Alameda City Council
May 6, 2025

Exhibit 1

CITY OF ALAMEDA, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

PREPARED BY THE

FINANCE DEPARTMENT
MARGARET O’BRIEN

FINANCE DIRECTOR
City of Alameda, California
People and Places in the City
City of Alameda, California
People and Places in the City

INTRODUCTORY SECTION
Introductory Section:

Table of Contents ...................................................................................................................................................................................... i Transmittal Letter ...................................................................................................................................................................................... iv City Council .............................................................................................................................................................................................. xiii Principal Officers ...................................................................................................................................................................................... xiv Organizational Chart ................................................................................................................................................................................. xv Regional Map ............................................................................................................................................................................................ xvi GFOA Certificate of Achievement for Excellence in Financial Reporting .............................................................................................. xvii 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, 2024
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 ..................................................................................................................................................... 49 Required Supplementary Information:

Schedule of Changes in Net Pension Liability and Related Ratios – Miscellaneous Plan ................................................................... 134 Schedule of Changes in Net Pension Liability and Related Ratios – Safety Plan ................................................................................ 136 Schedule of Contributions – Miscellaneous Plan .................................................................................................................................. 138 Schedule of Contributions – Safety Plan ............................................................................................................................................... 140 The 1079 & 1082 Pension Plans – Schedule of Changes in Total Pension Liability and Related Ratios ............................................ 142 OPEB – Schedule of Changes in the Net OPEB Liability and Related Ratios – Miscellaneous and Pre-1/1/2019 Safety Plan .......... 144 OPEB – Schedule of Contributions - Miscellaneous and Pre-1/1/2019 Safety Plan ............................................................................ 146 OPEB – Schedule of Changes in the Net OPEB Liability and Related Ratios – Post-1/1/2019 Safety Plan ....................................... 148 OPEB – Schedule of Contributions - Post-1/1/2019 Safety Plan .......................................................................................................... 149 Supplemental Information - Combining and Individual Fund Financial Statements and Schedules:

Non-major Governmental Funds:

Combining Balance Sheets .............................................................................................................................................................. 154 Combining Statements of Revenues, Expenditures, and Changes in Fund Balance ....................................................................... 160 Combining Schedules of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual ..................................... 163 Internal Service Funds:

Combining Statements of Net Position ........................................................................................................................................... 178 Combining Statements of Revenues, Expenses and Changes in Fund Net Position ....................................................................... 180 Combining Statements of Cash Flows ............................................................................................................................................. 182 City of Alameda, California
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents
ii
Statistical Section:

Financial Trends:

Net Position by Component – Last Ten Fiscal Years ...................................................................................................................... 188 Changes in Net Position – Last Ten Fiscal Years ............................................................................................................................ 190 Fund Balances of Governmental Funds – Last Ten Fiscal Years .................................................................................................... 194 Changes in Fund Balances of Governmental Funds – Last Ten Fiscal Years ................................................................................. 196 Basic Revenue Index (BRI) ............................................................................................................................................................. 198 Revenue Capacity:

Assessed and Estimated Actual Value of Taxable Property – Last Ten Fiscal Years ..................................................................... 200 Property Tax Rates - All Direct and Overlapping Governments – Last Ten Fiscal Years .............................................................. 201 Principal Property Taxpayers – Current Year and Ten Years Ago ................................................................................................. 202 Property Tax Levies and Collections – Last Ten Fiscal Years ........................................................................................................ 203 Alameda Municipal Power Electric Operating Revenues by Source – Last Ten Fiscal Years ....................................................... 204 Alameda Municipal Power Customer Accounts – Last Ten Fiscal Years ....................................................................................... 205 Alameda Municipal Power Pricing Changes – Last Ten Fiscal Years ............................................................................................ 206 Alameda Municipal Power Top Ten Customers – Last Ten Fiscal Years ...................................................................................... 207 Debt Capacity:

Ratio of Outstanding Debt by Type – Last Ten Fiscal Years .......................................................................................................... 208 Ratio of General Bonded Debt Outstanding – Last Ten Fiscal Years ............................................................................................. 209 Computation of Direct and Overlapping Debt ................................................................................................................................. 210 Computation of Legal Bonded Debt Margin ................................................................................................................................... 211 Sewer Fund Debt Coverage – Last Ten Fiscal Years ...................................................................................................................... 212 Alameda Municipal Power Fund Debt Coverage – Last Ten Fiscal Years ..................................................................................... 213 Demographic and Economic Information:

Demographic and Economic Statistics – Last Ten Fiscal Years ..................................................................................................... 214 Principal Employers – Current Year and Nine Years Ago .............................................................................................................. 215 Operating Information:

Full-Time Equivalent City Government Employees by Function – Last Ten Fiscal Years ............................................................ 216 Operating Indicators by Function/Program – Last Ten Fiscal Years .............................................................................................. 218 Capital Asset Statistics by Function/Program – Last Ten Fiscal Years .......................................................................................... 222 City of Alameda, California
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents
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Finance Department
2263 Santa Clara Avenue, Room 220
Alameda, California 94501
(510) 747-4881
December 30, 2024
Citizens of the City of Alameda
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, 2024. 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 593 allocated full-time positions (including Alameda Municipal Power) and serves 78,071 residents in a land area of 10.61 square miles, plus 12.3 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.

Base Reuse and Economic Development provides oversight services and project management at the former Naval Air Station, known as Alameda Point, as well as working with business and the Alameda community to cultivate and develop the City’s economic, social, and cultural resources.

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.

Citizens of the City of Alameda
Honorable Mayor and Members of the City Council
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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 2023 and 2024, the population of Alameda increased by 1.0% from 77,287 residents to 78,071 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.

Nationally, the economy continues to expand at a moderate rate, with Gross Domestic Product (GDP) increasing at an annualized rate of 2.8% for the second quarter of 2024, up from 1.4% from the previous quarter. The U.S.

Bureau of Economic Analysis cited health care and social assistance, finance and insurance, retail trade and construction as the leading contributors to this growth in real GDP.

The City’s financial outlook remains generally stable. Several revenue streams, such as property tax, sales tax, licenses and permits, and use of money and property (mostly interest income) increased year-over-year. Most revenues that did weaken, namely real property transfer tax, utility user tax, and other local taxes, fell between

1.4% and 3.5%. The largest general fund year-over-year decrease was the City’s other revenue, which accounted for a large, one-time settlement in the prior year. Overall, the General Fund ended the year with a 3.9% increase in revenues from the prior year.

Due to years of a strong local real estate market and fiscal responsibility, the City has been able to maintain General Fund reserves in excess of City Council’s established level of 25% of expenditures for more than a decade.

Under state law, the City is required to report any revenues generated from State Lands Trust properties to the state on an annual basis. Through a public records act request, staff discovered that the City had not been correctly classifying lease and license revenue in State Lands Trust areas at Alameda Point into a separate fund from the Alameda Point Fund. The City is not aware of why this has been the case, but staff have been working with the California State Lands Commission and our property management team to separate out the revenues and correct our reporting.

Beginning with Fiscal Year 2024-25, the City will have a separate fund for Alameda Point State Lands funds. The City has identified the lease and license accounts that will be distributed into this fund, and will provide the State Lands Commission with reports for Fiscal Year 2022-23 and Fiscal Year 2023-24. The City cannot retroactively reclassify these funds as the accounting and auditing for prior fiscal years have been closed. The State Lands Commission staff have confirmed that this is an acceptable solution. The City has separately reported State Lands Trust properties outside of Alameda Point to the Commission.

The City received a total of $28.68 million of American Rescue Plan Act (ARPA) funds that have helped address the critical needs of residents and drive Alameda’s economic recovery from the COVID-19 pandemic. The City either spent or obligated to spend all the American Rescue Plan Act (ARPA) funds as of June 30, 2024.

The
City’s ARPA spending plan prioritizes initiatives aimed at addressing housing needs, behavioral and mental health services, supporting households and local small businesses, and offsetting revenue losses. This spending is centered on assisting members of the community who were or continue to be disproportionately affected by the pandemic. In collaboration with community leaders and City Council, the City continues to focus allocations toward:
• The Midway Shelter of Alameda: ARPA funds were used 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.

Citizens of the City of Alameda
Honorable Mayor and Members of the City Council
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• Covid Recognition Pay: ARPA funds were used as a flat monthly payment for employees required to report on-site during the pandemic.
• Guaranteed Basic Income Pilot Program: ARPA funds are being used to pilot a guaranteed basic income program for those in the community who were disproportionately impacted by the pandemic. • Transitional Housing: ARPA funds, along with other grant funding, were used to build and operate Dignity Village, a 47-unit modular housing project for individuals who are formerly unhoused. • Emergency Supportive Housing : ARPA funds have been and continue to be used to provide emergency housing for up to six months with wrap-around services to assist residents with individual challenges and locate permanent housing.
• 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 creation of an on-street parklet program, reconfiguring the main streets in our two downtown districts, and implementing parking improvements.
• Revenue Replacement: ARPA funds were used to offset revenue lost due to the pandemic.

The economic outlook for the City of Alameda for Fiscal Year 2024-25 reflects a mix of positive and negative factors. While elevated interest rates benefit the City’s investment portfolio, they also increase borrowing costs and complicate financial planning. The City has seen a decline in real property transfer tax over the last two years, a manifestation of an overall cooling in the real estate market. However, so far this cooling trend has been relatively predictable resulting from the rise in interest rates. Operational costs, including labor and maintenance, have increased relatively quickly over the past few years. Yet, the City has also seen increases to property and sales taxes during that timeframe, which has alleviated some of the burden, but anticipates decreases to sales tax revenues in Fiscal Year 2024-25 due to the loss of a major taxpayer.

Amid these challenges, the City’s residual fund balance in excess of policy or fund balance deficits of $24.8 million, provides a critical financial cushion. This reserve requires strategic resource allocation and effective financial management. Careful stewardship of these funds is essential for navigating economic uncertainties, preserving essential services, and fostering long-term economic resilience within the City.

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
The City maintains budgetary controls as part of its control environment. The objective of these budgetary controls is to ensure compliance with legal provisions embodied in the appropriated budget approved by 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 City Council regarding the budget. After public discussion and evaluation of the recommendations, City Council adopts the budget for the next two fiscal years.

Citizens of the City of Alameda
Honorable Mayor and Members of the City Council
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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 City Council.

City Council Goals and Objectives
During 2023, City Council and City management created a strategic plan formulating goals and objectives titled City of Alameda 2023 Strategic Plan – Fiscal Years 2023 - 2026 . The following lists strategic priorities established for FYs 2023-24:

1. Enhance Community Safety and Services
• Invest in public safety staff and resources, including crime prevention, fire infrastructure, disaster preparedness, and legal protections. Expand and maintain City services that support community wellbeing and quality of life, including libraries, parks, and mental health services.

2. Build Resilience to Climate Change and Water Level Rise • Reduce greenhouse gas emissions and become more resilient and adaptive to climate change through equitable efforts in building decarbonization, solar power and electrification, urban greening, flood protections, and composting.

3. Invest in Transportation, Infrastructure, Economic Opportunities and Historic Resources • Upgrade and enhance Alameda’s bicycle, pedestrian, transit, and car infrastructure to increase safety, reliability, sustainability and accessibility. Beautify public places, restore historic buildings, rehabilitate utilities and expand broadband. Support local businesses and workforce development.

4. House all Alamedans and End Homelessness
• Overcome housing challenges and support unhoused or housing insecure residents through affordable housing productions and preservation of existing affordable housing stock, equitable housing practices, housing assistance programs, and comprehensive housing and supportive services, including homelessness prevention.

5. Practice Fiscally Responsible, Equitable and Inclusive Governance • Increase fiscal resilience and ensure equitable distribution of public resources. Invest in equitable, inclusive and sustainable organizational practices including professional development, employee engagement and recognition, safety and wellness programming, and succession planning. Strengthen public communications and resident engagement.

Major Initiatives and Projects
In July 2023, City Council approved the disposition and development agreement at Alameda Point and the developer commenced demolition and horizontal site improvements for the Rebuilding Existing Supportive Housing at Alameda Point (RESHAP) development during the fiscal year. The RESHAP campus, located at the former Alameda Naval Air Station, is nearly eight acres of City-owned land that will include 332 affordable homes with supportive services, after-school and youth program spaces, a state-of-the-art family shelter and other mixed use and community spaces.

Citizens of the City of Alameda
Honorable Mayor and Members of the City Council
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Also at Alameda Point, Storehouse Lofts, located on Saratoga Street, continued to receive its phased certificates of occupancy (COOs) for this adaptive reuse, work/live project. Final COOs are expected in Fiscal Year 2024-25.

The City sold 677 West Ranger Avenue to the Alameda Food Bank, which is expected to be the Food Bank’s permanent home after completion of its expansion project. City Council also approved an exclusive negotiating agreement with Little Opera House to advance entitlements and a term sheet for development of a new 600+ seat performing arts center adjacent to Seaplane Lagoon Park.

The City is working to bring its first phase of new backbone infrastructure into Alameda Point’s Adaptive Reuse Area. The project brought a much-needed new water system from the eastern edge of Alameda Point all the way west to Monarch Street and connected all occupied buildings to the new system. The project also included construction of all backbone utilities on four blocks within the Historic District. The new streets are complete streets, safely serving all modes of travel. This $30.0 million dollar investment is nearing completion and will have a grand opening soon.

Demonstrating its commitment to enhancing transportation efficiency and connectivity, the City of Alameda has collaborated with local partners to launch a water taxi service linking Bohol Circle Immigrant Park at Alameda Landing to Oakland’s Jack London Square. This two-year pilot program operates free of charge from Wednesday through Sunday, providing a convenient and accessible transit option for the community.

Affordable housing remains a critical priority for the City, highlighted by City Council’s October 2021 approval of The Road Home: A 5-Year Plan to Prevent and Respond to Homelessness in Alameda. This plan outlines a practical framework to address homelessness in the City, grounded in a thorough evaluation of existing programs and systems, the latest data and proven best practices. As part of its commitment, the City is tasked with delivering 5,353 additional housing units under the Regional Housing Needs Allocation (RHNA) for the 2023-2031 cycle. To meet these targets, the City has initiated several efforts to facilitate affordable housing development including drafting a comprehensive site inventory and exploring policy changes aimed at achieving RHNA compliance.

It took the City just over a year to complete Dignity Village, the 47-unit interim supportive housing project located near the College of Alameda. In addition to case management and housing navigation, Alameda Family Services staffs a fulltime mental health clinician on site to provide support to residents, train staff and offer resources to mental health services as needed. Construction and operations were funded by a combination of grants, City-awarded ARPA funds, and City general funds.

Alameda Recreation and Parks District (ARPD) is proud to be the third oldest park system in the State of California with over 30 arks and facilities. During Fiscal Year 2023-24, ARPD facilitated the construction or replacement of multiple projects including:
• Resurface of the basketball court at Lincoln Park
• Overlay of the tennis court at Krusi Park
• Resurface of the tennis court at Franklin Park
• Replacement of the playground serving those ages 5 to 12 at McKinley Park • LED replacement at Upper Washington Park near Central Avenue and 8th Street • Extension of the tennis court and field netting at Lower Washington Park near Otis and Westline Drive • Completion of the Shoreline Pathway paving – Phase 2
Throughout the prior two fiscal years, the City of Alameda has taken initial steps for the design and construction of an aquatic center located on the west side of Sweeney Park. Such steps taken during the year include issuing $15 million in lease revenue bonds in December 2023 and City Council approving a Phase I design-build agreement for the design and permitting of the City’s aquatic Center in May 2024.

Citizens of the City of Alameda
Honorable Mayor and Members of the City Council
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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, 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.

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.

Storm Drain Pump Station Electric Upgrade ($2 million)
This project made upgrades to the electrical and control equipment at four stormwater pump stations and installed a new wet well and pumps at one of the stations. Ensuring the long-term viability of the City’s storm system is critical for ensuring proper drainage to prevent roads and neighborhoods from flooding during storm events.

Sidewalk Repair and Replacement ($1.2 million)
The City’s sidewalk program replaced over 21,000 square feet of sidewalk and nearly 11,000 linear feet of curb and gutter. The program also removed more than 4,000 tripping hazards. 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.

Alameda City City Hall West Lawn Conversion ($0.5 million) This project converted the landscape at City Hall West from turf, which requires heavy watering, to more drought-tolerant plantings that conserve water. The new landscape has outdoor seating areas for City employees and the general public. Vibrant water-wise succulents, aloes and agaves were selected for year-round colorful foliage and brightly colored seasonal flowers were added to the plant palette. The water wise plants chosen for this project thrive in coastal conditions and were commonly found in early California Missions and residences.

Alameda Police Department's Reception Area and Ramp Renovation Project ($0.5 million) This project enhanced accessibility by widening the existing ramp entrance, adding ADA-compliant handrails, replacing the lobby and elevator door controls with modernized push-button controls and modifications to the reception and service counter/window. Additionally, the non-compliant fire-rated walls, windows and door assemblies were upgraded to comply with current codes, the floor and soffit/ceiling finishes restored, and the reception area façade renovated for improved security.

Citizens of the City of Alameda
Honorable Mayor and Members of the City Council
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Harbor Bay Isle (HBI) Lagoon Improvement Project ($0.3 million) The HBI lagoon system provides open space, aesthetic and recreational enjoyment for residents. The lagoon system brings in surrounding Bay waters and receives stormwater drainage from the adjacent developed areas.

Water circulation through the lagoon is critical for water quality. This project restored the level sensing, logic and remote lagoon monitoring through the City’s System Control and Data Acquisition (SCADA) system. The project also replaced equipment at the end of its useful life and improved worker safety at each site. The system now has built-in alarms to ensure reliability.

The FY 2023-24 adopted Capital Improvement Program Budget appropriated an additional $72.8 million and was allocated to the following types of projects:

Category Amount in Millions Percent of Total
Rehabilitation $37.78 49.16 %
Transportation $15.12 20.77 %
Park, Sea Level Rise, Alameda Point $21.90 30.07 %
Citizens of the City of Alameda
Honorable Mayor and Members of the City Council
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Fiscal Year 2023-24 Capital Improvement Program by Category 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, 2023. 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 2022-2023. 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 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,
Jennifer Ott
City Manager
Margaret L. O’Brien
Finance Director
Citizens of the City of Alameda
Honorable Mayor and Members of the City Council
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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, Tim Haines
Human Resources Director, Jessica Romeo
Information Technology Director, Demetrius Cagampan
Library Director, Michael Eitner
Planning, Building and Transportation Director, Allen Tai Public Works Director, Erin Smith
Recreation and Park Director, Justin Long
Communications Director, Sarah Henry
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 78,071. 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

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, 2024. 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 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 $342.8 million, of which unrestricted net position was a deficit $145.3 million. Excluding the $358.2 million net pension, total pension, and net OPEB liabilities, which are not claims on current year financial assets, $212.9 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 $34.1 million from the prior year, with $10.6 million attributable to business-type activities and $23.5 million to governmental activities. The City’s net investment in capital assets increased by $8.9 million from the prior year. • As of June 30, 2024, the City’s governmental funds reported combined fund balances of $250.1 million, an increase of $13.0 million in comparison to the prior year. Of this amount, $45.2 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 $125.4 million and a total fund balance of $113.6 million. This represents an increase in fund balance of $1.1 million, or 1.0% from prior fiscal year. Of the total fund balance, $52.4 million, or 46.1%, 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, 2024
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, Economic Development, 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, 2024
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, 2024
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 $34.1 million or 6.8% increase, from $505.0 million at June 30, 2023 to $539.1 million at June 30, 2024. Assets of the City were the biggest driver of this increase in net position, with total asset increases of $70.2 million, or 6.4%, over the prior year. Our cash and investment portfolio increased $29.9 million from the prior year due to favorable market conditions and consistent returns.

The City’s construction in progress, netted with land under the Capital Assets: Non-depreciable header of the Statement of Net Position, increased $16.4 million from the prior year. Additions to construction in progress were $23.2 million, a large portion of this amount is for the first phase of the backbone infrastructure at Alameda Point’s Adaptive Reuse Area. Completed projects that were transferred from construction in progress to infrastructure totaled $8.1 million. Deferred outflows relating to pensions weighed on this increase to net position, reducing total deferred outflows of resources by $4.6 million. As the measurement date of our pension assets and liabilities is one year in arrears, unrealized investment losses from Fiscal Year 2022-23 negatively impacted these deferred outflows of resources.

Details of the net position are presented in the summary are as follows:

Condensed Statement of Net Position
as of June 30, 2024 and 2023
(In thousands)
Governmental
Activities
Business-type
Activities Total
2024 2023 2024 2023 2024 2023
Assets
Current and other assets $ 484,258 $ 443,547 $ 158,665 $ 147,897 $ 642,923 $ 591,444 Capital assets 379,796 368,710 149,774 142,184 529,570 510,894 Total assets $ 864,054 $ 812,257 $ 308,439 $ 290,081 $ 1,172,493 $ 1,102,338 Deferred Outflows of Resources
Deferred losses on refunding $ — $ — $ 254 $ 315 $ 254 $ 315 Related to pensions 70,967 73,681 7,601 9,598 78,568 83,279 Related to OPEB 9,714 11,118 103 109 9,817 11,227 Total Deferred Outflows of Resources $ 80,681 $ 84,799 $ 7,958 $ 10,022 $ 88,639 $ 94,821 Liabilities
Long-term Liabilities $ 410,101 $ 386,310 $ 56,653 $ 58,405 $ 466,754 $ 444,715 Other Liabilities 55,554 51,878 14,850 13,237 70,404 65,115 Total Liabilities $ 465,655 $ 438,188 $ 71,503 $ 71,642 $ 537,158 $ 509,830 Deferred Inflows of Resources
Related to pensions $ 95 $ 742 $ 206 $ 310 $ 301 $ 1,052 Related to OPEB 40,622 50,905 426 637 41,048 51,542 Related to leases 95,604 87,936 95,604 87,936
Balancing account 47,889 41,773 47,889 41,773
Total Deferred Inflows of Resources $ 136,321 $ 139,583 $ 48,521 $ 42,720 $ 184,842 $ 182,303 Net Position:

Net Investment in Capital Assets $ 338,369 $ 339,462 $ 121,316 $ 111,367 $ 459,685 $ 450,829 Restricted 149,664 137,170 21,490 22,157 171,154 159,327 Unrestricted (145,275) (157,347) 53,567 52,217 (91,708) (105,130) Total Net Position $ 342,758 $ 319,285 $ 196,373 $ 185,741 $ 539,131 $ 505,026 City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2024
7 On June 30, 2024, 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, $459.7 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, increased $11.9 million, or 7.4%, from $159.3 million at June 30, 2023 to $171.2 million at June 30, 2024. 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 net position restricted for debt service, accounted for using restricted cash held in the City Hall and Library Bonds debt service fund. In December 2023, the City issued $14.6 million of lease revenue bonds through the City of Alameda Financing Authority for the construction of a new aquatic center at Jean Sweeney Park. Preliminary project scope, design, and contract negotiation are all ongoing as of June 30, 2024.

Total liabilities increased by $27.4 million from $509.8 million at June 30, 2023 to $537.2 million at June 30, 2024 due to increases in accounts payable ($6.2 million), net pension liability ($13.5 million), and long-term debt due in more than one year ($8.7 million). Accounts payable fluctuate throughout a fiscal year and were up in most City funds at fiscal year-end, however these are expected to be paid using current resources soon after June 30, 2024. Net pension liability increased by 4.4% over the prior fiscal year as CalPERS did not reach their 6.8% return target for Fiscal Year 2022-23, the measurement date of these financial statements, coming up shy of that target by 1.0%. The increase in long-term debt due in more than one year is applicable to the aforementioned revenue bond issued for the new aquatic center ($14.6 million) less normal payments of the City’s other outstanding debt ($4.7 million).

City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2024
8 Information about changes in net position is presented in the summary schedule below:

Condensed Statement of Activities
for the years ended June 30, 2024 and 2023
(In thousands)
Governmental
Activities
Business-type
Activities Total
2024 2023 2024 2023 2024 2023
Revenues
Program revenues
Charges for services $ 30,693 $ 30,588 $ 90,458 $ 84,569 $ 121,151 $ 115,157 Operating grants and contributions 12,059 25,216 12,059 25,216 Capital grants and contributions 11,328 7,955 11,328 7,955 General revenues
Property taxes 71,847 70,539 71,847 70,539
Sales taxes 22,620 22,522 22,620 22,522
Utility users tax 9,780 10,103 9,780 10,103
Other taxes 19,344 19,472 19,344 19,472
Gain on sale of capital assets 186 72 186 72
Use of money and properties 33,178 28,263 5,559 2,109 38,737 30,372 Miscellaneous 11,222 2,008 657 720 11,879 2,728
Total revenues $ 222,257 $ 216,738 $ 96,674 $ 87,398 $ 318,931 $ 304,136 Expenses
General Government $ 20,448 $ 11,161 $ — $ — $ 20,448 $ 11,161 Police 50,107 39,359 50,107 39,359
Fire 52,565 45,132 52,565 45,132
Public Works 37,014 31,827 37,014 31,827
Community Development 11,636 15,688 11,636 15,688 Recreation and Parks 13,975 14,007 13,975 14,007 Library 7,097 5,624 7,097 5,624
Planning, Building and Transportation 8,479 7,898 8,479 7,898 Interest on long-term debt 1,843 1,098 1,843 1,098 Sewer Services 6,955 6,889 6,955 6,889
Alameda Municipal Power 74,704 72,011 74,704 72,011 Total expenses $ 203,164 $ 171,794 $ 81,659 $ 78,900 $ 284,823 $ 250,694 Change in Net Position Before Transfers $ 19,091 $ 44,946 $ 15,015 $ 8,499 $ 34,106 $ 53,445 Transfers, Net 4,382 4,293 (4,382) (4,293)
Change in Net Position 23,473 49,239 10,633 4,206 34,106 53,445 Beginning Net Position 319,285 270,047 185,741 181,535 505,026 451,582 Ending Net Position $ 342,758 $ 319,286 $ 196,374 $ 185,741 $ 539,132 $ 505,027 Total revenues rose by approximately $14.8 million, or 4.9%. Charges for services in the AMP Enterprise Fund increased nearly 7.2% from $72.3 million in FY 2022-23 to $77.5 million in FY 2023-24. This revenue increase coincided with a $4.8 million, or 7.1%, increase of AMP’s total operating expenses. Investment returns under the Use of money and properties category increased $8.4 million as sited previously in this analysis. While the City increased program revenues for capital grants and contributions by $3.4 million, operating grants and contributions fell nearly $13.6 million a majority of the grant funding received through the American Rescue Plan Act (ARPA) was used in the prior year as revenue replacement or project funding. The City’s miscellaneous revenues also increased by $9.2 million over the prior year.

City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2024
9 Expenses increased approximately $34.1 million, or 13.6%, compared to the prior year. A majority of this increase is due to the rise in cost of services offered by the governmental activities portion of the City. For example, cost of police activities throughout the City increased approximately $10.7 million, mostly due to labor and overtime costs of the force. Fire expenses increased over the same period by $7.4 million, totaling an $18.2 million increase in expenses year-over-year for safety services. General government expenses, including finance, human resources, legal and managerial aspects of the City, increased by $9.3 million over the prior year. While the City did see increases in finance and legal costs for the year, a majority of this increase is due to a restructure within the City where the Housing and Human Resources division was moved from the Community Expense category of the Statement of Activities to the General Government category.

Governmental Activities – Expense and Program Revenue by Source Program revenue associated with Governmental Activities total $54.1 million, or 26.6%, 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, 2024
(In thousands)
Expenses
Program
Revenues
Net Revenue
(Expense)
of Activities
Governmental Activities
General Government $ 20,448 $ 8,417 $ (12,031)
Police 50,107 712 (49,395)
Fire 52,565 6,333 (46,232)
Public Works 37,014 18,876 (18,138)
Community Development 11,636 2,765 (8,871)
Recreation and Parks 13,975 4,673 (9,302)
Library 7,097 170 (6,927)
Planning, Building and Transportation 8,479 12,133 3,654 Interest on Long-Term Debt 1,843 (1,843)
$ 203,164 $ 54,079 $ (149,085)
City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2024
10 The pie chart on the next page illustrates the distribution of total revenue of $222.3 million among the various sources of the City’s governmental activities. Most revenues by source increased slightly or tracked closely to prior year revenues including charges for services, property taxes, sales tax, and other taxes. Operating grants and contributions decreased $13.2 million as mentioned in the Financial Analysis of Government-Wide Financial Statements portion of this examination. Discussion regarding use of money and property and miscellaneous/other revenues can also be found there.

