HomeMy WebLinkAboutCAFR - FY 2016-17CITY OF DIAMOND BAR, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED
JUNE 30, 2017
Prepared by:
Finance Department
Dianna Honeywell
Director of Finance
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CITY OF DIAMOND BAR
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2017
TABLE OF CONTENTS
Page(s)
INTRODUCTORY SECTION
Letterof Transmittal.................................................................................................................................
i
GFOA Certificate of Achievement for Excellence in Financial Reporting...............................................v
OrganizationChart.................................................................................................................................vi
List of Elected and Administrative Officials........................................................................................... vii
FINANCIAL SECTION
Independent Auditors' Report.................................................................................................................1
Management's Discussion and Analysis (Required Supplementary Information)..................................5
BASIC FINANCIAL STATEMENTS
Government -Wide Financial Statements
Statement of Net Position........................................................................................................15
Statementof Activities..............................................................................................................16
Fund Financial Statements
Balance Sheet — Governmental Funds....................................................................................17
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Position..............................................................................................18
Statement of Revenues, Expenditures, and Changes in Fund Balances................................19
Reconciliation of Statement of Revenues, Expenditures and Changes in
Fund Balances of the Governmental Funds to the Statement of Activities .............................20
Statement of Net Position — Proprietary Funds.......................................................................21
Statement of Revenues, Expenses, and Changes in Fund Net
Position — Proprietary Funds....................................................................................................22
Statement of Cash Flows — Proprietary Funds........................................................................23
Statement of Fiduciary Net Position — Fiduciary Funds...........................................................24
Statement of Changes in Fiduciary Net Position — Fiduciary Funds.......................................25
Notes to Basic Financial Statements..........................................................................................27
CITY OF DIAMOND BAR
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2017
TABLE OF CONTENTS
REQUIRED SUPPLEMENTARY INFORMATION
Notes to Required Supplementary Information .......................
Budgetary Comparison Information:
Budgetary Comparison Schedule — General Fund ........
Schedule of Proportionate Share of the Net Pension Liability
Schedule of Plan Contributions ..............................................
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES
Combining Balance Sheet - Nonmajor Governmental Funds
Combining Statement of Revenues, Expenditures, and Changes in
Fund Balances - Nonmajor Governmental Funds .............................
Budgetary Comparison Schedules - Special Revenue Funds:
State Gas Tax Fund.......................................................................
Proposition A Transit Fund............................................................
Proposition C Transit Fund...........................................................
Transportation Grant Fund............................................................
Integrated Waste Management Fund
Page(s)
...56
...57
...58
...59
...60
...66
........71
........72
........73
........74
...................................................................................... 75
Traffic Improvement Fund........................................................................................................76
SewerMitigation Fund.............................................................................................................77
Air Quality Improvement Fund.................................................................................................78
MTAGrant Fund......................................................................................................................79
Beverage Center Recycling Grant Fund..................................................................................80
Used Oil Block Grant Fund......................................................................................................81
Park and Facility Development Fund.......................................................................................82
Community Development Block Grant (CDBG) Fund ...................
Citizens Option for Public Safety (COPS) Fund ............................
California Law Enforcement Equipment Program (CLEEP) Fund.
Landscape Maintenance District Fund ...........................................
Measure R Local Return Fund .......................................................
PEGFees Fund.............................................................................
WasteHauler Fund........................................................................
Budgetary Comparison Schedule — Capital Projects Fund:
Capital Improvement Funds .......................................................
.o
CITY OF DIAMOND BAR
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2017
TABLE OF CONTENTS
Budgetary Comparison Schedule - Debt Service Funds:
Public Financing Authority ............................................
Page(s)
91
Combining Statement of Net Position — Internal Service Funds.................................................92
Combining Statement of Revenues, Expenses, and Changes in
Fund Net Position — Internal Service Funds................................................................................93
Combining Statement of Cash Flows — Internal Service Funds..................................................94
STATISTICAL SECTION
Financial Trends:
Net Position by Component - Last Ten Fiscal Years..................................................................96
Changes in Net Position - Last Ten Fiscal Years........................................................................98
Fund Balances of Governmental Funds - Last Ten Fiscal Years .............................................101
Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years ..........................102
Revenue Capacity:
Assessed and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years...............105
Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years .......................................106
Top 10 Property Taxpayers - Current Fiscal Year and Ten Fiscal Years Ago ..........................108
Secured Property Tax Levies and Collections — Last Ten Fiscal Years ...................................109
Debt Capacity:
Ratios of Outstanding Debt by Type - Last Ten Fiscal Years ...................................................111
Directand Overlapping Debt.....................................................................................................112
Computation of Legal Debt Margin - Last Ten Fiscal Years .....................................................114
Demographic and Economic Information:
Demographic and Economic Statistics - Last Ten Calendar Years ..........................................115
Taxable Sales by Category - Current Fiscal Year and Nine Fiscal Years Ago.........................116
Operating Information:
Full -Time Equivalent City Employees by Function - Last Ten Fiscal Years .............................117
Operating Indicators by Function - Last Ten Fiscal Years ........................................................118
Capital Asset Statistics by Function - Last Ten Fiscal Years....................................................119
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Jimmy Lin
Mayor
Ruth M. Low
Mayor Pro Tem
Carol Herrera
Council Member
Nancy A. Lyons
Council Member
Steve Tye
Council Member
City of Diamond Bar
21810 Copley Drive • Diamond Bar, CA 91765-4178
(909) 839-7000. Fax (909) 861-3117
Dvember 7, 2017 www.DiamondBarCA.gov
Honorable Mayor and Council Members
City of Diamond Bar
Diamond Bar, California
It is an honor to submit to you the Comprehensive Annual Financial Report
(CAFR) of the City of Diamond Bar for the fiscal year ended June 30, 2017. This
report consists of management's representations concerning the finances of the
City. Consequently, responsibility for both the accuracy of the presented data
and the completeness and fairness of the presentation, including all disclosures,
rests with the City's management. To provide a reasonable basis for making
these representations, management of the City has established a
comprehensive internal control framework that is designed both to protect the
City's assets from loss, theft, or misuse and to compile sufficient reliable
information for the preparation of the City's financial statements in conformance
with generally accepted accounting principles (GAAP). Because the cost of
internal controls should not outweigh their benefits, the City's comprehensive
framework of internal controls has been designed to provide assurance that the
financial statements will be free from misstatement. As management, we assert
that, to the best of our knowledge and belief, this financial report is complete and
reliable in all material aspects.
The City's financial statements have been audited by Lance, Soll, & Lunghard,
LLP, a firm of certified public accountants. The goal of the independent audit is
to provide reasonable assurance that the financial statements of the City for fiscal
year ended June 30, 2017, are free of material misstatement. The independent
audit involved examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements; assessing the accounting principles used
and significant estimates made by management; and evaluating the overall
financial statement presentation. The independent auditor concluded based
upon the audit that there was a reasonable basis for rendering an unmodified
opinion that the City's financial statements for the fiscal year ended June 30,
2017, were fairly presented in conformity with GAAP. The independent auditor's
report is presented as the first component of the financial section of this report.
GAAP requires that management provide a narrative introduction, overview, and
analysis to accompany the basic financial statements in the form of
Management's Discussion and Analysis (MD&A). This letter of transmittal is
designed to complement MD&A and should be read in conjunction with it. The
City's MD&A can be found immediately following the report of the independent
auditors.
PROFILE OF THE CITY OF DIAMOND BAR
The City of Diamond Bar was incorporated on April 18, 1989, and is located
at the eastern edge of Los Angeles County in the East San Gabriel Valley.
Diamond Bar is a relatively young residential community of about 57,000,
situated among the meandering hills and valleys of Brea Canyon. Many
desired services can be found in Diamond Bar's shopping and business
centers.
Recreational opportunities within the City include more than 75 acres of developed park facilities,
hiking trails, a community center, an 18 -hole public golf course and more than 370 acres of
undeveloped publicly owned open space.
Diamond Bar is also strategically located at the junction of the SR -57 and SR -60 freeways with
easy access to the 1-10 and SR -71 freeways. This makes Diamond Bar a desirable and
convenient location to live and work within close proximity to Los Angeles, Orange, Riverside and
San Bernardino counties.
Diamond Bar is a General Law city and operates under the council-manager form of government.
Policy making and legislative authority are vested in a five member City Council. The City Council
is responsible, among other things, for passing ordinances, adopting the budget, appointing
committees and task forces, and hiring both the City Manager and contracting for City Attorney
services. The Council Members are elected on a non-partisan basis and serve four-year
staggered terms, with elections held every other year. Each December, the City Council selects
a Mayor and Mayor Pro Tem from its membership. The City Manager is responsible for
overseeing the day -to day operations of the City, and for appointing the heads of the various
departments.
The City of Diamond Bar operates primarily as a "contract city" utilizing agreements with other
governmental agencies, private sector firms and individuals to provide many of its services. This
includes police services, animal services, building and safety services, engineering, road
maintenance and landscape maintenance.
The Los Angeles County Fire District provides fire protection, which is independent of the City.
Los Angeles County also provides library services through a Library District as well as sewer and
sanitation services through a Sanitation District. Funds for these services are collected through
property tax bills and are disbursed directly by the Los Angeles County Tax Collector's Office to
those entities.
Water services for the City are provided by the Walnut Valley Water District. Refuse collection is
provided by private waste collection companies. Additionally, schools are provided by both the
Walnut Valley Unified School District and the Pomona Unified School District. Accordingly, none
of these activities are included in this report.
ECONOMIC CONDITION AND OUTLOOK
Fiscal year 2016/17 saw sustained improvement in the national, state and local economies.
Unemployment rates have continued to come down and consumer spending was on the rise. The
housing market has also remained strong.
Fiscal year 2016/17 was a year of continued growth for the City of Diamond Bar. However, it was
also another year of closely monitoring revenues, while holding costs to prior year levels wherever
possible. The General Fund reserves increased by $1 million (net of a restatement of
<-$402,436>) during FY 2016/17 with the unassigned fund balance growing to $20.4 million and
total General Fund reserves coming in at $24.9 million. These reserve figures represent 95.4%
and 116.7%, respectively, of total General Fund expenditures.
The largest revenue source in the City, Property Tax revenue, was up 4.9%. Homeowners took
advantage of the strong housing market by selling their properties at a gain. Property transfers
during FY 16/17 numbered 502 vs. 844 during the previous fiscal year. The most recent average
home price (August 2017) was $794,000 while the median price was $700,000. Home values in
the City during FY 2016/17 finally rose to a level higher than the previous peak price which was
in 2006. Assessed valuations citywide increased by 4.35% while the countywide assessed
valuations increase by 6.0%.
The City's sales tax base grew with an increase in revenue of 3.6% over last year. City officials
have been working diligently toward its economic development goal to diversify its sales tax base.
FY 2016/17 saw the addition of several new businesses which have provided additional and
significant sales tax revenue to the City.
As the City looks forward to FY 2017/18 there are many exciting projects on the horizon. New
retail and restaurant options are under construction at the former K -Mart property with openings
anticipated in FY 2017/18. Sprouts Market, one of the new major tenants in the center held their
grand opening in October 2017. Residents will continue to see additional nationally known retail
and restaurant businesses open their doors in FY 2017/18. A new housing development, South
Point, is well under construction bringing 99 new higher -end single family homes to the City. A
new 6.9 gross -acre neighborhood park will also be part of that new neighborhood which is also
expected to be completed in FY 2017/18. Finally, the City's first comprehensive update to the
General Plan since incorporation is well underway. This multi-year effort has allowed the current
residents of the City provide input as to their vision of the City for the next 20 years. It has been
a very interactive, dynamic and exciting process that will continue into next fiscal year.
The City's future economic health is being secured by building healthy reserves through fiscally
conservative budgets and policies in addition to aggressively pursuing economic development
opportunities.
AWARDS
The Government Finance Officers Association of the United States and Canada (GFOA) awarded
a Certificate of Achievement for Excellence in Financial Reporting to the City of Diamond Bar for
its comprehensive annual financial report for the fiscal year ended June 30, 2016. The Certificate
of Achievement is a prestigious national award recognizing conformance with the highest
standards for preparation of state and local financial reports.
In order to be awarded a Certificate of Achievement, a government unit must publish an easily
readable and efficiently organized comprehensive annual financial report, with contents that
conform to program standards. The CAFR must satisfy both generally accepted accounting
principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. The City of Diamond Bar has
received the Certificate of Achievement for the last twenty-two consecutive years (fiscal years
ended 1995 through 2016). We believe our current report continues to meet the Certificate of
Achievement Program's requirements and we will be submitting it to GFOA to determine its
eligibility for another certificate.
REPORTING ENTITY AND ITS SERVICES
This Comprehensive Annual Financial Report includes all funds of the City. The City directly
provides a limited range of services and contracts for several other services. The City's significant
reliance on contracted services has the benefit of reducing expenses to the citizens of the City of
Diamond Bar while simultaneously providing the City with a high degree of flexibility in responding
to changing economic conditions. Contracted services include police protection, building and
safety, street maintenance, park maintenance, capital improvement projects, animal control,
attorney services and engineering. Staff provided services include: community development
(which includes planning, economic development, building and safety management, and
neighborhood improvement), public works (which includes engineering, capital projects
administration, street maintenance contract management, traffic and transportation matters,
engineering contract management, park maintenance, landscape maintenance and solid waste
contract management), parks & recreation (which includes senior services, recreation services,
community events and community center operation), public information, subsidized transit ticket
sales, grant administration, financial management and administrative management. All of these
activities are included in this report.
INTERNAL CONTROLS
The City of Diamond Bar's accounting system has been developed by giving consideration to the
adequacy of internal accounting controls. Internal accounting controls are implemented by the
City to provide reasonable assurance that assets are safeguarded against loss from unauthorized
use or disposition; and that the City's financial records used for preparing financial statements
are maintained in a reliable fashion. The concept of reasonable assurance recognizes that the
cost of these controls should not exceed the benefits derived from them. The City's internal
controls accomplish these objectives.
ACKNOWLEDGEMENTS
The preparation of this Comprehensive Annual Financial Report was made possible by the
dedicated service and excellence found within the City's Finance Department staff, and through
the cooperation of the entire City staff. Each City staff member has my sincere appreciation for
their cooperation and contributions in the preparation of this Report.
I would like to thank Dianna Honeywell, Finance Director, for her prudent fiscal stewardship. In
addition, I would also like to thank our independent auditor, Lance, Soll, and Lunghard, L.L.P.,
who provided expertise and advice in the preparation of the City's Comprehensive Annual
Financial Report.
In closing, without the leadership and support of the City Council of the City of Diamond Bar, the
preparation of this Report would not have been possible.
Sincerely,
Daniel Fox
City Manager
iv
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Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Diamond Bar
California
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 2016
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CITY OF DIAMOND BAR
ELECTED AND ADMINISTRATIVE OFFICIALS
Mayor
Mayor Pro Tem
Councilmember
Councilmember
Councilmember
City Manager
Assistant City Manager
City Clerk
Director of:
Parks & Recreation
Community Development
Finance
Information Systems
Public Works
FISCAL YEAR 16-17
vii
Jimmy Lin
Ruth Low
Carol Herrera
Nancy Lyons
Steve Tye
James DeStefano
Ryan McLean
Tommye Cribbins
Vacant
Greg Gubman
Dianna Honeywell
Ken Desforges
David Liu
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viii
LS000L•
CPAs AND ADVISORS
INDEPENDENT AUDITORS' REPORT
To the Honorable Mayor and Members of the City Council
City of Diamond Bar, California
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, each major fund,
and the aggregate remaining fund information of City of Diamond Bar, California, (the City) as of and for
the year ended June 30, 2017, and the related notes to the financial statements, which collectively
comprise the City's basic financial statements as listed in the table of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditor's Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted
our audit in accordance with auditing standards generally accepted in the United States of America and
the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the entity's
preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
PrimeGlobal
LSU9:::
To the Honorable Mayor and Members of the City Council
City of Diamond Bar, California
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, each major fund, and the aggregate remaining
fund information of the City of Diamond Bar, California, as of June 30, 2017, and the respective changes
in financial position and, where applicable, cash flows thereof for the year then ended in accordance with
accounting principles generally accepted in the United States of America.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management's
discussion and analysis, the budgetary comparison schedules for the general fund, the schedule of
proportionate share of the net pension liability and the schedule of plan contributions be presented to
supplement the basic financial statements. Such information, although not a part of the basic financial
statements, is required by the Governmental Accounting Standards Board, who considers it to be an
essential part of financial reporting for placing the basic financial statements in an appropriate
operational, economic, or historical context. We have applied certain limited procedures to the required
supplementary information in accordance with auditing standards generally accepted in the United States
of America, which consisted of inquiries of management about the methods of preparing the information
and comparing the information for consistency with management's responses to our inquiries, the basic
financial statements, and other knowledge we obtained during our audit of the basic financial statements.
We do not express an opinion or provide any assurance on the information because the limited
procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City's basic financial statements. The introductory section, combining and individual
nonmajor fund financial statements and schedules and statistical section are presented for purposes of
additional analysis and are not a required part of the basic financial statements.
The combining and individual nonmajor fund financial statements and schedules are the responsibility of
management and were derived from and relate directly to the underlying accounting and other records
used to prepare the basic financial statements. The information has been subjected to the auditing
procedures applied in the audit of the basic financial statements and certain additional procedures,
including comparing and reconciling such information directly to the underlying accounting and other
records used to prepare the basic financial statements or to the basic financial statements themselves,
and other additional procedures in accordance with auditing standards generally accepted in the United
States of America. In our opinion, the combining and individual nonmajor fund financial statements and
schedules are fairly stated in all material respects in relation to the basic financial statements as a whole.
The introductory and statistical sections have not been subjected to the auditing procedures applied in the
audit of the basic financial statements and, accordingly, we do not express an opinion or provide any
assurance on them.
2
LSU9:::
To the Honorable Mayor and Members of the City Council
City of Diamond Bar, California
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
November 7, 2017, on our consideration of the City's internal control over financial reporting and on our
tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and
other matters. The purpose of that report is solely to describe the scope of our testing of internal control
over financial reporting and compliance and the results of that testing, and not to provide an opinion on
the effectiveness of the City's internal control over financial reporting or on compliance. That report is an
integral part of an audit performed in accordance with Government Auditing Standards in considering
the City's internal control over financial reporting and compliance.
Brea, California
November 7, 2017
3
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Management's Discussion and Analysis
As management of the City of Diamond Bar, we offer readers of the City of Diamond Bar's
financial statements this narrative overview and analysis of the financial activities of the
City of Diamond Bar for the fiscal year ended June 30, 2017. We encourage readers to
consider the information presented here in conjunction with additional information that we
have furnished in our letter of transmittal.
Financial Highlights
• The total revenues and other financing sources from all sources equaled
$30,451,044.
• The total cost of all City programs equaled $36,317,223.
• The assets and deferred outflows of the City of Diamond Bar exceeded its liabilities
and deferred inflows at the close of the fiscal year by $387,402,734 (net position).
Of this amount, $23,047,078 represents unrestricted net position may be used to
meet the City's ongoing obligations to citizens and creditors.
• As of the close of the current fiscal year, the City of Diamond Bar's governmental
funds reported combined ending fund balances of $30,221,001, a slight decrease
of $108,517 in comparison with the prior year. Approximately $20.1 million of the
$30.2 million is available for spending at the City's discretion.
• At the end of the current fiscal year, unrestricted fund balance for the general fund
was $20,379,854, or 95.4% of the amount of general fund expenditures. The
General Fund unrestricted balance of $20.4 million is in addition to a $4.5 million
reserve for emergencies as established by City Council resolution.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the City of
Diamond Bar's basic financial statements. The City of Diamond Bar's basic financial
statements comprise three components: 1) government -wide financial statements,
2) fund financial statements, and 3) notes to the financial statements. This report also
contains other supplementary information in addition to the basic financial statements
themselves.
Government -wide financial statements — The government —wide financial statements
are designed to provide readers with a broad overview of the City of Diamond Bar's
finances, in a manner similar to a private -sector business.
The statement of net position presents financial information on all of the City of
Diamond Bar's assets, liabilities and deferred inflows/outflows of resources with the
difference reported as net position. Over time, increases or decreases in net position
5
may serve as a useful indicator of whether the financial position of the City of
Diamond Bar is improving or deteriorating.
The statement of activities presents information showing how the City's net position
changed during the most recent fiscal year. All changes in net position are reported as
soon as the underlying event giving rise to the change occurs, regardless of the timing of
related cash flows. Thus, revenues and expenses are reported in this statement for some
items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and
earned but unused vacation leave).
Both of the government -wide financial statements distinguish functions of the City of
Diamond Bar that are principally supported by taxes and intergovernmental revenues
(governmental activities) from other functions that are intended to recover all or a
significant portion of their costs through user fees and charges (business -type activities).
The governmental activities of the City of Diamond Bar include general government,
public safety, highways and streets, community development, and parks and recreation.
The City of Diamond Bar currently has no business -type activities or enterprise funds.
The government -wide financial statements include not only the City of Diamond Bar itself,
but also a legally separate financing authority. Although legally separate, the
Diamond Bar Financing Authority is included because the City is financially accountable
for it.
Fund financial statements — A fund is a grouping of related accounts that is used to
maintain control over resources that have been segregated for specific activities or
objectives. The City of Diamond Bar, like other state and local governments, uses fund
accounting to ensure and demonstrate compliance with finance -related legal
requirements. All of the funds of the City can be divided into three categories:
governmental funds, proprietary funds and fiduciary funds.
Governmental Funds — Governmental funds are used to account for essentially the
same functions reported as governmental activities in the government -wide financial
statements. However, unlike the government -wide financial statements, governmental
fund financial statements focus on near-term inflows and outflows of spendable
resources, available at the end of the fiscal year. Such information may be useful in
assessing the near-term financing requirements necessary to finance City programs.
Because the focus of governmental funds is narrower than that of the government -wide
financial statements, it is useful to compare the information presented for governmental
funds with similar information presented for governmental activities in the
government -wide financial statements. By doing so, readers may better understand the
long-term impacts of the City's near-term financing decisions. Both the governmental
fund balance sheet and the governmental fund statement of revenues, expenditures, and
changes in fund balances provide a reconciliation to facilitate this comparison between
governmental funds and governmental activities.
0
The City of Diamond Bar adopts an annual appropriated budget for its general fund. A
budgetary comparison statement has been provided for the general fund to demonstrate
compliance with this budget.
Proprietary Funds — The type of proprietary funds that the City maintains are internal
service funds that are used to allocate costs internally among the various functions of the
City. The City of Diamond Bar uses these funds to account for its liability insurance costs
and vehicle, building and computer replacement costs. Because these services
predominantly benefit governmental rather than business -type functions, they have been
included within governmental activities within the government -wide financial statements.
Fiduciary Funds — Fiduciary funds are used to account for resources held for the benefit
of parties outside of the government. Fiduciary funds are not reported in the
government -wide financial statements because the resources of those funds are not
available to support the City's own programs. The accounting used for fiduciary funds is
much like that used for proprietary funds.
The City of Diamond Bar maintains one fiduciary fund which is the Other
Post -Employment Benefits (OPEB) Trust Fund. This fund is used to report resources
held in trust for retiree's post -employment health insurance premiums.
Notes to the Financial Statements — The notes provide additional information that is
essential to a full understanding of the data provided in the government -wide and fund
financial statements.
Other Information — In addition to the basic financial statements and accompanying
notes, this report also presents certain required supplementary information concerning
the City's budgetary control and accounting and expenditures in excess of appropriations.
