Alameda City Council
May 5, 2026

EXHIBIT 1

CITY OF ALAMEDA, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2025

PREPARED BY THE

FINANCE DEPARTMENT

ROSS MCCARTHY

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 ................................................................................................................................................................ 23 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, 2025
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 .......................................................................................................... 150 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 ..................................... 166 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, 2025
Table of Contents
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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, 2025
Table of Contents
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Finance Department
2263 Santa Clara Avenue, Room 220
Alameda, California 94501
(510) 747-4881
December 31, 2025
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, 2025. 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 584 allocated full-time positions (including Alameda Municipal Power) and serves 79,020 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 establishes policies, adopts a biennial budget, appoints commissioners and committee members, and hires the City Manager, City Attorney and City Clerk. The City Manager implements Council policies and oversees 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.
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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 advanced 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 2024 and 2025, the population of Alameda increased by 1.2% from 78,071 to 79,020 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 3.8% for the second quarter of 2025, up from 2.8% from the previous quarter. The U.S.

Bureau of Economic Analysis cited that the increase in real GDP in the second quarter primarily reflected a decrease in imports, which are a subtraction of the calculation of GDP, and an increase in consumer spending.

These movements were partly offset by decreases in investments and exports.

The City’s financial outlook remains generally stable. Several revenue streams, such as property tax, transfer tax, licenses and permits, and use of money and property (mostly interest income) increased year over year. The revenue stream that saw the most notable change was sales tax, which declined from $12.3 million to $10.7 million year over year. This decrease is largely attributable to the departure of a major taxpayer from the City, along with some impact from a general slowdown in sales activity. Overall, General Fund revenues increased

6.3%, a good sign of a stable outlook, but a majority of this increase is attributed to one-time revenues, sources that are not expected to repeat each 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. Additional detail can be found in the breakdown of General Fund reserves in Note 8 of the Notes to Basic Financial Statements.

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 during Fiscal Year 2024, 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. Staff have been working with the California State Lands Commission and our property management team to separate out the revenues and have corrected our reporting.

Additional details can be found in the Financial Statements of the Alameda Point and Alameda Point - Tidelands Base Reuse Funds on the City’s website here: https://www.alamedaca.gov/Departments/Finance/Financial- Reporting-Documents#section-2.

The City received $28.68 million in American Rescue Plan Act (ARPA) funds to address critical community needs and support Alameda’s economic recovery from the COVID-19 pandemic. As of June 30, 2025, the City has either expended or committed all ARPA funds and is planning to expend all funds by the end of this fiscal year. The City’s ARPA spending plan prioritizes housing, behavioral and mental health services, support for households and local small businesses, and the mitigation of revenue losses. These investments are focused on assisting community members who were disproportionately impacted by the pandemic. In collaboration with community leaders and the City Council, the City continues to direct ARPA expenses toward the following priorities:
• The Midway Shelter of Alameda: ARPA funding supported the replacement of three portable facilities that provide essential services at a shelter serving women and children who are unhoused or affected by domestic violence.

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

While these pilot program stipends ended in November 2025, the City is still researching the positive outcomes of the program.
• 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.
• COVID Recognition Pay: ARPA funds were used as a flat monthly payment for employees required to report on-site during the pandemic.
• 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 City of Alameda Fiscal Year 2025-26 economic outlook continues to be impacted by a mix of financially positive and negative factors. Elevated interest rates remain steady despite small adjustments by the Federal Reserve, to the benefit of the City’s investment portfolio; but borrowing costs remain high and continue to exacerbate the complexities of financial planning. The slight increase in transfer tax over the last year seems to be a result of several larger property sales rather than a systematic shift in the housing market. Inflation and tariff increases continue to raise the City’s operational costs including staffing and maintenance. Anticipated sales tax revenue losses in Fiscal Year 2025-26 are due to the loss of a major taxpayer and a general decrease in consumer spending on the island.

Amid these challenges, the City’s residual fund balance in excess of policy of $14.3 million provides a critical financial cushion in these uncertain economic times. 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. Departments work with the City Manager and Finance Department every two years to submit operating budget requests for the upcoming biennium. 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 through Fiscal Year 2025-26:

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
Progress continues in Alameda Point. The developer of the West Midway housing project commenced demolition, abatement and infrastructure work, including construction of one block of backbone infrastructure on West Midway Avenue between Orion Street and Rainbow Court. This work included demolition of the former Commissary building as well as one of the buildings formerly occupied by the Alameda Point Collaborative (APC). APC has been temporarily located into another City-owned building, until their new headquarters and workforce training facility is completed in the RESHAP project.

Construction on Storehouse Lofts was also completed, delivering 198 work/live units which have provided a variety of services formerly not found in Alameda Point, including an optometrist, massage therapy, and a variety of storefront businesses. Staff completed a competitive process to select a buyer for Building 92, located just behind Storehouse Lofts, and funding from the sale of this building will be put towards delivering the second phase of backbone infrastructure.

Citizens of the City of Alameda
Honorable Mayor and Members of the City Council
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The City completed several major construction and demolition projects on structures at Alameda Point, including emergency demolition of two wooden structures which were found to be collapsing. The City completed a $2.0 million roof replacement on Building 24 at West Tower Avenue and Monarch Street, preparing this 60,000 square foot industrial building for new private leasing opportunities.

The City, in collaboration with eight other agencies including the Port of Oakland and the Alameda Transportation Management Association, is more than halfway through its two-year pilot program for operating a free-of-charge water taxi service linking Bohol Circle Immigrant Park at Alameda Landing to Oakland’s Jack London Square. Since its launch in July of 2024, Woodstock - the name of the 45-foot, yellow pontoon boat, has carried over 170,000 passengers and 38,000 bicycles.

Planning and environmental studies are underway for the construction of an aquatics center on the west side of Sweeney Park. During Fiscal Year 2023-24, the City issued $15.0 million in lease revenue bonds to partially fund the estimated $30.0–$35.0 million project. The remaining project costs are expected to be funded from the General Fund Assigned Fund Balance - Recreation and Parks, as disclosed in Note 8 to the financial statements.

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.

The Sustainability Team, part of the Planning, Building, and Transportation Department, leveraged $7.9 million in funding to expand EV charging infrastructure, protect South Shore Beach from erosion, and start a plan for the City to adapt to sea level rise. With Alameda Municipal Power, the City’s not-for-profit electric municipal utility, providing 100% clean electricity at rates substantially lower than competitors, driving electric vehicles in Alameda is both better for the environment and the budget. The City is looking at measures to add to its 95 current public EV charging stations with strategic partners.

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.

Citizens of the City of Alameda
Honorable Mayor and Members of the City Council
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Capital Improvement Program
The City developed a Capital Improvement and Maintenance Plan (CIP) detailing specific budgeted capital projects. Each of the projects is consistent with the overall goals and principles of the City. Below are highlights of projects completed during the reporting period.

Clement Avenue Project ($7.0 million)
The City-led project constructed the Cross Alameda Trail between Willow Street and Broadway and ensured that this designated truck route is in a good state of repair. Clement Avenue is the main thoroughfare in the Northern Waterfront area and is a gateway to Oakland, Fruitvale BART, and beyond. This project included two travel lanes for automobiles and trucks, a two-way separated bikeway on the north side of the street, parking on the south side of the street and intermittent parking on the north side of the street, high visibility crosswalks, curb extensions and daylighted intersections between Grand Street and Broadway, sidewalk/curb ramp improvements and railroad track removal.

Dignity Village Development ($6.7 million)
This new transitional housing development near Alameda Landing provides a two-story, 47-unit interim supportive housing development serving up to 61 individuals experiencing homelessness or chronic homelessness. The campus also includes parking and a dog run. Dignity Village was developed in 14 months after the City was awarded a grant from the State of California’s Homekey Program and $2.4 million from Alameda County.

Alameda Point Backbone Infrastructure ($37.1 million)
Public Works replaced outdated infrastructure with new facilities to support Alameda Point's redevelopment. The project includes the construction of new East Bay Municipal Utilities District (EBMUD) water facilities, sewer, storm, joint trench, street lighting, landscaping, and complete streets with 100% stormwater capture and bike, pedestrian, and transit facilities.

Doolittle Landfill Flare and Piping System Upgrade ($0.5 million) This project replaced aging components of the gas collection system. Piping repairs across the 32-acre parcel are now complete. The contractor installed new controls and a blower system featuring the latest technology. These enhancements allow staff to remotely monitor system performance and streamline regulatory reporting.

The FY 2023-25 adopted Capital Budget appropriated an additional $32.3 million and was allocated to the following types of projects:

Category Amount in Millions Percent of Total
Sewer/Pump Stations $13,590 42.0 %
Buildings/Structures $6,736 20.8 %
Transportation $9,541 29.5 %
Park, Sea Level Rise $2,480 7.7 %
Citizens of the City of Alameda
Honorable Mayor and Members of the City Council
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Citizens of the City of Alameda
Honorable Mayor and Members of the City Council
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Fiscal Year 2024-25 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, 2024. 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 recently received the GFOA’s Distinguished Budget Presentation Award for its two-year budget document for FYs 2025-2027. 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 Ross McCarthy, 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 audit 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,
Ross McCarthy
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 Michele Pryor
Councilmember Greg Boller
Councilmember Tony Daysog
Councilmember Tracy Jensen
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, Ross McCarthy
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, Noelle White
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 79,020. 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
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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, 2025 . 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 $364.0 million, of which unrestricted net position was a deficit $138.2 million. Excluding the $362.2 million net pension, total pension, and net OPEB liabilities, which are not claims on current year financial assets, $224.0 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 $36.3 million from the prior year, with $15.1 million attributable to business-type activities and $21.2 million to governmental activities. The City’s net investment in capital assets increased by $43.6 million from the prior year. • As of June 30, 2025, the City’s governmental funds reported combined fund balances of $228.7 million, a decrease of $21.4 million in comparison to the prior year. Of this amount, $48.0 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 $120.9 million and a total fund balance of $106.8 million. This represents a decrease in fund balance of $6.8 million, or 6.0%, from prior fiscal year. Of the total fund balance, $50.5 million, or 47.3%, 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, 2025
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, 2025
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, 2025
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 $36.3 million, or 6.7%, increase from $539.1 million at June 30, 2024 to $575.5 million at June 30, 2025. Assets of the City were the biggest driver of this increase in net position, with total asset increases of $29.7 million , or 2.5%, over the prior year. Our cash and investment portfolio, including both restricted and unrestricted cash and investments, increased $8.1 million from the prior year due to favorable interest 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, decreased $28.7 million from the prior year as many projects, including the Dignity Village Development and the Central Avenue Safety Improvement project, were finished and transferred to completed buildings and City infrastructure. Additions to construction in progress were $34.2 million, with $5.9 million being spent on pavement management, $3.1 million completing the Clement Avenue Safety Improvement project, $6.5 million on the Backbone Infrastructure at Alameda Point, and $4.4 million on safety improvements on Central Avenue. Liabilities decreased by $11.6 million, mostly attributable to the decrease in unearned revenue. At the end of the previous year, the City had an unusually high amount of unearned revenue, going from $15.5 million at June 30, 2024 to $6.5 million at June 30, 2025 as we completed many grant-funded projects to earn the revenue.

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

Condensed Statement of Net Position
as of June 30, 2025 and 2024
(In thousands)
Governmental
Activities
Business-type
Activities Total
2025 2024 2025 2024 2025 2024
Assets
Current and other assets $ 465,839 $ 484,258 $ 169,739 $ 158,665 $ 635,578 $ 642,923 Capital assets 404,220 379,796 162,400 149,774 566,620 529,570 Total assets $ 870,059 $ 864,054 $ 332,139 $ 308,439 $ 1,202,198 $ 1,172,493 Deferred Outflows of Resources
Deferred losses on refunding $ — $ — $ 192 $ 254 $ 192 $ 254 Related to pensions 61,875 70,967 5,218 7,601 67,093 78,568 Related to OPEB 20,945 9,714 151 103 21,096 9,817 Total Deferred Outflows of Resources $ 82,820 $ 80,681 $ 5,561 $ 7,958 $ 88,381 $ 88,639 Liabilities
Long-term Liabilities $ 410,363 $ 410,101 $ 51,988 $ 56,653 $ 462,351 $ 466,754 Other Liabilities 48,223 55,554 14,978 14,850 63,201 70,404 Total Liabilities $ 458,586 $ 465,655 $ 66,966 $ 71,503 $ 525,552 $ 537,158 Deferred Inflows of Resources
Related to pensions $ $ 95 $ 1,027 $ 206 $ 1,027 $ 301 Related to OPEB 36,584 40,622 334 426 36,918 41,048 Related to leases 93,706 95,604 93,706 95,604
Balancing account 57,927 47,889 57,927 47,889
Total Deferred Inflows of Resources $ 130,290 $ 136,321 $ 59,288 $ 48,521 $ 189,578 $ 184,842 Net Position:

Net Investment in Capital Assets $ 366,877 $ 338,369 $ 136,440 $ 121,316 $ 503,317 $ 459,685 Restricted 135,281 149,664 22,363 21,490 157,644 171,154 Unrestricted (138,155) (145,275) 52,644 53,567 (85,511) (91,708) Total Net Position $ 364,003 $ 342,758 $ 211,447 $ 196,373 $ 575,450 $ 539,131 City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025
7 On June 30, 2025, 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, $503.3 million, is its investment in capital assets less any related outstanding debt that was used to acquire those assets. The City uses these capital assets to provide services to its residents and other stakeholders. Accordingly, these assets are not available for future spending. Although the City’s investment in its capital assets is reported net of related debt, the resources needed to repay this debt must be provided from other sources because the capital assets themselves cannot be used to liquidate these liabilities.

Restricted net position, that portion of the City’s net position subject to restrictions on how these resources may be used, decreased $13.5 million, or 7.9%, from $171.2 million at June 30, 2024 to $157.6 million at June 30, 2025. While most of the restricted funds increased or decreased slightly during the year, the majority of this difference can be attributed to the decrease in net position for the Base Reuse Special Revenue Fund. As this fund builds infrastructure and expands its workforce due to the needs of the community, costs have exceeded revenues for this year so its restricted net position was used.

Total liabilities decreased by $11.6 million from $537.2 million at June 30, 2024 to $525.6 million at June 30, 2025 due to decreases in accounts payable of $(1.2) million, unearned revenue of $(9.0) million, claims payable due within one year of $(1.3) million, net pension liability $(4.5) million, and long-term debt due in more than one year of $(6.1) million. Accounts payable fluctuate throughout a fiscal year and were down from the previous year in most City funds at year-end. These are expected to be paid using current resources soon after June 30, 2025. Net pension liability decreased by 1.4% over the prior fiscal year as CalPERS exceeded its expected 6.8% return target by 2.5% for Fiscal Year 2023-24, the measurement date of these financial statements. The City has a strong record of timely repayment of its long-term obligations and has not assumed additional debt this year, except in connection with the restructuring of the 2003 Alameda Reuse and Redevelopment Authority (ARRA) Variable Rate Demand Lease Revenue Bonds, which had a net positive to the City. Normal retirements of the City’s long-term obligations reduced the long-term debt by $6.1 million.

City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025
8 Information about changes in net position is presented in the summary schedule below:

Condensed Statement of Activities
for the years ended June 30, 2025 and 2024
(In thousands)
Governmental
Activities
Business-type
Activities Total
2025 2024 2025 2024 2025 2024
Revenues
Program revenues
Charges for services $ 40,731 $ 30,693 $ 94,687 $ 90,458 $ 135,418 $ 121,150 Operating grants and contributions 19,609 12,059 19,609 12,059 Capital grants and contributions 15,626 11,328 15,626 11,328 General revenues
Property taxes 79,347 71,847 79,347 71,847
Sales taxes 21,037 22,620 21,037 22,620
Utility users tax 10,114 9,780 10,114 9,780
Other taxes 22,317 19,344 22,317 19,344
Gain on sale of capital assets 99 186 99 186
Use of money and properties 27,034 33,178 5,920 5,559 32,954 38,738 Miscellaneous 2,995 11,222 1,788 657 4,783 11,879 Total revenues $ 238,909 $ 222,257 $ 102,395 $ 96,674 $ 341,304 $ 318,931 Expenses
General Government $ 20,130 $ 20,448 $ — $ — $ 20,130 $ 20,448 Police 47,917 50,107 47,917 50,107
Fire 58,794 52,565 58,794 52,565
Public Works 40,069 37,014 40,069 37,014
Community Development 20,337 11,636 20,337 11,636 Recreation and Parks 16,709 13,975 16,709 13,975 Library 6,578 7,097 6,578 7,097
Planning, Building and Transportation 10,254 8,479 10,254 8,479 Interest on long-term debt 1,389 1,843 1,389 1,843 Sewer Services 7,253 6,955 7,253 6,955
Alameda Municipal Power 75,555 74,704 75,555 74,704 Total expenses $ 222,177 $ 203,164 $ 82,808 $ 81,659 $ 304,985 $ 284,823 Change in Net Position Before Transfers $ 16,731 $ 19,091 $ 19,587 $ 15,015 $ 36,318 $ 34,106 Transfers, Net 4,513 4,382 (4,513) (4,382)
Change in Net Position 21,244 23,473 15,074 10,633 36,318 34,106 Beginning Net Position 342,759 319,285 196,374 185,741 539,133 505,026 Ending Net Position $ 364,003 $ 342,758 $ 211,448 $ 196,374 $ 575,451 $ 539,132 Total revenues rose by approximately $22.4 million, or 7.0%. Charges for services in the AMP Enterprise Fund increased nearly 4.4% from $77.5 million in FY 2023-24 to $80.9 million in FY 2024-25. This revenue increase coincided with a $1.0 million, or 1.4%, increase of AMP’s total operating expenses. Two of the largest drivers of year-over-year revenue increases was the increase in property taxes received, from $71.8 million in prior year to $79.3 million in the current year, and charges for services, from $121.2 million in the prior year to $135.4 million in the current year. Property tax increased from a mixture of rising property values and new development and construction, while charges for services largest increase was in the City’s AMP Enterprise Fund. The City’s miscellaneous revenues decreased by $7.1 million over the prior year, which is more line with historical trends.

City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025
9 Expenses increased approximately $20.2 million, or 7.1%, 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 Fire’s expenses throughout the City increased approximately $6.2 million, mostly due to labor and overtime costs of the force. Public Works increased $3.1 million year over year as costs for general maintenance on City infrastructure has been increasing. The Recreation and Parks activity increased from $14.0 million in the prior year to $16.7 million in the current year, a 19.6% increase. While labor cost increases are applicable here, most of these expenses were incurred due to the broadening of offerings for sports and activities in the Recreation and Parks Department, which partly explains why City-wide program revenues increased nearly 18.1% from prior year.

Governmental Activities – Expense and Program Revenue by Source Program revenue associated with Governmental Activities total $76.0 million, or 34.2%, 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, 2025
(In thousands)
Expenses
Program
Revenues
Net Revenue
(Expense)
of Activities
Governmental Activities
General Government $ 20,130 $ 12,327 $ (7,804)
Police 47,917 1,831 (46,087)
Fire 58,794 8,496 (50,297)
Public Works 40,069 27,540 (12,529)
Community Development 20,337 7,191 (13,146)
Recreation and Parks 16,709 5,208 (11,501)
Library 6,578 56 (6,523)
Planning, Building and Transportation 10,254 13,318 3,065 Interest on Long-Term Debt 1,389 (1,389)
$ 222,177 $ 75,967 $ (146,211)
City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025
10 The pie chart on the next page illustrates the distribution of total revenue of $238.9 million among the various sources of the City’s governmental activities. Revenues for governmental activities increased $16.7 million, or

7.5%, from prior year, mainly due to the increase in charges for services and property taxes, offset with decreases in revenues due to sales tax, use of money and property, and miscellaneous/other revenues. Charges for services increased markedly mainly due to an expansion of ARPD’s operations and an expansion of discovery of business taxes in the Finance Department. Property taxes, as mentioned above, increased due to rising property values and new development and construction. Sales tax has declined as the City lost one of its largest tax payers during FY 2024-25, and an overall constricting of consumer spending. Use of money and property, mostly interest on cash balances and also lease revenue from City holdings, has decreased due to less favorable rates compared to the prior year and a slight decrease in lease activity in the Base Reuse Special Revenue Fund.

Revenues by Source- Governmental Activities
for the years ended June 30, 2025 and 2024
(In thousands)
2025 2024 Difference
Charges for Services $ 40,731 $ 30,693 $ 10,038
Operating Grants and Contributions 19,609 12,059 7,550 Capital Grants and Contributions 15,626 11,328 4,298 Property Taxes 66,685 59,819 6,866
Motor Vehicle In-Lieu Fees 12,662 12,028 634
Sales Taxes 21,037 22,620 (1,583)
Utility Users Tax 10,114 9,780 334
Other Taxes 22,317 19,344 2,973
Gain on sale of capital assets 99 186 (87)
Use of Money and Property 27,034 33,178 (6,144)
Miscellaneous/Other 2,995 11,222 (8,227)
$ 238,909 $ 222,257 $ 16,652
City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025
11 REVENUE BY SOURCE - GOVERNMENTAL ACTIVITIES
Changes for Services
17%
Operating Grants and
Contributions
8%
Capital Grants and
Contributions
7%
Property Taxes
28%
Motor Vehicle In-Lieu Fees
5%
Sales Taxes
9%
Utility Users Tax
4%
Other Taxes
9%
Gain on sale of capital assets
0%
Use of Money and Property
11%
Miscellaneous/Other
1%
Business-Type Activities
The following table presents the same net program information for business-type activities. In these programs, annual surpluses or deficits are retained in the programs as an increase or decrease in the program’s net position.

Program and General Revenue and Expense - Business-Type Activities for the year ended June 30, 2025
(In thousands)
Revenue Expense Net
Sewer Services $ 13,359 $ 7,253 $ 6,106
Alameda Municipal Power (AMP) 81,328 75,555 5,773
$ 94,687 $ 82,808 $ 11,879
Net position of the Sewer Services Fund at June 30, 2025 was $125.7 million with the largest portion, $108.8 million, invested in capital assets less any related outstanding debt that was used to acquire those assets. The remaining $16.9 million is available to fund debt service, sewer operations, and future improvements and maintenance projects. The Sewer Services Fund generated operating income of $13.4 million , exceeding last year’s operating income by $0.4 million, or 2.9%. Nonoperating revenues - Interest income improved net position by $0.7 million, while operating expenses increased year-over-year by 5.0%, or $0.3 million.

City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025
12 Net position of AMP at June 30, 2025 was $85.8 million, with the largest portion, $52.6 million, available to fund operations, maintenance projects and future capital improvements. Of the remaining $33.2 million, $5.5 million is restricted for debt service and $27.7 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 $73.1 million, while the cost of non-operating activities and transfers out net another $0.5 million in expenses. The largest source of operating revenue was user charges for services of $80.9 million. The overall increase in net position of AMP was $8.3 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, 2025 and 2024
(In thousands)
2025 2024 Difference
Charges for Services $ 94,687 $ 90,458 $ 4,229
Investment Earnings/Rents 5,920 5,559 361
Miscellaneous Revenues 1,788 657 1,131
$ 102,395 $ 96,674 $ 5,721
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, 2025 , the City’s governmental funds reported combined ending fund balances of $228.7 million.

Approximately $48.0 million , or 21.0%, 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 ( $0.8 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 ($116.1 million);

3. committed for particular purposes ($15.9 million); or

4. assigned for particular purposes ($48.0 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, 2025
13 The General Fund is the chief operating fund of the City. As of June 30, 2025 , unassigned fund balance of the General Fund was $50.5 million . Assigned fund balance was $48.0 million . The remaining fund balance, including non-spendable, restricted and committed resources, was $8.3 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 32.3% of total General Fund expenditures and transfers out.

General Fund revenues, net of transfers, increased $4.4 million , or 3.5%, from the prior fiscal year to $129.9 million in FY 2024-25. Property tax revenues for the fiscal year were $64.4 million, an increase of $3.1 million or

5.0% over the prior year. This increase is primarily due to the increase in assessed value of properties in the City of Alameda , rising property values, and new development and construction in the City limits.Transfer tax revenues for the current year were $13.6 million , a gain of $2.8 million over the prior year. The increase in transfer tax revenue can be derived from three large property sales, as such, it is too early to indicate if this increase is the beginning of a shift in the real estate market. Sales tax declined from $12.3 million to $10.7 million, a decrease of $1.6 million or 13.0%. This decline is both in part due to a major taxpayer leaving the City and a slight overall decrease in consumer spending . All other revenue sources stayed fairly consistent year-over- year excluding charges for current services and use of money and property, which were both discussed in the prior portion regarding financial analysis of the government-wide statements.

General Fund expenditures excluding transfers totaled $137.4 million for FY 2024-25 compared to $124.4 million in the prior fiscal year. This amount excludes encumbrances outstanding at year end. The increase of $13.0 million, or 10.4%, was mostly attributed to overall cost increases across functions such as General Government, Public Works, and Recreation and Parks, the largest increase in costs related to Fire protection. The City purchased multiple large fire apparatus during the current year as it continues to address delivery delays resulting from the COVID-19 pandemic.

Transfers out for FY 2024-25 were $18.9 million compared to $14.7 million in the prior year. This increase of $4.2 million mostly consisted of a $3.0 million transfer to the Pension Stabilization Internal Service Fund. These funds were appropriated in the prior mid-cycle budget, with $2.2 million applied as a voluntary payment to CalPERS to reduce the City’s unfunded pension liability and the balance transferred to the City’s PARS 115 Trust to be reserved for future pension obligations.

The fund balance of the City’s General Fund was $106.8 million at June 30, 2025 , which is a $6.8 million, or

6.0%, decrease from the prior fiscal year. Of this $106.8 million , $29.3 million has been assigned to certain construction projects, namely $15.0 million to the construction of an aquatic center at Jean Sweeney Park, $7.1 million to improvements of streets and sidewalks, and $2.3 million to other various infrastructure projects. $7.5 million of this fund balance has been committed to the Emma Hood Swim Cent er. Revenues and transfers in of $148.8 million, were $8.6 million, or 6.1% higher, than FY 2023-24. Expenditures and transfers out were $156.3 million, which is $17.2 million, or 12.3%, higher than FY 2023-24. These increases are explained above.

The Base Reuse Special Revenue Fund had a decrease in fund balance from $43.3 million in prior year to $28.5 million in FY 2024-25, a decrease of $14.8 million, or 34.1%. A large portion of this decrease is transfers to the Capital Improvement Projects Fund to fund the Alameda Point Backbone Infrastructure project, where about $6.0 million was used. Fund revenues declined from $18.4 million in the prior year to $16.1 million in the current year, primarily due to an overall decrease in lease revenues. In addition, the fund incurred significant broker-related expenses in the current fiscal year to facilitate transactions, as many leases were up for renewal in FY 2024–25.

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 from $1.8 million in prior year to $4.1 million in the current year, due to completing previously backlogged grant activities and an increase in Public Provider Ground Emergency Medical Transport (PP-GEMT) funding.

City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025
14 The Capital Improvement Projects Fund has a total fund deficit of $(2.5) million as of June 30, 2025, all of which is unassigned as overspent capital improvements has led this fund to the negative. Future General Fund or Special Revenue Fund allocations are expected to offset this difference. The fund incurred expenditures of $41.0 million for capital projects during FY 2024-25, including the following:
• Alameda Point Backbone Infrastructure ($6.5 million)
• Clement Ave Safety Improvement ($3.1 million)
• Central Ave Safety Improvement ($4.4 million)
• Pavement Management ($5.9 million)
• Sidewalks ($2.5 million)
• Traffic Signals and Systems ($1.4 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 2024-25, there were two enterprise funds, the Sewer Services Fund and the Alameda Municipal Power Fund.

Internal Service Funds
The City of Alameda maintained nine Internal Service Funds during the fiscal year ended June 30, 2025 . The following table presents each funds’ net position as of June 30, 2025:

Internal Service Fund Net Position
for the year ended June 30, 2025
(In thousands)
Net Position
IT Cable Replacement $ 2,301
Fleet Maintenance 19,566
Technology Services 3,878
Facilities Replacement and Maintenance 16,445
Workers' Compensation Insurance 5,454
General Liability Insurance 4,954
Unemployment Insurance 181
OPEB/Vacation 6,937
Pension Stabilization 29,443
Total $ 89,159
The current net position of the Worker’s Compensation Fund increased by $2.0 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. Operating revenues for Fleet Maintenance and Replacement, Facilities Replacement and Maintenance, Worker’s Compensation Insurance and General Liability Insurance increased from prior year, $0.4 million, $0.6 million, $0.3 million, and $0.6 million, respectively, compared to prior year.

These increases contributed to the growth in the ending net positions of these Internal Service Funds.

City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025
15 General Fund Budgetary Highlights
While the City budgeted for a $24.6 million , or 26.6%, increase in budgeted revenues net of transfers for the Fiscal Year Ended June 30, 2025 over the prior fiscal year budgeted revenues, revenues came in $4.4 million, or

3.5%, higher than prior year actual amounts. A large $15.0 million transfer was slated to happen in the prior fiscal year as a payment towards the Aquatic Center. While this transfer did not occur, funds have been assigned in the General Fund to meet this obligation once payable. 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 $8.9 million over budgeted amounts for the current fiscal year.

