ACFR FY 2020-21CITY OF RANCHO PALOS VERDES
FISCAL YEAR ENDED
JUNE 30, 2021
C A L I F O R N I A
ANNUAL
COMPREHENSIVE
FINANCIAL REPORT
CITY OF RANCHO PALOS VERDES, CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
YEAR ENDED JUNE 30, 2021
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CITY OF RANCHO PALOS VERDES, CALIFORNIA
TABLE OF CONTENTS
YEAR ENDED JUNE 30, 2021
INTRODUCTORY SECTION
LETTER OF TRANSMITTAL i
DIRECTORY OF OFFICIALS viii
ORGANIZATION CHART ix
GFOA CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL
REPORTING x
FINANCIAL SECTION
INDEPENDENT AUDITORS’ REPORT 1
MANAGEMENTS’ DISCUSSION AND ANALYSIS (REQUIRED
SUPPLEMENTARY INFORMATION) 5
BASIC FINANCIAL STATEMENTS
GOVERNMENT-WIDE FINANCIAL STATEMENTS
STATEMENT OF NET POSITION 20
STATEMENT OF ACTIVITIES 21
FUND FINANCIAL STATEMENTS
GOVERNMENTAL FUNDS
BALANCE SHEET 22
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET POSITION 23
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND
BALANCES 24
RECONCILIATION OF THE STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCES OF
GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES 25
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND
BALANCE – BUDGET AND ACTUAL – GENERAL FUND 26
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND
BALANCE – BUDGET AND ACTUAL – PROPOSITION C SPECIAL
REVENUE FUND 28
CITY OF RANCHO PALOS VERDES, CALIFORNIA
TABLE OF CONTENTS
YEAR ENDED JUNE 30, 2021
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND
BALANCE – BUDGET AND ACTUAL – STATE GRANTS SPECIAL
REVENUE FUND 29
PROPRIETARY FUND
STATEMENT OF NET POSITION 30
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET
POSITION 31
STATEMENT OF CASH FLOWS 32
FIDUCIARY FUND
STATEMENT OF FIDUCIARY NET POSITION 33
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION 34
NOTES TO FINANCIAL STATEMENTS 36
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION
LIABILITY 70
SCHEDULE OF PENSION CONTRIBUTIONS 71
SUPPLEMENTARY INFORMATION
NONMAJOR GOVERNMENTAL FUNDS
DESCRIPTION OF SPECIAL REVENUE FUNDS 72
COMBINING BALANCE SHEET 74
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES 80
SCHEDULES OF REVENUES, EXPENDITURES AND CHANGES IN FUND
BALANCE – BUDGET AND ACTUAL
SPECIAL REVENUE FUNDS
GAS TAX FUND 86
1972 ACT FUND 87
EL PRADO FUND 88
CITY OF RANCHO PALOS VERDES, CALIFORNIA
TABLE OF CONTENTS
YEAR ENDED JUNE 30, 2021
1911 ACT FUND 89
WASTE REDUCTION FUND 90
AIR QUALITY MANAGEMENT FUND 91
PROPOSITION A FUND 92
PUBLIC SAFETY GRANTS FUND 93
MEASURE R FUND 94
MEASURE A FUND 95
MEASURE M FUND 96
MEASURE W FUND 97
ABALONE COVE SEWER ASSESSMENT FUND 98
DONOR-RESTRICTED CONTRIBUTIONS FUND 99
JOINT POWERS IMPROVEMENT AUTHORITY PORTUGUESE BEND
FUND 100
COMMUNITY DEVELOPMENT BLOCK GRANT FUND 101
QUIMBY FUND 102
ENVIRONMENTAL EXCISE TAX FUND 103
CAPITAL PROJECTS FUND
LOW-MODERATE INCOME CAPITAL PROJECTS FUND 104
AFFORDABLE HOUSING IN-LIEU CAPITAL PROJECTS FUND 105
PERMANENT FUNDS
HABITAT RESTORATION FUND 106
SUBREGION ONE PERMANENT FUND 107
JOINT POWERS IMPROVEMENT AUTHORITY – ABALONE COVE
FUND 108
CAPITAL IMPROVEMENT MAJOR CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCE 109
CITY OF RANCHO PALOS VERDES, CALIFORNIA
TABLE OF CONTENTS
YEAR ENDED JUNE 30, 2021
STATISTICAL SECTION (UNAUDITED)
DESCRIPTION OF STATISTICAL SECTION CONTENTS 110
FINANCIAL TRENDS
NET POSITION BY COMPONENT 111
CHANGES IN NET POSITION 113
GENERAL GOVERNMENTAL TAX REVENUES BY SOURCE 116
FUND BALANCES OF GOVERNMENTAL FUNDS 117
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS 119
REVENUE CAPACITY
ASSESSED VALUE OF TAXABLE PROPERTY 121
ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE
PROPERTY 122
PROPERTY TAX RATES – DIRECT AND OVERLAPPING GOVERNMENTS 123
PRINCIPAL PROPERTY TAX PAYERS 125
PROPERTY TAX LEVIES AND COLLECTIONS 126
DEBT CAPACITY
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT 128
LEGAL DEBT MARGIN INFORMATION 129
DEMOGRAPHIC AND ECONOMIC INFORMATION
DEMOGRAPHIC AND ECONOMIC STATISTICS 131
PRINCIPAL SALES TAX PRODUCERS 133
PRINCIPAL EMPLOYERS 134
OPERATING INFORMATION
FULL-TIME CITY GOVERNMENT EMPLOYEES BY FUNCTION 136
OPERATING INDICATORS BY FUNCTION 137
CAPITAL ASSET STATISTICS BY FUNCTION 139
INTRODUCTORY SECTION
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(viii)
Comprehensive Annual Financial Report FY 2020-2021 FY 2020-21 CITY OFFICIALS
CITY STAFF
City Manager
Ara Mihranian, AICP Deputy City Manager………………………………….…………..…….Karina Banales Director of Finance…………………………….………………...............Trang Nguyen Director of Public Works………………………………………….……Ramzi Awwad Director of Recreation and Parks…...............................................Cory Linder Director of Community Development……………………....…….Ken Rukavina
RESIDENTS OF RANCHO PALOS VERDES
CITY COUNCIL
PLANNING
COMMISSION FINANCE ADVISORY
COMMITTEE
INFRASTRUCTURE
MANAGEMENT
ADVISORY COMMITTEE
TRAFFIC SAFETY COMMITTEE
EMERGENCY PREPAREDNESS COMMITTEE
STORM DRAIN
OVERSIGHT
COMMITTEE (WQFPP)
CITY MANAGER
CITY ATTORNEY
DEPUTY CITY
MANAGER
FINANCE PUBLIC WORKSCOMMUNITY
DEVELOPMENT RECREATION &
PARKS INFORMATION
TECHNOLOGY
HUMAN
RESOURCESCITY CLERK PUBLIC SAFETY
(ix)
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Rancho Palos Verdes
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2020
Executive Director/CEO
(x)
(xi)
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FINANCIAL SECTION
CLA is an independent member of Nexia International, a leading, global network of independent
accounting and consulting firms. See nexia.com/member‐firm‐disclaimer for details.
(1)
CliftonLarsonAllen LLP
CLAconnect.com
INDEPENDENT AUDITORS’ REPORT
City Council Members
City of Rancho Palos Verdes
Rancho Palos Verdes, California
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, each major
fund, and the aggregate remaining fund information of the City of Rancho Palos Verdes (the City), as of
and for the year ended June 30, 2021, and the related notes to the financial statements, which
collectively comprise the City’s financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditors’ Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We
conducted our audit in accordance with auditing standards generally accepted in the United States of
America, and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditors’ judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditors consider internal control relevant to the City’s
preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the City’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
City Council Members
City of Rancho Palos Verdes
(2)
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, each major fund, and the aggregate
remaining fund information of the City of Rancho Palos Verdes, as of June 30, 2021, and the respective
changes in financial position and, where applicable, cash flows thereof and the respective budgetary
comparison for the general fund, proposition c special revenue fund and state grants special revenue
fund for the year then ended in accordance with accounting principles generally accepted in the United
States of America.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the
management’s discussion and analysis, the schedule of proportionate share of the net pension liability,
and the schedule of pension contributions, identified as Required Supplementary Information, be
presented to supplement the financial statements. Such information, although not a part of the financial
statements, is required by the Governmental Accounting Standards Board, who considers it to be an
essential part of financial reporting for placing the financial statements in an appropriate operational,
economic, or historical context. We have applied certain limited procedures to the Required
Supplementary Information in accordance with auditing standards generally accepted in the United
States of America, which consisted of inquiries of management about the methods of preparing the
information and comparing the information for consistency with management’s responses to our
inquiries, the financial statements, and other knowledge we obtained during our audit of the financial
statements. We do not express an opinion or provide any assurance on the information because the
limited procedures do not provide us with sufficient evidence to express an opinion or provide any
assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the City’s financial statements. The introductory section, combining statements
and individual fund schedules, and statistical section are presented for purposes of additional analysis
and are not a required part of the financial statements.
The combining statements and individual fund schedules, as listed in the table of contents, are the
responsibility of management and were derived from and relate directly to the underlying accounting
and other records used to prepare the financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the financial statements and certain additional procedures,
including comparing and reconciling such information directly to the underlying accounting and other
records used to prepare the financial statements or to the financial statements themselves, and other
additional procedures in accordance with auditing standards generally accepted in the United States of
America. In our opinion, the combining statements and individual fund schedules are fairly stated in all
material respects in relation to the financial statements as a whole.
The introductory section and statistical section have not been subjected to the auditing procedures
applied in the audit of the financial statements and, accordingly, we do not express an opinion or
provide any assurance on them.
(3)
City Council Members
City of Rancho Palos Verdes
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated February
28, 2022, on our consideration of the City’s internal control over financial reporting and on our tests of
its compliance with certain provisions of laws, regulations, contracts, and grant agreements and
other matters. The purpose of that report is solely to describe the scope of our testing of internal
control over financial reporting and compliance and the results of that testing, and not to provide an
opinion on the effectiveness of the City’s internal control over financial reporting or on compliance.
That report is an integral part of an audit performed in accordance with Government Auditing
Standards in considering City’s internal control over financial reporting and compliance.
CliftonLarsonAllen LLP
Irvine, California
February 28, 2022
(4)
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MANAGEMENT’S DISCUSSION AND ANALYSIS
FISCAL YEAR ENDED JUNE 30, 2021
(5)
The Management of the City of Rancho Palos Verdes offers readers of the City of Rancho
Palos Verdes’ Financial Statements this narrative overview and analysis of the City’s
financial activities for the Fiscal Year ended June 30, 2021. We encourage readers to
consider the information presented here in conjunction with additional information that we
have furnished in our Letter of Transmittal, which can be found on pages i-vii of this report.
FINANCIAL HIGHLIGHTS
•The assets and deferred outflows of resources of the City of Rancho Palos Verdes
exceeded its liabilities and deferred inflows of resources at the close of the Fiscal
Year ended June 30, 2021, by $219.8 million (Net Position). Of this amount, $43.0
million (Unrestricted Net Position) may be used to meet the City’s ongoing
obligations to its citizens and creditors. The remaining amount is invested in capital
assets or is otherwise restricted, and therefore not available to meet the City’s
obligations.
•The City’s total Net Position increased by $0.3 million from the prior year from the
Governmental activities primarily due to the increased in revenues since the
COVID-19 pandemic.
•As of June 30, 2021, the City’s Governmental Funds reported combined ending
Fund Balances of $65.1 million, an increase of $4.0 million in comparison with the
prior year. This increase is a combination of lower expenditures and slightly higher
inflow of revenues.
•At the end of the current fiscal year, the General Fund reported an increase in fund
balance in the amount of $4.1 million. The increase is due primarily to higher inflow
of revenues over expenditures.
•As of June 30, 2021, unassigned fund balance for the General Fund was
$21.9 million or 85% of the General Fund expenditures. Of this amount, $21.4
million constitutes the City Council’s General Fund Reserve (rainy day fund).
•As a result of the City Council’s reserve policy, the unassigned fund balance has
historically been maintained at or above the policy threshold level of 50% of
annually budgeted General Fund expenditures. At the end of the current fiscal
year, the General Fund expenditures including transfers was $26.2 million. The
General Fund unassigned fund balance represents 84% of this amount.
MANAGEMENT’S DISCUSSION AND ANALYSIS
FISCAL YEAR ENDED JUNE 30, 2021
(6)
OVERVIEW OF THE BASIC FINANCIAL STATEMENTS
This discussion and analysis is intended to serve as an introduction to the City’s basic
financial statements, which are comprised of three components: 1) Government-Wide
Financial Statements; 2) Fund Financial Statements; and 3) Notes to the Financial
Statements. This report also contains other supplementary information in addition to the
basic financial statements themselves.
Government-Wide Financial Statements
The Government-Wide Financial Statements are designed to provide readers with a
broad overview of the City’s finances, in a manner similar to a private-sector business.
The Statement of Net Position presents information on all of the City’s assets, deferred
outflows of resources, liabilities, and deferred inflows of resources, with the difference
between the two reported as Net Position. Over time, increases or decreases in net
position may serve as a useful indicator of whether the financial position of the City of
Rancho Palos Verdes is improving or deteriorating.
The Statement of Activities presents information showing how the government’s net
position changed during the most recent Fiscal Year. All changes in net position are
reported as soon as the underlying event giving rise to the change occurs, regardless of
the timing of related cash flows. Thus, revenues and expenses are reported in this
statement for some items that will only result in cash flows in future fiscal periods
(e.g., uncollected taxes and earned but unused vacation leave).
Both the Government-Wide Financial Statements distinguish functions of the City that are
principally supported by taxes and intergovernmental revenues (governmental activities)
from other functions that are intended to recover all or a significant portion of their costs
through user fees and charges (business-type activities). The governmental activities of
the City include general government, public safety, public works, community development
and parks and recreation. The City no longer has business-type activities.
The Government-Wide Financial Statements include not only the City of Rancho Palos
Verdes itself (known as the Primary Government), but also a legally separate
Improvement Authority for which the City of Rancho Palos Verdes is financially
accountable. Financial information for this Component Unit has been included as an
integral part of the primary government.
MANAGEMENT’S DISCUSSION AND ANALYSIS
FISCAL YEAR ENDED JUNE 30, 2021
(7)
The Government-Wide Financial Statements can be found on pages 20-21 of this report.
Fund Financial Statements
A Fund is a grouping of related accounts that is used to maintain control over resources
that have been segregated for specific activities or objectives. The City of Rancho Palos
Verdes, like other State and local governments, uses fund accounting to ensure and
demonstrate compliance with finance-related legal requirements. All of the Funds of the
City can be divided into three categories: Governmental Funds, Proprietary Funds, and
Fiduciary Funds.
Governmental Funds
Governmental Funds are used to account for essentially the same functions reported as
governmental activities in the Government-Wide Financial Statements. However, unlike
the Government-Wide Financial Statements, Governmental Fund Financial Statements
focus on near-term inflows and outflows of spendable resources, as well as on balances
of spendable resources available at the end of the Fiscal Year. Such information may be
useful in evaluating a government’s near-term financing requirements. The Governmental
Fund Financial Statements can be found on pages 22-25.
Because the focus of Governmental Funds is narrower than that of the Government-Wide
Financial Statements, it is useful to compare the information presented for Governmental
Funds with similar information presented for governmental activities in the Government-
Wide Financial Statements. By doing so, readers may better understand the long-term
impact of the government’s near-term financing decisions. The Governmental Balance
Sheet and Governmental Fund Statement of Revenues, Expenditures, and Changes in
Fund Balances provide a reconciliation to facilitate this comparison between
Governmental Funds and governmental activities.
The City of Rancho Palos Verdes maintained 27 individual Governmental Funds during
the Fiscal Year ended June 30, 2021. Information is presented separately in the
Governmental Fund Balance Sheet and in the Governmental Fund Statement of
Revenues, Expenditures, and Changes in Fund Balances for the General Fund,
Proposition C Fund, State Grants Fund, and the Capital Improvements Fund are
considered to be major funds. Data from the other 23 Governmental Funds are combined
into a single, aggregated presentation. Individual fund data for each of these Other
Governmental Funds is provided in the form of combining statements elsewhere in this
report.
MANAGEMENT’S DISCUSSION AND ANALYSIS
FISCAL YEAR ENDED JUNE 30, 2021
(8)
The City of Rancho Palos Verdes adopts an annual appropriated budget for each of its
Governmental Funds. A budgetary comparison statement has been provided for each
Governmental Funds to demonstrate compliance with this budget.
Proprietary Fund
The City of Rancho Palos Verdes maintains one type of Proprietary Fund. Internal Service
Funds are an accounting device used to accumulate and allocate costs internally among
the City’s various functions. The City uses an Internal Service Fund to account for its fleet
of vehicles, computer systems, furniture and equipment, and Civic Center building
replacement/improvements. Because these services predominantly benefit the
governmental function, they have been included within governmental activities in the
Government-Wide Financial Statements.
The Proprietary Fund Financial Statements can be found on pages 30-32 of this report.
The Proprietary Fund Financial Statements provide separate information for the City’s
Internal Service Fund. The Internal Service Fund is combined and presented with the
City’s governmental activities in the government-wide financial statements.
Fiduciary Fund
The City is a fiduciary component unit for the Successor Agency to the Rancho Palos
Verdes Redevelopment Agency (the “Successor Agency”). The City is responsible for
ensuring that the assets reported in the Successor Agency’s private-purpose trust fund
are only: 1) used to extinguish the obligations of the former RDA; or 2) transferred to
another agency pursuant to state redevelopment dissolution law. All of the fiduciary
activities are reported in a separate Statement of Fiduciary Net Position and Statement
of Changes in Fiduciary Net Position. We exclude these activities from the City’s
Government-Wide Financial Statement because the City cannot use these assets to
finance its operations. Individual Fiduciary Fund statements can be found on pages 33-
34 of this report.
Notes to the Financial Statements
The notes 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
financial statements can be found on pages 36-68 of this report.
MANAGEMENT’S DISCUSSION AND ANALYSIS
FISCAL YEAR ENDED JUNE 30, 2021
(9)
Other Information
The combining statements referred to earlier in connection with Other Governmental
Funds and Internal Service Funds are presented immediately following the Notes to the
Financial Statements. Combining and individual fund statements and schedules can be
found on pages 74-109 of this report.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
As noted earlier, net position may serve over time as a useful indicator of a government’s
financial position. In the case of the City of Rancho Palos Verdes, assets and deferred
outflows of resources exceeded liabilities and deferred inflows of resources by $219.8
million at June 30, 2021. By far, the largest portion of the City’s Net Position of $153.6
million or 70% reflects its net investment in Capital Assets (e.g. Land, Infrastructure,
Buildings, and Equipment). The City uses these Capital Assets to provide services to its
citizens; consequently, these assets are not available for future spending.
MANAGEMENT’S DISCUSSION AND ANALYSIS
FISCAL YEAR ENDED JUNE 30, 2021
(10)
Summary of Net Position
2021 2020
Current and other assets 81,794,941$ 77,628,528$
Capital assets 154,129,751 157,569,827
Total assets 235,924,692 235,198,355
Deferred outflows of resources 2,483,234 2,661,430
Long-term liabilities outstanding 13,157,805 12,008,364
Other liabilities 5,282,098 5,714,365
Total liabilities 18,439,903 17,722,729
Deferred inflows of resources 208,614 676,537
Net Investment in capital assets 153,568,014 156,763,391
Restricted 23,206,283 24,128,839
Unrestricted 42,985,112 38,568,289
Total net position 219,759,409$ 219,460,519$
Governmental
Activities
MANAGEMENT’S DISCUSSION AND ANALYSIS
FISCAL YEAR ENDED JUNE 30, 2021
(11)
A portion of the City’s Net Position of $23.2 million or 11%, represents resources subject
to external restrictions. The remaining balance of Unrestricted Net Position of
$43.0 million or 20 % may be used to meet the government’s ongoing obligations to its
citizens and creditors.
Compared to the prior year, the total current and other assets increased by $4.2 million
The increase is due primarily to higher inflow of revenues over expenditures.
As a result of the net pension liability increase, the long-term liabilities outstanding
increased by $1.1 million over the prior year. Additionally, other liabilities decreased by
$0.4 million over prior year.
Statement of Activities
2021 2020
Program revenues:
Charges for services 3,579,336$ 3,855,702$
Operating contributions and grants 5,086,905 4,604,829
Capital contributions and grants 1,253,501 625,618
General revenues:
Property taxes 15,966,164 14,993,467
Other taxes 10,116,608 10,526,313
Other 1,511,404 1,850,900
Total revenues 37,513,918 36,456,829
Administration 8,476,055$ 9,205,078$
Public safety 7,250,780 7,360,045
Public works 15,885,356 18,182,315
Community development 2,623,915 2,857,235
Parks and recreation 2,978,922 2,857,317
Total expenses 37,215,028 40,461,990
(Decrease) / Increase in net position 298,890 (4,005,161)
Net position - beginning of fiscal year 219,460,519 223,465,680
Net position - end of fiscal year 219,759,409$ 219,460,519$
Governmental
Activities
MANAGEMENT’S DISCUSSION AND ANALYSIS
FISCAL YEAR ENDED JUNE 30, 2021
(12)
Governmental Activities
As illustrated in the chart above, the City’s Net Position in Governmental Activities
increased by $0.3 million when compared to the prior year. The increase is mainly due to
the recovery of the revenues since the COVID-19 pandemic and lower expenditures than
anticipated due to staff vacancies and planned projects that were not completed June 30,
2021.
Overall, government-wide revenues for the fiscal year ended June 30, 2021, increased
by $1.1 million. Of the increased amount, $0.8 million was from the program revenues in
grants and $0.2 million was from general revenues.
The percentages of each category for the sources of revenues are illustrated in the
following chart.
Sources of Revenue - Governmental Activities
Charges for
Services
Operating
Contribution
s and Grants
14%
Capital
Contributions
and Grants
3%
Property Taxes
43%
Other Taxes
27%
Other
4%
MANAGEMENT’S DISCUSSION AND ANALYSIS
FISCAL YEAR ENDED JUNE 30, 2021
(13)
The government-wide expenses for the fiscal year ended June 30, 2021 decreased by
$3.2 million from the prior year. The majority of the decreased amount was from the
ongoing capital and maintenance projects that were not completed by year-end. The
percentages of each function for the expenses are illustrated in the following chart.
Expenses by Function – Governmental Activities
Administration
23%
Public Safety
19%
Public Works
43%
Community
Development
7%
Parks and
Recreation
8%
MANAGEMENT’S DISCUSSION AND ANALYSIS
FISCAL YEAR ENDED JUNE 30, 2021
(14)
FINANCIAL ANALYSIS OF THE GOVERNMENTAL FUNDS
As of the end of the current fiscal year, the City’s Governmental Funds reported combined
ending Fund Balances of $65.1 million, an increase of $4.0 million in comparison to the
prior year. Approximately $62.1 million or 95% of the combined ending Fund Balances
constitutes spendable fund balance. The remainder of the combined ending Fund
Balances are non-spendable either due to legal restrictions or non-spendable in the form
of prepaid items and inventory. Additional information on the non-spendable items can be
found in Note # 7 on pages 54-55 of this report.
The General Fund is the chief operating fund of the City of Rancho Palos Verdes. At the
end of the current fiscal year, the unassigned fund balance of the General Fund is $21.9
million, while total Fund Balance reached to $25.8 million. As a measure of the General
Fund’s liquidity, it may be useful to compare both Unassigned Fund Balance and Total
Fund Balance to total fund uses (expenditures and transfers out). Unassigned Fund
Balance represents 84% of total General Fund uses, while total Fund Balance represents
98% of the same amount.
The fund balance of the City’s General Fund increased by $4.1 million from the prior year.
The increase is due to the higher inflow of revenues, lower transfer to the Capital
Infrastructure Program Fund based on actual revenues from transient occupancy taxes,
delayed recruitments of vacant positions, planned projects that were not completed at
year-end, and department wide savings. Additional details on General Fund are provided
in the General Fund Highlights.
Compared to the prior year, the fund balance for the Proposition C Special Revenue Fund
decreased by $0.01 million. The reduction in the fund balance is a combination of slightly
higher in revenues and higher expenditures related to traffic improvements.
The State Grants Fund has a deficit fund balance of $0.2 million at June 30, 2021. This
deficit will be eliminated once the City receives the reimbursement from the Proposition
84 Grant.
The Capital Improvements Fund Balance ended the year with an increase of $1.0 million
from the prior year. The majority of the increase is largely from the budgeted capital outlay
projects that were not completed by year-end. These projects are primarily from the
residential street rehabilitation program, maintenance of trail gates and nature preserve
and the City’s Altamira Canyon drainage project.
MANAGEMENT’S DISCUSSION AND ANALYSIS
FISCAL YEAR ENDED JUNE 30, 2021
(15)
Financial Analysis of Proprietary Fund
The City’s Proprietary Fund provide the same type of information found in the
Government-Wide Financial Statements, but in more detail.
The Net Position of the Internal Service Fund at the end of the fiscal year amounted to
$2.8 million, a decrease to the Net Position by $0.08 million. The decreased amount is
due the replacement of computers and hardware, and the purchase of a vehicle for the
Recreation and Parks program.
