Agenda packet — Belmont City Council, November 26, 2024 (part 1 of 2)

CITY OF BELMONT

CITY COUNCIL
www.belmont.gov

CITY COUNCIL REGULAR MEETING AGENDA
Tuesday, November 26, 2024
6:00 PM
City Council Chambers
City Hall, One Twin Pines Lane, Belmont, California
MEETING ATTENDANCE:

Council meetings, unless otherwise noted, are broadcast live to Belmont residents on

1. Comcast Cable Channel 27

2. Streamed live via the City’s website at Belmont.gov,

3. ZOOM https://belmont- gov.zoom.us/ Meeting ID: 95745673035

4. Public may attend the meeting in the Council Chambers, Belmont City Hall 2nd floor PUBLIC COMMENT:

Public in the Council Chamber present the Clerk a request to speak slip found at the table at the rear of the chamber.

If participating virtually use the Raise Hand feature to request to speak.

For dial- in comments, call *67 1-(669) 900-6833 (your phone number will appear on the live broadcast if *67 is not dialed prior to the phone number), enter Meeting ID: 95745673035, and press *9 to request to speak.

All public comments are subject to a 3-minute time limit unless otherwise determined by the Chair.

If you wish to submit written public comment, you may send an email to [email protected] before the council considers the item. Please indicate the agenda item topic or agenda item number you wish to comment on in your email’s subject line. Any public comment regarding agenda items that are received from the time of publication of the agenda and 3 hours before the start of the meeting will be distributed to the Council prior to the meeting and made part of the meeting record. Written public comments will not be read during the Council meeting.

The Mayor has the authority to rule any speaker out of order, including speakers during the Public Comment period; If the subject raised is not within the subject matter jurisdiction of the City Council, during a public hearing or a general business item if the speaker is not presenting testimony or evidence relevant to the matter or if the speaker becomes disruptive to the proceedings and conduct of the meeting.

The Mayor also has the authority to order any person who willfully interrupts the meeting to be removed. All persons are expected to conduct themselves with civility and courtesy at all times. All 1 1. CALL TO ORDER

2. ROLL CALL

3. CLOSED SESSION
A. Conference with Labor Negotiators (Govt Code Section 54957.6) Agency designated representatives: Afshin Oskoui, City ManagerEmployee organization:

Mid-Management Confidential Employee Association (MMCEA) and Belmont Police Officers Association (BPOA)

4. PLEDGE OF ALLEGIANCE

5. REPORT FROM CLOSED SESSION

6. SPECIAL PRESENTATIONS
A. San Mateo County Library Annual Report

7. PUBLIC COMMENTS ON ITEMS NOT ON THE AGENDA

8. COUNCILMEMBER ANNOUNCEMENTS

9. CONSENT BUSINESS
A. Approval of Minutes
B. Belmont Library Exterior Improvement CCN 2024-632 and Belmont Library Interior Improvements CCN 2024-633
persons giving comments shall speak directly to the Council and address issues, not individuals.

Personal attacks, cursing and outbursts from the audience in support or opposition to a speaker are not tolerated in order to foster an environment where everyone feels welcome to speak.

REGULAR MEETING ITEMS
This portion of the meeting is reserved for persons wishing to address the Body on any City matter not on the agenda. The period for public comment at this point in the agenda is limited to 15 minutes, with a maximum of 3 minutes per speaker. Speakers who requested but did not receive an opportunity to speak during this comment period will be given an opportunity to address the Body later in the meeting. State law prohibits the Body from acting on non-agenda items.

Consent business items are considered to be routine in nature and will be enacted by one motion. There will be no separate discussion on these items unless a member or staf request specific items to be removed for separate action.

The City Attorney will read the title of ordinances to be adopted.

Recommendation: Consider modifications and approve minutes Attachment(s):

October 22, 2024
November 12, 2024
Recommendation: Adopt a motion authorizing the City Manager to 1) award a contract to Satellite Painting for $42,800 plus a 10% contingency for a total not to exceed $47,080 for the painting of the exterior of the Belmont Library, City Contract Number 2024-632, and 2) approve plans and specs and award a contract with OnPoint Construction for $391,577 plus a 2 C. Service Agreement with Bamacor, Inc. for Custodial Services D. Manor Roof Replacement Project Notice of Completion
E. 2024 Slurry Seal Pavement Project Notice of Completion F. San Juan Sanitary Sewer Pump Station and Force Main Rehabilitation Project Design G. Monthly Financial Reports - July, August, and September 2024 15% contingency for a total not to exceed $450,313 for the flooring replacement and painting of the interior of the Belmont Library, City Contract Number 2024-633.

Attachment(s):

Staff Report
Attachment A
Recommendation: Approve a motion authorizing the City Manager to negotiate and execute a Services Agreement for an amount not to exceed $188,274 plus a 10% contingency for a total not to exceed $207,101 for a period of six months (January 2025 - June 2025) with Bamacor, Inc. for custodial services for City facilities, with a clause to permit renewal for up to four (4) additional one-year terms with annual CPI increases subject to annual budget appropriations.

Attachment(s):

Staff Report
Recommendation: Adopt a resolution accepting work and authorizing the issuance of a Notice of Completion for the Manor Roof Replacement Project, City Contract Number (CCN) 2023-629, Recording of Notice of Completion and Release of Retention 35 days after Recording Notice of Completion.

Attachment(s):

Staff Report
Resolution
Recommendation: Adopt a resolution accepting the construction work and authorizing the issuance of a Notice of Completion for the 2024 Slurry Seal Pavement Project, City Contract Number 2024-630, Recording of Notice of Completion, and Release of Retention 35 days after Recording Notice of Completion
Attachment(s):

Staff Report
Resolution
Exhibit B - 2024 Slurry Seal Pavement Project Street Segments Recommendation: Adopt a motion authorizing the City Manager to negotiate and execute an agreement with Schaaf & Wheeler Engineers for design, bidding, and engineering services during construction for the San Juan Sanitary Sewer Pump Station and Force Main Rehabilitation Project in an amount of $499,305
Attachment(s):

Staff Report
Attachment A - Design Proposal
Attachment B - San Juan Pump Station and Force Main Location Recommendation: Motion to approve July, August, and September 2024 Monthly Financial Reports
Attachment(s):
3 H. Annual Report on Receipt and Use of Development Impact Fees, In-Lieu Fees, and Linkage Fees for Fiscal Year 2023-24

10. PUBLIC HEARINGS
A. Revise Maximum Rates for Solid Waste Collection Services for Calendar Year 2025

11. GENERAL BUSINESS
A. Report from Audit Committee and Measure I Committee for Fiscal Year Ending June 30, 2024
B. Twin Pines Park Belmont Creek Restoration Project, Phase One (Project No. 3218) Monthly Financial Reports - July 2024
Monthly Financial Reports - August 2024
Monthly Financial Reports - September 2024
Recommendation: Adopt a Resolution to make certain findings and accept the annual report on receipt and use of development impact fees, in-lieu fees, and linkage fees for the fiscal year ended June 30, 2024
Attachment(s):

Staff Report
Resolution
Exhibit A - Development Impact Fees Annual Report FY 2023-24 Exhibit B - Public Improvement Project Expenditures Five-Year Plan Recommendation: Adopt a resolution revising the maximum rates that may be charged by Recology of San Mateo County for solid waste, recyclable materials, and organic materials collection services effective January 1, 2025
Attachment(s):

Staff Report
Resolution
Attachment B - Recology 2025 Rate Application
Attachment C - HDR Inc Report - Solid Waste Rate Analysis Attachment D - Prop 218 Notice
General Business items are considered separately, typically in the order listed. The chair will call for public comment on each item when the body considers the item.

Recommendation:

1. The Audit Committee recommends the City Council receive the financial reports and recommendations of the City’s independent auditor for the fiscal year ended June 30, 2024; and

2. Receive Annual Measure I Advisory Committee Report for the fiscal year ended June 30, 2024
Attachment(s):

Staff Report
ACFR, including Transmittal Letter
Memorandum on Internal Control
Required Communications
Financial Policies Updates Memorandum
Measure I Fund Financial Statements
4 12. BRIEF VERBAL REPORTS FROM MEMBERS AND STAFF

13. MATTERS OF INTEREST/CLARIFICATION

14. ADJOURNMENT
Recommendation:

1. Approve plans and specifications, and authorize the City Manager to execute a construction contract with the lowest responsible bidder in an amount not to exceed $570,000, which includes a ten percent construction contingency, for tree removal work associated with the Twin Pines Park Belmont Creek Restoration Project, Phase One (Project 3218), City Contract No. 2024-064, and

2. Approve plans and specifications, and authorize the City Manager to execute a construction contract with the lowest responsible bidder for an amount not to exceed $2,335,000, which includes a ten percent contingency, for the construction of the Twin Pines Park Belmont Creek Restoration Project, Phase One (Project 3218), City Contract No. 2024-065; and

3. Adopt the Mitigated Negative Declaration and Mitigation Monitoring and Reporting Program, per requirements of the California Environmental Quality Act (CEQA), for the Twin Pines Park Belmont Creek Restoration Project, Phase One (Project 3218); and

4. Authorize the City Manager to negotiate and execute a professional services agreement for construction management and inspection of the project in an amount not to exceed $200,000; and

5. Authorize the City Manager to execute Amendment 1 to the funding agreement for the project between the City of Belmont, City of San Carlos, and the County of San Mateo; and

6. Authorize budget appropriations to the Twin Pines Park Belmont Creek Restoration Project, Phase One (Project 3218), to reflect full project funding at $3,967,600.

Attachment(s):

Staff Report
Resolution
Amendment No.1 to Funding Agreement with San Carlos and County-11.12.24 Belmont Crk-MND-MMRP-Nov 2024
A. Verbal report from Councilmembers on Intergovernmental (IGR) and Subcommittee Assignments
B. Verbal report from City Manager
Items in this category are for discussion and direction to staf only. However, Council/Board may take final action on an item if there is no need for additional staf analysis.

If you need assistance to participate in this meeting, please contact the City Clerk at (650) 595-7413. Notification in advance of the meeting will enable the City to make reasonable arrangements to ensure accessibility to this meeting.

Meeting information can also be accessed via the internet at:www.belmont.gov. All staf reports will be posted to the web in advance of the meeting, and any writings or documents provided to a majority of the City Council/District Board or Commission regarding any item on this agenda will be made available for public inspection in the City Clerk's Of ice, One Twin Pines Lane, during normal business hours and at the Council Chambers at City Hall, Second Floor, during the meeting.

AGENDA POSTING: I declare a copy of this agenda was posted at City Hall, One Twin Pines Lane, and the City's website www.belmont.gov on ,by . /s/
5 City Council Meeting Minutes
October 22, 2024

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CITY COUNCIL MEETING MINUTES
City Council Chambers, City Hall, One Twin Pines Lane, Belmont, California TUESDAY, OCTOBER 22, 2024
6:00 PM
CALL TO ORDER: 6:30 P.M.

ROLL CALL:

CLOSED SESSION
A. Conference with Labor Negotiators (Govt Code Section 54957.6) Agency designated representatives: Afshin Oskoui, City Manager
Employee organization: Mid-Management Confidential Employee Association (MMCEA) and Belmont Police Officers Association (BPOA)
Adjourn to regular Council business at this time being 7:00 p.m.

REGULAR BUSINESS CALL TO ORDER 7:06 p.m.

PLEDGE OF ALLEGIANCE
Led by Mayor Mates

REPORT FROM CLOSED SESSION
No reportable action was made from the earlier held closed session.

SPECIAL PRESENTATIONS [none]

PUBLIC COMMENTS ON ITEMS NOT ON THE AGENDA
Steve Peckler commented on safety and quality of life concerns in the area of Clipper and Concourse Streets.

COUNCILMEMBER ANNOUNCEMENTS
Councilmembers announced upcoming regina events and local holiday community events.

CONSENT BUSINESS
Approval of Minutes, City Council September 10, 2024, City Council September 24, 2024 City Council October 8, 2024
Resolution 2024-73 to 1) authorize the City Manager to negotiate and execute a Task Order with Parametrix to provide design, bid and construction support engineering services for the Belmont Village Bicycle Improvement Project Phase 2 for an amount not to exceed $53,480, and 2) authorize a budget appropriation to the Belmont Village Bicycle Improvement Project in the amount of $530,000, to be funded by $330,000
Resolution 2024-74 authorizing the City Manager to negotiate and execute an amendment to the Service Agreement with Eaton & Associates for managed information technology services that aligns the existing compensation and terms for City and Police Department services to a new term of twenty-four 6 City Council Meeting Minutes
October 22, 2024

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months with no increases to fees and an option to extend the agreement for an additional twelve months.

Motion to authorize the City Manager to negotiate and execute an amended agreement with Granicus LLC for the purchase of the “Service Cloud” product to redesign the City’s website and the associated annual subscription fees for the product and to retain GovDelivery, GovMeetings, CampaignDocs, Service Request Management, Open Platform Suite, Peak Agenda Management, Encoding Appliance, and all other products as part of the Granicus software solutions suite used by the City, in an amount not to exceed $384,897 over five-years.

ACTION: On a motion made by Councilmember McCune and seconded by Councilmember Hurt the Consent Business items were unanimously approved by a roll call vote (5-0).

PUBLIC HEARINGS [none]

GENERAL BUSINESS
City Owned Property Status and Disposition Options
Housing and Economic Development Manager Liebermann provided an overview of three city-owned residential properties at 730 El Camino Real, 503 Crest View Drive, and 1000 O’Neill Avenue (Emmett House) uses and the City’s current responsibilities and challenges regarding the properties. He concluded his presentation and seeking Council direction in exploring the disposition of one or more of the properties and preferences on the options for potential disposition of the Emmet House property.

Public Comment, provided by Laura Bliss and Andrew Fisch in support of preserving the group home model.

Council discussion ensued. Council concurred to begin the disposition process and keeping the continuity of the use ensured via deed restriction for the properties at 730 El Camino Real and 503 Crest View Avenue. Council requested more information on the options for 1000 O’Neill Ave (Emmett House).

BRIEF VERBAL REPORTS FROM MEMBERS AND STAFF
Verbal report from Councilmembers on Intergovernmental (IGR) and Subcommittee Assignments Councilmembers reported on their assignments.

Verbal report from City Manager
City Manager Oskoui commended the Belmont Finance Department for their continued excellence and achieving the Government Finance Officers Association of the United States (GFOA) Distinguished Budget Presentation Award for the fourth consecutive year.

MATTERS OF INTEREST/CLARIFICATION [none]
ADJOURNMENT at this time being 7:35 pm
Submitted by,
Jozi Plut, City Clerk
7 City Council Meeting Minutes
November 12, 2024

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CITY COUNCIL MEETING MINUTES
City Council Chambers, City Hall, One Twin Pines Lane, Belmont, California TUESDAY, NOVEMBER 12, 2024, 7:00 PM
This meeting was continued to November 26, 2024 due to lack of Quorum PUBLIC HEARINGS (Item continued)
Revise Maximum Rates for Solid Waste Collection Services for Calendar Year 2025 Adopt a resolution revising the maximum rates that may be charged by Recology of San Mateo County for solid waste, recyclable materials, and organic materials collection services effective January 1, 2025
Submitted by,
Jozi Plut, City Clerk
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Belmont Library Exterior Improvement CCN 2024-632 and Interior Improvements CCN 2024-633

STAFF REPORT
Meeting Date: November 26, 2024
Agency: City of Belmont
Staff Contact: Brigitte Shearer, Parks and Recreation Director, (650) 595-7488, [email protected]
Agenda Title: Belmont Library Exterior Improvement CCN 2024-632 and Belmont Library Interior Improvements CCN 2024-633
Agenda Action: Motion
Recommendation
Adopt a motion authorizing the City Manager to 1) award a contract to Satellite Painting for $42,800 plus a 10% contingency for a total not to exceed $47,080 for the painting of the exterior of the Belmont Library, City Contract Number 2024-632, and 2) approve plans and specs and award a contract with OnPoint Construction for $391,577 plus a 15% contingency for a total not to exceed $450,313 for the flooring replacement and painting of the interior of the Belmont Library, City Contract Number 2024-633.

Strategic Focus Area
Infrastructure and Mobility
Background
The Belmont Library was rebuilt and opened in April 2006. The 20,000 square foot project was built with funds secured through a partnership between San Mateo County Libraries (SMCL) and the City of Belmont with substantial support from local businesses and non-profits including the Friends of the Belmont Library, the Taube Foundation, the Belmont Rotary Club, and Oracle. The project resulted in a beautiful facility that is a true asset to the community. The building and three-acre land parcel are owned and maintained by the City of Belmont and library operations managed by SMCL.

The Belmont Library is one of the most popular libraries in the SMCL network. Its diverse portfolio of services and proximity to Belmont schools makes it a popular destination. The library is open 61 hours per week and has between 17,000 and 20,000 visitors per month.

Currently, there is $500,000 budgeted for the Belmont Library’s interior and exterior painting as well as a flooring replacement under Capital Improvement Program (CIP) project# 8087, with funding coming from the Library Maintenance and Operation Fund.

Analysis
The Belmont Library was built 18 years ago and has operated efficiently since then. To date, improvements to the lighting system, energy efficiency projects, installation of an automated book sorting machine, and small repairs due to normal wear and tear have been completed. Now, the building’s age, 9

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Belmont Library Exterior Improvement CCN 2024-632 and Interior Improvements CCN 2024-633 consistent heavy foot traffic, and its ongoing adaptation to meet the changing needs of the community necessitate more extensive improvements to its interior and exterior. The existing carpeting is failing in multiple locations, the perimeter and staff work area walls need repainting, acoustical panels need replacing, and the exterior walls need refreshing.

San Mateo County Libraries (SMCL) has engaged Noll & Tam Architects to develop a new flooring layout and interior and exterior color schemes. New paint and flooring will give the already beautiful Belmont Library a refreshed, modern look while preserving its charm. The carpet, inspired by the texture of bark, connects the space to its local natural surroundings. Together with updated paint and acoustical wallcoverings and, upon completion of the painting, flooring, and new furnishings, these changes will make the Library feel new and inviting, enhancing its appeal for visitors. To allow contractors to work as efficiently as possible, the interior work will require the closure of the Library for several weeks. The exterior painting may occur first, weather- and contract processing-permitting.

As the owner of the building, the City is responsible for executing these building improvements. SMCL will manage the removal of some cabinetry, shelving and wall-mounted items, temporary relocation of its collection, selected shelving, and equipment, and will install new furnishings upon project completion.

Some library programs will be relocated to City facilities.

Procurement
The City issued Invitations for Sealed Bids for the Interior and Exterior projects on September 26 and September 30, respectively. Mandatory pre-bid meetings were held on October 16. The bid openings took place on October 29, 2024. The City received 9 bids for the exterior painting and 6 bids for the interior improvements. Both projects received multiple bids below the engineer’s estimate. For the interior improvement project, the City rejected the lowest monetary bid due to material omissions on the bid form.

Subsequently, The City has selected the lowest responsive and responsible bidder in each case.

Approval of the motion will approval of plans and specifications for interior improvements and award contracts with Satellite Painting for painting the exterior of the Belmont Library for a total amount not to exceed $47,080 which includes a 10% contingency, and with OnPoint Construction for flooring replacement and painting of the interior of the Belmont Library for a total amount not to exceed $450,313 which includes a 15% contingency.

Alternatives

1. Take No Action

2. Refer to staff for more information
Attachments

A. Improvements prepared by Noll & Tam Architects for San Mateo County Libraries System, Belmont Library.

B. Invitation for Bid, including Plans and Specifications 10

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Belmont Library Exterior Improvement CCN 2024-632 and Interior Improvements CCN 2024-633 Fiscal Impact
☐ No Fiscal Impact
☒ Funding Source Confirmed:

Funding is budgeted for the Belmont Library’s interior and exterior painting as well as a flooring replacement under Capital Improvement Program (CIP) project #8087, with funding
coming from the Library Maintenance and Operation Fund.

Source: Purpose: Public Outreach:

Staff Discretionary Action Posting of Agenda

11 Belmont Library Improvements
City Council Meeting
November 26, 2024
12 11/19/2024 Belmont Library Improvements 2
Background
• Library was built in 2006
• Exterior paint update is needed (industry standard: 5-10 years) • Interior improvements include new paint and replacement of carpet and tile flooring in all areas excluding lobby, restrooms, and Taube Room
13 11/19/2024 Belmont Library Improvements 3
New Exterior Paint
14 11/19/2024 Parks & Recreation Monthly Highlights 4
New Interior Look
• Change wall shelving
• Upgrade technology – more
screens, fewer whiteboards
• Renovate staff work area
• Repaint walls
15 11/26/2024 Belmont Library Improvements 5
New Interior Flooring
16

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Service Agreement with Bamacor, Inc.

STAFF REPORT
Meeting Date: November 26, 2024
Agency: City of Belmont
Staff Contact: Brigitte Shearer, Parks & Recreation Director, [email protected]; Cody George, Recreation Manager, [email protected]
Agenda Title: Service Agreement with Bamacor, Inc. for Custodial Services Agenda Action: Motion
Recommendation
Approve a motion authorizing the City Manager to negotiate and execute a Service Agreement for an amount not to exceed $188,274 plus a 10% contingency for a total not to exceed $207,101 for a period of six months (January 2025 – June 2025) with Bamacor, Inc. for custodial services for City facilities, with a clause to permit renewal for up to four (4) additional one-year terms with annual CPI increases subject to annual budget appropriations.

Strategic Focus Area
Fiscal and Organizational Sustainability
Background
The City operates 15 buildings which require custodial services on a regular basis. This service has been provided by Bamacor, Inc. for 30 years under a service agreement which was renewed annually and included modest annual price increases.

The City requires regular and frequent service in all recreation and city facilities and an expanded scope of service to outsource selected tasks. Staff prepared an RFP for custodial services to address the service request and to convert the awarded bid to a Service Agreement. The RFP required a pre-bid walk though of facilities, specified square footage, frequency and timing of service, and tasks to be completed at each facility. Proposals were to include cost of all labor, equipment, and cleaning agents required to complete all tasks, as well as fees to be charged for additional seasonal maintenance and ‘on-call’ service needs.

Analysis
The City’s most recent service agreement with Bamacor Inc. ended on June 30, 2024, but due to changes to the City Code regarding how service agreements are awarded, the City decided to extend their agreement with Bamacor Inc. until December 31, 2024. After new guidelines were in place, staff issued an RFP for custodial services of City facilities and received six responses. Bid results were reviewed and evaluated on the following weighted categories: Company Experience (30%), Quality of Service (30%), Pricing (20%), and Professionalism (20%). The results of bids are as follows:

Bidder Weighted Score (out of 30)
Bamacor, Inc 27.3
17

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Service Agreement with Bamacor, Inc.

Impec Group 23.0
Universal Building Services 21.6
Imperial Maintenance Services 20.2
Consolidated Facility Services 17.9
Aim to Please 16.9
Bamacor, Inc. is considered a responsible bidder and is therefore recommended for approval and authorization to enter into a Service Agreement for a period of six (6) months (January 2025 – June 2025) for custodial services for the City, with a clause to permit renewal for up to four (4) additional one-year terms with annual CPI increases subject to annual budget appropriations.

Alternatives

1. Take no action

2. Refer to staff for alternative direction
Attachments
A. None
Fiscal Impact
☐ No Fiscal Impact
☒ Funding Source Confirmed:

The current fiscal year 2024-25 budget for these services totals $355,250 and is incorporated under the Facilities Management Fund 574, Recreation Fund 205, Library Maintenance and
Operation Fund 206, and Athletic Field Maintenance Fund 207.

Cost for these services is estimated at $172,000 from July to December 2024, plus an estimated not-to-exceed $207,101 under the proposed agreement from January to June 2025, for a total of $379,101. An additional budget appropriation of $23,851 is necessary which will be addressed and incorporated at the mid-year budget review. Funding for subsequent
renewals will be subject to the annual budget development process and will be contingent on Council appropriation.

Source: Purpose: Public Outreach:

Staff Statutory/Contractual Requirement Posting of Agenda 18

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Manor Roof Replacement Project CCN 2023-629, Notice of Completion

STAFF REPORT
Meeting Date: November 26, 2024
Agency: City of Belmont
Staff Contact: Matt Ward, Parks and Facilities Manager
(650) 595-7442, [email protected]
Agenda Title: Manor Roof Replacement Project, City Contract Number (CCN) 2023-629, Notice of Completion
Agenda Action: Resolution
Recommendation
Adopt a resolution accepting work and authorizing the issuance of a Notice of Completion for the Manor Roof Replacement Project, City Contract Number (CCN) 2023-629, Recording of Notice of Completion, and Release of Retention 35 days after Recording Notice of Completion.

Strategic Focus Area
Infrastructure and Mobility
Background
The historic Manor Buildings roof was due for replacement due to age and multiple roof leaks during recent storms. To preserve the building’s style, ceramic roof tiles were replaced with the same type of material. On the flat roof sections not visible to the public, a membrane roof system similar to that previously installed at City Hall and the Twin Pines Senior and Community Center was planned.

Analysis
The Manor Roof Replacement RFP was posted on August 23, 2023, subject to Council approval of this project. A mandatory pre-bid conference was held on September 6, 2023. On September 12, 2023, theCity Council approved the award of City Contract Number 2023-629, Manor Roof Replacement Project, City Contract Number (CCN) 2023-629.

The subject project was advertised in September 2023 and received seven bids. The low bid of $189,500 was below the engineer’s estimate of $220,000. On January 16, 2024, a contract was executed with Barth Roofing, Inc. for $189,500 with a construction contingency of $18,950 for a total amount not to exceed $208,450. Project construction commenced in April 2024. Subsequently, 5 change orders were needed to address unforeseen issues involving stucco and dry rot repairs, additional metal flashing in several areas, and raising the height of the roof door to accommodate the new roofing material. This brought the total cost for the project to $217,997.

The Contractor has completed the project in accordance with the plans and specifications and as modified by the approved change orders and all warranty documents have been received. A final project inspection has been conducted by the City staff, and the work has been deemed complete as of 19

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Manor Roof Replacement Project CCN 2023-629, Notice of Completion September 2024 per the contract requirements, and that the project can be recommended for acceptance by Council and a “Notice of Completion” recorded.

If there are no claims filed within 35 days of recording the Notice of Completion, any final payment due will be released to the Contractor.

Alternatives

1. Take No Action

2. Refer back to staff for further information.

Attachments
A. Resolution
Fiscal Impact
☐ No Fiscal Impact
☒ Funding Source Confirmed: Funding in the amount of $217,997 came from the Manor Roof Replacement Capital Improvement Program (CIP)
project #8111 (399-4-802-8111-9030) with funding from
the General Facilities Fund.

Source: Purpose: Public Outreach:

Staff Statutory/Contractual Requirement Posting of Agenda 20

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RESOLUTION NO. 2024 –

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BELMONT

AUTHORIZING ISSUANCE OF A NOTICE OF COMPLETION FOR THE MANOR ROOF REPLACEMENT PORJECT, CITY CONTRACT NUMBER 2023-629 WHEREAS, Barth Roofing, Inc. has completed the contract work to the satisfaction of the City in accordance with construction plans and specifications; and, WHEREAS, the final contract amount is $217,997; and,
NOW, THEREFORE, the City Council of the City of Belmont resolves as follows:

SECTION 1. Accepts the work as complete.

SECTION 2. Authorizes the Parks and Recreation Department to issue a Notice of Completion to Barth Roofing, Inc.

SECTION 3. Authorizes the City Clerk to issue a Notice of Completion with the San Mateo County Clerk-Recorder’s Office for the Manor Roof Replacement Project, CCN 2023- 629
* * *
ADOPTED November 26, 2024 by the City of Belmont City Council by the following vote:

Ayes:

Noes:

Absent:

Abstain:

ATTEST:

City Clerk Mayor
APPROVED AS TO FORM:

City Attorney
21

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2024 Slurry Seal Pavement Project Notice of Completion - Staff Report

STAFF REPORT
Meeting Date: November 26, 2024
Agency: City of Belmont
Staff Contact: Daniel Matthews, Public Works, (650)637-2985, [email protected] Agenda Title: 2024 Slurry Seal Pavement Project Notice of Completion Agenda Action: Resolution
Recommendation
Adopt a resolution accepting the construction work and authorizing the issuance of a Notice of Completion for the 2024 Slurry Seal Pavement Project, City Contract Number 2024-630, Recording of Notice of Completion, and Release of Retention 35 days after Recording Notice of Completion.

Strategic Focus Area
Infrastructure and Mobility
Background
The City is responsible for the repair and maintenance of approximately 70 centerline miles (140 travel lane miles) of streets. The Public Works Department has implemented best management practices in our pavement preservation program to stretch our available dollars in the most effective way and to select certain streets for pavement projects in order to raise the city’s overall pavement condition index (PCI).

In line with these best management practices, an integral part of the City’s Pavement Management Program is a slurry seal, which is used to extend the life of roadways by 5-7 years in a cost-effective way.

This mixture of emulsified asphalt and fine aggregate fills cracks, restores surface texture, and protects aging asphalt. By applying a slurry seal, the City can postpone more costly repairs while providing a smoother and more visually appealing driving surface.

The project was advertised in April 2024 and received two bids. The low bid came in at $724,026 which was below the engineer’s estimate of $866,370.48. The project was awarded to the most responsible and lowest bidder, American Asphalt Repair & Resurfacing Co., Inc., and construction began in July 2024.

Approximately 30,000 linear feet (5.67 miles) of roadway received a slurry seal treatment. Also installed were new high-visibility thermoplastic striping and asphalt reconstruction in a limited number of areas previously identified by the City Public Works’ Maintenance Team. The list of streets are provided in Attachment B.

The project was funded by multiple sources including the Road Maintenance and Rehabilitation Account (RMRA), Measure I, and Measure W.
22

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2024 Slurry Seal Pavement Project Notice of Completion - Staff Report Analysis
The project started in July and was completed by the middle of September with three Change Orders issued. The final project cost including the change order is $593,402.

The first change order in the amount of $13,377 was to purchase a black rock aggregate for usage in the slurry to improve the aesthetic qualities of the slurry as it is wears in the coming years. In addition, the Public Works Department was able to further lower the cost throughout the project by eliminating sections of asphalt base repair that were determined to be unnecessary by staff and project personnel including the Contractor and Consultant, and reducing or eliminating segments of slurry from portions of roadway which had been recently repaired as a part of a separate project or utility work, or are slated for improvement in the coming years as a condition of a nearby development. The second and third change orders were to account for these changes in quantities and other minor deviations from the estimated quantities.

The Contractor has completed the project construction in accordance with the plans and specifications and as modified by approved change orders. A final project inspection has been conducted by the City staff, and the work has been deemed complete per the contract requirements, and the project can be recommended for acceptance by Council and a “Notice of Completion” recorded.

Alternatives

1. Take no action.

2. Refer back to staff for more information.

Attachments
A. Resolution
B. List of Streets
Fiscal Impact
☐ No Fiscal Impact
☒ Funding Source Confirmed:

Funding in the amount of $593,402 came from the 2024 Slurry Seal Pavement Capital Improvement Program (CIP) Project No. 7074 (399-3-730-7092-9030) and was supported by multiple sources including RMRA, Measure I, and Measure W.

Source: Purpose: Public Outreach:

Staff Statutory/Contractual Requirement Posting of Agenda 23

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RESOLUTION NO. 2024 –

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BELMONT

ACCEPTING THE WORK AND AUTHORIZING THE ISSUANCE OF A NOTICE OF COMPLETION FOR THE 2024 SLURRY SEAL PAVEMENT PROJECT, CITY CONTRACT NUMBER 2024-630 FOR A TOTAL CONSTRUCTION COST OF $593,402.00
WHEREAS, on February 27, 2024, Council approved advertisement for sealed bids and authorizing the award of the 2024 Slurry Seal Pavement Project to the lowest responsible bidder for an amount not to exceed $880,770; and,
WHEREAS, on April 24, 2024, City conducted a bid opening, and the lowest responsible bid came from American Asphalt Repair & Resurfacing Co., Inc in the amount of $724,060; and,
WHEREAS, the construction started on August 5, 2024, and was completed ahead of schedule and below its construction budget.; and,
WHEREAS, the final cost of construction is $593,402.00
NOW, THEREFORE, the City Council of the City of Belmont resolves as follows:

SECTION 1. Accepts the work as complete.

SECTION 2. Authorizes the City Clerk to issue the Notice of Completion to American Asphalt Repair & Resurfacing Co., Inc.

SECTION 3. Authorizes the City Clerk to file Notice of Completion with the San Mateo County Clerk-Record’s office for the 2024 Slurry Seal Pavement Project, City Contract Number 2024-630.
* * *
ADOPTED November 26, 2024 by the City of Belmont City Council by the following vote:

Ayes:

Noes:

Absent:

Abstain:
24

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ATTEST:

City Clerk Mayor
APPROVED AS TO FORM:

City Attorney
25 2024 Slurry Seal Pavement Project Street Segments

ADELAIDE WAY CHRISTIAN DRIVE(N) CHRISTIAN DRIVE (S)

ANITA AVENUE MALCOLM AVE END OF CUL-DE-SAC

ANITA AVENUE MALCOLM AVE EL CAMINO REAL

ANITA COURT ANITA AVENUE END OF CUL-DE-SAC

BELMONT CANYON ROAD HILLCREST DRIVE W NAUGHTON AVE

BELMONT CANYON ROAD W NAUGHTON AVE RALSTON AVENUE WEST
INT

CAMBRIDGE STREET HILLER STREET MARINE VIEW AVENUE

CHEVY STREET BELBURN DRIVE RALSTON AVENUE

CLEE STREET NOTRE DAME AVENUE CHEVY STREET

CORMORANT ROAD SHOREWAY ROAD REDWOOD CITY LIMIT

CORONET BOULEVARD ALAMEDA DE LAS PULGAS LYON AVENUE

COVINGTON ROAD ALAMEDA DE LAS PULGAS
(S) PULLNAN AVE

COVINGTON ROAD PULLMAN AVE ALAMEDA DE LAS PULGAS
(N)

CREST VIEW AVENUE HILLER STREET OLD COUNTY ROAD
DAVIS DRIVE RALSTON AVENUE 10 DAVIS DRIVE

EL VERANO WAY VALDEZ AVE ALAMEDA DE LAS PULGAS

EL VERANO WAY MAYWOOD DRIVE VALDEZ AVE

FURLONG STREET RALSTON AVENUE O'NEILL AVENUE

GRANADA STREET RALSTON AVENUE O'NEILL AVENUE

IRWIN STREET RALSTON AVENUE O'NEILL AVENUE

JUDSON STREET RALSTON AVENUE O'NEILL AVENUE

KITTIE LANE MAYWOOD DRIVE DEAD END

LORI COURT LORI DRIVE END OF CUL-DE-SAC

LORI DRIVE MARSTEN AVENUE END OF CUL-DE-SAC

MIDDLESEX ROAD HILLER STREET IRWIN STREET

MONSERAT AVENUE NEWLANDS AVENUE LINCOLN AVE

MONSERAT AVENUE LINCOLN AVE BUENA VISTA AVE

MONSERAT AVENUE BUENA VISTA AVE CIPRIANI BOULEVARD

OAK KNOLL DRIVE VALLEY VIEW AVENUE END OF CUL-DE-SAC

O'NEILL AVENUE HILLER STREET DAIRY LANE
O'NEILL AVENUE 100' WEST OF FIFTH STREET SIXTH AVENUE (W) OXFORD WAY 192 OXFORD WAY OXFORD CIRCLE

ROXBURY WAY HILLER STREET CAMBRIDGE STREET

SIXTH AVENUE HARBOR BOULEVARD SAN CARLOS CITY LIMIT

SKYMONT DRIVE MARSTEN AVENUE ROBERT AVE

W NAUGHTON AVENUE RALSTON AVENUE CUL-DE-SAC

YORKSHIRE WAY MOUNTAIN VIEW AVENUE MARINE VIEW AVENUE
26

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San Juan Sanitary Sewer Lift Station and Force Main Rehabilitation Project Design Task Order - Staff Report

STAFF REPORT
Meeting Date: November 26, 2024
Agency: City of Belmont
Staff Contact: Bozhena Palatnik, Public Works, 595-7463, [email protected] Agenda Title: San Juan Sanitary Sewer Pump Station and Force Main Rehabilitation Project Design
Agenda Action: Motion
Recommendation
Adopt a motion authorizing the City Manager to negotiate and execute an agreement with Schaaf & Wheeler Engineers for design, bidding, and engineering services during construction for the San Juan Sanitary Sewer Pump Station and Force Main Rehabilitation Project in an amount of $499,305.

Strategic Focus Area
Infrastructure and Mobility
Background
The San Juan Pump Station was originally built in 1956 and is the largest sanitary sewer pump station in the City’s collection system. It is located on San Juan Boulevard and serves approximately 900 properties, as depicted in Attachment B. Typically, a pump station has a useful life of 25 years. In 1997, the pump station had a major rehabilitation. In 2017, the City completed a Pump Station Assessment and Inventory Report, and identified a need to address a number of maintenance and station operational related improvements. The pump station was also found to need additional capacity to more efficiently deal with wet weather impacts.

Also, in 2014, the City conducted a Sewer Force Main Condition Assessment. As part of the assessment work, along the approximately 5,000-foot San Juan 12-inch ductile iron pipe (DIP) force main, portions of the force main were found to have moderate likelihood of failure based on the pipe wall assessment analysis and soil corrosivity survey. As a result, the project will also address the force main replacement/rehabilitation when the sewer pump station is reconstructed.

Analysis
Staff requested a proposal from its on-call consultant, Schaaf & Wheeler Consulting Engineers (Schaaf and Wheeler), to provide design (plan, specification and estimating), bid and construction engineering support for the San Juan Pump Station and Force Main Rehabilitation Project. The Project will provide the following improvements to the pump station:
• New wet well, valve vault, discharge piping, flow meter, pressure transmitter, valves, & bypass pumping connection
• New motor control center (MCC), level sensors, meter/main switchboard, automatic transfer 27

Page 2 of 2 ends

San Juan Sanitary Sewer Lift Station and Force Main Rehabilitation Project Design Task Order - Staff Report switch, distribution, feeders, electrical equipment, and grounding • Replacement of all communications and alarms
• New pumps and mixer
• Replace the generator
• Convert old wet well into overflow storage structure
• Miscellaneous site improvements including fencing, utility relocation, etc. • New force main and rehabilitation of the existing force main for redundancy Schaaf & Wheeler provided a proposal (Attachment A) in the amount not to exceed $499,305. Staff reviewed the proposal and finds the scope and fee acceptable. The scope of services includes the following tasks:

1. Data collection, review, and site visits

2. Utility investigations and potholing

3. Surveying and geotechnical investigation

4. Structural and seismic evaluation of the existing pump station building

5. Design of the improvements

6. Bid and construction support engineering services
Alternatives

1. Take no action.

2. Refer back to staff for further information
Attachments
A. Design Proposal
B. Exhibit of San Juan Pump Station and Force Main Location Fiscal Impact
☐ No Fiscal Impact
☒ Funding Source Confirmed:

Funding has been budgeted in the Capital Improvement
Program (CIP) San Juan Pump Station Rehabilitation Project (Account Number 399-3-730-7089-9030).

Source: Purpose: Public Outreach:

Staff Statutory/Contractual Requirement Posting of Agenda 28 San Juan Pump Station & Force Main Rehabilitation Project Design, Bid and Construction Support Engineering Services October 7, 2024 1 Schaaf & Wheeler

CONSULTING CIVIL ENGINEERS
Scope of Work for the
San Juan Pump Station & Force Main Rehabilitation Project October 7, 2024
Schaaf & Wheeler will provide the following scope of work for the San Juan Pump Station & Force Main Rehabilitation Project. The attached fee estimate for each task is for budgeting purposes; some individual tasks may require more effort than estimated, some less. This scope of services assumes that the following items will be included within the design:

Pump Station:
• New wetwell, valve vault, discharge piping, flow meter, pressure transmitter, valves, & bypass pumping connection. New infrastructure will be placed below grade in front of the existing pump station building to remain. All equipment will be traffic rated for access to the pump station building. • New motor control center (MCC), level sensors, meter/main switchboard, ATS, distribution, feeders, electrical equipment, and grounding.
• Replacement of all communications and alarms.
• New pumps and mixer.
• Evaluate the existing generator with proposed pump station loads, keep existing generator if feasible, or replace if undersized.
• Convert old wetwell into overflow storage structure (may require small sump pump to drain once filled).

Rehabilitate old wetwell structure, remove all existing mechanical equipment, replace miscellaneous appurtenances as necessary.
• Miscellaneous site improvements including fencing, utility relocation, etc.

Force Main:
• Design a new force main from the pump station to the discharge manhole (approx. 4960 LF). • Keep existing force main operation for backup and redundancy if feasible.

Structural Evaluation & Building Upgrades:
• Seismic and condition evaluation of existing pump station building. Complete the appropriate Tier 1 Screening checklists per ASCE/SEI 41 and Level 2 Rapid Visual Screening forms per FEMA P-154. • Prepare evaluation report including current structural condition, and any known structural or seismic deficiencies. The report will include recommended retrofits along with the estimated construction costs to complete the retrofits.
• Prepare structural drawings and specifications for necessary building retrofits. • Replace ventilation system (explosion proof equipment in old wetwell). • Replace all interior and exterior lighting & receptacles (explosion proof equipment in old wetwell). • Design new interior walls, ceiling, & door around toilet to create a small restroom. Assumes construction will be timber and gypsum.

Additional design elements and assumptions are included in the detailed scope of services included below.

Schaaf & Wheeler’s proposed team includes the following subconsultants:
• Frisch Engineering, Inc. for electrical and communications design services. • Cinquini and Passarino, Inc. for topographic surveying and basemapping. • Cotton, Shires & Associates for geotechnical investigations, evaluations, and report. • Peoples Associates Structural Engineers (PASE) for structural evaluation and design. 29 San Juan Pump Station & Force Main Rehabilitation Project Design, Bid and Construction Support Engineering Services October 7, 2024 2 Schaaf & Wheeler

CONSULTING CIVIL ENGINEERS
Task 1: Project Management and Coordination
Schaaf & Wheeler believes staying in regular contact with the City is an effective tool for keeping design projects on track and within budget. Clear communication between the project manager and City staff, along with clear and concise requests for City input early in the project also help keep projects on schedule. Our engineers also prefer to have both City engineering and operations personnel present at meetings in order to get the most realtime comprehensive feedback. Our goal is to produce a work product that all stakeholders have a part in and addresses all concerns and input.

Schaaf & Wheeler will attend a kick-off meeting with City staff to review the scope of work and confirm project schedules. Schaaf & Wheeler will provide project management and internal design reviews for the duration of the project, including attendance at three (3) design review meetings, and routine coordination with the City.

Task 2: Data Collection, Review, and Site Visits
Schaaf & Wheeler will collect existing available information from the City, including as-builts, reports, SCADA data, and any other pertinent data available from the City. The existing data will be reviewed and evaluated.

Schaaf & Wheeler will visit the pump station and force main site with City staff to evaluate and document existing conditions, perform pump drawdown tests, and identify the need for additional testing and monitoring.

Task 3: Utility Coordination
Schaaf & Wheeler and our subconsultants will begin the utility investigation process by obtaining system maps from all known utilities. USA will be contacted during the geotechnical boring process and all marked utilities will be recorded. Schaaf & Wheeler will also coordinate the project with PG&E, communication companies, the MidPeninsula Water District, and other utilities and stakeholders.

Task 4: Surveying & Basemapping
Schaaf & Wheeler’s subconsultant Cinquini & Passarino, Inc. will perform topographic surveys and create a project basemap for the pump station and surrounding area. Surveying will include the manholes immediately upstream of the pump station and the force main discharge manhole so the hydraulics of the system can be accurately analyzed.

Schaaf & Wheeler will develop a project basemap from the previously design San Juan Boulevard gravity sewer replacement project. Additional utility data from USA markings and record drawings from the gravity sewer project will be recorded and included on the basemap for the new San Juan Pump Station Force Main.

Task 5: Preliminary Design
Schaaf & Wheeler’s team will perform preliminary design services to accurately identify existing conditions and the rehabilitation requirements. Specifically the following tasks will be performed:

A. Pump Station Assessment, alternatives, calculations, etc. – Review existing equipment, site layout, availability for expansion, prepare pump station alternatives (equipment, layout, etc.), and calculations to size the pump station equipment.

B. Force Main evaluation, alternatives, calculations, estimates, etc. –This task will include hydraulic calculations and sizing of a new force main.

C. Develop Preliminary Drawings – Preliminary design drawings for the pump station and associated equipment will be prepared for various layout alternatives. Potential issues and utility conflicts will be identified along with proposed approach to mitigate issues and conflicts.

D. Opinion of Probable Construction Cost – Preliminary opinion of probable construction costs will be prepared for the proposed improvements and alternates.

E. Prepare Draft Basis of Design Report – Prepare a basis of design report summarizing engineering calculations, recommended equipment and recommended pump station configuration, incorporating desired station features as determined in our preliminary meeting with City staff. The design report will also take into account any significant findings from the preliminary design tasks. The report will include a more detailed discussion of proposed improvements.