Actual expenditures within the General Fund came in at $137.4 million compared to a budgeted final amount of $133.6 million, or 2.8% more than the budgeted final projections. Police came in nearly $3.0 million under budget as vacancies were higher than anticipated. General Government expenditures exceeded budget slightly due to the implementation of a new approach for tracking vacancy savings. For Fiscal Year 2024–25, the City budgeted all anticipated vacancy savings, totaling $5.1 million , within the General Government category. In practice, these vacancy savings were realized across multiple departments, including Police, Fire, and Public Works. The City will reevaluate this tracking methodology in future fiscal years.

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, 2025 , capital assets, net of accumulated depreciation, of the Governmental Activities totaled $404.2 million . The City made large additions to projects under construction this year including $5.9 million to pavement management, $2.5 million to sidewalk additions and enhancements, $2.5 million towards the new Aquatic Center at Jean Sweeney Park, $3.1 million and $4.4 million towards Clement Avenue and Central Avenue safety improvements, respectively, and $6.5 million towards the Alameda Point Backbone Infrastructure Project. Capital assets, net of accumulated depreciation, of the Business-Type Activities totaled $162.4 million.

For FY 2024-25, additions to Business-Type Activities capital assets included $10.3 million for Alameda Municipal Power and $8.4 million in sewer rehabilitation in the Sewer Fund. 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
2025 2024 2025 2024 2025 2024
Land $ 6,433 $ 5,995 $ 220 $ 220 $ 6,653 $ 6,215
Construction in progress 25,129 60,499 13,913 7,700 39,042 68,199 Buildings and Plants 297,503 291,004 106,175 103,377 403,678 394,381 Machinery and equipment 47,828 42,060 23,444 23,761 71,272 65,821 Right-to-use subscription
assets 5,680 4,071 42 24 5,722 4,095
Infrastructure 398,769 337,285 165,196 156,779 563,965 494,064 Total $ 781,342 $ 740,914 $ 308,990 $ 291,861 $ 1,090,332 $ 1,032,775 City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025
16 Long-Term Debt - Long-term debt of Governmental Activities decreased $3.6 million, which is the dollar-for- dollar annual debt service payments the City made during the year. The 2024 refinancing loan for the ARRA Demand Revenue Bonds was made with the same terms as the debt it refinanced, just with a fixed interest rate rather than a variable rate. Long-term debt of Business-Type Activities decreased $2.3 million during the year as a result of annual debt service payments made. In addition, per capita long-term debt outstanding decreased from $846 to $762 in FY 2024-25. 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
2025 2024 2025 2024 2025 2024
Certificates of Participation $ 3,308 $ 3,968 $ — $ — $ 3,308 $ 3,968 Lease Revenue Bonds 14,470 14,722 14,470 14,722 Revenue Bonds 6,498 6,900 24,052 26,311 30,550 33,211 General Obligation Bonds 4,767 5,217 4,767 5,217 HUD Section 108 Loan 1,792 2,422 1,792 2,422
Other Long-Term Debt 5,366 6,527 5,366 6,527
$ 36,201 $ 39,756 $ 24,052 $ 26,311 $ 60,253 $ 66,067
Economic Outlook and Next Year’s Budget
The City projects ongoing growth in property tax revenues, fueled by inflation-driven increases in assessments and new construction. 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.

The most recent Biennial Budget was approved by the City Council on June 17, 2025, and outlines the expected City revenues and expenses until June 30, 2027. As you can see in Note 8, the City plans to use $14.8 million in General Fund balance, assigned to line item “Projected use of fund balance in subsequent years.” The majority of this, $9.0 million, is expected to be used in FY 2025-26, towards ongoing City services and capital outlay. 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. • During January and February 2025, City Staff has made great strides in completing their Urban Forest Master Plan including multiple public workshops, City Council study sessions, and bringing current efforts to the Public Utilities Board, Planning Board, Historical Advisory Board and Recreation and Parks Commission. We plan to have the Urban Forest Master Plan complete this fiscal year. • The City refinanced its ARRA Variable Rate Demand Bonds with a fixed-rate loan agreement with JP Morgan Bank. The last payment of the new loan is scheduled to occur in Fiscal Year 2032-33.

City of Alameda, California
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025
17 • Recently the City has been recognized by the Institute of Local Government with several Beacon Program awards including the Platinum Award for achieving a 29% reduction in community-wide greenhouse gas emissions, the Silver Award for sustainability best practices, and the Leadership and Innovation Award for cross-agency collaboration in climate adaptation, celebrating Alameda’s leadership in the Oakland Alameda Adaptation Committee.

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, 2025
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, 2025
21 City of Alameda, California
People and Places in the City
22 Cash and investments $ 297,056,800 $ 107,777,412 $ 404,834,212 Restricted cash and investments 37,437,799 6,289,390 43,727,189 Accounts receivable, net 18,521,949 9,211,389 27,733,338 Interest receivable 790,146 790,146
Loans receivable 11,684,865 11,684,865
Materials, parts and supplies 8,330,763 8,330,763
Prepaids and deposits 4,612,130 50,687 4,662,817
Internal balances 2,844,553 (2,844,553)
Leases receivable 93,681,254 93,681,254
Share of certain NCPA projects and reserve 8,747,196 8,747,196 Investments designated for special purposes 31,386,625 31,386,625 Capital assets:

Non-depreciable 31,561,696 14,133,355 45,695,051
Depreciable, net of accumulated depreciation 372,658,347 148,267,089 520,925,436 Total Assets 870,059,393 332,139,499 1,202,198,892

DEFERRED OUTFLOWS OF RESOURCES
Deferred amount on refunding 191,891 191,891
Related to pensions 61,875,478 5,218,068 67,093,546
Related to OPEB 20,944,746 151,056 21,095,802
Total Deferred Outflows of Resources 82,820,224 5,561,015 88,381,239

LIABILITIES
Accounts payable 12,885,881 2,414,840 15,300,721
Accrued payroll 5,715,801 64,363 5,780,164
Interest payable 331,188 494,025 825,213
Unearned revenue 6,522,998 6,522,998
Refundable deposits 3,642,542 7,832,217 11,474,759
Due to other agencies 229,297 229,297
Claims payable:

Due within one year 7,228,364 161,793 7,390,157
Due in more than one year 14,031,069 552,767 14,583,836 Compensated absences - due within one year 6,128,459 1,314,279 7,442,738 Total pension liability - due within one year 539,328 539,328 Lease liability - due within one year 307,545 307,545 Subscription liability - due within one year 1,115,780 4,194 1,119,974 Long-term liabilities due in more than one year: Net pension liability 287,651,461 26,800,879 314,452,340 Total pension liability 2,300,884 2,300,884
Net OPEB liability 72,259,208 1,174,490 73,433,698
Lease liability 1,792,292 1,792,292
Subscription liability 1,803,546 1,803,546
Long-term debt:

Due within one year 3,882,978 2,385,000 6,267,978
Due in more than one year 32,317,287 21,667,215 53,984,502 Total Liabilities 458,586,071 66,965,899 525,551,970

DEFERRED INFLOWS OF RESOURCES
Purchased power balancing account 57,926,500 57,926,500 Related to pensions 1,026,655 1,026,655
Related to OPEB 36,584,398 334,088 36,918,486
Related to leases 93,705,876 93,705,876
Total Deferred Inflows of Resources 130,290,274 59,287,243 189,577,517 NET POSITION:

Net investment in capital assets 366,877,318 136,440,283 503,317,601 Restricted for:

Capital projects 24,960,970 24,960,970
Debt service 15,493,644 6,289,390 21,783,034
Housing 42,072,248 42,072,248
Public safety 4,071,538 4,071,538
Community development 10,503,924 10,503,924
Maintenance assessment districts 12,998,143 12,998,143 Transportation 10,184,902 10,184,902
Tidelands properties 3,205,662 3,205,662
Waste reduction 6,256,588 6,256,588
Community services 5,533,130 5,533,130
Sewer system replacement 16,073,909 16,073,909
Total Restricted Net Position 135,280,749 22,363,299 157,644,048 Unrestricted (138,154,795) 52,643,790 (85,511,005)
Total Net Position $ 364,003,272 $ 211,447,372 $ 575,450,644 Primary Government
ASSETS
Governmental
Activities
Business-Type
Activities Total
See accompanying notes to financial statements.

City of Alameda
Statement of Net Position
June 30, 2025
23 Program Revenues
Functions/Programs Expenses
Charges for
Services
Operating
Grants and
Contributions
Capital
Grants and
Contributions
Primary Government:

Governmental Activities:

General government $ 20,130,324 $ 3,601,569 $ 8,725,061 $ — Police 47,917,224 531,695 1,298,984
Fire 58,793,847 7,137,475 1,358,955
Public works 40,068,881 13,875,467 5,106,000 8,558,098 Community development 20,336,732 3,990,269 2,341,799 858,990 Recreation and parks 16,708,912 4,339,775 659,307 208,453 Library 6,578,446 6,869 48,981
Planning, Building and Transportation 10,253,818 7,248,125 70,314 6,000,001 Interest on long-term debt 1,389,222
Total Governmental Activities 222,177,406 40,731,244 19,609,401 15,625,542 Business-type Activities:

Sewer services 7,252,914 13,359,397
Alameda municipal power 75,555,376 81,327,849
Total Business-type Activities 82,808,290 94,687,246
Total Primary Government $ 304,985,696 $ 135,418,490 $ 19,609,401 $ 15,625,542 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, 2025
24 Net (Expense) Revenue and
Changes in Net Position
Primary Government
Governmental
Activities
Business-type
Activities Total
$ (7,803,694) $ — $ (7,803,694)
(46,086,545) (46,086,545)
(50,297,417) (50,297,417)
(12,529,316) (12,529,316)
(13,145,674) (13,145,674)
(11,501,377) (11,501,377)
(6,522,596) (6,522,596)
3,064,622 3,064,622
(1,389,222) (1,389,222)
(146,211,219) (146,211,219)
6,106,483 6,106,483
5,772,473 5,772,473
11,878,956 11,878,956
(146,211,219) 11,878,956 (134,332,263)
79,347,032 79,347,032
21,036,923 21,036,923
10,113,610 10,113,610
13,623,607 13,623,607
3,454,590 3,454,590
3,541,346 3,541,346
1,376,000 1,376,000
321,795 321,795
98,513 98,513
27,033,982 5,919,944 32,953,926
2,995,265 1,787,856 4,783,121
4,513,000 (4,513,000)
167,455,663 3,194,800 170,650,463
21,244,444 15,073,756 36,318,200
342,758,828 196,373,616 539,132,444
$ 364,003,272 $ 211,447,372 $ 575,450,644
City of Alameda
Statement of Activities
For the Year Ended June 30, 2025
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 2024-25.

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 $ 104,276,385 $ 31,162,953 $ 7,578,724 Restricted cash and investments 100,000
Accounts receivable 10,418,957 1,120,742 119,617
Prepaids and deposits 331,032
Due from other funds 4,584,176
Loans receivable 551,582
Advances to other funds 448,357
Leases receivable 866,430 68,853,107
Total Assets $ 120,925,337 $ 101,236,802 $ 8,249,923

LIABILITIES
Accounts payable $ 5,202,615 $ 567,031 $ 908,049
Accrued payroll 4,565,830 111,794 2,549
Due to other funds
Due to other agencies 67,163
Unearned revenue 2,051,269 924,996 3,264,628
Refundable deposits 1,277,844 1,578,564
Advances from other funds 88,645
Total Liabilities 13,253,366 3,182,385 4,175,226

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - accounts receivable
Unavailable revenue - revolving loans receivable
Related to leases 839,351 69,562,051
Total Deferred Inflows of Resources 839,351 69,562,051 FUND BALANCES:

Nonspendable 779,389
Restricted 28,492,366 4,074,697
Committed 7,497,250
Assigned 48,014,695
Unassigned 50,541,286
Total Fund Balances 106,832,620 28,492,366 4,074,697 Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 120,925,337 $ 101,236,802 $ 8,249,923
See accompanying notes to financial statements.

City of Alameda,
Governmental Funds
Balance Sheet
June 30, 2025
28 Capital
Improvement
Projects
Other
Governmental
Funds
Total
Governmental
Funds
$ 834,181 $ 77,376,941 $ 221,229,184
14,933,004 15,033,004
2,494,138 3,356,910 17,510,364
331,032
4,584,176
11,133,283 11,684,865
448,357
150,195 23,811,522 93,681,254
$ 3,478,514 $ 130,611,660 $ 364,502,236
$ 3,172,479 $ 2,094,292 $ 11,944,466
224,956 616,991 5,522,120
1,549,721 189,902 1,739,623
2,855 159,279 229,297
282,105 6,522,998
35,773 728,757 3,620,938
448,357 537,002
4,985,784 4,519,683 30,116,444
810,786 810,786
11,133,283 11,133,283
145,222 23,159,252 93,705,876
956,008 34,292,535 105,649,945
779,389
83,516,940 116,084,003
8,405,534 15,902,784
48,014,695
(2,463,278) (123,032) 47,954,976
(2,463,278) 91,799,442 228,735,847
$ 3,478,514 $ 130,611,660 $ 364,502,236
City of Alameda,
Governmental Funds
Balance Sheet
June 30, 2025
29 City of Alameda, California
People and Places in the City
30 Total fund balances reported on the governmental funds balance sheet $ 228,735,847 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 $ 6,432,541
Construction in Progress 25,129,155
Buildings 295,861,474
Machinery and equipment 27,791,122
Right-to-use subscription assets 1,597,405
Infrastructure 398,770,578
Less Accumulated Depreciation (360,074,499)
395,507,775

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 89,160,019

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. 11,944,069

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 (1,155,183)
Long-term debt (34,987,727)
Interest payable (308,014)
Compensated absences (6,128,459)
(42,579,383)
Net pension liability (287,651,461)
Deferred outflows of resources related to pension 59,625,478 Deferred inflows of resources related to pension —
(228,025,983)
Total pension liability (2,840,212)
Net OPEB liability (72,259,208)
Deferred outflows of resources related to OPEB 20,944,746 Deferred inflows of resources related to OPEB (36,584,398) (87,898,860)
NET POSITION OF GOVERNMENTAL ACTIVITIES $ 364,003,272
See accompanying notes to financial statements.

City of Alameda
Reconciliation of Governmental Funds Balance Sheet with the Statement of Net Position June 30, 2025
31 General
Base Reuse
Special Revenue
Grants
Special Revenue

REVENUES
Property taxes $ 64,418,998 $ – $ –
Sales taxes 10,735,198
Transfer taxes 13,623,607
Utility user taxes 10,113,610
Other local taxes 18,492,854
Licenses and permits 3,102,989 10,500
Developer fees
Revenues from other agencies 1,618,520 12,749,133
Charges for current services 11,067,844 483,108
Fines and forfeitures 580,478
Use of money and property 6,623,518 13,053,346 725,904 Other revenues 34,047 3,068,735 22,371
Total Revenues 140,411,663 16,122,081 13,991,016

EXPENDITURES
Current:

General government 11,482,048 1,330,706 4,448,380
Police 45,600,130 681,946
Fire 55,070,131 116,481
Public works 4,710,246 2,444,302 75,164
Community development 1,180,687 14,632,451 2,010,678 Recreation and parks 14,658,581
Library 78,931
Planning, Building and Transportation 720,141 68,538 844,470 Capital outlay 3,765,723 179,095
Debt service:

Principal 203,964 2,792
Interest 4,166 358
Bond issuance cost
Total Expenditures 137,395,817 18,475,997 8,438,295

EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITURES 3,015,846 (2,353,916) 5,552,721

OTHER FINANCING SOURCES (USES)
Transfers in 8,392,770 12,959 21,000
Transfers (out) (18,915,788) (12,416,849) (3,344,299) Inception of leases and subscriptions 722,600
Issuance of long-term debt
Total Other Financing Sources (Uses) (9,800,418) (12,403,890) (3,323,299) NET CHANGE IN FUND BALANCES (6,784,572) (14,757,806) 2,229,422 BEGINNING FUND BALANCES (DEFICITS) 113,617,192 43,250,172 1,845,275 ENDING FUND BALANCES (DEFICITS) $ 106,832,620 $ 28,492,366 $ 4,074,697 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, 2025
32 Capital
Improvement
Projects
Other
Governmental
Funds
Total
Governmental
Funds
$ — $ 13,957,310 $ 78,376,308
10,735,198
13,623,607
10,113,610
1,263,805 19,756,659
324,670 4,714,056 8,152,215
3,423,652 3,423,652
9,023,718 12,195,776 35,587,147
5,301,853 7,554,036 24,406,841
1,348,107 1,928,585
(441,137) 7,123,955 27,085,586
1,000 461,635 3,587,788
14,210,104 52,042,332 236,777,196
4,386,959 21,648,093
(20) 46,282,056
55,186,612
10,267,484 17,497,196
833,627 18,657,443
979,805 15,638,386
6,360,209 6,439,140
8,923,496 10,556,645
41,000,955 10,546,078 55,491,851

10,615,710 10,822,466
1,337,623 1,342,147
71,725 71,725
41,000,955 54,322,696 259,633,760
(26,790,851) (2,280,364) (22,856,564)
31,626,256 18,045,071 58,098,056
(12,959) (30,268,536) (64,958,431)
619,883 1,342,483
6,975,000 6,975,000
31,613,297 (4,628,582) 1,457,108
4,822,446 (6,908,946) (21,399,456)
(7,285,724) 98,708,388 250,135,303
$ (2,463,278) $ 91,799,442 $ 228,735,847
City of Alameda
Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances For the Year Ended June 30, 2025
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 $ (21,399,456) 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 55,491,851 Non-capitalized capital outlay expenditures were re-classified to various governmental activities (16,056,790) Net retirements are deducted from fund balance (1,321,844) Depreciation expense is deducted from fund balance (13,637,252) (Depreciation expense is net of internal service fund depreciation of $2,759,848 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 (6,975,000) Additions of SBITAs are deducted from fund balance (1,342,483) Repayment of debt principal is added back to fund balance 10,437,204 Retirement of subscription liabilities principal is added back to fund balance 385,262 Amortization of bond premium is added back to fund balance 92,709

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 (3,714,063)
Interest payable 32,029
Net pension liability, and related deferred outflows/ inflows of resources (8,395,469) Total pension liability (330,520)
Net OPEB liability, and related deferred outflows/ inflows of resources 8,176,253 Compensated absences (1,735,684)

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 21,537,697 CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $ 21,244,444 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, 2025
34 Budgeted Amounts
Variance with
Final Budget
Positive
(Negative)Original Final Actual
REVENUES:

Property taxes $ 61,707,365 $ 63,396,214 $ 64,418,998 $ 1,022,784 Sales taxes 11,838,000 10,860,824 10,735,198 (125,626) Transfer taxes 11,000,000 11,000,000 13,623,607 2,623,607 Utility user taxes 9,750,000 9,820,000 10,113,610 293,610 Other local taxes 18,784,370 18,784,370 18,492,854 (291,516) Licenses and permits 3,010,800 3,010,300 3,102,989 92,689 Revenues from other agencies 3,051,100 498,680 1,618,520 1,119,840 Charges for current services 10,800,538 10,518,038 11,067,844 549,806 Fines and forfeitures 150,000 150,000 580,478 430,478 Use of money and property 1,891,961 3,491,961 6,623,518 3,131,557 Other revenue 201,645 645 34,047 33,402
Total Revenues 132,185,779 131,531,032 140,411,663 8,880,631 EXPENDITURES:

Current:

General government 9,291,250 7,049,924 11,482,048 (4,432,124) Police 47,970,866 48,569,862 45,600,130 2,969,732
Fire 53,877,402 54,698,495 55,070,131 (371,636)
Public works 4,795,878 4,923,434 4,710,246 213,188
Community development 3,348,716 1,417,805 1,180,687 237,118 Recreation and parks 13,589,045 14,790,971 14,658,581 132,390 Planning, Building and Transportation 164,894 714,709 720,141 (5,432) Capital outlay 908,500 1,466,368 3,765,723 (2,299,355) Debt service:

Principal 203,964 (203,964)
Interest 4,166 (4,166)
Total Expenditures 133,946,551 133,631,568 137,395,817 (3,764,249)

EXCESS OF REVENUES OVER
EXPENDITURES (1,760,772) (2,100,536) 3,015,846 5,116,382

OTHER FINANCING SOURCES (USES)
Transfers in 6,319,723 6,869,723 8,392,770 1,523,047 Transfers (out) (7,438,443) (21,262,236) (18,915,788) 2,346,448 Inception of leases and subscriptions 722,600 722,600 Total other financing sources (uses) (1,118,720) (14,392,513) (9,800,418) 4,592,095 NET CHANGE IN FUND BALANCE $ (2,879,492) $ (16,493,049) (6,784,572) $ 9,708,477 Beginning fund balance 113,617,192
Ending fund balance $ 106,832,620
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, 2025
35 Budgeted Amounts
Variance with
Final Budget
Positive
(Negative)Original Final Actual
REVENUES:

Use of money and property $ 13,792,000 $ 13,792,000 $ 13,053,346 $ (738,654) Other revenues 130,000 4,130,000 3,068,735 (1,061,265) Total Revenues 13,922,000 17,922,000 16,122,081 (1,799,919) EXPENDITURES:

Current:

General government 934,220 1,429,720 1,330,706 99,014 Public works 3,111,086 2,444,302 666,784
Community development 12,823,277 19,866,316 14,632,451 5,233,865 Planning, Building and Transportation 93,761 93,761 68,538 25,223 Total Expenditures 13,851,258 24,500,883 18,475,997 6,024,886

EXCESS OF REVENUES OVER
EXPENDITURES 70,742 (6,578,883) (2,353,916) 4,224,967

OTHER FINANCING SOURCES (USES)
Transfers in 12,959 12,959
Transfers (out) (1,990,000) (3,990,000) (12,416,849) (8,426,849) Total other financing sources (uses) (1,990,000) (3,990,000) (12,403,890) (8,413,890) NET CHANGE IN FUND BALANCE $ (1,919,258) $ (10,568,883) $ (14,757,806) $ (4,188,923) Beginning fund balance 43,250,172
Ending fund balance $ 28,492,366
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, 2025
36 Budgeted Amounts
Variance with
Final Budget
Positive
(Negative)Original Final Actual
REVENUES:

Licenses and permits $ — $ — $ 10,500 $ 10,500
Revenue from other agencies 2,643,142 6,788,417 12,749,133 5,960,716 Charges for current services 1,550,000 1,550,000 483,108 (1,066,892) Use of money and property 725,904 725,904
Other revenues 22,371 22,371
Total Revenues 4,193,142 8,338,417 13,991,016 5,652,599 EXPENDITURES:

Current:

General government 955,750 5,826,350 4,448,380 1,377,970 Police 85,000 1,372,497 681,946 690,551
Fire 33,000 997,297 116,481 880,816
Public works 208,212 75,164 133,048
Community development 285,770 1,378,173 2,010,678 (632,505) Library 135,000 78,931 56,069
Planning, Building, and Transportation 338,500 844,470 (505,970) Capital outlay 23,780 179,095 (155,315)
Debt service:

Principal 2,792 (2,792)
Interest 358 (358)
Total Expenditures 1,359,520 10,279,809 8,438,295 1,841,514

EXCESS OF REVENUES OVER
EXPENDITURES 2,833,622 (1,941,392) 5,552,721 7,494,113

OTHER FINANCING SOURCES (USES)
Transfers in 21,000 1,262,731 21,000 (1,241,731)
Transfers (out) (2,854,622) (5,316,939) (3,344,299) 1,972,640 Total other financing sources (uses) (2,833,622) (4,054,208) (3,323,299) 730,909 NET CHANGE IN FUND BALANCE $ $ (5,995,600) 2,229,422 $ 8,225,022 Beginning fund balance 1,845,275
Ending fund balance $ 4,074,697
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, 2025
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 2024-25:

Sewer Services Fund
The City operates its own wastewater system. This fund accounts for all financial transactions relating to this municipal activity including, but not limited to, operations, maintenance, capital financing and related debt service, billing and collection.

Alameda Municipal Power Fund
The City operates its own electric system. This fund accounts for all financial transactions related to this municipal activity including, but not limited to, operations, maintenance, capital financing and related debt service, billing and collection.

City of Alameda, California
Proprietary Funds
39 Business-Type Activities Governmental
Activities-
Internal Service
Funds
Sewer
Services
Alameda
Municipal
Power
Total
Enterprise
Funds
ASSETS
Current Assets
Cash and cash equivalents $ 18,354,022 $ 51,946,078 $ 70,300,100 $ 75,827,616 Investments 37,477,312 37,477,312
Accounts receivable, net 652,786 8,558,603 9,211,389 1,011,585 Interest receivable 790,146 790,146
Materials and supplies 8,330,763 8,330,763
Prepaids and deposits 50,687 50,687 4,281,098
Total Current Assets 19,006,808 107,153,589 126,160,397 81,120,299 Noncurrent Assets
Restricted investments 848,812 5,440,578 6,289,390 22,404,795 Share of certain NCPA projects and reserve 8,747,196 8,747,196 Investments designated for special purposes 31,386,625 31,386,625 Advances to other funds 88,645
Capital assets:

Non-depreciable 14,133,355 14,133,355
Depreciable, net of accumulated depreciation 119,379,286 28,887,803 148,267,089 8,712,268 Total Noncurrent Assets 120,228,098 88,595,557 208,823,655 31,205,708 Total Assets 139,234,906 195,749,146 334,984,052 112,326,007

DEFERRED OUTFLOWS OF RESOURCES
Deferred amount on refunding 191,891 191,891
Related to pensions 305,884 4,912,184 5,218,068 2,250,000 Related to OPEB 27,829 123,227 151,056
Total Deferred Outflows of Resources 333,713 5,227,302 5,561,015 2,250,000

LIABILITIES
Current Liabilities:

Accounts payable 473,435 1,941,405 2,414,840 941,415 Due to other funds 2,844,553 2,844,553
Accrued payroll and other liabilities 64,363 64,363 193,681 Interest payable 132,523 361,502 494,025 23,174
Refundable deposits 6,079 7,826,138 7,832,217 21,604 Compensated absences 146,692 1,167,587 1,314,279
Claims payable 161,793 161,793 7,228,364
Lease liability - current 307,545 307,545
Subscription liability - current 4,194 4,194 697,875 Long-term debt - current 450,000 1,935,000 2,385,000 692,840 Total Current Liabilities 1,277,286 16,545,523 17,822,809 9,798,953 Noncurrent Liabilities:

Claims payable 552,767 552,767 14,031,069
Net pension liability 1,806,895 24,993,984 26,800,879 Net OPEB liability 216,376 958,114 1,174,490
Lease liability 1,792,292 1,792,292
Subscription liability 1,066,268
Long-term debt 10,162,215 11,505,000 21,667,215 519,698 Total Noncurrent Liabilities 12,185,486 39,802,157 51,987,643 15,617,035 Total Liabilities 13,462,772 56,347,680 69,810,452 25,415,988

DEFERRED INFLOWS OF RESOURCES
Purchased power balancing account 57,926,500 57,926,500 Related to pensions 354,506 672,149 1,026,655
Related to OPEB 61,549 272,539 334,088
Total Deferred Inflows of Resources 416,055 58,871,188 59,287,243 NET POSITION:

Net investment in capital assets 108,767,071 27,673,212 136,440,283 5,735,587 Restricted
Debt service 848,812 5,440,578 6,289,390
Sewer system replacement 16,073,909 16,073,909
Unrestricted 52,643,790 52,643,790 83,424,432
Total Net Position $ 125,689,792 $ 85,757,580 $ 211,447,372 $ 89,160,019 See accompanying notes to financial statements.