General Fund Budgetary Highlights
The City of Rancho Palos Verdes’ budget is prepared over the course of several months,
beginning with a thorough review and analysis of the prior fiscal year between September
and December. The General Fund actual year-end results show operations ending the
year with total revenues of almost $30.1 million and $24.4 million of expenditures. When
including net transfers of $1.6 million, there is a positive variance of just over $4.1 million
(revenues to expenditures).
Revenues experienced growth during FY 2020-2021 as the economy experienced a
modest recovery from the downturn experienced due to the COVID-19 pandemic.
Revenue Highlights
Taxes
The City’s tax revenue is its largest revenue sources. Taxes include property tax,
transient occupancy tax (TOT), and sales tax. Tax revenues came in at $25.9
million, $236,110, or 0.9% over the final budget of $25.6 million. This increase in
revenue was due primarily to property tax revenue that remained strong during the
pandemic as demand for homes rose to record levels. Additionally, elevated
demand for leisure activities lead to an increase in Golf Tax revenue.
Fines and Forfeitures
Revenues came in at $675,272, which is $449,872 or 200% over the final budget
of $225,400. The two primary contributors to this increase in revenue were Parking
Lot Fees and Traffic Tickets.
MANAGEMENT’S DISCUSSION AND ANALYSIS
FISCAL YEAR ENDED JUNE 30, 2021
(16)
Licenses and Permits
This category ended the year came in at $2 million, $188,254, or 10.4% over the
final budget of $1.8 million as a result of demand for Building & Safety, Planning &
Zoning, and Geology Permits exceeded expectations.
Expenditure Highlights
Salaries & Benefits
This category ended the year almost $1 million or 9% under the final budget of
$10.1 million. This is due to several delayed and unfilled positions and the
reduction in staffing needs due to the closure of parks and facilities.
Professional & Technical Services
This category came in approximately $101,300 or 3% under the final budget of
$3 million. This underrun is due to delayed services and planned services that
were not utilized during the fiscal year.
CAPITAL ASSET AND DEBT ADMINISTRATION
The City’s investment in Capital Assets for its Governmental activities as of June 30,
2021, amounts to $153.4 million (net of accumulated depreciation). This investment in
capital assets includes land, buildings, park improvements, roadways, sewer, storm
drains, vehicles, computer equipment, furniture, other equipment, and construction in
progress.
Major capital asset events during the current fiscal year included the following:
Depreciation of $6.7 million was recorded for the City’s Capital Assets.
A total of $3.1 million of construction in progress was added primarily from the
residential and street improvements and beautification projects.
MANAGEMENT’S DISCUSSION AND ANALYSIS
FISCAL YEAR ENDED JUNE 30, 2021
(17)
City of Rancho Palos Verdes Capital Assets (Net of Depreciation)
Additional information on the City’s Capital Assets can be found in Note #4 on pages 50-
51 of this report.
Long-term debt. At the end of the current Fiscal Year, the City of Rancho Palos Verdes
had total debt outstanding of $523,087 for Employee Compensated Absences.
2021 2020
Capital assets not being depreciated
Land 43,543,382$ 43,528,625$
Construction in progress 2,742,642 4,635,208
Total capital assets not being depreciated 46,286,024 48,163,833
Capital assets being depreciated, net
Buildings 6,660,834 6,927,004
Vehicles 101,128 103,678
Computer equipment 1 24,580
Equipment - water quality - -
Furniture, fixtures and equipment 126,933 151,276
Infrastructure
Roadway system 52,709,738 52,132,630
Sewer system 4,030,329 4,484,110
Storm drain system 8,157,424 8,425,905
Storm drain system - water quality 31,120,549 31,953,125
Park system 4,936,791 5,203,686
Total capital assets being depreciated, net 107,843,727 109,405,994
Capital Assets, net 154,129,751$ 157,569,827$
Activities
MANAGEMENT’S DISCUSSION AND ANALYSIS
FISCAL YEAR ENDED JUNE 30, 2021
(18)
City of Rancho Palos Verdes Outstanding Debt
At the fiscal year ended June 30, 2021, the City’s total outstanding debt increased by
$0.001 million or 28%.
State statutes limit the amount of general obligation debt a governmental entity may issue
to 15 percent of its total assessed valuation. The current debt limitation for the City of
Rancho Palos Verdes is $2,116,007,000.
ECONOMIC FACTORS AND NEXT YEAR BUDGETS AND RATES
The City historically follows a very fiscally conservative budgeting and forecasting model
and continues this practice even as the State and local economy have experienced some
improvement over the past fiscal year. The City maintains a healthy financial outlook and
supports the General Fund operations with only recurring tax revenue. Roughly 50% of
the City’s revenue came from property tax during FY 2020-2021. Property tax is expected
to remain at 50% of general fund revenue during FY 2021-2022. This stable revenue base
provides the City with a steady and predictable revenue inflow year over year.
During FY 2021, total property values within the City grew by 3.28%, or $464 million,
bringing the total net taxable property value for the City to $14.6 billion. This increase is
slightly less than the 3.62% increase seen across Los Angeles County as a whole. The
median sale price of a detached single family residential home in Rancho Palos Verdes
from January through August 2021 was $1,650,000. This represents a $248,750
(17.75%) increase in median sale price from $1,401,250 in 2020.
The economic downturn that has been felt across the state due to the pandemic has
begun to show signs of recovery, however economic activity has not yet returned back to
normal levels in all sectors. Despite the impact to revenue, the City-wide annual budget
continues to showcase the City’s commitment to fiscal prudence, predicated on
2021 2020
Employee compensated absences 523,087 403,201
Total 523,087$ 403,201$
Governmental
MANAGEMENT’S DISCUSSION AND ANALYSIS
FISCAL YEAR ENDED JUNE 30, 2021
(19)
maintaining a structurally sound operating budget, lean staffing, healthy cash reserves
and absence of debt.
REQUESTS FOR INFORMATION
This Financial Report is designed to provide a general overview of the financial position
of the City of Rancho Palos Verdes for all those with an interest in the government’s
finances. Questions concerning any of the information provided in this report, or requests
for additional financial information, should be addressed to the Finance Department at
30940 Hawthorne Boulevard, Rancho Palos Verdes, CA 90275 or finance@rpvca.gov.
THIS PAGE INTENTIONALLY LEFT BLANK
BASIC FINANCIAL STATEMENTS
CITY OF RANCHO PALOS VERDES, CALIFORNIA
STATEMENT OF NET POSITION
JUNE 30, 2021
See accompanying Notes to Financial Statements.
(20)
Governmental
Activities
ASSETS
CURRENT ASSETS
Cash and Investments 68,494,018$
Receivables:
Taxes 1,877,238
Interest 31,067
Other 1,661,759
Inventory 48,692
Prepaid Items 1,093,025
Total Current Assets 73,205,799
NONCURRENT ASSETS
Notes Receivable 8,589,142
Receivable from Successor Agency 10,528,468
Allowance for Successor Agency Receivable (10,528,468)
Capital Assets:
Nondepreciable 46,286,024
Depreciable, Net 107,843,727
Total Noncurrent Assets 162,718,893
Total Assets 235,924,692
DEFERRED OUTFLOWS OF RESOURCES
Deferred Outflows Related to Pensions 2,483,234
LIABILITIES
CURRENT LIABILITIES
Accounts Payable and Accrued Liabilities 3,753,036
Retentions Payable 135,295
Unearned Revenue 360,540
Deposits Payable 742,301
Current Portion of Noncurrent Liabilities 290,926
Total Current Liabilities 5,282,098
NONCURRENT LIABILITIES
Due Beyond One Year 232,161
Net Pension Liability 12,925,644
Total Noncurrent Liabilities 13,157,805
Total Liabilities 18,439,903
DEFERRED INFLOWS OF RESOURCES
Deferred Inflows Related to Pensions 208,614
NET POSITION
Net Investment in Capital Assets 153,568,014
Restricted for:
Housing and Community Development 9,777,137
Transportation 5,302,457
Public Works 4,133,538
Parks and Recreation 1,973,629
Public Safety 104,205
Nonexpendable Endowment Principal 1,926,193
Unrestricted 42,974,236
Total Net Position 219,759,409$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2021
See accompanying Notes to Financial Statements.
(21)
Net Revenue
(Expense) and
Program Revenues Changes in
Operating Capital Net Position
Charges for Grants and Grants and Governmental
Functions/Programs Expenses Services Contributions Contributions Activities
Governmental Activities:
Administration 8,476,055$ 776,026$ -$ -$ (7,700,029)$
Public Safety 7,250,780 245,406 157,785 - (6,847,589)
Public Works 15,885,356 214,785 4,929,120 1,253,501 (9,487,950)
Parks and Recreation 2,978,922 412,219 - - (2,566,703)
Community Development 2,623,915 1,930,900 - - (693,015)
Total Primary Government 37,215,028$ 3,579,336$ 5,086,905$ 1,253,501$ (27,295,286)
General Revenues:
Taxes:
Property Taxes 15,966,164
Transient Occupancy Tax 3,115,435
Franchise Tax 2,203,130
Utility User Tax 2,245,825
Other Taxes 632,886
Unrestricted Intergovernmental
Revenue - Shared Sales Tax 1,919,332
Investment Income 676,392
Unrestricted Grants, Contributions,
and Other Revenues 835,012
Total General Revenues 27,594,176
CHANGE IN NET POSITION 298,890
Net Position - Beginning of Year 219,460,519
NET POSITION - END OF YEAR 219,759,409$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2021
See accompanying Notes to Financial Statements.
(22)
Capital
Projects Other Total
Proposition State Capital Governmental Governmental
General C Grants Improvements Funds Funds
ASSETS
Cash and Investments 25,523,475$ 1,204,882$ -$ 26,461,299$ 12,696,843$ 65,886,499$
Receivables:
Taxes 1,855,414 - - - 21,824 1,877,238
Interest 11,708 539 - 11,618 6,039 29,904
Notes - - - - - -
Other 297,786 26,000 410,906 - 927,067 1,661,759
Due from Other Funds 292,434 - - - - 292,434
Inventory 48,692 - - - - 48,692
Prepaid Items 1,093,025 - - - - 1,093,025
Receivable from Successor Agency 10,528,468 - - - - 10,528,468
Allowance for Successor Agency
Receivable (10,528,468) - - - - (10,528,468)
Total Assets 29,122,534$ 1,231,421$ 410,906$ 26,472,917$ 13,651,773$ 70,889,551$
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts Payable and Accrued
Liabilities 2,215,664$ 663,894$ -$ 29,420$ 844,058$ 3,753,036$
Due to Other Funds - - 201,279 - 91,155 292,434
Retentions Payable 5,256 2,428 18,014 52,447 57,150 135,295
Unearned Revenue 360,540 - - - - 360,540
Deposits Payable 742,301 - - - - 742,301
Total Liabilities 3,323,761 666,322 219,293 81,867 992,363 5,283,606
DEFERRED INFLOWS OF RESOURCES
Unavailable Revenue - - 410,906 - 56,410 467,316
FUND BALANCES (DEFICITS)
Nonspendable:
Endowment Principal - - - - 1,926,193 1,926,193
Prepaid Items 1,093,025 - - - - 1,093,025
Inventory 48,692 - - - - 48,692
Restricted - 565,099 - 639,282 10,676,807 11,881,188
Committed 2,784,879 - - - - 2,784,879
Assigned - - - 25,751,768 - 25,751,768
Unassigned 21,872,177 - (219,293) - - 21,652,884
Total Fund Balances (Deficits) 25,798,773 565,099 (219,293) 26,391,050 12,603,000 65,138,629
Total Liabilities, Deferred
Inflows, and Fund Balances 29,122,534$ 1,231,421$ 410,906$ 26,472,917$ 13,651,773$ 70,889,551$
Special Revenue
CITY OF RANCHO PALOS VERDES, CALIFORNIA
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET POSITION
JUNE 30, 2021
See accompanying Notes to Financial Statements.
(23)
Fund Balances - Total Governmental Funds 65,138,629$
Amounts reported for governmental activities in the Statement of Net Position are
different because:
Capital assets used in governmental activities are not current financial resources
and, therefore, are not reported in the governmental funds balance sheet.153,979,361
Receivables not available to pay for current period expenditures are reported as
unavailable revenue in the financial statements. 467,316
Long-term notes receivable are not current available resources and, therefore, do
not affect the governmental fund balance.8,589,142
Long-term liabilities are not due and payable in the current period and, therefore, are
not reported in the governmental funds.(523,087)
The pension liability and related amounts are not due and payable in the current
period and, therefore, are not reported in the governmental funds. Deferred outflows
of resources and deferred inflows of resources related pensions are only reported
in the Statement of Net Position as the changes in these amounts affect only the
government-wide statements for governmental activities:
Net Pension Liability (12,925,644)
Deferred Outflows of Resources Related to Pensions 2,483,234
Deferred Inflows of Resources Related to Pensions (208,614)
Internal service funds are used by management to charge the costs of certain
activities, including equipment and building replacement to individual funds. The
assets and liabilities of the internal service funds are included in the Statement of
Net Position. 2,759,072
Net Position of Governmental Activities 219,759,409$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2021
See accompanying Notes to Financial Statements.
(24)
Capital
Projects Other Total
Proposition State Capital Governmental Governmental
General C Grants Improvements Funds Funds
REVENUES
Taxes 25,873,410$ -$ -$ -$ 884,661$ 26,758,071$
Licenses and Permits 2,007,454 - - - - 2,007,454
Revenue from Other Agencies 515,258 710,280 44,849 - 4,612,129 5,882,516
Charges for Services 5,360 - - - 187,231 192,591
Fines and Forfeitures 675,272 - - - - 675,272
Use of Money and Property 504,653 8,186 - 214,382 100,875 828,096
Other Revenues 531,416 26,000 - 757 56,695 614,868
Total Revenues 30,112,823 744,466 44,849 215,139 5,841,591 36,958,868
EXPENDITURES
Current:
Administration 5,455,667 - - - - 5,455,667
Public Safety 7,250,780 - - - - 7,250,780
Public Works 4,646,168 652,922 37,586 - 4,344,469 9,681,145
Parks and Recreation 2,650,848 - - - 10,830 2,661,678
Community Development 2,623,915 - - - - 2,623,915
Non-Departmental 1,814,562 - - - - 1,814,562
Capital Outlay - 106,156 11,621 889,716 2,416,810 3,424,303
Total Expenditures 24,441,940 759,078 49,207 889,716 6,772,109 32,912,050
Excess (Deficiency) of
Revenues Over (Under)
Expenditures 5,670,883 (14,612) (4,358) (674,577) (930,518) 4,046,818
OTHER FINANCING SOURCES (USES)
Transfers In 130,000 - - 1,720,819 30,000 1,880,819
Transfers Out (1,750,819) - - - (130,000) (1,880,819)
Total Other Financing
Sources (Uses) (1,620,819) - - 1,720,819 (100,000) -
NET CHANGE IN FUND BALANCES 4,050,064 (14,612) (4,358) 1,046,242 (1,030,518) 4,046,818
Fund Balances - Beginning of Year 21,748,709 579,711 (214,935) 25,344,808 13,633,518 61,091,811
FUND BALANCES - END OF YEAR 25,798,773$ 565,099$ (219,293)$ 26,391,050$ 12,603,000$ 65,138,629$
Special Revenue
CITY OF RANCHO PALOS VERDES, CALIFORNIA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO
THE STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2021
See accompanying Notes to Financial Statements.
(25)
Fund Balances - Total Governmental Funds 4,046,818$
Amounts reported for governmental activities in the Statement of Activities are
different because:
Governmental funds report capital outlays as expenditures. However, in the
Statement of Activities, the cost of those assets is allocated over their estimated
useful lives as depreciation expense, or are allocated to the appropriate functional
expense when the cost is below the capitalization threshold. Asset disposals are
also not recognized in the governmental funds. This activity is reconciled as follows:
Cost of Assets Capitalized 3,202,078
Depreciation Expense (6,562,281)
Revenues in the Statement of Activities that do not provide current financial
resources are not reported as revenues in the funds. 414,684
Increases in long-term notes receivable use current financial resources and are
included in the expenditures of governmental funds. Repayments of long-term notes
receivable provide current financial resources and are included in the revenues of
governmental funds. These changes in notes receivable are not reflected in the
revenues or expenses of the Statement of Activities. This amount represents the
net change in the long-term notes receivable. 119,001
Compensated absences expenses reported in the Statement of Activities do not
require the use of current financial resources and therefore are not reported as
expenditures in governmental funds. (119,886)
Governmental funds report pension contributions as expenditures. However, in the
Statement of Activities, pension expense is measured as the change in net pension
liability and the amortization of deferred outflows and inflows relate to pensions.
This amount represents the net change in pension related amounts. (717,844)
Internal service funds are used by management to charge the costs of certain
activities, including equipment and building replacement and employee benefits,
to individual funds. The net revenues (expenses) of the internal service funds are
reported with governmental activities. (83,680)
Change in Net Position of Governmental Activities 298,890$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL
GENERAL FUND
YEAR ENDED JUNE 30, 2021
See accompanying Notes to Financial Statements.
(26)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Taxes 25,637,300$ 25,637,300$ 25,873,410$ 236,110$
Licenses and Permits 1,819,200 1,819,200 2,007,454 188,254
Revenue from Other Agencies - - 515,258 515,258
Charges for Services 13,500 13,500 5,360 (8,140)
Fines and Forfeitures 225,400 225,400 675,272 449,872
Use of Money and Property 601,300 601,300 504,653 (96,647)
Other Revenues 673,200 673,200 531,416 (141,784)
Total Revenues 28,969,900 28,969,900 30,112,823 1,142,923
EXPENDITURES
Administration:
City Council 102,900 102,900 84,681 18,219
City Manager 770,300 718,200 628,592 89,608
Legal Services 1,000,000 930,000 886,407 43,593
Community Outreach 68,300 92,189 82,978 9,211
City Clerk 541,000 499,000 401,918 97,082
RPV TV 229,700 224,700 184,775 39,925
Personnel 316,000 343,200 309,885 33,315
Finance 1,565,100 1,497,472 1,458,001 39,471
Information Technology - Data 1,081,800 1,076,325 979,005 97,320
Information Technology - Voice 110,000 110,000 117,369 (7,369)
Emergency Operations - - 322,056 (322,056)
Total Administration 5,785,100 5,593,986 5,455,667 138,319
Public Safety:
Sheriff 7,091,900 7,063,900 6,970,901 92,999
Special Programs 290,800 329,300 263,050 66,250
Emergency Preparedness 158,400 158,400 16,829 141,571
Total Public Safety 7,541,100 7,551,600 7,250,780 300,820
Public Works:
Public Works Administration 2,095,500 2,091,155 1,934,346 156,809
Traffic Management 906,300 955,580 582,166 373,414
Storm Water Quality 506,000 506,000 472,168 33,832
Building Maintenance 529,000 544,000 477,391 66,609
Park/Trail/Open Space Maintenance 1,036,800 1,048,150 924,774 123,376
Street Landscape Maintenance 181,000 181,000 232,493 (51,493)
Sewer Maintenance 35,000 35,000 22,830 12,170
Total Public Works 5,289,600 5,360,885 4,646,168 714,717
CITY OF RANCHO PALOS VERDES, CALIFORNIA
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL
GENERAL FUND (CONTINUED)
YEAR ENDED JUNE 30, 2021
See accompanying Notes to Financial Statements.
(27)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
EXPENDITURES (CONTINUED)
Parks and Recreation:
Recreation Administration 1,185,700$ 1,030,155$ 991,454$ 38,701$
Recreation Facilities 1,150,700 1,207,129 1,019,258 187,871
Special Events 221,600 174,912 146,120 28,792
PVIC 550,400 502,127 427,698 74,429
REACH 71,700 61,600 43,008 18,592
Support Services 21,000 23,000 23,310 (310)
Total Parks and Recreation 3,201,100 2,998,923 2,650,848 348,075
Community Development:
Planning Services 1,444,200 1,399,422 1,145,825 253,597
Building and Safety 787,200 640,200 598,490 41,710
Code Enforcement 295,600 252,200 208,263 43,937
View Restoration/Preservation 359,300 368,000 385,703 (17,703)
NCCP 50,000 50,000 47,284 2,716
Geology 100,000 148,000 144,068 3,932
Animal Control 109,000 109,000 94,282 14,718
Total Community Development 3,145,300 2,966,822 2,623,915 342,907
Non-Departmental 1,829,100 1,907,871 1,814,562 93,309
Total Expenditures 26,791,300 26,380,087 24,441,940 1,938,147
Excess (Deficiency) of Revenues
Over (Under) Expenditures 2,178,600 2,589,813 5,670,883 3,081,070
OTHER FINANCING SOURCES (USES)
Transfers In 230,000 230,000 130,000 (100,000)
Transfers Out (1,964,000) (2,170,500) (1,750,819) 419,681
Total Other Financing
Sources (Uses) (1,734,000) (1,940,500) (1,620,819) 319,681
NET CHANGE IN FUND BALANCE 444,600 649,313 4,050,064 3,400,751
Fund Balance - Beginning of Year 21,748,709 21,748,709 21,748,709 -
FUND BALANCE - END OF YEAR 22,193,309$ 22,398,022$ 25,798,773$ 3,400,751$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL
PROPOSITION C SPECIAL REVENUE FUND
JUNE 30, 2021
See accompanying Notes to Financial Statements.
(28)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Revenue from Other Agencies 696,200$ 696,200$ 710,280$ 14,080$
Use of Money and Property 6,200 6,200 8,186 1,986
Other Revenues - - 26,000 26,000
Total Revenues 702,400 702,400 744,466 42,066
EXPENDITURES
Public Works 650,000 653,827 652,922 905
Capital Outlay 295,000 275,800 106,156 169,644
Total Expenditures 945,000 929,627 759,078 170,549
NET CHANGE IN FUND BALANCE (242,600) (227,227) (14,612) 212,615
Fund Balance - Beginning of Year 579,711 579,711 579,711 -
FUND BALANCE - END OF YEAR 337,111$ 352,484$ 565,099$ 212,615$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL
STATE GRANTS SPECIAL REVENUE FUND
JUNE 30, 2021
See accompanying Notes to Financial Statements.
(29)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Revenue from Other Agencies -$ -$ 44,849$ 44,849$
EXPENDITURES
Public Works - 37,586 37,586 -
Capital Outlay - 175,518 11,621 163,897
Total Expenditures - 213,104 49,207 163,897
NET CHANGE IN FUND BALANCE - (213,104) (4,358) 208,746
Fund Deficit - Beginning of Year (214,935) (214,935) (214,935) -
FUND BALANCE (DEFICIT) - END
OF YEAR (214,935)$ (428,039)$ (219,293)$ 208,746$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
JUNE 30, 2021
See accompanying Notes to Financial Statements.
(30)
Equipment
Replacement
Internal
Service
Fund
ASSETS
CURRENT ASSETS
Cash and Investments 2,607,519$
Receivables:
Interest 1,163
Total Current Assets 2,608,682
NONCURRENT ASSETS
Capital Assets, Being Depreciated:
Property and Equipment 2,515,203
Accumulated Depreciation (2,364,813)
Total Noncurrent Assets 150,390
Total Assets 2,759,072
NET POSITION
Investment In Capital Assets 150,390
Unrestricted 2,608,682
Total Net Position 2,759,072$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2021
See accompanying Notes to Financial Statements.
(31)
Equipment
Replacement
Internal
Service
Fund
OPERATING REVENUES
Charges for Services 93,600$
OPERATING EXPENSES
Materials and Supplies 69,911
Depreciation 128,734
Total Operating Expenses 198,645
OPERATING LOSS (105,045)
NONOPERATING REVENUES
Investment Income 21,365
CHANGE IN NET POSITION (83,680)
Net Position - Beginning of Year 2,842,752
NET POSITION - END OF YEAR 2,759,072$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2021
See accompanying Notes to Financial Statements.
(32)
Equipment
Replacement
Internal
Service
Fund
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from Interfund Services Provided 93,600$
Payments to Suppliers (80,815)
Net Cash Provided by Operating Activities 12,785
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Acquisition and Construction of Capital Assets (48,861)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest Received on Investments 24,912
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (11,164)
Cash and Cash Equivalents - Beginning of Year 2,618,683
CASH AND CASH EQUIVALENTS - END OF YEAR 2,607,519$
RECONCILIATION OF OPERATING LOSS TO NET CASH
PROVIDED BY OPERATING ACTIVITIES
Operating Loss (105,045)$
Adjustments to Reconcile Operating Loss to Net Cash
Provided by Operating Activities:
Depreciation 128,734
Changes in Operating Assets and Liabilities:
Decrease in Accounts Payable and Accrued Liabilities (10,904)
Net Cash Provided By Operating Activities 12,785$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
YEAR ENDED JUNE 30, 2021
See accompanying Notes to Financial Statements.
(33)
Successor
Agency
Private-Purpose
Trust Fund
ASSETS
Cash and Investments 166,633$
Receivables:
Interest Receivable 167
Total Assets 166,800
LIABILITIES
CURRENT LIABILITIES
Current Portion of Noncurrent Liabilities 515,586
Total Current Liabilities 515,586
NONCURRENT LIABILITIES
Due Beyond One Year 13,212,882
Total Noncurrent Liabilities 13,212,882
Total Liabilities 13,728,468
Net Position (Deficit) Held in Trust (13,561,668)$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
YEAR ENDED JUNE 30, 2021
See accompanying Notes to Financial Statements.
