HomeMy WebLinkAboutCity of Glendale - Public Financial ReportFiscal Year Ended June 30, 2021
Popular Annual
Financial Report
CITY OF GLENDALE, CALIFORNIA
GLENDALECITYHALLGLENDALECITYHALL
THEJEWEL CITY
INCORPORATED1906
TABLE OF CONTENTS
Organizational Structure…………………………………………………………………………………………....1
Introduction & City by the Numbers……………………………………………………………………………...2
Economic Outlook & Financial Highlights…………………………………………………….………………...3
Financial Highlights (cont.) & General Fund Available Resources...……………………………………....4
General Fund Revenues…..………………………………………………...……………………………………....5
General Fund Expenditures & Measure S………...….……………………………………………….………....7
Enterprise Funds…….…………………………..…………………………………………………………………....8
Capital Asset & Cash & Debt………………....………….……………………………………………………..…..9
Appropriation
An authorization by the City Council to make
expenditures/expenses and to incur obligations
for a specific purpose within a specific time frame.
Assets
Resources owned and controlled by the City that
are expected to benefit future operations.
Deferred Outflows of Resources
Consumption of net position applicable to future
reporting periods.
Liabilities
Debt or obligations that the City must pay.
Deferred Inflows of Resources
Acquisition of net position applicable to future
reporting periods.
Net Investment in Capital Assets
City’s investment in capital assets, less any related outstanding
debt used to acquire those assets.
Net Position
City’s net worth (Net position = Assets + Deferred outflows
of resources – Liabilities – Deferred inflows of resources).
Charges for Services
Revenues generated from licenses, permits, other fees, fines,
forfeitures, and charges paid by the recipients of goods and
services offered by the City programs.
Operating/Capital Grants and Contributions
Grants and contributions received from other governments,
organizations and individuals that are restricted in some manner.
General Revenues
Revenues that are not classified as program revenues,
such as property taxes and other taxes.
Glossary of Accounting Terms
1
City Council
Ardy Kassakhian
Councilmember
Ara Najarian
Councilmember
Vrej Agajanian
Councilmember
Daniel Brotman
Councilmember
Paula Devine
Mayor
ORGANIZATIONAL STRUCTURE
Roubik Golanian
City Manager
John Takhtalian
Deputy City Manager
Aram Adjemian
City Clerk
Elena Bolbolian
Director of Innovation, Performance & Audit
Jason Bradford
Chief Information Officer
Onnig Bulanikian
Director of Community Services & Parks
Matthew Doyle
Director of Human Resources
Yazdan Emrani
Director of Public Works
Michele Flynn, CPA
Director of Finance
Michael J. Garcia
City Attorney
Philip Lanzafame
Director of Community Development
Silvio Lanzas
Fire Chief
Executive Management Team (As of June 30, 2021)
Glendale is a full-service Charter City governed by a
Council-Manager form of government. Five Councilmembers
are elected at-large and serve 4-year staggered terms. The
mayor is elected by the City Council for a one-year term and
is the presiding officer of the Council. Elections were last held
in March 2020 and will take place in June every other year
during even numbered years, starting in 2022.
A variety of Boards, Commissions, and Committees assist the
City Council in serving the Glendale community. These bodies
identify specific needs and problems within their purview.
Each body meets on a regular basis and each meeting is
open to the public. The length of member terms and the
interval of appointments vary.
City of GlendaleForm of Government
Rafi Manoukian, CPA
City Treasurer
Carl Povilaitis
Police Chief
Gary Shaffer
Director of Library, Arts & Culture
Mark Young
General Manager of Glendale Water & Power
The City Manager, who is appointed by the City Council,
acts as the chief executive officer responsible for the daily
operations of the City. The City Manager appoints all
non-elected department heads who are responsible for
the daily operations within their individual departments.
The City provides the full range of municipal services. This
includes public safety (police, fire and paramedic), streets,
sanitation, refuse collection, sewer, hazardous disposal,
electric and water utilities, parking, parks and recreation,
library, public improvements, planning and zoning, housing
and community development, and general administrative
and support services.
