HomeMy WebLinkAbout110624 - 2.1
STUDY STUDY SESSION MEMORANDUM 2.1
TO: Mayor and Town Council November 6, 2024
SUBJECT: Fiscal Year 2023/24 Annual Comprehensive Financial Report for the
Town of Danville
BACKGROUND
The Pun Group, LLP, has completed its examination of the financial statements for the
Town of Danville and has approved the draft financial reports, including unqualified
opinions as to their accuracy. The draft audit is attached to this report and the Town
Council is now being asked to accept the FY 2023/24 Annual Comprehensive Financial
Report (ACFR).
FORMAT OF THE TOWN’S FINANCIAL REPORT
The ACFR is presented in compliance with standards established by the Governmental
Accounting Standards Board (GASB). GASB established standards to communicate
information about the financial condition of the reporting entity, in this case, the Town.
These standards are expressed through GASB Statements 31, 34, 40, 44 and 54. The ACFR
is intended to provide the Town Council and other users with the information needed to
make decisions about how well the Town is managing its resources.
The ACFR is composed of three sections: Introductory, Financial and Statistical.
• The Introductory Section familiarizes the reader with the Town and includes the
Transmittal Letter, the Town’s organizational chart and a directory of public officials.
• The Financial Section includes the Independent Auditor’s Report, Management’s
Discussion and Analysis, Basic Financial Statements, Notes to the Financial
Statements, Required Supplementary Information and Supplemental Information.
• The Statistical Section includes Financial Trends, Revenue and Debt Capacity,
Demographic and Economic Information and Operating Information.
GASB 34 presents financial information from two perspectives. The first perspective, the
Government-Wide Financial Statements, located at the beginning of the Financial Section,
groups the Town’s funds into major and non-major funds and presents them in this
condensed format. The value of the Town’s long-term debt and the Town’s
infrastructure, net of depreciation, is included in the Government-Wide Statement of Net
FY 2023/24 Audited ACFR 2 November 6, 2024
Assets and the Statement of Activities and Changes in Net Assets. The second
perspective, the Fund Financial Statements, includes the Governmental Funds Balance
Sheet and the Statement of Revenues, Expenditures and Changes in Fund Balance, but
omits long-term debt and the value of infrastructure. Reconciliation of the Government-
Wide Financial Statements and the Fund Financial Statements are presented after each of
the Fund Financial Statements.
Based on GASB criteria, the Town’s major funds are the General Fund, and the Capital
Improvement Project Fund. The Town has also chosen to present the Lighting and
Landscape Special Revenue Fund and the Regional Traffic Impact Fees Special Revenue
Fund as major funds.
The Statistical Section schedules are designed to show trends in five areas: financial,
revenue capacity, debt capacity, demographic and economic information and operating
information.
Highlights of the Town’s accomplishments and fiscal activities are presented in the
Transmittal Letter and Management Discussion and Analysis.
ECONOMIC CONDITION OF DANVILLE’S GENERAL FUND
General Fund
The General Fund realized a net increase in fund balance of $7,957,096 (year over year
2022/23 to 2023/24). Revenues exceeded expenditures by $11,649,793 with net operating
transfers to other funds of $3,692,697.
Actual revenues exceeded final budgeted revenues by $6,980,841. General Fund
expenditures were below budget by $2,132,852 with cost savings in most departments.
These savings were largely attributable to the timing of filling for several vacancies
position.
Note 11 of the Notes to Basic Financial Statements details the reserves and designations
against the June 30, 2024 Fund Balance. The recommended designated reserves,
described in detail below, were reviewed by the Town Council Finance Committee on
November 6, 2024, and require approval and appropriation by the full Town Council.
TOWN FUND BALANCE
It is recommended that the Town Council approve the following adjustments to fund
balance reserves, which are reflected in the FY 2023/24 ACFR.
FY 2023/24 Audited ACFR 3 November 6, 2024
Compensated Absences/Personnel
The recommended transfer of $750,000 will increase the reserves for Compensated
Absences/Personnel to ensure that sufficient funds are set aside to cover currently
accumulated employee general leave hours.
Contingency Fund
The recommended transfer of $500,000 to the Contingency Fund is to replenish the fund
for future use.
500 La Gonda
The recommended transfer of $300,000 will assist with the cost of replacing the roof for
500 La Gonda Way.
Asset Replacement
The recommended transfer of $1,000,000 to the Asset Replacement Fund will assist with
the replacement of obsolete capital assets including vehicles, equipment, furnishings, and
technology.
Capital Improvement Projects Fund
The recommended transfer of $4,997,432 to the Capital Improvement Projects Fund will
assist with the funding of future projects as determined by the Town Council.
Other Reserves Against Fund Balance
In addition to the above-designated reserves that require Town Council action to
implement, a number of other reserves and designations have either been approved by
the Town Council in prior years or are statutorily restricted and do not require further
action. These include:
1) $16,009,768 for Operating Reserves;
2) $ 1,759,401 as a non-spendable receivable from the former CDA for the
Cooperative Agreement Loan;
3) $ 1,465,232 for Compensated Absences;
4) $ 848,843 for the Reserve for Debt Service;
5) $ 510,470 for the Contingency Fund;
6) $ 877,166 for encumbrances and carryover expenditures;
FY 2023/24 Audited ACFR 4 November 6, 2024
7) $ 1,985,327 Emergency Reserved
7) $ 1,516,413 for future use of the rental proceeds from the property at 500 La
Gonda Way;
8) $ 10,000 for the Reward Fund
When the operating transfers are combined with the above reserves and the designations
requiring Town Council action, the entire excess of revenues and other sources over
expenditures and other uses in the General Fund for the 2023/24 fiscal year will have
been designated for specific purposes.
Prepared by:
Lani Ha
Finance Director/Treasurer
Reviewed by:
Joseph A. Calabrigo
Town Manager
Attachment: A - General Fund Balance Analysis as of June 30, 2024
TOWN OF DANVILLE
GENERAL FUND BALANCE ANALYSIS
AS OF JUNE 30, 2024
Presented to Finance Committee on 11/06/24
June 30, 2024 June 30, 2023
TOTAL PRE-AUDIT FUND BALANCE AT 6/30/24 36,897,760$ 28,878,517$
Adjust for unrealized market value reported per GASB 31 requirement (3,762,414)$ (3,114,469)$
Adjust for unrealized leased income/loss reported per GASB 86/87 requirement (605,294)$ (721,576)$
FUND BALANCE without UNREALIZED MARKET value 32,530,052$ 25,042,472$
Less Reserves/Designations Against Fund Balance for:
Operating Reserve 16,009,768$ 13,809,768$
Receivable from CDA 1,759,401$ 2,859,401$
Compensated Absences/Personnel 1,465,232$ 1,465,232$
Reserved for Debt Service 848,843$ 827,765$
Contingency 510,470$ 782,066$
Encumbrances 877,166$ 822,879$
Emergency Reserved 1,985,327$ -$
500 La Gonda Way reserved 1,516,413$ 1,516,413$
Reward Fund 10,000$ 10,000$
Total Reserves/Designations Against Fund Balance 24,982,620$ 22,093,524$
CURRENT UNRESERVED/UNDESIGNATED FUND BALANCE AT 6/30/24 7,547,432$ 2,948,948$
Less funds recommended to be designated
Compensated Absences 750,000$ -$
Contingency 500,000$ -$
500 La Gonda (Roof)300,000$ -$
Asset Replacement 1,000,000$ -$
RECOMMENDED UNRESERVED/UNDESIGNATED FUND BALANCE AT 6/30/24 4,997,432$ 2,948,948$
TOWN OF DANVILLE
FUND BALANCE OPTIONS
June 30, 2024
CIP - General Purpose 4,997,432$ -$
Emergency Reserve Fund -$ 2,948,948
Optional Use of Recommended Available Fund Balance at 6/30/24 4,997,432 2,948,948
ATTACHMENT A
Town of Danville, California
Town Council
Karen Stepper, Mayor • David Fong, Vice Mayor • Newell Arnerich, Councilmember
Renée Morgan, Councilmember • Robert Storer, Councilmember
Town Staff
Joseph A. Calabrigo, Town Manager • Lani Ha, Finance Director/Treasurer
for the Fiscal Year ended June 30, 2024
Annual Comprehensive
Financial Report
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TOWN OF DANVILLE, CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
For the Fiscal Year Ended June 30, 2024
TOWN COUNCIL
Karen Stepper, Mayor
David Fong, Vice Mayor
Newell Arnerich, Councilmember
Renee Morgan, Councilmember
Robert Storer, Councilmember
TOWN MANAGER
Joseph A. Calabrigo
Prepared by the
Finance Division
Lani Ha, Finance Director/Treasurer
Danville, CA
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Town of Danville
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents
Page
INTRODUCTORY SECTION (Unaudited)
Letter of Transmittal .......................................................................................................................................................... i
Organizational Chart .................................................................................................................................................... xvii
Directory of Public Officials ...................................................................................................................................... xviii
Certificate of Achievement for Excellence in Financial Reporting –
Government Finance Officers Association ................................................................................................................ xix
Statement of Purpose ...................................................................................................................................................... xx
FINANCIAL SECTION
Independent Auditors’ Report on Financial Statements ............................................................................................. 1
Management’s Discussion and Analysis (Required Supplementary Information) (Unaudited) ............................. 5
Basic Financial Statements:
Government-Wide Financial Statements:
Statement of Net Position ........................................................................................................................... 19
Statement of Activities ................................................................................................................................ 20
Fund Financial Statements:
Governmental Fund Financial Statements:
Balance Sheet ............................................................................................................................................. 26
Reconciliation of Governmental Funds Balance Sheet
to the Government-Wide Statement of Net Position ............................................................................. 29
Statement of Revenues, Expenditures and Changes in Fund Balances ....................................................... 30
Reconciliation of the Governmental Funds Statement of Revenues,
Expenditures and Changes in Fund Balances to Government-Wide
Statement of Activities ......................................................................................................................... 32
Fiduciary Fund Financial Statements:
Statement of Fiduciary Net Position ............................................................................................................ 37
Statement of Changes in Fiduciary Net Position ......................................................................................... 38
Index to Notes to the Basic Financial Statements .................................................................................................... 41
Notes to the Basic Financial Statements................................................................................................................... 43
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Town of Danville
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents (Continued)
Page
FINANCIAL SECTION (Continued)
Required Supplementary Information (Unaudited):
Budgetary Information ............................................................................................................................................. 77
Budgetary Comparison Schedules:
General Fund ............................................................................................................................................... 78
Lighting and Landscape Special Revenue Fund .......................................................................................... 80
Regional Traffic Impact Fees Special Revenue Fund ................................................................................. 81
American Rescue Plan Act Special Revenue Fund ..................................................................................... 82
Modified Approach for Town Street Infrastructure Capital Assets .......................................................................... 83
Supplementary Information:
Non-Major Governmental Funds:
Combining Balance Sheet .................................................................................................................................. 91
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances ............................................ 96
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual:
PEG Special Revenue Fund....................................................................................................................... 101
Gas Tax Special Revenue Fund ................................................................................................................ 102
Building and Planning Special Revenue Fund .......................................................................................... 103
Development Engineering Special Revenue Fund .................................................................................... 104
Child Care Special Revenue Fund ............................................................................................................. 105
Stormwater Pollution Control Program (SPCP) Special Revenue Fund ................................................... 106
Measure C/J Special Revenue Fund .......................................................................................................... 107
Donations and Contributions Special Revenue Fund ................................................................................ 108
General Development Impact Fees Special Revenue Fund ....................................................................... 109
Public Safety Special Revenue Fund ......................................................................................................... 110
Old Town Parking In-Lieu Special Revenue Fund ................................................................................... 111
Solid Waste Vehicle Impact Fee Special Revenue Fund .......................................................................... 112
Low and Moderate Income Housing Special Revenue Fund .................................................................... 113
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Town of Danville
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents (Continued)
Page
STATISTICAL SECTION (Unaudited)
Financial Trends:
Net Position by Component ............................................................................................................................... 118
Changes in Net Position ..................................................................................................................................... 120
Fund Balances of Governmental Funds ............................................................................................................. 124
Changes in Fund Balances of Governmental Funds .......................................................................................... 126
Revenue Capacity
Governmental Activities Tax Revenues by Source ............................................................................................ 130
Assessed Value ................................................................................................................................................... 131
Direct and Overlapping Property Tax Rates ....................................................................................................... 132
Property Tax Levies and Collections ................................................................................................................. 133
Principal Property Taxpayers .............................................................................................................................. 134
Debt Capacity:
Ratios of Outstanding Debt by Type .................................................................................................................. 136
Ratios of General Bonded Debt Outstanding ...................................................................................................... 137
Direct and Overlapping Governmental Activities Debt ...................................................................................... 139
Legal Debt Margin Information ......................................................................................................................... 140
Pledged-Revenue Coverage ................................................................................................................................ 142
Demographic and Economic Information:
Demographic and Economic Statistics .............................................................................................................. 144
Principal Employers in the Town of Danville .................................................................................................... 145
Operating Information:
Full-Time Equivalent Town Government Employees by Function ................................................................... 148
Operating Indicators by Function ...................................................................................................................... 149
Capital Asset Statistics by Function.................................................................................................................... 150
Independent Auditors’ Report on Internal Control Over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements
Performed in Accordance with Government Auditing Standards ........................................................................ 151
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INTRODUCTORY SECTION
(Unaudited)
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“Small Town Atmosphere
Outstanding Quality of Life”
5 1 0 L A G O N D A W A Y , D A N V I L L E , C A L I F O R N I A 9 4 5 2 6
Administration Building Engineering & Planning Transportation Maintenance Police Parks and Recreation
(925) 314-3388 (925) 314-3330 (925) 314-3310 (925) 314-3320 (925) 314-3450 (925) 314-3700 (925) 314-3400
November 19, 2024
Mayor and Town Council
Town of Danville
Subject: Fiscal Year 2023/24 Annual Comprehensive Financial Report
The Annual Comprehensive Financial Report (ACFR) of the Town of Danville, California
(Town) for the fiscal year (FY) ended June 30, 2024, is submitted in compliance with laws of
the State of California and as prescribed by the Government Accounting Standards Board
(GASB) Statement 34. This report was prepared by the Town of Danville Finance Division,
and the responsibility for the accuracy of the data and the completeness and fairness of the
presentation, including all disclosures, rests with the Town. To the best of our knowledge,
the data included in the report is accurate in all material respects and is reported in a manner
designed to present fairly the financial position and results of operations of the various
funds of the Town. All disclosures necessary to enable the reader to gain an understanding
of the Town's financial activities have been included.
The ACFR represents the culmination of all budgeting and accounting activities of the Town
during FY 2023/24.
GENERAL INFORMATION ABOUT THE TOWN OF DANVILLE
Incorporated in 1982, Danville is located in southern Contra Costa County, approximately
30 miles east of San Francisco and lies in the center of the San Ramon Valley. The Town
comprises an area of 18.5 square miles and has 42,567 residents.
Danville began as a small rural village during the 1850s. The first post office was established
in 1860. Although the Town is suburban, it still retains its small-town character. Older well-
maintained neighborhoods coexist with newer subdivisions and their modern amenities.
The community enjoys natural creeks, hiking and biking trails, and dedicated open space.
Mt. Diablo, at an elevation of 3,849 feet, rises to the east and Las Trampas Regional
Wilderness, elevation 2,049 feet, creates the Town's western boundary.
Danville's primary commercial district lies in the center of the community and offers
resident-serving commercial businesses, boutique shopping, and fine dining. The Old Town
area is the historical center of the Town. It is a source of pride to our residents and is the site
of many holiday and special events which attract visitors throughout the year from around
the Bay Area.
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While Danville has remained predominantly residential, neighboring cities have developed
job centers including major business parks located within minutes from the Town.
The Town operates under the Council-Manager form of government, governed by a five-
member Town Council elected at large and serving staggered four-year terms. Council
elections are held in November of even-numbered years. The Town Manager and the City
Attorney are appointed by the Town Council. The Town Manager appoints all Department
Heads and through them all other employees of the Town.
Areas of service delivery for the Town include General Government, Police Services,
Administrative Services, Development Services, Maintenance Services and Recreation, Arts
and Community Services. The Town contracts with the Contra Costa County Sheriff’s Office
to provide police services. Additional services are provided by other agencies: fire service
by the San Ramon Valley Fire Protection District, water service by the East Bay Municipal
Utility District, wastewater service by the Central Contra Costa Sanitary District, and
primary and secondary education by the San Ramon Valley Unified School District.
The Town also contracts with private companies and individuals to provide certain building
inspection, recreation and maintenance services.
REPORTING ENTITY
A preliminary step in preparing the ACFR for the Town was the identification of the
reporting entity. In accordance with Government Accounting Standards Board Statement
No. 14, related governmental entities were evaluated to determine if the Town was
financially accountable for its operations. This report includes all fund types and account
groups of the Town of Danville.
The former Community Development Agency (CDA) of the Town was dissolved by AB x1
26 on January 31, 2012. As a result, all assets and debt liabilities of the former CDA were
transferred to a Fiduciary Trust Fund, the Successor Agency (SA) to the former Community
Development Agency of the Town of Danville, in FY 2011/12. On June 27, 2012, AB 1484
was passed and directed that the Low and Moderate Income Housing assets be transferred
from the SA to the Town. The SA does not meet the definition of a "component unit," and
its financial activities and assets are therefore not included in the Town’s financial
statements. Although the SA is legally a separate entity, the governing board of the SA has
the same membership as the Town Council. The Town is responsible for day-to-day
activities, including the ability to appoint, hire, reassign or dismiss management. An
Oversight Board consisting of seven members was appointed to the SA for the purpose of
overseeing the dissolution of the CDA. The Town of Danville Financing Authority (a joint
powers authority of the Town of Danville and the former CDA) is not included as a
component unit since it is financially independent. In April 2017, the State Department of
Finance approved the Last and Final Recognized Obligation Payment Schedule (ROPS) for
the SA. This approval established the precise amount of each Redevelopment Property Tax
Trust Fund (RPTTF) payment due to the SA until all of its obligations are retired in 2035.
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The SA also completed disposition of all assets in 2017. Taken together, these steps
eliminated the need for the Oversight Board and the preparation of any further ROPS.
ECONOMIC CONDITION AND OUTLOOK
Current Economic Condition
As of June 30, 2024, the Town of Danville's financial condition continues to be sound. An
indicator of the Town’s financial condition is the level of fund balance, reserved and
unreserved, in its Governmental Funds, which include General, Special Revenue, Debt
Service and Capital Projects. The Town has a policy of retaining a minimum of 20% of the
coming year’s operating expenditures as an operating reserve against the General Fund
fund balance. As of June 30, 2024, $16,009,768 or 41.3% is designated for this purpose.
Additional reserves against the General Fund include various future operating costs,
including General Fund purchase order encumbrance carryovers; reserves for Certificate of
Participation debt issued by the Town in 2001 and 2005; a contingency for unforeseen
expenditures; compensated absences/personnel; reward funds to help recover Town
property; a reserve for the receivable for the funds loaned to the former CDA and funds to
be used for maintenance of Town’s rental property. An additional $1,262,480 has been
designated as a transfer to the Capital Improvement Program Project Fund.
The Town’s conservative Investment Policy and practices continue to protect the principal
of the Town’s investment portfolio. The Town’s portfolio is invested in U.S. Treasury bonds;
U.S. Agency bonds; the State of California’s pooled fund; LAIF; and U.S. Corporate Notes
with ratings of AA- or higher.
The total General Fund fund balance of $36,897,758 represents 137.66% of total FY 2023/24
General Fund operating expenditures and 95.07% of operating expenditures from all funds.
Additionally, the Town has $41,302,151 of Special Revenue funds, and $33,951,008 in Capital
Projects funds.
The Town’s five largest revenue sources account for 83.23% of all Town revenues. These
include Property Tax providing 34.38% of revenues; Sales Tax providing 11.74%; Other
Taxes and Intergovernmental providing 19.30%; Special Assessments providing 6.27% and
Use of Money and Property providing 11.54% of revenues.
Property Tax increased by $967,851 (5.11%) compared to FY 22-23, as assessed values were
increased. Revenue trends from the past four years illustrate strong growth in assessed
valuation. December 31, 2015 marked the sunset of the Sales Tax for Property Tax swap
known as “the triple flip” that was enacted by the passage of Proposition 57 in 2004.
Charges for Services increased by $206,995 (6.60%), as Recreation classes and programs
increased. Recreation Fees and Charges, Building and Planning fees and Development
Engineering fees all increased compared to prior year.
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Sales Tax decreased by $668,661 -(8.95%) as online sales activity and brick and mortar
businesses (restaurant and retail) has leveled off. Other Taxes and intergovernmental Fund
Revenues increased by a net of $456,815 (4.26%), reflecting higher revenues from Gas Tax.
Measure J funds and SPCP Special Assessments. LLAD Special Assessments increased
slightly due to new construction added.
Danville’s jobless rate as of September 2024 was 4.4% as compared to 4.1% nationwide, 5.3%
in California, and 4.8% in Contra Costa County.
Outlook for the Future
The Town uses a multi-year financial planning process that includes estimates of future
revenue and operating expenditure growth as well as capital needs to be financed from all
funds over the next 10 years. The annual update of this model, the 2024/25 Operating
Budget and Capital Improvement Program, was completed in April 2024 and adopted on
June 4, 2024. General Fund revenues are projected to increase 3.90% from FY 2023/24 to
FY 2024/25, largely attributable to a 5.30% increase in Property Tax Revenue, 1.5% increase
in sales tax revenue, 21.70% increase in Franchise Solid Waste and 3.50% increase in
Recreation Fees and Charges. Special Purpose revenues are projected to increase 7.20%,
mostly due to increase of 28.70% in Building and Planning revenue, 2.50% in Gas Tax
revenue, 2.50% in Measure J revenue, 3.00% in Solid Waste VIF revenue, and slight to no
increases in other Special Revenues funds.
Looking forward 10 years, General Purpose revenues are projected to increase 3.90% in
FY 2024/25 and an average of 1.38% thereafter. Special Purpose revenues are projected to
increase 7.20% in FY 2024/25, and an average of 1.00% through FY 2033/34.
The 10-year projection includes cost increases that average 2.14% annually, reflecting
anticipated adjustments to service demands as well as changes in the Consumer Price Index.
The Town continues to evaluate the impact of current decisions on the long-term fiscal
stability of the Town.
By FY 2026/27, all four zones in the Lighting and Landscape Assessment District will
require further General Fund subsidies, or an increase in assessments, in order to maintain
current service levels.
Despite the passage of Senate Bill 1 – The Road Repair and Accountability Act of 2017, which
significantly increased the local streets and roads funds allocated back to Danville, Gas Tax
revenues alone will not support all of the costs associated with maintaining the Town's street
system over the next 10 years. Additional General Purpose and Special Purpose revenue
resources, will continue to be needed to maintain the current Pavement Condition Index
(PCI) and street maintenance service levels.
Furthermore, the Town’s Capital Improvement Program will continue to require an annual
infusion from the General Fund and other available resources in order to maintain the
Town’s practice of paying cash for capital projects.
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The Town’s current funding of service delivery, capital projects, local streets and roads and
long-term fiscal health depends on continued growth of the economy and avoidance of
further negative fiscal actions by the State or voters. The dissolution of the former
Community Development Agency continues to have a major negative impact on the Town
by eliminating a major annual funding source for downtown improvements. While the
Town will be repaid $1.76 million in funds owed by the former Community Development
Agency through annual payments, further action from the State could adversely affect the
Town’s fiscal condition.
Additional financial information on the Town of Danville is provided in The Management
Discussion and Analysis (MD&A). The Transmittal letter and MD&A are intended to
provide complementary information to each other.
MAJOR ACCOMPLISHMENTS AND INITIATIVES
For Fiscal Year 2023/24
During FY 2023/24, the Town made substantial progress on key initiatives that will have
lasting effects on community safety, infrastructure, and quality of life:
1. Major CIP Project - Downtown Master Plan Catalyst Project
Completed engineering design on schedule and initiated construction on the $4.9 million
project aimed at improving pedestrian safety and accessibility in Downtown Danville.
Once complete, this project will add approximately 11,675 square feet of new public
gathering space (Prospect Park Plaza, Village Theatre Plaza, and E. Linda Mesa Avenue
seating area), artistic lighting elements, 18 new streetlights, three intersections with
augmented bulb outs, and two raised intersections for traffic calming.
2. Major CIP Project – Diablo Vista Park Playground & Multi-Use Skate Park
Completed engineering design and bid package for this project. As a result of the
bidding process, this project was subsequently separated into two separate CIP projects,
each with its own cost projections, engineering designs, plans, and specifications with
the goal of re-bidding these projects in FY 2024/25.
3. Major CIP Project – Diablo Road Multi-Purpose Trail
The December 31, 2022, winter storms significantly eroded the creek bank and altered
the terrain upon which the future trail alignment depended. Consequently, much of the
preliminary engineering efforts required updating. This included a new survey of the
creekbank and adjacent roadway, re-design of the schematic project plans, and update
to the hydrology study in response to State regulatory agencies’ conditions of approval.
Updated plans and studies were submitted to the California Department of Fish and
Wildlife and the San Francisco Regional Water Quality Control Board, and are awaiting
final approval.
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4. Major CIP Project – Town Green Master Plan
Completed discussions with the Parks, Recreation & Arts Commission and Arts
Advisory Board regarding project component priorities, which led to a focus on the
Town Studio (Maker Space) and Pavilion on the Town Green as project priorities.
5. Capital Maintenance - Parks and Athletic Facilities
Completed the replacement of 5 acres of synthetic turf at Sycamore Valley Park,
extending the field’s usable life by another 8-10 years.
Completed renovation of Oak Hill Park playground replacement project.
Completed renovations of the turf in the large dog park at Hap Magee Ranch Park,
rated best in the area by Diablo Magazine.
Resurfaced two Town-maintained tennis courts at Monte Vista High School.
6. Capital Maintenance - Community Buildings
Renovated the children’s reading area in the Danville Library, including new
flooring, paint and furniture.
Initiated design of the Town Meeting Hall audio/visual renovation and replacement
effort.
7. Capital Maintenance – Public Works Infrastructure
Completed construction of the Camino Ramon Improvements project.
Completed construction of the El Pintado Loop Drainage and Pavement
Improvements.
Completed construction of the Loch Lomond, Starview, and Westridge Trash Rack
projects.
Completed a drainage improvement project on Van Patten Drive was completed,
alleviating chronic flooding across 500 feet of roadway.
Secured the authorization to proceed from Caltrans to construct the San Ramon
Valley Boulevard Improvements project in the upcoming fiscal year, subsequent to
the installation of fiber optic infrastructure along the same road alignment.
Continued design work for the $6 million project to replace the La Gonda Way bridge
at Danville Boulevard.
Managed the street sweeping services contract, covering over 210 miles of streets, to
ensure clean roadways and prevent pollutants from entering the Town’s 34 miles of
creeks.
Completed installation of upgraded electric vehicle (EV) charging stations at four
municipal parking lots downtown including the Clocktower parking lot, Railroad
Avenue Parking Lot, Village Theatre Parking Lot and the Danville Library and
Community Center Parking Lot.
Completed the annual creek cleaning program to reduce flood risks across the
Town’s water system through in-house and contract efforts.
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8. Capital Maintenance – Long Range Fiscal Planning
Initiated a feasibility study to consider updates to the Town-wide Lighting and
Landscape Assessment District which supports ongoing maintenance of Town parks,
buildings, roadside landscaping and street lighting, and contributes to the Town’s
overall quality of life and property values.
9. Emergency Response and Recovery
Continued to work with the Federal Emergency Management Agency (FEMA) and
the California Office of Emergency Services (Cal OES) to recover up to $4.5 million in
public assistance related to emergency repair and recovery costs attributable to the
declared local emergency associated with the December 31, 2022, winter storms.
Completed emergency repairs and reconstruction of 300 linear feet of the San Ramon
Creek creekbank and Front Street north of Diablo Road.
Completed emergency storm drain pipeline replacement on East Linda Mesa
Avenue.
10. Community Events and Economic Development
Approved 11 Business Promotion Grants totaling $30,000, providing assistance to
over 200 local businesses. This represents a 4.48% increase in grant dollars awarded
over the prior year.
Promoted 36 local businesses and reached over 55,000 people through regional
holiday shopping marketing efforts. Developed and distributed a survey to
participants to gather feedback as part of an ongoing effort to improve program
effectiveness.
Refocused the Business Resources webpage to enhance its interface to be more user-
friendly and accessible. This includes launching the “Danville Prospector” tool for
site selection to make it easier for businesses to find the right location in Danville.
Developed and implemented the "Open in Danville" program to welcome new
businesses to Danville and introduce them to Town resources. The goal of the
program is to help new businesses get started and succeed in Danville. 17 new
businesses have been introduced.
Hosted 10 community events, drawing over 53,000 attendees in total, including the
Kiwanis Danville July 4th Parade (35,000 attendees) and the Lighting of the Old Oak
Tree (8,000 attendees).
Supported local community-based organizations, such as the Danville Area Chamber
of Commerce, in their efforts to host community events including: Fall Rock N’ Stroll
(300 attendees), Health & Wellness Day on the Green (900 attendees), Spring Sip n’
Stroll (475 attendees) and Summer Arts Fling (250 attendees).
11. Communications
Created marketing materials for 168 programs, events, and projects.
Ensured consistent and near-constant communication with downtown businesses
owners over the first 3 months of the Downtown Catalyst Project construction
through in person visits and 500 fliers, updates through weekly business-direct
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emails, as well as daily contact with the project management team and Economic
Development staff.
Posted weekly updates and traffic advisories to the Town’s social media about the
Downtown Master Plan Catalyst Project, as well as general posts about Downtown
businesses open during construction. The 12 posts in the first 3 months of the project
yielded 11,000 impressions.
Launched a new email marketing platform as well as a new youth-focused recreation
activities email. Total subscriptions on the platform are more than 15,000.
Relaunched the Danville Police Department’s Instagram account. Utilize the account
to share public safety-related news and updates as well as to build continue the
strong connection between the community and its police department. Doubled
followers from around 600 to more than 1,200 in this fiscal year, the first full year of
activity.
Town social media account followers at fiscal year-end: 10,163 Instagram, 10,095
Facebook.
12. Housing and Private Development
Secured State certification on the Town’s 2023–2031 Housing Element on
April 9, 2024, the culmination of a 14-month effort responding to questions and
modifications required by the California State Department of Housing and
Community Development.
Reviewed and processed 161 planning applications ranging from variances and land
use permits to subdivisions and development plans.
Revised and approved 943 building permits (71.8% of which were received online),
conducting 686 plan checks and 3,199 building inspections.
Reviewed and processed 500 encroachment permits for private or utility-related
construction activity within the public right-of-way.
Opened and facilitated the resolution of 416 code enforcement cases, a 37% increase
from the prior year.
13. Legislative Advocacy: Continued working with Tri-Valley Cities Coalition and state
legislators to advocate for changes to legislation in a manner that benefits Danville. The
coalition tracked and provided input on 23 state bills, 3 federal bills, and 3 state
measures.