City of Alameda
Proprietary Funds
Statement of Net Position
June 30, 2025
40 Business-Type Activities
Governmental
Activities-
Internal
Service
Funds
Sewer
Services
Alameda
Municipal
Power
Total
Enterprise
Funds

OPERATING REVENUES
Charges for services $ 13,359,397 $ 80,875,687 $ 94,235,084 $ 33,797,841 Greenhouse gas related sales 452,162 452,162
Miscellaneous 593,039 593,039 116,068
Total Operating Revenues 13,359,397 81,920,888 95,280,285 33,913,909

OPERATING EXPENSES
General administrative 385,286 10,797,776 11,183,062 3,209,119 Operations and maintenance 48,655,116 48,655,116
Wages and benefits 1,620,391 1,620,391 4,549,495
Insurance and claims 10,297,859
Contractual services 373,940 373,940 6,289,900
Depreciation and amortization 2,947,200 3,631,696 6,578,896 2,759,848 Utilities 106,930 106,930
Supplies and maintenance 667,083 667,083 2,382,761
Balancing account adjustment 10,037,672 10,037,672
Total Operating Expenses 6,100,830 73,122,260 79,223,090 29,488,982 Operating Income (Loss) 7,258,567 8,798,628 16,057,195 4,424,927

NONOPERATING REVENUES (EXPENSES)
Interest income 700,368 5,045,728 5,746,096 5,740,970 Interest income on restricted investments 173,848 173,848 Interest (expense) (319,084) (852,375) (1,171,459) (100,088) Payment in-lieu of taxes (833,000) (1,652,000) (2,485,000) Miscellaneous non-operating revenue 1,194,817 1,194,817 Miscellaneous non-operating expense
Gain (loss) from sale of capital assets 71,259 71,259 98,513 Total Nonoperating Revenues (Expenses) (451,716) 3,981,277 3,529,561 5,739,395 Income (Loss) Before Transfers 6,806,851 12,779,905 19,586,756 10,164,322 Transfers in 11,450,577
Transfers (out) (4,513,000) (4,513,000) (77,202)
Change in net position 6,806,851 8,266,905 15,073,756 21,537,697 BEGINNING NET POSITION 118,882,941 77,490,675 196,373,616 67,622,322 ENDING NET POSITION $ 125,689,792 $ 85,757,580 $ 211,447,372 $ 89,160,019 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, 2025
41 CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 13,335,669 $ 77,105,421 $ 90,441,090 $ 33,827,948 Receipts from Special Sales (C&T and REC) 5,395,219 5,395,219 Payments to suppliers (1,796,741) (39,058,139) (40,854,880) (15,964,775) Payments to employees (1,698,196) (17,771,400) (19,469,596) (9,665,296) Insurance and claims paid (6,954,307)
Net Cash Provided by (Used for) Operating Activities 9,840,732 25,671,101 35,511,833 1,243,570

CASH FLOWS FROM NON-CAPITAL

FINANCING ACTIVITIES
Payment in-lieu of taxes (833,000) (1,652,000) (2,485,000) Interfund receipts (disbursements) 50,212
Transfers in 11,373,375
Transfers (out) (4,513,000) (4,513,000)
Cash Flows from Noncapital Financing
Activities (833,000) (6,165,000) (6,998,000) 11,423,587

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
Acquisition of capital assets (8,619,048) (10,585,992) (19,205,040) (2,480,629) Proceeds from the sale of capital assets 71,259 71,259 98,513 Principal payments on capital debt (443,554) (1,815,000) (2,258,554) (913,092) Interest paid (327,658) (914,026) (1,241,684) (107,806) Cash Flows from Capital and Related
Financing Activities (9,390,260) (13,243,759) (22,634,019) (3,403,014)

CASH FLOWS FROM INVESTING ACTIVITIES
Sales (purchases) of restricted investments 42,347 (182,046) (139,699) (3,138,916) Sales (purchases) of unrestricted investments 1,964,870 1,964,870 Sales (purchases) of investments reserved for special
purposes 3,975,573 3,975,573
Investment in certain NCPA projects and reserves (409,776) (409,776) Interest income 700,368 173,848 874,216 5,740,970
Cash Flows from Investing Activities 742,715 5,522,469 6,265,184 2,602,054 Net Cash Flows 360,187 11,784,811 12,144,998 11,866,197 Cash and cash equivalents at beginning of period 17,993,835 40,161,267 58,155,102 63,961,419 Cash and cash equivalents at end of period $ 18,354,022 $ 51,946,078 $ 70,300,100 $ 75,827,616 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, 2025
42 Reconciliation of Operating Income (Loss) to Cash
Flows from Operating Activities:

Operating income (loss) $ 7,259,308 $ 8,798,628 $ 16,057,936 $ 4,424,927 Adjustments to reconcile operating income to cash
flows from operating activities:

Depreciation and amortization 2,947,200 3,631,695 6,578,895 2,759,848 Pension related amounts 273,036 1,290,443 1,563,479 (2,250,000) OPEB related amounts (35,774) (158,410) (194,184)
Change in assets and liabilities:
(Increase) decrease in accounts receivable and
refundable deposits (23,728) 579,753 556,025 (85,961) (Increase) decrease in materials and supplies (919,579) (919,579) (Increase) decrease in prepaids (10,687) (10,687) (1,328,577) Increase (decrease) in accounts payable (654,342) (1,056,703) (1,711,045) (893,945) Increase (decrease) in balancing account 10,037,672 10,037,672 Increase (decrease) in refundable deposits 382,357 382,357 Increase (decrease) in claims payable (313,821) (313,821) (1,436,642) Increase (decrease) in accrued payroll and others 11,402 2,844,553 2,855,955 53,920 Increase (decrease) in compensated absences 63,630 565,200 628,830 Cash Flows from Operating Activities $ 9,840,732 $ 25,671,101 $ 35,511,833 $ 1,243,570 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, 2025
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 $ 7,180,936 $ 2,819,737
Restricted cash and investments 1,282,333 6,570,827
Accounts receivable 8,150
Loans receivable 1,109,529
Total Assets 9,572,798 9,398,714

DEFERRED OUTFLOWS OF RESOURCES
Deferred amount on refunding 2,295,707

LIABILITIES
Accounts payable 1,119,278
Interest payable 580,864 810,092
Refundable deposits 30,449
Due to other governments 26,567
Long term debt:

Due within one year 2,910,000
Due in more than one year 36,811,627
Total Liabilities 41,448,336 840,541
NET POSITION:

Restricted for:

Assessment Districts 8,558,173
Restricted for private purposes (29,579,831)
Total Net Position (Deficit) $ (29,579,831) $ 8,558,173 See accompanying notes to financial statements.

City of Alameda
Fiduciary Funds
Statement of Fiduciary Net Position
June 30, 2025
45 Successor
Agency
Private-Purpose
Trust Fund
Custodial
Fund
Assessment
Districts

ADDITIONS
Property taxes $ 8,270,494 $ 3,115,448
Use of money and property 302,414 422,368
Total Additions 8,572,908 3,537,816

DEDUCTIONS
Administration 133,776 17,324
Contractual services 4,540,076 82,458
Debt service:

Interest and fiscal charges 1,830,722 2,629,931
Total Deductions 6,504,574 2,729,713
CHANGE IN NET POSITION 2,068,334 808,103
NET POSITION (DEFICIT), BEGINNING OF YEAR (31,648,165) 7,750,070 NET POSITION (DEFICIT), END OF YEAR $ (29,579,831) $ 8,558,173 See accompanying notes to financial statements.

City of Alameda
Fiduciary Funds
Statement of Changes in Fiduciary Net Position
For the Year Ended June 30, 2025
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 ............................................................................................................................ 89

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

10. Post-Employment Health Care Benefits ................................................................................................................ 103

11. Risk Management .................................................................................................................................................. 111

12. Alameda Municipal Power Joint Ventures ............................................................................................................ 113

13. Leases .................................................................................................................................................................... 120

14. Subscription Liabilities .......................................................................................................................................... 122

15. Commitments and Contingencies .......................................................................................................................... 127

16. Redevelopment Agency Dissolution and Successor Agency Activities ............................................................... 129

17. Subsequent Events ................................................................................................................................................. 132 City of Alameda, California
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
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, 2025
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, 2025
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, 2025
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, 2025
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:

General Fund $ 3,764,249
Library Special Revenue Fund $ 203,655
Housing Special Revenue Fund $ 227,734
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, 2025
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 $10,000 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 a v a i l a b l e , e x c e p t f o r i n t a n g i b l e r i g h t - t o - u s e l e a s e a s s e t s , t h e m e a s u r e m e n t o f w h i c h i s d i s c u s s e d i n N o t e 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 l i a b i l i t y a n d a n i n t a n g i b l e r i g h t - t o - u s e l e a s e a s s e t ( l e a s e a s s e t ) i n t h e g o v e r n m e n t - w i d e f i n a n c i a l statements and in proprietary funds.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
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 judgments 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 o f r e s o u r c e s i n t h e g o v e r n m e n t - w i d e a n d g o v e r n m e n t a l f u n d f i n a n c i a l s t a t e m e n t s .

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 judgments 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, 2025
56 Note 1 – Summary of Significant Accounting Policies (Continued) I. Compensated Absences
The liability for compensated absences includes the unpaid vacation and vested portions of sick leave and compensated time off, which are accrued as earned, as well as an estimate of the sick leave earned as of June 30, 2025, and expected to be used. 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, 2025 is as follows:

Governmental
Activities
Business Type
Activities Total
Beginning Balance $ 4,392,775 $ 685,449 $ 5,078,224
Net Changes 1,735,684 628,830 2,364,514
Ending Balance $ 6,128,459 $ 1,314,279 $ 7,442,738
Current Portion $ 6,128,459 $ 1,314,279 $ 7,442,738
Primary Government
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.

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.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
57 Note 1 – Summary of Significant Accounting Policies (Continued) 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.

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.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
58 Note 1 – Summary of Significant Accounting Policies (Continued) 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 a m o r t i z e d o n a s t r a i g h t - l i n e b a s i s o v e r s h o r t e r o f t h e s u b s c r i p t i o n t e r m o r t h e u s e f u l l i f e o f t h e 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.

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 25% 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.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
59 Note 1 – Summary of Significant Accounting Policies (Continued) 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
Management adopted the provisions of the following Governmental Accounting Standards Board (GASB) Statements which became effective during the year ended June 30, 2025:

GASB Statement No. 101, “Compensated Absences” - In June 2022, the GASB issued GASB Statement No. 101, Compensated Absences. The unified recognition and measurement model in this Statement will result in a liability for compensated absences that more appropriately reflects when a government incurs an obligation. In addition, the model can be applied consistently to any type of compensated absence and will eliminate potential comparability issues between governments that offer different types of leave. The model also will result in a more robust estimate of the amount of compensated absences that a government will pay or settle, which will enhance the relevance and reliability of information about the liability for compensated absences. This Statement is effective for the fiscal year ending June 30, 2025 and had the effect of increasing the compensated absences liability due to the inclusion of payroll related items in the calculation of the liability, such as portions of sick leave. The change was not significant, and therefore, did not require a restatement of beginning net position.

GASB Statement No. 102, “ Certain Risk Disclosures” - In December 2023, the GASB issued GASB Statement No. 102, Certain Risk Disclosures . The requirements of this Statement will improve financial reporting by providing users of financial statements with essential information that currently is not often provided. The disclosures will provide users with timely information regarding certain concentrations or constraints and related events that have occurred or have begun to occur that make a government vulnerable to a substantial impact. As a result, users will have better information with which to understand and anticipate certain risks to a government’s financial position. This Statement is effective for the fiscal year ending June 30, 2025 and did not have any impact on the City’s financial statements for the current fiscal year.

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:

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
60 Note 1 – Summary of Significant Accounting Policies (Continued) GASB Statement No. 103, “ Financial Reporting Model Improvements ” - In April 2024, GASB issued Statement No. 103, Financial Reporting Model Improvements . 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. This Statement also addresses certain application issues. The requirements of this statement are effective for the City’s fiscal year ending June 30, 2026 and the City has not determined the effect, if any, on the financial statements.

GASB Statement No. 104, “ Disclosure of Certain Capital Assets ” - 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.

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.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
61 Note 2 – Cash, Cash Equivalents, and Investments (Continued) 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, 2025 , as presented on the Statement of Net Position and Statement of Fiduciary Net Position are as follows:

Statement of Net Position:

Cash and investments 404,834,212
Restricted cash and investments 43,727,189
Investments designated for special purposes 31,386,625 Fiduciary Funds:

Cash and investments 10,000,673
Restricted cash and investments 7,853,160
Total cash and investments $ 497,801,859
Cash and investments as of June 30, 2025 are composed of the following categories:

Cash on hand (petty cash and change funds) $ 10,030
Deposits with financial institutions 175,613,249
Investments 322,178,580
Total cash and investments $ 497,801,859
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, 2025
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 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
N o n - N e g o t i a b l e C e r t i f i c a t e s o f D e p o s i t / C D A R s 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% 10% Supranationals 5 Years AA or equivalent 30% (US Dollar
denominated) 10%
Passthrough 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.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
63 Note 2 – Cash, Cash Equivalents, and Investments (Continued) 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:

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)
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
64 Note 2 – Cash, Cash Equivalents, and Investments (Continued) 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.

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:

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
65 Note 2 – Cash, Cash Equivalents, and Investments (Continued) 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, 2025
66 Note 2 – Cash, Cash Equivalents, and Investments (Continued) Authorized Investment Type
Maximum
Maturity
Minimum
Credit
Quality
Maximum
Percentage of
Portfolio
Maximum
Investment
In One Issuer
U.S. Treasury Obligations N/A 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, 2025:

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
67 Note 2 – Cash, Cash Equivalents, and Investments (Continued) Investment Type
12 Months
or less
One to
Five Years Total
U.S. Agency and Government-Sponsored
Enterprise Securities
Non-callable $ 3,388,111 $ 6,452,984 $ 9,841,095
Callable 965,596 1,635,021 2,600,617
Medium-Term Corporate Notes:

Non-callable 3,215,791 9,519,677 12,735,468
Callable 3,751,861 17,537,758 21,289,619
Asset Backed Securities
Non-callable 28,387 14,911,881 14,940,268
Callable
Supranationals 970,906 2,251,990 3,222,896
U.S. Treasury Notes
Non-callable 6,304,271 47,102,926 53,407,197
U.S. Treasury Bonds 9,021,412 9,021,412
Money Market Mutual Funds 37,569,610 37,569,610
California Local Agency Investment Fund 127,555,767 127,555,767 Non-Negotiable Certificates of Deposit 3,405,674 3,405,674 Negotiable Certificates of Deposit 1,288,832 1,079,391 2,368,223 Time Certificates of Deposit 203,349 203,349
Municipal Obligations 5,155,200 3,160,698 8,315,898
Guaranteed Investment Contract 15,701,487 15,701,487
Total Investments $ 218,526,254 $ 103,652,326 322,178,580 Cash deposits with banks and on hand 175,623,279
Total Cash and Investments $ 497,801,859
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, 2025, 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, 2025 , these investments had an average maturity of 260 days.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
68 Note 2 – Cash, Cash Equivalents, and Investments (Continued) H. Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment when an investment matures. This is measured by the assignment of a credit rating by a nationally recognized statistical rating organization. Presented below is the actual rating as of June 30, 2025, 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 $ — $ 9,290,798 $ — $ — $ 9,290,798
Callable 2,213,801 2,213,801
Medium Term Corporate Notes:

Non-callable 3,545,504 8,830,323 12,375,827
Callable 71,186 4,309,689 16,593,450 125,974 21,100,299 Supranationals 3,222,896 3,222,896
Asset Backed Securities
Non-callable 14,940,268 14,940,268
Callable
Money Market Mutual Funds 15,214,815 15,214,815
Negotiable Certificates of Deposit 683,575 683,575
Municipal Obligations 5,626,442 1,655,699 7,282,141
Totals $ 33,449,165 $ 24,986,234 $ 27,763,047 $ 125,974 86,324,420 Not rated:

U.S. Government-Sponsored
Enterprise Agencies
Non-callable 550,297 (A)
Callable 386,816
California Local Agency
Investment Fund 127,555,767
Medium Term Corporate Notes:

Non-callable 359,641 (A)
Callable 189,320
Municipal Obligations 1,033,757 (A)
Money Market Mutual Funds 22,354,795
Non-Negotiable Certificates of
Deposit 3,405,674
Negotiable Certificates of Deposit 1,684,648
Time Certificates of Deposit 203,349
Guaranteed Investment Contract 15,701,487
Exempt:

US Treasury Notes 61,831,681
US Treasury Bonds 596,928
Total Investments $ 322,178,580
(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, 2025
69 Note 2 – Cash, Cash Equivalents, and Investments (Continued) I. Custodial Credit Risk
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. As previously described, the City’s deposits are collateralized in accordance with California Government Code. The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g., broker-dealer) to a transaction, a government will not be able to recover the value of its investment or collateral securities that are in the possession of another party. The California Government Code and the City’s investment policy do not contain legal or policy requirements that would limit the exposure to custodial credit risk for investments.

As of June 30, 2025 , 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 i n s u r a n c e i n e x c e s s o f S I P C c o v e r a g e w i t h a $ 1 . 9 M p e r - c l i e n t l i m i t . As of June 30, 2025 , Alameda Municipal Power’s investments balance with Hilltop Securities was $37,477,312.

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, 2025
70 Note 2 – Cash, Cash Equivalents, and Investments (Continued) Deposits and withdrawals in governmental investment pools, such as LAIF are made on the basis of $1 and not fair value. Accordingly, the City’s proportionate share in these types of investments is an uncategorized input not defined as a Level 1, Level 2, or Level 3 input.

The following is a description of the valuation methods and assumptions used by the City to estimate the fair value of its investments. There have been no changes in the methods and assumptions used at June 30, 2025. 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.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
71 Note 2 – Cash, Cash Equivalents, and Investments (Continued) As of June 30, 2025, the City has the following recurring fair value measurements:

Fair Value Measurements on a Recurring Basis
Using
Balance at
June 30, 2025
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 $ 9,841,095 $ — $ 9,841,095
Callable 2,600,617 2,600,617
Medium-Term Corporate Notes
Non-callable 12,735,468 12,735,468
Callable 21,289,619 21,289,619
Asset Backed Securities
Non-callable 14,940,268 14,940,268
Callable
Supranationals 3,222,896 3,222,896
U.S. Treasury Notes
Non-callable 53,407,197 50,458,586 2,948,611
Callable
U.S. Treasury Bonds 9,021,412 9,021,412
Non-Negotiable Certificates of Deposit 3,405,674 3,405,674 Negotiable Certificates of Deposit 2,368,223 2,368,223 Time Certificates of Deposit 203,349 203,349
Municipal Bonds 8,315,898 8,315,898
Total Investments by Fair Value Level 141,351,716 $ 50,458,586 $ 90,893,130 Investments Not Measured at Fair Value or
Subject to Fair Value Hierarchy:

California Local Agency Investment Fund 127,555,767
Money Market Mutual Funds 37,569,610
Guaranteed Investment Contract 15,701,487
Total Investments Not Measured at Fair
Value 180,826,864
Total Investments $ 322,178,580
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
72 Note 2 – Cash, Cash Equivalents, and Investments (Continued) K. Investments with Fair Values Highly Sensitive to Interest Rate Fluctuations The City’s investments include corporate notes and U.S. agency securities that have an embedded call feature. At June 30, 2025, those investments consisted of:

Issuer Maturity Date Callable Date Reported Amount
Accenture Capital Inc 10/4/2027 9/4/2027 $ 69,786
Adobe Inc 4/4/2027 3/4/2027 147,091
Advanced Micro Devices 3/24/2028 2/24/2028 191,397
Amazon Com Inc 5/12/2026 4/12/2026 769,318
Amazon Com Inc 8/22/2027 5/22/2027 241,009
American Express Co 7/26/2028 7/26/2027 50,683
American Express Co 4/25/2029 4/25/2028 187,103
Analog Devices Inc 6/15/2028 5/15/2028 276,271
Apple Inc 9/11/2026 7/11/2026 293,121
Apple Inc 11/13/2027 8/13/2027 245,173
Bank America Corp 1/20/2027 1/20/2026 345,918
Bank America Corp 1/24/2029 1/24/2028 334,706
Bank New York Mellon 4/20/2029 4/20/2028 253,533
Berkshire Hathaway Fin 3/15/2027 2/15/2027 570,322
Blackrock Funding Inc 7/26/2027 6/26/2027 242,930
Bristol-Myers Squibb Co Sr Nt 2/22/2027 1/22/2027 70,893 Chubb Ina Hldg Llc 8/15/2029 7/15/2029 528,861
Cintas Corp No 2 5/1/2028 4/1/2028 155,370
Cisco Sys Inc 2/26/2027 1/26/2027 293,518
Cisco Sys Inc 2/24/2028 1/24/2028 96,256
Citbank N A 11/19/2027 11/19/2026 377,280
Citibank 9/29/2025 8/29/2025 250,478
Citibank N A Sr 8/6/2026 7/6/2026 251,715
Cme Group Inc 3/15/2030 2/15/2030 553,878
Cummins Inc 5/9/2028 4/9/2028 25,113
Duke Energy Florida Llc 1/15/2027 10/15/2026 493,545
Eli Lilly & Co 2/9/2027 1/9/2027 241,937
Eli Lilly & Co 2/9/2029 1/9/2029 380,516
Eli Lilly & Co 2/12/2030 1/12/2030 358,848
Florida Pwr Lt Co 5/15/2028 3/15/2028 402,955
Goldman Sachs Bk Usa 5/21/2027 5/21/2026 141,155
Goldman Sachs Group 4/23/2028 4/23/2027 125,974
Hershey Co 2/24/2028 1/24/2028 101,265
Home Depot Inc 6/25/2027 5/25/2027 106,655
Home Depot Inc 4/15/2029 3/15/2029 651,485
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
73 Note 2 – Cash, Cash Equivalents, and Investments (Continued) Issuer Maturity Date Callable Date Reported Amount
Hormel Foods Corp 3/30/2027 2/28/2027 $ 101,019
Johnson & Johnson 3/1/2028 2/1/2028 71,186
Jpmorgan Chase & Co 10/22/2027 10/22/2026 122,606
Jpmorgan Chase & Co 4/22/2028 4/22/2027 219,412
Jpmorgan Chase &Co 10/22/2028 10/22/2027 125,374
Mars Inc 3/1/2028 2/1/2028 95,772
Mastercard Incorpo 3/9/2028 2/9/2028 317,006
Mastercard Incorporated 1/15/2028 12/15/2027 105,462
Morgan Stanley 1/28/2027 1/28/2026 75,228
Morgan Stanley 4/13/2028 4/13/2027 25,555
Morgan Stanley Bk N A 5/26/2028 5/26/2027 255,280
National Rural Utils Coop 5/6/2027 4/27/2026 172,700
National Rural Utils Coop 9/16/2027 8/16/2027 144,877
Northern Tr Corp Sr Nt 5/10/2027 4/10/2027 519,366
Pepsico Inc 2/7/2028 1/7/2028 374,592
Pepsico Inc 7/17/2029 6/17/2029 655,281
Pnc Financial Services 1/26/2027 1/26/2026 25,037
Pnc Financial Services 4/23/2029 1/23/2029 510,463
Pub Svc Elec & Gas 9/1/2028 6/1/2028 541,508
Realty Income Corp 12/15/2028 11/15/2028 304,236
Roche Holdings Inc 11/13/2026 10/13/2026 258,828
Schwab Charles Corp 5/13/2026 4/13/2026 457,146
State Str Corp 11/4/2026 11/4/2025 65,287
State Str Corp 8/3/2026 7/3/2026 176,757
State Str Corp 3/18/2027 2/18/2027 91,302
State Str Corp 4/24/2028 4/24/2027 110,700
Target Corp 1/15/2027 12/15/2026 280,894
Target Corp 6/15/2028 5/15/2028 65,391
Texas Instrs Inc Sr Nt 2/8/2027 1/8/2027 211,913
Truist Financial Corp 7/28/2026 7/28/2025 144,942
Truist Financial Corp 10/28/2026 10/28/2025 155,637
Ubs Ag Stamford 1/10/2028 1/10/2027 252,033
Unitedhealth Group Inc 5/15/2026 4/15/2026 612,398
Unitedhealth Group Inc 4/15/2027 3/15/2027 357,126
Usaa Cap Corp Fr 6/1/2028 5/1/2028 151,013
Walmart Inc 9/17/2026 8/17/2026 120,806
Federal Home Ln Bks 3/23/2026 7/23/2024 476,361
Federal Farm Cr Bks 7/5/2025 7/5/2025 489,235
Federal Farm Cr Bks 11/5/2025 11/5/2025 299,676
Federal Farm Cr Bks 11/5/2025 11/5/2025 199,784
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
74 Note 2 – Cash, Cash Equivalents, and Investments (Continued) Issuer Maturity Date Callable Date Reported Amount
Federal Home Ln Mtg Corp 7/30/2025 7/30/2025 $ 386,816
Federal Home Ln Mtg Corp 9/23/2025 9/23/2025 249,440
Federal Home Loan Banks 9/23/2025 9/23/2025 499,305
Amazon Com Inc 12/3/2025 9/3/2025 150,200
Bank Of Montreal 10/29/2026 7/29/2025 189,320
Barclays Bank Plc 8/26/2027 8/26/2025 543,455
Florida Pwr 5/15/2026 4/15/2025 200,208
Public Storage 2/15/2026 1/15/2026 244,608
San Diego Gas Elec Co 5/15/2026 2/15/2026 245,888
Sierra Pac Pwr Co 5/1/2026 2/1/2026 295,419
Societe Generale 3/30/2026 9/30/2025 288,750
Societe Generale 10/20/2026 7/20/2025 296,478
Societe Generale 3/31/2026 9/30/2025 237,450
Toronto Dominion Bank 7/29/2027 7/29/2025 497,660
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
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, 2025, the amounts of current interfund balances were as follows:

Due from Other Funds Due To Other Funds Amount
General Fund Capital Improvement Projects Fund $ 1,549,721 General Fund HOME Program Special Revenue Fund 14,218
General Fund Vehicle Registration Fee Special Revenue Fund 175,684 General Fund Alameda Municipal Power Enterprise Fund 2,844,553 Total $ 4,584,176
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, 2025 was $88,645.

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 Capital Projects 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, 2025 was $448,357.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
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 2024-25 were as follows:

Fund Receiving Transfers Fund Making Transfer
Amount
Transferred
General Fund Grants Special Revenue Fund $ 3,344,299
Non-Major Governmental Funds 535,471 A, B
Alameda Municipal Power Enterprise Fund 4,513,000 C
Capital Improvement Projects Fund General Fund 3,627,345 D Base Reuse Special Revenue Fund 4,880,917 D
Non-Major Governmental Funds 23,040,792 D
Internal Service Fund 77,202
Grants Special Revenue Fund General Fund 21,000
Base Reuse Special Revenue Fund Capital Improvement Projects Fund 12,959 Non-Major Governmental Funds General Fund 4,549,443 B
Base Reuse Special Revenue Fund 7,535,932 E
Non-Major Governmental Funds 5,959,696 B, D, E, F
Internal Service Funds General Fund 10,718,000 B
Non-Major Governmental Funds 732,577 B
Total $ 69,548,633
The reasons for these transfers are set forth below:
(A) To transfer back excess revenue received
(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
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, 2025
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, 2025 was $11,684,865, of which, $11,133,283 has been offset with unavailable revenue. Included in the outstanding balance are receivables totaling $1,730,754 from the Alameda Housing Authority.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
78 Note 5 – Capital Assets
A. Capital Asset Additions and Retirements
City capital asset activities for the year ended June 30, 2025, are as follows:

Balance at
June 30, 2024 Additions Retirements Transfers
Balance at
June 30, 2025
Governmental activities
Capital assets not being depreciated:

Land $ 5,995,318 $ — $ — $ 437,223 $ 6,432,541
Construction in progress 60,499,164 34,179,137 (1,309,817) (68,239,329) 25,129,155 Total capital assets not being
depreciated 66,494,482 34,179,137 (1,309,817) (67,802,106) 31,561,696 Capital assets being depreciated:

Buildings 291,004,189 181,887 6,317,416 297,503,492 Machinery and equipment 42,059,992 6,159,776 (391,959) 47,827,809 Right-to-use subscription assets 4,069,757 1,622,335 (12,027) 5,680,066 Infrastructure:

Streets 208,686,455 55,728,144 264,414,599
Street Lights 7,885,335 1,443,364 9,328,699
Landscape 21,323,234 21,323,234
Storm drains 27,558,244 3,428,182 30,986,426
Potable water systems 1,353,939 1,353,939
Parks 41,260,333 885,000 42,145,333
Marina facilities 25,011,156 25,011,156
Golf improvements 4,205,963 4,205,963
Total capital assets being depreciated 674,418,597 7,963,998 (403,986) 67,802,106 749,780,715 Less accumulated depreciation:

Buildings (140,021,495) (3,833,335) (143,854,830) Machinery and equipment (33,009,305) (2,627,751) 391,959 (35,245,097) Right-to-use subscription assets (1,502,922) (1,419,520) (2,922,442) Infrastructure:

Streets (112,956,745) (5,846,966) (118,803,711)
Street Lights (3,846,541) (255,137) (4,101,678)
Landscape (19,289,360) (126,157) (19,415,517)
Storm drains (13,457,226) (606,961) (14,064,187) Potable water systems (1,253,709) (4,093) (1,257,802) Parks (9,925,544) (1,537,946) (11,463,490)
Marina facilities (21,737,608) (83,136) (21,820,744) Golf improvements (4,116,774) (56,097) (4,172,871) Total accumulated depreciation (361,117,229) (16,397,099) 391,959 (377,122,369) Net capital assets being depreciated 313,301,369 (8,433,101) (12,027) 67,802,106 372,658,347 Governmental activity capital assets, net $ 379,795,851 $ 25,746,036 $ (1,321,844) $ — $ 404,220,043 City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
79 Note 5 – Capital Assets (Continued)
Balance at
June 30, 2024 Additions Retirements Transfers
Balance at
June 30, 2025
Business-type activities
Capital assets, not being depreciated:

Land and Rights $ 220,143 $ 220,143
Construction in progress 7,699,684 18,753,601 (12,540,073) 13,913,212 Total capital assets not being depreciated 7,919,827 18,753,601 (12,540,073) 14,133,355 Capital assets, being depreciated:

Utility Plant 92,066,256 2,797,513 94,863,769
Service Center Building 8,168,069 8,168,069
Right-to-use subscription assets 24,074 18,224 42,298 Intangible right-to-use building 3,142,914 3,142,914 Machinery and equipment 10,515,698 (23,408) 10,492,290 Transportation equipment 4,536,409 249,429 (2,056,177) 1,490,730 4,220,391 Computer equipment 5,252,015 (139,216) 5,112,799 Furniture and fixtures 3,456,743 197,305 (33,283) (2,583) 3,618,182 Sewer lines 156,779,160 8,417,037 165,196,197
Total capital assets being depreciated 283,941,338 464,958 (2,089,460) 12,540,073 294,856,909 Less accumulated depreciation for:

Utility Plant (71,375,809) (2,511,954) (419,699) (74,307,462) Service Center Building (5,323,548) (158,903) (5,482,451) Right-to-use subscription assets (331,912) (13,516) (345,428) Intangible right-to-use building (639,236) (319,618) (958,854) Machinery and equipment (9,747,926) (114,431) 17,792 (9,844,565) Transportation equipment (3,452,143) (354,574) 2,056,177 8,889 (1,741,651) Computer equipment (4,478,002) (154,896) 392,381 (4,240,517) Furniture and fixtures (2,261,017) (272,152) 24,675 637 (2,507,857) Sewer lines (44,477,272) (2,683,763) (47,161,035) Total accumulated depreciation (142,086,865) (6,583,807) 2,080,852 (146,589,820) Net capital assets being depreciated 141,854,473 (6,118,849) (8,608) 12,540,073 148,267,089 Business-type activity capital assets, net $ 149,774,300 $ 12,634,752 $ (8,608) $ — $ 162,400,444 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, 2025
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 $ 367,072
Police 155,702
Fire 857,626
Public works 8,266,500
Recreation and parks 1,783,295
Library 447,277
Community development 1,610,419
Planning, Building and Transportation 149,360
Internal Service Funds 2,759,848
Total Governmental Activities $ 16,397,099
Business-Type Activities:

Sewer Services $ 2,947,200
Alameda Municipal Power 3,631,696
Total Business-Type Activities $ 6,578,896
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, 2025
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, 2025, are as follows:

CUSIP
Number
Balance June 30,
2024 Additions Retirements
Balance June 30,
2025
Current
Portion
Governmental Activities Debt:

Loans and Leases From Direct
Borrowing
Lease Financings Payable not applicable $ 3,720,618 $ (750,149) $ 2,970,469 $ 771,528 HUD Section 108 Loan Refinance,
2019 Series A not applicable 2,422,000 (630,000) 1,792,000 683,000 i-Bank Loan not applicable 1,975,777 (160,005) 1,815,772 163,664 Alameda County EMS Liability not applicable 829,170 (249,307) 579,863 256,786 Total Loans and Leases from
Direct Borrowing 8,947,565 (1,789,461) 7,158,104 1,874,978 Certificates of Participation
2013 Financing Project 010762 3,820,000 (635,000) 3,185,000 660,000 Plus: Unamortized bond
premium 148,155 (25,519) 122,636
Total Certificates of
Participation 3,968,155 (660,519) 3,307,636 660,000 2024 Refinancing Loan (previously 2003
ARRA Demand Revenue Bonds) 010808 6,900,000 6,975,000 (7,377,000) 6,498,000 653,000 2013 General Obligation Refunding
Bonds 010752 5,185,000 (445,000) 4,740,000 455,000
Plus: Unamortized bond premium 31,968 (5,468) 26,500 2023 Lease Revenue Bonds - Aquatic
Center 01078E 13,930,000 (225,000) 13,705,000 240,000 Plus: Unamortized bond premium 792,490 (27,465) 765,025 Subtotal 26,839,458 6,975,000 (8,079,933) 25,734,525 1,348,000 Total Governmental Activities
Debt 39,755,178 6,975,000 (10,529,913) 36,200,265 3,882,978 Business-Type Activities Debt:

Sewer Revenue Bonds, 2012 Series A 010782 10,990,000 (440,000) 10,550,000 450,000 Plus: Unamortized bond premium 65,811 (3,596) 62,215 Revenue Bonds, Series 2010A 010808 8,700,000 8,700,000 Taxable Revenue Bonds, Series 2010B 010808 6,555,000 (1,815,000) 4,740,000 1,935,000 Subtotal 26,310,811 (2,258,596) 24,052,215 2,385,000 Total Business-Type Activities Debt 26,310,811 (2,258,596) 24,052,215 2,385,000 Total Debt $ 66,065,989 $ 6,975,000 $ (12,788,509) $ 60,252,480 $ 6,267,978 City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
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
2026 $ 1,874,978 $ 162,121 $ 2,008,000 $ 1,185,012
2027 1,929,418 116,924 2,084,000 1,104,193
2028 1,236,921 74,549 2,172,000 1,019,966
2029 368,696 47,870 2,257,000 930,843
2030 377,480 39,040 1,964,000 837,094
2031-2035 1,370,611 71,132 6,943,000 3,077,146
2036-2040 2,155,000 2,171,063
2041-2045 2,760,000 1,562,738
2046-2050 3,395,000 919,456
2051-2053 2,390,000 199,856
Subtotal 7,158,104 $ 511,636 28,128,000 $ 13,007,367
Plus unamortized bond premium 914,162
Total $ 7,158,104 $ 29,042,162
Business-Type Activities
For the Year
Ending June 30,
Bonds
Principal Interest
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 2,915,000 443,375
2031-2035 5,295,000 1,121,936
2036-2040 3,210,000 611,365
2041-2043 2,190,000 108,388
Subtotal 23,990,000 $ 5,357,665
Plus unamortized bond premium 62,215
Total $ 24,052,215
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
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, 2025
84 Note 6 – Long-Term Debt (Continued)
2024 Refinancing Loan (Previously 2003 Alameda Reuse and Redevelopment Authority (ARRA) Variable Rate Demand Lease Revenue Bonds) – On October 8, 2024, the Alameda Public Financing Authority entered into a fixed-rate loan agreement in the principal amount of $6,900,000 with JPMorgan Chase Bank to refund the previously issued 2003 Alameda Reuse and Redevelopment Authority (ARRA) Variable Rate Demand Lease Revenue Bonds. The proceeds from the previously issued 2003 ARRA Variable Rate Demand Lease Revenue Bonds in the 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 the loan 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 $6,498,000 in the remaining principal on the loan, which is scheduled to occur in 2033. 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 2024-25, sublease revenues amounted to $8,865,492, which represented coverage of 1,340% over the $661,589 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, 2025 , 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, 2025, was $281,310.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
85 Note 6 – Long-Term Debt (Continued)
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, 2025, was $461,360.
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, 2025 , was $128,414.
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, 2025, was $1,356,421.
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, 2025, was $742,964.

The leased equipment had book values at June 30, 2025 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 $ 1,703,298 $ 1,202,347 Less: Accumulated
Depreciation (1,604,167) (1,053,131) (673,799) (113,553) (120,235) Book Value $ 145,833 $ 697,660 $ — $ 1,589,745 $ 1,082,112 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, 2025 is $1,792,000.

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, 2025 is $1,815,772.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
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, 2025, the outstanding balance is $579,863.

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 $10,550,000 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 2025, net revenues amounted to $ 10,732,573, which represented coverage of 1,399% over the $766,919 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, 2025
87 Note 6 – Long-Term Debt (Continued)
AMP does not have unused lines of credit for the year ended June 30, 2025.

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, 2025 is as follows:

Description Maturity Date June 30, 2025
Alameda Landing Community Facilities District No. 13-1 9/1/2046 $ 14,965,000 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 17,470,000 (2023 Special Tax Bonds)
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
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, 2025
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, 2025, are below:

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
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 $ 331,032 $ — $ — $ — $ — $ 331,032 Advances 448,357 448,357
Total Nonspendable 779,389 779,389
Restricted for:

Commercial revitalization 3,864,606 3,864,606
Storm drainage system 4,434,697 4,434,697
Development activities 28,492,366 11,515,997 40,008,363 Streets and roads 14,170,855 14,170,855
Affordable housing 2,449,508 2,449,508
Public safety 4,074,697 116,964 4,191,661
Waste reduction 6,256,588 6,256,588
Assessment district 17,651,641 17,651,641
Tidelands 3,205,662 3,205,662
Transportation 4,356,778 4,356,778
Debt service 15,493,644 15,493,644
Total Restricted 28,492,366 4,074,697 83,516,940 116,084,003 Committed to:

Capital projects
Development activities 1,655,196 1,655,196
Community development 219,039 219,039
Culture and recreation 7,497,250 1,790,367 9,287,617 Library operations 3,742,763 3,742,763
Parking meter/garage 998,169 998,169
Total Committed 7,497,250 8,405,534 15,902,784 Assigned:

General government 2,266,457 2,266,457
Streets and sidewalks 7,093,703 7,093,703
Recreation and parks 20,120,843 20,120,843
Economic uncertainty
Projected use of fund balance in
subsequent years 14,758,238 14,758,238
Long-term obligations
Contribution per pension/OPEB
policy 3,775,454 3,775,454
Total Assigned 48,014,695 48,014,695
Unassigned:

Reserve policy 37,166,434 37,166,434
Residual fund balance in excess
of policy or fund balance
deficits 13,374,852 (2,463,278) (123,032) 10,788,542 Total Unassigned 50,541,286 (2,463,278) (123,032) 47,954,976 Total Fund Balances $ 106,832,620 $ 28,492,366 $ 4,074,697 $ (2,463,278) $ 91,799,442 $ 228,735,847 City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
91 Note 8 – Net Position and Fund Balances (Continued)
C. Fund Deficits
As of June 30, 2025 , the Capital Improvement Projects Fund has deficit net position of $2,463,278.

The majority of the deficit in net position is due to $810,786 in unavailable revenue related to grant reimbursement revenues earned but not yet received within sixty days after year end. 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.

The Successor Agency Private Purpose Trust Fund had deficit net position in the amount of $29,579,831 at June 30, 2025. Future revenues and repayment of long-term debt are expected to offset this deficit.

As of June 30, 2025 , the HOME Program Special Revenue Fund has a deficit net position of $2,909.

Future revenues are projected to offset this deficit.

As of June 30, 2025, the Vehicle Replacement Fee Special Revenue Fund has a deficit net position of $120,123. Expected future revenues are projected 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, 2025
92 Note 9 – Pension Plans (Continued)
The Plans’ provisions and benefits in effect at June 30, 2025 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 9.100 % 10.970 % Required UAL contribution $7,945,648
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 14.720 % 20.720 % Required UAL contribution $15,758,551
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, 2025 were $7,945,648 and $15,758,551, 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, 2025
93 Note 9 – Pension Plans (Continued)
Total employer required contribution amounts during the fiscal year ended June 30, 2025 were $11,355,108 for the miscellaneous plan and $19,123,226 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, 2023 and measurement date of June 30, 2024:

Miscellaneous Safety
Inactive employees or beneficiaries currently receiving benefits 631 340 Inactive employees entitled to but not yet receiving benefits 371 90 Active employees 346 178
Total 1,348 608
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, 2024, using an annual actuarial valuation as of June 30, 2023 rolled forward to June 30, 2024 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, 2024 measurement date were determined using the following actuarial assumptions:

Miscellaneous Safety
Valuation Date July 01, 2023 July 01, 2023
Measurement Date June 30, 2024 June 30, 2024
Actuarial Cost Method
Entry-Age Actuarial Cost
Method
Entry-Age Actuarial Cost
Method
Actuarial Assumptions:

Discount Rate 6.80 % 6.90 %
Inflation 2.30 % 2.30 %
Payroll Growth 2.80 % 2.80 %
Projected Salary Increase (1) (1)
Investment Rate of Return 6.80% (2) 6.80% (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, 2023 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).

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
94 Note 9 – Pension Plans (Continued)
Discount Rate - The discount rate used to measure the total pension liability for each Plan was 6.80%.

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.

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.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
95 Note 9 – Pension Plans (Continued)
Changes of Assumptions – As of the June 30, 2023 valuation date (2024 measurement date), the accounting discount rate decreased to 6.80%. 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.

Changes in the Net Pension Liability – The Changes in the Net Pension Liability for each Plan measured as of June 30, 2025 is as follows:

Miscellaneous Plan:

Increase (Decrease)
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability/(Asset)
Balance at June 30, 2023 Measurement Date $ 350,935,237 $ 256,054,893 $ 94,880,344 Changes in the year:

Service cost 6,724,079 6,724,079
Interest on the total pension liability 23,965,275 23,965,275 Changes of Benefit Terms
Differences between actual and expected experience 3,235,503 3,235,503 Changes of assumptions
Net Plan to Plan Resource Movement
Contributions - employer 11,355,108 (11,355,108)
Contributions - employees 3,633,047 (3,633,047)
Net investment income 24,829,143 (24,829,143)
Benefit payments, including refunds of employee
contributions (20,419,903) (20,419,903)
Administrative expense (208,353) 208,353
Other Miscellaneous Income/(Expense)
Net changes 13,504,954 19,189,042 (5,684,088)
Balance at June 30, 2024 Measurement Date $ 364,440,191 $ 275,243,935 $ 89,196,256 City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
96 Note 9 – Pension Plans (Continued)
Safety Plan:

Increase (Decrease)
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability/(Asset)
Balance at June 30, 2023 Measurement Date $ 565,990,719 $ 341,926,743 $ 224,063,976 Changes in the year:

Service cost 8,233,969 8,233,969
Interest on the total pension liability 38,828,274 38,828,274 Changes of Benefit Terms
Differences between actual and expected experience 9,899,550 9,899,550 Changes of assumptions
Net Plan to Plan Resource Movement
Contributions - employer 19,123,226 (19,123,226)
Contributions - employees 4,198,632 (4,198,632)
Net investment income 32,726,054 (32,726,054)
Benefit payments, including refunds of employee
contributions (34,557,318) (34,557,318)
Administrative expense (278,227) 278,227
Other Miscellaneous Income/ (Expense)
Net changes 22,404,475 21,212,367 1,192,108
Balance at June 30, 2024 Measurement Date $ 588,395,194 $ 363,139,110 $ 225,256,084 Total of Miscellaneous and Safety Plans $ 952,835,385 $ 638,383,045 $ 314,452,340 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 5.80% 5.90%
Net Pension Liability $133,343,485 $302,250,381
Current Discount Rate 6.80% 6.90%
Net Pension Liability $89,196,256 $225,256,084
1% Increase 7.80% 7.90%
Net Pension Liability $52,427,485 $162,131,982
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, 2025 , the City recognized pension expense of $13,000,902 and $31,143,354 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 $44,654,230 during the year ended June 30, 2025 . At June 30, 2025 , the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
97 Note 9 – Pension Plans (Continued)
Miscellaneous
Deferred Outflows
of Resources
Deferred Inflows of
Resources
Pension contributions subsequent to measurement date $ 12,413,889 $ — Changes in assumptions
Changes in proportions 1,026,655 1,026,655
Differences between expected and actual experience 2,140,032 Net differences between projected and actual earnings on plan investments 3,526,847
Total $ 19,107,423 $ 1,026,655
Safety
Deferred Outflows
of Resources
Deferred Inflows of
Resources
Pension contributions subsequent to measurement date $ 23,822,863 $ — Changes in assumptions 4,865,801
Differences between expected and actual experience 14,123,543 Net differences between projected and actual earnings on plan investments 5,173,916
Total $ 47,986,123 $ —
Total - Both Plans
Deferred Outflows
of Resources
Deferred Inflows of
Resources
Pension contributions subsequent to measurement date $ 36,236,752 $ — Changes in assumptions 4,865,801
Changes in proportions 1,026,655 1,026,655
Differences between expected and actual experience 16,263,575 Net differences between projected and actual earnings on plan investments 8,700,763
Total $ 67,093,546 $ 1,026,655
The amounts of $12,413,889 and $23,822,863 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, 2026 . Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense as follows:

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
98 Note 9 – Pension Plans (Continued)
Annual Amortization
Year Ended June 30 Miscellaneous Safety Total
2026 $ 1,015,704 $ 9,409,507 $ 10,425,211
2027 7,314,841 14,512,222 21,827,063
2028 (1,191,090) 1,459,097 268,007
2029 (1,472,576) (1,217,566) (2,690,142)
Total $ 5,666,879 $ 24,163,260 $ 29,830,139
Subsequent Events – As reported in the CalPERS GASB 68 Accounting report for the June 30, 2024 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.

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, 2025, the monthly pension benefit was $2,962, 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.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
99 Note 9 – Pension Plans (Continued)
• 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, 2025 (the measurement date). Changes in the City’s total pension liability were as follows:
1079 Plan:

Total pension liability - June 30, 2024 $ 1,890,399
Changes for the year
Interest 65,625
Difference between expected and actual experience 753,988 Change of assumptions 24,928
Benefit payments (474,782)
Net increase (decrease) in total pension liability 369,759 Total pension liability - June 30, 2025 $ 2,260,158
1082 Plan:

Total pension liability - June 30, 2024 $ 619,293
Changes for the year
Interest 23,887
Difference between expected and actual experience 13,091 Change of assumptions (41,025)
Benefit payments (35,192)
Net increase (decrease) in total pension liability (39,239) Total pension liability - June 30, 2025 $ 580,054
Total of 1079 & 1082 Plans $ 2,840,212
Current Portion: $ 539,328
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
100
Note 9 – Pension Plans (Continued)
Actuarial Assumptions – Actuarial assumptions used to determine the total pension liability for each Plan in the June 30, 2025 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 4.71 %
Cost of Living Increase 2.80 %
Mortality Same as CalPERS
Discount Rate – A discount rate of 4.71% 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, 2025, the discount rate increased from

3.97% to 4.71%.

Sensitivity of the Total Pension Liability Calculated Using the Discount Rate – The following presents the total pension liability calculated using the discount rate of 4.71% 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, 2025:
1% Decrease
Current
Discount Rate 1% Increase
Total pension liability:
1079 Plan $ 2,340,715 $ 2,260,158 $ 2,185,140
1082 Plan 643,894 580,054 525,842
Total both plans $ 2,984,609 $ 2,840,212 $ 2,710,982
Pension Expense – For the year ended June 30, 2025 , the City recognized pension expense for Plan 1079 and Plan 1082 of $474,782 and $35,192, 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, 2025, total contributions of $395,498 were made based on a total amount of covered compensation of $5,273,307.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
101
Note 9 – Pension Plans (Continued)
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, 2025, amounted to $2,611, 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, California Public Employees Retirement System and Nationwide Retirement Solutions, Inc. Benefit provisions under the Plans are established by City resolution.

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 City Employees Association (ACEA)
• 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:

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
102
Note 9 – Pension Plans (Continued)

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, 2025 totaled $208,989.

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, 2025:

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.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
103
Note 10 – Post-Employment Health Care Benefits (Continued) The City’s contribution for medical coverage for Miscellaneous employees is the Public Employees’ Medical and Hospital Care Act (PEMHCA) minimum required contribution (MRC) - $158 per month in 2025.

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.

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, 2024:

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, 2024 valuation date, membership in the OPEB Plan consisted of the following:

Active employees 354
Inactive employees or beneficiaries currently receiving benefit payments 372 Inactive employees entitled to but not yet receiving benefit payments 215 Total 941
Post-1/1/2019 Safety Plan Membership – As of the June 30, 2024 valuation date, membership in the Post-2018 Safety OPEB Plan consisted of the following:

Active employees 185
Inactive employees or beneficiaries currently receiving benefit payments 64 Inactive employees entitled to but not yet receiving benefit payments 5 Total 254
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
104
Note 10 – Post-Employment Health Care Benefits (Continued) 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, 2024, rolled forward to June 30, 2025 using standard update procedures.

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, 2024
Measurement Date June 30, 2025
Actuarial Cost Method Entry Age Normal Cost, Level percent of Salary Actuarial Assumptions:

Discount Rate 5.07% in 2024 and 5.92% in 2025
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 6.8%, trending down to 4.04%
Dental Trend Rate 4.0% in Fiscal Year 2024-25, followed by 4.0% 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, 2024
Measurement Date June 30, 2025
Actuarial Cost Method Entry Age Normal Cost, level percent of pay Actuarial Assumptions:

Discount Rate 6.5% in 2024 and 6.7% in 2025
Inflation 2.30 %
Payroll Growth 2.80%, plus merit increases
Investment Rate of Return 6.70 %
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 6.8%, trending down to 4.04%
Dental Trend Rate 4.0% in Fiscal Year 2024-25, followed by 4.0% 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, 2025
105
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 45.0 %
Fixed Income 50.5 %
Real Estate 2.5 %
Cash 2.0 %
Total 100.0 % 6.5 %
Post-1/1/2019 Safety Plan
Asset Class Target Allocation
Long-Term
Expected Real
Rate of Return
Balanced Plus
Equity 54.0 %
Fixed Income 41.0 %
Real Estate 3.0 %
Cash 2.0 %
Total 100.0 % 6.7 %
Discount Rate – The discount rate used to measure the total OPEB liability was 5.92% for the Miscellaneous and Pre-1/1/2019 Safety Plan and 6.7% 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, 2024 to the measurement date June 30, 2025 as follows:
• The discount rate was updated to reflect the results of the crossover test – ◦ Miscellaneous and Pre-1/1/2019 Safety Plan increased from 5.07% to 5.92%. • Dental increased from 3.0% in 2024 to 4.0% in 2025, followed by 4.0% for all subsequent years.

C. Changes in Net OPEB Liability
The changes in the net OPEB liability for the Miscellaneous and Pre-1/1/2019 Safety Plan follows:

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
106
Note 10 – Post-Employment Health Care Benefits (Continued) Increase (Decrease)
Total OPEB
Liability
(A)
Plan Fiduciary
Net Position
(B)
Net OPEB
Liability/(Asset)
(A) - (B)
Balance at June 30, 2024 $ 50,511,711 $ 5,396,465 $ 45,115,246 Changes Recognized for the Measurement Period:

Service Cost 477,109 477,109
Interest on the total OPEB liability 2,482,387 2,482,387 Changes of benefit terms
Changes of assumptions (5,451,221) (5,451,221)
Differences between expected and actual
experience 5,149,238 5,149,238
Contributions from the employer 4,053,086 (4,053,086) Net investment income 621,833 (621,833)
Administrative expenses (20,431) 20,431
Benefit payments (4,053,086) (4,053,086)
Net changes (1,395,573) 601,402 (1,996,975)
Balance at June 30, 2025 (Measurement Date) $ 49,116,138 $ 5,997,867 $ 43,118,271 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, 2024 $ 40,258,240 $ 18,978,350 $ 21,279,890 Changes Recognized for the Measurement Period:

Service Cost 1,278,666 1,278,666
Interest on the total OPEB liability 2,639,280 2,639,280 Contributions from the employee 532,899 (532,899)
Changes of assumptions (1,087,183) (1,087,183)
Differences between expected and actual
experience 11,221,418 11,221,418
Contributions from the employer 2,115,203 (2,115,203) Net investment income 2,441,845 (2,441,845)
Administrative expenses (73,303) 73,303
Benefit payments (1,625,916) (1,625,916)
Implicit Subsidy (239,287) (239,287)
Net changes 12,186,978 3,151,441 9,035,537
Balance at June 30, 2025 (Measurement Date) $ 52,445,218 $ 22,129,791 $ 30,315,427 Total for Both Plans $ 101,561,356 $ 28,127,658 $ 73,433,698 City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
107
Note 10 – Post-Employment Health Care Benefits (Continued) Fiscal Year 2025 contributions for each Plan were comprised of the following:

Miscellaneous
and
Pre-1/1/2019
Safety Plan
Post-1/1/2019
Safety Plan
Premium Payments $ 3,224,337 $ 1,625,916
Prefunding Contributions 250,000
Implicit Subsidies 828,749 239,287
Total Contributions $ 4,053,086 $ 2,115,203
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%
(4.92%)
Current Discount Rate
(5.92%)
Discount Rate +1%
(6.92%)
$ 48,050,408 $ 43,118,271 $ 38,949,353
Post-1/1/2019 Safety Plan:

Net OPEB Liability/(Asset)
Discount Rate -1%
(5.70%)
Current Discount Rate
(6.70%)
Discount Rate +1%
(7.70%)
$ 37,104,476 $ 30,315,427 $ 24,709,709
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
108
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
(5.80% HMO/5.80% PPO) (6.80% HMO/6.80% PPO) (7.80% HMO/7.80% PPO) $ 39,276,458 $ 43,118,271 $ 47,603,023
Post-1/1/2019 Safety Plan:

Net OPEB Liability/(Asset)
1% Decrease Current Rate 1% Increase
(5.80% HMO/5.80% PPO) (6.80% HMO/6.80% PPO) (7.80% HMO/7.80% PPO) $ 23,646,926 $ 30,315,427 $ 38,600,341
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
109
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, 2025 , the City recognized OPEB expense for the Miscellaneous and Pre-1/1/2019 Safety Plan of $2,878,232 and recognized OPEB expense for the Post-1/1/2019 Safety Plan of $676,083. At June 30, 2025 , 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 $ 4,195,675 $ (2,882,277) Net differences between projected and actual earnings on plan investments (197,657)
Changes of assumptions 1,349,940 (9,382,868)
Total $ 5,545,615 $ (12,462,802)
Post-1/1/2019 Safety Plan:

Deferred
Outflows of
Resources
Deferred Inflows
of Resources
Differences between expected and actuarial experiences on liability. $ 11,071,232 $ (8,090,548) Net differences between projected and actual earnings on plan investments (1,023,122)
Changes of assumptions 4,478,955 (15,342,014)
Total $ 15,550,187 $ (24,455,684)
Total - Both Plans $ 21,095,802 $ (36,918,486)
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
110
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
2026 $ (7,274,678)
2027 345,974
2028 149,538
2029 (115,653)
2030 (22,368)
Total $ (6,917,187)
Post-1/1/2019 Safety Plan:

Year
Ended June 30
Annual
Amortization
2026 $ (1,131,248)
2027 (1,709,447)
2028 (1,646,291)
2029 (1,470,672)
2030 (1,233,635)
Thereafter (1,714,204)
Total $ (8,905,497)
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, 2025
111
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, 2025, the City contributed $4,157,935 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, 2025 , the City contributed $882,492 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, 2025 is $181,093.

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, 2025
112
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, 2025 June 30, 2024
Beginning balance $ 9,683,365 $ 7,860,701
Increase (decrease) in estimated liability for prior year claims (2,468,702) 2,320,700 Claims paid in current year (313,590) (498,036)
Ending balance $ 6,901,073 $ 9,683,365
Current portion $ 2,885,663 $ 4,492,834
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, 2025 June 30, 2024
Beginning balance $ 14,041,091 $ 14,466,619
Increase (decrease) in estimated liability for prior year claims 2,893,487 1,701,502 Claims paid in current year (1,861,658) (2,127,030)
Ending balance $ 15,072,920 $ 14,041,091
Current portion $ 4,504,494 $ 4,221,724
The Alameda Municipal Power Fund (AMP) accounts for $714,560 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, 2025
113
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, 2025 and 2024 for purchased power were $32,416,136 and $35,696,806, respectively. Additionally, purchased power was reduced by a refund of $409,776 and $503,269 for power exchange distribution and budget settlement monies returned to the NCPA General Operating Reserve (GOR), for the fiscal years ended June 30, 2025 and 2024, 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, 2025
Beginning balance $ 7,191,054
Increase (decrease) in equity in NCPA projects 1,556,142 Ending balance $ 8,747,196
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
114
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 $ 2,420,548
Share of Scheduling Coordination Balancing Account 2,859,807 Share of Congestion Revenue Rights (CRR) 403,119
Share of ISO EAL Deposit 1,796
Associated Member Services 155,974
Market Purchase Program (MPP) Security Deposit 526,422 Subtotal 6,367,666
Alameda Municipal Power's share of NCPA
Power Projects:

Geothermal Projects/Power Line 2,370,806
Calaveras Hydroelectric Project No. 1 281,616
Combustion Turbine Project No. 1 10,168
Combustion Turbine Project No. 2 (283,060)
Total $ 8,747,196
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, 2025
115
Note 12 – Alameda Municipal Power Joint Ventures (Continued) Combustion Turbine Project No. 1 - I n O c t o b e r 1 9 8 4 , N C P A f i n a n c e d a f i v e - u n i t , 1 2 5 - m e g a w a t t 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) f i l e s b a n k r u p t c y o r b e c o m e s i n s o l v e n t , o r ( 3 ) S & P i s s u e s a d o w n g r a d e b e l o w “ B B B - “ .

