ANNUAL
COMPREHENSIVE
FINANCIAL REPORT
ANNUAL
COMPREHENSIVE
FINANCIAL REPORT
FFIISSCCAALL YYEEAARR EENNDDEEDD JJUUNNEE 3300,, 22002255 Town of Yountville, CA
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Town of Yountville
California
Annual Comprehensive Financial Report
Fiscal Year Ended June 30, 2025
Prepared by the Finance Department
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TOWN OF YOUNTVILLE
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2025
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, 2025
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 Disability Access Fee SB1186 Special Revenue Fund...................................................... 117 Utility Underground Impact Fee Fund ........................................................................................ 118 Housing Opportunity Special Revenue Fund .................................................................. 119 Measure S Special Revenue Fund................................................................................. 120 Upper Valley Disposal Service Franchise Fees Special Revenue Fund ...................... 121 Town of Yountville Community Foundation Special Revenue Fund................................... 122 Tallent Lane Special Revenue Fund .............................................................................. 123 Mesa Court Drainage Special Revenue Fund.................................................................. 124 Measure A Maintenance Capital Project Fund ................................................................ 125 Facility Repair and Replacement Capital Project Fund..................................................... 126 Fleet, Tools, and Equipment Repair and Replacement Capital Project Fund ........................ 127 Comparative Statement of Water Enterprise Fund Net Position .............................................. 128 Comparative Statement Water Enterprise Fund Revenues, Expenses and Changes in Net Position .................................................................................................. 129 Comparative Statement of Wastewater Enterprise Fund Net Position ..................................... 130 Comparative Statement of Wastewater Enterprise Fund Revenues, Expenses and Changes in Net Position ............................................................................................ 131
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 Transient Occupancy Tax – Principal Payers and Other Information................................................ 143
TOWN OF YOUNTVILLE
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2025
TABLE OF CONTENTS
Principal Transient Occupancy Taxpayers................................................................................... 144 Ratios of Outstanding Debt by Type...................................................................................... 145 Computation of Direct and Overlapping Debt ........................................................................ 147 Legal Debt Margin Information............................................................................................. 148 Pledged Revenue Coverage ................................................................................................... 149 Lease Revenue Bonds Continuing Disclosures............................................................................. 150 Demographic and Economic Statistics................................................................................... 152 Principal Employers.............................................................................................................. 153 Number of Positions – City Government by Function.................................................................... 154 Operating Indicators by Function .......................................................................................... 155 Capital Asset Statistics by Function ...................................................................................... 156 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........................................................ 159 This page is intentionally blank
Introductory Section
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TRANSMITTAL LETTER
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November 5, 2025
Honorable Mayor, Members of the Town Council, and Citizens of the Town of Yountville SUBJECT: Annual Comprehensive Financial Report – June 30, 2025 Town staff is pleased to present the Annual Comprehensive Financial Report (ACFR) for the Town of Yountville for the fiscal year ended June 30, 2025.
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’s financial statements and issued an unmodified opinion that the financial statements for the year ended June 30, 2025, 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, 2025. 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 Audit require 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 2024/2025 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 year to fully disclose its financial information in a timely and transparent manner and 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 these representations, Town management has established a comprehensive framework of internal controls designed both to protect the Town’s assets from loss, theft, or misuse; and to compile sufficiently reliable information for the preparation of the Town’s financial statements in conformity with generally accepted accounting principles. Because the cost of internal controls should not exceed their benefits, the Town’s internal controls have been designed to provide reasonable rather than absolute assurance that the financial statements are free of material misstatements.
Generally accepted accounting principles require that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The Town’s MD&A can be found in the Financial Section of this document, immediately following the report of the independent auditor.
TOWN OF YOUNTVILLE PROFILE
The Town is located in the heart of Napa Valley surrounded by the beautiful backdrop of the region’s vineyards and mountains. Yountville has small town charm and unique character, making it an ideal place to live, work or visit. With a population of approximately 2,781, it is a community that cares about its citizens and businesses. It also welcomes many visitors who come from the Bay Area, and around the world, to enjoy the numerous activities and a amenities in the area, dine at critically acclaimed restaurants and stay at one of the fine hotels the Town has to offer.
Form of Government
The Town of Yountville was incorporated February 4, 1965 and operates under a council-manager form of government. Policymaking and legislative authority are vested in the Town Council consisting of the Mayor and four other elected Council members. The Council is responsible for, among other matters, approving and modifying ordinances, adopting the Town budget, appointing committee, and commission members, and hiring the Town Manager and Town Attorney. The Town Manager is responsible for ensuring compliance with the ordinances, implementing the policies and direction of the Town Council, appointing department heads, hiring employees, and managing daily operations of the Town.
The Council is elected on a non-partisan basis. Council members serve four-year staggered terms, with two members elected every two years. The Mayor is elected to serve a four-year term.
Town Services
The Town provides a full range of municipal services including fire/emergency services and law enforcement through contracts with Napa County; construction and maintenance of Town streets, storm drains, bridges, and similar infrastructure type assets; park maintenance; community recreation activities including seasonal camps and other recreation and leisure programs. The Town operates a modern community center facility that hosts community and recreation programs, in addition to being available for rent to groups and functions of all sizes, from small meetings and gatherings to large events and elegant wedding receptions and banquets.
In terms of business-type activities, the Town provides water and wastewater services through the operation of its utility enterprises. The Town has a partnership with the State of California, whereby the State agrees to supply water to the Town, and the Town, in turn, provides wastewater treatment for the California Veterans Home. The costs to provide these utility services, including the cost to purchase water, compliance with increasing state regulations, and maintaining the utility infrastructure have steadily increased over the last several years. Upon review of a comprehensive rate study and business plan, the Town Council conducted a public hearing and approved a five-year water/wastewater rate schedule in November 2022. The rate schedule was established to phase in the rate increases necessary to eliminate the utility enterprise operating deficits and provide funds needed for systems replacements. The fiscal year ending June 30, 2025 included revenue from rates that became effective January 1, 2025.
The ACFR includes all financial activities of the Town. Financial data for all funds through which services are provided by the Town have been included in this report based on the criteria adopted by the Governmental Accounting Standards Board (GASB), which is the authoritative body establishing U.S. Generally Accepted Accounting Principles (GAAP) for local governments.
Budgetary Policy and Control
The Town’s budgetary records are maintained on a modified accrual basis. Revenues are recorded when measurable and available; and expenditures are recorded when goods or services are received, and the liability incurred. The Town budget serves as the foundation for the Town of Yountville’s financial planning and control. Based on the Town of Yountville Financial Policies, the Town is required to maintain a balanced operating budget; requiring current year operating expenses and transfers for debt service and capital expenditures to be fully funded by current year revenues and other designated available funding sources.
In the budget development process, the Town Council and staff adhere to the following Vision and Mission Statements as a basis for budget development:
Vision Statement
To maintain a safe and healthy town that respects its history and natural environment while creating an exceptional quality of life for residents by providing value through amenities and services and promoting sustainable businesses and economic development.
Mission Statement – FOCUS
Town of Yountville is a Forward-thinking agency with an Open-minded workforce that is Committed to Yountville and Unified with the community in delivering Sustainable results.
Town operations are guided by the Biennial Budget. Budgeting for a two-year cycle supports strategic planning and goal setting during the off-cycle budget year. During budget development all departments of the Town submit requests for appropriations to the Town Manager. These requests serve as a starting point for crafting a proposed budget. The Town Manager then presents a proposed operating and capital budget to the Town Council. The Council holds public meetings to review and receive input on the proposed budget before formal adoption.
The budget is adopted by fund, department, and account classification. During the fiscal year, the Town Manager may authorize budget transfers within departments and funds, but only the Town Council can approve additional appropriations. Staff provide monthly financial reports to the Council during the year and may prepare a comprehensive budget review at mid-year. The council approves adjustments to the original budget during the year to reflect changing conditions that impact revenues or expenditures. Prior to the beginning of the second fiscal year of the Biennial Budget, staff presents a proposed Mid-Cycle Biennial Budget Update to the Town Council for review. This Mid-Cycle Update offers revised revenue and expenditures projections based on more recent data and information. The Council again receives public input on the proposed Mid-Cycle Update before formal adoption.
Budget to actual comparisons are provided in this report for each governmental fund for which an appropriated annual budget has been adopted. The general fund budget to actual comparison is required supplementary information and is presented in a separate section of this report immediately following the notes to the financial statements. For the Town’s other governmental-type funds a budget to actual comparison schedule is presented as optional information in the section of this report containing combining financial statements and individual fund schedules.
FACTORS AFFECTING FINANCIAL CONDITION
The information presented in the financial statements is better understood when it is considered from the broader perspective of the environment in which the Town operates.
Local Economy
The Town is located sixty miles north of San Francisco in the Napa Valley, an area that attracts many visitors each year as they come to enjoy the scenic beauty, the local attractions and the many wineries and restaurants in the area. The Town of Yountville is a destination for tourists seeking a welcoming small-town environment while visiting the Napa Valley. The Town has been recognized in many well-known publications and continues to attract visitors from nearby urban areas, as well as other regions and countries. As a tourist destination, 63% of the Town’s general fund revenues for Fiscal Year 2024/2025 are from transient occupancy tax (TOT), restaurant and tasting room sales tax collections.
Given the reliance on tourism-based revenue, the Town has taken steps to ensure continued promotion as a tourist destination. The Town contracts with the Yountville Chamber of Commerce for promotional marketing and events. The Town is an active member of the Napa Valley Tourism Improvement District which assesses an additional 2% on all hotel room rents, of which 25% (one fourth) is managed by a Yountville Tourism Improvement Board to promote Yountville, sponsor events, and generate business during the slow months of the tourist season.
The Town has positioned itself to maintain a healthy and vibrant local economy with highly rated hotels and inns, award winning restaurants, wine tasting, boutique retail shops, and a community art program all situated in a beautiful location that attracts many visitors. Yountville is also home to the Veterans Home of California, a historic community of and for veterans, dating back to the 1880’s.
The three major sources of General Fund revenue include Transient Occupancy Tax (TOT), Property Tax, and Sales Tax. These three taxes account for 81% of the Fiscal Year 2024/2025 General Fund revenues.
More detailed information about the collection of these revenues is included in the Management Discussion and Analysis section of this report.
Long-Term Financial Planning
The Town Council adopted a balanced budget for Fiscal Year 2024/2025. The Town attempts to project revenues as accurately as possible and then review and adjust, as needed, at mid-year. The Town Council has approved the establishment of a General Fund Reserve with a minimum target of 35% of General Fund expenditures and assigned fund balances for budget and legal contingencies as well as a self-insurance retention. The Town Council has also supported reserve funds for Facility, Repair and Replacement and Tools and Equipment Repair and Replacement to better prepare for funding repairs and replacement needs of the town.
The Town has taken steps to ensure fiscal stability over the next several years and beyond. The Town has adopted a master fee schedule to manage and monitor charges for services. The master fee schedule is comprehensively reviewed and updated each year prior to the budget cycle to provide updated information for revenue projections and cost recovery targets, where applicable.
The Town Council adopted a water and wastewater utility rate study which includes a five-year enterprise business plan to raise rates for water and wastewater services. The new rates provide the resources needed to operate and maintain the Town’s utility systems and comply with new environmental and regulatory requirements.
The Town Council has established an IRC Section 115 Trust with PARS (Public Agency Retirement Services) for both OPEB (other post-employment benefits) and CalPERS Unfunded Actuarially Accrued Liability.
Contributions to the OPEB portion of the trust are directed by the Town Council and aim to cover the actuarially determined contribution issued by the Town’s actuary. Contributions to the pension portion of the trust are at the Town Council’s discretion. These steps have been taken to protect the Town against future economic uncertainty.
Major Initiatives
Managing the increased cost of purchasing water
The Town purchases water from the Rector Reservoir, via a long-term contract with the State of California Veterans Home. The cost of water is calculated each year based on the Town’s proportionate share of Rector Reservoir cost of operations. When Rector Reservoir water is not available, the Town obtains water from the City of Napa, but at a much higher rate. Town staff continue to build on its working relationship with the Veterans Home and seek methods for managing these rising costs.
Managing Rising Pension Costs
The Town of Yountville, like many municipalities throughout the State, is facing rising CalPERS pension costs.
This is primarily related to the changes in CalPERS actuarial assumptions which include changes to discount rate, amortization policies, mortality rates, and the implementation of risk mitigation strategies. The Town has been disciplined to set aside money for our PERS UAAL Reserve Fund, which had a balance of $3.8 million on June 30, 2025. These dedicated funds will aid the Town in meeting future pension obligations.
Pursuing Grant Funding
The Town has been successful in obtaining grants and low-cost financing for projects and will continue this practice to leverage Town resources and provide resources to complete capital projects. In 2014, the Town obtained a $3,465,362 State Revolving Fund Loan for the purpose of financing the Yountville Water Recycling Expansion Project. The loan is a draw down as costs are incurred type of loan. The town received $2,725,340 in loan proceeds. In February 2019, the Town was awarded $500,000 in a HOME Program Grant from the California Department of Housing and Community Development which provides funding for home improvement projects for low-income eligible residents to bring their homes up to current building code standards.
Increasing Affordable and Workforce Housing
On November 6, 2018, Yountville voters approved Measure S which increased the Transient Occupancy Tax (TOT) by one percent (1%) to support workforce and affordable housing efforts. This special tax went into effect as of January 1, 2019. On June 30, 2025, the balance of the Measure S Fund was $465,710. The Town established a Measure S Workforce and Affordable Housing Committee that reviewsfund activity to ensure proper use and apprise the Town Council of potential opportunities to utilize the funds to promote an increase in affordable and workforce housing within the Town. In Fiscal Year 2024/2025, the Yountville Commons Project which will contain a workforce housing component when developed remained the Town Council’s highest priority.
Disaster and Emergency Preparedness Planning
Over the years, earthquake and fire experiences have clearly demonstrated the importance of the Town’s emergency preparedness and disaster response planning, community education, and outreach efforts.
Work towards improvement continues as we partner with other cities in the county to update the Napa County Hazard Mitigation Plan. The Town offers enjoyable and engaging community events which focus on disaster and emergency preparedness during the summer months at the Community Center.
Impact of the State Budget
The main sources of uncertainty for California local governments are the economy and the impact from the State of California Budget that included the practice of state takeaways and unfunded mandates. New legislation has insulated local governments from takeaways, while unfunded mandates and economic downturns remain as uncontrollable factors. The most recent California Department of Finance Bulletin (September 2025) reports unemployment of 4.3% in August 2025, a slight increase from August 2024 which was 4.2%. The Town developed the 2024/2025 budget assuming there would be no state takeaways or unfunded mandates, and staff will continue to review updated economic forecasts and monitor state budget conditions.
AWARDS
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Town of Yountville for its annual comprehensive financial report for the fiscal year ended June 30, 2024. This was the sixteenth consecutive year that the Town has achieved this prestigious award. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized annual comprehensive financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements.
Principal Officials
TOWN COUNCIL
Margie Mohler, Mayor
Robin McKee, Vice Mayor
Eric Knight, Council Member
Hillery Trippe, 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
Aaron Hecock, Planning & Building Director
Hilary Gaede, Communications Director/Town Clerk
Kami Noriega, Deputy Town Clerk
New Positions Existing Positions
Town Manager
Planning &
Building Director
Town of Yountville
Organizational Chart
FY 2024/2025
Communications
Director/Town
Clerk
Administrative
Services Director
Administrative
Assistant
Public Works
Director
Citizens of
Yountville
Boards, Commissions,
& Committees
Mayor & Town
Council
Town Attorney
Associate
Planner
Code
Compliance
Officer
Assistant
Planner
Deputy Town
HR Analyst Clerk
Accounting
Assistant
(Part-Time)
Financial
Analyst
Accounting
Assistant
Management
Analyst II
Engineering
Technician
Maintenance
Worker II
Maintenance
Worker II
Maintenance
Worker II
Deputy Public
Works Director
Maintenance
Worker II
Maintenance
Worker I/II
Maintenance Assistant
(Part Time - Seasonal)
Utility Operations
Manager,
Wastewater
Utility
Operator II
Utility
Operator II
Utility
Operator I
Utility Operations
Supervisor, Water
Information
Systems
Administrator
Marketing
Specialist
(Part-Time)
Maintenance Assistant
(Part Time - Seasonal)
Utility
Operator II
Maintenance
Worker II
Public Works
Manager
Parks &
Recreation
Director
Administrative
Assistant
Recreation
Coordinator
Recreation
Specialists
(Part-Time)
Recreation
Assistants
(Part-Time)
Building Attendants
(Part-Time)
Recreation
Supervisor
Building Attendants
(Part-Time)
Marketing
Specialist
(Part-Time)
Recreation
Coordinator
Recreation
Coordinator
Existing Vacancy
New Position
Full Time Position
Part Time Postion
LEGEND
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, 2024
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, 2025, 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, 2025, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. 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 6, 2025 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 6, 2025
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, 2025. 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 2024/2025 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 $85.28 million (net position). Of this amount, net position included $51.77 million classified as net investment in capital assets; $9.43 million as restricted; and $24.08 million as unrestricted net position. • The Town’s net position increased by $5.09 million, and its change in net position decreased by $2.39 million, from $7.48 million, in FY 2024/2025. In the Governmental Activities, tax revenues increased by $.03 million, charges for services decreased by $0.16 million, operating grants and contributions increased by $.16 million, and capital grants and contributions increased by $0.20 million. • In the Business-Type Activities, charges for services increased by $0.66 million and capital grants and contributions increased by $0.06 million.
• Deferred outflows of resources decreased by $.60 million while deferred inflows of resources increased by $0.20 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 GASB 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 68 as of June 30, 2025 was $5.66 million, while the net OPEB asset for the fiscal year ending June 30, 2025 was $0.03 million.
• The Town’s long-term debt decreased by $0.88 million, or 10%, in Fiscal Year 2024/2025 primarily from debt service payments made during the year.
• The Town’s net capital assets increased by 1.4%, or $.82 million, primarily as a result of depreciation. • Capital projects expenditures totaled $3.27 million with approximately $1.64 million of ongoing maintenance and replacement projects. The table below shows details of significant projects.
Fund Highlights
• At the close of Fiscal Year 2024/2025, the Town of Yountville’s governmental funds reported combined fund balances of $25.75 million, an increase of $2.09 million in comparison with the prior year. Approximately 23%, or $5.88 million, was classified as unassigned fund balance and was available for spending at the government’s discretion.
• At the end of the Fiscal Year 2024/2025, the general fund’s unrestricted fund balance (the total of the committed, assigned, and unassigned components of fund balance) was $11.65 million, or 97.40% of total general fund expenditures, prior to transfers. The general fund’s unassigned fund balance was $5.88 million or 49.19% of total general fund expenditures, prior to transfers. • The fund balance in the General Fund decreased by $.78 million, with revenues of $16.23 million and expenditures of $11.96 million, prior to transfers out of $3.5 million. Revenues decreased from the prior year by $.27 million mostly due to an decrease in transient occupancy taxes collected and interest and rents. Expenses increased by $.85 million, mostly due to an increase in general government, public works and parks and recreation expenditures.
