firms (e.g., sales tax projections) Additional resources include information from the League of California Cities, Avenue Insights Economic Overview, the State of California, the County of Ventura, the U.S. Department of Labor, and other Federal agencies. The City also analyzes local and regional sales tax trends in the development of its Budget.

During the development of the Fiscal Year 2022-2023 Budget, City staff continued to analyze City operations and capital improvement needs to identify areas where gaps in capital investment and city services exist. City Council goals factored heavily in the development of the Budget. The Budget document describes what the City plans to accomplish in the upcoming year, with the understanding that additional areas of need may remain outstanding as future opportunities.

The Year Ahead Budget and Economic Factors, (continued)

City of Ventura Fiscal Year 20222023 Budget Summaries (adopted):

Citywide: The Budget encompasses 37 different funds, including the General Fund, as well as the Water and Wastewater Enterprise funds. The Budget must be balanced, and each individual fund must also be balanced.

For Fiscal Year 2022-2023, the City has budgeted $398.3 million in total revenue and resources; resources include existing Fund Balance. The top three revenue sources for the City make up $247.1 million, or approximately 62% of the City’s budgeted revenues:
19  Charges for Services – 27% of the City’s total revenue and are budgeted at $106.9 million.  Water Fund $ 32.5
 Wastewater Fund $ 27.8
 Internal Service Funds $ 27.0
 General Fund $ 16.1
 Other Funds $ 3.5
 Taxes – 28% of the City’s total revenue and are budgeted at $113.0 million.  Property Tax $ 35.2
 Sales Tax $ 16.5
 Measure O Transaction and Use Tax $ 16.8
 Utility Tax $ 8.1
 Transient Occupancy Tax (TOT) $ 8.0
 Other Taxes $ 28.4
 Other Agencies – 7% of the City’s total revenues and are budgeted at $27.2 million.  General $ 12.7
 Gas Tax $ 6.1
 Other Sources $ 8.4
For Fiscal Year 2022-2023, the budgeted expenditures are $398.3 million citywide, creating a balanced budget.

Listed below are the appropriations for each department:
 Ventura Water $ 144.6
 Public Works $ 73.4
 Police $ 47.2
 Parks & Recreation $ 29.7
 Fire $ 27.2
 Non-Departmental $ 18.7
 Community Development $ 15.4
 Human Resources $ 13.4
 Finance $ 12.1
 Information Technology $ 7.3
 City Manager $ 5.6
 City Attorney $ 3.4
 City Council $ 0.3

REQUESTS FOR INFORMATION
This financial report is designed to provide a general overview of the City of Ventura’s finances for all those with an interest in the government’s finances. Questions concerning any of the information contained herein should be directed to Jason Williams, Accounting Manager, 501 Poli Street, Ventura, CA 93001, or at [email protected]. The City’s Annual Comprehensive Financial Reports and Annual Budgets may be found on the City’s website under Government/Departments/Finance/ Financial Transparency. 20 PAGE INTENTIONALLY LEFT BLANK
CITY OF SAN BUENAVENTURA, CALIFORNIA FY 2021-22 AN NUAL COMPREHENSIVE FINANCIAL REPORT

BASIC FINANCIAL

STATEMENTS

BASIC FINANCIAL

STATEMENTS

GOVERNMENT-WIDE

FINANCIAL STATEMENTS

GOVERNMENT-WIDE

FINANCIAL STATEMENTS
City of San Buenaventura
Statement of Net Position
June 30, 2022
Governmental
Activities
Business-Type
Activities Total
Assets:

Current assets:

Cash and investments $ 105,005,514 $ 80,796,447 $ 185,801,961 Restricted cash and investments 125 4,475,477 4,475,602 Accounts receivable, net 4,619,932 8,322,934 12,942,866 Lease receivable 808,008 - 808,008
Interest receivable 420,659 351,072 771,731
Accrued interest receivable on leases 91,850 - 91,850
Other receivables 590,684 - 590,684
Due from other governments 13,529,583 403,793 13,933,376 Internal balances 204,081 (204,081) -
Inventory, prepaid and other items 205,769 - 205,769
Prepaid items 13,404 - 13,404
Total current assets: 125,489,609 94,145,642 219,635,251 Noncurrent assets:

Investments 76,484,084 58,850,646 135,334,730
Loans and notes receivable, net 14,200,342 - 14,200,342 Accounts receivable, net - 146,863 146,863
Lease receivable, non-current 13,233,749 - 13,233,749
Capital assets:

Non-depreciable 36,292,293 27,691,830 63,984,123
Depreciable, net 112,619,145 187,131,144 299,750,289
Leased right of use assets, net 1,099,554 23,899 1,123,453 Total capital assets: 150,010,992 214,846,873 364,857,865 Total noncurrent assets: 253,929,167 273,844,382 527,773,549 Total assets: 379,418,776 367,990,024 747,408,800
Deferred outflows of resources
Deferred outflows - refunding 1,023,656 2,982,448 4,006,104 Deferred outflows - pension 23,929,084 2,608,359 26,537,443 Total deferred outflows of resources 24,952,740 5,590,807 30,543,547 Liabilities:

Current liabilities:

Accounts payable 6,734,235 4,616,943 11,351,178
Accrued payroll liabilities 4,534,191 - 4,534,191
Interest payable 120,995 1,110,663 1,231,658
Accrued Lease Interest Payable 2,382 19 2,401
Due to others 9,276,057 538 9,276,595
Deposits held for others 9,496,163 35,400 9,531,563
Unearned revenue 3,815,395 338,385 4,153,780
Long-term liabilities - due within one year 8,622,039 4,440,000 13,062,039 Lease liabilities - due within one year 377,293 18,360 395,653 Total current liabilities: 42,978,750 10,560,308 53,539,058 Noncurrent liabilities:

Net pension liability 152,699,126 11,119,566 163,818,692 Long-term liabilities-due in more than one year 43,722,536 97,280,000 141,002,536 Lease Liabilities - due in more than one year 730,467 - 730,467 Total noncurrent liabilities: 197,152,129 108,399,566 305,551,695 Total liabilities: 240,130,879 118,959,874 359,090,753
Deferred Inflows of Resources
Deferred inflows - pension 49,113,143 6,925,525 56,038,668 Deferred inflows - leases 14,041,757 - 14,041,757
Total deferred inflows of resources 63,154,900 6,925,525 70,080,425 Net Position
Net investment in capital assets 147,717,653 117,298,661 265,016,314 Restricted for:

Capital projects 38,665,649 - 38,665,649
Debt service 125 3,376,557 3,376,682
Community development 6,328,046 - 6,328,046
Special projects 20,962,413 - 20,962,413
Total restricted 65,956,233 3,376,557 69,332,790
Unrestricted (112,588,149) 127,020,214 14,432,065
Total net position $ 101,085,737 $ 247,695,432 $ 348,781,169 See accompanying Notes to the Basic Financial Statements. 21 City of San Buenaventura
Statement of Activities
For the year ended June 30, 2022
Program Revenues
Functions/ Programs Expenses
Charges for
Services
Operating
Grants and
Contributions
Capital Grants
and
Contributions Total
Primary government:

Governmental activities:

General government $ 17,003,836 $ 4,634,440 $ 8,352,211 $ - $ 12,986,651 Human resources 372,899 9,997 45,995 - 55,992
Finance and technology 6,015,740 494,039 1,338 - 495,377 Community development 9,273,256 5,771,021 815,215 - 6,586,236 Parks & Recreation 23,701,089 10,073,164 184,153 62,384 10,319,701 Public safety- police 38,857,204 3,405,167 1,377,735 - 4,782,902 Public safety- fire 21,886,679 1,408,144 150,470 - 1,558,614 Public works 19,191,545 4,037,433 6,647,375 1,900,592 12,585,400 Interest on long-term debt 520,452 - - - -
Total governmental activities 136,822,700 29,833,405 17,574,492 1,962,976 49,370,873 Business-type activities:

Wastewater 21,201,554 27,736,025 402,941 - 28,138,966
Water 36,003,198 39,682,699 375,237 - 40,057,936
Total business-type activities: 57,204,752 67,418,724 778,178 - 68,196,902 Total primary government $ 194,027,452 $ 97,252,129 $ 18,352,670 $ 1,962,976 $117,567,775 General Revenues:

Taxes:

Property taxes
Sales taxes
Utility users taxes
Transient occupancy taxes
Other taxes
Lease Interest Income
Total taxes
Interest and dividends
Investment FMV Incr/(Decr)
Franchise and PEG fees
Gain on disposal of assets
Transfers
Total general revenues and transfers
Change in net position
Net position - beginning of year
Net position - end of year
See accompanying Notes to the Basic Financial Statements. 22 Net (Expense) Revenue and Changes in Net
Position
Governmental
Activities
Business-Type
Activities Total
$ (4,017,185) $ - $ (4,017,185)
(316,907) - (316,907)
(5,520,363) - (5,520,363)
(2,687,020) - (2,687,020)
(13,381,388) - (13,381,388)
(34,074,302) - (34,074,302)
(20,328,065) - (20,328,065)
(6,606,145) - (6,606,145)
(520,452) - (520,452)
(87,451,827) - (87,451,827)
- 6,937,412 6,937,412
- 4,054,738 4,054,738
- 10,992,150 10,992,150
(87,451,827) 10,992,150 (76,459,677)
44,801,493 - 44,801,493
49,187,671 - 49,187,671
8,732,879 - 8,732,879
8,343,067 - 8,343,067
4,609,091 - 4,609,091
258,422 - 258,422
115,932,623 - 115,932,623
1,978,840 1,175,980 3,154,820
(6,680,110) (5,525,585) (12,205,695)
5,568,982 - 5,568,982
27,805 321 28,126
1,394,746 (1,394,746) -
118,222,886 (5,744,030) 112,478,856
30,771,059 5,248,120 36,019,179
70,314,678 242,447,312 312,761,990
$ 101,085,737 $ 247,695,432 $ 348,781,169
23 PAGE INTENTIONALLY LEFT BLANK
CITY OF SAN BUENAVENTURA, CALIFORNIA FY 2021-22 AN NUAL COMPREHENSIVE FINANCIAL REPORT

FUND FINANCIAL

STATEMENTS

FUND FINANCIAL STATEMENTS

GOVERNMENTAL FUND

FINANCIAL STATEMENTS

GOVERNMENTAL FUND

FINANCIAL STATEMENTS
General Fund – The General Fund was established to
account for sources and uses of financial resources
traditionally associated with governments which are not required to be accounted for in another fund.

Other Governmental Funds – The aggregate of all the
non-major governmental funds.

City of San Buenaventura
Balance Sheet
Governmental Funds
June 30, 2022
Major Fund
General Fund
Other
Governmental
Funds
Total
Governmental
Funds
Assets:

Cash and investments $ 75,077,783 $ 75,145,537 $ 150,223,320 Restricted cash and investments - 125 125
Accounts receivable, net 4,464,132 315,875 4,780,007
Interest receivable 149,863 189,076 338,939
Due from other funds - 56,868 56,868
Other receivables 585,382 5,176 590,558
Due from other governments 7,392,748 5,926,690 13,319,438 Lease Receivable 10,567,308 3,474,449 14,041,757
Accrued Lease Interest Receivable 87,816 4,034 91,850
Inventory, prepaid and other items 35,861 - 35,861
Loans and notes receivable 1,823,089 12,377,253 14,200,342 Advances to other funds 850,270 - 850,270
Total assets: $ 101,034,252 $ 97,495,083 $ 198,529,335
Liabilities and fund balances:

Liabilities:

Accounts payable $ 3,220,696 $ 2,136,304 $ 5,357,000
Due to other funds - 56,868 56,868
Due to other governments 2,629,526 - 2,629,526
Due to others 108,263 6,532,185 6,640,448
Advances from other funds - 850,270 850,270
Deposits held for others 1,747,141 7,749,022 9,496,163
Unearned revenue 2,407,631 1,407,764 3,815,395
Total liabilities: 10,113,257 18,732,413 28,845,670
Deferred inflows of resources:

Unavailable revenues 251,454 2,345,771 2,597,225
Deferred inflows - leases 10,567,308 3,474,449 14,041,757 Total deferred inflows of resources: 10,818,762 5,820,220 16,638,982 Fund balances (deficit):

Nonspendable 1,489,622 - 1,489,622
Restricted 2,270,892 65,947,148 68,218,040
Committed 40,700,623 3,315,318 44,015,941
Assigned 8,330,896 1,255,280 9,586,176
Unassigned 27,310,200 2,424,704 29,734,904
Total fund balances (deficit): 80,102,233 72,942,450 153,044,683 Total liabilities, deferred inflows of resources, and fund balances $ 101,034,252 $ 97,495,083 $ 198,529,335 See accompanying Notes to the Basic Financial Statements. 24 City of San Buenaventura
Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide Statement of Net Position
June 30, 2022
Total Fund Balances - Total Governmental Funds $ 153,044,683 Amounts reported for governmental activities in the Statement of Net Position are different because:

Capital assets used in governmental activities are not current financial resources. Therefore, they are not reported in the Governmental Funds Balance Sheet. Except for the Internal Service Funds reported below, the capital assets are adjusted as follows:

Non-depreciable assets $ 35,074,272
Depreciable assets, net 97,113,932
132,188,204
Right to use leased assets used in governmental activities are not financial resources and therefore are not reported in the funds.

Right to use asset at historical cost 1,348,935 -
Accumulated Amortization (333,060) -
1,015,875
Interest payable on long-term debt does not require current financial resources. Therefore, interest payable is not reported as a liability in the Governmental Funds Balance Sheet. (123,271)
Unavailable (deferred) revenue is reported as revenue and on the accrual basis in the Government-Wide Statement of Net Position.
2,597,225
Internal service funds are used by management to charge the costs of certain activities, such as insurance and fleet management, to individual funds. The assets and liabilities of the internal service funds are included in Governmental Activities in the:

Information Technology Fund $ 7,908,032
Fleet Maintenance Fund 20,458,999
Facilities Maintenance Fund 1,625,446
Digital Publishing Fund 22,037
Workers' Compensation Fund (11,233,496)
Employee Fringe Benefits Fund (9,448,938)
Risk Management Fund (4,427,587)
Internal Service Fund allocation to Business-type 204,081 5,108,574
Pension:

Deferred outflows - pension is not an available resource therefore, is not reported in the Governmental Funds balance sheet. 22,842,744
Net pension liability (147,968,795)
Deferred inflows - pension is not due and payable therefore, is not reported in the Governmental Funds balance sheet. (46,256,998)
Unamortized loss on defeasance is not recorded in Governmental Funds, but is recorded as deferred amounts on refunding in the Government-Wide Statement of Net Position. 1,023,656
Long-term liabilities - due within one year (1,805,000) Long-term liabilities - due more than one year (17,330,000) Lease liability - due within one year (335,509)
Lease liability - due more than one year (688,050)
Premium/discount on issuance of long-term debt recorded as revenue in Governmental Funds, but is a liability on the Government-Wide Statement of Net Position. (2,227,601)
Net Position of Governmental Activities $ 101,085,737
See accompanying Notes to the Basic Financial Statements. 25 City of San Buenaventura
Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds
For the Year Ended
June 30, 2022
Major Fund
General Fund
Other
Governmental
Funds
Total
Governmental
Funds
Revenues:

Taxes $ 85,759,091 $ 20,734,177 $ 106,493,268
Licenses and permits 5,062,843 280,682 5,343,525
Intergovernmental 20,693,558 9,654,886 30,348,444
Charges for services 16,243,809 1,105,033 17,348,842
Fines and forfeitures 1,859,198 - 1,859,198
Franchise and PEG fees 5,568,982 - 5,568,982
Use of money and property (961,485) (1,983,961) (2,945,446) Other revenues 2,428,490 1,659,981 4,088,471
Total revenues: 136,654,486 31,450,798 168,105,284
Expenditures:

Current:

General Government 14,778,298 1,975,922 16,754,220
Human Resources 1,278,106 - 1,278,106
Finance and Technology 4,039,675 978,992 5,018,667
Community Development 7,566,007 2,093,581 9,659,588
Parks & Recreation 17,826,851 4,532,187 22,359,038
Public Safety - Police 40,578,553 5,417,793 45,996,346
Public Safety - Fire 22,126,069 3,530,592 25,656,661
Public Works 10,556,464 6,845,563 17,402,027
Capital outlay 688,434 7,087,257 7,775,691
Debt service:

Principal retirement 322,399 1,815,000 2,137,399
Interest and other charges 24,014 436,192 460,206
Total expenditures: 119,784,870 34,713,079 154,497,949
Revenues over (under) expenditures 16,869,616 (3,262,281) 13,607,335 Other financing sources (uses):

Transfers in 1,433,314 5,065,882 6,499,196
Transfers out (6,264,110) (751,802) (7,015,912)
Lease liabilities issued 141,377 - 141,377
Total other financing sources (uses) (4,689,419) 4,314,080 (375,339) Net change in Fund Balances 12,180,197 1,051,799 13,231,996 Fund Balances (deficit):

Beginning of year 67,922,036 71,890,651 139,812,687
End of year $ 80,102,233 $ 72,942,450 $ 153,044,683
See accompanying Notes to the Basic Financial Statements. 26 City of San Buenaventura
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, 2022
Net Change in Fund Balances - Total Governmental Funds $ 13,231,996 Amounts reported for governmental activities in the Statement of Activities are different because:

Governmental Funds report capital outlay as expenditures. However, in the Government-Wide Statement of Activities, the cost of these assets is allocated over their estimated useful lives as depreciation expense. This is the amount by which depreciation exceeds capital outlay in the current period.

Capital outlay 7,876,806
Depreciation expense (8,781,767) (904,961)
In the Government-Wide Statement, Right to use Lease Assets are amortized over the lesser of the estimated useful life or lease term. However, the amortization expense is not reported in the Governmental Funds. The following is amortization expense for the current fiscal year (333,060) Governmental Funds report the entire proceeds from sale of an asset as revenue because it provides current financial resources. However, the Government-Wide Statement of Activities reports only the gain (loss) on the sale of assets. Thus, the change in net position differs from the change in fund balance by the net book value of the asset sold. 2,771
Unavailable revenue is reported as revenue on the accrual basis in the Government-Wide Statement of Activities. The following amount represents the change in unavailable revenue from the prior year. (107,677) Repayment of bond principal is an expenditure in Governmental Funds, but the repayment reduces long- term liabilities in the Government-Wide Statement of Net Position. 1,815,000 Amortized loss on defeasance costs are not included in the Governmental Statements, but the expenditures are capitalized and recorded as a deferred asset in the Government-Wide Statement of Net Position. (99,063)
Amortized premium discount on issuance of long-term debt is not recorded in Governmental Statements, but is a liability and amortized in the Government-Wide Statement of Net Position. 241,030 Accrued interest expense on long-term debt is reported in the Government-Wide Statement of Activities, but does not require the use of current financial resources. Therefore, accrued interest expense is not reported as an expenditure in Governmental Funds. (63,004) Internal service funds are used by management to charge the costs of certain activities, such as insurance and fleet management, to individual funds, The net expense of the internal service funds is reported with Governmental Activities. 1,776,239
Internal Service Fund allocation to Business-type 261,524 Lease principal expenditures 322,399
Lease Liabilities Issued (141,377)
Changes in net pension liability and related deferred inflows and outflows of resources are reflected in the Statement of Activities as an expense but does not impact current financial resources. 14,769,242 Change in Net Position of Governmental Activities $ 30,771,059 See accompanying Notes to the Basic Financial Statements. 27 PROPRIETARY FUND

FINANCIAL STATEMENTS

PROPRIETARY FUND

FINANCIAL STATEMENTS
Wastewater Fund – To account for all wastewater
activities and treatment services provided to the City’s residences, businesses and visitors, including but
not limited to, operations, maintenance, laboratory,
administration, and debt service.

Water Fund – To account for all water treatment
and distribution services to the City’s residences,
businesses and visitors, including, but not limited to
maintenance, distribution, productions, purification,
customer service, administration, and debt service.

Internal Service Funds – These funds are used to
provide goods and services by one department or
agency to other departments or agencies of the City on
a cost reimbursement basis.

City of San Buenaventura
Statement of Net Position
Proprietary Funds
June 30, 2022
Major Enterprise Funds
Governmental
Activities
Wastewater Water Total
Internal
Service Funds
Assets:

Current assets:

Cash and investments $ 27,213,462 $ 53,582,985 $ 80,796,447 $ 18,089,917 Restricted cash and investments 809,410 3,666,067 4,475,477 - Accounts receivable, net 4,415,521 3,907,413 8,322,934 34,498 Interest receivable 117,729 233,343 351,072 81,720
Other receivables - - - 5,302
Due from other governments 99,522 304,271 403,793 10,396 Inventory, prepaid and other items - - - 183,312
Total current assets: 32,655,644 61,694,079 94,349,723 18,405,145 Noncurrent assets:

Investments 19,821,785 39,028,861 58,850,646 13,176,361 Loans and notes receivable, net 68,609 78,254 146,863 - Capital assets:

Non-depreciable 14,568,162 13,123,668 27,691,830 1,218,021 Depreciable, net 84,853,222 102,277,922 187,131,144 15,505,213 Leased right of use assets, net - 23,899 23,899 83,679
Total capital assets: 99,421,384 115,425,489 214,846,873 16,806,913 Total noncurrent assets: 119,311,778 154,532,604 273,844,382 29,983,274 Total assets: 151,967,422 216,226,683 368,194,105 48,388,419 Deferred outflows of resources:

Deferred charges on refunding 1,195,504 1,786,944 2,982,448 - Deferred outflows - pensions 1,103,777 1,504,582 2,608,359 1,086,340 Total deferred outflows of resources: 2,299,281 3,291,526 5,590,807 1,086,340 Liabilities:

Current liabilities:

Accounts payable 1,232,647 3,384,296 4,616,943 1,377,235 Accrued payroll liabilities - - - 4,534,191
Unearned revenue 68,609 269,776 338,385 -
Interest payable 401,490 709,173 1,110,663 -
Lease Interest Payable - 19 19 106
Due to others 538 - 538 6,083
Claims and judgments payable-current - - - 5,750,555
Compensated absences payable-current - - - 789,261
Loans payable-current 1,395,000 3,045,000 4,440,000 -
Leases payable-current - 18,360 18,360 41,784
Deposits held for others - 35,400 35,400 -
Total current liabilities: 3,098,284 7,462,024 10,560,308 12,499,215 Noncurrent liabilities:

Claims and judgments payable - - - 17,804,732
Compensated absences payable - - - 6,637,426
Loans payable 35,625,000 61,655,000 97,280,000 -
Leases payable - - - 42,417
Net pension liability 4,705,458 6,414,108 11,119,566 4,730,331 Total noncurrent liabilities: 40,330,458 68,069,108 108,399,566 29,214,906 Total liabilities: 43,428,742 75,531,132 118,959,874 41,714,121 Deferred inflow of resources:

Deferred inflows - leases 2,930,669 3,994,856 6,925,525 2,856,145 Total deferred inflow of resources: 2,930,669 3,994,856 6,925,525 2,856,145 Net position:

Net investment in capital assets 63,247,299 54,051,362 117,298,661 16,554,388 Restricted for:

Debt service 401,490 2,975,067 3,376,557 -
Unrestricted 44,258,503 82,965,792 127,224,295 (11,649,895) Total net position: $ 107,907,292 $ 139,992,221 $ 247,899,513 $ 4,904,493 Internal balances (204,081)
Net position of business-type activity $ 247,695,432
See accompanying Notes to the Basic Financial Statements. 28 City of San Buenaventura
Statement of Revenues, Expenses and Changes in Net Position Proprietary Funds
For the year ended
June 30, 2022
Major Enterprise Funds
Governmental
Activities
Wastewater Water Total
Internal Service
Funds
Operating revenues:

Utility service charges $ 27,722,242 $ 39,682,699 $ 67,404,941 $ - Internal service charges - - - 24,553,240
Other revenues 416,724 375,237 791,961 1,778,497
Total operating revenues: 28,138,966 40,057,936 68,196,902 26,331,737 Operating expenses:

Salaries and benefits 4,836,599 7,427,348 12,263,947 6,144,664 Contractual services 3,182,351 3,667,698 6,850,049 4,744,214 Materials and supplies 1,829,672 2,825,171 4,654,843 2,327,528 General and administrative 4,915,581 14,065,276 18,980,857 5,146,676 Insurance premiums and settlements - - - 5,368,689
Depreciation 5,297,012 6,377,743 11,674,755 1,698,694
Lease Amortization - 131,444 131,444 41,840
Total operating expenses: 20,061,215 34,494,680 54,555,895 25,472,305 Operating income (loss) 8,077,751 5,563,256 13,641,007 859,432 Non-operating revenues (expenses):

Interest and dividends 403,035 772,945 1,175,980 271,281 Interest expense (878,815) (1,508,518) (2,387,333) (42,712) Investment FMV Incr/(Decr) (1,864,538) (3,661,047) (5,525,585) (1,294,258) Insurance/Emergency recovery - - - 45,995
Gain (loss) on disposal of assets 321 - 321 25,039
Total non-operating revenues (expenses): (2,339,997) (4,396,620) (6,736,617) (994,655) Income (loss) before transfers and capital contributions 5,737,754 1,166,636 6,904,390 (135,223) Transfers in 1,314,962 4,266,174 5,581,136 1,933,462
Transfers out (4,841,252) (2,134,630) (6,975,882) (22,000) Total transfers and capital contributions (3,526,290) 2,131,544 (1,394,746) 1,911,462 Change in net position 2,211,464 3,298,180 5,509,644 1,776,239 Net position:

Beginning of year 105,695,828 136,694,041 242,389,869 3,128,254 End of year $ 107,907,292 $ 139,992,221 $ 247,899,513 $ 4,904,493 Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds $ (261,524) Change in net position - Enterprise Funds 5,509,644
Change in net position of business-type activity $ 5,248,120 See accompanying Notes to the Basic Financial Statements. 29 City of San Buenaventura
Statement of Cash Flows
Proprietary Funds
For the year ended
June 30, 2022
Major Funds
Wastewater Water Total
Governmental
Activities -
Internal
Service Funds
Cash flows from operating activities:

Cash receipts from customers/other funds $ 27,009,295 $ 39,168,053 $ 66,177,348 $ 26,327,917 Cash payments to suppliers for goods and services (9,246,928) (22,505,615) (31,752,543) (11,690,273) Cash payments to employees for services (5,855,953) (8,344,263) (14,200,216) (9,026,150) Cash receipts from recoverable expenses - 879,337 879,337 - Cash payments for insurance premiums - - - (5,977,966)

Net cash provided by operating activities 11,906,414 9,197,512 21,103,926 (366,472)

Cash flows from noncapital financing activities:

Transfers to other funds (4,841,252) (2,134,630) (6,975,882) (22,000) Transfers from other funds 1,314,962 4,266,174 5,581,136 1,933,462 Fire loss insurance recovery - - - 45,995

Net cash provided (used) by noncapital financing
activities (3,526,290) 2,131,544 (1,394,746) 1,957,457

Cash flows from capital and related financing activities:

Purchase of capital assets (7,691,881) (4,990,580) (12,682,461) (1,514,841) Payment of bond principal (1,360,000) (3,005,000) (4,365,000) - Proceeds from the sale of assets 321 - 321 25,039
Interest paid on debt (840,793) (1,423,768) (2,264,561) 41,595

Net cash used by capital and related financing activities (9,892,353) (9,419,348) (19,311,701) (1,448,207)

Cash from investing activities:

Cash receipts from interest and dividends 355,321 676,076 1,031,397 236,522 Unrealized loss on cash and cash equivalents (1,864,538) (3,661,046) (5,525,584) (1,294,258) Purchase of investments (7,464,127) (16,104,621) (23,568,748) (4,195,436) Sales of Investments 1,948,400 4,948,577 6,896,977 915,196 Net cash provided (used) by investing activities (7,024,944) (14,141,014) (21,165,958) (4,337,976)

Net increase (decreases) in cash and cash equivalents (8,537,173) (12,231,306) (20,768,479) (4,195,198) Cash and cash equivalents, Beginning of year 36,560,045 69,480,358 106,040,403 22,285,115 Cash and cash equivalents, End of Year 28,022,872 57,249,052 85,271,924 18,089,917 Reconciliation of cash to Statement of Net Position:

Cash and Investments 27,213,462 53,582,985 80,796,447 18,089,917 Restricted Cash and Investments 809,410 3,666,067 4,475,477 - Cash and cash equivalents, End of Year 28,022,872 57,249,052 85,271,924 18,089,917 See accompanying Notes to the Basic Financial Statements. 30 City of San Buenaventura
Statement of Cash Flows
Proprietary Funds
For the year ended
June 30, 2022
Major Funds
Wastewater Water Total
Governmental
Activities -
Internal
Service Funds
Reconciliation of operating income (loss) to net cash provided by operating activities
Operating income (loss) 8,077,751 5,563,256 13,641,007 859,432 Adjustments to reconcile operating income to net cash provided by operating activities:

Depreciation 5,297,012 6,377,743 11,674,755 1,698,694
Lease amortization - 131,444 131,444 41,840
Changes in assets and liabilities:

Accounts receivable (1,064,665) 88,476 (976,189) 3,797
Accrued payroll liabilities - - - (2,645,006)
Deposits held for others - 900 900 -
Due from other governments (65,007) (177,972) (242,979) - Due from others - (113,470) (113,470) (7,616)
Prepaid expenses - - - (38,392)
Accounts payable 680,291 (1,944,966) (1,264,675) 553,300 Unavailable and deferred revenue - 191,522 191,522 -
Deferred outflows - pension 125,219 93,777 218,996 5,859 Net pension liability (4,043,056) (4,963,689) (9,006,745) (3,069,526) Deferred inflows - pension 2,898,483 3,952,997 6,851,480 2,827,183 Due to other governments 386 (2,506) (2,120) 200
Claims and judgments payable - - - (596,237)
Total adjustments 3,828,663 3,634,256 7,462,919 (1,225,904) Net cash provided by operating activities: $ 11,906,414 $ 9,197,512 $ 21,103,926 $ (366,472) See accompanying Notes to the Basic Financial Statements. 31 FIDUCIARY FUND

FINANCIAL STATEMENTS

FIDUCIARY FUND

FINANCIAL STATEMENTS
Redevelopment Successor Agency Private Purpose
Trust Fund – To account for the winding down of the
former Redevelopment Agency, including disposition of
real properties held by the Agency and the repayment of the Successor Agency’s outstanding long-term debt.

City of San Buenaventura
Statement of Net Position
Fiduciary Funds
June 30, 2022
Redevelopment
Successor Agency
Private Purpose
Trust Fund
Assets:

Current assets:

Cash and investments $ 1,698,621
Interest receivable 859
Total current assets: 1,699,480
Noncurrent assets:

Land and buildings held for resale 89,982
Total assets: 1,789,462
Liabilities:

Current liabilities:

Accounts payable 46
Interest payable 231,852
Notes and bonds payable - due in less than one year 720,000 Total current liabilities: 951,898
Long-term liabilities:

Notes and bonds payable - due in more than one year 7,605,000 Total long-term liabilities: 7,605,000
Total liabilities: 8,556,898
Net position:

Net position held in trust for private purpose (7,452,436) Total net position $ (6,767,436)
See accompanying Notes to the Basic Financial Statements. 32 City of San Buenaventura
Statement of Changes in Net Position
Fiduciary Funds
For the year ended
June 30, 2022
Redevelopment
Successor Agency
Private Purpose
Trust Fund
Additions:

Investment and rental $ 3,544
RPTTF distributions 1,118,277
Other revenues 2,547,761
Total additions: 3,669,582
Deductions:

Administrative expenses 51,142
Interest and other charges 646,241
Total deductions: 697,383
Change in net position 2,972,199
Extraordinary gain (loss) on dissolution of RDA (84,048) Net position:

Beginning of year (9,655,587)
End of year $ (6,767,436)
See accompanying Notes to the Basic Financial Statements. 33 NOTES TO BASIC

FINANCIAL STATEMENTS

NOTES TO BASIC

FINANCIAL STATEMENTS
City of San Buenaventura
Index to the Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Page
Note 1 - Summary of Significant Accounting Policies................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................36 A. Description of the Reporting Entity................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................36 B. Basis of Accounting and Measurement Focus................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................36 C. Net Position Flow Assumption................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................40 D. Cash, Cash Equivalents and Investments................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................40 E. Restricted Cash and Investments................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................40 F. Inventory, Prepaid and other items................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................40 G. Interfund Transactions................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................40 H. Capital Assets................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................41 I. Compensated Absences................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................41 J. Long-Term Debt................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................42 K. Leases................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................43 L. Interest Payable................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................43 M. Property Taxes................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................43 N. Net Position................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................43 O. Prior Period Adjustment................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................43 P. Fund Balances................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................43 Q. Use of Estimates................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................43 R. Deferred Outflows/Inflows of Resources................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................44 S. GASB Pronouncements................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................45 T. Pensions................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................44 Note 2 - Cash and Investments................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................46 A. Cash and Investments................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................46 B. Investments ................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................46 C. Fair Value Measurements................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................47 D. Disclosures Relating to Interest Rate Risk................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................48 E. Disclosures Relating to Credit Risk................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................49 F. Concentration of Credit Risk................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................49 G. Custodial Credit Risk................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................49 H. Investment in State Investment Pool................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................50 Note 3 - Loans and Notes Receivable................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................51 A. County Home................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................51 B. Chapel Lane Senior Housing Project................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................52 C. Turning Point Foundation................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................52 D. Business Assistance Program................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................52 E Successor Housing Agency................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................53 F Affordable Housing Development................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................53 Note 4 - Interfund Transactions................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................57 Note 5 - Capital Assets................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................59 Note 6 - State Water Project................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................62 34 City of San Buenaventura
Index to the Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 7 - Long-Term Liabilities................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................62 A. Governmental Activities Long-Term Liabilities................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................62 B. Long-Term Debt of Business-Type Activities................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................64 Note 8 - Leases................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................67 A. Lessee................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................67 B. Lessor................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................67 C. Lease Liabilities................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................67 Note 9 - Unearned Revenues................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................69 Note 10 - Fund Balances For Governmental Funds................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................70 Note 11 - Deficit Fund Balances, Net Position, and Other Disclosures................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................72 Note 12 - Self-Insurance Accrued Liabilities................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................73 Note 13 - Pension Plans................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................74 A. General Information about the Pension Plans................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................74 B. Changes in the Net Pension Liability................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................75 C. Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................77 D. Payable to the Pension Plan................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................78 E. Net Pension Liability................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................79 Note 14 - Commitments and Contingencies................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................81 Note 15 - Deferred Fees................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................81 Note 16 - Related Organizations................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................82 Note 17 - Joint Ventures................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................82 Note 18 - Recent Changes in Legislation Affecting California Redevelopment Agencies................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................83 Note 19 - Successor Agency Disclosures................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................83 35 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The basic financial statements of the City of San Buenaventura (Ventura), California (City) have been prepared in conformity with Generally Accepted Accounting Principles (GAAP) 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
Description of the Reporting Entity
City of San Buenaventura
The City, incorporated as a town on March 10, 1866, was recognized as a city in the State of California by election on December 4, 1905, and was certified on January 5, 1906. The initial City Charter was adopted January 7, 1932, and was revised most recently on November 8, 2016. The City operates under an elected Council and appointed City Manager form of government and provides the following services as authorized by its charter: public safety (police and fire), public works (maintenance services, capital improvement and utilities), community services, and general administrative services. In accordance with GAAP, these basic financial statements present the City and its component units (entities for which the City is considered to be financially accountable). Blended component units, although legally separate entities are, in substance, part of the City’s operations and data from these units is combined with data of the City. Each blended component unit has a June 30 year end. The City had no discretely presented component units.

