Attachment 1 - Annual Comprehensive Financial Report for Fiscal Year Ended June 30, 2024 — Yountville City Council, December 3, 2024

Annual Comprehensive
Financial Report
Fiscal Year Ended June 30, 2024
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Town of Yountville
California
Annual Comprehensive Financial Report
Fiscal Year Ended June 30, 2024
Prepared by the Finance Department
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TOWN OF YOUNTVILLE

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2024

TABLE OF CONTENTS

INTRODUCTORY SECTION
Transmittal Letter ..................................................................................................................... 1 Principal Officials .................................................................................................................... 8 Organizational Chart................................................................................................................. 9 GFOA Certificate ................................................................................................................... 10

FINANCIAL SECTION
Independent Auditor’s Report ................................................................................................. 13 Management’s Discussion and Analysis (Required Supplementary Information) ...................... 19 Basic Financial Statements:

Government-Wide Financial Statements:

Statement of Net Position............................................................................................. 35 Statement of Activities................................................................................................. 36 Fund Financial Statements
Governmental Funds:

Balance Sheet ......................................................................................................... 38 Reconciliation of the Government Funds Balance Sheet
to the Government-Wide Financial Statement of Net Position............................. 39 Statement of Revenues, Expenditures and Changes in Fund Balances ...................... 40 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Government-Wide Statement of Activities ...................................................................................... 41 Proprietary Funds:

Statement of Net Position ....................................................................................... 44 Statement of Revenues, Expenses, and Changes in Fund Net Position ...................... 45 Statement of Cash Flows......................................................................................... 46 Fiduciary Fund Financial Statements:

Statement of Fiduciary Net Position ........................................................................ 48 Statement of Changes in Fiduciary Net Position ...................................................... 49

Notes to the Basic Financial Statements .................................................................................. 52

REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual (GAAP Basis):

General Fund ............................................................................................................... 89 Measure T Fund ........................................................................................................... 90 Schedule of Pension Contributions.......................................................................................... 91 Schedule of Proportionate Share of Net Pension Liability ........................................................ 92 Schedule of OPEB Contributions ............................................................................................ 93 Schedule of Changes in Net OPEB Liability ............................................................................ 94 Schedule of PARS OPEB Trust Investment Returns................................................................. 95

TOWN OF YOUNTVILLE

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2024

TABLE OF CONTENTS

SUPPLEMENTARY INFORMATION
Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual (GAAP Basis):

Capital Projects Fund ................................................................................................... 99 Debt Service Fund...................................................................................................... 100 Nonmajor Governmental Funds:

Combining Balance Sheet ................................................................................................ 103 Combining Statement of Revenues, Expenditures and Changes in Fund Balances ............. 107 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual (GAAP Basis):

Gas Tax Special Revenue Fund.................................................................................... 111 Public Education and Government Television Special Revenue Fund ................................. 112 Public Art Program Special Revenue Fund ..................................................................... 113 Housing Grant Program Special Revenue Fund .............................................................. 114 SB1 2017 Road Repair Act Special Revenue Fund .......................................................... 115 Measure T Equivalent Special Revenue Fund ................................................................. 116 Fire Services Impact Fee Special Revenue Fund ............................................................. 117 Disability Access Fee SB1186 Special Revenue Fund...................................................... 118 Utility Underground Impact Fee Fund ........................................................................................ 119 Housing Opportunity Special Revenue Fund .................................................................. 120 Measure S Special Revenue Fund................................................................................. 121 Upper Valley Disposal Service Franchise Fees Special Revenue Fund ...................... 122 Town of Yountville Community Foundation Special Revenue Fund ................................... 123 Tallent Lane Special Revenue Fund .............................................................................. 124 Mesa Court Drainage Special Revenue Fund .................................................................. 125 Measure A Maintenance Capital Project Fund ................................................................ 126 Facility Repair and Replacement Capital Project Fund..................................................... 127 Fleet, Tools, and Equipment Repair and Replacement Capital Project Fund ........................ 128 Comparative Statement of Water Enterprise Fund Net Position .............................................. 129 Comparative Statement Water Enterprise Fund Revenues, Expenses and Changes in Net Position .................................................................................................. 130 Comparative Statement of Wastewater Enterprise Fund Net Position ..................................... 131 Comparative Statement of Wastewater Enterprise Fund Revenues, Expenses and Changes in Net Position ............................................................................................ 132

STATISTICAL SECTION
Net Position by Component................................................................................................... 137 Changes in Net Position ........................................................................................................ 138 Fund Balances of Governmental Funds.................................................................................. 140 Changes in Fund Balances of Governmental Funds................................................................ 141 Transient Occupancy Tax Revenue Base Statistics........................................................................ 142

TOWN OF YOUNTVILLE

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2024

TABLE OF CONTENTS
Transient Occupancy Tax – Principal Payers and Other Information ................................................ 143 Principal Transient Occupancy Taxpayers................................................................................... 144 Ratios of Outstanding Debt by Type...................................................................................... 145 Computation of Direct and Overlapping Debt ........................................................................ 146 Legal Debt Margin Information............................................................................................. 147 Pledged Revenue Coverage ................................................................................................... 148 Lease Revenue Bonds Continuing Disclosures ............................................................................. 149 Demographic and Economic Statistics................................................................................... 150 Principal Employers.............................................................................................................. 151 Number of Positions – City Government by Function .................................................................... 152 Operating Indicators by Function .......................................................................................... 153 Capital Asset Statistics by Function ...................................................................................... 154 OTHER INDEPENDENT AUDITOR’S REPORTS
Independent Auditor’s 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........................................................ 156 This page is intentionally blank
Introductory Section
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TRANSMITTAL LETTER
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"rrlie 'Heart of tfie :Napa o/a{[ey"
October 25, 2024
Honorable Mayor, Members of the Town Council, and Citizens of the Town of Yountville SUBJECT: Annual Comprehensive Financial Report - June 30, 2024 Town staff is pleased to present the Annual Comprehensive Financial Report (ACFR) for the Town of Yountville for the fiscal year ended June 30, 2024.

REPORT PURPOSE AND ORGANIZATION
State law requires that the accounts and fiscal affairs of all municipal entities be examined annually by an independent certified public accountant. The Town's independent auditor, Chavan and Associates, LLP has audited the Town'sfinancialstatements and issued an unmodified opinion that the financialstatements for the year ended June 30, 2024, are fairly presented in conformity with Generally Accepted Accounting Principles (GAAP). This opinion, along with the basic financial statements,are hereby submitted as the ACFR for the Town of Yountville for the fiscal year ended June 30, 2024. The information included in the financial section of this report fulfills the above requirement.

The independent audit of the financial statements is also typically conducted in conjunction with the federally mandated Single Audit. The standards governing the Single Auditrequire the independent auditor to report on items beyond fair presentation of the financial statements, including internal controls and compliance with legal requirements involving the administration of federal awards. A single audit was not required or prepared for Fiscal Year 2023/2024 because the Town had less than $750,000 in federal grant expenditures.

The ACFR includes a complete set of audited financial statements and notes, together with supplemental and statistical information. The Town issues the ACFR within approximately six months after the close of each fiscal yearto fully disclose itsfinancial information in atimely and transparentmannerand to maintain compliance with all state and federal regulations and bond covenants. Management assumes full responsibility for completeness, accuracy of data, and fairness of presentation, including all footnotes and disclosures. Management believes the data presented are accurate in all material respects and that they are presented in a manner designed to fairly set forth the financial position and results of operations of the Town. To provide a reasonable basis for making theserepresentations, Town management has established a comprehensive framework of internal controls designed both to protect the Town's assets from loss,

Principal Officials

TOWN COUNCIL
Marjorie “Margie” Mohler, Mayor
Hillery Trippe, Vice Mayor
Eric Knight, Council Member
Robin McKee-Cant, Council Member
Pamela Reeves, Council Member

TOWN ADMINISTRATION
Brad Raulston, Town Manager
Gary Bell, Town Attorney
Samantha Holland, Parks & Recreation Director
Celia King, Administrative Services Director
Kyle Batista, Financial Analyst
John Ferons, Public Works Director
Rosalba Ramirez, Deputy Public Works Director
Erica Rodgers, Management Analyst
Irene Borba, Planning & Building Director
Hilary Gaede, Communications Director/Town Clerk
Citizens of
Yountville
Town Attorney
Commissions, Boards
& Committees
Mayor and Town
Council
Town Manager
Parks and
Recreation
Director
Administrative
Assistant
Recreation
Coordinator (2)
Building
Attendants
(Part-Time)
Planning and
Building
Director
Public Works
Director
Deputy Public
Works Director
Utility
Operations
Manager
Engineering
Technician Utilities
Operator (3)
Municipal
Operations
Manager
Maintenance
Worker (4)
Water Systems
Maintenance
Worker
Facility and
Grounds
Worker
Maintenance
Assistant
(PT Seasonal)
Fiscal Year 2023-2024
Town Organizational
Chart
Recreation
Assistants
(Part-Time)
Recreation
Specialists
(Part-Time)
Administrative
Services
Director
Management
Analyst
Accounting
Assistant
(Part-Time)
Administrative
Assistant
Associate/
Assistant
Planner (2)
Financial
Analyst
Management
Fellow
Accounting
Assistant
Recreation
Supervisor
Deputy Town
Clerk
Information
Systems
Administrator
Marketing
Specialist
(Part-Time)
Building
Attendants
(Part-Time)
Code
Compliance
Officer
Human
Resources
Analyst
Communications
Director/Town
Clerk
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Town of Yountville
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2023
Executive Director/CEO
Financial Section
Management Discussion and Analysis,
Basic Financial Statements,
and
Notes to the Basic Financial Statements
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16450 Monterey Road, Ste. 5, Morgan Hill, CA 95037
Tel: 408-217-8749 • E-Fax: 408-872-4159
[email protected] • www.cnallp.com
INDEPENDENT AUDITOR’S REPORT
To the Honorable Mayor and Members of the Town Council
of the Town of Yountville
Yountville, California
Report on the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, business-type activities, each major fund, and the aggregate remaining fund information of the Town of Yountville (the “Town"), as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise Town’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, business-type activities, each major fund, and the aggregate remaining fund information of the Town of Yountville, as of June 30, 2024, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinions
We conducted our audit in accordance with auditing standards generally 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 Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Town 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.

Responsibilities of Management for the Financial Statements Town 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 Town’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.

Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our

16450 Monterey Road, Ste. 5, Morgan Hill, CA 95037
Tel: 408-217-8749 • E-Fax: 408-872-4159
[email protected] • www.cnallp.com
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 will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS and Government Auditing Standards we:
 Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Town’s internal control. Accordingly, no such opinion is expressed.  Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
 Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Town’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.

Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and other required supplementary information, as listed in the table of contents, be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Town’s basic financial statements. The combining and individual fund financial statements and 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

16450 Monterey Road, Ste. 5, Morgan Hill, CA 95037
Tel: 408-217-8749 • E-Fax: 408-872-4159
[email protected] • www.cnallp.com
relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the combining and individual fund financial statements and schedules are fairly stated, in all material respects, in relation to the basic financial statements as a whole.

Other Information
The Town’s management is responsible for the other information included in the annual comprehensive financial report. The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditor’s report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated October 25, 2024 on our consideration of the Town’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 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 internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Town’s internal control over financial reporting and compliance.

Chavan & Associates, LLP
Certified Public Accountants
October 25, 2024
Morgan Hill, California
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MANAGEMENT’S DISCUSSION

AND ANALYSIS
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Town of Yountville Management’s Discussion and Analysis

INTRODUCTION
As management of the Town of Yountville, we offer readers of the Town’s financial statements this narrative overview and analysis of financial activities of the Town of Yountville, for the fiscal year that ended on June 30, 2024. We encourage readers to consider the information presented here, in conjunction with additional information that we have furnished in our letter of transmittal. This information can be found on pages 1-7 of this report. The required components of the report are listed below.

Required Components of the Annual Financial Report
FISCAL YEAR 2023/2024 FINANCIAL HIGHLIGHTS
Government-Wide Highlights
 The assets and deferred outflows of resources of the Town of Yountville exceeded the liabilities and deferred inflows of resources at the close of the most recent fiscal year by $80.19 million (net position). Of this amount, net position included $50.09 million classified as net investment in capital assets; $8.42 million as restricted; and $21.69 million as unrestricted net position.  The Town’s net position increased by $7.48 million, and its change in net position increased by $1.25 million, from $6.23 million, in FY 2023/2024. In the Governmental Activities, tax revenues increased by $.15 million, charges for services increased by $0.29 million, operating grants and contributions decreased by $.02 million, and capital grants and contributions decreased by $0.01 million.  In the Business-Type Activities, charges for services increased by $0.75 million and capital grants and contributions decreased by $0.044 million.
 Deferred outflows of resources increased by $.25 million while deferred inflows of resources decreased by $0.48 million mostly due to differences in expected and actual earnings, expected and actual experiences and changes in proportions. The Town’s pension liability in accordance with Management’s
Discussion & Analysis
Government-Wide
Financial Statements
Fund
Financial Statements
Notes to the
Financial Statements
Basic
Financial Statements
Town of Yountville Management’s Discussion and Analysis GASB 68 as of June 30, 2024 was $5.69 million, while the net OPEB liability for the fiscal year ending June 30, 2024 was $0.45 million.
 The Town’s long-term debt decreased by $0.96 million, or 10%, in Fiscal Year 2023/2024 primarily from debt service payments made during the year.
 The Town’s net capital assets increased by 22.59%, or $10.81 million, primarily as a result of capital projects and purchases, specifically purchasing and improving the former Yountville Elementary School site.
 Capital projects expenditures totaled $12.79 million with approximately $1.04 million of ongoing maintenance and replacement projects. The table below shows details of significant projects.

Fund Highlights
 At the close of Fiscal Year 2023/2024, the Town of Yountville’s governmental funds reported combined fund balances of $23.66 million, a decrease of $6.25 million in comparison with the prior year. Approximately 24%, or $5.8 million, was classified as unassigned fund balance and was available for spending at the government’s discretion.
 At the end of the Fiscal Year 2023/2024, the general fund’s unrestricted fund balance (the total of the committed, assigned, and unassigned components of fund balance) was $11.06 million, or 99.5% of total general fund expenditures, prior to transfers. The general fund’s unassigned fund balance was $5.8 million or 52% of total general fund expenditures, prior to transfers.  The fund balance in the General Fund decreased by $4.25 million, with revenues of $16.5 million and expenditures of $11.11 million, prior to transfers out of $9.63 million. Revenues increased over the prior year by $1.08 million mostly due to an increase in transient occupancy taxes collected and increased construction activity resulting in more planning service charges revenue. Expenses increased by $.88 million, mostly due to an increase in law enforcement, fire, and emergency medical services expenditures and a general increase in costs due to inflation.

OVERVIEW OF THE FINANCIAL STATEMENTS
The discussion and analysis are intended to serve as an introduction to the Town of Yountville’s financial statements. The Town of Yountville’s basic financial statements are comprised of (1) Government-wide Financial Statements (2) Fund Financial Statements, and (3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.

Major Capital Projects are as follows: Budget Actual
Yountville Commons 11,500,000 11,491,622
Inflow & Infiltration Reduction Program 435,766 245,225 Annual Street Maintenance Program 525,000 238,453
Waxie Compacting Trash Receptacles 108,580 108,234
ADA Accessibility Improvements 121,720 97,368
Shade Structure for Community Center 150,000 90,121
Total 12,841,066 12,271,023
Town of Yountville Management’s Discussion and Analysis Government-Wide Financial Statements
The government-wide financial statements are designed to provide readers with a broad overview of the Town of Yountville’s finances, in a manner similar to a private-sector business. Government-wide financial statements are prepared on an accrual basis, which means they measure the flow of all economic resources of the Town as a whole. Government-wide financial statements consist of the Statement of Net Position and the Statement of Activities.

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

The Statement of Activities presents information showing how the Town of Yountville’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. This is consistent with a full accrual concept, which may result in the reporting of revenues and expenses in the current fiscal year, with cash flows occurring in future fiscal periods (e.g., uncollected revenues; and earned but not used vacation leave).

Both of the government-wide financial statements distinguish functions of the Town of Yountville that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). An overview of the Town’s functions associated with each classification is listed below.

Governmental Activities – All of the Town's basic services are considered to be governmental activities. This includes law enforcement, fire and emergency services, planning and building, public works, parks and recreation, community center, community promotion, housing, and general administration. Transient occupancy taxes, sales taxes, property taxes, state, and federal grants finance most of these activities.

Charges for services, which include parks and recreation fees, are also used to help offset the costs of providing certain services.

Business-Type Activities – The Town’s enterprise activities include Waste and Wastewater operations.

Unlike governmental services, these services are fully supported by charges paid by users based on the amount of services they use.

The government-wide financial statements can be found on pages 35-36 of this report.

Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The Town, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements.

Fund financial statements provide detailed information about each of the Town's most significant funds, called major funds. Major funds are presented individually, with all non-major funds summarized and presented only in a single column. Subordinate schedules present the details of these non-major funds.

Major funds present the major activities of the Town for the fiscal year and may change from year to year as a result of changes in the pattern of the Town's activities. The Town's funds are segregated into three categories: governmental funds, proprietary funds, and fiduciary funds.

Town of Yountville Management’s Discussion and Analysis Governmental Funds
Governmental funds are used to account for essentially the same function reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental funds 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. This represents a modified accrual basis of accounting, with capital assets, long-lived assets, and long-term liabilities excluded from the financial statements. Such information may be useful in evaluating the Town's near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for the governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate the comparison between governmental funds and governmental activities.

The Town maintains multiple governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances for the General Fund, the Capital Projects Fund, Debt Service Fund, and the Measure T Fund.

These funds are considered to be major funds. Data from the other governmental funds are combined into a single aggregated presentation. Individual fund data for each of these non-major governmental funds is provided in the form of combining statements in the combining and individual fund statements and schedules section of this report. A budgetary comparison statement has been provided as required supplementary information for the General Fund and Measure T fund to demonstrate compliance with this budget. The governmental fund financial statements can be found on pages 38-41 of this report.

Proprietary Funds
The Town of Yountville has the following two enterprise funds which are proprietary funds: Water and Wastewater Funds which are considered major funds for the Town of Yountville. Enterprise funds provide the same type of information as business-type activities in the government-wide statements.

The basic proprietary fund financial statements can be found on pages 44-46 of this report.

Fiduciary Funds
Fiduciary funds are used to account for resources held for the benefit of parties outside the Town.

Fiduciary funds are not reported in the Government-Wide financial statements because the resources of these funds are not available to support the Town of Yountville’s own programs. The accounting for fiduciary funds is much like that used for business type activities. The Town did maintain two fiduciary funds during Fiscal Year 2023/2024, the Other Postemployment Benefit Trust fund and the Napa Valley Tourism Improvement District custodial fund as noted in pages 48-49.

NOTES TO THE FINANCIAL STATEMENTS
Notes to the Financial Statements provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes can be found immediately following the fund financial statements.

Town of Yountville Management’s Discussion and Analysis

OTHER INFORMATION
In addition to the basic financial statements and accompanying notes, this report also presents required supplementary information concerning the Town of Yountville’s funding progress for its employee pension and OPEB benefit obligations. The required supplementary information can be found on pages 89-95 of this report. The combining statements referred to earlier in connection with nonmajor governmental funds are presented immediately following the required supplementary information on pensions and OPEB as supplementary information. Combining and individual fund statements and schedules can be found on pages 99-132 of this report. The Town also provides comparative statements for its Water and Wastewater enterprise funds in the supplementary information section. An un-audited statistical section provides historical and current data on financial trends, revenue and debt capacity, demographic and economic information, and operating information. This information can be found on pages 137-154 of this document.

GOVERNMENT-WIDE FINANCIAL ANALYSIS
Over time, net position may serve as an indicator of a government’s financial position. In the case of the Town of Yountville, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $80.19 million at the close of the Fiscal Year 2023/2024. This represents an increase of $7.48 million over the prior year.