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 2,400,003 1,436,270
Annual Street Maintenance Program 1,776,852 669,745
Mobility Plan 313,780 159,947
Shade Structure North Park 137,520 137,520
Replace Bucket Truck 125,487 125,487
Total 4,753,641 2,528,969
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 activitiesin 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 2024/2025, 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 99-131 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 137-156 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 $85.28 million at the close of the Fiscal Year 2024/2025. This represents an increase of $5.09 million over the prior year.
The following table summarizes the Town’s ending net position:
Net position of the Town’s governmental activities increased $3.63 million to $63.46 million. Approximately 20% of net position relating to governmental activities are unrestricted, and a significant portion, or $41.21 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 provided from 2025 2024 2025 2024 2025 2024
Assets
Current and other assets $ 29.23 $ 27.23 $ 12.55 $ 10.94 $ 41.78 $ 38.17 Capital assets 48.63 47.52 10.85 11.13 59.48 58.65
Total Assets $ 77.86 $ 74.75 $ 23.39 $ 22.07 $ 101.26 $ 96.82 Deferred Outflows of Resources $ 1.97 $ 2.40 $ 0.57 $ 0.73 $ 2.53 $ 3.14 Liabilities
Current and other liabilities $ 2.16 $ 2.20 $ 0.29 $ 0.36 $ 2.45 $ 2.56 Noncurrent liabilities 11.30 12.37 1.55 1.82 12.84 14.19 Total Liabilities $ 13.46 $ 14.57 $ 1.84 $ 2.18 $ 15.30 $ 16.75 Deferred Inflows of Resources $ 2.91 $ 2.75 $ 0.31 $ 0.27 $ 3.22 $ 3.02 Net Position
Net investment in capital assets $ 41.21 $ 39.40 $ 10.56 $ 10.69 $ 51.77 $ 50.09 Restricted 9.43 8.42 - - 9.43 8.42
Unrestricted 12.82 12.01 11.26 9.68 24.08 21.69
Total Net Position $ 63.46 $ 59.83 $ 21.82 $ 20.36 $ 85.28 $ 80.19 Table 1 - Net Position
Governmental Activities Business-Type Activities Total
Town of Yountville Management’s Discussion and Analysis other sources,since the capital assets themselves cannot be used to liquidate the liabilities.
Total liabilities related to governmental activities decreased by $1.11 million mainly due to a decrease in noncurrent liabilities. The Town’s net pension liability as of June 30, 2025 was $5.66 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 decreased and Deferred Inflows of Resources increased, mostly due to pension and OPEB adjustments.
Total net position of the Town’s business-type activities increased by $1.45 million, to $21.82 million. A business plan to eliminate ongoing deficits and provide the funding necessary for future infrastructure improvements was adopted in November 2022 and the third of five implementations was completed in January 2025. No deficits were reported in 2025.
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 $59.83 million in the prior year to $63.46 million in the current fiscal year. This increase can be attributed to an increase in operating grants and capital grants. With total revenues for Fiscal Year 2024/2025 at $18.74 million and total expenses at $14.87 million, the change in net position for current activity was an increase of $3.63 million. An analysis of the changes in revenues and expenses by type of significant events follows:
Increase Increase
Functions/Programs 2025 2024 (Decrease) 2025 2024 (Decrease) Program Revenues
Charges for services $ 1.29 $ 1.46 $ (0.16) $ 5.60 $ 4.94 $ 0.66 Operating grants and contributions 1.60 1.44 0.16 - - - Capital grants and contributions 1.04 0.85 0.20 0.27 0.20 0.06 Total Program Revenues 3.93 3.74 0.19 5.87 5.14 0.73
General Revenues
Taxes 13.50 13.46 0.03 - - -
Investment earnings 1.22 1.53 (0.31) 0.46 0.37 0.09
Other revenues 0.09 0.05 0.04 0.01 1.27 (1.27)
Total Revenues 18.74 18.79 (0.05) 6.34 6.79 (0.46)
Expenses
General Government 4.67 4.41 0.26 - - -
Public Safety 2.48 2.38 0.10 - - -
Public Works 4.14 3.73 0.41 - - -
Community Promotion 0.55 0.49 0.06 - - -
Housing 0.19 0.08 0.10 - - -
Parks and Recreation 2.63 2.24 0.39 - - -
Interest on fiscal charges 0.23 0.25 (0.03) - - -
Water Services - - - 2.05 1.76 0.29
Wastewater Services - - - 3.06 2.75 0.31
Total Expenses 14.87 13.59 1.28 5.12 4.51 0.60
Excess of Revenues Over Expenses 3.87 5.20 (1.33) 1.22 2.28 (1.06) Transfers (0.23) 0.02 (0.25) 0.23 (0.02) 0.25
Increase / (Decrease) in Net Position 3.63 5.22 (1.59) 1.45 2.26 (0.81) Net Position, Beginning of Year 59.83 54.61 5.22 20.36 18.11 2.26 Net Position, End of Year $ 63.46 $ 59.83 $ 3.63 $ 21.82 $ 20.36 $ 1.45 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 2024/2025:
Below are some key factors that contributed to the changes in governmental revenue collections between the current and the prior fiscal year:
• Charges for Services revenue decreased by approximately $.16 million or 11.6% primarily due to a decrease in planning department service charge revenue and an increase in parks and recreation revenue. The planning revenue decrease was a return to normalcy as the prior Fiscal Year 23/24 experienced a large amount of planning fees and administrative penalties due to a couple of large individual projects. The parks and recreation revenue increased due to growing program participation such as increased summer camp attendance.
• Operating Grants and Contributions revenue increased by approximately $.16 million or 11.1% mostly due to the Town collecting grant reimbursement (HUD) relative to the home rehabilitation program.
Additionally, the Napa Valley Tourism Improvement District (NVTID) contributed funding to support the Town’s Art Walk and Mardi Gras Parade. Also included in this revenue is a sizeable donation to the Town of Yountville Community Foundation.
• Capital Grants and Contributions revenue increased by approximately $.2 million or 22.4%. Funding received includes a grant from the County of Napa to support the purchase of the Town’s Bigbelly Smart Trash Cans and Recycling Bins and a grant from the State of California Public Utilities Commission to support the Town’s broadband expansion feasibility study. • Investment Earnings decreased by approximately $0.31 million or 20.3% as the interest rates began to level out. This was a decrease from the prior year’s very high earnings, but the market remained strong.
Town of Yountville Management’s Discussion and Analysis • Tax revenue remained consistent from year to year as it only increased by approximately $0.03 million or .3%. The following changes occurred:
o Property tax revenue increased by $0.42 million or 17.0% primarily due to unexpected Excess Educational Revenue Augmentation Fund (ERAF) payments.
o Transient Occupancy Tax revenue decreased by $0.48 million or 5.4%. In comparison to the prior fiscal year, current Fiscal Year 2024/2025 experienced consistent room rates, yet lower occupancy rates, which decreased overall Transient Occupancy Tax revenue. o Sales Tax revenues increased by $0.08 million or approximately 4.6% due a general increase in the cost of goods and changes in the economy such as tariffs.
Governmental Expenses
The Fiscal Year 2024/2025 expenses for Governmental Activities increased by $1.28 million, or 9.45%, as illustrated in the chart below:
Significant changes in governmental expenses primarily consisted of the following:
• General Government expenses increased by $0.26 million. This was primarily due to salaries and benefits increasing based on the approved bargaining MOUs. The COLA for regular full-time employees was 2.8%. Additionally, contract services and software and license expenditures increased from the prior year.
• Public Safety expenses increased by $0.10 million driven by an increase in contract costs for Sheriff services.
• Public Works expenses increased by $0.41 million. This was the Town’s first year operating a new property, which caused an increase in utility costs, facilities maintenance costs, and property insurance costs.
• Parks and recreation expenses increased by $0.39 million primarily due to the parks and recreation department return to being fully staff as well as continued growth of the camp program.
Town of Yountville Management’s Discussion and Analysis 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 $5.87 million comprised of $5.6 in charges for services and $0.27 million in capital grants. Total operating revenue from the prior year was $5.14 million.
Total Other Revenue for business-type activities decreased by $1.27 million from the prior year due to property damage insurance received in the prior year applicable to the Emergency Recycled Water Transmission Main Repair Project.
Total expenses for business-type activities were $5.12 million, which was an increase of $0.6 million when compared to the prior year.
The following chart is a summary of the changes in revenues and expenses for the Town’s business-type activities from Fiscal Year 2023/2024 to 2024/2025:
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.
Town of Yountville Management’s Discussion and Analysis 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.
The following table summarizes the changes in fund balance of the Major Funds and Other Nonmajor Governmental Funds:
In Fiscal Year 2024/2025, General Fund revenues exceeded expenditures by $4.27 million. As presented earlier in connection with governmental activities, revenues remained fairly consistent when compared to the prior year. The total general fund expenditures prior to transfers were $11.96 million. Expenditures increased primarily due to increases in public safety contract costs, consulting and contract services costs, utility costs, facilities maintenance costs, and increased parks and recreation department activity.
The Capital Projects fund had an increase in fund balance of $0.58 million as a net result of transfers in and expenditures out for capital project expenditures, primarily due to continued improvements on the Yountville Commons site as well as the Town’s annual street maintenance program.
Required debt service payments were covered by General Fund Transfers, and the Debt Service Funds ended Fiscal Year 2024/2025 with an increase in fund balance of $0.01 million.
Measure T Fund ended the fiscal year with an increase in fund balance of $0.12 million due to collecting more Measure T Funds during the year than what was spent. The Town has planned projects that will continue to use up the Measure T Funds received.
Other nonmajor governmental funds reflected an aggregate increase in fund balance mostly from Measure S Funds that are collected from tourists as a part of the Town’s Transient Occupancy Tax.
Capital Debt Nonmajor
General Projects Service Measure T Governmental
Fund Fund Fund Fund Funds Total
Total Revenues $ 16.23 $ 0.32 $ 0.02 $ 0.71 $ 1.46 $ 18.73 Total Expenditures 11.96 1.88 0.90 0.58 1.09 16.41
Revenues Over (Under) Expenditures 4.27 (1.57) (0.87) 0.12 0.36 2.32 Transfers In 0.00 2.15 0.89 - 0.26 3.29
Transfers Out (3.50) - - - (0.03) (3.52)
Net Change in Fund Balances 0.78 0.58 0.01 0.12 0.60 2.09 Beginning Fund Balances 14.85 1.90 0.06 1.00 5.86 23.66 Ending Fund Balances $ 15.62 $ 2.48 $ 0.07 $ 1.12 $ 6.45 $ 25.75 Major Funds
Table 3 - Summary of Changes in Fund Balance - Governmental Funds Town of Yountville Management’s Discussion and Analysis 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 $5.88 million, and the total fund balance increased to $15.62 million. This is an increase in total fund balance of $.78 million, or 5.22%, from the prior year.
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, 2025:
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, 2025 amounts to $59.48 million (net of accumulated depreciation/amortization). This includes net capital assets from governmental activities of $48.63 million and net capital assets from business type activities at $10.85 million. The total increase in the Town of Yountville’s capital assets during the current fiscal year was $.82 million. This includes a net increase of $1.11 million related to Governmental Activities and a net decrease of $.28 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 about capital asset activity is described in the notes to the financial statements, Note 6.
2025 2024 2025 2024 2025 2024 % Change
Land $ 7.62 $ 7.62 $ 0.01 $ 0.01 $ 7.62 $ 7.62 0.00%
Construction-in-Progress 1.91 5.87 0.92 0.91 2.83 6.78 -58.28% Buildings 17.72 12.90 0.01 0.01 17.73 12.91 37.36%
Improvements other than building 2.34 2.45 - - 2.34 2.45 -4.44% Infrastructure 17.90 17.68 9.71 10.07 27.61 27.75 -0.50% Machinery and equipment 0.98 0.82 0.21 0.13 1.19 0.95 24.90% Subscrition-based assets 0.15 0.19 - - 0.15 0.19 -18.01% Total Capital Assets, Net $ 48.63 $ 47.52 $ 10.85 $ 11.13 $ 59.48 $ 58.65 1.40% 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 $0.72 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 about 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 2024/2025, the Town originally estimated the general fund would have a deficit of $173,961 and would need to use an insignificant amount of 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 $15.25 and $15.27 million. A review of the 2024/2025 budget shows actual revenues recorded were $16.23 million or 6% more than the Town’s original budget. This increase in revenues was mainly contributed to 824% more in investment earnings, 34% more in Charges for Services, and 7% more property tax collections.
Expenditures
The General Fund adopted expenditure budget was $13.86 million and the final budget was $14.27 million. Actual expenditures totaled $11.96 million, which is 14% less than the Town’s original budget. 2025 2024 % Change
2017 Lease Revenue Refunding Bonds $ 6.50 $ 6.83 -4.84% Unamortized Premiums 0.29 0.31 -6.25%
2020 Financing Lease - Direct Borrowing 0.69 1.02 -32.91% Subscriptions 0.15 0.19 -17.91%
Total outstanding long-term debt $ 7.63 $ 8.35 -8.62%
2025 2024 % Change
State Revolving Loan 0.29 0.44 -35.16%
Total outstanding long-term debt $ 0.29 $ 0.44 -35.16%
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 lower than expected Fire and Emergency Services contract costs, less Contract Services activity than originally anticipated, and salary savings.
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.
The Town Council adopted the Mid-Cycle adjustments for budget year two of the biennial budget on May 20, 2025. Key items for the updated 2025/2026 budget include:
General Fund revenues are estimated to be $15.1 million. General Fund expenditures of $13.58 million are within the available revenue stream. The budget maintains existing levels of service and accommodates additional expenditures related to the continual improvement of the Yountville Commons site. Implements the fourth year of a five year labor agreement with the employee groups and includes a 2.5% Cost of Living Adjustment (COLA) as of July 1, 2025. Maintained and/or increased fund balances:
o Committed for Insurance and Claims Retention $50,000
o Assigned for Budget and Legal Contingency $678,942
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) $3,178,016
o General Fund Reserve (Contingency) $2,397,450
o Utility Enterprise Capital Projects Reserve Fund $71,242 o Water Enterprise Drought Emergency Reserve Fund $112,410 Key infrastructure projects include: 1 Million Gallon Water Tank/Water Main Design and Construction, Wastewater Reclamation Facility Office Modernization, Recycled Water Transmission Main Repair, and Annual Street Maintenance & Paving Program (Measure T & Measure U), and Yountville Commons.
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 Administrative Services 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, 2025
BusinessGovernmental Type
ASSETS Activities Activities Total
Current Assets:
Cash and investments $ 18,650,820 $ 11,573,987 $ 30,224,807 Restricted cash and investments with fiscal agents 3,844,196 - 3,844,196 Receivables:
Taxes receivable 2,003,175 - 2,003,175
Accounts receivable 373,797 852,782 1,226,579
Interest receivable 180,087 110,967 291,054
Lease receivable, current 195,386 - 195,386
Due from other governments 218,254 - 218,254
Total Current Assets 25,465,715 12,537,736 38,003,451
Noncurrent Assets:
Leases receivable 1,894,166 - 1,894,166
Loans receivable 1,845,529 - 1,845,529
Net OPEB asset 26,949 8,697 35,646
Capital Assets:
Nondepreciable 9,527,987 923,567 10,451,554
Depreciable, net of accumulated depreciation 39,102,561 9,923,069 49,025,630 Total Capital Assets, Net 48,630,548 10,846,636 59,477,184 Total Noncurrent Assets 52,397,192 10,855,333 63,252,525 Total Assets $ 77,862,907 $ 23,393,069 $ 101,255,976
DEFERRED OUTFLOWS OF RESOURCES
Pension Adjustments $ 1,472,075 $ 474,276 $ 1,946,351
OPEB Adjustments 284,380 91,785 376,165
Deferred Loss on Refunding 210,671 - 210,671
Total Deferred Outflows of Resources $ 1,967,126 $ 566,061 $ 2,533,187
LIABILITIES
Current Liabilities:
Accounts payable $ 985,371 $ 114,839 $ 1,100,210
Other current liabilities 347,788 - 347,788
Interest payable 18,000 3,425 21,425
Compensated absences, due within one year 50,195 12,300 62,495 Long-term debt, due within one year 763,233 159,188 922,421 Total Current Liabilities 2,164,587 289,752 2,454,339
Noncurrent Liabilities:
Net pension liability 4,281,961 1,379,570 5,661,531
Compensated absences, due in more than one year 150,586 36,900 187,486 Long-term debt and other liabilities - due in more than one year 6,863,010 128,882 6,991,892 Total Noncurrent Liabilities 11,295,557 1,545,352 12,840,909 Total Liabilities $ 13,460,144 $ 1,835,104 $ 15,295,248
DEFERRED INFLOWS OF RESOURCES
Leases $ 1,956,269 $ - $ 1,956,269
Pension Adjustments 37,798 12,179 49,977
OPEB Adjustments 913,893 294,960 1,208,853
Total Deferred Inflows of Resources $ 2,907,960 $ 307,139 $ 3,215,099
NET POSITION
Net investment in capital assets $ 41,214,976 $ 10,558,566 $ 51,773,542 Restricted for:
Streets 1,961,855 - 1,961,855
Housing 2,736,629 - 2,736,629
Cultural programs 302,085 - 302,085
Other 513,856 - 513,856
Pension stabilization 3,843,713 - 3,843,713
Debt service 68,554 - 68,554
Total Restricted 9,426,692 - 9,426,692
Unrestricted 12,820,261 11,258,321 24,078,582
Total Net Position $ 63,461,929 $ 21,816,887 $ 85,278,816 The accompanying notes are an integral part of these financial statements.
