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CITY OF PALM DESERT
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2020
TABLE OF CONTENTS
Page
Number
INTRODUCTORY SECTION
Letter of Transmittal ................................................................................................................................. i
GFOA Certificate of Achievement for Excellence in Financial Reporting ............................................... v
List of Principal Officials ......................................................................................................................... vi
Organizational Chart ............................................................................................................................. vii
FINANCIAL SECTION
INDEPENDENT AUDITORS’ REPORT .................................................................................................. 1
MANAGEMENT’S DISCUSSION AND ANALYSIS ................................................................................ 5
BASIC FINANCIAL STATEMENTS
Statement of Net Position ............................................................................................................... 17
Statement of Activities .................................................................................................................... 18
Balance Sheet – Governmental Funds .......................................................................................... 22
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Position ................................................................................................. 25
Statement of Revenues, Expenditures and Changes in
Fund Balances – Governmental Funds ....................................................................................... 26
Reconciliation of the Statement of Revenues, Expenditures
and Changes in Fund Balances of Governmental Funds to
the Statement of Activities ........................................................................................................... 29
Statement of Net Position – Proprietary Funds .............................................................................. 30
Statement of Revenues, Expenses and Changes in Fund
Net Position – Proprietary Funds ................................................................................................ 31
Statement of Cash Flows – Proprietary Funds ............................................................................... 32
Statement of Fiduciary Net Position – Fiduciary Funds ................................................................. 33
Statement of Changes in Fiduciary Net Position – Fiduciary Funds .............................................. 34
Notes to Basic Financial Statements .............................................................................................. 35
CITY OF PALM DESERT
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2020
TABLE OF CONTENTS
Page
Number
REQUIRED SUPPLEMENTARY INFORMATION
Miscellaneous Plan – Agent Multiple-Employer Schedule of Changes
in Net Pension Liability and Related Ratios ............................................................................. 96
Miscellaneous Plan- Agent Multiple – Employer Schedule of Plan Contributions ......................... 97
Schedule of Changes in the Net OPEB Liability/(Asset) and Related Ratios ................................ 98
Schedule of Plan Contributions – OPEB ........................................................................................ 99
Budgetary Comparison Schedule by Department – General Fund .............................................. 100
Budgetary Comparison Schedule – Measure A ........................................................................... 102
Budgetary Comparison Schedule – Prop A Fire Tax ................................................................... 103
Budgetary Comparison Schedule –Housing Asset Fund ............................................................. 104
Budgetary Comparison Schedule – Housing Authority ................................................................ 105
Notes to Required Supplementary Information ............................................................................ 106
SUPPLEMENTARY SCHEDULES
Combining Balance Sheet – Other Governmental Funds ............................................................ 108
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances – Other Governmental Funds .............................................................................. 109
Other Governmental Funds – Special Revenue Funds ............................................................... 111
Combining Balance Sheet – Other Special Revenue Funds ....................................................... 114
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances – Other Special Revenue Funds ................................................................... 120
Budgetary Comparison Schedules – Special Revenue Funds:
Traffic Safety .......................................................................................................................... 125
Gas Tax .................................................................................................................................. 126
Housing Mitigation Fees......................................................................................................... 127
Community Development Block Grant ................................................................................... 128
Child Care Program ............................................................................................................... 129
Public Safety Police Grants ................................................................................................... 130
New Construction Tax ............................................................................................................ 131
Planned Drainage .................................................................................................................. 132
Parks and Recreational Facilities ........................................................................................... 133
Traffic Signals ........................................................................................................................ 134
CITY OF PALM DESERT
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2020
TABLE OF CONTENTS
Page
Number
Fire Facilities Restoration ...................................................................................................... 135
Recycling ................................................................................................................................ 136
Energy Independence Loan ................................................................................................... 137
Air Quality Management......................................................................................................... 138
Aquatic Center ....................................................................................................................... 139
Cannabis Compliance ............................................................................................................ 140
El Paseo Assessment District ................................................................................................ 141
Landscape and Lighting Districts Nos. 1-17 .......................................................................... 142
Affordable Housing Fund ....................................................................................................... 143
Other Governmental Funds – Capital Projects ............................................................................. 145
Combining Balance Sheet – Other Capital Projects Funds ......................................................... 146
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances – Other Capital Projects Funds ..................................................................... 150
Budgetary Comparison Schedules – Capital Project Funds:
Capital Properties ................................................................................................................... 154
Capital Projects Reserve........................................................................................................ 155
Drainage Facilities .................................................................................................................. 156
Economic Development ......................................................................................................... 157
Parks and Recreational Facilities ........................................................................................... 158
Art in Public Places ................................................................................................................ 159
Signalization ........................................................................................................................... 160
Capital Golf ............................................................................................................................ 161
Buildings ................................................................................................................................. 162
Other Governmental Funds – Debt Service Funds ...................................................................... 163
Balance Sheet – Other Debt Service Fund .................................................................................. 164
Statement of Revenues, Expenditures and Changes in
Fund Balances – Other Debt Service Fund ........................................................................... 165
Budgetary Comparison Schedule – Debt Service Fund:
City Highland Undergrounding ............................................................................................... 166
Internal Service Funds .................................................................................................................. 167
Combining Statement of Net Position – Internal Service Funds .................................................. 168
Combining Statement of Revenues, Expenses and Changes
In Fund Net Position – Internal Service Fund ........................................................................ 169
Combining Statement of Cash Flows – Internal Service Funds ................................................... 170
CITY OF PALM DESERT
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2020
TABLE OF CONTENTS
Page
Number
Agency Funds ............................................................................................................................... 171
Combining Statement of Assets and Liabilities – All Agency Funds ............................................ 173
Combining Statement of Changes in Assets and
Liabilities – All Agency Funds ................................................................................................ 174
STATISTICAL SECTION
Description of Statistical Section ......................................................................................................... 177
Financial Trends:
Net Position by Component .......................................................................................................... 179
Changes in Net Position ............................................................................................................... 180
Fund Balances of Governmental Funds ....................................................................................... 183
Changes in Fund Balances of Governmental Funds .................................................................... 184
Graphs – Changes in Fund Balances of Governmental Funds .................................................... 185
Supplemental Historical General Fund Revenues ....................................................................... 186
Supplemental Graph – Historical General Fund Revenues ......................................................... 187
Supplemental Historical General Fund Expenditures ................................................................... 188
Supplemental Graph – Historical General Fund Expenditures .................................................... 189
Supplemental Historical General Revenue and Expenditures Per Capita ................................... 191
Revenue Capacity:
Assessed Value and Estimated Actual Value of Taxable Property .............................................. 192
Historical Net Assessed Taxable Values Citywide and
Graph – Assessed Valuation Growth ........................................................................................ 193
Supplemental FY 2020 and 2019 Breakdown of Basic 1% Property
Tax Rate Not In Redevelopment Project Area .......................................................................... 194
Property Tax Rates Direct and Overlapping Property Tax Rates ................................................ 195
Principal Property Taxpayers ....................................................................................................... 196
Property Tax Levies and Collections ............................................................................................ 197
Supplemental Top 25 Sales Tax Generators and
Graph – Historical Sales Tax Trends ........................................................................................ 198
Debt Capacity:
Ratios of Outstanding Debt by Type............................................................................................. 199
Ratios of General Bonded Debt Outstanding ............................................................................... 200
Supplemental Special Assessment Information ........................................................................... 201
Direct and Overlapping Government Activities Debt .................................................................... 202
Legal Debt Margin Information ..................................................................................................... 203
Pledged-Revenue Coverage ........................................................................................................ 204
Demographic and Economic Information:
Demographic and Economic Statistics ......................................................................................... 205
CITY OF PALM DESERT
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2020
TABLE OF CONTENTS
Page
Number
Principal Employers ...................................................................................................................... 206
Supplemental Miscellaneous Statistics ........................................................................................ 207
Operating Information:
Full-Time Equivalent City Government Employees by Function/Program ................................... 208
Operating Indicators by Function/Program ................................................................................... 209
Capital Asset Statistics by Function/Program .............................................................................. 210
SUPPLEMENTAL REDEVELOPMENT AGENCY STATISTICAL SECTION
Redevelopment Agency Project Areas Map ................................................................................. 212
Tax Allocation Bond Issue Information ......................................................................................... 213
Historical Tax Increment – Redevelopment Property
Tax Trust Fund Summary ...................................................................................................... 214
December 16, 2020
Residents of Palm Desert,
Honorable Mayor and Members of the City Council
The Finance Department is pleased to present the Comprehensive Annual Financial Report (CAFR) of the City
of Palm Desert for the fiscal year ended June 30, 2020.
The financial statements are prepared in accordance with generally accepted accounting principles (GAAP) and
the Governmental Accounting Standards Board (GASB). We believe the data, as presented, is accurate in all
material respects and is presented in a manner that fairly represents the financial position and changes in financial
position of the City as measured by the financial activity of each of its funds. We also believe that all disclosures
necessary to enable the reader to fully understand the City's financial activities have been presented.
Responsibility for the accuracy, completeness and reliability of the information contained in this report rests with
the City.
The City of Palm Desert conducts an annual audit, which is performed by an independent certified public
accountant. The independent audit of the City’s financial statements for fiscal year ended June 30, 2020 was
conducted by Lance Soll & Lunghard, LLP. The auditor’s unmodified opinion on the basic financial statements
is included in the Financial Section of this report. This is the most favorable opinion.
As part of the City’s annual audit engagement, the auditors reviewed the City’s internal control structure as well
as compliance with applicable laws and regulations. Because the cost of internal control should not exceed
anticipated benefits, the objective is to provide reasonable, rather than absolute assurance, that the financial
statements are free of any material misstatements. The results of the City’s annual audit for fiscal year ended June
30, 2020 provided no instances of material weaknesses in connection with the internal control structure or
significant violations of applicable laws and regulations.
As recipients of federal, state and county financial resources, the City may be required to undergo an annual single
audit. However, for the fiscal year ended June 30, 2020, the City is not required to have a single audit performed.
Management’s discussion and analysis (MD&A) immediately follows the independent auditor’s report and
provides a narrative introduction, overview, and analysis of the basic financial statements. MD&A complements
this letter of transmittal and should be read in conjunction with it.
i
PROFILE OF THE CITY OF PALM DESERT
Located in Riverside County in the geographical center of the Coachella Valley, Palm Desert was incorporated
on November 26, 1973, as a General Law City. On November 4, 1997, voters overwhelmingly approved Measure
LL adopting a city charter.
Under the provisions of the charter, the City of Palm Desert has full authority over its own municipal affairs
including: bidding and contracting procedures; regulation of parks, libraries, and other facilities; certain fees;
imposition of taxes; municipal zoning; salaries of officials and employees; municipal utilities; and municipal
election procedures.
The City operates under a Council-Manager form of government. The City Council consists of five members
elected by the residents of the City. Council terms are four years and elections occur in November during even-
numbered years. Each December, the City Council selects the Mayor from among its members for a one-year
term. The City Council appoints the City Manager and the City Attorney.
The City operates as a “contract city,” primarily utilizing agreements with other governmental entities, private
firms, and individuals to provide many services. Contracted services include: police protection through the
County of Riverside; fire protection through Cal-Fire; animal control; road maintenance and construction
services; legal services; landscape maintenance; and recreation program services. Palm Desert is a member of the
California Joint Powers Insurance Authority that provides insurance coverage for the City. Waste and recycling
services are provided under a franchise agreement with Burrtec Waste and Recycling Services. The City provides
traditional municipal, public enterprise, and housing services as follows:
Municipal Services
Public improvements, infrastructure and maintenance
Public art and community promotion
Planning, zoning, building and engineering
Housing and community development
Code compliance
Economic development and business advocacy
Legislative, city clerk, visitor’s services, public
information, general administration, fiscal services,
human resources, and risk management
Building permitting, inspections and services
Public Enterprise Services
Golf course
Office complex
Internal service
Blended & Discrete Component Units
PD Housing Authority
PD Financing Authority
PD Recreational Facilities Corporation
The City maintains budgetary controls to ensure compliance with legal provisions embodied in the annual
appropriated budget approved by the City Council. Activities of the General, Special Revenue, Debt Service, and
Capital Project Funds are included in the annual appropriated budget. Budgetary amounts for Debt Service,
Capital Projects, and certain Special Revenue Funds are adopted annually; however, these budgets are considered
to be long-term in nature.
Palm Desert Civic Center
ii
The City also maintains an encumbrance accounting system of purchase orders and contracts at the fund level as
a means of accomplishing budgetary control. At each fiscal year end, open encumbrances are carried over to the
new fiscal year. Purchase orders are reviewed to ensure that funds are available and that requests are properly
authorized prior to being released to vendors.
The adopted budget for fiscal year 2019-2020 was prepared in accordance with accounting principles generally
accepted in the United States of America. As reflected in the statements and schedules included in the financial
section of this report, the City continues to meet its responsibility for sound financial management.
LOCAL ECONOMY
The City comprises an area of approximately 26 square miles and, as of January 1, 2020, has a population of
52,986 according to data provided by the California Department of Finance. In addition to permanent residents,
approximately 20,000 seasonal residents make Palm Desert their home for three to six months each year.
The City has cultivated a sound foundation of general fund revenues including sales tax, transient occupancy tax,
licenses and permits, property tax, and investment earnings. The City’s main revenue sources are transient
occupancy taxes and sales tax. Due to the timing of the City’s incorporation, in 1983, and the implementation of
Proposition 13, the City receives less than 7 percent of property taxes; therefore, the City relies heavily on sales
tax and transient occupancy tax.
As a community where economic, environmental, social, and cultural development flourishes, Palm Desert is a
much sought-after place to visit and reside. Palm Desert is the first city in Riverside County to create a public art
program and is home to numerous cultural attractions including: the McCallum Theatre for the Performing Arts,
a 1,127-seat theater that hosts a wide variety of A-list entertainers, touring theatrical productions and arts-related
educational programs; the Living Desert Zoo and Gardens, a 1,200-acre facility containing a wide array of plants
and animals from desert regions around the world; and the Palm Desert Art in Public Places program, a museum
without walls, featuring more than 150 works of art on permanent display throughout the city.
Palm Desert’s active, five-star accredited Chamber of Commerce has more than 1,125 members who work to
promote, support, and enhance business prosperity, civic vitality, and the quality of life within their community.
Noted for its extensive array of retail options, including the
world-famous upscale shopping destination of El Paseo,
Palm Desert is home to a variety of malls and retail centers
including Westfield Palm Desert, Desert Crossing, The
Gardens on El Paseo, and El Paseo Village.
The internationally acclaimed Desert Willow Golf Resort,
one of the nation’s premier municipal courses, boasts 36
holes of championship golf and stunning scenery in close
proximity to first-class hotel accommodations and fine
dining.
