CITY OF ALAMEDA, CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2023
PREPARED BY THE
FINANCE DEPARTMENT
MARGARET O’BRIEN
FINANCE DIRECTOR
City of Alameda, California
People and Places in the City
INTRODUCTORY SECTION
City of Alameda, California
People and Places in the City
Introductory Section:
Table of Contents ...................................................................................................................................................................................... i Transmittal Letter ...................................................................................................................................................................................... iv City Council .............................................................................................................................................................................................. xii Principal Officers ...................................................................................................................................................................................... xiii Organizational Chart ................................................................................................................................................................................. xiv Regional Map ............................................................................................................................................................................................ xv GFOA Certificate of Achievement for Excellence in Financial Reporting .............................................................................................. xvi Financial Section:
Independent Auditor’s Report ................................................................................................................................................................... 1 Management’s Discussion and Analysis ................................................................................................................................................... 4 Basic Financial Statements:
Government-wide Financial Statements:
Statement of Net Position ................................................................................................................................................................ 22 Statement of Activities .................................................................................................................................................................... 24 Fund Financial Statements:
Governmental Funds:
Balance Sheet ............................................................................................................................................................................. 28 Reconciliation of Governmental Funds Balance Sheet with the Statement of Net Position ...................................................... 31 Statement of Revenues, Expenditures, and Changes in Fund Balances ..................................................................................... 32 Reconciliation of the Net Change in Fund Balances – Governmental Funds with the Change in Governmental Net Position ...................................................................................................................... 34 Statement of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual:
General Fund .............................................................................................................................................................................. 35 Base Reuse Special Revenue Fund ............................................................................................................................................ 36 Grants Special Revenue Fund .................................................................................................................................................... 37 City of Alameda, California
Annual Comprehensive Financial Report
For the Year Ended June 30, 2023
Table of Contents
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Proprietary Funds:
Statement of Net Position ........................................................................................................................................................... 40 Statement of Revenues, Expenses and Changes in Fund Net Position ...................................................................................... 41 Statement of Cash Flows ............................................................................................................................................................ 42 Fiduciary Funds:
Statement of Fiduciary Net Position .......................................................................................................................................... 45 Statement of Changes in Fiduciary Net Position ........................................................................................................................ 46 Notes to Basic Financial Statements ..................................................................................................................................................... 48 Required Supplementary Information:
Schedule of Changes in Net Pension Liability and Related Ratios – Miscellaneous Plan ................................................................... 132 Schedule of Changes in Net Pension Liability and Related Ratios – Safety Plan ................................................................................ 134 Schedule of Contributions – Miscellaneous Plan .................................................................................................................................. 136 Schedule of Contributions – Safety Plan ............................................................................................................................................... 138 The 1079 & 1082 Pension Plans – Schedule of Changes in Total Pension Liability and Related Ratios ............................................ 140 OPEB – Schedule of Changes in the Net OPEB Liability and Related Ratios – Miscellaneous and Pre-1/1/2019 Safety Plan .......... 142 OPEB – Schedule of Contributions - Miscellaneous and Pre-1/1/2019 Safety Plan ............................................................................ 143 OPEB – Schedule of Changes in the Net OPEB Liability and Related Ratios – Post-1/1/2019 Safety Plan ....................................... 144 OPEB – Schedule of Contributions - Post-1/1/2019 Safety Plan .......................................................................................................... 145 Supplemental Information - Combining and Individual Fund Financial Statements and Schedules:
Non-major Governmental Funds:
Combining Balance Sheets .............................................................................................................................................................. 150 Combining Statements of Revenues, Expenditures, and Changes in Fund Balance ....................................................................... 156 Combining Schedules of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual ..................................... 159 Internal Service Funds:
Combining Statements of Net Position ........................................................................................................................................... 172 Combining Statements of Revenues, Expenses and Changes in Fund Net Position ....................................................................... 174 Combining Statements of Cash Flows ............................................................................................................................................. 176 City of Alameda, California
Annual Comprehensive Financial Report
For the Year Ended June 30, 2023
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Statistical Section:
Financial Trends:
Net Position by Component – Last Ten Fiscal Years ...................................................................................................................... 182 Changes in Net Position – Last Ten Fiscal Years ............................................................................................................................ 184 Fund Balances of Governmental Funds – Last Ten Fiscal Years .................................................................................................... 188 Changes in Fund Balances of Governmental Funds – Last Ten Fiscal Years ................................................................................. 190 Basic Revenue Index (BRI) ............................................................................................................................................................. 192 Revenue Capacity:
Assessed and Estimated Actual Value of Taxable Property – Last Ten Fiscal Years ..................................................................... 194 Property Tax Rates - All Direct and Overlapping Governments – Last Ten Fiscal Years .............................................................. 195 Principal Property Taxpayers – Current Year and Ten Years Ago ................................................................................................. 196 Property Tax Levies and Collections – Last Ten Fiscal Years ........................................................................................................ 197 Alameda Municipal Power Electric Operating Revenues by Source – Last Ten Fiscal Years ....................................................... 198 Alameda Municipal Power Customer Accounts – Last Ten Fiscal Years ....................................................................................... 199 Alameda Municipal Power Pricing Changes – Last Ten Fiscal Years ............................................................................................ 200 Alameda Municipal Power Top Ten Customers – Last Ten Fiscal Years ...................................................................................... 201 Debt Capacity:
Ratio of Outstanding Debt by Type – Last Ten Fiscal Years .......................................................................................................... 202 Ratio of General Bonded Debt Outstanding – Last Ten Fiscal Years ............................................................................................. 203 Computation of Direct and Overlapping Debt ................................................................................................................................. 204 Computation of Legal Bonded Debt Margin ................................................................................................................................... 205 Sewer Fund Debt Coverage – Last Ten Fiscal Years ...................................................................................................................... 206 Alameda Municipal Power Fund Debt Coverage – Last Ten Fiscal Years ..................................................................................... 207 Demographic and Economic Information:
Demographic and Economic Statistics – Last Ten Fiscal Years ..................................................................................................... 208 Principal Employers – Current Year and Nine Years Ago .............................................................................................................. 209 Operating Information:
Full-Time Equivalent City Government Employees by Function – Last Ten Fiscal Years ............................................................ 210 Operating Indicators by Function/Program – Last Ten Fiscal Years .............................................................................................. 212 Capital Asset Statistics by Function/Program – Last Ten Fiscal Years .......................................................................................... 216 City of Alameda, California
Annual Comprehensive Financial Report
For the Year Ended June 30, 2023
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Finance Department
2263 Santa Clara Avenue, Room 220
Alameda, California 94501
(510) 747-4881
February 29, 2024
Honorable Mayor and
Members of the City Council
We are pleased to present the City of Alameda (City) Annual Comprehensive Financial Report for the fiscal year ending June 30, 2023. The information in this Annual Comprehensive Financial Report is prepared in accordance with Generally Accepted Accounting Principles (GAAP) and includes an unmodified opinion on the report by the City's independent certified public accountants. Although we rely on the standards and expertise of these external auditors, the responsibility for the accuracy and fairness of this report rests with the City.
For those readers interested in a more detailed review of the City's financial statements, a narrative section called Management's Discussion and Analysis (MD&A) has been included as part of the Financial Section. The MD&A reports on the financial highlights of the City and provides additional analysis on the variances and trends reported as part of the financial statements. The MD&A also discloses significant items affecting the financial condition of the City and is designed to be read in conjunction with this letter of transmittal.
City Profile
The City was incorporated in 1854 and is located in Alameda County, the growing East Bay region of the San Francisco Bay Area. The City has a permanent staff of 583 allocated full-time positions (including Alameda Municipal Power) and serves 77,287 residents in a land area of 10.61 square miles, plus 12.09 square miles of water.
The City operates utilizing the Council-Manager form of government. The Mayor and four Council members are elected at large for staggered four-year terms to govern the City. The City Treasurer and City Auditor are also elected for four-year terms. The City Council is responsible for establishing policies, adopting a biennial budget, appointing commissioners and committee members, as well as hiring the City Manager, City Attorney and City Clerk. The City Manager is responsible for implementing the Council's policies, and overseeing the day-to-day operations and management of the City. Current City Council priorities include: preparing Alameda for the future; encouraging economic development across the island; supporting enhanced livability and quality of life; protecting core services; and ensuring effective and efficient operations. iv
City departments and areas of responsibility are comprised of the following:
General Government includes staff and activities associated with the City Council, City Manager, City Clerk, and City Attorney.
Finance Department provides strategic long-term financial planning, financial reporting, payroll services, budgeting, purchasing, accounts payable, accounts receivable, and business licenses.
Human Resources Department includes staff and activities associated with recruitment, training and development, employee and labor relations, disability management, safety administration, and policy and procedure development.
Information Technology Department provides internal support overseeing technology information and daily needs of City as well as collaborates with regional partners to advance tech related issues.
Community Services includes the City's Library Department and the Recreation and Parks Department, which also includes Senior Center operations and Corica Park Golf Course contract management.
Community Development provides oversight services and project management in the following areas: housing, social services, asset management, economic development and base reuse at the former Naval Air Station, known as Alameda Point.
Planning, Building, and Transportation includes the permit center, current and advance planning, transportation planning, and building inspection and code enforcement.
Public Safety includes Police with its Communications, Patrol, Investigations, and Traffic divisions, as well as Fire with its Emergency Services, Prevention Services, and Ambulance Transport divisions.
Public Works includes Engineering, Transportation Operations, Parking Enforcement, Streets and Sidewalk Maintenance, Tree Maintenance, and Storm Drains and Sewer Maintenance divisions.
Alameda Municipal Power includes staff and activities associated with operation and maintenance of the local electric distribution system.
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Economic Condition and Outlook
The City of Alameda is a community situated in the San Francisco Bay with residential neighborhoods and commercial areas. There are scenic views of Oakland, San Francisco, and other areas of the Bay shoreline and surrounding hills. The City has physical links to the City of Oakland to the north and east, and offers ferry services to San Francisco from three ferry terminal locations.
Between 2022 and 2023, the population of Alameda decreased by 0.6% from 77,784 residents to 77,287 residents, according to the California Department of Finance. It is anticipated that Alameda's population will increase as new housing units are constructed and occupied at the former Naval Station and elsewhere in the City.
The outlook for the City is generally stable. In fiscal year 2023, the overall economy remained resilient, with City revenues performing well across various categories, including property, sales, utility user, and transient occupancy taxes, which increased year-over-year. However, certain economically sensitive revenue categories in the General Fund experienced a decline, while revenues collected net of one-time funds, remained flat. The biggest decline occurred in property transfer tax due to higher mortgage interest rates impacting the volume and median sales price of property transfers. The City’s unemployment rate decreased from 5.5% in fiscal year (FY) 2021-22 to 3.0% in FY 2022-23. Investors continue to demonstrate their faith in the strength of the community by continuing to make capital improvements and through continued development at Alameda Point and in other commercial and residential development elsewhere in the community. Overall, the General Fund ended the year with an 1.4% increase in revenues over the prior year.
Due to several years of a strong local real estate market, the City has been able to maintain generous General Fund reserves in excess of the City Council's established level of 25% of expenditures for more than a decade.
Additionally, Standard and Poor’s raised the City’s long-term rating for its general obligation bonds from AA+ to AAA and awarded the City an AA+ for its certificates of participation.
The City received the final allocation of American Rescue Plan Act (ARPA) funds early in Fiscal Year 2022-23 in the amount of $14.34 million. The total $28.68 million received was used to address the critical needs of residents. The City's ARPA spending plan was focused on addressing housing, behavioral/mental health, investing in and building broadband infrastructure, providing household and local small business assistance, and supplementing revenue loss - all with an emphasis on those in our community who were and continue to be disproportionately impacted by the pandemic. Working with community leaders and the City Council, the City of Alameda has put into place plans to use ARPA funding for:
• The Midway Shelter of Alameda: $1.8 million ARPA funds were dedicated to replace three portable units that house the kitchen/community room, staff/children's room, and a 25-bed dormitory at this shelter for women and children who are unhoused or suffering from domestic violence. • Guaranteed Basic Income Pilot Program: ARPA funds are being used to develop Rise Up Alameda, a guaranteed income pilot program that will provide $1,000 per month to 150 low-income Alameda households over a two-year period.
• Wireless Hotspot Lending Program: ARPA funds helped bridge the digital divide for families by providing wireless hotspots lent out at the Alameda Free Library at no cost to borrowers. The lending program allows students, parents, teachers, and families working and studying remotely to access a free and reliable internet connection.
• Transitional Housing: ARPA funds, along with other grant funding, were used to build and operate Dignity Village (opened May 2023), a 46-unit modular housing project for individuals who were previously unhoused.
• Emergency Supportive Housing: ARPA funds were used to provide emergency housing for up to six months with wrap-around services to assist each person with individual challenges and locate permanent housing.
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• Commercial Streets: ARPA funds supported the survival of Alameda's small businesses and the health and safety of people who live, work, and visit Alameda through the continuation and enhancement of an on-street parklet program on the main streets in two downtown districts. To improve safety and multimodal access, the city developed plans to install protective barriers around the parklets, add bike lanes, and add loading zones on the streets. The improvements are scheduled for implementation in 2024. • Revenue Replacement: ARPA funds were used to offset revenue lost in the General Fund due to the pandemic.
FY 2022-23 began in a period of economic uncertainty both in the US and abroad. Mortgage rates increased while the available homes for sale decreased. In fiscal year 2022-23, the median sale price of a single-family residence in the City of Alameda was $1,246,000, or a decrease of -14.07% from the the prior year. While domestic and global conditions and risks have created headwinds for the City's economic outlook, the City deems itself in a solid position to weather the storm due to large cash reserves.
Internal Controls
The management of the City is responsible for establishing and maintaining internal controls designed to ensure that the assets of the City are protected from loss, theft or misuse, and that adequate accounting data is compiled to allow for the preparation of financial statements in conformity with GAAP. Internal controls are designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that: the cost of a control should not exceed the benefits likely to be derived; and the evaluation of costs and benefits requires estimates and judgments by management. All internal control evaluations occur within the stated framework. City management believes the City's internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions.
Budgetary Controls
As part of the City's internal controls, it maintains budgetary controls. The objective of these budgetary controls is to ensure compliance with legal provisions embodied in the appropriated budget approved by the City Council.
Every two years, departments work with the City Manager and Finance Department to submit operating budget requests for the next two fiscal years. The City Manager then makes recommendations to the City Council regarding the budget. After public discussion and evaluation of the recommendations, the City Council adopt the budget for the next two fiscal years.
Expenditures are controlled at the fund level for all budgeted departments within the City. At this level, expenditures may not legally exceed appropriations. The City Manager or their designee is authorized to transfer funds between departments within the same fund, and to limit expenditures in response to lower than expected revenues whenever necessary. The budgets are adopted on a basis substantially consistent with GAAP. Any amendments to the total level of appropriations for a fund or transfers between funds must be approved by the City Council.
City Council Goals and Objectives
As part of the budget preparation process, the City Council articulates goals and objectives for two years and evaluates the progress made on the goals established as part of the previous budget. The following represent some of the most significant goals established for fiscal years 2021-22 and 2022-23 as part of biennial budget process:
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1. Preparing Alameda for the future
• Take action on climate change and ensure our infrastructure needs are met, including adopting plans and policies that protect the community against sea-level rise and reduce greenhouse gas emissions and vehicle miles travelled, discussing infrastructure and storm water funding needs and possible sources, increasing the use of low-emissions vehicles within the City's fleet, and increasing electric vehicle (EV) chargers around town.
2. Encouraging economic development across the Island
• Improve the local economy and attract jobs, including promoting policies and marketing efforts that help retain existing businesses and attract new businesses that provide stable economic opportunities for the City's local workforce.
3. Supporting enhanced livability and quality of life
• Address housing and the unhoused, including implementing policies and programs that help to stabilize rents and increase the supply of housing for all income levels, updating the Land Use Element and Housing Element of the General Plan, and reviewing housing services and ensuring they are adapting to meet the changing needs of the community. • Mitigate traffic congestion and improve transportation safety, including producing a west- end crossing study, opening the Seaplane Lagoon ferry terminal, adopting a rideshare policy, completing the Central Avenue bike lane improvements, and increasing transit ridership.
4. Protecting core services
• Maintain safety and quality of life, including adopting policies and programs that maintain a high- level of public safety and that maintain Alameda's high-quality City parks, libraries, streetscape, community services, and amenities.
5. Ensuring effective and efficient operations
• Plan for fiscal and organizational stability, including exploring options for reducing the City's costs and liabilities, increasing City revenue and funding, and investing in technology and other measures that improve the City's efficiency and productivity.
Major Initiatives and Projects
Alameda Point Development - Alameda Point is considered one of the best remaining development opportunities in the East Bay, with an aspirational setting overlooking the Bay Bridge and the San Francisco skyline. In June 2015, the City Council approved a Disposition and Development Agreement, as amended (collectively, DDA) related to development of a 68-acre mixed-use project at Alameda Point known as "Site A". Site A is the first major public/private development since the former Naval Air Station closure in 1997. The 6th amendment to the DDA, executed in September 2022, substantially revised the planned development on a portion of "Phase 1" of Site A, as well as in "Phase 2" of Site A.
The proposed Site A development provides for:
1. A high-quality mixed-use transit-oriented waterfront development that includes approximately 1,472 on- site permanent jobs and 2,570 construction jobs over the life of the project, retail amenities, a diversity of housing types for a wide range of income levels, and new waterfront parks;
2. Future job creation at Alameda Point through the construction of amenities, gateway improvements into Alameda Point, and new utility infrastructure, all of which will help to support long-term employment- generation;
3. Mitigation of traffic impacts by funding transit service to BART, the creation of a direct ferry service between Alameda Point and San Francisco, the extension of Cross Alameda bicycle trail, and a number of other alternative transportation programs;
4. A contribution of $18 million towards significant transportation infrastructure; and Honorable Mayor and
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5. A commitment of over $30 million to 10 acres of publicly accessible parks and open spaces, including the regional sports complex and eight acres of waterfront parks along the Seaplane Lagoon with a community kayak launch.
Currently, 454 housing units (128 of which are designated affordable) have been completed at Site A with an additional 830 units contemplated in the 6th Amendment to the DDA. Construction and capital cost increases have caused major constraints on the ability of the project to meet its original objectives and schedule.
The Public Works Department has also made major headway in their water infrastructure replacement project with work starting in the Adaptive Reuse area in 02 of 2023 and anticipate completion of Phases 1 and 2 in 03 2024. Currently, water infrastructure work is ahead of schedule and under budget.
Fire Department - The City continued support of the Community Assessment Response and Engagement (CARE) team pilot program during FY 2022-23, which provides an alternative emergency response to nonviolent individuals facing a mental health crisis. This program is staffed by six Firefighter/ Emergency Medical Technicians (EMTs) and responds 24 hours a day, 7 days a week. The State of California aided this effort by providing $1.8 million of funding.
Housing - Affordable housing is still an area that needs greater emphasis in our City. In September 2022, the City was notified that its Draft General Plan Housing Element was in substantial compliance with state housing laws.
The eight year plan lays the groundwork for the City to increase housing production by approximately 5,300 new units between 2023 and 2031. The plan aims to create inclusive neighborhoods and remove barriers to housing for vulnerable communities, in addition to preventing and ending homelessness. Most notably, the City of Alameda became the first municipality in the Bay Area to adopt a housing element draft approved by the state.
Recreation and Parks:
• LittleJohn Park recreation building was fully rehabilitated in 2023, after sustaining significant fire damage in 2020; while the roof of the recreation building was replaced at McKinley Park. • The Bocce Ball courts were replaced at Lincoln Park as was the basketball court. • Replaced 1/4 mile of trail at Shoreline park on Bayfarm Island. • Leydecker field was fully restored, and irrigation was replaced. • Boho Immigrant Circle Park opened, including playgrounds, restrooms, performance spaces, kayak launch, and dock for future water taxi service.
Pension and Post-Employment Benefits Liability
Pension and Other Post-Employment Benefits (OPEB) Liability - The City has worked to successfully enact pension and OPEB solutions to address these liabilities. These efforts include limiting retiree health care to former employees only (spouses and families are now excluded), significant employer financial contributions to both pension and retirement health care benefits, and raising the age of retirement as a result of the State's own pension reform efforts. In addition to these actions, the City Council has adopted a Pension Rate Stabilization and OPEB Funding Policy that directs annual contributions to a Public Agencies Retirement Services (PARS) Trust for prefunding Pension and OPEB obligations. The Council further adopted a policy such that one-half of each fiscal year's General Fund surplus over a 25% available fund balance shall be put toward reducing the CalPERS unfunded liability for either pensions or OPEB. The Council recently directed 25% of the surplus fund balance be sent to the City's 115 Trust and the remaining 75% be sent directly to CalPERS to reduce the City's unfunded pension liability. The 115 Trust also restricts funds so they can only be used to address these long-term obligations. Another notable feature of the policy is to direct any unspent funds of the City's closed legacy pension plans (1079/1082 Pension Plans) toward these PARS trust accounts, which will further help fund these obligations.
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CAPITAL IMPROVEMENT PROGRAM
The City developed a Capital Improvement and Maintenance Plan (CIP) detailing specific budgeted capital projects. Each of the projects is consistent with the overall goals and principles of the City. Below are certain highlights of projects completed during the reporting period.
Alameda Point Backbone Infrastructure ($14.7million)
This project replaces water distribution and other utilities at Alameda Point. The utilities were installed by the Navy and the majority of the systems are over 70 years old and in disrepair. Backbone infrastructure includes new water facilities, sanitary sewer, stormwater, joint trench, street lighting, landscaping, and complete streets with bike and pedestrian facilities. The current construction project includes new water facilities and all backbone infrastructure improvements in the Phase 1 area and only the water improvements in the Phase 2 area. This is an ongoing project, with the current phase of construction expected to be completed in 2024.
Pavement Management ($5.2 million)
The City's Pavement Management Program performed resurfacing and preventive maintenance treatments along approximately 5.5 miles of roadway and 7,800 square yards of public parking lot. The City’s Pavement Management Index, issued by the Bay Area Metropolitan Transportation Commission is “Fair”.
Cyclic 19 Sanitary Sewer Rehabilitation ($3.8 million)
The project replaced 2.92 miles of sewer main in locations prioritized based on condition assessment and possible consequence of pipe failure. It furthers the objectives of the City's Sewer System Management Plan and Sewer Master Plan. The work also meets the annual work requirements pursuant a federal consent decree to which the City is a party.
Littlejohn Park Recreation Center ($1.3 million)
As a result from a major fire in 2021, the single-story 1,300 square foot recreation facility at Littlejohn Park was reconstructed. The facility serves the park and playground, as well as Ala Costa Center, who leased the facility to provide non-profit after school and summer programs for youth with developmental disabilities. The reconstructed facility will allow the programs to continue at the site.
Sidewalks ($.4 million)
The City’s sidewalk program removed more than 4,000 tripping hazards and identified areas of deteriorated sidewalk for replacement. As conduits for pedestrian movement and access, sidewalks enhance connectivity and promote walking. Safe, accessible, and well-maintained sidewalks are fundamental to mobility and a healthy community.
The FY 2022-23 adopted Capital Improvement Program Budget appropriated an additional $35.2 million and was allocated to the following types of projects:
Category Amount in Millions Percent of Total
Rehabilitation $20.97 59.52 %
Transportation $13.35 37.89 %
Park, Sea Level Rise, Alameda Point $0.91 2.59 %
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Awards and Acknowledgments
The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City for its Annual Comprehensive Financial Report for the fiscal year ended June 30, 2022. The Certificate of Achievement is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government financial reports.
The City received the GFOA's Distinguished Budget Presentation Award for its two-year budget document for FYs 2023-2025. In order to qualify for the Award, the City's budget document had to meet specific criteria as a policy document, a financial plan and a communications device.
This Annual Comprehensive Financial Report was prepared by the City's Finance Department staff, under the leadership of Margaret O'Brien, Finance Director. This report is representative of the staff's ongoing commitment to provide excellent service to Alameda residents.
Many thanks are also extended to the independent auditors of Maze & Associates for their review of this report, and to the City Council, City Treasurer, and City Auditor for their stewardship and commitment to assist in ensuring the long-term fiscal health of the City.
Respectfully submitted,
Honorable Mayor and
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Mayor Marilyn Ezzy Ashcraft
Vice Mayor Tony Daysog
Councilmember Trish Herrera Spencer
Councilmember Tracy Jensen
Councilmember Malia Vella
City of Alameda
City Council
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ELECTED OFFICIALS
Kevin Kearney, City Auditor
Kevin Kennedy, City Treasurer
CHARTER OFFICERS
City Manager, Jennifer Ott
City Attorney, Yibin Shen
City Clerk, Lara Weisiger
EXECUTIVE MANAGEMENT TEAM
Assistant City Manager, Amy Wooldridge
Finance Director, Margaret L. O’Brien
Base Reuse and Economic Development Director, Abigail Thorne-Lyman Chief of Police, Nishant Joshi
Fire Chief, Nicolas Luby
General Manager, Alameda Municipal Power, Nicolas Procos Human Resources Director, Jessica Romeo
Information Technology Director, Carolyn Hogg
Library Director (Acting), Marlon Romeo
Planning, Building and Transportation Director, Allen Tai Public Works Director, Erin Smith
Recreation and Park Director, Justin Long
City of Alameda
Principal Officers
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The City of Alameda, incorporated April 19, 1854, is a 10.6 square mile city located in San Francisco Bay.
Alameda has a population of 77,287. The City of Alameda is seven miles east of San Francisco, situated within San Francisco Bay, and less than one mile west of the City of Oakland, directly west of Interstate 880. Alameda is a brief drive north of Oakland International Airport, which borders the City on the southeast.
City of Alameda
City Profile
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FINANCIAL SECTION
City of Alameda, California
People and Places in the City
1 2
3 Management’s Discussion and Analysis (MD&A) provides an overview of the City of Alameda’s activities and financial performance for the fiscal year ended June 30, 2023. To obtain a complete understanding of the City’s financial condition, this document should be read in conjunction with the accompanying Transmittal Letter, Basic Financial Statements, and the notes to the basic financial statements.
Financial Highlights
• The City implemented Governmental Accounting Standards Board (GASB) Statement No. 96, Subscription-Based Information Technology Arrangements . The primary objective of this statement is to provide guidance on the accounting and financial reporting for subscription-based information technology arrangements (SBITAs) for government end users. This statement 1) defined a SBITA; 2) establishes that a SBITA results in a right-to-use subscription asset, an intangible asset, and a corresponding subscription liability; 3) provides the capitalization criteria for outlays other than subscription payments, including implementation costs of a SBITA; and 4) requires note disclosures regarding a SBITA. This standard required the City to report all of its SBITAs on the statement of net position/balance sheet with SBITA assets, SBITA liabilities, and inflows or outflows of resources based on the payment provisions of the contracts.
• The assets and deferred outflows of the governmental activities of the City exceeded its liabilities and deferred inflows at the close of the fiscal year by $319.3 million, of which unrestricted net position was a deficit $157.3 million. Excluding the $344.7 million net pension, total pension, and net OPEB liabilities, which are not claims on current year financial assets, $187.4 million of unrestricted net position is available to meet the City’s ongoing obligations to citizens and creditors. • The City’s total net position increased by $53.4 million from the prior year, with $4.2 million attributable to business-type activities and $49.2 million to governmental activities. • As of June 30, 2023, the City’s governmental funds reported combined fund balances of $237.1 million, an increase of $12.6 million in comparison to the prior year. Of this amount, $58.3 million of unassigned fund balance is available for spending at the City’s discretion. • At the close of the fiscal year, the General Fund reported total assets of $122.2 million and a total fund balance of $112.5 million. This represents an increase in fund balance of $22.5 million, or 25.0% from prior fiscal year. Of the total fund balance, $59.8 million, or 53.2%, was unassigned.
Overview of the Annual Comprehensive Financial Report
The Annual Comprehensive Financial Report is presented in five sections:
• An introductory section that includes the Transmittal Letter and general information • Management’s Discussion and Analysis (MD&A)
• The Basic Financial Statements include all of the financial activities of the City. There are three components: Government-Wide Financial Statements, Fund Financial Statements, and Notes to the Basic Financial Statements.
• Required and Other Supplemental Information
• Statistical Information
City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2023
4 Government-Wide Financial Statements
The Government-Wide Financial Statements provide a long-term view of the City’s activities as a whole. They also provide the overall financial condition of the City using accounting methods similar to those used by private- sector businesses. They include the Statement of Net Position and the Statement of Activities.
The Statement of Net Position presents information on all of the government’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources on a full accrual basis of accounting similar to that used by private-sector companies. Over time, increases or decreases in the City’s net position may serve as a useful indicator of whether the financial position of the City is improving or deteriorating.
The Statement of Activities provides information about the City’s revenues and expenses on a full accrual basis, with an emphasis on measuring net revenues or expenses for each of the City’s programs. The Statement of Activities explains, in detail, the change in net position for 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 related cash flows.
The amount of the Statement of Net Position and the Statement of Activities are divided into two categories in order to provide a summary of each type of activity:
Governmental Activities – all of the City’s basic services are reported in this category. Included in basic services are the City Council, City Manager, City Attorney, City Clerk, Human Resources, Finance, Police, Fire, Public Works, Building, Planning, Transportation, Community Development Services, Housing, Library, and Recreation and Parks. These services are supported by the City’s general revenues such as taxes, state subventions, and by special program revenues such as fees and grants.
Business-Type Activities – all of the City’s enterprise activities are reported in this category. Unlike governmental services, these services are intended to recover all or a significant portion of their costs through user fees and charges. Included in the City’s enterprise activities are sewer and electric utility systems.
Fund Financial Statements
The Fund Financial Statements provide detailed information about each of the City’s most significant funds, or “major funds”, not the City as a whole. Therefore, each major fund is presented individually, while all non-major funds are combined in a single column on each fund statement. Supplemental schedules display these non-major funds in more detail. The General Fund is always considered a major fund, but other funds may change from year- to-year as a result of changes in the pattern of City activities.
Some funds are required to be established by State law and by bond covenants. However, management establishes many other funds to help control and manage funds for particular purposes or to show legal responsibilities for using certain taxes, grants or other monies are being met.
The Fund Financial Statements display the City’s operations in more detail than the Government- Wide Financial Statements. All funds of the City can be divided into three categories: Governmental Funds, Proprietary Funds and Fiduciary Funds.
City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2023
5 Governmental Funds – Most of the City’s basic services are included in governmental funds, which focus on how money flows into and out of these funds and the balances left at fiscal year-end that are available for spending. Governmental Funds Financial Statements are prepared on the modified accrual basis of accounting, which means they measure only current financial resources and uses. Governmental Funds Financial Statements focus on near-term inflows and outflows of spendable resources as well as on the balances of spendable resources available at the end of the fiscal year. This information may be useful in evaluating a government’s ability to meet its near-term financial requirements. Because the focus of governmental funds is narrower than that of the Government-Wide Financial Statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the Government-Wide Financial Statements. By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions.
Both the governmental funds balance sheet and the governmental funds statement of revenues, expenditures and changes in fund balances provide a reconciliation to assist the reader with this comparison between governmental funds and governmental activities. Capital assets and other long-term assets, along with long-term liabilities, are presented only in the Governmental-Wide Financial Statements.
Proprietary Funds – When the City charges customers for services it provides, whether to outside customers or other units of the City, these monies are generally reported in proprietary funds. The City maintains two different types of proprietary funds: enterprise funds and internal service funds. These financial statements are prepared on the full accrual basis of accounting, similar to that used by private-sector companies. The City’s enterprise funds are the same as the business-type activities reported in the Government-Wide Financial Statements, but provide more detail and additional information, such as a statement of cash flows.
Fiduciary Funds – Fiduciary Funds are used to account for resources held for the benefit of parties outside the government. The City’s fiduciary activities are reported in separate statements including the Statement of Fiduciary Net Position and the Statement of Changes in Fiduciary Net Position. These activities are excluded from the Government-Wide Financial Statements because the resources of those funds are not available to support the City’s own programs. Fiduciary funds are prepared on the full accrual basis, similar to the proprietary funds.
The City has two types of fiduciary funds: the custodial fund and the private purpose trust fund.
Notes to the Basic Financial Statements
The Notes to the Basic Financial Statements provide additional information that is essential to acquire a full understanding of the data provided in the Government-Wide and Fund Financial Statements. The Notes to the Financial Statements follow the basic financial statements.
Required Supplementary Information
In addition to the Basic Financial Statements and accompanying notes, the Required Supplementary Information presents required supplementary information, including information on the City’s pension and OPEB plans.
Required supplementary information can be found immediately following the Notes to the Basic Financial Statements.
City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2023
6 Financial Analysis of Government-Wide Financial Statements This section focuses on the City’s net position and changes in net position of its governmental and business-type activities. The overall net position for the City reflects a $53.4 million or 11.8% increase, from $451.6 million at June 30, 2022 to $505.0 million at June 30, 2023. Of this $53.4 million increase, $27.1 million, or 50.7% is related to the City’s many ongoing infrastructure projects. An additional $2.6 million, or 4.9% is associated with accounts payable, reflecting the City’s timely management of these obligations. $2.1 million, or 3.9%, is attributable to a decrease in the City’s net pension, total pension, net OPEB liabilities and related deferred outflows/inflows of resources. While a portion of these decreases can be attributed to changes in assumptions made by the actuaries, a majority of the decrease stems from better-than-expected investment returns.
Additionally, $2.1 million of this City-wide decrease in net position stems from principal payments on long-term debt. The remaining $49.2 million relates to various items throughout the City, including additions to the purchased power balancing account in the Alameda Municipal Power enterprise fund, introduction of GASB Statement No. 87 regarding recognition of certain lease assets and liabilities, introduction of GASB Statement No. 96 regarding recognition of certain subscription-based information technology arrangements, and stronger than normal general revenues.
Details of the net position are presented in the summary are as follows:
Condensed Statement of Net Position
as of June 30, 2023 and 2022
(In thousands)
Governmental
Activities
Business-type
Activities Total
2023 2022** 2023 2022** 2023 2022**
Assets
Current and other assets $ 443,547 $ 416,238 $ 147,897 $ 141,801 $ 591,444 $ 558,039 Capital assets 368,710 342,719 142,184 139,953 510,894 482,672 Total assets $ 812,257 $ 758,957 $ 290,081 $ 281,754 $ 1,102,338 $ 1,040,711 Deferred Outflows of Resources
Deferred losses on refunding $ — $ — $ 315 $ 377 $ 315 $ 377 Related to pensions 73,681 32,559 9,598 6,101 83,279 38,660 Related to OPEB 11,118 13,818 109 164 11,227 13,982 Total Deferred Outflows of Resources $ 84,799 $ 46,377 $ 10,022 $ 6,642 $ 94,821 $ 53,019 Liabilities
Long-term Liabilities $ 386,310 $ 310,781 $ 58,405 $ 49,053 $ 444,715 $ 359,834 Other Liabilities 51,878 63,986 13,237 12,898 65,115 76,884 Total Liabilities $ 438,188 $ 374,767 $ 71,642 $ 61,951 $ 509,830 $ 436,718 Deferred Inflows of Resources
Related to pensions $ 742 $ 52,175 $ 310 $ 8,004 $ 1,052 $ 60,179 Related to OPEB 50,905 39,123 637 411 51,542 39,534 Related to leases 87,936 69,222 87,936 69,222
Balancing account 41,773 36,495 41,773 36,495
Total Deferred Inflows of Resources $ 139,583 $ 160,520 $ 42,720 $ 44,910 $ 182,303 $ 205,430 Net Position:
Net Investment in Capital Assets $ 339,462 $ 316,665 $ 111,367 $ 113,134 $ 450,829 $ 429,799 Restricted 137,170 144,588 22,157 18,843 159,327 163,431 Unrestricted* (157,347) (191,206) 52,217 49,558 (105,130) (141,648) Total Net Position $ 319,285 $ 270,047 $ 185,741 $ 181,535 $ 505,026 $ 451,582 * Unrestricted net position for June 30, 2023 affected by the balance of the City's $305.4 million net pension liabilities and the $65.5 million in net other post-employment benefits, which are not claims on current year financial assets. ** Not restated for the implementation of GASB Statement No. 96 City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2023
7 On June 30, 2023, the City reported positive balances in all categories of net position except for unrestricted net position primarily due to the inclusion of the net pension liabilities and net OPEB liabilities. The largest portion of the City’s net position, $450.8 million, is its investment in capital assets less any related outstanding debt that was used to acquire those assets. The City uses these capital assets to provide services to its residents and other stakeholders. Accordingly, these assets are not available for future spending. Although the City’s investment in its capital assets is reported net of related debt, the resources needed to repay this debt must be provided from other sources because the capital assets themselves cannot be used to liquidate these liabilities.
Restricted net position, that portion of the City’s net position subject to restrictions on how these resources may be used, decreased $4.1 million, or 2.5%, from $163.4 million at June 30, 2022 to $159.3 million at June 30, 2023. While most of the restricted funds increased or decreased slightly during the year, the majority of this difference can be attributed to the increase in capital project spending, accounted for through transfers out to the Capital Improvements Capital Project fund, in the Base Reuse Special Revenue Fund. The Alameda Point Adaptive Reuse Area Backbone Infrastructure project spending is a majority of these transfers, of which there were $16.4 million in FY 2022-23, compared to $6.0 million in FY 2021-22, a 173.3% increase in transfers out.
Total liabilities increased by $73.1 million from $436.7 million at June 30, 2022 to $509.8 million at June 30, 2023 due primarily to the increase in the City’s net pension liability offset by the decrease in the City’s net OPEB liability. For the fiscal year ended June 30, 2023, the City’s net pension liability grew 56.0%, or $109.7 million, from $195.8 million in FY 2021-22 to $305.4 million in FY 2022-23. The vast majority of this increase is due to the poor investment returns on the City’s pension investment assets with CalPERS as calculated on a measurement date of June 30, 2022. The City’s net OPEB liability decreased $21.3 million from the prior year mostly due to actuarial assumptions and better than expected investment returns on a measurement date of June 30, 2023.
City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2023
8 Information about changes in net position is presented in the summary schedule below:
Condensed Statement of Activities
for the years ended June 30, 2023 and 2022
(In thousands)
Governmental
Activities
Business-type
Activities Total
2023 2022 (A) 2023 2022 (A) 2023 2022 (A)
Revenues
Program revenues
Charges for services $ 30,588 $ 28,411 $ 84,569 $ 77,615 $ 115,157 $ 106,026 Operating grants and contributions 25,216 7,445 25,216 7,445 Capital grants and contributions 7,955 6,455 7,955 6,455 General revenues
Property taxes 70,539 64,535 70,539 64,535
Sales taxes 22,522 22,756 22,522 22,756
Utility users tax 10,103 9,012 10,103 9,012
Other taxes 19,472 29,724 19,472 29,724
Gain on sale of capital assets 72 21 72 21
Use of money and properties 28,263 16,739 2,109 (1,210) 30,372 15,529 Miscellaneous 2,008 472 720 2,329 2,728 2,801
Total revenues $ 216,738 $ 185,570 $ 87,398 $ 78,734 $ 304,136 $ 264,304 Expenses
General Government $ 11,161 $ 9,320 $ — $ — $ 11,161 $ 9,320 Police 39,359 33,123 39,359 33,123
Fire 45,132 36,158 45,132 36,158
Public Works 31,827 24,751 31,827 24,751
Community Development 15,688 15,031 15,688 15,031 Community Services
Housing
Recreation and Parks 14,007 12,083 14,007 12,083 Library 5,624 6,748 5,624 6,748
Planning, Building and Transportation 7,898 8,179 7,898 8,179 Interest on long-term debt 1,098 889 1,098 889
Sewer Services 6,889 4,249 6,889 4,249
Alameda Municipal Power 72,011 57,159 72,011 57,159 Total expenses $ 171,794 $ 146,282 $ 78,900 $ 61,408 $ 250,694 $ 207,690 Change in Net Position Before Transfers $ 44,946 $ 39,288 $ 8,499 $ 17,326 $ 53,445 $ 56,614 Transfers, Net 4,293 4,164 (4,293) (4,164)
Change in Net Position 49,239 43,452 4,206 13,162 53,445 56,614 Beginning Net Position 270,047 226,595 181,535 168,373 451,582 394,968 Ending Net Position $ 319,286 $ 270,047 $ 185,741 $ 181,535 $ 505,027 $ 451,582 (A) Not restated for the implementation of GASB Statement No. 96 Total revenues increased approximately $39.8 million, or 15.1%, Three items comprise the majority of this increase: charges for services through Alameda Municipal Power (AMP), property tax increases, and increases in our investment returns. Charges for services in the AMP Enterprise Fund increased nearly 10% from $65.8 million in FY 2021-22 to $72.3 million in FY 2022-23. This revenue increase was pursued by AMP to try and recover the roughly $13.0 million increase to operating expenses from FY 2021-22 to FY 2022-23. Property tax increases mostly stem from assessed value increases due to property turnover for the majority of FY 2022-23, while investment return gains arise from the solid returns from both the City’s core positions and money market accounts.
City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2023
9 Expenses increased approximately $43.0 million, or 20.7%, compared to the prior year. $17.5 million of this increase can be attributed to the City’s Business-Type activities, most of which to the Alameda Municipal Power Enterprise fund. As stated previously, operating expenses alone increased $13.0 million, a large portion of which can be attributed to general administrative expenses and the balancing account adjustment, which is used to help stabilize rates and combat unanticipated changes in sales levels by accumulating differences between actual costs and related revenues. In addition, expenses went up in the three largest expense categories for Governmental Activities - Police, Fire, and Public Works. For Police and Fire, higher employer pension contributions were needed to offset lower than expected investment returns for the measurement year ending June 30, 2022. Public Works made more capital contributions than in the prior year, although these contributions were still under budget.
Governmental Activities – Expense and Program Revenue by Source Program revenue associated with Governmental Activities total $63.8 million, or 37.1%, of program expenses.
Expenses not covered by program revenues must be funded from non-program sources such as general tax revenues. The table below illustrates the gap between program revenues and expenses by major activity. Public safety programs rely heavily on taxes to support operations. General government programs provide benefits to both governmental and business-type activities and receive some funding through internal indirect cost allocations to supplement program revenue and general tax revenue.
Expense and Program Revenue - Governmental Activities
for the year ended June 30, 2023
(In thousands)
Expenses
Program
Revenues
Net Revenue
(Expense)
of Activities
Governmental Activities
General Government $ 11,161 $ 18,252 $ 7,091
Police 39,359 1,092 (38,267)
Fire 45,132 6,114 (39,018)
Public Works 31,827 17,225 (14,602)
Community Development 15,688 4,453 (11,235)
Recreation and Parks 14,007 4,020 (9,987)
Library 5,624 51 (5,573)
Planning, Building and Transportation 7,898 12,553 4,655 Interest on Long-Term Debt 1,098 (1,098)
$ 171,794 $ 63,760 $ (108,034)
City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2023
10 The pie chart on the next page illustrates the distribution of total revenue of $216.7 million among its various sources. Other taxes decreased by 34% from the prior year. This decrease in other taxes can be mostly attributed to a decline in real property transfer taxes. Real property transfer taxes came in roughly $1.9 million under budget. This decrease is driven by higher overall interest rates which tend to slow down transfers of real property.
Charges for services, approximately $31 million, or 14.1% of total revenues in 2023, increased both overall and as a percentage due mostly to the aforementioned AMP enterprise fund. The largest revenue sources for governmental activities are property and related taxes of $70.5 million, or 32.5%, and other taxes of $19.5 million, or 9.0%, of total governmental revenues. Sales taxes and use of money and property are also significant individual revenue sources for the City’s governmental activities, amounting to 10.4% and 13.1%, respectively.
The remaining 21.0% of revenue for governmental activities comes from capital and operating grants and contributions, utility user taxes, gain on sale of capital assets, and miscellaneous revenues. Overall, the city saw better-than-expected tax revenue streams for the fiscal year ended June 30, 2023. Capital grants and contributions saw the largest difference between FY 2021-22 and FY 2022-23 as the City completed large construction projects in the prior year, including the Alameda Seaplane Lagoon ferry terminal, and recognized revenues received from other governments.
Revenues by Source- Governmental Activities
for the years ended June 30, 2023 and 2022
(In thousands)
2023 2022 Difference
Charges for Services $ 30,588 $ 28,411 $ 2,177
Operating Grants and Contributions 25,216 7,445 17,771 Capital Grants and Contributions 7,955 6,455 1,500
Property Taxes 59,470 59,512 (42)
Motor Vehicle In-Lieu Fees 11,069 5,023 6,046
Sales Taxes 22,522 22,756 (234)
Utility Users Tax 10,103 9,012 1,091
Other Taxes 19,472 29,725 (10,253)
Gain on sale of capital assets 72 21 51
Use of Money and Property 28,263 16,739 11,524
Miscellaneous/Other 2,008 472 1,536
$ 216,738 $ 185,571 $ 31,167
City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2023
11 REVENUE BY SOURCE - GOVERNMENTAL ACTIVITIES
Changes for Services
14%
Operating Grants and
Contributions
12%
Capital Grants and
Contributions
4%
Property Taxes
27%
Motor Vehicle In-Lieu Fees
5%
Sales Taxes
10%
Utility Users Tax
5%
Other Taxes
9%
Gain on sale of capital assets
0%
Use of Money and Property
13%
Miscellaneous/Other
1%
Business-Type Activities
The following table presents the same net program information for business-type activities. In these programs, annual surpluses or deficits are retained in the programs as an increase or decrease in the program’s net position.
Program and General Revenue and Expense - Business-Type Activities for the year ended June 30, 2023
(In thousands)
Revenue Expense Net
Sewer Services $ 12,282 $ 6,889 $ 5,393
Alameda Municipal Power (AMP) 72,288 72,011 277
$ 84,570 $ 78,900 $ 5,670
Net position of the Sewer Services Fund at June 30, 2023 was $112.0 million with the largest portion, $94.9 million, invested in capital assets less any related outstanding debt that was used to acquire those assets. The remaining $17.1 million is available to fund debt service, sewer operations, and future improvements and maintenance projects. The Sewer Services Fund generated operating income of $12.3 million, very closely aligned with prior year operating income. This fund incurred $5.7 million in operating expenses and $0.7 million in non-operating expenses, for an overall increase in net position of $5.8 million.
City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2023
12 Net position of AMP at June 30, 2023 was $73.8 million, with the largest portion, $49.2 million, available to fund operations, maintenance projects and future capital improvements. Of the remaining $24.6 million, $5.0 million is restricted for debt service and $16.5 million is invested in capital assets less any related outstanding debt that was used to acquire those assets. The cost of AMP operating activities this year was $67.3 million, while the cost of non-operating activities and transfers out net another $7.30 million in expenses. The largest source of operating revenue was user charges for services of $72.3 million. The overall net decrease in net position of AMP was $1.60 million. For more information about the financial position of AMP, please visit their financial reports website at alamedamp.com/274/Financial-Reports.
Revenues by Source - Business-Type Activities
for the years ended June 30, 2023 and 2022
(In thousands)
2023 2022 Difference
Charges for Services $ 84,569 $ 77,615 $ 6,954
Investment Earnings/Rents 2,109 (1,210) 3,319
Miscellaneous Revenues 720 2,329 (1,609)
$ 87,398 $ 78,734 $ 8,664
Financial Analysis of Governmental Funds
As noted earlier, the City of Alameda uses fund accounting to ensure and demonstrate compliance with finance- related legal requirements.
The focus of the City’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City of Alameda’s financing requirements. In particular, the unassigned fund balance may serve as a useful measure of a government’s net resources available for discretionary use as it represents the portion of fund balance not yet limited to use for a particular purpose by either an external party, the City itself, or an entity that has been delegated authority by the City Council to assign resources for use at the end of the fiscal year.
As of June 30, 2023, the City’s governmental funds reported combined ending fund balances of $237.1 million.
Approximately $58.3 million, or 24.6%, of the combined ending fund balance constitutes unassigned fund balance, which is available for spending at the government’s discretion. The remaining balance is either non- spendable, restricted, committed or assigned to indicate that it is:
1. not in spendable form ($4.1 million) as it has been committed to liquidate contracts and purchase orders from the prior fiscal period, pay debt service, or fund future needs;
2. restricted for particular purposes ($113.2 million);
3. committed for particular purposes ($12.8 million); or
4. assigned for particular purposes ($48.6 million).
The following are the major funds that either qualified under the reporting criteria or were considered to be important to financial statement users:
City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2023
13 The General Fund is the chief operating fund of the City. As of June 30, 2023, unassigned fund balance of the General Fund was $59.8 million. Assigned fund balance was $48.6 million. The remaining fund balance, including non-spendable, restricted and committed resources, was $4.1 million. As a measure of the General Fund’s liquidity, it may be useful to compare both unassigned fund balance and total fund balance to total fund expenditures. Unassigned fund balance represents 53.2% of total General Fund expenditures and transfers out.
General Fund revenues net of transfers increased $1.7 million, or 1.4%, from the prior fiscal year to $126.0 million in FY 2022-23. Property tax revenues for the fiscal year were $57.2 million, an increase of $5.7 million or 11.1% over the prior year. This increase is primarily due to the increase in assessed value of properties in the City of Alameda, new housing developments, and the receipt of residual property tax distributions as a result of redevelopment dissolution. Transfer tax revenue decreased $10.8 million, or 49.3%, from the previous fiscal year. Property transfer tax is earned by the buying and selling of real property in the City, which has dropped markedly since the rising of overall interest rates. All other revenue sources stayed fairly consistent year-over-year excluding use of money and property, which increased $2.9 million from prior year.
This is due to the increase in the value of the City’s investments.
General Fund expenditures net of transfers totaled $109.1 million for FY 2022-23 net compared to $99.0 million in the prior fiscal year. This amount excludes encumbrances outstanding at year end. The increase of $10.1 million, or 10.2%, was mostly attributed to an increase in costs related to Police and Fire protection. While costs related to the Police and Fire Departments have increased during the fiscal year, neither department closed the fiscal year at capacity with the number of safety officers.
Transfers out for FY 2022-23 were $10.9 million compared to $13.2 million in the prior year. This decrease of $2.3 million was due to a one-time transfer of $7.7 million to the Pension Stabilization Internal Service Fund in the prior year to help with pension prepayments. The payment during FY 2022-23 was $5.0 million. Increased allocation costs for IT services, General Liability insurance, and OPEB funding also attributed slightly to this increase in transfers out.
The fund balance of the City’s General Fund was $112.5 million at June 30, 2023, which is a $22.5 million, or
25.0%, increase from the prior fiscal year. Of this $112.5 million, $6.6 million has been assigned to certain projects, namely $2.2 million to street safety, $1.3 million to the Urban Forest - Tree & Landscape project, and $3.1 million to other various infrastructure projects. Revenues and transfers in of $139.4 million were $10.1 million, or 7.8% higher, than FY 2021-22. Expenditures and transfers out were $120.0 million, which is $7.7 million, or 6.9%, higher than FY 2021-22. These increases are explained above.