14. Public Safety
Engaged in a collaborative initiative with mental health response units A3 (Anyone,
Anywhere, Anytime) and MHET (Mental Health Evaluation Team) to implement
alternative strategies for addressing mental health crises. This effort resulted in a
reduction of involuntary mental health commitments to 72 for the year, a decrease
from the 10-year average of 91.4 commitments.
Continued the Police Chief's weekly "10-8" live video podcast, which experienced
viewership figures between 50 to 400 per episode on both Facebook and YouTube
platforms.
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Attained an 83% success rate in the juvenile diversion program, with five juveniles
successfully completing the program.
Handled a total of 22,658 service calls, marking an increase from 19,337, primarily
attributed to enhanced proactive community policing initiatives.
Escalated traffic enforcement efforts in response to increased collision rates and
public complaints regarding driving conduct, resulting in an increase in citations
issued from 1,922 to 3,850.
Maintained a case closure rate for violent crimes (Homicide, Rape, Robbery, and
Aggravated Assault) that is more than double the national average.
15. Recreation
5,285 households served though 1,649 recreation classes which had a total of 20,753
participants. Of this total, 6,188 were senior participants.
Provided social connections with 1,554 volunteers for various Town programs
throughout Town.
Facilitated 540 facility rentals, comprised of 530 picnic and 35 bocce court rentals.
16. Technology and Cyber Security
Continued design of the Townwide Fiber Optic Interconnect project, incorporating
and installing conduit within street segments under construction (such as Hartz
Avenue and San Ramon Valley Boulevard).
Implemented new and refined technologies and network infrastructure in the Town
Offices. Improved bandwidth to the various Town sites and the Internet. Updated
audio/video systems at various sites.
Continued to implement additional security measures and monitor cybersecurity
issues to protect the Town from these ongoing types of attacks.
Deployed monthly email phishing tests to all users and provide yearly cyber security
awareness training.
Implemented new PCI compliant payment terminals at Permit Center and Recreation
department for taking secure credit card payments.
17. Transportation and Traffic Safety
Completed design and construction of the Paraiso Drive (west of Brookside Drive),
Orange Blossom, and Greenbrook Neighborhood Traffic Management Program
(NTMP) projects.
Continued implementing the Townwide Bicycle Facility Improvements project
including Camino Ramon Improvements and design of new bicycle facility for San
Ramon Valley Blvd Improvements (to be implemented during construction).
Completed design for three Iron Horse Trail Crossings (Love Lane, Del Amigo Road,
West Linda Mesa) and one School Crossing Safety Improvements (Stone Valley Road
at Monte Sereno) and currently awaiting authorization to proceed with construction
from Caltrans.
Continued design of additional improvements along the Iron Horse Trail Crossings
at Greenbrook Drive, Paraiso Drive, and El Capitan Drive.
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Received Transportation Development Act (TDA) funds to acquire the Rectangular
Rapid Flashing Beacon (RRFB) equipment needed to complete the Iron Horse Trail
network (including Hartford Road and West Prospect Avenues).
Continued to work with regional and subregional agencies such as the Contra Costa
Transportation Authority (CCTA) and Tri-Valley Transportation Council (TVTC) to
implement regional improvements to intraregional travel and minimize cut-through
traffic in Danville.
Continued to actively participate in the TRAFFIX Joint Powers Authority (JPA) and
completed re-negotiation of a new contract for the school bus operator.
18. Public Recognition:
Received the outstanding financial reporting for the Annual Comprehensive
Financial Report from the Government Finance Officers Association for 20
consecutive years.
Danville has been recognized as the safest city in California by multiple sources, such
as Property Club and ADT. This distinction is based on comprehensive evaluations
of crime statistics, community facilities, and overall quality of life, focusing on cities
with populations over 30,000. This achievement marks the seventh consecutive year
that Danville has been awarded this prestigious title by at least one online
publication. (https://propertyclub.nyc/article/safest-cities-in-california -
https://www.adt.com/resources/safest-cities-california)
For Fiscal Year 2024/25
The Town will continue its momentum into FY 2024/25 with the following key projects and
initiatives:
1. Major CIP Project - Downtown Master Plan Catalyst Project: Complete construction of
this downtown safety project which would add approximately 11,675 square feet of new
public gathering space (8,500 SF at the Village Theatre Plaza, 2,800 SF at Prospect Park
Plaza, and 375 SF at E. Linda Mesa Avenue), artistic lighting elements, 18 new
streetlights, three intersections with augmented bulb outs, and two raised intersections
for traffic calming.
2. Major CIP Project – Diablo Vista Park Playground & Multi-Use Skate Park: Complete
construction of one or more park components.
3. Major CIP Project – Diablo Road Multi-Purpose Trail: Secure regulatory permits from
CDFW and RWQCB and begin construction.
4. Major CIP Project – Town Green Master Plan: Complete the engineering design phase
for the Town Green Master Plan, focusing on the Town Studio and Pavilion on the Town
Green.
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5. Capital Maintenance - Parks and Athletic Facilities:
Resurface the two tennis courts at Diablo Vista Park.
Resurface the basketball court and two tennis courts at Diablo Vista Park.
Renovate the turf in the large dog park at Hap Magee Ranch Park, rated the best dog
park in the area by Diablo Magazine
6. Capital Maintenance – Public Works Infrastructure
Award new contracts for roadside landscape maintenance services.
Continue to manage street sweeping services contract, covering over 210 miles of
streets, to ensure clean roadways and prevent pollutants from entering the Town’s
34 miles of creeks.
Complete the annual creek cleaning program to reduce flood risks across the town’s
water system through in-house and contract efforts.
Complete installation of the fiber optic cable interconnect along Hartz Avenue and
San Ramon Valley Boulevard
Complete the Camino Tassajara/Sycamore Valley Road Soundwall repairs
Continue with design work for the $6 million project to replace the La Gonda Way
bridge at Danville Boulevard.
Begin engineering design of the Sycamore Valley Road Improvement Project
Initiate next phase of Storm Drain Master Plan development (Phase 2)
7. Capital Maintenance – Long Range Fiscal Planning: Conduct a Proposition 218 ballot
proceeding, asking Danville property owners to vote on an increase in Lighting and
Landscape Assessments.
8. Emergency Response and Recovery
Continue to work with the Federal Emergency Management Agency (FEMA) and the
California Office of Emergency Services (Cal OES) to recover up to $2 million in
public assistance related to emergency repair and recovery costs attributable to the
declared state or a local emergency due to the December 31, 2022, storms.
Complete one (1) EOC table-top exercise.
Update equipment/supplies staged for the EOC.
Complete and adopt the new Local Hazard Mitigation Plan.
Complete and adopt the updated Emergency Operations Plan.
9. Community Events and Economic Development
Launch the Town’s first Oktoberfest celebration, bringing back a family event to
Downtown in the fall.
Launch a mobile Discover Danville walking tour app, with historic sites as well as
dining and retail.
Launch a townwide email newsletter for businesses, providing updates and
resources.
Initiate a regular meeting of Downtown business owners to foster collaboration and
growth.
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Initiate programming for the new Prospect Park Plaza performance space in tandem
with “shop local” holiday programs.
10. Communications
Launch an arts and culture email newsletter.
Support educational efforts for the Lighting and Landscape Assessment District
ballot.
Launch a fully in-house holiday marketing campaign.
11. Housing and Private Development
Consistent with the Danville 2030 General Plan, the Town’s 2023-2031 Housing Element
certified by the State of California and State housing legislation:
Review and process a 167-unit mixed Townhouse and apartment multifamily
development on a 10-acre site is located at 3020 Fostoria Way. This project was
approved by the Planning Commission on January 23, 2024 with 43 apartment units
will be restricted to low and very low-income households.
Review and process a 99-unit four-story senior condominium development located
on 3.17-acre site at 425 El Pintado Road.
Review and process an 18-unit single family development on 19.5-acre site located at
2570 Camino Tassajara and 45 Sherburne Hills Road, with all 18 residences to include
Accessory Dwelling Units (ADUs).
Review and process an application for a 105-unit assistant living facility on the 2.68-
acre Sloat Garden Center site at 828 Diablo Road.
Review and process an Environmental Impact Report (EIR) for a 19-unit single family
development application on the 100-acre Elworthy East property accessible via Como
Way.
12. Legislative Advocacy: Continue to work with the Tri-Valley Cities Coalition and state
legislators to advocate for changes to legislation in a manner that benefits Danville.
13. Public Safety
Data-Driven Policing: Employ advanced data analytics to optimize the deployment
of officers' proactive efforts, ensuring that policing strategies are informed and
adjusted based on quality data and analysis.
Expanding Collaborative Programs: Deepen partnerships with mental health
professionals to ensure that police officers are equipped with the latest training in de-
escalation techniques, crisis intervention, and mental health awareness.
Neighborhood Watch Expansion: Encourage and organize more neighborhood
watch groups that actively involve community members in local safety, fostering a
partnership between police and residents.
Mental Health Support System: Establish or enhance a comprehensive mental health
support system for officers, including regular check-ins, access to counseling, and
stress management workshops. This initiative supports not just the officer’s well-
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being but also indirectly impacts the quality of community interactions by having
mentally healthy officers on duty.
14. Recreation: Continue to work with the Parks, Recreation and Arts Commission and Arts
Advisory Board toward the implementation and expansion of the strategies and
recommendations of the Plan Update, focusing on the Town Green, Town Studio, Art
Integration (Visual and Performing Arts), Community Outreach, Transportation, Park
Facilities, and Social Vision
15. Technology and Cyber Security
Configure and deploy a new Capital Improvement Program (CIP) planning and
budgeting software to collect, prioritize, and evaluate capital investment projects in
one system to understand long-term fiscal impacts to the operating budget.
Deploy a new solution for the Police Department to accept credit card payments at
the Police Front Counter.
Complete installation of a new state-of-the-art audio/visual system at the Town
Meeting Hall, including a high-definition video wall, wireless conference
microphones, personal viewing monitors, HD camera, new assistive listening system
and all new backend hardware.
Continue collaborating with Development Services to design a Townwide Fiber
Optic Interconnect project, incorporating and installing conduit within street
segments under construction (such as Hartz Avenue and San Ramon Valley
Boulevard) to avoid re-opening the pavement for fiber optic installation in the future.
Continue updating audio/video systems at Town sites.
Continue to implement additional security measures and monitor cybersecurity
issues to protect the Town from these ongoing types of attacks.
Continue deploying monthly email phishing tests to all users and provide yearly
cyber security awareness training.
16. Transportation and Traffic Safety
Begin engineering design of the CCTA “Smart Signals” project funded through the
OBAG III grant with final recommendations targeted for early 2025.
Begin engineering design of the Signal Modernization Project funded through a
federal earmark with final design recommendations targeted for early 2025.
Begin engineering design of the Signal Safety Corridor Project.
Complete design of the HAWK signal for the Diablo Road Trail crossing at Fairway
Drive, connecting to the Barbara Haile Trail.
FINANCIAL CONTROLS AND INFORMATION
The Town's financial records for general governmental operations are maintained on a
modified accrual basis with revenues recorded when available and measurable and
expenditures recorded when the services or goods are received and the liability incurred.
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Town Management is responsible for establishing and maintaining an internal control
structure designed to ensure that assets are protected from loss and theft or misuse; and for
compiling accounting data which is adequate for the preparation of financial statements in
conformity with generally accepted accounting principles. The internal control structure is
designed to provide reasonable, but not absolute, assurance that these objectives are met. The
concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed
the benefits likely to be derived and (2) the valuation of costs and benefits requires estimates
and judgments by management.
Budgeting Controls
The Town maintains budgetary controls. The objective of these budgetary controls is to
ensure compliance with legal provisions embodied in the annual appropriated budget
approved by the Town Council. Activities of all governmental type funds are included in the
annual appropriated budget. For FY 2023/24, the budgetary level of control (that is the level
at which expenditures cannot legally exceed the appropriated amount) for the operating
budget was at the fund level.
For the capital improvement budget, the level of control was the individual capital
improvement project. The Town also utilizes the encumbrance system as a management
control technique to assist in controlling expenditures. All appropriations lapse at year-end.
However, encumbrances and appropriations for unfinished capital and other projects are
reviewed and, when warranted, are reappropriated ("carried over") as part of the following
year's budget.
Risk Management
The Town is a member of the Municipal Pooling Authority (MPA), a consortium of 20
California cities, including 17 in Contra Costa County, one in San Mateo County, one in
Santa Clara County and one in San Joaquin County. The Risk Management Authority is a
risk-sharing, self-insured pool providing insurance benefits to its members. Insurance
activities are financed by charges to member cities, and no long-term debt has been incurred
by the Authority. The Town participates in the Authority's self-insured general and auto
liability programs and purchases commercial property and earthquake insurance through
MPA. Annual premiums are determined based on an actuarial study using a retrospective
method.
During FY 2023/24, the Town was responsible for the first $5,000 of general liability costs
and $2,000 and $3,000 for Town and police auto liability respectively, for each of its own
claims.
The Town’s limits of coverage per claim are $29 million for general liability and $250,000 for
auto liability. The Town has set aside $65,243 in the General Fund to offset a liability and
finance anticipated settlement of claims.
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The Town is also a member of the Authority's workers' compensation pool. The Authority
is responsible for the first $500,000, per claim. This program carries excess insurance above
$500,000 per claim.
The Town has implemented various risk control techniques and loss prevention and
reduction programs, including employee training and education.
OTHER INFORMATION
Independent Audit
It is the policy of the Town of Danville to have an audit performed annually by an
independent certified public accountant. The independent audit of the June 30, 2024
financial statements was performed by The Pun Group, LLP. Their opinion is included with
the general purpose financial statements.
Acknowledgments
The development of this report would not have been possible without the dedication and
efforts of the entire Finance Division team. We would like to express our appreciation to all
staff members of the Town and our independent auditing firm who made this report
possible.
The Town’s prudent fiscal management policies and practices are guided by the leadership
and support of the Danville Town Council. We appreciate the Town Council’s support and
continued leadership.
Respectfully submitted,
Joseph A. Calabrigo Lani Ha
Town Manager Finance Director/Treasurer
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Town of Danville
Organizational Chart
xvii
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Town of Danville
Directory of Public Officials
xviii
TOWN COUNCIL
Karen Stepper Mayor
David Fong Vice Mayor
Newell Arnerich Councilmember
Renee Morgan Councilmember
Robert Storer Councilmember
TOWN STAFF
Joseph A. Calabrigo Town Manager
Robert Ewing City Attorney
Marie Sunseri City Clerk
Tai Williams Assistant Town Manager
Allan Shields Chief of Police
Lani Ha Finance Director/Treasurer
Dave Casteel Maintenance Services Director
Diane Friedmann Development Services Director
Henry Perezalonso Recreation, Arts & Community Services Director
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Town of Danville
Certificate of Achievement for Excellence in Financial Reporting –
Government Finance Officers Association
xix
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Town of Danville
Statement of Purpose
xx
DANVILLE IS A COMMUNITY DEDICATED TO PROVIDING
AN EXCEPTIONAL QUALITY OF LIFE FOR ITS CITIZENS
To achieve this level of excellence, Danville will:
Value and enhance its heritage and natural environment;
Build innovative processes for citizen involvement and stimulate active participation in local government decision
making;
Foster personal responsibility, ethical standards and commitment among citizens;
Achieve high quality development in scale with the natural surroundings;
Deliver superior municipal and educational services;
Encourage the arts, cultural and recreation activities, and community celebrations; and
Exercise strong leadership in regional issues.
These goals enhance a sense of positive “small town” values related to the family, neighborhood, and community.
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FINANCIAL SECTION
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INDEPENDENT AUDITORS’ REPORT
To the Mayor and Members of the Town Council
of the Town of Danville
Danville, California
Report on the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, each major fund, and the
aggregate remaining fund information of the Town of Danville, California (the “Town”), as of and for the year ended
June 30, 2024, and the related notes to the basic financial statements, which collectively comprise the Town’s basic
financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective
financial position of the governmental activities, each major fund, and the aggregate remaining fund information of
the Town, as of June 30, 2024, and the respective changes in financial position thereof for the year then ended in
accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America
(“GAAS”) and the standards applicable to financial audits contained in Government Auditing Standards issued by the
Comptroller General of the United States (“Government Auditing Standards”). Our responsibilities under those
standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of
our report. We are required to be independent of the Town, and to meet our other ethical responsibilities, in
accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with
accounting principles generally accepted in the United States of America, and for 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.
In preparing the financial statements, management is required to evaluate whether there are conditions or events,
considered in the aggregate, that raise substantial doubt about the Town’s ability to continue as a going concern for
twelve months beyond the financial statement date, including any currently known information that may raise
substantial doubt shortly thereafter.
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To the Mayor and Members of the Town Council
of the Town of Danville
Danville, California
Page 2
2
Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinions.
Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an
audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material
misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually
or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, and design and perform audit procedures responsive to those risks. Such procedures include examining,
on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit 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
Town’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the Town’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified
during the audit.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management’s Discussion
and Analysis, Budgetary Information, Budgetary Comparison Schedules for General Fund, Lighting and Landscaping
Special Revenue Fund, Regional Traffic Impact Fee Special Revenue Fund, and American Rescue Plan Act Special
Revenue Fund, and Modified Approach for Town Street Infrastructure Capital Assets 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.
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To the Mayor and Members of the Town Council
of the Town of Danville
Danville, California
Page 3
3
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise
the Town’s basic financial statements. The combining and individual nonmajor fund financial statements are
presented for purposes of additional analysis and are not a required part of the basic financial statements. Such
information is the responsibility of management and was derived from and relates 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 GAAS and Government Auditing Standards. In our opinion, the combining and individual nonmajor
fund financial statements are fairly stated, in all material respects, in relation to the basic financial statements as a
whole.
Other Information
Management is responsible for the other information included in the annual report. The other information comprises
the introductory and statistical sections but does not include the basic financial statements and our auditors’ report
thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an
opinion or any form of assurance thereon.
In connection with our audits of the basic financial statements, our responsibility is to read the other information and
consider whether a material inconsistency exists between the other information and the basic financial statements, or
the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that
an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated November 19, 2024, on our
consideration of the Town’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 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 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 Town’s
internal control over financial reporting and compliance.
Walnut Creek, California
November 19, 2024
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MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED)
The Town of Danville’s (Town) Financial Statements are issued in the format prescribed by the provisions of
Government Accounting Standards Board Statement 34 (GASB No. 34). This discussion and analysis of the Town’s
financial performance provides an overview of the Town’s financial activities for the fiscal year ended June 30, 2023.
Please read it in conjunction with the accompanying transmittal letter, the Basic Financial Statements and the
accompanying notes to those financial statements.
FINANCIAL HIGHLIGHTS
The Town’s net position as of June 30, 2024 increased $8,521,551 or 2.9% from $290,971,462 to $299,493,013.
Total assets were $322,519,782 and total liabilities were $19,596,774, leaving net position of $299,493,013. Of
this amount $71,129,133 is classified as unrestricted and with the future receipt of $1,759,401 of loan receivable
from the former Community Development Agency (CDA), may be used to provide ongoing services and capital
projects to residents and creditors.
Governmental funds for the Town have combined fund balances of $112,150,917. Of this amount $39,255,625
is restricted by external parties, $67,758,647 is committed for ongoing and future activities, $846,011 is
classified as nonspendable, and $881,914 is unassigned, reflecting the future of receiving the loan proceeds
from the cooperative agreement to the former Community Development Agency and fund received for services
that has not been rendered by the Town, and $3,408,720 has been assigned for ongoing operations.
The Town's General Fund fund balance increased 27.5% from $28,940,662 to $36,897,758. The fund balance
includes funds reserved or designated for debt service, future capital projects, ongoing operations, and an
operating reserve of $16,009,768 (41.3%) of FY 23/24 operating expenditures.
Sacramento County Superior Court issued a ruling on September 5, 2014, concluding that the reentered Cooperative
Agreement between the Successor Agency and the Town of Danville was an enforceable obligation. The State appealed
the Superior Court decision, and in May 2015, the State dismissed its appeal. At the same time, the Department of
Finance accepted the Agreement as an enforceable obligation. The Town has decided to retain the amount that was
approved by the Department of Finance, $1,759,401 as a loan receivable on its books, and reserve an offsetting amount
in fund balance.
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis is intended to serve as an introduction to the Town's basic financial statements, which
consists of three components: 1) Government-wide Financial Statements, 2) Governmental Fund Financial Statements
and 3) Notes to the Basic Financial Statements. This report also contains supplementary information in addition to the
basic financial statements.
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Reporting the Town as a Whole - Government-Wide Financial Statements
The Government-Wide Financial Statements provide a longer-term view of the financial position of the Town as a
whole, including all capital assets and long–term liabilities on the full accrual basis. This presentation is similar to that
of a private-sector business. Over time, increases or decreases in the Town’s net position may serve as one useful
indicator of the Town’s overall financial health. Other factors to consider are changes in the Town’s property tax base
and the condition of the Town’s roads.
The Statement of Activities and Changes in Net Position provides information on how the Town's net position changed
during the fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change
occurs, regardless of the timing of the related cash flows. Therefore, revenues and expenses are reported in this statement
for some items that will only result in cash flows in future fiscal periods (for example, long term debt payments due and
capital asset depreciation). There is an emphasis on measuring net revenues and expenses of each of the Town’s
programs.
The Fiduciary Fund Financial Statements provide financial information about activities for which the Town acts solely
as a trustee or agent for the benefit of those outside of the government. Fiduciary funds reported in the Annual
Comprehensive Financial Report (ACFR) for Danville include the Deposits fund and the Successor Agency Trust Fund.
In the Statement of Net Position and the Statement of Activities and Changes in Net Position, the Town's activities are
separated as follows:
Governmental Activities: All of the Town’s basic services are considered to be governmental activities, including
general government, police, maintenance, development, transportation and recreation services. Governmental
activities are generally supported by taxes and intergovernmental revenues.
Reporting the Town’s Most Significant Funds - Governmental Fund Financial Statements
The Fund Financial Statements provide detailed information about the most significant funds and group the remaining
funds together under the column heading, "Non-Major Governmental Funds.” Some funds are required to be established
by State law and by bond covenants. In addition, the Town Council may establish other funds to help it control and
manage money for particular purposes or to show that it is meeting legal responsibilities for using certain taxes, grants,
and other money.
Governmental Funds—Most of the Town’s basic services are reported in governmental funds, which focus
on how money flows into and out of those funds and the balances left at year-end that are available for
spending. These funds are reported using an accounting method called modified accrual accounting, which
measures cash and all other financial assets that can readily be converted to cash. The Governmental Fund
Statements provide a detailed short-term view of the Town’s general government operations and the basic
services it provides. Governmental funds information help determine whether there are more or fewer
financial resources that can be spent in the near future to finance the Town’s programs. Capital assets and
other long-lived assets, along with long-term liabilities, are not presented in the Governmental Fund
Financial Statements. The relationship (or differences) between governmental activities (reported in the
Statement of Net Position and the Statement of Activities and Changes in Net Position) and Governmental
Funds Financial Statements are explained in a reconciliation schedule following each Governmental Fund
Financial Statement.
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Reporting the Town’s Fiduciary Responsibilities
The Town is the trustee, or fiduciary, for certain amounts held on behalf of developers, property owners, assessment
district bond holders, the Successor Agency and others. The Town’s fiduciary activities are reported in separate
Statements of Fiduciary Net Position and Changes in Fiduciary Net Position. The Town provides a Defined Contribution
Pension Plan for all qualified employees. We exclude these activities from the Town’s other financial statements
because the Town cannot use these assets to finance its operations. The Town is responsible for ensuring that the assets
reported in these funds are used for their intended purposes.
Notes to the Financial Statements
The Notes provide additional information that is essential to a full understanding of the data provided in the
Government-Wide and Governmental Fund Financial Statements.
Other Information
In addition to the Basic Financial Statements and accompanying notes, this report also presents certain Required
Supplementary Information concerning the Town’s funding of its obligation to provide pension benefits to its
employees, budgetary comparison schedules for the General Fund, each major Special Revenue Fund and schedules
and disclosure of the modified approach for reporting the Town’s infrastructure.
THE TOWN AS A WHOLE - GOVERNMENT-WIDE FINANCIAL ANALYSIS
The Town’s combined net position for fiscal year ended June 30, 2024 and 2023 was:
Table 1
Net Position
Governmental Activities
Increase
2024 2023 (Decrease)
Current and other assets 129,997,756$ 122,315,458$ 7,682,298$
Capital assets, net 192,522,026 192,929,870 (407,844)
Total assets 322,519,782 315,245,328 7,274,454
Current liabilities 14,891,125 15,402,556 (511,431)
Long-term liabilities 4,705,649 5,255,224 (549,575)
Total liabilities 19,596,774 20,657,780 (1,061,006)
Deferred inflows of resources 3,429,995 3,616,086 (186,091)
Net position:
Net investment in capital assets 188,179,513 188,058,533 120,980
Restricted for:
Debt service 1,777,459 1,641,685 135,774
Special projects 38,406,783 34,859,241 3,547,542
Unrestricted 71,129,258 66,412,003 4,717,255
Total net position 299,493,013$ 290,971,462$ 8,521,551$
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The Town’s Net Positions from Governmental Activities increased 2.9% from $290,971,462 to 299,493,013. This
increase of $8,521,551 comes from the change in net position as recorded in the Statement of Activities and flows
through the Statement of Net Position. Program expenses by function, general revenues by major source, excess and/or
deficiency of revenues over expenses before contributions to permanent fund principal, special, and extraordinary items,
and total assets are presented in the Statement of Activities and Changes in Net Position.
The following is an explanation of the changes between fiscal years as shown in Table 1:
Total assets increased $7,274,454:
Current and other assets increased $7,682,298 reflecting an increase in cash and investments. Capital assets, net
of depreciation, decreased $(407,844) reflecting expenditures for capital projects during the year.
Total liabilities decreased $(1,061,006):
Current liabilities decreased by a net of $(511,431), due largely to decrease in accounts payable, wages payable,
retention (for capital projects), and deposit payable.
Non-current liabilities decreased a net of $(549,575) reflecting payment of long-term debt principal of $580,000
that was paid according to schedule, an increase of $114,489 in compensated absences, and a decrease in
Subscription liability of $(71,855).
Net Position:
Restricted net assets increased a net of $3,683,316. Special Revenue funds were spent for capital projects as
budgeted. Debt Service funds increased by $135,774 reflecting the net change in annual RPTTF funds received
for scheduled debt service payments of the Town's COPs and the increase in the reserved fund for debt service.
Special Projects funds increased by $3,547,542 as funds were needed for operations or appropriated for capital
expenditures.
Unrestricted net position, which are designated by Council for specific future capital improvements or economic
stability, increased by $4,717,130, reflecting solid revenues and controlled costs, which enabled the transfer of
$4.86 million of General Fund funds to be transferred to Capital Improvement funds for future capital projects
and Asset Replacement funds and LLAD funds for its operating expenses and Operating Reserve fund. Capital
improvements include park improvements, road maintenance, traffic control measures and general Town
improvements.
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Government Activities
Table 2 presents the gross revenues and expenditures for the Town as whole.
Table 2
Revenues and Expenses
Governmental Activities
Increase
2024 2023 (Decrease)
Revenues - Governmental Activities
Program revenues:
Charges for services 10,511,778$ 10,205,661$ 306,117$
Operating grants and contributions 3,876,515 2,367,059 1,509,456
Capital grants and contributions 3,759,810 5,050,477 (1,290,667)
Total program revenues 18,148,103 17,623,197 524,906
General revenues:
Taxes:
Property 19,905,678 18,937,827 967,851
Sales 6,799,187 7,467,848 (668,661)
Motor vehicle 53,934 44,757 9,177
Franchise 3,502,709 3,383,163 119,546
Other 360,676 341,405 19,271
Investment earnings (loss)5,392,910 998,731 4,394,179
Miscellaneous 2,879,111 2,501,924 377,187
Reimbursement from Successor Agency 867,219 825,175 42,044
Total general revenues 39,761,424 34,500,830 5,260,594
Total revenues 57,909,527 52,124,027 5,785,500
Expenses - Governmental Activities
General government 2,432,702 2,999,255 (566,553)
Police services 11,971,294 10,594,467 1,376,827
Maintenance services
and Lighting and landscape 10,525,094 11,973,823 (1,448,729)
Development services 15,427,297 6,931,034 8,496,263
Administrative services 4,468,171 3,798,969 669,202
Recreation, arts, & community services 4,359,029 4,096,414 262,615
Interest on long-term debt 204,389 234,055 (29,666)
Total expenses 49,387,976 40,628,017 8,759,959
Changes in Net Position 8,521,551$ 11,496,010$ (2,974,459)$
Net Position:
Beginning of year 290,971,462 279,475,452 11,496,010
End of year 299,493,013$ 290,971,462$ 8,521,551$
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Variances shown above are reflected in the net numbers of Table 3 and are discussed following Table 3.
Table 3 presents each program’s net cost (total cost less revenues generated by the activities). The net cost shows the
financial burden that was placed on the Town’s taxpayers by each of these functions. The net cost of programs decreased
by $2,974,459 reflecting higher change in expenses and higher change in revenues.
Table 3
Cost of Services
Governmental Activities
Increase
2024 2023 (Decrease)
Revenues:
General revenues 39,761,424$ 34,500,830$ 5,260,594$
Total general revenues 39,761,424 34,500,830 5,260,594
Net Expenses:
General government (2,210,206) (2,914,844) 704,638
Police services (11,556,873) (10,230,182) (1,326,691)
Maintenance services
and Lighting and landscape (6,881,818) (8,334,239) 1,452,421
Development services (3,733,185) 4,585,384 (8,318,569)
Administrative services (4,170,618) (3,501,416) (669,202)
Recreation, arts, & community services (2,482,784) (2,375,468) (107,316)
Interest on long-term debt (204,389) (234,055) 29,666
Total net expenses (31,239,873) (23,004,820) (8,235,053)
Net Cost of Services 8,521,551$ 11,496,010$ (2,974,459)$
Variances shown above are reflected in the net numbers of Tables 2 and 3 and are discussed following Table 3.
Program revenues increased by $524,906. An increase of $306,117 in Charges for Services was due to increase
in Recreations classes, increased activity in Police Services, and increase in the Development Services activity.
Operating Grants increased a net of $1,509,456 as grants for Police and Development Services increased, as
there were more state grants for the Planning division. Capital Grants and Contributions decreased a net of $-
(1,290,667) as grant for capital projects decreased as last fiscal year’s grant included the funding from CLFRF
(Coronavirus Local Fiscal Recovery Funds) from the federal (American Rescue Plan Act).
General revenues increased $5,260,594 reflecting the net reported increase $967,851 in property tax revenues,
increased $119,549 in franchise fees, increased $4,394,179 in investment earning, and increased $377,187 in
miscellaneous, net with a decrease in net reported $(668,661) in sales tax revenues.
The Net Direct Cost of Program Services indicates that the overall cost of government is well below the available
general revenues and transfers. This shows that the Town's ongoing revenues cover its operational and capital
expenditures. The services provided by the Town are provided in an cost effective manner and the Town is efficient in
recovering the cost of these services with program revenues from user fees and other contributions. See the Statement
of Activities for further detail on program revenues and general revenues.