2
INTRODUCTION & CITY BY THE NUMBERS
As part of our continuous effort to keep you informed about how
your tax dollars are being spent, we are pleased to present the 2021
Popular Annual Financial Report (PAFR). The PAFR is a summary of the
financial activities of the City, and most of the information is drawn from
the City’s 2021 Comprehensive Annual Financial Report. Both reports are
available for public viewing at the Finance department and online at
http://www.glendaleca.gov/government/departments/finance/accounting.
It is important to note that the financial data in this report is unaudited and
presented on a GAAP (Generally Accepted Accounting Principles) basis
with selected funds.
The information included in this report contains an overview of the
City’s economic outlook, an analysis of the City’s financial position, and
key financial information. In addition, the report highlights the City’s
investments, capital assets and debts. Moreover, it provides in-depth
analysis of the General Fund and how the monies are received and spent.
We hope you enjoy reading this report and invite you to access our
audited Comprehensive Annual Financial Report referenced above for
more detailed information. Questions concerning either Comprehensive
Annual Financial Report or PAFR can be addressed to Director of Finance
and Information Technology, 141 North Glendale Avenue, Suite 346,
Glendale, CA 91206.
Property Tax Rate 1.0836%Net Position $1.7 billion
Unemployment Rate 10.2%Population 203,834
Current Ratio 7.8 times Median Age 41.9
Debt Ratio 42.2%School Enrollment 40,137
Total Assets $2.7 billion Percent High School Graduate or Higher 87.2%
Deferred Outflows of
Resources $95.3 million Per Capita Personal
Income $36,205
Total Liabilities $1.2 billion Total Personal Income $7.4 billion
Deferred Inflows of
Resources $5.1 million Adopted Annual Budget
FY 2020-21 $906.8 million
City Website www.glendaleca.gov City Address 613 E Broadway
Glendale, CA 91206
CITY BY THE NUMBERS
3
ECONOMIC OUTLOOK & FINANCIAL HIGHLIGHTS
The Local Government Finance
The past year and a half has been one of the most challenging periods of
time in recent history for many cities in our nation, including Glendale. The
persistence of the COVID-19 pandemic has continued to impact the forecast
of the City’s financial standing. Fortunately, several factors have allowed the
City to be able to weather the storm, such as the implementation of a hiring
freeze, departmental budget reductions, the continued strength of revenues
not impacted by the pandemic, and the passage of the Coronavirus State
and Local Fiscal Recovery Funds (SLFRF) based on the American Rescue
Plan Act (ARPA).
Employment
In December 2019, the Glendale unemployment rate measured 3.9%.
Due to economic impact of the COVID-19 pandemic that started in March
2020, Glendale’s unemployment peaked in May 2020, recording a 21.7%
unemployment rate. The unemployment rate has declined since the peak
and recorded 10.2% in August 2021. As of August 2021, the Glendale labor
force includes 102,600 residents (16 years of age or over), a decline of 2.8%
from December 2019. It is important to note that the decline in labor force,
reflecting the number of residents who have left the labor force, also impacts
the slow recovery resulting from the COVID-19 pandemic.
Top seven Glendale industries Employment
1.Healthcare 20,627
2.Professional Services 14,383
3.Retail 14,372
4.Public Administration /
Educational Service 11,232
5.Eating & Dining 8,804
6.Information 7,905
7.Finance 7,655
Housing
Based on the “2020 Annual Report” issued by the Los Angeles Office of the Assessor, Glendale experienced a net taxable
property value increase of 4.7%. According to the City’s property tax consultant, HdL, Glendale’s single-family housing market
increased in sales volume and in average home price, from $1,002,551 in FY 2019-20 to $1,208,552 in FY 2020-21. The
condominium sales also showed an increase in sales volume and in average price, rising from $559,551 in FY 2019-20 to
$600,268 for FY 2020-21.
FINANCIAL HIGHLIGHTS
(In Thousands)
The City’s net position or net worth as
of June 2021 is $1,668,404. The largest
portion of the City’s net position is net
investment in capital assets in the
amount of $1,345,030. The City uses
these capital assets to provide services
to citizens; consequently, these assets
are not available for future spending.
Although the City’s net investment in
its capital assets is reported as 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.