Town of Yountville
Statement of Activities
For the Year Ended June 30, 2025
Operating Capital
Charges for Grants and Grants and Governmental Business-Type Functions/Programs Expenses Services Contributions Contributions Total Activities Activities Total Primary Government:
Governmental Activities:
General Government $ 4,668,504 $ 639,886 $ 350,132 $ - $ 990,018 $ (3,678,486) $ (3,678,486) Public Safety 2,479,743 568 200,313 - 200,881 (2,278,862) (2,278,862) Public Works 4,137,849 14,372 13,177 1,042,494 1,070,043 (3,067,806) (3,067,806) Community Promotion 545,147 4,768 118,477 - 123,245 (421,902) (421,902) Housing 186,922 - 808,549 - 808,549 621,627 621,627
Parks and Recreation 2,627,829 632,256 109,281 - 741,537 (1,886,292) (1,886,292) Interest and fiscal charges 227,211 - - - - (227,211) (227,211) Total Governmental Activities $ 14,873,205 $ 1,291,850 $ 1,599,929 $ 1,042,494 $ 3,934,273 (10,938,932) (10,938,932) Business-Type Activities:
Water Services $ 2,052,152 $ 2,219,366 $ - $ - $ 2,219,366 $ 167,214 167,214 Wastewater Services 3,063,179 3,383,258 - 266,594 3,649,852 586,673 586,673 Total Business-Type Activities $ 5,115,331 $ 5,602,624 $ - $ 266,594 $ 5,869,218 753,887 753,887 General Revenues:
Taxes:
Property taxes 2,899,470 - 2,899,470
Sales and use taxes 1,791,164 - 1,791,164
Transient occupancy taxes 8,446,782 - 8,446,782
Franchise taxes 362,148 - 362,148
Total taxes 13,499,564 - 13,499,564
Investment earnings (loss) 1,217,799 460,853 1,678,652
Other revenues 87,244 6,042 93,286
Total General Revenues 14,804,607 466,895 15,271,502
Transfers (231,912) 231,912 -
Total General Revenues and Transfers 14,572,695 698,807 15,271,502 Change in Net Position 3,633,763 1,452,694 5,086,457
Net Position - Beginning of Year 59,828,166 20,364,193 80,192,359 Net Position - End of Year $ 63,461,929 $ 21,816,887 $ 85,278,816 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, 2025
Capital Debt Nonmajor Total
General Projects Service Measure T Governmental Governmental Fund Fund Fund Fund Funds Funds
ASSETS
Cash and investments $ 10,611,839 $ 2,571,466 $ 66,331 $ 851,155 $ 4,550,029 $ 18,650,820 Cash with fiscal agent 3,843,713 - 483 - - 3,844,196
Taxes receivable 1,849,462 - - - 153,713 2,003,175
Accounts receivable 90,960 - - 282,768 69 373,797
Interest receivable 102,866 25,148 1,740 8,675 41,658 180,087 Due from other governments 2,605 102,600 - - 113,049 218,254 Due from other funds - - - - 14,708 14,708
Leases receivable 2,089,552 - - - - 2,089,552
Loans receivable - - - - 1,845,529 1,845,529
Total assets $ 18,590,997 $ 2,699,214 $ 68,554 $ 1,142,598 $ 6,718,755 $ 29,220,118
LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES Liabilities:
Accounts payable $ 672,905 $ 214,749 $ - $ 25,800 $ 71,917 $ 985,371 Other liabilities 324,255 - - - 23,533 347,788
Due to other funds 14,708 - - - - 14,708
Total liabilities 1,011,868 214,749 - 25,800 95,450 1,347,867 Deferred Inflows of Resources:
Leases 1,956,269 - - - - 1,956,269
Unavailable revenues - - - - 169,903 169,903
Total deferred inflows of resources 1,956,269 - - - 169,903 2,126,172 Fund Balances:
Nonspendable
Leases 133,283 - - - - 133,283
Restricted:
Streets - - - 1,116,798 845,057 1,961,855
Housing - - - - 2,736,629 2,736,629
Cultural programs - - - - 302,085 302,085
Other - - - - 513,856 513,856
Pension stabilization 3,843,713 - - - - 3,843,713
Debt service - - 68,554 - - 68,554
Total restricted 3,843,713 - 68,554 1,116,798 4,397,627 9,426,692 Committed:
Claims 50,000 - - - - 50,000
Capital projects - 2,484,465 - - - 2,484,465
General fund reserve - emergency (MC 2.52.020) 3,173,774 - - - - 3,173,774 Utility enterprise capital projects 1,549,429 - - - - 1,549,429 OPEB and pensions 19,250 - - - - 19,250
Total committed 4,792,453 2,484,465 - - - 7,276,918
Assigned:
Fair value adjustments 321,731 - - - - 321,731
Leave buy out 123,080 - - - - 123,080
Workers compensation self-insurance retention 20,000 - - - - 20,000 Capital projects - - - - 2,055,775 2,055,775
Budget contingency 307,119 - - - - 307,119
Outstanding purchase orders 200,000 - - - - 200,000
Total assigned 971,930 - - - 2,055,775 3,027,705
Unassigned
Unanticipated tourism revenue deficits 2,380,331 - - - - 2,380,331 Unassigned 3,501,150 - - - - 3,501,150
Total unassigned 5,881,481 - - - - 5,881,481
Total fund balances 15,622,860 2,484,465 68,554 1,116,798 6,453,402 25,746,079 Total liabilities, deferred inflows of
resources and fund balances $ 18,590,997 $ 2,699,214 $ 68,554 $ 1,142,598 $ 6,718,755 $ 29,220,118 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, 2025
Total Fund Balances - Total Governmental Funds $ 25,746,079 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 68,154,795
Less: accumulated depreciation (19,524,247)
Total Capital Assets 48,630,548
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. (18,000) 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. 804,764 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. 210,671 Liabilities were reported for certain revenues that were not available to pay current period expenditures and were reported as unearned in the fund statements. 169,903 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 (7,626,243)
Compensated absences (200,781)
Net pension liability (4,281,961)
Net OPEB asset 26,949
Total Long-Term Obligations (12,082,036)
Net Position of Governmental Activities $ 63,461,929
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, 2025
Capital Debt Nonmajor Total
General Projects Service Measure T Governmental Governmental Fund Fund Fund Fund Funds Funds
REVENUES
Property taxes $ 2,899,470 $ - $ - $ - $ - $ 2,899,470
Sales taxes 1,791,164 - - - - 1,791,164
Transient occupancy tax 8,446,782 - - - - 8,446,782
Other taxes 171,332 - - - 908,899 1,080,231
Licenses and permits 190,145 - - - 4,608 194,753
Fines and forfeitures 2,132 - - - - 2,132
Intergovernmental 192,201 201,100 - 673,606 270,068 1,336,975 Interest 883,188 108,870 23,465 31,742 164,161 1,211,426 Rent and concessions 384,517 - - - - 384,517
Charges for Services 708,510 462 - - 3,687 712,659
Other Revenue 560,057 5,900 - - 106,441 672,398
Total Revenues 16,229,498 316,332 23,465 705,348 1,457,864 18,732,507
EXPENDITURES
Current:
General Government 4,051,922 - - - 22,541 4,074,463
Public Safety 2,315,626 - - - - 2,315,626
Public Works 2,911,041 - - - 48,865 2,959,906
Community Promotion 442,122 - - - 53,966 496,088
Housing - - - - 170,100 170,100
Parks and Recreation 2,109,287 - - - - 2,109,287
Capital outlay - 1,884,900 - 583,561 797,453 3,265,914
Debt service
Principal 121,826 - 666,000 - - 787,826
Interest and fiscal charges 4,499 - 230,118 - - 234,617 Total Expenditures 11,956,323 1,884,900 896,118 583,561 1,092,925 16,413,827 Excess (Deficiency) of Revenues over Expenditures 4,273,175 (1,568,568) (872,653) 121,787 364,939 2,318,680
OTHER FINANCING SOURCES (USES)
Transfers in 685 2,149,374 885,088 - 256,678 3,291,825
Transfers out (3,498,678) - - - (25,059) (3,523,737)
Total Other Financing Sources (Uses) (3,497,993) 2,149,374 885,088 - 231,619 (231,912) Net Change in Fund Balances 775,182 580,806 12,435 121,787 596,558 2,086,768 Fund Balances Beginning 14,847,678 1,903,659 56,119 995,011 5,856,844 23,659,311 Fund Balances Ending $ 15,622,860 $ 2,484,465 $ 68,554 $ 1,116,798 $ 6,453,402 $ 25,746,079 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, 2025
Net Change in Fund Balances - Total Governmental Funds $ 2,086,768 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 2,494,658
Depreciation/amortization expense (1,386,289)
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 (13,470) 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. 6,373 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. (313,404)
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. 699,704 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 52,017
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. 2,000
Change in Net Position of Governmental Activities $ 3,633,763 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, 2025
Water Wastewater
Fund Funds Total
ASSETS
Current assets:
Cash and cash equivalents $ 3,922,617 $ 7,651,370 $ 11,573,987 Accounts receivable 203,046 649,736 852,782
Interest receivable 37,792 73,175 110,967
Total current assets 4,163,455 8,374,281 12,537,736
Noncurrent assets:
Net OPEB asset 2,530 6,167 8,697
Capital assets:
Non-depreciable - 923,567 923,567
Depreciable, net 2,816,342 7,106,727 9,923,069
Total capital assets, net 2,816,342 8,030,294 10,846,636 Total noncurrent assets 2,818,872 8,036,461 10,855,333
Total assets $ 6,982,327 $ 16,410,742 $ 23,393,069
DEFERRED OUTFLOWS OF RESOURCES
Pension adjustments $ 138,159 $ 336,117 $ 474,276
OPEB adjustments 26,709 65,076 91,785
Total deferred outflows of resources $ 164,868 $ 401,193 $ 566,061
LIABILITIES
Current liabilities:
Accounts payable $ 43,185 $ 71,654 $ 114,839
Interest payable - 3,425 3,425
Compensated absences, due within one year 3,530 8,770 12,300 Loans payable, due within one year - 159,188 159,188
Total current liabilities 46,715 243,037 289,752
Noncurrent liabilities:
Net pension liability 401,875 977,695 1,379,570
Compensated absences, due in more than one year 10,591 26,309 36,900 Loans payable, due in more than one year - 128,882 128,882 Total noncurrent liabilities 412,466 1,132,886 1,545,352 Total liabilities $ 459,181 $ 1,375,923 $ 1,835,104
DEFERRED INFLOWS OF RESOURCES
Pension adjustments $ 3,548 $ 8,631 $ 12,179
OPEB adjustments 85,829 209,131 294,960
Total deferred inflows of resources $ 89,377 $ 217,762 $ 307,139
NET POSITION
Net Investment in capital assets $ 2,816,342 $ 7,742,224 $ 10,558,566 Unrestricted 3,782,295 7,476,026 11,258,321
Total net position $ 6,598,637 $ 15,218,250 $ 21,816,887 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, 2025
Water Wastewater
Fund Funds Total
OPERATING REVENUES
Charges for services $ 2,219,366 $ 3,383,258 $ 5,602,624 Other 6,042 - 6,042
Total operating revenues 2,225,408 3,383,258 5,608,666
OPERATING EXPENSES
Personnel services 448,713 1,153,728 1,602,441
Utilities 21,586 217,279 238,865
Purchased water 1,022,037 - 1,022,037
Supplies and materials 414,684 1,268,311 1,682,995
Insurance and claims 55,911 119,545 175,456
Depreciation 89,221 297,732 386,953
Total operating expenses 2,052,152 3,056,595 5,108,747
Operating income (loss) 173,256 326,663 499,919
NONOPERATING REVENUES(EXPENSES)
Interest expense - (6,584) (6,584)
Investment earnings 153,475 307,378 460,853
Total nonoperating revenues(expenses) 153,475 300,794 454,269 Income (loss) before operating transfers 326,731 627,457 954,188 Capital contributions - 266,594 266,594
Transfers in 381,000 6,000 387,000
Transfers out (125,000) (30,088) (155,088)
Net contributions and transfers 256,000 242,506 498,506 Change in net position 582,731 869,963 1,452,694
Total net position - beginning 6,015,906 14,348,287 20,364,193 Total net position - ending $ 6,598,637 $ 15,218,250 $ 21,816,887 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, 2025
Water Wastewater
Fund Funds Total
Cash flows from operating activities:
Receipts from customers $ 2,216,239 $ 4,198,266 $ 6,414,505 Payments to suppliers (1,512,335) (1,675,641) (3,187,976) Payments to employees (427,755) (1,089,949) (1,517,704) Net cash provided (used) by operating activities 276,149 1,432,676 1,708,825 Cash flows from noncapital financing activities:
Interfund transactions 256,000 (24,088) 231,912
Net cash provided (used) by noncapital financing activities 256,000 (24,088) 231,912 Cash flows from capital financing activities:
Acquisition of capital assets (97,719) (4,765) (102,484) Proceeds from capital contributions - 266,594 266,594
Principal payments on long-term debt - (156,219) (156,219) Interest paid on long-term debt - (8,441) (8,441)
Net cash provided (used) by capital financing activities (97,719) 97,169 (550) Cash flows from investing activities:
Investment income (loss) 147,075 289,977 437,052
Net cash provided (used) by investing activities 147,075 289,977 437,052 Net increase (decrease) in cash and cash equivalents 581,505 1,795,734 2,377,239 Cash and cash equivalents - beginning 3,341,112 5,855,636 9,196,748 Cash and cash equivalents - ending $ 3,922,617 $ 7,651,370 $ 11,573,987 Reconciliation of operating income to net cash provided (used) by operating activities:
Operating income (loss) $ 173,256 $ 326,663 $ 499,919
Adjustments to reconcile operating income (loss)
to net cash provided (used) by operating activities:
Depreciation 89,221 297,732 386,953
Change in operating assets and liabilities:
Accounts receivables (9,169) 815,008 805,839
Deferred outflows of resources 48,944 119,183 168,127
Accounts payable 1,883 (70,506) (68,623)
Compensated absences (3,596) 3,885 289
Net OPEB liability (34,291) (83,552) (117,843)
Net pension liability (2,086) (5,082) (7,168)
Deferred inflows of resources 11,987 29,345 41,332
Net cash provided (used) by operating activities $ 276,149 $ 1,432,676 $ 1,708,825 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, 2025
Napa Valley
Tourism
Other Improvement
Postemployment District
Benefit Custodial
Trust Fund
ASSETS
Cash and investments $ - $ 498,409
Assessments receivable - 208,515
Interest receivable - 4,948
Prepaid items - 10,000
Investments at fair value:
PARS Mutual Fund 6,731,284 -
Total assets $ 6,731,284 $ 721,872
LIABILITIES
Accounts payable $ - $ 244,289
Total liabilities $ - $ 244,289
NET POSITION
Restricted for Napa Valley Tourism Imp. District $ - $ 477,583 Restricted for other postemployment benefits 6,731,284 - Total Net Position $ 6,731,284 $ 477,583
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, 2025
Napa Valley
Tourism
Other Improvement
Postemployment District
Benefit Custodial
Trust Fund
ADDITIONS
Assessments $ - $ 1,407,797
Employer contributions 87,481 -
Investment income:
Net increase (decrease) in fair value and investment earnings 768,843 18,610 Investment fees (34,763) -
Net investment earnings (losses) 734,080 18,610
Total additions 821,561 1,426,407
DEDUCTIONS
Payment to Town to reimburse benefits paid 263,738 -
Payments of assessments to other governments - 1,470,201 Other deductions - 14,078
Total deductions 263,738 1,484,279
Change in net position 557,823 (57,872)
Total net position - beginning 6,173,461 535,455
Total net position - ending $ 6,731,284 $ 477,583
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, 2025
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 capacity in the treatment facility for a maximum daily flow capacity 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, 2025
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, 2025
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, 2025
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, 2025
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, 2025
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, 2025
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, 2025
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, 2025
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
The Town recognizes a liability for compensated absences for leave time that (1) has been earned for services previously rendered by employees, (2) accumulates and is allowed to be carried over to subsequent years, and (3) is more likely than not to be used as time off or settled during or upon separation from employment. Based on the criteria listed, two types of leave qualify for liability recognition for compensated absences – vacation and sick leave. The liability for compensated absences is reported as incurred in the government-wide and proprietary fund financial statements. The liability for compensated absences includes salary-related taxes and benefits, where applicable. Compensated absences in the governmental activities are liquidated primarily by using general fund resources.
Vacation
The Town’s policy permits employees to accumulate earned but unused vacation benefits, which are eligible for payment at the employee’s current pay rate upon separation from employment.
Sick Leave
The Town’s policy permits employees to accumulate earned but unused sick leave. All sick leave lapses when employees leave the employ of the Town and, upon separation from service, no monetary obligation exists. A liability for estimated value of sick leave that will be used by employees as time off is not included in the liability for compensated absences as employees typically use the most recently earned sick leave earned (Last in First Out). Therefore, it is not likely employees will use the remaining balance accumulated as of year-end.
Town of Yountville
Notes to the Basic Financial Statements
June 30, 2025
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.
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, 2025
Measurement Date June 30, 2025
Measurement Period June 30, 2024 to June 30, 2025
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:
Town of Yountville
Notes to the Basic Financial Statements
June 30, 2025
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.
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.
Town of Yountville
Notes to the Basic Financial Statements
June 30, 2025
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.
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 Town of Yountville
Notes to the Basic Financial Statements
June 30, 2025
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.
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. 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 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 Town of Yountville
Notes to the Basic Financial Statements
June 30, 2025
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 implementation of this standard did not have a material impact on the Town’s financial statements.
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 implementation of this standard did not have a material impact on the Town’s financial statements and management determined there were no were concentrations or constraints that make the Town vulnerable to the risk of substantial impact.
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. 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.
Town of Yountville
Notes to the Basic Financial Statements
June 30, 2025
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 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.
GASB Statement No. 104, Disclosure of Certain Capital Assets This Statement requires certain types of capital assets to be disclosed separately in the capital assets note disclosures required by Statement 34. Lease assets recognized in accordance with Statement No. 87, Leases, and intangible right-to-use assets recognized in accordance with Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements, should be disclosed separately by major class of underlying asset in the capital as-sets note disclosures. Subscription assets recognized in accordance with Statement No. 96, Subscription-Based Information Technology Arrangements, also should be separately disclosed. In addition, this Statement requires intangible assets other than those three types to be disclosed separately by major class.
This Statement also requires additional disclosures for capital assets held for sale. A capital asset is a capital asset held for sale if (a) the government has decided to pursue the sale of the capital asset and (b) it is probable that the sale will be finalized within one year of the financial statement date. Governments should consider relevant factors to evaluate the likelihood of the capital asset being sold within the established time frame. This Statement requires that capital assets held for sale be evaluated each reporting period. Governments should disclose (1) the ending balance of capital assets held for sale, with separate disclosure for historical cost and accumulated depreciation by major class of asset, and (2) the carrying amount of debt for which the capital assets held for sale are pledged as collateral for each major class of asset. 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, 2025, cash and investments were reported in the financial statements as follows:
Governmental
Activities
Business-Type
Activities Total
Cash and investments $ 18,650,820 $ 11,573,987 $ 498,409 $ 30,723,216 Restricted cash and investments
Cash with fiscal agent 483 - - 483
PARS Pooled Investment funds 3,843,713 - 6,731,284 10,574,997 Total cash and investments $ 22,495,016 $ 11,573,987 $ 7,229,693 $ 41,298,696 Government Wide
Statement of Net Position Fiduciary Funds
Statement of Net
Position
Town of Yountville
Notes to the Basic Financial Statements
June 30, 2025
Cash and investments consisted of the following as of June 30, 2025:
Deposits:
Cash on hand $ 425
Deposits with financial institutions 3,343,761
Total Deposits 3,344,186
Investments:
Local Agency Investment Fund 27,379,030
Total Treasury 30,723,216
Restricted cash and investments:
Cash with fiscal agent 483
PARS Pooled Investment funds 10,574,997
Total restricted cash and investments 10,575,480
Total cash and investments $ 41,298,696
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).
The bank balances before reconciling items totaled $3,540,066 at June 30, 2025 and were different from carrying amounts due to deposits in transit and outstanding checks. The amount uninsured was $3,290,066, 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.
Town of Yountville
Notes to the Basic Financial Statements
June 30, 2025
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 totaled $2,459,733, including unrealized gains from fair value adjustments.
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.
D. External Investment Pool
The Town's investments with LAIF at June 30, 2025, 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/.
Town of Yountville
Notes to the Basic Financial Statements
June 30, 2025
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, 2025, 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, 2025, 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 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, 2025, the Town’s investments had the following maturities:
12 Months or Less Fair Value
Local Agency Investment Funds $ 27,379,030 $ 27,379,030 Total Investments $ 27,379,030 $ 27,379,030
Investment Type
Town of Yountville
Notes to the Basic Financial Statements
June 30, 2025
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, 2025, the trust had a balance of $6,731,284. PARS’ policy for allocation of invested assets was as follows:
Asset Class
Percentage of
Portfolio
US large cap equity 34.2%
US small cap equity 1.8%
International developed equiity 13.5%
Emerging markets equity 4.5%
REITs 3.0%
Listed infrastructure 3.0%
Core bonds 35.0%
High yield 3.0%
Cash 2.0%
Total 100.0%
At June 30, 2025, 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, 2025, the annual money-weighted rate of return on investments, net of investment expenses, was 6%. 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 2025, the Town recognized $67,548 of lease revenue and $23,528 of interest revenue under the lease. The net present value of the lease receivable as of June 30, 2025 was $756,382 which was offset by a deferred outflow of resources of $675,483, net of accumulated amortization totaling $337,741.