Government -wide Financial Analysis
As noted earlier, net position over time, may serve over time as a useful indicator of the
City's financial position. The City of Diamond Bar's assets and deferred outflows
exceeded liabilities and deferred inflows by $387,402,734 at the close of 2017. (see Table
1)
By far the largest portion of the City's net position (92.6%) is its investment in capital
assets (e.g., land, buildings, infrastructure, machinery, equipment, and construction in
progress), less the related outstanding debt used to acquire those assets. The City of
Diamond Bar uses these capital assets to provide services to its citizens; consequently,
these assets are not available for future spending. Although the City's investment in its
capital assets is reported net of related debt, it should be noted that the resources needed
to repay this debt must be provided from other sources, since the capital assets
themselves cannot be used to liquidate these liabilities.
7
Table 1
CITY OF DIAMOND BAR'S
Statement of Net Position
Current and other assets
Capital assets
Total Assets
Deferred Outflows
Long-term debt outstanding
Other Liabilities
Total Liabilities
Deferred Pension Related Items
Net position:
Net investment in capital assets
Restricted
Unrestricted
Total Net Position
Governmental Activities
1,169,894
2017
2016
$37,879,109
$38,010,700
368,573,699
373,438,626
406,452,808
411,449,326
1,785,323
1,169,894
15,457,341
14,554,269
5,034,135
4,292,550
20,491,476
18,846,819
343,921
503,488
358,765,476
5,590,180
23,047,078
363,216,277
7,309,644
22,742,992
387.402.734 393.268.913
The City's net position decreased by $5,866,179. This reason for this overall decrease
is due primarily to depreciation expense.
At the end of fiscal year 2017 the City reports an increase of $304,000 in the unrestricted
net position from the prior fiscal year. The City has continually expended its resources
conservatively in anticipation of economic downturns and future capital needs which has
resulted in being able to end the year with $23,047,078 in Unrestricted Net Position.
0
Table 2
City of Diamond Bar's
Changes in Net Position
Expenses:
General Government
2017
2016
Revenues:
6,586,188
6,216,279
Program revenues:
14,178,723
11,966,721
Charges for services
$7,569,296
$9,027,647
Operating grants and contributions
3,844,192
3,687,015
Capital grants and contributions
359,669
1,455,770
General Revenues
443,480
455,700
Property taxes
4,951,033
4,665,140
Transient occupancy taxes
923,527
994,476
Sales Taxes
4,789,172
4,598,858
Franchise Taxes
1,320,617
1,431,513
Other taxes
394,961
523,015
Motor vehicle in lieu
5,757,423
5,411,143
Use of money & property
58,160
524,918
Other
482,994
703,457
Total revenues
30,451,044
33,022,952
Expenses:
General Government
6,627,894
5,812,525
Public Safety
6,586,188
6,216,279
Highways and Streets
14,178,723
11,966,721
Community Development
3,231,764
2,127,206
Parks, Recreation and Culture
5,164,413
6,137,787
Contribution to OPEB Trust
84,761
84,761
Interest and Fiscal Charges
443,480
455,700
Total expenses
36,317,223
32,800,979
Increase(Decrease) in net position
(5,866,179)
221,973
Net position - beginning
393,268,913
395,162,740
Restatement of Net Position
-
(2,115,800)
Net position - ending
$387,402,734J393.268.913
Revenues
In the Statement of Activities, the City's total revenues were $30.5 million, while the total
cost of all programs and services was $36.3 million. Revenues this fiscal year were
7.79% lower than those of the prior year. There were increases in some areas and
decreases in others. The following are highlights of some of the major differences:
• Property Tax revenues were up 6.1% from FY15-16. The housing market
continued to improve during FY 16-17 which afforded greater
inflation/Proposition 13 based adjustments. Housing sales also continued to
increase which allowed the County to increase overall assessed valuations by
6.0% during 2017 while Diamond Bar's assessed valuations were up by 4.3%
during 2017.
0
• Transient Occupancy Taxes were slightly lower by $71,000 or 7.1% in
FY 16-17. The previous year's TOT revenue was the City's highest recorded
amount in this category.
• Sales tax revenues were up about 4.1 % due to continued improvement in the
local economy and new businesses within the City. Last year's figure includes
a one-time final payment of the triple flip portion of sales tax.
• Investment Income increased by 29.4%, excluding the fair market value
adjustment of $<404,133>, due to improving investment yields available in the
bond market coupled with more of the City's portfolio being further diversified
into higher yielding investments such as highly rated corporate bonds and
California municipal bonds. The Local Agency Investment Fund (LAIF) rate also
continued to show some improvement and ended the fiscal year at 0.98%. By
the end of FY 16/17 the City's overall investment yield increased from 1.297%
in FY 2015/16 to 1.47% in FY 2016/17.
Expenses
Once again this year, the City has continued to be very diligent in controlling growth in
expenses. This year expenses for the City totaled $36.3 million which is approximately
$3.5 million, or 10.7% higher than the previous fiscal year. This increase was due
primarily due to a significant uptick in capital improvement projects. The changes in
various categories are as follows:
• There was an increase in General Government expenses of approximately 13.8%
this year. This was due primarily to higher capital outlay in this category this year
compared to last year.
• There was an increase in Public Safety expenses of approximately 6.0% this year.
• There was a decrease in Parks & Recreation expenses in the amount of $973,000.
This is due to the reorganization of the department during FY 2016/17. The Parks
Maintenance division was moved under the Public Works umbrella for the first time
during FY 2016/17.
• The Streets and Highways category increased this year by $2.2 million. This is
due to an increase in the number of Capital Improvement projects completed
during the fiscal year.
• Community Development expenses were higher in 2016/17 by $1.1 million. The
increase reflects an increase in building permit activity and the commencement of
the City's General Plan Update.
10
Financial Analysis of the City's Funds
As noted earlier the City of Diamond Bar uses fund accounting to ensure and demonstrate
compliance with finance -related legal requirements.
Governmental funds - The focus of the City of Diamond Bar's governmental funds is to
provide information on near-term inflows, outflows, and balances of spendable resources.
Such information is useful in assessing the City's financing requirements. In particular,
unassigned fund balance may serve as a useful measure of a City's net resources
available for spending at the end of the fiscal year.
At June 30, 2017, the City of Diamond Bar's governmental funds reported combined
ending fund balances of $30,221,001, a slight decrease of $108,517 in comparison with
the prior year. Approximately 66.5% of this amount ($20,089,713) constitutes unassigned
fund balance, which is available for spending at the government's discretion. The
remainder of the fund balance is either nonspendable, restricted or assigned to indicate
that it is 1) not in spendable form ($42,108), 2) restricted for particular purposes
($5,589,960 or 3) committed for particular purposes ($4,500,000).
The general fund is the chief operating fund of the City. At the end of the current fiscal
year, the unassigned fund balance of the general fund was $20,379,854, while the total
fund balance was $24,921,962. As a measure of the general fund's liquidity, it may be
useful to compare both unassigned fund balance and total fund balance to total fund
expenditures. Unassigned fund balance represents 95.4% of total general fund
expenditures, while total fund balance represents 116.7% of the same amount.
Since the City's incorporation in 1989, the City has been fiscally conservative contributing
to healthy fund balance reserves. Several years ago the City chose to fund major
maintenance projects from General Fund reserves when other funds were not available
for this purpose. This fiscal year General Fund Reserves increased $995,153 (after a
restatement of <$402,436>).
Factors contributing to the change in General Fund ending fund balance are as follows:
• General Fund revenues were down $919,000 from FY15/16. The largest decrease
was in the Licenses and Permits category ($963,000) which is primarily attributed
to a one-time write off last year, which increased the Developer Fees category, of
unclaimed developer deposits during FY 2015/16.
• Costs were higher this year in the General Fund by $722,600 (3.5%) as compared
to last year. There were notable increases in the Community Development, Public
Safety and Public Works category offset by lower costs in General Government
and Parks & Recreation.
• Conservative expenditure budgets over the years have contributed to the City's
general fund healthy fund balance reserve. This includes a contract city business
model which aids the City in containing costs.
11
General Fund Budgetary Highlights
Original revenue budget projections were increased during the year by 1.8% to reflect an
increase in sales tax, licenses & permits and intergovernmental revenues. The actual
revenue came in lower than anticipated by $617,000. This is due to higher than
anticipated sales tax offset by the fact that the mark to market adjustment on the City's
investments this year was negative and transfers into the General Fund were lower than
anticipated.
General Fund appropriations were increased during the year by $3,967,213 or 14.9%
from the original budget to the amended budget. The final expenditures actually came in
$7,352,662 less than the amended budget due primarily to fewer projects being
completed therefore lower transfers out of the General Fund. These projects have been
carried over to the new fiscal year.
Capital Asset and Debt Administration
Capital assets - The City of Diamond Bar's investment in capital assets for its
governmental activities as of June 30, 2017 amounts to $368,573,699
(net of accumulated depreciation). This investment in capital assets includes land, Right
of Way, buildings and improvements, furniture and fixtures, vehicles and equipment,
infrastructure and construction in progress.
Table 3
City of Diamond Bar
Capital Assets
(net of depreciation)
368.573.699 $373,438,626
The City's capital assets decreased in value $4,864,927 during FY16/17. This decrease
was due to depreciation expense and lower construction in progress than in previous
years.
Construction in progress at the end of the year included eleven projects in various stages
of design or construction. The ten projects equaling $3,815,819 include street
rehabilitation and enhancement projects, traffic mitigation projects, median modification
and various park projects.
Additional information on the City's capital assets can be found in note 4.
12
2017
2016
Land
$5,633,624
$5,633,624
Right of Way
265,614,104
265,614,104
Buildings and Improvements
20,308,031
19,236,765
Furniture and Fixtures
201,173
292,200
Vehicles & Equipment
763,278
934,779
Infrastructure
73,275,812
77,379,900
Construction in Progress
2,777,677
4,347,254
368.573.699 $373,438,626
The City's capital assets decreased in value $4,864,927 during FY16/17. This decrease
was due to depreciation expense and lower construction in progress than in previous
years.
Construction in progress at the end of the year included eleven projects in various stages
of design or construction. The ten projects equaling $3,815,819 include street
rehabilitation and enhancement projects, traffic mitigation projects, median modification
and various park projects.
Additional information on the City's capital assets can be found in note 4.
12
Long-term debt — At the end of the current fiscal year, the City of Diamond Bar's total
long-term debt equaled $10,456,161. The following table shows the breakdown of the
long-term debt outstanding:
Outstanding Long Term Debt at Year-end
Variable Rate Lease Revenue Bonds
(backed by the Public Financing
Authority) $ 9,635,000
Unamortized Bond Premium 173,223
Compensated Absences 647,938
$ 10,456,161
See footnote 5 for additional information on the City's long-term liabilities as of
June 30, 2017.
Economic Factors and Next Year's Budgets and Rates
While the City maintains a diverse and upscale housing stock, the City's economy is
equally dependent on commercial and retail revenues. The City's concentration on
maintaining and attracting new business clientele is of utmost importance.
The City's 2017/18 budget is a fiscally conservative budget. As the economy continues
to improve, anticipated revenues in the General Fund reflect moderate yet realistic
growth. The ongoing operations budget has been maintained at the status quo as much
as possible. This budget presents an operating plan that permits the City to live within a
reasonable estimate of revenues while continuing to provide community programs and
services to the residents of the City of Diamond Bar.
The City has made a conscientious decision to use some general fund balance reserves
for economic development purposes. As a result, the FY 2017/18 budget includes an
appropriation for economic development. It is anticipated that these efforts will continue
to be rewarded in the near future with the development of several new retail spaces.
Contacting the City's Financial Management
This financial report is designed to provide our citizens, taxpayers, customers, and
creditors with a general overview of the City of Diamond Bar's finances and to show the
City's accountability for the money it receives. If you have questions about this report or
need additional financial information, contact the City's Finance Department, at the City
of Diamond Bar, 21810 Copley Drive, Diamond Bar, California 91765.
13
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14
CITY OF DIAMOND BAR
STATEMENT OF NET POSITION
JUNE 30, 2017
Assets:
Cash and investments
Receivables:
Accounts
Notes and loans
Accrued interest
Prepaid costs
Due from other governments
Cash with fiscal agent
Due from employees
Capital assets not being depreciated
Capital assets, net of depreciation
Total Assets
Deferred Outflows of Resources:
Deferred pension related items
Total Deferred Outflows
of Resources
Liabilities:
Accounts payable
Accrued liabilities
Accrued interest
Unearned revenue
Deposits payable
Due to other governments
Noncurrent liabilities:
Due within one year
Due in more than one year
Net pension liability
OPEB liability
Total Liabilities
Deferred Inflows of Resources:
Deferred pension related items
Total Deferred Inflows
of Resources
Net Position:
Net investment in capital assets
Restricted for:
Community development projects
Public safety
Public works
Capital projects
Debt service
Unrestricted
Total Net Position
See Notes to Financial Statements 15
Governmental
Activities
$ 35,343,237
509,078
370,704
127,936
42,108
1,484,891
80
1,075
274,025,405
94, 548, 294
406,452,808
1.785.323
1,785,323
2,843,151
276,112
34,546
162,661
1,265,187
452,478
973,425
9,482,736
4,607,967
393,213
20,491,476
343,921
343,921
358,765,476
2,066,650
243,642
3,095,734
184,074
80
23,047,078
$ 387,402,734
CITY OF DIAMOND BAR
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2017
Functions/Programs
Primary Government:
Governmental Activities:
General government
Public safety
Community development
Parks, recreation and culture
Highways and Streets
Interest on long-term debt
Total Primary Government
Expenses
Net (Expenses)
$ 6,712,655
Revenue and
$ - $ - $
Changes in Net
Program Revenues
Position
Operating Capital
(5,957,123)
Charges for Contributions Contributions
Governmental
Services and Grants and Grants
Activities
$ 6,712,655
$ 811,846
$ - $ - $
(5,900,809)
6,586,188
460,325
168,740 -
(5,957,123)
3,231,764
2,077,810
222,370 -
(931,584)
5,164,413
1,544,002
406,119 689
(3,213,603)
14,178,723
2,675,313
3,046,963 358,980
(8,097,467)
443,480
-
- -
(443,480)
$ 36,317,223 $ 7,569,296 $ 3,844,192 $ 359,669 (24,544,066)
General Revenues:
Taxes:
Property taxes, levied for general purpose
4,951,033
Transient occupancy taxes
923,527
Sales taxes
4,789,172
Franchise taxes
1,320,617
Other taxes
394,961
Motor vehicle in lieu - unrestricted
5,757,423
Use of money and property
58,160
Other
482,994
Total General Revenues
18,677,887
Change in Net Position
(5,866,179)
Net Position at Beginning of Year 393,268,913
Net Position at End of Year $ 387,402,734
See Notes to Financial Statements 16
CITY OF DIAMOND BAR
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2017
Assets:
Pooled cash and investments
Receivables:
Accounts
Notes and loans
Accrued interest
Prepaid costs
Due from other governments
Due from other funds
Due from employees
Restricted assets:
Cash and investments with fiscal agents
Total Assets
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Unearned revenues
Deposits payable
Due to other governments
Due to other funds
Total Liabilities
Deferred Inflows of Resources:
Unavailable revenues
Total Deferred Inflows of Resources
Fund Balances:
Nonspendable:
Prepaid costs
Restricted for:
Community development projects
Public safety
Highways and streets
Capital Projects
Debt service
Committed to:
Emergency contingencies
Unassigned
Total Fund Balances
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
42,108 - - 42,108
- - 2,066,650 2,066,650
- - 243,642 243,642
- - 3,095,734 3,095,734
- - 184,074 184,074
- - 80 80
4,500,000 - - 4,500,000
20,379,854 (290,141) - 20,089,713
24,921,962 (290,141) 5,590,180 30,222,001
$ 28,686,296 $ 546,996 $ 6,264,295 $ 35,497,587
See Notes to Financial Statements 17
Capital Projects
Funds
Capital
Other
Total
Improvement
Governmental
Governmental
General
Fund
Funds
Funds
$ 27,100,597
$ 236,446
$ 5,578,091
$ 32,915,134
324,411
-
182,459
506,870
-
-
370,704
370,704
127,936
-
-
127,936
42,108
-
-
42,108
1,041,380
310,550
132,961
1,484,891
48,789
-
-
48,789
1,075
-
-
1,075
-
-
80
80
$ 28,686,296
$ 546,996
$ 6,264,295
$ 35,497,587
$ 2,123,833
$ 526,587
$ 191,163
$ 2,841,583
265,702
-
10,410
276,112
109,612
-
53,049
162,661
1,265,187
-
-
1,265,187
-
-
370,704
370,704
-
-
48,789
48,789
3,764,334
526,587
674,115
4,965,036
-
310,550
-
310,550
-
310,550
-
310,550
42,108 - - 42,108
- - 2,066,650 2,066,650
- - 243,642 243,642
- - 3,095,734 3,095,734
- - 184,074 184,074
- - 80 80
4,500,000 - - 4,500,000
20,379,854 (290,141) - 20,089,713
24,921,962 (290,141) 5,590,180 30,222,001
$ 28,686,296 $ 546,996 $ 6,264,295 $ 35,497,587
See Notes to Financial Statements 17
CITY OF DIAMOND BAR
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION
JUNE 30, 2017
Fund balances of governmental funds $ 30,222,001
Amounts reported for governmental activities in the statement of net position are
different because:
Capital assets net of depreciation have not been included as financial resources
in governmental fund activity. 368,227,026
Deferred outflows related to pension items:
Adjustments due to difference in proportions $ 518,610
Net difference between project and actual earnings on pension plan
investments 860,978
Change in employer's proportion and differences between the employer's
contributions and the employer's proportionate share of contributions 1,444
Difference between expected and actual experiences 17,485
Current year contributions that occurred after the measurement date 386,806 1,785,323
Long-term debt, compensated absences, other post employee benefit obligation
and net pension liability that have not been included in the governmental fund
activity:
Bonds payable $ (9,635,000)
Unamortized bond premiums/discounts (173,223)
Compensated Absences (647,938)
Other post employment benefit obligation (393,213)
Net pension liability (4,607,967) (15,457,341)
Accrued interest payable for the current portion of interest due on
bonds has not been reported in the governmental funds. (34,546)
Deferred inflows related to pension items:
Adjustment due to difference in proportions $ (166)
Difference between expected and actual experiences (4,006)
Change in assumptions (165,424)
Change in employer's proportion and differences between the employer's
contributions and the employer's proportionate share of contributions (174,325) (343,921)
Revenues reported as unavailable revenue in the governmental funds and recognized
in the statement of activities. These are included in the intergovernmental revenues
in the governmental fund activity. 310,550
Internal service funds are used by management to charge the costs of certain
activities, such as equipment management and self-insurance, to individual funds.
The assets and liabilities of the internal service funds must be added to the
statement of net position. 2,693,642
Net Position of governmental activities $ 387,402,734
See Notes to Financial Statements 18
CITY OF DIAMOND BAR
STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTALFUNDS
YEAR ENDED JUNE 30, 2017
Expenditures:
Current:
General government
4,960,482
Capital Projects
600,000
5,560,482
Public safety
6,567,087
Funds
9,867
6,576,954
Community development
2,290,877
Capital
Other
Total
Parks and recreation
2,662,622
Improvement
Governmental
Governmental
Public works
General
Fund
Funds
Funds
Revenues:
86,625
2,933,867
20,951
3,041,443
Taxes
$ 12,698,595
$ -
$ 769,014
$ 13,467,609
Licenses and permits
2,220,572
-
135,408
2,355,980
Intergovernmental
6,207,423
58,214
5,402,880
11,668,517
Charges for services
1,544,032
-
1,355,289
2,899,321
Use of money and property
(65,606)
-
94,084
28,478
Fines and forfeitures
460,325
-
-
460,325
Miscellaneous
371,045
115,243
75,000
561,288
Total Revenues
23,436,386
173,457
7,831,675
31,441,518
Expenditures:
Current:
General government
4,960,482
-
600,000
5,560,482
Public safety
6,567,087
-
9,867
6,576,954
Community development
2,290,877
-
695,096
2,985,973
Parks and recreation
2,662,622
-
60,936
2,723,558
Public works
4,788,397
1,833,074
2,342,811
8,964,282
Capital outlay
86,625
2,933,867
20,951
3,041,443
Debt service:
Principal retirement
-
-
400,000
400,000
Interest and fiscal charges
-
-
459,191
459,191
Total Expenditures
21,356,090
4,766,941
4,588,852
30,711,883
Excess (Deficiency) of Revenues
Over (Under) Expenditures
2,080,296
(4,593,484)
3,242,823
729,635
Other Financing Sources (Uses):
Transfers in
1,155,511
4,285,296
954,781
6,395,588
Transfers out
(1,838,218)
-
(4,993,086)
(6,831,304)
Total Other Financing Sources
(Uses)
(682,707)
4,285,296
(4,038,305)
(435,716)
Net Change in Fund Balances
1,397,589
(308,188)
(795,482)
293,919
Fund Balances, Beginning of Year, as
previously reported
23,926,809
18,047
6,385,662
30,330,518
Restatements
(402,436)
-
-
(402,436)
Fund Balances, Beginning of Year, as restated
23,524,373
18,047
6,385,662
29,928,082
Fund Balances, End of Year
$ 24,921,962
$ (290,141)
$ 5,590,180
$ 30,222,001
See Notes to Financial Statements 19
CITY OF DIAMOND BAR
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2017
Net change in fund balances - total governmental funds
Amounts reported for governmental activities in the statement of activities are
different because:
Governmental funds report capital outlays as expenditures. However, in the statement
of activities, the costs of those assets is allocated over their estimated useful lives
as depreciation expense. This is the amount by which capital outlays exceeded
depreciation in the current period.
Capital Expenditures $ 2,820,713
Depreciation Expense (7,525,241)
Loss on disposal of capital assets (13,279)
Repayment of bond principal is an expenditure in the governmental funds, but the
repayment reduces long-term liabilities in the statement of net position.
Principal repayments $ 400,000
Amortization of bond premium 14,126
Other post employment benefit obligation 22,949
Compensated Absences (69,740)
Accrued interest for long-term liabilities. This is the net change in accrued interest
for the current period.
Pension contributions are expenditures in the governmental funds, but reduce
the Net Pension Liability in the statement of net position and changes in the
Net Pension Liability are expensed in government -wide statements.
Revenues reported as unavailable revenue in the governmental funds and recognized
in the statement of activities. These are included in the intergovernmental revenues
in the governmental fund activity.
Internal service funds are used by management to charge the costs of certain
activities, such as equipment management and self-insurance, to individual funds.
The net revenues (expenses) of the internal service funds is reported with
governmental activities.