(34)
Successor
Agency
Private-Purpose
Trust Fund
ADDITIONS
Taxes 640,150$
Use of Money and Property 1,484
Total Additions 641,634
DEDUCTIONS
Administration 364,401
Debt Interest and Fiscal Charges 338,336
Total Deductions 702,737
CHANGE IN NET POSITION (61,103)
Net Position (Deficit) - Beginning of Year (13,500,565)
NET POSITION (DEFICIT) - END OF YEAR (13,561,668)$
(35)
THIS PAGE INTENTIONALLY LEFT BLANK
NOTES TO FINANCIAL STATEMENTS
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(36)
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the City of Rancho Palos Verdes (the City) conform to accounting
principles generally accepted in the United States of America as applicable to governments.
The Governmental Accounting Standards Board (GASB) is the accepted standard setting
body for governmental accounting and financial reporting principles. The following is a
summary of the significant policies.
A. Reporting Entity
The reporting entity, “City of Rancho Palos Verdes”, includes the accounts of the City
and the Joint Powers Improvement Authority (the Authority). The City was incorporated
on September 7, 1973, as a General Law City and operates under a Council/Manager
form of government.
The City sponsored the formation of a Redevelopment Agency in 1984 pursuant to the
State of California Health and Safety Code Section 33000 entitled “Community
Redevelopment Law” with a purpose to finance long-term capital improvements
designed to eliminate physical and economic blight in a project area through stabilization
of hazardous landslides. Effective February 1, 2012, pursuant to state law, the
Redevelopment Agency was dissolved and its assets were transferred to a Successor
Agency for the purpose of winding down the business of the former Redevelopment
Agency (see Note 14). The Successor Agency is a separate legal entity that is a related
organization to the City; but is not a component unit, as described more fully below.
The Authority was formed on September 4, 1990, in accordance with the provisions of
the Reimbursement and Settlement Agreement, dated October 27, 1987, entered into by
the City, the former Redevelopment Agency, and the County of Los Angeles (County) in
connection with the Horan Lawsuit. The Agreement requires funds to be set aside and
expended by the Authority to maintain landslide abatement improvements installed and
constructed by the former Redevelopment Agency.
The City of Rancho Palos Verdes is the primary government unit. Component units are
legally separate organizations for which the elected officials of the primary government
are financially accountable. In addition, component units can be other organizations for
which the nature and significance of their relationship with the primary government are
such that exclusion would cause the reporting entity’s financial statements to be
misleading. The City has accounted for the Authority as a “blended” component unit. The
balances and transactions of the Authority are reported in separate Permanent and
Special Revenue Funds; and are included in the government-wide statements.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(37)
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
A. Reporting Entity (Continued)
The following specific criteria were used in determining that the Authority is a “blended”
component unit.
The members of the City Council also act as members of the Authority Board.
The Authority is fiscally dependent on the City, and there is potential for the
Authority to impose specific financial burdens on the City; as the City subsidizes
maintenance operations performed by the Authority and the City is legally liable
for facilities maintained by the Authority.
Separately issued financial statements for the Authority may be obtained at the City’s
administrative offices.
The Successor Agency does not meet the criteria for reporting as a component unit, as it
is not fiscally dependent on the City. In addition, the business of the Successor Agency
must be approved by an independently appointed Oversight Board and the California
Department of Finance. Therefore, the balances and transactions of the Successor
Agency are reported as a separate Fiduciary Fund (private purpose trust fund), and are
not included in the government-wide statements.
Participation in Public Entity Jointly Controlled Government
The City is a member of the Palos Verdes Peninsula Transit Joint Powers Authority (the
Transit Authority). The Transit Authority is comprised of three member cities and is
organized under a Joint Powers Agreement pursuant to the California Government
Code. The purpose of the Authority is to study, implement, and provide a public transit
system within and around the Palos Verdes Peninsula. These transit services include
Palos Verdes Transit, Dial-A-Ride, and a fixed route shuttle service. Periodic deposits
are paid by member Cities and are adjusted retrospectively to cover costs. Costs are
prorated among all participating Cities based on population.
The City does not have an equity interest in the Transit Authority; therefore, no amount
has been reported in the statement of net position. However, the City does have an
ongoing financial interest because the City is able to influence the operations of the
Authority so that the Authority uses its resources on behalf of the City. Also, an ongoing
financial responsibility exists because the Authority is dependent on continued funding
from the City. The condensed financial information of the Authority has not been
reproduced in this report, but is available upon request from the Authority by emailing
pvtransit@palosverdes.com or mailing a request to P.O. Box 2656, Palos Verdes
Peninsula, CA 90274.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(38)
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
B. Description of Funds
The accounts of the City are organized on the basis of funds, each of which is
considered a separate accounting entity. The operations of each fund are accounted for
with a separate set of self-balancing accounts that comprise its assets, liabilities,
deferred outflows/inflows, fund equity, revenues, and expenditures. The following are
types of funds used.
Governmental Fund Types
General Fund – Used to account for all financial resources except those that are
required to be accounted for in another fund. The financial resources accounted for
in the General Fund may be used to fund any City program.
Special Revenue Funds – Used to account for the proceeds of specific revenue
sources that are restricted by law or administrative action for specified purposes.
Capital Projects Funds – Used to account for financial resources used for the
construction of specific capital projects.
Permanent Funds – Used to account for resources legally restricted to the extent
that only earnings, and not principal, may be used for purposes that support the
reporting government’s programs.
Proprietary Fund Types
Internal Service Funds – Used to centralize the accounting for purchases of
equipment, furniture and vehicles on behalf of all City departments, and the
accumulation of funds for replacement of certain buildings on behalf of the City.
Fiduciary Fund Type
Private-Purpose Trust Fund – Used to account for property tax revenue allocated
to the Successor Agency and payments of the obligations of the former
Redevelopment Agency.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(39)
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. Basis of Accounting/Measurement Focus
Government-Wide Financial Statements
The City’s Government-Wide Financial Statements include a “Statement of Net Position”
and a “Statement of Activities.” These two statements present a summary of
Governmental Activities for the City; and do not include fiduciary activities. These
statements are presented on an “economic resources” measurement focus and the
accrual basis of accounting. Accordingly, all of the City’s assets, deferred outflows of
resources, liabilities, and deferred inflows of resources; including capital assets,
infrastructure, and long-term debt, are included in the accompanying Statement of Net
Position. The Statement of Activities presents changes in net position. Under the accrual
basis of accounting, revenues are recognized in the period in which they are earned,
while expenses are recognized in the period in which the liability is incurred. The
Statement of Activities demonstrates the degree to which the direct expenses of a given
function are offset by program revenues. Direct expenses are those that are clearly
identifiable with a specific function. Program revenue transactions for the City are
reported in three categories: 1) Charges for Services, 2) Operating Grants and
Contributions, and 3) Capital Grants and Contributions. Charges for Services include
revenues from customers or applicants who purchase, use, or directly benefit from
goods, services, or privileges provided by a given function. Operating Grants and
Contributions include revenues restricted to meeting the requirements of a particular
operating function and may include state shared revenues and grants. Capital Grants
and Contributions include revenues restricted to meeting the requirements of a particular
capital function and may include grants and developer fees. Taxes and other items not
properly included among program revenues are reported instead as general revenues.
As a general rule, the effect of inter-fund activity has been eliminated from the
Government-Wide Financial Statements.
Governmental Fund Financial Statements
Governmental fund financial statements include a “Balance Sheet – Governmental
Funds” and “Statement of Revenues, Expenditures, and Changes in Fund Balances –
Governmental Funds” for all major and other governmental funds. An accompanying
schedule is presented to reconcile and explain the differences in fund balances as
presented in these statements to the Net Position presented in the Government-Wide
Financial Statements.
The City reports the following major governmental funds:
The General Fund is the City’s primary operating fund. It accounts for all financial
resources of the City, except those that are required to be accounted for in another fund.
The Proposition C Special Revenue Fund is used to account for sales taxes received
from the County of Los Angeles and used to support public transit and related services.
The State Grants Special Revenue Fund is used to account for state financial assistance
programs.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(40)
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. Basis of Accounting/Measurement Focus (Continued)
Governmental Fund Financial Statements (Continued)
The City reports the following major governmental funds (continued):
The Capital Improvement Capital Projects Fund is used to account for funds used for the
City’s capital improvement projects.
All governmental funds are accounted for on a spending or “current financial resources”
measurement focus and the modified accrual basis of accounting. Under the “current
financial resources” measurement focus, generally only current assets, current liabilities
and deferred inflows are reported on the balance sheets. The Statement of Revenues,
Expenditures and Changes in Fund Balances present increases (revenues and other
financing sources) and decreases (expenditures and other financing uses) in fund
balances. Revenues are recognized in the accounting period in which they become
susceptible to accrual, that is, when they become both measurable and available to
finance expenditures of the current period. “Measurable” means that the amount of the
transaction can be determined, and “available” means collectible within the current
period or soon enough thereafter to be used to pay liabilities of the current period.
Accrued revenues include property taxes received within 60 days after year-end,
taxpayer-assessed taxes such as sales taxes, and earnings on investments. Grant funds
earned but not received are recorded as a receivable, and grant funds received before
the revenue recognition criteria have been met are reported as unearned revenues.
Expenditures are recorded when the fund liability is incurred, if measurable, except for
interest on general long-term debt that has not yet matured, which is recognized when
due.
Proprietary Fund Financial Statements
Proprietary fund types are accounted for using the “economic resources” measurement
focus and accrual basis of accounting. This means that all assets and liabilities (whether
current or noncurrent) associated with the activity are included on the balance sheet.
Fund equity is presented as total net position. The operating statement of proprietary
funds presents increases (revenues) and decreases (expenses) in total net position.
Revenues are recognized when they are earned and expenses are recognized when the
liability is incurred.
Proprietary funds distinguish operating revenues and expenses from nonoperating
items. Operating revenues and expenses generally result from providing services and
producing and delivering goods in connection with a proprietary fund’s principal ongoing
operations. The principal operating revenues of the City’s internal service fund are
charges for services. Operating expenses for the internal service fund include the costs
of services, employee benefits, maintenance of capital assets, and depreciation on
capital assets. All revenues and expenses not meeting this definition are reported as
nonoperating revenues and expenses.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(41)
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. Basis of Accounting/Measurement Focus (Continued)
Proprietary Fund Financial Statements (Continued)
The City uses an internal service fund to finance and account for goods and services
provided by one City department to other City departments, including the purchase and
maintenance of equipment. The City’s internal service fund is presented in the
proprietary funds financial statements. Because the principal users of the internal
services are the City’s governmental activities, the financial statements of the internal
service fund are consolidated into the governmental activities column when presented in
the government-wide financial statements. To the extent possible, the cost of these
services is reported in the appropriate functional activity (administration, public safety,
public works, etc.).
Fiduciary Fund Financial Statements
The fiduciary private-purpose trust fund type is accounted for using the economic
resources measurement focus and accrual basis of accounting similar to the proprietary
funds.
The City reports the following fiduciary fund.
The assets and liabilities of the former Redevelopment Agency were transferred to the
Successor Agency as part of the business of redevelopment dissolution. The Successor
Agency private-purpose trust fund accounts for the changes in the former
Redevelopment Agency’s assets and liabilities until they are disposed of through
dissolution. This fund also accounts for the administrative costs associated with
dissolution.
D. Budgetary Accounting
Annual budgets are adopted on a basis consistent with accounting principles generally
accepted in the United States of America for all governmental funds, except for the
Bikeways Special Revenue Fund. All annual appropriations lapse at fiscal year-end.
Budget control is maintained over all accounts, and expenditures are not allowed to
exceed appropriations at the department level. Throughout the year, the City Council
made several budgetary adjustments to the General fund, Special Revenue funds,
Capital Projects funds, and Permanent funds.
Under Article XIIIB of the California Constitution (the Gann Spending Limitation
Initiative), the City is restricted as to the amount of annual appropriations from the
proceeds of taxes, and if proceeds of taxes exceed allowed appropriations, the excess
must either be refunded to the State Controller, returned to the taxpayers through
revised tax rates or revised fee schedules, or an excess in one year may be offset
against a deficit in the following year. For the fiscal year ended June 30, 2021, based on
calculations by City Management, the proceeds of taxes in the amount of $25.8 million
did not exceed appropriation limit of $32.4 million.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(42)
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
E. Capital Assets
Capital assets include land, construction in progress, building and improvements,
vehicles, computer equipment, furniture, fixtures and equipment, and infrastructure
assets (street systems, storm drains, sewer systems, etc.). Capital assets are defined by
the City as all land and buildings, vehicles, computers and equipment with an initial
individual cost of more than $5,000; and improvements and infrastructure assets with
construction costs of more than $100,000. Such assets are recorded at historical cost or
estimated historical cost if purchased or constructed. Donated or annexed capital assets
are recorded at acquisition value at the date of donation or annexation.
The costs of normal maintenance and repairs that do not add to the value of the asset or
materially extend assets lives are not capitalized. Depreciation is recorded in the
Government-Wide Financial Statements on a straight-line basis over the useful life of the
assets as follows:
Buildings and Improvements 25 to 50 Years
Vehicles, Computers, and Equipment 3 to 10 Years
Infrastructure Assets
Roadway System 10 to 100 Years
Sewer System 25 to 50 Years
Storm Drain System 30 to 100 Years
Parks System 25 Years
F. Employee Compensated Absences
City employees may receive from 10 to 20 days of vacation time each year, depending
upon length of service. An employee may accumulate earned vacation time up to a
maximum of two years’ worth of accrued vacation leave. Upon termination, employees
are paid the full value of their unused vacation time at their existing salary.
City employees accrue 96 hours of sick leave each year with a maximum accrual of 720
hours. However, unused sick leave is never paid out to the employee upon separation;
and therefore, the City does not accrue a liability.
The General Fund will primarily be used to liquidate the liability for compensated
absences in future years. Any liability for compensated absences is only carried in the
General Fund if there is unused/unpaid leave outstanding following an employee’s
separation.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(43)
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
G. Investments
Investments are reported at fair value which is the amount at which financial instruments
could be exchanged in a current transaction between willing parties. All fair values are
determined by external consultants. Investments are measured at fair value on a
recurring basis. Recurring fair value measurements are those that Governmental
Accounting Standards Board (GASB) Statements require or permit in the statement of
net position at the end of each reporting period.
H. Cash and Investments
The Equipment Replacement Internal Service Fund participates in the pooling of City-
wide cash and investments. Amounts from the pool are available to this fund on
demand. Therefore, the cash and investments reported in this fund is considered to be
cash and cash equivalents for purpose of the statement of cash flows.
I. Claims and Judgments
When it is probable that a claim liability has been incurred, and the amount of the loss
can be reasonably estimated, the City records the estimated loss, net of any insurance
coverage under its self-insurance program. Small claims and judgments are recorded as
expenditures when paid.
The City’s self-insurance program is administered through the California Joint Powers
Authority (the CJPIA), which is described at Note 9. The CJPIA is a public entity risk
pool. The City records amounts deposited with CJPIA as insurance expenditures in the
General Fund.
J. Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and
are recorded as prepaid items using the consumption method. In governmental funds,
the prepaid assets recorded do not reflect current appropriable resources and thus, an
equivalent portion of fund balance is reported as nonspendable. The City had a total of
$1,093,025 of prepaid items as of June 30, 2021.
K. Estimates
The preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates and
assumptions that affect certain reported amounts and disclosures. Accordingly, actual
results could differ from those estimates.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(44)
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
L. Net Position and Fund Balance Flow Assumptions
When both restricted and unrestricted resources are available for use, it is the City’s
policy to use restricted resources first. When unrestricted resources (committed,
assigned or unassigned) are available for use, it is the City’s policy to use committed
resources first, assigned resources second and finally unassigned resources.
M. Deferred Inflows and Outflows
In addition to assets, the statement of net position will sometimes report a separate
section for deferred outflows of resources. This separate financial statement element,
deferred outflows of resources, represents a consumption of net position that applies to
a future period and will not be recognized as an outflow of resources
(expense/expenditure) until that time. The City has the following items that qualify for
reporting in this category:
Deferred outflows related to pensions equal to employer contributions made after
the measurement date of the net pension liability.
Deferred outflows related to pensions for differences between expected and
actual experiences. These amounts are amortized over a closed period equal to
the average of the expected remaining service lives of all employees that are
provided with pensions through the plans.
Deferred outflows related to pensions for the net differences between projected
and actual earnings on plan investments. These amounts are amortized over five
years.
In addition to liabilities, the statement of net position and the governmental funds
balance sheet will sometimes report a separate section for deferred inflows of resources.
This separate financial statement element, deferred inflows of resources, represents an
acquisition of net position that applies to a future period and will not be recognized as an
inflow of resources (revenue) until that time. The City has the following items that qualify
for reporting in this category:
Deferred inflows from unavailable revenues, which are reported only in the
governmental funds balance sheet. The governmental funds report unavailable
revenues from one source: grants. These amounts are deferred and recognized
as an inflow of resources in the period that the amounts become available.
Deferred inflows related to pensions for changes of assumptions, and for
changes in employer’s proportion and differences between employer’s
contributions and the employer’s proportionate share of contributions. These
amounts are amortized over a closed period equal to the average of the
expected remaining service lives of all employees that are provided with
pensions through the plans.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(45)
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
N. Pensions
For purposes of measuring the net pension liability and deferred outflows/inflows of
resources related to pensions, and pension expense, information about the fiduciary net
position of the City’s California Public Employees’ Retirement System (CalPERS) plans
(Plans) and additions to/deductions from the Plans’ fiduciary net position have been
determined on the same basis as they are reported by CalPERS. For this purpose,
benefit payments (including refunds of employee contributions) are recognized when
due and payable in accordance with the benefit terms. Investments are reported at fair
value.
NOTE 2 CASH AND INVESTMENTS
Cash and investments as of June 30, 2021, are classified in the accompanying financial
statements as follows:
Government- Fiduciary Fund
Wide Statement of
Statement of Fiduciary
Net Position Net Position Total
Total Cash and Investments 68,494,018$ 166,633$ 68,660,651$
Cash and investments as of June 30, 2021 consist of the following:
Petty Cash 5,000$
Deposits with Financial Institutions 2,422,330
Certificates of Deposit 20,780,597
Money Market Mutual Funds 66,570
U.S. Treasury Obligations 5,000,000
Local Agency Investment Fund (LAIF) 40,386,154
Total 68,660,651$
Investments Authorized by the California Government Code and the City of Rancho Palos
Verdes’ Investment Policy.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(46)
NOTE 2 CASH AND INVESTMENTS (CONTINUED)
The table below identifies the investment types that are authorized for the City of Rancho
Palos Verdes by the California Government Code (or the City’s investment policy, where
more restrictive). The table also identifies certain provisions of the California Government
Code (or the City’s investment policy, where more restrictive) that address interest rate risk,
and concentration of credit risk.
Maximum
Amount or
Maximum Percent of Maximum
Authorized Investment Type Maturity Portfolio in One Issuer
U.S. Treasury Obligations 3 Years None None
Certificates of Deposit 5 Years None None
Negotiable Certificates of Deposit 5 Years 30% None
Repurchase Agreements 7 Days 15% None
Money Market Mutual Funds N/A 15% None
Local Agency Investment Fund (LAIF) N/A None None
Money Market Savings/Demand
Deposits N/A 15% $5 Million
Disclosures Relating to Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect fair
value of an investment. Generally, the longer the maturity of an investment, there is a
greater sensitivity of its fair value to changes in market interest rates. The City manages its
exposure to interest rate risk by investing with the Local Agency Investment Fund (LAIF)
such that the portfolio provides cash flows and liquidity need for operations. The City’s
investment is represented by shares in the pool, which can be withdrawn in one business
day. The average maturity of the pool is less than one year.
Remaining
Maturity
Investment Type 0-6 Months 6-12 Months 12-36 Months 36-60 Months Total
Certificates of Deposit 3,000,000$ 3,750,000$ 9,280,597$ 4,750,000$ 20,780,597$
Money Market Mutual Funds 66,570 - - - 66,570
U.S. Treasury Obligations 1,000,000 - 1,000,000 3,000,000 5,000,000
Local Agency Investment Fund (LAIF) 40,386,154 - - - 40,386,154
Total 44,452,724$ 3,750,000$ 10,280,597$ 7,750,000$ 66,233,321$
Disclosures Relating to Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to
the holder of the investment. This is measured by the assignment of a rating by a nationally
recognized statistical rating organization. The certificates of deposit, and LAIF are not rated.
The money market funds are rated AAA.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(47)
NOTE 2 CASH AND INVESTMENTS (CONTINUED)
Concentration of Credit Risk
The investment policy of the City of Rancho Palos Verdes contains no limitations on the
amount that can be invested in any one issuer beyond that stipulated by the California
Government Code.
Custodial Credit Risk
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository
financial institution, a government will not be able to recover its deposits or will not be able
to recover collateral securities that are in the possession of an outside party. The custodial
credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g.,
broker-dealer) to a transaction, a government will not be able to recover the value of its
investment or collateral securities that are in the possession of another party. The California
Government Code and the City of Rancho Palos Verdes’ investment policy do not contain
legal or policy requirements that would limit the exposure to custodial credit risk for deposits
or investments, other than the following provision for deposits: The California Government
Code requires that a financial institution secure deposits made by state or local
governmental units by pledging securities in an undivided collateral pool held by a
depository regulated under state law (unless so waived by the governmental unit). The
market value of the pledged securities in the collateral pool must equal at least 110% of the
total amount deposited by the public agencies. California law also allows financial
institutions to secure City deposits by pledging first trust deed mortgage notes having a
value of 150% of the secured public deposits.
The City’s deposits with financial institutions in excess of federal depository insurance limits
were held in collateralized accounts, but not in the name of the City. The financial
institutions that held the uninsured deposits are legally required by the California
Government Code to collateralize the City’s deposits as noted above.
Investment in Local Agency Investment Fund (LAIF)
The City of Rancho Palos Verdes is a voluntary participant in LAIF that is regulated by
California Government Code Section 16429 under the oversight of the Treasurer of the
State of California. The fair value of the City of Rancho Palos Verdes’ investment in this pool
is based upon the City of Rancho Palos Verdes’ pro-rata share of the fair value provided by
LAIF for the entire pool portfolio (in relation to the amortized cost of that portfolio). The
balance available for withdrawal is based on the accounting records maintained by LAIF,
which are recorded on an amortized cost basis.
LAIF is a governmental investment pool managed and directed by the Treasurer of the State
of California and is not registered with the Securities and Exchange Commission. An
oversight committee comprised of California State officials and various other participants
provides oversight to the management of the fund. The daily operations and responsibilities
of LAIF fall under the auspices of the State Treasurer’s office.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(48)
NOTE 2 CASH AND INVESTMENTS (CONTINUED)
Fair Value Classifications
The City categorized its fair value measurements within the fair value hierarchy established
by generally accepted accounting principles. The hierarchy is based on the valuation inputs
used to measure the fair value of the asset. Level 1 inputs are quoted prices in active
markets for identical assets; Level 2 inputs are quoted prices for similar assets in active
markets, Level 3 inputs are significant unobservable inputs.
The fair value of the City’s investments in U. S. Treasury Obligations is based on Level 2
inputs. The City’s investments in FDIC-insured certificates of deposits, money market funds
and LAIF are not subject to the fair value hierarchy.
NOTE 3 INTERFUND TRANSACTIONS
Interfund Receivable/Payable
The $292,430 due to the General Fund ($201,279 from the State Grants Special Revenue
Fund and $91,151 from Other Governmental Funds) is the result of loans to cover
temporary deficit cash balances.
Interfund Transfers
Interfund transfers for the year ended June 30, 2021, consisted of the following:
Transfer From
Other
General Governmental
Transfer To Fund Funds Totals
General Fund -$ 130,000$ 130,000$
Capital Improvement Projects 1,720,819 - 1,720,819
Other Governmental Funds 30,000 - 30,000
Total 1,750,819$ 130,000$ 1,880,819$
Transfers are used to: (1) move revenues from the fund that statute or budget requires for
collection to the fund that statute or budget requires for expenditure; (2) use unrestricted
revenues collected in the General Fund to finance various programs accounted for in other
funds in accordance with budgetary authorizations or grant matching requirements; and,
(3) return money that was originally transferred from the General Fund to another fund, yet
not used.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(49)
NOTE 3 INTERFUND TRANSACTIONS (CONTINUED)
Interfund Transfers (Continued)
The General Fund transferred a total of $1,750,819 to other funds. Of this amount,
$1,720,819 was transferred to the Capital Improvement Projects (CIP) Fund as a CIP
Reserve for future infrastructure projects, as required by the City Council’s Reserve Policy.