In addition to being the home of the Coachella Valley’s only community college, College of the Desert, Palm
Desert is the location of satellite campuses for both the University of California, Riverside, and California State
University, San Bernardino, the region’s only public, four-year university.
Desert Willow Golf Resort
iii
The State of California Employment Development Department Labor Market Information Division reported that
the City of Palm Desert had an unemployment rate of 17.2% compared to Riverside County, which had a rate of
14.7%. The City, as a resort destination, and its jurisdictional workforce, have been impacted greatly by the
extraordinary challenges caused by the worldwide COVID-19 pandemic and the State of California and County-
wide closures that began at the height of the tourist season. The unemployment rate in the City is understandably
higher than in areas that do not rely as heavily on tourism.
LONG-TERM FINANCIAL PLANNING
In June 2020, the City Council approved a total of $33.89 million in funding for various capital improvement
projects for the fiscal year of 2020-2021. Projects include resurfacing streets, sidewalk repairs and construction,
accessibility improvements, street widening, improving drainage areas, park improvements, and improvements
at Desert Willow Golf Resort and Parkview Office Complex.
Certificates of Awards for Outstanding Financial Reporting
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 Palm Desert for its comprehensive annual
financial report for the fiscal year ended June 30, 2019. This was the 23nd consecutive year that the City has
achieved this prestigious award. In order to receive the Certificate of Achievement, a government must publish
an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both
generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current comprehensive
annual financial report continues to meet the Certificate of Achievement Program’s requirements and we are
submitting it to the GFOA to determine its eligibility for another certificate.
Acknowledgments
The preparation of this report is attributable to the efficient and dedicated staff of the Finance Department who
are individually recognized on the title page. The Mayor and the City Council are credited for their support in
planning and conducting the operations of the City in a prudent, responsible and progressive manner. Recognition
is also given to all employees of the City of Palm Desert who continue to serve our community with commitment
and dedication throughout the year. Our greatest appreciation goes to you, the residents of Palm Desert, for your
continued support, input, and guidance in helping us serve you better, thus preserving our city’s quality of life
and reputation for innovation and leadership.
Respectfully submitted,
Randy Bynder Janet M. Moore
Interim City Manager Director of Finance
JLE:jle
iv
v
CITY OF PALM DESERT
List of Principal Officials
as of June 30, 2020
City Council - Manager Form of Government
CITY COUNCIL
GINA NESTANDE
Mayor
KATHLEEN KELLY
Mayor Pro-Tempore
JAN C. HARNIK
Council Member
SABBY JONATHAN
Council Member
SUSAN MARIE WEBER
Council Member
CITY ADMINISTRATION
RANDY BYNDER
Interim City Manager
City Attorney - Best, Best & Krieger, LLP Robert W. Hargreaves
Director of Finance/City Treasurer Janet M. Moore
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
RANDY BYNDER
Interim Executive Director
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viii
INDEPENDENT AUDITORS’ REPORT
To the Honorable Mayor and Members of the City Council
City of Palm Desert, California
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, the discretely presented component unit, each major fund, and the aggregate remaining fund
information of City of Palm Desert, California, (the City) as of and for the year ended June 30, 2020, 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.
203 N.Brea Blvd.,Suite 203 Brea CA 92821Lance, Soll & Lun hard, LLP Phone:714.672.0022
To the Honorable Mayor and Members of the City Council
City of Palm Desert, 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, the business-type activities, the discretely
presented component unit, each major fund, and the aggregate remaining fund information of the City of
Palm Desert, California, as of June 30, 2020, 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, measure a fund, prop
a fire tax fund, housing asset fund, housing authority fund, the schedule of changes in net pension liability
and related ratios, the schedules of employer contributions and the schedule of changes in net
OPEB liability/(asset) and related ratios on pages 98 and 99 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, budgetary 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
To the Honorable Mayor and Members of the City Council
City of Palm Desert, California
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
December 16, 2020, 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
December 16, 2020
3
4
CITY OF PALM DESERT
MANAGEMENT’S DISCUSSION AND ANALYSIS
Our discussion and analysis of the City of Palm Desert’s financial performance for the fiscal year ended
June 30, 2020 provides: a comparison of current year to prior year ending results based on the
government-wide financial statements; an analysis of the City’s overall financial position and results of
operations to assist users in evaluating the City’s financial position; a discussion of significant changes that
occurred in the funds; and significant budget variances. In addition, it describes the activities during the
year for capital assets and long-term debt. We end our discussion and analysis with a description of known
facts, decisions, and conditions that are expected to have a significant effect on the financial position or
results of operations. Please read it in conjunction with the transmittal letter and the City’s financial
statements.
FINANCIAL HIGHLIGHTS
The City’s total assets and deferred outflows exceeded its liabilities and deferred inflows by
$782.10 million (net position).
The City’s governmental activities net position decreased $13.29 million, and the net position of the
business-type activities decreased $0.60 million.
During the year, the City’s revenues were $93.22 million and expenses were $106.51 million in its
governmental activities, excluding transfers and special items, compared to fiscal year 2019, where
revenues were $101.84 million and expenses were $92.87 million.
In the City’s business-type activities, expenses were $0.60 million more than the $8.86 million
generated in golf course green fees, merchandise sales, rental income and other revenues
compared to the prior year, where business-type activities revenues were $1.24 million more than
its expenses.
The City’s governmental activities program revenues and general revenues decreased by
$8.62 million, while program expenses increased $13.64 million.
Business-type activities revenues decreased $1.95 million, from $10.81 million to $8.86 million.
Expenses decreased from the $9.57 million to $9.46 million.
The City kept its General Fund expenditures within spending limits by $2.64 million. The revenues
available for expenditures were under budget by $0.20 million.
USING THIS ANNUAL REPORT
This annual report consists of a series of financial statements. The Statement of Net Position and
Statement of Activities (on pages 17, 18 and 19) provide information about the activities of the City as a
whole and present a long-term view of the City’s finances. The fund financial statements start on page 22.
For governmental activities, these fund statements tell how these services were financed in the short term
as well as what remains for future spending. The fund financial statements also report the City’s operation
in more detail than the government-wide statements by providing information about the City’s most
significant funds and other funds. The remaining fiduciary fund statement provides financial information
about activities for which the City acts solely as a trustee or agent for the benefit of those outside of the
government.
5
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12
THE CITY’S FUNDS
On page 22, the governmental funds balance sheet is shown. The combined fund balance of
$305.11 million decreased $1.39 million from $306.50 million. This total includes the General Fund balance
of $92.88 million, which decreased by $0.16 million from the prior year. The City’s General Fund balance
has a nonspendable balance of $7.20 million, committed balance of $66.01 million, assigned balance of
$16.20 million, and $3.47 million of unassigned fund balance. The decrease in the General Fund’s balance
was due in part to the COVID-19 shutdown that reduced combined sales tax and transient occupancy tax
from $38.68 million in 2019 to $30.13 million in 2020, a reduction of $8.55 million. Other major fund balance
changes are noted below:
The Prop A Fire Tax Special Revenue Fund: The fund balance increased $1.92 million. The City
transferred $3 million to cover future shortage.
The Housing Asset Fund: The fund balance had an increase of $1.71 million. The increase was the
result of interest earnings from the loan advanced to the SARDA that received payment this year.
Measure A Special Revenue Fund: the fund balance decreased from $25.12 million to
$20.46 million. Several projects were started and completed totaling $8.54 million.
Housing Authority Fund: This fund had a minor increase of $0.49 million from $19.94 million to
$20.43 million.
Capital Properties Fund: The fund balance decreased $7.24 million from $69.07 million to
$61.83 million. The decrease was due to the capital project expenditures of $7.95 million exceeding
investment earnings of $0.71 million.
More detailed information about the combined fund balance reserves is presented in Note 12 to the financial
statements.
General Fund Budgetary Highlights
Based upon recommendations from the staff, the City Council revised the budget several times during the
year. Adjustments were made on a monthly basis as City staff requested additional appropriations to cover
the cost of projects that either had change orders for additional work, or were underestimated. At mid-year,
no adjustments were requested as department budgets met current demands. At year-end, budgets were
adjusted for unanticipated approved expenditures. All amendments that either increase or decrease
appropriations are approved by the City Council.
For the City’s General Fund, the actual ending revenues of $59.97 million were $0.20 million less than the
final budgeted revenues of $60.17 million. Sales and transient occupancy taxes continue to be the top two
revenue generators for the City, totaling $30.13 million or 50.24 percent of the total General Fund actual
revenues. The original budget was $60.67 million compared to the final budget of $60.17 million a decrease
of $0.50 million. The City was fortunate that the final budget was not lower due to the payment it received
from the State of California for advances from the former redevelopment agency.
The General Fund actual ending expenditures of $60.13 million were $2.64 million less than the final budget
of $62.77 million. There were changes in the original budget compared to the final budget during the year.
The original expenditure budget was $60.63 million compared to the final budget of $62.77 million, a
$2.14 million increase. During the year, the following represent the major change between original budget
and final budget; $1.4 million was appropriated to fund the tenant improvements for a new Palm Desert
iHUB and $2 million was appropriated to fund the City’s Invest Palm Desert now known as
Unite Palm Desert program, which, was later re-appropriated to help business during the COVID-19
pandemic.
13
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46
CITY OF PALM DESERT
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2020
Note 2: Cash and Investments (Continued)
Investments
Under provision of the City’s investment policy and in accordance with the California
Government Code, the following investments are authorized:
United States Treasury bills, notes, bonds or certificates of indebtedness
United States government-sponsored agency obligations, participations or other
instruments
California State and Local Agency Debt
Commercial Paper issued by general corporations
Negotiable Certificates of Deposits, issued by a nationally or state-chartered bank, a
savings association, a federal association or by a state-licensed branch of a foreign
bank
Time Certificates of Deposit issued by qualified public depositories.
Repurchase Agreements sold by authorized brokers
Medium-term Notes issued by corporations organized and operating in the
United States, or by depository institutions operating in the United States and licensed
by the United States or by any state
Money Market Mutual Funds that are registered with the SEC under the Investment
Act of 1940
State of California Local Agency Investment Fund (LAIF) that is managed by the
State Treasurer’s Office
Structured Notes in the form of callable securities or “STRIPS” issued by the
United States Treasury, Federal Agencies or government-sponsored enterprises
Local Government Investment Pools
GASB Statement No. 31
The City adopted GASB Statement No. 31, Accounting and Financial Reporting for Certain
Investments and for External Investment Pools, as of July 1, 1997. GASB Statement
No. 31 establishes fair value standards for investments in participating interest earning
investment contracts, external investment pools, equity securities, option contracts, stock
warrants and stock rights that have readily determinable fair values.
The City Treasurer is authorized under state and municipal law to invest in various types of
securities that meet specified credit quality standards, based upon credit risk ratings assigned
by Standard and Poors (S&P), Fitch, or by Moody’s Investor Services (Moody’s). Permissible
City investments include medium-term notes that are rated “A” or higher at time of purchase;
commercial paper that is rated “A-1” or the equivalent; money market mutual funds that are
rated “AAA”; and United States Government and Federal Agency securities (the quality of
United States Treasury securities is not analyzed since they are not deemed to have credit
risk).
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the
holder of the investment. This is measured by the assignment of a rating by a nationally
recognized statistical rating organization. Presented below is the minimum rating required,
when applicable, by the California Government Code, the City’s investment policy, or debt
agreements, and the rating by Standard and Poor’s, Fitch and Moody’s as of year-end for each
investment type.
47
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CITY OF PALM DESERT
SCHEDULE OF PLAN CONTRIBUTIONS - OPEB
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS (1)
2018 2019 2020
520,620$ 455,021$ $
(1,217,465) (2,211,778)
10,741,786$ 10,546,052$ $
11.33% 20.97%
Notes to Schedule:
Methods and assumptions used to determine contributions:
Change Since the Prior Valuation:
(1)Historical information is required only for the measurement periods for which GASB 75 is applicable. Fiscal Year 2018 was the first year of implementation.
Future years' information will be displayed up to 10 years as information becomes available.