Change in net position of governmental activities
See Notes to Financial Statements 20
$ 293,919
(4,717,807)
367,335
1,585
(495,411)
(1,020,156)
(295,644)
$ (5,866,179)
CITY OF DIAMOND BAR
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
JUNE 30, 2017
Governmental
Activities -
Internal
Service Funds
Assets:
Current:
Cash and investments $ 2,428,103
Receivables:
Accounts 2,208
Total Current Assets 2,430,311
Noncurrent:
Capital assets - net of accumulated depreciation 346,673
Total Noncurrent Assets
Total Assets
Liabilities and Net Position:
Liabilities:
Current:
Accounts payable
Due to other governments
Total Liabilities
Net Position:
Investment in capital assets
Unrestricted
Total Net Position
Total Liabilities and Net Position
See Notes to Financial Statements 21
346,673
$ 2,776,984
$ 1,568
81,774
83,342
346,673
2,346,969
2,693,642
$ 2,776,984
CITY OF DIAMOND BAR
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2017
Operating Revenues:
Sales and service charges
Total Operating Revenues
Operating Expenses:
Administration and general
Insurance Premiums
Equipment repair and maintenance
Depreciation expense
Total Operating Expenses
Operating Income (Loss)
Nonoperating Revenues (Expenses):
Interest revenue
Total Nonoperating
Revenues(Expenses)
Income (Loss) Before Transfers
Transfers in
Transfers out
Changes in Net Position
Net Position:
Beginning of Year
End of Fiscal Year
See Notes to Financial Statements 22
Governmental
Activities -
Internal
Service Funds
$ 10,291
10,291
20,918
530,772
58,821
160,822
771,333
(761,042)
29,682
29,682
(731,360)
588,716
(153,000)
(295,644)
2,989,286
$ 2,693,642
CITY OF DIAMOND BAR
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2017
Cash Flows from Operating Activities:
Insurance Premiums paid
Payments to suppliers
Cash received from others
Net Cash Provided (Used) by Operating Activities
Governmental
Activities -
Internal
Service Funds
$ (530,772)
(124, 035)
99,916
(554,891)
Cash Flows from Non -Capital
Financing Activities:
Cash transfers out
(153,000)
Cash transfers in
588,716
Net Cash Provided (Used) by
Non -Capital Financing Activities
435,716
Cash Flows from Capital
and Related Financing Activities:
Acquisition and construction of capital assets
(13,702)
Net Cash Provided (Used) by
Capital and Related Financing Activities (13,702)
Cash Flows from Investing Activities:
Interest received 29,682
Net Cash Provided (Used) by
Investing Activities 29,682
Net Increase (Decrease) in Cash
and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year
Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities:
Operating income (loss)
Adjustments to reconcile operating income (loss)
net cash provided (used) by operating activities:
Depreciation
(Increase) decrease in accounts receivable
Increase (decrease) in accounts payable
Increase (decrease) in due to other governments
Total Adjustments
Net Cash Provided (Used) by
Operating Activities
See Notes to Financial Statements 23
(103,195)
2,531,298
$ 2,428,103
$ (761,042)
160,822
7,851
(44,296)
81,774
206,151
$ (554,891)
CITY OF DIAMOND BAR
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
JUNE 30, 2017
OPEB Trust
Fund
Assets:
Cash and investments with fiscal agents $ 162,315
Total Assets $ 162,315
Liabilities:
Due to other governments $ 13,246
Total Liabilities 13,246
Net Position:
Held in trust for other post retirement benefits
Total Net Position
See Notes to Financial Statements 24
149,069
$ 149,069
CITY OF DIAMOND BAR
�-�r_1%0=1kUl=1kik&Q;ay:/_1 ki Eel ="Iki1;11BillN/_1WdLlI=11i;Lem 110 RILq
FIDUCIARY FUNDS
YEAR ENDED JUNE 30, 2017
Additions:
Interest and change in fair value of investments
Contributions from City
Total Additions
Deductions:
Benefits
Total Deductions
Changes in Net Position
Net Position - Beginning of the Year
Net Position - End of the Year
See Notes to Financial Statements 25
OPEB Trust
Fund
$ 2,696
84,761
87,457
13,256
13,256
74,201
74,868
$ 149,069
THIS PAGE INTENTIONALLY LEFT BLANK
26
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
Note 1: Reporting Entity and Significant Accounting Policies
a. Description of Reporting Entity
The City of Diamond Bar (the City) was incorporated April 18, 1989, as a "General Law"
City governed by an elected five -member city council. As required by accounting
principles generally accepted in the United States of America, these financial statements
present the City of Diamond Bar (the primary government) and its component units. The
component units discussed below are included in the City's reporting entity because of
the significance of their operational or financial relationship with the City. These entities
are legally separate from each other. However, the City of Diamond Bar's elected officials
have a continuing full or partial accountability for fiscal matters of the other entities. The
financial reporting entity consists of: (1) the City (2) organizations for which the City is
financially accountable; and, (3) organizations for which the nature and significance of
their relationship with the City are such that exclusion would cause the City's financial
statements to be misleading or incomplete.
An organization is fiscally dependent on the primary government if it is unable to adopt its
budget, levy taxes or set rates or charges, or issue bonded debt without approval by the
primary government. In a blended presentation, a component unit's balances and
transactions are reported in a manner similar to the balances and transactions of the City.
Component units are presented on a blended basis when the component unit's governing
body is substantially the same as the City's or when the component unit provides
services almost entirely to the City.
Blended Component Units
The Diamond Bar Public Financing Authority (the Authority) was formed on
November 19, 2002. The purpose of the Authority is to issue debt to finance public
improvements and other capital purchases for the City and Agency. The activity of the
Authority is reported in debt service and capital projects funds. Separate financial
statements are not prepared for this blended component unit.
b. Government -Wide and Fund Financial Statements
The government -wide financial statements (i.e., the statement of net position and the
statement of changes in net position) report information on all of the nonfiduciary
activities of the City. For the most part, the effect of interfund activity has been removed
from these statements. Governmental activities, which normally are supported by taxes
and intergovernmental revenues, are reported separately from business -type activities,
which rely to a significant extent on fees and charges for support. The City has no
business -type activities.
The statement of activities demonstrates the degree to which the direct expenses of a
given function or segment are offset by program revenues. Direct expenses are those
that are clearly identifiable with a specific function or segment. Program revenues
include 1) charges to customers or applicants who purchase, use, or directly benefit from
goods, services, or privileges provided by a given function or segment and 2) grants and
contributions that are restricted to meeting the operational or capital requirements of a
particular function or segment. Taxes and other items not properly included among
program revenues are reported instead as general revenues.
27
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 1: Reporting Entity and Significant Accounting Policies (Continued)
Separate financial statements are provided for governmental funds, proprietary funds and
fiduciary funds, even though the latter are excluded from the government -wide financial
statements. Major individual governmental funds are reported as separate columns in the
fund financial statements.
c. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The basic financial statements of the City are composed of the following:
• Government -wide financial statements
• Fund financial statements
• Notes to basic financial statements
The government -wide financial statements, proprietary fund and fiduciary fund financial
statements are reported using the economic resources measurement focus and the
accrual basis of accounting. Under the economic resources measurement focus, all
assets and liabilities (current and long-term) are reported. Under the accrual basis of
accounting, revenues are recorded when earned and expenses are recorded when a
liability is incurred, regardless of the timing of related cash flows. Property taxes are
recognized as revenues in the fiscal year, which the taxes are levied. Revenue from
grants, entitlements, and donations is recognized in the fiscal year in which all the
eligibility requirements imposed by the provider have been met.
Proprietary funds distinguish operating revenues and expenses from nonoperating items.
Operating revenues and expenses generally result from providing services and producing
and delivering goods in connection with a proprietary fund's principal ongoing operations.
The principal operating revenues of the City's internal service funds are charges to
departments for services. Operating expenses for the proprietary funds include the cost
of services, administrative expenses, and depreciation on capital assets. All revenues
and expenses not meeting this definition are reported as nonoperating revenues and
expenses.
Governmental fund financial statements are reported using the current financial
resources measurement focus and the modified accrual basis of accounting. Under the
current financial resources measurement focus, generally only current assets and
liabilities are reported in the governmental funds. Governmental fund operating
statements present increases (revenues and other financing sources) and decreases
(expenditures and other financing uses) in net current assets. Under the modified accrual
basis of accounting, revenues are recognized as soon as they are both measurable and
available. Revenues are considered to be available when they are collectible within the
current period or soon enough thereafter to pay liabilities of the current period. For this
purpose, the government considers revenues to be available if they are collected within
60 days of the end of the current fiscal year. Expenditures generally are recorded when
a liability is incurred, except for principal and interest on long-term liabilities, claims and
judgments, and compensated absences which are recognized as expenditures only when
payment is due.
The City's fiduciary fund consists of a OPEB trust fund. OPEB trust funds are accounted
for using the "economic resources" measurement focus and the accrual basis of
accounting. Under the accrual basis of accounting, revenues are recognized in the
period in which they are earned while expenses are recognized in the period in which the
liability is incurred.
28
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 1: Reporting Entity and Significant Accounting Policies (Continued)
Property taxes, taxpayer -assessed taxes, such as sales taxes, gas taxes, and transient
occupancy taxes, and interest associated with the current fiscal period are all considered
to be susceptible to accrual and have been recognized as revenues of the current fiscal
period. Only the portion of special assessments receivable due within the current fiscal
period is considered to be susceptible to accrual as revenue of the current period to the
extent normally collected within the availability period. All other revenue items are
considered to be measurable and available only when cash is received by the City.
The accounts of the City are organized and operated on the basis of funds, each of which
is considered a separate accounting entity with a self -balancing set of accounts,
established for the purpose of carrying on specific activities or attaining certain objectives
in accordance with special regulations, restrictions or limitations.
As a general rule, the effect of Interfund activity has been eliminated from the
government -wide financial statements. Exceptions to this general rule are charges
between the government's proprietary funds functions and various other functions of the
government. Elimination of these charges would distort the direct costs and program
revenues reported for the various functions concerned.
Amounts reported as program revenues include 1) charges to customers or applicants for
goods, services or privileges provided, 2) operating contributions and grants, and
3) capital contributions and grants, including special assessments. Internally dedicated
resources are reported as general revenues rather than as program revenues. Likewise,
general revenues include all taxes.
When both restricted and unrestricted resources are combined in a fund, expenses are
considered to be paid first from restricted resources, and then from unrestricted
resources.
d. Fund Classifications
The City reports the following major governmental funds:
The General Fund is the primary operating fund of the City and is used to account for all
revenues and expenditures of the City not legally restricted as to use. A broad range of
municipal activities are provided through this fund including City Manager, City Attorney,
Finance, City Clerk, Public Works, Building and Safety, and Parks and Recreation.
The Capital Improvement Fund has been classified as a major fund and is used to
account for City capital improvement projects. The revenues in this fund will generally
come from transfers in from other funds and have been identified for specific capital
projects.
The City's fund structure also includes the following fund types:
Special Revenue Funds are used to account for the proceeds of specific revenue sources
that are legally restricted or committed to expenditures for specified purposes.
Debt Service Funds are used to account for the receipt of revenues and payments of
debt service related to outstanding bonds.
29
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 1: Reporting Entity and Significant Accounting Policies (Continued)
Additionally, the City reports the following fund types:
Internal Service Funds have been established to finance and account for goods and
services provided by one City department to other City departments or agencies. These
activities include self-insurance, equipment, building maintenance and computer
maintenance.
OPEB Trust Fund has been established to account for the prefunding of the City's
obligation of postemployment benefits other than pensions (OPEB).
e. Investments
For financial reporting purposes, investments are stated at fair value.
Changes in fair value that occur during a fiscal year are recognized as investment income
reported for that fiscal year. Investment income includes interest earnings, changes in fair
value, and any gains or losses realized upon the liquidation or sale of investments.
The City pools cash and investments of all funds, except for assets held by fiscal agents.
Each fund's share in this pool is displayed in the accompanying financial statements as
cash and investments. Investment income earned by the pooled investments is allocated
to the various funds based on each fund's average cash and investment balances.
f. Cash and Cash Equivalents
For purposes of the statement of cash flows, cash and cash equivalents are defined as
short-term, highly liquid investments that are both readily convertible to known amounts
of cash or so near their maturity (an original maturity date of three months or less from
the date of purchase) that they present insignificant risk of changes in value because of
changes in interest rates. Cash and cash equivalents also represent the proprietary
funds' share in the cash and investment pool of the City. All cash and investments of the
proprietary (internal service) funds are pooled with the City's pooled cash and
investments and are therefore considered cash equivalents for purposes of the statement
of cash flows.
g. Prepaid Costs
Prepaid costs are accounted for on the consumption method. Certain payments to
vendors reflect costs applicable to future accounting periods and are recorded as prepaid
items in both government -wide and fund financial statements.
h. Capital Assets
Capital assets (including infrastructure) are recorded at cost where historical records are
available and at an estimated original cost where no historical records exist. Contributed
capital assets are valued at their estimated fair market value at the date of contribution.
Capital asset purchases (other than infrastructure) in excess of $5,000 are capitalized if
they have an expected useful life of three years or more. Donated capital assets,
donated works of art and similar items, and capital assets received in a service
concession arrangement are recorded at estimated fair market value at the date of
donation.
Capital assets include additions to public domain (infrastructure), certain improvements
including roads, streets, sidewalks, medians and storm drains within the City.
30
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 1: Reporting Entity and Significant Accounting Policies (Continued)
Capital assets used in operations are depreciated over their estimated useful lives using
the straight-line method in the Government -wide and Proprietary Fund Financial
Statements. Depreciation is charged as an expense against operations and accumulated
depreciation is reported on the respective balance sheet. The lives used for depreciation
purposes of each capital asset class are:
Buildings and improvements
10 - 20 years
Furniture and fixtures
3 - 5 years
Vehicles
5 years
Infrastructure
10 - 50 years
Equipment
5 — 20 years
Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a separate
section for deferred outflows of resources. This separate financial statement element,
deferred outflows of resources, represents a consumption of net position that applies to a
future period(s) and so will not be recognized as an outflow of resources
(expense/ expenditure) until then. The government only has one item that qualifies for
reporting in this category. It is deferred outflows relating to the net pension obligation
reported in the government -wide statement of net position. These outflows are the results
of contributions made after the measurement period, adjustments due to difference in
proportions, and the difference between actual contributions made and the proportionate
share of the risk pool's total contributions, and differences between expected and actual
experiences.
In addition to liabilities, the statement of financial position will sometimes report a
separate section for deferred inflows of resources. This separate financial statement
element, deferred inflows of resources, represents an acquisition of net position that
applies to a future period(s) and thus will not be recognized as an inflow of resources
(revenue) until that time. The government has one item which arises under the modified
accrual basis of accounting that qualifies for reporting in this category. Accordingly, the
item, unavailable revenue, is reported only in the governmental funds balance sheet. The
governmental funds report unavailable revenues from two sources: taxes and grant
revenues. These amounts are deferred and recognized as an inflow of resources in the
period that the amounts become available. In addition, the government has an item that
qualifies for reporting in this category which relate to deferred inflows relating to the net
pension obligation reported in the government -wide statement of net position. These
inflows are the result of the net difference between projected and actual earnings on
pension plan investments, changes in employer's proportion and difference between the
employer's contributions and the employer's proportionate share of contributions, and
adjustments due to difference in proportions. These amounts are deferred and amortized
straight-line over a five-year period or over the remaining service life.
Net Position Flow Assumption
Sometimes the government will fund outlays for a particular purpose from both restricted
(e.g., restricted bond or grant proceeds) and unrestricted resources. In order to calculate
the amounts to report as restricted — net position and unrestricted — net position in the
government -wide and proprietary fund financial statements, a flow assumption must be
made about the order in which the resources are considered to be applied. It is the
government's policy to consider restricted — net position to have been depleted before
unrestricted — net position is applied.
31
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 1: Reporting Entity and Significant Accounting Policies (Continued)
k. Fund Balance Flow Assumptions
Sometimes the government will fund outlays for a particular purpose from both restricted
and unrestricted resources (the total of committed, assigned, and unassigned fund
balance). In order to calculate the amounts to report as restricted, committed, assigned,
and unassigned fund balance in the governmental fund financial statements a flow
assumption must be made about the order in which the resources are considered to be
applied. It is the government's policy to consider restricted fund balance to have been
depleted before using any of the components of unrestricted fund balance. Further, when
the components of unrestricted fund balance can be used for the same purpose,
committed fund balance is depleted first, followed by assigned fund balance. Unassigned
fund balance is applied last.
I. Compensated Absences
Vacation and sick leave time begin to accumulate as of the first day of employment to a
maximum of 360 hours and 280 hours, respectively. Employees who accumulate sick
leave in excess of 200 hours are paid for the excess annually at one half the employees
current wage rate.
A liability is recorded for unused vacation and similar compensatory leave balances since
the employees' entitlement to these balances are attributable to services already
rendered and it is probable that virtually all of these balances will be liquidated by either
paid time off or payments upon termination or retirement.
A liability is recorded for unused sick leave balances only to the extent that it's probable
that the unused balances will result in termination payments. This is estimated by
including in the liability the unused balances of employees currently entitled to receive
termination payments, as well as those who are expected to become eligible to receive
termination benefits as a result of continuing their employment with the City.
If an employee retires, resigns, or terminates in good standing with a minimum of
five years of service, the employee is entitled to receive 100% of unused sick leave at
one half the employees current wage rate. Compensated absences will be reported in
government funds only if they have matured, such as upon retirement.
m. Pension Plan
For purposes of measuring the net pension liability, deferred outflows and inflows of
resources related to pensions, and pension expense, information about the fiduciary net
position and additions to/deductions from the fiduciary net position have been determined
on the same basis as they are reported by the CaIPERS Financial Office. For this
purpose, benefit payments (including refunds of employee contributions) are recognized
when currently due and payable in accordance with the benefit terms. Investments are
reported at fair value. CalPERS audited financial statements are publicly available reports
that can be obtained at CaIPERS' website under Forms and Publications.
n. Property Taxes
Under California law, property taxes are assessed and collected by the counties up to
1% of assessed value, plus other increases approved by the voters. The property taxes
go into a pool, and are then allocated to the cities based on complex formulas.
Accordingly, the City accrues only those taxes which are received from the County within
60 days after year end.
32
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 1: Reporting Entity and Significant Accounting Policies (Continued)
Property taxes are assessed and collected each fiscal year according to the following
property tax calendar:
Lien date
Levy date
Due dates
Collection dates
Delinquent dates
o. Use of Estimates
January 1
July 1
November 1 - 1st installment
February 1 - 2nd installment
December 10 - 1st installment
April 10 - 2nd installment
December 11 - 1st installment
April 11 - 2nd installment
The preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenditures during the reporting period. Actual results could
differ from those estimates.
p. Fund Equity
In the fund financial statements, government funds report the following fund balance
classification:
• Nonspendable include amounts that cannot be spent because they are either
(a) not in spendable form or (b) legally or contractually required to be maintained
intact.
• Restricted include amounts that are constrained on the use of resources by
either (a) external creditors, grantors, contributors, or laws of regulations of other
governments or (b) by law through constitutional provisions or enabling
legislation.
• Committed include amounts that can only be used for specific purposes pursuant
to constraints imposed by formal action of the government's highest authority,
City Council. The formal action that is required to be taken to establish, modify,
or rescind a fund balance commitment is a resolution.
• Assigned include amounts that are constrained by the government's intent to be
used for specific purposes, but are neither restricted nor committed. The Director
of Finance is authorized to assign amounts to a specific purpose, which was
established by the governing body in resolution.
• Unassigned include the residual amounts that have not been restricted,
committed, or assigned to specific purposes. The General Fund is the only fund
that reports a positive fund unassigned fund balance amount. In other
governmental funds it is not appropriate to report a positive unassigned fund
balance amount.
33
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 1: Reporting Entity and Significant Accounting Policies (Continued)
However, in governmental funds other than the general fund, if expenditures
incurred for specific purposes exceed the amounts that are restricted, committed,
or assigned to those purposes, it may be necessary to report a negative
unassigned fund balance in that fund.
An individual governmental fund could include nonspendable resources and amounts that
are restricted or unrestricted (committed, assigned, or unassigned) or any combination of
those classifications. Restricted amounts are to be considered spent when an
expenditure is incurred for purposes for which both restricted and unrestricted fund
balance is available and committed, assigned, then unassigned amounts are considered
to have been spent when an expenditure is incurred for purposes for which amounts in
any of those unrestricted fund balance classifications can be used.
Note 2: Cash and Investments
As of June 30, 2017, cash and investments were reported in the accompanying financial
statements as follows:
Statement of Net Position
Cash and investments $ 35,343,237
Cash and investments with fiscal agents 80
Statement of Fiduciary Net Position:
Cash and investments with fiscal agents 162,315
$ 35,505,632
Cash and investments held by the City at June 30, 2017, consisted of the following:
Cash and cash equivalents
Imprest cash on hand $
2,150
Demand deposits
708,517
Total Cash and cash equivalents
710,667
Investments:
United States Government Sponsored Enterprise Securities
9,422,142
Certificates of Deposit
9,865,328
Corporate Bonds
2,136,798
Municipal Bonds
7,505,641
Local Agency Investment Fund
5,702,661
Held by fiscal agents:
Mutual Funds - CalPERS - CERBT 3
162,315
Money Market Mutual Funds
80
Total Investments and held by fiscal agents
34,794,965
$
35,505,632
34
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 2: Cash and Investments (Continued)
Investments Authorized by the California Government Code and the City's Investment Policy
The following table identifies the investment types that are authorized for the City by the
California Government Code (or the City's investment policy, where more restrictive). The
table also identifies certain provisions of the California Government Code (or the City's
investment policy, where more restrictive) that address' interest rate risk, credit risk, and
concentration of credit risk. This table does not address investments of debt proceeds held by
bond trustee that are governed by the provisions of debt agreements of the City, rather than
the general provisions of the California Government Code or the City's investment policy. The
City Treasurer may waive the collateral requirement for deposits that are fully insured up to
$250,000 by the FDIC.
Authorized Investment Type
United States Treasury Obligations
United States Government Sponsored Enterprise
Securities
Banker's Acceptance
Time Certificates of Deposits
Commercial Paper
Negotiable Certificates of Deposit
Money Market Mutual Funds
Repurchase Agreements
Medium -Term Corporate Notes (1)
Local Agency Investment Fund (LAIF)
(1) Notes must be rated "A" or better
N/A - Not Applicable
35
Maximum
Maturity
5 years
Maximum Maximum
Percentage of Investment in
Portfolio One Issuer
None None
5 years
None
None
180 days
40%
30%
5 years
30%
$ 250,000
270 days
25%
10%
5 years
30%
None
5 years
15%
None
1 year
None
None
5 year
30%
5%
N/A
None
$ 50,000,000
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 2: Cash and Investments (Continued)
Investments Authorized by Debt Aareements
Investments of debt proceeds held by bond trustee are governed by provisions of the debt
agreements, rather than the general provisions of the California Government Code or the
City's investment policy. The table below identifies the investment types that are authorized
for investments held by bond trustee. The table also identifies certain provisions of these debt
agreements that address interest rate risk, credit risk, and concentration of credit risk.
Authorized Investment Type
United States Treasury Obligations
United States Government Sponsored
Enterprise Securities
Banker's Acceptance
Time Certificate of Deposits
Local Agency Investment Fund
Money Market Funds
Repurchase Obligations Tax Exempt
Taxable Government Money Market Portfolios
Disclosures Relating to Interest Rate Risk
Maximum
Maximum Percentage
Maturity of Portfolio
None None
None
1 year
None
None
None
30 days
None
10%
None
None
None
None
None
Equal to six
months of
principal and
interest in the
bonds
Maximum
Investment in
n- 1 --
None
None
None
None
None
None
None
None
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair
value of an investment. Generally, the longer the maturity of an investment, the greater the
sensitivity of its fair value to changes in market interest rates. One of the ways that the City
manages its exposure to interest rate risk is by purchasing a combination of shorter term and
longer term investments and by timing cash flows from maturities so that a portion of the
portfolio is maturing or coming close to maturity evenly over time as necessary to provide the
cash flow and liquidity needed for operations.
