PowerPoint Presentation (Added 1/9/26)*

Fiscal Year 2024-25 Year-End 
Financial Report
January 13, 2026

Presentation Outline
2
• Understanding Financial Reporting
• Highlights from the Audited Financial Report
• City’s Fiscal Health

Understanding Financial Reporting
3

Annual Reports
4
• Annual Comprehensive Financial Report (ACFR) 
– Financial information presented in accordance with U.S. Generally Accepted 
Accounting Principles (GAAP)
– Statement of Net Position/Fund Balance
– Revenues, Expenditures, and Changes in Fund Balance
• Single Audit Reporting Package
– ACFR
– Schedule of Expenditures of Federal Awards (SEFA)
– Internal control and compliance report over the annual financial report
– Internal control and compliance report over federal programs
•  Annual Expenditure Limitation Report

5
Funds
Governmental Funds
• General Fund
• Special Revenue Funds
• Capital Projects Funds
• Debt Service
• Permanent Fund
Proprietary Funds:
• Enterprise Funds
• Internal Service Funds

6
Net Position & Fund Balance
Net Position: 
• Net Investment in 
Capital Assets
• Restricted
• Unrestricted
Fund Balance:
• Nonspendable
• Restricted
• Committed
• Assigned
• Unassigned

Highlights From the Audited Financial 
Report

8
GFOA Excellence in Financial Reporting 
Award
Thank You to our 
Accounting Team:
•
Megan Ellgen
•
Julianne Loyd
•
Sharon Broderius
•
Mark Munson
•
Jun Okabe
•
Sheng Wang
•
Michael Johnson
•
Susana Marquez
•
Anne Foss
•
Maribel Moreno
•
Megan Smith

Net Position Improved
(Amounts Shown in Thousands)
9
Prior year
6/30/2024
6/30/2025
Change
Cash & Investments
961,249 
1,037,927 
76,678 
8.0%
Capital Assets, net of depreciation
1,824,254 
1,892,000 
67,746 
3.7%
Other Assets and Deferred Outflows
327,164 
292,131
(35,033) -10.7%
Total Assets and Deferred Outflows
$3,112,667 
$3,222,058 
$109,391 
3.5%
Net Pension Liabilities
218,484 
211,469 
(7,015) 
-3.2%
Bonds Payable
896,195 
892,475 
(3,720)
0.4%
Other Liabilities and Deferred Inflows
433,853 
407,038 
(26,815) 
-6.2%
Total Liabilities and Deferred Inflows
$1,548,532 
$1,510,982 
($37,550) 
-2.4%
Total Net Position
$1,564,135 
$1,711,076 
$146,941
9.4%

Cash and Investments at 6/30/25
(Amounts Shown in Thousands)
10
Prior Year 
6/30/2024
6/30/2025
Change
General Fund
$257,266
$313,055 
$55,789
21.7%
Transportation Special Revenue Fund
136,052 
109,505 
(26,547)
-19.5%
Highway User Revenue Fund
26,318 
29,825 
3,507 
13.2%
Capital Projects Funds
220,422 
202,520 
(17,902)
-8.1%
Debt Service Funds
97,747 
99,848 
2,101 
2.1%
Other Restricted Funds
16,508 
19,617 
3,109 
18.8%
Water & Sewer
86,360 
121,135 
34,775 
40.3%
Landfill
8,441 
10,991 
2,550 
30.5%
Other Enterprise Funds
4,837 
7,967 
3,130 
64.7%
Internal Service Funds
107,298 
123,464 
16,166 
15.1%
Total Cash & Investments
$961,249
$1,037,927 
$76,678
8.0%

11
Capital Assets at 6/30/25
(Amounts Shown in Thousands)
Land, 
 $123,861 
Construction in 
Progress 
$149,267 
Buildings & 
Improvements 
$840,858 
Streets & 
Drains 
$1,099,215 
Parks & 
Airport 
$135,690 
Airport, 
$27,812 
Water & Sewer 
$967,347 
Equipment & 
Other
 $298,308 
• Total Asset Value: 
$3,642,358
• Less Depreciation: 
$1,750,358
• Net Book Value: 
$1,892,000

Outstanding Bonded Debt at 6/30/25
(Amounts Shown in Thousands)
12
$166,655 
$257,055 
$15,895 
$30,515 
$225,895 
$8,065 
$188,395 
 $-
 $50,000
 $100,000
 $150,000
 $200,000
 $250,000
 $300,000

Change In Net Pension Liabilities
(Amounts Shown in Thousands)
13
$89,899
$111,382
$112,069
$113,240 
$249,433
$75,613
$106,091
$97,714 
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
FY 2022
FY 2023
FY 2024
FY 2025
ASRS
PSPRS

14
 $-
 $50,000
 $100,000
 $150,000
 $200,000
 $250,000
 $300,000
 $350,000
 $400,000
 $450,000
 $500,000
General Fund
Other Restricted
Funds
Capital Projects
Funds
Debt Service
Funds
Revenues
Expenditures
FY25 Governmental Funds’ Revenues, 
Expenditures, Other Sources & Uses 
(Amounts Shown in Thousands)

15
 $-
 $20,000
 $40,000
 $60,000
 $80,000
 $100,000
 $120,000
 $140,000
 $160,000
Water & Sewer
Landfill
Other Enterprise
Funds
Internal Service
Funds
Revenues
Expenses
FY25 Enterprise Funds’ Operating and 
Non-Operating Revenues & Expenses 
(Amounts Shown in Thousands)

City Revenue Categories
16

City Expense Categories
17

City’s Fiscal Health

19
Credit Ratings Improved
• S&P – upgraded the City’s GO bonds issuer 
rating from AA to AA+ and the COPs taxable 
bond rating from AA- to AA. 
• S&P – upgraded the City’s Senior Lien Excise 
Tax Revenue Obligations and Senior Lien Excise 
Tax Obligations issued by the Glendale MPC 
from AA+ to AAA.

City’s Credit Ratings Over Time
20
General Obligation Issuer Rating 
Year
Moody’s
S&P
Fitch
2013
A2
A-
NR
2014
A3
BBB+
NR
2015
A3
BBB+
NR
2016
A2
A+
NR
2017
A1
A+
NR
2018
A1
A+
NR
2019
A1
AA-
NR
2020
A1
AA-
NR
2021
A1
AA-
AAA/AA
2022
A1/Aa2
AA 
AAA/AA
2023
A1/Aa2
AA 
AAA/AA
2024
Aa3/Aa2
AA 
AAA/AA
2025
Aa3/Aa2
AA+
AAA/AA

Revenue Growth
21
• Modest revenue growth after years of the pandemic 
and post-pandemic spending and inflation
– Residential Rental Tax eliminated beginning January 2025
• TPT Growth is expected to slow for future fiscal years 
and will be monitored and managed through the 
annual budget process

Annual Expenditure Limitation Report
22
• City’s expenditure limitation calculated by the 
State:
– Base limit adjustments for changes in 
population and inflation
• Maximum limit on the City’s spending of certain 
revenues (local revenues) on annual operating 
expenditures

Expenditure Limitation
(Amounts Shown in Thousands)
23
6/30/24
6/30/25
6/30/26
State Calculated Limit
$730,771
$765,293
$792,661
Expenditures Subject to the Limit
491,598
$ 524,708
(estimate, 
unaudited)
N/A
Amount Under the Limit
$239,173
$240,585
N/A

24
Questions?