F. Prepare Final Basis of Design Report – Based on feedback and comments from the City, a final preliminary design report will be prepared.
30 San Juan Pump Station & Force Main Rehabilitation Project Design, Bid and Construction Support Engineering Services October 7, 2024 3 Schaaf & Wheeler

CONSULTING CIVIL ENGINEERS
Task 6: Geotechnical Investigation
Once the proposed location of a new wetwell and valve vault has been identified geotechnical investigations will be scheduled. Schaaf & Wheeler’s subconsultant, Cotton, Shires, & Associates, will conduct a geotechnical boring to about 20 to 30 feet in the proposed wetwell location. Geotechnical laboratory testing will be performed including moisture unit weight, Atterberg, sieve, and possibly shear strength testing. The findings of the geotechnical study, boring, and laboratory testing will be summarized in a geotechnical investigation report. The report will make recommendations regarding soil conditions including foundation design, temporary excavation shoring, and construction dewatering.

This scope assumes that the drill spoils will be left on site, additional fee will be necessary if the spoils need to be tested and off-hauled.

Task 7: 65% Design
Following the City’s review and any subsequent revisions to the preliminary design, Schaaf & Wheeler will initiate the detailed design effort which will include detailed site plans, cross sections, plan and profiles of sewer lines, construction details, technical specifications, a construction cost estimate, and a construction schedule. Schaaf & Wheeler will perform an internal QA/QC review of 65% design documents prior to being submitted to the City.

Schaaf & Wheeler will attend a design review meeting with the City to present and review the 65% design documents.

Plans will be prepared in AutoCAD. Deliverables will include electronic files for the project plans, specifications, and construction cost estimate. Following each review, all comments will be addressed and documented.

Task 8: 95% Design
After receiving and reviewing comments from the City, Schaaf & Wheeler will prepare the 95% construction documents. Construction documents will include detailed plans, technical specifications, and engineer’s estimates. Schaaf & Wheeler will perform an internal QA/QC review of 95% design documents prior to being submitted to the City.

Schaaf & Wheeler will attend a design review meeting with the City to present and review the 95% design documents.

Task 9: Final Design
After receiving and reviewing comments from the City Schaaf & Wheeler will prepare the final construction documents. Construction documents will include bid-ready plans, technical specifications, and engineer’s estimates.

Task 10: Bid Support services
Schaaf & Wheeler will provide bid support services which may include attendance at the pre-bid meeting, responding to questions from bidders, prepare addenda, and evaluation of bids.

Task 11: Construction Support
Schaaf & Wheeler will be available to assist the City as desired throughout the construction process. Construction support assistance may include:
• Pre-construction meeting attendance;
• Coordination with the City and Contractor during construction, including meetings if necessary; • Review and approve shop drawings and submittals;
• Review contractor’s request for information (RFIs) and furnish additional drawings and/or specifications for supplementing, clarifying, and/or correcting purposes; • Attend meetings and site visits when necessary (up to three site visits are included in fee estimate); • Assist with the review of construction, and other activities, as required; • Witness factory testing for motor control center (assumes electrical engineer will attend in-person testing) • Witness on-site electrical and instrumentation testing, including:
o Electrical pre-engineering tests
o Electrical pre-operational tests
o Electrical Operational tests
o Commissioning
• Prepare, review, and recommend approval of change orders as required; • Perform final walk through and punch list
31 San Juan Pump Station & Force Main Rehabilitation Project Design, Bid and Construction Support Engineering Services October 7, 2024 4 Schaaf & Wheeler

CONSULTING CIVIL ENGINEERS
 Provide one set of reproducible record drawings that reflect the changes to the work during construction based upon Contractor markups, drawings and other data furnished by the Contractor, City, and Consultants. The record drawings will also be provided in AutoCAD format. GIS shapefiles of the new infrastructure will be created and provided to the City in the City’s desired format.

Assumptions
The scope of work discussed herein was prepared with the following assumptions.

1. It is assumed that the proposed project will be exempt from CEQA and environmental permitting; therefore, this work is specifically excluded from this scope of work.

2. New wetwell and valve vault will be precast structures. If cast-in-place structures are required due to the size and/or shape, structural design can be included for an additional scope and fee.

3. Detailed utility investigations and potholing will not be required. Utility data from previous gravity sewer project and USA data for proposed geotechnical boring will be used for design. If additional investigations and/or potholing is required, it can be added for an additional scope and fee.

4. Assumes structural/seismic retrofit design costs will not exceed $10,000.

5. Assumes that the existing PG&E electric service will be adequate for the proposed upgrades.

Additional scope and budget will be necessary if a new PG&E service is required.

Project Schedule
The proposed project schedule is attached. The schedule has an assumed notice to proceed (NTP) date, the final schedule will be adjusted based on the actual NTP date. The proposed schedule assumes that the City’s review of each submittal will take approximately 2 weeks. 32 San Juan Pump Station & Force Main Rehabilitation Project Design, Bid and Construction Support Engineering Services October 7, 2024 5 Schaaf & Wheeler

CONSULTING CIVIL ENGINEERS
Fee Estimate
Principal Project ManagerSenior EngineerAssistant Engineer Hourly Rate $295 $250 $200
Task 1 Project Management and Coordination 35 27 2 $ 17,475 $ 10,370 $ - $ - $ - $ 1,037 $ 28,882 A Kick-off Meeting 2 2 2 $ 1,490 $ 1,000 $ 100 $ 2,590
B Project Coordination and Review 24 16 $ 11,080 $ 4,570 $ 457 $ 16,107 C Design Review Meetings (3) 9 9 $ 4,905 $ 4,800 $ 480 $ 10,185 Task 2 Data Collection, Review, and Site Visits 6 20 16 $ 9,970 $ - $ - $ - $ - $ - $ 9,970 A Collect & Review Existing Data 2 12 8 $ 5,190 $ - $ 5,190 B Site Visits 4 8 8 $ 4,780 $ - $ 4,780
Task 3 Utility Coordination 2 0 16 $ 3,790 $ - $ - $ - $ - $ - $ 3,790 A Utility Coordination 2 16 $ 3,790 $ - $ 3,790
Task 4 Surveying & Basemapping 4 8 32 $ 9,580 $ - $ 6,716 $ - $ - $ 672 $ 16,968 A Topographic Surveying 2 $ 590 $ 6,716 $ 672 $ 7,978
B Prepare pump station & force main basemap 2 8 32 $ 8,990 $ - $ 8,990 Task 5 Preliminary Design 20 52 64 $ 31,700 $ 9,000 $ - $ - $15,000 $ 2,400 $ 58,100 A Pump Station Assessment, alternatives,
calculations, etc. 4 24 4 $ 7,980 $ 4,500 $ 10,000 $ 1,450 $ 23,930 B Develop Preliminary Drawings 4 8 16 $ 6,380 $ - $ 6,380 C Opinion of Probable Construction Cost 2 4 $ 1,590 $ 500 $ 50 $ 2,140 D Prepare Draft Basis of Design Report 8 12 32 $ 11,760 $ 2,500 $ 3,000 $ 550 $ 17,810 E Prepare Final Basis of Design Report 2 4 12 $ 3,990 $ 1,500 $ 2,000 $ 350 $ 7,840 Task 6 Geotechnical Investigations 2 2 0 $ 1,090 $ - $ - $17,297 $ - $ 1,730 $ 20,117 A Geotechnical Investigations 2 2 $ 1,090 $ 17,297 $ 1,730 $ 20,117 Task 7 65% Design 22 56 82 $ 36,890 $ 40,870 $ - $ - $ 5,000 $ 4,587 $ 87,347 A 65% Plans 16 48 54 $ 27,520 $ 35,000 $ 4,000 $ 3,900 $ 70,420 B 65% Specifications 4 8 24 $ 7,980 $ 4,870 $ 1,000 $ 587 $ 14,437 C 65% Engineer's Estimates 2 4 $ 1,390 $ 1,000 $ 100 $ 2,490 Task 8 95% Design 22 48 76 $ 33,690 $ 26,805 $ - $ - $ 9,000 $ 3,581 $ 73,076 A 95% Plans 16 40 48 $ 24,320 $ 21,000 $ 8,000 $ 2,900 $ 56,220 B 95% Specifications 4 8 24 $ 7,980 $ 4,805 $ 1,000 $ 581 $ 14,366 C 95% Engineer's Estimates 2 4 $ 1,390 $ 1,000 $ 100 $ 2,490 Task 9 Final Design 18 40 70 $ 29,310 $ 8,905 $ - $ - $ 4,000 $ 1,291 $ 43,506 A Final Plans 12 32 48 $ 21,140 $ 5,000 $ 3,000 $ 800 $ 29,940 B Final Specifications 4 8 20 $ 7,180 $ 3,000 $ 1,000 $ 400 $ 11,580 C Final Engineer's Estimates 2 2 $ 990 $ 905 $ 91 $ 1,986 Task 10 Bid Support Services 8 0 4 $ 3,160 $ 2,000 $ - $ - $ - $ 200 $ 5,360 A Bid Support Services 8 4 $ 3,160 $ 2,000 $ 200 $ 5,360 Task 11 Engineering Services During Const. 72 93 52 $ 54,890 $ 81,455 $ - $ - $ 7,000 $ 8,846 $152,191 A Pre-Construction Meeting 4 4 $ 2,180 $ 2,255 $ 226 $ 4,661 B Construction Coordination 24 24 $ 13,080 $ 12,000 $ 1,000 $ 1,300 $ 27,380 C Review Submittals 24 32 40 $ 23,080 $ 21,835 $ 5,000 $ 2,684 $ 52,599 D Review RFIs 8 8 $ 4,360 $ 7,965 $ 797 $ 13,122
E Factory Testing $ - $ 6,800 $ 680 $ 7,480
F Witness Testing $ - $ 15,500 $ 1,550 $ 17,050
G Attend Site Visits/Meetings (3 total) 9 $ 2,250 $ 3,500 $ 350 $ 6,100 H Review Change Orders 4 4 $ 2,180 $ 3,500 $ 350 $ 6,030 I Final Walk Through and Punch List 4 8 $ 3,180 $ 3,900 $ 390 $ 7,470 J Record Drawings 4 4 12 $ 4,580 $ 4,200 $ 1,000 $ 520 $ 10,300 TOTAL DESIGN, BID, AND CONSTRUCTION TASKS 211 346 414 $ 231,545 $ 179,405 $ 6,716 $17,297 $40,000 $ 24,342 $499,305 PASE, Structural Subconsultant Markup (10%) Schaaf & Wheeler
City of Belmont
San Juan Pump Station & Force Main
Rehabilitation Project
Schaaf & Wheeler
Fee Estimate - October 7, 2024
Schaaf & Wheeler SubtotalFrisch Engr., Electrical EngineeringCinquini & Passarino, Surveying Cotton, Shires & Assoc., GeotechnicalTotal 33 ID Task Name Duration Start Finish
1 Task 1. Project Management and Coordination 175 days Mon 12/2/2 4Fri 8/1/25
2 A. Kick-off Meeting 0 days Mon 12/2/24 Mon 12/2/243 B. Project Coordination and Review 90 days Mon 12/2/24 Fri 4/4/254 Task 2. Data Collection, Review, and Site Visits 5 days Mon 12/2/24 Fri 12/6/245 Task 3. Utility Coordination 40 days Mon 12/2/24 Fri 1/24/256 Task 4. Surveying 25 days Mon 12/2/2 4Fri 1/3/25
7 A. Topographic Surveying of pump station site 10 days Mon 12/2/24 Fri 12/13/248 B. Prepare project basemap 15 days Mon 12/16/2 4Fri 1/3/25
9 Task 5. Preliminary Design 45 days Mon 12/2/2
4Fri 1/31/25
10 A. Pump Station Assessment, alternatives, calculations, 20 days Mon 12/9/24 Fri 1/3/25 11 B. Force Main Calculations 10 days Mon 12/2/24 Fri 12/13/2412 C. Develop Preliminary Drawings 20 days Mon 12/2/24 Fri 12/27/2413 D. Opinion of Probable Construction Cost 2 days Mon 12/30/2 4Tue 12/31/2
4 14 E. Prepare Draft Basis of Design Report 20 days Mon 12/16/2 4Fri 1/10/25
15 City Review Draft Basis of Design 10 days Mon 1/13/25 Fri 1/24/2516 F. Prepare Final Basis of Design Report 5 days Mon 1/27/25 Fri 1/31/2517 Task 6. Geotechnical Investigations 45 days Mon 12/2/2 4Fri 1/31/25
18 A. Geotechnical Investigations 45 days Mon 12/2/24 Fri 1/31/2519 Task 7. 65% Design 40 days Mon 1/6/25 Fri 2/28/2520 65% PS&E 30 days Mon 1/6/25 Fri 2/14/2521 Submit 65% PS&E 0 days Fri 2/14/25 Fri 2/14/2522 City Review 65% PS&E 10 days Mon 2/17/25 Fri 2/28/2523 Task 8. 95% Design 50 days Mon 3/3/25 Fri 5/9/2524 95% PS&E 40 days Mon 3/3/25 Fri 4/25/2525 Submit 95% PS&E 0 days Fri 4/25/25 Fri 4/25/2526 City Review 95% PS&E 10 days Mon 4/28/25 Fri 5/9/2527 Task 9. Final Design 30 days Mon 4/28/2 5Fri 6/6/25
28 Prepare Final Bid Documents 30 days Mon 4/28/25 Fri 6/6/2529 Submit Final Bid Documents 0 days Fri 6/6/25 Fri 6/6/2530 Task 10. Bid Support Services 25 days Mon 6/9/25 Fri 7/11/2531 Task 11. Engineering Services During Const. 300 days Mon 7/14/25 Fri 9/4/2632 12/2
2/14
4/25
6/6
1 8 15 22 29 5 12 19 26 2 9 16 23 2 9 16 23 30 6 13 20 27 4 11 18 25 1 8 15 22 29 6 13 20 27
Dec '24 Jan '25 Feb '25 Mar '25 Apr '25 May '25 Jun '25 Jul '25 A
City of Belmont
San Juan Pump Station & Force Main Rehabilitation Project Design, Bid, and Construction Support Engineering Services October 7, 2024
34 CITY OF BELMONT

SAN JUAN PUMPSTATION ANDFORCE MAINLOCATION MAP

SAN JUANPUMP STATIONTRIBUTARYAREA

SAN JUANPUMP STATION

SAN JUANFORCE MAIN
35 FISCAL YEAR 2024-25
MONTHLY FINANCIAL REPORT - JULY 31, 2024

HIGHLIGHTS

PERFORMANCE AT A

GLANCE REPORT
• General Fund balance increased
compared to prior YTD

FUND RECAP AT A GLANCE
REPORT
Notable Fund Balance Increase compared to prior YTD:
•General Fund
•Belmont Fire Protection District
•Street Maintenance
•Capital Improvement Projects
• Sewer Collection System
Notable Fund Balance Decrease compared to prior YTD:
• Affordable Housing Successor
• Sewer Treatment

CASH DISBURSEMENTS &

PURCHASE ORDER

ACTIVITY REPORT
•Amounts equal to and above $50,000

BUDGET VARIANCE
REPORT
• Management Discussion & Analysis
• Tax Trends
This report contains financial information which has not been reviewed or audited by an independent auditor, does not reflect the application of generally accepted accounting principles in all instances and is subject to future revision. This report has not been prepared with a view to informing an investment decision in any of the City’s bonds, notes or other obligations. Any projections, plans or other forward-looking statements included in this report are subject to a variety of uncertainties that could cause any actual plans or results to differ materially from any such statement. The information herein is not intended to be used by investors or potential investors in considering the purchase or sale of the City’s bonds, notes or other obligations and investors and potential investors should rely only on information filed by the City on the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access System for municipal securities disclosures and website, maintained on the World Wide Web at https://emma.msrb.org/ These financial reports are designed to provide a general overview of the City of Belmont’s interim finances. Questions concerning any information provided in these reports should be addressed to [email protected] or for additional information regarding the City’s financial activities, including past award 36 City of Belmont
Performance at a Glance
Results for the Period Ended July 31, 2024
(000's)
6/30/2015 2015 $9,049 Audited
6/30/2016 2016 $9,177 Audited
6/30/2017 2017 $11,128 Audited
6/30/2018 2018 $11,325 Audited
6/30/2019 2019 $14,846 Audited
6/30/2020 2020 $13,637 Audited
6/30/2021 2021 $13,398 Audited
6/30/2022 2022 $18,013 Audited
6/30/2023 2023 $26,586 Audited
6/30/2024 2024 $31,003 Audited
7/31/2024 2025 $29,495 Unaudited
* excludes Measure I
\ 0
Fund Balance - YTD Fund Deficits
As shown on the Fund Recap at a Glance (page 3) Library Bond Debt Service fund has deficits and is expected to be eliminated in a future period.

The General Fund balance is $29.5 million, a decrease of $1.5 million compared to the amount at the prior fiscal year end primarily due to annual insurance premiums and pension contributions that were made in the beginning of the fiscal year.

General Fund
General Fund Balance Trends*
$0 $20
Budget
Expenditures
Actual
Expenditures
Budget
Revenues
Actual
Revenues
All Funds Revenues & Expenditures
YTD Comparison (in millions)
30%
64%
1%3%2%
Capital Improvement Plan
Streets
Sewer
Technology
Recreational Facilities
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
General Fund Balance Trend
(in million)
2 37
Audited Unaudited PY YTD
Fund Fund Balance YTD YTD PY YTD YTD YTD PY YTD Fund Balance Fund Balance Fund Name 06/30/24 Budget Actual (Under) % Actual Budget Actual Under % Actual 07/31/24 07/31/23 (1) (2) Over (3) (Over) (1)+(2)-(3)

GENERAL FUND
101 General $31,003 $2,622 $300 ($2,322) 11% $1,002 $2,612 $1,808 $804 69% $1,788 $ 29,495 25,799 102 Measure I 4,464 206 (196) (402) -95% (185) 686 1 685 0% (160) 4,268 3,911

SPECIAL REVENUE FUNDS
205 Recreation 397 345 87 (258) 25% 55 340 407 (67) 120% 383 77 255 206 Library Maintenance & Operation 777 28 0 (28) 0% 0 81 24 57 30% 30 753 785 207 Athletic Field Maintenance 391 14 28 15 206% 11 29 5 24 17% (4) 414 381 208 City Tree 252 2 1 (1) 47% 4 6 3 4 45% 4 250 284
209 Senior Services Donation 96 1 6 5 684% 0 1 0 1 0% 0 102 93 210 Development Services 2,020 574 439 (135) 77% 1,090 582 375 206 65% 363 2,084 2,265 212 General Plan Maintenance 1,492 42 42 1 101% 26 114 43 71 38% 13 1,491 1,604 223 Belmont Fire Protection District 25,882 1,557 274 (1,283) 18% 903 1,135 4,653 (3,518) 410% 3,983 21,503 17,118 225 Police Grants and Donations 35 0 0 (0) 0% 0 1 0 1 0% 0 35 30 227 Supplemental Law Enforcement 71 15 0 (15) 0% 0 7 8 (0) 106% 9 63 (2) 231 Street Maintenance 1,365 222 2 (219) 1% 22 217 173 43 80% 241 1,194 (219) 232 RMRA Street Project 498 63 0 (63) 0% 0 140 6 134 4% 0 492 606 233 Measure W 2,295 41 (36) (77) -89% (33) 246 0 246 0% 0 2,259 2,046 234 Street Improvements 2,935 127 9 (117) 7% 138 287 8 278 3% 6 2,936 2,097 237 Traffic Impact 100 3 0 (3) 0% 0 0 0 0 N/A 0 100 212 239 Public Art 420 2 0 (2) 0% 0 0 0 0 N/A 0 420 405
275 Affordable Housing Successor 6,056 19 7 (12) 36% (143) 131 21 110 16% 12 6,042 9,292 277 Inclusionary Housing 3,254 12 0 (12) 0% 0 0 0 0 N/A 0 3,254 2,572 Total Special Revenue 48,336 3,064 859 (2,204) 28% 2,073 3,317 5,726 (2,409) 173% 5,040 43,469 39,823

CAPITAL PROJECT FUNDS
308 General Facilities 621 2 0 (2) 0% 0 49 0 49 0% 1 621 734 310 Infrastructure 2,290 7 0 (7) 0% 0 183 0 183 0% 0 2,290 2,396 312 Comcast PEG Program 421 1 0 (1) 0% 0 10 0 10 0% 0 421 404 341 Planned Park 1,084 8 0 (8) 0% 0 58 0 58 1% 0 1,084 1,701 342 Park Impact 680 4 0 (4) 0% 0 55 0 55 0% 0 680 642
343 Open Space 104 0 0 0 N/A 0 4 0 4 0% 1 104 96
399 Capital Improvement Projects 3,292 4,333 (17) (4,350) 0% 0 4,632 (99) 4,731 -2% 78 3,374 (78) 704 Special Assessment Districts 328 1 0 (1) 0% 0 0 0 0 N/A 0 328 315 Total Capital Projects 8,820 4,356 (17) (4,374) 0% 0 4,992 (99) 5,091 -2% 80 8,901 6,208

DEBT SERVICE & OTHER FUNDS
406 Library Bond Debt Service 320 58 0 (58) 0% 0 57 546 (490) 962% 526 (226) (241) 501-505 Sewer Collection System 40,307 1,984 38 (1,947) 2% 141 2,801 1,766 1,036 63% 765 38,579 31,576 507 Sewer Treatment 28,834 276 0 (276) 0% 0 446 1,243 (797) 279% (458) 27,591 28,595 525 Storm Drainage Enterprise 1,406 175 10 (164) 6% 7 260 138 123 53% 128 1,278 2,052 530 Solid Waste Management 2,110 57 0 (57) 0% 0 51 38 12 76% 38 2,072 1,830 570 Worker's Compensation 1,837 78 81 2 103% 83 71 729 (658) 1027% 664 1,189 1,181 571 Liability Insurance 3,324 76 67 (10) 87% (444) 116 653 (536) 562% 540 2,738 2,703 572 Self Funded Vision 0 0 0 0 N/A 0 0 0 0 N/A (4) 0 4
573 Fleet & Equipment Management 8,241 444 409 (34) 92% 378 565 301 263 53% 340 8,349 8,432 574 Facilities Management 366 253 244 (9) 97% 234 262 398 (136) 152% 387 212 (755) 575 Benefit Prefunding 1,313 126 109 (17) 86% 109 132 65 68 49% 122 1,357 1,222 775 Successor Agency Trust Fund1 - 0 0 0 N/A 0 0 0 N/A 0 0 0 Total Debt & Other 88,058 3,527 957 (2,570) 27% 508 4,761 5,876 (1,115) 123% 3,048 83,139 76,598 Total All Funds $180,681 $13,775 $1,904 ($11,872) 14% $3,398 $16,368 $13,313 $3,056 81% $9,798 $169,272 $152,339 Fund Types:

General Fund - Used to account for and report all financial resources not accounted for and reported in another fund.

Special Revenue Funds - Used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditure for specific purposes other than debt service or capital projects.

Capital Projects Funds - Used to account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays, including the acquisition or construction of capital facilities and other capital ass Debt Service & Other Funds - Includes funds used to account for and report financial resources that are restricted, committed, or assigned to expenditure for principal and interest; funds 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; and funds to account for operations financed and operated in a manner similar to a private business enterprise with the intent that the cost of providing goods and services is primarily financed through user charges; and funds used to account for assets held by the City as an agent.

Variance
Revenues Expenditures
Variance
City of Belmont
Fund Recap at a Glance
Results for the Period Ended July 31, 2024
(000's)
3 38
City of Belmont
Budget Variance Report
General Fund / All Other Funds
Results for the Period Ended July 31, 2024
(000's)
General Fund All Other Funds
Year to Date (YTD) Annual PY YTD Year to Date (YTD) Annual PY YTD Budget Actual Variance % Budget Actual Budget Actual Variance % Budget Actual

REVENUES
Taxes $1,846 ($351) ($2,197) -19% a $22,158 ($403) $1,880 ($232) ($2,112) -12% a $22,556 ($217) Licenses and permits 101 5 (96) 5% 1,215 1 199 246 47 124% 2,385 158 Intergovernmental 31 17 (14) 56% 366 17 993 2 (991) 0% b 11,915 (6) Charge for services 360 298 (62) 83% 4,318 291 3,229 1,253 (1,976) 39% c 38,744 1,262 Fines and forfeits 12 1 (11) 5% 144 (4) - - - N/A - -
145 330 185 228% 1,738 1,100 421 320 (101) 76% d 5,049 1,038 Miscellaneous 27 0.04 (27) 0% 321 0.13 2 33 31 1463% 27 162 Other financing sources - - - N/A - - - - - N/A - -
Operating transfers in 100 - (100) 0% 1,205 - 4,430 (17) (4,448) 0% e 53,164 - Total Revenues 2,622 300 (2,322) 11% 31,466 1,002 11,153 1,604 (9,550) 14% 133,841 2,396

EXPENDITURES
General government 653 500 (153) 77% 7,838 442 730 1,747 1,017 239% f 8,765 1,662 Public safety 1,332 1,134 (198) 85% 15,984 1,172 1,137 4,660 3,524 410% g 13,642 3,992 Streets and utilities - - - N/A - - 5,815 1,043 (4,772) 18% 69,780 835 Culture and recreation 235 174 (61) 74% 2,821 174 898 854 (44) 95% 10,770 831 Urban redevelopment - - - N/A - - 669 326 (344) 49% 8,032 268 Non Departmental - - - N/A - - 168 7 (160) 4% 2,011 -
Debt service - - - N/A - - 498 2,885 2,387 580% h 2,011 - Operating transfer out 392 - (392) 0% 4,700 - 4,139 (17) (4,157) 0% 49,669 - Total Expenditures 2,612 1,808 (804) 69% 31,343 1,788 14,053 11,504 (2,549) 82% 164,679 7,587 $10 ($1,508) $122 ($786) ($2,900) ($9,901) ($30,838) ($5,190) Management Discussion and Analysis
(Items with unfavorable budget variance more than $0.1 million) General Fund
Revenues
Other Funds
Revenues
Other Funds
Expenditures
c) Charges for Services - The Sewer User Fee (Collection & Treatment) is included as part of the City's Property Tax bill to be received semi-annually, typically in December and April. In addition, AB939/Admin and Litter Control Payment revenues received in July are related to June activities, which are subject to an accounting adjustment. d) Use of money and property - The budget variance is primarily due to the fact that quarterly interest allocation was not booked until the end of the quarter. f) General Government - The variance is due to annual insurance premiums, pension, and OPEB contributions were paid in July. g) Public Safety - The first quarter payments of $1.9M to BSCFD and $2.4M to San Mateo Consolidated Fire Department and annual insurance premium were made in July. b) Intergovernmental - Grant revenue will be received and reported in a future reporting period. e) Operating Transfers In – Budgeted operating transfers are recorded at the end of the fiscal year based on actual results.

Trends
** July Sales Tax & TOT revenues received were for June activities and accrued to the previous FY. July revenues will be received in August. h) Debt service - The budget variance is primarily due to annual/semi-annual debt service payments made in the beginning of the year. a) Taxes - The budget variance is primarily due to the timing of semi-annual property tax receipts received in December and April. In addition, the majority of Sales Tax and Transient Occupancy Tax (TOT) received in July are related to June activities, which are subject to an accounting adjustment.

Use of money and property

EXCESS OF REVENUES OVER/
(UNDER) EXPENDITURES
-$650
-$450
-$250
-$50
$150
$350
$550
$750
$950
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Thousands
Sales Taxes & TOT - Monthly Comparison
Sales Taxes FY 24 Sales Taxes FY 25 TOT FY 24 TOT FY 25 $0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 Thousands
Major General Fund Taxes - 10-year Trends
Prop Tax Sales Taxes TOT
4 39
City of Belmont
Disbursements & Purchase Order Activity Report
Results for the Period Ended July 31, 2024
Vendor Description Date No. Amount
BARTH ROOFING COMPANY INC MANOR ROOFING PROJECT 7/5/24 1204821 54,539.55 BELMONT INVESTMENT GROUP LLC SURETY REFUND BISHOP RD 7/5/24 1204823 60,000.00 BNY MELLON 2004A SERIES BOND 7/29/24 DAJ000009101 539,000.97 BNY MELLON 2016 SEWER REVENUE BOND 7/29/24 DAJ000009102 305,560.59 BNY MELLON 2016 SEWER REFUNDING 7/29/24 DAJ000009103 613,600.56 BNY MELLON 2018 SEWER REVENUE BOND 7/29/24 DAJ000009104 819,446.06 BNY MELLON 2019 SEWER REVENUE BOND 7/29/24 DAJ000009105 653,383.91 CALPERS COB CONTRIBUTION PPE 7/12/24 7/25/24 DAJ000009131 136,198.66 CALPERS COB CONTRIBUTION PPE 6/28/24 7/5/24 DAJ000009132 139,223.06 CALPERS COB UAL (ADP) 7/30/24 DAJ000009134 3,956,686.00 CALPERS BFD UAL (ADP) 7/30/24 DAJ000009135 364,088.00
CALPERS HEALTH PREMIUM-JULY 7/9/24 DAJ000009157 227,466.88 DUKE'S ROOT CONTROL, INC. SEWER PIPE ROOT CONTROL 7/5/24 EFT00035800 59,998.27 FIRST FOUNDATION 2022 SEWER REFUNDING 7/29/24 DAJ000009106 765,226.50 GHILOTTI BROS INC PROGRESS PAY 3 7/12/24 EFT00035846 242,964.40 GOOD CITY COMPANY TO#8 HIA June 2024 7/5/24 EFT00035775 196,947.94 MISSION SQUARE DEF COMP ACCT 302442 7/1/24 DAJ000009093 53,931.35 MISSION SQUARE DEF COMP ACCT 302442 7/15/24 DAJ000009096 53,320.87 MISSION SQUARE DEF COMP ACCT 302442 7/29/24 DAJ000009098 53,516.36 PAVEMENT ENGINEERING INC PS&E 2023 PAVEMENT THRU 6/30 7/19/24 EFT00035863 168,168.75 PAYROLL PPE 7/20/2024 PAYROLL PPE 7/20/2024 7/26/24 DAJ000009143 134,726.09 PAYROLL PPE 7/20/2024 PAYROLL PPE 7/20/2024 7/26/24 DAJ000009144 556,621.33 PAYROLL PPE 7/6/2024 PAYROLL PPE 7/6/2024 7/12/24 DAJ000009139 108,801.00 PAYROLL PPE 7/6/2024 PAYROLL PPE 7/6/2024 7/12/24 DAJ000009140 488,599.76 PRISM PRISM FY25 POLLUTION INS 7/19/24 EFT00036013 1,337,077.00 SAN MATEO CONSOLIDATED FIRE DEPARTMENT Q1 FY24-25 SMC FIRE SERVICES 7/12/24 EFT00035815 2,395,638.75 SELWAY CONSTRUCTION DEVELOPMENT REVIEW, VARIOUS 7/12/24 EFT00035843 106,390.00 SILICON VALLEY CLEAN WATER SVCW AUG 2024 7/5/24 EFT00035753 399,366.00 Total Disbursements in Excess of $50,000 $ 14,990,488.61 Total Count 28
Vendor Description Date No. Amount
BAMACOR, INC. CITY FACILITIES 7/2/24 25 00007 76,358.00 PAVEMENT ENGINEERING INC 2024 SLURRY SEAL PROJECT 7/2/24 25 00009 199,980.00 VALLEY OIL COMPANY CITYWIDE FUEL 7/11/24 25 00013 178,000.00 Total Purchase Orders Issued in Excess of $50,000 $ 454,338.00 Total Count 3
Disbursements Amounts Equal to $50,000 and Above
Purchase Order Amounts Equal to $50,000 and Above
5 40
Beginning Balance Ending Balance
June 30, 2024 Receipts Disbursements July 31, 2024
City of Belmont $ 131,875,273.21 $ 13,794,826.46 $ (13,868,751.71) $ 131,801,347.96 Belmont Fire Protection District 23,731,225.67 18,468.00 (2,446,450.18) 21,303,243.49 Successor Agency of the RDA - - - -
Total $ 155,606,498.88 $ 13,813,294.46 $ (16,315,201.89) $ 153,104,591.45 -
Deposit Investments Pool Total
City of Belmont & Belmont Fire Protection District $ 1,435,700.30 $ 154,170,798.58 $ 155,606,498.88 (2,501,907.43)
Respectfully Submitted,
s/b Grace Castaneda
Grace Castaneda
City Treasurer
I certify that this report accurately reflects all investments of City of Belmont and Belmont Fire Protection District, and is in conformance with the adopted Investment Policy mandated by Government Code 53646. Furthermore, I certify to the best of my knowledge, sufficient investment liquidity and anticipated revenues are available to meet the Agency's budgeted expenditure requirement for the next six months.

CITY OF BELMONT

TREASURER'S REPORT
July-24
Balance Summary
Agency Receipts and Disbursements Summary
treasurer report 07-2024

Page 1 of 2 ends

41 Investment Type Issuer
Maturity
Date Par Amount Current Market Value Interest Total
Investment
Period Rate
Pricing
Source Manager
Deposit
General Account Wells Fargo $ 1,435,700.30 $ 1,435,700.30 Bank Bank Investments:

L.A.I.F.-POOL State of California Daily 148,650,443.35 148,102,821.36 559,421.17 90 days 4.516% LAIF LAIF L.A.I.F.-BONDS State of California Daily 5,520,355.23 5,500,018.47 20,774.94 90 days 4.516% LAIF LAIF Total $ 155,606,498.88 $ 155,038,540.13 $ 580,196.11
s/b Grace Castaneda
S/B John Violet
Investment Detail

CITY OF BELMONT

TREASURER'S REPORT
July-24
Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 LAIF-POOL 115,474,495 115,474,495 117,024,495 115,089,713 115,789,713 132,764,713 133,851,862 133,701,862 133,701,862 148,550,443 147,950,443 148,650,443 148,650,443 LAIF-BOND 6,909,922 6,909,922 6,909,922 6,972,783 6,870,783 5,691,783 5,758,836 5,758,836 5,758,836 5,820,355 5,520,355 5,520,355 5,520,355 INTEREST RATE 3.305% 3.434% 3.534% 3.670% 3.843% 3.929% 4.012% 4.122% 4.232% 4.272% 4.332% 4.480% 4.516%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%
$0
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$140,000,000
$160,000,000
City of Belmont Investment Portfolio Trends

Page 2 of 2 ends

42 FISCAL YEAR 2024-25
MONTHLY FINANCIAL REPORT - AUGUST 31, 2024

HIGHLIGHTS

PERFORMANCE AT

A GLANCE REPORT
• General Fund balance increased
compared to prior YTD

FUND RECAP AT A GLANCE
REPORT
Notable Fund Balance Increase compared to prior YTD:
•General Fund
•Belmont Fire Protection District
•Street Maintenance
• Sewer Collection System
• Sewer Treatment
• Facilities Management
Notable Fund Balance Decrease compared to prior YTD:
• Affordable Housing Successor

CASH DISBURSEMENTS &

PURCHASE ORDER

ACTIVITY REPORT
•Amounts equal to and above $50,000

BUDGET VARIANCE
REPORT
• Management Discussion & Analysis
• Tax Trends
This report contains financial information which has not been reviewed or audited by an independent auditor, does not reflect the application of generally accepted accounting principles in all instances and is subject to future revision. This report has not been prepared with a view to informing an investment decision in any of the City’s bonds, notes or other obligations. Any projections, plans or other forward-looking statements included in this report are subject to a variety of uncertainties that could cause any actual plans or results to differ materially from any such statement. The information herein is not intended to be used by investors or potential investors in considering the purchase or sale of the City’s bonds, notes or other obligations and investors and potential investors should rely only on information filed by the City on the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access System for municipal securities disclosures and website, maintained on the World Wide Web at https://emma.msrb.org/ These financial reports are designed to provide a general overview of the City of Belmont’s interim finances. Questions concerning any information provided in 43 City of Belmont
Performance at a Glance
Results for the Period Ended August 31, 2024
(000's)
6/30/2015 2015 $9,049 Audited
6/30/2016 2016 $9,177 Audited
6/30/2017 2017 $11,128 Audited
6/30/2018 2018 $11,325 Audited
6/30/2019 2019 $14,846 Audited
6/30/2020 2020 $13,637 Audited
6/30/2021 2021 $13,398 Audited
6/30/2022 2022 $18,013 Audited
6/30/2023 2023 $26,586 Audited
6/30/2024 2024 $31,003 Audited
8/31/2024 2025 $30,828 Unaudited
* excludes Measure I
\ 0
Fund Balance - YTD Fund Deficits
As shown on the Fund Recap at a Glance (page 3) Recreation and Library Bond Debt Service funds have deficits and are expected to be elminated in a future period.

The General Fund balance is $30.8 million, a decrease of $0.2 million compared to the amount at the prior fiscal year end.

General Fund
General Fund Balance Trends*
$0 $20 $40
Budget
Expenditures
Actual
Expenditures
Budget
Revenues
Actual
Revenues
All Funds Revenues & Expenditures
YTD Comparison (in millions)
30%
64%
1%3%2%
Capital Improvement Plan
Streets
Sewer
Technology
Recreational Facilities
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
General Fund Balance Trend
(in million)
2 44
Audited Unaudited PY YTD
Fund Fund Balance YTD YTD PY YTD YTD YTD PY YTD Fund Balance Fund Balance Fund Name 06/30/24 Budget Actual (Under) % Actual Budget Actual Under % Actual 08/31/24 08/31/23 (1) (2) Over (3) (Over) (1)+(2)-(3)

GENERAL FUND
101 General $31,003 $5,244 $3,744 ($1,500) 71% $3,963 $5,224 $3,919 $1,305 75% $3,664 $ 30,828 26,885 102 Measure I 4,464 412 0 (412) 0% 47 1,372 1,118 254 81% (153) 3,346 4,136

SPECIAL REVENUE FUNDS
205 Recreation 397 689 300 (389) 44% 220 681 830 (149) 122% 757 (133) 46 206 Library Maintenance & Operation 777 57 0 (57) 0% 0 162 64 98 39% 72 713 743 207 Athletic Field Maintenance 391 27 64 37 234% 30 59 19 39 33% 21 436 375 208 City Tree 252 3 1 (2) 39% 4 13 6 7 43% 7 248 281
209 Senior Services Donation 96 2 7 5 374% 0 2 0 2 0% 0 103 93 210 Development Services 2,020 1,147 910 (238) 79% 1,800 1,164 896 267 77% 768 2,034 2,569 212 General Plan Maintenance 1,492 84 80 (4) 95% 177 228 116 112 51% 79 1,455 1,689 223 Belmont Fire Protection District 25,882 3,114 276 (2,838) 9% 903 2,269 4,650 (2,381) 205% 4,014 21,508 17,087 225 Police Grants and Donations 35 0 0 0 232% 0 2 0 2 0% 0 35 30 227 Supplemental Law Enforcement 71 29 0 (29) 0% 0 15 15 (1) 104% 18 56 (11) 231 Street Maintenance 1,365 443 168 (275) 38% 215 433 460 (27) 106% 453 1,073 (238) 232 RMRA Street Project 498 125 68 (57) 54% 54 280 (113) 393 -40% 0 679 660 233 Measure W 2,295 82 0 (82) 0% 0 492 0 492 0% 0 2,295 2,079 234 Street Improvements 2,935 253 89 (165) 35% 228 573 84 490 15% 13 2,940 2,180 237 Traffic Impact 100 5 0 (5) 0% 0 0 0 0 N/A 0 100 212 239 Public Art 420 4 0 (4) 0% 0 2 0 2 0% 0 420 405
275 Affordable Housing Successor 6,056 38 13 (24) 36% 13 262 51 212 19% 29 6,019 9,432 277 Inclusionary Housing 3,254 24 0 (24) 0% 0 0 0 0 N/A 0 3,254 2,572 Total Special Revenue 48,336 6,127 1,976 (4,151) 32% 3,646 6,636 7,078 (442) 107% 6,231 43,234 40,204

CAPITAL PROJECT FUNDS
308 General Facilities 621 5 0 (5) 0% 0 99 0 99 0% 1 621 733 310 Infrastructure 2,290 15 0 (15) 0% 0 367 (172) 539 -47% 1 2,462 2,395 312 Comcast PEG Program 421 3 0 (3) 0% 0 20 0 20 0% 0 421 404 341 Planned Park 1,084 15 0 (15) 0% 0 117 1 116 1% 1 1,083 1,700 342 Park Impact 680 7 0 (7) 0% 0 111 0 111 0% 0 680 642 343 Open Space 104 1 0 (1) 0% 0 9 53 (44) 615% 2 51 95
399 Capital Improvement Projects 3,292 8,666 842 (7,824) 10% 3,562 9,263 1,324 7,939 14% 845 2,810 2,719 704 Special Assessment Districts 328 2 0 (2) 0% 0 0 0 0 N/A 0 328 315 Total Capital Projects 8,820 8,713 842 (7,871) 10% 3,562 9,984 1,205 8,779 12% 850 8,457 9,003

DEBT SERVICE & OTHER FUNDS
406 Library Bond Debt Service 320 116 0 (116) 0% 0 114 548 (434) 482% 527 (228) (242) 501-505 Sewer Collection System 40,307 3,969 45 (3,923) 1% 156 6,195 2,514 3,681 41% 2,078 37,839 30,277 507 Sewer Treatment 28,834 551 0 (551) 0% 0 892 1,466 (575) 164% 1,849 27,368 26,288 525 Storm Drainage Enterprise 1,406 349 91 (259) 26% 65 521 109 412 21% 286 1,387 1,952 530 Solid Waste Management 2,110 115 54 (61) 47% 47 101 78 24 77% 84 2,086 1,831 570 Worker's Compensation 1,837 157 191 35 122% 204 142 749 (607) 528% 681 1,279 1,285 571 Liability Insurance 3,324 153 133 (19) 87% (377) 232 651 (418) 280% 550 2,807 2,759 572 Self Funded Vision 0 0 0 0 N/A 0 0 0 0 N/A (4) 0 4
573 Fleet & Equipment Management 8,241 887 818 (69) 92% 757 1,129 871 258 77% 675 8,188 8,475 574 Facilities Management 366 505 519 14 103% 479 525 610 (85) 116% 646 275 (770) 575 Benefit Prefunding 1,313 252 220 (32) 87% 216 264 140 124 53% 195 1,392 1,256 775 Successor Agency Trust Fund1 - 0 0 0 N/A 0 0 0 N/A 0 0 0 Total Debt & Other 88,058 7,054 2,071 (4,983) 29% 1,547 10,115 7,736 2,379 76% 7,567 82,393 73,117 Total All Funds $180,681 $27,551 $8,634 ($18,917) 31% $12,765 $33,331 $21,056 $12,275 63% $18,159 $168,259 $153,344 Fund Types:

General Fund - Used to account for and report all financial resources not accounted for and reported in another fund.

Capital Projects Funds - Used to account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays, including the acquisition or construction of capital facilities and other capital asse Debt Service & Other Funds - Includes funds used to account for and report financial resources that are restricted, committed, or assigned to expenditure for principal and interest; funds 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; and funds to account for operations financed and operated in a manner similar to a private business enterprise with the intent that the cost of providing goods and services is primarily financed through user charges; and funds used to account for assets held by the City as an agent.

Variance
Revenues Expenditures
Variance
City of Belmont
Fund Recap at a Glance
Results for the Period Ended August 31, 2024
(000's)
3 45
City of Belmont
Budget Variance Report
General Fund / All Other Funds
Results for the Period Ended August 31, 2024
(000's)
General Fund All Other Funds
Year to Date (YTD) Annual PY YTD Year to Date (YTD) Annual PY YTD Budget Actual Variance % Budget Actual Budget Actual Variance % Budget Actual

REVENUES
Taxes $3,693 $2,498 ($1,195) 68% a $22,158 $2,016 $3,759 $80 ($3,679) 2% a $22,556 $133 Licenses and permits 203 162 (40) 80% 1,215 67 398 471 74 119% 2,385 561 Intergovernmental 61 140 78 228% 366 158 1,986 167 (1,819) 8% d 11,915 3,850 Charge for services 720 550 (170) 76% b 4,318 552 6,457 2,876 (3,581) 45% e 38,744 2,898 Fines and forfeits 24 8 (16) 33% 144 9 - - - N/A - -
290 387 97 133% 1,738 1,159 842 376 (466) 45% f 5,049 1,075 Miscellaneous 53 0 (53) 0% 321 3 5 77 73 1699% 27 222
Other financing sources - - - N/A - - - - - N/A - -
Operating transfers in 201 - (201) 0% c 1,205 - 8,861 842 (8,018) 10% g 53,164 62 Total Revenues 5,244 3,744 (1,500) 71% 31,466 3,963 22,307 4,890 (17,417) 22% 133,841 8,801

EXPENDITURES
General government 1,306 1,150 (156) 88% 7,838 905 1,461 2,451 991 168% h 8,765 2,099 Public safety 2,664 2,386 (279) 90% 15,984 2,344 2,274 4,700 2,427 207% i 13,642 4,032 Streets and utilities - - - N/A 0 0 11,630 3,856 (7,774) 33% 69,780 2,670 Culture and recreation 470 383 (87) 81% 2,821 415 1,795 1,580 (215) 88% 10,770 1,567 Urban redevelopment - - - N/A 0 0 1,339 809 (530) 60% 8,032 634 Non departmental - - - N/A 0 0 335 13 (322) 4% 8,032 -
Debt service - - - N/A 0 0 996 2,885 1,889 290% j 2,011 3,431 Operating transfer out 783 - (783) 0% 4,700 0 8,278 842 (7,436) 10% 49,669 62 Total Expenditures 5,224 3,919 (1,305) 75% 31,343 3,664 28,107 17,137 (10,970) 61% 170,700 14,495 $20 ($175) $122 $299 ($5,800) ($12,247) ($36,860) ($5,693) Management Discussion and Analysis
(Items with unfavorable budget variance more than $0.1 million) General Fund
Revenues
Other Funds
Revenues
Other Funds
Expenditures
Trends
** August Sales Tax & TOT revenues received were for July activities. August revenues will be received in September. g) Operating Transfers In – Budgeted operating transfers are recorded at the end of the fiscal year based on actual results. h) General Government - The variance is due to annual insurance premiums, pension, and OPEB contributions were paid in July and accumulated as year-to-date amounts. i) Public Safety - The first quarter payments of $1.9M to BSCFD and $2.4M to San Mateo Consolidated Fire Department and annual insurance premium were made in July and accumulated as year-to-date amounts. j) Debt service - The budget variance is primarily due to annual/semi-annual debt service payments made in the beginning of the year.

