Inspiration
For its Annual Comprehensive Financial Report For the Fiscal Year Ended June 30, 2023
Executive Director/CEO
Opinions
Basis for Opinions
Responsibilities of Management for the Financial Statements
Government Auditing Standards
Auditor’s Responsibilities for the Audit of the Financial Statements
Government Auditing Standards
Government Auditing Standards
Required Supplementary Information
Supplementary Information
Other Information
Government Auditing Standards
Government Auditing Standards
Government Auditing Standards
government-wide financial statements
Statement of Net Position
Statement of Activities regardless of the timing of related cash flows
(governmental activities).
business-type activities
primary government
blended component units
fund
Governmental Fund
governmental activities
near-term inflows and outflows of spendable resources balances of spendable resources available governmental funds governmental activities
governmental funds and governmental activities
combining statements
Proprietary Funds
proprietary funds Enterprise funds enterprise funds Internal service funds
governmental activities
combining statements
Fiduciary Funds not required
supplementary information
( Amounts Expressed in Thousands)
(Amounts Expressed in Thousands)
Sales Tax:
Gain on Sale of Capital Asset:
Transient Occupancy Taxes (TOT):
Property taxes:
Charges for Services:
Use of Money and Property:
Program Expenses:
Summary of Business-Type Activities
Revenue Sources –
Water revenues -
Golf revenues -
Program Expenses –
(Amounts Expressed in Thousands)
( Amounts Expressed in Thousands)
( Amounts Expressed in Thousands)
( Amounts Expressed in Thousands)
( Amounts Expressed in Thousands)
Fiscal Year 2024-2025 Budget Adoption
City of Downey
City of Downey Public Facilities Financing Corporation, formerly known as City of Downey Civic Center Corporation,
City of Downey Housing Authority
City of Downey Public Financing Authority
Disclosures Relating to Interest Rate Risk
Governmental Funds:
Governmental Funds: Enterprise Fund:
Southeast Area Animal Control Authority
Joint Fire Dispatching Center
Gateway Authority (Gateway Region IRWM Joint Powers Authority)
Southeast Water Coalition.
BenefitChanges ChangesofAssumptions
BenefitChanges ChangesofAssumptions
Benefit Changes
Changes of Assumptions
1
Fiscal year 2018 was the first year of GASB Statement No. 75 implementation; therefore only seven years are shown.
Note: Transit was transferred to governmental activities during fiscal year 2014-15. Transit revenues are grouped under operating grants and contributions.
Note: Transit was transferred to governmental activities during fiscal year 2014-15. Transit revenues are grouped under operating grants and contributions.
Note: Transit was transferred to governmental activities during fiscal year 2014-15. Transit revenues are grouped under operating grants and contributions.
Note: Transit was transferred to governmental activities during fiscal year 2014-15. Transit revenues are grouped under operating grants and contributions.
Note: Transit was transferred to governmental activities during fiscal year 2014-15. Transit revenues are grouped under operating grants and contributions.
Note: Transit was transferred to governmental activities during fiscal year 2014-15. Transit revenues are grouped under operating grants and contributions.
Notes:
1. GASB Statement #54 was implemented in 2011; prior years have no comparable data.
2. Transit was transferred to governmental activities during fiscal year 2014-15. Transit revenues are grouped under operating grants and contribution
Notes:
1. GASB Statement #54 was implemented in 2011; prior years have no comparable data.
2. Transit was transferred to governmental activities during fiscal year 2014-15. Transit revenues are grouped under operating grants and contribution
Note:
Note:
Note: Homeowner Exemptions are not included in Total Exemptions.
Note: Exempt values are not included in Total.
Note: Exempt values are not included in Total.
1. In 1978, California voters passed Proposition 13 which set the property tax rate at a 1% fixed amount. This 1% is shared by all taxing agencies for which the subjectpropertyresideswithin.Inadditiontothe1%fxiedamount,propertyownersarechargedtaxasapercentageofassessedpropertyvaluesforth e payment of any voter approved bonds.