The following entity is reported as a blended component unit.

Ventura Public Facilities Financing Authority
The Authority was established by ordinance, pursuant to the City Charter and Constitution of the State of California, as a public body, corporate and politic, acting to facilitate serving the public purposes of the City. The ordinance was adopted on May 28, 1985, and became effective July 1, 1985. The governing body of the Authority is comprised of the consenting members of the City Council. The Authority is empowered to construct, acquire, maintain and improve public facilities and improvements within the City and to sell, lease, exchange, transfer, encumber or otherwise dispose of any interest in property. The Authority's activities presently consist of providing financial assistance to the City through the issuance of certificates of participation and the leasing of assets to the City. At the end of the lease term, all assets revert to the City. The funds of the Authority have been included in the governmental activities of the financial statements. The Financing Authority does not issue separate financial statements.

B Basis of Accounting and Measurement Focus
The accounts of the City are organized on the basis of funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that are comprised of its assets, deferred outflows of resources, liabilities, deferred inflows of resources, fund balances/net positions, revenues, and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.

Government - Wide Financial Statements
The City’s government-wide financial statements include a Statement of Net Position and a Statement of Activities.

These statements present summaries of governmental and business type activities for the City accompanied by a combined total column. Fiduciary activities of the City are not included in these statements. 36 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) B Basis of Accounting and Measurement Focus (continued) Government - Wide Financial Statements (continued)
The government-wide financial statements are presented on an economic resources measurement focus and the accrual basis of accounting . Accordingly, all of the City’s assets, deferred outflows of resources, liabilities and deferred inflows of resources, including capital 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 the liability is incurred. Grants and similar financial resources are recognized as revenues when all eligibility requirements have been met.

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

Charges for services
Operating grants and contributions
Capital grants and contributions
Amounts paid to acquire capital assets are capitalized as assets in the government-wide financial statements, rather than reported as expenses. Proceeds of long-term debt are recorded as a liability in the government-wide financial statements, rather than as an other financing source. Amounts paid to reduce long-term indebtedness of the reporting government are reported as a reduction of the related liability, rather than as an expenditure.

Certain exclusions have been made in regards to interfund activities, payables and receivables. All interfund balances in the Statement of Net Position have been excluded except those representing balances between the governmental activities and the business type activities, which are presented as internal balances and eliminated in the total primary government column. In the Statement of Activities, interfund transfers have been excluded from these statements; however, those transactions between governmental and business type activities have not been removed.

Governmental Fund Financial Statements
Governmental fund financial statements are presented using the current financial resources measurement focus and the modified accrual basis of accounting . These 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. An accompanying schedule is presented to reconcile and explain the differences in fund balances and change in fund balances as presented in these statements to the Net Position and change in Net Position presented in the government-wide financial statements. The City has presented only major funds that meet the major fund criterion. The following is a list of these major governmental funds:

General Fund
- The City’s General Fund is a Major Fund and the City’s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for by another fund. The General Fund is used to account for activities primarily supported by taxes, grants, and similar revenue sources.

Additionally, the City reports the following fund types:

Governmental Funds
The Special Revenue Funds are used to account for the revenues derived from specific revenue sources, which are usually required by law or administrative regulation to be accounted for in separate funds.

The Capital Projects Funds are used to account for financial resources segregated for the development, construction, and improvement of City facilities.
37 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) B Basis of Accounting and Measurement Focus (continued) Governmental Fund Financial Statements (continued)
The Debt Service Funds are used to account for resources and payment of principal, interest and related costs of long-term debt.

Governmental fund financial statements present current assets, current liabilities and deferred inflows of resources on the Balance Sheet. The Statement of Revenues, Expenditures and Changes in Fund Balances present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in fund balance.

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 recorded when received in cash, except those revenues subject to accrual (generally 60 days after year-end) are recognized when due. The primary revenue sources, which have been treated as susceptible to accrual by the City, are property tax, sales tax, intergovernmental revenues and other taxes, interest, and charges for services. Expenditures are recorded in the accounting period in which the related fund liability is incurred.

Unavailable revenues arise in the governmental funds when potential revenues do not meet both the “measurable” and “available” criteria for recognition in the current period. Unearned revenues also arise when the government receives resources before it has a legal claim to them, as when grant monies are received prior to incurring qualifying expenditures. In subsequent periods, when both revenue recognition criteria are met or when the government has a legal claim to the resources, the unavailable/unearned revenue is removed from the Balance Sheet and revenue is recognized.

Proprietary Fund Financial Statements
Proprietary fund financial statements include financial statements for Enterprise Funds and Internal Service Funds.

Each financial statement includes a Statement of Net Position, a Statement of Revenues, Expenses and Changes in Net Position, and a Statement of Cash Flows.

Proprietary funds are accounted for using the economic resources measurement focus and the accrual basis of accounting. Accordingly, all assets, deferred outflows of resources, liabilities and deferred inflows of resources (whether current or non-current) 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. Revenues are recognized in the period in which they are earned while expenses are recognized in the period in which the liability is incurred.

Operating revenues 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 following is a list of the City’s proprietary funds:

Wastewater Fund
– The wastewater fund is categorized as a major enterprise fund. This fund accounts for all wastewater collection, treatment, and reclamation services provided to residents and businesses in the City of Ventura and a small portion of Ventura County. These activities include, but not limited to administration, operations, maintenance, laboratory, and debt service.

Water Fund
– The water fund is categorized as a major enterprise fund. This fund accounts for all water treatment and distribution services provided to residences and businesses in the City and a small portion of unincorporated Ventura County. These activities include but are not limited to administration, maintenance, distribution, customer service, production, purification, and debt service.
38 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) B Basis of Accounting and Measurement Focus (continued) Proprietary Fund Financial Statements (continued)
Internal Service Funds
These proprietary funds account for governmental activities internal service charges. Internal service balances and activities have been combined with the governmental activities in the government-wide financial statements. The following is a list of the internal service funds:

Information Technology Fund - This fund accounts for capital and operational costs related to the replacement and maintenance of the City’s technological infrastructure. Costs are recovered through a monthly user fee charged to City departments.

Fleet Maintenance Fund - This fund accounts for capital and operational costs related to operations of the central fleet maintenance system which provides vehicles for all City departments. Costs are recovered through a monthly user fee charged to City departments.

Facilities Maintenance Fund - This fund accounts for operational costs related to providing City facilities’ maintenance services to all City departments. A monthly fee, based on square footage, is charged to City departments to recover these costs.

Digital Publishing Fund - This fund accounts for capital and operational costs related to printing and reproduction of materials by all City departments. Costs are recovered through a monthly fee charged to City departments using the service.

Workers’ Compensation Fund - This fund accounts for costs and liabilities related to the Workers’ Compensation Program. Costs are recovered through a monthly fee based on employee-type charges to City departments.

Employee Fringe Benefits Fund - This fund accounts for costs and liabilities related to health, life, dental and disability insurances, retirement costs, taxes, and other miscellaneous benefits paid by the City on behalf of the employees. A bi-weekly charge based on a percentage of gross payroll is charged to City departments to recover these costs.

Risk Management Fund - This fund accounts for costs of providing public liability insurance coverage to operating funds. Costs are recovered from those funds that benefit from the insurance coverage.

Fiduciary Fund Financial Statements
Fiduciary fund financial statements include a Statement of Net Position and a Statement of Changes in Net Position.

Fiduciary Funds are used to account for resources that the City holds as a trustee or agent on behalf of an outside party and that cannot be used to support the City's own programs. The City's fiduciary fund is a private purpose trust fund. Private purpose trust funds are reported using the economic resources measurement focus and the accrual basis of accounting. The City currently reports one fiduciary fund detailed below:

Private Purpose Trust Fund
– Redevelopment Successor Agency – The Redevelopment Agency was dissolved by state law on January 31, 2012. Upon dissolution, all of the assets and liabilities of the Agency were transferred to the City of Ventura Successor Redevelopment Agency. The Successor Agency is responsible for the disposition of real property and repayment of the former Agency’s tax allocation bonds (See Note 19). 39 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) C Net Position Flow Assumption
The City may fund outlays for a particular purpose from both restricted (e.g., restricted bond or grant proceeds) and unrestricted resources. In order to calculate the amounts to report as restricted Net Position and unrestricted Net Position, a flow assumption must be made about the order in which the resources are considered to be applied. It is the City’s practice to consider restricted Net Position to have been depleted before unrestricted Net Position is applied; however, it is at the City Council's discretion.

D Cash, Cash Equivalents and Investments
The City pools its available cash for investment purposes. The City’s cash and cash equivalents are considered to be cash on hand, demand deposits, and short-term investments with original maturity of three months or less from the date of acquisition. Cash and cash equivalents are combined with short-term investments and displayed as Cash and Investments.

Highly liquid market investments with maturities of one year or less at time of purchase are stated at amortized cost.

Guaranteed investment contracts are stated at cost. All other investments are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Market value is used as fair value for those securities for which market quotations are readily available. For purposes of reporting cash flows, the City considers each fund’s share in the cash and investments pool to be cash and cash equivalents. See Note 2 for more information on Fair Value Measurement.

E Restricted Cash and Investments
Certain restricted cash and investments are held by fiscal agents for the redemption of bonded debt and for acquisition and construction of capital projects. Cash and investments are also restricted for deposits held for others within the enterprise funds. The restricted cash and investments are separated from unrestricted cash and investments and presented as such.

F Inventory, Prepaid and Other Items
Inventories are valued at cost using first in, first out method of accounting for inventories. Governmental fund inventories are recorded as expenses when consumed rather than when purchased. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items. The treatment accorded prepaid items in governmental funds is the consumption method. Certain other payments such as construction retention or escrow funds may also be reflected in this category. Also included are items that may be cash held in short term escrow or retention accounts.

G Interfund Transactions
Interfund transactions or activities between governmental, proprietary, and fiduciary funds include transfers, loans, and internal services provided.

Interfund transfers are the flow of assets from one fund to another fund without equivalent flow of assets in return and without a requirement for repayments. Interfund transfers are presented as transfers in/out (Note 4) .

Interfund loans or advances are amounts provided between funds with a requirement for repayment. These transactions are representative of lending/borrowing arrangements outstanding at the end of the fiscal year. Current portions of interfund loans are presented as due to/from other funds and non-current portions of loans are presented as advances to/from other funds. Any residual balances outstanding between the governmental activities and business-type activities are reported in the government-wide financial statements as interfund balances.

Internal services provided between funds are presented in the fund statements as revenues and expenses/expenditures and receivables and payables. These types of interfund transactions reflect the use of services provided from a fund in which the services provided are the fund's main function. 40 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) H Capital Assets
Capital assets which include land, streets, buildings, improvement to buildings and infrastructure, equipment, park and recreation lands, water and wastewater facilities and conveyance systems, storm water conveyance systems, and buildings combined with site amenities such as parking lots and landscaped areas. Other capital assets may include works of art, museum pieces, historical artifacts and other such items.

Capital assets are defined by the City as assets with an estimated useful life in excess of one year and an initial individual cost of $10,000 or more. Donated capital assets, which may include infrastructure and equipment are recorded at acquisition value when accepted by the City. Donated works of art, museum pieces and other such items are recorded at acquisition value. Infrastructure acquired prior to July 1, 1980 is not reported. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend the asset’s useful life are recorded as operational costs when incurred.

Depreciation is recorded on a straight-line basis over the useful lives of the assets as follows:

Buildings and improvements 10 - 77 years
Improvements other than buildings 10 - 75 years
Vehicles, machinery and equipment 2 - 20 years
Infrastructure (above and below ground) 5 - 50 years
Each major infrastructure system can be divided into subsystems. For example, the street system can be subdivided into pavement, curb and gutters, sidewalks, streetlights, traffic control devices, etc. These subsystems are not delineated in the basic financial statements. The appropriate operating department maintains information regarding the subsystems.

I Compensated Absences
The City accrues the cost of annual vacation leave at fiscal year-end. Employees covered by Ventura Maintenance Employee Association (VMEA) Maintenance (A) Units and Service Employees' International Union (SEIU) General (G) Units receive annual leave in lieu of vacation and sick leave (sick leave remaining in leave banks as of 11/05/2004 are available for use/payouts). The City accrues the cost of annual leave at fiscal year-end. The City accrues, once per fiscal year, the cost of sick leave for all employees eligible for a payout of a portion of the balance of unused sick leave upon separation (resignation or retirement). The amount of payout varies by employee group as follows:

Employees covered by SEIU Supervisory (S), Professional (Q), and General (G) Unit agreements shall, after ten years of continuous City service, be eligible to receive an amount equivalent to 25% of their accrued sick leave upon resignation, or retirement from employment or in the case of death, to the employee's beneficiary. The maximum sick leave accrual for all employees hired on or before August 1, 1977 is 1440, all other employees have a maximum of 480 hours.

Employees covered by VMEA Maintenance (A) unit agreements shall, after ten years of continuous City service, be eligible to receive an amount equivalent to 25% of their accrued sick leave upon resignation or retirement from employment or in the case of death, to the employee's beneficiary. The maximum sick leave accrual for all employees hired on or before August 1, 1977 is 1440, all other employees have a maximum of 480 hours.

Employees in the Executive (E), Management (M), and Confidential (C) salary schedules shall, after ten years of continuous City service, be eligible to receive an amount equivalent to 25% of their accrued sick leave upon resignation, or retirement from employment or in the case of death, to the employee's beneficiary. Notwithstanding the foregoing, employees in Salary Schedule "E" shall, after twenty years of continuous City service, be eligible to receive an amount equivalent to 50% of their accrued sick leave upon resignation/retirement from employment or in the case of death, to the employee's beneficiary. The maximum accrual is 480 hours, with the exception of safety 41 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) I Compensated Absences (continued)
management employees promoted into a salary schedule E position. These safety management employees may accrue up to the maximum allowed under the safety management Memorandum of Understanding in effect at the time of promotion.

Police (P) and Police Management (T) shall, after ten years of continuous City service, be eligible to receive an amount equivalent to 2.5% of their accrued sick leave for each completed year of service and will be received upon resignation, or retirement from employment or in the case of death, to the employee's beneficiary. After twenty years of continuous City service, they shall be eligible to receive an amount equivalent to 3% of their accrued sick leave for each completed year of service (not to exceed 75%). This benefit will be received upon resignation, or retirement from employment or in the case of death, to the employee's beneficiary. The maximum accrual is 1,440 hours.

Ventura City Firefighters Association (F) and Ventura Fire Management Association (B) shall, after ten years of continuous City service, be eligible to receive an amount equivalent to 25% of their accrued sick leave upon resignation, or retirement from employment or in the case of death, to the employee's beneficiary. After twenty years of continuous City service, they shall be eligible to receive an amount equivalent to 50% of their accrued sick leave upon resignation, or retirement from employment or in the case of death, to the employee's beneficiary. Maximum accrual for employees working a 40-hour schedule is 1440 and 2016 for employees working a 56-hour schedule.

Vacation and sick leave benefits are accrued and recorded in the Employee Fringe Benefits Internal Service Fund.

Compensated absences are generally liquidated in the Internal Service Fund.

J Long-Term Debt
In the Government-Wide Financial Statements, long term debt and other obligations are reported as liabilities in the applicable governmental and business-type activities. Premiums and discounts on bonds sold are amortized over the life of the bonds. Bonds payable are reported net of the applicable bond premium and discount. Issuance costs are reported as expenses at the time of debt issuance.

In the fund financial statements, governmental funds recognize bond premiums and discounts during the period in which bonds are issued and the face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuance are reported as other financing uses. Issuance costs whether or not withheld from the actual debt proceeds received, are reported as expenditures.

K Leases
Leases are defined by the general government as the right to use an underlying asset. As lessee, the City recognizes a lease liability and an intangible right-of-use lease asset at the beginning of a lease unless the lease is considered a short-term lease or transfers ownership of the underlying asset. Right-of-use lease assets are measured based on the net present value of the future lease payments at inception, using the weighted average cost of capital, which approximate the incremental borrowing rate. Remeasurement of a lease liability occurs when there is a change in the lease term and/or other changes that are likely to have a significant impact on the lease liability. The City calculates the amortization of the discount on the lease liability and report that amount as outflows of resources. Payments are allocated first to accrued interest liability and then to the lease liability. Variable lease payments based on the usage of the underlying assets are not included in the lease liability calculations but are recognized as outflows of resources in the period in which the obligation was incurred. As lessor, the City recognizes a lease receivable. The lease receivable is measured using the net present value of future lease payments to be received for the lease term and deferred inflow of receivables at the beginning of the lease term.

Periodic amortization of the discount on the receivable are reported as interest revenue for that period. Deferred inflows of resources are recognized as inflows on a straight-line basis over the term of the lease. This recognition does not apply to short-term leases, contracts that transfer ownership, leases of assets that are investments, or certain regulated leases. Any initial direct costs are reported as an outflow of resources for that period. Re- measurement of lease receivables occur when there are modifications, including but not limited to changes in the 42 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) K Leases (continued)
contract price, lease term, and adding or removing an underlying asset to the lease agreements. In the case of a partial or full lease termination, the carrying value of the lease receivable and the related deferred inflow of resources will be reduced and will include a gain or loss for the difference. For lease contracts that are short-term, the City recognizes short-term lease payments as inflows of resources (revenues) based on the payment provisions of the lease contract. Liabilities are only recognized if payments are received in advance, and receivables are only recognized if payments are received subsequent to the reporting period. Additional disclosures regarding leases are in Note 8.

LInterest Payable
In the government-wide financial statements, interest payable on long-term debt is recognized as the liability is incurred for governmental and business-type activities. In the fund financial statements, proprietary funds recognize the interest payable when the liability is incurred.

M Property Taxes
Property taxes are levied based on a fiscal year (July 1 – June 30) each year. The property tax assessments are formally due on November 1st and February 1st, and become delinquent after December 10th and April 10 th respectively. Taxes become a lien on the property effective January 1st of the preceding year.

N Net Position
The financial statements utilize a Net Position presentation. Net Position is categorized as follows:

Net Investment in Capital Assets – This amount consists of capital assets, net of accumulated depreciation and reduced by any outstanding debt attributed to the acquisition, construction, or improvement of those assets.

Restricted Net Position – This amount consists of constraints placed on Net Position use imposed by external creditors, grantors, contributors, laws or regulations of other governments, enabling legislation, or constitutional provisions.

Unrestricted Net Position – This amount is all Net Position that does not meet the definition of “Net investment in capital assets” or “Restricted Net Position.”
O Prior Period Adjustment
Effective July 1, 2021, the City adopted GASB’s No. 87 – Leases, using the facts and circumstances that existed at the beginning of the period of implementation. The standard requires that it is applied retroactively unless it is impractical to do so. Due to the sheer number of leases the City considered it impractical to do so. As a result, there was no impact to the City’s beginning net position upon adoption of the new accounting standard.

PFund Balances
In the fund financial statements, governmental fund balances are classified based primarily on the extent to which the City is bound to honor constraints on the specific purposes for which amounts in the funds can be spent. See Note 9 for further detail on fund balance reporting.

Q Use of Estimates
The preparation of the basic financial statements, in conformity with generally accepted accounting principles, requires management to make estimates and assumptions when necessary. These estimates and assumptions affect the reported amounts of assets, deferred outflows of resources, liabilities, and deferred inflows of resources, and the disclosure of contingent assets, deferred outflows of resources, liabilities, and deferred inflows of resources.

In addition, estimates affect the reported amount of expenses. Actual results could differ from these estimates and assumptions. The City’s policy is to minimize estimates when actual data is available. Estimates are only used when 43 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Q Use of Estimates (continued)
actual amounts are not known and are based on past performance and new or updated information.

R Deferred Outflows/Inflows of Resources
In addition to assets, the statement of Net Position and the governmental funds balance sheet may report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of Net Position that applies to future periods and so will not be recognized as an outflow of resources (expense/expenditure) until the time that the resource is used. The City has five items that qualify for reporting in this category. The first item is the deferred amount on refunding reported in the government wide statement of Net Position and the proprietary funds financial statements. A deferred amount on refunding results from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. The second item is deferred outflows related to pensions. This amount is equal to employer contributions made after the measurement date of the net pension liability. The third item is deferred outflows related to pension as a result of changes in assumptions. The fourth item is a deferred outflow, resulting from the differences between projected and actual earnings on plan investments in the pension, amortized over five years. The third and fourth items are amortized over a closed period equal to the average of the expected remaining service lives of all employees that are provided with pensions through the plan.

In addition to liabilities, the statement of Net Position and the governmental funds balance sheet may sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of Net Position that applies to future periods and will not be recognized as an inflow of resources (revenue) until that time. The City has three items that qualify for reporting in this category. The first item is unavailable revenues which arise only under a modified accrual basis of accounting that qualifies for reporting in this category. Accordingly, this item, unavailable revenues, is reported only in the governmental fund balance sheet. The governmental funds report unavailable revenues from two sources: taxes and grants. These amounts are reported as unavailable revenues and recognized as an inflow of resources in the period that the amounts become available. The second item is a deferred inflow related to pensions resulting from the difference between expected and actual experience. The third item is a deferred inflow related to pensions for the changes of assumptions. The second and third items are amortized over a closed period equal to the average of the expected remaining service lives of all employees that are provided with pensions through the Plans.

S GASB Pronouncements
The Governmental Accounting Standards Board (GASB) has issued the following pronouncement which impacted the City’s financial reporting requirements in the current year.

Current Year Pronouncements
In June 2017, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 87, Leases.

This standard requires the recognition of certain lease assets and liabilities for leases that previously were classified as operating leases and as inflows of resources or outflows of resources recognized based on the payment provisions of the contract. It establishes a single model for lease accounting based on the foundational principle that leases are financings of the right to use an underlying asset. Under this standard, a lessee is required to recognize a lease liability and an intangible right-to-use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of resources.

The City adopted the requirements of the guidance effective July 1, 2021 and has applied the provisions of this standard to the beginning of the period of adoption
44 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) T Pensions
For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to pensions, and pension expense, information about the fiduciary Net Position of the City's California Public Employees' Retirement System (CalPERS) plans (Plans) and additions to/deductions from the Plans' fiduciary Net Position have been determined on the same basis as they are reported by CalPERS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.
45 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 2. CASH AND INVESTMENTS
A. Cash and Investments
Cash and investments as of June 30, 2022, are classified in the accompanying financial statements as follows:

Government-Wide Statement of Net Position:

Governmental cash and investments $ 105,005,514
Governmental noncurrent investments 76,484,084
Business-Type cash and investments 80,796,447
Business-Type noncurrent investments 58,850,646
Cash and investments 321,136,691
Restricted cash and investments (held by bond trustee)
Restricted cash and investments-Business-Type 4,475,477 Restricted cash and investments-Governmental 125
Restricted cash and investments 4,475,602
Fiduciary Fund Statement of Net Position:

Cash and investments 1,698,621
Total cash and investments $ 327,310,914
Cash and investments as of June 30, 2022, consist of the following:

Cash on hand $ 22,090
Deposits with Financial Institutions 35,575,190
Investments 291,713,634
Total cash and investments $327,310,914
B. Investments
The table below identifies the investment types that are authorized for the City by the California Government Code (or the City’s Investment Policy, where more restrictive). The table also identifies certain provisions of the California Government Code (or the City’s Investment Policy, where more restrictive) that address interest rate risk, and concentration of credit risk. This table does not address investment of debt proceeds held by bond trustees that are governed by the provisions of debt agreements of the City, rather than the general provisions of the California Government Code or the City’s Investment Policy.

Authorized Investment Type
Maximum
Maturity
Maximum
Amt/ Percent
of Portfolio
Maximum
Investment in
One Issuer
US Treasury Obligations 5 years N/A N/A
U.S. Agency Securities 5 years N/A N/A
State of California or Municipal Debt 5 years N/A N/A
Certificates of Deposit 5 years N/A 30%
Corporate Medium Term Notes 5 years 30% 30%
Negotiable Certificates of Deposit 5 years 30% 30%
Supranational Obligations 5 years 30% 30%
Commercial Paper 270 days 25% 10%
Banker's Acceptances 180 days 40% 30%
Money Market Mutual Funds N/A N/A N/A
Local Agency Investment Fund N/A N/A N/A
County Pooled Investment Funds N/A N/A N/A
Joint Powers Authority Investment Pool N/A N/A N/A
46 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 2. CASH AND INVESTMENTS (continued)
B. Investments (continued)
Investments Authorized by Debt Agreements
Investment of debt proceeds held by bond trustee is governed by provisions of the debt agreements, rather than the general provisions of the California Government Code or the City’s investment policy. The table below identifies the investment types that are authorized for investments held by bond trustee and identifies certain provisions of these debt agreements that address interest rate risk and concentration of credit risk.

Authorized Investment Type
Maximum
Maturity
Maximum
Amt/Percent
of Portfolio
Maximum
Investment
in One
Issuer
U.S. Treasury Obligations 30 years N/A N/A
Money Market Mutual Funds N/A N/A N/A
Guaranteed Investment Contract 30 years N/A N/A
Local Agency Investment Fund N/A N/A N/A
C. Fair Value Measurements
GASB Statement No. 72 "Fair Value Measurement" generally requires investments to be measured at fair value. An investment is defined as a security or other asset that (a) a government holds primarily for the purpose of income or profit and (b) has a present service capacity based solely on its ability to generate cash or to be sold to generate cash. Fair value is defined or described as an exit or sale price. Statement No. 72 provides guidance for determining and applying a fair value measurement for financial reporting purposes. This Statement requires the City to use certain valuation techniques and requires consistency when applying these techniques. This Statement establishes a hierarchy of relative inputs used to measure the fair value of the investments. These techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The determination of what constitutes observable requires judgment by the City's management. City management considers observable data to be market data, which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by multiple independent sources that are actively involved in the relevant market. This hierarchy has three levels with the highest priority being assigned to unadjusted quoted prices in active markets for identical assets while the lowest priority is assigned to unobserved inputs. All of the City's investments subject to fair value are Level 2 as valued by quoted prices for similar assets in active markets.

The three levels of the fair value hierarchy mentioned above are as follows:

Level 1 - Inputs to the valuation methodology include:
a. Unadjusted quoted prices for identical assets in active markets that the City has the ability to access.

Level 2 - Inputs to the valuation methodology include:
b. Quoted prices for similar assets in active markets;
c. Quoted prices for identical or similar assets in inactive markets; d. Inputs other than quoted prices that are observable for the asset; e. Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 - Inputs to the valuation methodology include:
f. Unobservable and significant to the fair value measurement. Unobservable inputs reflect the City's own assumptions about the inputs market participants would use in pricing the asset (including assumptions about risk). Unobservable inputs are developed based on the best information available in the circumstances and may include the City's own data.
47 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 2. CASH AND INVESTMENTS (continued)
C. Fair Value Measurements (continued)
Authorized Investment Type Level One Level Two1 Level Three Total Subject to Fair Value Measurement:

U.S. Treasury Notes $ - $ 5,347,613 $ - $ 5,347,613
U.S. Agency Notes - 72,637,417 - 72,637,417
Corporate Medium Term Notes - 27,645,480 - 27,645,480
Municipal Notes - 24,779,763 - 24,779,763
Supranational Obligations - 9,331,140 - 9,331,140
Negotiable Certificates of Deposit - 9,169,985 - 9,169,985 Total Subject to Fair Value Measurement $ - $ 148,911,398 $ - $ 148,911,398 Not Subject to Fair Value Measurement:

Local Agency Investment Fund 67,981,335
Local Agency Investment Fund (bond proceeds) 624,798
CalTRUST A Public Agency 1,995,597
Ventura County Investment Pool 69,219,485
Money Market (Held by Trustee) 1,276,298
LAIF (Held by Trustee) 1,704,723
Total Not Subject to Fair Value Measurement $ 142,802,236 Total Investments $ 291,713,634
(1) All of the City's investments subject to fair value are in level 2 as valued by quoted prices for similar assets in active markets.

D. Disclosures Relating to Interest Rate Risk
Interest rate risk is generally defined as the potential for investment losses resulting from a change in interest rates.

Generally, the longer the maturity of an investment, the greater the sensitivity of its value to changes in interest rates. The City manages its exposure to interest rate risk by: (1) limiting the maturity of any investment to a five-year maximum, (2) holding individual securities to maturity, wherever possible, and (3) maintaining a less than two and one half year average maturity on the entirety of the investment portfolio. In addition, the City manages its cash flow and liquidity needs by diversifying the maturities of its investments, as necessary.

Information about the sensitivity of the fair values of the City’s investments (including investments held by bond trustee) to market interest rate fluctuations is provided by the following table that shows the distribution of the City’s investments by maturity:

Remaining Maturity (in Months)
Investment Type
City Portfolio
Totals
12 Months or
Less 13 to 24 Months 25-60 Months
General Investments:

US Treasury Notes $ 5,347,613 $ 749,363 $ - $ 4,598,250 US Agency Notes 72,637,417 3,993,520 4,630,067 64,013,830 Corporate Medium Term Notes 27,645,480 2,398,590 1,002,180 24,244,710 Municipal Notes 24,779,763 2,766,962 - 22,012,801
Supranational Obligations 9,331,140 - - 9,331,140
Negotiable Certificate of Deposits 9,169,985 3,668,234 248,000 5,253,751 Bond proceeds held by Trustee:

Money Market Mutual Funds 1,276,298 1,276,298 - -
Local Agency Investment Fund 1,704,723 1,704,723 - -
Investments held by City:

Local Agency Investment Fund (bond proceeds) 624,798 624,798 - - Local Area Investment Fund 67,981,335 67,981,335 - -
CalTRUST A Public Agency 1,995,597 1,995,597 - -
Ventura County Investment Pool 69,219,485 69,219,485 - - Total $ 291,713,634 $ 156,378,905 $ 5,880,247 $ 129,454,482 48 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 2. CASH AND INVESTMENTS (continued)
E. Disclosures Relating to Credit Risk
Credit risk is generally defined as the potential 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. The following presentation is the minimum rating required (where applicable) by the California Government Code, the City’s investment policy, debt agreements, and the actual rating as of year-end for each investment type:

Market Value of Minimum
Investment Type Investment Rating Amount Rating1 Not Rated General Investments:

US Treasury Notes $ 5,347,613 N/A $ 5,347,613 Aaa $ -
US Agency Notes 72,637,417 N/A 62,676,928 Aaa/AA+ 9,960,489 Corporate Medium Term Notes 27,645,480 A 27,645,480 Aaa-A3/AAA-A- - Municipal Notes 24,779,763 N/A 24,779,763 Aaa-Aa3/AAA-A- - Supranational Obligations 9,331,140 AA 9,331,140 Aaa/AAA - Certificates of Deposit 9,169,985 N/A - Unrated 9,169,985 Bond proceeds held by Trustee:

Money Market Mutual Funds 1,276,298 AAA 1,276,298 AAA - LAIF 1,704,723 N/A - Unrated 1,704,723
Funds held by City:

Local Agency Investment Fund (bond
proceeds) 624,798 N/A - Unrated 624,798
Local Agency Investment Fund 67,981,335 N/A - Unrated 67,981,335 Ventura County Investment Pool 69,219,485 N/A 69,219,485 AAAf - CalTRUST A Public Agency 1,995,597 N/A 1,995,597 AAf -
Total $ 291,713,634 $ 202,272,304 $ 89,441,330
(1) Ratings shown are from Moody's and Standard and Poor's as of June 30, 2022. The City's Investment Policy mandates a minimum rating of A on Corporate Bonds. From time to time, certain securities may be downgraded after purchase.

F. Concentration of Credit Risk
The City’s investment policy contains limitations on the amount that can be invested in any one issuer beyond that stipulated by the California Government Code. Investments, other than U.S. Treasury Obligations, in any one issuer that represent 5% or more of total City’s investments are as follows:

Issuer Investment Type Reported Amount
Federal Agricultural Mortgage Corporation Federal Agency Security $ 9,960,489 Federal Home Loan Banks GSE Security $ 20,599,097
Federal Farm Credit Banks Funding Corp Federal Agency Security $ 20,599,097 G. 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 counter party (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 49 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 2. CASH AND INVESTMENTS (continued)
G. Custodial Credit Risk (continued)
by pledging first trust deed mortgage notes having a value of 150% of the secured public deposits. As of June 30, 2022, the City's deposits with financial institutions were covered by Federal Deposit Insurance Corporation insurance limits or were collateralized as required by California law.