Use of money and property

EXCESS OF REVENUES OVER/
(UNDER) EXPENDITURES
c) Operating Transfers In – Budgeted operating transfers are recorded at the end of the fiscal year based on actual results. f) Use of money and property - The budget variance is primarily due to the fact that quarterly interest allocation was not booked until the end of the quarter. a) Taxes - The budget variance is primarily due to the timing of semi-annual property tax receipts received in December and April. b) Charges for Services - The variance was primarily due to the quarterly Public Safety/Wild Fire Prev-BFPD revenue that will not be booked until the end of the quarter e) Charges for Services - The Sewer User Fee (Collection & Treatment) is included as part of the City's Property Tax bill to be received semi-annually, typically in December and April. d) Intergovernmental - Grant revenue will be received and reported in a future reporting period. -$650
-$450
-$250
-$50
$150
$350
$550
$750
$950
Jul Aug
Thousands
Sales Taxes & TOT - Monthly Comparison
Sales Taxes FY 24 Sales Taxes FY 25 TOT FY 24 TOT FY 25 $0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 Thousands
Major General Fund Taxes - 10-year Trends
Prop Tax Sales Taxes TOT
4 46
City of Belmont
Disbursements & Purchase Order Activity Report
Results for the Period Ended August 31, 2024
Vendor Description Date No. Amount
BEAR ELECTRICAL SOLUTIONS INC RALSTON ADAPTIVE 8/1 - 8/31 8/30/24 1204989 54,391.95 CALPERS COB CONTRIBUTION PPE 7/26/24 8/2/24 DAJ000009198 136,373.93 CALPERS HEALTH PREMIUM-AUGUST 8/9/24 DAJ000009199 220,881.13 CALPERS COB CONTRIBUTIONS PPE 8/9/24 8/15/24 DAJ000009200 139,680.19 CALPERS COB CONTRIBUTION PPE 08/23/24 8/23/24 DAJ000009201 138,091.89 CCAG ANNUAL MEMBER ASSESSMENTS 8/23/24 1204960 93,482.00 CRAFTWATER ENGINEERING INC TWIN PINES PARK THRU 7/31 8/30/24 EFT00036341 148,851.90 GHILOTTI BROS INC PROGRESS PAY 4 8/23/24 EFT00036192 736,900.13 GRANICUS, INC. ADD SRVCS GRANICUS CONTRACT 8/30/24 EFT00036322 71,179.38 MISSIONSQUARE DEF COMP ACCT#302442 8/12/24 DAJ000009177 56,065.28 MISSIONSQUARE DEF COMP ACCT#302442 8/26/24 DAJ000009180 55,955.15 PAVEMENT ENGINEERING INC 2024 SLURRY SEAL THRU 7/31 8/30/24 EFT00036329 98,460.00 PAYROLL PPE 8/17/2024 PAYROLL PPE 8/17/2024 8/23/24 DAJ000009209 110,391.21 PAYROLL PPE 8/17/2024 PAYROLL PPE 8/17/2024 8/23/24 DAJ000009210 488,856.57 PAYROLL PPE 8/3/2024 PAYROLL PPE 8/3/2024 8/9/24 DAJ000009203 116,652.69 PAYROLL PPE 8/3/2024 PAYROLL PPE 8/3/2024 8/9/24 DAJ000009204 525,675.22 PG&E Gas & Electricity 5092981327-2 8/23/24 EFT00036226 77,529.42 SILICON VALLEY CLEAN WATER SEPTEMBER CONTRIBUTIONS 8/9/24 EFT00036061 399,366.00 SOFTWARE ONE MICROSOFT O365 YRLY SUBSCRPTN 8/16/24 EFT00036107 98,859.14 UNITED STATES TREASURY 2019 SWR REV BND YIELD REDUCT 8/30/24 1205006 173,350.56 Total Disbursements in Excess of $50,000 $ 3,940,993.74 Total Count 20
Vendor Description Date No. Amount
RESTORATION DESIGN GROUP INC TPP CREEK RESTORATION 8/30/24 22 00078 405,093.23 ALL FENCE CO., INC. CORP YARD AUTO GATE 8/6/24 25 00014 58,270.00 PAVEMENT ENGINEERING INC 2024 SLURRY SEAL PROJECT 8/14/24 25 00015 199,980.00 IEDA, INC. FY25-FY27 LABOR RELATIONS CONSU 8/16/24 25 00016 84,617.60 AMERICAN ASPHALT REPAIR AND 2024 SLURRY SEAL PROJECT 8/20/24 25 00018 724,026.00 MNS ENGINEERS INC TO#3-SAN JUAN SEWER 8/20/24 25 00019 270,452.00 PAVEMENT ENGINEERING INC TO#8-2025 PAVEMENT PROJECT 8/22/24 25 00025 410,428.00 Total Purchase Orders Issued in Excess of $50,000 $ 2,152,866.83 Total Count 7
Disbursements Amounts Equal to $50,000 and Above
Purchase Order Amounts Equal to $50,000 and Above
5 47
Beginning Balance Ending Balance
July 31, 2024 Receipts Disbursements August 31, 2024
City of Belmont $ 123,456,758.16 $ 5,091,632.08 $ (5,701,088.01) $ 122,847,302.23 Belmont Fire Protection District 21,506,707.74 2,672.86 (11,436.85) 21,497,943.75 Total $ 144,963,465.90 $ 5,094,304.94 $ (5,712,524.86) $ 144,345,245.98 -
Deposit Investments Pool Total
City of Belmont & Belmont Fire Protection District $ 785,043.65 $ 143,560,202.33 $ 144,345,245.98 -
Respectfully Submitted,
s/b Grace Castaneda
Grace Castaneda
City Treasurer
I certify that this report accurately reflects all investments of City of Belmont and Belmont Fire Protection District, and is in conformance with the adopted Investment Policy mandated by Government Code 53646. Furthermore, I certify to the best of my knowledge, sufficient investment liquidity and anticipated revenues are available to meet the Agency's budgeted expenditure requirement for the next six months.

CITY OF BELMONT

TREASURER'S REPORT
August-24
Balance Summary
Agency Receipts and Disbursements Summary
treasurer report 08-2024.xlsx

Page 1 of 2 ends

48 Investment Type Issuer
Maturity
Date Par Amount Current Market Value Interest Total
Investment
Period Rate
Pricing
Source Manager
Deposit
General Account Wells Fargo $ 785,043.65 $ 785,043.65 Bank Bank Investments:

L.A.I.F.-POOL State of California Daily 138,272,001.79 137,762,613.54 527,622.91 90 days 4.579% LAIF LAIF L.A.I.F.-BONDS State of California Daily 5,288,200.54 5,268,719.03 20,178.89 90 days 4.579% LAIF LAIF Total $ 144,345,245.98 $ 143,816,376.22 $ 547,801.81
s/b Grace Castaneda
S/B John Violet
Investment Detail

CITY OF BELMONT

TREASURER'S REPORT
August-24
Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 LAIF-POOL 115,474,495 117,024,495 115,089,713 115,789,713 132,764,713 133,851,862 133,701,862 133,701,862 148,550,443 147,950,443 148,650,443 148,650,443 138,272,002 LAIF-BOND 6,909,922 6,909,922 6,972,783 6,870,783 5,691,783 5,758,836 5,758,836 5,758,836 5,820,355 5,520,355 5,520,355 5,520,355 5,288,201 INTEREST RATE 3.434% 3.534% 3.670% 3.843% 3.929% 4.012% 4.122% 4.232% 4.272% 4.332% 4.480% 4.516% 4.579%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%
$0
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$140,000,000
$160,000,000
City of Belmont Investment Portfolio Trends

Page 2 of 2 ends

FISCAL YEAR 2024-25
MONTHLY FINANCIAL REPORT - SEPTEMBER 30, 2024

HIGHLIGHTS

PERFORMANCE AT

A GLANCE REPORT
• General Fund balance increased
compared to prior YTD

FUND RECAP AT A GLANCE
REPORT
Notable Fund Balance Increase compared to prior YTD:
•General Fund
•Belmont Fire Protection District
•Street Maintenance
• Sewer Collection System
• Facilities Management
Notable Fund Balance Decrease compared to prior YTD:
• Affordable Housing Successor

CASH DISBURSEMENTS &

PURCHASE ORDER

ACTIVITY REPORT
•Amounts equal to and above $50,000

BUDGET VARIANCE
REPORT
• Management Discussion & Analysis
• Tax Trends
This report contains financial information which has not been reviewed or audited by an independent auditor, does not reflect the application of generally accepted accounting principles in all instances and is subject to future revision. This report has not been prepared with a view to informing an investment decision in any of the City’s bonds, notes or other obligations. Any projections, plans or other forward-looking statements included in this report are subject to a variety of uncertainties that could cause any actual plans or results to differ materially from any such statement. The information herein is not intended to be used by investors or potential investors in considering the purchase or sale of the City’s bonds, notes or other obligations and investors and potential investors should rely only on information filed by the City on the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access System for municipal securities disclosures and website, maintained on the World Wide Web at https://emma.msrb.org/ These financial reports are designed to provide a general overview of the City of Belmont’s interim finances. Questions concerning any information provided in 50 City of Belmont
Performance at a Glance
Results for the Period Ended September 30, 2024
(000's)
6/30/2015 2015 $9,049 Audited
6/30/2016 2016 $9,177 Audited
6/30/2017 2017 $11,128 Audited
6/30/2018 2018 $11,325 Audited
6/30/2019 2019 $14,846 Audited
6/30/2020 2020 $13,637 Audited
6/30/2021 2021 $13,398 Audited
6/30/2022 2022 $18,013 Audited
6/30/2023 2023 $26,586 Audited
6/30/2024 2024 $31,003 Audited
9/30/2024 2025 $30,679 Unaudited
* excludes Measure I
\ 0
Fund Balance - YTD Fund Deficits
As shown on the Fund Recap at a Glance (page 3) Recreation and Library Bond Debt Service funds have deficits and are expected to be eliminated in a future period.

The General Fund balance is $30.7 million, a decrease of $0.3 million compared to the amount at the prior fiscal year end General Fund
General Fund Balance Trends*
$0 $20 $40 $60
Budget
Expenditures
Actual
Expenditures
Budget
Revenues
Actual
Revenues
All Funds Revenues & Expenditures
YTD Comparison (in millions)
30%
64%
1%3%2%
Capital Improvement Plan
Streets
Sewer
Technology
Recreational Facilities
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
General Fund Balance Trend
(in million)
2 51
Audited Unaudited PY YTD
Fund Fund Balance YTD YTD PY YTD YTD YTD PY YTD Fund Balance Fund Balance Fund Name 06/30/24 Budget Actual (Under) % Actual Budget Actual Under % Actual 09/30/24 09/30/23 (1) (2) Over (3) (Over) (1)+(2)-(3)

GENERAL FUND
101 General $31,003 $7,866 $5,640 ($2,227) 72% $5,672 $7,836 $5,963 $1,872 76% $5,590 $ 30,679 26,668 102 Measure I 4,464 618 213 (405) 35% 247 2,058 1,119 939 54% 276 3,559 3,907 SPECIAL REVENUE FUNDS 0
205 Recreation 397 1,034 456 (577) 44% 385 1,021 1,093 (72) 107% 986 (240) (18) 206 Library Maintenance & Operation 777 85 8 (78) 9% 6 243 102 142 42% 105 683 717 207 Athletic Field Maintenance 391 41 72 31 175% 33 88 43 45 49% 27 420 373 208 City Tree 252 5 4 (1) 79% 18 19 8 11 43% 11 248 292 209 Senior Services Donation 96 3 8 5 288% 1 2 0 2 0% 0 104 93 210 Development Services 2,020 1,721 1,425 (296) 83% 2,681 1,745 1,347 399 77% 1,243 2,098 2,976 212 General Plan Maintenance 1,492 126 126 0 100% 222 342 211 132 62% 152 1,408 1,661 223 Belmont Fire Protection District 25,882 4,671 541 (4,130) 12% 1,090 3,404 7,325 (3,921) 215% 4,350 19,098 16,939 225 Police Grants and Donations 35 0 1 1 287% 0 2 0 2 0% 0 36 31 227 Supplemental Law Enforcement 71 44 1 (43) 2% 97 22 22 (1) 103% 29 50 74 231 Street Maintenance 1,365 665 335 (329) 50% 262 650 654 (4) 101% 634 1,046 (372) 232 RMRA Street Project 498 188 135 (52) 72% 118 421 (91) 512 -22% 1 725 723 233 Measure W 2,295 122 58 (64) 48% 47 738 0 738 0% 0 2,353 2,126 234 Street Improvements 2,935 380 206 (174) 54% 321 860 92 769 11% 39 3,050 2,247 237 Traffic Impact 100 8 1 (7) 13% 1 0 0 0 N/A 0 101 212 239 Public Art 420 5 4 (1) 82% 3 3 0 3 0% 0 424 408
275 Affordable Housing Successor 6,056 57 57 0 100% 51 393 87 306 22% 50 6,026 9,448 277 Inclusionary Housing 3,254 37 12 (25) 32% 2 0 0 0 N/A 0 3,266 2,573 Total Special Revenue 48,336 9,191 3,452 (5,739) 38% 5,339 9,954 10,893 (939) 109% 7,625 40,894 40,504

CAPITAL PROJECT FUNDS
308 General Facilities 621 7 6 (1) 83% 6 148 0 148 0% 2 627 739 310 Infrastructure 2,290 22 22 1 103% 20 550 (172) 722 -31% 2 2,485 2,413 312 Comcast PEG Program 421 4 4 1 114% 3 30 0 30 0% 0 425 408 341 Planned Park 1,084 23 8 (15) 35% 14 175 1 174 1% 1 1,091 1,714 342 Park Impact 680 11 7 (4) 65% 5 166 0 166 0% 0 687 647 343 Open Space 104 0 1 1 N/A 1 13 53 (40) 410% 3 52 95
399 Capital Improvement Projects 3,292 12,999 951 (12,048) 7% 4,236 13,895 3,740 10,154 27% 2,762 503 1,474 704 Special Assessment Districts 328 3 3 0 114% 3 0 0 0 N/A 0 331 318 Total Capital Projects 8,820 13,068 1,003 (12,065) 8% 4,289 14,977 3,622 11,355 24% 2,770 6,201 7,807

DEBT SERVICE & OTHER FUNDS
406 Library Bond Debt Service 320 174 3 (171) 2% 0 170 549 (378) 322% 528 (225) (242) 501-505 Sewer Collection System 40,307 5,953 643 (5,311) 11% 568 9,293 3,091 6,202 33% 2,804 37,859 29,964 507 Sewer Treatment 28,834 827 50 (777) 6% 37 1,337 2,342 (1,004) 175% 1,859 26,542 26,315 525 Storm Drainage Enterprise 1,406 524 154 (370) 29% 121 781 252 529 32% 445 1,308 1,848 530 Solid Waste Management 2,110 172 134 (39) 78% 113 152 120 32 79% 123 2,123 1,858 570 Worker's Compensation 1,837 235 282 47 120% 285 213 754 (541) 354% 682 1,365 1,365 571 Liability Insurance 3,324 229 236 8 103% (284) 348 666 (318) 191% 559 2,894 2,844 572 Self Funded Vision 0 0 0 0 N/A 0 0 0 0 N/A (4) 0 4
573 Fleet & Equipment Management 8,241 1,331 1,306 (25) 98% 1,196 1,694 1,315 378 78% 980 8,232 8,608 574 Facilities Management 366 758 782 24 103% 719 787 780 7 99% 797 368 (681) 575 Benefit Prefunding 1,313 378 344 (33) 91% 340 396 214 182 54% 286 1,443 1,288 Total Debt & Other 88,058 10,581 3,935 (6,646) 37% 3,095 15,173 10,083 4,201 66% 9,060 81,910 73,173 Total All Funds $180,681 $41,326 $14,243 ($27,083) 34% $18,642 $49,996 $31,680 $17,428 63% $25,321 $163,244 $152,060 Fund Types:

General Fund - Used to account for and report all financial resources not accounted for and reported in another fund.

Capital Projects Funds - Used to account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays, including the acquisition or construction of capital facilities and other capital asse Debt Service & Other Funds - Includes funds used to account for and report financial resources that are restricted, committed, or assigned to expenditure for principal and interest; funds 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; and funds to account for operations financed and operated in a manner similar to a private business enterprise with the intent that the cost of providing goods and services is primarily financed through user charges; and funds used to account for assets held by the City as an agent.

Variance
Revenues Expenditures
Variance
City of Belmont
Fund Recap at a Glance
Results for the Period Ended September 30, 2024
(000's)
3 52
City of Belmont
Budget Variance Report
General Fund / All Other Funds
Results for the Period Ended September 30, 2024
(000's)
General Fund All Other Funds
Year to Date (YTD) Annual PY YTD Year to Date (YTD) Annual PY YTD Budget Actual Variance % Budget Actual Budget Actual Variance % Budget Actual

REVENUES
Taxes $5,539 $3,404 ($2,135) 61% a $22,158 $2,827 $5,639 $370 ($5,269) 7% a $22,556 $436 Licenses and permits 304 262 (41) 86% 1,215 169 596 824 228 138% 2,385 774 Intergovernmental 92 164 72 179% 366 175 2,979 321 (2,658) 11% c 11,915 4,005 Charge for services 1,080 1,047 (33) 97% 4,318 1,057 9,686 4,270 (5,416) 44% d 38,744 4,750 Fines and forfeits 36 18 (18) 50% 144 30 - - - N/A - -
435 740 305 170% 1,738 1,408 1,262 1,848 586 146% 5,049 2,032 Miscellaneous 80 5 (75) 6% 321 6 7 88 81 1292% 27 238
Other financing sources - - - N/A - - - 6 6 N/A - -
Operating transfers in 301 - (301) 0% b 1,205 - 13,291 875 (12,416) 7% e 53,164 736 Total Revenues 7,866 5,640 (2,227) 72% 31,466 5,672 33,460 8,603 (24,857) 26% 133,841 12,970

EXPENDITURES
General government 1,960 1,781 (179) 91% 7,838 1,458 2,191 2,918 727 133% f 8,765 2,505 Public safety 3,996 3,548 (448) 89% 15,984 3,531 3,410 7,383 3,972 216% g 13,642 4,362 Streets and utilities - - - N/A 0 0 17,445 8,210 (9,235) 47% 69,780 5,620 Culture and recreation 705 634 (71) 90% 2,821 600 2,693 2,100 (593) 78% 10,770 2,005 Urban redevelopment - - - N/A 0 0 2,008 1,260 (748) 63% 8,032 1,073 Non departmental - - - N/A 0 0 503 85 (417) 17% 8,032 - Debt service 1,175 - (1,175) 0% 4,700 0 318 2,885 2,566 906% h (2,689) 3,431 Operating transfer out 7,836 5,963 (1,872) 76% 31,343 5,590 5,756 (5,088) (10,844) -88% 23,025 (4,854) Total Expenditures 15,672 11,927 (3,745) 76% 62,687 11,179 34,325 19,753 (14,572) 58% 139,357 14,142 ($7,805) ($6,287) ($31,221) ($5,507) ($864) ($11,150) ($5,516) ($1,172) Management Discussion and Analysis
(Items with unfavorable budget variance more than $0.1 million) General Fund
Revenues
Other Funds
Revenues
Other Funds
Expenditures
c) Intergovernmental - Grant revenue will be received and reported in a future reporting period. d) Charges for Services - The Sewer User Fee (Collection & Treatment) is included as part of the City's Property Tax bill to be received semi-annually, typically in December and April. h) Debt service - The budget variance is primarily due to annual/semi-annual debt service payments made in the beginning of the year. e) Operating Transfers In – Budgeted operating transfers are recorded at the end of the fiscal year based on actual results. g) Public Safety - The first quarter payments of $1.9M to BSCFD and $2.4M to San Mateo Consolidated Fire Department and annual insurance premium were made in July and accumulated as year-to-date amounts.

Trends
** July Sales Tax & TOT revenues received were for June activities and accrued to the previous FY. July revenues will be received in August.

Sales Tax & TOT for June activities in FY24 will be received in July, and have not yet been accrued to FY24. f) General Government - The variance is due to annual insurance premiums, pension, and OPEB contributions were paid in July and accumulated as year-to-date amounts. b) Operating Transfers In – Budgeted operating transfers are recorded at the end of the fiscal year based on actual results. a) Taxes - The budget variance is primarily due to the timing of semi-annual property tax receipts received in December and April.

Use of money and property

EXCESS OF REVENUES OVER/
(UNDER) EXPENDITURES
-$650
-$450
-$250
-$50
$150
$350
$550
$750
$950
Jul Aug Sep
Thousands
Sales Taxes & TOT - Monthly Comparison
Sales Taxes FY 24 Sales Taxes FY 25 TOT FY 24 TOT FY 25 $0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 Thousands
Major General Fund Taxes - 10-year Trends
Prop Tax Sales Taxes TOT
4 53
City of Belmont
Disbursements & Purchase Order Activity Report
Results for the Period Ended September 30, 2024
Vendor Description Date No. Amount
AMERICAN ASPHALT REPAIR AND PROGRESS PAY 1 9/13/24 EFT00036420 436,958.29 CALPERS HEALTH PREMIUM-SEPT 9/9/24 DAJ000009236 227,389.09 CALPERS COB CONTRIBUTIONS PPE 09/06/24 9/11/24 DAJ000009237 141,087.29 CALPERS COB CONTRIBUTION PPE 09/20/24 9/26/24 DAJ000009238 146,866.01 CENTRALSQUARE TECHNOLOGIES LLC YR 2 -CENTRAL SQUARE AGRMNT 9/27/24 EFT00036618 77,025.14 GHILOTTI BROS INC PROGRESS PAY 5 9/27/24 EFT00036627 611,621.67 MISSION SQUARE DEF COMP ACCT 302442 9/9/24 DAJ000009244 56,052.34 MISSION SQUARE DEF COMP ACCT 302442 9/23/24 DAJ000009248 57,893.29 PAVEMENT ENGINEERING INC PS&E 2025 PAVEMENT THRU 6/30 9/6/24 EFT00036377 91,338.75 PAVEMENT ENGINEERING INC PAVMT EXPENDITURE THRU 8/31 9/27/24 EFT00036613 122,058.75 PAYROLL PPE 8/31/2024 PAYROLL PPE 8/31/2024 9/6/24 DAJ000009263 477,720.50 PAYROLL PPE 8/31/2024 PAYROLL PPE 8/31/2024 9/6/24 DAJ000009272 108,921.44 PAYROLL PPE 9/14/2024 PAYROLL PPE 9/14/2024 9/20/24 DAJ000009268 481,445.65 PAYROLL PPE 9/14/2024 PAYROLL PPE 9/14/2024 9/20/24 DAJ000009273 127,637.62 SAN MATEO CONSOLIDATED FIRE DEPARTMENT Q2 24-25-SMC FIRE MEMEBER AGNC 9/13/24 EFT00036427 2,395,638.75 SILICON VALLEY CLEAN WATER OCTOBER CONTRIBUTIONS 9/6/24 EFT00036369 399,366.00 SILICON VALLEY CLEAN WATER OCT 24 DEBT SRVC SRF LOAN PAYM 9/27/24 EFT00036609 758,955.16 Total Disbursements in Excess of $50,000 $ 6,717,975.74 Total Count 17
Vendor Description Date No. Amount
CASEY CONSTRUCTION INC HILLER LIFT STATION PROJEC 9/23/24 25 00039 2,607,176.00 Total Purchase Orders Issued in Excess of $50,000 $ 2,607,176.00 Total Count 1
Disbursements Amounts Equal to $50,000 and Above
Purchase Order Amounts Equal to $50,000 and Above
5 54
Beginning Balance Ending Balance
August 31, 2024 Receipts Disbursements September 30, 2024 City of Belmont $ 122,847,302.23 $ 2,526,341.52 $ (5,471,773.43) $ 119,901,870.32 Belmont Fire Protection District 21,497,943.75 4,033.00 (2,471,999.05) 19,029,977.70 Total $ 144,345,245.98 $ 2,530,374.52 $ (7,943,772.48) $ 138,931,848.02 -
Deposit Investments Pool Total
City of Belmont & Belmont Fire Protection District $ 671,645.69 $ 138,260,202.33 $ 138,931,848.02 -
Respectfully Submitted,
s/b Grace Castaneda
Grace Castaneda
City Treasurer
I certify that this report accurately reflects all investments of City of Belmont and Belmont Fire Protection District, and is in conformance with the adopted Investment Policy mandated by Government Code 53646. Furthermore, I certify to the best of my knowledge, sufficient investment liquidity and anticipated revenues are available to meet the Agency's budgeted expenditure requirement for the next six months.

CITY OF BELMONT

TREASURER'S REPORT
September-24
Balance Summary
Agency Receipts and Disbursements Summary
treasurer report 09-2024.xlsx

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55 Investment Type Issuer
Maturity
Date Par Amount Current Market Value Interest Total
Investment
Period Rate
Pricing
Source Manager
Deposit
General Account Wells Fargo $ 671,645.69 $ 671,645.69 Bank Bank Investments:

L.A.I.F.-POOL State of California Daily 132,972,001.79 133,246,068.26 506,955.76 90 days 4.575% LAIF LAIF L.A.I.F.-BONDS State of California Daily 5,288,200.54 5,299,099.97 20,161.26 90 days 4.575% LAIF LAIF Total $ 138,931,848.02 $ 139,216,813.91 $ 527,117.02
s/b Grace Castaneda
S/B John Violet
Investment Detail

CITY OF BELMONT

TREASURER'S REPORT
September-24
Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 LAIF-POOL 117,024,495 115,089,713 115,789,713 132,764,713 133,851,862 133,701,862 133,701,862 148,550,443 147,950,443 148,650,443 138,672,002 138,272,002 132,972,002 LAIF-BOND 6,909,922 6,972,783 6,870,783 5,691,783 5,758,836 5,758,836 5,758,836 5,820,355 5,520,355 5,520,355 5,584,201 5,288,201 5,288,201 INTEREST RATE 3.534% 3.670% 3.843% 3.929% 4.012% 4.122% 4.232% 4.272% 4.332% 4.480% 4.516% 4.579% 4.575%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%
$0
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$140,000,000
$160,000,000
City of Belmont Investment Portfolio Trends

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FY24 Development Impact Fees

STAFF REPORT
Meeting Date: November 26, 2024
Agency: City of Belmont
Staff Contact: Joanne Yung, Finance Department, [email protected] Agenda Title: Annual Report on Receipt and Use of Development Impact Fees, In-Lieu Fees, and Linkage Fees for Fiscal Year 2023-24
Agenda Action: Resolution
Recommendation
Adopt a Resolution to make certain findings and accept the annual report on receipt and use of development impact fees, in-lieu fees, and linkage fees for the fiscal year ended June 30, 2024.

Strategic Focus Area
Fiscal and Organizational Sustainability
Background
Development Impact Fees
The City of Belmont assesses two development impact fees – Park Improvement Impact Fee and Transportation Impact Fee. Local governments often charge fees as a condition of approval for development projects to fund public improvements to compensate for the demands that the developments have on public resources. These fees are commonly known as development impact fees. In 1989, the State Legislature passed Assembly Bill 1600 (AB 1600), which added Sections 66000 et seq. to the California Government Code, commonly known as the Mitigation Fee Act.

Government Code Section 66006 requires that the City make available to the public the following information regarding development impact fees within 180 days after the end of each fiscal year:

1. A brief description of the type of fee.

2. The amount of the fee.

3. The fee’s beginning and ending balances for the fiscal year.

4. Total fees collected and the interest earned, if applicable.

5. Identification of each public improvement on which impact fees were expended and the amount of expenditure on each improvement, including the total percentage of the cost of the public improvement that was funded with impact fees.

6. Identification of an approximate date by which the construction of a public improvement will commence, if the local agency determines that sufficient funds have been collected to complete financing on an incomplete public improvement.
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FY24 Development Impact Fees
a. This information is listed in Exhibit B to the Resolution. Exhibit B shows the five-year plan for public improvement projects and their anticipated expenditures related to the Mitigation Fee Act and Quimby Act. Specific details on each of the projects listed in Exhibit B can be found in the five-year capital improvement program section in the City’s fiscal year (FY) 2024-25 adopted budget.

7. Description and uses for transfers or loans of fees, if applicable.

8. Amounts of any refunds and allocations.

Further, the Mitigation Fee Act requires that findings describing the continuing need for impact fees be made every five years specifying the intended use of any unexpended impact fees, regardless of whether the fees are committed or uncommitted. If findings are not presented as scheduled, the City may be subjected to go through a refunding procedure. The City is opting to make such findings every year.

In-Lieu Fees
In-lieu fees are fees that are collected by the City instead of requiring developers to provide or construct specified improvements or amenities with their projects. The City of Belmont assesses three in-lieu fees:

Park In-Lieu Fee, Inclusionary Housing In-Lieu Fee, and Public Art In-Lieu Fee.

Park In-Lieu Fees are assessed pursuant to the Quimby Act under Government Code Section 66477. The other in-lieu fees do not have statutory reporting requirements but are included in this report for informational purposes. Under the Quimby Act, local governments may require the dedication of land for parks or the payment of fees in-lieu of land dedication as a condition of subdivision map approval. While park in-lieu fees are exempt from the reporting requirements included in the Mitigation Fee Act, these fees have separate Quimby Act reporting requirements, specifically:

1. The City must develop a schedule specifying the use of land or fees to develop park or recreational facilities to serve the residents of the subdivision.

2. Any Quimby fees collected must be committed within five years after the payment of the fees or the issuance of building permits on one-half of the lots created by the subdivision, whichever occurs later.

3. If not committed, the fees shall be distributed and paid to the record owners of the subdivision in the same proportion that the size of the lot bears to the total area of lots within the subdivision (Gov. Code section 66477(a)(6)).

Linkage Fees
Linkage fees are exactions for social needs indirectly related to development projects. The City of Belmont assesses one linkage fee –Affordable Housing Commercial Linkage Fee. While these are linkage fees, they are included in this report with reporting requirements under the Mitigation Fee Act for informational purposes and to make sure that information is available in the event that a court rules in the future that linkage fees are subject to the reporting requirements of the Mitigation Fee Act.

This report complies with requirements of the Mitigation Fee Act and the Quimby Act outlined above. 58

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FY24 Development Impact Fees
Analysis
For FY 2023-24, the City of Belmont is required to report on the following two development impact fees, pursuant to the Mitigation Fee Act.

Park Improvement Impact Fees – The purpose of park impact fees is to ensure that the City can construct park and recreation facilities needed for the population growth created by new development. The Development Fees Annual Report (Exhibit A) includes current fee information, a summary of revenues and expenditures, and opening and closing fund balance for the Park Impact Fees Fund (Fund 342).

Transportation Impact Fees – The City of Belmont transportation impact fee program requires new development to contribute funding for future transportation system improvements. The Development Fees Annual Report (Exhibit A) includes current fee information, a summary of revenues and expenditures, and opening and closing fund balance for the Transportation Impact Fee (Fund 237) in which the transportation impact fees are accounted for.

The Council is asked to make the following findings regarding both the Park Improvement and Transportation Impact Fees collected but not expended – these findings are detailed in the resolution provided as Attachment A:

1. Development impact fees are collected to mitigate direct and indirect impacts from development.

2. These funds are expended in a timely manner to fund continued improvements to public facilities related to the increased demand on the facilities resulting from development.

3. There is a reasonable relationship between these impact fees and their purpose.

4. These impact fees continue to be required to fund applicable improvements, and as such, these fees will continue to be collected for utilization solely for their intended purpose.

For FY 2023-24, Belmont is providing financial reporting information for four in-lieu and linkage fees:

Housing Mitigation Fees – Housing mitigation fees include both the inclusionary housing in-lieu fee, and the affordable housing commercial linkage fee. The purpose of the housing mitigation fees is to mitigate the burdens created by new residential and non-residential development projects on the need for extremely low, very low, low, and moderate-income housing. The Development Fees Annual Report (Exhibit A) includes current fee information, a summary of revenues and expenditures, and opening and closing fund balance for the Inclusionary Housing Fund (Fund 277), in which the inclusionary housing in-lieu fee and affordable housing commercial linkage fee are accounted for.

The Council is asked to make the following findings regarding housing mitigation fees collected but not expended – these findings are detailed in the resolution provided as Attachment A:

1. Development impact fees are collected to mitigate direct and indirect impacts from development.

2. These funds are expended in a timely manner to fund continued improvements to public facilities related to the increased demand on the facilities resulting from development.

3. There is a reasonable relationship between these impact fees and their purpose. 59

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FY24 Development Impact Fees

4. These impact fees continue to be required to fund applicable improvements, and as such, these fees will continue to be collected for utilization solely for their intended purpose.

Park In-Lieu (Quimby) Fees
The park in-lieu fee program is offered in-lieu of the City’s parkland dedication requirement for new residential subdivisions; this fee ensures that the City’s existing ratio of parkland acreage to 1,000 residents is maintained when new subdivision development occurs. The Development Fees Annual Report (Exhibit A) includes current fee information, a summary of revenues and expenditures, and opening and closing fund balance for the Planned Park Fund (Fund 341) in which the park in-lieu fee are accounted for.

Public Art In-Lieu Fees – The City of Belmont adopted a public art requirement for private development so that development of cultural and artistic assets is financed by those whose development diminishes the availability of the community's resources for those opportunities and contributes to community urbanization. The City requires certain private development projects to contribute not less than one percent of the building development costs towards acquisition and installation of public art or contribute an equivalent amount to the City's public art in-lieu fund. The Development Fees Annual Report (Exhibit A) includes current fee information, a summary of revenues and expenditures, and opening and closing fund balance for the Public Art In-Lieu Fund (Fund 239) in which the public art in-lieu fee are accounted for.

Alternatives

1. Request additional information on Development Fees.

Attachments
A. Resolution
B. Exhibit A – Development Fees Annual Report FY 2023-24 C. Exhibit B – Public Improvement Project Expenditures Five-Year Plan Fiscal Impact
☐ No Fiscal Impact
☒ Funding Source Confirmed:

Receipt and use of development fees, as well as public
improvement project expenditures five-year plan, are included as Exhibits to the Resolution.

Source: Purpose: Public Outreach:

Staff Statutory/Contractual Requirement Other*
*In accordance with Government Code Section 66006, this information was made available to the public.

A notice of availability was published in a general circulation newspaper on November 8, 2024. 60

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RESOLUTION NO. 2024 –

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BELMONT

ACCEPTING THE ANNUAL REPORT ON RECEIPT AND USE OF DEVELOPMENT

IMPACT FEES, IN-LIEU FEES, AND LINKAGE FEES FOR THE FISCAL YEAR ENDED JUNE 30, 2024 AND MAKING FINDINGS REGARDING DEVELOPMENT

IMPACT FEES COLLECTED BUT NOT EXPENDED
WHEREAS, WHEREAS, Government Code Sections 66000 et seq., commonly known as the Mitigation Fee Act, regulate the imposition, collections, expenditure, and reporting of development impact fees; and,
WHEREAS, Government Code Section 66001 requires that certain information be made available to the public regarding development impact fees on an annual basis; and, WHEREAS, Government Code Section 66001 requires the City Council to make findings describing the continuing need for impact fees every five years specifying the intended use of any unexpended impact fees; and,
WHEREAS, the City of Belmont assesses two development impact fees subject to Mitigation Fee Act reporting requirements – Park Impact Fee and Transportation Impact Fee; and,
WHEREAS, the City of Belmont also collects in-lieu fees and linkage fees, including Inclusionary Housing In-Lieu Fee, Public Art In-Lieu Fee, and Affordable Housing Commercial Linkage Fee; and,
WHEREAS, the City of Belmont adheres to the Mitigation Fee Act requirements for inlieu fees and linkage fees in addition to development impact fees; and, WHEREAS, the City Council of the City of Belmont has read and considered the Development Impact Fees, In-Lieu Fees, and Linkage Fees Annual Report for the Year Ended June 30, 2024, and all accompanying attachments.

NOW, THEREFORE, the City Council of the City of Belmont resolves as follows:

SECTION 1. Acceptance of this report is not a project subject to CEQA review because it is an organizational or administrative activity that will not result in direct or indirect physical changes to the environment pursuant to CEQA Guidelines section 15378(b)(5).

SECTION 2. The City Council accepts the Development Impact Fees, In-Lieu Fees, and Linkage Fees Annual Report for the Year Ended June 30, 2024, included as Exhibit A to this resolution.
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SECTION 3. Based on the Report and the schedule for expenditure of improvements attached as Exhibit B to this resolution, the City Council makes the following findings with regard to the development impact fees and linkage fees collected but not expended in Fiscal Year 2023-24 and listed below:

Park Improvement Impact Fee

1. This fee is used to develop parkland and parkland improvements that are necessary to serve new development.

2. There is a reasonable relationship between the fee and its purpose, because the amount of the fee is determined based on the need for parkland and parkland improvements that will be generated by new development.

3. The sources and amounts of funding anticipated to complete the planned projects are shown in Exhibit B.

4. The approximate dates on which the necessary funding is expected to be deposited are shown in Exhibit B.

Transportation Impact Fee

1. This fee is used to develop transportation and transportation improvements that are necessary to serve new development.

2. There is a reasonable relationship between the fee and its purpose, because the amount of the fee is determined based on the need for transportation and transportation improvements that will be generated by new development.

3. The sources and amounts of funding anticipated to complete the planned projects are shown in Exhibit B.

4. The approximate dates on which the necessary funding is expected to be deposited are shown in Exhibit B.

Affordable Housing Commercial Linkage Fee

1. This fee will be used to support affordable housing that are necessary in order to serve new development.

2. There is a reasonable relationship between the fee and its purpose, because the amount of the fee is determined based upon the anticipated need for affordable housing that will be generated by new commercial development.

3. The sources and amounts of funding expected to complete the anticipated projects are shown in Exhibit B.

4. The approximate dates on which the necessary funding is expected to be deposited are shown in Exhibit B.
* * *
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ADOPTED November 26, 2024 by the City of Belmont City Council by the following vote:

Ayes:

Noes:

Absent:

Abstain:

ATTEST:

City Clerk Mayor
APPROVED AS TO FORM:

City Attorney
63 Exhibit A
Purpose and Authority for Collection
Fee Enactment 10/28/2014
Initial Fee Collection FY 2016-17
Amount of Fee FY 2023-24
Residential Development (fee per dwelling unit):

Single-Family Detached Housing $14,242
Single-Family Attached Housing $14,242
Multifamily Housing $9,495
Second Dwelling Unit Varies in proportion to size
of primary residence.

Non-Residential Development (per square foot):

Retail & Other Commercial $2.57
Office $0.77
Industrial $1.03
Lodging, per room $463.62
BEGINNING BALANCE, 7/1/2023 $641,446
Revenues
Fees Collected $13,117
Intergovernmental $0
Interest Earned $25,494
TOTAL REVENUES $38,611
Expenditures
Transfer to Planned Park 0
Capital Improvements 0
TOTAL EXPENDITURES 0
Other Commitments/Appropriations 0
Ending Fund Balance, 6/30/2024 $680,057
City of Belmont
Annual Report on Park Impact Fees (Fund 342)
Fiscal Year Ending June 30, 2024
The purpose of park impact fees is to ensure that the City can construct park and recreation facilities needed for the population growth created by new development. Existing park and recreational facilities are insufficient in number, size, location, and the kinds of recreational opportunities which they present to meet the needs of both the City’s existing and projected service population. The City’s goal is to provide five acres of neighborhood and community park facilities for every one thousand new residents, consistent with the City’s General Plan and the Park’s and Open Space Master Plan. City Council Resolution 2014-148, adopted October 28, 2014, authorizes assessment of Park Impact Fees in connection with the issuance of any building permit for residential or non-residential development within the City of Belmont.

Annual Report 2024, tab: Park Impact 342 64
Exhibit A
Purpose and Authority for Collection
Fee Enactment 1/25/2021
Initial Fee Collection FY 2021-22
Amount of Fee FY 2023-24
Residential Mtigation and In-Lieu Fees (fee per square foot):

Single-Family Detached Housing $7,697.00
Single-Family Attached Housing $7,697.00
Multifamily Housing $5,974.00
Second Dwelling Unit Varies in proportion to size
of primary residence.

Non-Residential Mitigation Fees (per square foot):

Retail/commerical $18.00
Office/Other $12.00
Industrial $5.00
Lodging, per room $10,531.00
BEGINNING BALANCE, 7/1/2023 $96,631
Revenues
Fees Collected $0
Interest earned $3,789
TOTAL REVENUES $3,789
Expenditures
Capital Outlay $0
Transfer to Street Improvement Fund $0
TOTAL EXPENDITURES $0
Other Commitments/Appropriations $0
Ending Fund Balance, 6/30/2024 $100,420
City of Belmont
Annual Report on Transporation Impact Fees (Fund 237)
Fiscal Year Ending June 30, 2024
The purpose of the transportation impact improvement fee is to mitigate the negative impacts that new development has on the citywide transportation system and to accommodate construction of new transportation infrastructure that expands and upgrades the Belmont transportation system. The transportation impact fee program requires new development to contribute funding for future transportation system improvements in Belmont that will maintain the existing proportionate levels of investment in the City's transportation infrastructure. City Council resolution No. 2020-103, adopted on November 24, 2020, authorizes assessment of Transportation Impact Fees in connection with the issuance of any building permit for residential or non-residential development within the City of Belmont.

Annual Report 2024, tab: Transportation Impact 237 65
Exhibit A
Purpose and Authority for Collection
Fee Enactment 1/10/2017
Initial Fee Collection FY 2017-18
Amount of Fee FY 2023-24
Residential Mitigation and In-Lieu Fees (fee per square foot):

Single-Family Detached Housing $25.01
Single-Family Attached Housing $25.01
Multifamily Housing $26.05
Second Dwelling Unit $0.00
Non-Residential Mitigation Fees (per square foot):

Retail/commerical $5.88
Office/Industrial/Other $14.11
Hotel $4.71
BEGINNING BALANCE, 7/1/2023 $2,571,617
Revenues
Inclusionary Housing Fees $599,866
Commercial Linkage Fees $0
Reimbursements $0
Interest Earned $82,732
TOTAL REVENUES $682,598
Expenditures
Loans or Other Project Subsidies $0
TOTAL EXPENDITURES $0
Other Commitments/Appropriations $0
Ending Fund Balance, 6/30/2024* $3,254,215
* Total Fund Balance Includes Affordable Housing Loans Receivable Totaling $2,415,973 City of Belmont
Annual Report on Housing Mitigation Fees (Fund 277)
Fiscal Year Ending June 30, 2024
The purpose of the housing mitigation fees is to mitigate the burdens created by new residential and nonresidential development projects on the need for extremely low, very low, low, and moderate-income housing. All housing mitigation fees collected shall be deposited into the City's Affordable Housing Fund to be used to increase and preserve the supply of housing affordable to households of extremely low, very low, low, median, and moderate incomes (including necessary administrative costs). City Council Resolution 2017-005, adopted January 10, 2017, authorizes assessment of a Housing Impact Fee in connection with the issuance of any building permit for residential or non-residential development within the City of Belmont, consistent with the affordable housing goals, objectives, policies and programs of the City's Housing Element. Belmont Ordinance 2017-1115, adopted January 24, 2017, created Section 29 of the Belmont Zoning Ordinance which establishes inclusionary housing requirements and provides for payment of housing impact fees in-lieu of housing untis for certain projects.

Annual Report 2024, tab: Housing Mitigation 277 66
Exhibit A
Purpose and Authority for Collection
Fee Enactment 10/28/2014
Initial Fee Collection FY 2014-15
Amount of Fee FY 2023-24
Residential Subdivision (fee per dwelling unit):

Single-Family Detached Housing $41,043
Single-Family Attached Housing $41,043
Multifamily Housing $27,362
BEGINNING BALANCE, 7/1/2023 $1,700,822
Revenues
Transfer from Park Impact (342) $0
In-Lieu Fees Collected $0
Contributions & Donations $3,705
Interest Earned $54,373
TOTAL REVENUES $58,078
Expenditures
Capital Outlay 0
Debt Service Principle 584,023
Interest and Fiscal Charges 83,977
Administrative Support 4,343
Capital Improvements 2,141
TOTAL EXPENDITURES 674,484
Other Commitments/Appropriations 0
Ending Fund Balance, 6/30/2024 $1,084,416
City of Belmont
Annual Report on Park In-Lieu Fees (Fund 341)
Fiscal Year Ending June 30, 2024
The Quimby Act allows California jurisdictions to establish parkland dedication requirements for new subdivisions of land. Pursuant to Belmont City Code Chapter 17, Article IV, Parkland Dedication Requirements and In-Lieu Fees , Developers wishing to create new residential parcels may meet the Quimby Act requirements either through direct land dedication, or payment of an equivalent in-lieu fee. The equivalent inlieu fee level is calculated based on the parkland service standard per 1,000 residents, current per-acre land values, and number of persons per household. Revenue shall be used to acquire parkland or fund park improvements.