Revenues by Source- Governmental Activities
for the years ended June 30, 2024 and 2023
(In thousands)
2024 2023 Difference
Charges for Services $ 30,693 $ 30,588 $ 105
Operating Grants and Contributions 12,059 25,216 (13,157) Capital Grants and Contributions 11,328 7,955 3,373
Property Taxes 59,819 59,470 349
Motor Vehicle In-Lieu Fees 12,028 11,069 959
Sales Taxes 22,620 22,522 98
Utility Users Tax 9,780 10,103 (323)
Other Taxes 19,344 19,472 (128)
Gain on sale of capital assets 186 72 114
Use of Money and Property 33,178 28,263 4,915
Miscellaneous/Other 11,222 2,008 9,214
$ 222,257 $ 216,738 $ 5,519
City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2024
11 REVENUE BY SOURCE - GOVERNMENTAL ACTIVITIES
Changes for Services
14%
Operating Grants and
Contributions
5%
Capital Grants and
Contributions
5%
Property Taxes
27%
Motor Vehicle In-Lieu Fees
5%
Sales Taxes
10%
Utility Users Tax
4%
Other Taxes
9%
Gain on sale of capital assets
0%
Use of Money and Property
15%
Miscellaneous/Other
5%
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, 2024
(In thousands)
Revenue Expense Net
Sewer Services $ 12,988 $ 6,955 $ 6,033
Alameda Municipal Power (AMP) 77,470 74,704 2,766
$ 90,458 $ 81,659 $ 8,799
Net position of the Sewer Services Fund at June 30, 2024 was $118.9 million with the largest portion, $102.6 million, invested in capital assets less any related outstanding debt that was used to acquire those assets. The remaining $16.2 million is available to fund debt service, sewer operations, and future improvements and maintenance projects. The Sewer Services Fund generated operating income of $13.0 million, exceeding last year’s operating income by $0.7 million, or 5.4%. Nonoperating revenues - Interest income improved net position by $0.9 million, while operating expenses increased year-over-year by 1.1%, or $0.1 million, City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2024
12 Net position of AMP at June 30, 2024 was $77.5 million, with the largest portion, $53.6, available to fund operations, maintenance projects and future capital improvements. Of the remaining $23.9 million, $5.3 million is restricted for debt service and $18.7 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 $72.1 million, while the cost of non-operating activities and transfers out net another $2.30 million in expenses. The largest source of operating revenue was user charges for services of $77.5 million. The overall net increase in net position of AMP was $3.7 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, 2024 and 2023
(In thousands)
2024 2023 Difference
Charges for Services $ 90,458 $ 84,569 $ 5,889
Investment Earnings/Rents 5,559 2,109 3,450
Miscellaneous Revenues 657 720 (63)
$ 96,674 $ 87,398 $ 9,276
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 City Council to assign resources for use at the end of the fiscal year.

As of June 30, 2024, the City’s governmental funds reported combined ending fund balances of $250.1 million.

Approximately $45.2 million, or 18.1%, 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 ($3.6 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 ($133.5 million);

3. committed for particular purposes ($17.8 million); or

4. assigned for particular purposes ($50.0 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, 2024
13 The General Fund is the chief operating fund of the City. As of June 30, 2024, unassigned fund balance of the General Fund was $52.4 million. Assigned fund balance was $50.0 million. The remaining fund balance, including non-spendable, restricted and committed resources, was $11.1 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 37.7% of total General Fund expenditures and transfers out.

General Fund revenues net of transfers increased $6.2 million, or 4.9%, from the prior fiscal year to $132.1 million in FY 2023-24. Property tax revenues for the fiscal year were $61.3 million, an increase of $4.1 million or 7.2% over the prior year. This increase is primarily due to the increase in assessed value of properties in the City of Alameda and the receipt of higher-than-anticipated residual property tax trust fund distributions from the redevelopment agency. Sales tax increased from $11.6 million in the prior year to $12.3 million in the current year, a $0.7 million or 6.0%, increase. Higher prices for goods throughout the area have sparked this increase. All other revenue sources stayed fairly consistent year-over-year excluding use of money and property, which increased $3.1 million from prior year due to the returns of the City’s investments, and other revenues, which decreased $1.4 million from the prior year due to a one-time settlement received by the City in the prior year.

General Fund expenditures excluding transfers totaled $124.4 million for FY 2023-24 compared to $109.1 million in the prior fiscal year. This amount excludes encumbrances outstanding at year end. The increase of $15.3 million, or 14.0%, 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 full staffing levels.

Transfers out for FY 2023-24 were $14.7 million compared to $10.9 million in the prior year. This increase of $3.8 million was due to an increase of $3.4 million in General Fund transfers to capital project funds for building improvements. There was also a reorganization of the Urban Forest fund which constituted a one-time transfer of $1.3 million. The General Fund also transferred out an additional $0.7 million more than the prior fiscal year for payments on leased equipment.

The fund balance of the City’s General Fund was $113.6 million at June 30, 2024, which is a $1.1 million, or

1.0%, increase from the prior fiscal year. Of this $113.6 million, $24.3 million has been assigned to certain construction projects, namely $14.4 million to the construction of an aquatic center at Jean Sweeney Park, $3.3 million to improvements of streets and sidewalks, and $6.6 million to other various infrastructure projects. $7.5 million of this fund balance has been committed to the Emma Hood Swim Center. Revenues and transfers in of $140.2 million were $0.8 million, or 0.6% higher, than FY 2022-23. Expenditures and transfers out were $139.2 million, which is $19.2 million, or 16.0%, higher than FY 2022-23. These increases are explained above.

The Base Reuse Special Revenue Fund had a decrease in fund balance from $46.2 million in prior year to $43.3 million in FY 2023-24, a decrease of $2.9 million, or 6.3%. 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 $16.4 million. In the current year, transfers out decreased substantially to $10.0 million. This reduction in transfers out comprises the majority of the reduction of loss in fund balance from the prior year.

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 increased slightly from $1.1 million in prior year to $1.8 million in the current year, mainly due to a one-time transfer out to the General Fund in the prior year as revenue replacement under the standard allowance of the Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) not occurring in the current year.

City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2024
14 The Capital Improvement Projects Fund has a total fund balance of $(7.3) million as of June 30, 2024, 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 $24.2 million for capital projects during FY 2023-24, including the following:
• Alameda Point Backbone Infrastructure ($8.9 million)
• Clement Ave CAT - Grand to Broadway ($2.4 million)
• Pavement Management ($2.0 million)
• Sidewalks ($1.2 million)
• Storm Water Management ($1.2 million)
• Sea Level Rise ($0.9 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 2023-24, 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, 2024. The following table presents each funds’ net position as of June 30, 2024:

Internal Service Fund Net Position
for the year ended June 30, 2024
(In thousands)
Net Position
IT Cable Replacement $ 1,758
Fleet Maintenance 16,286
Technology Services 4,924
Facilities Replacement and Maintenance 12,310
Workers' Compensation Insurance 3,498
General Liability Insurance 968
Unemployment Insurance 245
OPEB/Vacation 7,582
Pension Stabilization 20,051
Total $ 67,622
The current net position of the Worker’s Compensation Fund increased by $2.8 million from the prior year.

Claims decreased by $1.0 million from the prior year and the City has drawn funds from other sources to match anticipated increases in premiums. Both Fleet Maintenance and Replacement and Facilities Replacement and Maintenance operating revenues have increased from prior year, $1.7 million and $0.9 million respectively, leading to increases in both of these Internal Service Fund ending net positions.

City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2024
15 General Fund Budgetary Highlights
While the City budgeted for a $4.6 million, or 3.8%, increase in budgeted revenues net of transfers for the Fiscal Year Ended June 30, 2024 over the prior fiscal year budgeted revenues, revenues came in $6.1 million, or 4.8%, higher than prior year actual amounts. As stated previously, this increase in revenues stems from a variety of sources including property taxes and use of money and property. Actual amounts came in $7.4 million over budgeted amounts for the current fiscal year.

Actual expenditures within the General Fund came in at $124.4 million compared to a budgeted final amount of $131.1 million, or 5.1% less than the budgeted final projections. General government expenditures came in $3.0 million, or 30.6%, below budgeted expenditures. Vacancy savings for departments such as the City Attorney’s Office and Finance helped fuel this variance. Fire costs came in roughly $1.4 million below expectations and less money than expected was used by the General Fund to fund capital outlay to the extent of $1.1 million. The largest variances between our final budgeted and actual amounts are found in the other financing sources (uses) category, where two major transfers out, one for the new aquatic center at Jean Sweeney Park of approximately $15.0 million and one for Emma Hood Swim Center of $7.5 million, did not take place. These funds still reside in the General Fund, assigned to recreation and parks and committed to culture and recreation, respectively.

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, 2024, capital assets, net of accumulated depreciation, of the Governmental Activities totaled $379.8 million. For FY 2023-24, additions to governmental activities capital assets included $23.2 million for Streets projects, such as Pavement Management ($2.0 million) and Sidewalks ($1.2 million), for Storm Water projects such as Storm Water Management ($1.2 million) and for projects currently in the construction phase such as Alameda Point Backbone Infrastructure ($9.0 million) and Clement Ave Safety Improvements ($2.4 million).

Capital assets, net of accumulated depreciation, of the Business-Type Activities totaled $149.8 million. For FY 2023-24, additions to Business-Type Activities capital assets included $12.7 million for Sewer projects such as Sewer Rehabilitation ($9.0 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
2024 2023 2024 2023 2024 2023
Land $ 5,995 $ 5,995 $ 220 $ 220 $ 6,215 $ 6,215
Construction in progress 60,499 45,310 7,700 6,316 68,199 51,626 Buildings and Plants 291,004 291,004 103,377 102,129 394,381 393,133 Machinery and equipment 42,060 41,072 23,761 22,192 65,821 63,264 Right-to-use subscription
assets 4,071 3,271 24 34 4,095 3,305
Infrastructure 337,285 329,213 156,779 147,380 494,064 476,593 Total $ 740,914 $ 715,865 $ 291,861 $ 278,271 $ 1,032,775 $ 994,136 City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2024
16 Long-Term Debt - Long-term debt of Governmental Activities increased $11.4 million due to the increase of $15.4 million in new issuance of 2023 Lease Revenue Bonds (Aquatic Center) in FY 2023-24 offsetting with the current fiscal year’s principal payments of $4.0 million. Long-term debt of Business-Type Activities decreased $2.1 million during the year as a result of annual debt service payments made. In addition, per capita long-term debt outstanding increased from $736 to $846 in FY 2023-24. Additional information about the City’s long-term debt activity can be found in Note 6 of this report.

Long-Term Debt
(In thousands)
Governmental
Activities
Business-Type
Activities Total
2024 2023 2024 2023 2024 2023
Certificates of Participation $ 3,968 $ 4,604 $ — $ — $ 3,968 $ 4,604 Lease Revenue Bonds 14,722 — — — 14,722 —
Revenue Bonds 6,900 7,500 26,311 28,449 33,211 35,949 General Obligation Bonds 5,217 5,652 — — 5,217 5,652 HUD Section 108 Loan 2,422 3,010 — — 2,422 3,010
Other Long-Term Debt 6,527 7,654 — — 6,527 7,654 $ 39,756 $ 28,420 $ 26,311 $ 28,449 $ 66,067 $ 56,869
Economic Outlook and Next Year’s Budget
The City projects ongoing growth in property tax revenues, fueled by inflation-driven increases in assessments.

However, the pace of growth has slowed due to the impact of higher interest rates on consumer demand and sales prices, which affect property turnover and reassessments. Property tax has been a consistently stable revenue source for the City and is expected to remain so. The City anticipates a stabilization of property transfer taxes as interest rates stay elevated compared to recent historical levels for the foreseeable future.

While the City’s diverse revenue base has allowed for a healthy reserve to accumulate over the past five plus fiscal years, City Council approved a temporary addition to the Economic Uncertainty Reserve of $4.0 million during the 23-25 Biennial Budget. Staff, with the approval of City Council, has set aside the use of fund balance in the General Fund for operations, construction projects, and pay down of the City’s unfunded accrued pension liability for Fiscal Year 2024-25 in the amount of $12.6 million. $6.0 million of this amount was assigned during FY 2023-25 Biennial Budget while another $6.6 million was assigned during the FY 2024-25 Midcycle Budget.

Of the Midcycle Budget amount, $3.0 million was assigned to pay down the unfunded accrued pension liability.

Over the long term, the City will consistently assess potential new revenue streams and track cost increases that outpace revenue growth, especially in areas like liability insurance, employee health premiums, and pension obligations, to ensure it can prevent significant reductions in service levels.

Significant Events and Accomplishments
The City is dedicated to meeting the social, cultural, and recreational needs of its residents and businesses. • In Fiscal Year 2023-24, the City adopted its three-year Strategic Plan. This Plan is a tool to help City Council guide staff’s work over the next several years by developing a shared vision and priorities with specific projects included to meet those priorities.
• In July 2023, City Council approved the disposition and development agreement at Alameda Point and the developer commenced demolition and horizontal site improvements for the Rebuilding Existing Supportive Housing at Alameda Point (RESHAP) development.

City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2024
17 • City Council approved a Phase I design-build agreement for the design and permitting of the City’s new aquatic center in May 2024.
• The Alameda County Emergency Medical Services (EMS) Agency recognized the Alameda Fire Department’s Community, Assessment, Response and Engagement (CARE) team as the “EMS Program of the Year.” As a 24/7 alternative response to nonviolent individuals facing a mental health crisis, the CARE team responds to nearly 1,000 care calls per year. Fiscal Year 2023-24 was the first complete year of operation since City Council elevated the CARE team from a pilot program to a permanent initiative.

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, 2024
18 City of Alameda, California
People and Places in the City
19 City of Alameda, California
People and Places in the City
20 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
Statement of Net Position
June 30, 2024
21 City of Alameda, California
People and Places in the City
22 Cash and investments $ 305,388,722 $ 92,753,956 $ 398,142,678 Restricted cash and investments 36,179,207 6,149,691 42,328,898 Accounts receivable, net 23,974,809 9,767,414 33,742,223 Interest receivable 763,105 763,105
Loans receivable 11,836,424 11,836,424
Materials, parts and supplies 7,411,184 7,411,184
Prepaids and deposits 6,023,889 40,000 6,063,889
Internal balances 773,123 (773,123)
Leases receivable 100,081,328 100,081,328
Share of certain NCPA projects and reserve 7,191,054 7,191,054 Investments designated for special purposes 35,362,198 35,362,198 Capital assets:

Non-depreciable 66,494,482 7,919,827 74,414,309
Depreciable, net of accumulated depreciation 313,301,368 141,854,470 455,155,838 Total Assets 864,053,352 308,439,776 1,172,493,128

DEFERRED OUTFLOWS OF RESOURCES
Deferred amount on refunding 253,542 253,542
Related to pensions 70,967,121 7,601,241 78,568,362
Related to OPEB 9,713,504 102,991 9,816,495
Total Deferred Outflows of Resources 80,680,625 7,957,774 88,638,399

LIABILITIES
Accounts payable 13,152,365 3,352,763 16,505,128
Accrued payroll 5,582,893 47,803 5,630,696
Interest payable 370,935 557,403 928,338
Unearned revenue 15,513,584 15,513,584
Refundable deposits 3,266,375 7,449,860 10,716,235
Due to other agencies 97,660 97,660
Claims payable:

Due within one year 8,506,594 207,964 8,714,558
Due in more than one year 14,189,481 820,417 15,009,898 Compensated absences - due within one year 4,392,775 685,449 5,078,224 Lease liability - due within one year 287,969 287,969 Subscription liability - due within one year 976,099 6,224 982,323 Long-term liabilities due in more than one year: Net pension liability 290,503,026 28,441,294 318,944,320 Total pension liability 2,509,692 2,509,692
Net OPEB liability 65,166,251 1,228,885 66,395,136
Lease liability 2,099,837 2,099,837
Subscription liability 1,671,651 6,681 1,678,332
Long-term debt:

Due within one year 3,694,461 2,255,000 5,949,461
Due in more than one year 36,060,717 24,055,811 60,116,528 Total Liabilities 465,654,559 71,503,360 537,157,919

DEFERRED INFLOWS OF RESOURCES
Purchased power balancing account 47,888,828 47,888,828 Accounts receivable
Related to pensions 94,609 205,934 300,543
Related to OPEB 40,622,366 425,812 41,048,178
Related to leases 95,603,615 95,603,615
Total Deferred Inflows of Resources 136,320,590 48,520,574 184,841,164 NET POSITION:

Net investment in capital assets 338,369,021 121,316,317 459,685,338 Restricted for:

Capital projects 25,944,469 25,944,469
Debt service 17,069,642 6,149,691 23,219,333
Housing 56,984,133 56,984,133
Public safety 2,573,050 2,573,050
Community development 2,949,349 2,949,349
Maintenance assessment districts 12,279,021 12,279,021 Transportation 16,085,301 16,085,301
Tidelands properties 3,186,100 3,186,100
Waste reduction 5,305,789 5,305,789
Community services 7,287,503 7,287,503
Sewer system replacement 15,340,156 15,340,156
Total Restricted Net Position 149,664,357 21,489,847 171,154,204 Unrestricted (145,274,550) 53,567,452 (91,707,098)
Total Net Position $ 342,758,828 $ 196,373,616 $ 539,132,444 Primary Government
ASSETS
Governmental
Activities
Business-Type
Activities Total
See accompanying notes to financial statements.

City of Alameda
Statement of Net Position
June 30, 2024
23 Program Revenues
Functions/Programs Expenses
Charges for
Services
Operating
Grants and
Contributions
Capital
Grants and
Contributions
Primary Government:

Governmental Activities:

General government $ 20,448,342 $ 3,557,324 $ 4,859,260 $ — Police 50,106,789 469,365 242,856
Fire 52,565,392 5,559,380 773,568
Public works 37,014,141 10,365,828 4,529,999 3,980,250 Community development 11,636,390 1,134,789 1,130,241 500,000 Recreation and parks 13,974,966 4,096,332 136,424 440,695 Library 7,097,477 13,346 156,593
Planning, Building and Transportation 8,479,428 5,496,254 229,686 6,407,227 Interest on long-term debt 1,842,567
Total Governmental Activities 203,165,492 30,692,618 12,058,627 11,328,172 Business-type Activities:

Sewer services 6,955,122 12,987,587
Alameda municipal power 74,704,059 77,470,175
Total Business-type Activities 81,659,181 90,457,762
Total Primary Government $ 284,824,673 $ 121,150,380 $ 12,058,627 $ 11,328,172 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, 2024
24 Net (Expense) Revenue and
Changes in Net Position
Primary Government
Governmental
Activities
Business-type
Activities Total
$ (12,031,758) $ — $ (12,031,758)
(49,394,568) (49,394,568)
(46,232,444) (46,232,444)
(18,138,064) (18,138,064)
(8,871,360) (8,871,360)
(9,301,515) (9,301,515)
(6,927,538) (6,927,538)
3,653,739 3,653,739
(1,842,567) (1,842,567)
(149,086,075) (149,086,075)
6,032,465 6,032,465
2,766,116 2,766,116
8,798,581 8,798,581
(149,086,075) 8,798,581 (140,287,494)
71,846,979 71,846,979
22,620,145 22,620,145
9,779,914 9,779,914
10,822,407 10,822,407
3,543,265 3,543,265
3,380,956 3,380,956
1,283,000 1,283,000
314,246 314,246
186,460 186,460
33,178,202 5,559,341 38,737,543
11,221,881 656,943 11,878,824
4,382,000 (4,382,000)
172,559,455 1,834,284 174,393,739
23,473,380 10,632,865 34,106,245
319,285,448 185,740,751 505,026,199
$ 342,758,828 $ 196,373,616 $ 539,132,444
City of Alameda
Statement of Activities
For the Year Ended June 30, 2024
25 City of Alameda, California
People and Places in the City
26 The funds described below were determined to be major funds of the City of Alameda in Fiscal Year 2023-24.

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 $ 101,243,625 $ 41,390,131 $ 16,202,302 Restricted cash and investments 100,000
Accounts receivable 12,892,747 598,596 900,826
Prepaids and deposits 3,071,368
Due from other funds 6,709,049
Loans receivable 551,582
Advances to other funds 560,446
Leases receivable 930,111 74,574,007
Total Assets $ 125,407,346 $ 116,662,734 $ 17,654,710

LIABILITIES
Accounts payable $ 4,643,070 $ 289,077 $ 1,330,297
Accrued payroll 4,618,314 90,600
Due to other funds
Due to other agencies 31,509
Unearned revenue 388,237 596,824 14,010,273
Refundable deposits 1,071,127 1,654,159
Advances from other funds 138,857
Total Liabilities 10,891,114 2,630,660 15,340,570

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - accounts receivable 468,865
Unavailable revenue - revolving loans receivable
Related to leases 899,040 70,781,902
Total Deferred Inflows of Resources 899,040 70,781,902 468,865 FUND BALANCES:

Nonspendable 3,631,814
Restricted 43,250,172 1,845,275
Committed 7,500,000
Assigned 50,039,490
Unassigned 52,445,888
Total Fund Balances 113,617,192 43,250,172 1,845,275 Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 125,407,346 $ 116,662,734 $ 17,654,710
See accompanying notes to financial statements.

City of Alameda,
Governmental Funds
Balance Sheet
June 30, 2024
28 Capital
Improvement
Projects
Other
Governmental
Funds
Total
Governmental
Funds
$ 121,670 $ 82,469,575 $ 241,427,303
16,813,328 16,913,328
5,403,675 3,253,341 23,049,185
3,071,368
6,709,049
11,284,842 11,836,424
560,446
185,026 24,392,184 100,081,328
$ 5,710,371 $ 138,213,270 $ 403,648,431
$ 3,186,885 $ 1,867,676 $ 11,317,005
184,071 550,147 5,443,132
5,458,061 477,865 5,935,926
2,855 63,296 97,660
22,160 496,090 15,513,584
35,606 483,879 3,244,771
560,446 699,303
8,889,638 4,499,399 42,251,381
3,904,425 4,373,290
11,284,842 11,284,842
202,032 23,720,641 95,603,615
4,106,457 35,005,483 111,261,747
3,631,814
88,380,001 133,475,448
10,328,387 17,828,387
50,039,490
(7,285,724) 45,160,164
(7,285,724) 98,708,388 250,135,303
$ 5,710,371 $ 138,213,270 $ 403,648,431
City of Alameda,
Governmental Funds
Balance Sheet
June 30, 2024
29 City of Alameda, California
People and Places in the City
30 Total fund balances reported on the governmental funds balance sheet $ 250,135,303 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 60,499,164
Buildings 297,140,430
Machinery and equipment 25,233,255
Right-to-use subscription assets 98,242
Infrastructure 329,213,481
Less Accumulated Depreciation (347,148,080)
371,031,810

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 67,622,322

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. 15,658,132

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 (197,962)
Long-term debt (38,542,640)
Interest payable (340,043)
Compensated absences (4,392,775)
(43,473,420)
Net pension liability (290,503,026)
Deferred outflows of resources related to pension 70,967,121 Deferred inflows of resources related to pension (94,609) (219,630,514)
Total pension liability (2,509,692)
Net OPEB liability (65,166,251)
Deferred outflows of resources related to OPEB 9,713,504 Deferred inflows of resources related to OPEB (40,622,366) (96,075,113)
NET POSITION OF GOVERNMENTAL ACTIVITIES $ 342,758,828
See accompanying notes to financial statements.

City of Alameda
Reconciliation of Governmental Funds Balance Sheet with the Statement of Net Position June 30, 2024
31 General
Base Reuse
Special Revenue
Grants
Special Revenue

REVENUES
Property taxes $ 61,339,424 $ – $ –
Sales taxes 12,292,966
Transfer taxes 10,822,407
Utility user taxes 9,779,914
Other local taxes 18,520,791
Licenses and permits 3,008,524 11,032
Developer fees
Revenues from other agencies 911,031 8,671,558
Charges for current services 8,793,844 849,468
Fines and forfeitures 457,390 621
Use of money and property 6,153,321 18,274,876 1,077,209 Other revenues 61,947 129,337
Total Revenues 132,141,559 18,404,834 10,609,267

EXPENDITURES
Current:

General government 9,802,753 1,761,788 3,634,580
Police 46,036,027 270,609
Fire 48,705,866 162,985
Public works 4,212,368 2,560,714
Community development 1,042,644 7,007,052 2,862,068
Recreation and parks 13,429,016
Library (12,911)
Planning, Building and Transportation 525,917 115,960 Capital outlay 624,620 22,203
Debt service:

Principal 23,157 2,682
Interest 5,628 468
Bond Issuance Cost
Total Expenditures 124,407,996 11,329,554 7,058,644

EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITURES 7,733,563 7,075,280 3,550,623

OTHER FINANCING SOURCES (USES)
Transfers in 8,100,873
Transfers (out) (14,748,782) (10,016,055) (2,790,056) Issuance of long-term debt
Total Other Financing Sources (Uses) (6,647,909) (10,016,055) (2,790,056) NET CHANGE IN FUND BALANCES 1,085,654 (2,940,775) 760,567 BEGINNING FUND BALANCES (DEFICITS) 112,531,538 46,190,947 1,084,708 ENDING FUND BALANCES (DEFICITS) $ 113,617,192 $ 43,250,172 $ 1,845,275 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, 2024
32 Capital
Improvement
Projects
Other
Governmental
Funds
Total
Governmental
Funds
$ — $ 12,882,435 $ 74,221,859
12,292,966
10,822,407
9,779,914
1,058,766 19,579,557
228,594 3,581,964 6,830,114
3,007,713 3,007,713
3,296,504 13,615,228 26,494,321
3,728,896 5,368,752 18,740,960
1,213,798 1,671,809
(161,303) 6,139,075 31,483,178
3,861 451,245 646,390
7,096,552 47,318,976 215,571,188
6,064,766 21,263,887
46,306,636
48,868,851
9,722,996 16,496,078
448,495 11,360,259
857,612 14,286,628
5,672,733 5,659,822
7,936,354 8,578,321
24,162,793 12,622,291 37,431,907

3,677,641 3,703,385
1,223,498 1,229,594
362,595 362,595
24,162,793 48,588,981 215,547,963
(17,066,241) (1,270,005) 23,225
12,552,969 22,498,118 43,151,960
(1,245,779) (16,684,842) (45,485,514)
15,371,410 15,371,410
11,307,190 21,184,686 13,037,856
(5,759,051) 19,914,681 13,061,076
(1,526,673) 78,793,707 237,074,227
$ (7,285,724) $ 98,708,388 $ 250,135,303
City of Alameda
Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances For the Year Ended June 30, 2024
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 $ 13,061,076 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 37,431,907 Non-capitalized capital outlay expenditures were re-classified to various governmental activities (13,475,614) Depreciation expense is deducted from fund balance (12,715,815) (Depreciation expense is net of internal service fund depreciation of $2,247,882 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 (15,371,410) Repayment of debt principal is added back to fund balance 3,703,385 Amortization of bond premium is added back to fund balance 44,906 Retirement of subscription liabilities is added back to fund balance (165,469)

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 3,267,542
Interest payable (81,403)
Net pension liability, and related deferred outflows/ inflows of resources (12,860,410) Total pension liability 360,732
Net OPEB liability, and related deferred outflows/ inflows of resources 7,987,588 Compensated absences 17,978

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 12,268,387 CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $ 23,473,380 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, 2024
34 Budgeted Amounts
Variance with
Final Budget
Positive
(Negative)Original Final Actual
REVENUES:

Property taxes $ 56,677,000 $ 58,926,000 $ 61,339,424 $ 2,413,424 Sales taxes 11,700,000 11,500,000 12,292,966 792,966 Transfer taxes 13,000,000 10,800,000 10,822,407 22,407 Utility user taxes 9,210,000 9,580,000 9,779,914 199,914 Other local taxes 18,627,000 18,624,000 18,520,791 (103,209) Licenses and permits 2,760,800 2,960,800 3,008,524 47,724 Revenues from other agencies 1,416,100 1,416,100 911,031 (505,069) Charges for current services 8,589,879 8,872,879 8,793,844 (79,035) Fines and forfeitures 150,000 150,000 457,390 307,390 Use of money and property 1,867,412 1,867,412 6,153,321 4,285,909 Other revenue 645 645 61,947 61,302
Total Revenues 123,998,836 124,697,836 132,141,559 7,443,723 EXPENDITURES:

Current:

General government 12,165,682 12,806,753 9,802,753 3,004,000 Police 43,080,726 46,320,010 46,036,027 283,983
Fire 49,718,704 50,063,153 48,705,866 1,357,287
Public works 4,469,301 4,505,259 4,212,368 292,891
Community development 1,383,630 1,667,141 1,042,644 624,497 Recreation and parks 12,711,505 13,379,946 13,429,016 (49,070) Planning, Building and Transportation 640,864 643,934 525,917 118,017 Capital outlay 1,534,105 1,676,399 624,620 1,051,779 Debt service:

Principal 23,157 (23,157)
Interest 5,628 (5,628)
Total Expenditures 125,704,517 131,062,595 124,407,996 6,654,599

EXCESS OF REVENUES OVER
EXPENDITURES (1,705,681) (6,364,759) 7,733,563 14,098,322

OTHER FINANCING SOURCES (USES)
Transfers in 5,106,000 6,945,000 8,100,873 1,155,873 Transfers (out) (26,892,313) (39,123,456) (14,748,782) 24,374,674 Total other financing sources (uses) (21,786,313) (32,178,456) (6,647,909) 25,530,547 NET CHANGE IN FUND BALANCE $ (23,491,994) $ (38,543,215) 1,085,654 $ 39,628,869 Beginning fund balance 112,531,538
Ending fund balance $ 113,617,192
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, 2024
35 Budgeted Amounts
Variance with
Final Budget
Positive
(Negative)Original Final Actual
REVENUES:

Fines and forfeitures $ — $ — $ 621 $ 621
Use of money and property 13,792,000 13,792,000 18,274,876 4,482,876 Other revenues 130,000 130,000 129,337 (663)
Total Revenues 13,922,000 13,922,000 18,404,834 4,482,834 EXPENDITURES:

Current:

General government 897,315 1,397,315 1,761,788 (364,473) Public works 2,694,111 2,861,336 2,560,714 300,622
Community development 9,861,490 19,570,057 7,007,052 12,563,005 Total Expenditures 13,452,916 23,828,708 11,329,554 12,499,154

EXCESS OF REVENUES OVER
EXPENDITURES 469,084 (9,906,708) 7,075,280 16,981,988

OTHER FINANCING SOURCES (USES)
Transfers (out) (7,190,000) (7,190,000) (10,016,055) (2,826,055) Total other financing sources (uses) (7,190,000) (7,190,000) (10,016,055) (2,826,055) NET CHANGE IN FUND BALANCE $ (6,720,916) $ (17,096,708) $ (2,940,775) $ 14,155,933 Beginning fund balance 46,190,947
Ending fund balance $ 43,250,172
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, 2024
36 Budgeted Amounts
Variance with
Final Budget
Positive
(Negative)Original Final Actual
REVENUES:

Licenses and permits $ — $ — $ 11,032 $ 11,032
Revenue from other agencies 1,339,662 5,113,291 8,671,558 3,558,267 Charges for current services 849,468 849,468
Use of money and property 1,077,209 1,077,209
Other revenues
Total Revenues 1,339,662 5,113,291 10,609,267 5,495,976 EXPENDITURES:

Current:

General government 1,154,270 12,505,205 3,634,580 8,870,625 Police 60,142 1,026,271 270,609 755,662
Fire 33,000 118,276 162,985 (44,709)
Community development 113,250 1,082,630 2,862,068 (1,779,438) Library (12,911) 12,911
Planning, Building, & Transportation 811,500 811,500 Capital outlay 121,000 22,203 98,797
Debt service:

Principal 2,682 (2,682)
Interest 468 (468)
Total Expenditures 1,360,662 15,664,882 7,058,644 8,722,198

EXCESS OF REVENUES OVER
EXPENDITURES (21,000) (10,551,591) 3,550,623 14,102,214

OTHER FINANCING SOURCES (USES)
Transfers in 21,000 171,000 (171,000)
Transfers (out) (6,125,434) (2,790,056) 3,335,378
Total other financing sources (uses) 21,000 (5,954,434) (2,790,056) 3,164,378 NET CHANGE IN FUND BALANCE $ $ (16,506,025) 760,567 $ 17,266,592 Beginning fund balance 1,084,708
Ending fund balance $ 1,845,275
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, 2024
37 City of Alameda, California
People and Places in the City
38 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 2023-24:

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 $ 17,993,835 $ 40,161,267 $ 58,155,102 $ 63,961,419 Investments 34,598,854 34,598,854
Accounts receivable, net 629,058 9,138,356 9,767,414 925,624 Interest receivable 763,105 763,105
Materials and supplies 7,411,184 7,411,184
Prepaids and deposits 40,000 40,000 2,952,521
Total Current Assets 18,622,893 92,112,766 110,735,659 67,839,564 Noncurrent Assets
Restricted investments 891,159 5,258,532 6,149,691 19,265,879 Share of certain NCPA projects and reserve 7,191,054 7,191,054 Investments designated for special purposes 35,362,198 35,362,198 Advances to other funds 138,857
Capital assets:

Non-depreciable 7,919,827 7,919,827
Depreciable, net of accumulated depreciation 113,707,437 28,147,033 141,854,470 8,764,040 Total Noncurrent Assets 114,598,596 83,878,644 198,477,240 28,168,776 Total Assets 133,221,489 175,991,410 309,212,899 96,008,340

DEFERRED OUTFLOWS OF RESOURCES
Deferred amount on refunding 253,542 253,542
Related to pensions 443,019 7,158,222 7,601,241
Related to OPEB 18,974 84,017 102,991
Total Deferred Outflows of Resources 461,993 7,495,781 7,957,774

LIABILITIES
Current Liabilities:

Accounts payable 1,127,777 2,224,985 3,352,762 1,835,360 Due to other funds 773,123 773,123
Accrued payroll and other liabilities 47,803 47,803 139,761 Interest payable 136,759 420,644 557,403 30,892
Refundable deposits 6,079 7,443,781 7,449,860 21,604 Compensated absences 83,062 602,387 685,449
Claims payable 207,964 207,964 8,506,594
Lease liability - current 287,969 287,969
Subscription liability - current 6,224 6,224 918,359 Long-term debt - current 440,000 1,815,000 2,255,000 341,453 Total Current Liabilities 1,847,704 13,775,853 15,623,557 11,794,023 Noncurrent Liabilities:

Claims payable 820,417 820,417 14,189,481
Net pension liability 1,903,057 26,538,237 28,441,294 Net OPEB liability 226,397 1,002,488 1,228,885
Lease liability 2,099,837 2,099,837
Subscription liability 6,682 6,682 1,531,429
Long-term debt 10,615,811 13,440,000 24,055,811 871,085 Total Noncurrent Liabilities 12,751,947 43,900,979 56,652,926 16,591,995 Total Liabilities 14,599,651 57,676,832 72,276,483 28,386,018

DEFERRED INFLOWS OF RESOURCES
Purchased power balancing account 47,888,828 47,888,828 Related to pensions 122,443 83,491 205,934
Related to OPEB 78,447 347,365 425,812
Total Deferred Inflows of Resources 200,890 48,319,684 48,520,574 NET POSITION:

Net investment in capital assets 102,638,721 18,677,596 121,316,317 5,101,714 Restricted
Debt service 891,159 5,258,532 6,149,691
Sewer system replacement 15,340,156 15,340,156
Unrestricted 12,905 53,554,547 53,567,452 62,520,608 Total Net Position $ 118,882,941 $ 77,490,675 $ 196,373,616 $ 67,622,322 See accompanying notes to financial statements.

City of Alameda
Proprietary Funds
Statement of Net Position
June 30, 2024
40 Business-Type Activities
Governmental
Activities-
Internal
Service
Funds
Sewer
Services
Alameda
Municipal
Power
Total
Enterprise
Funds

OPERATING REVENUES
Charges for services $ 12,987,587 $ 77,470,175 $ 90,457,762 $ 32,090,405 Greenhouse gas related sales
Miscellaneous 300 656,643 656,943 149,513
Total Operating Revenues 12,987,887 78,126,818 91,114,705 32,239,918

OPERATING EXPENSES
General administrative 358,925 11,854,975 12,213,900 3,010,180 Operations and maintenance 50,827,121 50,827,121
Wages and benefits 1,552,836 1,552,836 5,935,239
Insurance and claims 12,429,269
Contractual services 305,696 305,696 4,944,269
Depreciation and amortization 2,721,369 3,335,839 6,057,208 2,247,882 Utilities 105,372 105,372
Supplies and maintenance 765,731 765,731 2,703,674
Balancing account adjustment 6,115,571 6,115,571
Total Operating Expenses 5,809,929 72,133,506 77,943,435 31,270,513 Operating Income (Loss) 7,177,958 5,993,312 13,171,270 969,405

NONOPERATING REVENUES (EXPENSES)
Interest income 881,019 4,487,791 5,368,810 4,566,498 Interest income on restricted investments 190,531 190,531 Interest (expense) (329,193) (978,991) (1,308,184) (169,534) Payment in-lieu of taxes (816,000) (1,621,000) (2,437,000) Miscellaneous non-operating revenue
Miscellaneous non-operating expense 29,438 29,438
Gain (loss) from sale of capital assets 186,460
Total Nonoperating Revenues (Expenses) (264,174) 2,107,769 1,843,595 4,583,424 Income (Loss) Before Transfers 6,913,784 8,101,081 15,014,865 5,552,829 Transfers in 6,807,133
Transfers (out) (4,382,000) (4,382,000) (91,575)
Change in net position 6,913,784 3,719,081 10,632,865 12,268,387 BEGINNING NET POSITION 111,969,157 73,771,594 185,740,751 55,353,935 ENDING NET POSITION $ 118,882,941 $ 77,490,675 $ 196,373,616 $ 67,622,322 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, 2024
41 CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 12,963,981 $ 71,495,653 $ 84,459,634 $ 32,257,148 Receipts from Special Sales (C&T and REC) 5,842,906 5,842,906 Payments to suppliers (706,659) (40,057,424) (40,764,083) (14,248,309) Payments to employees (1,578,796) (20,237,371) (21,816,167) (6,854,333) Insurance and claims paid (6,745,241)
Net Cash Provided by (Used for) Operating Activities 10,678,526 17,043,764 27,722,290 4,409,265

CASH FLOWS FROM NON-CAPITAL

FINANCING ACTIVITIES
Payment in-lieu of taxes (816,000) (1,621,000) (2,437,000) Interfund receipts (disbursements) (365,218) (365,218) 48,749 Transfers in 6,715,558
Transfers (out) (4,382,000) (4,382,000)
Cash Flows from Noncapital Financing
Activities (816,000) (6,368,218) (7,184,218) 6,764,307

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
Acquisition of capital assets (10,054,328) (3,592,932) (13,647,260) (2,093,567) Proceeds from the sale of capital assets 186,460
Principal payments on capital debt (443,270) (1,705,000) (2,148,270) (388,965) Principal payments on lease liability (269,276) (269,276) Interest paid (336,167) (771,365) (1,107,532) (172,588) Cash Flows from Capital and Related
Financing Activities (10,833,765) (6,338,573) (17,172,338) (2,468,660)

CASH FLOWS FROM INVESTING ACTIVITIES
Sales (purchases) of restricted investments (42,129) (212,225) (254,354) (3,278,255) Sales (purchases) of unrestricted investments 1,262,754 1,262,754 Sales (purchases) of investments reserved for special
purposes 143,518 143,518
Investment in certain NCPA projects and reserves (983,269) (983,269) Interest income 881,019 190,531 1,071,550 4,566,498 Cash Flows from Investing Activities 838,890 401,309 1,240,199 1,288,243 Net Cash Flows (132,349) 4,738,282 4,605,933 9,993,155 Cash and cash equivalents at beginning of period 18,126,184 35,422,985 53,549,169 53,968,264 Cash and cash equivalents at end of period $ 17,993,835 $ 40,161,267 $ 58,155,102 $ 63,961,419 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, 2024
42 Reconciliation of Operating Income (Loss) to Cash
Flows from Operating Activities:

Operating income (loss) $ 7,177,958 $ 5,993,312 $ 13,171,270 $ 969,405 Adjustments to reconcile operating income to cash
flows from operating activities:

Depreciation and amortization 2,721,369 3,335,839 6,057,208 2,247,882 Pension related amounts 341,217 2,149,457 2,490,674 2,109,672 OPEB related amounts (32,210) (142,623) (174,833)
Change in assets and liabilities:
(Increase) decrease in accounts receivable and
refundable deposits (23,906) (788,259) (812,165) 15,377 (Increase) decrease in materials and supplies (1,611,458) (1,611,458) (Increase) decrease in prepaids (2,619,078)
Increase (decrease) in accounts payable 470,140 1,439,353 1,909,493 443,884 Increase (decrease) in balancing account 6,115,571 6,115,571 Increase (decrease) in refundable deposits 372,628 372,628 1,853 Increase (decrease) in claims payable 190,021 190,021 1,207,115 Increase (decrease) in accrued payroll and others 7,068 7,068 33,155 Increase (decrease) in compensated absences 16,890 (10,077) 6,813 Cash Flows from Operating Activities $ 10,678,526 $ 17,043,764 $ 27,722,290 $ 4,409,265 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, 2024
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 $ 6,797,426 $ 1,876,336
Restricted cash and investments 1,222,948 6,711,229
Accounts receivable 5,317
Interest receivable
Loans receivable 1,114,648
Total Assets 9,135,022 8,592,882

DEFERRED OUTFLOWS OF RESOURCES
Deferred amount on refunding 2,525,077

LIABILITIES
Accounts payable 2,756
Interest payable 614,538 812,361
Refundable deposits 30,451
Due to other governments 26,567
Long term debt:

Due within one year 2,760,000
Due in more than one year 39,904,403
Total Liabilities 43,308,264 842,812
NET POSITION:

Restricted for:

Assessment Districts 7,750,070
Held in trust for private purposes (31,648,165)
Total Net Position (Deficit) $ (31,648,165) $ 7,750,070 See accompanying notes to financial statements.

City of Alameda
Fiduciary Funds
Statement of Fiduciary Net Position
June 30, 2024
45 Successor
Agency
Private-Purpose
Trust Fund
Custodial
Fund
Assessment
Districts

ADDITIONS
Property taxes $ 9,191,137 $ 3,175,613
Use of money and property 237,514 397,314
Contribution from property owners
Miscellaneous
Total Additions 9,428,651 3,572,927

DEDUCTIONS
Administration 87,775
Contractual services 4,561,419 136,424
Debt service:

Interest and fiscal charges 1,931,416 2,580,783
Total Deductions 6,580,610 2,717,207
CHANGE IN NET POSITION 2,848,041 855,720
NET POSITION (DEFICIT), BEGINNING OF YEAR (34,496,206) 6,894,350 NET POSITION (DEFICIT), END OF YEAR $ (31,648,165) $ 7,750,070 See accompanying notes to financial statements.

City of Alameda
Fiduciary Funds
Statement of Changes in Fiduciary Net Position
For the Year Ended June 30, 2024
46 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 ............................................................................................................. 61

3. Interfund Transactions ........................................................................................................................................... 76

4. Loans Receivable .................................................................................................................................................. 78

5. Capital Assets ........................................................................................................................................................ 79

6. Long-Term Debt .................................................................................................................................................... 81

7. Special Assessment Debt Without City’s Commitment ........................................................................................ 88

8. Net Position and Fund Balances ............................................................................................................................ 88

9. Pension Plans ......................................................................................................................................................... 92

10. Post-Employment Health Care Benefits ................................................................................................................ 104

11. Risk Management .................................................................................................................................................. 112

12. Alameda Municipal Power Joint Ventures ............................................................................................................ 114

13. Leases .................................................................................................................................................................... 121

14. Subscription Liabilities .......................................................................................................................................... 123

15. Commitments and Contingencies .......................................................................................................................... 126

16. Redevelopment Agency Dissolution and Successor Agency Activities ............................................................... 128

17. Subsequent Events ................................................................................................................................................. 132 City of Alameda, California
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 Entity
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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
50 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 (GASB) 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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
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 (AMP) 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 - These 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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
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 net 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 net 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 their 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:

City Hall and Library Bonds Debt Service Funds $ (18,370) Sufficient resources were available in each fund to fund these excesses.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
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 follows:
• 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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
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, 2024 is as follows:

Primary Government
Governmental
Activities
Business Type
Activities Total
Beginning Balance $ 4,410,753 $ 678,636 $ 5,089,389
Additions 6,659,614 969,215 7,628,829
Payments (6,677,592) (962,402) (7,639,994)
Ending Balance $ 4,392,775 $ 685,449 $ 5,078,224
Current Portion $ 4,392,775 $ 685,449 $ 5,078,224
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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
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 loans 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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
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
GASB Statement No. 99, “Omnibus 2022.” Effective July 1, 2023, the City implemented Statement No. 99 paragraphs 4 -10 (paragraphs 11-32 were implemented in prior fiscal years ended June 30, 2022 and June 30, 2023). The objectives of this statement and these paragraphs are to enhance comparability in accounting and financial reporting and to improve the consistency of authoritative literature by addressing practice issues that have been identified during implementation of certain GASB Statements related to financial guarantees and the classification and reporting of derivative instruments within the scope of GASB statement No. 53. These paragraphs of this statement had no material impact to the City's financial statements.

GASB Statement No. 100, “ Accounting Changes and Error Corrections” - an amendment of GASB Statement No. 62. Effective July 1, 2023, the City implemented Statement No. 100. The primary objective of this statement is to enhance accounting and financial reporting requirements for accounting changes and error corrections to provide more understandable, reliable, relevant, consistent, and comparable information for making decisions or assessing accountability. This statement had no material impact to the City's financial statements.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
60 Note 1 – Summary of Significant Accounting Policies (Continued) 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:

In June 2022, GASB issued Statement No. 101, “Compensated Absences,” effective for fiscal years beginning after December 15, 2023. 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 City has not determined the effect, if any, on the financial statements.

In December 2023, GASB issued Statement No. 102, “Certain Risk Disclosures,” effective for fiscal years beginning after June 15, 2024. The objective of this Statement is to provide users of government financial statement with essential information about risk related to the government's vulnerabilities due to certain concentration or constraints. The City has not determined the effect, if any, on the financial statements.

In April 2024, GASB issued Statement No. 103, “Financial Reporting Model Improvements,” effective for fiscal years beginning after June 15, 2025. The objective of this statement is to improve key components of the financial reporting model to enhance its effectiveness in providing information that is essential for decision making and assessing a government's accountability. The City has not determined the effect, if any, on the financial statements.

In September 2024, GASB issued Statement No. 104, “Disclosure of Certain Capital Assets,” effective for fiscal years beginning after June 15, 2025. The objective of this statement is to provide users of government financial statements with essential information about certain types of capital assets. The City has not determined the effect, if any, on the financial statements.

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.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
61 Note 2 – Cash, Cash Equivalents, and Investments (Continued) 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.

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, 2024, as presented on the Statement of Net Position and Statement of Fiduciary Net Position are as follows:

Statement of Net Position:

Cash and investments 398,142,678
Restricted cash and investments 42,328,898
Investments designated for special purposes 35,362,198 Fiduciary Funds:

Cash and investments 8,673,762
Restricted cash and investments 7,934,177
Total cash and investments $ 492,441,713
Cash and investments as of June 30, 2024 are composed of the following categories:

Cash on hand (petty cash and change funds) $ 10,026
Deposits with financial institutions 190,041,305
Investments 302,390,382
Total cash and investments $ 492,441,713
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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
62 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) No Limit 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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
63 Note 2 – Cash, Cash Equivalents, and Investments (Continued) Authorized Investment Type
Maximum
Maturity
Maximum Investment in
One Issuer
Maximum
Percentage of
Portfolio
Minimum Required
Rating
Bank/Time Deposits 5 years No limit No Limit N/A
U.S. Treasury Obligations 5 years No limit No Limit N/A U.S. Agency Securities 5 years 25% 75%. N/A
Mutual Funds and Money Market Funds 5 years 10% 20% Highest rating by 2 NRSROs
Banker's Acceptances 180 days 5% 30% A1/P1 or its
equivalent
Commercial Paper 270 days 5%
40% (under the
provision
Sunsetting on
1/1/26)
A1/P1 or its
equivalent
(with issuer rated A
or its equivalent)
Non-Negotiable Certificates of Deposit/CDARS 3 years 5% 30% (combined with NCDs) N/A
Negotiable Certificates of Deposit 5 years 5% 30% (combined with CDARS)
No Rating for amount
under FDIC
Insurance;
A-1/A for amounts
greater than FDIC
Insurance
California Local Agency Investment Fund (LAIF) N/A No limit LAIF Limit N/A CAMP/Caltrust N/A No limit No limit N/A
Municipal Obligations 5 years 5% 30% A (except City's own bonds)
Medium Term Notes 5 years 5% 30% A or equivalent
Supranationals 5 years 10% 15% AA or equivalent
Asset-Backed Securities 5 years 5% 20%
AA or equivalent
(with issuer rated A
or equivalent)
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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
64 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 AMP’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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
65 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 No limit No limit N/A
State Obligations N/A No limit No limit N/A
U.S. Agency Securities (A) N/A No limit No limit N/A
Commercial Paper N/A 5% 25% A1/P1/A
Certificates of Deposit 5 years 5% 30% A1/A
Banker's Acceptances 180 days 5% 30% A1/P1
Money Market Mutual Funds N/A No limit 20% A
California Local Agency Investment Fund N/A LAIF limit No limit N/A Investment Agreements (B) N/A No limit No limit AA
(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, 2024:

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
66 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 $ 2,056,850 $ 12,134,247 $ 14,191,097
Callable 739,761 1,155,157 1,894,918
Medium-Term Corporate Notes:

Non-callable 1,436,399 9,709,847 11,146,246
Callable 1,296,964 20,656,390 21,953,354
Asset Backed Securities
Non-callable 6,299,133 6,299,133
Callable 6,763,175 6,763,175
Supranationals 2,128,778 2,128,778
U.S. Treasury Notes
Non-callable 9,314,395 43,654,651 52,969,046
U.S. Treasury Bonds 570,006 570,006
Money Market Mutual Funds 34,120,589 34,120,589
California Local Agency Investment Fund 120,650,322 120,650,322 Negotiable Certificates of Deposit 998,128 3,474,117 4,472,245 Time Certificates of Deposit 2,499,375 632,062 3,131,437 Municipal Obligations 2,891,892 4,208,144 7,100,036
Guranteed Investment Contract 15,000,000 15,000,000
Total Investments $ 191,004,675 $ 111,385,707 302,390,382 Cash deposits with banks and on hand 190,051,331
Total Cash and Investments $ 492,441,713
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, 2024, 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, 2024, these investments had an average maturity of 260 days.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
67 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, 2024, 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 $ — $ 13,669,301 $ — $ — $ 13,669,301
Callable 1,894,918 1,894,918
Medium Term Corporate Notes:

Non-callable 3,254,239 7,549,750 10,803,989
Callable 3,486,294 18,020,106 268,334 21,774,734
Supranationals 2,128,778 2,128,778
Asset Backed Securities
Non-callable 6,299,133 6,299,133
Callable 6,763,175 6,763,175
Money Market Mutual Funds 14,904,710 14,904,710
Negotiable Certificates of Deposit 452,277 1,128,767 1,581,044 Municipal Obligations 224,829 5,235,966 756,049 6,216,844 Totals $ 30,320,625 $ 27,992,995 $ 27,454,672 $ 268,334 86,036,626 Not rated:

U.S. Government-Sponsored
Enterprise Agencies
Non-callable 521,796 (A)
California Local Agency
Investment Fund 120,650,322
Medium Term Corporate Notes:

Non-callable 342,257 (A)
Callable 178,620
Municipal Obligations 883,192 (A)
Money Market Mutual Funds 19,215,879
Negotiable Certificates of Deposit 2,891,201
Time Certificates of Deposit 3,131,437
Guaranteed Investment Contract 15,000,000
Exempt:

US Treasury Notes 52,969,046
US Treasury Bonds 570,006
Total Investments $ 302,390,382
(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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
68 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, 2024, 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, 2024, Alameda Municipal Power’s investments balance with Hilltop Securities was $34,598,854.

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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
69 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, 2024. 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, 2024, the City has the following recurring fair value measurements:

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
70 Note 2 – Cash, Cash Equivalents, and Investments (Continued) Fair Value Measurements on a Recurring Basis
Using
Balance at
June 30, 2024
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 $ 14,191,097 $ — $ 14,191,097
Callable 1,894,918 1,894,918
Medium-Term Corporate Notes
Non-callable 11,146,246 11,146,246
Callable 21,953,354 21,953,354
Asset Backed Securities
Non-callable 6,299,133 6,299,133
Callable 6,763,175 6,763,175
Supranationals 2,128,778 2,128,778
U.S. Treasury Notes
Non-callable 52,969,046 43,654,651 9,314,395
Callable
U.S. Treasury Bonds 570,006 570,006
Negotiable Certificates of Deposit 4,472,245 4,472,245 Time Certificates of Deposit 3,131,437 3,131,437
Municipal Bonds 7,100,036 7,100,036
Total Investments by Fair Value Level 132,619,471 $ 43,654,651 $ 88,964,820 Investments Not Measured at Fair Value or
Subject to Fair Value Hierarchy:

California Local Agency Investment Fund 120,650,322
Money Market Mutual Funds 34,120,589
Guaranteed Investment Contract 15,000,000
Total Investments Not Measured at Fair
Value 169,770,911
Total Investments $ 302,390,382
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
71 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, 2024, those investments consisted of:

Issuer Maturity Date Callable Date Reported Amount
Abbott Labs 9/15/2025 6/15/2025 $ 246,388
Adobe Inc 4/4/2027 3/4/2027 145,032
Ally Auto Rece22-1 11/16/2026 12/15/2025 178,295
Ally Auto Rece22-2 5/17/2027 4/15/2026 380,832
Amazon Com Inc 12/5/2024 9/5/2024 198,628
Amazon Com Inc 5/12/2026 4/12/2026 734,953
Amazon Com Inc 12/3/2025 9/3/2025 150,161
American Express Co 3/4/2025 2/1/2025 39,130
Apple Inc 9/11/2026 7/11/2026 282,027
Bank Amer Corp Sr 6/19/2026 6/19/2025 239,553
Bank Amer Corp Sr 6/19/2026 6/19/2025 239,553
Bank America Corp 1/20/2027 1/20/2026 342,930
Bank Of America Corp 4/23/2027 4/23/2026 184,691
Bank Of America Corp 4/23/2027 4/23/2026 202,097
Bank Of Montreal 10/29/2026 7/29/2024 178,620
Barclays Bank Plc 8/26/2027 8/26/2024 529,375
Berkshire Hathaway Fin 3/15/2027 2/15/2027 548,361
Bk Of America Corp 12/6/2025 12/6/2024 343,469
Bmw Veh Owner Tr 2023-A A3 2/25/2028 3/25/2027 80,251
Bmw Vehicle Own22A 8/25/2026 2/25/2026 76,737
Bmw Vehicle Owner 2/26/2029 1/25/2028 200,198
Bofa Auto Trust 2024-1 A-3 11/15/2028 8/15/2027 50,148 Bp Cap Mkts Amer Inc 11/17/2027 10/17/2027 254,717
Bristol-Myers Squibb Co Sr Nt 2/22/2027 1/22/2027 69,799 Capital One Prime 5/17/2027 7/15/2026 137,797
Capital One Prime 4/15/2027 4/15/2026 114,174
Capital One Prime Tr 9/15/2026 8/15/2025 59,413
Carmax Auto 8/15/2028 1/15/2027 211,354
Carmax Auto Ow22-1 4/15/2027 9/15/2026 222,034
Carmax Auto Ow22-4 8/16/2027 1/15/2027 279,463
Carmax Auto Own Tr 2021-3 A-3 6/15/2026 10/15/2025 73,204 Abbott Labs 2/17/2026 5/15/2025 25,094
Adobe Inc 12/15/2025 3/15/2025 5,749
Carmax Auto Owner Tr 2022 A-3 2/16/2027 6/15/2026 124,227 Cintas Corp 5/1/2025 4/1/2025 98,306
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
72 Note 2 – Cash, Cash Equivalents, and Investments (Continued) Issuer Maturity Date Callable Date Reported Amount
Cisco Sys Inc 2/26/2027 1/26/2027 $ 289,217
Citibank 9/29/2025 8/29/2025 251,265
Citigroup Global Mkts 9/30/2027 6/30/2024 393,032
Citigroup Global Mkts 10/20/2027 7/20/2024 421,375
Citigroup Inc 1/25/2026 1/25/2025 44,034
Citigroup Inc Sr Nt 10/30/2024 9/30/2024 185,170
Duke Energy Florida Llc 1/15/2027 10/15/2026 477,320
Eli Lilly & Co 2/9/2027 1/9/2027 237,917
Eli Lilly & Co 2/9/2029 1/9/2029 371,839
Exxon Mobil Corporation 3/1/2026 12/1/2025 338,520
Federal Home Ln Bks 3/23/2026 8/23/2024 456,061
Federal Home Ln Mtg Corp 11/3/2025 8/3/2024 299,538
Federal Home Ln Mtg Corp 6/30/2025 6/30/2024 442,031
Federal Home Loan Bank 11/18/2024 8/18/2024 98,176
Federal Home Loan Banks 11/10/2025 8/10/2024 99,843
Federal Natl Mtg Assn 5/16/2025 8/16/2024 199,554
Federal Natl Mtg Assn 1/5/2027 7/5/2024 299,715
Fifth Third Auto Tr 2023-1 A-3 8/15/2028 5/15/2027 230,583 Florida Power Lt Co 12/1/2025 6/1/2025 256,283
Florida Pwr 5/15/2026 4/15/2026 197,558
Florida Pwr Lt Co 5/15/2028 3/15/2028 393,275
Ford Cr Auto Owner 4/15/2029 4/15/2028 349,737
Ford Cr Auto Owner Tr 2/15/2028 2/15/2027 118,880
Ford Credit Aut22A 6/15/2026 12/15/2025 33,209
Ford Credit Auto Owner Trust 5/15/2028 4/15/2027 104,914 Gm Financial Con 2/16/2027 5/16/2026 84,873
Gm Financial Con 4/16/2027 7/16/2026 136,720
Gm Financial Con 11/16/2026 2/16/2026 52,395
Gm Financial Consumer Automobile Trust 2/16/2028 2/16/2027 89,007 Gm Finl Cons Aut 9/16/2026 12/16/2025 48,054
Goldman Sachs Bk Usa 5/21/2027 5/21/2026 139,769
Harley-Davidson Mo 2/15/2027 3/15/2026 117,456
Harley-Davidson Mtrcycle Tr A-3 12/15/2027 9/15/2026 154,296 Home Depot Inc 6/25/2027 5/25/2027 104,786
Home Depot Inc 4/15/2029 3/15/2029 165,284
Home Depot Inc 4/15/2029 3/15/2029 470,808
Honda Auto Rec Ownr 2021 4 1/21/2026 5/21/2025 52,845
Honda Auto Rec22-1 5/15/2026 9/15/2025 118,457
Hormel Foods Corp 3/30/2027 2/28/2027 99,613
Huntington Auto Tr 2024-1 A-3 1/16/2029 12/15/2027 139,605 City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
73 Note 2 – Cash, Cash Equivalents, and Investments (Continued) Issuer Maturity Date Callable Date Reported Amount
Hyundai Auto Rec Tr 2021-C A-3 5/15/2026 3/15/2026 $ 37,181 Hyundai Auto Rec Tr 2022-A A-3 10/15/2026 7/15/2026 157,373 Hyundai Auto Rec22 11/16/2026 8/15/2026 127,970
Jpmorgan Chase & Co 10/22/2027 10/22/2026 122,100
Jpmorgan Chase & Co 4/22/2028 4/22/2027 216,742
Jpmorgan Chase Co 4/26/2026 4/26/2025 222,010
Jpmorgan Chase Co 4/22/2026 4/22/2025 163,138
Kubota Cr Own Tr 2022-1 A-3 10/15/2026 1/15/2026 193,248 Kubota Cr Own Tr 2022-2 A-3 12/15/2026 3/15/2026 222,238 Kubota Cr Owner Tr 2023-2 A-3 1/18/2028 5/15/2027 120,051 Kubota Cr Owner Tr 2021-1 A-3 8/15/2025 12/15/2024 16,492 Kubota Credit Ow17 11/17/2025 5/15/2025 55,190
Kubota Credit Owner Trust 6/15/2027 12/15/2026 159,127 Linde Inc 12/5/2025 11/5/2025 328,033
Mastercard Incorpo 3/9/2028 2/9/2028 311,655
Mercedes-Benz 22-1 8/16/2027 11/15/2026 364,298
Mercedes-Benz Auto 11/15/2027 2/15/2027 118,781
Morgan Stanley 1/28/2027 1/28/2026 74,576
Morgan Stanley 4/13/2028 4/13/2027 25,248
Morgan Stanley Bk N A 5/26/2028 5/26/2027 251,710
Morgan Stanley Fr 2/18/2026 2/18/2025 259,780
National Rural Utils Coop 5/6/2027 4/6/2027 169,973
National Rural Utils Corp Fin 3/13/2026 2/13/2026 54,238 Nestle Hldgs Inc 9/14/2024 9/9/2024 326,525
Nissan Auto Recv 2 5/17/2027 12/15/2026 153,648
Nissan Auto Recv Owr Tr 11/15/2027 3/15/2027 278,403
Northern Tr Corp Sr 5/10/2027 4/10/2027 214,751
Northern Tr Corp Sr 5/10/2027 4/10/2027 292,842
Pepsico Inc 2/13/2026 1/13/2026 158,922
Pnc Financial Services 10/28/2025 10/28/2024 149,835
Pnc Financial Services 1/26/2027 1/26/2026 24,694
Pretium Mtg Cr 2/15/2028 7/15/2027 178,144
Prologis L P 6/15/2028 5/15/2028 249,028
Prologis L P 9/15/2028 6/15/2028 481,190
Pub Svc Elec & Gas 9/1/2028 6/1/2028 79,141
Pub Svc Elec & Gas 9/1/2028 6/1/2028 445,285
Public Storage 2/15/2026 1/15/2026 233,190
Realty Income Corp 8/15/2027 5/15/2027 337,477
Realty Income Corp 12/15/2028 11/15/2028 294,522
Roche Holdings Inc 11/13/2026 10/13/2026 256,285
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
74 Note 2 – Cash, Cash Equivalents, and Investments (Continued) Issuer Maturity Date Callable Date Reported Amount
Royal Bk Cda 12/30/2025 6/30/2024 $ 126,697
Royal Bk Cda 6/30/2027 6/30/2024 223,400
Royal Bk Cda 7/14/2027 7/14/2024 273,413
San Diego Gas Elec Co 5/15/2026 2/15/2026 238,105
Schwab Charles Corp 5/13/2026 4/13/2026 434,642
Sierra Pac Pwr Co 5/1/2026 2/1/2026 286,104
Societe Generale 3/30/2026 6/30/2024 271,794
Societe Generale 10/20/2026 7/20/2024 271,123
Societe Generale 3/31/2026 6/30/2024 225,975
Southern Ca Gas 6/15/2025 3/15/2025 244,700
Southern Ca Gas 6/15/2025 3/15/2025 97,880
State Str Corp 2/6/2026 2/6/2025 87,816
State Str Corp 11/4/2026 11/4/2025 65,256
State Str Corp 1/26/2026 1/26/2025 34,843
State Str Corp 8/3/2026 7/3/2026 175,334
State Str Corp 3/18/2027 2/18/2027 89,891
State Str Corp 3/18/2027 2/18/2027 574,304
State Street Corp 3/30/2026 3/30/2025 48,924
State Street Corp 3/30/2026 3/30/2025 146,771
Target Corp 1/15/2027 12/15/2026 269,874
Texas Instrs Inc Sr Nt 2/8/2027 1/8/2027 208,627
The Bank Of New York Mellon C 4/24/2025 3/24/2025 106,625 Toronto Dominion Bank 7/29/2027 7/29/2024 492,535
Toyota At Rec Own 9/15/2026 7/15/2026 92,868
Toyota Auto Rec Tr 2023-D A-3 8/15/2028 12/15/2027 80,571 Toyota Auto Rec19D 4/15/2026 1/15/2026 55,077
Toyota Auto Receivables 9/15/2027 4/15/2027 143,739
Truist Financial Corp 7/28/2026 7/28/2025 142,622
Truist Financial Corp 10/28/2026 10/28/2025 155,389
Unitedhealth Group Inc 4/15/2027 3/15/2027 352,107
Unitedhealth Group Inc 5/15/2026 4/15/2026 41,831
Unitedhealth Group Inc 5/15/2026 4/15/2026 79,013
Unitedhealth Group Inc 5/15/2026 4/15/2026 464,785
Volkswagen Auto Ln 6/22/2026 7/20/2025 61,854
Volkswagen Auto22A 7/21/2025 9/20/2024 31,078
Walmart Inc 9/17/2026 8/17/2026 115,230
World Omni Au 13-A 10/15/2026 12/15/2025 65,843
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
75 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, 2024, 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 $ 477,865 General Fund Capital Improvement Projects Fund 5,458,061 General Fund Alameda Municipal Power Enterprise Fund 773,123 Total $ 6,709,049
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, 2024 was $138,857.