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FINANCIAL ANALYSIS OF THE TOWN’S FUNDS
At year-end, the fund balance for the Town’s General Fund was $36,897,758 a net increase of $7,957,096 over last
year. Revenues exceeded expenses by $11,649,793 and transfers out of $(3,692,697) were made for future capital
projects and additional funding for parks and building maintenance in the Lighting and Landscape Assessment District
($1,350,000). Major revenue sources that exceeded budget include property and transfer taxes of $2,453,678, sales taxes
of $159,187, Other taxes of $295,878, charges for Services of $1,963,085, intergovernmental of $182,228 and uses of
money and property of $2,556,854 which reported rental revenues, and Investment earning, which also reflects actual
earning and unrealized market adjustments and the effect of discounts and premiums recognized in the year. These were
offset by Fine and forfeitures $(5,342) and Miscellaneous $(663,632). Across the board, cost containment resulted in
operating expenditures below budget in all programs. Budget to actual cost savings totaled $2,132,852. Capital outlay
for operations was budgeted within each program and is broken out for year-end reporting on a separate line.
Compared to last fiscal year, property and transfer tax revenues increased by $967,851. This was attributable to
continued strong growth in assessed valuation. Sales tax showed a decrease of $668,661. The online sales activity has
leveled off, with brick and mortar businesses (restaurant and retail) has reached their recovery compare to last year.
Other taxes increased by $101,472, with motor vehicle receipts and franchise fees reflecting the increase in solid waste
revenues per contract with the authority. Charges for services increased by $13,192 as Recreation classes and activities
and in-person operation returned to the pre pandemic level of service. Fines and forfeitures increased slightly $38,929,
again reflected higher traffic and parking volumes. Uses of money increased by $3,830,342 due to increase in rental
from Town facilities and higher market value of the Town’s investments as of June 30, 2024.
Additional detail comparing the budgeted and actual amounts for the General Fund can be found in the Required
Supplementary Information, Budgetary Comparison Schedule, General Fund.
The Lighting and Landscape Special Revenue Fund decreased by $(187,802) which compares favorably to the planned
and previously projected higher reduction in this fund balance. Cost containment efforts and a budgeted transfer in from
the General Fund of $1,350,000 account for this increase in fund balance.
The Regional Traffic Impact Fees fund balance is reported higher by $57,819 reflecting the increase in revenues, and
decrease in expenditures.
The American Rescue Plan Act fund balance decreased by $(219,016) as expenditures outpaced revenue recognition.
The fund balance in the Capital Improvement Projects Fund decreased by a net of $(1,889,930) reflecting capital
expenditures and a net transfer in of $1,880,217, helping to offset appropriated capital expenditures in excess of
revenues.
Non-major Special Revenue Funds increased by a net of $3,772,099, reflecting normal revenues and use of these funds
for the operational or capital projects to which they are restricted. Non-major Special Revenue funds with major changes
include: increased of Gas Tax Fund increase by $754,489 due to higher revenues, resulting from the increase of demand
for gasoline and the gasoline price and less expenditures, compared to prior year; increase of the Building and Planning
Fund by $1,399,064 due to higher revenues resulting from more building and planning activities and additional state
grant and less expenditures; increase of Development Engineering Fund by $283,682 due to higher revenues resulting
from higher volume of engineering services; increase of Child Care Fund by $23,012 due to the increase in building
and planning activities; increased of Measure J Fund by $631,534 due to higher revenues received from Contra Costa
County Transportation and lowerer expenditures for CIP projects; increase if the General Development Impact Fee
Fund by $55,496 as expenditures were lower resulting from less expenses for CIP projects. Low and Moderate Income
Housing increase by $37,693 from interest income; and the Solid Waste Vehicle Impact Fees Fund increase by $736,253
due to higher revenues and fund transferred to the Capital Improvement Program (CIP) has not been expended; offset
by the increase of PEG Fund by $(33,575) as a result of transfer of fund to Asset Replacement and the subscribers from
the cable services remain the same; decreased in Stormwater Pollution Control Program Fund by $(115,400) due to less
revenues from assessment fees and higher expenditures due to more use of consulting services; and Public Safety Fund
decrease by $(28,479) due to less revenues received from the Contra Costa County and higher expenditures;.
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The Non-Major Capital Improvement Funds, decreased by a net of $(1,114,104), due to an increase of $39,416 in the
Civic Facilities fund due to the transfer in from General Fund and less expenditures; offset by a decrease of $(112,079)
in the Asset Replacement General Fund as a result from higher expenditures from the purchase of vehicles, despite the
transfer of $175,000 from General and other funds; and a decrease of $(1,023,303) in the Park Facilities Fund due to
higher expenses for various CIP projects. All activity in the above funds reflects anticipated revenues and appropriated
transfers and expenditures for these funds.
General Fund Budgetary Highlights
Actual revenues over expenses exceeded the final budget by $4,847,989. This is primarily due to very conservative
revenue projections, the absence of State raids on local revenues, steady sales tax, and actual 5% increase in average
local property values. Final expenses for the General Fund at year end were less than budgeted by $2,32,852. The budget
to actual variance in appropriations reflects conservation efforts, leaving postponement of some operational activities
by management. These proactive fiscal measures enabled the Town to transfer $3,692,697 (including $1,350,000 to
LLAD) to fund future capital projects throughout the Town.
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
At the end of FY 2023, the Town had a book value of $192,522,206 invested in a broad range of capital assets, including
land, buildings, furniture and equipment, park improvements and infrastructure. (See tables 4 and 5 below.) This amount
represents a decrease of $(407,844) net of additions, retirements and depreciation, resulting in a .21% decrease over last
year.
Changes reflect construction of capital assets, offset by depreciation expenses.
Depreciation and amortization on capital assets is recognized in the Government-Wide Financial Statements. The Town
has elected to use the modified approach for their streets and roads, wherein the value is not depreciated but rather
pavement condition and maintenance expenses are tracked. The pavement condition as of June 30, 2024 was 78, an
increase from last year’s pavement condition of 77. This rating compares favorably with the target rating of 70. The
average expense to maintain the streets is estimated by management to be a minimum of $3,000,000 per year for the
next three years. Further detail may be found in Note 1F to the Financial Statements and in the Required Supplementary
Information.
Table 4
Capital Assets at June 30, 2024
(net of depreciation and amortization)
Accumulated
Depreciation/
Original Cost Amortization Book Value
Land 31,821,867$ -$ 31,821,867$
Buildings and parking lots 64,393,897 (16,671,579) 47,722,318
Park improvements 24,267,438 (22,973,368) 1,294,070
Furniture and equipment 5,730,828 (4,186,326) 1,544,502
Subscription assets 331,124 (204,429) 126,695
Construction in progress 11,767,848 - 11,767,848
Infrastructure 168,916,511 (70,671,785) 98,244,726
Total 307,229,513$ (114,707,487)$ 192,522,026$
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Table 5
Comparative Capital Assets at June 30, 2024 vs. June 30, 2023
(net of depreciation and amortization)
Governmental Activities
Increase
2024 2023 (Decrease)
Land 31,821,867$ 31,821,867$ -$
Buildings and parking lots 47,722,318 25,729,144 21,993,174
Park improvements 1,294,070 1,541,809 (247,739)
Furniture and equipment 1,544,502 1,449,716 94,786
Subscription assets 126,695 221,377 (94,682)
Construction in progress 11,767,848 33,610,738 (21,842,890)
Infrastructure 98,244,726 98,555,219 (310,493)
Total 192,522,026$ 192,929,870$ (407,844)$
The Town’s five-year Capital Improvement Plan projects will cost $31,536,894 through FY 2027/28. No debt financing
is required for these projects. Funding will come from current fund balances and projected revenues over the next five
years. The most significant projects include town-wide park renovations and enhancements with an emphasis on
Downtown Master Plan Improvements, Camino Ramon and San Ramon Valley Boulevard Improvement, Town Green
Master Plan and Diablo Road Trail project, and infrastructure maintenance including $17,957,910 for pavement
management. Additional details can be found in the Town's 2023/24 Operating Budget and Capital Improvement
Program document available at www.danville.ca.gov/Council_and_Government/Departments/Finance/.
Debt
At year end, the Town had $5,489,743 in Certificates of Participation (COPs) and Subscription Liabilities and
Compensated Absences outstanding versus $6,027,109 last year, a net decrease of $(537,366), as shown in Table 6
below.
Table 6
Outstanding Debt
June 30, 2024 vs June 30, 2023
Increase
2024 2023 (Decrease)
2001 & 2005 Certificates of Participation 4,110,000$ 4,690,000$ (580,000)$
Subscription liabilities 74,094 145,949 (71,855)
Compensated absences 1,305,649 1,191,160 114,489
Total 5,489,743$ 6,027,109$ (537,366)$
The $(580,000) decrease in the COP amount is due to scheduled debt service payments, decrease of $(71,855) in the
Subscription liabilities, and the $114,489 increase in Compensated Absences is due to higher cost of personnel compare
to last year, and personnel earning more leaves hours than used.
Additional information on outstanding debt is presented in Note 9 to the Basic Financial Statements.
ECONOMIC FACTORS
Economic recovery from the Coronavirus pandemic has been aided by strong property values that continue to increase
the Town share of property taxes. Sales tax, which acts as a benchmark for local business performance, reached an all-
time high level by the end of 2022, before dropping off in 2023. Sales continue to outperform pre-pandemic levels and
sales tax revenue continues to exceed the Town’s budget forecasts.
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New fiscal challenges are expected to be driven by a variety of factors. Inflation, interest rates, oil prices and stock
market volatility continue to affect the nation’s economy. Recent economic data suggests positive but slower growth
this year fueled by consumer spending. Inflationary trends are subsiding, but core levels remain above targets set by
the Federal Reserve. The cumulative effects of restrictive monetary policy and tighter financial conditions suggest that
the economy will gradually soften, and the Fed will continue to lower rates at a measured pace through this year with
the ability to move more aggressively should employment data warrant.
As of June 30, 2024, the Town's financial condition continues to be sound. An indicator of the Town’s financial
condition is the level of fund balance, reserved and unreserved, in its Governmental Funds, which include General,
Special Revenue, Debt Service and Capital Projects.
NEXT YEAR’S BUDGET
The 2025/26 Budget will continue to focus on the Town’s highest priorities while reserving funding for capital projects
and maintaining strong reserves. The Town will continue to rely upon a combination of General Fund and Special
Revenues to provide ongoing service. The Town’s five largest revenue sources are Property Tax, Sales Tax, Other
Taxes and Intergovernmental, Special Assessments and Use of Money and Property. These sources will continue
account for more than 83% of all Town revenues.
From a service delivery standpoint, current service levels will be carried forward into 2025/26. The economy will
continue to impact availability and costs for utilities, materials and supplies, contracted services and personnel. This
will require the Town to evaluate Lighting and Landscape (LLAD) operations and seek an increase in assessments in
2025. Current LLAD assessments have been set at a fixed rate with no escalator since 2003.
CONTACTING THE TOWN’S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, taxpayers, customers, investors, and creditors with a general
overview of the Town’s finances and to show the Town’s accountability for the money it receives. If you have questions
about this report or need additional financial information, contact the Town’s Finance Department at the Town of
Danville, 510 La Gonda Way, Danville, California 94526-1740
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BASIC FINANCIAL STATEMENTS
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GOVERNMENT-WIDE FINANCIAL STATEMENTS
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Governmental
Activities
ASSETSCurrent assets:
Cash and investments (Note 3)82,334,792$
Receivables (net of allowances):
Accounts 4,064,980
Due from Successor Agency within one year (Note 7)1,100,000
Leases (Note 4)538,966
Interest 699,929
Total receivables 6,403,875
Prepaid items 186,610
Total current assets 88,925,277
Noncurrent assets:
Restricted cash and investments (Note 3):
Held with fiscal agents 1,777,459
Held by the Town 35,628,391
Total restricted cash and investments 37,405,850
Due from Successor Agency in more than one year (Note 7)659,401
Leases receivable (Note 4)3,007,228
Capital assets (Note 5):
Nondepreciable 136,665,600
Depreciable/amortizable, net 55,856,426
Total capital assets, net 192,522,026
Total noncurrent assets 233,594,505
Total assets 322,519,782
LIABILITIESCurrent liabilities:
Accounts payable 7,503,527
Accrued wages payable 296,163
Retention payable 158,419
Deposits payable 212,377
Interest payable 54,806
Claims liabilities (Note 12)65,243
Unearned revenue (Note 8)5,816,496
Long-term debt - due within one year (Note 9)784,094
Total current liabilities 14,891,125
Noncurrent liabilities:
Long-term debt - due in more than one year: (Note 9)
Certificates of participation 3,510,000
Compensated absences 1,195,649
Total noncurrent liabilities 4,705,649
Total liabilities 19,596,774
DEFERRED INFLOWS OF RESOURCESLease-related deferred inflows of resources (Note 4)3,429,995
Total deferred inflows of resources 3,429,995
NET POSITIONNet investment in capital assets (Note 11)188,179,513 Restricted for:
Capital projects 6,155,870 Debt service 1,777,459 Assessment districts 1,525,693Transportation14,688,310 Public safety 655,333 Housing 1,961,486 Community development 390,060 Public works 12,731,681 Other programs 298,350
Total restricted 40,184,242
Unrestricted 71,129,258
Total net position 299,493,013$
Town of Danville
Statement of Net Position
June 30, 2024
See accompanying Notes to the Basic Financial Statements.
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Net (Expense)
Revenue and
Changes in
Net Position
Operating Capital
Charges for Grants and Grants and Governmental
Functions/Programs Expenses Services Contributions Contributions Activities
Governmental activities:
General government 2,432,702$ 23,184$ 199,312$ -$ (2,210,206)$
Police services 11,971,294 189,558 224,863 - (11,556,873)
Maintenance services
and lighting and landscape 10,525,094 3,641,347 1,929 - (6,881,818)
Development services 15,427,297 4,484,293 3,450,009 3,759,810 (3,733,185)
Administrative services 4,468,171 297,553 - - (4,170,618)
Recreation, arts, & community services 4,359,029 1,875,843 402 - (2,482,784)
Interest expense 204,389 - - - (204,389)
Total governmental activities 49,387,976$ 10,511,778$ 3,876,515$ 3,759,810$ (31,239,873)
General revenues:
Taxes:
Property 19,905,678
Sales 6,799,187
Motor vehicle license fee 53,934
Franchise 3,502,709
Other 360,676
Total taxes 30,622,184
Investment earnings (Note 3)5,392,910
Miscellaneous 2,879,111
Reimbursement from Successor Agency (Note 7)867,219
Total general revenues 39,761,424
Change in net position 8,521,551
Net position - beginning of year 290,971,462
Net position - end of year 299,493,013$
Program Revenues
Town of Danville
Statement of Activities
For the Year Ended June 30, 2024
See accompanying Notes to the Basic Financial Statements.
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FUND FINANCIAL STATEMENTS
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GOVERNMENTAL FUND FINANCIAL STATEMENTS
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Town of Danville
Governmental Fund Financial Statements
25
General Fund
The General Fund is the general operating fund of the Town. It is used to account for all financial resources except
those required to be accounted for in another fund. The major revenue sources for this fund are property taxes, sales
taxes, unrestricted revenues from the State, fines and forfeitures and interest income. Expenditures are made for
administration, legislation, public safety, parks and recreation and other services.
Lighting and Landscaping Special Revenue Fund
Assessments paid by property owners who receive street lighting services and assessments paid by all property
owners for landscape and park maintenance are received into this Fund. The income is used to pay energy costs for
the street lighting system, community roadside, median and park landscape costs.
Regional Traffic Impact Fees Fund
Development impact fees are collected for local, sub-regional and regional traffic improvements. Sub-regional and
regional fees are collected on behalf of other agencies and distributed to the lead agency for project construction.
American Rescue Plan Act Special Revenue Fund
This fund is used to track the revenues and expenditures of the American Rescue Plan Act funding received by the
Town.
Capital Improvement Capital Projects Fund
This Fund receives contributions from the General Fund for future capital improvements, in accordance with the
Town's Capital Improvement Program.
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Lighting and Regional Traffic American Rescue
Landscape Impact Fees Plan Act
Special Revenue Special Revenue Special Revenue
General Fund Fund Fund Fund
ASSETS
Cash and investments $ 38,882,137 $ 5,103,370 $ 4,555,554 $ 5,087,704
Cash and investments with fiscal agents 848,842 - - -
Receivables (net of allowances):
Accounts 1,816,614 39,225 6,737 -
Leases 3,546,194 - - -
Due from Successor Agency of former CDA 1,759,401 - - -
Interest 411,335 26,895 16,477 -
Prepaid items 186,610 - - -
Total assets $ 47,451,133 $ 5,169,490 $ 4,578,768 $ 5,087,704
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable $ 5,282,639 $ 438,768 $ 66,608 $ 622,736
Accrued wages payable 203,398 31,841 - -
Retention payable - - - -
Deposits payable 169,707 - - -
Claims liabilities 65,243 - - -
Unearned revenue 1,037,774 59,734 - 4,683,054
Total liabilities 6,758,761 530,343 66,608 5,305,790
Deferred Inflows of Resources:
Unavailable revenue 364,619 - - -
Lease-related deferred inflows of resources 3,429,995 - - -
Total deferred inflows of resources 3,794,614 - - -
Fund Balances:
Nonspendable 846,011 - - -
Restricted 848,842 1,525,693 4,512,160 -
Committed 33,807,639 - - -
Assigned 295,266 3,113,454 - -
Unassigned (deficit) 1,100,000 - - (218,086)
Total fund balances 36,897,758 4,639,147 4,512,160 (218,086)
Total liabilities, deferred inflows of resources and
fund balances $ 47,451,133 $ 5,169,490 $ 4,578,768 $ 5,087,704
(Continued)
Major Funds
Town of Danville
Governmental Funds
Balance Sheet
June 30, 2024
See accompanying Notes to the Basic Financial Statements.
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Major Funds
Capital
Improvement Non-Major Total
Capital Projects Governmental Governmental
Fund Funds Funds
ASSETS
Cash and investments $ 24,949,730 $ 39,384,688 $ 117,963,183
Cash and investments with fiscal agents - 928,617 1,777,459
Receivables (net of allowances):
Accounts 1,289,827 912,577 4,064,980
Leases - - 3,546,194
Due from Successor Agency of former CDA - - 1,759,401
Interest 118,417 126,805 699,929
Prepaid items - - 186,610
Total assets $ 26,357,974 $ 41,352,687 $ 129,997,756
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable $ 312,637 $ 780,139 $ 7,503,527
Accrued wages payable 1,727 59,197 296,163
Retention payable 158,239 180 158,419
Deposits payable - 42,670 212,377
Claims liabilities - - 65,243
Unearned revenue - 35,934 5,816,496
Total liabilities 472,603 918,120 14,052,225
Deferred Inflows of Resources:
Unavailable revenue - - 364,619
Lease-related deferred inflows of resources - - 3,429,995
Total deferred inflows of resources - - 3,794,614
Fund Balances:
Nonspendable - - 846,011
Restricted - 32,368,930 39,255,625
Committed 25,885,371 8,065,637 67,758,647
Assigned - - 3,408,720
Unassigned (deficit) - - 881,914
Total fund balances 25,885,371 40,434,567 112,150,917
Total liabilities, deferred inflows of resources and
fund balances $ 26,357,974 $ 41,352,687 $ 129,997,756
(Concluded)
June 30, 2024
Balance Sheet (Continued)
Governmental Funds
Town of Danville
See accompanying Notes to the Basic Financial Statements.
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Total Fund Balances - Total Governmental Funds $ 112,150,917
Amounts reported for governmental activities in the Statement of Net Position are different because:
Capital assets used in governmental activities are not current financial resources
and therefore are not reported in the Governmental Funds Balance Sheet.
Non-depreciable capital assets 136,665,600
Depreciable/amortizable capital assets, net 55,856,426
Total capital assets 192,522,026
Interest payable on long-term debt does not require current financial resources. Therefore, interest payable is not
reported as a liability in the Governmental Funds Balance Sheet. (54,806)
Unavailable revenues recorded in Governmental Fund Financial Statements resulting from activities
in which revenues were earned but were not available are reclassified as revenues in the
Government-Wide Financial Statements. 364,619
Long-term liabilities are not due and payable in the current period and therefore
they are not reported in the Governmental Funds Balance Sheet.
Long-term debt due within one year (784,094)
Long-term liabilities - due in more than one year:
- Certificates of participation (3,510,000)
- Compensated absences payable (1,195,649)
Total long-term debt (5,489,743)
Net Position of Governmental Activities 299,493,013$
Town of Danville
Reconciliation of Governmental Funds Balance Sheet to the
Government-Wide Statement of Net Position
June 30, 2024
See accompanying Notes to the Basic Financial Statements.
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Lighting and Regional Traffic American Rescue
Landscape Impact Fees Plan Act
Special Revenue Special Revenue Special Revenue
General Fund Fund Fund Fund
REVENUES:
Property taxes $ 19,905,678 $ - $ - $ -
Sales taxes 6,799,187 - - -
Special assessments - 3,050,957 - -
Other taxes 2,584,666 - - -
Charges for services 2,030,638 - - -
Licenses and permits 388,935 - - -
Development fees - - 123,530 -
Intergovernmental 204,173 - 111,885 1,162,776
Fines and forfeitures 144,658 - - -
Use of money and property 5,042,345 121,935 66,350 -
Reimbursement from Successor Agency 867,219 - - -
Miscellaneous 468,222 135,570 - -
Total revenues 38,435,721 3,308,462 301,765 1,162,776
EXPENDITURES:
Current:
General government 2,388,580 - - -
Police services 11,105,059 - - -
Maintenance services 3,146,660 179,653 - -
Lighting and landscape - 4,306,195 - -
Development services 1,185,604 15,599 137,578 1,363,842
Administrative services 4,033,608 295,495 2,085 -
Recreation, arts, & community services 4,053,053 - - -
Capital outlay 6,145 49,322 104,283 17,950
Debt service:
Principal 651,855 - - -
Interest 215,364 - - -
Total expenditures 26,785,928 4,846,264 243,946 1,381,792
REVENUES OVER (UNDER) EXPENDITURES 11,649,793 (1,537,802) 57,819 (219,016)
OTHER FINANCING SOURCES (USES):
Transfers in (Note 6) - 1,350,000 - -
Transfers out (Note 6) (3,692,697) - - -
Total financing sources (uses) (3,692,697) 1,350,000 - -
NET CHANGE IN FUND BALANCES 7,957,096 (187,802) 57,819 (219,016)
FUND BALANCES (DEFICIT):
Beginning of year 28,940,662 4,826,949 4,454,341 930
End of year $ 36,897,758 $ 4,639,147 $ 4,512,160 $ (218,086)
(Continued)
Major Funds
Town of Danville
Statement of Revenues, Expenditures, and Changes in Fund Balances
For the Year Ended June 30, 2024
See accompanying Notes to the Basic Financial Statements.
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Major Funds
Capital
Improvement Non-Major Total
Capital Projects Governmental Governmental
Fund Funds Funds
REVENUES:
Property taxes $ - $ - $ 19,905,678
Sales taxes - - 6,799,187
Special assessments - 579,341 3,630,298
Other taxes - 3,318,227 5,902,893
Charges for services - 1,312,758 3,343,396
Licenses and permits - 5,676 394,611
Development fees - 3,017,917 3,141,447
Intergovernmental 1,845,959 1,950,285 5,275,078
Fines and forfeitures - - 144,658
Use of money and property 676,517 777,246 6,684,393
Reimbursement from Successor Agency - - 867,219
Miscellaneous 1,170,709 41,276 1,815,777
Total revenues 3,693,185 11,002,726 57,904,635
EXPENDITURES:
Current:
General government - 25,106 2,413,686
Police services 66,424 497,147 11,668,630
Maintenance services 583,068 1,133,284 5,042,665
Lighting and landscape - - 4,306,195
Development services 2,151,523 5,236,730 10,090,876
Administrative services - 15,523 4,346,711
Recreation, arts, & community services - 44,918 4,097,971
Capital outlay 4,662,317 1,854,503 6,694,520
Debt service:
Principal - - 651,855
Interest - - 215,364
Total expenditures 7,463,332 8,807,211 49,528,473
REVENUES OVER (UNDER) EXPENDITURES (3,770,147) 2,195,515 8,376,162
OTHER FINANCING SOURCES (USES):
Transfers in (Note 6) 1,880,217 587,480 3,817,697
Transfers out (Note 6) - (125,000) (3,817,697)
Total financing sources (uses) 1,880,217 462,480 -
NET CHANGE IN FUND BALANCES (1,889,930) 2,657,995 8,376,162
FUND BALANCES (DEFICIT):
Beginning of year 27,775,301 37,776,572 103,774,755
End of year $ 25,885,371 $ 40,434,567 $ 112,150,917
(Concluded)
Town of Danville
Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued)
For the Year Ended June 30, 2024
See accompanying Notes to the Basic Financial Statements.
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Net Change in Fund Balances - Total Governmental Funds 8,376,162$
Amounts reported for governmental activities in the Statement of Activities are different because:
Governmental Funds report capital outlay as expenditures. However, in the Government-Wide Statement of Activities the
cost of those assets is allocated over their estimated useful lives as depreciation/amortization expense. This is the amount
of capital assets recorded in the current period.1,597,824
Depreciation/amortization expense on capital assets is reported in the Government-Wide Statement of Activities, but they
do not require the use of current financial resources. Therefore, depreciation/amortization expense is not reported as
expenditures in Governmental Funds. (2,005,668)
Revenues that have not met the revenue recognition criteria in the Fund Financial Statements are recognized as revenue in
the Government-Wide Financial Statements.4,892
Long-term compensated absences are reported in the Government-Wide Statement of Activities, but they do not require
the use of current financial resources. Therefore, long-term compensated absences are not reported as expenditures in
Governmental Funds. The following amount represents the change in long-term compensated absences from the prior year. (114,489)
Repayment of bond principal reduces long-term liabilities in the Government-Wide Statement of Net Position.
Long-term debt repayments:
- Certificates of participation 580,000
- Subscription liablity 71,855
Interest expense on long-term debt is reported in the Government-Wide Statement of Activities but they do not require the
use of current financial resources. Therefore, interest expense is not reported as expenditures in Governmental Funds. The
following amount represents the change in accrued interest from the prior year.10,975
Change in Net Position of Governmental Activities 8,521,551$
Town of Danville
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in
Fund Balances to Government-Wide Statement of Activities
For the Year Ended June 30, 2024
See accompanying Notes to the Basic Financial Statements.
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FIDUCIARY FUND FINANCIAL STATEMENTS
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Town of Danville
Fiduciary Fund Financial Statements
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TRUST FUND
Successor Agency Trust Fund
The Successor Agency to the former Community Development Agency (CDA) of the Town of Danville was
established as a result of the passage of Assembly Bill x1 26, which dissolved all Redevelopment Agencies in the
State of California effective February 1, 2012. On January 10, 2012, pursuant to Health and Safety Code Section
34173, the Town Council declared that the Town of Danville would act in a special limited capacity as Successor
Agency for the dissolved Community Development Agency of the Town of Danville, effective February 1, 2012. The
Successor Agency is responsible for day to day administration of the former CDA, including identification and
payment of enforceable and recognized obligations of the former CDA, and disbursement of available assets. An
Oversight board, consisting of 7 members, was appointed to supervise the Successor Agency's wind down of the
former CDA.
CUSTODIAL FUNDS
Custodial Fund
This Fund is comprised of assets that are not held in a trust or equivalent arrangement that are held temporarily by the
Town on behalf of others.
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Successor
Agency
Private Purpose
Trust Fund Custodial Fund
ASSETS
Cash and investments (Note 3)851,803$ 1,957,891$
Cash and investments with fiscal agents (Note 3) 403,854 330,512
Total assets 1,255,657 2,288,403
LIABILITIES
Accounts payable - 183,065
Loan payable to Town (Note 7)1,759,401 -
Loan payable, due within one year (Note 9) 250,000 -
Loan payable, due in more than one year (Note 9) 1,220,000 -
Interest payable 623,348 -
Deposits - 871,734
Total liabilities 3,852,749 1,054,799
NET POSITION (DEFICIT)
Restricted for individuals, organizations, and other governments - 1,233,604
Unrestricted (deficit)(2,597,092) -
Total net position (deficit)(2,597,092)$ 1,233,604$
Town of Danville
Fiduciary Activities
Statement of Fiduciary Net Position
June 30, 2024
See accompanying Notes to the Basic Financial Statements.
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Successor
Agency
Private Purpose
Trust Fund Custodial Fund
ADDITIONS:
Property tax receipts 2,292,850$ -$
Miscellaneous 18,537 670,220
Total additions 2,311,387 670,220
DEDUCTIONS:
Amount allocated to General Fund for principal payment 810,000 -
Amount allocated to General Fund for interest payment 57,219 -
Interest 290,506 -
Other 23,269 771,847
Total deductions 1,180,994 771,847
Changes in net position 1,130,393 (101,627)
NET POSITION (deficit):
Beginning of year (3,727,485) 1,335,231
End of year (2,597,092)$ 1,233,604$
Town of Danville
Fiduciary Activities
Statement of Changes in Fiduciary Net Position
For the Year Ended June 30, 2024
See accompanying Notes to the Basic Financial Statements.