The Base Reuse Special Revenue Fund had a decrease in fund balance from $56.3 million in prior year to $46.2 million in FY 2022-23, a decrease of $10.1 million, or 17.9%. A large portion of this decrease is transfers to the Capital Improvement Projects Fund to fund the Alameda Point Backbone Infrastructure project. In the prior year, transfers out approximated $6.0 million. In the current year, transfers out increased substantially to $16.4 million, comprising the entirety of this decrease in Base Reuse Special Revenue Fund balance.
The Grants Special Revenue Fund accounts for revenues received from federal, state, county, and private grants.
This fund qualified under the reporting criteria of a major fund as the City is using ARPA monies to fund significant projects. The fund balance of this account decreased slightly from $1.0 million in prior year to $1.1 million in the current year. This fund recognized $7.5 million as revenue replacement under the standard allowance of the Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) and transferred this amount to the General Fund.
City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2023
14 The Capital Improvement Projects Fund has a total fund balance of $(1.5) million as of June 30, 2023, all of which is unassigned due to previous capital projects using the Capital Improvements Project fund balance as a funding source. The fund incurred expenditures of $29.0 for capital projects during FY 2022-23, including the following:
• Alameda Point Backbone Infrastructure ($14.7 million) • Dignity Village Development ($6.3 million)
• Pavement Management ($5.2 million)
• Urban Forest Management ($2.1 million)
• Central Avenue Safety Improvements ($1.5 million)
• Littlejohn Recreation Center Rebuild ($1.3 million)
Financial Analysis of Proprietary Funds
The City of Alameda enterprise funds provide the same type of information found in the business- type activities of the government-wide financial statements, but in more detail. During FY 2022-23, there were two enterprise funds, the Sewer Services Fund and the Alameda Municipal Power Fund.
Internal Service Funds
The City of Alameda maintains nine Internal Service Funds during the fiscal year ended June 30, 2023. The following table presents each funds’ net position as of June 30, 2023:
Internal Service Fund Net Position
for the year ended June 30, 2023
(In thousands)
Net Position
IT Cable Replacement $ 1,576
Fleet Maintenance 11,930
Technology Services 5,757
Facilities Replacement and Maintenance 7,012
Workers' Compensation Insurance 724
General Liability Insurance 1,334
Unemployment Insurance 357
OPEB/Vacation 7,821
Pension Stabilization 18,843
Total $ 55,354
The current net position of the Worker’s Compensation Fund increased by $0.8 million from the prior year. While claims increased $2.7 million from the prior year, the City has drawn funds from other sources to match such claim increases more accurately than in prior years. At the same time, General Liability claims have fallen precipitously year-over-year, from $6.2 million in prior year to $1.1 million in the current year, ultimately adding a $2.6 million increase to the General Liability Insurance fund balance.
City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2023
15 General Fund Budgetary Highlights
While the City budgeted for a $7.3 million, or 6.5%, increase in budgeted revenues net of transfers for the Fiscal Year Ended June 30, 2023 over the prior fiscal year budgeted revenues, revenues came in $1.7 million, or 1.4%, higher than prior year actual amounts. As stated previously, this increase in revenues stems from a variety of sources including property taxes and other local taxes. Actual amounts came in $5.9 million over budgeted amounts for the current fiscal year.
Actual expenditures net of transfers within the General Fund came in at $109.1 million compared to a budgeted final amount of $119.0 million, or 8.3% less than the budgeted final projections. This is a result of departments staying within allocated appropriations amplified by personnel vacancy savings in the Police Department. As of June 30, 2023, there were approximately 20 vacancies in the Police Department. General Government expenditures, including Human Resources, City Attorney’s Office, Finance, and much more, came in $2.7 million under budget. Benefit payments for the 1079 & 1082 pension plans came in $0.5 million under budget, similar to the amount saved via vacancy savings across the General Government departments.
Capital Assets and Debt Administration
Capital Assets - The capital assets of the City are those assets which are used in the performance of the City’s functions. As of June 30, 2023, capital assets, net of accumulated depreciation, of the Governmental Activities totaled $368.7 million. For FY 2022-23, additions to governmental activities capital assets included $21.1 million for Parks projects such as Cross Alameda Trail ($11.3 million), Jean Sweeney Park ($7.5 million), and $12.6 million for Streets projects such as Pavement Management ($3.9 million) and Traffic Signals and Systems ($3.5 million). Capital assets, net of accumulated depreciation, of the Business-Type Activities totaled $142.2 million.
For FY 2022-23, additions to Business-Type Activities capital assets included $10.5 million for Sewer projects such as Sewer Rehabilitation ($8.2 million) and Sewer Pump Station upgrades ($2.3 million). Depreciation on capital assets is recognized in the government-wide financial statements. Additional information about the City’s capital assets can be found in Note 5 of this report.
City of Alameda
Capital Assets, Gross of Depreciation
(In thousands)
Governmental
Activities
Business-Type
Activities Total
2023 2022* 2023 2022* 2023 2022*
Land $ 5,995 $ 5,995 $ 220 $ 220 $ 6,215 $ 6,215
Construction in progress 45,310 20,757 6,316 3,729 51,626 24,486 Buildings and Plants 291,004 291,004 102,129 101,745 393,133 392,749 Machinery and equipment 41,072 40,018 22,192 21,851 63,264 61,869 Right-to-use subscription
assets 3,272 — 34 — 3,306 —
Infrastructure 329,213 318,009 147,380 143,051 476,593 461,060 Total $ 715,866 $ 675,783 $ 278,271 $ 270,596 $ 994,137 $ 946,379 * Not restated for the implementation of GASB Statement No. 96.
Long-Term Debt - Long-term debt of Governmental Activities stayed the same as last year in FY 2022-23 due to the increase in lease financing of $3.1 million offsetting with the current fiscal year’s principal payments of $3.1 million. Long-term debt of Business-Type Activities decreased $2.2 million during the year as a result of annual debt service payments made. In addition, per capita long-term debt outstanding increased slightly from $758 to $770 in FY 2022-23. Additional information about the City’s long-term debt activity can be found in Note 6 of this report.
City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2023
16 Long-Term Debt
(In thousands)
Governmental
Activities
Business-Type
Activities Total
2023 2022 2023 2022 2023 2022
Certificates of Participation $ 4,604 $ 5,214 $ — $ — $ 4,604 $ 5,214 Revenue Bonds 7,500 8,100 28,449 30,468 35,949 38,568 General Obligation Bonds 5,652 6,073 — — 5,652 6,073 HUD Section 108 Loan 3,010 3,572 — — 3,010 3,572
Other Long-Term Debt 7,654 5,458 — 100 7,654 5,558 $ 28,420 $ 28,417 $ 28,449 $ 30,568 $ 56,869 $ 58,985
Economic Outlook and Next Year’s Budget
The City expects growth in property tax revenues to continue due to the inflation-driven increase in assessments.
The rate of growth has slowed due to the impact of higher interest rates on consumer demand and sales prices, which impacts property turn-over and subsequent reassessments. Property tax has historically been a stable revenue source for the City and is expected to remain stable. However, the City does expect a decrease in property transfer taxes as interest rates are believed to stay above recent historical amounts for the foreseeable future.
The City’s diverse revenue base allowed for minimal pandemic-related service disruptions over the last three fiscal years, and program revenues most heavily impacted by the pandemic, such as parking and recreation fees, recovered beyond or near pre-pandemic levels in FY 2022-23.
Staff, with the approval of City Council, has set aside the use of fund balance in the General Fund for operations and construction projects for the Fiscal Year 2023-25 Biennial Budget, including $15.0 million for the construction of an aquatic center. In the long term, the City will continue to evaluate opportunities for new revenue sources and monitor cost changes that exceed revenue growth, particularly for liability insurance, employee health premiums, and pension obligations, in order to ensure that the City can avoid major service level cuts.
Significant Events and Accomplishments
The City is dedicated to meeting the social, cultural, and recreational needs of its residents and businesses. • In Fiscal Year 2022-23, City Council held its first public workshop, beginning the journey for creation and adoption of a three-year strategic plan for a shared vision for the future of Alameda. • The City adopted a General Plan Housing Element approved and compliant with the California Department of Housing And Community Development. The eight-year plan lays the groundwork for the City to increase housing production by approximately 5,300 new units between 2023 and 2031. This plan also aims to create inclusive neighborhoods and remove barriers to housing for vulnerable communities, in addition to preventing and ending homelessness.
• City Council approved using $15 million of residual General Fund balance to help fund construction of a new aquatic center located on the west end of Jean Sweeney Park. • Dignity Village opened its doors on May 3, 2023. Dignity Village is a transitional housing development located near the Alameda Landing shopping Center. Construction and operations were funded by a combination of grants, City-awarded ARPA funds, and City General Funds.
City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2023
17 • In Fiscal Year 2022-23, the City continued its commitment to providing a 24/7 alternate response to nonviolent individuals facing a mental health crisis by continued funding of the Community Assessment Response & Engagement (CARE) Team led by the Alameda Fire Department.
Requests for Information
This Annual Comprehensive Financial Report is intended to provide our residents, taxpayers, customers, investors, and creditors with a general overview of the City of Alameda’s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be directed to the City of Alameda, Finance Department, located at 2263 Santa Clara Avenue, Room 220, Alameda, California 94501 or via email at [email protected].
This report can also be viewed online at the City of Alameda’s website: www.alamedaca.gov/Departments/Administration/Finance.
City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2023
18 City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2023
19 City of Alameda, California
People and Places in the City
The Statement of Net Position reports the difference between the City’s total assets, deferred outflows of resources, the City’s total liabilities, and deferred inflows of resources, including all the City’s capital assets and all its long- term obligations. The Statement of Net Position summarizes the financial position of all the City’s Governmental Activities in a single column, and the financial position of all the City’s Business-Type Activities in a single column; these columns are followed by a Total column that presents the financial position of the entire City.
The City’s Governmental Activities include the activities of its General Fund, its Special Revenue, Capital Projects and Debt Service Funds. Since the City’s Internal Service Funds primarily service these Funds, their activities are consolidated with Governmental Activities, after eliminating inter-fund transactions and balances.
The City’s Business-type Activities include all its Enterprise Fund activities.
The Statement of Activities reports increases and decreases in the City’s net position. It presents the City’s expenses first, listed by program, and follows these with the expenses of its business-type activities. Program revenues - that is, revenues which are generated directly by these programs - are then deducted from program expenses to arrive at the net expense of each governmental and business-type program. The City’s general revenues are then listed in the Governmental Activities or Business-type Activities, as appropriate, and the Change in Net Position is computed and reconciled with the Statement of Net Position.
Both of these Statements include the financial activities of the City, and the blended component units: the Alameda Public Financing Authority and the City of Alameda Financing Authority, which are legally separate entities and are considered component units of the City because they are controlled by the City, which is financially accountable for the activities of the entities.
City of Alameda, California
Statement of Net Position
and Statement of Activities
21 City of Alameda, California
People and Places in the City
Cash and investments $ 301,715,161 $ 85,336,335 $ 387,051,496 Restricted cash and investments 17,578,377 5,895,337 23,473,714 Accounts receivable, net 18,151,978 8,955,249 27,107,227 Interest receivable 498,094 498,094
Loans receivable 10,617,415 10,617,415
Materials, parts and supplies 5,799,726 5,799,726
Prepaids and deposits 3,404,811 40,000 3,444,811
Internal balances 365,218 (365,218)
Leases receivable 91,714,122 91,714,122
Share of certain NCPA projects and reserve 6,231,541 6,231,541 Investments designated for special purposes 35,505,716 35,505,716 Capital assets:
Non-depreciable 51,304,758 6,536,009 57,840,767
Depreciable, net of accumulated depreciation 317,404,929 135,648,236 453,053,165 Total Assets 812,256,769 290,081,025 1,102,337,794
DEFERRED OUTFLOWS OF RESOURCES
Deferred amount on refunding 315,192 315,192
Related to pensions 73,680,965 9,598,162 83,279,127
Related to OPEB 11,118,053 109,076 11,227,129
Total Deferred Outflows of Resources 84,799,018 10,022,430 94,821,448
LIABILITIES
Accounts payable 8,137,025 2,216,392 10,353,417
Accrued payroll 3,466,207 40,735 3,506,942
Interest payable 292,586 616,339 908,925
Unearned revenue 21,604,620 21,604,620
Refundable deposits 2,948,599 7,077,232 10,025,831
Due to other agencies 89,501 89,501
Claims payable:
Due within one year 6,853,162 195,000 7,048,162
Due in more than one year 14,635,798 643,360 15,279,158 Compensated absences - due within one year 4,410,753 678,636 5,089,389 Lease liability - due within one year 269,276 269,276 Subscription liability - due within one year 719,380 8,106 727,486 Long-term liabilities due in more than one year: Net pension liability 277,599,702 27,843,271 305,442,973 Total pension liability 2,870,424 2,870,424
Net OPEB liability 64,275,648 1,198,205 65,473,853
Lease liability 2,387,805 2,387,805
Subscription liability 1,864,413 18,068 1,882,481
Long-term debt:
Due within one year 3,355,838 2,135,000 5,490,838
Due in more than one year 25,063,674 26,314,408 51,378,082 Total Liabilities 438,187,330 71,641,833 509,829,163
DEFERRED INFLOWS OF RESOURCES
Purchased power balancing account 41,773,257 41,773,257 Accounts receivable
Related to pensions 741,695 310,204 1,051,899
Related to OPEB 50,905,106 637,410 51,542,516
Related to leases 87,936,208 87,936,208
Total Deferred Inflows of Resources 139,583,009 42,720,871 182,303,880 NET POSITION:
Net investment in capital assets 339,462,250 111,366,774 450,829,024 Restricted for:
Capital projects 29,318,381 29,318,381
Debt service 1,759,066 5,895,337 7,654,403
Housing 59,342,134 59,342,134
Public safety 1,443,385 1,443,385
Community development 4,928,006 4,928,006
Maintenance assessment districts 11,301,999 11,301,999 Transportation 13,862,852 13,862,852
Tidelands properties 2,592,341 2,592,341
Waste reduction 4,605,818 4,605,818
Community services 8,015,828 8,015,828
Sewer system replacement 16,261,231 16,261,231
Total Restricted Net Position 137,169,810 22,156,568 159,326,378 Unrestricted (157,346,612) 52,217,409 (105,129,203)
Total Net Position $ 319,285,448 $ 185,740,751 $ 505,026,199 Primary Government
ASSETS
Governmental
Activities
Business-Type
Activities Total
See accompanying notes to financial statements.
City of Alameda
Statement of Net Position
June 30, 2023
23 Program Revenues
Functions/Programs Expenses
Charges for
Services
Operating
Grants and
Contributions
Capital
Grants and
Contributions
Primary Government:
Governmental Activities:
General government $ 11,160,513 $ 2,826,109 $ 15,425,586 $ — Police 39,359,081 598,562 493,652
Fire 45,132,050 5,151,081 963,078
Public works 31,827,064 10,152,589 5,378,474 1,693,611 Community development 15,687,999 1,950,839 2,501,681 Recreation and parks 14,006,850 3,461,620 400,675 157,808 Library 5,623,505 19,714 31,256
Planning, Building and Transportation 7,898,315 6,427,553 21,530 6,103,428 Interest on long-term debt 1,097,709
Total Governmental Activities 171,793,086 30,588,067 25,215,932 7,954,847 Business-type Activities:
Sewer services 6,889,000 12,281,537
Alameda municipal power 72,010,694 72,287,719
Total Business-type Activities 78,899,694 84,569,256
Total Primary Government $ 250,692,780 $ 115,157,323 $ 25,215,932 $ 7,954,847 General revenues:
Taxes:
Property taxes
Sales taxes
Utility users tax
Transfer taxes
Franchise taxes
Transient occupancy taxes
Property tax in-lieu
Other taxes
Gain from sale of capital assets
Use of money and property
Miscellaneous
Transfers
Total general revenues and transfers
Change in Net Position
Beginning Net Position
Ending Net Position
See accompanying notes to financial statements.
City of Alameda
Statement of Activities
For the Year Ended June 30, 2023
24 Net (Expense) Revenue and
Changes in Net Position
Primary Government
Governmental
Activities
Business-type
Activities Total
$ 7,091,182 $ — $ 7,091,182
(38,266,867) (38,266,867)
(39,017,891) (39,017,891)
(14,602,390) (14,602,390)
(11,235,479) (11,235,479)
(9,986,747) (9,986,747)
(5,572,535) (5,572,535)
4,654,196 4,654,196
(1,097,709) (1,097,709)
(108,034,240) (108,034,240)
5,392,537 5,392,537
277,025 277,025
5,669,562 5,669,562
$ (108,034,240) $ 5,669,562 $ (102,364,678)
70,538,809 70,538,809
22,522,274 22,522,274
10,102,930 10,102,930
11,118,684 11,118,684
3,508,074 3,508,074
3,207,364 3,207,364
1,322,000 1,322,000
315,911 315,911
72,481 72,481
28,263,394 2,108,912 30,372,306
2,008,481 720,396 2,728,877
4,292,639 (4,292,639)
157,273,041 (1,463,331) 155,809,710
49,238,801 4,206,231 53,445,032
270,046,647 181,534,520 451,581,167
$ 319,285,448 $ 185,740,751 $ 505,026,199
City of Alameda
Statement of Activities
For the Year Ended June 30, 2023
25 City of Alameda, California
People and Places in the City
The funds described below were determined to be major funds of the City of Alameda in Fiscal Year 2022-23.
Individual-non-major funds may be found in the Supplemental Information section.
General Fund
The General Fund accounts for fiscal resources which are dedicated to governmental operations of the City, and not required to be accounted for in another fund.
Base Reuse Special Revenue Fund
This fund accounts for the revenues from leasing activities revenues and grants. Expenditures are made for base reuse activities.
Grants Special Revenue Fund
This fund accounts for revenues received from Federal, State, County and private grants.
Capital Improvement Projects Fund
This fund accounts for monies for major capital improvement projects not provided for in a separate and specific capital project fund.
City of Alameda, California
Fund Financial Statements
Major Governmental Funds
27 General
Base Reuse
Special Revenue
Grants
Special Revenue
ASSETS
Cash and investments $ 105,077,942 $ 44,722,831 $ 17,834,935 Restricted cash and investments 100,000
Accounts receivable 11,634,416 685,537 614,230
Prepaids and deposits 3,071,368
Due from other funds 1,162,836
Loans receivable
Advances to other funds 1,022,535
Leases receivable 238,617 73,010,671
Total Assets $ 122,207,714 $ 118,519,039 $ 18,449,165
LIABILITIES
Accounts payable $ 1,937,438 $ 398,668 $ 367,486
Accrued payroll 2,618,011 75,570 1,457
Due to other funds
Due to other agencies 31,009
Unearned revenue 3,630,593 16,995,514
Refundable deposits 1,039,305 1,360,777
Advances from other funds 187,606
Total Liabilities 9,443,962 1,835,015 17,364,457
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - accounts receivable 685,537
Unavailable revenue - revolving loans receivable
Related to leases 232,214 69,807,540
Total Deferred Inflows of Resources 232,214 70,493,077 FUND BALANCES:
Nonspendable 4,093,903
Restricted 46,190,947 1,084,708
Committed
Assigned 48,621,221
Unassigned 59,816,414
Total Fund Balances 112,531,538 46,190,947 1,084,708 Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 122,207,714 $ 118,519,039 $ 18,449,165
See accompanying notes to financial statements.
City of Alameda,
Governmental Funds
Balance Sheet
June 30, 2023
28 Capital
Improvement
Projects
Other
Governmental
Funds
Total
Governmental
Funds
$ 1,382,816 $ 78,728,369 $ 247,746,893
1,490,753 1,590,753
1,845,426 3,116,909 17,896,518
3,071,368
1,162,836
10,617,415 10,617,415
1,022,535
101,789 18,363,045 91,714,122
$ 3,330,031 $ 112,316,491 $ 374,822,440
2,550,790 1,491,167 6,745,549
156,969 507,594 3,359,601
787,996 9,622 797,618
2,855 55,637 89,501
978,513 21,604,620
34,885 493,881 2,928,848
1,022,535 1,210,141
3,533,495 4,558,949 36,735,878
1,225,063 548,112 2,458,712
10,617,415 10,617,415
98,146 17,798,308 87,936,208
1,323,209 28,963,835 101,012,335
4,093,903
65,973,576 113,249,231
12,820,131 12,820,131
48,621,221
(1,526,673) 58,289,741
(1,526,673) 78,793,707 237,074,227
$ 3,330,031 $ 112,316,491 $ 374,822,440
City of Alameda,
Governmental Funds
Balance Sheet
June 30, 2023
29 City of Alameda, California
People and Places in the City
Total fund balances reported on the governmental funds balance sheet $ 237,074,227 Amounts reported for Governmental Activities in the Statement of Net Position are different from those reported in the Governmental Funds above because of the following:
CAPITAL ASSETS
Capital assets used in Governmental Activities are not current assets or financial resources and therefore are not reported in the Governmental Funds.
Land $ 5,995,318
Construction in Progress 45,309,440
Buildings 289,362,171
Machinery and equipment 24,244,945
Right-to-use subscription assets 98,242
Infrastructure 329,213,481
Less Accumulated Depreciation (334,432,265)
359,791,332
ALLOCATION OF INTERNAL SERVICE FUND POSITION ASSETS
Internal service funds are not governmental funds. However, they are used by management to charge the costs of certain activities, such as insurance, central services and maintenance to individual governmental funds. The net current assets of the Internal Service Funds are therefore included in Governmental Activities in the following line items in the Statement of Net Position.
Net Position - All Internal Service Funds 55,353,935
ACCRUAL OF NON-CURRENT REVENUES AND EXPENSES
Revenues that are unavailable on the Fund Balance Sheets because they are not available currently are taken into revenue in the Statement of Activities. 12,390,590
LONG-TERM ASSETS, LIABILITIES AND DEFERRED OUTFLOWS/INFLOWS OF
RESOURCES
The assets and liabilities below are not due and payable in the current period and therefore are not reported in the Funds:
Subscription liabilities (76,840)
Long-term debt (26,875,174)
Interest payable (258,640)
Compensated absences (4,410,753)
(31,621,407)
Net pension liability (277,599,702)
Deferred outflows of resources related to pension 71,571,293 Deferred inflows of resources related to pension (741,695) (206,770,104)
Total pension liability (2,870,424)
Net OPEB liability (64,275,648)
Deferred outflows of resources related to OPEB 11,118,053 Deferred inflows of resources related to OPEB (50,905,106) (104,062,701)
NET POSITION OF GOVERNMENTAL ACTIVITIES $ 319,285,448
See accompanying notes to financial statements.
City of Alameda
Reconciliation of Governmental Funds Balance Sheet with the Statement of Net Position June 30, 2023
31 General
Base Reuse
Special Revenue
Grants
Special Revenue
REVENUES
Property taxes $ 57,215,944 $ – $ –
Sales taxes 11,608,040
Transfer taxes 11,118,684
Utility user taxes 10,102,930
Other local taxes 18,786,281
Licenses and permits 2,482,113 12,152
Developer fees
Revenues from other agencies 1,052,761 15,858,920
Charges for current services 8,710,467 133,809
Fines and forfeitures 317,037
Use of money and property 3,110,918 18,258,126 209,650 Other revenues 1,480,536 203,836 12,653
Total Revenues 125,985,711 18,461,962 16,227,184
EXPENDITURES
Current:
General government 8,304,087 3,844 2,471,534
Police 39,036,624 372,806
Fire 43,880,607 410,738
Public works 3,658,263 2,770,780
Community development 1,018,113 9,406,135 338,163
Recreation and parks 12,208,714
Library 83,228
Planning, Building and Transportation 128,441
Capital outlay 472,482 19,151
Debt service:
Principal 404,779 2,577
Interest 17,795 573
Total Expenditures 109,129,905 12,180,759 3,698,770
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITURES 16,855,806 6,281,203 12,528,414
OTHER FINANCING SOURCES (USES)
Transfers in 13,454,595 336,244
Transfers (out) (10,875,038) (16,439,405) (12,790,613) Issuance of long-term debt 3,067,898
Total Other Financing Sources (Uses) 5,647,455 (16,439,405) (12,454,369) NET CHANGE IN FUND BALANCES 22,503,261 (10,158,202) 74,045 BEGINNING FUND BALANCES 90,028,277 56,349,149 1,010,663 ENDING FUND BALANCES $ 112,531,538 $ 46,190,947 $ 1,084,708 See accompanying notes to financial statements.
City of Alameda
Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances For the Year Ended June 30, 2023
32 Capital
Improvement
Projects
Other
Governmental
Funds
Total
Governmental
Funds
$ — $ 13,363,666 $ 70,579,610
11,608,040
11,118,684
10,102,930
1,160,300 19,946,581
315,749 4,780,798 7,590,812
3,318,251 3,318,251
1,224,537 11,665,333 29,801,551
3,491,453 5,273,652 17,609,381
1,229,591 1,546,628
560,022 3,820,141 25,958,857
1,344,885 637,979 3,679,889
6,936,646 45,249,711 212,861,214
2,174,797 12,954,262
39,409,430
44,291,345
6,935,494 13,364,537
3,654,240 14,416,651
821,385 13,030,099
5,216,063 5,299,291
7,862,216 7,990,657
29,004,528 18,415,873 47,912,034
2,326,225 2,733,581
869,678 888,046
29,004,528 48,275,971 202,289,933
(22,067,882) (3,026,260) 10,571,281
21,888,579 21,021,255 56,700,673
(1,588,920) (16,076,529) (57,770,505)
3,067,898
20,299,659 4,944,726 1,998,066
(1,768,223) 1,918,466 12,569,347
241,550 76,875,241 224,504,880
$ (1,526,673) $ 78,793,707 $ 237,074,227
City of Alameda
Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances For the Year Ended June 30, 2023
33 The schedule below reconciles the Net Changes in Fund Balances reported on the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balance, which measures only changes in current assets and current liabilities on the modified accrual basis, with the Change in Net Position of Governmental Activities reported in the Statement of Activities, which is prepared on the full accrual basis.
NET CHANGE IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS $ 12,569,347 Amounts reported for governmental activities in the Statement of Activities are different because of the following:
CAPITAL ASSETS TRANSACTIONS
Governmental Funds report capital outlays as expenditures. However, in the Statement of Activities the cost of those assets is capitalized and allocated over their estimated useful lives and reported as depreciation expense.
Capital outlay therefore added back to fund balance 47,912,034 Non-capitalized capital outlay expenditures were re-classified to various governmental activities (11,949,627) Depreciation expense is deducted from fund balance (12,376,831) (Depreciation expense is net of internal service fund depreciation of $2,054,876 which has already been allocated to service funds)
LONG-TERM DEBT ISSUANCE AND PAYMENTS
Bond proceeds provide current financial resources to governmental funds, but issuing debt increases liabilities in the Statement of Net Position. Repayment of bond principal is an expenditure in the governmental funds, but in the Statement of Net Position the repayment reduces long-term liabilities.
Proceeds from debt issuance are deducted from fund balance (3,067,898) Repayment of debt principal is added back to fund balance 2,712,179 Amortization of bond premium is added back to fund balance 30,986 Retirement of subscription liabilities is added back to fund balance 21,402
ACCRUAL OF NON-CURRENT ITEMS
The amounts below included in the Statement of Activities do not provide or (require) the use of current financial resources and therefore are not reported as revenue or expenditures in governmental funds (net change):
Unavailable revenue 1,979,453
Interest payable (70,336)
Net pension liability, and related deferred outflows/ inflows of resources (959,125) Total pension liability 1,490,842
Net OPEB liability, and related deferred outflows/ inflows of resources 6,414,271 Compensated absences (251,560)
ALLOCATION OF INTERNAL SERVICE FUND ACTIVITY
Internal Service Funds are used by management to charge the costs of certain activities, such as equipment acquisition, equipment, maintenance, and insurance to individual funds. The portion of the net revenue (expense) of these Internal Service Funds arising from their transactions with governmental funds is reported with governmental activities, because they service those activities.
Change in Net Position - All Internal Service Funds 4,783,664 CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $ 49,238,801 See accompanying notes to financial statements.
City of Alameda
Reconciliation of the Net Change in Fund Balances - Governmental Funds with the Change in Governmental Net Position
For the Year Ended June 30, 2023
34 Budgeted Amounts
Variance with
Final Budget
Positive
(Negative)Original Final Actual
REVENUES:
Property taxes $ 53,260,000 $ 54,750,000 $ 57,215,944 $ 2,465,944 Sales taxes 11,900,000 11,900,000 11,608,040 (291,960) Transfer taxes 13,000,000 13,000,000 11,118,684 (1,881,316) Utility user taxes 9,192,500 9,592,500 10,102,930 510,430 Other local taxes 17,160,900 16,700,900 18,786,281 2,085,381 Licenses and permits 2,300,850 2,700,850 2,482,113 (218,737) Revenues from other agencies 1,494,100 1,554,100 1,052,761 (501,339) Charges for current services 7,314,421 7,229,821 8,710,467 1,480,646 Fines and forfeitures 80,100 80,100 317,037 236,937 Use of money and property 2,510,103 2,585,103 3,110,918 525,815 Other revenue 24,500 24,500 1,480,536 1,456,036
Total Revenues 118,237,474 120,117,874 125,985,711 5,867,837 EXPENDITURES:
Current:
General government 10,496,615 11,037,619 8,304,087 2,733,532 Police 42,978,116 42,978,116 39,036,624 3,941,492
Fire 45,309,212 45,977,962 43,880,607 2,097,355
Public works 3,876,865 4,004,041 3,658,263 345,778
Community development 1,266,200 1,536,924 1,018,113 518,811 Recreation and parks 11,909,417 12,266,281 12,208,714 57,567 Planning, Building and Transportation 144,053 144,053 128,441 15,612 Capital outlay 554,480 817,123 472,482 344,641
Debt service:
Principal 235,000 235,000 404,779 (169,779)
Interest 17,795 (17,795)
Total Expenditures 116,769,958 118,997,119 109,129,905 9,867,214
EXCESS OF REVENUES OVER
EXPENDITURES 1,467,516 1,120,755 16,855,806 15,735,051
OTHER FINANCING SOURCES (USES)
Transfers in 4,528,000 12,008,313 13,454,595 1,446,282 Transfers (out) (7,724,940) (14,369,047) (10,875,038) 3,494,009 Issuance of Debt 3,067,898 3,067,898
Total other financing sources (uses) (3,196,940) (2,360,734) 5,647,455 8,008,189 NET CHANGE IN FUND BALANCE $ (1,729,424) $ (1,239,979) 22,503,261 $ 23,743,240 Beginning fund balance 90,028,277
Ending fund balance $ 112,531,538
See accompanying notes to financial statements.
City of Alameda
General Fund
Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual
For the Year Ended June 30, 2023
35 Budgeted Amounts
Variance with
Final Budget
Positive
(Negative)Original Final Actual
REVENUES:
Use of money and property $ 13,228,000 $ 13,264,643 $ 18,258,126 $ 4,993,483 Other revenues 203,836 203,836
Total Revenues 13,228,000 13,264,643 18,461,962 5,197,319 EXPENDITURES:
Current:
General government 3,844 (3,844)
Public works 2,473,230 2,528,279 2,770,780 (242,501) Community development 7,544,168 9,865,098 9,406,135 458,963 Total Expenditures 10,017,398 12,393,377 12,180,759 212,618
EXCESS OF REVENUES OVER
EXPENDITURES 3,210,602 871,266 6,281,203 5,409,937
OTHER FINANCING SOURCES (USES)
Transfers (out) (2,273,000) (17,020,721) (16,439,405) 581,316 Total other financing sources (uses) (2,273,000) (17,020,721) (16,439,405) 581,316 NET CHANGE IN FUND BALANCE $ 937,602 $ (16,149,455) (10,158,202) $ 5,991,253 Beginning fund balance 56,349,149
Ending fund balance $ 46,190,947
See accompanying notes to financial statements.
City of Alameda
Base Reuse Special Revenue Fund
Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual
For the Year Ended June 30, 2023
36 Budgeted Amounts
Variance with
Final Budget
Positive
(Negative)Original Final Actual
REVENUES:
Licenses and permits $ 8,500 $ 8,500 $ 12,152 $ 3,652
Revenue from other agencies 1,063,141 29,544,068 15,858,920 (13,685,148) Charges for current services 10,000 10,000 133,809 123,809 Use of money and property 209,650 209,650
Other revenues 12,653 12,653
Total Revenues 1,081,641 29,562,568 16,227,184 (13,335,384) EXPENDITURES:
Current:
General government 1,058,765 7,438,311 2,471,534 4,966,777 Police 35,500 160,361 372,806 (212,445)
Fire 1,125,396 1,158,396 410,738 747,658
Community development 8,291,890 338,163 7,953,727
Library 83,228 (83,228)
Planning, Building, & Transportation 122,058 122,058 Capital outlay 142,500 222,500 19,151 203,349
Debt service:
Principal 2,577 (2,577)
Interest 573 (573)
Total Expenditures 2,362,161 17,393,516 3,698,770 13,694,746
EXCESS OF REVENUES OVER
EXPENDITURES (1,280,520) 12,169,052 12,528,414 359,362
OTHER FINANCING SOURCES (USES)
Transfers in 624,000 6,582,154 336,244 (6,245,910)
Transfers (out) (60,000) (18,972,462) (12,790,613) 6,181,849 Total other financing sources (uses) 564,000 (12,390,308) (12,454,369) (64,061) NET CHANGE IN FUND BALANCE $ (716,520) $ (221,256) 74,045 $ 295,301 Beginning fund balance 1,010,663
Ending fund balance $ 1,084,708
See accompanying notes to financial statements.
City of Alameda
Grants Fund
Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual
For the Year Ended June 30, 2023
37 City of Alameda, California
People and Places in the City
Proprietary funds account for City operations financed and operated in a manner similar to a private business enterprise. The City’s intent is that the cost of providing goods and services within these funds be financed primarily through user charges.
The concept of major funds extends to Enterprise Funds. The City’s only enterprise funds are major funds in Fiscal Year 2022-23:
Sewer Services Fund
The City operates its own wastewater system. This fund accounts for all financial transactions relating to this municipal activity including, but not limited to, operations, maintenance, capital financing and related debt service, billing and collection.
Alameda Municipal Power Fund
The City operates its own electric system. This fund accounts for all financial transactions related to this municipal activity including but not limited to, operations, maintenance, capital financing and related debt service, billing and collection.
City of Alameda, California
Proprietary Funds
39 Business-Type Activities Governmental
Activities-
Internal Service
Funds
Sewer
Services
Alameda
Municipal
Power
Total
Enterprise
Funds
ASSETS
Current Assets
Cash and cash equivalents $ 18,126,184 $ 35,422,985 $ 53,549,169 $ 53,968,264 Investments 31,787,166 31,787,166
Accounts receivable, net 605,152 8,350,097 8,955,249 941,001 Interest receivable 498,094 498,094
Materials and supplies 5,799,726 5,799,726
Prepaids and deposits 40,000 40,000 333,443
Total Current Assets 18,731,336 81,898,068 100,629,404 55,242,708 Noncurrent Assets
Restricted investments 849,030 5,046,307 5,895,337 15,987,624 Share of certain NCPA projects and reserve 6,231,541 6,231,541 Investments designated for special purposes 35,505,716 35,505,716 Advances to other funds 187,606
Capital assets:
Non-depreciable 6,536,009 6,536,009
Depreciable, net of accumulated depreciation 106,374,478 29,273,758 135,648,236 8,918,355 Total Noncurrent Assets 107,223,508 82,593,331 189,816,839 25,093,585 Total Assets 125,954,844 164,491,399 290,446,243 80,336,293
DEFERRED OUTFLOWS OF RESOURCES
Deferred amount on refunding 315,192 315,192
Related to pensions 644,546 8,953,616 9,598,162 2,109,672 Related to OPEB 20,095 88,981 109,076
Total Deferred Outflows of Resources 664,641 9,357,789 10,022,430 2,109,672
LIABILITIES
Current Liabilities:
Accounts payable 657,637 1,558,755 2,216,392 1,391,476 Due to other funds 365,218 365,218
Accrued payroll and other liabilities 40,735 40,735 106,606 Interest payable 140,138 476,201 616,339 33,946
Refundable deposits 6,079 7,071,153 7,077,232 19,751 Compensated absences 66,172 612,464 678,636
Claims payable 195,000 195,000 6,853,162
Lease liability - current 269,276 269,276
Subscription liability - current 8,106 8,106 696,432 Long-term debt - current 430,000 1,705,000 2,135,000 331,800 Total Current Liabilities 1,348,867 12,253,067 13,601,934 9,433,173 Noncurrent Liabilities:
Claims payable 643,360 643,360 14,635,798
Net pension liability 1,866,666 25,976,605 27,843,271 Net OPEB liability 220,745 977,460 1,198,205
Lease liability 2,387,805 2,387,805
Subscription liability 18,068 18,068 1,810,521
Long-term debt 11,059,408 15,255,000 26,314,408 1,212,538 Total Noncurrent Liabilities 13,164,887 45,240,230 58,405,117 17,658,857 Total Liabilities 14,513,754 57,493,297 72,007,051 27,092,030
DEFERRED INFLOWS OF RESOURCES
Purchased power balancing account 41,773,257 41,773,257 Related to pensions 19,144 291,060 310,204
Related to OPEB 117,430 519,980 637,410
Total Deferred Inflows of Resources 136,574 42,584,297 42,720,871 NET POSITION:
Net investment in capital assets 94,858,896 16,507,878 111,366,774 4,867,064 Restricted
Debt service 849,030 5,046,307 5,895,337
Sewer system replacement 16,261,231 16,261,231
Unrestricted 52,217,409 52,217,409 50,486,871
Total Net Position $ 111,969,157 $ 73,771,594 $ 185,740,751 $ 55,353,935 See accompanying notes to financial statements.
City of Alameda
Proprietary Funds
Statement of Net Position
June 30, 2023
40 Business-Type Activities
Governmental
Activities-
Internal
Service
Funds
Sewer
Services
Alameda
Municipal
Power
Total
Enterprise
Funds
OPERATING REVENUES
Charges for services $ 12,281,537 $ 72,287,719 $ 84,569,256 $ 26,404,996 Greenhouse gas related sales
Miscellaneous 37,542 682,854 720,396 151,282
Total Operating Revenues 12,319,079 72,970,573 85,289,652 26,556,278
OPERATING EXPENSES
General administrative 528,696 9,641,760 10,170,456 1,591,727 Operations and maintenance 49,202,418 49,202,418
Wages and benefits 1,491,195 1,491,195 9,264,978
Insurance and claims 8,667,452
Contractual services 353,322 353,322 5,456,536
Depreciation and amortization 2,582,683 3,224,775 5,807,458 2,054,876 Utilities 103,341 103,341
Supplies and maintenance 689,223 689,223 2,207,009
Balancing account adjustment 5,277,979 5,277,979
Total Operating Expenses 5,748,460 67,346,932 73,095,392 29,242,578 Operating Income (Loss) 6,570,619 5,623,641 12,194,260 (2,686,300)
NONOPERATING REVENUES (EXPENSES)
Interest income 412,613 1,584,572 1,997,185 2,214,237 Interest income on restricted investments 111,727 111,727 Interest (expense) (340,540) (1,097,893) (1,438,433) (179,225) Payment in-lieu of taxes (800,000) (1,588,000) (2,388,000) Miscellaneous non-operating revenue
Miscellaneous non-operating expense (1,977,869) (1,977,869) Gain (loss) from sale of capital assets 72,481
Total Nonoperating Revenues (Expenses) (727,927) (2,967,463) (3,695,390) 2,107,493 Income (Loss) Before Transfers 5,842,692 2,656,178 8,498,870 (578,807) Transfers in 5,612,471
Transfers (out) (4,292,639) (4,292,639) (250,000)
Change in net position 5,842,692 (1,636,461) 4,206,231 4,783,664 BEGINNING NET POSITION 106,126,465 75,408,055 181,534,520 50,570,271 ENDING NET POSITION $ 111,969,157 $ 73,771,594 $ 185,740,751 $ 55,353,935 See accompanying notes to financial statements.
City of Alameda
Proprietary Funds
Statement of Revenues, Expenses and Changes in Fund Net Position For the Year Ended June 30, 2023
41 CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 12,316,823 $ 66,754,588 $ 79,071,411 $ 25,892,970 Receipts from Special Sales (C&T and REC) 4,556,250 4,556,250 Payments to suppliers (1,547,490) (41,747,688) (43,295,178) (11,316,088) Payments to employees (1,730,342) (17,347,096) (19,077,438) (7,215,111) Insurance and claims paid (5,553,368)
Net Cash Provided by (Used for) Operating Activities 9,038,991 12,216,054 21,255,045 1,808,403
CASH FLOWS FROM NON-CAPITAL
FINANCING ACTIVITIES
Payment in-lieu of taxes (800,000) (1,588,000) (2,388,000) Interfund receipts 37,169 37,169 47,330
Transfers in 5,362,471
Transfers (out) (4,292,639) (4,292,639)
Cash Flows from Noncapital Financing
Activities (800,000) (5,843,470) (6,643,470) 5,409,801
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Acquisition of capital assets (4,750,453) (3,254,292) (8,004,745) (1,188,349) Proceeds from the sale of capital assets 72,481
Principal payments on capital debt (522,209) (1,600,000) (2,122,209) (988,715) Principal payments on lease liability (251,431) (251,431) Interest paid (351,359) (908,113) (1,259,472) (186,333) Cash Flows from Capital and Related
Financing Activities (5,624,021) (6,013,836) (11,637,857) (2,291)
CASH FLOWS FROM INVESTING ACTIVITIES
Sales (purchases) of restricted investments (28,083) (164,299) (192,382) (3,917,840) Sales (purchases) of unrestricted investments (2,339,156) (2,339,156) Sales (purchases) of investments reserved for special
purposes 86,679 86,679
Investment in certain NCPA projects and reserves (1,608,385) (1,608,385) Interest income 412,613 1,543,007 1,955,620 2,214,237 Cash Flows from Investing Activities 384,530 (2,482,154) (2,097,624) (1,703,603) Net Cash Flows 2,999,500 (2,123,406) 876,094 3,223,685 Cash and cash equivalents at beginning of period 15,126,684 37,546,391 52,673,075 50,744,579 Cash and cash equivalents at end of period $ 18,126,184 $ 35,422,985 $ 53,549,169 $ 53,968,264 See accompanying notes to financial statements.
Business-Type Activities Governmental
Activities-
Internal Service
Funds
Sewer
Services
Alameda
Municipal
Power
Total
Enterprise
Funds
City of Alameda
Proprietary Funds
Statement of Cash Flows
For the Year Ended June 30, 2023
42 Reconciliation of Operating Income (Loss) to Cash
Flows from Operating Activities:
Operating income (loss) $ 6,570,619 $ 5,623,641 $ 12,194,260 $ (2,686,300) Adjustments to reconcile operating income to cash
flows from operating activities:
Depreciation and amortization 2,582,683 3,224,775 5,807,458 2,054,876 Pension related amounts 324,508 985,974 1,310,482 3,645,328 OPEB related amounts (31,004) (137,286) (168,290)
Change in assets and liabilities:
(Increase) decrease in accounts receivable and
refundable deposits (2,256) (1,659,735) (1,661,991) (671,645) (Increase) decrease in materials and supplies (1,546,487) (1,546,487) (Increase) decrease in prepaids 40,132
Increase (decrease) in accounts payable (401,604) (481,182) (882,786) 370,912 Increase (decrease) in balancing account 5,277,979 5,277,979 Increase (decrease) in refundable deposits 1,244,353 1,244,353 8,337 Increase (decrease) in claims payable (281,717) (281,717) (953,919) Increase (decrease) in accrued payroll and others 4,956 4,956 682 Increase (decrease) in compensated absences (8,911) (34,261) (43,172) Cash Flows from Operating Activities $ 9,038,991 $ 12,216,054 $ 21,255,045 $ 1,808,403 Non Cash Transactions:
Subscription asset additions $ — $ — $ — $ 480,933
Subscription liability additions $ — $ — $ — $ (480,933) Business-Type Activities Governmental
Activities-
Internal Service
Funds
Sewer
Services
Alameda
Municipal
Power
Total
Enterprise
Funds
See accompanying notes to financial statements.
City of Alameda
Proprietary Funds
Statement of Cash Flows
For the Year Ended June 30, 2023
43 Fiduciary funds are used to account for assets held by the City as a trustee agent for individuals, private organizations, and other governments. The financial activities of these funds are excluded from the Government- wide Financial Statements, but are presented in separate Fiduciary Fund Financial Statements.
Successor Agency Private-Purpose Trust Fund is used to account for the activities of the Successor Agency to the former Community Improvement Commission of the City of Alameda.
Custodial Funds report resources, not in a trust, that are held by the City for other parties outside of the City’s reporting entity.
City of Alameda, California
Fiduciary Funds
44 Successor
Agency
Private-Purpose
Trust Fund
Custodial
Fund
Assessment
Districts
ASSETS
Cash and investments $ 6,190,584 $ 1,949,636
Restricted cash and investments 1,168,283 5,782,503
Accounts receivable 429,955 24,005
Interest receivable 14
Loans receivable 1,114,648
Total Assets 8,903,470 7,756,158
DEFERRED OUTFLOWS OF RESOURCES
Deferred amount on refunding 2,754,448
LIABILITIES
Accounts payable 5,474
Interest payable 644,905 813,808
Refundable deposits 48,000
Due to other governments 26,567
Long term debt:
Due within one year 2,630,000
Due in more than one year 42,847,178
Total Liabilities 46,154,124 861,808
NET POSITION:
Restricted for:
Assessment Districts 6,894,350
Held in trust for private purposes (34,496,206)
Total Net Position (Deficit) $ (34,496,206) $ 6,894,350 See accompanying notes to financial statements.
City of Alameda
Fiduciary Funds
Statement of Changes in Fiduciary Net Position
For the Year Ended June 30, 2023
45 Successor
Agency
Private-Purpose
Trust Fund
Custodial
Fund
Assessment
Districts
ADDITIONS
Property taxes $ 9,265,909 $ 1,771,505
Use of money and property 118,566 452,767
Contribution from property owners 17,667,161
Miscellaneous 429,955
Total Additions 9,814,430 19,891,433
DEDUCTIONS
Administration 144,257 559,225
Contractual services 4,373,737 20,931,879
Debt service:
Interest and fiscal charges 2,022,224 2,213,075
Total Deductions 6,540,218 23,704,179
CHANGE IN NET POSITION 3,274,212 (3,812,746)
NET POSITION (DEFICIT), BEGINNING OF YEAR (37,770,418) 10,707,096 NET POSITION (DEFICIT), END OF YEAR $ (34,496,206) $ 6,894,350 See accompanying notes to financial statements.
City of Alameda
Fiduciary Funds
Statement of Fiduciary Net Position
June 30, 2023
City of Alameda, California
People and Places in the City
47 City of Alameda, California
People and Places in the City
48 1. Summary of Significant Accounting Policies ....................................................................................................... 50
2. Cash, Cash Equivalents, and Investments ............................................................................................................. 62
3. Interfund Transactions ........................................................................................................................................... 75
4. Loans Receivable .................................................................................................................................................. 77
5. Capital Assets ........................................................................................................................................................ 78
6. Long-Term Debt .................................................................................................................................................... 80
7. Special Assessment Debt Without City’s Commitment ........................................................................................ 87
8. Net Position and Fund Balances ............................................................................................................................ 87
9. Pension Plans ......................................................................................................................................................... 90
10. Post-Employment Health Care Benefits ................................................................................................................ 102
11. Risk Management .................................................................................................................................................. 110
12. Alameda Municipal Power Joint Ventures ............................................................................................................ 112
13. Leases .................................................................................................................................................................... 119
14. Subscription Liabilities .......................................................................................................................................... 121
15. Commitments and Contingencies .......................................................................................................................... 124
16. Redevelopment Agency Dissolution and Successor Agency Activities ............................................................... 126
17. Subsequent Events ................................................................................................................................................. 129 City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
49 Note 1 – Summary of Significant Accounting Policies
The City of Alameda, California, occupies the island of Alameda situated in the San Francisco Bay.
The City operates under the Council-Manager form of government and provides the following services:
public safety (police and fire); streets and related improvements; development services; public improvements; planning and zoning, community services (parks, recreation and library), sewer services, electricity, and general administration services.
A. Reporting Entity0
The City of Alameda is a charter city and is governed by a five-member City Council elected by City residents. The City is legally separate and fiscally independent, which means it can issue debt, adopt and modify budgets and fees, and sue or be sued. These financial statements present the government and its component units, entities for which the government is considered to be financially accountable.
Blended component units, although legally separate entities are, in substance, part of the government’s operations, thus, data from these units are combined with that of the primary government.
Primary Government
The financial statements of the primary government of the City of Alameda include the activities of the City, as well as its blended component units, which are controlled by and dependent upon the City.
While these blended component units are separate legal entities, their financial activities are integral to those of the City. Their financial activities have been aggregated and merged (termed “blending”) with those of the primary government of the City in the accompanying financial statements.
Blended Component Units
The Alameda Public Financing Authority (APFA) is a separate government entity whose purpose is to assist with the financing or refinancing of certain public capital facilities within the City. APFA has the power to purchase bonds issued by any local agency at a public or negotiated sale and may sell such bonds to public or private purchasers at a public or negotiated sale. APFA is controlled by the City and has the same governing body as the City, which also performs all accounting and administrative functions for APFA. The financial activities of APFA are included in the City’s financial statements.
The APFA does not issue separate financial statements.
The City of Alameda Financing Authority (CAFA) is a separate government entity whose purpose is to assist with the financing or refinancing of certain public capital facilities within the City. CAFA has the power to purchase bonds issued by any local agency at a public or negotiated sale and may sell such bonds to public or private purchasers at a public or negotiated sale. CAFA is controlled by the City and has the same governing body as the City, which also performs all accounting and administrative functions for CAFA. The financial activities of CAFA are included in the City’s financial statements.
The CAFA does not issue separate financial statements.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
Note 1 – Summary of Significant Accounting Policies (Continued) B. Basis of Presentation
The City’s Basic Financial Statements are prepared in conformity with accounting principles generally accepted in the United States of America. The Governmental Accounting Standards Board is the acknowledged standard setting body for establishing accounting and financial reporting standards followed by governmental entities in the United States.
These GASB Standards require that the financial statements described below be presented:
Government-wide Statements: The Statement of Net Position and the Statement of Activities display information about the primary government, the City and its blended component units. These statements include the financial activities of the overall City government, except for fiduciary activities.