2021 2020 2019
Current and other assets $ 1,145,775 1,091,088 1,054,641
Capital assets 1,584,899 1,599,447 1,582,381
Deferred outflows of resources 95,283 85,992 107,026 Total assets and deferred outflows of resources 2,825,957 2,776,527 2,744,048
Current liabilities 114,655 97,379 108,012
Noncurrent liabilities 1,037,756 991,897 960,782
Deferred inflows of resources 5,142 17,696 21,028 Total liabilities and deferred inflows of resources 1,157,553 1,106,972 1,089,822
Net investment in capital assets 1,345,030 1,355,534 1,319,231
Restricted 297,769 264,089 181,423
Unrestricted 25,605 49,932 153,572
Total net position $ 1,668,404 1,669,555 1,654,226
Statement of Net Position
As of June 30,
4
FINANCIAL HIGHLIGHTS (CONTINUED)
GENERAL FUND AVAILABLE RESOURCES
(In Thousands)
(In Thousands)
The statement of activities presents
information showing how the
government’s net position changed
during the recent fiscal year. As of
FY 2020-21, the City’s total net position
decreased by $1,151, primarily due
to decrease in the fair market value
of investments (GASB 31) and the
allocation of the net loss from the
internal service funds.
The General Fund is the
chief operating fund of
the City. At the end of the
current fiscal year, the
General Fund revenues
exceeded its expenditures
by $15,480.
*A prior period adjustment of $3,199 was made
to increase the beginning net position of the
Electric Fund and business-type activities in
FY 2019-20.
*A prior period adjustment
of $10,844 was made to
increase the beginning fund
balance of the General Fund
in FY 2019-20.
2021 2020 2019
Revenues:
Charges for services $ 394,529 391,185 391,053 Operating and capital grant and contributions 112,746 101,373 76,246
Taxes 184,704 171,850 170,233
Investment income and other 25,856 38,416 54,275
Reinstatement of loans - - 323
Special item - - 10,667
Total Revenues 717,835 702,824 702,797
Expenses:
Governmental 383,940 376,415 344,368
Business-type 335,046 314,279 299,282
Total Expenses 718,986 690,694 643,650
Changes in net position (1,151) 12,130 59,147
Net position, July 1* 1,669,555 1,657,425 1,595,079
Total net position, June 30 $ 1,668,404 1,669,555 1,654,226
General Fund FY2021 FY2020 FY2019
Nonspendable $ 2,071 8,451 293
Restricted:
City Charter - Article XI Sec. 15 gen. reserve (A) 35,869 32,584 30,769
Pension Stabilization 39,805 35,145 29,426
Assigned Fund Balance 20,162 6,988 7,252
Unassigned Fund Balance (B) 50,066 49,325 57,534
Total Fund Balance* 147,973 132,493 125,274
Sum of Charter and Unassigned Fund Balance (A + B) 85,935 81,909 88,303
Original Adopted Budget (C) $ 250,480 243,316 227,784
Reserve Ratio ((A + B) ÷ C) 34.3% 33.7% 38.8%
2021 2020 2019
Revenues:
Charges for services $ 394,529 391,185 391,053 Operating and capital grant and contributions 112,746 101,373 76,246
Taxes 184,704 171,850 170,233
Investment income and other 25,856 38,416 54,275
Reinstatement of loans - - 323
Special item - - 10,667
Total Revenues 717,835 702,824 702,797
Expenses:
Governmental 383,940 376,415 344,368
Business-type 335,046 314,279 299,282
Total Expenses 718,986 690,694 643,650
Changes in net position (1,151) 12,130 59,147
Net position, July 1* 1,669,555 1,657,425 1,595,079
Total net position, June 30 $ 1,668,404 1,669,555 1,654,226
General Fund FY2021 FY2020 FY2019
Nonspendable $ 2,071 8,451 293
Restricted:
City Charter - Article XI Sec. 15 gen. reserve (A) 35,869 32,584 30,769
Pension Stabilization 39,805 35,145 29,426
Assigned Fund Balance 20,162 6,988 7,252
Unassigned Fund Balance (B) 50,066 49,325 57,534
Total Fund Balance* 147,973 132,493 125,274
Sum of Charter and Unassigned Fund Balance (A + B) 85,935 81,909 88,303
Original Adopted Budget (C) $ 250,480 243,316 227,784
Reserve Ratio ((A + B) ÷ C) 34.3% 33.7% 38.8%
Statement ActivitiesFor the Year Ended June 30
General Fund Reserve Ratio
5
GENERAL FUND REVENUES
(In Thousands)
1% Property Tax Breakdown
Property tax is the General Fund’s largest revenue source.