H. Investment in State & County Investment Pools
The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is regulated by 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 market 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.

The City is a voluntary participant in CalTrust, a California joint powers authority established by its members and regulated by California Government Code Section 6509.7 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 market value provided by CalTrust for the entire CalTrust portfolio (in relation to the amortized cost of that portfolio). The balance available for withdrawal is based on the accounting records maintained by CalTrust, which are recorded on an amortized cost basis.

The City is a voluntary participant in Ventura County Investment Pool, a local agency investment fund managed by the County Treasurer-Tax Collector pursuant to policy guidelines established by the Board of Supervisors with input from the Treasurer and Treasury Oversight Committee. 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 market value provided by Ventura County Investment Pool for the entire portfolio.

50 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 3. LOANS AND NOTES RECEIVABLE
At June 30, 2022, loans and notes receivable consisted of the following:

Loan Description
Balance
July 1, 2021 Additions Deletions
Balance
June 30, 2022
County Home Match $ 11,356 $ - $ - $ 11,356
Chapel Lane Senior Housing Project 656,060 17,278 (75,998) 597,340 Turning Point Transitional Housing 511,912 - - 511,912
Business Assistance Program:

Micro Loan 402,826 11,192 (141,053) 272,965
Code Compliance Assistance 75,588 6,761 (20,238) 62,111 Commercial Rehabilitation Loan 164,618 24,436 (69,373) 119,681 Economic Development Loan 720,429 29,361 (140,764) 609,026 Successor Housing Agency:

Homebuyer Assistance Program 22,600 - - 22,600
Working Artists Community 1,400,380 38,272 - 1,438,652
Affordable Housing Development:

Working Artists of Ventura- Apartments (City) 1,199,789 32,755 - 1,232,544 Soho Associates LP (City) 598,117 13,500 - 611,617
Soho Associates LP (Housing) 730,739 16,500 - 747,239
El Patio LP (City) 475,530 12,240 - 487,770
El Patio LP (Housing) 451,196 11,760 - 462,956
Azahar Place Associates LP (CEDC) (City) 1,693,049 39,000 - 1,732,049 Azahar Place Associates LP (CEDC) (Housing) 2,174,063 51,000 (17,715) 2,207,348 Snapdragon II (CEDC) (City) 768,074 - - 768,074
Ventura Housing Authority 465,000 - - 465,000
Ventura Housing Authority - Johnson Gardens 300,000 - - 300,000 Homebuyer Assistance Program (City) 1,051,230 - (160,000) 891,230 Housing Preservation Program 732,210 182,561 (104,069) 810,702 Villages at Westview 300,000 - - 300,000
Willett Ranch 67,762 1,950 - 69,712
El Portal 1,024,155 39,700 - 1,063,855
Ventura Veterans Home - 644,000 - 644,000
Total Loans and Notes Receivable 15,996,683 1,172,266 (729,210) 16,439,739 Less: Allowance for Uncollectible Accounts (2,282,212) 120,523 (77,708) (2,239,397) Loans and Notes Receivable, net $ 13,714,471 $ 1,292,789 $ (806,918) $ 14,200,342 A. County Home Match
This includes remaining loans funded under the City’s Homebuyer Assistance Program (HBAP) while the City was part of the County of Ventura’s HOME Consortium. This program is no longer active. The general purpose of the HBAP was to promote neighborhood stabilization, stimulate private reinvestment, and broaden affordable housing opportunities. The remaining HBAP loans are administered by the Housing Authority of San Buenaventura. HBAP provided deferred loans to low-income residents, for down-payment assistance. The maximum term of a loan is 45 years with interest being charged in the form of equity sharing equal to 50% of the value of the original loan. All interest shall be forgiven provided that the participating owner occupies the property continuously for 45 years. Any repayment received on these remaining loans does not need to be forwarded to the County of Ventura as other HOME match may require. The outstanding balance as of June 30, 2022 is $11,356 and is recorded in the Housing
and Community Development Block Grant Capital Projects Fund. 51 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 3. LOANS AND NOTES RECEIVABLE (continued)
B. Chapel Lane Senior Housing Project
The project includes 38 one and two-bedroom units for senior, low-income and very low-income households. The project has commercial space dedicated to the Housing Authority of the City of San Buenaventura for Section 8 office use. The loan was funded with City General Funds of $607,500 and Community Development Block Grant funds of $50,000. The maximum term of the loan is 45 years with interest at 3% per annum. The loan is recorded in both the General Fund, with an outstanding balance as of June 30, 2022 of $561,580, and in the Housing and
Community Development Block Grant Fund, with an outstanding balance as of June 30, 2022 of $35,760.

C. Turning Point Foundation Housing Projects
HOME funds were disbursed to Turning Point Foundation for a renovation loan of $283,149 for the Vince Street Transitional Housing facility in August 2016. This loan has 0% interest and as long as there is no default under the terms of the loan documents, the entire principal amount shall be forgiven in full on the 15 th anniversary of the project completion date of the loan. The loan is recorded in the Housing and Community Development Block Grant Fund.

In June 2017, the City approved a Community Development Block Grant loan of $20,154 to Turning Point Foundation for the renovation of their Our Place Shelter building that assists the homeless and mentally ill by providing temporary housing, needs assessments, and case management services. In FY2018-2019, the City approved an additional loan of $208,609, bringing the total outstanding loan balance as of June 30, 2022 to $228,763. This loan does not bear any interest. As long as there is no default under the Loan Agreement terms, there shall be no payment due. All amounts due and owing shall be forgiven in full by the City five years after completion of the project as defined in the Loan Agreement. This loan is reported in the Housing and Community Development Block Grant Fund.

D. Business Assistance Program
There are four components contained within this program: Micro Loans, Code Compliance Assistance, Commercial Rehabilitation Assistance and Economic Development Loans. There are various maximum amounts, interest rates and terms for the four components. All loan programs with new construction or rehabilitation work must adhere to adopted Design Guidelines and Design Review Requirements, where applicable.

The basic information for each component of the Business Assistance Program is outlined below:

Micro Loan Program
- The primary goal of this program is to create jobs and support the growth and success of small businesses in Ventura. This is a flexible loan program designed for existing and new small businesses.

The maximum amount allowable for each loan is $50,000. The interest rate will be fixed at the cost of City funds plus two points. The maximum term for each loan is not to exceed 10 years. Outstanding loan balance at June
30, 2022 amounted to $272,965. These loans are reported under the Housing and Community Development Block Grant Capital Project Fund.

Code Compliance Assistance Program - The Code Compliance Assistance Program is to support businesses with building code compliance requirements on existing commercial properties. The program is designed to encourage code compliance and public safety, in conjunction with Inspection Services. The maximum loan amount is $25,000. The interest rate is fixed at the cost of City funds plus two points. The maximum term of the original loan is not to exceed 10 years. Outstanding loan balance at June 30, 2022 amounted to $62,111
reported in the General Fund.

Commercial Rehabilitation Loan Program - The Commercial Rehabilitation Assistance Program is designed to encourage revitalization and renovation of older commercial districts, while promoting physical enhancement of commercial property. The program goal is to foster business growth or retention by improving the physical appearance of qualified buildings. Qualified property owners and businesses may be eligible to receive below market rate loans for facade, construction, or building renovation. The maximum loan amount is $50,000. The interest rate is fixed at the cost of City funds plus two points. The maximum term of the original loan is not to 52 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 3. LOANS AND NOTES RECEIVABLE (continued)
D. Business Assistance Program (continued)
exceed 10 years. Outstanding loan balance at June 30, 2022 is $119,681 as reported in the General Fund.

Economic Development Loan Program
– The Economic Development Loan program is designed to
encourage and facilitate business growth in Ventura. The growth will increase sales tax revenues for the City and will fund City operations and benefit the Ventura community. Outstanding loan balance at June 30, 2022 amounted to $609,026 for three loans reported in the General Fund.

E. Successor Housing Agency
The former Redevelopment Agency used its Low and Moderate Income Housing Set Aside funds for affordable housing loans and assistance for various programs. In 2011, after the demise of redevelopment agencies, the City accepted the role of Successor Housing Agency and all affordable housing related assets, including loans, were transferred from the Low Mod Fund to the Successor Housing Agency fund. The programs are listed below:

Homebuyer Assistance Program
Former Redevelopment Agency Low to Moderate Income Housing Funds were used as HOME Match for down payment assistance loans for qualified persons from low to moderate-income households. The maximum term is 45 years with interest being charged in the form of equity sharing equal to 50 percent of the value of the original loan.

All interest shall be forgiven provided that the participating owner occupies the property continuously for 45 years.

The outstanding loan balance due as of June 30, 2022 was $22,600.

Working Artists of Ventura
Proceeds from a CalHFA HELP loan were the source of a loan of $1.5 million to the Working Artists Ventura (WAV) Apartment Partners. The loan has 3% simple interest for a term of 30 years (annual payments of $77,598 commencing May 1, 2010). Due to the financial Impact of COVID-19, the loan was ammended on June 7, 2021. It delays repayment, now commencing, June 1, 2032. Annual payments will remain the same and interest continues to accrue. The Loan is now due and payable in full on June 1, 2051. The outstanding loan balance as of June 30,
2022 is $1,438,652.

F. Affordable Housing Development
During fiscal year 2008, the City entered into an Impact Fee Deferral Loan Agreement for $1,581,858 in planning and permitting fees for the Working Artists Ventura (WAV Project.) A separate promissory note and deed of trust were executed with WAV Apartment Partners for the affordable apartment units restricted to low and very low income households in the amount of $1,311,165 and with WAV Condominiums LLC for the market-rate condominium units in the amount of $270,693. The condominium component has been paid in full. The apartment component's deferred fees are payable through April 1, 2064 in annual principal and interest installments of $48,971. Due to the financial impact of COVID-19, the loan terms were amended on June 7, 2021. The amendment delays repayment, now commencing on June 1, 2032. Annual payments remain the same and interest continues to accrue. The Loan is now due and payable in full on June 1, 2065. The outstanding loan balance as of June 30,
2022 of $1,232,544 is reported under various funds.

Soho Associates LP - The City entered into a loan agreement on May 1, 2012 to loan $450,000 of HOME funds disbursed over three fiscal years (2009-10 $350,000; 2010-11 $50,000; and, 2011-12 $50,000) for the acquisition and development of an affordable housing project. The loan is secured by a deed of trust and bears simple interest at 3% commencing on the date of the initial disbursement. The term expires 55 years from the date of recordation of the affordability covenant against the property. Payments are due on May 1 st of each year with payment of the outstanding principal and accrued interest equal to the City’s pro-rata share of residual receipts with any remaining balance due at the end of the term. The outstanding balance as of June 30, 2022 is $611,617 and is reported in the
Housing and Community Development Block Grant Capital Project Fund. 53 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 3. LOANS AND NOTES RECEIVABLE (continued)
F. Affordable Housing Development (continued)
The former Redevelopment Agency entered into a loan agreement on May 1, 2010 to loan $550,000 of its Low and Moderate Income Housing Set Aside Funds to this limited partnership to assist with the acquisition and development of this affordable housing project located outside the Downtown’s Redevelopment Project Area. The loan was disbursed over three fiscal years (2009-10 $406,000; 2010-11 $72,000; and, 2011-12 $72,000). The loan is secured by a deed of trust bearing simple interest at 3% commencing on the date of the initial disbursement. The term expires 55 years after the date of recordation of the affordability covenant against the property. Payments are due on May 1 st of each year with payment of the outstanding principal and accrued interest equal to the City’s pro-rata share of residual receipts with any remaining balance due at the end of the term. Outstanding balance as of June
30, 2022 is $747,239 and is reported in the Successor Housing Agency Special Revenue Fund. However, since the former RDA loan was used as "matching funds" for the HOME program, any payments received are to be considered Program Income in the Housing and Community Development Block Grant Fund.

El Patio LP
- The City entered into a loan agreement on December 17, 2009 to loan $408,000 in HOME CHDO funds to this limited partnership to assist with the rehabilitation of an existing property. The loan is secured by a deed of trust and bears simple interest at 3% commencing on the date of the initial disbursement. The term expires 55 years from the date of recordation of the affordability covenant against the property. Payments are due on September 30th of each year with payment of the outstanding principal and accrued interest equal to the City’s pro- rata share of residual receipts with any remaining balance due at the end of the term. The outstanding balance as of June 30, 2022 is $487,770 and is reported in the Housing and Community Development Block Grant Fund.

The former Redevelopment Agency entered into a loan agreement on December 17, 2009 to loan $392,000 of its Low- and Moderate-Income Housing Set Aside Funds to this limited partnership to assist with the rehabilitation of existing property for an affordable housing project located within the Downtown’s Redevelopment Project Area. The loan was disbursed over four fiscal years (2009-10 $306,400; 2010-11 $28,550; 2011-12 $28,550; and 2012-13 $28,500). The loan is secured by a deed of trust bearing simple interest at 3% commencing on the date of the initial disbursement. The term expires 55 years after the date of recordation of the affordability covenant against the property. Payments are due on September 30th of each year with payment of the outstanding principal and accrued interest equal to the City’s pro-rata share of residual receipts with any remaining balance due at the end of the term.

The outstanding balance as of
June 30, 2022 is $462,956 and is reported in the Successor Housing Agency Special Revenue Fund. However, since the former RDA loan was used as "matching funds" for the HOME program, any payments received are to be considered Program Income in the Housing and Community Development Block Grant Fund.

Azahar Place Associates LP (CEDC)
- The City entered into a loan agreement on February 16, 2010 to loan $1,300,000 in HOME funds to this limited partnership to assist with the acquisition and development of an affordable housing project. Financial assistance is in the form of two loans: 1) $900,000 for acquisition and 2) $400,000 for development/construction. The loans are each secured by a deed of trust and each bears simple interest at 3% commencing on the date of the initial disbursement. The loans were disbursed over three fiscal years (2009-10 $900,000; 2010-11 $200,000; and, 2011-12 $200,000). The term expires 55 years after completion of construction.

Payments are due on September 30th of each year with payment of the outstanding principal and accrued interest equal to the City’s pro-rata share of residual receipts with any remaining balance due at the end of the term. The outstanding balance as of
June 30, 2022 is $1,732,049 and is reported in the Housing and Community Development Block Grant Fund.

The former Redevelopment Agency entered into an Owner Participation Agreement on February 16, 2010 to loan $1,700,000 of its Low and Moderate Income Housing Set Aside Funds to this limited partnership to assist with the acquisition and development of an affordable housing project located outside the Downtown’s Redevelopment Project Area. The financial assistance is in the form of two loans: 1) $1,100,000 for acquisition and 2) $600,000.

The loans were disbursed over three fiscal years (2009-10 $1,100,000; 2010-11 $300,000; and, 2011-12 $300,000).

The loans are each secured by a deed of trust and each bears simple interest at 3% commencing on the date of the initial disbursement. The term expires 55 years after the date of recordation of the affordability covenant against the property. Payments are due on September 30th of each year with payment of the outstanding principal and accrued 54 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 3. LOANS AND NOTES RECEIVABLE (continued)
F. Affordable Housing Development (continued)
interest equal to the City’s pro-rata share of residual receipts with any remaining balance due at the end of the term.

The outstanding balance as of
June 30, 2022 is $2,207,348 and is reported in the Successor Housing Agency Special Revenue Fund. However, since the former RDA loan was used as "matching funds" for the HOME program, any payments received are to be considered Program Income in the Housing and Community Development Block Grant Fund.

Snapdragon Apartments Affordable Housing
HOME funds were disbursed to Cabrillo Economic Development Corporation for the acquisition of property to construct a 22-unit rental multi-family development on the East End of Ventura in the amount for of $450,000 on March 12, 2018. An addtional loan was made for construction in the amount of $318,074 on June 30, 2020. This loan has 0% interest and as long as there is no default under the terms of the loan documents, the entire principal amount shall be forgiven in full on the 20 th anniversary of the completion of the project. The loan is recorded in the Housing and Community Development Block Grant Fund. The outstanding balance as of June 30, 2022 is $768,074.

Housing Authority of the City of San Buenaventura – Distressed Properties The City loaned the Housing Authority $465,000 of HOME funds under separate loan agreements for the purchase and rehabilitation of three properties for the City’s affordable housing stock.

These loans do not bear any interest and as long as there is no default under the Loan Agreement terms, there shall be no payment due and all amounts due and owing shall be forgiven in full by the City upon the expiration of the 15- year term. These loans are reported in the Housing and Community Development Block Grant Fund.

Housing Authority of the City of San Buenaventura – Johnson Gardens The City loaned the Housing Authority $300,000 of HOME funds in February 2016 for permanent financing of their Johnson Gardens Project consisting of affordable rental units for seniors and persons with disabilities.

This loan does not bear any interest and as long as there is no default under the Loan Agreement terms, there shall be no payment due and all amounts due and owing shall be forgiven in full by the City upon the expiration of the 17- year term. This loan is reported in the Housing and Community Development Block Grant Fund.

Homebuyer Assistance Program (City)
These down-payment assistance loans are funded with a variety of funding sources. The maximum term of the loan is 45 years with interest being charged in the form of equity sharing equal to 50% of the value of the original loan. Provided that the participating owner occupies the property continuously for 45 years, all interest shall be forgiven. These loans are reported in the Housing and Community Development Block Grant Fund. Outstanding loan balance as of June 30, 2022 is $891,230.

Housing Preservation Program
The Housing Preservation Program (HPP) funds low interest loans to qualifying low and moderate-income households to rehabilitate single-family owner-occupied properties. The loan term ranges from 15 to 45 years depending on initial funding date. These loans are reported in the General Fund and in the Housing and Community Development Block Grant Fund. Outstanding loan balance as of June 30, 2022 is $810,702.

Willet Ranch LP
In December 2019, the City Council as the Successor Housing Agency, approved a $65,000 loan to Willet Ranch LP. The loan is towards the acquisition/construction of a 50-unit, multi-family rental development for very-low income seniors, including 5 units reserved for homeless. Escrow closed in January 2020. The duration of the loan is 55 years, including 3% interest per annum. Annual repayment is based on a Residual Receipts percentage 55 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 3. LOANS AND NOTES RECEIVABLE (continued)
F. Affordable Housing Development (continued)
calculation. Any remaining principal and interest is due in full at the end of the 55-year term. As of June 30, 2022
the ending balance is $69,712.

The Villages at Westview
In June 2019, the City entered into a $300,000 loan agreement with the Housing Authority of San Buenaventura, for Phase I of the Westview Village project. The entire project is to reconstruct a 180-unit housing community into 320 new units. Phase I will demolish 72 existing units, to be replaced with 131 new units. The duration of the loan is 55 years. The loan does not bear interest nor does it require principal payments, providing there is no default in the terms of the Agreement. If all the terms of the agreement are met, on the 55th anniversary the loan shall be forgiven. As of June 30, 2022 the ending balance is $300,000.

El Portal LP
In June 2019, the City Council approved a $1,000,000 HOME funded loan to the Housing Authority's El Portal LP.

The loan is for site acquisition to re-construct 28 affordable units for very low-, extremely-low income and special needs households, one Manager's unit and three commercial spaces on the ground floor. Seven units will be designated as HOME Assisted Units. In May 2020, $990,000 was funded during the close of escrow and the remaining $10,000 will be paid once the construction is complete and the project is occupied. The duration of the loan is 55 years with 3% simple interest per annum. As of June 30, 2022 the ending balance is $1,063,855.

Ventura Veterans Home (Ventura Springs)
In February 2022, HOME funds of $644,000 were disbursed to Ventura Veterans, LP for new construction of a 122- unit multifamily housing development that includes 120 low-income units for low-income veterans and their families.

Future disbursement over the next 3 years will bring the loan total to $700,000. The Note is secured by Deed of Trust. The duration of the loan is 55 years, including 3% interest per annum. Each year, principal and interest will be paid in residual receipts with any remaining balance due at the end of a 55 year term. As of June 30, 2022 the ending balance is $644,000.

Due to the nature of some loans and Notes Receivable as long-term and/or forgivable, an allowance for uncollectible accounts has been established to off set the balances. 56 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 4. INTERFUND TRANSACTIONS
Fund Financial Statements
Advances to/from other funds
As of June 30, 2022, balances of Advances to/from other funds are as follows:

Advances from other funds
Advances to other funds
General
Fund
Other
Governmental
Funds Total
Other Governmental Funds $ 850,270 $ - $ 850,270
Other Governmental Funds
An advance of $1,020,409 was made from the General Fund to the Downtown Parking District to pay for a lawsuit settlement with Multi-Cinema, LLC. The current balance due is $850,270 Due to /from other funds
As of June 30, 2022, balances of due to/from other funds are as follows:

Due from other funds
Due to other funds
General
Fund
Other
Governmental
Funds Total
Other Governmental Funds $ - $ 56,868 $ 56,868
Other Governmental Funds
In the Housing & Community Development Block Grant (CDBG) Fund, there is an HBAP 25% Note Receivable. It is part of the HOME Consortium. Some of the items relate to the City's former Redevelopment Agency (RDA). Those amounts related to the former RDA are reflected in the CDBG Fund as Due To Other Funds, effectively decreasing the overall Note Receivable in the CDBG Fund by $56,868. Conversely, this is reflected in the Successor Housing Agency Fund as Due From Other Funds in the same amount. This amount is expected to reduce as payments are received to pay down the Note.
57 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 4. INTERFUND TRANSACTIONS (continued)
Fund Financial Statements (continued)
Transfers
Transfers for the year ended June 30, 2022 were as follows:

Transfers In
General Fund
Other
Governmental
Funds Wastewater Water
Internal
Service
Funds Total
Transfers Out
General Fund $ - $ 4,352,648 $ - $ - $ 1,911,462 $ 6,264,110 Other Governmental Funds 263,568 488,234 - - - 751,802
Wastewater 485,078 90,000 - 4,266,174 - 4,841,252
Water 684,668 135,000 1,314,962 - - 2,134,630
Internal Service Funds - - - - 22,000 22,000
Totals $ 1,433,314 $ 5,065,882 $ 1,314,962 $ 4,266,174 $ 1,933,462 $ 14,013,794 The transfers were for the following purposes:

General Fund Transfers out:

Other Governmental Funds $ 4,352,648 Street Lighing District. Debt Payment for Golf. Second entrance to Community Park.

Internal Service Funds 1,911,462 Emergent Equipment replacement. Facilities maintenance and replacement schedule.
$ 6,264,110
Other Governmental Funds Transfers out:

General Fund $ 263,568 Debt Service and Overhead Administration Other Governmental Funds 488,234 Debt Payment-Parking
$ 751,802
Wastewater Transfers out:

General Fund $ 485,078 Ventura Water Utility right-of-way payment, pavement obligation.

Other Governmental Funds 90,000 Funding of sewer manholes for various street projects Water Fund 4,266,174 Ventura Water Administration and Billing Services and CIP funding for Automated Meters
$ 4,841,252
Water Transfers out:

General Fund $ 684,668 Ventura Water Utility right-of-way payment, pavement obligation, storm drain impacts, and Ventura Water Engineers
Other Governmental Funds 135,000 Water valve adjustments for various street CIP projects Waste Water CIP 1,314,962 Transfer remaining operating budgetWaste Water CIP . $ 2,134,630
Internal Service Funds transfers out:

Internal Service Funds $ 22,000 For use of and replacement funding for Warehouse 58 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 5. CAPITAL ASSETS
Governmental Activities
The following is a summary of changes in capital assets for governmental activities:

Balance
July 1, 2021 Additions Deletions
Balance
June 30, 2022
Governmental Activities:

Capital assets, not being depreciated:

Land $ 22,759,511 $ - $ - $ 22,759,511
Construction in progress 8,788,686 6,906,908 (2,162,813) 13,532,782 Total capital assets, not being depreciated 31,548,197 6,906,908 (2,162,813) 36,292,293 Capital assets, being depreciated:

Building and improvements 85,801,889 241,390 - 86,043,279 Improvements other than buildings 37,593,152 926,359 - 38,519,511 Machinery and equipment 79,236,947 2,869,123 (1,490,645) 80,615,425 Infrastructure 135,094,954 626,148 - 135,721,102
Total capital assets, being depreciated 337,726,942 4,663,020 (1,490,645) 340,899,317 Less accumulated depreciation for:

Accum Depr Building and improvements (46,341,021) (2,197,672) - (48,538,693) Accum Depr Improvements other than buildings (23,128,044) (1,460,966) - (24,589,010) Accum Depr Machinery and equipment (53,254,111) (3,164,378) 1,210,269 (55,208,220) Accum Depr Infrastructure (96,286,807) (3,657,442) - (99,944,249) Total accumulated depreciation (219,009,983) (10,480,458) 1,210,269 (228,280,172) Total capital assets, being depreciated, net $ 118,716,959 $ (5,817,438) $ (280,376) $ 112,619,145 Balance
July 1, 2021
As Restated Additions Deletions
Balance
June 30, 2022
Right of use assets:

Leased Buildings and Structures $ 755,459 $ - $ - $ 755,459 Leased Machinery and Equipment 577,618 141,377 - 718,995 Total right of use assets: 1,333,077 141,377 - 1,474,454 Less accumulated amotization for:

Accumulated Amortization Expense - Buildings and Structures - (98,232) - (98,232) Accumulated Amortization Expense - Machinery and Equipment - (276,668) - (276,668) Total accumulated amortization - (374,900) - (374,900)
Total right of use assets, net 1,333,077 (233,523) - 1,099,554 Total governmental activities $ 151,598,233 $ 855,947 $ (2,443,189) $ 150,010,992 Depreciation expense in governmental activities for capital assets for the year ended June 30, 2022 is composed of the following:

General Government $ 589,933
Finance and Technology 367,607
Community Development 149,281
Parks, Recreation and Community Partnerships 2,298,096
Public Safety 390,655
Public Works 4,986,192
Internal Service Fund depreciation charged to functions 1,698,694 Total depreciation expense $10,480,458
59 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 5. CAPITAL ASSETS (continued)
Amortization expense in governmental activities for right of use assets for the year ended June 30, 2022 is composed of the following:

General Government 84,898
Finance and Technology 43,218
Parks and Recreation 246,784
Total amortization expense - governmental
activities $ 374,900
Business-type Activities
The following is a summary of changes in capital assets for business-type activities:

Balance
July 1, 2021 Additions Deletions
Balance
June 30, 2022
Business-Type Activities:

Capital assets, not being depreciated:

Land $ 497,497 $ - $ - $ 497,497
Water rights 1,221,838 - - 1,221,838
Construction in progress 38,291,690 11,110,450 (23,429,645) 25,972,495 Total capital assets, not being depreciated 40,011,025 11,110,450 (23,429,645) 27,691,830 Capital assets, being depreciated:

Building and improvements 136,086,354 458,348 - 136,544,702 Improvements other than buildings 57,154,182 13,999,122 - 71,153,304 Machinery and equipment 148,525,852 10,361,218 - 158,887,070 Infrastructure 16,893,355 27,630 - 16,920,985
Total capital assets, being depreciated 358,659,743 24,846,318 - 383,506,061 Less accumulated depreciation for:

Accum Depr Improvements other than buildings (56,925,598) (4,719,105) - (61,644,703) Accum Depr Improvements other than buildings (37,939,350) (1,653,955) - (39,593,305) Accum Depr Machinery and equipment (87,482,494) (4,823,234) - (92,305,728) Accum Depr Infrastructure (2,352,720) (478,461) - (2,831,181) Total accumulated depreciation (184,700,162) (11,674,755) - (196,374,917) Total capital assets, being depreciated, net 173,959,581 13,171,563 - 187,131,144 Balance
July 1, 2021
As Restated Additions Deletions
Balance
June 30, 2022
Right of use assets:

Leased Machinery and Equipment - 155,343 - 155,343
Less accumulated amortization for:

Accumulated Amortization Expense - Machinery and Equipment - (131,444) - (131,444) Total right of use assets, net - 23,899 - 23,899
Total business-type activities, net $ 213,970,606 $ 24,305,912 $ (23,429,645) $ 214,846,873 60 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 5. CAPITAL ASSETS (continued)
Depreciation expense in business-type activities for capital assets for the year ended June 30, 2022, is composed of the following:

Wastewater $ 5,297,012
Water 6,377,743
Total depreciation expense $ 11,674,755
Amortization expense in business activities for right of use assets for the year ended June 30, 2022 is composed of the following:

Water Operations $ 131,444
Total amortization expense -
business type activities $ 131,444
61 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 6. STATE WATER PROJECT
In 1963, the Ventura County Flood Control District (VCFCD) contracted with the California Department of Water Resources (DWR) for delivery of up to 20,000 acre-feet of State Water Project water (State Water). In 1970, VCFCD assigned the entitlement to Casitas Municipal Water District which in turn assigned 5,000 acre-feet to the United Water Conservation District (UWCD) and 10,000 acre-feet to the City. Since the assignment, the City has made contractually obligated payments to DWR on an annual basis to maintain the right to utilize its allocation. The current agreement runs through June 30, 2035, and it is anticipated that it will be renewed and the contract will be extended.

The costs for State Water include DWR fixed charges regardless of the amount of water delivered and DWR variable charges associated with the delivery of water. The City does not have the infrastructure to receive and deliver State Water to its existing water system at this time and therefore most of the costs attributed to State Water costs are associated with operation and maintenance (DWR fixed costs) and the City elected to expense these costs. The total cost for the year ended June 30, 2022 was $2,045,962.

Future estimated expenses from the 2022 Water and Wastewater Financial Plan Update are as follows:

Year ending
June 30
Estimated
Expenses
2023 $ 2,270,000
2024 $ 2,270,000
2025 $ 2,270,000
Note 7. LONG-TERM LIABILITIES
A. Governmental Activities Long-Term Liabilities
The Summary of Changes in Long-Term Liabilities and other noncurrent liabilities for Governmental Activities for the year ended June 30, 2022, is as follows:

Classification
Balance
July 1, 2021 Additions Deletions
Balance
June 30,
2022
Amounts
Due Within
One Year
Amounts
Due in More
than One
Year
Governmental activities:

Certificate of Participation-2021 Series A $ 8,100,000 $ - $ - $ 8,100,000 $ - $ 8,100,000 Certificate of Participation-2021 Series B 12,850,000 - 1,815,000 11,035,000 1,805,000 9,230,000 Unamortized bond premium 2,468,631 - 241,030 2,227,601 277,223 1,950,378 Total governmental activities 23,418,631 - 2,056,030 21,362,601 2,082,223 19,280,378 Other noncurrent liabilities:

Claims and judgements payable 24,151,524 2,622,084 3,218,321 23,555,287 5,750,555 17,804,732 Compensated absences payable 7,838,235 - 411,548 7,426,687 789,261 6,637,426 Subtotal Other noncurrent liabilities 31,989,759 2,622,084 3,629,869 30,981,974 6,539,816 24,442,158 Total governmental activities $ 55,408,390 $ 2,622,084 $ 5,685,899 $ 52,344,575 $ 8,622,039 $ 43,722,536 62 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 7. LONG-TERM LIABILITIES (continued)
A. Governmental Activities Long-Term Liabilities (continued) Refunding Certificates of Participation - 2021 Series A

On May 18, 2021, the City issued $8,100,000 in Certificates of Participation, Series 2021 A (Tax Exempt) with interest rates ranging from 4% to 5% to 1) provide funds for the current refunding and defeasance of a portion of the $11,420,000 City of San Buenaventura 2007 Certificates of Participation, Series E, and a portion of the $20,615,000 City of San Buenaventura 2010 Certificates of Participation, Series F, 2) provide funds for the current and advance refunding and defeasance of a portion of the $16,450,000 City of San Buenaventura Public Facilities Financing Authority 2012 Refunding Lease Revenue Bonds, Series A, and 3) pay certain costs incurred in connection with the execution and delivery of the Certificates. The Certificates were sold at premiums above par ranging from 25.78% to

34.21%. The aggregate net interest rate on the Series A Certificates is 1.35%. There is no reserve requirement for this issuance. The Certificates evidence and represent the direct, undivided fractional interest of the registered owners thereof in lease payments to be made by the City for the right to the use of the City Hall building, 501 Poli Street. The Certificates were executed and delivered by and among the Bank of New York Trust Company, N.A. as Trustee. Principal is paid once a year on October 1, and interest paid semi-annually on April 1 and October 1 of each year commencing October 1, 2021. The annual debt service requirements for the Certificates of Participation, Series A outstanding at June 30, 2022 were as follows:

Year Ending Principal Interest Total
2023 $ - $ 384,200 $ 384,200
2024 - 384,200 384,200
2025 - 384,200 384,200
2026 - 384,200 384,200
2027 - 384,200 384,200
2028-2032 7,380,000 1,151,800 8,531,800
2033 720,000 14,400 734,400
Totals $ 8,100,000 $ 3,087,200 $ 11,187,200
Refunding Certificates of Participation - 2021 Series B On May 18, 2021, the City issued $12,850,000 in Certificates of Participation, Series 2021 B (Federally Taxable) with interest rates ranging from .28% to 1.70% to 1) provide funds for the current refunding and defeasance of a portion of the $11,420,000 City of San Buenaventura 2007 Certificates of Participation, Series E, and a portion of the $20,615,000 City of San Buenaventura 2010 Certificates of Participation, Series F, 2) provide funds for the current and advance refunding and defeasance of a portion of the $16,450,000 City of San Buenaventura Public Facilities Financing Authority 2012 Refunding Lease Revenue Bonds, Series A, and 3) pay certain costs incurred in connection with the execution and delivery of the Certificates. There is no reserve requirement for this issuance.