2. Overlapping rates are those of local and county governments that apply to property owners within the City. Not all overlapp ing rates apply to all city property owners.
3.City'sshareof1%LevyisbasedontheCity'sshareofthegeneralfundtaxrateareawiththelargestnettaxablevaluewithinthecity.ERAFgeneralfund tax shifts may not be included in tax ratio figures.
4.RedevelopmentRateisbasedonthelargestRDAtaxratearea(RA)andincludesonlyrate(s)fromindebtednessadoptedpriorto1989perCaliforniaSt ate statute.RDAdirectandoverlappingrateareappliedonlytotheincrementalpropertyvalues.TheapprovedofABX126eliminatedRedevelopmentfromt he State of California for the fiscal year 2012/13 and years thereafter.
5.Becausebasicanddebtandratesvarybytaxrateareaindividualratescannotbesummed.TheTotalDirectRateistheweightedaverageofallindividu al direct rates applied by the government preparing the statistical section information.
Notes:
1.In1978,CaliforniavoterspassedProposition13whichsetthepropertytaxrateata1%fixedamount.This1%issharedbyalltaxingagenciesforwhic hthe subjectpropertyresideswithin.Inadditiontothe1%fxiedamount,propertyownersarechargedtaxasapercentageofassessedpropertyvaluesforth e payment of any voter approved bonds.
2.OverlappingratesarethoseoflocalandcountygovernmentsthatapplytopropertyownerswithintheCity.Notalloverlappingratesapplytoallcit yproperty owners.
3.City'sshareof1%LevyisbasedontheCity'sshareofthegeneralfundtaxrateareawiththelargestnettaxablevaluewithinthecity.ERAFgeneralfundtax shifts may not be included in tax ratio figures.
4.RedevelopmentRateisbasedonthelargestRDAtaxratearea(RA)andincludesonlyrate(s)fromindebtednessadoptedpriorto1989perCaliforniaSt ate statute.RDAdirectandoverlappingrateareappliedonlytotheincrementalpropertyvalues.TheapprovedofABX126eliminatedRedevelopmentfromt he State of California for the fiscal year 2012/13 and years thereafter.
5.Becausebasicanddebtandratesvarybytaxrateareaindividualratescannotbesummed.TheTotalDirectRateistheweightedaverageofallindividu al direct rates applied by the government preparing the statistical section information.
Note: The amounts shown above include assessed value data for both the City and the Redevelopment Agency.
(1) The percentage of overlapping debt applicable to the city is estimated using taxable essessed property value. Applicable pe rcentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the c ity divided by the district's total taxable assessed value.
(2) Excludes 2014 Golf Course loan which is considered a business-type activity
(3) Excludes business-type activity portion
(4) Excludes tax and revnue anticipation notes, enterprise revenue, and mortgage revenue
Note: The Government Code of the State of California provides for a legal debt limit of 15% of gross assessed valuation.
Note: The Government Code of the State of California provides for a legal debt limit of 15% of gross assessed valuation.
Note: Direct operating expenses does not include inter-fund transfers and debt services.
Notes:
1. Fire department was authorized to hire 12 paramedic operators upon receipt of Federal grant.
2.IncreasetoFireDeptduringFY14&FY15isduetohavingAmbulanceOperatorshiredasemployeesratherthanusinganAmbulance Contract Service
3.Theparttimeemployeeshourswerereducedtokeepthembelowtherequirementsforofferinginsurancebenefits.Staffinghadtoincrease to cover the reduction in current staff hours.
Notes:
1. Fire department was authorized to hire 12 paramedic operators upon receipt of Federal grant.
2.IncreasetoFireDeptduringFY14&FY15isduetohavingAmbulanceOperatorshiredinasemployeesratherthanusinganAmbulance Contract Service
3.Theparttimeemployeeshourswerereducedtokeepthembelowtherequirementsforofferinginsurancebenefits.Staffinghadto increase to cover the reduction in current staff hours.