Eliminations have been made to minimize the double counting of internal activities. However, the interfund services provided and used are not eliminated in the process of consolidation. These statements distinguish between the governmental and business-type activities of the City.
Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. Business-type activities are financed, in whole or in part, by fees charged to external parties.
The Statement of Activities presents a comparison between direct expenses and program revenues for each segment of the business-type activities of the City and for each function of the City’s governmental activities. Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Program revenues include: (a) charges paid by the recipients of goods or services offered by the programs; (b) grants and contributions that are restricted to meeting the operational needs of a particular program; and (c) fees, grants and contributions that are restricted to financing the acquisition or construction of capital assets.
Revenues that are not classified as program revenues, including all taxes, are presented as general revenues.
Fund Financial Statements: The fund financial statements provide information about the City’s funds, including fiduciary funds and blended component units. Separate statements for each fund category — governmental, proprietary, and fiduciary — are presented. The emphasis of fund financial statements is on major individual governmental and enterprise funds, each of which is displayed in a separate column. All remaining governmental and enterprise funds are aggregated and reported as nonmajor funds.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues, such as charges for services, and expenses, such as contractual services, result from exchange transactions associated with the principal activity of the fund. Exchange transactions are those in which each party receives and gives up essentially equal values. Nonoperating revenues, such as investment earnings, and expenses, such as interest expenses, result from nonexchange transactions or ancillary activities.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
51 Note 1 – Summary of Significant Accounting Policies (Continued) C. Major Funds
Major funds are defined as funds that have either assets plus deferred outflows of resources, liabilities plus deferred inflows of resources, revenues or expenditures equal to ten percent of their fund-type total and five percent of the grand total. Major governmental and enterprise funds are identified and presented separately in the fund financial statements. All other funds, entitled non-major funds, are combined and reported in a single column, regardless of their fund-type. The General Fund is always a major fund. The City may also select other funds it believes should be presented as major funds based on qualitative factors.
The City reported the following major governmental funds in the accompanying financial statements:
General Fund - The General Fund accounts for all general revenues of the City not specifically levied or collected by other City funds and their related expenditures. The General Fund also accounts for all financial resources of a governmental unit which are not accounted for in another fund.
Base Reuse Special Revenue Fund - This fund accounts for the revenues from leasing activities revenues and grants. Expenditures are made for base reuse activities.
Grants Special Revenue Fund - This fund accounts for revenues received from Federal, State, County and private grants.
Capital Improvement Projects Fund - This fund accounts for monies for major capital improvement projects not provided for in a separate and specific capital project fund.
The City reported both of its enterprise funds as major funds in the accompanying financial statements:
Sewer Services Fund - The City operates its own wastewater system. This fund accounts for all financial transactions relating to this municipal activity including, but not limited to, operations, maintenance, capital financing and related debt service, billing and collection.
Alameda Municipal Power Fund - Alameda Municipal Power was established to provide electricity to the City of Alameda. This fund accounts for all financial transactions relating to this municipal activity including, but not limited to, operations, maintenance, capital financing and related debt services, billing and collection.
The City also reports the following fund types:
Internal Service Funds - The funds account for central garage, facilities replacement and maintenance, information technology projects, workers’ compensation insurance and claims, general liability insurance and claims, unemployment insurance and post-employment benefits, all of which are provided to other departments on a cost-reimbursement basis.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
52 Note 1 – Summary of Significant Accounting Policies (Continued) Fiduciary Funds - Trust Funds and Custodial Funds are used to account for assets held by the City as an agent:
Trust Funds - These funds account for assets held by the City as an agent for various functions.
The Successor Agency Private-Purpose Trust Fund accounts for the accumulation of resources to be used for payments due for the City’s former Community Improvement Commission at appropriate amounts and times in the future. The financial activities of this fund is excluded from the Government-wide financial statements, but is presented in separate Fiduciary Fund financial statements.
Custodial Funds - These funds account for assets held by the City as an agent for certain assessment districts in the City. The financial activities of these funds are excluded from the Government-wide financial statements, but are presented in separate Fiduciary Fund financial statements.
D. Basis of Accounting
The government-wide, proprietary and fiduciary fund financial statements are reported using the economic resources measurement focus and the full accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place.
Governmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are recognized when measurable and available. The City considers all revenues reported in the governmental funds to be available if the revenues are generally collected within sixty days after year-end. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on governmental long-term debt, including lease liabilities, as well as claims and judgments, and compensated absences, which are recognized as expenditures to the extent they have matured. Governmental capital asset acquisitions, including entering into contracts giving the City the right to use leased assets and subscription assets, are reported as expenditures in governmental funds. Proceeds of governmental long-term debt and financing through leases are reported as other financing sources.
Those revenues susceptible to accrual are taxes, special assessments, intergovernmental revenues, use of money and property revenue, charges for services, fines and penalties, and license and permit revenues. Sales taxes collected and held by the State at year-end on behalf of the City are also recognized as revenue.
Non-exchange transactions, in which the City gives or receives value without directly receiving or giving equal value in exchange, include taxes, grants, entitlements, and donations. On the accrual basis, revenue from taxes is recognized in the fiscal year for which the taxes are levied or assessed. Revenue from grants, entitlements, and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied.
The City’s policy is to first apply restricted resources when an expense is incurred for purposes for which both restricted and unrestricted net position is available.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
53 Note 1 – Summary of Significant Accounting Policies (Continued) All proprietary and fiduciary funds are accounted for using the accrual basis of accounting. Their revenues are recognized when earned, and their expenses are recognized when incurred, except for revenues from electricity and sewer customers, which are recognized based on cycle billings.
In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. In addition to liabilities, the statement of financial position or balance sheet will sometimes report a separate section for deferred inflows or resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time.
E. Budgets and Budgetary Accounting
The City adopts a budget annually for all funds, except for the capital projects funds, which are budgeted on the project length basis. This budget is effective July 1 for the ensuing fiscal year. From the effective date of the budget, which is adopted by the City Council, and controlled at the fund level, the amounts stated therein as proposed expenditures become appropriations to the various City departments. The City Council may amend the budget during the fiscal year. The City Manager or his designee is authorized to transfer budgeted amounts between departments and between line items within any fund. However, any revisions which alter the total expenditures of any fund must be approved by the City Council. Transfers between funds must be approved by the City Council. All appropriations lapse at year end. Supplemental changes in appropriations that have been adopted by the City Council have been included in the budget versus actual statements.
Annual budgets are adopted on a basis consistent with generally accepted accounting principles except for capital projects funds. The capital projects funds are budgeted on a project length basis and, therefore, are not comparable on an annual basis.
Under encumbrance accounting, purchase orders, contracts and other commitments for the expenditures of monies are recorded in order to reserve that portion of the applicable appropriation. Encumbrance accounting is employed as an extension of the formal budgetary process. Encumbrances outstanding at year-end are reported as a component of assigned fund balance in the General Fund, and as restricted or committed fund balance in other funds, since they do not constitute expenditures or liabilities and are re- appropriated in the following year. Encumbrances outstanding at year end do not lapse and are included as part of the following year budget.
The following funds incurred expenditures in excess of appropriations:
Athletic Recreation Special Revenue Fund $ 277,745
City Hall and Library Bonds Debt Service Fund 1,809
Base Reuse Debt Service Fund 29,626
Sufficient resources were available in each fund to fund these excesses.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
54 Note 1 – Summary of Significant Accounting Policies (Continued) F. Materials, Parts and Supplies
Governmental fund supplies are recorded as expenditures at the time individual supply items are purchased.
Enterprise Fund supplies are valued at average cost and are used primarily for internal purposes.
G. Capital Assets
Capital assets, other than infrastructure assets, are defined by the City as assets with an initial, individual cost of more than $10,000 for all funds except Alameda Municipal Power, which capitalizes all assets with an initial cost of more than $5,000 and a useful life of at least three years. All capital assets, which include roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems, are valued at historical cost or estimated historical cost if actual historical cost is not available, except for intangible right to-use lease assets, the measurement of which is discussed in Note 1H below, and intangible right-to-use subscription assets, the measurement of which is discussed in Note 1N below. Contributed assets are valued at their acquisition value on the date contributed.
All capital assets with limited useful lives are depreciated during their estimated useful lives. The purpose of depreciation is to allocate the cost of capital assets equitably among all users during the life of these assets. The amount charged to depreciation expense each year represents that year’s pro rata share of the cost of capital assets.
Depreciation is provided using the straight-line method, which means the cost of the asset is divided by its expected useful life in years, and the result is charged to expense each year until the asset is fully depreciated. The City has assigned the useful lives listed below to capital assets:
Electric Plant 30 – 50 years
Building and Improvements 40 – 80 years
Machinery, Furniture and Equipment 4 – 40 years
Infrastructure 15 – 75 years
Right-to-Use Leased Buildings 10 years
Right-to-Use Subscription Assets 3 – 7 years
Major outlays for capital assets and improvements are capitalized as projects are constructed.
H. Leases
A lease is defined as a contract that conveys control of the right to use another entity’s nonfinancial asset (the underlying asset) as specified in the contract for a period of time in an exchange or exchange- like transaction. Examples of nonfinancial assets include buildings, land, vehicles and equipment. The City recognizes lease receivables or liabilities for contracts with $50,000 or more in total future lease payments from July 1, 2021 (or the date the lease begins if after July 1, 2021) to the end of the lease term, and AMP recognizes lease receivables or liabilities for contracts with $10,000 or more in total future lease payments. Short-term leases and contracts that transfer ownership will be excluded.
Lessee – The City is a lessee for a noncancellable lease of a building. The City recognizes a lease liability and an intangible right -to-use lease asset (lease asset) in the government -wide financial statements and in proprietary funds.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
55 Note 1 – Summary of Significant Accounting Policies (Continued) At the commencement of a lease, the City initially measures the lease liability at the present value of payments expected to be made during the lease term. Subsequently, the lease liability is reduced by the principal portion of lease payments made. The lease asset is initially measured as the initial amount of the lease liability, adjusted for lease payments made at or before the lease commencement date. The lease asset is amortized on a straight-line basis over its useful life.
Key estimates and judgements related to leases include how the City determines (1) the discount rate it uses to discount the expected lease payments to present value, (2) lease term, and (3) lease payments as f ollows:
• The City uses the interest rate charged by the lessor as the discount rate. When the interest rate charged by the lessor is not provided, the City generally uses its estimated incremental borrowing rate as the discount rate for leases.
• The lease term includes the noncancelable period of the lease. • Lease payments included in the measurement of the lease liability are composed of fixed payments and purchase options that the City is reasonably certain to exercise.
The City monitors changes in circumstances that would require a remeasurement of its lease and will remeasure the lease asset and liability if certain changes occur that are expected to significantly affect the amount of the lease liability.
Lease assets are reported with other capital assets.
Lessor – The City is a lessor for a noncancelable leases of commercial space, three cell towers, a golf complex, a preschool and four tidelands. The City recognizes a lease receivable and a deferred inflow of resources in the government-wide and governmental fund financial statements.
At the commencement of a lease, the City initially measures the lease receivable as the 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 inflow of resources is initially measured as the initial lease amount of the lease receivable, adjusted for lease payments received at or before the lease commencement date. Subsequently, the deferred inflow of resources is recognized as revenue over the life of the lease term.
Key estimates and judgements related to leases include how the City determines (1) the discount rate it uses to discount the expected lease payments to present value, (2) lease term, and (3) lease receipts as follows:
• The City uses its incremental borrowing rate as the discount rate for leases. • The lease term includes the noncancelable period of the lease plus any extension periods in which the City is reasonably certain the lessee will exercise. • Lease receipts included in the measurement of the lease receivable are composed of fixed payments from the lessee.
The City monitors changes in circumstances that would require a remeasurement of its lease, 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.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
56 Note 1 – Summary of Significant Accounting Policies (Continued) I. Compensated Absences
The liability for compensated absences includes the vested portions of vacation, sick leave and compensated time off. For all governmental funds, a liability of these amounts is reported only if they have matured, for example, as a result of employee resignations and retirements. The remaining portion is recorded as a liability in the Statement of Net Position. Proprietary funds’ liability for compensated absences is recorded in each proprietary fund. The liability for compensated absences is determined annually.
Compensated absences activity for the year ended June 30, 2023 is as follows:
Primary Government
Governmental
Activities
Business Type
Activities Total
Beginning Balance $ 4,159,193 $ 721,808 $ 4,881,001
Additions 5,421,284 675,404 6,096,688
Payments (5,169,724) (718,576) (5,888,300)
Ending Balance $ 4,410,753 $ 678,636 $ 5,089,389
Current Portion $ 4,410,753 $ 678,636 $ 5,089,389
Compensated absences are liquidated by the fund that has recorded the liability. The long-term portion of governmental activities compensated absences is liquidated primarily by the General Fund.
J. Property Tax
Under California law, property taxes are assessed and collected by the counties at a rate of up to 1% of assessed value, plus other increases approved by the voters. Property taxes are collected by the Auditor- Controller of the County of Alameda (County) and are remitted upon collection to the various taxing entities, including the City. Accordingly, the City accrues only those taxes that are received from the County within sixty days after year-end.
For assessment and collection purposes, property is classified as either “secured” or “unsecured” and is listed accordingly on separate parts of the assessment roll. The “secured roll” is that part of the assessment roll containing State-assessed property and real property having a tax lien that is sufficient, in the opinion of the County Assessor, to secure payment of the taxes. Unsecured property comprises all taxable property not attached to land, such as personal property or business property. Every tax levied by a county that becomes a lien on secured property has priority over all present and future private liens arising pursuant to the State law on the secured property, regardless of the time of the creation of the other liens. A tax levied on unsecured property does not become a lien against the taxed unsecured property, but may become a lien on other property owned by the taxpayer.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
57 Note 1 – Summary of Significant Accounting Policies (Continued) Valuation of secured property and establishment of a statutory tax lien occur as of January 1 prior to the tax year of the related tax levy, and the secured and unsecured tax rolls are certified on or before July 31 of the tax year by the County Assessor. The County assesses property values, levies bills, and collects taxes. Secured property tax is due in two installments on November 1 and February 1. It becomes delinquent after December 10 and April 10, respectively. Unsecured property tax is due on July 1 and become delinquent on August 31.
The City does not have the ability to control the levy rate or the amount of property taxes remitted by the County because these are governed by State law.
K. Purchased Power Balancing Account
The Purchased Power Balancing Account is used by Alameda Municipal Power to help stabilize rates.
Specifically, the balancing account accumulates differences between the actual costs of providing a utility service with the related revenues designated for recovery of such costs. Deferred amounts are refunded to or recovered from customers through authorized rate adjustments, but can be reciprocally the beneficiaries of any temporary over-collection. The effect of using the balancing account is that unanticipated changes in sales levels and purchased power costs do not immediately affect Alameda Municipal Power’s rates, because they are included in operating expenses when matched by revenues.
L. Deferred Inflows / Outflows of Resources
Deferred outflows of resources represent a consumption of net assets that applies to a future period and will not be recognized as an outflow of resources (expense/expenditure) until then. The City has two items that qualify for reporting in this category: 1) deferred charges on refunding debt reported in the statement of net position. A deferred charge on refunding results from the difference in the carrying value of refunded debt and its reacquisition price; this amount is deferred and amortized over the shorter of the life of the refunded or refunding debt and 2) deferred outflows related to OPEB and pensions.
Deferred inflows of resources represent an acquisition of net assets that applies to a future period and will not be recognized as an inflow of resources (revenue) until that time. For the governmental funds, the City has two items which qualify for reporting in this category (under the modified accrual basis of accounting): 1) The item unavailable revenues is reported only in the governmental funds balance sheet and represents unavailable revenues from revolving notes receivable, grant reimbursements, and other miscellaneous revenues not yet received. This amount is deferred and recognized as an inflow of resources in the period that the amount becomes available and 2) deferred outflows related to leases. At the government-wide statements, Item number 1 above is eliminated and recognized as revenue since “availability” of resources is not a criteria used in the government-wide statements. In addition, the City reports deferred inflows related to pensions, OPEB, leases and deferred inflows related to the Alameda Municipal Power Fund balancing account used to help stabilize rates discussed above.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
58 Note 1 – Summary of Significant Accounting Policies (Continued) M. Fair Value Measurement
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The fair value hierarchy categorizes the inputs to valuation techniques used to measure fair value into three levels based on the extent to which inputs used in measuring fair value are observable in the market.
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 inputs are inputs – other than quoted prices included within level 1 – that are observable for an asset or liability, either directly or indirectly.
Level 3 inputs are unobservable inputs for an asset or liability.
If the fair value of an asset or liability is measured using inputs from more than one level of the fair value hierarchy, the measurement is considered to be based on the lowest priority level input that is significant to the entire measurement.
N. Subscription-Based Information Technology Arrangements A subscription-based information technology arrangement (SBITA) is a contract that conveys control of the right to use another party’s (a SBITA vendor’s) IT software, alone or in combination with tangible capital assets (the underlying IT assets), as specified in the contract for a period of time in an exchange or exchange-like transaction.
At the commencement of a SBITA, the City initially measures the subscription liability at the present value of payments expected to be made during the contract term. Subsequently, the subscription liability is reduced by the principal portion of payments made. The subscription asset is initially measured as the initial amount of the subscription liability, adjusted for payments made at or before the SBITA commencement date, plus certain initial direct costs. Subsequently, the subscription asset is amortized on a straight -line basis over shorter of the subscription term or the useful life of the underlying IT assets. The City recognizes subscription assets with an initial, individual value of $50,000 or more.
Key estimates and judgments related to SBITAs include how the City determines (1) the discount rate it uses to discount the expected subscription payments to present value, (2) subscription term, and (3) subscription payments as follows:
• The City uses the interest rate charged by the IT vendor as the discount rate. When the interest rate charged by the IT vendor is not provided, the City generally uses its estimated incremental borrowing rate as the discount rate for subscription liabilities. • The subscription term includes the noncancelable period of the subscription.
The City monitors changes in circumstances that would require a remeasurement of its subscription and will remeasure the subscription asset and liability if certain changes occur that are expected to significantly affect the amount of the subscription liability.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
59 Note 1 – Summary of Significant Accounting Policies (Continued) Subscription assets are reported with other capital assets and subscription liabilities are reported on the statement of net position.
O. Reserve Policies
General Fund Balance General Fund balance that is available at the close of any given fiscal year is estimated during the final stages of the budget development process for the following fiscal year. Fund balance is used to achieve and maintain the City’s reserve goals, and to balance subsequent budgets only when recommended by the City Manager and approved by the City Council. It is the policy of the City Council to maintain available General Fund reserves of at least 20% of annual expenditures. In addition, the City should strive to reduce its reliance upon prior year’s remaining fund balance to finance subsequent year operations.
Sewer Fund Reserves In its Sewer Fund, the City shall strive to maintain a minimum of six months of operating revenues and $2 million for future capital projects in its reserves, to account for delays in receipt of sewer charges placed on the County tax roll and to ensure sufficient available cash to pay operating and capital expenses.
P. Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Q. Implementation of New GASB Pronouncements
The GASB issued Statement No. 91 “ Conduit Debt Obligations. ” The primary objectives of this Statement are to provide a single method of reporting conduit debt obligations by issuers and eliminate diversity in practice associated with (1) commitments extended by issuers, (2) arrangements associated with conduit debt obligations, and (3) related note disclosures. This Statement achieves those objectives by clarifying the existing definition of a conduit debt obligation; establishing that a conduit debt obligation is not a liability of the issuer; establishing standards for accounting and financial reporting of additional commitments and voluntary commitments extended by issuers and arrangements associated with conduit debt obligations; and improving required note disclosures. This statement became effective for the City’s Fiscal Year ending June 30, 2023, but did not have a material effect on the financial statements.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
60 Note 1 – Summary of Significant Accounting Policies (Continued) The GASB issued Statement No. 94 “ Public-Private and Public-Public Partnerships and Availability Payment Arrangements.” The primary objective of this Statement is to improve financial reporting by addressing issues related to public-private and public-public partnership arrangements (PPPs). As used in this Statement, a PPP is an arrangement in which a government (the transferor) contracts with an operator (a governmental or nongovernmental entity) to provide public services by conveying control of the right to operate or use a nonfinancial asset, such as infrastructure or other capital asset (the underlying PPP asset), for a period of time in an exchange or exchange-like transaction. Some PPPs meet the definition of a service concession arrangement (SCA), which the Board defines in this Statement as a PPP in which (1) the operator collects and is compensated by fees from third parties; (2) the transferor determines or has the ability to modify or approve which services the operator is required to provide, to whom the operator is required to provide the services, and the prices or rates that can be charged for the services; and (3) the transferor is entitled to significant residual interest in the service utility of the underlying PPP asset at the end of the arrangement. This statement became effective for the City’s Fiscal Year ending June 30, 2023, but did not have a material effect on the financial statements.
The GASB issued Statement No. 96 “ Subscription-Based Information Technology Arrangements. ” This Statement provides guidance on the accounting and financial reporting for subscription-based information technology arrangements (SBITAs) for government end users (governments). This Statement (1) defines a SBITA; (2) establishes that a SBITA results in a right-to-use subscription asset —an intangible asset—and a corresponding subscription liability; (3) provides the capitalization criteria for outlays other than subscription payments, including implementation costs of a SBITA; and (4) requires note disclosures regarding a SBITA. To the extent relevant, the standards for SBITAs are based on the standards established in Statement No. 87, Leases, as amended. A SBITA is defined as a contract that conveys control of the right to use another party’s (a SBITA vendor’s) information technology (IT) software, alone or in combination with tangible capital assets (the underlying IT assets), as specified in the contract for a period of time in an exchange or exchange-like transaction.
The City implemented the provisions of Statement No. 96 in Fiscal Year 2023.
R. Upcoming GASB Pronouncements
The City is analyzing the effects of the following pronouncements and the potential impact on the financial statements for the following GASBs by the effective dates:
The GASB issued Statement No. 99, “Omnibus 2022”. The objectives of this Statement are to enhance comparability in accounting and financial reporting and to improve the consistency of authoritative literature by addressing (1) practice issues that have been identified during implementation and application of certain GASB statements and (2) accounting and financial reporting for financial guarantees. The requirements of the statement are effective as follows: (1) the requirements related to extension of the use of LIBOR, accounting for SNAP distributions, disclosures of nonmonetary transactions, pledges of future revenues by pledging governments, clarification of certain provisions in Statement 34, as amended, and terminology updates related to Statement 53 and Statement 63 are effective upon issuance; (2) the requirements related to leases, PPPs, and SBITAs are effective for fiscal years beginning after June 15, 2022, and all reporting periods thereafter; and (3) the requirements related to financial guarantees and the classification and reporting of derivative instruments within the scope of Statement 53 are effective for fiscal years beginning after June 15, 2023, and all reporting periods thereafter.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
61 Note 1 – Summary of Significant Accounting Policies (Continued) The GASB issued GASB Statement No. 100, “Accounting Changes and Error Corrections – an amendment of GASB Statement No. 62”. The requirements of this Statement are effective for fiscal years ending after June 15, 2023. The City has not determined the effect of this Statement.
The GASB issued GASB 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. The requirements of this Statement are effective for fiscal years beginning after December 15, 2023, and all reporting periods thereafter.
The GASB issued GASB Statement No. 102, “Certain Risk Disclosures”. The objective of this Statement is to provide users of government financial statements with essential information about risks to a government’s vulnerabilities due to certain concentrations or constraints. This Statement defines a concentration as a lack of diversity to an aspect of a significant inflow of resources or outflow of resources. A constraint is a limitation imposed on a government by an external party or by formal action of the government’s highest level of decision-making authority. Concentrations and constraints may limit a government’s ability to acquire resources or control spending. The requirements of this Statement are effective for fiscal years beginning after June 15, 2024, and all reporting periods thereafter. The City has not yet determined the effect of this Statement.
Note 2 – Cash, Cash Equivalents, and Investments
The City’s dependence upon property tax receipts, which are received semi-annually, requires it to maintain significant cash reserves to finance operations during the remainder of the year. The City pools cash from all sources and all funds except cash with fiscal agents and the Alameda Municipal Power Fund so that it can be invested at the maximum yield, consistent with safety and liquidity.
Individual funds can make expenditures at any time.
Investment income is allocated among funds on the basis of average month end cash and investment balances in these funds. Investments are carried at fair value.
A. Policies
California Law requires banks and savings and loan institutions to pledge government securities with a fair value of 110% of the City’s cash on deposit, or first trust deed mortgage notes with a fair value of 150% of the deposit, as collateral for these deposits. Under California law, this collateral is held in a separate investment pool by another institution in the City’s name and places the City ahead of general creditors of the institution.
The City and its fiscal agents invest in individual investments and in investment pools. Individual investments are evidenced by specific identifiable securities instruments, or by an electronic entry registering the owner in the records of the institution issuing the security, called the book entry system.
In order to increase security, the City employs the Trust Department of a bank as the custodian of certain City managed investments, regardless of form.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
62 Note 2 – Cash, Cash Equivalents, and Investments (Continued) The City’s investments are carried at fair value, as required by generally accepted accounting principles. The City adjusts the carrying value of its investments to reflect their fair value at each fiscal year end, and it includes the effects of these adjustments in income for that fiscal year.
Cash and cash equivalents are considered to be liquid assets for purposes of measuring cash flows.
Restricted cash and investments are not included for cash flow purposes.
B. Classification
Cash, cash equivalents, and investments are classified in the financial statements as shown below, based on whether or not use is restricted under the terms of City debt instruments or agency agreements. Cash and investments as of June 30, 2023, as presented on the Statement of Net Position and Statement of Fiduciary Net Position are as follows:
Statement of Net Position:
Cash and investments $ 387,051,496
Restricted cash and investments 23,473,714
Investments designated for special purposes 35,505,716 Fiduciary Funds:
Cash and investments 8,140,220
Restricted cash and investments 6,950,786
Total cash and investments $ 461,121,932
Cash and investments as of June 30, 2023 are composed of the following categories:
Cash on hand (petty cash and change funds) $ 8,180
Deposits with financial institutions 192,503,504
Investments 268,610,248
Total cash and investments $ 461,121,932
C. Investments Authorized by the California Government Code and the City’s Investment Policy The City’s investment policy and the California Government Code allow the City to invest in the following, provided the credit ratings of the issuers are acceptable to the City, and approved percentages and maturities are not exceeded. The table also identifies certain provisions of the California Government Code, or the City’s Investment Policy where the City’s Investment Policy is more restrictive, that addresses interest rate risk, credit risk and concentration of credit risk. This table does not address investments of debt proceeds held by bond trustee that are governed by the provisions of debt agreements of the City, rather than the general provisions of the California Government Code or the City’s investment policy.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
63 Note 2 – Cash, Cash Equivalents, and Investments (Continued) The City’s investment policy and the California Government Code allow the City to invest in the following:
Authorized Investment Type
Maximum
Maturity(A)
Minimum
Credit
Quality
Maximum
Percentage of
Portfolio
Maximum
Investment
In One Issuer
Bank/Time Deposits 5 Years N/A No Limit No Limit
U.S. Treasury Bonds, Notes and Bills 5 Years N/A No Limit No Limit U.S. Agency and U.S. Government Sponsored
Enterprise Securities 5 Years N/A 75% 25%
Mutual Funds and Money Market Funds 5 Years Highest rating by 2 NRSRO's 20% 10% Bankers' Acceptances 180 Days A1/P1 or equivalent 30% 5% Commercial Paper 270 Days A1/P1 (A rated issuer) 40% (B) 5% Negotiable Certificates of Deposit (NCD) 5 Years
No rating for amount under
FDIC insurance; A1/A for
amounts greater than FDIC
insurance
30% (Combined
with CDARs) 5%
California Local Agency Investment Fund (LAIF) N/A N/A $75,000,000 per account N/A
California Asset Management Program (CAMP)/
CalTrust N/A N/A No Limit No Limit
Non-Negotiable Certificates of Deposit / CDARs 3 Years N/A 30% (Combined with NCDs) 5%
Municipal Obligations 5 Years A or equivalent
(except City's own bonds) 30% 5%
Medium-Term Corporate Notes 5 Years A or equivalent 30% 5% Supranationals 5 Years AA or equivalent 15% (US Dollar
denominated) 10%
Asset backed securities 5 Years AA or equivalent rated issue 20% 5% (A) The maximum of any investment shall not exceed five years unless expressly authorized by City Council. (B) Under a provision sunsetting on January 1, 2026, no more than 40% of the portfolio may be invested in Commercial Paper if the City’s investment assets under management are greater than $100,000,000. After that date, no more than 25% of the portfolio may be invested in Commercial Paper.
D. Investments Authorized by the California Government Code and Alameda Municipal Power’s Investment Policy
Alameda Municipal Power’s investment policy and the California Government Code allow Alameda Municipal Power to invest in the following, provided the credit ratings of the issuers are acceptable to Alameda Municipal Power, and approved percentages and maturities are not exceeded. The table below also identifies certain provisions of the California Government Code, or Alameda Municipal Power’s Investment Policy where Alameda Municipal Power’s Investment Policy is more restrictive, that addresses interest rate risk, credit risk and concentration of credit risk.
This table does not address investments of debt proceeds held by bond trustees that are governed by the provisions of debt agreements of Alameda Municipal Power, rather than the general provisions of the California Government Code or Alameda Municipal Power’s investment policy. Alameda Municipal Power’s investment policy and the California Government Code allow Alameda Municipal Power to invest in the investments in the table in the next section:
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
64 Note 2 – Cash, Cash Equivalents, and Investments (Continued) Authorized Investment Type
Maximum
Maturity
Minimum
Credit
Quality
Maximum
Percentage of
Portfolio
Maximum
Investment
In One Issuer
Bank/Time Deposits 5 years N/A No Limit No Limit
U.S. Treasury Obligations 5 years N/A No Limit No Limit U.S. Agency Securities 5 years N/A 75%. 25%
Mutual Funds and Money Market Funds 5 years Highest rating by two NRSROs 20% 10% Bankers Acceptances 180 days A1/P1 30% 5%
Commercial Paper 270 days A1/P1 (with issuer rated A or equivalent)
40% (under the
provision
sunsetting on
1/1/2026)
5%
Non-Negotiable Certificates of Deposit/CDARS 3 years N/A 30% (combined with NCDs) 5%
Negotiable Certificates of Deposit (NCD) 5 years
No rating for amount under
FDIC insurance; A-1 / A for
amounts greater than FDIC
insurance
30% (combined
with CDARS) 5%
California Local Agency Investment Fund (LAIF) N/A N/A $75,000,000 per account N/A
California Asset Management Program (CAMP)
and CalTrust N/A N/A No Limit N/A
Municipal Obligations 5 years A or equivalent (except City's own bonds) 30% 5%
Medium Term Corporate Notes 5 years A or equivalent 30% 5% Supranationals 5 years AA or equivalent 15% (US Dollar
denominated) 10%
Asset-Backed Securities 5 years
AA or equivalent rated issue
(with issuer rated A or
equivalent)
20% 5%
E. Public Agencies Post-Employment Trust
On March 22, 2017, the City Council adopted resolution 15253 approving the adoption of an amendment to the Public Agencies Post-Employment Trust administered by Public Agency Retirement Services (PARS) to establish a pension trust. The Trust is an irrevocable trust and qualifies as an Internal Revenue Section 115 trust. Investments of funds held in Trust are governed by the Investment Guideline Document for the investment account and by the agreement for administrative services with PARS, rather than the general provisions of the California Government Code or the City’s investment policy. This trust will assist the City in mitigating the CalPERS contribution rate volatility. The City elected a discretionary investment approach, which allows the City to maintain oversight of the investment management, control on target yield and the portfolio’s risk tolerance, under the Balanced Index PLUS investment option. This pension trust is a secondary trust to the City’s CalPERS Pension Plan; therefore, the assets are reported in the City’s Pension Stabilization Internal Service Fund. The assets in the Trust will eventually be used to fund pension plan obligations.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
65 Note 2 – Cash, Cash Equivalents, and Investments (Continued) F. Investments Authorized by Debt Agreements
The City and the Successor Agency to the Community Improvement Commission must maintain required amounts of cash and investments with trustees or fiscal agents under the terms of certain debt issues. These funds are unexpended bond proceeds or are pledged as reserves to be used if the City or the Successor Agency to the Community Improvement Commission fails to meet its obligations under these debt issues. The California Government Code requires these funds to be invested in accordance with City ordinance, bond indentures or State statute. The table below identifies the investment types that are authorized for investments held by fiscal agents. The table also identifies certain provisions of these debt agreements:
Authorized Investment Type
Maximum
Maturity
Minimum
Credit
Quality
Maximum
in
Portfolio
Maximum
Investment
In One Issuer
Repurchase Agreements 30 days
Top Four Rating
Categories No Limit Per Account No limit Per Account
U.S. Treasury Bonds, Notes and Bills No Limit N/A No Limit No Limit U.S. Agency and U.S. Government Sponsored
Enterprise Securities No Limit No Limit No Limit No Limit State Obligations No Limit
Not Lower Than Their
Bond Rating No Limit No Limit
Commercial Paper 180 - 270 Days A-1+ 20% - No Limit
10% of outstanding issues
(A rated issuer US
organized and with
operations in US with a
total assets in excess of
$500 mil) - No limit
Negotiable Certificates of Deposit No Limit N/A No Limit No Limit Time Certificates No Limit N/A No Limit No Limit
Corporate Notes and Bonds No Limit
Not Lower Than Their
Bond Rating No Limit No Limit
Guaranteed Investment Contracts No Limit
AA - Not Lower Than
Their Bond Rating No Limit No Limit
Shares of Beneficial Interest No Limit Top Rating Category No Limit No Limit Money Market Mutual Funds No Limit
Aam - Highest Rating
Category 20% No Limit
Bankers' Acceptances 365 days A-1+ 30% 30%
Municipal Bonds No Limit AAA No Limit No Limit
California Local Agency Investment Fund (LAIF) Upon Demand N/A $75,000,000
per account
$75,000,000
per account
Investment Agreements No Limit AA- No Limit No Limit
California State Warrants, Treasury Notes or
Bonds 3 Years
Top Two Highest Short-
Term or Long-Term
Rating Categories No Limit No Limit
Alameda Municipal Power Fund (AMP) must maintain required amounts of cash and investments with trustees or fiscal agents under the terms of certain debt issues. These funds are unexpended bond proceeds or are pledged as reserves to be used if Alameda Municipal Power fails to meet its obligations under these debt issues. The California Government Code requires these funds to be invested in accordance with the City’s ordinance, bond indentures or State statute. The table below identifies the investment types that are authorized for investments held by fiscal agents. The table also identifies certain provisions of these debt agreements:
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
66 Note 2 – Cash, Cash Equivalents, and Investments (Continued) Authorized Investment Type
Maximum
Maturity
Minimum
Credit
Quality
Maximum
Percentage of
Portfolio
Maximum
Investment
In One Issuer
U.S. Treasury Obligations N/A N/A No Limit No Limit
State Obligations N/A N/A No Limit No Limit
U.S. Agency Securities (A) N/A N/A No Limit No Limit
Commercial Paper N/A A1/P1/A 25% 5%
Certificates of Deposit 5 years A1/A 30% 5%
Bankers Acceptances 180 days A1/P1 30% 5%
Money Market Mutual Funds N/A A 20% No Limit
California Local Agency Investment Fund (LAIF) N/A N/A No Limit LAIF Limit Investment Agreements (B) N/A AA No Limit No Limit
(A) Securities issued by agencies of the federal government such as the Federal Farm Credit Bank (FFCB), the Federal Home Loan Bank (FHLB), the Federal National Mortgage Association (FNMA), and the Federal Home Loan Mortgage Corporation (FHLMC).
(B) Investment agreements, including guaranteed investment contracts, repurchase agreements, forward purchase agreements and reserve fund put agreements
G. Interest Rate Risk
Interest rate risk is the risk that changes in economic markets that will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to the changes in market interest rates. One of the ways that the City manages its exposure to interest rate risk is by purchasing a combination of shorter term and longer term investments and by timing cash flows from maturities, so that a portion of the portfolio is maturing or realizing maturity evenly over time as necessary in order to provide the cash flow and liquidity needed for operations.
Information on the sensitivity of the fair values of the City’s investments (including investments held by bond trustees) to market interest rate fluctuations is provided by the following table that shows the distribution of the City’s investments by maturity at June 30, 2023:
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
67 Note 2 – Cash, Cash Equivalents, and Investments (Continued) Investment Type
12 Months
or less
One to
Five Years Total
U.S. Agency and Government-Sponsored
Enterprise Securities
Non-callable $ 2,602,856 $ 14,400,180 $ 17,003,036
Callable 245,583 245,583
Medium-Term Corporate Notes:
Non-callable 2,202,744 12,939,227 15,141,971
Callable 1,327,246 16,065,676 17,392,922
Asset Backed Securities 35,882 13,307,364 13,343,246 Supranationals 4,440,426 4,440,426
U.S. Treasury Notes 4,015,617 36,266,173 40,281,790
U.S. Treasury Bonds 543,492 543,492
Money Market Mutual Funds 29,291,547 29,291,547
California Local Agency Investment Fund 113,681,267 113,681,267 Negotiable Certificates of Deposit 239,155 2,229,608 2,468,763 Time Certificates of Deposit 2,213,224 3,669,578 5,882,802 Municipal Bonds 3,364,960 5,528,443 8,893,403
Total Investments $ 159,220,081 $ 109,390,167 268,610,248 Cash deposits with banks and on hand 192,511,684
Total Cash and Investments $ 461,121,932
The City and Alameda Municipal Power are participants in the Local Agency Investment Fund (LAIF), which is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California. The City and Alameda Municipal Power report their investments in LAIF at the fair value amounts provided by LAIF, which is the same as the value of the pool share. At June 30, 2023, the fair value approximated cost of the investments of the City and Alameda Municipal Power.
The balance, available for withdrawal on demand, is based on the accounting records maintained by LAIF, which are recorded on an amortized cost basis. Each regular LAIF account is permitted to have up to 15 transactions per month, with a minimum transaction amount of $5,000, a maximum transaction amount of $75 million and at least 24 hours advance notice for withdrawals of $10 million or more. Bond proceeds accounts are subject to a one-time deposit with no cap and are set up with a monthly draw down schedule. Included in LAIF’s investment portfolio are collateralized mortgage obligations, mortgage-backed securities, other asset-backed securities, loans to certain state funds, and floating rate securities issued by federal agencies, government-sponsored enterprises, United States Treasury Notes and Bills, and corporations. At June 30, 2023, these investments had an average maturity of 260 days.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
68 Note 2 – Cash, Cash Equivalents, and Investments (Continued) H. Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment when an investment matures. This is measured by the assignment of a credit rating by a nationally recognized statistical rating organization. Presented below is the actual rating as of June 30, 2023, for each City’s investment type as provided by Standard and Poor’s:
Investment Type AAA/AAAm AA+ to AA- A+ to A
BBB+ to
BBB- (A) Total
U.S. Agency and Government-
Sponsored
Enterprise Securities
Non-callable $ 249,195 $ 15,983,260 $ — $ — $ 16,232,455 Callable 245,583 245,583
Medium Term Corporate Notes:
Non-callable 2,411,398 12,030,125 37,884 14,479,407 Callable 3,689,902 12,526,279 678,881 16,895,062
Supranationals 1,324,366 1,418,357 1,697,703 4,440,426 Asset Backed Securities 13,343,246 13,343,246
Money Market Mutual Funds 29,291,547 29,291,547 Negotiable Certificates of Deposit 451,107 769,162 1,220,269 Municipal Bonds 729,722 5,315,494 2,216,141 8,261,357 Totals $ 44,938,076 $ 29,515,101 $ 29,239,410 $ 716,765 104,409,352 Not rated:
U.S. Government-Sponsored
Enterprise Agencies
Non-callable 770,581 (A)
California Local Agency
Investment Fund 113,681,267
Medium Term Corporate Notes:
Non-callable 662,564 (A)
Callable 497,860 (A)
Municipal Bonds 632,046 (A)
Negotiable Certificates of Deposit 1,248,494
Time Certificates of Deposit 5,882,802
Exempt:
US Treasury Notes 40,281,790
US Treasury Bonds 543,492
Total Investments $ 268,610,248
(A) Investments are rated A1, A2, A3, Aa2 and Aaa by Moody’s Investors Service, Inc., which is in compliance with the City’s and/or with the Alameda Municipal Power’s Investment Policy minimum credit rating requirements.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
69 Note 2 – Cash, Cash Equivalents, and Investments (Continued) I. Custodial Credit Risk
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. As previously described, the City’s deposits are collateralized in accordance with California Government Code. The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g., broker-dealer) to a transaction, a government will not be able to recover the value of its investment or collateral securities that are in the possession of another party. The California Government Code and the City’s investment policy do not contain legal or policy requirements that would limit the exposure to custodial credit risk for investments.
As of June 30, 2023, Alameda Municipal Power’s deposits with Hilltop Securities were insured up to $250,000 by FDIC. Hilltop Securities also had Securities Investor Protection Corporation (SIPC) coverage which provided an additional $500,000 coverage. Furthermore, Hilltop Securities had private insurance in excess of SIPC coverage with a $1.9M per- client limit. As of June 30, 2023, Alameda Municipal Power’s investments balance with Hilltop Securities was $31,787,166.
J. Fair Value Measurements
The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described as follows:
Level 1 – Investments whose values are based on quoted prices (unadjusted) for identical assets in active markets that a government can access at the measurement date.
Level 2 – Investments whose values are based on inputs other than quoted prices included within Level 1 that are observable for an asset, either directly or indirectly.
Level 3 – Investments whose values are based on unobservable inputs for an asset and may require a degree of professional judgment.
The asset’s level within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The determination of what constitutes observable requires judgment by the City’s management. City management considers observable data to be that market data, which is readily available, regularly distributed or updated, reliable, and verifiable, not proprietary, and provided by multiple independent sources that are actively involved in the relevant market. The categorization of an investment within the hierarchy is based upon the relative observability of the inputs to its fair value measurement and does not necessarily correspond to City management’s perceived risk of that investment.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
70 Note 2 – Cash, Cash Equivalents, and Investments (Continued) Deposits and withdrawals in governmental investment pools, such as LAIF are made on the basis of $1 and not fair value. Accordingly, the City’s proportionate share in these types of investments is an uncategorized input not defined as a Level 1, Level 2, or Level 3 input.
The following is a description of the valuation methods and assumptions used by the City to estimate the fair value of its investments. There have been no changes in the methods and assumptions used at June 30, 2023. The methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. City management believes its valuation methods are appropriate and consistent with other market participants. The use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
When available, quoted prices are used to determine fair value. When quoted prices in active markets are available, investments are classified within Level 1 of the fair value hierarchy.
For investments classified within Level 2 of the fair value hierarchy, the City’s custodians generally use a multi-dimensional relational model. Inputs to their pricing models are based on observable market inputs in active markets. The inputs to the pricing models are typically benchmark yields, reported trades, broker- dealer quotes, issuer spreads and benchmark securities, among others.
As of June 30, 2023, the City has the following recurring fair value measurements:
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
71 Note 2 – Cash, Cash Equivalents, and Investments (Continued) Fair Value Measurements on a Recurring Basis
Using
Balance at
June 30, 2023
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Investments by Fair Value:
U.S. Agency and Government-Sponsored
Enterprise Securities
Non-callable $ 17,003,036 $ — $ 17,003,036
Callable 245,583 245,583
Medium-Term Corporate Notes
Non-callable 15,141,971 15,141,971
Callable 17,392,922 17,392,922
Asset Backed Securities 13,343,246 13,343,246
Supranationals 4,440,426 4,440,426
U.S. Treasury Notes 40,281,790 40,281,790
U.S. Treasury Bonds 543,492 543,492
Negotiable Certificates of Deposit 2,468,763 2,468,763 Time Certificates of Deposit 5,882,802 5,882,802
Municipal Bonds 8,893,403 8,893,403
Total Investments by Fair Value Level 125,637,434 $ 40,825,282 $ 84,812,152 Investments Not Measured at Fair Value or
Subject to Fair Value Hierarchy:
Local Agency Investment Fund 113,681,267
Money Market Mutual Funds 29,291,547
Total Investments Not Measured at Fair
Value 142,972,814
Total Investments $ 268,610,248
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
72 Note 2 – Cash, Cash Equivalents, and Investments (Continued) K. Investments with Fair Values Highly Sensitive to Interest Rate Fluctuations The City’s investments include corporate notes and U.S. agency securities that have an embedded call feature. At June 30, 2023, those investments consisted of:
Issuer Maturity Date Callable Date Reported Amount
Abbott Labs 9/15/2025 6/15/2025 $ 244,253
Amazon Com Inc. 12/5/2024 9/5/2024 196,162
Amazon Com Inc. 12/3/2025 9/3/2025 150,344
Amazon Com Inc. 5/12/2026 4/12/2026 710,234
American Express Co 7/30/2024 6/30/2024 217,505
Apple Inc. 9/11/2026 7/11/2026 276,447
Apple Inc. 2/9/2024 12/9/2023 246,510
Bank Amer Corp Mtn 6/19/2026 6/19/2025 458,010
Bank Amer Corp Mtn 4/23/2027 4/23/2026 379,228
Bank Amer Corp Mtn 12/6/2025 12/6/2024 327,184
Bank New York Mtn 4/25/2025 3/25/2025 528,864
Berkshire Hathaway 3/15/2027 2/15/2027 547,034
Cintas Corp 5/1/2025 4/1/2025 96,770
Citigroup Inc. 5/1/2025 4/1/2025 66,982
Citigroup Inc. 1/25/2026 1/25/2025 42,273
Citigroup Inc Sr Nt 10/30/2024 9/30/2024 181,733
Duke Energy Florida 1/15/2027 10/15/2026 473,680
Exxon Mobil 3/1/2026 12/1/2025 334,537
Federal Agric Mtg Corp 3/13/2026 3/13/2024 497,860
Federal Farm Credit Bank 11/2/2023 11/2/2021 245,583
Florida Power LT Co 12/1/2025 6/1/2025 252,292
Florida Power LT Co 6/1/2024 12/1/2023 195,914
Florida Power LT Co 5/15/2028 3/15/2028 392,484
Goldman Sachs Group 1/24/2025 1/24/2024 170,389
Home Depot Inc. 4/15/2025 3/15/2025 33,569
Home Depot Inc. 9/15/2025 8/15/2025 49,028
Intel Corp 7/29/2025 4/29/2025 218,815
Jpmorgan Chase Co 6/23/2025 6/23/2024 242,051
Jpmorgan Chase Co 9/16/2024 9/16/2023 168,016
Jpmorgan Chase Co 2/16/2025 2/16/2024 86,868
Jpmorgan Chase Co 6/1/2025 6/1/2024 641,682
Jpmorgan Chase Co 4/22/2026 4/22/2025 157,332
Jpmorgan Chase Co 4/26/2026 4/26/2025 218,648
(Continued)
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
73 Note 2 – Cash, Cash Equivalents, and Investments (Continued) Issuer Maturity Date Callable Date Reported Amount
Linde Inc. 12/5/2025 11/5/2025 327,469
Lockheed Martin Corp 10/15/2025 9/15/2025 74,845
Mastercard 3/9/2028 2/9/2028 313,506
Midamerican Energy Co 9/15/2023 6/15/2023 248,963
Morgan Stanley Mtn 1/28/2027 1/28/2026 99,167
Morgan Stanley Mtn 2/18/2026 2/18/2025 251,220
Morgan Stanley Mtn 4/28/2026 3/28/2025 516,291
National Rural Mtn 3/13/2026 2/16/2026 54,152
Nestle Hldgs Inc. 9/14/2024 9/14/2023 312,266
Northern Tr Corp Sr 5/10/2027 4/10/2027 500,952
Pepsico Inc. 7/17/2025 4/17/2025 170,174
Pepsico Inc. 2/13/2026 1/13/2026 159,518
Pnc Financial 10/28/2025 10/28/2024 148,755
Pnc Financial 1/26/2027 1/26/2026 24,433
Public Storage 2/15/2026 1/15/2026 224,003
Realty Income Corp 8/15/2027 5/15/2027 332,409
Roche Holdings Inc. 3/10/2025 2/10/2025 560,512
San Diego Gas Elec Co 5/15/2026 2/15/2026 233,353
Schlumberger Invt Sa 12/1/2023 9/1/2023 247,985
Schlumberger Invt Sa 12/1/2023 9/1/2023 247,985
Schwab Charles Corp 3/18/2024 2/18/2024 139,889
Schwab Charles Corp 5/13/2026 4/13/2026 415,927
Southern CA Gas 6/15/2025 3/15/2025 239,450
Southern CA Gas 6/15/2025 3/15/2025 95,780
State Street Corp 1/26/2026 1/26/2025 34,480
State Street Corp 2/6/2026 2/6/2025 84,324
State Street Corp 3/30/2026 3/30/2025 190,728
State Street Corp 11/4/2026 11/4/2025 65,357
Target Corp 1/15/2027 12/15/2026 265,472
The Bank Of New Mtn 4/24/2025 3/24/2025 103,069
Truist Financial Mtn 7/28/2026 7/28/2025 139,362
Truist Financial Mtn 10/28/2026 10/28/2025 153,639
Truist Financial Mtn 8/5/2025 7/3/2025 353,406
Unitedhealth 5/15/2026 4/15/2026 569,715
Us Bank Na Mtn 1/21/2025 12/20/2024 580,068
Walmart Inc. 9/17/2026 8/17/2026 111,604
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
74 Note 3 – Interfund Transactions
A. Current Balances
Current interfund balances arise in the normal course of business and are expected to be repaid shortly after the end of the fiscal year. The purpose of these balances is to eliminate negative cash balances at year end in various funds. At June 30, 2023, the amounts of current interfund balances were as follows:
Due from Other Funds Due To Other Funds Amount
General Fund HOME Program Special Revenue Fund $ 9,622
General Fund Capital Improvement Projects Fund 787,996 General Fund Alameda Municipal Power Enterprise Fund 365,218 Total $ 1,162,836
B. Long-Term Advances
Loan from Fleet Maintenance and Replacement Fund to General Fund In July 2014, the City Council authorized a long-term loan from the Equipment Replacement Internal Service Fund to the Fire Station 3/Emergency Operations Center Capital Projects Fund in the amount of $809,000 for the construction of the new Fire Station. In October 2018, the amount of the loan was reduced to $408,626 and the remaining $307,305 of the loan was transferred to the General Fund. With the fund reorganization activity in fiscal year 2022, the loan receivable was transferred to the Fleet Maintenance and Replacement Internal Service Fund. The loan bears a 3% simple interest rate and will be due in full in 20 years. The advance is secured by a promissory note where the City’s General Fund is pledged as security for the repayment of the loan. The outstanding loan balance at June 30, 2023 was $187,606.