Personal property in California is subject to a basic levy
equal to 1% of assessed value. The California Constitution,
after passage of Proposition 13 in 1978, fixed valuations of
real property at 1975 levels, with a maximum adjustment
of 2% per year based on inflation. When a change of
ownership or new construction occurs, the property is
re-assessed to its current value. Subsequent legislation
allowed for tax levies above the 1% Proposition 13 tax rate,
but only if the levy was approved by a two-thirds vote.
0.36 Los Angeles County
0.20 School District
0.16 Educational Augmentation Fund Impound
0.14 Tax District #1 (City Share)
0.07 Educational Revenue Augmentation Fund
0.04 Community College District
0.03 Other
Compared to prior fiscal year, the City’s General Fund
Revenues increased $20,657 during the current fiscal
year, primarily due to increases in property taxes and sales
tax. Growth in home values and strong real estate market
attributed to the increase in property taxes, while continued
shift to online purchases as well as some financial recovery
in major industries attributed to the increase in sales tax.
Revenue by Source FY2020FY2021 FY2019
6
GENERAL FUND REVENUES (CONTINUED)
Glendale Sales Tax is 10.25%
Effective 04/01/2019
0.25% - Homeless Services (Measure H)0.25% - County-wide Transportation0.50% - County Health/Welfare
0.50% - Public Safety Augmentation Fund (Prop 172)
0.75% - Glendale Essential City Services Transactions & Use Tax (Measure S)
1.00% - Glendale Allocation (Bradley-Burns)
2.00% - L.A. County Transportation (includes Prop A, Prop C, Measure R,
and Measure M Funds)
1.06% - County Corrections
3.94% - State General Fund
The California Department of Tax and Fee Administration administers local taxes under the Bradley-Burns Uniform Local Sales
and Use Tax Law and district taxes under the Transactions and Use Tax Law. Further information may be obtained at
http://californiacityfinance.com and http://www.cdtfa.ca.gov.
Utility Users Tax Breakdown
Sales Tax Breakdown
1 In 2009 Glendale voters approved a rate reduction for Telecommunications and Video (reduced from 7% to 6.5%).
Glendale
Telecommunications 6.50%
Video (Cable)1 6.50%
Electricity 7.00%
Water 7.00%
Gas 7.00%
7
GENERAL FUND EXPENDITURES & MEASURE S
(In Thousands)
Expenditures by Function FY2021 FY2020 FY2019
General government $ 20,517 21,800 18,980
Police 91,507 87,920 86,265
Fire 59,829 59,419 58,665
Public works 13,903 14,629 14,481 Housing, health and community development 18,874 16,068 16,874
Parks, recreation and community services 15,220 16,132 12,157
Library 10,546 10,582 10,587
Capital 192 376 808
Transfers to other funds 1,585 3,695 9,619
Total Expenditures $ 232,173 230,621 228,436
Adopted Revised Actuals
FY 2021 FY 2021* FY 2021
Revenues $ 22,170 24,075 27,440
Appropriations:
Housing 12,695 24,503 2,578
Infrastructure 750 4,166 150
Recreation 1,832 1,872 540
Economic Recovery 3,400 3,136 1,896
Other Items - 200 74
Total Appropriations $ 18,677 33,877 5,238
Beginning Balance, 07/01/2020 $ 14,249
FY 2020-21 Surplus 22,202
Ending Balance, 06/30/2021 36,451
Carryovers into FY 2021-22 (24,324)
Adjusted Ending Balance 06/30/2021 $ 12,127
Expenditures by Function FY2021 FY2020 FY2019
General government $ 20,517 21,800 18,980
Police 91,507 87,920 86,265
Fire 59,829 59,419 58,665
Public works 13,903 14,629 14,481 Housing, health and community development 18,874 16,068 16,874
Parks, recreation and community services 15,220 16,132 12,157
Library 10,546 10,582 10,587
Capital 192 376 808
Transfers to other funds 1,585 3,695 9,619
Total Expenditures $ 232,173 230,621 228,436
Adopted Revised Actuals
FY 2021 FY 2021* FY 2021
Revenues $ 22,170 24,075 27,440
Appropriations:
Housing 12,695 24,503 2,578
Infrastructure 750 4,166 150
Recreation 1,832 1,872 540
Economic Recovery 3,400 3,136 1,896
Other Items - 200 74
Total Appropriations $ 18,677 33,877 5,238
Beginning Balance, 07/01/2020 $ 14,249
FY 2020-21 Surplus 22,202
Ending Balance, 06/30/2021 36,451
Carryovers into FY 2021-22 (24,324)
Adjusted Ending Balance 06/30/2021 $ 12,127
Measure S Resources and Appropriations
Measure S Balance
On November 6, 2018, Glendale voters approved
Glendale Quality of Life and Essential Services
Protection Measure, or Measure S, which
enacted general sales tax of 0.75%. Every
dollar raised by Measure S is used in Glendale
on affordable housing, infrastructure, and local
essential services for Glendale residents.