36
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 2: Cash and Investments (Continued)
Information about the sensitivity of the fair values of the City's investments
(including investments held by bond trustee) to market interest rate fluctuations is provided
by the following table that shows the distribution of the City's investments by maturity:
Investment Type
US Government Sponsored Securities
Certificate of Deposits
Corporate Bonds
Municipal Bonds
Local Agency Investment Fund (LAIF)
Held by Fiscal Agents:
Mutual Funds - CalPERS - CERBT Strategy 3
Money Market Mutual Funds
Disclosures Relating to Credit Risk
Remaining Maturity (in Months)
12 Months or
L 1 3 3 5 T t I
ess
- years
- years
o a
$ 2,993,605
$ 1,743,355
$ 4,685,182
$ 9,422,142
495,270
2,932,950
6,437,108
9,865,328
149,971
-
1,986,827
2,136,798
-
2,252,411
5,253,230
7,505,641
5,702,661
-
-
5,702,661
162,315 - - 162,315
on on
e � iz�.Sez.T.T.= �3.7.T =.Z r�i � r•Ter rfe7, i� �eL rz.L r.T L� i
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to
the holder of the investment. This is measured by the assignment of a rating by a nationally
recognized statistical rating organization. Presented below is the minimum rating required by
(where applicable) the California Government Code, the City's investment policy, or debt
agreements, and the actual rating, as reported by Moody's, as of year-end for each
investment type:
Total as of June
Investment Type 30, 2017 AAA AA+ AA- AA A- Unrated
US Government Sponsored Securities $ 9,422,142 $ $ 8,680,166 $ 498,720 $ $ 243,256 $ -
Certificate of Deposits 9,865,328 - - - 9,865,328
Corporate Bonds 2,136,798 489,214 751,680 895,904 -
Municipal Bonds 7,505,641 486,970 - 3,137,415 3,379,046 502,210
Local Agency Investment Fund (LAIF) 5,702,661 - - - 5,702,661
Held by Fiscal Agents:
Mutual Funds - CaIPERS - CERBT Strategy 3 162,315 162,315
Money Market Mutual Funds 80 80
$ 34,794,965 $ 976,184 $ 9,431,846 $ 4,532,039 $ 3,379,046 $ 243,256 $ 16,232,594
37
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 2: Cash and Investments (Continued)
Fair Value Hierarchy
The City categorizes its fair value measurements within the fair value hierarchy established
by generally accepted accounting principles. The hierarchy is based on the valuation inputs
used to measure the fair value of the asset. Level 1 inputs are quoted prices in active
markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3
inputs are significant unobservable inputs."
The City has the following recurring fair value measurements as of June 30, 2017:
Level
Investments by fair value level Totals 1 2 3
Certificate of Deposit $ 9,865,328 $ - $ 9,865,328 $ -
Corporate Bonds 2,136,798 - 2,136,798 -
Municipal Bonds 7,505,641 - 7,505,641 -
Local Agency Investment Fund 5,702,661 - 5,702,661 -
U.S. Federal Agency Securities 9,422,142 - 9,422,142 -
Cash with Fiscal Agents
Mutual Funds - CaIPERS - CERBT Strategy 3 162,315 - 162,315 -
Totals 34,794,885 $ - $ 34,794,885 $ -
Investments measured at amortized cost
Cash with Fiscal Agents
Money Market Funds 80
Totals 80
Total Investments $ 34,794,965
Deposits and securities classified in Level 1 of the fair value hierarchy are valued using prices
quoted in active markets for those securities. Local Agency Investment Funds classified in
Level 2 of the fair value hierarchy are valued using specified fair market value factors.
Federal Agency Securities classified in Level 2 of the fair value hierarchy are valued using
institutional bond quotes.
Disclosures Relating to Custodial Credit Risk
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository
financial institution, a government will not be able to recover its deposits or will not be able to
recover collateral securities that are in the possession of an outside party. The custodial
credit risk for investments is the risk that, in the event of the failure of the counterparty
(e.g., broker-dealer) to a transaction, a government will not be able to recover the value of its
investment or collateral securities that are in the possession of another party. The California
Government Code and the City's investment policy do not contain legal or policy
requirements that would limit the exposure to custodial credit risk for deposits or investments,
other than the following provision for deposits: The California Government Code requires that
a financial institution secure deposits made by state or local governmental units by pledging
securities in an undivided collateral pool held by a depository regulated under state law
(unless so waived by the governmental unit). The market value of the pledged securities in
the collateral pool must equal at least 110% of the total amount deposited by the public
agencies. California law also allows financial institutions to secure City deposits by pledging
first trust deed mortgage notes having a value of 150% of the secured public deposits. The
City does not accept 150% of the secured public totals. At June 30, 2017, the City deposits
38
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 2: Cash and Investments (Continued)
(bank balances) were insured by the Federal Depository Insurance Corporation up to
$250,000 and the remaining balances were collateralized under California Law. The cash and
investments held by Bond Trustee are uninsured and uncollateralized.
Investment in State Investment Pool
The City is a voluntary participant in the California Local Agency Investment Fund (LAIF) that
is regulated by California Government Code Section 16429 under the oversight of the
Treasurer of the State of California. LAIF is overseen by the Local Agency Investment
Advisory Board, which consists of five members, in accordance with State statute. The
State Treasurer's Office audits the fund annually. The fair value of the position in the
investment pool is the same as the value of the pool shares.
Note 3: Interfund Transfers and Due To/From Other Funds
Transfers In Transfer Out Amount
Internal Service Funds General Fund $ 588,716
Capital Improvement Fund General Fund 294,721
Other Governmental Funds General Fund 954,781
Capital Improvement Fund Other Governmental Funds 3,837,575
General Fund Other Governmental Funds 1,155,511
Capital Improvement Fund Internal Service Funds 153,000
$ 6,984,304
Transfers to the General Fund from the Other Governmental Funds were made to reimburse
the General Fund for various capital projects and administrative expenditures.
Transfers to the Capital Improvement Fund from the General Fund and Other Governmental
Funds were made to pay for various capital projects.
Transfers from the General Fund to the Other Governmental Funds were made to fund
various capital improvement projects, the City general plan revision, a fund deficit and debt
service payments. Transfers from the Other Governmental Funds to the Internal Service
Funds were made to fund the self-insurance, equipment replacement, computer equipment
replacement and building facility maintenance.
Due from other funds Due to other funds Amount
General Fund Other Governmental Funds $ 48,789
$ 48,789
Short-term borrowings were made from the General Fund to Other Governmental Funds due
to negative cash. This is expected to be repaid in the immediate future with reimbursements.
39
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 4: Capital Assets
A summary of changes in the Governmental Activities capital assets at June 30, 2017, is as
follow:
Depreciation expense was charged to functions in the Statement of Activities as follows:
General government $ 614,800
Public safety 8,971
Highways and streets 4,717,431
Parks, recreation and culture 2,184,039
Internal Service Funds depreciation charges to program 160,822
N -7 aoa na0
Note 5: Long -Term Liabilities
Long-term liability activity for the year ended June 30, 2017, was as follows:
Balance at Balance at Due Within
June 30, 2016 Additions Deletions June 30, 2017 One Year
Bonds payable
Revenue Bonds $ 10,035,000 $ - $ 400,000 $ 9,635,000 $ 420,000
Compensated Absences 578,198 563,598 493,858 647,938 553,425
Total $ 10,613,198 $ 563,598 $ 893,858 10,282,938 $ 973,425
Net unamortized bond premium 173,223
Net Long -Term Debt $ 10,456,161
40
Balance at
Balance at
June 30, 2016
Transfers
Additions
Deletions
June 30, 2017
Capital assets not being depreciated:
Land
$ 5,633,624
$
$
$ $
5,633,624
Right of way
265,614,104
265,614,104
Construction in progress
4,347,254
(2,723,722)
1,167,424
(13,279)
2,777,677
Total Capital Assets Not
being Depreciated
275,594,982
(2,723,722)
1,167,424
(13,279)
274,025,405
Capital assets being depreciated:
Buildings and improvements
42,238,589
2,677,921
1,007,336
45,923,846
Furniture and fixtures
1,607,645
-
118,967
1,726,612
Vehicles and equipment
2,683,907
-
13,702
2,697,609
Infrastructure
190,846,334
45,801
526,986
191,419,121
Total Capital Assets
being Depreciated
237,376,475
2,723,722
1,666,991
241,767,188
Less accumulated depreciation for:
Buildings and improvements
23,001,824
-
2,613,991
25,615,815
Furniture and fixtures
1,315,445
209,994
1,525,439
Vehicles and equipment
1,749,128
185,203
1,934,331
Infrastructure
113,466,434
4,676,875
118,143,309
Total Accumulated
Depreciation
139,532,831
7,686,063
147,218,894
Total Capital Assets
Being Depreciated, Net
97,843,644
2,723,722
(6,019,072)
94,548,294
Governmental Activities
Capital Assets, Net
$ 373,438,626
$ -
$ (4,851,648)
$ (13,279) $
368,573,699
Depreciation expense was charged to functions in the Statement of Activities as follows:
General government $ 614,800
Public safety 8,971
Highways and streets 4,717,431
Parks, recreation and culture 2,184,039
Internal Service Funds depreciation charges to program 160,822
N -7 aoa na0
Note 5: Long -Term Liabilities
Long-term liability activity for the year ended June 30, 2017, was as follows:
Balance at Balance at Due Within
June 30, 2016 Additions Deletions June 30, 2017 One Year
Bonds payable
Revenue Bonds $ 10,035,000 $ - $ 400,000 $ 9,635,000 $ 420,000
Compensated Absences 578,198 563,598 493,858 647,938 553,425
Total $ 10,613,198 $ 563,598 $ 893,858 10,282,938 $ 973,425
Net unamortized bond premium 173,223
Net Long -Term Debt $ 10,456,161
40
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 5: Long -Term Liabilities (Continued)
Bonds Pavable
In December 2002, the Diamond Bar Public Financing Authority issued $13,755,000 of
2002 Series A Variable Rate Lease Revenue Bonds to finance the construction of a
community/senior center project and other public improvements within the City. The bonds
are special limited obligations of the Authority payable solely from revenues, consisting
primarily of base rental payments paid by the City. The variable interest rate on the bonds are
reset on a bi-weekly basis.
In conjunction with the Bonds, the Authority executed a rate cap agreement on
December 2, 2002, (the Agreement) with JPMorgan Chase (Counterparty) to minimize debt
service cost on the 2002 Lease Revenue Bonds (the Bonds) by setting a cap on the interest
rate on the Bonds. Under the Agreement, the Counterparty will pay the Authority an amount
equal to the product of: (i) the amount by which the floating rate exceeds 4.5%, (ii) the
notional principal amount and (iii) the actual number of days in the calculation period divided
by 365 days. The Agreement is for a notional amount equal to the outstanding principal
amount of the Bonds and will decline as the principal amount declines. The Agreement
terminated on January 1, 2013.
Credit Risk
The Counterparty, JPMorgan Chase, has the following credit ratings of: (i) Standard & Poor's,
AA- and (ii) Moody's, Aa2.
Refinancing of the 2002 Series A Lease Revenue Bonds (Community/Senior Center Project)
The 2002 Series A Lease Revenue Bonds were originally issued on December 19, 2002, in
the aggregate principal amount of $13,755,000. Since the date of their initial issuance, the
Bonds have borne interest at a Weekly Rate and the regularly scheduled payments of
principal of and interest on the Bonds have been payable from the proceeds of draws upon
an irrevocable direct -pay letter of credit issued by Union Bank, N.A., formerly known as
Union Bank of California, N.A. On December 1, 2011, these Bonds were refinanced and
$12,190,000 was defeased. Subsequently, $11,790,000 in Bonds were issued with the
interest rate converted from a Weekly Rate to a Fixed Rate. The fixed rates range from
3.00% to 5.00% throughout the life of the bond.
41
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 5: Long -Term Liabilities (Continued)
Payments and Associated Debt
As of June 30, 2017, debt service requirements of the Bonds and the Counterparty's
payments, assuming current interest rates remain the same for remainder of the term of the
Agreement, are as follows.
Compensated Absences
The City's policies relating to compensated absences are described in Note 1. This liability,
amounting to $647,938 at June 30, 2017, is expected to be paid in future years from future
resources, typically liquidated from the General Fund.
Note 6: Liability, Property and Workers' Compensation Protection
The City of Diamond Bar is a member of the CALIFORNIA JOINT POWERS INSURANCE
AUTHORITY (Authority). The Authority is composed of 117 California public entities and is
organized under a joint powers agreement pursuant to California Government Code §6500 et
seq. The purpose of the Authority is to arrange and administer programs for the pooling of
self-insured losses, to purchase excess insurance or reinsurance, and to arrange for group
purchased insurance for property and other lines of coverage. The California JPIA began
covering claims of its members in 1978. Each member government has an elected official as
its representative on the Board of Directors. The Board operates through a nine -member
Executive Committee.
42
Fixed Rate Debt
Year Ending June 30
Principal
Interest
Total
2018
$ 420,000
$ 435,906
$ 855,906
2019
440,000
414,906
854,906
2020
460,000
397,306
857,306
2021
485,000
378,906
863,906
2022
505,000
354,656
859,656
2023-2027
2,910,000
1,404,950
4,314,950
2028-2032
3,670,000
705,175
4,375,175
2033
745,000
35,388
780,388
Totals
$ 9.635.000
$ 4.127,193
$ 13.762,193
Compensated Absences
The City's policies relating to compensated absences are described in Note 1. This liability,
amounting to $647,938 at June 30, 2017, is expected to be paid in future years from future
resources, typically liquidated from the General Fund.
Note 6: Liability, Property and Workers' Compensation Protection
The City of Diamond Bar is a member of the CALIFORNIA JOINT POWERS INSURANCE
AUTHORITY (Authority). The Authority is composed of 117 California public entities and is
organized under a joint powers agreement pursuant to California Government Code §6500 et
seq. The purpose of the Authority is to arrange and administer programs for the pooling of
self-insured losses, to purchase excess insurance or reinsurance, and to arrange for group
purchased insurance for property and other lines of coverage. The California JPIA began
covering claims of its members in 1978. Each member government has an elected official as
its representative on the Board of Directors. The Board operates through a nine -member
Executive Committee.
42
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 6: Liability, Property and Workers' Compensation Protection (Continued)
a. Self -Insurance Programs of the Authority
Each member pays an annual contribution at the beginning of the coverage period. A
retrospective adjustment is then conducted annually thereafter, for coverage years
2012-13 and prior. Coverage years 2013-14 and forward are not subject to routine
annual retrospective adjustment. The total funding requirement for self-insurance
programs is based on an actuarial analysis. Costs are allocated to individual agencies
based on payroll and claims history, relative to other members of the risk -sharing pool.
Primary Liability Program
Claims are pooled separately between police and general government exposures.
(1) The payroll of each member is evaluated relative to the payroll of other members. A
variable credibility factor is determined for each member, which establishes the weight
applied to payroll and the weight applied to losses within the formula. (2) The first layer
of losses includes incurred costs up to $30,000 for each occurrence and is evaluated as
a percentage of the pool's total incurred costs within the first layer. (3) The second layer
of losses includes incurred costs from $30,000 to $750,000 for each occurrence and is
evaluated as a percentage of the pool's total incurred costs within the second layer.
(4) Incurred costs from $750,000 to $50 million, are distributed based on the outcome of
cost allocation within the first and second loss layers.
For 2016-17 the Authority's pooled retention is $2 million per occurrence, with
reinsurance to $20 million, and excess insurance to $50 million. The Authority's
reinsurance contracts are subject to the following additional pooled retentions:
(a) $2.5 million annual aggregate deductible in the $3 million in excess of $2 million layer,
and (b) $3 million annual aggregate deductible in the $5 million in excess of $10 million
layer. There is a third annual aggregate deductible in the amount of $2.5 million in the
$5 million in excess of $5 million layer, however it is fully covered under a separate policy
and therefore not retained by the Authority. The overall coverage limit for each member,
including all layers of coverage, is $50 million per occurrence. Costs of covered claims
for subsidence losses have a sub -limit of $30 million per occurrence.
Workers' Compensation Program
Claims are pooled separately between public safety (police and fire) and general
government exposures. (1) The payroll of each member is evaluated relative to the
payroll of other members. A variable credibility factor is determined for each member,
which establishes the weight applied to payroll and the weight applied to losses within the
formula. (2) The first layer of losses includes incurred costs up to $50,000 for each
occurrence and is evaluated as a percentage of the pool's total incurred costs within the
first layer. (3) The second layer of losses includes incurred costs from $50,000 to
$100,000 for each occurrence and is evaluated as a percentage of the pool's total
incurred costs within the second layer. (4) Incurred costs from $100,000 to statutory
limits are distributed based on the outcome of cost allocation within the first and second
loss layers.
For 2016-17 the Authority's pooled retention is $2 million per occurrence, with
reinsurance to statutory limits under California Workers' Compensation Law. Employer's
Liability losses are pooled among members to $2 million. Coverage from $2 million to
$5 million is purchased as part of a reinsurance policy, and Employer's Liability losses
from $5 million to $10 million are pooled among members.
43
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 6: Liability, Property and Workers' Compensation Protection (Continued)
b. Purchased Insurance
Pollution Leaal Liabilitv Insurance
The City of Diamond Bar participates in the pollution legal liability insurance program
which is available through the Authority. The policy covers sudden and gradual pollution
of scheduled property, streets, and storm drains owned by the City of Diamond Bar.
Coverage is on a claims -made basis. There is a $50,000 deductible. The Authority has
an aggregate limit of $50 million for the 3 -year period from July 1, 2014 through
July 1, 2017. Each member of the Authority has a $10 million sub -limit during the 3 -year
policy term.
Property Insurance
The City of Diamond Bar participates in the all-risk property protection program of the
Authority. This insurance protection is underwritten by several insurance companies. City
of Diamond Bar property is currently insured according to a schedule of covered property
submitted by the City of Diamond Bar to the Authority. City of Diamond Bar property
currently has all-risk property insurance protection in the amount of $35,408,517. There
is a $5,000 deductible per occurrence except for non -emergency vehicle insurance which
has a $2,500 deductible.
Earthquake and Flood Insurance
The City of Diamond Bar purchases earthquake and flood insurance on a portion of its
property. The earthquake insurance is part of the property protection insurance program
of the Authority. City of Diamond Bar property currently has earthquake protection in the
amount of $0. There is a deductible of 5% per unit of value with a minimum deductible of
$100,000.
Crime Insurance
The City of Diamond Bar purchases crime insurance coverage in the amount of
$1,000,000 with a $2,500 deductible. The fidelity coverage is provided through the
Authority.
c. Adequacy of Protection
During the past three fiscal years, none of the above programs of protection
experienced settlements or judgments that exceeded pooled or insured coverage.
There were also no significant reductions in pooled or insured liability coverage in
2016-17.
44
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 7: Pensions
Rate Plan Description
All qualified permanent and probationary employees are eligible to participate in the
Public Agency Cost -Sharing Multiple -Employer Defined Benefit Pension Plan (Plan)
administered by the California Public Employees' Retirement System (CaIPERS.) The Plan
consists of individual rate plans (benefit tiers) within a miscellaneous risk pool (all other.) Plan
assets may be used to pay benefits for any employer rate plan of the miscellaneous pools.
Accordingly, rate plans miscellaneous pools are not separate plans under GASB Statement
No. 68. Individual employers may sponsor more than one rate plan in the risk pools. The City
sponsors two rate plans. Benefit provisions under the Plan are established by State statute
and Local Government resolution. CalPERS issues publicly available reports that include a
full description of the pension plan regarding benefit provisions, assumptions and
membership information that can be found on the CalPERS website.
Benefits Provided
CalPERS provides service retirement and disability benefits, annual cost of living adjustments
and death benefits to rate plan members, who must be public employees and beneficiaries.
Benefits are based on years of credited service, equal to one year of full time employment.
Members with five years of total service are eligible to retire at age 50 with statutorily reduced
benefits. All members are eligible for non -duty disability benefits after 10 years of service.
The death benefit is one of the following: The Optional Settlement 2W Death Benefit or the
Lump Sum Death Benefit. The cost of living adjustments for each rate plan are applied as
specified by the Public Employees' Retirement Law. The Rate Plans' provisions and benefits
in effect at June 30, 2017, are summarized as follows:
Hire dates
Benefit formula
Benefit vesting schedule
Benefit payments
Retirement age
Monthly benefits, as a percentage of eligible
compensation
Required employee contribution rates
Required employer contribution rates
Miscellaneous*
Misc. PEPRA
Prior to
January 1, 2013 and
January 1, 2013
thereafter
2% @55
2% @62
5 years of service
5 years of service
monthly for life
monthly for life
Minumum 50 yrs
Minumum 52 yrs
1.425% - 2.418%,
1.000% - 2.500%,
50 yrs - 63+ yrs,
52 yrs - 67+ yrs,
respectively
respectively
6.886%
6.250%
12.005%
6.567%
* Miscellaneous rate plan is closed to new entrants.
Contributions
Section 20814(c) of the California Public Employees' Retirement Law (PERL) requires that
the employer contribution rates for all public employers be determined on an annual basis by
the actuary and shall be effective on the July 1 following notice of a change in the rate. The
total rate plan contributions are determined through the CaIPERS' annual actuarial valuation
process. The actuarially determined rate is based on the estimated amount necessary to pay
the Plan's allocated share of the risk pool's costs of benefits earned by employees during the
year, and any unfunded accrued liability. The employer is required to contribute the difference
between the actuarially determined rate and the contribution rate of employees.
45
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 7: Pensions Rate Plans (Continued)
The City's contributions to the Plan for the year ended June 30, 2017 were $460,471.
Pension Liabilities, Pension Expense and Deferred Outflows and Deferred Inflows of
Resources Related to Pensions
As of June 30, 2017 the City reported a net pension liability for its proportionate share of the
net pension liability of the Plan of $4,607,967.
The City's net pension liability for the Plan is measured as the proportionate share of the net
pension liability. The net pension liability of the Plan is measured as of June 30, 2016, and
the total pension liability for the Plan used to calculate the net pension liability was
determined by an actuarial valuation as of June 30, 2015, rolled forward to June 30, 2016,
using standard update procedures. The City's proportion of the net pension liability was
based on a projection of the City's long-term share of contributions to Plan relative to the
projected contributions of all participating employers, actuarially determined. The City's
proportionate share of the net pension liability for each Rate Plan as of June 30, 2015 and
2016, was as follows:
Proportion - June 30, 2015
Proportion - June 30, 2016
Miscellaneous
0.12165%
0.13265%
Change - Increase (Decrease) 0.01100%
46
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 7: Pension Rate Plans (Continued)
For the year ended June 30, 2017, the City recognized pension expense of $495,411. At
June 30, 2017, the City reported deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources:
Difference between expected and actual experience
Net Difference between projected and acutal earnings on
pension plans investments
Adjustment due to difference in proportions
Change in assumptions
Change in employer's proportion and differences
between the employer's contributios and the employer's
proportionate share of contributions
Current year contributions that occurred after the
measurement date of June 30, 2016
SubTotal
Deferred Outflows Deferred Inflows
of Resources of Resources
$ 17,486 $ 4,006
860,977
518,610 166
165,424
1,444 174,325
386,806 -
$ 1,785,323 $ 343,921
$386,806 reported as deferred outflows of resources related to contributions subsequent to
the measurement date will be recognized as a reduction of the net pension liability in the year
ended June 30, 2018. Other amounts reported as deferred outflows or deferred inflows of
resources related to pensions will be recognized as pension expense as follows:
Year Ended Deferred Outflows/
June 30, (Inflows) of Resources
2017 $
246,030
2018
207,698
2019
377,865
2020
223,003
Total $
1,054,596
47
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 7: Pension Rate Plans (Continued)
Actuarial Methods and Assumptions Used to Determine Total Pension Liability
For the measurement period ended June 30, 2016 (the measurement date), the total pension
liability was determined by rolling forward the June 30, 2015 total pension liability. The
June 30, 2015 and the June 30, 2016, total pension liabilities were based on the following
actuarial methods and assumptions:
(1) The mortality table used was developed based on CaIPERS' specific data. The table includes 20
years of mortality improvements using Society of Actuaries Scale BB. For more details on this table,
please refer to the 2014 experience study report.
All other actuarial assumptions used in the June 30, 2015, valuation was based on the results
of an actuarial experience study for the period from 1997 to 2011, including updates to salary
increase, mortality and retirement rates. The Experience Study report can be obtained at
CaIPERS' website under Forms and Publications.