The remaining $30,000 was transferred to the following Other Governmental Funds:
$20,000 to the Improvement Authority Portuguese Bend to subsidize annual maintenance of
landslide mitigation facilities; and, $10,000 to the Subregion 1 Fund to subsidize landscape
maintenance. The General Fund received $130,000 from the following Other Governmental
Funds: $130,000 from the Public Safety Grants Fund to supplement the special community
resource policing team for the deputy cost within the Sheriff program of the public safety
section of the budget.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(50)
NOTE 4 CAPITAL ASSETS AND DEPRECIATION
The City has reported all capital assets including infrastructure in the Government-Wide
Statement of Net Position. The City elected to use the basic reporting approach as defined
by GASB Statement No. 34 for all infrastructures, whereby depreciation expense and
accumulated depreciation has been recorded. The following tables present the capital
assets activity for the year ended June 30, 2021.
Beginning Ending
Balance Increases Decreases Balance
Governmental Activities
Capital Assets not Being Depreciated:
Land 43,528,625$ 14,757$ -$ 43,543,382$
Construction in Progress 4,635,208 3,147,282 (5,039,848) 2,742,642
Total Capital Assets not
Being Depreciated 48,163,833 3,162,039 (5,039,848) 46,286,024
Capital Assets Being Depreciated:
Building and Improvements 14,281,198 - - 14,281,198
Vehicles 551,328 40,771 - 592,099
Computer Equipment 989,151 - - 989,151
Equipment - Water Quality 11,813 - - 11,813
Furniture, Fixtures, and Equipment 976,224 48,129 - 1,024,353
Infrastructure:
Roadway System 121,898,315 4,989,499 - 126,887,814
Sewer System 25,965,995 - - 25,965,995
Storm Drain System 13,682,822 - - 13,682,822
Storm Drain System - Water Quality 36,851,640 - - 36,851,640
Parks System 7,953,213 50,349 - 8,003,562
Total Capital Assets
Being Depreciated 223,161,699 5,128,748 - 228,290,447
Less Accumulated Depreciation for:
Buildings and Improvements (7,354,194) (266,170) - (7,620,364)
Vehicles (447,650) (43,321) - (490,971)
Computer Equipment (964,571) (24,579) - (989,150)
Equipment - Water Quality (11,813) - - (11,813)
Furniture, Fixtures, and Equipment (824,948) (72,472) - (897,420)
Infrastructure:
Roadway System (69,765,685) (4,412,391) - (74,178,076)
Sewer System (21,481,885) (453,781) - (21,935,666)
Storm Drain System (5,256,917) (268,481) - (5,525,398)
Storm Drain System - Water Quality (4,898,515) (832,576) - (5,731,091)
Parks System (2,749,527) (317,244) - (3,066,771)
Total Accumulated Depreciation (113,755,705) (6,691,015) - (120,446,720)
Total Capital Assets
Being Depreciated, Net 109,405,994 (1,562,267) - 107,843,727
Governmental Activities
Capital Assets, Net 157,569,827$ 1,599,772$ (5,039,848)$ 154,129,751$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(51)
NOTE 4 CAPITAL ASSETS AND DEPRECIATION (CONTINUED)
Depreciation expense was charged to functions/programs of the primary government as
follows:
Administration (Depreciation of Buildings and
Some Furniture) 277,808$
Public Works (Depreciation of Roadways, Sewers,
and Storm Drains) 5,967,229
Parks and Recreation (Depreciation of Parks System) 317,244
Capital Assets Held by the City's Internal Service
Funds are Charged to Various Functions Based on
their Usage of the Assets 128,734
Total Depreciation Expense - Governmental
Activities 6,691,015$
NOTE 5 NOTES RECEIVABLE
Notes
Receivable
Affordable Housing 8,329,351$
Community Development Block Grant 259,791
Subtotal 8,589,142
Receivable from Successor Agency 10,528,468
Allowance from Successor Agency receivable (10,528,468)
Total Notes Receivable 8,589,142$
The receivable from the Successor Agency is discussed further in Note 14.
Affordable Housing
In March 2009, the former Redevelopment Agency (RDA) entered into a Disposition and
Development Agreement (DDA) with AMCAL Mirandela Fund LP (AMCAL). Under the DDA,
the former RDA provided financial assistance to AMCAL in an amount up to $6,790,000 to
develop a thirty-four unit senior housing project. The loan accrues simple interest at a rate of
3% per annum on the amounts disbursed. The note is due December 22, 2065. The balance
of note receivable from AMCAL including accrued unpaid interest of $2,058,807 at June 30,
2021 was $8,329,351.
In March 2011, the former RDA sold an affordable housing condominium to an individual for
$350,000. In connection with the sale, the buyer issued a secured promissory note in the
amount of $126,320. The note bears no interest and principal is payable upon default by the
owner (or any successors’ owner) under a regulatory agreement that requires the
condominium to be occupied by person or families of moderate income. If no such default
has occurred by February 22, 2056, the principal will be forgiven. Due to the nature of this
loan, the outstanding balance has been offset in full by an allowance for uncollectability.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(52)
NOTE 5 NOTES RECEIVABLE (CONTINUED)
Affordable Housing (Continued)
As part of redevelopment dissolution, these two long-term notes receivable were transferred
to the housing successor (the City), which elected to retain the housing assets and function
of the former Redevelopment Agency.
Community Development Block Grant (CDBG)
As part of the City’s CDBG program, the City extends loans to property owners meeting low
and moderate income requirements to make repairs and improvements to their homes.
These notes receivable bear no interest, and repayment is required when the title to the
property is transferred or the property is re-financed. The maximum loan amount per
property is $13,000. Amounts repaid are returned to the CDBG program. The total of these
loans outstanding at June 30, 2021 is $259,791.
NOTE 6 LONG-TERM LIABILITIES
Balance Balance Amount Due
July 1, 2020 Additions Deletions June 30, 2021 in One Year
Employee Compensated Absences 403,201$ 344,135$ (224,248)$ 523,087$ 290,926$
Employee Compensated Absences
There is no fixed payment schedule for employee compensated absences. Based on
historical trends, $290,926 is estimated to be the amount that will be used and/or paid out
during the fiscal year ended June 30, 2021.
NOTE 7 CLASSIFICATIONS OF NET POSITION AND FUND BALANCE
Government-Wide Financial Statements
In the Government-Wide financial statements net position is classified in the following
categories:
Net Investment in Capital Assets – This category groups all capital assets, including
infrastructure, into one component of net position. Accumulated depreciation on these
assets reduces this category as does any outstanding balance on debt incurred in
acquiring or constructing the capital assets.
Restricted Net Position – This category presents external restrictions imposed by
creditors, grantors, contributions or laws or regulations of other governments and
restrictions imposed by law through constitutional provisions or enabling legislation.
Unrestricted Net Position – This category represents the difference between total net
position and the two categories noted above: Net Investment in Capital Assets and
Restricted Net Position.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(53)
NOTE 7 CLASSIFICATIONS OF NET POSITION AND FUND BALANCE (CONTINUED)
Fund Financial Statements
The fund balances reported on the fund statements consist of the following categories:
Nonspendable – Amounts that are not in a spendable form (such as inventory and
prepaid expenditures) or are legally required to be maintained intact (such as the corpus
of an endowment fund).
Restricted – Amounts constrained to specific purposes by their providers (such as
grantors, bondholders, and higher levels of government), through constitutional
provisions, or by enabling legislation.
Committed – Amounts constrained to specific purposes by the City Council via a City
Council resolution or ordinance, which are considered to be equally binding. To be
reported as committed, amounts cannot be used for any other purpose unless the City
Council adopts another resolution to remove or change the constraint.
Assigned – Amounts the City Council intends to use for a specific purpose, which is
expressed by the City Council via minute order.
Unassigned – Amounts that are available for any purpose; these amounts are reported
only in the General Fund. However, if there is a deficit fund balance to be reported in any
fund, it is classified as unassigned.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(54)
NOTE 7 CLASSIFICATIONS OF NET POSITION AND FUND BALANCE (CONTINUED)
The City’s governmental fund balances were classified as follows at June 30, 2021:
Proposition C State Grants Capital Other
General Special Revenue Special Revenue Improvement Governmental
Fund Fund Fund Fund Funds
Nonspendable:
In Form (Inventory and Prepaid Items) 1,141,717$ -$ -$ -$ -$
Legally (Endowment Principal) - - - - 1,926,193
Restricted:
Public Works - - - 639,282 3,139,124
Housing and Community Development - - - - 1,184,217
Transportation - 565,099 - - 4,328,264
Parks and Recreation - - - - 1,920,997
Public Safety - - - - 104,205
Committed:
Public Works 2,516,647 - - - -
City Administration 38,122 - - - -
Housing and Community Development 211,240 - - - -
Recreation and Parks 18,870 - - - -
Assigned:
Public Works - - - 25,751,768 -
Unassigned:
Unrestricted Fund Balance 21,449,377 - (219,293) - -
Continued Appropriations 422,800 - - - -
Governmental Fund Balance
Totals 25,798,773$ 565,099$ (219,293)$ 26,391,050$ 12,603,000$
Nonspendable Fund Balance
General Fund assets include $48,692 of inventory held for resale at the Point Vicente
Interpretive Center gift shop, and $1,093,025 of prepayments for expenditures related to the
fiscal year ended June 30, 2021.
The fund balance of the Improvement Authority’s Abalone Cove Permanent Fund includes a
$1,000,000 nonspendable endowment, as required by a Reimbursement and Settlement
Agreement dated October 27, 1987 in connection with the Horan Lawsuit (discussed further
in Note 14).
The fund balance of the Subregion One Maintenance Permanent Fund includes a $750,000
nonspendable endowment, as required by the developer agreement for the Subregion One
tract.
Beginning with the fiscal year ended June 30, 2006, the City’s Natural Communities
Conservation Plan requires a nonspendable endowment in the Habitat Restoration
Permanent Fund to be funded at the rate of $10,000 annually (plus interest) for fifty (50)
years, to provide for maintenance of habitat in the future. The balance of $176,193
represents 15 years of annual $10,000 contributions plus interest earnings.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(55)
NOTE 7 CLASSIFICATIONS OF NET POSITION AND FUND BALANCE (CONTINUED)
Restricted Fund Balance
The restricted balances of the City’s Other Governmental Funds are constrained to use for
specific purposes by other governmental agencies, property owners, and grantors.
The $639,282 balance of the Capital Improvement Fund is restricted for ongoing
improvements for streets, building, parks, trails and open space, and Portuguese Bend’s
dewatering wells project.
Committed Fund Balance
The $2,784,879 balance of the General Fund is committed for ongoing projects approved by
the City Council. These projects can only be redesignated to other projects by City Council.
Assigned Fund Balance
The $25,751,768 balance of the Capital Improvement Projects Fund has been assigned for
the planning, design and construction of infrastructure projects.
Unassigned Fund Balance
City Council Policy No. 41 – Reserve Policies, adopted via resolution, requires the City to
maintain a minimum General Fund balance of at least fifty percent of annual operating
expenditures. This reserve serves as a Rainy Day Fund with a balance of $21,449,377 at
June 30, 2021.
City Council approved to carry forward $422,800 of FY 2020-2021 General Fund
appropriations to FY 2021-2022.
NOTE 8 PENSION AND RETIREMENT HEALTH SAVINGS PLANS
Pension Plan Description
All qualified permanent and probationary employees are eligible to participate in the City of
Rancho Palos Verdes Employee Pension Plan, a cost-sharing multiple-employer defined
benefit pension plan administered by the California Public Employees Retirement System
(CalPERS). The CalPERS Plan consists of a miscellaneous pool and a safety pool (referred
to as risk pools), which are comprised of individual employer miscellaneous and safety rate
plans, respectively. The risk pools are included within the Public Employees’ Retirement
Fund C (PERF C). Benefit provisions under the Plan are established by State statute and
may be amended by City resolution. CalPERS issues publicly available reports that include
a full description of the pension plans regarding benefit provision, assumption and
membership information that can be found on the CALPERS website.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(56)
NOTE 8 PENSION AND RETIREMENT HEALTH SAVINGS PLANS (CONTINUED)
Benefits Provided
CalPERS provides service retirement and disability benefits, annual cost of living
adjustments and death benefits to plan members, who must be public employees and
beneficiaries. Benefits are based on years of credited service, equal to one year of full-time
employment. Members with five years of total service are eligible to retire at age 50 with
statutorily reduced benefits. All members are eligible for non-duty disability benefits after 10
years of service. The death benefit is one of the following: The Basic Death Benefit, the
1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost of living
adjustments for each plan are applied as specified by the Public Employees’ Retirement
Law.
The Public Employees’ Pension Reform Act of 2013 (PEPRA) requires new benefits and
member contributions for new members as defined by PEPRA, that are hired after
January 1, 2013. These PEPRA members in pooled plans are reflected in the new
Miscellaneous and Safety risk pools created by the CalPERS Board in response to the
passage of PEPRA, beginning with the June 30, 2013, risk-pool valuations.
The Plan’s provisions and benefits in effect for the year ended June 30, 2021, are
summarized in the following table.
Miscellaneous
Classic Tier 1 Classic Tier 2 New Members
Prior to Prior to On or after
Hire Date January 1, 2013 October 2, 2012 January 1, 2013
Formula 2.5% at 55 2.0% at 60 2.0% at 62
Benefit Vesting Schedule 5 Years of Service 5 Years of Service 5 Years of Service
Benefit Payments Monthly for Life Monthly for Life Monthly for Life
Retirement Age 556062
Monthly Benefits, as a % of Annual Compensation 2.50% 2.00% 2.00%
Required Employee Contribution Rates 8% 7% 6.75%
Required Employer Contributions Rates:
Normal Cost Rate 12.361% 8.794% 7.732%
Payment of Unfunded Liability 807,431$ 15,360$ 12,410$
Contribution Description
Section 20814(c) of the California Public Employees’ Retirement Law (PERL) requires that
the employer contribution rates for all public employers be determined on an annual basis
by the actuary and shall be effective on the July 1 following notice of a change in the rate.
The total plan contributions are determined through CALPERS’ annual actuarial valuation
process. The actuarially determined rate is the estimated amount necessary to finance the
costs of benefits earned by employees during the year, with an additional amount to finance
any unfunded accrued liability. The City is required to contribute the difference between the
actuarially determined rate and the contribution rate of employees. City contribution rates
may change if plan contracts are amended. Payments made by the employer to satisfy
contribution requirements that are identified by the pension plan terms as plan member
contributions requirements are classified as plan member contributions.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(57)
NOTE 8 PENSION AND RETIREMENT HEALTH SAVINGS PLANS (CONTINUED)
Pension Liabilities, Pension Expenses and Deferred Outflows/Inflows of Resources
Related to Pensions
The City reported a net pension liability for its proportionate share of the net pension liability
of the Miscellaneous Plan as of June 30, 2021, in the amount of $12,925,644.
The City’s net pension liability for the Miscellaneous Plan is measured as the proportionate
share of the net pension liability of the CALPERS cost sharing pool. The City’s net pension
liability of the Plan is measured as of June 30, 2020, and the total pension liability for the
Miscellaneous Plan used to calculate the net pension liability was determined by an
actuarial valuation as of June 30, 2019, rolled forward to June 30, 2020, using standard
update procedures. The City’s proportion of the net pension liability was based on a
projection of the City’s long-term share of contributions to the pension plans relative to the
projected contributions of all participating employers, actuarially determined.
The City’s proportionate share of the net pension liability for the Miscellaneous Plan as of
the June 30, 2019 and 2020 measurement dates was as follows:
Proportion - June 30, 2019 0.29762%
Proportion - June 30, 2020 0.30643%
Change - Increase (Decrease) 0.00881%
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(58)
NOTE 8 PENSION AND RETIREMENT HEALTH SAVINGS PLANS (CONTINUED)
Pension Liabilities, Pension Expenses and Deferred Outflows/Inflows of Resources
Related to Pensions (Continued)
For the year ended June 30, 2021, the City recognized pension expense of $2,151,002. At
June 30, 2021, the City reported deferred outflows of resources and deferred inflows of
resources related to pension from the following sources:
Deferred Deferred
Outflows Inflows
of Resources of Resources
Pension Contributions Subsequent to the
Measurement Date 1,433,161$ -$
Differences Between Expected and Actual Experience 666,096 -
Change of Assumptions - (92,191)
Change in Employer's Proportion and Differences
Between the Employer's Contributions and the
Employer's Proportionate Share of Contributions - (116,423)
Net Differences Between Projected and Actual
Earnings on Plan Investments 383,977 -
Total 2,483,234$ (208,614)$
The amount of $1,433,161 reported as deferred outflows of resources related to
contributions subsequent to the measurement date will be recognized as a reduction of the
net pension liability in the year ended June 30, 2022. Other amounts reported as deferred
outflows of resources and deferred inflows or resources related to pensions will be
recognized as pension expense as follows:
Year Ended June 30,
2021 52,548$
2022 333,686
2023 271,059
2024 184,166
2025 -
Thereafter -
Total 841,459$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(59)
NOTE 8 PENSION AND RETIREMENT HEALTH SAVINGS PLANS (CONTINUED)
Actuarial Assumptions
The total pension liability for the June 30, 2020 measurement period was determined by an
actuarial valuation as of June 30, 2019, with update procedures used to roll forward the total
pension liability to June 30, 2020. The total pension liability was based on the following
assumptions:
Valuation Date June 30, 2019
Measurement Date June 30, 2020
Actuarial Cost Method Entry-Age Normal
Cost Method
Actuarial Assumptions:
Discount Rate 7.15%
Inflation 2.50%
Salary Increases (1)
Mortality Rate Table (2)
Post Retirement Benefit Increase (3)
(1) Varies by entry age and service
(2) The mortality table used was developed based on CalPERS-specific data. The
probabilities of mortality are based on the 2017 CalPERS Experience Study for
the period from 1997 to 2015. Pre-retirement and Post-retirement mortality rates
includes 15 years of projected mortality improvement using 90% of Scale
MP-2016 published by the Society of Actuaries. For more details on this table,
please refer to the CalPERS Experience Study and Review of Actuarial
Assumptions report from December 2017 that can be found on the CalPERS website.
(3) The less of contract COLA or 2.50% until Purchasing Power Protection Allowance
Floor on purchasing power applies, 2.50% thereafter.
Long-Term Expected Rate of Return
The long-term expected rate of return on pension plan investments was determined using a
building-block method in which expected future real rates of return (expected returns, net of
pension plan investment expense and inflation) are developed for each major asset class.
In determining the long term expected rate of return, CalPERS took into account both short
term and long-term market return expectations as well as the expected pension fund cash
flows. Using historical returns of all the funds’ asset classes expected compound (geometric)
returns were calculated over the short term (first 10 years) and the long-term (11+ years)
using a building block approach. Using the expected nominal returns for both short term and
long term, the present value of benefits was calculated for each fund. The expected rate of
return was set by calculating the rounded single equivalent expected return that arrived at
the same present value of benefits for cash flows as the one calculated using both short-
term and long-term returns. The expected rate of return was then set equal to the single
equivalent rate calculated above and adjusted to account for assumed administrative
expenses.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(60)
NOTE 8 PENSION AND RETIREMENT HEALTH SAVINGS PLANS (CONTINUED)
Long-Term Expected Rate of Return (Continued)
The expected real rates of return by asset class are as follows:
Assumed Real Return Real Return
Asset Years Years
Asset Class (a) Allocation 1 - 10 (b) 11+ (c)
Global Equity 50.00% 4.80% 5.98%
Fixed Income 28.00 1.00% 2.62%
Inflation Sensitive 1.00 0.77% 1.81%
Private Equity 8.00 6.30% 7.23%
Real Assets 13.00 3.75% 4.93%
Infrastructure and Forestland 0.00 0.00% 0.00%
Liquidity 1.00 0.00% -0.92%
Total 100.00%
(a) In the CalPERS CAFR, Fixed Income is included in Global Debt Securities; Liquidity
is included in Short-term Investments; Inflation Assets are included in both Global
Equity Securities and Global Debt Securities.
(b) An expected inflation of 2.0% used for this period
(c) An expected inflation of 2.92% used for this period
Discount Rate
The discount rate used to measure the total pension liability was 7.15%. The projection of
cash flows used to determine the discount rate assumed that contributions from plan
members will be made at the current members will be made at the current member
contribution rates and that contributions from employers will be made at statutorily required
rates, actuarially determined. Based on those assumptions, the Plan’s fiduciary net position
was projected to be available to make all projected future benefit payments of current plan
members. Therefore, the long-term expected rate of return on plan investments was applied
to all periods of projected benefit payments to determine the total pension liability.
Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the
Discount Rate
The following presents the City’s proportionate share of the net pension liability for each
Plan, calculated using the discount rate for each Plan, as well as what the City’s
proportionate share of the net pension liability would be if it were calculated using a discount
rate that is 1-percentage point lower or 1-percentage point higher than the current rate:
Discount Current Discount
Rate -1% Discount Rate Rate +1%
(6.15%) (7.15%) (8.15%)
19,483,632$ 12,925,644$ 7,506,984$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(61)
NOTE 8 PENSION AND RETIREMENT HEALTH SAVINGS PLANS (CONTINUED)
Pension Plan Fiduciary Net Position
Detailed information about the Plan’s fiduciary net position is available in a separately
issued CalPERS financial report.
Payable to the Pension Plan
At June 30, 2021, the City had no outstanding amount of contributions to the pension plan
required for the year ended June 30, 2021.
Retirement Health Savings Plan
On November 17, 2009, the City approved the establishment of a defined contribution
Retirement Health Savings Plan (the Plan) for its full-time employees. The Plan is a Health
Reimbursement Arrangement (HRA) within Sections 105 and 106 of the Internal Revenue
Code. The Plan assets are managed in a nontaxable trust as described in Section 501 (c)(9)
of the Internal Revenue Code. The City is the Plan Administrator, and utilizes the services of
a contracted financial services provider for day-to-day administration of contributions and
disbursements. The City has the authority to amend the Plan’s provisions and contribution
requirements.
The City has no obligation to make contributions to the Plan, but as part of the annual
budget process the City may elect to make contributions to the Plan. Employees are
required to contribute 1% of their gross wages to their account, which is owned by the
employee. During the fiscal year ended June 30, 2021, the City contributed a total of
$83,816 to employee accounts.
The Plan assets are not an asset of the City. Therefore, only the City’s expense to make
contributions to the Plan has been recorded in the General Fund in the City’s financial
statements.
NOTE 9 LIABILITY, WORKERS’ COMPENSATION, AND PURCHASED INSURANCE
Description of Self-Insurance Pool Pursuant to Joint Powers Agreement
The City of Rancho Palos Verdes is a member of the CALIFORNIA JOINT POWERS
INSURANCE AUTHORITY (Authority). The Authority is composed of 123 California public
entities and is organized under a joint powers agreement pursuant to California Government
Code §6500 et seq. The purpose of the Authority is to arrange and administer programs for
the pooling of self-insured losses, to purchase excess insurance or reinsurance, and to
arrange for group purchased insurance for property and other lines of coverage. The
California JPIA began covering claims of its members in 1978. Each member government
has an elected official as its representative on the board of directors. The Board operates
through a nine-member Executive Committee.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(62)
NOTE 9 LIABILITY, WORKERS’ COMPENSATION, AND PURCHASED INSURANCE
(CONTINUED)
Primary Self-Insurance Programs of the CJPIA
Each member pays an annual contribution at the beginning of the coverage period. A
retrospective adjustment is then conducted annually thereafter, for coverage years 2012-13
and prior. Coverage years 2013-14 and forward are not subject to routine annual
retrospective adjustment. The total funding requirement for primary self-insurance programs
is based on an actuarial analysis. Costs are allocated to individual agencies based on
payroll and claims history, relative to other members of the risk-sharing pool.
Primary Liability Program
Claims are pooled separately between police and general government exposures. (1) The
payroll of each member is evaluated relative to the payroll of other members. A variable
credibility factor is determined for each member, which establishes the weight applied to
payroll and the weight applied to losses within the formula. (2) The first layer of losses
includes incurred costs up to $100,000 for each occurrence and is evaluated as a
percentage of the pool’s total incurred costs within the first layer. (3) The second layer of
losses includes incurred costs from $100,000 to $500,000 for each occurrence and is
evaluated as a percentage of the pool’s total incurred costs within the second layer.
(4) Incurred costs from $500,000 to $50 million, are distributed based on the outcome of
cost allocation within the first and second loss layers.
The overall coverage limit for each member, including all layers of coverage, is $50 million
per occurrence. Subsidence losses also have a $50 million per occurrence limit. The
coverage structure is composed of a combination of pooled self-insurance, reinsurance, and
excess insurance. Additional information concerning the coverage is available on the
following website: https://cjpia.org/coverage/risk-sharing-pools/.
Primary Workers’ Compensation Program
Claims are pooled separately between public safety (police and fire) and general
government exposures. (1) The payroll of each member is evaluated relative to the payroll
of other members. A variable credibility factor is determined for each member, which
establishes the weight applied to payroll and the weight applied to losses within the formula.
(2) The first layer of losses includes incurred costs up to $750,000 for each occurrence and
is evaluated as a percentage of the pool’s total incurred costs within the first layer. (3) The
second layer of losses includes incurred costs from $750,000 to $200,000 for each
occurrence and is evaluated as a percentage of the pool’s total incurred costs within the
second layer. (4) Incurred costs from $200,000 to statutory limits are distributed based on
the outcome of cost allocation within the first and second loss layers.
