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

Page 40

General Fund Financial Highlights The general fund is the chief operating fund of the City. At June 30, 2021, assigned and unassigned fund balance of the general fund was $27.1 million, while total fund balance was $34.4 million. As a measure of the general fund’s liquidity, it is useful to compare committed, assigned and unassigned fund balance to total fund expenditures. Assigned, and unassigned fund balance represents 26.6% of the total general fund expenditures. As mentioned above, however, the City Council has designated all of the committed, assigned, and unassigned fund balance for specified purpose. For the fiscal year ended June 30, 2021, the cash and investments balance in the general fund was $19.0 million, an increase of $8.3 million from the prior fiscal year. Mainly because the stimulus deposit from American Rescue Act and increase of Sales Tax and Property Tax deposits. Other Financing Sources include transfers of $9.6 million. Please see note 5 for details on interfund transfers. In addition, other financing sources include city bond issuance of $108.4 to pay down CALPERS pension obligation. Overall, General Fund revenues for the fiscal year ended June 30, 2021 increased by $4.2 million, or 4.56%, over the prior year. The majority of this increase is attributed to an increase in sales and property taxes due to the recovering economy and strong housing market. Use of Money and Property Tax decreased due to lower interest rates on investments from prior fiscal year. City of Downey General Fund Revenues and Other Financing Sources For Fiscal Year Ended June 30, 2021 and 2020 (Amounts Expressed in Thousands) 2021 Actuals 75,113 1,681 1,623 1,393 2,405 9,786 4,654

Percent of Total 35.2% 0.8% 0.8% 0.6% 1.1% 4.6% 2.2%

2020 Actuals 69,654 1,536 1,835 2,556 2,717 9,884 4,259

Total Revenues

96,656

45.2%

92,441

91.9%

4,214

Other Financing Sources

118,049

55.0%

7,961

7.9%

110,088

214,705

100.2%

100,402

99.8%

114,302

Taxes Licenses and Permits Fines and Forfeitures Use of Money and Property Intergovernmetal Revenues Charges for Services Other Revenues

Total Revenues & Other Financing Sources

16

Percent of Increase Total (Decrease) 69.4% 5,459 1.5% 145 1.8% (212) 2.5% (1,163) 2.7% (312) 9.8% (98) 4.2% 395


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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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