See Notes to Required Supplementary Information 99
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CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
HOUSING AUTHORITY
YEAR ENDED JUNE 30, 2020
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 19,939,762$ 19,939,762$ 19,939,762$ -$
Resources (Inflows):
Rental income 6,754,584 6,754,584 7,012,791 258,207
Investment earnings 200,000 200,000 286,145 86,145
Miscellaneous - - 150,524 150,524
Amounts Available for Appropriations 26,894,346 26,894,346 27,389,222 494,876
Charges to Appropriation (Outflow):
Housing and redevelopment 11,124,905 11,124,905 6,693,092 4,431,813
Transfers out 351,876 351,876 268,510 83,366
Total Charges to Appropriations 11,476,781 11,476,781 6,961,602 4,515,179
Budgetary Fund Balance, June 30 15,417,565$ 15,417,565$ 20,427,620$ 5,010,055$
See Notes to Required Supplementary Information 105
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OLJKWLQJGLVWULFWVZKLFKZHUHIRUPHGWRSURYLGHODQGVFDSLQJDQGVWUHHWOLJKWLQJPDLQWHQDQFH,QGLYLGXDO
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112
113
CITY OF PALM DESERT
COMBINING BALANCE SHEET
OTHER SPECIAL REVENUE FUNDS
JUNE 30, 2020
ASSETS:
Pooled cash and investments -$ 4,218,598$ 3,494,035$ -$
Receivables:
Accounts - - - -
Loans - - - -
Interest - - - -
Allowance for interest on Successor Agency - - - -
Prepaid costs - - - -
Due from other governments 179 639,142 - 137,084
Inventories - - - -
Advances to Successor Agency - - - -
Allowance for Advances to Successor Agency - - - -
TOTAL ASSETS 179$ 4,857,740$ 3,494,035$ 137,084$
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
LIABILITIES:
Accounts payable -$ 1,008,924$ 4,375$ 84,997$
Accrued liabilities - - - -
Unearned revenues - - - -
Deposits payable - - - -
Due to other funds - - - 6,974
TOTAL LIABILITIES - 1,008,924 4,375
Unavailable revenues - - - -
Nonspendable:
Prepaid costs - - - -
Public safety - - - -
Street related purposes 179 3,848,816 - -
Low income housing - - 3,489,660 -
Public facilities - - - -
Special programs - - - 45,113
Aquatic center - - - -
Energy loan program - - - -
TOTAL FUND BALANCES 179 3,848,816 3,489,660
TOTAL LIABILITIES, DEFERRED INFLOWS
114
CITY OF PALM DESERT
COMBINING BALANCE SHEET
OTHER SPECIAL REVENUE FUNDS
JUNE 30, 2020
ASSETS:
Pooled cash and investments
Receivables:
Accounts
Loans
Interest
Allowance for interest on Successor Agency
Prepaid costs
Due from other governments
Inventories
Advances to Successor Agency
Allowance for Advances to Successor Agency
TOTAL ASSETS
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
LIABILITIES:
Accounts payable
Accrued liabilities
Unearned revenues
Deposits payable
Due to other funds
TOTAL LIABILITIES
Unavailable revenues
Nonspendable:
Prepaid costs
Public safety
Street related purposes
Low income housing
Public facilities
Special programs
Aquatic center
Energy loan program
TOTAL FUND BALANCES
1,479,284$ 160,420$ 1,537,963$ 725,964$
- - - -
- - - -
- - 149,112 -
- - (149,112) -
- - - -
- 25,000 - -
- - - -
- - 654,000 -
- - (654,000) -
-$ 9,075$ 7,697$ 61,954$
- - - -
- 163,046 - -
- - - -
- - - -
- 172,121 7,697
- - - -
- - - -
- 13,299 - -
- - - 664,010
- - - -
1,479,284 - 1,530,266 -
- - - -
- - - -
- - - -
1,479,284 13,299 1,530,266
115
CITY OF PALM DESERT
COMBINING BALANCE SHEET
OTHER SPECIAL REVENUE FUNDS
JUNE 30, 2020
ASSETS:
Pooled cash and investments
Receivables:
Accounts
Loans
Interest
Allowance for interest on Successor Agency
Prepaid costs
Due from other governments
Inventories
Advances to Successor Agency
Allowance for Advances to Successor Agency
TOTAL ASSETS
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
LIABILITIES:
Accounts payable
Accrued liabilities
Unearned revenues
Deposits payable
Due to other funds
TOTAL LIABILITIES
Unavailable revenues
Nonspendable:
Prepaid costs
Public safety
Street related purposes
Low income housing
Public facilities
Special programs
Aquatic center
Energy loan program
TOTAL FUND BALANCES
1,610,001$ 423,015$ 1,212,787$ 2,713,426$
- - - 55,233
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
21,554$ 5,963$ -$ 104,560$
- - - -
- - - 13,428
- - - -
- - - -
21,554 5,963 -
- - - -
- - - -
- - 1,212,787 -
- 417,052 - -
- - - -
1,588,447 - - -
- - - 2,650,671
- - - -
- - - -
1,588,447 417,052 1,212,787
116
CITY OF PALM DESERT
COMBINING BALANCE SHEET
OTHER SPECIAL REVENUE FUNDS
JUNE 30, 2020
ASSETS:
Pooled cash and investments
Receivables:
Accounts
Loans
Interest
Allowance for interest on Successor Agency
Prepaid costs
Due from other governments
Inventories
Advances to Successor Agency
Allowance for Advances to Successor Agency
TOTAL ASSETS
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
LIABILITIES:
Accounts payable
Accrued liabilities
Unearned revenues
Deposits payable
Due to other funds
TOTAL LIABILITIES
Unavailable revenues
Nonspendable:
Prepaid costs
Public safety
Street related purposes
Low income housing
Public facilities
Special programs
Aquatic center
Energy loan program
TOTAL FUND BALANCES
1,649,586$ 33,950$ 1,999,915$ 278,299$
- - 195,247 353,694
2,283,863 - - -
83,260 - - -
- - - -
- - - -
- 16,783 - -
- - 4,043 -
- - - -
- - - -
-$ 25,708$ 64,769$ -$
- - - -
- - - -
- - - 18,720
1,668,000 - - -
1,668,000 25,708 64,769
83,260 - - -
- - - -
- - - 613,273
- - - -
- - - -
- - - -
- 25,025 - -
- - 2,134,436 -
2,265,449 - - -
2,265,449 25,025 2,134,436
117
CITY OF PALM DESERT
COMBINING BALANCE SHEET
OTHER SPECIAL REVENUE FUNDS
JUNE 30, 2020
ASSETS:
Pooled cash and investments
Receivables:
Accounts
Loans
Interest
Allowance for interest on Successor Agency
Prepaid costs
Due from other governments
Inventories
Advances to Successor Agency
Allowance for Advances to Successor Agency
TOTAL ASSETS
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
LIABILITIES:
Accounts payable
Accrued liabilities
Unearned revenues
Deposits payable
Due to other funds
TOTAL LIABILITIES
Unavailable revenues
Nonspendable:
Prepaid costs
Public safety
Street related purposes
Low income housing
Public facilities
Special programs
Aquatic center
Energy loan program
TOTAL FUND BALANCES
61,323$ 3,957,622$ 5,329$ 25,561,517$
- - - 604,174
- - - 2,283,863
- - - 232,372
- - - (149,112)
38 - - 38
- 18,499 - 836,687
- - - 4,043
- - - 654,000
- - - (654,000)
15,611$ 58,582$ -$ 1,473,769$
- - 5,329 5,329
- - - 176,474
- - - 18,720
- - - 1,674,974
15,611 58,582 5,329
- - - 83,260
38 - - 38
- - - 1,839,359
- - - 4,930,057
- - - 3,489,660
- - - 4,597,997
45,712 3,917,539 - 6,684,060
- - - 2,134,436
- - - 2,265,449
45,750 3,917,539 -
118
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DESCRIPTION OF STATISTICAL SECTION CONTENTS
June 30, 2020
This part of the City of Palm Desert’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 city’s overall financial health.
Contents
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.
Revenue Capacity
These schedules contain information to help the reader assess the City’s most
significant local revenue source.
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 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.
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 preforms.
Sources: Unless otherwise noted, the information in theses schedules is derived from the comprehensive
annual financial reports for the relevant year, The City implemented GASB Statement 34 in 2001;
schedules presenting government-wide information include information beginning in that year.
177
178
City of Palm Desert
Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Governmental Activities 2020 2019 2018 2017 2016
Net Investment in capital assets 424,163,964 429,729,549 438,184,070 449,037,170 459,644,720
Restricted 196,858,726 200,536,233 197,349,364 197,824,604 193,298,431
Unrestricted 86,017,220 90,057,306 83,054,707 87,091,894 78,812,066
Total Governmental Activities Net Position 707,039,910 720,323,088 718,588,141 733,953,668 731,755,217 (3)
Business-Type Activities - - -
Net Investment in capital assets 68,394,059 69,070,734 69,111,797 69,829,772 70,202,487
Restricted - - - - -
Unrestricted 6,672,261 6,590,251 5,609,843 4,829,456 4,479,575
Total Business-type Activities Net Position 75,066,320 75,660,985 74,721,640 74,659,228 74,682,062
Primary Government
Net Investment in capital assets 492,558,023 498,800,283 507,295,867 518,866,942 529,847,207
Restricted 196,858,726 200,536,233 197,349,364 197,824,604 193,298,431
Unrestricted 92,689,481 96,647,557 88,664,550 91,921,350 83,291,641
Total Primary Government Net Position 782,106,230 795,984,073 793,309,781 808,612,896 806,437,279
Governmental Activities 2015 2014 2013 2012 2011
Net Investment in capital assets 473,722,694 466,246,732 465,756,172 475,457,375 302,757,128
Restricted 135,900,520 140,460,575 132,741,798 119,736,419 147,648,424
Unrestricted 71,530,456 105,537,785 103,603,715 107,622,257 107,314,002
Total Governmental Activities Net Position 681,153,670 (2) 712,245,092 702,101,685 702,816,051 (1) 557,719,554
Business-Type Activities
Net Investment in capital assets 71,129,743 72,009,184 72,892,200 73,375,634 74,043,419
Restricted - - - - -
Unrestricted 4,302,958 3,920,382 3,682,061 3,901,816 4,068,623
Total Business-type Activities Net Position 75,432,701 75,929,566 76,574,261 77,277,450 78,112,042
Primary Government
Net Investment in capital assets 544,852,437 538,255,916 538,648,372 548,833,009 376,800,547
Restricted 135,900,520 140,460,575 132,741,798 119,736,419 147,648,424
Unrestricted 75,833,414 109,458,167 107,285,776 111,524,073 111,382,625
Total Primary Government Net Position 756,586,371 788,174,658 778,675,946 780,093,501 635,831,596
(1) On February 1, 2012 the State of California dissolved the City of Palm Desert Redevelopment Agency as part of the Statewide dissolution of all
City Redevelopment Agencies, which in turn created the Successor Agency to the Redevelopment Agency of the City of Palm Desert.
(2) The implementation of GASB Statement No. 68 and Statement No. 71 resulted in a prior year restatement decrease of $37.73 million in the
governmental activities net positons.
(3) The City's Capital Properties Capital Project Fund received $65,566,963 and the Housing Asset Fund received $6,571,706 for a combined total of
$72,138,669 of capital bond proceeds transferred from the Successor Agency.
179
City of Palm Desert
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Governmental Activities:
General government 24,297,715 23,252,576 18,467,097 15,708,054 14,836,881
Public safety 37,286,860 37,195,732 36,543,050 34,943,220 34,009,984
Housing & Redevelopment (1) 8,802,290 9,067,858 9,605,756 10,954,630 8,162,859
Parks, recreation and culture 7,651,094 8,284,914 8,240,115 9,850,200 9,223,126
Public works 28,270,798 14,836,332 18,358,907 14,892,145 47,044,197
Payments to other agencies - - - - -
Interest on long term debt 203,183 231,228 259,250 271,603 289,000
Total Governmental activities Expenses 106,511,940 92,868,640 91,474,175 86,619,852 113,566,047
Business-Type Activities:
Desert Willow Golf Course 8,603,243 8,700,514 8,763,220 8,243,515 8,165,183
Office Complex - Parkview 856,196 874,753 930,815 893,125 1,005,918
Total Business-Type Activities 9,459,439 9,575,267 9,694,035 9,136,640 9,171,101
Total primary government expenses 115,971,379 102,443,907 101,168,210 95,756,492 122,737,148
Program Revenues
Governmental Activities
Charges for services
General government 2,343,116 2,645,724 2,388,260 2,095,648 2,185,123
Housing & Redevelopment 8,446,585 8,180,354 7,551,760 6,861,450 7,029,595
Public safety 16,429,810 14,503,741 10,801,436 10,603,708 10,606,464
Parks, recreation and culture 532,543 829,557 821,824 793,527 772,801
Public works 2,386,635 2,762,045 2,685,831 2,327,521 2,186,153
Operating grants & contributions 10,416,281 10,426,397 8,555,881 7,931,900 9,496,520
Capital grants & contributions 3,661,487 4,016,193 2,442,621 7,710,355 10,839,715
Total Governmental Activities Program Revenues 44,216,457 43,364,011 35,247,613 38,324,109 43,116,371
Business-Type Activities
Charges for Service:
Desert Willow Golf Course 7,099,985 8,743,654 8,432,273 7,497,664 7,240,866
Office Complex - Parkview 1,311,140 1,298,066 1,250,456 1,284,462 1,280,230
Capital grants & contributions 183,556 504,217 167,670 605,186 111,942
Total Business-type activities program revenue 8,594,681 10,545,937 9,850,399 9,387,312 8,633,038
Total Primary Government program revenue 52,811,138 53,909,948 45,098,012 47,711,421 51,749,409
Net (Expense) / Revenue
Governmental activities (62,295,483) (49,504,629) (56,226,562) (48,295,743) (70,449,676)
Business-type activities (864,758) 970,670 156,364 250,672 (538,063)
Total Primary Government Net Expense (63,160,241) (48,533,959) (56,070,198) (48,045,071) (70,987,739)
General Revenues & Other Changes in Net Position
Governmental Activities:
Taxes: (Combined/Net Pass-through)45,210,477 53,894,917 50,150,650 47,628,454 44,747,151
Investment Earnings 2,366,204 3,170,693 1,901,536 1,041,232 2,074,934
Contributions not restricted for specific purpose - - - - -
Gain(loss) on sales of capital assets 80,490 7,452 17,274 2,145 24,292
Miscellaneous 1,355,134 1,396,514 1,573,106 1,522,363 1,828,677
Special Item (5)- (7,530,000) - - -
Transfers In / (Out) - 300,000 300,000 300,000 237,500
Gain on Transfer to Successor Agency/ Extraordinary Gain (4)- - - - 72,138,669
Total Governmental activities Net Revenues 49,012,305 51,239,576 53,942,566 50,494,194 121,051,223
Business-Type Activities:
Investment Earnings 159,115 181,310 74,873 26,494 24,924
Gain(loss) on sales of capital assets - 87,365 131,175 - -
Miscellaneous 110,978 - - - -
Transfers Out - (300,000) (300,000) (300,000) (237,500)
Total Business-type activities 270,093 (31,325) (93,952) (273,506) (212,576)
Total primary government 49,282,398 51,208,251 53,848,614 50,220,688 120,838,647
Change in Net Position
Governmental Activities: (13,283,178) 1,734,947 (2,283,996) 2,198,451 50,601,547
Business-Type Activities:(594,665) 939,345 62,412 (22,834) (750,639)
Total primary government (13,877,843) 2,674,292 (2,221,584) 2,175,617 49,850,908
(1)City has changed the manner in which it reports RDA expenditures. RDA and Housing expenditures are being reported under "Housing & Redevelopment".
(2) Required payment made to the State of California. For FY 2010 was $25,526,215 and FY 2011 was $5,255,397.
(3) On February 1, 2012 the State of California dissolved the City of Palm Desert Redevelopment Agency as part of the Statewide dissolution of all
City Redevelopment Agencies, which in turn created the Successor Agency to the Redevelopment Agency of the City of Palm Desert.
(4) The City's Capital Properties Capital Project Fund received $65,566,963 and the Housing Asset Fund received $6,571,706 for a combined total of
$72,138,669 of capital bond proceeds transferred from the Successor Agency.
(5) City established an allowance for advances owed by the Successor Agency.