NCPA outstanding revenue bonds contain provisions that in the event of a participant default, the p r o j e c t e n t i t l e m e n t p e r c e n t a g e o f e a c h n o n - d e f a u l t i n g p r o j e c t p a r t i c i p a n t w i l l i n c r e a s e o n a p r o r a t e d 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, 2025
116
Note 12 – Alameda Municipal Power Joint Ventures (Continued) As of June 30, 2025 , 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,
2024 Additions Retirements
Balance
June 30,
2025
Current
Portion
AMP's Obligation
% $
Geothermal Project
2016A 7/1/2024 $ 3,425,000 $ 3,425,000 $ 16.8825 % $
Total Geothermal Project 3,425,000 3,425,000
Hydroelectric Project
2012A&B 7/1/2032 7,120,000 7,120,000 10.0000 %
2018A&B (A) 7/1/2025 14,245,000 14,245,000 11.5821 % 2022A 7/1/2032 120,300,000 3,260,000 117,040,000 9,985,000 10.0000 % 11,704,000 2022B 7/1/2027 8,060,000 2,795,000 5,265,000 2,450,000 10.0000 % 526,500 Unamortized premium 7/1/2025 24,392,133 2,838,103 21,554,030 10.0000 % Total Hydroelectric Project 174,117,133 30,258,103 143,859,030 12,435,000 12,230,500 Capital Facilities (STIG)
2019A 7/1/2025 4,815,000 4,815,000 19.0000 %
Unamortized premium 162,567 162,567 19.0000 %
Total Capital Facilities 4,977,567 4,977,567
Total Long-Term Debt $ 182,519,700 $ $ 38,660,670 $ 143,859,030 $ 12,435,000 $ 12,230,500 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, 2025
117
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 - S i n c e 2 0 1 8 , A M P h a s e n t e r e d i n t o a l o n g - t e r m 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, 2025
118
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, 2025 and 2024, 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, 2025
119
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, 2025 were:

Leases Receivable (Lessor)
Leases
Receivable
Deferred Inflows
of Resources
Governmental Activities
Facilities Rentals $ 84,156,179 $ 84,445,114
Communication Site Leases 2,912,664 2,784,446
Tidelands 6,612,411 6,476,317
Total $ 93,681,254 $ 93,705,876
Facilities Rentals – The City leases commercial space to third parties. During the year ended June 30, 2025, the City had 21 leases at Alameda Point, 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, 2025, the 27 leases had 0.16 to 52 years remaining. Seventeen of the leases had optional extension periods, ranging from 0.5 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 $10,039,630 in lease revenue and $3,354,249 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, 2025
120
Note 13 – Leases (Continued)
Communication Site Leases – The City leases four locations to third parties for the provisions of mobile/wireless communication services. As of June 30, 2025 , the four leases had 4.16 to 23.08 years remaining. All of the leases had optional extension periods, ranging from 4.16 to 24.08 years. The City recognized $242,319 in lease revenue and $146,895 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, 2025 , the seven leases had 3.5 to 11.5 years remaining. All of the leases had optional extension periods, ranging from 3 to 41 years.

The City recognized $685,501 in lease revenue and $272,594 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 i n t a n g i b l e r i g h t - t o - u s e a s s e t i n t h e a m o u n t o f $ 3 , 1 4 2 , 9 1 4 , r e s p e c t i v e l y , a s o f J u l y 1 , 2 0 2 1 . As of June 30, 2025 , the balance of the lease liability was $2,099,837 a n d t h e n e t v a l u e o f t h e r i g h t - t o - u s e asset was $3,142,914, including accumulated amortization of $1,208,473.

A summary of lease payable transactions for the fiscal year ended June 30, 2025, are as follows:

Balance June 30,
2024 Retirements
Balance June 30,
2025
Current
Portion
Lease Liability
1835 Alameda Property, LLC $ 2,387,806 $ (287,969) $ 2,099,837 $ 307,545 The future principal and interest lease payments as of June 30, 2025, are as follows:

Fiscal Year Principal Interest Total
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 395,437 16,902 412,339
2031 347,369 4,794 352,163
Total $ 2,099,837 $ 197,367 $ 2,297,204
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
121
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, 2025, the City had sixteen 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, 2025:

Balance
June 30, 2024 Additions Retirements
Balance
June 30, 2025
Current
Portion
Governmental Activities SBITAs:

Open Cities $ 22,243 $ — $ 22,243 $ — $ —
ARC GIS Pro 52,834 52,834
LaserFische 64,791 31,745 33,046 33,047
OpenGov 128,872 128,872
CentralSquare 69,955 34,856 35,099 37,420
Tyler Technologies 1,349,483 240,148 1,109,335 249,994 Gray Wall Software 80,741 25,840 54,901 26,899
Nth Generation 93,180 93,180
Microsoft 365 640,556 313,844 326,712 326,712
Truleo 145,093 30,051 115,042 31,283
Accela 476,376 142,018 334,358 158,342
Innovative Interfaces, Inc. 269,636 59,727 209,909 64,653 Carahsoft Technology 277,447 45,399 232,048 50,099
GovInvest 274,912 50,655 224,257 52,732
ImageTrend 147,062 24,064 122,998 26,555
OpenGov 174,497 52,876 121,621 58,045
Total SBITAs-Governmental Activities 2,647,748 1,619,930 1,348,352 2,919,326 1,115,780 Business-Type Activities SBITAs:

CentralSquare 12,905 8,711 4,194 4,194
Total SBITAs-Business-Type Activities: 12,905 8,711 4,194 4,194 Total $ 2,660,653 $ 1,619,930 $ 1,357,064 $ 2,923,520 $ 1,119,974 C. Details of SBITAs
This section provides detailed information on each of the City’s sixteen SBITAs.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
122
Note 14 – Subscription Liabilities (Continued)
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, 2025, the balance of the subscription liability was $0. 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 $23,153. The software has a three-year estimated useful life. The value of the right-to-use asset as of the end of the current fiscal year was $9,754 and had accumulated amortization of $50,164.

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, 2023. As of June 30, 2025, the balance of the subscription liability was $0. 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 $0 and had accumulated amortization of $152,341.

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 October 31, 2023. As of June 30, 2025, the balance of the subscription liability was $33,047. 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 $31,145 and had accumulated amortization of $93,435.

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, 2023. As of June 30, 2025, the balance of the subscription liability was $0. 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 $0 and had accumulated amortization of $371,590.

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 $168,517. as of July 1, 2023. As of June 30, 2025, the balance of the subscription liability was $46,772. 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 $47,271. 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 $39,440 and had accumulated amortization of $129,077.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
123
Note 14 – Subscription Liabilities (Continued)
In July 2019, the City entered into a seven-year SBITA to enhance efficiency and streamline operations by better integrating the City's core financials, human resources and payroll systems. The agreement offers a three-year extension option, but the vendor will increase services by 5% per year after the initial seven-year term. A subscription liability was recorded in the amount of $1,801,779 as of July 1, 2023. As of June 30, 2025, the balance of the subscription liability was $1,109,337. 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 $1,010,754 and had accumulated amortization of $791,025.

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 April 9, 2024. As of June 30, 2025, the balance of the subscription liability was $54,901. 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 $50,447 and had accumulated amortization of $78,960.

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, 2023. As of June 30, 3025, the balance of the subscription liability was $0. 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 $0 and had accumulated amortization of $268,674.

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, 2025, the balance of the subscription liability was $326,712. 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 $340,107. 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 $333,042 and had accumulated amortization of $527,316.

In January 2024, the City entered into a five-year SBITA to enhance transparency and accountability in law enforcement by analyzing bodycam 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, 2025, the balance of the subscription liability was $115,041. 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 $109,668 and had accumulated amortization of $47,001.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
124
Note 14 – Subscription Liabilities (Continued)
In July 2024, the City entered into a three-year SBITA to streamline key functions of the City’s central building permit system such as permit intake, plan-check routing, inspection scheduling, fee processing, reporting and code enforcement. An initial subscription liability, other financing source and expenditure were recorded in the amount of $476,376 as of July 1, 2024. As of June 30, 2025, the balance of the subscription liability was 334,358. The City is required to make annual principal and interest payments of $161,549 to $183,233. The current year’s principal and interest payments was $161,549. The software has a three-year useful life. The value of the right-to-use asset at the end of the current fiscal year was $313,047 and had accumulated amortization of $163,329.

In July 2024, the City entered into a four-year SBITA to enhance efficiency of the Alameda Free Library’s core functions such as material acquisitions, cataloging, circulation, statistical reporting and processing of records. An initial subscription liability, other financing source and expenditure were recorded in the amount of $269,636 as of July 1, 2024. As of June 30, 2025, the balance of the subscription liability was $209,908. The City is required to make annual principal and interest payments of $70,782 to $78,478. The current year’s principal and interest payments was $70,782. The software has a four-year useful life. The value of the right-to-use asset at the end of the current fiscal year was $200,792 and had accumulated amortization of $68,843.

In September 2024, the City entered into a five-year SBITA to streamline and expedite the Annual Comprehensive Financial Report (ACFR) and Popular Annual Financial Report (PAFR) creation processes. An initial subscription liability was recorded in the amount of $277,447 as of September 22, 2024. As of June 30, 2025, the balance of the subscription liability was $232,048. The City is required to make annual principal and interest payments of $56,774 to $69,009. The current year’s principal and interest payments was $56,774. The software has a five-year useful life. The value of the right-to-use asset at the end of the current fiscal year was $221,017 and had accumulated amortization of $56,430.

In July 2024, the City entered into a five-year SBITA to enhance transparency and communication by turning complex financial data-such as pension, OPEB, and labor cost forecasts-into clear, visually compelling presentations that foster informed decision-making and strengthen stakeholder engagement.

An initial subscription liability, other financing source and expenditure were recorded in the amount of $274,912 as of July 1, 2024. As of June 30, 2025, the balance of the subscription liability was $224,257. The City is required to make annual principal and interest payments of $61,926. The software has a five-year useful life. The value of the right-to-use asset at the end of the current fiscal year was $218,998 and had accumulated amortization of $55,914.

In April 2025, the City entered into a five-year SBITA to modernize the Alameda Fire Department’s records management infrastructure, improve operational efficiency and streamline emergency response.

An initial subscription liability, other financing source and expenditure were recorded in the amount of $147,062 as of April 22, 2025. As of June 30, 2025, the balance of the subscription liability was $122,998. The City is required to make annual principal and interest payments of $30,093 to $36,579.

The current year’s principal and interest payments was $30,093. The software has a five-year useful life. The value of the right-to-use asset at the end of the current fiscal year was $117,649 and had accumulated amortization of $29,412.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
125
Note 14 – Subscription Liabilities (Continued)
In January 2025, the City entered into a three-year SBITA to help Alameda Recreation and Parks Department supervisors more efficiently manage park maintenance and staff workload. An initial subscription liability, other financing source and expenditure were recorded in the amount of $174,497 as of January 1, 2025. As of June 30, 2025, the balance of the subscription liability was $121,621. The City is required to make annual principal and interest payments of $60,030 to $66,183. The current year’s principal and interest payments was $60,030. The software has a three-year useful life. The value of the right-to-use asset at the end of the current fiscal year was $114,670 and had accumulated amortization of $59,828.

D. Variable Payments
Support services and other non-subscription 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. Excluded from the GovInvest subscription were five years of GASB Report production at a cost of $7,000 per year.

E. Future SBITA Commitments
Support services and other non-subscription 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. Excluded from the GovInvest subscription were five years of GASB Report production at a cost of $7,000 per year.

F. Principal and Interest to Maturity
The future principal and interest subscription liability payments as of June 30, 2025, are as follows:

Governmental Activities:

Fiscal Year Principal Interest Total
2026 $ 1,113,458 $ 119,788 $ 1,233,246
2027 784,298 74,041 858,339
2028 545,330 38,794 584,124
2029 476,239 19,526 495,765
Total $ 2,919,325 $ 252,149 $ 3,171,474
Business-Type Activities:

Fiscal Year Principal Interest Total
2026 4,194 383 4,577
Total $ 4,194 $ 383 $ 4,577
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
126
Note 15 – Commitments and Contingencies
A. City of Alameda
The City participates in several Federal and State grant programs. These programs have been audited by the City’s independent accountants in accordance with the provisions of the Federal Single Audit Act amendments of 1996 and applicable State requirements. No cost disallowances were proposed as a result of these audits. However, these programs are still subject to further examination by the grantors and the amount, if any, of expenditures which may be disallowed by the granting agencies cannot be determined at this time. The City expects such amounts, if any, to be immaterial.

The City is subject to litigation arising in the normal course of business. In the opinion of the City Attorney there is no pending litigation which is likely to have a material adverse effect on the financial position of the City.

Encumbrances
Encumbrances outstanding as of June 30, 2025 are listed below:

Amount
Major Governmental Funds:

General Fund $ 300,875
Base Reuse Special Revenue 30,000
Grants Special Revenue 7,892
Capital Improvement Projects 73,254
Total Major Governmental Funds 412,021
Non-Major Governmental Funds:

Special Revenue Funds
Athletic Recreation 665,162
Gas Tax 24,829
Community Development 25,375
Commercial Revitalization 77,492
Community Development Block Grant 60,575
Total Special Revenue Funds 853,433
Capital Projects Funds
Alameda Point 11,872
Total Capital Projects Funds 11,872
Total Non-Major Governmental Funds 865,305
Total Governmental Fund Encumbrances $ 1,277,326
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
127
Note 15 – Commitments and Contingencies (Continued)
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, 2025, there have been $4,959,098 in drawdowns against the loan.

C. City of Alameda Municipal Power Fund
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, 2025 was $12,230,500. 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 - Calaveras Hydroelectric Project (NCHP) July-2032 10.00000% 8.50173% 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, 2025 is as follows:

Fiscal Year NCHP Total
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 1,595,000 1,595,000
2031-2033 4,706,703 4,706,703
Total $ 12,230,500 $ 12,230,500
City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
128
Note 16 – Redevelopment Agency Dissolution and Successor Agency Activities A. Redevelopment Dissolution
In an effort to balance its budget, the State of California adopted ABx1 26 on June 28, 2011, amended by AB1484 on June 27, 2012, which suspended all new redevelopment activities except for limited specified activities as of that date and dissolved redevelopment agencies on January 31, 2012.

The suspension provisions prohibited all redevelopment agencies from a wide range of activities, including incurring new indebtedness or obligations, entering into or modifying agreements or contracts, acquiring or disposing of real property, taking actions to adopt or amend redevelopment plans and other similar actions, except action required by law or to carry out existing enforceable obligations, as defined in ABx1 26.

In addition, ABx1 26 and AB1484 direct the State Controller to review the activities of all redevelopment agencies and successor agencies to determine whether an asset transfer between the agency and any public agency occurred on or after January 1, 2011. If an asset transfer did occur and the public agency that received the asset is not contractually committed to a third party for the expenditure or encumbrance of the asset, the legislation purports to require the State Controller to order the asset returned to the redevelopment agency.

Effective January 31, 2012 the Community Improvement Commission (CIC) was dissolved. Certain assets of the CIC Low and Moderate Income Housing Fund were distributed to a Housing Successor; and all remaining CIC assets and liabilities were distributed to a Successor Agency.

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, 2025 are discussed in Note 2.

Information presented in the following footnotes represents other assets and liabilities of the Successor Agency as of June 30, 2025.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
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, 2024 Retirements
Balance
June 30, 2025
Due within one
year
2014 A SA CIC Tax Exempt Bonds $ 23,495,000 $ — $ 23,495,000 $ — Plus: Unamortized bond premium 1,747,479 (190,227) 1,557,252 2014 B SA CIC Taxable Bonds 6,045,000 (2,395,000) 3,650,000 2,500,000 2017 SA CIC Taxable Bonds 11,505,000 (365,000) 11,140,000 410,000 Less: Unamortized bond discount (128,076) 7,451 (120,625) Total Bonds $ 42,664,403 $ (2,942,776) $ 39,721,627 $ 2,910,000 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, 2025 was $25,052,252 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, 2025 was $11,019,375 net of the discount.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
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 $8,270,494 which represented coverage of 1.81 times the $4,577,802 of debt service.

The outstanding balance of the defeased debt as of June 30, 2025 was $10,630,000.

Debt Service Requirements
Annual debt service requirements are shown below:

For the Year Ending June 30, Principal Interest
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 3,620,000 1,116,800
2031-2035 17,745,000 2,776,100
2036-2040 3,475,000 431,906
2041-2044 830,000 36,125
Subtotal 38,285,000 $ 10,390,546
Plus unamortized bond premium 1,557,252
Less unamortized bond discount (120,625)
Total $ 39,721,627
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, 2025
131
Note 17 – Subsequent Events
On July 21, 2025, the City of Alameda settled with the Harbor Bay Business Park Association (HBBPA) to replace the prior infrastructure agreement with Harbor Bay Isle Associates, Harbor Bay Village Four Associates and Harbor Bay Village Five Associates, collectively called Harbor Bay. In August 2025, the City paid $3,000,000 to HBBPA for use on improvements including the conversion of existing landscaped areas in the public right-of-way and setback areas to drought tolerant landscape, including new irrigation systems, in the Harbor Bay Business Park. In addition, on an annual basis, commencing on June 30, 2026 and terminating on June 30, 2033, the City will pay HBBPA $400,000 for use on the improvements. The total City payment to HBBPA shall not exceed $6,200,000 over the entire length of the 2025 Settlement Agreement.

City of Alameda
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
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, 2025 2024 2023 2022
Measurement Period 2023-24 2022-23 2021-22 2020-21
Total Pension Liability
Service Cost $ 6,724,079 $ 6,346,371 $ 5,911,433 $ 5,631,496 Interest on the total pension liability 23,965,275 23,075,940 22,327,270 21,964,673 Changes of benefit terms 462,001
Changes of assumptions 8,306,535
Difference between expected and
actual experience 3,235,503 993,650 (1,803,255) 1,175,561 Benefit payments, including refunds
of employee contributions (20,419,903) (19,495,611) (18,627,456) (17,080,553) Net change in total pension liability 13,504,954 11,382,351 16,114,527 11,691,177 Total pension liability - beginning 350,935,237 339,552,886 323,438,359 311,747,182 Total pension liability - ending (A) 364,440,191 350,935,237 339,552,886 323,438,359 Plan fiduciary net position
Contributions - employer 11,355,108 10,806,368 10,067,574 9,307,781 Contributions - employees 3,633,047 2,835,427 3,118,750 2,801,576 Net investment income 24,829,143 15,395,859 (20,664,693) 51,716,414 Benefit payments, including refunds
of employee contributions (20,419,903) (19,495,611) (18,627,456) (17,080,553) Plan to Plan Resource Movement
Administrative expense (208,353) (181,407) (170,044) (226,211) Other Miscellaneous Income/
(Expense)
Net change in fiduciary net position 19,189,042 9,360,636 (26,275,869) 46,519,007 Plan fiduciary net position - beginning 256,054,893 246,694,257 272,970,126 226,451,119 Plan fiduciary net position - ending
(B) 275,243,935 256,054,893 246,694,257 272,970,126 Net pension liability - ending (A)-(B) $ 89,196,256 $ 94,880,344 $ 92,858,629 $ 50,468,233 Plan fiduciary net position as a
percentage of the total pension
liability 75.53% 72.96% 72.65% 84.40%
Covered payroll $ 34,341,832 $ 36,308,477 $ 33,404,342 $ 33,404,342 Net pension liability as percentage of
covered payroll 259.73% 261.32% 277.98% 151.08%
Measurement date June 30, 2024 July 01, 2023 July 01, 2022 July 01, 2021 City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2025
134
2021 2020 2019 2018 2017 2016
2019-20 2018-19 2017-18 2016-17 2015-16 2014-15
$ 5,012,281 $ 4,969,281 $ 4,744,578 $ 4,641,162 $ 3,760,714 $ 3,766,998 21,185,528 20,619,356 19,883,808 19,356,195 18,828,640 18,158,298 (1,729,391) 15,192,135 (4,194,628)
(1,654,709) 895,766 (334,914) 271,870 163,395 (1,883,727) (16,491,161) (15,582,694) (15,115,521) (14,095,607) (13,711,596) (12,934,211) 8,051,939 10,901,709 7,448,560 25,365,755 9,041,153 2,912,730 303,695,243 292,793,534 285,344,974 259,979,219 250,938,066 248,025,336 311,747,182 303,695,243 292,793,534 285,344,974 259,979,219 250,938,066 8,386,195 6,979,527 5,710,346 5,273,062 4,525,123 3,713,053 2,721,137 2,289,733 2,435,141 2,306,147 2,159,065 2,094,771 11,067,395 14,100,692 17,324,360 21,234,381 1,095,194 4,478,705 (16,491,161) (15,582,694) (15,115,521) (14,095,607) (13,711,596) (12,934,211) (497) (2,433,966)
(311,667) (152,318) (317,906) (279,892) (119,223) (222,927) 497 (603,709)
5,371,899 7,635,437 9,432,214 14,438,091 (6,051,437) (5,304,575) 221,079,220 213,443,783 204,011,569 189,573,478 195,624,915 200,929,490 226,451,119 221,079,220 213,443,783 204,011,569 189,573,478 195,624,915 $ 85,296,063 $ 82,616,023 $ 79,349,751 $ 81,333,405 $ 70,405,741 $ 55,313,151

72.64% 72.80% 72.90% 71.50% 72.92% 77.96%
$ 32,362,652 $ 29,336,402 $ 28,387,102 $ 27,176,983 $ 26,437,131 $ 25,612,255 263.56% 281.62% 279.53% 299.27% 266.31% 215.96%
June 30, 2020 July 01, 2019 July 01, 2018 July 01, 2017 June 30, 2016 July 01, 2015 City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2025
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, 2025 2024 2023 2022
Measurement Period 2024-25 2023-24 2022-23 2021-22
Total Pension Liability
Service Cost $ 8,233,969 $ 8,183,968 $ 7,969,523 $ 7,321,091 Interest on the total pension liability 38,828,274 37,323,353 35,808,161 34,630,972 Changes of benefit terms 150,469
Changes of assumptions 17,030,303
Difference between expected and
actual experience 9,899,550 9,481,523 4,870,267 2,591,031 Benefit payments, including refunds
of employee contributions (34,557,318) (32,685,563) (30,429,605) (28,704,897) Net change in total pension liability 22,404,475 22,453,750 35,248,649 15,838,197 Total pension liability - beginning 565,990,719 543,536,969 508,288,320 492,450,123 Total pension liability - ending (A) 588,395,194 565,990,719 543,536,969 508,288,320 Plan fiduciary net position
Contributions - employer 19,123,226 19,734,184 22,312,745 20,116,075 Contributions - employees 4,198,632 3,687,429 3,776,451 3,533,418 Net investment income 32,726,054 20,481,435 (27,454,946) 67,959,767 Benefit payments, including refunds
of employee contributions (34,557,318) (32,685,563) (30,429,605) (28,704,897) Plan to Plan Resource Movement
Administrative expense (278,227) (243,367) (226,111) (300,051) Other Miscellaneous Income /(Expense)
Net change in plan fiduciary net
position 21,212,367 10,974,118 (32,021,466) 62,604,312 Plan fiduciary net position - beginning 341,926,743 330,952,625 362,974,091 300,369,779 Plan fiduciary net position -
ending (B) 363,139,110 341,926,743 330,952,625 362,974,091 Net pension liability - ending (A)-(B) $ 225,256,084 $ 224,063,976 $ 212,584,344 $ 145,314,229 Plan fiduciary net position as a
percentage of the total pension
liability 61.72 % 60.41 % 60.89 % 71.41 %
Covered payroll $ 26,956,417 $ 26,956,417 $ 25,441,316 $ 25,441,316 Net pension liability as percentage of
covered payroll 835.63 % 831.21 % 835.59 % 571.17 % Measurement date June 30, 2024 July 01, 2023 July 01, 2022 July 01, 2021 City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2025
136
2021 2020 2019 2018 2017 2016
2020-21 2019-20 2018-19 2017-18 2016-17 2015-16
$ 7,366,903 $ 7,580,036 $ 7,333,306 $ 7,034,547 $ 6,047,019 $ 6,121,040 33,476,100 32,199,260 30,481,692 29,313,329 28,386,449 27,178,001 (1,858,258) 24,387,287 (6,618,407)
3,083,875 9,115,231 3,224,389 248,108 2,256,432 5,283,538 (25,813,263) (23,984,124) (22,079,185) (20,966,135) (20,335,284) (19,108,175) 18,113,615 24,910,403 17,101,944 40,017,136 16,354,616 12,855,997 474,336,508 449,426,105 432,324,161 392,307,025 375,952,409 363,096,412 492,450,123 474,336,508 449,426,105 432,324,161 392,307,025 375,952,409 13,496,482 18,190,209 22,171,954 10,537,863 9,569,765 9,071,332 3,589,299 3,762,229 3,780,834 3,678,165 3,329,883 2,920,035 14,693,325 18,360,463 21,815,840 25,858,078 1,191,816 5,399,063 (25,813,263) (23,984,124) (22,079,185) (20,966,135) (20,335,284) (19,108,175) (651)
(415,623) (198,878) (396,033) (347,534) (147,352) (272,101) 651 (752,074)
5,550,220 16,130,550 24,540,685 18,760,437 (6,391,172) (1,989,846) 294,819,559 278,689,009 254,148,324 235,387,887 241,779,059 243,768,905 300,369,779 294,819,559 278,689,009 254,148,324 235,387,887 241,779,059 $ 192,080,344 $ 179,516,949 $ 170,737,096 $ 178,175,837 $ 156,919,138 $ 134,173,350

60.99 % 62.15 % 62.01 % 58.79 % 60.00 % 64.31 %
$ 24,808,549 $ 25,333,206 $ 25,275,362 $ 24,303,190 $ 25,965,660 $ 25,200,216 774.25 % 708.62 % 675.51 % 733.14 % 604.33 % 532.43 % June 30, 2020 July 01, 2019 July 01, 2018 July 01, 2017 June 30, 2016 July 01, 2015 City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2025
137

CALPERS AGENT MULTIPLE EMPLOYER PLAN - MISCELLANEOUS

SCHEDULE OF CONTRIBUTIONS
Last 10 Years
Fiscal Year Ended June 30, 2025 2024 2023 2022
Actuarially determined contribution $ 11,355,108 $ 10,806,368 $ 11,077,903 $ 9,905,744 Contributions in relation to the actuarially determined contributions 11,355,108 10,806,368 11,077,903 9,905,744 Contribution deficiency (excess) $ — $ — $ — $ —
Covered payroll $ 36,803,934 $ 34,341,832 $ 36,308,477 $ 33,404,342 Contributions as a percentage of covered payroll 30.85 % 31.47 % 30.51 % 29.65 % Notes to Schedule
Valuation date: 6/30/2023 6/30/2022 6/30/2020 6/30/2019 Methods and assumptions used to determine contribution
rates:

Actuarial cost method Entry Age Entry Age Entry Age Entry Age Amortization method Level percent of payroll Level percent of payroll Level percent of payroll Level percent of payroll Asset valuation method Fair Value of Assets Fair Value of Assets Fair Value of Assets Fair Value of Assets Inflation 2.30% 2.50% 2.30% 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 6.80% net of pension
plan investment and
administrative expense,
including inflation.

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.

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
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.

City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2025
138
2021 2020 2019 2018 2017 2016
$ 9,318,477 $ 8,387,122 $ 6,968,668 $ 5,710,194 $ 5,265,991 $ 4,527,506 9,318,477 8,387,122 6,968,668 5,710,194 5,265,991 3,713,053 $ — $ — $ — $ — $ — $ 814,453
$ 33,404,432 $ 32,362,652 $ 29,336,402 $ 28,387,102 $ 27,176,983 $ 26,437,131

27.90 % 25.92 % 23.75 % 20.12 % 19.38 % 14.04 %
6/30/2018 6/30/2017 6/30/2016 6/30/2015 6/30/2014 6/30/2013 Entry Age Entry Age 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 Fair Value of Assets Actuarial value of assets

2.50% 2.63% 2.75% 2.75% 2.75% 2.75%
Varies by entry age and
service
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

7.00% net of pension
plan investment
expense, including
inflation.

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
50-67 years 50-67 years 50-67 years 50-67 years 50-67 years 50-67 years The probabilities of
mortality are based on
2017 CalPERS
experience study for
the period from 1997 to
2015. Pre-retirement
and Post-retirement
mortality rates include
15 years of projected
mortality improvement
using 90% of Scale
MP-2016 published by
the Society of
Actuaries.

Retirement and post-
retirement mortality
rates include 15 years
of projected mortality
improvement using
90% of Scale MP-2016
published by the
Society of Actuaries.

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.

City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2025
139

CALPERS AGENT MULTIPLE EMPLOYER PLAN - SAFETY

SCHEDULE OF CONTRIBUTIONS
Last 10 Years
Fiscal Year Ended June 30, 2025 2024 2023 2022
Actuarially determined contribution $ 19,123,226 $ 17,624,512 $ 17,710,730 $ 16,533,892 Contributions in relation to the actuarially determined contributions 19,123,226 19,734,184 19,820,402 22,288,892 Contribution deficiency (excess) $ — $ (2,109,672) $ (2,109,672) $ 5,755,000 Covered payroll $ 27,355,379 $ 26,956,417 $ 27,427,751 $ 25,441,316 Contributions as a percentage of covered payroll 69.91 % 73.21 % 72.26 % 87.61 % Notes to Schedule
Valuation date: 6/30/2023 6/30/2022 6/30/2020 6/30/2019 Methods and assumptions used to determine contribution
rates:

Actuarial cost method Entry Age Entry Age Entry Age Entry Age Amortization method Level percent of payroll Level percent of payroll Level percent of payroll Level percent of payroll Asset valuation method Fair Value of Assets Fair Value of Assets Fair Value of Assets Fair Value of Assets Inflation 2.30% 2.50% 2.30% 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 6.80% net of pension
plan investment and
administrative expense,
including inflation.

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.

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 2021 CalPERS
Experience Study for the
period from 2001 to
2019.

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
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.

