City audit details local jobs picture, trends 

Building 8 of the IAC Commerce Center is a 113,400 square foot Class A industrial facility. Courtesy
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The Santa Clarita City Council approved an annual audit report that provided updated figures for the city’s finances, its largest employers and its growth trends. 

The council approved the federally mandated annual audit for the fiscal year ending June 30 at the Jan. 28 council meeting. 

“Based on the audit performed, The Pun Group LLP, issued an unmodified ‘clean’ audit opinion letter,” according to an agenda report prepared by Brittany Houston of the city’s Administrative Services Department. She referred to the result as “the best level an organization can receive on its financial statements.” 

The audit report shared a number of highlights of the city’s fiscal growth in 2023-24. 

The net capital assets under city management increased by $38.5 million, or 3.2% partly due to increases of $22.9 million in site improvements and $24.6 million in facility upgrades. 

The report mentioned specifically: the completion of the Central Park Buildout and the Vista Canyon Ranch Metrolink Station; the city’s acceptance of the Vista Canyon Water Factory, fulfilling the development’ s conditions of approval; and an adjustment for the county’ s contribution for construction of the Santa Clarita Valley Sheriff’s Station. 

“As of the close of the current fiscal year, the city’ s governmental funds reported combined ending fund balances of $468 million, which represents an increase of $47 million as compared to the prior year,” according to the audit report.  

The general fund also saw a $15 million increase over the previous year, reporting a balance of $282 million. 

“This increase is primarily attributed to investment income being $9.6 million higher and taxes being $3.4 million higher in fiscal year 2023-24,” according to the audit. 

General Fund sales tax revenue continues to be one of the largest revenue sources for the city, accounting for 32% or $ 47.7 million as projected in the 2024-25 mid-year budget.  

The report also shared the city’s largest employers, giving a 10-year comparison that indicates how their numbers might have shrunk, but their importance to the local economy has grown as the number of local jobs has decreased. 

In 2014-15 for example, the city’s top-10 employers accounted for 11,857 of 28,186 employers, with the largest being Six Flags Magic Mountain at 3,200 workers. 

In 2023-24, Magic Mountain employed 3,000 locally, which accounted for 15% of the city’s workforce, which had 19,904 employers in 2024 — a decrease of more than 8,000 employers. 

The newest additions to the largest employers list in the 10-year comparison were Logix (679),  Amazon (580) and AMS Fulfillment (489), which took over the Nos. 8, 9 and 10 spots from Quest Diagnostics, CalArts and Walmart. 

Princess Cruises has reduced its imprint by approximately half, leasing out its headquarters and quietly reducing its local ranks from 1,885 to 901 in the past 10 years, based on figures in the audit. 

Over the past decade, the city of Santa Clarita government has grown by nearly 28%, from 375.75 employees to just under 480. 

The report also notes that the supply of industrial space is starting to catch up with demand. Last year, thanks in part to openings at Needham Ranch, the space available went from 0.6% to 6.6%, according to the report. 

The audit report was approved ahead of the city’s annual start of planning the 2025-26 fiscal year’s budget. 

The initial budget study session 5 p.m. Tuesday covers a discussion of the city’s fiscal outlook, as well as some of the factors that figure into the city’s projections, based on the local, state, federal and even global outlook. The city declined to release its budget figures ahead of Tuesday’s meeting. 

Councilman Jason Gibbs said he looks forward to the meetings because he appreciates the project updates and the context that City Manager Ken Striplin provides for local decision making. 

“I’m more curious just to see how things are moving along, like with the Blue Cloud Bike Park, and I know The Rink is moving forward,” Gibbs said, referring to two of the city’s upcoming capital improvement projects in Santa Clarita 2025. “But I use it more as a time to really get a status update and see what the economic outlook is looking like.” 

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