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, 2024 was $560,446.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
76 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 2023-24 were as follows:

Fund Receiving Transfers Fund Making Transfer
Amount
Transferred
General Fund Capital Improvement Projects Fund $ 1,194,873 A Grants Special Revenue Fund 1,800,000 G
Non-Major Governmental Funds 724,000 A, B
Alameda Municipal Power Enterprise Fund 4,382,000 C
Capital Improvement Projects Fund General Fund 2,318,529 D Base Reuse Special Revenue Fund 111,032 D
Non-Major Governmental Funds 9,041,777 D
Grants Special Revenue Fund 990,056 B, F
Internal Service Funds 91,575 B
Non-Major Governmental Funds General Fund 5,694,202 B
Base Reuse Special Revenue Fund 9,905,023 E
Non-Major Governmental Funds 6,847,986 B, D, E, F
Capital Improvement Projects Fund 50,906 G
Internal Service Funds General Fund 6,736,051 B
Non-Major Governmental Funds 71,082 B
Total $ 49,959,092
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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
77 Note 4 – Loans Receivable
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, 2024 was $11,836,424, of which, $11,284,842 has been offset with unavailable revenue. Included in the outstanding balance are receivables totaling $1,733,955 from the Alameda Housing Authority.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
78 Note 5 – Capital Assets
A. Capital Asset Additions and Retirements
City capital asset activities for the year ended June 30, 2024, are as follows:

Balance at
June 30, 2023 Additions Retirements Transfers
Balance at
June 30, 2024
Governmental activities
Capital assets not being depreciated:

Land $ 5,995,318 $ — $ — $ — $ 5,995,318
Construction in progress 45,309,440 23,260,902 (8,071,178) 60,499,164 Total capital assets not being
depreciated 51,304,758 23,260,902 (8,071,178) 66,494,482 Capital assets being depreciated:

Buildings 291,004,189 291,004,189
Machinery and equipment 41,071,682 1,868,072 (879,762) 42,059,992 Right-to-use subscription assets 3,271,490 1,043,047 (244,779) 4,070,758 Infrastructure:

Streets 204,390,710 4,295,745 208,686,455
Street Lights 7,528,123 357,212 7,885,335
Landscape 21,323,234 21,323,234
Storm drains 26,304,783 1,253,461 27,558,244
Potable water systems 1,353,939 1,353,939
Parks 39,095,573 2,164,760 41,260,333
Marina facilities 25,011,156 25,011,156
Golf improvements 4,205,963 4,205,963
Total capital assets being depreciated 664,560,842 2,911,119 (1,124,541) 8,071,178 674,418,598 Less accumulated depreciation:

Buildings (136,139,815) (3,881,680) (140,021,495) Machinery and equipment (31,946,830) (1,942,237) 879,762 (33,009,305) Right-to-use subscription assets (763,191) (862,349) 122,618 (1,502,922) Infrastructure:

Streets (107,197,495) (5,759,250) (112,956,745)
Street Lights (3,609,265) (237,276) (3,846,541)
Landscape (19,163,203) (126,157) (19,289,360)
Storm drains (12,898,930) (558,296) (13,457,226) Potable water systems (1,247,845) (5,864) (1,253,709) Parks (8,474,189) (1,451,355) (9,925,544)
Marina facilities (21,654,472) (83,136) (21,737,608) Golf improvements (4,060,677) (56,097) (4,116,774) Total accumulated depreciation (347,155,912) (14,963,697) 1,002,380 (361,117,229) Net capital assets being depreciated 317,404,930 (12,052,578) (122,161) 8,071,178 313,301,369 Governmental activity capital assets, net $ 368,709,688 $ 11,208,324 $ (122,161) $ — $ 379,795,851 City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
79 Note 5 – Capital Assets (Continued)
Balance at
June 30, 2023 Additions Retirements Transfers
Balance at
June 30, 2024
Business-type activities
Capital assets, not being depreciated:

Land and Rights $ 220,143 $ — $ — $ — $ 220,143
Construction in progress 6,315,866 12,754,918 (11,371,100) 7,699,684 Total capital assets not being depreciated 6,536,009 12,754,918 (11,371,100) 7,919,827 Capital assets, being depreciated:

Utility Plant 90,817,973 1,248,283 92,066,256
Service Center Building 8,168,069 8,168,069
Right-to-use subscription assets 33,703 (9,629) 24,074 Intangible right-to-use building 3,142,914 3,142,914 Machinery and equipment 10,349,295 166,402 10,515,697 Transportation equipment 4,299,067 237,342 4,536,409 Computer equipment 4,694,928 557,087 5,252,015
Furniture and fixtures 2,848,790 662,170 (54,217) 3,456,743 Sewer lines 147,379,833 9,399,328 156,779,161
Total capital assets being depreciated 271,734,572 10,298,840 (63,846) 1,971,772 283,941,338 Less accumulated depreciation for:

Utility Plant (69,015,885) (2,359,924) (71,375,809) Service Center Building (5,142,589) (180,959) (5,323,548) Right-to-use subscription assets (8,605) (6,147) 2,459 (331,912) Intangible right-to-use building (639,236) (639,236) Machinery and equipment (9,648,277) (99,652) (9,747,929) Transportation equipment (3,224,109) (228,034) (3,452,143) Computer equipment (4,357,186) (120,816) (4,478,002) Furniture and fixtures (2,070,403) (244,831) 54,217 (2,261,017) Sewer lines (41,980,046) (2,497,226) (44,477,272) Total accumulated depreciation (136,086,336) (6,057,208) 56,676 (142,086,868) Net capital assets being depreciated 135,648,236 4,241,632 (7,170) 1,971,772 141,854,470 Business-type activity capital assets, net $ 142,184,245 $ 16,996,550 $ (7,170) $ (9,399,328) $ 149,774,297 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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
80 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 $ 219,080
Police 124,368
Fire 535,184
Public works 8,114,239
Recreation and parks 1,679,188
Library 378,434
Community development 1,636,047
Planning, building and transportation 29,275
Internal Service Funds 2,247,882
Total Governmental Activities $ 14,963,697
Business-Type Activities:

Sewer Services $ 2,721,369
Alameda Municipal Power 3,335,839
Total Business-Type Activities $ 6,057,208
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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
81 Note 6 – Long-Term Debt (Continued)
A. City Long-Term Debt
The City’s long-term debt activities for the year ended June 30, 2024, are as follows:

CUSIP
Number
Balance June
30, 2023 Additions Retirements
Balance June
30, 2024
Current
Portion
Governmental Activities Debt:

Loans and Leases From Direct Borrowing
Lease Financings Payable not applicable $ 4,449,983 $ — $ (729,365) $ 3,720,618 $ 750,149 HUD Section 108 Loan Refinance, 2019
Series A not applicable 3,010,000 (588,000) 2,422,000 630,000 i-Bank Loan not applicable 2,132,205 (156,428) 1,975,777 160,005 Alameda County EMS Liability not applicable 1,071,215 (242,045) 829,170 249,307 Total Loans and Leases from Direct
Borrowing 10,663,403 (1,715,838) 8,947,565 1,789,461 Certificates of Participation
2013 Financing Project 010762 4,430,000 (610,000) 3,820,000 635,000 Plus: Unamortized bond premium 173,674 (25,519) 148,155 Total Certificates of
Participation 4,603,674 (635,519) 3,968,155 635,000 2003 ARRA Demand Revenue Bonds 010808 7,500,000 (600,000) 6,900,000 600,000 2013 General Obligation Refunding Bonds 010752 5,615,000 (430,000) 5,185,000 445,000 Plus: Unamortized bond premium 37,435 (5,467) 31,968 2023 Lease Revenue Bonds - Aquatic Center 01078E 14,565,000 (635,000) 13,930,000 225,000 Plus: Unamortized bond premium 806,410 (13,920) 792,490 Subtotal 13,152,435 15,371,410 (1,684,387) 26,839,458 1,270,000 Total Governmental Activities Debt 28,419,512 15,371,410 (4,035,744) 39,755,178 3,694,461 Business-Type Activities Debt:

Sewer Revenue Bonds, 2012 Series A 010782 11,420,000 (430,000) 10,990,000 440,000 Plus: Unamortized bond premium 69,408 (3,597) 65,811 Revenue Bonds, Series 2010A 010808 8,700,000 8,700,000 Taxable Revenue Bonds, Series 2010B 010808 8,260,000 (1,705,000) 6,555,000 1,815,000 Subtotal 28,449,408 (2,138,597) 26,310,811 2,255,000 Total Business-Type Activities Debt 28,449,408 (2,138,597) 26,310,811 2,255,000 Total Debt $ 56,868,920 $ 15,371,410 $ (6,174,341) $ 66,065,989 $ 5,949,461 City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
82 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
2025 $ 1,789,461 $ 204,956 $ 1,905,000 $ 1,253,906
2026 1,874,978 162,121 1,955,000 1,177,988
2027 1,929,418 116,924 2,005,000 1,099,356
2028 1,236,921 74,549 2,065,000 1,018,434
2029 368,696 47,870 2,120,000 933,825
2030-2034 1,547,489 107,878 8,715,000 3,460,131
2035-2039 200,602 2,294 2,050,000 2,273,563
2040-2044 2,630,000 1,693,563
2045-2049 3,265,000 1,050,938
2050-2053 3,125,000 328,763
Subtotal 8,947,565 $ 716,592 29,835,000 $ 14,290,467
Plus unamortized bond premium 972,613
Total $ 8,947,565 $ 30,807,613
Business-Type Activities
For the Year
Ending June 30,
Bonds
Principal Interest
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 2,795,000 572,181
2030-2034 7,625,000 1,386,580
2035-2039 3,110,000 708,218
2040-2043 2,875,000 190,266
Subtotal 26,245,000 $ 6,466,732
Plus unamortized bond premium 65,811
Total $ 26,310,811
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
83 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.
2023 Revenue Bonds - Aquatic Center – On December 28, 2023, the City of Alameda Financing Authority issued Lease Revenue Bonds - Aquatic Center (2023 Lease Revenue Bonds) in the original principal amount of $14,565,000 to fund the construction of a new Aquatic Center in the City. The 2023 Lease Revenue Bonds were issued under a resolution adopted by the Board of Directors of the City of Alameda Financing Authority, and by the City Council, on September 19, 2023. The City entered into a Site Lease Agreement dated as of December 1, 2023, under which the City leases the City's police department facility and its site located at 1555 Oak Street (Leased Property) to the City of Alameda Financing Authority, in return for the up front payment from the 2023 Lease Revenue Bonds.

Concurrently, the City and the Authority entered into a Lease Agreement, which the City of Alameda Financing Authority leases the Leased Property back to the City as the lease revenues for the 2023 Lease Revenue Bonds' annual principal and interest debt payments. The 2023 Lease Revenue Bonds bear interest from 4% to 5%, which are payable semi-annually in May and November. Principal payments are due annually from May 1, 2024 to May 1, 2053. 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.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
84 Note 6 – Long-Term Debt (Continued)
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 $6,900,000 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 2023-24, sublease revenues amounted to $14,010,084, which represented coverage of 1,897% over the $833,700 in principal and interest debt service.

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, 2024, 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, 2024, was $415,752.
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, 2024, was $606,785.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
85 Note 6 – Long-Term Debt (Continued)
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, 2024, was $190,001.
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, 2024, was $1,531,974.
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. Balance of the lease as of June 30, 2024, was $976,106.

The leased equipment had book values at June 30, 2024 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 (1,487,500) (965,591) (668,184)
Book Value $ 262,500 $ 785,200 $ 5,615 $ 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, 2024. 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, 2024 is $2,422,000.

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, 2024 is $1,975,777.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
86 Note 6 – Long-Term Debt (Continued)
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, 2024, the outstanding balance is $829,170.

D. Business-Type Activities Debt
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 $10,990,000 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 2024, net revenues amounted to $10,612,609, which represented coverage of 13.85% over the $766,169 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% to 5.25 %, payable January 1 and July 1 of each year. The Revenue Bonds, Series 2010B bear interest at 1.829% to 6.517%, 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.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
87 Note 6 – Long-Term Debt (Continued)
AMP does not have unused lines of credit for the year ended June 30, 2024.

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
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, 2024 is as follows:

Description Maturity Date June 30, 2024
Alameda Landing Community Facilities District No. 13-1 9/1/2046 $ 15,100,000 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)
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
88 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.

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.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
89 Note 8 – Net Position and Fund Balances (Continued)
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 their 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 their 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.

Detailed classifications of the City’s Fund Balances, as of June 30, 2024, are below:

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
90 Note 8 – Net Position and Fund Balances (Continued)
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 560,446 560,446
Total Nonspendable 3,631,814 3,631,814
Restricted for:

Commercial revitalization 3,443,733 3,443,733
Storm drainage system 1,740,495 1,740,495
Development activities 43,250,172 15,777,792 59,027,964 Streets and roads 19,094,822 19,094,822
Affordable housing 2,449,119 2,449,119
Public safety 1,845,275 93,777 1,939,052
Waste reduction 5,305,789 5,305,789
Assessment district 16,823,369 16,823,369
Tidelands 3,186,100 3,186,100
Transportation 3,395,363 3,395,363
Debt service 17,069,642 17,069,642
Total Restricted 43,250,172 1,845,275 88,380,001 133,475,448 Committed to:

Capital projects 486,471 486,471
Development activities 1,115,119 1,115,119
Community development 71,507 71,507
Culture and recreation 7,500,000 1,520,597 9,020,597 Library operations 5,766,906 5,766,906
Parking meter/garage 1,367,787 1,367,787
Total Committed 7,500,000 10,328,387 17,828,387 Assigned:

General government 2,359,719 2,359,719
Streets and sidewalks 5,651,415 5,651,415
Recreation and parks 16,283,756 16,283,756
Economic uncertainty 10,915,238 10,915,238
Projected use of fund balance in
subsequent years 9,625,813 9,625,813
Long-term obligations
Contribution per pension/OPEB
policy 5,203,549 5,203,549
Total Assigned 50,039,490 50,039,490
Unassigned:

Reserve policy 27,660,951 27,660,951
Residual fund balance in excess
of policy or fund balance
deficits 24,784,937 (7,285,724) 17,499,213
Total Unassigned 52,445,888 (7,285,724) 45,160,164 Total Fund Balances $ 113,617,192 $ 43,250,172 $ 1,845,275 $ (7,285,724) $ 98,708,388 $ 250,135,303 City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
91 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 $31,648,165 at June 30, 2024. Future revenues and repayment of long-term debt are expected to offset this deficit.

As of June 30, 2024, the Capital Improvement Projects Fund has deficit net position of $7,285,724.

The majority of the deficit in net position is due to $3,904,425 in unavailable revenue related to grant reimbursement revenues earned but not yet received within sixty days after year end. This deficit will be eliminated once payment is received. The remaining 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.

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).

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.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
92 Note 9 – Pension Plans (Continued)
The Plans’ provisions and benefits in effect at June 30, 2024 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 % 8.750 %
Required employer contribution rates 9.180 % 11.050 % Required UAL contribution $7,091,251
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 % 12.250 % Required employer contribution rates 15.820 % 21.820 % Required UAL contribution $13,471,605
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, 2024 were $7,091,251 and $13,471,605, respectively, which were made under the lump sum payment option.

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.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
93 Note 9 – Pension Plans (Continued)
Total employer required contribution amounts during the fiscal year ended June 30, 2024 were $10,806,368 for the miscellaneous plan and $17,624,512 for the safety plan.

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, 2022 and measurement date of June 30, 2023:

Miscellaneous Safety
Inactive employees or beneficiaries currently receiving benefits 620 327 Inactive employees entitled to but not yet receiving benefits 360 80 Active employees 335 181
Total 1,315 588
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, 2023, using an annual actuarial valuation as of June 30, 2022 rolled forward to June 30, 2023 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, 2023 measurement date were determined using the following actuarial assumptions:

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
94 Note 9 – Pension Plans (Continued)
Miscellaneous Safety
Valuation Date June 30, 2022 June 30, 2022
Measurement Date June 30, 2023 June 30, 2023
Actuarial Cost Method
Entry-Age Actuarial Cost
Method
Entry-Age Actuarial Cost
Method
Actuarial Assumptions:

Discount Rate 6.90 % 6.90 %
Inflation 2.50 % 2.50 %
Payroll Growth 2.75 % 2.75 %
Projected Salary Increase (1) (1)
Investment Rate of Return 7.00% (2) 7.00% (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 and administrative 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, 2022 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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
95 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, 2024 is as follows:

Changes of Assumptions – As of the June 30, 2022 valuation date (2023 measurement date), the accounting discount rate remained 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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
96 Note 9 – Pension Plans (Continued)
Miscellaneous Plan:

Increase (Decrease)
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability/(Asset)
Balance at June 30, 2022 Measurement Date $ 339,552,886 $ 246,694,257 $ 92,858,629 Changes in the year:

Service cost 6,346,371 6,346,371
Interest on the total pension liability 23,075,940 23,075,940 Changes of Benefit Terms 462,001 462,001
Differences between actual and expected experience 993,650 993,650 Changes of assumptions
Net Plan to Plan Resource Movement
Contributions - employer 10,806,368 (10,806,368)
Contributions - employees 2,835,427 (2,835,427)
Net investment income 15,395,859 (15,395,859)
Benefit payments, including refunds of employee
contributions (19,495,611) (19,495,611)
Administrative expense (181,407) 181,407
Other Miscellaneous Income/(Expense)
Net changes 11,382,351 9,360,636 2,021,715
Balance at June 30, 2023 Measurement Date $ 350,935,237 $ 256,054,893 $ 94,880,344 Safety Plan:

Increase (Decrease)
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability/(Asset)
Balance at June 30, 2022 Measurement Date $ 543,536,969 $ 330,952,625 $ 212,584,344 Changes in the year:

Service cost 8,183,968 8,183,968
Interest on the total pension liability 37,323,353 37,323,353 Changes of Benefit Terms 150,469 150,469
Differences between actual and expected experience 9,481,523 9,481,523 Changes of assumptions
Net Plan to Plan Resource Movement
Contributions - employer 19,734,184 (19,734,184)
Contributions - employees 3,687,429 (3,687,429)
Net investment income 20,481,435 (20,481,435)
Benefit payments, including refunds of employee
contributions (32,685,563) (32,685,563)
Administrative expense (243,367) 243,367
Other Miscellaneous Income/ (Expense)
Net changes 22,453,750 10,974,118 11,479,632
Balance at June 30, 2023 Measurement Date $ 565,990,719 $ 341,926,743 $ 224,063,976 Total of Miscellaneous and Safety Plans $ 916,925,956 $ 597,981,636 $ 318,944,320 City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
97 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 $137,708,338 $298,366,060
Current Discount Rate 6.90% 6.90%
Net Pension Liability $94,880,344 $224,063,976
1% Increase 7.90% 7.90%
Net Pension Liability $59,238,523 $163,109,212
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, 2024, the City recognized pension expense of $15,811,783 and $31,570,997 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 $47,507,088 during the year ended June 30, 2024. At June 30, 2024, 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 $ 11,314,879 $ — Changes in assumptions 1,384,423
Differences between expected and actual experience 596,190 (300,543) Net differences between projected and actual earnings on plan investments 11,316,692
Total $ 24,612,184 $ (300,543)
Safety
Deferred Outflows
of Resources
Deferred Inflows of
Resources
Pension contributions subsequent to measurement date $ 18,964,898 $ — Changes in assumptions 8,920,635
Differences between expected and actual experience 10,522,765 Net differences between projected and actual earnings on plan investments 15,547,880
Total $ 53,956,178 $ —
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
98 Note 9 – Pension Plans (Continued)
Total - Both Plans
Deferred Outflows
of Resources
Deferred Inflows of
Resources
Pension contributions subsequent to measurement date $ 30,279,777 $ — Changes in assumptions 10,305,058
Differences between expected and actual experience 11,118,955 $ (300,543) Net differences between projected and actual earnings on plan investments 26,864,572
Total $ 78,568,362 $ (300,543)
The amounts of $11,314,879 and $18,964,898 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, 2025. 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
2025 $ 3,380,881 $ 10,792,418 $ 14,173,299
2026 1,194,079 9,015,519 10,209,598
2027 8,140,316 14,118,234 22,258,550
2028 281,486 1,065,109 1,346,595
2029
Total $ 12,996,762 $ 34,991,280 $ 47,988,042
Subsequent Events – As reported in the CalPERS GASB 68 Accounting report for the June 30, 2023 measurement date, during the time period between the valuation date and the publication of this report, price inflation has been higher than the assumed rate of 2.3% per annum. Since inflation influences cost of living adjustments for retirees and beneficiaries and active member pay increases, higher inflation is likely to put at least some upward pressure on the pension expense and the net position liability in future valuations. The actual impact of higher inflation on future valuation results will depend on, among other factors, how long higher inflation persists. At this time, we continue to believe the long- term price inflation assumption of 2.3% per annum is appropriate.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
99 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. At June 30, 2024, the monthly pension benefit was $2,904, 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, 2024 (the measurement date). Changes in the City’s total pension liability were as follows:

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
100
Note 9 – Pension Plans (Continued)
1079 Plan:

Total pension liability - June 30, 2023 $ 2,233,122
Changes for the year
Interest 77,504
Difference between expected and actual experience 38,033 Change of assumptions (7,722)
Benefit payments (450,538)
Net increase (decrease) in total pension liability (342,723) Total pension liability - June 30, 2024 $ 1,890,399
1082 Plan:

Total pension liability - June 30, 2023 $ 637,302
Changes for the year
Interest 23,934
Difference between expected and actual experience 77
Change of assumptions (7,518)
Benefit payments (34,502)
Net increase (decrease) in total pension liability (18,009) Total pension liability - June 30, 2024 $ 619,293
Total of 1079 & 1082 Plans $ 2,509,692
Actuarial Assumptions – Actuarial assumptions used to determine the total pension liability for each Plan in the June 30, 2024 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 3.97 %
Cost of Living Increase 2.30 %
Mortality Same as CalPERS
Discount Rate – A discount rate of 3.97% 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, 2024, the discount rate increased from

3.86% to 3.97%.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
101
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 3.97% 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, 2024:
1% Decrease
Current
Discount Rate 1% Increase
Total pension liability:
1079 Plan $ 1,963,039 $ 1,890,399 $ 1,823,053
1082 Plan 693,297 619,293 557,066
Total both plans $ 2,656,336 $ 2,509,692 $ 2,380,119
Pension Expense – For the year ended June 30, 2024, the City recognized pension expense for Plan 1079 and Plan 1082 of $107,815 and $16,493, 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, 2024, total contributions of $371,335 were made based on a total amount of covered compensation of $4,951,133.

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, 2024, amounted to $4,238, 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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
102
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, 2024 totaled $193,179.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
103
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, 2024:

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 (PEMHCA) minimum required contribution (MRC) - $157 per month in 2024.