The Certificates evidence and represent the direct, undivided fractional interest of the registered owners thereof in lease payments to be made by the City for the right to the use of the City Hall building, 501 Poli Street. The Certificates were executed and delivered by and among the Bank of New York Trust Company, N.A. as Trustee.

Principal is paid once a year on October 1, and interest paid semi-annually on April 1 and October 1 of each year, commencing October 1, 2021. The annual debt service requirements for the Certificates of Participation, Series B outstanding at June 30, 2022 were as follows:

Year Ending Principal Interest Total
2023 $ 1,805,000 $ 104,418 $ 1,909,418
2024 1,810,000 95,739 1,905,739
2025 1,825,000 83,738 1,908,738
2026 1,840,000 66,774 1,906,774
2027 1,865,000 44,346 1,909,346
2028 1,890,000 16,065 1,906,065
Totals $ 11,035,000 $ 411,080 $ 11,446,080
63 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 7. LONG-TERM LIABILITIES (continued)
B. Long-Term Debt of Business-Type Activities
Classification
Balance
July 1, 2021 Additions Deletions
Balance
June 30, 2022
Amounts
Due
Within
One Year
Amounts
Due in More
than One
Year
Business-type activities:

Other Debt:

Wastewater Revenue Refunding, 2012 $ 775,000 $ - $ 775,000 $ - $ - $ - Wastewater Revenue, 2014 485,000 - 155,000 330,000 160,000 170,000 Wastewater Revenue Refunding 2020 37,120,000 - 430,000 36,690,000 1,235,000 35,455,000 Wastewater Revenue 2012, 2014 and
2020, net 38,380,000 - 1,360,000 37,020,000 1,395,000 35,625,000 Water Revenue Refunding, 2012 3,955,000 - 970,000 2,985,000 1,000,000 1,985,000 Water Revenue Refunding 2020 63,750,000 - 2,035,000 61,715,000 2,045,000 59,670,000 Water Revenue 2012 and 2020, net 67,705,000 - 3,005,000 64,700,000 3,045,000 61,655,000 Total business-type activities $ 106,085,000 $ - $ 4,365,000 $ 101,720,000 $ 4,440,000 $ 97,280,000 Wastewater Revenue Refunding 2012, Series A and B
The City issued Wastewater Revenue Refunding Bonds in 2012, Series A and Series B in the amount of $2,560,000 and $15,915,000, respectively. The taxable bonds were issued to provide funds to advance refund all of the outstanding City of San Buenaventura 2004 Wastewater Revenue Certificates of Participation, and to pay costs incurred in connection with the issuance of the bonds. The Series A bonds have been paid in full. The Series B bonds are due in annual principal installments. Interest rates range from 0.97% to 5% and is payable semi-annually on January 1 and July 1. In December 2020, portions of the Series B were advanced refunded from the proceeds of the 2020 Refunding Wastewater Revenue Bonds. The remaining Series B were paid in full on January 1, 2022. The total amount of principal and interest paid on the bonds in 2022 was $806,000.

Wastewater Revenue Bonds 2014, Series C
The City issued Wastewater Revenue Bonds 2014, Series C in the amount of $22,730,000. The Series C bonds were issued to provide funds to acquire and construct certain improvements for the City’s wastewater system, and to pay costs incurred in connection with the issuance of the bonds. The Bonds are due in annual principal installments. Interest rates range from 2% to 5% and is payable semi-annually on January 1 and July 1. The remaining total amount outstanding as of
June 30, 2022 , was $330,000. The total amount of principal and interest remaining on the bond is $350,000, payable through fiscal year 2024.

The annual debt service requirements for the Wastewater Revenue Bonds, 2014 Series C outstanding at June 30, 2022, are as follows:

Year Ending
June 30 Principal Interest Total
2023 $ 160,000 $ 13,200 $ 173,200
2024 170,000 6,800 176,800
Total $ 330,000 $ 20,000 $ 350,000
64 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 7. LONG-TERM LIABILITIES (continued)
B. Long-Term Debt of Business-Type Activities (continued) Wastewater Revenue Refunding Bonds 2020
The $37,690,000 City of San Buenaventura 2020 Refunding Wastewater Revenue Bonds (Federally Taxable) were issued to provide funds: 1) to advance refund certain City obligations; 2) to prepay a portion of installment payments payable by the City related to the City’s Wastewater System and thereby advance refunding certain outstanding obligations of the City of San Buenaventura Public Facilities Financing Authority; and 3) to pay costs incurred in connection with the issuance of the Wastewater Bonds. There is no reserve requirement for this issuance. The bonds were executed and delivered by and among the Bank of New York Trust Company, N.A. as Trustee. The principal installments are due annually on January 1 through 2044. Interest rates range from .403% to 1.569% and interest is payable semi-annually on January 1 and July 1. The total amount outstanding as of June 30, 2022, was $36,690,000. The total amount of principal and interest remaining on the Bonds is $48,020,561, payable through fiscal year 2044.

Year Ending Principal Interest Total
2023 $ 1,235,000 $ 789,779 $ 2,024,779
2024 1,240,000 782,307 2,022,307
2025 1,430,000 772,363 2,202,363
2026 1,440,000 759,464 2,199,464
2027 1,455,000 741,910 2,196,910
2028-2032 7,635,000 3,358,268 10,993,268
2033-2037 8,440,000 2,555,756 10,995,756
2038-2042 9,595,000 1,394,097 10,989,097
2043-2044 4,220,000 176,617 4,396,617
Totals $ 36,690,000 $ 11,330,561 $ 48,020,561
The Wastewater Revenue Refunding Bonds are secured by an irrevocable pledge of Net Revenue, as described and as defined in the Indenture of Trust. Pledged Net Revenue per the bond indenture calculation totaled $10,251,830 for FY2021-2022. Net Revenue is the difference between the sum of operating revenue (including transfers in, gain (loss) on sale of assets, and investment income) and operating expenses (including transfers out and excluding depreciation and amortization expense). The Indenture outlines a covenant requiring that Net Revenues in each fiscal year are at least equal to 120% of principal and interest due and payable within the same fiscal year. Principal and interest for the Wastewater Revenue Bonds 2012 Series B, Wastewater Revenue Bonds 2014 Series C, and Wastewater Revenue Refunding Bonds 2020 for FY2021-2022 was $806,000, $172,850 and $1,221,942, respectively, totaling $2,200,792. Therefore, Net Revenue for FY2021-2022 was 466% of principal and interest, exceeding the 120% covenant requirement.

Water Revenue Refunding, 2012 Series A and B

The City issued Water Revenue Bonds 2012 Series A and Series B in the amount of $11,095,000 and $34,355,000, respectively. The taxable bonds were issued to provide funds to advance refund all of the outstanding City of San Buenaventura 2004 Water Revenue Certificates of Participation, to acquire and construct certain improvements for the City’s Water System, and to pay costs incurred in connection with the issuance of the bonds. The Bonds are due in annual principal installments. Interest rates range from 0.4% to 5% and is payable semi-annually on January 1 and July 1. In December 2020, Series B in its entirety and portions of the Series A were advance refunded from the proceeds of the 2020 Refunding Water Revenue Bonds. The remaining total amount outstanding as of June 30,
2022, was 2,985,000.
65 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 7. LONG-TERM LIABILITIES (continued)
B. Long-Term Debt of Business-Type Activities (continued) Water Revenue Refunding, 2012 Series A and B (continued) The annual debt service requirements for the Water Revenue Bonds, 2012 Series A outstanding at June 30, 2022,
are as follows:

Year Ending
June 30 Principal Interest Total
2023 $ 1,000,000 $ 80,011 $ 1,080,011
2024 1,040,000 47,759 1,087,759
2025 945,000 15,403 960,403
Total $ 2,985,000 $ 143,173 $ 3,128,173
Water Revenue Refunding Bonds 2020
The $65,235,000 City of San Buenaventura 2020 Refunding Water Revenue Bonds (Federally Taxable) were issued to provide funds: 1) to pay and prepay a portion of installment payments payable by the City of San Buenaventura related to the City’s Water System and thereby advance refunding certain outstanding obligations of the City of San Buenaventura Public Facilities Financing Authority; 2) to prepay a City loan from the State of California Department of Water Resources under the State Revolving Fund loan program; and 3) to pay costs incurred in connection with the issuance of the Water Refunding Bonds. There is no reserve requirement for this issuance. The bonds were executed and delivered by and among the Bank of New York Trust Company, N.A. as Trustee. The principal installments are due annually on January 1 through 2044. Interest rates range from .353% to

1.519% and interest is payable semi-annually on January 1 and July 1. The total amount outstanding as of June 30, 2022, was $61,715,000. The total amount of principal and interest remaining on the bond is $80,816,272, payable through fiscal year 2044.

Year Ending Principal Interest Total
2023 $ 2,045,000 $ 1,323,034 $ 3,368,034
2024 2,050,000 1,311,684 3,361,684
2025 2,190,000 1,296,268 3,486,268
2026 2,440,000 1,277,610 3,717,610
2027 2,465,000 1,249,086 3,714,086
2028-2032 12,915,000 5,668,764 18,583,764
2033-2037 14,255,000 4,319,289 18,574,289
2038-2042 16,220,000 2,357,009 18,577,009
2043-2044 7,135,000 298,528 7,433,528
Totals $ 61,715,000 $ 19,101,272 $ 80,816,272
The Water Revenue Refunding Bonds are secured by an irrevocable pledge of Net Revenue, as described and as defined in the Indenture of Trust. Pledged Net Revenue per the bond indenture calculation totaled $14,976,933 for FY2021-2022. Net Revenue is the difference between the sum of operating revenue (including transfers in, gain (loss) on sale of assets, and investment income) and operating expenses (including transfers out and excluding depreciation and amortization expense). The Indenture outlines a covenant requiring that Net Revenues in each fiscal year are at least equal to 120% of principal and interest due and payable within the same fiscal year. Principal and interest for the Water Revenue Bonds 2012 Series A, and Water Revenue Refunding Bonds 2020 for FY2021- 2022 was $1,079,424, and $3,367,253, respectively, totaling $4,446,677. Therefore, Net Revenue for FY2021-2022 was 337% of principal and interest, exceeding the 120% covenant requirement . 66 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 8. LEASES
A. Lessee
For the year ended June 30, 2022 , the financial statements include the adoption of GASB Statement No. 87, Leases. The primary objective of this statement is to enhance the relevance and consistency of information about governments' leasing activities. This statement establishes a single model for lease accounting based on the principle that leases are financings of the right to use an underlying asset. Under this Statement, a lessee is required to recognize a lease liability and an intangible right-to-use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of resources. For additional information, refer to the disclosures below and Note 5.

Lessor
For the year ended June 30, 2022 , the financial statements include the adoption of GASB Statement No. 87, Leases. The primary objective of this statement is to enhance the relevance and consistency of information about governments' leasing activities. This statement establishes a single model for lease accounting based on the principle that leases are financings of the right to use an underlying asset.

The City has entered into 5 leases as lessor ranging from 120 to 300 months for the use of buildings and structures.

An initial lease receivable was recorded in the amount of $8,171,063. As of June 30, 2022, the value of the lease receivable was $7,658,447. The lessee is required to make monthly fixed payments ranging on average from $4,958 to $22,166. The leases have an interest rate of 1.504%. The value of the deferred inflow of resources as of June 30, 2022 was $7,658,447. The lessees have 5-year options to extend, varying from 1 to 3 extensions.

The City has entered into 8 leases as lessor ranging from 179 to 960 months for the use of land and easements.

An initial lease receivable was recorded in the amount of $6,673,809. As of June 30, 2022, the value of lease receivable was $6,383,310. The lessee is required to make monthly fixed payments ranging on average from $101 to $18,065. The leases have an interest rate of 1.504%. The value of the deferred inflow of resources as of June 30, 2022 was $6,383,310. The lessees have 5-year options to extend, varying from 0 to 8 extension options.

During the fiscal year ended June 30, 2022, the City recognized $803,115 and $216,280 in lease revenue and interest revenue respectively, pursuant to the agreements noted above.

Activities
Classification Term Range
Lease Receivable as
of Commencement
Date
Lease Receivable as
of
June 30, 2022
Buildings and Structures 120 to 300 months $ 8,171,063 $ 7,658,447 Land and Easements 179 to 960 months 6,673,809 6,383,310 $ 14,844,872 $ 14,041,757
C. Lease Liabilities
Governmental Lease Liabilities
Classification
Balance
July 1, 2021 Additions Deletions
Balance
June 30,
2022
Amounts Due
Within One
Year
Amounts Due in
More than One
Year
Governmental lease activities:

Buildings and Structures 753,746 - (92,656) 661,090 94,461 566,629 Machinery and Equipment 576,197 141,377 (270,904) 446,670 282,832 163,838 Total Governmental Lease Activities $ 1,329,943 $ 141,377 $ 363,560 $ 1,107,760 $ 377,293 $ 730,467 67 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 8. LEASES (continued)
C. Lease Liabilities (continued)
Business-Type Lease Liabilities
Classification
Balance
July 1, 2021 Additions Deletions
Balance
June 30,
2022
Amounts Due
Within One
Year
Amounts Due in
More than One
Year
Business-type lease activities:

Machinery and Equipment - 155,344 (136,984) 18,360 18,360 - Total Business-Type Lease Activities $ - $ 155,344 $ 136,984 $ 18,360 $ 18,360 $ - City of San Buenaventura has entered into 2 leases as Lessee for the use of various buildings and structures. The terms on both leases were 120 months with commencement date 10/1/2017 and 6/3/2019. An initial lease liability was recorded in the amount of $753,746. As of June 30, 2022, the value of lease liability for right of use buildings and structures was $661,090. The City is required to make monthly payments ranging from $1,120 to $7,500 through the term of the leases. The leases have interest rate of 1.504%. The value of the right of use asset for buildings and structures as of June 30, 2022 was $755,459 with accumulated amortization of $98,232.

City of San Buenaventura has entered into 8 leases as Lessee for the right of use of machinery and equipment. The terms range from 13 months to 60 months beginning on the contract commencement in 2017 through 2021. An initial lease liability was recorded in the amount of $576,197. As of June 30, 2022, the value of lease liability for right of use machinery and equipment was $465,029. The City is required to make monthly payments ranging from $296 to $11,453 through the term of leases. The leases have interest rates ranging from 1.26% to 4.48%. As of June 30, 2022, the value of the right to use asset for machinery and equipment as of June 30, 2022 was $874,338 with accumulated amortization of $408,112.

Total future minimum lease payments under lease agreements are as follow:

Year Ending Governmental Activities Business-Type Activities June 30 Principal Interest Total Principal Interest Total 2023 $ 377,293 $ 16,550 $ 393,843 $ 18,360 $ 29 $ 18,389 2024 244,787 9,184 253,971 - - -
2025 103,713 6,657 110,370 - - -
2026 105,709 5,102 110,811 - - -
2027 106,326 3,517 109,843 - - -
2028-2032 169,932 2,568 172,500 - - -
Total $ 1,107,760 $ 43,578 $ 1,151,338 $ 18,360 $ 29 $ 18,389 68 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 9. UNEARNED REVENUES
Unearned revenues at June 30, 2022, consist of:

Governmental Activities
General Fund:

Business license $ 1,389,817
Recreational activities 649,539
Working Artists of Ventura impact fees 368,275
Total General Fund 2,407,631
Other Governmental Funds:

Working Artists of Ventura impact fees 864,269
Grants 243,495
Housing Authority-Johnson Housing 300,000
Total Other Governmental Funds 1,407,764
Total Unearned Revenues - Governmental Activities 3,815,395 Business-Type Activities
Wastewater Fund:

Working Artists of Ventura impact fees 68,609
Water Fund:

Working Artists of Ventura impact fees 78,254
Ventura Water Pure 191,522
Total Unearned Revenues - Business-Type Activities 338,385 Total Unearned Revenues $ 4,153,780
69 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 10. FUND BALANCES FOR GOVERNMENTAL FUNDS
Fund Balances
Governmental funds report fund balance in classifications based primarily on the extent to which the City is bound to honor constraints on the specific purposes for which amounts in the funds can be spent. As of June 30, 2022, fund
balance for governmental funds consisted of the following:

Nonspendable Fund Balance – includes amounts that are (a) not in spendable form, or (b) legally or contractually required to be maintained intact. The “not in spendable form” criterion includes items that are not expected to be converted to cash, for example: inventories, prepaid amounts, long-term notes, and due from Successor Agency.

Restricted Fund Balance – includes amounts that are restricted for specific purposes stipulated by external resource providers, constitutionally or through enabling legislation. Restrictions may effectively be changed or lifted only with the consent of resource providers.

Committed Fund Balance – includes amounts that can only be used for the specific purposes determined by a formal action of City Council, which is the highest level of this government's decision-making authority.

Commitments may be changed or lifted only by the City Council taking the same formal action that imposed the constraint. The City Council has established a Catastrophic General Fund Reserve that is intended to equal approximately 60 days of the City's General Fund operating and maintenance budget. At fiscal year ended June 30, 2022, the Catastrophic Reserve balance is $21.36 million. As funding permits Council will continue adding to the reserve. The Catastrophic Reserve may only be used for the following purposes: a) Cash Flow - To temporarily provide a liquidity cushion against variability and timing of expenditures and receipts and must be replenished in full prior to year-end; b) Emergencies - To provide funding in the event of emergencies, such as natural disasters (which may include, but are not limited to wildfires, earthquakes, floods, or tsunamis); c) other non-predictive emergencies; d) or the full replacement or partial replacement of City infrastructure should there be an unexpected failure. In the event this reserve is drawn down, the development and implementation of a replenishment plan will be put in place no later than the next fiscal year budget. The plan will include a fixed schedule of reserve replenishment.

Assigned Fund Balance
– includes amounts intended to be used by the City for specific purposes that are neither restricted nor committed. City Council annually authorizes the City's Financial Policies which authorize the Finance and Technology Director to assign fund balance amounts to a specific purpose.

Unassigned Fund Balance – the residual classification for the General Fund includes all amounts not contained in the other classifications. Governmental funds report residual negative balances as unassigned fund balance.

In circumstances where an expenditure is made for a purpose for which amounts are available in multiple fund balance classifications, fund balance is depleted in the order of restricted, committed, assigned, and unassigned. 70 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 10. FUND BALANCES FOR GOVERNMENTAL FUNDS (continued) Fund Balances (continued)
Fund balances at
June 30, 2022, for the governmental funds are nonspendable, restricted, committed, assigned, or unassigned for the following purposes:

General
Fund
Other
Governmental
Funds
Total
Governmental
Funds
Fund Balances:

Nonspendable:

Nonspendable Inventory, Prepaids and Other Items $ 35,861 $ - $ 35,861 Nonspendable Loans Receivable 1,453,761 - 1,453,761
Subtotal 1,489,622 - 1,489,622
Restricted for:

Restricted Capital Projects 332,775 42,940,452 43,273,227 Restricted Debt Service - 125 125
Restricted General Grant & Categorical - 855,003 855,003 Restricted Housing & Comm Development - 291,563 291,563 Restricted Successor Housing Agency - 4,206,585 4,206,585 Restricted Public Protection - 158,346 158,346
Restricted Hazmat Penalties 64,670 - 64,670
Restricted Special Projects - 17,495,074 17,495,074
Restricted Schwab Bequest VAAC 1,873,447 - 1,873,447
Subtotal 2,270,892 65,947,148 68,218,040
Committed to:

Committed Capital Projects - 3,315,318 3,315,318
Committed General Plan Update 562,599 - 562,599
Committed Golf Capital Reserves 676,296 - 676,296
Committed Catastrophic Reserve 21,361,162 - 21,361,162
Committed Special Projects 16,653,760 - 16,653,760
Committed Keys Dredging 1,446,806 - 1,446,806
Subtotal 40,700,623 3,315,318 44,015,941
Assigned to:

Assigned Capital Projects 81,087 1,207,466 1,288,553
Assigned Code Harbor Fire Mitigation 3,263,876 - 3,263,876 Assigned Downtown Commercial Rehabilitation 655,454 - 655,454 Assigned Housing Preservation 244,719 - 244,719
Assigned Continuing Appropriations 2,089,080 47,814 2,136,894 Assigned Code Compliance 179,709 - 179,709
Assigned Public Protection 1,616,522 - 1,616,522
Assigned Developer Deposit Reserves 200,449 - 200,449
Subtotal 8,330,896 1,255,280 9,586,176
Unassigned 27,310,200 2,424,704 29,734,904
Total fund balances $ 80,102,233 $ 72,942,450 $ 153,044,683 71 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 11. DEFICIT FUND BALANCES, NET POSITION AND OTHER DISCLOSURES Below are the explanations of deficit Fund Balances and Net Position:

Downtown Parking District Special Revenue Fund
The deficit fund balance of $363,904 is an increase from the previous year of $294,445. In 2016 the City settled a lawsuit with Multi-Cinema, LLC. The Downtown Parking District borrowed the funds for the settlement from the General Fund. The current outstanding loan amount is $850,270 and is paid monthly in the form of a transfer to the General Fund, which increased the deficit in the current year.

Street Lighting District Fund
The deficit fund balance of $112,816 is a decrease from the previous year of $394,109. This decrease derived from cash transferred from general fund to cover shortage.

Employee Fringe Benefits Internal Service Fund
The deficit fund balance of $9,448,938 is an increase from the previous year of $305,768. The City's long-term compensated absences liability of $6,637,426 is the main reason for this deficit. This long-term liability is not funded due to: 1) the expectation that much of the compensated absences will be used by employees throughout their employment with the City, and 2) the City does not anticipate a significant separation payout to employees in any given year. Internal service charges will continue to be reviewed annually.

Workers Compensation Internal Service Fund
The deficit Net Position of $11,233,496 is an increase from the previous year of $124,925. Per the AON actuarial report, the City has long-term claims estimated at $15,804,350, which will continue to change over time as a result of claims filed and experience realized. Internal service charges to cover the estimated liability will continue to be reviewed annually.

Risk Management Internal Service Fund
The deficit Net Position of $4,427,587 is a decrease from the previous year of $667,578. This is primarily due to the City's estimated Public Liability decreasing by $830,782 per the AON actuarial report. The City maintains a committed reserve of $3 million in this fund for anticipated claims.

Other Governmental Funds
For the fiscal year ended June 30, 2022, expenditures exceeded appropriations in the following funds:

Budget Actual
Variance with
Final Budget
Other Governmental Funds
Debt Service Fund-Parking Structure $ - $ 15 $ (15)
Law Enforcement Fund 229,123 233,090 (3,967)
Street Lighting District $ 1,380,281 $ 1,626,037 $ (245,756) 72 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 12. SELF-INSURANCE ACCRUED LIABILITIES
The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The City is self-insured for the first $1,000,000 in loss for each workers’ compensation claim and the first $1,000,000 for each General Liability claim and up to $500,000 for Property claims. In addition, as of July 1, 2020, claims related to wildfire incidences are subject to a self-insured retention of $1,000,000, due to the Thomas Fire. There is a $500,000 deductible for loss due to waves or overflow to tidal water. The City accounts for and finances its self-insured risks of loss in the Workers’ Compensation Fund and Public Liability Fund. Excess insurance is purchased through a Joint Powers Authority and from commercial carriers for each workers’ compensation and general liability claim loss in excess of the self-insured retention levels.

The outstanding claim liabilities in each of the self-insurance internal service funds are based on independent claims evaluation and also the results of separate actuarial studies and include amounts for claims incurred but not reported. Claims liabilities are calculated considering the effects of inflation, recent claim settlement trends including frequency, severity, and other economic and social factors. The estimate of the claims liability also includes amounts for allocated claim adjustment expenses related to specific claims and other unallocated claim adjustment expenses. General Liability and Workers’ Compensation liabilities are carried at an actuarially determined rate. It is the City’s practice to obtain full actuarial studies annually for General Liability and Workers’ Compensation coverage. Premiums are charged by the internal service self-insurance funds using various allocation methods that include actual costs, trends in claims experience, claim severity and claims frequency. Revenues of the internal service self-insurance funds are expended to provide adequate resources to allay program administrative costs, preventative measures, and to meet liabilities as they become due.

During the past three fiscal years, none of the above programs of protection have had settlements or judgments that exceeded the insurance and pool policy limits. There have been no significant reductions in pooled or insured liability coverage from coverage in the prior year.

The aggregate change in the balance of claims liabilities for the internal service self-insurance funds were as follows:

June 30
2022 2021
Unpaid claims, beginning of year $ 24,151,524 $ 19,302,995 Incurred claims and changes in estimates 2,622,084 6,633,940 Claim payments (3,218,321) (1,785,411)
Unpaid claims, end of year $ 23,555,287 $ 24,151,524
Current portion $ 5,750,555 $ 1,074,731
Non-current portion 17,804,732 23,076,793
Total claims and judgments payable $ 23,555,287 $ 24,151,524 At June 30, 2022, total estimated claims payable were as follows:

General Liability $ 7,750,937
Workers' Compensation 15,804,350
Total $23,555,287
73 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 13. PENSION PLANS
A. General Information about the Pension Plans
Plan Description - All qualified permanent and probationary employees are eligible to participate in the City's separate Safety (police and fire) and Miscellaneous (all other) Plans, agent multiple-employer defined benefit pension plans administered by the California Public Employees' Retirement System (CalPERS), which acts as a common investment and administrative agent for its participating member employers. Benefit provisions under the Plans are established by State statute and the City's resolution. CalPERS issues publicly available reports that include a full description of the pension plans regarding benefit provisions, assumptions and membership information that can be found on the CalPERS website.

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 10 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 Plans' provisions and benefits in effect at June 30, 2021, the measurement date, are summarized as follows:

Miscellaneous Plan
Hire date
Prior to
January 1, 2013
On or after
January 1, 2013
Benefit formula 2%@60 2%@62
Benefit vesting schedule 5 years service 5 years service Benefit payments monthly for life monthly for life
Retirement age 50 52
Monthly benefits, as a % of eligible
compensation 1.09% 1%
Required employee contribution rates 7.00% 7.00%
Required employer contribution 9.55% 9.55%
Safety Plan
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 50
Monthly benefits, as a % of eligible
compensation 2.4% 2.0%
Required employee contribution rates 9% 12.75%
Required employer contribution 21.40% 21.40%
74 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 13. PENSION PLANS (continued)
A. General Information about the Pension Plans (continued) Employees Covered - At the measurement date of
June 30, 2021 , the following employees were covered by the benefit terms for each Plan:

Miscellaneous Safety
Inactive employees or beneficiaries currently receiving benefits 741 351 Active employees 416 214
*Total 1,157 565
*Member counts (employees covered) included in the valuation above are counts of the records processed by the valuation. Multiple records may exist for those who have service in more than one valuation group. City members may also be included in valuation groups of other municipalities (past employers) that are a part of the California Public Employee's Retirement System. This does not result in double counting of the City's pension liabilities.

Contributions - Section 20814(c) of the California Public Employees' Retirement Law requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. Funding contributions for both Plans are determined annually on an actuarial basis as of June 30 by CalPERS. 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 City is required to contribute the difference between the actuarially determined rate the contribution rate of employees. The current year contributions for fiscal year ending June 30, 2022 are $9,015,267 for the City's Miscellaneous Plan and $16,146,221 for the City's Safety Plan.

Liabilities - The pension liability will primarily be liquidated by the City's General Fund and other Governmental Funds may cover less than 10% per fund.

Changes in the Net Pension Liability
The changes in the Net Pension Liability for the measurement date of June 30, 2021 for each Plan follows:

Miscellaneous Plan:

Increase (Decrease)
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability/(Asset)
Balance June 30, 2020 311,082,826 234,517,073 76,565,753 Changes in year:

Service cost 5,205,777 - 5,205,777
Interest on the total pension liability 21,922,511 - 21,922,511 Differences between actual and expected experience 1,386,301 - 1,386,301 Contribution - employer - 8,471,662 (8,471,662)
Contribution - employee (paid by employer) - 2,506,899 (2,506,899) Net investment income - 52,456,097 (52,456,097)
Benefit payments, including refunds of employee contributions (16,926,952) (16,926,952) - Administrative expenses - (234,268) 234,268
Net changes 11,587,637 46,273,438 (34,685,801)
Balance at June 30, 2021 322,670,463 280,790,511 41,879,952 75 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 13. PENSION PLANS (continued)
B. Changes in the Net Pension Liability (continued)
Safety Plan:

Increase (Decrease)
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability/(Asset)
Balance June 30, 2020 421,681,154 259,595,112 162,086,042 Changes in year:

Service cost 7,107,849 - 7,107,849
Interest on the total pension liability 29,643,446 - 29,643,446 Differences between actual and expected experience 613,697 - 613,697 Contribution - employer - 15,227,685 (15,227,685)
Contribution - employee (paid by employer) - 3,451,256 (3,451,256) Net investment income - 59,092,673 (59,092,673)
Benefit payments, including refunds of employee contributions (22,510,238) (22,510,238) - Administrative expenses - (259,320) 259,320
Net changes 14,854,754 55,002,056 (40,147,302)
Balance at June 30, 2021 436,535,908 314,597,168 121,938,740 Combined Totals:

Increase (Decrease)
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability/(Asset)
Balance at June 30, 2020 732,763,980 494,112,185 238,651,795 Changes in year:

Service cost 12,313,626 - 12,313,626
Interest on the total pension liability 51,565,957 - 51,565,957 Differences between actual and expected experience 1,999,998 - 1,999,998 Contribution - employer - 23,699,347 (23,699,347)
Contribution - employee (paid by employer) - 5,958,155 (5,958,155) Net investment income - 111,548,770 (111,548,770)
Benefit payments, including refunds of employee contributions (39,437,190) (39,437,190) - Administrative expenses - (493,588) 493,588
Net Changes 26,442,391 101,275,494 (74,833,103)
Balance at June 30, 2021 759,206,371 595,387,679 163,818,692 76 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 13. PENSION PLANS (continued)
B. Changes in the Net Pension Liability (continued)
Sensitivity of the Net Pension Liability to Changes in the Discount Rate - The following presents the net position liability of the City for each Plan, calculated using the discount rate for each Plan, as well as what the City's net pension liability would be if it were calculated using a discount rate that is 1-percentage point lower or 1- percentage point higher than the current rate:

Miscellaneous
Safety Total
1% Decrease %6.15 %6.15 %6.15
Net Pension Liability 81,346,588 180,003,730 261,350,318 Current Discount Rate %7.15 %7.15 %7.15
Net Pension Liability 41,879,952 121,938,740 163,818,692 1% Increase %8.15 %8.15 %8.15
Net Pension Liability 8,978,965 74,257,599 83,236,564
Pension Plan Fiduciary Net Position - Detailed information about each pension plan's fiduciary net position is available in the separately issued CalPERS financial reports.

C. Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions For the year ended June 30, 2022 , the City recognized net pension expense of $8,495,362 ( $1,181,768 Miscellaneous Plan and $7,313,594 Safety Plan) which is based on the Measurement Period Ended June 30, 2021.

The City of San Buenaventura has deferred outflows and deferred inflows of resources related to the pension plans listed below as of the measurement date, June 30, 2021:

Miscellaneous Plan
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Pension contributions subsequent to measurement date 9,015,267 - Differences between Expected and Actual Experience 808,676 (93,895) Net differences between projected and actual earnings on plan investments - (25,989,912) Total 9,823,943 (26,083,807)
77 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 13. PENSION PLANS (continued)
C. Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions (continued) Safety Plan
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Pension contributions subsequent to measurement date 16,146,221 - Differences between Expected and Actual Experience 567,279 (351,097) Net differences between projected and actual earnings on plan investments - (29,603,764) Total 16,713,500 (29,954,861)
Combined Totals
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Pension contributions subsequent to measurement date 25,161,488 - Differences between actual and expected experience 1,375,955 (444,992) Net difference between projected and actual earnings on plan investments - (55,593,676) Total 26,537,443 (56,038,668)
$25,161,488, reported as deferred outflows of resources related to contributions subsequent to the measurement date, will be recognized as a reduction of the net pension liability in the year ending June 30, 2023. Other amounts reported as deferred outflows and deferred inflows of resources related to pensions will be recognized in the future pension expense as follows:

Measurement
Periods Ended
June 30 Miscellaneous Safety Total
2022 (6,093,109) (7,429,970) (13,523,079)
2023 (5,759,741) (6,875,146) (12,634,887)
2024 (6,231,373) (6,959,984) (13,191,357)
2025 (7,190,908) (8,122,482) (15,313,390)
D. Payable to the Pension Plan
At June 30, 2022, the City had no outstanding contributions to the pension plan required for the year ended June 30, 2022.
78 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 13. PENSION PLANS (continued)
E. Net Pension Liability
The City's net pension liability for each Plan is measured as the total pension liability, less the pension plan's fiduciary net position. The net pension liability of each of the Plans is measured as of June 30, 2021 , using an annual actuarial valuation as of June 30, 2020 rolled forward to June 30, 2021 using standard update procedures. A summary of principal assumptions and methods used to determine the net pension liability is shown below.

Actuarial Assumptions - The total pension liabilities in the June 30, 2020 actuarial valuations were determined using the following actuarial assumptions:

Miscellaneous Safety
Valuation Date June 30, 2020 June 30, 2020
Measurement Date June 30, 2021 June 30, 2021
Actuarial Cost Method Entry-Age Normal Cost Method
Actuarial Assumptions:

Discount Rate 7.15% 7.15%
Inflation 2.3% 2.3%
Projected Salary Increase Varies by Entry Age and Service0 Mortality Derived using CalPERS' Membership Data for all Funds 0 Post Retirement Benefit
Increase
Contract COLA up to 2.0% until Purchasing Power Protection Allowance Floor on Purchasing Power applies. 2.50% thereafter 0
The table includes 15 years of projected mortality improvements using the Society of Actuaries Scale 80% of Scale MP-2020. For more details on this table, please refer to the December 2021 experience study report (based on CalPERS demographic data from 2000 to 2019) that can be found on the CalPERS website.