Discount Rate
The discount rate used to measure the total pension liability was 7.65 percent. To determine
whether the municipal bond rate should be used in the calculation of a discount rate for each
plan, CaIPERS stress tested plans that would most likely result in a discount rate that would
be different from the actuarially assumed discount rate. Based on the testing, none of the
tested plans run out of assets. Therefore, the current 7.65 percent discount rate is adequate
and the use of the municipal bond rate calculation is not necessary. The long term expected
discount rate of 7.65 percent is applied to all plans in the Public Employees Retirement Fund.
The stress test results are presented in a detailed report called "GASB Crossover Testing
Report" that can be obtained at CaIPERS' website under the GASB 68 section.
48
Entry Age Normal in accordance with the requirements of GASB
Actuarial Cost Method
Statement No. 68
Actuarial Assumptions
Discount Rate
7.65%
Inflation
2.75%
Salary Increases
Varies by Entry Age and Service
7.65% Net of Pension Plan Investment and Administrative
Investment Rate of Return
Expenses; includes Inflation
Mortality Rate Table (1)
Derived using CaIPERS' Membership Data for all Funds
Contract COLA up to 2.75% until Purchasing Power Protection
Post Retirement Benefit
Allowance Floor on Purchasing Power applies, 2.75%
Increase
thereafter
(1) The mortality table used was developed based on CaIPERS' specific data. The table includes 20
years of mortality improvements using Society of Actuaries Scale BB. For more details on this table,
please refer to the 2014 experience study report.
All other actuarial assumptions used in the June 30, 2015, valuation was based on the results
of an actuarial experience study for the period from 1997 to 2011, including updates to salary
increase, mortality and retirement rates. The Experience Study report can be obtained at
CaIPERS' website under Forms and Publications.
Discount Rate
The discount rate used to measure the total pension liability was 7.65 percent. To determine
whether the municipal bond rate should be used in the calculation of a discount rate for each
plan, CaIPERS stress tested plans that would most likely result in a discount rate that would
be different from the actuarially assumed discount rate. Based on the testing, none of the
tested plans run out of assets. Therefore, the current 7.65 percent discount rate is adequate
and the use of the municipal bond rate calculation is not necessary. The long term expected
discount rate of 7.65 percent is applied to all plans in the Public Employees Retirement Fund.
The stress test results are presented in a detailed report called "GASB Crossover Testing
Report" that can be obtained at CaIPERS' website under the GASB 68 section.
48
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 7: Pension Rate Plans (Continued)
The long-term expected rate of return on pension plan investments was determined using a
building-block method in which best -estimate ranges of expected future real rates of return
(expected returns, net of pension plan investment expense and inflation) are developed for
each major asset class.
In determining the long-term expected rate of return, CaIPERS took into account both
short-term and long-term market return expectations as well as the expected pension fund
cash flows. Such cash flows were developed assuming that both members and employers
will make their required contributions on time and as scheduled in all future years. Using
historical returns of all the funds' asset classes, expected compound (geometric) returns were
calculated over the short-term (first 10 years) and the long-term (11-60 years) using a
building-block approach. Using the expected nominal returns for both short-term and
long-term, the present value of benefits was calculated for each fund. The expected rate of
return was set by calculating the single equivalent expected return that arrived at the same
present value of benefits for cash flows as the one calculated using both short-term and
long-term returns. The expected rate of return was then set equivalent to the single
equivalent rate calculated above and rounded down to the nearest one quarter of one
percent.
The table below reflects long-term expected real rate of return by asset class. The rate of
return was calculated using the capital market assumptions applied to determine the discount
rate and asset allocation. These geometric rates of return are net of administrative expenses.
New
* An expected inflation of 2.5% used for this period
**An expected inflation of 3.0% used for this period
49
Strategic
Real Return
Real Return
Asset Class
Allocation
Years 1-10*
Years 11+**
Global Equity
51.00%
5.25%
5.71%
Global Debt Securities
20.00%
0.99%
2.43%
Inflation Assets
6.00%
0.45%
3.36%
Private Equity
10.00%
6.83%
6.95%
Real Estate
10.00%
4.50%
5.13%
Infrastructure and Forestland
2.00%
4.50%
5.09%
Liquidity
1.00%
-0.55%
-1.05%
* An expected inflation of 2.5% used for this period
**An expected inflation of 3.0% used for this period
49
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 7: Pension Rate Plans (Continued)
Sensitivity of the Net Pension Liability to Changes in the Discount Rate
The following presents the net pension liability/(asset) of the Plan as of the measurement
date, calculated using the discount rate of 7.65 percent, as well as what the net pension
liability/(asset) would be if it were calculated using a discount rate that is 1 percentage -point
lower (6.65 percent) or 1 percentage -point higher (8.65 percent) than the current rate:
Discount Rate - 1 % Current Discount Rate Discount Rate +1 %
(6.65%) (7.65%) (8.65%)
Plan's Net Pension $ 7,539,307 $ 4,607,967 $ 2,185,360
Liability/(Assets)
Pension Plan Fiduciary Net Position
Detailed information about the Plan's fiduciary net positions is available in the separately
issued CalPERS financial reports.
Note 8: Post -Employment Benefits Other than Pensions
The City provides an agent multiple -employer OPEB plan to retirees through the California
Employers' Retiree Benefit Trust (CERBT). Information on the plan is available from
CalPERS on their website www.calpers.ca.gov.
Annual OPEB Cost and Net OPEB Obligation
The City's annual OPEB cost (expense) is calculated based on the annual required
contribution of the employer (ARC), an amount actuarially determined in accordance with
parameters of GASB Statement 45. The ARC represents a level of funding that, if paid on an
ongoing basis, is projected to cover normal cost each year and to amortize any unfunded
liabilities of the plan over a period not to exceed thirty years.
Funding Policy
The City sets its monthly contribution rates for health insurance on behalf of all eligible
retirees according to the PERS Health Program's statutory minimum ($125/month for
calendar 2016 and $128/month for calendar 2017, increased in all future years according to
the rate of medical inflation). The City pays a 0.32% of premium administrative charge on
behalf of all retirees. The City is currently funding this OPEB obligation on a pay-as-you-go
basis usually using available resources in the general fund. For the year ended
June 30, 2017, the City paid $10,126 in health care costs for its retirees and their covered
dependents.
50
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 8: Post -Employment Benefits Other than Pensions (Continued)
The following table shows the components of the City's annual OPEB cost for the year, the
amount actually contributed to the plan, and changes in the City's net OPEB obligation to the
PERS Health Program:
Annual required contribution
$ 84,761
Interest on net OPEB obligation
12,485
Adjustment to annual required contribution
(25,308)
Annual OPEB cost (expense)
71,938
Contributions made
94,887
Increase in net OPEB obligation
(22,949)
Net OPEB obligation - beginning of year
416,162
Net OPEB obligation - end of year
$ 393,213
Three -Year Trend Information
For fiscal year 2017, the City's annual OPEB cost (expense) was $71,938. Information on the
annual OPEB costs, the percentage of annual OPEB cost contributed to the plan, and the net
OPEB obligation is only available for two fiscal years, as presented below:
Fiscal Year
Annual OPEB
Actual
Ended
Costs
Contributions
6/30/15
$ 73,775
$ 6,635
6/30/16
72,089
92,171
6/30/17
71,938
94,887
Funded Status and Funding Progress
Percentage of
Annual OPEB Costs
Contributed
8.99%
127.86%
131.90%
Net OPEB
Obligation
$ 436,244
416,162
393,213
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts
and assumptions about the probability of occurrence of events far into the future. Examples
include assumptions about future employment, mortality, and the healthcare cost trend.
Amounts determined regarding the funded status of the plan and the annual required
contributions of the City are subject to continual revision as actual results are compared with
past expectations and new estimates are made about the future.
The schedule of funding progress below presents multiyear trend information about whether
the actuarial value
of plan assets is increasing or decreasing over time relative to the
actuarial accrued liabilities for benefits. The information is as of the latest actuarial valuation.
Unfunded
UAAL as a
Actuarial
Actuarial Actuarial
Percent of
Type of Valuation
Value of Accrued Funded Covered
Covered Interest
Valuation Date
Assets Liability Ratio Payroll
Payroll Rate
Actual 7/1/2014
$ - $ 596,261 0.0% $ 4,293,708
13.89% 5.00%
Actual 7/1/2015
- 556,098 0.0% 4,376,116
12.71% 6.00%
Information on the plan is available from CalPERS.
51
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 8: Post -Employment Benefits Other than Pensions (Continued)
Actuarial Methods and Assumptions
Projections of benefits for financial reporting purposes are based on the substantive plan
(the plan as understood by the employer and the plan members) and include the types of
benefits provided at the time of each valuation and the historical pattern of sharing of benefit
costs between the employer and the plan members at that point. The actuarial methods and
assumptions used include techniques that are designed to reduce the effects of short-term
volatility in actuarial accrued liabilities and the actuarial value of assets consistent with the
long-term perspective of the calculations.
In the July 1, 2015, actuarial valuation, the projected unit credit method was used. The
actuarial assumptions included a discount rate of 6.0% per annum, a rate of return on assets
of 6.0% per annum and a healthcare cost trend rate of 3.5% for medical and a healthcare
cost trend rate of 7.0% for Rx initially, reduced by annual decrements of 1.0% to an ultimate
rate of 5.0% after three years. The City's unfunded actuarial accrued liability will be amortized
as a level dollar over an open period of 30 years.
Note 9: Classification of Net Position and Fund Balance
Details of the fund balance classifications at June 30, 2017, are as follows:
Restricted for Community Development Projects:
Integrated Waste Management
$ 1,170,472
Beverage Center Recycling
54,044
Used Oil Block Grant
17,292
Park and Facility Development
572,371
PEG Fees
252,471
Total
2,066,650
Restricted for Public Safety:
COPS
222,455
CLEEP
21,187
Total
243,642
Restricted for Highways and Streets:
State Gas Tax
2,423
Proposition A Transit
466,011
Proposition C Transit
678,660
Transportation Grant Fund
363
Traffic Improvement
1,000,504
Sewer Mitigation
111,097
MTA Grant Fund
33
Landscape Maintenance District
66,811
Measure R Local Return
680,953
Waste Hauler
88,879
Total
3,095,734
Restricted for Capital Projects:
Air Quality Improvement
184,074
Total
184,074
Restricted for Debt Service:
80
Total Restricted Funds
$ 5,590,180
52
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2017
Note 10: Contingencies
The City is presently involved in other matters of litigation that have arisen in the normal
course of the City's business. City management believes, based upon consultation with the
City Attorney, that these cases, in the aggregate, are not expected to have a material
adverse financial impact on the City.
Note 11: Construction Commitments
No material construction commitments existed at June 30, 2017.
Note 12: Fund Balance Restatement
Beginning Fund Balance in the General Fund has been restated by $402,436 related to the
recognition of sales tax revenue in the previous year outside the City's revenue recognition
policy. There is no impact to the Statement of Net Position due to the basis of accounting.
53
THIS PAGE INTENTIONALLY LEFT BLANK
54
REQUIRED SUPPLEMENTARY
INFORMATION
55
CITY OF DIAMOND BAR
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
YEAR ENDED JUNE 30, 2017
Note 1: Stewardship, Compliance and Accountability
a. Budgetary Data
General Budget Policies
The City adopts an annual budget prepared on the modified accrual basis of
accounting for its governmental funds and on the accrual basis of accounting for its
proprietary funds. The City Manager or his designee is authorized to transfer budgeted
amounts between the accounts of any department or funds that are approved by City
Council. Prior year appropriations lapse unless they are approved for carryover into
the following fiscal year. Expenditures may not legally exceed appropriations at the
department level.
Budget Basis of Accounting
Budgets for governmental funds are adopted on a basis consistent with generally
accepted accounting principles (GAAP).
56
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
GENERALFUND
YEAR ENDED JUNE 30, 2017
Budgetary Fund Balance, July 1, as restated
Resources (Inflows):
Taxes
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Fines and forfeitures
Miscellaneous
Transfers in
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
General government
City Council
City Attorney
City Manager/Clerk
Finance
Human resources
Information systems
Public information
Civic Center
Contribution to OPEB trust
Subtotal general government
Public safety
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
$ 23,524,373 $ 23,524,373 $ 23,524,373 $
12,106, 530
2,131, 273
6,053,000
1,671,282
263,500
482,000
121,650
1,538,257
47,891,865
191,018
215,000
1,506,449
772,578
426,953
1,120,538
761,059
518,239
5,511,834
12,421, 530
2,382,251
6,207,423
1,652,032
306,500
422,000
230,351
1,586,957
48,733,417
191,018
230,000
1,519,258
748,292
437,453
1,178,904
768,611
545,451
84,761
5,618,987
12,698,595
2,220,572
6,207,423
1,544,032
(65,606)
460,325
371,045
1,155,511
48,116,270
179,738
212,124
1,257,519
748,292
326,878
1,023,929
644,624
482,617
84,761
4,960,482
277,065
(161,679)
(108,000)
(372,106)
38,325
140,694
(431,446)
(617,147)
11,280
17,876
261.739
110,575
154,975
123,987
62,834
658,505
Law Enforcement
6,461,991
6,476,991
6,341,310
135,681
Fire Protection
7,500
7,500
7,359
141
Animal Control
167,500
167,500
161,896
5,604
Emergency preparedness
69,900
69,900
56,522
13,378
Subtotal public safety
6,706,891
6,721,891
6,567,087
154,804
Community development
Comm. Dev. & PI. Adm.
1,132,155
1,686,567
980,289
706,278
Building and Safety
718,822
925,995
830,616
95,379
Neigh.lmprv.
312,092
308,192
291,253
16,939
Eco. Devel.
334,563
405,873
188,719
217,154
Subtotal community development
2,497,632
3,326,627
2,290,877
1,035,750
Parks, recreation, and culture
Comm. Srvcs. Adm.
173,542
25,600
24,151
1,449
Diamond Bar Ctr.
1,057,644
1,088,447
962,958
125,489
Recreation
1,936,554
1,927,339
1,675,513
251,826
Subtotal parks, recreation, and culture
3,167,740
3,041,386
2,662,622
378,764
Highways and streets
Public Works
859,276
885,012
798,363
86,649
Engineering
672,429
1,093,050
665,103
427,947
Road Maint.
1,757,959
1,885,361
1,779,036
106,325
Landscape Maint.
271,108
315,685
315,685
-
Park & Facilities Maintenance
1,316,055
1,584,361
1,230,210
354,151
Subtotal highways and streets
4,876,827
5,763,469
4,788,397
975,072
Capital outlay
114,400
213,145
86,625
126,520
Transfers out
3,704,433
5,861,465
1,838,218
4,023,247
Total Charges to Appropriations
26,579,757
30,546,970
23,194,308
7,352,662
Budgetary Fund Balance, June 30 $21,312,108 $ 18,186,447 $24,921,962 $ 6,735,515
57
CITY OF DIAMOND BAR
MISCELLANEOUS RATE PLAN
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS (1)
Proportion of the Net Pension Liability
Proportionate Share of the Net Pension Liability
Covered -Employee Payroll
Proportionate Share of the Net Pension Liability as
Percentage of Covered -Employee Payroll
Plan Fiduciary Net Position as a Percentage of the Total
Pension Liability
2015 2016 2017
0.12979% 0.12165% 0.13265%
$ 3,207,669 $ 3,337,560 $ 4,607,967
$ 4,376,117 $ 4,650,369 $ 4,551,711
73.30% 71.77% 101.24%
79.82% 78.40% 74.06%
Notes to Schedule:
Benefit Changes:
There were no changes to benefit terms that applied to all members of the Public Agency Pool. However, individual employers in the Plan
may have provided a benefit improvement to their employees by granting Two Years Additional Service Credit to members retiring during a
specified time period (a.k.a. Golden Handshakes). Employers that have done so may need to report this information as a separate liability in
their financial statement as CalPERS considers such amounts to be separately financed employer -specific liabilities. These employers should
consult with their auditors.
Changes of Assumptions:
There were no changes of assumptions.
(1) Historical information is required only for measurement years for which GASB 68 is applicable. Fiscal Year 2015 was the first year of
implementation, therefore only three years are shown.
See Notes to Required Supplementary Information 58
CITY OF DIAMOND BAR
MISCELLANEOUS RATE PLAN
SCHEDULE OF PLAN CONTRIBUTIONS
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS (1)
Actuarially Determined Contribution
Contribution in Relation to the Actuarially Determined Contribution
Contribution Deficiency (Excess)
Covered -Employee Payroll
Contributions as a Percentage of Covered -Employee Payroll
2015 2016 2017
$ 403,553 $ 460,471 $ 386,806
(403,553) (460,471) (386,806)
$ 4,650,369 $ 4,551,711 $ 4,680,371
8.68% 10.12% 8.26%
(1) Historical information is required only for measurement years for which GASB 68 is applicable. Fiscal Year 2015 was the first year of
implementation, therefore only three years are shown.
Note to Schedule:
Valuation Date: June 30, 2014
Methods and assumptions used to determine contribution rates:
Actuarial Cost Method Entry Age Normal Cost Method
Amortization method Level percentage of payroll, closed
Assets valuation method Market Value
Discount Rate 7.50% (net of administrative expenses)
Projected Salary Increases 3.30% to 14.20% depending on Age, Service, and type of employment
Inflation 2.75%
Payroll Growth 3.00%
Individual Salary Growth A merit scale varying by duration of employment coupled with an
assumed annual inflation of 2.75% and an annual production growth of
0.25%.