Loan from General Fund to Development Impact Fee Capital Projects Fund In June 2019, the City Council authorized a loan of $1,120,891 from the General Fund to the Development Impact Fee Fund. The advance bears no interest. The advance is secured by a promissory note where available funds from the Development Impact Fee Fund are pledged as security for the repayment of the loan. The loan is repayable in annual payments of $112,089 through June 30, 2029.
The outstanding balance of the loan at June 30, 2023 was $672,535.
Loan from General Fund to Athletic Recreation Special Revenue Fund In fiscal year 2014, the Recreation Fund made a loan of $350,000 to the Golf Fund. The principal balance of the loan does not bear interest and is repayable when funds are available. With the fund reorganization activity in fiscal year 2022, the loan receivable was transferred to the General Fund and the Athletic Recreation Fund. The outstanding balance of the loan at June 30, 2023 was $350,000.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
75 Note 3 – Interfund Transactions (Continued)
C. Transfers Between City Funds
With Council approval, resources may be transferred from one City fund to another. Transfers between City funds during Fiscal Year 2022-23 were as follows:
Fund Receiving Transfers Fund Making Transfer
Amount
Transferred
General Fund Capital Improvement Projects Fund $ 1,468,643 A Grants Special Revenue Fund 7,480,313 G
Non-Major Governmental Funds 213,000 A, B
Alameda Municipal Power Enterprise Fund 4,292,639 C
Grants Special Revenue Fund General Fund 336,244 B, D, F Capital Improvement Projects Fund General Fund 1,616,958 D Base Reuse Special Revenue Fund 818,684 D
Non-Major Governmental Funds 13,892,637 D
Grants Special Revenue Fund 5,310,300 B, F
Internal Service Funds 250,000 B
Non-Major Governmental Funds General Fund 3,400,940 B
Base Reuse Special Revenue Fund 15,620,721 D, E
Non-Major Governmental Funds 1,970,892 B, D, E, F
Capital Improvement Projects Fund 28,702 G
Internal Service Funds General Fund 5,520,896 B
Capital Improvement Projects Fund 91,575 B
Total $ 62,313,144
The reasons for these transfers are set forth below:
(A) To return unspent project funding
(B) To fund recreation, deferred maintenance, general liability, pension and OPEB costs (C) Transfer from Alameda Municipal Power to the General Fund per Charter (D) To fund CIPs based on appropriated revenue allocations (E) To fund debt service
(F) To fund housing projects
(G) Grant proceeds used for fire services
D. Internal Balances
Internal balances are presented in the entity-wide financial statements only. They represent the net interfund receivables and payables remaining after the elimination of all such balances within governmental and business-type activities.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
76 Note 4 – Loans Receivable
A. Housing Rehabilitation and Affordable Housing Loans Receivable The City and former Community Improvement Commission (CIC) have engaged in programs designed to encourage construction or improvement in low-to-moderate income housing or other projects. Under these programs, grants or loans are provided under favorable terms to homeowners or developers who agree to expend these funds in accordance with the City’s and former CIC’s terms. Some of these loans may be forgiven at the completion of the loan term if all stipulated conditions are met. Other loans and notes are expected to be repaid in full.
The City’s remaining outstanding balance of the loans receivable from these programs at June 30, 2023 was $10,617,415, which has been offset with unavailable revenue. Included in the outstanding balance are receivables totaling $1,734,749 from the Alameda Housing Authority.
B. Five Keys Loan Receivable
In April 2022, the City executed a promissory note with Five Keys Schools and Programs to fund both hard and soft construction costs for the purpose of building an interim supportive housing development for unhoused individuals. The promissory note was for a sum of $2.0 million and did not bear interest.
The note was to expire 45 days after Five Keys receives Homekey Round 2 grant funds from the State of California Department of Housing and Community Development, which was expected in early Fiscal year 2022-23. Five Keys repaid the note in its entirety in July 2022.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
77 Note 5 – Capital Assets
A. Capital Asset Additions and Retirements
City capital asset activities for the year ended June 30, 2023, are as follows:
Balance at
June 30, 2022,
as restated (A) Additions Retirements Transfers
Balance at
June 30, 2023
Governmental activities
Capital assets not being depreciated:
Land $ 5,995,318 $ — $ — $ — $ 5,995,318
Construction in progress 20,756,707 35,757,682 (11,204,949) 45,309,440 Total capital assets not being
depreciated 26,752,025 35,757,682 (11,204,949) 51,304,758 Capital assets being depreciated:
Buildings 291,004,189 291,004,189
Machinery and equipment 40,018,479 1,393,075 (339,872) 41,071,682 Right-to-use subscription assets 2,790,556 480,933 3,271,489 Infrastructure:
Streets 196,582,110 7,808,600 204,390,710
Street Lights 7,239,844 288,279 7,528,123
Landscape 21,323,234 21,323,234
Storm drains 23,675,740 2,629,043 26,304,783
Potable water systems 1,353,939 1,353,939
Parks 38,616,546 479,027 39,095,573
Marina facilities 25,011,156 25,011,156
Golf improvements 4,205,963 4,205,963
Total capital assets being depreciated 651,821,756 1,874,008 (339,872) 11,204,949 664,560,841 Less accumulated depreciation:
Buildings (132,169,073) (3,970,742) (136,139,815) Machinery and equipment (30,467,267) (1,819,435) 339,872 (31,946,830) Right-to-use subscription assets (763,191) (763,191) Infrastructure:
Streets (101,725,362) (5,472,133) (107,197,495)
Street Lights (3,379,196) (230,069) (3,609,265)
Landscape (19,029,687) (133,516) (19,163,203)
Storm drains (12,443,387) (455,543) (12,898,930) Potable water systems (1,239,994) (7,851) (1,247,845) Parks (7,034,195) (1,439,994) (8,474,189)
Marina facilities (21,571,336) (83,136) (21,654,472) Golf improvements (4,004,580) (56,097) (4,060,677) Total accumulated depreciation (333,064,077) (14,431,707) 339,872 (347,155,912) Net capital assets being depreciated 318,757,679 (12,557,699) 11,204,949 317,404,929 Governmental activity capital assets, net $ 345,509,704 $ 23,199,983 $ — $ — $ 368,709,687 (A) Restated for the implementation of GASB 96, as discussed in Note 8 D.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
78 Note 5 – Capital Assets (Continued)
Balance at
June 30, 2022,
as restated (A) Additions Retirements Transfers
Balance at
June 30, 2023
Business-type activities
Capital assets, not being depreciated:
Land and Rights $ 220,143 $ — $ — $ — $ 220,143
Construction in progress 3,728,601 3,254,292 (667,027) 6,315,866 Total capital assets not being depreciated 3,948,744 3,254,292 (667,027) 6,536,009 Capital assets, being depreciated:
Utility Plant 90,433,471 384,502 90,817,973
Service Center Building 8,168,069 8,168,069
Right-to-use subscription assets 33,703 33,703
Intangible right-to-use building 3,142,914 3,142,914 Machinery and equipment 10,349,295 10,349,295
Transportation equipment 4,016,542 282,525 4,299,067 Computer equipment 4,694,928 4,694,928
Furniture and fixtures 2,790,093 422,044 (363,347) 2,848,790 Sewer lines 143,051,424 4,328,409 147,379,833
Total capital assets being depreciated 266,680,439 4,750,453 (363,347) 667,027 271,734,572 Less accumulated depreciation for:
Utility Plant (66,693,022) (2,322,863) (69,015,885) Service Center Building (4,961,630) (180,959) (5,142,589) Right-to-use subscription assets (8,605) (8,605) Intangible right-to-use building (319,618) (319,618) (639,236) Machinery and equipment (9,536,177) (112,100) (9,648,277) Transportation equipment (3,024,958) (199,151) (3,224,109) Computer equipment (4,295,012) (62,174) (4,357,186) Furniture and fixtures (2,243,769) (189,981) 363,347 (2,070,403) Sewer lines (39,568,039) (2,412,007) (41,980,046) Total accumulated depreciation (130,642,225) (5,807,458) 363,347 (136,086,336) Net capital assets being depreciated 136,038,214 (1,057,005) 667,027 135,648,236 Business-type activity capital assets, net $ 139,986,958 $ 2,197,287 $ — $ — $ 142,184,245 (A) Restated for the implementation of GASB 96, as discussed in Note 8 D.
B. Capital Asset Contributions
Some capital assets may be acquired using Federal and State grant funds, or they may be contributed by developers or other governments. These contributions are accounted for as revenues at the time the capital assets are contributed.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
79 Note 5 – Capital Assets (Continued)
C. Depreciation Allocation
Depreciation expense is charged to functions and programs based upon usage of the related assets. The amounts allocated to each function or program are as follows:
Governmental Activities:
General government $ 181,515
Police 124,516
Fire 524,064
Public works 7,730,563
Recreation and parks 1,671,889
Library 442,309
Community development 1,672,700
Planning, building and transportation 29,275
Internal Service Funds 2,054,876
Total Governmental Activities $ 14,431,707
Business-Type Activities:
Sewer Services $ 2,582,683
Alameda Municipal Power 3,224,775
Total Business-Type Activities $ 5,807,458
Note 6 – Long-Term Debt
The City generally incurs long-term debt to finance projects or purchase assets, which will have useful lives equal to or greater than the term of the related debt. Bond discounts and issuance costs of long- term debt issues are amortized during the life of the related debt.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
80 Note 6 – Long-Term Debt (Continued)
A. City Long-Term Debt
The City’s long-term debt activities for the year ended June 30, 2023, are as follows:
CUSIP
Number
Balance June
30, 2022 Additions Retirements
Balance June
30, 2023
Current
Portion
Governmental Activities Debt:
Loans and Leases From Direct Borrowing
Lease Financings Payable not applicable $ 1,866,758 $ 3,067,898 $ (484,673) $ 4,449,983 $ 729,365 HUD Section 108 Loan Refinance, 2019
Series A not applicable 3,572,000 (562,000) 3,010,000 588,000 i-Bank Loan not applicable 2,285,135 (152,930) 2,132,205 156,428 Alameda County EMS Liability not applicable 1,306,211 (234,996) 1,071,215 242,045 Total Loans and Leases from Direct
Borrowing 9,030,104 3,067,898 (1,434,599) 10,663,403 1,715,838 Certificates of Participation
2013 Financing Project 010762 5,015,000 (585,000) 4,430,000 610,000 Plus: Unamortized bond premium 199,193 (25,519) 173,674 Total Certificates of
Participation 5,214,193 (610,519) 4,603,674 610,000 2003 ARRA Demand Revenue Bonds 010808 8,100,000 (600,000) 7,500,000 600,000 2013 General Obligation Refunding Bonds 010752 6,030,000 (415,000) 5,615,000 430,000 Plus: Unamortized bond premium 42,902 (5,467) 37,435 Subtotal 14,172,902 (1,020,467) 13,152,435 1,030,000 Total Governmental Activities Debt 28,417,199 3,067,898 (3,065,585) 28,419,512 3,355,838 Business-Type Activities Debt:
Loans From Direct Borrowing
State Revolving Fund Loan, 2004 not applicable 99,680 (99,680) Total Loans from Direct Borrowing 99,680 (99,680)
Sewer Revenue Bonds, 2012 Series A 010782 11,835,000 (415,000) 11,420,000 430,000 Plus: Unamortized bond premium 73,004 (3,596) 69,408 Revenue Bonds, Series 2010A 010808 8,700,000 8,700,000 Taxable Revenue Bonds, Series 2010B 010808 9,860,000 (1,600,000) 8,260,000 1,705,000 Subtotal 30,468,004 (2,018,596) 28,449,408 2,135,000 Total Business-Type Activities Debt 30,567,684 (2,118,276) 28,449,408 2,135,000 Total Debt $ 58,984,883 $ 3,067,898 $ (5,183,861) $ 56,868,920 $ 5,490,838 City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
81 Note 6 – Long-Term Debt (Continued)
B. Debt Service Requirements
Annual debt service requirements are shown below for all long-term debt:
Governmental Activities
For the Year
Ending June 30,
Loans and Leases from Direct
Borrowing
Certificates of Participation
and Bonds
Principal Interest Principal Interest
2024 $ 1,715,838 $ 245,459 $ 1,640,000 $ 677,944
2025 1,789,460 204,956 1,680,000 614,919
2026 1,874,978 162,121 1,715,000 549,950
2027 1,929,418 116,924 1,755,000 483,019
2028 1,236,921 74,549 1,800,000 414,297
2029-2033 1,720,067 148,918 7,540,000 1,034,631
2034-2035 396,721 9,124 1,415,000 46,750
Subtotal 10,663,403 $ 962,051 17,545,000 $ 3,821,510
Plus unamortized bond premium 211,109
Total $ 10,663,403 $ 17,756,109
Business-Type Activities
For the Year
Ending June 30,
Bonds
Principal Interest
2024 $ 2,135,000 $ 1,233,016
2025 2,255,000 1,109,067
2026 2,385,000 975,173
2027 2,525,000 831,271
2028 2,675,000 693,976
2029-2033 9,850,000 1,762,706
2034-2038 3,020,000 801,381
2039-2043 3,535,000 293,159
Subtotal 28,380,000 $ 7,699,749
Plus unamortized bond premium 69,408
Total $ 28,449,408
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
82 Note 6 – Long-Term Debt (Continued)
C. Description of the City’s Long-Term Debt Issues
The balance of the City’s debt is in various forms as follows:
Governmental Activities Debt
Certificates of Participation – Some of the City’s obligations are in the form of long-term leases between the City and the Alameda Public Financing Authority. Under these arrangements, the City enters into a legal agreement with the Authority to lease a specified City property to the Authority for an up-front, lump- sum lease payment. The City uses the lease proceeds to fund major capital improvements. The City furthermore continues to make use of the leased facility, and in return for that, agrees to pay the Authority regular lease payments. The Authority, in turn, sells shares of the City’s lease payments to investors. The shares are called Certificates of Participation, or COPs. The City’s lease payments are made to the certificate holders through the Trustee over the term of the agreement.
The cost of the assets securing these leases and the balance of the debt evidenced by these Certificates of Participation have been included in the City’s financial statements, as these leases are in essence financing arrangements with ownership of the financed assets reverting to the City at the conclusion of the lease term.
2013 Financing Project Certificates of Participation – On September 17, 2013, the City of Alameda Financing Authority authorized the issuance of the Certificates of Participation (2013 Refinancing Project) in the amount of $9,610,000 to repay the City of Alameda 2002 Certificates of Participation and to finance the costs of construction of a new City Emergency Operations Center and associated expenses. The 2013 Certificates are collateralized by the leased Alameda City Hall over the term of the lease; the City may substitute alternative sites/facilities as collateral at its option over the same time period. The 2013 Certificates bear interest from 3% to 4%, which is payable semi-annually in May and November. Principal payments are due annually and commenced on May 1, 2014. 2003 Alameda Reuse and Redevelopment Authority (ARRA) Variable Rate Demand Lease Revenue Bonds – On December 1, 2003, the Alameda Public Financing Authority issued Variable Rate Revenue Bonds in the original principal amount of $13,440,000 at a variable rate of interest determined on a weekly basis. The proceeds from the bonds were used to refund the 1999 ARRA Revenue Bonds, which were issued to finance the costs of certain improvements at Alameda Point (assigned to the Base Reuse Special Revenue Fund), and to finance professional services for land use planning and other activities required for the redevelopment process at Alameda Point. Repayment of these bonds is from lease revenues paid to ARRA from certain land, buildings, fixtures and equipment.
Interest is payable on the first business day of each month, and principal is due December 1.
The pledge of sublease revenues ends upon repayment of the $7,500,000 in remaining principal on the Bonds, which is scheduled to occur in 2034. As disclosed in the bond indenture documents, pledged future sublease revenues are expected to provide coverage over debt service of 1.5 during the life of the Bonds. For Fiscal Year 2022-23, sublease revenues amounted to $14,827,982, which represented coverage of 1,848% over the $802,404 in principal and interest debt service.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
83 Note 6 – Long-Term Debt (Continued)
General Obligation Bonds
2013 General Obligation Refunding Bonds – On September 17, 2013, the voters and City Council approved the repayment of General Obligation Refunding Bonds originally issued in 2003. The Refunding Bonds were issued on November 1, 2013 in the principal amount of $9,010,000 to refund, on a current basis, the City of Alameda General Obligation Bonds, Series 2003, and pay for costs of issuance of the Bonds. The 2003 Bonds were issued to finance the construction and renovation of various public libraries. The bonds bear interest between 3% and 3.4%. The repayment of the bonds is secured by all non-restricted revenue of the City. Principal payments are due annually on August 1.
Interest payments are due semi- annually on February 1st and August 1st through August 1, 2033.
Leases and Loans Payable
Lease Financings Payable – At June 30, 2023, the City held the following leases payable. Under the lease agreements, ownership of the capital assets reverts to the City at the end of the lease terms. Since the leases are in essence financing arrangements, the costs of the capital assets and the amounts of the lease terms have been included in the City’s financial statements. 2011 Fire Apparatus Lease Financing Payable – On October 19, 2011, the City entered into a lease agreement in the amount of $1,750,000 with Oshkosh Capital to acquire two fire apparatus vehicles. The City agreed to pay the lease starting on October 19, 2012, with annual payments of $147,127, which includes an interest rate of 3.05%, for fifteen years. Balance of the lease as of June 30, 2023, was $546,215.
2012 Fire Truck Lease Financing Payable – On September 26, 2012, the City entered into a lease agreement in the amount of $1,965,726 with Oshkosh Capital to acquire two fire apparatus vehicles. The City agreed to pay the lease starting on September 26, 2013, with annual payments of $162,546, which includes an interest rate of 2.82%, for fifteen years. Balance of the lease as of June 30, 2023, was $748,219.
2014 Fire Apparatus Lease Financing Payable – On July 1, 2014, the City entered into a lease agreement in the amount of $673,799 with Oshkosh Capital to acquire one fire apparatus vehicle.
The City agreed to pay the lease starting on August 5, 2015, with annual payments of $66,926, which includes an interest rate of 2.81% for ten years. Balance of the lease as of June 30, 2023 was $249,903.
2022 Fire Truck Lease Financing Payable - On May 6, 2022, the City entered into a lease agreement in the amount of $1,865,551 with JPMorgan Chase Bank to acquire a fire truck. The City agreed to pay the lease starting on July 30, 2022, with initial payment of $173,000, then annual payments of $213,378, which includes an interest rate of 2.469%, for ten years. Balance of the lease as of June 30, 2023, was $1,703,299.
2022 Fire Boat Lease Financing Payable - On September 8, 2022, the City entered into a lease agreement in the amount of $1,202,347 with JPMorgan Chase Bank to acquire a fire boat. The City agreed to pay the lease starting on September 15, 2023, with annual payments of $262,913, which includes an interest rate of 3.05%, for five years.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
84 Note 6 – Long-Term Debt (Continued)
The leased equipment had book values at June 30, 2023 as follows:
2011
Fire
Apparatus
2012
Fire Trucks
2014
Fire
Apparatus
2022
Fire Truck (A)
2022
Fire Boat (A)
Equipment $ 1,750,000 $ 1,750,791 $ 673,799 $ 1,865,551 $ 1,202,347 Less: Accumulated
Depreciation (1,370,833) (878,052) (600,804)
Book Value $ 379,167 $ 872,739 $ 72,995 $ 1,865,551 $ 1,202,347 (A) Both the 2022 Fire Truck and 2022 Fire Boat are accounted for under prepaid assets as of June 30, 2023. The vehicles are currently under fabrication.
HUD Section 108 Loan Refinance Series 2019-A – The City issued HUD Section Loan Refinancing Bonds of $4,906,000 on January 24, 2019 to refinance the outstanding portion of the City’s HUD Section 108 Loan, maturing on 08/01/2026, and 08/01/2027 and also to pay the costs of issuance of the Refinancing Loan. Principal payments are payable annually on August 1, and semi-annual interest payments are payable on February 1 st and August 1 st of each fiscal year. The outstanding balance as of June 30, 2023 is $3,010,000.
IBank Loan – On June 1, 2015, the City entered into an agreement to borrow $3,000,000 from the California Infrastructure and Economic Development Bank. Loan proceeds were received in Fiscal Year 2015-16 and will be used to finance construction of a new fire station. Principal and interest payments are due semi-annually on February 1st and August 1st through 2034. The loan bears interest of
2.287%. The outstanding balance as of June 30, 2023 is $2,132,205.
Alameda County EMS Liability – From 2005 to 2010, the County of Alameda provided Emergency Medical Services, First Responder Advanced Life Support, and Ambulance Transport Services to the City of Alameda. During this time, the City incurred an obligation of $3,621,887 to the County. On November 1, 2011, the County of Alameda and the City of Alameda entered into an agreement to repay this obligation using First Responder Advanced Life Support funding until the debt is fully repaid. As of June 30, 2023, the outstanding balance is $1,071,215.
D. Business-Type Activities Debt
Loan Payable
State Revolving Fund Loan 2004 – The City entered into a contract on August 12, 2004, to borrow funds from the State Water Resources Control Board. The funds are being used for a Sewer Replacement Project to correct infiltration and inflow. The maximum loan amount was $1,840,292 and bears interest at 2.6% per year for a term of twenty years. The balance was paid in full as of June 30, 2023.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
85 Note 6 – Long-Term Debt (Continued)
Revenue Bonds
Sewer Revenue Bonds 2012 Series A – On October 3, 2012, the City of Alameda Financing Authority issued Sewer Revenue Bonds 2012 Series A, in the original principal amount of $14,715,000, to repay the 1995 Sewer System Refinancing and Improvement Certificates of Participation and to finance improvements to the City’s municipal sewer system. The Bonds bear interest between 2% and 4%, which are payable semi-annually in February and August. Principal payments of the Bonds commenced on August 1, 2013.
The pledge of sublease revenues ends upon repayment of the $11,420,000 in remaining principal on the Bonds, which is scheduled to occur in 2042. As disclosed in the bond indenture documents, pledged future revenues are expected to provide coverage over debt service of 1.25 during the life of the Bonds.
For Fiscal Year 2023, net revenues amounted to $9,567,297, which represented coverage of 12.53% over the $763,769 in principal and interest debt service.
Revenue Bonds, Series 2010A/B (AMP Refinancing) – As described in an indenture agreement dated August 1, 2010, Revenue Bonds, Series 2010A/B were issued through Alameda Public Financing Authority on behalf of AMP to provide funds, together with certain other available monies, to 1) prepay the obligations of AMP for the Electric System Revenue Certificates of Participation Series 2000A, 2) prepay the obligations of AMP for the Taxable Electric System Revenue Certificates of Participation, Series 2000AT, 3) fund a deposit to the Common Reserve Account and 4) prepay the costs of issuance of the 2010 Bonds. Revenue Bonds, Series 2010A bear interest at 4.375 percent to
5.25 percent, payable January 1 and July 1 of each year. The Revenue Bonds, Series 2010B bear interest at 1.829 percent to 6.517 percent, payable January 1 and July 1 of each year.
Principal on the Series 2010B Bonds is payable beginning July 1, 2011 and each succeeding July 1 until final maturity in 2027. Principal on the Series 2010A Bonds will be payable beginning July 1, 2027 and each succeeding July 1 until final maturity in 2030. The 2010 Bonds are subject to optional and mandatory sinking fund redemption prior to maturity. The 2010 Bonds are special obligations payable solely from electric revenues, other amounts held in the bond funds and accounts established pursuant to the indenture, and amounts on deposit in the Common Reserve Account. The initial book- entry principal obligation for the Series 2010A and Series 2010B was $8,700,000 and $22,985,000, respectively.
AMP does not have unused lines of credit for the year ended June 30, 2023.
AMP’s outstanding revenue bonds (Series 2010A) and Taxable Revenue Bonds (Series 2010B) are secured solely by a pledge of net revenues of AMP. Both revenue bonds contain a rate covenant that AMP will at all times fix, prescribe and collect rates, fees and charges for the services and facilities of AMP during each fiscal year that will be at least sufficient to yield:
Adjusted Annual Revenues for such fiscal year at least equal to the sum of the following for such fiscal year:
a. Operating and Maintenance Cost
b. Adjusted Annual Debt Service
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
86 Note 6 – Long-Term Debt (Continued)
c. All other payments required to meet any other obligations of AMP which are charges, liens and encumbrances upon or payable from the Electric System Revenue Fund, including all amounts owed to any issuer of a Qualified Reserve Fund Credit Instrument then in effect and deposited in the Common Reserve Account under the terms of such Qualified Reserve Fund Credit Instrument and all amounts owing under subordinate debt, and Adjusted Annual Net Revenues for such fiscal year equal to at least 110% of Adjusted Annual Debt Service for such fiscal year.
If any event of default shall occur, then, and in each and every such case during the continuance of such event of default, the trustee may, and shall at the written direction of the owners of not less than a majority in aggregate principal amount of the bonds at the time outstanding, upon notice in writing to Alameda Municipal Power, declare the principal of all of the bonds then outstanding, and the interest accrued thereon, to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable, anything in the indenture or in the bonds contained to the contrary notwithstanding.
Note 7 – Special Assessment Debt Without City’s Commitment Special assessment districts in various parts of the City have issued debt to finance infrastructure improvements and facilities within their boundaries. The City is the collecting and paying agent for the debt issued by the districts, but has no direct or contingent liability or moral obligation for the payment of this debt. Therefore, this debt is not included in general long-term debt of the City. The outstanding balance of each of these issues as of June 30, 2023 is as follows:
Description Maturity Date June 30, 2023
Alameda Landing Community Facilities District No. 13-1 9/1/2046 $ 15,210,000 Alameda Landing Community Facilities District No. 13-1
(2021 Special Tax Subordinate Bonds) 9/1/2051 21,735,000 Alameda Marina Community Facilities District No. 22-1 9/1/2053 17,500,000 (2023 Special Tax Bonds)
Note 8 – Net Position and Fund Balances
Net Position is measured on the full accrual basis, while Fund Balance is measured on the modified accrual basis.
A. Net Position
Net Position is the excess of all the City’s assets and deferred outflows over all its liabilities and deferred inflows, regardless of fund. Net Position is divided into three captions. These captions apply only to Net Position, which is determined at proprietary fund and the Government-wide level and are described below.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
87 Note 8 – Net Position and Fund Balances (Continued)
Net Investment in Capital Assets describes the portion of Net Position which is represented by the current net book value of the City’s capital assets, less the outstanding balance of any debt issued to finance these assets.
Restricted describes the portion of Net Position which is restricted as to use by the terms and conditions of agreements with outside parties, governmental regulations, laws, or other restrictions which the City cannot unilaterally alter. These principally include developer fees received for use on capital projects, debt service requirements, and funds restricted for low and moderate housing purposes.
Unrestricted describes the portion of Net Position which is not restricted to use.
B. Fund Balances
Governmental fund balances represent the net current assets of each fund. Net current assets generally represent a fund’s cash and receivables, less its liabilities.
The City’s fund balances are classified in accordance with spending constraints imposed on the use of resources. For programs with multiple funding sources, the City prioritizes and expends funds in the following order: Restricted, Committed, Assigned, and Unassigned. Each category in the following hierarchy is ranked according to the degree of spending constraint:
Nonspendables represents balances set aside to indicate items that do not represent available, spendable resources, even though they are a component of assets. Fund balances required to be maintained intact, such as permanent funds, and assets not expected to be converted to cash, such as prepaids, notes receivable, and land held for redevelopment, are included. However, if proceeds realized from the sale or collection of nonspendable assets are restricted, committed or assigned, then Nonspendable amounts are required to be presented as a component of the applicable category.
Restricted fund balances have external restrictions imposed by creditors, grantors, contributors, laws, regulations, or enabling legislation which requires the resources to be used only for a specific purpose.
Encumbrances and nonspendable amounts subject to restrictions are included along with spendable resources.
Committed fund balances have constraints imposed by formal action (through a resolution) of the City Council, which may be altered only by formal action of the City Council. Encumbrances and nonspendable amounts subject to council commitments are included along with spendable resources.
Assigned fund balances are amounts constrained by the City’s intent to be used for a specific purpose, but are neither restricted nor committed. Intent is expressed by the City Manager or its designee as authorized by an adopted City Council resolution and may be changed at the discretion of the City Council or its designee. This category includes encumbrances; Nonspendables, when it is the City’s intent to use proceeds or collections for a specific purpose, and residual fund balances, if any, of Special Revenue, Capital Projects and Debt Service Funds which have not been restricted or committed through a council resolution. The City Council has designated the City Manager or his designee to determine the amount of assigned fund balances.
Unassigned fund balance represents residual amounts that have not been restricted, committed, or assigned. This includes the residual general fund balance and residual fund deficits, if any, of other governmental funds.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
88 Note 8 – Net Position and Fund Balances (Continued)
Detailed classifications of the City’s Fund Balances, as of June 30, 2023, are below:
Classifications
General
Fund
Base Reuse
Special
Revenue
Grants
Special
Projects
Capital
Improvement
Projects
Fund
Other
Governmental
Funds Total
Nonspendable:
Prepaids and deposits $ 3,071,368 $ — $ — $ — $ — $ 3,071,368 Advances 1,022,535 1,022,535
Total Nonspendable 4,093,903 4,093,903
Restricted for:
Commercial revitalization 3,012,798 3,012,798
Storm drainage system 2,929,202 2,929,202
Development activities 46,190,947 17,948,071 64,139,018 Streets and roads 11,898,904 11,898,904
Affordable housing 2,533,772 2,533,772
Public safety 1,084,708 56,216 1,140,924
Waste reduction 4,605,818 4,605,818
Assessment district 15,659,856 15,659,856
Tidelands 2,592,341 2,592,341
Transportation 2,977,532 2,977,532
Debt service 1,759,066 1,759,066
Total Restricted 46,190,947 1,084,708 65,973,576 113,249,231 Committed to:
Capital projects 1,915,208 1,915,208
Development activities 1,105,719 1,105,719
Community development 65,079 65,079
Culture and recreation 1,775,798 1,775,798
Library operations 6,240,030 6,240,030
Parking meter/garage 1,718,297 1,718,297
Total Committed 12,820,131 12,820,131
Assigned:
General government 3,474,308 3,474,308
Streets and sidewalks 2,169,666 2,169,666
Recreation and parks 979,675 979,675
Economic uncertainty 10,096,847 10,096,847
Projected use of fund balance in
subsequent years 29,835,033 29,835,033
Long-term obligations 2,065,692 2,065,692
Total Assigned 48,621,221 48,621,221
Unassigned:
Reserve policy 24,387,388 24,387,388
Residual fund balance in excess
of policy or fund balance
deficits 35,429,026 (1,526,673) 33,902,353
Total Unassigned 59,816,414 (1,526,673) 58,289,741 Total Fund Balances $ 112,531,538 $ 46,190,947 $ 1,084,708 $ (1,526,673) $ 78,793,707 $ 237,074,227 City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
89 Note 8 – Net Position and Fund Balances (Continued)
C. Fund Deficits
The Successor Agency Private Purpose Trust Fund had deficit net position in the amount of $34,496,206 at June 30, 2023. Future revenues and repayment of long-term debt are expected to offset this deficit.
As of June 30, 2023, the Capital Improvement Projects Fund has deficit net position of $1,526,673.
The majority of the deficit in net position is due to $1,225,063 in unavailable revenue related to grant reimbursement revenues earned but not yet received within sixty day after year end. This deficit will be eliminated once payment is received. A small portion of the deficit is due to overspent Capital Improvement Projects. Future General Fund or Special Revenue Fund allocations are expected to offset this deficit.
D. Restatement of Net Position
The City implemented the provisions of Governmental Accounting Standards Board Statement No. 96, Subscription-Based Information Technology Arrangements (SBITA), during the year ended June 30, 2023. As a result, the City determined that the beginning balances of subscription assets and subscription liabilities were $2,824,259 as of July 1, 2022, restated and increased the respective balances in that amount, and the net effect on beginning net position was zero. See the SBITA disclosure in Note 14.
Note 9 – Pension Plans
A. General Information About the CalPERS Pension Plans
For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the City’s California Public Employees Retirement System (CalPERS) Plans and additions to/deductions from the Plan’s fiduciary net position have been determined on the same basis as they are reported by CalPERS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.
Plan Descriptions – All qualified permanent and probationary employees are eligible to participate in the City’s separate Safety (police and fire) and Miscellaneous (all other) Plans, agent multiple- employer defined benefit pension plans administered by CalPERS, which acts as a common investment and administrative agent for its participating member employers. Benefit provisions under the Plans are established by State statute and City resolution. CalPERS issues publicly available reports that include a full description of the pension plans regarding benefit provisions, assumptions and membership information that can be found on the CalPERS website (www.CalPERS.ca.gov).
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
90 Note 9 – Pension Plans (Continued)
Benefits Provided – CalPERS provides retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries.
Benefits are based on years of credited service, equal to one year of full time employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members are eligible for non- duty disability benefits after 10 years of service. The death benefit is one of the following: the Basic Death benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost of living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law.
The Plans’ provisions and benefits in effect at June 30, 2023 are summarized below:
Miscellaneous
Prior to On or After
Hire Date January 1, 2013 January 1, 2013
Benefit Formula 2% @ 55 2% @ 62
Benefit vesting schedule 5 years service 5 years service Benefit payments monthly for life monthly for life
Retirement age (range) 50 - 67+ 52 - 67+
Monthly benefits, as a % of annual salary 1.426% - 2.418% 1.000% - 2.500% Required employee contribution rates 8.868 % 8.250 %
Required employer contribution rates 8.350 % 10.220 % Required UAL contribution $7,663,626
Safety
Prior to On or After
Hire Date January 1, 2013 January 1, 2013
Benefit Formula 3% @ 50 2.7% @ 57
Benefit vesting schedule 5 years service 5 years service Benefit payments monthly for life monthly for life
Retirement age (range) 50 - 55+ 50 - 57+
Monthly benefits, as a % of annual salary 3.000 % 2.000% - 2.700% Required employee contribution rates 15.000 % 11.500 % Required employer contribution rates 14.080 % 20.080 % Required UAL contribution $13,120,554
Beginning in Fiscal Year 2018, CalPERS collects employer contributions for the Plans as a percentage of payroll for the normal cost portion as noted in the rates above and as a dollar amount for contributions toward the unfunded liability (UAL). The dollar amounts are billed on an annual basis.
The City’s required contributions for the unfunded liability in the miscellaneous and safety plans for the year ended June 30, 2023 were $7,663,626 and $13,120,554, respectively, which were made under the lump sum payment option. In addition, the City made an additional contribution of $2,109,672 toward the Safety Plan during the year ended June 30, 2023.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
91 Note 9 – Pension Plans (Continued)
Contributions – Section 20814(C) of the California Public Employees’ Retirement law requires that the employer contribution rates for all public employers are determined on an annual basis by the actuary and shall be effective on the July 1 st following notice of a change in rate. Funding contributions for both Plans are determined annually on an actuarial basis as of June 30 th by CalPERS. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability.
The City is required to contribute the difference between the actuarially determined rate and the contribution rates of employees. The employees pay a percentage of their salaries toward the City’s required contribution. Employees within the miscellaneous plan pay 1.868% of the employer’s contribution and employees within the safety plan pay 6.000% of the employer’s contribution, which are reflected in the rates above. Employer contribution rates may change if plan contracts are amended.
Total employer required contribution amounts during the fiscal year ended June 30, 2023 were $11,077,903 for the miscellaneous plan and $17,710,730 for the safety plan. In addition, the City made an additional contribution of $2.110 million toward the Safety Plan’s UAL.
Employees Covered – The following employees were covered by the benefit terms for each Plan as of the most recent actuarial valuation date of June 30, 2021 and measurement date of June 30, 2022:
Miscellaneous Safety
Inactive employees or beneficiaries currently receiving benefits 608 312 Inactive employees entitled to but not yet receiving benefits 358 76 Active employees 318 176
Total 1,284 564
Net Pension Liability – The City’s net pension liability for each Plan is measured as the total pension liability, less the pension plan’s fiduciary net position. The net pension liability of each Plan is measured as of June 30, 2022, using an annual actuarial valuation as of June 30, 2021 rolled forward to June 30, 2022 using standard update procedures. A summary of principal assumptions and methods used to determine the total pension liability is shown below.
Actuarial Assumptions – The total pension liabilities as of the June 30, 2022 measurement date were determined using the following actuarial assumptions:
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
92 Note 9 – Pension Plans (Continued)
Miscellaneous Safety
Valuation Date June 30, 2021 June 30, 2021
Measurement Date June 30, 2022 June 30, 2022
Actuarial Cost Method
Entry-Age Actuarial Cost
Method
Entry-Age Actuarial Cost
Method
Actuarial Assumptions:
Discount Rate 6.90 % 6.90 %
Inflation 2.30 % 2.30 %
Payroll Growth 2.80 % 2.80 %
Projected Salary Increase (1) (1)
Investment Rate of Return 6.90% (2) 6.90% (2)
Mortality Derived using CalPERS' Membership data for all funds (3)
Derived using CalPERS' Membership data for all
funds (3)
Post Retirement Benefit Increase
The lesser of contract COLA or 2.30% until
Purchasing Power Protection Allowance Floor on
Purchasing Power applies, 2.30% thereafter
The lesser of contract COLA or 2.30% until
Purchasing Power Protection Allowance Floor on
Purchasing Power applies, 2.30% thereafter
(1) Depending on age, service and type of employment
(2) Net of pension plan investment expenses, including inflation (3) The mortality table used was developed based on CalPERS’ specific data. The probabilities of mortality are based on the 2021 CalPERS Experience Study for the period from 2001 to 2019. Pre-retirement and post-retirement mortality rates include generational mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries. For more details on this table, please refer to the CalPERS Experience Study and Review of Actuarial Assumptions report from November 2021 that can be found on the CalPERS website.
The underlying mortality assumptions and all other actuarial assumptions used in the June 30, 2021 valuation were based on the results of an actuarial experience study for the period from 2001 to 2019, including updates to salary increase, mortality and retirement rates. Further details of the Experience Study can be found on the CalPERS website (www.CalPERS.ca.gov).
Discount Rate - The discount rate used to measure the total pension liability for each Plan was 6.90%.
The projection of cash flows used to determine the discount rate for each Plan assumed that contributions from all plan members in the Public Employees Retirement Fund (PERF) will be made at the current member contributions rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, each Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members for all plans in PERF. Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability for each Plan.
The long-term expected rate of return on pension plan investments was determined using a building- block method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.
In determining the long-term expected rate of return, staff took into account both short-term and long term market return expectations. Using historical returns of all the funds’ asset classes, expected compound (geometric) returns were calculated over the next 20 years using a building-block approach.
The expected rate of return was then adjusted to account for assumed administrative expenses. of 10 basis points.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
93 Note 9 – Pension Plans (Continued)
The expected real rates of return by asset class are as follows:
Asset Class
Assumed Asset
Allocation Real Return (A,B)
Global Equity - Cap-weighted 30 % 4.54 %
Global Equity - Non-Cap-weighted 12 % 3.84 %
Private Equity 13 % 7.28 %
Treasury 5 % 0.27 %
Mortgage-backed Securities 5 % 0.50 %
Investment Grade Corporates 10 % 1.56 %
High Yield 5 % 2.27 %
Emerging Market Debt 5 % 2.48 %
Private Debt 5 % 3.57 %
Real Assets 15 % 3.21 %
Leverage -5 % (0.59) %
Total 100 %
(A) An expected price inflation of 2.3% used for this period. (B) Figures are based on the 2021 Asset Liability Management study.
Changes in the Net Pension Liability – The Changes in the Net Pension Liability for each Plan measured as of June 30, 2023 is as follows:
Changes of Assumptions – Effective with the June 30, 2021 valuation date (2022 measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated, combined with risk estimates, and are used to project compound (geometric) returns over the long term. The discount rate used to discount liabilities was informed by the long-term projected portfolio return. In addition, demographic assumptions and the inflation rate assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
94 Note 9 – Pension Plans (Continued)
Miscellaneous Plan:
Increase (Decrease)
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability/(Asset)
Balance at June 30, 2021 Measurement Date $ 323,438,359 $ 272,970,126 $ 50,468,233 Changes in the year:
Service cost 5,911,433 5,911,433
Interest on the total pension liability 22,327,270 22,327,270 Differences between actual and expected experience (1,803,255) (1,803,255) Changes of assumptions 8,306,535 8,306,535
Net Plan to Plan Resource Movement
Contributions - employer 10,067,574 (10,067,574)
Contributions - employees 3,118,750 (3,118,750)
Net investment income (20,664,693) 20,664,693
Benefit payments, including refunds of employee
contributions (18,627,456) (18,627,456)
Administrative expense (170,044) 170,044
Other Miscellaneous Income/(Expense)
Net changes 16,114,527 (26,275,869) 42,390,396
Balance at June 30, 2022 Measurement Date $ 339,552,886 $ 246,694,257 $ 92,858,629 Safety Plan:
Increase (Decrease)
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability/(Asset)
Balance at June 30, 2021 Measurement Date $ 508,288,320 $ 362,974,091 $ 145,314,229 Changes in the year:
Service cost 7,969,523 7,969,523
Interest on the total pension liability 35,808,161 35,808,161 Differences between actual and expected experience 4,870,267 4,870,267 Changes of assumptions 17,030,303 17,030,303
Net Plan to Plan Resource Movement
Contributions - employer 22,312,745 (22,312,745)
Contributions - employees 3,776,451 (3,776,451)
Net investment income (27,454,946) 27,454,946
Benefit payments, including refunds of employee
contributions (30,429,605) (30,429,605)
Administrative expense (226,111) 226,111
Other Miscellaneous Income/ (Expense)
Net changes 35,248,649 (32,021,466) 67,270,115
Balance at June 30, 2022 Measurement Date $ 543,536,969 $ 330,952,625 $ 212,584,344 Total of Miscellaneous and Safety Plans $ 883,089,855 $ 577,646,882 $ 305,442,973 City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
95 Note 9 – Pension Plans (Continued)
Sensitivity of the Net Pension Liability to Changes in the Discount Rat e – The following presents the net pension liability of each Plan, calculated using the discount rate for each Plan, as well as what the net pension liability would be if it were calculated using a discount rate that is 1- percentage point lower or 1-percentage point higher than the current rate:
Miscellaneous Safety
1% Decrease 5.90% 5.90%
Net Pension Liability $134,642,603 $284,518,839
Current Discount Rate 6.90% 6.90%
Net Pension Liability $92,858,629 $212,584,344
1% Increase 7.90% 7.90%
Net Pension Liability $58,098,274 $153,590,507
Pension Plan Fiduciary Net Position – Detailed information about each pension plans’ fiduciary net position is available in the separate issued CalPERS financial reports.
Pension Expense and Deferred Outflows/Inflows of Resources Related to Pension – For the year ended June 30, 2023, the City recognized pension expense of $10,674,011 and $26,139,231 for the Miscellaneous and Safety Plans, respectively, and when combined with the pension expense of the 1079 and 1082 Plans discussed in Note 9B below, the City recognized total pension expense of $35,798,146 during the year ended June 30, 2023. At June 30, 2023, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
Miscellaneous
Deferred Outflows
of Resources
Deferred Inflows of
Resources
Pension contributions subsequent to measurement date $ 11,077,903 Changes in assumptions 4,845,479
Differences between expected and actual experience 195,927 $ (1,051,899) Net differences between projected and actual earnings on plan investments 11,990,955
Total $ 28,110,264 $ (1,051,899)
Safety
Deferred Outflows
of Resources
Deferred Inflows of
Resources
Pension contributions subsequent to measurement date $ 19,820,402 Changes in assumptions 12,975,469
Differences between expected and actual experience 5,808,761 Net differences between projected and actual earnings on plan investments 16,564,231
Total $ 55,168,863 $ —
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
96 Note 9 – Pension Plans (Continued)
Total - Both Plans
Deferred Outflows
of Resources
Deferred Inflows of
Resources
Pension contributions subsequent to measurement date $ 30,898,305 Changes in assumptions 17,820,948
Differences between expected and actual experience 6,004,688 $ (1,051,899) Net differences between projected and actual earnings on plan investments 28,555,186
Total $ 83,279,127 $ (1,051,899)
The amounts of $11,077,903 and $19,820,402 for the Miscellaneous and Safety Plans, respectively, reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended June 30, 2024. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense as follows:
Annual Amortization
Year Ended June 30 Miscellaneous Safety Total
2024 $ 4,705,831 $ 9,248,126 $ 13,953,957
2025 2,701,936 8,183,806 10,885,742
2026 713,864 6,406,907 7,120,771
2027 7,858,831 11,509,622 19,368,453
Total $ 15,980,462 $ 35,348,461 $ 51,328,923
Subsequent Events – On July 12, 2021, CalPERS reported a preliminary 21.3% net return on investments for fiscal year 2020-21. Based on the thresholds specified in CalPERS Funding Risk Mitigation policy, the excess return of 14.3% prescribes a reduction in investment volatility that corresponds to a reduction in the discount rate used for funding purposes of 0.20%, from 7.00% to
6.80%. Since CalPERS was in the final stages of the four-year Asset Liability Management (ALM) cycle, the CalPERS Board elected to defer any changes to the asset allocation until the ALM process concluded, and the Board could make its final decision on the asset allocation in November 2021.
On November 17, 2021, the board adopted a new strategic asset allocation. The new asset allocation along with the new capital market assumptions, economic assumptions and administrative expense assumption support a discount rate of 6.90% (net of investment expense but without a reduction for administrative expense) for financial reporting purposes. This includes a reduction in the price inflation assumption from 2.50% to 2.30% as recommended in the November 2021 CalPERS Experience Study and Review of Actuarial Assumptions. This study also recommended modifications to retirement rates, termination rates, mortality rates and rates of salary increases that were adopted by the CalPERS Board.
These new assumptions are reflected in the GASB 68 accounting valuation reports for the June 30, 2022 measurement date.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
97 Note 9 – Pension Plans (Continued)
B. Police and Fire Pension Plans
The City sponsors and administers two single employer defined benefit retirement plans for certain police and fire department retirees. Police and fire employees who entered service before 1953 participate in Plan 1079, a closed plan consisting of 5 participants, all of whom are retired employees or beneficiaries. Employees with twenty-five or more years of service receive monthly pension benefits equal to one-half the monthly salary paid to current City employees of the rank held by the retiree one year prior to the date of retirement. Employees retired after ten, but before twenty-five years of service receive monthly pension benefits in the proportion that the number of service years bears to twenty- five. Qualified surviving spouses receive the retirees’ monthly pension benefits for life. Upon remarriage, the qualified surviving spouse receives one-half of the retiree’s monthly pension benefits.
Employees who became disabled from service related causes receive monthly pension benefits equal to one half the monthly salary paid to current City employees of the rank held by the disabled employee on the date of their disability, reduced by any workers’ compensation benefits received.
Police and fire employees who entered service on or before January 1, 1953 and did not transfer to CalPERS participate in Plan 1082, a closed plan which consists of one retired employee. June 30, 2023, the monthly pension benefit was $2,847, adjusted annually by a maximum of 2% per year cost-of- living adjustment. Upon the death of a retiree, the qualified spouse receives one-half of the retiree’s monthly pension benefit for life or until remarriage.
Total Pension Liability – The City recognizes its total pension liability, rather than a net pension liability for each Plan. In order for the City to recognize a net pension liability, assets must be accumulated in a trust that meets all of the following criteria:
• Contributions from the employer and any nonemployer contributing entities, and earnings thereon, must be irrevocable.
• Plan assets must be dedicated to providing pensions to Plan members in accordance with the benefit terms.
• Plan assets must be legally protected from the creditors of the employer, nonemployer contributing entities, the Plan administrator, and Plan members.
No assets are accumulated in a trust that meets all of the above criteria. Accordingly, the City’s total pension liability for each Plan is not reduced by any assets accumulated in a trust that meets the criteria and the City must report its total pension liability for each Plan.
The City’s total pension liability was determined by an actuarial valuation as of June 30, 2023 (the measurement date). Changes in the City’s total pension liability were as follows:
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
98 Note 9 – Pension Plans (Continued)
1079 Plan:
Total pension liability - June 30, 2022 $ 3,652,375
Changes for the year
Interest 128,678
Difference between expected and actual experience (945,366) Change of assumptions (160,644)
Benefit payments (441,921)
Net increase (decrease) in total pension liability (1,419,253) Total pension liability - June 30, 2023 $ 2,233,122
1082 Plan:
Total pension liability - June 30, 2022 $ 708,891
Changes for the year
Interest 25,949
Difference between expected and actual experience (37,798) Change of assumptions (25,915)
Benefit payments (33,825)
Net increase (decrease) in total pension liability (71,589) Total pension liability - June 30, 2023 $ 637,302
Total of 1079 & 1082 Plans $ 2,870,424
Actuarial Assumptions – Actuarial assumptions used to determine the total pension liability for each Plan in the June 30, 2023 valuation applied to all periods included in the measurement, are as follows:
Actuarial cost method N/A; all participants have retired Inflation 2.30 %
Discount Rate 3.86 %
Cost of Living Increase 2.30 %
Mortality According to the pre-retirement mortality rates under the CalPERS pension plan updated to reflect the most recent experience study with mortality improvements using
Mortality Improvement Scale MP 2014 with 15 year
convergence to 2023
Discount Rate – A discount rate of 3.75% was applied in the measurement of the total pension liability.
This discount rate is the average, rounded to 5 basis points, of the range of three 20 year municipal bond rate indices: S&P Municipal Bond 20 Year High Grade Rate Index, Bond Buyer 20-Bond GO index, Fidelity GO AA 20 Year Bond Index.
Change of Assumptions – For the measurement date of June 30, 2023, the discount rate increased from
3.75% to 3.86% and the inflation rate decreased from 2.75% to 2.30% for both Plans.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
99 Note 9 – Pension Plans (Continued)
Sensitivity of the Total Pension Liability Calculated Using the Discount Rate – The following presents the total pension liability calculated using the discount rate of 3.86% as well as what the total pension liability would be if it were calculated using a discount rate that is 1% lower or 1% higher than the current rate at June 30, 2023:
1% Decrease
Current
Discount Rate 1% Increase
Total pension liability:
1079 Plan $ 2,324,044 $ 2,233,122 $ 2,149,041
1082 Plan 716,695 637,302 570,925
Total both plans $ 3,040,739 $ 2,870,424 $ 2,719,966
Pension Expense – For the year ended June 30, 2023, the City recognized pension expense for Plan 1079 and Plan 1082 of ($977,332) and ($37,764), respectively.