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.
Town of Yountville
Notes to the Basic Financial Statements
June 30, 2025
In fiscal year 2025, 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, 2025 was $1,333,170 which was offset by a deferred outflow of resources of $1,280,786, net of accumulated amortization totaling $320,197.
NOTE 4 - LOANS RECEIVABLE
The $1,845,529 in loans receivable held by the Town as of June 30, 2025, 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 that provided financing for the project.
Housing notes totaling $413,935 consists of three notes with a principal balance of $203,500 plus earned interest of $169,635, all deferred and payable at maturity or upon transfer or sale of the underlying property, and one note with a principal balance of $40,800 due July 1, 2042, which is payable in monthly installments with zero interest. The remaining notes totaling $331,594, 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, 2025, inter-fund receivables and payables consisted of the following:
Due from Due to
Fund Other Funds Other Funds
General Fund $ - $ 14,708
Nonmajor Funds 14,708 -
Total Due from/to $ 14,708 $ 14,708
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. The following summarizes transfers between funds during the fiscal year ended June 30, 2025:
Fund Transfer in Transfer out
General Fund $ 685 $ 3,498,678
Capital Projects Fund 2,149,374 -
Debt Service Fund 885,088 -
Nonmajor Funds 256,678 25,059
Water Fund 381,000 125,000
Wastewater Fund 6,000 30,088
Total transfers $ 3,678,825 $ 3,678,825
Town of Yountville
Notes to the Basic Financial Statements
June 30, 2025
NOTE 6 - CAPITAL ASSETS
Capital assets for governmental activities consisted of the following as of June 30, 2025:
Balance Balance
Governmental Activities July 1, 2024 Additions Deletions June 30, 2025 Non-depreciable:
Land $ 7,615,957 $ - $ - $ 7,615,957
Construction in progress 5,871,223 2,088,782 (6,047,975) 1,912,030 Total non-depreciable 13,487,180 2,088,782 (6,047,975) 9,527,987 Depreciable/amortizable:
Intangible assets:
Subscription assets 473,768 88,123 (100,967) 460,924
Buildings 19,827,271 5,254,692 - 25,081,963
Improvements other than building 4,458,416 - - 4,458,416 Infrastructure 25,375,236 824,972 - 26,200,208
Machinery and equipment 2,139,233 286,064 - 2,425,297
Total depreciable/amortizable 52,273,924 6,453,851 (100,967) 58,626,808 Less accumulated depreciation/amortization for:
Intangible assets:
Subscription assets (286,571) (121,838) 100,967 (307,442) Buildings (6,927,459) (430,613) - (7,358,072)
Improvements other than building (2,005,912) (108,894) - (2,114,806) Infrastructure (7,699,571) (598,039) - (8,297,610)
Machinery and equipment (1,319,412) (126,905) - (1,446,317) Total accumulated dep/amort (18,238,925) (1,386,289) 100,967 (19,524,247) Total dep/amort capital assets, net 34,034,999 5,067,562 - 39,102,561 Total governmental capital assets $ 47,522,179 $ 7,156,344 $ (6,047,975) $ 48,630,548 Depreciation/amortization expense for governmental activities was charged to the following programs during the year:
General Government $ 191,108
Public Works 885,230
Parks and Recreation 309,951
Total depreciation expense $ 1,386,289
Town of Yountville
Notes to the Basic Financial Statements
June 30, 2025
Capital assets for business-type activities consisted of the following as of June 30, 2025:
Balance Balance
Business Type Activities July 1, 2024 Additions Deletions June 30, 2025 Non Depreciable
Land $ 5,091 $ - $ - $ 5,091
Construction in progress 913,710 4,766 - 918,476
Total Non-Depreciable 918,801 4,766 - 923,567
Depreciable:
Buildings 40,001 - - 40,001
Systems 18,510,037 - - 18,510,037
Machinery and equipment 1,051,036 97,719 - 1,148,755
Total Depreciable 19,601,074 97,719 - 19,698,793
Less Accumulated Depreciation
Buildings (30,676) (1,333) - (32,009)
Systems (8,438,469) (365,591) - (8,804,060)
Machinery and equipment (919,626) (20,029) - (939,655)
Total accumulated depreciation (9,388,771) (386,953) - (9,775,724) Total depreciable capital assets, net 10,212,303 (289,234) - 9,923,069 Total business type capital assets $ 11,131,104 $ (284,468) $ - $ 10,846,636 NOTE 7 - NONCURRENT LIABILITIES
The Town's noncurrent liabilities consisted of the following as of June 30, 2025:
Due
Balance Balance Within One
Description July 01, 2024 Additions Deletions June 30, 2025 Year Lease Revenue Bonds:
2017 Lease Revenue Refunding Bonds $ 6,825,000 $ - $ 330,000 $ 6,495,000 $ 350,000 Unamortized Premiums 311,213 - 19,451 291,762 -
Subtotal Lease Revenue Bonds 7,136,213 - 349,451 6,786,762 350,000 2020 Financing Lease - Direct Borrowing 1,021,000 - 336,000 685,000 337,000 Subscription Liabilities 188,185 88,122 121,826 154,481 76,233 Net Pension Liability 4,304,167 2,007,353 2,029,559 4,281,961 - Net OPEB Liability 338,169 709,376 1,074,494 (26,949) - Compensated Absences 187,311 13,470 - 200,781 50,195
Subtotal Noncurrent Liabilities 13,175,045 2,818,321 3,911,330 12,082,036 813,428 Reclassification of Net OPEB Asset - - - 26,949 -
Total Noncurrent Liabilities $ 13,175,045 $ 2,818,321 $ 3,911,330 $ 12,108,985 $ 813,428 Due
Balance Balance Within One
Business-Type Activities July 01, 2024 Additions Deletions June 30, 2025 Year Direct Borrowings:
State Revolving Loan $ 444,289 $ - $ 156,219 $ 288,070 $ 159,188 Net Pension Liability 1,386,738 646,721 653,889 1,379,570 - Net OPEB Liability 109,146 228,905 346,748 (8,697) -
Compensated Absences 48,911 289 - 49,200 12,300
Subtotal Noncurrent Liabilities 1,989,084 875,915 1,156,856 1,708,143 171,488 Reclassification of Net OPEB Asset - - - 8,697 -
Total Noncurrent Liabilities $ 1,989,084 $ 875,915 $ 1,156,856 $ 1,716,840 $ 171,488 Town of Yountville
Notes to the Basic Financial Statements
June 30, 2025
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
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 395,000 147,913 542,913
2031-2035 2,150,000 551,825 2,701,825
2036-2040 2,500,000 199,704 2,699,704
Total $ 6,495,000 $ 1,614,134 $ 8,109,134
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
2026 $ 337,000 $ 11,371 $ 348,371
2027 348,000 5,777 353,777
Total $ 685,000 $ 17,148 $ 702,148
Town of Yountville
Notes to the Basic Financial Statements
June 30, 2025
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, 2025. 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
2026 $ 76,233 $ 4,092 $ 80,325
2027 78,248 2,074 80,322
Totals $ 154,481 $ 6,166 $ 160,647
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 had 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
2026 $ 159,188 $ 5,473 $ 164,661
2027 128,882 2,449 131,331
Total $ 288,070 $ 7,922 $ 295,992
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 $39 million in excess of its $1 million retention limit to cover losses up to $40 million through affiliated risk management authorities. The Authority also provides replacement cost coverage for the total insured value of Town properties with a per occurrence property coverage to its members with such coverage provided by purchased insurance. The Authority covers workers compensation claims up to its selfinsurance limit of $500,000. Excess coverage is provided through commercial carriers (Grey Insurance and Safety National) to statutory limits.
Town of Yountville
Notes to the Basic Financial Statements
June 30, 2025
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 2024-2025 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.
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.
Town of Yountville
Notes to the Basic Financial Statements
June 30, 2025
The Plans’ provisions and benefits in effect at June 30, 2025, 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% 7.75%
Required employer contribution rates 16.02% 12.52% 7.87% Miscellaneous
Employees Covered
At June 30, 2025, the following employees were covered by the benefit terms for the Plans:
Miscellaneous
Active 34
Transferred 11
Separated 16
Retired 40
Total 101
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, 2025, the Town’s contributions were $837,596.
Pension Liabilities, Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions
As of June 30, 2025, the Town reported a net pension liability for its proportionate share of the net pension liability of the Plan of $5,661,531.
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, 2024, 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, 2023 rolled forward to June 30, 2024 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.
Town of Yountville
Notes to the Basic Financial Statements
June 30, 2025
The Town’s proportionate share of the net pension liability for the Plans as of June 30, 2024 and 2025 was as follows:
Miscellaneous
Proportion - June 30, 2024 0.11381%
Proportion - June 30, 2025 0.11706%
Change - Increase/(Decrease) 0.00325%
For the year ended June 30, 2025, the Town recognized pension expense of $1,252,242.
At June 30, 2025, 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 $ 145,513 $ -
Differences between Expected and Actual Experience 489,491 19,100 Differences between Projected and Actual Investment Earnings 325,927 - Differences between Employer's Contributions and
Proportionate Share of Contributions 54,662 30,877
Change in Employer's Proportion 93,160 -
Pension Contributions Made Subsequent to Measurement Date 837,596 - Total $ 1,946,349 $ 49,977
The Town reported $837,596 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, 2026.
Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense as follows:
$ 370,543
774,790
25,136
(111,691)
-
-
$ 1,058,778
2026
Total
2027
2028
2029
Thereafter
2030
Deferred
Outflows/
(Inflows) of
Resources
Fiscal Year
Ending June 30:
Town of Yountville
Notes to the Basic Financial Statements
June 30, 2025
Actuarial Assumptions
The total pension liabilities in the June 30, 2023 actuarial valuations were determined using the following actuarial assumptions:
Valuation Date June 30, 2023
Measurement Date June 30, 2024
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.
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.
Town of Yountville
Notes to the Basic Financial Statements
June 30, 2025
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.
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 $ 8,964,545
Current 6.90%
Net Pension Liability $ 5,661,531
1% Increase 7.90%
Net Pension Liability $ 2,942,665
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.
Town of Yountville
Notes to the Basic Financial Statements
June 30, 2025
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, 2025 (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 requirements, with additional amounts to prefund benefits as determined annually by the Town Council. For the fiscal year ended June 30, 2025, the Town contributed $143,492. 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, 2025
Actuarial Cost Method: Entry-Age Normal
Amortization Period: Open 30 year period
Asset Valuation Method: Market Value
Actuarial Assumptions:
Discount Rate 5.80%
Inflation 2.5%
Salary Increases 3.0%
Healthcare Trend Rate 6.5% 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 5.80 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 Town of Yountville
Notes to the Basic Financial Statements
June 30, 2025
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, 2025 (measurement date) and was determined by an actuarial valuation as of January 1, 2024 (valuation date) for the fiscal year ended June 30, 2025 (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. 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
US large cap equity 34.2% 7.2%
US small cap equity 1.8% 7.9%
International developed equiity 13.5% 6.9%
Emerging markets equity 4.5% 7.4%
REITs 3.0% 7.0%
Listed infrastructure 3.0% 7.4%
Core bonds 35.0% 5.0%
High yield 3.0% 6.1%
Cash 2.0% 2.9%
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, 2025:
Fiscal Year Ended June 30, 2025
Total OPEB
Liability
Plan Fiduciary
Net Position
Net OPEB
Liability
(Asset)
Balance at June 30, 2024 $ 6,641,127 $ 6,193,812 $ 447,315 Service cost 378,330 - 378,330
Interest in Total OPEB Liability 369,868 - 369,868
Employer contributions - 143,492 (143,492)
Balance of diff between actual and exp experience - - - Balance of changes in assumptions (353,588) - (353,588) Actual investment income - 734,080 (734,080)
Benefit payments (340,100) (340,100) -
Net changes 54,510 537,472 (482,962)
Balance at June 30, 2025 $ 6,695,637 $ 6,731,284 $ (35,647) Town of Yountville
Notes to the Basic Financial Statements
June 30, 2025
Deferred Inflows and Outflows of Resources
At June 30, 2025, 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 $ 118,211 $ 505,248 Difference between actual and expected earnings - 315,653 Change in assumptions 257,955 387,954
Totals $ 376,166 $ 1,208,855
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,
2026 $ (152,000)
2027 (300,781)
2028 (267,570)
2029 (96,326)
2030 21,497
Thereafter (37,509)
Total $ (832,689)
OPEB Expense
The following summarizes the OPEB expense by source during the year ended June 30, 2025:
Service cost $ 378,330
Interest in TOL 369,868
Expected investment income (356,587)
Difference between actual and expected experience (170,263) Difference between actual and expected earnings (109,990) Change in assumptions (36,677)
OPEB Expense $ 74,681
Town of Yountville
Notes to the Basic Financial Statements
June 30, 2025
The following summarizes changes in the net OPEB liability as reconciled to OPEB expense during the year ended June 30, 2025:
$ (35,647)
(447,315)
(482,962)
Changes in deferred outflows 68,893
Changes in deferred inflows 345,258
Employer contributions and implicit subsidy 143,492
OPEB Expense $ 74,681
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 ) 5.80% (1% Increase )
Net OPEB Liability (Asset) $ 904,364 $ (35,647) $ (805,774) 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 ) 6.5% to 3.9% (1% Increase )
Net OPEB Liability (Asset) $ (912,698) $ (35,647) $ 1,061,596 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 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, 2025
Contractor Commitments
As of June 30, 2025, the Town had outstanding commitments to contractors and vendors totaling $3,147,387, with an original contract amounts of $4,195,157.
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:
Town of Yountville, California Department of Veterans Affairs and City of Napa Water Sampling and Certified Water Testing Laboratory Services The Town of Yountville entered into a Joint Powers Agreement with the California Department of Veterans Affairs (“Cal-Vet”) and the City of Napa (“Napa”) (collectively “the Parties”) for water sampling and certified water testing laboratory services. The Parties are each responsible for water treatment and distribution services within their respective jurisdictions. This agreement coordinates water sampling and testing activities to limit variables in the sampling and testing process and to use a single, certified water testing laboratory. Under this agreement, the Parties will provide mutual shared services to one another.
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 of Yountville
Notes to the Basic Financial Statements
June 30, 2025
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 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, 2025
Variance with
Budgeted Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Property taxes $ 2,709,300 $ 2,709,300 $ 2,899,470 $ 190,170 Sales taxes 1,737,000 1,737,000 1,791,164 54,164
Transient occupancy tax 8,785,600 8,785,600 8,446,782 (338,818) Other taxes 145,000 145,000 171,332 26,332
Licenses and permits 193,275 193,275 190,145 (3,130)
Fines and forfeitures 4,250 4,250 2,132 (2,118)
Intergovernmental 236,600 196,600 192,201 (4,399)
Interest 95,600 95,600 883,188 787,588
Rent and concessions 381,216 381,216 384,517 3,301
Charges for Services 528,595 528,595 708,510 179,915
Other Revenue 429,563 489,082 560,057 70,975
Total Revenues 15,245,999 15,265,518 16,229,498 963,980
EXPENDITURES
Current:
General Government 5,204,885 5,295,464 4,051,922 1,243,542 Public Safety 2,849,028 2,849,028 2,315,626 533,402
Public Works 3,111,462 3,357,254 2,911,041 446,213
Community Promotion 511,055 511,055 442,122 68,933
Parks and Recreation 2,180,466 2,258,344 2,109,287 149,057 Debt service
Principal retirement - - 121,826 (121,826)
Interest and fiscal charges - - 4,499 (4,499)
Total Expenditures 13,856,896 14,271,145 11,956,323 2,314,822 Excess (Deficiency) of Revenues over Expenditures 1,389,103 994,373 4,273,175 3,278,802
OTHER FINANCING SOURCES (USES)
Transfers in - - 685 685
Transfers out (1,563,064) (3,063,064) (3,498,678) (435,614) Total Other Financing Sources (Uses) (1,563,064) (3,063,064) (3,497,993) (434,929) Net Change in Fund Balance (173,961) (2,068,691) 775,182 2,843,873 Fund Balance Beginning 14,847,678 14,847,678 14,847,678 - Fund Balance Ending $ 14,673,717 $ 12,778,987 $ 15,622,860 $ 2,843,873 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, 2025
Variance with
Budgeted Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 550,000 $ 550,000 $ 673,606 $ 123,606 Interest 5,000 5,000 31,742 26,742
Total Revenues 555,000 555,000 705,348 150,348
EXPENDITURES
Capital outlay 550,000 1,680,656 583,561 1,097,095
Total Expenditures 550,000 1,680,656 583,561 1,097,095
Excess (Deficiency) of Revenues over Expenditures 5,000 (1,125,656) 121,787 1,247,443
OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers out - - - -
Total Other Financing Sources (Uses) - - - -
Net Change in Fund Balance 5,000 (1,125,656) 121,787 1,247,443 Fund Balance Beginning 995,011 995,011 995,011 -
Fund Balance Ending $ 1,000,011 $ (130,645) $ 1,116,798 $ 1,247,443 Town of Yountville
Schedule of Pension Contributions
June 30, 2025
(Last Ten Years)
Miscellaneous Plan
Plan Measurement Date 2015 2016 2017 2018 2019
Fiscal Year Ended 2016 2017 2018 2019 2020
Contractually Required Contributions $ 428,289 $ 474,799 $ 524,489 $ 596,324 $ 691,306 Contributions in Relation to
Contractually Required Contributions 428,289 474,799 524,489 596,324 691,306 Contribution Deficiency (Excess) $ - $ - $ - $ - $ -
Covered Payroll $ 2,310,300 $ 2,531,110 $ 2,791,647 $ 3,083,079 $ 3,374,258 Contributions as a % of Covered Payroll 18.54% 18.76% 18.79% 19.34% 20.49% Miscellaneous Plan
Plan Measurement Date 2020 2021 2022 2023 2024
Fiscal Year Ended 2021 2022 2023 2024 2025
Contractually Required Contributions $ 651,564 $ 673,383 $ 757,381 $ 768,745 $ 837,596 Contributions in Relation to
Contractually Required Contributions 651,564 673,383 757,381 768,745 837,596 Contribution Deficiency (Excess) $ - $ - $ - $ - $ -
Covered Payroll $ 3,336,879 $ 3,308,529 $ 3,885,388 $ 4,008,604 $ 3,846,002 Contributions as a % of Covered Payroll 19.53% 20.35% 19.49% 19.18% 21.78% Notes to Schedule:
Valuation Date: June 30, 2023
Assumptions Used: Entry Age Method used for Actuarial Cost Method Level Percentage of Payroll and Direct Rate Smoothing
Remaining Amortization Period no more than 26 years
Inflation Assumed at 2.30%
Investment Rate of Returns set at 6.8%
The CalPERS discount rate was increased from 7.50% to 7.65% in FY2016, to 7.15% in FY2018, and then decreased to 6.90% in FY2022.