City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2025
140
2021 2020 2019 2018 2017 2016
$ 15,122,079 $ 13,622,920 $ 18,185,938 $ 11,470,898 $ 10,530,166 $ 9,572,502 15,122,079 13,622,920 18,185,938 11,470,898 10,530,166 9,572,502 $ — $ — $ — $ — $ — $ —
$ 25,441,316 $ 24,808,549 $ 25,333,206 $ 25,275,362 $ 24,303,190 $ 25,965,660

59.44 % 54.91 % 71.79 % 45.38 % 43.33 % 36.87 %
6/30/2018 6/30/2017 6/30/2016 6/30/2015 6/30/2014 6/30/2013 Entry Age Entry Age 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 Fair Value of Assets Actuarial value of assets

2.50% 2.63% 2.75% 2.75% 2.75% 2.75%
Varies by entry age and
service
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

7.00% net of pension
plan investment
expense, including
inflation.

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
The probabilities of
Retirement are based
on the CalPERS
Experience Study
The probabilities of
Retirement are based
on the CalPERS
Experience Study
50-57 years 50-57 years 50-57 years 50-57 years
The probabilities of
mortality are based on
2017 CalPERS
experience study for
the period from 1997 to
2015. Pre-retirement
and Post-retirement
mortality rates include
15 years of projected
mortality improvement
using 90% of Scale
MP-2016 published by
the Society of
Actuaries.

Retirement and post-
retirement mortality
rates include 15 years
of projected mortality
improvement using
90% of Scale MP-2016
published by the
Society of Actuaries.

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.

City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2025
141
The 1079 & 1082 Pension Plans
Schedule of Changes in Total Pension Liability and Related Ratios Last Ten Years*
Fiscal Year Ended June 30, 2025 2024 2023 2022
Total Pension Liability
Interest on the total pension liability $ 89,512 $ 101,438 $ 154,627 $ 124,482 Difference between expected and actual experience 767,079 38,110 (983,164) (750,456) Changes of assumptions (16,097) (15,240) (186,559) (547,672) Benefit payments (509,974) (485,040) (475,746) (785,623) Net change in total pension liability 330,520 (360,732) (1,490,842) (1,959,269) Total pension liability - beginning 2,509,692 2,870,424 4,361,266 6,320,535 Total pension liability - ending $ 2,840,212 $ 2,509,692 $ 2,870,424 $ 4,361,266 Measurement date June 30, 2025 June 30, 2024 June 30, 2023 June 30, 2022 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, 2025
142
2021 2020 2019 2018 2017
$ 129,408 $ 180,745 $ 258,849 $ 288,416 $ 349,073
695,141 (983,223) (46,556) 39,819
639,890 248,890 131,138
(851,675) (919,573) (1,209,440) (1,448,612) (1,448,612) 612,764 (489,938) (1,802,676) (1,206,752) (1,059,720) 5,707,771 6,197,709 8,000,385 9,207,137 10,266,857
$ 6,320,535 $ 5,707,771 $ 6,197,709 $ 8,000,385 $ 9,207,137 June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2025
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 6/30/25 6/30/24 6/30/23 6/30/22
Total OPEB Liability
Service Cost $ 477,109 $ 423,344 $ 921,694 $ 1,301,935
Interest 2,482,387 2,632,367 3,003,276 2,579,151
Differences between expected and actual experience 5,149,238 (40,955) (8,295,789) (3,925,906) Changes of assumptions (5,451,221) 2,388,356 (7,804,184) (14,950,435) Benefit payments (4,053,086) (3,796,175) (4,022,438) (4,105,294) Plan to Plan Transfer (1)
Net change in total OPEB liability (1,395,573) 1,606,937 (16,197,441) (19,100,549) Total OPEB liability - beginning 50,511,711 48,904,774 65,102,215 84,202,764 Total OPEB liability - ending (A) $ 49,116,138 $ 50,511,711 $ 48,904,774 $ 65,102,215 Plan fiduciary net position
Contributions - employer $ 4,053,086 $ 3,796,175 $ 4,022,438 $ 4,105,294 Net investment income 621,833 499,361 310,212 (590,348) Administrative expense (20,431) (18,747) (18,071) (20,192) Benefit payments (4,053,086) (3,796,175) (4,022,438) (4,105,294) Other
Plan to Plan Transfer (1)
Net change in plan fiduciary net position 601,402 480,614 292,141 (610,540) Plan fiduciary net position - beginning 5,396,465 4,915,851 4,623,710 5,234,250 Plan fiduciary net position - ending (B) $ 5,997,867 $ 5,396,465 $ 4,915,851 $ 4,623,710 Net OPEB liability - ending (A)-(B) $ 43,118,271 $ 45,115,246 $ 43,988,923 $ 60,478,505 Plan fiduciary net position as a percentage of the total OPEB liability 12.21 % 10.68 % 10.05 % 7.10 %
Covered-employee payroll $ 37,574,797 $ 34,275,478 $ 33,341,905 $ 34,169,745 Net OPEB liability as a percentage of covered-
employee payroll 114.75 % 131.63 % 131.93 % 176.99 % * FY 2017-18 was the first year of implementation.

City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2025
144
6/30/21 6/30/20 6/30/19 6/30/18
$ 644,219 $ 555,320 $ 4,213,531 $ 4,193,392
2,704,008 2,909,360 4,658,311 4,316,741
5,250,940 (353,154) (2,503,398)
4,046,759 4,987,068 (1,184,636) (6,336,836)
(4,132,821) (3,917,329) (3,825,122) (3,715,083)
(44,592,304)
8,513,105 4,181,265 (43,233,618) (1,541,786)
75,689,659 71,508,394 114,742,012 116,283,798
$ 84,202,764 $ 75,689,659 $ 71,508,394 $ 114,742,012
$ 4,132,821 $ 3,917,329 $ 4,325,122 $ 7,546,879
872,495 178,799 268,507 598,104
(20,219) (18,852) (17,057) (33,220)
(4,132,821) (3,917,329) (3,825,122) (3,715,083)
703
(8,314,828)
852,276 159,947 (7,563,378) 4,397,383
4,381,974 4,222,027 11,785,405 7,388,022
$ 5,234,250 $ 4,381,974 $ 4,222,027 $ 11,785,405
$ 78,968,514 $ 71,307,685 $ 67,286,367 $ 102,956,607

6.22 % 5.79 % 5.90 % 10.27 %
$ 33,255,226 $ 36,886,764 $ 32,365,183 $ 61,252,086
237.46 % 193.32 % 207.90 % 168.09 %
City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2025
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, 2025 2024 2023 2022
Contractually required contributions $ 4,053,086 $ 3,796,175 $ 4,220,491 $ 4,105,294 Contributions in relation to the contractually required contributions (4,053,086) (3,796,175) (4,220,491) (4,105,294) Contribution deficiency (excess) $ — $ — $ — $ —
Covered-employee payroll $ 37,574,797 $ 34,275,478 $ 33,341,905 $ 34,169,745 Contributions as a percentage of covered-employee
payroll 10.79 % 11.08 % 12.66 % 12.01 %
* FY 2017-18 was the first year of implementation.

City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2025
146
2021 2020 2019 2018
$ 4,132,821 $ 3,917,329 $ 3,825,122 $ 3,715,083
(4,132,821) (3,917,329) (3,825,122) (3,715,083)
$ — $ — $ — $ —
$ 33,255,226 $ 36,886,764 $ 32,365,183 $ 61,252,086

12.43 % 10.62 % 11.82 % 6.07 %
City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2025
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 6/30/25 6/30/24 6/30/23
Total OPEB Liability
Service Cost $ 1,278,666 $ 1,243,839 $ 2,319,666
Interest 2,639,280 2,483,497 2,073,029
Changes in benefit terms
Differences between expected and actual experience 11,221,418 400,219 499,228 Changes of assumptions (1,087,183) (6,564,351)
Benefit payments (1,625,916) (1,666,236) (1,194,193) Plan to Plan Transfer (1)
Net change in total OPEB liability 12,426,265 2,461,319 (2,866,621) Total OPEB liability - beginning 40,258,240 37,796,921 40,663,542 Total OPEB liability - ending (A) $ 52,684,505 $ 40,258,240 $ 37,796,921 Plan fiduciary net position
Contributions - employer $ 2,115,203 $ 1,916,236 $ 1,444,193 Contributions - employee 532,899 518,788 566,505
Net investment income 2,441,845 1,961,301 1,229,909
Administrative expense (1,625,916) (1,666,236) (1,194,193) Benefit payments (73,303) (63,730) (57,498)
Plan to Plan Transfer (1)
Net change in plan fiduciary net position 3,390,728 2,666,359 1,988,916 Plan fiduciary net position - beginning 18,978,350 16,311,991 14,323,075 Plan fiduciary net position - ending (B) $ 22,369,078 $ 18,978,350 $ 16,311,991 Net OPEB liability - ending (A)-(B) $ 30,315,427 $ 21,279,890 $ 21,484,930 Plan fiduciary net position as a percentage of the total OPEB liability 42.46 % 47.14 % 43.16 % Covered-employee payroll $ 23,549,720 $ 27,240,178 $ 26,498,228 Net OPEB liability as a percentage of covered-employee payroll 128.73 % 78.12 % 81.08 % * Plan was established in FY 2018-19.

City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2025
148
6/30/22 6/30/21 6/30/20 6/30/19
$ 3,504,390 $ 3,959,737 $ 3,090,491
1,762,214 2,089,924 2,027,284
143,210
(2,549,486) (9,353,708) (371,750) (1,796,845)
(12,486,596) (1,654,652) 7,779,856 1,413,660
(564,625) (619,278) (231,604) (70,984)
44,592,304
(10,334,103) (5,577,977) 12,294,277 44,281,345
50,997,645 56,575,622 44,281,345
$ 40,663,542 $ 50,997,645 $ 56,575,622 $ 44,281,345
$ 1,403,907 $ 2,470,986 $ 1,109,102 $ 963,680
(1,906,123) 2,710,975 348,653 568,341
(60,557) (52,928) (41,310) (19,988)
(564,625) (619,278) (231,604) (70,984)
8,314,828
(1,127,398) 4,509,755 1,184,841 9,755,877
15,450,473 10,940,718
$ 14,323,075 $ 15,450,473 $ 10,940,718 $ 9,755,877
$ 26,340,467 $ 35,547,172 $ 45,634,904 $ 34,525,468

35.22 % 30.30 % 19.34 % 22.03 %
$ 31,615,830 $ 30,769,664 $ 30,782,274 $ 29,946,145

83.31 % 115.53 % 148.25 % 115.29 %
City of Alameda
Required Supplementary Information
For the Year Ended June 30, 2025
149

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, 2025 2024 2023 2022 2021 2020 2019 Contractually required contributions $ 2,115,203 $ 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 (2,115,203) (1,916,236) (1,562,028) (1,403,907) (2,470,986) (1,109,102) (952,694) Contribution deficiency (excess) $ — $ — $ — $ — $ — $ — $ — Covered-employee payroll $ 23,549,720 $ 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 8.98 % 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, 2025
150
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
151
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
152
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
153

SPECIAL REVENUE FUNDS
Community
Development Library Gas Tax
Asset Seizure/
Traffic Safety
ASSETS
Cash and investments $ 2,712,053 $ 3,795,261 $ 3,404,919 $ 123,618 Restricted cash and investments
Accounts receivable 498,549 182,253 561,713
Loans receivable
Leases receivable
Total Assets $ 3,210,602 $ 3,977,514 $ 3,966,632 $ 123,618

LIABILITIES
Accounts payable $ 644,353 $ 81,655 $ 21,629 $ —
Accrued payroll 160,970 153,096 17,652
Due to other funds
Due to other agencies 139,008
Unearned revenue
Refundable deposits 611,075 6,654
Advances from other funds
Total Liabilities 1,555,406 234,751 39,281 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 3,927,351 116,964
Committed 1,655,196 3,742,763
Unassigned
Total Fund Balances 1,655,196 3,742,763 3,927,351 116,964 Total Liabilities, Deferred Inflows and Fund
Balances $ 3,210,602 $ 3,977,514 $ 3,966,632 $ 123,618
(Page 1 of 6)
City of Alameda
Non-Major Governmental Funds
Combining Balance Sheets
June 30, 2025
154

SPECIAL REVENUE FUNDS
County
Measure B/BB Tidelands Parking Meter
Commercial
Revitalization
HOME
Program
Community
Development
Block Grant Housing
$ 4,212,948 $ 3,167,613 $ 929,483 $ 3,572,465 $ — $ 434,157 $ 2,310,109

1,046,434 137,591 4,000 11,319 178,207 4,971
7,312,151 2,039,234 1,781,898
6,612,411 9,625,355
$ 5,259,382 $ 9,780,024 $ 1,067,074 $ 13,201,820 $ 7,323,470 $ 2,651,598 $ 4,096,978 $ — $ 64,097 $ 35,393 $ 25,442 $ 10 $ 52,877 $ 80,922
6,832 33,512 1,519 82,673
14,218

259,945
27,116 25,000

98,045 68,905 50,442 14,228 54,396 423,540

7,312,151 2,039,234 1,781,898
6,476,317 9,286,772
6,476,317 9,286,772 7,312,151 2,039,234 1,781,898

5,259,382 3,205,662 3,864,606 557,968 1,891,540
998,169
(2,909)
5,259,382 3,205,662 998,169 3,864,606 (2,909) 557,968 1,891,540 $ 5,259,382 $ 9,780,024 $ 1,067,074 $ 13,201,820 $ 7,323,470 $ 2,651,598 $ 4,096,978 (Page 2 of 6)
City of Alameda
Non-Major Governmental Funds
Combining Balance Sheets
June 30, 2025
155

SPECIAL REVENUE FUNDS
Garbage/
Recycling
Surcharge
Athletic
Recreation
Waste
Reduction
Surcharge
Maintenance
Assessment
Districts
ASSETS
Cash and investments $ 1,183,306 $ 1,610,056 $ 5,191,575 $ 13,239,036 Restricted cash and investments
Accounts receivable 37,935 57,797 110,216
Loans receivable
Leases receivable 7,572,634
Total Assets $ 1,183,306 $ 9,220,625 $ 5,249,372 $ 13,349,252

LIABILITIES
Accounts payable $ 9,257 $ 11,649 $ 127,062 $ 329,642
Accrued payroll 2,396 158 17,027 21,467
Due to other funds
Due to other agencies 20,271
Unearned revenue 22,160
Refundable deposits 77
Advances from other funds
Total Liabilities 11,653 33,967 164,437 351,109

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - accounts receivable
Unavailable revenue - revolving loans receivable
Related to leases 7,396,291
Total Deferred Inflows of Resources 7,396,291

FUND EQUITY
Fund balances
Nonspendable
Restricted 1,171,653 5,084,935 12,998,143
Committed 1,790,367
Unassigned
Total Fund Balances 1,171,653 1,790,367 5,084,935 12,998,143 Total Liabilities, Deferred Inflows and Fund
Balances $ 1,183,306 $ 9,220,625 $ 5,249,372 $ 13,349,252 (Page 3 of 6)
City of Alameda
Non-Major Governmental Funds
Combining Balance Sheets
June 30, 2025
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
$ — $ — $ 217,789 $ 5,243,698 $ — $ 546,707
14,915,704
55,561 31,233

1,122
$ 55,561 $ $ 218,911 $ 5,243,698 $ 14,946,937 $ 546,707 $ – $ – $ – $ 250,206 $ – $ –
9,370
175,684

175,684 259,576

(128)
(128)

4,984,122 14,946,937 546,707
219,039
(120,123)
(120,123) 219,039 4,984,122 14,946,937 546,707
$ 55,561 $ — $ 218,911 $ 5,243,698 $ 14,946,937 $ 546,707 (Page 4 of 6)
City of Alameda
Non-Major Governmental Funds
Combining Balance Sheets
June 30, 2025
157

CAPITAL PROJECTS FUNDS
Construction
Impact
Streets/
Transportation
Development
Impact Fee
Urban Runoff
Storm Drain
Fee
ASSETS
Cash and investments $ 926,230 $ 4,433,920 $ 8,594,455 $ 4,404,483 Restricted cash and investments 17,300
Accounts receivable 1,408 185,586 252,137
Loans receivable
Leases receivable
Total Assets $ 927,638 $ 4,619,506 $ 8,594,455 $ 4,673,920

LIABILITIES
Accounts payable $ — $ 229,495 $ — $ 110,285
Accrued payroll 33,146 76,226
Due to other funds
Due to other agencies
Unearned revenue
Refundable deposits 87 1,500 52,712
Advances from other funds 448,357
Total Liabilities 262,728 449,857 239,223

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 927,638 4,356,778 8,144,598 4,434,697
Committed
Unassigned
Total Fund Balances 927,638 4,356,778 8,144,598 4,434,697 Total Liabilities, Deferred Inflows and
Fund Balances $ 927,638 $ 4,619,506 $ 8,594,455 $ 4,673,920 (Page 5 of 6)
City of Alameda
Non-Major Governmental Funds
Combining Balance Sheets
June 30, 2025
158

CAPITAL PROJECTS FUNDS
Maintenance
Assessment
Districts Alameda Point
Total Nonmajor
Governmental
Funds
$ 4,670,374 $ 2,452,686 $ 77,376,941
14,933,004
3,356,910
11,133,283
23,811,522
$ 4,670,374 $ 2,452,686 $ 130,611,660
$ 11,393 $ 8,925 $ 2,094,292
947 616,991
189,902
159,279
282,105
4,536 728,757
448,357
16,876 8,925 4,519,683

11,133,283
23,159,252
34,292,535

4,653,498 2,443,761 83,516,940
8,405,534
(123,032)
4,653,498 2,443,761 91,799,442
$ 4,670,374 $ 2,452,686 $ 130,611,660
(Page 6 of 6)
City of Alameda
Non-Major Governmental Funds
Combining Balance Sheets
June 30, 2025
159

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

REVENUES
Property taxes $ — $ 3,763,551 $ — $ —
Other taxes
Licenses and permits 4,349,927
Developer fees
Revenue from other agencies 70,314 48,981 4,307,602 16,164 Charges for current services 2,601,250 6,869
Fines and forfeitures 112,377
Use of money and property 93,943 242,451 269,293 5,450 Other revenues 4,578 (1,900) 1,553
Total Revenues 7,227,811 4,066,430 4,574,995 23,167

EXPENDITURES
Current:

General government 272,694
Police (20)
Fire
Public works 1,134,555
Community Development
Recreation and Parks
Library 6,360,209
Planning, Building and Transportation 6,765,287
Community Services
Housing
Capital outlay
Debt service:

Principal 4,358
Interest 371
Bond issuance costs
Total Expenditures 7,037,981 6,360,209 1,139,284 (20)

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 189,830 (2,293,779) 3,435,711 23,187

OTHER FINANCING SOURCES (USES)
Transfers in
Transfers (out) (4,117,005)
Inception of leases and subscriptions 350,247 269,636 Proceeds from debt refinance
Total Other Financing Sources (Uses) 350,247 269,636 (4,117,005) NET CHANGE IN FUND BALANCE 540,077 (2,024,143) (681,294) 23,187 BEGINNING FUND BALANCES 1,115,119 5,766,906 4,608,645 93,777 ENDING FUND BALANCES $ 1,655,196 $ 3,742,763 $ 3,927,351 $ 116,964 (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, 2025
160

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

364,129

5,964,683 14,060 614,706
1,006,062 2,153,276
1,174,969 60,761
563,513 1,063,065 55,187 726,496 (3,054) 126,834 176,553 18,445 20,555
6,528,196 1,063,065 2,236,218 1,090,625 11,006 759,985 2,411,145 14,060 762,648 2,407,948

1,990,393
402,875 430,752

402,875 1,990,393 430,752 14,060 762,648 2,407,948 6,528,196 660,190 245,825 659,873 (3,054) (2,663) 3,197 200,000
(11,377,683) (640,628) (615,443) (439,000)

(11,377,683) (640,628) (615,443) (239,000)
(4,849,487) 19,562 (369,618) 420,873 (3,054) (2,663) 3,197 10,108,869 3,186,100 1,367,787 3,443,733 145 560,631 1,888,343 $ 5,259,382 $ 3,205,662 $ 998,169 $ 3,864,606 $ (2,909) $ 557,968 $ 1,891,540 (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, 2025
161

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

REVENUES
Property taxes $ — $ — $ — $ 4,094,319
Other taxes 259,373 1,004,432
Licenses and permits
Developer fees
Revenue from other agencies 604,113 233,358
Charges for current services 57,817 1,199,513 39,689 Fines and forfeitures
Use of money and property 83,800 640,327 223,692 647,053 Other revenues 96,253 106,636
Total Revenues 343,173 1,398,510 2,767,631 4,781,061

EXPENDITURES
Current:

General government 929,609
Police
Fire
Public works 284,451 1,363,005 2,559,555
Community Development
Recreation and Parks 190,665 789,140
Library
Planning, Building and Transportation 288,986
Community Services
Housing
Capital outlay 70,857
Debt service:

Principal
Interest
Bond issuance costs
Total Expenditures 284,451 1,120,274 1,363,005 3,708,538

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 58,722 278,236 1,404,626 1,072,523

OTHER FINANCING SOURCES (USES)
Transfers in 99,201
Transfers (out) (512,549) (8,466) (452,602)
Inception of leases and subscriptions
Proceeds from debt refinance
Total Other Financing Sources (Uses) (512,549) (8,466) (353,401) NET CHANGE IN FUND BALANCE (453,827) 269,770 1,404,626 719,122 BEGINNING FUND BALANCES 1,625,480 1,520,597 3,680,309 12,279,021 ENDING FUND BALANCES $ 1,171,653 $ 1,790,367 $ 5,084,935 $ 12,998,143 (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, 2025
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
$ — $ — $ — $ — $ 644,966 $ —

321,795

29,748 25,026 130,056 763,752 519
137,506 43,964
351,543 162,532 174,020 1,408,718 519

2,371,207

3,225,641 7,377,000
1,054,609 281,902
71,725
2,371,207 4,280,250 7,730,627
351,543 — 162,532 (2,197,187) (2,871,532) (7,730,108) 3,438,000 3,652,927 990,000
(1,105,665) (486,471) (15,000) (2,592,285)

6,975,000
(1,105,665) (486,471) (15,000) 3,438,000 1,060,642 7,965,000 (754,122) (486,471) 147,532 1,240,813 (1,810,890) 234,892 633,999 486,471 71,507 3,743,309 16,757,827 311,815 $ (120,123) $ — $ 219,039 $ 4,984,122 $ 14,946,937 $ 546,707 (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, 2025
163

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

REVENUES
Property taxes $ 874,034 $ 1,431,459 $ — $ 2,962,912
Other taxes
Licenses and permits
Developer fees 829,061 2,594,591
Revenue from other agencies
Charges for current services 174,151 315,409
Fines and forfeitures
Use of money and property 228,305 158,275 562,342 125,447 Other revenues 34,045
Total Revenues 1,102,339 1,763,885 1,391,403 6,032,404

EXPENDITURES
Current:

General government
Police
Fire
Public works 222 521,304
Community Development
Recreation and Parks
Library
Planning, Building and Transportation 1,869,223
Community Services
Housing
Capital outlay 3,927,756
Debt service:

Principal 8,711
Interest 741
Bond issuance costs
Total Expenditures 222 2,390,527 3,937,208

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 1,102,117 (626,642) 1,391,403 2,095,196

OTHER FINANCING SOURCES (USES)
Transfers in 1,733,495 1,385,516
Transfers (out) (3,736,784) (145,438) (2,994,677) (786,510) Inception of leases and subscriptions
Proceeds from debt refinance
Total Other Financing Sources (Uses) (3,736,784) 1,588,057 (2,994,677) 599,006 NET CHANGE IN FUND BALANCE (2,634,667) 961,415 (1,603,274) 2,694,202 BEGINNING FUND BALANCES 3,562,305 3,395,363 9,747,872 1,740,495 ENDING FUND BALANCES $ 927,638 $ 4,356,778 $ 8,144,598 $ 4,434,697 (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, 2025
164

CAPITAL PROJECTS FUNDS
Maintenance
Assessment
District Alameda Point
Total Nonmajor
Governmental
Funds
$ 186,069 $ — $ 13,957,310
1,263,805
4,714,056
3,423,652
12,195,776
7,554,036
1,348,107
208,203 (22,321) 7,123,955
461,635
394,272 (22,321) 52,042,332
4,386,959
(20)

42,792 10,267,484
833,627
979,805
6,360,209
8,923,496

6,547,465 10,546,078

10,615,710
1,337,623
71,725
42,792 6,547,465 54,322,696
351,480 (6,569,786) (2,280,364)
6,545,932 18,045,071
(242,330) (30,268,536)
619,883
6,975,000
(242,330) 6,545,932 (4,628,582)
109,150 (23,854) (6,908,946)
4,544,348 2,467,615 98,708,388
$ 4,653,498 $ 2,443,761 $ 91,799,442
(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, 2025
165

SPECIAL REVENUE FUNDS

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

REVENUES
Property taxes $ — $ — $ — $ 3,560,000 $ 3,763,551 $ 203,551 Other taxes
Licenses and permits 4,765,000 4,349,927 (415,073)
Revenue from other agencies 70,314 70,314 84,900 48,981 (35,919) Charges for current services 1,777,000 2,601,250 824,250 5,000 6,869 1,869 Fines and forfeitures 105,000 112,377 7,377
Use of money and property 93,943 93,943 1,500 242,451 240,951 Other 4,578 4,578
Total Revenues 6,647,000 7,227,811 580,811 3,651,400 4,066,430 415,030

EXPENDITURES
Current:

General government 399,265 272,694 126,571
Police
Fire
Public works
Community Development
Recreation and Parks
Library 6,156,554 6,360,209 (203,655)
Planning, Building and
Transportation 7,848,255 6,765,287 1,082,968
Community Services
Housing
Capital outlay
Debt service:

Principal
Interest
Bond issuance costs
Total Expenditures 8,247,520 7,037,981 1,209,539 6,156,554 6,360,209 (203,655)

EXCESS (DEFICIENCY) OF

REVENUES OVER
EXPENDITURES (1,600,520) 189,830 1,790,350 (2,505,154) (2,293,779) 211,375

OTHER FINANCING SOURCES
(USES)
Transfers in 50,000 (50,000)
Transfers (out)
Inception of leases and
subscriptions 350,247 350,247 269,636 269,636
Proceeds from debt refinance
Total Other Financing Sources
(Uses) 50,000 350,247 300,247 269,636 269,636

NET CHANGE IN FUND
BALANCE $ (1,550,520) 540,077 $ 2,090,597 $ (2,505,154) (2,024,143) $ 481,011

BEGINNING FUND BALANCES
(DEFICITS) 1,115,119 5,766,906

ENDING FUND BALANCES
(DEFICITS) $ 1,655,196 $ 3,742,763
(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, 2025
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)
$ — $ — $ — $ — $ — $ — $ — $ — $ —

4,132,500 4,307,602 175,102 16,164 16,164 5,889,000 5,964,683 75,683

269,293 269,293 5,450 5,450 563,513 563,513
(1,900) (1,900) 1,553 1,553
4,132,500 4,574,995 442,495 23,167 23,167 5,889,000 6,528,196 639,196

(20) 20

1,206,919 1,134,555 72,364

4,358 (4,358)
371 (371)
1,206,919 1,139,284 67,635 (20) 20
2,925,581 3,435,711 510,130 — 23,187 23,187 5,889,000 6,528,196 639,196

(3,100,000) (4,117,005) (1,017,005) (6,833,455) (11,377,683) (4,544,228)

(3,100,000) (4,117,005) (1,017,005) (6,833,455) (11,377,683) (4,544,228) $ (174,419) (681,294) $ (506,875) $ 23,187 $ 23,187 $ (944,455) (4,849,487) $ (3,905,032) 4,608,645 93,777 10,108,869
$ 3,927,351 $ 116,964 $ 5,259,382
(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, 2025
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 1,168,000 1,006,062 (161,938) Fines and forfeitures 950,000 1,174,969 224,969 Use of money and property 825,000 1,063,065 238,065 55,187 55,187 Other
Total Revenues 825,000 1,063,065 238,065 2,118,000 2,236,218 118,218

EXPENDITURES
Current:

General government
Police
Fire
Public works 2,373,349 1,990,393 382,956
Community Development 792,032 402,875 389,157
Recreation and Parks
Library
Planning, Building and Transportation
Community Services
Housing
Capital outlay
Debt service:

Principal
Interest
Bond issuance costs
Total Expenditures 792,032 402,875 389,157 2,373,349 1,990,393 382,956

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 32,968 660,190 627,222 (255,349) 245,825 501,174

OTHER FINANCING SOURCES (USES)
Transfers in
Transfers (out) (50,000) (640,628) (590,628) (250,000) (615,443) (365,443) Inception of leases and subscriptions
Proceeds from debt refinance
Total Other Financing Sources (Uses) (50,000) (640,628) (590,628) (250,000) (615,443) (365,443) NET CHANGE IN FUND BALANCE $ (17,032) 19,562 $ 36,594 $ (505,349) (369,618) $ 135,731

BEGINNING FUND BALANCES
(DEFICITS) 3,186,100 1,367,787
ENDING FUND BALANCES (DEFICITS) $ 3,205,662 $ 998,169
(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, 2025
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)
$ — $ — $ — $ — $ — $ — $ — $ — $ —

250,000 364,129 114,129
533,000 14,060 (518,940) 2,020,000 614,706 (1,405,294)

600,000 726,496 126,496 110,000 (3,054) (113,054) 80,000 126,834 46,834 18,445 18,445
850,000 1,090,625 240,625 643,000 11,006 (631,994) 2,100,000 759,985 (1,340,015)