Annual Report 2024, tab: Park In-Lieu (Quimby) 341 67
Exhibit A
Purpose and Authority for Collection
Fee Enactment 1/7/2020
Initial Fee Collection FY 2021-22
Amount of Fee FY 2023-24
Non-residential or Mixed Use Development equal to or rgeater than 10,000 s.f. 1% Residential development of 5 or more new dwelling units 1% BEGINNING BALANCE, 7/1/2023 $404,377
Revenues
In-Lieu Fees Collected $0
Contributions & Donations $0
Interest Earned $15,858
TOTAL REVENUES $15,858
Expenditures
Capital Outlay 0
TOTAL EXPENDITURES 0
Other Commitments/Appropriations 0
Ending Fund Balance, 6/30/2024 $420,235
City of Belmont
Annual Report on Public Art In-Lieu Fees (Fund 239)
Fiscal Year Ending June 30, 2024
The City of Belmont adopted a public art requirement for private development so that development of cultural and artistic assets are financed by those whose development diminishes the availability of the community's resources for those opportunities and contributes to community urbanization. Through the inclusion of public art or payment of an in lieu fee, developers of private land uses help to address at least a portion of the impact of their developments on aesthetics. The City requires certain private development projects to contribute not less than one percent of the building development costs towards aquisition and installation of public art, or contribute an equivalent amount to the City's public art in-lieu fund.

Annual Report 2024, tab: Public Art In-Lieu 239 68
Exhibit B
City of BelmontPublic Improvement Project Expenditures Related to the Mitigation Fee Act and Quimby ActFY 2024-25 Capital Improvement Project Budget Five-Year Plan Fund Project Description (See Note) Funding Sources FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29 239 8114 Public Art Installation Public Art In-Lieu $ 150,000 8122 2025 Public Art Project Public Art In-Lieu $ 10,000 342 8033 Open Space Trail Improvements Park Impact $ 18,000 18,000 $ 18,000 $ 18,000 $ 18,000 $ 6025 Twin Pines Park Stormwater Cap Park Impact $ 125,000 8059 McDougal Field Improvements Park Impact $ 100,0008101 Hallmark Park Tennis Court Park Impact $ 9,9178103 Cipriani Park Design and Construction Park Impact $ 250,000 250,000 $ 8109 PROS Phase 1 Implementation Park Impact $ 125,000 250,000 $ 125,000 $ 125,000 $ 277 n/a Affordable Housing Development Contributions Housing Mitigation Fee Expenditures subject to project negotiations and City Council approval; All Housing Mitigation Fees will be spend over the next five years.

Note: Details about each of these projects can be found in the five-year capital improvement program section of the City's FY 2024-25 Adopted Budget.

Annual Report 2024, tab: Exhibit B
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Revise Maximum Rates for Solid Waste Collection Services for Calendar Year 2025 - Staff Report

STAFF REPORT
Meeting Date: November 26, 2024
Agency: City of Belmont
Staff Contact: Nisha Patel, Public Works, (650) 595-7459, [email protected] Alberto Espinoza, Public Works, (650) 595-7465, [email protected] Agenda Title: Revise Maximum Rates for Solid Waste Collection Services for Calendar Year 2025 Agenda Action: Resolution
Recommendation
Adopt a resolution revising the maximum rates that may be charged by Recology of San Mateo County for solid waste, recyclable materials, and organic materials collection services effective January 1, 2025.

Strategic Focus Area
Fiscal and Organizational Sustainability
Background
Recology of San Mateo County (Recology) provides solid waste, recyclable materials, and organic materials collection services in the City of Belmont under a 15-year franchise agreement between Recology and the City ending in 2035. Recology sets its own rates for collection services under the franchise agreement, but Recology may not charge Belmont residential and commercial customers more than the maximum rates approved by the City Council. This rate setting process is particular to Belmont.

Belmont is a member of the South Bayside Waste Management Authority (Rethinkwaste). The Authority assists member agencies with various matters related to the collection and disposal of wastes and recyclables, including the selection of a collection services provider (Recology) serving all members and the development of a model franchise agreement. Unlike the compensation provisions in the other members’ franchise agreements with Recology, Belmont’s agreement is based on a maximum rate formula that limits what Recology may charge and is not subject to a revenue reconciliation process at the end of each rate year.

Public Participation
In order to promote public participation in setting the maximum rates, Section 11.09 of the franchise agreement contemplates that the City will follow the notice and protest hearing procedures of Proposition 218 as set forth in California Constitution Article XIIID, Section 6(a), and Government Code Section 53755. Those procedures require mailing a notice of a public hearing on the setting of maximum rates to solid waste customers (Attachment D) at least forty-five days before the hearing. Belmont customers and property owners may submit written protests against the proposed rates and may do so by mail or in person to the City Clerk no later than the conclusion of the public hearing. If written protests against the rate changes are presented by owners of a majority of the affected parcels, the City Council will not impose the new maximum rates.
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Revise Maximum Rates for Solid Waste Collection Services for Calendar Year 2025 - Staff Report On September 10, 2024, the City Council adopted Resolution No. 2024-63 stating its intent to revise the maximum rates for 2025 and set the public hearing for November 12, 2024. However, the meeting was continued to November 26, 2024, due to lack of quorum, and this was noted on the City’s agenda webpage.

Analysis
The maximum rates that Recology may charge for scheduled and additional services are determined by a formula described in Article 11 of the franchise agreement. In simple terms, the formula takes the existing maximum rates and multiplies each rate by an ‘adjustment multiplier’. The adjustment multiplier is essentially a cost index with three principal adjustment components: changes in the consumer price index or “CPI” for certain cost elements that make up the Base Contractor Compensation, changes in passthrough disposal costs and agency payments, and performance incentive/disincentive adjustments.

The sum of all the adjustments is the Total Target Revenue for that year. Each year, Recology submits information and calculations for the adjustments and proposes changes to the maximum rates based on the information and calculations. City staff and the City’s solid waste consultant, HDR Engineering Inc. (HDR), then analyze Recology’s submissions for accuracy and consistency with the franchise agreement.

Recology is proposing total contractor compensation of $9,938,659 for 2025. The percentage change between the 2025 total target revenue of $9,938,659 and the 2024 target revenue of $9,740,247 results in the adjustment multiplier rate of 2.04%, which is consistent with methodology of the Agreement. The adjustment multiplier rate of 2.04% is the proposed 2025 rate increase to the residential and commercial carts and bins and it accounts for CPI cost increases such as labor costs, fuel, general expenses, SB 1383 program implementation, depreciation, interests, incentives and disincentives, direct costs components, and agency payments.

HDR has prepared the attached report (Attachment C), which provides the basis of City’s review of the rate adjustment application and the accompanying maximum rate schedules submitted by Recology conforming to the requirements of the franchise agreement.

Residential Rates
Recology charges a flat monthly rate per cart size. Residential service is comprised of four different cart sizes which range from 20 gallons to 96 gallons. Table 1 is a summary of the present and calculated maximum residential solid waste rates for the for the different cart sizes. The price per cart size is projected to increase by 2.04% for all cart sizes.
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Revise Maximum Rates for Solid Waste Collection Services for Calendar Year 2025 - Staff Report Table 1
Summary of the Present and Calculated Maximum Residential Solid Waste Rates (Regularly Scheduled - $/Month)

RESIDENTIAL CARTS
Present Calculated
Monthly Maximum $/Month
Schedule Schedule Description Rate 2025 Rate Change
R20G Residential Waste - 20 Gallons $40.21 $41.03 $0.82 R32G Residential Waste - 32 Gallons 47.97 48.95 0.98
R64G Residential Waste - 64 Gallons 94.43 96.36 1.93
R96G Residential Waste - 96 Gallons 141.65 144.54 2.89
Commercial Rates
Commercial customers have similar service to residential customers, but they have the option to adjust the number of pickups per week. In 2025, commercial rate schedules are projected to increase by 2.04%.

To see a complete listing of all commercial rates please see the attached Resolution. Table 2 below is a summary of the calculated maximum commercial solid waste rates for 2025 by cart size. Some minor rounding of the rates may occur for purposes of ease of administration.

Table 2
Summary of Calculated Maximum Commercial Solid Waste Rates (By Gallon Cart Size; Regularly Scheduled - $/Month)

COMMERCIAL CARTS
Cart Size (in Gallons)
20 32 64 96
# of Pickups Per Week
1 $52.35 $58.12 $112.40 $162.46
2 107.69 119.66 226.80 332.78
3 160.34 178.12 344.13 505.02
4 220.12 244.57 462.71 683.13
5 278.50 309.42 588.16 863.66
6 348.47 387.17 716.74 1,087.16
7 424.49 471.64 839.05 1,268.34
72

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Revise Maximum Rates for Solid Waste Collection Services for Calendar Year 2025 - Staff Report

COMMERCIAL CARTS ORGANICS
Cart Size (in Gallons)
32 64 96
# of Pickups Per Week
1 $40.71 $78.70 $113.72
2 83.76 158.76 232.94
3 124.68 240.88 353.51
4 171.22 323.92 478.18
5 216.60 411.72 604.56
6 271.05 501.68 761.00
7 330.17 587.33 887.84
Some commercial customers have larger bins which range in size from 1 yard to 6 yards. Commercial waste customers also have the option of different levels of service and can select the number of pick-ups per week. Table 3 is a summary of the calculated maximum commercial solid waste rates for 2025 for the larger bin sizes. It is projected that the rates (Schedule L) will increase by 2.04% for all bin sizes.

Table 3
Summary of Calculated Maximum Commercial Solid Waste
Rates (By Bin Size in Yards; Regularly Scheduled - $/Month)

COMMERCIAL BINS
Bin Size (in Cubic Yards)
1 2 3 4 6
# of Pickups Per Week
1 $272.61 $548.36 $827.02 $1,128.96 $1,736.26
2 555.02 1,105.73 1,664.02 2,277.43 3,521.40
3 842.26 1,668.35 2,505.93 3,425.93 5,293.26
4 1,132.86 2,235.07 3,350.35 4,587.49 7,050.05
5 1,425.79 2,809.80 4,197.69 5,753.95 8,831.87
6 1,779.46 3,317.14 5,095.81 6,968.80 10,676.95
7 2,099.54 3,928.58 6,000.20 8,209.08 12,505.21
73

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Revise Maximum Rates for Solid Waste Collection Services for Calendar Year 2025 - Staff Report

COMMERCIAL BINS ORGANICS
Bin Size (in Cubic Yards)
1 2 3 4 6
# of Pickups Per Week
1 $190.84 $383.86 $578.90 $790.28 $1,215.39
2 388.50 773.99 1,164.85 1,594.20 2,464.99
3 589.57 1,167.86 1,754.16 2,398.14 3,705.27
4 793.00 1,564.54 2,345.25 3,211.25 4,935.04
5 998.06 1,966.83 2,938.37 4,027.75 6,182.32
6 1,245.63 2,321.99 3,567.07 4,878.21 7,473.85
7 1,469.69 2,750.01 4,200.14 5,746.36 8,753.64

GARBAGE COMPACTORS
Commercial Waste 3 Yard Compactor $1,985.89
Solid Waste Compactor Rate Per Yard $152.78
Additional Services
Recology also provides several “additional services” that are not considered regularly scheduled services. Those miscellaneous charges are itemized in Exhibit A, Attachment Q of the attached Resolution. In summary, an overall CPI rate increase of 3.77% is calculated for “additional services”.

However, this rate increase does not apply to the vast majority of Belmont residents.

Alternatives

1. Take no action.

2. Direct staff to adjust rates differently while meeting the revenue requirements in accordance with the franchise agreement.

Attachments
A. Resolution
B. Recology 2025 Rate Application
C. HDR Report
D. Proposition 218 Notice
Fiscal Impact
☐ No Fiscal Impact
☒ Funding Source Confirmed:

If approved, the maximum rate schedules listed under Exhibit A of the Resolution will become effective January 1, 2025, and will cover the solid waste program's revenue requirements. 74

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Revise Maximum Rates for Solid Waste Collection Services for Calendar Year 2025 - Staff Report Source: Purpose: Public Outreach:

Staff Statutory/Contractual Requirement Posting of Agenda * 45-day notice mailed to customers as required under Proposition 218 75

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RESOLUTION NO. 2024 –

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BELMONT REVISING

THE MAXIMUM RATES FOR SOLID WASTE, RECYCLABLE MATERIALS, AND ORGANIC MATERIALS COLLECTION SERVICES EFFECTIVE JANUARY 1, 2025 WHEREAS, Recology San Mateo County (Recology) provides solid waste, recyclable materials, and organic materials collection services in the City of Belmont under a franchise agreement with the City; and,
WHEREAS, the franchise agreement provides for an annual review of the maximum rates that Recology may charge Belmont residential and commercial customers; and, WHEREAS, Recology provided the City a letter and detailed worksheet outlining their calculation of the maximum rates for 2025; and,
WHEREAS, on September 10, 2024, the City Council adopted a resolution stating the City’s intention to adjust the maximum rates that may be charged for solid waste, recyclable materials, and organic materials collection services effective January 1, 2025, and setting the date of the public hearing for November 12, 2024. However, the meeting was continued to November 26, 2024, due to lack of quorum, and this was noted on the City’s agenda webpage.

NOW, THEREFORE, the City Council of the City of Belmont resolves as follows:

SECTION 1. The City Council approves the maximum rates proposed by Recology as set forth in Exhibit A to this resolution.

SECTION 2. The City Council finds that:
(a) The City followed the procedures in California Constitution Article XIIID, Section 6 in approving the maximum rates.
(b) The rates approved by this Resolution do not exceed the amounts permissible under Article XIIID if that article applied, and the solid waste charge is not a tax. (c) A majority protest, as defined Article XIIID, Section 6(b) does not exist with respect to the revision of the schedule of solid waste maximum rates.
(d) Although the City Council, in the interest of public participation, has chosen as a matter of policy to follow the procedures set forth in Article XIIID, nothing in this Resolution is interpreted as an admission by the City that the provisions of Article XIIID apply to the actions taken herein. (e) The City Council would take the action set forth in Section 1 of this Resolution regardless of whether Article XIIID applies to the action.
* * *
ADOPTED November 26, 2024 by the City of Belmont City Council by the following vote:
76

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Ayes:

Noes:

Absent:

Abstain:

ATTEST:

City Clerk Mayor
APPROVED AS TO FORM:

City Attorney
77

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EXHIBIT A TO RESOLUTION
Attachment L
Maximum Rate Schedule
Effective January 1, 2025 to December 31, 2025
Monthly Rate

RESIDENTIAL CARTS
Cart Size (in Gallons)
20 32 64 96
1 Pickup Per Week $41.03 $48.95 $96.36 $144.54
78

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Attachment L
Maximum Rate Schedule
Effective January 1, 2025 to December 31, 2025
Monthly Rate

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Attachment L
Maximum Rate Schedule
Effective January 1, 2025 to December 31, 2025
Monthly Rate

Page 6 of 10 ends

Attachment L
Maximum Rate Schedule
Effective January 1, 2025 to December 31, 2025
Monthly Rate

GARBAGE COMPACTORS
Commercial Waste 3 Yard Compactor $1,985.89
Solid Waste Compactor Rate Per Yard $152.78
81

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Schedule Q
Additional Services
No. Additional Service Category Reference
Agency-Approved Maximum
Rate Description
1 Single-Family Dwelling
Backyard Collection Service
Section 5.02.A See Maximum Rate in the table
at the end of this Attachment
See Maximum Rate in the table at
the end of this Attachment
2 Long Distance Service for
MFD, Mixed Use, and
Commercial Accounts (Note:
only applicable to Containers
with wheels)
Section 5.02.B,

5.02.C; 8.02 B
A - No more than 10% of base
monthly Maximum Rate of the
Collection Rate for each
Container requiring Long
Distance Service
B - 25% of base monthly Rate of
the Collection Rate for each
Container requiring Long
Distance Service
A - Distance greater than 50 feet and
less than or equal to 100 feet
B - Distance greater than 100 feet
Distance shall be measured from the
face of the curb, or from the edge of
the roadway nearest the closest edge
of the Container, if there is no curb.

No. Additional Service Category Reference
Agency-Approved Maximum
Rate Description
3 Container Relocation Service Section 5.02.B and

8.02.B
A - 12% of base monthly Rate of
the Collection Rate for each
Container requiring Container
Relocation Service
B - 27% of base monthly Rate of
the Collection Rate for each
Container requiring Container
Relocation Service
A - Distance greater than 50 feet and
less than or equal to 100 feet
B - Distance greater than 100 feet
Distance shall be measured from the
face of the curb, or from the edge of
the roadway nearest the closest edge
of the Container, if there is no curb.
4 On-Call, Pick-up for SFD, MFD,
Mixed Use, and Commercial
Customers
Section 5.02.A,

5.02.B, and 5.02.C
25% of the base monthly Rate for
the size of Container Collected
once per week.

Per Collection event per Container
for Collection requested by Customer
82

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Schedule Q
Additional Services (Continued)
No. Additional Service Category Reference
Agency-Approved Maximum
Rate Description
5 Return Trip (SFD, MFD, Mixed
Use, or Commercial)
Sections

5.02.A, B, C;

5.03.A, B, C;

5.04.A, B, C
$20.92 for SFD
$20.92 for Commercial, Mixed
Use, and MFD
Per Collection event (i.e. request to
return and provide Collection service
after the Customer failed to properly
set out their Container(s) for
regularly scheduled Collection)
6 Additional Targeted
Recyclable Materials or
Organic Materials Cart Service
for SFD
Sections

5.03.A and

5.04.A
$1.37 per Recycling Cart
$4.16 per Organic Materials Cart
Per Cart month (any Cart size). Six
month minimum charge required.

Includes one-time Cart delivery upon
start of service and removal of Cart
when service is discontinued by
Customer.
7 Additional On-Call Bulky Item
Collection
Sections

5.05,

5.06 $113.74 Per Bulky Item Collection event (in
addition to the events provided at no
charge to Customer pursuant to
Section 5.12)
8 Collect Contaminated
Targeted Recyclable Materials
or Organic Materials
Container
Section 6.03.A and

8.02.F
25% of base monthly Solid Waste
Rate for the size of Container
Collected once per week plus
Return Trip Fee if applicable
Per Collection event for Container
with Contamination Level greater
than the maximum level pursuant to
Table 1 in Section 6.02.B
9 Lock Service (Key Service) Section 8.02.B A - $11.85 per usage B - $13.24 per usage
Monthly cost:

A-Residential Customers
B-Commercial Customers
10 Lock Purchase Section 8.02.B $23.71 per lock Per lock No. Additional Service Category Reference
Agency-Approved Maximum
Rate Description
11 Overage Service Section 8.02.G 100% of the base monthly Solid Waste Collection Rate
Per Collection event (after the first
two events)
12 Overage Bags Cost Section 8.02.G 50% of the base monthly Solid Waste Collection Rate or $11.14
minimum
Per bag
13 Container Cleaning Service Section 8.05.D A - $69.73 B - $118.54
A - per Cart
B - per Bin or Drop-Box Charge only
applies to cleaning or Container
exchange in addition to the service to
be provided at no charge to the
Customer pursuant to Section 8.05.D.
14 Dirty Cart Replacement
(Exchange) Service
Section 8.05.D A - $90.65
B - $104.60
C - $118.54
A - per 32 gallon Cart
B - per 64 gallon Cart
C - per 96 gallon Cart
Charge only applies to cleaning or
Container exchange in addition to the
service to be provided at no charge to
the Customer pursuant to Section

8.05.D.
15 Additional Confidential
Document Destruction Service
Event
Section 5.07 $1,673.47 Per event
83

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Schedule Q
Additional Services (Continued)
No. Additional Service Category Reference
Agency-Approved Maximum
Rate Description
16 Additional Compost Material
Delivery
Section 5.11 A - $174.31 per delivery
B - $348.65 per delivery
A - "one-way" only delivery by
Contractor where Contractor delivers
to and unloads compost at an Agencyapproved location
B- "Round-trip" delivery by
Contractor where Contractor delivers
compost in a Drop Box to an Agencyapproved location and returns at a later time or date to pick up the Drop
Box and any remaining compost
(charge includes the delivery of and
later pick-up of the Drop Box)
17 Community Drop-Off Events Section 5.13 $28,449.23 per event or day Per event or day targeting 5,000 households. Does not include
disposal or public education
expenses.

Page 10 of 10 ends

Schedule Q
Additional Services (Continued)
** One (1) Solid
Waste Cart
Two (2) Solid
Waste Carts
Three (3) Solid
Waste Carts
Four (4) Solid
Waste Carts
Distance <= 50 feet $25.08 $40.03 $80.12 $120.15
50 < Distance <= 100 feet 29.29 44.25 84.29 124.35
100 < Distance <= 150 feet 33.45 48.42 88.45 128.53
150 < Distance <= 200 feet 37.66 52.61 92.64 132.73
200 < Distance <= 250 feet 41.83 56.78 96.85 136.91
250 < Distance <= 300 feet 46.02 60.96 101.03 141.07
300 < Distance <= 350 feet 50.21 65.14 105.22 145.25
Each additional 50 foot
increment over 350 feet
** Distance shall be measured from the face of the curb, or from the edge of the roadway nearest the closest edge of the Cart, if there is no curb.

Backyard Collection Service Charge for Single Family Dwellings (Section 5.02.A)
Amount equal the difference between the Charge for 250 to 300 feet and 300 to 350 feet
* Backyard Collection Service Charges are charges added to the base monthly Rate for Single-Family Collection service, and cover the provision of Backyard Collection Service for all Customer's Solid Waste, Recyclable Materials, and Organic Materials Carts. 85 July 31, 2024
Ms. Nisha Patel
Director of Public Works
City of Belmont
One Twin Pines Lane, Suite 320
Belmont, CA 94002
Re: Rate Year 2025 Rate Application
Dear Ms. Patel:

Enclosed is our Rate Year 2025 Rate Application, Calculation of Actual Disposal Expense (April 2023 through March 2024), Calculation of Projected Disposal Costs (April 2024 – March 2025), Performance Incentive/Disincentive schedule, Attachment L for 2025, CPI index data from the Bureau of Labor Statistics and Attachment Q schedules for 2025.

In accordance with Article 11 of the Franchise Agreement for Recyclable Materials, Organic Materials and Solid Waste Collection Services, we applied the following methodology to our calculations:
• Wages for CBAs Component – Multiplied the Wage Component of $1,310,584 by the CPI-W-Wages Index for April 2024 (346.671) and divided that by the CPI-W-Wages Index for April 2020 (290.304). The calculated Wages for CBAs Component for Rate Year 2025 is $1,565,054.
• Benefits for CBAs Component – Multiplied the Benefits Component of $608,287 by the CPI-W-Medical Index for April 2024 (587.011) and divided that by the CPI-W-Medical Index for April 2020 (548.136). The calculated Benefits for CBAs Component for Rate Year 2025 is $651,428.
• Payroll Taxes Component – Multiplied the Wages for CBAs Component of $1,565,054 by the effective payroll tax rate of 8.1%. The calculated Payroll Taxes Component for Rate Year 2025 is $126,769.
• Workers Compensation Insurance Component – Multiplied the Workers Compensation Insurance Component of $93,961 by the CPI-W-Wages Index for April 2024 (346.671) and divided that by the CPI-W-Wages Index for April 2020 (290.304).

The calculated Workers Compensation Insurance Component for Rate Year 2025 is $112,205.
• Direct Fuel Component - Multiplied the Direct Fuel Component of $169,992 by CPI-UMotor Fuel Index for April 2024 (397.919) and divided that by the CPI-U-Motor Fuel 86 Index for April 2020 (209.994). The calculated Direct Fuel Component for Rate Year 2025 is $322,119.
• General Expenses Direct Component – Multiplied the General Expenses Direct Component of $191,163 by the CPI-U-General Index for April 2024 (351.247) and divided that by the CPI-U-General Index for April 2020 (298.074). The calculated General Expenses Direct Component for Rate Year 2025 is $225,264. • General Expenses Indirect Component – Multiplied the General Expenses Indirect Component of $1,020,220 by the CPI-U-General Index for April 2024 (351.247) and divided that by the CPI-U-General Index for April 2020 (298.074). The calculated General Expenses Indirect Component for Rate Year 2025 is $1,202,216. • SBWMA Approved SB 1383 Costs Component – Multiplied the SBWMA Approved SB 1383 Costs Component of $18,124 by the CPI-U-General Index for April 2024 (351.247) and divided that by the CPI-U-General Index for April 2024 (338.496). The calculated SBWMA Approved SB 1383 Costs Component for Rate Year 2025 is $18,807.
• Disposal Costs Component – The Disposal Costs Component equals (i) Contractor’s reasonable good faith projection of Disposal Costs for the period from April 1 of the Current Year through March 31 of the Adjustment Year ($2,434,527), plus (ii) Contractor’s actual Disposal Costs for the period from April 1 of the Prior Year through March 31 of the Current Year ($2,114,505), minus (iii) Contractor’s previous projection of Disposal Costs for the period described in clause (ii) ($2,241,715). The calculation of projected disposal costs used in (i) assumed volumes delievered to the Designated Disposal Site using actual volumes delivered during the quarter April 1, 2024 through June 30, 2024, then duplicating those volumes for the next three quarters. The disposal rates are the anticipated rates for 2024 and 2025 at the Designated Disposal Site. The total Disposal Component equals $2,307,317 ($2,434,527 + $2,114,505 - $2,241,715). • Performance-Based Component – Incentives and disincentives were reviewed by RRS consultants and are included in the rate year 2025 compensation application. Incentives total $0 and disincentives total $ 4,487 for a combined disincentive amount of $4,487.

Based on the calculations described above, the Total Target Revenue increase for Rate Year 2025 is 2.04%. The Rate Year 2025 Rate Application includes a calculation of the Potential Cap Carry Forward of $ zero. The Attachment L for 2025 is calculated at 2.04%.

If you have any questions, or need any additional information, please call me at (650) 595-3900.

Sincerely,
John Zirelli
John Zirelli
General Manager
Recology San Mateo County
87 SBWMA- SBWMA SBWMA- Adjusted
Adjusted Approved Adjusted April 2020 April 2024 2025
2021 SB 1383 2021 Plus CPI CPI Rate Year
Cost Description Basis for Adjustment Values Costs SB 1383 Index Index Compensation Direct Labor Related
Wages for CBA's CPI-W: CWURS49BSA0 1,310,584 1,310,584 290.304 346.671 1,565,054 Benefits for CBA's CPI-W-Medical: CUURS49BSAM 608,287 608,287 548.136 587.011 651,428 Payroll Taxes Effective Rate: 8.1% 109,005 109,005 na na 126,769 Workers Compensation CPI-W: CWURS49BSA0 93,961 93,961 290.304 346.671 112,205 Direct Fuel Costs CPI-U-Motor Fuel: CUURS49BSETB 169,992 169,992 209.994 397.919 322,119 General Expenses Direct CPI-U: CUURS49BSA0 191,163 191,163 298.074 351.247 225,264 General Expenses Indirect CPI-U: CUURS49BSA0 1,020,220 - 1,020,220 298.074 351.247 1,202,216 SBWMA Approved SB 1383 Costs CPI-U: CUURS49BSA0 - 18,124 18,124 338.496 351.247 18,807 (1) General Expenses Depreciation Fixed 281,317 281,317 na na 281,317 Profit Calculation Operating Ratio of 90.5% 397,271 397,271 na na 472,919 Interest Fixed 73,679 73,679 na na 73,679
Performance Incentives Based on Annual Report - - na na - Performance Disincentives Based on Annual Report - - na na (4,487) Base Contractor's Compensation 4,255,478 18,124 4,273,602 5,047,290 Disposal Cost Component (i) Projected Next Rate Year 1,732,663 2,434,527 Disposal Cost Component (ii) Actual Prior Year 2,114,505 Disposal Cost Component (iii) Less Projected Prior Year (2,241,715) Agency Payments 2,051,120 2,584,051
Total Contractor Compensation 8,039,261 8,057,385 9,938,659 (1) Note: The SB 1383 cost of $18,124 is added to base costs starting in year 2024 and is subject to CPI-U adjustment beginning in year rate 2025 using the beginning CPI Index from April 2023 rather than April 2020. 2024
Total Contractor Compensation 9,938,659
Cap Carry Forward 11.11 -
Total Target Revenue 9,938,659
2024 Target Revenue 9,740,247
Adjustment Multiplier 2.04%
5% Cap Calculation 11.11
Adjusted Contractor's Compensation 2025 5,051,777
Adjusted Contractor's Compensation 2024 4,874,782
difference 176,996
5 % of Adjusted Contractor's Compensation 2024 243,739
Potential Cap Carry Forward 0
Recology San Mateo County
City of Belmont
Refuse Rate Index Calculation
88 Recology San Mateo County
City of Belmont
Actual Disposal Calculation (Apr 2023 - Mar 2024)
Rate Year 2025

BELMONT CITY VEHICLES
Solid Bulky Solid
Waste Green/Org Items Waste Green/Org Dirt C&D Concrete Asphalt Refrigerators APR 573.85 454.26 3.22 39.37 16.81 8.44 0.00 0.00 0.00 1.00 MAY 662.89 522.18 2.55 36.58 2.00 15.84 0.00 42.36 0.00 0.00 JUN 640.01 482.35 2.16 30.99 2.67 146.21 0.00 21.85 0.00 0.00 JUL 587.43 420.07 1.83 19.81 6.81 32.11 0.00 49.00 0.00 0.00 AUG 641.13 456.90 1.60 42.36 12.30 38.59 0.00 14.68 0.00 0.00 SEP 592.56 399.59 1.96 31.02 2.41 32.78 0.00 14.32 0.00 0.00 OCT 615.31 405.82 2.74 35.82 14.61 138.69 0.43 20.14 0.00 0.00 NOV 623.60 415.70 3.26 86.80 2.38 16.45 8.44 7.72 0.00 0.00 DEC 618.19 452.07 4.20 31.57 10.98 43.81 2.70 0.00 0.00 0.00 subtotal Apr - Dec 2023 5554.97 4008.94 23.52 354.32 70.97 472.92 11.57 170.07 0.00 1.00 JAN 629.27 471.88 0.00 49.21 6.03 21.20 0.00 0.00 7.12 0.00 FEB 603.24 451.77 2.84 44.22 9.22 1.29 0.00 0.00 0.00 0.00 MAR 622.06 482.48 2.40 43.75 28.41 51.92 0.00 0.00 9.99 0.00 subtotal Jan - Mar 2024 1854.57 1406.13 5.24 137.18 43.66 74.41 0.00 0.00 17.11 0.00 SBWMA Total 7409.54 5415.07 28.76 491.50 114.63 547.33 11.57 170.07 17.11 1.00 Rate Apr 2023 - Dec 2023 $139.00 $150.00 $139.00 $139.00 $150.00 $121.00 $136.00 $121.00 $136.00 $53.00 Rate Jan 2024 - Mar 2024 $165.00 $178.00 $165.00 $165.00 $178.00 $146.00 $165.00 $146.00 $170.00 $53.00 Per Item Cost $1,078,144.88 $851,632.14 $4,133.88 $71,885.18 $18,416.98 $68,087.18 $1,573.52 $20,578.47 $53.00 Total Disposal $2,114,505.23
89 Recology San Mateo County
City of Belmont
Projected Disposal Calculation (Apr 2024 - Mar 2025)
Rate Year 2025

BELMONT CITY VEHICLES
Solid Bulky Solid Each
Waste Green/Org Items Waste Green/Org Dirt C&D Refrigerator APR (Actual) 650.48 488.62 3.53 42.97 4.64 95.75 0.00 0.00 MAY (Actual) 636.66 490.32 1.62 37.48 9.70 24.47 0.00 0.00 JUN (Actual) 558.93 385.35 2.40 35.75 11.96 43.85 0.00 1.00 JUL 650.48 488.62 3.53 42.97 4.64 95.75 0.00 0.00
AUG 636.66 490.32 1.62 37.48 9.70 24.47 0.00 0.00
SEP 558.93 385.35 2.40 35.75 11.96 43.85 0.00 1.00
OCT 650.48 488.62 3.53 42.97 4.64 95.75 0.00 0.00
NOV 636.66 490.32 1.62 37.48 9.70 24.47 0.00 0.00
DEC 558.93 385.35 2.40 35.75 11.96 43.85 0.00 1.00
subtotal Apr - Dec 5,538.21 4,092.87 22.65 348.60 78.90 492.21 0.00 3.00 JAN 650.48 488.62 3.53 42.97 4.64 95.75 0.00 0.00
FEB 636.66 490.32 1.62 37.48 9.70 24.47 0.00 0.00
MAR 558.93 385.35 2.40 35.75 11.96 43.85 0.00 1.00
subtotal Jan - Mar 1,846.07 1,364.29 7.55 116.20 26.30 164.07 0.00 1.00 SBWMA Total 7,384.28 5,457.16 30.20 464.80 105.20 656.28 0.00 4.00 Rates Apr 2024 - Dec 2024 $165.00 $178.00 $165.00 $165.00 $178.00 $146.00 $165.00 $58.00 Rates Jan 2025 - Mar 2025 $178.20 $192.24 $173.75 $178.20 $192.24 $161.40 $186.00 $58.00 Per Item Cost $ 1,242,774.32 $ 990,801.97 $ 5,049.06 $ 78,225.84 $ 19,100.11 $ 98,343.56 $ - $ 232.00 Total Disposal $ 2,434,526.87
90 Recology San Mateo County
Incentives and Disincentives
Year 2023
Member Agency
SFD and
Commercial
Missed P/U
Events
Average
Speed of
Answer
90 Second
Max Hold
Time
Diversion
Maximum
Incentives and
Disincentives1
Belmont $0 $14,800 $6,562 ($11,228) $4,487
Burlingame $53 $34,428 $15,265 ($26,120) $10,490
East Palo Alto $53 $23,939 $10,614 ($18,162) $7,310
Foster City $0 $21,230 $9,413 ($16,107) $6,436
Hillsborough $0 $5,478 $2,429 ($4,156) $1,661
Menlo Park $106 $31,140 $13,807 ($23,626) $9,547
North Fair Oaks $0 $11,769 $5,218 ($8,929) $3,568
Redwood City $212 $70,079 $31,071 ($53,167) $21,457
San Carlos $53 $25,209 $11,177 ($19,126) $7,695
San Mateo $212 $80,555 $35,716 ($61,116) $24,633
County Franchised Area $0 $7,892 $3,499 ($5,987) $2,392 WBSD $0 $3,342 $1,482 ($2,535) $1,013
Total $690 $329,860 $146,252 ($250,260) $100,690
Negative number in parenthesis denotes Incentive payment due to Recology. 1 In accordance with Attachment I, the maximum annual incentive or disincentive, except for SingleFamily and Commercial Missed Pick-up Events is $100,000 or ($100,000).

Performance Incentive/Disincentive Payments 2023
Performance Incentives and Disincentives
91 Adjustment Multiplier 2.04%

RESIDENTIAL RATES
R20G RES WASTE 20G 41.03
R32G RES WASTE 32 GAL 48.95
R64G RES WASTE 64 GAL 96.36
R96G RES WASTE 96 GAL 144.54
COMMERCIAL/MULTI FAMILY RATES Times Per Week
1 2 3 4 5 6 7
C1YG COMML WASTE 1 YD 272.61 555.02 842.26 1,132.86 1,425.79 1,779.46 2,099.54 C1YO COMML ORGANICS 1 YD 190.84 388.50 589.57 793.00 998.06 1,245.63 1,469.69 C15CG COMML WASTE 1.5 YD COMPACTOR 993.10 1,986.21 2,979.31 3,972.42 4,965.52 5,958.63 6,951.73 C15CO COMML ORGANICS 1.5 YD COMPACTOR 695.18 1,390.35 2,085.52 2,780.69 3,475.87 4,171.04 4,866.22 C20G COMML WASTE 20 GALLON 52.35 107.69 160.34 220.12 278.50 348.47 424.49 C2YG1 COMML WASTE 2 YD 548.36 1,105.73 1,668.35 2,235.07 2,809.80 3,317.14 3,928.58 C2YO COMML ORGANICS 2 YD 383.86 773.99 1,167.86 1,564.54 1,966.83 2,321.99 2,750.01 C32G COMML WASTE 32 GALLON 58.12 119.66 178.12 244.57 309.42 387.17 471.64 C32O COMML ORGANICS 32 GAL 40.71 83.76 124.68 171.22 216.60 271.05 330.17 C3CG COMML WASTE 3 YD COMPACTOR 1,985.89 0.00 0.00 0.00 0.00 0.00 0.00 C3YG COMML WASTE 3 YD 827.02 1,664.02 2,505.93 3,350.35 4,197.69 5,095.81 6,000.20 C3YO COMML ORGANICS 3 YD 578.90 1,164.85 1,754.16 2,345.25 2,938.37 3,567.07 4,200.14 C4YG1 COMML WASTE 4 YD 1,128.96 2,277.43 3,425.93 4,587.49 5,753.95 6,968.80 8,209.08 C4YO COMML ORGANICS 4 YD 790.28 1,594.20 2,398.14 3,211.25 4,027.75 4,878.21 5,746.36 C64G COMML WASTE 64 GALLON 112.40 226.80 344.13 462.71 588.16 716.74 839.05 C64O COMML ORGANICS 64 GAL 78.70 158.76 240.88 323.92 411.72 501.68 587.33 C6YG1 COMML WASTE 6 YD 1,736.26 3,521.40 5,293.26 7,050.05 8,831.87 10,676.95 12,505.21 C6YO COMML ORGANICS 6 YD 1,215.39 2,464.99 3,705.27 4,935.04 6,182.32 7,473.85 8,753.64 C96G COMML WASTE 96 GALLON 162.46 332.78 505.02 683.13 863.66 1,087.16 1,268.34 C96O COMML ORGANICS 96 GAL 113.72 232.94 353.51 478.18 604.56 761.00 887.84 SOLID WASTE COMPACTOR RATE PER YARD 152.78
Rate Year 2025
Recology San Mateo County
City of Belmont
Attachment L
92 Series Id:

Series
Title:

Area:

Item:

Base
Period:

Years:

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual HALF1 HALF2 2014 245.148 247.932 250.085 249.877 250.508 247.680 248.326 247.097 249.555 2015 249.809 252.875 254.736 256.060 256.107 255.492 253.910 252.041 255.780 2016 257.141 259.386 261.017 262.326 264.026 263.222 260.830 258.715 262.946 2017 265.569 268.896 269.508 269.827 271.272 271.342 268.990 267.426 270.555 2018 275.699 278.039 280.219 281.536 283.183 283.278 279.572 277.035 282.110 2019 284.758 288.266 288.581 288.514 291.707 289.456 288.192 286.615 289.770 2020 292.010 290.304 292.420 293.062 294.442 295.687 292.601 291.297 293.906 2021 297.170 302.294 304.971 307.423 309.656 312.019 304.602 300.275 308.928 2022 316.463 322.021 328.137 325.932 329.331 326.465 323.900 320.408 327.391 2023 331.875 333.478 335.725 336.663 337.698 335.597 334.662 332.718 336.605 2024 341.595 346.671 345.789 343.520
Series Id:

Series
Title:

Area:

Item:

Base
Period:

Years:

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual HALF1 HALF2 2014 440.573 448.951
2016 486.042 486.894 488.508 486.068
2017 485.741 491.228 493.123 489.826 493.957 493.055 490.720 489.198 492.241 2018 500.434 504.092 511.465 508.677 510.198 539.595 508.623 502.138 515.108 2019 519.339 537.178 538.854 551.902 554.645 541.173 532.698 549.647 2020 545.970 548.136 549.438 548.733 549.432 545.016 548.802 549.120 548.484 2021 555.065 555.675 551.518 550.215 556.119 561.352 553.445 552.681 554.209 2022 567.774 573.254 583.038 591.731 587.405 580.306 571.613 588.998 2023 583.268 586.550 591.060 594.003 592.166 588.750 586.600 590.899 2024 586.760 587.011 591.992 588.625
All items in San Francisco-Oakland-Hayward, CA, urban wage earners and clerical workers, not seasonally adjusted
CPI for Urban Wage Earners and Clerical Workers (CPI-W) Original Data Value
CWURS49BSA0
Not Seasonally Adjusted
Medical care
San Francisco-Oakland-Hayward, CA
All items
1982-84=100
2014 to 2024
CPI for All Urban Consumers (CPI-U)
Original Data Value
CUURS49BSAM
Not Seasonally Adjusted
Medical care in San Francisco-Oakland-Hayward, CA, all
urban consumers, not seasonally adjusted
San Francisco-Oakland-Hayward, CA
1982-84=100
2014 to 2024
93 Series Id:

Series
Title:

Area:

Item:

Base
Period:

Years:

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual HALF1 HALF2 2014 273.919 279.844 297.341 313.061 315.401 312.578 308.499 297.489 287.115 268.189 242.194 216.165 284.316 298.691 269.942 2015 193.209 209.050 250.324 240.323 269.479 253.019 257.434 247.551 223.945 208.973 202.552 196.642 229.375 235.901 222.850 2016 195.010 178.296 191.074 202.420 208.843 213.139 209.663 197.818 204.532 207.138 200.994 200.151 200.757 198.130 203.383 2017 208.379 212.552 223.591 224.219 229.642 227.099 218.805 221.035 233.253 227.464 236.297 232.445 224.565 220.914 228.217 2018 239.938 248.958 254.538 264.816 276.100 277.231 275.852 273.651 274.578 284.833 278.051 264.929 267.790 260.264 275.316 2019 255.355 251.375 259.552 290.028 297.662 280.364 272.104 263.865 268.181 300.258 286.954 261.728 273.952 272.389 275.515 2020 254.945 251.171 235.263 209.994 208.040 220.382 229.239 236.785 239.082 236.633 236.201 237.489 232.935 229.966 235.905 2021 246.145 253.600 277.844 289.079 301.702 310.278 315.657 322.785 321.903 330.112 343.726 342.260 304.591 279.775 329.407 2022 340.187 343.538 408.338 414.030 435.497 464.377 428.878 391.441 401.663 435.974 383.334 325.704 397.747 400.995 394.499 2023 323.764 340.659 354.292 354.844 349.579 350.034 351.675 370.944 398.486 401.688 366.097 340.105 358.514 345.529 371.499 2024 335.924 331.815 359.973 397.919 386.142 359.602 361.896 Series Id:

Series
Title:

Area:

Item:

Base
Period:

Years:

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual HALF1 HALF2 2014 248.615 251.495 253.317 253.354 254.503 252.273 251.985 250.507 253.463 2015 254.910 257.622 259.117 259.917 261.019 260.289 258.572 256.723 260.421 2016 262.600 264.565 266.041 267.853 270.306 269.483 266.344 263.911 268.777 2017 271.626 274.589 275.304 275.893 277.570 277.414 274.924 273.306 276.542 2018 281.308 283.422 286.062 287.664 289.673 289.896 285.550 282.666 288.435 2019 291.227 294.801 295.259 295.490 298.443 297.007 295.004 293.150 296.859 2020 299.690 298.074 300.032 300.182 301.736 302.948 300.084 299.109 301.059 2021 304.387 309.419 309.497 311.167 313.265 315.805 309.721 306.724 312.718 2022 320.195 324.878 330.539 328.871 332.062 331.222 327.060 323.408 330.711 2023 337.173 338.496 340.056 340.094 341.219 339.915 339.050 337.689 340.411 2024 345.151 351.247 351.064 347.857
2014 to 2024
CPI for All Urban Consumers (CPI-U)
Original Data Value
CUURS49BSETB
Not Seasonally Adjusted
Motor fuel in San Francisco-Oakland-Hayward, CA, all urban consumers, not seasonally adjusted
San Francisco-Oakland-Hayward, CA
Motor fuel
1982-84=100
San Francisco-Oakland-Hayward, CA
All items
1982-84=100
2014 to 2024
CPI for All Urban Consumers (CPI-U)
Original Data Value
CUURS49BSA0
Not Seasonally Adjusted
All items in San Francisco-Oakland-Hayward, CA, all urban consumers, not seasonally adjusted
94 ATTACHMENT Q
SCHEDULE OF CONTRACTOR’S MAXIMUM RATES

FOR ADDITIONAL SERVICES
Collection Services Franchise Agreement with Recology San Mateo County Attachment Q City of Belmont Additional Services

Page 1 of 5 ends

For Rate Years Eleven (2021) through the remaining Rate Years in the Term, the Maximum Rate for additional services specified in Attachment Q shall be adjusted annually in accordance with Section 11.05. For Rate Year 2025, the current effective Maximum Rates are multiplied by the April 2024 CPI-U-General value of 351.247 and divided by the April 2023 CPI-U-General value of 338.496.