The CalPERS mortality assumptions was adjusted in fiscal year 2021.
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.
Town of Yountville
Schedule of Proportionate Share of Net Pension Liability June 30, 2025
(Last Ten Years)
Miscellaneous Plan
Plan Measurement Date 2015 2016 2017 2018 2019
Fiscal Year Ended 2016 2017 2018 2019 2020
Proportion of Net Pension
Liability (Safety and Misc) 0.04292% 0.04077% 0.04043% 0.03997% 0.04018% Proportion of Net Pension
Liability (Misc Plan Only) 0.10739% 0.10155% 0.10171% 0.10219% 0.10283% Proportionate Share of
Net Pension Liability $ 2,946,171 $ 3,527,582 $ 4,009,560 $ 3,851,205 $ 4,117,728 Covered Payroll $ 2,116,105 $ 2,310,300 $ 2,531,110 $ 2,791,647 $ 3,083,079 Proportionate Share of NPL
as a % of Covered Payroll 139.23% 152.69% 158.41% 137.95% 133.56% Plan's Fiduciary Net Position
as a % of the TPL 76.29% 71.85% 72.01% 75.04% 75.67%
Miscellaneous Plan
Plan Measurement Date 2020 2021 2022 2023 2024
Fiscal Year Ended 2021 2022 2023 2024 2025
Proportion of Net Pension
Liability (Safety and Misc) 0.04034% 0.04185% 0.04468% 0.04562% 0.04668% Proportion of Net Pension
Liability (Misc Plan Only) 0.10406% 0.11920% 0.11029% 0.11381% 0.11706% Proportionate Share of
Net Pension Liability $ 4,389,375 $ 2,263,347 $ 5,160,670 $ 5,690,905 $ 5,661,531 Covered Payroll $ 3,374,258 $ 3,336,879 $ 3,308,529 $ 3,885,388 $ 4,008,604 Proportionate Share of NPL
as a % of Covered Payroll 130.08% 67.83% 155.98% 146.47% 141.23% Plan's Fiduciary Net Position
as a % of the TPL 75.80% 88.29% 75.76% 75.28% 76.87%
The CalPERS discount rate was increased from 7.50% to 7.65% in FY2016, to 7.15% in FY2018, and then decreased to 6.90% in FY2022.
The CalPERS mortality assumptions was adjusted in fiscal year 2021.
Town of Yountville
Schedule of OPEB Contributions
June 30, 2025
(Last Ten Years)
Fiscal Year Ended 2018 2019 2020 2021 2022 2023 2024 2025 Actuarially determined contribution (ADC) $ 359,315 $ 466,440 $ 480,409 $ 414,051 $ 425,804 $ 299,915 $ 308,338 $ 345,290 Less: actual contribution in relation to ADC (574,451) (1,102,044) (405,199) (46,833) (417,323) (341,478) (128,774) (143,492) Contribution deficiency (excess) $ (215,136) $ (635,604) $ 75,210 $ 367,218 $ 8,481 $ (41,563) $ 179,564 $ 201,798 Covered employee payroll $ 3,313,486 $ 3,083,079 $ 3,331,741 $ 3,594,064 $ 3,555,195 $ 4,226,240 $ 4,382,040 $ 4,279,182 Contrib. as a % of covered employee payroll 17.34% 35.74% 12.16% 1.30% 11.74% 8.08% 2.94% 3.35% 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% and 5.85% in FY2024. In FY2025, the discount rate increased to 5.4%, the trend rate increased to 5.6%.
5.85%
Market Value
From 50 to 75
CalPERS 2021 Experience Study
6.5% to 3.9%
5.80%
2.50%
3.00%
January 1, 2024
June 30, 2025
Entry-Age Normal Cost Method
Open 30 year period
Town of Yountville
Schedule of Changes in Net OPEB Liability
June 30, 2025
(Last Ten Years)
Fiscal Year Ended 2018 2019 2020 2021 2022 2023 2024 2025 Total OPEB liability
Service cost $ 313,121 $ 323,297 $ 333,804 $ 335,358 $ 345,419 $ 273,145 $ 281,339 $ 378,330 Interest 274,234 299,254 326,187 343,104 373,791 318,482 338,736 369,868 Diff. expected and actual experience - - (424,734) - (966,476) - 161,513 - Changes of assumptions - - (130,013) - (134,059) - 352,443 (353,588) Benefit payments (158,101) (151,304) (161,410) (161,833) (192,323) (224,432) (267,040) (340,100) Net change in Total OPEB Liability 429,254 471,247 (56,166) 516,629 (573,648) 367,195 866,991 54,510 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 6,641,127 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 $ 6,695,637 Plan fiduciary net position
Employer contributions $ 574,451 $ 1,102,044 $ 543,199 $ 46,833 $ 417,323 $ 341,478 $ 128,774 $ 143,492 Net investment income 174,585 236,316 181,024 1,102,353 (713,545) 96,524 633,954 734,080 Benefit payments (158,101) (151,304) (161,410) (161,833) (192,323) (224,432) (267,040) (340,100) 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) 513,479 495,688 537,472 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 6,193,812 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 $ 6,731,284 Net OPEB liability (asset) $ 1,943,479 1,235,933 640,123 307,399 222,296 76,012 447,315 (35,647) Plan fiduciary net position as a % of the
total OPEB liability 61.51% 77.61% 88.28% 94.86% 95.89% 98.68% 93.26% 100.53% Covered Employee Payroll $ 3,313,486 $ 3,083,079 $ 3,331,741 $ 3,594,064 $ 3,555,195 $ 4,226,240 $ 4,382,040 $ 4,279,182 NOL as a % of covered emp payroll 58.65% 40.09% 19.21% 8.55% 6.25% 1.80% 10.21% -0.83% Other Notes
There were no changes in benefit terms.
From FY2019 to FY2025, the discount rate ranged from 5.65% to 5.85%, the inflation rate decreased from 2.75% to 2.5%, the salary increase rate ranged from
3.25% to 3.0%, the healthcare trend rate is 6.5%, and the investment rate of return ranged from 5.65% to 5.85%.
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, 2025
(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%
2025 6.00%
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, 2025
Variance with
Budgeted Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 102,600 $ 102,600 $ 201,100 $ 98,500 Interest 15,000 15,000 108,870 93,870
Charges for Services 45,000 45,000 462 (44,538)
Other Revenue - - 5,900 5,900
Total Revenues 162,600 162,600 316,332 153,732
EXPENDITURES
Capital outlay 1,568,540 3,729,234 1,884,900 1,844,334
Total Expenditures 1,568,540 3,729,234 1,884,900 1,844,334 Excess (Deficiency) of Revenues over Expenditures (1,405,940) (3,566,634) (1,568,568) 1,998,066
OTHER FINANCING SOURCES (USES)
Transfers in 726,900 2,226,900 2,149,374 (77,526)
Transfers out - - - -
Total Other Financing Sources (Uses) 726,900 2,226,900 2,149,374 (77,526) Net Change in Fund Balance (679,040) (1,339,734) 580,806 1,920,540 Fund Balance Beginning 1,903,659 1,903,659 1,903,659 -
Fund Balance Ending $ 1,224,619 $ 563,925 $ 2,484,465 $ 1,920,540 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, 2025
Variance with
Budgeted Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Interest $ 2,000 $ 2,000 $ 23,465 $ 21,465
Total Revenues 2,000 2,000 23,465 21,465
EXPENDITURES
Debt service
Principal retirement 666,000 666,000 666,000 -
Interest and fiscal charges 230,116 230,116 230,118 (2) Total Expenditures 896,116 896,116 896,118 (2)
Excess (Deficiency) of Revenues over Expenditures (894,116) (894,116) (872,653) 21,463
OTHER FINANCING SOURCES (USES)
Transfers in 885,088 885,088 885,088 -
Transfers out - - - -
Total Other Financing Sources (Uses) 885,088 885,088 885,088 - Net Change in Fund Balance (9,028) (9,028) 12,435 21,463 Fund Balance Beginning 56,119 56,119 56,119 -
Fund Balance Ending $ 47,091 $ 47,091 $ 68,554 $ 21,463
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, 2025
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 $ 171,359 $ 59,161 $ 46,425 $ 90,024 $ 216,491 Taxes receivable - 3,501 - - -
Accounts receivable - - - - -
Interest receivable 1,636 599 274 865 2,015
Due from other governments 7,273 - - 98,949 6,827
Due from other funds - - - - -
Loans receivable - - - - -
Total assets $ 180,268 $ 63,261 $ 46,699 $ 189,838 $ 225,333
LIABILITIES, DEFERRED INFLOWS
AND FUND BALANCES
Liabilities:
Accounts payable $ - $ - $ 2,994 $ 8,765 $ 48,863
Other liabilities - - 23,533 - -
Total liabilities - - 26,527 8,765 48,863
Deferred Inflows of Resources:
Unavailable revenues - - - - -
Fund Balances:
Restricted:
Streets 180,268 - - - 176,470
Housing - - - 181,073 -
Cultural programs - 63,261 20,172 - -
Other - - - - -
Assigned:
Capital projects - - - - -
Total fund balances 180,268 63,261 20,172 181,073 176,470 Total liabilities, deferred inflows of
resources and fund balances $ 180,268 $ 63,261 $ 46,699 $ 189,838 $ 225,333 Cont'd
Special Revenue Funds
Town of Yountville
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025
ASSETS
Cash and investments
Taxes receivable
Accounts 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
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
Disability Utility
Measure T Access Fee Underground Housing
Equivalent SB 1186 Impact Fee Opportunity
Fund Fund Fund Fund
$ 40,388 $ 1,410 $ 98,141 $ 198,090
- - - -
- - - 69
388 13 1,161 1,893
- - - -
- - - -
- - - 1,513,935
$ 40,776 $ 1,423 $ 99,302 $ 1,713,987
$ - $ 120 $ - $ -
- - - -
- 120 - -
- - - 169,635
40,776 - 99,302 -
- - - 1,544,352
- - - -
- 1,303 - -
- - - -
40,776 1,303 99,302 1,544,352
$ 40,776 $ 1,423 $ 99,302 $ 1,713,987
Cont'd
Special Revenue Funds
Town of Yountville
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025
ASSETS
Cash and investments
Taxes receivable
Accounts 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
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
$ 573,435 $ 470,127 $ 204,085 $ - $ -
104,258 45,954 - - -
- - - - -
5,330 4,361 - - -
- - - - -
- - 14,708 - -
331,594 - - - -
$ 1,014,617 $ 520,442 $ 218,793 $ - $ -
$ 3,145 $ 7,889 $ 141 $ - $ -
- - - - -
3,145 7,889 141 - -
268 - - - -
- - - - -
1,011,204 - - - -
- - 218,652 - -
- 512,553 - - -
- - - - -
1,011,204 512,553 218,652 - -
$ 1,014,617 $ 520,442 $ 218,793 $ - $ -
Cont'd
Special Revenue Funds
Town of Yountville
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025
ASSETS
Cash and investments
Taxes receivable
Accounts 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
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
$ 344,927 $ 1,365,316 $ 670,650 $ 4,550,029
- - - 153,713
- - - 69
3,314 13,298 6,511 41,658
0 - - 113,049
- - - 14,708
- - - 1,845,529
$ 348,241 $ 1,378,614 $ 677,161 $ 6,718,755
$ - $ - $ - $ 71,917
- - - 23,533
- - - 95,450
- - - 169,903
348,241 - - 845,057
- - - 2,736,629
- - - 302,085
- - - 513,856
- 1,378,614 677,161 2,055,775
348,241 1,378,614 677,161 6,453,402
$ 348,241 $ 1,378,614 $ 677,161 $ 6,718,755
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, 2025
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 $ - $ 14,184 $ - $ - $ -
Licenses and permits - - 4,608 - -
Intergovernmental 86,166 - - 102,751 81,151
Interest 6,981 2,455 771 4,540 7,020
Charges for Services - - - - -
Other Revenue - - 25,000 - -
Total Revenues 93,147 16,639 30,379 107,291 88,171
EXPENDITURES
Current:
General Government - 14,652 - - -
Housing - - - 98,900 -
Public Works - - 48,865 - -
Community Promotion - - - - -
Capital outlay 86,184 - - - 65,033
Total Expenditures 86,184 14,652 48,865 98,900 65,033
Excess (Deficiency) of Revenues over Expenditures 6,963 1,987 (18,486) 8,391 23,138
OTHER FINANCING SOURCES (USES)
Transfers in - - 25,000 - -
Transfers out - - - - -
Total Other Financing Sources (Uses) - - 25,000 - -
Net Change in Fund Balances 6,963 1,987 6,514 8,391 23,138 Fund Balances Beginning 173,305 61,274 13,658 172,682 153,332 Fund Balances Ending $ 180,268 $ 63,261 $ 20,172 $ 181,073 $ 176,470 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, 2025
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 Access Fee Underground Housing
Equivalent SB 1186 Impact Fee Opportunity
Fund Fund Fund Fund
$ - $ - $ - $ -
- - - -
- - - -
1,536 58 4,596 7,331
- 1,778 10 1,899
- - - 68
1,536 1,836 4,606 9,298
- - - -
- - - 71,200
- - - -
- - - -
- - - -
- - - 71,200
1,536 1,836 4,606 (61,902)
- - - 71,200
- (1,673) (22,701) -
- (1,673) (22,701) 71,200
1,536 163 (18,095) 9,298
39,240 1,140 117,397 1,535,054
$ 40,776 $ 1,303 $ 99,302 $ 1,544,352
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, 2025
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
$ 703,899 $ 190,816 $ - $ - $ -
- - - - -
- - - - -
19,917 14,504 - - -
- - - - -
- - 81,373 - -
723,816 205,320 81,373 - -
- 7,889 - - -
- - - - -
- - - - -
- - 53,966 - -
258,105 - - - -
258,105 7,889 53,966 - -
465,711 197,431 27,407 - -
- - 10,478 - -
- - - (181) (504)
- - 10,478 (181) (504)
465,711 197,431 37,885 (181) (504)
545,493 315,122 180,767 181 504
$ 1,011,204 $ 512,553 $ 218,652 $ - $ -
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, 2025
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
$ - $ - $ - $ 908,899
- - - 4,608
- - - 270,068
13,675 53,833 26,944 164,161
- - - 3,687
- - - 106,441
13,675 53,833 26,944 1,457,864
- - - 22,541
- - - 170,100
- - - 48,865
- - - 53,966
58,506 104,186 225,439 797,453
58,506 104,186 225,439 1,092,925
(44,831) (50,353) (198,495) 364,939
- 50,000 100,000 256,678
- - - (25,059)
- 50,000 100,000 231,619
(44,831) (353) (98,495) 596,558
393,072 1,378,967 775,656 5,856,844
$ 348,241 $ 1,378,614 $ 677,161 $ 6,453,402
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, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Other taxes $ - $ - $ - $ -
Licenses and permits - - - -
Intergovernmental 84,911 84,911 86,166 1,255
Interest 250 250 6,981 6,731
Charges for Services - - - -
Other Revenue - - - -
Total Revenues 85,161 85,161 93,147 7,986
EXPENDITURES
Current:
General Government - - - -
Housing - - - -
Public Works - - - -
Community Promotion - - - -
Capital outlay 90,000 96,196 86,184 10,012
Total Expenditures 90,000 96,196 86,184 10,012
Excess (Deficiency) of Revenues over Expenditures (4,839) (11,035) 6,963 17,998
OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers out - - - -
Total Other Financing Sources (Uses) - - - -
Net Change in Fund Balances (4,839) (11,035) 6,963 17,998 Fund Balances Beginning 173,305 173,305 173,305 -
Fund Balances Ending $ 168,466 $ 162,270 $ 180,268 $ 17,998 Cont'd
Gas Tax Fund
Budgeted Amounts
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, 2025
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
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
$ 14,000 $ 14,000 $ 14,184 $ 184
- - - -
- - - -
500 500 2,455 1,955
- - - -
- - - -
14,500 14,500 16,639 2,139
5,000 25,000 14,652 10,348
- - - -
- - - -
- - - -
- - - -
5,000 25,000 14,652 10,348
9,500 (10,500) 1,987 12,487
- - - -
- - - -
- - - -
9,500 (10,500) 1,987 12,487
61,274 61,274 61,274 -
$ 70,774 $ 50,774 $ 63,261 $ 12,487
Cont'd
Public Education and Gov't Fund
Budgeted Amounts
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, 2025
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
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
7,500 7,500 4,608 (2,892)
- - - -
200 200 771 571
- - - -
- - 25,000 25,000
7,700 7,700 30,379 22,679
- - - -
- - - -
35,800 35,800 48,865 (13,065)
- - - -
- - - -
35,800 35,800 48,865 (13,065)
(28,100) (28,100) (18,486) 9,614
25,000 25,000 25,000 -
- - - -
25,000 25,000 25,000 -
(3,100) (3,100) 6,514 9,614
13,658 13,658 13,658 -
$ 10,558 $ 10,558 $ 20,172 $ 9,614
Cont'd
Public Art Program Fund
Budgeted Amounts
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, 2025
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
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
- - - -
100,000 100,000 102,751 2,751
2,000 2,000 4,540 2,540
- - - -
- - - -
102,000 102,000 107,291 5,291
- - - -
100,000 100,000 98,900 1,100
- - - -
- - - -
- - - -
100,000 100,000 98,900 1,100
2,000 2,000 8,391 6,391
- - - -
- - - -
- - - -
2,000 2,000 8,391 6,391
172,682 172,682 172,682 -
$ 174,682 $ 174,682 $ 181,073 $ 6,391
Cont'd
Housing Grants Program Fund
Budgeted Amounts
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, 2025
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
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
- - - -
76,496 76,496 81,151 4,655
2,000 2,000 7,020 5,020
- - - -
- - - -
78,496 78,496 88,171 9,675
- - - -
- - - -
- - - -
- - - -
68,000 68,000 65,033 2,967
68,000 68,000 65,033 2,967
10,496 10,496 23,138 12,642
- - - -
- - - -
- - - -
10,496 10,496 23,138 12,642
153,332 153,332 153,332 -
$ 163,828 $ 163,828 $ 176,470 $ 12,642
Cont'd
SB1 2017 Road Repair Act Fund
Budgeted Amounts
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, 2025
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
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
- - - -
- - - -
500 500 1,536 1,036
- - - -
- - - -
500 500 1,536 1,036
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
500 500 1,536 1,036
- - - -
- - - -
- - - -
500 500 1,536 1,036
39,240 39,240 39,240 -
$ 39,740 $ 39,740 $ 40,776 $ 1,036
Cont'd
Budgeted Amounts
Measure T Equivalent 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, 2025
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
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
- - - -
- - - -
20 20 58 38
1,900 1,900 1,778 (122)
- - - -
1,920 1,920 1,836 (84)
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
1,920 1,920 1,836 (84)
- - - -
(1,900) (1,900) (1,673) 227
(1,900) (1,900) (1,673) 227
20 20 163 143
1,140 1,140 1,140 -
$ 1,160 $ 1,160 $ 1,303 $ 143
Cont'd
Disability Access Fee SB 1186 Fund
Budgeted Amounts
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, 2025
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
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
- - - -
- - - -
1,500 1,500 4,596 3,096
- - 10 10
- - - -
1,500 1,500 4,606 3,106