59
CITY OF DIAMOND BAR
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2017
Total Liabilities and Fund Balances $ 2,423 $ 496,924 $ 733,755 $ 363 $ 1,184,003
Special Revenue Funds
Integrated
Waste
State Gas Tax
Proposition A
Proposition C
Transportation
Management
Fund
Transit Fund
Transit Fund
Grant Fund
Fund
Assets:
Pooled cash and investments
$ 2,423
$ 496,924
$ 733,755
$ 363
$ 1,052,904
Receivables:
Accounts
-
-
-
-
131,099
Notes and loans
-
-
-
Due from other governments
-
-
-
Cash and investments with fiscal agents
-
-
-
-
-
Total Assets
$ 2,423
$ 496,924
$ 733,755
$ 363
$ 1,184,003
Liabilities and Fund Balances:
Liabilities:
Accounts payable
$ -
$ 28,724
$ 54,404
$ -
$ 7,231
Accrued liabilities
-
2,189
691
-
6,300
Unearned revenues
-
-
-
-
-
Due to other governments
-
-
-
Due to other funds
-
-
-
-
-
Total Liabilities
-
30,913
55,095
-
13,531
Restricted for:
Community development projects
-
-
-
-
1,170,472
Public safety
-
-
-
-
-
Highways and streets
2,423
466,011
678,660
363
-
Capital Projects
-
-
-
-
-
Debt service
-
-
-
-
-
Total Fund Balances
2,423
466,011
678,660
363
1,170,472
Total Liabilities and Fund Balances $ 2,423 $ 496,924 $ 733,755 $ 363 $ 1,184,003
CITY OF DIAMOND BAR
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2017 (CONTINUED)
61
Special Revenue Funds
Beverage
Traffic
Sewer
Air Quality
Center
Improvement
Mitigation
Improvement
MTA
Grant
Recycling
Fund
Fund
Fund
Fund
Grant Fund
Assets:
Pooled cash and investments
$
1,008,921
$
111,097
$ 165,545
$
4,377
$
39,537
Receivables:
Accounts
-
-
-
-
-
Notes and loans
-
-
-
-
-
Due from other governments
-
-
18,529
-
14,507
Cash and investments with fiscal agents
-
-
-
-
-
Total Assets
$
1,008,921
$
111,097
$ 184,074
$
4,377
$
54,044
Liabilities and Fund Balances:
Liabilities:
Accounts payable
$
-
$
-
$ -
$
-
$
-
Accrued liabilities
-
-
-
-
Unearned revenues
8,417
-
4,344
-
Due to other governments
-
-
-
-
Due to other funds
-
-
-
-
Total Liabilities
8,417
-
-
4,344
-
Restricted for:
Community development projects
-
-
-
54,044
Public safety
-
-
-
-
Highways and streets
1,000,504
111,097
-
33
-
Capital Projects
-
-
184,074
-
-
Debt service
-
-
-
-
-
Total Fund Balances
1,000,504
111,097
184,074
33
54,044
Total Liabilities and Fund Balances
$
1,008,921
$
111,097
$ 184,074
$
4,377
$
54,044
61
CITY OF DIAMOND BAR
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2017
Assets:
Pooled cash and investments
Receivables:
Accounts
Notes and loans
Due from other governments
Cash and investments with fiscal agents
Total Assets
Liabilities and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Unearned revenues
Due to other governments
Due to other funds
Total Liabilities
Restricted for:
Community development projects
Public safety
Highways and streets
Capital Projects
Debt service
Total Fund Balances
Total Liabilities and Fund Balances
Special Revenue Funds
Park and
Used Oil Facility
Block Grant Development
Fund Fund CDBG Fund COPS Fund CLEEP Fund
$ 34,918 $ 612,659 $ - $ 187,477 $ 21,187
370,704 - -
48,837 39,416 -
$ 34,918 $ 612,659 $ 419,541 $ 226,893 $ 21,187
$ 17,626 $ - $ 48 $ 4,438 $ -
40,288 - - -
- 370,704 - -
- - 48,789 - -
17,626 40,288 419,541 4,438 -
17,292 572,371
17,292 572,371
222,455 21,187
222,455 21,187
$ 34,918 $ 612,659 $ 419,541 $ 226,893 $ 21,187
62
CITY OF DIAMOND BAR
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2017 (CONTINUED)
63
Special Revenue Funds
Landscape
Measure R
Maintenance
Local Return
PEG Fees
Waste
Hauler
District Fund
Fund
Fund
Fund
Assets:
Pooled cash and investments
$ 135,061
$
680,953
$
232,492
$
57,498
Receivables:
Accounts
-
-
19,979
31,381
Notes and loans
-
-
-
-
Due from other governments
11,672
-
Cash and investments with fiscal agents
-
-
-
-
Total Assets
$ 146,733
$
680,953
$
252,471
$
88,879
Liabilities and Fund Balances:
Liabilities:
Accounts payable
$ 78,692
$
-
$
-
$
-
Accrued liabilities
1,230
-
Unearned revenues
-
-
Due to other governments
-
-
Due to other funds
-
-
Total Liabilities
79,922
-
-
-
Restricted for:
Community development projects
-
-
252,471
Public safety
-
-
-
-
Highways and streets
66,811
680,953
88,879
Capital Projects
-
-
-
Debt service
-
-
-
-
Total Fund Balances
66,811
680,953
252,471
88,879
Total Liabilities and Fund Balances
$ 146,733
$
680,953
$
252,471
$
88,879
63
CITY OF DIAMOND BAR
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2017
Debt Service
Assets:
Pooled cash and investments
Receivables:
Accounts
Notes and loans
Due from other governments
Cash and investments with fiscal agents
Total Assets
Liabilities and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Unearned revenues
Due to other governments
Due to other funds
Total Liabilities
Restricted for:
Community development projects
Public safety
Highways and streets
Capital Projects
Debt service
Total Fund Balances
Total Liabilities and Fund Balances
64
Public Total
Financing Governmental
Authority Funds
$ - $ 5,578,091
- 182,459
- 370,704
- 132,961
80 80
$ 80 $ 6,264,295
$ 191,163
10,410
53,049
370,704
674,115
- 2,066,650
- 243,642
- 3,095,734
- 184,074
80 5,590,180
$ 80 $ 6,264,295
THIS PAGE INTENTIONALLY LEFT BLANK
65
CITY OF DIAMOND BAR
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2017
Revenues:
Taxes
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
Total Revenues
Expenditures:
Current:
General government
Public safety
Community development
Parks and recreation
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total Other Financing Sources
(Uses)
Special Revenue Funds
Integrated
Waste
State Gas Tax Proposition A Proposition C Transportation Management
1,079,084 1,034,041 860,946 924,125 -
- 823,272 - - 532,017
4,028 9,806 11,513 - 15,688
- - - - 75,000
1,083,112 1,867,119 872,459 924,125 622,705
600,000 - - -
- - - 561,193
60,936 - - -
1,195,519 395,369 - -
1,856,455 395,369 - 561,193
1,083,112 10,664 477,090 924,125 61,512
- 220 -
(1,450,291) (505,976) (463,445) - (112,220)
(1,450,291) (505,976) (463,445) 220 (112,220)
Net Change in Fund Balances
(367,179)
(495,312)
13,645
924,345
(50,708)
Fund Balances, Beginning of Year
369,602
961,323
665,015
(923,982)
1,221,180
Fund Balances, End of Year
$ 2,423 $
466,011 $
678,660
$ 363 $
1,170,472
CITY OF DIAMOND BAR
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2017 (CONTINUED)
Revenues:
Taxes
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
Total Revenues
Expenditures:
Current:
General government
Public safety
Community development
Parks and recreation
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total Other Financing Sources
(Uses)
Special Revenue Funds
Beverage
Traffic Sewer Air Quality Center
Improvement Mitigation Improvement MTA Grant Recycling
Fund Fund Fund Fund Grant Fund
9,883 - - -
- 72,892 48,650 29,111
18,857 1,591 2,892 33 849
28,740 1,591 75,784 48,683 29,960
27,485
3,695 - -
3,695 - - - 27,485
25,045 1,591 75,784 48,683 2,475
(543,858) - (159,694) (48,650) -
(543,858) - (159,694) (48,650) -
Net Change in Fund Balances
(518,813)
1,591
(83,910)
33 2,475
Fund Balances, Beginning of Year
1,519,317
109,506
267,984
- 51,569
Fund Balances, End of Year
$ 1,000,504 $
111,097 $
184,074 $
33 $ 54,044
67
CITY OF DIAMOND BAR
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2017
Revenues:
Taxes
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
Total Revenues
Expenditures:
Current:
General government
Public safety
Community development
Parks and recreation
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total Other Financing Sources
(Uses)
Special Revenue Funds
- - 9,867 -
14,223 92,195 - -
2,435 11,148
14,223 - 92,195 12,302 11,148
1,721 417,709 27,770 159,416 (10,757)
(765,786) (27,770) (98,958) -
(765,786) (27,770) (98,958) -
Net Change in Fund Balances
Park and
(348,077)
Used Oil
Facility
Block Grant
Development
920,448
Fund
Fund
CDBG Fund COPS Fund CLEEP Fund
Fund Balances, End of Year
15,769
406,119
119,965 168,740 -
175
11,590
- 2,978 391
15,944
417,709
119,965 171,718 391
- - 9,867 -
14,223 92,195 - -
2,435 11,148
14,223 - 92,195 12,302 11,148
1,721 417,709 27,770 159,416 (10,757)
(765,786) (27,770) (98,958) -
(765,786) (27,770) (98,958) -
Net Change in Fund Balances
1,721
(348,077)
- 60,458
(10,757)
Fund Balances, Beginning of Year
15,571
920,448
- 161,997
31,944
Fund Balances, End of Year
$ 17,292 $
572,371 $
- $ 222,455 $
21,187
CITY OF DIAMOND BAR
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2017 (CONTINUED)
Expenditures:
33,058
Special Revenue Funds
78,572
General government
Landscape
Measure R
- - -
Community development
Maintenance
Local Return PEG Fees
Waste Hauler
Public works
District Fund
Fund Fund
Fund
Revenues:
Principal retirement
- - - -
Taxes
$ 685,863
$ - $ 83,151
$ -
Licenses and permits
-
- -
125,525
Intergovernmental
-
643,438
-
Charges for services
-
- -
-
Use of money and property
-
9,642 2,789
1,158
Miscellaneous
-
- -
-
Total Revenues
685,863
653,080 85,940
126,683
Expenditures:
33,058
Current:
78,572
General government
- - -
Public safety
- - -
Community development
- - -
Parks and recreation
- - -
Public works
748,228 - - -
Capital outlay
- - 7,368 -
Debt service:
Principal retirement
- - - -
Interest and fiscal charges
- - - -
Total Expenditures
748,228 - 7,368 -
Excess (Deficiency) of Revenues
Over (Under) Expenditures
(62,365) 653,080 78,572 126,683
Other Financing Sources (Uses):
Transfers in
95,423 - - -
Transfers out
- (700,816) (115,622)
Total Other Financing Sources
(Uses)
95,423 (700,816) - (115,622)
Net Change in Fund Balances
33,058
(47,736)
78,572
11,061
Fund Balances, Beginning of Year
33,753
728,689
173,899
77,818
Fund Balances, End of Year
$ 66,811 $
680,953 $
252,471 $
88,879
CITY OF DIAMOND BAR
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2017
Expenditures:
Current:
General government
Public safety
Community development
Parks and recreation
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total Other Financing Sources
(Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of Year
70
-
Debt Service
-
9,867
Funds
695,096
-
60,936
Total
2,342,811
Public Financing
Governmental
400,000
Authority
Funds
Revenues:
859,191
Taxes
$ -
$ 769,014
Licenses and permits
-
135,408
Intergovernmental
-
5,402,880
Charges for services
-
1,355,289
Use of money and property
104
94,084
Miscellaneous
-
75,000
Total Revenues
104
7,831,675
Expenditures:
Current:
General government
Public safety
Community development
Parks and recreation
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total Other Financing Sources
(Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of Year
70
-
600,000
-
9,867
-
695,096
-
60,936
-
2,342,811
-
20,951
400,000
400,000
459,191
459,191
859,191
4,588,852
(859,087)
3,242,823
859,138
954,781
(4,993,086)
859,138 (4,038,305)
51
29
$ 80
(795,482)
6,385,662
$ 5,590,180
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
STATE GAS TAX FUND
YEAR ENDED JUNE 30, 2017
Budgetary Fund Balance, July 1
Resources (Inflows):
Intergovernmental
Use of money and property
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
Transfers out
Total Charges to Appropriations
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
$ 369,602 $ 369,602 $ 369,602 $ -
1,164,130 1,114,791 1,079,084 (35,707)
5,500 7,500 4,028 (3,472)
1,539,232 1,491,893 1,452,714 (39,179)
1,573,242 1,542,667 1,450,291 92,376
1,573,242 1,542,667 1,450,291 92,376
Budgetary Fund Balance, June 30 $ (34,010) $ (50,774) $ 2,423 $ 53,197
71
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
PROPOSITION A TRANSIT FUND
YEAR ENDED JUNE 30, 2017
Budgetary Fund Balance, July 1
Resources (Inflows):
Intergovernmental
Charges for services
Use of money and property
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
General government
Parks, recreation and culture
Highways and Streets
Capital outlay
Transfers out
Total Charges to Appropriations
Budgetary Fund Balance, June 30
72
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
$ 961,323
$ 961,323
$ 961,323
$ -
1,038,288
1,038,288
1,034,041
(4,247)
1,075,000
1,075,000
823,272
(251,728)
6,000
10,000
9,806
(194)
3,080,611
3,084,611
2,828,442
(256,169)
600,000
600,000
600,000
-
81,250
81,250
60,936
20,314
1,510,909
1,510,909
1,195,519
315,390
14,500
14,500
-
14,500
760,155
710,155
505,976
204,179
2,966,814
2,916,814
2,362,431
554,383
$ 113,797
$ 167,797
$ 466,011
$ 298,214
72
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
PROPOSITION C TRANSIT FUND
YEAR ENDED JUNE 30, 2017
Budgetary Fund Balance, July 1
Resources (Inflows):
Intergovernmental
Use of money and property
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
Highways and Streets
Transfers out
Total Charges to Appropriations
Budgetary Fund Balance, June 30
73
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
$ 665,015
$ 665,015
$ 665,015
$ -
861,232
861,232
860,946
(286)
5,700
9,000
11,513
2,513
1,531,947
1,535,247
1,537,474
2,227
551,637
551,637
395,369
156,268
902,565
1,053,458
463,445
590,013
1,454,202
1,605,095
858,814
746,281
$ 77,745
$ (69,848)
$ 678,660
$ 748,508
73
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
TRANSPORTATION GRANT FUND
YEAR ENDED JUNE 30, 2017
Budgetary Fund Balance, July 1
Resources (Inflows):
Intergovernmental
Transfers in
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
Transfers out
Total Charges to Appropriations
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
$ (923,982) $ (923,982) $ (923,982) $ -
7,682,387 7,682,387 924,125 (6,758,262)
- - 220 220
6,758,405 6,758,405 363 (6,758,042)
7,682,387 7,721,103 - 7,721,103
7,682,387 7,721,103 - 7,721,103
Budgetary Fund Balance, June 30 $ (923,982) $ (962,698) $ 363 $ 963,061
74
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
INTEGRATED WASTE MANAGEMENT FUND
YEAR ENDED JUNE 30, 2017
75
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ 1,221,180
$ 1,221,180
$ 1,221,180
$ -
Resources (Inflows):
Charges for services
540,000
540,000
532,017
(7,983)
Use of money and property
12,000
16,000
15,688
(312)
Miscellaneous
-
-
75,000
75,000
Amounts Available for Appropriations
1,773,180
1,777,180
1,843,885
66,705
Charges to Appropriation (Outflow):
Community development
571,333
688,963
561,193
127,770
Transfers out
112,220
112,220
112,220
-
Total Charges to Appropriations
683,553
801,183
673,413
127,770
Budgetary Fund Balance, June 30
$ 1,089,627
$ 975,997
$ 1,170,472
$ 194,475
75
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
TRAFFIC IMPROVEMENT FUND
YEAR ENDED JUNE 30, 2017
Budgetary Fund Balance, July 1
Resources (Inflows):
Licenses and permits
Use of money and property
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
Highways and streets
Transfers out
Total Charges to Appropriations
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
$ 1,519,317 $ 1,519,317 $ 1,519,317 $ -
168,562 168,562 9,883 (158,679)
5,000 15,000 18,857 3,857
1,692,879 1,702,879 1,548,057 (154,822)
- 16,465 3,695 12,770
1,096,281 1,519,698 543,858 975,840
1,096,281 1,536,163 547,553 988,610
Budgetary Fund Balance, June 30 $ 596,598 $ 166,716 $ 1,000,504 $ 833,788
76
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
SEWER MITIGATION FUND
YEAR ENDED JUNE 30, 2017
Budgetary Fund Balance, July 1
Resources (Inflows):
Use of money and property
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
Transfers out
Total Charges to Appropriations
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
$ 109,506 $ 109,506 $ 109,506 $ -
- 1,500 1,591 91
109,506 111,006 111,097 91
109,000 109,000 - 109,000
109,000 109,000 - 109,000
Budgetary Fund Balance, June 30 $ 506 $ 2,006 $ 111,097 $ 109,091
77
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
AIR QUALITY IMPROVEMENT FUND
YEAR ENDED JUNE 30, 2017
Budgetary Fund Balance, July 1
Resources (Inflows):
Intergovernmental
Use of money and property
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
Transfers out
Total Charges to Appropriations
Budgetary Fund Balance, June 30
78
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
$ 267,984
$ 267,984
$ 267,984
$ -
65,000
65,000
72,892
7,892
1,200
2,800
2,892
92
334,184
335,784
343,768
7,984
219,705
325,958
159,694
166,264
219,705
325,958
159,694
166,264
$ 114,479
$ 9,826
$ 184,074
$ 174,248
78
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
MTA GRANT FUND
YEAR ENDED JUNE 30, 2017
Budgetary Fund Balance, July 1
Resources (Inflows):
Intergovernmental
Use of money and property
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
Transfers out
Total Charges to Appropriations
Budgetary Fund Balance, June 30
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
R F17 nQd R F17 nQd AR Rqn /R ARR AAAI
3,517,094 3,517,094
3,517,094 3,561,663
3,517,094 3,561,663 48,650 3,513,013
$ - $ (44,569) $ 33 $ 44,602
79
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
BEVERAGE CENTER RECYCLING GRANT FUND
YEAR ENDED JUNE 30, 2017
Budgetary Fund Balance, July 1
Resources (Inflows):
Intergovernmental
Use of money and property
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
Community development
Total Charges to Appropriations
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
$ 51,569 $ 51,569 $ 51,569 $ -
14,604 14,604 29,111 14,507
500 500 849 349
66,673 66,673 81,529 14,856
41,500 41,500 27,485 14,015
41,500 41,500 27,485 14,015
Budgetary Fund Balance, June 30 $ 25,173 $ 25,173 $ 54,044 $ 28,871
0
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
USED OIL BLOCK GRANT FUND
YEAR ENDED JUNE 30, 2017
Budgetary Fund Balance, July 1
Resources (Inflows):
Intergovernmental
Use of money and property
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
Community development
Total Charges to Appropriations
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
$ 15,571 $ 15,571 $ 15,571 $ -
15,700 15,700 15,769 69
100 100 175 75
31,371 31,371 31,515 144
16,300 16,300 14,223 2,077
16,300 16,300 14,223 2,077
Budgetary Fund Balance, June 30 $ 15,071 $ 15,071 $ 17,292 $ 2,221
81
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
PARK AND FACILITY DEVELOPMENT FUND
YEAR ENDED JUNE 30, 2017
Budgetary Fund Balance, July 1
Resources (Inflows):
Intergovernmental
Use of money and property
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
Transfers out
Total Charges to Appropriations
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
$ 920,448 $ 920,448 $ 920,448 $ -
345,900 345,900 406,119 60,219
4,500 13,000 11,590 (1,410)
1,270,848 1,279,348 1,338,157 58,809
897,916 1,146,200 765,786 380,414
897,916 1,146,200 765,786 380,414
Budgetary Fund Balance, June 30 $ 372,932 $ 133,148 $ 572,371 $ 439,223
82
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG FUND)
YEAR ENDED JUNE 30, 2017
Budgetary Fund Balance, July 1
Resources (Inflows):
Intergovernmental
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
Community development
Transfers out
Total Charges to Appropriations
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
204,096 429,096 119,965 (309,131)
204,096 429,096 119,965 (309,131)
129,813 118,624 92,195 26,429
136,301 587,801 27,770 560,031
266,114 706,425 119,965 586,460
Budgetary Fund Balance, June 30 $ (62,018) $ (277,329) $ - $ 277,329
83
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
CITIZENS OPTION FOR PUBLIC SAFETY (COPS) FUND
YEAR ENDED JUNE 30, 2017
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
Public safety
Capital outlay
Transfers out
Total Charges to Appropriations
Budgetary Fund Balance, June 30
6,200
9,301
9,867
Variance with
5,000
3,000
2,435
Final Budget
92,935
Budget Amounts
Actual
Positive
104,135
Original Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ 161,997 $ 161,997
$ 161,997
$ -
Resources (Inflows):
Intergovernmental
100,000 100,000
168,740
68,740
Use of money and property
1,500 3,000
2,978
(22)
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
Public safety
Capital outlay
Transfers out
Total Charges to Appropriations
Budgetary Fund Balance, June 30
6,200
9,301
9,867
(566)
5,000
3,000
2,435
565
92,935
98,958
98,958
-
104,135
111,259
111,260
(1)
$ 159,362
$ 153,738
$ 222,455 $
68,717
84
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
CALIFORNIA LAW ENFORCEMENT EQUIPMENT PROGRAM (CLEEP) FUND
YEAR ENDED JUNE 30, 2017
Budgetary Fund Balance, July 1
Resources (Inflows):
Use of money and property
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
Capital outlay
Total Charges to Appropriations
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
$ 31,944 $ 31,944 $ 31,944 $ -
200 400 391 (9)
32,144 32,344 32,335 (9)
10,000 11,148 11,148
10,000 11,148 11,148
Budgetary Fund Balance, June 30 $ 22,144 $ 21,196 $ 21,187 $ (9)
85
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
LANDSCAPE MAINTENANCE DISTRICT FUND
YEAR ENDED JUNE 30, 2017
Budgetary Fund Balance, July 1
Resources (Inflows):
Taxes
Transfers in
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
Highways and Streets
Total Charges to Appropriations
Budgetary Fund Balance, June 30
Variance with
0
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
$ 33,753
$ 33,753
$ 33,753
$ -
684,000
689,302
685,863
(3,439)
201,547
201,547
95,423
(106,124)
919,300
924,602
815,039
(109,563)
879,649
945,059
748,228
196,831
879,649
945,059
748,228
196,831
$ 39,651
$ (20,457)
$ 66,811
$ 87,268
0
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
MEASURE R LOCAL RETURN FUND
YEAR ENDED JUNE 30, 2017
Budgetary Fund Balance, July 1
Resources (Inflows):
Intergovernmental
Use of money and property
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
Transfers out
Total Charges to Appropriations
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
$ 728,689 $ 728,689 $ 728,689 $ -
645,877 645,877 643,438 (2,439)
5,500 11,000 9,642 (1,358)
1,380,066 1,385,566 1,381,769 (3,797)
722,821 1,484,821 700,816 784,005
722,821 1,484,821 700,816 784,005
Budgetary Fund Balance, June 30 $ 657,245 $ (99,255) $ 680,953 $ 780,208
87
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
PEG FEES FUND
YEAR ENDED JUNE 30, 2017
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 173,899 $ 173,899 $ 173,899 $ -
Resources (Inflows):
Taxes 100,000 100,000 83,151 (16,849)
Use of money and property -- - - -- - - -- - - -
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
Capital outlay
Total Charges to Appropriations
Budgetary Fund Balance, June 30
275,399
276,599
259,839
(16,760)
85,000
115,000
7,368
107,632
85,000
115,000
7,368
107,632
$ 190,399
$ 161,599
$ 252,471
$ 90,872
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
WASTE HAULER FUND
YEAR ENDED JUNE 30, 2017
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 77,818 $ 77,818 $ 77,818 $ -
Resources (Inflows):
Licenses and permits
Use of money and property
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
Transfers out
Total Charges to Appropriations
Budgetary Fund Balance, June 30
89
204,308 204,308 204,501 193
202,023 204,957 115,622 89,335
202,023 204,957 115,622 89,335
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
CAPITAL IMPROVEMENT FUND
YEAR ENDED JUNE 30, 2017
Budgetary Fund Balance, July 1
Resources (Inflows):
Intergovernmental
Miscellaneous
Transfers in
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
Public works
Capital outlay
Total Charges to Appropriations
Budgetary Fund Balance, June 30
Variance with
.c
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
$ 18,047
$ 18,047
$ 18,047
$ -
453,985
442,851
58,214
(384,637)
503,000
503,000
115,243
(387,757)
18,555,369
21,527,779
4,285,296
(17,242,483)
19,530,401
22,491,677
4,476,800
(18,014,877)
-
-
1,833,074
(1,833,074)
19,596,438
22,698,631
2,933,867
19,764,764
19,596,438
22,698,631
4,766,941
17,931,690
$ (66,037)
$ (206,954)
$ (290,141)
$ (83,187)
.c
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
PUBLIC FINANCING AUTHORITY
YEAR ENDED JUNE 30, 2017
Budgetary Fund Balance, July 1
Resources (Inflows):
Use of money and property
Transfers in
Amounts Available for Appropriations
Charges to Appropriation (Outflow):
Debt service:
Principal retirement
Interest and fiscal charges
Total Charges to Appropriations
Budgetary Fund Balance, June 30
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
$ 29 $ 29 $ 29 $ -
- - 104 104
860,606 860,606 859,138 (1,468)
860,635 860,635 859,271 (1,364)
400,000 400,000 400,000 -
460,606 460,606 459,191 1,415
860,606 860,606 859,191 1,415
$ 29 $ 29 $ 80 $ 51
91
CITY OF DIAMOND BAR
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
JUNE 30, 2017
Governmental Activities - Internal Service Funds
Assets:
Current:
Cash and investments
Receivables:
Accounts
Total Current Assets
Noncurrent:
Capital assets - net of accumulated depreciation
Total Noncurrent Assets
Total Assets
Liabilities and Net Position:
Liabilities:
Current:
Accounts payable
Due to other governments
Total Current Liabilities
Total Liabilities
Net Position:
Investment in capital assets
Unrestricted
Total Net Position
Total Liabilities and Net Position
Self Equipment Computer Building
Insurance Replacement Equipment Facility &
Fund Fund Replacement Maintenance Totals
$ 1,003,280 $ 537,236 $ 454,217 $ 433,370 $ 2,428,103
- - - 2,208 2,208
1,003,280 537,236 454,217 435,578 2,430,311
- 130,191 216,482 - 346,673
- 130,191 216,482 - 346,673
$ 1,003,280 $ 667,427 $ 670,699 $ 435,578 $ 2,776,984
$ - $
1,568 $ - $
- $ 1,568
81,774
- -
- 81,774
81,774
1,568 -
- 83,342
81,774
1,568 -
- 83,342
-
130,191 216,482
- 346,673
921,506
535,668 454,217
435,578 2,346,969
921,506
665,859 670,699
435,578 2,693,642
$ 1,003,280 $ 667,427 $ 670,699 $ 435,578 $ 2,776,984
92
CITY OF DIAMOND BAR
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2017
Governmental Activities - Internal Service Funds
Operating Revenues:
Sales and service charges
Total Operating Revenues
Operating Expenses:
Administration and general
Insurance premiums
Equipment repair and maintenance
Depreciation expense
Total Operating Expenses
Operating Income (Loss)
Nonoperating Revenues (Expenses):
Interest revenue
Total Nonoperating
Revenues(Expenses)
Income (Loss) Before Transfers
Transfers in
Transfers out
Changes in Net Position
Net Position:
Beginning of Year
End of Fiscal Year
Self Equipment Computer Building
Insurance Replacement Equipment Facility &
Fund Fund Replacement Maintenance Totals
$ - $ - $ - $ 10,291 $ 10,291
- - - 10,291 10,291
-
20,918
-
-
20,918
530,772
-
-
-
530,772
-
23,137
11,132
24,552
58,821
-
39,982
120,840
-
160,822
530,772
84,037
131,972
24,552
771,333
(530,772)
(84,037)
(131,972)
(14,261)
(761,042)
8,680
8,005
4,676
8,321
29,682
8,680
8,005
4,676
8,321
29,682
(522,092)
(76,032)
(127,296)
(5,940)
(731,360)
441,316
(80,776)
A nnn non
- 147,400 - 588,716
- (153,000) (153,000)
(76,032) 20,104 (158,940) (295,644)
$ 921,506 $ 665,859 $ 670,699 $ 435,578 $ 2,693,642
93
CITY OF DIAMOND BAR
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2017
Net Cash Provided (Used) by Operating Activitie (491,828) (36,521) (11,132) (15,410) (554,891)
Cash Flows from Non -Capital
Financing Activities:
Cash transfers out - - - (153,000) (153,000)
Cash transfers in 441,316 - 147,400 - 588,716
Net Cash Provided (Used) by
Non -Capital Financing Activities
Cash Flows from Capital
and Related Financing Activities:
Acquisition and construction of capital assets
Net Cash Provided (Used) by
Capital and Related Financing Activities
Cash Flows from Investing Activities:
Interest received
Net Cash Provided (Used) by
Investing Activities
Net Increase (Decrease) in Cash
and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year
Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities:
Operating income (loss)
Adjustments to reconcile operating income (loss)
net cash provided (used) by operating activities:
Depreciation
(Increase) decrease in accounts receivable
Increase (decrease) in accounts payable
Increase (decrease) in due to other governments
Total Adjustments
Net Cash Provided (Used) by
Operating Activities
441,316
147,400 (153,000) 435,716
- (13,702)
(13,702)
- (13,702)
(13,702)
8,680 8,005 4,676 8,321 29,682
8,680 8,005 4,676 8,321 29,682
(41,832) (28,516) 127,242 (160,089) (103,195)
1,045,112 565,751 326,976 593,459 2,531,298
$ 1,003,280 $ 537,235 $ 454,218 $ 433,370 $ 2,428,103
$ (530,772) $ (84,037) $ (131,972) $ (14,261) $ (761,042)
39,982 120,840 - 160,822
9,000 - (1,149) 7,851
(42,830) (1,466) - - (44,296)
81,774 - - - 81,774
38,944 47,516 120,840 (1,149) 206,151
$ (491,828) $ (36,521) $ (11,132) $ (15,410) $ (554,891)
94
Governmental Activities - Internal Service Funds
Computer
Building
Self
Equipment
Equipment
Facility &
Insurance
Replacement
Replacement
Maintenance
Fund
Fund
Fund
Fund
Totals
Cash Flows from Operating Activities:
Insurance Premiums paid
$ (530,772)
$ -
$ -
$ - $
(530,772)
Payments to suppliers
(42,830)
(45,521)
(11,132)
(24,552)
(124,035)
Cash received from others
81,774
9,000
-
9,142
99,916
Net Cash Provided (Used) by Operating Activitie (491,828) (36,521) (11,132) (15,410) (554,891)
Cash Flows from Non -Capital
Financing Activities:
Cash transfers out - - - (153,000) (153,000)
Cash transfers in 441,316 - 147,400 - 588,716
Net Cash Provided (Used) by
Non -Capital Financing Activities
Cash Flows from Capital
and Related Financing Activities:
Acquisition and construction of capital assets
Net Cash Provided (Used) by
Capital and Related Financing Activities
Cash Flows from Investing Activities:
Interest received
Net Cash Provided (Used) by
Investing Activities
Net Increase (Decrease) in Cash
and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year
Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities:
Operating income (loss)
Adjustments to reconcile operating income (loss)
net cash provided (used) by operating activities:
Depreciation
(Increase) decrease in accounts receivable
Increase (decrease) in accounts payable
Increase (decrease) in due to other governments
Total Adjustments
Net Cash Provided (Used) by
Operating Activities
441,316
147,400 (153,000) 435,716
- (13,702)
(13,702)
- (13,702)
(13,702)
8,680 8,005 4,676 8,321 29,682
8,680 8,005 4,676 8,321 29,682
(41,832) (28,516) 127,242 (160,089) (103,195)
1,045,112 565,751 326,976 593,459 2,531,298
$ 1,003,280 $ 537,235 $ 454,218 $ 433,370 $ 2,428,103
$ (530,772) $ (84,037) $ (131,972) $ (14,261) $ (761,042)
39,982 120,840 - 160,822
9,000 - (1,149) 7,851
(42,830) (1,466) - - (44,296)
81,774 - - - 81,774
38,944 47,516 120,840 (1,149) 206,151
$ (491,828) $ (36,521) $ (11,132) $ (15,410) $ (554,891)
94
DESCRIPTION OF STATISTICAL SECTION CONTENTS
June 30, 2017
This part of the City of Diamond Bar's comprehensive annual financial report presents detailed
information as a context for understanding what the information in the financial statements, note
disclosures, and required supplementary information say about the government's overall financial health.