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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
104
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, 2024 using standard update procedures.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
105
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, 2024
Actuarial Cost Method Entry Age Normal Cost, level percent of pay Actuarial Assumptions:

Discount Rate 5.55% in 2023 and 5.07% in 2024
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 6.4%, trending down to 3.73%
Dental Trend Rate 3.0% in Fiscal Year 2023-24, 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, 2024
Actuarial Cost Method Entry Age Normal Cost, level percent of pay Actuarial Assumptions:

Discount Rate 6.5% in 2023 and 6.5% in 2024
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 6.4%, trending down to 3.73%
Dental Trend Rate 3.0% in Fiscal Year 2023-24, 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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
106
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 48.0 % 5.14 %
Fixed Income 45.0 % 2.36 %
Real Estate 2.0 % 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 5.07% 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, 2023 to the measurement date June 30, 2024 as follows:
• The discount rate was updated to reflect the results of the crossover test – ◦ Miscellaneous and Pre-1/1/2019 Safety Plan decreased from 5.55% to 5.07%. • Dental increased from 0.0% in 2023 to 3.0% in 2024, followed by 3.0% for all subsequent years.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
107
Note 10 – Post-Employment Health Care Benefits (Continued) 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, 2023 $ 48,904,774 $ 4,915,851 $ 43,988,923 Changes Recognized for the Measurement Period:

Service Cost 423,344 423,344
Interest on the total OPEB liability 2,632,367 2,632,367 Changes of benefit terms
Changes of assumptions 2,388,356 2,388,356
Differences between expected and actual
experience (40,955) (40,955)
Contributions from the employer 3,796,175 (3,796,175) Net investment income 499,361 (499,361)
Administrative expenses (18,747) 18,747
Benefit payments (3,796,175) (3,796,175)
Net changes 1,606,937 480,614 1,126,323
Balance at June 30, 2024 (Measurement Date) $ 50,511,711 $ 5,396,465 $ 45,115,246 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, 2023 $ 37,796,921 $ 16,311,991 $ 21,484,930 Changes Recognized for the Measurement Period:

Service Cost 1,243,839 1,243,839
Interest on the total OPEB liability 2,483,497 2,483,497 Contributions from the employee 518,788 (518,788)
Changes of assumptions
Differences between expected and actual
experience 400,219 400,219
Contributions from the employer 1,916,236 (1,916,236) Net investment income 1,961,301 (1,961,301)
Administrative expenses (63,730) 63,730
Benefit payments (1,666,236) (1,666,236)
Net changes 2,461,319 2,666,359 (205,040)
Balance at June 30, 2024 (Measurement Date) $ 40,258,240 $ 18,978,350 $ 21,279,890 Total for Both Plans $ 90,769,951 $ 24,374,815 $ 66,395,136 City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
108
Note 10 – Post-Employment Health Care Benefits (Continued) Fiscal Year 2024 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 $ 2,986,567 $ 1,740,124
Prefunding Contributions 250,000
Implicit Subsidies 809,608 176,112
Total Contributions $ 3,796,175 $ 2,166,236
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%
(4.07%)
Current Discount Rate
(5.07%)
Discount Rate +1%
(6.07%)
$ 50,834,767 $ 45,115,246 $ 40,357,525
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%)
$ 26,850,760 $ 21,279,890 $ 16,701,686
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
109
Note 10 – Post-Employment Health Care Benefits (Continued) 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) (6.50% HMO/6.50% PPO) (7.50% HMO/7.50% PPO) $ 39,427,754 $ 45,115,246 $ 51,929,164
Post-1/1/2019 Safety Plan:

Net OPEB Liability/(Asset)
1% Decrease Current Rate 1% Increase
(5.50% HMO/5.50% PPO) (6.50% HMO/6.50% PPO) (7.50% HMO/7.50% PPO) $ 15,477,282 $ 21,279,890 $ 28,573,695
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
110
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, 2024, the City recognized OPEB expense for the Miscellaneous and Pre-1/1/2019 Safety Plan of $2,622,363 and recognized OPEB expense for the Post-1/1/2019 Safety Plan of $172,354. At June 30, 2024, 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 $ 1,050,188 $ (5,750,309) Net differences between projected and actual earnings on plan investments 52,358
Changes of assumptions 2,678,499 (9,882,266)
Total $ 3,781,045 $ (15,632,575)
Post-1/1/2019 Safety Plan:

Deferred
Outflows of
Resources
Deferred Inflows
of Resources
Differences between expected and actuarial experiences on liability. $ 790,369 $ (9,263,197) Net differences between projected and actual earnings on plan investments (129,910)
Changes of assumptions 5,245,081 (16,022,497)
Total $ 6,035,450 $ (25,415,604)
Total - Both Plans $ 9,816,495 $ (41,048,179)
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
111
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
2025 $ (5,419,329)
2026 (7,159,023)
2027 461,629
2028 265,193
Total $ (11,851,530)
Post-1/1/2019 Safety Plan:

Year
Ended June 30
Annual
Amortization
2025 $ (2,074,174)
2026 (1,679,810)
2027 (2,258,009)
2028 (2,194,853)
2029 (2,019,234)
Thereafter (9,154,074)
Total $ (19,380,154)
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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
112
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, 2022. 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, 2024, the City contributed $2,646,118 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, 2024, the City contributed $840,837 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, 2024 is $226,366.

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
Pollution $ 5,000,000
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
Information Security and Privacy, with Electronic Media Liability (Cyber) $ 5,000,000
Terrorism $ 12,500,000
Aircraft Policy - Drones $ 5,000,000
Deadly Weapon Response Program $ 500,000
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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
113
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, 2024 June 30, 2023
Beginning balance $ 7,860,701 $ 9,497,864
Increase (decrease) in estimated liability for prior year claims 2,320,700 (1,462,369) Claims paid in current year (498,036) (174,794)
Ending balance $ 9,683,365 $ 7,860,701
Current portion $ 4,492,834 $ 2,891,972
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, 2024 June 30, 2023
Beginning balance $ 14,466,619 $ 14,065,092
Increase (decrease) in estimated liability for prior year claims 1,701,502 2,791,489 Claims paid in current year (2,127,030) (2,389,962)
Ending balance $ 14,041,091 $ 14,466,619
Current portion $ 4,221,724 $ 4,156,190
The Alameda Municipal Power Fund (AMP) accounts for $1,028,381 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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
114
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, 2024 and 2023 for purchased power were $35,696,806 and $35,447,367, respectively. Additionally, purchased power was reduced by a refund of $503,269 and $788,256 for power exchange distribution and budget settlement monies returned to the NCPA General Operating Reserve (GOR), for the fiscal years ended June 30, 2024 and 2023, 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, 2024
Beginning balance $ 6,231,541
Increase (decrease) in equity in NCPA projects 959,513 Ending balance $ 7,191,054
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
115
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 $ 1,501,035
Share of Scheduling Coordination Balancing Account 2,767,348 Share of Congestion Revenue Rights (CRR) 435,483
Share of ISO EAL Deposit 1,712
Associated Member Services 119,458
Market Purchase Program (MPP) Security Deposit 12,694
Subtotal 4,837,730
Alameda Municipal Power's share of NCPA
Power Projects:

Geothermal Projects/Power Line 1,452,837
Calaveras Hydroelectric Project No. 1 590,136
Combustion Turbine Project No. 1 162,797
Combustion Turbine Project No. 2 147,554
Total $ 7,191,054
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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
116
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) 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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
117
Note 12 – Alameda Municipal Power Joint Ventures (Continued) As of June 30, 2024, 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,
2023 Additions Retirements
Balance
June 30,
2024
Current
Portion
AMP's Obligation
% $
Geothermal Project
2016A 7/1/2024 $ 6,785,000 $ — $ 3,360,000 $ 3,425,000 $ 3,425,000 16.8825 % $ 578,226 Total Geothermal Project 6,785,000 3,360,000 3,425,000 3,425,000 578,226 Hydroelectric Project
2012A&B 7/1/2032 7,120,000 7,120,000 7,120,000 10.0000 % 712,000 2018A&B (A) 7/1/2025 26,100,000 11,855,000 14,245,000 14,245,000 11.5821 % 1,649,870 2019A 7/1/2023 13,650,000 13,650,000 10.0000 % 2022A 7/1/2032 120,300,000 120,300,000 3,260,000 10.0000 % 12,030,000 2022B 7/1/2027 9,830,000 1,770,000 8,060,000 2,795,000 10.0000 % 806,000 Unamortized premium 26,500,744 2,108,611 24,392,133 10.0000 % Total Hydroelectric Project 203,500,744 29,383,611 174,117,133 27,420,000 15,197,870 Capital Facilities (STIG)
2019A 7/1/2025 9,430,000 4,615,000 4,815,000 4,815,000 19.0000 % 914,850 Unamortized premium 471,729 309,162 162,567 19.0000 % Total Capital Facilities 9,901,729 4,924,162 4,977,567 4,815,000 914,850 Total Long-Term Debt $ 220,187,473 $ $ 37,667,773 $ 182,519,700 $ 35,660,000 $ 16,690,946 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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
118
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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
119
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/h 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, 2024 and 2023, AMP’s share of this debt is $0 and $0, respectively.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
120
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, 2024 were:

Leases Receivable (Lessor)
Leases
Receivable
Deferred Inflows
of Resources
Governmental Activities
Facilities Rentals $ 89,856,720 $ 85,641,224
Communication Site Leases 3,062,790 2,957,211
Tidelands 7,161,818 7,005,180
Total $ 100,081,328 $ 95,603,615
Facilities Rentals – The City leases commercial space to third parties. During the year ended June 30, 2024, the City had 27 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, 2024, the 27 leases had 0.8 to 54 years remaining.

Twenty-three 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 $9,797,616 in lease revenue and $3,241,870 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
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
121
Note 13 – Leases (Continued)
Communication Site Leases – The City leases five locations to third parties for the provisions of mobile/wireless communication services. As of June 30, 2024, the five leases had 2.25 to 25 years remaining. The City recognized $265,160 in lease revenue and $128,644 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 seven tideland properties. Leases are for state tidelands properties delegated to local agencies for management and control. As of June 30, 2024, the seven leases had 5 to 55 years remaining. The City recognized $685,501 in lease revenue and $292,228 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, 2024, the balance of the lease liability was $2,387,805 and the net value of the right -to-use asset was $3,142,914, including accumulated amortization of $958,855.

A summary of lease payable transactions for the fiscal year ended June 30, 2024, are as follows:

Balance June 30,
2023 Retirements
Balance June 30,
2024
Current
Portion
Lease Liability
1835 Alameda Property, LLC $ 2,657,081 $ (269,276) $ 2,387,805 $ 287,969 The future principal and interest lease payments as of June 30, 2024, are as follows:

Fiscal Year Principal Interest Total
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 371,948 28,381 400,329
2030-2031 742,805 21,696 764,501
Total $ 2,387,805 $ 265,085 $ 2,652,890
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
122
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, 2024, the City had ten 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, 2024:

Balance
June 30, 2023 Additions Retirements
Balance
June 30, 2024
Current
Portion
Governmental Activities SBITAs:

Open Cities $ 42,152 $ — $ 19,910 $ 22,243 $ 22,241
ARC GIS Pro 103,587 50,753 52,834 52,834
LaserFische 95,286 30,495 64,791 31,745
OpenGov 252,669 123,797 128,872 128,872
CentralSquare 104,694 34,739 69,955 37,344
RIMS 116,979 116,979
Tyler Technologies 1,580,173 230,690 1,349,483 240,148 Gray Wall Software 105,563 24,822 80,741 25,840
Nth Generation 182,690 89,510 93,180 93,180
Microsoft 365 860,357 219,801 640,556 313,844
Truleo 156,669 11,577 145,093 30,051
Total SBITAs-Governmental Activities 2,583,792 1,017,027 953,072 2,647,748 976,099 Business-Type Activities SBITAs:

CentralSquare 26,174 13,269 12,905 6,224
Total SBITAs-Business-Type Activities: 26,174 13,269 12,905 6,224 Total $ 2,609,966 $ 1,017,027 $ 966,342 $ 2,660,652 $ 982,323 C. Details of SBITAs
This section provides detailed information on each of the City’s ten SBITAs.

In May 2022, and amended 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. A subscription liability was recorded in the amount of $59,918 as of February 22, 2023. As of June 30, 2024, the balance of the subscription liability was $22,242. The City is required to make annual principal and interest payments of $20,223 to $23,153. The current year’s principal and interest payment was $21,639. 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 $26,475 and had accumulated amortization of $33,443.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
123
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. A subscription liability was recorded in the amount of $152,341 as of July 25, 2022. As of June 30, 2024, the balance of the subscription liability was $52,834. 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 $47,879 and had accumulated amortization of $104,462.

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. A subscription liability was recorded in the amount of $124,580 as of July 1, 2022. As of June 30, 2024, the balance of the subscription liability was $64,792.

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 $62,290 and had accumulated amortization of $62,290.

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. A subscription liability was recorded in the amount of $371,590 as of July 1, 2022. As of June 30, 2024, the balance of the subscription liability was $128,872. 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 $116,785 and had accumulated amortization of $254,804.

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. A subscription liability was recorded in the amount of $168,516. as of July 1, 2022. As of June 30, 2024, the balance of the subscription liability was $90,340. The City is required to make annual principal and interest payments of $44,558 to $48,690. The current year’s principal and interest payment was $45,895. 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 $82,466 and had accumulated amortization of $86,051.

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. A subscription liability was recorded in the amount of $1,801,779 as of July 1, 2022. As of June 30, 2024, the balance of the subscription liability was $1,349,483. The City is required to make annual principal and interest payments of $295,477 to $310,251. The current year’s principal and interest payment was $295,477. 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 $1,274,429 and had accumulated amortization of $527,350.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
124
Note 14 – Subscription Liabilities (Continued)
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. A subscription liability was recorded in the amount of $129,407 as of July 1, 2022. As of June 30, 2024, the balance of the subscription liability was $80,741. 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 $76,767 and had accumulated amortization of $52,640.

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. A subscription liability was recorded in the amount of $268,674 as of July 14, 2022. As of June 30, 3024, the balance of the subscription liability was $93,181. 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 $84,440 and had accumulated amortization of $184,233.

In October 2023, the City entered into a three-year SBITA to enhance workplace efficiency with a cloud-based service offering a comprehensive suite of productivity, security, compliance, and collaboration tools. An initial subscription liability was recorded in the amount of $860,357 as of October 9, 2023. As of June 30, 2024, the balance of the subscription liability was $640,556. The City is required to make annual principal and interest payments of $255,076 to $340,107. The current year’s principal and interest payment was $255,076. 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 $666,083 and had accumulated amortization of $194,274.

In January 2024, the City entered into a five-year SBITA to enhance transparency and accountability in law enforcement by analyzing body am footage using Artificial Intelligence to provide insights on officer behavior, communication patterns, and policy compliance. An initial subscription liability was recorded in the amount of $156,669 as of January 1, 2024. As of June 30, 2024, the balance of the subscription liability was $145,093. The City is required to make annual principal and interest payments of $36,000. 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 $141,002 and had accumulated amortization of $15,667.

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 executed but commences after the reporting period. This contract is for the purchase of Accela permitting software. This software tracks plan reviews, handles zone variance requests and code enforcement, and is expected to improve citizen satisfaction. The contract runs from July 2024 through June 2027 with a total cost of $516,833.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
125
Note 14 – Subscription Liabilities (Continued)
F. Principal and Interest to Maturity
The future principal and interest subscription liability payments as of June 30, 2024, are as follows:

Governmental Activities:

Fiscal Year Principal Interest Total
2025 $ 976,099 $ 108,864 $ 1,084,963
2026 700,547 68,844 769,391
2027 335,586 39,815 375,401
2028 320,195 26,056 346,251
2029 315,323 12,928 328,251
Total $ 2,647,750 $ 256,508 $ 2,904,257
Business-Type Activities:

Fiscal Year Principal Interest Total
2025 $ 6,224 $ 529 $ 6,753
2026 6,681 274 6,955
Total $ 12,905 $ 803 $ 13,708
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.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
126
Note 15 – Commitments and Contingencies (Continued)
Encumbrances
Encumbrances outstanding as of June 30, 2024 are listed below:

Amount
Major Governmental Funds:

General Fund $ 796,461
Base Reuse Special Revenue 17,578
Grants Special Revenue 23,780
Capital Improvement Projects 323,573
Total Major Governmental Funds 1,161,392
Non-Major Governmental Funds:

Special Revenue Funds
Gas Tax 51,726
Community Development 1,220
Commercial Revitalization 22,099
Community Development Block Grant 4,037
Total Special Revenue Funds 79,082
Capital Projects Funds
Alameda Point 335,979
Maintenance Assessment Districts 62,292
Urban Runoff Storm Drain Fee 11,813
Total Capital Projects Funds 410,084
Total Non-Major Governmental Funds 489,166
Total Governmental Fund Encumbrances $ 1,650,558
B. RESHAP Construction Funding Advance
On September 5, 2023, The City agreed to advance a certain contractor an amount not-to-exceed $9.5 million to construct infrastructure and prepare approximately 4 acres of the 8-acre RESHAP property for construction. The contractor is responsible to repay the $9.5 million loan after they begin construction of the adjacent market rate West Midway project in accordance with the terms of the West Midway DDA (File #2023-3292 / Ordinance No. 3346). This loan of Alameda Point residual funds allows work to begin on the RESHAP property immediately. As of June 30, 2024, there have been no drawdowns against the loan.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
127
Note 15 – Commitments and Contingencies (Continued)
C. City of 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, 2024 was $16,690,946. 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% 8.72853% NCPA - Capital Facilities Project (NCFP) July-2026 19.00000% 18.37946% 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.

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, 2024 is as follows:

Fiscal Year NGP NCHP NCFP Total
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 1,498,500 1,498,500
2030-2033 6,296,981 6,296,981
Total $ 578,226 $ 15,197,870 $ 914,850 $ 16,690,946
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.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
128
Note 16 – Redevelopment Agency Dissolution and Successor Agency Activities (Continued) 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.

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, 2024 are discussed in Note 2.

Information presented in the following footnotes represents other assets and liabilities of the Successor Agency as of June 30, 2024.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
129
Note 16 – Redevelopment Agency Dissolution and Successor Agency Activities (Continued) 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, 2023 Retirements
Balance June
30, 2024
Due within one
year
2014 A SA CIC Tax Exempt Bonds $ 23,495,000 $ — $ 23,495,000 $ — Plus: Unamortized bond premium 1,937,706 (190,227) 1,747,479 2014 B SA CIC Taxable Bonds 8,350,000 (2,305,000) 6,045,000 2,395,000 2017 SA CIC Taxable Bonds 11,830,000 (325,000) 11,505,000 365,000 Less: Unamortized bond discount (135,528) 7,452 (128,076) Total Bonds $ 45,477,178 $ (2,812,775) $ 42,664,403 $ 2,760,000 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, 2024 was $31,287,479 including the premium.
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, 2024 was $11,376,924, net of the discount.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
130
Note 16 – Redevelopment Agency Dissolution and Successor Agency Activities (Continued) 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 $9,191,137 which represented coverage of 2.02 times the $4,545,187 of debt service.

The outstanding balance of the defeased debt as of June 30, 2024 was $10,630.00.

Debt Service Requirements
Annual debt service requirements are shown below:

For the Year Ending June 30, Principal Interest
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 3,420,000 1,286,331
2030-2034 20,245,000 3,686,138
2035-2039 4,235,000 595,745
2040-2043 1,190,000 79,050
Subtotal 41,045,000 $ 12,208,350
Plus unamortized bond premium 1,747,479
Less unamortized bond discount (128,076)
Total $ 42,664,403
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.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
131
Note 17 – Subsequent Events
On October 8, 2024, the Alameda Public Financing Authority entered into a fixed-rate loan agreement in amount of $7,026,000 with JPMorgan Chase Bank to refund the previously issued 2003 ARRA Variable Rate Demand Lease Revenue Bonds. The proceeds from the previously issued 2003 ARRA Variable Rate Demand Lease Revenue Bonds in original principal amount of $13,440,000 at a variable rate of interest determined on a weekly basis 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. Principal and interest payments are due semi-annually on June 1st and December 1st. The pledge of sublease revenues ends upon repayment of the $7,026,000 in the remaining principal on the Bonds, which is scheduled to occur in 2034.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
132
City of Alameda, California
People and Places in the City
133

CALPERS AGENT-MULTIPLE EMPLOYER MISCELLANEOUS PLAN
Schedule of Changes in Net Pension Liability and Related Ratios Last Ten Years
Fiscal Year Ended June 30, 2024 2023 2022 2021
Measurement Period 2022-23 2021-22 2020-21 2019-20
Total Pension Liability
Service Cost $ 6,346,371 $ 5,911,433 $ 5,631,496 $ 5,012,281 Interest on the total pension liability 23,075,940 22,327,270 21,964,673 21,185,528 Changes of benefit terms 462,001
Changes of assumptions 8,306,535
Difference between expected and
actual experience 993,650 (1,803,255) 1,175,561 (1,654,709) Benefit payments, including refunds
of employee contributions (19,495,611) (18,627,456) (17,080,553) (16,491,161) Net change in total pension liability 11,382,351 16,114,527 11,691,177 8,051,939 Total pension liability - beginning 339,552,886 323,438,359 311,747,182 303,695,243 Total pension liability - ending (A) 350,935,237 339,552,886 323,438,359 311,747,182 Plan fiduciary net position
Contributions - employer 10,806,368 10,067,574 9,307,781 8,386,195 Contributions - employees 2,835,427 3,118,750 2,801,576 2,721,137 Net investment income 15,395,859 (20,664,693) 51,716,414 11,067,395 Benefit payments, including refunds
of employee contributions (19,495,611) (18,627,456) (17,080,553) (16,491,161) Plan to Plan Resource Movement
Administrative expense (181,407) (170,044) (226,211) (311,667) Other Miscellaneous Income/
(Expense)
Net change in fiduciary net position 9,360,636 (26,275,869) 46,519,007 5,371,899 Plan fiduciary net position - beginning 246,694,257 272,970,126 226,451,119 221,079,220 Plan fiduciary net position - ending
(B) 256,054,893 246,694,257 272,970,126 226,451,119 Net pension liability - ending (A)-(B) $ 94,880,344 $ 92,858,629 $ 50,468,233 $ 85,296,063 Plan fiduciary net position as a
percentage of the total pension
liability 72.96% 72.65% 84.40% 72.64%
Covered payroll $ 34,341,832 $ 33,404,342 $ 33,404,342 $ 32,362,652 Net pension liability as percentage of
covered payroll 276.28% 277.98% 151.08% 263.56%
Measurement date June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2024
134
2020 2019 2018 2017 2016 2015
2018-19 2017-18 2016-17 2015-16 2014-15 2013-14
$ 4,969,281 $ 4,744,578 $ 4,641,162 $ 3,760,714 $ 3,766,998 $ 3,808,115 20,619,356 19,883,808 19,356,195 18,828,640 18,158,298 17,592,705 (1,729,391) 15,192,135 (4,194,628)
895,766 (334,914) 271,870 163,395 (1,883,727)
(15,582,694) (15,115,521) (14,095,607) (13,711,596) (12,934,211) (12,081,658) 10,901,709 7,448,560 25,365,755 9,041,153 2,912,730 9,319,162 292,793,534 285,344,974 259,979,219 250,938,066 248,025,336 238,706,174 303,695,243 292,793,534 285,344,974 259,979,219 250,938,066 248,025,336 6,979,527 5,710,346 5,273,062 4,525,123 3,713,053 3,088,658 2,289,733 2,435,141 2,306,147 2,159,065 2,094,771 2,206,769 14,100,692 17,324,360 21,234,381 1,095,194 4,478,705 30,399,751 (15,582,694) (15,115,521) (14,095,607) (13,711,596) (12,934,211) (12,081,658) (497) (2,433,966)
(152,318) (317,906) (279,892) (119,223) (222,927)
497 (603,709)
7,635,437 9,432,214 14,438,091 (6,051,437) (5,304,575) 23,613,520 213,443,783 204,011,569 189,573,478 195,624,915 200,929,490 177,315,970 221,079,220 213,443,783 204,011,569 189,573,478 195,624,915 200,929,490 $ 82,616,023 $ 79,349,751 $ 81,333,405 $ 70,405,741 $ 55,313,151 $ 47,095,846

72.80% 72.90% 71.50% 72.92% 77.96% 81.01%
$ 29,336,402 $ 28,387,102 $ 27,176,983 $ 26,437,131 $ 25,612,255 $ 24,479,720 281.62% 279.53% 299.27% 266.31% 215.96% 192.39%
June 30, 2019 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, 2024
135

CALPERS AGENT-MULTIPLE EMPLOYER SAFETY PLAN
Schedule of Changes in Net Pension Liability and Related Ratios Last Ten Years

Fiscal Year Ended June 30, 2024 2023 2022 2021
Measurement Period 2022-23 2021-22 2020-21 2019-20
Total Pension Liability
Service Cost $ 8,183,968 $ 7,969,523 $ 7,321,091 $ 7,366,903 Interest on the total pension liability 37,323,353 35,808,161 34,630,972 33,476,100 Changes of benefit terms 150,469
Changes of assumptions 17,030,303
Difference between expected and
actual experience 9,481,523 4,870,267 2,591,031 3,083,875 Benefit payments, including refunds
of employee contributions (32,685,563) (30,429,605) (28,704,897) (25,813,263) Net change in total pension liability 15,838,197 35,248,649 15,838,197 18,113,615 Total pension liability - beginning 492,450,123 508,288,320 492,450,123 474,336,508 Total pension liability - ending (A) 508,288,320 543,536,969 508,288,320 492,450,123 Plan fiduciary net position
Contributions - employer 19,734,184 22,312,745 20,116,075 13,496,482 Contributions - employees 3,687,429 3,776,451 3,533,418 3,589,299 Net investment income 20,481,435 (27,454,946) 67,959,767 14,693,325 Benefit payments, including refunds
of employee contributions (32,685,563) (30,429,605) (28,704,897) (25,813,263) Plan to Plan Resource Movement
Administrative expense (243,367) (226,111) (300,051) (415,623) Other Miscellaneous Income /(Expense)
Net change in plan fiduciary net
position 10,974,118 (32,021,466) 62,604,312 5,550,220 Plan fiduciary net position - beginning 330,952,625 362,974,091 300,369,779 294,819,559 Plan fiduciary net position -
ending (B) 341,926,743 330,952,625 362,974,091 300,369,779 Net pension liability - ending (A)-(B) $ 224,063,976 $ 212,584,344 $ 145,314,229 $ 192,080,344 Plan fiduciary net position as a
percentage of the total pension
liability 60.41 % 60.89 % 71.41 % 60.99 %
Covered payroll $ 26,956,417 $ 25,441,316 $ 25,441,316 $ 24,808,549 Net pension liability as percentage of
covered payroll 831.21 % 835.59 % 571.17 % 774.25 % Measurement date June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2024
136
2020 2019 2018 2017 2016 2015
2018-19 2017-18 2016-17 2015-16 2014-15 2013-14
$ 7,580,036 $ 7,333,306 $ 7,034,547 $ 6,047,019 $ 6,121,040 $ 6,141,031 32,199,260 30,481,692 29,313,329 28,386,449 27,178,001 25,739,517 (1,858,258) 24,387,287 (6,618,407)
9,115,231 3,224,389 248,108 2,256,432 5,283,538
(23,984,124) (22,079,185) (20,966,135) (20,335,284) (19,108,175) (17,814,345) 24,910,403 17,101,944 40,017,136 16,354,616 12,855,997 14,066,203 449,426,105 432,324,161 392,307,025 375,952,409 363,096,412 349,030,209 474,336,508 449,426,105 432,324,161 392,307,025 375,952,409 363,096,412 18,190,209 22,171,954 10,537,863 9,569,765 9,071,332 8,190,138 3,762,229 3,780,834 3,678,165 3,329,883 2,920,035 3,115,074 18,360,463 21,815,840 25,858,078 1,191,816 5,399,063 36,726,928 (23,984,124) (22,079,185) (20,966,135) (20,335,284) (19,108,175) (17,814,345) (651)
(198,878) (396,033) (347,534) (147,352) (272,101)
651 (752,074)
16,130,550 24,540,685 18,760,437 (6,391,172) (1,989,846) 30,217,795 278,689,009 254,148,324 235,387,887 241,779,059 243,768,905 213,551,110 294,819,559 278,689,009 254,148,324 235,387,887 241,779,059 243,768,905 $ 179,516,949 $ 170,737,096 $ 178,175,837 $ 156,919,138 $ 134,173,350 $ 119,327,507

62.15 % 62.01 % 58.79 % 60.00 % 64.31 % 67.14 %
$ 25,333,206 $ 25,275,362 $ 24,303,190 $ 25,965,660 $ 25,200,216 $ 23,779,986 708.62 % 675.51 % 733.14 % 604.33 % 532.43 % 501.80 % June 30, 2019 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, 2024
137

CALPERS AGENT MULTIPLE EMPLOYER PLAN - MISCELLANEOUS

SCHEDULE OF CONTRIBUTIONS
Last 10 Years
Fiscal Year Ended June 30, 2024 2023 2022 2021
Actuarially determined contribution $ 10,806,368 $ 11,077,903 $ 9,905,744 $ 9,318,477 Contributions in relation to the actuarially determined contributions 10,806,368 11,077,903 9,905,744 9,318,477 Contribution deficiency (excess) $ — $ — $ — $ —
Covered payroll $ 34,341,832 $ 36,308,477 $ 33,404,342 $ 33,404,432 Contributions as a percentage of covered payroll 31.47 % 30.51 % 29.65 % 27.90 % Notes to Schedule
Valuation date: 6/30/2022 6/30/2020 6/30/2019 6/30/2018 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 2.50% 2.30% 2.50% 2.50%
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 7.00% net of pension
plan investment and
administrative expenses,
including inflation.

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.

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
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.

City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2024
138
2020 2019 2018 2017 2016 2015
$ 8,387,122 $ 6,968,668 $ 5,710,194 $ 5,265,991 $ 4,527,506 $ 3,713,053 8,387,122 6,968,668 5,710,194 5,265,991 4,527,506 3,713,053 $ — $ — $ — $ — $ — $ —
$ 32,362,652 $ 29,336,402 $ 28,387,102 $ 27,176,983 $ 26,437,131 $ 25,612,255

25.92 % 23.75 % 20.12 % 19.38 % 17.13 % 14.50 %
6/30/2017 6/30/2016 6/30/2015 6/30/2014 6/30/2013 6/30/2012 Entry Age 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
Level percent of
payroll
Fair Value of Assets Fair Value of Assets Fair Value of Assets Fair Value of Assets Actuarial value of
assets
Actuarial value of
assets

2.63% 2.75% 2.75% 2.75% 2.75% 2.75%
Varies by entry age and
service

3.3% to 14.2%
depending on age,
service, and type of

3.3% to 14.2%
depending on age,
service, and type of

3.3% to 14.2%
depending on age,
service, and type of

3.3% to 14.2%
depending on age,
service, and type of

3.3% to 14.2%
depending on age,
service, and type of

7.25% net of pension
plan investment
expense, including
inflation.