C. Other Retirement Systems
The Omnibus Budget Reconciliation Act of 1990 (OBRA) mandates that public sector employees who are not members of their employer’s existing retirement system as of January 1, 1992, be covered by either Social Security or an alternative plan. Effective January 1, 1995, the City contracted with the Public Agency Retirement System (PARS), to maintain a defined contribution plan. This Plan covers part-time, seasonal and temporary employees as well as all employees not covered by another retirement system. All eligible employees, covered by the Plan, are fully vested. Employer liabilities are limited to the amount of current contributions. The City is responsible for determining the provisions of the Plan, directing distributions, and establishing investment policy for the Plan assets.
Under PARS, employees contribute 6% and the City contributes 1.5% of the employee’s salary each pay period. For the fiscal year ending June 30, 2023, total contributions of $328,926 were made based on a total amount of covered compensation of $4,385,680.
One of the City’s part-time employees elected to be covered under Social Security, which requires this employee and the City to each contribute 6.2% of the employee’s pay. Total contributions to Social Security during the year ended June 30, 2023, amounted to $3,908, of which the City paid 50%.
D. Deferred Compensation Plans
City employees may defer a portion of their compensation under three separate, optional City sponsored Deferred Compensation Plans created in accordance with Internal Revenue Code Section 457. Under these Plans, participants are not taxed on the deferred portion of their compensation until distributed to them; distributions may be made only at termination, retirement, death or in an emergency as defined by the Plans.
The Plans are part of public agency agent multiple-employer defined contribution plans that are administered by Mission Square Retirement (formerly ICMA RC), California Public Employees Retirement System and Nationwide Retirement Solutions, Inc. Benefit provisions under the Plans are established by City resolution.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
100
Note 9 – Pension Plans (Continued)
The City has no liability for any losses incurred by the Plans and does not participate in any gains, but does have the duty of due care that would be required of an ordinary prudent investor. The City has contracts with each company to manage and invest the assets of the Plans. The administrators pool the assets of each Plan with those of other participants and do not make separate investments for the City.
The assets in each Plan are the sole property of the participants or their beneficiaries. Since the assets held under each Plan are not the City’s property and are not subject to claims by general creditors of the City, they have been excluded from these financial statements. The Plans require investments to be stated at fair value and it requires all gains and losses on Plan investments to accrue directly to participant accounts.
Employer contributions to the Plans are based on an employee’s bargaining unit. Employees classified as part of the following bargaining unit(s) receive 1% of City’s contribution if the employee contributes at least 0.5% of the employee’s base salary:
• Police Officers Non-Sworn (PANS)
Employees classified as part of the following bargaining unit(s) receive one dollar for every $0.50 that the employee contributes, up to an employee contribution of one half of one percent (0.5%) of the employee’s base wage:
• Alameda Municipal Power Unrepresented Management (AMPU) • Executive Management Employees (EXME)
• Electric Utility Professionals of Alameda (EUPA)
Employees classified as part of the following bargaining unit(s) receive one dollar of the City’s contribution for every one dollar that the employee contributes, up to an employee contribution of one percent (1.0%) of the employee’s base wage:
• Management and Confidential Employees Association (MCEA) • International Brotherhood of Electrical Workers, Local 1245 (IBEW) The employee must also meet the following criteria:
1. The employee has at least one year of full-time service with the City. The one year of service must be current service, any separation from service with the City will restart the one year requirement.
2. The employee must be enrolled in one of the City's three Deferred Compensation Plans.
In addition to the employees in the groups listed above, the Council Appointees, the City Manager and City Attorney, receive contributions to their Deferred Compensation Plan accounts based on the contract between the City and the individual filling the Council Appointee positions.
Employer contributions to the three Plans for the year ended June 30, 2023 totaled $163,170.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
101
Note 10 – Post-Employment Health Care Benefits
A. General Information about the City’s Other Post-Employment Benefit (OPEB) Plans Plan Description – The City provides medical and dental benefits to retirees through CalPERS as specified below under the City of Alameda Miscellaneous and Pre-1/1/2019 Safety OPEB Plan and the City of Alameda Post-1/1/2019 Safety OPEB Plan, agent multiple-employer defined benefit health care plans. The City is responsible for establishing and amending the funding policy of the Plans. The Plans do not issue financial statements. Separately issued financial statements of the benefit Plans are available from CALPERS at P.O. Box 942709, Sacramento California 94229-2709.
Prior to July 1, 2018, the City had one OPEB Plan, but active Safety employees as of January 1, 2019 transferred to the new Post-1/1/2019 Safety OPEB Plan.
The City established an irrevocable trust for each Plan with Public Agency Retirement Services (PARS) to fund its retiree health benefits. On March 1, 2014, the City adopted the Public Agencies Post-Employment Benefits Trust (PARS) to prefund other post-employment benefits (OPEB). The Trust is an irrevocable trust and qualifies as an Internal Revenue Section 115 trust. Investments of funds held in Trust are governed by the Investment Guideline Document for the investment account and by the agreement for administrative services with PARS, rather than the general provisions of the California Government Code or the City’s investment policy. The City elected a discretionary investment approach, which allows the City to maintain oversight of the investment management, control on target yield and the portfolio’s risk tolerance, under the Moderate Index PLUS and Balanced Index PLUS investment options. Contributions to the trusts are made annually according to the City’s OPEB funding policy.
The City is the Plan administrator, while PARS administers the investment trusts. The City’s OPEB Plans do not issue separate financial statements. PARS issues a separate annual financial report and copies of the report may be obtained by writing to PARS at 4350 Von Karman Ave., Suite 100, Newport Beach, CA 92660.
Eligibility Requirements and Benefits Provided – The following is a summary of Plan eligibility requirements and benefits by employee group as of June 30, 2023:
Eligibility requires retiring from the City under CalPERS typically on or after age 50 (52 for PEPRA employees) with at least 5 years of CalPERS service or disability retirement.
The City’s contribution for medical coverage for Miscellaneous employees is the Public Employees’ Medical and Hospital Care Act (PEHMCA) minimum required contribution (MRC) - $151 per month in 2023.
The City’s contribution for Safety employees varies depending on bargaining group, date of retirement and date of hire as follows:
Employees Retiring Prior to January 1, 2011
The City pays the full premium cost for the retiree and any covered spouse. If Alameda Police Officers Association (APOA) employee was hired prior to July 1, 1995, the employee was required to have at least 15 years of City service. If APOA, Alameda Police Management Association (APMA), International Association of Firefighters Local 689 (IAFF), or Alameda Fire Chiefs Association (AFCA) employee was hired on or after July 1, 1995, the employee was required to have at least 20 years of City service. Employees that do not meet the service requirement at the time of retirement receive the PEMHCA MRC.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
102
Note 10 – Post-Employment Health Care Benefits (Continued) Employees Retiring On or After January 1, 2011
If the employee was hired on or prior to June 7, 2011, the City pays up to the higher of the Kaiser or Blue Shield Bay Area two-party rate. Employees with less than 5 years of City service receive the PEMHCA MRC. If the employee was hired after June 7, 2011, the City pays up to the higher of the Kaiser or Blue Shield rate for single coverage if the employee has at least 10 years of City service. Employees with less than 10 years of City service at the time of retirement receive the PEMHCA MRC. Surviving spouses are eligible to continue coverage after the death of the retiree and receive a similar contribution.
Dental Benefits - Full dental benefits are provided to Safety employees including spouse coverage.
Employees Covered by Benefit Terms – Membership in the Plans consisted of the following at the actuarial valuation date of June 30, 2022:
Miscellaneous and Pre-1/1/2019 Safety Plan Membership – As described in the table in Note 10A, Plan membership varies based on different employee bargaining groups. As of the June 30, 2022 valuation date, membership in the OPEB Plan consisted of the following:
Active employees 336
Inactive employees or beneficiaries currently receiving benefit payments 372 Inactive employees entitled to but not yet receiving benefit payments 200 Total 908
Post-1/1/2019 Safety Plan Membership – As of the June 30, 2022 valuation date, membership in the Post-2018 Safety OPEB Plan consisted of the following:
Active employees 180
Inactive employees or beneficiaries currently receiving benefit payments 43 Inactive employees entitled to but not yet receiving benefit payments 5 Total 228
B. Net OPEB Liability
Actuarial Methods and Assumptions – The total OPEB liability for each Plan was determined by an actuarial valuation as of June 30, 2022, rolled forward to June 30, 2023 using standard update procedures.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
103
Note 10 – Post-Employment Health Care Benefits (Continued) The Miscellaneous and Pre-1/1/2019 Safety Plan valuation used the following actuarial assumptions applied to all periods included in the measurement, unless otherwise specified:
Actuarial Assumptions
Valuation Date June 30, 2022
Measurement Date June 30, 2023
Actuarial Cost Method Entry Age Normal Cost, level percent of pay Actuarial Assumptions:
Discount Rate 4.69% in 2022 and 5.55% in 2023
Inflation 2.30 %
Payroll Growth 2.80%, plus merit increases
Investment Rate of Return 6.00 %
Mortality Rate CalPERS 2014 experience study for the CalPERS pension plan projected fully generational Scale MP-2014 modified to converge to ultimate rates in 2022 Healthcare Trend Rates 6.5% in 2021, 6.0% in 2022 and will decline to 4.5% in 2025 and later years Dental Trend Rate 0.0% in Fiscal Year 2022-23, followed by 3.0% in subsequent fiscal years The Post-1/1/2019 Safety Plan valuation used the following actuarial assumptions applied to all periods included in the measurement, unless otherwise specified:
Actuarial Assumptions
Valuation Date June 30, 2022
Measurement Date June 30, 2023
Actuarial Cost Method Entry Age Normal Cost, level percent of pay Actuarial Assumptions:
Discount Rate 4.89% in 2022 and 6.5% in 2023
Inflation 2.30 %
Payroll Growth 2.80%, plus merit increases
Investment Rate of Return 6.50 %
Mortality Rate CalPERS 2014 experience study for the CalPERS pension plan projected fully generational Scale MP-2014 modified to converge to ultimate rates in 2022 Healthcare Trend Rates 6.5% in 2021, 6.0% in 2022 and will decline to 4.5% in 2025 and later years Dental Trend Rate 0.0% in Fiscal Year 2022-23, followed by 3.0% in subsequent fiscal years The long-term expected rate of return on OPEB plan investments was determined using a building- block method in which expected future real rates of return (expected returns, net of OPEB plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table:
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
104
Note 10 – Post-Employment Health Care Benefits (Continued) Miscellaneous and Pre-1/1/2019 Safety Plan
Asset Class Target Allocation
Long-Term
Expected Real
Rate of Return
Moderate Plus
Equity 48.25 % 5.14 %
Fixed Income 45.0 % 2.36 %
Real Estate 1.75 % 3.79 %
Cash 5.0 % 0.77 %
Total 100.0 %
Post-1/1/2019 Safety Plan
Asset Class Target Allocation
Long-Term
Expected Real
Rate of Return
Balanced Plus
Equity 58.0 % 5.14 %
Fixed Income 35.0 % 2.36 %
Real Estate 2.0 % 3.79 %
Cash 5.0 % 0.77 %
Total 100.0 %
Discount Rate – The discount rate used to measure the total OPEB liability was 5.55% for the Miscellaneous and Pre-1/1/2019 Safety Plan and 6.5% for the Post-1/1/2019 Safety Plan, based on a blended rate of asset expected rates of return using the S&P Municipal Bond 20 Year High Grade Rate Index. The projection of cash flows used to determine the discount rate assumed that City contributions will be made at rates equal to the actuarially determined contribution rates. Based on those assumptions, the OPEB plan’s fiduciary net position was projected to be available to make all projected OPEB payments for current active and inactive employees and beneficiaries. Therefore, the long-term expected rate of return on OPEB plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability.
Changes in Actuarial Assumptions – The assumptions for both Plans changed from the measurement date June 30, 2022 to the measurement date June 30, 2023 as follows:
• The discount rate was updated to reflect the results of the crossover test – ◦ Miscellaneous and Pre-1/1/2019 Safety Plan increased from 4.69% to 5.55%. ◦ Post-1/1/2019 Safety Plan increased from 4.89% to 6.50%. • Medical / prescription drug: from (i) actual premium increase from Fiscal Year 2021-22 to Fiscal Year 2022-23 followed by 6.0% decreasing by 0.50% annually to 4.50% ultimate rate by 2025 to (ii) Getzen Model of Long-Run Medical Cost Trend Model 2022 that reflects actual premium increases from 2022 to 2023 followed by 6.50% non-Medicare / 5.40% Medicare decreasing gradually to 3.73% ultimate rate by 2075.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
105
Note 10 – Post-Employment Health Care Benefits (Continued) • Payroll growth rate increased from 2.50% to 2.80%.
• Dental changed from 3.0% for all years to 0.0% from 2022 to 2023, followed by 3.0% for all subsequent years.
• The percentage of active Safety employees hired on / prior to 6/7/2011 assumed to elect spousal coverage at retirement has been reduced from 80% to 65% based on the spousal coverage election for existing retirees eligible for the same employer subsidy in the June 30, 2022 data. This change caused a decrease in the liability.
C. Changes in Net OPEB Liability
The changes in the net OPEB liability for the Miscellaneous and Pre-1/1/2019 Safety Plan follows:
Increase (Decrease)
Total OPEB
Liability
(A)
Plan Fiduciary
Net Position
(B)
Net OPEB
Liability/(Asset)
(A) - (B)
Balance at June 30, 2022 $ 65,102,215 $ 4,623,710 $ 60,478,505 Changes Recognized for the Measurement Period:
Service Cost 921,694 921,694
Interest on the total OPEB liability 3,003,276 3,003,276 Changes of benefit terms
Changes of assumptions (7,804,184) (7,804,184)
Differences between expected and actual
experience (8,295,789) (8,295,789)
Contributions from the employer 4,022,438 (4,022,438) Net investment income 310,212 (310,212)
Administrative expenses (18,071) 18,071
Benefit payments (4,022,438) (4,022,438)
Net changes (16,197,441) 292,141 (16,489,582)
Balance at June 30, 2023 (Measurement Date) $ 48,904,774 $ 4,915,851 $ 43,988,923 City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
106
Note 10 – Post-Employment Health Care Benefits (Continued) The changes in the net OPEB liability for the Post-1/1/2019 Safety Plan is as follows:
Increase (Decrease)
Total OPEB
Liability
(A)
Plan Fiduciary
Net Position
(B)
Net OPEB
Liability/
(Asset)
(A) - (B)
Balance at June 30, 2022 $ 40,663,542 $ 14,323,075 $ 26,340,467 Changes Recognized for the Measurement Period:
Service Cost 2,319,666 2,319,666
Interest on the total OPEB liability 2,073,029 2,073,029 Contributions from the employee 566,505 (566,505)
Changes of assumptions (6,564,351) (6,564,351)
Differences between expected and actual
experience 499,228 499,228
Contributions from the employer 1,444,193 (1,444,193) Net investment income 1,229,909 (1,229,909)
Administrative expenses (57,498) 57,498
Benefit payments (1,194,193) (1,194,193)
Net changes (2,866,621) 1,988,916 (4,855,537)
Balance at June 30, 2023 (Measurement Date) $ 37,796,921 $ 16,311,991 $ 21,484,930 Total for Both Plans $ 86,701,695 $ 21,227,842 $ 65,473,853 Fiscal Year 2023 contributions for each Plan were comprised of the following:
Miscellaneous
and
Pre-1/1/2019
Safety Plan
Post-1/1/2019
Safety Plan
Premium Payments $ 3,066,813 $ 1,081,657
Prefunding Contributions 250,000
Implicit Subsidies 955,625 112,536
Total Contributions $ 4,022,438 $ 1,444,193
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
107
Note 10 – Post-Employment Health Care Benefits (Continued) D. Sensitivity of the Net OPEB Liability to Changes in the Discount Rate and Healthcare Cost Trend Rates
The following presents the net OPEB liability of the City, as well as what the City’s net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower or 1-percentage- point higher than the current discount rate:
Miscellaneous and Pre-1/1/2019 Safety Plan:
Net OPEB Liability/(Asset)
Discount Rate -1%
(4.55%)
Current Discount Rate
(5.55%)
Discount Rate +1%
(6.55%)
$ 49,352,532 $ 43,988,923 $ 39,513,336
Post-1/1/2019 Safety Plan:
Net OPEB Liability/(Asset)
Discount Rate -1%
(5.50%)
Current Discount Rate
(6.50%)
Discount Rate +1%
(7.50%)
$ 26,782,379 $ 21,484,930 $ 17,134,583
The following presents the net OPEB liability, as well as what the net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower or 1-percentage- point higher than the current healthcare cost trend rates:
Miscellaneous and Pre-1/1/2019 Safety Plan:
Net OPEB Liability/(Asset)
1% Decrease Current Rate 1% Increase
(5.50% HMO/5.50% PPO
decreasing to
4.40% HMO/4.40% PPO)
(6.50% HMO/6.50% PPO
decreasing to
5.40% HMO/5.40% PPO)
(7.50% HMO/7.50% PPO
decreasing to
6.40% HMO/6.40% PPO)
$ 39,069,264 $ 43,988,923 $ 49,845,721
Post-1/1/2019 Safety Plan:
Net OPEB Liability/(Asset)
1% Decrease Current Rate 1% Increase
(5.00% HMO/5.00% PPO
decreasing to
3.50% HMO/3.50% PPO)
(6.50% HMO/6.50% PPO
decreasing to
5.40% HMO/5.40% PPO)
(7.00% HMO/7.00% PPO
decreasing to
5.50% HMO/5.50% PPO)
$ 16,305,531 $ 21,484,930 $ 27,968,463
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
108
Note 10 – Post-Employment Health Care Benefits (Continued) E. OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB For the year ended June 30, 2023, the City recognized OPEB expense for the Miscellaneous and Pre-1/1/2019 Safety Plan of $2,155,844 and recognized OPEB expense for the Post-1/1/2019 Safety Plan of $1,606,419. At June 30, 2023, the City reported deferred inflows of resources related to OPEB from the following sources:
Miscellaneous and Pre-1/1/2019 Safety Plan:
Deferred
Outflows of
Resources
Deferred Inflows
of Resources
Differences between expected and actuarial experiences on liability $ 2,100,376 $ (8,577,386) Net differences between projected and actual earnings on plan investments 285,315
Changes of assumptions 1,618,703 (14,823,399)
Total $ 4,004,394 $ (23,400,785)
Post-1/1/2019 Safety Plan:
Deferred
Outflows of
Resources
Deferred Inflows
of Resources
Differences between expected and actuarial experiences on liability. $ 460,827 $ (10,435,846) Net differences between projected and actual earnings on plan investments 750,701
Changes of assumptions 6,011,207 (17,705,885)
Total $ 7,222,735 $ (28,141,731)
Total - Both Plans $ 11,227,129 $ (51,542,516)
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
109
Note 10 – Post-Employment Health Care Benefits (Continued) Amounts reported as deferred inflows of resources related to OPEB will be recognized as part of OPEB expense as follows:
Miscellaneous and Pre-1/1/2019 Safety Plan:
Year
Ended June 30
Annual
Amortization
2024 $ (5,871,741)
2025 (5,888,638)
2026 (7,628,332)
2027 (7,680)
Total $ (19,396,391)
Post-1/1/2019 Safety Plan:
Year
Ended June 30
Annual
Amortization
2024 $ (1,873,384)
2025 (1,930,828)
2026 (1,536,464)
2027 (2,114,663)
2028 (2,051,510)
Thereafter (11,412,147)
Total $ (20,918,996)
Note 11 – Risk Management
The City manages risk by participating in the public entity risk pools described below and by retaining certain risks.
Public entity risk pools are formally organized, and separate entities established under the Joint Exercise of Powers Act of the State of California. As separate legal entities, those entities exercise full powers and authorities within the scope of the related Joint Powers Agreements, including the preparation of annual budgets, accountability for all funds, the power to make and execute contracts and the right to sue and be sued. Each risk pool is governed by a board consisting of representatives from member municipalities. Each board controls the operations of the respective risk pool, including selection of management and approval of operating budgets, independent of any influence by member municipalities beyond their representation on that board. Obligations and liabilities of these risk pools are not the City’s responsibility.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
110
Note 11 – Risk Management (Continued)
A. Risk Coverage
The City is a member of the California Joint Powers Risk Management Authority (CJPRMA), which covers general liability claims. The City has a self-insured retention that was increased from $500,000 through June 30, 2022 to $750,000 per claim effective July 1, 2023. Once the self-insured retention is met, CJPRMA becomes responsible for payment of all claims up to the limit. During the fiscal year ended June 30, 2023, the City contributed $1,507,022 for coverage during the current year.
The City is a member of the Local Agency Workers’ Compensation Excess Joint Powers Authority (LAWCX), which covers workers’ compensation claims up to statutory limits. The City has a self- insured retention of up to $500,000 per claim. During the fiscal year ended June 30, 2023, the City contributed $751,859 for current year coverage. In addition, the LAWCX Board of Directors approved the $250,000 Pool Deficit Curing and Assessment Plan (Plan) on June 5, 2018. The Plan was implemented to collect additional contributions for prior program years from 1994 through 2004, and only impacted members who participated in those years. The assessments were billed on July 1, 2019.
Members had two payment options: 1) pay the allocated assessment amount in ten (10) equal annual installments beginning July 1, 2019, or 2) receive a 10% discount off the allocated amount if the entire balance was paid in full by August 15, 2019. The City of Alameda’s allocated assessment was $452,731 and the City elected option one, with the first payment made in Fiscal Year 2020. The balance due as of June 30, 2023 is $271,639.
The following types of loss risks are covered by the above authorities under the terms of their respective joint powers agreements and through commercial insurance policies as follows:
Type of Coverage Coverage Limits
Liability $ 40,000,000
Government Crimes $ 75,000
Auto - Physical damage $ 10,000,000
Workers’ Compensation Statutory Limits
Property Coverage - All Risk of Direct Physical Loss or Damage excluding earthquake and flood $ 400,000,000
Property Coverage - Boiler & Machinery $ 100,000,000
Computer Software Self-Insured
Terrorism $ 12,500,000
Vessel $ 1,000,000
Information Security and Privacy, with Electronic Media Liability (Cyber) $ 10,000,000
Underground Storage Tank $ 1,000,000
B. Insurance Internal Service Funds
Generally accepted accounting principles require municipalities to record a liability for uninsured claims and to reflect the current portion of this liability as an expense in the financial statements. As discussed above, the City has coverage for such claims, but it has retained the risk for the self-insured retention, or uninsured portion of these claims.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
111
Note 11 – Risk Management (Continued)
The City’s liability for uninsured general liability claims, including claims incurred but not reported, is reported in the City’s General Liability Insurance Internal Service Fund and the Alameda Municipal Power Enterprise Fund. The liability is based on an independent actuarial study prepared semi-annually and was computed using an 80% confidence level for the years ended June 30th as follows:
June 30, 2023 June 30, 2022
Beginning balance $ 9,497,864 $ 5,627,453
Increase (decrease) in estimated liability for prior year claims (1,462,369) 4,474,024 Claims paid in current year (174,794) (603,613)
Ending balance $ 7,860,701 $ 9,497,864
Current portion $ 2,891,972 $ 3,282,537
The change in the Workers’ Compensation claims liability, including claims incurred but not reported, is reported in the City’s Workers’ Compensation Internal Service Fund and Alameda Municipal Power Enterprise Fund. The liability is based on an independent actuarial study prepared semi-annually and was computed using an 80% confidence level as follows:
June 30, 2023 June 30, 2022
Beginning balance $ 14,065,092 $ 15,547,656
Increase (decrease) in estimated liability for prior year claims 2,791,489 94,112 Claims paid in current year (2,389,962) (1,576,676)
Ending balance $ 14,466,619 $ 14,065,092
Current portion $ 4,156,190 $ 4,064,042
The Alameda Municipal Power Fund (AMP) accounts for $838,360 of the total claims liability. The remainder of the liability is accounted for in the General Liability Insurance and Workers’ Compensation Insurance Internal Service Funds.
The City’s claims settlements have not exceeded insurance coverage for the past three fiscal years.
Note 12 – Alameda Municipal Power Joint Ventures
A. General
AMP participates in joint ventures through Joint Powers Authorities (JPAs) established under the Joint Exercise of Powers Act of the State of California. As separate legal entities, these JPAs exercise full powers and authorities within the scope of the related Joint Powers Agreement, including the preparation of annual budgets, accountability for all funds, the power to make and execute contracts and the right to sue and be sued. Obligations and liabilities of the JPAs are not those of AMP and the other participating entities unless assumed by them.
Each JPA is governed by a board consisting of representatives from each member agency. Each board controls the operations of its respective JPA, including selection of management and approval of operating budgets, independent of any influence by member agencies beyond their representation on the board.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
112
Note 12 – Alameda Municipal Power Joint Ventures (Continued) AMP is a member of the Northern California Power Agency (NCPA), a joint powers agency which operates under a joint powers agreement among fifteen (15) public agencies (AMP, BART, Biggs, Gridley, Healdsburg, Lompoc, Palo Alto, Ukiah, Lodi, Port of Oakland, Redding, Roseville, Shasta Lake, Silicon Valley Power, Truckee-Donner PUD). Turlock Irrigation District withdrew from NCPA on April 1, 2011. The City of Shasta Lake was added as a new member in 2016. The purpose of NCPA is to use the combined strength of its members to purchase, generate, sell and interchange electric energy and capacity through the acquisition and use of electrical generation and transmission facilities, as well as to optimize the use of those facilities and the member’s position in the industry. Each agency member has agreed to fund a pro rata share of certain assessments by NCPA and certain members have entered into take-or-pay power supply contracts with NCPA. While NCPA is governed by its members, none of its obligations are those of its members unless expressly assumed by them.
Amounts paid by AMP, net of refunds, to NCPA during the fiscal years ending June 30, 2023 and 2022 for purchased power were $35,447,367 and $33,920,081, respectively. Additionally, purchased power was reduced by a refund of $788,256 and $30,370 for power exchange distribution and budget settlement monies returned to the NCPA General Operating Reserve (GOR), for the fiscal years ended June 30, 2023 and 2022, respectively.
AMP receives no income from NCPA, and does not participate in all of its projects. Further, NCPA does not measure or determine AMP’s equity in NCPA as a whole. NCPA reports only AMP’s share of its General Operating Reserve, comprised of cash and investments, and AMP’s share of those projects in which AMP is a participant. These amounts are reflected in the financial statements as Investment in Joint Venture - Share of Certain NCPA Projects and Reserve.
The changes in AMP’s share in NCPA projects and reserve are set forth below:
June 30, 2023
Beginning balance $ 6,656,515
Increase (decrease) in equity in NCPA projects (424,974) Ending balance $ 6,231,541
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
113
Note 12 – Alameda Municipal Power Joint Ventures (Continued) AMP’s interest in NCPA Projects and Reserve, as computed by NCPA, is set forth below:
General Operation Reserve $ 817,979
Share of Scheduling Coordination Balancing Account 2,671,904 Share of Congestion Revenue Rights (CRR) 262,033
Share of ISO EAL Deposit 1,625
Associated Member Services 113,559
Market Purchase Program (MPP) Security Deposit 11,184
Subtotal $ 3,878,284
Alameda Municipal Power's share of NCPA
Power Projects:
Geothermal Projects/Power Line $ 1,509,877
Calaveras Hydroelectric Project No. 1 533,028
Combustion Turbine Project No. 1 147,555
Combustion Turbine Project No. 2 162,797
Total $ 6,231,541
The General Operating Reserve represents AMP’s portion of funds which resulted from the settlement in prior years of issues with financial consequences and reconciliations of several prior years’ budgets for programs. These funds are available on demand and earn interest.
Members of NCPA may participate in an individual project of NCPA without obligation for any other project. Member assessments collected for one project may not be used to finance other projects of NCPA without the member’s permission.
B. Projects in which Alameda Municipal Power is a Participant Geothermal Projects - A power purchase agreement with NCPA obligates AMP for 18.31469 percent of the debt service and the operating costs for two geothermal steam powered generating plants, Plant Number 1 and Plant Number 2, located in the Geysers area in Northern California. In conjunction with these payments, AMP is entitled to receive 16.8825 percent of the output from these facilities. NCPA continues to pursue alternatives for improving and extending steam field reservoir performance, including supplemental water reinjection, plant equipment modifications, and changes in operating methodology. NCPA has increased steam production in the vicinity of reinjection wells and has evaluated a number of alternatives to increase water reinjection at strategic locations.
Calaveras Hydroelectric Project - NCPA contracted to finance, manage, construct, and operate Hydroelectric Project Number 1 for the licensed owner, Calaveras County Water District. In exchange, NCPA has the right to the electric output of the project for 50 years starting in February 1982 and also has an option to purchase power from the project in excess of the District’s requirements for the subsequent 50 years, subject to regulatory approval. Debt service payments to NCPA began in February 1990 when the project was declared substantially complete and power was delivered to the participants. AMP is entitled to receive 10.0 percent of output from facility. The debt obligation increased to 11.582 percent as other members have opted out and a reallocation was done for the remaining members.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
114
Note 12 – Alameda Municipal Power Joint Ventures (Continued) Combustion Turbine Project No. 1 - In October 1984, NCPA financed a five- unit, 125- megawatt combustion turbine project. The project, built in three member cities including Alameda, began full commercial operation in June 1986 and provides reserve and peaking power. During August 2010, phase two of the first amendment to the NCPA power purchase agreement finalized the transfer of ownership of two NCPA electricity generating units to the City of Roseville due to a misalignment of ISO control areas. The transfer reduced the generation output of the project to 74 MW, and increased the entitlement share to 21.82 percent. Although AMP’s project percentage share increases, its resulting generating capacity entitlement remains constant at 16.05 MW.
Combustion Turbine Project No. 2 (Steam Injected Gas Turbine Project) - AMP is a participant in NCPA’s 49.8 megawatt Steam Injected Gas Turbine (STIG) project which was built under turnkey contract near the City of Lodi and declared substantially complete on April 23, 1996. In 2010, the NCPA issued 2010 Refunding Series A Bonds for $55,120,000 for the purpose of providing funds to refund all of the Refunded 1999 Bonds, to fund a deposit to the 2010 Series debt service reserve account and to pay cost of issuance of the 2010 Series A Bonds. Under the NCPA power purchase agreement, AMP is obligated to pay 19 percent of the debt service for the STIG project.
On December 20, 2019, NCPA issued Capital Facilities Revenue Bonds, 2019 Refunding Series A, in the amount of $20,450,000 with an average interest rate of 5.0% to refund $25,450,000 of outstanding Capital Facilities Revenue Bonds, 2010 Refunding Series A with an average interest rate of 5.1249%.
The net proceeds were used to purchase US government securities. Those securities were deposited in an irrevocable trust with an escrow agent to provide for all future debt service payments on the old bonds. As a result, the old bonds are considered defeased. The outstanding 2010 Series A Bonds were called for redemption on February 1, 2020.
On April 2, 2019, NCPA issued Hydroelectric Project Number One Revenue Bonds, 2019 Refunding Series A, in the amount of $39,250,000 with an average interest rate of 4.9126% to refund $52,845,000 of outstanding Hydroelectric Project Number One Revenue Bonds, 2010 Refunding Series A with an average interest rate of 4.9003%. The net proceeds were used to purchase US government securities.
Those securities were deposited in an irrevocable trust with an escrow agent to provide for all future debt service payments on the old bonds. As a result, the old bonds are considered defeased.
AMP’s participation in procurement of natural gas for fuel for existing and new combustion turbine units was approved in 1993. Although there is currently no additional debt financing, AMP and NCPA have committed to long-term payments for gas transmission pipeline capacity, and entered a purchase contract for natural gas. AMP is obligated to pay 19.0 percent.
NCPA’s notes from direct placement contain provisions that in an event of default, outstanding amounts become immediately due if (1) NCPA is unable to pay the principal or interest when due, (2) NCPA files bankruptcy or becomes insolvent, or (3) S&P issues a downgrade below “BBB-“.
NCPA outstanding revenue bonds contain provisions that in the event of a participant default, the project entitlement percentage of each non- defaulting project participant will increase on a prorated basis up to a maximum of 25% for Hydroelectric, Geothermal and Capital Facilities projects and 35% for the Lodi Energy Center project. AMP does not participate in the Lodi Energy Center project but would be obligated under the other projects.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
115
Note 12 – Alameda Municipal Power Joint Ventures (Continued) As of June 30, 2023, AMP’s share of long-term debt for the Geothermal, Hydroelectric and Capital Facilities Projects are set forth below:
Total AMP
Final
Maturity
Balance
June 30,
2022 Additions Retirements
Balance
June 30,
2023
Current
Portion
AMP's Obligation
% $
Geothermal Project
2009A 7/1/2024 $ 2,675,000 $ 2,675,000 16.8825 % $ –
2012A 7/1/2022 725,000 725,000 $ – 16.8825 %
2016A 7/1/2024 10,090,000 3,305,000 6,785,000 3,425,000 16.8825 % 1,145,478 Total Geothermal Project 13,490,000 6,705,000 6,785,000 3,425,000 1,145,478 Hydroelectric Project
2012A&B 7/1/2032 7,120,000 7,120,000 10.0000 % 712,000 2018A&B (A) 7/1/2025 37,950,000 11,850,000 26,100,000 11,855,000 11.5821 % 3,022,928 2019A 7/1/2023 22,295,000 8,645,000 13,650,000 13,650,000 10.0000 % 1,365,000 2022A 7/1/2032 120,300,000 120,300,000 10.0000 % 12,030,000 2022B 7/1/2027 12,010,000 2,180,000 9,830,000 1,770,000 10.0000 % 983,000 Unamortized premium 28,817,613 2,316,956 26,500,657 10.0000 % Total Hydroelectric Project 228,492,613 24,991,956 203,500,657 27,275,000 18,112,928 Capital Facilities (STIG)
2019A 7/1/2025 13,795,000 4,365,000 9,430,000 4,615,000 19.0000 % 1,791,700 Unamortized premium 906,938 435,209 471,729 19.0000 % Total Capital Facilities 14,701,938 4,800,209 9,901,729 4,615,000 1,791,700 Total Long-Term Debt $ 256,684,551 $ $ 36,497,165 $ 220,187,386 $ 35,315,000 $ – $ 21,050,106 NCPA Geothermal (2009A & 2016A) and Hydroelectric bonds pay principal July 1. Geothermal 2012A bonds pay principal both January 1 and July 1.
(A) AMP's share is 10%, the above reflects the other member opt out allocation %.
NCPA Capital Facilities bonds pay principal August 1.
Defeased Debt - Various bond refundings were undertaken to defease debt and realize future debt service savings. Debt was defeased by using the proceeds of the refunding issues and other available monies to irrevocably place in trust cash and US Gov’t securities, which together with interest earned thereon, will be sufficient to pay both the interest and the appropriate maturity or redemption value of the refunded bonds as required.
Graeagle Hydroelectric Project - AMP’s participation in this small hydroelectric project was approved in 1993. Although this project does not involve any financing, it does involve a long-term contractual commitment to purchase the power produced by the project. AMP receives 100 percent of the power output from this small 440 kilowatt hydroelectric project.
Western Area Power Administration - AMP has an allocation of power from the Federal Central Valley Project generating resources contracted through the U.S. Department of Energy’s Western Area Power Administration. This allocation has been temporarily assigned to NCPA for scheduling and delivery to AMP. AMP pays 1.08075 percent of the base resource costs and receives that same amount of the base resource, power generated in one federal fiscal year.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
116
Note 12 – Alameda Municipal Power Joint Ventures (Continued) Other Power Purchase Agreements - AMP has also entered into a number of other power purchase agreements which are scheduled by or through NCPA.
Highwinds Project Power Purchase
In December 2004, AMP entered into a long-term power purchase agreement with PPM Energy, Inc. for power supplied by the Highwinds Project in Solano County, California. In 2008, Iberdrola Renewables succeeded PPM Energy as the seller counterparty for this power purchase agreement.
AMP receives 6.17 percent of the output of the 162 megawatt project (nameplate rating) – 10 megawatts – as delivered through June 30, 2028.
Landfill Gas Projects Power Purchase
Since 2004, AMP has entered into five long-term power purchase agreements for power supplied by multiple generating facilities, of which only four are still active. These facilities utilize combustible gaseous emissions from landfills, located in or near the San Francisco Bay area to create power. AMP began receiving nearly 3.45 megawatts of base-load power from each of the first two facilities in 2004 and early 2006. An additional 5.2 megawatts of base-load output was added to AMP’s portfolio in April 2009 when the Ox Mountain facility commenced operation. An additional 1.9 megawatts of power was added to AMP’s portfolio as the Keller Canyon facility commenced base-load operation in August 2009. The final landfill facility, Butte, commenced operation at the end of 2012.
Silicon Valley Power Renewable Power Purchase - Since 2018, AMP has entered into a long- term power purchase agreement with Silicon Valley Power for winter only, renewable power. Silicon Valley Power supplies AMP with 10MW of baseload renewable energy production from various renewable energy generators for the months of October through February.
California Electric Industry Restructuring - In September 1996, the California State legislature signed into law Assembly Bill 1890 (AB 1890) deregulating the electric power supply market and restructuring the electric power industry in California. While the majority of the legislation was directed at investor-owned utilities (IOUs), AMP and other California publicly owned utilities were greatly affected by the restructuring of markets and the ensuing wild fluctuations in prices that resulted from a deficiency in generating capacity and an immature and flawed market structure. Because AMP has its own generating resources and is not heavily dependent on the wholesale market to purchase power, it was not significantly impacted by these price swings.
In April 2008, the California Independent System Operator (CAISO) launched a new wholesale market structure in the state which is referred to as the Market Redesign and Technology Upgrade (MRTU).
While MRTU features a day-ahead energy market with a nodal locational marginal price calculation, both load and resources are currently priced as aggregated pricing. The MRTU initiative has introduced new risks and uncertainties for AMP because the Federal Energy Regulatory Commission (FERC) continues requiring CAISO to implement a disaggregated market that will negatively affect AMP because it is in a transmission constrained location. To establish the extent of the risk and identify its impact to rates, AMP continues to monitor changes that CAISO makes to its market structure and operations.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
117
Note 12 – Alameda Municipal Power Joint Ventures (Continued) NCPA plays an active role in protecting members’ contractual rights in Federal Energy Regulatory Commission (FERC), California Public Utilities Commission (CPUC), and other legislative/regulatory proceedings. Priorities related to industry restructuring include the preservation of local control authority for publicly owned utilities, assuring open and fair access to wholesale markets and the transmission grid, and maintaining members’ preference access to power from the Central Valley Project and Western Area Power Administration.
NCPA Financial Information - NCPA’s financial statements can be obtained from NCPA, 651 Commerce Drive, Roseville, California 95678.
Transmission Agency of Northern California (TANC)
AMP is a member of a joint powers agreement with fifteen other entities in TANC. TANC’s purpose is to provide electrical transmission or other facilities for the use of its members. While governed by its members, none of TANC’s obligations are those of its members unless expressly assumed by them.
The California-Oregon Transmission Project (COTP) is one of three high voltage transmission lines connecting Oregon and California. The 500 kV line is able to transmit 1,600 MW’s of electricity. The COTP participants include the Transmission Agency of Northern California, Western, PG&E, City of Redding, Carmichael Water District, and the San Juan Water District. Currently, the COTP provides a transmission path for resources that is outside of the CAISO balancing authority. According to the 1985 Project Agreement with TANC for the development of the COTP and subsequent related project agreements, AMP is obligated to pay its share of the project’s costs, including debt service and is entitled to the use of a percentage of the project’s transmission or transfer capacity.
AMP’s entitlement share on COTP is 1.2274 percent and AMP is obligated to pay 1.33 percent of the project’s operating costs.
AMP is obligated to pay 1.33 percent of TANC’s debt-service related to the COTP. AMP’s share on the 2009 Series A bonds is 1.4496 percent. AMP is not obligated for any portion of the 2009 Series B bonds.
These obligations provide AMP with a COTP transfer capability of 17.05 MW. AMP is also obligated to pay for a portion of the debt associated with the South of Tesla transmission which is provided under an agreement between TANC and Pacific Gas & Electric Company.
In May 2009, TANC issued $67.0 million of tax-exempt 2009 Series A bonds and $61.8 million of taxable 2009 Series B bonds. The proceeds of the Series A bonds were used to retire a bank loan that refinanced $30.3 million of TANC’s tax-exempt commercial paper and also to refund $34.7 million of TANC’s 2003 Series C Auction Rate Securities. The proceeds of the Series B bonds were used to retire a bank loan that refinanced $56.3 million of TANC’s taxable commercial paper. The 2009 refunding increased future aggregate debt service payments by $19.3 million, but resulted in a total economic gain of $6.5 million, the difference between present value of the old and new debt service payments.
TANC has issued Revenue Bonds for $435,790,000 and eliminated its obligations for the Tax Exempt Commercial Paper notes. As of June 30, 2023 and 2022, AMP’s share of this debt is $0 and $0, respectively.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
118
Note 12 – Alameda Municipal Power Joint Ventures (Continued) As of July 1, 2014, AMP and other NCPA members executed a multiparty Long-Term Layoff Agreement (the Agreement) that laid off their participating percentage share of the COTP to other TANC participants namely the Sacramento Municipal Utility District, the Turlock Irrigation District, and Modesto Irrigation District, for twenty-five (25) years with the option to extend for an additional five years upon all parties approval. During the layoff period AMP and other NCPA members will not pay any debt service or operating costs. During the term of the Agreement, AMP would relinquish its voting rights on all short- term decisions and actions at TANC related to the COTP.
In 2016, TANC issued $173.9 million of tax-exempt 2016 Series A Revenue Refunding Bonds. The proceeds of the bonds were used to refund the certain outstanding bonds issued by TANC to finance or refinance a portion of the costs of the COTP, fund the costs of terminating in full certain interest rate swap agreements relating to the variable rate Refunded Bonds, fund a debt service reserve account for the 2016A bonds, and pay costs of the issuance of the 2016A Bonds. The 2016 Series A “small member” debt portion is $2,517,565. AMP is obligated to pay $52,301, or 2.104% of that debt.
TANC Financial Information - TANC’s financial statements can be obtained from TANC, P.O. Box 15129, Sacramento, California 95851 or from their website at https://www. tanc.us/about-tanc/
financials/.
Note 13 – Leases
A. Leases Receivable
The balances related to leases receivable and deferred inflows of resources as of June 30, 2023 were:
Leases Receivable (Lessor)
Leases
Receivable
Deferred Inflows
of Resources
Governmental Activities
Facilities Rentals $ 89,252,957 $ 85,564,074
Communication Site Leases 1,787,645 1,711,103
Tidelands 673,520 661,031
Total $ 91,714,122 $ 87,936,208
Facilities Rentals – The City leases commercial space to third parties. During the year ended June 30, 2023, the City had 25 leases at Alameda Point, one lease on Main Street, one lease on Park Street, two leases on Central Avenue, a theater, a golf complex and a preschool. These were all subject to being recorded as a lease receivable under generally accepted accounting principles. The original lease terms were from five years to sixty years. As of June 30, 2023, the 25 leases had 0.8 to 54 years remaining.
Twenty-six of the leases had optional extension periods, ranging from 2.08 to 20 years. The City included extension periods that were reasonably certain to be exercised in the calculation of the lease receivable balances. The City recognized $14,524,498 in lease revenue and $3,873,868 in interest revenue during the current fiscal year related to these leases. Also, the City has deferred inflows of resources associated with these leases that will be recognized as revenue over the lease term.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
119
Note 13 – Leases (Continued)
Communication Site Leases – The City leases three locations to third parties for the provisions of mobile/wireless communication services. As of June 30, 2023, the three leases had two to 25.75 years remaining. The City recognized $147,049 in lease revenue and $74,879 in interest revenue during the current fiscal year related to these leases. Also, the City has deferred inflows of resources associated with these leases that will be recognized as revenue over the lease term.
Tidelands – The City leases four tideland properties. Leases are for state tidelands properties delegated to local agencies for management and control. As of June 30, 2023, the four leases had 5 to 6 years remaining. The City recognized $113,585 in lease revenue and $13,321 in interest revenue during the current fiscal year related to these leases. Also, the City has deferred inflows of resources associated with these leases that will be recognized as revenue over the lease term.
B. Lease Payable
In March 2016, AMP entered into a property lease agreement with the 1835 Alameda Property, LLC for warehousing/distributing space. The lease terms for the agreement started on May 1, 2016 and will expire on April 30, 2031. The base rent is $24,700 per month. The monthly lease payments are increased annually in the amount of 3% every May 1. AMP recorded an initial lease liability and intangible right -to-use asset in the amount of $3,142,914, respectively, as of July 1, 2021. As of June 30, 2023, the balance of the lease liability was $2,657,081 and the net value of the right -to-use asset was $3,142,914, including accumulated amortization of $639,236.
A summary of lease payable transactions for the fiscal year ended June 30, 2023, are as follows:
Balance June 30,
2022 Retirements
Balance June 30,
2023
Current
Portion
Lease Liability
1835 Alameda Property, LLC $ 2,908,512 $ (251,431) $ 2,657,081 $ 269,276 The future principal and interest lease payments as of June 30, 2023, are as follows:
Fiscal Year Principal Interest Total
2024 $ 269,276 $ 76,051 $ 345,327
2025 287,969 67,718 355,687
2026 307,545 58,812 366,357
2027 328,042 49,306 377,348
2028 349,496 39,172 388,668
2029-2031 1,114,753 50,077 1,164,830
Total $ 2,657,081 $ 341,136 $ 2,998,217
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
120
Note 14 – Subscription Liabilities
A. Introduction
The City has entered into a series of Subscription-Based Information Technology Arrangements (SBITAs) to support various information and technology services for the City’s operations. For the fiscal year ended June 30, 2023, the City had nine SBITAs.
B. Summary of Subscription Liabilities
The following table provides a summary of the City’s subscription liability transaction activities for the year ended June 30, 2023:
Balance June 30,
2022 (as restated) Additions Retirements
Balance June 30,
2023
Current
Portion
Governmental Activities SBITAs:
Open Cities $ — $ 59,918 $ 17,766 $ 42,152 $ 19,910
ARC GIS Pro 152,341 48,754 103,587 50,753
LaserFische 124,580 29,294 95,286 30,495
OpenGov 371,590 118,921 252,669 123,797
CentralSquare 134,813 30,119 104,694 32,423
RIMS 228,388 111,409 116,979 116,979
Tyler Technologies 1,801,779 221,606 1,580,173 230,690 Gray Wall Software 129,407 23,844 105,563 24,822
Nth Generation 268,674 85,984 182,690 89,510
Total SBITAs-Governmental Activities 2,790,557 480,933 687,697 2,583,793 719,379 Business-Type Activities SBITAs:
CentralSquare 33,703 7,530 26,174 8,106
Total SBITAs-Business-Type Activities: 33,703 7,530 26,174 8,106 Total $ 2,824,260 $ 480,933 $ 695,228 $ 2,609,967 $ 727,485 C. Details of SBITAs
This section provides detailed information on each of the City’s nine SBITAs.
In February 2023, the City entered into a three-year SBITA to develop a centralized database allowing the public to access meeting records, along with offering webcasting and agenda management services.
This agreement includes a 7% increase per year during the renewal period. An initial subscription liability was recorded in the amount of $59,918 as of February 22, 2023. As of June 30, 2023, the balance of the subscription liability was $42,152. The City is required to make annual principal and interest payments of $20,223 to $23,153. The software has a three-year estimated useful life. The value of the right-to-use asset as of the end of the current fiscal year was $59,918 and had accumulated amortization of $16,721.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
121
Note 14 – Subscription Liabilities (Continued)
In July 2022, the City entered into a three-year SBITA to cost-effectively deploy a Geographic Information System (GIS) into City operations and business processes. This provides essential GIS services and software to City departments and community members and allows web maps to be easily created and distributed to the public. An initial subscription liability was recorded in the amount of $152,341 as of July 25, 2022. As of June 30, 2023, the balance of the subscription liability was $103,587. The City is required to make annual principal and interest payments of $55,000. The software has a three-year estimated useful life. The value of the right-to-use asset as of the end of the current fiscal year was $152,341 and had accumulated amortization of $52,231.
In October 2016, and amended in November 2021, the City entered into a ten-year SBITA to keep paper-based data safe, making it readily available, reducing storage costs and enhancing the ability to recover the information in the event of a disaster. An initial subscription liability was recorded in the amount of $124,580 as of July 1, 2022. As of June 30, 2023, the balance of the subscription liability was $95,286. The City is required to make annual principal and interest payments of $34,402. The software has a 10-year estimated useful life. The value of the right-to-use asset at the end of the current fiscal year was $124,580 and had accumulated amortization of $31,145.
In June 2019, and amended June 2020, the City entered into a six-year SBITA to support community engagement efforts and improve budgeting, performance, communications, reporting and open data.
This agreement includes a 4% increase per year during the renewal period. An initial subscription liability was recorded in the amount of $371,590 as of July 1, 2022. As of June 30, 2023, the balance of the subscription liability was $252,669. The City is required to make annual principal and interest payments of $134,156. The software has a six-year estimated useful life. The value of the right-to-use asset at the end of the current fiscal year was $371,590 and had accumulated amortization of $127,402.
In November 2021, the City entered into a five-year SBITA to empower the Public Works Department to effectively oversee inventories, assess infrastructure conditions and streamline work order activities for public infrastructure. This agreement includes a 3% increase per year during the renewal period. An initial subscription liability was recorded in the amount of $168,516 as of July 1, 2022. As of June 30, 2023, the balance of the subscription liability was $130,868. The City is required to make annual principal and interest payments of $44,558 to $48,690. The software has a five-year estimated useful life. The value of the right-to-use asset at the end of the current fiscal year was $168,516 and had accumulated interest of $43,026.
In November 2019, and amended March 2020, the City entered into a five-year SBITA to launch a Computer Aided Dispatch and Report Management System that offers enhanced reliability compared to the previous system. It delivers valuable benefits to residents, including real-time incident mapping, crime mapping and crime charts. An initial subscription liability was recorded in the amount of $228,388 as of July 1, 2022. As of June 30, 2023, the balance of the subscription liability was $116,979. The City is required to make annual principal and interest payments of $122,828. The software has a five-year estimated useful life. The value of the right-to-use asset at the end of the current fiscal year was $228,388 and had accumulated interest of $119,159.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
122
Note 14 – Subscription Liabilities (Continued)
In July 2019, the City entered into a seven-year SBITA to enhance efficiency and streamline operations by better integrating the City's core financials, human resources and payroll systems. The agreement offers a three-year extension option, but the vendor will increase services by 5% per year after the initial seven-year term. An initial subscription liability was recorded in the amount of $1,801,779 as of July 1, 2022. As of June 30, 2023, the balance of the subscription liability was $1,580,173. The City is required to make annual principal and interest payments of $295,477 to $310,251. The software has a ten-year estimated useful life. The value of the right-to-use asset at the end of the current fiscal year was $1,801,779 and had accumulated interest of $263,675.
