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