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 50-67 years 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
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, 2024
139

CALPERS AGENT MULTIPLE EMPLOYER PLAN - SAFETY

SCHEDULE OF CONTRIBUTIONS
Last 10 Years
Fiscal Year Ended June 30, 2024 2023 2022 2021
Actuarially determined contribution $ 17,624,512 $ 17,710,730 $ 16,533,892 $ 15,122,079 Contributions in relation to the actuarially determined contributions 19,734,184 19,820,402 22,288,892 15,122,079 Contribution deficiency (excess) $ (2,109,672) $ (2,109,672) $ (5,755,000) $ — Covered payroll $ 26,956,417 $ 27,427,751 $ 25,441,316 $ 25,441,316 Contributions as a percentage of covered payroll 73.21 % 72.26 % 87.61 % 59.44 % Notes to Schedule
Valuation date: 6/30/2022 6/30/2020 6/30/2019 6/30/2018 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 2.50% 2.30% 2.50% 2.50%
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 7.00% net of pension
plan investment and
administrative expenses,
including inflation.

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.

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 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
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
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.

City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2024
140
2020 2019 2018 2017 2016 2015
$ 13,622,920 $ 18,185,938 $ 11,470,898 $ 10,530,166 $ 9,572,502 $ 9,071,332 13,622,920 18,185,938 11,470,898 10,530,166 9,572,502 9,071,332 $ — $ — $ — $ — $ — $ —
$ 24,808,549 $ 25,333,206 $ 25,275,362 $ 24,303,190 $ 25,965,660 $ 25,200,216

54.91 % 71.79 % 45.38 % 43.33 % 36.87 % 36.00 %
6/30/2017 6/30/2016 6/30/2015 6/30/2014 6/30/2013 6/30/2012 Entry Age 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
Level percent of
payroll
Fair Value of Assets Fair Value of Assets Fair Value of Assets Fair Value of Assets Actuarial value of assets
Actuarial value of
assets

2.63% 2.75% 2.75% 2.75% 2.75% 2.75%
Varies by entry age and
service

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

7.25% net of pension
plan investment
expense, including
inflation.

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
The probabilities of
Retirement are based
on the CalPERS
Experience Study
50-57 years 50-57 years 50-57 years 50-57 years 50-57 years 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
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, 2024
141
The 1079 & 1082 Pension Plans
Schedule of Changes in Total Pension Liability and Related Ratios Last Ten Years*
Fiscal Year Ended June 30, 2024 2023 2022 2021
Total Pension Liability
Interest on the total pension liability $ 101,438 $ 154,627 $ 124,482 $ 129,408 Difference between expected and actual experience 38,110 (983,164) (750,456) 695,141 Changes of assumptions (15,240) (186,559) (547,672) 639,890 Benefit payments (485,040) (475,746) (785,623) (851,675) Net change in total pension liability (360,732) (1,490,842) (1,959,269) 612,764 Total pension liability - beginning 2,870,424 4,361,266 6,320,535 5,707,771 Total pension liability - ending $ 2,509,692 $ 2,870,424 $ 4,361,266 $ 6,320,535 Measurement date June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 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, 2024
142
2020 2019 2018 2017
$ 180,745 $ 258,849 $ 288,416 $ 349,073
(983,223) (46,556) 39,819
248,890 131,138
(919,573) (1,209,440) (1,448,612) (1,448,612)
(489,938) (1,802,676) (1,206,752) (1,059,720)
6,197,709 8,000,385 9,207,137 10,266,857
$ 5,707,771 $ 6,197,709 $ 8,000,385 $ 9,207,137
June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2024
143

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 6/30/24 6/30/23 6/30/22 6/30/21
Total OPEB Liability
Service Cost $ 423,344 $ 921,694 $ 1,301,935 $ 644,219
Interest 2,632,367 3,003,276 2,579,151 2,704,008
Differences between expected and actual experience (40,955) (8,295,789) (3,925,906) 5,250,940 Changes of assumptions 2,388,356 (7,804,184) (14,950,435) 4,046,759 Benefit payments (3,796,175) (4,022,438) (4,105,294) (4,132,821) Plan to Plan Transfer (1)
Net change in total OPEB liability 1,606,937 (16,197,441) (19,100,549) 8,513,105 Total OPEB liability - beginning 48,904,774 65,102,215 84,202,764 75,689,659 Total OPEB liability - ending (A) $ 50,511,711 $ 48,904,774 $ 65,102,215 $ 84,202,764 Plan fiduciary net position
Contributions - employer $ 3,796,175 $ 4,022,438 $ 4,105,294 $ 4,132,821 Net investment income 499,361 310,212 (590,348) 872,495 Administrative expense (18,747) (18,071) (20,192) (20,219) Benefit payments (3,796,175) (4,022,438) (4,105,294) (4,132,821) Other
Plan to Plan Transfer (1)
Net change in plan fiduciary net position 480,614 292,141 (610,540) 852,276 Plan fiduciary net position - beginning 4,915,851 4,623,710 5,234,250 4,381,974 Plan fiduciary net position - ending (B) $ 5,396,465 $ 4,915,851 $ 4,623,710 $ 5,234,250 Net OPEB liability - ending (A)-(B) $ 45,115,246 $ 43,988,923 $ 60,478,505 $ 78,968,514 Plan fiduciary net position as a percentage of the total OPEB liability 10.68 % 10.05 % 7.10 % 6.22 %
Covered-employee payroll $ 34,275,478 $ 33,341,905 $ 34,169,745 $ 33,255,226 Net OPEB liability as a percentage of covered-
employee payroll 131.63 % 131.93 % 176.99 % 237.46 % * FY 2017-18 was the first year of implementation.

City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2024
144
6/30/20 6/30/19 6/30/18
$ 555,320 $ 4,213,531 $ 4,193,392
2,909,360 4,658,311 4,316,741
(353,154) (2,503,398)
4,987,068 (1,184,636) (6,336,836)
(3,917,329) (3,825,122) (3,715,083)
(44,592,304)
4,181,265 (43,233,618) (1,541,786)
71,508,394 114,742,012 116,283,798
$ 75,689,659 $ 71,508,394 $ 114,742,012
$ 3,917,329 $ 4,325,122 $ 7,546,879
178,799 268,507 598,104
(18,852) (17,057) (33,220)
(3,917,329) (3,825,122) (3,715,083)
703
(8,314,828)
159,947 (7,563,378) 4,397,383
4,222,027 11,785,405 7,388,022
$ 4,381,974 $ 4,222,027 $ 11,785,405
$ 71,307,685 $ 67,286,367 $ 102,956,607

5.79 % 5.90 % 10.27 %
$ 36,886,764 $ 32,365,183 $ 61,252,086
193.32 % 207.90 % 168.09 %
City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2024
145

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, 2024 2023 2022 2021
Contractually required contributions $ 3,796,175 $ 4,220,491 $ 4,105,294 $ 4,132,821 Contributions in relation to the contractually required contributions (3,796,175) (4,220,491) (4,105,294) (4,132,821) Contribution deficiency (excess) $ — $ — $ — $ —
Covered-employee payroll $ 34,275,478 $ 33,341,905 $ 34,169,745 $ 33,255,226 Contributions as a percentage of covered-employee
payroll 11.08 % 12.66 % 12.01 % 12.43 %
* FY 2017-18 was the first year of implementation.

City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2024
146
2020 2019 2018
$ 3,917,329 $ 3,825,122 $ 3,715,083
(3,917,329) (3,825,122) (3,715,083)
$ — $ — $ —
$ 36,886,764 $ 32,365,183 $ 61,252,086

10.62 % 11.82 % 6.07 %
City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2024
147

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 6/30/24 6/30/23 6/30/22 6/30/21 6/30/20 6/30/19 Total OPEB Liability
Service Cost $ 1,243,839 $ 2,319,666 $ 3,504,390 $ 3,959,737 $ 3,090,491 $ Interest 2,483,497 2,073,029 1,762,214 2,089,924 2,027,284 Changes in benefit terms 143,210
Differences between expected and actual
experience 400,219 499,228 (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 (1,666,236) (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 2,461,319 (2,866,621) (10,334,103) (5,577,977) 12,294,277 44,281,345 Total OPEB liability - beginning 37,796,921 40,663,542 50,997,645 56,575,622 44,281,345 Total OPEB liability - ending (A) $ 40,258,240 $ 37,796,921 $ 40,663,542 $ 50,997,645 $ 56,575,622 $ 44,281,345 Plan fiduciary net position
Contributions - employer $ 1,916,236 $ 1,444,193 $ 1,403,907 $ 2,470,986 $ 1,109,102 $ 963,680 Contributions - employee 518,788
Net investment income 1,961,301 1,229,909 (1,906,123) 2,710,975 348,653 568,341 Administrative expense (1,666,236) (1,194,193) (60,557) (52,928) (41,310) (19,988) Benefit payments (63,730) (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 2,666,359 1,988,916 (1,127,398) 4,509,755 1,184,841 9,755,877 Plan fiduciary net position - beginning 16,311,991 14,323,075 15,450,473 10,940,718 9,755,877 Plan fiduciary net position - ending (B) $ 18,978,350 $ 16,311,991 $ 14,323,075 $ 15,450,473 $ 10,940,718 $ 9,755,877
Net OPEB liability - ending (A)-(B) $ 21,279,890 $ 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 47.14 % 43.16 % 35.22 % 30.30 % 19.34 % 22.03 % Covered-employee payroll $ 27,240,178 $ 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 78.12 % 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, 2024
148

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, 2024 2023 2022 2021 2020 2019 Contractually required contributions $ 1,916,236 $ 1,562,028 $ 1,403,907 $ 2,470,986 $ 1,109,102 $ 952,694 Contributions in relation to the
contractually required contributions (1,916,236) (1,562,028) (1,403,907) (2,470,986) (1,109,102) (952,694) Contribution deficiency (excess) $ — $ — $ — $ — $ — $ — Covered-employee payroll $ 27,240,178 $ 26,498,228 $ 31,615,830 $ 30,769,664 $ 30,782,274 $ 29,946,145 Contributions as a percentage of
covered-employee payroll 7.03 % 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, 2024
149
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 Sections 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
150
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.

Urban Forest
This fund accounts for various landscaping and maintenance programs funded from construction impact fees.

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
151
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
152
City of Alameda
Non-Major Governmental Funds
153

SPECIAL REVENUE FUNDS
Community
Development Library Gas Tax
Asset Seizure/
Traffic Safety
ASSETS
Cash and investments $ 1,857,358 $ 5,823,310 $ 4,135,486 $ 100,431 Restricted cash and investments
Accounts receivable 37,471 187,589 537,753
Loans receivable
Leases receivable
Total Assets $ 1,894,829 $ 6,010,899 $ 4,673,239 $ 100,431

LIABILITIES
Accounts payable $ 176,172 $ 103,578 $ 50,801 $ —
Accrued payroll 185,918 140,415 13,793
Due to other funds
Due to other agencies 43,025
Unearned revenue
Refundable deposits 374,595 6,654
Advances from other funds
Total Liabilities 779,710 243,993 64,594 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 4,608,645 93,777
Committed 1,115,119 5,766,906
Unassigned
Total Fund Balances 1,115,119 5,766,906 4,608,645 93,777 Total Liabilities, Deferred Inflows and Fund
Balances $ 1,894,829 $ 6,010,899 $ 4,673,239 $ 100,431
(Page 1 of 6)
City of Alameda
Non-Major Governmental Funds
Combining Balance Sheets
June 30, 2024
154

SPECIAL REVENUE FUNDS
County
Measure B/BB Tidelands Parking Meter
Commercial
Revitalization
HOME
Program
Community
Development
Block Grant Housing
$ 9,120,186 $ 3,058,857 $ 1,451,969 $ 3,141,029 $ — $ 524,136 $ 2,184,133

988,683 3,332 3,936 513,438 148,330 61,105
7,301,805 2,192,679 1,790,358
7,161,818 9,555,051
$ 10,108,869 $ 10,220,675 $ 1,455,301 $ 12,700,016 $ 7,815,243 $ 2,865,145 $ 4,035,596 $ — $ — $ 59,847 $ 9,094 $ 35,428 $ 105,376 $ 55,282
6,054 27,667 6,459 66,362
477,865

235,251
23,341 25,000

29,395 87,514 34,094 513,293 111,835 356,895

7,301,805 2,192,679 1,790,358
7,005,180 9,222,189
7,005,180 9,222,189 7,301,805 2,192,679 1,790,358

10,108,869 3,186,100 3,443,733 145 560,631 1,888,343 1,367,787

10,108,869 3,186,100 1,367,787 3,443,733 145 560,631 1,888,343 $ 10,108,869 $ 10,220,675 $ 1,455,301 $ 12,700,016 $ 7,815,243 $ 2,865,145 $ 4,035,596 (Page 2 of 6)
City of Alameda
Non-Major Governmental Funds
Combining Balance Sheets
June 30, 2024
155

SPECIAL REVENUE FUNDS
Garbage/
Recycling
Surcharge
Athletic
Recreation
Waste
Reduction
Surcharge
Maintenance
Assessment
Districts
ASSETS
Cash and investments $ 1,662,376 $ 1,378,083 $ 4,078,318 $ 12,627,928 Restricted cash and investments
Accounts receivable 36,021 59,906 101,384
Loans receivable
Leases receivable 7,607,284
Total Assets $ 1,662,376 $ 9,021,388 $ 4,138,224 $ 12,729,312

LIABILITIES
Accounts payable $ 34,827 $ 73,377 $ 162,085 $ 429,839
Accrued payroll 2,069 14,643 20,452
Due to other funds
Due to other agencies 20,271
Unearned revenue 260,839
Refundable deposits 77
Advances from other funds
Total Liabilities 36,896 73,377 457,915 450,291

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - accounts receivable
Unavailable revenue - revolving loans receivable
Related to leases 7,427,414
Total Deferred Inflows of Resources 7,427,414

FUND EQUITY
Fund balances
Nonspendable
Restricted 1,625,480 3,680,309 12,279,021
Committed 1,520,597
Unassigned
Total Fund Balances 1,625,480 1,520,597 3,680,309 12,279,021 Total Liabilities, Deferred Inflows and Fund
Balances $ 1,662,376 $ 9,021,388 $ 4,138,224 $ 12,729,312 (Page 3 of 6)
City of Alameda
Non-Major Governmental Funds
Combining Balance Sheets
June 30, 2024
156

SPECIAL REVENUE FUNDS DEBT SERVICE FUNDS
Vehicle
Registration Fee
FISC Lease
Revenue
Open Space
Improvement Urban Forest
City Hall and
Library Bonds Base Reuse
$ 581,242 $ 486,807 $ 69,334 $ 4,130,399 $ — $ 236,010
16,720,223 75,805
52,757 8,924 37,604

68,031
$ 633,999 $ 486,807 $ 137,365 $ 4,139,323 $ 16,757,827 $ 311,815 $ – $ 336 $ – $ 387,487 $ – $ –
8,527

336 396,014

65,858
65,858

633,999 3,743,309 16,757,827 311,815
486,471 71,507

633,999 486,471 71,507 3,743,309 16,757,827 311,815 $ 633,999 $ 486,807 $ 137,365 $ 4,139,323 $ 16,757,827 $ 311,815 (Page 4 of 6)
City of Alameda
Non-Major Governmental Funds
Combining Balance Sheets
June 30, 2024
157

CAPITAL PROJECTS FUNDS
Construction
Impact
Streets/
Transportation
Development
Impact Fee
Urban Runoff
Storm Drain
Fee
ASSETS
Cash and investments $ 3,558,500 $ 3,187,524 $ 10,309,818 $ 1,714,461 Restricted cash and investments 17,300
Accounts receivable 3,805 232,417 236,530
Loans receivable
Leases receivable
Total Assets $ 3,562,305 $ 3,419,941 $ 10,309,818 $ 1,968,291

LIABILITIES
Accounts payable $ — $ 24,578 $ — $ 118,127
Accrued payroll 56,957
Due to other funds
Due to other agencies
Unearned revenue
Refundable deposits 1,500 52,712
Advances from other funds 560,446
Total Liabilities 24,578 561,946 227,796

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 3,562,305 3,395,363 9,747,872 1,740,495
Committed
Unassigned
Total Fund Balances 3,562,305 3,395,363 9,747,872 1,740,495 Total Liabilities, Deferred Inflows and
Fund Balances $ 3,562,305 $ 3,419,941 $ 10,309,818 $ 1,968,291 (Page 5 of 6)
City of Alameda
Non-Major Governmental Funds
Combining Balance Sheets
June 30, 2024
158

CAPITAL PROJECTS FUNDS
Maintenance
Assessment
Districts Alameda Point
Total Nonmajor
Governmental
Funds
$ 4,542,823 $ 2,509,057 $ 82,469,575
16,813,328
2,356 3,253,341
11,284,842
24,392,184
$ 4,545,179 $ 2,509,057 $ 138,213,270
$ — $ 41,442 $ 1,867,676
831 550,147
477,865
63,296
496,090
483,879
560,446
831 41,442 4,499,399

11,284,842
23,720,641
35,005,483

4,544,348 2,467,615 88,380,001
10,328,387

4,544,348 2,467,615 98,708,388
$ 4,545,179 $ 2,509,057 $ 138,213,270
(Page 6 of 6)
City of Alameda
Non-Major Governmental Funds
Combining Balance Sheets
June 30, 2024
159

SPECIAL REVENUE FUNDS
Community
Development Library Gas Tax
Asset Seizure/
Traffic Safety

REVENUES
Property taxes $ — $ 3,642,401 $ — $ —
Other taxes
Licenses and permits 3,565,871
Developer fees
Revenue from other agencies 229,686 32,018 4,154,047 30,451 Charges for current services 1,546,217 13,346
Fines and forfeitures 188,996
Use of money and property 96,723 285,171 175,066 3,347 Other revenues 26,673 3,627 3,763
Total Revenues 5,627,493 3,999,609 4,332,740 37,561

EXPENDITURES
Current:

General government 348,438
Police
Fire
Public works 980,013
Community Development
Recreation and Parks
Library 5,672,733
Planning, Building and Transportation 6,659,014
Community Services
Housing
Capital outlay
Debt service:

Principal
Interest
Bond issuance costs
Total Expenditures 7,007,452 5,672,733 986,570

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (1,379,959) (1,673,124) 3,346,170 37,561

OTHER FINANCING SOURCES (USES)
Transfers in 923,457 1,200,000
Transfers (out) (343,587) (1,304,533)
Issuance of Long Term Debt
Total Other Financing Sources (Uses) 579,870 1,200,000 (1,304,533) NET CHANGE IN FUND BALANCE (800,089) (473,124) 2,041,637 37,561 BEGINNING FUND BALANCES 1,915,208 6,240,030 2,567,008 56,216 ENDING FUND BALANCES $ 1,115,119 $ 5,766,906 $ 4,608,645 $ 93,777 (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, 2024
160

SPECIAL REVENUE FUNDS
County
Measure B/BB Tidelands Parking Meter
Commercial
Revitalization
HOME
Program
Community
Development
Block Grant Housing
$ — $ — $ — $ — $ — $ — $ —

5,500

6,407,226 480,019 1,585,470
942,397 2,029,982
935,257 89,545
505,026 1,044,390 78,892 745,003 34,213 71,673 168,333 158 49,246
6,912,252 1,044,390 1,956,704 750,503 514,232 1,657,143 2,337,106 514,232 1,585,468 2,593,441

1,994,454
341,934 106,568 (7)

341,934 1,994,454 106,568 514,232 1,585,468 2,593,434 6,912,252 702,456 (37,750) 643,935 71,675 (256,328) 22,205 200,000 100,000
(5,855,023) (108,697) (312,760) (413,000)
(5,832,818) (108,697) (312,760) (213,000) 100,000 1,079,434 593,759 (350,510) 430,935 71,675 (156,328) 9,029,435 2,592,341 1,718,297 3,012,798 145 488,956 2,044,671 $ 10,108,869 $ 3,186,100 $ 1,367,787 $ 3,443,733 $ 145 $ 560,631 $ 1,888,343 (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, 2024
161

SPECIAL REVENUE FUNDS
Garbage/
Recycling
Surcharge
Athletic
Recreation
Waste
Reduction
Surcharge
Maintenance
Assessment
Districts

REVENUES
Property taxes $ — $ — $ — $ 3,926,010
Other taxes 250,563 808,203
Licenses and permits
Developer fees
Revenue from other agencies 53,067 328,998
Charges for current services 57,689 593,763 920
Fines and forfeitures
Use of money and property 81,434 463,567 152,804 552,027 Other revenues 101,136 79,698
Total Revenues 331,997 675,459 1,963,466 4,478,957

EXPENDITURES
Current:

General government 1,023,187
Police
Fire
Public works 336,443 1,221,717 2,499,293
Community Development
Recreation and Parks 125,649 731,963
Library
Planning, Building and Transportation 280,148
Community Services
Housing
Capital outlay 37,248
Debt service:

Principal
Interest
Bond issuance costs
Total Expenditures 336,443 1,148,836 1,258,965 3,511,404

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (4,446) (473,377) 704,501 967,553

OTHER FINANCING SOURCES (USES)
Transfers in 250,000 160,469
Transfers (out) (84) (31,824) (151,000)
Issuance of Long Term Debt
Total Other Financing Sources (Uses) (84) 218,176 9,469 NET CHANGE IN FUND BALANCE (4,530) (255,201) 704,501 977,022 BEGINNING FUND BALANCES 1,630,010 1,775,798 2,975,808 11,301,999 ENDING FUND BALANCES $ 1,625,480 $ 1,520,597 $ 3,680,309 $ 12,279,021 (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, 2024
162

SPECIAL REVENUE FUNDS DEBT SERVICE FUNDS
Vehicle
Registration Fee
FISC Lease
Revenue
Open Space
Improvement Urban Forest
City Hall and
Library Bonds Base Reuse
$ — $ — $ — $ — $ 624,204 $ —

314,246

17,292 55,752 21,428 (23,662) 294,964 1,976
132,407 32,900
331,538 55,752 21,428 108,745 952,068 1,976

2,138,177

3,066,061 600,000
839,050 382,914
362,595
2,138,177 4,267,706 982,914
331,538 55,752 21,428 (2,029,432) (3,315,638) (980,938) 5,772,741 3,591,935 990,000
(675,000) (15,000) (346,193)
15,371,410
(675,000) (15,000) 5,772,741 18,617,152 990,000
331,538 (619,248) 6,428 3,743,309 15,301,514 9,062 302,461 1,105,719 65,079 1,456,313 302,753
$ 633,999 $ 486,471 $ 71,507 $ 3,743,309 $ 16,757,827 $ 311,815 (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, 2024
163

CAPITAL PROJECTS FUNDS
Construction
Impact Fee
Streets/
Transportation
Development
Impact Fee
Urban Runoff
Storm Drain
Fee

REVENUES
Property taxes $ 1,032,188 $ 1,408,366 $ — $ 2,065,662
Other taxes
Licenses and permits 10,593
Developer fees 567,332 2,440,381
Revenue from other agencies
Charges for current services 184,438
Fines and forfeitures
Use of money and property 363,778 134,156 492,628 131,596 Other revenues 21,637
Total Revenues 1,406,559 1,726,960 1,059,960 4,659,276

EXPENDITURES
Current:

General government
Police
Fire
Public works 514,108
Community Development
Recreation and Parks
Library
Planning, Building and Transportation 997,192
Community Services
Housing
Capital outlay 3,670,020
Debt service:

Principal 5,790
Interest 767
Bond issuance costs
Total Expenditures 1,511,300 3,676,577

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 1,406,559 215,660 1,059,960 982,699

OTHER FINANCING SOURCES (USES)
Transfers in 28,701 343,587
Transfers (out) (4,465,855) (141,416) (206,092) (2,171,406) Issuance of Long Term Debt
Total Other Financing Sources (Uses) (4,437,154) 202,171 (206,092) (2,171,406) NET CHANGE IN FUND BALANCE (3,030,595) 417,831 853,868 (1,188,707) BEGINNING FUND BALANCES 6,592,900 2,977,532 8,894,004 2,929,202 ENDING FUND BALANCES $ 3,562,305 $ 3,395,363 $ 9,747,872 $ 1,740,495 (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, 2024
164

CAPITAL PROJECTS FUNDS
Maintenance
Assessment
District Alameda Point
Total Nonmajor
Governmental
Funds
$ 183,604 $ — $ 12,882,435
1,058,766
3,581,964
3,007,713
13,615,228
5,368,752
1,213,798
185,050 6,448 6,139,075
451,245
368,654 6,448 47,318,976
6,064,766

38,791 9,722,996
448,495
857,612
5,672,733
7,936,354

8,915,023 12,622,291

3,677,641
1,223,498
362,595
38,791 8,915,023 48,588,981
329,863 (8,908,575) (1,270,005)
8,915,023 22,498,118
(143,372) (16,684,842)
15,371,410
(143,372) 8,915,023 21,184,686
186,491 6,448 19,914,681
4,357,857 2,461,167 78,793,707
$ 4,544,348 $ 2,467,615 $ 98,708,388
(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, 2024
165

SPECIAL REVENUE FUNDS

COMMUNITY DEVELOPMENT LIBRARY
Budget Actual
Variance
Favorable
(Unfavorable) Budget Actual
Variance
Favorable
(Unfavorable)

REVENUES
Property taxes $ — $ — $ — $ 3,490,000 $ 3,642,401 $ 152,401 Other taxes
Licenses and permits 5,015,000 3,565,871 (1,449,129) Revenue from other agencies 229,686 229,686 80,400 32,018 (48,382) Charges for current services 1,862,000 1,546,217 (315,783) 5,000 13,346 8,346 Fines and forfeitures 105,000 188,996 83,996
Use of money and property 96,723 96,723 1,000 285,171 284,171 Other 26,673 26,673
Total Revenues 6,982,000 5,627,493 (1,354,507) 3,576,400 3,999,609 423,209

EXPENDITURES
Current:

General government 348,438 (348,438)
Police
Fire
Public works
Community Development
Recreation and Parks
Library 5,925,926 5,672,733 253,193
Planning, Building and
Transportation 9,646,111 6,659,014 2,987,097
Community Services
Housing
Capital outlay
Debt service:

Principal
Interest
Total Expenditures 9,646,111 7,007,452 2,638,659 5,925,926 5,672,733 253,193

EXCESS (DEFICIENCY) OF

REVENUES OVER
EXPENDITURES (2,664,111) (1,379,959) 1,284,152 (2,349,526) (1,673,124) 676,402

OTHER FINANCING SOURCES
(USES)
Issuance of debt
Transfers in 1,761,100 923,457 (837,643) 1,200,000 1,200,000 Transfers (out) (343,587) (343,587)
Total Other Financing Sources
(Uses) 1,761,100 579,870 (1,181,230) 1,200,000 1,200,000

NET CHANGE IN FUND
BALANCE $ (903,011) (800,089) $ 102,922 $ (1,149,526) (473,124) $ 676,402

BEGINNING FUND BALANCES
(DEFICITS) 1,915,208 6,240,030

ENDING FUND BALANCES
(DEFICITS) $ 1,115,119 $ 5,766,906
(Page 1 of 9)
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, 2024
166

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)
$ — $ — $ — $ — $ — $ — $ — $ — $ —

4,142,500 4,154,047 11,547 41,310 30,451 (10,859) 6,052,217 6,407,226 355,009

175,066 175,066 3,347 3,347 505,026 505,026
3,627 3,627 3,763 3,763
4,142,500 4,332,740 190,240 41,310 37,561 (3,749) 6,052,217 6,912,252 860,035

41,310 41,310

1,161,111 980,013 181,098

5,790 (5,790)
767 (767)
1,161,111 986,570 174,541 41,310 41,310
2,981,389 3,346,170 364,781 — 37,561 37,561 6,052,217 6,912,252 860,035

22,205 22,205
(3,350,000) (1,304,533) 2,045,467 (11,779,077) (5,855,023) 5,924,054 (3,350,000) (1,304,533) 2,045,467 (11,779,077) (5,832,818) 5,946,259 $ (368,611) 2,041,637 $ 2,410,248 $ 37,561 $ 37,561 $ (5,726,860) 1,079,434 $ 6,806,294 2,567,008 56,216 9,029,435
$ 4,608,645 $ 93,777 $ 10,108,869
(Page 2 of 9)
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, 2024
167

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 1,018,000 942,397 (75,603) Fines and forfeitures 900,000 935,257 35,257
Use of money and property 885,000 1,044,390 159,390 78,892 78,892 Other 158 158
Total Revenues 885,000 1,044,390 159,390 1,918,000 1,956,704 38,704

EXPENDITURES
Current:

General government
Police
Fire
Public works 2,494,757 1,994,454 500,303
Community Development 769,944 341,934 428,010
Recreation and Parks
Library
Planning, Building and Transportation
Community Services
Housing
Capital outlay
Debt service:

Principal
Interest
Total Expenditures 769,944 341,934 428,010 2,494,757 1,994,454 500,303

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 115,056 702,456 587,400 (576,757) (37,750) 539,007

OTHER FINANCING SOURCES (USES)
Issuance of debt
Transfers in 250,000 (250,000)
Transfers (out) (660,000) (108,697) 551,303 (250,000) (312,760) (62,760) Total Other Financing Sources (Uses) (660,000) (108,697) 551,303 (312,760) (312,760) NET CHANGE IN FUND BALANCE $ (544,944) 593,759 $ 1,138,703 $ (576,757) (350,510) $ 226,247

BEGINNING FUND BALANCES
(DEFICITS) 2,592,341 1,718,297
ENDING FUND BALANCES (DEFICITS) $ 3,186,100 $ 1,367,787 (Page 3 of 9)
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, 2024
168

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)
$ — $ — $ — $ — $ — $ — $ — $ — $ —

250,000 5,500 (244,500)
528,000 480,019 (47,981) 2,937,205 1,585,470 (1,351,735)