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 best-estimate ranges of 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 long-term market return expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated and, combined with risk estimates, are used to project compound returns over the long term. 79 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 13. PENSION PLANS (continued)
E. Net Pension Liability (continued)
The expected real rates of return by asset class are as follows:

Asset Class
Assumed Asset
Allocation (1)
Real return (1,
2)
Global Equity - Cap-weighted %30.0 %4.54
Global Equity - Non-cap-weighted 12.0 3.84
Private Equity 13.0 7.28
Treasury 5.0 0.27
Mortgage-backed Securities 5.0 0.50
Investment Grade Corporates 10.0 1.56
High Yield 5.0 2.27
Emerging Market Debt 5.0 2.48
Private Debt 5.0 3.57
Real assets 15.0 3.21
Leverage %-5.0 %-0.59
(1) An expected inflation of 2.30% used for this period. (2) Figures are based on the 2021-22 Asset Liability Management study.

Discount Rate - The discount rate used to measure the total pension liability was 7.15%. 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.
80 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 14. COMMITMENTS AND CONTINGENCIES
Contingencies
The City of Ventura filed suit against United Water Conservation District (UWCD) to recover amounts that the City believed it had been overcharged by UWCD in prior years. The City prevailed with the trial court and was awarded $1.75 million. UWCD appealed the decision to the appellate court but paid this money to the City to avoid accruing further penalties and interest. The case was remanded by the California Supreme Court to the Court of Appeal, and final determination of liability had not been decided. The City believed that it would prevail and, therefore, recognized the payment from UWCD as revenue in the Water Fund in fiscal year ended June 20, 2016. The Water Fund had restricted the cash to be used for repayment to UWCD if the court ruled against the City. The City was ordered to pay UWCD all the monies they paid to the City with interest. On December 23, 2019, the City paid UWCD a total of $1,872,801, including interest, and recognized the expense in the fiscal year ended June 30, 2020. However, after a favorable ruling from the trial court in December 2020, the City received $1,002,083 on May 24, 2021 from UWCD, pursuant to a settlement between the City and UWCD. This trial court ruling is being appealed by UWCD, therefore the City restricted the cash while under appeal as of fiscal year ended June 30, 2022.

The City is also 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 there are no cases that could result in a material adverse financial impact on the City. City management believes that the City's insurance programs are sufficient to cover any potential losses if an unfavorable outcome materializes from any case.

Commitments
The City had the following commitments outstanding at
June 30, 2022 , consisting of construction contracts and other various professional agreements:

Fund Amount
General Fund $ 2,089,080
Gas Tax Capital Projects 183,248
Parks and Recreation Capital Projects 29,931
Housing and Community Development Block
Grant Capital Projects 80,216
Other Governmental Funds 431,723
Total Governmental Funds 2,814,198
Wastewater Fund 546,814
Water Fund 311,015
Internal Service Funds 3,254,123
Total Proprietary Funds 4,111,952
Redevelopment Successor Agency Fund 12,418
Total $ 6,938,568
Note 15. DEFERRED FEES
Due to the economic crisis of 2008, the City entered into an Impact Fee Deferral Loan Agreement with the Working Artists Ventura (WAV) Apartments Partners for apartment units restricted to low- and very low-income households for $1,311,165.

The deferred fees for the affordable apartment units are to be repaid with annual principal and interest installments of $48,971 over 55 years beginning in 2010. Up until recently, revenue was recognized as payments are received.

Due to the financial impact of COVID 19, the City has granted forebearance to the borrower. Everything will remain the same, except that repayment has been deferred until June 1, 2032. 81 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 16. RELATED ORGANIZATIONS
The Housing Authority of the City of San Buenaventura’s (Housing Authority) Board of Commissioners is appointed by the Mayor, while the Ventura Port District’s Board of Commissioners is appointed by the City Council. However, these entities do not qualify as component units of the City because the City cannot impose its will on these entities and there is no potential for these entities to provide specific financial benefits to, or impose specific financial burdens on, the City. As a result, the Housing Authority and the Ventura Port District are considered as related organizations of the City.

Note 17. JOINT VENTURES
The Sustainable Groundwater Management Act (SGMA) requires local water agencies to establish locally controlled groundwater sustainability agencies (GSA) to manage and oversee the future sustainability of groundwater resources. The City was involved in the creation of the Upper Ventura River Groundwater Sustainability Agency and the Mound Basin Groundwater Sustainability Agency.

The Upper Ventura River GSA includes the Casitas Municipal Water District, the City of San Buenaventura, the County of Ventura, the Meiners Oaks Water District and the Ventura River Water District.

The Mound Basin GSA includes the City of San Buenaventura, the County of Ventura, the United Water Conservation District and was formed in June 2017. The City pays semi-annual groundwater extraction fees to the Upper Ventura River and Mound Basin GSAs which help fund the costs of the Groundwater Sustainability Plans.

Los Angeles Community Choice Energy Authority (LACCE). The Governor of California signed into law Assembly Bill 117 which authorizes any California city or county, upon governing body approval, to combine the electricity load of its residents and businesses in a community-wide electricity aggregation program known as Community Choice Aggregation (CCA). With City Council approval, the City along with Ventura County and participating cities within Ventura County, have developed a Business Plan for the formation of the LACCE (Los Angeles Community Choice Energy Authority) and CCA program. In accordance with the Joint Powers Agreement, all funding associated with the initial costs to establish the LACCE will be provided by the County of Los Angeles until such a time that the LACCE is operational.
82 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 18. CHANGES IN LEGISLATION AFFECTING CALIFORNIA REDEVELOPMENT AGENCIES In June 2011, Assembly Bill I x 26 (the Dissolution Act) was enacted as part of the fiscal year 2011-12 state budget package, which dissolved the California redevelopment agencies.

In June 2012, as part of the fiscal year 2012-13 state budget package, the Legislature passed, and the Governor signed AB 1484, which made technical and substantive amendments to the Dissolution Act based on experience to- date at the state and local level in implementing the Dissolution Act.

In February 2014, Assembly Bill 471 passed, which amended several statutes governing the dissolution of redevelopment agencies and allowed infrastructure financing districts (IFDs) to include portions of former redevelopment project areas.

In September 2015, the Legislature passed and the Governor signed SB 107, which made additional changes to the Dissolution Act.

Under the Dissolution Act, each California redevelopment agency (each Dissolved RDA) was dissolved as of February 1, 2012, and the sponsoring community that formed the Dissolved RDA, together with other designated entities, initiated the process under the Dissolution Act to unwind the affairs of the Dissolved RDA. On January 30, 2012, the City elected to serve as the Successor Agency to the San Buenaventura Redevelopment Agency.

The Dissolution Act allowed the sponsoring community that formed the Dissolved RDA to elect to assume the housing functions and take over certain housing assets of the Dissolved RDA. The City elected on January 30, 2012 to serve as the Housing Successor Agency effective February 1, 2012.

As of the date of dissolution, the housing assets, obligations, and activities of the Dissolved RDA have been transferred and are reported in the Successor Housing Agency Special Revenue Fund in the financial statements of the City. All other assets, obligations, and activities of the Dissolved RDA have been transferred and are reported in a fiduciary fund (private-purpose trust fund) in the financial statements of the City.

In this current year, as well as in future years, the County of Ventura will allocate to Successor Agencies, only revenues equal to the amounts necessary to pay annual installment payments on enforceable obligations of the Dissolved RDA. This will continue until all enforceable obligations have been paid in full and all assets of Dissolved RDAs have been liquidated.

Note 19. SUCCESSOR AGENCY DISCLOSURES
On February 1, 2012, as the result of the dissolution of the former Redevelopment Agency, the City elected to become the Successor Agency to the former Redevelopment Agency of the City of San Buenaventura (Successor Agency). The City is acting in a fiduciary capacity for the assets and liabilities of the former Redevelopment Agency (Agency). Disclosures related to advances receivable owed to the City, and long term liabilities of the Agency are as follows:

All debt owed by the former Redevelopment Agency to be repaid is to be included on the annual Recognized Obligation Payment Schedule (ROPS) that must be approved by the Oversight Board and the Department of Finance (DOF). Once approved, the Successor Agency will receive semi-annual disbursements from the Redevelopment Property Tax Fund (RPTTF) through the County of Ventura to cover the Successor Agency's recognized obligation payments and administrative allowance.

The advances made by the City to the Redevelopment Agency were established through a cooperation agreement, first approved in 1980, describing the operational support provided to the Agency, and the terms and conditions for repayment of City loans or advances. In June 1992 and May 1997, a restated and amended cooperation agreement was adopted for the purpose of restructuring the financial aspects of the relationship. In 2004, an amended cooperation agreement was adopted to establish a predictable revenue stream into the General Fund and provide for the accumulation of project funds for the Agency. In 2011, a second amended and restated cooperation agreement was adopted to update the status of the amounts paid to the City and the amount of existing indebtedness of the Agency owed to the City.
83 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 19. SUCCESSOR AGENCY DISCLOSURES (continued)
The 2011 amended agreement called for: 1) the Agency to reimburse the City with interest accruing at 5% on the total amount of principal owed by the Agency to the City beginning July 1, 2010; 2) the Agency to reimburse the City with principal installments of $562,364 from May 15, 2011 through May 15, 2015; and 3) in the event there was insufficient tax increment revenue to make a debt payment, the Agency could request to defer that portion that could not be paid in the current year to an upcoming year. Any request was to be presented to City Council at a regular meeting, on or before June 30th of that year.

The state law dissolving the Agency (AB 1X 26) precluded the Agency or the Successor Agency from repaying loans that were made from the City to the Agency (Sponsoring Entity Loans) under the aforementioned agreements. With the passing of SB 107, the interest on such loans was revised to 3% simple interest rate recalculated from the loan origination on a quarterly basis. As of
June 30, 2022 , the City wrote off the remaining outstanding balance of $2,547,761 at the General Fund level. Given the outstanding balance was due from the Fiduciary Funds, it was recognized as revenue at the Fiduciary Fund level.
.

Long Term Liabilities - Long-term liability activity for the year ended June 30, 2022 was as follows:

Classification
Balance
July 1, 2021 Additions Deletions
Balance
June 30, 2022
Amounts
Due Within
One Year
Amounts
Due in More
than One Year
Fiduciary Funds:

Tax Allocation Bonds - 2003 $ 3,080,000 $ - $ 390,000 $ 2,690,000 $ 405,000 $ 2,285,000 Tax Allocation Bonds - 2008 5,930,000 - 295,000 5,635,000 315,000 5,320,000 Total fiduciary funds $ 9,010,000 $ - $ 685,000 $ 8,325,000 $ 720,000 $ 7,605,000

84 City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2022
Note 19. SUCCESSOR AGENCY DISCLOSURES (continued)
Tax Allocation Bonds - 2003
Tax Allocation Bonds (TABs) in the amount of $8,000,000 were issued by the Agency on June 1, 2003. The bonds were issued to provide funds to: 1) repay certain advances made by the City to the Agency; 2) fund a reserve account for the bonds; and 3) pay issuance costs of the bonds. The 2003 Tax Allocation Bonds are secured by the irrevocable pledge of tax increment revenues payable to the Successor Agency. The bonds are due in annual principal installments of $390,000 to $495,000 through 2028. Interest rates range from 2% to 4.25% and interest is payable semi-annually on February 1st and August 1st. The funding source for the repayment is tax increment revenue or RPTTF since the dissolution of redevelopment agencies. The total principal amount outstanding as of June 30, 2022, was $2,690,000.

Successor Agency Debt Service requirements on the Tax Allocation Bonds-2003 as of June 30, 2022 , are as
follows:

Year Ending
June 30 Principal Interest Total
2023 $ 405,000 $ 104,941 $ 509,941
2024 420,000 87,925 507,925
2025 440,000 69,913 509,913
2026 455,000 50,894 505,894
2027 475,000 31,131 506,131
2028-2029 495,000 10,518 505,518
Total $ 2,690,000 $ 355,322 $ 3,045,322
Tax Allocation Bonds - 2008
Tax Allocation Bonds (TABs) in the amount of $8,785,000 were issued by the Agency on December 18, 2008. The bonds were issued to provide funds to: 1) repay certain advances made by the City to the Agency; 2) fund a reserve account for the bonds; and 3) pay issuance costs of the bonds. The 2008 Tax Allocation Bonds are secured by the irrevocable pledge of tax increment revenues payable to the Successor Agency. The bonds are due in annual principal installments of $295,000 to $695,000 through 2038. Interest rates range from 3% to 8% and interest is payable semi-annually on February 1 st and August 1 st. The funding source for the repayment is tax increment revenue or RPTTF since the dissolution of redevelopment agencies. The total principal amount outstanding as of June 30, 2022 was $5,635,000.

Successor Agency Debt Service requirements on the Tax Allocation Bonds-2008 as of June 30, 2022 , are as
follows:

Year Ending
June 30 Principal Interest Total
2023 $ 315,000 $ 431,731 $ 746,731
2024 340,000 407,138 747,138
2025 240,000 384,663 624,663
2026 260,000 365,288 625,288
2027 280,000 344,363 624,363
2028-2032 1,715,000 1,291,219 3,006,219
2033-2037 1,635,000 687,000 2,322,000
2038-2040 850,000 69,198 919,198
Total $ 5,635,000 $ 3,980,600 $ 9,615,600
85 REQUIRED SUPPLEMENTARY

INFORMATION

REQUIRED SUPPLEMENTARY

INFORMATION

CITY OF SAN BUENAVENTURA
Required Supplementary Information
Schedule of Changes in the Net Pension Liability and Related Ratios - Miscellaneous Plan Last 10 Years*
As of June 30,
2022
Fiscal year 2022 2021 2020 2019 2018 2017 2016 2015
Measurement date,
June 30 2021 2020 2019 2018 2017 2016 2015 2014
Total Pension Liability
Service Cost $ 5,205,777 $ 5,015,592 $ 4,605,921 $ 4,703,575 $ 4,400,629 $ 3,958,009 $ 4,023,259 $ 4,325,502 Interest on total
pension liability 21,922,511 21,114,547 20,429,048 19,450,744 18,658,538 18,242,597 17,733,981 17,177,823 Differences between
expected and actual
experience 1,386,301 (469,479) 3,904,775 2,815,191 (2,249,664) (3,388,633) (3,651,853) - Changes in
assumptions - - - (1,658,736) 14,737,145 - (4,173,483) - Benefit payments,
including refunds of
employee
contributions (16,926,952) (15,695,732) (14,670,132) (13,985,276) (12,589,302) (12,242,930) (11,131,910) (10,363,598) Net change in
total pension
liability 11,587,637 9,964,928 14,269,612 11,325,498 22,957,346 6,569,043 2,799,994 11,139,727 Total pension
liability -
beginning 311,082,826 301,117,898 286,848,286 275,522,788 252,565,442 245,996,399 243,196,405 232,056,678 Total pension
liability -
ending (a) 322,670,463 311,082,826 301,117,898 286,848,286 275,522,788 252,565,442 245,996,399 243,196,405 Plan Fiduciary Net
Position
Contributions -
employer 8,471,662 7,724,483 6,453,182 5,621,534 5,011,620 4,287,173 3,885,447 3,741,069 Contributions -
employee 2,506,899 2,634,967 2,150,325 2,171,551 2,196,337 1,929,590 2,027,765 2,095,570 Net investment
income 52,456,097 11,322,863 14,323,462 17,668,947 21,813,949 1,058,333 4,481,034 30,053,596 Benefit payments (16,926,952) (15,695,732) (14,670,132) (13,985,276) (12,589,302) (12,242,930) (11,131,910) (10,363,598) Plan to Plan
Resource Movement - - - (513) 9,374 (253) - -
Administrative
Expense (234,268) (322,627) (157,534) (949,692) (286,533) (121,378) (224,074) - Other Miscellaneous
Income/(Expenses) - - 513 - - - - -
Net change in
plan fiduciary
net position 46,273,438 5,663,954 8,099,816 10,526,551 16,155,445 (5,089,465) (961,738) 25,526,637 Plan fiduciary
net position -
beginning 234,517,073 228,853,119 220,753,303 210,226,752 194,071,307 199,160,772 200,122,510 174,595,873 Plan fiduciary net
position -
ending (b) 280,790,511 234,517,073 228,853,119 220,753,303 210,226,752 194,071,307 $199,160,772 $200,122,510 Net pension
liability -
ending (a)-(b) $ 41,879,952 $ 76,565,753 $ 72,264,779 $ 66,094,983 $ 65,296,036 $ 58,494,135 $ 46,835,627 $ 43,073,895 Plan fiduciary net
position as a
percentage of the
total pension liability %87.02 %75.39 %76.00 %76.96 %76.30 %76.84 %80.96 %82.29 Covered payroll $ 33,461,834 $ 34,084,731 $ 30,516,937 $ 30,449,791 $ 28,540,301 $ 27,800,864 $ 28,326,824 $ 29,055,565 Net pension liability
as percentage of
covered payroll %125.16 %224.63 %236.80 %217.06 %228.79 %210.40 %165.34 %148.25 86 Required Supplementary Information
Schedule of Changes in the Net Pension Liability and Related Ratios - Miscellaneous Plan Last 10 Years*
As of June 30, 2022
Notes to Schedule:

Benefit changes : The figures above include any liability impact that may have resulted from voluntary benefit changes that occurred after the June 30, 2019 valuation. However, offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes) that occurred after the June 30, 2019 valuation date are not included in the figures above, unless the liability impact is deemed to be material by the plan actuary.

Changes in assumptions by measurement date
: In 2021, actuarial assumptions were adopted based on the recommendations in the November 2021 CalPERS Experience Study and Review of Actuarial Assumptions. This study reviewed the retirement dates, termination dates, mortality rates, rates of salary increases, and inflation assumption for public agencies. In addition, a new strategic asset allocation was adopted, along with a reduction in the discount rate from 7.00 percent to 6.80 percent and a reduction of the price inflation assumption from 2.5 percent to 2.30 percent. No changes in 2019 or 2020. In 2018, demographic assumptions and inflation rate were changed in accordance to the CalPERS Experience Study and Review of Assumptions December 2017. There were no changes in the discount rate. In 2017, the discount rate was reduced from 7.65 percent to 7.15 percent. In 2016, there were no changes. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5 percent (net of administrative expense) to 7.65 percent (without a reduction for pension plan administrative expense). In 2014, amounts reported were based on the 7.5 percent discount rate. *Note: Valuation Date is one year before Measurement Date and two years before Reporting Date. Additionally, since Fiscal year 2015 was the 1st year of implementation, only eight years are shown. 87 CITY OF SAN BUENAVENTURA
Required Supplementary Information
Schedule of Contributions- Miscellaneous Plan
Last 10 Years*
As of
June 30, 2022
Fiscal Year 2022 2021 2020 2019 2018 2017 2016 2015
Actuarially determined
contribution $ 9,015,267 $ 8,471,662 $ 7,724,483 $ 6,453,182 $ 5,621,534 $ 5,011,620 $ 4,287,173 $ 3,885,447 Contributions in
relation to the
actuarially determined
contributions
(9,015,267) (8,471,662) (7,724,483) (6,453,182) (5,621,534) (5,011,620) (4,287,173) (3,885,447) Contribution
deficiency
(excess) - - - - - - - -
Covered payroll 33,237,637 33,461,834 34,084,731 30,516,937 30,449,791 28,540,301 27,800,864 28,326,824 Contributions as a
percentage of covered
payroll
%27.12 %25.32 %22.66 %21.15 %18.46 %17.56 %15.42 %13.72 Notes to Schedule:

Valuation Date 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 Methods and Assumptions Used to Determine Contribution Rates:

Actuarial cost method Entry Age Entry Age Entry Age Entry Age Entry Age Amortization method (1) (1) (1) (1) (1)
Asset valuation method Market Value Market Value Market Value Market Value Market Value Inflation 2.625% 2.75% 2.75% 2.75% 2.75%
Salary increases (2) (2) (2) (2) (2)
Investment rate of return 7.15% (3) 7.15% (3) 7.15% (3) 7.15% (3) 7.65% (3) Retirement age (4) (4) (4) (4) (4)
Mortality (5) (5) (5) (5) (5)
(1) Level percentage of payroll, closed
(2) Depending on age, service, and type of employment
(3) Net of pension plan investment expense, including inflation (4) 50 and up for all plans with the exception of 52 for Miscellaneous PEPRA 2% @ 62 (5) Mortality assumptions are based on mortality rates resulting from the most recent CalPERS Experience Study adopted by the CalPERS Board *Note: Valuation Date is one year before Measurement Date and two years before Reporting Date. Additionally, since Fiscal year 2015 was the 1st year of implementation, only eight years are shown. 88 CITY OF SAN BUENAVENTURA
Required Supplementary Information
Schedule of Changes in the Net Pension Liability and Related Ratios- Safety Plan Last 10 Years*
As of
June 30, 2022
Fiscal year 2022 2021 2020 2019 2018 2017 2016 2015
Measurement date,
June 30 2021 2020 2019 2018 2017 2016 2015 2014
Total Pension
Liability
Service Cost $ 7,107,849 $ 6,912,305 $ 6,827,162 $ 6,682,868 $ 6,656,070 $ 5,609,545 $ 5,513,154 $ 5,952,921 Interest on total
pension liability 29,643,446 28,625,379 27,714,368 26,747,255 25,738,422 24,929,315 24,029,087 23,321,279 Differences between
expected and actual
experience 613,697 (685,469) 413,058 2,951,485 161,606 (138,153) (3,389,238) - Changes in
assumptions - - - (1,508,073) 21,699,169 - (5,922,289) - Benefit payments,
including refunds of
employee
contributions (22,510,238) (21,510,653) (20,803,786) (19,974,741) (19,508,737) (18,128,036) (17,241,170) (15,933,715) Net change in
total pension
liability 14,854,754 13,341,562 14,150,802 14,898,794 34,746,530 12,272,671 2,989,544 13,340,485 Total pension
liability -
beginning 421,681,154 408,339,592 394,188,790 379,289,997 344,543,467 332,270,796 329,281,252 315,940,767 Total pension
liability -
ending (a) 436,535,908 421,681,154 408,339,592 394,188,791 379,289,997 344,543,467 332,270,796 329,281,252 Plan Fiduciary Net
Position
Contributions -
employer 15,227,685 13,757,261 12,074,298 10,739,446 10,529,698 8,816,411 8,219,991 7,327,658 Contributions -
employee 3,451,256 3,196,327 3,257,154 3,036,523 3,030,207 2,853,629 2,779,297 2,784,694 Net investment
income 59,092,673 12,602,896 15,891,021 19,428,037 23,965,587 1,092,395 4,856,627 33,047,105 Benefit payments (22,510,238) (21,510,653) (20,803,786) (19,974,741) (19,508,737) (18,128,036) (17,241,170) (15,933,715) Plan to Plan
Resource Movement - - - (563) - 253 - -
Administrative
Expense (259,320) (355,123) (172,452) (357,570) (312,651) (132,408) (244,503) - Other Miscellaneous
Income/(Expenses) - - 563 (679,032) - - - -
Net change in
plan fiduciary
net position 55,002,056 7,690,708 10,246,798 12,192,100 17,704,104 (5,497,756) (1,629,758) 27,225,742 Plan fiduciary
net position -
beginning 259,595,112 251,904,404 241,657,606 229,465,506 211,761,402 217,259,158 218,888,916 191,663,174 Plan fiduciary net
position -
ending (b) 314,597,168 259,595,112 251,904,404 241,657,606 229,465,506 211,761,402 217,259,158 218,888,916 Net pension
liability -
ending (a)-(b) $121,938,740 $162,086,042 $156,435,188 $152,531,185 $149,824,491 $556,304,869 $549,529,954 $548,170,168 Plan fiduciary net
position as a
percentage of the
total pension liability %72.07 %61.56 %61.69 %61.31 %60.50 %61.46 %65.39 %66.47 Covered payroll $ 24,383,432 $ 23,800,465 $ 23,144,491 $ 22,522,473 $ 22,186,898 $ 20,848,677 $ 20,262,988 $ 21,147,894 Net pension liability
as percentage of
covered payroll %500.09 %681.02 %675.91 %677.24 %675.28 %2,668.30 %2,711.99 %2,592.08 89 Required Supplementary Information
Schedule of Changes in the Net Pension Liability and Related Ratios- Safety Plan Last 10 Years*
As of June 30, 2022
Notes to Schedule:

Changes in assumptions by measurement date
: In 2021, actuarial assumptions were adopted based on the recommendations in the November 2021 CalPERS Experience Study and Review of Actuarial Assumptions. This study reviewed the retirement dates, termination dates, mortality rates, rates of salary increases, and inflation assumption for public agencies. In addition, a new strategic asset allocation was adopted, along with a reduction in the discount rate from 7.00 percent to 6.80 percent and a reduction of the price inflation assumption from 2.5 percent to 2.30 percent. No changes in 2019 or 2020.. In 2018, demographic assumptions and inflation rate were changed in accordance to the CalPERS Experience Study and Review of Assumptions December 2017. There were no changes in the discount rate. In 2017, the discount rate was reduced from 7.65 percent to 7.15 percent. In 2016, there were no changes. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5 percent (net of administrative expense) to 7.65 percent (without a reduction for pension plan administrative expense). In 2014, amounts reported were based on the 7.5 percent discount rate. *Note: Valuation Date is one year before Measurement Date and two years before Reporting Date. Additionally, since Fiscal year 2015 was the 1st year of implementation, only eight years are shown. 90 CITY OF SAN BUENAVENTURA
Required Supplementary Information
Schedule of Contributions - Safety Plan
Last 10 Years*
As of
June 30, 2022
Fiscal Year 2022 2021 2020 2019 2018 2017 2016 2015
Actuarially determined
contribution $ 16,146,221 $ 15,227,685 $ 13,757,261 $ 12,074,298 $ 10,739,446 $ 10,529,698 $ 8,816,411 $8,219,991 Contributions in relation
to the actuarially
determined contributions
(16,146,221) (15,227,685) (13,757,261) (12,074,298) (10,739,446) (10,529,698) (8,816,411) (8,219,991) Contribution
deficiency (excess) - - - - - - - -
Covered payroll $ 25,106,885 $ 24,383,432 $ 23,800,465 $ 23,144,491 $ 22,522,473 $ 22,186,898 $ 20,848,677 $20,262,988 Contributions as a
percentage of covered
payroll
%64.31 %62.45 %57.80 %52.17 %47.68 %46.69 %42.63 %36.16 Notes to Schedule:

Valuation Date 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 Methods and Assumptions Used to Determine Contribution Rates:

Actuarial cost method Entry Age Entry Age Entry Age Entry Age Entry Age Amortization method (1) (1) (1) (1) (1)
Asset valuation mehod Market Value Market Value Market Value Market Value Market Value 15 Year Smoothed Market Inflation 2.625% 2.75% 2.75% 2.75% 2.75%
Salary increases (2) (2) (2) (2) (2)
Investment rate of return 7.15% (3) 7.15% (3) 7.15% (3) 7.15% (3) 7.65% (3) Retirement age (4) (4) (4) (4) (4)
Mortality (5) (5) (5) (5) (5)
(1) Level percentage of payroll, closed
(2) Depending on age, service and type of employment
(3) Net of pension plan investment expense, including inflation (4) 50 for all plans with the exception of 52 for Miscellaneous PEPRA 2% @ 62 (5) Mortality assumptions are based on mortality rates resulting from the most recent CalPERS Experience Study adopted by CalPERS Board *Note: Valuation Date is one year before Measurement Date and two years before Reporting Date. Additionally, since Fiscal year 2015 was the 1st year of implementation, only eight years are shown. 91 CITY OF SAN BUENAVENTURA
Required Supplementary Information
For the Year Ended June 30, 2022
Budgetary Information
Through the budget, the City Council sets the direction of the City, allocates its resources, and establishes its priorities. The Annual Budget ensures the efficient and effective use of the City's economic resources, as well as establishing that the highest priority objectives are accomplished.

The Annual Budget serves the fiscal period July 1 to June 30 and is a vehicle that accurately and openly communicates these priorities to the community, businesses, vendors, employees, and other public agencies.

Additionally, it establishes the foundation of effective financial planning by providing resource planning and controls that permit the evaluation and adjustment of the City's performance.

The City prepares a one-year budget. The Annual Budgets are adopted on a basis consistent with generally accepted accounting principles for the General, Special Revenue, and Debt Service Funds. In FY2021-2022, there was no budget adopted for the newly created Developer Improvement Fund. All annual appropriations expire at the end of the year. Capital projects funds adopt project-length plans.

The Finance and Technology Department, working with all operating departments and the City Manager, develops a preliminary budget. On or before May 1 each year, the City Manager transmits the proposed budget to the City Council. The proposed budget includes both the sources and types of funds for the proposed expenditures. The City Council conducts public hearings on the proposed budget prior to June 30. On or before July 1, the budget is adopted and enacted by the City Council.

The appropriated budget is prepared by fund, department and division. City department heads may make transfers of appropriations within their departments. All transfers between departments require approval of the City Council.

The legal level of budgetary control is at the department level for the General Fund and at the fund level for all other governmental funds. Appropriation revisions to the original budget, made during the year ended June 30, 2022 ,
were not significant.

Encumbrance accounting is employed in Governmental Funds. Encumbrances (e.g., purchase orders, contracts) outstanding at year-end are reported as assigned or restricted fund balances and do not constitute expenditures or liabilities. The commitments will be re-appropriated and honored in the subsequent year. 92 CITY OF SAN BUENAVENTURA
Required Supplementary Information
For the Year Ended June 30, 2022
Schedule of General Fund Budget Comparison
Following are the budget comparison schedules of the General Fund for FY2021-2022.

Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
Fund balance, July 1 $ 67,922,036 $ 67,922,036 $ 67,922,036 $ - Resources (inflows):

Current:

Taxes 76,568,789 76,568,789 85,759,091 9,190,302
Licenses and permits 4,508,308 4,508,308 5,062,843 554,535 Intergovernmental 13,478,825 13,478,825 20,693,558 7,214,733 Charges for services 14,062,667 14,098,574 16,243,809 2,145,235 Fines and forfeitures 2,045,000 2,045,000 1,859,198 (185,802) Franchise and PEG fees 4,908,023 4,908,023 5,568,982 660,959 Use of money and property 1,341,341 1,341,341 (961,485) (2,302,826) Other revenues 2,548,387 2,548,387 2,428,490 (119,897)
Transfers in 1,446,619 1,446,619 1,433,314 (13,305)
Lease liabilities issued - - 141,377 141,377
Amount available for appropriations 120,907,959 120,943,866 138,229,177 17,285,311 Charges to appropriations (outflows):

Current:

General Government 13,256,788 13,329,825 14,778,298 (1,448,473) Human Resources 1,639,232 1,728,573 1,278,106 450,467
Finance and Technology 4,392,645 4,392,645 4,039,675 352,970 Community Development 8,754,834 8,874,409 7,566,007 1,308,402 Parks & Recreation 19,501,820 19,287,961 17,826,851 1,461,110 Public Safety - Police 39,892,762 40,424,514 40,578,553 (154,039) Public Safety - Fire 22,124,211 22,449,211 22,126,069 323,142 Public Works 10,645,541 10,648,467 10,556,464 92,003
Capital outlay 89,400 119,140 688,434 (569,294)
Principal retirement - - 322,399 (322,399)
Interest and other charges - - 24,014 (24,014)
Transfers out 3,945,274 5,909,043 6,264,110 (355,067)
Total charges to appropriations 124,242,507 127,163,788 126,048,980 1,114,808 Excess of resources over (under) charges for appropriations (3,334,548) (6,219,922) 12,180,197 18,400,119 Fund balance, June 30 $ 64,587,488 $ 61,702,114 $ 80,102,233 $ 18,400,119 93 SUPPLEMENTARY

INFORMATION

SUPPLEMENTARY

INFORMATION

NON-MAJOR

GOVERNMENTAL FUNDS

NON-MAJOR GOVERNMENTAL FUNDS
Measure O-Transaction & Use Tax Fund – This fund
accounts for Measure O revenues and expenditures.

Measure O is a general transaction & use tax approved by City voters on November 8, 2016.

Gas Tax Fund – This fund accounts for revenue received
from the State of California to be used for street
maintenance and improvements only.

Transportation Fund – This fund accounts for public
transportation projects and street maintenance and
improvement projects that are not funded by either the
Gas Tax Fund nor the Transportation Development Act
Fund.

Transportation Development Act (TDA) Program
Funds – These funds account for revenue received from
the State of California. These funds may only be used for the development and support of public transportation and the construction of bicycle and pedestrian facilities.

Law Enforcement Funds – These funds account for
revenues and expenditures related to front-line police
services, special investigations and for providing police services through cooperative agreements with other
municipalities.

General & Categorical Grants Fund – This fund
accounts for financial activities related to Federal, State, County, and other grant funding received. This fund may be used to account for both operational and capital grant funded programs dependent on the grant requirements.

Housing & Community Development Block Grants
Fund – This fund accounts for the revenues and
expenditures related to federally funded community
development block grants.

Public Art Program Fund – This fund accounts for
revenues and expenditures related to the City’s public art program. The City’s public art program funds “in the open air” artwork throughout the City and for conservation of the public art collection.

Downtown Parking District Fund – This fund accounts
for financial activities related to the City’s Downtown Parking Management Program.

Maintenance Assessment District Fund - This
fund accounts for revenues collected by the City,
through special assessments, to pay for City property
maintenance and improvements within specific
communities.

Street Lighting District Fund – This fund accounts
for revenues collected by the City, through special
assessments, to pay for City street lighting within
specific communities.

Developer Improvement Fund – This fund accounts
for revenues and expenditures related to developer
impact fees. The fees are to defray all or a portion of the cost of public facilities related to a project. These funds may only be used for the purpose for which the fee was
originally collected.

