City of Los Angeles

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Matthew W. Szabo, City Administrative Officer

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2020 Audited Financial Statements - Sewer Construction and Maintenance Fund

SCM Audited Financial Statements

January 29, 2021

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City of Los Angeles Disclaimer

Site Disclaimer

Welcome to the City of Los Angeles Investor Relations website. This website provides certain information that investors in bonds issued by the City of Los Angeles, for or on behalf of the City of Los Angeles, and its departments may find useful; however, the information contained on this website has been included for general informational purposes only and has not been prepared with a view to informing an investment decision in any such bonds. Please carefully review the Terms of Use below to understand the limitations of information on this website. Although this website may be updated periodically, more recent information may be available that has not been added to this website. Any of the information on this website may be removed or updated at any time. You must read the following Terms of Use before accessing this website.

Terms of Use (Last Updated October 16, 2023)

The City of Los Angeles Office of the City Administrative Officer (CAO) reserves the right to revise these Terms of Use at any time. Users of this website should check prior to each use whether the Terms of Use have been updated since the user’s last access. Use of this website shall constitute acceptance of and agreement to the Terms of Use in effect at the time of access.

Under no circumstances will the information on this website constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

The information contained on this website has been included for general informational purposes only and has not been prepared with a view to informing an investment decision in any bonds issued by the City. The information contained on this website has been obtained from sources believed to be reliable, but is not guaranteed to be accurate. No person should make any investment decision in reliance upon the information contained herein. The information on this website is not intended to replace any information or consultation provided by a professional financial advisor. The information contained on this website is not a summary or a compilation of all information relevant to any particular financial transaction or issue of bonds, commercial paper notes, or other obligations. It does not purport to include every item that may be relevant, nor does it purport to present full and fair disclosure with respect to any financial transaction or issue of bonds, commercial paper notes, or other obligations related to the City of Los Angeles or its departments within the meaning of applicable securities laws and regulations.

Each document contained on this website should only be considered reliable as of the date it was prepared and developments, changes in facts and circumstances or the passage of time may make each such document inaccurate or incomplete as of the date of viewing. The CAO undertakes no obligation to update any information included in this website. Any information on this website may be removed or updated at any time. The information, estimates, and expressions of opinion herein are subject to change without notice and the posting of information on this website does not imply that there has been no change in such information or the affairs of the City of Los Angeles since the date such information was prepared.

Any forward-looking statements included in the information on this website are subject to a variety of uncertainties that could cause any actual results to differ materially from the projected results in any such statement.

Any rating agency reports provided through this website were prepared by the respective rating agencies and the CAO disclaims any responsibility for the contents of the reports or any investor’s reliance on these reports. In addition, the CAO disclaims any responsibility or liability for any damages caused by viruses contained within the electronic files on this website.

No statement found on this website is incorporated by reference in any preliminary or final offering document and no statement on this website is part of any preliminary or final offering document.

Any addresses of or links to other web sites, which may be contained herein or in any document contained hereon, are given for the convenience of the user only. The CAO has not participated in the preparation, compilation, or selection of information on any other website, and assumes no responsibility or liability for the contents thereof.

The CAO has filed and from time to time may file certain annual and periodic reports on the EMMA website of the Municipal Securities Rulemaking Board. That website can be accessed at www.emma.msrb.org. The information on the City of Los Angeles Investor Relations website is not intended to replace or supplement any of the information posted to EMMA.

By choosing to continue and view the information on this website you are acknowledging that you have read, understood, and accept these Terms of Use.

Documents Disclaimer

All financial documents contained on this website should only be considered reliable as of the date they were prepared. The City of Los Angeles Office of the City Administrative Officer undertakes no obligation to update any information included in this site. The information, estimates, and expressions of opinion herein are subject to change without notice and the posting of information on this website does not imply that there has been no change in such information or the affairs of the City of Los Angeles since the dated date of any information or report or date of posting such information. Forward-looking statements are subject to a variety of uncertainties that could cause actual results to differ materially from the projected results. The financial documents on this website generally relate only to the City’s General Fund which is the source of payment for the City of Los Angeles Tax and Revenue Anticipation Notes and Municipal Improvement Corporation of Los Angeles (MICLA) Lease Revenue Bonds. The security and sources of payment for other obligations issued by (or for or on behalf of) City departments and other City-related issuers are described in the respective official statements for such obligations.

Pursuant to the City Charter, the Mayor proposes, and the City Council is responsible for enacting, an annual budget. The annual budget consists of appropriations based on estimated revenues and expenditures developed during the six to ten-month period preceding the start of each fiscal year. Those estimated revenues and expenditures rely on economic and financial assumptions that the City develops for budgetary purposes based on then-available information. The City updates its estimated revenues and expenditures over the course of the fiscal year as economic and financial conditions develop, which often differs from those estimated at the time that the annual budget is originally adopted. These differences are sometimes material. As such, the annual budget may be modified by the Mayor and City Council throughout the fiscal year.

The annual budget is not prepared, nor is it suitable, for the purpose of an investor understanding the forward-looking financial condition of the City or for making any investment decision in any bonds issued by the City or secured by any City revenues. Further, the economic and financial assumptions that the City presents in the annual budget have been prepared for budgetary purposes, which assumptions may differ materially from those that the City would use to communicate financial projections to investors. The City files official statements for bond offerings, audited financial statements, annual comprehensive financial reports, annual financial information, material event notices, and voluntary disclosures with the Municipal Securities Rulemaking Board (MSRB) and makes such information available on the City of Los Angeles Investor Relations website. The annual budget will not be filed with the MSRB.

Any addresses of or links to other websites, which may be contained herein or in any document contained thereon, are given for the convenience of the user only. The City of Los Angeles Office of the City Administrative Officer assumes no responsibility or liability for the contents thereof.

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UNDER NO CIRCUMSTANCES SHALL THE INFORMATION ON THE SITE CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION. OFFERS TO PURCHASE SECURITIES MAY BE MADE ONLY THROUGH A REGISTERED BROKER-DEALER AND THROUGH AN OFFICIAL STATEMENT.

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