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39
NOTES TO THE BASIC FINANCIAL STATEMENTS
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Town of Danville
Index to Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
41
Page
Note 1 – Reporting Entity……………………………… .................................................................................... 43
Note 2 – Summary of Significant Accounting Policies ...................................................................................... 44
A. Basis of Presentation, Basis of Accounting, and Measurement Focus ..................................................... 44
B. Cash and Investments ................................................................................................................................ 46
C. Cash and Investments with Fiscal Agent .................................................................................................. 47
D. Prepaid items ............................................................................................................................................. 47
E. Leases Receivable ..................................................................................................................................... 47
F. Capital Assets ............................................................................................................................................ 48
G. Unearned Revenues ................................................................................................................................... 50
H. Compensated Absences ............................................................................................................................. 50
I. Long-Term Debt ....................................................................................................................................... 50
J. Subscription-Based Information Technology Arrangements (SBITAs) ................................................... 50
K. Fund Balance ............................................................................................................................................ 51
L. Net Position ............................................................................................................................................... 52
M. Spending Policies ...................................................................................................................................... 52
N. Property Taxes .......................................................................................................................................... 52
O. Use of Accounting Estimates .................................................................................................................... 52
P. Implementation of New GASB Pronouncements ..................................................................................... 53
Q. Upcoming Government Accounting Standards Implementation .............................................................. 53
Note 3 – Cash and Investments ........................................................................................................................... 53
A. Demand Deposits ...................................................................................................................................... 54
B. Investments ............................................................................................................................................... 55
C. External Investment Pool .......................................................................................................................... 56
D. Restricted Cash and Investments Held with Fiscal Agent ........................................................................ 57
E. Risk Disclosures ........................................................................................................................................ 57
Note 4 – Leases Receivable and Lease-Related Deferred Inflows of Resources ............................................. 60
Note 5 – Capital Assets ........................................................................................................................................ 61
A. Governmental Activities ........................................................................................................................... 61
Note 6 – Interfund Transactions ......................................................................................................................... 63
A. Transfers In/Out ........................................................................................................................................ 63
Note 7 – Loans Receivable from Successor Agency to the Former Community
Development Agency .......................................................................................................................... 63
A. Successor Agency (SA) Cooperative Agreement Loan Receivable ......................................................... 64
Note 8 – Unearned Revenue ................................................................................................................................ 64
Note 9 – Long-Term Obligations ........................................................................................................................ 65
A. Governmental Activities ........................................................................................................................... 65
B. Fiduciary Fund Financial Statements ........................................................................................................ 67
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Town of Danville
Index to Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
42
Page
Note 10 – Defined Contribution Pension Plan .................................................................................................. 68
A. Section 401(a) Qualified Defined Contribution Pension Plan .................................................................. 68
B. Section 415(m) Benefit Restoration Plan ................................................................................................. 68
Note 11 – Fund Balance Classification and Net Position ................................................................................. 69
Note 12 – Risk Management ............................................................................................................................... 70
Note 13 – Commitments and Contingencies ...................................................................................................... 71
Note 14 – Other Required Disclosures ............................................................................................................... 72
A. Expenditures Exceeding Appropriations .................................................................................................. 72
B. Deficit Net Position/Fund Balance ........................................................................................................... 73
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Town of Danville
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
43
Note 1 – Reporting Entity
The Town of Danville, California (the “Town”) is a largely residential community located in the San Ramon Valley
area of Contra Costa County, California. The Town was incorporated as a municipal corporation in 1982, and
encompasses eighteen square miles with a population of 42,567.
The Town operates under the Council-Manager form of government, with five elected Council members served by a
full-time Town Manager and staff. The Town’s staff of 128 employees, as well as 30 County Sheriff’s Department
employees under contract with the Town, are responsible for the following Town services:
Public Safety – The Town provides round-the-clock police services from a central station, using trained
personnel provided under contract with the County Sheriff’s Department.
Streets and Roads – The Town builds and maintains its streets, curbs, gutters and related public property
using Town employees. Major projects may be contracted to reduce costs.
Parks and recreation, public improvements, planning, zoning and other services are provided by Town
employees.
Maintenance – In addition to Town staff, the Town employs varying numbers of seasonal personnel for
maintenance and recreation services.
The accompanying financial statements include the financial activities of the Town (the primary government) and its
component units. The component units discussed below are included in the Town’s reporting entity because of the
significance of their operational or financial relationships with the Town, including the Town Council, which acts as
the governing board. In addition, Town staff performs all administrative and accounting functions for these entities,
and these entities provide their services entirely to the Town. These blended component units, although legally
separate entities, are, in substance, part of the Town’s operations.
Town of Danville Financing Authority - The Town of Danville Financing Authority (the “Authority”) is a joint
powers authority that was organized by the Town and the former Danville Community Development Agency of
the Town of Danville (“CDA”) on December 7, 1993, under the laws of the State of California. The Authority
was organized to provide financial assistance to the Town and former CDA for public improvements for the
benefit of the residents of the Town and the surrounding areas. Administrative and related normal business
expenditures incurred in the day-to-day operations of the Authority are provided by the Town.
Town of Danville Lighting and Landscaping Assessment District - The Lighting and Landscape Assessment
District Fund (the “District”) of the Town was formed in 1983 to provide a funding source for the operation,
maintenance and servicing of landscaping, street lighting and Town park facilities within the District. The District
is responsible for Town improvements including future improvements located within incorporated limits of the
Town. Because of varying degrees of operation and maintenance for each improvement type, the District is
separated into four zones: landscaping improvements (Zones A and B), street lighting (Zone C) and Town parks
(Zone D).
The Town created a special revenue fund to account for each zone’s assessment revenues and expenditures. The
District is fully integrated within the Town, which performs all maintenance, administrative and accounting
functions.
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Town of Danville
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
44
Note 2 – Summary of Significant Accounting Policies
A. Basis of Presentation, Basis of Accounting, and Measurement Focus
The basic financial statements of the Town have been prepared in conformity with accounting principles
generally accepted of the United States of America ("U.S. GAAP") as applied to governmental agencies. The
Governmental Accounting Standards Board ("GASB") is the accepted standard setting body for establishing
governmental accounting and financial reporting principles.
The accounts of the Town are organized on the basis of funds, each of which is considered a separate accounting
entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise
its assets, liabilities, fund equity, revenues, and expenditures or expenses, as appropriate. Governmental resources
are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and
the means by which spending activities are controlled.
The Statement of Net Position/Balance Sheet reports separate sections for deferred outflows of resources and
deferred inflows of resources, when applicable.
Deferred Outflows of Resources represent outflows of resources (consumption of net assets) that apply to
future periods and that, therefore, will not be recognized as an expense until that time.
Deferred Inflows of Resources represent inflows of resources (acquisition of net assets) that apply to future
periods and that, therefore, are not recognized as revenue until that time.
Government – Wide Financial Statements
The Town’s Government-Wide Financial Statements include a Statement of Net Position and a Statement of
Activities. These statements present summaries of governmental activities for the Town. Fiduciary activities of
the Town are not included in these statements.
These financial statements are presented on an “economic resources” measurement focus and the accrual basis of
accounting. Accordingly, all of the Town’s assets and liabilities, including capital assets, as well as infrastructure
assets, and long-term liabilities, are included in the accompanying Statement of Net Position. The Statement of
Activities presents changes in net position. Under the accrual basis of accounting, revenues are recognized in the
period in which they are earned while expenses are recognized in the period in which the liability is incurred.
Certain types of transactions are reported as program revenues for the Town in three categories:
Charges for services
Operating grants and contributions
Capital grants and contributions
Certain eliminations have been made in regards to interfund activities, payables and receivables. All internal
balances in the Statement of Net Position have been eliminated. The following interfund activities have been
eliminated:
Due To/From Other Funds
Transfers In/Out
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Town of Danville
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
45
Note 2 – Summary of Significant Accounting Policies (Continued)
A. Basis of Presentation, Basis of Accounting, and Measurement Focus (Continued)
Governmental Fund Financial Statements
All governmental funds are accounted for on a spending or “current financial resources” measurement focus and
the modified accrual basis of accounting. Accordingly, only current assets and current liabilities are included on
the Balance Sheet. The Statement of Revenues, Expenditures and Changes in Fund Balances presents increases
(revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets.
Under the modified accrual basis of accounting, revenues are recognized in the accounting period in which they
become both measurable and available to finance expenditures of the current period.
Revenues are recognized as soon as they are both “measurable” and “available.” Revenues are considered to be
available when they are collectible within the current period as soon as enough thereafter to pay liabilities of the
current period. For this purpose, the Town considers revenues to be available if they are collected within 60 days
of the end of the current fiscal period. The primary revenue sources, which have been treated as susceptible to
accrual by the Town, are property tax, sales tax, intergovernmental revenues and other taxes. Expenditures are
recorded in the accounting period in which the related fund liability is incurred.
The Reconciliation of the Fund Financial Statements to the Government-Wide Financial Statements is provided to
explain the differences.
The Town reports the following major Governmental Funds:
General Fund - The General Fund is the general operating fund of the Town. It is used to account for all
financial resources except those required to be accounted for in another fund. The major revenue sources for
this fund are property taxes, sales taxes, unrestricted revenues from the State, licenses and permits, fines and
forfeitures and interest income. Expenditures are made for administration, legislation, public safety, parks and
recreation and other services.
Lighting and Landscaping Special Revenue Fund - Assessments paid by property owners who receive
street lighting services and assessments paid by all property owners for landscape and park maintenance are
received into this Fund. The income is used to pay energy costs for the street lighting system and community
roadside, median and park landscape costs.
Regional Traffic Impact Fees Special Revenue Fund – This fund is used to account for development
impact fees that are collected to support infrastructure improvements that mitigate the impacts of new
development on the local transportation system.
American Rescue Plan Act Special Revenue Fund - This fund is used to record the revenues and
expenditures of proceeds from the American Rescue Plan Act.
Capital Improvement Capital Projects Fund - This Fund receives contributions from the General Fund for
future capital improvements, in accordance with the Town’s Capital Improvement Program.
Fiduciary Fund Financial Statements
Fiduciary Fund Financial Statements include a Statement of Fiduciary Net Position and a Statement of Changes in
Fiduciary Net Position. The Town’s Fiduciary Funds represent a Private Purpose Trust Fund and a Custodial
Fund. The Fiduciary Funds are accounted for using the full accrual and economic resources measurement focus
basis of accounting.
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Town of Danville
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
46
Note 2 – Summary of Significant Accounting Policies (Continued)
A. Basis of Presentation, Basis of Accounting, and Measurement Focus (Continued)
Fiduciary Fund Financial Statements (Continued)
The Town reports the following Private Purpose Trust Fund:
Successor Agency Trust Fund - The Successor Agency to the former Community Development Agency
(“CDA”) of the Town was established as a result of the passage of Assembly Bill x1 26, which dissolved all
Redevelopment Agencies in the State of California effective February 1, 2012. On January 10, 2012 pursuant
to Health and Safety Code Section 34173, the Town Council declared that the Town would act in a special
limited capacity as Successor Agency for the dissolved CDA, effective February 1, 2012. The Successor
Agency is responsible for day to day administration of the former CDA, including identification and payment
of enforceable and recognized obligations of the former CDA, and disbursement of available assets. An
Oversight board, consisting of seven members, was appointed to supervise the Successor Agency’s wind down
of the former CDA.
The Town reports the following Custodial Fund:
Custodial Fund - This Fund is comprised of assets that are not held in a trust or equivalent arrangement that
are held temporarily by the Town on behalf of others.
B. Cash and Investments
The Town pools its available cash for investment purposes. The Town’s cash and cash equivalents are considered
to be cash on hand, demand deposits, and short-term investments with original maturity of three months or less
from the date of acquisition. Cash and cash equivalents are combined with investments and displayed as cash and
investments.
Certain disclosure requirements for deposits and investment risks were made in the following areas:
Interest rate risk
Credit risk
Overall
Custodial credit risk
Concentrations of credit risk
In addition, other disclosures are specified including use of certain methods to present deposits and investments,
highly sensitive investments, credit quality at year-end and other disclosures.
Highly liquid market investments with maturities of one year or less at time of purchase are stated at amortized
cost. All other investments are stated at fair value. Market value is used as fair value for those securities for which
market quotations are readily available.
U.S. GAAP defines fair value, establishes a framework for measuring fair value and establishes disclosures about
fair value measurement. Investments, unless otherwise specified, recorded at fair value, are categorized based
upon the level of judgment associated with the inputs used to measure their fair value. Levels of inputs are as
follows:
Level 1 – Inputs are unadjusted, quoted prices for identical the asset or liability in active markets at the
measurement date.
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Town of Danville
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Note 2 – Summary of Significant Accounting Policies (Continued)
B. Cash and Investments (Continued)
Level 2 – Inputs, other than quoted prices included in Level 1, that are observable for the asset or liability
through corroboration with market data at the measurement date.
Level 3 – Unobservable inputs that reflect management’s best estimate of what market participants would use
in pricing the asset or liability at the measurement date.
The Town maintains a cash and investment pool, which includes cash balances and authorized investments of all
funds, which the Town Treasurer invests to enhance interest earnings. The pooled interest earned is allocated to
each fund based on its average monthly cash and investment balances.
The Town participates in an investment pool managed by the State of California titled Local Agency Investment
Fund (“LAIF”), which has invested a portion of the pool funds in structured notes and asset-backed securities.
LAIF’s investments are subject to credit risk with the full faith and credit of the State of California collateralizing
these investments. In addition, these structured notes and asset-backed securities are subject to market risk with
changes in interest rates.
C. Cash and Investments with Fiscal Agents
Certain restricted cash and investments are held by fiscal agents for the redemption of bonded debt and for
acquisition and construction of capital projects.
D. Prepaid Items
Certain payments applicable to future accounting periods are recorded as prepaid items. Prepaid items are
reported under the consumption method, which recognizes the expenditure/expense in the period associated with
the goods consumed or the services rendered. Prepaid items do not reflect current appropriable resources and,
thus, an equivalent portion of fund balance is reported as nonspendable in governmental funds.
E. Leases Receivable
The Town is a lessor for leases of buildings and land and recognizes leases receivable and lease-related deferred
inflows of resources in the financial statements. Variable payments based on future performance or usage of the
underlying asset are not included in the measurement of the lease receivable.
At the commencement of a lease, the lease receivable is measured at the net present value of payments expected
to be received during the lease term. Subsequently, the lease receivable is reduced by the principal portion of
lease payments received. The deferred inflows of resources are initially measured as the initial amount of the
lease receivable, adjusted for lease payments received at or before the lease commencement date. Subsequently,
the deferred inflows of resources are recognized as revenue over the life of the lease term in a systematic and
rational method.
Key estimates and judgments include how the Town determines (1) the discount rate it uses to discount the
expected lease receipts to present value, (2) lease term, and (3) lease receipts.
The Town uses the average of the LAIF rate and the incremental borrowing rate (IBR) provided by the
Town’s financial institution at July 1, 2021 for existing leases or the current rate at the time a new lease is
executed.
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48
Note 2 – Summary of Significant Accounting Policies (Continued)
E. Leases Receivable (Continued)
The lease term includes the noncancelable period of the lease plus any option periods that are likely to be
exercised.
Lease receipts included in the measurement of the lease receivable are composed of fixed payments from the
lessee.
The Town monitors changes in circumstances that would require a remeasurement of its lease receivables and
will remeasure the lease receivable and deferred inflows of resources if certain changes occur that are expected to
significantly affect the amount of the lease receivable.
F. Capital Assets
Capital assets, which include lands, buildings, improvements, furniture, equipment and infrastructure assets (e.g.,
roads, bridges, signal systems and similar items) are reported in the applicable governmental activities in the
Government-Wide Financial Statements.
The Town defines infrastructure as the primary physical assets that allow the Town to conduct its business. The
Town's infrastructure assets include:
Street system
Street signal system
Park and recreation lands and improvement systems
Storm water conveyance system
Bridges
Buildings combined with site amenities such as parking and landscaped areas
Each major infrastructure system can be divided into subsystems. For example, the street system can be
subdivided into the following:
Pavement
Medians
Curb and gutters
Landscaping and land
The detail of these subsystems is not presented in the basic financial statements. However, the operating
departments maintain information regarding the subsystems.
Capital assets are recorded at historical cost or estimated historical cost if actual cost was not available. Donated
assets are valued at their estimated acquisition value on the date donated. Town policy has set the capitalization
thresholds for reporting capital assets at the following:
All buildings (no threshold)
$20,000 for roads and bridges/box culverts
$10,000 for traffic signals and storm drain pipes
$5,000 for furniture, fixtures, equipment, catch basins and manholes
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For the Year Ended June 30, 2024
49
Note 2 – Summary of Significant Accounting Policies (Continued)
F. Capital Assets (Continued)
Depreciation is recorded on a straight-line basis over the useful lives of all other assets, except for infrastructure,
as follows:
Building and parking lots 40 years
Park improvements 5 years
Furnitures and equipment 3 - 10 years
Infrastructure 30 - 50 years
The Town elected to use the Modified Approach as defined by GASB Statement No. 34 for infrastructure
reporting of its streets, concrete and asphalt pavements. This condition assessment will be performed every three
years. Each homogeneous segment of Town-owned street was assigned a physical condition based on potential
defects. A Pavement Condition Index (PCI) was assigned to each street segment. The PCI is expressed in a
continuous scale from 0 to 100, where 0 is assigned to the least acceptable physical condition and 100 is assigned
to segments of street that have the physical characteristics of a new street.
The following conditions were defined:
Very good condition 70 - 100
Good condition 50 - 69
Poor condition 26 - 49
Very poor condition 0 - 25
The Town's policy relative to maintaining the street assets is to achieve an average rating of 65-70 for all street
segments. This acceptable rating allows minor cracking and raveling of the pavement along with minor roughness
that could be noticeable to drivers traveling at the posted speeds.
For all other infrastructure systems, the Town elected to use the Basic Approach as defined by GASB Statement
No. 34. The Town appraised its own infrastructure as of July 1, 2001 and has completed an internal update for
June 30, 2024. The 2001 appraisal determined the original cost, which is defined as the actual cost to acquire new
property in accordance with market prices at the time of first construction/acquisition. Original costs were
developed in one of three ways:
1. Historical records;
2. Standard unit costs appropriate for the construction/acquisition date;
3. Present cost indexed by a reciprocal factor of the price increase from the construction/acquisition date to
the current date.
The accumulated depreciation from the date of construction/acquisition to the current date was computed using
industry accepted life expectancies for each infrastructure subsystem. The book value was then computed by
deducting the accumulated depreciation from the original cost.
G. Unearned Revenues
For the Government-wide Financial Statements, unearned revenue is recognized in connection with a transaction
before the earnings process is completed.
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For the Year Ended June 30, 2024
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Note 2 – Summary of Significant Accounting Policies (Continued)
G. Unearned Revenues (Continued)
For the Governmental Fund Financial Statements, unearned revenues arise when potential revenues do not meet
both the "measurable" and "available" criteria for recognition in the current period. Unearned revenues also arise
when the government receives resources before it has a legal claim to them, as when grant monies are received
prior to incurring qualifying expenditures. In subsequent periods, when both revenue recognition criteria are met
or when the government has a legal claim to the resources, unearned revenues are removed from the combined
balance sheet and revenue is recognized.
H. Compensated Absences
Compensated absences include general leave, which covers vacations up to the cap amount based on years of
services and hire date, and is accounted for in accordance with U.S. GAAP. It is the policy of the Town to pay
when an employee retires or terminates. This amount is funded at a level that recognizes each employee’s ability
to request leave during employment and is included as a liability in the Government-wide Financial Statements.
Compensated absences liabilities of governmental activities are generally liquidated by the General Fund (80%),
Building and Planning Special Revenue Fund (10%), and Other Special Revenue Funds (10%).
I. Long-Term Debt
In the Government-wide Financial Statements, long-term debt is reported as liabilities. Bonds payable are
reported net of the applicable bond premium or discount.
For Governmental Fund Financial Statements, bond premiums and discounts, as well as bond issuance costs, are
recognized during the current period. Bond proceeds are reported as other financing sources net of the applicable
premium or discount. Issuance costs, whether or not withheld from the actual net proceeds received, are reported
as debt service expenditures.
J. Subscription-Based Information Technology Arrangements (SBITAs)
The Town has a policy to recognize a SBITA liability and a right‐to‐use subscription asset (SBITA asset) in our
financial statements with an initial, individual value of $10,000 or more with a subscription term greater than one
year.
At the commencement of a subscription, when the subscription asset is placed into service, the SBITA liability is
measured at the present value of payments expected to be made during the subscription term. Future subscription
payments are discounted using the Town's incremental borrowing rate and the Town recognizes amortization of
the discount on the subscription liability as interest expense in subsequent financial reporting periods.
SBITA assets are measured as the sum of the initial subscription liability, payments made to the SBITA vendor
before the commencement of the lease term, and capitalizable implementation costs less any incentives received
from the SBITA vendor at or before the commencement of the subscription term. Subscription assets are
amortized using the straight-line method over the subscription term.
Key estimates and judgments related to SBITAs include how the Town determines (1) the discount rate it uses to
discount the expected subscription payments to present value, (2) subscription term, and (3) subscription
payments.
The Town uses the interest rate charged by the SBITA vendor as the discount rate. When the interest rate
charged by the SBITA vendor is not provided, the Town generally uses its estimated incremental
borrowing rate as the discount rate for SBITAs.
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Town of Danville
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
51
Note 2 – Summary of Significant Accounting Policies (Continued)
J. Subscription-Based Information Technology Arrangements (SBITAs) (Continued)
The subscription term includes the period during which the Town has a noncancelable right to use the
underlying IT asset. The subscription term also includes periods covered by an option to extend if it is
reasonably certain to be exercised.
Subscription payments included in the measurement of the subscription liability are composed of fixed
payments and purchase option years that the Town is reasonably certain to exercise. The Town monitors
changes in circumstances that would require a remeasurement of a subscription and will remeasure any
subscription asset and liability if certain changes occur that are expected to significantly affect the amount
of the subscription liability.
Right-to-use subscription assets are reported along with other capital assets and subscription liabilities are
reported on the statement of net position.
K. Fund Balance
In the Governmental Fund Financial Statements, fund balances are classified in the following categories:
Nonspendable – Items cannot be spent because they are not in spendable form, such as prepaid items and
inventories, items that are legally or contractually required to be maintained intact, such as principal of an
endowment or revolving loan funds.
Restricted – Restricted fund balances encompass the portion of net fund resources subject to externally
enforceable legal restrictions. This includes externally imposed restrictions by creditors, such as through debt
covenants, grantors, contributors, laws or regulations of other governments, as well as restrictions imposed by
law through constitutional provisions or enabling legislation.
Committed – Committed fund balances encompass the portion of net fund resources, the use of which is
constrained by limitations that the government imposes upon itself at its highest level of decision making
(normally the governing body) and that remain binding unless removed in the same manner. The Town
Council is considered the highest authority for the Town. A Town resolution is required to have fund balance
committed.
Assigned – Assigned fund balances encompass the portion of net fund resources reflecting the government’s
intended use of resources. Assignment of resources can be done by the highest level of decision making or by
a committee or official designated for that purpose. The Town Council has authorized the Town Manager and
the Finance Manager/Treasurer for that purpose.
Unassigned – This category is for any balances that have no restrictions placed upon them. The General Fund
is the only fund that reports a positive unassigned fund balance amount. In other governmental funds it is not
appropriate to report a positive unassigned fund balance amount. However, in governmental funds other than
the General Fund, if expenditures incurred for specific purposes exceed the amounts that are restricted,
committed, or assigned to those purposes, it may be necessary to report a negative unassigned fund balance in
that fund.
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Town of Danville
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
52
Note 2 – Summary of Significant Accounting Policies (Continued)
L. Net Position
For the Government-Wide Financial Statements, net position is classified in the following categories:
Net Investment in Capital Assets component of net position consists of capital assets net of accumulated
depreciation/amortization, reduced by the outstanding balances of bonds, mortgages, notes, subscription
liabilities, or other borrowings that are attributable to the acquisition, construction, or improvement of those
assets.
Restricted component of net position consists of restricted assets reduced by liabilities and deferred inflows of
resources related to those assets.
Unrestricted component of net position is the amount of the assets, deferred outflows of resources, liabilities,
and deferred inflows of resources that are not included in the determination of net investment in capital assets
or the restricted component of net position.
M. Spending Policies
For Government-Wide Financial Statements, when an expense is incurred for purposes for which both restricted
and unrestricted net position are available, the Town’s policy is to apply restricted net position first.
For Governmental Fund Financial Statements, the Town’s policy is to spend restricted fund balances first, before
spending unrestricted fund balances, for expenditures incurred for purposes for which both restricted and
unrestricted fund balances are available, except for instances wherein a Town ordinance or resolution specifies
the funding source or a fund balance to use.
The Town’s policy is that committed and assigned fund balances are considered to have been spent first before
unassigned fund balances have been spent, when expenditures are incurred for purposes for which amounts in any
of those unrestricted fund balance classifications could be used, except for instances wherein a Town ordinance
specifies the fund balance to use.
N. Property Taxes
Revenue is recognized in the fiscal year for which the tax and assessment is levied. The County of Contra Costa
levies, bills and collects property taxes and special assessments for the Town and remits the full assessment
regardless of the amounts received under a Teeter plan arrangement.
Property Tax Secured Unsecured
Lien Date January 1 January 1
(Preceding fiscal year) (Preceding fiscal year)
Due Date November 1 & February 1 August 31
Delinquent Date December 10 & April 10 September 1
O. Use of Accounting Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates
and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the
disclosure of contingent assets and liabilities. In addition, estimates affect the reported amount of expenses.
Actual results could differ from these estimates and assumptions.
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Town of Danville
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
53
Note 2 – Summary of Significant Accounting Policies (Continued)
P. Implementation of New GASB Pronouncements
During fiscal year ended June 30, 2024, the Town has implemented the following new GASB statements:
GASB Statement No. 100 – In June 2022, GASB issued Statement No. 100, Accounting Changes and Error
Corrections – an Amendment of GASB Statement No. 62. The primary objective of this Statement is to
enhance accounting and financial reporting requirements for accounting changes and error corrections to
provide more understandable, reliable, relevant, consistent, and comparable information for making decisions
or assessing accountability. Application of this statement did not have a significant effect on the Town’s
financial reporting for the fiscal year end June 30, 2024.
Q. Upcoming Government Accounting Standards Implementation
The Town is currently evaluating its accounting practices to determine the potential impact on the financial
statements for the following GASB statements:
GASB Statement No. 101 – In June 2022, GASB issued Statement No. 101, Compensated Absences. The
objective of this Statement is to better meet the information needs of financial statement users by updating the
recognition and measurement guidance for compensated absences. That objective is achieved by aligning the
recognition and measurement guidance under a unified model and by amending certain previously required
disclosures. Application of this statement is effective for the Town’s fiscal year ending June 30, 2025.
GASB Statement No. 102 - In December 2023, GASB issued Statement No. 102, Certain Risk Disclosures.
The objective of this Statement is to provide users of government financial statements with essential
information about risks related to a government's vulnerabilities due to certain concentrations or constraints
which may limit a government's ability to acquire resources or control spending. Application of this statement
is effective for the Town’s fiscal year ending June 30, 2025.
GASB Statement No. 103 – In December 2023, GASB issued Statement No. Financial Reporting Model
Improvements. The objective of this Statement is to improve key components of the financial reporting model
to enhance its effectiveness in providing information that is essential for decision making and assessing a
government’s accountability. Application of this statement is effective for the Town’s fiscal year ending
June 30, 2026.
Note 3 – Cash and Investments
The following is a summary of pooled cash and investments, including restricted cash and investments held by the
Town, and cash and investments held by fiscal agents, at June 30, 2024:
Primary
Government Fiduciary
Governmental Fund Financial
Activities Statements Total
Cash and investments 82,334,792$ 2,809,694$ 85,144,486$
Restricted cash and investments:
Held by Town 35,628,391 - 35,628,391
Subtotal held by Town 117,963,183 2,809,694 120,772,877
Held by fiscal agents 1,777,459 734,366 2,511,825
Total cash and investments 119,740,642$ 3,544,060$ 123,284,702$
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Town of Danville
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
54
Note 3 – Cash and Investments (Continued)
At June 30, 2024, cash and investments, excluding restricted cash and investments held by fiscal agent, are reported at
fair value based on quoted market prices. The following table presents the fair value measurements of investments
recognized in the accompanying Statement of Net Position measured at fair value on a recurring basis and the level
within GASB 72 fair value hierarchy in which the fair value measurements fall at June 30, 2024:
Percentage of Measurement
Investment Type Fair Value Investments Input
Demand deposits 5,891,741$ N/A N/A
Investments:
U.S. Securities:
U.S. Treasury 42,305,144 36.04% Level 2
Federal Securities 21,243,581 18.10% Level 2
Asset Backed Securities 4,284,515 3.65% Level 2
Collateralized Mortgage Obligations 6,565,748 5.59% Level 2
Supranational:
Inter-American Dev Bank Note 2,228,844 1.90% Level 2
Int'l Bank Recon & Development 1,445,311 1.23% Level 2
International Finance Corp Note 1,906,677 1.62% Level 2
U.S. Corporate Notes/FDIC:
Apple Inc. Callable 1,211,495 1.03% Level 2
Bank of America NA Callable Note 1,007,100 0.86% Level 2
Caterpillar Financial Service Note 1,000,616 0.85% Level 2
Cisco Systems, Inc. 997,296 0.85% Level 2
Colgate Palmolive Co. Note 459,832 0.39% Level 2
Honeywell International Callable Note 945,131 0.81% Level 2
John Deere Capital Corp Note 990,047 0.84% Level 2
JP Morgan Chase & Co. Callable Note 404,935 0.34% Level 2
MasterCard Inc. Callable Note 978,054 0.83% Level 2
Microsoft Callable Note 975,205 0.83% Level 2
Morgan Stanley Bank NA Callable Note 445,427 0.38% Level 2
Paccar Financial Corp. Note 897,490 0.76% Level 2
Pepsico Inc. Callable Note 361,582 0.31% Level 2
State Street Bank Callable Note 258,570 0.22% Level 2
State Street Corp Callable Note 1,063,712 0.91% Level 2
Toyota Motor Credit Corp 926,075 0.79% Level 2
Wal-Mart Stores Callable Note 689,953 0.59% Level 2
Local Agency Investment Fund (LAIF) 21,103,867 17.98% N/A
Money Market Funds 2,696,754 2.30% N/A
Total investments 117,392,961 100.00%
Total cash and investments 123,284,702$
Investments securities classified in Level 2 of the fair value hierarchy are valued using prices determined by the
use of matrix pricing techniques maintained by the pricining vendors for these securities. Matrix pricing is used to
value securities based on the securities’ relationship to benchmark quoted prices. Investments in LAIF are
uncategorized as deposits and withdrawls are made on the basis of $1 and not fair value.
A. Demand Deposits
The carrying amounts of the Town's cash deposits were $5,891,741 at June 30, 2024. Bank balances as of
June 30, 2024, were $5,981,070 which were fully insured and collateralized with securities held by the pledging
financial institutions in the Town’s name as discussed in the following.
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Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
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Note 3 – Cash and Investments (Continued)
A. Demand Deposits (Continued)
The California Government Code (Code) requires California banks and savings and loan associations to secure
the Town's cash deposits by pledging securities as collateral. This Code states that collateral pledged in this
manner shall have the effect of perfecting a security interest in such collateral superior to those of a general
creditor. Thus, collateral for cash deposits is considered to be held in the Town's name.
The market value of pledged securities must equal at least 110% of the Town's cash deposits. California law also
allows institutions to secure Town deposits by pledging first trust deed mortgage notes having a value of 150% of
the Town's total cash deposits.
The Town has waived collateral requirements for cash deposits that are fully insured up to $250,000 by the
Federal Deposit Insurance Corporation.
B. Investments
The Town reviews and refines its Investment Policy (Policy) annually, with the most recent revision approved by
the Town Council on October 17, 2023. The Policy states that the primary investment objective is safety with
investments being legally permitted and sufficiently liquid to meet forecasted needs. Maximization of interest
earnings is a secondary objective.
Further, the Policy states that the Town Treasurer has the ultimate responsibility to protect, preserve and maintain
cash and investments.
The Policy also established internal controls and reporting requirements and stipulates "Permitted Investments
and Limitation on Investments".