The Maximum Rate for additional services for Rate Year Ten (2020) shall be the Maximum Rates for Rate Year Ten (2020) as determined under the 2009 Franchise Agreement. These amounts will be adjusted as provided in Section 11.05 of this Agreement to determine the Maximum Rates for Rate Year Eleven (2021).

Two additional services are included in this Attachment Q there were not in Attachment Q of the 2009 Franchise Agreement. The two new services are Container Relocation Service and AgencySpecific Reporting for Abandoned Waste Collections. Maximum Rates for these services are presented in the table below.

Charges for Additional Services may not exceed the Maximum Rates approved by the City for the respective Rate Year.

Service Reference
AgencyApproved
Maximum Rate
Description
Additional Services for Customers
1 Single-Family Dwelling
Backyard Collection
Service
Section

5.02.A
See Maximum
Rate in the table at
the end of this
Attachment
See Maximum Rate in the table
at the end of this Attachment
2 Long Distance Service for
MFD, Mixed Use, and
Commercial Accounts
(Note: only applicable to
Containers with wheels)
Sections

5.02.B,

5.02.C; and

8.02.B
A – No more than
10% of base
monthly Maximum
Rate of the
Collection Rate for
each Container
requiring Long
Distance Service
B – 25% of base
monthly Rate of
the Collection Rate
for each Container
requiring Long
Distance Service
A – Distance greater than 50 feet
and less than or equal to 100
feet
B – Distance greater than 100
feet
Distance shall be measured from
the face of the curb, or from the
edge of the roadway nearest the
closest edge of the Container, if
there is no curb.
95 ATTACHMENT Q
SCHEDULE OF CONTRACTOR’S MAXIMUM RATES

FOR ADDITIONAL SERVICES
Collection Services Franchise Agreement with Recology San Mateo County Attachment Q City of Belmont Additional Services

Page 2 of 5 ends

Service Reference
AgencyApproved
Maximum Rate
Description
3 Container Relocation
Service
Sections

5.02B and

8.02B
A – 12% of base
monthly rate of the
Collection Rate for
each Container
requiring Container
Relocation Service
B – 27% of base
monthly Rate of
the Collection Rate
for each Container
requiring Container
Relocation Service
A – Distance greater than 50 feet
and less than or equal to 100
feet
B – Distance greater than 100
feet
Distance shall be measured from
the face of the curb, or from the
edge of the roadway nearest the
closest edge of the Container, if
there is no curb.
4 On-Call Pick-up for SFD,
MFD, Mixed Use, and
Commercial Customers
Sections

5.02.A,

5.02.B, and

5.02.C
25% of the base
monthly Rate for
the size of
Container
Collected once per
week
Per Collection event per
Container for Collection
requested by Customer
5 Return Trip (SFD, MFD,
Mixed Use, or
Commercial)
Sections

5.02.A, B, C;

5.03.A, B, C;

5.04.A, B, C
$20.92 for SFD
$20.92 for
Commercial, Mixed
Use, and MFD
Per Collection event (i.e.,
request to return and provide
Collection service after the
Customer failed to properly set
out their Container(s) for
regularly scheduled Collection)
6 Additional Targeted
Recyclable Materials or
Organic Materials Cart
Service for SFD
Sections

5.03.A and

5.04.A
$1.37 per
Recycling Cart
$4.16 per Organic
Materials Cart
Per Cart per month (any Cart
size). Six month minimum
charge required. Includes onetime Cart delivery upon start of service and removal of Cart
when service is discontinued by
Customer.
7 Additional On-Call Bulky
Item Collection
Sections

5.05, 5.06
$113.74 Per Bulky Item Collection event
(in addition to the events
provided at no charge to
Customer pursuant to Section

5.12)
96 ATTACHMENT Q
SCHEDULE OF CONTRACTOR’S MAXIMUM RATES

FOR ADDITIONAL SERVICES
Collection Services Franchise Agreement with Recology San Mateo County Attachment Q City of Belmont Additional Services

Page 3 of 5 ends

Service Reference
AgencyApproved
Maximum Rate
Description
8 Collect Contaminated
Targeted Recyclable
Materials or Organic
Materials Container
Section

6.03.A and

8.02.F
25% of the base
monthly Solid
Waste Rate for the
size of Container
Collected once per
week
plus
Return Trip Fee if
applicable
Per Collection event for
Container with Contamination
Level greater than the maximum
level pursuant to Table 1 in
Section 6.02.B
9 Lock Service (Key
Service)
Section

8.02.B
A – $11.85 per
usage
B – $13.24 per
usage
Monthly cost:

A – Residential Customers
B – Commercial Customers
10 Lock Purchase Section

8.02.B
$23.71 per lock Per lock
11 Overage Service Section

8.02.G
100% of the base
monthly Solid
Waste Collection
Rate
Per Collection event (after the
first two events)
12 Overage Bags Cost Section

8.02.G
50% of the base
monthly Solid
Waste Collection
Rate or $11.14
minimum
Per bag
13 Container Cleaning
Service
Section

8.05.D
A – $69.73
B – $118.54
A – per Cart
B – per Bin or Drop-Box
Charge only applies to cleaning
or Container exchange in
addition to the service to be
provided at no charge to the
Customer pursuant to Section

8.05.D
97 ATTACHMENT Q
SCHEDULE OF CONTRACTOR’S MAXIMUM RATES

FOR ADDITIONAL SERVICES
Collection Services Franchise Agreement with Recology San Mateo County Attachment Q City of Belmont Additional Services

Page 4 of 5 ends

Service Reference
AgencyApproved
Maximum Rate
Description
14 Dirty Cart Replacement
(Exchange) Service
Section

8.05.D
A – $90.65
B – $104.60
C – $118.54
A – per 32 gallon Cart
B – per 64 gallon Cart
C – per 96 gallon Cart
Charge only applies to cleaning
or Container exchange in
addition to the service to be
provided at no charge to the
Customer pursuant to Section

8.05.D
Additional Services for Agency
15 Additional Confidential
Document Destruction
Service Event
Section 5.07 $1,673.47 Per event
16 Additional Compost
Material Delivery
Section 5.11 A – $174.31 per
delivery
B – $348.65 per
delivery
A – “one-way” only delivery by
Contractor where Contractor
delivers to and unloads compost
at an Agency-approved location
B – “Round-trip” delivery by
Contractor where Contractor
delivers compost in a Drop Box
to an Agency-approved location
and returns at a later time or
date to pick up the Drop Box and
any remaining compost (charge
includes the delivery of and later
pick-up of the Drop Box)
17 Community Drop-Off
Events
Section 5.13 $28,449.23 per
event or day
Per event or day targeting 5,000
households. Does not include
disposal or public education
expenses.
18 Collection for AgencySponsored and NonAgency sponsored Community Events
Section 5.08 A – $4,183.70
B – $6,972.84
C – $10,459.27
A – One day event with a
projected 2,500 or fewer
attendees
B – One (1) or two (2) day
events with a projected 2,501 to
7,500 attendees per day
C – One (1) or two (2) day
events with a projected 7,501 to
10,000 attendees per day
98 ATTACHMENT Q
SCHEDULE OF CONTRACTOR’S MAXIMUM RATES

FOR ADDITIONAL SERVICES
Collection Services Franchise Agreement with Recology San Mateo County Attachment Q City of Belmont Additional Services

Page 5 of 5 ends

Backyard Collection Service Charge
for Single-Family Dwellings*
(Section 5.02.A)
Distance from Curb**
Backyard
Charge for
Customers
with One (1)
Solid Waste
Cart
Backyard
Charge for
Customers with
Two (2) Solid
Waste Carts
Backyard
Charge for
Customers with
Three (3) Solid
Waste Carts
Backyard
Charge for
Customers with
Four (4) Solid
Waste Carts
Distance <= 50 feet $25.08 $40.03 $80.12 $120.15
50 < Distance <= 100 feet $29.29 $44.25 $84.29 $124.35
100 < Distance <= 150 feet $33.45 $48.42 $88.45 $128.53 150 < Distance <= 200 feet $37.66 $52.61 $92.64 $132.73 200 < Distance <= 250 feet $41.83 $56.78 $96.85 $136.91 250 < Distance <= 300 feet $46.02 $60.96 $101.03 $141.07 300 < Distance <= 350 feet $50.21 $65.14 $105.22 $145.25 Each additional 50 foot
increment over 350 feet
Amount equals the difference
between the Charge for 250 to 300 feet and 300 to 350 feet * Backyard Collection Service Charges are charges added to the base monthly Rate for Single-Family Collection service, and cover the provision of Backyard Collection Service for all of Customer’s Solid Waste, Recyclable Materials, and Organic Materials Carts.
** Distance shall be measured from the face of the curb, or from the edge of the roadway nearest the closest edge of the Cart, if there is no curb. 99 Draft Report
Review of the 2025 Solid Waste Rates
City of Belmont
August 2024
100
929 108th Ave NE, Suite 1300
Bellevue, WA 98004
August 22, 2024
Ms. Nisha Patel, P.E.

Public Works Director
City of Belmont
One Twin Pines Lane Suite 385
Belmont, California 94002
Subject: Review of the 2025 Solid Waste Rates Final Report Dear Ms. Patel:

HDR Engineering, Inc. (HDR) was retained by the City of Belmont (City) to provide professional and technical rate services as they relate to the City’s solid waste utility. The City is a member of the South Bayside Waste Management Authority (SBWMA) and has a franchise agreement with Recology of San Mateo County (Recology) for solid waste collection services, including the collection of recycling and organic materials. Through the franchise agreement, the annual compensation for Recology’s services is contractually determined. Recology has provided to the City their calculation of the maximum rates for both regularly scheduled services, and additional services, for Rate Year 2025, based on their July 31st rate year 2025 application letter. The franchise agreement calls for the City to adopt solid waste retail rates, but not at a level which exceeds the Contractor’s “Maximum Rates for Regularly Scheduled Services”.

HDR and the City have reviewed Recology’s calculations and this report summarizes our findings, conclusions, and recommendations. This report and HDR’s technical review were developed utilizing the City’s and Recology’s accounting, operating, and management records. HDR has relied upon this information to conduct our limited review, which provides the basis for our findings, conclusions, and recommendations contained in this report.

We appreciate the assistance provided by City staff, management, and City Council. More importantly, we appreciate the opportunity to work with City on this project.

Sincerely yours,
HDR Engineering, Inc.

Shawn Koorn
Associate Vice President
101
Table of Contents i
City of Belmont – Review of 2025 Solid Waste Rates
Executive Summary
Introduction ....................................................................................................................... 1 Limitations of HDR’s Review .............................................................................................. 1 Overview of the Agreement .............................................................................................. 2 Regularly Scheduled Service (Attachment L) –
Review of Recology’s Calculated Maximum ...................................................................... 3 Additional Services (Attachment Q) – Review of Recology’s Calculated Maximum ......... 4 Summary Conclusions and Recommendations ................................................................. 5 City Council Review ............................................................................................................ 5 Summary of the Review of Solid Waste Rates ................................................................... 5 1 Introduction and Overview of the Report

1.1 Introduction ............................................................................................................. 6

1.2 Limitations of HDR’s Review.................................................................................... 6

1.3 Organization of the Report ...................................................................................... 7 2 Overview of the Agreement

2.1 Introduction ............................................................................................................. 8

2.2 Overview of the Agreement .................................................................................... 8

2.3 Regularly Scheduled Services (Attachment L) ......................................................... 9

2.4 Additional Services (Attachment Q) ...................................................................... 10

2.5 Summary ................................................................................................................ 10 3 Review of Recology’s Calculated Maximum Rates for Regularly Scheduled Services

3.1 Introduction ........................................................................................................... 11

3.2 Overview of Recology’s 2024 Rate Application..................................................... 11

3.3 Overview of General Approach Used to Review the Costs ................................... 12

3.4 Summary Conclusions of HDR’s Review of Maximum Rate Calculations ............. 13

3.5 HDR’s Detailed Review of the Total Target Revenue Calculations ....................... 13

3.5.1 CPI Value Adjustment .............................................................................. 13

3.6 Conclusions Regarding the Calculation of the Maximum Rate ............................. 16 4 Review of the Proposed 2023 Solid Waste Rates

4.1 Introduction ........................................................................................................... 17

4.2 Residential Regularly Scheduled Service (Attachment L)...................................... 17

4.3 Commercial Carts Regularly Scheduled Service (Attachment L) ........................... 17

4.4 Commercial Waste Bins Regularly Scheduled Service ......................................... 19

4.5 Commercial Organics Bins Regularly Scheduled Service ...................................... 21

4.6 Commercial Organics Carts Regularly Scheduled Service .................................... 23 Table of Contents
102
Table of Contents ii
City of Belmont – Review of 2025 Solid Waste Rates

4.7 Other Miscellaneous Solid Waste Rates ............................................................... 25

4.8 Rate for Additional Services (Attachment Q) ........................................................ 25

4.9 City Council Review ............................................................................................... 25

4.10 Summary ................................................................................................................ 26 5 Summary of the Solid Waste Rate Findings, Conclusions and Recommendations

5.1 Introduction ........................................................................................................... 27

5.2 Summary Findings, Conclusions and Recommendations ...................................... 27

5.3 Looking Ahead – Future Rate Adjustment to 2024 ............................................... 27

5.4 Summary ................................................................................................................ 27 Technical Appendix A – Attachment L Rates – Regularly Scheduled Rates Technical Appendix B – Attachment Q Rates – Additional Services 103
Executive Summary 1
City of Belmont – Review of 2025 Solid Waste Rates
Introduction
The City of Belmont (City) is a member of the South Bayside Waste Management Authority (SBWMA). On August 28, 2018, the City finalized an Amended and Restated Franchise Agreement (Agreement) with Recology of San Mateo County (Recology) for solid waste collection services, including the collection of recycling and organic materials. The Agreement is for the 15-year period of 2021 to 2035. Through the Agreement (i.e., 7.01.A.5, 11.01.A, 11.06), the annual compensation for Recology’s collection and recycling services is contractually determined. At the same time, the Agreement calls for the City to adopt solid waste rates, but not at a level which exceeds the Contractor’s “Maximum Rates for Regularly Scheduled and Additional Services”.

Ultimately, Recology bills the City’s customers for the solid waste services at the rates established and formally adopted by the Belmont City Council.

As a part of the overall rate setting process, Recology’s data and information is reviewed by an outside party prior to its use within the calculation of the City’s maximum rates. Once that data and information is confirmed, Recology calculates the “maximum rates for regularly scheduled and additional services” and provides a copy of those calculations to the City for their review and acceptance. This review and rate setting process is similar to the reviews that HDR has provided to the City annually since 2013, which the City has requested HDR to conduct for rate year 2025.

The Agreement contains specific language and exhibits related to the development of the maximum rates for a given year for both regularly scheduled services (Schedule L) and additional services (Schedule Q). Rate year 2021, the first year of the current Agreement, serves as the base year for adjusting rates in future years. HDR has reviewed the applicable portions of the Agreement as they pertain to the 2025 rate year1. From our understanding of the current Agreement and the rate setting requirements, HDR reviewed Recology’s submittal for the 2025 rate year. This report discusses the review undertaken by HDR for the 2025 rate year.

Limitations of HDR’s Review
HDR has provided a limited review of Recology’s maximum rate calculations for the 2025 rate year. As noted above, the data and information used by Recology to calculate the City’s maximum rates were independently reviewed by another outside firm. Given the outside review of Recology’s data and information, HDR and the City have assumed that the data and information input into Recology’s rate calculations are reasonable and appropriate. As part of the review, HDR did cross-check and verify the inputs into Recology’s model from the database of previously reviewed basic input data and information.

1 HDR assisted the City in negotiating a current franchise agreement with Recology and is very familiar with the requirements of the current agreement as it relates to rate setting (Article 11).

Executive Summary
104
Executive Summary 2
City of Belmont – Review of 2025 Solid Waste Rates
Within HDR’s review, four key items have been reviewed and verified. These included:
 A review of Recology’s methodology for compliance with our understanding of the required methodology specific for the 2025 rate year based on the current Agreement  A review of the data inputs and information used within the methodology to confirm that the costs and any other adjustments comply with the methodology for regularly scheduled services (Schedule L) for rate year 2025 as required in the current Agreement  A review of the data inputs and methodology used to adjust additional services (Schedule Q) for the 2025 rate year to confirm the use of the appropriate cost index, as specified in the current Agreement
 Confirmation/verification of the calculations (formulas) within the methodology as they apply to the 2025 rate year based on the current Agreement Overview of the Agreement
The Agreement with Recology is intended to continue to provide the City of Belmont community with high-quality waste collection, waste reduction, recycling, and composting programs. In order to maximize the quality of services and waste-diversion potential, the City granted to Recology an exclusive right to provide these services within the City. In order to balance that exclusive right to provide these solid waste services against the costs/rates associated with that program, the parties needed to develop an approach or methodology that fairly compensated (and limited) the charges that Recology could charge the City’s customers. To address this requirement, Article 11 of the Agreement contains specific language, and a methodology, for annually establishing the maximum rates for the up-coming calendar year for both regularly scheduled (Schedule L) and additional services (Schedule Q).

The Agreement provides for an orderly process and approach to establish rates for the City and compensation for Recology. The review being undertaken by the City and HDR is a part of that orderly process, and the City is performing its due diligence to verify and confirm that the maximum rates calculated by Recology are in accordance with the Agreement. The
agreement stipulates this as follows:

Article 11, “The Contractor’s Compensation, Pass-Through Costs and Rates” determines the annual compensation for Recology’s collection and recycling services. This calculation of annual compensation sets the Contractor’s “Maximum
Rates for Regularly Scheduled Services” (Attachment L) and “Additional Services” (Attachment Q). Within the franchise agreement, Attachment L is established in 11.04 of Article 11, Annual Adjustment of Maximum Rates for Schedule Services. Attachment Q is established in 11.05 of Article 11, Annual Adjustment of Maximum Rates for Additional Services.

The review being undertaken
by the City and HDR is a part of
that orderly process, and the
City is performing its due
diligence to verify and confirm
that the maximum rates
calculated by Recology are in
accordance with the
Agreement.
105
Executive Summary 3
City of Belmont – Review of 2025 Solid Waste Rates
Regularly Scheduled Service (Attachment L) – Review of Recology’s Calculated Maximum
On July 31, 2024, Recology provided to the City a letter outlining their calculation of the rates for rate year 2025. The City retained HDR Engineering, Inc. (HDR) to provide the rate review of the proposed 2025 rates as has been performed annually since 2013, which is to confirm that the overall methodology is in conformance with the current Agreement. In addition, HDR also verified or confirmed that the proper cost data appeared to be used within the analysis, and that the mathematical calculations are correct. In providing this review, HDR also attempted to independently calculate the rate index used for Schedule Q rates (e.g., consumer price index (CPIU General)). This report details the City’s process to revise the maximum rates that may be charged for solid waste, recyclable materials, and organic materials collection services for rate year 2025.

The rates that Recology charges its customers include Recology (contractor) compensation, SBWMA costs to operate the Shoreway transfer facility, waste disposal costs, franchise fees, and other related charges. Article 11 of the Agreement provides the framework or methodology for the determination of the maximum rate for the upcoming year. In very simple terms, the Agreement calls for Recology to annually take the existing maximum rate that is in effect and multiply each rate by an “adjustment multiplier”. The adjustment multiplier is essentially a cost index to develop Total Target Revenue for the rate year.

The rate adjustment multiplier is composed of three elements; the 2025 Base Contractor’s Compensation based on CPI cost adjustments, the 2024 Performance Incentive/Disincentive adjustment, and the 2025 pass through costs which comprise both disposal and agency payments. For 2025, these elements are a total rate index adjustment of 2.04% as shown in Table ES – 1.

Table ES – 1
Summary of 2025 Rate Adjustment to 2024 Rates
Cost Component
2024
Target
Revenue
2025
Target
Revenue
$
Difference
% Adjustment
to 2024 Rates
Total Base Compensation $4,874,782 $5,047,290 $178,996 3.63% Performance (Inc.) / Dis. (6,147) ($4,487) 1,660 -27.01% Pass Thru Costs 4,871,613 4,891,367 19,755 0.41%
Plus Disincentive Payable 2022 0 0 0 0.00%
Total Target Revenue $9,740,247 $9,938,658 $198,410 2.04% In the review of Recology’s Total Target Revenue for the 2025 rate year, HDR concluded that the total target revenue used the appropriate data and information for the time period and the calculations within the methodology were correct. As a result of our review, HDR concluded that based on the current Agreement, the City’s adopted solid waste rates for 2024 should be increased by 2.04% for rate year 2025 proposed rates. Provided in this report is a more detailed 106
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discussion of each of the elements of the calculation of the 2025 maximum rate calculation and the basis for HDR’s summary conclusion.

Presented below in Table ES – 2 are the present monthly residential rate and the proposed residential rates for 2025.

Table ES – 2
Summary of the Present and Proposed Residential Solid Waste Rates (Regularly Scheduled - $/Month)
Present Proposed
Monthly 2024 $/Month
Schedule Schedule Description Rate Rates Change
R20G Residential Waste - 20 Gallons $40.21 $41.03 $0.82 R32G Residential Waste - 32 Gallons 47.97 48.95 0.98
R64G Residential Waste - 64 Gallons 94.43 96.36 1.93
R96G Residential Waste - 96 Gallons 141.65 144.54 2.89
In addition to the above residential rates for regularly scheduled service, the City and Recology have a number of other rate schedules for regularly scheduled solid waste services. These include the following:
 Commercial Waste Carts (20 gallons to 96 gallons)
 Commercial Waste Bins (1 yard to 6 yards; 1 day to 7 days per week pickup)  Commercial Organics (1 yard to 6 yards; 1 day to 7 days per week pickup)  Commercial Organics Carts (20 gallons to 96 gallons; 1 day to 7 days per week pickup)  Commercial Waste 3 Yard Compactor
 Solid Waste Compactor (per yard)
Each of these commercial rate schedules were increased by the overall 2.04% rate increase. A more detailed discussion of these other regularly scheduled services can be found in Section 4 of the report and also within the Technical Appendices as Attachment L rate schedules.

Additional Services (Attachment Q) – Review of Recology’s Calculated Maximum
In addition to the regularly scheduled rates, there are also rates for “additional services”. The rates for additional services are contained in Attachment Q of the Agreement and are annually updated in accordance with the Agreement. Attachment Q is established in 11.05 of Article 11, Annual Adjustment of Maximum Rates for Additional Services.

The Maximum Rate set forth in Attachment Q is adjusted annually by multiplying the then effective April CPI-U General for the year in which rates are set and divided by the April CPI-U from the year prior to the year in which rates are set. For example, the April CPI-U-General is 351.247 for 2024 and the April CPI-U-General for 2023 is 338.496. Therefore, each Maximum Rate is multiplied by the April CPI-U-General for 2024 and divided by the April CPI-U-General for 107
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City of Belmont – Review of 2025 Solid Waste Rates
2023. This resulted in an overall rate increase of 3.77% (351.247 / 338.496) for Attachment Q rates effective in 2025 for the additional services.

A more detailed discussion of these additional services can be found in Section 4 of the report and also within the Technical Appendices as Attachment Q rate schedules.

Summary Conclusions and Recommendations
Based on the limited review undertaken, it was the conclusion of HDR that the maximum rates, as calculated by Recology, were in conformance with the City’s current Agreement. In reaching this conclusion, HDR has relied on the data and information as supplied by the City and Recology.

Given that conclusion, HDR would recommend that the City revise the residential and commercial rates based on the proposed rates as provided in this report which reflects a 2.04% increase for the maximum rate calculation. Finally, the additional services (Attachment Q), as calculated by Recology and as reviewed within this report, should also be adopted for 2025 based on the CPI increase of 3.77%.

City Council Review
The results of the study will be presented to the City of Belmont City Council on September 10, 2024. This will reflect the proposed 2.04% rate adjustment for 2025 rates for the scheduled services, Schedule L, and a 3.77% rate adjustment for additional services, Schedule Q as outlined in this report. If accepted by the City Council, the City will distribute the customer notification as required by Proposition 218, and hold a public hearing no sooner than 45 days from the issuance of the customer notification.

Summary of the Review of Solid Waste Rates
This completes the summary review and analysis for the City’s solid waste rates. A full and complete discussion of the review of solid waste rates as calculated by Recology can be found in the following sections of this report.
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Introduction and Overview of the Report 6
City of Belmont – Review of 2025 Solid Waste Rates

1.1 Introduction
The City of Belmont (City) is a member of the South Bayside Waste Management Authority (SBWMA). In 2018, the City signed an Agreement with Recology of San Mateo County (Recology) for solid waste collection services, including the collection of recycling and organic materials. As part of the Agreement (i.e., 7.01.A.5, 11.01.A, 11.06), the annual compensation for Recology’s collection and recycling services is contractually determined. At the same time, the Agreement calls for the City to adopt solid waste rates, but not at a level which exceeds the Contractor’s “Maximum Rates for Regularly Scheduled or Unscheduled Services”. Ultimately, Recology bills the City’s customers for the solid waste services at the rates established by the City of Belmont City Council.

The 2018 Agreement is for a 15-year term, for rate years 2021 through 2035. While the current Agreement is similar to the 2010 agreement, there are certain differences. Both franchise agreements contain specific language and exhibits related to the development of the maximum rates for a given year.

The general approach for rate adjustments (2022 – 2035) is based on changes in specific cost indices for the primary cost categories outlined by Recology for the base contractor’s compensation. For example, in 2025 the costs will be adjusted by the change in the specific cost indices from 2022 to 2024. These cost indices include CPI-U, CPI-U-Motor Fuel, CPI-W, etc. The Agreement has outlined each of the specific cost indices that will be used in escalating the base costs for future year rate adjustments. The total target revenues for rate year 2025 will be compared to the total target revenues for the prior year, in this case the 2024 rate year. This comparison will result in the rate multiplier to be applied to the adopted 2024 rates to establish the proposed 2025 rates.

1.2 Limitations of HDR’s Review
It is important to understand that HDR has provided a limited review of Recology’s maximum rate calculations for the 2025 rate year. The data and information used by Recology to calculate the City’s maximum rates were reviewed by another outside firm. HDR does not provide a review of this basic input data as a part of this review. Therefore, HDR and the City have assumed that the data and information input into Recology’s rate calculations are reasonable and appropriate.

Having said that, HDR did a limited cross-check to verify the inputs into Recology’s model, from the data of previously reviewed basic input data and information.

Within HDR’s review, the three key items reviewed were the overall methodology, compliance to the agreed upon methodology, and verification of the data inputs. First, the overall methodology is generally well-laid out within Article 11 of the current Agreement. Given that, HDR reviewed Recology’s methodology for compliance with our understanding of the required methodology for the 2025 rate year. At the same time, HDR also reviewed the data inputs and information used within the methodology as applied to the 2024 rate year. While the data and information were previously reviewed, the selection and use of the appropriate costs and 1 Introduction and Overview of the Report
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City of Belmont – Review of 2025 Solid Waste Rates
adjustment factors must comply with the methodology. Finally, HDR confirmed/verified the calculations (formulas) used within the methodology as applied to the 2025 rate year were accurate. As a part of HDR’s review, these three aspects of Recology’s rate filing were reviewed and verified.

1.3 Organization of the Report
This report is organized in a manner that reflects the general approach used by HDR to review Recology’s maximum rates for “Regularly Scheduled” and “Additional Services”. The next section of this report provides a brief overview of the relevant portions of the Agreement. Section 3 then provides a discussion and overview of the technical review undertaken by HDR of the Recology rate calculations. From that review, HDR was then able to review and verify the proposed maximum rates for Regularly Scheduled and Additional Services. The proposed maximum rates are discussed and shown in Section 4. Finally, Section 5 provides a summary of HDR’s findings, conclusions, and recommendations from this study.
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Overview of the Agreement 8
City of Belmont – Review of 2025 Solid Waste Rates

2.1 Introduction
An important starting point for reviewing the City’s solid waste rates is to gain an understanding of the current Agreement which is an extension of the original 2010 franchise agreement. This section of the report is intended to provide a brief overview of the relevant portions of the City’s current Agreement with Recology to help the reader better understand the basis for this review of the rates.

The review and discussion contained herein is not intended to be comprehensive in nature, nor provide any legal interpretation or opinion regarding the relevant portions of this Agreement as it relates to this study.

2.2 Overview of the Agreement
As noted, the agreement was extended in 2018 for an additional 15-year term for rate years 2021 through 2035. The Agreement is very similar to the 2010 franchise agreement but does contain some relevant changes to Article 11 which determines Recology’s compensation and the City’s solid waste rates. Similar to the 2010 agreement, for 2021 and beyond, Recology’s annual compensation for collection and recycling services is outlined in the Agreement and contractually determined. The Agreement calls for the City to establish and adopt solid waste rates, but not at a level which exceeds the Contractor’s “Maximum Rates for Regularly Scheduled Services” referred to as Attachment L and “Maximum Rates for
Additional Services”, referred to as Attachment Q2. The Agreement between the parties contains specific language and exhibits related to the development of the maximum
rates for a given year for both Attachments L and Q.

The Agreement provides for an orderly process and approach to establish rates for the City and compensation for
Recology. The review being undertaken by the City and HDR is a part of that orderly process, and the City is performing its due diligence to verify and confirm that the maximum rates calculated by Recology are in accordance with the Agreement for the 2025 rate year.

More specific to the Agreement, Article 11 – “The Contractor’s Compensation, Pass-Through Costs and Rates” provides the analytical framework for determining the annual compensation for Recology’s collection and recycling services. This calculation of annual compensation sets the Contractor’s “Maximum Rates for Regularly Scheduled Services” known as Attachment L and “Additional Services” known as Attachment Q. Attachment L is established in 11.04 of Article 11, Annual Adjustment of Maximum Rates for Schedule Services. Attachment Q is established in

11.05 of Article 11, Annual Adjustment of Maximum Rates for Additional Services. 2 Under the 2010 franchise agreement, Regularly Scheduled services were referred to as Attachment R and Additional Services was referred to as Schedule Q.
2 Overview of the Agreement
...and the City is performing
its due diligence to verify and
confirm that the maximum
rates calculated by Recology
are in accordance with the
Agreement for the 2024 rate
year.
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Overview of the Agreement 9
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2.3 Regularly Scheduled Services (Attachment L)
As noted above, Article 11 of the Agreement provides the analytical framework or methodology for the determination of the maximum rates for the upcoming year. In very simple terms, the Agreement calls for Recology to annually take the existing maximum rate that is in effect and multiply each rate by the “adjustment multiplier”. The adjustment multiplier is essentially a “cost index” based on CPI value adjustments to arrive at the Total Target Revenue for the rate year.

The Total Target Revenue for the current year is divided by the prior year Total Target Revenue per 11.04.A. as follows:
“...Beginning with the adjustment for Rate Year 2022, each Maximum Rate set forth in Attachment L shall be adjusted annually by multiplying the then-effective Maximum Rate by the Adjustment Multiplier. The Adjustment Multiplier used to calculate the Maximum Rates that will be effective in a given Rate Year (the “Adjustment Year”) shall be calculated by dividing Total Target Revenue for the Adjustment Year (calculated pursuant to Table 2 below) by Total Target Revenue for the Rate Year prior to the Adjustment Year (the “Current Year”).”3
However, for only Rate Year 2022 the “prior” year will be the 2021 adjusted Total Target Revenue of $7,888,920 as follows in 11.04A.
“...For purposes of determining Maximum Rates for Rate Year 2022, Total Target Revenue for Rate Year 2021 shall be the same as Total Contractor’s Compensation for that year (i.e. $7,888,920).”4
Going forward in rate year 2023 to 2035 the adjustment multiplier will be the current year Total Target Revenue divided by the prior year Total Target Revenue. For example, for rate year 2025 the Total Target Revenue for 2025 rate year will be divided by the rate year 2024 Total Target Revenue.

The franchise agreement provides the cost index for the various components to calculate the Total Target Revenue. The Total Target Revenue is stated in total dollars. For example, the Total Target Revenue for 2024 is $9,740,248. Going forward, for each year the cost index is calculated by adding together the various component costs which are composed of the following cost elements:
 Direct Labor (Wages for CBA’s, Benefits for CBA’s, Payroll Taxes, Worker’s Compensation)  Direct Fuel Costs
 General Expenses Direct and Indirect
 General Expenses Depreciation
 Profit Calculation
 Interest
 Performance Incentives/Performance Disincentives
 Pass Through Costs
3 Franchise Agreement, Section 11.04(A), Adjustment Multiplier for Regularly Scheduled Services, p. 99. 4 Franchise Agreement, Section 11.04(A), Adjustment Multiplier for Regularly Scheduled Services, p. 99. 112
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 Disposal Costs (i) Projected Next Year, (ii) Actual Prior Year, (iii) less Prior Projected Year)
 Agency Payments
The general approach for future year rate adjustments is based on changes in specific cost indices for the primary cost categories outlined by Recology for the base contractor’s compensation. For example, in 2025 the costs will be adjusted by the change in the specific cost indices from 2020 to 2024. These cost indices include CPI-U, CPI-U-Motor Fuel, CPI-W, etc. The current Agreement outlines each of the specific cost indices that will be used in escalating the base costs (adjusted 2021 Total Target Revenue) for future year rate adjustments. For rate year 2025, the 2025 Total Target Revenue of $9,938,658 is compared to the 2024 Total Target Revenue of $9,740,248.

Finally, the disposal costs are calculated separately from base contractor’s compensation. The current franchise agreement uses a similar approach to establishing the annual adjustments to the disposal costs. Essentially, all increases or changes in disposal costs are passed through as direct rate adjustments to the customer.

2.4 Additional Services (Attachment Q)
The rates for additional services are addressed in the current franchise agreement and are annually updated in accordance with the Agreement. Rates for Additional Services are discussed and established in 11.05 of Article 11, Annual Adjustment of Maximum Rates for Additional Services.

11.05 – Annual Adjustment of Maximum Rates for Additional Services A. The Maximum Rates for Rate Year 2021 for the additional services described in Attachment Q shall be the charges for those services determined under the SBWMA-wide methodology, adjusted as necessary to pass through the Franchise Fee and any other Agency fees under this Agreement. Beginning with the adjustment for Rate Year 2022, each Maximum Rate set forth in Attachment Q shall be adjusted annually by multiplying the then-effective Maximum Rate by April CPI-U-General for the year in which the calculation is made and dividing the result by April CPI-U-General for the year prior to the year in which the calculation is made. For example, to calculate the Maximum Rates set forth in Attachment Q effective in 2025, each such Maximum Rate effective in 2024 shall be multiplied by CPI-U-General for April 2024 and divided by CPI-U-General for April 2023.

The adjustment to Schedule Q is based upon a cost-indexing approach and a CPI for general inflation is used. As an example, assume the April 2026 CPI-U-General is 300.000 and the April 2025 CPI-U-General is 295.000. This would result in an adjustment to the Additional Services rates of 1.7%. (300.000 / 295.000 = 1.017 or 1.7%).

2.5 Summary
This section of the report has provided a brief overview of the relevant portions of the current Agreement with Recology. While this overview of the Agreement has been necessarily abbreviated, it is intended to provide an understanding of the basic framework or methodology used to calculate the maximum rates for Regularly Scheduled Services and Additional Services. 113
Review of Recology’s Calculated “Maximum Rates for Regularly Scheduled Services” 11 City of Belmont – Review of 2025 Solid Waste Rates

3.1 Introduction
As stated in the Agreement, Recology calculates the maximum rates for the up-coming calendar year. The calculated maximum rates are formula driven, and as noted in the prior section of the report, there is relatively clear language and numeric examples of the rate setting process. The purpose of this section of the report is to provide an overview of Recology’s rate filing to the City for the 2025 rate year, along with HDR’s technical review of that filing. Article 11.04 specifically outlines the establishment of maximum rates for 2025 and after for regularly scheduled services.

3.2 Overview of Recology’s 2024 Rate Application
On July 31, 2024, Recology provided to the City a letter and the detailed worksheets outlining their calculation of the maximum rates for rate year 2025. The rate application letter indicated a maximum increase adjustment of 2.04%. HDR reviewed that calculation and determined based on the information provided that it appears to agree with the current Agreement.

For 2025, the adjustment multiplier is based on CPI cost adjustment by component. HDR conducted a review of Recology’s calculations and determined, based on the information provided, that it appears to be in compliance with the Agreement. Provided below in Table 3 – 1 is an overview of Recology’s Total Target Revenue calculation for rate year 2025.

3 Review of Recology’s Calculated Maximum
Rates for Regularly Scheduled Services
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Table 3 – 1
Overview of Recology’s Total Target Revenue Calculation Rate Year 2025 Cost Component
Adj. 2021
Target
Revenue
April
2020 CPI
Index
April 2024
CPI Index
Change
2020
to 2024
2025
Target
Revenue
Direct Labor Related
Wages for CBA’a $1,310,584 290.304 346.671 1.194 $1,565,054 Benefits for CBA’s 608,287 548.136 587.011 1.071 651,428 Payroll Taxes 109,005 N/A N/A 126,769
Workers Compensation 93,961 290.304 346.671 1.194 112,205 Direct Fuel Costs 169,992 209.994 397.919 1.895 322,119 General Expense Direct & Indirect 1,211,383 298.074 351.247 1.178 1,427,480 SB 1383 (2024) 18,807
Depreciation 281,317 N/A N/A 281,317
Profit 397,271 N/A N/A 472,919
Interest 73,679 N/A N/A 73,679
Performance Inc./Disincentives 0 N/A N/A (4,487)
Base Contractor’s Compensation $4,255,479 $5,047,290
Agency Components $2,584,050
Disposal Projected Cost (i) 2,434,527
Disposal Actual Prior Year Cost (ii) 2,114,505
Disposal Prior Projected Cost (iii) (2,241,715)
Disposal Cost Component $4,891,367
Total Target Revenue $9,983,658
(i) The Contractor’s projected costs for April 1 of that calendar year through March 31 of the following year plus (ii) The Contractors’ actual costs April 1 of the year prior through March 31 of the calendar year minus (iii) The contractor’s previous projection.

As noted above, the City retained HDR to review the Recology calculations (Table 3 - 1) to confirm that the proper data appeared to be used within the analysis, and that the mathematical calculations were correct for the 2025 rate year. While Table 3 - 1 appears rather simple and straight-forward, the calculations are, in some cases, much more complex with other detailed worksheets behind them.

Provided below is a more detailed discussion of the analytical steps taken to review the Recology calculations and the results of our review.

3.3 Overview of General Approach Used to Review Costs
As noted in Section 2, an important starting point for reviewing Recology’s compensation is understanding the Agreement. HDR reviewed the documents, then independently reviewed the rate year 2025 maximum rate calculations. HDR developed spreadsheets to review and attempt to duplicate the Recology calculations for 2025. In this way, HDR could review the data sources 115
Review of Recology’s Calculated “Maximum Rates for Regularly Scheduled Services” 13 City of Belmont – Review of 2025 Solid Waste Rates
used and verify their appropriateness, while at the same time, verifying the formulas used within the calculations.

3.4 Summary Conclusions of HDR’s Review of the Maximum Rate Calculations
Based on HDR’s review of Recology’s 2025 rate application, HDR concluded that the costs contained in Table 3 - 1 used appropriate cost data and information for the time period and the calculations within the methodology were correct. As a result of our independent review HDR concluded that based upon the existing Agreement, the maximum rates should be calculated based on the increase in rates of 2.04%.

3.5 HDR’s Detailed Review of the Total Target Revenue Calculations As previously discussed, the focus of HDR’s review was on the calculations used to establish the Total Target Revenue for rate year 2025 or the “Maximum Rates for Regularly Scheduled Services”. Article 11 of the Agreement form the basis for the calculations. As shown in Table 3 - 1, there is one primary calculation component to the maximum rate calculation, the CPI value adjustment.

3.5.1 CPI Value Adjustment
The general approach for future year rate adjustments (2023 – 2035) is based on changes in specific cost indices for the primary cost categories outlined by Recology for the base contractor’s compensation. For example, in 2025, the 2021 adjusted base target revenue will be adjusted by the change in the specific cost indices from 2020 to 2024. These cost indices include CPI-U, CPIU-Motor Fuel, CPI-W, etc. The current Agreement outlines each of the specific cost indices that will be used in escalating the base adjusted target revenue for future year rate adjustments. For Rate Year 2025, and thereafter, the specific cost indices will compare for the current year index to the 2020 index and the 2021 adjusted Total Target Revenue. In simplified terms, general operating costs are adjusted annually by the use of a CPI value. The CPI value index is segregated into nine main components. They are as follows:
 Direct Labor - The direct labor includes wages for CBA’s, benefits for CBA’s, payroll taxes, and worker’s compensation. Wages for CBA’s, benefits for CBA’s, and worker’s compensation for base year 2021 is multiplied by the difference between the 2020 base year CPI for that component and the current year (2024) CPI for that component. In very simplified terms, the agreement uses the wages for CBAs at the start of the agreement of 2021 and then simply adjusts wages for CBAs by a CPI amount based on 2020 CPI and the current year CPI. Payroll tax is a formula based on the wage’s times 14.9%.  Direct Fuel – The fuel for base year 2021 is multiplied by the difference between the 2020 average price per gallon and the average price per gallon of fuel for the twelve month period ending March 31 of the Calendar Year.
 General Expense Direct and Indirect – The general expense base for 2021 is multiplied by the difference between the 2021 base year Consumer Price Index and the current year Consumer Price Index.
 Depreciation Vehicles, Containers, Indirect – The vehicle deprecation remains fixed at $196,818 for rate year 2022-2026. Values for rate years 2027-2035 shall be determined 116
Review of Recology’s Calculated “Maximum Rates for Regularly Scheduled Services” 14 City of Belmont – Review of 2025 Solid Waste Rates
as part of the SBWMA-wide rate application for rate year 2027. The container depreciation remains fixed at $77,090 for rate years 2022-2035 unless additional containers are purchased. The indirect remains fixed at $7,409 for rate years 2022-2035.  Profit Calculation – The profit is calculated by taking the sum of direct labor, direct fuel, general expenses direct and indirect, and the depreciation vehicles, containers and indirect for the current rate year, divide by 0.905, and subtract from the result the sum of direct labor, direct fuel, general expenses direct and indirect, and the depreciation vehicles, containers and indirect for the current rate year components for the rate year.

This calculation represents application of the 90.5% operating ratio to Contractor’s calculated total annual cost of operations.
 Disposal Costs – (i) The Contractor’s projected costs for April 1 of that calendar year through March 31 of the following year plus (ii) the Contractors’ actual costs April 1 of the year prior through March 31 of the calendar year minus (iii) the contractor’s previous projection.
 Interest – The value remains fixed at $73,679 for rate years 2022-2035 unless additional vehicles or containers are purchased.
 Performance-Based – Is the sum of incentives and disincentives the year immediately preceding the Calendar Year of the Cost Index. The determination of incentives and disincentives is independently determined by another outside party.  Agency Payment – The anticipated amount of total Agency payments as detailed in Article 11 (direct labor, direct fuel, general expenses direct and indirect, depreciation, profit, interest, performance incentives & disincentives, and disposal costs, divided by (1 – 0.26) then multiplying the result by 0.26.

For each of the above components, HDR reviewed the source data and information used within Recology’s calculations. As a part of Recology’s packet of information, the source data used by Recology was attached to the application letter. While much of the cost data and information had previously been audited by another outside independent consultant, in those cases where other key assumptions to the analysis were needed (e.g., CPI index), HDR attempted to independently review them.

Based on the changes from the 2024 Total Target Revenue to the 2025 Total Target Revenue the costs increased by $198,410 or 2.04% overall ($9,938,658 - $9,740,247 = $198,410 or $198,410 / $9,740,247 = 2.04%). The majority of the components are based on specific cost indexes and/or formulas as explained previously. Disposal costs are based on projections and actuals and are made of three components the (i) Contractor’s projected costs, (ii) the Contractors’ actual costs of the year prior, and the (iii) Contractor’s previous projection. Provided below in Table 3 – 2 is a summary of the changes in target revenue compared from 2024 to 2025.

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Table 3 – 2
Summary of Changes in Total Target Revenue from 2024 to 2025 Cost Component
2024
Target
Revenue
2025
Target
Revenue
$
Difference
%
Difference
Base Contractor Compensation
Direct Labor Related $2,382,648 $2,455,457 $72,808 3.06% Direct Fuel Costs 287,249 322,119 34,870 12.14%
General Expense Direct & Indirect 1,393,783 1,446,287 52,503 3.77% Depreciation 281,317 281,317 0 0.00%
Profit 456,105 472,919 16,815 3.69%
Interest 73,679 73,679 0 0.00%
Total Base Compensation $4,874,782 $5,051,777 $176,996 3.63% Performance (Inc.) / Dis. (6,147) (4,487) 1,660 -27.01% Total Pass Thru Costs
Disposal Projected Cost (i) $2,241,715 $2,434,527 $192,812 8.60% Disposal Actual Prior Year Cost (ii) 1,843,054 2,114,505 271,451 14.73% Disposal Prior Projected Cost (iii) (1,745,620) (2,241,715) (496,095) 28.42% Agency Payments 2,532,464 2,584,050 51,587 2.04%
Total Pass Thru Costs $4,871,613 $4,891,367 $19,755 0.41% Plus Disincentive Payable 2021 0 0 0 0.00%
Total Target Revenue $9,740,247 $9,938,658 $198,410 2.04% In a more simplified or summarized manner, the rate adjustment multiplier is composed of three elements; the 2025 CPI cost adjustments, the 2024 Incentive/Disincentive adjustment, and the 2025 pass through costs which comprise both disposal and agency payments. Table 3 - 3 summarizes this adjustment by component.