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
1,500 1,500 4,606 3,106
- - - -
(45,000) (45,000) (22,701) 22,299
(45,000) (45,000) (22,701) 22,299
(43,500) (43,500) (18,095) 25,405
117,397 117,397 117,397 -
$ 73,897 $ 73,897 $ 99,302 $ 25,405
Cont'd
Utility Underground Impact Fee Fund
Budgeted Amounts
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, 2025
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
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
- - - -
- - - -
1,500 1,500 7,331 5,831
650 650 1,899 1,249
- - 68 68
2,150 2,150 9,298 7,148
- - - -
76,100 76,100 71,200 4,900
- - - -
- - - -
- - - -
76,100 76,100 71,200 4,900
(73,950) (73,950) (61,902) 12,048
76,100 76,100 71,200 (4,900)
- - - -
76,100 76,100 71,200 (4,900)
2,150 2,150 9,298 7,148
1,535,054 1,535,054 1,535,054 -
$ 1,537,204 $ 1,537,204 $ 1,544,352 $ 7,148
Cont'd
Housing Opportunity Fund
Budgeted Amounts
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, 2025
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
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
$ 732,133 $ 732,133 $ 703,899 $ (28,234)
- - - -
- - - -
10,000 10,000 19,917 9,917
- - - -
- - - -
742,133 742,133 723,816 (18,317)
- - - -
100,000 - - -
- - - -
- - - -
200,000 337,677 258,105 79,572
300,000 337,677 258,105 79,572
442,133 404,456 465,711 61,255
- - - -
- - - -
- - - -
442,133 404,456 465,711 61,255
545,493 545,493 545,493 -
$ 987,626 $ 949,949 $ 1,011,204 $ 61,255
Cont'd
Measure S Fund
Budgeted Amounts
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, 2025
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
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
195,000 195,000 $ $ 190,816 $ (4,184)
- - - -
- - - -
2,000 2,000 14,504 12,504
- - - -
- - - -
197,000 197,000 205,320 8,320
81,500 81,500 7,889 73,611
- - - -
- - - -
- - - -
- - - -
81,500 81,500 7,889 73,611
115,500 115,500 197,431 81,931
- - - -
(100,000) (100,000) - 100,000
(100,000) (100,000) - 100,000
15,500 15,500 197,431 181,931
315,122 315,122 315,122 -
$ 330,622 $ 330,622 $ 512,553 $ 181,931
Cont'd
Upper Valley Disposal Service Franchise Fees Fund
Budgeted Amounts
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, 2025
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
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
- - - -
- - - -
- - - -
- - - -
- - 81,373 81,373
- - 81,373 81,373
- - - -
- - - -
- - - -
- - 53,966 (53,966)
- - - -
- - 53,966 (53,966)
- - 27,407 27,407
- - 10,478 10,478
- - - -
- - 10,478 10,478
- - 37,885 37,885
180,767 180,767 180,767 -
$ 180,767 $ 180,767 $ 218,652 $ 37,885
Cont'd
Town of Yountville Community Foundation Fund
Budgeted Amounts
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, 2025
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
Variance with
Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
- - - -
- - - -
250 250 - (250)
- - - -
- - - -
250 250 - (250)
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
250 250 - (250)
- - - -
- - (181) (181)
- - (181) (181)
250 250 (181) (431)
181 181 181 -
$ 431 $ 431 $ - $ (431)
Cont'd
Tallent Lane Drainage 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, 2025
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
Variance with
Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
- - - -
- - - -
350 350 - (350)
- - - -
- - - -
350 350 - (350)
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
350 350 - (350)
- - - -
- - (504) (504)
- - (504) (504)
350 350 (504) (854)
504 504 504 -
$ 854 $ 854 $ - $ (854)
Cont'd
Mesa Court Drainage 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, 2025
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
Variance with
Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
- - - -
- - - -
3,500 3,500 13,675 10,175
- - - -
- - - -
3,500 3,500 13,675 10,175
- - - -
- - - -
20,000 20,000 - 20,000
- - - -
60,000 60,000 58,506 1,494
80,000 80,000 58,506 21,494
(76,500) (76,500) (44,831) 31,669
- - - -
- - - -
- - - -
(76,500) (76,500) (44,831) 31,669
393,072 393,072 393,072 -
$ 316,572 $ 316,572 $ 348,241 $ 31,669
Cont'd
Measure A Maintenance 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, 2025
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
Variance with
Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
- - - -
- - - -
10,000 10,000 53,833 43,833
- - - -
- - - -
10,000 10,000 53,833 43,833
- - - -
- - - -
- - - -
- - - -
160,000 221,700 104,186 117,514
160,000 221,700 104,186 117,514
(150,000) (211,700) (50,353) 161,347
50,000 50,000 50,000 -
- - - -
50,000 50,000 50,000 -
(100,000) (161,700) (353) 161,347
1,378,967 1,378,967 1,378,967 -
$ 1,278,967 $ 1,217,267 $ 1,378,614 $ 161,347
Cont'd
Facility Repair and Replacement 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, 2025
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
Variance with
Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
- - - -
- - - -
10,000 10,000 26,944 16,944
- - - -
- - - -
10,000 10,000 26,944 16,944
- - - -
- - - -
- - - -
- - - -
265,307 265,307 225,439 39,868
265,307 265,307 225,439 39,868
(255,307) (255,307) (198,495) 56,812
100,000 100,000 100,000 -
- - - -
100,000 100,000 100,000 -
(155,307) (155,307) (98,495) 56,812
775,656 775,656 775,656 -
$ 620,349 $ 620,349 $ 677,161 $ 56,812
Concluded
Fleet, Tools and Equipment Repair and Replacement Fund
Town of Yountville
Comparative Statement of Net Position
Water Fund
2025 2024
ASSETS
Current assets:
Cash and cash equivalents $ 3,922,617 $ 3,341,112
Accounts receivable 203,046 193,877
Interest receivable 37,792 31,393
Total current assets 4,163,455 3,566,382
Noncurrent assets:
Net OPEB asset 2,530 -
Capital assets:
Depreciable, net 2,816,342 2,807,844
Total capital assets, net 2,816,342 2,807,844
Total noncurrent assets 2,818,872 2,807,844
Total assets $ 6,982,327 $ 6,374,226
DEFERRED OUTFLOWS OF RESOURCES
Pension adjustments $ 138,159 $ 182,211
OPEB adjustments 26,709 31,601
Total deferred outflows of resources $ 164,868 $ 213,812
LIABILITIES
Current liabilities:
Accounts payable $ 43,185 $ 41,303
Compensated absences, due within one year 3,530 4,429
Total current liabilities 46,715 45,732
Noncurrent liabilities:
Net OPEB liability - 31,761
Net pension liability 401,875 403,961
Compensated absences, due in more than one year 10,591 13,288 Total noncurrent liabilities 412,466 449,010
Total liabilities $ 459,181 $ 494,742
DEFERRED INFLOWS OF RESOURCES
Pension adjustments $ 3,548 $ 16,071
OPEB adjustments 85,829 61,319
Total deferred inflows of resources $ 89,377 $ 77,390
NET POSITION
Net investment in capital assets $ 2,816,342 $ 2,807,844 Unrestricted 3,782,295 3,208,062
Total net position $ 6,598,637 $ 6,015,906
June 30,
Town of Yountville
Comparative Statement of Revenues, Expenses and Changes in Fund Net Position Water Fund
2025 2024
OPERATING REVENUES
Charges for services $ 2,219,366 $ 1,973,420
Other 6,042 10,631
Total operating revenues 2,225,408 1,984,051
OPERATING EXPENSES
Personnel services 448,713 611,258
Utilities 21,586 12,954
Purchased water 1,022,037 765,665
Supplies and materials 414,684 239,232
Insurance and claims 55,911 41,224
Depreciation 89,221 89,223
Total operating expenses 2,052,152 1,759,556
Operating income (loss) 173,256 224,495
NONOPERATING REVENUES (EXPENSES)
Investment earnings 153,475 136,291
Income (loss) before contributions and transfers 326,731 360,786 Transfers in 381,000 4,675
Transfers out (125,000) -
Net contributions and transfers 256,000 4,675
Change in net position 582,731 365,461
Total net position - beginning 6,015,906 5,650,445
Total net position - ending $ 6,598,637 $ 6,015,906
For the fiscal Year Ended June 30,
Town of Yountville
Comparative Statement of Net Position
Wastewater Fund
2025 2024
ASSETS
Current assets:
Cash and cash equivalents $ 7,651,370 $ 5,855,636
Accounts receivable 649,736 1,464,744
Interest receivable 73,175 55,774
Total current assets 8,374,281 7,376,154
Noncurrent assets:
Net OPEB asset 6,167 -
Capital assets:
Non-depreciable 923,567 918,801
Depreciable, net 7,106,727 7,404,459
Total capital assets, net 8,030,294 8,323,260
Total noncurrent assets 8,036,461 8,323,260
Total assets $ 16,410,742 $ 15,699,414
DEFERRED OUTFLOWS OF RESOURCES
Pension adjustments $ 336,117 $ 443,381
OPEB adjustments 65,076 76,995
Total deferred outflows of resources $ 401,193 $ 520,376
LIABILITIES
Current liabilities:
Accounts payable $ 71,654 $ 142,159
Interest payable 3,425 5,282
Compensated absences, due within one year 8,770 7,799
Loans payable, due within one year 159,188 156,219
Total current liabilities 243,037 311,459
Noncurrent liabilities:
Net OPEB liability - 77,385
Net pension liability 977,695 982,777
Compensated absences, due in more than one year 26,309 23,395 Loans payable, due in more than one year 128,882 288,070 Total noncurrent liabilities 1,132,886 1,371,627
Total liabilities $ 1,375,923 $ 1,683,086
DEFERRED INFLOWS OF RESOURCES
Pension adjustments $ 8,631 $ 39,016
OPEB adjustments 209,131 149,401
Total deferred inflows of resources $ 217,762 $ 188,417
NET POSITION
Net investment in capital assets $ 7,742,224 $ 7,878,971 Unrestricted 7,476,026 6,469,316
Total net position $ 15,218,250 $ 14,348,287
June 30,
Town of Yountville
Comparative Statement of Revenues, Expenses and Changes in Fund Net Position Wastewater Fund
2025 2024
OPERATING REVENUES
Charges for services $ 3,383,258 $ 2,969,119
Total operating revenues 3,383,258 2,969,119
OPERATING EXPENSES
Personnel services 1,153,728 1,141,820
Utilities 217,279 227,920
Supplies and materials 1,268,311 995,358
Insurance and claims 119,545 82,620
Depreciation 297,732 297,319
Total operating expenses 3,056,595 2,745,037
Operating income (loss) 326,663 224,082
NONOPERATING REVENUES(EXPENSES)
Insurance reimbursements - 1,263,857
Interest expense (6,584) (9,532)
Investment earnings 307,378 237,956
Total nonoperating revenues(expenses) 300,794 1,492,281 Income (loss) before contributions and transfers 627,457 1,716,363 Capital contributions 266,594 201,678
Transfers in 6,000 4,675
Transfers out (30,088) (30,043)
Net contributions and transfers 242,506 176,310
Change in net position 869,963 1,892,673
Total net position - beginning 14,348,287 12,455,614
Total net position - ending $ 15,218,250 $ 14,348,287
For the fiscal Year Ended June 30,
Page Intentionally Left Blank
Statistical Section
Page Intentionally Left Blank
STATISTICAL SECTION
This part of the Town’s Comprehensive Annual Financial Report presents detailed information as a context for understanding what the information in the financial statement, note disclosure, and required supplementary information says about the Town’s overall financial health.
Contents:
Financial Trends Information
These schedules contain trend information to help the reader understand how the Town’s financial performance and well-being have changed over time.
Revenue Capacity Information
These schedules contain trend information to help the reader understand the Town’s most significant local revenue source, transient occupancy tax.
Debt Capacity Information
These schedules present information to help the reader assess the affordability of the Town’s current level of outstanding debt and the Town’s ability to issue additional debt in the future.
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the environment within which the Town’s financial activities take place.
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the information in the Town’s financial report relates to the services the Town provides and activities it performs.
Page Intentionally Left Blank
As of June 30 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Governmental Activities
Net Investment in Capital Assets $ 24,944,699 $ 25,585,149 $ 26,126,737 $ 26,832,668 $ 26,987,011 $ 27,566,520 $ 27,796,304 $ 27,653,028 $ 39,401,497 $ 41,214,976 Restricted 3,063,795 3,118,617 2,376,909 4,691,546 5,959,613 6,652,233 7,448,830 9,967,058 8,415,636 9,426,692 Unrestricted 6,445,667 8,658,576 7,514,541 9,263,317 8,549,721 9,074,780 14,831,284 16,988,201 12,011,033 12,820,261 Total governmental activities $ 34,454,161 $ 37,362,342 $ 36,018,187 $ 40,787,531 $ 41,496,345 $ 43,293,533 $ 50,076,418 $ 54,608,287 $ 59,828,166 $ 63,461,929 Business-type Activities
Net Investment in Capital Assets $ 8,715,300 $ 8,582,392 $ 8,374,610 $ 8,226,076 $ 9,327,836 $ 10,199,184 $ 10,324,291 $ 10,684,808 $ 10,686,815 $ 10,558,566 Unrestricted 6,009,945 6,492,506 6,689,868 6,399,836 5,250,948 5,201,100 6,083,639 7,421,251 9,677,378 11,258,321 Total business-type activities $ 14,725,245 $ 15,074,898 $ 15,064,478 $ 14,625,912 $ 14,578,784 $ 15,400,284 $ 16,407,930 $ 18,106,059 $ 20,364,193 $ 21,816,887 Combined Totals
Net Investment in Capital Assets $ 33,659,999 $ 34,167,541 $ 34,501,347 $ 35,058,744 36,314,847 $ 37,765,704 $ 38,120,595 $ 38,337,836 $ 50,088,312 $ 51,773,542 Restricted 3,063,795 3,118,617 2,376,909 4,691,546 5,959,613 6,652,233 7,448,830 9,967,058 8,415,636 9,426,692 Unrestricted 12,455,612 15,151,082 14,204,409 15,663,153 13,800,669 14,275,880 20,914,923 24,409,452 21,688,411 24,078,582 Total combined net position $ 49,179,406 $ 52,437,240 $ 51,082,665 $ 55,413,443 $ 56,075,129 $ 58,693,817 $ 66,484,348 $ 72,714,346 $ 80,192,359 $ 85,278,816 Schedule 1
Town of Yountville
Net Position by Component (Accrual Basis of Accounting) Last Ten Fiscal Years
For Fiscal Year Ended June 30 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Governmental Activities
Expenses
General Government $ 2,467,485 $ 3,215,460 $ 5,351,625 $ 4,142,908 $ 3,242,226 $ 3,225,894 $ 3,519,400 $ 3,972,698 $ 4,406,393 $ 4,668,504 Housing 49,812 600,080 328,504 77,235 87,931 166,206 2,904,024 3,314,473 83,696 186,922 Public Safety 1,374,885 1,413,904 1,497,823 1,535,756 1,626,661 1,705,529 451,858 99,541 2,383,388 2,479,743 Public Works 2,426,255 2,919,403 2,730,071 2,797,528 3,275,960 3,082,481 360,919 361,682 3,731,367 4,137,849 Community Promotion 460,866 438,566 429,909 354,456 406,620 382,518 1,687,705 2,096,806 489,931 545,147 Parks and Recreation 1,856,394 1,867,588 2,060,032 2,117,811 2,203,024 1,672,840 1,643,587 1,863,654 2,241,980 2,627,829 Interest on Long-Term Debt 552,626 547,050 369,086 365,799 394,555 303,935 285,899 267,515 252,688 227,211 Total governmental activities expenses $ 9,188,323 $ 11,002,051 $ 12,767,050 $ 11,391,493 $ 11,236,977 $ 10,539,403 $ 10,853,392 $ 11,976,369 $ 13,589,443 $ 14,873,205 Program Revenues
Charges for Services by Function:
General Government $ 500,090 $ 866,029 $ 1,155,605 $ 1,309,761 $ 521,593 $ 595,162 $ 488,574 $ 668,223 $ 836,238 $ 639,886 Housing 499 496,998 186,635 - - - - - - -
Public Safety 12,012 5,790 4,856 4,210 948 423 548 742 888 568 Public Works 182,512 18,532 30,801 24,438 8,009 25,004 23,344 23,164 33,786 14,372 Community Promotion 882 5,000 32,635 133,590 42,619 32,600 10,182 11,532 19,139 4,768 Parks and Recreation 499,082 515,544 476,059 488,808 331,935 156,181 366,195 461,435 565,877 632,256 Operating Grants and Contributions 621,541 812,034 1,511,119 630,237 805,006 1,239,684 1,662,012 1,456,333 1,441,159 1,599,929 Capital Grants and Contributions 3,452,791 1,115,979 531,619 915,463 844,035 996,665 1,216,598 851,668 846,525 1,042,494 Total governmental program revenues $ 5,269,409 $ 3,835,906 $ 3,929,329 $ 3,506,507 $ 2,554,145 $ 3,045,719 $ 3,767,453 $ 3,473,097 $ 3,743,612 $ 3,934,273 Subtotal net revenue (expense) $ (3,918,914) $ (7,166,145) $ (8,837,721) $ (7,884,986) $ (8,682,832) $ (7,493,684) $ (7,085,939) $ (8,503,272) $ (9,845,831) $ (10,938,932) General Revenues
Property Taxes $ 1,282,355 $ 1,394,045 $ 1,675,804 $ 1,749,648 $ 2,047,539 $ 2,102,666 $ 2,294,483 $ 2,657,168 $ 2,479,199 $ 2,899,470 Sales Taxes 1,431,153 1,335,150 1,269,655 1,491,912 1,448,291 1,141,775 1,717,674 1,628,440 1,712,773 1,791,164 Transient Occupancy Taxes 6,808,527 7,154,474 6,337,525 7,536,887 5,358,618 4,841,120 9,696,334 8,750,591 8,924,671 8,446,782 Other Taxes 147,519 138,436 116,130 146,796 132,955 115,593 163,712 283,203 347,998 362,148 Interest and Investment Earnings 60,697 49,372 67,913 420,678 364,369 604,757 (457,708) 554,653 1,529,023 1,217,799 Other General Revenues 16,653 2,849 465 9,972 14,018 319,823 93,664 25,614 51,353 87,244 Special Item: Sale of Capital Assets - - - - - - 341,000 - - - Transfers - - 29,343 26,485 25,854 27,138 23,130 (864,528) 20,693 (231,912) Total general revenues and transfers $ 9,746,904 $ 10,074,326 $ 9,496,835 $ 11,382,378 $ 9,391,644 $ 9,152,872 $ 13,872,289 $ 13,035,141 $ 15,065,710 $ 14,572,695 Change in net position, government activities $ 5,827,990 $ 2,908,181 $ 659,114 $ 3,497,392 $ 708,812 $ 1,659,188 $ 6,786,350 $ 4,531,869 $ 5,219,879 $ 3,633,763 Net position, beginning $ 28,626,171 $ 34,454,161 $ 35,359,073 $ 37,290,139 $ 40,787,533 $ 41,634,345 $ 43,293,533 $ 50,076,418 $ 54,608,287 $ 59,828,166 Prior period adjustments - - - - - - (3,465) - - -