In April 2018, the City entered into a ten-year SBITA to enhance city preparedness and response by streamlining communication, coordinating resources, and ensuring real-time situational awareness during crises. An initial subscription liability was recorded in the amount of $129,407 as of July 1, 2022. As of June 30, 2023, the balance of the subscription liability was $105,563. The City is required to make annual principal and interest payments of $29,150. The software has a ten-year estimated useful life. The value of the right-to-use asset at the end of the current fiscal year was $129,407 and had accumulated interest of $26,320.
In July 2022, The City entered into a three-year SBITA to launch a self-learning AI technology that detects novel attacks and insider threats at an early stage. An initial subscription liability was recorded in the amount of $268,674 as of July 14, 2022. As of June 30, 3023, the balance of the subscription liability was $182,690. The City is required to make annual principal and interest payments of $97,000.
The software has a three-year estimated useful life. The value of the right-to-use asset at the end of the current fiscal year was $268,674 and had accumulated interest of $92,117.
D. Variable Payments
Support services were excluded from the measurement of subscription liabilities. Excluded from the LaserFische subscription were four years of support services at a cost of $14,000 per year.
E. Future SBITA Commitments
One additional contract has been excluded, but commences after the reporting period. This contract is for the purchase of Microsoft 365 licenses. Microsoft 365 is expected to achieve notable enhancements in the areas of security, efficiency, availability and collaboration. The contract runs from August 2023 through May 2026 with a total cost of $935,290.
F. Principal and Interest to Maturity
The future principal and interest subscription liability payments as of June 30, 2023, are as follows:
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
123
Note 14 – Subscription Liabilities (Continued)
Governmental Activities:
Fiscal Year Principal Interest Total
2024 $ 719,379 $ 106,988 $ 826,367
2025 629,711 76,441 706,152
2026 347,357 50,623 397,980
2027 303,020 36,381 339,401
2028 286,294 23,957 310,251
2029 298,032 12,219 310,251
Total $ 2,583,793 $ 306,609 $ 2,890,402
Business-Type Activities:
Fiscal Year Principal Interest Total
2024 $ 8,106 $ 1,073 $ 9,179
2025 8,713 741 9,454
2026 9,355 384 9,739
Total $ 26,174 $ 2,198 $ 28,372
Note 15 – Commitments and Contingencies
A. City of Alameda
The City participates in several Federal and State grant programs. These programs have been audited by the City’s independent accountants in accordance with the provisions of the Federal Single Audit Act amendments of 1996 and applicable State requirements. No cost disallowances were proposed as a result of these audits. However, these programs are still subject to further examination by the grantors and the amount, if any, of expenditures which may be disallowed by the granting agencies cannot be determined at this time. The City expects such amounts, if any, to be immaterial.
The City is subject to litigation arising in the normal course of business. In the opinion of the City Attorney there is no pending litigation which is likely to have a material adverse effect on the financial position of the City.
Encumbrances
Encumbrances outstanding as of June 30, 2023 are listed below:
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
124
Note 15 – Commitments and Contingencies (Continued)
Amount
Major Governmental Funds:
General Fund $ 2,480,855
Capital Improvement Projects 847,074
Total Major Governmental Funds 3,327,929
Non-Major Governmental Funds:
Special Revenue Funds
Gas Tax 47,122
Tidelands 21,667
Parking Meter 4,950
Commercial Revitalization 101,469
Community Development Block Grant 100,055
Waste Reduction Surcharge 45,706
Total Special Revenue Funds 320,969
Capital Projects Funds
Maintenance Assessment Districts 96,197
Total Capital Projects Funds 96,197
Total Non-Major Governmental Funds 417,166
Total Governmental Fund Encumbrances $ 3,745,095
B. Alameda Municipal Power Fund
i) Take or Pay Agreements
Under the terms of its NCPA and TANC joint venture agreements, AMP is liable for a portion of the bonded indebtedness issued by these agencies under take-or-pay or similar agreements, as discussed in Note 12. AMP’s estimated share of such debt outstanding at June 30, 2023 was $21,050,106. Under certain circumstances, AMP may also be responsible for a portion of the costs of operating these entities. Under certain circumstances, such as default or bankruptcy of other participants, AMP may also be liable to pay a portion of the debt of these joint ventures on behalf of the other participants.
These “step up” provisions are generally capped at a 25 percent increase.
Take-or-Pay commitments expire upon final maturity of outstanding debt for each project. Final fiscal year debt expirations are as follows:
Project Debt Expiration
Entitlement
Share % Debt service %
NCPA - Geothermal Project (NGP) July-2024 16.88250% 16.88251% NCPA - Calaveras Hydroelectric Project (NCHP) July-2032 10.00000% 8.90067% NCPA - Capital Facilities Project (NCFP) July-2026 19.00000% 18.09482% As discussed in Note 12, as of July 1, 2014, AMP and other NCPA members executed a multiparty Long-Term Layoff Agreement that laid off their participating percentage share of the COTP to other TANC participants.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
125
Note 15 – Commitments and Contingencies (Continued)
A summary of AMP’s “Take or Pay” contracts and related projects and its contingent liability for the debt service including principal and interest payments at June 30, 2023 is as follows:
Fiscal Year NGP NCHP NCFP Total
2024 $ 567,252 $ 3,269,063 $ 876,850 $ 4,713,165
2025 578,226 2,972,092 914,850 4,465,168
2026 1,332,261 1,332,261
2027 1,638,369 1,638,369
2028 1,459,667 1,459,667
2029-2033 7,441,476 7,441,476
Total $ 1,145,478 $ 18,112,928 $ 1,791,700 $ 21,050,106 Note 16 – Redevelopment Agency Dissolution and Successor Agency Activities A. Redevelopment Dissolution
In an effort to balance its budget, the State of California adopted ABx1 26 on June 28, 2011, amended by AB1484 on June 27, 2012, which suspended all new redevelopment activities except for limited specified activities as of that date and dissolved redevelopment agencies on January 31, 2012.
The suspension provisions prohibited all redevelopment agencies from a wide range of activities, including incurring new indebtedness or obligations, entering into or modifying agreements or contracts, acquiring or disposing of real property, taking actions to adopt or amend redevelopment plans and other similar actions, except action required by law or to carry out existing enforceable obligations, as defined in ABx1 26.
In addition, ABx1 26 and AB1484 direct the State Controller to review the activities of all redevelopment agencies and successor agencies to determine whether an asset transfer between the agency and any public agency occurred on or after January 1, 2011. If an asset transfer did occur and the public agency that received the asset is not contractually committed to a third party for the expenditure or encumbrance of the asset, the legislation purports to require the State Controller to order the asset returned to the redevelopment agency.
Effective January 31, 2012 the Community Improvement Commission (CIC) was dissolved. Certain assets of the CIC Low and Moderate Income Housing Fund were distributed to a Housing Successor; and all remaining CIC assets and liabilities were distributed to a Successor Agency.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
126
Note 16 – Redevelopment Agency Dissolution and Successor Agency Activities (Continued) The City elected to become the Successor Agency and on February 1, 2012 the CIC’s remaining assets were distributed to and liabilities were assumed by the Successor Agency. ABx1 26 requires the establishment of an Oversight Board to oversee the activities of the Successor Agency and one was established. The activities of the Successor Agency were subject to review and approval of the Oversight Board, which was comprised of seven members, including the City Manager and one former CIC employee appointed by the Mayor. On July 1, 2018, the duties of the Alameda Oversight Board transferred to a new Alameda County-wide Consolidated Oversight Board, which will now be responsible for overseeing the wind down of affairs of all Successor Agencies in Alameda County, including the Successor Agency to the CIC.
The activities of the Successor Agency are reported in the Successor Agency Private-Purpose Trust Fund as the activities are under control of the Oversight Board. The City provides administrative services to the Successor Agency to wind down the affairs of the former CIC.
Cash and investments of the Successor Agency as of June 30, 2023 are discussed in Note 2.
Information presented in the following footnotes represents other assets and liabilities of the Successor Agency as of June 30, 2023.
B. Long-Term Debt
The Successor Agency assumed long-term debt from the Redevelopment Agency consisted of the following:
Current Year Transaction and Balances
Balance June
30, 2022 Retirements
Balance June
30, 2023
Due within one
year
2014 A SA CIC Tax Exempt Bonds $ 23,495,000 $ — $ 23,495,000 $ — Plus: Unamortized bond premium 2,127,932 (190,226) 1,937,706 2014 B SA CIC Taxable Bonds 10,575,000 (2,225,000) 8,350,000 2,305,000 2017 SA CIC Taxable Bonds 12,120,000 (290,000) 11,830,000 325,000 Less: Unamortized bond discount (142,979) 7,451 (135,528) Total Bonds $ 48,174,953 $ (2,697,775) $ 45,477,178 $ 2,630,000 2014 Community Improvement Commission Tax Allocation Bonds On December 23, 2014, the Successor Agency issued Series 2014 A Subordinated Tax Allocation Refunding Bonds in the principal amount of $23,495,000 and Series 2014 B Subordinated Taxable Allocation Refunding Bonds in the principal amount of $25,080,000, for a total original principal amount of $48,575,000, for the former agency’s merged improvement areas. Proceeds from the sale of the Bonds were used to (a) refund certain outstanding bonds issued by the former Community Improvement Commission of the City of Alameda (Former Agency), the proceeds of which were used to finance redevelopment and low and moderate income housing activities within and for the benefit of the redevelopment project areas of the Former Agency, (b) purchase a municipal bond insurance policy in lieu of funding a debt service reserve account for the Bonds, and (c) provide for the costs of issuing the bonds. The Series 2014 A and B Bonds are secured by a first lien on tax revenues. Principal and interest are payable annually on September 1 through 2034. The interest rates on the bonds vary from
0.553% to 5.0% The bonds were issued at a $3,565,319 premium. The outstanding balance as of June 30, 2023 was $33,782,706, including the premium.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
127
Note 16 – Redevelopment Agency Dissolution and Successor Agency Activities 2017 Community Improvement Commission Tax Allocation Refunding Bonds On May 11, 2017, the Successor Agency issued Series 2017 Taxable Allocation Refunding Bonds in the principal amount of $12,850,000 for the former agency’s merged improvement areas. Proceeds from the sale of the Bonds were used to (a) refund and defease certain outstanding bonds issued by the former Community Improvement Commission of the City of Alameda (Former Agency), the proceeds of which were used to finance redevelopment and low and moderate income housing activities within and for the benefit of the redevelopment project areas of the Former Agency, (b) purchase a debt service reserve insurance policy in lieu of funding a debt service reserve fund for the Bonds, and (c) pay the costs of issuing the Bonds. The Series 2017 Bonds are secured by a lien on tax revenues.
Principal and interest are payable semiannually on March 1 and September 1 through 2042. The interest rates on the bonds vary from 1.5% to 4.2%. The bonds were issued at a $180,706 discount. The outstanding balance as of June 30, 2023 was $11,694,472, net of the discount.
With the dissolution of the CIC discussed above, tax increment is no longer distributed, and instead the Successor Agency receives payments from the County’s Redevelopment Property Tax Trust Fund (RPTTF) that are to be used to fund debt service on the Bonds, with no distinction between housing and non-housing revenues. In addition, under the provisions of the laws dissolving the CIC, the Successor Agency only receives the funds necessary to fulfill its approved obligations. Total property taxes received by the Successor Agency in the current fiscal year were $9,265,909 which represented coverage of 2.06 times the $4,490,628 of debt service.
The outstanding balance of the defeased debt as of June 30, 2023 was $10,630,000.
Debt Service Requirements
Annual debt service requirements are shown below:
For the Year Ending June 30, Principal Interest
2024 $ 2,630,000 $ 1,915,187
2025 2,760,000 1,817,802
2026 2,910,000 1,710,444
2027 3,060,000 1,587,809
2028 3,225,000 1,445,031
2029-2033 19,245,000 4,635,325
2034-2038 8,335,000 875,513
2039-2042 1,510,000 136,425
Subtotal 43,675,000 $ 14,123,536
Plus unamortized bond premium 1,937,706
Less unamortized bond discount (135,528)
Total $ 45,477,178
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
128
Note 16 – Redevelopment Agency Dissolution and Successor Agency Activities (Continued) C. State Approval of Enforceable Obligations
The Successor Agency prepares a Recognized Obligation Payment Schedule (ROPS) semi-annually that contains all proposed expenditures for the subsequent six-month period. The ROPS is subject to the review and approval of the Oversight Board as well as the State Department of Finance. Although the State Department of Finance may not question items included on the ROPS in one period, they may question the same items in a future period and disallow associated activities. The amount, if any, of current obligations that may be denied by the State Department of Finance cannot be determined at this time.
Note 17 – Subsequent Events
On July 18, 2023, City Council authorized the City Manager to execute a Disposition and Development Agreement (DDA) with a developer for construction of a housing project consisting of 478 housing units on approximately 26 acres of land at Alameda Point. In so doing, a resolution was signed by City Council amending the FY 2023-25 biennial budget to appropriate and allocate $9,500,000 from the Alameda Point Special Revenue Fund as a loan to the developer to construct infrastructure and site preparation for the Rebuilding Existing Supportive Housing at Alameda Point (RESHAP) Project. The loan will be repaid at a later date with the construction of the adjacent Market Rate Housing Projects.
No monies have been disbursed as of the issuance date of these financial statements.
On December 28, 2023, the City of Alameda issued $14,565,000 of Lease Revenue Bonds by the City of Alameda Financing Authority for the construction of a new Aquatic Center. City Council authorized the City Manager to seek funding of the Aquatic Center on February 21, 2023. The estimate for construction of the Aquatic Center is $30,000,000, roughly half of which will come from this bond issuance with the remainder from General Fund assigned fund balance. The assignment of this fund balance can be found within the “Projected use of fund balance in subsequent years” assignment found in Note 8. The bonds bear interest rates of 4.0% to 5.250%. Principal payments will be due annually on May 1, and interest payments will be due semi-annually on May 1 and November 1 through May 1, 2053.
City of Alameda, CA
Notes to Basic Financial Statements
For the Year Ended June 30, 2023
129
City of Alameda, California
People and Places in the City
City of Alameda, California
People and Places in the City
131
CALPERS AGENT-MULTIPLE EMPLOYER MISCELLANEOUS PLAN
Schedule of Changes in Net Pension Liability and Related Ratios Last Ten Years*
Fiscal Year Ended June 30, 2023 2022 2021 2020
Measurement Period 2021-22 2020-21 2019-20 2018-19
Total Pension Liability
Service Cost $ 5,911,433 $ 5,631,496 $ 5,012,281 $ 4,969,281 Interest on the total pension liability 22,327,270 21,964,673 21,185,528 20,619,356 Changes of assumptions 8,306,535
Difference between expected and
actual experience (1,803,255) 1,175,561 (1,654,709) 895,766 Benefit payments, including refunds
of employee contributions (18,627,456) (17,080,553) (16,491,161) (15,582,694) Net change in total pension liability 16,114,527 11,691,177 8,051,939 10,901,709 Total pension liability - beginning 323,438,359 311,747,182 303,695,243 292,793,534 Total pension liability - ending (A) 339,552,886 323,438,359 311,747,182 303,695,243 Plan fiduciary net position
Contributions - employer 10,067,574 9,307,781 8,386,195 6,979,527 Contributions - employees 3,118,750 2,801,576 2,721,137 2,289,733 Net investment income (20,664,693) 51,716,414 11,067,395 14,100,692 Benefit payments, including refunds
of employee contributions (18,627,456) (17,080,553) (16,491,161) (15,582,694) Plan to Plan Resource Movement
Administrative expense (170,044) (226,211) (311,667) (152,318) Other Miscellaneous Income/
(Expense) 497
Net change in fiduciary net position (26,275,869) 46,519,007 5,371,899 7,635,437 Plan fiduciary net position - beginning 272,970,126 226,451,119 221,079,220 213,443,783 Plan fiduciary net position - ending
(B) 246,694,257 272,970,126 226,451,119 221,079,220 Net pension liability - ending (A)-(B) $ 92,858,629 $ 50,468,233 $ 85,296,063 $ 82,616,023 Plan fiduciary net position as a
percentage of the total pension
liability 72.65% 84.40% 72.64% 72.80%
Covered payroll $ 33,404,342 $ 33,404,342 $ 32,362,652 $ 29,336,402 Net pension liability as percentage of
covered payroll 277.98% 151.08% 263.56% 281.62%
Measurement date June 30, 2022 June 30, 2021 June 30, 2020 June 30, 2019 * FY 2014-15 was the first year of implementation.
City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2023
132
2019 2018 2017 2016 2015
2017-18 2016-17 2015-16 2014-15 2013-14
$ 4,744,578 $ 4,641,162 $ 3,760,714 $ 3,766,998 $ 3,808,115 19,883,808 19,356,195 18,828,640 18,158,298 17,592,705 (1,729,391) 15,192,135 (4,194,628)
(334,914) 271,870 163,395 (1,883,727)
(15,115,521) (14,095,607) (13,711,596) (12,934,211) (12,081,658) 7,448,560 25,365,755 9,041,153 2,912,730 9,319,162
285,344,974 259,979,219 250,938,066 248,025,336 238,706,174 292,793,534 285,344,974 259,979,219 250,938,066 248,025,336 5,710,346 5,273,062 4,525,123 3,713,053 3,088,658
2,435,141 2,306,147 2,159,065 2,094,771 2,206,769
17,324,360 21,234,381 1,095,194 4,478,705 30,399,751 (15,115,521) (14,095,607) (13,711,596) (12,934,211) (12,081,658) (497) (2,433,966)
(317,906) (279,892) (119,223) (222,927)
(603,709)
9,432,214 14,438,091 (6,051,437) (5,304,575) 23,613,520 204,011,569 189,573,478 195,624,915 200,929,490 177,315,970 213,443,783 204,011,569 189,573,478 195,624,915 200,929,490 $ 79,349,751 $ 81,333,405 $ 70,405,741 $ 55,313,151 $ 47,095,846
72.90% 71.50% 72.92% 77.96% 81.01%
$ 28,387,102 $ 27,176,983 $ 26,437,131 $ 25,612,255 $ 24,479,720 279.53% 299.27% 266.31% 215.96% 192.39%
June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2014 City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2023
133
CALPERS AGENT-MULTIPLE EMPLOYER SAFETY PLAN
Schedule of Changes in Net Pension Liability and Related Ratios Last Ten Years*
Fiscal Year Ended June 30, 2023 2022 2021 2020
Measurement Period 2021-22 2020-21 2019-20 2018-19
Total Pension Liability
Service Cost $ 7,969,523 $ 7,321,091 $ 7,366,903 $ 7,580,036 Interest on the total pension liability 35,808,161 34,630,972 33,476,100 32,199,260 Changes of assumptions 17,030,303
Difference between expected and
actual experience 4,870,267 2,591,031 3,083,875 9,115,231 Benefit payments, including refunds
of employee contributions (30,429,605) (28,704,897) (25,813,263) (23,984,124) Net change in total pension liability 15,838,197 15,838,197 18,113,615 24,910,403 Total pension liability - beginning 492,450,123 492,450,123 474,336,508 449,426,105 Total pension liability - ending (A) 508,288,320 508,288,320 492,450,123 474,336,508 Plan fiduciary net position
Contributions - employer 22,312,745 20,116,075 13,496,482 18,190,209 Contributions - employees 3,776,451 3,533,418 3,589,299 3,762,229 Net investment income (27,454,946) 67,959,767 14,693,325 18,360,463 Benefit payments, including refunds
of employee contributions (30,429,605) (28,704,897) (25,813,263) (23,984,124) Plan to Plan Resource Movement
Administrative expense (226,111) (300,051) (415,623) (198,878) Other Miscellaneous Income /(Expense) 651
Net change in plan fiduciary net
position (32,021,466) 62,604,312 5,550,220 16,130,550 Plan fiduciary net position - beginning 362,974,091 300,369,779 294,819,559 278,689,009 Plan fiduciary net position -
ending (B) 330,952,625 362,974,091 300,369,779 294,819,559 Net pension liability - ending (A)-(B) $ 212,584,344 $ 145,314,229 $ 192,080,344 $ 179,516,949 Plan fiduciary net position as a
percentage of the total pension
liability 60.89 % 71.41 % 60.99 % 62.15 %
Covered payroll $ 25,441,316 $ 25,441,316 $ 24,808,549 $ 25,333,206 Net pension liability as percentage of
covered payroll 835.59 % 571.17 % 774.25 % 708.62 % Measurement date June 30, 2022 June 30, 2021 June 30, 2020 June 30, 2019 * FY 2014-15 was the first year of implementation.
City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2023
134
2019 2018 2017 2016 2015
2017-18 2016-17 2015-16 2014-15 2013-14
$ 7,333,306 $ 7,034,547 $ 6,047,019 $ 6,121,040 $ 6,141,031 30,481,692 29,313,329 28,386,449 27,178,001 25,739,517 (1,858,258) 24,387,287 (6,618,407)
3,224,389 248,108 2,256,432 5,283,538
(22,079,185) (20,966,135) (20,335,284) (19,108,175) (17,814,345) 17,101,944 40,017,136 16,354,616 12,855,997 14,066,203 432,324,161 392,307,025 375,952,409 363,096,412 349,030,209 449,426,105 432,324,161 392,307,025 375,952,409 363,096,412 22,171,954 10,537,863 9,569,765 9,071,332 8,190,138 3,780,834 3,678,165 3,329,883 2,920,035 3,115,074
21,815,840 25,858,078 1,191,816 5,399,063 36,726,928 (22,079,185) (20,966,135) (20,335,284) (19,108,175) (17,814,345) (651)
(396,033) (347,534) (147,352) (272,101)
(752,074)
24,540,685 18,760,437 (6,391,172) (1,989,846) 30,217,795 254,148,324 235,387,887 241,779,059 243,768,905 213,551,110 278,689,009 254,148,324 235,387,887 241,779,059 243,768,905 $ 170,737,096 $ 178,175,837 $ 156,919,138 $ 134,173,350 $ 119,327,507
62.01 % 58.79 % 60.00 % 64.31 % 67.14 %
$ 25,275,362 $ 24,303,190 $ 25,965,660 $ 25,200,216 $ 23,779,986 675.51 % 733.14 % 604.33 % 532.43 % 501.80 %
June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2014 City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2023
135
CALPERS AGENT MULTIPLE EMPLOYER PLAN - MISCELLANEOUS
SCHEDULE OF CONTRIBUTIONS
Last 10 Years*
Fiscal Year Ended June 30, 2023 2022 2021 2020
Actuarially determined contribution $ 11,077,903 $ 9,905,744 $ 9,318,477 $ 8,387,122 Contributions in relation to the actuarially determined contributions 11,077,903 9,905,744 9,318,477 8,387,122 Contribution deficiency (excess) $ — $ — $ — $ —
Covered payroll $ 36,308,477 $ 33,404,342 $ 33,404,432 $ 32,362,652 Contributions as a percentage of covered payroll 30.51 % 29.65 % 27.90 % 25.92 % Notes to Schedule
Valuation date: 6/30/2020 6/30/2019 6/30/2018 6/30/2017 Methods and assumptions used to determine contribution
rates:
Actuarial cost method Entry Age Entry Age Entry Age Entry Age Amortization method Level percent of payroll Level percent of payroll Level percent of payroll Level percent of payroll Asset valuation method Fair Value of Assets Fair Value of Assets Fair Value of Assets Fair Value of Assets Inflation 2.30% 2.50% 2.50% 2.625%
Salary increase Varies by entry age and
service
Varies by entry age and
service
Varies by entry age and
service
Varies by entry age and
service
Investment rate of return 6.80% net of pension
plan investment expense,
including inflation.
7.00% net of pension
plan investment expense,
including inflation.
7.00% net of pension
plan investment expense,
including inflation.
7.25% net of pension
plan investment expense,
including inflation.
Retirement age 50-67 years 50-67 years 50-67 years 50-67 years Mortality The probabilities of
mortality are based on
2021 CalPERS
experience study for the
period from 2001 to
2019. Pre-retirement and
Post-retirement mortality
rates include generational
mortality improvement
using 80% of Scale
MP-2020 published by
the Society of Actuaries.
The probabilities of
mortality are based on
2017 CalPERS
experience study for the
period from 1997 to
2015. Pre-retirement and
Post-retirement mortality
rates include 15 years of
projected mortality
improvement using 90%
of Scale MP-2016
published by the Society
of Actuaries.
The probabilities of
mortality are based on
2017 CalPERS
experience study for the
period from 1997 to
2015. Pre-retirement and
Post-retirement mortality
rates include 15 years of
projected mortality
improvement using 90%
of Scale MP-2016
published by the Society
of Actuaries.
Retirement and post-
retirement mortality rates
include 15 years of
projected mortality
improvement using 90%
of Scale MP-2016
published by the Society
of Actuaries.
* FY 2014-15 was the first year of implementation.
City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2023
136
2019 2018 2017 2016 2015
$ 6,968,668 $ 5,710,194 $ 5,265,991 $ 4,527,506 $ 3,713,053 6,968,668 5,710,194 5,265,991 4,527,506 3,713,053
$ — $ — $ — $ — $ —
$ 29,336,402 $ 28,387,102 $ 27,176,983 $ 26,437,131 $ 25,612,255
23.75 % 20.12 % 19.38 % 17.13 % 14.50 %
6/30/2016 6/30/2015 6/30/2014 6/30/2013 6/30/2012
Entry Age Normal Cost
Method
Entry Age Normal Cost
Method
Entry Age Normal Cost
Method
Entry Age Normal Cost
Method
Entry Age Normal Cost
Method
Level percent of payroll Level percent of payroll Level percent of payroll Level percent of payroll Level percent of payroll Fair Value of Assets Fair Value of Assets Fair Value of Assets Actuarial value of assets Actuarial value of assets
2.75% 2.75% 2.75% 2.75% 2.75%
3.3% to 14.2% depending
on age, service, and type
of employment
3.3% to 14.2% depending
on age, service, and type
of employment
3.3% to 14.2% depending
on age, service, and type
of employment
3.3% to 14.2% depending
on age, service, and type
of employment
3.3% to 14.2% depending
on age, service, and type
of employment
7.375% net of
administrative expenses,
includes inflation
7.375% net of
administrative expenses,
includes inflation
7.50% net of
administrative expenses,
includes inflation
7.50% net of
administrative expenses,
includes inflation
7.50% net of
administrative expenses,
includes inflation
50-67 years 50-67 years 50-67 years 50-67 years 50-67 years The probabilities of
retirement and mortality
are based on 2014
CalPERS experience
study for the period from
1997 to 2011. Pre-
reretirement mortality
rates include 20 years of
projected mortality
improvement using Scale
BB published by the
Society of Actuaries.
The probabilities of
retirement and mortality
are based on 2010
CalPERS experience
study for the period from
1997 to 2007. Pre-
reretirement mortality
rates include 5 years of
projected mortality
improvement using Scale
AA published by the
Society of Actuaries.
The probabilities of
retirement and mortality
are based on 2010
CalPERS experience
study for the period from
1997 to 2007. Pre-
reretirement mortality
rates include 5 years of
projected mortality
improvement using Scale
AA published by the
Society of Actuaries.
The probabilities of
retirement and mortality
are based on 2010
CalPERS experience
study for the period from
1997 to 2007. Pre-
reretirement mortality
rates include 5 years of
projected mortality
improvement using Scale
AA published by the
Society of Actuaries.
The probabilities of
retirement and mortality
are based on 2010
CalPERS experience
study for the period from
1997 to 2007. Pre-
reretirement mortality
rates include 5 years of
projected mortality
improvement using Scale
AA published by the
Society of Actuaries.
City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2023
137
CALPERS AGENT MULTIPLE EMPLOYER PLAN - SAFETY
SCHEDULE OF CONTRIBUTIONS
Last 10 Years*
Fiscal Year Ended June 30, 2023 2022 2021 2020
Actuarially determined contribution $ 17,710,730 $ 16,533,892 $ 15,122,079 $ 13,622,920 Contributions in relation to the actuarially determined contributions 19,820,402 22,288,892 15,122,079 13,622,920 Contribution deficiency (excess) $ (2,109,672) $ (5,755,000) $ — $ — Covered payroll $ 27,427,751 $ 25,441,316 $ 25,441,316 $ 24,808,549 Contributions as a percentage of covered payroll 72.26 % 87.61 % 59.44 % 54.91 % Notes to Schedule
Valuation date: 6/30/2020 6/30/2019 6/30/2018 6/30/2017 Methods and assumptions used to determine contribution
rates:
Actuarial cost method Entry Age Entry Age Entry Age Entry Age Amortization method Level percent of payroll Level percent of payroll Level percent of payroll Level percent of payroll Asset valuation method Fair Value of Assets Fair Value of Assets Fair Value of Assets Fair Value of Assets Inflation 2.300% 2.500% 2.500% 2.625%
Salary increase Varies by entry age and
service
Varies by entry age and
service
Varies by entry age and
service
Varies by entry age and
service
Investment rate of return 6.80% net of pension
plan investment expense,
including inflation.
7.00% net of pension
plan investment expense,
including inflation.
7.00% net of pension
plan investment expense,
including inflation.
7.25% net of pension
plan investment expense,
including inflation.
Retirement age The probabilities of
retirement are based on
the 2021 CalPERS
Experience Study for the
period from 2001 to
2019.
The probabilities of
Retirement are based on
the CalPERS Experience
Study
The probabilities of
Retirement are based on
the CalPERS Experience
Study
The probabilities of
Retirement are based on
the CalPERS Experience
Study
Mortality The probabilities of
mortality are based on
2021 CalPERS
experience study for the
period from 2001 to
2019. Pre-retirement and
Post-retirement mortality
rates include generational
mortality improvement
using 80% of Scale
MP-2020 published by
the Society of Actuaries.
The probabilities of
mortality are based on
2017 CalPERS
experience study for the
period from 1997 to
2015. Pre-retirement and
Post-retirement mortality
rates include 15 years of
projected mortality
improvement using 90%
of Scale MP-2016
published by the Society
of Actuaries.
The probabilities of
mortality are based on
2017 CalPERS
experience study for the
period from 1997 to
2015. Pre-retirement and
Post-retirement mortality
rates include 15 years of
projected mortality
improvement using 90%
of Scale MP-2016
published by the Society
of Actuaries.
Retirement and post-
retirement mortality rates
include 15 years of
projected mortality
improvement using 90%
of Scale MP-2016
published by the Society
of Actuaries.
* FY 2014-15 was the first year of implementation.
City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2023
138
2019 2018 2017 2016 2015
$ 18,185,938 $ 11,470,898 $ 10,530,166 $ 9,572,502 $ 9,071,332 18,185,938 11,470,898 10,530,166 9,572,502 9,071,332 $ — $ — $ — $ — $ —
$ 25,333,206 $ 25,275,362 $ 24,303,190 $ 25,965,660 $ 25,200,216
71.79 % 45.38 % 43.33 % 36.87 % 36.00 %
6/30/2016 6/30/2015 6/30/2014 6/30/2013 6/30/2012
Entry Age Normal Cost
Method
Entry Age Normal Cost
Method
Entry Age Normal Cost
Method
Entry Age Normal Cost
Method
Entry Age Normal Cost
Method
Level percent of payroll Level percent of payroll Level percent of payroll Level percent of payroll Level percent of payroll Fair Value of Assets Fair Value of Assets Fair Value of Assets Actuarial value of assets Actuarial value of assets
2.75% 2.75% 2.75% 2.75% 2.75%
3.3% to 14.2% depending
on age, service, and type
of employment
3.3% to 14.2% depending
on age, service, and type
of employment
3.3% to 14.2% depending
on age, service, and type
of employment
3.3% to 14.2% depending
on age, service, and type
of employment
3.3% to 14.2% depending
on age, service, and type
of employment
7.375% net of
administrative expenses,
includes inflation
7.5% net of
administrative expenses,
includes inflation
7.5% net of
administrative expenses,
includes inflation
7.5% net of
administrative expenses,
includes inflation
7.5% net of
administrative expenses,
includes inflation
50-57 years 50-57 years 50-57 years 50-57 years 50-57 years The probabilities of
retirement and mortality
are based on 2014
CalPERS experience
study for the period from
1997 to 2011. Pre-
reretirement mortality
rates include 20 years of
projected mortality
improvement using Scale
BB published by the
Society of Actuaries.
The probabilities of
retirement and mortality
are based on 2010
CalPERS experience
study for the period from
1997 to 2007. Pre-
reretirement mortality
rates include 5 years of
projected mortality
improvement using Scale
AA published by the
Society of Actuaries.
The probabilities of
retirement and mortality
are based on 2010
CalPERS experience
study for the period from
1997 to 2007. Pre-
reretirement mortality
rates include 5 years of
projected mortality
improvement using Scale
AA published by the
Society of Actuaries.
The probabilities of
retirement and mortality
are based on 2010
CalPERS experience
study for the period from
1997 to 2007. Pre-
reretirement mortality
rates include 5 years of
projected mortality
improvement using Scale
AA published by the
Society of Actuaries.
The probabilities of
retirement and mortality
are based on 2010
CalPERS experience
study for the period from
1997 to 2007. Pre-
reretirement mortality
rates include 5 years of
projected mortality
improvement using Scale
AA published by the
Society of Actuaries.
City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2023
139
The 1079 & 1082 Pension Plans
Schedule of Changes in Total Pension Liability and Related Ratios Last Ten Years*
Fiscal Year Ended June 30, 2023 2022 2021 2020
Total Pension Liability
Interest on the total pension liability $ 154,627 $ 124,482 $ 129,408 $ 180,745 Difference between expected and actual experience (983,164) (750,456) 695,141 Changes of assumptions (186,559) (547,672) 639,890 248,890 Benefit payments (475,746) (785,623) (851,675) (919,573) Net change in total pension liability (1,490,842) (1,959,269) 612,764 (489,938) Total pension liability - beginning 4,361,266 6,320,535 5,707,771 6,197,709 Total pension liability - ending $ 2,870,424 $ 4,361,266 $ 6,320,535 $ 5,707,771 Measurement date June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 Note to Schedule:
No assets are accumulated in a trust that meets all of the following criteria of GASB Statement No. 73, paragraph 4:
• Contributions from the employer and any nonemployer contributing entities, and earnings thereon, must be irrevocable. • Plan assets must be dedicated to providing pensions to Plan members in accordance with the benefit terms. • Plan assets must be legally protected from the creditors of the employer, nonemployer contributing entities, the Plan administrator, and Plan members.
The plan is a closed plan and there are no active employees participating in the Plan. * FY 2016-17 was the first year of implementation.
City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2023
140
2019 2018 2017
$ 258,849 $ 288,416 $ 349,073
(983,223) (46,556) 39,819
131,138
(1,209,440) (1,448,612) (1,448,612)
(1,802,676) (1,206,752) (1,059,720)
8,000,385 9,207,137 10,266,857
$ 6,197,709 $ 8,000,385 $ 9,207,137
June 30, 2019 June 30, 2018 June 30, 2017
City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2023
141
SCHEDULE OF CHANGES IN THE NET OPEB LIABILITY AND RELATED RATIOS Agent Multiple-Employer Miscellaneous and Pre-1/1/2019 Safety Plan Defined Benefit OPEB Plans Last 10 fiscal years*
Measurement Date 6/30/23 6/30/22 6/30/21 6/30/20 6/30/19 6/30/18 Total OPEB Liability
Service Cost $ 921,694 $ 1,301,935 $ 644,219 $ 555,320 $ 4,213,531 $ 4,193,392 Interest 3,003,276 2,579,151 2,704,008 2,909,360 4,658,311 4,316,741 Differences between expected and actual experience (8,295,789) (3,925,906) 5,250,940 (353,154) (2,503,398) Changes of assumptions (7,804,184) (14,950,435) 4,046,759 4,987,068 (1,184,636) (6,336,836) Benefit payments (4,022,438) (4,105,294) (4,132,821) (3,917,329) (3,825,122) (3,715,083) Plan to Plan Transfer (1) (44,592,304)
Net change in total OPEB liability (16,197,441) (19,100,549) 8,513,105 4,181,265 (43,233,618) (1,541,786) Total OPEB liability - beginning 65,102,215 84,202,764 75,689,659 71,508,394 114,742,012 116,283,798 Total OPEB liability - ending (A) $ 48,904,774 $ 65,102,215 $ 84,202,764 $ 75,689,659 $ 71,508,394 $ 114,742,012 Plan fiduciary net position
Contributions - employer $ 4,022,438 $ 4,105,294 $ 4,132,821 $ 3,917,329 $ 4,325,122 $ 7,546,879 Net investment income 310,212 (590,348) 872,495 178,799 268,507 598,104 Administrative expense (18,071) (20,192) (20,219) (18,852) (17,057) (33,220) Benefit payments (4,022,438) (4,105,294) (4,132,821) (3,917,329) (3,825,122) (3,715,083) Other 703
Plan to Plan Transfer (1) (8,314,828)
Net change in plan fiduciary net position 292,141 (610,540) 852,276 159,947 (7,563,378) 4,397,383 Plan fiduciary net position - beginning 4,623,710 5,234,250 4,381,974 4,222,027 11,785,405 7,388,022 Plan fiduciary net position - ending (B) $ 4,915,851 $ 4,623,710 $ 5,234,250 $ 4,381,974 $ 4,222,027 $ 11,785,405 Net OPEB liability - ending (A)-(B) $ 43,988,923 $ 60,478,505 $ 78,968,514 $ 71,307,685 $ 67,286,367 $ 102,956,607
Plan fiduciary net position as a percentage of the
total OPEB liability 10.05 % 7.10 % 6.22 % 5.79 % 5.90 % 10.27 % Covered-employee payroll $ 33,341,905 $ 34,169,745 $ 33,255,226 $ 36,886,764 $ 32,365,183 $ 61,252,086 Net OPEB liability as a percentage of covered-
employee payroll 131.93 % 176.99 % 237.46 % 193.32 % 207.90 % 168.09 % * FY 2017-18 was the first year of implementation.
City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2023
142
SCHEDULE OF CONTRIBUTIONS
Miscellaneous and Pre-1/1/2019 Safety Plan
Agent Multiple-Employer Defined Benefit OPEB Plan
Last 10 fiscal years*
Fiscal Year Ended June 30, 2023 2022 2021 2020 2019 2018 Contractually required contributions $ 4,220,491 $ 4,105,294 $ 4,132,821 $ 3,917,329 $ 3,825,122 $ 3,715,083 Contributions in relation to the contractually
required contributions (4,220,491) (4,105,294) (4,132,821) (3,917,329) (3,825,122) (3,715,083) Contribution deficiency (excess) $ — $ — $ — $ — $ — $ — Covered-employee payroll $ 33,341,905 $ 34,169,745 $ 33,255,226 $ 36,886,764 $ 32,365,183 $ 61,252,086 Contributions as a percentage of
covered-employee payroll 12.66 % 12.01 % 12.43 % 10.62 % 11.82 % 6.07 % * FY 2017-18 was the first year of implementation.
City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2023
143
SCHEDULE OF CHANGES IN THE NET OPEB LIABILITY AND RELATED RATIOS Post-1/1/2019 Safety Plan
Agent Multiple-Employer Defined Benefit OPEB Plan
Last 10 fiscal years*
Measurement Date 6/30/23 6/30/22 6/30/21 6/30/20 6/30/19 Total OPEB Liability
Service Cost $ 2,319,666 $ 3,504,390 $ 3,959,737 $ 3,090,491 $ Interest 2,073,029 1,762,214 2,089,924 2,027,284
Changes in benefit terms 143,210
Differences between expected and actual
experience 499,228 (2,549,486) (9,353,708) (371,750) (1,796,845) Changes of assumptions (6,564,351) (12,486,596) (1,654,652) 7,779,856 1,413,660 Benefit payments (1,194,193) (564,625) (619,278) (231,604) (70,984) Plan to Plan Transfer (1) 44,592,304
Net change in total OPEB liability (2,866,621) (10,334,103) (5,577,977) 12,294,277 44,281,345 Total OPEB liability - beginning 40,663,542 50,997,645 56,575,622 44,281,345 Total OPEB liability - ending (A) $ 37,796,921 $ 40,663,542 $ 50,997,645 $ 56,575,622 $ 44,281,345 Plan fiduciary net position
Contributions - employer $ 1,444,193 $ 1,403,907 $ 2,470,986 $ 1,109,102 $ 963,680 Contributions - employee 566,505
Net investment income 1,229,909 (1,906,123) 2,710,975 348,653 568,341 Administrative expense (1,194,193) (60,557) (52,928) (41,310) (19,988) Benefit payments (57,498) (564,625) (619,278) (231,604) (70,984) Plan to Plan Transfer (1) 8,314,828
Net change in plan fiduciary net position 1,988,916 (1,127,398) 4,509,755 1,184,841 9,755,877 Plan fiduciary net position - beginning 14,323,075 15,450,473 10,940,718 9,755,877 Plan fiduciary net position - ending (B) $ 16,311,991 $ 14,323,075 $ 15,450,473 $ 10,940,718 $ 9,755,877 Net OPEB liability - ending (A)-(B) $ 21,484,930 $ 26,340,467 $ 35,547,172 $ 45,634,904 $ 34,525,468 Plan fiduciary net position as a percentage of
the total OPEB liability 43.16 % 35.22 % 30.30 % 19.34 % 22.03 % Covered-employee payroll $ 26,498,228 $ 31,615,830 $ 30,769,664 $ 30,782,274 $ 29,946,145 Net OPEB liability as a percentage of
covered-employee payroll 81.08 % 83.31 % 115.53 % 148.25 % 115.29 % * Plan was established in FY 2018-19.
City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2023
144
SCHEDULE OF CONTRIBUTIONS
Post-1/1/2019 Safety Plan
Agent Multiple-Employer Defined Benefit OPEB Plan
Last 10 fiscal years*
Fiscal Year Ended June 30, 2023 2022 2021 2020 2019
Contractually required contributions $ 1,562,028 $ 1,403,907 $ 2,470,986 $ 1,109,102 $ 952,694 Contributions in relation to the contractually
required contributions (1,562,028) (1,403,907) (2,470,986) (1,109,102) (952,694) Contribution deficiency (excess) $ $ $ $ $
Covered-employee payroll $ 26,498,228 $ 31,615,830 $ 30,769,664 $ 30,782,274 $ 29,946,145 Contributions as a percentage of covered-employee
payroll 5.89 % 4.44 % 8.03 % 3.60 % 3.18 %
* Plan was established in FY 2018-19.
City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2023
145
Special Revenue Funds:
Community Development
This fund accounts for the activities and services of the Planning, Building and Code Enforcement Divisions.
Revenues are derived from fees, licenses, and fines collected in conjunction with the planning, permitting and enforcement activities of the department in accordance with state law, requiring fees not to exceed the cost of providing services. Expenditures are made in support of the administration of the divisions, the provision and enhancement of services, and the enforcement of municipal codes.
Library
This fund accounts for revenues received from a library tax, library grants and operating transfers from the General Fund for the operations of the City’s three libraries.
Gas Tax
This fund accounts for revenues and expenditures received from the State of California under Street and Highways Code Section 2105, 2106, 2107, 2107.5, 7360 and 2103.1. The allocations must be expended for street related maintenance and construction and a limited amount for engineering.
Asset Seizure/Traffic Safety
This fund accounts for restricted Asset Seizure/Traffic Safety funds to be used for eligible Public Safety Programs.
County Measure B/BB
This fund accounts for the City’s share of the proceeds of a one-half cent sales tax increase approved by the voters in November 2000, which was renewed in November 2014. The program is administered by the Alameda County Transportation Commission. The tax provides funds for the maintenance of local streets, roads, bike paths, pedestrian walkways, and paratransit operations.
Tidelands
This fund accounts for revenues received from tidelands property leases. Leases are for state tidelands properties delegated to local agencies for management and control.
Parking Meter
This fund accounts for revenues collected from parking meters and the expenditure of these revenues for parking and transportation related projects.
Commercial Revitalization
This fund accounts for funds to be used for the City’s commercial revitalization programs.
HOME Program
This fund accounts for funds received under the Home Investment Partnerships Program (HOME) designed to create affordable housing for low-income households.
Community Development Block Grant
This fund accounts for grant funds received under the Community Development Act of 1974 for activities approved and subject to federal regulations.
Housing
This fund accounts for funds received from developer impact fees to be used for the affordable housing programs in the City.
City of Alameda
Non-Major Governmental Funds
146
Garbage/Recycling Surcharge
This fund accounts for revenues and expenditures of the City’s waste management and recycling programs.
Athletic Recreation
This fund accounts for revenues and expenditures of the various City recreation fee-based programs.
Waste Reduction Surcharge
This fund accounts for revenues and expenditures related to the operation of the City’s waste management and recycling programs.
Maintenance Assessment Districts
This fund accounts for special assessments collected and expended for various landscaping and maintenance areas throughout the City.
Vehicle Registration Fee
This fund accounts for these fees collected by the County to be used to sustain the County’s transportation network and reduce traffic congestion.
FISC Lease Revenue
This fund accounts for revenues from the Fleet Industrial Supply Center (FISC) lease and related capital improvement expenditures.
Open Space Improvement
This fund accounts for revenues collected from the proceeds of the sale of land for open space expansion within city limits.
Debt Service Funds:
City Hall and Library Bonds
This fund accounts for the repayment of two bonds that were issued to fund various improvements and the construction of a new library.
Base Reuse
The 2003 Variable Rate Demand Revenue Bonds were issued in December 2003 by the Alameda Public Financing Authority to refund the 1999 Base Reuse Revenue Bonds and to finance professional land use planning and other activities required in the redevelopment process at Alameda Point. The debt will be repaid solely from lease revenues related to base reuse.
City of Alameda
Non-Major Governmental Funds
147
Capital Projects Funds:
Construction Impact Fee
This fund accounts for revenues from development impact fees required from certain new developments. Funds are used to mitigate the impacts on public facilities and infrastructure caused by these developments.
Streets/Transportation
This fund accounts for expenditures for street and transportation projects.
Development Impact Fee
This fund accounts for revenues from development impact fees required from certain new developments. Funds are used to mitigate the impacts on availability and condition of public facilities caused by these developments.
Urban Runoff Storm Drain Fee
This fund accounts for revenues and expenditures associated with the City’s compliance under the Alameda County Urban Runoff Clean Water Program.
Maintenance Assessment Districts
This fund accounts for bond proceeds used to finance the construction and acquisition of public improvements in the District.
Alameda Point
This fund accounts for revenues and expenditures related to construction, improvements and capital maintenance projects within Alameda Point.