The following table summarizes the Town’s ending net position:

Net position of the Town’s governmental activities increased $5.22 million to $59.83 million. Approximately 20% of net position relating to governmental activities are unrestricted, and a significant portion, or $39.4 million, of the Town's net position reflects its investment in capital assets, (e.g., land, buildings, general government infrastructure, equipment, etc.), less accumulated depreciation and any outstanding that was debt used to acquire or construct those assets. Capital assets represent infrastructure which provide services to citizens and are not available for future spending. Although the Town‘s investment in capital assets is reported net of related debt, it should be noted that the resources to repay this debt must be 2024 2023 2024 2023 2024 2023
Assets
Current and other assets 27.23 $ 33.14 $ 10.94 $ $ 8.81 $ 38.17 $ 41.95 Capital assets 47.52 36.56 11.13 11.28 58.65 47.85
Total Assets $ 74.75 $ 69.70 $ 22.07 $ 20.10 $ 96.82 $ 89.80 Deferred Outflows of Resources $ 2.40 $ 2.21 $ 0.73 $ 0.67 $ 3.14 $ 2.88 Liabilities
Current and other liabilities $ 2.20 $ 1.67 $ 0.36 $ 0.57 $ 2.56 $ 2.24 Noncurrent liabilities 12.37 12.46 1.82 1.76 14.19 14.23 Total Liabilities $ 14.57 $ 14.14 $ 2.18 $ 2.33 $ 16.75 $ 16.47 Deferred Inflows of Resources $ 2.75 $ 3.17 $ 0.27 $ 0.33 $ 3.02 $ 3.50 Net Position
Net investment in capital assets $ 39.40 $ 27.65 $ 10.69 $ 10.68 $ 50.09 $ 38.34 Restricted 8.42 9.97 - - 8.42 9.97
Unrestricted 12.01 16.99 9.68 7.42 21.69 24.41
Total Net Position $ 59.83 $ 54.61 $ 20.36 $ 18.11 $ 80.19 $ 72.71 Table 1 - Net Position
Governmental Activities Business-Type Activities Total
Town of Yountville Management’s Discussion and Analysis provided from other sources, since the capital assets themselves cannot be used to liquidate the liabilities.

Total liabilities related to governmental activities increased by $.44 million mainly due to increases in net pension and net OPEB liabilities. The Town’s net pension liability as of June 30, 2024 was $4.3 million. The Town’s net OPEB liability as of June 30, 2024 was $.34 million. See Note 9 and Note 10 for detailed information related to pension plans and OPEB, along with the required supplementary information section of this report. Deferred Outflows of Resources and Deferred Inflows of Resources both increased, mostly due to pension and OPEB adjustments as well as the implementation of GASB 87 regarding Leases.

Total net position of the Town’s business-type activities increased $2.26 million, to $20.36 million. A business plan to eliminate ongoing deficits and provide the funding necessary for future infrastructure improvements was adopted in November 2022 and the second of five implementations was completed in January 2024. No deficits were reported in 2024.

At the end of the current fiscal year, the Town of Yountville is able to report a positive net position for the government as a whole. The reasons for the overall financial changes are discussed in the following sections for governmental and business-type activities.

Governmental Activities
As shown in the following Statement of Changes in Net Position schedule, the net position for governmental activities increased from $54.61 million in the prior year to $59.83 million in the current fiscal year. This increase is mostly attributed to higher investment earnings, planning revenue from development projects, and greater than expected Transient Occupancy Tax revenue collections. With total revenues for Fiscal Year 2023/2024 at $18.79 million and total expenses at $13.59 million, the change in net position for current activity was an increase of $5.22 million. An analysis of the changes in revenues and expenses by type of significant events follows:

Increase Increase
Functions/Programs 2024 2023 (Decrease) 2024 2023 (Decrease) Program Revenues
Charges for services $ 1.46 $ 1.17 $ 0.29 $ 4.94 $ 4.19 $ 0.75 Operating grants and contributions 1.44 1.46 (0.02) - - - Capital grants and contributions 0.85 0.85 (0.01) 0.20 0.25 (0.04) Total Program Revenues 3.74 3.47 0.27 5.14 4.44 0.71
General Revenues
Taxes 13.46 13.32 0.15 - - -
Investment earnings 1.53 0.55 0.97 0.37 0.13 0.24
Other revenues 0.05 0.03 0.03 1.27 0.00 1.27
Total Revenues 18.79 17.37 1.42 6.79 4.57 2.22
Expenses
General Government 4.41 3.97 0.43 - - -
Housing 0.08 0.10 (0.02) - - -
Public Safety 2.38 1.86 0.52 - - -
Public Works 3.73 3.31 0.42 - - -
Community Promotion 0.49 0.36 0.13 - - -
Parks and Recreation 2.24 2.10 0.15 - - -
Interest on fiscal charges 0.25 0.27 (0.01) - - -
Water Services - - - 1.76 1.52 0.24
Wastewater Services - - - 2.75 2.22 0.53
Total Expenses 13.59 11.98 1.61 4.51 3.74 0.77
Excess of Revenues Over Expenses 5.20 5.40 (0.20) 2.28 0.83 1.45 Transfers 0.02 (0.86) 0.89 (0.02) 0.86 (0.89)
Increase / (Decrease) in Net Position 5.22 4.53 0.69 2.26 1.70 0.56 Net Position, Beginning of Year 54.61 50.08 4.53 18.11 16.41 1.70 Net Position, End of Year $ 59.83 $ 54.61 $ 5.22 $ 20.36 $ 18.11 $ 2.26 Table 2 - Statement of Changes in Net Position
Governmental Activities Business-Type Activities
Town of Yountville Management’s Discussion and Analysis Governmental Revenues
The following chart summarizes the changes in revenues by category during Fiscal Year 2023/2024:

Significant changes in governmental revenues consisted of the following:
 Charges for Services revenue increased by approximately $.29 million or 25%. There was an increase in planning revenue from development projects and higher parks and recreation revenue due to increased program participation and facility rentals.  Investment Earnings increased by approximately $0.97 million or 175.5% as markets experienced an increase during Fiscal Year 2023/2024.
 Tax revenue remained consistent from year to year as it only increased by approximately $0.15 million or 1%. The following changes occurred:
o Property tax revenue increased but was offset by a decrease in Excess Educational Revenue Augmentation Fund (ERAF) which resulted in a total decrease of $0.24 million or 14.1%. o Transient Occupancy Tax revenue increased by $0.17 million or 1.9%. Fiscal Year 2023/2024 experienced lower room rates, yet higher occupancy rates, in comparison to the prior fiscal year. The positive balance of increased occupancy rates and lower room rates increased overall Transient Occupancy Tax revenue.
o Sales Tax revenues increased by $0.08 million or approximately 5.2% due a general increase in the cost of goods
Town of Yountville Management’s Discussion and Analysis Governmental Expenses
The Fiscal Year 2023/2024 expenses for Governmental Activities increased by $1.78 million, or 15%, as illustrated in the chart below:

Significant changes in governmental expenses primarily consisted of the following:
 General Government expenses increased by $0.43 million primarily due to increases in consulting services agreements and approved staff restructures.
 Public Safety expenses increased by $0.52 million due to an increase in contract costs for Sheriff services and Fire and Emergency Medical services.
 Public Works expenses increased by $0.42 million partially due to an increase in contract service costs, such as multiple emergency tree removals, along with new expenditures for maintenance and utilities related to the Yountville Commons property.
 Community promotion expenses increased by $0.13 million partially due to an increase to the cost of the agreement with the Yountville Chamber of Commerce, as well as the agreement with Napa Valley Transportation Authority, and the expansion of the Small Project Grant Program.  Parks and recreation expenses increased by $0.15 million partially due to continued growth of the camp program and increase in quality community programs.

Business-Type Activities
The Town’s business type activities represent the water and wastewater utility enterprise operation.

The Town purchases water from the state Veterans Home for resale to approximately 837 customers.

The sewer collection system operated by the Town serves about 770 customers. The Town also operates the wastewater treatment plant and has a cost-sharing agreement with the Veterans Home to provide services.

Total Program Revenue for business-type activities was $5.14 million comprised of $4.94 in charges for services and $0.20 million in capital grants. Total operating revenue from the prior year was $4.44 million.

Town of Yountville Management’s Discussion and Analysis Total Other Revenue for business-type activities increased by $1.27 million from the prior year due to property damage insurance received applicable to the Emergency Recycled Water Transmission Main Repair Project.

Total expenses for business-type activities were $4.51 million, which was an increase of approximately $0.77 million when compared to the prior year.

The following chart is a summary of the changes in revenues and expenses for the Town’s businesstype activities from Fiscal Year 2022/2023 to 2023/2024:

Business-Type activities should generate enough revenue to cover the cost of operations and capital infrastructure. Major cost increases included the cost to purchase water for resale, general cost increases for operating supplies and services, and expenses related to projects required to maintain compliance with state regulations and replace aging infrastructure.

In November 2022, the Town Council approved a five-year water/wastewater rate schedule to ensure the fiscal sustainability of the utility enterprises. The rate schedule was established to phase in the rate increases. The first annual rate increase was effective January 1, 2023 and will continue each January 1, through 2027.

FINANCIAL ANALYSIS OF THE TOWN’S GOVERNMENTAL FUNDS
As noted earlier, the Town of Yountville uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements.

The focus of the Town’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the Town’s financing requirements. In particular, the unassigned fund balance may serve as a useful measure of a government’s net resources available for discretionary use as they represent the portion of fund balance which has not yet been limited to use for a particular purpose by either an external party, the Town itself, or a group or individual that has been delegated authority to assign resources for particular purposes by the Town of Yountville’s Council.

Town of Yountville Management’s Discussion and Analysis The following table summarizes the changes in fund balance of the Major Funds and Other Nonmajor Governmental Funds:

In Fiscal Year 2023/2024, General Fund revenues exceeded expenditures by $5.38 million. As presented earlier in connection with governmental activities, revenues increased primarily due to higher investment earnings, planning revenue from development projects, and greater than expected Transient Occupancy Tax revenue collections. The total general fund expenditures prior to transfers were $11.11 million. Expenditures increased by approximately 15% primarily due to increases in public safety contract costs, consulting and contract services costs, new expenditures for maintenance and utilities related to the Yountville Commons property, and approved staffing restructures.

Other nonmajor governmental funds reflected an aggregate decrease to total fund balance. The Capital Projects fund had an increase in fund balance of $0.08 million as a net result of transfers in and expenditures out for capital project expenditures, primarily the purchase of the Yountville Commons property.

Required debt service payments were covered by General Fund Transfers, and the Debt Service Funds ended Fiscal Year 2023/2024 with a decrease to fund balance of $0.28 million. Measure T Fund ended the fiscal year with an increase to total fund balance of $0.46 million.

General Fund – Components of Fund Balance
The general fund is the chief operating fund of the Town of Yountville. At the end of the current fiscal year, the unassigned fund balance of the general fund was $5.8 million, and the total fund balance decreased to $14.85 million. This is a decrease to the total fund balance of $4.25 million, or 22%, from the prior year.

Capital Debt Nonmajor
General Projects Service Measure T Governmental
Fund Fund Fund Fund Funds Total
Total Revenues $ $ 0.12 16.50 $ 0.02 $ 0.70 $ 1.45 $ 18.78 Total Expenditures 12.09 11.11 0.90 0.24 0.71 25.05
Revenues Over (Under) Expenditures (11.98) 5.38 (0.88) 0.46 0.74 (6.27) Transfers In - 12.05 0.60 - 0.63 13.28
Transfers Out - (9.63) - - (3.62) (13.26)
Net Change in Fund Balances 0.08 (4.25) (0.28) 0.46 (2.25) (6.25) Beginning Fund Balances 1.83 19.10 0.34 0.54 8.11 29.91 Ending Fund Balances $ $ 1.90 14.85 $ 0.06 $ 1.00 $ 5.86 $ 23.66 Major Funds
Table 3 - Summary of Changes in Fund Balance - Governmental Funds Town of Yountville Management’s Discussion and Analysis The major components of the fund balance are shown below:

The following chart displays the fund balance allocations of the General Fund as of June 30, 2024:

Town of Yountville Management’s Discussion and Analysis The following chart displays the components of fund balance for governmental funds other than the General Fund:

CAPITAL ASSETS
The Town of Yountville’s investment in capital assets for its governmental and business-type activities as of June 30, 2024 amounts to $58.65 million (net of accumulated depreciation/amortization). This includes net capital assets from governmental activities of $47.52 million and net capital assets from business type activities at $11.13 million. The total increase in the Town of Yountville’s capital assets during the current fiscal year was $10.81 million. This includes a net increase of $10.96 million related to Governmental Activities and a net decrease of $.15 million related to Business-type Activities.

The following table summarizes the Town’s capital assets at the end of the year:

Additional details and information on capital asset activity is described in the notes to the financial statements, Note 6.
2024 2023 2024 2023 2024 2023 % Change
Land $ 1.73 7.62 $ $ 0.01 $ 0.01 $ 7.62 $ 340.46% 1.73
Construction-in-Progress 0.05 5.87 0.91 0.72 6.78 0.77 776.39% Buildings 13.33 12.90 0.01 0.01 12.91 13.34 -3.23%
Improvements other than building 2.54 2.45 - - 2.45 2.54 -3.53% Infrastructure 17.87 17.68 10.07 10.39 27.75 28.27 -1.83% Machinery and equipment 0.71 0.82 0.13 0.15 0.95 0.86 10.01% Subscrition-based assets 0.33 0.19 - - 0.19 0.33 -43.36% Total Capital Assets, Net $ 36.56$ 47.52 11.13$ $ 11.28 $ 58.65 $ 47.85 22.59% Table 4 - Capital Assets at Year End - Net
Business-type Activities
Governmental
Activities Total
Town of Yountville Management’s Discussion and Analysis

DEBT ADMINISTRATION
During the year, Long-Term Debt from governmental activities decreased by $0.8 million, while LongTerm Debt attributable to business type activities decreased by $0.16 million. The decreases were a result of debt service payments.

The following table summarizes the Town’s debt at the end of the year:

Additional detail and information on long-term debt activity is described in the notes to the financial statements, Note 7.

GENERAL FUND BUDGETARY HIGHLIGHTS
Changes from the Town's General Fund original budget to the final budget are detailed in the Required Supplementary Information section along with a comparison to actual activity for the year ended. In Fiscal Year 2023/2024, the Town originally estimated the general fund would have a surplus of $229,425 and would not need to draw-down from fund balance to maintain normal operations. Due to accumulated savings from prior years, increased performance in revenues, and steadily maintaining expenditure levels over the last few fiscal years, the Town had sufficient fund balance to transfer cash to other funds and programs to purchase the former Yountville Elementary School site, fund capital projects, fund existing reserves, and repay loans.

Revenues
The General Fund adopted and final revenue budgets were $13.72 and $13.99 million. A review of the 2023/2024 budget shows actual revenues recorded were $16.5 million or 20% more than the Town’s original budget. This increase in revenues was mainly contributed to receiving 153% more in investment earnings, 66% more in Charges for Services, and 11% more TOT collections.

Expenditures
The General Fund adopted expenditure budget was $12.09 million and the final budget was $12.7 million. Actual expenditures totaled $11.11 million, which is 8% less than the Town’s original budget. 2024 2023 % Change
2017 Lease Revenue Refunding Bonds $ 6.83 $ 7.14 -4.41% Unamortized Premiums 0.31 0.33 -5.88%
2020 Financing Lease - Direct Borrowing 1.35 1.02 -24.43% Subscriptions 0.19 0.33 -42.70%
Total outstanding long-term debt 8.35 $ 9.15 $ -8.79%
2024 2023 % Change
State Revolving Loan 0.44 0.60 -25.65%
Total outstanding long-term debt 0.44 $ 0.60 $ -25.65%
Table 5 - Outstanding Long-Term Debt at Year End
Governmental Activities
Business-type Activities
Town of Yountville Management’s Discussion and Analysis The bulk of general fund savings was generated by less Contract Services activity than originally anticipated and salary savings from staff turnover.

ECONOMIC FACTORS AND NEXT YEAR’S BUDGET AND RATES
The Town Council adopted a balanced biennial budget for 2024/2025 and 2025/2026 on May 21, 2024.

Key items for the 2024/2025 budget include:
 General Fund revenues are estimated to be $15.28 million.  General Fund expenditures of $13.85 million are within the available revenue stream.  The budget maintains existing levels of service and accommodates additional expenditures that will be incurred based on the acquisition of the former Yountville Elementary School site.  Town Council approved an increase in number of full-time employees from 34 to 36 due to the reinstatement of the Recreation Coordinator in the Parks and Recreation Department and the addition of a Maintenance Worker in the Public Works Department.  Implements the third year of a five year labor agreement with the employee groups and includes a 2.8% Cost of Living Adjustment (COLA) as of July 1, 2024.  Maintained and/or increased fund balances:
o Committed for Insurance and Claims Retention $50,000
o Assigned for Budget and Legal Contingency $657,793
o Assigned for Leave Buy Out $160,000
o Assigned for Workers Comp Self Insured Retention $20,000 o Assigned for Purchase Orders $200,000
o General Fund Reserve (Emergency) $2,813,366
o General Fund Reserve (Contingency) $2,122,363
o Utility Enterprise Capital Projects Reserve Fund $1,472,172 o Water Enterprise Drought Emergency Reserve Fund $2,061,563 Key infrastructure projects include: Yountville Commons, Community Center Enhancements, Vineyard Park Enhancement, Washington Street South Parking Lot, Water Lateral Lead Testing and Assessment, Water System Inter Tie Projects, and Sewer Main Replacement and Repair Program.

REQUEST FOR FINANCIAL INFORMATION
This financial report is designed to provide our citizens, taxpayers, customers, investors, and creditors with a general overview of the Town’s finances and to demonstrate the Town’s accountability for the money it receives and spends. If you have questions about this report or need additional financial information, contact the Finance Director, Town of Yountville, 6550 Yount Street, Yountville, CA 94599 or visit the Town’s website at: www.townofyountville.com.

BASIC FINANCIAL STATEMENTS
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Town of Yountville
Statement of Net Position
June 30. 2024
BusinessGovernmental Type
ASSETS Activities Activities Total
Current Assets:

Cash and investments 16,963,374 $ 9,196,748 $ 26,160,122 $ Restricted cash and investments with fiscal agents 3,662,646 - 3,662,646 Receivables:

Taxes receivable 2,232,683 - 2,232,683
Accounts receivable 39,655 1,658,621 1,698,276
Interest receivable 158,553 87,167 245,720
Lease receivable, current 435,393 - 435,393
Due from other governments 175,297 - 175,297
Total Current Assets 23,667,601 10,942,536 34,610,137
Noncurrent Assets:

Leases receivable 1,716,319 - 1,716,319
Loans receivable 1,844,981 - 1,844,981
Capital Assets:

Nondepreciable 918,801 14,405,981 13,487,180
Depreciable, net of accumulated depreciation 34,034,999 10,212,303 44,247,302 Total Capital Assets, Net 47,522,179 11,131,104 58,653,283 Total Noncurrent Assets 51,083,479 11,131,104 62,214,583 Total Assets $ 74,751,080 $ 22,073,640 $ 96,824,720

DEFERRED OUTFLOWS OF RESOURCES
Pension Adjustments $ 1,839,850 $ 625,593 $ 2,465,443
OPEB Adjustments 336,465 108,596 445,061
Deferred Loss on Refunding 224,716 - 224,716
Total Deferred Outflows of Resources $ 2,401,031 $ 734,189 $ 3,135,220

LIABILITIES
Current Liabilities:

Accounts payable $ 1,076,809 $ 183,463 $ 1,260,272
Other current liabilities 300,937 - 300,937
Interest payable 20,000 5,282 25,282
Compensated absences, due within one year 46,828 12,228 59,056 Long-term debt, due within one year 757,625 156,219 913,844 Total Current Liabilities 2,202,199 357,192 2,559,391
Noncurrent Liabilities:

Net pension liability 4,304,167 1,386,738 5,690,905
Net OPEB liability 338,169 109,146 447,315
Compensated absences, due in more than one year 140,483 36,683 177,166 Long-term debt and other liabilities - due in more than one year 7,587,773 288,070 7,875,843 Total Noncurrent Liabilities 12,370,592 1,820,637 14,191,229 Total Liabilities $ 14,572,791 $ 2,177,829 $ 16,750,620

DEFERRED INFLOWS OF RESOURCES
Leases $ 2,028,314 $ - $ 2,028,314
Pension Adjustments 69,963 55,087 125,050
OPEB Adjustments 652,877 210,720 863,597
Total Deferred Inflows of Resources $ 2,751,154 $ 265,807 $ 3,016,961

NET POSITION
Net investment in capital assets $ 39,401,497 $ 10,686,815 $ 50,088,312 Restricted for:

Streets 1,872,042 - 1,872,042
Housing 2,253,229 - 2,253,229
Cultural programs 255,699 - 255,699
Other 316,262 - 316,262
Pension stabilization 3,662,285 - 3,662,285
Debt service 56,119 - 56,119
Total Restricted 8,415,636 - 8,415,636
Unrestricted 12,011,033 9,677,378 21,688,411
Total Net Position $ 59,828,166 $ 20,364,193 $ 80,192,359 The accompanying notes are an integral part of these financial statements.