Net position, ending $ 34,454,161 $ 37,362,342 $ 36,018,187 $ 40,787,531 $ 41,496,345 $ 43,293,533 $ 50,076,418 $ 54,608,287 $ 59,828,166 $ 63,461,929 Continued
Schedule 2
Town of Yountville
Changes in Net Position (Accrual Basis of Accounting)
Last Ten Fiscal Years
Schedule 2
Town of Yountville
Changes in Net Position (Accrual Basis of Accounting)
Last Ten Fiscal Years
For Fiscal Year Ended June 30 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Business-Type Activities
Expenses
Water $ 1,120,451 $ 1,612,688 $ 1,367,470 $ 2,367,096 $ 1,913,614 $ 1,646,622 $ 1,434,292 $ 1,518,282 $ 1,759,556 $ 2,052,152 Wastewater 1,546,670 1,637,806 1,821,073 2,002,780 2,331,411 1,827,626 1,747,987 2,222,374 2,754,569 3,063,179 Total business-type expenses $ 2,667,121 $ 3,250,494 $ 3,188,543 $ 4,369,876 $ 4,245,025 $ 3,474,248 $ 3,182,279 $ 3,740,656 $ 4,514,125 $ 5,115,331 Program Revenues
Charges for Services
Water $ 1,434,529 $ 1,350,259 $ 1,380,728 $ 1,383,741 $ 1,569,612 $ 1,719,700 $ 1,722,437 $ 1,758,290 $ 1,973,420 $ 2,219,366 Wastewater 1,847,970 1,876,094 2,057,905 2,298,025 2,262,488 2,363,870 2,294,801 2,434,230 2,969,119 3,383,258 Capital Grants and Contributions 71,328 354,497 226,484 131,450 270,257 228,468 215,506 246,171 201,678 266,594 Total business-type program revenues $ 3,353,827 $ 3,580,850 $ 3,665,117 $ 3,813,216 $ 4,102,357 $ 4,312,038 $ 4,232,744 $ 4,438,691 $ 5,144,217 $ 5,869,218 Subtotal net revenue (expense) $ 686,706 $ 330,356 $ 476,574 $ (556,660) $ (142,668) $ 837,790 $ 1,050,465 $ 698,035 $ 630,092 $ 753,887 Transfers In/(Out) - - (29,343) (26,485) (25,854) (27,138) (23,130) 864,528 (20,693) 231,912 Interest and Investment Earnings 14,585 19,297 53,086 144,579 120,944 10,187 (29,289) 133,262 374,247 460,853 Other revenues - - - - 450 661 9,600 2,304 1,274,488 6,042 Change in net position, business activities $ 701,291 $ 349,653 $ 500,317 $ (438,566) $ (47,128) $ 821,500 $ 1,007,646 $ 1,698,129 $ 2,258,134 $ 1,452,694 Net position, beginning $ 14,023,954 $ 14,725,245 $ 14,564,161 $ 15,064,478 $ 14,625,912 $ 14,578,784 $ 15,400,284 $ 16,407,930 $ 18,106,059 $ 20,364,193 Net position, ending $ 14,725,245 $ 15,074,898 $ 15,064,478 $ 14,625,912 $ 14,578,784 $ 15,400,284 $ 16,407,930 $ 18,106,059 $ 20,364,193 $ 21,816,887 Total Net Position
Net position, beginning $ 42,650,125 $ 49,179,406 $ 49,923,234 $ 52,354,617 $ 55,413,445 $ 56,213,129 $ 58,690,352 $ 66,484,348 $ 72,714,346 $ 80,192,359 Net position, ending $ 49,179,406 $ 52,437,240 $ 51,082,665 $ 55,413,443 $ 56,075,129 $ 58,693,817 $ 66,484,348 $ 72,714,346 $ 80,192,359 $ 85,278,816 Primary Government Totals
Total primary government expenses $ 11,855,444 $ 14,252,545 $ 15,955,593 $ 15,761,369 $ 15,482,002 $ 14,013,651 $ 14,035,671 $ 15,717,025 $ 18,103,568 $ 19,988,536 Total primary government program revenues 8,623,236 7,416,756 7,594,446 7,319,723 6,656,502 7,357,757 8,000,197 7,911,788 8,887,829 9,803,491 Subtotal primary government net revenue (expense) (3,232,208) (6,835,789) (8,361,147) (8,441,646) (8,825,500) (6,655,894) (6,035,474) (7,805,237) (9,215,739) (10,185,045) Total primary government general revenues & transfers 9,761,489 10,093,623 9,520,578 11,500,472 9,487,184 9,136,582 13,829,470 14,035,235 16,693,752 15,271,502 Change in net position, primary government $ 6,529,281 $ 3,257,834 $ 1,159,431 $ 3,058,826 $ 661,684 $ 2,480,688 $ 7,793,996 $ 6,229,998 $ 7,478,013 $ 5,086,457 Concluded
Schedule 3
Town of Yountville
Fund Balances - All Governmental Funds
Last Ten Fiscal Years
For Fiscal Year Ended June 30 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 General Fund
Nonspendable $ - $ - $ - $ - $ - $ - $ 23,372 $ 75,142 $ 123,398 $ 133,283 Restricted 1,454,999 1,418,190 1,493,905 2,160,819 2,577,802 2,885,985 2,543,080 3,342,309 3,662,285 3,843,713 Committed 1,670,000 1,898,177 2,077,057 2,148,319 3,017,343 3,138,097 5,379,485 8,256,906 4,647,790 4,792,453 Assigned 3,022,425 2,645,273 3,183,082 3,498,613 741,786 633,567 942,595 927,777 618,869 905,607 Unassigned 1,523,696 3,357,172 2,688,112 2,709,631 5,242,648 6,368,914 8,753,504 6,495,202 5,795,336 5,947,804 Total General Fund 7,671,120 9,318,812 9,442,156 10,517,382 11,579,579 13,026,563 17,642,036 19,097,336 14,847,678 15,622,860 All other governmental funds
Restricted 1,608,796 1,700,427 883,004 2,719,443 3,381,811 3,766,248 4,905,750 6,624,749 4,753,351 5,582,979 Committed 2,056,647 2,205,643 2,255,116 1,435,726 678,384 518,774 995,286 1,827,920 1,903,659 2,484,465 Assigned - 87,964 745,336 1,960,928 1,924,271 1,857,252 2,063,392 2,355,967 2,154,623 2,055,775 Unassigned (3,118) (75,798) - (25,942) (26,221) (25,675) - - - - Total all other governmental funds 3,662,325 3,918,236 3,883,456 6,090,155 5,958,245 6,116,599 7,964,428 10,808,636 8,811,633 10,123,219 Total governmental fund balances $ 11,333,445 $ 13,237,048 $ 13,325,612 $ 16,607,537 $ 17,537,824 $ 19,143,162 $ 25,606,464 $ 29,905,972 $ 23,659,311 $ 25,746,079 Schedule 4
Revenues, Expenditures & Changes in Fund Balances and Debt Service Ratio - Governmental Funds For Fiscal Year Ended June 30 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenues
Property Taxes $ 1,145 $ 1,325 $ 1,652 $ 1,731 $ 2,048 $ 2,103 $ 2,294 $ 2,657 $ 2,479 $ 2,899 Sales Taxes 1,453 1,293 1,369 1,289 1,448 1,142 1,718 1,628 1,713 1,791 Transient Occupancy Taxes 6,809 7,154 6,338 7,537 5,669 4,821 9,804 8,751 8,925 8,447 Other Taxes 284 222 151 459 619 527 995 1,031 1,106 1,080 Licenses & permits 75 130 163 273 196 160 199 236 245 195 Fines & forfeits 5 8 15 57 46 64 30 60 82 2
Intergovernmental 3,810 1,484 845 1,013 901 1,383 1,834 1,230 1,082 1,337 Interest and rents 307 334 342 657 582 897 (119) 993 1,523 1,211 Rent and concessions - - - - - - - - 408 385
Charges for services 857 1,377 1,640 1,420 554 294 355 490 735 713 Miscellaneous 246 258 705 52 167 581 274 358 484 672
Total revenues 14,991 13,585 13,220 14,488 12,230 11,972 17,384 17,434 18,782 18,732 Expenditures
General Government 2,566 3,070 4,797 4,400 3,032 2,948 3,469 3,749 3,950 4,074 Public Safety 1,375 1,475 1,498 1,536 1,573 1,593 1,652 1,858 2,245 2,316 Public Works 1,683 1,719 1,781 1,917 1,990 2,030 1,991 2,376 2,643 2,960 Community Promotion 461 500 430 355 393 357 363 361 461 496 Housing 33 661 430 77 85 155 454 99 79 170
Parks and recreation 1,481 1,633 1,689 1,833 1,735 1,288 1,398 1,795 1,835 2,109 Debt Service:
Principal 746 763 790 548 569 601 621 780 785 788
Interest & other 558 539 488 374 416 311 293 275 259 235 Costs of issuance - - 227 - - - - - - -
Capital Outlay 6,180 1,617 686 1,464 1,596 1,249 1,040 976 12,793 3,266 Other - - 675 - - - - - - -
Total expenditures 15,083 11,977 13,491 12,504 11,389 10,532 11,281 12,269 25,050 16,414 Excess (deficiency) of revenues
over expenditures (92) 1,608 (271) 1,984 841 1,440 6,103 5,165 (6,268) 2,318 Other financing sources (uses)
Sale of capital assets - 296 - - - - 341 - - -
Debt issuance - - 8,947 - 2,303 - - - - -
Payment to escrow agent - - (8,719) - (2,240) - - - - - Transfers-in 3,002 1,898 1,940 4,046 3,489 1,055 1,725 2,870 13,277 3,291 Transfers-out (3,002) (1,898) (1,911) (4,019) (3,463) (1,028) (1,702) (3,735) (13,256) (3,523) Total financing sources (uses) - 296 257 27 89 27 364 (865) 21 (232) Net Change in Fund Balance $ (92) $ 1,904 $ (14) $ 2,011 $ 930 $ 1,467 $ 6,467 $ 4,300 $ (6,247) $ 2,086 Total expenditures $ 15,083 $ 11,977 $ 13,491 $ 12,504 $ 11,389 $ 10,532 $ 11,281 $ 12,269 $ 25,050 $ 16,414 Capitalized capital outlay 5,934 948 561 1,108 1,371 1,066 894 986 12,390 2,495 Non-Capital Outlay expenditures 9,149 11,029 12,930 11,396 10,018 9,466 10,387 11,283 12,660 13,919 Debt Service expenditures 1,304 1,302 1,278 922 985 912 914 1,055 1,044 1,023 Debt Service as % of
non-capital expenses 14.25% 11.81% 9.88% 8.09% 9.83% 9.63% 8.80% 9.35% 8.25% 7.35% Town of Yountville
Last Ten Fiscal Years
(Thousands of Dollars)
Schedule 5
Number of Transient Transient Transient
Fiscal Estimated Lodging Rooms Occupancy Tax Occupancy Tax Occupancy Tax Year Population Town-Wide Revenue Per Capita Per Room
2016 (1) 2,987 452 $ 6,808,527 $ 2,279 $ 15,063
2017 (2) 2,935 452 $ 7,154,474 $ 2,438 $ 15,828
2018 (3) 2,874 451 $ 6,337,514 $ 2,205 $ 14,052
2019 (4) 2,916 452 $ 7,536,887 $ 2,585 $ 16,675
2020 (5) 2,685 455 $ 5,668,824 $ 2,111 $ 12,459
2021 (6) 2,642 455 $ 4,807,007 $ 1,819 $ 10,565
2022 (7) 2,829 455 $ 9,804,456 $ 3,466 $ 21,548
2023 (8) 2,778 453 $ 8,750,591 $ 3,150 $ 19,317
2024 (9) 2,781 453 $ 8,924,671 $ 3,209 $ 19,701
2025 (10) 2,638 453 $ 8,447,040 $ 3,202 $ 18,647
Notes:
(1) Source: Muniservices LLC
(2) Source: Department of Finance Price Factor and Popluation Information as of January 1, 2017 (3) Source: Department of Finance Price Factor and Popluation Information as of January 1, 2018 (4) Source : Department of Finance letter, Price Factor and Population Information, dated May 2019 (5) Source : Department of Finance letter, Price Factor and Population Information, dated May 2020 (6) Source : Department of Finance letter, Price Factor and Population Information, dated May 2021 (7) Source : Department of Finance letter, Price Factor and Population Information, dated May 2022 (8) Source : Department of Finance letter, Price Factor and Population Information, dated May 2023 (9) Source : Department of Finance letter, Price Factor and Population Information, dated May 2024 (10) Source : Department of Finance letter, Price Factor and Population Information, dated May 2025 Town of Yountville
Transient Occupancy Tax Revenue Base Statistics
Last Ten Fiscal Years
Schedule 6
Average
Fiscal Occupancy Daily Total Hotels with Hotels with
Year Rate Room Rate Revenue 50+ Rooms 1 - 49 Rooms
2015 75.0% $ 442.00 $ 6,582,041 11 $ 5,975,233 5 $ 606,808 6 2016 76.0% $ 452.00 $ 6,808,527 11 $ 6,198,631 5 $ 609,896 6 2017 75.7% $ 477.00 $ 7,154,474 11 $ 6,516,184 5 $ 638,290 6 2018 63.4% $ 506.00 $ 6,337,514 11 $ 5,738,747 5 $ 598,767 6 2019 71.9% $ 532.00 $ 7,536,887 11 $ 6,851,259 5 $ 685,628 6 2020 25.2% $ 485.00 $ 5,668,824 11 $ 5,151,989 5 $ 516,835 6 2021 74.8% $ 734.00 $ 4,807,007 11 $ 4,281,642 5 $ 525,365 6 2022 55.7% $ 934.00 $ 9,804,456 11 $ 8,815,493 5 $ 988,963 6 2023 55.2% $ 784.35 $ 8,750,591 11 $ 7,859,084 5 $ 891,507 6 2024 62.0% $ 706.05 $ 8,924,671 11 $ 8,033,193 5 $ 891,478 6 2025 58.0% $ 706.00 $ 8,447,040 11 $ 7,525,918 5 $ 921,122 6 Notes:
Source: Town Transient Occupancy Tax Data
By Concentration of Hotel Size
Town of Yountville
Transient Occupancy Tax - Principal Payers & Other Statistical Data Last Ten Fiscal Years
Transient Occupancy Tax Revenue
Schedule 7
2025 2024 2023 2022
Bardessono Inn & Spa Bardessono Inn & Spa Bardessono Inn & Spa Bardessono Inn & Spa Hotel Villagio at the Estate Yountville Hotel Villagio at the Estate Yountville Hotel Villagio Hotel Yountville Hotel Yountville Hotel Yountville Hotel Yountville Lavender Inn Lavender Inn Lavender Inn Lavender Inn Maison Fleurie
Maison Fleurie Maison Fleurie Maison Fleurie Napa Valley Lodge Napa Valley Lodge Napa Valley Lodge Napa Valley Lodge Napa Valley Railway Inn Napa Valley Railway Inn Napa Valley Railway Inn Napa Valley Railway Inn North Block Hotel North Block Hotel North Block Hotel North Block Hotel Petit Logis Petit Logis Petit Logis Petit Logis Villagio Inn & Spa
Vintage House at the Estate Yountville Vintage House at the Estate Yountville Vintage House Vintage House 2021 2020 2019 2018
Bardessono Inn & Spa Bardessono Inn & Spa Bardessono Inn & Spa Bardessono Inn & Spa Hotel Yountville Hotel Yountville Hotel Yountville Hotel Yountville Lavender Inn Lavender Inn Lavender Inn Lavender Inn
Maison Fleurie Maison Fleurie Maison Fleurie Maison Fleurie Napa Valley Lodge Napa Valley Lodge Napa Valley Lodge Napa Valley Lodge Napa Valley Railway Inn Napa Valley Railway Inn Napa Valley Railway Inn Napa Valley Railway Inn North Block Hotel North Block Hotel North Block Hotel North Block Hotel Petit Logis Petit Logis Petit Logis Petit Logis
Villagio Inn & Spa Villagio Inn & Spa Villagio Inn & Spa Villagio Inn & Spa Vintage House Vintage House Vintage House Vintage Inn
2017 2016
Bardessono Inn & Spa Bardessono Inn & Spa
Hotel Yountville Hotel Yountville
Lavender Inn Lavender Inn
Maison Fleurie Maison Fleurie
Napa Valley Lodge Napa Valley Lodge
Napa Valley Railway Inn Napa Valley Railway Inn
North Block Hotel North Block Hotel
Petit Logis Petit Logis
Villagio Inn & Spa Villagio Inn & Spa
Vintage Inn Vintage Inn
(in alphabetical order)
Fiscal Years ended June 30
Town of Yountville
Principal Transient Occupancy Taxpayers - Top Ten
Last Ten Fiscal Years
Schedule 8
Last Ten Fiscal Years
Bonded Debt Other Debt
California Total Total Bonded Debt
Countywide Estimated Lease Energy Outstanding Pacific Gas & State Outstanding Bonded as a % Fiscal Estimated Per Capita Yountville Revenue Financing Commission Debt Electric Revolving Debt Debt of Personal Year Population Income Personal Income Bonds Lease Subscriptions Loan Governmental Energy Loan Fund Loan Business-Type Per Capita Income 2016 (2) 2,987 $ 52,576 $ 157,044,512 $13,418,766 $ - $ - $ 121,233 $13,539,999 $ 75,150 $2,605,598 $ 2,680,748 $ 4,492 8.54% 2017 (3) 2,935 $ 61,483 $ 180,452,605 $12,681,459 $ - $ - $ 104,074 $12,785,533 $ 62,625 $2,490,444 $ 2,553,069 $ 4,321 7.03% 2018 (4) 2,874 $ 74,984 $ 215,504,016 $12,681,459 $ - $ - $ 86,396 $12,767,855 $ 50,100 $2,373,101 $ 2,423,201 $ 4,412 5.88% 2019 (5) 2,916 $ 77,781 $ 226,809,396 $11,750,800 $ - $ - $ 68,184 $11,818,984 $ 37,575 $2,253,529 $ 2,291,104 $ 4,030 5.18% 2020 (6) 2,685 $ 78,913 $ 211,881,839 $ 8,384,017 $2,303,000 $ - $ 49,426 $10,736,443 $ 25,050 $1,040,576 $ 1,065,626 $ 3,123 3.96% 2021 (7) 2,642 $ 80,405 $ 212,430,917 $ 8,094,566 $1,991,000 $ - $ 30,096 $10,115,662 $ 12,525 $ 895,686 $ 908,211 $ 3,064 3.81% 2022 (8) 2,829 $ 80,947 $ 228,998,177 $ 7,790,115 $1,675,000 $ - $ 10,181 $ 9,475,296 $ - $ 748,044 $ 748,044 $ 2,754 3.40% 2023 (9) 2,778 $ 86,863 $ 241,305,414 $ 7,470,664 $1,351,000 $ - $ - $ 8,821,664 $ - $ 597,596 $ 597,596 $ 2,689 3.10% 2024 (10) 2,781 $ 86,863 $ 241,566,003 $ 7,136,213 $1,021,000 $ 188,185 $ - $ 8,345,398 $ - $ 444,289 $ 444,289 $ 2,566 2.95% 2025 (11) 2,638 $ 94,973 $ 250,538,774 $ 6,786,762 $ 685,000 $ 154,481 $ - $ 7,626,243 $ - $ 288,070 $ 288,070 $ 2,573 2.71% Notes to Table:
(2) Source: Muniservices LLC Demographic and Economic Statistics (3) Source: Department of Finance Price Factor and Popluation Information as of January 1, 2017 (4) Source: Department of Finance Price Factor and Population Information as of January 1, 2018 and Bureau of Economic Analysis (most recent data, 2016) (5) Source : Department of Finance letter, Price Factor and Population Information, dated May 2019 (6) Source : Department of Finance letter, Price Factor and Population Information, dated May 2020 (7) Source : Department of Finance letter, Price Factor and Population Information, dated May 2021 (8) Source : Department of Finance letter, Price Factor and Population Information, dated May 2022 (9) Source : Department of Finance letter, Price Factor and Population Information, dated May 2023 (10) Source : Department of Finance letter, Price Factor and Population Information, dated May 2024 (population) and Bureau of Economic Analysis (per capita income) (11) Source : Department of Finance letter, Price Factor and Population Information, dated May 2024 (population) and Bureau of Economic Analysis (per capita income, most recent data 2023) Other Debt
Town of Yountville
Ratio of Outstanding Debt by Type
Per Capita & Per Capita Income Data
Governmental Debt Business-Type
Page Intentionally Left Blank
Schedule 9
Percentage Amount
Applicable Applicable
Jurisdiction to Town to Town
Overlapping tax and assessment debt:
Town of Yountville 100.0000% -
Napa Joint Community College District 1.936% $ 1,275,251 Napa Valley Unified School District 2.905% $ 12,426,714 Total overlapping tax and assessment debt $ 13,701,965
Direct and overlapping General Fund Debt:
Napa County Certificates of Participation 1.953% $ 28,123 Napa County Board of Education General Fund Obligations 1.953% 212,584 Town of Yountville General Fund Obligations * 100.0000% 7,626,243 Total direct and overlapping general fund obligation debt $ 7,866,950 Subtotal overlapping debt 13,701,965
Subtotal direct debt $ 7,866,950
Total combined debt $ 21,568,916
Ratio to 2024-25 assessed valuation:
Town of Yountville total assessed valuation $ 1,394,715,864 Direct debt (Town) 0.5468%
Overlapping debt 0.0000%
Combined total debt 0.5468%
Notes:
California Municipal Statistics, Inc. provided percentages applicable to Town which are applied to the total outstanding debt amount as reported by the County of Napa. Assessed valuation total is provided by the County of Napa. * Includes: Lease Revenue Bonds Series 2017, 2020 Direct Financing Loan and SBITAs.