For 2020-2021, the Authority’s pooled retention is $1 million per occurrence, with
reinsurance to statutory limits under California Workers’ Compensation Law. Employer’s
Liability losses are pooled among members to $1 million. Coverage from $1 million to
$5 million is purchased through reinsurance policies, and Employer’s Liability losses from
$5 million to $10 million are pooled among members.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(63)
NOTE 9 LIABILITY, WORKERS’ COMPENSATION, AND PURCHASED INSURANCE
(CONTINUED)
Purchased Insurance
Pollution Legal Liability Insurance
The City of Rancho Palos Verdes participates in the pollution legal liability insurance
program which is available through the Authority. The policy covers sudden and gradual
pollution of scheduled property, streets, and storm drains owned by the City of Rancho
Palos Verdes. Coverage is on a claims-made basis. There is a $250,000 deductible. The
Authority has a limit of $20 million.
Property Insurance
The City of Rancho Palos Verdes participates in the all-risk property protection program
of the Authority. This insurance protection is underwritten by several insurance
companies. City of Rancho Palos Verdes property is currently insured according to a
schedule of covered property submitted by the City of Rancho Palos Verdes to the
Authority. City of Rancho Palos Verdes property currently has all-risk property insurance
protection in the amount of $17,795,005. There is a $10,000 deductible per occurrence
except for nonemergency vehicle insurance which has a $2,500 deductible.
Earthquake and Flood Insurance
The City of Rancho Palos Verdes purchases earthquake and flood insurance on a
portion of its property. The earthquake insurance is part of the property protection
insurance program of the Authority. City of Rancho Palos Verdes property currently has
earthquake protection in the amount of $16,970,905. There is a deductible of 5% per unit
of value with a minimum deductible of $100,000.
Crime Insurance
The City of Rancho Palos Verdes purchases crime insurance coverage in the amount of
$1,000,000 with a $2,500 deductible. The fidelity coverage is provided through the
Authority.
Adequacy of Protection
During the past three fiscal years, none of the above programs of protection experienced
settlements or judgments that exceeded pooled or insured coverage. There were also no
significant reductions in pooled or insured liability coverage in 2020-2021.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(64)
NOTE 10 CONTINGENCIES AND COMMITMENTS
Litigation
In the normal course of operations, the City has been named as a defendant in various
claims and legal actions. Generally, unfavorable results of these claims and legal actions
are funded through the City’s participation in California Joint Powers Insurance Authority
(CJPIA, see Note 9) and, as such, the City believes that the ultimate liability for these legal
actions and claims will not have a material adverse effect on the City’s financial statements.
The City is also a defendant in legal actions for which the potential losses would not be
covered through participation in CJPIA.
NOTE 11 PROPERTY TAXES
Under California law, property taxes are assessed and collected by the counties up to one
percent of assessed value, plus other increases approved by the voters. The property taxes
go into a pool, and are then allocated to the cities based on complex formulas. Accordingly,
the City accrues only those taxes, which are received from the county within sixty days after
year-end.
Lien Date January 1
Levy Date June 30
Due Date November 1 and February 1
Collection Dates December 10 and April 10
NOTE 12 UNAVAILABLE REVENUES
The unavailable revenues in the fund financial statements of the City of Rancho Palos
Verdes as of June 30, 2021 are presented in the following table.
Revenue Measurable but Not Available (beyond
60 days):
Other Governmental Funds 467,316$
Total Unavailable Revenues 467,316$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(65)
NOTE 13 OTHER REQUIRED FUND DISCLOSURES
The following department’s budget had expenditures in excess of the budget for the year
ended June 30, 2021, as follows:
Program Budget Expenditures Excess
Other Governmental Funds:
Prop A Special Revenue Fund:
Public Works 1,307,441$ 1,338,031$ 30,590$
Subregion One Permanent Fund:
Public Works 41,600 42,115 515
The State Grants Special Revenue Fund has a deficit fund balance of $219,293 at
June 30, 2021. This deficit will be eliminated by recognition of revenue not available as of
year-end and through transfers from other funds. The Successor Agency Private-Purpose
Trust Fund has a deficit fiduciary net position at June 30, 2021 of $13,561,668 which will be
reduced by collection of future tax revenues.
NOTE 14 SUCCESSOR AGENCY
Under the Dissolution Act, each California redevelopment agency (each a Dissolved RDA)
was dissolved as of February 1, 2012. A Successor Agency was created for each Dissolved
RDA which is the sponsoring community of the Dissolved RDA unless it elected not to serve
as the Successor Agency. On September 6, 2011, the City elected to serve as the
Successor Agency of the Rancho Palos Verdes Redevelopment Agency.
Debt Summary
Balance Balance Amounts Due
July 1, 2020 Additions Deletions June 30, 2021 in One Year
Due to City:
Portuguese Bend 7,166,465$ 109,045$ (194,238)$ 7,081,272$ 109,045$
Abalone Cove 3,490,244 61,541 (104,589) 3,447,196 61,541
Due to County:
Tax Increment Bond 3,510,000 - (310,000) 3,200,000 345,000
Totals 14,166,709$ 170,586$ (608,827)$ 13,728,468$ 515,586$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(66)
NOTE 14 SUCCESSOR AGENCY (CONTINUED)
Consolidated Loan from City
The City entered into an agreement to provide the former Redevelopment Agency (RDA)
operating funds and staff assistance, supplies, technical and other services and facilities of
the City as the RDA required in carrying out its function under the community redevelopment
law. The former RDA was to repay the resulting indebtedness, plus interest, from
incremental property tax revenues arising from the project area, as such revenue became
available. Pursuant to redevelopment dissolution law, loans from cities to redevelopment
agencies made more than two years after formation of the redevelopment agency are not
recognized obligations. Therefore, the Consolidated Loan from the City has been previously
disallowed on the Successor Agency’s Recognized Obligation Payment Schedule (ROPS).
However, AB1484 provides a method to secure recognition of the City’s Consolidated Loan
as an obligation of the Successor Agency. Upon completion of various independent reviews
and transfers of funds to Los Angeles County, the Successor Agency received a “Finding of
Completion” on April 26, 2013. On December 11, 2013, the Oversight Board made a finding
that the Consolidated Loan from the City was made for legitimate redevelopment purposes.
As required by dissolution law, twenty percent of the amount available will be deposited into
the City’s Low-Moderate Income Housing Fund.
On September 22, 2015, Governor Brown signed legislation that became effective
immediately. The legislation requires accrued interest on city loans to be recalculated using
a simple interest rate of 3%. Previously, accrued interest on the City’s loan was calculated
using historical Local Agency Investment Fund (LAIF) rates. At June 30, 2021, using the
simple interest rate of 3%, the loan balance is $10,528,468.
Principal Interest Balance
Portuguese Bend 3,634,840$ 3,446,432$ 7,081,272$
Abalone Cove 2,051,377 1,395,819 3,447,196
Allowance from Successor
Agency Receivable (5,686,217) (4,842,251) (10,528,468)
Totals -$ -$ -$
Due to the uncertainty of Redevelopment Property Tax Trust Fund revenue available for
future loan repayments, the City’s loan receivable of $10,528,468 has been completely
offset with an allowance for uncollectable amounts on the City’s financial statements.
Tax Increment Bond and Deferred Interest Payable
In July 1991, the former Redevelopment Agency received $10,000,000 in loan proceeds
(the Loan) from the County of Los Angeles (the County) upon the County’s issue of Abalone
Cove Improvement Bonds 2651-M pursuant to a Reimbursement and Settlement Agreement
(the Agreement), dated October 27, 1987 in connection with the Horan Lawsuit. The Loan
was made for the purpose of abating the Abalone Cove landslide. The settlement Loan was
secured by property assessment liens in the Abalone Cove project area.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(67)
NOTE 14 SUCCESSOR AGENCY (CONTINUED)
Tax Increment Bond and Deferred Interest Payable (Continued)
As stipulated by the parties to the Agreement, a portion of the Loan proceeds was used to
repay a tax allocation and revenue anticipation promissory note issued to the County in the
principal amount of $1,450,000, plus accrued interest equal to $179,244. A second portion
of the proceeds was used to repay expenses advanced by the County in the amount of
$135,614. A third portion was used to repay certain loans from the City to the former
Redevelopment Agency in the amount of $787,340.
Per the terms of the Agreement, $1,000,000 of the proceeds was deposited in the Abalone
Cove Permanent Fund of the Joint Powers Improvement Authority. The remainder of the
proceeds was accounted for in the former Redevelopment Agency’s Abalone Cove Fund.
Concurrent with the execution of the Agreement, the County deeded its title in the Abalone
Cove Beach Park to the former Redevelopment Agency.
As part of the Agreement, the former Redevelopment Agency was required to transfer 17%
of tax increment revenue to the Consolidated Fire Protection District of the County and
50.9% of tax increment revenue for debt repayment to the County. In accordance with the
Agreement, the former Redevelopment Agency was to pay the Loan principal plus interest
at 7.7654% over a 30-year period that began in 1992. However, these debt payments were
to be deferred 10 years until the fiscal year ended June 30, 2002.
As part of the deferral arrangement, the accrued interest from the inception of the Loan
through June 30, 2002, in the amount of $7,314,944, was scheduled for payment over a 20-
year period beginning in the fiscal year ended June 30, 2002 with no additional interest. The
remaining balance of $10,274,119 was scheduled for payment to the County over a 20-year
period beginning in the fiscal year ended June 30, 2002, with interest at 7.7654%.
On November 1, 1997, the City, the former Redevelopment Agency and the County of Los
Angeles entered into a Memorandum of Understanding (MOU) agreeing to restructure the
repayment schedule of the debt owed to the County by the former Redevelopment Agency.
In accordance with the terms of the MOU, the $10,000,000 loan principal owed to the
County was cancelled. As consideration for the loan cancellation, the former
Redevelopment Agency made a lump sum payment to the County in the amount of
$4,545,000 and issued a $5,455,000 tax increment bond to the County (the bond). Of the
$4,545,000 lump sum payment, $2,000,000 was paid from tax increment revenue and
interest earnings accumulated in the Debt Service Fund. The remaining $2,545,000 was
funded by a combination of a loan from the General Fund of the City to the Agency for
$1,545,000 and a net operating transfer from the Agency’s Abalone Cove Capital Projects
Fund to the Debt Service Fund of $1,000,000. The private property liens resulting from the
formation of the bond assessment district in connection with the Reimbursement and
Settlement Agreement in 1987 were discharged in accordance with the terms of the MOU.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2021
(68)
NOTE 14 SUCCESSOR AGENCY (CONTINUED)
Tax Increment Bond and Deferred Interest Payable (Continued)
The bond was issued as a conduit through the Improvement Authority to the County. No
issuance costs were incurred. Future allocations of property tax to the Successor Agency
will fund the payment of the bond debt and the deferred interest from the original Loan until
paid in full. The principal of the bond began maturing in installments each December 2nd,
commencing December 2, 2004. Interest accrues at a rate of 5% per annum and is payable
in arrears each June 2nd and December 2nd.
Additionally, both the accrued interest and deferred interest on the $10,000,000 Loan
previously owed the County was retroactively recalculated from the Loan origination date at
a rate of approximately 5% compared to 7.7654% per the original Agreement. The
recalculated deferred interest was $3,111,400. In accordance with the MOU, the
recalculated deferred interest does not accrue additional interest. As of June 30, 2014, the
balance of the deferred interest debt has been completely repaid.
The California Department of Finance has approved the Tax Increment Bond and Deferred
Interest Payable as obligations of the Successor Agency.
The debt service schedule below summarizes all fixed principal and interest payments for
the term of the bond. Because the payback period for the deferred interest amount will
fluctuate depending on the availability of excess property tax revenue, no amounts have
been included in the following schedule for repayment of the deferred interest.
Year Ending June 30,Principal Interest Total
2021 345,000$ 151,375$ 496,375$
2022 380,000 133,250 513,250
2023 415,000 113,375 528,375
2024 450,000 91,750 541,750
2025 495,000 68,125 563,125
2026 - 2028 1,115,000 56,875 1,171,875
Totals 3,200,000$ 614,750$ 3,814,750$
(69)
THIS PAGE INTENTIONALLY LEFT BLANK
REQUIRED SUPPLEMENTARY INFORMATION
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
LAST TEN FISCAL YEARS *
YEAR ENDED JUNE 30, 2021
(70)
Miscellaneous
Fiscal Year Ended June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015
Measurement Period June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2014
Plan's Proportion of the Net
Pension Liability 0.30643% 0.29762% 0.28980% 0.28221% 0.27708% 0.28237% 0.09183%
Plan's Proportionate Share of
the Net Pension Liability 12,925,644$ 11,918,073$ 10,921,840$ 11,124,689$ 9,625,397$ 7,637,567$ 5,714,320$
Plan's Covered Payroll 6,454,856$ 6,697,322$ 6,360,881$ 6,124,374$ 5,997,450$ 5,673,471$ 5,609,006$
Plan's Proportionate Share of
the Net Pension Liability as a
Percentage of Covered Payroll 200.25% 177.95% 171.70% 181.65% 160.49% 134.62% 101.88%
Plan's Proportionate Share of
the Fiduciary Net Position as a
Percentage of the Plan's Total
Pension Liability 73.77% 75.26% 75.26% 73.31% 74.06% 78.40% 76.48%
Plan's Proportionate Share
of Aggregate Employer
Contributions 1,624,308$ 1,440,684$ 1,235,073$ 1,096,042$ 998,812$ 919,858$ NA
Notes to Schedule:
Benefit Changes:
There were no changes in benefits.
Changes in Assumptions:
From Fiscal Year June 30, 2015 to June 30, 2016:
GASB 68, paragraph 68 states that the long-term expected rate of return should be determined net of pension plan investment expense
but without reduction for pension plan administrative expense. The discount rate of 7.50% used for the June 30, 2014 measurement date
was net of administrative expenses. The discount rate of 7.65% used for the June 30, 2015 measurement date is without reduction of
pension plan administrative expense.
From Fiscal Year June 30, 2016 to June 30, 2017:
There were no changes in assumptions.
From Fiscal Year June 30, 2017 to June 30, 2018:
The discount rate was reduced from 7.65% to 7.15%.
From Fiscal Year June 30, 2018 to June 30, 2019:
There were no changes in assumptions.
From Fiscal Year June 30, 2019 to June 30, 2020:
There were no changes in assumptions.
* Fiscal year 2015 was the first year of implementation, therefore only seven years are shown.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF PENSION CONTRIBUTIONS
LAST TEN FISCAL YEARS *
YEAR ENDED JUNE 30, 2021
(71)
Fiscal Year Ended June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015
Contractually Required
Contribution (Actuarially
Determined) 1,433,161$ 1,265,361$ 1,153,245$ 990,670$ 910,177$ 830,645$ 725,496$
Contributions in Relation to the
Actuarially Determined
Contributions (1,433,161) (1,265,361) (1,153,245) (990,670) (910,177) (830,645) (725,496)
Contribution Deficiency (Excess) -$ -$ -$ -$ -$ -$ -$
Covered Payroll 6,513,032$ 6,454,856$ 6,697,322$ 6,360,881$ 6,124,374$ 5,997,450$ 5,673,471$
Contributions as a Percentage of
Covered Payroll 22.00% 19.60% 17.22% 15.57% 14.86% 13.85% 12.79%
Notes to Schedule:
Valuation Date 6/30/2018 6/30/2017 6/30/2016 6/30/2015 6/30/2014 6/30/2013 6/30/2012
Methods and Assumptions
Used to Determine
Contribution Rates:
Actuarial Cost Method Entry Age Entry Age Entry Age Entry Age Entry Age Entry Age Entry Age
Amortization Method (1) (1) (1) (1) (1) (1) (1)
Asset Valuation Method Market Value Market Value Market Value Market Value Market Value Market Value 15 Year
Smoothed
Market Method
Inflation 2.500% 2.625% 2.75% 2.75% 2.75% 2.75% 2.75%
Salary Increases (2) (2) (2) (2) (2) (2) (2)
Investment Rate of Return 7.00% (3) 7.25% (3) 7.375% (3) 7.50% (3) 7.50% (3) 7.50% (3) 7.50% (3)
Retirement Age (4) (4) (4) (4) (4) (4) (4)
Mortality (5) (5) (5) (5) (5) (5) (5)
(1) Level percentage of payroll, closed
(2) Depending on age, service, and type of employment
(3) Net of pension plan investment expense, including inflation
(4) 55 for Tier 1, 60 for Classic Tier 2, and 62 for PEPRA members
(5) Mortality assumptions are based on mortality rates resulting from the most recent CalPERS Experience Study adopted by the CalPERS Board.
* Fiscal year 2015 was the first year of implementation, therefore only seven years are shown.
SUPPLEMENTARY INFORMATION
CITY OF RANCHO PALOS VERDES, CALIFORNIA
DESCRIPTION OF SPECIAL REVENUE FUNDS
JUNE 30, 2021
(72)
Special Revenue Fund Descriptions
Special Revenue Funds are used to account for taxes and other revenues set aside in accordance with
law or administrative regulation for a specific purpose.
Gas Tax Fund – To account for state-shared highway users’ tax that is restricted to use for street
maintenance, right of-way acquisition and street construction.
1972 Act Landscaping and Lighting District (1972 Act) – To account for revenues and costs associated
with the City’s landscaping and lighting district.
El Prado – To account for taxes collected to maintain and service existing and proposed improvements
to the common area of the El Prado neighborhood.
1911 Act Lighting District (1911 Act) – To account for revenue and costs associated with a lighting
district transferred to the “city-side” landscape and lighting district from the County in 1995.
Waste Reduction – To account for AB939 fees received for state mandated waste reduction and
recycling plans and program.
Air Quality Management – To account for AB2766 fees received to fund programs to reduce air
pollution from motor vehicles.
Proposition A – To account for the City share of an additional one-half percent sales tax designated to
fund certain public transportation oriented projects.
Public Safety Grants – To account for federal grant funds for local law enforcement supplemental
services, AB3229 funds used for additional law enforcement services and public safety technology
equipment.
Measure R – To account for the half-cent sales tax approved by the Los Angeles County voters in
November 2008 to meet transportation needs, including maintenance and improvement of arterial
streets, traffic control, bikeway and pedestrian improvements, and public transit.
Measure A – To account of the voter approved 1992 and 1996 Measure A funds and other state and
county grants used for the acquisition of open space and park improvements.
Measure M – To account for the half-cent sales tax and continued half-cent relief tax partially
distributed to cities approved by the Los Angeles County voters in November 2016 to fund
transportation needs.
Measure W – To account for the City’s share of the California parcel tax increase of $0.025 per square
foot of impermeable property for funding projects in accordance with the expenditure plan pursuant to
the Los Angeles Region, Safe, Clean Water Program Projects.
Abalone Cove Sewer Assessment – To account for property assessments used to partially pay for
operation and maintenance of the Abalone Cove sewer system.
Donor-Restricted Contributions – To account for donations received to construct or acquire recreational
facilities within the City.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
DESCRIPTION OF SPECIAL REVENUE FUNDS
JUNE 30, 2021
(73)
Special Revenue Fund Descriptions (Continued)
Joint Powers Improvement Authority - Portuguese Bend – To account for maintenance and repairs of
landslide abatement improvements in the Portuguese Bend Project area.
Community Development Block Grant – To account for federal grants received from the Department of
Housing and Urban Development.
Quimby – To account for developer paid fees or the dedication of land for park and recreation
purposes.
Environmental Excise Tax – To account for taxes received in connection with new construction within
the City.
Bikeways – To account for state funds that are used for the construction of bikeways and pedestrian
facilities.
Capital Projects Fund Descriptions
Capital Projects Funds are used to account for financial resources used for the acquisition or
construction of major capital facilities.
Low-Moderate Income Housing – To account for low and moderate income housing assets that were
transferred to the City after electing to retain the housing assets and function of the former
redevelopment agency, which was dissolved on January 31, 2012.
Affordable Housing In-Lieu - to account for developer fees paid in-lieu of providing affordable housing in
conjunction with new development as required by the Affordable Housing Chapter of the City’s
Municipal Code (Chapter 17.11).
Permanent Fund Descriptions
Permanent Funds are used to account for resources legally restricted to the extent that only earnings,
and not principal, may be used for purposes that support the City’s programs.
Habitat Restoration – To account for fees paid by developers for conservation easements to be used
exclusively for habitat restoration efforts on City owned property. The Habitat Restoration Fund to be
funded at the rate of $10,000 annually (plus interest) for fifty (50) years, to provide for maintenance of
habitat in the future.
Sub-region One Maintenance – To account for monies used to maintain public improvements and
habitat areas dedicated to the City upon completion of the Sub-region One residential development
project also known as Oceanfront Estates. As part of the development agreement, the City received a
$750,000 nonexpendable deposit. The interest earnings contribute to the maintenance of the public
open space.