Town of Yountville
Statement of ActivitiesFor the Year Ended June 30, 2024 Operating Capital
Charges for Grants and Grants and Governmental Business-Type Functions/Programs Expenses Services Contributions Contributions Total Activities Activities TotalPrimary Government:

Governmental Activities:

General Government 4,406,393 $ 836,238 $ 298,147 $ - $ 1,134,385 $ (3,272,008) $ (3,272,008) $ Housing 83,696 -783,044 - 783,044 699,348 699,348
Public Safety 2,383,388 888 186,159 - 187,047 (2,196,341) (2,196,341) Public Works 3,731,367 33,786 12,574 846,525 892,885 (2,838,482) (2,838,482) Community Promotion 489,931 19,139 76,789 - 95,928 (394,003) (394,003) Parks and Recreation 2,241,980 565,877 84,446 - 650,323 (1,591,657) (1,591,657) Interest and fiscal charges 252,688 - - - - (252,688) (252,688) Total Governmental Activities $ 13,589,443 $ 1,455,928 $ 1,441,159 $ 846,525 $ 3,743,612 (9,845,831) (9,845,831) Business-Type Activities:

Water Services $ 1,759,556 $ 1,973,420 $ - $ 1,973,420 - $ $ 213,864 213,864 Wastewater Services 2,754,569 2,969,119 - 201,678 3,170,797 416,228 416,228 Total Business-Type Activities $ 4,942,539 4,514,125 $ -$ $ 201,678 $ 5,144,217 630,092 630,092 General Revenues:

Taxes:

Property taxes - 2,479,199 2,479,199
Sales and use taxes - 1,712,773 1,712,773Transient occupancy taxes 8,924,671 - 8,924,671 Franchise taxes 347,998 - 347,998
Total taxes - 13,464,641 13,464,641
Investment earnings (loss) 1,529,023 374,247 1,903,270
Insurance reimbursements - 1,263,857 1,263,857
Other revenues 51,353 10,631 61,984
Total General Revenues 15,045,017 1,648,735 16,693,752
Transfers 20,693 (20,693) -
Total General Revenues and Transfers 15,065,710 1,628,042 16,693,752 Change in Net Position 5,219,879 2,258,134 7,478,013
Net Position - Beginning of Year 54,608,287 18,106,059 72,714,346 Net Position - End of Year $ 59,828,166 $ 20,364,193 $ 80,192,359 The accompanying notes are an integral part of these financial statements.

Program Revenues

GOVERNMENTAL FUND FINANCIAL STATEMENTS
General Fund is the Town's primary operating fund. It accounts for all financial resources of general government, except those required to be accounted for in another fund.

Capital Projects Fund accounts for the resources accumulated for the acquisition of fixed assets or construction of major capital projects not being financed by proprietary funds. Significant maintenance projects and major purchases of equipment are also accounted for in the capital projects fund.

Debt Service Fund is used to accumulate resources for repayment of the revenue bonds and capital lease arrangements.

Measure T Fund is used to account for revenue received from the Measure T Ordinance (Napa Countywide Road Maintenance Act) that collects a half cent sales tax going toward projects that improve streets, sidewalks, and related street infrastructure improvements.

Town of Yountville
Balance Sheet
Governmental Funds
June 30. 2024
Capital Debt Nonmajor Total
General Projects Service Measure T Governmental Governmental Fund Fund Fund Fund Funds Funds
ASSETS
Cash and investments $ 10,009,587 $ 2,032,876 $ 53,801 $ 706,457 $ 4,160,653 $ 16,963,374 Cash with fiscal agent 3,662,285 - 361 - - 3,662,646
Taxes receivable 1,955,398 - - 125,137 152,148 2,232,683 Accounts receivable 39,655 - - - - 39,655
Interest receivable 90,266 22,222 1,957 6,803 37,305 158,553 Due from other governments 5,259 - - 156,614 13,424 175,297 Due from other funds - - - - 17,753 17,753
Leases receivable 2,151,712 - - - - 2,151,712
Loans receivable - - - - 1,844,981 1,844,981
Total assets $ 17,914,162 $ 2,055,098 $ 56,119 $ 995,011 $ 6,226,264 $ 27,246,654

LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES Liabilities:

Accounts payable $ 720,794 $ 151,439 $ - $ - $ 204,576 $ 1,076,809 Other liabilities 299,623 - - - 1,314 300,937
Due to other funds 17,753 - - - - 17,753
Total liabilities 1,038,170 151,439 - - 205,890 1,395,499 Deferred Inflows of Resources:

Leases 2,028,314 - - - - 2,028,314
Unavailable revenues - - - - 163,530 163,530
Total deferred inflows of resources 2,028,314 - - - 163,530 2,191,844 Fund Balances:

Nonspendable
Leases 123,398 - - - - 123,398
Restricted:

Streets - - - 995,011 877,031 1,872,042
Housing - - - - 2,253,229 2,253,229
Cultural programs - - - - 255,699 255,699
Other - - - - 316,262 316,262
Pension stabilization 3,662,285 - - - - 3,662,285
Debt service - - 56,119 - - 56,119
Total restricted 3,662,285 - 56,119 995,011 3,702,221 8,415,636 Committed:

Claims 50,000 - - - - 50,000
Capital projects 1,903,659 - - - - 1,903,659
General fund reserve - emergency (MC 2.52.020) 2,857,409 - - - - 2,857,409 Utility enterprise capital projects 1,736,242 - - - - 1,736,242 OPEB and pensions 4,139 - - - - 4,139
Total committed 4,647,790 1,903,659 - - - 6,551,449
Assigned:

Leave buy out 30,942 - - - - 30,942
Legal claims 75,000 - - - - 75,000
Workers compensation self-insurance retention 20,000 - - - - 20,000 Capital projects - - - - 2,154,623 2,154,623
Budget contingency 292,927 - - - - 292,927
Outstanding purchase orders 200,000 - - - - 200,000
Total assigned 618,869 - - - 2,154,623 2,773,492
Unassigned
General fund reserve - contingencies 2,143,057 - - - - 2,143,057 Unassigned 3,652,279 - - - - 3,652,279
Total unassigned 5,795,336 - - - - 5,795,336
Total fund balances 14,847,678 1,903,659 56,119 995,011 5,856,844 23,659,311 Total liabilities, deferred inflows of
resources and fund balances $ 17,914,162 $ 2,055,098 $ 56,119 $ 995,011 $ 6,226,264 $ 27,246,654 The accompanying notes are an integral part of these financial statements.

Major Funds
Town of Yountville
Reconciliation of the Government Funds Balance Sheet
to the Government-Wide Statement of Net Position
June 30. 2024
Total Fund Balances - Total Governmental Funds $ 23,659,311 Amounts reported for governmental activities in the statement of net position were different because:

Capital assets used in governmental activities were not current financial resources. Therefore, they were not reported in the Governmental Funds Balance Sheet. The capital assets were adjusted as follows:

Capital assets 65,761,104
Less: accumulated depreciation (18,238,925)
Total Capital Assets 47,522,179
Interest payable on long-term debt did not require current financial resources. Therefore, interest payable was not reported as a liability in Governmental Funds Balance Sheet. (20,000) The differences from benefit plan assumptions and estimates versus actuals are not included in the plan's actuarial study until the next fiscal year and are reported as deferred inflows or deferred outflows of resources in the statement of net position. 1,453,475 The difference between the carrying value of refunded debt and the reacquisition price is deferred and amortized over the shorter of the remaining life of the refunded debt or the refunding debt. 224,716 Liabilities were reported for certain revenues that were not available to pay current period expenditures and were reported as unearned in the fund statements. 163,530 Long-term obligations were not due and payable in the current period. Therefore, they were not reported in the Governmental Funds Balance Sheet. The long-term liabilities were adjusted as follows:

Long-term debt and other liabilities (8,345,398)
Compensated absences (187,311)
Net pension liability (4,304,167)
Net OPEB liability (338,169)
Total Long-Term Obligations (13,175,045)
Net Position of Governmental Activities $ 59,828,166
The accompanying notes are an integral part of these financial statements.

Town of Yountville
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds
For the Year Ended June 30, 2024
Capital Debt Nonmajor Total
General Projects Service Measure T Governmental Governmental Fund Fund Fund Fund Funds Funds

REVENUES
Property taxes $ 2,479,199 $ - $ - $ - $ - $ 2,479,199
Sales taxes 1,712,773 - - - - 1,712,773
Transient occupancy tax 8,924,671 - - - - 8,924,671
Other taxes 160,244 - - - 946,159 1,106,403
Licenses and permits 226,006 - - - 18,939 244,945
Fines and forfeitures 81,825 - - - - 81,825
Intergovernmental 210,565 - - 679,540 191,886 1,081,991 Interest 1,152,107 113,361 20,663 18,764 218,023 1,522,918 Rent and concessions 407,886 - - - - 407,886
Charges for Services 719,528 4,998 - - 10,949 735,475
Other Revenue 420,878 15 - - 63,545 484,438
Total Revenues 16,495,682 118,374 20,663 698,304 1,449,501 18,782,524

EXPENDITURES
Current:

General Government 3,837,786 - - - 112,376 3,950,162
Housing - - - - 78,833 78,833
Public Safety 2,244,909 - - - - 2,244,909
Public Works 2,613,993 - - - 28,538 2,642,531
Community Promotion 432,201 - - - 29,264 461,465
Parks and Recreation 1,834,708 - - - - 1,834,708
Capital outlay - 12,094,540 - 238,453 459,931 12,792,924 Debt service
Principal 140,252 - 645,000 - - 785,252
Interest and fiscal charges 7,373 - 251,721 - - 259,094 Total Expenditures 11,111,222 12,094,540 896,721 238,453 708,942 25,049,878 Excess (Deficiency) of Revenues over Expenditures 5,384,460 (11,976,166) (876,058) 459,851 740,559 (6,267,354)

OTHER FINANCING SOURCES (USES)
Transfers in 32 12,051,905 595,043 - 629,725 13,276,705 Transfers out (9,634,150) - - - (3,621,862) (13,256,012) Total Other Financing Sources (Uses) 12,051,905 (9,634,118) 595,043 - (2,992,137) 20,693 Net Change in Fund Balances (4,249,658) 75,739 (281,015) 459,851 (2,251,578) (6,246,661) Fund Balances Beginning 19,097,336 1,827,920 337,134 535,160 8,108,422 29,905,972 Fund Balances Ending $ 14,847,678 $ 1,903,659 $ 56,119 $ 995,011 $ 5,856,844 $ 23,659,311 The accompanying notes are an integral part of these financial statements.

Major Funds
Town of Yountville
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, 2024
Net Change in Fund Balances - Total Governmental Funds $ (6,246,661) Amounts reported for governmental activities in the Statement of Activities and Changes in net position were different because:

Governmental Funds report capital outlay as expenditures. However, in the Government-Wide Statement of Activities and Changes in net position, the cost of those assets was allocated over their estimated useful lives as depreciation/amortization expense.

Capital outlay 12,390,303
Depreciation/amortization expense (1,432,492)
Compensated absences not required to be paid with current financial resources are not reported in the governmental funds, but are accrued as noncurrent liabilities in the Government Wide Statement Net Position. The change from prior year accrued compensated absences is reported in the applicable (2,116) program expense.

Certain revenues were not recorded or recorded as unearned revenue in the governmental funds because they did not meet the revenue recognition criteria of availability. However, they were included as revenue in the Government-Wide Statement of Activities under the full accrual basis. 6,105 The difference between the carrying value of refunded debt and the reacquisition price is deferred and amortized over the shorter of the remaining life of the refunded debt or the refunding debt. (14,045) In governmental funds, actual contributions to benefit plans are reported as expenditures in the year incurred. However, in the government-wide statement of activities, only the current year benefit expense as noted in the plans' valuation reports is reported as an expense, as adjusted for deferred inflows and outflows of resources. (291,832)
Repayment of long-term debt was an expenditure in governmental funds, but the repayment reduced long-term liabilities in the Government-Wide Statement of Net Position. 785,252 Premiums from the issuance of long-term debt are amortized over the life of the bonds in the Statement of Activities and reported as proceeds when issued in governmental funds. 19,451 Certain expenses reported in the statement of activities do not require the use of current financial resources and are not reported as expenditures in the fund statements as follows:

Other postemployment benefits 4,914
Interest expense on long-term debt was reported in the Government-Wide Statement of Activities and Changes in net position, but it did not require the use of current financial resources. Therefore, interest expense was not reported as expenditures in governmental funds. The following amount represented the net change in accrued interest from from prior year. 1,000
Change in Net Position of Governmental Activities $ 5,219,879 The accompanying notes are an integral part of these financial statements.

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PROPRIETARY FUND FINANCIAL STATEMENTS
Water Service Fund accounts for the activities associated with providing water services.

Wastewater Fund accounts for the wastewater treatment plant and wastewater pumping stations and collection systems.

Town of Yountville
Statement of Net Position
Proprietary Funds
June 30. 2024
Water Wastewater
Fund Funds Total
ASSETS
Current assets:

Cash and cash equivalents $ 3,341,112 $ 5,855,636 $ 9,196,748 Accounts receivable 193,877 1,464,744 1,658,621
Interest receivable 31,393 55,774 87,167
Total current assets 3,566,382 7,376,154 10,942,536
Noncurrent assets:

Capital assets:

Non-depreciable - 918,801 918,801
Depreciable, net 2,807,844 7,404,459 10,212,303
Total capital assets, net 2,807,844 8,323,260 11,131,104 Total noncurrent assets 2,807,844 8,323,260 11,131,104
Total assets $ 6,374,226 $ 15,699,414 $ 22,073,640

DEFERRED OUTFLOWS OF RESOURCES
Pension adjustments $ 182,211 $ 443,382 $ 625,593
OPEB adjustments 31,601 76,995 108,596
Total deferred outflows of resources $ 213,812 $ 520,377 $ 734,189

LIABILITIES
Current liabilities:

Accounts payable $ 41,303 $ 142,160 $ 183,463
Interest payable - 5,282 5,282
Compensated absences, due within one year 4,429 7,799 12,228 Loans payable, due within one year - 156,219 156,219
Total current liabilities 45,732 311,460 357,192
Noncurrent liabilities:

Net OPEB liability 77,385 31,761 109,146
Net pension liability 403,961 982,777 1,386,738
Compensated absences, due in more than one year 13,288 23,395 36,683 Loans payable, due in more than one year - 288,070 288,070 Total noncurrent liabilities 449,010 1,371,627 1,820,637 Total liabilities $ 494,742 $ 1,683,087 $ 2,177,829

DEFERRED INFLOWS OF RESOURCES
Pension adjustments $ 16,071 $ 39,016 $ 55,087
OPEB adjustments 61,319 149,401 210,720
Total deferred inflows of resources $ 77,390 $ 188,417 $ 265,807

NET POSITION
Net Investment in capital assets $ 2,807,844 $ 7,878,971 $ 10,686,815 Unrestricted 3,208,062 6,469,316 9,677,378
Total net position $ 6,015,906 $ 14,348,287 $ 20,364,193 The accompanying notes are an integral part of these financial statements.

Business-Type Activities
Enterprise Funds
Town of Yountville
Statement of Revenues, Expenses and Changes in Fund Net Position Proprietary Funds
For the Year Ended June 30, 2024
Water Wastewater
Fund Funds Total

OPERATING REVENUES
Charges for services $ 1,973,420 $ 2,969,119 $ 4,942,539 Other 10,631 - 10,631
Total operating revenues 1,984,051 2,969,119 4,953,170

OPERATING EXPENSES
Personnel services 611,258 1,141,820 1,753,078
Utilities 12,954 227,920 240,874
Purchased water 765,665 - 765,665
Supplies and materials 239,232 995,358 1,234,590
Insurance and claims 41,224 82,620 123,844
Depreciation 89,223 297,319 386,542
Total operating expenses 1,759,556 2,745,037 4,504,593
Operating income (loss) 224,495 224,082 448,577

NONOPERATING REVENUES(EXPENSES)
Insurance reimbursements 1,263,857 - 1,263,857
Interest expense - (9,532) (9,532)
Investment earnings 136,291 237,956 374,247
Total nonoperating revenues(expenses) 136,291 1,492,281 1,628,572 Income (loss) before operating transfers 360,786 1,716,363 2,077,149 Capital contributions - 201,678 201,678
Transfers in 4,675 4,675 9,350
Transfers out - (30,043) (30,043)
Net contributions and transfers 4,675 176,310 180,985
Change in net position 365,461 1,892,673 2,258,134
Total net position - beginning 5,650,445 12,455,614 18,106,059 Total net position - ending $ 6,015,906 $ 14,348,287 $ 20,364,193 The accompanying notes are an integral part of these financial statements.

Business-Type Activities
Enterprise Funds
Town of Yountville
Statement of Cash Flows
Proprietary Funds
For the Year Ended June 30, 2024
Water Wastewater
Fund Funds Total
Cash flows from operating activities:

Receipts from customers 1,958,463 $ 1,877,949 $ 3,836,412 $ Payments to suppliers (1,268,185) (1,305,382) (2,573,567) Payments to employees (592,629) (1,078,257) (1,670,886) Net cash provided (used) by operating activities 97,649 (505,690) (408,041) Cash flows from noncapital financing activities:

Payments from other governments - - -
Interfund transactions 4,675 (25,368) (20,693)
Net cash provided (used) by noncapital financing activities 4,675 (25,368) (20,693) Cash flows from capital financing activities:

Acquisition of capital assets (235,242) - (235,242)
Proceeds from capital contributions 201,678 - 201,678
Insurance reimbursements 1,263,857 - 1,263,857
Principal payments on long-term debt (153,306) - (153,306) Interest paid on long-term debt (11,354) - (11,354)
Net cash provided (used) by capital financing activities 1,065,633 - 1,065,633 Cash flows from investing activities:

Investment income (loss) 123,880 217,793 341,673
Net cash provided (used) by investing activities 123,880 217,793 341,673 Net increase (decrease) in cash and cash equivalents 226,204 752,368 978,572 Cash and cash equivalents - beginning 3,114,908 5,103,268 8,218,176 Cash and cash equivalents - ending $ 3,341,112 $ 5,855,636 $ 9,196,748 Reconciliation of operating income to net cash provided (used) by operating activities:

Operating income (loss) $ 224,495 $ 224,082 $ 448,577
Adjustments to reconcile operating income (loss)
to net cash provided (used) by operating activities:

Depreciation 89,223 297,319 386,542
Change in operating assets and liabilities:

Accounts receivables (25,588) (1,091,170) (1,116,758)
Deferred outflows of resources (18,900) (46,053) (64,953) Accounts payable (209,110) 516 (208,594)
Compensated absences (8,323) (2,095) (10,418)
Net OPEB liability 26,363 64,235 90,598
Net pension liability 37,647 91,731 129,378
Deferred inflows of resources (18,158) (44,255) (62,413) Net cash provided (used) by operating activities $ 97,649 $ (505,690) $ (408,041) The accompanying notes are an integral part of these financial statements.

Business-Type Activities
Enterprise Funds

FIDUCIARY FUND FINANCIAL STATEMENTS
OPEB Trust Funds
Other Postemployment Benefit Trust Fund accounts for contributions made to the Town's established IRC section 115 irrevocable trust fund with PARS (Public Agency Retirement Services) created as part of the Town's OPEB (other postemployment benefits) funding policy.

