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Statement of Net Position - Proprietary Funds
from City of Downey Annual Comprehensive Financial Report For Fiscal Year Ended June 30, 2021
by downeyca
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
General Govern ment Public Safety Public Works Commun ity Services Commun ity Develop ment
Interest on Longterm Debts 2021 Expenses 19,271 83,139 15,176 9,281 6,636 3,209 2021 Revenues 10,594 12,452 16,604 723 2,120 -
2021 Revenues 2021 Expenses