657,060 14,060 643,000 2,104,334 762,648 1,341,686

822,053 430,752 391,301

822,053 430,752 391,301 657,060 14,060 643,000 2,104,334 762,648 1,341,686 27,947 659,873 631,926 (14,060) (3,054) 11,006 (4,334) (2,663) 1,671 200,000 200,000 752,127 (752,127)
(439,000) (439,000) (752,127) 752,127

(239,000) (239,000)
$ (211,053) 420,873 $ 631,926 $ (14,060) (3,054) $ 11,006 $ (4,334) (2,663) $ 1,671 3,443,733 145 560,631
$ 3,864,606 $ (2,909) $ 557,968
(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, 2025
169

SPECIAL REVENUE FUNDS

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

REVENUES
Property taxes $ — $ — $ — $ — $ — $ —
Other taxes 237,258 259,373 22,115
Licenses and permits
Revenue from other agencies
Charges for current services 2,092,500 2,153,276 60,776 Fines and forfeitures 98,000 60,761 (37,239)
Use of money and property 52,000 176,553 124,553 83,800 83,800 Other 1,382,500 20,555 (1,361,945)
Total Revenues 3,625,000 2,411,145 (1,213,855) 237,258 343,173 105,915

EXPENDITURES
Current:

General government 3,394,069 2,407,948 986,121
Police
Fire
Public works 332,997 284,451 48,546
Community Development
Recreation and Parks
Library
Planning, Building and Transportation
Community Services
Housing
Capital outlay
Debt service:

Principal
Interest
Bond issuance costs
Total Expenditures 3,394,069 2,407,948 986,121 332,997 284,451 48,546

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 230,931 3,197 (227,734) (95,739) 58,722 154,461

OTHER FINANCING SOURCES (USES)
Transfers in
Transfers (out) (30,000) (512,549) (482,549)
Inception of leases and subscriptions
Proceeds from debt refinance
Total Other Financing Sources (Uses) (30,000) (512,549) (482,549) NET CHANGE IN FUND BALANCE $ 230,931 3,197 $ (227,734) $ (125,739) (453,827) $ (328,088)

BEGINNING FUND BALANCES
(DEFICITS) 1,888,343 1,625,480
ENDING FUND BALANCES (DEFICITS) $ 1,891,540 $ 1,171,653 (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, 2025
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)
$ — $ — $ — $ — $ — $ — $ 4,955,789 $ 4,094,319 $ (861,470) 960,931 1,004,432 43,501

25,000 604,113 579,113 262,936 233,358 (29,578)
99,000 57,817 (41,183) 474,956 1,199,513 724,557 61,999 39,689 (22,310)

552,000 640,327 88,327 223,692 223,692 (295,053) 647,053 942,106 104,000 96,253 (7,747) 106,636 106,636
780,000 1,398,510 618,510 1,698,823 2,767,631 1,068,808 4,722,735 4,781,061 58,326

1,600,000 929,609 670,391

1,673,332 1,363,005 310,327 3,817,978 2,559,555 1,258,423

255,611 190,665 64,946 889,639 789,140 100,499

289,000 288,986 14

61,797 70,857 (9,060)

1,855,611 1,120,274 735,337 1,673,332 1,363,005 310,327 5,058,414 3,708,538 1,349,876 (1,075,611) 278,236 1,353,847 25,491 1,404,626 1,379,135 (335,679) 1,072,523 1,408,202 1,000,000 (1,000,000) 208,212 (208,212) 226,523 99,201 (127,322) (8,466) (8,466) (961,000) 961,000 (562,322) (452,602) 109,720

1,000,000 (8,466) (1,008,466) (752,788) 752,788 (335,799) (353,401) (17,602) $ (75,611) 269,770 $ 345,381 $ (727,297) 1,404,626 $ 2,131,923 $ (671,478) 719,122 $ 1,390,600 1,520,597 3,680,309 12,279,021
$ 1,790,367 $ 5,084,935 $ 12,998,143
(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, 2025
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 312,000 321,795 9,795
Charges for current services
Fines and forfeitures
Use of money and property 29,748 29,748
Other
Total Revenues 312,000 351,543 39,543

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
Interest
Bond issuance costs
Total Expenditures

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 312,000 351,543 39,543 — — —

OTHER FINANCING SOURCES (USES)
Transfers in
Transfers (out) (300,000) (1,105,665) (805,665) (486,471) (486,471) Inception of leases and subscriptions
Proceeds from debt refinance
Total Other Financing Sources (Uses) (300,000) (1,105,665) (805,665) (486,471) (486,471) NET CHANGE IN FUND BALANCE $ 12,000 (754,122) $ (766,122) $ (486,471) $ (486,471)

BEGINNING FUND BALANCES
(DEFICITS) 633,999 486,471
ENDING FUND BALANCES (DEFICITS) $ (120,123) $ —
(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, 2025
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)
$ — $ — $ — $ — $ — $ — $ 629,000 $ 644,966 $ 15,966

25,026 25,026 130,056 130,056 763,752 763,752
137,506 137,506 169,032 43,964 (125,068)
162,532 162,532 169,032 174,020 4,988 629,000 1,408,718 779,718

4,496,838 2,371,207 2,125,631

3,095,187 3,225,641 (130,454)
1,187,540 1,054,609 132,931

4,496,838 2,371,207 2,125,631 4,282,727 4,280,250 2,477 162,532 162,532 (4,327,806) (2,197,187) 2,130,619 (3,653,727) (2,871,532) 782,195 3,438,000 3,438,000 3,691,927 3,652,927 (39,000)
(15,000) (15,000) (2,593,000) (2,592,285) 715

(15,000) (15,000) 3,438,000 3,438,000 1,098,927 1,060,642 (38,285) $ (15,000) 147,532 $ 162,532 $ (889,806) 1,240,813 $ 2,130,619 $ (2,554,800) (1,810,890) $ 743,910 71,507 3,743,309 16,757,827
$ 219,039 $ 4,984,122 $ 14,946,937
(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, 2025
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 519 519
Other
Total Revenues 519 519

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 7,377,000 (6,777,000)
Interest 390,000 281,902 108,098
Bond issuance costs 71,725 (71,725)
Total Expenditures 990,000 7,730,627 (6,740,627)

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (990,000) (7,730,108) (6,740,108)

OTHER FINANCING SOURCES (USES)
Transfers in 990,000 990,000
Transfers (out)
Inception of leases and subscriptions
Proceeds from debt refinance 6,975,000 6,975,000
Total Other Financing Sources (Uses) 990,000 7,965,000 6,975,000 NET CHANGE IN FUND BALANCE $ — 234,892 $ 234,892

BEGINNING FUND BALANCES
(DEFICITS) 311,815
ENDING FUND BALANCES (DEFICITS) $ 546,707
(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, 2025
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, 2025
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:

Equipment 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. Also included in this fund are ARPD and Fire equipment replacement reserves.

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
Equipment
Replacement
Fleet
Maintenance
and
Replacement
Technology
Services
ASSETS
Current Assets:

Cash and cash equivalents $ 2,274,515 $ 11,846,441 $ 3,963,017 Accounts receivable 27,178 23,204
Prepaids and deposits 3,781,098
Total Current Assets 2,301,693 15,650,743 3,963,017
Noncurrent Assets:

Restricted investments
Advances to other funds 88,645
Capital assets:

Depreciable, net of accumulated depreciation 5,549,222 1,716,416 Total Non-current Assets 5,637,867 1,716,416
Total Assets 2,301,693 21,288,610 5,679,433

DEFERRED OUTFLOWS OF RESOURCES
Related to pensions

LIABILITIES
Current Liabilities:

Accounts payable 1,122 437,749 48,048
Interest payable 23,174
Accrued payroll 39,404 51,880
Refundable deposits
Claims payable:

Due within one year
Subscription liability - current 9,352 659,852
Equipment lease payable:

Due within one year 692,840
Total Current Liabilities 1,122 1,202,519 759,780
Long-Term Liabilities:

Claims payable:

Due in more than one year
Equipment purchase agreement
Lease liability 519,698
Subscription liability 1,041,292
Total Long-Term Liabilities 519,698 1,041,292
Total Liabilities 1,122 1,722,217 1,801,072

NET POSITION
Net investment in capital assets 4,327,332 15,272
Unrestricted 2,300,571 15,239,061 3,863,089
Total Net Position (Deficits) $ 2,300,571 $ 19,566,393 $ 3,878,361 City of Alameda
Internal Service Funds
Combining Statements of Net Position
June 30, 2025
178
Facilities
Replacement
and
Maintenance
Workers'
Compensation
Insurance
General
Liability
Insurance
Unemployment
Insurance OPEB/Vacation
Pension
Stabilization
Fund Total
$ 15,272,293 $ 19,868,315 $ 10,613,109 $ 200,180 $ 6,951,073 $ 4,838,673 $ 75,827,616 686 222,713 731,741 6,063 1,011,585
500,000 4,281,098
15,272,979 20,591,028 11,344,850 200,180 6,957,136 4,838,673 81,120,299 50,000 22,354,795 22,404,795
88,645

1,446,630 8,712,268
1,446,630 50,000 22,354,795 31,205,708
16,719,609 20,591,028 11,394,850 200,180 6,957,136 27,193,468 112,326,007 2,250,000 2,250,000
182,792 181,809 50,673 19,272 19,950 941,415
23,174
38,011 13,820 50,566 193,681
21,604 21,604
4,373,428 2,854,936 7,228,364
28,671 697,875
692,840
249,474 4,569,057 2,977,779 19,272 19,950 9,798,953 10,568,426 3,462,643 14,031,069

519,698
24,976 1,066,268
24,976 10,568,426 3,462,643 15,617,035
274,450 15,137,483 6,440,422 19,272 19,950 25,415,988 1,392,983 5,735,587
15,052,176 5,453,545 4,954,428 180,908 6,937,186 29,443,468 83,424,432 $ 16,445,159 $ 5,453,545 $ 4,954,428 $ 180,908 $ 6,937,186 $ 29,443,468 $ 89,160,019 City of Alameda
Internal Service Funds
Combining Statements of Net Position
June 30, 2025
179
Equipment
Replacement
Fleet
Maintenance
and
Replacement
Technology
Services

OPERATING REVENUES
Charges for services $ — $ 6,949,758 $ 3,737,267
Miscellaneous 115,296 772
Total Operating Revenues 115,296 6,950,530 3,737,267

OPERATING EXPENSES
General administrative 2,193 460,097 923,885
Wages and benefits 964,133 1,575,902
Insurance and claims
Contractual services 10,852 778,733 489,475
Supplies and maintenance 2,996 1,233,708 950,651
Depreciation 1,672,832 977,793
Total Operating Expenses 16,041 5,109,503 4,917,706
Operating Income (Loss) 99,255 1,841,027 (1,180,439)

NONOPERATING REVENUES (EXPENSES)
Interest income 93,729 600,813 242,363
Interest expense 7,718 (107,806)
Gain (loss) from sale of capital assets 98,513
Total Nonoperating Revenues (Expenses) 93,729 707,044 134,557 Income (Loss) Before Transfers 192,984 2,548,071 (1,045,882) Transfers in 350,000 732,577
Transfers out
Net Transfers 350,000 732,577
Change in Net Position 542,984 3,280,648 (1,045,882) BEGINNING NET POSITION 1,757,587 16,285,745 4,924,243 ENDING NET POSITION $ 2,300,571 $ 19,566,393 $ 3,878,361 City of Alameda
Internal Service Funds
Combining Statements of Revenues, Expenses and Changes in Fund Net Position For the Year Ended June 30, 2025
180
Facilities
Replacement
and
Maintenance
Workers'
Compensation
Insurance
General
Liability
Insurance
Unemployment
Insurance OPEB/Vacation
Pension
Stabilization
Fund Total
$ 6,059,301 $ 5,623,823 $ 7,236,713 $ — $ 4,190,979 $ — $ 33,797,841 116,068
6,059,301 5,623,823 7,236,713 4,190,979 33,913,909 568,914 355,387 439,318 18,241 439,616 1,468 3,209,119 863,640 282,720 863,100 4,549,495
3,740,553 1,720,962 56,150 4,780,194 10,297,859
4,087,720 214,431 631,406 2,000 75,283 6,289,900 174,239 767 20,400 2,382,761
109,223 2,759,848
5,803,736 4,593,858 3,675,186 76,391 5,219,810 76,751 29,488,982 255,565 1,029,965 3,561,527 (76,391) (1,028,831) (76,751) 4,424,927 588,866 925,279 424,801 12,355 383,958 2,468,806 5,740,970 (100,088)
98,513
588,866 925,279 424,801 12,355 383,958 2,468,806 5,739,395 844,431 1,955,244 3,986,328 (64,036) (644,873) 2,392,055 10,164,322 3,368,000 7,000,000 11,450,577
(77,202) (77,202)
3,290,798 7,000,000 11,373,375
4,135,229 1,955,244 3,986,328 (64,036) (644,873) 9,392,055 21,537,697 12,309,930 3,498,301 968,100 244,944 7,582,059 20,051,413 67,622,322 $ 16,445,159 $ 5,453,545 $ 4,954,428 $ 180,908 $ 6,937,186 $ 29,443,468 $ 89,160,019 City of Alameda
Internal Service Funds
Combining Statements of Revenues, Expenses and Changes in Fund Net Position For the Year Ended June 30, 2025
181
Equipment
Replacement
Fleet
Maintenance
and
Replacement
Technology
Services

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 120,360 $ 6,998,042 $ 3,737,267 Payments to suppliers (14,919) (3,904,304) (1,913,279) Payments to employees (1,419,897) (2,183,398)
Insurance and claims paid
Cash Flows from Operating Activities 105,441 1,673,841 (359,410)

CASH FLOWS FROM NONCAPITAL

FINANCING ACTIVITIES
Interfund receipts 50,212
Transfers In (out) 350,000 732,577
Cash Flows from Noncapital Financing Activities 350,000 782,789

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
Acquisition of capital assets, net (2,295,780) (188,380) Proceeds from the sale of assets 98,513
Principal payments on capital debt (3,554) (878,263) Interest payments on capital debt (107,806)
Cash Flows from Capital and Related Financing Activities (2,200,821) (1,174,449)

CASH FLOWS FROM INVESTING ACTIVITIES
Sales (purchases) of restricted investments
Interest 93,729 600,813 242,363
Cash Flows from Investing Activities 93,729 600,813 242,363 Net Cash Flows 549,170 856,622 (1,291,496)
Cash and investments at beginning of period 1,725,345 10,989,819 5,254,513 Cash and investments at end of period $ 2,274,515 $ 11,846,441 $ 3,963,017 Reconciliation of operating income (loss) to net cash flows from operating activities:

Operating income (loss) $ 99,255 $ 1,841,027 $ (1,180,439) Adjustments to reconcile operating income to cash flows from operating activities:

Depreciation 1,672,832 977,793
Pension related amounts
Change in assets and liabilities:
(Increase) decrease in accounts receivable 5,064 47,512 (Increase) decrease in prepaids and deposits (1,328,577) Increase (decrease) accounts payable 1,122 (563,286) (157,794) Increase (decrease) accrued payroll 4,333 1,030
Increase (decrease) refundable deposits
Claims payable
Cash Flows from Operating Activities $ 105,441 $ 1,673,841 $ (359,410)

City of Alameda
Internal Service Funds
Combining Statements of Cash Flows
For the Year Ended June 30, 2025
182
Facilities
Replacement
and
Maintenance
Workers'
Compensation
Insurance
General
Liability
Insurance
Unemployment
Insurance OPEB/Vacation
Pension
Stabilization
Fund Total
$ 6,058,615 $ 5,599,735 $ 7,119,564 $ — $ 4,194,365 $ — $ 33,827,948 (4,318,755) (260,152) (695,321) (2,000) (4,780,762) (75,283) (15,964,775) (1,444,487) (631,355) (1,273,201) (21,874) (439,616) (2,251,468) (9,665,296) (2,647,082) (4,251,075) (56,150) (6,954,307)
295,373 2,061,146 899,967 (80,024) (1,026,013) (2,326,751) 1,243,570 50,212
3,290,798 7,000,000 11,373,375
3,290,798 7,000,000 11,423,587
3,531 (2,480,629)
98,513
(31,275) (913,092)
(107,806)
(27,744) (3,403,014)
(3,138,916) (3,138,916)
588,866 925,279 424,801 12,355 383,958 2,468,806 5,740,970 588,866 925,279 424,801 12,355 383,958 (670,110) 2,602,054 4,147,293 2,986,425 1,324,768 (67,669) (642,055) 4,003,139 11,866,197 11,125,000 16,881,890 9,288,341 267,849 7,593,128 835,534 63,961,419 $ 15,272,293 $ 19,868,315 $ 10,613,109 $ 200,180 $ 6,951,073 $ 4,838,673 $ 75,827,616 $ 255,565 $ 1,029,965 $ 3,561,527 $ (76,391) $ (1,028,831) $ (76,751) $ 4,424,927

109,223 2,759,848
(2,250,000) (2,250,000)

(686) (24,088) (117,149) 3,386 (85,961)
(1,328,577)
(81,124) (45,017) (43,645) (3,633) (568) (893,945) 12,395 6,815 29,347 53,920

1,093,471 (2,530,113) (1,436,642)
$ 295,373 $ 2,061,146 $ 899,967 $ (80,024) $ (1,026,013) $ (2,326,751) $ 1,243,570

City of Alameda
Internal Service Funds
Combining Statements of Cash Flows
For the Year Ended June 30, 2025
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 2016 2017 2018 2019
Invested in capital assets, net of related debt $ 257,003,558 $ 258,670,492 $ 261,696,061 $ 269,397,500 Restricted 49,089,375 53,494,064 91,334,323 110,162,983 Unrestricted (128,732,691) (138,357,430) (218,481,489) (214,617,059) Total governmental activities net position $ 177,360,242 $ 173,807,126 $ 134,548,895 $ 164,943,424 Business-type activities
Invested in capital assets, net of related debt $ 77,527,656 $ 87,340,526 $ 93,673,669 $ 98,017,520 Restricted 32,369,845 29,829,844 26,462,741 26,055,896 Unrestricted 23,848,220 31,259,576 28,810,985 33,134,340 Total business-type activities net position $ 133,745,721 $ 148,429,946 $ 148,947,395 $ 157,207,756 Primary government
Invested in capital assets, net of related debt $ 334,531,214 $ 346,011,018 $ 355,369,730 $ 367,415,020 Restricted 81,459,220 83,323,908 117,797,064 136,218,879 Unrestricted (104,884,471) (107,097,854) (189,670,504) (181,482,719) Total primary government net position $ 311,105,963 $ 322,237,072 $ 283,496,290 $ 322,151,180 Source: City of Alameda Finance Department
City of Alameda
Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
188
2020 2021 2022 2023 2024 2025
$ 297,299,908 $ 306,331,058 $ 316,665,168 $ 339,462,250 $ 338,369,021 $ 366,877,318 123,984,088 137,396,539 144,588,032 137,169,810 149,664,357 135,280,749 (231,645,513) (217,133,326) (191,206,553) (157,346,612) (145,274,550) (138,154,795) $ 189,638,483 $ 226,594,271 $ 270,046,647 $ 319,285,448 $ 342,758,828 $ 364,003,272 $ 102,850,134 $ 110,041,879 $ 113,133,574 $ 111,366,774 $ 121,316,317 $ 136,440,283 25,632,407 20,951,023 18,843,152 22,156,568 21,489,847 22,363,299 35,731,238 37,380,508 49,557,794 52,217,409 53,567,452 52,643,790 $ 164,213,779 $ 168,373,410 $ 181,534,520 $ 185,740,751 $ 196,373,616 $ 211,447,372 $ 400,150,042 $ 416,372,937 $ 429,798,742 $ 450,829,024 $ 459,685,338 $ 503,317,601 149,616,495 158,347,562 163,431,184 159,326,378 171,154,204 157,644,048 (195,914,275) (179,752,818) (141,648,759) (105,129,203) (91,707,098) (85,511,005) $ 353,852,262 $ 394,967,681 $ 451,581,167 $ 505,026,199 $ 539,132,444 $ 575,450,644 City of Alameda
Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
189
For the Fiscal Year Ended June 30,
2016 2017 2018 2019
Expenses
Governmental Activities:

General Government $ 17,312,864 $ 22,613,362 $ 27,567,933 $ 19,673,640 Police 31,230,359 34,249,563 38,203,293 45,109,592
Fire 33,701,192 34,380,486 39,616,964 47,372,705
Public Works 21,611,732 22,493,921 21,305,228 16,185,664 Community Development 19,926,259 20,854,357 19,124,858 16,626,697 Community Services 8,192,325 7,825,636 10,785,609 4,172,503 Housing 2,298,345 1,955,239 3,343,039 2,868,235
Recreation and parks
Library
Planning, Building and Transportation
Principal
Interest on Long-Term Debt 1,104,604 983,685 1,298,608 1,276,122 Total Governmental Activities Expenses 135,377,680 145,356,249 161,245,532 153,285,158 Business-Type Activities:

Sewer Service 5,189,080 5,062,826 4,915,297 5,565,859 Alameda Municipal Power (B) 54,131,601 53,311,749 59,886,250 63,101,513 Total Business-Type Activities Expenses 59,320,681 58,374,575 64,801,547 68,667,372 Total Primary Government Expenses $ 194,698,361 $ 203,730,824 $ 226,047,079 $ 221,952,530 Component Unit:

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

Charges for Services:

General Government $ 9,914,050 $ 11,400,449 $ 9,068,963 $ 3,289,980 Police 1,461,077 1,378,632 1,228,935 1,121,616
Fire 3,161,928 3,134,509 3,306,867 3,494,527
Public Works 8,869,421 9,955,286 9,280,689 10,023,569 Community Development 11,261,739 13,523,363 13,044,105 13,541,107 Community Services 3,550,181 3,671,588 4,423,440 4,564,276 Housing
Recreation and parks
Library
Planning, Building and Transportation
Operating Grants and Contributions 5,209,502 6,045,401 9,032,803 5,700,076 Capital Grants and Contributions 6,270,247 7,058,283 12,386,648 10,877,405 Total Government Activities Program Revenues 49,698,145 56,167,511 61,772,450 52,612,556 Business-Type Activities:

Charges for Services:

Sewer Service 9,404,120 9,690,132 10,498,070 11,216,139 Alameda Municipal Power (B) 62,012,528 63,449,233 63,455,688 66,567,838 Operating Grants and Contributions
Capital Grants and Contributions 546,768 489,751
Total Business-Type Activities Program Revenue 71,963,416 73,629,116 73,953,758 77,783,977 Total Primary Government Program Revenues $ 121,661,561 $ 129,796,627 $ 135,726,208 $ 130,396,533 Component Unit:

Charges for Services:

Alameda Municipal Power (B) $
Total Component Unit Program Revenues $ $ — $ — $ —
Net (Expense)/Revenue
Governmental Activities $ (85,679,535) $ (89,188,739) $ (99,473,082) $ (100,672,602) Business-Type Activities 12,642,735 15,254,541 9,152,211 9,116,605 Component Unit Activities
Total Primary Government Net Expense $ (73,036,800) $ (73,934,198) $ (90,320,871) $ (91,555,997) (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
2020 2021 2022 2023 2024 2025
$ 16,958,175 $ 24,018,435 $ 9,320,442 $ 11,160,513 $ 20,448,342 $ 20,130,324 45,157,133 40,102,074 33,123,049 39,359,081 50,106,789 47,917,224 47,027,551 44,780,248 36,170,224 45,132,050 52,565,392 58,793,847 25,410,099 22,362,750 24,738,562 31,827,064 37,014,141 40,068,881 17,247,041 17,476,605 15,030,618 15,687,999 11,636,390 20,336,732 11,591,599 9,388,765 (A)
3,987,655 4,941,615 (A)
12,082,777 14,006,850 13,974,966 16,708,912 (A)
6,748,033 5,623,505 7,097,477 6,578,446 (A)
8,179,331 7,898,315 8,479,428 10,253,818 (A)

1,035,955 801,228 888,487 1,097,709 1,842,567 1,389,222 168,415,208 163,871,720 146,281,523 171,793,086 203,165,492 222,177,406 6,018,295 5,861,001 4,249,245 6,889,000 6,955,122 7,252,914 63,831,890 64,313,277 57,159,221 72,010,694 74,704,059 75,555,376 69,850,185 70,174,278 61,408,466 78,899,694 81,659,181 82,808,290 $ 238,265,393 $ 234,045,998 $ 207,689,989 $ 250,692,780 $ 284,824,673 $ 304,985,696

$ — $ — $ — $ — $ — $ —
$ 3,562,474 $ 3,692,675 $ 2,772,718 $ 2,826,109 $ 3,557,324 $ 3,601,569 973,227 816,240 583,063 598,562 469,365 531,695
3,961,473 4,457,369 4,134,221 5,151,081 5,559,380 7,137,475 10,727,879 11,023,739 8,818,755 10,152,589 10,365,828 13,875,467 13,119,155 12,037,359 2,083,815 1,950,839 1,134,789 3,990,269 4,224,548 4,308,651 (A)

3,558,604 3,461,620 4,096,332 4,339,775 (A)
14,781 19,714 13,346 6,869 (A)
6,444,733 6,427,553 5,496,254 7,248,125 (A)
8,402,139 10,771,830 7,445,218 25,215,932 12,058,627 19,609,401 22,446,476 25,423,585 6,454,953 7,954,847 11,328,172 15,625,542 67,417,371 72,531,448 42,310,861 63,758,846 54,079,417 75,966,187 11,243,295 11,721,286 11,815,658 12,281,537 12,987,587 13,359,397 66,703,706 66,260,963 65,799,230 72,287,719 77,470,175 81,327,849

77,947,001 77,982,249 77,614,888 84,569,256 90,457,762 94,687,246 $ 145,364,372 $ 150,513,697 $ 119,925,749 $ 148,328,102 $ 144,537,179 $ 170,653,433

$ — $ — $ — $ — $ — $ —
$ (100,997,837) $ (91,340,272) $ (103,970,662) $ (108,034,240) $ (149,086,075) $ (146,211,219) 8,096,816 7,807,971 16,206,422 5,669,562 8,798,581 11,878,956

$ (92,901,021) $ (83,532,301) $ (87,764,240) $ (102,364,678) $ (140,287,494) $ (134,332,263) (Continued)
City of Alameda
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
191
For the Fiscal Year Ended June 30,
2016 2017 2018 2019
General Revenues and Other Changes in Net Position
Governmental Activities:

Taxes:

Property Taxes $ 43,665,977 $ 45,651,646 $ 48,745,491 $ 52,886,048 Urban runoff special assessments
Sales Taxes 10,187,902 10,740,580 10,967,955 14,072,162 Utility Users Tax 8,368,125 9,061,296 9,336,326 9,080,200 Transfer Tax 9,451,755 10,333,813 15,679,218 17,134,704 Franchise Tax 2,396,918 2,473,634 2,473,040 2,481,408 Transient Occupancy Tax 2,174,973 2,126,612 2,146,038 2,292,350 Property Tax In-Lieu 1,157,160 1,167,072 1,203,862 1,227,585 Other Taxes 1,831,805 1,500,155 1,339,471 1,239,629 Use of Money and properties 5,136,494 6,957,802 5,300,785 9,009,003 Gain/Loss from disposal of capital assets 12,971,153 16,751,109 Miscellaneous 1,160,517 2,312,459 1,478,855 1,060,459 Transfers 2,831,684 2,891,411 8,463,788 3,832,474
Extraordinary item
Total Government Activities 88,363,310 95,216,480 120,105,982 131,067,131 Business-Type Activities:

Use of Money and properties 685,463 507,799 1,014,577 2,181,706 Miscellaneous 1,190,730 1,813,296 1,235,399 794,524 Transfers (2,831,684) (2,891,411) (8,463,788) (3,832,474) Total Business-Type Activities (955,491) (570,316) (6,213,812) (856,244) Total Primary Government $ 87,407,819 $ 94,646,164 $ 113,892,170 $ 130,210,887 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 $ 2,683,775 $ 6,027,741 $ 20,632,900 $ 30,394,529 Business-Type Activities 11,687,244 14,684,225 2,938,399 8,260,361 Total Primary Government 14,371,019 20,711,966 23,571,299 38,654,890 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
2020 2021 2022 2023 2024 2025
$ 56,814,066 $ 63,421,779 $ 64,534,572 $ 70,538,809 $ 71,846,979 $ 79,347,032 17,601,220 19,439,879 22,755,698 22,522,274 22,620,145 21,036,923 8,809,356 9,091,389 9,011,553 10,102,930 9,779,914 10,113,610 15,195,899 18,536,929 21,929,943 11,118,684 10,822,407 13,623,607 2,346,930 2,706,949 3,373,794 3,508,074 3,543,265 3,454,590 1,952,077 1,996,230 2,555,336 3,207,364 3,380,956 3,541,346 1,210,667 1,362,667 1,551,000 1,322,000 1,283,000 1,376,000 1,173,089 789,190 314,674 315,911 314,246 321,795
12,672,608 5,774,634 16,738,842 28,263,394 33,178,202 27,033,982 21,457 72,481 186,460 98,513
3,359,972 664,514 471,713 2,008,481 11,221,881 2,995,265 4,557,012 4,511,900 4,164,456 4,292,639 4,382,000 4,513,000