Custodial Funds
Custodial Funds accounts for assets collected on behalf of the Napa Valley Tourism Improvement District.

Town of Yountville
Statement of Fiduciary Net Position
Fiduciary Funds
June 30. 2024
Napa Valley
Tourism
Other Improvement
Postemployment District
Benefit Custodial
Trust Fund
ASSETS
Cash and investments $ 561,144 - $
Assessments receivable 196,185 -
Interest receivable 5,117 -
Investments at fair value:

PARS Mutual Fund 6,173,461 -
Total assets $ 762,446 6,173,461 $

LIABILITIES
Accounts payable $ 226,991 - $
Total liabilities $ 226,991 - $

NET POSITION
Restricted for Napa Valley Tourism Imp. District - $ 535,455 $ Restricted for other postemployment benefits 6,173,461 - Total Net Position $ 535,455 6,173,461 $
The accompanying notes are an integral part of these financial statements.

Town of Yountville
Statement of Changes in Fiduciary Net Position
Fiduciary Funds
For the Year Ended June 30, 2024
Napa Valley
Tourism
Other Improvement
Postemployment District
Benefit Custodial
Trust Fund

ADDITIONS
Assessments - $ 1,487,446 $
Employer contributions 104,095 -
Investment income:

Net increase (decrease) in fair value and investment earnings 665,556 17,548 Investment fees (31,602) -
Net investment earnings (losses) 633,954 17,548
Total additions 1,504,994 738,049

DEDUCTIONS
Payment to Town to reimburse benefits paid 262,712 -
Payments of assessments to other governments - 1,473,209 Other deductions - 14,963
Total deductions 1,488,172 262,712
Change in net position 475,337 16,822
Total net position - beginning 5,698,124 518,633
Total net position - ending 6,173,461 $ 535,455 $
The accompanying notes are an integral part of these financial statements.

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NOTES TO THE BASIC

FINANCIAL STATEMENTS
Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The basic financial statements of the Town of Yountville, California, (the Town) have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental agencies.

The Governmental Accounting Standards Boards (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The more significant of the Town's accounting policies are described below.

A. Financial Reporting Entity
The Town of Yountville is a municipal corporation governed by an elected mayor and four-member council. The Town provides customary municipal services including general governmental activities, law enforcement, fire and emergency services, streets, maintenance, parks and recreation activities, water and wastewater utility services. Public safety police and fire services are provided to the Town through contractual arrangements with the County of Napa. Accordingly, the Town does not employ resident public safety personnel. The Town and State of California, Department of Veterans Affairs, have an agreement, which provides for the operation of a joint wastewater treatment facility. Under the agreement, the Town purchased the State’s then existing treatment plant and land for a price equal to 50 percent of its wastewater treatment plant and facility. Under the agreement, the Town’s plant is to provide capaTown in the treatment facility for a maximum daily flow capaTown not to exceed one million gallons per day originating from the Veterans Home of California. Under the agreement, the State of California is to pay an annual service charge to the Town for a pro rata share of the cost of operating and maintaining the Town’s treatment facility. The State of California is also to pay annually to the Town capital replacement charges, which are to be matched in an equal amount by the Town.

The Town and Veterans Home of California also have a water purchase agreement whereby the Town purchases water from the Veterans Home Rector Reservoir for use in the Town’s municipal water enterprise. The Town’s obligations to pay for purchased water are allowed to be offset against the obligations of the State of California to the Town for wastewater treatment services purchased by the State.

As required by GAAP, these basic financial statements present the Town and its component units, entities for which the Town is considered to be financially accountable. The Town Council acts as the governing board. In addition, the Town staff performs all administrative and accounting functions for these entities and these entities provide their services entirely to the Town. Blended component units, although legally separate entities are, in substance, part of the Town's operations and data from these units are combined with data of the Town. Discretely presented component units, on the other hand, are reported in a separate column in the government-wide financial statements to emphasize their legal separateness from the Town. Each blended component unit has a June 30 year-end. The following entities are reported as blended component units:

Yountville Financing Authority
The Yountville Financing Authority was established solely to assist the Town in the issuance of certain revenue bonds. It is controlled by and financially dependent on the Town; its financial activities were accounted for in the Debt Service Fund. The Town Council members serve as the Board of the Yountville Financing Authority.

Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
Yountville Housing Authority
The Yountville Housing Authority was established to promote and assist in the development of affordable housing. It is controlled by and financially dependent on the Town; its financial activities were accounted for in the Housing Opportunity Fund. The Town Council members serve as the Board of the Yountville Housing Authority.

The Town of Yountville annually contracts with the City of Napa for Affordable Housing services. The Town's Housing Programs, which are required with the Town's General Plan Housing Element by the State of California, require subsidy from the General Fund to support mandatory and necessary operations.

Yountville Parking Authority
The Yountville Parking Authority was formed as a joint exercise powers agency (JPA) organized under the laws of the State of California. The Parking Authority is authorized to own, hold, and improve real or personal property and to purchase, lease, obtain an option upon, acquire by gift, grant, bequest, devise, or otherwise, any real or personal property or any interest in property and sell, lease, exchange, transfer, assign, pledge, or dispose of any real or personal property or any interest or right for the purpose of providing and maintaining parking facilities pursuant to the provisions of the California Streets and Highways Code. The Town Council serves as the Board of the Parking Authority. It is controlled by and financially dependent on the Town; its financial activities were accounted for in the Debt Service Fund.

Town of Yountville Community Foundation
The Town of Yountville Community Foundation was formed by reorganization of the Yountville School Foundation (Community Foundation). The Community Foundation provides cultural arts programs, music, visual, and performing arts programs, and other services to the Town of Yountville. The Town provides accounting services to the Foundation. The Town controls the appointment of members of the Community Foundation’s Board. The Community Foundation provides services entirely for the benefit of the Town.

Separate financial statements are not issued by the Town for these component units.

The Town applies all applicable GASB pronouncements for certain accounting and financial reporting guidance. In December of 2010, GASB issued Statement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements.

GASB 62 incorporates pronouncements issued on or before November 30, 1989 into GASB authoritative literature. In June of 2015, GASB issued Statement No. 76, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments. GASB 76 supersedes Statement No. 55, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments. GASB 76 also amends GASB 62 and AICPA Pronouncements paragraphs 64, 74, and 82. The GAAP hierarchy sets forth what constitutes GAAP for all state and local governmental entities. It establishes the order of priority of pronouncements and other sources of accounting and financial reporting guidance that a governmental entity should apply. The sources of authoritative GAAP are categorized in descending order of authority as follows:
a. Officially established accounting principles—Governmental Accounting Standards Board (GASB) Statements (Category A)
b. GASB Technical Bulletins; GASB Implementation Guides; and literature of the AICPA cleared by the GASB (Category B).

Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
If the accounting treatment for a transaction or other event is not specified by a pronouncement in Category A, a governmental entity should consider whether the accounting treatment is specified by a source in Category B.

Basis of Accounting and Measurement Focus
The accounts of the Town 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 comprise its assets, deferred outflows of resources, liabilities, deferred inflows of resources, fund equity, revenues, and expenditures or expenses, as appropriate. These funds are established for the purpose of carrying out specific activities or certain objectives in accordance with specific regulations, restrictions, or limitations. 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 Town's government-wide financial statements include a Statement of Net Position and a Statement of Activities and Changes in Net Position. These statements present summaries of governmental and business-type activities for the Town. Fiduciary activities of the Town are not included in these statements. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support.

These statements are presented on an "economic resources" measurement focus and the accrual basis of accounting. Accordingly, all of the Town's assets, deferred outflows of resources, liabilities, deferred inflows of resources, 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. The Statement of Activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those clearly identifiable with a specific function or segment. Certain types of transactions are reported as program revenues for the Town in three categories:
 Charges for services
 Operating grants and contributions
 Capital grants and contributions
Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even though the fiduciary funds are excluded from the government-wide financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements.

Certain eliminations have been made as prescribed by GASB Statement No. 34 in-regards-to interfund activities, payables, and receivables. All internal balances in the Statement of Net Position have been eliminated except those representing balances between the governmental activities and the business-type activities, which are presented as internal balances and eliminated in the total primary government column. In the Statement of Activities, internal fund transactions have been eliminated; however, those Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
transactions between governmental and business-type activities have not been eliminated. The following interfund activities have been eliminated:
 Transfers in/Transfers out
The Town applies all applicable GASB Pronouncements including all Interpretations currently in effect.

Governmental Fund Financial Statements
Governmental fund financial statements include a Balance Sheet and a Statement of Revenues, Expenditures and Changes in Fund Balances for all major governmental funds and non-major funds aggregated. An accompanying schedule is presented to reconcile and explain the differences in net position as presented in these statements to the net position presented in the government-wide financial statements. The Town has presented all major funds that met the applicable criteria.

All governmental funds are accounted for on a spending or "current financial resources" measurement focus and the modified accrual basis of accounting. Accordingly, only current assets, deferred outflows of resources, current liabilities, and deferred inflows of resources are included on the balance sheets. 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 net current assets.

Under the modified accrual basis of accounting, revenues are recognized in the accounting period in which they become both measurable and available to finance expenditures of the current period.

Accordingly, revenues are recorded when received in cash, except that revenues subject to accrual (up to 90 days after year-end) are recognized when due. The primary revenue sources, which have been treated as susceptible to accrual by the Town, are property taxes, taxpayer-assessed tax revenues (sales taxes, transient occupancy taxes, etc.), licenses, grant revenues and earnings on investments. Expenditures are recorded in the accounting period in which the related fund liability is incurred.

Unearned revenues arise 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 unearned revenue is removed from the combined balance sheet and revenue is recognized.

The Town reports the following funds as major funds:

General Fund
The General Fund is the general operating fund of the Town. It is used for all financial resources except those required to be accounted for in another fund.

Capital Projects Fund
The Capital Projects Fund accounts for the resources accumulated for the acquisition of fixed assets or construction of major capital projects not being financed by proprietary funds. Significant maintenance projects and major purchases of equipment are also accounted for in the capital projects fund.

Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
Debt Service Fund
The Debt Service Fund is used to accumulate resources for repayment of the revenue bonds and capital lease arrangements.

Measure T Fund
The Measure T Fund is used to account for revenue received from the Measure T Ordinance (Napa Countywide Road Maintenance Act) that collects a half cent sales tax going toward projects that improve streets, sidewalks, and related street infrastructure improvements.

Additionally, the Town reports the following nonmajor fund types of governmental funds:

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

Capital Project Funds
Capital project funds account for and report financial resources that are restricted, committed, or assigned to expenditures for capital outlays, including the acquisition or construction of capital facilities and other capital assets in governmental funds.

Proprietary Funds
In the fund financial statements, proprietary funds are presented using the accrual basis of accounting.

Revenues are recognized when they are earned and expenses are recognized when the related goods or services are delivered. In the fund financial statements, proprietary funds are presented using the “economic resources measurement focus”. This means all assets, deferred outflows of resources, liabilities (whether current or noncurrent) and deferred inflows of resources associated with their activities are included on their balance sheets. Proprietary fund type operating statements present increases (revenues) and decreases (expenses) in total net position.

Proprietary fund operating revenues, such as charges for services, result from exchange transactions associated with principal activity of the fund. Exchange transactions are those in which each party receives and gives up essentially equal value. Non-operating revenues, such as subsidies, taxes, and investment earnings result from nonexchange transactions or ancillary activities. Amounts paid to acquire capital assets are capitalized as assets in the proprietary fund financial statements.

The Town has the following enterprise funds that have been reported as major:

Water Fund
The Water Fund accounts for the activities associated with providing water services.

Wastewater Fund
The Wastewater Service Fund accounts for the wastewater treatment plant and wastewater pumping stations and collection systems.

Fiduciary Fund Financial Statements
Fiduciary fund financial statements consist of a Statement of Fiduciary Net Position and a Statement of Changes in Fiduciary Net Position. OPEB Trust Funds are used to report resources that are required to be Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
held in trust by the Town for the members and beneficiaries of defined benefit OPEB plans and defined contribution OPEB plans. Custodial funds are used by the Town to report activity relating to amounts collected and distributed by the Town for outside parties based on agreements. Fiduciary funds are accounted for using the accrual basis of accounting using the economic resources measurement focus.

The Town reports the following fiduciary funds:

Other Postemployment Benefit Trust Fund
The Other Postemployment Benefit Trust Fund accounts for assets held in trust for employee health benefits.

Tourism Improvement District Custodial Fund
The Tourism Improvement District Agency Fund accounts for assets held by the Town on behalf of the Napa Valley Tourism Improvement District.

B. Cash, Cash Equivalents and Investments
The Town pools cash resources from all funds in order to facilitate the management of cash. The balance in the pooled cash account is available to meet current operating requirements. Cash in excess of current requirements is invested in various interest-bearing accounts and other investments for varying terms.

The Town's cash and cash equivalents are considered to be cash on hand, demand deposits, and shortterm investments with original maturity of three months or less from the date of acquisition. Cash and cash equivalents are combined with investments and displayed as Cash and Investments. For the purpose of the statement of cash flows, the Town considers all pooled cash and investments (consisting of cash and investments and restricted cash and investments) held by the Town as cash and cash equivalents because the pool is used essentially as a demand deposit account from the standpoint of the funds. The Town also considers all non-pooled cash and investments (consisting of cash with fiscal agent and restricted cash and investments held by fiscal agent) as cash and cash equivalents because investments meet the criteria for cash equivalents defined above.

Deposit and Investment Risk Disclosures - In accordance with GASB Statement No. 40, Deposit and Investment Disclosures (Amendment of GASB Statement No. 3), certain disclosure requirements, if applicable, for Deposits and Investment Risks in the following areas: Interest Rate Risk, Overall Credit Risk, Custodial Credit Risk, Concentrations of Credit Risk, and Foreign Currency Risk.

Other disclosures are specified including use of certain methods to present deposits and investments, highly sensitive investments, credit quality at year-end and other disclosures. The Town participates in an investment pool managed by the State of California titled Local Agency Investment Fund (LAIF), which has invested a portion of the pool funds in Structured Notes and Asset Backed Securities. LAIF's investments are subject to credit risk with the full faith and credit of the State of California collateralizing these investments. In addition, these Structured Notes and Asset-Backed Securities are subject to market risk as to change in interest rates.

Investments are recorded at fair value in accordance with GASB Statement No. 72, Fair Value Measurement and Application. Accordingly, the change in fair value of investments is recognized as an increase or decrease to investment assets and investment income.

Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction. In determining this amount, three valuation techniques are available:
 Market approach - This approach uses prices generated for identical or similar assets or liabilities.

The most common example is an investment in a public security traded in an active exchange such as the NYSE.
 Cost approach - This technique determines the amount required to replace the current asset. This approach may be ideal for valuing donations of capital assets or historical treasures.  Income approach - This approach converts future amounts (such as cash flows) into a current discounted amount.

Each of these valuation techniques requires inputs to calculate a fair value. Observable inputs have been maximized in fair value measures, and unobservable inputs have been minimized.

C. Restricted Cash and Investments
Certain restricted cash and investments are held by fiscal agents for the redemption of bonded debt, for acquisition and construction of capital projects, and to meet bond indenture debt reserve requirements. Cash and investments are also restricted for deposits held for others within the enterprise funds. Amounts held in Trust for pension stabilization are also reported as restricted cash and investments.

D. Interfund Receivables and Payables
Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as either “due to/from other funds” (i.e., the current portion of interfund loans) or “advances to/from other funds” (i.e., the non-current portion of interfund loans). All other outstanding balances between funds are reported as “due 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 “internal balances.” Advances between funds, as reported in the fund financial statements, are offset by a fund balance reserve account in applicable government funds to indicate that they are not available for appropriation and are not expendable available financial resources. The Town considers all trade and property tax receivables to be fully collectible and therefore no allowance for uncollectible accounts is considered necessary.

E. Receivables
Billed, but unpaid, services provided to individuals or non-governmental entities are recorded as accounts receivable. Revenues earned but not collected by year-end are accrued. No allowance for uncollectible accounts receivable has been provided as management has determined that uncollectible accounts have historically been immaterial and the direct write-off method does not result in a material difference from the allowance method.

F. Loans Receivable
Under the Town’s housing opportunity program, loans are made to qualified individuals and businesses within prescribed project areas for the purpose of housing acquisition, housing rehabilitation and/or economic development. Repayments of the outstanding loans are classified as a revenue source in the applicable funds. The portion of loans receivable deemed to be unavailable have been offset by Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
Unavailable Revenues in the accompanying financial statements, which is a part of deferred inflows of resources.

G. Leases Receivable
The Town’s lease receivable is measured at the present value of lease payments expected to be received during the lease term. A deferred inflow of resources is recorded for the lease. The deferred inflow of resources is recorded at the initiation of the lease in an amount equal to the initial recording of the lease receivable plus incentive payments received. The deferred inflow of resources is amortized on a straightline basis over the term of the lease. If there is no stated rate in the lease contract (or if the stated rate is not the rate the Town charges the lessee) and the implicit rate cannot be determined, the Town uses its own estimated incremental borrowing rate as the discount rate to measure lease receivables. The Town’s estimated incremental borrowing rate is based on its actual incremental borrowing rate for the most recent debt issuance.

H. Capital Assets
Capital assets used in governmental fund operations, including infrastructure assets (i.e. roads, curbs, gutters, bridges, sidewalks, drainage systems, lighting systems, and other assets) are reflected in the government-wide financial statements, along with related depreciation. Capital assets are defined by the Town as assets with an initial individual cost of more than $10,000 ($25,000 for infrastructure type assets and $50,000 for intangible assets) and an estimated life in excess of 1 year. Purchased capital assets are valued at historical cost or estimated historical cost. Donated capital assets, donated works of art and similar items, and capital assets received in a service concession arrangement are valued at acquisition value on the date donated. Capital assets acquired under financed or purchase agreements are capitalized when the Town accumulates an ownership equity in the assets acquired.

The purpose of depreciation is to spread the cost of capital assets equitably among all users over the life of these assets. The amount charged to depreciation expense each year represents that year’s pro rata share of the cost of capital assets. Depreciation is provided using the straight-line method whereby the cost of the asset is divided by its expected useful life in years and the result is charged to expense each year until the asset is fully depreciated. Depreciation is recorded on a straight-line basis over the useful lives of the assets as follows:

Buildings 30 Years
Building improvements 15-20 Years
Public domain infrastructure 50 Years
System infrastructure 20-100 Years
Vehicles 7 Years
Office equipment 3-7 Years
Automobiles and Trucks 3-5 Years
Intangible right-to-use lease assets are amortized over the shorter of the lease term or the useful life of the underlying asset, unless the lease contains a purchase option that the Town has determined is reasonably certain of being exercised, then the lease asset is amortized over the useful life of the underlying asset.

Intangible right-to-use subscription assets are amortized over the shorter of the subscription term or the useful life of the underlying information technology asset.

Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest incurred during the construction phase is reflected in the capitalized value of the asset constructed, net of interest earned on the invested proceeds over the same period.

I. Deferred Outflows/Deferred Inflows
In addition to assets, the statement of financial position or balance sheet will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets or fund balance that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then.

In addition to liabilities, the statement of financial position or balance sheet will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets or fund balance that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time.

J. Interest Payable
In the government-wide and proprietary fund financial statements, interest payable of long-term debt is recognized as an incurred liability for governmental fund types. The Town has not allocated the interest on long-term debt to departments. In the fund financial statements, governmental fund types do not recognize the interest payable when the liability is incurred. Interest on long-term debt is recorded in the fund statements when payment is made.

K. Compensated Absences
It is the Town’s policy to permit employees to accumulate earned but unused vacation and sick pay benefits. There is no liability for unpaid accumulated sick leave since the Town does not have a policy to pay any amounts when employees separate from service with the Town. All vacation pay is accrued when incurred in the government-wide and proprietary fund financial statements. A liability for these amounts is reported in governmental funds only if they have matured, for example, as a result of employee resignations and retirements or the Town believes it will have to use current resources to liquidate such obligations. Compensated absences in the governmental activities are liquidated primarily by using general fund resources.