Expenses 20162017201820192020
180
City of Palm Desert
Changes in Net Position
Continued
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Governmental Activities:
General government 16,337,393 19,194,343 16,375,295 17,387,080 17,182,987
Public safety 32,077,635 29,339,106 28,614,153 28,037,453 26,601,668
Housing & Redevelopment (1) 11,666,724 7,852,611 6,944,033 10,519,663 15,976,383
Parks, recreation and culture 8,598,242 8,327,402 8,752,623 6,033,019 7,337,403
Public works 19,144,213 21,123,197 16,316,237 17,407,751 16,984,334
Payments to other agencies - - - 16,994,265 39,418,936
Interest on long term debt 294,258 237,053 253,381 10,971,707 18,989,167
Total Governmental Activities Expenses 88,118,465 86,073,712 77,255,722 107,350,938 142,490,878
Business-Type Activities:
Desert Willow Golf Course 8,433,267 8,452,001 8,655,754 8,471,567 7,946,063
Office Complex - Parkview 934,296 922,341 984,811 1,031,178 861,786
Total Business-Type Activities 9,367,563 9,374,342 9,640,565 9,502,745 8,807,849
Total primary government expenses 97,486,028 95,448,054 86,896,287 116,853,683 151,298,727
Program Revenues
Governmental Activities
Charges for services
General government 2,088,393 2,152,280 1,833,823 1,805,442 1,921,573
Housing & Redevelopment 7,971,265 6,851,603 5,308,858 5,034,002 4,935,422
Public safety 9,987,891 10,239,886 11,147,297 9,041,801 9,825,352
Parks, recreation and culture 772,728 729,076 898,222 728,721 768,786
Public works 1,832,241 2,180,877 768,775 826,251 762,015
Operating grants & contributions 7,512,894 9,745,609 5,876,028 7,411,902 5,675,777
Capital grants & contributions 19,297,015 21,086,051 7,733,439 2,309,678 2,255,393
Total Governmental Activities Program Revenues 49,462,427 52,985,382 33,566,442 27,157,797 26,144,318
Business-Type Activities
Charges for Service:
Desert Willow Golf Course 7,894,676 7,804,904 7,494,819 7,635,352 7,338,640
Office Complex - Parkview 1,306,042 1,254,521 1,215,860 1,222,971 1,217,985
Capital grants & contributions 47,768 94,076 660,685 236,419 -
Total Business-type activities program revenue 9,248,486 9,153,501 9,371,364 9,094,742 8,556,625
Total Primary Government program revenue 58,710,913 62,138,883 42,937,806 36,252,539 34,700,943
Net (Expense) / Revenue
Governmental Activities (38,656,038) (33,088,330) (43,689,280) (80,193,141) (116,346,560)
Business-type activities (119,077) (220,841) (269,201) (408,003) (251,224)
Total Primary Government Net Expense (38,775,115) (33,309,171) (43,958,481) (80,601,144) (116,597,784)
General Revenues & Other Changes in Net Position
Governmental Activities:
Taxes: (Combined/Net Pass-through)41,931,997 39,952,738 38,742,060 73,105,614 114,880,586
Investment Earnings 494,452 358,674 318,996 1,102,309 2,158,556
Contributions not restricted for specific purpose - - - 791,256 762,588
Gain(loss) on sales of assets 11,720 488,319 - - -
Miscellaneous 1,726,007 1,994,506 3,894,203 5,838,881 3,169,977
Special Item (5)- - - - -
Transfers In / (Out) 437,500 437,500 437,500 440,000 (6,046,761)
Gain on Transfer to Successor Agency/Extraordinary Gain (4) - - - 144,011,578 -
Total Governmental Activities Net Revenues 44,601,676 43,231,737 43,392,759 225,289,638 114,924,946
Business-Type Activities:
Investment Earnings 11,774 13,646 3,512 13,411 22,559
Gain(loss) on sales of capital assets 47,938 - - -
Miscellaneous - - - - -
Transfers Out (437,500) (437,500) (437,500) (440,000) 6,046,761
Total Business-type activities (377,788 (423,854 (433,988 (426,589 6,069,32
Total primary government 44,223,888 42,807,883 42,958,771 224,863,049 120,994,266
Change in Net Position
Governmental Activities: 5,945,638 10,143,407 (296,521) 145,096,497 (1,421,614)
Business-Type Activities:(496,865) (644,695) (703,189) (834,592) 5,818,096
Total primary government 5,448,773 9,498,712 (999,710) 144,261,905 4,396,482
(1)City has changed the manner in which it reports RDA expenditures. RDA and Housing expenditures are being reported under "Housing & Redevelopment".
(2) Required payment made to the State of California. For FY 2010 was $25,526,215 and FY 2011 was $5,255,397.
(3) On February 1, 2012 the State of California dissolved the City of Palm Desert Redevelopment Agency as part of the Statewide dissolution of all
City Redevelopment Agencies, which in turn created the Successor Agency to the Redevelopment Agency of the City of Palm Desert.
(4) The City's Capital Properties Capital Project Fund received $65,566,963 and the Housing Asset Fund received $6,571,706 for a combined total of
$72,138,669 of capital bond proceeds transferred from the Successor Agency.
(5) City established an allowance for advances owed by the Successor Agency.
Expenses 2011 (2)2012 (3)201320142015
181
182
City of Palm Desert
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
General Fund:2020 2019 2018 2017 2016
Nonspendable 7,196,092 10,559,396 10,509,094 9,067,979 9,528,630
Restricted - - - - -
Committed 66,012,415 63,197,223 59,666,638 - -
Assigned 16,196,564 15,964,130 15,492,508 658,817 991,853
Unassigned 3,473,480 3,322,321 4,702,308 74,259,748 71,842,172
Total General Fund 92,878,551 93,043,070 90,370,548 83,986,544 82,362,655
All other Governmental Funds:
Nonspendable 15,705 193,189 1,726 1,276 3,052
Restricted 168,806,454 175,780,733 169,549,126 171,044,474 165,411,544 (5)
Committed 16,275,373 16,247,652 16,751,821 16,771,055 16,873,834
Assigned 27,133,815 21,238,271 23,258,063 23,250,337
Unassigned - - - - -
Total all other Governmental Funds 212,231,347 213,459,845 209,560,736 211,067,142 182,288,430
General Fund: 2015 2014 2013 2012 2011
Nonspendable 10,312,261 7,745,320 7,678,250 2,926,739 2,939,850 (1)
Restricted - - - - -
Committed - - - - -
Assigned 1,771,278 4,425,423 3,224,761 3,297,152 4,501,159
Unassigned 67,727,130 66,203,203 65,311,919 69,438,971 66,776,414
Total General Fund 79,810,669 78,373,946 76,214,930 75,662,862 74,217,423
All other Governmental Funds:
Nonspendable 348 6,713 (4) 49,319,200 39,525,247 40,925,918
Restricted 106,261,212 114,194,435 (4) 76,725,388 69,065,451 230,623,054
Committed 16,952,887 21,644,068 15,649,703 20,289,309 17,285,733 (2)
Assigned 24,172,531 24,429,824 14,144,969 17,552,726 19,375,999
Unassigned - - - - -
Total all other Governmental Funds 147,386,978 160,275,040 155,839,260 146,432,733 (3) 308,210,704
(1) RDA made payment on advances from the city.
(2) Housing Asset fund transfer for Capital Asset replacement to the Housing Authority.
(3) On February 1, 2012 the State of California dissolved the City of Palm Desert Redevelopment Agency as part of the Statewide dissolution of all
City Redevelopment Agencies, which in turn created the Successor Agency to the Redevelopment Agency of the City of Palm Desert.
(4) Advances to the Successor Agency reclassified from Nonspendable to Restricted for Special Revenue Funds.
(5) The City's Capital Properties Capital Project Fund received $65,566,963 and the Housing Asset Fund received $6,571,706 for a combined
total of $72,138,669 of capital bond proceeds transferred from the Successor Agency.
183
City of Palm Desert
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
Revenues:2020 2019 2018 2017 2016
Taxes 59,635,918 67,102,185 61,906,859 59,466,545 56,735,503
Special assessments collected 3,481,924 3,948,157 3,445,246 3,318,114 3,296,705
Licenses & permits 1,268,965 1,416,829 1,326,049 1,678,709 2,057,843
Intergovernmental revenues 6,401,926 6,194,152 5,682,704 7,249,515 15,429,238
Rental income 7,071,648 6,899,916 6,675,632 6,439,458 5,896,480
Charges for services 5,272,577 5,223,285 2,894,821 2,356,363 2,082,843
Investment Earnings 10,311,159 7,166,097 3,626,892 2,086,224 1,837,319
Fines & forfeitures 127,801 273,434 162,370 135,276 295,269
Miscellaneous 4,741,905 2,892,940 2,886,542 2,594,433 2,317,499
Contributions from other government - - - 3,550,991 -
Contributions from property owners - - - - 7,868
Total Revenues 98,313,823 101,116,995 88,607,115 88,875,628 89,956,567
Expenditures:
General government 21,468,512 24,269,546 19,281,102 16,887,293 15,783,955
Housing & redevelopment 7,090,941 7,504,119 8,522,801 9,239,680 6,438,849
Pass-through-agreement - - - - -
Public safety 37,021,952 36,901,283 36,247,656 34,674,418 33,750,347
Parks, recreation & culture 5,902,166 6,497,391 6,467,713 7,157,821 6,831,534
Public works 21,994,806 8,728,354 12,183,852 8,794,894 11,031,584
Contributions to property owners - - - - 19,584,487
Capital outlay 5,117,968 3,396,511 915,422 2,169,035 7,071,738
Debt service:
Principal retirement 225,000 587,000 150,000 237,000 257,000
Interest and fiscal charges 210,292 244,050 260,971 277,814 296,336
Total Expenditures 99,031,637 88,128,254 84,029,517 79,437,955 101,045,830
Excess(deficiency of Revenues
over(under) expenditures (717,814) 12,988,741 4,577,598 9,437,673 (11,089,263)
Other financing sources (uses)
Transfers in 10,702,762 5,319,448 6,613,352 9,406,888 6,030,706
Transfers out (11,377,965) (5,736,558) (6,313,352) (12,218,428) (6,075,206)
Special Item (3)- (6,000,000) - - -
Extraordinary Gain / (Loss) (2)- - - - 72,138,669
Sale of property - - - - 225,000
Total Other financing sources (uses)(675,203) (6,417,110) 300,000 (2,811,540) 72,319,169
Net Change In Fund Balance (1,393,017) 6,571,631 4,877,598 6,626,133 61,229,906
Revenues:2015 2014 2013 2012 (1) 2011
Taxes 52,571,369 50,464,511 50,768,200 82,901,921 124,672,062
Special assessments collected 3,058,766 3,486,220 3,654,337 3,232,923 3,262,163
Licenses & permits 1,757,250 2,262,907 1,586,796 1,041,834 1,089,543
Intergovernmental revenues 18,981,304 7,380,744 5,097,892 6,637,426 7,605,282
Rental income 5,660,762 5,626,850 5,367,630 5,146,499 5,011,205
Charges for services 1,819,464 2,165,020 898,222 728,721 701,481
Investment Earnings 1,242,662 864,853 373,012 1,469,142 3,102,649
Fines & forfeitures 224,612 231,768 242,568 276,452 310,840
Miscellaneous 2,377,923 3,539,552 9,028,698 6,814,924 3,095,689
Contributions from other government 9,168 10,749,218 - - -
Contributions from property owners - 420,590 - - -
Total Revenues 87,703,280 87,192,233 77,017,355 108,249,842 148,850,914
Expenditures:
General government 15,467,746 17,070,816 14,028,252 15,851,883 15,273,085
Housing & redevelopment 9,349,021 6,650,178 5,650,666 8,942,097 18,033,576
Pass-through-agreement - - - 16,994,265 39,418,936
Public safety 31,819,214 29,139,735 28,299,876 27,551,113 26,824,434
Parks, recreation & culture 6,236,717 5,802,941 6,162,449 3,685,334 3,845,901
Public works 13,082,388 12,741,764 9,819,591 11,306,021 11,256,499
Contributions to property owners 49 2,350,187 - - -
Capital outlay 19,339,987 6,273,822 2,788,676 9,575,227 14,205,889
Debt service:
Principal retirement 4,944,000 674,000 318,000 9,032,707 22,914,707
Interest and fiscal charges 240,219 242,495 255,239 10,187,765 18,176,454
Total Expenditures 100,479,341 80,945,938 67,322,749 113,126,412 169,949,481
Excess(deficiency of Revenues
over(under) expenditures (12,776,061) 6,246,295 9,694,606 (4,876,570) (21,098,567)
Other financing sources (uses)
Transfers in 6,132,859 4,861,551 11,274,539 24,453,724 69,995,597
Transfers out (6,971,359) (5,424,051) (11,010,550) (24,013,724) (70,555,597)
Extraordinary Gain / (Loss) (2)- - - (155,895,962) -
Sale of property 2,163,222 911,001 - - -
Total Other financing sources (uses)1,324,722 348,501 263,989 (155,455,962) (560,000)
Net Change In Fund Balance (11,451,339) 6,594,796 9,958,595 (160,332,532) (21,658,567)
1.2%0.9%18.6% 26.4%
(1) On February 1, 2012 the State of California dissolved the City of Palm Desert Redevelopment Agency as part of the Statewide dissolution of all
City Redevelopment Agencies, which in turn created the Successor Agency to the Redevelopment Agency of the City of Palm Desert.
For more information on the dissolution of the RDA please see Note 16 and 17.
(2) The City's Capital Properties Capital Project Fund received $65,566,963 and the Housing Asset Fund received $6,571,706 for a combined
total of $72,138,669 of capital bond proceeds transferred from the Successor Agency.
(3) City established an allowance for advances owed by the Successor Agency.
Debt service as a percentage of noncapital expenditures
Debt service as a percentage of noncapital expenditures 0.6%
6.4%
0.7%0.5%1.0%0.5%
184
City of Palm Desert
Graphs - Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
(1) Combined Other is a combination of rental income, investment earnings, and charges for services.
(2) Miscellaneous Other is a combination of fines and forfeitures, miscellaneous, contributions from other governments, and contributions from property owners.
(3) Debt Expenditures is a combination of interest/fiscal charges and principal retirement .
(4) Public works is a combination of public works and contributions to property owners.
Note: Graphs excludes Other financing sources and uses.