City of Alameda
Non-Major Governmental Funds
148
City of Alameda
Non-Major Governmental Funds
149
SPECIAL REVENUE FUNDS
Community
Development Library Gas Tax
Asset Seizure/
Traffic Safety
ASSETS
Cash and investments $ 2,565,749 $ 6,289,584 $ 2,098,217 $ 62,870 Restricted cash and investments
Accounts receivable 93,177 200,881 480,455
Loans receivable
Leases receivable
Total Assets $ 2,658,926 $ 6,490,465 $ 2,578,672 $ 62,870
LIABILITIES
Accounts payable $ 175,747 $ 101,915 $ — $ —
Accrued payroll 151,029 148,520 11,664
Due to other funds
Due to other agencies 35,366
Unearned revenue
Refundable deposits 381,576 6,654
Advances from other funds
Total Liabilities 743,718 250,435 11,664 6,654
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - accounts receivable
Unavailable revenue - revolving loans receivable
Related to leases
Total Deferred Inflows of Resources
FUND EQUITY
Fund balances
Nonspendable
Restricted 2,567,008 56,216
Committed 1,915,208 6,240,030
Unassigned
Total Fund Balances 1,915,208 6,240,030 2,567,008 56,216 Total Liabilities, Deferred Inflows and Fund
Balances $ 2,658,926 $ 6,490,465 $ 2,578,672 $ 62,870
(Page 1 of 6)
City of Alameda
Non-Major Governmental Funds
Combining Balance Sheets
June 30, 2023
150
SPECIAL REVENUE FUNDS
County
Measure B/BB Tidelands Parking Meter
Commercial
Revitalization
HOME
Program
Community
Development
Block Grant Housing
$ 8,495,285 $ 2,613,698 $ 1,738,138 $ 2,719,889 $ 82,528 $ 383,251 $ 2,888,288
1,082,262 935 5,602 8,806 246,580 31,160
6,885,469 2,269,066 1,462,880
673,520 9,988,423
$ 9,577,547 $ 3,287,218 $ 1,739,073 $ 12,713,914 $ 6,976,803 $ 2,898,897 $ 4,382,328 $ — $ — $ 524 $ — $ 81,567 $ 134,200 $ —
7,484 20,252 6,675 48,762
9,622
826,015
26,362 25,000
33,846 20,776 25,000 91,189 140,875 874,777
548,112
6,885,469 2,269,066 1,462,880
661,031 9,676,116
548,112 661,031 9,676,116 6,885,469 2,269,066 1,462,880
9,029,435 2,592,341 3,012,798 145 488,956 2,044,671 1,718,297
9,029,435 2,592,341 1,718,297 3,012,798 145 488,956 2,044,671 $ 9,577,547 $ 3,287,218 $ 1,739,073 $ 12,713,914 $ 6,976,803 $ 2,898,897 $ 4,382,328 (Page 2 of 6)
City of Alameda
Non-Major Governmental Funds
Combining Balance Sheets
June 30, 2023
151
SPECIAL REVENUE FUNDS
Garbage/
Recycling
Surcharge
Athletic
Recreation
Waste
Reduction
Surcharge
Maintenance
Assessment
Districts
ASSETS
Cash and investments $ 1,612,232 $ 1,936,440 $ 3,032,561 $ 11,226,378 Restricted cash and investments
Accounts receivable 19,772 56,327 104,427 103,147
Loans receivable
Leases receivable 7,639,377
Total Assets $ 1,632,004 $ 9,632,144 $ 3,136,988 $ 11,329,525
LIABILITIES
Accounts payable $ — $ 82,986 $ — $ 3,138
Accrued payroll 1,994 10,494 24,388
Due to other funds
Due to other agencies 20,271
Unearned revenue 22,160 130,338
Refundable deposits 77
Advances from other funds 350,000
Total Liabilities 1,994 455,146 161,180 27,526
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - accounts receivable
Unavailable revenue - revolving loans receivable
Related to leases 7,401,200
Total Deferred Inflows of Resources 7,401,200
FUND EQUITY
Fund balances
Nonspendable
Restricted 1,630,010 2,975,808 11,301,999
Committed 1,775,798
Unassigned
Total Fund Balances 1,630,010 1,775,798 2,975,808 11,301,999 Total Liabilities, Deferred Inflows and Fund
Balances $ 1,632,004 $ 9,632,144 $ 3,136,988 $ 11,329,525 (Page 3 of 6)
City of Alameda
Non-Major Governmental Funds
Combining Balance Sheets
June 30, 2023
152
SPECIAL REVENUE FUNDS DEBT SERVICE FUNDS
Vehicle
Registration Fee
FISC Lease
Revenue
Open Space
Improvement
City Hall and
Library Bonds Base Reuse
$ 244,514 $ 1,174,007 $ 63,315 $ 248,932
1,419,632 53,821
57,947 54,253 36,681
61,725
$ 302,461 $ 1,228,260 $ 125,040 $ 1,456,313 $ 302,753
$ – $ 97,278 $ – $ – $ –
25,263
122,541
59,961
59,961
302,461 1,456,313 302,753
1,105,719 65,079
302,461 1,105,719 65,079 1,456,313 302,753
$ 302,461 $ 1,228,260 $ 125,040 $ 1,456,313 $ 302,753
(Page 4 of 6)
City of Alameda
Non-Major Governmental Funds
Combining Balance Sheets
June 30, 2023
153
CAPITAL PROJECTS FUNDS
Construction
Impact
Streets/
Transportation
Development
Impact Fee
Urban Runoff
Storm Drain
Fee
ASSETS
Cash and investments $ 6,591,595 $ 2,772,805 $ 9,568,039 $ 2,843,882 Restricted cash and investments 17,300
Accounts receivable 1,305 204,727 328,465
Loans receivable
Leases receivable
Total Assets $ 6,592,900 $ 2,977,532 $ 9,568,039 $ 3,189,647
LIABILITIES
Accounts payable $ — $ — $ — $ 157,273
Accrued payroll 50,460
Due to other funds
Due to other agencies
Unearned revenue
Refundable deposits 1,500 52,712
Advances from other funds 672,535
Total Liabilities 674,035 260,445
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - accounts receivable
Unavailable revenue - revolving loans receivable
Related to leases
Total Deferred Inflows of Resources
FUND EQUITY
Fund balances
Nonspendable
Restricted 6,592,900 2,977,532 8,894,004 2,929,202
Committed
Unassigned
Total Fund Balances 6,592,900 2,977,532 8,894,004 2,929,202 Total Liabilities, Deferred Inflows and
Fund Balances $ 6,592,900 $ 2,977,532 $ 9,568,039 $ 3,189,647 (Page 5 of 6)
City of Alameda
Non-Major Governmental Funds
Combining Balance Sheets
June 30, 2023
154
CAPITAL PROJECTS FUNDS
Maintenance
Assessment
Districts Alameda Point
Total Nonmajor
Governmental
Funds
$ 4,358,466 $ 3,117,706 $ 78,728,369
1,490,753
3,116,909
10,617,415
18,363,045
$ 4,358,466 $ 3,117,706 $ 112,316,491
$ — $ 656,539 $ 1,491,167
609 507,594
9,622
55,637
978,513
493,881
1,022,535
609 656,539 4,558,949
548,112
10,617,415
17,798,308
28,963,835
4,357,857 2,461,167 65,973,576
12,820,131
4,357,857 2,461,167 78,793,707
$ 4,358,466 $ 3,117,706 $ 112,316,491
(Page 6 of 6)
City of Alameda
Non-Major Governmental Funds
Combining Balance Sheets
June 30, 2023
155
SPECIAL REVENUE FUNDS
Community
Development Library Gas Tax
Asset Seizure/
Traffic Safety
REVENUES
Property taxes $ — $ 3,349,797 $ — $ —
Other taxes
Licenses and permits 4,212,051
Developer fees
Revenue from other agencies 21,530 85,514 3,723,795 40,276 Charges for current services 1,769,847 19,714 368
Fines and forfeitures 177,857
Use of money and property 13,835 118,686 78,601 758 Other revenues 200 12,357 404
Total Revenues 6,195,320 3,586,068 3,802,800 41,402
EXPENDITURES
Current:
General government
Police
Fire
Public works 1,086,257
Community Development 9,594
Recreation and Parks
Library 5,216,063
Planning, Building and
Transportation 7,397,337
Community Services
Housing
Capital outlay
Debt service:
Principal 3,765
Interest 691
Total Expenditures 7,406,931 5,216,063 1,090,713
EXCESS (DEFICIENCY) OF
REVENUES OVER
EXPENDITURES (1,211,611) (1,629,995) 2,712,087 41,402
OTHER FINANCING SOURCES
(USES)
Transfers in 1,055,802 2,400,000
Transfers (out) (3,770,440)
Total Other Financing Sources
(Uses) 1,055,802 2,400,000 (3,770,440)
NET CHANGE IN FUND BALANCE (155,809) 770,005 (1,058,353) 41,402 BEGINNING FUND BALANCES 2,071,017 5,470,025 3,625,361 14,814 ENDING FUND BALANCES $ 1,915,208 $ 6,240,030 $ 2,567,008 $ 56,216 (Page 1 of 6)
City of Alameda
Non-Major Governmental Funds
Combining Statements of Revenues, Expenditures and Changes in Fund Balance For the Year Ended June 30, 2023
156
SPECIAL REVENUE FUNDS
County
Measure B/BB Tidelands Parking Meter
Commercial
Revitalization
HOME
Program
Community
Development
Block Grant Housing
$ — $ — $ — $ — $ — $ — $ —
562,500
5,555,316 11,065 1,389,824
767,947 1,828,871
1,023,127 28,607
246,255 865,076 46,217 955,976 81,568 58,454 139,407 340 110 45
5,801,571 865,076 1,837,631 1,518,476 92,633 1,448,388 1,996,930 1,821,275
1,729,412
552,802 471,982 92,632 1,412,276 245,042
552,802 1,729,412 471,982 92,632 1,412,276 2,066,317 5,801,571 312,274 108,219 1,046,494 1 36,112 (69,387)
(6,389,842) (80,044) (250,659) (402,000)
(6,389,842) (80,044) (250,659) (402,000)
(588,271) 232,230 (142,440) 644,494 1 36,112 (69,387) 9,617,706 2,360,111 1,860,737 2,368,304 144 452,844 2,114,058 $ 9,029,435 $ 2,592,341 $ 1,718,297 $ 3,012,798 $ 145 $ 488,956 $ 2,044,671 (Page 2 of 6)
City of Alameda
Non-Major Governmental Funds
Combining Statements of Revenues, Expenditures and Changes in Fund Balance For the Year Ended June 30, 2023
157
SPECIAL REVENUE FUNDS
Garbage/
Recycling
Surcharge
Athletic
Recreation
Waste Reduction
Surcharge
Maintenance
Assessment
Districts
REVENUES
Property taxes $ — $ — $ — $ 3,969,188
Other taxes 237,258 923,042
Licenses and permits
Developer fees
Revenue from other agencies 268,937 253,165
Charges for current services 53,637 577,822
Fines and forfeitures
Use of money and property 38,863 373,230 40,377 237,268 Other revenues 87,409 46,405
Total Revenues 276,121 783,213 1,840,811 4,206,456
EXPENDITURES
Current:
General government 353,522
Police
Fire
Public works 266,156 1,032,952 2,251,662
Community Development
Recreation and Parks 153,426 667,959
Library
Planning, Building and
Transportation 264,985
Community Services
Housing
Capital outlay 25,081 114,425
Debt service:
Principal
Interest
Total Expenditures 266,156 506,948 1,058,033 3,299,031
EXCESS (DEFICIENCY) OF
REVENUES OVER
EXPENDITURES 9,965 276,265 782,778 907,425
OTHER FINANCING SOURCES
(USES)
Transfers in 263,090
Transfers (out) (172,559) (317,653)
Total Other Financing Sources
(Uses) (172,559) (54,563)
NET CHANGE IN FUND BALANCE 9,965 103,706 782,778 852,862 BEGINNING FUND BALANCES 1,620,045 1,672,092 2,193,030 10,449,137 ENDING FUND BALANCES $ 1,630,010 $ 1,775,798 $ 2,975,808 $ 11,301,999 (Page 3 of 6)
City of Alameda
Non-Major Governmental Funds
Combining Statements of Revenues, Expenditures and Changes in Fund Balance For the Year Ended June 30, 2023
158
SPECIAL REVENUE FUNDS DEBT SERVICE FUNDS
Vehicle
Registration Fee
FISC Lease
Revenue
Open Space
Improvement
City Hall and
Library Bonds Base Reuse
$ — $ — $ — $ 670,120 $ —
315,911
5,539 41,607 21,921 19,274 1,219
307,629
321,450 349,236 21,921 689,394 1,219
869,912
45,888
1,714,930 600,000
564,979 302,626
915,800 2,279,909 902,626
321,450 (566,564) 21,921 (1,590,515) (901,407)
1,652,940 873,000
(368,779) (15,000)
(368,779) (15,000) 1,652,940 873,000
(47,329) (566,564) 6,921 62,425 (28,407)
349,790 1,672,283 58,158 1,393,888 331,160
$ 302,461 $ 1,105,719 $ 65,079 $ 1,456,313 $ 302,753
(Page 4 of 6)
City of Alameda
Non-Major Governmental Funds
Combining Statements of Revenues, Expenditures and Changes in Fund Balance For the Year Ended June 30, 2023
159
CAPITAL PROJECTS FUNDS
Construction
Impact Fee
Streets/
Transportation
Development
Impact Fee
Urban Runoff
Storm Drain Fee
REVENUES
Property taxes $ 1,860,481 $ 866,983 $ — $ 2,164,140
Other taxes
Licenses and permits 6,247
Developer fees 502,835 2,815,416
Revenue from other agencies
Charges for current services 255,446
Fines and forfeitures
Use of money and property 153,544 48,280 230,515 65,231 Other revenues 17,820
Total Revenues 2,020,272 1,170,709 733,350 5,062,607
EXPENDITURES
Current:
General government
Police
Fire
Public works 500,277
Community Development
Recreation and Parks
Library
Planning, Building and
Transportation 199,894
Community Services
Housing
Capital outlay 3,482,758
Debt service:
Principal 7,530
Interest 1,382
Total Expenditures 700,171 3,491,670
EXCESS (DEFICIENCY) OF
REVENUES OVER
EXPENDITURES 2,020,272 470,538 733,350 1,570,937
OTHER FINANCING SOURCES
(USES)
Transfers in 28,701
Transfers (out) (2,023,819) (83,323) (359,460) (1,816,581) Total Other Financing Sources
(Uses) (1,995,118) (83,323) (359,460) (1,816,581)
NET CHANGE IN FUND BALANCE 25,154 387,215 373,890 (245,644) BEGINNING FUND BALANCES 6,567,746 2,590,317 8,520,114 3,174,846 ENDING FUND BALANCES $ 6,592,900 $ 2,977,532 $ 8,894,004 $ 2,929,202 (Page 5 of 6)
City of Alameda
Non-Major Governmental Funds
Combining Statements of Revenues, Expenditures and Changes in Fund Balance For the Year Ended June 30, 2023
160
CAPITAL PROJECTS FUNDS
Maintenance
Assessment
District Alameda Point
Total Nonmajor
Governmental
Funds
$ 482,957 $ — $ 13,363,666
1,160,300
4,780,798
3,318,251
11,665,333
5,273,652
1,229,591
82,447 (144,007) 3,820,141
165,260 637,979
730,664 (144,007) 45,249,711
2,174,797
68,778 6,935,494
3,654,240
821,385
5,216,063
7,862,216
14,747,721 18,415,873
2,326,225
869,678
68,778 14,747,721 48,275,971
661,886 (14,891,728) (3,026,260)
14,747,722 21,021,255
(26,370) (16,076,529)
(26,370) 14,747,722 4,944,726
635,516 (144,006) 1,918,466
3,722,341 2,605,173 76,875,241
$ 4,357,857 $ 2,461,167 $ 78,793,707
(Page 6 of 6)
City of Alameda
Non-Major Governmental Funds
Combining Statements of Revenues, Expenditures and Changes in Fund Balance For the Year Ended June 30, 2023
161
SPECIAL REVENUE FUNDS
COMMUNITY DEVELOPMENT LIBRARY
Budget Actual
Variance
Favorable
(Unfavorable) Budget Actual
Variance
Favorable
(Unfavorable)
REVENUES
Property taxes $ — $ — $ — $ 3,058,000 $ 3,349,797 $ 291,797 Other taxes
Licenses and permits 5,125,000 4,212,051 (912,949)
Revenue from other agencies 21,530 21,530 117,000 85,514 (31,486) Charges for current services 1,780,000 1,769,847 (10,153) 5,000 19,714 14,714 Fines and forfeitures 200,000 177,857 (22,143)
Use of money and property 40,000 13,835 (26,165) 1,500 118,686 117,186 Other 200 200 12,357 12,357
Total Revenues 7,145,000 6,195,320 (949,680) 3,181,500 3,586,068 404,568
EXPENDITURES
Current:
General government
Police
Fire
Public works
Community Development 9,594 (9,594)
Recreation and Parks
Library 5,421,650 5,216,063 205,587
Planning, Building and
Transportation 9,014,878 7,397,337 1,617,541
Community Services
Housing
Capital outlay 25,000 25,000 57,600 57,600
Debt service:
Principal
Interest
Total Expenditures 9,039,878 7,406,931 1,632,947 5,479,250 5,216,063 263,187
EXCESS (DEFICIENCY) OF
REVENUES OVER
EXPENDITURES (1,894,878) (1,211,611) 683,267 (2,297,750) (1,629,995) 667,755
OTHER FINANCING SOURCES
(USES)
Issuance of debt
Transfers in 1,495,000 1,055,802 (439,198) 2,400,000 2,400,000 Transfers (out)
Total Other Financing Sources
(Uses) 1,495,000 1,055,802 (439,198) 2,400,000 2,400,000
NET CHANGE IN FUND
BALANCE $ (399,878) (155,809) $ 244,069 $ 102,250 770,005 $ 667,755
BEGINNING FUND BALANCES
(DEFICITS) 2,071,017 5,470,025
ENDING FUND BALANCES
(DEFICITS) $ 1,915,208 $ 6,240,030
(Page 1 of 8)
City of Alameda
Budgeted Non-Major Funds
Combining Schedules of Revenues, Expenditures and Changes in Fund Balances Budget and Actual
For the Year Ended June 30, 2023
162
SPECIAL REVENUE FUNDS
GAS TAX ASSET SEIZURE/TRAFFIC SAFETY COUNTY MEASURE B/BB Budget Actual
Variance
Favorable
(Unfavorable) Budget Actual
Variance
Favorable
(Unfavorable) Budget Actual
Variance
Favorable
(Unfavorable)
$ — $ — $ — $ — $ — $ — $ — $ — $ —
4,047,500 3,723,795 (323,705) 500 40,276 39,776 5,472,000 5,555,316 83,316 368 368
78,601 78,601 1,000 758 (242) 246,255 246,255
404 404
4,047,500 3,802,800 (244,700) 1,500 41,402 39,902 5,472,000 5,801,571 329,571
550 550
1,167,414 1,086,257 81,157
10,000 10,000
3,765 (3,765)
691 (691)
1,167,414 1,090,713 76,701 10,550 10,550
2,880,086 2,712,087 (167,999) (9,050) 41,402 50,452 5,472,000 5,801,571 329,571
(3,805,043) (3,770,440) 34,603 (6,822,328) (6,389,842) 432,486 (3,805,043) (3,770,440) 34,603 (6,822,328) (6,389,842) 432,486 $ (924,957) (1,058,353) $ (133,396) $ (9,050) 41,402 $ 50,452 $ (1,350,328) (588,271) $ 762,057 3,625,361 14,814 9,617,706
$ 2,567,008 $ 56,216 $ 9,029,435
(Page 2 of 8)
City of Alameda
Budgeted Non-Major Funds
Combining Schedules of Revenues, Expenditures and Changes in Fund Balances Budget and Actual
For the Year Ended June 30, 2023
163
SPECIAL REVENUE FUNDS
TIDELANDS PARKING METER
Budget Actual
Variance
Favorable
(Unfavorable) Budget Actual
Variance
Favorable
(Unfavorable)
REVENUES
Property taxes $ — $ — $ — $ — $ — $ —
Other taxes
Licenses and permits
Revenue from other agencies
Charges for current services 1,343,000 767,947 (575,053) Fines and forfeitures 645,672 1,023,127 377,455 Use of money and property 809,000 865,076 56,076 46,217 46,217 Other 340 340
Total Revenues 809,000 865,076 56,076 1,988,672 1,837,631 (151,041)
EXPENDITURES
Current:
General government
Police
Fire
Public works 2,735,595 1,729,412 1,006,183
Community Development 923,249 552,802 370,447
Recreation and Parks
Library
Planning, Building and Transportation
Community Services
Housing
Capital outlay
Debt service:
Principal
Interest
Total Expenditures 923,249 552,802 370,447 2,735,595 1,729,412 1,006,183
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (114,249) 312,274 426,523 (746,923) 108,219 855,142
OTHER FINANCING SOURCES (USES)
Issuance of debt
Transfers in 250,000 (250,000)
Transfers (out) (51,000) (80,044) (29,044) (250,659) (250,659) Total Other Financing Sources (Uses) (51,000) (80,044) (29,044) (659) (250,659) (250,000) NET CHANGE IN FUND BALANCE $ (165,249) 232,230 $ 397,479 $ (747,582) (142,440) $ 605,142
BEGINNING FUND BALANCES
(DEFICITS) 2,360,111 1,860,737
ENDING FUND BALANCES (DEFICITS) $ 2,592,341 $ 1,718,297 (Page 3 of 8)
City of Alameda
Budgeted Non-Major Funds
Combining Schedules of Revenues, Expenditures and Changes in Fund Balances Budget and Actual
For the Year Ended June 30, 2023
164
SPECIAL REVENUE FUNDS
COMMERCIAL REVITALIZATION HOME PROGRAM
COMMUNITY DEVELOPMENT BLOCK
GRANT
Budget Actual
Variance
Favorable
(Unfavorable) Budget Actual
Variance
Favorable
(Unfavorable) Budget Actual
Variance
Favorable
(Unfavorable)
$ — $ — $ — $ — $ — $ — $ — $ — $ —
151,000 562,500 411,500
525,000 11,065 (513,935) 4,014,463 1,389,824 (2,624,639)
453,115 955,976 502,861 70,000 81,568 11,568 80,400 58,454 (21,946) 110 110
604,115 1,518,476 914,361 595,000 92,633 (502,367) 4,094,863 1,448,388 (2,646,475)
896,613 471,982 424,631 595,000 92,632 502,368 4,094,864 1,412,276 2,682,588
896,613 471,982 424,631 595,000 92,632 502,368 4,094,864 1,412,276 2,682,588 (292,498) 1,046,494 1,338,992 — 1 1 (1) 36,112 36,113
20,000 (20,000)
(402,000) (402,000)
(382,000) (402,000) (20,000)
$ (674,498) 644,494 $ 1,318,992 $ 1 $ 1 $ (1) 36,112 $ 36,113 2,368,304 144 452,844
$ 3,012,798 $ 145 $ 488,956
(Page 4 of 8)
City of Alameda
Budgeted Non-Major Funds
Combining Schedules of Revenues, Expenditures and Changes in Fund Balances Budget and Actual
For the Year Ended June 30, 2023
165
SPECIAL REVENUE FUNDS
HOUSING GARBAGE/RECYCLING SURCHARGE
Budget Actual
Variance
Favorable
(Unfavorable) Budget Actual
Variance
Favorable
(Unfavorable)
REVENUES
Property taxes $ — $ — $ — $ — $ — $ —
Other taxes 228,170 237,258 9,088
Licenses and permits
Revenue from other agencies
Charges for current services 1,780,000 1,828,871 48,871 Fines and forfeitures 28,607 28,607
Use of money and property 102,000 139,407 37,407 38,863 38,863 Other 1,382,500 45 (1,382,455)
Total Revenues 3,264,500 1,996,930 (1,267,570) 228,170 276,121 47,951
EXPENDITURES
Current:
General government 2,102,002 1,821,275 280,727
Police
Fire
Public works 271,817 266,156 5,661
Community Development 1,067,110 245,042 822,068
Recreation and Parks
Library
Planning, Building and Transportation
Community Services
Housing
Capital outlay
Debt service:
Principal
Interest
Total Expenditures 3,169,112 2,066,317 1,102,795 271,817 266,156 5,661
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 95,388 (69,387) (164,775) (43,647) 9,965 53,612
OTHER FINANCING SOURCES (USES)
Issuance of debt
Transfers in
Transfers (out)
Total Other Financing Sources (Uses)
NET CHANGE IN FUND BALANCE $ 95,388 (69,387) $ (164,775) $ (43,647) 9,965 $ 53,612
BEGINNING FUND BALANCES
(DEFICITS) 2,114,058 1,620,045
ENDING FUND BALANCES (DEFICITS) $ 2,044,671 $ 1,630,010 (Page 5 of 8)
City of Alameda
Budgeted Non-Major Funds
Combining Schedules of Revenues, Expenditures and Changes in Fund Balances Budget and Actual
For the Year Ended June 30, 2023
166
SPECIAL REVENUE FUNDS
ATHLETIC RECREATION WASTE REDUCTION SURCHARGE
MAINTENANCE ASSESSMENT
DISTRICTS
Budget Actual
Variance
Favorable
(Unfavorable) Budget Actual
Variance
Favorable
(Unfavorable) Budget Actual
Variance
Favorable
(Unfavorable)
$ — $ — $ — $ — $ — $ — $ 4,009,373 $ 3,969,188 $ (40,185) 875,895 923,042 47,147
25,000 268,937 243,937 415,716 253,165 (162,551)
40,000 53,637 13,637 456,432 577,822 121,390
308,496 373,230 64,734 40,377 40,377 237,268 237,268 83,000 87,409 4,409 46,405 46,405
456,496 783,213 326,717 1,748,043 1,840,811 92,768 4,009,373 4,206,456 197,083
353,522 (353,522)
1,748,309 1,032,952 715,357 3,184,889 2,251,662 933,227
229,203 153,426 75,777 742,930 667,959 74,971
254,000 264,985 (10,985)
40,000 25,081 14,919 170,668 114,425 56,243
229,203 506,948 (277,745) 1,788,309 1,058,033 730,276 4,352,487 3,299,031 1,053,456 227,293 276,265 48,972 (40,266) 782,778 823,044 (343,114) 907,425 1,250,539
263,090 263,090
(541,559) (172,559) 369,000 (318,000) 318,000 (444,720) (317,653) 127,067 (541,559) (172,559) 369,000 (318,000) 318,000 (181,630) (54,563) 127,067 $ (314,266) 103,706 $ 417,972 $ (358,266) 782,778 $ 1,141,044 $ (524,744) 852,862 $ 1,377,606 1,672,092 2,193,030 10,449,137
$ 1,775,798 $ 2,975,808 $ 11,301,999
(Page 6 of 8)
City of Alameda
Budgeted Non-Major Funds
Combining Schedules of Revenues, Expenditures and Changes in Fund Balances Budget and Actual
For the Year Ended June 30, 2023
167
SPECIAL REVENUE FUNDS
VEHICLE REGISTRATION FEE FISC LEASE REVENUE
Budget Actual
Variance
Favorable
(Unfavorable) Budget Actual
Variance
Favorable
(Unfavorable)
REVENUES
Property taxes $ — $ — $ — $ — $ — $ —
Other taxes
Licenses and permits
Revenue from other agencies 300,000 315,911 15,911
Charges for current services
Fines and forfeitures
Use of money and property 5,000 5,539 539 10,000 41,607 31,607 Other 307,629 307,629
Total Revenues 305,000 321,450 16,450 10,000 349,236 339,236
EXPENDITURES
Current:
General government
Police
Fire
Public works
Community Development 968,606 869,912 98,694
Recreation and Parks
Library
Planning, Building and Transportation
Community Services
Housing
Capital outlay 15,000 45,888 (30,888)
Debt service:
Principal
Interest
Total Expenditures 983,606 915,800 67,806
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 305,000 321,450 16,450 (973,606) (566,564) 407,042
OTHER FINANCING SOURCES (USES)
Issuance of debt
Transfers in
Transfers (out) (380,709) (368,779) 11,930
Total Other Financing Sources (Uses) (380,709) (368,779) 11,930 NET CHANGE IN FUND BALANCE $ (75,709) (47,329) $ 28,380 $ (973,606) (566,564) $ 407,042
BEGINNING FUND BALANCES
(DEFICITS) 349,790 1,672,283
ENDING FUND BALANCES (DEFICITS) $ 302,461 $ 1,105,719
(Page 7 of 8)
City of Alameda
Budgeted Non-Major Funds
Combining Schedules of Revenues, Expenditures and Changes in Fund Balances Budget and Actual
For the Year Ended June 30, 2023
168
DEBT SERVICE FUND DEBT SERVICE FUND
OPEN SPACE IMPROVEMENT CITY HALL AND LIBRARY BONDS BASE REUSE DEBT SERVICE Budget Actual
Variance
Favorable
(Unfavorable) Budget Actual
Variance
Favorable
(Unfavorable) Budget Actual
Variance
Favorable
(Unfavorable)
$ — $ — $ — $ 611,500 $ 670,120 $ 58,620 $ — $ — $ —
21,921 21,921 15,000 19,274 4,274 1,219 1,219
21,921 21,921 626,500 689,394 62,894 1,219 1,219
1,715,000 1,714,930 70 600,000 600,000
563,100 564,979 (1,879) 273,000 302,626 (29,626)
2,278,100 2,279,909 (1,809) 873,000 902,626 (29,626) 21,921 21,921 (1,651,600) (1,590,515) 61,085 (873,000) (901,407) (28,407)
1,652,940 1,652,940 873,000 873,000
(15,000) (15,000)
(15,000) (15,000) 1,652,940 1,652,940 873,000 873,000 $ (15,000) 6,921 $ 21,921 $ 1,340 62,425 $ 61,085 $ — $ (28,407) $ (28,407) 58,158 1,393,888 331,160
$ 65,079 $ 1,456,313 $ 302,753
(Page 8 of 8)
City of Alameda
Budgeted Non-Major Funds
Combining Schedules of Revenues, Expenditures and Changes in Fund Balances Budget and Actual
For the Year Ended June 30, 2023
169
City of Alameda
Budgeted Non-Major Funds
Combining Schedules of Revenues, Expenditures and Changes in Fund Balances Budget and Actual
For the Year Ended June 30, 2023
170
Internal Service Funds are used to finance and account for special activities and services performed by a designated department for other departments in the City on a cost reimbursement basis.
The concept of major funds does not extend to internal service funds because they do not do business with outside parties. Generally accepted accounting principles require that for the Statement of Activities, the net revenues or expenses of each internal service fund be eliminated by netting them against the operations of the other City departments which generated them. The remaining balance sheet items are consolidated with these same funds in the Statement of Net Position. However, internal service funds are still presented separately in the Fund financial statements, including the funds below:
IT Cable Equipment
This fund accounts for revenues and expenditures related to the City's cable equipment, which broadcasts City meetings from City Hall and provides a public/educational cable broadcast studio in conjunction with the School District. The primary revenue source is additional charge to cable providers, which can only be used for Public, Educational, and Government (PEG) equipment expenditures.
Fleet Maintenance and Replacement
This fund accounts for equipment replacement and maintenance for the City’s Fleet Maintenance and Replacement programs for equipment with value greater than $25,000 and/or a minimum useful life of 10 years.
Technology Services
This fund accounts for information technology. Reimbursements occur through administrative charges assessed to other departments based upon their proportional share of program costs.
Facilities Replacement and Maintenance
This fund accumulates funds for the costs associated with the replacement and maintenance of the City’s facilities.
Workers’ Compensation Insurance
This fund accounts for the expenditures for administration of the City’s workers’ compensation program, payment of workers’ compensation claim payments, and related insurance premiums.
General Liability Insurance
This fund accounts for the administration of the City’s risk management program, payment of general liability claims and insurance premiums for general liability and property coverage.
Unemployment Insurance
This fund accounts for the administration of the City’s unemployment insurance program and payment of unemployment claim payments.
Other Post-Employment Benefits (OPEB)/Vacation
This fund accounts for expenditures for other post-employment benefits (OPEB) and accumulates funds for future payoffs of accrued leave balances.
Pension Stabilization Fund
This fund accounts for expenditures for the City’s pension obligation in future periods when unforeseen changes or adjustments to required contributions requires additional funding beyond anticipated expenditures.
City of Alameda, California
Internal Service Funds
171
IT Cable
Replacement
Fleet
Maintenance
and
Replacement
Technology
Services
ASSETS
Current Assets:
Cash and cash equivalents $ 1,538,609 $ 8,785,237 $ 5,935,911 Accounts receivable 37,181 49,336 134
Prepaids and deposits 33,443
Total Current Assets 1,575,790 8,834,573 5,969,488
Noncurrent Assets:
Restricted investments
Advances to other funds 187,606
Capital assets:
Depreciable, net of accumulated depreciation 4,919,025 2,334,259 Total Non-current Assets 5,106,631 2,334,259
Total Assets 1,575,790 13,941,204 8,303,747
DEFERRED OUTFLOWS OF RESOURCES
Related to pensions
LIABILITIES
Current Liabilities:
Accounts payable 378,242 130,627
Interest payable 33,946
Accrued payroll 28,534 42,380
Refundable deposits
Claims payable:
Due within one year
Subscription liability - current 8,106 662,134
Equipment lease payable:
Due within one year 331,800
Total Current Liabilities 780,628 835,141
Long-Term Liabilities:
Claims payable:
Due in more than one year
Equipment purchase agreement
Lease Liability 1,212,538
Subscription Liability 18,068 1,711,403
Total Long-Term Liabilities 1,230,606 1,711,403
Total Liabilities 2,011,234 2,546,544
NET POSITION
Net investment in capital assets 3,348,513 (39,278) Unrestricted 1,575,790 8,581,457 5,796,481
Total Net Position (Deficits) $ 1,575,790 $ 11,929,970 $ 5,757,203 City of Alameda
Internal Service Funds
Combining Statements of Net Position
June 30, 2023
172
Facilities
Replacement
and
Maintenance
Workers'
Compensation
Insurance
General
Liability
Insurance
Unemployment
Insurance OPEB/Vacation
Pension
Stabilization
Fund Total
$ 5,910,800 $ 14,752,841 $ 8,102,431 $ 356,569 $ 7,790,229 $ 795,637 $ 53,968,264 209,566 613,691 249 30,844 941,001
300,000 333,443
5,910,800 15,262,407 8,716,122 356,818 7,821,073 795,637 55,242,708 50,000 15,937,624 15,987,624
187,606
1,665,071 8,918,355
1,665,071 50,000 15,937,624 25,093,585
7,575,871 15,262,407 8,766,122 356,818 7,821,073 16,733,261 80,336,293 2,109,672 2,109,672
442,078 226,366 214,163 1,391,476
33,946
14,717 7,352 13,623 106,606
19,751 19,751
3,996,190 2,856,972 6,853,162
26,192 696,432
331,800
482,987 4,229,908 3,104,509 9,433,173
10,308,353 4,327,445 14,635,798
1,212,538
81,050 1,810,521
81,050 10,308,353 4,327,445 17,658,857
564,037 14,538,261 7,431,954 27,092,030
1,557,829 4,867,064
5,454,005 724,146 1,334,168 356,818 7,821,073 18,842,933 50,486,871 $ 7,011,834 $ 724,146 $ 1,334,168 $ 356,818 $ 7,821,073 $ 18,842,933 $ 55,353,935 City of Alameda
Internal Service Funds
Combining Statements of Net Position
June 30, 2023
173
IT Cable
Replacement
Fleet
Maintenance
and
Replacement
Technology
Services
OPERATING REVENUES
Charges for services $ — $ 4,840,793 $ 3,027,481
Miscellaneous 150,868
Total Operating Revenues 150,868 4,840,793 3,027,481
OPERATING EXPENSES
General administrative 397,022 353,561
Wages and benefits 793,043 1,337,486
Insurance and claims
Contractual services 19,384 534,762 1,318,837
Supplies and maintenance 47,304 1,503,626 375,404
Depreciation 1,182,170 763,484
Total Operating Expenses 66,688 4,410,623 4,148,772
Operating Income (Loss) 84,180 430,170 (1,121,291)
NONOPERATING REVENUES (EXPENSES)
Interest income 32,899 194,886 166,588
Interest expense (48,448) (125,354)
Gain (loss) from sale of capital assets 72,481
Total Nonoperating Revenues (Expenses) 32,899 218,919 41,234 Income (Loss) Before Transfers 117,079 649,089 (1,080,057) Transfers in
Transfers out
Net Transfers
Change in Net Position 117,079 649,089 (1,080,057)
BEGINNING NET POSITION 1,458,711 11,280,881 6,837,260 ENDING NET POSITION $ 1,575,790 $ 11,929,970 $ 5,757,203 City of Alameda
Internal Service Funds
Combining Statements of Revenues, Expenses and Changes in Fund Net Position For the Year Ended June 30, 2023
174
Facilities
Replacement
and
Maintenance
Workers'
Compensatio
n Insurance
General
Liability
Insurance
Unemployme
nt Insurance
OPEB/
Vacation
Pension
Stabilization
Fund Total
$ 4,518,793 $ 4,522,411 $ 5,121,782 $ 2,988 $ 4,370,748 $ — $ 26,404,996 414 151,282
4,519,207 4,522,411 5,121,782 2,988 4,370,748 26,556,278 555,623 12,579 22,942 250,000 1,591,727
497,246 286,965 595,238 5,755,000 9,264,978
3,515,526 1,055,742 28,181 4,068,003 8,667,452
2,543,877 201,923 787,529 1,800 48,424 5,456,536 256,081 1,114 23,480 2,207,009
109,222 2,054,876
3,962,049 4,018,107 2,484,931 29,981 4,318,003 5,803,424 29,242,578 557,158 504,304 2,636,851 (26,993) 52,745 (5,803,424) (2,686,300) 106,253 308,227 133,182 9,100 181,648 1,081,454 2,214,237 (5,423) (179,225)
72,481
100,830 308,227 133,182 9,100 181,648 1,081,454 2,107,493 657,988 812,531 2,770,033 (17,893) 234,393 (4,721,970) (578,807) 508,000 91,575 5,012,896 5,612,471
(250,000) (250,000)
508,000 (158,425) 5,012,896 5,362,471
1,165,988 812,531 2,611,608 (17,893) 234,393 290,926 4,783,664 5,845,846 (88,385) (1,277,440) 374,711 7,586,680 18,552,007 50,570,271 $ 7,011,834 $ 724,146 $ 1,334,168 $ 356,818 $ 7,821,073 $ 18,842,933 $ 55,353,935 City of Alameda
Internal Service Funds
Combining Statements of Revenues, Expenses and Changes in Fund Net Position For the Year Ended June 30, 2023
175
IT Cable
Replacement
Fleet
Maintenance
and
Replacement
Technology
Services
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 153,135 $ 4,939,133 $ 3,027,347 Payments to suppliers (66,688) (1,934,685) (1,583,505) Payments to employees (1,186,394) (1,686,008)
Insurance and claims paid
Cash Flows from Operating Activities 86,447 1,818,054 (242,166)
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Interfund receipts 47,330
Transfers In (out)
Cash Flows from Noncapital Financing Activities 47,330
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Acquisition of capital assets, net (1,188,349)
Proceeds from the sale of assets 72,481
Principal payments on capital debt (329,949) (633,733) Interest payments on capital debt (55,556) (125,354) Cash Flows from Capital and Related Financing Activities (1,501,373) (759,087)
CASH FLOWS FROM INVESTING ACTIVITIES
Sales (purchases) of restricted investments
Interest 32,899 194,885 166,589
Cash Flows from Investing Activities 32,899 194,885 166,589 Net Cash Flows 119,346 558,896 (834,664)
Cash and investments at beginning of period 1,419,263 8,226,341 6,770,575 Cash and investments at end of period $ 1,538,609 $ 8,785,237 $ 5,935,911 Reconciliation of operating income (loss) to net cash flows from operating activities:
Operating income (loss) $ 84,180 $ 430,170 $ (1,121,291) Adjustments to reconcile operating income to cash flows from operating activities:
Depreciation 1,182,170 763,484
Pension related amounts
Change in assets and liabilities:
(Increase) decrease in accounts receivable 2,267 98,340 (134) (Increase) decrease in prepaids and deposits 40,132 Increase (decrease) accounts payable 103,703 70,604 Increase (decrease) accrued payroll 3,671 5,039
Increase (decrease) refundable deposits
Claims payable
Cash Flows from Operating Activities $ 86,447 $ 1,818,054 $ (242,166) Noncash Investing, Capital and Financing Activities
Subscription asset additions $ 480,933
Subscription liability additions $ (480,933)
City of Alameda
Internal Service Funds
Combining Statements of Cash Flows
For the Year Ended June 30, 2023
176
Facilities
Replacement
and
Maintenance
Workers'
Compensation
Insurance
General
Liability
Insurance
Unemployment
Insurance OPEB/Vacation
Pension
Stabilization
Fund Total
$ 4,520,107 $ 4,358,712 $ 4,520,576 $ 2,976 $ 4,370,984 $ — $ 25,892,970 (2,733,012) (250,936) (629,035) (1,800) (4,068,003) (48,424) (11,316,088) (1,051,531) (302,508) (624,582) (4,416) (250,000) (2,109,672) (7,215,111) (3,144,355) (2,380,832) (28,181) (5,553,368)
735,564 660,913 886,127 (31,421) 52,981 (2,158,096) 1,808,403 47,330
508,000 (158,425) 5,012,896 5,362,471
508,000 (158,425) 5,012,896 5,409,801
(1,188,349)
72,481
(25,033) (988,715)
(5,423) (186,333)
(30,456) (2,290,916)
(3,917,840) (3,917,840)
106,253 308,227 133,182 9,100 181,648 1,081,454 2,214,237 106,253 308,227 133,182 9,100 181,648 (2,836,386) (1,703,603) 1,319,361 969,140 860,884 (22,321) 234,629 18,414 3,223,685 4,591,439 13,783,701 7,241,547 378,890 7,555,600 777,223 50,744,579 $ 5,910,800 $ 14,752,841 $ 8,102,431 $ 356,569 $ 7,790,229 $ 795,637 $ 53,968,264 $ 557,158 $ 504,304 $ 2,636,851 $ (26,993) $ 52,745 $ (5,803,424) $ (2,686,300)
109,222 2,054,876
3,645,328 3,645,328
900 (163,699) (609,543) (12) 236 (671,645)
40,132
66,946 (47,899) 181,974 (4,416) 370,912
1,338 (2,964) (6,402) 682
8,337 8,337
371,171 (1,325,090) (953,919)
$ 735,564 $ 660,913 $ 886,127 $ (31,421) $ 52,981 $ (2,158,096) $ 1,808,403 480,933
(480,933)
City of Alameda
Internal Service Funds
Combining Statements of Cash Flows
For the Year Ended June 30, 2023
177
City of Alameda, California
People and Places in the City
STATISTICAL SECTION
City of Alameda, California
People and Places in the City
This section of the City’s Annual Comprehensive Financial Report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information presents with respect to the City’s overall financial health. In contrast to the Financial Section, the Statistical Section information is not subject to independent audit.
Financial Trends
These schedules contain trend information to help the reader understand how the City’s financial performance and well-being have changed over time:
1. Net Position by Component
2. Changes in Net Position
3. Fund Balances of Governmental Funds
4. Changes in Fund Balances of Governmental Funds
5. Basic Revenue Index (BRI)
Revenue Capacity
These schedules contain information to help the reader assess the City’s most significant local revenue source, property taxes:
1. Assessed and Estimated Actual Value of Taxable Property
2. Property Tax Rates - All Direct and Overlapping Governments
3. Principal Property Taxpayers
4. Property Tax Levies and Collections
5. Alameda Municipal Power Electric Operating Revenues by Source
6. Alameda Municipal Power Customer Accounts
7. Alameda Municipal Power Pricing Changes
8. Alameda Municipal Power Top Ten Customers
Debt Capacity
These schedules present information to help the reader assess the affordability of the City’s current levels of outstanding debt and the City’s ability to issue additional debt in the future:
1. Ratio of Outstanding Debt by Type
2. Ratio of General Bonded Debt Outstanding
3. Computation of Direct and Overlapping Debt
4. Computation of Legal Bonded Debt Margin
5. Sewer Services Fund Debt Coverage
6. Alameda Municipal Power Fund Debt Coverage
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the environment within which the City’s financial activities take place:
1. Demographic and Economic Statistics
2. Principal Employers
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the information in the City’s financial report relates to the services the City provides and the activities it performs:
1. Full-Time Equivalent City Government Employees by Function
2. Operating Indicators by Function/Program
3. Capital Asset Statistics by Function/Program
Sources
Unless otherwise noted, the information in these schedules is derived from the Annual Comprehensive Financial Reports for the relevant year.
City of Alameda, California
Statistical Section
181
June 30,
Governmental activities 2014 2015 2016 2017
Invested in capital assets, net of related debt $ 248,976,617 $ 259,298,585 $ 257,003,558 $ 258,670,492 Restricted 64,148,556 47,340,040 49,089,375 53,494,064 Unrestricted 22,934,963 (132,097,358) (128,732,691) (138,357,430) Total governmental activities net position $ 336,060,136 $ 174,541,267 $ 177,360,242 $ 173,807,126 Business-type activities
Invested in capital assets, net of related debt $ 36,408,147 $ 72,843,612 $ 77,527,656 $ 87,340,526 Restricted 29,591,239 31,979,615 32,369,845 29,829,844 Unrestricted 17,235,250 23,848,220 31,259,576
Total business-type activities net position $ 65,999,386 $ 122,058,477 $ 133,745,721 $ 148,429,946 Primary government
Invested in capital assets, net of related debt $ 285,384,764 $ 332,142,197 $ 334,531,214 $ 346,011,018 Restricted 93,739,795 79,319,655 81,459,220 83,323,908 Unrestricted 22,934,963 (114,862,108) (104,884,471) (107,097,854) Total primary government net position $ 402,059,522 $ 296,599,744 $ 311,105,963 $ 322,237,072 Source: City of Alameda Finance Department
City of Alameda
Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
182
2018 2019 2020 2021 2022 2023
$ 261,696,061 $ 269,397,500 $ 297,299,908 $ 306,331,058 $ 316,665,168 $ 339,462,250 91,334,323 110,162,983 123,984,088 137,396,539 144,588,032 137,169,810 (218,481,489) (214,617,059) (231,645,513) (217,133,326) (191,206,553) (157,346,612) $ 134,548,895 $ 164,943,424 $ 189,638,483 $ 226,594,271 $ 270,046,647 $ 319,285,448 $ 93,673,669 $ 98,017,520 $ 102,850,134 $ 110,041,879 $ 113,133,574 $ 111,366,774 26,462,741 26,055,896 25,632,407 20,951,023 18,843,152 22,156,568 28,810,985 33,134,340 35,731,238 37,380,508 49,557,794 52,217,409 $ 148,947,395 $ 157,207,756 $ 164,213,779 $ 168,373,410 $ 181,534,520 $ 185,740,751 $ 355,369,730 $ 367,415,020 $ 400,150,042 $ 416,372,937 $ 429,798,742 450,829,024 117,797,064 136,218,879 149,616,495 158,347,562 163,431,184 $ 159,326,378 (189,670,504) (181,482,719) (195,914,275) (179,752,818) (141,648,759) (105,129,203) $ 283,496,290 $ 322,151,180 $ 353,852,262 $ 394,967,681 $ 451,581,167 $ 505,026,199 City of Alameda
Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
183
For the Fiscal Year Ended June 30,
2014 2015 2016 2017
Expenses
Governmental Activities:
General Government $ 15,040,701 $ 15,566,704 $ 17,312,864 $ 22,613,362 Police 30,848,485 30,310,509 31,230,359 34,249,563
Fire 27,866,089 30,247,841 33,701,192 34,380,486
Public Works 14,344,311 20,576,356 21,611,732 22,493,921 Community Development 15,947,090 21,707,219 19,926,259 20,854,357 Community Services 6,995,080 6,808,162 8,192,325 7,825,636 Housing 2,004,958 1,883,617 2,298,345 1,955,239
Recreation and parks
Library
Planning, Building and Transportation
Interest on Long-Term Debt 2,307,691 984,165 1,104,604 983,685 Total Governmental Activities Expenses 115,354,405 128,084,573 135,377,680 145,356,250 Business-Type Activities:
Sewer Service 5,339,491 6,069,959 5,189,080 5,062,826 Alameda Municipal Power (B) 47,958,639 54,131,601 53,311,749 Total Business-Type Activities Expenses 5,339,491 54,028,598 59,320,681 58,374,575 Total Primary Government Expenses $ 120,693,896 $ 182,113,171 $ 194,698,361 $ 203,730,825 Component Unit:
Alameda Municipal Power $ 50,466,129
Total Component Unit $ 50,466,129 $ — $ — $ —
Program Revenues
Governmental Activities:
Charges for Services:
General Government $ 9,820,809 $ 9,928,486 $ 9,914,050 $ 11,400,449 Police 1,772,066 1,557,542 1,461,077 1,378,632
Fire 2,242,200 2,902,627 3,161,928 3,134,509
Public Works 6,915,488 8,048,038 8,869,421 9,955,286 Community Development 10,267,249 10,900,322 11,261,739 13,523,363 Community Services 3,238,812 3,273,681 3,550,181 3,671,588 Housing 2,500
Recreation and parks
Library
Planning, Building and Transportation
Operating Grants and Contributions 6,416,506 5,806,249 5,209,502 6,045,401 Capital Grants and Contributions 3,188,964 6,156,043 6,270,247 7,058,283 Total Government Activities Program Revenues 43,862,094 48,575,488 49,698,145 56,167,511 Business-Type Activities:
Charges for Services:
Sewer Service 9,734,164 9,906,045 9,404,120 9,690,132 Alameda Municipal Power (B) 58,759,497 62,012,528 63,449,233 Operating Grants and Contributions
Capital Grants and Contributions 546,768 489,751
Total Business-Type Activities Program Revenue 9,734,164 68,665,542 71,963,416 73,629,116 Total Primary Government Program Revenues $ 53,596,258 $ 117,241,030 $ 121,661,561 $ 129,796,627 Component Unit:
Charges for Services:
Alameda Municipal Power (B) $ 59,774,933
Total Component Unit Program Revenues $ 59,774,933 $ — $ — $ — Net (Expense)/Revenue
Governmental Activities $ (71,492,311) $ (79,509,085) $ (85,679,535) $ (89,188,739) Business-Type Activities 4,394,673 14,636,944 12,642,735 15,254,541 Component Unit Activities 9,308,804
Total Primary Government Net Expense $ (57,788,834) $ (64,872,141) $ (73,036,800) $ (73,934,198) (A) The City expanded certain departmental reporting during FY 2021-22. Prior year amounts have not been restated. (B) Reclassified as Enterprise Fund
Source: City Finance Department
City of Alameda
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
184
2018 2019 2020 2021 2022 2023
$ 27,567,933 $ 19,673,640 $ 16,958,175 $ 24,018,435 $ 9,320,442 $ 11,160,513 38,203,293 45,109,592 45,157,133 40,102,074 33,123,049 39,359,081 39,616,964 47,372,705 47,027,551 44,780,248 36,170,224 45,132,050 21,305,228 16,185,664 25,410,099 22,362,750 24,738,562 31,827,064 19,124,858 16,626,697 17,247,041 17,476,605 15,030,618 15,687,999 10,785,609 4,172,503 11,591,599 9,388,765 (A)
3,343,039 2,868,235 3,987,655 4,941,615 (A)
12,082,777 (A) 14,006,850
6,748,033 (A) 5,623,505
8,179,331 (A) 7,898,315
1,298,608 1,276,122 1,035,955 801,228 888,487 1,097,709 161,245,532 153,285,158 168,415,208 163,871,720 146,282 171,793,086 4,915,297 5,565,859 6,018,295 5,861,001 4,249,245 6,889,000 59,886,250 63,101,513 63,831,890 64,313,277 57,159,221 72,010,694 64,801,547 68,667,372 69,850,185 70,174,278 61,408,466 78,899,694 $ 226,047,079 $ 221,952,530 $ 238,265,393 $ 234,045,998 $ 207,689,989 $ 250,692,780
$ — $ — $ — $ — $ — $ —
$ 9,068,963 $ 3,289,980 $ 3,562,474 $ 3,692,675 $ 2,772,718 $ 2,826,109 1,228,935 1,121,616 973,227 816,240 583,063 598,562 3,306,867 3,494,527 3,961,473 4,457,369 4,134,221 5,151,081 9,280,689 10,023,569 10,727,879 11,023,739 8,818,755 10,152,589 13,044,105 13,541,107 13,119,155 12,037,359 2,083,815 1,950,839 4,423,440 4,564,276 4,224,548 4,308,651 (A)
3,558,604 (A) 3,461,620
14,781 (A) 19,714
6,444,733 (A) 6,427,553
9,032,803 5,700,076 8,402,139 10,771,830 7,445,218 25,215,932 12,386,648 10,877,405 22,446,476 25,423,585 6,454,953 7,954,847 61,772,450 52,612,556 67,417,371 72,531,448 42,310,861 63,758,846 10,498,070 11,216,139 11,243,295 11,721,286 11,815,658 12,281,537 63,455,688 66,567,838 66,703,706 66,260,963 65,799,230 72,287,719
73,953,758 77,783,977 77,947,001 77,982,249 77,614,888 84,569,256 $ 135,726,208 $ 130,396,533 $ 145,364,372 $ 150,513,697 $ 119,925,749 $ 148,328,102
$ — $ — $ — $ — $ — $ —
$ (99,473,082) $ (100,672,602) $ (100,997,837) $ (91,340,272) $ (103,970,662) $ (108,034,240) 9,152,211 9,116,605 8,096,816 7,807,971 16,206,422 5,669,562
$ (90,320,871) $ (91,555,997) $ (92,901,021) $ (83,532,301) $ (87,764,240) $ (102,364,678) (Continued)
City of Alameda
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
185
For the Fiscal Year Ended June 30,
2014 2015 2016 2017
General Revenues and Other Changes in Net Position
Governmental Activities:
Taxes:
Property Taxes $ 38,088,577 $ 39,057,776 $ 43,665,977 $ 45,651,646 Urban runoff special assessments
Sales Taxes 6,260,057 9,340,828 10,187,902 10,740,580 Utility Users Tax 8,500,351 8,330,638 8,368,125 9,061,296 Transfer Tax 6,730,655 8,258,516 9,451,755 10,333,813 Franchise Tax 3,919,351 1,496,491 2,396,918 2,473,634 Transient Occupancy Tax 1,612,283 1,928,731 2,174,973 2,126,612 Property Tax In-Lieu 1,382,336 1,002,871 1,157,160 1,167,072 Other Taxes 4,175,348 4,460,633 1,831,805 1,500,155 Use of Money and properties 5,068,924 4,465,916 5,136,494 6,957,802 Gain/Loss from disposal of capital assets
Miscellaneous 4,428,117 2,787,194 1,160,517 2,312,459 Transfers 417,997 3,027,004 2,831,684 2,891,411
Extraordinary item 1,007,196
Total Government Activities 80,583,996 85,163,794 88,363,310 95,216,480 Business-Type Activities:
Use of Money and properties 337,908 279,817 685,463 507,799 Miscellaneous 301 90,277 1,190,730 1,813,296
Transfers (417,997) (3,027,004) (2,831,684) (2,891,411) Total Business-Type Activities (79,788) (2,656,910) (955,491) (570,316) Total Primary Government $ 80,504,208 $ 82,506,884 $ 87,407,819 $ 94,646,164 Component Unit Activities:
Use of Money and properties $ 86,293 $ — $ — $ —
Miscellaneous 1,548,129
Increase in value of certain NPCA projects and reserves (789,918) Total Component Unit Activities $ 844,504 $ — $ — $ —
Change in Net Position
Governmental Activities $ 9,091,684 $ 5,654,709 $ 2,683,775 $ 6,027,741 Business-Type Activities 4,314,885 11,980,034 11,687,244 14,684,225 Total Primary Government 13,406,569 17,634,743 14,371,019 20,711,966 Changes in Net Position
Component Unit Activities $ 10,153,308 $ — $ — $ —
Source: City Finance Department
(A) Reclassified as Enterprise Fund
(B) The City expanded certain departmental reporting during FY 2021-22. Prior year amounts have not been restated.