L. Long-Term Liabilities
In the government-wide financial statements and proprietary fund statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental or business-type activities.

Bond premiums and discounts are deferred and amortized over the life of the bonds using the straight-line method. Bonds payable are reported net of the applicable bond premium or discount. Debt issuance costs are expensed in year incurred. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financial sources. Premiums received on debt issuance are reported as other financing sources while discounts on debt issuance reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.

Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
M. Subscription Based Information Technology Arrangements The Town recognizes subscription liabilities with an initial, individual value of $50,000 or more. The Town uses its estimated incremental borrowing rate to measure subscription liabilities unless it can readily determine the interest rate in the arrangement. The Town's estimated incremental borrowing rate is calculated as described in section G, Leases Receivable.

N. Benefit Plans
Pension Expense
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 Town’s California Public Employees’ Retirement System (CalPERS) plans (the 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.

Other Postemployment Benefit (OPEB) Expense
For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense information about the fiduciary net position of the Town’s Retiree Benefits Plan (the OPEB Plan) and additions to/deductions from the OPEB Plan's fiduciary net position have been determined on the same basis as they are reported by the OPEB Plan. For this purpose, the OPEB Plan recognizes benefit payments when due and payable in accordance with the benefit terms.

Investments are reported at fair value. Generally accepted accounting principles require that the reported results must pertain to liability and asset information within certain defined timeframes. For this report, the following timeframes are used:

Valuation Date January 1, 2024
Measurement Date June 30, 2024
Measurement Period June 30, 2023 to June 30, 2024
O. Fund Balances
In accordance with Government Accounting Standards Board 54, Fund Balance Reporting and Governmental Fund Type Definitions, the Town classifies governmental fund balances as follows:

Nonspendable
Nonspendable fund balance represents balances set aside to indicate items that do not represent available, spendable resources even though they are a component of assets. Fund balances required to be maintained intact, such as Permanent Funds, and assets not expected to be converted to cash, such as prepaids, notes receivable, leases receivable in excess of deferred inflows of resources and land held for redevelopment are included. However, if proceeds realized from the sale or collection of nonspendable assets are restricted, committed, or assigned, then Nonspendable amounts are required to be presented as a component of the applicable category.

Restricted
Restricted fund balances have external restrictions imposed by creditors, grantors, contributors, laws, regulations, or enabling legislation which requires the resources to be used only for specific purpose.

Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
Encumbrances and nonspendable amounts subject to restrictions are included along with spendable resources.

Committed
The Town Council, as the Town’s highest level of decision-making authority, may commit fund balance for specific purposes pursuant to the constraints imposed by formal actions taken, such as a resolution.

These committed amounts cannot be used for any other purpose unless the Town Council removes or changes the specified use through the same type of formal action taken to establish the commitment.

Town Council action to commit fund balance needs to occur within the fiscal reporting period; however the specific amounts can be determined subsequently. Encumbrances and nonspendable amounts subject to Council commitments are included along with spendable resources.  General Fund Reserve - Emergency
The Town’s General Fund balance committed for emergency reserves is established at a minimum of 20% of General Fund operating expenditures. The calculation and review of the 20% minimum will be part of the proposed budget each fiscal year. Use of the General Fund Emergency Reserve would be appropriate if the Town declared a state or federal emergency or declaration of a local emergency as defined in the Yountville Municipal Code Section 2.52.020:

2.52.020 Emergency defined:

As used in this chapter, “emergency” means the actual or threatened existence of conditions of disaster or of extreme peril to the safety of persons and property within the Town caused by such conditions as air pollution, fire, flood, storm, epidemic, riot or earthquake, or other conditions, including conditions resulting from a labor controversy, which conditions are or are likely to be beyond the control of the services, personnel, equipment and facilities of the Town, requiring the combined forces of other political subdivisions to combat. (Ord. 225, 1991; Ord. 294-99).

Assigned
Assigned fund balances are amounts constrained by the Town’s intent to be used for a specific purpose, but are neither restricted nor committed. Intent is expressed by the Town Council or its designee and may be changed at the discretion of the Town Council or its designee. This category includes encumbrances; nonspendable amounts, when it is the Town’s intent to use proceeds or collections for a specific purpose, and residual fund balances, if any, of Special Revenue, Capital Projects, and Debt Service Funds, which have not been restricted or committed. The Town Council has not delegated the authority to make assignments of fund balance, and assign fund balance by majority vote.

Unassigned
Unassigned fund balance represents residual amounts that have not been restricted, committed, or assigned. This includes the residual general fund balance and residual fund deficits, if any, of other governmental funds.

Flow Assumption / Spending Order Policy
When expenditures are incurred for purposes for which both restricted and unrestricted fund balance is available, the Town considers restricted funds to be spent first. When expenditures are incurred for which committed, assigned, or unassigned fund balances are available, the Town considers amounts to be spent first out of committed funds, then assigned funds, and finally unassigned funds, as needed, unless the Town Council has directed otherwise.

Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
P. Net Position
In the government-wide financial statements, net position is classified in the following categories:

Net Investment in Capital Assets
This amount consists of capital assets net of accumulated depreciation and reduced by outstanding debt that are attributed to the acquisition, construction, or improvement of the assets. In addition, deferred outflows of resources and deferred inflows of resources that are attributable to the acquisition, construction, or improvement of those assets or related debt also are included in the net investment in capital assets component of net position
Restricted Net Position
This amount is restricted by external creditors, grantors, contributors, or laws or regulations of other governments.

Unrestricted Net Position
This amount is all net position that does not meet the definition of "net investment in capital assets" or "restricted net position." The detail of amounts reported for each of the above defined net position categories is reported in the government-wide Statement of Net Position.

Use of Restricted/Unrestricted Net Position
When an expense is incurred for purposes for which both restricted and unrestricted net position are available, the Town's policy is to apply restricted net position first.

Q. Interfund Transactions
Interfund services provided and used are accounted for as revenue, expenditures or expenses, as appropriate. Transactions that constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly applicable to another fund are recorded as expenditures/expenses in the reimbursed fund. All other interfund transactions, except for interfund services provided and used and reimbursements, are reported as transfers. Nonrecurring or nonroutine permanent transfers of equity are reported as residual equity transfers. All other interfund transfers are reported as transfers.

R. Property Taxes and Special Assessments
Property taxes are levied as of January 1 on property values assessed as of the same date. State statutes provide that the property tax rate be limited generally to one percent of market value, be levied by only the County, and be shared by applicable jurisdictions. The County of Napa collects the taxes and distributes them to taxing jurisdictions on the basis of assessed valuations subject to voter-approved debt.

Property taxes are due on November 1 and March 1, and become delinquent on December 10 and April

10. The Town receives property taxes pursuant to an arrangement with the County known as the “Teeter Plan”. Under the plan, the County assumes responsibility for the collection of delinquent taxes and pays the full allocation to the Town. The Town recognizes property tax revenues in the fiscal year in which they are due to the Town.

S. Budgetary Information
The Town adopts a budget annually for all governmental fund types. This budget is effective July 1 for the ensuing fiscal year. From the effective date of the budget, which is adopted at the fund level, the amounts stated therein as proposed expenditures become appropriations to the various Town departments.

Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
The legal level of budgetary control is the fund level. The Town Council may amend the budget by resolution during the fiscal year. The Town Manager has the authority to make adjustments to the operating budget between departments within the same fund. Transfers of operating budgets between funds, use of unappropriated fund balances, and significant changes in capital improvement project budgets require the approval of the Town Council. The Town’s basis of budgeting is the same as GAAP.

T. Encumbrances
Under encumbrance accounting, purchase orders, contract and other commitments for expenditures are recorded in order to commit that portion of the applicable appropriation. Encumbrance accounting is employed as an extension of formal budgetary integration in all funds. All appropriations and encumbrances lapse at year end, valid outstanding encumbrances (those for which performance under the executory contract is expected in the next year) are re-appropriated and become part of the subsequent year’s budget pursuant to state regulations.

U. Unearned Revenue
Unearned revenue arises when assets are received before revenue recognition criteria have been satisfied.

Grants and entitlements received before eligibility requirements are met are recorded as deferred inflows from unearned revenue. In the governmental fund financial statements, receivables associated with nonexchange transactions that will not be collected within the availability period have been recorded as deferred inflows from unavailable revenue.

V. Use of Estimates
The preparation of basic financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

W. Implementation of New Accounting Pronouncements
GASB Statement No. 100, Accounting Changes and Error Corrections—an amendment of GASB Statement No. 62
This Statement defines accounting changes as changes in accounting principles, changes in accounting estimates, and changes to or within the financial reporting entity and describes the transactions or other events that constitute those changes. This Statement also prescribes the accounting and financial reporting for (1) each type of accounting change and (2) error corrections in previously issued financial statements.

This statement did not have a material impact on the financial statements.

Upcoming New Accounting Pronouncements
The Town is currently analyzing its accounting practices to determine the potential impact on the financial statements of the following recent GASB Statements:

GASB Statement No. 101, Compensated Absences
This Statement requires that liabilities for compensated absences be recognized for (1) leave that has not been used and (2) leave that has been used but not yet paid in cash or settled through noncash means. A liability should be recognized for leave that has not been used if (a) the leave is attributable to services Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
already rendered, (b) the leave accumulates, and (c) the leave is more likely than not to be used for time off or otherwise paid in cash or settled through noncash means. Leave is attributable to services already rendered when an employee has performed the services required to earn the leave. Leave that accumulates is carried forward from the reporting period in which it is earned to a future reporting period during which it may be used for time off or otherwise paid or settled. In estimating the leave that is more likely than not to be used or otherwise paid or settled, a government should consider relevant factors such as employment policies related to compensated absences and historical information about the use or payment of compensated absences. However, leave that is more likely than not to be settled through conversion to defined benefit postemployment benefits should not be included in a liability for compensated absences.

This Statement requires that a liability for certain types of compensated absences - including parental leave, military leave, and jury duty leave—not be recognized until the leave commences. This Statement also requires that a liability for specific types of compensated absences not be recognized until the leave is used. A liability for leave that has been used but not yet paid or settled should be measured at the amount of the cash payment or noncash settlement to be made. Certain salary-related payments that are directly and incrementally associated with payments for leave also should be included in the measurement of the liabilities.

The requirements of this Statement are effective for fiscal years beginning after December 15, 2023, and all reporting periods thereafter.

GASB Statement No. 102, Certain Risk Disclosures
This Statement requires a government to assess whether a concentration or constraint makes the primary government reporting unit or other reporting units that report a liability for revenue debt vulnerable to the risk of a substantial impact. Additionally, this Statement requires a government to assess whether an event or events associated with a concentration or constraint that could cause the substantial impact have occurred, have begun to occur, or are more likely than not to begin to occur within 12 months of the date the financial statements are issued.

If a government determines that those criteria for disclosure have been met for a concentration or constraint, it should disclose information in notes to financial statements in sufficient detail to enable users of financial statements to understand the nature of the circumstances disclosed and the government’s vulnerability to the risk of a substantial impact. The disclosure should include descriptions for (1) the concentration or constraint (2) each event associated with the concentration or constraint that could cause a substantial impact if the event had occurred or had begun to occur prior to the issuance of the financial statements (3) actions taken by the government prior to the issuance of the financial statements to mitigate the risk. The requirements of this Statement are effective for fiscal years beginning after June 15, 2024, and all reporting periods thereafter.

GASB Statement No. 103, Financial Reporting Model Improvements This Statement is to improve key components of the financial reporting model to enhance its effectiveness in providing information that is essential for decision making and assessing a government’s accountability.

This Statement establishes new accounting and financial reporting requirements or modifies existing requirements related to (a) Management’s discussion and analysis (MD&A) (b) Unusual or infrequent Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
items (c) Presentation of the proprietary fund statement of revenues, expenses, and changes in fund net position (d) Information about major component units in basic financial statements (5) Budgetary comparison information (6) Financial trend information in the statistical section The requirements of this Statement are effective for fiscal years beginning after June 15, 2025, and all reporting periods thereafter.

NOTE 2 - CASH AND INVESTMENTS
As of June 30, 2024, cash and investments were reported in the financial statements as follows:

Governmental
Activities
Business-Type
Activities Total
Cash and investments $ 16,963,374 $ 9,196,748 $ 561,144 $ 26,721,266 Restricted cash and investments 3,662,646 - - 3,662,646 PARS Pooled Investment funds - - 6,173,461 6,173,461
Total cash and investments $ 20,626,020 $ 9,196,748 $ 6,734,605 $ 36,557,373 Government Wide
Statement of Net Position Fiduciary Funds
Statement of Net
Position
Cash and investments consisted of the following as of June 30, 2024:

Deposits:

Cash on hand $ 425
Deposits with financial institutions 5,543,524
Total Deposits 5,543,949
Investments:

Local Agency Investment Fund 21,177,317
Total City Treasury 26,721,266
Restricted cash and investments:

Cash with fiscal agent 3,662,646
PARS Pooled Investment funds 6,173,461
Total restricted cash and investments 9,836,107
Total cash and investments $ 36,557,373
A. Cash Deposits
The California Government Code requires California banks and savings and loan associations to secure the Town's cash deposits by pledging securities as collateral. This Code states that collateral pledged in this manner shall have the effect of perfecting a security interest, and places the Town ahead of general creditors of the institution.

The fair value of pledged securities must equal at least 110 percent of the Town's cash deposits.

California law also allows institutions to secure Town deposits by pledging first trust deed mortgage notes that have a value of 150 percent of the Town's total cash deposits. The Town has waived the collateral requirements for cash deposits which are fully insured to $250,000 by the Federal Deposit Insurance Corporation (FDIC).

Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
The bank balances before reconciling items totaled $5,835,599 at June 30, 2024 and were different from carrying amounts due to deposits in transit and outstanding checks. The amount uninsured was $5,585,599, which was collateralized by securities held by pledging financial institutions. The Town follows the practice of pooling cash and investments of all funds, except for funds required to be held by fiscal agents under the provisions of bond indentures. Interest income earned on pooled cash and investments is allocated to the various funds based on the period-end cash and investment balances.

Interest income from cash and investments with fiscal agents is credited directly to the related fund.

B. Fair Value Measurements
GASB 72 established a hierarchy of inputs to the valuation techniques with three levels:
 Level 1 inputs are quoted prices in active markets for identical assets or liabilities.  Level 2 inputs are quoted market prices for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other than quoted prices that are not observable
 Level 3 inputs are unobservable inputs, such as a property valuation or an appraisal.

The Town’s investments were not subject to levelling.

C. Investment Policies
Town Investment Policy
Under the provisions of the Town's investment policy, and in accordance with California Government Code, the following investments are authorized:

Maximum
Maturity
Maximum
Percentage of
Portfolio
Maximum
Investment in
One Issuer
Securities issued by the U.S. Treasury n/a No limit No limit U.S. Agency Securities and Instrumentalities n/a No limit No limit Local Agency Investment Fund n/a No limit No limit
Insured Savings Accounts n/a No limit No limit
California Asset Management Program (CAMP) n/a No limit No limit Banker's acceptances 180 Days 40% 5% of portfolio
Time Deposits n/a 25% 5% of portfolio
Money Market/Mutual Funds n/a 15% 5% of portfolio
Prime Commercial Paper 270 Days 25% 5% of portfolio
Medium-term Corporate Notes 5 Years 30% 5% of portfolio Negotiable Certificates of Deposit n/a 30% 5% of portfolio Authorized Investment Type
Investment income in all funds included investment income of $2,580,276.

The Town’s portfolio value fluctuates in an inverse relationship to any change in interest rate.

Accordingly, if interest rates rise, the portfolio value will decline. If interest rates fall, the portfolio value will rise. The portfolio for year-end reporting purposes is treated as if it were all sold. Therefore, fund balance must reflect the portfolio’s change in value. These portfolio value changes are unrealized unless sold. Generally the Town’s practice is to buy and hold investments until maturity dates. Consequently, the Town’s investments are carried at fair value.

Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
D. External Investment Pool
The Town's investments with LAIF at June 30, 2024, include a portion of the pool funds invested in Structured Notes and Asset-Backed Securities. These investments include the following:

Structured Notes
These are debt securities (other than asset-backed securities) whose cash flow characteristics (coupon rate, redemption amount, or stated maturity) depend upon one or more indices and/or that have embedded forwards or options.

Asset-Backed Securities
The bulk of asset-backed securities are mortgage-backed securities, entitle their purchasers to receive a share of the cash flows from a pool of assets such as principal and interest repayments from a pool of mortgages (such as CMO's) or credit card receivables.

LAIF is overseen by the Local Agency Investment Advisory Board, which consists of five members, in accordance with State statute. The approved investments policy is listed on the LAIF website, located at http://www.treasurer.ca.gov/pmia-laif/.

E. Risk Disclosures
Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Generally, the longer the term of an investment’s maturity, the greater the sensitivity to changes in market interest rates. It is the Town’s practice to mitigate interest rate risk by limiting the average maturity of the Town’s portfolio to not to exceed three years.

Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of an investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. With the exception of U.S. Treasury securities and authorized pools, no more than 50% of the Town’s total investment portfolio will be invested in a single security type or with a single financial institution to reduce the Town’s exposure to credit risks. As of June 30, 2024, the Town’s investments were in compliance with the ratings required by the Town’s investment policy and Government Code.

Concentrations of Credit Risk
The investment policy of the Town contains no limitations on the amount that can be invested in any one issuer beyond that stipulated by the California Government Code. As of June 30, 2024, the Town had no investments in any one issuer (other than U.S. Treasury securities, mutual funds and external investment pools) that represented 5% or more of the total Town investments.

Custodial Credit Risk
For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the Town will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. The California Government Code and the Town's investment policy do not contain legal or policy requirements that would limit the exposure to custodial credit risk for investments. With respect to investments, custodial credit risk generally applies only to direct investments Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
in marketable securities. Custodial credit risk does not apply to a local government's indirect investment in securities through the use of mutual funds or government investment pools (such as LAIF).

As of June 30, 2024, the Town’s investments had the following maturities:
12 Months or Less Fair Value
Local Agency Investment Funds $ 21,177,317 $ 21,177,317 Total Investments $ 21,177,317 $ 21,177,317
Investment Type
F. Investments Held in Trust for Other Postemployment Benefits The Town established an irrevocable Section 115 OPEB Trust with Public Agency Retirement Services (PARS). As of June 30, 2024, the trust had a balance of $6,173,461. PARS’ policy for allocation of invested assets was as follows:

Asset Class
Percentage of
Portfolio
Domestic equity 47.0%
International developed equiity 7.0%
Emerging markets equity 4.0%
REITs 2.0%
Short-term bonds 6.8%
Core fixed income 27.0%
High yield 1.3%
Cash 4.9%
Total 100.0%
At June 30, 2024, PARS held no investments in any one organization that represented 5% of more of fiduciary net position.

Rate of return
For the year ended June 30, 2024, the annual money-weighted rate of return on investments, net of investment expenses, was 5.85%. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested.

NOTE 3 - LEASES RECEIVABLE
In May of 2020, the Town entered into a lease with Restoration Hardware (the Company). Under the lease, the Company pays the Town $66,986 per year, plus annual CPI adjustments, for fifteen years to rent land for a parking lot. After cumulative CPI adjustments, the payment in the final year of the lease may be as much as $101,322. The lease receivable is measured as the present value of the future minimum rent payments expected to be received during the lease term at a discount rate of 3%, which is the stated rate in the agreement.

In fiscal year 2024, the Town recognized $67,957 of lease revenue and $26,596 of interest revenue under the lease. The net present value of the lease receivable as of June 30, 2024 was $814,361 which was offset by a deferred outflow of resources of $747,528, net of accumulated amortization totaling $135,914.

Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
In July of 2021, the Town entered into a lease with the United States Postal Office (USPS). Under the lease, USPS pays the Town $180,000 per year for five years with an option to extend the lease for an additional five years at $194,400 per year. The lease receivable is measured as the present value of the future minimum rent payments expected to be received during the lease term at a discount rate of 3.127%, which is the Town’s incremental borrowing rate for this agreement. The lease commenced on July 1, 2022.