The Measure S balance as of July 1, 2020 was
$14,249. With the FY 2020-21 revenues received
in the amount of $27,440 and expenditures
recorded in the amount of $5,238, there is a
surplus of $22,202, bringing the ending balance
to $36,451 as of June 30, 2021. Accounting for
the $24,324 in carryovers into FY 2021-22, brings
the total adjusted ending balance to $12,127.
*The Revised FY 2020-21 amounts include carryovers from FY 2019-20.
Expenditures by Function FY2021 FY2020 FY2019
General government $ 20,517 21,800 18,980
Police 91,507 87,920 86,265
Fire 59,829 59,419 58,665
Public works 13,903 14,629 14,481 Housing, health and community development 18,874 16,068 16,874
Parks, recreation and community services 15,220 16,132 12,157
Library 10,546 10,582 10,587
Capital 192 376 808
Transfers to other funds 1,585 3,695 9,619
Total Expenditures $ 232,173 230,621 228,436 Adopted Revised Actuals
FY 2021 FY 2021* FY 2021
Revenues $ 22,170 24,075 27,440
Appropriations:
Housing 12,695 24,503 2,578
Infrastructure 750 4,166 150
Recreation 1,832 1,872 540 Economic Recovery 3,400 3,136 1,896
Other Items - 200 74
Total Appropriations $ 18,677 33,877 5,238
Beginning Balance, 07/01/2020 $ 14,249
FY 2020-21 Surplus 22,202
Ending Balance, 06/30/2021 36,451
Carryovers into FY 2021-22 (24,324)
Adjusted Ending Balance 06/30/2021 $ 12,127
General Fund Expenditures
(In Thousands)
Overall, General Fund expenditures increased
by $1,552 in FY 2021 compared to the prior
year mainly driven by increases in workers’
compensation rates and the required PERS
employer contribution.
8
ENTERPRISE FUNDS
(In Thousands)
FY2019
Operating revenues $ 345,174 328,015 321,016
Operating expenses 317,170 302,549 295,338
Operating income (loss) 28,004 25,466 25,678
Nonoperating revenues (expenses) (7,046) 8,343 6,967 Income before capital grants and contributions and transfers 20,958 33,809 32,645
Capital grants and contributions - - 8
Transfer In - 1,000 -
Transfer out (18,653) (20,503) (20,172)
Change in net position 2,305 14,306 12,481
Net position, July 1* 727,671* 716,503* 700,823
Net position, June 30 $ 729,976 730,809 713,304
Current and other assets $ 490,466 475,736 449,746
Capital assets 589,076 603,674 619,941
Deferred outflows of resources 20,495 17,227 22,788 Total assets and deferred outflows of resources 1,100,037 1,096,637 1,092,475
Current liabilities 38,872 34,393 44,607
Noncurrent liabilities 329,826 328,978 331,704
Deferred inflows of resources 1,363 2,457 2,860 Total liabilities and deferred outflows of resources 370,061 365,828 379,171
Net investment in capital assets 378,683 387,699 387,043
Restricted 24,031 14,375 5,669
Unrestricted 327,262 328,735 320,592
Total net position $ 729,976 730,809 713,304
Operating revenues $ 345,174 328,015 321,016
Operating expenses 317,170 302,549 295,338
Operating income (loss) 28,004 25,466 25,678
Nonoperating revenues (expenses) (7,046) 8,343 6,967 Income before capital grants and contributions and transfers 20,958 33,809 32,645
Capital grants and contributions - - 8
Transfer In - 1,000 -
Transfer out (18,653) (20,503) (20,172)
Change in net position 2,305 14,306 12,481
Net position, July 1* 727,671* 716,503* 700,823