125,692,896 128,296,060 147,423,038 157,273,041 172,559,455 167,455,663 2,952,331 441,610 (1,210,245) 2,108,912 5,559,341 5,919,944 513,888 421,950 2,329,389 720,396 656,943 1,787,856 (4,557,012) (4,511,900) (4,164,456) (4,292,639) (4,382,000) (4,513,000) (1,090,793) (3,648,340) (3,045,312) (1,463,331) 1,834,284 3,194,800 $ 124,602,103 $ 124,647,720 $ 144,377,726 $ 155,809,710 $ 174,393,739 $ 170,650,463 $ — $ — $ — $ — $ — $ —

$ — $ — $ — $ — $ — $ —
$ 24,695,059 $ 36,955,788 $ 43,452,376 $ 49,238,801 $ 23,473,380 $ 21,244,444 7,006,023 4,159,631 13,161,110 4,206,231 10,632,865 15,073,756 31,701,082 41,115,419 56,613,486 53,445,032 34,106,245 36,318,200 $ — $ — $ — $ — $ — $ —
City of Alameda
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
193
June 30,
2016 2017 2018 2019
General Fund
Nonspendable $ 872,617 $ 1,575,550 $ 782,440 $ 1,591,812 Restricted
Committed 6,043,000 11,568,004
Assigned 6,281,684 8,525,868 15,354,029 16,173,757
Unassigned 27,284,395 28,726,377 25,072,934 23,445,239 Total General Fund $ 40,481,696 $ 50,395,799 $ 41,209,403 $ 41,210,808 All Other Governmental Funds
Nonspendable $ — $ — $ 1,115 $ 2,784,114
Restricted 48,736,806 52,352,209 64,846,207 84,169,854 Committed 21,233,524 21,938,791 23,357,819 25,959,758 Assigned
Unassigned (2,519,632) (831,560) (510,884)
Total all other governmental funds $ 69,970,330 $ 71,771,368 $ 87,373,581 $ 112,402,842 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
2020 2021 2022 2023 2024 2025
$ 1,011,157 $ 937,545 $ 3,138,094 $ 4,093,903 $ 3,631,814 $ 779,389 8,700,000 7,500,000 7,497,250
18,220,882 15,544,000 13,929,791 48,621,221 50,039,490 48,014,695 35,413,925 56,594,050 64,260,392 59,816,414 52,445,888 50,541,286 $ 54,645,964 $ 73,075,595 $ 90,028,277 $ 112,531,538 $ 113,617,192 $ 106,832,620 (A) $ 2,878,114 $ 1,200,533 $ — $ — $ — $ —
98,743,112 113,087,912 122,038,092 113,249,231 133,475,448 116,084,003 15,258,412 14,105,669 12,804,312 12,820,131 10,328,387 8,405,534 1,346,011 —
(1,780,179) — (365,801) (1,526,673) (7,285,724) (2,586,310) $ 115,099,459 $ 129,740,125 $ 134,476,603 $ 124,542,689 $ 136,518,111 $ 121,903,227 (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,
2016 2017 2018 2019
Revenues
Property taxes $ 43,665,978 $ 45,651,646 $ 48,681,491 $ 52,452,829 Other local taxes 36,600,031 38,995,559 43,717,400 48,515,927 Licenses and permits 4,599,669 5,353,671 5,435,030 5,824,270 Developer fees 750,446
Revenue from other agencies 11,799,727 13,461,497 20,936,253 17,541,700 Charges for current services 18,801,604 19,328,754 18,586,442 12,671,775 Fines and forfeitures 1,505,913 1,141,664 1,235,816 1,180,423 Use of money and property 18,278,665 18,876,427 19,512,445 21,843,012 Other 1,088,097 4,920,412 2,362,537 1,314,287 Total Revenues 136,339,684 147,729,630 160,467,414 162,094,669 Expenditures
Current:

General government 22,246,735 21,770,743 26,765,743 23,865,017 Police 28,816,779 30,853,005 38,367,994 33,970,893
Fire 28,529,688 30,652,703 37,809,548 35,153,085
Public Works 4,742,674 4,918,684 5,452,709 5,384,542 Community Development 17,686,827 18,077,608 17,180,357 16,544,318 Recreation and Parks
Library
Planning, Building and Transportation
Community Services 6,453,987 6,382,003 7,584,297 8,522,259 Culture and Recreation
Housing 2,298,345 1,955,239 4,056,097 2,828,691
Capital outlay 17,408,895 22,147,962 28,835,746 25,675,554 Debt service:

Principal repayment 2,149,564 1,957,436 2,153,966 7,131,495 Interest and fiscal charges 1,128,676 1,163,030 1,229,634 1,335,732 Total Expenditures 131,462,170 139,878,413 169,436,091 160,411,586 Excess (deficiency) of revenues over
(under) expenditures 4,877,514 7,851,217 (8,968,677) 1,683,083 Other Financing Sources (Uses)
Contribution from (to) other entities
Transfers in 20,777,712 24,650,200 29,546,528 33,127,183 Transfers (out) (22,913,024) (22,300,789) (27,133,187) (31,436,709) Sale of capital assets 1,514,513 12,971,153 16,751,109 Payment to escrow agent
Bond issuance premium (discount) on
debt
Inception of leases and subscriptions
Issuance of long-term debt 3,000,000 4,906,000
Total other financing sources (uses) 864,688 3,863,924 15,384,494 23,347,583 Extraordinary item
Net Change in fund balances $ 5,742,202 $ 11,715,141 $ 6,415,817 $ 25,030,666 Debt service as a percentage of
noncapital expenditures 2.6 % (A) 2.3 % (A) 2.2 % (A) 5.9 % (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
2020 2021 2022 2023 2024 2025
$ 56,775,439 $ 63,421,779 $ 64,823,204 $ 70,579,610 $ 74,221,859 $ 78,376,308 48,919,948 54,861,864 62,205,185 52,776,235 52,474,844 54,229,074 6,790,077 7,036,885 7,047,477 7,590,812 6,830,114 8,152,215 4,452,877 8,377,385 2,362,622 3,318,251 3,007,713 3,423,652 26,662,943 28,373,176 16,029,558 29,801,551 26,494,321 35,587,147 13,859,317 13,047,885 14,764,505 17,609,381 18,740,960 24,406,841 1,121,348 882,204 936,837 1,546,628 1,671,809 1,928,585 24,354,283 16,928,549 19,307,468 25,958,857 31,483,178 27,085,586 3,987,166 2,052,715 546,523 3,679,889 646,390 3,587,788 186,923,398 194,982,442 188,023,379 212,862,381 215,572,355 236,777,196 16,398,248 16,265,961 7,825,555 12,954,262 21,263,887 21,648,093 34,337,435 34,404,813 37,353,571 39,409,430 46,306,636 46,282,056 36,280,599 38,153,099 40,741,898 44,291,345 48,868,851 55,186,612 5,782,721 6,960,509 11,399,139 13,364,537 16,496,078 17,497,196 15,803,663 16,994,640 13,721,444 14,416,651 11,360,259 18,657,443 11,148,382 13,030,099 14,286,628 (B) 15,638,386 (B)
4,857,264 5,299,291 5,659,822 (B) 6,439,140 (B)
7,807,306 7,990,657 8,578,321 (B) 10,556,645 (B)
9,521,485 9,053,756 (B) (B) (B) (B)

3,941,148 5,392,053
47,389,700 25,874,682 23,162,135 47,912,034 37,431,907 55,491,851 2,311,954 2,490,674 2,724,662 2,733,581 3,703,385 10,822,466 998,964 784,811 875,892 888,046 1,586,093 1,413,872 172,765,917 156,374,998 161,617,248 202,289,933 215,547,963 259,633,760 14,157,481 38,607,444 26,406,131 10,572,448 23,225 (22,856,564) 55,347,106 57,442,538 26,397,850 56,700,673 43,151,960 58,098,056 (53,372,814) (62,979,685) (31,114,821) (57,770,505) (45,485,514) (64,958,431)

1,342,483
3,067,898 15,371,410 6,975,000
1,974,292 (5,537,147) (4,716,971) 1,998,066 13,037,856 1,457,108

$ 16,131,773 $ 33,070,297 $ 21,689,160 $ 12,570,514 $ 13,061,076 $ (21,399,456)

2.4 % (A) 2.3 % (A) 2.5 % (A) 2.3 % (A) 3.0 % (A) 6.0 % (A) City of Alameda
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
197
Calendar Year 2025 Wage Increase
Object Series Revenue Type FY22-23 FY23-24 Value Change % Change 31100 General Fund Property Tax $ 57,215,944 $ 61,339,424 $ 4,123,480 7.21 % 31310 Bradley Burns Sales Tax 11,608,040 12,292,966 684,926 5.90 % 31600 Property Transfer Tax (A) 11,118,684 — %
31400 Utility Users Tax 10,102,930 9,779,914 (323,016) -3.20 % 31700 Transient Occupancy Tax 3,207,364 3,380,956 173,592 5.41 % TOTALS $ 93,252,962 $ 86,793,260 $ 4,658,982 5.00 %
(A) For FY25 Property Transfer Tax was not included in BRI Calculation.
50% Of Total Increase applicable to Wage Increases 2.50 % Minimum/Maximum per MOUs 2.5% to 4.0%
BRI WAGE INCREASE EFFECTIVE JULY 2.50 %

City of Alameda
Basic Revenue Index (BRI)
198
Calendar Year 2026 Wage Increase
FY24-25 Value Change % Change
$ 64,418,997 $ 3,079,573 5.02 %
10,735,198 (1,557,768) (12.67) %
10,113,610 333,696 3.41 %
3,541,346 160,390 4.74 %
$ 88,809,151 $ 2,015,891 2.32 %

1.16 %

2.5% to 4.0%

1.16 %
City of Alameda
Basic Revenue Index (BRI)
199
Billions
Unsecured Property Secured Property
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
0 1
2 3
4 5
6 7
8 9
10 11
12 13
14 15
16 17
18 19
20 Fiscal
Year
Secured
Property
Percent
Change
Unsecured
Property
Percent
Change
Total
Assessed
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 2025 19,486,686,488 5.33 % 880,651,410 4.22 % 20,367,337,898 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
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 1.2828 2023 1.0000 0.0210 0.0806 0.0058 0.0000 0.0000 0.0140 0.0409 0.0103 1.2888 2024 1.0000 0.0205 0.0884 0.0057 0.0000 0.0000 0.0134 0.0418 0.0088 1.1786 2025 1.0000 0.0205 0.1236 0.0013 0.0000 0.0000 0.0148 0.0394 0.0089 1.2085 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

2.12% 1.26%

1.19%

1.04%

0.93% 0.82%

0.81%

0.72%

0.66%

0.58%
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
Star Harbor Property LLC
PR II BWG Launch Owner LLC
SCG Harbor Bay Parkway Phase II LLC
SCG Harbor Bay Parkway Phase I LLC
Alameda Affordable Housing Corporation
Catellus Alameda Retail LLC
Others
2024-25 2015-16
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 $ 430,866,035 1 2.12 % BRE Alameda I MF Property Owner LLC 257,406,428 2 1.26 % MGP XII South Shore Center LLC 241,550,460 3 1.19 %
Alameda Multifamily Owner LLC 212,192,506 4 1.04 %
Star Harbor Property LLC 189,134,008 5 0.93 %
PR II BWG Launch Owner LLC 167,152,040 6 0.82 %
SCG Harbor Bay Parkway Phase II LLC 165,293,550 7 0.81 % SCG Harbor Bay Parkway Phase I LLC 145,807,946 8 0.72 % Alameda Affordable Housing Corporation 134,651,810 9 0.66 % Catellus Alameda Retail LLC 119,124,164 10 0.58 %
Jamestown Harsch Alameda 194,095,406 1 1.74 %
BSREP Marina Village Owner LLC 147,081,100 2 1.32 % KW Alameda LLC 97,726,535 3 0.88 %
Wind River Systems Inc 65,100,547 4 0.58 %
Peet's Operating Company 59,875,867 5 0.54 %
VF Outdoor Inc 55,710,581 6 0.50 %
Amstar-105 LLC 48,143,176 7 0.43 %
SKS Harbor Bay Associates LLC 43,988,818 8 0.39 %
Catellus Alameda Retail LLC 43,064,483 9 0.39 %
Bridgeside Properties LLC 38,590,000 10 0.35 %
Subtotal $ 2,063,178,947 10.13 % $ 793,376,513 7.12 % Total Net Assessed Valuation:

Fiscal Year 2024-25 $ 20,367,337,898
Fiscal Year 2015-16 $ 11,155,282,233
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
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

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

70.0 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
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 % 2025 64,418,997 64,418,997 100 % 64,418,997 100 % 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 SmallCommercial MediumMunicipal & Street LightingMiscellaneous & OtherGHG/C&T/LCFS Related Sales 0 5,000,00010,000,00015,000,00020,000,00025,000,00030,000,00035,000,00040,000,00045,000,00050,000,00055,000,00060,000,00065,000,00070,000,00075,000,00080,000,00085,000,000 2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
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
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 2025 32,679,325 33,702,969 7,060,102 2,791,253 292,019 593,039 1,343,601 3,458,580 81,920,888 Kilowatt- Hour Sales
Fiscal Year Residential
Commercial
Small
Commercial
Medium Municipal
Street
Lighting/
Other Total KWH
Peak Demand
(KW)
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 2025 139,424,569 168,243,579 37,107,650 12,566,651 1,705,736 359,048,185 67,239 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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

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
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
2025 32,877 3,526 287 20 351 9 37,070
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
2016 — — — 88
2017 — — — 79
2018 — — — 66
2019 — — — 59
2020 — — — 58
2021 — — — 61
2022 — — — 57
2023 — — — 44
2024 — — — 48
2025 — — — 56
*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, 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 %
July 1, 2025 4.00 % (Fiscal Year 2026)
City of Alameda
Alameda Municipal Power
Pricing Changes
Last Ten Fiscal Years
206
2025
No Customer Type of Business KWHS
Percent of
System Total Revenues
Percent of
System Total
1 U.S. Coast Guard Regulation, Admin. of Transportation 18,801,447 5.24 % $ 3,415,181 4.46 % 2 Penumbra, Inc. Medical Devices Developer/Manufacturer 9,920,172 2.76 % 1,917,388 2.51 % 3 G&I IX Marina Research Park LP Life Science & Research Tenants 8,761,701 2.44 % 1,817,752 2.38 % 4 Exelixis Biopharmaceutical Company 6,737,955 1.88 % 1,386,605 1.81 % 5 City of Alameda Local Government 6,147,810 1.71 % 1,402,793 1.83 % 6 Alameda Unified School District Public School District 5,958,022 1.66 % 1,256,822 1.64 % 7 Sila Nanotechnologies An Engineered Materials Company 5,268,408 1.47 % 1,022,529 1.34 % 8 Abbott Diabetes Care Healthcare Industry 4,992,926 1.39 % 876,511 1.15 % 9 Peets Coffee & Tea Coffee Roaster and Retailer 4,761,440 1.33 % 922,398 1.21 % 10 San Leandro Health System Hospital, Medical and Emergency Services 4,478,097 1.25 % 861,205 1.13 % Top 10 Customers KWHS 75,827,978 21.12 % $ 14,879,184 19.44 % Total Kilowatt Hour Sales System Totals 359,048,185 100 % $ 76,525,668 100 % City of Alameda
Alameda Municipal Power
Top 10 Customers
For the Fiscal Year Ended June 30, 2025
207
(in Thousands)
Total Governmental Total Business
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
$—
$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
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 39,755,179 2025 3,307,636 4,766,501 14,470,024 16,377,430 (D) 38,921,591 Business-Type Activities
Fiscal Year COPS & Revenue Bonds
Loans & Lease
Purchases Total
Total Primary
Government
Percentage of
Personal Income (A) Per Capita (A)
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 35,878,793 448,878 36,327,671 73,324,736 1.98 % 924.46 2020 34,160,196 (B) 291,527 34,451,723 68,763,984 1.80 % 845.68 2021 32,356,599 (B) 196,836 32,553,435 64,039,586 1.55 % 791.75 2022 30,468,002 (B) 99,682 30,567,684 58,984,883 1.34 % 758.32 2023 28,449,408 (B) 2,657,081 (C) 31,106,489 59,526,001 1.24 % 770.19 2024 26,310,811 (B) 2,387,805 (C) 28,698,616 68,453,794 1.30 % 876.81 2025 24,052,214 (B) 2,104,031 (D) 26,156,245 65,077,836 1.17 % 823.56 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. (D) Includes the Subscription Liabilities balance beginning in FY 2024-25.

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
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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
2016 $ 9,960,000 $ 8,270,000 $ 428,011 $ — $ 18,658,011 0.17 % $ 235.35 2017 9,210,000 7,925,000 397,025 17,532,025 0.15 % 219.35 2018 8,435,000 7,570,000 366,039 (930,503) 15,440,536 0.12 % 195.79 2019 7,630,000 7,205,000 335,053 (978,478) 14,191,575 0.10 % 178.92 2020 6,795,000 6,825,000 304,067 (978,860) 12,945,207 0.09 % 159.20 2021 5,925,000 6,435,000 273,081 (1,032,965) 11,600,116 0.07 % 143.42 2022 5,015,000 6,030,000 242,095 (1,019,139) 10,267,956 0.06 % 132.01 2023 4,430,000 5,615,000 211,109 (1,075,210) 9,180,899 0.05 % 118.79 2024 3,820,000 5,185,000 180,123 (1,106,814) 8,078,309 0.04 % 103.47 2025 3,185,000 4,740,000 149,137 (1,164,337) 6,909,800 0.03 % 87.44 Source: City of Alameda Finance Department
City of Alameda
Ratio of General Bonded Debt Outstanding
Last Ten Fiscal Years
209
2024-25 Assessed Valuation: $ 20,367,337,898
DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT:

Total Debt
6/30/25 % Applicable (A)
City's Share of
Debt 6/30/25
Alameda County $ 478,925,000 4.843 % $ 23,194,338
Bay Area Rapid Transit District 2,391,260,000 1.944 % 46,486,094 Peralta Community College District 492,130,000 13.068 % 64,311,548 Alameda Unified School District 302,935,142 100.0 % 302,935,142 East Bay Regional Park District 145,930,000 3.032 % 4,424,598 City of Alameda 2013 General Obligation Refunding Bonds 4,766,500 100.0 % 4,766,500 City of Alameda Facilities District No. 13-1 36,700,000 100.0 % 36,700,000 City of Alameda Facilities District No. 22-1 17,470,000 100.0 % 17,470,000 Alameda Healthcare Parcel Tax 13,390,000 100.0 % 13,390,000

TOTAL NET DIRECT AND OVERLAPPING TAX AND
ASSESSMENT DEBT $ 513,678,220
DIRECT AND OVERLAPPING GENERAL FUND DEBT:

Alameda County and Coliseum Authority General Fund Obligations $ 622,687,500 4.843 % $ 30,156,756 Alameda-Contra Costa Transit District Certificates of Participation 9,600,000 5.697 % 546,912 Peralta Community College District Pension Obligations 107,467,802 13.068 % 14,043,892 Alameda Unified School District General Fund Obligations 4,293,000 100.0 % 4,293,000 City of Alameda General Fund Obligations 24,275,660 100.0 % 24,275,660 City of Alameda SBITAs (Governmental Activities) 2,919,326 100.0 % 2,919,326 City of Alameda Loans and Leases from Direct Borrowing 7,158,104 100.0 % 7,158,104

TOTAL OVERLAPPING GENERAL FUND OBLIGATION
DEBT $ 83,393,650
OVERLAPPING TAX INCREMENT DEBT (Successor Agency): $ 38,285,000 100.0 % $ 38,285,000 Total Direct Debt $ 39,119,590
Total Overlapping Debt $ 596,237,280
COMBINED TOTAL DEBT $ 635,356,870 (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 2024-25 Assessed Valuation:

Direct Debt ($4,766,501) 0.02 %
Total Direct and Overlapping Tax and Assessment Debt 2.52 % Total Direct Debt ($39,119,591) 0.19 %
Combined Total Debt 3.12 %
Ratios to Redevelopment Successor Agency Incremental Valuation ($4,664,888,901):

Total Overlapping Tax Increment Debt 0.82 %
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, 2025
210
ASSESSED VALUATION:

Secured property assessed value, net of exempt real property $ 19,481,692,839 BONDED DEBT LIMIT (15% OF ASSESSED VALUE) (A) $ 2,922,253,926 AMOUNT OF DEBT SUBJECT TO LIMIT:

Total Bonded Debt $ 46,596,375
Less:

Revenue Bonds 38,522,238
Certificates of Participation 3,307,636
Amount of debt subject to limit 4,766,501
LEGAL BONDED DEBT MARGIN $ 2,917,487,425
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
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 2,554,012,579 0.22 %
2024 2,774,357,369 5,216,968 2,769,140,401 0.19 %
2025 2,922,253,926 4,766,501 2,917,487,425 0.16 %
(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, 2025
211

Coverage
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

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
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 2025 14,047,086 3,314,513 10,732,573 440,000 326,919 766,919 13.99 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
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

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
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 2025 81,920,888 3,458,580 69,490,564 8,971,744 1,815,000 784,656 2,599,656 3.45 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
201620172018 2019202020212022 202320242025
4%
5%
6%
Thousands
Per Capita Personal Income
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
30 35
40 45
50 55
60 65
70 75
80 Thousands
Alameda County Population
2016201720182019202020212022202320242025
1,480
1,500
1,520
1,540
1,560
1,580
1,600
1,620
1,640
1,660
1,680
Unemployment Rate (%)
2016201720182019202020212022202320242025

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
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% 2025 79,020 5,553,945,000 70,285 4.7% 1,662,482 4.75% Source: California State Department of Finance
City of Alameda
Demographic and Economic Statistics
Last Ten Fiscal Years
214
2024-25 2015-16
Employer
Number of
Employees Rank
Percentage of
Total City
Employment
Number of
Employees Rank
Percentage of
Total City
Employment
Penumbra, Inc. 1848 1 2.34 % 858 2 1.08 %
Alameda Unified School District 1695 2 2.15 % 876 1 1.10 % Exelixis 749 3 0.95 %
Alameda Alliance for Health 670 4 0.85 % 694 4 0.88 % City Of Alameda 584 5 0.74 % 518 6 0.65 %
Sila Nanotechnologies 407 6 0.52 %
World Market Management
Services 383 7 0.48 %
Safeway Stores 365 8 0.46 % 480 8 0.61 %
Bay Ship & Yacht Company 340 9 0.43 %
Webcor Craft 295 10 0.37 %
VF Outdoor 751 3 0.95 %
Oakland Raiders 604 5 0.76 %
Abbott Diabetes Care 512 7 0.65 %
Wind River Systems 447 9 0.56 %
Kaiser Foundation Health Plan 425 10 0.54 %
Subtotal 7,336 9.29 % 6,165 7.78 %
Total City Day Population 79,020 79,277
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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
0 100
200
300
400
500
600
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Function
General Government 40.62 50.47 51.97 44.70 47.75 48.75 54.00 66.20 69.00 70.00 Public Safety 229.00 229.00 233.00 233.00 239.00 239.00 241.00 248.00 250.00 250.00 Public Works 70.65 62.90 62.40 73.75 74.75 74.75 82.00 83.00 86.00 86.00 Community Development (A) 41.00 41.38 43.38 40.30 40.25 41.25 43.00 42.00 45.00 45.00 Community Services (B) 39.98 41.00 43.00 43.00 46.00 48.00 52.00 53.00 55.00 55.00 Alameda Municipal Power 96.75 96.25 97.25 98.25 95.25 95.25 94.25 91.00 91.00 91.00 Total 518.00 521.00 531.00 533.00 543.00 547.00 566.25 583.20 596.00 597.00 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
2016 2017 2018 2019
General Information
Area in square miles 22.7 22.7 22.7 22.7
Number of registered voters 46,055 48,074 47,367 49,036 Number of Hospitals 1 1 1 1
Education:

Student enrollment 9,455 9,481 9,502 9,380
Elementary schools 10 10 9 9
Junior high schools 2 2 4 4
High schools 3 4 4 4
Continuation schools 1 1 1 1
Independent study 1 1 1 1
Teachers (full & part time) 626 713 610 686
Function/Program
Fire:

Fire calls for service 6,860 7,410 7,378 7,027
Primary fire inspections conducted 1,617 1,058 1,814 1,685 Police:

Police calls for Service 74,517 67,832 68,074 74,369 Law violations:

Part I and Part II crimes 4,494 4,638 5,133 4,816
Group A and Group B crimes (C)
Physical arrests (adult and juvenile) 2,127 2,024 1,674 1,370 Traffic violations 8,334 9,058 7,807 6,248
Sewer
Storm drain inlets 2,951 2,951 2,951 4,914
Sewer service connections 19,454 19,454 19,454 19,926 Solid Waste
Refuse Landfill (tons per year) 28,742.07 28,420.00 27,170.35 27,240.21 Recyclables Processed (tons per year) 17,016.32 24,303.00 24,736.97 25,309.57 City of Alameda
Operating Indicators by Function/Program
Last Ten Fiscal Years
218
Fiscal Years
2020 2021 2022 2023 2024 2025

22.7 22.7 22.7 22.7 22.7 22.7
52,339 50,162 50,108 50,717 51,526 52,843
1 1 1 1 1 1
9,504 9,952 8,981 8,830 9,061 9,292
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
548 531 502 500 490 494
7,274 6,990 7,963 9,478 9,869 9,887
1,071 903 1,873 2,896 2,987 2,954
67,141 51,259 60,615 65,435 67,089 60,921
4,814 4,487 5,135 6,356
1,249 776 1,002 977 977 1,219
4,486 569 3,655 4,007 3,545 5,784
4,914 4,994 4,969 5,023 5,082 5,000
19,965 21,164 21,235 20,066 20,076 20,089
25,858.95 25,648.18 26,580.71 25,848.43 25,162.75 25,047.82 24,754.42 25,886.59 24,947.21 24,855.10 24,171.82 24,171.82 City of Alameda
Operating Indicators by Function/Program
Last Ten Fiscal Years
219
Fiscal Years
2016 2017 2018 2019
Planning & Building:

Number of Building Permits issued 4,018 3,677 3,832 3,722 Recreation and Parks (A):

Youth & Teens:

Number of youth programs (B) 277 268 299 625
Number of youth attendees 29,920 22,603 23,750 41,108 Seniors:

Number of senior programs 177 216 233 272
Number of senior attendees 137,143 136,092 131,213 113,838 Number of meals served 3,021 5,340 5,963 5,472
Library:

Volumes in Collection (thousands) 215 219 219 139
Total Volumes Borrowed (thousands) 456 392 424 403
Finance:

Number of Business Licenses issued 5,169 6,068 6,948 7,168 Alameda Municipal Power:

Number of electric customers 34,494 34,648 34,790 35,396 Number of kilowatt hours sold 348,819,863 343,765,738 335,025,903 332,129,079 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
2020 2021 2022 2023 2024 2025
3,401 3,734 4,255 3,829 3,634 3,439
625 868 770 835 940 967
41,108 14,168 13,285 15,346 16,676 22,546
272 114 125 180 305 429
113,838 21,156 51,988 78,227 95,274 193,191
5,472 7,575 9,809 13,232 13,452 14,354
221 219 222 220 201 195
362 234 493 550 588 759
8,846 6,279 8,357 7,502 8,243 8,302
36,067 36,201 35,728 36,643 38,685 37,132
341,782,742 333,933,030 326,402,131 350,531,519 345,891,484 359,048,185 City of Alameda
Operating Indicators by Function/Program
Last Ten Fiscal Years
(Continued)
221
Fiscal Years
2016 2017 2018 2019
Function/Program
Fire:

Fire stations 4 4 4 4
Police:

Police stations 1 1 1 1
Public works:

Miles of streets 138 120 125 125
Miles of bike lanes 15 26 28 49
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 6,609
Traffic Signals 87 86 87 86
Wastewater
Miles of sanitary sewers 143 143 142 142
Miles of storm sewers 70 126 126 126
Recreation and Parks:

City parks 32 32 32 35
City parks acreage 152 152 152 192
Playgrounds 12 12 12 13
City trails/Bike paths (A) 13 13 13 14
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 1
Synthetic Turf Challenger Baseball Field 1
Golf Course (E)
Library:

City Libraries 3 3 3 3
Alameda Municipal Power:

Miles of lines 263 264 273 273
Street lights 5,470 5,470 (F) (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
2020 2021 2022 2023 2024 2025
4 4 4 4 4 4
1 1 1 1 1 + Annex 1 + Annex
125 125 147 140 140 148
31 50 19 19 21 22
35 6
13 18 18 18 18
6,609 6,800 6,850 7,011 7,224 7,109
86 89 90 89 89 89
142 142 142 148 148 142
126 126 126 126 126 129
35 35 36 36 36 36
192 204 206 206 206 206
13 15 16 17 17 17
14 N/A N/A N/A N/A N/A
13 15 15 15 15 15
1 1 1 1 1 1
2 2 2 2 2 2
16 20 20 23 23 23
18 18 18 18 18 18
3 11 11 11 11 11
1 1 1 1 1 1
1 1 1 1 1 1
1 1 1 1 1
3 3 3 3 3 3
280 282 286 289 291 295
(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