The Town is authorized by State statutes (California Government Code 53601) and in accordance with the Town's
Policy to invest in the following:
U.S. Treasury Securities
U.S. Government Federal Agencies
Certificates of Deposit
Bankers Acceptances
Commercial Paper (Corporations)
Medium-Term Corporate Notes
Repurchase Agreements collateralized by U.S. Securities or U.S. Government Federal Agencies
California Local Agency Investment Fund (LAIF)
U.S. Government Mortgage Pass-Through Securities
Collateralized Mortgage Obligations (CMOs)
Asset-Backed Securities (ABS)
Money Market Mutual Funds
Passbook Savings and Demand Deposits Accounts
Additionally, the Town's Policy specifies the maximum percentage of the total investment portfolio that may be
held in each of the aforementioned securities.
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Note 3 – Cash and Investments (Continued)
B. Investments (Continued)
In addition to State statutes, the Town establishes that funds on deposit in banks must be federally insured or
collateralized and investments shall:
(1) have maximum maturity not to exceed five years;
(2) be laddered and based on cash flow forecasts; and
(3) be subject to limitations to a certain percent of the portfolio for each of the authorized investments.
Investments were stated at fair value using the aggregate method in all funds and component units, resulting in the
following investment earnings in all funds and component units:
Interest earnings 2,682,853$
Unrealized gain (loss) on changes in fair value
of investments 2,710,057
Total investment earnings 5,392,910$
The Town’s investment practices are in compliance with California Government Code 53601 et seq., and the
Town’s Policy. Securities that are purchased and maintain their rating are held to maturity with no exception.
Therefore, while GASB Statement No. 31 requires that investments be stated as “fair value” for annual financial
reporting purposes, the Town cannot realize either gains or losses in this valuation of the investments.
C. External Investment Pool
The Town invests in the Local Agency Investment Fund (LAIF), a State of California external investment pool.
The LAIF determines fair value on its investment portfolio based on market quotations for those securities where
market quotations are readily available and based on amortized cost or best estimate for those securities where
market value is not readily available. The Town’s investments with LAIF at June 30, 2024, include a portion of
the pool funds invested in Structured Notes and Asset-Backed Securities.
These investments may include the following:
Structured Notes which are debt securities (other than asset-backed securities) with cash flow characteristics
(coupon rate, redemption amount, or stated maturity) that depend upon one or more indices and/or that have
embedded forwards or options.
Asset-Backed Securities, the bulk of which are mortgage-backed securities, entitle its purchasers to receive a
share of the cash flows from a pool of assets such as principal and interest repayments from a pool of
mortgages (such as CMO’s) or credit card receivables.
As of June 30, 2024, the Town had $21,103,867 invested in LAIF, which had invested 1.40% of the pool
investment funds in structured notes and asset-backed securities.
The fair value of the Town’s position in the LAIF pool is the same as the value of the pool shares.
The Pooled Money Investment Board provides oversight to the State Treasurer’s pooled investment program. The
purpose of the board is to design and administer an effective cash management and investment program, using all
monies flowing through the State Treasurer’s Office bank accounts and keeping all available funds invested in a
manner consistent with the goals of safety, liquidity, and yield. The Pooled Money Investment Board is
comprised of the State Treasurer as chair, the State Controller, and the Director of Finance. The investment
program is not registered with the Securities and Exchange Commission as an investment company.
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Town of Danville
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
57
Note 3 – Cash and Investments (Continued)
C. External Investment Pool (Continued)
The State Treasurer’s Office reports its investments at fair value. The fair value of securities in the State
Treasurer’s pooled investment program generally is based off of quoted market prices. The value of deposits in
the State Treasurer’s pooled investment program, including the Local Agency Investment Fund, is equal to the
dollars deposited in the program.
Certain funds have elected to participate in the pooled investment program even though they have the authority
to make their own investments. Others may be required by legislation to participate in the program; as a result,
the deposits of these funds or accounts may be considered voluntary. However, these funds or accounts are part
of the State’s reporting entity. The remaining participation in the pool, the Local Agency Investment Fund, is
voluntary.
D. Restricted Cash and Investments Held with Fiscal Agent
Restricted cash and investments with fiscal agents, which can be only used for specific capital outlays, payment
of certain long-term debt and maintaining required reserves, consists of $1,777,459 in the Governmental-wide
Statement of Net Position and Balance Sheet – Governmental Funds and $734,366 in the Statement of Fiduciary
Net Position. These funds have been invested only as permitted by specific State statutes governing these
investments or by applicable Town ordinance, resolution or bond indenture.
E. Risk Disclosures
Interest Rate Risk
As a means of limiting its exposure to fair value losses arising from rising interest rates, the Town’s Policy
provides that final maturities of securities limits as follows:
Maturity
Maximum
Investment
Up to six months 25%
Six months to five years 75%
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Town of Danville
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
58
Note 3 – Cash and Investments (Continued)
E. Risk Disclosures (Continued)
Interest Rate Risk (Continued)
Specific maturities of investments depend on liquidity needs. At June 30, 2024, the Town's pooled cash and
investments had the following maturities:
Investment Type Fair Value 1 year or less 1-2 years 2-3 years 3-4 years 4-5 years
Demand deposits 5,891,741$ 5,891,741$ -$ -$ -$ -$
Investments:
U.S. Securities:
U.S. Treasury 42,305,144 17,520,178 11,715,299 6,690,537 4,669,903 1,709,227
Federal Securities 21,243,581 5,628,229 2,933,989 3,492,436 7,682,624 1,506,303
Asset Backed Securities 4,284,515 - 737,189 1,221,814 175,548 2,149,964
Collateralized Mortgage Obligations 6,565,748 - - 1,914,963 2,720,571 1,930,214
Supranational:
Inter-American Dev Bank Note 2,228,844 1,236,020 - 992,824 - -
Int'l Bank Recon & Development 1,445,311 - - - - 1,445,311
International Finance Corp Note 1,906,677 988,260 - 918,417 - -
U.S. Corporate Notes/FDIC:
Apple Inc. Callable 1,211,495 482,522 728,973 - - -
Bank of America NA Callable Note 1,007,100 - - 1,007,100 - -
Caterpillar Financial Service Note 1,000,616 - - 1,000,616 - -
Cisco Systems, Inc.997,296 - - 997,296 - -
Colgate Palmolive Co. Note 459,832 - 459,832 - - -
Honeywell International Callable Note 945,131 - - 945,131 - -
John Deere Capital Corp Note 990,047 - - 990,047 - -
JP Morgan Chase & Co. Callable Note 404,935 - - 404,935 - -
MasterCard Inc. Callable Note 978,054 978,054 - - - -
Microsoft Callable Note 975,205 - 975,205 - - -
Morgan Stanley Bank NA Callable Note 445,427 - - 445,427 - -
Paccar Financial Corp. Note 897,490 383,018 - 514,472 - -
Pepsico Inc. Callable Note 361,582 - - 361,582 - -
State Street Bank Callable Note 258,570 - 258,570 - - -
State Street Corp Callable Note 1,063,712 - - 1,063,712 - -
Toyota Motor Credit Corp 926,075 - 926,075 - - -
Wal-Mart Stores Callable Note 689,953 - 689,953 - - -
Local Agency Investment Fund (LAIF) 21,103,867 21,103,867 - - - -
Money Market Funds 2,696,754 2,696,754 - - - -
Total investments 117,392,961 51,016,902 19,425,085 22,961,309 15,248,646 8,741,019
Total cash and investments 123,284,702$ 56,908,643$ 19,425,085$ 22,961,309$ 15,248,646$ 8,741,019$
Maturities (in years)
Credit Risk
Credit risk is the risk that a security or a portfolio will lose some or all of its value due to a real or perceived
change in the ability of the issuer to repay its debt. According to the Town’s Policy, no more than 5% of the total
portfolio may be invested in securities of any single issuer, other than the U.S. Government, its agencies and
instrumentalities and LAIF. If a security (other than LAIF) is downgraded by either Moody’s or S&P to a level
below the minimum quality required by the Town, the Town will determine whether to retain or liquidate the
security based upon criteria set forth in the Town’s Policy.
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Town of Danville
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
59
Note 3 – Cash and Investments (Continued)
E. Risk Disclosures (Continued)
Credit Risk (Continued)
At June 30, 2024, the Town's investments are rated as follows:
Moody's S&P
Investments:
U.S. Securities:
U.S. Treasury Aaa AA+
Federal Securities Aaa AA+
Asset Backed Securities Aaa AAA
Collateralized Mortgage Obligations Aaa AA+
Supranational:
Inter-American Dev Bank Note Aaa AAA
Int'l Bank Recon & Development Aaa AAA
International Finance Corp Note Aaa AAA
U.S. Corporate Notes/FDIC:
Apple Inc. Callable Aaa AA+
Bank of America NA Callable Note Aa1 A+
Caterpillar Financial Service Note A2 A
Cisco Systems, Inc.A1 AA-
Colgate Palmolive Co. Note Aa3 AA-
Honeywell International Callable Note A2 A
John Deere Capital Corp Note A1 A
JP Morgan Chase & Co. Callable Note Aa2 A+
MasterCard Inc. Callable Note Aa3 A+
Microsoft Callable Note Aaa AAA
Morgan Stanley Bank NA Callable Note Aa3 A+
Paccar Financial Corp. Note A1 A+
Pepsico Inc. Callable Note A1 A+
State Street Bank Callable Note A1 A
State Street Corp Callable Note A1 A
Toyota Motor Credit Corp Not Rated A+
Wal-Mart Stores Callable Note Aa2 AA
Local Agency Investment Fund (LAIF) Not Rated Not Rated
Money Market Funds Aaa AAA
Credit Quality Rating
Custodial Credit Risk
For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the Town
will not be able to recover the value of its investments or collateral securities that are in the possession of an
outside party. The Town does not have any custodial credit risk.
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Town of Danville
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
60
Note 4 – Leases Receivable and Lease-Related Deferred Inflows of Resources
The Town leases various types of property including land, buildings and easements. Leases receivable consist of
agreements with other entities for the “right–to–use” the underlying assets at various locations owned by the Town.
The remaining terms of the agreements range from 5 to 30 years. The Town applies an implied interest rate to the
total scheduled lease payments to calculate the net present value of the lease receivable. The interest rates used by the
Town to calculate the net present value of the lease receivable vary depending on the length of the lease.
For the fiscal year ended June 30, 2024, the Town recognized $605,294 in lease revenue and $114,248 in interest
revenue, and the outstanding net present value of the lease receivable amount is $3,546,194.
A summary of changes in lease receivable for the fiscal year ended June 30, 2024 is as follows:
Amounts Amounts
Balance Balance due within due in more
July 1, 2023 Additions Reductions June 30, 2024 one year than one year
3,751,081$ -$ (204,887)$ 3,546,194$ 538,966$ 3,007,228$
As of June 30, 2024, the required payments for these leases, including interest, are:
NPV Total
Year Ending Leases Lease
June 30 Receivable Interest Payments
2025 538,966$ 98,389$ 637,355$
2026 514,476 82,192 596,668
2027 418,594 68,206 486,800
2028 329,226 57,347 386,573
2029 345,829 47,311 393,140
2030-2034 992,850 125,092 1,117,942
2035-2039 389,392 27,467 416,859
2040-2042 16,861 105 16,966
Total 3,546,194$ 506,109$ 4,052,303$
As of June 30, 2024, the amounts reported as deferred inflows of resources related to leases will be recognized as
lease revenue as follows:
Year Ending
June 30 Total
2025 605,294$
2026 558,109
2027 437,645
2028 324,721
2029 324,721
2030-2034 883,347
2035-2039 286,171
2040-2042 9,987
Total 3,429,995$
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Town of Danville
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
61
Note 5 – Capital Assets
A. Governmental Activities
Summary of changes in capital assets for the year ended June 30, 2024 was as follows:
Balance Transfers/ Balance
July 1, 2023 Additions Retirements Reclassifications June 30, 2024
Governmental Activities:
Capital assets, not being depreciated/amortized:
Land 31,821,867$ -$ -$ -$ 31,821,867$
Construction in progress 33,610,738 1,142,238 - (22,985,128) 11,767,848
Infrastructure - streets, concrete & asphalt pavements 93,075,885 - - - 93,075,885
Total capital assets not being depreciated/amortized 158,508,490 1,142,238 - (22,985,128) 136,665,600
Capital assets being depreciated/amortized:
Buildings and parking lots/street 41,408,769 - - 22,985,128 64,393,897
Park improvements 24,267,438 - - - 24,267,438
Furniture and equipment 6,033,822 455,586 (758,580) - 5,730,828
Subscription assets 331,124 - - - 331,124
Infrastructure:
Drainage system 56,689,603 - - - 56,689,603
Bridges 12,153,067 - - - 12,153,067
Signal system 6,997,956 - - - 6,997,956
Total capital assets being depreciated/amortized 147,881,779 455,586 (758,580) 22,985,128 170,563,913
Accumulated depreciation/amortization:
Buildings and parking lots (15,679,625) (991,954) - - (16,671,579)
Park improvements (22,725,629) (247,739) - - (22,973,368)
Furniture and equipment (4,584,106) (360,800) 758,580 - (4,186,326)
Subscription assets (109,747) (94,682) - - (204,429)
Infrastructure:
Drainage system (56,280,395) (23,728) - - (56,304,123)
Bridges (8,121,673) (180,493) - - (8,302,166)
Signal system (5,959,224) (106,272) - - (6,065,496)
Total accumulated depreciation/amortization (113,460,399) (2,005,668) 758,580 - (114,707,487)
Total capital assets, being depreciated/amortized, net 34,421,380 (1,550,082) - 22,985,128 55,856,426
Governmental activities capital assets, net 192,929,870$ (407,844)$ -$ -$ 192,522,026$
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Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
62
Note 5 – Capital Assets (Continued)
A. Governmental Activities (Continued)
Depreciation/amortization expenses by program for capital assets for the year ended June 30, 2024, were as
follows:
Police Services
Building $ 19,250
Furniture & equipment (vehicle) 281,482
Subtotal 300,732
Maintenance Services
Building 537,843
Parking lots 307,158
Park improvements 244,881
Furniture & equipment (vehicle) 55,448
Subtotal 1,145,330
Development Services
Furniture & equipment (vehicle) 6,255
Infrastructure - drainage 23,728
Infrastructure - bridge 180,493
Subtotal 210,476
Transportation (Community) Services
Furniture & equipment (vehicle) 1,248
Infrastructure - signal 106,272
Subtotal 107,520
Administrative Services
Building 1,212
Furniture & equipment (vehicle) 9,562
Subscription assets 94,682
Subtotal 105,456
Parks and Recreation Services
Building 126,491
Park improvements 2,859
Furniture & equipment (vehicle) 6,804
Subtotal 136,154
Total depreciation/amortization expense $ 2,005,668
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Town of Danville
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
63
Note 6 – Interfund Transactions
A. Transfers In/Out
Transfers in/out for the year ended June 30, 2024, were as follows:
Lighting Capital
Landscape Improvement
Special Capital Non-Major
Revenue Projects Governmental
Fund Fund Funds
Transfers Out (1) (1) (2) Total
General Fund 1,350,000$ 1,880,217$ 462,480$ 3,692,697$
Non-Major Governmental Funds - - 125,000 125,000
Total 1,350,000$ 1,880,217$ 587,480$ 3,817,697$
Transfers In
The following are explanations for the transfers in and out:
(1) Transfers in to the Capital Improvement Capital Projects Fund and Lighting and Landscape Special
Revenue Fund were to fund various capital projects.
(2) Transfers in to the Non-Major Governmental Funds from other Non-Major Governmental Funds
were to fund various capital projects.
Note 7 – Loans Receivable from Successor Agency to the Former Community Development Agency
In the fiscal year 2012, the Successor Agency Trust Fund was established to replace the Town's Community
Development Agency. Below are the accounts and transactions as of and for the year ended June 30, 2024:
Government-Wide Financial Statements
Loans Receivable
Cooperative Loan Agreement $ 1,759,401
Total $ 1,759,401
Reimbursements from Successor Agency $ 867,219
Funds Financial Statements
General Fund
Due from Successor Agency of
Former Community Development Agency 1,759,401$
Total 1,759,401$
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Town of Danville
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
64
Note 7 – Loans Receivable from Successor Agency to the Former Community Development Agency
(Continued)
A. Successor Agency (SA) Cooperative Agreement Loan Receivable
Prior to the State of California's (State) dissolution of all redevelopment agencies, the Town of Danville and the
former Community Development Agency (CDA) had entered into a Cooperation Agreement (Agreement), under
which the Town advanced funds to the former CDA that were subject to later repayment by the former CDA. The
Successor Agency to the former CDA and the Successor Agency's Oversight Board approved re-entry into the
Agreement, as provided for in AB 1X 26 (the Dissolution Act).
The State Department of Finance determined that the Agreement was not an enforceable obligation, leading the
Town to file a lawsuit in the Sacramento County Superior Court (Superior Court) against the State challenging
that determination. The Town won its suit in Superior Court, leading to an appeal by the State. In May 2015, the
State dismissed its appeal, and at the same time, the Department of Finance accepted the Agreement as an
enforceable obligation. As a result, the Town received its first payment in June 2015 under the Agreement.
The Agreement incorporated the following payment schedule, which the Successor Agency and the Town will
follow when preparing future Recognized Obligation Payment Schedule (ROPS) statements. However, due to the
fact that the State refused to allow payment for the first several years post-dissolution, those amounts will be paid
in years subsequent to those shown in the Agreement. Therefore, an additional $3,195,604 was approved in
addition to the original amount and was recognized as special item in the basic financial statements.
Fiscal Year Amount
2025 1,100,000$
2026 659,401
Total 1,759,401$
Note 8 – Unearned Revenue
Unearned revenue in Government-Wide Financial Statements and governmental funds statements represents amounts
for which revenues have not been earned. At June 30, 2024, unearned revenues in the Government-Wide Financial
Statements and governmental funds statements were as follows:
Governmental
Activities
American Rescue Plan Act unspent funds $ 4,683,054
Recreation program registration 841,634
Business licenses 201,954
Other - gas tax 89,854
Total $ 5,816,496
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Town of Danville
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
65
Note 9 – Long-Term Obligations
A. Governmental Activities
A summary of changes in long-term debt for the year ended June 30, 2024 is as follows:
Due Due in
Balance Balance Within More than
Description July 1, 2023 Additions Retirements June 30, 2024 One Year One Year
Publicly offered COPs:
2001 issue 1,625,000$ -$ (380,000)$ 1,245,000$ 395,000$ 850,000$
2005 issue 3,065,000 - (200,000) 2,865,000 205,000 2,660,000
Subscription liability 145,949 - (71,855) 74,094 74,094 -
Compensated absences 1,191,160 918,804 (804,315) 1,305,649 110,000 1,195,649
Total 6,027,109$ 918,804$ (1,456,170)$ 5,489,743$ 784,094$ 4,705,649$
Classification
Certificates of Participation – 2001 Issue
The Town issued $6,700,000 principal amount of 2001 Certificates of Participation (2001 COPs) on
October 1, 2001. The purpose of the 2001 COPs was to provide funds to refund the outstanding 1992 Certificates
of Participation, to defease the 1994 Tax Allocation Bonds, and to provide funds for the lease of certain real
property and improvements. The 2001 COPs in the amount of $3,745,000 matured on September 1, 2018, and
bore interest rates ranging from 3.50% to 4.625%. The 2001 COPs in the amount of $635,000 mature through
September 1, 2020, and bear interest at the rate of 4.75% per annum. The 2001 COPs in the amount of $2,320,000
mature through September 1, 2026, and bear interest at the rate of 5.00% per annum. In the event of default, there
is no acceleration clause. The Town will only be liable for lease payments on an annual basis as they come due
and the trustee woud be required to seek separate judgments for the annual lease payments.
The 2001 COPs are payable semiannually on each March 1 and September 1, commencing March 1, 2002 and are
subject to optional and mandatory early redemption provisions.
The annual debt service requirements for the 2001 COPs outstanding at June 30, 2024 are as follows:
For the Years Ending
June 30, Principal Interest Total
2025 $ 395,000 $ 52,375 $ 447,375
2026 415,000 32,125 447,125
2027 435,000 10,875 445,875
Total $ 1,245,000 $ 95,375 $ 1,340,375
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Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
66
Note 9 – Long-Term Obligations (Continued)
A. Governmental Activities (Continued)
Certificates of Participation – 2005 Issue
The Town issued $5,600,000 principal amount of 2005 Certificates of Participation (2005 COPs) on
March 1, 2005. The purpose of the 2005 COPs was to provide funds to finance the acquisition and improvement
of certain property for use as a public parking facility and other capital improvements with the Town. The 2005
COPs in the amount of $3,155,000 mature through March 1, 2026, and bear interest rates ranging from 4.000% to
4.625%. The 2005 COPs in the amount of $965,000 mature through March 1, 2030, and bear interest at the rate of
4.625% per annum. In the event of default, there is no acceleration clause, however, the Town may be forced to
relinquish possession and use of the property until the curing of such default.
The 2005 COPs in the amount of $1,480,000 mature through March 1, 2035, and bear interest at the rate of
4.625% per annum. The 2005 COPs are payable semiannually on each March 1 and September 1, commencing
September 1, 2005. The 2005 COPs are subject to optional and mandatory early redemption provisions.
The annual debt service requirements for the 2005 COPs outstanding at June 30, 2024, are as follows:
June 30,Principal Interest Total
2025 $ 205,000 $ 132,250 $ 337,250
2026 215,000 123,025 338,025
2027 225,000 113,082 338,082
2028 235,000 102,675 337,675
2029 245,000 91,806 336,806
2030-2034 1,415,000 277,269 1,692,269
2035 325,000 15,031 340,031
Total $ 2,865,000 $ 855,138 $ 3,720,138
In accordance with the final Recognized Obligation Payment Schedule (ROPS) approved for the Successor
Agency to the the former Community Development Agency by the State Department of Finance, the Town
receives annual repayments from the Successor Agency in an amount equivalent to the annual principal and
interest payments for the 2001 and 2005 COPs.
Subscription Liability
The Town entered into various subscription-based IT arrangements and has recorded a liability to offset the right-
to-use assets. These are calculated using the Town’s incremental borrowing rate of 3.0%.
Future minimum payments on SBITA liabilities are as follows:
June 30,Principal Interest Total
2024 $ 74,094 $ 185 $ 74,279
Total $ 74,094 $ 185 $ 74,279
Compensated Absences
The Town's liability for vested and unpaid compensated absences (accrued vacation and sick pay) has been
accrued and amounts to $1,305,649 at June 30, 2024. It is estimated that $110,000 will be needed to cover
employees who leave employment within one year.
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Town of Danville
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
67
Note 9 – Long-Term Obligations (Continued)
B. Fiduciary Fund Financial Statements
Summary of changes in long-term obligations for the year ended June 30, 2024 was as follows:
Due Due in
Balance Balance Within More than
Description July 1, 2023 Additions Retirements June 30, 2024 One Year One Year
Loans payable 1,700,000$ -$ (230,000)$ 1,470,000$ 250,000$ 1,220,000$
Total 1,700,000$ -$ (230,000)$ 1,470,000$ 250,000$ 1,220,000$
Loan Payable
The Authority issued $3,570,000 principal amount of Taxable Revenue Bonds, 2001 Series A (Bonds) on
December 1, 2001. The proceeds of the Bonds were loaned to the former CDA pursuant to a Loan Agreement,
dated as of December 1, 2001 and used to finance low and moderate income housing project within the project
area. The Bonds in the amount of $35,000 matured through August 1, 2006, and bore interest at the rate of 6.15%
per annum. The Bonds in the amount of $260,000 mature through August 1, 2011, and bear interest at the rate of
7.25% per annum. The Bonds in the amount of $1,170,000 mature through August 1, 2020, and bear interest at
the rate of 8.15% per annum. The Bonds in the amount of $2,105,000 mature through August 1, 2028, and bear
interest at the rate of 8.50% per annum.
The Bonds are payable seminannually on each February 1 and August 1, commencing August 1, 2002. The Bonds
are subject to optional and mandatory early redemption provisions.
The Bonds are special obligations of the Authority payable from and secured by loan payments made by the
former CDA under the Loan Agreement and certain other amounts on deposit in the funds and accounts
established under the Indenture. The Loan Agreement is secured by the tax increment revenues of the former
CDA. This loan has been transferred to the Successor Agency Trust Fund.
The annual debt service requirements for the Bonds outstanding at June 30, 2024 are as follows:
For the Years Ending
June 30, Principal Interest Total
2025 $ 250,000 $ 114,325 $ 364,325
2026 270,000 92,225 362,225
2027 290,000 68,425 358,425
2028 315,000 42,713 357,713
2029 345,000 14,663 359,663
Total $ 1,470,000 $ 332,351 $ 1,802,351
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Town of Danville
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
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Note 10 – Defined Contribution Pension Plan
A. Section 401(a) Qualified Defined Contribution Pension Plan
All qualified Town employees participate in the Section 401(a) qualified defined contribution pension plan as
allowed under the Internal Revenue Code. The plan type sponsored by the Town is the Money Purchase Plan
(Plan), which was last amended on July 1, 2010. The Plan is a defined contribution retirement plan in which the
employer's contribution is nondiscretionary and is based on a formula that is not related to profits. The Plan
sponsor guarantees no benefit and bears no investment risk while the Plan participants bear all investment risk and
have no guaranteed level of benefits.
An administrative committee comprised of Town personnel governs the Plan. The Town Council has the authority
to establish or amend the Plan's provisions. The Plan's provisions and contribution requirements are established
and may be amended by Town Council resolution.
Eligible employees begin participating the first day of the month following their employment date of work. The
Plan is entirely funded by Town contributions of 15% of the participants' gross pay for employees who contribute
5% of their salary to the deferred compensation plan. The Town's contributions vest at 20% per plan year of
uninterrupted employment.
Participants are eligible to begin receiving benefits at age 55 and are required to begin receiving benefits no later
than April after age 70-1/2. The employees may also roll their funds to another retirement plan upon separation of
service.
The Town's payroll for employees covered by the Plan for the year ended June 30, 2024, was $10,316,669. Total
employee contributions paid by the Town amounted to $1,404,446 or 13.61% of covered payroll and of total
payroll.
The Plan's assets are invested with Lincoln National Life, a mutual fund company that offers participants multiple
mutual fund category selections from which they can choose. As of June 30, 2024, the Plan had 175 participants
and the market value of the Plan amounted to $27,992,207.
B. Section 415(m) Benefit Restoration Plan
Qualified Town employees may participate in a Section 415(m) benefit restoration plan (415 Plan) as allowed
under the Internal Revenue Code. The 415 Plan is a qualified governmental excess benefit arrangement for
employees who are not able to receive their entire contribution to the Section 401(a) Plan because of the
application of Internal Revenue Code Section 415. The 415 Plan is a defined contribution retirement plan in
which the employer's contribution is nondiscretionary and is based on a formula that is not related to profits. The
Plan sponsor guarantees no benefit and bears no investment risk while the Plan participants bear all investment
risk and have no guaranteed level of benefits.
Participants are eligible to begin receiving benefits at age 55 and are required to begin receiving benefits no later
than April after age 70-1/2.
The Plan's assets are invested with a mutual fund company that offers participants multiple mutual fund category
selections from which they can choose. Total employee contributions paid by the Town amounted to $55,207. As
of June 30, 2024, the Plan had two participants and the market value of the Plan amounted to $534,799.
The Defined Contribution Pension Plan and the Benefit Restoration Plan are not included in the accompanying
financial statements.
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Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
69
Note 11 – Fund Balance Classification and Net Position
At June 30, 2024, fund balances are classified as follows:
Regional Traffic
Lighting Impact Fee ARPA Capital
and Special Special Improvement Non-Major
General Landscape Revenue Revenue Project Governmental
Fund Fund Fund Fund Fund Funds Total
Fund Balances:
Nonspendable
Due from Successor Agency of Former CDA $ 659,401 $ - $ - $ - $ - $ - $ 659,401
Prepaid items 186,610 - - - - - 186,610
Total nonspendable 846,011 - - - - - 846,011
Restricted
Special revenue - 1,525,693 4,512,160 - - 32,368,930 38,406,783
Debt service 848,842 - - - - - 848,842
Total restricted 848,842 1,525,693 4,512,160 - - 32,368,930 39,255,625
Committed
Capital projects 14,562,169 - - - 25,885,371 8,065,637 48,513,177
Operating reserve 16,009,768 - - - - - 16,009,768
Contingency 1,010,470 - - - - - 1,010,470
Reward fund 10,000 - - - - - 10,000
Compensated absences/personnel 2,215,232 - - - - - 2,215,232
Total committed 33,807,639 - - - 25,885,371 8,065,637 67,758,647
Assigned
Townwide bonus program 26,000 - - - - - 26,000
Town Council 5,000 - - - - - 5,000
Emergency preparedness COVID-19 78,256 - - - - - 78,256
Finance consulting services 10,000 - - - - - 10,000
Information technology consulting services 15,000 - - - - - 15,000
Information technology equipment 20,000 - - - - - 20,000
Human resources consulting services 60,000 - - - - - 60,000
Internal services software 11,000 - - - - - 11,000
Internal services equipment 10,010 - - - - - 10,010
Economic development consultant 10,000 - - - - - 10,000
Maintenance equipment maintenance 50,000 - - - - - 50,000
Lighting and landscaping - 3,113,454 - - - - 3,113,454
Total assigned 295,266 3,113,454 - - - - 3,408,720
Unassigned (deficit)1,100,000 - - (218,086) - - 881,914
Total fund balance (deficit)36,897,758$ 4,639,147$ 4,512,160$ (218,086)$ 25,885,371$ 40,434,567$ 112,150,917$
Major Funds
Operating Reserve
The Town maintains a minimum operating reserve of 20% of the fiscal year operating budget, which may only be
used in the event of a financial emergency, subject to Town Council authorization. Town Resolution No. 35-98
defines the purpose and uses of the General Fund operating reserve.
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Town of Danville
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
70
Note 11 – Fund Balance Classification and Net Position (Continued)
Net Investment in Capital Assets
The details of net investment in capital assets in the Statement of Net Position as of June 30, 2024, are presented
below:
Governmental
Activities
Capital assets, not being depreciated 136,665,600$
Capital assets, net of depreciation and amortization 55,856,426
Less: debt related to capital assets
2001 COPs (1,245,000)
2005 COPs (2,865,000)
Subscription liability (74,094)
Less: retentions payable (158,419)
Net investment in capital assets 188,179,513$
Note 12 – Risk Management
The Town participates in the Municipal Pooling Authority (MPA), a joint powers agreement between 19 cities, which
provides insurance coverage for liability, auto, property and workers' compensation claims. Claim liabilities are
accrued when it is probable that a loss has occurred and the amount of that loss can be reasonably estimated.
The MPA covers claims in an amount up to $29,000,001. The Town has a deductible of $5,000 per claim for liability
cases and up to these pay for workers' compensation claims. The MPA is self-insured up to $1,000,000 per claim and
has excess coverage to a maximum of $29,000,000.
The MPA is governed by a board consisting of representatives from each member municipality. The Board, which
controls the operations of the MPA, including the selection of management and the approval of operating budgets, is
independent of any influence by member municipalities beyond their representation on the Board.
The Town's net general liability premium payments to the MPA in the amount of $994,667 for fiscal year 2023/2024
are in accordance with formulas established by the MPA. Actual surpluses or losses are shared according to a formula
developed from overall loss costs and spread to member entities on a percentage basis after a retrospective rating.