Joint Powers Improvement Authority – Abalone Cove – To account for monies received as part of a
July 1991 Reimbursement and Settlement Agreement with the County of Los Angeles. As part of this
Agreement, the Authority received a $1,000,000 nonexpendable deposit. The interest earnings are
used to pay for maintenance and repair of Abalone Cove landslide abatement improvements.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
JUNE 30, 2021
(74)
Gas Waste
Tax 1972 Act El Prado 1911 Act Reduction
ASSETS
Cash and Investments 683,458$ 29,112$ 39,435$ 1,683,826$ 429,496$
Receivables:
Taxes - - 84 21,740 -
Interest 265 13 18 771 187
Notes - - - - -
Other 140,978 - - - 14,401
Total Assets 824,701$ 29,125$ 39,537$ 1,706,337$ 444,084$
LIABILITIES
Accounts Payable and Accrued Liabilities 166,924$ -$ -$ 291,898$ 7,000$
Due to Other Funds - - - - -
Retentions Payable 43,016 - - 13,776 -
Total Liabilities 209,940 - - 305,674 7,000
DEFERRED INFLOWS OF RESOURCES
Unavailable Revenue - - - -
FUND BALANCES
Nonspendable:
Endowment Principal - - - - -
Restricted 614,761 29,125 39,537 1,400,663 437,084
Total Fund Balances 614,761 29,125 39,537 1,400,663 437,084
Total Liabilities, Deferred
Inflows, and Fund Balances 824,701$ 29,125$ 39,537$ 1,706,337$ 444,084$
Special Revenue Funds
CITY OF RANCHO PALOS VERDES, CALIFORNIA
COMBINING BALANCE SHEET (CONTINUED)
OTHER GOVERNMENTAL FUNDS
JUNE 30, 2021
(75)
ASSETS
Cash and Investments
Receivables:
Taxes
Interest
Notes
Other
Total Assets
LIABILITIES
Accounts Payable and Accrued Liabilities
Due to Other Funds
Retentions Payable
Total Liabilities
DEFERRED INFLOWS OF RESOURCES
Unavailable Revenue
FUND BALANCES
Nonspendable:
Endowment Principal
Restricted
Total Fund Balances
Total Liabilities, Deferred
Inflows, and Fund Balances
Air Public
Quality Safety
Management Proposition A Grants Measure R Measure A
143,452$ 1,556,569$ 104,149$ 1,417,767$ 61,436$
- - - - -
65 666 56 616 -
- - - - -
13,856 - - - 52,632
157,373$ 1,557,235$ 104,205$ 1,418,383$ 114,068$
4,750$ 7,897$ -$ 36,765$ -$
- - - - -
- - - 358 -
4,750 7,897 - 37,123 -
- - - - 52,632
- - - - -
152,623 1,549,338 104,205 1,381,260 61,436
152,623 1,549,338 104,205 1,381,260 61,436
157,373$ 1,557,235$ 104,205$ 1,418,383$ 114,068$
Special Revenue Funds (Continued)
CITY OF RANCHO PALOS VERDES, CALIFORNIA
COMBINING BALANCE SHEET (CONTINUED)
OTHER GOVERNMENTAL FUNDS
JUNE 30, 2021
(76)
ASSETS
Cash and Investments
Receivables:
Taxes
Interest
Notes
Other
Total Assets
LIABILITIES
Accounts Payable and Accrued Liabilities
Due to Other Funds
Retentions Payable
Total Liabilities
DEFERRED INFLOWS OF RESOURCES
Unavailable Revenue
FUND BALANCES
Nonspendable:
Endowment Principal
Restricted
Total Fund Balances
Total Liabilities, Deferred
Inflows, and Fund Balances
Joint Powers
Improvement
Abalone Cove Donor Authority
Sewer Restricted Portuguese
Measure M Measure W Assessment Contributions Bend
364,658$ -$ 249,079$ 779,404$ 60,026$
- - - - -
148 - 113 349 55
- - - - -
- 679,381 2,131 - -
364,806$ 679,381$ 251,323$ 779,753$ 60,081$
73,328$ 96,799$ 33,202$ 1,212$ 639$
- 91,155 - - -
- - - - -
73,328 187,954 33,202 1,212 639
- - - - -
- - - - -
291,478 491,427 218,121 778,541 59,442
291,478 491,427 218,121 778,541 59,442
364,806$ 679,381$ 251,323$ 779,753$ 60,081$
Special Revenue Funds (Continued)
CITY OF RANCHO PALOS VERDES, CALIFORNIA
COMBINING BALANCE SHEET (CONTINUED)
OTHER GOVERNMENTAL FUNDS
JUNE 30, 2021
(77)
ASSETS
Cash and Investments
Receivables:
Taxes
Interest
Notes
Other
Total Assets
LIABILITIES
Accounts Payable and Accrued Liabilities
Due to Other Funds
Retentions Payable
Total Liabilities
DEFERRED INFLOWS OF RESOURCES
Unavailable Revenue
FUND BALANCES
Nonspendable:
Endowment Principal
Restricted
Total Fund Balances
Total Liabilities, Deferred
Inflows, and Fund Balances
Community Total
Development Special
Block Grant Environmental Revenue
(CDBG) Quimby Excise Tax Bikeways Funds
22,908$ 1,164,489$ 221,381$ -$ 9,010,645$
- - - - 21,824
- 519 101 - 3,942
- - - - -
23,688 - - - 927,067
46,596$ 1,165,008$ 221,482$ -$ 9,963,478$
18,143$ 83,988$ 12,124$ -$ 834,669$
- - - - 91,155
- - - 57,150
18,143 83,988 12,124 - 982,974
3,778 - - - 56,410
- - - - -
24,675 1,081,020 209,358 - 8,924,094
24,675 1,081,020 209,358 - 8,924,094
46,596$ 1,165,008$ 221,482$ -$ 9,963,478$
Special Revenue Funds (Continued)
CITY OF RANCHO PALOS VERDES, CALIFORNIA
COMBINING BALANCE SHEET (CONTINUED)
OTHER GOVERNMENTAL FUNDS
JUNE 30, 2021
(78)
ASSETS
Cash and Investments
Receivables:
Taxes
Interest
Notes
Other
Total Assets
LIABILITIES
Accounts Payable and Accrued Liabilities
Due to Other Funds
Retentions Payable
Total Liabilities
DEFERRED INFLOWS OF RESOURCES
Unavailable Revenue
FUND BALANCES
Nonspendable:
Endowment Principal
Restricted
Total Fund Balances
Total Liabilities, Deferred
Inflows, and Fund Balances
Total
Low-Moderate Affordable Capital
Income Housing Projects
Housing In-lieu Funds
283,731$ 875,319$ 1,159,050$
- - -
100 392 492
- - -
- - -
283,831$ 875,711$ 1,159,542$
-$ -$ -$
- - -
- - -
- - -
- - -
- - -
283,831 875,711 1,159,542
283,831 875,711 1,159,542
283,831$ 875,711$ 1,159,542$
Capital Projects Funds
CITY OF RANCHO PALOS VERDES, CALIFORNIA
COMBINING BALANCE SHEET (CONTINUED)
OTHER GOVERNMENTAL FUNDS
JUNE 30, 2021
(79)
ASSETS
Cash and Investments
Receivables:
Taxes
Interest
Notes
Other
Total Assets
LIABILITIES
Accounts Payable and Accrued Liabilities
Due to Other Funds
Retentions Payable
Total Liabilities
DEFERRED INFLOWS OF RESOURCES
Unavailable Revenue
FUND BALANCES
Nonspendable:
Endowment Principal
Restricted
Total Fund Balances
Total Liabilities, Deferred
Inflows, and Fund Balances
Joint Powers Total
Subregion Improvement Total Other
Habitat One Authority Permanent Governmental
Restoration Maintenance Abalone Cove Funds Funds
667,670$ 751,549$ 1,107,929$ 2,527,148$ 12,696,843$
- - - - 21,824
302 338 965 1,605 6,039
- - - - -
- - - - 927,067
667,972$ 751,887$ 1,108,894$ 2,528,753$ 13,651,773$
-$ 6,472$ 2,917$ 9,389$ 844,058$
- - - - 91,155
- - - - 57,150
- 6,472 2,917 9,389 992,363
- - - - 56,410
176,193 750,000 1,000,000 1,926,193 1,926,193
491,779 (4,585) 105,977 593,171 10,676,807
667,972 745,415 1,105,977 2,519,364 12,603,000
667,972$ 751,887$ 1,108,894$ 2,528,753$ 13,651,773$
Permanent Funds
CITY OF RANCHO PALOS VERDES, CALIFORNIA
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2021
(80)
Gas Waste
Tax 1972 Act El Prado 1911 Act Reduction
REVENUES
Taxes -$ -$ 2,971$ 769,945$ -$
Revenue from Other Agencies 1,682,325 - - - 15,952
Charges for Services - - - - 187,231
Use of Money and Property 5,547 240 311 12,911 3,607
Other Revenues - - - - -
Total Revenues 1,687,872 240 3,282 782,856 206,790
EXPENDITURES
Current:
Public Works 976,917 - - 460,560 224,460
Parks and Recreation - - - - -
Capital Outlay 1,622,430 - - 368,410 -
Total Expenditures 2,599,347 - - 828,970 224,460
Excess (Deficiency) of Revenues
Over (Under) Expenditures (911,475) 240 3,282 (46,114) (17,670)
OTHER FINANCING SOURCES (USES)
Transfers In - - - - -
Transfers Out - - - - -
Total Other Financing
Sources (Uses) - - - - -
NET CHANGE IN FUND BALANCES (911,475) 240 3,282 (46,114) (17,670)
Fund Balances - Beginning of Year 1,526,236 28,885 36,255 1,446,777 454,754
FUND BALANCES - END OF YEAR 614,761$ 29,125$ 39,537$ 1,400,663$ 437,084$
Special Revenue Funds
CITY OF RANCHO PALOS VERDES, CALIFORNIA
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES (CONTINUED)
OTHER GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2021
(81)
REVENUES
Taxes
Revenue from Other Agencies
Charges for Services
Use of Money and Property
Other Revenues
Total Revenues
EXPENDITURES
Current:
Public Works
Parks and Recreation
Capital Outlay
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
OTHER FINANCING SOURCES (USES)
Transfers In
Transfers Out
Total Other Financing
Sources (Uses)
NET CHANGE IN FUND BALANCES
Fund Balances - Beginning of Year
FUND BALANCES - END OF YEAR
Air Public
Quality Safety
Management Proposition A Grants Measure R Measure A
-$ -$ -$ -$ -$
54,492 856,312 156,727 533,448 -
- - - - -
1,208 13,626 1,058 11,186 152
- - - - -
55,700 869,938 157,785 544,634 152
55,839 912,061 - 427,415 -
- - - - -
- 425,970 - - -
55,839 1,338,031 - 427,415 -
(139) (468,093) 157,785 117,219 152
- - - - -
- - (130,000) - -
- - (130,000) - -
(139) (468,093) 27,785 117,219 152
152,762 2,017,431 76,420 1,264,041 61,284
152,623$ 1,549,338$ 104,205$ 1,381,260$ 61,436$
Special Revenue Funds (Continued)
CITY OF RANCHO PALOS VERDES, CALIFORNIA
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES (CONTINUED)
OTHER GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2021
(82)
REVENUES
Taxes
Revenue from Other Agencies
Charges for Services
Use of Money and Property
Other Revenues
Total Revenues
EXPENDITURES
Current:
Public Works
Parks and Recreation
Capital Outlay
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
OTHER FINANCING SOURCES (USES)
Transfers In
Transfers Out
Total Other Financing
Sources (Uses)
NET CHANGE IN FUND BALANCES
Fund Balances - Beginning of Year
FUND BALANCES - END OF YEAR
Joint Powers
Improvement
Abalone Cove Donor Authority
Sewer Restricted Portuguese
Measure M Measure W Assessment Contributions Bend
-$ -$ 51,980$ -$ -$
604,417 679,381 - - -
- - - - -
2,242 - 2,045 6,495 425
- - - 16,700 -
606,659 679,381 54,025 23,195 425
414,190 187,954 94,903 15,778 45,051
- - - 10,830 -
- - - - -
414,190 187,954 94,903 26,608 45,051
192,469 491,427 (40,878) (3,413) (44,626)
- - - - 20,000
- - - - -
- - - - 20,000
192,469 491,427 (40,878) (3,413) (24,626)
99,009 - 258,999 781,954 84,068
291,478$ 491,427$ 218,121$ 778,541$ 59,442$
Special Revenue Funds (Continued)
CITY OF RANCHO PALOS VERDES, CALIFORNIA
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES (CONTINUED)
OTHER GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2021
(83)
REVENUES
Taxes
Revenue from Other Agencies
Charges for Services
Use of Money and Property
Other Revenues
Total Revenues
EXPENDITURES
Current:
Public Works
Parks and Recreation
Capital Outlay
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
OTHER FINANCING SOURCES (USES)
Transfers In
Transfers Out
Total Other Financing
Sources (Uses)
NET CHANGE IN FUND BALANCES
Fund Balances - Beginning of Year
FUND BALANCES - END OF YEAR
Community Total
Development Special
Block Grant Environmental Revenue
(CDBG) Quimby Excise Tax Bikeways Funds
-$ -$ -$ -$ 824,896$
28,564 - - 511 4,612,129
- - - - 187,231
- 9,861 2,275 - 73,189
- 23,652 3,902 - 44,254
28,564 33,513 6,177 511 5,741,699
29,906 130,863 143,634 511 4,120,042
- - - - 10,830
- - - - 2,416,810
29,906 130,863 143,634 511 6,547,682
(1,342) (97,350) (137,457) - (805,983)
- - - - 20,000
- - - - (130,000)
- - - - (110,000)
(1,342) (97,350) (137,457) - (915,983)
26,017 1,178,370 346,815 - 9,840,077
24,675$ 1,081,020$ 209,358$ -$ 8,924,094$
Special Revenue Funds (Continued)
CITY OF RANCHO PALOS VERDES, CALIFORNIA
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES (CONTINUED)
OTHER GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2021
(84)
REVENUES
Taxes
Revenue from Other Agencies
Charges for Services
Use of Money and Property
Other Revenues
Total Revenues
EXPENDITURES
Current:
Public Works
Parks and Recreation
Capital Outlay
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
OTHER FINANCING SOURCES (USES)
Transfers In
Transfers Out
Total Other Financing
Sources (Uses)
NET CHANGE IN FUND BALANCES
Fund Balances - Beginning of Year
FUND BALANCES - END OF YEAR
Total
Low-Moderate Affordable Capital
Income Housing Projects
Housing In-lieu Funds
59,765$ -$ 59,765$
- - -
- - -
1,845 7,142 8,987
- 12,441 12,441
61,610 19,583 81,193
- - -
- - -
- - -
- - -
61,610 19,583 81,193
- - -
- - -
- - -
61,610 19,583 81,193
222,221 856,128 1,078,349
283,831$ 875,711$ 1,159,542$
Capital Projects Funds
CITY OF RANCHO PALOS VERDES, CALIFORNIA
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES (CONTINUED)
OTHER GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2021
(85)
REVENUES
Taxes
Revenue from Other Agencies
Charges for Services
Use of Money and Property
Other Revenues
Total Revenues
EXPENDITURES
Current:
Public Works
Parks and Recreation
Capital Outlay
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
OTHER FINANCING SOURCES (USES)
Transfers In
Transfers Out
Total Other Financing
Sources (Uses)
NET CHANGE IN FUND BALANCES
Fund Balances - Beginning of Year
FUND BALANCES - END OF YEAR
Joint Powers Total
Subregion Improvement Total Other
Habitat One Authority Permanent Governmental
Restoration Maintenance Abalone Cove Funds Funds
-$ -$ -$ -$ 884,661$
- - - - 4,612,129
- - - - 187,231
6,092 6,298 6,309 18,699 100,875
- - - - 56,695
6,092 6,298 6,309 18,699 5,841,591
153,618 42,115 28,694 224,427 4,344,469
- - - - 10,830
- - - - 2,416,810
153,618 42,115 28,694 224,427 6,772,109
(147,526) (35,817) (22,385) (205,728) (930,518)
- 10,000 - 10,000 30,000
- - - - (130,000)
- 10,000 - 10,000 (100,000)
(147,526) (25,817) (22,385) (195,728) (1,030,518)
815,498 771,232 1,128,362 2,715,092 13,633,518
667,972$ 745,415$ 1,105,977$ 2,519,364$ 12,603,000$
Permanent Funds
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
GAS TAX SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2021
(86)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Revenue from Other Agencies 1,418,000$ 1,418,000$ 1,682,325$ 264,325$
Use of Money and Property 5,400 5,400 5,547 147
Other Revenues 38,600 38,600 - (38,600)
Total Revenues 1,462,000 1,462,000 1,687,872 225,872
EXPENDITURES
Public Works:
Street Pavement Maintenance 235,000 235,000 197,753 37,247
Street Landscape Maintenance 842,000 1,024,729 739,823 284,906
Traffic Signal Maintenance - - 23,903 (23,903)
Portuguese Bend Road Maintenance 70,000 70,000 15,438 54,562
Capital Outlay - 1,692,729 1,622,430 70,299
Total Expenditures 1,147,000 3,022,458 2,599,347 423,111
NET CHANGE IN FUND BALANCE 315,000 (1,560,458) (911,475) 648,983
Fund Balance - Beginning of Year 1,526,236 1,526,236 1,526,236 -
FUND BALANCE - END OF YEAR 1,841,236$ (34,222)$ 614,761$ 648,983$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
1972 ACT SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2021
(87)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Use of Money and Property -$ -$ 240$ 240$
NET CHANGE IN FUND BALANCE - - 240 240
Fund Balance - Beginning of Year 28,885 28,885 28,885 -
FUND BALANCE - END OF YEAR 28,885$ 28,885$ 29,125$ 240$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
EL PRADO SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2021
(88)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Taxes 2,300$ 2,300$ 2,971$ 671$
Use of Money and Property 200 200 311 111
Total Revenues 2,500 2,500 3,282 782
EXPENDITURES
Public Works 800 800 - 800
NET CHANGE IN FUND BALANCE 1,700 1,700 3,282 1,582
Fund Balance - Beginning of Year 36,255 36,255 36,255 -
FUND BALANCE - END OF YEAR 37,955$ 37,955$ 39,537$ 1,582$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
1911 ACT SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2021
(89)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Taxes 606,800$ 606,800$ 769,945$ 163,145$
Use of Money and Property 21,400 21,400 12,911 (8,489)
Total Revenues 628,200 628,200 782,856 154,656
EXPENDITURES
Public Works 462,200 913,440 460,560 452,880
Capital Outlay - 408,540 368,410 40,130
Total Expenditures 462,200 1,321,979 828,970 493,009
NET CHANGE IN FUND BALANCE 166,000 (693,779) (46,114) 647,665
Fund Balance - Beginning of Year 1,446,777 1,446,777 1,446,777 -
FUND BALANCE - END OF YEAR 1,612,777$ 752,998$ 1,400,663$ 647,665$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
WASTE REDUCTION SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2021
(90)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Revenue from Other Agencies 22,100$ 22,100$ 15,952$ (6,148)$
Charges for Services 104,300 104,300 187,231 82,931
Use of Money and Property 4,600 4,600 3,607 (993)
Total Revenues 131,000 131,000 206,790 75,790
EXPENDITURES
Public Works 287,500 287,500 224,460 63,040
NET CHANGE IN FUND BALANCE (156,500) (156,500) (17,670) 138,830
Fund Balance - Beginning of Year 454,754 454,754 454,754 -
FUND BALANCE - END OF YEAR 298,254$ 298,254$ 437,084$ 138,830$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
AIR QUALITY MANAGEMENT SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2021
(91)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Revenue from Other Agencies 50,000$ 50,000$ 54,492$ 4,492$
Use of Money and Property 5,000 5,000 1,208 (3,792)
Total Revenues 55,000 55,000 55,700 700
EXPENDITURES
Public Works 57,000 57,000 55,839 1,161
NET CHANGE IN FUND BALANCE (2,000) (2,000) (139) 1,861
Fund Balance - Beginning of Year 152,762 152,762 152,762 -
FUND BALANCE - END OF YEAR 150,762$ 150,762$ 152,623$ 1,861$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
PROPOSITION A SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2021
(92)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Revenue from Other Agencies 839,400$ 839,400$ 856,312$ 16,912$
Use of Money and Property 10,000 10,000 13,626 3,626
Total Revenues 849,400 849,400 869,938 20,538
EXPENDITURES
Public Works 776,600 881,471 912,061 (30,590)
Capital Outlay - 425,970 425,970 -
Total Expenditures 776,600 1,307,441 1,338,031 (30,590)
NET CHANGE IN FUND BALANCE 72,800 (458,041) (468,093) (10,052)
Fund Balance - Beginning of Year 2,017,431 2,017,431 2,017,431 -
FUND BALANCE - END OF YEAR 2,090,231$ 1,559,390$ 1,549,338$ (10,052)$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
PUBLIC SAFETY GRANTS SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2021
(93)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Revenue from Other Agencies 150,000$ 150,000$ 156,727$ 6,727$
Use of Money and Property 7,700 7,700 1,058 (6,642)
Total Revenues 157,700 157,700 157,785 85
OTHER FINANCING USES
Transfers Out (130,000) (130,000) (130,000) -
NET CHANGE IN FUND BALANCE 27,700 27,700 27,785 85
Fund Balance - Beginning of Year 76,420 76,420 76,420 -
FUND BALANCE - END OF YEAR 104,120$ 104,120$ 104,205$ 85$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
MEASURE R SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2021
(94)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Revenue from Other Agencies 522,200$ 522,200$ 533,448$ 11,248$
Use of Money and Property 23,200 23,200 11,186 (12,014)
Total Revenues 545,400 545,400 544,634 (766)
EXPENDITURES
Public Works 250,000 822,338 427,415 394,923
NET CHANGE IN FUND BALANCE 295,400 (276,938) 117,219 394,157
Fund Balance - Beginning of Year 1,264,041 1,264,041 1,264,041 -
FUND BALANCE - END OF YEAR 1,559,441$ 987,103$ 1,381,260$ 394,157$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
MEASURE A SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2021
(95)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Revenue from Other Agencies 90,000$ 90,000$ -$ (90,000)$
Use of Money and Property 1,000 1,000 152 (848)
Total Revenues 91,000 91,000 152 (90,848)
OTHER FINANCING USES
Transfers Out (100,000) (100,000) - 100,000
NET CHANGE IN FUND BALANCE (9,000) (9,000) 152 9,152
Fund Balance - Beginning of Year 61,284 61,284 61,284 -
FUND BALANCE - END OF YEAR 52,284$ 52,284$ 61,436$ 9,152$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
MEASURE W SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2021
(96)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Revenue from Other Agencies 529,500$ 529,500$ 604,417$ 74,917$
Use of Money and Property 500 500 2,242 1,742
Total Revenues 530,000 530,000 606,659 76,659
EXPENDITURES
Public Works 536,000 536,000 414,190 121,810
NET CHANGE IN FUND BALANCE (6,000) (6,000) 192,469 198,469
Fund Balance - Beginning of Year 99,009 99,009 99,009 -
FUND BALANCE - END OF YEAR 93,009$ 93,009$ 291,478$ 198,469$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
MEASURE W SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2021
(97)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Revenue from Other Agencies -$ 690,000$ 679,381$ (10,619)$
Use of Money and Property - - - -
Total Revenues - 690,000 679,381 (10,619)
EXPENDITURES
Public Works - 213,537 187,954 25,583
NET CHANGE IN FUND BALANCE - 476,463 491,427 14,964
Fund Balance - Beginning of Year - - - -
FUND BALANCE - END OF YEAR -$ 476,463$ 491,427$ 14,964$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
ABALONE COVE SEWER ASSESSMENT SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2021
(98)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Taxes 50,000$ 50,000$ 51,980$ 1,980$
Use of Money and Property 2,000 2,000 2,045 45
Total Revenues 52,000 52,000 54,025 2,025
EXPENDITURES
Public Works 146,000 151,715 94,903 56,812
NET CHANGE IN FUND BALANCE (94,000) (99,715) (40,878) 58,837
Fund Balance - Beginning of Year 258,999 258,999 258,999 -
FUND BALANCE - END OF YEAR 164,999$ 159,284$ 218,121$ 58,837$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
DONOR-RESTRICTED CONTRIBUTIONS SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2021
(99)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Use of Money and Property 25,000$ 25,000$ 6,495$ (18,505)$
Other Revenue - - 16,700 16,700
Total Revenues 25,000 25,000 23,195 (1,805)
EXPENDITURES
Public Works 25,000 25,422 15,778 9,644
Parks and Recreation - 13,000 10,830 2,170
Total Expenditures 25,000 38,422 26,608 11,814
NET CHANGE IN FUND BALANCE - (13,422) (3,413) 10,009
Fund Balance - Beginning of Year 781,954 781,954 781,954 -
FUND BALANCE - END OF YEAR 781,954$ 768,532$ 778,541$ 10,009$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
JOINT POWERS IMPROVEMENT AUTHORITY PORTUGUESE BEND
SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2021
(100)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Use of Money and Property 2,600$ 2,600$ 425$ (2,175)$
EXPENDITURES
Public Works 90,000 90,000 45,051 44,949
Excess (Deficiency) of Revenues
Over (Under) Expenditures (87,400) (87,400) (44,626) 42,774
OTHER FINANCING SOURCES
Transfers In 20,000 20,000 20,000 -
NET CHANGE IN FUND BALANCE (67,400) (67,400) (24,626) 42,774
Fund Balance - Beginning of Year 84,068 84,068 84,068 -
FUND BALANCE - END OF YEAR 16,668$ 16,668$ 59,442$ 42,774$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
COMMUNITY DEVELOPMENT BLOCK GRANT SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2021
(101)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Revenue from Other Agencies 217,700$ 217,700$ 28,564$ (189,136)$
EXPENDITURES
Public Works 150,600 169,834 29,906 139,928
NET CHANGE IN FUND BALANCE 67,100 47,866 (1,342) (49,208)
Fund Balance - Beginning of Year 26,017 26,017 26,017 -
FUND BALANCE - END OF YEAR 93,117$ 73,883$ 24,675$ (49,208)$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
QUIMBY SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2021
(102)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Use of Money and Property 25,000$ 25,000$ 9,861$ (15,139)$
Other Revenues - - 23,652 23,652
Total Revenues 25,000 25,000 33,513 8,513
EXPENDITURES
Public Works - 318,278 130,863 187,415
NET CHANGE IN FUND BALANCE 25,000 (293,278) (97,350) 195,928
Fund Balance - Beginning of Year 1,178,370 1,178,370 1,178,370 -
FUND BALANCE - END OF YEAR 1,203,370$ 885,092$ 1,081,020$ 195,928$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
ENVIRONMENTAL EXCISE TAX SERVICE REVENUE FUND
YEAR ENDED JUNE 30, 2021
(103)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Use of Money and Property 10,000$ 10,000$ 2,275$ (7,725)$
Other Revenues - - 3,902 3,902
Total Revenues 10,000 10,000 6,177 (3,823)
EXPENDITURES
Public Works 210,000 210,000 143,634 66,366
NET CHANGE IN FUND BALANCE (200,000) (200,000) (137,457) 62,543
Fund Balance - Beginning of Year 346,815 346,815 346,815 -
FUND BALANCE - END OF YEAR 146,815$ 146,815$ 209,358$ 62,543$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
LOW-MODERATE INCOME CAPITAL PROJECTS FUND
YEAR ENDED JUNE 30, 2021
(104)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Taxes 43,200$ 43,200$ 59,765$ 16,565$
Use of Money and Property 3,000 3,000 1,845 (1,155)
Total Revenues 46,200 46,200 61,610 15,410
NET CHANGE IN FUND BALANCE 46,200 46,200 61,610 15,410
Fund Balance - Beginning of Year 222,221 222,221 222,221 -
FUND BALANCE - END OF YEAR 268,421$ 268,421$ 283,831$ 15,410$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
AFFORDABLE HOUSING IN-LIEU CAPITAL PROJECTS FUND
YEAR ENDED JUNE 30, 2021
(105)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Use of Money and Property 15,000$ 15,000$ 7,142$ (7,858)$
Other Revenues - - 12,441 12,441
Total Revenues 15,000 15,000 19,583 4,583
NET CHANGE IN FUND BALANCE 15,000 15,000 19,583 4,583
Fund Balance - Beginning of Year 856,128 856,128 856,128 -
FUND BALANCE - END OF YEAR 871,128$ 871,128$ 875,711$ 4,583$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
HABITAT RESTORATION PERMANENT FUND
YEAR ENDED JUNE 30, 2021
(106)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Use of Money and Property 12,400$ 12,400$ 6,092$ (6,308)$
Other Revenues - - - -
Total Revenues 12,400 12,400 6,092 (6,308)
EXPENDITURES
Public Works 184,900 184,900 153,618 31,282
NET CHANGE IN FUND BALANCE (172,500) (172,500) (147,526) 24,974
Fund Balance - Beginning of Year 815,498 815,498 815,498 -
FUND BALANCE - END OF YEAR 642,998$ 642,998$ 667,972$ 24,974$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
SUBREGION ONE PERMANENT FUND
YEAR ENDED JUNE 30, 2021
(107)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Use of Money and Property 14,000$ 14,000$ 6,298$ (7,702)$
EXPENDITURES
Public Works 41,600 41,600 42,115 (515)
Excess (Deficiency) of Revenues
Over (Under) Expenditures (27,600) (27,600) (35,817) (8,217)
OTHER FINANCING SOURCES
Transfers In 10,000 10,000 10,000 -
NET CHANGE IN FUND BALANCE (17,600) (17,600) (25,817) (8,217)
Fund Balance - Beginning of Year 771,232 771,232 771,232 -
FUND BALANCE - END OF YEAR 753,632$ 753,632$ 745,415$ (8,217)$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
JOINT POWERS IMPROVEMENT AUTHORITY ABALONE COVE PERMANENT FUND
YEAR ENDED JUNE 30, 2021
(108)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Use of Money and Property 2,600$ 2,600$ 6,309$ 3,709$
EXPENDITURES
Public Works 56,000 56,000 28,694 27,306
NET CHANGE IN FUND BALANCE (53,400) (53,400) (22,385) 31,015
Fund Balance - Beginning of Year 1,128,362 1,128,362 1,128,362 -
FUND BALANCE - END OF YEAR 1,074,962$ 1,074,962$ 1,105,977$ 31,015
CITY OF RANCHO PALOS VERDES, CALIFORNIA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
CAPITAL IMPROVEMENTS CAPITAL PROJECTS FUND
YEAR ENDED JUNE 30, 2021
(109)
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES
Use of Money and Property 460,000$ 460,000$ 214,382$ (245,618)$
Other Revenues - - 757 757
Total Revenues 460,000 460,000 215,139 (244,861)
EXPENDITURES
Capital Outlay:
Infrastructure Administration - - - -
Street Improvements 50,000 506,926 311,557 195,369
Parks/Trails/Open Space
Improvements 300,000 466,946 357,036 109,910
Sewer Improvements - 356,652 102,076 254,576
Building Improvements 301,000 348,364 33,301 315,063
Storm Water Quality Improvements - 118,474 46,709 71,765
Landslide Improvements 1,200,000 1,328,582 39,037 1,289,545
Total Expenditures 1,851,000 3,125,944 889,716 2,236,228
Excess (Deficiency) of Revenues
Over (Under) Expenditures (1,391,000) (2,665,944) (674,577) 1,991,367
OTHER FINANCING SOURCES (USES)
Transfers In 1,934,000 1,934,000 1,720,819 (213,181)
NET CHANGE IN FUND BALANCE 543,000 (731,944) 1,046,242 1,778,186
Fund Balance - Beginning of Year 25,344,808 25,344,808 25,344,808 -
FUND BALANCE - END OF YEAR 25,887,808$ 24,612,864$ 26,391,050$ 1,778,186$
STATISTICAL SECTION
CITY OF RANCHO PALOS VERDES, CALIFORNIA
DESCRIPTION OF STATISTICAL SECTION CONTENTS
JUNE 30, 2021
(110)
This part of the City of Rancho Palos Verdes’ comprehensive annual financial report presents detailed
information as a context for understanding what the information in the financial statements, note
disclosures, and required supplementary information says about the City’s overall financial health.
