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Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds
from City of Downey Annual Comprehensive Financial Report For Fiscal Year Ended June 30, 2021
by downeyca
than business-type functions, they have been included with governmental activities in the government-wide financial statements.
Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. The proprietary funds financial statements provide separate information for all of the enterprise funds, which are considered to be major funds of the City. Conversely, all of the internal service funds are combined into a single, aggregated presentation in the proprietary funds financial statements. Individual fund data for the Internal Service funds is provided in the form of combining statements in the Supplementary Schedule section of this report.
Fiduciary funds
Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds include custodial funds and a private purpose trust fund. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the City's own programs. The accounting used for fiduciary funds is similar with that used for proprietary funds. The fiduciary fund financial statements can be found in the Basic Financial Statements section of this report.
Notes to basic financial statements
The notes to the basic 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 to the basic financial statements can be found immediately following the basic fiduciary fund financial statements.
Other information
In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the City’s progress in funding its obligation to provide Defined Benefit Pension Plans and Other Post Employment Benefit Plans to its employees. It includes Schedules of Funding Progress for the City Employee Retirement Plan and Postemployment Benefits Other Than Pensions, and Budgetary Comparison Schedules for the General Fund, Housing Authority Special Revenue Fund, CIP Grant Fund, HOME Special Revenue Fund and Covid-19 Special Revenue Fund.
The combining statements referred to earlier in connection with other governmental funds and internal service funds are presented for Other Special Revenue Funds, Other Capital Projects Funds, Internal Service Funds and Fiduciary Funds. These combining and individual fund statements and schedules can be found immediately following the required supplementary information.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
The government-wide financial statements provide long-term and short-term information about the City's overall financial condition. This analysis addresses the financial statements of the City as a whole.
In the case of the City of Downey, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $82.6 million for governmental activities and $93.1 million for business-type activities for a total of $175.7 million at the close of the most recent fiscal year.
The largest portion of the City's net position, $292.0 million reflects its net investment in capital assets (e.g., land, buildings and systems, improvements other than buildings, machinery and equipment, infrastructure, and construction in progress); less any related outstanding debt used to acquire those assets. The City's only outstanding debt against capital assets are the loans from the federal government and several capital leases for public safety vehicles, ambulance and various types of fire equipment. The City uses these capital assets to provide services to residents; consequently, these assets are not available for future spending. Although the City's investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.
Of the remaining total net position, $70.3 million is restricted to specifically stipulated spending agreements originated by law, contract or other agreements with external parties.
Governmental Activities
The City’s net position in the Governmental activities increase of $2.0 million. The increase in net position is primarily due to increase of 9.2 million in Operating Grants. These grants include American Rescue Plan Act and CARES Act. Furthermore, due to the recovering economy property taxes and sale taxes revenue increased from prior year by 2 million and 2.7 million respectively.
ASSETS
Current and Other Assets Capital Assets
Governmental Activities Business-Type Activities Total 2021 2020 2021 2020 2021 2020
Total Liabilities 449,698 311,261 21,126 20,462 470,823 331,723 Deferred Inflows of Resources 1,685 4,627 6 147 1,691 4,774 NET POSITION
Net Investment Capital Assets 218,784 204,114 74,989 77,286 293,772 281,400 Restricted 36,143 44,502 34,130 34,007 70,274 78,509 Unrestricted (172,321) (168,053) (16,020) (26,669) (188,341) (194,722)
Amount Governmental Activities Increase REVENUES: 2021 2020 (Decrease)
Program Revenues: Charges for Services 18,841 18,782 59 Operating Grants and Contributions 22,682 13,151 9,531 Capital Grants and Contributions 971 2,301 (1,330)
General Revenues: Taxes Property Taxes 32,209 30,184 2,025 Transient Occupancy Taxes 1,298 1,348 (50) Sales and Use Taxes 32,777 30,055 2,722 Property Taxes in Lieu Sales and Use Taxes 11,192 9,937 1,255 Franchise Taxes 2,982 2,854 128 Utilities Users' Taxes 6,617 6,303 314 Other Taxes 2,011 2,404 (393) Use of Money and Property 1,416 3,482 (2,066) Gain on Sale of Capital Asset 91 4,712 (4,621) Other Revenues 4,708 4,263 445
EXPENSES: Total Revenues 137,794 129,776 8,019
Program Activities
General Government
Public Safety
Public Works
Community Services
Community Development
Interest on Long-term Debts 19,271 17,666 1,605 83,139 82,960 179
15,176 14,320
Total Expenses 136,712 134,957 1,755 Excess/(Shortage) of Revenues Over Expenses 1,082 (5,181) 6,264 TRANSFERS:
Transfer-in
Transfer-out 898 205 693 -