Estimates of deductibles for incurred, but not reported, (IBNR) liability claims are included in the Town's claims
estimates and are based upon historical experiences as calculated by the MPA. During the year, the Town did not
receive a dividend from the MPA based on the results of prior years' actitivites. The following provides a
reconciliation of the amount accrued for estimated out of pocket amounts to be paid for IBNR deductibles:
Beginning Claims and Payments for End
of Year Changes in Current and of Year
Fiscal Year Liability Estimates Prior Years Liability
2021-2022 56,514$ 18,323$ (29,623)$ 45,214$
2022-2023 45,214 7,934 (21,339) 31,809
2023-2024 31,809 75,395 (41,961) 65,243
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Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
71
Note 12 – Risk Management (Continued)
The Town has had no settlements that exceeded insurance coverage in the last three fiscal years, and no changes in
insurance coverage from the prior year.
Because dividends cannot be guaranteed and may fluctuate significantly, these types of results should not be used to
forecast future years' results.
Insurance cost 994,667$
Less: dividend received -
Net insurance cost 994,667$
The MPA's audited condensed financial information as of and for the year ended June 30, 2023, are as follows:
Total assets 89,015,003$
Total deferred outflows of resources 1,999,852$
Total liabilities 66,355,741$
Total deferred inflows of resources 395,382$
Total net position 24,263,732$
Total operating revenues 47,399,643$
Total operating expenses 47,558,867$
Net operating (loss)(159,224)$
Non-operating revenues (expenses)1,158,446$
Change in net position 999,222$
Detailed financial information may be obtained from the Municipal Pooling Authority (MPA) in Walnut Creek,
California.
Note 13 – Commitments and Contingencies
Lawsuits
The Town is a defendant in a number of lawsuits which have arisen in the normal course of business. While
substantial damages are alleged in some of these actions, their outcome cannot be predicted with certainty. In the
opinion of the Town Attorney, these actions, when finally adjudicated, will not have a material adverse effect on the
financial position of the Town.
Annual Appropriations
Under Article XIIIB of the California Constitution (the Gann Spending Limitation Initiative), the Town is restricted
as to the amount of annual appropriations, and if certain proceeds of taxes exceed allowed appropriations, the excess
must either be refunded to the State Controller or refunded to the taxpayers through revised tax rates or revised fee
schedules. For the fiscal year ended June 30, 2024, the Town’s appropriations limit totals $51,850,346 and the
Town’s appropriations subject to limitation were $25,270,077.
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Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
72
Note 13 – Commitments and Contingencies (Continued)
2024 Appropriation Limit
Proposition 4, passed by the voters in 1978, requires that the Town Council adopt an annual appropriation limit for
proceeds of taxes. This limit fixes the amount of general tax revenue that can be appropriated in a given fiscal year.
Any excess must be returned to the taxpayers. The limit is adjusted each year by established adjustment factors.
Proposition 111, passed by the voters in June 1990, allows each local agency's governing body to annually choose
which adjustment factors are to be used. The Town Council has the discretion to choose one of two inflation factors:
(1) population growth in California per capita income or (2) growth in nonresidential assessed valuation from new
construction within the Town. Additionally, the Town Council may choose from one of two population adjustment
factors: population growth within the Town or population growth within Contra Costa County. The Town chose to
use the population growith within Contra Costa County. The chosen population adjustment factor is multiplied by the
growth in California per capita income.
Construction Commitments
The Town has several outstanding or planned construction projects as of June 30, 2024. These projects are evidenced
by contractual commitments with contractors. As of June 30, 2024, the Town's outstanding contractual commitments
amount were $2,844,030.
Note 14 – Other Required Disclosures
A. Expenditures Exceeding Appropriations
For the year ended June 30, 2024, the following funds had excess expenditures over appropriations, which are
expected to be covered with existing fund balance or had sufficient available revenue:
Excess Expenditures
Fund Function over Appropriations
General Fund Maintenance services 373,344$
General Fund Capital outlay 6,145
Lighting and Landscaping Special Revenue Fund Maintenance services 21,210
Lighting and Landscaping Special Revenue Fund Administrative services 292,879
Lighting and Landscaping Special Revenue Fund Capital outlay 49,322
American Rescue Plan Act Special Revenue Fund Capital outlay 17,950
Gas Tax Special Revenue Fund Administrative services 1,239
Child Care Special Revenue Fund Administrative services 608
Stormwater Pollution Control Program Special Revenue Fund Development services 174,854
Measure C/J Special Revenue Fund Administrative services 46
Measure C/J Special Revenue Fund Capital outlay 91,074
Donations and Contributions Special Revenue Fund Maintenance services 5,558
Public Safety Special Revenue Fund Police services 2
Public Safety Special Revenue Fund Administrative services 189
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Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
73
Note 14 – Other Required Disclosures (Continued)
B. Deficit Net Position/Fund Balance
The following funds have deficit fund balance or net position at June 30, 2024:
Fund Balance
American Rescue Plan Act Special Revenue Fund (218,086)$
Successor Agency Private Purpose Trust Fund (2,597,092)
Deficit balances in governmental funds are expected to be covered by future revenues. The deficit fund balance in the
Successor Agency private-purpose trust fund is expected to be covered by receipt of tax increment funding.
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REQUIRED SUPPLEMENTARY INFORMATION
(UNAUDITED)
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Town of Danville
Required Supplementary Information (Unaudited)
For the Year Ended June 30, 2024
77
Note 1 – Budgetary Information
The Town follows these procedures in establishing the budgetary data for all governmental funds except for capital
projects funds:
Town Council determines community needs, priorities and opportunities for the upcoming year commencing
July 1.
By June 30, the Town Manager submits to the Town Council a proposed operating budget for the year
commencing July 1. The operating budget includes proposed expenditures and the means of financing them.
Public hearings are conducted to obtain taxpayer comments.
The budget is legally enacted through passage of a resolution during a Town Council meeting in the month of
June.
The legal level of budgetary control is at the program leve. The Town Manager is authorized to transfer
budgeted amounts within an activity, for example, within a program (legal, finance, etc.). The Town Manager
is able to authorize the purchase of office equipment instead of the original budgeted for expense to pay for
consultants, for example. However, any revisions that alter the total expenditures (increase/decrease budget
for a program) must be approved by the Town Council.
Formal budgeting is employed as a management control device during the year.
Budgets are adopted on a basis consistent with accounting principles generally accepted in the United States
of America (U.S. GAAP).
Budgeted amounts are as originally adopted or as amended by the Town Council. Individual amendments were not
material in relation to the original appropriations.
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Town of Danville
Required Supplementary Information (Unaudited) (Continued)
Budgetary Comparison Schedules
For the Year Ended June 30, 2024
78
Budgetary Comparison Schedules
General Fund
Variance
Original Final From Final
Budget Budget Actual Budget
REVENUES:
Property taxes $ 17,452,000 $ 17,452,000 $ 19,905,678 $ 2,453,678
Sales taxes 6,640,000 6,640,000 6,799,187 159,187
Other taxes 2,288,788 2,288,788 2,584,666 295,878
Charges for services 67,553 67,553 2,030,638 1,963,085
Licenses and permits 350,000 350,000 388,935 38,935
Intergovernmental 1,010 21,945 204,173 182,228
Fines and forfeitures 150,000 150,000 144,658 (5,342)
Use of money and property 2,485,491 2,485,491 5,042,345 2,556,854
Reimbursement from Successor Agency 867,249 867,249 867,219 (30)
Miscellaneous 1,131,854 1,131,854 468,222 (663,632)
Total re ve n ue s 31,433,945 31,454,880 38,435,721 6,980,841
EXPENDITURES:
Current:
General government
Town Council 253,651 258,651 194,729 63,922
Town Manager 845,683 871,683 712,736 158,947
Town Attorney 458,257 579,110 542,758 36,352
Town Clerk 283,022 287,314 251,803 35,511
Community outreach 401,021 427,478 284,652 142,826
Economic development 468,501 496,781 401,902 94,879
Total general government 2,710,135 2,921,017 2,388,580 532,437
Police services
Administration 1,845,765 2,138,120 2,015,715 122,405
Patrol 6,303,841 6,402,344 6,056,747 345,597
Traffic 1,273,741 1,276,518 1,228,646 47,872
Investigations 1,051,156 1,063,588 1,038,754 24,834
PS Youth Services 571,927 571,927 480,807 91,120
Emergency preparedness 137,189 422,101 284,390 137,711
Total police services 11,183,619 11,874,598 11,105,059 769,539
Maintenance services
Management 450,516 480,516 410,537 69,979
Building maintenance 490,073 501,793 1,134,997 (633,204)
Park maintenance 1,372,231 1,437,086 1,248,486 188,600
Equipment maintenance 393,900 423,900 352,640 71,260
Total maintenance services 2,706,720 2,843,295 3,146,660 (373,344)
Development services
Management 333,307 333,307 271,725 61,582
Planning 239,594 239,594 179,316 60,278
Engineering 146,207 146,207 124,716 21,491
Capital project management 633,699 633,699 609,847 23,852
Transportation - 17,000 - 17,000
Total development services 1,352,807 1,369,807 1,185,604 184,203
(Continued)
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Town of Danville
Required Supplementary Information (Unaudited) (Continued)
Budgetary Comparison Schedules (Continued)
For the Year Ended June 30, 2024
79
Budgetary Comparison Schedules (Continued)
General Fund (Continued)
Variance
Original Final From Final
Budget Budget Actual
Budget
EXPENDITURES (Continued):
Current (Continued):
Administrative services
Management 364,110 364,110 334,490 29,620
Finance 766,511 822,954 680,678 142,276
Information technology 879,639 927,858 684,673 243,185
Animal control 394,936 394,936 382,985 11,951
Human resources 471,708 539,243 360,863 178,380
Risk management 1,185,152 1,185,239 1,212,558 (27,319)
Internal services 292,012 375,448 220,849 154,599
Library services 180,204 180,204 156,512 23,692
Total administrative services 4,534,272 4,789,992 4,033,608 756,384
Recreation, arts, and community services
Management 389,231 389,231 373,743 15,488
Sports and fitness 704,441 711,353 674,310 37,043
Facilities management 580,947 580,947 571,249 9,698
Culture arts 762,591 762,591 712,430 50,161
Youth services 547,792 547,792 547,705 87
Teen services 421,069 426,800 375,703 51,097
Adult services 173,776 173,776 131,171 42,605
Senior services 398,231 398,231 374,005 24,226
Special events 338,585 347,598 292,737 54,861
Total recreation, arts, and community services 4,316,663 4,338,319 4,053,053 269,778
Capital outlay - - 6,145 (6,145)
Debt service:
Principal 651,855 651,855 651,855 -
Interest 225,394 215,364 215,364 -
Total expenditures 27,681,465 29,004,247 26,785,928 2,132,852
REVENUES OVER (UNDER) EXPENDITURES 3,752,480 2,450,633 11,649,793 4,847,989
OTHER FINANCING SOURCES (USES):
Transfers out (4,726,594) (8,076,594) (3,692,697) 4,383,897
Total other financing sources (uses) (4,726,594) (8,076,594) (3,692,697) 4,383,897
NET CHANGE IN FUND BALANCE $ (974,114) $ (5,625,961) 7,957,096 $ 9,231,886
FUND BALANCE:
Beginning of year 28,940,662
End of year $ 36,897,758
(Concluded)
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Town of Danville
Required Supplementary Information (Unaudited) (Continued)
Budgetary Comparison Schedules (Continued)
For the Year Ended June 30, 2024
80
Budgetary Comparison Schedules (Continued)
Lighting and Landscape Special Revenue Fund
Variance
Original Final From Final
Budget Budget Actual Budget
REVENUES:
Special assessments $ 3,031,853 $ 3,031,853 $ 3,050,957 $ 19,104
Use of money and property 8,999 8,999 121,935 112,936
Miscellaneous 90,000 90,000 135,570 45,570
Total revenues 3,130,852 3,130,852 3,308,462 177,610
EXPENDITURES:
Current:
Maintenance services
Capital project management 130,939 130,939 179,653 (48,714)
Building maintenance 27,504 27,504 - 27,504
Total maintenance services 158,443 158,443 179,653 (21,210)
Development services
Engineering 404,700 404,700 15,599 389,101
Total development services 404,700 404,700 15,599 389,101
Lighting and landscape
Building maintenance 490,072 501,792 303,050 198,742
Park maintenance 1,372,791 1,437,646 1,248,051 189,595
Roadside maintenance 2,206,601 2,365,366 1,939,590 425,776
Street light maintenance 794,034 915,050 815,504 99,546
Total lighting and landscape 4,863,498 5,219,854 4,306,195 913,659
Administrative services
Finance 2,616 2,616 295,495 (292,879)
Total administrative services 2,616 2,616 295,495 (292,879)
Capital outlay - - 49,322 (49,322)
Total expenditures 5,429,257 5,785,613 4,846,264 939,349
REVENUES OVER (UNDER) EXPENDITURES (2,298,405) (2,654,761) (1,537,802) 1,116,959
OTHER FINANCING SOURCES (USES)
Transfers in - - 1,350,000 1,350,000
Total other financing sources (uses) - - 1,350,000 1,350,000
NET CHANGE IN FUND BALANCE $ (2,298,405) $ (2,654,761) (187,802) $ 2,466,959
FUND BALANCE:
Beginning of year 4,826,949
End of year $ 4,639,147
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Town of Danville
Required Supplementary Information (Unaudited) (Continued)
Budgetary Comparison Schedules (Continued)
For the Year Ended June 30, 2024
81
Budgetary Comparison Schedules (Continued)
Regional Traffic Impact Fees Special Revenue Fund
Variance
Original Final From Final
Budget Budget Actual Budget
REVENUES:
Development fees -$ -$ 123,530$ 123,530$
Intergovernmental 111,885 111,885 111,885 -
Use of money and property - - 66,350 66,350
Miscellaneous 1,310 1,310 - (1,310)
Total revenues 113,195 113,195 301,765 188,570
EXPENDITURES:
Current:
Development services
Capital project management 1,606,411 1,606,411 137,578 1,468,833
Total development services 1,606,411 1,606,411 137,578 1,468,833
Administrative services
Finance 11,437 11,437 2,085 9,352
Total administrative services 11,437 11,437 2,085 9,352
Capital outlay 111,885 111,885 104,283 7,602
Total expenditures 1,729,733 1,729,733 243,946 1,485,787
NET CHANGE IN FUND BALANCE (1,616,538)$ (1,616,538)$ 57,819 1,674,357$
FUND BALANCE:
Beginning of year 4,454,341
End of year 4,512,160$
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Town of Danville
Required Supplementary Information (Unaudited) (Continued)
Budgetary Comparison Schedules (Continued)
For the Year Ended June 30, 2024
82
Budgetary Comparison Schedules (Continued)
American Rescue Plan Act Special Revenue Fund
Variance
Original Final From Final
Budget Budget Actual Budget
REVENUES:
Intergovernmental -$ -$ 1,162,776$ 1,162,776$
Total revenues - - 1,162,776 1,162,776
EXPENDITURES:
Current:
Development services
Capital project management 5,846,614 5,846,614 1,363,842 4,482,772
Total development services 5,846,614 5,846,614 1,363,842 4,482,772
Capital outlay - - 17,950 (17,950)
Total expenditures 5,846,614 5,846,614 1,381,792 4,464,822
NET CHANGE IN FUND BALANCE (5,846,614)$ (5,846,614)$ (219,016) 5,627,598$
FUND BALANCE (DEFICIT):
Beginning of year 930
End of year (218,086)$
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Modified Approach for Town Street Infrastructure Assets
For the Year Ended June 30, 2024
83
Modified Approach for Town Street Infrastructure Assets
The Town defines infrastructure as the basic physical assets including the street system; traffic control improvements;
park and recreation lands and improvement system; storm water conveyance systems; and site amenities such as
parking and landscaped areas used by the Town in the conduct of its business. Each major infrastructure system can
be divided into subsystems. For example, the street system can be divided into asphalt pavements, concrete curb and
gutters, medians, traffic control devices (signs, signals and pavement markings), landscaping and land. Subsystem
detail is not presented in these Basic Financial Statements; however, the Town maintains detailed information on
these subsystems.
The Town has elected to use the "Modified Approach" for infrastructure reporting for its Streets Pavement System.
Eligible infrastructure capital assets are not required to be depreciated under the following requirements:
The Town manages the eligible infrastructure capital assets using an asset management system with
characteristics of: (1) an up-to-date inventory; (2) perform condition assessments and summarize the results
using a measurement scale; and (3) estimate annual amount to maintain and preserve at the established
condition assessment level.
The Town documents that the eligible infrastructure capital assets are being preserved approximately at or
above the established and disclosed condition assessment level.
In April 2024, the Town commissioned a study to update the physical condition assessment of the arterials and
collector for residential streets. The prior assessment study was completed in September 2023. The streets, primarily
asphalt pavements, were defined as all physical features associated with the operation of motorized vehicles that exist
within the limits of right of way. Town owned streets are classified based on land use, access and traffic utilization
into the following four classifications: arterial/major, secondary, collector and local. This condition assessment will
be performed at least every three years. Street assessments have historically been funded with grants and performed
approximately every three years. Each street was assigned a physical condition based on potential defects. A
Pavement Condition Index (PCI), a nationally recognized index, was assigned to each street and expressed in a
continuous scale from 0 to 100, where 0 is assigned to the least acceptable physical condition and 100 is assigned to
the physical characteristics of a new street.
The following conditions were defined:
PCI
Conditions
PCI
Rating
Very Good 70-100
Good 50-69
Poor 26-49
Very Poor 0-25
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Required Supplementary Information (Unaudited) (Continued)
Modified Approach for Town Street Infrastructure Assets (Continued)
For the Year Ended June 30, 2024
84
Modified Approach for Town Street Infrastructure Assets (Continued)
The Town's policy is to achieve a minimum average rating of 70 for all streets, which is a "very good" rating. As of
June 30, 2024, the Town’s street system was rated at a PCI index of 77 on the average with the detail condition as
follows:
Street Condition % of Streets
Very Good (PCI 70-100)78%
Good (PCI 50-69)18%
Poor (PCI 26-49)4%
Very Poor (PCI 0-25)0%
100%
The Town’s streets are constantly deteriorating as a result of following four factors: (1) traffic using the streets; (2)
the sun’s ultra-violet rays drying out and breaking down the top layer of pavement; (3) utility company/private
development interests trenching operations; and (4) water damage from natural precipitation and other urban runoff.
The Town is continuously taking actions to arrest the deterioration through short-term maintenance activities such as
pothole patching, street sweeping, and sidewalk repairs. The Town expended $3,720,080 of the General Fund monies
on street maintenance for the fiscal year ended June 30, 2024. These expenditures delayed deterioration. The Town
has estimated that the amount of annual expenditures required to maintain the Town’s streets at the average PCI rating
of 70 through the year 2024 is a minimum of $3,000,000.
A schedule of estimated annual amount calculated to maintain and preserve its streets at the current level compared to
actual expenditures for street maintenance for the last ten years is presented below. The availability and use of other
funds has enabled the Town to maintain the underlying drainage, associated curbs and gutters and to repair small but
costly pavement areas needing complete replacement.
Other Funds Total PCI
Fiscal Year Final Budget Actual Actual Actual Rating
2014-15 $ 3,000,000 $ 2,800,816 $ 1,359,695 $ 4,160,511 74
2015-16 3,000,000 684,250 708,280 1,392,530 76
2016-17 3,000,000 1,417,001 2,986,762 4,403,763 75
2017-18 3,000,000 6,184,143 1,906,277 8,090,420 80
2018-19 3,000,000 3,629,281 3,865,363 7,494,644 78
2019-20 3,000,000 966,845 140,711 1,107,556 81
2020-21 - 1,792,695 256,185 2,048,880 81
2021-22 250,000 294,363 2,103,352 2,397,715 80
2022-23 900,000 2,649,980 523,839 3,173,875 77
2023-24 5,086,541 3,720,080 4,138,251 7,858,331 78
General Fund
The Town also has an on-going street rehabilitation program funded in the Capital Improvement Program that is
intended to improve the condition rating of Town streets. The rehabilitation program is formulated based on
deficiencies identified as a part of its Pavement Management System. As of June 30, 2024, approximately 22% of the
Town's streets were rated below the average standard of 70. The Town will continue to rehabilitate these segments of
the streets. Total deficiencies (deferred maintenance) identified in the Pavement Management System amounted to
approximately $20,000,000 for all streets.
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SUPPLEMENTARY INFORMATION
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NON-MAJOR GOVERNMENTAL FUNDS
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Non-Major Governmental Funds
88
SPECIAL REVENUE FUNDS
PEG Fund
Any state video franchisee offering service within the Town pays sixty cents ($0.60) per month per subscriber to
support Public, Educational and Governmental ("PEG") channel facilities. This fund is restricted to capital
expenditures allowing the Town to provide PEG programming to residents.
Gas Tax Fund
This fund is used to account for the portion of the taxes paid on the purchase of gasoline, which the Town receives
from the State of California. Use of the fund is restricted to street and related improvements and maintenance costs.
Building/Planning Fund
This fund receives fees for planning applications and permits and building inspection and plan review fees collected
during the building permit process. Use of this fund is restricted to offsetting the costs of providing building and
planning services to permittees.
Development Engineering Fund
This fund receives fees for permits and plan review for engineering and subdivision applications. Use of this fund is
restricted to offsetting the costs of providing these services.
Child Care Fund
This Fund receives child care fees paid by new developments. All funds are restricted to the development or
promotion of child care facilities within Danville.
Stormwater Pollution Control Program (SPCP) Fund
This Fund is used to account for National Pollution Discharge Elimination Services (NPDES) assessments paid by
property owners for administration, inspection and maintenance of storm drain systems, including street sweeping,
necessary to comply with the stormwater pollution permits issued by the Regional Water Quality Control Board.
Measure C/J Fund
Since 1988, Contra Costa County voters have paid a one-half cent sales tax for transportation purposes to be collected
through 2034. Eighteen percent of the funds collected throughout the County are distributed back to each local
jurisdiction on the basis of population and road miles. Receipt of these funds is tied to compliance with the Town’s
General Plan Growth Management Element. Use of this fund is restricted to street and pavement management and
transportation planning.
Donations and Contributions Fund
The Town receives donations and contributions for selected programs such as the police K-9 program and downtown
beautification. Use of these funds is restricted to the specific terms of the individual donation.
General Development Impact Fees Fund
The Town levies a number of development impact fees to mitigate the impacts of new development, primarily
transportation impact fees. The use of these funds is limited by the specific purpose of the individual fee and the
impact to be mitigated.
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Town of Danville
Non-Major Governmental Funds (Continued)
89
SPECIAL REVENUE FUNDS
Public Safety Fund
Special revenues for police programs are reported in this fund. Included are Supplemental Law Enforcement Services
Funds (SLESF) funds provided by the State, Abandoned Vehicle and Asset Seizure revenues. The use of these funds
is limited to use by the Police Department by the specific purpose of the fee.
Old Town Parking In-Lieu Fund
A development impact mitigation fee imposed on new developments in the Downtown Business District which rely,
at least in part, on off-site public parking. Use of the Fund is restricted to the provision of additional Town-owned
parking.
Solid Waste Vehicle Impact Fee Fund
This fund receives impact fees collected through the solid waste franchise to partially offset the impacts associated
with solid waste, recycling and yard waste refuse vehicles using Town streets. The use of this Fund is restricted to
street and pavement rehabilitation.
Low and Moderate Income Housing Fund
Prior to the State of California’s dissolution of redevelopment agencies in 2011, the Town’s Community
Development Agency (CDA) maintained a Low and Moderate-Income Housing Fund as required by the law. Upon
dissolution, the Town opted to create a Successor Housing Agency to assume all of the housing assets and liabilities
of the former CDA. The use of this Fund is restricted to the creation, rehabilitation or addition of low or moderate-
income housing within the Town.
CAPITAL PROJECTS FUNDS
Asset Replacement General Fund
Contributions are made into this Fund from the General Fund for the eventual replacement and refurbishment of fixed
assets.
Asset Replacement Library Fund
Contributions are made into this Fund from private donations and the General Fund for the eventual replacement and
refurbishment of Library equipment.
Civic Facilities Capital Projects Fund
This Fund receives contributions from the General Fund and is used to account for the construction of community
facilities such as the Danville Library, Community Center, Town Offices, Oak Hill Park Community Center and
future new park and recreation facilities.
Park Facilities Fund
Contributions are made into this Fund from the General Fund for the construction and renovation of parks within the
Town.
Northeast Road Improvements Assessment District Fund
During the period from 1985 to 1990, the Northeast Road Improvements Assessment District (NERIAD) were formed
within the Town of Danville to construct improvements in these areas.
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Town of Danville
Non-Major Governmental Funds (Continued)
90
Tassajara Road Improvements Assessment District Fund
Assessment District formed for the Tassajara Ranch developments to fund the development of Diablo Vista Park,
traffic improvements to mitigate project related impacts, and maintenance of existing improvements for the benefit of
district properties.
Sycamore Valley Assessment District Fund
Development impact fees are collected on residential units in excess of the original 278 units located within the
Sycamore Valley Benefit District. Funds are used for traffic mitigation, projects and maintenance of existing
improvements for the benefit of the benefit district properties.
Technology Fund
This Fund was created in FY 2011/12 and receives contributions from the General Fund for the implementation of the
Town's five-year Technology Master Plan.