In fiscal year 2024, the Town recognized $160,098 of lease revenue and $44,003 of interest revenue under the lease. The net present value of the lease receivable as of June 30, 2024 was $1,328,989 which was offset by a deferred outflow of resources of $1,280,786, net of amortization totaling $320,197.

NOTE 4 - LOANS RECEIVABLE
The $1,844,981 in loans receivable held by the Town as of June 30, 2024, consists primarily of a $1,100,000 note related to an affordable housing project developed within the Town. The note bears no interest and matures in 2066. The note is secured by a deed of trust and assignment of rents, and is subordinate to a first and second deed of trust from other parties having provided financing for the project. Housing notes totaling $410,230 consists of three notes with a principal balance of $203,500 plus earned interest of $163,530, all deferred and payable at maturity or upon transfer or sale of the underlying property, and one note with a principal balance of $43,200 due July 1, 2042, which is payable in monthly installments with zero interest. The remaining notes totaling $334,751, consists of two Measure S affordable housing loans with original principal issuances of $340,635. One of the Measure S loans bears interest at 2% per annum and the other bears no interest.

NOTE 5 - INTERFUND TRANSACTIONS
Inter-fund Receivables and Payables
Amounts due to or due from other funds reflect inter-fund balances for services rendered or short-term loans expected to be repaid in the next fiscal year. Advances to or from other funds are long-term loans between funds that are to be repaid in their entirety over several years. As of June 30, 2024, inter-fund receivables and payables consisted of the following:

Due from Due to
Fund Other Funds Other Funds
General Fund $ - $ 17,753
Nonmajor Funds 17,753 -
Total Due from/to $ 17,753 $ 17,753
Transfers In/Out
With Council approval resources may be transferred from one fund to another. Transfers from the General Fund to the Debt Service Fund were to regular debt service activity of the Town. Transfers from the General Fund to other governmental funds were to provide funding to repair and replacement funds and to provide funding for Town programs. Transfers made from the Wastewater Enterprise Fund to the Debt Service Funds were to provide for debt service requirements.

Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
The following summarizes transfers between funds during the fiscal year ended June 30, 2024:

Fund Transfer in Transfer out
General Fund $ 32 $ 9,634,150
Capital Projects Fund 12,051,905 -
Debt Service Fund 595,043 -
Nonmajor Funds 629,725 3,621,862
Water Fund 4,675 -
Wastewater Fund 4,675 30,043
Total transfers $ 13,286,055 $ 13,286,055
NOTE 6 - CAPITAL ASSETS
Capital assets for governmental activities consisted of the following as of June 30, 2024:

Balance Balance
Governmental Activities July 1, 2023 Additions Deletions June 30, 2024 Non-depreciable:

Land $ 1,725,152 $ 5,890,805 $ - $ 7,615,957
Construction in progress 52,721 5,922,901 (104,399) 5,871,223 Total non-depreciable 1,777,873 11,813,706 (104,399) 13,487,180 Depreciable/amortizable:

Intangible assets:

Subscription assets 473,768 - - 473,768
Buildings 19,827,271 - - 19,827,271
Improvements other than building 4,439,620 18,796 - 4,458,416 Infrastructure 24,931,182 444,054 - 25,375,236
Machinery and equipment 1,921,087 218,146 - 2,139,233
Total depreciable/amortizable 51,592,928 680,996 - 52,273,924 Less accumulated depreciation/amortization for:

Intangible assets:

Subscription assets (143,285) (143,286) - (286,571)
Buildings (6,498,177) (429,282) - (6,927,459)
Improvements other than building (1,897,385) (108,527) - (2,005,912) Infrastructure (7,059,733) (639,838) - (7,699,571)
Machinery and equipment (1,207,853) (111,559) - (1,319,412) Total accumulated dep/amort (16,806,433) (1,432,492) - (18,238,925) Total dep/amort capital assets, net 34,786,495 (751,496) - 34,034,999 Total governmental capital assets $ 36,564,368 $ 11,062,210 $ (104,399) $ 47,522,179 Depreciation/amortization expense for governmental activities was charged to the following programs during the year:

General Government $ 212,565
Public Works 925,829
Parks and Recreation 294,098
Total depreciation expense $ 1,432,492
Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
Capital assets for business-type activities consisted of the following as of June 30, 2024:

Balance Balance
Business Type Activities July 1, 2023 Additions Deletions June 30, 2024 Non Depreciable
Land $ 5,091 $ - $ - $ 5,091
Construction in progress 721,469 259,181 (66,940) 913,710 Total Non-Depreciable 726,560 259,181 (66,940) 918,801
Depreciable:

Buildings 40,001 - - 40,001
Systems 18,467,037 43,000 - 18,510,037
Machinery and equipment 1,051,036 - - 1,051,036
Total Depreciable 19,558,074 43,000 - 19,601,074
Less Accumulated Depreciation
Buildings (29,343) (1,333) - (30,676)
Systems (8,073,292) (365,177) - (8,438,469)
Machinery and equipment (899,596) (20,030) - (919,626)
Total accumulated depreciation (9,002,231) (386,540) - (9,388,771) Total depreciable capital assets, net 10,555,843 (343,540) - 10,212,303 Total business type capital assets $ 11,282,403 $ (84,359) $ (66,940) $ 11,131,104 NOTE 7 - NONCURRENT LIABILITIES
The Town's noncurrent liabilities consisted of the following as of June 30, 2024:

Due
Balance Balance Within One
Description July 01, 2023 Additions Deletions June 30, 2024 Year Lease Revenue Bonds:
2017 Lease Revenue Refunding Bonds $ 7,140,000 $ - $ 315,000 $ 6,825,000 $ 330,000 Unamortized Premiums 330,664 - 19,451 311,213 -
Subtotal Lease Revenue Bonds 7,470,664 - 334,451 7,136,213 330,000 2020 Financing Lease - Direct Borrowing 1,351,000 - 330,000 1,021,000 336,000 Subscription Liabilities 328,437 - 140,252 188,185 91,625 Net Pension Liability 3,903,310 1,912,490 1,511,633 4,304,167 - Net OPEB Liability 57,465 1,022,923 742,219 338,169 -
Compensated Absences 185,195 306,260 304,144 187,311 46,828 Total Noncurrent Liabilities $ 13,296,071 $ 3,241,673 $ 3,362,699 $ 13,175,045 $ 804,453 Due
Balance Balance Within One
Business-Type Activities July 01, 2023 Additions Deletions June 30, 2024 Year Direct Borrowings:

State Revolving Loan $ 597,595 $ - $ 153,306 $ 444,289 $ 156,219 Net Pension Liability 1,257,360 616,175 486,797 1,386,738 - Net OPEB Liability 18,548 330,155 239,557 109,146 -
Compensated Absences 59,329 98,525 108,943 48,911 12,228 Total Noncurrent Liabilities $ 1,932,832 $ 1,044,855 $ 988,603 $ 1,989,084 $ 168,447 Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
2017 Lease Revenue Refunding Bonds
The Yountville Finance Authority issued $8,500,000 of 2017 Lease Revenue Refunding Bonds, entered into a Site Lease with the Town, and a Facilities Lease with the Town wherein the Town essentially agreed to make all principal and interest payments. The lease obligation payable and lease receivable between the Town and the Authority have been eliminated in the accompanying financial statements.

The bonds consist of $8,500,000 in serial bonds and bear interest at 2 to 5 percent that is payable June 1st and December 1st through 2039. The bonds are subject to optional early redemption without premium at the option of the Town. The Town has not pledged any specific revenues for repayment of the bonds. The Town has agreed to include the lease payments due to the Authority (and assigned by the Authority to the bond trustee) in its annual budgets and to make annual appropriations. The bond refunding resulted in an accounting deferred loss on refunding of $308,986, and an economic gain of $2,100,000 through final maturity in 2039.

The Town accounts for the bonds in its governmental activities and uses general fund resources to fund the principal and interest payments. Future debt service payments are as follows:

Fiscal Year Pricipal Interest Debt Service
2025 $ 330,000 $ 211,519 $ 541,519
2026 350,000 194,519 544,519
2027 360,000 182,169 542,169
2028 365,000 174,691 539,691
2029 375,000 163,313 538,313
2030-2034 2,090,000 615,375 2,705,375
2035-2039 2,425,000 275,788 2,700,788
2040-2043 530,000 8,279 538,279
Total $ 6,825,000 $ 1,825,653 $ 8,650,653
2020 Financing Lease
On June 1, 2020 the Town entered into a $2,303,000 lease agreement with the Yountville Finance Authority which was assigned to Westamerica Bank. The applicable interest rate is 1.66% per annum.

The agreement is a Site Lease and a Facilities Lease wherein the Town essentially agreed to make all principal and interest payments. The lease obligation payable and lease receivable between the Town and the Authority have been eliminated in the accompanying financial statements. The proceeds of the lease were used to defease the 2013 Lease Revenue Bonds resulting a deferred loss on refunding of $1,219 and an economic gain of $50,517 through the final maturity in 2027.

The Town accounts for the lease in its governmental activities and uses general fund resources to fund the principal and interest payments. Future debt service payments are as follows:

Fiscal Year Pricipal Interest Debt Service
2025 $ 336,000 $ 16,949 $ 352,949
2026 337,000 11,371 348,371
2027 348,000 5,777 353,777
Total $ 1,021,000 $ 34,097 $ 1,055,097
Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
Subscription-Based Information Technology Agreements
The Town has entered into certain subscription-based information technology arrangements that convey control of the right to use another entity's nonfinancial asset for a period of time in an exchange or exchange-like transaction. These are generally for software service contracts. These contracts, at times, include variable payments, residual value guarantees, or termination penalties that are not known or certain to be exercised at the time of the liability valuation. These are recognized as expenses in the period that they occur. There were no residual guarantee or termination payments expensed for the fiscal year ended June 30, 2024. Annual interest rates on the SBITAs range from .476% to 2.536%. The following schedule details minimum payments to maturity for subscription arrangements greater than $50,000:

Fiscal Year Pricipal Interest Total
2025 $ 91,625 $ 4,500 $ 96,125
2026 47,676 2,449 50,125
2027 48,884 1,240 50,126
Totals $ 188,185 $ 8,189 $ 196,376
See Note 6 for the total amount of subscription assets and the related accumulated amortization.

Clean Water State Revolving Fund Loan
In fiscal 2014, the Town obtained a $3,465,362 State Revolving Fund Loan for the purpose of financing the Yountville Water Recycling Expansion Project. The proceeds are drawn down as costs are incurred and the Town has received $2,725,340 in loan proceeds. The loan and projects are accounted for in the Town’s wastewater enterprise fund. The loan has a term of 20 years, is repayable in annual installments, and bears interest at 1.9 percent. In November of 2019, the Town prepaid $1,091,109, reducing the loan terms and saving interest of $259,000. The loan matures in November 2026. The annual debt service requirements are as follows:

Fiscal Year Pricipal Interest Debt Service
2025 $ 156,219 $ 8,442 $ 164,661
2026 159,188 5,473 164,661
2027 128,882 2,449 131,331
Total $ 444,289 $ 16,364 $ 460,653
Compensated Absences
Compensated absences comprise of unpaid vacation and are accrued as earned. The Town’s liability for compensated absences is recorded in various governmental funds only if they have matured. The liability for compensated absences is determined annually. The long-term portion of governmental activities compensated absences is liquidated primarily by the general fund.

Net Pension Liability and Net OPEB Liability
See Note 9 for pensions and Note 10 for other postemployment benefits.

Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
NOTE 8 - RISK MANAGEMENT
The Town is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters for which the Town obtains insurance coverages.

The Town is a member of the, California Intergovernmental Risk Authority (CIRA), a joint powers authority, which provides joint protection programs for public entities covering automobile and general liability, errors and omission losses, workers compensation, and property claims. Under the program, the Town has a $10,000 retention limit similar to a deductible with the Authority being responsible for losses in excess of the Town’s self-insured retention. The Authority carries excess commercial liability policy of $394 million in excess of its $1 million retention limit to cover losses up to $4034 million through affiliated risk management authorities. The Authority also provides one billion dollars aggregate per occurrence property coverage to its members with such coverage provided by purchased insurance. The Authority covers workers compensation claims up to its self-insurance limit of $500,000. Excess coverage is provided through commercial carriers (Grey Insurance and Safety National) to statutory limits.

The Town pays an annual contribution to the Authority; the Town may share in any surplus revenues or may be required to pay additional assessments based upon the Authority’s operating results. The Town has a $10,000 deductible for workers compensation insurance coverage. The Town paid no material uninsured losses during the 2023-2024 fiscal year. Financial statements of the California Intergovernmental Risk Authority may be obtained from their administrative offices located at 2330 E Bidwell Street, Suite 150, Folsom, CA 95630.

Liabilities of the Town are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. Liabilities include an amount for claims that have been incurred but not reported (IBNRs). The result of the process to estimate the claims liability is not an exact amount as it depends on many complex factors, such as inflation, changes in legal doctrines, and damage awards.

Accordingly, claims are reevaluated periodically to consider the effects of inflation, recent claim settlement trends (including frequency and amount of pay-outs), and other economic and social factors.

The estimate of the claims liability also includes amounts for incremental claim adjustment expenses related to specific claims and other claim adjustment expenses regardless of whether allocated to specific claims. Estimated recoveries, for example from salvage or subrogation, are another component of the claims liability estimate. Settlements have not exceeded coverages for each of the past three fiscal years.

There were no material unpaid and uninsured claims outstanding at the beginning or end of the last two fiscal years.

NOTE 9 - RETIREMENT PLANS
General Information about the Pension Plans
Plan Description
All qualified permanent and probationary employees are eligible to participate in the Public Agency CostSharing Multiple-Employer Defined Benefit Pension Plan (Plan) administered by the California Public Employees’ Retirement System (CalPERS). The Plan consists of individual rate plans (benefit tiers) within a safety risk pool (police and fire) and a miscellaneous risk pool (all other.) Plan assets may be used to pay benefits for any employer rate plan of the safety and miscellaneous risk pools. Accordingly, rate plans within the safety or miscellaneous pools are not separate plans under GASB Statement No. 68.

Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
Individual employers may sponsor more than one rate plan in the miscellaneous or safety risk pools. The Town sponsors three miscellaneous rate plans. Benefit provisions under the Plan are established by State statute and Town resolution. CalPERS issues publicly available reports that include a full description of the pension plan regarding benefit provisions, assumptions and membership information that can be found on the CalPERS website.

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 55 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 Employee’s Retirement Law. The general fund typically is used to liquidate pension liabilities for governmental funds.

The Plans’ provisions and benefits in effect at June 30, 2024, are summarized as follows:

Tier 1 Tier 1 PEPRA
Benefit formula 2.7% @ 55 2% @ 55 2% @ 62
Benefit vesting schedule 5 Years 5 Years 5 Years
Benefit payments Monthly for Life Monthly for Life Monthly for Life Retirement age 55 55 62
Monthly benefits as a
% of eligible compensation 2.70% 2.00% 2.00%
Required employee contribution rates 8.00% 7.00% 6.75%
Required employer contribution rates 15.95% 12.47% 7.68% Miscellaneous
Employees Covered
At June 30, 2024, the following employees were covered by the benefit terms for the Plans:

Miscellaneous
Active 32
Transferred 11
Separated 10
Retired 44
Total 97
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 the Plans are determined annually on an actuarial basis as of June 30 by CalPERS. The actuarially determined rates are 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 Town is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. For the year ended June 30, 2024, the Town’s contributions were $768,745.

Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
Pension Liabilities, Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions
As of June 30, 2024, the Town reported a net pension liability for its proportionate share of the net pension liability of the Plan of $5,690,905.

The Town’s net pension liability for the Plans is measured as the proportionate share of the net pension liability. The net pension liability of the Plans are measured as of June 30, 2023, and the total pension liability for the Plans used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2022 rolled forward to June 30, 2023 using standard update procedures. The Town’s proportion of the net pension liability was based on a projection of the Town’s long-term share of contributions to the pension plans relative to the projected contributions of all participating employers, actuarially determined. The Town’s proportionate share of the net pension liability for the Plans as of June 30, 2023 and 2024 was as follows:

Miscellaneous
Proportion - June 30, 2023 0.11029%
Proportion - June 30, 2024 0.11381%
Change - Increase/(Decrease) 0.00352%
For the year ended June 30, 2024, the Town recognized pension expense of $1,154,768.

At June 30, 2024, the Town reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Changes of Assumptions $ 343,586 $ -
Differences between Expected and Actual Experience 290,722 45,098 Differences between Projected and Actual Investment Earnings 921,409 - Differences between Employer's Contributions and
Proportionate Share of Contributions 27,107 78,741
Change in Employer's Proportion 113,875 1,211
Pension Contributions Made Subsequent to Measurement Date 768,745 - Total $ 2,465,444 $ 125,050
The Town reported $768,745 as deferred outflows of resources related to contributions subsequent to the measurement date that will be recognized as a reduction of the net pension liability in the year ended June 30, 2025.

Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense as follows:
$ 479,433
336,189
729,587
26,440
-
-
$ 1,571,649
2025
Total
2026
2027
2028
Thereafter
2029
Deferred
Outflows/
(Inflows) of
Resources
Fiscal Year
Ending June 30:

Actuarial Assumptions
The total pension liabilities in the June 30, 2022 actuarial valuations were determined using the following actuarial assumptions:

Valuation Date June 30, 2022
Measurement Date June 30, 2023
Actuarial Cost Method Entry-Age
Normal Cost
Method
Actuarial Assumptions:

Discount Rate 6.90%
Inflation 2.30%
Payroll Growth 2.80%
Projected Salary Increase (1)
Investment Rate of Return 6.8% (2)
Mortality (3)
(1) Varies by entry age and service
(2) Net of pension plan investment expenses, including inflation (3) Derived using CalPERS' membership data for all funds Discount Rate
The discount rate used to measure the total pension liability was 6.9 percent for the Plan. To determine whether the municipal bond rate should be used in the calculation of a discount rate for the Plan, CalPERS stress tested plans that would most likely result in a discount rate that would be different from the actuarially assumed discount rate. Based on the testing, none of the tested plans run out of assets.

Therefore, the current 6.9 percent discount rate is adequate and the use of the municipal bond rate calculation is not necessary. The long-term expected discount rate of 6.9 percent will be applied to all plans in the Public Employees Retirement Fund (PERF). The stress test results are presented in a detailed report that can be obtained from the CalPERS website.

Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
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 both short-term and long-term market return expectations as well as the expected pension fund cash flows. Using historical returns of all the funds’ asset classes, expected compound returns were calculated over the short-term (first 10 years) and the long-term (11-60 years) using a building-block approach. Using the expected nominal returns for both short-term and long-term, the present value of benefits was calculated for each fund. The expected rate of return was set by calculating the single equivalent expected return that arrived at the same present value of benefits for cash flows as the one calculated using both short-term and longterm returns. The expected rate of return was then set equivalent to the single equivalent rate calculated above and rounded down to the nearest one quarter of one percent.

The table below reflects the long-term expected real rate of return by asset class. The rate of return was calculated using the capital market assumptions applied to determine the discount rate and asset allocation. These rates of return are net of administrative expenses.

Assumed Long-Term
Asset Expected Real
Asset Class (a) Allocation Return (1)(2)
Global Equity Cap Weighted 30.00% 4.54%
Global Equity NonCap Weighted 12.00% 3.84%
Private Equity 13.00% 7.28%
Treasury 5.00% 0.27%
Mortgage-backed Securities 5.00% 0.50%
Investment Grade Corporates 10.00% 1.56%
High Yield 5.00% 2.27%
Emerging Market Debt 5.00% 2.48%
Private Debt 5.00% 3.57%
Real Assets 15.00% 3.21%
Leverage -5.00% -0.59%
Total 100.00%
(1) An expected inflation of 2.3% used for this period. (2) Figures are based on the 2021-22 Asset Liability Study.

Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate The following presents the Town’s proportionate share of the net pension liability for the Plans, calculated using the discount rate for the Plans, as well as what the Town’s proportionate share of the 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
1% Decrease 5.90%
Net Pension Liability $ 8,804,889
Current 6.90%
Net Pension Liability $ 5,690,905
1% Increase 7.90%
Net Pension Liability $ 3,127,829
Pension Plan Fiduciary Net Position
Detailed information about each pension plan’s fiduciary net position is available in the separately issued CalPERS financial reports.

