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Statement of Changes in Fiduciary Net Position - Fiduciary Funds
from City of Downey Annual Comprehensive Financial Report For Fiscal Year Ended June 30, 2021
by downeyca
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 Percent of 2020 Percent of Increase Actuals Total Actuals Total (Decrease)
Taxes 75,113 35.2% 69,654 69.4% 5,459 Licenses and Permits 1,681 0.8% 1,536 1.5% 145 Fines and Forfeitures 1,623 0.8% 1,835 1.8% (212) Use of Money and Property 1,393 0.6% 2,556 2.5% (1,163) Intergovernmetal Revenues 2,405 1.1% 2,717 2.7% (312) Charges for Services 9,786 4.6% 9,884 9.8% (98) Other Revenues 4,654 2.2% 4,259 4.2% 395
Total Revenues 96,656 45.2% 92,441 91.9% 4,214
Total Revenues &
