City of Downey Annual Comprehensive Financial Report For Fiscal Year Ended June 30, 2021

Page 36

4. Transient Occupancy Taxes: TOT taxes were 50 thousand or 3.71% under prior year. Continued decrease in travel because of the COVID-19 pandemic has resulted in hotel revenue decrease. 5. Property taxes. Property tax increased by $2 million over the prior year. Property taxes grew 6.7% thanks to a strong housing sales market. 6. Charges for Services. These revenues increased by approximately $0.6 million or 7.51% from FY18-19 pre-pandemic to FY19-20. These revenues continue to be impacted by the pandemic and have negligibly increased from prior year by 0.31%. The continued decrease is a result of COVID-19 pandemic closures of The Downey Theatre and Space Center. In addition to continued decline in Parks and Recreation sports supported fees. 7. Use of Money and Property. These revenues decreased by $2 million or 59.22% less than prior year. Due to reduced gains on investment earnings from the unspent proceeds of 2017 Revenue Bonds. In FY19-20 the ending balance was 10.6 million in FY20-21 $500 thousand. The unspent proceeds reduced significantly because of completion of Measure S Capital Projects. In addition, to lower interest rates on investments from prior fiscal year. 8. Operating Grants and Contributions: Operating Grants increased by 9.5 million or 72.48% as a result of the Coronavirus Aid, Relief, and Economic Security Act and American Cost Recovery Act to assist the City’s response to the pandemic. Moreover, these Grants have aided the City of Downey to provide local business and renters with grants. 9. Program Expenses: Program activities experienced an increase of $1.7 million or 1.30% from prior year. The increase is primarily due to higher pension costs and cost of living increase.

Governmental Activities by Program/Function 60,000 50,000 40,000 30,000 20,000 10,000 -

2021 Expenses 2021 Revenues

General Govern ment

Public Safety

Public Works

19,271 10,594

83,139 12,452

15,176 16,604

2021 Revenues

12

Commun Commun Interest ity ity on LongServices Develop term ment Debts 9,281 6,636 3,209 723 2,120 -

2021 Expenses


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Operating Information: Full-Time and Part-Time City Employees by Function – Last Ten Fiscal Years

1min
pages 180-181

Direct and Overlapping Property Tax Rates – Last Ten Fiscal Years

0
pages 166-167

Net Bonded Debt per Capita – Last Ten Fiscal Years

0
pages 171-172

Measure S 2017 LRB

0
page 131

LSTA Grant

2min
page 130

Gas Tax

0
page 129

Combining Balance Sheet - Governmental Funds

7min
pages 106-111

Budgetary Comparison Statement (Budgetary Basis) - CIP Grant Special Revenue Fund

1min
page 98

Notes to Required Supplementary Information

12min
pages 100-105

Schedule of Changes in the Net OPEB Liability and Related Ratios

3min
pages 92-93

Schedule of Contributions - OPEB

4min
pages 94-95

Budgetary Comparison Statement (Budgetary Basis) – General Fund

1min
page 96

Statement of Changes in Fiduciary Net Position - Fiduciary Funds

1min
page 40

Statement of Fiduciary Net Position - Fiduciary Funds

1min
page 39

Statement of Cash Flows - Proprietary Funds

1min
page 38

Statement of Net Position - Proprietary Funds

1min
page 36

Fund Financial Statements: Balance Sheet - Governmental Funds

4min
pages 28-30

Government-Wide Financial Statements: Statement of Net Position

1min
page 25

Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds

5min
pages 32-34

Statement of Revenues, Expenses and Changes in Fund Net Position - Proprietary Funds

1min
page 37

Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position

2min
page 31

Statement of Activities

5min
pages 26-27

Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities

1min
page 35
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