PARS Section 115 Trust
During fiscal year 2017-18, the Town established a Section 115 Trust Fund for Pension Costs with Public Agency Retirement Services (PARS). The amount in this trust is not included as part of the Town's net pension liability calculation.

NOTE 10 - OTHER POSTEMPLOYMENT BENEFITS PLAN
Plan Description
The Town of Yountville administers the Town’s retired employees health care plan, a single employer defined benefit health care plan. The plan provides medical benefits to eligible retired Town employees and their beneficiaries. The Town’s plan is affiliated with the State of California PERS (CalPERS) in so far as the Town’s health insurance premium payments are paid to the CalPERS. CalPERS through an aggregation of single-employer plans pools administrative functions in regard to purchases of commercial health care policies and coverage. Town regulations and resolutions assign authority to establish and amend plan provisions to the Town. A separate OPEB Trust has been established by the Town.

Employees Covered by Benefit Terms
At June 30, 2024 (the measurement date), the benefit terms covered the following employees:

Active employees 34
Inactive employees 22
Total employees 56
Contributions
The contribution requirements of Plan members and the Town are established and may be amended by the Town. The required contribution is based on projected pay-as-you-go financing Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
requirements, with additional amounts to prefund benefits as determined annually by the Town Council. For the fiscal year ended June 30, 2024, the Town contributed $128,774. Plan members receiving benefits contributed no amounts of the total premiums.

Actuarial Assumptions
The following summarized the actuarial assumptions for the OPEB plan included in this fiscal year:

Valuation Date: January 1, 2024
Measurement Date: June 30, 2024
Actuarial Cost Method: Entry-Age Normal
Amortization Period: Open 30 year period
Asset Valuation Method: Level percentage of payroll, closed Actuarial Assumptions:

Discount Rate 5.4%
Inflation 2.5%
Salary Increases 3.0%
Healthcare Trend Rate 5.6 to 3.9%
Investment Rate of Return 5.85%
Mortality CalPERS 2021 Experience Study
Retirement From 50 to 75
Discount Rate
The discount rate used to measure the total OPEB liability was 5.4 percent. The projection of cash flows used to determine the discount rate assumed that Town contributions will be made at rates equal to the actuarially determined contribution rates. Based on those assumptions, the OPEB plan’s fiduciary net position was projected to be available to make all projected OPEB payments for current active and inactive employees and beneficiaries. Therefore, the long-term expected rate of return on OPEB plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability.

Net OPEB Liability
The Town's net OPEB liability was measured as of June 30, 2024 (measurement date) and was determined by an actuarial valuation as of January 1, 2024 (valuation date) for the fiscal year ended June 30, 2024 (reporting date).

Rate of Return
The long-term expected rate of return on OPEB plan investments was determined using a buildingblock method in which expected future real rates of return (expected returns, net of OPEB plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation.

Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the table below:

Asset Class
Percentage of
Portfolio
Long-Term
Expected Rate of
Return
Domestic equity 47.0% 7.5%
International developed equiity 7.0% 7.1%
Emerging markets equity 4.0% 7.4%
REITs 2.0% 7.0%
Short-term bonds 6.8% 3.7%
Core fixed income 27.0% 4.7%
High yield 1.3% 6.8%
Cash 4.9% 2.7%
Total 100.0%
Changes in the Net OPEB Liability
The following summarizes the changes in the net OPEB liability during the year ended June 30, 2024:

Fiscal Year Ended June 30, 2024
Total OPEB
Liability
Plan Fiduciary
Net Position
Net OPEB
Liability
(Asset)
Balance at June 30, 2023 $ 5,774,136 $ 5,698,124 $ 76,012 Service cost 281,339 - 281,339
Interest in Total OPEB Liability 338,736 - 338,736
Employer contributions - 128,774 (128,774)
Balance of diff between actual and exp experience 161,513 - 161,513 Balance of changes in assumptions 352,443 - 352,443
Actual investment income - 633,954 (633,954)
Benefit payments (267,040) (267,040) -
Net changes 866,991 495,688 371,303
Balance at June 30, 2024 $ 6,641,127 $ 6,193,812 $ 447,315 Covered Employee Payroll $ 4,382,040
Total OPEB Liability as a % of Covered Employee Payroll 151.55% Plan Fid. Net Position as a % of Total OPEB Liability 93.26% Service Cost as a % of Covered Employee Payroll 6.42%
Net OPEB Liability as a % of Covered Employee Payroll 10.21% Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
Deferred Inflows and Outflows of Resources
At June 30, 2024, the Town reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:

Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Difference between actual and expected experience $ 139,862 $ 697,161 Difference between actual and expected earnings - 48,149 Change in assumptions 305,199 118,287
Totals $ 445,061 $ 863,597
Of the total amount reported as deferred outflows of resources related to OPEB, none were the result of Town contributions subsequent to the measurement date and before the end of the fiscal year. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:

Year Ended June 30,
2025 $ (194,033)
2026 (29,104)
2027 (177,884)
2028 (144,673)
2029 26,571
Thereafter 100,587
Total $ (418,536)
OPEB Expense
The following summarizes the OPEB expense by source during the year ended June 30, 2024:

Service cost $ 281,339
Interest in TOL 338,736
Expected investment income (321,978)
Difference between actual and expected experience (170,262) Difference between actual and expected earnings (16,277) Change in assumptions 10,721
OPEB Expense $ 122,279
Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
The following summarizes changes in the net OPEB liability as reconciled to OPEB expense during the year ended June 30, 2024:
$ 447,315
(76,012)
371,303
Changes in deferred outflows (197,511)
Changes in deferred inflows (180,287)
Employer contributions and implicit subsidy 128,774
OPEB Expense $ 122,279
Net OPEB liability ending
Net OPEB liability beginning
Change in net OPEB liability
Sensitivity to Changes in the Discount Rate
The net OPEB liability of the Town, as well as what the Town's net OPEB liability would be if it were calculated using a discount rate that is one percentage point lower or one percentage point higher, is as follows:
(1% Decrease ) 5.40% (1% Increase )
Net OPEB Liability (Asset) $ 1,405,350 $ 447,315 $ (335,999) Discount Rate
Sensitivity to Changes in the Healthcare Cost Trend Rates The net OPEB liability of the Town, as well as what the Town's net OPEB liability would be if it were calculated using healthcare cost trend rates that are one percentage point lower or one percentage point higher than current healthcare cost trend rates, is as follows:
(1% Decrease ) 5.6 to 3.9% (1% Increase )
Net OPEB Liability (Asset) $ (422,596) $ 447,315 $ 1,535,625 Trend Rate
NOTE 11 - COMMITMENTS AND CONTINGENCIES
Joint Wastewater Treatment Plant
Under its agreement with the State of California, the Town is obligated to provide capacity in its treatment facility for a maximum daily flow capacity not to exceed one million gallons per day originating from the Veterans Home of California. The annual operations and maintenance budget of the Town’s wastewater enterprise is subject to approval by the State. The State is also required to approve any expansion of the treatment facility.

The State shall annually pay to the Town an amount equal to the State’s share of the capital recovery cost of the joint wastewater treatment facility. The Town is obligated to contribute an annual capital recovery amount equal to the States share of the capital recovery cost of the joint wastewater treatment facility. The State’s contributions and related investment earnings are restricted for use only upon those portions of the treatment facilities that benefit the State.

The Town’s obligations to maintain, operate, and provide for replacement of the treatment facility are continuous subject to a three-year advance notice termination clause.

Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
Contractor Commitments
As of June 30, 2024, the Town had outstanding commitments to contractors and vendors totaling $1,462,788, with an original contract amount of $2,422,826.

Lawsuits
The Town is subject to certain matters of litigation that may arise in the normal course of conducting Town business. Town management believes, based upon consultation with legal counsel, that these cases, in the aggregate, are not expected to result in a material adverse financial impact on the Town.

Additionally, Town management believes that the Town's insurance programs are sufficient to cover any potential losses should an unfavorable outcome materialize.

Federal and State Grant Programs
The Town participates in Federal and State grant programs. These programs are audited by the Town's independent accountants if required by and in accordance with the provisions of the Uniform Guidance and applicable State requirements. For Federal programs, the Town did not reach the level of qualifying expenditures during the current fiscal year that would require a single audit. Expenditures which may be disallowed, if any, by the granting agencies, cannot be determined at this time. The Town expects such amounts, if any, to be immaterial.

NOTE 12 - JOINTLY FORMED ORGANIZATIONS
Jointly governed organizations are regional government or other multi-government arrangements that are jointly governed by representatives from each of the governments that create the organizations, but that are not joint ventures because the participants do not retain an ongoing financial interest or responsibility.

The Town is a participant in the following jointly governed organizations:

California Intergovernmental Risk Authority (CIRA)
The Town of Yountville is a member of California Intergovernmental Risk Authority. The Authority, under the terms of a Joint Powers Agreement with the Town of Yountville and several other cities and governmental agencies, provides insurance coverage for general liability, automobile liability, and workers compensation claims. Under the arrangement, the Authority purchases liability, automobile liability, and workers compensation insurance and charges participating cities and governmental agencies in amounts planned to match expenses of insurance premiums, estimated payments resulting from selfinsurance programs, and operating expenses. The Town’s obligations are limited to contributions to pay for related insurance premiums.

Napa Valley Housing Authority
The Town is a member of the Napa Valley Housing Authority created to provide subsidized public housing and related assistance. The Authority was created pursuant to a Joint Powers Agreement, and the Town’s obligations are limited to providing funds for a pro rata share of the Authority’s operating costs.

Upper Valley Waste Management Agency
The Town is a member of the Agency along with the City of Calistoga, City of St. Helena, and County of Napa. The Agency was formed to provide for economical regional waste management services including uniform rate reviews. Funding for operations is provided from a surcharge placed on landfill dumping fees.

Napa Valley Transportation Authority
The Town is a member of this Joint Powers Agency formed for the purpose of developing transportation Town of Yountville
Notes to the Basic Financial Statements
June 30, 2024
planning throughout the County. The Town’s obligation is limited to serving on the Agency’s committees.

Transit Services Arrangement
The Town is party to an agreement with the City of Calistoga, City of Napa, County of Napa, and the Volunteer Center of Napa County (a private nonprofit organization) for the purpose of providing transit related services within the County. The Town’s funding requirement is met by assignment of its TDA transit fund allocation to the County of Napa.

Flood Protection Sales Tax Joint Powers Agreement
The Town is a member of the Joint Powers Agency for the purpose of establishing a plan for the use and equitable distribution of the 1/2% Flood Protection Sales Tax which was passed by voters in March 1998.

As a member the Town will receive allocations of the sales tax to be used for projects outlined in the agreement.

Required Supplementary Information
(Unaudited)
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Town of Yountville
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual (GAAP Basis)
General Fund
For the Year Ended June 30, 2024
Variance with
Budgeted Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)

REVENUES
Property taxes $ 2,456,280 2,456,280 $ 2,479,199 $ 22,919 $ Sales taxes 1,695,000 1,695,000 1,712,773 17,773
Transient occupancy tax 8,000,000 7,775,000 8,924,671 924,671 Other taxes 139,000 139,000 160,244 21,244
Licenses and permits 188,250 188,250 226,006 37,756
Fines and forfeitures 4,000 4,000 81,825 77,825
Intergovernmental 205,000 205,000 210,565 5,565
Interest 97,000 127,000 1,152,107 1,025,107
Rent and concessions 369,197 369,197 407,886 38,689
Charges for Services 475,150 475,150 719,528 244,378
Other Revenue 316,408 326,544 420,878 94,334
Total Revenues 13,985,421 13,720,285 16,495,682 2,510,261

EXPENDITURES
Current:

General Government 5,041,789 4,648,374 3,837,786 1,204,003 Public Safety 2,419,620 2,419,620 2,244,909 174,711
Public Works 2,835,437 2,684,483 2,613,993 221,444
Community Promotion 473,775 473,775 432,201 41,574
Parks and Recreation 1,859,511 1,934,084 1,834,708 99,376 Debt service
Principal retirement - - 140,252 (140,252)
Interest and fiscal charges - - 7,373 (7,373)
Total Expenditures 12,704,705 12,085,763 11,111,222 1,593,483 Excess (Deficiency) of Revenues over Expenditures 1,634,522 1,280,716 5,384,460 4,103,744

OTHER FINANCING SOURCES (USES)
Transfers in - - 32 32
Transfers out (1,405,097) (9,285,172) (9,634,150) (348,978) Total Other Financing Sources (Uses) (9,285,172) (1,405,097) (9,634,118) (348,946) Net Change in Fund Balance (8,004,456) 229,425 (4,249,658) 3,754,798 Fund Balance Beginning 19,097,336 19,097,336 - 19,097,336 Fund Balance Ending 19,326,761 $ 11,092,880 $ 14,847,678 $ 3,754,798 $ Town of Yountville
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual (GAAP Basis)
Measure T Fund
For the Year Ended June 30, 2024
Variance with
Budgeted Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)

REVENUES
Intergovernmental $ 525,000 525,000 $ 679,540 $ 154,540 $ Interest 750 750 18,764 18,014
Total Revenues 525,750 525,750 698,304 172,554

EXPENDITURES
Capital outlay 525,000 534,990 238,453 296,537
Total Expenditures 534,990 525,000 238,453 296,537
Excess (Deficiency) of Revenues over Expenditures 750 (9,240) 459,851 469,091

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers out - - - -
Total Other Financing Sources (Uses) - - - -
Net Change in Fund Balance (9,240) 750 459,851 469,091
Fund Balance Beginning 535,160 535,160 - 535,160
Fund Balance Ending 535,910 $ 525,920 $ 995,011 $ 469,091 $ Town of Yountville
Schedule of Pension Contributions
June 30, 2024
(Last Ten Years)
Miscellaneous Plan
Plan Measurement Date 2014 2015 2016 2017 2018
Fiscal Year Ended 2015 2016 2017 2018 2019
Contractually Required Contributions $ 387,070 $ 428,289 $ 474,799 $ 524,489 $ 596,324 Contributions in Relation to
Contractually Required Contributions 387,070 428,289 474,799 524,489 596,324 Contribution Deficiency (Excess) $ - $ - $ - $ - $ -
Covered Payroll $ 2,116,105 $ 2,310,300 $ 2,531,110 $ 2,791,647 $ 3,083,079 Contributions as a % of Covered Payroll 18.29% 18.54% 18.76% 18.79% 19.34% Miscellaneous Plan
Plan Measurement Date 2019 2020 2021 2022 2023
Fiscal Year Ended 2020 2021 2022 2023 2024
Contractually Required Contributions $ 691,306 $ 651,564 $ 673,383 $ 757,381 $ 768,745 Contributions in Relation to
Contractually Required Contributions 691,306 651,564 673,383 757,381 768,745 Contribution Deficiency (Excess) $ - $ - $ - $ - $ -
Covered Payroll $ 3,374,258 $ 3,336,879 $ 3,308,529 $ 3,885,388 $ 4,008,604 Contributions as a % of Covered Payroll 20.49% 19.53% 20.35% 19.49% 19.18% Notes to Schedule:

Valuation Date: June 30, 2022
Assumptions Used: Entry Age Method used for Actuarial Cost Method Level Percentage of Payroll and Direct Rate Smoothing
Remaining Amortization Period no more than 29 years
Inflation Assumed at 2.30%
Investment Rate of Returns set at 6.8%
The CalPERS mortality assumptions was adjusted in fiscal year 2023.

The mortality table was developed based on CalPERS-specific data. The rates incorporate Generational Mortality to capture ongoing morality improvement using 80% of Scale MP 2020 published by the Society of Actuaries. For more details, please refer to the 2021 experience study report that can be found on the CalPERS website.

The CalPERS discount rate was increased from 7.5% to 7.65% in FY2016, to 7.15% in FY2018, and then decreased to 6.9% in FY2023.

Town of Yountville
Schedule of Proportionate Share of Net Pension Liability June 30, 2024
(Last Ten Years)
Miscellaneous Plan
Plan Measurement Date 2014 2015 2016 2017 2018
Fiscal Year Ended 2015 2016 2017 2018 2019
Proportion of Net Pension
Liability (Safety and Misc) 0.03937% 0.04292% 0.04077% 0.04043% 0.03997% Proportion of Net Pension
Liability (Misc Plan Only) 0.09911% 0.10739% 0.10155% 0.10171% 0.10219% Proportionate Share of
Net Pension Liability $ 2,449,513 $ 2,946,171 $ 3,527,582 $ 4,009,560 $ 3,851,205 Covered Payroll $ 2,023,677 $ 2,116,105 $ 2,310,300 $ 2,531,110 $ 2,791,647 Proportionate Share of NPL
as a % of Covered Payroll 121.04% 139.23% 152.69% 158.41% 137.95% Plan's Fiduciary Net Position
as a % of the TPL 81.15% 76.29% 71.85% 72.01% 75.04%
Miscellaneous Plan
Plan Measurement Date 2019 2020 2021 2022 2023
Fiscal Year Ended 2020 2021 2022 2023 2024
Proportion of Net Pension
Liability (Safety and Misc) 0.04018% 0.04034% 0.04185% 0.04468% 0.04562% Proportion of Net Pension
Liability (Misc Plan Only) 0.10283% 0.10406% 0.11920% 0.11029% 0.11381% Proportionate Share of
Net Pension Liability $ 4,117,728 $ 4,389,375 $ 2,263,347 $ 5,160,670 $ 5,690,905 Covered Payroll $ 3,083,079 $ 3,374,258 $ 3,336,879 $ 3,308,529 $ 3,885,388 Proportionate Share of NPL
as a % of Covered Payroll 133.56% 130.08% 67.83% 155.98% 146.47% Plan's Fiduciary Net Position
as a % of the TPL 75.67% 75.80% 88.29% 75.76% 75.28%
The CalPERS mortality assumptions was adjusted in fiscal year 2023.

The CalPERS discount rate was increased from 7.5% to 7.65% in FY2016, to 7.15% in FY2018, and then decreased to 6.9% in FY2023.

Town of Yountville
Schedule of OPEB Contributions
June 30, 2024
(Last Ten Years)
Fiscal Year Ended 2018 2019 2020 2021 2022 2023 2024
Actuarially determined contribution (ADC) $ 359,315 $ 466,440 $ 480,409 $ 414,051 $ 425,804 $ 299,915 $ 308,338 Less: actual contribution in relation to ADC (574,451) (1,102,044) (405,199) (46,833) (417,323) (341,478) (128,774) Contribution deficiency (excess) $ (215,136) $ (635,604) $ 75,210 $ 367,218 $ 8,481 $ (41,563) $ 179,564 Covered employee payroll $ 3,313,486 $ 3,083,079 $ 3,331,741 $ 3,594,064 $ 3,555,195 $ 4,226,240 $ 4,382,040 Contrib. as a % of covered employee payroll 17.34% 35.74% 12.16% 1.30% 11.74% 8.08% 2.94% Notes to Schedule:

Assumptions and Methods
Valuation Date:

Measurement Date:

Actuarial Cost Method:

Amortization Period:

Asset Valuation Method:

Actuarial Assumptions:

Discount Rate
Inflation
Salary Increases
Healthcare Trend Rate
Investment Rate of Return
Mortality
Retirement
Other Notes
GASB 75 requires a schedule of contributions for the last ten fiscal years, or for as many years as are available if less than ten years are available. GASB 75 was adopted as of June 30, 2018.

There were no changes in benefit terms.

Actuarially determined contribution rates are calculated as of June 30, two years prior to the end of the fiscal year in which contributions are reported.

From FY2019 to FY2022, the discount rate increased from 5.65% to 5.72%, the inflation rate decreased from 2.75% to 2.5%, the salary increase rate decreased from 3.25% to 3%, and the rate of return increased from 5.65% to 5.72%. In FY2024, the discount rate decreased to 5.4%, the trend rate decreaed to 5.6% and the rate of return increased to 5.85%.