Contents:
Schedules
Financial Trends — These schedules contain trend information to help the reader
understand how the city's financial performance and well-being have changed over
time. 1 -4
Revenue Capacity — These schedules contain information to help the reader assess
the city's most significant local revenue source, the property tax. 5 - 8
Debt Capacity — These schedules present information to help the reader assess the
affordability of the City's current levels of outstanding debt and the City's ability to 9-11
issue additional debt in the future.
Demographic and Economic Information — These schedules offer demographic and
economic indicators to help the reader understand the environment within which the
City's financial activities take place. 12-13
Operating Information — These schedules contain service and infrastructure data to
help the reader understand how the information in the City's financial report relates
to the services the City provides and the activities it performs. 14-16
95
City of Diamond Bar
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
Fiscal Year Ended June 30,
2008
2009
2010
2011
2012
Governmental activities:
Net investment in capital assets
$ 370,949,296
$ 367,529,907
$ 377,940,738
$ 381,985,940
$ 382,660,310
Restricted for:
Capital projects
2,912,276
3,526,991
2,260,872
146,567
163,603
Community development
889,176
568,280
725,667
1,644,861
958,293
Public safety
541,482
559,920
453,730
285,508
Public works
3,636,487
3,504,339
Debt service
309,533
305,915
319,815
333,694
2
Unrestricted
36,236,504
34,554,084
34,215,610
22,582,318
18,288,491
Total governmental activities net position
$ 411,296,785
$ 407,026,659
$ 416,022,622
$ 410,783,597
$ 405,860,546
2013 2014 2015 2016 2017
$ 378,511,311 $ 372,068,596 $ 368,779,901 $ 363,216,277 $ 358,765,476
165,587
135,914
207,205
267,984
184,074
1,084,434
1,174,082
1,482,522
2,382,667
2,066,650
196,503
140,747
171,928
193,941
243,642
3,964,252
4,015,113
3,862,123
4,465,023
3,095,734
3
4
3
29
80
18,508,423
20,894,700
20,659,058
22,742,992
23,047,078
$ 402,430,513
$ 398,429,156
$ 395,162,740
$ 393,268,913
$ 387,402,734
97
City of Diamond Bar
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
Source:
City Finance Department
W
Fiscal Year Ended June 30,
2008
2009
2010
2011
2012
Expenses:
Governmental activities:
General government
$ 4,473,666 $
5,159,300 $
4,973,685
$ 6,370,986 $
6,384,072
Public safety
4,944,729
5,396,083
5,526,099
5,591,049
6,104,982
Highways and streets
12,034,669
13,931,211
12,287,325
10,619,860
11,248,137
Community development
2,251,196
1,959,303
1,624,547
1,969,540
2,126,906
Parks, recreation and culture
5,188,977
4,950,687
5,091,215
5,153,264
5,559,427
Contritution to OPEB Trust
Interest on long-term debt
392,548
177,633
57,948
72,592
848,976
Total general expenses
29,285,785
31,574,217
29,560,819
29,777,291
32,272,500
Program revenues:
Governmental activities:
Charges for services
General Government
225,553
132,262
131,633
118,016
247,248
Public safety
632,980
596,375
605,262
558,544
491,831
Highways and streets
2,851,187
1,732,985
2,070,167
2,400,272
2,555,900
Community development
567,302
438,563
430,081
955,380
1,006,971
Parks, recreation and culture
1,581,597
1,705,282
1,754,789
1,829,409
1,753,585
Operating grants and contributions
4,307,074
5,588,818
4,358,895
3,685,378
4,992,856
Capital grants and contributions
219,193
2,272,580
15,960,279
40,779
1,242,636
Total governmental activities
program revenues
10,384,886
12,466,865
25,311,106
9,587,778
12,291,027
General revenues:
Taxes
Property taxes
3,927,073
4,001,276
3,837,288
4,187,896
3,951,722
Transient occupancy taxes
800,390
633,075
569,916
642,509
692,162
Sales taxes
4,102,177
3,085,223
3,122,229
3,355,127
3,397,259
Franchise taxes
1,024,710
1,093,039
1,115,980
1,259,471
1,415,924
Other taxes
283,433
199,365
259,384
172,687
202,951
Unrestricted Motor vehicle in lieu
4,563,127
4,687,515
4,599,922
4,766,225
4,646,985
Use of money and property
1,420,988
833,270
618,963
474,598
145,408
Other revenues
4,388
304,463
7,090
91,975
46,342
Loss on disposal of capital asset
Total general revenues
16,126,286
14,837,226
14,130,772
14,950,488
14,498,753
Change in net position
(2,774,613)
(4,270,126)
9,881,059
(5,239,025)
(5,482,720)
Net position at beginning of year
414,071,398
411,296,785
407,026,659
416,022,622
410,783,597
Restatement of net position
(885,096.00)
559,669
Net position at end of year
$ 411,296,785 $
407,026,659 $
416,022,622
$ 410,783,597 $
405,860,546
Source:
City Finance Department
W
2013
2014
2015
2016
2017
$ 6,942,983 $
7,301,502 $
6,524,968 $
5,812,525 $
6,627,894
5,831,227
5,627,026
5,929,156
6,216,279
6,586,188
10,197,098
10,599,386
10,225,922
11,966,721
14,178,723
1,980,646
2,346,073
2,587,504
2,127,206
3,231,764
5,591,916
6,463,192
6,300,920
6,137,787
5,164,413
84,761
84,761
487,369
477,201
466,662
455,700
443,480
31,031,239
32,814,380
32,035,132
32,800,979
36,317,223
160,379
770,908
587,081
661,910
811,846
502,948
559,008
523,145
470,722
460,325
2,604,053
2,671,741
5,536,984
4,389,876
2,675,313
1,196,806
1,413,094
2,463,932
1,820,325
2,077,810
1,689,497
1,804,189
1,758,319
1,684,814
1,544,002
4,024,537
4,203,990
4,443,765
3,687,015
3,844,192
690,732
207,971
717,961
1,455,770
359,669
10,868,952 11,630,901 16,031,187 14,170,432 11,773,157
4,080,273
4,307,077
4,448,566
4,665,140
4,951,033
782,952
851,249
935,355
994,476
923,527
3,546,239
3,658,327
3,974,564
4,598,858
4,789,172
1,465,666
1,393,584
1,460,342
1,431,513
1,320,617
333,250
471,455
442,914
523,015
394,961
4,659,994
6,307
533,475
-21,057
4,862,100
256,758
52,891
1,328,681
5,133,910
244,275
114,545
-
5,411,143
524,918
703,457
-
5,757,423
58,160
482,994
-
15,387,099
17,182,122
16,754,471
18,852,520
18,677,887
(4,775,188)
(4,001,357)
750,526
221,973
(5,866,179)
405,860,546
402,430,513
398,429,156
395,162,740
393,268,913
1,345,156
(4,016,942)
(2,115,800)
$ 402,430,513 $
398,429,156 $
395,162,740 $
393,268,913 $
387,402,734
THIS PAGE INTENTIONALLY LEFT BLANK
100
General fund:
Nonspendable:
Prepaid costs
Committed to:
Emergency contingencies
Unassigned
Total general fund
All other governmental funds:
Restricted for:
Comm development projects
Public safety
Highways and streets
Capital Projects
Debt service
Assigned to:
Capital Projects
Unassigned
Total all other governmental funds
Total fund balances
General fund:
Reserved
Unreserved
Total general fund
All other governmental funds:
Reserved
Unreserved, reported in:
Special revenue funds
Debt Service Fund
Capital projects funds
City of Diamond Bar
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
2011
2012
2013
2014
2015
2016
2017
$ 41,451 $
28,114 $
26,331
$ 62,752
$ 75,887
$ 75,866
$ 42,108
4,500,000
4,500,000
4,500,000
4,500,000
4,500,000
4,500,000
4,500,000
16,726,964
12,616,200
13,010,385
15,199,698
17,656,659
19,350,943
20,379,854
333,694
2
3
4
3
29
80
21,268,415
17,144,314
17,536,716
19,762,450
22,232,546
23,926,809
24,921,962
1,644,861
958,293
1,085,184
1,174,082
1,482,522
2,382,667
2,066,650
453,730
285,508
196,503
140,747
171,928
193,941
243,642
3,271,595
3,170,407
3,964,252
4,015,113
3,862,123
3,541,041
3,095,734
146,567
164,867
165,587
135,914
207,205
267,984
184,074
333,694
2
3
4
3
29
80
2,730
(3,466) (88,639) (71,561) 18,047 (290,141)
5,850,447 4,579,077 5,410,793 5,377,221 5,652,220 6,403,709 5,300,039
27,118,862 21,723,391 22,947,509 25,139,671 27,884,766 30,330,518 30,222,001
Fiscal Year Ended June 30
2008 2009 2010
$ 1,864,387 $ 1,612,181 $ 1,955,477
31,065,127 30,041,357 28,841,621
32,929,514 31,653,538 30,797,098
5,810,250 2,754,526 1,735,077
4,955,552 5,423,979 5,218,642
(5,703,854) (2,701,642) (2,020,782)
Total all other governmental funds 5,061,948 5,476,863 4,932,937
Total fund balances $37,991,462 $37,130,401 $35,730,035
Note:
The City implemented GASB 54, titled "Fund Balance Reporting and Governmental Fund Type Definitions" as of the fiscal year ended
June 30, 2011.
Source: City Finance Department
101
City of Diamond Bar
Changes in Fund Balances, Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
Revenues:
Taxes
Special assessments
Intergovernmental
Charges for services
Fines and forfeitures
Licenses and permits
Use of money and property
Other
Total revenues
Expenditures:
Current:
General government
Public safety
Public works
Parks, recreation and culture
Community development
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total expenditures
Excess (deficiency) of
revenues over (under)
expenditures
Other financing sources (uses):
Bond issued or refinancing
Bonds discount or premium
Transfers in
Transfers out
Proceeds from sale of capital asset
Contribution to OPEB Trust
Fiscal Year Ended June 30,
2008 2009 2010 2011 2012
$ 10,165,881 $ 9,119,375 $ 8,591,893 $ 9,646,883 $ 9,664,801
543,561
550,822
556,989
556,562
547,209
9,896,948
12,081,466
11,478,456
9,441,959
11,053,326
1,111,655
1,460,828
3,191,416
3,390,367
3,190,675
637,484
601,533
607,936
567,575
509,166
3,121,476
1,445,324
640,287
818,913
1,127,569
1,629,257
938,053
648,503
499,377
183,507
826,177
1,018,956
30,766
113,578
54,634
27,932,439
27,216,357
25,746,246
25,035,214
26,330,887
3,987,656
5,071,860
4,435,858
4,977,021
5,485,001
4,933,958
5,407,476
5,524,279
5,580,507
5,731,595
4,926,418
5,607,870
5,183,964
5,002,456
6,609,087
3,714,762
3,673,282
3,655,029
3,712,194
4,090,551
2,246,496
1,945,951
1,604,220
1,960,125
2,114,433
4,271,890
5,508,167
5,161,924
11,480,595
6,702,615
255,000 265,000 280,000 290,000 12,510,000
411,583 187,212 33,904 37,461 406,626
24,747,763 27,666,818 25,879,178 33,040,359 43,649,908
3,184,676 (450,461) (132,932) (8,005,145) (17,319,021)
11,790,000
252,381
7,266,149 6,629,225 4,379,718 2,929,528 6,085,337
(7,608,749) (7,039,825) (4,795,374) (3,535,556) (6,494,449)
Total other financing
sources (uses)
(342,600) (410,600)
(415,656) (606,028)
11,633,269
Net changes in fund balances
$ 2,842,076 $ (861,061) $
(548,588) $ (8,611,173)
$ (5,685,752)
Debt service as a
percentage of noncapital
expenditures
2.89% 1.77%
1.35% 1.45%
35.00%
Source: City Finance Department
102
2013
2014
2015
2016
2017
$ 10,200,419
$ 10,638,609
$ 10,730,234
$ 12,930,081
$ 12,698,595
550,609
549,402
672,492
781,232
769,014
10,427,352
10,281,985
11,185,489
10,384,417
11,668,517
3,238,165
3,321,883
3,344,356
3,101,103
2,899,321
522,142
582,844
523,145
470,722
460,325
1,238,626
1,542,765
5,474,765
4,121,387
2,355,980
30,116
281,752
273,656
563,300
28,478
551,710
85,558
136,786
716,914
561,288
26.759.139
27.284.798
32.340.923
33.069.156
31.441.518
4,214,834
5,115,321
5,040,491
5,092,527
5,475,721
5,678,614
5,602,021
5,914,404
6,201,985
6,576,954
5,263,046
5,698,765
5,216,083
5,531,705
8,964,282
4,050,161
4,406,954
4,225,938
4,232,431
2,723,558
2,010,040
2,225,647
2,540,430
2,313,053
2,985,973
3,031,168
2,518,617
4,646,891
5,598,997
3,041,443
335,000 350,000 365,000 385,000 400,000
502,291 492,159 481,656 470,741 459,191
25,085,154 26,409,484 28,430,893 29,826,439 30,627,122
1,673,985 875,314 3,910,030 3,242,717 814,396
5,195,892 4,856,728 7,084,629 7,287,721 6,395,588
(5,690,201) (5,822,286) (8,249,564) (7,999,925) (6,831,304)
2,282,406
(84.761) (84.761)
(494,309) 1,316,848 (1,164,935) (796,965) (520,477)
$ 1,179,676 $ 2,192,162 $ 2,745,095 $ 2,445,752 $ 293,919
3.49% 3.35% 3.48% 3.25% 3.09%
103
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104
City of Diamond Bar
Net Assessed Value
$10,000,000,000
$9,000,000,000
$8,000,000,000
$7,000,000,000
N $6,000,000,000
L $5,000,000,000
$4,000,000,000
$3,000,000,000
$2,000,000,000
$1,000,000,000
$-
2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Fiscal Year
Note: Exempt values are not included in Total Net Taxable Values.
The assessed valuation data shown above represents the only data currently available with respect to the actual market value
of taxable property and is subject to the limitations described above.
Source: HDL Coren & Cone and Los Angeles County Auditor/Controller-Property Tax Division.
105
Assessed and Estimated Actual Values of Taxable Property
2006/07 - 2015/16
Taxable Property
Values
(unaudited)
Fiscal
Year
Real Property
Less
Total Taxable
Total
Ended
Secured
Unsecured
Other Tax
Assessed
Direct
June 30,
Property
Property
Property Exemptions
Value
Tax Rate
% Change
2007-08
$ 6,824,177,817
$ 109,704,881
- $ 39,859,238
$ 6,894,023,460
0.05485
7.35%
2008-09
7,151,359,322
99,170,064
- 48,909,164
7,201,620,222
0.05270
4.46%
2009-10
7,071,193,381
90,528,493
- 66,422,679
7,095,299,195
0.05274
-1.48%
2010-11
7,183,008,793
81,410,401
- 70,706,628
7,193,712,566
0.05270
1.39%
2011-12
7,347,032,537
77,283,606
- 74,296,191
7,350,019,952
0.05268
2.17%
2012-13
7,471,528,800
76,724,231
- 78,856,697
7,469,396,334
0.05267
1.62%
2013-14
7,765,883,788
69,544,511
- 83,574,453
7,751,853,846
0.05264
3.78%
2014-15
8,201,610,010
70,524,426
- 83,189,280
8,188,945,156
0.05260
5.64%
2015-16
8,649,508,385
72,343,401
- 85,103,082
8,636,748,704
0.05256
5.47%
2016-17
9,174,331,277
75,610,798
- 62,484,967
9,187,457,108
0.05252
6.38%
Net Assessed Value
$10,000,000,000
$9,000,000,000
$8,000,000,000
$7,000,000,000
N $6,000,000,000
L $5,000,000,000
$4,000,000,000
$3,000,000,000
$2,000,000,000
$1,000,000,000
$-
2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Fiscal Year
Note: Exempt values are not included in Total Net Taxable Values.
The assessed valuation data shown above represents the only data currently available with respect to the actual market value
of taxable property and is subject to the limitations described above.
Source: HDL Coren & Cone and Los Angeles County Auditor/Controller-Property Tax Division.
105
City of Diamond Bar
Direct and Overlapping Property Tax Rates
(Rate per $100 of Assessed Value)
Agency
Basic Levy*
Metropolitan Water District
Mt. San Antonio College
Pomona Unified School Dist
Walnut Valley Unified School Dist
Total Direct & Overlapping Tax Rates
City's Share of 1% Levy Per Prop 13*
General Obiligation Debt Rate
Redevelopment Rate*
Total Direct Rate*
2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14
1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000
0.00450 0.00430 0.00430 0.00370 0.00370 0.00350 0.00350
0.01750 0.02333 0.02571 0.02636 0.02642 0.02896 0.02023
0.11379 0.11577 0.14546 0.17721 0.17364 0.18488 0.16407
0.08462 0.11297 0.11674 0.11839 0.11735 0.12554 0.11342
1.2204 1.2564 1.2922 1.3257 1.3211 1.3429 1.3012
0.05192 0.05192 0.05192 0.05192 0.05192 0.05192 0.05192
0.05485 0.05270 0.05274 0.05270 0.05268 0.05267 0.05264
*
In 1978, California voters passed Proposition 13 which sets the property tax rate at a 1.00% fixed amount. This 1.00% is shared
by all taxing agencies for which the subject property resides within. In addition to the 1.00% fixed amount, property owners
are charged taxes as a percentage of assessed property values for the payment of any voter approved bonds for
the Pomona Unified School District or Walnut Valley Unified School Districts in Diamond Bar depending on which school
district the property is located in.
Overlapping rates are those of local and county governments that apply to property owners within the City. Not all overlapping
rates apply to all city property owners.
RDA rate is based on the largest RDA tax rate area(TRA) and includes only rate(s) from indebtedness adopted prior to 1989
per California State statute. RDA direct and overlapping rates are applied only to the incredmental property values.
Total Direct Rate is the weighted average of all individual direct rates applied by the government preparing the statistical
section information.
Source: Hdl Coren & Cone
1:
2014/15 2015/16 2016/17
1.00000
1.00000
1.00000
0.00350
0.00350
0.00350
0.02129
0.02154
0.02400
0.16599
0.15364
0.14368
0.11510
0.09285
0.06601
1.3059 1.2715 1.2372
0.05192 0.05192 0.05192
0.05260 0.05256 0.05252
107
City of Diamond Bar
Top 10 Property Taxpayers
Current Year and Nine Years Ago
Taxpayers Nine Years Ago
Behringer Harvard Western Portfolio
Hampton Apartments at Diamond Bar LP
Target Corporation
CRP -2 Holdings CC
DB Gateway Corporate Inc
Muller Rock 2 Gateway
Gateway Corporate Center LP
Hidden Manna Corporation
Ari Diamond Bar LP
Millennium Diamond Road Partners LLC
Top Ten Total
City Total
Source: Hdl Coren & Cone.
2007-08 Percentage of Total
Assessed Valuation Net Assessed Valuation
$ 39,933,000
2016-17
Percentage of Total
Current Taxpayers
Assessed Valuation
Net Assessed Valuation
Roic Diamond Hills Plaza LLC
$ 79,448,567
0.86%
Lennar Homes of California Inc
47,082,654
0.51%
SRGMF South Grand Diamond Bar LLC
47,070,092
0.51%
BSP Senita Gateway Center LLC
41,100,000
0.45%
Emerald Pointe Apartments LLC
39,076,957
0.43%
Pacifica Trenton Holdings -2 LLC
31,311,101
0.34%
Hua Qing Enterprise LLC
28,708,616
0.31%
Target Corporation
27,883,753
0.30%
Kaiser
27,879,630
0.30%
Muller Rock 2 Gateway
27,187,917
0.30%
Top Ten Total
$ 396,749,287
4.32%
City Total
$ 9,187,457,108
Taxpayers Nine Years Ago
Behringer Harvard Western Portfolio
Hampton Apartments at Diamond Bar LP
Target Corporation
CRP -2 Holdings CC
DB Gateway Corporate Inc
Muller Rock 2 Gateway
Gateway Corporate Center LP
Hidden Manna Corporation
Ari Diamond Bar LP
Millennium Diamond Road Partners LLC
Top Ten Total
City Total
Source: Hdl Coren & Cone.