580,000 745,003 165,003 90,000 34,213 (55,787) 80,000 71,673 (8,327)

830,000 750,503 (79,497) 618,000 514,232 (103,768) 3,017,205 1,657,143 (1,360,062)

618,000 514,232 103,768 3,017,205 1,585,468 1,431,737

748,028 106,568 641,460 432,286 432,286

748,028 106,568 641,460 618,000 514,232 103,768 3,449,491 1,585,468 1,864,023 81,972 643,935 561,963 — 0 (432,286) 71,675 503,961

200,000 200,000 (400) 400
(413,000) (413,000) 400 (400)
(213,000) (213,000)
$ (131,028) 430,935 $ 561,963 $ $ — $ (432,286) 71,675 $ 503,961 3,012,798 145 488,956
$ 3,443,733 $ 145 $ 560,631
(Page 4 of 9)
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, 2024
169

SPECIAL REVENUE FUNDS

HOUSING GARBAGE/RECYCLING SURCHARGE
Budget Actual
Variance
Favorable
(Unfavorable) Budget Actual
Variance
Favorable
(Unfavorable)

REVENUES
Property taxes $ — $ — $ — $ — $ — $ —
Other taxes 237,258 250,563 13,305
Licenses and permits
Revenue from other agencies
Charges for current services 1,945,000 2,029,982 84,982 Fines and forfeitures 75,000 89,545 14,545
Use of money and property 52,000 168,333 116,333 81,434 81,434 Other 1,382,500 49,246 (1,333,254)
Total Revenues 3,454,500 2,337,106 (1,117,394) 237,258 331,997 94,739

EXPENDITURES
Current:

General government 2,711,165 2,593,441 117,724
Police
Fire
Public works 363,188 336,443 26,745
Community Development (7) 7
Recreation and Parks
Library
Planning, Building and Transportation
Community Services
Housing
Capital outlay
Debt service:

Principal
Interest
Total Expenditures 2,711,165 2,593,434 117,731 363,188 336,443 26,745

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 743,335 (256,328) (999,663) (125,930) (4,446) 121,484

OTHER FINANCING SOURCES (USES)
Issuance of debt
Transfers in 100,000 100,000
Transfers (out) (279,900) (84) 279,816
Total Other Financing Sources (Uses) 100,000 100,000 (279,900) (84) 279,816 NET CHANGE IN FUND BALANCE $ 843,335 (156,328) $ (999,663) $ (405,830) (4,530) $ 401,300

BEGINNING FUND BALANCES
(DEFICITS) 2,044,671 1,630,010
ENDING FUND BALANCES (DEFICITS) $ 1,888,343 $ 1,625,480 (Page 5 of 9)
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, 2024
170

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)
$ — $ — $ — $ — $ — $ — $ 4,032,210 $ 3,926,010 $ (106,200) 910,931 808,203 (102,728)

25,000 53,067 28,067 262,666 328,998 66,332
99,000 57,689 (41,311) 474,596 593,763 119,167 31,000 920 (30,080)

375,000 463,567 88,567 152,804 152,804 552,027 552,027 99,000 101,136 2,136 79,698 79,698
598,000 675,459 77,459 1,648,193 1,963,466 315,273 4,063,210 4,478,957 415,747

950,000 1,023,187 (73,187)

1,756,999 1,221,717 535,282 3,785,035 2,499,293 1,285,742

224,392 125,649 98,743 880,958 731,963 148,995

269,000 280,148 (11,148)

40,330 37,248 3,082 71,797 71,797

1,174,392 1,148,836 25,556 1,797,329 1,258,965 538,364 5,006,790 3,511,404 1,495,386 (576,392) (473,377) 103,015 (149,136) 704,501 853,637 (943,580) 967,553 1,911,133

250,000 250,000 72,500 (72,500) 354,020 160,469 (193,551) (31,824) (31,824) (961,000) 961,000 (293,551) (151,000) 142,551 250,000 218,176 (31,824) (888,500) 888,500 60,469 9,469 (51,000) $ (326,392) (255,201) $ 71,191 $ (1,037,636) 704,501 $ 1,742,137 $ (883,111) 977,022 $ 1,860,133 1,775,798 2,975,808 11,301,999
$ 1,520,597 $ 3,680,309 $ 12,279,021
(Page 6 of 9)
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, 2024
171

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 312,000 314,246 2,246
Charges for current services
Fines and forfeitures
Use of money and property 17,292 17,292 55,752 55,752 Other
Total Revenues 312,000 331,538 19,538 55,752 55,752

EXPENDITURES
Current:

General government
Police
Fire
Public works
Community Development 2,469 2,469
Recreation and Parks
Library
Planning, Building and Transportation
Community Services
Housing
Capital outlay
Debt service:

Principal
Interest
Bond issuance costs
Total Expenditures 2,469 2,469

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 312,000 331,538 19,538 (2,469) 55,752 58,221

OTHER FINANCING SOURCES (USES)
Issuance of debt
Transfers in
Transfers (out) (200,000) 200,000 (675,000) (675,000) Total Other Financing Sources (Uses) (200,000) 200,000 (675,000) (675,000) NET CHANGE IN FUND BALANCE $ 112,000 331,538 $ 219,538 $ (677,469) (619,248) $ 58,221

BEGINNING FUND BALANCES
(DEFICITS) 302,461 1,105,719
ENDING FUND BALANCES (DEFICITS) $ 633,999 $ 486,471
(Page 7 of 9)
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, 2024
172

SPECIAL REVENUE FUNDS DEBT SERVICE FUND
OPEN SPACE IMPROVEMENT Urban Forest CITY HALL AND LIBRARY BONDS Budget Actual
Variance
Favorable
(Unfavorable) Budget Actual
Variance
Favorable
(Unfavorable) Budget Actual
Variance
Favorable
(Unfavorable)
$ — $ — $ — $ — $ — $ — $ 627,000 $ 624,204 $ (2,796)

21,428 21,428 (23,662) (23,662) 294,964 294,964 132,407 132,407 32,900 32,900
21,428 21,428 108,745 108,745 627,000 952,068 325,068

5,439,850 2,138,177 3,301,673

3,391,413 3,066,061 325,352
857,923 839,050 18,873
362,595
5,439,850 2,138,177 3,301,673 4,249,336 4,267,706 (18,370) 21,428 21,428 (5,439,850) (2,029,432) 3,410,418 (3,622,336) (3,315,638) 306,698 15,371,410 15,371,410
5,772,808 5,772,741 (67) 3,622,336 3,591,935 (30,401) (15,000) (15,000) (346,193) (346,193)
(15,000) (15,000) 5,772,808 5,772,741 (67) 3,622,336 18,617,152 14,994,816 $ (15,000) 6,428 $ 21,428 $ 332,958 3,743,309 $ 3,410,351 $ — 15,301,514 $ 15,301,514 65,079 1,456,313
$ 71,507 $ 3,743,309 $ 16,757,827
(Page 8 of 9)
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, 2024
173

DEBT SERVICE FUND

BASE REUSE DEBT SERVICE
Budget Actual
Variance
Favorable
(Unfavorable)

REVENUES
Property taxes $ — $ — $ —
Other taxes
Licenses and permits
Revenue from other agencies
Charges for current services
Fines and forfeitures
Use of money and property 1,976 1,976
Other
Total Revenues 1,976 1,976

EXPENDITURES
Current:

General government
Police
Fire
Public works
Community Development
Recreation and Parks
Library
Planning, Building and Transportation
Community Services
Housing
Capital outlay
Debt service:

Principal 600,000 600,000
Interest 390,000 382,914 7,086
Bond issuance costs
Total Expenditures (990,000) (980,938) 7,086

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (990,000) (980,938) 9,062

OTHER FINANCING SOURCES (USES)
Issuance of debt
Transfers in 990,000 990,000
Transfers (out)
Total Other Financing Sources (Uses) 990,000 990,000 — NET CHANGE IN FUND BALANCE $ — 9,062 $ 9,062

BEGINNING FUND BALANCES
(DEFICITS) 302,753
ENDING FUND BALANCES (DEFICITS) $ 311,815
(Page 9 of 9)
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, 2024
174
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, 2024
175
City of Alameda, California
People and Places in the City
176

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 Replacement
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
177
IT Cable
Replacement
Fleet
Maintenance
and
Replacement
Technology
Services
ASSETS
Current Assets:

Cash and cash equivalents $ 1,725,345 $ 10,989,819 $ 5,254,513 Accounts receivable 32,242 70,716
Prepaids and deposits 2,452,521
Total Current Assets 1,757,587 13,513,056 5,254,513
Noncurrent Assets:

Restricted investments
Advances to other funds 138,857
Capital assets:

Depreciable, net of accumulated depreciation 4,926,274 2,278,382 Total Non-current Assets 5,065,131 2,278,382
Total Assets 1,757,587 18,578,187 7,532,895

LIABILITIES
Current Liabilities:

Accounts payable 1,001,035 205,842
Interest payable 30,892
Accrued payroll 35,071 50,850
Refundable deposits
Claims payable:

Due within one year
Subscription liability - current 6,224 882,864
Equipment lease payable:

Due within one year 341,453
Total Current Liabilities 1,414,675 1,139,556
Long-Term Liabilities:

Claims payable:

Due in more than one year
Equipment purchase agreement
Lease Liability 871,085
Subscription Liability 6,682 1,469,096
Total Long-Term Liabilities 877,767 1,469,096
Total Liabilities 2,292,442 2,608,652

NET POSITION
Net investment in capital assets 3,700,830 (73,578) Unrestricted 1,757,587 12,584,915 4,997,821
Total Net Position (Deficits) $ 1,757,587 $ 16,285,745 $ 4,924,243 City of Alameda
Internal Service Funds
Combining Statements of Net Position
June 30, 2024
178
Facilities
Replacement
and
Maintenance
Workers'
Compensation
Insurance
General
Liability
Insurance
Unemployment
Insurance OPEB/Vacation
Pension
Stabilization
Fund Total
$ 11,125,000 $ 16,881,890 $ 9,288,341 $ 267,849 $ 7,593,128 $ 835,534 $ 63,961,419 198,625 614,592 9,449 925,624
500,000 2,952,521
11,125,000 17,580,515 9,902,933 267,849 7,602,577 835,534 67,839,564 50,000 19,215,879 19,265,879
138,857

1,559,384 8,764,040
1,559,384 50,000 19,215,879 28,168,776
12,684,384 17,580,515 9,952,933 267,849 7,602,577 20,051,413 96,008,340 263,916 226,826 94,318 22,905 1,835,360
30,892
25,616 7,005 21,219 139,761
21,604 21,604
4,056,875 4,449,719 8,506,594
29,271 918,359
341,453
318,803 4,290,706 4,586,860 22,905 20,518 11,794,023 9,791,508 4,397,973 14,189,481

871,085
55,651 1,531,429
55,651 9,791,508 4,397,973 16,591,995
374,454 14,082,214 8,984,833 22,905 20,518 28,386,018 1,474,462 5,101,714
10,835,468 3,498,301 968,100 244,944 7,582,059 20,051,413 62,520,608 $ 12,309,930 $ 3,498,301 $ 968,100 $ 244,944 $ 7,582,059 $ 20,051,413 $ 67,622,322 City of Alameda
Internal Service Funds
Combining Statements of Net Position
June 30, 2024
179
IT Cable
Replacement
Fleet
Maintenance
and
Replacement
Technology
Services

OPERATING REVENUES
Charges for services $ — $ 6,557,725 $ 3,954,958
Miscellaneous 149,513
Total Operating Revenues 149,513 6,557,725 3,954,958

OPERATING EXPENSES
General administrative 2,039 391,355 849,576
Wages and benefits 904,591 1,493,772
Insurance and claims
Contractual services 18,521 513,867 655,619
Supplies and maintenance 25,447 1,330,830 1,155,979
Depreciation 1,329,810 807,006
Total Operating Expenses 46,007 4,470,453 4,961,952
Operating Income (Loss) 103,506 2,087,272 (1,006,994)

NONOPERATING REVENUES (EXPENSES)
Interest income 78,291 457,483 294,077
Interest expense (41,741) (127,793)
Gain (loss) from sale of capital assets 178,710 7,750 Total Nonoperating Revenues (Expenses) 78,291 594,452 174,034 Income (Loss) Before Transfers 181,797 2,681,724 (832,960) Transfers in 1,674,051
Transfers out
Net Transfers 1,674,051
Change in Net Position 181,797 4,355,775 (832,960)
BEGINNING NET POSITION 1,575,790 11,929,970 5,757,203 ENDING NET POSITION $ 1,757,587 $ 16,285,745 $ 4,924,243 City of Alameda
Internal Service Funds
Combining Statements of Revenues, Expenses and Changes in Fund Net Position For the Year Ended June 30, 2024
180
Facilities
Replacement
and
Maintenance
Workers'
Compensation
Insurance
General
Liability
Insurance
Unemployment
Insurance OPEB/Vacation
Pension
Stabilization
Fund Total
$ 5,467,940 $ 5,300,981 $ 6,603,585 $ — $ 4,205,216 $ — $ 32,090,405 149,513
5,467,940 5,300,981 6,603,585 4,205,216 32,239,918 635,915 347,869 306,196 49,918 427,312 $ — 3,010,180 653,235 223,397 550,572 2,109,672 5,935,239
2,470,292 5,482,064 76,685 4,400,228 12,429,269
2,603,162 223,758 864,995 2,000 62,347 4,944,269 159,809 1,231 30,378 2,703,674
111,066 2,247,882
4,163,187 3,266,547 7,234,205 128,603 4,827,540 2,172,019 31,270,513 1,304,753 2,034,434 (630,620) (128,603) (622,324) (2,172,019) 969,405 300,261 739,721 356,127 16,729 383,310 1,940,499 4,566,498 (169,534)
186,460
300,261 739,721 356,127 16,729 383,310 1,940,499 4,583,424 1,605,014 2,774,155 (274,493) (111,874) (239,014) (231,520) 5,552,829 3,693,082 1,440,000 6,807,133
(91,575) (91,575)
3,693,082 (91,575) 1,440,000 6,715,558
5,298,096 2,774,155 (366,068) (111,874) (239,014) 1,208,480 12,268,387 7,011,834 724,146 1,334,168 356,818 7,821,073 18,842,933 55,353,935 $ 12,309,930 $ 3,498,301 $ 968,100 $ 244,944 $ 7,582,059 $ 20,051,413 $ 67,622,322 City of Alameda
Internal Service Funds
Combining Statements of Revenues, Expenses and Changes in Fund Net Position For the Year Ended June 30, 2024
181
IT Cable
Replacement
Fleet
Maintenance
and
Replacement
Technology
Services

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 154,452 $ 6,536,345 $ 3,955,092 Payments to suppliers (46,007) (3,674,425) (1,702,940) Payments to employees (1,289,409) (2,334,878)
Insurance and claims paid
Cash Flows from Operating Activities 108,445 1,572,511 (82,726)

CASH FLOWS FROM NONCAPITAL

FINANCING ACTIVITIES
Interfund receipts 48,749
Transfers In (out) 1,674,051
Cash Flows from Noncapital Financing Activities 1,722,800

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
Acquisition of capital assets, net (1,337,059) (751,129) Proceeds from the sale of assets 178,710 7,750
Principal payments on capital debt (345,068) (21,577) Interest payments on capital debt (44,795) (127,793) Cash Flows from Capital and Related Financing Activities (1,548,212) (892,749)

CASH FLOWS FROM INVESTING ACTIVITIES
Sales (purchases) of restricted investments
Interest 78,291 457,483 294,077
Cash Flows from Investing Activities 78,291 457,483 294,077 Net Cash Flows 186,736 2,204,582 (681,398)
Cash and investments at beginning of period 1,538,609 8,785,237 5,935,911 Cash and investments at end of period $ 1,725,345 $ 10,989,819 $ 5,254,513 Reconciliation of operating income (loss) to net cash flows from operating activities:

Operating income (loss) $ 103,506 $ 2,087,272 $ (1,006,994) Adjustments to reconcile operating income to cash flows from operating activities:

Depreciation 1,329,810 807,006
Pension related amounts
Change in assets and liabilities:
(Increase) decrease in accounts receivable 4,939 (21,380) 134 (Increase) decrease in prepaids and deposits (2,452,521) 33,443 Increase (decrease) accounts payable 622,793 75,215 Increase (decrease) accrued payroll 6,537 8,470
Increase (decrease) refundable deposits
Claims payable
Cash Flows from Operating Activities $ 108,445 $ 1,572,511 $ (82,726)

City of Alameda
Internal Service Funds
Combining Statements of Cash Flows
For the Year Ended June 30, 2024
182
Facilities
Replacement
and
Maintenance
Workers'
Compensation
Insurance
General
Liability
Insurance
Unemployment
Insurance OPEB/Vacation
Pension
Stabilization
Fund Total
$ 5,467,940 $ 5,311,922 $ 6,604,537 $ 249 $ 4,226,611 $ — $ 32,257,148 (2,941,133) (424,529) (1,015,218) (2,000) (4,379,710) (62,347) (14,248,309) (1,278,251) (571,613) (849,172) (103,698) (427,312) (6,854,333) (2,926,452) (3,818,789) (6,745,241)
1,248,556 1,389,328 921,358 (105,449) (580,411) (62,347) 4,409,265 48,749
3,693,082 (91,575) 1,440,000 6,715,558
3,693,082 (91,575) 1,440,000 6,764,307
(5,379) (2,093,567)
186,460
(22,320) (388,965)
(172,588)
(27,699) (2,468,660)
(3,278,255) (3,278,255)
300,261 739,721 356,127 16,729 383,310 1,940,499 4,566,498 300,261 739,721 356,127 16,729 383,310 (1,337,756) 1,288,243 5,214,200 2,129,049 1,185,910 (88,720) (197,101) 39,897 9,993,155 5,910,800 14,752,841 8,102,431 356,569 7,790,229 795,637 53,968,264 $ 11,125,000 $ 16,881,890 $ 9,288,341 $ 267,849 $ 7,593,128 $ 835,534 $ 63,961,419 $ 1,304,753 $ 2,034,434 $ (630,620) $ (128,603) $ (622,324) $ (2,172,019) $ 969,405

111,066 2,247,882
2,109,672 2,109,672

10,941 (901) 249 21,395 15,377
(200,000) (2,619,078)
(178,162) 460 (119,845) 22,905 20,518 443,884
10,899 (347) 7,596 33,155
1,853 1,853
(456,160) 1,663,275 1,207,115
$ 1,248,556 $ 1,389,328 $ 921,358 $ (105,449) $ (580,411) $ (62,347) $ 4,409,265

City of Alameda
Internal Service Funds
Combining Statements of Cash Flows
For the Year Ended June 30, 2024
183
City of Alameda, California
People and Places in the City
184
City of Alameda, California
People and Places in the City

STATISTICAL SECTION
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
187
June 30,
Governmental activities 2015 2016 2017 2018
Invested in capital assets, net of related debt $ 259,298,585 $ 257,003,558 $ 258,670,492 $ 261,696,061 Restricted 47,340,040 49,089,375 53,494,064 91,334,323 Unrestricted (132,097,358) (128,732,691) (138,357,430) (218,481,489) Total governmental activities net position $ 174,541,267 $ 177,360,242 $ 173,807,126 $ 134,548,895 Business-type activities
Invested in capital assets, net of related debt $ 72,843,612 $ 77,527,656 $ 87,340,526 $ 93,673,669 Restricted 31,979,615 32,369,845 29,829,844 26,462,741 Unrestricted 17,235,250 23,848,220 31,259,576 28,810,985 Total business-type activities net position $ 122,058,477 $ 133,745,721 $ 148,429,946 $ 148,947,395 Primary government
Invested in capital assets, net of related debt $ 332,142,197 $ 334,531,214 $ 346,011,018 $ 355,369,730 Restricted 79,319,655 81,459,220 83,323,908 117,797,064 Unrestricted (114,862,108) (104,884,471) (107,097,854) (189,670,504) Total primary government net position $ 296,599,744 $ 311,105,963 $ 322,237,072 $ 283,496,290 Source: City of Alameda Finance Department
City of Alameda
Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
188
2019 2020 2021 2022 2023 2024
$ 269,397,500 $ 297,299,908 $ 306,331,058 $ 316,665,168 $ 339,462,250 $ 338,369,021 110,162,983 123,984,088 137,396,539 144,588,032 137,169,810 149,664,357 (214,617,059) (231,645,513) (217,133,326) (191,206,553) (157,346,612) (145,274,550) $ 164,943,424 $ 189,638,483 $ 226,594,271 $ 270,046,647 $ 319,285,448 $ 342,758,828 $ 98,017,520 $ 102,850,134 $ 110,041,879 $ 113,133,574 $ 111,366,774 $ 121,316,317 26,055,896 25,632,407 20,951,023 18,843,152 22,156,568 21,489,847 33,134,340 35,731,238 37,380,508 49,557,794 52,217,409 53,567,452 $ 157,207,756 $ 164,213,779 $ 168,373,410 $ 181,534,520 $ 185,740,751 $ 196,373,616 $ 367,415,020 $ 400,150,042 $ 416,372,937 $ 429,798,742 $ 450,829,024 $ 459,685,338 136,218,879 149,616,495 158,347,562 163,431,184 159,326,378 171,154,204 (181,482,719) (195,914,275) (179,752,818) (141,648,759) (105,129,203) (91,707,098) $ 322,151,180 $ 353,852,262 $ 394,967,681 $ 451,581,167 $ 505,026,199 $ 539,132,444 City of Alameda
Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
189
For the Fiscal Year Ended June 30,
2015 2016 2017 2018
Expenses
Governmental Activities:

General Government $ 15,566,704 $ 17,312,864 $ 22,613,362 $ 27,567,933 Police 30,310,509 31,230,359 34,249,563 38,203,293
Fire 30,247,841 33,701,192 34,380,486 39,616,964
Public Works 20,576,356 21,611,732 22,493,921 21,305,228 Community Development 21,707,219 19,926,259 20,854,357 19,124,858 Community Services 6,808,162 8,192,325 7,825,636 10,785,609 Housing 1,883,617 2,298,345 1,955,239 3,343,039
Recreation and parks
Library
Planning, Building and Transportation
Principal
Interest on Long-Term Debt 984,165 1,104,604 983,685 1,298,608 Total Governmental Activities Expenses 128,084,573 135,377,680 145,356,249 161,245,533 Business-Type Activities:

Sewer Service 6,069,959 5,189,080 5,062,826 4,915,297 Alameda Municipal Power (B) 47,958,639 54,131,601 53,311,749 59,886,250 Total Business-Type Activities Expenses 54,028,598 59,320,681 58,374,575 64,801,547 Total Primary Government Expenses $ 182,113,171 $ 194,698,361 $ 203,730,824 $ 226,047,080 Component Unit:

Alameda Municipal Power $
Total Component Unit $ $ — $ — $ —
Program Revenues
Governmental Activities:

Charges for Services:

General Government $ 9,928,486 $ 9,914,050 $ 11,400,449 $ 9,068,963 Police 1,557,542 1,461,077 1,378,632 1,228,935
Fire 2,902,627 3,161,928 3,134,509 3,306,867
Public Works 8,048,038 8,869,421 9,955,286 9,280,689 Community Development 10,900,322 11,261,739 13,523,363 13,044,105 Community Services 3,273,681 3,550,181 3,671,588 4,423,440 Housing 2,500
Recreation and parks
Library
Planning, Building and Transportation
Operating Grants and Contributions 5,806,249 5,209,502 6,045,401 9,032,803 Capital Grants and Contributions 6,156,043 6,270,247 7,058,283 12,386,648 Total Government Activities Program Revenues 48,575,488 49,698,145 56,167,511 61,772,450 Business-Type Activities:

Charges for Services:

Sewer Service 9,906,045 9,404,120 9,690,132 10,498,070 Alameda Municipal Power (B) 58,759,497 62,012,528 63,449,233 63,455,688 Operating Grants and Contributions
Capital Grants and Contributions 546,768 489,751
Total Business-Type Activities Program Revenue 68,665,542 71,963,416 73,629,116 73,953,758 Total Primary Government Program Revenues $ 117,241,030 $ 121,661,561 $ 129,796,627 $ 135,726,208 Component Unit:

Charges for Services:

Alameda Municipal Power (B) $
Total Component Unit Program Revenues
$ $ — $ — $ —
Net (Expense)/Revenue
Governmental Activities $ (79,509,085) $ (85,679,535) $ (89,188,739) $ (99,473,082) Business-Type Activities 14,636,944 12,642,735 15,254,541 9,152,211 Component Unit Activities
Total Primary Government Net Expense $ (64,872,141) $ (73,036,800) $ (73,934,198) $ (90,320,871) (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)
190
2019 2020 2021 2022 2023 2024
$ 19,673,640 $ 16,958,175 $ 24,018,435 $ 9,320,442 $ 11,160,513 $ 20,448,342 45,109,592 45,157,133 40,102,074 33,123,049 39,359,081 50,106,789 47,372,705 47,027,551 44,780,248 36,170,224 45,132,050 52,565,392 16,185,664 25,410,099 22,362,750 24,738,562 31,827,064 37,014,141 16,626,697 17,247,041 17,476,605 15,030,618 15,687,999 11,636,390 4,172,503 11,591,599 9,388,765 (A)
2,868,235 3,987,655 4,941,615 (A)
12,082,777 14,006,850 (A) 13,974,966
6,748,033 5,623,505 (A) 7,097,477
8,179,331 7,898,315 (A) 8,479,428

1,276,122 1,035,955 801,228 888,487 1,097,709 1,842,567 153,285,158 168,415,208 163,871,720 146,281,523 171,793 203,165,492 5,565,859 6,018,295 5,861,001 4,249,245 6,889,000 6,955,122 63,101,513 63,831,890 64,313,277 57,159,221 72,010,694 74,704,059 68,667,372 69,850,185 70,174,278 61,408,466 78,899,694 81,659,181 $ 221,952,530 $ 238,265,393 $ 234,045,998 $ 207,689,989 $ 250,692,780 $ 284,824,673

$ — $ — $ — $ — $ — $ —
$ 3,289,980 $ 3,562,474 $ 3,692,675 $ 2,772,718 $ 2,826,109 $ 3,557,324 1,121,616 973,227 816,240 583,063 598,562 469,365
3,494,527 3,961,473 4,457,369 4,134,221 5,151,081 5,559,380 10,023,569 10,727,879 11,023,739 8,818,755 10,152,589 10,365,828 13,541,107 13,119,155 12,037,359 2,083,815 1,950,839 1,134,789 4,564,276 4,224,548 4,308,651 (A)

3,558,604 3,461,620 (A) 4,096,332
14,781 19,714 (A) 13,346
6,444,733 6,427,553 (A) 5,496,254
5,700,076 8,402,139 10,771,830 7,445,218 25,215,932 12,058,627 10,877,405 22,446,476 25,423,585 6,454,953 7,954,847 11,328,172 52,612,556 67,417,371 72,531,448 42,310,861 63,758,846 54,079,417 11,216,139 11,243,295 11,721,286 11,815,658 12,281,537 12,987,587 66,567,838 66,703,706 66,260,963 65,799,230 72,287,719 77,470,175

77,783,977 77,947,001 77,982,249 77,614,888 84,569,256 90,457,762 $ 130,396,533 $ 145,364,372 $ 150,513,697 $ 119,925,749 $ 148,328,102 $ 144,537,179

$ — $ — $ — $ — $ — $ —
$ (100,672,602) $ (100,997,837) $ (91,340,272) $ (103,970,662) $ (108,034,240) $ (149,086,075) 9,116,605 8,096,816 7,807,971 16,206,422 5,669,562 8,798,581

$ (91,555,997) $ (92,901,021) $ (83,532,301) $ (87,764,240) $ (102,364,678) $ (140,287,494) (Continued)
City of Alameda
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
191
For the Fiscal Year Ended June 30,
2015 2016 2017 2018
General Revenues and Other Changes in Net Position
Governmental Activities:

Taxes:

Property Taxes $ 39,057,776 $ 43,665,977 $ 45,651,646 $ 48,745,491 Urban runoff special assessments
Sales Taxes 9,340,828 10,187,902 10,740,580 10,967,955 Utility Users Tax 8,330,638 8,368,125 9,061,296 9,336,326 Transfer Tax 8,258,516 9,451,755 10,333,813 15,679,218 Franchise Tax 1,496,491 2,396,918 2,473,634 2,473,040 Transient Occupancy Tax 1,928,731 2,174,973 2,126,612 2,146,038 Property Tax In-Lieu 1,002,871 1,157,160 1,167,072 1,203,862 Other Taxes 4,460,633 1,831,805 1,500,155 1,339,471 Use of Money and properties 4,465,916 5,136,494 6,957,802 5,300,785 Gain/Loss from disposal of capital assets 12,971,153
Miscellaneous 2,787,194 1,160,517 2,312,459 1,478,855 Transfers 3,027,004 2,831,684 2,891,411 8,463,788
Extraordinary item 1,007,196
Total Government Activities 85,163,794 88,363,310 95,216,480 120,105,982 Business-Type Activities:

Use of Money and properties 279,817 685,463 507,799 1,014,577 Miscellaneous 90,277 1,190,730 1,813,296 1,235,399
Transfers (3,027,004) (2,831,684) (2,891,411) (8,463,788) Total Business-Type Activities (2,656,910) (955,491) (570,316) (6,213,812) Total Primary Government $ 82,506,884 $ 87,407,819 $ 94,646,164 $ 113,892,170 Component Unit Activities:

Use of Money and properties $ — $ — $ — $ —
Miscellaneous
Increase in value of certain NPCA projects and reserves Total Component Unit Activities $ — $ — $ — $ —
Change in Net Position
Governmental Activities $ 5,654,709 $ 2,683,775 $ 6,027,741 $ 20,632,900 Business-Type Activities 11,980,034 11,687,244 14,684,225 2,938,399 Total Primary Government 17,634,743 14,371,019 20,711,966 23,571,299 Changes in Net Position
Component Unit Activities $ — $ — $ — $ —
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)
192
2019 2020 2021 2022 2023 2024
$ 52,886,048 $ 56,814,066 $ 63,421,779 $ 64,534,572 $ 70,538,809 $ 71,846,979 14,072,162 17,601,220 19,439,879 22,755,698 22,522,274 22,620,145 9,080,200 8,809,356 9,091,389 9,011,553 10,102,930 9,779,914 17,134,704 15,195,899 18,536,929 21,929,943 11,118,684 10,822,407 2,481,408 2,346,930 2,706,949 3,373,794 3,508,074 3,543,265 2,292,350 1,952,077 1,996,230 2,555,336 3,207,364 3,380,956 1,227,585 1,210,667 1,362,667 1,551,000 1,322,000 1,283,000 1,239,629 1,173,089 789,190 314,674 315,911 314,246 9,009,003 12,672,608 5,774,634 16,738,842 28,263,394 33,178,202 16,751,109 21,457 72,481 186,460
1,060,459 3,359,972 664,514 471,713 2,008,481 11,221,881 3,832,474 4,557,012 4,511,900 4,164,456 4,292,639 4,382,000

131,067,131 125,692,896 128,296,060 147,423,038 157,273,041 172,559,455 2,181,706 2,952,331 441,610 (1,210,245) 2,108,912 5,559,341 794,524 513,888 421,950 2,329,389 720,396 656,943
(3,832,474) (4,557,012) (4,511,900) (4,164,456) (4,292,639) (4,382,000) (856,244) (1,090,793) (3,648,340) (3,045,312) (1,463,331) 1,834,284 $ 130,210,887 $ 124,602,103 $ 124,647,720 $ 144,377,726 $ 155,809,710 $ 174,393,739 $ — $ — $ — $ — $ — $ —

$ — $ — $ — $ — $ — $ —
$ 30,394,529 $ 24,695,059 $ 36,955,788 $ 43,452,376 $ 49,238,801 $ 23,473,380 8,260,361 7,006,023 4,159,631 13,161,110 4,206,231 10,632,865 38,654,890 31,701,082 41,115,419 56,613,486 53,445,032 34,106,245 $ — $ — $ — $ — $ — $ —
City of Alameda
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
193
June 30,
2015 2016 2017 2018
General Fund
Nonspendable $ 2,591,009 $ 872,617 $ 1,575,550 $ 782,440 Restricted
Committed 6,043,000 11,568,004 —
Assigned 3,000,000 6,281,684 8,525,868 15,354,029
Unassigned 30,165,670 27,284,395 28,726,377 25,072,934 Total General Fund $ 35,756,679 $ 40,481,696 $ 50,395,799 $ 41,209,403 All Other Governmental Funds
Nonspendable $ — $ — $ — $ 1,115
Restricted 50,922,259 48,736,806 52,352,209 64,846,207 Committed 17,909,767 21,233,524 21,938,791 23,357,819 Assigned
Unassigned (14,081) (2,519,632) (831,560)
Total all other governmental funds $ 68,817,945 $ 69,970,330 $ 71,771,368 $ 87,373,581 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)
194
2019 2020 2021 2022 2023 2024
$ 1,591,812 $ 1,011,157 $ 937,545 $ 3,138,094 $ 4,093,903 $ 3,631,814 8,700,000 7,500,000
16,173,757 18,220,882 15,544,000 13,929,791 48,621,221 50,039,490 23,445,239 35,413,925 56,594,050 64,260,392 59,816,414 52,445,888 $ 41,210,808 $ 54,645,964 $ 73,075,595 $ 90,028,277 $ 112,531,538 $ 113,617,192 (A) $ 2,784,114 $ 2,878,114 $ 1,200,533 $ — $ — $ —
84,169,854 98,743,112 113,087,912 122,038,092 113,249,231 133,475,448 25,959,758 15,258,412 14,105,669 12,804,312 12,820,131 10,328,387 1,346,011 —
(510,884) (1,780,179) — (365,801) (1,526,673) (7,285,724) $ 112,402,842 $ 115,099,459 $ 129,740,125 $ 134,476,603 $ 124,542,689 $ 136,518,111 (A) City of Alameda
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
195
For the Fiscal Year Ended June 30,
2015 2016 2017 2018
Revenues
Property taxes $ 41,511,670 $ 43,665,978 $ 45,651,646 $ 48,681,491 Other local taxes 34,307,623 36,600,031 38,995,559 43,717,400 Licenses and permits 4,834,523 4,599,669 5,353,671 5,435,030 Developer fees
Revenue from other agencies 10,472,056 11,799,727 13,461,497 20,936,253 Charges for current services 16,601,934 18,801,604 19,328,754 18,586,442 Fines and forfeitures 1,579,608 1,505,913 1,141,664 1,235,816 Use of money and property 17,472,748 18,278,665 18,876,427 19,512,445 Other 2,898,060 1,088,097 4,920,412 2,362,537 Total Revenues 129,678,222 136,339,684 147,729,630 160,467,414 Expenditures
Current:

General government 17,213,207 22,246,735 21,770,743 26,765,743 Police 28,682,826 28,816,779 30,853,005 38,367,994
Fire 27,961,054 28,529,688 30,652,703 37,809,548
Public Works 4,558,311 4,742,674 4,918,684 5,452,709 Community Development 16,145,736 17,686,827 18,077,608 17,180,357 Recreation and Parks
Library
Planning, Building and Transportation
Community Services 5,797,562 6,453,987 6,382,003 7,584,297 Culture and Recreation
Housing 1,883,479 2,298,345 1,955,239 4,056,097
Capital outlay 16,402,343 17,408,895 22,147,962 28,835,746 Debt service:

Principal repayment 1,906,000 2,149,564 1,957,436 2,153,966 Interest and fiscal charges 791,566 1,128,676 1,163,030 1,229,634 Total Expenditures 121,342,084 131,462,170 139,878,413 169,436,091 Excess (deficiency) of revenues over
(under) expenditures 8,336,138 4,877,514 7,851,217 (8,968,677) Other Financing Sources (Uses)
Contribution from (to) other entities
Transfers in 18,842,178 20,777,712 24,650,200 29,546,528 Transfers (out) (19,093,145) (22,913,024) (22,300,789) (27,133,187) Sale of capital assets 1,514,513 12,971,153
Payment to escrow agent
Bond issuance premium (discount) on
debt
Issuance of long-term debt 3,000,000
Total other financing sources (uses) (250,967) 864,688 3,863,924 15,384,494 Extraordinary item 1,007,196
Net Change in fund balances $ 9,092,367 $ 5,742,202 $ 11,715,141 $ 6,415,817 Debt service as a percentage of
noncapital expenditures 2.5 % (A) 2.6 % (A) 2.3 % (A) 2.2 % (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)
196
2019 2020 2021 2022 2023 2024
$ 52,452,829 $ 56,775,439 $ 63,421,779 $ 64,823,204 $ 70,579,610 $ 74,221,859 48,515,927 48,919,948 54,861,864 62,205,185 52,776,235 52,474,844 5,824,270 6,790,077 7,036,885 7,047,477 7,590,812 6,830,114 4,452,877 8,377,385 2,362,622 3,318,251 3,007,713
17,541,700 26,662,943 28,373,176 16,029,558 29,801,551 26,494,321 12,671,775 13,859,317 13,047,885 14,764,505 17,609,381 18,740,960 1,180,423 1,121,348 882,204 936,837 1,546,628 1,671,809 21,843,012 24,354,283 16,928,549 19,307,468 25,958,857 31,483,178 1,314,287 3,987,166 2,052,715 546,523 3,679,889 646,390 162,094,669 186,923,398 194,982,442 188,023,379 212,862,381 215,572,355 23,865,017 16,398,248 16,265,961 7,825,555 12,954,262 21,263,887 33,970,893 34,337,435 34,404,813 37,353,571 39,409,430 46,306,636 35,153,085 36,280,599 38,153,099 40,741,898 44,291,345 48,868,851 5,384,542 5,782,721 6,960,509 11,399,139 13,364,537 16,496,078 16,544,318 15,803,663 16,994,640 13,721,444 14,416,651 11,360,259 11,148,382 13,030,099 (B) 14,286,628 (B)
4,857,264 5,299,291 (B) 5,659,822 (B)
7,807,306 7,990,657 (B) 8,578,321 (B)
8,522,259 9,521,485 9,053,756 (B) (B)

2,828,691 3,941,148 5,392,053
25,675,554 47,389,700 25,874,682 23,162,135 47,912,034 37,431,907 7,131,495 2,311,954 2,490,674 2,724,662 2,733,581 3,703,385 1,335,732 998,964 784,811 875,892 888,046 1,586,093 160,411,586 172,765,917 156,374,998 161,617,248 202,289,933 215,547,963 1,683,083 14,157,481 38,607,444 26,406,131 10,572,448 23,225 33,127,183 55,347,106 57,442,538 26,397,850 56,700,673 43,151,960 (31,436,709) (53,372,814) (62,979,685) (31,114,821) (57,770,505) (45,485,514) 16,751,109

4,906,000 3,067,898 15,371,410
23,347,583 1,974,292 (5,537,147) (4,716,971) 1,998,066 13,037,856

$ 25,030,666 $ 16,131,773 $ 33,070,297 $ 21,689,160 $ 12,570,514 $ 13,061,076

5.9 % (A) 2.4 % (A) 2.3 % (A) 2.5 % (A) 2.3 % (A) 2.3 % (A) City of Alameda
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
197
Calendar Year 2024 Wage Increase
Object Series Revenue Type FY21-22 FY22-23 Value Change % Change 31100 General Fund Property Tax $ 51,486,500 $ 57,215,944 $ 5,729,444 11.13 % 31310 Bradley Burns Sales Tax 11,757,084 11,608,040 (149,044) (1.27) % 31600 Property Transfer Tax 21,929,943 11,118,684 (10,811,259) (49.30) % 31400 Utility Users Tax 9,011,553 10,102,930 1,091,377 12.11 % 31700 Transient Occupancy Tax 2,555,336 3,207,364 652,028 25.52 % TOTALS $ 96,740,417 $ 93,252,962 $ (3,487,454) (3.60) % 50% Of Total Increase applicable to Wage Increases (1.80) % Minimum/Maximum per MOUs 2.5% to 3.0%
BRI WAGE INCREASE EFFECTIVE JANUARY (1.80) %

City of Alameda
Basic Revenue Index (BRI)
198
Calendar Year 2025 Wage Increase
FY23-24 Value Change % Change
$ 61,339,424 $ 4,123,480 7.21 %
12,292,966 684,926 5.90 %
10,822,407 (296,277) (2.66) %
9,779,914 (323,016) (3.20) %
3,380,956 173,592 5.41 %
$ 97,615,667 $ 4,362,705 4.68 %

2.34 %

2.5% to 4.0%

2.34 %
City of Alameda
Basic Revenue Index (BRI)
199
Billions
Unsecured Property Secured Property
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
0 1
2 3
4 5
6 7
8 9
10 11
12 13
14 15
16 17
18 19
Fiscal
Year
Secured
Property
Percent
Change
Unsecured
Property
Percent
Change
Total
Assessed
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 2024 18,500,709,443 8.38 % 844,961,835 14.83 % 19,345,671,278 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
200
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
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 2024 1.0000 0.0205 0.0884 0.0057 0.0000 0.0000 0.0134 0.0418 0.0088 1.1786 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
201
Current Year Taxpayers

2.13%

1.30%

1.22%

1.07%

0.95% 0.84%

0.74%

0.60%

0.58%

0.54%
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
Alta Buena Vista Owner LLC
SCG Harbor Bay Parkway Phase II LLC
SCG Harbor Bay Parkway Phase I LLC
Catellus Alameda Retail LLC
Harbor Bay California LLC
Alameda Block 9 LP
Others
2023-24 2014-15
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 $ 412,733,134 1 2.13 % $ — BRE Alameda I MF Property Owner LLC 252,059,599 2 1.30 % MGP XII South Shore Center LLC 236,867,923 3 1.22 %
Alameda Multifamily Owner LLC 207,771,876 4 1.07 %
Alta Buena Vista Owner LLC 183,415,538 5 0.95 %
SCG Harbor Bay Parkway Phase II LLC 162,052,500 6 0.84 % SCG Harbor Bay Parkway Phase I LLC 142,949,389 7 0.74 % Catellus Alameda Retail LLC 116,118,935 8 0.60 %
Harbor Bay California LLC 112,379,010 9 0.58 %
Alameda Block 9 LP 105,385,385 10 0.54 %
Legacy Partners I Alameda LLC 215,644,115 1 2.05 %
Jamestown Harsch Alameda 190,816,687 2 1.81 %
KW Alameda LLC 96,152,630 3 0.91 %
Wind River Systems Inc 63,555,806 4 0.60 %
Peet's Operating Company 59,803,592 5 0.57 %
VF Outdoor Inc 47,606,370 6 0.45 %
Amstar-105 LLC 47,201,554 7 0.45 %
SKS Harbor Bay Associates LLC 43,127,469 8 0.41 %
Woodstock Homes Corporation 35,967,428 9 0.34 %
Crea Bridgeside LLC 34,780,000 10 0.33 %
Subtotal $ 1,931,733,289 9.97 % $ 834,655,651 7.92 %
Total Net Assessed Valuation:

Fiscal Year 2023-24 $ 19,345,671,278
Fiscal Year 2014-15 $ 10,531,584,610
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
202
Millions
Tax Collections
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

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 65.0
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
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 %
2024 61,339,424 61,339,424 100 % 61,339,424 100 %
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
203
Fiscal Year

ELECTRIC OPERATIONS
Residential Commercial Small Commercial Medium Municipal & Street Lighting Miscellaneous & Other GHG/C&T/LCFS Related Sales 0 5,000,00010,000,00015,000,00020,000,00025,000,00030,000,00035,000,00040,000,00045,000,00050,000,00055,000,00060,000,00065,000,00070,000,00075,000,00080,000,000 2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
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
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 72,970,574 2024 30,590,103 32,733,484 5,256,043 2,722,668 981,614 656,643 2,006,598 3,179,665 78,126,818 Kilowatt- Hour Sales
Fiscal Year Residential
Commercial
Small
Commercial
Medium Municipal
Street
Lighting/
Other Total KWH
Peak Demand
(KW)
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 2024 135,285,528 167,903,386 28,368,710 12,555,799 1,912,228 346,025,651 60,014 City of Alameda
Alameda Municipal Power
Electric Operating Revenues by Source
Last Ten Fiscal Years
204

FISCAL YEAR
Customer Accounts as of June 30,
Electric Customers Alameda Point Phone Customers Telecom Customers 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

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
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
2024 33,711 3,531 279 15 350 9 37,895
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
2015 — — — 100
2016 — — — 88
2017 — — — 79
2018 — — — 66
2019 — — — 59
2020 — — — 58
2021 — — — 61
2022 — — — 57
2023 — — — 44
2024 — — — 48
*Telecommunication operation was sold in November 2008.

City of Alameda
Alameda Municipal Power
Customer Accounts
Last Ten Fiscal Years
205
Electric Rate Changes
Date Percent Change
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 %
July 1, 2024 3.00 % (Fiscal Year 2025)
City of Alameda
Alameda Municipal Power
Pricing Changes
Last Ten Fiscal Years
206
2024
No Customer Type of Business KWHS
Percent of
System Total Revenues
Percent of
System Total
1 U.S. Coast Guard Regulation, Admin. of Transportation 14,623,405 4.23 % $ 2,678,205 3.71 % 2 Penumbra, Inc. Medical Devices Developer/Manufacturer 9,037,655 2.61 % 1,758,368 2.43 % 3 G&I IX Marina Research Park LP Life Science & Research Tenants 7,774,549 2.25 % 1,559,019 2.16 % 4 City of Alameda Local Government 6,149,499 1.78 % 1,346,065 1.86 % 5 Alameda Unified School District Public School District 5,832,655 1.69 % 1,193,249 1.65 % 6 Exelixis Biopharmaceutical Company 5,678,220 1.64 % 1,166,474 1.61 % 7 Peets Coffee & Tea Coffee Roaster and Retailer 5,035,920 1.46 % 945,055 1.31 % 8 Sila Nanotechnologies An Engineered Materials Company 4,912,576 1.42 % 972,405 1.35 % 9 San Leandro Health System Hospital, Medical and Emergency Services 4,517,673 1.31 % 844,807 1.17 % 10 Abbott Diabetes Care Healthcare Industry 4,285,652 1.24 % 744,822 1.03 % Top 10 Customers KWHS 67,847,804 19.61 % $ 13,208,469 18.27 % Total Kilowatt Hour Sales System Totals 346,025,651 100 % $ 72,283,911 100 % City of Alameda
Alameda Municipal Power
Top 10 Customers
For the Fiscal Year Ended June 30, 2024
207
(in Thousands)
Total Governmental Total Business
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
$—
$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
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 2024 3,968,158 5,216,965 21,622,490 8,947,566 39,755,178 Business-Type Activities
Fiscal Year COPS & Revenue Bonds
Loans & Lease
Purchases Total
Total Primary
Government
Percentage of
Personal Income (A) Per Capita (A)
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 37,472,390 746,920 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 31,106,489 59,526,001 1.24 % 770.19 2024 26,310,811 (B) 2,387,805 (C) 28,698,616 68,453,794 1.30 % 876.81 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
208
Fiscal Year Ended June 30
General Bonded Debt Outstanding
Per Capita
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
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
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 (931) 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 2024 3,820,000 5,185,000 180,123 (1,106,814) 8,078,309 0.04 % 103.47 Source: City of Alameda Finance Department
City of Alameda
Ratio of General Bonded Debt Outstanding
Last Ten Fiscal Years
209
2023-24 Assessed Valuation: $ 19,347,224,678
DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT:

Total Debt
6/30/24 % Applicable (A)
City's Share of
Debt 6/30/24
Alameda County $ 497,295,000 4.825 % $ 23,994,484
Bay Area Rapid Transit District 2,445,575,000 1.916 % 46,857,217 Peralta Community College District 434,210,000 13.006 % 56,473,353 Alameda Unified School District 309,881,968 100.0 % 309,881,968 East Bay Regional Park District 144,520,000 3.011 % 4,351,497 City of Alameda 2013 General Obligation Refunding Bonds 5,185,000 100.0 % 5,185,000 City of Alameda Facilities District No. 13-1 36,835,000 100.0 % 36,835,000 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 $ 501,078,519
DIRECT AND OVERLAPPING GENERAL FUND DEBT:

Alameda County and Coliseum Authority General Fund Obligations $ 656,746,000 4.825 % $ 31,687,995 Alameda-Contra Costa Transit District Certificates of Participation 10,420,000 5.680 % 591,856 Peralta Community College District Pension Obligations 115,150,043 13.006 % 14,976,415 Alameda Unified School District General Fund Obligations 4,557,000 100.0 % 4,557,000 City of Alameda General Fund Obligations 17,750,000 100.0 % 17,750,000 City of Alameda Demand Revenue Bonds 6,900,000 100.0 % 7,500,000 City of Alameda Loans and Leases from Direct Borrowing 8,947,565 100.0 % 10,663,403

TOTAL OVERLAPPING GENERAL FUND OBLIGATION
DEBT $ 87,726,669
OVERLAPPING TAX INCREMENT DEBT (Successor Agency): $ 41,045,000 100.0 % $ 41,045,000 Total Direct Debt $ 38,782,565
Total Overlapping Debt $ 588,751,784
COMBINED TOTAL DEBT $ 627,534,349 (B)
(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, enterprise revenue, mortgage revenue and non-bonded lease obligations.

Ratios to 2023-24 Assessed Valuation:

Direct Debt ($5,615,000) 0.03 %
Total Direct and Overlapping Tax and Assessment Debt 2.59 % Total Direct Debt ($28,208,403) 0.20 %
Combined Total Debt 3.24 %
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, 2024
210
ASSESSED VALUATION:

Secured property assessed value, net of exempt real property $ 18,495,715,794 BONDED DEBT LIMIT (15% OF ASSESSED VALUE) (A) $ 2,774,357,369 AMOUNT OF DEBT SUBJECT TO LIMIT:

Total Bonded Debt $ 57,118,424
Less:

Revenue Bonds 47,933,301
Certificates of Participation 3,968,155
Amount of debt subject to limit 5,216,968
LEGAL BONDED DEBT MARGIN $ 2,769,140,401
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
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 %
2024 2,774,357,369 5,216,968 2,769,140,401 0.19 %
(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, 2024
211

Coverage
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

4.00 5.00

6.00 7.00

8.00 9.00

10.00 11.00

12.00 13.00

14.00 15.00

16.00 Debt Service Requirements
Fiscal Year Gross Revenue (A)
Operating
Expenses (B)
Net Revenue
Available for
Debt Service Principal Interest Total Coverage
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 2024 13,868,903 3,256,294 10,612,609 430,000 336,169 766,169 13.85 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
212

Coverage
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

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
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 2024 78,126,818 3,179,665 68,797,667 6,149,486 1,705,000 902,940 2,607,940 2.36 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
213
City Population % of County
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
4%
5%
6%
Thousands
Per Capita Personal Income
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
20 25
30 35
40 45
50 55
60 65
70 Thousands
Alameda County Population
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
1,480
1,500
1,520
1,540
1,560
1,580
1,600
1,620
1,640
1,660
1,680
Unemployment Rate (%)
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

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
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 42,833 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 47,081 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% 2024 78,071 5,283,851,000 67,680 3.9% 1,641,869 4.76% Source: California State Department of Finance
City of Alameda
Demographic and Economic Statistics
Last Ten Fiscal Years
214
2023-24 2014-15
Employer
Number of
Employees Rank
Percentage of
Total City
Employment
Number of
Employees Rank
Percentage of
Total City
Employment
Penumbra, Inc. 2060 1 2.64 % 761 2 1.00 %
Alameda Unified School District 966 2 1.24 % 900 1 1.18 % Exelixis 706 3 0.90 %
Felton Institute 601 4 0.77 %
City Of Alameda 579 5 0.74 % 505 6 0.66 %
World Market Management
Services LLC 417 6 0.53 %
Sila Nanotechnologies Inc. 403 7 0.52 %
Webcor Builders LP 363 8 0.46 %
Kairos Power LLC 315 9 0.40 %
Bay Ship & Yacht Company 306 10 0.39 % 309 10 0.41 %
VF Outdoor 696 3 0.92 %
Oakland Raiders 549 4 0.72 %
Abbott Diabetes Care 512 5 0.67 %
Alameda Hospital 490 7 0.65 %
Safeway Stores 472 8 0.62 %
Wind River 450 9 0.59 %
Subtotal 6,716 8.59 % 5,644 7.43 %
Total City Day Population 78,071 75,961
Sources: Businesses and City of Alameda Business License Records City of Alameda
Principal Employers
Current Year and Nine Years Ago
215
FTE's
General Government Public Safety Public Works
Community Development (A) Community Services (B) Alameda Municipal Power 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
0 100
200
300
400
500
600
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Function
General Government 39.35 40.62 50.47 51.97 44.70 47.75 48.75 54.00 66.20 69.00 Public Safety 226.00 229.00 229.00 233.00 233.00 239.00 239.00 241.00 248.00 250.00 Public Works 68.90 70.65 62.90 62.40 73.75 74.75 74.75 82.00 83.00 86.00 Community Development (A) 35.75 41.00 41.38 43.38 40.30 40.25 41.25 43.00 42.00 45.00 Community Services (B) 41.00 39.98 41.00 43.00 43.00 46.00 48.00 52.00 53.00 55.00 Alameda Municipal Power 93.50 96.75 96.25 97.25 98.25 95.25 95.25 94.25 91.00 91.00 Total 504.50 518.00 521.00 531.00 533.00 543.00 547.00 566.25 583.20 596.00 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
216
City of Alameda, California
People and Places in the City
217
Fiscal Years
2015 2016 2017 2018
General Information
Area in square miles 22.7 22.7 22.7 22.7
Number of registered voters 44,006 46,055 48,074 47,367 Number of Hospitals 1 1 1 1
Education:

Student enrollment 9,552 9,455 9,481 9,502
Elementary schools 10 10 10 9
Junior high schools 2 2 2 4
High schools 3 3 4 4
Continuation schools 1 1 1 1
Independent study 1 1 1 1
Teachers (full & part time) 549 626 713 610
Function/Program
Fire:

Fire calls for service 6,439 6,860 7,410 7,378
Primary fire inspections conducted 1,444 1,617 1,058 1,814 Police:

Police calls for Service 69,347 74,517 67,832 68,074 Law violations:

Part I and Part II crimes 4,383 4,494 4,638 5,133
Group A and Group B crimes (C)
Physical arrests (adult and juvenile) 2,332 2,127 2,024 1,674 Traffic violations 8,507 8,334 9,058 7,807
Sewer
Storm drain inlets 2,951 2,951 2,951 2,951
Sewer service connections 19,454 19,454 19,454 19,454 Solid Waste
Refuse Landfill (tons per year) 26,139.00 28,742.07 28,420.00 27,170.35 Recyclables Processed (tons per year) 22,859.00 17,016.32 24,303.00 24,736.97 City of Alameda
Operating Indicators by Function/Program
Last Ten Fiscal Years
218
Fiscal Years
2019 2020 2021 2022 2023 2024

22.7 22.7 22.7 22.7 22.7 22.7
49,036 52,339 50,162 50,108 50,717 51,526
1 1 1 1 1 1
9,380 9,504 9,952 8,981 8,830 9,061
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
686 548 531 502 500 490
7,027 7,274 6,990 7,963 9,478 9,869
1,685 1,071 903 1,873 2,896 2,987
74,369 67,141 51,259 60,615 65,435 67,089
4,816 4,814 4,487 5,135 6,356
1,370 1,249 776 1,002 977 977
6,248 4,486 569 3,655 4,007 3,545
4,914 4,914 4,994 4,969 5,023 5,082
19,926 19,965 21,164 21,235 20,066 20,076
27,240.21 25,858.95 25,648.18 26,580.71 25,848.43 25,162.75 25,309.57 24,754.42 25,886.59 24,947.21 24,855.10 24,171.82 City of Alameda
Operating Indicators by Function/Program
Last Ten Fiscal Years
219
Fiscal Years
2015 2016 2017 2018
Planning & Building:

Number of Building Permits issued 4,038 4,018 3,677 3,832 Recreation and Parks (A):

Youth & Teens:

Number of youth programs (B) 278 277 268 299
Number of youth attendees 32,259 29,920 22,603 23,750 Seniors:

Number of senior programs 164 177 216 233
Number of senior attendees 148,520 137,143 136,092 131,213 Number of meals served 6,620 3,021 5,340 5,963
Library:

Volumes in Collection (thousands) 214 215 219 219
Total Volumes Borrowed (thousands) 476 456 392 424
Finance:

Number of Business Licenses issued 5,553 5,169 6,068 6,948 Alameda Municipal Power:

Number of electric customers 34,525 34,494 34,648 34,790 Number of kilowatt hours sold 342,202,785 348,819,863 343,765,738 335,025,903 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.
(C) During FY 2023-34, the Alameda Police Department began reporting crimes using the National Incident-Based Reporting System (NIBRS).

City of Alameda
Operating Indicators by Function/Program
Last Ten Fiscal Years
(Continued)
220
Fiscal Years
2019 2020 2021 2022 2023 2024
3,722 3,401 3,734 4,255 3,829 3,634
625 625 868 770 835 940
41,108 41,108 14,168 13,285 15,346 16,676
272 272 114 125 180 305
113,838 113,838 21,156 51,988 78,227 95,274
5,472 5,472 7,575 9,809 13,232 13,452
139 221 219 222 220 201
403 362 234 493 550 588
7,168 8,846 6,279 8,357 7,502 8,243
35,396 36,067 36,201 35,728 36,643 38,685
332,129,079 341,782,742 333,933,030 326,402,131 350,531,519 345,891,484 City of Alameda
Operating Indicators by Function/Program
Last Ten Fiscal Years
(Continued)
221
Fiscal Years
2015 2016 2017 2018
Function/Program
Fire:

Fire stations 4 4 4 4
Police:

Police stations 1 1 1 1
Public works:

Miles of streets 140 138 120 125
Miles of bike lanes 15 15 26 28
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 6,342
Traffic Signals 87 87 86 87
Wastewater
Miles of sanitary sewers 150 143 143 142
Miles of storm sewers 70 70 126 126
Recreation and Parks:

City parks 32 32 32 32
City parks acreage 152 152 152 152
Playgrounds 12 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) 2 2 2 2
Tennis/pickleball courts (C) 16 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 263 263 264 273
Street lights 5,441 5,470 5,470 (F)
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
222
Fiscal Years
2019 2020 2021 2022 2023 2024
4 4 4 4 4 4
1 1 1 1 1 1 + Annex
125 125 125 147 140 140
49 31 50 19 19 21
35 4
13 18 18 18
6,609 6,609 6,800 6,850 7,011 7,224
86 86 89 90 89 89
142 142 142 142 148 148
126 126 126 126 126 126
35 35 35 36 36 36
192 192 204 206 206 206
13 13 15 16 17 17
14 14 N/A N/A N/A N/A
13 13 15 15 15 15
1 1 1 1 1 1
2 2 2 2 2 2
16 16 20 20 23 23
18 18 18 18 18 18
3 3 11 11 11 11
1 1 1 1 1 1
1 1 1 1 1 1
1 1 1 1
3 3 3 3 3 3
273 280 282 286 289 291
(F) (F) (F) (F) (F) (F)
City of Alameda
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
223
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