City of Alameda
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
186
2018 2019 2020 2021 2022 2023
$ 48,745,491 $ 52,886,048 $ 56,814,066 $ 63,421,779 $ 64,534,572 $ 70,538,809 10,967,955 14,072,162 17,601,220 19,439,879 22,755,698 22,522,274 9,336,326 9,080,200 8,809,356 9,091,389 9,011,553 10,102,930 15,679,218 17,134,704 15,195,899 18,536,929 21,929,943 11,118,684 2,473,040 2,481,408 2,346,930 2,706,949 3,373,794 3,508,074 2,146,038 2,292,350 1,952,077 1,996,230 2,555,336 3,207,364 1,203,862 1,227,585 1,210,667 1,362,667 1,551,000 1,322,000 1,339,471 1,239,629 1,173,089 789,190 314,674 315,911 5,300,785 9,009,003 12,672,608 5,774,634 16,738,842 28,263,394 12,971,153 16,751,109 21,457 72,481
1,478,855 1,060,459 3,359,972 664,514 471,713 2,008,481 8,463,788 3,832,474 4,557,012 4,511,900 4,164,456 4,292,639
120,105,982 131,067,131 125,692,896 128,296,060 147,423,466 157,273,041 1,014,577 2,181,706 2,952,331 441,610 (1,210,245) 2,108,912 1,235,399 794,524 513,888 421,950 2,329,389 720,396 (8,463,788) (3,832,474) (4,557,012) (4,511,900) (4,164,456) (4,292,639) (6,213,812) (856,244) (1,090,793) (3,648,340) (3,045,312) (1,463,331) $ 113,892,170 $ 130,210,887 $ 124,602,103 $ 124,647,720 $ 144,378,154 $ 155,809,710 $ — $ — $ — $ — $ — $ —
$ — $ — $ — $ — $ — $ —
$ 20,632,900 $ 30,394,529 $ 24,695,059 $ 36,955,788 $ 43,452,376 $ 49,238,801 2,938,399 8,260,361 7,006,023 4,159,631 13,161,110 4,206,231 23,571,299 38,654,890 31,701,082 41,115,419 56,613,486 53,445,032 $ — $ — $ — $ — $ — $ —
City of Alameda
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
187
June 30,
2014 2015 2016 2017
General Fund
Nonspendable $ 2,261,871 $ 2,591,009 $ 872,617 $ 1,575,550 Restricted
Committed 6,043,000 11,568,004
Assigned 3,000,000 6,281,684 8,525,868
Unassigned 29,071,830 30,165,670 27,284,395 28,726,377 Total General Fund $ 31,333,701 $ 35,756,679 $ 40,481,696 $ 50,395,799 All Other Governmental Funds
Nonspendable $ 9,395 $ — $ — $ —
Restricted 23,349,158 50,922,259 48,736,806 52,352,209 Committed 40,790,003 17,909,767 21,233,524 21,938,791 Assigned
Unassigned (14,081) (2,519,632)
Total all other governmental funds $ 64,148,556 $ 68,817,945 $ 69,970,330 $ 71,771,368 Source: City of Alameda Finance Department
(A) The change in total fund balance for the General Fund and other government funds is explained in Management's Discussion and Analysis.
City of Alameda
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
188
2018 2019 2020 2021 2022 2023
$ 782,440 $ 1,591,812 $ 1,011,157 $ 937,545 $ 3,138,094 $ 4,093,903 8,700,000
15,354,029 16,173,757 18,220,882 15,544,000 13,929,791 48,621,221 25,072,934 23,445,239 35,413,925 56,594,050 64,260,392 59,816,414 $ 41,209,403 $ 41,210,808 $ 54,645,964 $ 73,075,595 $ 90,028,277 $ 112,531,538 (A) $ 1,115 $ 2,784,114 $ 2,878,114 $ 1,200,533 $ — $ —
64,846,207 84,169,854 98,743,112 113,087,912 122,038,092 113,249,231 23,357,819 25,959,758 15,258,412 14,105,669 12,804,312 12,820,131 1,346,011
(831,560) (510,884) (1,780,179) (365,801) (1,526,673) $ 87,373,581 $ 112,402,842 $ 115,099,459 $ 129,740,125 $ 134,476,603 $ 124,542,689 (A) City of Alameda
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
189
For the Fiscal Year Ended June 30,
2014 2015 2016 2017
Revenues
Property taxes $ 40,030,928 $ 41,511,670 $ 43,665,978 $ 45,651,646 Other local taxes 31,532,635 34,307,623 36,600,031 38,995,559 Licenses and permits 3,649,220 4,834,523 4,599,669 5,353,671 Developer fees
Revenue from other agencies 8,383,901 10,472,056 11,799,727 13,461,497 Charges for current services 16,881,772 16,601,934 18,801,604 19,328,754 Fines and forfeitures 1,940,326 1,579,608 1,505,913 1,141,664 Use of money and property 17,130,340 17,472,748 18,278,665 18,876,427 Other 4,638,439 2,898,060 1,088,097 4,920,412 Total Revenues 124,187,561 129,678,222 136,339,684 147,729,630 Expenditures
Current:
General government 14,807,500 17,213,207 22,246,735 21,770,743 Police 28,767,165 28,682,826 28,816,779 30,853,005
Fire 24,269,387 27,961,054 28,529,688 30,652,703
Public Works 4,432,334 4,558,311 4,742,674 4,918,684 Community Development 14,920,522 16,145,736 17,686,827 18,077,608 Recreation and Parks
Library
Planning, Building and Transportation
Community Services 5,755,718 5,797,562 6,453,987 6,382,003 Culture and Recreation
Housing 2,282,435 1,883,479 2,298,345 1,955,239
Capital outlay 12,836,513 16,402,343 17,408,895 22,147,962 Debt service:
Principal repayment 17,866,047 1,906,000 2,149,564 1,957,436 Interest and fiscal charges 2,398,072 791,566 1,128,676 1,163,030 Total Expenditures 128,335,693 121,342,084 131,462,170 139,878,413 Excess (deficiency) of revenues over
(under) expenditures (4,148,132) 8,336,138 4,877,514 7,851,217 Other Financing Sources (Uses)
Contribution from (to) other entities
Transfers in 19,087,597 18,842,178 20,777,712 24,650,200 Transfers (out) (19,626,956) (19,093,145) (22,913,024) (22,300,789) Sale of capital assets 1,514,513
Payment to escrow agent
Bond issuance premium (discount) on
debt 512,838
Issuance of long-term debt 18,620,000 3,000,000
Total other financing sources (uses) 18,593,479 (250,967) 864,688 3,863,924 Extraordinary item 1,007,196
Net Change in fund balances $ 14,445,347 $ 9,092,367 $ 5,742,202 $ 11,715,141 Debt service as a percentage of
noncapital expenditures 17.6 % (A) 2.5 % (A) 2.6 % (A) 2.3 % (A) NOTE:
(A) Calculation of percentage only includes non-capitalized expenditures that is not being reflected on the capital outlay line. (B) The City implemented a new ERP system in FY 2021-22 and revised the presentation of certain departmental activity.
Source: City of Alameda Finance Department
City of Alameda
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
190
2018 2019 2020 2021 2022 2023
$ 48,681,491 $ 52,452,829 $ 56,775,439 $ 63,421,779 $ 64,823,204 $ 70,579,610 43,717,400 48,515,927 48,919,948 54,861,864 62,205,185 52,776,235 5,435,030 5,824,270 6,790,077 7,036,885 7,047,477 7,590,812 750,446 4,452,877 8,377,385 2,362,622 3,318,251
20,936,253 17,541,700 26,662,943 28,373,176 16,029,558 29,801,551 18,586,442 12,671,775 13,859,317 13,047,885 14,764,505 17,609,381 1,235,816 1,180,423 1,121,348 882,204 936,837 1,546,628 19,512,445 21,843,012 24,354,283 16,928,549 19,307,468 25,958,857 2,362,537 1,314,287 3,987,166 2,052,715 546,523 3,679,889 160,467,414 162,094,669 186,923,398 194,982,442 188,023,379 212,862,381 26,765,743 23,865,017 16,398,248 16,265,961 7,825,555 12,954,262 38,367,994 33,970,893 34,337,435 34,404,813 37,353,571 39,409,430 37,809,548 35,153,085 36,280,599 38,153,099 40,741,898 44,291,345 5,452,709 5,384,542 5,782,721 6,960,509 11,399,139 13,364,537 17,180,357 16,544,318 15,803,663 16,994,640 13,721,444 14,416,651 11,148,382 (B) 13,030,099
4,857,264 (B) 5,299,291
7,807,306 (B) 7,990,657
7,584,297 8,522,259 9,521,485 9,053,756 (B) (B)
4,056,097 2,828,691 3,941,148 5,392,053 (B)
28,835,746 25,675,554 47,389,700 25,874,682 23,162,135 47,912,034 2,153,966 7,131,495 2,311,954 2,490,674 2,724,662 2,733,581 1,229,634 1,335,732 998,964 784,811 875,892 888,046 169,436,091 160,411,586 172,765,917 156,374,998 161,617,248 202,289,933 (8,968,677) 1,683,083 14,157,481 38,607,444 26,406,131 10,572,448 29,546,528 33,127,183 55,347,106 57,442,538 26,397,850 56,700,673 (27,133,187) (31,436,709) (53,372,814) (62,979,685) (31,114,821) (57,770,505) 12,971,153 16,751,109
4,906,000 3,067,898
15,384,494 23,347,583 1,974,292 (5,537,147) (4,716,971) 1,998,066
$ 6,415,817 $ 25,030,666 $ 16,131,773 $ 33,070,297 $ 21,689,160 $ 12,570,514
2.2 % (A) 5.9 % (A) 2.4 % (A) 2.3 % (A) 2.5 % (A) 2.3 % (A) City of Alameda
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
191
Calendar Year 2023 Wage Increase (a)
Object Series Revenue Type FY20-21 FY21-22 Value Change % Change 31100 General Fund Property Tax $ 49,310,947 $ 51,486,500 $ 2,175,553 4.41 % 31310 Bradley Burns Sales Tax 10,695,541 11,757,084 1,061,543 9.93 % 31600 Property Transfer Tax 18,536,929 21,929,943 3,393,014 18.30 % 31400 Utility Users Tax 8,748,859 9,011,553 262,694 3.00 % 31700 Transient Occupancy Tax 1,996,230 2,555,336 559,106 28.01 % TOTALS $ 89,288,506 $ 96,740,417 $ 7,451,911 8.35 %
50% Of Total Increase applicable to Wage Increases 4.17 % Minimum/Maximum per MOUs 1.0% to 2.0%
BRI WAGE INCREASE EFFECTIVE JANUARY 4.17 %
(A) City's safety groups memoranda of understanding provide for a minimum of 2% and a maximum of 5% wage increase in FY 2022-23.
City of Alameda
Basic Revenue Index (BRI)
192
Calendar Year 2024 Wage Increase
FY22-23 Value Change % Change
$ 57,215,944 $ 5,729,444 11.13 %
11,608,040 (149,044) (1.27) %
11,118,684 (10,811,259) (49.30) %
10,102,930 1,091,377 12.11 %
3,207,364 652,028 25.52 %
$ 93,252,962 $ (3,487,454) (3.60) %
(1.80) %
2.5% to 3.0%
(1.80) %
City of Alameda
Basic Revenue Index (BRI)
193
Billions
Unsecured Property Secured Property
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
$0
$1
$2
$3
$4
$5
$6
$7
$8
$9
$10
$11
$12
$13
$14
$15
$16
$17
$18
Fiscal
Year
Secured
Property
Percent
Change
Unsecured
Property
Percent
Change
Total
Assessed
2014 $ 9,472,636,207 6.11 % $ 476,558,073 (3.92) % $ 9,949,194,280 2015 10,074,322,282 6.35 % 457,262,328 (4.05) % 10,531,584,610 2016 10,688,573,728 6.10 % 466,708,505 2.07 % 11,155,282,233 2017 11,404,111,189 6.69 % 454,198,686 (2.68) % 11,858,309,875 2018 12,033,671,681 5.52 % 511,300,374 12.57 % 12,544,972,055 2019 12,983,045,316 7.89 % 560,482,846 9.62 % 13,543,528,162 2020 13,948,085,350 7.43 % 632,158,585 12.79 % 14,580,243,935 2021 14,872,870,275 6.63 % 629,020,320 (0.50) % 15,501,890,595 2022 15,543,159,035 4.51 % 616,058,289 (2.06) % 16,159,217,324 2023 17,069,843,894 9.82 % 735,821,317 19.44 % 17,805,665,211 NOTE: California cities do not set their own direct tax rate. The State Constitution establishes the rate at 1% and allocates a portion of that amount, by an annual calculation, to all the taxing entities within a tax rate area. Estimated full market information is not available. See the following page for the total direct rate applied to the assessed valuation base for each year.
Source: Alameda County Auditor Controller Office Certificate of Assessed Valuations City of Alameda
Assessed and Estimated Actual
Value of Taxable Property
Last Ten Fiscal Years
194
Fiscal Year
Basic
County
Wide
Levy(A) City
Alameda
Unified
School
Bonds
East Bay
Regional
Park
EBMUD
Special
District 1
Oakland
Unified
School Dist.
Bonds BART
Peralta
College
County Go
Bond Total
2014 $ 1.0000 $ 0.0260 $ 0.0534 $ 0.0078 $ 0.0066 0.0000 $ 0.0075 $ 0.0419 0.0000 $ 1.1432 2015 1.0000 0.0250 0.0503 0.0085 0.0047 0.0000 0.0045 0.0412 0.0000 1.1342 2016 1.0000 0.0240 0.1043 0.0067 0.0034 0.0000 0.0026 0.0337 0.0000 1.1747 2017 1.0000 0.0230 0.0967 0.0032 0.0028 0.0000 0.0080 0.0256 0.0000 1.1593 2018 1.0000 0.0225 0.0653 0.0021 0.0011 0.0000 0.0084 0.0310 0.0000 1.1304 2019 1.0000 0.0220 0.0974 0.0057 0.0000 0.0000 0.0070 0.0269 0.0112 1.1702 2020 1.0000 0.0215 0.1036 0.0060 0.0000 0.0000 0.0120 0.0257 0.0108 1.1796 2021 1.0000 0.0215 0.0737 0.0014 0.0000 0.0000 0.0139 0.0452 0.0036 1.1593 2022 1.0000 0.0210 0.0888 0.0020 0.0000 0.1202 0.0060 0.0407 0.0041 1.2888 2023 1.0000 0.0210 0.0806 0.0058 0.0000 0.0000 0.0140 0.0409 0.0103 1.1726 Source: Alameda County Assessors Office
(A) City of Alameda is 0.3331, Alameda County is 0.3293, Alameda USD is 0.1956 and other government agencies represent 0.142 of the basic county wide levy.
City of Alameda
Property Tax Rates
All Direct and Overlapping Governments
Last Ten Fiscal Years
195
Current Year Taxpayers
2.20%
1.39%
1.31%
1.14%
0.79% 0.72%
0.64%
0.62%
0.58%
0.45%
90%
G and I IX Marina Village Office Park LP
BRE Alameda I MF Property Owner LLC
MGP XII South Shore Center LLC
Alameda Multifamily Owner LLC
SCG Harbor Bay Parkway Phase I LLC
Alta Buena Vista Owner LLC
Catellus Alameda Retail LLC
Harbor Bay California LLC
Alameda Block 9 LP
Abbott Laboratories Inc
Others
2022-23 2013-14
Taxpayer
Taxable
Assessed
Value Rank
Percentage
of Total City
Taxable
Assessed
Value
Taxable
Assessed
Value Rank
Percentage
of Total City
Taxable
Assessed
Value
G and I IX Marina Village Office Park LP $ 391,245,603 1 2.20 % $ — BRE Alameda I MF Property Owner LLC 247,091,515 2 1.39 % MGP XII South Shore Center LLC 232,531,330 3 1.31 %
Alameda Multifamily Owner LLC 203,583,216 4 1.14 %
SCG Harbor Bay Parkway Phase I LLC 140,146,608 5 0.79 % Alta Buena Vista Owner LLC 127,844,688 6 0.72 %
Catellus Alameda Retail LLC 113,842,099 7 0.64 %
Harbor Bay California LLC 110,175,500 8 0.62 %
Alameda Block 9 LP 103,195,770 9 0.58 %
Abbott Laboratories Inc 80,252,636 10 0.45 %
Legacy Partners I Alameda LLC 214,675,882 1 2.16 %
Jamestown Harsch Alameda 187,849,352 2 1.89 %
KW Alameda LLC 95,795,578 3 0.96 %
Wind River Systems Inc 64,495,955 4 0.65 %
Amstar-105 LLC 46,920,000 5 0.47 %
SKS Harbor Bay Associates LLC 42,932,659 6 0.43 %
Peet's Operating Company 42,675,624 7 0.43 %
VF Outdoor Inc 39,035,127 8 0.39 %
CREA Bridgeside LLC 34,100,000 9 0.34 %
Whitney Equipment LLC 31,431,716 10 0.32 %
Subtotal $ 1,749,908,965 9.84 % $ 799,911,893 8.04 %
Total Net Assessed Valuation:
Fiscal Year 2022-23 $ 17,805,665,211
Fiscal Year 2013-14 $ 9,949,194,280
Source: Alameda County Assessor Fiscal Year Combined Tax Rolls and the SBE Non Unitary Tax Roll City of Alameda
Principal Property Taxpayers
Current Year and Ten Years Ago
196
Millions
Tax Collections
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
$45.0
$50.0
$55.0
$60.0
Fiscal Year
Total Tax
Levy(A)
Current Tax
Collections
Percent of
Levy Collected
Delinquent
Tax
Collections(A)
Total Tax
Collections
Percent of
Total Tax
Collections to
Tax Levy
2014 $ 31,960,530 $ 31,960,530 100 % $ — $ 31,960,530 100 % 2015 34,093,132 34,093,132 100 % 34,093,132 100 % 2016 36,292,959 36,292,959 100 % 36,292,959 100 % 2017 36,090,128 36,090,128 100 % 36,090,128 100 % 2018 38,726,740 38,726,740 100 % 38,726,740 100 % 2019 42,037,930 42,037,930 100 % 42,037,930 100 % 2020 45,733,246 45,733,246 100 % 45,733,246 100 % 2021 49,310,946 49,310,946 100 % 49,310,946 100 % 2022 51,486,500 51,486,500 100 % 51,486,500 100 % 2023 57,215,944 57,215,944 100 % 57,215,944 100 %
Source: City of Alameda Records
NOTE: Current tax collections beginning in 1993 have been reduced by a mandatory tax reallocation imposed by the State of California. (A) During FY 1994-95, the County began providing the City 100% of its tax levy under an agreement (Teeter Plan) which allows the County to keep all interest and delinquency charges collected.
City of Alameda
Property Tax Levies and Collections
Last Ten Fiscal Years
197
Fiscal Year
ELECTRIC OPERATIONS
Residential Commercial Small Commercial Medium Municipal & Street Lighting Miscellaneous & Other GHG/C&T/LCFS Related Sales 2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
$0
$5,000,000$10,000,000$15,000,000$20,000,000$25,000,000$30,000,000$35,000,000$40,000,000$45,000,000$50,000,000$55,000,000$60,000,000$65,000,000$70,000,000$75,000,000$80,000,000 Sales of Electricity
Fiscal Year Residential
Commercial
Small
Commercial
Medium Municipal
Street
Lighting/
Other
Miscellaneous
Services
Plant Lease
&Jobbing
Sales
GHG/C&T/
LCFS
Related Sales Total
2014 $ 18,974,096 $ 25,554,219 $ 4,088,510 $ 1,859,914 $ 660,902 $ 773,677 $ 843,737 $ 6,938,783 $ 59,693,838 2015 18,849,656 25,660,869 3,435,518 2,047,549 797,198 742,071 402,567 6,824,069 58,759,497 2016 19,869,104 27,071,358 4,278,240 1,973,689 1,028,631 947,765 479,791 6,363,950 62,012,528 2017 21,510,126 27,177,335 4,366,885 1,958,154 913,248 1,275,191 1,177,119 5,071,175 63,449,233 2018 23,902,788 28,500,186 4,338,898 1,965,664 793,870 1,146,507 519,200 3,435,082 64,602,195 2019 24,414,010 28,354,299 4,580,711 2,225,142 1,453,471 510,524 1,380,846 4,159,358 67,078,361 2020 25,933,443 29,341,107 5,069,275 2,238,296 149,514 362,644 1,062,614 2,909,457 67,066,350 2021 27,946,417 26,015,342 5,845,303 2,058,753 320,052 284,931 1,778,194 2,296,903 66,545,895 2022 26,375,111 26,584,210 5,230,140 2,455,536 15,350 499,947 2,973,677 2,165,206 66,299,177 2023 29,742,058 29,670,943 5,493,443 2,536,925 970,954 682,855 2,108,141 1,765,255 72,970,573 Kilowatt- Hour Sales
Fiscal Year Residential
Commercial
Small
Commercial
Medium Municipal
Street
Lighting/
Other Total KWH
Peak Demand
(KW)
2014 $ 131,209,422 $ 175,075,476 $ 31,951,900 $ 12,537,513 $ 3,138,994 353,913,305 69,308 2015 125,431,220 174,257,771 26,587,830 12,809,590 3,116,374 342,202,785 63,372 2016 125,831,929 176,575,883 31,490,040 12,375,517 2,546,494 348,819,863 64,283 2017 126,850,402 172,520,353 30,127,960 11,428,198 2,838,825 343,765,738 63,738 2018 124,589,523 168,873,305 28,321,180 10,723,565 2,518,330 335,025,903 59,624 2019 125,510,907 164,807,447 28,712,440 11,064,274 2,034,011 332,129,079 54,362 2020 129,591,566 166,745,235 31,301,090 11,539,236 2,605,615 341,782,742 61,990 2021 138,607,950 146,664,721 35,641,270 10,470,953 2,548,136 333,933,030 62,664 2022 130,100,333 150,731,047 31,576,810 12,536,267 1,763,268 326,707,725 60,551 2023 142,845,315 160,854,387 31,982,570 12,541,574 2,307,674 350,531,520 64,002 City of Alameda
Alameda Municipal Power
Electric Operating Revenues by Source
Last Ten Fiscal Years
198
FISCAL YEAR
Customer Accounts as of June 30,
Electric Customers Alameda Point Phone Customers Telecom Customers 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
32.000
32.500
33.000
33.500
34.000
34.500
35.000
35.500
36.000
36.500
37.000
37.500
38.000
38.500
39.000
Number of Electric Customer Accounts:
Fiscal Year Residential
Commercial
Small
Commercial
Medium
Commercial
Large Municipal
Street Lighting
& Other
Total Customer
Accounts
2014 30,281 3,521 271 8 350 12 34,443
2015 30,307 3,558 276 8 365 11 34,525
2016 30,470 3,425 280 8 354 11 34,548
2017 30,495 3,437 327 12 365 18 34,654
2018 30,798 3,577 321 12 373 13 35,094
2019 30,650 3,479 303 7 356 14 34,809
2020 30,872 3,481 294 10 361 18 35,036
2021 31,349 3,627 283 9 378 15 35,661
2022 32,058 3,542 312 11 348 14 36,285
2023 33,850 3,608 286 9 363 14 38,130
NOTE: Telecommunication operation was sold in November 2008 - 10 year historical data is zero for 2009 onwards.
Fiscal Year Cable TV Internet Data
Telecommunications
* Customer Accounts
Alameda Point
Telephone
Customer
Accounts
2014 — — — 102
2015 — — — 100
2016 — — — 88
2017 — — — 79
2018 — — — 66
2019 — — — 59
2020 — — — 58
2021 — — — 61
2022 — — — 57
2023 — — — 44
*Telecommunication operation was sold in November 2008.
City of Alameda
Alameda Municipal Power
Customer Accounts
Last Ten Fiscal Years
199
Electric Rate Changes
Date Percent Change
July 1, 2014 2.00 %
July 1, 2015 4.60 %
July 1, 2016 5.00 %
July 1, 2017 5.00 %
July 1, 2018 1.00 %
July 1, 2019 2.50 %
July 1, 2020 0.00 %
July 1, 2021 0.00 %
July 1, 2022 5.00 %
July 1, 2023 7.00 % (Fiscal Year 2024)
City of Alameda
Alameda Municipal Power
Pricing Changes
Last Ten Fiscal Years
200
2023
No Customer Type of Business KWHS
Percent of
System Total Revenues
Percent of
System Total
1 U.S. Coast Guard Regulation, Admin. of Transportation 18,630,334 5.31 % $ 3,101,752 4.53 % 2 G&I IX Marina Research Park LP Life Science & Research Tenants 7,095,193 2.02 % 1,330,914 1.95 % 3 Penumbra, Inc. Medical Devices Developer/Manufacturer 7,340,682 2.09 % 1,307,061 1.91 % 4 Alameda Unified School District Public School District 6,227,814 1.78 % 1,187,781 1.74 % 5 City of Alameda Local Government 5,637,234 1.61 % 1,162,273 1.70 % 6 Exelixis Biopharmaceutical Company 5,320,700 1.52 % 1,103,779 1.61 % 7 Sila Nanotechnologies An Engineered Materials Company 4,763,776 1.36 % 884,097 1.29 % 8 Peets Coffee & Tea Coffee Roaster and Retailer 4,872,240 1.39 % 864,993 1.26 % 9 Alameda Commercial Properties Real Estate Management 3,700,500 1.06 % 763,595 1.12 % 10 San Leandro Health System Hospital, Medical and Emergency Services 4,206,809 1.20 % 740,647 1.08 % Top 10 Customers KWHS 67,795,282 19.34 % $ 12,446,891 18.19 % Total Kilowatt Hour Sales System Totals 350,531,520 100 % $ 68,414,322 100 % City of Alameda
Alameda Municipal Power
Top 10 Customers
For the Fiscal Year Ended June 30, 2023
201
(in Thousands)
Total Governmental Total Business
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
$—
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
$50,000
Governmental Activities
Fiscal Year
Certificates of
Participation
General
Obligation Bond Revenue Bond
Loans & Lease
Purchases Total
2014 $ 11,855,000 $ 9,010,000 $ 11,400,000 $ 10,963,100 $ 43,228,100 2015 10,930,000 8,610,000 11,000,000 10,995,218 41,535,218 2016 9,960,000 8,270,000 10,600,000 15,807,781 44,637,781 2017 9,210,000 7,925,000 10,200,000 14,812,439 42,147,439 2018 8,736,269 7,634,770 9,800,000 13,642,297 39,813,336 2019 7,905,750 7,264,303 9,400,000 12,427,012 36,997,065 2020 7,045,231 6,878,836 9,000,000 11,388,194 34,312,261 2021 6,149,712 6,483,369 8,600,000 10,253,070 31,486,151 2022 5,214,193 6,072,902 8,100,000 9,030,104 28,417,199 2023 4,603,674 5,652,435 7,500,000 10,663,403 28,419,512 Business-Type Activities
Fiscal Year
COPS & Revenue
Bonds
Loans & Lease
Purchases Total
Total Primary
Government
Percentage of
Personal Income (A) Per Capita (A)
2014 $ 14,465,000 $ 2,542,379 $ 17,007,379 $ 60,235,479 1.77 % $ 788.29 2015 14,190,000 2,033,841 16,223,841 57,759,059 1.87 % 760.38 2016 13,905,000 1,616,170 15,521,170 60,158,951 1.88 % 758.84 2017 13,615,000 1,187,296 14,802,296 56,949,735 1.66 % 712.51 2018 37,472,390 (B) 746,920 38,219,310 78,032,646 2.21 % 989.47 2019 35,878,793 (B) 448,878 36,327,671 73,324,736 1.98 % 924.46 2020 34,160,196 (B) 291,527 34,451,723 68,763,984 1.80 % 845.68 2021 32,356,599 (B) 196,836 32,553,435 64,039,586 1.55 % 791.75 2022 30,468,002 (B) 99,682 30,567,684 58,984,883 1.34 % 758.32 2023 28,449,408 (B) 2,657,081 (C) 31,106,489 59,526,001 1.24 % 770.19 NOTE: Debt amounts exclude any premiums, discounts, or other amortization amounts.
Sources: City of Alameda
State of California, Department of Finance (population) U.S. Department of commerce, Bureau of the Census (income) (A) See the Demographic Statistics for personal income and population data. (B) Includes Alameda Municipal Power debt balances beginning in FY 2017-18.
Prior year amounts have not been restated.
(C) Includes the Alameda Municipal Power 1835 Alameda Property, LLC lease liability beginning in FY 2022-23.
Prior year amounts have not been restated.
City of Alameda
Ratio of Outstanding Debt by Type
Last Ten Fiscal Years
202
Fiscal Year Ended June 30
General Bonded Debt Outstanding
Per Capita
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
$0
$50
$100
$150
$200
$250
$300
General Bonded Debt Outstanding
Fiscal Year
Certificates of
Participation
General
Obligation Bond
Plus
Unamortized
Bond Premium
Less Cash and
Investments
Restricted for
Repayment of Debt
Net Bonds
Outstanding
Percentage of
Actual Taxable
Value of Property Per Capita
2014 $ 11,855,000 $ 9,010,000 $ 490,790 $ — $ 21,355,790 0.21 % $ 279.48 2015 10,930,000 8,610,000 459,812 19,999,812 0.19 % 263.29 2016 9,960,000 8,270,000 428,011 18,658,011 0.17 % 235.35 2017 9,210,000 7,925,000 397,025 17,532,025 0.15 % 219.35 2018 8,435,000 7,570,000 366,039 (930,503) 15,440,536 0.12 % 195.79 2019 7,630,000 7,205,000 335,053 (978,478) 14,191,575 0.10 % 178.92 2020 6,795,000 6,825,000 304,067 (978,860) 12,945,207 0.09 % 159.20 2021 5,925,000 6,435,000 273,081 (1,032,965) 11,600,116 0.07 % 143.42 2022 5,015,000 6,030,000 242,095 (1,019,139) 10,267,956 0.06 % 132.01 2023 4,430,000 5,615,000 211,109 (1,075,210) 9,180,899 0.05 % 118.79 Source: City of Alameda Finance Department
City of Alameda
Ratio of General Bonded Debt Outstanding
Last Ten Fiscal Years
203
2022-23 Assessed Valuation: $ 17,805,665,211
DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT:
Total Debt
6/30/23 % Applicable (A)
City's Share of
Debt 6/30/23
Alameda County $ 515,890,000 4.751 % $ 24,509,934
Bay Area Rapid Transit District 2,484,285,000 1.869 % 46,431,287 Peralta Community College District 478,490,000 12.802 % 61,256,290 Alameda Unified School District 224,432,118 100.0 % 224,432,118 East Bay Regional Park District 175,955,000 2.959 % 5,206,508 City of Alameda 2013 General Obligation Refunding Bonds 5,615,000 100.0 % 5,615,000 City of Alameda Facilities District No. 13-1 36,945,000 100.0 % 36,945,000 City of Alameda Facilities District No. 22-1 17,500,000 100.0 % 17,500,000
TOTAL NET DIRECT AND OVERLAPPING TAX AND
ASSESSMENT DEBT $ 421,896,137 (B)
DIRECT AND OVERLAPPING GENERAL FUND DEBT:
Alameda County and Coliseum Authority General Fund Obligations $ 706,903,500 4.751 % $ 33,584,985 Alameda-Contra Costa Transit District Certificates of Participation 11,220,000 5.608 % 629,218 Peralta Community College District Pension Obligations 121,921,654 12.802 % 15,608,410 Alameda Unified School District General Fund Obligations 4,813,000 100.0 % 4,813,000 City of Alameda Certificates of Participation 4,430,000 100.0 % 4,430,000 (B) City of Alameda Demand Revenue Bonds 7,500,000 100.0 % 7,500,000 City of Alameda Loans and Leases from Direct Borrowing 10,663,403 100.0 % 10,663,403
TOTAL OVERLAPPING GENERAL FUND OBLIGATION
DEBT $ 77,229,016
OVERLAPPING TAX INCREMENT DEBT (Successor Agency): $ 43,675,000 100.0 % $ 43,675,000 Total Direct Debt $ 28,208,403
Total Overlapping Debt $ 514,591,750
COMBINED TOTAL DEBT $ 542,800,153
(A) Percentage of overlapping debt applicable to the City is estimated using taxable assessed property value. Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the City divided by the district's total taxable assessed value. (B) Excludes tax and revenue anticipation notes, revenue, mortgage revenue and tax allocation bonds and non-bonded lease obligations.
Ratios to 2022-23 Assessed Valuation:
Direct Debt ($5,615,000) 0.03 %
Total Direct and Overlapping Tax and Assessment Debt 2.37 % Total Direct Debt ($28,208,403) 0.16 %
Combined Total Debt 3.05 %
Ratios to Redevelopment Successor Agency Incremental Valuation ($3,876,718,903):
Total Overlapping Tax Increment Debt 1.13 %
NOTE: The overlap is calculated based upon information by the City and the County of Alameda.
City of Alameda
Computation of Direct and Overlapping Debt
June 30, 2023
204
ASSESSED VALUATION:
Secured property assessed value, net of exempt real property $ 17,064,433,425 BONDED DEBT LIMIT (15% OF ASSESSED VALUE) (A) $ 2,559,665,014 AMOUNT OF DEBT SUBJECT TO LIMIT:
Total Bonded Debt $ 46,205,514
Less:
Revenue Bonds 35,949,408
Certificates of Participation 4,603,674
Amount of debt subject to limit 5,652,435
LEGAL BONDED DEBT MARGIN $ 2,554,012,582
Fiscal Year Debt Limit
Total Net Debit
Applicable to Limit
Legal Debt
Margin
Total net Debt
applicable to the
limit as a percentage
of debit limit
2014 $ 1,478,724,777 $ 9,090,000 $ 1,469,634,777 0.62 % 2015 1,510,066,600 8,610,000 1,501,456,600 0.57 %
2016 1,602,204,317 8,270,000 1,593,934,317 0.52 %
2017 1,709,534,936 7,925,000 1,701,609,936 0.47 %
2018 1,804,066,088 7,570,000 1,796,496,088 0.42 %
2019 1,946,576,941 7,205,000 1,939,371,941 0.37 %
2020 2,091,332,946 6,878,836 2,084,454,110 0.33 %
2021 2,230,050,685 6,483,369 2,223,567,316 0.29 %
2022 2,330,662,285 6,072,902 2,324,589,383 0.26 %
2023 2,559,665,014 5,652,435 2,554,012,582 0.22 %
(A) California Government Code, Section 43605 sets the debt limit at 15%. The Code section was enacted prior to the change in being assessed value to full market value when it was previously 25% of market value. Thus, the limit shown as 3.75% is one-fourth the limit to account for the adjustment of showing assessed valuation at full cash value.
Source: City of Alameda Finance Department
City of Alameda
Computation of Legal Bonded Debt Margin
June 30, 2023
205
Coverage
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
0.00 1.00
2.00 3.00
4.00 5.00
6.00 7.00
8.00 9.00
10.00 11.00
12.00 13.00
14.00 Debt Service Requirements
Fiscal Year Gross Revenue (A)
Operating
Expenses (B)
Net Revenue
Available for
Debt Service Principal Interest Total Coverage
2014 $ 10,072,496 $ 3,702,154 $ 5,757,611 $ 250,000 $ 456,319 $ 706,319 8.15 2015 10,011,701 4,475,317 5,536,384 275,000 447,069 722,069 7.67 2016 10,278,327 5,305,530 4,972,797 285,000 438,719 723,719 6.87 2017 10,197,953 4,043,407 6,154,546 290,000 430,069 720,069 8.55 2018 10,671,202 2,973,134 7,698,068 300,000 418,269 718,269 10.72 2019 11,495,009 4,720,299 6,774,710 315,000 405,969 720,969 9.40 2020 12,347,227 3,388,912 8,958,315 375,000 392,169 767,169 11.68 2021 11,694,525 3,897,775 7,796,750 390,000 376,869 766,869 10.17 2022 11,521,715 1,449,047 10,072,668 400,000 363,069 763,069 13.20 2023 12,731,692 3,164,395 9,567,297 415,000 348,769 763,769 12.53 NOTE: (A) Includes all Sewer Operating Revenues, Non-operating Interest Revenue, Connection Fees, other Non-operating Revenue (B) Includes all Sewer Operating Expenses, less Depreciation Source: City of Alameda Annual Financial Statements
City of Alameda
Sewer Fund Debt Coverage
Last Ten Fiscal Years
206
Coverage
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
0.00 1.00
2.00 3.00
4.00 5.00
6.00 7.00
Debt Service Requirements
Fiscal Year
Gross
Revenue (A)
Revenues Not
Available for
Debt Service (B)
Operating
Expenses (C)
Net Revenue
Available for
Debt Service Principal Interest Total Coverage
2014 $ 59,861,226 $ 6,938,783 $ 40,809,073 $ 12,113,370 $ 1,129,824 $ 1,617,655 $ 2,747,479 4.41 2015 59,022,915 6,824,069 41,755,514 10,443,332 1,158,581 1,554,056 2,712,637 3.85 2016 63,509,684 6,363,950 47,864,750 9,280,984 1,130,000 1,510,325 2,640,325 3.52 2017 65,735,599 5,071,175 46,926,046 13,738,378 1,170,000 1,461,044 2,631,044 5.22 2018 65,532,532 3,435,082 51,123,219 10,974,231 1,220,000 1,406,364 2,626,364 4.18 2019 69,044,773 4,159,358 55,616,579 9,268,836 1,275,000 1,342,703 2,617,703 3.54 2020 69,124,622 2,909,457 56,426,290 9,788,875 1,340,000 1,273,787 2,613,787 3.75 2021 64,305,751 2,296,903 57,265,781 4,743,067 1,410,000 1,199,156 2,609,156 1.82 2022 66,299,177 2,165,206 49,791,154 14,342,817 1,485,000 1,118,327 2,603,327 5.51 2023 72,970,573 1,765,255 64,122,157 7,083,161 1,600,000 1,014,055 2,614,055 2.71 NOTE: (A) Includes all Municipal Power operating revenues, non-operating interest revenue, other non-operating revenue (B) GHG / C&T related sales
(C) Includes all Municipal Power operating expenses, less depreciation and interest Source: City of Alameda Annual Financial Statements
City of Alameda
Alameda Municipal Power Fund Debt Coverage
Last Ten Fiscal Years
207
City Population % of County
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
4%
5%
6%
Thousands
Per Capita Personal Income
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
$50
$55
$60
$65
Thousands
Alameda County Population
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
1,480
1,500
1,520
1,540
1,560
1,580
1,600
1,620
1,640
1,660
1,680
Unemployment Rate (%)
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
0.00%
2.50%
5.00%
7.50%
10.00%
Fiscal
Year
City
Population
Total Personal
Income
Per Capita
Personal
Income
Unemployment
Rate (%)
Alameda
County
Population
City
Population
% of County
2014 76,413 $ 3,406,033,062 $ 44,574 7.6% 1,578,891 4.83% 2015 75,961 3,092,904,037 40,717 5.1% 1,574,497 4.82% 2016 79,277 3,207,096,000 40,454 4.1% 1,627,865 4.87% 2017 79,928 3,423,524,000 42,832 3.6% 1,645,359 4.86% 2018 78,863 3,529,109,000 44,153 3.3% 1,660,202 4.75% 2019 79,316 3,695,508,000 46,592 2.8% 1,669,301 4.75% 2020 81,312 3,828,228,000 47,080 2.6% 1,670,834 4.87% 2021 80,884 4,118,360,000 50,916 8.5% 1,656,591 4.88% 2022 77,784 4,401,297,000 56,583 5.5% 1,651,979 4.71% 2023 77,287 4,807,291,000 62,201 3.0% 1,636,194 4.72% Source: California State Department of Finance
City of Alameda
Demographic and Economic Statistics
Last Ten Fiscal Years
208
2022-23 2013-14
Principal Employers by Alphabetical Order Principal Employers by Alphabetical Order Alameda Unified School District A G Ferrari Foods
Astra Alameda Hospital
Bay Ship & Yacht Co Alameda Unified School District
City of Alameda Associated Third Party Administration
Exelixis Bay Ship & Yacht Co
Penumbra, Inc. Celera Corp
Telecare Corporation City of Alameda
Webcor Builders LP Telecare Corporation
Wind River Systems VF Outdoor
World Market Management Services LLC Wind River Systems Inc Source: City of Alameda Finance Department
City of Alameda
Principal Employers
Current Year and Nine Years Ago
209
FTE's
General Government Public Safety Public Works
Community Development (A) Community Services (B) Alameda Municipal Power 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
0 100
200
300
400
500
600
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Function
General Government 43.00 39.35 40.62 50.47 51.97 44.70 47.75 48.75 54.00 66.20 Public Safety 227.00 226.00 229.00 229.00 233.00 233.00 239.00 239.00 241.00 248.00 Public Works 60.00 68.90 70.65 62.90 62.40 73.75 74.75 74.75 82.00 83.00 Community Development (A) 36.00 35.75 41.00 41.38 43.38 40.30 40.25 41.25 43.00 42.00 Community Services (B) 40.00 41.00 39.98 41.00 43.00 43.00 46.00 48.00 52.00 53.00 Alameda Municipal Power 93.50 93.50 96.75 96.25 97.25 98.25 95.25 95.25 94.25 91.00 Total 499.50 504.50 518.00 521.00 531.00 533.00 543.00 547.00 566.25 583.20 NOTE:
(A) Community Development includes Planning, Building and Transportation. (B) Community Services includes Library and Recreation.
Source: City of Alameda
City of Alameda
Full-Time Equivalent City Government Employees by Function Last Ten Fiscal Years
210
City of Alameda, California
People and Places in the City
Fiscal Years
2014 2015 2016 2017
General Information
Area in square miles 22.7 22.7 22.7 22.7
Number of registered voters 44,271 44,006 46,055 48,074 Number of Hospitals 1 1 1 1
Education:
Student enrollment 8,975 9,552 9,455 9,481
Elementary schools 10 10 10 10
Junior high schools 2 2 2 2
High schools 4 3 3 4
Continuation schools 1 1 1 1
Independent study 1 1 1 1
Teachers (full & part time) 613 549 626 713
Function/Program
Fire:
Fire calls for service 6,314 6,439 6,860 7,410
Primary fire inspections conducted 1,311 1,444 1,617 1,058 Police:
Police calls for Service 75,920 69,347 74,517 67,832 Law violations:
Part I and Part II crimes 4,957 4,383 4,494 4,638
Physical arrests (adult and juvenile) 2,583 2,332 2,127 2,024 Traffic violations 10,754 8,507 8,334 9,058
Sewer
Storm drain inlets 2,951 2,951 2,951 2,951
Sewer service connections 19,432 19,454 19,454 19,454 Solid Waste
Refuse Landfill (tons per year) 26,298.98 26,139.00 28,742.07 28,420.00 Recyclables Processed (tons per year) 10,682.52 22,859.00 17,016.32 24,303.00 City of Alameda
Operating Indicators by Function/Program
Last Ten Fiscal Years
212
Fiscal Years
2018 2019 2020 2021 2022 2023
22.7 22.7 22.7 22.7 22.7 22.7
47,367 49,036 52,339 50,162 50,108 50,717
1 1 1 1 1 1
9,502 9,380 9,504 9,952 8,981 8,830
9 9 9 9 9 9
4 4 4 4 4 4
4 4 4 4 4 4
1 1 1 1 1 1
1 1 1 1 1 1
610 686 548 531 502 500
7,378 7,027 7,274 6,990 7,963 9,478
1,814 1,685 1,071 903 1,873 2,896
68,074 74,369 67,141 51,259 60,615 65,435
5,133 4,816 4,814 4,487 5,135 6,356
1,674 1,370 1,249 776 1,002 977
7,807 6,248 4,486 569 3,655 4,007
2,951 4,914 4,914 4,994 4,969 5,023
19,454 19,926 19,965 21,164 21,235 20,066
27,170.35 27,240.21 25,858.95 25,648.18 26,580.71 25,848.43 24,736.97 25,309.57 24,754.42 25,886.59 24,947.21 24,855.10 City of Alameda
Operating Indicators by Function/Program
Last Ten Fiscal Years
213
Fiscal Years
2014 2015 2016 2017
Planning & Building:
Number of Building Permits issued 4,286 4,038 4,018 3,677 Recreation and Parks (A):
Youth & Teens:
Number of youth programs (B) 251 278 277 268
Number of youth attendees 34,121 32,259 29,920 22,603 Seniors:
Number of senior programs 144 164 177 216
Number of senior attendees 144,607 148,520 137,143 136,092 Number of meals served 6,860 6,620 3,021 5,340
Library:
Volumes in Collection (thousands) 211 214 215 219
Total Volumes Borrowed (thousands) 510 476 456 392
Finance:
Number of Business Licenses issued 5,563 5,553 5,169 6,068 Alameda Municipal Power:
Number of electric customers 34,482 34,525 34,494 34,648 Number of kilowatt hours sold 353,913,305 342,202,785 348,819,863 343,765,738 Source: City of Alameda
NOTES: (A) Programs and participants lower due to pandemic. Senior Center was closed and adult/youth drop-in programs cancelled. (B) Starting in FY 2020-21, the department is more accurately accounting for programs. For example, summer camp is not one program, rather each program site and each summer camp week is counted as distinct.
City of Alameda
Operating Indicators by Function/Program
Last Ten Fiscal Years
(Continued)
214
Fiscal Years
2018 2019 2020 2021 2022 2023
3,832 3,722 3,401 3,734 4,255 3,829
299 625 625 868 770 835
23,750 41,108 41,108 14,168 13,285 15,346
233 272 272 114 125 180
131,213 113,838 113,838 21,156 51,988 78,227
5,963 5,472 5,472 7,575 9,809 13,232
219 139 221 219 222 220
424 403 362 234 493 550
6,948 7,168 8,846 6,279 8,357 7,502
34,790 35,396 36,067 36,201 35,728 36,643
335,025,903 332,129,079 341,782,742 333,933,030 326,402,131 350,531,519 City of Alameda
Operating Indicators by Function/Program
Last Ten Fiscal Years
(Continued)
215
Fiscal Years
2014 2015 2016 2017
Function/Program
Fire:
Fire stations 4 4 4 4
Police:
Police stations 1 1 1 1
Public works:
Miles of streets 140 140 138 120
Miles of bike lanes 13 15 15 26
Miles of on-street bikeways (G)
Miles of separated bike lanes
Miles of bike routes
Miles of shared-use or separated bike/ped trails
Street and parking lot fixtures
Traffic Signals 87 87 87 86
Wastewater
Miles of sanitary sewers 150 150 143 143
Miles of storm sewers 70 70 70 126
Recreation and Parks:
City parks 33 32 32 32
City parks acreage 155 152 152 152
Playgrounds 7 12 12 12
City trails/Bike paths (A) 13 13 13 13
Community centers 13 13 13 13
Senior centers 1 1 1 1
Swimming pools (B) 5 2 2 2
Tennis/pickleball courts (C) 19 16 16 16
Baseball/softball grass fields 18 18 18 18
Multipurpose grass fields (D) 3 3 3 3
Synthetic Turf Multi-Purpose Field
Synthetic Turf Challenger Baseball Field
Golf Course (E)
Library:
City Libraries 3 3 3 3
Alameda Municipal Power:
Miles of lines 269 263 263 264
Street lights 5,372 5,441 5,470 5,470
Source: City of Alameda
NOTE: (A) Every park has asphalt trails throughout. There are few distinct and separated trails/paths in parks. (B) Owned by the City but operated and maintained by Alameda Swimming Pool Association. (C) Includes 4 pickleball courts that were not new, but were not included prior to FY 2020-21. (D) 7 multipurpose (soccer, football, lacrosse, etc.) fields in City Parks, plus 5 owned by the City at Alameda Point, but operated and maintained by Alameda Soccer Club.
(E) 45-hole, 300-acre golf complex owned by City but operated and maintained by Greenway Golf.
Includes separate concession agreement for onsite restaurant with Jim's on the Course.
Not a new facility, but included starting in FY 2020-21 to more accurately account for park facilities. (F) Street lights were transferred to Public Works per voter approval on November 2016 ballot. (G) Miles of on-street bikeways tracking only used in FY 2021-22.
City of Alameda
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
216
Fiscal Years
2018 2019 2020 2021 2022 2023
4 4 4 4 4 4
1 1 1 1 1 1
125 125 125 125 147 140
28 49 31 50 19 19
35 4
13 18 18
6,342 6,609 6,609 6,800 6,850 7,011
87 86 86 89 90 89
142 142 142 142 142 148
126 126 126 126 126 126
32 35 35 35 36 36
152 192 192 204 206 206
12 13 13 15 16 17
13 14 14 N/A N/A N/A
13 13 13 15 15 15
1 1 1 1 1 1
2 2 2 2 2 2
16 16 16 20 20 23
18 18 18 18 18 18
3 3 3 11 11 11
1 1 1 1 1
1 1 1 1 1
1 1 1
3 3 3 3 3 3
273 273 280 282 286 289
(F) (F) (F) (F) (F) (F)
City of Alameda
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
217
City of Alameda, California
People and Places in the City
City of Alameda, California
People and Places in the City
City of Alameda, California
People and Places in the City
City of Alameda, California
People and Places in the City