Table 3 – 3
Summary of 2025 Rate Adjustment to 2024 Rates
Cost Component
2024
Target
Revenue
2025
Target
Revenue
$
Difference
% Adjustment
to 2024 Rates
Total Base Compensation $4,874,782 $5,051,777 $176,996 3.63% Performance (Inc.)./Dis. (6,147) ($4,487) 1,660 -27.01% Pass Thru Costs 4,871,613 4,891,367 19,755 0.41%
Plus Disincentive Payable 2022 0 0 0 0.00%
Total Target Revenue $9,740,247 $9,938,658 $198,410 2.04% 118
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3.6 Conclusions Regarding the Calculation of the Maximum Rate Based on the review of the Recology rate calculation, HDR concluded that the calculation as provided by Recology appears appropriate and in keeping with the current Agreement. In reaching this conclusion, HDR reviewed and verified the data inputs into the calculation, while also confirming the overall methodology and calculations. Based on our review, the calculated Maximum Rate Index for 2025 is an increase of 2.04% in overall rates for regularly scheduled services.
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4.1 Introduction
In the previous section of this report, the cost basis for the City’s 2025 solid waste rates was reviewed and provides the basis for determining the City’s maximum rates for rate year 2025.

This section of the report will review the maximum solid waste rates for Regularly Scheduled Services (Attachment L) and Additional Services (Attachment Q).

4.2 Residential Regularly Scheduled Service (Attachment L) From the review of the rate index multiplier, it was concluded that the analysis developed by Recology appears to comply with the City’s Agreement. The overall adjustment to revenues derived from rates for 2025 is a 2.04% increase in the existing rates. In developing the calculated maximum rates, Recology provided a schedule of the rates. HDR reviewed the calculated maximum rates to confirm that they use the appropriate multiplier. Presented below is a discussion of the present solid waste rates and the proposed 2025 rates for residential and commercial customers. Provided below in Table 4 – 1 are the proposed 2025 Residential rates for Schedule L (regularly scheduled services).

Table 4 – 1
Summary of the Present and Proposed Residential Solid Waste Rates (Regularly Scheduled - $/Month)
Present Proposed
Monthly 2025 $/Month
Schedule Schedule Description Rate Rates Change
R20G Residential Waste - 20 Gallons $40.21 $41.03 $0.82 R32G Residential Waste - 32 Gallons 47.97 48.95 0.98
R64G Residential Waste - 64 Gallons 94.43 96.36 1.93
R96G Residential Waste - 96 Gallons 141.65 144.54 2.89

4.3 Commercial Carts Regularly Scheduled Service (Attachment L) Some commercial waste customers have similar service to the residential customers in that they have cart sizes that range from 20 gallons to 96 gallons. However, a difference between the residential and commercial service is the number of pick-ups per week. A commercial customer may choose their level of service (number of pick-ups per week). Presented in Table 4 – 2 is a summary of the current commercial rates and the calculated maximum rate for 2025. The maximum calculated rate assumes a 2.04% increase from the present rates. Some minor rounding of the rates may occur for purposes of ease of administration. 4 Review of the Proposed 2025 Solid Waste
Rates
120
Review of the Proposed 2025 Solid Waste Rates 18
City of Belmont – Review of 2025 Solid Waste Rates
Table 4 – 2
Summary of the Present and Calculated Max. Commercial Solid Waste Rates (By Gallon Cart Size; Regularly Scheduled - $/Month)
Collection – Times Per Week
Schedule 1 2 3 4 5 6 7
C20G Commercial Waste – 20 Gallon
Present 2024 Monthly Rate $51.30 $105.54 $157.13 $215.72 $272.93 $341.50 $416.00 Calculated Maximum 2025 Rate $52.35 $107.69 $160.34 $220.12 $278.50 $348.47 $424.49 $/Month Change $1.05 $2.15 $3.21 $4.40 $5.57 $6.97 $8.49 C32G Commercial Waste – 32 Gallon
Present 2024 Monthly Rate $56.96 $117.27 $174.56 $239.68 $303.23 $379.43 $462.21 Calculated Maximum 2025 Rate $58.12 $119.66 $178.12 $244.57 $309.42 $387.17 $471.64 $/Month Change $1.16 $2.39 $3.56 $4.89 $6.19 $7.74 $9.43 C64G Commercial Waste – 64 Gallon
Present 2024 Monthly Rate $110.15 $222.27 $337.25 $453.46 $576.40 $702.41 $822.28 Calculated Maximum 2025 Rate $112.40 $226.80 $344.13 $462.71 $588.16 $716.74 $839.05 $/Month Change $2.25 $4.53 $6.88 $9.25 $11.76 $14.33 $16.77 C96G Commercial Waste – 96 Gallon
Present 2024 Monthly Rate $159.21 $326.13 $494.92 $669.47 $846.39 $1,065.43 $1,242.98 Calculated Maximum 2025 Rate $162.46 $332.78 $505.02 $683.13 $863.66 $1,087.16 $1,268.34 $/Month Change $3.25 $6.65 $10.10 $13.66 $17.27 $21.73 $25.36 121
Review of the Proposed 2025 Solid Waste Rates 19
City of Belmont – Review of 2025 Solid Waste Rates
As can be seen, the rates have maintained the existing structure for commercial waste customers with carts.

4.4 Commercial Waste Bins Regularly Scheduled Service
Other commercial customers have larger bins which range in size from 1 yard to 6 yards. These commercial waste customers also have the option of different levels of service and can select the number of pick-ups per week. Presented in Table 4 – 3 is a summary of the current commercial waste bin rates and the calculated maximum rate for 2025. The maximum calculated rate reflects a 2.04% increase from the present rates. Some minor rounding of the rates may occur for purposes of ease of administration.
122
Review of the Proposed 2025 Solid Waste Rates 20
City of Belmont – Review of 2025 Solid Waste Rates
Table 4 – 3
Summary of the Present and Calculated Max. Commercial Solid Waste Rates (By Yard Cart Size; Regularly Scheduled - $/Month)
Collection – Times Per Week
Schedule 1 2 3 4 5 6 7
C1YG Commercial Waste - 1 Yard
Present 2024 Monthly Rate $267.16 $543.92 $825.42 $1,110.21 $1,397.29 $1,743.88 $2,057.57 Calculated Maximum 2025 Rate $272.61 $555.02 $842.26 $1,132.86 $1,425.79 $1,779.46 $2,099.54 $/Month Change $5.45 $11.10 $16.84 $22.65 $28.50 $35.58 $41.97 C2YG Commercial Waste - 2 Yard
Present 2024 Monthly Rate $537.40 $1,083.62 $1,635.00 $2,190.39 $2,753.62 $3,250.82 $3,850.04 Calculated Maximum 2025 Rate $548.36 $1,105.73 $1,668.35 $2,235.07 $2,809.80 $3,317.14 $3,928.58 $/Month Change $10.96 $22.11 $33.35 $44.68 $56.17 $66.32 $78.54 C2YG1 Commercial Waste - 2 Yard
Present 2024 Monthly Rate $537.40 $1,083.62 $1,635.00 $2,190.39 $2,753.62 $3,250.82 $3,850.04 Calculated Maximum 2025 Rate $548.36 $1,105.73 $1,668.35 $2,235.07 $2,809.80 $3,317.14 $3,928.58 $/Month Change $10.96 $22.11 $33.35 $44.68 $56.17 $66.32 $78.54 C3YG Commercial Waste - 3 Yard
Present 2024 Monthly Rate $810.49 $1,630.75 $2,455.83 $3,283.37 $4,113.77 $4,993.93 $5,880.24 Calculated Maximum 2025 Rate $827.02 $1,664.02 $2,505.93 $3,350.35 $4,197.69 $5,095.81 $6,000.20 $/Month Change $16.53 $33.27 $50.10 $66.98 $83.92 $101.88 $119.96 C4YG Commercial Waste - 4 Yard
Present 2024 Monthly Rate $1,106.39 $2,231.90 $3,357.44 $4,495.78 $5,638.92 $6,829.48 $8,044.96 Calculated Maximum 2025 Rate $1,128.96 $2,277.43 $3,425.93 $4,587.49 $5,753.95 $6,968.80 $8,209.08 $/Month Change $22.57 $45.53 $68.49 $91.71 $115.03 $139.32 $164.12 C6YG Commercial Waste - 6 Yard
Present 2024 Monthly Rate $1,701.55 $3,451.00 $5,187.44 $6,909.10 $8,655.30 $10,463.49 $12,255.20 Calculated Maximum 2025 Rate $1,736.26 $3,521.40 $5,293.26 $7,050.05 $8,831.87 $10,676.95 $12,505.21 $/Month Change $34.71 $70.40 $105.82 $140.95 $176.57 $213.46 $250.01 123
Review of the Proposed 2025 Solid Waste Rates 21
City of Belmont – Review of 2025 Solid Waste Rates
The commercial waste rates for customers with bins has also maintained the existing rate structure.

4.5 Commercial Organics Bins Regularly Scheduled Service The rate charged for commercial organics is tied to the commercial waste rate. Commercial organics rates are charged at 70% of the commercial waste rate, for a comparable size bin. Similar to the commercial waste bin customers, commercial organics customers have bins which range in size from 1 yard to 6 yards. Similar to the commercial waste customer, the commercial organics customers also have the option of different levels of service and can select the number of pickups per week. Presented in Table 4 – 4 is a summary of the current commercial organics bin rates and the calculated maximum rate for 2025. The maximum calculated rate assumes a 2.04% increase from the present rates. Some rounding of the rates may occur for purposes of ease of administration.
124
Review of the Proposed 2025 Solid Waste Rates 22
City of Belmont – Review of 2025 Solid Waste Rates
Table 4 – 4
Summary of the Present and Calculated Maximum Commercial Organics (By Bin Size in Yards; Regularly Scheduled - $/Month)
Collection – Times Per Week
Schedule 1 2 3 4 5 6 7
C1YO Commercial Waste - 1 Yard
Present 2024 Monthly Rate $187.02 $380.73 $577.78 $777.15 $978.11 $1,220.73 $1,440.31 Calculated Maximum 2025 Rate $190.84 $388.50 $589.57 $793.00 $998.06 $1,245.63 $1,469.69 $/Month Change $3.82 $7.77 $11.79 $15.85 $19.95 $24.90 $29.38 C2YO Commercial Waste - 2 Yard
Present 2024 Monthly Rate $376.19 $758.52 $1,144.51 $1,533.26 $1,927.51 $2,275.57 $2,695.03 Calculated Maximum 2025 Rate $383.86 $773.99 $1,167.86 $1,564.54 $1,966.83 $2,321.99 $2,750.01 $/Month Change $7.67 $15.47 $23.35 $31.28 $39.32 $46.42 $54.98 C3YO Commercial Waste - 3 Yard
Present 2024 Monthly Rate $567.33 $1,141.56 $1,719.09 $2,298.36 $2,879.63 $3,495.76 $4,116.17 Calculated Maximum 2025 Rate $578.90 $1,164.85 $1,754.16 $2,345.25 $2,938.37 $3,567.07 $4,200.14 $/Month Change $11.57 $23.29 $35.07 $46.89 $58.74 $71.31 $83.97 C4YO Commercial Waste - 4 Yard
Present 2024 Monthly Rate $774.48 $1,562.33 $2,350.20 $3,147.05 $3,947.23 $4,780.68 $5,631.48 Calculated Maximum 2025 Rate $790.28 $1,594.20 $2,398.14 $3,211.25 $4,027.75 $4,878.21 $5,746.36 $/Month Change $15.80 $31.87 $47.94 $64.20 $80.52 $97.53 $114.88 C6YO Commercial Waste - 6 Yard
Present 2024 Monthly Rate $1,191.09 $2,415.71 $3,631.19 $4,836.38 $6,058.72 $7,324.43 $8,578.64 Calculated Maximum 2025 Rate $1,215.39 $2,464.99 $3,705.27 $4,935.04 $6,182.32 $7,473.85 $8,753.64 $/Month Change $24.30 $49.28 $74.08 $98.66 $123.60 $149.42 $175.00 125
Review of the Proposed 2025 Solid Waste Rates 23
City of Belmont – Review of 2025 Solid Waste Rates

4.6 Commercial Organics Carts Regularly Scheduled Service Commercial customers can also have the smaller gallon-sized carts for organic waste. Presented in Table 4 – 5 is a summary of the current commercial organics cart rates and the calculated maximum rate for 2025. The maximum calculated rate assumes a 2.04% increase from the present rates. Some minor rounding of the rates may occur for purposes of ease of administration.
126
Review of the Proposed 2025 Solid Waste Rates 24
City of Belmont – Review of 2025 Solid Waste Rates
Table 4 – 5
Summary of the Present and Calculated Maximum Commercial Organics (By Gallon Cart Size; Regularly Scheduled - $/Month)
Collection – Times Per Week
Schedule 1 2 3 4 5 6 7
C32O Commercial Organics – 32 Gallon
Present 2024 Monthly Rate $39.90 $82.09 $122.19 $167.80 $212.27 $265.63 $323.57 Calculated Maximum 2025 Rate $40.71 $83.76 $124.68 $171.22 $216.60 $271.05 $330.17 $/Month Change $0.81 $1.67 $2.49 $3.42 $4.33 $5.42 $6.60 C64O Commercial Organics – 64 Gallon
Present 2024 Monthly Rate $77.13 $155.59 $236.06 $317.44 $403.49 $491.65 $575.59 Calculated Maximum 2025 Rate $78.70 $158.76 $240.88 $323.92 $411.72 $501.68 $587.33 $/Month Change $1.57 $3.17 $4.82 $6.48 $8.23 $10.03 $11.74 C96O Commercial Organics – 96 Gallon
Present 2024 Monthly Rate $111.45 $228.28 $346.44 $468.62 $592.47 $745.79 $870.09 Calculated Maximum 2025 Rate $113.72 $232.94 $353.51 $478.18 $604.56 $761.00 $887.84 $/Month Change $2.27 $4.66 $7.07 $9.56 $12.09 $15.21 $17.75 127
Review of the Proposed 2025 Solid Waste Rates 25
City of Belmont – Review of 2025 Solid Waste Rates
The commercial organics cart rates have maintained the existing rate structure.

4.7 Other Miscellaneous Solid Waste Rates
The solid waste rates also include other solid waste rates for multi-family customers. The maximum calculated rate assumes a 2.04% increase from the present rates. Some minor rounding of the rates may occur for purposes of ease of administration. These rates are shown below in Table 4 – 6.

Table 4 – 6
Summary of the Present and Calculated Maximum Other Miscellaneous Solid Waste Rates (Regularly Scheduled - $/Month)
Schedule Rate
C3CG Commercial Waste 3 Yard Compactor
Present 2024 Monthly Rate $1,946.19
Calculated Maximum 2025 Rate $1,985.89
$/Month Change $39.70
Solid Waste Compactor Rate Per Yard
Present 2024 Monthly Rate $149.73
Calculated Maximum 2025 Rate $152.78
$/Month Change $3.05

4.8 Rates for Additional Services (Attachment Q)
Recology also provides a number of services that are not considered “regularly scheduled” services and these particular services are not included as a part of the Attachment L rates discussed above. These services are considered “Additional Services” (i.e., Schedule Q) and as discussed in Section 2, they are adjusted using a cost index for general inflation.

The Maximum Rate set forth in Attachment Q is adjusted annually by multiplying the then effective April CPI-U General for the year in which rates are set and divided by the April CPI-U from the year prior to the year in which rates are set. For rate year 2025, the April CPI-U-General is 351.247 for 2024 and the April CPI-U-General for 2023 is 338.496. Therefore, each Maximum Rate is multiplied by the April CPI-U-General for 2024 and divided by the April CPI-U-General for 2023. This resulted in an overall rate increase of 3.77% (351.247 / 338.496) for Attachment Q rates effective in 2025 for the additional services. Details of the Additional Service rates (Schedule Q) can be found in Technical Appendix B.

4.9 City Council Review
The results of the study will be presented to the City of Belmont City Council on September 10, 2024. This will reflect the proposed 2.04% rate adjustment for 2025 rates for the scheduled services, Schedule L, and a 3.77% rate adjustment for additional services, Schedule Q as outlined in this report. If accepted by the City Council, the City will distribute the customer notification as required by Proposition 218, and hold a public hearing no sooner than 45 days from the issuance of the customer notification.
128
Review of the Proposed 2025 Solid Waste Rates 26
City of Belmont – Review of 2025 Solid Waste Rates

4.10 Summary
HDR reviewed the Recology rate calculation and concluded that the resulting maximum solid waste rates for both regularly scheduled services (Attachment L) and additional services (Attachment Q) for rate year 2025 were calculated in a manner which reflected the intent of the Agreement.
129
Summary of the Solid Waste Rate Findings, Conclusions and Recommendations 27 City of Belmont – Review of 2025 Solid Waste Rates

5.1 Introduction
This report has reviewed the calculated Maximum Rate as developed by Recology. HDR used a systematic process to review the base-year costs, along with the resulting maximum rates for regularly scheduled service.

5.2 Summary Findings, Conclusions and Recommendations
HDR has confirmed that the rate adjustment application and the accompanying maximum rate schedules submitted by Recology meet the requirements of the Agreement. On September 10, 2024, HDR will present the proposed 2025 rates for Schedule L of 2.04% and unscheduled services, Schedule Q, of 3.77% to the City Council. If accepted by the City Council, a public hearing will be set and a customer notification mailed to the City’s customers.

5.3 Looking Ahead – Future Rate Adjustment to 2026
The 2026 rate adjustment will include CPI value adjustment components for the current year (2025 for rate year 2026) compared to the 2020 CPI value components and the adjusted 2021 target revenue. The multiplier will be based on the 2026 Total Target Revenue compared to the 2025 Total Target Revenue of $9,938,658.

5.4 Summary
This completes the review conducted by HDR for the City of Belmont on the proposed 2025 Solid Waste rates. This report has met the City’s requirement to conduct a due diligence on the proposed compensation to Recology and the resulting regularly scheduled and additional services solid waste rates.
5 Summary of Solid Waste Rate Findings,
Conclusions and Recommendations
130
The following table specifies Maximum Allowable Rates for Regularly Scheduled Services. These Maximum Rates shall be adjusted annually in accordance with Article 11. The following Attachment L rates are the proposed 2025 rates.

Attachment L
Maximum Rate Schedule
Effective January 1, 2025 to December 31, 2025
Monthly Rate
Technical Appendix A – Attachment L
Regularly Scheduled Service
20 32 64 96
1 Pickup Per Week $41.03 $48.95 $96.36 $144.54
Residential customers are billed based on their Garbage Cart size.

The monthly rate above includes the following:

One (1) Garbage Cart provided to customer
Curbside Household Hazardous Waste Collection
One (1) 64-Gallon Recycling Cart and (1) 96-Gallon Yard Waste Cart

RESIDENTIAL CARTS
Cart Size (in Gallons)
131
Attachment L
Maximum Rate Schedule
Effective January 1, 2025 to December 31, 2025
Monthly Rate
20 32 64 96
1 $52.35 $58.12 $112.40 $162.46
2 107.69 119.66 226.80 332.78
3 160.34 178.12 344.13 505.02
4 220.12 244.57 462.71 683.13
5 278.50 309.42 588.16 863.66
6 348.47 387.17 716.74 1,087.16
7 424.49 471.64 839.05 1,268.34
The monthly rate above includes the following:

One (1) Garbage Cart
Recycling Cart
32 64 96
1 $40.71 $78.70 $113.72
2 83.76 158.76 232.94
3 124.68 240.88 353.51
4 171.22 323.92 478.18
5 216.60 411.72 604.56
6 271.05 501.68 761.00
7 330.17 587.33 887.84
Note:Organics containers are charged at seventy percent (70%) of the similar Garbage commercial cart rate above container size and service levels for Garbage, representing a thirty percent (30%) discount
Cart Size (in Gallons) # of Pickups Per Week

COMMERCIAL CARTS
Cart Size (in Gallons) # of Pickups Per Week

COMMERCIAL CARTS ORGANICS
132
Attachment L
Maximum Rate Schedule
Effective January 1, 2025 to December 31, 2025
Monthly Rate
133
Attachment L
Maximum Rate Schedule
Effective January 1, 2025 to December 31, 2025
Monthly Rate
Commercial Waste 3 Yard Compactor $1,985.89
Solid Waste Compactor Rate Per Yard $152.78
The monthly fee above includes the following:

Recycling container at customer's requested size

GARBAGE COMPACTORS
134
The following table specifies Maximum Allowable Rates for Additional Services. These Maximum Rates shall be adjusted annually in accordance with Article 11. The following Attachment Q rates are the proposed 2025 rates.

Schedule Q
Additional Services (Continued)
Technical Appendix B – Attachment Q
Additional Services
No. Additional Service Category Reference
Agency-Approved Maximum
Rate Description
1 Single-Family Dwelling
Backyard Collection Service
Section 5.02.A See Maximum Rate in the table
at the end of this Attachment
See Maximum Rate in the table at
the end of this Attachment
2 Long Distance Service for
MFD, Mixed Use, and
Commercial Accounts (Note:
only applicable to Containers
with wheels)
Section 5.02.B,

No. Additional Service Category Reference
Agency-Approved Maximum
Rate Description
3 Container Relocation Service Section 5.02.B and

5.02.B, and 5.02.C
25% of the base monthly Rate for
the size of Container Collected
once per week.

Per Collection event per Container
for Collection requested by Customer
135
Schedule Q
Additional Services (Continued)
No. Additional Service Category Reference
Agency-Approved Maximum
Rate Description
5 Return Trip (SFD, MFD, Mixed
Use, or Commercial)
Sections

5.02.A, B, C;

5.03.A, B, C;

5.03.A and

5.04.A
$1.37 per Recycling Cart
$4.16 per Organic Materials Cart
Per Cart month (any Cart size). Six
month minimum charge required.

Includes one-time Cart delivery upon
start of service and removal of Cart
when service is discontinued by
Customer.
7 Additional On-Call Bulky Item
Collection
Sections

5.05,

8.05.D.
15 Additional Confidential
Document Destruction Service
Event
Section 5.07 $1,673.47 Per event
136
Schedule Q
Additional Services (Continued)
No. Additional Service Category Reference
Agency-Approved Maximum
Rate Description
16 Additional Compost Material
Delivery
Section 5.11 A - $174.31 per delivery
B - $348.65 per delivery
A - "one-way" only delivery by
Contractor where Contractor delivers
to and unloads compost at an Agencyapproved location
B- "Round-trip" delivery by
Contractor where Contractor delivers
compost in a Drop Box to an Agencyapproved location and returns at a later time or date to pick up the Drop
Box and any remaining compost
(charge includes the delivery of and
later pick-up of the Drop Box)
17 Community Drop-Off Events Section 5.13 $28,449.23 per event or day Per event or day targeting 5,000 households. Does not include
disposal or public education
expenses.

No. Additional Service Category Reference
Agency-Approved Maximum
Rate Description
18 Collection for AgencySponsored and Non-Agency
sponsored Community Events
Section 5.08 A - $4,183.70
B - $6,972.84
C - $10,459.27
A - One day event with a projected
2,500 or fewer attendees
B - One (1) or two (2) day events with
a projected 2,501 to 7,500 attendees
per day
C - One (1) or two (2) day events with
a projected 7,501 to 10,000 attendees
per day
137
Schedule Q
Additional Services (Continued)
Distance from Curb** One (1) Solid
Waste Cart
Two (2) Solid
Waste Carts
Three (3) Solid
Waste Carts
Four (4) Solid
Waste Carts
Distance <= 50 feet $25.08 $40.03 $80.12 $120.15
50 < Distance <= 100 feet 29.29 44.25 84.29 124.35
100 < Distance <= 150 feet 33.45 48.42 88.45 128.53
150 < Distance <= 200 feet 37.66 52.61 92.64 132.73
200 < Distance <= 250 feet 41.83 56.78 96.85 136.91
250 < Distance <= 300 feet 46.02 60.96 101.03 141.07
300 < Distance <= 350 feet 50.21 65.14 105.22 145.25
Each additional 50 foot
increment over 350 feet
** Distance shall be measured from the face of the curb, or from the edge of the roadway nearest the closest edge of the Cart, if there is no curb.

Backyard Collection Service Charge for Single Family Dwellings (Section 5.02.A)
Amount equal the difference between the Charge for 250 to 300 feet and 300 to 350 feet
* Backyard Collection Service Charges are charges added to the base monthly Rate for Single-Family Collection service, and cover the provision of Backyard Collection Service for all Customer's Solid Waste, Recyclable Materials, and Organic Materials Carts. 138
See reverse for residential rate proposals.
20 32 64 96
1 $52.35 $58.12 $112.40 $162.46
2 107.69 119.66 226.80 332.78
3 160.34 178.12 344.13 505.02
4 220.12 244.57 462.71 683.13
5 278.50 309.42 588.16 863.66
6 348.47 387.17 716.74 1,087.16
7 424.49 471.64 839.05 1,268.34

COMMERICAL CARTS
1 2 3 4 6
1 $272.61 $548.36 $827.02 $1,128.96 $1,736.26
2 555.02 1,105.73 1,664.02 2,277.43 3,521.40
3 842.26 1,668.35 2,505.93 3,425.93 5,293.26
4 1,132.86 2,235.07 3,350.35 4,587.49 7,050.05
5 1,425.79 2,809.80 4,197.69 5,753.95 8,831.87
6 1,779.46 3,317.14 5,095.81 6,968.80 10,676.95
7 2,099.54 3,928.58 6,000.20 8,209.08 12,505.21

COMMERICAL BINS
# of pickups per week
Monthly rates based on cart size in gallons. Organics rates on webpage. Monthly rates based on bin size in cubic yards. Organics rates on webpage. # of pickups per week 1 Twin Pines Lane
Belmont, CA 94002
Operation of the Shoreway Environmental Center for waste and recycling
Residential weekly curbside collection for garbage, recycling, and organics
Commercial collection for garbage, recycling, and organics Two free pre-scheduled bulky item pick-ups per year. Curbside cell phone & battery collection -- place on top of black cart in a clear plastic bag
Holiday tree recycling
Free mattress recycling at Shoreway
Once-a-year free, confidential document shredding event Energyefficient, cleaner emission garbage and recycling collection trucks Street Sweeping
WHAT DO RATES PAY FOR?
For additional information and to see a complete listing of all proposed rates including commercial organics, compactor rates, and additional services, visit www.belmont.gov/departments/public-works/garbage-recycling.

Proposed Rates effective Jan. 1, 2025 through Dec. 31, 2025 - 2.04% increase over 2024 rates.

This notice is to advise Belmont property owners and
solid waste customers of the City Council proceedings
to consider maximum allowable rates for garbage and
recyclables collection services in the City of Belmont.

Adoption of new rates will result in the maximum rates
in 2025. Belmont follows the protest procedures of
Proposition 218 and Article XIIID of the California
Constitution.
139
In 2018, Belmont entered into an amended and restated Franchise Agreement with Recology of San Mateo County (Recology) for recyclable materials, organic materials, and solid waste collection services from Jan. 1, 2021 to December 31, 2035. The Franchise Agreement provides for an annual review of the maximum rates that Recology may charge Belmont residential and commercial customers for regular and unscheduled services. Each year, Recology proposes, City staff analyzes, and the City Council adopts the maximum allowable rates per the Franchise Agreement. For calendar year 2025, Recology is proposing an adjustment multiplier rate of 2.04%, which is the proposed 2025 rate increase to all the residential and commercial carts and bins over the rates charged in 2024.

Residential customers are offered different cart sizes ranging from 20-gallon to 96-gallon. For calendar year 2025, the proposed maximum rates are shown in the Residential Carts chart below.

Did you know? Recology also provides several “Additional Services” that are not considered “regularly scheduled” services, such as return trip, additional on-call bulky item collection, lock service, container cleaning service, and others. An overall rate increase of 3.77 % for calendar year 2025 is being proposed for Additional Services. For a detailed listing of all proposed rates, including commercial rates, please visit www.belmont.gov/departments/public-works/garbage-recycling.

Cart Size
in Gallons Waste Description
20 Residential Waste
20 Gallons $40.21 $41.03 $0.82
32 Residential Waste
32 Gallons $47.97 $48.95 $0.98
64 Residential Waste
64 Gallons $94.43 $96.36 $1.93
96 Residential Waste
96 Gallons $141.65 $144.54 $2.89
2024

CURRENT
RATES

PROPOSED
RATES 2025
$/Month
Change
See reverse for commercial rate proposals and rate protest instructions.

ZOOM: BELMONTGOV.ZOOM.US
MEETING ID: 95745673035

RESIDENTIAL CARTS
One (1) garbage cart provided to customer.

Two (2) bulky items collections annually.

One (1) 64-gallon recycling cart & One (1) 96-gallon
yard waste cart.

Rate based on one (1) pickup per week.

Residential customers are billed based on their garbage cart size. The monthly rate noted here includes the
following:

Or scan this QR code
SOUTH

BAYSIDE
WASTE

MANAGEMENT

AUTHORITY
South Bayside Waste Management Authority
(SBWMA), also known as Rethinkwaste.org, is
comprised of 11 member agencies, including:

Belmont, Burlingame, East Palo Alto, Foster City,
Hillsborough, Menlo Park, Redwood City, San Carlos,
City of San Mateo, County of San Mateo, and the
West Bay Sanitary District.

Each member agency has its own Franchise
Agreement with Recology for garbage and recycling
collection services within its own jurisdictions.

SBWMA provides coordinated waste management
related staff services to member agencies and
manages the operations of the Shoreway
Environmental Center in San Carlos. The Shoreway
Center is open to all.

Need help sorting your waste?
Visit: www.recology.com/recologysan-mateo-county/what-goeswhere-residential/ WHAT GOES WHERE?
Happy planet says
'Thank you, for
recycling!'
HOW CAN I OPPOSE THE PROPOSED RATES?
To oppose the proposed rate changes, submit a formal written protest at the hearing, or via postal mail or hand delivery (to be received by 5:00 pm on the hearing date) to the City Clerk’s office.

A formal written protest must be submitted in writing, contain a description of the property (street address) and include the original signature of the property owner or solid waste customer (per state law, fax or e-mail is not acceptable). Protests will be tabulated pursuant to procedures that have been adopted by the City Council.

If written protests are submitted with respect to a majority (50% plus 1) of the affected parcels within the City, then the proposed changes will not be approved.

Protests may be mailed to: City Clerk, City of Belmont, 1 Twin Pines Lane, Suite 330, Belmont, CA 94002
TUESDAY, NOV. 12, 2024
7 P.M.

CITY COUNCIL CHAMBERS
1 Twin Pines Lane
Belmont, CA 94002
Notice of Public Hearing
140

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Audit Committee and Measure I Committee Report

STAFF REPORT
Meeting Date: November 26, 2024
Agency: City of Belmont
Staff Contact: Grace Castaneda, Finance Director, (650) 595-7436 Afshin Oskoui, City Manager, (650) 595-7410
Agenda Title: Report from Audit Committee and Measure I Committee for Fiscal Year Ending June 30, 2024
Agenda Action: Other
Recommendation
1) The Audit Committee recommends the City Council receive the financial reports and recommendations of the City’s independent auditor for the fiscal year ended June 30, 2024; and 2) Receive Annual Measure I Advisory Committee Report for the fiscal year ended June 30, 2024.

Strategic Focus Area
Fiscal and Organizational Sustainability
Background
Audit Committee
The Audit Committee, comprised of Vice Mayor Latimerlo, who serves as the Chair, and Council Member Pang-Maganaris, provides independent review and oversight of the City of Belmont’s financial reporting processes, internal controls, and independent auditors. By effectively carrying out its functions and responsibilities, the Audit Committee helps to ensure that staff properly develops and adheres to a sound system of internal controls, that procedures are in place to objectively assess management’s practices, and that the independent auditors, through their own review, objectively assess the City’s financial reporting practices. In fulfilling these duties, the Audit Committee met this calendar year on June 4 th and November
18 th
. Council Member McCune attended as an alternate for Council Member Pang-Maganaris at the November 18th meeting.

For the fiscal year ended June 30, 2024, the reports include:
▪ Annual Comprehensive Financial Report (ACFR)
▪ Memorandum on Internal Control and Required Communications ▪ Measure A Funds Report on Compliance
▪ Measure I Fund Financial Statements
▪ Measure W Funds Report on Compliance
▪ Agreed Upon Procedures Report on Compliance with Proposition 111 (City) ▪ Agreed Upon Procedures Report on Compliance with Proposition 111 (BFPD) 141

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Audit Committee and Measure I Committee Report
Measure I Advisory Committee
Measure I, the one-half cent transaction and use tax, is a locally-controlled funding source that was approved by Belmont voters in November 2016 and became effective beginning on April 1, 2017.

Measure I was passed as a general tax, and therefore the funds may be used for any valid governmental purpose. However, based on input received through community meetings and numerous surveys, the City Council has continued to direct that Measure I fund be utilized towards streets and storm drains infrastructure improvements.

Measure I provides that, by no later than December 31st of each year, the City’s independent auditor shall complete a report to verify that the taxes levied under Measure I have been properly applied, exempted, collected, and remitted in accordance with the law for the prior fiscal year.

The Belmont City Code establishes the duties of the Measure I Advisory Committee (“the Committee”), which are to monitor and report on how the tax levied by Measure I has been spent, to review the annual audit prepared by the City’s independent auditor related to the prior fiscal year’s collection and expenditure of Measure I funds, and to transmit a report annually regarding the accuracy of the auditor’s findings. To preserve the integrity and independence of the advisory process, the Committee members shall not have a role in determining the use of revenue generated by Measure I.

The Committee understands that its role is to review and evaluate Measure I annual reports and the general scope of the associated audit work, and to give reasonable assurance that the Measure I funds are being properly spent and reported on.

Analysis
Audit Committee
From an oversight standpoint, the Audit Committee has been able to provide an independent review of the City’s financial reporting processes and internal controls and finds that the City is in good financial health and is maintaining control over budgeted activities. For the fiscal year ended June 30, 2024, the City’s general funds, which include the General Fund and Measure I Fund, ended with a $35.5 million fund balance, of which $30.3 million is classified as “unassigned” and is therefore available for expenditures at the City’s discretion. As of June 30, 2024, the General Fund balance met both the target 33% of operating expenditure budget, or $8.5 million, reserve requirements.

In an effort to make the financial statements clearer and more understandable to readers, the ACFR includes a Letter of Transmittal and a Management Discussion and Analysis section that summarize and highlight the City’s financial results. They are intended to be read in conjunction with the accompanying Basic Financial Statements in the ACFR.

The ACFR has been audited by an independent, certified, and licensed auditor. On November 18 th, the
Audit Committee received the auditor’s opinion, annual financial reports, and Memorandum on Internal Control (MOIC). At this meeting, the auditor discussed the City’s financial results with the Audit Committee, along with City management. The Audit Committee determined that the reports and related information were fairly presented, to the extent such a determination can be made solely on the basis of 142

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Audit Committee and Measure I Committee Report
such conversations. The Audit Committee also determined the reports were comprehensive and adequately disclosed the financial position and results of operations for the City.

In addition, the Audit Committee formally received the MOIC from the City’s independent auditor. A MOIC consists of notes to material weaknesses, significant deficiencies, and other matters that include new Government Accounting Standards Board (GASB) pronouncements that could impact financial reporting and operations taking effect in the next few years and opportunities for strengthening internal controls and operating efficiency.

As prescribed by policy, the Audit Committee at its meeting on November 18 th directed the Chair to
transmit this report to the City Council. By doing so, the Committee is recommending that that the financial reports and recommendations of the auditor are made public. Furthermore, in performing this function, the Audit Committee has discharged its duties and met its responsibilities.

As for discharging its other responsibilities, the Audit Committee makes the following comments:

1. The Audit Committee has reviewed its provision of funding. No changes are proposed.

2. The Audit Committee has considered and determined there is no need to retain a financial expert to assist in fulfilling its responsibilities.

3. The Audit Committee has reviewed updates to the best practices, which have been added to the City’s financial policies.

With respect to the reports, the Audit Committee would like to draw attention to the following:
▪ The Independent Auditors have issued an unmodified opinion, which is the highest level of assurance possible.

The City of Belmont has a long history of being a best practice city and, as such, incorporates Best Practices and Advisories issued annually by the Government Finance Officers Association (GFOA) into its Financial Policies. GFOA Best Practices and Advisories are written as a guide, identifying specific policies and procedures contributing to improved government management. They aim to promote and facilitate positive change rather than to codify current accepted practices.

Periodically, the Best Practices and Advisories will include new or modified recommended practices that apply to the City. The Audit Committee recognizes the importance of Best Practices and Advisories in the design, operation, and administration of the City’s internal control system in discharging its fiduciary duty and, similarly to the reports discussed previously, recommends City Council receive the updates to the Financial Policies. Staff would also like to draw attention to the annual budget document, which includes a Financial Policies section. It serves as a central reference point to the most important of the City’s policies, which are critical to the continued financial health of our local government.

The Audit Committee wishes to express its appreciation to the City’s management, and in particular, the Finance Department staff, for the information they have provided for the Committee to compile this report. 143

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Audit Committee and Measure I Committee Report
Measure I Advisory Committee
For fiscal year ended June 30, 2024, the Measure I financial statements have been audited by the City's independent auditor who issued a report on the financial statements and a report on Measure I compliance.

The financial statements and the auditor's reports are attached, and hard copies have been provided to the Council under separate cover.

During the fiscal year, the City recognized revenues totaling $2,346,324 in Measure I transactions and use tax, and $144,440 in interest earnings, for a total of $2,490,764 in revenues. For street improvements, $1,917,090 was expended, and $45,997 was expended for storm drain improvements, leaving a fund balance as of June 30, 2024, at $4,464,348 for project expenditures.

The Committee met on November 15th and, based on the Committee’s review of information made available by City staff, including the Measure I financial statements and the audit opinions of the independent auditor, gained reasonable assurance that the Measure I funds are being properly spent and reported on. The Committee directed the Chair to transmit this report through the City Manager’s Office and, by doing so, has discharged its duties and met its responsibilities for the year ended June 30, 2024, as required by the Belmont City Code.

The Committee noted that they continue to review supplemental materials provided by the Public Works Department regarding the nature of ongoing and planned improvements to streets and the storm drainage system.

The Committee wishes to express its appreciation to the City’s management, the staff members of the Finance and Public Works Departments, for the information they have provided for the Committee to compile this report.

By:

Richard Bortoli
Measure I Advisory Committee Chair
Alternatives

1. Take no action.

2. Refer to staff with direction.

Attachments
A. ACFR, including Transmittal Letter
B. Memorandum on Internal Control
C. Required Communications
D. Financial Policy Updates Memorandum
E. Measure I Fund Financial Statements
On file and available on the City’s website:

1. Measure A Funds Report on Compliance
144

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Audit Committee and Measure I Committee Report

2. Measure W Funds Report on Compliance

3. Agreed Upon Procedures Report on Compliance with Proposition 111 (City) (on file and available in the Finance Department)

4. Agreed Upon Procedures Report on Compliance with Proposition 111 (BFPD) (on file and available in the Finance Department)
Fiscal Impact
☒ No Fiscal Impact
Receipt of the financial reports and recommendations of the City’s independent auditor for the fiscal year ended June 30, 2024 has no direct fiscal impact.
☐ Funding Source Confirmed:

Source: Purpose: Public Outreach:

Other* Statutory/Contractual Requirement Posting of Agenda *Audit Committee and Measure I Advisory Committee
145
Annual Comprehensive Financial Report
For Fiscal Year Ended
June 30, 2024
City of Belmont, California

ANNUAL COMPREHENSIVE

FINANCIAL
REPORT
146

CI TY O F
To enrich the quality of life
for our community with the
services provided for a safe,
fulfilling and vibrant life.

We are celebrated for enhancing:
• Distinctive community character
• Easy mobility
• Natural beauty
• Thriving culture
• Thriving economy
www.belmont.gov
Mission
Vision
147

CITY OF BELMONT, CALIFORNIA

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

FINANCE DEPARTMENT
148
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149
Introductory
Section
150
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151

CITY OF BELMONT
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents Page
i
INTRODUCTORY SECTION:

Table of Contents ..................................................................................................................................................... i Letter of Transmittal .............................................................................................................................................. vii Organizational Chart and Principal Officials ............................................................................................... viii Certificate of Achievement for Excellence in Financial Reporting ........................................................................ xv FINANCIAL SECTION:

Independent Auditor’s Report ............................................................................................................................... 1 Management’s Discussion and Analysis ................................................................................................................ 5 Basic Financial Statements:

Government Wide Financial Statements:

Statement of Net Position .................................................................................................................... 22 Statement of Activities ......................................................................................................................... 23 Fund Financial Statements:

Governmental Funds:

Balance Sheet ................................................................................................................................... 26 Reconciliation of the Governmental Funds – Balance Sheet with the Statement of Net Position ............................................................................................................. 27 Statement of Revenues, Expenditures, and Changes in Fund Balances ........................................... 28 Reconciliation of the Net Change in Fund Balances – Total Governmental Funds with the Statements of Activities ....................................................................................... 29 Statement of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual:

General Fund ................................................................................................................................. 30 Belmont Fire Protection District Special Revenue Fund ............................................................... 31 Development Services Special Revenue Fund .............................................................................. 32 152

CITY OF BELMONT
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents Page
ii
FINANCIAL SECTION (Continued):

Proprietary Funds:

Statement of Net Position ................................................................................................................ 34 Statement of Revenues, Expenses and Changes in Fund Net Position ............................................ 35 Statement of Cash Flows .................................................................................................................. 36 Fiduciary Funds:

Statement of Fiduciary Net Position ................................................................................................. 38 Statement of Changes in Net Position .............................................................................................. 39 Notes to Basic Financial Statements ........................................................................................................... 41 Required Supplementary Information:

Cost Sharing Multiple-Employer Defined Benefit Pension Plan – Last 10 Years:

Schedule of Proportionate Share of the Net Pension Liability City Safety Plan and City Miscellaneous Plan ................................................................................. 96 Schedule of Contributions – City Safety Plan and City Miscellaneous Plan ...................................... 98 City Other Post Employment Benefits – Schedule of Changes in the City’s Net OPEB Liability and Related Ratios ................................................................................................................ 100 City Other Post Employment Benefits – Schedule of Contributions ......................................................... 101 District Other Post Employment Benefits – Schedule of Changes in the Belmont Fire Protection District’s Net OPEB Liability and Related Ratios ................................................................................. 102 District Other Post Employment Benefits – Schedule of Contributions ................................................... 103 153

CITY OF BELMONT
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents Page
iii
FINANCIAL SECTION (Continued):

Supplemental Information:

General Fund:

Combining Schedule of Revenues, Expenditures and Changes In Fund Balances ....................................................................................................................... 107 Combining Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual ........................................................................................ 108 Non-major Governmental Funds:

Combining Balance Sheet .............................................................................................................. 114 Combining Statement of Revenues, Expenditures and Changes In Fund Balances ....................................................................................................................... 120 Combining Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual ...................................................................................... 126 Internal Service Funds:

Combining Statement of Net Position ........................................................................................... 138

Combining Statement of Revenues, Expenses and Changes in Fund Net Position ....................... 140 Combining Statement of Cash Flows ............................................................................................. 142 STATISTICAL SECTION:

Financial Trends:

Net Position by Component – Last Ten Fiscal Years .............................................................................. 149 Changes in Net Position – Last Ten Fiscal Years ..................................................................................... 150 Fund Balances of Governmental Funds – Last Ten Fiscal Years ............................................................. 154 Changes in Fund Balance of Governmental Funds – Last Ten Fiscal Years ............................................ 156

154

CITY OF BELMONT
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents Page
iv
STATISTICAL SECTION: (Continued)
Revenue Capacity:

Assessed Value of Taxable Property – Last Ten Fiscal Years .................................................................. 158 Direct and Overlapping Property Tax Rates – Last Ten Fiscal Years ...................................................... 159 Principal Property Tax Payers – Current Year and Nine Years Ago ........................................................ 160 Property Tax Levies and Collections – Last Ten Fiscal Years .................................................................. 161 Debt Capacity:

Ratio of Outstanding Debt by Type – Last Ten Fiscal Years ................................................................... 162 Computation of Direct and Overlapping Debt ....................................................................................... 163 Computation of Legal Bonded Debt Margin .......................................................................................... 164 Bond Coverage:

Continuing Disclosure
2016 Sewer Revenue and Sewer Refunding Revenue Bonds
(2001 and 2006 Sewer Revenue Bonds) and 2019 Sewer Revenue Bonds – Last Ten Fiscal Years ................................................................................................................. 165 2018 and 2022 Sewer Treatment Facility Revenue Bonds – Last Ten Fiscal Years ........................... 166 Successor Agency (Including Former Redevelopment Agency Bonds) – Last Ten Fiscal Years ......... 167 Sewer System Summary Statement of Historical Revenue and Expenditures .................................. 168 Ten Largest Users of the Sewer System ............................................................................................ 169 Number of Sewer Service Users ....................................................................................................... 169 Sewer Service Revenues by Class of User ......................................................................................... 169 Schedule of Budgeted and Projected Sewer Treatment Facility Charges and Associated Debt Service ....................................................................................................... 170 Community Facilities District No. 2000-1 Continuing Disclosures .................................................... 171 155

CITY OF BELMONT
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents Page
v
STATISTICAL SECTION: (Continued)
Demographic and Economic Information:

Demographic and Economic Statistics – Last Ten Fiscal Years ............................................................... 172 Principal Employers – Current Year and Ten Years Ago ......................................................................... 173 Operating Information:

Full-Time Equivalent City Government Employees by Function – Last Ten Fiscal Years ......................................................................................................................... 174 Operating Indicators by Function/Program – Last Ten Fiscal Years ....................................................... 176 Capital Asset Statistics by Function/Program – Last Ten Fiscal Years .................................................... 178 Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards .............................................................................................................. 181 156
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vii
Message from the Finance Director
November 7, 2024
To the Citizens of the City of Belmont, California:

We are pleased to present the City of Belmont’s Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2024. The format and content of this ACFR complies with the principles and standards of accounting and financial reporting adopted by the Governmental Accounting Standards Board (GASB), and contains all information needed for readers to gain an understanding of the City’s financial activities.