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Building/ Development
PEG Gas Tax Planning Engineering Child Care
ASSETS
Cash and investments $ 287,094 $ 5,946,964 $ 7,140,903 $ 2,987,008 $ 388,196
Cash and investments with fiscal agent - - - - -
Receivables (net of allowances):
Accounts 14,457 124,105 100 - -
Interest 1,497 29,435 - - 1,922
Total assets $ 303,048 $ 6,100,504 $ 7,141,003 $ 2,987,008 $ 390,118
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable 46 201,151 92,249 30,056 58
Accrued wages - 16,365 35,492 205 -
Retention payable - - - - -
Deposits payable - - - 42,670 -
Unearned revenue - 30,120 5,814 - -
Total liabilities 46 247,636 133,555 72,931 58
Fund Balances:
Restricted 303,002 5,852,868 7,007,448 2,914,077 390,060
Committed - - - - -
Total fund balances 303,002 5,852,868 7,007,448 2,914,077 390,060
Total liabilities and fund balances $ 303,048 $ 6,100,504 $ 7,141,003 $ 2,987,008 $ 390,118
(Continued)
Town of Danville
Non-Major Governmental Funds
Combining Balance Sheet
June 30, 2024
Special Revenue
91
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Stormwater
Pollution Donation General
Control and Development Public
Program Measure C/J Contributions Impact Fees Safety
ASSETS
Cash and investments $ 2,155,061 $ 2,895,499 $ 296,932 $ 3,002,911 $ 653,214
Cash and investments with fiscal agent - - - - -
Receivables (net of allowances):
Accounts 138,161 635,754 - - -
Interest 10,760 14,425 1,467 13,451 3,684
Total assets $ 2,303,982 $ 3,545,678 $ 298,399 $ 3,016,362 $ 656,898
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable 126,512 188,112 49 407 113
Accrued wages 2,530 3,153 - - 1,452
Retention payable - - - - -
Deposits payable - - - - -
Unearned revenue - - - - -
Total liabilities 129,042 191,265 49 407 1,565
Fund Balances:
Restricted 2,174,940 3,354,413 298,350 3,015,955 655,333
Committed - - - - -
Total fund balances 2,174,940 3,354,413 298,350 3,015,955 655,333
Total liabilities and fund balances $ 2,303,982 $ 3,545,678 $ 298,399 $ 3,016,362 $ 656,898
(Continued)
Special Revenue
Town of Danville
Non-Major Governmental Funds
Combining Balance Sheet (Continued)
June 30, 2024
92
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Low and
Old Town Solid Waste Moderate Asset Asset
Parking In- Vehicle Impact Income Replacement Replacement
Lieu Fees Housing General Library
ASSETS
Cash and investments $ 632,316 $ 3,914,876 $ 1,951,353 $ 3,086,922 $ 809,411
Cash and investments with fiscal agent - - - - -
Receivables (net of allowances):
Accounts - - - - -
Interest 2,991 - 10,452 13,437 3,178
Total assets $ 635,307 $ 3,914,876 $ 1,961,805 $ 3,100,359 $ 812,589
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable 91 109,094 319 20,712 97
Accrued wages - - - - -
Retention payable - - - - -
Deposits payable - - - - -
Unearned revenue - - - - -
Total liabilities 91 109,094 319 20,712 97
Fund Balances:
Restricted 635,216 3,805,782 1,961,486 - -
Committed - - - 3,079,647 812,492
Total fund balances 635,216 3,805,782 1,961,486 3,079,647 812,492
Total liabilities and fund balances $ 635,307 $ 3,914,876 $ 1,961,805 $ 3,100,359 $ 812,589
(Continued)
Special Revenue Capital Projects
Town of Danville
Non-Major Governmental Funds
Combining Balance Sheet (Continued)
June 30, 2024
93
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Northeast
Road Tassajara Sycamore
Improvements Ranch Valley
Civic Park Special Assessment Assessment
Facilities Facilities Assessment District District
ASSETS
Cash and investments $ 367,464 $ 2,430,840 $ 230,795 $ 21,041 $ 17,108
Cash and investments with fiscal agent - - 928,617 - -
Receivables (net of allowances):
Accounts - - - - -
Interest 2,037 11,030 6,888 104 47
Total assets $ 369,501 $ 2,441,870 $ 1,166,300 $ 21,145 $ 17,155
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable 64 5,017 5,991 - 1
Accrued wages - - - - -
Retention payable 180 - - - -
Deposits payable - - - - -
Unearned revenue - - - - -
Total liabilities 244 5,017 5,991 - 1
Fund Balances:
Restricted - - - - -
Committed 369,257 2,436,853 1,160,309 21,145 17,154
Total fund balances 369,257 2,436,853 1,160,309 21,145 17,154
Total liabilities and fund balances $ 369,501 $ 2,441,870 $ 1,166,300 $ 21,145 $ 17,155
(Continued)
Capital Projects
Town of Danville
Non-Major Governmental Funds
Combining Balance Sheet (Continued)
June 30, 2024
94
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Capital Projects
Total
Non-Major
Technology Governmental
Fund Funds
ASSETS
Cash and investments $ 168,780 $ 39,384,688
Cash and investments with fiscal agent - 928,617
Receivables (net of allowances):
Accounts - 912,577
Interest - 126,805
Total assets $ 168,780 $ 41,352,687
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable - 780,139
Accrued wages - 59,197
Retention payable - 180
Deposits payable - 42,670
Unearned revenue - 35,934
Total liabilities - 918,120
Fund Balances:
Restricted - 32,368,930
Committed 168,780 8,065,637
Total fund balances 168,780 40,434,567
Total liabilities and fund balances $ 168,780 $ 41,352,687
(Concluded)
Town of Danville
Non-Major Governmental Funds
Combining Balance Sheet (Continued)
June 30, 2024
95
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Building/ Development
PEG Gas Tax Planning Engineering Child Care
REVENUES:
Special assessments -$ -$ -$ -$ -$
Other taxes 60,576 2,291,551 - - -
Charges for services - - 642,616 667,516 -
License and permits - - 5,676 - -
Development fees - - 2,761,194 4,152 16,690
Intergovernmental - - 150,000 - -
Use of money and property 5,650 122,437 - - 7,154
Miscellaneous - - - - -
Total revenues 66,226 2,413,988 3,559,486 671,668 23,844
EXPENDITURES:
Current:
General government 24,606 - - - -
Police services - - - - -
Maintenance services - 859,801 - - -
Development services - 793,134 2,110,422 387,986 -
Administrative services 195 6,564 - - 832
Recreation, arts & community services - - - - -
Capital outlay - - - - -
Total expenditures 24,801 1,659,499 2,110,422 387,986 832
REVENUES OVER (UNDER) EXPENDITURES 41,425 754,489 1,449,064 283,682 23,012
OTHER FINANCING SOURCES (USES):
Transfers in - - - - -
Transfers out (75,000) - (50,000) - -
Total other financing sources (uses)(75,000) - (50,000) - -
NET CHANGE IN FUND BALANCES (33,575) 754,489 1,399,064 283,682 23,012
FUND BALANCES:
Beginning of year 336,577 5,098,379 5,608,384 2,630,395 367,048
End of year 303,002$ 5,852,868$ 7,007,448$ 2,914,077$ 390,060$
(Continued)
Special Revenue
Town of Danville
Non-Major Governmental Funds
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances
For the Year Ended June 30, 2024
96
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Stormwater
Pollution Donation General
Control Measure and Development Public
Program C/J Contributions Impact Fees Safety
REVENUES:
Special assessments 579,341$ -$ -$ -$ -$
Other taxes - 54,699 - - -
Charges for services 2,626 - - - -
License and permits - - - - -
Development fees - - - 235,881 -
Intergovernmental 3,436 1,589,513 - - 207,336
Use of money and property 46,594 69,135 5,597 92,826 14,318
Miscellaneous - 1,200 20,767 19,309 -
Total revenues 631,997 1,714,547 26,364 348,016 221,654
EXPENDITURES:
Current:
General government - - 500 - -
Police services - - 176 - 140,002
Maintenance services 5,495 - 8,558 239,374 -
Development services 740,525 990,256 - 38,719 -
Administrative services 1,377 1,683 - 1,659 486
Recreation, arts & community services - - - 12,768 -
Capital outlay - 91,074 - - 109,645
Total expenditures 747,397 1,083,013 9,234 292,520 250,133
REVENUES OVER (UNDER) EXPENDITURES (115,400) 631,534 17,130 55,496 (28,479)
OTHER FINANCING SOURCES (USES):
Transfers in - - - - -
Transfers out - - - - -
Total other financing sources (uses)- - - - -
NET CHANGE IN FUND BALANCES (115,400) 631,534 17,130 55,496 (28,479)
FUND BALANCES:
Beginning of year 2,290,340 2,722,879 281,220 2,960,459 683,812
End of year 2,174,940$ 3,354,413$ 298,350$ 3,015,955$ 655,333$
(Continued)
Special Revenue
Town of Danville
Non-Major Governmental Funds
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances (Continued)
For the Year Ended June 30, 2024
97
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Low and
Old Town Solid Waste Moderate Asset Asset
Parking In- Vehicle Impact Income Replacement Replacement
Lieu Fees Housing General Library
REVENUES:
Special assessments -$ -$ -$ -$ -$
Other taxes - 911,401 - - -
Charges for services - - - - -
License and permits - - - - -
Development fees - - - - -
Intergovernmental - - - - -
Use of money and property 11,585 - 40,035 97,816 19,238
Miscellaneous - - - - -
Total revenues 11,585 911,401 40,035 97,816 19,238
EXPENDITURES:
Current:
General government - - - - -
Police services - - - 345,175 413
Maintenance services - - - - -
Development services - 175,148 - - -
Administrative services 385 - 2,342 - -
Recreation, arts & community services - - - - -
Capital outlay - - - 39,720 20,764
Total expenditures 385 175,148 2,342 384,895 21,177
REVENUES OVER (UNDER) EXPENDITURES 11,200 736,253 37,693 (287,079) (1,939)
OTHER FINANCING SOURCES (USES):
Transfers in - - - 175,000 -
Transfers out - - - - -
Total other financing sources (uses)- - - 175,000 -
NET CHANGE IN FUND BALANCES 11,200 736,253 37,693 (112,079) (1,939)
FUND BALANCES:
Beginning of year 624,016 3,069,529 1,923,793 3,191,726 814,431
End of year 635,216$ 3,805,782$ 1,961,486$ 3,079,647$ 812,492$
(Continued)
Special Revenue Capital Projects
Town of Danville
Non-Major Governmental Funds
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances (Continued)
For the Year Ended June 30, 2024
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Northeast
Road Tassajara Sycamore
Improvements Ranch Valley
Civic Park Special Assessment Assessment
Facilities Facilities Assessment District District
REVENUES:
Special assessments -$ -$ -$ -$ -$
Other taxes - - - - -
Charges for services - - - - -
License and permits - - - - -
Development fees - - - - -
Intergovernmental - - - - -
Use of money and property 12,697 64,101 167,474 410 179
Miscellaneous - - - - -
Total revenues 12,697 64,101 167,474 410 179
EXPENDITURES:
Current:
General government - - - - -
Police services 278 1,633 5,791 2 2
Maintenance services - 20,056 - - -
Development services - - 540 - -
Administrative services - - - - -
Recreation, arts & community services 32,150 - - - -
Capital outlay 13,333 1,405,715 158,523 15,729 -
Total expenditures 45,761 1,427,404 164,854 15,731 2
REVENUES OVER (UNDER) EXPENDITURES (33,064) (1,363,303) 2,620 (15,321) 177
OTHER FINANCING SOURCES (USES):
Transfers in 72,480 340,000 - - -
Transfers out - - - - -
Total other financing sources (uses)72,480 340,000 - - -
NET CHANGE IN FUND BALANCES 39,416 (1,023,303) 2,620 (15,321) 177
FUND BALANCES:
Beginning of year 329,841 3,460,156 1,157,689 36,466 16,977
End of year 369,257$ 2,436,853$ 1,160,309$ 21,145$ 17,154$
(Continued)
Capital Projects
Town of Danville
Non-Major Governmental Funds
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances (Continued)
For the Year Ended June 30, 2024
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Capital Projects
Total
Non-Major
Technology Governmental
Fund Funds
REVENUES:
Special assessments -$ 579,341$
Other taxes - 3,318,227
Charges for services - 1,312,758
License and permits - 5,676
Development fees - 3,017,917
Intergovernmental - 1,950,285
Use of money and property - 777,246
Miscellaneous - 41,276
Total revenues - 11,002,726
EXPENDITURES:
Current:
General government - 25,106
Police services 3,675 497,147
Maintenance services - 1,133,284
Development services - 5,236,730
Administrative services - 15,523
Recreation, arts & community services - 44,918
Capital outlay - 1,854,503
Total expenditures 3,675 8,807,211
REVENUES OVER (UNDER) EXPENDITURES (3,675) 2,195,515
OTHER FINANCING SOURCES (USES):
Transfers in - 587,480
Transfers out - (125,000)
Total other financing sources (uses)- 462,480
NET CHANGE IN FUND BALANCES (3,675) 2,657,995
FUND BALANCES:
Beginning of year 172,455 37,776,572
End of year 168,780$ 40,434,567$
(Concluded)
Town of Danville
Non-Major Governmental Funds
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances (Continued)
For the Year Ended June 30, 2024
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4
Variance From
Original Final Actual Final Budget
REVENUES:
Other taxes 82,000$ 82,000$ 60,576$ (21,424)$
Use of money and property - - 5,650 5,650
Total revenues 82,000 82,000 66,226 (15,774)
EXPENDITURES:
Current:
General government
City Clerk 32,909 42,909 24,606 18,303
Total general government 32,909 42,909 24,606 18,303
Administrative services
Finance 554 554 195 359
Total administrative services 554 554 195 359
Capital outlay 252,297 252,297 - 252,297
Total expenditures 285,760 295,760 24,801 270,959
REVENUES OVER (UNDER) EXPENDITURES (203,760) (213,760) 41,425 255,185
OTHER FINANCING SOURCES (USES):
Transfers out - - (75,000) (75,000)
Total other financing sources (uses)- - (75,000) (75,000)
NET CHANGE IN FUND BALANCE (203,760)$ (213,760)$ (33,575) 180,185$
FUND BALANCE:
Beginning of year 336,577
End of year 303,002$
Budgeted
Town of Danville
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
PEG Special Revenue Fund
For the Year Ended June 30, 2024
101
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4
Variance From
Original Final Actual Final Budget
REVENUES:
Other taxes 1,835,172$ 1,835,172$ 2,291,551$ 456,379$
Use of money and property 14,828 14,828 122,437 107,609
Total revenues 1,850,000 1,850,000 2,413,988 563,988
EXPENDITURES:
Current:
Maintenance services
Street maintenance 697,595 697,595 606,953 90,642
Traffic signal maintenance 234,000 234,000 252,848 (18,848)
Total maintenance services 931,595 931,595 859,801 71,794
Development services
Management 73,491 73,491 47,834 25,657
Capital project management 2,633,637 3,183,637 398,386 2,785,251
Transportation 379,038 398,948 346,914 52,034
Total development services 3,086,166 3,656,076 793,134 2,862,942
Administrative services
Finance 5,325 5,325 6,564 (1,239)
Total administrative services 5,325 5,325 6,564 (1,239)
Total expenditures 4,023,086 4,592,996 1,659,499 2,933,497
NET CHANGE IN FUND BALANCE (2,173,086)$ (2,742,996)$ 754,489 3,497,485$
FUND BALANCE:
Beginning of year 5,098,379
End of year 5,852,868$
Budgeted
Town of Danville
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Gas Tax Special Revenue Fund
For the Year Ended June 30, 2024
102
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4
Variance From
Original Final Actual Final Budget
REVENUES:
Charges for services 389,750$ 389,750$ 642,616$ 252,866$
Licenses and permits - - 5,676 5,676
Development fees 1,750,000 1,750,000 2,761,194 1,011,194
Intergovernmental - - 150,000 150,000
Miscellaneous 200 200 - (200)
Total revenues 2,139,950 2,139,950 3,559,486 1,419,536
EXPENDITURES:
Current:
Development services
Management 291,844 291,844 63,332 228,512
Planning 515,124 895,612 555,843 339,769
Building 1,486,804 1,568,202 1,397,902 170,300
Code enforcement 136,350 136,350 93,345 43,005
Total development services 2,430,122 2,892,008 2,110,422 781,586
Total expenditures 2,430,122 2,892,008 2,110,422 781,586
REVENUES OVER (UNDER) EXPENDITURES (290,172) (752,058) 1,449,064 2,201,122
OTHER FINANCING (USES)
Transfers out - - (50,000) (50,000)
Total other financing (uses)- - (50,000) (50,000)
NET CHANGE IN FUND BALANCE (290,172)$ (752,058)$ 1,399,064 2,151,122$
FUND BALANCE:
Beginning of year 5,608,384
End of year 7,007,448$
Budgeted
Town of Danville
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Building and Planning Special Revenue Fund
For the Year Ended June 30, 2024
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4
Variance From
Original Final Actual Final Budget
REVENUES:
Charges for services 301,705$ 301,705$ 667,516$ 365,811$
Development fees 500 500 4,152 3,652
Total revenues 302,205 302,205 671,668 369,463
EXPENDITURES:
Current:
Development services
Engineering 432,436 507,194 387,986 119,208
Total development services 432,436 507,194 387,986 119,208
Total expenditures 432,436 507,194 387,986 119,208
NET CHANGE IN FUND BALANCE (130,231)$ (204,989)$ 283,682 488,671$
FUND BALANCE:
Beginning of year 2,630,395
End of year 2,914,077$
Budgeted
Town of Danville
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Development Engineering Special Revenue Fund
For the Year Ended June 30, 2024
104
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2
4
Variance From
Original Final Actual Final Budget
REVENUES
Development fees -$ -$ 16,690$ 16,690$
Use of money and property 1,199 1,199 7,154 5,955
Total revenues 1,199 1,199 23,844 22,645
EXPENDITURES
Current:
Administrative services
Management - - 600 (600)
Finance 224 224 232 (8)
Total administrative services 224 224 832 (608)
Total expenditures 224 224 832 (608)
REVENUES OVER (UNDER) EXPENDITURES 975 975 23,012 22,037
OTHER FINANCING (USES)
Transfers out - - - -
Total other financing (uses)- - - -
NET CHANGE IN FUND BALANCE 975$ 975$ 23,012 22,037$
FUND BALANCE:
Beginning of year 367,048
End of year 390,060$
Budgeted
Town of Danville
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Child Care Special Revenue Fund
For the Year Ended June 30, 2024
105
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2
4
Variance From
Original Final Actual Final Budget
REVENUES:
Special assessments 562,154$ 562,154$ 579,341$ 17,187$
Charges for services 1,010 1,010 2,626 1,616
Intergovernmental 45,175 45,175 3,436 (41,739)
Use of money and property 9,536 9,536 46,594 37,058
Total revenues 617,875 617,875 631,997 14,122
EXPENDITURES:
Current:
Maintenance services
Steet maintenance 164,364 169,364 5,495 163,869
Total maintenance services 164,364 169,364 5,495 163,869
Development services
Capital project management 93,000 93,000 86,490 6,510
Clean water program 465,178 472,671 654,035 (181,364)
Total development services 558,178 565,671 740,525 (174,854)
Administrative services
Finance 1,491 1,491 1,377 114
Total administrative services 1,491 1,491 1,377 114
Total expenditures 724,033 736,526 747,397 (10,871)
NET CHANGE IN FUND BALANCE (106,158)$ (118,651)$ (115,400) 3,251$
FUND BALANCE:
Beginning of year 2,290,340
End of year 2,174,940$
Budgeted
Town of Danville
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Stormwater Pollution Control Program (SPCP) Special Revenue Fund
For the Year Ended June 30, 2024
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Variance From
Original Final Actual Final Budget
REVENUES:
Intergovernmental 11,594,939$ 11,594,939$ 1,589,513$ (10,005,426)$
Other taxes - - 54,699 54,699
Use of money and property 10,139 10,139 69,135 58,996
Miscellaneous - - 1,200 1,200
Total revenues 11,605,078 11,605,078 1,714,547 (9,890,531)
EXPENDITURES:
Current:
Development services
Management 73,491 73,491 680,755 (607,264)
Capital project management 11,661,810 12,311,810 157,213 12,154,597
Transportation 226,040 226,040 152,288 73,752
Total development services 11,961,341 12,611,341 990,256 11,621,085
Administrative services
Finance 1,637 1,637 1,683 (46)
Administrative services 1,637 1,637 1,683 (46)
Capital outlay - - 91,074 (91,074)
Total expenditures 11,962,978 12,612,978 1,083,013 11,529,965
NET CHANGE IN FUND BALANCE (357,900)$ (1,007,900)$ 631,534 1,639,434$
FUND BALANCE:
Beginning of year 2,722,879
End of year 3,354,413$
Budgeted
Town of Danville
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Measure C/J Special Revenue Fund
For the Year Ended June 30, 2024
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Variance From
Original Final Actual Final Budget
REVENUES:
Use of money and property 974$ 974$ 5,597$ 4,623$
Miscellaneous 3,760 13,760 20,767 7,007
Total revenues 4,734 14,734 26,364 11,630
EXPENDITURES:
Current:
General government
Town Council 500 500 500 -
Total general government 500 500 500 -
Police services
Patrol 297 26,338 176 26,162
Total police services 297 26,338 176 26,162
Maintenance services
Park maintenance 3,000 3,000 8,558 (5,558)
Total maintenance services 3,000 3,000 8,558 (5,558)
Recreation, arts & community services
Culture arts 2,000 2,000 - 2,000
Total recreation, arts & community services 2,000 2,000 - 2,000
Total expenditures 5,797 31,838 9,234 22,604
NET CHANGE IN FUND BALANCE (1,063)$ (17,104)$ 17,130 34,234$
FUND BALANCE:
Beginning of year 281,220
End of year 298,350$
Budgeted
Town of Danville
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Donations and Contributions Special Revenue Fund
For the Year Ended June 30, 2024
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Variance From
Original Final Actual Final Budget
REVENUES:
Development fees -$ -$ 235,881$ 235,881$
Use of money and property - - 92,826 92,826
Miscellaneous 179,129 201,629 19,309 (182,320)
Total revenues 179,129 201,629 348,016 146,387
EXPENDITURES:
Current:
Maintenance services
Park maintenance 611,727 634,227 239,374 394,853
Total maintenance services 611,727 634,227 239,374 394,853
Development services
Capital project management 281,152 320,652 38,719 281,933
Total development services 281,152 320,652 38,719 281,933
Administrative services
Finance 3,666 3,666 1,659 2,007
Total administrative services 3,666 3,666 1,659 2,007
Recreation, arts & community services
Recreation management 533,843 638,843 12,768 626,075
Total recreation, arts & community services 533,843 638,843 12,768 626,075
Capital outlay 199,199 199,199 - 199,199
Total expenditures 1,629,587 1,796,587 292,520 1,504,067
NET CHANGE IN FUND BALANCE (1,450,458)$ (1,594,958)$ 55,496 1,650,454$
FUND BALANCE:
Beginning of year 2,960,459
End of year 3,015,955$
Budgeted
Town of Danville
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
General Development Impact Fees Special Revenue Fund
For the Year Ended June 30, 2024
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Variance From
Original Final Actual Final Budget
REVENUES:
Intergovernmental 123,000$ 123,000$ 207,336$ 84,336$
Use of money and property 1,246 1,246 14,318 13,072
Miscellaneous 1,000 1,000 - (1,000)
Total revenues 125,246 125,246 221,654 96,408
EXPENDITURES:
Current:
Police services
Youth services 140,000 140,000 140,002 (2)
Total police services 140,000 140,000 140,002 (2)
Administrative services
Finance 297 297 486 (189)
Total administrative services 297 297 486 (189)
Capital outlay - 140,000 109,645 30,355
Total expenditures 140,297 280,297 250,133 30,164
NET CHANGE IN FUND BALANCE (15,051)$ (155,051)$ (28,479) 126,572$
FUND BALANCE:
Beginning of year 683,812
End of year 655,333$
Budgeted
Town of Danville
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Public Safety Special Revenue Fund
For the Year Ended June 30, 2024
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4
Variance From
Original Final Actual Final Budget
REVENUES:
Use of money and property -$ -$ 11,585$ 11,585$
Total revenues - - 11,585 11,585
EXPENDITURES:
Current:
Administrative services
Finance 563 563 385 178
Total administrative services 563 563 385 178
Total expenditures 563 563 385 178
NET CHANGE IN FUND BALANCE (563)$ (563)$ 11,200 11,763$
FUND BALANCE:
Beginning of year 624,016
End of year 635,216$
Budgeted
Town of Danville
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Old Town Parking In-Lieu Special Revenue Fund
For the Year Ended June 30, 2024
111
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2
0
2
4
Variance From
Original Final Actual Final Budget
REVENUES:
Other taxes 898,424$ 898,424$ 911,401$ 12,977$
Total revenues 898,424 898,424 911,401 12,977
EXPENDITURES:
Current:
Development services
Capital project management 2,775,000 3,595,000 175,148 3,419,852
Total development services 2,775,000 3,595,000 175,148 3,419,852
Total expenditures 2,775,000 3,595,000 175,148 3,419,852
NET CHANGE IN FUND BALANCE (1,876,576)$ (2,696,576)$ 736,253 3,432,829$
FUND BALANCE:
Beginning of year 3,069,529
End of year 3,805,782$
Budgeted
Town of Danville
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Solid Waste Vehicle Impact Fee Special Revenue Fund
For the Year Ended June 30, 2024
112
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2
0
2
4
Variance From
Original Final Actual Final Budget
REVENUES:
Use of money and property -$ -$ 40,035$ 40,035$
Total revenues - - 40,035 40,035
EXPENDITURES:
Current:
Administrative services
Finance 3,800 3,893 2,342 1,551
Total administrative services 3,800 3,893 2,342 1,551
Total expenditures 3,800 3,893 2,342 1,551
NET CHANGE IN FUND BALANCE (3,800)$ (3,893)$ 37,693 41,586$
FUND BALANCE:
Beginning of year 1,923,793
End of year 1,961,486$
Budgeted
Town of Danville
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Low and Moderate Income Housing Special Revenue Fund
For the Year Ended June 30, 2024
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STATISTICAL SECTION
(Unaudited)
Included in this section of the Town of Danville annual comprehensive financial report is detailed information to assist in
analysis and understanding of the information presented in the financial statements, notes and required supplementary
information.
Contents
Financial Trends
These schedules contain trend information to help the reader understand how the Town's financial position has changed
over time.
Revenue Capacity
These schedules contain detailed information to help the reader assess the Town's most significant local revenue source,
property tax.
Debt Capacity
These schedules present information to help the reader assess the affordability of the Town's current levels of outstanding debt
and the Town's ability to issue 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
Town's financial activities take place.
Operating Information
These schedules provide service and infrastructure data to help the reader understand how the information in the Town's
financial report relates to the services the Town provides and the activities it performs.
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FINANCIAL TRENDS
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2015 2016 2017 2018 2019
Governmental Activities:
Net investment in capital assets 149,697,964$ 154,909,051$ 155,792,439$ 162,998,663$ 166,215,901$
Restricted 23,655,107 26,812,236 24,437,153 23,784,733 24,398,492
Unrestricted 69,968,657 68,822,679 72,257,190 64,907,258 65,271,882
Total Governmental Activities Net Position 243,321,728$ 250,543,966$ 252,486,782$ 251,690,654$ 255,886,275$
Primary Government:
Net investment in capital assets 149,697,964$ 154,909,051$ 155,792,439$ 162,998,663$ 166,215,901$
Restricted 23,655,107 26,812,236 24,437,153 23,784,733 24,398,492
Unrestricted 69,968,657 68,822,679 72,257,190 64,907,258 65,271,882
Total Primary Governmental Net Position 243,321,728$ 248,532,815$ 252,486,782$ 251,690,654$ 251,690,654$
Source: Town Audited Financial Statements
Note:
The Town of Danville does not have any business-type activities.
(Accrual Basis of Accounting)
Fiscal Year
Town of Danville
Net Position by Component
Last Ten Fiscal Years
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2020 2021 2022 2023 2024
Governmental Activities:
Net investment in capital assets 174,968,722$ 177,508,851$ 188,179,513$ 188,058,533$ 188,179,513$
Restricted 26,961,172 29,438,411 40,184,242 36,500,926 40,184,242
Unrestricted 61,659,221 65,882,561 71,129,258 66,412,003 71,129,258
Total Governmental Activities Net Position 263,589,115$ 272,829,823$ 299,493,013$ 290,971,462$ 299,493,013$
Primary Government:
Net investment in capital assets 174,968,722$ 177,508,851$ 188,179,513$ 188,058,533$ 188,179,513$
Restricted 26,961,172 29,438,411 40,184,242 36,500,926 40,184,242
Unrestricted 61,659,221 65,882,561 71,129,258 66,412,003 71,129,258
Total Primary Governmental Net Position 263,589,115$ 272,829,823$ 299,493,013$ 290,971,462$ 299,493,013$
Source: Town Audited Financial Statements
Note:
The Town of Danville does not have any business-type activities.
(Accrual Basis of Accounting)
Fiscal Year
Town of Danville
Net Position by Component (Continued)
Last Ten Fiscal Years
0
50
100
150
200
250
2015 2016 2017 2018 20192020 2021 2022 2023 2024
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n
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Fiscal Year
Net Position by Component
Net investment in capital assets Restricted Unrestricted
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Expenses:
Governmental activities:
General Government 1,527,466$ 1,592,763$ 1,658,023$ 1,821,906$ 1,648,107$
Police Services 8,565,667 8,914,297 9,107,939 9,668,148 9,908,945
Maintenance Services & Lighting & Landscape 7,589,476 8,262,373 7,963,358 7,824,106 8,512,749
Development Services 14,348,084 5,233,296 8,568,817 12,113,185 12,589,561
Administrative Services 3,244,813 4,080,262 3,690,675 3,511,181 3,625,899
Recreation Services 3,877,829 3,847,434 4,129,417 4,016,368 4,273,896
Interest on long-term debt 369,274 364,866 345,931 345,473 325,210
Total governmental activities expenses 39,522,609 32,295,291 35,464,160 39,300,367 40,884,367
Total primary government expenses 39,522,609$ 32,295,291$ 35,464,160$ 39,300,367$ 40,884,367$
Program Revenues:
Governmental Activities:
Charges for Services:
General Government -$ 10$ 30$ 30$ 1,126$
Police Services 429,625 424,470 314,597 295,805 308,210
Maintenance Services, Lighting & Landscape 3,033,384 3,036,737 3,142,080 3,060,686 3,046,475
Development Services 4,196,817 4,285,454 3,575,751 3,792,303 4,473,140
Administrative Services - 35,186 36,308 36,400 38,126
Recreation, Arts & Community Services 2,433,110 2,079,801 2,196,610 2,058,014 2,041,182
Operating grants and contributions 1,110,167 950,437 911,003 1,205,123 2,132,610
Capital grants and contributions 1,676,661 1,276,567 2,591,351 2,521,475 3,880,922
Total governmental activities program revenues 12,879,764$ 12,088,662$ 12,767,730$ 12,969,836$ 15,921,791$
Total primary government program revenues 12,879,764$ 12,088,662$ 12,767,730$ 12,969,836$ 15,921,791$
Net (Expense)/Revenue
Governmental activities (26,642,845)$ (20,206,629)$ (22,696,430)$ (22,696,430)$ (24,962,576)$
Total Primary Government, Net Expenses (26,642,845)$ (20,206,629)$ (22,696,430)$ (22,696,430)$ (24,962,576)$
Source: Town Audited Financial Statements
Note:
The Town of Danville does not have any business-type activities.
(Accrual Basis of Accounting)
Fiscal Year
Town of Danville
Changes in Net Position
Last Ten Fiscal Years
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2020 2021 2022 2023 2024
Expenses:
Governmental activities:
General Government 1,988,737$ 1,727,404$ 2,773,284$ 2,999,255$ 2,432,702$
Police Services 9,824,261 9,141,598 9,972,541 10,594,467 11,971,294
Maintenance Services & Lighting & Landscape 9,400,476 8,999,904 8,990,730 11,973,823 10,525,094
Development Services 5,769,904 6,231,119 7,246,100 6,931,034 15,427,297
Administrative Services 3,816,145 3,632,890 3,558,462 3,798,969 4,468,171
Recreation Services 3,794,136 2,722,675 3,137,966 4,096,414 4,359,029
Interest on long-term debt 325,210 282,675 256,521 234,055 204,389
Total governmental activities expenses 34,916,610 32,738,265 35,935,604 40,628,017 49,387,976
Total primary government expenses 34,916,610$ 32,738,265$ 35,935,604$ 40,628,017$ 49,387,976$
Program Revenues
Governmental Activities:
Charges for Services:
General Government -$ -$ 10$ 15,923$ 23,184$
Police Services 296,126 187,548 179,616 173,594 189,558
Maintenance Services, Lighting & Landscape 3,059,330 3,047,952 3,050,308 3,611,916 3,641,347
Development Services 3,374,462 3,738,947 4,471,835 4,386,782 4,484,293
Administrative Services 31,693 28,145 570,388 297,553 297,553
Recreation, Arts & Community Services 1,427,112 846,805 1,378,764 1,719,893 1,875,843
Operating grants and contributions 1,873,835 2,271,372 3,445,191 2,367,059 3,876,515
Capital grants and contributions 1,358,781 2,169,054 1,542,184 5,050,477 3,759,810
Total governmental activities program revenues 11,421,339$ 12,289,823$ 14,638,296$ 17,623,197$ 18,148,103$
Total primary government program revenues 11,421,339$ 12,289,823$ 14,638,296$ 17,623,197$ 18,148,103$
Net (Expense)/Revenue
Governmental activities (23,495,271)$ (20,448,442)$ (21,297,308)$ (23,004,820)$ (31,239,873)$
Total Primary Government, Net Expenses (23,495,271)$ (20,448,442)$ (21,297,308)$ (23,004,820)$ (31,239,873)$
Source: Town Audited Financial Statements
Note:
The Town of Danville does not have any business-type activities.
(Accrual Basis of Accounting)
Fiscal Year
Town of Danville
Changes in Net Position (Continued)
Last Ten Fiscal Years
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2015 2016 2017 2018 2019
General Revenues and Other
Changes in Net Position
Governmental Activities
Taxes
Property taxes 13,593,483$ 14,153,561$ 13,978,818$ 14,629,253$ 15,354,728$
Sales taxes 4,098,412 4,569,470 5,546,298 5,914,835 6,126,449
Motor Vehicle taxes 17,857 17,629 19,203 22,821 21,310
Franchise Taxes 2,215,165 2,299,491 2,419,118 2,588,989 2,609,820
Other taxes 391,856 404,744 371,237 362,196 390,562
Investment earnings 636,474 1,265,876 296,610 368,995 3,028,554
Miscellaneous 1,559,647 741,674 1,235,646 854,998 834,318
Gain (loss) on sale of capital assets - - - - -
Transfers from Successor Agency 769,972 780,818 772,316 792,316 792,456
Special item - 3,195,604 - - -
Total governmental activities 23,282,866$ 27,428,867$ 24,639,246$ 25,534,403$ 29,158,197$
Total primary government 23,282,866$ 27,428,867$ 24,639,246$ 25,534,403$ 29,158,197$
Change in Net Position
Governmental activities 3,076,237$ 4,732,437$ 1,942,816$ (7,796,128)$ 4,195,621$
Total primary government 3,076,237$ 4,732,437$ 1,942,816$ (7,796,128)$ 4,195,621$
Source: Town Audited Financial Statements
Note:
The Town of Danville does not have any business-type activities.
(Accrual Basis of Accounting)
Fiscal Year
Town of Danville
Changes in Net Position (Continued)
Last Ten Fiscal Years
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2020 2021 2022 2023 2024
General Revenues and Other
Changes in Net Position
Governmental Activities
Taxes
Property taxes 16,025,356$ 17,210,607$ 18,033,848$ 18,937,827$ 19,905,678$
Sales taxes 5,753,805 6,653,905 7,443,450 7,467,848 6,799,187
Motor Vehicle taxes 35,829 32,180 50,723 44,757 53,934
Franchise Taxes 2,836,124 3,044,834 3,252,012 3,383,163 3,502,709
Other Taxes 367,376 338,449 340,497 341,405 360,676
Investment earnings 3,183,434 174,503 (2,626,475) 998,731 5,392,910
Miscellaneous 1,838,208 1,447,189 563,904 2,501,924 2,879,111
Gain (loss) on sale of capital assets 345,523 (1,568) - - -
Transfers from Successor Agency 812,456 789,051 785,175 825,175 867,219
Special item - - - - -
Total governmental activities 31,198,111$ 29,689,150$ 27,843,134$ 34,500,830$ 39,761,424$
Total primary government 31,198,111$ 29,689,150$ 27,843,134$ 34,500,830$ 39,761,424$
Change in Net Position
Governmental activities 7,702,840$ 9,240,708$ 6,545,826$ 11,496,010$ 8,521,551$
Total primary government 7,702,840$ 9,240,708$ 6,545,826$ 11,496,010$ 8,521,551$
Source: Town Audited Financial Statements
Note:
The Town of Danville does not have any business-type activities.