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
$300,000,000
FY
2
0
2
0
FY
2
0
1
9
FY
2
0
1
8
FY
2
0
1
7
FY
2
0
1
6
FY
2
0
1
5
FY
2
0
1
4
FY
2
0
1
3
FY
2
0
1
2
FY
2
0
1
1
Total Revenues
Combined other (1)
Miscellaneous other (2)
Intergovernmental revenues
Licenses & permits
Taxes & Special Assessments
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
$300,000,000
FY
2
0
2
0
FY
2
0
1
9
FY
2
0
1
8
FY
2
0
1
7
FY
2
0
1
6
FY
2
0
1
5
FY
2
0
1
4
FY
2
0
1
3
FY
2
0
1
2
FY
2
0
1
1
Total Expenditures
Parks, recreation & culture
Pass-through-agreement
Debt Expenditures (3)
Capital outlay
Public works (4)
Public safety
Housing & Redevelopment
General Government
185
City of Palm Desert
Supplemental - Historical General Fund Revenues
(including Transfers In)
Last Ten Fiscal Years
FY 2020 2019 2018 2017 2016
Revenue Type:
Sales Tax 18,445,806$ 21,434,387$ 18,627,704$ 18,505,449$ 18,994,779$
Transient Occupancy Tax 11,681,583 17,250,843 17,019,034 15,054,259 11,252,997
Property Tax (3)11,101,584 11,074,207 10,777,998 10,157,813 10,461,595
Investment Earnings 4,181,814 2,672,643 1,237,562 644,341 725,015
Transfer In 2,472,976 937,202 1,610,830 1,472,852 1,390,258
Franchises 3,025,984 3,078,855 3,097,521 3,146,702 3,095,873
State Subventions (1) (3)60,593 82,722 38,876 23,101 59,317
Building & Grading Permits 953,176 1,064,071 1,048,973 1,247,390 1,216,115
Reimbursements (4)1,375,770 1,468,351 1,388,654 1,407,811 1,589,511
Business License Tax 1,038,137 1,216,712 1,154,275 1,118,183 1,269,082
Timeshare Mitigation Fee 1,467,905 1,678,375 1,543,762 1,467,028 1,500,683
Plan Check Fees 468,180 619,763 691,096 431,115 592,818
Property Transfer Tax 566,468 727,978 664,822 690,975 491,060
Other Revenues (2)3,130,862 2,352,803 1,951,122 2,185,703 2,189,063
Total General Revenue 59,970,838$ 65,658,912$ 60,852,229$ 57,552,722$ 54,828,166$
FY 2015 2014 2013 2012 2011
Revenue Type:
Sales Tax 17,565,134$ 17,258,958$ 16,764,808$ 15,836,953$ 14,680,578$
Transient Occupancy Tax 10,799,680 9,855,509 9,188,981 8,085,225 7,421,769
Property Tax (3)9,710,990 9,041,428 9,529,018 7,976,494 8,341,728
Investment Earnings 416,656 405,456 126,206 408,661 793,461
Transfer In 2,179,472 1,373,786 2,127,655 2,240,703 2,691,634
Franchises 3,102,431 3,007,215 2,892,805 2,856,679 2,771,594
State Subventions (1) (3)155,049 22,089 26,691 25,759 236,211
Building & Grading Permits 1,279,706 1,695,303 1,206,935 750,442 783,031
Reimbursements (4)1,604,707 1,809,323 1,868,804 2,535,977 1,971,505
Business License Tax 1,160,207 1,169,316 1,149,551 1,076,541 1,085,411
Timeshare Mitigation Fee 1,483,158 1,333,586 1,292,859 1,110,227 1,192,490
Plan Check Fees 505,370 662,893 500,698 275,728 317,332
Property Transfer Tax 558,965 530,556 520,393 485,040 399,280
Other Revenues (2)1,713,758 1,932,009 1,961,314 1,398,669 1,475,154
Total General Revenue 52,235,283$ 50,097,427$ 49,156,718$ 45,063,098$ 44,161,178$
(1) State Subventions is any combination of motor vehicle, off-highway in-lieu, and subventions from state.
(2) Other Revenues is any combination of miscellaneous penalties and interest, permits, grants, parking bails, fees,
sales of maps and publications, vehicle and court fines, rental income and other revenues.
(3) The State of California reprogramed motor vehicle fees, the City now receives this as property taxes.
(4) Reimbursements is a combination of RDA costs and other reimbursements, due to dissolution in February 2012 the RDA reimbursement
is limited and applies to existing projects.
186
City of Palm Desert
Supplemental Graph - Historical General Fund Revenues
(Including Transfers In)
Last Ten Fiscal Years
(1) Combined Other is any combination of transfers, franchises, state subventions*, building and grading
permits, reimbursements, business license taxes, timeshare mitigation fees, plan check fees, property
transfer taxes. It also may include any combination of miscellaneous bails, fees, fines, grants,
incomes, penalties, permits, sales and taxes.
*State Subventions is any combination of motor vehicle, off-highway in-lieu, and
subventions from state.
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
F
Y
2
0
2
0
F
Y
2
0
1
9
F
Y
2
0
1
8
F
Y
2
0
1
7
F
Y
2
0
1
6
F
Y
2
0
1
5
F
Y
2
0
1
4
F
Y
2
0
1
3
F
Y
2
0
1
2
F
Y
2
0
1
1
Combined Other (1)
Interest
Property Tax
Transient Occupancy Tax
Sales Tax
187
City of Palm Desert
Supplemental - Historical General Fund Expenditures
(Including Transfers Out)
Last Ten Fiscal Years
FY 2020 2019 2018 2017 2016
Expenditure:
Public Safety (1)21,415,334$ 20,975,032$ 21,088,867$ 20,424,249$ 20,151,237$
City Administration (2)11,429,468 12,521,081 11,460,325 8,238,228 7,971,706
Public Works Administration 2,457,045 2,149,715 2,333,897 2,637,630 2,664,871
Community Promotions 947,370 1,249,674 1,179,305 1,062,611 791,565
Street Maintenance 2,212,933 2,185,648 2,020,797 2,418,451 2,709,328
Building Safety 1,661,372 1,828,083 1,579,734 1,849,442 1,888,290
Street Resurfacing - - 2,760 25,326 1,083,919
Public Works (4)1,151,447 1,250,969 1,133,007 970,877 1,004,989
Other Expenditures (3)18,860,388 20,826,188 13,669,533 18,302,019 14,010,275
Total Expenditures 60,135,357$ 62,986,390$ 54,468,225$ 55,928,833$ 52,276,180$
FY 2015 2014 2013 2012 2011
Expenditure:
Public Safety (1)18,784,117$ 17,306,342$ 17,002,291$ 16,532,894$ 16,047,991$
City Administration (2)7,561,255 7,413,578 7,180,519 7,670,377 8,023,314
Public Works Administration 2,645,443 2,556,967 2,528,131 2,527,817 2,380,255
Community Promotions 749,631 618,138 575,119 526,804 497,366
Street Maintenance 2,631,590 2,806,168 2,353,655 2,446,854 2,522,117
Building Safety 1,847,798 1,783,918 1,517,937 1,538,506 1,523,748
Street Resurfacing 998,463 4,466 1,179,743 2,332,968 2,268,901
Public Works (4)1,067,837 1,018,435 1,505,018 1,056,998 1,354,255
Other Expenditures (3)14,512,426 14,430,399 14,762,237 8,984,441 12,894,776
Total Expenditures 50,798,560$ 47,938,411$ 48,604,650$ 43,617,659$ 47,512,723$
(1) Public Safety is any combination of animal regulation, police services, community safety and traffic safety expenditures, this does not include
or Fire Services. Fire Services are reported in a different fund.
(2) City Administration is any combination of community services, independent audit, City attorney, City clerk, City council,
City manager, information technology, elections, finance, general services, human resources, insurance, legal special services,
legislative advocacy and unemployment insurance expenditures.
(3) Other Expenditures is any combination of acquisitions, committees, contributions, retiree health, planning & community development,
economic development, marketing, interfund transfers, parks, recreation and culture, extraordinary loss and visitor center, capital outlay,
special item, included in the transfer out is transfer to the Fire fund for its shortfall.
(4) Public Works is a combination of curb & gutter, parking lot, auto fleet, corporate yard,
public building maintenance, Portola Community center, storm water permit.
188
City of Palm Desert
Supplemental Graph- Historical General Fund Expenditures
(Including Transfers Out)
Last Ten Fiscal Years
(1) Public Safety is any combination of animal regulation, police services, community safety and traffic safety expenditures, this does not include the cost
or Fire Services. Fire Services are reported in a different fund.
(2) City Administration is any combination of community services, independent audit, City attorney, City clerk, City council,
City manager, information technology, elections, finance, general services, human resources, insurance, legal special services,
legislative advocacy and unemployment insurance expenditures.
(3) Other Expenditures is any combination of acquisitions, committees, contributions, retiree health, planning & community development,
economic development, marketing, interfund transfers, parks, recreation and culture, extraordinary loss and visitor center, capital outlay,
special item, included in the transfer out is transfer to the Fire fund for its shortfall.
4 Public Works is a combination o curb & utter, arkin lot, auto leet, cor orate ard,
public building maintenance, Portola Community center, storm water permit.
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
F
Y
2
0
2
0
F
Y
2
0
1
9
F
Y
2
0
1
8
F
Y
2
0
1
7
F
Y
2
0
1
6
F
Y
2
0
1
5
F
Y
2
0
1
4
F
Y
2
0
1
3
F
Y
2
0
1
2
F
Y
2
0
1
1
Combined Other (1)
Community Promotions
Public Works Administration
City Administration (2)
Public Safety (3)
189
190
City of Palm Desert
Supplemental Historical General Revenue and Expenditures Per Capita
Last Ten Fiscal Years
FY 2020 2019 2018 2017 2016
Total General Revenue (2)57,497,862$ 64,721,710$ 59,241,399$ 56,079,870$ 53,437,908$
Population (1)52,986 53,625 52,769 50,740 49,335
General Revenue Per Capita 1,085 1,207 1,123 1,105 1,083
FY 2015 2014 2013 2012 2011
Total General Revenue (2)50,055,811$ 48,723,641$ 47,029,063$ 42,822,395$ 41,469,544$
Population (1)51,053 50,417 49,949 49,471 49,111
General Revenue Per Capita 980$ 966$ 942$ 866$ 844$
FY 2020 2019 2018 2017 2016
Total General Expenditures (2)51,498,878$ 57,900,932$ 49,992,388$ 48,427,111$ 48,134,252$
Population (1)52,986 53,625 52,769 50,740 49,335
General Expenditures Per
Capita 972 1,080 947 954 976
FY 2015 2014 2013 2012 2011
Total General Expenditures (2)46,302,187$ 44,183,659$ 42,155,428$ 42,099,903$ 41,833,291$
Population (1)51,053 50,417 49,949 49,471 49,111
General Expenditures Per
Capita 907$ 876$ 844$ 851$ 852$
(1) Population figures are as of January start of fiscal year.
(2) Interfund Transfers In/Out, extraordinary loss (gain), and special item are not included in total.
Sources: Population figures from State Department of Finance, City of Palm Desert Finance Department
191
City of Palm Desert
Assessed Value and Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
Fiscal Year
Ended June 30
Residential
Property
Commercial
Industrial
Property
Institutional
Property Vacant Land Less: Tax
Exempt
Total Taxable
Assessed Value
Total Direct
Tax Rate
Estimated Actual
Taxable Value (1)
2020 11,781,804,552 2,771,257,791 63,343,035 300,879,417 *(45,437) 15,835,758,806 1.00000 15,636,583,844
2019 11,231,546,199 2,675,659,205 62,224,633 373,347,796 (326,679,322) 15,556,158,170 1.00000 15,045,226,485
2018 10,757,283,204 2,554,854,761 59,762,684 388,457,449 (313,754,093) 14,940,671,116 1.00000 14,445,331,683
2017 10,555,732,091 2,434,816,656 58,318,962 379,073,252 (306,174,550) 14,579,740,457 1.00000 14,095,158,994
2016 10,174,360,142 2,358,860,033 56,840,001 412,090,006 (312,620,004) 14,210,000,198 1.00000 13,743,682,041
2015 9,636,181,445 2,290,456,630 54,211,991 420,142,932 (298,165,952) 13,552,997,813 1.00000 13,086,962,905
2014 9,043,372,632 2,247,924,054 64,595,519 426,330,424 (297,139,386) 12,919,103,760 1.00000 12,453,921,285
2013 8,621,493,305 2,239,836,432 62,565,263 462,982,950 (300,313,265) 12,513,052,693 1.00000 12,064,845,537
2012 8,694,403,021 2,198,729,088 50,256,665 452,309,984 (288,975,823) 12,564,166,215 1.00000 12,123,771,853
2011 8,982,403,643 2,179,940,065 52,528,676 564,683,270 (288,907,720) 13,132,169,069 1.00000 12,707,884,566
(1) Estimated Actual Taxable Value = Net Taxable Value
* Per HDL there was an artifact change in the Riverside County Assessors data that occurred primarily between 2018 and 2019, new vs old system differences,
the few properties which are listed as having asssessed value and being non-taxable are either new to the roll or are newly non-taxable for 2019.
Notes: Property Taxes in Riverside County are subject to the State of California's Proposition 13, Jarvis-Gann Initiative which allows reappraisals of real property only
when there is a change in ownership or new construction takes place. Further, the proposition limits property assessment increase to no more than two(2%) percent
annually. Property is assessed at one hundred percent (100%) of its fair market value at the time of new construction or change in ownership.
The tax rate is one (1%) percent of the assessed value.
Source: Riverside County Assessor thru HDL Coren & Cone
192
City of Palm Desert
Historical Net Assessed Taxable Values Citywide
Graph - Assessed Valuation Growth
Last Ten Fiscal Years
Historical Major Additions
Annexations FY Retail Centers FY
Cook Street Area 88/89 Town Center Mall 83/84
Country Club #28 93/94 Desert Springs Marriott 86/87
Price Club/Costco 93/94 One Eleven Town Ctr 88/89
Palm Desert CC #29 94/95 Mervyn's Center 92/93
Palm Desert Greens 04/05 Desert Crossing 95/96
Suncrest 04/05 Lucky's/Albertson Deep Canyon 96/97
Remodel 111 Town Ctr (Best Buy) 97/98
Gardens on El Paseo 98/99
Remodel Westfield Mall (Sears, Barnes & Noble) 04/05
Sears Automotive 04/05
Lowes Home Improvement 05/06
Walmart / Sam's Supercenters 05/06
Kohl's 07/08
Golfsmith Extreme 08/09
El Paseo Village 09/10
Best Buy & Ulta 11/12
Remodel Westfield Mall (Dick's/H&M/Restaurants) 12/13
PGA Tour Superstore 12/13
Total Wine & More 13/14
Tesla Motors 15/16
Source: Riverside County Assessor thru HDL Coren & Cone
-3.43%-4.60%-0.49%
3.22%5.08%5.02%
2.56% 2.48%
4.15%3.93%
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Percent Increase in Assessed Valuation
FY 2011 to FY 2020
$-
$5,000
$10,000
$15,000
$20,000
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Value in Millions
Net Assessed Valuation - Historical Comparison
FY 2011 to FY 2020
193
City of Palm Desert
Supplemental FY 2020 and 2019 Breakdown of Basic 1% Property Tax Rate
Not in Redevelopment Project Area
Taxing Agency FY 2020 Rate FY 2019 Rate
County General 28.177327%28.177327%
County Free Library 2.728242%2.728242%
County Structure Fire Protection 5.873086%5.873086%
City of Palm Desert (1)0.000000%0.000000%
Desert Sands Unified School District 36.221587%36.221587%
Desert Community College 7.526714%7.526714%
Riverside County Reg. Park & Open Space 0.426231%0.426231%
Riverside County Office of Education 4.094919%4.094919%
Desert Hospital 1.996808%1.996808%
Coachella Valley Public Cemetery 0.339927%0.339927%
Coachella Valley Recreation & Park 2.071624%2.071624%
Coachella Valley Mosquito & Vector Control 1.369698%1.369698%
Coachella Valley County Water 2.736607%2.736607%
Coachella Valley County Water Imp. District 80 2.972906%2.972906%
Coachella Valley County Water Storm Water Unit 3.464324%3.464324%
General Purpose Basic 1%100.000000%100.000000%
(1) City of Palm Desert is a No-Low Property Tax City and the 7% represents what the state allocates to No-Low Property
Tax Cities.
Source: County of Riverside, Property Tax Allocation Percentages, TRA 018-041.
194
City of Palm Desert
Property Tax Rates
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
Fiscal
Year
Basic
County-wide
Levy
Total
Direct Tax
Rate
Desert Sands
Unified School
District
Desert
Community
College Dist.