Property Based Improvement District Agency Fund
– To account for the funds held in trust by the City as collected from property assessments to be used for
the improvements and maintenance of the Downtown
Property Based Improvement District.

Successor Housing Agency Fund – This fund
accounts for revenues and expenditures related
to managing the housing functions of the former
Redevelopment Agency.

Capital Program Funds – These funds account
for financial resources to be used for the purchase
or construction of capital improvements to City
facilities and parks. These funds do not include capital expenditures funded through proprietary or special
revenue funds.

Debt Service Fund–Parking Structure – This fund
accounts for the accumulation of resources and
payments of long-term debt for the City’s parking
structure.

Debt Service Obligation Fund – This fund accounts
for the accumulation of resources and payments of
long-term debt issued by the Public Facilities Financing Authority. The Ventura Public Facilities Financial
Authority is a blended component unit of the City.

CITY OF SAN BUENAVENTURA
Combining Balance Sheet
Non-Major Governmental Funds
June 30, 2022
Special Revenue
Measure O-
Transaction &
Use Tax Fund Gas Tax Fund
Transportation
Fund
Transportation
Development
Act Program
Funds
Law
Enforcement
Funds
General &
Categorical
Grants Fund
Assets:

Cash and investments $ 14,793,353 $ 9,298,437 $ 20,760,768 $ 178,909 $ 612,118 $ 969,341 Restricted cash and investments - - - - - -
Accounts receivable, net 16,363 - - - - 190,934
Interest receivable 32,453 18,157 55,545 460 1,491 990
Due from other funds - - - - - -
Other receivables - - - - - -
Due from other governments 3,169,316 719,275 - - - 614,911 Lease Receivable - - - - - -
Accrued Lease Interest Receivable - - - - - -
Loans and notes receivable - 243,417 - - - -
Total assets: $ 18,011,485 $ 10,279,286 $ 20,816,313 $ 179,369 $ 613,609 $ 1,776,176 Liabilities and fund balances:

Liabilities:

Accounts payable $ 664,503 $ 231,756 $ 37,149 $ 14,505 $ - $ 224,065 Due to other funds - - - - - -
Due to others - - - - - 78
Advances from other funds - - - - - -
Deposits held for others - - - - - -
Unearned revenue - 243,417 - - - 243,495
Total liabilities: 664,503 475,173 37,149 14,505 - 467,638 Deferred inflows of resources
Unavailable revenues - 62,338 - - - 453,535
Deferred inflows - leases - - - - - -
Fund balances:

Restricted 17,346,982 9,741,775 20,779,164 164,864 613,609 855,003 Committed - - - - - -
Assigned - - - - - -
Unassigned - - - - - -
Total fund balances (deficit) 17,346,982 9,741,775 20,779,164 164,864 613,609 855,003 Total liabilities and fund balances $ 18,011,485 $ 10,279,286 $ 20,816,313 $ 179,369 $ 613,609 $ 1,776,176 94 CITY OF SAN BUENAVENTURA
Combining Balance Sheet
Non-Major Governmental Funds
June 30, 2022
Special Revenue
Housing &
Community
Development
Block Grant
Fund
Public Art
Fund
Downtown
Parking
District
Maintenance
Assessment
District
Street Lighting
District
Developer
Improvement
Fund
Assets:

Cash and investments $ 502,838 $ 1,748,849 $ 467,558 $ 3,284,123 $ (15,275) $ 10,033,132 Restricted cash and investments - - - - - -
Accounts receivable, net 20,617 - 22,384 - 11,603 -
Interest receivable 3,024 4,587 2,071 7,157 965 25,264
Due from other funds - - - - - -
Other receivables - 600 4,576 - - -
Due from other governments 1,373,441 - - 22,979 22,417 - Lease Receivable - - 3,474,449 - - -
Accrued Lease Interest Receivable - - 4,034 - - -
Loans and notes receivable 6,564,477 - - - - -
Total assets: $ 8,464,397 $ 1,754,036 $ 3,975,072 $ 3,314,259 $ 19,710 $ 10,058,396 Liabilities and fund balances:

Liabilities:

Accounts payable $ 439,474 $ - $ 14,257 $ 72,880 $ 132,526 $ 420 Due to other funds 56,868 - - - - -
Due to others 6,507,482 - - - - -
Advances from other funds - - 850,270 - - -
Deposits held for others - - - 292,821 - 6,989,551
Unearned revenue 300,000 - - - - -
Total liabilities: 7,303,824 - 864,527 365,701 132,526 6,989,971 Deferred inflows of resources
Unavailable revenues 869,010 - - - - -
Deferred inflows - leases - - 3,474,449 - - -
Fund balances:

Restricted 291,563 1,754,036 - 2,948,558 - 119,187
Committed - - - - - -
Assigned - - - - - 47,814
Unassigned - - (363,904) - (112,816) 2,901,424
Total fund balances (deficit) 291,563 1,754,036 (363,904) 2,948,558 (112,816) 3,068,425 Total liabilities and fund balances $ 8,464,397 $ 1,754,036 $ 3,975,072 $ 3,314,259 $ 19,710 $ 10,058,396 95 CITY OF SAN BUENAVENTURA
Combining Balance Sheet
Non-Major Governmental Funds
June 30, 2022
Special Revenue
Capital
Projects Debt Service
Property
Based
Improvement
District
Successor
Housing
Agency Fund
Capital
Program
Funds
Debt Service
Fund-Parking
Structure
Debt Service
Obligation
Fund
Total Other
Governmental
Funds
Assets:

Cash and investments $ 12,883 $ 158,066 $ 12,340,437 $ - $ - $ 75,145,537 Restricted cash and investments - - - - 125 125
Accounts receivable, net 11,634 17,715 24,625 - - 315,875 Interest receivable 37 - 36,875 - - 189,076
Due from other funds - 56,868 - - - 56,868
Other receivables - - - - - 5,176
Due from other governments 4,351 - - - - 5,926,690
Lease Receivable - - - - - 3,474,449
Accrued Lease Interest Receivable - - - - - 4,034
Loans and notes receivable - 5,033,833 535,526 - - 12,377,253 Total assets: $ 28,905 $ 5,266,482 $ 12,937,463 $ - $ 125 $ 97,495,083 Liabilities and fund balances:

Liabilities:

Accounts payable $ - $ 13,683 $ 291,086 $ - $ - $ 2,136,304 Due to other funds - - - - - 56,868
Due to others - - 24,625 - - 6,532,185
Advances from other funds - - - - - 850,270
Deposits held for others - - 466,650 - - 7,749,022
Unearned revenue - 85,326 535,526 - - 1,407,764
Total liabilities: - 99,009 1,317,887 - - 18,732,413
Deferred inflows of resources
Unavailable revenues - 960,888 - - - 2,345,771
Deferred inflows - leases - - - - - 3,474,449
Fund balances:

Restricted 28,905 4,206,585 7,096,792 - 125 65,947,148
Committed - - 3,315,318 - - 3,315,318
Assigned - - 1,207,466 - - 1,255,280
Unassigned - - - - - 2,424,704
Total fund balances (deficit) 28,905 4,206,585 11,619,576 - 125 72,942,450 Total liabilities and fund balances $ 28,905 $ 5,266,482 $ 12,937,463 $ - $ 125 $ 97,495,083 96 CITY OF SAN BUENAVENTURA
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non-Major Governmental Funds
For the year ended
June 30, 2022
Special Revenue
Measure O-
Transaction &
Use Tax Fund Gas Tax Fund
Transportation
Fund
Transportation
Development
Act Program
Funds
Law
Enforcement
Funds
General &
Categorical
Grants Fund
Revenues:

Taxes $ 16,635,530 $ - $ 206,589 $ - $ - $ -
Licenses and permits - - - - - -
Intergovernmental - 5,225,786 - 313,838 269,836 2,932,435 Charges for services - - - - - 293,247
Use of money and property (406,264) (227,267) (695,312) (5,752) (18,655) (14,497) Other revenues 210,216 - - - - 1,222,923
Total revenues 16,439,482 4,998,519 (488,723) 308,086 251,181 4,434,108 Expenditures:

Current:

General Government 1,423,445 - - - - 552,477
Finance and Technology - - - - - -
Community Development 347,420 - - - - 266,141
Parks & Recreation 3,258,741 - - 33,324 - 89,418
Public Safety - Police 4,307,732 - - - 233,090 876,971
Public Safety - Fire 2,608,901 - - - - 921,691
Public Works 1,604,172 950,360 148,619 288,132 - 1,464,291 Capital outlay 785,252 1,193,345 324,508 - - 471,224
Debt Service:

Principal retirement - - - - - -
Interest and other charges - - - - - -
Total expenditures 14,335,663 2,143,705 473,127 321,456 233,090 4,642,213 Revenues over (under) expenditures 2,103,819 2,854,814 (961,850) (13,370) 18,091 (208,105) Other financing sources (uses):

Transfers in - 225,000 - - - -
Transfers out - - - - - -
Total other financing sources (uses) - 225,000 - - - -
Net change in fund balances 2,103,819 3,079,814 (961,850) (13,370) 18,091 (208,105) Fund balances:

Beginning of year 15,243,163 6,661,961 21,741,014 178,234 595,518 1,063,108 End of year $ 17,346,982 $ 9,741,775 $ 20,779,164 $ 164,864 $ 613,609 $ 855,003 97 CITY OF SAN BUENAVENTURA
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non-Major Governmental Funds
For the year ended
June 30, 2022
Special Revenue
Housing &
Community
Development
Block Grant
Fund
Public Art
Fund
Downtown
Parking
District
Maintenance
Assessment
District
Street Lighting
District
Developer
Improvement
Fund
Revenues:

Taxes $ - $ - $ - $ 994,123 $ 899,508 $ -
Licenses and permits - - 9,807 - - -
Intergovernmental 912,991 - - - - -
Charges for services - - 536,886 - - 274,900
Use of money and property (37,862) (57,419) 357,190 (89,288) (11,790) (315,213) Other revenues - 700 527 22,262 - 174,734
Total revenues 875,129 (56,719) 904,410 927,097 887,718 134,421 Expenditures:

Current:

General Government - - - - - -
Finance and Technology - - - - - 8,727
Community Development 836,231 - - - - -
Parks & Recreation - 67 - 669,747 - -
Public Safety - Police - - - - - -
Public Safety - Fire - - - - - -
Public Works - - 529,436 4 1,626,037 -
Capital outlay 414,550 - 55,200 - - -
Debt Service:

Principal retirement - - - - - -
Interest and other charges - - - - - 6,507
Total expenditures 1,250,781 67 584,636 669,751 1,626,037 15,234 Revenues over (under) expenditures (375,652) (56,786) 319,774 257,346 (738,319) 119,187 Other financing sources (uses):

Transfers in - - - - 1,132,428 -
Transfers out - - (614,219) (137,568) - -
Total other financing sources (uses) - - (614,219) (137,568) 1,132,428 - Net change in fund balances (375,652) (56,786) (294,445) 119,778 394,109 119,187 Fund balances:

Beginning of year 667,215 1,810,822 (69,459) 2,828,780 (506,925) 2,949,238 End of year $ 291,563 $ 1,754,036 $ (363,904) $ 2,948,558 $ (112,816) $ 3,068,425 98 CITY OF SAN BUENAVENTURA
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non-Major Governmental Funds
For the year ended
June 30, 2022
Special Revenue
Capital
Projects Debt Service
Property
Based
Improvement
District
Successor
Housing
Agency Fund
Capital
Program
Funds
Debt Service
Fund-Parking
Structure
Debt Service
Obligation
Fund
Total Other
Governmental
Funds
Revenues:

Taxes $ 974,539 $ - $ 1,023,888 $ - $ - $ 20,734,177
Licenses and permits - - 270,875 - - 280,682
Intergovernmental - - - - - 9,654,886
Charges for services - - - - - 1,105,033
Use of money and property (225) - (461,607) - - (1,983,961) Other revenues - - 28,619 - - 1,659,981
Total revenues 974,314 - 861,775 - - 31,450,798
Expenditures:

Current:

General Government - - - - - 1,975,922
Finance and Technology 970,265 - - - - 978,992
Community Development - 643,789 - - - 2,093,581
Parks & Recreation - - 480,890 - - 4,532,187
Public Safety - Police - - - - - 5,417,793
Public Safety - Fire - - - - - 3,530,592
Public Works - - 234,512 - - 6,845,563
Capital outlay - - 3,843,178 - - 7,087,257
Debt Service:

Principal retirement - - - - 1,815,000 1,815,000
Interest and other charges - - - - 429,685 436,192
Total expenditures 970,265 643,789 4,558,580 - 2,244,685 34,713,079 Revenues over (under) expenditures 4,049 (643,789) (3,696,805) - (2,244,685) (3,262,281) Other financing sources (uses):

Transfers in - - 1,463,769 - 2,244,685 5,065,882
Transfers out - - - (15) - (751,802)
Total other financing sources (uses) - - 1,463,769 (15) 2,244,685 4,314,080 Net change in fund balances 4,049 (643,789) (2,233,036) (15) - 1,051,799 Fund balances:

Beginning of year 24,856 4,850,374 13,852,612 15 125 71,890,651 End of year $ 28,905 $ 4,206,585 $ 11,619,576 $ - $ 125 $ 72,942,450 99 CITY OF SAN BUENAVENTURA
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Measure O-Transaction & Use Tax Fund
For the year ended June 30, 2022
Budgeted Amounts Actual
Variance
with
Original Final Amounts Final Budget
Fund balance, July 1 $ 15,243,163 $ 15,243,163 $ 15,243,163 $ - Resources (inflows):

Taxes 13,628,866 13,628,866 16,635,530 3,006,664
Use of money and property 74,513 74,513 (406,264) (480,777) Other revenues 775,000 775,000 210,216 (564,784)
Amount available for appropriations 14,478,379 14,478,379 16,439,482 1,961,103 Charges to appropriations (outflows):

General Government 1,934,753 1,903,870 1,423,445 480,425 Community Development 120,000 150,883 347,420 (196,537) Parks & Recreation 3,713,685 3,713,685 3,258,741 454,944 Public Safety - Police 4,571,835 4,571,835 4,307,732 264,103 Public Safety - Fire 2,662,149 2,662,149 2,608,901 53,248 Public Works 1,480,028 1,574,139 1,604,172 (30,033)
Transfers out 7,543 7,543 - 7,543
Capital outlay 6,534,198 6,490,852 785,252 5,705,600
Total charges to appropriations 21,024,191 21,074,956 14,335,663 6,739,293 Excess of resources over (under)
charges for appropriations (6,545,812) (6,596,577) 2,103,819 8,700,396 Fund balance, June 30 $ 8,697,351 $ 8,646,586 $ 17,346,982 $ 8,700,396 100

CITY OF SAN BUENAVENTURA
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Gas Tax Fund
For the year ended June 30, 2022
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
Fund balance, July 1 $ 6,661,961 $ 6,661,961 $ 6,661,961 $ - Resources (inflows):

Intergovernmental 4,626,490 4,626,490 5,225,786 599,296 Use of money and property - - (227,267) (227,267)
Transfers in 225,000 225,000 225,000 -
Amount available for appropriations 4,851,490 4,851,490 5,223,519 372,029 Charges to appropriations (outflows):

Public Works 888,528 1,220,376 950,360 270,016
Capital outlay 3,962,962 5,751,586 1,193,345 4,558,241
Total charges to appropriations 4,851,490 6,971,962 2,143,705 4,828,257 Excess of resources over (under)
charges for appropriations - (2,120,472) 3,079,814 5,200,286 Fund balance, June 30 $ 6,661,961 $ 4,541,489 $ 9,741,775 $ 5,200,286 101

CITY OF SAN BUENAVENTURA
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Transportation Fund
For the year ended June 30, 2022
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
Fund balance, July 1 $ 21,741,014 $ 21,741,014 $ 21,741,014 $ - Resources (inflows):

Taxes - - 206,589 206,589
Use of money and property - - (695,312) (695,312)
Amount available for appropriations - - (488,723) (488,723) Charges to appropriations (outflows):

Public Works - 3,749 148,619 (144,870)
Capital outlay 50,000 752,305 324,508 427,797
Total charges to appropriations 50,000 756,054 473,127 282,927 Excess of resources over (under)
charges for appropriations (50,000) (756,054) (961,850) (205,796) Fund balance, June 30 $ 21,691,014 $ 20,984,960 $ 20,779,164 $ (205,796) 102

CITY OF SAN BUENAVENTURA
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Transportation Development Act Program Funds
For the year ended June 30, 2022
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
Fund balance, July 1 $ 178,234 $ 178,234 $ 178,234 $ -
Resources (inflows):

Intergovernmental 359,176 359,176 313,838 (45,338)
Use of money and property 430 430 (5,752) (6,182)
Amount available for appropriations 359,606 359,606 308,086 (51,520) Charges to appropriations (outflows):

Parks & Recreation 60,000 60,000 33,324 26,676
Public Works 299,606 307,106 288,132 18,974
Total charges to appropriations 359,606 367,106 321,456 45,650 Excess of resources over (under)
charges for appropriations - (7,500) (13,370) (5,870)
Fund balance, June 30 $ 178,234 $ 170,734 $ 164,864 $ (5,870) 103

CITY OF SAN BUENAVENTURA
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Law Enforcement Funds
For the year ended June 30, 2022
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
Fund balance, July 1 $ 595,518 $ 595,518 $ 595,518 $ -
Resources (inflows):

Intergovernmental 229,123 229,123 269,836 40,713
Use of money and property - - (18,655) (18,655)
Amount available for appropriations 229,123 229,123 251,181 22,058 Charges to appropriations (outflows):

Public Safety - Police 229,123 229,123 233,090 (3,967)
Excess of resources over (under)
charges for appropriations - - 18,091 18,091
Fund balance, June 30 $ 595,518 $ 595,518 $ 613,609 $ 18,091 104

CITY OF SAN BUENAVENTURA
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General & Categorical Grants Fund
For the year ended June 30, 2022
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
Fund balance, July 1 $ 1,063,108 $ 1,063,108 $ 1,063,108 $ - Resources (inflows):

Intergovernmental 967,865 7,106,827 2,932,435 (4,174,392) Charges for services 454,818 454,818 293,247 (161,571)
Use of money and property - - (14,497) (14,497)
Other revenues 1,164,277 1,164,277 1,222,923 58,646
Amount available for appropriations 2,586,960 8,725,922 4,434,108 (4,291,814) Charges to appropriations (outflows):

General Government 111,026 222,114 552,477 (330,363)
Parks & Recreation 156,839 127,173 89,418 37,755
Public Safety - Police 454,818 884,494 876,971 7,523
Public Safety - Fire - - 921,691 (921,691)
Public Works 1,219,147 1,361,355 1,464,291 (102,936)
Capital outlay - 5,890,811 471,224 5,419,587
Community Development 700,000 813,909 266,141 547,768
Total charges to appropriations 2,641,830 9,299,856 4,642,213 4,657,643 Excess of resources over (under)
charges for appropriations (54,870) (573,934) (208,105) 365,829 Fund balance, June 30 $ 1,008,238 $ 489,174 $ 855,003 $ 365,829 105

CITY OF SAN BUENAVENTURA
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Housing & Community Development Block Grant Fund
For the year ended June 30, 2022
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
Fund balance, July 1 $ 924,875 $ 924,875 $ 667,215 $ 257,660 Resources (inflows):

Intergovernmental 1,512,237 1,633,252 912,991 (720,261) Use of money and property - - (37,862) (37,862)
Amount available for appropriations 1,512,237 1,633,252 875,129 (758,123) Charges to appropriations (outflows):

Community Development 2,226,258 2,503,406 836,231 1,667,175 Capital outlay - 256,778 414,550 157,772
Total charges to appropriations 2,226,258 2,760,184 1,250,781 1,509,403 Excess of resources over (under)
charges for appropriations (714,021) (1,126,932) (375,652) 751,280 Fund balance, June 30 $ 210,854 $ (202,057) $ 291,563 $ 493,620 106

CITY OF SAN BUENAVENTURA
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Public Art Fund
For the year ended June 30, 2022
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
Fund balance, July 1 $ 1,810,822 $ 1,810,822 $ 1,810,822 $ - Resources (inflows):

Use of money and property 10,000 10,000 (57,419) (67,419) Other revenues - - 700 700
Amount available for appropriations 10,000 10,000 (56,719) (66,719) Charges to appropriations (outflows):

Parks & Recreation 42,400 42,400 67 42,333
Excess of resources over (under)
charges for appropriations (32,400) (32,400) (56,786) (24,386) Fund balance, June 30 $ 1,778,422 $ 1,778,422 $ 1,754,036 $ (24,386) 107

CITY OF SAN BUENAVENTURA
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Downtown Parking District
For the year ended June 30, 2022
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
Fund balance (deficit), July 1 $ (69,459) $ (69,459) $ (69,459) $ - Resources (inflows):

Licenses and permits - - 9,807 9,807
Charges for services 316,758 316,758 536,886 220,128
Use of money and property 866,012 866,012 357,190 (508,822) Other revenues 2,202 2,202 527 (1,675)
Transfers in 275,000 275,000 - (275,000)
Amount available for appropriations 1,459,972 1,459,972 904,410 (555,562) Charges to appropriations (outflows):

Public Works 593,573 593,573 529,436 64,137
Capital outlay 445,716 483,216 55,200 428,016
Principal retirement 56,715 56,715 - 56,715
Transfers out 488,219 488,219 614,219 (126,000)
Total charges to appropriations 1,584,223 1,621,723 1,198,855 422,868 Excess of resources over (under)
charges for appropriations (124,251) (161,751) (294,445) (132,694) Fund balance (deficit), June 30 $ (193,710) $ (231,210) $ (363,904) $ (132,694) 108

CITY OF SAN BUENAVENTURA
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Maintenance Assessment District
For the year ended June 30, 2022
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
Fund balance, July 1 $ 2,828,780 $ 2,828,780 $ 2,828,780 $ - Resources (inflows):

Taxes 1,004,619 1,004,619 994,123 (10,496)
Use of money and property - - (89,288) (89,288)
Other revenues - - 22,262 22,262
Amount available for appropriations 1,004,619 1,004,619 927,097 (77,522) Charges to appropriations (outflows):

Transfers out 133,198 133,198 137,568 (4,370)
Parks & Recreation 919,611 919,611 669,751 249,860
Total charges to appropriations 1,052,809 1,052,809 807,319 245,490 Excess of resources over (under)
charges for appropriations (48,190) (48,190) 119,778 167,968 Fund balance, June 30 $ 2,780,590 $ 2,780,590 $ 2,948,558 $ 167,968 109

CITY OF SAN BUENAVENTURA
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Street Lighting District
For the year ended June 30, 2022
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
Fund balance, July 1 $ (506,925) $ (506,925) $ (506,925) $ - Resources (inflows):

Taxes 876,435 876,435 899,508 23,073
Use of money and property 1,500 1,500 (11,790) (13,290) Transfers in 502,346 502,346 1,132,428 630,082
Amount available for appropriations 1,380,281 1,380,281 2,020,146 639,865 Charges to appropriations (outflows):

Public Works 1,380,281 1,380,281 1,626,037 (245,756)
Total charges to appropriations 1,380,281 1,380,281 1,626,037 (245,756) Excess of resources over (under)
charges for appropriations - - 394,109 394,109
Fund balance, June 30 $ (506,925) $ (506,925) $ (112,816) $ 394,109 110

CITY OF SAN BUENAVENTURA
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Property Based Improvement District
For the year ended June 30, 2022
Budgeted Amounts
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)
Fund balance, as restated, July 1 $ 24,856 $ 24,856 $ 24,856 $ - Resources (inflows):

Taxes 1,008,314 1,008,314 974,539 (33,775)
Use of money and property 315 315 (225) (540)
Amount available for appropriations 1,008,629 1,008,629 974,314 (34,315) Charges to appropriations (outflows):

Finance and Technology 1,008,629 1,008,629 970,265 38,364 Total charges to appropriations 1,008,629 1,008,629 970,265 38,364 Excess of resources over (under)
charges for appropriations - - 4,049 4,049
Fund balance, June 30 $ 24,856 $ 24,856 $ 28,905 $ 4,049 111

CITY OF SAN BUENAVENTURA
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Successor Housing Agency Fund
For the year ended June 30, 2022
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
Fund balance, July 1 $ 4,850,374 $ 4,850,374 $ 4,850,374 $ - Resources (inflows):

Other revenues 36,855 36,855 - (36,855)
Amount available for appropriations 36,855 36,855 - (36,855) Charges to appropriations (outflows):

Community Development 546,596 651,205 643,789 7,416
Total charges to appropriations 546,596 651,205 643,789 7,416 Excess of resources over (under)
charges for appropriations (509,741) (614,350) (643,789) (29,439) Fund balance, June 30 $ 4,340,633 $ 4,236,024 $ 4,206,585 $ (29,439) 112

CITY OF SAN BUENAVENTURA
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Capital Program Funds
For the year ended June 30, 2022
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
Fund balance, July 1 $ 13,852,612 $ 13,852,612 $ 13,852,612 $ - Resources (inflows):

Taxes - - 1,023,888 1,023,888
Licenses and permits - - 270,875 270,875
Use of money and property - - (461,607) (461,607)
Other revenues - - 28,619 28,619
Transfers in - 1,463,769 1,463,769 -
Amount available for appropriations - 1,463,769 2,325,544 861,775 Charges to appropriations (outflows):

Parks & Recreation - 4,500 480,890 (476,390)
Public Works - - 234,512 (234,512)
Capital outlay 2,263,962 7,093,067 3,843,178 3,249,889
Total charges to appropriations 2,263,962 7,097,567 4,558,580 2,538,987 Excess of resources over (under)
charges for appropriations (2,263,962) (5,633,798) (2,233,036) 3,400,762 Fund balance, June 30 $ 11,588,650 $ 8,218,814 $ 11,619,576 $ 3,400,762 113

CITY OF SAN BUENAVENTURA
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Debt Service Fund-Parking Structure
For the year ended June 30, 2022
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
Fund balance, July 1 $ 15 $ 15 $ 15 $ -
Resources (inflows):

Charges to appropriations (outflows):

Transfers out - - 15 (15)
Excess of resources over (under)
charges for appropriations - - (15) (15)
Fund balance, June 30 $ 15 $ 15 $ - $ (15)
114

CITY OF SAN BUENAVENTURA
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Debt Service Obligation Fund
For the year ended June 30, 2022
Budgeted Amounts
Original Final
Actual
Amounts
Variance
with Final
Budget

Fund balance, July 1 $ 125 $ 125 $ 125 $ -

Resources (inflows)
Transfers in 2,244,685 2,244,685 2,244,685 -
Amount available for appropriations 2,244,685 2,244,685 2,244,685 -

Charges to appropriations (outflows)
Principal retirement 1,815,000 1,815,000 1,815,000 -
Interest and other charges 429,685 429,685 429,685 -
Total charges to appropriations 2,244,685 2,244,685 2,244,685 - Fund balance, June 30 $ 125 $ 125 $ 125 $ -
115

INTERNAL

SERVICE FUNDS

INTERNAL

SERVICE FUNDS
Information Technology Fund – To account for
costs related to the replacement and maintenance
of the City’s computer infrastructure. Costs are
recovered through a monthly user fee charged to City
departments.

Fleet Maintenance Fund – To account for costs related
to operation of the central garage and fleet maintenance system, which provides vehicles and equipment for
all City departments. Costs are recovered through a
monthly user fee charged to City departments.

Facilities Maintenance Fund – To account for costs
related to providing facility maintenance services to all City departments. A monthly fee, based on office square footage occupied, is charged to City departments to
recover these costs.

Digital Publishing Fund – To account for costs related to digital publishing services as well as printing and
reproduction of materials by all City departments. Costs are recovered through a monthly user fee and other
fees charged to City departments using the service.

Workers’ Compensation Fund – To account for costs
and liabilities related to the Workers’ Compensation
Program. Costs are recovered through a monthly fee
based on employee type, which are charged to City
departments.

Employee Fringe Benefits Fund – To account for
costs and liabilities related to health, life, dental, and disability insurance, public employees’ retirement
system, federal and state taxes, association dues,
leave time benefits, and miscellaneous deductions
paid by the City on behalf of the employees. A
bi-weekly employee benefit charge based on a
percentage of gross payroll is charged to City
departments to recover these costs.

Risk Management Fund – To account for costs
of providing public liability insurance coverage to
operating funds. Costs are recovered from those
funds which benefit from the insurance coverage.

CITY OF SAN BUENAVENTURA
Combining Statement of Net Position
Internal Service Funds
June 30, 2022
Information
Technology
Fleet
Maintenance
Facilities
Maintenance
Digital
Publishing
Assets:

Current assets:

Cash and investments $ 4,834,314 $ 4,672,522 $ 1,378,454 $ 228,958 Accounts receivable, net - 26,935 3,486 -
Interest receivable 24,499 13,891 4,186 1,382
Other receivables - - - -
Due from other governments - - - -
Inventory, prepaid and other items 41,787 141,525 - -
Total current assets: 4,900,600 4,854,873 1,386,126 230,340 Non-current assets:

Investments 3,521,226 3,403,379 1,004,040 166,768
Leased right of use assets, net - - - 83,679
Capital assets:

Non-depreciable 1,218,021 - - -
Depreciable, net 1,461,489 13,432,716 605,894 -
Total non-current assets: 6,200,736 16,836,095 1,609,934 250,447 Total assets: 11,101,336 21,690,968 2,996,060 480,787
Deferred outflows of resources
Deferred outflows - pensions 502,408 165,122 161,337 62,975 Liabilities:

Current liabilities:

Accounts payable 219,967 254,748 415,793 1,744
Accrued payroll liabilities - - - -
Lease Interest Payable - - - 106
Leases payable-current - - - 41,784
Due to others - - - -
Claims and judgments payable-current - - - -
Compensated absences payable-
current - - - -
Total current liabilities: 219,967 254,748 415,793 43,634 Non-current liabilities
Claims and judgments payable - - - -
Compensated absences payable - - - -
Leases payable - - - 42,417
Net pension liability 2,141,789 703,923 687,788 268,467 Total non-current liabilities 2,141,789 703,923 687,788 310,884 Total liabilities: 2,361,756 958,671 1,103,581 354,518
Deferred inflow of resources:

Deferred inflows - leases 1,333,956 438,420 428,370 167,207 Net position
Net investment in capital assets 2,679,510 13,272,181 598,105 (522) Unrestricted 5,228,522 7,186,818 1,027,341 22,559
Total net position $ 7,908,032 $ 20,458,999 $ 1,625,446 $ 22,037 116

CITY OF SAN BUENAVENTURA
Combining Statement of Net Position
Internal Service Funds
June 30, 2022
Workers'
Compensation
Employee
Fringe
Benefits
Risk
Management Total
Assets:

Current assets:

Cash and investments $ 2,932,402 $ 1,996,549 $ 2,046,718 $ 18,089,917 Accounts receivable, net - 4,077 - 34,498
Interest receivable 12,489 15,764 9,509 81,720
Other receivables - 5,302 - 5,302
Due from other governments - - 10,396 10,396
Inventory, prepaid and other items - - - 183,312
Total current assets: 2,944,891 2,021,692 2,066,623 18,405,145 Non-current assets:

Investments 2,135,907 1,454,249 1,490,792 13,176,361
Leased right of use assets, net - - - 83,679
Capital assets:

Non-depreciable - - - 1,218,021
Depreciable, net - - 5,114 15,505,213
Total non-current assets: 2,135,907 1,454,249 1,495,906 29,983,274 Total assets: 5,080,798 3,475,941 3,562,529 48,388,419
Deferred outflows of resources
Deferred outflows - pensions 26,190 135,011 33,297 1,086,340 Liabilities:

Current liabilities:

Accounts payable 354,945 89,121 40,917 1,377,235
Accrued payroll liabilities - 4,534,191 - 4,534,191
Lease Interest Payable - - - 106
Leases payable-current - - - 41,784
Due to others - 4,879 1,204 6,083
Claims and judgments payable-current 4,394,292 - 1,356,263 5,750,555 Compensated absences payable-
current - 789,261 - 789,261
Total current liabilities: 4,749,237 5,417,452 1,398,384 12,499,215 Non-current liabilities
Claims and judgments payable 11,410,058 - 6,394,674 17,804,732 Compensated absences payable - 6,637,426 - 6,637,426
Leases payable - - - 42,417
Net pension liability 111,650 674,767 141,947 4,730,331 Total non-current liabilities 11,521,708 7,312,193 6,536,621 29,214,906 Total liabilities: 16,270,945 12,729,645 7,935,005 41,714,121 Deferred inflow of resources:

Deferred inflows - leases 69,539 330,245 88,408 2,856,145 Net position
Net investment in capital assets - - 5,114 16,554,388
Unrestricted (11,233,496) (9,448,938) (4,432,701) (11,649,895) Total net position $ (11,233,496) $ (9,448,938) $ (4,427,587) $ 4,904,493 117

CITY OF SAN BUENAVENTURA
Combining Statement of Revenues, Expenses and Changes in Net Position Internal Service Funds
For the Year Ended
June 30, 2022
Information
Technology
Fleet
Maintenance
Facilities
Maintenance
Digital
Publishing
Operating revenues:

Internal service charges $ 4,907,870 $ 6,079,844 $ 4,737,633 $ 269,502 Other revenues 314,553 1,394,426 51,054 244
Total operating revenues: 5,222,423 7,474,270 4,788,687 269,746 Operating expenses:

Salaries and benefits 2,734,162 784,731 705,545 220,533 Contractual services 861,414 345,564 2,687,151 5,961
Materials and supplies 126,028 2,152,504 11,040 29,564
General and administrative 2,955,390 502,925 1,446,531 403 Insurance premiums and settlements - - - -
Depreciation 263,745 1,391,845 42,672 -
Lease Amortization - - - 41,840
Total operating expenses: 6,940,739 5,177,569 4,892,939 298,301 Operating income (loss) (1,718,316) 2,296,701 (104,252) (28,555) Non-operating revenues (expenses):

