Loading...
CC SR 20220621 03 - FY2022-23 Financial Model CITY COUNCIL MEETING DATE: 06/21/2022 AGENDA REPORT AGENDA HEADING: Regular Business AGENDA TITLE: Consideration and possible action to receive the 2023 Financial Model. RECOMMENDED COUNCIL ACTION: (1) Receive and file the 2023 Financial Model (2023 Model). FISCAL IMPACT: None Amount Budgeted: N/A Additional Appropriation: N/A Account Number(s): N/A ORIGINATED BY: Jason Loya, Senior Administrative Analyst REVIEWED BY: Trang Nguyen, Director of Finance APPROVED BY: Ara Mihranian, AICP, City Manager ATTACHED SUPPORTING DOCUMENTS: A. One Page Fund Summary (page A-1) B. Budget Assumptions (page B-1) C. Two Major Funds, General Fund and Capital Infrastructure Program (CIP) Fund (page C-1) D. 10-Year Fund Balance (page D-1) BACKGROUND: The 2023 Financial Model (2023 Model) is a financial schedule prepared by the Finance Department (Attachments A through D) as required by City Council Policy No.18. The City’s long-term financial outlook is documented in the 2023 Model, which forecasts economic conditions, including scenarios of future sources of revenues and future spending. The 2023 Model is an additional tool that the City utilizes annually to engage in discussions and provide guidance with decision -making related to the City’s future financial health. It also helps determine the direction the City Council needs to take to maintain a structurally balanced budget. The 2023 Model mainly focuses on the General Fund, but it also highlights the Capital Infrastructure Program (CIP) Fund, and Special Revenue Funds. In FY 2021-22, Staff changed the title of the Five-Year Financial Model 1 to Financial Model to reflect the expansion of the model to 10 years and added a sensitivity analysis at the request of the City Council. It is important to note that the financial model is based on the preliminary budget numbers. Changes to the preliminary budget are reflected in the 2023 Model but will be included in the future model. Format of the 2023 Model The baseline for the 2023 Model is the FY 2022-23 draft budget as presented to the City Council on June 7, 2022. It also has the following financial information: ► Historical revenue and expenditure actuals and ending fund balances for all funds; ► FY 2021-22 year-end estimated revenues, expenditures, and ending fund balances for all funds as of March 31, 2022; ► The economic assumptions used for the model; and ► FY 2022-23 through FY 2030-31 projected revenues, expenditures, and fund balances for all funds. Process of the 2023 Model The Model is updated at the start of the budget season in February/March every fiscal year. Staff updates projections and assumptions based on actual performance as reviewed at mid-year. The Model is then updated to reflect performance at the end of the third quarter, in May, and incorporates any direction provided by the City Council during the budget workshops. The 2023 Model includes the segregation of funds as follows: ► General Fund – The General Fund balance is separated by the 50% reserve policy and the unrestricted balance. ► Funds restricted by the action of the City Council – The balances of these funds, Capital Infrastructure Program Fund, Employees’ Pension Fund, and Equipment Replacement Fund, are restricted by City Council action for a specific purpose. The funds were initiated with transfers from the General Fund and may be transferred back to General Fund or used for other purposes upon the action of the City Council. ► Funds restricted by law or external agencies – The balances of these funds are restricted by law or external agencies, such as the federal government, State of California, or Los Angeles County. These monies can only be used for the purpose outlined by the terms and conditions set by legislation and voter ballot measures. The 2023 Model includes several schedules organized as follows: • Attachment A - Fund Summary • Attachment B - Assumptions Applied to the 2023 Model • Attachment C - Summary of the City’s two major funds – General and CIP Fund • Attachment D -10-Year Fund Balance projection by Fund 2 DISCUSSION: Economic Assumptions The 2023 Model is an analytical tool that provides a forecast of the City’s fiscal sustainability. Using both known and unknown factors, it incorporates estimated revenues and expenditures based on data extracted from industry experts, historical trends, economic indicators, and alternative assumptions. Staff considers all the data gathered and filters that data through a fiscally conservative lens to create the baseline estimates. The assumptions in Table 1 below are integrated into the model to project the outer years beginning in FY 2023-24. Table 1. 2023 Model Revenue and Expenditure Assumptions Revenue assumptions are primarily applied to the General Fund. Special Revenue Funds are allocations that the City receives; therefore, the assumptions do not apply to these funds. The expenditure assumptions are applied across all funds. General Fund Revenues Property Tax Property Tax continues to be the largest and historically most stable revenue source in the City. Revenue is projected to reach almost $16.4 million, an increase of 4.2% over FY 2021-22 year-end estimates. In FY 2022-23, property tax revenue is expected to account for 46% of the General Fund. Revenue growth primarily comes from consistent increases in assessed property values, which is capped at 2% annually. Additional revenue growth is acquired through home sales which trigger property reassessments and Proposition 8 YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 ECONOMIC MODEL INPUT FACTORS 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 REVENUES PROPERTY TAX 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% TRANSIENT OCCUPANCY TAXES 5.0% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% SALES TAX 2.1% 2.1% 2.1% 2.1% 2.1% 2.1% 2.1% 2.1% FRANCHISE TAX 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% UTILITY USERS TAX 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% PERMIT REVENUES 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% INVESTMENT INTEREST 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% EXPENDITURES NON-PERSONNEL EXPENDITURES 5.0% 5.0% 3.0% 3.0% 2.0% 2.0% 2.0% 2.0% PERSONNEL EXPENDITURES 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% HEALTH INSURANCE 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% PERS NORMAL COSTS 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% PERS UNFUNDED LIABILITY 5.8% 5.7% 3.0% 2.8% 1.4% 1.4% 1.4% 1.4% SHERIFF CONTRACT 2.0% 3.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% FY 2021-22 Year-End Estimates & FY 2022-23 Budget Projections are prepared by Staff manually using current data and projections FY 2021-22 Year-End Estimates & FY 2022-23 Budget Projections are prepared by Staff manually using current data and projections 3 value recaptures. For the purposes of the 2023 Model, an annual assumption rate of 4% is applied over the 10-year window. Transient Occupancy Tax (TOT) A pent-up demand for leisure experiences has led to a significant recovery in hotel occupancy rates. While hotel occupancy is a positive indicator for TOT revenues, taxable sales at hotels remains behind the curve due to slower than anticipated growth in business and international travel. Nonetheless, TOT revenue is projected to increase by $2.6 million at the end of FY 2021-22, roughly 6% higher than the prior fiscal year. With a return to 16% of the General Fund, TOT revenue for FY 2022 -23 reflects a risk-averse forecast of $5.75 million. To realign with historic trends, an annual assumption rate of 0.5% is built into the model through FY2030-31 to retain a conservative outlook for TOT. Sales Tax Following the decline in sales tax revenue from FY 2019 -20 and FY 2020-21, upward pressure from strong demand for consumer goods has elevated both prices and spending. Sales tax revenue rebounded from $1.9 million in FY 2020-21 to $2.5 million in FY 2021-22, according to year-end estimates. Revenue remains steady under current conditions and is budgeted for $2.7 million in FY 2022-23. A return to the annual assumption rate of 2.1% provides a moderate projection for future sale tax revenues. Permit Revenues Permit fees are based on Staff’s fully burdened hourly rate multiplied by the estimated time to provide the service, as the law requires that permit fees cannot exceed the City’s cost. The new Master Fee schedule approved by City Council in April 2021 was fully implemented in October 2021 and integrated into the financial forecast. Although Staff expects revenue to remain elevated in future years from these changes, a portion of the increase in revenue is attributed to higher than usual demand caused in part to pandemic delayed projects. Hence, the demand in this category is projected to slightly decline in FY 2022-23 when compared to FY 2021-22 year-end estimates. The City Council approved the Master Schedule of Fees on May 3, 2022 with no Urban Consumer Price Index (CPI- U) adjustment for FY 2022-23. In subsequent years, Staff will return to the City Council annually to consider the application of CPI-U on the Master Schedule of Fees. A moderate 1% annual increase was used for the purposes of this model. Utility Users Tax Utility user tax (UUT) is sensitive to many factors, such as weather conditions, utility consumption, and rate increases, which can be challenging to predict over the long term with accuracy. Staff elected to utilize a 0.5% assumption rate each year which covers the 10-year period in this version of the model. Rancho Palos Verdes Municipal Code (RPVMC) § 3.30.190 requires that the City Manager submit to the City Council an analysis of the revenues derived from the UUT annually for the City Council to decide if the fee is 4 necessary. Based on the operating and capital needs of the City, the City Council approved continuing the current UUT rate of 3% in FY 2022-23. Franchise Tax Franchise tax revenue is generated from franchisees for the use of municipal rights -of- way. This revenue source is primarily received from Southern California Edison and Southern California Gas Company. The main drivers for this revenue are consumption and the price of natural gas. Staff uses historical data and industry projections for this revenue estimate. Franchise tax revenues are expected to grow consistent with an assumption rate of 0.5% through FY 2030-31. For reference, the FY 2022-23 revenue distribution for the General Fund, excluding transfers, is summarized in Chart 1 below. Chart 1. General Fund FY 2022-23 Revenue Distribution (excluding transfers) General Fund Expenditures Personnel Costs Salaries and benefits for City Staff, including vacancies, make up approximately 42% of General Fund operating expenditures. The collective bargaining process with the Rancho Palos Verdes Employee Association (RPVEA) was currently in progress at the time the analysis contained in this report was completed. The City and the Rancho Palos Verdes Employees Association (RPVEA) have reached a Tentative Agreement (TA) on June 9, 2022. The TA is on a separate agenda for the City Council consideration tonight. Thus, the 2023 Model utilizes assumptions based on the current language of the Memorandum of Understanding (MOU). This language provides employees with an annual cost-of-living 5 adjustment (COLA) that ranges from 1% to a maximum of 2.5% based on the annual CPI- U at the end of March each fiscal year. Additionally, employees receive an annual merit increase based on performance evaluations. Staff has factored in a 3% merit increase based on historical averages. A combined annual increase of 5.5% was used in the 2023 Model to forecast salary and benefits costs through FY 2030-31. Changes to employee compensation are subject to negotiation between the RPVEA and the City. Once the new MOU is approved, it will be incorporated in future financial models. Pension The City’s employee pension plan includes three tiers of benefits based on local pension reform and state pension reform. Pension costs are broken into two distinct categories, Normal Cost and Unfunded Accrued Liability (UAL), as described below: Normal Cost: The California Public Employees' Retirement System (CalPERS) sets the employer normal cost contribution rates for all participating employers. This category is calculated based on current staff, salaries, and tier placement. The City’s normal cost is projected to decrease slightly each year due to the turnover of Tier 1 employees who are replaced with Tier 2 or Tier 3 employees. The estimated normal cost over the next five years, based on CalPERS’ Actuarial Report, is listed in Table 2. Table 2. CalPERS Normal Cost % Projection Below is the projected CalPERS Normal Cost estimated through FY 2030-31 used in the 2023 Model. Table 3. CalPERS Normal Cost Projection Unfunded Accrued Liability: In addition to the normal cost contributions, the City is required to make a minimum payment toward the unfunded liabilities for each of the three CalPERS plans. The UAL is a factor of current and past staff, salaries, CalPERS target discount rate, and investment performance. The City’s total UAL is calculated by subtracting the market value of its Plan Type 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28 Tier 1 12.21% 12.2% 12.2% 12.2% 12.2% 12.2% Tier 2 8.63% 8.6% 8.6% 8.6% 8.6% 8.6% Tier 3 7.47% 7.5% 7.5% 7.5% 7.5% 7.5% Projected Normal Cost % 2022-23 2023-24 2024-25 2025-26 2026-27 690,400 513,766 516,335 518,917 521,511 2027-28 2028-29 2029-30 2030-31 2031-32 524,119 526,739 529,373 532,020 N/A Estimated Employer Normal Cost All Pooled Plans 6 pension assets from its plans accrued liability. Based on the most recent CalPERS Actuarial Valuation Reports received in July 2020, the City’s total unfunded liability is $14 million. The required contributions for FY 2022-23 have been set; however, all future payment amounts are projected of future costs. Table 4. CalPERS Unfunded Accrued Liability Los Angeles County Sheriff’s Contract The Los Angeles County Sheriff’s Department (LASD) contract continues to increase year over year. Staff has elected to use a conservative 4% annual growth rate in contract costs over the next five years, based on historical actuals. Transfers of TOT revenue from Terranea Resort to the CIP Fund will continue to be reduced by the amount of the annual increase in the public safety contract. It should also be noted that in FY 2019 -20, the City began transitioning from contracting the LASD to patrol the Palos Verdes Nature Preserve (Preserve) to hiring four Park Rangers to assume the patrol duty. The contract portion of LASD for the patrol of the Preserve is approximately $600,000 a year. By transitioning to a Park Ranger program, the City saved about $300,000 annually. FY 2022-23 General Fund expenditures, including the Sheriff’s contract, are displayed in Chart 2. Tier 1 Tier 2 Tier 3 Total Present Value of Projected Benefits 48,055,650 5,195,179 5,769,168 59,019,997 Accrued Liability 46,073,081 2,444,917 1,720,001 50,237,999 Market Value of Assets 32,343,280 2,192,472 1,524,582 36,060,334 Unfunded Accrued Liability 13,729,801 252,445 195,419 14,177,665 Funded Ratio 70.2% 89.7% 88.6% 71.8% 2022-23 2023-24 2024-25 2025-26 2026-27 903,900 956,326 1,010,837 1,041,162 1,070,314 2027-28 2028-29 2029-30 2030-31 2031-32 1,085,299 1,100,493 1,115,900 1,131,523 N/A Estimated UAL Payment All Pooled Plans 7 Chart 2. General Fund FY 2022-23 Expenditure Distribution (excluding transfers) 10-Year Financial Forecast General Fund The 2023 Model incorporates assumptions for revenues and expenditures based on current data and information, industry experts, and historical data. As shown in Chart 3, the General Fund continues to have a structurally balanced budget, with estimated operating revenues exceeding operating expenditures through FY 2030-31 excluding transfers, resulting in a positive operating fund balance. Chart 3. General Fund Operating Revenues and Expenditures (excluding Transfers) 8 The City’s operating fund balance is reduced by transfers out to various other funds. The largest of such transfers is the transfer of TOT revenue from Terranea Resort, minus the increase in the public safety contract since the start of FY 2017-18, to the Capital Improvement Program (CIP). Details related to transfers out from the General Fund included in the 2023 Model are discussed in the upcoming section. Table 5. General Fund Transfers Out FY 2022-23 The General Fund has provided support to Sub-Region 1 and the Portuguese Bend Improvement Authority fund over the past several fiscal years. These two funds do not have a revenue source other than the interest earned on the balance held within the fund during the fiscal year. Transfers to the Employee Pension Service Fund are also captured based on year-end estimates and the FY 2022-23 budget. An authorized transfer of $400,000 or 12% of the surplus from the General Fund to Employee Pension Service Fund in FY 2022-23 will be discussed in more detail under the additional information section below. Furthermore, on May 17, the City Council approved a one-time additional transfer of the General Fund’s estimated operating surplus to the CIP Fund. As such, an additional $1.6 million has been included in the draft budget to bolster funding for future capital projects (prior to any changes resulting from the tentative agreement with the RPVEA). With the expansion of the 2023 Model to 10 years, the subsidy support from the General Fund to several Special Revenue Funds would continue to grow if no changes are made. Beginning in FY 2023-24, the Abalone Cove Sewer Fund (Fund 225) is projected to require a transfer from the General Fund. Fund 225 requires this growing transfer due to its sole revenue source being limited to property tax revenue received for that area of Rancho Palos Verdes. Even when accounting for reasonable increases in revenue, funds received will be insufficient to support expenses in the long term. The operating deficit in the Abalone Cove Sewer Fund is projected to eventually reach $193,000 in FY 2030-31. Additionally, the Abalone Cove Improvement Authority fund is projected to require a transfer from the General Fund beginning FY 2024-25. This transfer is expected to grow as the net deficit reaches $183,000 by FY 2030-31. Despite this fund having a larger balance, the Horan agreement legally requires the City to set aside $1 million of the fund FY 21-22 FY 22-23 Transfer to CIP 4,283,100$ 5,470,200$ Sub-region 1 30,000 50,000 Abalone Cove Sewer - - IA Portuguese Bend 55,000 15,000 Pension Fund 640,000 - IA Abalone Cove - - Total Transfers to Other Funds 725,000 65,000 Total Transfers Out 5,008,100$ 5,535,200$ 9 balance to maintain landslide abatement improvements constructed by the former Redevelopment Agency. Special Revenue Funds Special Revenues are used to account for taxes and other revenues set aside for specific or restricted purposes. The City’s major special revenue funds are Gas Tax, Proposition A, Proposition C, American Rescue Act Plan (ARPA), Measure R, Measure M, and Measure W. Most of the funding for special revenues is designated for street maintenance, public rights-of-way maintenance, and transit-related expenses. Staff ensures that special revenue funds are utilized for any qualified projects before CIP reserves are appropriated. Table 6 below lists the special revenue funds and the fiscal year that they will run into a negative fund balance if the spending trend continues with no changes to revenue in the future. Using foresight acquired through the 2023 Model, Staff will pay particular attention to these items when developing the FY 2023-24 budget and subsequent budgets. Table 6. Special Revenue Funds Projected Negative Fund Balance Chart 4. Operating Revenues and Expenditures (Including Transfers) FY 23-24 FY 24-25 FY 25-26 FY 26-27 FY 27-28 Totals by Fund Waste Reduction - Fund 213 ($38,454)($38,454) Habitat Restoration - Fund 222 ($193,628)($193,628) Sub-region 1 - Fund 223 ($13,250)($13,250) Abalone Cove Sewer - Fund 225 ($164,674)($164,674) Development Impact - Fund 338 ($40,589)($40,589) Employee Pension Plan - Fund 682 ($111,479)($111,479) IA Portuguese Bend - Fund 285 ($16,201)($16,201) IA Abalone Cove - Fund 795 ($3,169)($3,169) Total Deficit ($387,753) ($43,758) ($38,454)$0 ($111,479) ($581,445) 10 Under current assumptions, Chart 4 on the previous page illustrates that General Fund revenues would support expenditures, including transfers, until FY 2030-31. As shown, the General Fund is projected to operate with an excess unrestricted fund balance, however, the model reflects excess reserves transferred out prior to being considered as a surplus in FY 2022-23. This gap in excess fund balance does tighten over time and is highly dependent on operating activities as well as cost savings during each fiscal year. The 2023 model will be adjusted for these and many other types of scenarios in future reports. Chart 5 on the next page summarizes the impact on the General Fund balance through FY 2030-31. Chart 5. General Fund Balance Forecast with Trendline General Fund Sensitivity Analysis A sensitivity analysis was included in last year’s financial model report to underscore the potential impact of a 1% change in the rate of inflation. After applying this scenario to the 2022 Model, Staff’s analysis concluded that both revenues and expenditures would experience growth collectively as inflation remained or increased over time. For contrast, a similar analysis was performed to review the potential decline in economic growth, also known as deflation. A 1% decline in growth presented similar findings, with a distinction that the potential need for the General Fund to subsidize operating costs increased. In most cases, operating expenditures and other obligations will not decline at the same pace as revenues and would potentially create an operating deficit. To expand on these findings, the 2023 Model tests the sensitivity of unilateral growth in expenditures. In other words, this analysis explains how discretionary or one-time expenditures and additional costs will affect the fund balance when a revenue source or revenue increase is unavailable to support the growth. The first scenario applies an 11 additional 0.5% increase to baseline expenditures, which included over $2 million in one- time expenditures and additional transfer out. Without increasing revenues at the same rate, the projected expenditures will exceed revenues in FY 2030-31. The crossover is illustrated in the chart below and leads to a budget shortfall of approximately $68,000. In total, a 0.5% change would equate to approximately $195,000 in additional expenses per year. Chart 6. Scenario 1: +0.5% Cost Increase Extending the additional increase from 0.5% to 1% provides even greater detail when analyzing fiscal sensitivity. The second scenario accelerates the impending crossover of expenditures and revenues to FY 2026-27, roughly five years sooner than in the first example. Under these circumstances, a deficit of approximately $400,000 is projected by FY 2026-27 and escalates to approximately $2 million by FY 2030-31. In total, a 1% cost increase would equate to an average spending increase of approximately $388,000 per year. 12 Chart 7. Scenario 2: +1% Cost Increase Overall, a variety of relationships between revenues and expenditures can be explored using the financial model. Although the sensitivity analysis is based on assumptions, it is critical to remember that expenditures grow at a faster pace than revenues. As the analysis extends beyond the 10-year forecast, expenditures typically begin to exceed revenues based on historical data and may eventually lead to a decrease in the General Fund unrestricted excess reserve. Staff will continue to utilize the Financial Model as a tool to continuously monitor the City’s financial position, and to support prudent long-term decision-making efforts especially when it comes to one-time expenditures. ADDITIONAL INFORMATION: The following information is not related to the analysis discussed above but is being provided as information that may impact the Model in subsequent years. Finance Advisory Committee Recommendation The 2023 Model integrates a variety of economic assumptions, historical data, and sophisticated forecasting techniques to support the City’s financial outlook. However, as operations and financial conditions change, so must the City’s approach. Staff intends to build upon the existing model to adapt to an ever-changing and uncertain economic environment. Based on feedback from the Finance Advisory Committee, staff will review options to create additional scenarios that allow for the future ongoing maintenance costs of new construction projects to be added to the forecast. Other factors under consideration include the future cost of operational needs (i.e., personnel and non- personnel), economic uncertainty, the effect of inflation on the budget, and the reduction of TOT transfers out to the CIP. 13 Additional Transfers/Surplus Transfers In accordance with the City Council Reserve Policy No. 41, the City may transfer all or a percentage of the prior year’s unrestricted excess reserve to the General Fund. As such, the City Council approved an additional transfer of $889,500 or 6% of the unrestricted excess reserve to the CIP Fund to preserve the CIP fund balance on the first annual loan payment for the Ladera Linda Community Park Project. This amount is equivalent to the anticipated annual interest expense payment for the Ladera Community Park Project. Furthermore, on February 2, 2021, the City Council approved the CalPERS Pension Plan Guidelines, which provides a financial plan to address the City’s outstanding pension liability and CalPERS’ continuous change in valuation methodology. Based on City Council’s discretion, the goal is to transfer funds to the Employee Pension Service Fund of at least 10%, but no more than 25%, of the annual General Fund surplus (revenues minus expenditures, including transfers). As a result, the accumulated funds in the Employee Pension Service Fund would then relieve the General Fund of payment of more than $900,000 of the City’s Unfunded Accrued Liability (UAL). Since the inception of the pension guidelines, the Employee Pension Service Fund has a projected fund balance of $640,000 ending FY 2021-22. Based on the audited year-end results of FY 2020-21, the City’s surplus was over $4 million. Th erefore, City Council approved an additional transfer of $400,000 or 12% of the surplus from the General Fund to Employee Pension Service Fund in FY 2022 -23. Finally, at the budget workshop on May 17, the City Council approved a one -time additional transfer of the General Fund’s estimated operating surplus to the CIP Fund. As such, an additional $1.6 million has been included in the FY 2021-22 draft budget to further increase the funding for future capital projects. Compliance with Legislative Review Requirements Review of Utility Users’ Tax RPVMC § 3.30.190 requires that the City Manager submit to the City Council an analysis of the revenues derived from the UUT annually. Based on the needs of the City, the City Council shall determine if any modification to the tax rate is appropriate or if the UU T is necessary. The tax rate cannot be increased without a majority vote of the residents of the City during a municipal election. The current estimate of FY 202 2-23 UUT revenue is approximately $2.2 million or approximately 6% of total General Fund revenue. At its March 23, 2022 meeting, the City Council approved continuing the 3% rate for UUT. Review of Golf Tax RPVMC § 3.40.140 requires a legislative review of golf tax every four years, to be completed prior to the adoption of the budget prepared for the corresponding next fiscal year. The golf tax ordinance directs the City Council to determine, based on the needs of 14 the City, if any modification to the tax rate is n ecessary or if the tax should be repealed. The current estimate of FY 2022-23 golf tax revenue is $0.5 million. At its May 21, 2019 meeting, the City Council approved the golf tax without any modifications. CONCLUSION: In conclusion, the 2023 Model is a decision-making tool for the City. It provides a long- term financial outlook to be utilized by the City Council and Staff to make informed decisions for both the short-term and long-term. The 2023 Model shows that all the budget adjustments made in the General Fund over the last couple years have positioned the City to have a structurally balanced budget, where recurring operating revenues exceed recurring operating expenditures through FY 2030-31. However, based on current estimates, there will be an ongoing need for the General Fund to support various other funds. Future, particularly one-time, operating expenses for these funds should be monitored and revised annually for prudent spending and to minimize the required subsidy from the General Fund. Despite the need for the General Fund to support several funds, most of the restricted funds will continue to support the annual operating expenses over the next ten fiscal years. 15 Fund Balance Fund Balance Fund Balance Fund Balance Fund Balance Fund Balance Fund Balance Fund Balance Fund Balance Fund Balance Fund 6/30/2022 6/30/2023 6/30/2024 6/30/2025 6/30/2026 6/30/2027 6/30/2028 6/30/2029 6/30/2030 6/30/2031 General Fund Balance 28,338,235 27,064,135 28,988,492 30,550,977 32,218,537 33,848,938 35,549,029 37,317,204 39,151,536 41,049,751 EXPENDITURES (EXCLUDING T/O)27,581,138 30,476,400 31,489,060 32,835,386 34,068,986 35,351,319 36,552,508 37,802,293 39,102,814 40,456,316 Restricted Amount (Policy Reserve)(13,790,569) (15,238,200) (15,744,530) (16,417,693) (17,034,493) (17,675,660) (18,276,254) (18,901,146) (19,551,407) (20,228,158) GENERAL FUND Unrestricted Balance 14,547,666 11,825,935 13,243,962 14,133,284 15,184,044 16,173,279 17,272,775 18,416,058 19,600,129 20,821,593 Restricted by Council Action BEAUTIFICATION FUND - - - - - - - - - - CIP 37,183,150 34,459,850 35,024,375 34,071,361 37,818,189 41,282,115 44,450,714 47,311,054 49,849,682 52,052,595 EQUIPMENT REPLACEMENT 2,381,672 2,092,772 1,804,547 1,517,012 1,230,183 944,076 658,706 374,091 90,247 (192,808) EMPLOYEE PENSION PLAN 640,000 798,000 617,914 436,928 255,036 72,235 (111,479) (296,113) (481,669) (668,154) BUILDING REPLACEMENT - - - - - - - - - - EMPLOYEE BENEFITS - - - - - - - - - - Subtotal 40,204,822 37,350,622 37,446,836 36,025,301 39,303,408 42,298,426 44,997,940 47,389,032 49,458,259 51,191,633 Restricted by Law or External Agencies GAS TAX 1,390,861 871,461 2,003,178 3,083,563 4,131,659 5,146,495 6,138,537 7,107,328 8,052,405 8,973,294 1972 ACT 29,325 29,525 29,730 29,939 30,152 30,371 30,595 30,823 31,057 31,296 EL PRADO LIGHTING 39,737 39,437 39,117 38,774 38,420 38,054 37,681 37,301 36,914 36,520 CDBG 90,055 55 60,055 120,055 180,055 240,055 300,055 360,055 420,055 480,055 1911 ACT 1,665,463 1,997,363 2,337,551 2,686,114 3,053,631 3,441,012 3,854,777 4,296,198 4,766,603 5,267,378 WASTE REDUCTION 269,084 209,384 137,748 53,575 (38,454) (138,576) (244,217) (355,489) (472,503) (595,373) AIR QUALITY MANAGEMENT 151,123 66,623 65,157 63,725 62,329 60,968 59,645 58,359 57,112 55,904 PROPOSITION C 509,299 456,099 603,039 1,450,121 2,297,349 3,144,726 3,992,255 4,839,941 5,687,786 6,535,794 PROPOSITION A 1,609,538 1,856,238 2,064,314 2,231,829 2,373,885 2,489,716 2,587,625 2,667,253 2,728,236 2,770,201 PUBLIC SAFETY GRANTS 103,005 4,205 15,432 26,687 37,969 49,281 60,622 71,994 83,396 94,830 MEASURE R 1,821,860 1,062,260 1,052,885 1,693,740 2,334,830 2,976,161 3,617,738 4,259,566 4,901,652 5,544,000 MEASURE M 148,478 398,778 1,000,069 1,565,648 2,108,746 2,628,687 3,132,742 3,620,593 4,091,916 4,546,381 HABITAT RESTORATION 286,672 77,072 (143,628) (237,983) (477,681) (724,941) (977,395) (1,235,146) (1,498,300) (1,766,965) SUBREGION 1 MAINTENANCE 747,815 768,215 736,750 703,318 668,773 633,080 596,711 559,654 521,896 483,424 MEASURE A 101,636 141,836 142,041 142,250 142,463 142,682 142,906 143,134 143,368 143,607 ABALONE COVE SEWER DISTRICT 157,321 521 (164,674) (338,705) (517,432) (700,974) (887,012) (1,075,548) (1,266,584) (1,460,119) GINSBURG CULTURAL ARTS BUILDING - - - - - - - - - - DONOR RESTRICTED CONTRIBUTIONS 814,341 843,041 872,489 902,705 933,633 965,288 997,644 1,030,717 1,064,523 1,099,078 FEDERAL GRANTS - 999,000 2,103,000 3,207,000 4,311,000 5,415,000 6,519,000 7,623,000 8,727,000 9,831,000 STATE GRANTS 7 (209,893) (209,791) (209,686) (209,579) (209,470) (209,358) (209,244) (209,127) (209,008) FEDERAL GRANTS-ARPA 4,309,800 5,015,400 5,015,400 5,015,400 5,015,400 5,015,400 5,015,400 5,015,400 5,015,400 5,015,400 QUIMBY 701,520 711,520 721,745 732,200 742,890 753,821 764,998 776,426 788,112 800,060 LOW-MOD INCOME HOUSING 315,431 347,031 379,867 413,988 449,444 486,289 524,577 564,365 605,712 648,681 AFFORDABLE HOUSING IN LIEU 880,011 884,311 888,708 893,203 897,800 902,501 907,307 912,221 917,245 922,383 ENVIRONMENTAL EXCISE TAX 90,758 49,158 5,412 (40,589) (87,988) (136,829) (186,640) (237,441) (289,251) (342,090) BIKEWAYS 28,000 28,000 138,000 248,000 358,000 468,000 578,000 688,000 798,000 908,000 MEASURE W 662,627 748,627 804,872 829,873 835,208 820,288 791,474 748,490 691,052 618,871 WATER QUALITY/FLOOD PROTECTION - - - - - - - - - - IMPROV AUTH - PORTUGUESE BEND 68,642 34,942 (16,201) (69,910) (125,233) (182,217) (240,341) (299,626) (360,095) (421,774) TBD FUND - - - - - - - - - - IMPROV AUTH - ABALONE COVE 1,074,977 1,050,277 1,024,251 996,831 968,563 939,420 909,704 879,402 848,504 816,997 Subtotal of Restricted Funds in Deficit - (209,893) (534,294) (896,873) (1,456,367) (2,093,007) (2,744,963) (3,412,493) (4,095,860) (4,795,328) Subtotal of Other Restricted Funds 18,067,386 18,690,379 22,240,805 27,128,538 31,972,201 36,787,295 41,559,991 46,290,221 50,977,944 55,623,153 GRAND TOTAL 86,610,443 82,895,243 88,141,839 92,807,943 102,037,779 110,841,652 119,361,998 127,583,964 135,491,879 143,069,209 CITY OF RANCHO PALOS VERDES 2023 TEN-YEAR FINANCIAL MODEL A-1 ECONOMIC MODEL INPUT FACTORS 2021‐22 2022‐23 2023‐24 2024‐25 2025‐26 2026‐27 2027‐28 2028‐29 2029‐30 2030‐31REVENUESPROPERTY TAX4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0%TRANSIENT OCCUPANCY TAXES5.0% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%SALES TAX2.1% 2.1% 2.1% 2.1% 2.1% 2.1% 2.1% 2.1%FRANCHISE TAX0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%UTILITY USERS TAX0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%PERMIT REVENUES1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%INVESTMENT INTEREST2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3%EXPENDITURESNON‐PERSONNEL EXPENDITURES5.0% 5.0% 3.0% 3.0% 2.0% 2.0% 2.0% 2.0%PERSONNEL EXPENDITURES5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%HEALTH INSURANCE2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%PERS NORMAL COSTS0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%PERS UNFUNDED LIABILITY5.8% 5.7% 3.0% 2.8% 1.4% 1.4% 1.4% 1.4%SHERIFF CONTRACT2.0% 3.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0%FY 2021‐22 Year‐End Estimates & FY 2022‐23 Budget Projections are prepared by Staff manually using current data and projectionsFY 2021‐22 Year‐End Estimates & FY 2022‐23 Budget Projections are prepared by Staff manually using current data and projectionsB-1 CITY OF RANCHO PALOS VERDES, CA ‐ WORK‐IN‐PROGRESSINDEXFORECAST SUMMARY< SELECT FUND2022E 2023B 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031FREVENUES (BY ACCOUNT TYPE)01‐PROPERTY TAX‐SECURED & OTHER9,525,100       10,058,800     10,461,152     10,879,598     11,314,782     11,767,373     12,238,068     12,727,591     13,236,695        13,766,162        02‐PROPERTY TAX‐TRANSFER TAX685,700          500,000          520,000          540,800          562,432          584,929          608,326          632,660          657,966             684,285             03‐PROPERTY TAX‐IN LIEU OF VLF5,533,300       5,848,000       6,325,197       6,578,205       6,841,333       7,114,986       7,399,586       7,695,569       8,003,392          8,323,527          04‐SALES TAX2,510,600       2,687,200       2,743,631       2,801,247       2,860,074       2,920,135       2,981,458       3,044,069       3,107,994          3,173,262          05‐TRANSIENT OCCUPANCY TAX5,750,100       5,750,100       6,037,605       6,067,793       6,098,132       6,128,623       6,159,266       6,190,062       6,221,012          6,252,117          06‐UTILITY USERS TAX2,317,100       2,201,200       2,212,206       2,223,267       2,234,383       2,245,555       2,256,783       2,268,067       2,279,407          2,290,804          07‐BUSINESS LICENSE TAX703,400          693,000          693,000          693,000          693,000          693,000          693,000          693,000          693,000             693,000             08‐FRANCHISE TAX2,150,000       2,150,000       2,160,750       2,171,554       2,182,412       2,193,324       2,204,290       2,215,312       2,226,388          2,237,520          09‐OTHER TAXES600,000          540,000          567,000          595,350          613,211          631,607          644,239          657,124          670,266             683,672             SUBTOTAL‐LOCAL TAXES29,775,300    30,428,300    31,720,541    32,550,814    33,399,758    34,279,532    35,185,016    36,123,453    37,096,120        38,104,350       11‐INTERGOVT‐FEDERAL‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐SUBTOTAL‐INTERGOVT REVENUE‐‐‐‐‐‐‐‐‐ ‐10‐LICENSES & PERMITS3,263,900       3,077,600       3,108,376       3,139,460       3,170,854       3,202,563       3,234,589       3,266,934       3,299,604          3,332,600          14‐CHARGES FOR SERVICES‐PW‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐15‐CHARGES FOR SERVICES‐RECREATION343,700          399,900          419,895          440,890          454,116          467,740          477,095          486,637          496,369             506,297             16‐FINES & FORFEITURES118,300          260,600          273,630          287,312          295,931          304,809          310,905          317,123          323,466             329,935             17‐INTEREST EARNINGS160,000          192,000          196,320          200,737          205,254          209,872          214,594          219,422          224,359             229,408             18‐LEASE & RENTAL INCOME472,200          514,100          539,805          566,795          583,799          601,313          613,339          625,606          638,118             650,881             19‐DONATIONS & DEVL FEES36,700            39,500            41,475            43,549            44,855            46,201            47,125            48,067            49,029               50,009               20‐CHARGES FOR SERVICES100,000          155,700          155,700          155,700          155,700          155,700          155,700          155,700          155,700             155,700             21‐MISCELLANEOUS REVENUES508,600          659,300          659,300          659,300          659,300          659,300          659,300          659,300          659,300             659,300             TOTAL REVENUES34,778,700    35,727,000    37,115,042    38,044,556    38,969,568    39,927,030    40,897,663    41,902,243    42,942,066        44,018,479       % ANNUAL CHANGE 15.3% 2.7% 3.9% 2.5% 2.4% 2.5% 2.4% 2.5%2.5%2.5%EXPENDITURES (BY ACCOUNT TYPE)17‐CAPITAL PROJECTS 1,434,200       25,000             ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐18‐CAPITAL‐EQUIPMENT/VEHICLES7,000              1,000              1,000              1,000              1,000              1,000              1,000              1,000              1,000 1,00025‐INTERFUND CHARGES302,300          293,300          307,965          323,363          333,064          343,056          349,917          356,916          364,054             371,335             31‐OTHER USES371,000          559,300          559,300          559,300          559,300          559,300          559,300          559,300          559,300             559,300             TOTAL EXPENDITURES, BY ACCOUNT GROUP27,581,138    30,476,400    31,489,060    32,835,386    34,068,986    35,351,319    36,552,508    37,802,293    39,102,814        40,456,316       % ANNUAL CHANGE 12.6% 10.5% 3.3% 4.3% 3.8% 3.8% 3.4% 3.4%3.4%3.5%EXPENDITURES (BY DEPARTMENT)01‐CITY ADMINISTRATION4,120,836       4,713,800       4,906,005       5,140,800       5,327,577       5,521,734       5,691,992       5,868,796       6,052,433          6,243,207          02‐PUBLIC SAFETY7,504,130       7,627,700       7,788,957       8,029,573       8,348,183       8,679,495       9,020,940       9,375,970       9,745,129          10,128,982        03‐FINANCE1,345,300       1,491,500       1,533,289       1,599,113       1,663,265       1,730,369       1,798,002       1,868,806       1,942,936          2,020,555          04‐PUBLIC WORKS4,925,872       6,471,200       6,723,911       7,038,304       7,283,676       7,538,552       7,758,521       7,986,696       8,223,433          8,469,104          05‐PLANNING/BLDG/CODE ENF3,195,700       4,125,300       4,266,128       4,463,938       4,641,058       4,825,910       5,002,759       5,187,364       5,380,094          5,581,333          06‐RECREATION & PARKS3,178,100       3,773,800       3,917,247       4,099,864       4,271,140       4,450,203       4,626,666       4,811,232       5,004,291          5,206,255          07‐NON‐DEPARTMENTAL3,311,200       2,273,100       2,353,522       2,463,795       2,534,088       2,605,056       2,653,628       2,703,429       2,754,499          2,806,880          TOTAL EXPENDITURES, BY DEPARTMENT27,581,138    30,476,400    31,489,060    32,835,386    34,068,986    35,351,319    36,552,508    37,802,293    39,102,814        40,456,316       CURRENT SURPLUS/(DEFICIT) ‐ BEFORE TRANSFERS7,197,562       5,250,600       5,625,982       5,209,170       4,900,582       4,575,711       4,345,154       4,099,950       3,839,251          3,562,162         % ANNUAL REVENUES & SOURCES20.7% 14.7% 15.2% 13.7% 12.6% 11.5% 10.6% 9.8%8.9%8.1%TRANSFERS‐IN15‐TRANSFERS‐IN 350,000          300,000          300,000          300,000          300,000          300,000          300,000          300,000          300,000             300,000             TRANSFERS‐OUT08‐TRANSFERS‐OUT 5,008,100       6,824,700       4,001,625       3,946,685       3,533,021       3,245,310       2,945,063       2,631,775       2,304,919          1,963,947          C-1 CITY OF RANCHO PALOS VERDES, CA ‐ WORK‐IN‐PROGRESSINDEXFORECAST SUMMARY< SELECT FUND2022E 2023B 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031FTOTAL REVENUE & TRANSFERS‐IN 35,128,700     36,027,000     37,415,042     38,344,556     39,269,568     40,227,030     41,197,663     42,202,243     43,242,066        44,318,479        TOTAL EXPENDITURES & TRANSFERS‐OUT 32,589,238     37,301,100     35,490,685     36,782,071     37,602,007     38,596,629     39,497,572     40,434,068     41,407,734        42,420,264        TOTAL SURPLUS/(DEFICIT) 2,539,462       (1,274,100)     1,924,357       1,562,485       1,667,560       1,630,401       1,700,091       1,768,175       1,834,332          1,898,215          FUND BALANCE‐BEGINNING25,798,773    28,338,235    27,064,135    28,988,492    30,550,977    32,218,537    33,848,938    35,549,029    37,317,204        39,151,536       FUND BALANCE PER TAB 12‐FUND BALANCESFUND BALANCE‐END28,338,235    27,064,135    28,988,492    30,550,977    32,218,537    33,848,938    35,549,029    37,317,204    39,151,536        41,049,751       VARIANCE TO TAB 12‐FUND BALANCESC-2 CITY OF RANCHO PALOS VERDES, CA ‐ WORK‐IN‐PROGRESSINDEXFORECAST SUMMARY< SELECT FUND2022E 2023B 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031FREVENUES (BY ACCOUNT TYPE)17‐INTEREST EARNINGS 200,000          200,000          204,500          209,101          213,806          218,617          223,536          228,565          233,708             238,966             18‐LEASE & RENTAL INCOME‐                    ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                      ‐                     19‐DONATIONS & DEVL FEES‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                      ‐                     20‐CHARGES FOR SERVICES‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                      ‐                     21‐MISCELLANEOUS REVENUES‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                      ‐                     TOTAL REVENUES200,000          200,000          204,500          209,101          213,806          218,617          223,536          228,565          233,708             238,966             % ANNUAL CHANGE‐7.0% 0.0% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3%2.3%2.3%EXPENDITURES (BY ACCOUNT TYPE)17‐CAPITAL PROJECTS 1,490,400       7,998,000        ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                      ‐                     18‐CAPITAL‐EQUIPMENT/VEHICLES‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                      ‐                     25‐INTERFUND CHARGES‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                      ‐                     31‐OTHER USES‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                      ‐                     TOTAL EXPENDITURES, BY ACCOUNT GROUP1,691,000       9,283,000       3,641,600       4,970,800       ‐                  ‐                  ‐                  ‐                  ‐                      ‐                     % ANNUAL CHANGE 90.1% 449.0%‐60.8% 36.5%‐100.0% 0.0% 0.0% 0.0%0.0%0.0%EXPENDITURES (BY DEPARTMENT)01‐CITY ADMINISTRATION‐                    ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                      ‐                     02‐PUBLIC SAFETY‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                      ‐                     03‐FINANCE‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                      ‐                     04‐PUBLIC WORKS1,691,000       9,283,000       3,641,600       4,970,800       ‐                   ‐                   ‐                   ‐                   ‐                      ‐                     05‐PLANNING/BLDG/CODE ENF‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                      ‐                     06‐RECREATION & PARKS‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                      ‐                     07‐NON‐DEPARTMENTAL‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                      ‐                     TOTAL EXPENDITURES, BY DEPARTMENT1,691,000       9,283,000       3,641,600       4,970,800       ‐                  ‐                  ‐                  ‐                  ‐                      ‐                     CURRENT SURPLUS/(DEFICIT) ‐ BEFORE TRANSFERS(1,491,000)     (9,083,000)     (3,437,100)     (4,761,699)     213,806          218,617          223,536          228,565          233,708             238,966             % ANNUAL REVENUES & SOURCES‐745.5%‐4541.5%‐1680.7%‐2277.2% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%TRANSFERS‐IN15‐TRANSFERS‐IN 2,553,000       6,359,700       4,001,625       3,808,685       3,533,021       3,245,310       2,945,063       2,631,775       2,304,919          1,963,947          TRANSFERS‐OUT08‐TRANSFERS‐OUT‐                    ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                      ‐                     TOTAL REVENUE & TRANSFERS‐IN2,753,000       6,559,700       4,206,125       4,017,787       3,746,827       3,463,926       3,168,599       2,860,340       2,538,627          2,202,914          TOTAL EXPENDITURES & TRANSFERS‐OUT1,691,000       9,283,000       3,641,600       4,970,800       ‐                   ‐                   ‐                   ‐                   ‐                      ‐                     TOTAL SURPLUS/(DEFICIT)1,062,000       (2,723,300)     564,525          (953,013)         3,746,827       3,463,926       3,168,599       2,860,340       2,538,627          2,202,914          FUND BALANCE‐BEGINNING26,391,051    27,453,051    24,729,751    25,294,275    24,341,262    28,088,089    31,552,016    34,720,615    37,580,955        40,119,582       FUND BALANCE PER TAB 12‐FUND BALANCESFUND BALANCE‐END27,453,051    24,729,751    25,294,275    24,341,262    28,088,089    31,552,016    34,720,615    37,580,955    40,119,582        42,322,496       VARIANCE TO TAB 12‐FUND BALANCESC-3 CITY OF RANCHO PALOS VERDES, CA ‐ WORK‐IN‐PROGRESSINDEXFUND SUMMARYFUNDTYPE2022E 2023B 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F101‐GENERAL FUND1‐REVENUES34,778,700    35,727,000    37,115,042    38,044,556    38,969,568    39,927,030    40,897,663    41,902,243    42,942,066    44,018,479    2‐EXPENDITURES27,581,138    30,476,400    31,489,060    32,835,386    34,068,986    35,351,319    36,552,508    37,802,293    39,102,814    40,456,316    OPERATING SURPLUS/(DEFICIT) 7,197,562      5,250,600      5,625,982      5,209,170      4,900,582      4,575,711      4,345,154      4,099,950      3,839,251      3,562,162      3‐TRANSFERS‐IN350,000          300,000          300,000          300,000          300,000          300,000          300,000          300,000          300,000          300,000          4‐TRANSFERS‐OUT5,008,100      6,824,700      4,001,625      3,946,685      3,533,021      3,245,310      2,945,063      2,631,775      2,304,919      1,963,947      TRANSFERS NET(4,658,100)     (6,524,700)     (3,701,625)     (3,646,685)     (3,233,021)     (2,945,310)     (2,645,063)     (2,331,775)     (2,004,919)     (1,663,947)     TOTAL OVER/(UNDER)2,539,462      (1,274,100)     1,924,357      1,562,485      1,667,560      1,630,401      1,700,091      1,768,175      1,834,332      1,898,215      BALANCE28,338,235    27,064,135    28,988,492    30,550,977    32,218,537    33,848,938    35,549,029    37,317,204    39,151,536    41,049,751    POLICY RESERVE (50% EXPS.) 13,140,569    15,238,200    15,744,530    16,417,693    17,034,493    17,675,660    18,276,254    18,901,146    19,551,407    20,228,158    EXCESS/(DEFICIENCY)15,197,666    11,825,935    13,243,962    14,133,284    15,184,044    16,173,279    17,272,775    18,416,058    19,600,129    20,821,593    202‐GAS TAX1‐REVENUES1,950,600      2,160,700      2,160,822      2,160,946      2,161,073      2,161,203      2,161,335      2,161,471      2,161,610      2,161,752      2‐EXPENDITURES1,101,500      2,680,100      1,029,105      1,080,560      1,112,977      1,146,366      1,169,294      1,192,680      1,216,533      1,240,864      OPERATING SURPLUS/(DEFICIT) 849,100          (519,400)        1,131,717      1,080,385      1,048,096      1,014,836      992,042          968,792          945,077          920,888          3‐TRANSFERS‐IN‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 4‐TRANSFERS‐OUT‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ TRANSFERS NET‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ TOTAL OVER/(UNDER)849,100          (519,400)        1,131,717      1,080,385      1,048,096      1,014,836      992,042          968,792          945,077          920,888          BALANCE1,390,861      871,461          2,003,178      3,083,563      4,131,659      5,146,495      6,138,537      7,107,328      8,052,405      8,973,294      203‐1972 ACT LANDSCAPE/LIGHT 1‐REVENUES200 200 205 209 214 219 224 229 234 239 2‐EXPENDITURES‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ OPERATING SURPLUS/(DEFICIT)200 200 205 209 214 219 224 229 234 239 3‐TRANSFERS‐IN‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 4‐TRANSFERS‐OUT‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ TRANSFERS NET‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ TOTAL OVER/(UNDER)200 200 205 209 214 219 224 229 234 239 BALANCE29,325            29,525            29,730            29,939            30,152            30,371            30,595            30,823            31,057            31,296            209‐EL PRADO LIGHTING DIST 1‐REVENUES200 200 205 209 214 219 224 229 234 239 2‐EXPENDITURES‐ 500 525 551 568 585 597 608 621 633 OPERATING SURPLUS/(DEFICIT)200 (300) (321) (342) (354) (366) (373)(380) (387)(394)                3‐TRANSFERS‐IN‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 4‐TRANSFERS‐OUT‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ TRANSFERS NET‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ TOTAL OVER/(UNDER)200 (300) (321) (342) (354) (366) (373) (380) (387)(394)                BALANCE39,737            39,437            39,117            38,774            38,420            38,054            37,681            37,301            36,914            36,520            211‐1911 ACT STREET LIGHTING 1‐REVENUES 806,000          808,000          840,093          873,464          908,164          944,248          981,769          1,020,785      1,061,357      1,103,545      2‐EXPENDITURES 541,200          476,100          499,905          524,900          540,647          556,867          568,004          579,364          590,951          602,770          OPERATING SURPLUS/(DEFICIT) 264,800          331,900          340,188          348,563          367,517          387,381          413,765          441,421          470,405          500,775          3‐TRANSFERS‐IN‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 4‐TRANSFERS‐OUT‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ TRANSFERS NET‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ TOTAL OVER/(UNDER)264,800          331,900          340,188          348,563          367,517          387,381          413,765          441,421          470,405          500,775          BALANCE1,665,463      1,997,363      2,337,551      2,686,114      3,053,631      3,441,012      3,854,777      4,296,198      4,766,603      5,267,378      D-1 CITY OF RANCHO PALOS VERDES, CA ‐ WORK‐IN‐PROGRESSINDEXFUND SUMMARYFUNDTYPE2022E 2023B 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F213‐WASTE REDUCTION 1‐REVENUES 189,600          194,600          194,704          194,809          194,918          195,028          195,141          195,257          195,375          195,496          2‐EXPENDITURES 357,600          254,300          266,340          278,982          286,946          295,150          300,783          306,529          312,389          318,367          OPERATING SURPLUS/(DEFICIT)(168,000)        (59,700)           (71,637)           (84,173)           (92,029)           (100,122)        (105,642)        (111,272)        (117,014)        (122,871)        3‐TRANSFERS‐IN‐                    ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TRANSFERS NET‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TOTAL OVER/(UNDER)(168,000)        (59,700)           (71,637)           (84,173)           (92,029)           (100,122)        (105,642)        (111,272)        (117,014)        (122,871)        BALANCE269,084          209,384          137,748          53,575            (38,454)           (138,576)        (244,217)        (355,489)        (472,503)        (595,373)        214‐AIR QUALITY MANAGEMENT 1‐REVENUES55,500            55,500            55,534            55,568            55,604            55,640            55,677            55,714            55,753            55,792            2‐EXPENDITURES57,000            140,000          57,000            57,000            57,000            57,000            57,000            57,000            57,000            57,000            OPERATING SURPLUS/(DEFICIT)(1,500)             (84,500)           (1,466)             (1,432)             (1,396)             (1,360)             (1,323)             (1,286)             (1,247)             (1,208)             3‐TRANSFERS‐IN‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TRANSFERS NET‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TOTAL OVER/(UNDER)(1,500)             (84,500)           (1,466)             (1,432)             (1,396)             (1,360)             (1,323)             (1,286)             (1,247)             (1,208)             BALANCE151,123          66,623            65,157            63,725            62,329            60,968            59,645            58,359            57,112            55,904            215‐PROPOSITION C1‐REVENUES705,200          846,800          846,940          847,082          847,228          847,377          847,530          847,686          847,845          848,008          2‐EXPENDITURES696,800          900,000          700,000          ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   OPERATING SURPLUS/(DEFICIT) 8,400              (53,200)           146,940          847,082          847,228          847,377          847,530          847,686          847,845          848,008          3‐TRANSFERS‐IN‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TRANSFERS NET‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TOTAL OVER/(UNDER)8,400              (53,200)           146,940          847,082          847,228          847,377          847,530          847,686          847,845          848,008          BALANCE509,299          456,099          603,039          1,450,121      2,297,349      3,144,726      3,992,255      4,839,941      5,687,786      6,535,794      1 YR. PAVEMENT MGMT EXP. 526,000          526,000          526,000          526,000          526,000          526,000          526,000          526,000          526,000          526,000          EXCESS/(DEFICIENCY)(16,701)           (69,901)           77,039            924,121          1,771,349      2,618,726      3,466,255      4,313,941      5,161,786      6,009,794      216‐PROPOSITION A1‐REVENUES853,200          1,023,900      1,024,136      1,024,378      1,024,625      1,024,877      1,025,136      1,025,400      1,025,670      1,025,946      2‐EXPENDITURES793,000          777,200          816,060          856,863          882,569          909,046          927,227          945,771          964,687          983,981          OPERATING SURPLUS/(DEFICIT) 60,200            246,700          208,076          167,515          142,056          115,831          97,909            79,628            60,983            41,965            3‐TRANSFERS‐IN‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TRANSFERS NET‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TOTAL OVER/(UNDER)60,200            246,700          208,076          167,515          142,056          115,831          97,909            79,628            60,983            41,965            BALANCE1,609,538      1,856,238      2,064,314      2,231,829      2,373,885      2,489,716      2,587,625      2,667,253      2,728,236      2,770,201      217‐PUBLIC SAFETY GRANTS 1‐REVENUES158,800          151,200          151,227          151,255          151,283          151,312          151,341          151,371          151,402          151,434          2‐EXPENDITURES‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   OPERATING SURPLUS/(DEFICIT) 158,800          151,200          151,227          151,255          151,283          151,312          151,341          151,371          151,402          151,434          3‐TRANSFERS‐IN‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT160,000          250,000          140,000          140,000          140,000          140,000          140,000          140,000          140,000          140,000          TRANSFERS NET(160,000)        (250,000)        (140,000)        (140,000)        (140,000)        (140,000)        (140,000)        (140,000)        (140,000)        (140,000)        TOTAL OVER/(UNDER)(1,200)             (98,800)           11,227            11,255            11,283            11,312            11,341            11,371            11,402            11,434            BALANCE103,005          4,205              15,432            26,687            37,969            49,281            60,622            71,994            83,396            94,830            D-2 CITY OF RANCHO PALOS VERDES, CA ‐ WORK‐IN‐PROGRESSINDEXFUND SUMMARYFUNDTYPE2022E 2023B 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F220‐MEASURE R1‐REVENUES 534,300          640,400          640,625          640,855          641,090          641,331          641,577          641,828          642,085          642,348          2‐EXPENDITURES 93,700            1,400,000      650,000           ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   OPERATING SURPLUS/(DEFICIT) 440,600          (759,600)        (9,375)             640,855          641,090          641,331          641,577          641,828          642,085          642,348          3‐TRANSFERS‐IN‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TRANSFERS NET‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TOTAL OVER/(UNDER)440,600          (759,600)        (9,375)             640,855          641,090          641,331          641,577          641,828          642,085          642,348          BALANCE1,821,860      1,062,260      1,052,885      1,693,740      2,334,830      2,976,161      3,617,738      4,259,566      4,901,652      5,544,000      221‐MEASURE M1‐REVENUES596,000          1,316,300      1,316,341      1,316,382      1,316,424      1,316,468      1,316,512      1,316,557      1,316,603      1,316,651      2‐EXPENDITURES739,000          1,066,000      715,050          750,803          773,327          796,526          812,457          828,706          845,280          862,186          OPERATING SURPLUS/(DEFICIT)(143,000)        250,300          601,291          565,579          543,098          519,941          504,055          487,851          471,323          454,465          3‐TRANSFERS‐IN‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TRANSFERS NET‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TOTAL OVER/(UNDER)(143,000)        250,300          601,291          565,579          543,098          519,941          504,055          487,851          471,323          454,465          BALANCE148,478          398,778          1,000,069      1,565,648      2,108,746      2,628,687      3,132,742      3,620,593      4,091,916      4,546,381      222‐HABITAT RESTORATION 1‐REVENUES12,400            12,400            12,400            12,400            12,400            12,400            12,400            12,400            12,400            12,400            2‐EXPENDITURES393,700          222,000          233,100          244,755          252,098          259,661          264,854          270,151          275,554          281,065          OPERATING SURPLUS/(DEFICIT)(381,300)        (209,600)        (220,700)        (232,355)        (239,698)        (247,261)        (252,454)        (257,751)        (263,154)        (268,665)        3‐TRANSFERS‐IN‐                   0                      0                      138,000          ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TRANSFERS NET‐                   0                      0                      138,000          ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TOTAL OVER/(UNDER)(381,300)        (209,600)        (220,700)        (94,355)           (239,698)        (247,261)        (252,454)        (257,751)        (263,154)        (268,665)        BALANCE286,672          77,072            (143,628)        (237,983)        (477,681)        (724,941)        (977,395)        (1,235,146)     (1,498,300)     (1,766,965)     EMERGENCY PROJECTS RESERVE 50,000            50,000            50,000            50,000            50,000            50,000            50,000            50,000            50,000            50,000            EXCESS/(DEFICIENCY)236,672          27,072            (193,628)        (287,983)        (527,681)        (774,941)        (1,027,395)     (1,285,146)     (1,548,300)     (1,816,965)     D-3 CITY OF RANCHO PALOS VERDES, CA ‐ WORK‐IN‐PROGRESSINDEXFUND SUMMARYFUNDTYPE2022E 2023B 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F223‐SUBREGION ONE MAINTENANCE 1‐REVENUES 14,000            14,000            14,315            14,637            14,966            15,303            15,647            16,000            16,360            16,728            2‐EXPENDITURES 41,600            43,600            45,780            48,069            49,511            50,996            52,016            53,057            54,118            55,200            OPERATING SURPLUS/(DEFICIT)(27,600)           (29,600)           (31,465)           (33,432)           (34,545)           (35,693)           (36,369)           (37,057)           (37,758)           (38,473)           3‐TRANSFERS‐IN 30,000            50,000             ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TRANSFERS NET30,000            50,000            ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TOTAL OVER/(UNDER)2,400              20,400            (31,465)           (33,432)           (34,545)           (35,693)           (36,369)           (37,057)           (37,758)           (38,473)           BALANCE747,815          768,215          736,750          703,318          668,773          633,080          596,711          559,654          521,896          483,424          NON‐SPENDABLE ENDOWMENT 750,000          750,000          750,000          750,000          750,000          750,000          750,000          750,000          750,000          750,000          EXCESS/(DEFICIENCY)(2,185)             18,215            (13,250)           (46,682)           (81,227)           (116,920)        (153,289)        (190,346)        (228,104)        (266,576)        224‐MEASURE A MAINTENANCE 1‐REVENUES190,200          90,200            90,205            90,209            90,214            90,219            90,224            90,229            90,234            90,239            2‐EXPENDITURES‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   OPERATING SURPLUS/(DEFICIT) 190,200          90,200            90,205            90,209            90,214            90,219            90,224            90,229            90,234            90,239            3‐TRANSFERS‐IN‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT150,000          50,000            90,000            90,000            90,000            90,000            90,000            90,000            90,000            90,000            TRANSFERS NET(150,000)        (50,000)           (90,000)           (90,000)           (90,000)           (90,000)           (90,000)           (90,000)           (90,000)           (90,000)           TOTAL OVER/(UNDER)40,200            40,200            205                  209                  214                  219                  224                  229                  234                  239                  BALANCE101,636          141,836          142,041          142,250          142,463          142,682          142,906          143,134          143,368          143,607          225‐ABALONE COVE SEWER DIST 1‐REVENUES52,000            52,000            54,045            56,171            58,381            60,679            63,068            65,552            68,134            70,818            2‐EXPENDITURES142,800          208,800          219,240          230,202          237,108          244,221          249,106          254,088          259,170          264,353          OPERATING SURPLUS/(DEFICIT)(90,800)           (156,800)        (165,195)        (174,031)        (178,727)        (183,542)        (186,038)        (188,536)        (191,036)        (193,535)        3‐TRANSFERS‐IN‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TRANSFERS NET‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TOTAL OVER/(UNDER)(90,800)           (156,800)        (165,195)        (174,031)        (178,727)        (183,542)        (186,038)        (188,536)        (191,036)        (193,535)        BALANCE157,321          521                  (164,674)        (338,705)        (517,432)        (700,974)        (887,012)        (1,075,548)     (1,266,584)     (1,460,119)     228‐DONOR RESTRICTED CONTRIB 1‐REVENUES49,300            43,300            44,778            46,313            47,507            48,732            49,774            50,840            51,928            53,040            2‐EXPENDITURES13,500            14,600            15,330            16,097            16,579            17,077            17,418            17,767            18,122            18,484            OPERATING SURPLUS/(DEFICIT) 35,800            28,700            29,448            30,217            30,927            31,655            32,356            33,073            33,806            34,555            3‐TRANSFERS‐IN‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TRANSFERS NET‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TOTAL OVER/(UNDER)35,800            28,700            29,448            30,217            30,927            31,655            32,356            33,073            33,806            34,555            BALANCE814,341          843,041          872,489          902,705          933,633          965,288          997,644          1,030,717      1,064,523      1,099,078      D-4 CITY OF RANCHO PALOS VERDES, CA ‐ WORK‐IN‐PROGRESSINDEXFUND SUMMARYFUNDTYPE2022E 2023B 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F285‐IA PORTUGUESE BEND MAINT 1‐REVENUES 200                  300                  307                  314                  321                  328                  335                  343                  351                  358                  2‐EXPENDITURES 46,000            49,000            51,450            54,023            55,643            57,312            58,459            59,628            60,820            62,037            OPERATING SURPLUS/(DEFICIT)(45,800)           (48,700)           (51,143)           (53,709)           (55,322)           (56,985)           (58,123)           (59,285)           (60,470)           (61,678)           3‐TRANSFERS‐IN 55,000            15,000             ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TRANSFERS NET55,000            15,000            ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TOTAL OVER/(UNDER)9,200              (33,700)           (51,143)           (53,709)           (55,322)           (56,985)           (58,123)           (59,285)           (60,470)           (61,678)           BALANCE68,642            34,942            (16,201)           (69,910)           (125,233)        (182,217)        (240,341)        (299,626)        (360,095)        (421,774)        310‐CDBG1‐REVENUES144,800          60,000            60,000            60,000            60,000            60,000            60,000            60,000            60,000            60,000            2‐EXPENDITURES79,400            150,000          ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   OPERATING SURPLUS/(DEFICIT) 65,400            (90,000)           60,000            60,000            60,000            60,000            60,000            60,000            60,000            60,000            3‐TRANSFERS‐IN‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TRANSFERS NET‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TOTAL OVER/(UNDER)65,400            (90,000)           60,000            60,000            60,000            60,000            60,000            60,000            60,000            60,000            BALANCE90,055            55                    60,055            120,055          180,055          240,055          300,055          360,055          420,055          480,055          330‐INFRASTRUCTURE IMPRVMNTS 1‐REVENUES200,000          200,000          204,500          209,101          213,806          218,617          223,536          228,565          233,708          238,966          2‐EXPENDITURES1,691,000      9,283,000      3,641,600      4,970,800      ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   OPERATING SURPLUS/(DEFICIT)(1,491,000)     (9,083,000)     (3,437,100)     (4,761,699)     213,806          218,617          223,536          228,565          233,708          238,966          3‐TRANSFERS‐IN2,553,000      6,359,700      4,001,625      3,808,685      3,533,021      3,245,310      2,945,063      2,631,775      2,304,919      1,963,947      4‐TRANSFERS‐OUT‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TRANSFERS NET2,553,000      6,359,700      4,001,625      3,808,685      3,533,021      3,245,310      2,945,063      2,631,775      2,304,919      1,963,947      TOTAL OVER/(UNDER)1,062,000      (2,723,300)     564,525          (953,013)        3,746,827      3,463,926      3,168,599      2,860,340      2,538,627      2,202,914      BALANCE37,183,150    34,459,850    35,024,375    34,071,361    37,818,189    41,282,115    44,450,714    47,311,054    49,849,682    52,052,595    EMERGENCY PROJECTS RESERVE 5,000,000      5,000,000      5,000,000      5,000,000      5,000,000      5,000,000      5,000,000      5,000,000      5,000,000      5,000,000      EXCESS/(DEFICIENCY)32,183,150    29,459,850    30,024,375    29,071,361    32,818,189    36,282,115    39,450,714    42,311,054    44,849,682    47,052,595    331‐FEDERAL GRANTS1‐REVENUES‐                   1,104,000      1,104,000      1,104,000      1,104,000      1,104,000      1,104,000      1,104,000      1,104,000      1,104,000      2‐EXPENDITURES‐                   105,000          ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   OPERATING SURPLUS/(DEFICIT)‐                   999,000          1,104,000      1,104,000      1,104,000      1,104,000      1,104,000      1,104,000      1,104,000      1,104,000      3‐TRANSFERS‐IN‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TRANSFERS NET‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TOTAL OVER/(UNDER)‐                   999,000          1,104,000      1,104,000      1,104,000      1,104,000      1,104,000      1,104,000      1,104,000      1,104,000      BALANCE‐                   999,000          2,103,000      3,207,000      4,311,000      5,415,000      6,519,000      7,623,000      8,727,000      9,831,000      332‐STATE GRANTS1‐REVENUES100                  100                  102                  105                  107                  109                  112                  114                  117                  119                  2‐EXPENDITURES116,400          210,000          ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   OPERATING SURPLUS/(DEFICIT)(116,300)        (209,900)        102                  105                  107                  109                  112                  114                  117                  119                  3‐TRANSFERS‐IN‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TRANSFERS NET‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TOTAL OVER/(UNDER)(116,300)        (209,900)        102                  105                  107                  109                  112                  114                  117                  119                  BALANCE7                      (209,893)        (209,791)        (209,686)        (209,579)        (209,470)        (209,358)        (209,244)        (209,127)        (209,008)        D-5 CITY OF RANCHO PALOS VERDES, CA ‐ WORK‐IN‐PROGRESSINDEXFUND SUMMARYFUNDTYPE2022E 2023B 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F333‐FEDERAL GRANTS‐ARPA 1‐REVENUES 4,987,400      4,952,600       ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   2‐EXPENDITURES672,600          4,247,000      ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   OPERATING SURPLUS/(DEFICIT) 4,314,800      705,600          ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   3‐TRANSFERS‐IN‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TRANSFERS NET‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TOTAL OVER/(UNDER)4,314,800      705,600          ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   BALANCE4,309,800      5,015,400      5,015,400      5,015,400      5,015,400      5,015,400      5,015,400      5,015,400      5,015,400      5,015,400      334‐QUIMBY PARK DEVELOPMENT 1‐REVENUES10,000            10,000            10,225            10,455            10,690            10,931            11,177            11,428            11,685            11,948            2‐EXPENDITURES389,500          ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   OPERATING SURPLUS/(DEFICIT)(379,500)        10,000            10,225            10,455            10,690            10,931            11,177            11,428            11,685            11,948            3‐TRANSFERS‐IN‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TRANSFERS NET‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TOTAL OVER/(UNDER)(379,500)        10,000            10,225            10,455            10,690            10,931            11,177            11,428            11,685            11,948            BALANCE701,520          711,520          721,745          732,200          742,890          753,821          764,998          776,426          788,112          800,060          336‐LOW‐MODERATE INCOME HOUSI 1‐REVENUES31,600            31,600            32,836            34,121            35,456            36,845            38,288            39,788            41,348            42,969            2‐EXPENDITURES‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   OPERATING SURPLUS/(DEFICIT) 31,600            31,600            32,836            34,121            35,456            36,845            38,288            39,788            41,348            42,969            3‐TRANSFERS‐IN‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TRANSFERS NET‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TOTAL OVER/(UNDER)31,600            31,600            32,836            34,121            35,456            36,845            38,288            39,788            41,348            42,969            BALANCE315,431          347,031          379,867          413,988          449,444          486,289          524,577          564,365          605,712          648,681          337‐AFFORDABLE HOUSING PROJ 1‐REVENUES4,300              4,300              4,397              4,496              4,597              4,700              4,806              4,914              5,025              5,138              2‐EXPENDITURES‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   OPERATING SURPLUS/(DEFICIT) 4,300              4,300              4,397              4,496              4,597              4,700              4,806              4,914              5,025              5,138              3‐TRANSFERS‐IN‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TRANSFERS NET‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TOTAL OVER/(UNDER)4,300              4,300              4,397              4,496              4,597              4,700              4,806              4,914              5,025              5,138              BALANCE880,011          884,311          888,708          893,203          897,800          902,501          907,307          912,221          917,245          922,383          338‐DEVELOP IMPACT MIT (EET) 1‐REVENUES19,400            22,400            23,454            24,559            25,277            26,016            26,543            27,081            27,629            28,189            2‐EXPENDITURES138,000          64,000            67,200            70,560            72,677            74,857            76,354            77,881            79,439            81,028            OPERATING SURPLUS/(DEFICIT)(118,600)        (41,600)           (43,746)           (46,001)           (47,400)           (48,841)           (49,811)           (50,801)           (51,810)           (52,839)           3‐TRANSFERS‐IN‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TRANSFERS NET‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TOTAL OVER/(UNDER)(118,600)        (41,600)           (43,746)           (46,001)           (47,400)           (48,841)           (49,811)           (50,801)           (51,810)           (52,839)           BALANCE90,758            49,158            5,412              (40,589)           (87,988)           (136,829)        (186,640)        (237,441)        (289,251)        (342,090)        D-6 CITY OF RANCHO PALOS VERDES, CA ‐ WORK‐IN‐PROGRESSINDEXFUND SUMMARYFUNDTYPE2022E 2023B 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F340‐BICYCLE/PEDESTRIAN ACCESS 1‐REVENUES 28,000            110,000          110,000          110,000          110,000          110,000          110,000          110,000          110,000          110,000          2‐EXPENDITURES‐                   110,000           ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   OPERATING SURPLUS/(DEFICIT) 28,000            ‐                   110,000          110,000          110,000          110,000          110,000          110,000          110,000          110,000          3‐TRANSFERS‐IN‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TRANSFERS NET‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TOTAL OVER/(UNDER)28,000            ‐                   110,000          110,000          110,000          110,000          110,000          110,000          110,000          110,000          BALANCE28,000            28,000            138,000          248,000          358,000          468,000          578,000          688,000          798,000          908,000          343‐MEASURE W1‐REVENUES683,800          682,000          682,045          682,091          682,138          682,186          682,235          682,286          682,337          682,390          2‐EXPENDITURES512,635          596,000          625,800          657,090          676,803          697,107          711,049          725,270          739,775          754,571          OPERATING SURPLUS/(DEFICIT) 171,165          86,000            56,245            25,001            5,335              (14,921)           (28,814)           (42,984)           (57,438)           (72,181)           3‐TRANSFERS‐IN‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TRANSFERS NET‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TOTAL OVER/(UNDER)171,165          86,000            56,245            25,001            5,335              (14,921)           (28,814)           (42,984)           (57,438)           (72,181)           BALANCE662,627          748,627          804,872          829,873          835,208          820,288          791,474          748,490          691,052          618,871          681‐EQUIPMENT REPLACEMENT 1‐REVENUES330,400          313,800          314,475          315,165          315,871          316,592          317,330          318,085          318,856          319,645          2‐EXPENDITURES354,000          602,700          602,700          602,700          602,700          602,700          602,700          602,700          602,700          602,700          OPERATING SURPLUS/(DEFICIT)(23,600)           (288,900)        (288,225)        (287,535)        (286,829)        (286,108)        (285,370)        (284,615)        (283,844)        (283,055)        3‐TRANSFERS‐IN‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TRANSFERS NET‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TOTAL OVER/(UNDER)(23,600)           (288,900)        (288,225)        (287,535)        (286,829)        (286,108)        (285,370)        (284,615)        (283,844)        (283,055)        BALANCE2,381,672      2,092,772      1,804,547      1,517,012      1,230,183      944,076          658,706          374,091          90,247            (192,808)        D-7 CITY OF RANCHO PALOS VERDES, CA ‐ WORK‐IN‐PROGRESSINDEXFUND SUMMARYFUNDTYPE2022E 2023B 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F682‐EMPLOYEE PENSION PLAN 1‐REVENUES‐                    ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   2‐EXPENDITURES‐                   242,000          180,086          180,986          181,891          182,801          183,715          184,633          185,557          186,484          OPERATING SURPLUS/(DEFICIT)‐                   (242,000)        (180,086)        (180,986)        (181,891)        (182,801)        (183,715)        (184,633)        (185,557)        (186,484)        3‐TRANSFERS‐IN640,000          400,000          ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TRANSFERS NET640,000          400,000          ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TOTAL OVER/(UNDER)640,000          158,000          (180,086)        (180,986)        (181,891)        (182,801)        (183,715)        (184,633)        (185,557)        (186,484)        BALANCE640,000          798,000          617,914          436,928          255,036          72,235            (111,479)        (296,113)        (481,669)        (668,154)        795‐IA ABALONE COVE MAINT 1‐REVENUES3,000              3,300              3,374              3,450              3,528              3,607              3,688              3,771              3,856              3,943              2‐EXPENDITURES34,000            28,000            29,400            30,870            31,796            32,750            33,405            34,073            34,755            35,450            OPERATING SURPLUS/(DEFICIT)(31,000)           (24,700)           (26,026)           (27,420)           (28,268)           (29,143)           (29,717)           (30,302)           (30,898)           (31,507)           3‐TRANSFERS‐IN‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   4‐TRANSFERS‐OUT‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TRANSFERS NET‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   TOTAL OVER/(UNDER)(31,000)           (24,700)           (26,026)           (27,420)           (28,268)           (29,143)           (29,717)           (30,302)           (30,898)           (31,507)           BALANCE1,074,977      1,050,277      1,024,251      996,831          968,563          939,420          909,703          879,402          848,503          816,997          NON‐SPENDABLE ENDOWMENT 1,000,000      1,000,000      1,000,000      1,000,000      1,000,000      1,000,000      1,000,000      1,000,000      1,000,000      1,000,000      EXCESS/(DEFICIENCY)74,977            50,277            24,251            (3,169)             (31,437)           (60,580)           (90,297)           (120,598)        (151,497)        (183,003)        TOTAL1‐REVENUES47,389,200    50,631,100    47,111,328    48,087,300    49,059,663    50,066,214    51,087,291    52,144,164    53,238,200    54,370,819    2‐EXPENDITURES36,586,073    54,346,300    41,934,731    43,491,197    39,899,826    41,332,341    42,636,945    43,992,198    45,400,285    46,863,489    OPERATING SURPLUS/(DEFICIT) 10,803,127    (3,715,200)     5,176,596      4,596,103      9,159,837      8,733,872      8,450,346      8,151,966      7,837,915      7,507,330      3‐TRANSFERS‐IN3,628,000      7,124,700      4,301,625      4,246,685      3,833,021      3,545,310      3,245,063      2,931,775      2,604,919      2,263,947      4‐TRANSFERS‐OUT5,318,100      7,124,700      4,231,625      4,176,685      3,763,021      3,475,310      3,175,063      2,861,775      2,534,919      2,193,947      TRANSFERS NET(1,690,100)     ‐                   70,000            70,000            70,000            70,000            70,000            70,000            70,000            70,000            TOTAL OVER/(UNDER)9,113,027      (3,715,200)     5,246,596      4,666,103      9,229,837      8,803,872      8,520,346      8,221,966      7,907,915      7,577,330      BALANCE86,610,442    82,895,242    88,141,839    92,807,942    102,037,779  110,841,651  119,361,997  127,583,963  135,491,879  143,069,208  D-8