Coachella
Valley Water
District
Coachella
Valley Water
District I.D. 58
2020 1.00000 1.00000 0.07381 0.03983 0.10000 0.00000
2019 1.00000 1.00000 0.07418 0.03978 0.10000 0.00000
2018 1.00000 1.00000 0.07251 0.04030 0.10000 0.00000
2017 1.00000 1.00000 0.08599 0.02036 0.10000 0.00000
2016 1.00000 1.00000 0.10915 0.02087 0.10000 0.00000
2015 1.00000 1.00000 0.10984 0.02325 0.10000 0.00000
2014 1.00000 1.00000 0.10954 0.01995 0.10000 0.00000
2013 1.00000 1.00000 0.11156 0.01995 0.08000 0.00000
2012 1.00000 1.00000 0.11467 0.01995 0.08000 0.00000
2011 1.00000 1.00000 0.10036 0.01995 0.08000 0.00000
Notes:Proposition 13 limits the ability of the city to raise the property tax rate.
Source: CalMuni Statistics Inc
City Direct Overlapping Rates
195
City of Palm Desert
Principal Property Taxpayers
Current and Ten Years Ago
2020 2011
Taxpayer Taxable
Assessed Value
Percentage of Total
City Tax Assessed
Value
Taxpayer Taxable
Assessed Value
Percentage of Total
City Tax Assessed
Value
Marriott Desert Springs 169,968,035$ 1.08%Marriott Desert Springs $164,824,823 1.29%
WEA Palm Desert 159,507,723 1.02%WEA Palm Desert LP 138,093,212 1.08%
Gardens on El Paseo LLC 139,462,834 0.89%Desert Crossing II 88,684,713 0.70%
WVC Rancho Mirage Inc 127,141,159 0.81%Gardens SPE II 78,571,131 0.62%
PRU Desert Crossing LLC 102,201,791 0.65%Palm Desert Funding Co 60,970,223 0.48%
CC Cimarron LP 67,920,775 0.43%Elisabeth E. Stewart 58,380,362 0.46%
Bighorn Golf Club 66,300,439 0.42%Time Warner Ent 55,409,220 0.43%
First American Trust 60,166,959 0.38%Lomas de Arena 51,502,791 0.40%
Walmart Real Estate
Business Trust 54,318,454 0.35%WVC Rancho Mirage Inc 48,644,917 0.38%
Segovia Operations 52,818,440 0.34%Monarch Sevilla Venture 47,835,778 0.38%
Total 999,806,609$ 6.38%Total 792,917,170$ 6.22%
Note:The estimated property tax revenue stated above is based upon net taxable values, tax ratios and base year values that impact the revenue
calculation. As a result, parcels with the same assessed value that are assigned to different tax rate areas may contribute dissimilar amounts
of total revenue to the City and Redevelopment Agency.
Source: HdL Coren & Cone thru Riverside County Assessor 17/18 and HdL Coren & Cone thru Riverside County Assessor 08/09
196
City of Palm Desert
Property Tax Levies and Collections
Last Ten Fiscal Years
Fiscal
Year Taxes Levied Collections
Ended for the Percentage in Subsequent Percentage
June 30, Fiscal Year Amount of Levy Years (4)Amount (4)(5)of Levy
2011 5,312,856 4,560,417 85.84% 486,495 4,776,795$ 89.91%
2012 5,478,345 4,366,451 79.70% 1,111,894 5,478,345$ 100.00%
2013 5,398,524 4,913,780 91.02% 484,744 5,398,524$ 100.00%
2014 5,623,740 5,048,787 89.78% 574,953 5,623,740$ 100.00%
2015 5,911,501 5,523,658 93.44% 387,843 5,911,501$ 100.00%
2016 6,212,993 5,943,252 95.66% 269,741 6,212,993$ 100.00%
2017 6,731,899 6,022,566 89.46% 182,652 6,205,218$ 92.18%
2018 6,729,952 6,553,297 97.38% 173,642 6,726,940$ 99.96%
2019 6,867,405 6,640,656 96.70% 207,894 6,848,550$ 99.73%
2020 7,202,939 6,502,032 90.27% 211,602 6,713,634$ 93.21%
(1) City of Palm Desert is on the "Teeter Plan" with the County of Riverside. The first payment was
received in the fiscal year 1993/94.
(2) City of Palm Desert is a "No-Low Property Tax City". Proposition 13 rolled the tax rates back to 1973
which is when the City of Palm Desert incorporated and the Property Tax rates were zero.
Based on current state law the County allocates 7% of the 1% assessed values within the City less the
Redevelopment Agency tax increment. Fiscal Year 1992/93 was the first year to receive the No/Low taxes.
(3) Fiscal Year 1996/97 final total collected includes adjustments for No-Low property
tax collections from prior years modified by the County of Riverside. The County adjusted the payment to
the City of Palm Desert (FY 1995/96) for the annexation of Palm Desert Country Club.
(4) Includes tax collections accrued as of June 30, 2020.
(5) Includes amounts receivable for tax year 2019-2020 along with prior receivables due for prior tax years.
Source: Riverside County Auditor Controller Office and City of Palm Desert
Collected within the
Fiscal Year of the Levy (1) (2) (3)
Total Collections to Date
-
197
City of Palm Desert
Supplemental Top 25 Sales Tax Generators
Graph - Historical Sales Tax Trends
June 30, 2020
Top 25 Sales Tax Generators (1)Primary Economic Category
ALBERTSON'S FOOD CENTERS SUPERMARKETS
AMERICAN BUILDERS/CONTRACTOR SUPPLY SPECIALTY WHOLESALE STORES
ASHLEY FURNITURE HOME FURNISHINGS
BEST BUY STORES LP APPLIANCE / ELECTRONICS
BOT HOME AUTOMATION-RING ONLINE RETAIL
CARMAX AUTO SUPERSTORES AUTOMOBILE DEALER
CIRCLE K FOOD STORES SERVICE STATIONS
CONSOLIDATED ELECTRICAL DISTRIBUTORS SPECIALTY WHOLESALE STORES
COSTCO WHOLESALE COMPANY WHOLESALE GENERAL STORES
JOHNSTONE SUPPLY CO SPECIALTY WHOLESALE STORES
LEEDS & SON JEWELERS SPECIALTY STORES
LOWE'S HOME CENTERS BLDG. MATLS-WHSLE
MACY'S DEPARTMENT STORES DEPARTMENT STORES
MATERIAL SUPPLY CO SPECIALTY WHOLESALE STORES
PALM ROYALE COLLECTIVE MISCELLANEOUS RETAIL STORES
RALPH'S GROCERY CO SUPERMARKETS
RAPPORT FURNITURE HOME FURNISHINGS
SAM'S CLUB WHOLESALE GENERAL STORES
SANTA FE COLLECTION SPECIALTY WHOLESALE STORES
SUPERIOR POOL PRODUCTS SPECIALTY WHOLESALE STORES
TARGET STORES DEPARTMENT STORES
TESLA MOTORS AUTOMOBILE DEALER
TOTAL WINE & MORE SUPERMARKETS
TOWER MARKET SERVICE STATIONS
WAL-MART SUPERCENTER DEPARTMENT STORES
(1) Listed in Alphabetical Order
Note : Current California law prohibits production of individual tax information as an effort not to infringe on proprietary
information, therefore confidential information which is protected by law is not disclosed.
* The State of California exchanged Sales Tax Revenue with Property taxes, this amount represents the portion of sales tax that were exchanged.
Source: SBOE Data, MuniServices LLC. In Lieu given to city from State ERAF Property Taxes, City of Palm Desert
$7.0
$9.0
$11.0
$13.0
$15.0
$17.0
$19.0
$21.0
$23.0
$25.0
$27.0
20
1
1
20
1
2
20
1
3
20
1
4
20
1
5
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
Millions
Sales and Use Tax Trends FY 2011 - 2020
-2.57%0.66%
15.1%
-13.9%
7.9%5.9%
Amounts
in Millions
% = % Chan e from Prior Year
1.8%
8.1%
$14.680 $15.836 $16.764 $17.258 $17.564 $18.994 $18.505 $18.627 $21.434 $18.445
10.6%-In Lieu *
2.9%
198
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Business Type
Activities
Special Assessment/Total Percentage Total Debt
Fiscal Local Obligation Note Capital Primary of Total Personal Per
Year Bonds b Payable Leases Government Income a,Capita a,
2011 9,543,000 122,707 1,035,721 10,701,428 0.42%218
2012 9,238,000 - 2,291,358 11,529,358 0.45%233
2013 8,920,000 - 1,751,083 10,671,083 0.41%214
2014 8,246,000 - 1,222,915 9,468,915 0.35%188
2015 3,302,000 - 1,435,046 4,737,046 0.17%93
2016 3,045,000 - 929,860 3,974,860 0.14%81
2017 2,808,000 - 499,881 3,307,881 0.12%65
2018 2,658,000 - 1,493,330 4,151,330 0.15%79
2019 2,071,000 - 1,595,394 3,666,394 0.13%68
2020 1,846,000 - 1,145,011 2,991,011 0.10%56
Notes: Details regarding the city's outstanding debt can be found in the notes to the financial statements.
a - Personal income, population and per capita information provided by California Department of Finance,
and U.S Census Bureau and/or estimated by City Finance using 1.5% growth rate.
b - Special Assessment Government Activities includes Highlands Undergrounding AD No# 04-01, as of June 30, 2020 the balance was $1.17M.
c - Fiscal Year End 2009 the City issued the Energy Independence Program Limited Obligation Improvement Bonds Series 2009A (Taxable) $2.5 million to fund the
Energy Independence Loan Program. The actual Bond Issuance was for $2.015m. At June 30, 2020 the oustanding balance was $0.355M
d - The City issued $1.136 million dollars of the Energy Independence Program (AB811 Assessments) Limited Obligation Improvement Bonds (Taxable)
The special assessment collection will commence during the fiscal year 2010-2011. At June 30, 2020 the outstanding balance was $0.313M.
e - In addition the Palm Desert Financing Authority issued $5.225 million dollars of the Energy Independence Program Variable Rate Demand Lease
Revenue Bonds, Series 2009(Federally Taxable). On September 2, 2014 the bonds were called in full.as of June 30, 2017 their were no outstanding bonds.
- Personal income and Per Capita statistic includes government and business type activities combined.
Governmental Activities
199
City of Palm Desert
Ratios of General Bonded Debt Outstanding
Last Ten Fiscal Years
General Bonded Debt Outstandin
Percentage of Actual
Special Assessment Taxable Value of Per
Bonds Property Capita
Note: There is no General Obligation Bonds from FY 2011 to FY 2020
200
City of Palm Desert
Supplemental Special Assessment Information
June 30, 2020
District Name\Description 2003 01-01 Revenue
Bonds 94-3 Merano 5
2003 01-01
Revenue Bonds
Silver Spur Ranch
Utility
Undergrounding 5
Community Facilities District
No. 2005-1 (University Park)
Special Tax Bonds Series
2006A
2004-2 Section 29
Assessment District
Limited Obligation
Improvement Bonds
Bond Issue Date 06/25/03 06/25/03 05/09/06 3/29/2007
Final Maturity Date 09/02/20 09/02/28 09/01/37 9/2/2037
Highest Interest Rate 5.25%5.375%5.424%5.100%
Bond Issue Amount 1,153,000$ 2,340,000$ 67,915,000$ 29,430,000
Matured Principal 1,053,000$ 1,085,000$ 13,620,000$ 6,560,000
Called Principal 10,000$ 160,000$ 27,015,000$ 2,305,000
Outstanding Bonds (4)90,000$ 1,095,000$ 27,280,000$ 20,565,000
Redemption Premium 3.00%3.00%3.00%3.00%
Original Parcels 121 201 78 859
Active Parcels 118 193 67 777
Reserve Requirement 69,180$ 164,381$ 2,465,700$ 1,755,979$
Reserve Balance 19/20 72,954$ 169,631$ 2,679,058$ 1,872,189$
Principal Due 19/20 (2)90,000$ 95,000$ 1,030,000$ 735,000
Principal Levied 19/20 (3)-$ 98,647$ 1,030,000$ 804,333
Interest Due 20/21 (2)2,363$ 55,838$ 1,435,375$ 1,020,979
Interest Levied 19/20 (3)-$ 59,300$ 1,461,125$ 1,138,224
19/20 Delinquency Rate 1.41%3.13%0.11%0.39%
Arbitrage Installment Computation
Date: 90% Rebate Due 06/25/23 06/25/23 05/08/21 04/11/22
Arbitrage Yield Rate 4.913%4.9129%5.3599%5.0134%
Arbitrage-Amount Owed - - - -
Continuing Disclosure Last Report
Issued:1/7/2020 1/7/2020 1/7/2020 1/7/2020
(1) Reserve Balances are as of 6/30/20.
(2) Amount represents principal and interest collected during the FY 19/20 tax roll for Debt Service Payment due in FY 20/21.
(3) Levied amounts reflect adjustments for construction funds, reserve funds, redemption funds and other adjustments.
(4) Outstanding bond balance at June 30, 2020.
(5) The schedule presents the information for each individual local obligation bonded district. Assessment Districts
94-3 Merano and 01-01 Silver Spur were refunded and obligated to pay Debt Service to Series 2003 Assessment Revenue Bonds
see note 13 for additional information.
Source: Wildan Financial Annual Report
201
City of Palm Desert
Direct and Overlapping Government Activities Debt
June 30, 2020
2019/20 Assessed Valuation:15,637,597,908$
City's Share of
DIRECT AND OVERLAPPING TAX ASSESSMENT DEBT:Total Debt 6/30/20 % Applicable (1) Debt 6/30/20
Desert Community College District 337,130,000$ 18.445% 62,183,629$
Desert Sands Unified School District 380,450,000 34.118% 129,801,931
Palm Springs Unified School District 368,956,707 4.295% 15,846,691
City of Palm Desert Limited Obligation Improvement Bonds, Series 2007 1,641,000 100.000% 1,641,000
City of Palm Desert Community Facilities District No. 2005-1 27,280,000 100.000% 27,280,000
City of Palm Desert 1915 Act Bonds 22,928,000 100.000% 22,928,000
TOTAL DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT 259,681,251$
OVERLAPPING GENERAL FUND OBLIGATION DEBT:
Riverside County General Fund Obligations 759,807,924$ 5.284%40,148,251$
Riverside County Pensions Obligations 938,825,000 5.284%49,607,513
Desert Sands Unified School District Certificates of Participation 30,155,000 34.118%10,288,283
Coachella Valley Recreation and Park District Certificates of Participation 158,806 26.479%42,050
TOTAL GROSS OVERLAPPING GENERAL FUND OBLIGATION DEBT 100,086,097$
Less: Riverside County Supported Obligations -
TOTAL NET OVERLAPPING GENERAL FUND OBLIGATION DEBT 100,086,097$
OVERLAPPING TAX INCREMENT DEBT:(SUCCESSOR AGENCIES)549,773,028$ 0.229-100%215,833,760$
TOTAL CITY DIRECT DEBT 1,846,000$ (3)
TOTAL OVERLAPPING DEBT 575,601,108$
COMBINED TOTAL DEBT 577,447,108$ (2)
(1) The percentage of overlapping debt applicable to the city is estimated using taxable assessed property value.
Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided
by the district's total taxable assessed value.
(2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital lease obligations.
(3) Includes special assessment debt with government commitment, and lease revenue bonds, if applicable.
Ratios to 2019-2020 Adjusted Assessed Valuation:
Total Overlapping Tax and Assessment Debt 1.66%
Total Direct Debt 0.01%
Net Combined Total Debt 3.69%
Ratios to Redevelopment Successor Agencies Incremental Valuation (10,195,509,691)$
Total Overlapping Tax Increment Debt 2.12%
Source: California Municipal Statistics, Inc., City of Palm Desert Finance Department
202
City of Palm Desert
Legal Debt Margin Information
Last Ten Fiscal Years
Assessed Value 15,637,597,908$
Debt Limit (15% of Assessed Value) (1)2,345,639,686
Debt Applicable to Limit:
General Obligation Bonds 1,178,000
Less: Amount set aside for
repayment of general obligation
debt -
Total Debt Applicable to Limit -
Legal debt margin 2,344,461,68$
2011 2012 2013 2014 2015
Debt Limit 1,969,825,360 1,884,624,932 1,811,620,824 1,869,699,132 1,963,741,235
Total Net debt applicable to limit 1,658,000 1,624,000 1,589,000 1,526,000 1,489,000
Legal debt margin 1,968,167,360 1,883,000,932 1,810,031,824 1,868,173,132 1,962,252,235
Total net debt applicable to the limit
as a percentage of debt limit 0.08%0.09%0.09%0.08%0.08%
2016 2017 2018 2019 2020
Debt Limit 2,059,815,120 2,114,442,742 2,167,115,649 2,256,723,736 2,345,639,686
Total Net debt applicable to limit 1,451,000 1,410,000 1,368,000 1,310,000 1,178,000
Legal debt margin 2,058,364,120 2,113,032,742 2,165,747,649 2,255,413,736 2,344,461,686
Total net debt applicable to the limit
as a percentage of debt limit 0.07%0.07%0.06%0.06%0.05%
(1) Section 43605 of the California Government Code.
Source: California Municipal Statistic, Inc. San Francisco
Legal Debt Margin Calculation for Fiscal Year 2020
FISCAL YEAR
FISCAL YEAR
203
City of Palm Desert
Pledged-Revenue Coverage
Last Ten Fiscal Years
Special Special
Fiscal Assessment Assessment
Year Collections Principal Interest Coverage Collections Principal Interest Coverage
2011 9,695,868 3,452,000 5,595,543 1.0717 39,400,572 22,240,000 18,767,205 0.961
2012 8,822,163 3,332,000 4,897,651 1.0720 32,941,958 e 15,290,000 17,651,958 1.000
2013 9,524,786 3,786,896 5,255,558 1.0533 33,473,418 e 16,315,000 17,158,418 1.000
2014 d 14,895,214 12,324,000 d 4,954,432 0.8621 38,444,447 e 23,650,000 14,794,447 1.000
2015 10,848,129 g 8,159,000 4,543,692 0.8540 32,294,255 e 18,295,000 13,999,255 1.000
2016 8,537,227 25,401,000 h 4,463,786 0.2859 34,810,024 e 18,055,000 16,755,024 1.000
2017 5,896,670 3,192,000 3,233,399 0.9177 37,535,680 e, i 16,255,000 e, i 21,280,680 1.000
2018 5,590,479 3,545,000 3,088,864 0.8427 23,428,001 e, i 14,235,000 e, i 9,193,001 1.000
2019 5,608,312 2,427,000 2,942,348 1.0445 25,986,960 e, i 17,210,000 e, i 8,776,960 1.000
2020 5,280,905 2,080,000 2,818,146 1.0781 27,833,500 e, i 19,475,000 e, i 8,358,500 1.000
Notes: Details regarding the city's outstanding debt can be found in the notes to the financial statements.
a - The City issued $2.015 million dollars of the Energy Independence Program (AB811 Assessments) Limited Obligation Improvement Bonds (Taxable)
The special assessment collection will commence during the fiscal year 2009-2010 with the first interest payment paid on March 2, 2010.
b - Tax increment bonds are backed by property tax increment based on calculation provided by the Riverside County tax assessor office.
Additional information on tax increment can be found in the notes to the financial statements.
c - The City issued $1.136 million dollars of the Energy Independence Program (AB811 Assessments) Limited Obligation Improvement Bonds (Taxable)
The special assessment collection will commence during the fiscal year 2010-2011
In addition the Palm Desert Financing Authority issued $5.225 million dollars of the Energy Independence Program Variable Rate Demand Lease
Revenue Bonds, Series 2009(Federally Taxable). Interest is paid monthly commencing August 2009 and Principal is paid annually on September 2
The first principal payment was paid on September 2, 2010.
d- A portion of the $50.51 (2007) and $17.915 (2008) million CFD 2005-1 (University Park) was prepaid in the amount of $6.269 Million. The prepaid
$6.269M and $2.280 (2004-1) were called during on September 2, 2014.
e- The total amount payable for the bonded obligations is disbursed by the State of California Department of Finance to the City of Palm Desert Successor Agency.
The annual collection equal the annual obligations.
The City called the $5.225 Million Energy Independence Program Variable Rate Demand Lease Revenue Bonds, Series 2009 (Federally Taxable) in
full on September 2, 2014 in the amount of $4.485 Million. The Energy Fund used the remaining $5.225 Bond Funds in the amount of $2.155 Million
in addition to the $2.5 Million loan from the City General Fund as proceeds to call the bonds.
The City of Palm Desert loaned the Energy Fund $2.5 Million to call the $5.225 Million Energy Independence Program Lease Revenue Bonds,
Series 2009 (Federally Taxable). The $2.5 Million is included as Special Assessment Collections.
h- During the Fiscal Year 2015-16 the Communities Facilities District 2005-1 (University Park Series, Special Tax Bonds Series 2006A and Series 2007
defeased $20.885M of the original issued $67.715M.
i- During the Fiscal Year 2016-17 the Successor Agency issued four series of bonds (1) the Tax Allocation Refunding Bonds, 2017 Series A ($52.39M),
(ii) Taxable Tax Allocation Refunding Bonds, 2017 Series B ($140.130M), Tax allocation Refunding Bonds, 2017 Series H-A ($7.365M), and
(iv) Taxable Tax Allocation Refunding Bonds, 2017 H-B ($45.815M). See Note 18 Tax Allocation Bonds. The 2017 Refunding Bonds refunded all of the
tax allocation revenue bonds; with the exception of the Project Area No. 1 2007A Bonds, and the Project Area No. 2 2003 Bonds.
Special Assessment Bonds Tax Increment b
Debt Service Debt Service
204
City of Palm Desert
Demographic and Economic Statistics
Last Ten Calendar Years
Calendar Percentage Per Capita City Riverside Percentage County
Year City Increase Personal Personal Unemployment County Increase Unemployment
End Population (Decrease) Income CY a Income CY Rate b Population (Decrease) Rate b
2020 52,986 -1.19% 2,916,615,248$ 55,045$ 17.20% 2,442,304 0.09% 14.70%
2019 53,625 1.62% 2,873,512,560$ 53,585$ 4.90% 2,440,124 1.00% 4.40%
2018 52,769 4.00% 2,831,046,858$ 53,650$ 5.00% 2,415,955 1.31% 4.80%
2017 50,740 2.85% 2,789,208,727$ 54,971$ 4.00%2,384,783 1.57%5.70%
2016 49,335 -3.37% 2,747,988,894$ 55,701$ 4.20%2,347,828 1.71%6.70%
2015 51,053 1.26% 2,707,378,221$ 53,031$ 4.60%2,308,441 1.25%6.50%
2014 50,417 0.94% 2,667,367,705$ 52,906$ 4.90%2,279,967 1.10%8.40%
2013 49,949 0.97% 2,627,948,478$ 52,613$ 6.00%2,255,059 1.23% 10.20%
2012 49,471 0.73% 2,589,111,801$ 52,336$ 7.74%2,227,577 0.44% 11.99%
2011 49,111 -5.68% 2,550,849,065$ 51,940$ 8.67%2,217,778 3.66% 14.44%
a - Personal Income estimated based on average growth rate of previous four years. The growth rate factor used was 1.5%. Income data will be
updated once the actual data is available.
b - Unemployment rate for fiscal year 19/20 is based on annual information from State of California Employment Development Department
Labor Market Information Division (not seasonally adjusted)
Sources: State Department of Finance, State Employment Development Department
205
City of Palm Desert
Principal Employers
Current and Ten Years Ago
Employer Employees Rank
Percentage of
Total City
Employment
Employer Employees Rank
Percentage of
Total City
Employment
JW Marriot-Desert Springs
Resort & DS Villas 2,304 1 10.87%
JW Marriot-Desert Springs
Resort 2,304 1 7.00%
Universal Protection Services 1,500 2 7.08%Universal Protection Services 1,500 2 4.56%
Securitas-Security Service
USA 700 3 3.30%Guthy Renker Corp.825 3 2.51%
Avida Caregivers 550 4 2.59%Securitas-Security Service USA 700 4 2.13%
Organization of Legal Pro's 501 5 2.36%Desert Arc 400 5 1.22%
Sunshine Landscape 500 6 2.36%Westin Desert Willow 280 6 0.85%
Costco Wholesale 250 7 1.18%Bighorn Golf Club 250 7 0.76%
Bighorn Golf Club 250 8 1.18%Time Warner Cable 236 8 0.72%
Yellow Cab of Desert 160 9 0.75%Indian Ridge Country Club 200 9 0.61%
Whole Foods Market 150 10 0.71%Marriott Shadow Ridge 200 10 0.61%
Totals 6,865 32%Totals 6,895 21%
Sources: Reference USA, CA Employment Development Department - Federal and State Government not included
2020 2011
206
City of Palm Desert
Supplemental Miscellaneous Statistics
June 30, 2020
City/ Municipal Government
Form of Government:Council - City Manager/Charter City
Date of Incorporation:November 26, 1973
Number of Employees:112 Full-time Employees
Size of City:26.96 Square Miles
Geographic Location:Located 117 miles east of Los Angeles and 515 miles
south of San Francisco.
Streets:170 paved street miles
Number of Business Licenses:6,121 active business licenses
Number of Hotels & Rooms: 18 hotels, 2,726 rooms
CONTRACT SERVICES:
Police Department Contract with Riverside County Sheriff - 75 positions plus 37 support staff
Fire Department Contract with Riverside County/State Fire 57 positions plus 4.52 Fire Prevention staff
Animal Control Riverside County Animal Services
Water & Sewer Coachella Valley Water District
Trash Collection Burrtec - Waste Management
Electric Southern California Edison
Gas Southern California Gas
Telephone Verizon
Airport Palm Springs International Airport
Public Education
Elementary School (grades K - 5) 4
Middle School (grades 6 - 8)1
High School (grades 9 - 12)1
Community College - College of the Desert 1
CSUSB - Palm Desert Campus 1
UCR - Palm Desert Graduate Center 1
Insurance Coverage
General Liability Coverage Calif. Joint Powers Insurance Authority $50 Million/Event
(Excludes Earthquake & Flood)Excess Coverage: from $2 Million up to $50 Million limit
Special Events Calif. Joint Powers Insurance Authority $1 Million
Worker's Compensation Calif. Joint Powers Insurance $10 Million
Property Insurance Calif. Joint Powers Insurance Based on Prop. Value
Health Insurance
Medical California PERS; choice of PPO, HMO, Kaiser, Blue Shield
Dental Delta Dental
Vision Vision Service Plan
Disability Insurance Disability - The Hartford Insurance Company
Life The Hartford Insurance Company
Retirement California PERS - Public Employees' Retirement System
Source: City of Palm Desert
207
City of Palm Desert
Full-time Equivalent City Government Employees by Function / Program
Last Ten Fiscal Years
Function / Program 2020 2019 2018 2017 2016 2015 2014 2013 a 2012 a,b 2011 a
General Government
City 33 31 31 32 32 34 34 33 26 31
Economic Dev & Housing b 11 11 10 11 13 13 13 12 17 24
Public Safety 30 28 29 29 28 26 25 24 24 25
Police & Fire (1) 174 172 179 170 163 169 173 157 162 155
Public Works 38 39 39 39 40 40 40 38 40 47
Totals 286 281 288 281 276 282 285 264 269 282
(1) The City operates as a "contract city" utilizing, primarily, agreement with other governmental entities, private firms and individuals
to provide services.
Contracted services include: Police and Fire protection through the County of Riverside, Cal-Fire, animal control, health services,
legal services and landscape maintenance.
a - As of June 2011 realignments were made due to budget cuts, retirements and layoffs, these continued to FY 2013.
b - On February 1, 2012 the State of California dissolved the City of Palm Desert Redevelopment Agency as part of the Statewide dissolution of all
City Redevelopment Agencies, which in turn created the Successor Agency to the Redevelopment Agency of the City of Palm Desert.
Source: City of Palm Desert Financial Plan, California Department of Forestry and Fire Protection, Riverside County Sheriff's Department
208
City of Palm Desert
Operating Indicators by Function / Program
Last Ten Fiscal Years
Function / Program 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
General Government
Business License Inspections * * * * *24 33 196 477 515
Contracted Services - Burrtec Waste (1)
Refuse Collected (tons)58,096 59,154 56,346 54,301 52,772 54,865 57,935 52,131 49,205 53,108
Recyclables Collected 21,772 27,391 28,119 26,651 23,818 24,611 26,424 24,862 23,588 22,867
Public Safety
Physical Arrests 621 758 1,654 1,620 1,284 1,946 1,348 986 1,012 1,134
Parking Violations 899 375 575 587 712 794 386 198 569 332
Traffic Violations 1,392 3,525 7,012 6,939 6,223 5,525 5,284 5,080 6,216 8,360
Emergency Responses-Fire Department 15,088 10,009 9,984 9,617 9,285 8,628 8,235 7,907 7,151 7,720
Fires Extinguished 147 93 90 68 103 88 106 104 101 107
Fire Inspections 3,372 5,397 3,378 1,274 2,118 2,989 2,552 3,048 5,235 4,651
Building Permits Issued 3,118 3,912 3,644 4,734 4,704 4,909 5,552 4,548 3,448 3,711
Building Inspections Conducted 13,439 13,965 18,601 23,542 24,756 24,057 24,830 19,107 14,749 14,069
Public Works
Street Resurfacing (miles) (3)16.9 31.6 7.3 25.8 2.9 8 34 23 60 5
Parks, recreation & culture
Athletic Field Permits Issued 643 2,990 2,934 3,197 2,997 4,430 6,548 2,635 3,682 6,050
Amphitheater / Pavilions Permits Issued 6 119 121 106 104 283 247 128 266 286
Community Center Admissions 9,746 52,203 60,769 51,694 64,493 53,426 50,204 53,062 69,240 30,298
Aquatic Center Admissions (2)32,905 52,102 53,739 58,023 60,359 64,103 43,545 48,663 45,909 4,329
(1) The City operates as a "contract city" utilizing, primarily, agreement with other governmental entities, private firms and individuals
to provide services.