2007-08 Percentage of Total
Assessed Valuation Net Assessed Valuation
$ 39,933,000
0.58%
35,496,990
0.51%
30, 593, 344
0.44%
28,682,236
0.42%
26,809,313
0.39%
24,022,387
0.35%
19,250,000
0.28%
19,020,602
0.28%
18,783,376
0.27%
17,998,919
0.26%
$ 260,590,167
$ 6,894,023,460
108
3.78%
CITY OF DIAMOND BAR, CALIFORNIA
Property Tax Levies and Collections
Last Ten Fiscal Years
(unaudited)
Fiscal Year
Taxes Levied
Collected within the
Collections in
Ended
for the
Fiscal Year of Levy
Subsequent
June 30
Fiscal Year
Amount % to Levy
Years
% to Levy
2008
3,598,889
3,276,908
91.05%
321,981
8.95%
2009
3,760,371
3,436,585
91.39%
323,786
8.61%
2010
3,704,133
3,412,996
92.14%
291,137
7.86%
2011
3,750,806
3,505,792
93.47%
245,015
6.53%
2012
3,844,101
3,506,696
91.22%
337,405
8.78%
2013
3,908,533
3,778,461
96.67%
130,072
3.33%
2014
4,075,791
3,960,684
97.18%
115,107
2.82%
2015
4,326,040
4,189,390
96.84%
136,650
3.16%
2016
4,568,789
4,412,561
96.58%
156,228
3.42%
2017
4,842,897
4,643,891
95.89%
199,007
4.11%
Source: Los Angeles County Auditor/Controller.
City Finance Department
109
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110
CITY OF DIAMOND BAR, CALIFORNIA
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
(Unaudited)
Governmental Activities
Fiscal Year
Lease
Unamortized
Total
Total
Ended
Revenue
Bond Premium
Governmental
Primary
June 30
Bonds (a)
(Discount)
Activities
Government
2008
$ 13,025,000
$ (114,625)
$ 12,910,375
$ 12,910,375
2009
12,760,000
(110,040)
12,649,960
12,649,960
2010
12,480,000
(105,455)
12,374,545
12,374,545
2011
12,190,000
(100,869)
12,089,131
12,089,131
2012
11,470,000
243,853
11,713,853
11,713,853
2013
11,135,000
229,727
11,364,727
11,364,727
2014
10,785,000
215,601
11,000,601
11,000,601
2015
10,420,000
201,475
10,621,475
10,621,475
2016
10,035,000
187,349
10,222,349
10,222,349
2017
9,635,000
173,223
9,808,223
9,808,223
% of
Debt
Personal
Per
Income (b)
Capita (b)
0.68%
215
0.66%
210
0.66%
223
0.62%
217
0.63%
210
0.57%
203
0.55%
195
0.55%
188
0.53%
179
0.50%
172
Note:
(a) Details regarding the City's outstanding lease revenue bonds can be found in the notes to the financial statements.
(b) Details regarding the City's population and personal income can be found in the Demographic and Economic
Statistics Table.
Source: City Finance Department
111
CITY OF DIAMOND BAR, CALIFORNIA
Direct and Overlapping Debt
June 30, 2017
(unaudited)
Note:
(1) Percentage of direct and overlapping agency's assessed valuation located within boundaries of the city.
(2) The overlapping debt is the portion of a larger agency, and is responsible for debt in areas outside the city.
Source:
Hdl Coren & Cone
U.S. Census Bureau
City Finance Department
112
Gross Bonded
% Applicable
Net Bonded
Debt Balance
To City (1)
Debt
Direct Debt as of June 30, 2017
Diamond Bar Lease Revenue Bond
$ 9,635,000
100.000
$ 9,635,000
Net Unamortized Bond Premium
173,223
100.000
173,223
9,808,223
Overlapping Debts as of June 30, 2017 (2)
330.10 Metropolitan Water District
36,281,674
0.850
308,298
809.54 Mt San Antonio CCD DS 2001, 2008 Series D
394,812
11.060
43,667
809.56 Mt San Antonio CCD DS 2008 Series 13A
200,561,691
11.060
22,182,496
809.57 Mt San Antonio CCD DS 2008 Series 20138
8,460,000
11.060
935,692
809.58 Mt San Antonio CCD DS 2013 Series A
67,410,000
11.060
7,455,671
809.59 Mt San Antonio CCD DS 2013 Series B
40,990,000
11.060
4,533,570
809.60 Mt San Antonio CCD DS 2008 Series 2015C
19,500,000
11.060
2,156,736
809.61 Mt San Antonio CCD DS 2015 Ref Bonds
19,130,000
11.060
2,115,814
915.62 Pomona Unified School District 2000 Ser A
13,390,000
19.799
2,651,053
915.64 Pomona Unified SD Refunding 2001 Ser A
12,295,000
19.799
2,434,257
915.71 Pomona Unified School District 2008 Series A
3,590,000
19.799
710,775
915.72 Pomona USD DS 2008 Series B
2,990,000
19.799
591,983
915.73 Pomona USD 2008 Series C
40,525,000
19.799
8,023,445
915.74 Pomona USD DS 2012 Refunding Bond Series A
28,895,000
19.799
5,720,850
915.75 Pomona USD DS 2012 Refunding Bond Series B
13,875,000
19.799
2,747,077
915.76 Pomona USD DS 2008 Series D QSCBS
20,970,000
19.799
4,151,799
915.79 Pomona USD DS 2015 Ref Bonds
39,860,000
19.799
7,891,783
915.82 Pomona USD DS 2016 Ref Bonds
113,358,077
19.799
22,443,486
980.60 Walnut Valley Unified USD DS 2000 Series E
11,428,114
60.198
6,879,469
980.62 Walnut Valley Unified SD 2007 Series A (Measure S)
5,167,108
60.198
3,110,483
980.64 Walnut Valley Unified SD 2011 Refunding
25,685,606
60.198
15,462,160
980.65 Walnut Valley Unified SD 2007 Series B Meas. S
1,160,000
60.198
698,294
980.67 Walnut Valley Unified SD 2012 Ref Bonds
2,070,000
60.198
1,246,094
980.68 Walnut Valley USD 2007 Series C
195,887
60.198
117,920
980.69 Walnut Valley USD 2014 Ref Bonds Series A
15,000,000
60.198
9,029,664
980.70 Walnut Valley USD 2014 Ref Bonds Series B
8,700,000
60.198
5,237,205
980.71 Walnut Valley USD 2016 Ref Bonds
40,010,000
60.198
24,085,124
Total Overlapping Debts:
791,892,969
162,964,865
Grand Total Direct and Overlapping Debt:
$ 801,527,969
$ 172,773,088
Debt to Assessed Valuation Ratios as of June 30, 2017:
2016/17 Net Assessed Valuation: $ 9,187,457,108
Direct Debt
0.10%
$172
2016 Total City Population: 57,066
Overlapping Debt
1.77%
$2,856
Total Debt
1.88%
$3,028
Note:
(1) Percentage of direct and overlapping agency's assessed valuation located within boundaries of the city.
(2) The overlapping debt is the portion of a larger agency, and is responsible for debt in areas outside the city.
Source:
Hdl Coren & Cone
U.S. Census Bureau
City Finance Department
112
CITY OF DIAMOND BAR, CALIFORNIA
Direct and Overlapping Debt
June 30, 2008
(unaudited)
Note:
(1) Percentage of direct and overlapping agency's assessed valuation located within boundaries of the city.
(2) The overlapping debt is the portion of a larger agency, and is responsible for debt in areas outside the city.
Source:
Hdl Coren & Cone
U.S. Census Bureau
City Finance Department
113
Gross Bonded
% Applicable
Net Bonded
Debt Balance
To City (1)
Debt
Direct Debt as of June 30, 2008
146.01 Diamond Bar Lease Revenue Bond
$ 13,025,000
100.000
$ 13,025,000
Unamortized Discount
(114,625)
100.000
(114,625)
12,910,375
Overlapping Debts
330.10 Metropolitan Water District
150,054,336
0.870
1,304,724
809.50 Mt San Antomio CCD 2001 Series A
4,470,000
10.596
473,636
809.51 Mt San Antomio CCD 2004 Series B
13,300,000
10.596
1,409,252
809.52 Mt San Antomio CCD 2005 Bond
71,525,843
10.596
7,578,793
809.53 Mt San Antomio CCD 2006 Series C
79,996,203
10.596
8,476,302
915.57 Pomona Unified AD Refund Series 1997A
37,450,000
19.764
7,401,767
915.62 Pomona Unified SD 2000 Series A
18,505,000
19.764
3,657,402
915.63 Pomona Unified SD 1998 Series D
190,000
19.764
37,552
915.64 Pomona Unified SD Ref 2001 Series A
19,680,000
19.764
3,889,633
915.65 Pomona Unified SD Ref 2002 Series A
8,750,000
19.764
1,729,385
915.66 Pomona Unified SD Ref 2002 Series B
13,545,000
19.764
2,677,088
915.67 Pomona Unified SD Ref 2002 Series C
14,025,000
19.764
2,771,957
915.68 Pomona Unified SD Ref 2002 Series D
14,320,000
19.764
2,830,262
915.69 Pomona Unified SD Ref 2002 Series E
21,859,163
19.764
4,320,332
980-50 Walnut Valley Unif. 2007 Series A
36,800,887
58.750
21,620,455
980.55 Walnut Valley Unified SD Series 1997A
31,867,718
58.923
18,777,407
980.56 Walnut Valley Unified SD 2000 Series A
640,000
58.923
377,107
980.57 Walnut Valley Unified SD 2000 Series B
400,000
58.923
235,692
980.58 Walnut Valley Unified SD 2000 Series C
7,160,000
58.923
4,218,885
980.59 Walnut Valley Unified SD 2000 Series D
21,763,114
58.923
12,823,474
980.60 Walnut Valley Unified SD 2000 Series E
6,001,837
58.923
3,536,461
980.61 Walnut Valley Unified SD 2005 Ref Bds
11,835,000
58.923
6,973,534
584,139,101
117,121,100
Grand Total Direct and Overlapping Debt:
$ 597,049,476
$ 130,031,475
2007/08 Net Assessed Valuation: $ 6,894,023,460
Debt to Assessed Valuation Ratios:
2008 Total City Population: 59,920
Direct Debt
0.19%
$215
Overlapping Debt
1.70%
$1,955
Total Debt
1.89%
$2,170
Note:
(1) Percentage of direct and overlapping agency's assessed valuation located within boundaries of the city.
(2) The overlapping debt is the portion of a larger agency, and is responsible for debt in areas outside the city.
Source:
Hdl Coren & Cone
U.S. Census Bureau
City Finance Department
113
Fiscal Year
Net assessed value
Add back: Exemptions
Gross assessed value
Conversion percentage
Adjusted assessed valuation
Debt limit percentage
Debt limit
City Debts:
Revenue bonds
Unamortized Bond Premium
Legal debt margin
Fiscal Year
Net assessed value
Add back: Exemptions
Gross assessed value
Conversion percentage
Adjusted assessed valuation
Debt limit percentage
Debt limit
City Debts:
Revenue bonds
Unamortized Bond Premium
Legal debt margin
CITY OF DIAMOND BAR, CALIFORNIA
Computation of Legal Debt Margin
Last Ten Fiscal Years
(unaudited)
2013 2014 2015 2016 2017
$ 7,469,396,334 $ 7,751,853,846 $ 8,188,945,156 $ 8,636,748,704 $ 9,187,457,108
78,856,697
83,574,453
83,189,280
85,146,082
62,484,967
7,548,253,031
7,835,428,299
8,272,134,436
8,721,894,786
9,249,942,075
25%
25%
25%
25%
25%
1,887,063,258
1,958,857,075
2,068,033,609
2,180,473,697
2,312,485,519
15%
15%
15%
15%
15%
283,059,489
293,828,561
310,205,041
327,071,054
346,872,828
11,135,000 10,785,000 10,420,000 10,035,000 9,635,000
229,727 215,601 201,475 187,349 173,223
$ 271,694,762 $ 282,827,960 $ 299,583,566 $ 316,848,705 $ 337,064,605
2008 2009 2010 2011 2012
$ 6,894,023,460 $ 7,201,620,222 $ 7,095,299,195 $ 7,193,712,566 $ 7,350,019,952
39,859,238
48,909,164
66,422,679
70,706,628
74,296,191
6,933,882,698
7,250,529,386
7,161,721,874
7,264,419,194
7,424,316,143
25%
25%
25%
25%
25%
1,733,470,675
1,812,632,347
1,790,430,469
1,816,104,799
1,856,079,036
15%
15%
15%
15%
15%
260,020,601
271,894,852
268,564,570
272,415,720
278,411,855
13,025,000 12,760,000 12,480,000 12,190,000 11,470,000
(114,625) (110,040) (105,455) (100,869) 243,853
$ 247,110,226 $ 259,244,892 $ 256,190,025 $ 260,326,589 $ 266,698,002
The Government Code of the State of California provides for a legal debt limit of 15% of gross assessed valuation. However,
this provision was enacted when assessed valuation was based upon 25% of market value. Effective with the 1981-82 fiscal
year, each parcel is now assessed at 100% of market value (as of the most recent change in ownership for that parcel). The
computations shown above reflect a conversion of assessed valuation data for each fiscal year from the current full valuation
the 25% level that was in effect at the time that the legal debt margin was enacted by the State of California for local govern-
ment located within the state.
Source: Section 43605 of the California Government Code
Hdl Coren & Cone
City Finance Department
114
CITY OF DIAMOND BAR, CALIFORNIA
Demographic and Economic Statistics
(unaudited)
General Information
Date of Incorporation April 18, 1989
Form of Government Council -Manager
Area 14.88 Square Miles
Miles of Streets 128
Public Safety
Total
Percent
Asian
28,106.06
Police Protection
Los Angeles County Sheriff Department
18,570.08
33.30%
Fire Protection
Los Angeles County Fire Department
18.46%
African American
Education
3.90%
Others
-
0.00%
School District
Residential Full Value Sales (01/01/2012-06/30/2017)
Pomona Unified School District
Full Value
Average
Schools
Median
1 High School, 1 Middle School, & 4 Elementary
Schools
Price
Price
School District
789
Walnut Valley Unified School District
$
417,500
2013
814
Schools
1 High School, 2 Middle Schools, & 4 Elementary Schools
2014
701
660,281
535,000
Personal Per Capita Median
726
626,515
Pop 25+
Pop 25+
Calendar
822
Income Personal Household
Unemployment
Median
High School
Bachelor
Year Population
(In Thousands) Income Income
Rate
Age
Degree
Degree
2007
59,629
$ 1,903,585 $ 31,924 $ 87,224
3.60%
2008
59,920
1,929,498 32,201 94,061
5.30%
2009
60,184
1,885,698 31,332 89,185
8.30%
39.2
93.1%
46.7%
2010
55,766
1,960,418 35,154 87,216
9.10%
39.8
92.0%
47.6%
2011
55,819
1,846,158 33,074 90,153
8.80%
40.5
92.5%
47.8%
2012
56,099
1,991,290 35,496 90,181
6.60%
40.6
92.6%
48.8%
2013
56,400
1,984,772 35,191 88,422
5.40%
41.3
92.4%
49.7%
2014
56,426
1,919,782 34,023 90,901
5.30%
40.9
92.0%
48.4%
2015
57,081
1,943,144 34,041 89,221
4.30%
41.1
91.5%
47.9%
2016
57,066
1,978,657 34,673 90,061
3.30%
42.0
92.1%
50.9%
Population Distribution by Race (2010 US Census)
Total
Percent
Asian
28,106.06
50.40%
White
18,570.08
33.30%
Hispanic or Latino
10,294.40
18.46%
African American
2,174.87
3.90%
Others
-
0.00%
Single Family
Residential Full Value Sales (01/01/2012-06/30/2017)
Full Value
Average
Median
Year
Sales
Price
Price
2012
789
484,681
$
417,500
2013
814
591,380
500,000
2014
701
660,281
535,000
2015
726
626,515
551,000
2016
822
633,353
574,250
2017
353 (Jan-Jul2017))667,147
610,000
Median %
Change
19.76%
7.00%
2.99%
4.22%
6.23%
Source: L.A. County Recorder
HdL Cornen & Cone
US Bureau of the Census. The official population census of the United States is conducted every ten years, most recently in 2010.
Median Household Income were obtained from U.S. Census Bureau, 2011-2015 American Community Survey 5 -Year Estimates.
115
Apparel Stores
Food Stores
Eating and Drinking Places
Building Materials
Service Stations
Other Retail Stores
All Other Outlets
Total
CITY OF DIAMOND BAR, CALIFORNIA
Taxable Sales by Category
(unaudited)
2007 2008 2009
2010 2011
$ 1,105,000
$ 817,000
$ 625,000
$ 648,000
$ 724,000
12,958,000
13,290,000
12,251,000
11,846,000
11,577,000
48,162,000
49,952,000
46,028,000
46,570,000
48,948,000
3,269,000
2,411,000
1,845,000
1,896,000
2,422,000
107,331,000
115,009,000
89,072,000
99,425,000
119,234,000
133,411,000
87,674,000
77,126,000
71,307,000
68,812,000
91,698,000
84,554,000
78,453,000
89,288,000
92,733,000
$ 397,934,000
$ 353,707,000
$ 305,400,000
$ 320,980,000
$ 344,450,000
Source: State of California Board of Equalization and The HdL Companies.
Note: Due to confidentiality issues, the names of the ten largest revenue payers are not available. The categories
presented are intended to provide alternative information regarding the sources of the City's revenue.
116
2012
2013
2014
2015
2016
$ 905,000
$ 1,595,000
$ 1,924,000
$ 2,072,000
$ 2,476,000
10,189,000
10,527,000
11,010,000
12,487,000
15,866,000
50,623,000
52,796,000
54,241,000
56,680,000
58,666,000
2,275,000
1,757,000
1,482,000
1,877,000
2,375,000
125,532,000
120,371,000
112,487,000
104,360,000
92,419,000
74,365,000
75,645,000
75,280,000
68,373,000
69,377,000
89,638,000
97,801,000
101,276,000
210,800,000
250,911,000
$ 353,527,000
$ 360,492,000
$ 357,700,000
$ 456,649,000
$ 492,090,000
117
CITY OF DIAMOND BAR, CALIFORNIA
Full-time and Part-time City Government Employees
by Function/Program
Note:
The City is a contract city and as such contracts for many of its services. This includes police services, fire
services, building and safety services, engineering, road maintenance and landscape maintenance.
A full-time emplyee is scheduled to work 2,080 hours per year (including vacation and sick leave).
Beginning In FY2017, part of the former Community Services Department, road maintenance and landscape
maintenance, has been centralizd in Public Works.
Source: City Finance Department
118
Fiscal Year Ended June 30,
Function
2013
2014
2015
2016
2017
General government
24
24
25
25
27
Community development
8
8
8
9
9
Public works
8
8
9
10
17
Community services -(full time)
14
14
15
13
0
-(part time)
73
56
58
56
0
Parks and recreation -(full time)
9
-(part time)
50
Total
127
110
115
113
112
Fiscal Year Ended June 30,
Function
2008
2009
2010
2011
2012
General government
24
25
21
24
23
Community development
6
7
8
8
8
Community services
69
71
75
75
75
Public works
10
10
9
9
9
Total
109
113
113
116
115
Note:
The City is a contract city and as such contracts for many of its services. This includes police services, fire
services, building and safety services, engineering, road maintenance and landscape maintenance.
A full-time emplyee is scheduled to work 2,080 hours per year (including vacation and sick leave).
Beginning In FY2017, part of the former Community Services Department, road maintenance and landscape
maintenance, has been centralizd in Public Works.
Source: City Finance Department
118
CITY OF DIAMOND BAR, CALIFORNIA
Operating Indicators by Function
Last Ten Fiscal Years
Sources:
(1) Police Walnut/Diamond Bar Station
(2) LA County Fire Dep East Regional Operation Bureau
(3) City Public Works Department
(4) City Community Services Department
(5) Includes online classes
Note: Indicators are not available for the general government function.
119
Fiscal Year Ended June 30,
Function
2013
2014
2015
2016
2017
Police:(in fiscal year) (1)
Physical arrests
630
494
522
702
636
Street Sweeping Parking Citation
3,776
5,774
5,887
5,682
5,289
Fire: (in fiscal year) (2)
Number of emergency calls
2,604
2,760
2,820
3,180
3,331
Inspections
1,477
1,434
1,413
1,667
1,336
Public works: (in fiscal year) (3)
Street resurfacing (miles)
8.3
12.5
17.0
19.3
14.4
Parks and recreation:(in fiscal year)(4)
Number of recreation classes(5)
2,082
2,623
2,591
2,546
2,338
Number of facility rentals
4,332
4,178
4,491
4,804
4,316
Fiscal Year Ended June 30,
Function
2008
2009
2010
2011
2012
Police: (1)
Physical arrests
543
591
700
647
737
Street Sweeping Parking Citation
5,200
5,103
5,110
4,137
3,766
Fire: (2)
Number of emergency calls
2,595
2,561
2,654
2,594
2,516
Inspections
1,085
1,100
979
1,202
1,287
Public works: (3)
Street resurfacing (miles)
18.5
13.8
23.3
12.0
9.2
Parks and recreation:(4)
Number of recreation classes
1,569
1,315
2,456
2,115
2,096
Number of facility rentals
4,103
4,299
4,111
4,147
4,270
Sources:
(1) Police Walnut/Diamond Bar Station
(2) LA County Fire Dep East Regional Operation Bureau
(3) City Public Works Department
(4) City Community Services Department
(5) Includes online classes
Note: Indicators are not available for the general government function.
119
Sources:
(1) Police Walnut/Diamond Bar Station
(2) LA County Fire Department, Division VIII Office
(3) City Public Works Department
(4) City Community Services Department
(5)LA County Golf Course
Note:
The City is a contract city and as such contracts for many of its services. This includes police services,
fire services, building and safety services, engineering, road maintenance and landscape maintenance.
No capital asset indicators are available for the general government function.
120
CITY OF DIAMOND BAR, CALIFORNIA
Capital Asset Statistics by Function
Last Ten Fiscal Years
Fiscal Year Ended June 30,
Function
2008
2009
2010 2011 2012
2013
2014
2015
2016
2017
Public safety (1)
Police:
Station
1
1
1 1 1
1
1
1
1
1
Patrol units (all shifts combined)
18
18
18 18 18
18
18
18
18
18
Fire stations (2)
3
3
3 3 3
3
3
3
3
3
Highways and streets (3)
Streets (miles)
128
128
129.4 129.4 129.4
129.4
129.4
129.4
130.9
130.9
Streetlights
233
233
294 294 294
294
294
294
294
307
Traffic signals
73
73
73 74 74
74
74
74
74
76
Culture and recreation:(4)
Parks acreage (developed)
62.7
62.7
62.7 63.6 67.9
67.9
67.9
67.9
67.9
72.6
Parks acreage (undeveloped)
439.0
439.4
439.4 440.3 440.3
440.3
440.3
440.3
440.3
440.3
Hiking Trails (developed miles)
2.7
2.7
2.7 2.7 3.2
3.2
3.2
4.0
4.0
4.5
Hiking Trails (undeveloped miles)
5.4
5.4
5.4 5.4 5.0
5.0
5.0
4.1
4.1
4.0
Parks
12
13
13 14 15
15
15
15
15
16
Public Tennis courts
8
8
8 8 8
8
8
8
8
8
Community centers
3
3
3 3 3
3
3
3
3
3
Golf Course:(5)
County golf courses
1
1
1 1 1
1
1
1
1
1
Sewer (3)
Sanitary sewers (miles)
157
157
158.4 158.4 158.4
161.21
161.21
161.21
161.21
161.38
Sources:
(1) Police Walnut/Diamond Bar Station
(2) LA County Fire Department, Division VIII Office
(3) City Public Works Department
(4) City Community Services Department
(5)LA County Golf Course
Note:
The City is a contract city and as such contracts for many of its services. This includes police services,
fire services, building and safety services, engineering, road maintenance and landscape maintenance.
No capital asset indicators are available for the general government function.
120