Town of Yountville
Computation of Direct and Overlapping Bonded Debt
June 30, 2025
Schedule 10
Debt Subject
Ratio Applied Legal Total Debt to Limit
Fiscal Assessed as % of Debt Limit Subject to as % of
Year Valuation Assessed Value Margin Limit Debt Limit
2016 $ 640,795,068 3.75% $ 24,029,815 $ 13,031,232 54.23% 2017 $ 715,618,300 3.75% $ 26,835,686 $ 12,519,073 46.65% 2018 $ 863,668,130 3.75% $ 32,387,555 $ 11,401,396 35.20% 2019 $ 974,263,880 3.75% $ 36,534,896 $ 10,853,183 29.71% 2020 $ 1,038,985,513 3.75% $ 38,961,957 $ 10,284,971 26.40% 2021 $ 1,071,584,115 3.75% $ 40,184,404 $ 9,746,095 24.25% 2022 $ 1,084,341,227 3.75% $ 40,662,796 $ 9,125,181 22.44% 2023 $ 1,279,815,398 3.75% $ 47,993,077 $ 8,491,000 17.69% 2024 $ 1,356,491,192 3.75% $ 50,868,420 $ 7,846,000 15.42% 2025 $ 1,394,715,864 3.75% $ 52,301,845 $ 7,180,000 13.73% Legal Debt Limit Margin Calculation for 2024-25:
Assessed value $ 1,394,715,864
Debt limit is 3.75% of assessed value $ 52,301,845
Less: Debt applicable to limitation $ 7,180,000
Legal debt margin $ 45,121,845
In accordance with state law the town may not incur general obligation bonded indebtedness in excess of 3.75% of total assessed valuation, with such debt being payable from the proceeds of taxes levied upon taxable properties in the town.
Town of Yountville
Legal Debt Margin Information
Last Ten Fiscal Years
Schedule 11
Town of Yountville
Pledged Revenue Coverage
Last Ten Fiscal Years
Measure A Pledged
Fiscal Sales Tax Transient
Year Allocations Principal Interest Coverage Occupancy Tax Principal Interest Coverage 2016 $ 259,951 $ 244,595 $ 13,506 1.01 $ 667,550 $ 215,000 $ 450,298 1.00 2017 $ 259,768 $ 251,063 $ 8,705 1.00 $ 669,099 $ 225,000 $ 441,499 1.00 2018 $ 261,443 $ 257,702 $ 3,777 1.00 $ 455,250 $ 235,000 $ 431,124 0.68 2019 $ - $ - $ - - $ - $ - $ - -
2020 $ - $ - $ - - $ - $ - $ - -
2021 $ - $ - $ - - $ - $ - $ - -
2022 $ - $ - $ - - $ - $ - $ - -
2023 $ - $ - $ - - $ - $ - $ - -
2024 $ - $ - $ - - $ - $ - $ - -
2025 $ - $ - $ - - $ - $ - $ - -
Fiscal Pledged Pledged
Year Revenue Principal Interest Coverage Revenue Principal Interest Coverage 2016 $ 360,613 $ 270,000 $ 90,613 1.00 $ - $ - $ - -
2017 $ 355,213 $ 270,000 $ 85,213 1.00 $ - $ - $ - -
2018 $ 359,813 $ 280,000 $ 79,813 1.00 $ 183,000 $ - $ 182,954 1.00 2019 $ 359,213 $ 285,000 $ 74,213 1.00 $ 542,394 $ 245,000 $ 297,394 1.00 2020 $ 358,513 $ 290,000 $ 68,513 1.00 $ 544,769 $ 260,000 $ 284,769 1.00 2021 $ - $ - $ - - $ 541,519 $ 270,000 $ 271,519 1.00
2022 $ - $ - $ - - $ 542,644 $ 285,000 $ 257,644 1.00
2023 $ - $ - $ - - $ 543,019 $ 300,000 $ 243,019 1.00
2024 $ - $ - $ - - $ 542,643 $ 315,000 $ 227,643 1.00
2025 $ - $ - $ - - $ 541,519 $ 330,000 $ 211,519 1.00
Fiscal Pledged
Year Revenue Principal Interest Coverage
2016 $ - $ - $ - -
2017 $ - $ - $ - -
2018 $ - $ - $ - -
2019 $ - $ - $ - -
2020 $ - $ - $ - -
2021 $ 350,017 $ 312,000 $ 38,017 1.00
2022 $ 349,051 $ 316,000 $ 33,051 1.00
2023 $ 351,805 $ 324,058 $ 27,747 1.00
2024 $ 352,426 $ 330,000 $ 22,426 1.00
2025 $ 352,949 $ 336,000 $ 16,949 1.00
Notes: Details regarding the Town's outstanding debt can be found in the notes to the financial statements.
The lease purchase agreement is backed by a county-wide special flood tax imposed on retail sales and allocated by Napa County per agreement with the Town. The 2008 Lease Revenue Bonds are backed by a specific pledge of one-sixth (or 2% of the 12% tax collected) of the transient occupancy tax collected by the Town each fiscal year up to a maximum amount of the debt service on the bonds for each fiscal year.
These bonds were refunded in October 2017 by the 2017 Lease Revenue Bonds.
The 2013 Lease Revenue Bonds are backed by a pledge of General Fund revenue collected by the Town each fiscal year up to a maximum amount of the debt service on the bonds for each fiscal year.
The Town has pledged no specific revenues for repayment of the 2017 and 2020 Lease Revenue Bonds.
The Town has agreed to include the lease payments due to its Authority (and assigned by the Authority to the bond trustee) in its annual budgets and to make annual appropriations therefore.
Flood Wall Lease Purchase Agreement 2008 Lease Revenue Bonds 2013 Lease Revenue Bonds
Debt Service Debt Service
2020 Lease Revenue Bonds
Debt Service
Debt Service
2017 Lease Revenue Bonds
Debt Service
Schedule 12
Town of Yountville
Lease Revenue Bonds - Continuing Disclosures
Last Ten Calendar Years
2013 Lease
Revenue Bonds
2017 Lease
Revenue Bonds
2020 Lease
Revenue Bonds
Calendar Principal Balance Maximum Annual 125% of Average Debt Service Reserve Principal Balance Principal Balance Principal Balance Year December 31 Debt Service Annual Debt Service 10% of Original Par Fund Balance December 31 December 31 December 31 2016 $ 9,320,000 $ 670,999 $ 838,749 $ 1,071,000 $ 672,933 $ 3,365,000 $ - $ - 2017 $ 9,085,000 $ 671,999 $ 839,998 $ 1,071,000 $ 673,637 $ 3,095,000 $ - $ - 2018 $ - $ - $ - $ - $ - $ 2,815,000 $ 8,255,000 $ -
2019 $ - $ - $ - $ - $ - $ 2,530,000 $ 7,995,000 $ -
2020 $ - $ - $ - $ - $ - $ 2,240,000 $ 7,725,000 $ 2,303,000 2021 $ - $ - $ - $ - $ - $ - $ 7,740,000 $ 1,991,000
2022 $ - $ - $ - $ - $ - $ - $ 7,140,000 $ 1,675,000
2023 $ - $ - $ - $ - $ - $ - $ 6,825,000 $ 1,351,000
2024 $ - $ - $ - $ - $ - $ - $ 6,495,000 $ 1,021,000
2025 $ - $ - $ - $ - $ - $ - $ 6,145,000 $ 685,000
Debt Service Reserve Requirement
equals the lessor of the three following:
2008 Lease Revenue Bonds
Page Intentionally Left Blank
Schedule 13
Countywide Estimated Assessed
Fiscal Estimated Per Capita Yountville Yountville Unemployment Year Population Income Income Valuation Rate
2016 2,987 $ 52,576 $ 157,044,512 $ 640,795,068 4.60%
2017 2,935 $ 61,483 $ 180,452,605 $ 715,618,300 3.60%
2018 2,874 $ 65,805 $ 189,123,570 $ 863,668,130 3.10%
2019 2,916 $ 74,984 $ 218,653,344 $ 974,263,880 2.80%
2020 2,685 $ 77,781 $ 208,841,985 $ 1,038,985,513 10.00% (1) 2021 2,642 $ 78,913 $ 208,488,573 $ 1,071,594,115 1.89% (2) 2022 2,829 $ 80,405 $ 227,466,716 $ 1,084,341,227 2.90% (3) 2023 2,778 $ 80,947 $ 224,869,896 $ 1,279,815,398 5.40% (4) 2024 2,781 $ 86,863 $ 241,566,003 $ 1,356,491,192 4.30% (5) 2025 2,638 $ 94,973 $ 250,538,774 $ 1,394,715,864 5.50% (6) Notes to Table:
Town of Yountville
Demographic & Economic Statistics
Last Ten Fiscal Years
(1) Source: Employment Development Department Monthly Labor Force Data for Cities and Census Designated Places, August 2020
(2) Source: Employment Development Department Monthly Labor Force Data for Cities and Census Designated Places, August 2021 (https://www.labormarketinfo.edd.ca.gov/data/monthly-data-release.html - Current Month Data > City and
Places by County)
(3) Source: Employment Development Department Monthly Labor Force Data for Cities and Census Designated Places, September 2022 (https://www.labormarketinfo.edd.ca.gov/data/monthly-data-release.html - Current Month Data > City and
Places by County > Unemployment Rate %)
(4) Source: Employment Development Department Monthly Labor Force Data for Cities and Census Designated Places, September 2022 (https://www.labormarketinfo.edd.ca.gov/data/monthly-data-release.html - Current Month Data > Cities and
Places by County > Unemployment Rate %)
(5) Source: Employment Development Department Monthly Labor Force Data for California Counties August 2024 (6) Source: Employment Development Department Monthly Labor Force Data for California Counties August 2024 Schedule 14
Town of Yountville
Principal Employers
Last Ten Fiscal Years
Fiscal Year Fiscal Year
Ended Number Rank Ended Number Rank
June 30 Employer Employees to Town June 30 Employer Employees to Town 2016 Veterans Home of California 500 - 999 1 2021 Veterans Home of California 500 - 999 1 State of California State of California
Villagio Inn & Spa Operations 350 - 499 2 Vintage Estate 250 - 499 2 for Vintage, Villagio, and related support services for Vintage, Villagio, and related support services The Keller Group 250 - 350 3 Domaine Chandon Winery 250 - 499 3 for restaurant operations for winery and food service operations Domaine Chandon Winery 200 - 250 4
for winery and food service operations 2022 Veterans Home of California 500 - 999 1 State of California
2017 Veterans Home of California 500 - 999 1 Vintage Estate 250 - 499 2 State of California for Vintage, Villagio, and related support services The Keller Group 250 - 350 2 Domaine Chandon Winery 250 - 499 3 for restaurant operations for winery and food service operations Villagio Inn & Spa Operations (Vintage Estates) 250 - 299 3 for Vintage, Villagio, and related support services 2023 Veterans Home of California 500 - 999 1 Domaine Chandon Winery 200 - 250 4 State of California
for winery and food service operations Vintage Estate 250 - 499 2 for Vintage, Villagio, and related support services
2018 Veterans Home of California 500 - 999 1 Domaine Chandon Winery 250 - 499 3 State of California for winery and food service operations The Keller Group 250 - 350 2
for restaurant operations 2024 Veterans Home of California 500 - 999 1 Villagio Inn & Spa Operations (Vintage Estates) 250 - 299 3 State of California for Vintage, Villagio, and related support services Vintage Estate 250 - 499 2 Domaine Chandon Winery 200 - 250 4 for Vintage, Villagio, and related support services for winery and food service operations Domaine Chandon Winery 250 - 499 3 for winery and food service operations
2019 Veterans Home of California 500 - 999 1
State of California 2025 Veterans Home of California 500 - 999 1 Vintage Estate 250 - 499 2 State of California
for Vintage, Villagio, and related support services Vintage Estate 250 - 499 2 Domaine Chandon Winery 250 - 499 3 for Vintage, Villagio, and related support services for winery and food service operations Domaine Chandon Winery 250 - 499 3 Domaine Chandon Winery 200 - 250 4 for winery and food service operations for winery and food service operations
2020 Veterans Home of California 500 - 999 1
State of California
Vintage Estate 250 - 499 2
for Vintage, Villagio, and related support services
Domaine Chandon Winery 250 - 499 3
for winery and food service operations
2025 Source https://labormarketinfo.edd.ca.gov/majorer/countymajorer.asp?CountyCode=000055 Schedule 15
Function 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Administration 7.00 7.00 7.35 5.08 5.18 5.08 6.08 6.25 6.59 6.20 Planning & Building 1.73 2.50 3.00 3.50 3.50 3.50 3.50 3.81 3.85 3.70 Public Works 9.73 8.50 9.35 10.30 11.17 11.37 11.37 12.20 11.97 12.71 Wastewater 4.00 5.00 5.30 5.28 5.77 5.77 5.77 6.13 6.22 6.77 Parks & Recreation 5.00 5.00 5.00 5.84 6.38 5.28 5.28 5.61 5.37 6.62 Totals 27.46 28.00 30.00 30.00 32.00 31.00 32.00 34.00 34.00 36.00 Town of Yountville
Full-Time Equivalent Town Government Employees by Function Last Ten Years
Schedule 16
Function 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Police
Felony crimes 87 6 4 33 52 13 15 22 25 43
Traffic violations/citations 651 243 271 277 142 228 216 184 166 200 Water system
Annual Consumption (AF) 473.97 427.43 479.45 357.54 544.49 564.21 526.31 357.59 426.31 474.99 Daily average consumption
in MGD 0.423 0.382 0.428 0.319 0.486 0.504 0.470 0.319 0.381 0.424 Wastewater system
Daily average treatment 0.371 0.338 0.365 0.440 0.301 0.281 0.339 0.397 0.317 0.355 in MGD
Maximum daily capacity of 0.550 0.550 0.550 0.550 0.550 0.550 0.550 0.550 0.550 0.550 treatment plant, in MGD
Streets
Expenditures for streets
in thousands of dollars $ 483 $ 712 $ 364 $ 735 $ 1,338 $ 1,113 $ 1,051 $ 733 $ 677 $ 1.22 Town of Yountville
Operating Indicators
Last Ten Fiscal Years
Schedule 17
Function 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Area in Square Miles 1.56 1.56 1.56 1.56 1.56 1.56 1.56 1.56 1.56 1.56 Fire protection (State/County)
Number of stations 1 1 1 1 1 1 1 1 1 1
Number of personnel 16.8 16.8 16.8 16.8 16.8 11 12 11 11 11 Parks and recreation:
Community hall 1 1 1 1 1 1 1 1 1 1
Community center 1 1 1 1 1 1 1 1 1 1
Yountville Commons Hall 0 0 0 0 0 0 0 0 1 1
Parks & open space areas 10 10 10 10 10 10 10 10 13.75 13.75 Park acreage 15 15 15 15 15 15 15 15 15 15
Tennis courts 2 2 2 2 2 2 2 2 5 5
Police protection (County)
Number of substations 1 1 1 1 1 1 1 1 1 1
Contract police officers 4 4 4 4 4 4 4 4 4 4
Public library (County)
Number of branches 1 1 1 1 1 1 1 1 1 1
Square footage 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 Number of items 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 Streets
Miles of streets 8.45 8.45 8.45 8.45 8.45 8.45 8.45 8.45 8.45 8.45 Water system
Service connections 814 813 822 827 832 833 834 834 837 837 Miles of water mains 8.9 8.9 8.9 8.9 8.9 8.9 8.9 8.9 8.9 8.9 Wastewater system
Number of treatment plants 1 1 1 1 1 1 1 1 1 1
Number of service connections 753 750 759 761 765 765 766 766 770 770 Miles of sanitary sewers 9.4 9.4 9.4 9.4 9.4 9.4 9.4 9.4 9.4 9.4 Town of Yountville
Capital Asset Statistics
Last Ten Fiscal Years
27+(5,1'(3(1'(17$8',725
65(32576
Page Intentionally Left Blank
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 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
To the Honorable Mayor and Members of the Town Council
of the Town of Yountville
Yountville, California
We have audited, in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the Town of Yountville (the “Town”) as of and for the year ended June 30, 2025, and the related notes to the financial statements, which collectively comprise the Town’s basic financial statements, and have issued our report thereon dated October 6, 2025.
Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Town’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Town’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Town’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control over financial reporting was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over financial reporting that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control over financial reporting that we consider to be material weaknesses. However, material weaknesses and significant deficiencies may exist that were not identified.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Town’s financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The
16450 Monterey Road, Ste. 5, Morgan Hill, CA 95037
Tel: 408-217-8749 • E-Fax: 408-872-4159
[email protected] • www.cnallp.com
results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
Chavan & Associates, LLP
Certified Public Accountants
October 6, 2025
Morgan Hill, California