Contracted services include: Police and Fire protection through the County of Riverside, animal control, health services,
legal services and landscape maintenance.
(2) Aquatic Center operations began in June 2011, managed by the YMCA.
(3) New methods of street resurfacing have improved efficiency, therefore equaling more miles resurfaced.
(*)Per Building & Safety Department business license inspections are no longer done.
Sources: Riverside County Sheriff's Dept., California State Department of Forestry & Fire Protection,
City of Palm Desert, Coachella Valley Recreation & Park District, Burrtec Waste and The YMCA.
209
City of Palm Desert
Capital Asset Statistics by Function / Program
Last Ten Fiscal Years
Function / Program 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
General Government
Contracted Services (1)
Collection trucks 25 25 24 24 35 30 30 36 36 51
Public Safety - Police & Fire
Police Stations 1 1 1 1 1 1 1 1 1 1
Police Sub Stations 1 1 1 1 1 1 1 1 0 0
Patrol Units-Cars 27 29 30 29 29 29 26 28 31 31
Patrol Units-Motorcycles 7 6 9 9 11 10 10 10 10 10
Fire Stations 3 3 3 3 3 3 3 3 3 3
Fire Trucks 4 Puls 1 Reserve 4 plus 1 Reserve 4 plus 1 Reserve 4 plus 1 Reserve 4 plus 1 Reserve 4 plus 1 Rsrvd 4 plus 1 Rsrvd 4 plus 2 Rsrvd 4 plus 2 Rsrvd 4 plus 2 Rsrvd
Ambulance 4 Plus 3 Reserve 4 plus 3 Reserve 4 plus 3 Reserve 4 plus 3 Reserve 4 plus 3 Reserve 4 plus 3 Rsrvd 4 plus 3 Rsrvd 4 plus 1 Rsrvd 4 plus 1 Rsrvd 3 plus 1 Spprt
Fire Prevention Pick-ups 2.5 4 3 3 3 3 3 3 3 3
Public Works
Streets (miles)170 170 170 170 170 170 170 170 174 159
Traffic Signals 99 99 99 99 98 98 98 98 98 97
Parks, recreation & culture
Acreage 201 201 201 201 201 201 201 201 201 201
Total Parks 13 13 13 13 13 13 13 13 13 13
Playgrounds 16 16 16 16 16 16 16 16 16 16
Baseball/softball diamonds 8 8 8 8 8 8 8 8 8 8
Soccer/football fields 9 9 9 9 9 9 9 9 9 9
Basketball Courts 11 11 11 11 11 11 11 11 11 11
Tennis Courts 10 10 10 10 10 10 10 10 10 10
Volleyball Courts 8 8 8 8 8 8 8 8 8 8
Community Centers 2 2 2 2 2 2 2 2 2 2
Skateboard Parks 2 2 2 2 2 2 2 2 2 2
Aquatic Center 1 1 1 1 1 1 1 1 1 1
Commercial Office Space
(Parkview Office Complex)
Leasable Space (square feet)50,322 50,322 50,322 50,322 50,322 50,322 50,322 50,322 50,322 50,322
Occupancy Rate 91%91%82%84%90%90%86%88%83%90%
Number of Tenants by Type
Government (State, local regional)7 7 7 7 9 8 9 8 10 10
Non-Profit 4 4 3 3 4 3 4 4 5 7
Private 3 3 2 3 1 1 4 5 3 4
Square Footage lease by tenant
Government (State, local regional)31,607 31,607 30,907 32,287 33,127 30,907 31,921 31,321 32,021 32,696
Non-Profit 7,341 6,621 4,061 4,061 3,561 6,269 3,294 4,467 5,215 5,663
Private 6,693 7,468 6,218 6,938 8,688 8,025 8,025 8,513 4,310 7,350
Vacant 4,681 4,626 9,136 8,416 4,946 5,121 7,082 6,021 8,776 4,613
Municipal Golf Course
(Desert Willow Golf Resort)
Courses - Fire Cliff and Mountain View 2 2 2 2 2 2 2 2 2 2
Holes 36 36 36 36 36 36 36 36 36 36
Golf Carts 172 172 172 172 172 172 172 172 172 172
Clubhouse square footage 39,000 39,000 39,000 39,000 39,000 39,000 39,000 39,000 39,000 39,000
Rounds per Course
Fire Cliff 38,057 48,646 46,620 39,424 39,366 44,845 45,841 45,645 45,005 44,745
Mountain View 35,332 43,523 43,712 39,931 40,910 42,407 43,160 38,669 41,666 39,178
Total Annual Rounds 73,389 92,169 90,332 79,355 80,276 87,252 89,001 84,314 86,671 83,923
(1) The City operates as a "contract city" utilizing, primarily, agreement with other governmental entities, private firms and individuals
to provide services.
Contracted services include: Police and Fire protection through the County of Riverside, animal control, health services,
legal services and landscape maintenance.
Sources: Riverside County Sheriff's Dept., California State Department of Forestry & Fire Protection,
City of Palm Desert, Coachella Valley Recreation & Park District, Burrtec Waste
210
Note: This section is not required by GASB No. 44, however, City believes that statistical
information is beneficial to the reader.
On February 1, 2012 the State of California dissolved the City of Palm Desert Redevelopment Agenc
as part of the Statewide dissolution of all City Redevelopment Agencies, which in turn created
the Successor Agency to the Redevelopment Agency of the City of Palm Desert.
For more information on the dissolution of the RDA please see note 19 and note 20.
Supplemental Redevelopment Agency Statistical Section
City of Palm Desert, California
211
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Project Area No. 1
Original
1975
Project Area No. 1
Added Territory
1982
Project Area No. 3
1991
Project Area No. 2
1987
Project Area No. 4
1993
0 1 20.5
Miles
Project Area No. 1 - Original (1975)
Project Area No. 1 - Added Territory (1982)
Project Area No. 2 (1987)
Project Area No. 3 (1991)
Project Area No. 4 (1993)
City Limits
City of Palm Desert
July, 2004January 2020
212
City of Palm Desert
Redevelopment Agency
Tax Allocation Bond Issue Information
June 30, 2020
DESCRIPTION
$15,745,000
Tax Allocation
Revenue
Bond
Years 30
Bond Issue Date 03/26/03
Final Maturity Date 08/01/33
Highest Interest Rate 5.00%
Bond Issue Amount 15,745,000$
Outstanding Bond Amount 15,745,000$
Call Premium 1 - 2.00%
Bond Insurer MBIA
Reserve Requirement (1)1,574,500
Reserve Balance (1)(1)
Called Bonds -$
Principle Due 20/21 -
Interest Due 20/21 769,006
Arbritage Yield Rate 4.9502%
Arbritage-Amount Owed -
Arbritage Five Year Due Date:03/26/23
DESCRIPTION
Non-Housing
Tax Allocation
Bond (Exempt)1
Non-Housing
Tax Allocation
Bond (Taxable)2
Years 13 24
Bond Issue Date 01/31/17 01/31/17
Final Maturity Date 10/01/30 10/01/41
Highest Interest Rate 5.000%4.250%
Bond Issue Amount 52,390,000$ 140,130,000$
Outstanding Bond Amount 45,535,000$ 122,855,000$
Call Premium 0.00%0.00%
Bond Insurer BAM BAM
Reserve Requirement (1)5,883,203 9,333,052
Reserve Balance (1)(1) (1)
Called Bonds -$ -$
Principle Due 20/21 2,875,000 8,325,000
Interest Due 20/21 2,204,875 4,180,294
Arbritage Yield Rate 3.659%3.659%
Arbritage-Amount Owed - -
Arbritage Five Year Due Date:01/31/22 01/31/22
DESCRIPTION
Housing
Tax Allocation
Bond (Exempt)3
Housing
Tax Allocation
Bond (Taxable)4
Years 14 6
Bond Issue Date 01/31/17 01/31/17
Final Maturity Date 10/01/31 10/01/23
Highest Interest Rate 5.000% 3.000%
Bond Issue Amount 7,365,000$ 45,815,000$
Outstanding Bond Amount 6,265,000$ 23,805,000$
Call Premium 0.00% 0.00%
Bond Insurer BAM BAM
Reserve Requirement (1) 687,519 4,581,500
Reserve Balance (1) (1) (1)
Called Bonds -$ -$
Principle Due 20/21 395,000 5,735,000
Interest Due 20/21 279,644 569,606
Arbritage Yield Rate 2.907% 2.907%
Arbritage-Amount Owed - -
Arbritage Five Year Due Date: 01/31/22 01/31/22
(1) A surety bond was issued by MBIA Insurance, future reserve balance's will be zero.
1 Refunded PA 1-4 tax exempt portion of bonds ($22.07M, $19M, $24.945M, $62.3M, $17.31M, $67.6M, $4.745M, $15.05M, $11.02M, $15.695M, and $19.2M)
2 Refunded PA 1-4 taxable portion of bonds ($22.07M, $19M, $24.945M, $62.3M, $17.31M, $67.6M, $4.745M, $15.05M, $11.02M, $15.695M, and $19.2M)
3 Refunded Housing tax exempt portion of bonds (12.1M and $86.155M)
4 Refunded Housing taxable portion of bonds (12.1M and $86.155M)
Source: City of Palm Desert and Successor Agency to the Palm Desert Redevelopment Agency
213
City of Palm Desert
Historical Tax Increment/
Redevelopment Property Tax Trust Fund Summary
All Project Areas
Project Area No. 1 FY 2010/11 FY 2011/12 FY 2012/13 FY 2013/14 FY 2014/15 FY 2015/16 FY 2016/17 FY 2017/18 FY 2018/19 FY 2019/20
Gross Tax Increment 50,024,389 48,562,361 48,767,884 51,298,203 53,437,088 56,610,029 58,222,677 59,842,517 62,844,689 64,495,840
Less:
Housing Set-Aside*10,004,878 9,712,472 9,753,577 10,259,641 10,687,418 11,322,006 11,644,535 11,968,503 12,568,938 12,899,168
SB 2557 517,900 610,071 714,717 673,261 686,944 629,449 725,403 662,238 594,754 570,820
Gross Pass-Throughs 19,677,610 18,843,301 18,642,892 20,111,377 21,241,903 22,961,604 25,052,727 22,919,420 25,953,291 26,949,281
Net Tax Increment 19,824,001 19,396,517 19,656,698 20,253,925 20,820,823 21,696,970 20,800,012 24,292,356 23,727,706 24,076,571
RPTTF Amount Deposited n/a 29,927,559 26,848,203 25,090,381 26,530,801 24,696,424 25,131,004 19,923,194 20,331,658 21,672,933
Project Area No. 2 FY 2010/11 FY 2011/12 FY 2012/13 FY 2013/14 FY 2014/15 FY 2015/16 FY 2016/17 FY 2017/18 FY 2018/19 FY 2019/20
Gross Tax Increment 15,435,043 14,335,941 13,700,701 13,556,184 15,232,096 16,232,329 16,302,895 16,916,067 17,401,509 18,170,947
Less:
Housing Set-Aside*3,087,009 2,867,188 2,740,140 2,711,237 3,046,419 3,246,466 3,260,579 3,383,213 3,480,302 3,634,189
SB 2557 160,467 176,347 200,429 179,214 192,900 180,457 202,348 187,481 165,500 160,701
Gross Pass-Throughs 5,806,404 5,381,108 4,983,714 4,967,602 5,665,961 6,078,194 6,103,481 6,372,798 6,609,645 6,975,517
Net Tax Increment 6,381,163 5,911,298 5,776,418 5,698,132 6,326,816 6,727,213 6,736,487 6,972,575 7,146,063 7,400,540
RPTTF Amount Deposited n/a 7,503,009 7,568,241 7,017,531 5,441,721 5,547,427 5,887,814 5,516,674 5,629,776 6,106,095
Project Area No. 3 FY 2010/11 FY 2011/12 FY 2012/13 FY 2013/14 FY 2014/15 FY 2015/16 FY 2016/17 FY 2017/18 FY 2018/19 FY 2019/20
Gross Tax Increment 4,294,063 3,847,543 3,575,242 3,760,421 3,754,999 4,039,902 4,360,574 4,364,606 4,487,719 4,653,982
Less:
Housing Set-Aside*858,813 769,509 715,048 752,084 751,000 807,980 872,115 872,921 897,544 930,796
SB 2557 44,962 49,034 52,858 49,871 48,901 45,175 52,745 8,947 42,853 41,139
Gross Pass-Throughs 1,983,494 1,671,676 1,277,864 1,377,700 1,371,786 1,510,219 1,656,158 1,662,390 1,730,228 1,813,552
Net Tax Increment 1,406,795 1,357,325 1,529,472 1,580,766 1,583,312 1,676,528 1,779,556 1,820,347 1,817,094 1,868,494
RPTTF Amount Deposited n/a 2,088,587 1,491,532 1,357,678 1,237,930 1,290,623 1,295,156 1,422,709 1,451,877 1,563,906
Project Area No. 4 FY 2010/11 FY 2011/12 FY 2012/13 FY 2013/14 FY 2014/15 FY 2015/16 FY 2016/17 FY 2017/18 FY 2018/19 FY 2019/20
Gross Tax Increment 12,073,042 11,342,081 11,153,422 11,941,800 13,057,891 13,889,272 14,287,533 14,685,301 15,251,204 15,776,294
Less:
Housing Set-Aside*2,414,608 2,268,416 2,230,684 2,388,360 2,611,578 2,777,854 2,857,507 2,937,060 3,050,241 3,155,259
SB 2557 125,648 143,002 164,046 156,818 166,634 154,976 178,812 162,715 145,017 139,433
Gross Pass-Throughs 6,744,173 6,730,420 7,530,089 7,901,830 8,381,422 8,866,804 9,433,947 9,943,062 10,454,725 8,434,713
Net Tax Increment 2,788,612 2,200,243 1,228,603 1,494,792 1,898,257 2,089,637 1,817,267 1,642,464 1,601,222 4,046,890
RPTTF Amount Deposited n/a 3,910,755 4,064,105 3,675,440 3,071,966 2,443,507 2,610,660 4,834,978 4,934,105 5,301,405
*For calculation purposes only - No requirement to deposit Housing Set Aside post Redevelopment Dissolution.
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