Contents Pages
Financial Trends 111
These schedules contain trend information to help the reader
understand how the City’s financial performance and well-being have
changed over time.
Revenue Capacity 121
These schedules contain information to help the reader assess the
City’s most significant local revenue source, property tax.
Debt Capacity 128
These schedules present information to help the reader assess the
affordability of the City’s current levels of outstanding debt and the
city’s ability to issue additional debt in the future. The City does not
have general bond indebtedness or debt issued with pledged
revenue.
Demographic and Economic Information 131
These schedules offer demographic and economic indicators to help
the reader understand the environment within which the City’s
financial activities take place.
Operating Information 136
These schedules contain services and infrastructure data to help the
reader understand how the information in the City’s financial report
relates to the services the City provides and the activities it performs.
Sources: Unless otherwise noted, the information in these schedules is derived from the
comprehensive annual financial reports for the relevant year.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS
(ACCRUAL BASIS OF ACCOUNTING)
(AMOUNTS EXPRESSED IN THOUSANDS)
(111)
2012 2013 2014 2015 2016
Governmental Activities:
Net Investment In Capital Assets 114,488$ 113,284$ 114,427$ 119,450$ 118,399$
Restricted 1,750 1,835 11,792 11,647 21,120
Unrestricted 67,112 46,687 46,679 42,208 42,210
Total Governmental Activities
Net Position 183,351$ 161,806$ 172,898$ 173,305$ 181,729$
Business-Type Activities:
Net Investment In Capital Assets 13,356$ 18,319$ 29,557$ 31,168$ 31,663$
Restricted - - - - -
Unrestricted 3,532 9,727 5,317 5,334 5,598
Total Business-Type Activities
Net Position 16,888$ 28,046$ 34,874$ 36,502$ 37,261$
Primary Government:
Net Investment In Capital Assets 127,845$ 131,603$ 143,984$ 150,618$ 150,062$
Restricted 1,750 1,835 11,792 11,647 21,120
Unrestricted 70,644 56,414 51,996 47,542 47,808
Total Primary Government
Net Position 200,238$ 189,852$ 207,772$ 209,807$ 218,990$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
NET POSITION BY COMPONENT (CONTINUED)
LAST TEN FISCAL YEARS
(ACCRUAL BASIS OF ACCOUNTING)
(AMOUNTS EXPRESSED IN THOUSANDS)
(112)
Governmental Activities:
Net Investment In Capital Assets
Restricted
Unrestricted
Total Governmental Activities
Net Position
Business-Type Activities:
Net Investment In Capital Assets
Restricted
Unrestricted
Total Business-Type Activities
Net Position
Primary Government:
Net Investment In Capital Assets
Restricted
Unrestricted
Total Primary Government
Net Position
2017 2018 2019 2020 2021
123,437$ 125,420$ 159,557$ 156,763$ 153,418$
19,387 17,300 16,170 24,129 23,217
43,618 44,168 47,739 38,568 43,125
186,442$ 186,888$ 223,466$ 219,460$ 219,760$
31,311$ 34,996$ -$ -$ -$
- - - - -
4,600 (128) - - -
35,911$ 34,868$ -$ -$ -$
154,748$ 160,416$ 159,557$ 156,763$ 153,568$
19,387 17,300 16,170 24,129 23,217
48,218 44,040 47,739 38,568 42,974
222,353$ 221,756$ 223,466$ 219,460$ 219,759$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
(ACCRUAL BASIS OF ACCOUNTING)
(AMOUNTS EXPRESSED IN THOUSANDS)
(113)
2012 2013 2014 2015 2016
EXPENSES
Governmental Activities:
Administration 5,906$ 5,534$ 7,530$ 7,048$ 8,062$
Public Safety 4,178 4,348 4,429 4,670 5,215
Public Works 11,202 10,874 9,377 10,771 9,610
Community Development 2,432 2,526 1,927 2,072 1,971
Parks and Recreation 1,490 1,696 1,369 1,669 2,052
Non-Departmental - - 35 191 134
Interest on Long-Term Debt 109 - - - -
Total Governmental Activities Expenses 25,318 24,978 24,667 26,421 27,044
Business-Type Activities:
Water Quality Flood Protection 560 594 659 1,422 646
Total Primary Government Expenses 25,878$ 25,572$ 25,326$ 27,843$ 27,690$
PROGRAM REVENUES
Governmental Activities:
Charges for Services:
Administration 747$ 779$ 120$ 108$ 318$
Public Safety 194 150 42 43 179
Public Works 684 543 169 432 159
Parks and Recreation 503 476 18 144 781
Community Development 1,644 1,854 1,772 2,058 958
Non-Departmental - - - 96
Operating Grants and Contributions 3,628 4,133 2,506 2,274 2,332
Capital Grants and Contributions 139 139 2,912 1,230 1,111
Total Governmental Activities Program Revenues 7,538 8,074 7,539 6,289 5,934
Business-Type Activities:
Charges for Services:
Water Quality Flood Protection 1,319 1,313 1,361 1,369 1,385
Operating Grants and Contributions - 2,137 - - -
Capital Grants and Contributions - - 6,115 1,213 -
Total Business-Type Activities Program Revenues 1,319 3,450 7,476 2,582 1,385
Total Primary Government Program Revenues 8,857$ 11,524$ 15,015$ 8,871$ 7,319$
Net (Expense) Revenue:
Governmental Activities (17,780)$ (16,904)$ (17,128)$ (20,132)$ (21,110)$
Business-Type Activities 759 2,856 6,817 1,159 738
Total Primary Government Net Expense (17,022)$ (14,048)$ (10,311)$ (18,973)$ (20,372)$
GENERAL REVENUES AND OTHER CHANGES
IN NET POSITION
Governmental Activities:
Taxes:
Property Taxes 11,480$ 11,284$ 11,991$ 12,452$ 13,764$
Transient Occupancy Tax 3,349 3,790 4,250 4,812 5,197
Franchise Taxes 1,881 1,907 1,998 2,045 2,045
Utility User Taxes 2,333 2,481 2,510 1,973 1,866
Other Taxes 674 778 1,589 1,564 1,179
Intergovernmental Revenue - Shared Sales Tax 1,449 1,588 1,642 1,758 2,104
Investment Income 604 184 94 122 214
Other 52 929 4,146 3,231 2,608
Transfers - (8,293) - (458) -
Extraordinary Item 23,348 (19,289) - -
Total Governmental Activities 45,170 (4,641) 28,220 27,499 28,977
Business-Type Activities:
Investment Income 11 10 11 10 21
Other - - - - -
Transfers - 8,293 - 458 -
Total Business-Type Activities 11 8,303 11 468 21
Total Primary Government 45,181$ 3,662$ 28,231$ 27,967$ 28,998$
CHANGE IN NET POSITION
Governmental Activities 27,390$ (21,545)$ 11,092$ 7,367$ 7,868$
Business-Type Activities 770 11,159 6,828 1,627 759
Total Primary Government Net Expense 28,159$ (10,386)$ 17,920$ 8,994$ 8,627$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
CHANGES IN NET POSITION (CONTINUED)
LAST TEN FISCAL YEARS
(ACCRUAL BASIS OF ACCOUNTING)
(AMOUNTS EXPRESSED IN THOUSANDS)
(114)
EXPENSES
Governmental Activities:
Administration
Public Safety
Public Works
Community Development
Parks and Recreation
Non-Departmental
Interest on Long-Term Debt
Total Governmental Activities Expenses
Business-Type Activities:
Water Quality Flood Protection
Total Primary Government Expenses
PROGRAM REVENUES
Governmental Activities:
Charges for Services:
Administration
Public Safety
Public Works
Parks and Recreation
Community Development
Non-Departmental
Operating Grants and Contributions
Capital Grants and Contributions
Total Governmental Activities Program Revenues
Business-Type Activities:
Charges for Services:
Water Quality Flood Protection
Operating Grants and Contributions
Capital Grants and Contributions
Total Business-Type Activities Program Revenues
Total Primary Government Program Revenues
Net (Expense) Revenue:
Governmental Activities
Business-Type Activities
Total Primary Government Net Expense
GENERAL REVENUES AND OTHER CHANGES
IN NET POSITION
Governmental Activities:
Taxes:
Property Taxes
Transient Occupancy Tax
Franchise Taxes
Utility User Taxes
Other Taxes
Intergovernmental Revenue - Shared Sales Tax
Investment Income
Other
Transfers
Extraordinary Item
Total Governmental Activities
Business-Type Activities:
Investment Income
Other
Transfers
Total Business-Type Activities
Total Primary Government
CHANGE IN NET POSITION
Governmental Activities
Business-Type Activities
Total Primary Government Net Expense
2017 2018 2019 2020 2021
6,746$ 7,258$ 6,563$ 8,013$ 8,476$
6,534 7,339 7,214 7,360 7,251
10,638 16,073 16,064 18,182 15,885
2,664 2,726 3,052 2,857 2,979
2,434 2,736 3,064 2,857 2,624
2,400 1,166 1,134 1,192 -
- - - - -
31,416 37,298 37,091 40,461 37,215
1,400 1,071 811 - -
32,816$ 38,369$ 37,902$ 40,461$ 37,215$
1,081$ 1,032$ 1,065$ 1,064$ 776$
140 124 104 111 245
274 659 227 309 215
708 2,083 766 579 412
2,066 729 2,130 1,793 1,931
- - - - -
4,196 4,481 4,608 4,605 5,087
818 769 1,137 625 1,254
9,283 9,877 10,037 9,086 9,920
11 - - - -
- - - - -
- - - - -
11 - - - -
9,294$ 9,877$ 10,037$ 9,086$ 9,920$
(22,133)$ (27,421)$ (27,054)$ (31,375)$ (27,295)$
(1,389) (1,071) (811) - -
(23,522)$ (28,492)$ (27,865)$ (31,375)$ (27,295)$
13,302$ 13,762$ 14,350$ 14,994$ 15,966$
5,601 5,615 5,645 3,910 3,116
1,985 1,838 2,150 2,146 2,203
1,775 403 1,917 1,912 2,246
365 2,520 429 395 633
2,463 2,129 2,661 2,163 1,919
434 838 1,313 1,225 676
920 763 909 626 835
- - 34,258 - -
- - - - -
26,845 27,868 63,632 27,371 27,594
35 29 - - -
- - 200 - -
3 - (34,258) - -
38 29 (34,058) - -
26,883$ 27,897$ 29,574$ 27,371$ 27,594$
4,713$ 447$ 36,578$ (4,004)$ 299$
(1,351) (1,042) (34,869) - -
3,362$ (595)$ 1,709$ (4,004)$ 299$
(115)
THIS PAGE INTENTIONALLY LEFT BLANK
CITY OF RANCHO PALOS VERDES, CALIFORNIA
GENERAL GOVERNMENTAL TAX REVENUES BY SOURCE
LAST TEN FISCAL YEARS
(MODIFIED ACCRUAL BASIS OF ACCOUNTING)
(AMOUNTS EXPRESSED IN THOUSANDS)
(116)
Transient Utility
Fiscal Property Occupancy Sales Franchise Users Other
Year Tax Tax Tax Tax Tax Taxes Total
2012 11,480 3,349 1,452 1,881 2,333 1,372 21,867
2013 11,284 3,790 1,589 1,907 2,481 1,492 22,543
2014 11,991 4,250 1,642 1,998 2,510 1,590 23,981
2015 12,452 4,812 1,758 2,044 1,973 1,564 24,603
2016 13,764 5,197 2,104 2,045 1,866 1,179 26,155
2017 13,302 5,601 2,463 1,985 1,775 365 25,491
2018 13,028 5,615 2,520 2,129 1,838 1,290 26,420
2019 13,567 5,645 2,661 2,150 1,917 1,376 27,316
2020 14,184 3,910 2,163 2,146 1,912 1,291 25,606
2021 15,082 3,116 1,919 2,203 2,246 1,308 25,874
Source
City General Ledger
CITY OF RANCHO PALOS VERDES, CALIFORNIA
FUND BALANCES OF GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
(MODIFIED ACCRUAL BASIS OF ACCOUNTING)
(AMOUNTS EXPRESSED IN THOUSANDS)
(117)
2012 2013 2014 2015 2016
GENERAL FUND
Non-Spendable 7,493$ 138$ 144$ 598$ 564$
Restricted - - - - -
Committed - - - - 802
Assigned - - - - -
Unassigned 12,464 14,370 15,474 16,055 13,702
Total General Fund 19,957$ 14,508$ 15,618$ 16,653$ 15,068$
ALL OTHER GOVERNMENTAL FUNDS
Non-Spendable:
Special Revenue Funds 3,066$ -$ -$ -$ -$
Capital Projects Funds - - - - -
Permanent Fund 1,750 1,835 1,845 1,855 1,866
Restricted:
Special Revenue Funds 8,187 7,849 8,445 8,362 9,757
Capital Projects Funds - - - - 3,000
Permanent Fund 226 280 1,502 1,492 1,312
Committed:
Special Revenue Funds - 36 58 55 353
Capital Projects Funds - - - - 3,467
Assigned:
Special Revenue Funds - - 794 572 476
Capital Projects Funds 15,407 13,084 18,535 21,078 23,902
Unassigned:
Special Revenue Funds (108) (198) (116) (59) -
Total All Other Governmental Funds 28,528$ 22,885$ 31,063$ 33,355$ 44,133$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
FUND BALANCES OF GOVERNMENTAL FUNDS (CONTINUED)
LAST TEN FISCAL YEARS
(MODIFIED ACCRUAL BASIS OF ACCOUNTING)
(AMOUNTS EXPRESSED IN THOUSANDS)
(118)
GENERAL FUND
Non-Spendable
Restricted
Committed
Assigned
Unassigned
Total General Fund
ALL OTHER GOVERNMENTAL FUNDS
Non-Spendable:
Special Revenue Funds
Capital Projects Funds
Permanent Fund
Restricted:
Special Revenue Funds
Capital Projects Funds
Permanent Fund
Committed:
Special Revenue Funds
Capital Projects Funds
Assigned:
Special Revenue Funds
Capital Projects Funds
Unassigned:
Special Revenue Funds
Total All Other Governmental Funds
2017 2018 2019 2020 2021
190$ 913$ 1,016$ 249$ 1,142$
- - - - -
964 715 341 167 2,785
- - - - -
15,671 16,450 19,431 21,333 21,872
16,825$ 18,078$ 20,788$ 21,749$ 25,799$
-$ -$ -$ -$ -$
- - - -
1,877 1,889 1,902 1,915 1,926
11,702 12,825 10,437 10,420 9,489
4,660 1,438 2,946 2,458 1,799
1,148 1,148 885 800 593
- - - - -
- - - - -
479 - - - -
23,149 23,942 25,100 23,965 25,752
- - (564) (215) (219)
43,015$ 41,242$ 40,706$ 39,343$ 39,340$
CITY OF RANCHO PALOS VERDES, CALIFORNIA
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
(MODIFIED ACCRUAL BASIS OF ACCOUNTING)
(AMOUNTS EXPRESSED IN THOUSANDS)
(119)
2012 2013 2014 2015 2016
REVENUES
Taxes 21,867$ 22,543$ 23,981$ 24,603$ 25,725$
Licenses and Permits 1,806 2,027 1,951 2,515 2,383
Revenues from Other Agencies 3,421 3,395 5,301 3,794 3,443
Charges for Services 149 141 323 427 558
Fines and Forfeitures 159 117 128 135 180
Use of Money and Property 1,350 1,383 846 653 750
Donation - 445 - - -
Other Revenues 259 741 3,068 2,377 1,668
Total Revenues 29,011 30,791 35,598 34,504 34,707
EXPENDITURES
Administration 5,726 5,401 5,792 5,135 6,183
Public Safety 4,178 4,348 4,492 4,761 5,215
Public Works 7,616 7,240 7,611 8,042 7,961
Parks and Recreation 1,479 1,557 1,573 1,819 2,042
Community Development 2,484 2,591 2,640 2,870 2,619
Non-Departmental - - 35 190 238
Capital Outlay 3,155 2,721 4,113 8,697 1,344
Debt Service:
Principal 464 - - - -
Interest 498 - - - -
Total Expenditures 25,599 23,857 26,256 31,514 25,602
Excess of Revenues Over (Under)
Expenditures 3,412 6,934 9,342 2,990 9,105
OTHER FINANCING SOURCES (USES)
Transfers In 8,226 7,954 10,424 13,525 11,784
Transfers Out (7,856) (16,247) (10,479) (13,188) (11,784)
Total Other Financing Sources (Uses) 371 (8,293) (55) 337 -
EXTRAORDINARY GAIN (LOSS)18,240 (6,743) - - -
NET CHANGE IN FUND BALANCES 22,023$ (8,102)$ 9,287$ 3,327$ 9,105$
Cost of Assets Capitalized 2,865 2,022 4,820 8,490 2,398
Debt Services as a percentage of Non-Capital
Expenditures 4.2% 0.0% 0.0% 0.0% 0.0%
CITY OF RANCHO PALOS VERDES, CALIFORNIA
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS (CONTINUED)
LAST TEN FISCAL YEARS
(MODIFIED ACCRUAL BASIS OF ACCOUNTING)
(AMOUNTS EXPRESSED IN THOUSANDS)
(120)
REVENUES
Taxes
Licenses and Permits
Revenues from Other Agencies
Charges for Services
Fines and Forfeitures
Use of Money and Property
Donation
Other Revenues
Total Revenues
EXPENDITURES
Administration
Public Safety
Public Works
Parks and Recreation
Community Development
Non-Departmental
Capital Outlay
Debt Service:
Principal
Interest
Total Expenditures
Excess of Revenues Over (Under)
Expenditures
OTHER FINANCING SOURCES (USES)
Transfers In
Transfers Out
Total Other Financing Sources (Uses)
EXTRAORDINARY GAIN (LOSS)
NET CHANGE IN FUND BALANCES
Cost of Assets Capitalized
Debt Services as a percentage of Non-Capital
Expenditures
2017 2018 2019 2020 2021
25,491$ 26,266$ 28,098$ 26,416$ 26,758$
3,044 3,095 2,205 1,917 2,007
5,117 5,345 5,158 5,442 5,883
1,072 1,113 215 203 193
153 144 331 365 675
415 714 1,656 1,446 828
- - - - -
732 1,038 1,026 1,009 615
36,024 37,715 38,689 36,798 36,959
5,445 5,867 5,581 6,319 5,456
6,534 7,399 7,214 7,360 7,251
9,084 11,068 13,546 12,260 9,681
2,175 2,493 2,769 2,548 2,662
2,664 2,736 3,052 2,857 2,624
2,400 1,167 1,134 1,204 1,814
7,106 7,504 3,291 4,653 3,424
- - - - -
- - - - -
35,408 38,234 36,587 37,201 32,912
616 (519) 2,102 (403) 4,047
4,577 5,044 6,027 2,924 1,881
(4,577) (5,044) (5,954) (2,924) (1,881)
- - 73 - -
- - - - -
616$ (519)$ 2,175$ (403)$ 4,047$
8,228 8,228 5,496 4,058 3,202
0.0% 0.0% 0.0% 0.0% 0.0%
CITY OF RANCHO PALOS VERDES, CALIFORNIA
ASSESSED VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
(IN THOUSANDS OF DOLLARS)
(121)
Fiscal
Year Residential Commercial Industrial Other Unsecured
End Property Property Property Property Property
2012 8,596,777 390,497 3,358 564,763 70,284
2013 8,843,139 402,533 3,425 581,160 48,147
2014 9,190,789 475,510 3,493 660,569 46,962
2015 9,492,704 486,378 3,509 679,241 45,906
2016 10,094,704 501,636 3,580 695,738 44,300
2017 10,770,321 531,536 3,634 506,899 24,986
2018 11,302,341 541,829 3,707 521,883 26,829
2019 11,924,464 580,286 3,781 551,820 25,824
2020 12,466,277 597,016 3,857 556,186 26,416
2021 12,995,604 612,892 3,934 615,222 26,419
Source
2010-2013 & 2006-2007 County Assessor data, Avenu Insights & Analytics
Unitary value of $980,000 is excluded.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
(IN THOUSANDS OF DOLLARS)
(122)
City Estimated Factor of Assessed
Fiscal Less Taxable Direct Actual Taxable Value as a
Year Tax-Exempt Assessed Tax Taxable Assessed Percentage of
End Property Value Rate (1) Value (2) Value (3) Actual Value
2012 157,307 9,468,372 0.06373 10,683,820$ 1.12837 88.62%
2013 174,167 9,704,237 0.06373 11,390,239$ 1.17374 85.20%
2014 153,434 10,223,889 0.06373 13,967,877$ 1.36620 73.20%
2015 151,709 10,556,029 0.06373 13,571,675$ 1.28568 77.78%
2016 155,138 11,184,820 0.06373 15,366,477$ 1.37387 72.79%
2017 174,779 11,662,598 0.06373 17,011,415$ 1.45863 68.56%
2018 180,953 12,215,635 0.06373 15,669,728$ 1.28276 77.96%
2019 184,447 12,901,730 0.06373 17,984,167$ 1.39393 71.74%
2020 171,367 13,478,385 0.06373 17,927,678$ 1.33011 75.18%
2021 147,361 14,106,710 0.06373 18,817,832$ 1.33396 74.96%
Source
2010-2013 & 2006-2007 County Assessor data, Avenu Insights & Analytics
Unitary value of $980,000 is excluded.
(1) City Direct Tax Rate is represented by TRA 001-224.
(2) Estimated Actual Value is derived from a series of calculations comparing median assessed values from 1940 to current
median sale prices. Based on these calculations a factor was extrapolated and applied to current assessed values.