Net position, June 30 $ 729,976 730,809 713,304
Current and other assets $ 490,466 475,736 449,746
Capital assets 589,076 603,674 619,941
Deferred outflows of resources 20,495 17,227 22,788 Total assets and deferred outflows of resources 1,100,037 1,096,637 1,092,475
Current liabilities 38,872 34,393 44,607
Noncurrent liabilities 329,826 328,978 331,704
Deferred inflows of resources 1,363 2,457 2,860 Total liabilities and deferred outflows of resources 370,061 365,828 379,171
Net investment in capital assets 378,683 387,699 387,043
Restricted 24,031 14,375 5,669
Unrestricted 327,262 328,735 320,592
Total net position $ 729,976 730,809 713,304
Statement of Revenues, Expenses
and Changes in Net Position
Statement of Net Position
FY2021
FY2021
FY2020
FY2020
FY2019
FY2019
Enterprise funds are used to account for a
government’s ongoing programs and activities
which are similar to those often found in the
private sector. The City uses enterprise
funds to account for its refuse disposal, fire
communications, fiber optics, sewer, electric
and water operations.
At the end of the year, net position was
composed of $220,065 for the Sewer Fund,
$343,451 for the Electric Fund, $129,221
for the Water Fund, and $37,239 for the
nonmajor enterprise funds. Operating
revenues increased during the current
fiscal year mainly due to increase in water
and electric retail sales. Conversely, the
City experienced a net of nonoperating
expenses during the current fiscal year as a
result of decrease in the fair market value of
investments (GASB 31).
*A prior period adjustment of $3,199 was made to increase the beginning net
position of the Electric Fund and business-type activities in FY 2019-20.
*A prior period adjustment of $3,138 was made to decrease the beginning net
position of the business-type activities (Electric Fund $2,398 and Water Fund
$740) in FY 2020-21.
9
CAPITAL ASSET & CASH & DEBT
(In Thousands)
The City’s investment in capital assets for its governmental and business-type activities as of June 30, 2021, amounts to
$1,584,899 (net of $1,022,705 accumulated depreciation, $13,770 accumulated gas depletion and $60,576 accumulated
amortization). This investment in capital assets includes land, natural gas reserve, buildings and improvements, machinery
and equipment, infrastructure, intangible assets, and construction in progress.
Major capital asset events during the current fiscal year includes the following:
• The following capital improvement projects contributing to the capital assets increased in government wide: $1,657
for Beeline Maintenance and Operation Facility, $1,453 for Colorado Street and Columbus Avenue Rehabilitation,
$1,821 for Glendale Train Station 1st/Last Mile Regional Improvement, and $2,122 for Verdugo Road Safety and
Traffic Signal Improvement.
• The following projects contributed to the increase in the intangible assets in the Sewer Fund: $1,535 for Los
Angeles-Glendale Water Reclamation Plant and $2,450 for Hyperion Wastewater System. The City is upgrading
the Los Angeles – Glendale Water Reclamation Plant and Hyperion Wastewater Treatment Plant and Conveyance
System Facilities to meet federal and state mandates.