Responsibility for both the accuracy of the data, and completeness and fairness of the presentation, including all disclosures, rests with the management of the City.

The City’s financial statements have been audited by Maze & Associates, a firm of licensed certified public accountants. The goal of the audit is to obtain reasonable assurance that the financial statements are free of material misstatement. The audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditors concluded, based upon the audit, that there was a reasonable basis for rendering an unmodified opinion on the City’s basic financial statements as of and for the year ended June 30, 2024. The independent auditors’ report is presented as the first component of the financial section of this report.

The following pages in this transmittal are intended to summarize and highlight the City’s financial results for the fiscal year ended June 30, 2024, and complement the Management’s Discussion & Analysis (MD&A) and basic financial statements.

The MD&A, which provides a more comprehensive look at the City’s financial results, includes a narrative introduction, overview, and analysis. Readers are encouraged to read the MD&A, which can be found immediately following the independent auditor’s report in the financial section of the ACFR, along with accompanying basic financial statements.

The preparation of this ACFR was made possible by the dedicated service of the entire staff of the Finance Department. The dedication and cooperation of staff in all City departments in the administration of financial policies throughout the year is also appreciated. We also acknowledge the thorough and professional manner in which our independent auditors, Maze & Associates, conducted their audit.

Respectfully submitted,
Grace Castaneda
Finance Director
One Twin Pines Lane | Belmont, CA 94002 | 650-595-7408 | belmont.gov Belmont
158
viii
About City of Belmont
The City of Belmont, incorporated in 1926, is located on the San Francisco Peninsula, midway between San Francisco and San Jose.

The City of Belmont operates under the council-manager form of government. Policy-making and legislative authority are vested in a governing council consisting of the mayor and four other members. The City Council is responsible, amongst other things, for passing ordinances, adopting the budget, appointing commissions, and hiring both the City Manager and City Attorney. The City Manager is responsible for carrying out the policies and ordinances of the Council, for overseeing day-to-day operations of the City, and for appointing the heads of the various departments.

The City provides a full range of services including police and fire protection; sanitation services; construction and maintenance of highways, streets, and infrastructure; community development; parks; recreational activities; and general government activities.

Gina Latimerlo
Vice Mayor
Davina Hurt
Council Member
Tom McCune
Council Member
Organizational Chart and Principal Officials

OPERATING

DEPARTMENTS

CITIZENS OF BELMONT

CITY COUNCIL
(FIRE DISTRICT DIRECTORS)
City Manager
Afshin Oskoui

COMMUNITY DEVELOPMENT
Carlos de Melo, Director

CITY CLERK/CONSTITUENT SERVICES
Jozi Plut, City Clerk

FINANCE
Grace Castaneda, Director

PARKS & RECREATION
Brigitte Shearer, Director

ADMINISTRATIVE SERVICES
Ann Ritzma, Interim Director

PUBLIC WORKS
Nisha Patel, Director
San Mateo Consolidated
Fire Department
City Attorney
Scott Rennie
POLICE
Ken Stenquist, Police Chief
City
Commissions
Robin Pang-Maganaris
Council Member
Silicon Valley
Clean Water
South Bay Waste
Management Authority
Julia Mates
Mayor

ASSISTANT CITY MANAGER
Kathy Kleinbaum
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ix
General Fund Results
Governmental Fund Results
The City continues to build on prior year successes of
stabilizing operations and restoring its General Fund
balance.

Fiscal year (FY) 2023-24 actual revenue exceeded the final budget amount by $2.2 million to $34.5 million. Tax
revenues were $24.8 million, including $2.3 million of
Measure I revenue.

FY 2023-24 operating expenditures were managed and
below the final budget by $1.8 million.

The total General Fund balance experienced an uptick to $35.5 million, an increase of $5.0 million from the prior year. It was primarily due to $1.4 million increase in
interest revenue due to an interest rate increase, $0.5 million increase in transient occupancy tax, and $0.8
million increase in property taxes, in addition to $1.4 million decrease in capital outlay expenditures due to the expenditures getting recorded in the capital improvement projects fund, a new fund in FY 2023-24.

Looking forward, the FY 2024-25 adopted budget is $31.3 million, including $4.7 million transfer out to support other funds. The adopted budget projects a General Fund
reserve balance of $28.2 million. This meets the target reserve policy set by City Council, which is 33% of total General Fund operating expenditure budget.
*includes Measure I
$15.7 $17.1
$21.0
$30.5
$35.5
FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
General Fund Balance Trends
(in millions)

60.4%

6.2%

7.8%

17.3%

8.3%
Revenues
Taxes
License and Permit
Intergovnmental
Charges for current services
Other

10.6%

45.7%

4.1%

10.3%

18.0%

11.3%
Expenditures
General Government
Public Safety
Highways & Streets
Culture & Recreation
Urban Redevelopment
Other
160
x
Enterprise Fund Results
Budget Process and Control
The City’s budget is based upon the principle of cost centers (i.e., fund, departments, and service area) and all funds are annually appropriated. Each department submits annual expenditure plans and revenue estimates to the City Council for approval.

Budgetary control is established at each individual fund. The City Manager is authorized to transfer appropriation between any departments. Any revisions which increase the total appropriations of any fund must be approved by the City Council. Unencumbered operating appropriations lapse at year end, while capital improvement appropriations are carried over to subsequent years until projects are completed.

Long-Term Debt
At the end of FY 2023-24, the City had a total of $71.3 million in long-term debt. The existing long-term debt does not address deferred capital maintenance and retirement obligations, which are discussed in greater detail below.

Cash Management
Cash temporarily idle during the year was invested in U.S. Government securities and with the State Treasurer’s Local Agency Investment Fund (LAIF).

Risk Management
Since 2004, the City has purchased primary workers’ compensation insurance with no deductible. All claims from that date are covered 100% by the carrier. Prior to 2004, the City maintained a self-insurance program for workers’ compensation. The City also purchases commercial insurance against general liability and pollution with self-insured retention at $250,000.

Internal Control
Management is responsible for the completeness and reliability of the information contained in this report, based upon a comprehensive framework of internal control. Because the cost of internal controls should not FY 2023-24 operating revenues of $21.6 million
were 7.1%, or $1.5 million, higher than last
year. It was primarily due to $1.4 million
increase in the collection of sewer connection
fees.

FY 2023-24 operating expenses were $12.2
million, a $0.6 million increase compared to
last year.

The FY 2024-25 adopted budget includes $18.3
million for operations and $10.9 million in
sewer system capital improvements.
$43.0 $49.5 $56.0 $62.9
$72.7
FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
Enterprise Fund Net Position
(in millions)
161
xi
exceed anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatement.

Long-Term Financial Planning & Major Initiatives
The City has long been fiscally responsible with a focus on long-term sustainability. It provides an extended financial projection as part of the budget process, allowing the City to be proactive in seeking both short-term and long-term budget solutions.

The City Council annually performs a review of the City’s strategic plan, including priorities and policy modifications. This year’s collaborative and productive discussions to address Belmont’s critical issues generated five Strategic Focus Areas to build on the City’s continued momentum and success. A unified vision for the future uses the following City Council focus areas as its roadmap for action over the next 3-5 years, as highlighted below.

Public Safety
Infrastructure and Mobility Economic Development & Housing Fiscal & Organizational Stability
Quality of Life
• • • Strategic Focus Areas • • •
162
xii
Major initiatives under these five Strategic Focus Areas include:
• Maintaining service levels and addressing succession planning. • Enhancing funding to support afterschool and senior enrichment programs and events. • Addressing affordable housing projects and major development projects review, including comprehensive Harbor Industrial Area annexation analysis. • Enhancing funding for street improvements.
• Supporting public safety via investments in investigative technology and Mobile Command Center. • Supporting and delivering diversity, equity, and inclusion programs, including training and cultural events.

Capital and Retirement Obligations
The chart below summarizes the City’s capital and retirement obligations as of June 30, 2024. $3,443
$41,834
$25,994
$48,913
$8,948
(000's)
Synethic Turf Lease Sewer Collection Bonds Sewer Treatment Bonds Pensions OPEB
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xiii
Facts and Statistics
2024 Population
26,931

FTE Employees
City – 144.25

Area

4.61 Sq. Miles
Parks & Recreation
Recreation Class Participants: 103,009
Developed Parks: 15
Acres of Open Space: 317.00
Acres of Developed Parks: 61.4
Permit Center
Permits Issued: 1,425 
Inspections Performed: 7,482 
Public Safety
Police
Calls for Service – 20,197 
Parking Violations – 2,115 
Physical Arrests – 555 
Traffic Violations – 1,366 
Fire
Calls for Service – 2,831 
Plan Checks – 280 
Annual Fire Inspections – 340 
Public Works
Sewer
Miles of Sewer – 85
Sewer Connections – 7,691
Storm Drains
Miles of Storm Drains – 27
Storm Drain Inlets – 1,500
Streets
Miles of Streets – 70
Streetlights – 1,465
Traffic Signals – 18
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xiv
Contact Us:

Finance Director
Finance Department
Belmont City Hall
One Twin Pines Lane, Suite 320
Belmont, CA 94002
Phone (650) 595-7433
[email protected]
Request for Information
This financial report is designed to provide a general overview of the City of Belmont’s finances for all those interested.

Questions concerning any information provided in this report should be addressed to the Finance Director or for additional information regarding the City’s financial activities, including past award winning Annual Comprehensive Financial Reports, transparency efforts and best practices please visit the City at www.belmont.gov.

Top 10 Employers*

1. RingCentral, Inc.

2. Volkswagen Group of America ERL

3. Autobahn Motors

4. Safeway Store #1138

5. Carlmont Gardens Nursing Center

6. Silverado – Belmont Hills

7. Nikon Precision Inc.

8. Lunardi’s Market

9. Nikon Research Corporation of America

10. Woodmont Real Estate Services
*Excludes governmental agencies and not for profit entities Vision Statement
The City’s Vision Statement typically drives
Council’s Strategic Focus Areas, goals and
objectives, and includes the following areas:
• Distinctive Community Character
• Easy Mobility
• Natural Beauty
• Thriving Culture
• Thriving Economy
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167
Financial
Section
168
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169
INDEPENDENT AUDITOR’S REPORT
To the Honorable Members of the City Council
City of Belmont, California
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Belmont, California (City), as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the Table of Contents.

In our opinion, based on our audit and report of the other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City as of June 30, 2024, and the respective changes in financial position and, where applicable, cash flows thereof and the respective budgetary comparisons listed in the Table of Contents as part of the basic financial statements for the year then ended in accordance with accounting principles generally accepted in the United States of America.

We did not audit the financial statements of San Mateo Consolidated Fire Department (SMC Fire) as of and for the year ended June 30, 2023, related to the calculation of the Investment in Joint Venture. The Investment in this Joint Venture represents 2%, 3% and 0%, respectively, of the assets, net position and revenues of the governmental activities. The financial statements of SMC Fire were audited by other auditors whose report has been furnished to us, and our opinion, insofar as it relates to the calculation of the Investment in Joint Venture, is based solely on the report of the other auditors.

Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirement relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. 1 170
Responsibility of Management for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.

Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
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Required Supplementary Information
Accounting principles generally accepted in the United States of America require that Management’s Discussion and Analysis and other Required Supplementary Information as listed in the Table of Contents be presented to supplement the basic financial statements. Such information is the responsibility of management, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The accompanying Supplementary Information, as listed in the Table of Contents, is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the Supplementary Information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.

Other Information
Management is responsible for the other information included in the annual report. The other information comprises the Introductory Section and Statistical Section listed in the Table of Contents, but does not include the basic financial statements and our auditor’s report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.

In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exits, we are required to describe it in our report. 3 172
Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated November 7, 2024 on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.

Pleasant Hill, California
November 7, 2024
4 4 173

CITY OF BELMONT
MANAGEMENT’S DISCUSSION AND ANALYSIS
Management of the City of Belmont offers this narrative overview and analysis of the financial activities of the City for the fiscal year ended June 30, 2024, to make the financial statements clearer and more understandable. We encourage readers to consider the information presented here in conjunction with the additional information furnished in our letter of transmittal.

FINANCIAL HIGHLIGHTS
• The City’s total assets increased by $24.1 million to $356.5 million, of which $211.3 million represented governmental assets and $145.2 million represented business-type assets. • City’s total liabilities increased by $4.5 million to $140.8 million, of which $66.7 million were governmental liabilities and $74.1 million were business-type liabilities. • The City’s total net position increased by $22.8 million (11.1%) from the prior year. On June 30, 2024, net position totaled $228.1 million, comprised of $155.4 million for governmental activities and $72.7 million for business-type activities. Of the $228.1 million net position, $65.3 million is unrestricted which can be used to meet the City’s ongoing obligations. • City-wide revenues were $98.7 million, of which $73.7 million were generated by governmental activities and $25.0 million were generated by business-type activities. • City-wide expenses were $75.9 million, of which $60.7 million were incurred by governmental activities and $15.2 million were incurred by business-type activities. • Governmental Fund balances increased by $13.4 million (16.9%) to $92.6 million. Of this amount, $30.3 million, or 32.7%, was unassigned fund balance and available for spending at the City’s discretion.
• Governmental Fund revenues were $73.2 million, an increase of $5.1 million (7.5%) from prior fiscal year.
• Governmental Fund expenditures increased by $10.1 million to $61.7 million, from prior year. • Enterprise Fund net position increased by $9.8 million (15.6%) to $72.7 million. Of this amount, $43.5 million (59.8%) was unrestricted net position and available for spending at the City’s discretion.
• Enterprise Fund operating revenues were $21.6 million, an increase of $1.5 million (7.5%) compared to $20.1 million in the prior year.
• Enterprise Fund operating expenses were $12.2 million, an increase of $0.6 million (5.2%) compared to the prior fiscal year.
• Net pension liability increased by $2.8 million (6.0%) from prior year to $48.9 million. The increase was primarily due to inflation and salary increases. 5 174

OVERVIEW OF THE FINANCIAL STATEMENTS
The Annual Comprehensive Financial Report is composed of the following:

1. Introductory section, which includes the Transmittal Letter and general information,

2. Management’s Discussion and Analysis (this part),

3. Basic Financial Statements, which include the Government-wide and the Fund financial statements along with the Notes to these financial statements,

4. Required and Other Supplemental Information, and

5. Statistical information.

The Basic Financial Statements
The Basic Financial Statements consist of the Government-wide Financial Statements and the Fund Financial Statements. These two sets of financial statements provide two different views of the City’s financial activities and financial position—long-term and short-term.

The Government-wide Financial Statements provide a longer-term view of the City’s activities as a whole and consist of the Statement of Net Position and the Statement of Activities. The Statement of Net Position provides information about the financial position of the City as a whole, including all its capital assets and long-term liabilities on the full accrual basis, similar to that used by corporations. The Statement of Activities provides information about all of the City’s revenues and expenses, also on the full accrual basis, with the emphasis on measuring net revenues or expenses of each of the City’s programs. The Statement of Activities explains in detail the change in Net Position for the year.

The Fund Financial Statements report the City’s operations in more detail than the City-wide statement and focus primarily on the short-term activities of the City’s General Fund and other Major Funds. The Fund Financial Statements measure only current revenues and expenditures, current assets, liabilities, and fund balances; they exclude capital assets, long-term debt, and other long-term amounts.

Major Funds account for the major financial activities of the City and are presented individually, while the activities of Non-major Funds are presented in summary, with subordinate schedules presenting the detail for each of these other funds. Major Funds are explained below.

The Government-wide Financial Statements
The Government-wide Financial Statements provide a broad view of the City’s finances in a manner like private-sector businesses and consist of the Statement of Net Position and the Statement of Activities.

The Statement of Net Position provides information about the financial position of the City as a whole, including its capital assets plus deferred outflow of resources and long-term liabilities plus deferred inflow of resources, with the difference reported as net position. Over time, increase or decreases in net position may serve as a useful indicator of whether the financial position of the City is improving or deteriorating.
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The Statement of Activities presents information on all City’s revenues and expenses with the emphasis on measuring net revenues or expenses of each of the City’s programs. The statement explains in detail how the City’s net position changed during the most recent 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. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., loans receivable, and earned but unused compensated leaves).

The City’s basic services are considered governmental activities, including general government, public safety, highways and streets, culture and recreation, urban development, and miscellaneous. These services are supported by taxes, intergovernmental revenues, and program revenues, such as user fees and charges. The City’s governmental activities also include the activities of two separate legal entities:
the Belmont Fire Protection District and the Belmont Joint Powers Financing Authority. The City is financially accountable for these entities.

The City’s enterprise activities are reported as Business-type activities, including sewer, storm drainage, and solid waste. Unlike governmental services, these activities are supported by charges paid by users based on the amount of service they use and are intended to recover all costs.

Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The City of Belmont, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All funds at the City of Belmont can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds.

The Fund financial statements provide detailed information about each of the City’s significant funds, called Major Funds. Each Major Fund is presented individually with all Non-major Funds summarized and presented in a single column. Subordinate schedules present the detail of these non-major funds.

Major Funds present the major activities of the City for the year. The General Fund is always a Major Fund, and other funds may change from year to year because of changes in the pattern of the City’s activities.

The City has three Major Governmental Funds in fiscal year 2023-24 in addition to the General Fund, which is discussed in the Analysis of Major Governmental Funds section.

Comparisons of Budget and Actual financial information are presented for the General Fund and other Major governmental funds.

Governmental funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government’s near-term financing requirements.
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Governmental fund financial statements are prepared on the modified accrual basis, which means they measure only current financial resources and uses. Capital assets and other long-lived assets, along with long-term liabilities, are presented only in the government-wide financial statements.

The focus of governmental funds is narrower than that of government-wide financial statements, so 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 City’s near-term financing decisions.

Because governmental fund financial statements do not encompass the long-term focus of the government-wide statements, additional information is provided that reconciles the governmental fund financial statements to the government-wide statements explaining the relationship (or differences) between them.

Proprietary funds. The City maintains two different types of proprietary funds, enterprise funds and internal service funds. Enterprise funds are used to report the same functions presented as businesstype activities in the government-wide financial statements. The City uses enterprise funds to account for its sewer, storm drain, and solid waste activities. Internal service funds are an accounting device used to accumulate and allocate costs internally among the City’s various functions. The City uses internal service funds to account for its workers compensation, liability, vision, benefit prefunding, fleet and equipment, facilities management, and other such services. Because these services predominantly benefit governmental rather than business-type functions, they have been included within governmental activities in the government-wide financial statements.

Proprietary fund financial statements provide the same type of information as the government-wide financial statements, only in more detail. The proprietary fund financial statements provide separate information for Sewer, Storm Drainage, and Solid Waste activities. Internal service funds are combined into a single, aggregated presentation in the proprietary fund financial statements. Individual fund data for the internal service funds is provided in the form of combining statements elsewhere in this report.

Fiduciary funds. The City acts as an agent on behalf of outside parties, holding funds collected, and disbursing them as directed or required. The City’s fiduciary activities are reported in the separate Statement of Fiduciary Net Position and Statement of Changes in Net Position. These activities are excluded from the City’s other financial statements because the City cannot use these assets to finance its own operations.

Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found following the fund financial statements in this report. 8 177
Other Information
Information concerning the City’s pension and other post-employment benefits can be found in Required Supplementary Information Section. The combining statements and schedules in connection with General Fund, non-major Governmental Funds, and Internal Service Funds can be found in the Supplemental information section of this report.

GOVERNMENT-WIDE FINANCIAL ANALYSIS
Governmental Activities
Tables 1 and 2 present the net position and changes in net position of the City’s governmental activities on June 30, 2023, and June 30, 2024.

Table 1
Governmental Activities Net Position on June 30
(in thousands)
2024 2023
Current and other assets $124,922 $107,821
Capital assets 86,384 85,443
Total assets 211,306 193,264
Deferred outflows related to pension 17,761 18,684
Deferred outflows related to OPEB 3,570 2,013
Total deferred outflows 21,331 20,697
Current and other liabilities 8,809 5,060
Long-term obligations outstanding 57,859 53,726
Total liabilities 66,668 58,786
Deferred inflows related to pension 2,261 3,428
Deferred inflows related to OPEB 1,325 1,879
Deferred inflows related to leases 6,955 7,490
Total deferred inflows 10,541 12,797
Net position:

Net investment in capital assets 83,035 81,466
Restricted 50,594 45,547
Unrestricted 21,799 15,366
Total net position $155,428 $142,379
9 178
Table 2
Changes in Governmental Activities Net Position
for the year ended June 30
(in thousands)
2024 2023
Revenues
Program revenues:

Charges for services $18,937 $16,209
Operating grants and contributions 3,646 7,198
Capital grants and contributions 4,032 1,390
Total program revenues 26,615 24,797
General revenues:

Taxes:

Property taxes 26,680 25,203
Sales taxes 6,452 6,692
Transient occupancy taxes 4,283 3,771
Franchise taxes 1,583 1,524
Motor vehicle in lieu 2,868 4,683
Equity in (losses) of joint ventures - 551
Gain on sale of capital assets - 2,148
Investment earnings and Other 5,218 2,135
Total general revenues 47,084 46,707
Total revenues 73,699 71,504
Expenses
General government 7,896 4,744
Public safety 29,969 25,349
Highways and streets 4,561 4,155
Culture and recreation 6,971 5,074
Urban redevelopment 11,169 5,705
Interest on long-term debt 84 96
Total expenses 60,650 45,123
Change in net position 13,049 26,381
Net position-Beginning 142,379 115,998
Net position-Ending $155,428 $142,379
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Net Position
At the close of FY 2023-24, the governmental activities’ total assets and deferred outflows of resources exceeded total liabilities and deferred inflows of resources by $155.4 million, a 9.2% increase from the prior year.

The largest portion, approximately $83.0 million, or 53.4%, of the City’s net position represents its investment in infrastructure and other capital assets (e.g., land, buildings, machinery, equipment, and infrastructure), net of amounts borrowed to finance that investment. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending.

Although the City's investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources since the capital assets themselves cannot be liquidated for these liabilities.

An additional portion of the City’s governmental net position of $50.6 million, or 32.6%, represents resources that are subject to external restrictions and may only be used to construct specified capital projects, debt service, or special revenue programs. The restrictions on these funds were placed by outsiders and cannot be changed by the City.

The remaining $21.8 million, or 14.0%, of net position is unrestricted. Unrestricted net position can, when positive, be used to finance day-to-day operations without constraints established by debt covenants or other legal requirements or restrictions.

Changes in Net Position
The Statement of Activities provides information about all the City’s revenues and all its expenses, with the emphasis on measuring net revenues or expenses of each of the City’s programs. The Statement of Activities explains in detail the change in Net Position for the year. At the close of FY 2023-24, the City’s governmental activities net position increased by $13.0 million.

Governmental activities revenue increased by $2.2 million to $73.7 million. Program revenues such as charges for services, operating grants and contributions, and capital grants and contributions are generated from or restricted to each activity. Total program revenues increased by $1.8 million (7.3%) to $26.6 million compared to prior year. General revenues increased by $0.4 million (0.8%), compared to prior year. Tax revenues for the year increased primarily due to increased property taxes revenue, which grew as a result of approximately 5.6% increase in taxable property values.

The governmental activities expenses were $60.7 million, an increase of $15.6 million from the prior year primarily due to increases in public safety and urban redevelopment expenditures.

The following charts display the City’s governmental activities revenues by source, as well as expenses and program revenues for fiscal year 2023-24.
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25.7%

4.9%

5.5%

52.9%

3.9%

7.1%
Revenues by Source
Governmental Activities
Charges for services Operating grants and contributions Capital grants and contributions Taxes
Motor vehicle in lieu Investment earnings and Other
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
General
government
Public safety Highways and
streets
Culture and
recreation
Urban
redevelopment
Expenses and Program Revenues
Governmental Activities
(in thousands)
Program Revenues Expenses
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Business-Type Activities
The City’s business-type activities include sewer collection, sewer treatment, storm drainage, and solid waste. Tables 3 and 4 present the net position and changes in net position of the City’s business-type activities on June 30, 2023 and June 30, 2024.

Table 3
Business-Type Net Position on June 30
(in thousands)
2024 2023
Current and other assets $112,054 $106,137
Capital assets 33,124 32,980
Total assets 145,178 139,117
Deferred outflows related to pension 1,675 1,649
Deferred outflows related to OPEB 321 178
Total deferred outflows 1,996 1,827
Current and other liabilities 3,435 4,799
Long-term debt outstanding 70,727 72,744
Total liabilities 74,162 77,543
Deferred inflows related to pension 235 321
Deferred inflows related to OPEB 119 166
Total deferred inflows 354 487
Net position:

Net investment in capital assets 288 511
Restricted 28,834 27,391
Unrestricted 43,535 35,012
Total net position $72,657 $62,914
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Table 4
Business-Type Activities
Changes in Net Position for the year ended June 30
(in thousands)
2024 2023
Revenues
Program Revenues:

Charges for Services $21,581 $20,103
Operating Grants and Contributions 103 34
Capital Grants and Contributions
Total program revenues 21,684 20,137
General Revenues:

Investment earnings and Other 2,873 1,467
Transfers 396
Total general revenues and Transfers 3,269 1,467
Expenses
Sewer Collection 12,546 12,400
Storm Drainage 2,114 1,718
Solid Waste 550 534
Total expenses 15,210 14,652
Change in net position 9,743 6,952
Net position-Beginning 62,914 55,962
Net position-Ending $72,657 $62,914
Net Position
At the close of the fiscal year, the net position of business-type activities was $72.7 million, an increase of $9.7 million (15.5%) from the prior fiscal year. $0.3 million or 0.4% of net position was invested in capital assets, net of related debt, $28.8 million or 39.7% is restricted for sewer treatment facility activities, and $43.5 million or 59.9% are unrestricted and available for the operations of the proprietary funds.

Changes in Net Position
Total program revenues of business-type activities were $21.6 million in fiscal year 2023-24, an increase of $1.5 million over the prior year primarily due to an increase in charges for services. Total expenses were $15.2 million, a slight increase of $0.5 million over the prior year. 14 183

GOVERNMENTAL FUNDS FINANCIAL ANAYLSIS
Table 5 below summarizes the Governmental Funds’ balances.

Table 5
Financial Highlights at Fund Level for the year ended June 30 (in thousands)
2024 2023
Total assets $106,126 $89,799
Total liabilities 6,547 3,018
Deferred Inflows 6,954 7,628
Total fund balances 92,624 79,153
Total revenues 73,225 68,055
Total expenditures 61,710 51,628
Total other financing sources (uses) 1,956 2,940
As of June 30, 2024, the City’s Governmental Funds reported combined ending fund balances of $92.6 million, an increase of $13.5 million, or 17.0%, from the prior year. In comparison with the prior year, revenues increased by $5.2 million to $73.2 million, and expenditures increased by $10.1 million to $61.7 million primarily due to an increase in capital outlay and urban redevelopment expenditures.

Analysis of Major Governmental Funds
General Fund
As the principal operating fund of the City, the General Fund, by definition, is a Major Governmental Fund. The General Fund accounted for 47.2% of total governmental revenues and 39.3% of total expenditures. City basic services are accounted for in the General Fund, including public safety, general government, culture and recreation, and community development.

At the end of the current fiscal year, the total fund balance of General Fund increased by $5.0 million to $35.5 million, representing a 16.3% increase over the prior year. The fund balance is classified as follows: $0.7 million non-spendable, $2.2 million restricted, $2.3 million committed, and $30.3 million unassigned. The unassigned fund balance of $30.3 million represents 85.4% of the total fund balance.

Since the unassigned fund balance represents available liquid resources for spending at the City’s discretion, it may be useful to compare the unassigned fund balance to total fund expenditures. The City’s unassigned fund balance represents 125.2%, or equates to approximately 457 days, of total General Fund expenditures (excluding transfers out) for the year.

The City’s General Fund revenues totaled $34.5 million, a decrease of $2.4 million, or 6.5%, compared to the prior year. This decrease was mainly due to $3.2 million decrease in intergovernmental revenues, which was partially mitigated by an increase of $1.4 million in revenues generated from the use of money and property.
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General Fund expenditures increased by $0.3 million to $24.2 million. This is due to $0.7 million increase in public safety, $0.8 million increase in general government expenditures, which were partially offset by a decrease in $1.4 million drop in capital outlay expenditures, which were recorded in a newly created Capital Improvement Projects fund in fiscal year 2023-24 to account for all of the City’s capital improvement projects’ funding sources and expenditures.

General Fund Budgetary Highlights
The fiscal year 2023-24 adopted budget for General Fund expenditures amounted to $25.7 million, excluding $5.2 million transfers out. The final budget amount was $26.1 million. General Fund revenues budget was adopted at $31.9 million, and the final budget amount was $32.4 million.

Overall expenditures were $1.8 million less than the final budget, mainly due to unfilled positions and $1.4 million in capital outlay expenditures that were no longer recorded in the General Fund but instead got recorded in a newly created Capital Improvements Project fund starting in fiscal year 2023-24.

Overall revenues were more than the final budget by $2.2 million, mainly due to earnings generated from the use of money and property.

Belmont Fire Protection District Fund
The Belmont Fire Protection District Fund (the District) accounts for resources received by a special district, shown as a blended component unit, from the citizens of Belmont and the unincorporated Harbor Industrial Area to finance fire protection and suppression services. Since mid-January 2019, fire protection, fire prevention and emergency response services are provided to Belmont community by the San Mateo Consolidated Fire Department (SMC Fire) Joint Powers Authority (JPA).

As of June 30, 2024, the fund balance increased $5.7 million over the prior year to $25.9 million. Overall revenues increased by $2.3 million to $18.5 million. An increase of $0.7 million in tax revenues was primarily due to increased property taxes revenue, which grew because of approximately 5.6% increase in taxable property values. Overall expenditures increased by $0.5 million over the prior year to $12.7 million, mainly due to the increase in member agency contributions for contracted fire services. The District has a $12.8 million reserve set aside for replacing facilities.

Development Services Fund
The Development Services Fund is used to account for the Permit Center and Development Regulation Programs. This fund provides financial data for staff to track and determine if development fees are covering the direct and indirect cost of providing these services. State law allows for full recovery of these costs.

As of June 30, 2024, the fund balance increased $0.5 million over the prior year to $2.0 million. Overall revenues increased by $2.2 million to $6.7 million. The increase in revenues was primarily due to a $0.9 million increase in licenses and permits and $1.3 million increase in development fees collected. Overall expenditures increased by $0.7 million over the prior year to $6.2 million. 16 185
Capital Improvement Projects Fund
This fund was a new fund created in FY 2023-24. It is used to account for funding and expenditures for capital projects, with funding from various City funds, including Enterprise Funds, as well as other sources such as grant funding, contributions from other agencies, and other miscellaneous donations and contributions. Annually, this fund transfers construction-in-progress and completed projects back to Enterprise Funds as applicable.

As of June 30, 2024, total revenue was $4.0 million, with $5.5 million that was transferred from other funds. Total expenditures amounted to $6.2 million, resulted in a fund balance at year-end of $3.3 million. Since this is a new fund in fiscal year 2023-24, there was no prior year’s data for comparison.

Analysis of the Enterprise Funds
Sewer Collections
Compared to the prior year, operating revenues increased $1.4 million to $16.7 million. This was primarily due to $1.3 million increase in the collection of sewer connection fees. Operating expenses increased by $0.8 million to $9.2 million. Net position totaled $40.3 million, an increase of $8.8 million from the prior year. Of this amount, $42.6 million was unrestricted. The remaining net position was a negative $2.3 million in net investment in capital assets, due to the recording of the current net book value of the capital assets, less the outstanding balance of debt issued to finance these assets.

Sewer Treatment
Compared to the prior year, operating revenues were relatively unchanged at $3.1 million and operating expenses decreased $0.5 million to $0.4 million compared to prior year. Net position totaled $28.8 million, a $1.4 million increase compared to prior year, all of which is restricted for sewer treatment facility activities.

Storm Drainage Fund
This fund is used to account for the maintenance of the storm drain system and other activities related to the mandated National Pollution Discharge Elimination System (NPDES).

Storm drainage fund operating revenues, which consist primarily of NPDES storm drain charges and street sweeping charges, were relatively unchanged at $1.1 million. Operating expenses increased by $0.4 million to $2.1 million, compared to prior year. Net position totaled $1.4 million, with $2.6 million invested in capital assets and a negative $1.2 million in unrestricted net position due to the recording of the net pension and OPEB liabilities and related deferred outflows/inflows of resources.

Solid Waste Fund
Compared to the prior year, both operating revenues and operating expenses were relatively flat at $0.6 million and $0.5 million respectively. Net position was $2.1 million, which is unrestricted as to use. 17 186

CAPITAL ASSETS
Table 6 presents the City’s capital assets on June 30, 2023 and June 30, 2024. Additional information can be found in Note 7 to the financial statements.

Table 6
Capital Assets on June 30
(in thousands)
2024 2023
Governmental Activities
Land $13,010 $13,010
Construction in progress 3,817 1,330
Buildings 37,986 37,986
Improvements other than buildings 5,603 5,603
Streets and infrastructure 80,259 78,578
Machinery and equipment 7,626 7,313
Vehicles 5,173 5,033
Subscription assets 774 553
Less accumulated depreciation (67,864) (63,963)
Totals $86,384 $85,443
Business-Type Activities
Land $15 $15
Construction in progress 634 649
Improvements other than buildings 58,250 56,042
Machinery and equipment 327 327
Less accumulated depreciation (26,101) (24,052)
Totals $33,125 $32,981
18 187

DEBT ADMINISTRATION
Table 7 summarizes the City’s long-term obligations on June 30, 2023 and June 30, 2024. Additional information on the City’s long-term debt can be found in Note 8 and Note 13 of the financial statement.

Table 7
Long Term Obligations on June 30
(in thousands)
2024 2023
Governmental Activities Debt:

Capital Lease:
2019 Synthetic Turf Installation project, 2%, due 2029 $3,443 $4,027 Subscription Based IT Arrangements 308 352
Subtotal Governmental Activities Debt 3,751 4,379
Business-type Activities Debt – Sewer Enterprise Funds:

Long-Term Bonds Payable:
2016 Sewer Refunding Revenue Bonds, 2%-5% due 2035 6,722 7,324 2016 Sewer Revenue Bonds, 2%-50% due 2046 15,423 15,542 2018 Sewer Treatment Revenue Bonds, 5% due 2048 22,252 22,753 2019 Sewer Collection Bonds, 5% due 2049 19,689 20,131
2022 Sewer Revenue Bonds, 2.15%, due 2033 3,742 5,088
Subtotal Business-type Activities Debt 67,829 70,838
Total Long-Term Obligations $71,580 $75,217
On June 30, 2024, the City had total long-term obligations outstanding at $71.6 million, excluding compensated absences, pension and OPEB liabilities. The reduction in debt over the prior year was mainly due to scheduled retirements that were made. A majority of the outstanding long-term debt is composed of bonds secured by specified revenue sources, e.g., sewer charges.

ECONOMIC OUTLOOK AND MAJOR INITIATIVES
The economy of the City and its major initiatives for the coming year are discussed in detail in the accompanying Transmittal Letter.

CONTACTING THE CITY’S FINANCIAL MANAGEMENT
This Annual Comprehensive Financial Report is intended to provide citizens, taxpayers, investors, and creditors with a general overview of the City’s finances. Questions about this Report should be directed to the Finance Department at One Twin Pines Lane, Suite 320, Belmont, CA 94002. Additional information about the City’s operations and activities can be obtained from the website at www.belmont.gov.
19 188
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189

STATEMENT OF NET POSITION AND

STATEMENT OF ACTIVITIES
The Statement of Net Position and the Statement of Activities summarize the City’s financial activities and financial position. They are prepared on the same basis as is used by most businesses, which means they include all the City’s assets and deferred outflows of resources and all its liabilities and deferred inflows of resources, as well as all its revenues and expenses. This is known as the full accrual basis—the effect of all the City’s transactions is taken into account, regardless of whether or when cash changes hands, but all material internal transactions between City funds have been eliminated.

The City’s Governmental Activities include the activities of its General Fund, along with all its Special Revenue and Capital Projects Funds. Since the City’s Internal Service Funds 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 is also prepared on the full accrual basis, which means it includes all the City’s revenues and all its expenses, regardless of when cash changes hands. This differs from the “modified accrual” basis used in the Fund financial statements, which reflect only current assets, current liabilities, current deferred outflows/inflows of resources, available revenues and measurable expenditures.

The format of the Statement of Activities 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 column, as appropriate, and the Change in Net Position is computed and reconciled with the Statement of Net Position.

Both these Statements include the financial activities of the City, the Belmont Fire Protection District and the Belmont Joint Powers Financing Authority, which are legally separate but are component units of the City because they are controlled by the City, which is financially accountable for the activities of these entities.

These financial statements along with the fund financial statements and footnotes are called Basic Financial Statements.
21 190

CITY OF BELMONT

STATEMENT OF NET POSITION
JUNE 30, 2024
Governmental Business-Type
Activities Activities Total
ASSETS
Cash and investments (Note 3) $96,478,319 $58,300,531 $154,778,850 Cash and investments with fiscal agent (Note 3) 6,907,580 6,907,580 Receivables:

Accounts 1,213,535 573,057 1,786,592
Interest 1,710,404 1,710,404
Due from other governmental agencies 1,916,345 111,159 2,027,504 Notes receivable (Note 5) 7,239,210 7,239,210
Leases (Note 10) 7,504,745 7,504,745
Prepaids and other assets 2,448,261 2,448,261
Internal balances (Note 1D) 239,176 (239,176)
Land held for resale (Note 6) 1,651,791 1,651,791
Investment in SVCW - Joint Venture (Note 15A) 46,399,949 46,399,949 Investment in SMC Fire - Joint Venture (Note 15A) 4,520,180 4,520,180 Capital assets (Note 7)
Land and construction in progress 16,827,386 649,146 17,476,532 Depreciable assets, net 69,556,924 32,475,356 102,032,280 Total Assets 211,306,276 145,177,602 356,483,878

DEFERRED OUTFLOWS OF RESOURCES
Related to pensions (Note 11B) 17,761,507 1,674,815 19,436,322 Related to OPEB (Note 12) 3,569,792 320,989 3,890,781
Total Deferred Outflows of Resources 21,331,299 1,995,804 23,327,103

LIABILITIES
Accounts payable and other liabilities 1,943,830 1,148,125 3,091,955 Unearned revenue 3,500,000 3,500,000
Deposits 1,202,661 1,202,661
Compensated absences (Note 1H)
Due within one year 1,224,163 157,823 1,381,986
Due in more than one year 1,639,704 99,925 1,739,629
Long-term debt (Note 8)
Due within one year 596,729 2,130,000 2,726,729
Due in more than one year 2,846,508 65,698,678 68,545,186 Subscription liabilities (Note 13)
Due within one year 231,136 231,136
Due in more than one year 77,357 77,357
Net Pension Liability (Note 11)
Due in more than one year 44,723,194 4,189,710 48,912,904 Net OPEB Liability (Note 12)
Due in more than one year 8,209,851 738,215 8,948,066
Claims payable (Note 14)
Due within one year 110,418 110,418
Due in more than one year 362,804 362,804
Total Liabilities 66,668,355 74,162,476 140,830,831

DEFERRED INFLOWS OF RESOURCES
Related to leases (Note 10) 6,954,310 6,954,310
Related to pensions (Note 11B) 2,261,158 234,655 2,495,813 Related to OPEB (Note 12) 1,325,319 119,171 1,444,490
Total Deferred Inflows of Resources 10,540,787 353,826 10,894,613 NET POSITION (Note 9)
Net investment in capital assets 83,034,874 287,849 83,322,723 Restricted for:

Capital projects 11,246,252 11,246,252
Special revenue programs:

Belmont Fire Protection District 20,858,796 20,858,796
Public safety 70,826 70,826
Recreation 397,360 397,360
Senior Activities 95,990 95,990
Library Maintenance & Operations 777,132 777,132
City Trees 252,309 252,309
Street Improvements and Maintenance 1,862,908 1,862,908 Street Improvements - Measures A, W and Grants 5,230,108 5,230,108 Traffic Mitigation 100,420 100,420
Athletic Field Maintenance 390,962 390,962
Affordable Housing Successor Agency 6,056,433 6,056,433 Housing Inclusionary 3,254,215 3,254,215
Sewer Treatment Facility Charge 28,834,072 28,834,072
Total Restricted Net Position 50,593,711 28,834,072 79,427,783 Unrestricted 21,799,848 43,535,183 65,335,031
Total Net Position $155,428,433 $72,657,104 $228,085,537 See accompanying notes to financial statements
22 191

CITY OF BELMONT

STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2024
Net (Expense) Revenue and
Program Revenues Changes in Net Position
Operating Capital
Charges for Grants and Grants and Governmental Business-type Functions/Programs Expenses Services Contributions Contributions Activities Activities Total Governmental Activities:

General government $7,896,080 $7,596,615 $26,878 $3,927,381 $3,654,794 $3,654,794 Public safety 29,969,262 433,440 338,086 (29,197,736) (29,197,736) Highways and streets 4,561,468 595,756 2,957,946 101,943 (905,823) (905,823) Culture and recreation 6,970,771 3,456,619 203,170 2,771 (3,308,211) (3,308,211) Urban redevelopment 11,168,966 6,854,360 119,368 (4,195,238) (4,195,238) Interest on long-term debt 83,977 (83,977) (83,977)
Total Governmental Activities 60,650,524 18,936,790 3,645,448 4,032,095 (34,036,191) (34,036,191) Business-type Activities:

Sewer Collections 10,507,770 16,684,309 $6,176,539 6,176,539 Sewer Treatment 2,037,820 3,147,629 1,109,809 1,109,809 Storm Drainage 2,113,909 1,149,248 (964,661) (964,661)
Solid Waste 550,348 599,960 102,552 152,164 152,164
Total Business-type Activities 15,209,847 21,581,146 102,552 6,473,851 6,473,851 Total $75,860,371 $40,517,936 $3,748,000 $4,032,095 (34,036,191) 6,473,851 (27,562,340) General revenues:

Taxes:

Property taxes 26,680,829 26,680,829
Sales taxes 6,452,130 6,452,130
Transient occupancy taxes 4,283,476 4,283,476
Franchise 1,583,477 1,583,477
Motor vehicle in lieu, unrestricted 2,867,799 2,867,799 Investment earnings and rentals 5,415,938 2,587,536 8,003,474 Miscellaneous 197,691 285,854 483,545
Transfers (395,601) 395,601
Total General Revenues and Transfers 47,085,739 3,268,991 50,354,730 Change in Net Position 13,049,548 9,742,842 22,792,390
Net Position-Beginning 142,378,885 62,914,262 205,293,147 Net Position-Ending $155,428,433 $72,657,104 $228,085,537 See accompanying notes to financial statements
23 192
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193

FUND FINANCIAL STATEMENTS
Fund Financial Statements are presented by individual major funds, while non-major funds are combined in a single column. Major funds are defined generally as having significant activities or balances in the current year.

MAJOR GOVERNMENTAL FUNDS
The funds described below were determined to be Major Funds by the City. Individual non-major funds may be found in the Supplemental section.

GENERAL FUND
The General Fund is used to account for all revenues and expenditures necessary to carry out basic governmental activities of the City that are not accounted for through other funds. For the City, the General Fund includes such activities as police protection, parks operations and maintenance, and legal and administrative services. The General Fund also accounts for Measure I, a half cent local district tax approved in 2016 that will expire in 30 years. This general tax funding source provides for street and road and storm drain repair.

BELMONT FIRE PROTECTION DISTRICT SPECIAL REVENUE FUND
This fund is used to account for property taxes received and expended by the District on providing fire protection services to the City of Belmont and the unincorporated Harbor Industrial Area.

DEVELOPMENT SERVICES
The fund is used to account for the Permit Center and Development Regulation Programs. This fund makes it possible for staff to track and determine if development fees are covering the direct and indirect cost of providing these services. State law allows for full recovery of these costs.