Fiscal Year
Town of Danville
Changes in Net Position (Continued)
Last Ten Fiscal Years
(Accrual Basis of Accounting)
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2015 2016 2017 2018 2019
General Fund
Nonspendable -$ 10,427,986$ 9,427,986$ 8,427,986$ 7,325,019$
Restricted 809,718 809,504 809,820 813,965 820,547
Committed 17,067,689 18,374,622 17,249,253 17,868,716 19,005,310
Assigned 9,397,184 344,844 313,036 169,060 117,735
Unassigned - - - - -
Total General Fund 27,274,591 29,956,956 27,800,095 27,279,727 27,268,611
All Other Governmental Funds
Special revenue funds
Restricted 24,215,659 26,129,555 23,594,077 22,970,768 23,577,945
Assigned - - - - 2,469,321
Debt service fund
Restricted 813,511 - - - -
Capital projects funds
Restricted 356,953 - - - -
Committed 39,887,688 38,430,064 42,743,649 36,532,398 37,060,728
Assigned 2,183,781 2,364,889 2,507,297 2,574,079 -
Unassigned (deficit)- - - - -
Total all other Governmental Funds 67,457,592 66,924,508 68,845,023 62,077,245 63,107,994
Total Governmental Funds 94,732,183$ 96,881,464$ 96,645,118$ 89,356,972$ 90,376,605$
Source: Town Audited Financial Statements
(Modified Accrual Basis of Accounting)
Fiscal Year
Town of Danville
Fund Balances of Governmental Funds
Last Ten Fiscal Years
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2020 2021 2022 2023 2024
General Fund
Nonspendable 5,167,108$ 4,064,888$ 2,976,418$ 1,915,461$ 846,011$
Restricted 815,484 809,518 809,649 827,765 848,842
Committed 20,401,468 28,158,818 22,299,041 24,829,286 33,807,639
Assigned 190,888 402,500 491,770 268,150 295,266
Unassigned - 1,100,000 1,100,002 1,100,000 1,100,000
Total General Fund 26,574,948 34,535,724 27,676,880 28,940,662 36,897,758
All Other Governmental Funds
Special revenue funds
Restricted 26,145,688 28,628,893 30,841,349 34,859,241 38,406,783
Assigned 2,617,844 2,845,856 2,621,578 3,019,810 3,113,454
Debt service fund
Restricted - - - - -
Capital projects funds
Restricted - - - - -
Committed 34,072,908 30,013,137 35,607,373 36,955,042 33,951,008
Assigned - - - - -
Unassigned (deficit)- - - - (218,086)
Total all other Governmental Funds 62,836,440 61,487,886 69,070,300 74,834,093 75,253,159
Total Governmental Funds 89,411,388$ 96,023,610$ 96,747,180$ 103,774,755$ 112,150,917$
Source: Town Audited Financial Statements
(Modified Accrual Basis of Accounting)
Fiscal Year
Town of Danville
Fund Balances of Governmental Funds (Continued)
Last Ten Fiscal Years
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2015 2016 2017 2018 2019
REVENUES:
Property taxes 13,593,483$ 14,153,561$ 13,978,818$ 14,629,253$ 15,354,728$
Sales taxes 4,080,378 4,558,712 5,535,422 5,910,069 6,124,320
Special assessments 4,033,766 3,270,354 3,264,713 3,645,895 3,581,582
Gas & other taxes 3,574,570 3,590,353 3,554,065 3,775,380 4,310,196
Charges for services 2,792,321 2,752,180 2,859,100 2,874,896 2,867,332
Licenses and permits 391,856 404,744 371,237 362,196 396,710
Development fees 3,166,893 3,705,128 3,096,371 3,275,723 4,286,391
Intergovernmental 547,347 1,026,474 1,918,820 1,735,441 2,853,143
Fines and forfeitures 242,325 267,732 163,825 167,822 187,979
Uses of money and property 1,379,939 2,024,361 995,448 1,054,042 3,924,193
Miscellaneous 1,589,780 1,155,013 897,019 279,040 424,954
Reimbursement from Successor Agency - - - - -
Total Revenues 35,392,658 36,908,612 36,634,838 37,709,757 44,311,528
EXPENDITURES:
Current:
General government 1,526,324 1,591,047 1,622,521 1,830,739 1,624,096
Police services 8,356,060 8,691,261 8,881,254 9,426,989 9,690,883
Maintenance services 3,728,641 4,381,322 3,686,266 3,339,317 3,305,068
Lighting and landscape 3,105,346 3,127,403 3,374,354 3,644,177 4,067,377
Development services 14,097,237 4,986,759 8,186,500 11,741,330 12,346,910
Administrative services 3,362,284 4,000,431 3,536,546 3,472,727 3,555,297
Recreation, arts & community services 3,523,333 3,467,371 3,693,259 3,697,618 3,920,497
Capital outlay 5,102,019 6,466,296 2,102,572 8,692,182 4,781,767
Debt service:
Principal - - - - -
Interest and fiscal charges - - - - -
Total Expenditures 42,801,244 36,711,890 35,083,272 45,845,079 43,291,895
REVENUES OVER (UNDER)
EXPENDITURES (7,408,586) 196,722 1,551,566 (8,135,322) 1,019,633
OTHER FINANCING SOURCES (USES):
Proceeds from sale of assets - - - - -
Proceeds from debt issuance - - - - -
Transfers in 6,300,714 8,710,450 9,937,410 7,276,333 8,765,719
Transfers out (6,300,714) (8,710,450) (9,937,410) (7,276,333) (8,765,719)
Total other financing sources (uses)- - - - -
Extraordinary/Special item*- 3,195,604 - - -
NET CHANGE IN FUND BALANCES (7,408,586)$ 3,392,326$ 1,551,566$ (8,135,322)$ 1,019,633$
Debt service as a percentage of noncapital
expenditures 0.00%0.00%0.00%0.00%0.00%
Source: Town Audited Financial Statements
* Extraordinary/special item in 2016 was for assets transferred from the former Community Development Agency (CDA) of the Town of Danville
subsequent to a due diligence review by the State of California subsequent to the dissolution of California Redevelopment Agencies.
Modified Accrual Basis of Accounting)
Fiscal Year
Town of Danville
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
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2020 2021 2022 2023 2024
REVENUES:
Property taxes 16,025,356$ 17,210,607$ 18,033,848$ 18,937,827$ 19,905,678$
Sales taxes 5,740,046 6,652,729 7,442,726 7,467,848 6,799,187
Special assessments 3,594,673 3,611,436 3,610,222 3,601,630 3,630,298
Gas & other taxes 4,722,089 4,828,113 5,223,367 5,487,702 5,902,893
Charges for services 2,021,562 1,495,953 2,682,710 3,136,401 3,343,396
Licenses and permits 367,376 338,449 340,497 347,072 394,611
Development fees 2,471,063 2,941,817 2,571,419 3,243,440 3,141,447
Intergovernmental 1,208,170 1,659,443 2,980,425 5,233,454 5,275,078
Fines and forfeitures 128,312 86,104 76,848 105,729 144,658
Uses of money and property 4,265,728 1,771,567 (2,007,851) 1,897,626 6,684,393
Miscellaneous 944,642 587,430 731,381 1,238,293 1,815,777
Reimbursement from Successor Agency 812,456 789,051 785,175 825,175 867,219
Total Revenues 42,301,473 41,972,699 42,470,767 51,522,197 57,904,635
EXPENDITURES:
Current:
General government 1,922,014 1,732,686 2,764,179 2,983,036 2,413,686
Police services 9,658,510 9,065,799 9,909,768 10,437,966 11,668,630
Maintenance services 4,411,816 3,816,120 3,537,339 6,821,100 5,042,665
Lighting and landscape 3,703,613 3,903,054 4,181,235 3,913,128 4,306,195
Development services 5,549,402 6,065,680 6,671,315 6,692,216 10,090,876
Administrative services 3,777,435 3,606,353 3,503,165 3,678,558 4,346,711
Recreation, arts & community services 3,508,153 2,470,377 2,866,846 3,831,445 4,097,971
Capital outlay 13,198,230 3,911,357 7,542,018 6,094,256 6,694,520
Debt service:
Principal 480,000 500,000 520,000 615,307 651,855
Interest and fiscal charges 332,456 289,051 265,175 243,866 215,364
Total Expenditures 46,541,629 35,360,477 41,761,040 45,310,878 49,528,473
REVENUES OVER (UNDER)
EXPENDITURES (4,240,156) 6,612,222 709,727 6,211,319 8,376,162
OTHER FINANCING SOURCES (USES):
Proceeds from sale of assets 3,274,939 - 13,843 600,000 -
Proceeds from debt issuance - - - 216,256 -
Transfers in 11,932,028 3,797,793 13,967,014 8,126,594 3,817,697
Transfers out (11,932,028) (3,797,793) (13,967,014) (8,126,594) (3,817,697)
Total other financing sources (uses)3,274,939 - 13,843 816,256 -
Extraordinary/Special item*- - - - -
NET CHANGE IN FUND BALANCES (965,217)$ 6,612,222$ 723,570$ 7,027,575$ 8,376,162$
Debt service as a percentage of noncapital
expenditures 0.00%2.57%2.35%2.24%2.07%
Source: Town Audited Financial Statements
(Modified Accrual Basis of Accounting)
Fiscal Year
Town of Danville
Changes in Fund Balances of Governmental Funds (Continued)
Last Ten Fiscal Years
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REVENUE CAPACITY
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Property Motor Business
Fiscal Property Sales Franchise Transfer Vehicle License &
Year Tax Tax Tax Tax Tax Other Taxes Total
2015 13,076,172$ 4,098,412$ 2,215,165$ 517,311$ 17,857$ 391,856$ 19,223,095$
2016 12,534,667 4,569,470 2,299,491 568,870 17,629 404,744 20,316,773
2017 13,392,392 5,546,298 2,419,118 586,426 19,203 371,237 20,394,871
2018 13,980,610 5,914,835 2,588,989 648,643 22,821 362,196 22,334,674
2019 14,740,670 6,126,449 2,609,820 614,058 21,310 390,562 24,502,869
2020 16,360,607 5,753,805 2,836,124 850,000 35,829 367,376 26,203,741
2021 17,210,607 6,653,905 3,044,834 850,000 32,180 338,449 28,103,216
2022 17,020,160 7,443,450 3,252,012 1,013,688 50,723 340,497 29,120,530
2023 18,421,172 7,467,848 3,383,163 516,655 44,757 341,405 30,175,000
2024 19,339,061 6,799,187 3,502,709 566,617 53,934 360,676 30,622,184
Source: Town Audited Financial Statements
Town of Danville
Governmental Activities Tax Revenues By Source
Last Ten Fiscal Years
(Accrual Basis of Accounting)
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Fiscal
Year Less: Total Taxable Total
Ended Tax Exempt Assessed Direct
June 30 Secured Unsecured Secured Unsecured Property Value Rate
2015 10,526,929,712$ 44,289,615$ 2,298,728$ 45,995,923$ 169,288,561$ 10,450,225,417$ 0.07752%
2016 11,231,575,805 49,320,732 3,732,903 42,680,915 170,375,283 11,156,935,072 0.07758%
2017 11,904,105,603 47,645,411 3,290,428 43,296,151 172,930,520 11,825,407,073 0.07763%
2018 12,497,304,292 48,065,757 3,371,837 45,354,774 176,396,870 12,417,699,790 0.07767%
2019 13,131,043,886 53,546,262 5,685,542 48,122,854 184,522,193 13,053,876,351 0.07769%
2020 13,815,833,911 53,545,615 5,301,255 49,668,729 176,668,847 13,747,680,663 0.07772%
2021 15,100,093,985 50,900,862 5,470,622 51,204,460 188,744,738 15,018,925,191 0.07774%
2022 16,250,530,439 63,082,569 5,281,835 48,291,089 190,505,017 16,176,680,915 0.07775%
2023 17,203,527,256 64,829,758 5,293,380 49,385,188 177,631,946 17,145,403,636 0.07777%
2024 18,001,816,440 70,758,118 5,923,057 48,191,698 201,385,802 17,925,303,511 0.07780%
Note:
In 1978 the voters of the State of California passed Proposition 13 which limited basic property taxes to a total maximum rate of
1% based upon the assessed value of the property being taxed. Each year the assessed value of property may be increased by an
"inflation factor" (limited to a maximum increase of 2%). With few exceptions, property is only reassessed at the time that it is
sold to a new owner. At those times, the new assessed value is the purchase price. The estimated market value of taxable
property is not available.
Source: County of Contra Costa
Town of Danville
Assessed Value
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
Assessed Value
Real Property Personal Property
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Total
San Ramon Bay Area Direct &
Fiscal County Valley Unified Rapid Transit Overlapping
Year Danville
Wide 1 School District (BART) Miscellaneous Rate
2015 0.07752% 1.00% 0.0651% 0.0045% 0.0121% 0.07752%
2016 0.07758%1.00% 0.0624% 0.0026% 0.0125%0.07758%
2017 0.07763%1.00% 0.0652% 0.0080% 0.0152%0.07763%
2018 0.07767%1.00% 0.0552% 0.0084% 0.0135%0.07767%
2019 0.07769%1.00% 0.0750% 0.0070% 0.0131%0.07769%
2020 0.07720%1.00% 0.0750% 0.1200% 0.0282%0.07720%
2021 0.07774%1.00% 0.0750% 0.1390% 0.0175%0.07774%
2022 0.07767%1.00% 0.0750% 0.0060% 0.0196%0.07767%
2023 0.07777%1.00% 0.0657% 0.0140% 0.0220%0.07767%
2024 0.00000%1.00% 0.0544% 0.0134% 0.0203%0.07780%
Notes:
1 Countywide rate of 1% is levied with the proceeds distributed to all taxing agencies according to formulas specified by State legislature.
2 Individual agencies' rates are for payments of voter approved indebtedness.
Source: County of Contra Costa
Town of Danville
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
(Rate Expressed in Percentage)
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Fiscal Total Tax
Year Levied and Delinquent
Ended Collected for Percentage Tax Collected Percentage
June 30 Fiscal Year of Levy Collections Amount of Levy
2015 14,171,661$ 100% n/a 14,171,661$ 100%
2016 14,736,156 100% n/a 14,736,156 100%
2017 14,430,722 100% n/a 14,430,722 100%
2018 14,629,254 100% n/a 14,629,254 100%
2019 15,928,730 100% n/a 15,928,730 100%
2020 16,678,857 100% n/a 16,678,857 100%
2021 17,330,169 100% n/a 17,330,169 100%
2022 18,204,149 100% n/a 18,204,149 100%
2023 19,616,343 100% n/a 19,616,343 100%
2024 20,531,904 100% n/a 20,531,904 100%
Notes:
1. The data in this table includes basic and supplemental city property taxes, Redevelopment Agency tax
increments, ERAF refunds, property tax in-lieu of motor vehicle license fees and the sales tax triple flip.
2. Contra Costa County assesses, bills, collects and distributes property taxes to all taxing entities including the Town.
Under a State law, known as the Teeter Plan, the County remits the entire amount levied to the Town. The County
handles all delinquencies and retains all interest and penalties.
Source: County of Contra Costa
Last Ten Fiscal Years
Collected Within the
Fiscal Year of the Levy Total Collections To Date
Property Tax Levies and Collections
Town of Danville
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Taxable Percentage of Taxable Percentage of
Assessed Total Taxable Assessed Total Taxable
Employer Value Rank Assessed Value Value Rank Assessed Value
MM Danville Apartments, LLC 103,142,308$ 1 0.60%
Davidon Homes 55,570,169 2 0.32%
Danville Livery & Mercantile 54,595,103 3 0.32% 41,808,358$ 1 0.38%
Reg8 Tassajara Crossing, LLC 43,517,833 4 0.25% 36,724,712 2 0.33%
Danville Park Apartments LLC 43,350,000 5 0.25%
ROIC California, LLC 38,000,000 6 0.22%
Costco Wholesale Corporation 31,569,281 7 0.18% 23,321,038 3 0.21%
Rose Garden Associates Danville, LLC 30,050,955 8 0.17% 21,333,000 4 0.19%
Carl A and Jan A Cox Trust 22,227,479 9 0.13%
115 TWN and County DR INVST LLC 20,808,000 10 0.12%
KB Home South Bay, Inc.29,074,991 5 0.26%
Alamo Group Iron Horse, LLC 19,981,000 6 0.18%
Danville Park RE LLC 17,760,233 7 0.16%
Rassier Properties Danville Medical Ctr.15,300,000 8 0.14%
Montair Associates, LLC 14,974,907 9 0.14%
JKDSQ, LLC 13,084,644 10 0.12%
Totals 442,831,128$ 2.56% 233,362,883$ 2.12%
Notes:
The amounts shown above include assessed value data for both the Town and the Successor Agency.
Because of the many ways a business or individual can hold title, the above list is an approximation of the top taxpayers within
the Town of Danville.
Source: HdL Companies
Town of Danville
Principal Property Taxpayers
Current Year and Nine Fiscal Years Ago
2024 2015
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DEBT CAPACITY
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Certificate Total Percentage
Fiscal of Subscription Primary of Personal Per
Year Participation1 Liabilities2 Government Income Capita
2015 8,860,000$ -$ 8,860,000$ **202.79$
2016 8,055,000 -8,055,000 **187.92
2017 7,635,000 -7,635,000 **178.12
2018 7,195,000 -7,195,000 **167.85
2019 6,735,000 -6,735,000 **148.77
2020 6,255,000 -6,255,000 **140.16
2021 5,755,000 -5,755,000 **131.08
2022 5,235,000 -5,235,000 **119.23
2023 4,690,000 145,949 4,835,949 **110.35
2024 4,110,000 74,094 4,184,094 **98.29
Notes:
1. COP is paid with property tax increment of the Property Tax Trust Fund.
2. Subscription liabilities came about from implementation of GASB 96 in 2023.
** Not available
Town of Danville
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Governmental Activities
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General Tax Less: Amount
Fiscal Obligation Allocation Available in
Year Bonds Bonds Debt Service Fund Total (net)
2015 -$ -$ -$ -$
2016 - - - -
2017 - - - -
2018 - - - -
2019 - - - -
2020 - - - -
2021 - - - -
2022 - - - -
2023 - - - -
2024 - - - -
Note: The Town of Danville does not have any General Bonded debt.
Town of Danville
Ratios of General Bonded Debt Outstanding
Outstanding General Bonded Debt
Last Ten Fiscal Years
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2023-2024 Assessed Valuation:17,208,248,236$
Redevelopment Incremental Valuation 591,174,439$
Adjusted Assessed Valuation:
Total Debt Town's Share of
OVERLAPPING TAX AND ASSESSMENT DEBT:6/30/2024 % Applicable (1)Debt (6/30/2024)
Bay Area Rapid Transit District 2,445,575,000$ 1.704% 41,672,598$
Contra Costa Community College District 618,770,000 6.435% 39,817,850
San Ramon Valley Unified School District 347,840,000 27.348% 95,127,283
East Bay Regional Park District 144,520,000 2.678% 3,870,246
SUBTOTAL OVERLAPPING TAX AND ASSESSMENT DEBT 180,487,977$
DIRECT AND OVERLAPPING GENERAL FUND DEBT:
Contra Costa County General Fund Obligations 171,495,000$ 6.414% 10,999,689$
San Ramon Valley Unified School District General Fund Obligations 13,171,586 27.348% 3,602,165
San Ramon Valley Fire Protection District - COP 50,484,000 27.497% 13,881,585
Town of Danville subscription liability 74,094 100% 74,094
Town of Danville Certificates of Participation (COP) 4,110,000 100% 4,110,000
SUBTOTAL DIRECT AND OVERLAPPING GENERAL FUND DEBT 32,667,533$
Less: Contra Costa County obligations supported from revenue funds (2,727,545)
TOTAL NET DIRECT AND OVERLAPPING GENERAL FUND DEBT 29,939,988$
OVERLAPPING TAX INCREMENT DEBT (Successor Agency) 1,470,000$ 100% 1,470,000
TOTAL DIRECT DEBT 4,184,094
TOTAL GROSS OVERLAPPING DEBT 210,441,416$
TOTAL NET OVERLAPPPING DEBT 207,713,871
GRAND TOTAL DIRECT AND OVERLAPPING DEBT (2) 214,625,510$
NET COMBINED TOTAL DEBT 211,897,965$
(1)
(2)
Ratios to 2023/2024 Assessed Valuation:
Total Overlapping Tax and Assessment Debt 1.05%
Total Direct Debt ($5,235,000)0.03%
Gross Combined Total Debt 1.25%
Net Combined Total Debt 1.23%
Ratios to Redevelopment Successor Agency Incremental Valuation ($557,378,782):
Total Overlapping Tax Increment Debt 0.25%
Source: California Municipal Statistics, Inc.
Note: This schedule presents fiscal capacity and debt for overlapping governments. It is intended to demonstrate the total property tax burden on
the taxpayers within Danville and the total debt that their property taxes will be expected to pay. This schedule excludes tax and revenue
anticipation notes, revenue bonds, mortgage revenue bonds, tax allocation bonds, obligations, lease and subscription obligations.
Town of Danville
Direct and Overlapping Governmental Activities Debt
Current Year
The percentage of overlapping debt applicable to the Town is estimated using taxable assessed property value. Applicable percentages were
estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the Town divided by the
district's total taxable assessed value.
Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue, and non-bonded lease and subscription obligations.
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2015 2016 2017 2018 2019
Debt Limit 391,883,453$ 418,385,065$ 443,452,765$ 465,663,742$ 489,520,363$
Total net debt
applicable to limit - - - - -
Legal debt margin 391,883,453$ 418,385,065$ 443,452,765$ 465,663,742$ 489,520,363$
Total net debt applicable to the
limit as a percentage of debt limit 0.00% 0.00% 0.00% 0.00% 0.00%
Note: The Government Code of the State of California provides for a legal debt limit of 3.75% of gross assessed valuation.
Source: County of Contra Costa
Town of Danville
Legal Debt Margin Information
Last Ten Fiscal Years
Fiscal Year
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2020 2021 2022 2023 2024
Debt Limit 515,538,025$ 563,209,695$ 606,625,534$ 642,952,636$ 672,198,882$
Total net debt
applicable to limit - - - - -
Legal debt margin 515,538,025$ 515,538,025$ 606,625,534$ 642,952,636$ 672,198,882$
Total net debt applicable to the
limit as a percentage of debt limit 0.00% 0.00% 0.00% 0.00% 0.00%
Assessed Value 17,925,303,511$
Add back: exempt real property 201,385,802
Total assessed value 18,126,689,313$
Debt Limit (3.75% of assessed value) 672,198,882$
Total net debt applicable to limit -
Legal Debt Margin 672,198,882$
Note: The Government Code of the State of California provides for a legal debt limit of 3.75% of gross assessed valuation.
Source: County of Contra Costa
Legal Debt Margin Calculation for Fiscal Year 2024
Town of Danville
Legal Debt Margin Information (Continued)
Last Ten Fiscal Years
Fiscal Year
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Fiscal Tax Tax
Year Increment Principal Interest Coverage Increment Principal Interest Coverage
2015 -$ 395,000$ 404,973$ - -$ 105,000$ 255,739$ -
2016 - 410,000 388,256 - - 120,000 246,570 -
2017 - 420,000 370,819 - - 130,000 236,383 -
2018 - 440,000 352,316 - - 140,000 225,380 -
2019 - 460,000 332,456 - - 155,000 213,359 -
2020 - 480,000 311,356 - - 165,000 200,289 -
2021 - 500,000 289,051 - - 180,000 186,261 -
2022 - 520,000 265,176 - - 195,000 170,638 -
2023 - 545,000 243,866 - - 210,000 153,425 -
2024 - 580,000 215,364 - - 230,000 134,725 -
Source: Town Audited Financial Statements
Debt Service Debt Service
Town of Danville
Pledged-Revenue Coverage
Last Ten Fiscal Years
Certificates of Participation Taxable Revenue Bond
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DEMOGRAPHIC AND ECONOMIC INFORMATION
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Median Persons per Per Personal Public
Household Household Capita Income School Unemployment
Year Population 1 Income Unit 2 Income (in thousands)Enrollment 3 Rate 4
2015 43,691 140,809$ 2.79 **** 31,954 4.1%
2016 42,865 **2.97 **** 32,255 3.9%
2017 43,355 ******** 32,425 3.5%
2018 44,396 ******** 32,504 2.9%
2019 45,270 ******** 32,138 2.7%
2020 44,626 ******** 31,911 10.0%
2021 43,906 ******** 30,726 4.7%
2022 43,352 ******** 30,068 6.5%
2023 42,823 ******** 29,680 4.2%
2024 42,567 ******** 29,235 4.1%
Note:
Per Capita Income and Personal Income is for County of Contra Costa since reliable Town-specific data is not available.
Sources:
1. California State Department of Finance
2. U.S. Department of Commerce Census, Bureau American Community Surveys
3. California Department of Education (Schools within the San Ramon Valley Unified School District)
4. California State Employment Development Department
**Figures not available
Town of Danville
Demographic and Economic Statistics
Last Ten Fiscal Years
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Number of % of Number of % of
Employer Employees 1 Rank Top 10
Employees 1 Rank Top 10
Costco 435 1 47.1%437 1 43.9%
Trader Joe's 86 2 9.3%77 4 7.7%
Marshalls of Danville 77 3 8.3%
Lunardi's Market 60 4 6.5%82 3 8.2%
Brookdale Danville Diablo Road 58 5 6.3%50 7 5.0%
Safeway 48 6 5.2%43 10 4.3%
Face Reality Acne Clinic 47 7 5.1%
Walgreens 39 8 4.2%
Piatti Restaurant 37 9 4.0%43 9 4.3%
Smart and Final 36 10 3.9%
Common Interest Management Services 106 2 10.6%
Sunrise Assisted Living of Danville 58 5 5.8%
Danville Nursing & Rehabilitation Center 51 6 5.1%
Lucky 49 8 4.9%
Total Employees: 923 996
Note:
1. Data complied from Town of Danville Business License Division.
Town of Danville
Principal Employers in the Town of Danville
Current Year and Previous Year
2024 2023
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OPERATING INFORMATION
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Function 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Legislative 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Administration 6.75 6.50 8.25 8.25 7.75 7.75 6.75 6.75 6.25 7.00
Legal 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Police Services* 36.75 37.75 37.75 37.75 37.75 37.75 37.75 37.75 37.75 38.75
Development Services 25.50 29.75 27.00 27.00 26.50 25.50 23.50 23.50 23.50 23.50
Transportation Services 4.25 3.25 3.75 3.25 3.00 3.00 3.00 3.00 3.00 3.00
Community Services
Maintenance 29.00 31.00 31.00 31.00 31.00 31.00 31.00 31.00 31.00 31.75
Recreation, Arts &
Community Services 37.75 37.75 38.25 38.25 42.00 42.00 42.00 42.00 42.00 41.00
Finance 5.25 5.25 5.25 5.25 5.00 5.00 5.00 5.00 5.00 4.00
Support Services 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 6.00 6.00
Community Events 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50
Human Resources 2.00 2.50 2.50 2.50 2.25 2.25 2.00 2.00 2.00 2.00
Total 119.75 154.25 160.75 160.75 160.25 161.25 158.00 158.00 159.00 159.50
Source: Adopted Town Budgets
Town of Danville
Full-Time Equivalent Town Government Employees by Function
Last Ten Fiscal Years
Fiscal Year
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Function 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Police:1
Arrests 618 515 500 447 391 281 165 229 250 328
Traffic violations 5,345 3,875 2,605 3,702 2,786 2,482 1,177 959 3,093 3,684
Parking violations 1,619 1,625 1,774 1,367 1,593 1,346 482 868 1,380 1,086
Public works:
Street resurfacing (miles) 14.2 24 15.2 5.9 5.5 10.23 0 6.2 6.4 16.3
Pot holes repaired 111 181 249 84 309 149 163 84 547 109
Parks and recreation:
Course registration 17,176 18,147 20,352 19,174 18,146 13,593 4,592 12,912 15,763 20,539
Facility rentals/permits 2 816 716 804 786 638 538 8 97 172 540
Picnic rentals 460 241 413 406 354 205 130 545 590 530
Note:
1. Police Statistics are reported end of calendar year
2. Facility rentals were previously tracked by the number of bookings, which may have included multiple bookings on one rental permit.
As a result of the implementation of Active Network, a new registration software, rentals are now tracked only by rental permit.
Source: Various Town departments
Town of Danville
Operating Indicators by Function
Last Ten Fiscal Years
Fiscal Year
149
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Function 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Police:
Stations 1111111111
Patrol units 13 12 13 13 13 13 13 13 13 13
Public works:
Street (miles) 144.6 144.6 144.6 144.6 157.89 158.15 158.15 158.28 158.49 158.49
Street lights 1,417 1,417 1,417 1,158 1,158 1,158 1,158 1,158 1,158 1,182
Signalized intersections 52 51 52 54 54 54 54 54 54 54
Parks and recreation:
Parks acreage 312.5 312.5 312.5 312.5 312.5 312.5 312.5 312.5 312.5 312.5
Parks 5555555555
Swimming pools 0000000000
Tennis courts 10 10 10 10 10 10 10 9 9 9
Pickleball courts 0000002222
Community centers 3333333333
Source: Various Town departments
Town of Danville
Capital Asset Statistics by Function
Last Ten Fiscal Years
Fiscal Year
150
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REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND
OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
Independent Auditors’ Report
To the Mayor and Members of the Town Council
of the Town of Danville
Danville, California
We have audited, in accordance with the 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, the financial statements of the governmental activities, each major fund, and the
aggregate remaining fund information of the Town of Danville, California (the “Town”), as of and for the year ended
June 30, 2024, and the related notes to the basic financial statements, which collectively comprise the Town’s basic
financial statements, and have issued our report thereon dated November 19, 2024.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Town’s internal control over
financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances
for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an
opinion on the effectiveness of the Town’s internal control. Accordingly, we do not express an opinion on the
effectiveness of the Town’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent, or detect and correct,
misstatements, on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal
control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will
not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a
combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to
merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and
was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant
deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we
consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not
identified.
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To the Mayor and Members of the Town Council
of the Town of Danville
Danville, California
Page 2
152
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Town’s financial statements are free from material
misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant
agreements, noncompliance with which could have a direct and material effect on the financial statements. However,
providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do
not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are
required to be reported under Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the
results of that testing, and not to provide an opinion on the effectiveness of the Town’s internal control or on
compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards
in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any
other purpose.
Walnut Creek, California
November 19, 2024
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