FY2021 FY2020 FY2021 FY2020 FY2021 FY2020
Land $ 447,259 447,259 9,557 9,557 456,816 456,816
Natural gas reserve - - 22,166 22,163 22,166 22,163
Buildings and improvements 458,769 423,943 317,943 309,751 776,712 733,694 Machinery and equipment 148,419 138,471 593,524 584,113 741,943 722,584
Infrastructure 358,326 344,782 173,740 162,341 532,066 507,123
Construction in progress 16,725 48,031 13,007 32,244 29,732 80,275
Intangible assets 7,304 7,122 115,211 112,761 122,515 119,883
Total capital assets 1,436,802 1,409,608 1,245,148 1,232,930 2,681,950 2,642,538
Less: Accumulated depreciation (438,779) (412,502) (583,926) (561,054) (1,022,705) (973,556)
Less: Accumulated gas depletion - - (13,770) (12,978) (13,770) (12,978) Less: Accumulated amortization (2,200) (1,333) (58,376) (55,224) (60,576) (56,557)
Net of depreciation, depletion, and amortization $ 995,823 995,773 589,076 603,674 1,584,899 1,599,447
Remaining Maturity
Total
12 Months
or Less
13 to 24
Months
25 to 60
Months
More than
60 Months
$ 840,089 443,545 151,004 243,142 2,398
100% 52.8% 18.0% 28.9% 0.3%
FY2021 FY2020
HUD Section 108 loan $ - 474
Revenue Bonds 245,018 256,803
Total long-term debt and liabilities $ 245,018 257,277
Governmental Activities Business-typeActivities Total
FY2021 FY2020 FY2021 FY2020 FY2021 FY2020
Land $ 447,259 447,259 9,557 9,557 456,816 456,816
Natural gas reserve - - 22,166 22,163 22,166 22,163
Buildings and improvements 458,769 423,943 317,943 309,751 776,712 733,694
Machinery and equipment 148,419 138,471 593,524 584,113 741,943 722,584
Infrastructure 358,326 344,782 173,740 162,341 532,066 507,123
Construction in progress 16,725 48,031 13,007 32,244 29,732 80,275
Intangible assets 7,304 7,122 115,211 112,761 122,515 119,883
Total capital assets 1,436,802 1,409,608 1,245,148 1,232,930 2,681,950 2,642,538
Less: Accumulated depreciation (438,779) (412,502) (583,926) (561,054) (1,022,705) (973,556)
Less: Accumulated gas depletion - - (13,770) (12,978) (13,770) (12,978)
Less: Accumulated amortization (2,200) (1,333) (58,376) (55,224) (60,576) (56,557) Net of depreciation, depletion, and amortization $ 995,823 995,773 589,076 603,674 1,584,899 1,599,447
Remaining Maturity
Total 12 Months or Less 13 to 24 Months 25 to 60 Months More than 60 Months
$ 840,089 443,545 151,004 243,142 2,398
100% 52.8% 18.0% 28.9% 0.3%
FY2021 FY2020
HUD Section 108 loan $ - 474
Revenue Bonds 245,018 256,803
Total long-term debt and liabilities $ 245,018 257,277
FY2021 FY2020
HUD Section 108 loan $ - 474
Revenue Bonds 245,018 256,803
Total long-term debt and liabilities $ 245,018 257,277
City’s Investments (as of June 30, 2021)
Long-Term Debt
CASH MANAGEMENT (In Thousands)
To obtain flexibility in cash management, the City employs
a pooled cash system. Under the City’s pooling concept, all
available cash is invested daily in various securities, while still
maintaining reasonable liquidity to meet maturing obligations
and maximizing return through the use of competitive rate
comparisons from various investment sources.
LONG-TERM DEBT (In Thousands)
At June 30, 2021, the City’s total outstanding long-term debt is
$245,018 a decrease of $12,259 or 4.8%. The decrease was
mainly due to regular annual debt retirements.
GLENDALECITYHALLGLENDALECITYHALL
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INCORPORATED1906
Popular Annual Financial Report
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OUTSTANDING ACHIEVEMENT AWARD
The Government Finance Officers Association of the United States and Canada (GFOA) has given an
Award for Outstanding Achievement in Popular Annual Financial Reporting to the City of Glendale for
its Popular Annual Financial Report for the fiscal year ended June 30, 2020. The Award for Outstanding
Achievement in Popular Annual Financial Reporting is a prestigious national award recognizing
conformance with the highest standards for preparation of state and local government popular reports.
In order to receive an Award for Outstanding Achievement in Popular Annual Financial Reporting, a
government unit must publish a Popular Annual Financial Report, whose contents conform to program
standards of creativity, presentation, understandability and reader appeal.
An Award for Outstanding Achievement in Popular Annual Financial Reporting is valid for a period of one
year only. City of Glendale has received a Popular Award for the last ten consecutive years. We believe our
current report continues to conform to the Popular Annual Financial Reporting requirements,
as we prepare for its submission to GFOA.
Government Finance Officers Association
Award for Outstanding Achievement in Popular Annual Financial Reporting
Presented to
City of Glendale
California
For its Annual Financial Report for the Fiscal Year Ended June 30, 2020
Executive Director/CEO