Based on these calculations a factor was extrapolated and applied to current assessed values.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
PROPERTY TAX RATES
DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
(123)
2011-12 2012-13 2013-14 2014-15 2015-16
City Direct Rate 0.06373 0.06373 0.06373 0.06373 0.06373
All Other Direct Rates:
LA COUNTY GENERAL 0.44122 0.44122 0.44122 0.44122 0.44122
LA COUNTY ACCUM CAP OUTLAY 0.00011 0.00011 0.00011 0.00011 0.00011
CONSOL. FIRE PRO.DIST OF LA CO. 0.16972 0.16972 0.16972 0.16972 0.16972
LA CO. FIRE-FFW 0.00691 0.00691 0.00691 0.00691 0.00691
LA CO.FL.CON.DR.IMP.DIST.MAINT. 0.00260 0.00260 0.00260 0.00260 0.00260
LA CO FLOOD CONTROL MAINT 0.01470 0.01470 0.01470 0.01470 0.01470
PALOS VERDES LIBRARY DIST MAINT 0.04347 0.04347 0.04347 0.04347 0.04347
LA CO WEST VECTOR CONTROL DIST. 0.00032 0.00032 0.00032 0.00032 0.00032
CO SANITATION DIST NO 5 OPERAT 0.01750 0.01750 0.01750 0.01750 0.01750
WTR REPLENISHMENT DIST OF SO CAL 0.00018 0.00018 0.00018 0.00018 0.00018
ERAF 0.00000 0.00000 0.00000 0.00000 0.00000
EDUCATIONAL AUG FD IMPOUND 0.00000 0.00000 0.00000 0.00000 0.00000
COUNTY SCHOOL SERVICES 0.00137 0.00137 0.00137 0.00137 0.00137
CHILDREN'S INSTIL TUITION FUND 0.00272 0.00272 0.00272 0.00272 0.00272
LA CITY COMM COLLEGE DIST 0.02921 0.02921 0.02921 0.02921 0.02921
LA COMM COLL CHILDREN'S CTR FD 0.00030 0.00030 0.00030 0.00030 0.00030
PALOS VERDES PENINSULA USD 0.19699 0.19699 0.19699 0.19699 0.19699
CO.SCH.SERV.FD-LOS ANGELES 0.00808 0.00808 0.00808 0.00808 0.00808
DEV.CTR.HDCPD MINOR-LA UNIF. 0.00088 0.00088 0.00088 0.00088 0.00088
Total 1.00000 1.00000 1.00000 1.00000 1.00000
Debt Service Rates:
COUNTY 0.00000 0.00000 0.00000 0.00000 0.00000
PALOS VERDES PEN USD 0.02251 0.02410 0.02311 0.02329 0.02343
COMMNTY COLLEGE 0.03530 0.04875 0.04454 0.04017 0.03576
PALOS VERDES LIB 0.00636 0.00644 0.00612 0.00585 0.00563
FLOOD CONTROL 0.00000 0.00000 0.00000 0.00000 0.00000
METRO WATER DIST 0.00370 0.00350 0.00350 0.00350 0.00350
Total 0.06787 0.08279 0.07727 0.07282 0.06832
Total Tax Rate 1.06787 1.08279 1.07727 1.07282 1.06832
Source
2010-2015 County Assessor data, Avenu Insights & Analytics
City has no separate debt service rate, direct rate is 100% operating.
TRA 149 is represented for this report.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
PROPERTY TAX RATES (CONTINUED)
DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
(124)
City Direct Rate
All Other Direct Rates:
LA COUNTY GENERAL
LA COUNTY ACCUM CAP OUTLAY
CONSOL. FIRE PRO.DIST OF LA CO.
LA CO. FIRE-FFW
LA CO.FL.CON.DR.IMP.DIST.MAINT.
LA CO FLOOD CONTROL MAINT
PALOS VERDES LIBRARY DIST MAINT
LA CO WEST VECTOR CONTROL DIST.
CO SANITATION DIST NO 5 OPERAT
WTR REPLENISHMENT DIST OF SO CAL
ERAF
EDUCATIONAL AUG FD IMPOUND
COUNTY SCHOOL SERVICES
CHILDREN'S INSTIL TUITION FUND
LA CITY COMM COLLEGE DIST
LA COMM COLL CHILDREN'S CTR FD
PALOS VERDES PENINSULA USD
CO.SCH.SERV.FD-LOS ANGELES
DEV.CTR.HDCPD MINOR-LA UNIF.
Total
Debt Service Rates:
COUNTY
PALOS VERDES PEN USD
COMMNTY COLLEGE
PALOS VERDES LIB
FLOOD CONTROL
METRO WATER DIST
Total
Total Tax Rate
Source
2010-2015 County Assessor data, Avenu Insights & Analytics
City has no separate debt service rate, direct rate is 100% operating.
TRA 149 is represented for this report.
2016-17 2017-18 2018-19 2019-20 2020-21
0.06373 0.06373 0.06373 0.06373 0.05680
0.44122 0.44122 0.44122 0.44122 0.25797
0.00011 0.00011 0.00011 0.00011 0.00011
0.16972 0.16972 0.16972 0.16972 0.16972
0.00691 0.00691 0.00691 0.00691 0.00691
0.00260 0.00260 0.00260 0.00260 0.00165
0.01470 0.01470 0.01470 0.01470 0.00933
0.04347 0.04347 0.04347 0.04347 0.03248
0.00032 0.00032 0.00032 0.00032 0.00019
0.01750 0.01750 0.01750 0.01750 0.01168
0.00018 0.00018 0.00018 0.00018 0.00018
0.00000 0.00000 0.00000 0.00000 0.07247
0.00000 0.00000 0.00000 0.00000 0.14097
0.00137 0.00137 0.00137 0.00137 0.00137
0.00272 0.00272 0.00272 0.00272 0.00272
0.02921 0.02921 0.02921 0.02921 0.02921
0.00030 0.00030 0.00030 0.00030 0.00030
0.19699 0.19699 0.19699 0.19699 0.19699
0.00809 0.00808 0.00808 0.00808 0.00808
0.00088 0.00088 0.00088 0.00088 0.00088
1.00000 1.00000 1.00000 1.00000 1.00000
0.00000 0.00000 0.00000 0.00000 0.00000
0.02320 0.02309 0.02371 0.02359 0.02378
0.03596 0.04599 0.04621 0.02718 0.04016
0.00000 0.00000 0.00000 0.00000 0.00000
0.00000 0.00000 0.00000 0.00000 0.00000
0.00350 0.00350 0.00350 0.00350 0.00350
0.06265 0.07258 0.07342 0.05426 0.06744
1.06265 1.07258 1.07342 1.05426 1.06744
CITY OF RANCHO PALOS VERDES, CALIFORNIA
PRINCIPAL PROPERTY TAX PAYERS
LAST FISCAL YEAR AND NINE YEARS AGO
(125)
Percentage of Percentage of
Taxable Total City Taxable Taxable Total City Taxable
Taxpayer Value ($) Rank Value (%) Value ($) Rank Value (%)
Long Point Development LLC 480,831,013 1 3.41% 331,377,907 1 3.50%
GS Palos Verdes LLC 114,814,489 2 0.81%
Roic California LLC 70,506,658 3 0.50%
P V Victoria Apartments LLC 55,351,405 4 0.39% 47,055,126 4 0.50%
California Water Service Co 44,327,492 5 0.31% 9,259,904 14 0.10%
Vista Catalina Apts 43,452,773 6 0.31%
Western Riviera Investors Et Al 34,176,694 7 0.24% 28,966,800 6 0.31%
Golden Cove Center LLC 32,032,080 8 0.23% 26,607,901 7 0.28%
Episcopal Communities And Services For S 31,074,786 9 0.22%
Ocean View Drive Inc 28,628,010 10 0.20%
VH Property Corp 28,081,760 11 0.20% 54,605,177 3 0.58%
Belmont Village RPV LP 27,023,631 12 0.19% 22,399,961 11 0.24%
Johnson Cory C Et Al Trs 18,990,737 13 0.13%
WLP Westmont Plaza LLC 16,589,257 14 0.12%
American Golf Inc 13,801,188 15 0.10%
Water On Three Sides LP 12,512,919 16 0.09%
Chang Jacqueline 9,997,245 17 0.07%
Victoria Apartments 9,159,828 18 0.06% 7,821,788 16 0.08%
Thornecrest LLC 9,148,621 19 0.06%
Palos Verdes Terrace Ltd 8,974,647 20 0.06% 7,662,361 17 0.08%
Wei Lai Development LLC 8,801,026 21 0.06%
XCX Bear LLC 8,555,237 22 0.06%
Bruning Fred W Co Tr 8,527,641 23 0.06%
Maleenont Voravat 8,251,932 24 0.06%
AA Homes LLC 8,228,808 25 0.06%
PPC Villas RPV LLC 64,189,287 2 0.68%
Terraces Rancho Palos Verdes L 35,413,270 5 0.37%
Terranea Resort 24,459,679 8 0.26%
BVF Li Madison LLC 23,069,957 9 0.24%
Cox Com Inc. Orange 22,735,148 10 0.24%
Johnson Eric C 15,951,715 12 0.17%
Tridiamond LLC 13,411,749 13 0.14%
Kariger Brian P 8,392,935 15 0.09%
Saitta Christopher L 6,599,181 18 0.07%
Amdan Investment LLC Lessee 6,550,000 19 0.07%
Gerts Igor Anna 6,463,000 20 0.07%
Labarba James G 6,133,098 21 0.06%
Imbach Scott A Diane Y 6,022,988 22 0.06%
Clow Leland E Ilene F 5,880,699 23 0.06%
Hsu Tong H 5,866,730 24 0.06%
Kip Holding Inc.5,602,022 25 0.06%
Total Top 25 Taxpayers 1,131,839,877$ 8.02% 792,498,383$ 8.37%
Total Taxable Value 14,106,710,194$ 100.00% 9,468,372,445$ 100.00%
Source
2020-21 2011-12
CITY OF RANCHO PALOS VERDES, CALIFORNIA
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
(AMOUNTS EXPRESSED IN THOUSANDS)
(126)
Collected within the
Fiscal Year of the Levy Total Collections to Date
Total Tax Collections in
Fiscal Levy for Percentage Subsequent Percentage
Year Fiscal Year Amount of Levy Years Amount of Levy
2012 5,777 5,656 97.91% 0 5,656 97.91%
2013 5,951 5,844 98.20% 0 5,844 98.20%
2014 6,287 6,193 98.50% 0 6,193 98.50%
2015 6,487 6,396 98.60% 0 6,396 98.60%
2016 6,813 6,716 98.58% 0 6,716 98.58%
2017 7,093 7,009 98.82% 0 7,009 98.82%
2018 7,481 7,389 98.77% 0 7,389 98.77%
2019 7,888 7,782 98.66% 0 7,782 98.66%
2020 8,290 8,017 96.71% 0 8,017 96.71%
2021 8,674 8,526 98.29% 0 8,526 98.29%
Source
County Assessor General Ledger, MuniServices, LLC / Avenu Insights & Analytics
* Includes 1% secured apportionment only
(127)
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CITY OF RANCHO PALOS VERDES, CALIFORNIA
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
CURRENT YEAR
(128)
2020-21 Assessed Valuation: $14,174,092,132
Total Debt City’s Share of
DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT:6/30/2021 % Applicable (1) Debt 6/30/21
Metropolitan Water District
Los Angeles Community College District $26,830,000 0.434%116,442$
Los Angeles Unified School District 4,409,250,000 1.471%64,860,068
Palos Verdes Unified School District 10,864,555,000 0.174%18,904,326
City of Rancho Palos Verdes 50,379,648 47.043%23,700,098
- 100% -
TOTAL DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT 107,580,933
Less: Los Angeles Unified School District General Obligation Bonds,
Election of 2005, Series J (2010) Qualified School Construction Bonds:
Amount accumulated in Interest and Sinking Fund and Set Asides for Repayment
TOTAL NET OVERLAPPING TAN AND ASSESSMENT DEBT
153,571
107,427,362$
OVERLAPPING GENERAL FUND DEBT:
Los Angeles County General Fund Obligations $2,618,507,256 0.829%21,707,425$
Los Angeles County Superintendent of Schools Certificates of Participation 4,565,373 0.829%37,847
Los Angeles County Sanitation District No. 5 Authority 4,100,179 9.962%408,460
Los Angeles County South Bay Cities Sanitation District Authority 698,865 4.066%28,416
Los Angeles Unified School District Certificates of Participation 130,970,000 0.174%227,888
TOTAL GROSS OVERLAPPING GENERAL FUND DEBT 22,410,036
TOTAL DIRECT DEBT 0
TOTAL GROSS OVERLAPPING DEBT 129,990,970
TOTAL NET OVERLAPPING DEBT 129,837,399$
GROSS COMBINED TOTAL DEBT 129,990,970$
NET COMBINED TOTAL DEBT 129,837,399$
(1) The percentage of overlapping debt applicable to the City is estimated using taxable assessed property value. Applicable percentages were
estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the City divided by the district's
total taxable assessed value.
(2) Excludes tax and revenue anticipation notes, revenue, mortgage revenue and non-bonded capital lease obligations.
Ratios to 2020-21 Assessed Valuation:
Direct Debt 0.00%
Total Gross Direct and Overlapping Tax and Assessment Debt 0.76%
Total Net Direct and Overlapping Tax and Assessment Debt 0.76%
Gross Combined Total Debt 0.92%
Net Combined Total Debt 0.92%
Source
2020-21 Avenu Insights & Analytics
CITY OF RANCHO PALOS VERDES, CALIFORNIA
LEGAL DEBT MARGIN INFORMATION
LAST TEN FISCAL YEARS
(AMOUNTS EXPRESSED IN THOUSANDS)
FISCAL YEAR
(129)
2012 2013 2014 2015 2016
Debt Limit 1,420,256$ 1,382,850$ 1,533,583$ 1,583,404$ 1,677,723$
Total Net Debt Applicable to Limit - - - - -
Legal Debt Margin 1,420,256$ 1,382,850$ 1,533,583$ 1,583,404$ 1,677,723$
Total Net Debt Applicable to the Limit as
a Percentage of Debt Limit 0% 0% 0% 0% 0%
Cities have a maximum G.O. debt limit of 15% of the assessed valuation of all property within their boundaries.
Cities have a maximum G.O. debt limit of 15% of the assessed valuation of all property within their boundaries.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
LEGAL DEBT MARGIN INFORMATION (CONTINUED)
LAST TEN FISCAL YEARS
(AMOUNTS EXPRESSED IN THOUSANDS)
FISCAL YEAR
(130)
Debt Limit
Total Net Debt Applicable to Limit
Legal Debt Margin
Total Net Debt Applicable to the Limit as
a Percentage of Debt Limit
Cities have a maximum G.O. debt limit of 15% of
2017 2018 2019 2020 2021
1,749,390$ 1,832,345$ 1,935,260$ 2,021,758$ 2,116,007$
- - - - -
1,749,390$ 1,832,345$ 1,935,260$ 2,021,758$ 2,116,007$
0% 0% 0% 0% 0%
Total Taxable Value 14,106,710$
Debt Limit (15% of Total Taxable Value) 2,116,007
Debt Applicable to Limit -
Legal Debt Margin 2,116,007$
Cities have a maximum G.O. debt limit of 15% of the assessed valuation of all property within their boundaries.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN CALENDAR YEARS
(131)
Per Capita **Public
Fiscal Personal Personal Median School
Year Population (1) Income (2) Income (2) Age Enrollment
2011-12 41,897 2,561,016,971 61,127 47.6 11,840
2012-13 42,114 2,618,143,152 62,168 47.8 11,873
2013-14 42,358 2,564,205,491 60,537 47.6 11,700
2014-15 42,564 2,593,892,724 60,941 48.9 11,632
2015-16 43,041 2,461,988,241 57,201 49.6 11,499
2016-17 42,884 2,569,293,654 59,913 49.5 11,428
2017-18 42,723 2,722,513,349 63,725 49.3 11,346
2018-19 42,560 2,860,710,832 67,216 49.4 11,217
2019-20 41,731 2,917,361,629 69,909 49.7 11,009
2020-21 41,541 3,134,652,289 75,459 50.0 10,503
Source
MuniServices, LLC / Avenu Insights & Analytics
The California Department of Finance demographics estimates now incorporate 2010 Census
counts as the benchmark.
(1) Population Projections are provided by the California Department of Finance Projections.
(2) Income Data is provided by the U.S. Census Bureau, 2010 American Community Survey.
** Student Enrollment reflects the total number of students enrolled in the Palos Verdes Unified
School District. Other school districts within the City are not included.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
DEMOGRAPHIC AND ECONOMIC STATISTICS (CONTINUED)
LAST TEN CALENDAR YEARS
(132)
County City City
Fiscal Unemployment Unemployment County Population
Year Rate (%) (3) Rate (%) (3) Population (1) (% of County)
2011-12 11.1% 3.8% 9,884,632 0.42%
2012-13 11.0% 3.7% 9,958,091 0.42%
2013-14 7.6% 2.5% 10,041,797 0.42%
2014-15 7.1% 3.4% 10,136,559 0.42%
2015-16 6.7% 3.2% 10,241,335 0.42%
2016-17 5.2% 2.5% 10,241,278 0.42%
2017-18 4.1% 3.4% 10,283,729 0.42%
2018-19 3.9% 3.3% 10,253,716 0.42%
2019-20 20.6% 13.2% 10,172,951 0.41%
2020-21 12.8% 8.2% 10,044,458 0.41%
Source
Avenu Insights & Analytics
The California Department of Finance demographics estimates now incorporate 2010 Census counts
as the benchmark.
(1) Population Projections are provided by the California Department of Finance Projections.
(3) Unemployment Data is provided by the EDD's Bureau of Labor Statistics Department.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
PRINCIPAL SALES TAX PRODUCERS
LAST FISCAL YEAR AND NINE YEARS AGO
(133)
2020-21 2011-12
Taxpayer Business Type Taxpayer Business Type
7-Eleven Food Stores Service Stations 7-Eleven Food Stores Service Stations
Asaka Japanese Cuisine Restaurants American Golf Corporation Miscellaneous Retail
Avenue Italy Restaurants America's Tire Auto Parts/Repair
Blue Crab Steak & Seafood Restaurant Restaurants Asaka Japanese Cuisine Restaurants
Carl's Jr. Restaurants Carl's Jr. Restaurants Restaurants
Centinela Feed & Pet Supplies Florist/Nursery Centinela Feed & Pet Supplies Florist/Nursery
Classic Tobacco Miscellaneous Retail Chevron Service Stations Service Stations
Custom Container Storage & Rental Bldg.Matls-Whsle Coco's Bakery Restaurant Restaurants
G & M Service Stations Service Stations CSK Auto Auto Parts/Repair
Good Night Mattress & Bedroom Furniture/Appliance El Pollo Loco Restaurants
Granvia Tomatillo Service Center Service Stations Good Night Mattress & Bedroom Furniture/Appliance
Green Hills Memorial Park Miscellaneous Other Granvia Tomatillo Service Center Service Stations
Highridge Car Wash Auto Parts/Repair Green Hills Memorial Park Miscellaneous Other
Jack In The Box Restaurants Restaurants Highridge Car Wash Auto Parts/Repair
Marshall's Stores Apparel Stores Marshall's Stores Apparel Stores
O'Reilly Auto Parts Auto Parts/Repair Ralph's Grocery Company Food Markets
Papa John's Pizza Restaurants Rolling Hills Plastics Light Industry
Ralph's Grocery Company Food Markets Smart & Final Food Markets
Smart & Final Food Markets Southern California Discount Tire Auto Parts/Repair
Southern California Discount Tire Auto Parts/Repair Swank Audio Visuals Office Equipment
Swan Thai RPV Restaurants Terranea Resort Restaurants
Terranea Resort Restaurants The Admiral Risty Restaurants
Trader Joe's Food Markets The Brixey Heavy Industry
Trump National Golf Club Miscellaneous Retail Trader Joe's Food Markets
Western Tobacco Miscellaneous Retail Trump National Golf Club Miscellaneous Retail
Source
MuniServices, LLC / Avenu Insights & Analytics
CITY OF RANCHO PALOS VERDES, CALIFORNIA
PRINCIPAL EMPLOYERS
CURRENT YEAR AND THREE YEARS AGO
(134)
2020-21 2017-18
Percentage Percentage
of Total City of Total City
Employer Employees Rank Employment Employees Rank Employment
Palos Verdes Peninsula Unified School District 1,388 1 7.63% 1,430 1 7.15%
Terranea Resort Hotel*608 2 3.34% 1,257 2 6.29%
Canterbury 165 3 0.91% 150 6 0.75%
Belmont Corp Ltd (Belmont Village of Rancho) 163 4 0.90% 180 3 0.90%
Trump National Golf Club* 135 5 0.74% 168 4 0.84%
Marymount College 118 6 0.65% 160 5 0.80%
Ralphs Store #720 109 7 0.60% 105 8 0.53%
City of Rancho Palos Verdes* 94 8 0.52% 137 7 0.69%
Green Hills Memorial Park 83 9 0.46% 75 9 0.38%
American Golf Corp (Los Verdes Golf Course) 64 10 0.35% 71 10 0.36%
Subtotal of Principal Employers 2,927 16.08% 3,733 18.67%
Total City Employment (1) 18,200 20,000
Source
MuniServices, LLC / an Avenu Insights & Analytics Company
Results based on direct correspondence with city’s local businesses.
(1) Total City Labor Force is provided by EDD Labor Force Data
* Count includes both full and part time employees
(135)
THIS PAGE INTENTIONALLY LEFT BLANK
CITY OF RANCHO PALOS VERDES, CALIFORNIA
FULL-TIME CITY GOVERNMENT EMPLOYEES BY FUNCTION
LAST TEN FISCAL YEARS
(136)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Function
General Government 52 53 54 60 62 62 64 60 61 62
Part-Time Staff (1) 17162225292930292627
Total 69697685919194898789
Source
City Budget documents and Payroll records
(1) Full-Time Equivalent
CITY OF RANCHO PALOS VERDES, CALIFORNIA
OPERATING INDICATORS BY FUNCTION
LAST TEN FISCAL YEARS
(137)
Function 2012 2013 2014 2015 2016
Administration:
Employee Resignations 8 7 14 10 6
Workers Compensation Claims 3 3 1 3 2
Liability Claims 11 14 9 11 28
Budget Adjustments 11 24 15 15 18
Business Licenses Issued 1,294 1,868 1,997 2,134 2,012
Web Site Page Views (1) 3.0mil 3.1mil 3.3mil 426,772 * 403,704
Public Safety:
Part I Crime Rates (per 10,000
population) 131 149 107 134 106
Public Works:
Solid Waste Diversion Rates (2) 4.2lbs/person/day 2.87lbs/person/day 2.84lbs/person/day 3.15lbs/person/day 3.08lbs/person/day
Pavement Rating 85 84 82 82 84
Parks and Recreation:
Park Events 582 765 631 639 810
Class Meetings at Parks 1,587 1,202 1,233 1,400 1,025
Docent Led Nature Hikes 104 121 109 103 94
Community Development:
Building Permits Processed 1,221 1,403 1,492 1,558 1,758
Plan Checks 161 268 264 255 289
Municipal Code Violations Closed 321 312 392 358 505
Source
City Departments
DNA: Data Not Available
(1) The City launched a new website and with it, the methodology used to count total page views was modified.
(2) A new system of measuring AB939 compliance was implemented in 2008 with the passage of SB1016. This changed the previous diversion
calculation method to the new disposal-based indicator - the per capita disposal rate. The per capita disposal target is based on the average
of 50% of generation in 2003 through 2006, expressed in terms of per capital disposal.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
OPERATING INDICATORS BY FUNCTION (CONTINUED)
LAST TEN FISCAL YEARS
(138)
Function 2017 2018 2019 2020 2021
Administration:
Employee Resignations (5)627233034
Workers Compensation Claims 82111
Liability Claims (6)63 1 -
Budget Adjustments 48 80 98 113
Business Licenses Issued 1,939 1,902 1,971 1,776 1,898
Web Site Page Views (1)536,568 445,633 450,206 657,040 808,722
Public Safety:
Part I Crime Rates (per 10,000
population) Not available at 113 99 109 112
this time
Public Works:
Solid Waste Diversion Rates (2) (4) 2.46lbs/person/day 2.46lbs/person/day 5.6lbs/person/day 5.7lbs/person/day 5.7lbs/person/day
Pavement Rating 84 84 89 89 89
Parks and Recreation:
Park Events 829 1,281 1,122 807 243
Class Meetings at Parks 1,030 922 852 520 375
Docent Led Nature Hikes 108 113 104 37 0
Volunteer Events (3) 35 61 46 37 3
Volunteers (3) 764 1,806 1,095 974 100
Volunteer Hours (3) 2,486 5,919 3,569 2,724 252
Open Space Mgmt. Public
Contacts (3) 23,101 33,306 29,973 29,786 38,476
Open Space Mgmt. Rules
Enforced (3) 1,367 1,925 1,262 1,876 2,113
Open Space Mgmt. Maintenance /
Projects (3)(4) 782 1,219 546 - -
Community Development:
Building Permits Processed 1,665 1,985 2,186 1,933 2,048
Plan Checks 289 292 288 256 268
Municipal Code Violations Closed 432 457 338 275 171
Source
City Departments
DNA: Data Not Available
(1) The City launched a new website and with it, the methodology used to count total page views was modified.
(2) A new system of measuring AB939 compliance was implemented in 2008 with the passage of SB1016. This changed the previous diversion
calculation method to the new disposal-based indicator - the per capita disposal rate. The per capita disposal target is based on the average
of 50% of generation in 2003 through 2006, expressed in terms of per capital disposal.
(3) Began tracking this indicator in 2017.
CITY OF RANCHO PALOS VERDES, CALIFORNIA
CAPITAL ASSET STATISTICS BY FUNCTION
LAST TEN FISCAL YEARS
(139)
Function 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Administration:
Computer Workstations 88 93 98 114 138 140 144 144 155 155
Public Safety (1)
Public Works:
Street Miles 144 141 141 149 149 149 149 150 150 151
Traffic Signals 18151515151515151516
Parks and Recreation:
Parks 15151616161617171717
Community Development:
Vehicles Used for
Inspections 5544422444
Source
City Capital Asset Records
Public safety services are contracted with other agencies. The City does not own any public safety capital assets.