Interest and dividends 81,512 46,147 13,922 4,592
Interest expense - - - (42,712)
Investment FMV Incr/(Decr) (388,004) (219,996) (66,291) (21,895) Insurance/Emergency recovery - - - -
Gain (loss) on disposal of assets - 25,039 - -
Total non-operating revenues (expenses): (306,492) (148,810) (52,369) (60,015) Income (loss) before transfers (2,024,808) 2,147,891 (156,621) (88,570) Transfers in 1,200,000 22,000 711,462 -
Transfers out - - (22,000) -
Change in net position (824,808) 2,169,891 532,841 (88,570) Net position
Beginning of year 8,732,840 18,289,108 1,092,605 110,607 End of year $ 7,908,032 $ 20,458,999 $ 1,625,446 $ 22,037 118

CITY OF SAN BUENAVENTURA
Combining Statement of Revenues, Expenses and Changes in Net Position Internal Service Funds
For the Year Ended
June 30, 2022
Workers'
Compensation
Employee
Fringe
Benefits
Risk
Management Total
Operating revenues:

Internal service charges $ 2,918,636 $ 1,528,891 $ 4,110,864 $ 24,553,240 Other revenues 17,584 636 - 1,778,497
Total operating revenues: 2,936,220 1,529,527 4,110,864 26,331,737 Operating expenses:

Salaries and benefits 45,225 1,475,390 179,078 6,144,664 Contractual services 457,225 50,932 335,967 4,744,214
Materials and supplies 4,578 3,814 - 2,327,528
General and administrative 140,139 73,362 27,926 5,146,676 Insurance premiums and settlements 2,257,649 80,979 3,030,061 5,368,689 Depreciation - - 432 1,698,694
Lease Amortization - - - 41,840
Total operating expenses: 2,904,816 1,684,477 3,573,464 25,472,305 Operating income (loss) 31,404 (154,950) 537,400 859,432 Non-operating revenues (expenses):

Interest and dividends 41,473 52,854 30,781 271,281
Interest expense - - - (42,712)
Investment FMV Incr/(Decr) (197,802) (249,667) (150,603) (1,294,258) Insurance/Emergency recovery - 45,995 - 45,995
Gain (loss) on disposal of assets - - - 25,039
Total non-operating revenues (expenses): (156,329) (150,818) (119,822) (994,655) Income (loss) before transfers (124,925) (305,768) 417,578 (135,223) Transfers in - - - 1,933,462
Transfers out - - - (22,000)
Change in net position (124,925) (305,768) 417,578 1,776,239 Net position
Beginning of year (11,108,571) (9,143,170) (4,845,165) 3,128,254 End of year $ (11,233,496) $ (9,448,938) $ (4,427,587) $ 4,904,493 119

CITY OF SAN BUENAVENTURA
Combining Statement of Cash Flows
Internal Service Funds
For the year ended
June 30, 2022
Information
Technology
Fleet
Maintenance
Facilities
Maintenance
Digital
Publishing
Cash flows from operating activities:

Cash receipts from customers/other funds $ 5,222,424 $ 7,472,284 $ 4,786,772 $ 269,746 Cash payments to suppliers for goods and services (4,144,230) (2,911,519) (3,871,935) (37,603) Cash payments to employees for services (2,818,978) (889,479) (824,332) (281,088) Cash payments for insurance premiums - - - -

Net cash provided (used) by operating activities (1,740,784) 3,671,286 90,505 (48,945)

Cash flows from noncapital financing activities
Transfers to other funds - - (22,000) -
Transfers from other funds 1,200,000 22,000 711,462 -
Fire loss insurance recovery - - - -

Net cash provided (used) by noncapital financing activities 1,200,000 22,000 689,462 -

Cash flows from capital and related financing activities:

Purchase of capital assets (441,739) (947,586) 3 (125,519) Proceeds from the sale of assets - 25,039 - -
Interest paid on debt - - - 41,595

Net cash provided (used) by capital and related financing activities (441,739) (922,547) 3 (83,924)

Cash flows from investing activities:

Cash receipts from interest and dividends 68,486 39,746 11,765 3,967 Unrealized loss on cash and cash equivalents (388,004) (219,996) (66,291) (21,895) Purchase of investments (987,991) (2,056,304) (568,983) (3,332) Sales of Investments 436,589 339,756 74,506 4,626

Net cash provided (used) by investing activities (870,920) (1,896,798) (549,003) (16,634)

Net increase (decrease) in cash and cash equivalents (1,853,443) 873,941 230,967 (149,503) Cash and cash equivalent, Beginning of year 6,687,757 3,798,581 1,147,487 378,461 Cash and cash equivalents,
End of year $ 4,834,314 $ 4,672,522 $ 1,378,454 $ 228,958 Reconciliation of operating income (loss) to net cash provided (used) by operating activities:

Operating income (loss) $ (1,718,316) $ 2,296,701 $ (104,252) $ (28,555) Adjustments to reconcile operating income (loss) to net cash provided (used) by operating activities:

Depreciation 263,745 1,391,845 42,672 -
Lease amortization - - - 41,840
Changes in assets and liabilities:

Accounts receivable 1 5,183 (1,246) -
Accrued payroll liabilities - - - -
Due from others - (7,167) (669) -
Prepaid expenses (3,833) (34,559) - -
Accounts payable (197,565) 124,031 272,794 (1,675)
Deferred outflows - pension (5,105) 10,962 13,387 7,535 Net pension liability (1,400,609) (549,518) (555,970) (233,451) Deferred inflows - pension 1,320,898 433,809 423,794 165,360 Due to other governments - - (5) -
Claims and judgments payable - - - -
Total adjustments (22,468) 1,374,586 194,757 (20,391)

Net cash provided (used) by operating activities: $ (1,740,784) $ 3,671,287 $ 90,505 $ (48,946) 120

CITY OF SAN BUENAVENTURA
Combining Statement of Cash Flows
Internal Service Funds
For the year ended
June 30, 2022
Workers'
Compensation
Employee
Fringe
Benefits
Risk
Management Total
Cash flows from operating activities:

Cash receipts from customers/other funds $ 2,936,277 $ 1,529,550 $ 4,110,864 $ 26,327,917 Cash payments to suppliers for goods and services (266,811) (84,845) (373,330) (11,690,273) Cash payments to employees for services (87,130) (3,946,949) (178,194) (9,026,150) Cash payments for insurance premiums (2,273,104) (94,019) (3,610,843) (5,977,966)

Net cash provided (used) by operating activities 309,232 (2,596,263) (51,503) (366,472)

Cash flows from noncapital financing activities
Transfers to other funds - - - (22,000)
Transfers from other funds - - - 1,933,462
Fire loss insurance recovery - 45,995 - 45,995

Net cash provided (used) by noncapital financing activities - 45,995 - 1,957,457

Cash flows from capital and related financing activities:

Purchase of capital assets - - - (1,514,841)
Proceeds from the sale of assets - - - 25,039
Interest paid on debt - - - 41,595

Net cash provided (used) by capital and related financing activities - - - (1,448,207)

Cash flows from investing activities:

Cash receipts from interest and dividends 35,987 38,802 37,769 236,522 Unrealized loss on cash and cash equivalents (197,802) (249,667) (150,603) (1,294,258) Purchase of investments (860,733) 82,585 199,322 (4,195,436) Sales of Investments 238,060 373,410 (551,751) 915,196

Net cash provided (used) by investing activities (784,488) 245,130 (465,263) (4,337,976)

Net increase (decrease) in cash and cash equivalents (475,256) (2,305,138) (516,766) (4,195,198) Cash and cash equivalent, Beginning of year 3,407,658 4,301,687 2,563,484 22,285,115 Cash and cash equivalents,
End of year $ 2,932,402 $ 1,996,549 $ 2,046,718 $ 18,089,917 Reconciliation of operating income (loss) to net cash provided (used) by operating activities:

Operating income (loss) $ 31,404 $ (154,950) $ 537,400 $ 859,432 Adjustments to reconcile operating income (loss) to net cash provided (used) by operating activities:

Depreciation - - 432 1,698,694
Lease amortization - - - 41,840
Changes in assets and liabilities:

Accounts receivable (165) 23 1 3,797
Accrued payroll liabilities - (2,645,006) - (2,645,006) Due from others 220 - - (7,616)
Prepaid expenses - - - (38,392)
Accounts payable 335,133 30,019 (9,437) 553,300
Deferred outflows - pension 5,855 (25,405) (1,370) 5,859 Net pension liability (116,460) (128,199) (85,319) (3,069,526) Deferred inflows - pension 68,700 327,050 87,572 2,827,183 Due to other governments - 205 - 200
Claims and judgments payable (15,455) - (580,782) (596,237) Total adjustments 277,828 (2,441,313) (588,903) (1,225,904)

Net cash provided (used) by operating activities: $ 309,232 $ (2,596,263) $ (51,503) $ (366,472) 121

STATISTICAL SECTION

STATISTICAL SECTION
City of San Buenaventura
Index to the Statistical Section
For the year ended June 30, 2022
STATISTICAL SECTION Page
Financial Trends
These schedules contain trend information to help the reader understand how the government's financial performance and well-being have changed over time.
 Net Position by Component - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................124  Changes in Net Position - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................125  Fund Balances of Governmental Funds - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................128  Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................129 Revenue Capacity
These schedules contain information to help the reader assess the government's most significant local revenue source, property tax.
 Assessed Value of Taxable Property - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................130  Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................131  Principal Property Taxpayers - Current Year and Nine Years Ago................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................132  Property Tax Levies and Collections - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................133 Debt Capacity
These schedules present information to help the reader assess the affordability of the government's current levels of outstanding debt and the government's ability to issue additional debt in the future.  Ratios of Outstanding Debt by Type - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................134  Direct and Overlapping Debt - June 30, 2022................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................135  Legal Debt Margin Information - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................136  Pledged Wastewater Revenue Coverage - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................137  Pledged Water Revenue Coverage - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................138 Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the environment within the government's financial activities take place.  Demographic and Economic Statistics - Last Ten Calendar Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................139  Full-Time City Employees by Function - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................140  Principal Employers - Current Year and Seven Years Ago................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................141 122
City of San Buenaventura
Index to the Statistical Section
For the year ended June 30, 2022
Operating Information
These schedules contain service and infrastructure data to help the reader understand how information in the government's financial report relates to the services the government provides and the activities it performs.

Operating Indicators by Function - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................142  Capital Assets Statistics by Function - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................143  Wastewater Service Rates - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................144  Top Ten Wastewater Customers by Type - Current Year and Eight Years Ago................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................145  Water Sold by Type of Customer - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................146  Water Rates - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................147  Top Ten Water System Customers by Type - Current Year and Nine Years Ago................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................148 123
City of San Buenaventura
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
Fiscal Year
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Governmental activities:

Net investment in capital assets $ 147,717,653 $ 118,963,778 $ 122,934,084 $ 123,685,003 $ 124,045,857 $ 114,572,761 $ 113,550,985 $ 113,452,234 $ 102,759,488 $ 89,591,900 Restricted
Capital projects 38,665,649 39,466,746 43,447,355 38,344,926 45,381,953 37,767,291 38,966,912 41,324,710 48,831,257 43,584,613 Debt service 125 140 5,892,209 9,578,343 7,289,034 7,858,101 6,637,643 - - - Community development 6,328,046 6,842,094 6,062,962 6,018,751 8,065,326 8,069,270 7,509,941 - - - Special projects 20,962,413 22,193,912 15,631,658 15,224,903 6,742,086 2,339,061 2,017,224 - - - 65,956,233 68,502,892 71,034,184 69,166,923 67,478,399 56,033,723 55,131,720 41,324,710 48,831,257 43,584,613 Unrestricted (112,588,149) (117,151,992) (136,268,637) (136,795,837) (135,445,468) (114,868,346) (118,253,690) (106,690,014) 41,808,297 46,572,017 Total governmental activities net position 101,085,737 70,314,678 57,699,631 56,056,089 56,078,788 55,738,138 50,429,015 48,086,930 193,399,042 179,748,530 Business-type activities:

Invested in capital assets 117,298,661 117,964,411 116,406,947 107,585,988 115,380,451 130,741,697 138,343,168 139,338,331 141,570,254 114,667,356 Restricted
Capital projects - - - 121,503,661 102,987,586 102,569,188 102,569,188 33,321,579 31,239,002 55,664,645 Debt service 3,376,557 7,277,863 7,277,863 5,050,111 7,277,863 8,388,783 3,390,540 - - - 3,376,557 7,277,863 7,277,863 126,553,772 110,265,449 110,957,971 105,959,728 33,321,579 31,239,002 55,664,645 Unrestricted 127,020,214 117,205,038 115,866,621 (3,440,071) (7,244,323) (38,500,582) (49,386,688) 15,240,232 28,325,260 22,367,910 Total business-type activities net position 247,695,432 242,447,312 239,551,431 230,699,689 218,401,577 203,199,086 194,916,208 187,900,142 201,134,516 192,699,911 Primary government:

Net investment in capital assets 265,016,314 236,928,189 239,341,031 231,270,991 239,426,308 245,314,458 251,894,153 252,790,565 244,329,742 204,259,256 Restricted 69,332,790 75,780,755 78,312,047 195,720,695 177,743,848 166,991,694 161,091,448 74,646,289 80,070,259 99,249,258 Unrestricted 14,432,065 53,046 (20,402,016) (140,235,908) (142,689,791) (153,368,928) (167,640,378) (91,449,782) 70,133,557 68,939,927 Total primary government net position $ 348,781,169 $ 312,761,990 $ 297,251,062 $ 286,755,778 $ 274,480,365 $ 258,937,224 $ 245,345,223 $ 235,987,072 $ 394,533,558 $ 372,448,441 Source: The Annual Comprehensive Financial Report.
124
City of San Buenaventura
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
Fiscal Year
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Expenses:

Governmental activities:

General government $ 17,003,836 $ 15,639,462 $ 15,266,265 $ 6,550,104 $ 13,975,846 $ 11,823,676 $ 5,919,013 $ 4,178,978 $ 3,612,121 $ 3,587,971 Human resources 372,899 5,081,573 337,575 7,695,226 10,250,155 965,732 872,187 827,259 760,624 818,497 Finance and technology 6,015,740 7,040,260 5,323,903 4,014,268 5,509,631 5,113,075 7,336,976 9,704,703 6,531,954 6,289,356 Community development 9,273,256 8,115,446 8,048,403 10,187,823 11,034,780 8,495,643 7,132,825 6,071,714 6,773,048 7,824,888 Parks & Recreation 23,701,089 24,248,845 22,330,572 24,940,850 22,396,139 16,189,033 15,338,177 12,816,648 13,300,894 13,858,724 Public safety- police 38,857,204 44,831,537 52,220,775 48,610,770 47,331,886 38,224,630 34,503,173 33,343,473 30,796,108 29,862,122 Public safety- fire 21,886,679 24,559,147 28,180,738 26,148,816 24,969,466 20,235,355 18,886,345 18,391,256 16,602,525 16,529,573 Public works 19,191,545 27,403,892 25,046,764 23,591,818 18,411,716 18,072,978 18,803,262 15,426,427 15,625,636 17,051,598 Interest on long-term debt 520,452 1,391,175 1,124,513 1,215,162 1,237,390 1,653,051 1,437,652 1,577,016 1,692,891 1,615,215 Total governmental activities-exp 136,822,700 158,311,337 157,879,508 152,954,837 155,117,009 120,773,173 110,229,610 102,337,474 95,695,801 97,437,944 Business-type activities:

Wastewater 21,201,554 21,291,942 19,532,551 23,622,889 18,164,939 17,826,041 17,562,822 16,552,015 14,648,974 15,582,433 Water 36,003,198 36,278,426 36,979,407 32,987,747 26,765,476 29,310,973 27,971,611 27,661,529 25,723,561 25,876,190 Golf - - - - - 4,890,729 4,952,883 5,443,504 4,612,001 4,660,531 Total business-type activities-exp 57,204,752 57,570,368 56,511,958 56,610,636 44,930,415 52,027,743 50,487,316 49,657,048 44,984,536 46,119,154 Total primary government expenses 194,027,452 215,881,705 214,391,466 209,565,473 200,047,424 172,800,916 160,716,926 151,994,522 140,680,337 143,557,098 Program revenues:

Governmental activities:

Charges for services:

Charges for Services - General
government 4,634,440 8,887,573 9,835,404 5,021,376 4,392,359 3,906,345 120,394 2,234 5,936 4,370 Charges for Services - Human resources 9,997 1,384 2,102 19,352 74,217 75 15 30 30 99 Charges for Services - Finance and
technology 494,039 (248,410) 42,390 107,574 353,409 131,647 3,931,324 4,504,144 4,770,606 4,305,576 Source: The Annual Comprehensive Financial Report.
125
City of San Buenaventura
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
Fiscal Year
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Charges for Services - Community
development 5,771,021 10,553,878 5,158,465 7,542,006 5,661,001 7,393,228 3,532,491 3,698,719 1,424,544 1,405,753 Charges for Services-Parks & Rec 10,073,164 9,478,852 7,696,582 9,948,290 9,178,436 4,368,682 3,555,346 3,250,767 3,085,551 3,107,603 Charges for Services - Police 3,405,167 2,197,759 3,730,968 4,626,276 6,297,197 3,475,466 3,604,792 3,238,310 3,567,758 2,540,624 Charges for Services - Fire 1,408,144 1,268,795 1,198,100 1,319,088 1,722,570 1,551,700 1,460,158 1,359,050 2,916,017 3,082,025 Charges for Services - Public Works 4,037,433 4,520,050 3,381,177 3,033,794 3,162,758 1,782,291 3,988,248 2,664,049 2,987,491 1,816,233 Operating grants and contributions 17,574,492 20,629,243 8,024,457 7,107,438 12,388,831 9,004,998 8,731,522 10,044,302 10,649,723 7,515,700 Capital grants and contributions 1,962,976 3,139,939 1,549,739 3,465,579 4,158,472 6,562,476 3,919,105 3,888,571 2,502,681 2,722,940 Total governmental activities program
revenues 49,370,873 60,429,063 40,619,384 42,190,773 47,389,250 38,176,908 32,843,395 32,650,176 31,910,337 26,500,923 Business-type activities:

Charges for services:

Charges for services Wastewater 27,736,025 24,456,818 27,631,806 28,039,107 26,519,820 24,547,931 23,076,939 22,333,000 19,959,617 19,143,025 Charges for services Water 39,682,699 36,577,340 36,572,617 38,108,294 39,218,815 33,574,776 30,539,974 25,365,305 29,635,399 25,373,521 Charges for services Golf - - - - - 4,275,859 4,951,273 4,897,161 4,743,769 4,328,089 Operating grants and contributions 778,178 1,217,103 - - - - - - - - Total business-type activities program
revenue 68,196,902 62,251,261 64,204,423 66,147,401 65,738,635 62,398,566 58,568,186 52,595,466 54,338,785 48,844,635 Total primary government program
revenues 117,567,775 122,680,324 104,823,807 108,338,174 113,127,885 100,575,474 91,411,581 85,245,642 86,249,122 75,345,558 Net revenues (expenses):

Governmental activities: (87,451,827) (97,882,274) (117,260,124) (110,764,064) (107,727,759) (82,596,265) (77,386,215) (69,687,298) (63,785,464) (70,937,021) Business-type activities: 10,992,150 4,680,893 7,692,465 9,536,765 20,808,220 10,370,823 8,080,870 2,938,418 9,354,249 2,725,481 Total net revenues (expenses): $ (76,459,677)$ (93,201,381) $ (109,567,659) $ (101,227,299) $ (86,919,539) $ (72,225,442) $ (69,305,345) $ (66,748,880) $ (54,431,215) $ (68,211,540) General rev. & other changes in net position:

Governmental activities:

Taxes:

Property taxes $ 44,801,493 $ 42,775,917 $ 40,028,993 $ 38,055,342 $ 36,080,689 $ 34,326,913 $ 32,555,574 $ 30,651,975 $ 28,974,412 $ 28,080,259 Sales taxes 49,187,671 44,056,575 40,186,303 39,856,442 25,996,135 24,953,883 24,276,820 26,351,297 22,811,948 21,892,825 Utility users taxes 8,732,879 7,891,700 7,697,551 7,618,648 8,186,452 7,689,361 8,218,259 8,352,711 8,503,378 8,551,487 Transient occupancy taxes 8,343,067 5,021,768 5,361,114 6,201,655 6,675,807 5,649,949 5,809,752 5,332,948 4,779,537 4,449,554 Franchise and PEG fees 5,568,982 5,092,727 4,927,968 4,855,152 4,473,304 3,771,513 4,091,888 4,081,462 4,101,803 3,978,508 Other income from litigation settlement - - 10,676,531 - - - - - - - Other taxes 4,609,091 3,581,223 5,032,366 5,199,101 17,061,939 6,907,377 4,719,712 3,874,858 3,446,376 3,405,451 Lease interest income 258,422 - - - - - - - - -
Motor vehicle license - intergovernmental
unrestricted - - - - - - - - - 56,361
Interest and dividends 1,978,840 1,824,112 3,126,747 2,922,581 2,907,992 1,388,300 1,237,576 446,727 771,883 (591,869) Investment FMV Incr/(Decr) (6,680,110) (1,501,617) - - - - - - - - Gain (loss) on sale of assets 27,805 34,492 3,676 443,121 26,079 - - - - - Intergovernmental revenue - - - - - 210,000 - - - -
Miscellaneous - - - - - - - 276,220 - -
Transfers 1,394,746 1,661,346 1,862,417 1,406,318 6,660,012 3,508,092 2,598,470 2,181,472 2,002,894 1,533,885 Total governmental activities 118,222,886 110,438,243 118,903,666 106,558,360 108,068,409 88,405,388 83,508,051 81,549,670 75,392,231 71,356,461 126
City of San Buenaventura
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
Fiscal Year
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Business-type activities:

Investment/interest earnings 1,175,980 1,380,381 3,005,137 4,167,665 1,054,282 1,420,149 1,533,666 507,637 1,083,250 491,337 Investment Fair Value Increase/(Decrease) (5,525,585) (1,505,093) - - - - - - - - Gain on disposal of assets 321 1,046 16,557 - - - - - - - Transfers (1,394,746) (1,661,346) (1,862,417) (1,406,318) (6,660,012) (3,508,092) (2,598,470) (2,181,472) (2,002,894) (1,533,885) Total business-type activities (5,744,030) (1,785,012) 1,159,277 2,761,347 (5,605,730) (2,087,943) (1,064,804) (1,673,835) (919,644) (1,042,548) Total primary government 112,478,856 108,653,231 120,062,943 109,319,707 102,462,679 86,317,445 82,443,247 79,875,835 74,472,587 70,313,913 Change in Net position
Governmental activities: 30,771,059 12,555,969 1,643,542 (4,205,704) 340,650 5,809,123 6,121,836 11,862,372 11,606,767 419,440 Business-type activities: 5,248,120 2,895,881 8,851,742 12,298,112 15,202,490 8,282,880 7,016,066 1,264,583 8,434,605 1,682,933 Total primary government $ 36,019,179 $ 15,451,850 $ 10,495,284 $ 8,092,408 $ 15,543,140 $ 14,092,003 $ 13,137,902 $ 13,126,955 $ 20,041,372 $ 2,102,373 127
City of San Buenaventura
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
Fiscal Year
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
General fund:

Nonspendable $ 1,489,622 $ 4,270,776 $ 4,634,614 $ 3,141,607 $ 3,945,295 $ 2,111,091 $ 2,387,994 $ 2,355,952 $ 6,487,293 $ 6,277,330 Restricted 2,270,892 2,272,229 1,476,162 2,698,836 2,837,584 2,912,051 1,501,720 3,563,142 3,728,620 5,492,160 Committed 40,700,623 33,732,689 19,299,427 15,075,620 14,083,309 12,479,502 12,405,296 399,729 393,747 14,025,093 Assigned 8,330,896 6,568,387 6,009,635 7,467,625 5,754,838 5,491,766 5,937,379 5,074,932 4,700,221 3,634,193 Unassigned 27,310,200 21,077,955 15,617,497 13,297,806 11,081,360 15,299,597 12,615,326 23,278,786 15,072,282 - Total general fund $ 80,102,233 $ 67,922,036 $ 47,037,335 $ 41,681,494 $ 37,702,386 $ 38,294,007 $ 34,847,715 $ 34,672,541 $ 30,382,163 $ 29,428,776 All other governmental funds:

Nonspendable $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 7,499,568 Restricted 65,947,148 64,006,876 66,312,686 62,876,406 56,390,064 38,879,949 35,111,039 37,761,566 38,065,325 29,532,628 Committed 3,315,318 4,512,723 3,285,387 3,285,387 3,285,387 8,255,417 10,736,784 7,996,671 8,518,545 3,481,192 Assigned 1,255,280 3,947,436 2,602,501 8,736,066 6,785,172 7,563,168 5,681,103 5,141,113 3,322,394 6,601,278 Unassigned 2,424,704 (576,384) (745,821) (326,632) (877,508) 4,750,756 (1,209,921) (312,368) (1,751,514) (1,476,622) Unreserved, designated
Unreserved, undesignated:

Total all other governmental funds $ 72,942,450 $ 71,890,651 $ 71,454,753 $ 74,571,227 $ 65,583,115 $ 59,449,290 $ 50,319,005 $ 50,586,982 $ 48,154,750 $ 45,638,044 Source: The Annual Comprehensive Financial Report.
128
City of San Buenaventura
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified basis of accounting)
Fiscal Year
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Revenues:

Taxes $ 106,493,268 $ 97,456,124 $ 89,287,099 $ 90,437,730 $ 90,972,836 $ 80,897,963 $ 82,481,865 $ 81,836,899 $ 75,545,216 $ 72,369,887 Licenses and permits 5,343,525 4,885,021 4,457,748 6,037,608 4,801,642 6,252,655 3,314,548 3,173,592 2,280,313 1,589,036 Intergovernmental 30,348,444 29,627,007 18,590,604 20,919,398 17,526,829 14,455,107 6,459,368 7,934,699 8,206,918 7,973,806 Charges for services 17,348,842 15,811,513 16,213,250 16,608,223 18,759,098 10,311,198 12,518,525 10,919,928 10,883,168 9,800,712 Fines and forfeitures 1,859,198 1,247,554 2,047,762 2,926,552 3,228,192 2,085,673 1,791,002 1,552,034 1,745,183 1,396,547 Franchise and PEG fees(1) 5,568,982 5,092,727 4,927,968 4,855,152 - - - - - - Use of money and property (2,945,446) 1,769,512 4,190,718 4,702,809 2,675,650 3,900,211 2,974,652 1,976,193 2,203,117 1,395,183 Other revenues 4,088,471 8,237,240 7,011,182 3,812,561 3,704,488 4,383,861 4,318,180 4,609,037 6,093,267 4,004,586 Total revenues 168,105,284 164,126,698 146,726,331 150,300,033 141,668,735 122,286,668 113,858,140 112,002,382 106,957,182 98,529,757 Expenditures:

Current:

General Government 16,754,220 15,170,659 13,976,487 8,877,937 11,470,762 8,738,011 5,102,169 3,743,082 3,007,231 2,917,692 Human Resources 1,278,106 1,093,354 1,005,752 1,104,503 969,518 946,145 872,736 853,330 750,641 826,520 Finance and Technology 5,018,667 5,091,980 4,810,250 4,036,218 4,272,367 3,763,232 6,599,330 9,900,490 6,628,115 6,760,790 Community Development 9,659,588 7,957,090 7,514,654 9,750,395 10,568,487 8,356,871 7,145,338 6,245,073 6,789,245 7,943,318 Parks & Recreation 22,359,038 21,882,661 19,533,670 21,129,500 19,986,426 14,228,603 13,677,334 11,992,262 11,809,647 12,191,763 Public Safety - Police 45,996,346 44,159,111 43,228,205 42,219,714 39,514,878 36,509,122 34,975,301 33,273,454 31,678,504 30,307,517 Public Safety - Fire 25,656,661 24,269,919 23,775,440 23,057,728 21,073,335 20,055,787 19,489,443 18,632,324 17,517,291 16,822,799 Public Works 17,402,027 15,646,205 20,097,777 21,234,838 14,356,588 15,818,215 18,354,313 14,101,473 15,166,662 14,278,920 Capital outlay 7,775,691 11,389,645 5,582,226 4,713,951 8,062,066 2,825,375 4,048,153 2,882,430 3,316,811 5,450,977 Debt service:

Principal retirement 2,137,399 1,300,000 1,520,000 1,470,000 1,515,000 3,600,000 3,460,000 3,325,000 3,435,000 2,805,000 Debt issuance cost - 84,851 - - - - - - - -
Interest and other charges 460,206 1,130,589 1,163,925 1,215,163 1,256,850 1,360,702 1,502,162 1,627,749 1,738,541 1,603,036 Total expenditures 154,497,949 149,176,064 142,208,386 138,809,947 133,046,277 116,202,063 115,226,279 106,576,667 101,837,688 101,908,332 Revenues over (under) expenditures 13,607,335 14,950,634 4,517,945 11,490,086 8,622,458 6,084,605 (1,368,139) 5,425,715 5,119,494 (3,378,575) Other financing sources (uses):

Issuance of certificates of participation - 23,418,631 - - - - - - - - Payment to refunded bond escrow agent - (25,642,043) - - - - - - - - Transfers in 6,499,196 14,142,151 9,452,706 4,885,527 3,984,578 13,687,012 25,580,055 9,461,150 9,800,226 10,251,312 Transfers out (7,015,912) (5,607,852) (11,740,512) (3,500,685) (8,274,024) (6,695,039) (24,304,722) (8,089,679) (11,449,627) (8,368,141) Lease liabilities issued 141,377 - - - - - - - - -
Total other financing sources (uses) (375,339) 6,310,887 (2,287,806) 1,384,842 (4,289,446) 6,991,973 1,275,333 1,371,471 (1,649,401) 1,883,171 Net change in fund balances $ 13,231,996 $ 21,261,521 $ 2,230,139 $ 12,874,928 $ 4,333,012 $ 13,076,578 $ (92,806) $ 6,797,186 $ 3,470,093 $ (1,495,404) Debt service as a percentage of non-capital expenditures %1.9 %1.9 %2.0 %2.1 %2.3 %4.6 %4.6 %4.9 %5.4 %4.6 (1) Franchise fees and PEG fees were included in Taxes prior to 2019 Source: Annual Comprehensive Financial Report
129
City of San Buenaventura
Assessed Value of Taxable Property
Fiscal Year 2013 to 2022 Taxable Property Values
Fiscal Year
Category 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Secured
Residential 14,435,215,233 13,762,999,437 13,032,360,977 12,201,255,951 11,777,385,193 11,137,732,691 10,400,686,897 9,964,199,246 9,272,772,075 8,889,591,482 Commercial 1,378,599,328 1,381,695,918 1,318,314,794 1,275,534,204 1,359,310,495 1,269,162,698 1,110,628,341 997,849,043 976,309,783 1,583,972,916 Industrial 1,019,418,892 998,304,741 962,457,088 923,693,455 874,679,776 844,758,208 834,350,420 806,379,253 789,314,686 809,194,746 Dry Farm - - - - - - - - - 897,028
Govt. Owned - - - - - - 1,100,000 - - 316,460
Institutional 206,831,602 186,645,596 175,623,121 148,045,415 135,809,013 152,746,698 135,568,190 114,319,010 89,744,073 22,209,321 Irrigated 15,107,665 14,552,033 14,248,858 13,956,141 13,938,173 14,946,537 14,714,967 15,165,596 14,600,655 13,173,153 Public - - - - - - - 18,507,943 23,063,112 -
Miscellaneous 60,058,888 58,893,912 57,576,404 54,436,234 56,581,625 58,930,874 34,511,307 30,539,259 30,129,559 26,647,551 Recreational 17,418,461 17,217,652 16,806,755 16,349,551 19,033,241 18,730,784 18,495,248 16,701,078 16,208,429 38,547,042 Vacant 213,143,688 214,138,564 234,105,596 200,468,817 151,609,388 169,984,346 147,604,304 161,432,928 149,595,981 103,255,783 Professional 600,255,605 589,464,591 575,721,042 543,118,012 349,634,140 345,032,172 330,544,518 424,307,930 411,018,456 - Social 14,019,697 15,718,075 16,929,106 9,513,242 12,722,666 9,635,856 13,411,092 12,008,515 14,012,382 - Unknown - - - - - - 228,316,459 598,262 595,505 10,621,173 Total Secured: 17,960,069,059 17,239,630,519 16,404,143,741 15,386,371,022 14,750,703,710 14,021,660,864 13,269,931,743 12,562,008,063 11,787,364,696 11,498,426,655 SBE Nonunitary 248,296 278,476 257,516 445,983 446,297 446,547 447,207 439,241 439,241 439,241 Unsecured 680,819,192 686,557,691 617,104,714 599,406,446 525,579,786 582,728,213 583,604,800 598,006,217 533,154,089 558,804,441 Totals 18,641,136,547 17,926,466,686 17,021,505,971 15,986,223,451 15,276,729,793 14,604,835,624 13,853,983,750 13,160,453,521 12,320,958,026 12,057,670,337 Total Direct Rate 1.04051 1.04114 1.04202 1.04491 1.04297 1.04270 1.04718 1.05027 1.05297 0.18807 Notes:

A) Exempt values are not included in totals.

B) In 1978 the voters of the State of California passed Proposition 13 which limited taxes to a total maximum rate of 1%, based upon the assessed value of the property being taxed.

C) In FY 2014, secured categories were updated to include additional items as more detailed information became available.