5.85%
Level percentage of payroll, closed
From 50 to 75
CalPERS 2021 Experience Study

5.6 to 3.9%

5.4%

2.5%

3.0%
January 1, 2024
June 30, 2024
Entry-Age Normal Cost Method
Open 30 year period
Town of Yountville
Schedule of Changes in Net OPEB Liability
June 30, 2024
(Last Ten Years)
Fiscal Year Ended 2018 2019 2020 2021 2022 2023 2024
Total OPEB liability
Service cost $ 313,121 $ 323,297 $ 333,804 $ 335,358 $ 345,419 $ 273,145 $ 281,339 Interest 274,234 299,254 326,187 343,104 373,791 318,482 338,736 Differences expected and actual experience - - (424,734) - (966,476) - 161,513 Changes of assumptions - - (130,013) - (134,059) - 352,443 Benefit payments (158,101) (151,304) (161,410) (161,833) (192,323) (224,432) (267,040) Net change in Total OPEB Liability 429,254 471,247 (56,166) 516,629 (573,648) 367,195 866,991 Total OPEB Liability - beginning 4,619,625 5,048,879 5,520,126 5,463,960 5,980,589 5,406,941 5,774,136 Total OPEB Liability - ending $ 5,048,879 $ 5,520,126 $ 5,463,960 $ 5,980,589 $ 5,406,941 $ 5,774,136 $ 6,641,127 Plan fiduciary net position
Employer contributions $ 574,451 $ 1,102,044 $ 543,199 $ 46,833 $ 417,323 $ 341,478 $ 128,774 Net investment income 174,585 236,316 181,024 1,102,353 (713,545) 96,524 633,954 Benefit payments (158,101) (151,304) (161,410) (161,833) (192,323) (224,432) (267,040) Other - - - (138,000) - 299,909 -
Administrative expense (11,973) (8,263) (23,169) - - - - Net change in plan fiduciary net position 578,962 1,178,793 539,644 849,353 (488,545) 513,479 495,688 Plan fiduciary net position - beginning 2,526,438 3,105,400 4,284,193 4,823,837 5,673,190 5,184,645 5,698,124 Plan fiduciary net position - ending $ 3,105,400 $ 4,284,193 $ 4,823,837 $ 5,673,190 $ 5,184,645 $ 5,698,124 $ 6,193,812 Net OPEB liability (asset) $ 1,943,479 1,235,933 640,123 307,399 222,296 76,012 447,315 Plan fiduciary net position as a percentage of the
total OPEB liability 61.51% 77.61% 88.28% 94.86% 95.89% 98.68% 93.26% Covered Employee Payroll $ 3,313,486 $ 3,083,079 $ 3,331,741 $ 3,594,064 $ 3,555,195 $ 4,226,240 $ 4,382,040 NOL as a % of covered employee payroll 58.65% 40.09% 19.21% 8.55% 6.25% 1.80% 10.21% Other Notes
There were no changes in benefit terms.

GASB 75 requires a schedule of contributions for the last ten fiscal years, or for as many years as are available if less than ten years are available. GASB 75 was adopted as of June 30, 2018.

Town of Yountville
Schedule of PARS OPEB Trust Investment Returns
June 30, 2024
(Last Ten Years)
Annual
Money-weighted
Rate of Return, Net
Fiscal Year of Investment Expenses
2017 9.38%
2018 7.16%
2019 5.36%
2020 5.61%
2021 10.16%
2022 5.29%
2023 5.57%
2024 5.85%
Note: Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.

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Supplementary Information
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Town of Yountville
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual (GAAP Basis)
Capital Projects Fund
For the Year Ended June 30, 2024
Variance with
Budgeted Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)

REVENUES
Intergovernmental $ 535,000 535,000 $ $ - (535,000) $
Interest 10,000 10,000 113,361 103,361
Charges for Services 112,000 112,000 4,998 (107,002)
Other Revenue - - 15 15
Total Revenues 657,000 657,000 118,374 (538,626)

EXPENDITURES
Capital outlay 13,937,399 2,166,600 12,094,540 1,842,859 Total Expenditures 13,937,399 2,166,600 12,094,540 1,842,859 Excess (Deficiency) of Revenues over Expenditures (1,509,600) (13,280,399) (11,976,166) 1,304,233

OTHER FINANCING SOURCES (USES)
Transfers in 551,500 12,051,500 12,051,905 405
Transfers out - - - -
Total Other Financing Sources (Uses) 12,051,500 551,500 12,051,905 405 Net Change in Fund Balance (1,228,899) (958,100) 75,739 1,304,638 Fund Balance Beginning 1,827,920 1,827,920 - 1,827,920
Fund Balance Ending 869,820 $ 599,021 $ 1,903,659 $ 1,304,638 $ Town of Yountville
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual (GAAP Basis)
Debt Service Fund
For the Year Ended June 30, 2024
Variance with
Budgeted Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)

REVENUES
Interest 6,000 $ 6,000 $ 20,663 $ 14,663 $
Total Revenues 6,000 6,000 20,663 14,663

EXPENDITURES
Debt service
Principal retirement 645,000 645,000 645,000 -
Interest and fiscal charges 251,720 251,720 251,721 (1) Total Expenditures 896,720 896,720 896,721 (1)
Excess (Deficiency) of Revenues over Expenditures (890,720) (890,720) (876,058) 14,662

OTHER FINANCING SOURCES (USES)
Transfers in 595,043 595,043 595,043 -
Transfers out - - - -
Total Other Financing Sources (Uses) 595,043 595,043 595,043 - Net Change in Fund Balance (295,677) (295,677) (281,015) 14,662 Fund Balance Beginning 337,134 337,134 - 337,134
Fund Balance Ending 41,457 $ 41,457 $ 56,119 $ 14,662 $

NONMAJOR GOVERNMENTAL FUNDS
Special Revenue Funds
Gas Tax Fund accounts for funds received from the State of California to use for street and highway related projects.

Public Education and Government Television Fund is used to account for public education and government fees.

Public Art Program Fund is used to account for certain monies paid by commercial applicants applying for building permits restricted for the acquisition, installation, improvement, and maintenance of physical artwork to be displayed in the Town for public view.

Housing Grants Program Fund is used to account for grant funds received for the CalHome Program from the California Department of Housing and Community Development that is restricted for the Owner-Occupied Rehabilitation Program to fund necessary home improvement projects for low income eligible residents to bring their home up to current building code standards.

SB1 2017 Road Repair Act Fund is used to account for SB 1 2017 Road Repair Act monies. Disability Access Fee SB1167 Fund is used to account for Disability Access fees.

Measure T Equivalent Fund is used to account for 6.67% of other monies to be spent for class 1 bicycle improvements, per the Measure T Ordinance (Napa Countywide Road Maintenance Act).

Fire Services Fund accounts for financial activities relating to the Fire Emergency Services Impact Fee that are restricted to be used to offset additional costs of personnel, facilities, and equipment required to meet demand on fire and medical services generated by new development.

Disability Access Fee SB1167 Fund is used to account for Disability Access fees.

Utility Underground Impact Fee Fund was established to pay for the undergrounding of existing overhead utilities along primary streets. Proceeds of each fee collected are to be allocated to the fund that finances approved utility undergrounding projects.

Housing Opportunity Fund is used to account for monies restricted for the development of affordable housing units.

Measure S Fund is used to account for revenue received from voter approved Measure S which increased transient occupancy tax by 1%. This special tax is for funding programs related to workforce and affordable housing.

Upper Valley Disposal Service Franchise Fees Fund is used to account for franchise fees collected for waste disposal services.

Town of Yountville Community Foundation Fund is used to account for the activities of the Town of Yountville Community Foundation.

Tallent Lane Drainage Fund accounts for the activities of the Tallent Lane Benefit District that was established to provide safer and improved access to properties fronting Tallent Lane.

Mesa Court Drainage Fund accounts for activities of the Mesa Court Drainage Benefit District that was established to correct drainage problems within the area of Mesa Court.

NONMAJOR GOVERNMENTAL FUNDS
Capital Projects Funds
Measure A Maintenance Fund is used to account for Measure A maintenance capital projects.

Facility Repair and Replacement Fund is used to accumulate resources for repair and replacement capital projects.

Fleet, Tools, and Equipment Repair and Replacement Fund is used to accumulate resources for repair and replacement capital projects.

Town of Yountville
Combining Balance Sheet
Nonmajor Governmental Funds
June 30. 2024
Public Public Housing SB1 2017
Gas Education Art Grants Road Repair
Tax and Gov't Program Program Act
Fund Fund Fund Fund Fund
ASSETS
Cash and investments 191,966 $ 59,316 $ 14,861 $ 171,035 $ 145,773 $ Taxes receivable - 3,674 - - -
Interest receivable 1,798 539 140 1,647 1,337
Due from other governments 7,202 - - - 6,222
Due from other funds - - - - -
Loans receivable - - - - -
Total assets $ 200,966 $ 63,529 $ 15,001 $ 172,682 $ 153,332

LIABILITIES, DEFERRED INFLOWS

AND FUND BALANCES
Liabilities:

Accounts payable $ 27,661 $ 2,255 $ 29 $ - $ -
Other liabilities - - 1,314 - -
Total liabilities 27,661 2,255 1,343 - -
Deferred Inflows of Resources:

Unavailable revenues - - - - -
Fund Balances:

Restricted:

Streets 173,305 - - - 153,332
Housing - - - 172,682 -
Cultural programs - 61,274 13,658 - -
Other - - - - -
Assigned:

Capital projects - - - - -
Unassigned - - - - -
Total fund balances 173,305 61,274 13,658 172,682 153,332 Total liabilities, deferred inflows of
resources and fund balances $ 200,966 $ 63,529 $ 15,001 $ 172,682 $ 153,332 Cont'd
Special Revenue Funds
Town of Yountville
Combining Balance Sheet
Nonmajor Governmental Funds
June 30. 2024
ASSETS
Cash and investments
Taxes receivable
Interest receivable
Due from other governments
Due from other funds
Loans receivable
Total assets

LIABILITIES, DEFERRED INFLOWS

AND FUND BALANCES
Liabilities:

Accounts payable
Other liabilities
Total liabilities
Deferred Inflows of Resources:

Unavailable revenues
Fund Balances:

Restricted:

Streets
Housing
Cultural programs
Other
Assigned:

Capital projects
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
Disability Utility
Measure T Fire Access Fee Underground Housing
Equivalent Services SB 1186 Impact Fee Opportunity
Fund Fund Fund Fund Fund
$ $ - 38,866 $ 116,277 1,243 $ 192,154 $
- - - - -
- 374 1,120 7 1,410
- - - - -
- - - - -
- - - - 1,510,230
$ $ - 39,240 $ 117,397 1,250 $ 1,703,794 $
$ - $ - $ $ - 110 $ 5,210
- - - - -
- - - 110 5,210
- - - - 163,530
- 39,240 - 117,397 -
- - - - 1,535,054
- - - - -
- - - 1,140 -
- - - - -
- - - - -
39,240 - 1,140 117,397 1,535,054
$ 39,240 $ - $ 1,250 $ 117,397 $ 1,703,794
Cont'd
Special Revenue Funds
Town of Yountville
Combining Balance Sheet
Nonmajor Governmental Funds
June 30. 2024
ASSETS
Cash and investments
Taxes receivable
Interest receivable
Due from other governments
Due from other funds
Loans receivable
Total assets

LIABILITIES, DEFERRED INFLOWS

AND FUND BALANCES
Liabilities:

Accounts payable
Other liabilities
Total liabilities
Deferred Inflows of Resources:

Unavailable revenues
Fund Balances:

Restricted:

Streets
Housing
Cultural programs
Other
Assigned:

Capital projects
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
Upper Valley Town of
Disposal Yountville Tallent Mesa
Service Community Lane Court
Measure S Franchice Fees Foundation Drainage Drainage
Fund Fund Fund Fund Fund
$ 264,384 119,392 $ 163,179 $ 18,796 $ 52,295 $
48,318 - 98,092 - -
2,420 581 - 181 504
- - - - -
- - 17,753 - -
334,751 - - - -
$ 552,816 $ 315,122 $ 180,932 $ 18,977 $ 52,799
$ 7,323 $ - $ 165 $ 18,796 $ 52,295
- - - - -
7,323 - 165 18,796 52,295
- - - - -
- - - 181 504
545,493 - - - -
- - 180,767 - -
- 315,122 - - -
- - - - -
- - - - -
545,493 315,122 180,767 181 504
$ 552,816 $ 180,932 315,122 $ 18,977 $ 52,799 $
Cont'd
Special Revenue Funds
Town of Yountville
Combining Balance Sheet
Nonmajor Governmental Funds
June 30. 2024
ASSETS
Cash and investments
Taxes receivable
Interest receivable
Due from other governments
Due from other funds
Loans receivable
Total assets

LIABILITIES, DEFERRED INFLOWS

AND FUND BALANCES
Liabilities:

Accounts payable
Other liabilities
Total liabilities
Deferred Inflows of Resources:

Unavailable revenues
Fund Balances:

Restricted:

Streets
Housing
Cultural programs
Other
Assigned:

Capital projects
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
Fleet, Tools
Facility and Equipment Total
Measure A Repair and Repair and Nonmajor
Maintenance Replacement Replacement Governmental
Fund Fund Fund Funds
$ 1,455,580 387,278 $ 768,258 $ $ 4,160,653
2,064 - - 152,148
14,119 3,730 7,398 37,305
0- - 13,424
- - - 17,753
- - - 1,844,981
$ 1,469,699 393,072 $ 775,656 $ $ 6,226,264
$ 90,732 - $ - $ $ 204,576
- - - 1,314
90,732 - - 205,890
- - - 163,530
- 393,072 - 877,031
- - - 2,253,229
- - - 255,699
- - - 316,262
1,378,967 - 775,656 2,154,623
- - - -
393,072 1,378,967 775,656 5,856,844
$ 393,072 $ 1,469,699 $ 775,656 $ 6,226,264
Concluded
Capital Projects Funds
Town of Yountville
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 30, 2024
Public Public Housing SB1 2017
Gas Education Art Grants Road Repair
Tax and Gov't Program Program Act
Fund Fund Fund Fund Fund

REVENUES
Other taxes $ - 14,682 $ $ - $ - $ -
Licenses and permits - - 18,939 - -
Intergovernmental 84,179 - - 30,027 75,616
Interest 5,790 1,779 457 5,303 4,801
Charges for Services - - - - -
Other Revenue - - - - -
Total Revenues 89,969 16,461 19,396 35,330 80,417

EXPENDITURES
Current:

General Government - 5,000 - - -
Housing - - - - -
Public Works - - 28,538 - -
Community Promotion - - - - -
Capital outlay 60,433 - - - 79,600
Total Expenditures 60,433 5,000 28,538 - 79,600
Excess (Deficiency) of Revenues over Expenditures 29,536 11,461 (9,142) 35,330 817

OTHER FINANCING SOURCES (USES)
Transfers in - - - - -
Transfers out - - - - -
Total Other Financing Sources (Uses) - - - - -
Net Change in Fund Balances 29,536 11,461 (9,142) 35,330 817 Fund Balances Beginning 143,769 49,813 22,800 137,352 152,515 Fund Balances Ending $ 61,274 173,305 $ 13,658 $ 172,682 $ 153,332 $ Cont'd
Special Revenue Funds
Town of Yountville
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 30, 2024

REVENUES
Other taxes
Licenses and permits
Intergovernmental
Interest
Charges for Services
Other Revenue
Total Revenues

EXPENDITURES
Current:

General Government
Housing
Public Works
Community Promotion
Capital outlay
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances Beginning
Fund Balances Ending
Disability Utility
Measure T Fire Access Fee Underground Housing
Equivalent Services SB 1186 Impact Fee Opportunity
Fund Fund Fund Fund Fund
$ - $ - $ - $ - $ -
- - - - -
- - - - -
1,335 - 51 3,705 5,828
- - 1,541 114 9,294
- - - - -
1,335 - 1,592 3,819 15,122
- - - - -
- - - - 71,510
- - - - -
- - - - -
- - - - -
- - - - 71,510
1,335 - 1,592 3,819 (56,388)
- - - - 66,300
- (32) (1,905) - -
- (32) (1,905) - 66,300
1,335 (32) (313) 3,819 9,912
37,905 32 1,453 113,578 1,525,142
$ 39,240 $ - $ 1,140 $ 117,397 $ 1,535,054
Cont'd
Special Revenue Funds
Town of Yountville
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 30, 2024

REVENUES
Other taxes
Licenses and permits
Intergovernmental
Interest
Charges for Services
Other Revenue
Total Revenues

EXPENDITURES
Current:

General Government
Housing
Public Works
Community Promotion
Capital outlay
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances Beginning
Fund Balances Ending
Upper Valley Town of
Disposal Yountville Tallent Mesa
Service Community Lane Court
Measure S Franchice Fees Foundation Drainage Drainage
Fund Fund Fund Fund Fund
$ 187,754 743,723 $ - $ $ - $ -
- - - - -
- - - - -
72,298 6,082 - 645 1,681
- - - - -
- - 63,545 - -
816,021 193,836 63,545 645 1,681
- 3,869 - - -
7,323 - - - -
- - - - -
- - 29,264 - -
- - - 18,796 52,295
7,323 3,869 29,264 18,796 52,295
808,698 189,967 34,281 (18,151) (50,614)
- - 13,425 - -
(3,019,925) - - - -
(3,019,925) - 13,425 - -
(2,211,227) 189,967 47,706 (18,151) (50,614)
2,756,720 125,155 133,061 18,332 51,118
$ 545,493 $ 315,122 $ 180,767 $ 181 $ 504
Cont'd
Special Revenue Funds
Town of Yountville
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 30, 2024

REVENUES
Other taxes
Licenses and permits
Intergovernmental
Interest
Charges for Services
Other Revenue
Total Revenues

EXPENDITURES
Current:

General Government
Housing
Public Works
Community Promotion
Capital outlay
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances Beginning
Fund Balances Ending
Fleet, Tools
Facility and Equipment Total
Measure A Repair and Repair and Nonmajor
Maintenance Replacement Replacement Governmental
Fund Fund Fund Funds
$ - $ - $ - $ 946,159
- - - 18,939
2,064 - - 191,886
15,020 51,836 41,412 218,023
- - - 10,949
- - - 63,545
17,084 51,836 41,412 1,449,501
- - 103,507 112,376
- - - 78,833
- - - 28,538
- - - 29,264
107,722 141,085 - 459,931
107,722 141,085 103,507 708,942
(90,638) (89,249) (62,095) 740,559
- 350,000 200,000 629,725
- - (600,000) (3,621,862)
- 350,000 (400,000) (2,992,137)
(90,638) 260,751 (462,095) (2,251,578)
483,710 1,118,216 1,237,751 8,108,422
$ 393,072 $ 1,378,967 $ 775,656 $ 5,856,844
Concluded
Capital Projects Funds
Town of Yountville
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (GAAP Basis)
Nonmajor Governmental Funds
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)

REVENUES
Other taxes $ - $ - $ - $ -
Licenses and permits - - - -
Intergovernmental 85,155 85,155 84,179 (976)
Interest 250 250 5,790 5,540
Rent and concessions - - - -
Charges for Services - - - -
Other Revenue - - - -
Total Revenues 85,405 85,405 89,969 4,564

EXPENDITURES
Current:

General Government - - - -
Housing - - - -
Public Works - - - -
Community Promotion - - - -
Parks and Recreation - - - -
Capital outlay 87,000 136,828 60,433 76,395
Total Expenditures 87,000 136,828 60,433 76,395
Excess (Deficiency) of Revenues over Expenditures (1,595) (51,423) 29,536 80,959

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers out - - - -
Total Other Financing Sources (Uses) - - - -
Net Change in Fund Balances (1,595) (51,423) 29,536 80,959 Fund Balances Beginning 143,769 143,769 143,769 -
Fund Balances Ending $ 142,174 $ 92,346 $ 173,305 $ 80,959 Cont'd
Budgeted Amounts
Gas Tax Fund
Town of Yountville
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (GAAP Basis)
Nonmajor Governmental Funds
For the Year Ended June 30, 2024

REVENUES
Other taxes
Licenses and permits
Intergovernmental
Interest
Rent and concessions
Charges for Services
Other Revenue
Total Revenues

EXPENDITURES
Current: