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CC SR 20240604 05 - FY2024-25 Financial Model CITY COUNCIL MEETING DATE: 06/04/2024 AGENDA REPORT AGENDA HEADING: Regular Business AGENDA TITLE: Consideration and possible action to receive the Fiscal Year (FY) 2024-25 Financial Model. RECOMMENDED COUNCIL ACTION: (1) Receive and file the FY 2024-25 Financial 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: Vina Ramos, Director of Finance VR APPROVED BY: Ara Mihranian, AICP, City Manager ATTACHED SUPPORTING DOCUMENTS: A. 10-Year Fund Balance Summary and Details (page A-1) B. Budget Assumptions (page B-1) C. Major Funds: General Fund and Capital Infrastructure Program (CIP) Fund (page C-1) BACKGROUND: The 10-Year Financial Model is administered by the City’s Finance Department and reviewed during the annual budget cycle in accordance with City Council Policy No. 18. Each iteration of the model integrates historic and current year data with the latest economic assumptions to produce a long-term forecast of revenues, expenditures, and fund balances. In addition to establishing a baseline forecast, the model is relied upon to support deliberations among decisionmakers and to validate the fiscal impact of various programmatic or financial alternatives under consideration. Since implementation, the model has become increasingly beneficial to the budget process due to its various enhancements over time. In Fiscal Year 2021-22, the original Five-Year Financial Model was expanded to 10 years and renamed accordingly at the request of current Mayor Pro Tem Alegria. A post-pandemic economy prompted the addition of a sensitivity analysis during the same span of time . Any improvements or 1 analyses requested by the City Council are integrated into the model each year and presented for review during the June budget meetings. FY 2024-25 Model Format In its latest iteration, the FY 2024-25 Financial Model (Model) uses the inputs and assumptions developed during the annual budget cycle. The Model primarily focuses on the General Fund, illustrates the City’s long-term financial position, and supports the development of a structurally (recurring) balanced operating budget. Special Revenue Funds and budgetary figures from the Five-Year Capital Improvement Program are also included to provide a complete picture of the City’s long-term financial outlook. The baseline revenue and expenditure forecasts are established using the FY 2024-25 Preliminary Budget. Additional data within the model includes: ► Historic actuals and year-end fund balances for all City funds ► Key assumptions and various economic input factors ► FY 2023-24 year-end estimates and projected fund balances as of June 30, 2024 ► A 10-year overview from FY 2023-24 to FY 2032-33 Major funds included in the Model are separated as follows: ► General Fund – The General Fund balance is separated by the 50% reserve policy and the unrestricted balance. ► Funds restricted by City Council action – The balances of the Capital Infrastructure Program Fund (CIP), Employee Pension Service 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 City Council action. ► 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. This funding can only be used for the purpose outlined by the terms and conditions set by legislation and voter ballot measures. Lastly, the Model is organized and presented using the following reports: ► 10-Year Fund Summary and Details (Attachment A) ► Budget Assumptions (Attachment B) ► Major Funds: General Fund and CIP Fund (Attachment C) In addition to the attached reports, an overview of the development process and analysis of the 10-year forecast is detailed in the discussion section below. 2 DISCUSSION: Model Development Process At the start of the budget season, Finance Staff updated the Model to prepare for the General Fund Budget Workshop. Mid-year revenues and expenditures were added to analyze actual performance against the revised budget. Staff also reviewed historical data alongside industry trends and economic indicators to produce the General Fund budget assumptions, FY 2023-24 year-end estimates, and the FY 2024-25 Proposed Budget. For the preliminary budget meeting (under a separate agenda item this evening), actuals through March and the latest City Council-approved changes to the FY 2023-24 estimates and FY 2024-25 budget have been incorporated. Recent updates also included the 5- year Capital Improvement Program. This process resulted in the FY 2024 -25 Preliminary Budget, forming the Model’s baseline forecast and long -term outlook for all City funds in advance of budget adoption. Budget Assumptions The assumptions listed in Table 1 highlight the long-term growth rates used to develop the baseline forecast from FY 2025-26 through FY 2032-33 (FY 2023-24 year-end estimates and FY 2024-25 budget are prepared separately). Staff reviews and updates these rates annually based on historic data, current trends, and economic activity related to the City’s major revenue and expenditure categories. Any significant changes to the assumptions, if material, are discussed in greater detail in the sections below. Table 1. Economic Model Input Factors FISCAL YEAR END 2024E 2025B 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F REVENUES PROPERTY TAX 4.0% 4.2% 4.2% 4.3% 4.0% 4.0% 4.0% 4.0% TRANSIENT OCCUPANCY TAXES 0.5% 1.0% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% SALES TAX 1.5% 2.0% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% FRANCHISE TAX 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% UTILITY USERS TAX 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% PERMIT REVENUES 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% INVESTMENT INTEREST 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% EXPENDITURES CONSUMER PRICE INDEX 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% NON-PERSONNEL EXPENDITURES 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% PERSONNEL EXPENDITURES 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% HEALTH INSURANCE 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% PERS NORMAL COSTS 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% SHERIFF CONTRACT 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% FORECAST ASSUMPTIONS - 2025 FINANCIAL MODEL FY 2023-24 YE Est. and FY 2024-25 Budget prepared outside of model FY 2023-24 YE Est. and FY 2024-25 Budget prepared outside of model 3 General Fund Revenue Assumptions Property Tax Property Tax is the primary and most stable revenue source in the General Fund. The FY 2024-25 preliminary budget forecasts property tax revenues to surpass $17.5 million, marking an increase of $0.4 million, or 2.4%, over year-end estimates. Growth in revenue stems from assessed property values, which typically rise annually by no more than 2%, with potential additional growth from home sales triggering property reassessments and Proposition 8 value recaptures. Considering all other factors, such as the overall increase in property values and revenue from vehicle license fees, property tax is forecasted to continue growing near the historical rate of approximately 4% annually. Transient Occupancy Tax (TOT) TOT, the second-largest revenue source in the General Fund, mainly derives from Terranea Resort, contributing $6.4 million, or 98%, of the proposed $6.6 million in FY 2024-25. The FY 2024-25 preliminary revenues are expected to rise past FY 2023-24 year-end estimates by $55,000, or 0.8%, and reflect a stable but cautious forecast as economic activity continues to slow. Staff’s forecast for future growth rates takes historic actuals and recent trends into consideration, alongside budget projections provided by Terranea. In FY 2025-26 and beyond, the assumed rate of growth is initially flat based on current trends and rises to 1% in future years to align with past revenue performance, increasing slightly compared to the traditional rate of 0.5%. Sales Tax Sales Tax revenue projections are primarily based upon data provided by the City’s sales and use tax consultant, HdL. Total revenues are forecasted to near almost $2.9 million in FY 2024-25 and exceed FY 2023-24 year-end estimates by about $22,000, or 0.8%. Despite recent declines, prices remain elevated because of inflation, thus creating a larger taxable base for this category. Statewide projections anticipate revenue growth of 2% in the short term, rising to about 3% over the long term. Following Staff’s review alongside data provided by HdL, the forecast assumptions have been updated from an average of 2% to 2.5% to reflect past revenue performance and conservative projections. Permits and Fees Permits and Fees revenues, driven primarily by activity levels within the Community Development Department, are projected to total nearly $3.2 million in FY 2024 -25. The preliminary budget exceeds year-end estimates by approximately $29,000, or 0.9%. On May 7, 2024, the City Council opted to forego a CPI adjusted increase and approved the Master Fee Schedule as recommended. Despite retaining current fee levels, future revenues are projected to rise by 2.5% year-over-year, an increase of 1.5% from past assumptions to conservatively align with historic growth rates. 4 Franchise Tax The City receives payments from franchisees for the use of municipal rights-of-way from vendors such as EDCO, Cox, and Southern California Gas Company. Staff analyzes historical data and reviews industry projections as the basis for annual assumptions . To date, franchise tax revenue is estimated to reach $2.3 million in FY 2024-25, with a $50,000, or 2.3%, increase compared to year-end estimates. Based on the latest review of historical data, growth assumptions have been updated to 1.5% over the long term, rising 0.5% over past assumption rates. Utility Users Tax (UUT) UUT revenues are generated by the use of electricity, gas, and water services available within the City. FY 2024-25 revenues are projected to total $2.5 million, falling by $40,000, or 1.5% below year-end estimates. The annual budget is determined based on current trends, however, the Model uses a 2% assumption rate to reflect stable growth over the long-term. In accordance with Section 3.30.190 of the Rancho Palos Verdes Municipal Code (RPVMC), the City Manager shall annually submit an analysis of revenues derived from UUT to the City Council to determine if a modification to the rate is necessary or if the tax is unnecessary based on needs of the City. The City Council approved continuing the 3% rate for UUT in FY 2024-25 at the Budget Workshop. Investment Interest Interest earnings generated from the City’s investment portfolio are accounted for in the other taxes and miscellaneous revenue category. Pursuant to the guidelines established in the City’s annual investment policy, the available cash allocated to the portfolio is invested on the basis of safety, liquidity, and yield. Although interest earnings have performed markedly well over time, the forecast remains conservative using a 2% growth rate over the long run. In summary, General Fund operating revenues, including transfers, are projected to reach $39.7 million FY 2024-25. Revenue assumptions for future years will continue to be monitored and adjusted based on the annual analysis of financial indicators. General Fund Expenditures Consumer Price Index (CPI) The City’s financial model has always included CPI as a factor in the long-term forecast. However, this economic indicator was not previously listed in the forecast assumptions table. Given its influence on expenditures, CPI has been added and uses a 3% assumption rate based on the long-term average growth. 5 Non-Personnel Expenditures Non-Personnel expenditures are budgeted at approximately $12.5 million for the upcoming fiscal year. This category covers costs related to legal services, professional and technical services, repairs and maintenance, supplies, training and conferences, utilities, and miscellaneous/other expenses. In FY 2025-26 and beyond, forecast assumptions have been updated to reflect a long-term growth rate of 4%. This change from the previous rate of 2% comes in light of the latest analysis of the Model to more accurately reflect expenditure growth in this category. Personnel Expenditures This forecast assumption is used to estimate the future cost of employee salaries and wages. To date, the preliminary budget is estimated at approximately $11 million in FY 2024-25, not including benefits. The assumption rate for future fiscal years has been set to 3%, adjusted downward from the growth rate of 5% used in previous versions of the model. The model was previously set to 5% based on the rise in salaries and wages resulting from high inflation, labor agreements, cost of living adjustments, and the compensation study completed in recent years. However, the higher rate of increase from these events was in the short-term. After analyzing historic actuals, Staff determined that the long-term average rate of personnel increases is 3% and adjusted the Model accordingly. Health Insurance Health insurance is forecasted based on the annual cost of premiums for health, vision, and dental paid for by the City. These expenditures are typically summarized in the overall cost of benefits but are separated in the Model to project future needs more accurately. Health insurance is anticipated to grow around 1% annually based on the latest analysis of historic figures. This reflects a decrease from the previous assumption rate of 5%, which was well above actual expenditures and helps to narrow down fu ture projections. This reduction comes in part because it was also determined that other benefit-related expenditures such as health savings accounts (HSA), deferred compensation, and workers compensation are separated from this category within the model. These other benefits are forecasted using the 3% CPI rate over the long term. Thus, the Health Insurance assumption was reduced to specifically reflect health insurance premiums rather than all health-related benefits. CalPERS 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 staffing levels and the estimated payroll to account for future benefits. The Model incorporates data in Table 2 on the next page to account for the normal costs based on the latest pension valuation, which provides the estimated contribution for FY 2024-25. The remaining years are forecasted at 2.5%, which aligns with previou s expenditure growth and the payroll assumption rate used by CalPERS. 6 Table 2. Model Data - Projected Future Employer Contributions (in dollars) Normal Cost Rate - All Plans 2023-24 2024-25 2025-26 2026-27 2027-28 884,150 857,900 713,139 730,967 749,241 2028-29 2029-30 2030-31 2031-32 2032-33 767,972 787,172 806,851 827,022 847,698 Unfunded Accrued Liability (UAL) In addition to the normal cost, employer contributions also include required UAL payments based on the amortization schedule for each City pension plan. As of June 30, 2022, the City’s total UAL balance for all three tiers was $16.7 million, an increase of 66% from $10 million in the prior year. The projected UAL payment schedule provided by CalPERS uses an investment return rate of 6.8% to calculate future contributions from FY 2025-26 to FY 2029-30 as shown in Table 3 on the next page. Table 3. CalPERS Projected UAL Payments (Assumes 6.8% Return) Benefit Plan FY 2024-25 Required FY 2025-26 Projected FY 2026-27 Projected FY 2027-28 Projected FY 2028-29 Projected FY 2029-30 Projected Tier 1 $1,266,876 $1,362,000 $1,454,000 $1,528,000 $1,694,000 $1,730,000 Tier 2 $14,644 $24,000 $34,000 $44,000 $53,000 $53,000 Tier 3 $14,336 $24,000 $34,000 $44,000 $54,000 $54,000 Total $1,295,856 $1,410,000 $1,522,000 $1,616,000 $1,801,000 $1,837,000 To provide a more accurate forecast, the latest Model does not use the projected UAL payments noted in the table above due to the two-year lag in reporting. Instead, the Model uses estimated UAL payments based on CalPERS 2023 investment return of 5.8%, which falls below their target rate of return and increases the UAL. The table below illustrates the anticipated UAL payments used to forecast future increases. Table 4. Model Data - Projected UAL Payments (Based on 2023 Valuations) UAL Payments - All Plans 2023-24 2024-25 2025-26 2026-27 2027-28 1,050,608 1,295,856 1,420,000 1,541,000 1,645,000 2028-29 2029-30 2030-31 2031-32 2032-33 1,840,000 1,885,000 1,922,000 1,960,000 1,950,000 Lastly, it’s worth noting that the previous assumption table provided in this report included UAL payments. However, due to the $900,000 limit on payment from the General Fund, the year-over-year rate of increase displayed as 0% and was removed from the table in this latest report. Staff will review this to determine how best to illustrate future assumptions for UAL payments. 7 Los Angeles County Sheriff’s Contract Each budget cycle, the City Council evaluates existing levels of public safety services provided by Los Angeles County Sheriff’s Department (LASD). Costs of the LASD contract continue to rise annually and are contingent upon external factors such as labor negotiations and rising liability rates. Staff typically account for these increases by using a 4% assumption rate to forecast future costs based on historical figures. The Model captures recent changes in the LASD contract determined in the FY 2024-25 budget cycle and uses an average growth rate of 4% to forecast long-term contract increases. Since FY 2017-18, annual transfers from the General Fund to the CIP Fund are determined by calculating actual TOT revenues from Terranea less the cumulative increase in LASD contract costs. On an as-needed basis, the FAC is prepared to review any additional projects assigned by the City Council, which includes reviewing the feasibility of the current and future impact of funding incremental public safety increases through TOT revenue. While no actions were taken during the fiscal year, the FAC has retained this item in the annual Work Plan to note feasibility as an area of concern. This analysis helps illustrate the long-term impact of cumulative contract increase on TOT revenue, and therefore, the potential impact on transfers to the CIP Fund. This review also justifies the need to continue transferring a portion of the unallocated fund balance remaining at the end of each fiscal year (discussed in section below). In total, the City Council has approved approximately $4.2 million of transfers from General Fund to CIP Fund since FY 2020-21. Chart 1. Model Data – TOT Revenue vs LASD Contract Costs In summary, FY 2024-25 General Fund operating expeditures, including transfers, are projected to reach $39.4 million. As is the case with revenues, Staff will continue to monitor trends and report any material updates if warranted. 8 10-Year Financial Forecast General Fund Based on the assumption described above, the chart on the following page presents the 10-year forecast illustrating differences with transfers in and out of the General Fund. As illustrated in Chart 2 on the next page, the General Fund continues to have a structurally balanced budget with estimated operating revenues exceeding expenditures through FY 2032-33, excluding transfers. Chart 2. General Fund 10-Year Forecast (Excluding Transfers) The City’s operating fund balance is reduced by transfers to various other funds. The largest transfer is TOT revenue from Terranea to the CIP, followed by additional transfers to subsidize funds without regular revenues sources. Transfers Out from General Fund help to cover annual maintenance charges, maintain endowment requirements, and support operations and are included in the Model as summarized in Table 5. Table 5. FY 2024-25 General Fund Transfers Out FY 2023-24 Year-End Estimate FY 2024-25 Preliminary Budget TRANSFER - CIP $ 5,010,500 $ 3,852,500 TRANSFER - HABITAT RESTORATION $ 100,000 $ 150,000 TRANSFER - SUBREGION 1 MAINT $ 60,000 $ 60,000 TRANSFER - ABALONE COVE SEWER $ 70,000 $ 70,000 TRANSFER - IA PORTUGUESE BEND $ 15,000 $ 15,000 TRANSFER - EMPLOYEE PENSION $ 291,300 $ - Total Transfers Out $ 5,546,800 $ 4,147,500 *FY 2023-24 includes transfers approved in prior year 9 Additional Transfers from Unallocated Fund Balance Moreover, in accordance with the City Council Reserve Policy No. 41, the City may transfer all or a percentage of the prior year’s unrestricted unallocated fund balance from General Fund. The City Council approved Staff’s recommendation to transfer $889,500 to the CIP Fund for the Ladera Linda Community Center loan payment and $400,000 to the Employee Pension Service Fund (EPSF) at the budget workshop. However, since the approved transfers are funded from the prior year’s unallocated fund balance, these amounts are not included in the preliminary totals for FY 2024-25. The additional transfers will be incorporated into an updated version of the model following adoption of the FY 2024-25 budget. Under current assumptions, Chart 3 illustrates that baseline revenues can support baseline expenditures after including the estimated transfers-out through FY 2032-33. However, this gap is minimal, and it’s important to note that expenditures continue to increase faster than revenues when you consider transfers. Between fiscal years 2015 and 2023, operating revenues and expenditures have grown at an average annual rate of 4% and 5.5%, respectively and excluding transfers. As such, the model can be utilized to assess the fiscal impact of additional programmatic changes. Chart 3. General Fund 10-Year Forecast (Including Transfers) According to the Model, the estimated General Fund balance as of June 30, 2025, based on the latest updates to revenues, expenditures, and transfers, is approximately $33.6 million. A 10-year overview of the General Fund Balance from the Model is provided in Chart 6 on the following page. According to the long-term outlook under current assumptions, the total fund balance is conservatively forecasted to grow year-over-year by an average rate of 2%, ending FY 2032-33 at approximately $38.4 million. 10 CONTINUED ON THE NEXT PAGE Chart 4. 2024 Model – General Fund Balance Forecast General Fund Sensitivity Analysis Following a request from the City Council, a sensitivity analysis was added to the financial model in FY 2021-22 to examine unique scenarios that may impact the long-term financial condition of the City. The following scenario is for reference only and not an actual representation of the current forecast. Each fiscal year, the Public Works Department budgets for maintenance and operating assessments for City-owned parcels within the Klondike Canyon and Abalone Cove Landslide Abatement Districts, also known as KCLAD and ACLAD (Districts) or Geologic Hazard Abatement Districts (GHADs). On April 25, 2024, the Districts notified the City of an upcoming public hearing for potential increase in assessments for estimated operational and maintenance costs in FY 2024 -25. The total increase is approximately $488,000 or 216% from the prior year’s assessments. The Districts are actively seeking State and Federal sources to expedite groundwater removal efforts to remediate current accelerated land movement. As a temporary measure, both Districts are requesting financial assistance from the City through a loan, along with proposing an increase in property assessments to fund necessary maintenance in FY 2024-25. The proposed assessments and financial assistance for Districts will be presented tonight separately to the City Council for consideration. This analysis helps to demonstrate the fiscal impact of the potential increase in property tax assessments. The chart on the following page compares the General Fund’s baseline revenue forecast with a revised expenditure budget to include increased District assessments and transfers. Based on current estimates, this option would result in a net increase of approximately $0.3 million from the $190,000 currently budgeted. To consider the ongoing impact, this scenario increases the $0.3 million by 5% each year from FY 2025- 11 26 and beyond to reflect the assumed rate of growth in annual assessments. As illustrated, the increased expenditures are expected to exceed or match revenues beginning in FY 2026-27 and through FY 2028-29 based on the Model’s current projections. Chart 5. General Fund 10-Year Forecast with ACLAD & KCLAD Assessment Increase (Including Transfers) Additionally, the increase in expenditures would also impact the General Fund balance based on the current scenario. As depicted below, the baseline fund balance is projected to reach $38.4 million by FY 2032-33. However, without additional revenue, the impact from this scenario would reduce the fund balance to $3 5.5 million, a decrease of $2.9 million, or 8%, compared to the baseline forecast. Chart 6. Fiscal Impact of Assessment Increase to General Fund Balance (Including Transfers) 12 Again, this scenario is for illustrative purposes and presents the fiscal impact under current assumptions. Based on this information, Staff utilizes the Model regularly, especially when preparing each year’s budget, anticipating future needs and making fiscal adjustments to avoid projected deficits. Also, due to a cautious budgeting approach, historically, the General Fund’s revenues have exceeded 5% of the proposed budget, with a spending rate of 95% of the adopted budget. By consistently using these strategies, the City has traditionally maintained financial stability. Capital Improvement Program (CIP) Fund The FY 2024-25 Preliminary Budget for all expenditures in the CIP Fund totals $11.6 million. This total includes $11.4 million in capital project costs and approximately $228,000 in personnel costs which was added to the budget in FY 2024-25. The $11.4 million in capital projects includes $889,500 for the Ladera Linda Community Park Project’s principal and interest payment. The loan payment is categorized as a debt payment and therefore not included in the 5 -year CIP program but included in the preliminary budget. The Model also provides a long-term forecast of revenues and expenditures for the CIP Fund. This review highlights the status of the fund, and long-term implications on the CIP Fund Balance based on current assumptions. The first chart highlights baseline revenues alongside revised expenditures, which amount to 70% of the baseline forecast. This rate is used to reflect the anticipated actual spending rate. This rate was previously approximately 50% but due to filling previously vacant positions within the Public Works Department, Staff anticipates the spend rate to go up to 70% of the budgeted projects. As observed, planned expenditures, which primarily consist of capital project costs, well exceed projected revenues over the long run since the CIP Fund is solely funded by transfers rather than taxes, unlike the General Fund. Chart 7. CIP Revenue and Expenditure Forecast (Expenditures @ 70%) 13 The projected revenues above are based on TOT transfers to the CIP Fund and interest earnings. Estimated transfers reveal a similar trend as reflected in Chart 2: 2024 Model – TOT Revenue vs LASD Contract Costs. According to the Model, revenues are expected to decline to roughly $3.4 million by FY 2028-29 under current assumptions. Using the assumptions as described, the expected impact to the CIP Fund Balance is depicted in the chart on the following page. This chart highlights the estimated fund balance, the policy reserve level of $5 million, and the remaining excess or deficit unrestricted fund balance. According to the forecast, the fund balance is expected to fall to $8.1 million by the end of the 5-year period. The drop in fund balance over the first few years is largely due to the increased spending related to the emergency hydraugers, and anticipated costs related to the landslide remediation project. Staff continues to apply for available grants and if awarded, these funds would replenish the CIP Fund. Chart 8. CIP Fund Balance Projection (Expenditures @ 70%) The information above is based on projections and will be adjusted based on future actuals. As another perspective, it’s important to point out that the CIP Fund has sustained a healthy fund balance due to the additional General Fund transfers authorized by the City Council based on prior year’s unallocated fund balance . This recommendation is to replenish the CIP fund from the public safety reductions made during the start of the budget process. In total, the City Council has approved approximately $4.2 million of transfers from General Fund to CIP Fund since FY 2020-21. The additional transfers from General to the CIP Fund, when available, should remain a paramount option for consideration during the annual budget cycle. Staff applies the same methods used in the General Fund when projecting CIP Funds. Staff also regularly utilize the Model to anticipate future needs and make fiscal adjustments to avoid projected deficits. Additionally, due to the nature of capital infrastructure projects and their timeframes of completion, the amount spent annually has been approximately less than 50% and Staff anticipates this to grow to approximately 70% of the adopted budget. The spend rate in the CIP Fund is a lot lower compared to 14 the 95% spend rate in General Fund. Therefore, due to many unknown factors, Staff prepares a five-year outlook instead of 10 years, which is consistent with the City’s Five - Year Capital Improvement Program. It is also important to note that the CIP Fund has never experienced a deficit balance due to the City Council’s established policy and the annual monitoring procedures. Special Revenue Fund Balance Projections 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. Each year, Staff ensures special revenue funds are utilized for qualified projects before CIP reserves are appropriated. With respect to the Models forecast, it’s worth keeping in mind that some deficit balances may result from the timing of grant reimbursements, available funding to be carried forward, and projected revenues and expenditures that require ongoing review and adjustments over the long-term. Based on the prior year’s review, the latest model has programmed future anticipated transfers and adjusted revenues and expenditures to reduce deficit fund balances. As a result, any notable deficits will be further analyze d and adjusted to ensure that future expenditures do not exceed revenues (Attachment A). 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. Taxes and Fee Reduction Since 2014, the City Council has taken several actions to reduce taxes to the community. Some of the major tax reductions and the estimated impact are shown below for information purposes only. From August 2014 to June 30, 2025, the total estimated tax reduction is slightly below $25 million which includes the sunset of the Storm Drain User Fees resulting in over $12.7 million reduction to the CIP Fund for all sewer and storm drain improvement projects. The services previously supported by revenue collection from UUT on telecommunication services, the 1972 Act, and business license tax (BLT) are now supported by other general tax revenues and fees. The suspension of the UUT on telecommunication services, the tax assessment for the 1972 Act, the CPI adjustment for BLT, and the elimination of BLT on Home Occupancy totaled nearly $12.3 million in tax savings to the community. 15 Chart 9. Estimated Taxes and Fee Reduction CONCLUSION: In conclusion, the FY 2024-25 Model serves as a crucial decision-making tool for the City, offering a comprehensive long-term financial outlook for use by the City Council and staff. Based on this information, Staff utilizes the Model regularly, anticipating future needs and making fiscal adjustments to avoid projected deficits. Also, due to a cautious budgeting approach, historically, the General Fund’s revenues have exceeded 5% of the proposed budget, with a spending rate of 95% of the adopted budget. By consistently using these strategies, the City has traditionally maintained financial stability. Future operating revenues and expenditures for all funds will be monitored and adjusted annually to ensure prudent spending and to minimize necessary subsidies from the General Fund. While the General Fund will need to support several other funds, the majority of restricted funds are expected to sustain annual operating expenses over the next decade. In the case of the CIP Fund, significant expenditures in 2024 related to the landslide have impacted the fund balance, decreasing it by around 17%. These funds will be carefully monitored to ensure they maintain sufficient funding levels. Staff also continues to pursue available grants and if successfully awarded, these funds would replenish the CIP Fund. 16 Fund Balance Fund Balance Fund Balance Fund Balance Fund Balance Fund Balance Fund Balance Fund Balance Fund Balance Fund Balance Fund 6/30/2024 6/30/2025 6/30/2026 6/30/2027 6/30/2028 6/30/2029 6/30/2030 6/30/2031 6/30/2032 6/30/2033 General Fund Balance 33,313,970     33,581,620     34,127,110     34,148,878     34,474,848     34,729,462     35,362,767     36,064,952     37,177,054     38,425,404      EXPENDITURES (EXCLUDING T/O)33,247,224     35,289,150     36,057,090     37,393,571     38,463,866     39,892,196     41,048,302     42,575,206     43,823,819     45,456,532      Restricted Amount (Policy Reserve) (16,623,612)   (17,644,575)   (18,028,545)   (18,696,786)   (19,231,933)   (19,946,098)   (20,524,151)   (21,287,603)   (21,911,909)   (22,728,266)    GENERAL FUND Unrestricted Balance 16,690,358     15,937,045     16,098,565     15,452,092     15,242,915     14,783,363     14,838,616     14,777,348     15,265,145     15,697,138      Restricted by Council Action CIP 30,657,506     23,517,506     9,902,056       (1,337,995)      (2,732,909)      (5,305,307)      (13,476,273)   (21,936,617)   (30,700,660)   (38,893,994)    EQUIPMENT REPLACEMENT 2,816,015       2,413,626       2,049,561       1,671,129       1,291,056       914,100           544,676           171,051           (199,475)         (567,753)          EMPLOYEE PENSION PLAN 1,024,990       665,690           182,104           194,553           221,826           249,644           278,019           306,962           336,483           366,594            Subtotal 34,498,511     26,596,822     12,133,721     527,687           (1,220,027)      (4,141,563)      (12,653,577)   (21,458,605)   (30,563,653)   (39,095,153)    Restricted by Law or External Agencies GAS TAX 482,842           (151,858)         (889,765)         (1,262,885)      (1,262,678)      (1,290,667)      (1,348,445)      (1,437,672)      (1,560,084)      (1,717,496)       1972 ACT 30,122             30,922             31,738             32,570             33,419             34,285             35,168             36,069             36,988             37,926              GAS TAX SB1 2,493,441       2,984,241       565,181           1,245,156       98,698             250,319           (204,501)         (662,305)         (1,123,667)      (1,589,189)       EL PRADO LIGHTING 50,963             55,763             60,729             65,876             71,211             76,742             82,466             88,390             94,522             100,869            CDBG 8,091               8,091               8,091               8,091               8,091               8,091               8,091               8,091               8,091               8,091                1911 ACT 2,831,577       2,428,077       2,767,193       3,121,466       3,491,786       3,879,003       4,281,171       4,698,887       5,132,770       5,583,467        WASTE REDUCTION 305,159           196,959           114,599           3,929               (122,862)         (261,561)         (408,319)         (575,430)         (756,206)         (952,123)          AIR QUALITY MANAGEMENT 78,915             120,515           162,547           205,016           247,926           291,282           335,089           379,351           424,075           469,263            PROPOSITION C 129,783           98,983             436,427           1,281,170       2,591,608       3,928,254       5,278,399       6,642,180       8,019,737       9,411,209        PROPOSITION A 2,489,800       2,803,400       3,100,639       3,373,476       3,620,558       3,840,475       4,031,755       4,192,866       4,322,207       4,418,110        PUBLIC SAFETY GRANTS 41,548             63,848             63,848             63,848             63,848             63,848             63,848             63,848             63,848             63,848              MEASURE R 2,877,178       429,178           299,959           (465,940)         (1,103,034)      (2,015,826)      (2,936,807)      (3,837,455)      (4,717,234)      (5,602,050)       MEASURE M 301,862           (390,538)         (183,124)         23,845             230,094           435,327           639,229           841,464           1,041,676       1,239,484        HABITAT RESTORATION 74,916             46,916             48,902             51,621             51,896             52,203             52,543             52,920             53,334             53,787              SUBREGION 1 MAINTENANCE 770,889           796,489           800,413           805,615           810,921           816,333           821,854           827,484           833,228           839,086            MEASURE A 42,804             (9,696)              0 0 0 0 0 0 0 0  ABALONE COVE SEWER DISTRICT 50,461             24,761             24,011             23,239             22,446             21,630             20,793             19,933             19,049             18,142              DONOR RESTRICTED CONTRIBUTIONS 918,140           951,640           985,410           1,019,451       1,053,762       1,088,345       1,123,199       1,158,324       1,193,720       1,229,386        FEDERAL GRANTS ‐ (0) (0) (0) (0) (0) (0) (0) (0) (0)  STATE GRANTS 67,793             (124,207)         (0) (0) (0) (0) (0) (0) (0) (0)  FEDERAL GRANTS‐ARPA (569,189)         (1,144,239)      ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐  QUIMBY 90,246             96,846             103,578           110,445           117,449           124,593           131,880           139,312           146,894           154,627            LOW‐MOD INCOME HOUSING 419,279           467,879           518,182           570,335           624,417           680,510           738,582           798,707           860,963           925,428            AFFORDABLE HOUSING IN LIEU 917,027           942,527           968,537           995,067           1,022,128       1,049,730       1,077,884       1,106,601       1,135,893       1,165,770        ENVIRONMENTAL EXCISE TAX 87,583             100,083           112,633           125,234           137,887           150,593           163,353           176,169           189,040           201,970            BIKEWAYS 48,500             (59,500)            (17,080)            25,764             69,037             112,742           156,885           201,468           246,498           291,978            MEASURE W 1,210,512       1,024,512       1,314,410       1,588,039       1,844,734       2,083,806       2,304,535       2,506,173       2,687,942       2,849,033        IMPROV AUTH ‐ PORTUGUESE BEND 85,565             52,565             54,930             57,344             59,805             62,317             64,879             67,493             70,159             72,880              REDEVELOPMENT OBLIGATION FUND ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐  IMPROV AUTH ‐ ABALONE COVE 1,085,408       1,092,408       1,098,488       1,103,611       1,107,739       1,110,833       1,112,850       1,113,747       1,113,481       1,112,004        Subtotal of Restricted Funds in Deficit (569,189)         (1,880,038)      (1,089,969)      (1,728,825)      (2,488,574)      (3,568,055)      (4,898,072)      (6,512,862)      (8,157,191)      (9,860,858)       Subtotal of Other Restricted Funds 17,990,404     14,816,603     13,640,446     15,900,208     17,379,461     20,161,259     22,524,451     25,119,478     27,694,114     30,246,359      GRAND TOTAL 85,233,696     73,115,007     58,811,308     48,847,947     48,145,707     47,181,103     40,335,569     33,212,963     26,150,324     19,715,752      CITY OF RANCHO PALOS VERDES TEN‐YEAR FINANCIAL MODEL Fund Balance Summary and Details A-1 *The totals above are based on budgeted expenditures and may differ from reports modified outside the model. Figures in the Model provide the baseline forecast. Any reported amounts that have been adjusted to reflect anticipated spending rates or other factors may not be reflected in these totals. CITY OF RANCHO PALOS VERDES, CA ‐ ALL FUNDS INDEX FUND SUMMARY FUND TYPE 2024E 2025B 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 101‐GENERAL FUND 1‐REVENUES 38,577,500    39,454,300    40,326,707    41,487,546    42,737,515    44,037,093    45,352,113    46,707,027    48,112,037    49,565,242     2‐EXPENDITURES 33,247,224    35,289,150    36,057,090    37,393,571    38,463,866    39,892,196    41,048,302    42,575,206    43,823,819    45,456,532     OPERATING SURPLUS/(DEFICIT) 5,330,276      4,165,150      4,269,617      4,093,975      4,273,649      4,144,896      4,303,811      4,131,821      4,288,219      4,108,710       3‐TRANSFERS‐IN 270,000          250,000          210,454          220,505          220,864          221,227          221,596          221,969          222,347          222,730           4‐TRANSFERS‐OUT 5,546,800      4,147,500      3,934,581      4,292,711      4,168,543      4,111,510      3,892,101      3,651,605      3,398,463      3,083,090       TRANSFERS NET (5,276,800)     (3,897,500)     (3,724,127)     (4,072,207)     (3,947,679)     (3,890,283)     (3,670,505)     (3,429,636)     (3,176,116)     (2,860,360)      TOTAL OVER/(UNDER)53,476            267,650          545,490          21,768            325,970          254,614          633,306          702,185          1,112,102      1,248,350       BALANCE 33,313,970    33,581,620    34,127,110    34,148,878    34,474,848    34,729,462    35,362,767    36,064,952    37,177,054    38,425,404     POLICY RESERVE (50% EXPS.) 16,623,612    17,644,575    18,028,545    18,696,786    19,231,933    19,946,098    20,524,151    21,287,603    21,911,909    22,728,266     EXCESS/(DEFICIENCY)16,690,358    15,937,045    16,098,565    15,452,092    15,242,915    14,783,363    14,838,616    14,777,348    15,265,145    15,697,138     202‐GAS TAX 1‐REVENUES 1,168,000      1,184,600      1,197,833      1,215,956      1,234,355      1,253,032      1,271,994      1,291,242      1,310,783      1,330,621       2‐EXPENDITURES 1,522,878      1,819,300      1,935,739      1,589,077      1,234,148      1,281,022      1,329,771      1,380,469      1,433,196      1,488,032       OPERATING SURPLUS/(DEFICIT)(354,878)        (634,700)        (737,907)        (373,121)        207 (27,989)          (57,777)          (89,227)          (122,413)        (157,411)         3‐TRANSFERS‐IN ‐‐‐‐‐‐‐‐‐‐ 4‐TRANSFERS‐OUT ‐‐‐‐‐‐‐‐‐‐ TRANSFERS NET ‐‐‐‐‐‐‐‐‐‐ TOTAL OVER/(UNDER)(354,878)        (634,700)        (737,907)        (373,121)        207 (27,989)          (57,777)          (89,227)          (122,413)        (157,411)         BALANCE 482,842          (151,858)        (889,765)        (1,262,885)     (1,262,678)     (1,290,667)     (1,348,445)     (1,437,672)     (1,560,084)     (1,717,496)      203‐1972 ACT LANDSCAPE/LIGHT 1‐REVENUES 800 800 816 832 849 866 883 901 919 937 2‐EXPENDITURES ‐‐‐‐‐‐‐‐‐‐ OPERATING SURPLUS/(DEFICIT)800 800 816 832 849 866 883 901 919 937 3‐TRANSFERS‐IN ‐‐‐‐‐‐‐‐‐‐ 4‐TRANSFERS‐OUT ‐‐‐‐‐‐‐‐‐‐ TRANSFERS NET ‐‐‐‐‐‐‐‐‐‐ TOTAL OVER/(UNDER)800 800 816 832 849 866 883 901 919 937 BALANCE 30,122            30,922            31,738            32,570            33,419            34,285            35,168            36,069            36,988            37,926             204‐GAS TAX SB1 1‐REVENUES 1,053,000      1,123,800      1,136,460      1,153,715      1,171,233      1,189,018      1,207,074      1,225,406      1,244,016      1,262,911       2‐EXPENDITURES ‐633,000          3,555,520      473,741          2,317,690      1,037,398      1,661,894      1,683,210      1,705,378      1,728,433       OPERATING SURPLUS/(DEFICIT) 1,053,000      490,800          (2,419,060)     679,974          (1,146,457)     151,620          (454,820)        (457,804)        (461,362)        (465,522)         3‐TRANSFERS‐IN ‐‐‐‐‐‐‐‐‐‐ 4‐TRANSFERS‐OUT ‐‐‐‐‐‐‐‐‐‐ TRANSFERS NET ‐‐‐‐‐‐‐‐‐‐ TOTAL OVER/(UNDER)1,053,000      490,800          (2,419,060)     679,974          (1,146,457)     151,620          (454,820)        (457,804)        (461,362)        (465,522)         BALANCE 2,493,441      2,984,241      565,181          1,245,156      98,698            250,319          (204,501)        (662,305)        (1,123,667)     (1,589,189)      A-2 CITY OF RANCHO PALOS VERDES, CA ‐ ALL FUNDS INDEX FUND SUMMARY FUND TYPE 2024E 2025B 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 209‐EL PRADO LIGHTING DIST 1‐REVENUES 4,700              4,800              4,966              5,147              5,335              5,531              5,724              5,924              6,132              6,347               2‐EXPENDITURES ‐                   ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   OPERATING SURPLUS/(DEFICIT)4,700              4,800              4,966              5,147              5,335              5,531              5,724              5,924              6,132              6,347               3‐TRANSFERS‐IN ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TOTAL OVER/(UNDER)4,700              4,800              4,966              5,147              5,335              5,531              5,724              5,924              6,132              6,347               BALANCE 50,963            55,763            60,729            65,876            71,211            76,742            82,466            88,390            94,522            100,869           211‐1911 ACT STREET LIGHTING 1‐REVENUES 948,000          967,600          1,005,049      1,046,008      1,088,864      1,133,617      1,177,511      1,223,132      1,270,548      1,319,831       2‐EXPENDITURES 452,700          1,371,100      665,933          691,735          718,544          746,400          775,343          805,416          836,665          869,134           OPERATING SURPLUS/(DEFICIT) 495,300          (403,500)        339,116          354,273          370,320          387,217          402,168          417,716          433,883          450,697           3‐TRANSFERS‐IN ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TOTAL OVER/(UNDER)495,300          (403,500)        339,116          354,273          370,320          387,217          402,168          417,716          433,883          450,697           BALANCE 2,831,577      2,428,077      2,767,193      3,121,466      3,491,786      3,879,003      4,281,171      4,698,887      5,132,770      5,583,467       213‐WASTE REDUCTION 1‐REVENUES 205,000          211,000          247,973          232,308          229,323          231,062          237,183          231,559          233,197          233,956           2‐EXPENDITURES 258,740          319,200          330,333          342,978          356,114          369,762          383,940          398,670          413,974          429,873           OPERATING SURPLUS/(DEFICIT)(53,740)          (108,200)        (82,360)          (110,670)        (126,791)        (138,699)        (146,757)        (167,111)        (180,776)        (195,917)         3‐TRANSFERS‐IN ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TOTAL OVER/(UNDER)(53,740)          (108,200)        (82,360)          (110,670)        (126,791)        (138,699)        (146,757)        (167,111)        (180,776)        (195,917)         BALANCE 305,159          196,959          114,599          3,929              (122,862)        (261,561)        (408,319)        (575,430)        (756,206)        (952,123)         214‐AIR QUALITY MANAGEMENT 1‐REVENUES 41,600            41,600            42,032            42,469            42,910            43,356            43,807            44,263            44,723            45,189             2‐EXPENDITURES ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   OPERATING SURPLUS/(DEFICIT) 41,600            41,600            42,032            42,469            42,910            43,356            43,807            44,263            44,723            45,189             3‐TRANSFERS‐IN ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TOTAL OVER/(UNDER)41,600            41,600            42,032            42,469            42,910            43,356            43,807            44,263            44,723            45,189             BALANCE 78,915            120,515          162,547          205,016          247,926          291,282          335,089          379,351          424,075          469,263           A-3 CITY OF RANCHO PALOS VERDES, CA ‐ ALL FUNDS INDEX FUND SUMMARY FUND TYPE 2024E 2025B 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 215‐PROPOSITION C1‐REVENUES 951,100          969,200          1,247,444      1,284,743      1,310,438      1,336,646      1,350,145      1,363,781      1,377,556      1,391,472       2‐EXPENDITURES 1,266,297      1,000,000      910,000          440,000          0                      0                       ‐                  ‐                  ‐                  ‐                   OPERATING SURPLUS/(DEFICIT)(315,197)        (30,800)          337,444          844,743          1,310,438      1,336,646      1,350,145      1,363,781      1,377,556      1,391,472       3‐TRANSFERS‐IN ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TOTAL OVER/(UNDER)(315,197)        (30,800)          337,444          844,743          1,310,438      1,336,646      1,350,145      1,363,781      1,377,556      1,391,472       BALANCE 129,783          98,983            436,427          1,281,170      2,591,608      3,928,254      5,278,399      6,642,180      8,019,737      9,411,209       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)(396,217)        (427,017)        (89,573)          755,170          2,065,608      3,402,254      4,752,399      6,116,180      7,493,737      8,885,209       216‐PROPOSITION A1‐REVENUES 1,197,000      1,219,000      1,231,840      1,244,821      1,257,946      1,271,215      1,284,631      1,298,195      1,311,909      1,325,774       2‐EXPENDITURES 854,227          905,400          934,601          971,985          1,010,864      1,051,299      1,093,350      1,137,084      1,182,568      1,229,871       OPERATING SURPLUS/(DEFICIT) 342,773          313,600          297,239          272,837          247,082          219,917          191,280          161,110          129,341          95,904             3‐TRANSFERS‐IN ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TOTAL OVER/(UNDER)342,773          313,600          297,239          272,837          247,082          219,917          191,280          161,110          129,341          95,904             BALANCE 2,489,800      2,803,400      3,100,639      3,373,476      3,620,558      3,840,475      4,031,755      4,192,866      4,322,207      4,418,110       217‐PUBLIC SAFETY GRANTS 1‐REVENUES 188,600          192,300          192,350          192,401          192,453          192,506          192,560          192,615          192,672          192,729           2‐EXPENDITURES ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   OPERATING SURPLUS/(DEFICIT) 188,600          192,300          192,350          192,401          192,453          192,506          192,560          192,615          192,672          192,729           3‐TRANSFERS‐IN ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   4‐TRANSFERS‐OUT 170,000          170,000          192,350          192,401          192,453          192,506          192,560          192,615          192,672          192,729           TRANSFERS NET (170,000)        (170,000)        (192,350)        (192,401)        (192,453)        (192,506)        (192,560)        (192,615)        (192,672)        (192,729)         TOTAL OVER/(UNDER)18,600            22,300            ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   BALANCE 41,548            63,848            63,848            63,848            63,848            63,848            63,848            63,848            63,848            63,848             220‐MEASURE R1‐REVENUES 784,000          782,000          804,810          828,291          852,464          877,348          902,965          929,336          956,484          957,977           2‐EXPENDITURES 264,595          3,230,000      934,029          1,594,190      1,489,558      1,790,140      1,823,946      1,829,984      1,836,263      1,842,793       OPERATING SURPLUS/(DEFICIT) 519,405          (2,448,000)     (129,219)        (765,899)        (637,094)        (912,792)        (920,981)        (900,648)        (879,779)        (884,816)         3‐TRANSFERS‐IN ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TOTAL OVER/(UNDER)519,405          (2,448,000)     (129,219)        (765,899)        (637,094)        (912,792)        (920,981)        (900,648)        (879,779)        (884,816)         BALANCE 2,877,178      429,178          299,959          (465,940)        (1,103,034)     (2,015,826)     (2,936,807)     (3,837,455)     (4,717,234)     (5,602,050)      A-4 CITY OF RANCHO PALOS VERDES, CA ‐ ALL FUNDS INDEX FUND SUMMARY FUND TYPE 2024E 2025B 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 221‐MEASURE M1‐REVENUES 857,300          831,000          855,750          881,239          907,489          934,522          962,363          991,035          1,020,564      1,050,974       2‐EXPENDITURES 1,126,400      1,523,400      648,336          674,269          701,240          729,290          758,461          788,800          820,352          853,166           OPERATING SURPLUS/(DEFICIT)(269,100)        (692,400)        207,414          206,969          206,249          205,233          203,902          202,236          200,212          197,808           3‐TRANSFERS‐IN ‐                   ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TOTAL OVER/(UNDER)(269,100)        (692,400)        207,414          206,969          206,249          205,233          203,902          202,236          200,212          197,808           BALANCE 301,862          (390,538)        (183,124)        23,845            230,094          435,327          639,229          841,464          1,041,676      1,239,484       222‐HABITAT RESTORATION 1‐REVENUES 4,600              4,000              4,080              4,162              4,245              4,330              4,416              4,505              4,595              4,687               2‐EXPENDITURES 179,000          182,000          188,045          195,567          203,389          211,525          219,986          228,785          237,937          247,454           OPERATING SURPLUS/(DEFICIT)(174,400)        (178,000)        (183,965)        (191,405)        (199,145)        (207,195)        (215,570)        (224,281)        (233,342)        (242,768)         3‐TRANSFERS‐IN 100,000          150,000          185,951          194,124          199,419          207,502          215,910          224,657          233,756          243,221           4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET 100,000          150,000          185,951          194,124          199,419          207,502          215,910          224,657          233,756          243,221           TOTAL OVER/(UNDER)(74,400)          (28,000)          1,986              2,719              275                 307                 341                 376                 414                 454                  BALANCE 74,916            46,916            48,902            51,621            51,896            52,203            52,543            52,920            53,334            53,787             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)24,916            (3,084)             (1,098)             1,621              1,896              2,203              2,543              2,920              3,334              3,787               223‐SUBREGION ONE MAINTENANCE 1‐REVENUES 20,000            15,000            15,300            15,606            15,918            16,236            16,561            16,892            17,230            17,575             2‐EXPENDITURES 47,400            49,400            51,376            53,431            55,568            57,791            60,103            62,507            65,007            67,607             OPERATING SURPLUS/(DEFICIT)(27,400)          (34,400)          (36,076)          (37,825)          (39,650)          (41,555)          (43,541)          (45,614)          (47,777)          (50,032)           3‐TRANSFERS‐IN 60,000            60,000            40,000            43,027            44,956            46,967            49,062            51,245            53,520            55,891             4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET 60,000            60,000            40,000            43,027            44,956            46,967            49,062            51,245            53,520            55,891             TOTAL OVER/(UNDER)32,600            25,600            3,924              5,202              5,306              5,412              5,520              5,631              5,743              5,858               BALANCE 770,889          796,489          800,413          805,615          810,921          816,333          821,854          827,484          833,228          839,086           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)20,889            46,489            50,413            55,615            60,921            66,333            71,854            77,484            83,228            89,086             224‐MEASURE A MAINTENANCE 1‐REVENUES 22,800            27,500            27,800            28,104            28,411            28,721            29,035            29,353            29,675            30,001             2‐EXPENDITURES ‐                   ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   OPERATING SURPLUS/(DEFICIT) 22,800            27,500            27,800            28,104            28,411            28,721            29,035            29,353            29,675            30,001             3‐TRANSFERS‐IN ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   4‐TRANSFERS‐OUT 100,000          80,000            18,104            28,104            28,411            28,721            29,035            29,353            29,675            30,001             TRANSFERS NET (100,000)        (80,000)          (18,104)          (28,104)          (28,411)          (28,721)          (29,035)          (29,353)          (29,675)          (30,001)           TOTAL OVER/(UNDER)(77,200)          (52,500)          9,696              ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   BALANCE 42,804            (9,696)             0                      0                      0                      0                      0                      0                      0                      0                       A-5 CITY OF RANCHO PALOS VERDES, CA ‐ ALL FUNDS INDEX FUND SUMMARY FUND TYPE 2024E 2025B 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 225‐ABALONE COVE SEWER DIST 1‐REVENUES 60,700            61,800            64,252            66,938            69,750            72,689            75,568            78,562            81,675            84,912             2‐EXPENDITURES 139,782          157,500          163,520          170,061          176,864          183,938          191,296          198,948          206,905          215,182           OPERATING SURPLUS/(DEFICIT)(79,082)          (95,700)          (99,269)          (103,123)        (107,113)        (111,249)        (115,728)        (120,385)        (125,230)        (130,269)         3‐TRANSFERS‐IN 70,000            70,000            98,518            102,352          106,320          110,434          114,890          119,525          124,347          129,362           4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET 70,000            70,000            98,518            102,352          106,320          110,434          114,890          119,525          124,347          129,362           TOTAL OVER/(UNDER)(9,082)             (25,700)          (750)                (771)                (793)                (816)                (838)                (860)                (883)                (907)                 BALANCE 50,461            24,761            24,011            23,239            22,446            21,630            20,793            19,933            19,049            18,142             228‐DONOR RESTRICTED CONTRIB 1‐REVENUES 94,900            50,500            51,010            51,530            52,061            52,602            53,154            53,717            54,291            54,877             2‐EXPENDITURES 14,500            17,000            17,240            17,490            17,749            18,019            18,300            18,592            18,896            19,211             OPERATING SURPLUS/(DEFICIT) 80,400            33,500            33,770            34,041            34,312            34,583            34,854            35,125            35,396            35,666             3‐TRANSFERS‐IN ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TOTAL OVER/(UNDER)80,400            33,500            33,770            34,041            34,312            34,583            34,854            35,125            35,396            35,666             BALANCE 918,140          951,640          985,410          1,019,451      1,053,762      1,088,345      1,123,199      1,158,324      1,193,720      1,229,386       285‐IA PORTUGUESE BEND MAINT 1‐REVENUES 3,000              3,000              3,060              3,121              3,184              3,247              3,312              3,378              3,446              3,515               2‐EXPENDITURES 10,200            51,000            53,021            55,141            57,347            59,641            62,027            64,508            67,088            69,771             OPERATING SURPLUS/(DEFICIT)(7,200)             (48,000)          (49,961)          (52,020)          (54,163)          (56,394)          (58,714)          (61,129)          (63,642)          (66,256)           3‐TRANSFERS‐IN 15,000            15,000            52,326            54,433            56,625            58,905            61,276            63,743            66,308            68,977             4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET 15,000            15,000            52,326            54,433            56,625            58,905            61,276            63,743            66,308            68,977             TOTAL OVER/(UNDER)7,800              (33,000)          2,365              2,413              2,462              2,511              2,562              2,614              2,667              2,720               BALANCE 85,565            52,565            54,930            57,344            59,805            62,317            64,879            67,493            70,159            72,880             310‐CDBG 1‐REVENUES 27,400            150,000          150,000          150,000          150,000          150,000          150,000          150,000          150,000          150,000           2‐EXPENDITURES 27,483            150,000          150,000          150,000          150,000          150,000          150,000          150,000          150,000          150,000           OPERATING SURPLUS/(DEFICIT)(83)                  (0)                     (0)                     (0)                     (0)                     (0)                     (0)                     (0)                     (0)                     (0)                      3‐TRANSFERS‐IN ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TOTAL OVER/(UNDER)(83)                  (0)                     (0)                     (0)                     (0)                     (0)                     (0)                     (0)                     (0)                     (0)                      BALANCE 8,091              8,091              8,091              8,091              8,091              8,091              8,091              8,091              8,091              8,091               A-6 CITY OF RANCHO PALOS VERDES, CA ‐ ALL FUNDS INDEX FUND SUMMARY FUND TYPE 2024E 2025B 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 330‐INFRASTRUCTURE IMPRVMNTS 1‐REVENUES 1,000,000      600,000          612,000          624,240          636,725          649,459          662,448          675,697          689,211          702,996           2‐EXPENDITURES 10,648,828    11,592,500    17,785,236    15,146,759    5,058,473      5,980,384      11,310,417    11,317,738    11,325,273    10,443,685     OPERATING SURPLUS/(DEFICIT)(9,648,828)     (10,992,500)   (17,173,236)   (14,522,519)   (4,421,748)     (5,330,925)     (10,647,968)   (10,642,040)   (10,636,062)   (9,740,689)      3‐TRANSFERS‐IN 5,010,500      3,852,500      3,557,786      3,282,469      3,026,834      2,758,527      2,477,003      2,181,696      1,872,018      1,547,355       4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET 5,010,500      3,852,500      3,557,786      3,282,469      3,026,834      2,758,527      2,477,003      2,181,696      1,872,018      1,547,355       TOTAL OVER/(UNDER)(4,638,328)     (7,140,000)     (13,615,450)   (11,240,051)   (1,394,914)     (2,572,398)     (8,170,965)     (8,460,344)     (8,764,044)     (8,193,334)      BALANCE 30,657,506    23,517,506    9,902,056      (1,337,995)     (2,732,909)     (5,305,307)     (13,476,273)   (21,936,617)   (30,700,660)   (38,893,994)    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)25,657,506    18,517,506    4,902,056      (6,337,995)     (7,732,909)     (10,305,307)   (18,476,273)   (26,936,617)   (35,700,660)   (43,893,994)    331‐FEDERAL GRANTS 1‐REVENUES ‐                  5,714,900      9,975,000      5,660,000      ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   2‐EXPENDITURES ‐                  5,714,900      9,975,000      5,660,000      0                      0                      ‐                  ‐                  ‐                  ‐                   OPERATING SURPLUS/(DEFICIT)‐                  (0)                     (0)                     (0)                     (0)                     (0)                     ‐                  ‐                  ‐                  ‐                   3‐TRANSFERS‐IN ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TOTAL OVER/(UNDER)‐                  (0)                     (0)                     (0)                     (0)                     (0)                     ‐                  ‐                  ‐                  ‐                   BALANCE ‐                  (0)                     (0)                     (0)                     (0)                     (0)                     (0)                     (0)                     (0)                     (0)                      332‐STATE GRANTS 1‐REVENUES 86,600            25,000            124,207          ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   2‐EXPENDITURES 150,000          217,000          0                      0                      0                      0                      ‐                  ‐                  ‐                  ‐                   OPERATING SURPLUS/(DEFICIT)(63,400)          (192,000)        124,207          (0)                     (0)                     (0)                     ‐                  ‐                  ‐                  ‐                   3‐TRANSFERS‐IN ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TOTAL OVER/(UNDER)(63,400)          (192,000)        124,207          (0)                     (0)                     (0)                     ‐                  ‐                  ‐                  ‐                   BALANCE 67,793            (124,207)        (0)                     (0)                     (0)                     (0)                     (0)                     (0)                     (0)                     (0)                      333‐FEDERAL GRANTS‐ARPA 1‐REVENUES 150,000          85,000            1,144,239      ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   2‐EXPENDITURES 754,357          660,050          ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   OPERATING SURPLUS/(DEFICIT)(604,357)        (575,050)        1,144,239      ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   3‐TRANSFERS‐IN ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TOTAL OVER/(UNDER)(604,357)        (575,050)        1,144,239      ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   BALANCE (569,189)        (1,144,239)     ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   A-7 CITY OF RANCHO PALOS VERDES, CA ‐ ALL FUNDS INDEX FUND SUMMARY FUND TYPE 2024E 2025B 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 334‐QUIMBY PARK DEVELOPMENT 1‐REVENUES 6,500              6,600              6,732              6,867              7,004              7,144              7,287              7,433              7,581              7,733               2‐EXPENDITURES 163,983          0                      0                      0                      0                      0                       ‐                  ‐                  ‐                  ‐                   OPERATING SURPLUS/(DEFICIT)(157,483)        6,600              6,732              6,867              7,004              7,144              7,287              7,433              7,581              7,733               3‐TRANSFERS‐IN ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TOTAL OVER/(UNDER)(157,483)        6,600              6,732              6,867              7,004              7,144              7,287              7,433              7,581              7,733               BALANCE 90,246            96,846            103,578          110,445          117,449          124,593          131,880          139,312          146,894          154,627           336‐LOW‐MODERATE INCOME HOUSI 1‐REVENUES 47,000            48,600            50,303            52,153            54,082            56,092            58,072            60,125            62,256            64,466             2‐EXPENDITURES ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   OPERATING SURPLUS/(DEFICIT) 47,000            48,600            50,303            52,153            54,082            56,092            58,072            60,125            62,256            64,466             3‐TRANSFERS‐IN ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TOTAL OVER/(UNDER)47,000            48,600            50,303            52,153            54,082            56,092            58,072            60,125            62,256            64,466             BALANCE 419,279          467,879          518,182          570,335          624,417          680,510          738,582          798,707          860,963          925,428           337‐AFFORDABLE HOUSING PROJ 1‐REVENUES 35,300            25,500            26,010            26,530            27,061            27,602            28,154            28,717            29,291            29,877             2‐EXPENDITURES ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   OPERATING SURPLUS/(DEFICIT) 35,300            25,500            26,010            26,530            27,061            27,602            28,154            28,717            29,291            29,877             3‐TRANSFERS‐IN ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TOTAL OVER/(UNDER)35,300            25,500            26,010            26,530            27,061            27,602            28,154            28,717            29,291            29,877             BALANCE 917,027          942,527          968,537          995,067          1,022,128      1,049,730      1,077,884      1,106,601      1,135,893      1,165,770       338‐DEVELOP IMPACT MIT (EET) 1‐REVENUES 12,500            12,500            12,550            12,601            12,653            12,706            12,760            12,815            12,872            12,929             2‐EXPENDITURES ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   OPERATING SURPLUS/(DEFICIT) 12,500            12,500            12,550            12,601            12,653            12,706            12,760            12,815            12,872            12,929             3‐TRANSFERS‐IN ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TOTAL OVER/(UNDER)12,500            12,500            12,550            12,601            12,653            12,706            12,760            12,815            12,872            12,929             BALANCE 87,583            100,083          112,633          125,234          137,887          150,593          163,353          176,169          189,040          201,970           A-8 CITY OF RANCHO PALOS VERDES, CA ‐ ALL FUNDS INDEX FUND SUMMARY FUND TYPE 2024E 2025B 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 340‐BICYCLE/PEDESTRIAN ACCESS 1‐REVENUES 48,500            42,000            42,420            42,844            43,273            43,705            44,142            44,584            45,030            45,480             2‐EXPENDITURES ‐                  150,000          0                      0                      0                      0                       ‐                  ‐                  ‐                  ‐                   OPERATING SURPLUS/(DEFICIT) 48,500            (108,000)        42,420            42,844            43,273            43,705            44,142            44,584            45,030            45,480             3‐TRANSFERS‐IN ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TOTAL OVER/(UNDER)48,500            (108,000)        42,420            42,844            43,273            43,705            44,142            44,584            45,030            45,480             BALANCE 48,500            (59,500)          (17,080)          25,764            69,037            112,742          156,885          201,468          246,498          291,978           343‐MEASURE W1‐REVENUES 713,500          712,600          713,252          713,917          714,595          715,287          715,993          716,713          717,447          718,196           2‐EXPENDITURES 378,100          898,600          423,354          440,288          457,900          476,216          495,264          515,075          535,678          557,105           OPERATING SURPLUS/(DEFICIT) 335,400          (186,000)        289,898          273,629          256,696          239,072          220,729          201,638          181,769          161,091           3‐TRANSFERS‐IN ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TOTAL OVER/(UNDER)335,400          (186,000)        289,898          273,629          256,696          239,072          220,729          201,638          181,769          161,091           BALANCE 1,210,512      1,024,512      1,314,410      1,588,039      1,844,734      2,083,806      2,304,535      2,506,173      2,687,942      2,849,033       681‐EQUIPMENT REPLACEMENT 1‐REVENUES 346,900          276,100          314,424          300,057          298,416          301,533          309,065          304,863          307,963          310,211           2‐EXPENDITURES 701,010          678,489          678,489          678,489          678,489          678,489          678,489          678,489          678,489          678,489           OPERATING SURPLUS/(DEFICIT)(354,110)        (402,389)        (364,065)        (378,432)        (380,073)        (376,956)        (369,424)        (373,626)        (370,526)        (368,278)         3‐TRANSFERS‐IN ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TOTAL OVER/(UNDER)(354,110)        (402,389)        (364,065)        (378,432)        (380,073)        (376,956)        (369,424)        (373,626)        (370,526)        (368,278)         BALANCE 2,816,015      2,413,626      2,049,561      1,671,129      1,291,056      914,100          544,676          171,051          (199,475)        (567,753)         682‐EMPLOYEE PENSION PLAN 1‐REVENUES 35,000            35,700            36,414            37,142            37,885            38,643            39,416            40,204            41,008            41,828             2‐EXPENDITURES 135,700          395,000          520,000          641,000          745,000          940,000          985,000          1,022,000      1,060,000      1,050,000       OPERATING SURPLUS/(DEFICIT)(100,700)        (359,300)        (483,586)        (603,858)        (707,115)        (901,357)        (945,584)        (981,796)        (1,018,992)     (1,008,172)      3‐TRANSFERS‐IN 291,300          0                      0                      616,306          734,388          929,176          973,959          1,010,738      1,048,513      1,038,283       4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET 291,300          0                      0                      616,306          734,388          929,176          973,959          1,010,738      1,048,513      1,038,283       TOTAL OVER/(UNDER)190,600          (359,300)        (483,586)        12,448            27,273            27,819            28,375            28,942            29,521            30,112             BALANCE 1,024,990      665,690          182,104          194,553          221,826          249,644          278,019          306,962          336,483          366,594           A-9 CITY OF RANCHO PALOS VERDES, CA ‐ ALL FUNDS INDEX FUND SUMMARY FUND TYPE 2024E 2025B 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 795‐IA ABALONE COVE MAINT 1‐REVENUES 40,000            30,000            30,000            30,000            30,000            30,000            30,000            30,000            30,000            30,000             2‐EXPENDITURES 23,000            23,000            23,920            24,877            25,872            26,907            27,983            29,102            30,266            31,477             OPERATING SURPLUS/(DEFICIT) 17,000            7,000              6,080              5,123              4,128              3,093              2,017              898                 (266)                (1,477)              3‐TRANSFERS‐IN ‐                  0                      0                      0                      0                      0                      0                      0                      0                      0                       4‐TRANSFERS‐OUT ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TRANSFERS NET ‐                  0                      0                      0                      0                      0                      0                      0                      0                      0                       TOTAL OVER/(UNDER)17,000            7,000              6,080              5,123              4,128              3,093              2,017              898                 (266)                (1,477)              BALANCE 1,085,408      1,092,408      1,098,488      1,103,611      1,107,739      1,110,833      1,112,850      1,113,747      1,113,481      1,112,004       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)85,408            92,408            98,488            103,611          107,739          110,833          112,850          113,747          113,481          112,004           TOTAL 1‐REVENUES 48,731,800    54,908,300    61,697,084    57,441,288    53,216,436    54,715,811    56,228,338    57,761,978    59,365,114    60,993,244     2‐EXPENDITURES 52,366,404    67,026,989    76,000,782    67,404,649    53,918,676    55,680,416    63,073,871    64,884,583    66,427,753    67,427,816     OPERATING SURPLUS/(DEFICIT)(3,634,604)     (12,118,689)   (14,303,699)   (9,963,361)     (702,240)        (964,605)        (6,845,533)     (7,122,606)     (7,062,639)     (6,434,572)      3‐TRANSFERS‐IN 5,816,800      4,397,500      4,145,035      4,513,216      4,389,406      4,332,737      4,113,696      3,873,574      3,620,810      3,305,819       4‐TRANSFERS‐OUT 5,816,800      4,397,500      4,145,035      4,513,216      4,389,406      4,332,737      4,113,696      3,873,574      3,620,810      3,305,819       TRANSFERS NET ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   TOTAL OVER/(UNDER)(3,634,604)     (12,118,689)   (14,303,699)   (9,963,361)     (702,240)        (964,605)        (6,845,533)     (7,122,606)     (7,062,639)     (6,434,572)      BALANCE 85,233,696    73,115,007    58,811,308    48,847,947    48,145,707    47,181,103    40,335,569    33,212,963    26,150,324    19,715,752     A-10 FISCAL YEAR END 2024E 2025B 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F REVENUES PROPERTY TAX 4.0% 4.2% 4.2% 4.3% 4.0% 4.0% 4.0% 4.0% TRANSIENT OCCUPANCY TAXES 0.5% 1.0% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% SALES TAX 1.5% 2.0% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% FRANCHISE TAX 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% UTILITY USERS TAX 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% PERMIT REVENUES 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% INVESTMENT INTEREST 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% EXPENDITURES CONSUMER PRICE INDEX 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% NON-PERSONNEL EXPENDITURES 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% PERSONNEL EXPENDITURES 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% HEALTH INSURANCE 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% PERS NORMAL COSTS 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% SHERIFF CONTRACT 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% FORECAST ASSUMPTIONS - 2025 FINANCIAL MODEL FY 2023-24 YE Est. and FY 2024-25 Budget prepared outside of model FY 2023-24 YE Est. and FY 2024-25 Budget prepared outside of model B-1 CITY OF RANCHO PALOS VERDES, CA ‐ ALL FUNDS INDEX FORECAST SUMMARY < SELECT FUND 2024E 2025B 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F REVENUES (BY ACCOUNT TYPE) 01‐PROPERTY TAX‐SECURED & OTHER 10,529,100     10,745,000     11,175,814     11,648,188     12,142,864     12,659,840     13,166,234        13,692,883        14,240,598     14,810,222      02‐PROPERTY TAX‐TRANSFER TAX 410,000          400,000          402,000          406,020          412,110          418,292          424,566              430,935             437,399          443,960           03‐PROPERTY TAX‐IN LIEU OF VLF 6,193,000       6,400,000       6,694,000       6,981,000       7,281,000       7,596,000       7,924,628          8,267,473          8,625,151       8,998,304        04‐SALES TAX 2,828,000       2,850,000       2,935,500       3,023,565       3,114,272       3,207,700       3,303,931          3,403,049          3,505,141       3,610,295        05‐TRANSIENT OCCUPANCY TAX 6,525,000       6,580,000       6,612,900       6,679,029       6,779,214       6,880,903       6,984,116          7,088,878          7,195,211       7,303,139        06‐UTILITY USERS TAX 2,585,000       2,545,000       2,595,900       2,647,818       2,700,774       2,754,790       2,809,886          2,866,083          2,923,405       2,981,873        07‐BUSINESS LICENSE TAX 862,000          865,000          877,975          891,145          904,512          918,079          931,851              945,828             960,016          974,416           08‐FRANCHISE TAX 2,200,000       2,250,000       2,283,750       2,318,006       2,352,776       2,388,068       2,423,889          2,460,247          2,497,151       2,534,608        09‐OTHER TAXES 730,000          735,000          746,025          760,946          779,969          799,468          819,455              839,941             860,940          882,463           SUBTOTAL‐LOCAL TAXES 32,862,100     33,370,000     34,323,864     35,355,717     36,467,492     37,623,140     38,788,556        39,995,319        41,245,012     42,539,281      10‐LICENSES & PERMITS 3,197,400       3,226,500       3,307,163       3,389,842       3,474,588       3,561,452       3,650,489          3,741,751          3,835,295       3,931,177        14‐CHARGES FOR SERVICES‐PW ‐ ‐ ‐ ‐ ‐ ‐ ‐‐ ‐ ‐  15‐CHARGES FOR SERVICES‐RECREATION 437,000          458,900          472,667          486,847          501,452          516,496          531,991              547,951             564,389          581,321           16‐FINES & FORFEITURES 171,500          162,000          166,860          171,866          177,022          182,332          187,802              193,436             199,240          205,217           17‐INTEREST EARNINGS 700,000          700,000          714,000          728,280          742,846          757,703          772,857              788,314             804,080          820,162           18‐LEASE & RENTAL INCOME 580,000          645,800          665,174          685,129          705,683          726,854          748,659              771,119             794,253          818,080           19‐DONATIONS & DEVL FEES 29,000             30,000             30,000             30,000             30,000             30,000             30,000                30,000                30,000             30,000              20‐CHARGES FOR SERVICES 90,000             90,000             106,480          99,366             97,933             98,615             101,260              98,638                99,269             99,504              21‐MISCELLANEOUS REVENUES 510,500          771,100          540,500          540,500          540,500          540,500          540,500              540,500             540,500          540,500           29‐OTHER SOURCES ‐ ‐ ‐ ‐ ‐ ‐ ‐‐ ‐ ‐  TOTAL REVENUES 38,577,500     39,454,300     40,326,707     41,487,546     42,737,515     44,037,093     45,352,113        46,707,027        48,112,037     49,565,242      % ANNUAL CHANGE ‐0.4% 2.3% 2.2% 2.9% 3.0% 3.0%3.0%3.0% 3.0% 3.0% EXPENDITURES (BY ACCOUNT TYPE) 01‐SALARY & WAGES 9,425,876       11,029,500     11,360,385     11,701,197     12,052,232     12,413,799     12,786,213        13,169,800        13,564,894     13,971,841      02‐HEALTH INSURANCE 885,600          1,034,800       1,045,148       1,055,599       1,066,155       1,076,817       1,087,585          1,098,461          1,109,446       1,120,540        03‐FICA/MEDICARE 164,050          214,200          220,626          227,245          234,062          241,084          248,317              255,766             263,439          271,342           04‐PERS 883,650          840,200          698,425          715,886          733,783          752,128          770,931              790,204             809,959          830,208           05‐DEFERRED COMP CITY MATCH 315,705          113,000          116,390          119,882          123,478          127,182          130,998              134,928             138,976          143,145           06‐H.S.A.216,250          229,300          236,179          243,264          250,562          258,079          265,822              273,796             282,010          290,470           07.1‐CALPERS UNFUNDED LIABILITIES‐GF ONLY 914,908          900,000          899,101          899,101          899,101          899,101          899,101              899,101             899,101          899,101           08‐WORKERS' COMP 207,850          269,600          277,688          286,019          294,599          303,437          312,540              321,916             331,574          341,521           09‐OTHER BENEFITS 26,000             26,000             26,780             27,583             28,411             29,263             30,141                31,045                31,977             32,936              SUBTOTAL‐PERSONNEL COSTS 13,039,889     14,656,600     14,880,722     15,275,776     15,682,385     16,100,891     16,531,648        16,975,018        17,431,375     17,901,105      10‐SHERIFF 7,742,750       8,171,600       8,498,464       8,838,403       9,191,939       9,559,616       9,942,001          10,339,681        10,753,268     11,183,399      11‐PROF/TECH SERVICES‐OTHER 5,278,260       5,094,300       5,258,503       5,468,843       5,687,597       5,915,101       6,151,705          6,397,773          6,653,684       6,919,831        11.2‐PROF/TECH SERVICES‐OTHER ‐ CITY CLERK ELECTIONS ‐ 150,000          0 154,500          0 159,135          0 163,909             0 168,826           12‐UTILITY SERVICES 856,300          928,400          965,536          1,004,157       1,044,324       1,086,097       1,129,541          1,174,722          1,221,711       1,270,580        13‐MAINTENANCE SERVICES 3,519,092       3,378,600       3,513,744       3,654,294       3,800,466       3,952,484       4,110,583          4,275,007          4,446,007       4,623,847        14‐OTHER SERVICES 698,633          856,450          890,708          926,336          963,390          1,001,925       1,042,002          1,083,682          1,127,030       1,172,111        15‐INSURANCE 700,000          705,000          705,000          705,000          705,000          705,000          705,000              705,000             705,000          705,000           16‐OPERATING SUPPLIES / MINOR EQUIPMENT 537,900          563,100          563,100          563,100          563,100          563,100          563,100              563,100             563,100          563,100           C-1 CITY OF RANCHO PALOS VERDES, CA ‐ ALL FUNDS INDEX FORECAST SUMMARY < SELECT FUND 2024E 2025B 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 17‐CAPITAL PROJECTS 6,000               25,000              ‐ ‐ ‐ ‐ ‐‐ ‐ ‐  18‐CAPITAL‐EQUIPMENT/VEHICLES 1,000               53,000             53,000             53,000             53,000             53,000             53,000                53,000                53,000             53,000              25‐INTERFUND CHARGES 246,900          201,100          207,133          213,347          219,747          226,340          233,130              240,124             247,328          254,747           31‐OTHER USES 620,500          506,000          521,180          536,815          552,920          569,507          586,593              604,190             622,316          640,986           TOTAL EXPENDITURES, BY ACCOUNT GROUP 33,247,224     35,289,150     36,057,090     37,393,571     38,463,866     39,892,196     41,048,302        42,575,206        43,823,819     45,456,532      % ANNUAL CHANGE 15.3% 6.1% 2.2% 3.7% 2.9% 3.7%2.9%3.7% 2.9% 3.7% EXPENDITURES (BY DEPARTMENT) 01‐CITY ADMINISTRATION 4,882,398       5,415,250       5,393,157       5,727,013       5,758,247       6,109,727       6,149,790          6,519,998          6,569,750       6,959,867        02‐PUBLIC SAFETY 8,122,875       9,013,800       9,360,041       9,727,070       10,108,645     10,505,342     10,917,763        11,346,533        11,792,300     12,255,740      03‐FINANCE 1,520,026       1,574,500       1,601,713       1,648,161       1,696,045       1,745,410       1,796,304          1,848,774          1,902,871       1,958,648        04‐PUBLIC WORKS 7,721,200       8,047,200       8,281,825       8,566,326       8,861,224       9,166,908       9,483,779          9,812,258          10,152,777     10,505,789      05‐COMMUNITY DEVELOPMENT 4,405,240       4,403,000       4,494,162       4,635,471       4,781,521       4,932,478       5,088,511          5,249,796          5,416,516       5,588,860        06‐RECREATION & PARKS 4,318,485       4,694,400       4,789,034       4,928,116       5,071,643       5,219,762       5,372,624          5,530,383          5,693,201       5,861,243        07‐NON‐DEPARTMENTAL 2,277,000       2,141,000       2,137,158       2,161,413       2,186,540       2,212,568       2,239,532          2,267,466          2,296,404       2,326,384        TOTAL EXPENDITURES, BY DEPARTMENT 33,247,224     35,289,150     36,057,090     37,393,571     38,463,866     39,892,196     41,048,302        42,575,206        43,823,819     45,456,532      ‐ ‐  CURRENT OVER/(UNDER) ‐ BEFORE TRANSFERS 5,330,276       4,165,150       4,269,617       4,093,975       4,273,649       4,144,896       4,303,811          4,131,821          4,288,219       4,108,710        % ANNUAL REVENUES & SOURCES 13.8% 10.6% 10.6% 9.9% 10.0% 9.4%9.5%8.8% 8.9% 8.3% TRANSFERS‐IN 15‐TRANSFERS‐IN 270,000          250,000          210,454          220,505          220,864          221,227          221,596              221,969             222,347          222,730           [OPEN]‐ ‐ ‐ ‐ ‐ ‐ ‐‐ ‐ ‐  TRANSFERS‐OUT 08‐TRANSFERS‐OUT 5,546,800       4,147,500       3,934,581       4,292,711       4,168,543       4,111,510       3,892,101          3,651,605          3,398,463       3,083,090        [OPEN]‐ ‐ ‐ ‐ ‐ ‐ ‐‐ ‐ ‐  TOTAL REVENUE & TRANSFERS‐IN 38,847,500     39,704,300     40,537,161     41,708,050     42,958,379     44,258,320     45,573,709        46,928,996        48,334,384     49,787,971      TOTAL EXPENDITURES & TRANSFERS‐OUT 38,794,024     39,436,650     39,991,671     41,686,282     42,632,409     44,003,706     44,940,403        46,226,812        47,222,282     48,539,621      TOTAL OVER/(UNDER)53,476             267,650          545,490          21,768             325,970          254,614          633,306              702,185             1,112,102       1,248,350        FUND BALANCE‐BEGINNING 33,216,592     33,270,068     33,537,718     34,083,209     34,104,977     34,430,947     34,685,560        35,318,866        36,021,051     37,133,153      FUND BALANCE PER TAB 12‐FUND BALANCES 33,313,970    33,581,620     FUND BALANCE‐END 33,270,068     33,537,718     34,083,209     34,104,977     34,430,947     34,685,560     35,318,866        36,021,051        37,133,153     38,381,503      VARIANCE TO TAB 12‐FUND BALANCES (43,901)          (43,901)           C-2 *The totals above are based on budgeted expenditures and may differ from reports modified outside the model. Figures in the Model provide the baseline forecast. Any reported amounts that have been adjusted to reflect anticipated spending rates or other factors may not be reflected in these totals. CITY OF RANCHO PALOS VERDES, CA ‐ ALL FUNDS INDEX FORECAST SUMMARY < SELECT FUND 2024E 2025B 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F REVENUES (BY ACCOUNT TYPE) 10‐LICENSES & PERMITS ‐ ‐ ‐ ‐ ‐ ‐ ‐‐ ‐ ‐  14‐CHARGES FOR SERVICES‐PW ‐ ‐ ‐ ‐ ‐ ‐ ‐‐ ‐ ‐  15‐CHARGES FOR SERVICES‐RECREATION ‐ ‐ ‐ ‐ ‐ ‐ ‐‐ ‐ ‐  16‐FINES & FORFEITURES ‐ ‐ ‐ ‐ ‐ ‐ ‐‐ ‐ ‐  17.3‐INTEREST EARNINGS ‐ FUND 330 INFRASTRUCTURE 1,000,000       600,000          612,000          624,240          636,725          649,459          662,448              675,697             689,211          702,996           TOTAL REVENUES 1,000,000       600,000          612,000          624,240          636,725          649,459          662,448             675,697             689,211          702,996           % ANNUAL CHANGE 84.8%‐40.0% 2.0% 2.0% 2.0% 2.0%2.0%2.0% 2.0% 2.0% EXPENDITURES (BY ACCOUNT TYPE) 01‐SALARY & WAGES ‐ 177,400          182,722          188,204          193,850          199,665          205,655              211,825             218,180          224,725           02‐HEALTH INSURANCE ‐ 15,000             15,150             15,302             15,455             15,609             15,765                15,923                16,082             16,243              03‐FICA/MEDICARE ‐ 2,500               2,575               2,652               2,732               2,814               2,898 2,985 3,075               3,167                04‐PERS ‐ 17,700             14,713             15,081             15,458             15,845             16,241                16,647                17,063             17,490              05‐DEFERRED COMP CITY MATCH ‐ 2,200               2,266               2,334               2,404               2,476               2,550 2,627 2,706               2,787                06‐H.S.A.‐ 7,800               8,034               8,275               8,523               8,779               9,042 9,314 9,593               9,881                07.1‐CALPERS UNFUNDED LIABILITIES‐GF ONLY ‐ 900 899 899 899 899 899 899 899 899  08‐WORKERS' COMP ‐ 4,400               4,532               4,668               4,808               4,952               5,101 5,254 5,411               5,574                09‐OTHER BENEFITS ‐ ‐ ‐ ‐ ‐ ‐ ‐‐ ‐ ‐  SUBTOTAL‐PERSONNEL COSTS ‐ 227,900          230,891          237,415          244,129          251,039          258,152             265,473             273,009          280,765           11‐PROF/TECH SERVICES‐OTHER 332,000          ‐ ‐ ‐ ‐ ‐ ‐‐ ‐ ‐  13‐MAINTENANCE SERVICES 1,110,000       ‐ ‐ ‐ ‐ ‐ ‐‐ ‐ ‐  16‐OPERATING SUPPLIES / MINOR EQUIPMENT 178,800          ‐ ‐ ‐ ‐ ‐ ‐‐ ‐ ‐  17.08‐CAPITAL PROJECTS ‐ FUND 330 ‐ 1,405,000       16,665,000     14,020,000     3,925,000       4,840,000       10,162,920        10,162,920        10,162,920     10,162,920      17‐CAPITAL PROJECTS 8,093,067       9,070,100       ‐ ‐ ‐ ‐ ‐‐ ‐ ‐  18‐CAPITAL‐EQUIPMENT/VEHICLES 45,561             ‐ ‐ ‐ ‐ ‐ ‐‐ ‐ ‐  19‐DEPRECIATION ‐ ‐ ‐ ‐ ‐ ‐ ‐‐ ‐ ‐  20‐DEBT‐PRINCIPAL 745,500          760,300          775,292          790,642          806,297          822,262          838,542              855,146             872,078          ‐  21‐DEBT‐INTEREST 143,900          129,200          114,053          98,702             83,048             67,083             50,802                34,199                17,267             ‐  TOTAL EXPENDITURES, BY ACCOUNT GROUP 10,648,828     11,592,500     17,785,236     15,146,759     5,058,473       5,980,384       11,310,417        11,317,738        11,325,273     10,443,685      % ANNUAL CHANGE 0.5% 8.9% 53.4%‐14.8%‐66.6% 18.2% 89.1%0.1% 0.1%‐7.8% EXPENDITURES (BY DEPARTMENT) 01‐CITY ADMINISTRATION 1,820,800        ‐ ‐ ‐ ‐ ‐ ‐‐ ‐ ‐  02‐PUBLIC SAFETY ‐ ‐ ‐ ‐ ‐ ‐ ‐‐ ‐ ‐  03‐FINANCE ‐ ‐ ‐ ‐ ‐ ‐ ‐‐ ‐ ‐  04‐PUBLIC WORKS 8,828,028       11,592,500     17,785,236     15,146,759     5,058,473       5,980,384       11,310,417        11,317,738        11,325,273     10,443,685      05‐COMMUNITY DEVELOPMENT ‐ ‐ ‐ ‐ ‐ ‐ ‐‐ ‐ ‐  06‐RECREATION & PARKS ‐ ‐ ‐ ‐ ‐ ‐ ‐‐ ‐ ‐  07‐NON‐DEPARTMENTAL ‐ ‐ ‐ ‐ ‐ ‐ ‐‐ ‐ ‐  TOTAL EXPENDITURES, BY DEPARTMENT 10,648,828     11,592,500     17,785,236     15,146,759     5,058,473       5,980,384       11,310,417        11,317,738        11,325,273     10,443,685      ‐ ‐  CURRENT OVER/(UNDER) ‐ BEFORE TRANSFERS (9,648,828)     (10,992,500)   (17,173,236)   (14,522,519)   (4,421,748)     (5,330,925)     (10,647,968)      (10,642,040)      (10,636,062)   (9,740,689)      C-3 CITY OF RANCHO PALOS VERDES, CA ‐ ALL FUNDS INDEX FORECAST SUMMARY < SELECT FUND 2024E 2025B 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F % ANNUAL REVENUES & SOURCES ‐964.9%‐1832.1%‐2806.1%‐2326.4%‐694.5%‐820.8%‐1607.4%‐1575.0%‐1543.2%‐1385.6% TRANSFERS‐IN 15‐TRANSFERS‐IN 5,010,500       3,852,500       3,557,786       3,282,469       3,026,834       2,758,527       2,477,003          2,181,696          1,872,018       1,547,355        TRANSFERS‐OUT 08‐TRANSFERS‐OUT ‐ ‐ ‐ ‐ ‐ ‐ ‐‐ ‐ ‐  TOTAL REVENUE & TRANSFERS‐IN 6,010,500       4,452,500       4,169,786       3,906,709       3,663,559       3,407,986       3,139,451          2,857,394          2,561,230       2,250,351        TOTAL EXPENDITURES & TRANSFERS‐OUT 10,648,828     11,592,500     17,785,236     15,146,759     5,058,473       5,980,384       11,310,417        11,317,738        11,325,273     10,443,685      TOTAL OVER/(UNDER)(4,638,328)      (7,140,000)      (13,615,450)   (11,240,051)   (1,394,914)      (2,572,398)      (8,170,965)         (8,460,344)         (8,764,044)      (8,193,334)       FUND BALANCE‐BEGINNING 27,295,834     22,657,506     15,517,506     1,902,056       (9,337,995)     (10,732,909)   (13,305,307)      (21,476,273)      (29,936,617)   (38,700,660)    FUND BALANCE PER TAB 12‐FUND BALANCES 30,657,506    23,517,506     FUND BALANCE‐END 22,657,506     15,517,506     1,902,056       (9,337,995)     (10,732,909)   (13,305,307)   (21,476,273)      (29,936,617)      (38,700,660)   (46,893,995)    VARIANCE TO TAB 12‐FUND BALANCES (8,000,000)     (8,000,000)      C-4 *The totals above are based on budgeted expenditures and may differ from reports modified outside the model. Figures in the Model provide the baseline forecast. Any reported amounts that have been adjusted to reflect anticipated spending rates or other factors may not be reflected in these totals.