Each year, the assessed value of property may be increased by an "inflation factor" (limited to a maximum of 2%). With few exceptions, property is only reassessed as a result of new construction activity or at the time it is sold to a new owner. At that point, the property is reassessed based upon the added value of the construction, or at the purchase price (market value) or economic value of the property sold. The assessed valuation data shown above represents the only data currently available with respect to the actual market value of taxable property and is subject to the limitations described above.

HdL,Coren & Cone FY2012/13
MuniServices, LLC FY2014-2022
130
City of San Buenaventura
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
(Rate per $100 of assessed value)
Fiscal Year
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Agency
Basic Levy (1) 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 Casitas Muni Water 0.00681 0.00644 0.00612 0.00631 0.00337 0.00120 0.00708 0.00467 0.00567 0.00438 Unified Schools (5) 0.01890 0.01970 0.02160 0.02340 0.02450 0.02600 0.02710 0.02800 0.03060 0.00000 Mesa Elementary (5) 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.05110 Oxnard Elementary (5) 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.08510 Oxnard High School (5) 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.01990 Rio Elementary (5) 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.02890 Ventura Community College Board 0.01480 0.01500 0.01430 0.01520 0.01510 0.01550 0.01300 0.01760 0.01670 0.01910 Ventura Unified (5) 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.03190 Total Direct & Overlapping Tax Rates (2)

1.04051 1.04114 1.04202 1.04491 1.04297 1.04270 1.04718 1.05027 1.05297 1.24038 City's Share of 1% Levy per Prop 13 (3)

0.15897 0.15897 0.15897 0.15897 0.15897 0.15897 0.15897 0.15897 0.15897 0.16381 Total Direct Rate (4)

1.04051 1.04114 1.04202 1.04491 1.04297 1.04270 1.04718 1.05027 1.05297 0.18807 (1) In 1978, California voters passed Proposition 13 which set the property tax rate at a 1% fixed amount. This 1% is shared by all taxing agencies for which the subject property resides within. In addition to the 1.00% fixed amount, property owners are charged taxes as a percentage of assessed property values for the payment of any voter approved bonds. (2) Overlapping rates are those of local and county governments that apply to property owners within the City. Not all overlapping rates apply to all City property owners. (3) City's share of 1% Levy is based on the City's share of the general fund tax rate area with the largest net taxable value within the city. ERAF general fund tax shifts may not be included in tax ratio figures.
(4) Because basic and debt rates vary by tax rate area, individual rates cannot be summed. The Total Direct Rate is the weighted average of all individual direct rates applied by the government preparing the statistical section information.
(5) As of FY 2014, Unified Schools is a combined rate for the following schools: Mesa Elementary, Oxnard Elementary, Oxnard High School, Rio Elementary, and Ventura Unified.

Note:

This table was revised in FY2013, using the report provided by HdL. In the prior years, the numbers were calculated from the Direct and Overlapping Debt report that was compiled by California Municipal Statistics, Inc.

HdL, Coren & Cone for FY 2012/13
MuniServices LLC for FY 2014-2022
131
City of San Buenaventura
Principal Property Taxpayers
Current Year and Nine Years Ago
2022 2013
Taxpayer
Taxable
Assessed
Value
Percent of Total
City Taxable
Assessed Value
Taxable
Assessed
Value
Percent of
Total
City Taxable
Assessed
Value
County Center, Ltd 109,298,576 0.59% 33,964,158 0.30%
Universe at The Capes LLC 105,517,131 0.57 - -
MPK Vanoni Investors LLC 93,800,980 0.50 - -
Macerich Buenaventura Ltd 90,481,319 0.49 85,278,310 0.74 NNC Vis Ventura LLC 77,899,688 0.42 - -
PMI Ventura LLC 73,527,994 0.39 - -
Blank Pursuant & CA GC625421 73,285,443 0.39 - -
Porthside Partners Ventura Harbor LLC 71,751,379 0.38 - - Raintree Ventura Colony LLC 68,803,119 0.37 53,163,700 0.46 Montalvo Square Shopping Center 64,322,676 0.35 46,225,800 0.40 ASN Ventura LLC - - 124,241,261 1.08
NFRC Ventura Holdings LLC - - 83,122,363 0.72
Ventura Pines Associates LLC - - 42,697,930 0.37
Ventura Gateway LLC - - 36,276,503 0.32
Program 87A Limited - - 31,964,560 0.28
Time Warner NY Cable LLC - - 2,200,000 0.02
Top Ten Total 828,688,305 4.45% 539,134,585 4.69%
City Total 18,641,136,547 11,498,865,896
Data Source: 2012 Annual Comprehensive Financial Report 2013-2022 Los Angeles County Assessor data compiled by MuniServices, LLC 132
City of San Buenaventura
Property Taxes Levies and Collections
Last Ten Fiscal Years
Collected within the Fiscal
Year of the Levy Total Collections To-Date
Fiscal Year
Ended
June 30
Taxes
Levied for
the Fiscal
Year(1) Amount
Percent of
Levy
Collections
in
Subsequent
Years(2) Amount
Percent of
Levy
2013 $ 20,222,166 $ 19,978,450 98.79% $ 106,312 $ 20,084,762 99.32% 2014 20,935,951 20,645,794 98.61% 77,323 20,723,117 98.98% 2015 22,248,125 21,813,577 98.05% 75,488 21,889,065 98.39% 2016 23,447,650 23,259,244 99.20% 65,378 23,324,622 99.48% 2017 24,702,569 24,562,716 99.43% 63,930 24,626,646 99.69% 2018 25,962,329 25,839,813 99.53% 58,723 25,898,536 99.75% 2019 27,063,036 27,044,489 99.93% 52,127 27,096,616 100.12% 2020 28,919,280 28,639,413 99.03% 46,958 28,686,371 99.19% 2021 30,462,991 30,113,307 98.85% 53,727 30,167,034 99.03% 2022 31,654,964 32,336,870 102.15% 74,464 32,411,334 102.39% Source: (1) Ventura County Assessor's Office
(2) Finance and Technology Department, City of San Buenaventura 133
City of San Buenaventura
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Governmental Activities Business-Type Activities
Fiscal Year
Ended
June 30
Certificates of
Participation Capital Leases Loans
Total
Governmental
Activities
Wastewater
Revenue Bonds
Water Revenue
Bonds
Safe Drinking
Water Loan Capital Leases
Total
Business-Type
Activities
Total Primary
Government
Percentage
of
Personal
Income
Debt Per
Capita
2013 $ 46,225,632 $ - $ 430,673 $ 46,656,305 $ 20,022,300 $ 49,422,510 $ 15,410,269 $ - $ 84,855,079 $ 131,511,384 3.91 1214 2014 42,742,152 - 333,710 43,075,862 19,076,203 48,432,084 14,509,403 - 82,017,690 125,093,552 3.62 1148 2015 39,148,261 - 248,305 39,396,566 43,359,044 65,651,392 13,586,879 - 122,597,315 161,993,881 4.48 1482 2016 35,605,349 - 161,326 35,766,675 42,429,739 64,595,888 12,642,175 - 119,667,802 155,434,477 4.25 1432 2017 31,922,438 - 73,153 31,995,591 41,485,434 63,525,384 11,674,757 - 116,685,575 148,681,166 3.85 1361 2018 30,324,527 - 35,103 30,359,630 40,521,129 62,439,877 10,684,080 - 113,645,086 144,004,716 3.44 1294 2019 28,771,618 - 17,894 28,789,512 39,526,824 61,339,377 9,669,583 - 110,535,784 139,325,296 3.25 1288 2020 27,168,707 - - 27,168,707 38,502,519 60,218,873 8,630,696 - 107,352,088 134,520,795 3.07 1266 2021 23,418,631 - - 23,418,631 38,380,000 67,705,000 - - 106,085,000 129,503,631 2.76 1229 2022 21,362,601 - - 21,362,601 37,020,000 64,700,000 - - 101,720,000 123,082,601 2.22 1137 Note: Revised bond amounts from FY2012 to present to include bond premiums and bond discounts.

Source: The Annual Comprehensive Financial Report.
134
City of San Buenaventura
Direct and Overlapping Debt
June 30, 2022
2021-22 Assessed Valuation: $20,171,024,594
Total Debt
6/30/2022
Percentage
Applicable(1)
City's Share of
Debt 6/30/2022
Overlapping tax and assessment debt:

Ventura County Community College District $ 257,457,000 12.330 $ 31,744,448 Ventura Unified School District 36,218,330 87.705 31,765,286 Oxnard Union High School District 352,767,016 0.010 35,277 Mesa Union High School District 14,808,216 0.194 28,728 Oxnard School District 270,584,228 0.016 43,293
Rio School District 101,511,277 0.002 2,030
Subtotal Overlapping Tax and Assessment Debt 63,619,062 Overlapping general fund debt:

Ventura County General Fund Obligations 304,565,000 12.327 37,543,728 Ventura County Superintendent of Schools Certificates of Participation 7,850,000 12.327 967,670
Oxnard Union High School District Certificates of Participation 60,811,289 0.010 6,081 Oxnard School District Certificates of Participation 10,132,700 0.016 1,621 Rio School District Certificates of Participation 970,000 0.002 19 Subtotal Overlapping General Fund Debt 38,519,119
OVERLAPPING TAX INCREMENT DEBT (Successor
Agency) 8,325,000
TOTAL OVERLAPPING DEBT 110,463,181
Direct debt:

Certificates of Participation- 2021 Series A 8,100,000
Certificates of Participation- 2021 Series B 11,035,000 Unamortized bond premium 2,227,601
Subtotal general fund obligation 21,362,601
TOTAL DIRECT DEBT: 21,362,601
GRAND TOTAL SUMMARY:

TOTAL OVERLAPPING DEBT 110,463,181
TOTAL DIRECT DEBT 21,362,601
TOTAL GRAND TOTAL SUMMARY $ 131,825,782
Ratios to 2021-22 Assessed Valuation:

Total Overlapping Tax and Assessment Debt................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................0.34% Total Direct Debt ($19,135,000)................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................0.10% Combined Total Debt................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................0.69% Ratios to Redevelopment Successor Agency Incremental Valuation ($606,873,664) Total Overlapping Tax Increment Debt..........................................................1.37% (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. (2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital lease obligations.

Note: Direct debt details can be found in the notes to the financial statements.

Source: MuniServices LLC; 2022 Annual Comprehensive Financial Report 135
City of San Buenaventura
Legal Debt Margin Information
Last Ten Fiscal Years
Fiscal
Year
Ended
June 30
(2)
Gross Assessed
Valuation
Conversion
Percentage
Adjusted
Assessed
Valuation
Debt Limit
Percentage Debt Limit
(1)
Total Net Debt
Applicable to
Limit: General
Obligation
Bonds
Legal
Debt Margin
Total Debt
Applicable
to the Limit
as a
Percentage
of Debt
Limit
2013 $ 12,046,321,313 25% $ 3,011,580,328 15% $451,737,049 $ - $ 451,737,049 0% 2014 12,449,927,426 25% 3,112,481,857 15% 466,872,278 - 466,872,278 0% 2015 13,247,206,008 25% 3,311,801,502 15% 496,770,225 - 496,770,225 0% 2016 14,694,333,783 25% 3,673,583,446 15% 551,037,517 - 551,037,517 0% 2017 15,408,188,393 25% 3,852,047,098 15% 577,807,065 - 577,807,065 0% 2018 16,074,546,602 25% 4,018,636,651 15% 602,795,498 - 602,795,498 0% 2019 17,149,629,230 25% 4,287,407,308 15% 643,111,096 - 643,111,096 0% 2020 18,052,805,046 25% 4,513,201,262 15% 676,980,189 - 676,980,189 0% 2021 18,766,209,747 25% 4,691,552,437 15% 703,732,866 - 703,732,866 0% 2022 20,171,024,594 25% 5,042,756,149 15% 756,413,422 - 756,413,422 0% The Government Code of the State of California provides for a legal debt limit of 15% of gross assessed valuation.

However, this provision was enacted when assessed valuation was based upon 25% of market value.

Each parcel is assessed at 100% of market value (as of the most recent change in ownership for that parcel).

The computations shown above reflect a conversion of assessed valuation data for each fiscal year from the current full valuation perspective to the 25% level that was in effect at the time that the legal debt margin was enacted by the State of California for local governments located within the state.

Source: (1) Finance and Technology Department, City of San Buenaventura (2) Ventura County Tax Assessor's Office
136
City of San Buenaventura
Pledged Wastewater Coverage
Last Ten Fiscal Years
Wastewater Fund Revenue Bonds
Fiscal Year Less
Ended Gross Operating & Net Debt Service
June 30 Revenues
Maintenance
Costs Revenues Principal Interest Coverage
2013 $ 19,600,331 $ 13,525,210 $ 6,075,121 $ - $ 570,455 $ 10.65 2014 20,398,064 12,241,147 8,156,917 870,000 685,947 5.24 2015 22,701,141 12,907,580 9,793,561 885,000 847,214 5.65 2016 23,790,982 15,483,524 8,307,458 765,000 1,738,978 3.32 2017 25,314,527 16,163,096 9,151,431 780,000 1,727,080 3.65 2018 26,749,493 16,180,251 10,569,242 800,000 1,702,775 4.22 2019 29,750,140 23,284,872 6,465,268 830,000 1,673,575 2.58 2020 28,784,615 19,139,724 9,644,891 860,000 1,643,275 3.85 2021 25,227,023 21,323,901 3,903,122 1,465,000 877,625 1.67 2022 29,857,284 19,605,455 10,251,829 1,360,000 840,792 4.66 Note: Details regarding the city's outstanding debt can be found in the notes to the financial statements.

Refunding 2012 Wastewater Bond, 2014 Wastewater Bond, with 2020 Wastewater Bond on December 21, 2020 (1) Gross Revenues are calculated as the sum of total Operating Revenues, Transfers In, Gain (Loss) on Sale of Assets, and Investment Income. (2) Operating & Maintenance Costs are calculated as total Operating Expenses (less) Depreciation plus Transfers Out.

Source: Finance and Technology Department, City of San Buenaventura 137
City of San Buenaventura
Pledged Water Revenue Coverage
Last Ten Fiscal Years
Water Fund Revenue Bonds
Fiscal Year Less
Ended Gross Operating & Net Debt Service
June 30 Revenues
Maintenance
Costs Revenues Principal Interest Coverage
2013 $ 27,049,370 $ 20,459,922 $ 6,589,448 $ 1,509,714 $ 1,165,559 2.46 2014 31,822,699 19,531,334 12,291,365 1,755,865 2,218,271 3.09 2015 27,330,963 20,740,004 6,590,959 1,782,524 2,313,590 1.61 2016 34,854,956 20,224,007 14,630,949 1,809,704 2,934,300 3.08 2017 38,178,346 22,384,529 15,793,817 1,847,418 2,899,487 3.33 2018 43,385,673 19,325,991 24,059,682 1,885,677 2,861,221 5.07 2019 45,557,660 25,781,527 19,776,133 1,924,496 2,819,792 4.17 2020 43,300,730 30,006,111 13,294,619 1,968,887 2,774,640 2.80 2021 40,686,211 30,000,869 10,685,342 2,958,773 1,486,193 2.40 2022 45,097,055 30,120,123 14,976,932 3,005,000 1,441,678 3.37 Note: Details regarding the city's outstanding debt can be found in the notes to the financial statements.

Refunding 2012 Water Revenue Bond and 2014 Water Revenue Bond with 2020 Water Revenue Bond on December 21, 2020 (1) Gross Revenues are calculated as the sum of total Operating Revenues, Transfers In, Gain (Loss) on Sale of Assets, and Investment Income. (2) Operating & Maintenance Costs are calculated as total Operating Expenses (less) Depreciation plus Transfers Out.

Source: Finance and Technology Department, City of San Buenaventura 138
City of San Buenaventura
Demographic and Economic Statistics
Last Ten Calendar Years
Calendar
Year Population (1)
Personal Income
(in thousands)
Per Capita
Personal
Income
Unemployment
Rate
2013 (1) 108,294 $ 3,361,987 $ 31,045 6.2%
2014 (2) 108,961 3,456,979 31,727 7.0%
2015 (2) 109,338 3,618,973 33,099 5.1%
2016 (2) 108,557 3,661,427 33,728 5.8%
2017 (2) 109,275 3,863,011 35,351 5.2%
2018 (2) 111,269 4,183,724 37,600 3.3%
2019 (2) 108,170 4,290,022 39,660 2.7%
2020 (2) 106,276 4,383,765 41,249 14.0%
2021 (2) 105,415 4,693,581 44,525 8.5%
2022 108,231 5,535,190 51,142 2.5%
(1) Source from FY 2012 - 2013: HdL Companies.
(2) Source from FY 2014 - 2022: MuniServices, LLC.
139
City of San Buenaventura
Full-time City Employees
by Function
Last Ten Fiscal Years
Adopted Full-Time (FTE) Equivalents as of June 30th
Function 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 General Government 34 26 23 19 18 20 19 18 15 15
Human Resources 11 11 11 11 11 11 11 11 11 12
Finance and
Technology 57 51 49 48 48 48 48 48 47 48
Community
Development 46 43 41 42 42 37 37 37 45 47
Parks, Recreation &
Community
Partnerships 57 55 58 59 53 52 53 53 53 56
Public Safety - Police 189 189 192 186 172 166 166 165 165 165 Public Safety - Fire 86 86 87 84 83 83 83 83 83 83
Public Works 89 84 91 87 84 83 84 84 81 82
Ventura Water 110 105 108 100 100 101 98 98 98 99
Total 679 650 660 636 611 601 599 597 598 607
Source: Finance and Technology Department, City of San Buenaventura 140
City of San Buenaventura
Principal Employers
Current Year and Seven Years Ago
2022 2015
Employer
Number of
Employees
Percent of
Total City
Employment (2)
Number of
Employees
Percent of
Total City
Employment
County of Ventura 8,763 %16.44 7,915 %13.8
Community Memorial Health System 2,298 4.31 1,458 2.6
Ventura Unified School District 2,207 4.14 2,674 4.7
Patagonia Works (Lost Arrow Corp) 692 1.30 537 0.9
Ventura County Community College District 621 1.17 712 1.2 City of San Buenaventura 609 1.14 597 1.0
Employer's Depot Inc 475 0.89 608 1.1
Target* 330 0.62 402 0.7
Superior Court of CA, County of Ventura 276 0.52 289 0.5 Kaiser Permanente Medical Offices 157 %0.29 525 0.9
Total Top 10 Employers 16,428 30.82% 15,717 27.40%
Total City Labor Force(1) 53,300 57,200
Source: 2022 MuniServices, LLC

Results based on direct correspondence with City's local businesses. (1) Total City labor force provided by EDD labor force data updated on September of each year. (2) Percent of "Total Employment" as used above represents the total employment of all employers located within City limits. (3) 2014 Principal Employers Statistic is used for more reliable comparison data to current fiscal year. * Target has two locations.
141
City of San Buenaventura
Operating Indicators
by Function
Last Ten Fiscal Years
Fiscal Years
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Police:

Arrests (number of persons) 4,814 4,439 6,442 5,898 5,449 6,606 6,367 5,795 4,177 4,708 Parking citations issued 11,328 7,024 14,937 14,180 11,967 12,391 14,295 12,947 12,190 11,986 Fire:

Number of emergency calls 17,032 16,950 16,606 16,191 16,477 14,470 14,073 13,786 12,897 12,646 Inspections 22,296 17,839 24,969 21,528 18,664 12,133 12,845 13,368 10,417 12,009 Public works:

Street resurfacing (lane miles) 8 25 17 18 5 10 34 49 88 47 Parks and recreation:

Number of participants in fee-based
programs 18,381 5,982 14,974 19,476 21,980 20,612 16,904 16,807 16,103 16,350 Number of visitors to Aquatics Ctr 81,447 39,257 107,956 107,760 178,997 177,318 159,715 158,442 147,927 172,346 Annual Community Volunteer Hrs 17,754 9,047 21,409 25,299 27,052 38,525 36,600 38,525 39,450 40,123 Water:

Total system connections 30,989 31,197 31,176 31,157 31,080 30,916 30,809 30,741 30,700 30,680 Average daily consumption (million
gallons per day) 11.7 11.7 10.4 10.3 11.0 10.2 10.3 11.8 13.4 13.3 Wastewater:

Total system connections 26,220 26,171 26,101 26,054 26,054 25,518 25,417 25,336 25,183 25,183 Average daily sewage treatment
(million gallons per day) 7.5 7.3 7.2 7.3 7.2 7.4 7.4 7.9 8.6 8.3 Golf courses:

Buenaventura golf rounds played 70,019 69,394 50,567 58,360 58,829 54,858 60,781 65,237 65,129 64,666 Olivas Park golf rounds played 68,111 67,750 51,415 60,782 61,808 59,939 60,555 61,175 60,610 59,093 (1) Street resurfacing in 2013 decreased due to budget reductions and timings. Data in 2013 has been corrected to reflect completed project.

Source: City of San Buenaventura
142
City of San Buenaventura
Capital Assets Statistics
by Function
Last Ten Fiscal Years
Fiscal Years
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Police:

Station 1 1 1 1 1 1 1 1 1 1
Fire:

Fire stations 6 6 6 6 6 6 6 6 6 6
Public works:

Street (miles) 1,445 1,445 1,140 710 710 710 700 700 695 695 Streetlights 1,250 1,250 1,250 1,200 1,200 1,200 1,059 1,180 1,150 1,122 Traffic signals 138 138 138 137 137 137 136 134 133 133 Parks and recreation:

Parks 39 39 35 35 35 34 34 33 33 33
Community centers 3 3 3 3 3 3 3 3 4 4
Water:

Water mains (miles) 393 385 385 380 380 380 380 380 380 380 Maximum daily capacity (millions gallons per day) 32 30 30 30 30 30 30 30 30 30 Wastewater:

Sanitary sewers (miles) 335 307 307 307 307 307 300 300 300 300 Storm sewers (miles) 120 114 114 114 114 114 109 100 100 100 Maximum daily treatment capacity (million gallons per day) 14 14 14 14 14 14 14 14 14 14 Golf courses:

Municipal golf courses 2 2 2 2 2 2 2 2 2 2
Source: City of San Buenaventura
143
City of San Buenaventura
Wastewater Service Rates
Last Ten Fiscal Years
Wastewater Volume Rates Per Hundred Cubic Feet (HCF)
Fiscal Residential (1)
Year Ended Tier Tier Tier Tier Tier Tier Non-
June 30 1 2 3 4 5 6 Residential
2013 (2) $ 31.67 $ 45.24 $ 58.85 $ 72.47 $ 86.09 $ 99.71 $ 43.54 2014 33.54 48.00 62.45 76.91 91.36 105.82 46.21
2015 36.58 52.00 67.43 82.85 98.27 113.70 53.64
2016 40.56 57.68 74.80 91.92 109.04 126.15 59.48
2017 44.95 63.92 82.90 101.87 120.85 139.82 65.92
2018 48.93 69.61 90.29 110.97 131.65 152.33 71.72
2019 48.93 69.61 90.29 110.97 131.65 152.33 71.72
2020 48.93 69.61 90.29 110.97 131.65 152.33 71.72
2021 48.93 69.61 90.29 110.97 131.65 152.23 71.72
2022 34.66 53.41 72.16 90.91 109.66 128.41 63.44
NOTE:
1 HCF = 748 gallons.

The City bills bi-monthly and by hundred cubic feet (HCF).

Rates are based on 3/4" meter, which is the standard household meter size.

The tier structure is in place to encourage wastewater conservation by customers. (1) Commercial Group 1 (1-8 HCF).
(2) New rate structure implemented; assume HCF for each tier for comparative purposes.

Source: Ventura Water Department
144
City of San Buenaventura
Top Ten Wastewater Service Customers by Type
Current Year and Eight Years Ago
2022 2014
Wastewater Service Customers
By Type of Business
Total
Payments
Percent of
Total
Wastewater
System
Service
Charge
Revenues
Total
Payments
Percent of
Total
Wastewater
System
Service
Charge
Revenues
Hospital 289,888 %1.03 143,507 %0.72
Hospital 268,646 0.95 122,309 %0.61
Multifamily Residential 241,378 0.86 126,368 %0.63
Government 209,715 0.75 163,546 %0.82
Multifamily Residential 195,255 0.69 114,170 %0.57
Multifamily Residential 187,589 0.67 108,691 %0.54
Multifamily Residential 159,979 0.57 87,529 %0.44
Multifamily Residential 158,940 0.56 83,292 %0.42
Commercial 124,737 0.44 - %-
Multifamily Residential 120,659 0.43 80,443 %0.40
Educational - - 111,814 %0.56
1,956,786 %6.95 1,141,669 %5.71
Note: In prior years, this schedule presented the top ten Wastewater customers of the City. Ventura Water staff has interpreted the Red Flags Rules to prohibit the disclosure of any customer information, including name and payment information. Accordingly, the customer names have been replaced with the type of business.

Source: Ventura Water Department
145
City of San Buenaventura
Water Sold by Type of Customer
Last Ten Fiscal Years
(in Hundred Cubic Feet)
Fiscal
Year HCF by Type of Customer Total Direct
Ended Rate Per
June 30 Residential Commercial Industrial Municipal Other Total HCF HCF 2013 4,578,381 1,410,421 26,189 256,445 245,536 6,516,972 $ 3.89 2014 4,687,547 1,422,819 25,303 288,835 248,007 6,672,511 4.44 2015 4,054,802 1,285,010 22,822 226,077 186,589 5,775,300 4.39 2016 3,539,589 1,176,373 15,638 185,274 189,092 5,105,966 5.98 2017 3,466,064 1,126,551 17,229 186,797 182,001 4,978,642 6.74 2018 3,701,906 1,206,139 14,525 210,679 213,215 5,346,464 7.34 2019 3,417,963 1,220,850 18,202 186,237 179,809 5,023,061 7.59 2020 3,546,232 1,136,274 13,615 182,949 188,630 5,067,700 7.22 2021 4,042,867 1,201,715 15,260 194,680 262,890 5,717,412 7.01 2022 3,954,321 1,204,528 15,327 240,648 280,206 5,695,030 7.03 Note:
1 HCF (hundred cubic feet) = 748 gallons
* Correction in FY2012, FY2013 and FY2017 to reflect City data only. Prior data in FY2012 and FY2013 reflected City and Ventura County.

Source: Ventura Water Department
146
City of San Buenaventura
Water Rates
Last Ten Fiscal Years
Water Volume Rates Per Hundred Cubic Feet (HCF)
Residential
Fiscal Single Family Single Family Single Family
Year Bi-Monthly HCF 1-16 HCF 17-42 HCF 43+
Ended Service Charge Multiple Family Multiple Family Multiple Family Non- June 30 Base Rate HCF 1-10 HCF 11-24 HCF 25+ Residential 2013 $ 23.14 $ 1.98 $ 2.69 $ 4.41 $ 2.48
2014 25.11 2.15 2.92 4.79 2.70
2015 $ 27.30 $ 2.23 $ 3.12 $ 5.27 $ 2.88
Residential
Fiscal Single Family Single Family Single Family Single Family Year Bi-Monthly HCF 0-6 HCF 7-14 HCF 15-30 HCF 30+
Ended Service Charge Multiple Family Multiple Family Multiple Family Multiple Family Non- June 30 Base Rate HCF 0-6 HCF 7-10 HCF 11-16 HCF 16+ Residential 2016 $ 29.28 $ 2.40 $ 3.25 $ 5.55 $ 8.35 $ 3.61
2017 31.41 2.58 3.50 5.97 8.97 3.88
2018 33.69 2.77 3.75 6.41 9.64 4.17
2019 33.69 2.77 3.75 6.41 9.64 4.17
2020 33.69 2.77 3.75 6.41 9.64 4.17
2021 33.69 2.77 3.12 4.62 7.73 3.98
Residential
Fiscal Single Family Single Family Single Family
Year Monthly HCF 0-6 HCF 7-12 HCF 12+
Ended Service Charge Multiple Family Multiple Family Multiple Family Non- June 30 Base Rate HCF 0-5 HCF 6-10 HCF 10+ Residential
2022 $ 18.50 $ 2.92 $ 4.82 $ 6.24 $ 4.54

NOTE:
1 HCF = 748 gallons.

The City bills bi-monthly and by hundred cubic feet (HCF).

Rates are based on 3/4" meter, which is the standard household meter size.

The tier structure is in place to encourage water conservation by customers. * The rate structure changed beginning FY2013.

Source: Ventura Water Department
147
City of San Buenaventura
Top Ten Water System Customers by Type
Current Year and Eight Years Ago
2022 2014
Water System Customers By Type of
Business
Total
Payments
Percent of
Total Water
Sales
Revenues
and Service
Charges
Total
Payments
Percent of
Total Water
Sales
Revenues and
Service
Charges
Hospital 275,382 %0.69 108,988 %0.39
Municipal 251,509 0.63 105,632 %0.38
Hospital 243,970 0.61 107,447 %0.39
Multifamily Residential 241,736 0.60 128,909 %0.46
Government 213,008 0.53 - %-
Educational 177,846 0.44 - %-
Multifamily Residential 172,630 0.43 105,632 %0.38
Multifamily Residential 163,976 0.41 - %-
Reclaimed/Golf Course 151,242 0.38 -- %-
Multifamily Residential 138,394 0.35 -- %-
Commercial - - 259,526 %0.93
Commercial - - 200,671 %0.72
Commercial - - 159,103 %0.57
Commercial - - 141,893 %0.51
Reclaimed - - 90,862 %0.33
2,029,693 %5.07 1,408,663 %5.06
Note: In prior years, this schedule presented the top ten Water customers of the City. Ventura Water staff has interpreted the Red Flags Rules to prohibit the disclosure of any customer information, including name and payment information. Accordingly, the customer names have been replaced with the type of business.

Source: Ventura Water Department
148

PAGE INTENTIONALLY LEFT BLANK
CITY OF SAN BUENAVENTURA, CALIFORNIA FY 2021-22 AN NUAL COMPREHENSIVE FINANCIAL REPORT

CITY OF SAN BUENAVENTURA, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FY 2021-22
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer.

CliftonLarsonAllen LLP
CLAconnect.com

INDEPENDENT AUDIT
ORS’ 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 Honorable Mayor and Members of City Council
City of San Buenaventura
San Buenaventura, California
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, the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of City of San Buenaventura (the City), as of and for the year ended June 30, 2022, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements, and have issued our report thereon dated March 27, 2023.

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 audit 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 entity’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.

ATTACHMENT B
Honorable Mayor and Members of City Council
City of San Buenaventura
Report on Compliance and Other Matters
As part of o btaining
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 entity’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 entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

CliftonLarsonAllen LLP
Irvine, California
March 27, 2023
Honorable Mayor and Members of City Council
City of San Buenaventura
San Buenaventura, California
CliftonlarsonAllen LLP
CLAconnect.com
We have audited the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of City of San Buenaventura (the City) as of and for the year ended June 30, 2022, and have issued our report thereon dated March 27, 2023.

We have previously communicated to you information about our responsibilities under auditing standards generally accepted in the United States of America, Government Auditing Standards, and Title 2 U.S.

Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), as well as certain information related to the planned scope and timing of our audit in our engagement letter dated June 22, 2022. Professional standards also require that we communicate to you the following information related to our audit.

Significant audit findings or issues
Qualitative aspects of accounting practices
Accounting policies
Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by the City are described in Note 1 to the financial statements.

As described in Note 1, the City changed accounting policies related to leases by adopting Statement of Governmental Accounting Standards Board (GASB Statement) No. 87, Leases, in fiscal year 2022.

Accordingly, the accounting change has been applied to the beginning period of adoption.

We noted no transactions entered into by the entity during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period
Accounting estimates
Accounting estimates are an integral part of the financial statements prepared by management and are based on management's knowledge a�d 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 significantly from those expected. The most sensitive estimate(s) affecting the financial statements were:
• The annual required contributions, pension expense, net pension liability, and corresponding deferred outflows of resources and deferred inflows of resources for the City's public defined benefit plans with CalPERS are based on an actuarial valuation provided by CalPERS.
• The claims liability for workers' compensation and general liabilities are based on certain actuarial assumptions and methods prepared by an outside consultant.

ATTACHMENT C

CliftonLarsonAllen LLP
CLAconnect.com
INDEPENDENT AUDITORS’ REPORT
Honorable Mayor and Members of the City Council
City of San Buenaventura
San Buenaventura, California
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial st atements
of the governmental activities, the business-
type activities, each major fund, and the aggregate
remaining fund information of the City of San
Buenaventura (the City), as of and for the year ended June 30, 2022, and the related notes to the financial sta
tements, which collectively comprise the City’s basic financial statements as listed in the table of contents.

In
our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the
aggregate remaining fund information of the City, as of June 30, 2022, 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. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our audit opinions.

CLA (Cli
ftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer.

ATTACHMENT D
Honorable Mayor and Members of the City Council
City of San Buenaventura
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.

Honorable Mayor and Members of the City Council
City of San Buenaventura
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, the schedule of General Fund budget comparison, the schedule of changes in net pension liability and related ratios – miscellaneous plan, the schedule of pension plan contributions – miscellaneous plan, the schedule of changes in net pension liability and related ratios – safety plan, the schedule of pension plan contributions – safety plan be presented to supplement the basic financial statements. Such in formation 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.

Honorable Mayor and Members of the City Council
City of San Buenaventura
Other Reporting Required by Gove
rnment Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated March 27, 2023, 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 City’s internal control over financial reporting and compliance.

CliftonLarsonAllen LLP
Irvine, California
March 27, 2023

CITY OF SAN BUENAVENTURA

MEASURE O TRANSACTION AND

USE TAX SPECIAL REVENUE FUND

FINANCIAL ST A TEMENTS
YEAR ENDED JUNE 30, 2022

ATTACHMENT E

Ventura City CouncilApril 24, 2023

Ventura City Council
April 24, 2023