CAPITAL IMPROVEMENT PROJECTS
This fund is used to account for funding and expenditures for capital projects, with funding from various City funds, including Enterprise Funds, as well as other sources such as grant funding, contributions from other agencies, and other miscellaneous donations and contributions. Annually, this fund transfers construction-in-progress and completed projects back to Enterprise Funds as applicable. 25 194

CITY OF BELMONT

GOVERNMENTAL FUNDS

BALANCE SHEET
JUNE 30, 2024
Belmont
Fire Capital Other Total
Protection Development Improvement Governmental Governmental General District Services Projects Funds Funds
ASSETS
Cash and investments (Note 3) $31,432,439 $23,725,121 $2,290,175 $3,984,122 $20,797,126 $82,228,983 Receivables:

Accounts 899,275 25,283 1,401 277,805 1,203,764
Interest 1,710,404 1,710,404
Due from other governmental agencies 1,406,806 252,118 36,797 220,624 1,916,345 Notes (Note 5) 7,239,210 7,239,210
Leases (Note 10) 7,504,745 7,504,745
Due from other funds (Note 4B) 239,176 239,176
Prepaids and other assets 450,236 1,879,873 101,254 2,431,363 Land held for resale (Note 6) 298,748 1,353,043 1,651,791 Total Assets $43,941,829 $25,882,395 $2,291,576 $4,020,919 $29,989,062 $106,125,781

LIABILITIES
Accounts payable and other liabilities $390,068 $590 $272,669 $728,498 $452,580 $1,844,405 Unearned revenue 3,500,000 3,500,000
Deposits 1,130,334 (780) 73,107 1,202,661
Total Liabilities 1,520,402 590 271,889 728,498 4,025,687 6,547,066

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue
Related to leases (Note 10) 6,954,310 6,954,310
Total Deferred Inflows of Resources 6,954,310 6,954,310 FUND BALANCES (Note 9)
Nonspendable 748,984 1,879,873 2,628,857
Restricted 2,178,855 24,001,932 3,292,421 21,421,606 50,894,814 Committed for:

Measure I Infrastructure 2,285,493 2,285,493
Special Revenue Programs 2,019,687 1,526,912 3,546,599
Assigned 3,014,857 3,014,857
Unassigned 30,253,785 30,253,785
Total Fund Balances 35,467,117 25,881,805 2,019,687 3,292,421 25,963,375 92,624,405 Total Liabilities, Deferred Inflows of
Resources and Fund Balances $43,941,829 $25,882,395 $2,291,576 $4,020,919 $29,989,062 $106,125,781 See accompanying notes to financial statements
26 195

CITY OF BELMONT
Reconciliation of the

GOVERNMENTAL FUNDS -- BALANCE SHEET
with the

STATEMENT OF NET POSITION
JUNE 30, 2024
Total fund balances reported on the governmental funds balance sheet $92,624,405 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. 86,384,310

ALLOCATION OF INTERNAL SERVICE FUND NET POSITION
Internal service funds are not governmental funds. However, they are used by management to charge the costs of certain activities, such as insurance and 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.

Cash and investments 14,249,336
Accounts receivable 9,771
Prepaids and other assets 16,898
Accounts payable and other liabilities (99,425)
Claims payable (473,222)
Compensated absences (216,929)
Subscription liabilities (308,493)

ACCRUAL OF NONCURRENT REVENUES AND EXPENSES
Revenues which are deferred on the Fund Balance Sheets because they are not available currently are taken into revenue in the Statement of Activities

DEFERRED INFLOWS AND OUTFLOWS
The deferred outflows below are not currents assets or financial resources; and the deferred inflows are not due and payable in the current period and therefore are not reported in the Governmental Funds.

Deferred outflows related to pensions 17,761,507
Deferred outflows related to OPEB 3,569,792
Deferred inflows related to pensions (2,261,158)
Deferred inflows related to OPEB (1,325,319)

LONG-TERM ASSETS AND LIABILITIES
The assets and liabilities below are not due and payable in the current period and therefore are not reported in the Funds:

Investment in JPA Equity 4,520,180
Long-term debt (3,443,237)
Net OPEB liability (8,209,851)
Compensated absences (2,646,938)
Net pension liability (44,723,194)
NET POSITION OF GOVERNMENTAL ACTIVITIES $155,428,433
See accompanying notes to financial statements
27 196

CITY OF BELMONT

GOVERNMENTAL FUNDS

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED JUNE 30, 2024
Belmont Fire Capital Other Total
Protection Development Improvement Governmental Governmental General District Services Projects Funds Funds

REVENUES
Taxes $24,835,171 $16,997,799 $2,420,446 $44,253,416
Licenses and permits 1,280,014 $3,247,999 4,528,013
Fines and forfeitures 158,740 158,740
Use of money and property 3,098,879 1,437,981 92,318 105,108 994,582 5,728,868 Intergovernmental 265,615 50,509 3,927,381 1,444,219 5,687,724 Charges for current services 4,804,352 3,359,759 4,531,596 12,695,707 Miscellaneous 104,586 4 4,038 64,073 172,701
Total Revenues 34,547,357 18,486,293 6,704,114 4,032,489 9,454,916 73,225,169

EXPENDITURES
Current:

General government 6,526,423 6,526,423
Public safety 15,387,621 12,699,078 125,433 28,212,132
Highways and streets 2,502,394 2,502,394
Culture and recreation 2,309,225 4,069,423 6,378,648
Urban redevelopment 6,221,977 4,873,290 11,095,267
Capital outlay 6,252,156 74,912 6,327,068
Debt service:

Principal 584,023 584,023
Interest and fiscal charges 83,977 83,977
Total Expenditures 24,223,269 12,699,078 6,221,977 6,252,156 12,313,452 61,709,932

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 10,324,088 5,787,215 482,137 (2,219,667) (2,858,536) 11,515,237

OTHER FINANCING SOURCES (USES)
Transfers in (Note 4A) 5,512,088 3,293,618 8,805,706
Transfers (out) (Note 4A) (5,379,166) (103,325) (1,367,254) (6,849,745) Total Other Financing Sources (Uses) (5,379,166) (103,325) 5,512,088 1,926,364 1,955,961 NET CHANGE IN FUND BALANCES 4,944,922 5,683,890 482,137 3,292,421 (932,172) 13,471,198 BEGINNING FUND BALANCES 30,522,195 20,197,915 1,537,550 26,895,547 79,153,207 ENDING FUND BALANCES $35,467,117 $25,881,805 $2,019,687 $3,292,421 $25,963,375 $92,624,405 See accompanying notes to financial statements
28 197

CITY OF BELMONT
Reconciliation of the

NET CHANGE IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS
with the

STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2024
The schedule below reconciles the Net Changes in Fund Balances reported on the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balance, which measures only changes in current assets and current liabilities on the modified accrual basis, with the Change in Net Position of Governmental Activities reported in the Statement of Activities, which is prepared on the full accrual basis.

NET CHANGE IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS $13,471,198 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.

The capital outlay and departmental expenditures are therefore added back to fund balance 6,361,427 Capital expenses transferred to Business-Type Activities (2,192,961) Depreciation expense is deducted from the fund balance
(Depreciation expense is net of internal service fund depreciation of $961,896 which has already been allocated to serviced funds) (3,058,638)

LONG TERM DEBT PROCEEDS AND PAYMENTS
Bond proceeds provide current financial resources to governmental funds, but issuing debt increases long-term 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.

Repayment of debt principal is added back to fund balance 584,023

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):

Investment in SMC Fire - Joint Venture (176,522)
Unavailable revenue (138,395)
Compensated absences (56,831)
Pension expense (2,281,098)
OPEB expense (69,950)

ALLOCATION OF INTERNAL SERVICE FUND ACTIVITY
Internal Service Funds are used by management to charge the costs of certain activities, such as equipment acquisition, maintenance, and insurance to individual funds.

The portion of the net revenue (expense) of these Internal Service Funds arising out of their transactions with governmental funds is reported with governmental activities, because they service those activities.

Change in Net Position - All Internal Service Funds 607,295 CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $13,049,548 See accompanying notes to financial statements
29 198

CITY OF BELMONT

GENERAL FUND

STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Budgeted Amounts Final Budget
Positive
Original Final Actual Amounts (Negative)
REVENUES:

Taxes $24,239,481 $24,368,127 $24,835,171 $467,044
Licenses and permits 1,188,075 1,188,075 1,280,014 91,939 Fines and forfeitures 160,000 160,000 158,740 (1,260)
Use of money and property 1,477,655 1,777,655 3,098,879 1,321,224 Intergovernmental 111,389 160,513 265,615 105,102
Charges for current services 4,618,151 4,618,151 4,804,352 186,201 Miscellaneous 86,268 86,268 104,586 18,318
Total Revenues 31,881,019 32,358,789 34,547,357 2,188,568 EXPENDITURES:

Current:

General government 7,384,461 7,752,210 6,526,423 1,225,787 Public safety 15,738,244 15,738,244 15,387,621 350,623
Culture and recreation 2,560,285 2,575,285 2,309,225 266,060 Total Expenditures 25,682,990 26,065,739 24,223,269 1,842,470

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 6,198,029 6,293,050 10,324,088 4,031,038

OTHER FINANCING SOURCES (USES)
Transfers in (Note 4A)
Transfers out (Note 4A) (5,189,820) (11,374,491) (5,379,166) 5,995,325 Total Other Financing Sources (Uses) (5,189,820) (11,374,491) (5,379,166) 5,995,325 NET CHANGE IN FUND BALANCE $1,008,209 ($5,081,441) 4,944,922 $10,026,363 BEGINNING FUND BALANCE 30,522,195
ENDING FUND BALANCE $35,467,117
See accompanying notes to financial statements
30 199

CITY OF BELMONT

BELMONT FIRE PROTECTION DISTRICT SPECIAL REVENUE FUND

STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Budgeted Amounts Final Budget
Positive
Original Final Actual (Negative)
REVENUES:

Taxes $16,999,806 $16,898,916 $16,997,799 $98,883
Use of money and property 192,502 377,934 1,437,981 1,060,047 Intergovernmental 36,790 36,790 50,509 13,719
Miscellaneous 44
Total Revenues 17,229,098 17,313,640 18,486,293 1,172,653 EXPENDITURES:

Current:

Public safety 12,784,473 12,784,473 12,699,078 85,395
Total Expenditures 12,784,473 12,784,473 12,699,078 85,395 Excess (Deficiency) of Revenues 4,444,625 4,529,167 5,787,215 1,258,048 Over (Under) Expenditures
Other Financing Sources (Uses)
Transfers out (Note 4A) (50,000) (50,000) (103,325) (53,325) Total Other Financing Sources (Uses) (50,000) (50,000) (103,325) (53,325) NET CHANGE IN FUND BALANCE $4,394,625 $4,479,167 5,683,890 $1,204,723 BEGINNING FUND BALANCE 20,197,915
ENDING FUND BALANCE $25,881,805
See accompanying notes to financial statements
31 200

CITY OF BELMONT

DEVELOPMENT SERVICES SPECIAL REVENUE FUND

STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Budgeted Amounts Final Budget
Positive
Original Final Actual Amounts (Negative)
REVENUES:

Licenses and permits $2,064,448 $2,565,231 $3,247,999 $682,768 Use of money and property 17,762 17,762 92,318 74,556
Charges for current services 2,157,660 3,221,078 3,359,759 138,681 Miscellaneous 8,200 8,200 4,038 (4,162)
Total Revenues 4,248,070 5,812,271 6,704,114 891,843
EXPENDITURES:

Current:

Urban redevelopment 6,509,267 6,533,785 6,221,977 311,808 Total Expenditures 6,509,267 6,533,785 6,221,977 311,808

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (2,261,197) (721,514) 482,137 1,203,651

OTHER FINANCING SOURCES (USES)
Transfers in (Note 4A) 1,000,000 1,000,000 (1,000,000)
Total Other Financing Sources (Uses) 1,000,000 1,000,000 (1,000,000) NET CHANGE IN FUND BALANCE ($1,261,197) $278,486 482,137 $203,651 BEGINNING FUND BALANCE 1,537,550
ENDING FUND BALANCE $2,019,687
See accompanying notes to financial statements
32 201

PROPRIETARY FUNDS
Proprietary funds account for City operations financed and operated in a manner similar to a private business enterprise. The intent of the City is that the cost of providing goods and services be financed primarily through user charges.

The City has identified the funds below as major proprietary funds in fiscal year 2024.

SEWER COLLECTIONS FUND
To account for sanitary sewer services provided to the citizens of Belmont. All activities necessary to provide such services are accounted for in this fund, including, but not limited to, administration, operations, maintenance, capital improvement, and billing and collections.

SEWER TREATMENT FUND
To account for capital improvements made to the Silicon Valley Clean Water Authority treatment plant and related capital improvements. Revenue for the improvements comes from the sewer treatment facility charge paid by users connected to the sanitary system.

STORM DRAINAGE FUND
To account for the maintenance of the storm drain system, street sweeping and other activities related to the mandated National Pollution Discharge Elimination System (NPDES). Funding comes from customers connected to the City's sewer system, due to extensive infiltration and intrusion to the City's sewer system, street sweeping charges, and NPDES charges.

NON-MAJOR FUND:

SOLID WASTE FUND
To account for operating costs associated with administering the solid waste franchise. 33 202

CITY OF BELMONT

PROPRIETARY FUNDS

STATEMENT OF NET POSITION
JUNE 30, 2024
Governmental
Nonmajor- ActivitiesSewer Sewer Storm Solid Internal Service Collections Treatment Drainage Waste Totals Funds
ASSETS
Current Assets:

Cash and investments (Note 3) $50,673,081 $5,149,729 $6,885 $2,470,836 $58,300,531 $14,249,336 Cash and investments with fiscal agent (Note 3) 3,497,685 3,409,895 6,907,580 Accounts receivable 252,397 313,177 7,483 573,057 9,771 Prepaids and other assets 16,898
Due from other governmental agencies 57,638 53,521 111,159 Total Current Assets 54,423,163 8,872,801 72,006 2,524,357 65,892,327 14,276,005 Noncurrent Assets:

Investment in SVCW joint venture (Note 15) 46,399,949 46,399,949 Capital assets (Note 7):

Land and construction in progress 601,437 47,709 649,146 Depreciable assets, net 29,955,059 2,520,297 32,475,356 1,902,045 Total Noncurrent Assets 30,556,496 46,399,949 2,568,006 79,524,451 1,902,045 Total Assets 84,979,659 55,272,750 2,640,012 2,524,357 145,416,778 16,178,050

DEFERRED OUTFLOWS
Related to pension (Note 11B) 1,005,705 470,213 198,897 1,674,815 Related to OPEB (Note 12) 198,430 87,153 35,406 320,989 Total Deferred Outflows 1,204,135 557,366 234,303 1,995,804

LIABILITIES
Current Liabilities:

Accounts payable and other liabilities 696,723 444,356 6,891 155 1,148,125 99,425 Due to other funds (Note 4B) 239,176 239,176
Claims payable (Note 14) 110,418
Long-term debt (Note 8) 990,000 1,140,000 2,130,000
Compensated absences (Note 1H) 97,831 47,872 12,120 157,823 77,552 Subscription liabilities (Note 13) 231,136
Total Current Liabilities 1,784,554 1,584,356 293,939 12,275 3,675,124 518,531 Noncurrent Liabilities:

Claims payable (Note 14) 362,804
Compensated absences (Note 1H) 61,382 22,130 16,413 99,925 139,377 Long-term debt (Note 8) 40,844,356 24,854,322 65,698,678 Subscription liabilities (Note 13) 77,357
Net pension liability (Note 11) 2,515,867 1,176,283 497,560 4,189,710 Net OPEB liability (Note 12) 456,351 200,437 81,427 738,215 Total Noncurrent Liabilities 43,877,956 24,854,322 1,398,850 595,400 70,726,528 579,538 Total Liabilities 45,662,510 26,438,678 1,692,789 607,675 74,401,652 1,098,069

DEFERRED INFLOWS
Related to pension (Note 11B) 140,907 65,881 27,867 234,655 Related to OPEB (Note 12) 73,669 32,357 13,145 119,171
Total Deferred Inflows 214,576 98,238 41,012 353,826
NET POSITION (Note 9)
Net investment in capital assets (2,280,157) 2,568,006 287,849 1,593,552 Restricted for treatment facility 28,834,072 28,834,072 Unrestricted 42,586,865 (1,161,655) 2,109,973 43,535,183 13,486,429 Total Net Position $40,306,708 $28,834,072 $1,406,351 $2,109,973 $72,657,104 $15,079,981 See accompanying notes to financial statements
Business-type Activities-Enterprise Funds
34 203

CITY OF BELMONT

PROPRIETARY FUNDS

STATEMENT OF REVENUES, EXPENSES

AND CHANGES IN FUND NET POSITION
FOR THE YEAR ENDED JUNE 30, 2024
Governmental
Nonmajor- ActivitiesSewer Sewer Storm Solid Internal Service Collections Treatment Drainage Waste Totals Funds

OPERATING REVENUES
Charges for current services
Sewer service charges $14,998,231 $3,147,629 $18,145,860 Sewer connection fees 1,539,176 1,539,176
NPDES storm drain charges $518,888 518,888
Street sweeping 553,809 553,809
Garbage franchise fee $599,960 599,960
Interdepartmental charges 146,902 76,551 223,453 $10,195,974 Insurance claims, change in claims payable
Total Operating Revenues 16,684,309 3,147,629 1,149,248 599,960 21,581,146 10,195,974

OPERATING EXPENSES
Personnel services 1,932,236 857,149 343,526 3,132,911
Services and supplies 5,466,120 363,564 1,015,121 206,822 7,051,627 Insurance premiums 1,183,346
Professional and legal 2,068,779
Operating costs 4,331,003
Pension and other post employment benefits 1,077,960
Insurance claims, net of change in claims payable 299,095 Depreciation 1,807,282 241,639 2,048,921 961,896
Total Operating Expenses 9,205,638 363,564 2,113,909 550,348 12,233,459 9,922,079 Operating Income (Loss) 7,478,671 2,784,065 (964,661) 49,612 9,347,687 273,895

NONOPERATING REVENUES (EXPENSES)
Interest 2,169,189 333,710 (4,901) 89,538 2,587,536 850,298 Interest expense (1,302,132) (964,998) (2,267,130)
Loss from investment in SVCW - Joint Venture (Note 15A) (709,258) (709,258) Gain from sale of capital assets 14,305
Intergovernmental and miscellaneous 83,132 202,722 102,552 388,406 (372,602) Total Nonoperating Revenues (Expenses) 950,189 (1,340,546) 197,821 192,090 (446) 492,001 Income (Loss) Before Transfers 8,428,860 1,443,519 (766,840) 241,702 9,347,241 765,896 Capital asset transfers (Note 7A) 2,192,961 2,192,961
Transfers in (Note 4A) 287,740 287,740 422,436
Transfers (out) (Note 4A) (1,797,361) (287,739) (2,085,100) (581,037) Net transfers 395,600 1 395,601 (158,601)
Change in net position 8,824,460 1,443,519 (766,839) 241,702 9,742,842 607,295 BEGINNING NET POSITION 31,482,248 27,390,553 2,173,190 1,868,271 62,914,262 14,472,686 ENDING NET POSITION $40,306,708 $28,834,072 $1,406,351 $2,109,973 $72,657,104 $15,079,981 See accompanying notes to financial statements
Business-type Activities-Enterprise Funds
35 204

CITY OF BELMONT

PROPRIETARY FUNDS

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED JUNE 30, 2024
Business-type Activities-Enterprise Funds Governmental
Nonmajor- ActivitiesSewer Sewer Storm Solid Internal Service Collections Treatment Drainage Waste Totals Funds

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $16,372,923 $2,834,452 $1,058,788 $606,160 $20,872,323 Other receipts 83,132 202,722 102,552 388,406
Interdepartmental charges 146,902 76,551 223,453 $9,828,935 Payments to suppliers (6,136,047) (363,564) (1,052,775) (206,667) (7,759,053) (5,527,105) Payments to employees (1,797,185) (838,113) (343,168) (2,978,466) (3,222,318) Settlements received 510,388
Claims paid (23,315)
Cash Flows from Operating Activities 8,669,725 2,470,888 (552,827) 158,877 10,746,663 1,566,585

CASH FLOWS FROM NONCAPITAL

FINANCING ACTIVITIES
Interfund receipts 526,916 526,916
Interfund payments (1,797,361) (287,739) (2,085,100) (944,921) Cash Flows from Noncapital Financing Activities (1,797,361) 239,177 (1,558,184) (944,921)

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
Proceeds from sale of capital assets 14,305
Acquisition of capital assets (793,093)
Principal payments on capital debt (940,000) (1,741,000) (2,681,000) (43,981) Interest paid (1,624,694) (1,090,798) (2,715,492)
Cash Flows from Capital and Related Financing Activities (2,564,694) (2,831,798) (5,396,492) (822,769)

CASH FLOWS FROM INVESTING ACTIVITIES
Interest and rents 2,169,189 333,710 (4,901) 89,538 2,587,536 850,298 Cash Flows from Capital and Related Investing Activities 2,169,189 333,710 (4,901) 89,538 2,587,536 850,298 Net Cash Flows 6,476,859 (27,200) (318,551) 248,415 6,379,523 649,193 Cash and investments at beginning of period 47,693,907 8,586,824 325,436 2,222,421 58,828,588 13,600,143 Cash and investments at end of period $54,170,766 $8,559,624 $6,885 $2,470,836 $65,208,111 $14,249,336 Reconciliation of Operating Income (Loss) to Cash Flows from Operating Activities:

Operating income (loss) $7,478,671 $2,784,065 ($964,661) $49,612 $9,347,687 $273,895 Adjustments to reconcile operating income (loss) to cash flows from operating activities:

Depreciation 1,807,282 241,639 2,048,921 961,896
Miscellaneous 83,132 202,722 102,552 388,406 (372,602)
Change in assets, deferred outflows and liabilities:

Receivables, net (164,484) (313,177) (13,909) 6,200 (485,370) 512,559 Accounts payable (669,927) (37,654) 155 (707,426) (116,248) Claims payable 282,250
Deferred outflows (131,203) (29,617) (8,319) (169,139)
Deferred inflows (75,823) (39,565) (17,759) (133,147)
Net pension liability 210,619 26,065 4,266 240,950
Net OPEB liability 125,103 57,918 21,357 204,378
Compensated absences 6,355 4,235 813 11,403 24,835
Cash Flows from Operating Activities $8,669,725 $2,470,888 ($552,827) $158,877 $10,746,663 $1,566,585 Non-cash transactions
Amortization of Bond Premiums $222,730 $105,513 $328,243 Loss from investment in SVCW - Joint Venture (Note 15A) (709,258) (709,258) Capital assets transfers from governmental activities 2,192,961 2,192,961 $2,415,691 ($603,745) $1,811,946
See accompanying notes to financial statements
36 205

FIDUCIARY FUNDS
Custodial Funds report resources, not in a trust, that are held by the City for other parties outside of the City’s reporting entity. The Library Community Facilities District Custodial Fund accounts for payment of interest and principal on debt service of the District for the construction, maintenance and operations of the Library building.
37 206

CITY OF BELMONT

FIDUCIARY FUND

STATEMENT OF FIDUCIARY NET POSITION
JUNE 30, 2024
Custodial
Fund
Library
Community
Facilities
District
ASSETS
Cash and investments (Note 3) $310,443
Cash and investments with fiscal agent (Note 3) 218
Due from other governmental agencies 9,532
Total Assets 320,193
NET POSITION:

Restricted for:

Bondholders 320,193
Total Net Position $320,193
See accompanying notes to financial statements
38 207

CITY OF BELMONT

FIDUCIARY FUND

STATEMENT OF CHANGES IN NET POSITION
FOR THE YEAR ENDED JUNE 30, 2024
Custodial
Fund
Library
Community
Facilities
District
Additions:

Special assessments $696,237
Use of money and property 4,418
Total Additions 700,655
Deductions:

Payments to bondholders 666,367
Total Deductions 666,367
Change in net position 34,288
Beginning Net Position 285,905
Ending Net Position $320,193
See accompanying notes to financial statements
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CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Belmont (City) was incorporated as a general law city in 1926. The City operates under the Council-Manager form of government and is governed by a five member council elected by the City’s voters. The City provides the following services: public safety (police and fire), highways and streets, sewer, storm drainage, solid waste, recreation, public improvements, planning and zoning, building inspections, general administration services, and economic development.

The financial statements and accounting policies of the City conform with generally accepted accounting principles applicable to governments in the United States of America. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. Significant accounting policies are summarized below.

A. Reporting Entity
The financial statements of the City of Belmont include the financial activities of the City, the Belmont Fire Protection District (District) and the Belmont Joint Powers Financing Authority (Authority). All of these entities are controlled by and dependent on the City and their financial activities have been aggregated and merged (termed “blended”) with those of the City in the accompanying financial statements.

The Belmont Fire Protection District, established in 1928, is a special district created under the general laws of California to provide fire protection services to City residents. The District is controlled by the City and has the same governing board as the City, which also performs all accounting and administrative functions for the District. The financial activities of the District have been included in these financial statements in the Belmont Fire Protection District Special Revenue Fund. The District does not issue separate financial statements.

The Belmont Joint Powers Financing Authority is a separate government entity whose purpose is to assist with the financing certain public capital facilities for the City through the issuance of bonds or other forms of debt. The Authority is controlled by the City and has the same governing body as the City, which also performs all accounting and administrative functions for the Authority. The Authority does not issue separate financial statements.

B. Major Funds
The City’s major governmental and enterprise funds are identified and presented separately in the fund financial statements. All other funds, called non-major funds, are combined and reported in a single column, regardless of their fund-type.

Major funds are defined as funds that have either assets and deferred outflows, liabilities and deferred inflows, revenues, or expenditures/expenses equal to ten percent of their fund-type total and five percent of the grand total. The General Fund is always a major fund. The City may also select other funds it believes should be presented as major funds.

The City reported the following major governmental funds in the accompanying financial statements:
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CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) General Fund – The General Fund is used to account for all revenues and expenditures necessary to carry out basic governmental activities of the City that are not accounted for through other funds. For the City, the General Fund includes such activities as police protection, parks operations and maintenance, and legal and administrative services. The General Fund also accounts for Measure I, a half cent local district tax approved in 2016 that will expire in 30 years. This general tax funding source provides for street and road and storm drain repair.

Belmont Fire Protection District Special Revenue Fund – To account for property taxes received and expended by the District on providing fire protection services to the City of Belmont and the unincorporated Harbor Industrial Area.

Development Services – To account for the Permit Center and Development Regulation Programs. This fund makes it possible for staff to track and determine if development fees are covering the direct and indirect cost of providing these services. State law allows for full recovery of these costs.

Capital Improvement Projects – To account for funding and expenditures for capital projects, with funding from various City funds, including Enterprise funds, as well as other sources such as grant funding, contributions from other agencies, and other miscellaneous donations and contributions. Annually, this fund transfers construction-in-progress and completed projects back to Enterprise Funds as applicable.

The City reported the following enterprise funds as major funds in the accompanying financial statements:

Sewer Collections Fund – To account for certain sanitary sewer services provided to the citizens of Belmont. Activities necessary to provide such services are accounted for in this fund, including, but not limited to, administration, operations, maintenance, capital improvement, and billing and collections.

Sewer Treatment Fund – To account for capital improvements made to the Silicon Valley Clean Water Authority treatment plant and related capital improvements. Revenue for the improvements comes from the sewer treatment facility charge paid by users connected to the sanitary system.

Storm Drainage Fund – To account for the maintenance of the storm drain system, street cleaning and other activities related to the mandated National Pollution Discharge Elimination System (NPDES). Funding comes from customers connected to the City's sewer system, due to extensive infiltration and intrusion to the City's sewer system, street sweeping charges, and NPDES charges.
42 211

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The City also reports the following fund types:

Internal Service Funds
The funds account for workers’ compensation, general liability, vision, benefit prefunding, fleet and equipment management, and facilities management; all of which are provided to other departments on a cost-reimbursement basis.

Fiduciary Funds
Trust Funds and Custodial Funds are used to account for assets held by the City as an agent or trustee for individuals, private organizations, and other governments. The City has one custodial fund: the Library Community Facilities District Fund, a fund reporting cash and investments for the District. The financial activities of the fund are excluded from the Government-wide financial statements, and are presented in a separate Fiduciary Fund financial statement.

C. Basis of Accounting
The government-wide, proprietary fund 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 collected within sixty days after year-end. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, lease liabilities, 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 right to use 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 property, sales and use, transient occupancy, franchise and gas taxes, business license taxes, intergovernmental revenues, grants, parking fines and interest revenue. Other fines, licenses and permits, and charges for services are not susceptible to accrual because they are not measurable until collected.

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. 43 212

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Certain indirect costs are included in program expenses reported for individual functions and activities.

D. 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 Government Accounting Standards Board is the acknowledged standard setting body for establishing accounting and financial reporting standards followed by governmental entities in the U.S.A.

These 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 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.

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.

As a general rule the effect of interfund activity has been eliminated from the government-wide financial statements. Exceptions to this general rule are payments-in-lieu of taxes where the amounts are reasonably equivalent in value to the interfund services provided and other charges between the government’s proprietary funds and various other functions of the City.

Elimination of these charges would distort the direct costs and program revenues reported for the various functions concerned.

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.
44 213

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Proprietary fund operating revenues, such as charges for 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 subsidies and investment earnings, result from nonexchange transactions or ancillary activities.

E. Revenue Recognition for Enterprise Funds
Sewer and Storm Drain user fee revenues are placed on the county tax rolls. The County bills customers annually and requires payment prior to year-end. Solid waste revenue is remitted by Recology San Mateo County as part of garbage services. At year-end there were no material uncollected sewer, storm drain, or solid waste user fees.

F. Property Tax
San Mateo County assesses properties, and it bills, collects, and distributes property taxes to the City. The County remits the entire amount levied and handles all delinquencies, retaining interest, and penalties. Secured and unsecured property taxes are levied on January 1 of the preceding fiscal year.

Secured property tax is due in two installments, on November 1 and February 1, and becomes a lien on those dates. It becomes delinquent on December 10 and April 10, respectively.

Unsecured property tax is due on July 1 and becomes delinquent on August 31. Collection of delinquent accounts is the responsibility of the County, which retains all penalties.

The term “unsecured” refers to taxes on personal property other than real estate, land, and buildings. These taxes are secured by liens on the property being taxed. Property tax revenues are recognized by the City in the fiscal year they are assessed provided they become available as defined above, generally within sixty days.

G. Capital Assets
All capital assets are valued at historical cost or estimated historical cost if actual historical cost is not available, except for intangible right to use lease assets, the measurement of which is discussed in Note 10, and intangible right to use subscription assets, the measurement of which is discussed in Note 13. Contributed capital assets are valued at their estimated acquisition value on the date contributed.

The City has recorded all its public domain (infrastructure) capital assets, which include roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems.

Capital assets with limited useful lives and the right to use leased assets are depreciated over their estimated useful lives. The purpose of depreciation is to spread the cost of capital assets equitably among all users over 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. 45 214

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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:

Building and Building Improvements 40 years
Improvements Other than Buildings 25-75 years
Streets and Infrastructure 25-100 years
Machinery and Equipment 5-10 years
Vehicles 5-10 years
Non-infrastructure and infrastructure assets with historical costs exceeding $5,000 and $25,000 respectively are capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.

H. Compensated Absences
Compensated absences comprise unpaid vacation and the vested portion of sick leave, which are accrued as earned. Employee bargaining unit agreements specify the vested portion of unused sick leave, which accumulates and is paid at time of termination of City employment. The City’s liability for compensated absences is recorded in various Governmental funds and Proprietary funds as appropriate. The liability for compensated absences is determined annually. For all governmental funds, amounts expected to be paid due to terminations are recorded as fund liabilities; the long term portion is recorded in the Statement of Net Position.

The changes of the compensated absences were as follows:

Business-Type Activities
Governmental Sewer Storm Solid
Activities Collections Drainage Waste Total
Summary of Activity:

Beginning Balance $2,782,201 $152,858 $65,767 $27,720 $3,028,546 Additions 1,570,029 123,565 57,131 19,436 1,770,161
Retirements (1,488,363) (117,210) (52,896) (18,623) (1,677,092) Ending Balance $2,863,867 $159,213 $70,002 $28,533 $3,121,615 Financial Statement
Presentation:

Due within One Year $1,224,163 $97,831 $47,872 $12,120 $1,381,986 Due in More than One Year 1,639,704 61,382 22,130 16,413 1,739,629 Total Ending Balance $2,863,867 $159,213 $70,002 $28,533 $3,121,615 Compensated absences are liquidated by the fund that has recorded the liability. The long-term portion of governmental activities compensated absences is liquidated primarily by the General Fund.
46 215

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) I. Fair Value Hierarchy
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The fair value hierarchy categorizes the inputs to valuation techniques used to measure fair value into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 inputs are inputs – other than quoted prices included within level 1 – that are observable for an asset or liability, either directly or indirectly.

Level 3 inputs are unobservable inputs for an asset or liability.

If the fair value of an asset or liability is measured using inputs from more than one level of the fair value hierarchy, the measurement is considered to be based on the lowest priority level input that is significant to the entire measurement.

J. Deferred Outflows/Inflows of Resources
In addition to assets, the statement of net position or balance sheet 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 of 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.

K. Estimates and Assumptions
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, liabilities, deferred outflows/inflows of resources and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
47 216

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) L. New and Closed Funds
During fiscal year 2023-24, the City opened the Capital Improvement Projects Capital Projects Fund to manage the costs and funding sources of the City’s capital projects, and closed the SelfFunded Vision Internal Service Fund.

NOTE 2 – BUDGETS AND BUDGETARY ACCOUNTING
The City Manager submits to the City Council a proposed annual operating budget for the ensuing fiscal year. The operating budget includes proposed expenditures and the means of financing them and is subjected to public hearings where comments are obtained for consideration. The Council adopts the budget through passage of a budget resolution at which time the proposed expenditures become appropriations. The budget is effective the following July 1 and may be amended by subsequent resolutions. The City Manager is authorized to transfer appropriations between any departments; however, any revisions, which increase the total appropriations of any fund, must be approved by the Council. Transfers not included in the original budget must be approved by the Finance Director. Where not contractually committed, expenditures may not exceed appropriations at the fund level. Unencumbered operating appropriations lapse at year end, while capital improvement appropriations are carried over to subsequent years until projects are completed. Supplemental appropriations adopted by the Council are included in the budget versus actual statements.

Formal budgetary integration is employed as a management control device. Encumbrance accounting is employed as an extension of formal budgetary integration in all funds. Under encumbrance accounting, purchase orders, contracts and other commitments for the expenditure of monies are recorded in order to reserve that portion of the applicable appropriation.

Encumbrances outstanding at year end do not constitute expenditures or liabilities and are reappropriated in the following year budget. Budget amounts include appropriations, which are formally integrated into the City’s accounting records for all funds. Budgets are adopted on a basis consistent with generally accepted accounting principles (GAAP) for all funds.

Encumbrances outstanding by fund as of June 30, 2024 were as follows:

General Fund $802,680
Development Services
Special Revenue Fund 98,847
29,546
$931,073
Major Governmental Funds:

Total Encumbrances
Non-Major Governmental Funds
48 217

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 3 – CASH AND INVESTMENTS
The City pools cash from all sources and all funds except Cash and Investments held by Trustees so that it can be invested consistent with the principles of safety and liquidity, while individual funds can make expenditures at any time.

A. Policies
California Law requires banks and savings and loan institutions to pledge government securities with a market value of 110% of the City’s cash on deposit, or first trust deed mortgage notes with a market 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 invests 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 their 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.

B. Classification
Cash and investments are classified in the financial statements as shown below, based on whether or not their use is restricted under the terms of City debt instruments or Agency agreements.

Cash and investments as of June 30, 2024 consist of the following:

Statement of Net Position
Cash and investments $154,778,850
Cash and investments with fiscal agent 6,907,580
Fiduciary Funds
Cash and investments 310,443
Cash and investments with fiscal agent 218
Total Cash and Investments $161,997,091
Cash and Investments Available for Operations is used in preparing proprietary fund statements of cash flows because these assets are highly liquid and are expended to liquidate liabilities arising during the year.

As of June 30, 2024, the City holds $5,500,018 in unexpended proceeds from the Sewer Revenue Bonds, Series 2019, which were included in Cash and Investments, but recorded in the Sewer Collections Enterprise Fund. The restricted funds are to be spent on project costs as defined in the underlying indenture.
49 218

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 3 – CASH AND INVESTMENTS (Continued)
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 investment types included in the following schedule, provided the credit ratings of the issuers are acceptable to the City, and approved percentages and maturities are not exceeded. The table below also identifies certain provisions of the California Government Code, or the City’s Investment Policy where the City’s Investment Policy is more restrictive.

Authorized Investment Type
Maximum
Maturity
Minimum Credit
Quality
Maximum % of
Portfolio
Maximum
Investment In One
Issuer
Local Agency Municipal Bonds 5 years None None None
U.S. Treasury Obligations 5 years None None None
State of California and Other State
Obligations 5 years None None None
CA Local Agency Obligations 5 years None None None
U.S. Agency Securities 5 years None None None
Bankers Acceptances 180 days None 40% 30%
Commercial Paper (pooled) 270 days A1 / P1 40% (C)
Commercial Paper (non-pooled) 270 days A1 / P1 25% (C)
Negotiable Certificates of Deposit 5 years None 30% None Non-Negotiable Certificates of Deposit 5 years None None None Placement Service Deposits 5 years None 50% (A) None
Placement Service Certificates of
Deposit 5 years None 50% (A) None
Repurchase Agreements 1 year None None None
Reverse Repurchase Agreements and
Securities Lending Agreements 92 days None
20% of base value
of portfolio None
Medium Term Corporate Notes 5 years A 30% (C)
Mutual Funds N/A
Top rating
category 20% 10%
Money Market Mutual Funds N/A
Top rating
category 20% None
Collateralized Bank Deposits 5 years None None None
Mortgage Pass-Through and AssetBacked Securities 5 years AA 20% None County Pooled Investment Funds N/A None None None
Joint Powers Authority Pool N/A Multiple None None
California Local Agency Investment
Fund N/A None None $75M per account
Voluntary Investment Program Fund N/A None None None
Supranational Obligations (B) 5 years AA 30% None
Public Bank Obligations 5 years None None None
(A) 50% maximum % of portfolio is for deposits and certificates of deposit combined. (B) Only those obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC), and Inter-American Development Bank (IADB) (C) 10% maximum of the outstanding commercial paper and medium term notes of any single issuer. 50 219

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 3 – CASH AND INVESTMENTS (Continued)
D. Investments Authorized by Debt Agreements
The City 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 reserves to be used if the City fails to meet its obligations under these debt issues. The California Government Code requires these funds to be invested in accordance with City resolutions, bond indentures or State statutes. These bond indentures did not disclose limitations for maximum percentage of portfolio and investment in one issuer. The table below identifies the investment types that are authorized for investments held by fiscal agents. The table also identifies certain provisions of these debt agreements:

Authorized Investment Type Maximum Maturity Minimum Credit Quality Local Agency Municipal Bonds N/A Two highest rating categories U.S. Treasury Obligations N/A N/A
State of California Obligations N/A A2/A
CA Local Agency Obligations N/A N/A
U.S. Agency Securities (A) N/A N/A
Bankers Acceptances 1 year A1
Commercial Paper 270 days A-1 +
Short-Term Certificates of Deposit 1 year A-1+
Repurchase Agreements 30 days A, AMoney Market Mutual Funds N/A AA-M Collateralized Bank Deposits N/A N/A
California Local Agency Investment Fund N/A N/A
Unsecured CD's, deposit accounts, time
deposits, bankers acceptances 365 Days A-1+
Special Revenue Bonds N/A AAPrefunded Municipal Obligations N/A AAA FDIC insured deposit N/A N/A
Investment Agreements N/A AAPre Refunded Municipal Obligations N/A Two highest rating categories Cash N/A N/A
(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), Export-Import Bank, Farm Credit System Financial Assistance Corporation, Farmers Home Administration, General Services Administration, United States Maritime Administration, Small Business Administration, Government National Mortgage Association (GNMA), United States Department of Housing & Urban Development (PHA's), the Federal Home Loan Mortgage Corporation (FHLMC) and Federal Housing Administration debentures.

The 2019 Sewer Revenue Bonds also allow investment in Federal Housing Administration debentures.
51 220

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 3 – CASH AND INVESTMENTS (Continued)
E. Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of the City’s investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates.

Information about 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 or earliest call date:
12 Months
Investment Type or less Total
California Local Agency Investment Fund $153,602,839 $153,602,839 Held by Trustees:

Money Market Mutual Funds 1,187,021 1,187,021
U.S. Treasury Notes 5,720,777 5,720,777
Total Investments $160,510,637 160,510,637
Cash in banks and on hand 1,486,454
Total Cash and Investments $161,997,091
F. Local Agency Investment Fund
The City is a participant in the Local Agency Investment Fund (LAIF) that is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California.

The City reports its investment in LAIF at the amortized costs provided by LAIF, which is the same as the value of the pool share. The balance available for withdrawal is based on the accounting records maintained by LAIF, which are recorded on an amortized cost basis. Each regular LAIF account is permitted to have up to 15 transactions per month, with a minimum transaction amount of $5,000, a maximum transaction amount of $75 million and at least 24 hours advance notice for withdrawals of $10 million or more. Bond proceeds accounts are subject to a one-time deposit with no cap and are set up with a monthly draw down schedule. Included in LAIF’s investment portfolio are collateralized mortgage obligations, mortgage-backed securities, other asset-backed securities, loans to certain state funds, and floating rate securities issued by federal agencies, government-sponsored enterprises, United States Treasury Notes and Bills, and corporations. At June 30, 2024, these investments matured in an average of 217 days.

G. Fair Value Hierarchy
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 fair value of the assets. Level 1 inputs are quoted prices in an active market for identical assets; Level 2 inputs are significant other observable inputs; and Level 3 inputs are significant unobservable inputs.
52 221

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 3 – CASH AND INVESTMENTS (Continued)
The following is a summary of the fair value hierarchy of the City’s investments as of June 30, 2024:

Investment Type Level 1
Exempt or
Amortized Cost Total
California Local Agency Investment Fund $153,602,839 $153,602,839 Held by Trustees:

Money Market Mutual Funds 1,187,021 1,187,021
U.S. Treasury Notes $5,720,777 5,720,777
Total Investments $5,720,777 $154,789,860 $160,510,637
U.S. Treasury Notes totaling $5,720,777 classified in Level 1 of the fair value hierarchy are valued using quoted prices in an active market for identical assets. Matrix pricing is used to value securities based on the securities’ relationship to benchmark quoted prices. These prices are obtained from various pricing sources by the custodian bank. As an external investment pool, the Local Agency Investment Fund is exempt from the fair value hierarchy.

H. Credit Risk
Credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. The actual ratings as of June 30, 2024 are provided by Standard and Poor’s except as noted.

Total
Investment Type AAAm Investments
Money Market Mutual Funds $1,187,021 $1,187,021
Not rated:

California Local Agency Investment Fund 153,602,839
Exempt from rating requirement:

U.S. Treasury Notes 5,720,777
Total investments $160,510,637
53 222

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 4 – INTERFUND TRANSACTIONS
A. Transfers Between Funds
The purpose of the majority of transfers is to provide annual subsidiary to the transit fund, which has made an expenditure on behalf of another fund. Less often, a transfer may be made to open or close a fund.

Transfers between funds during the fiscal year ended June 30, 2024 were as follows:

Amount
Fund Receiving Transfer Fund Making Transfer Transferred Non-Major Governmental Funds
Recreation Special Revenue Fund General Fund $793,618 (b) Street Maintenance Special Revenue Fund General Fund 2,500,000 (b) Capital Projects Fund
Capital Improvement Projects General Fund 2,085,548 (a) & (b) Belmont Fire Protection District Special Revenue Fund 103,325 (a) Non-Major Governmental Funds 1,367,254 (a)
Sewer Collections Enterprise Fund 1,509,621 (a)
Storm Drainage Enterprise Fund 287,739 (a)
Fleet and Equipment Management Internal Service Fund 71,766 (a) Facilities Management Internal Service Fund 86,835 (a)
Enterprise Fund
Storm Drainage Sewer Collections Enterprise Fund 287,740 (a) Internal Service Fund
Facilities Management Fleet and Equipment Management Internal Service Fund 422,436 (b) $9,515,882
The purpose of the significant transfers that were not routine in nature or consistent with activities of the fund making the transfers is set forth below:
(a) Transfer to fund capital projects.
(b) To fund operations and achieve targeted fund balances.

B. Current Interfund Balances
Current interfund balances arise in the normal course of business and are expected to be repaid shortly after at the end of the fiscal year. The Storm Drainage Enterprise Fund owed the General Fund $239,176 as of June 30, 2024.
54 223

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 5 – NOTES RECEIVABLE
These notes are summarized below:

Project Amount
Mid-Peninsula Horizons, Inc. $246,735
Home Buyer Assistance Program 228,250
Firehouse Square 3,238,047
ROEM Family Apartments 3,526,178
Total notes receivable $7,239,210
The former Belmont Redevelopment Agency (Agency) entered into the loan programs below to improve the quality of housing and to increase the availability of affordable housing. With the dissolution of the former Redevelopment Agency, the City elected to become the successor to the former Agency’s housing activities and as a result assumed the loans receivable as of February 1, 2012.

On September 30, 1992 the former Agency made a loan to Mid-Peninsula Horizons, Inc., a nonprofit corporation, to assist in financing an affordable housing project. The Agency loan is secured by a second deed of trust. The loan bears interest at one percent per annum and is due along with interest in 2039 or the date the project is no longer subject to a related regulatory agreement with HUD, whichever is later.

In fiscal year 1999, the former Agency began providing financial assistance for first time home buyers through the Home Buyer Assistance Program. Loans provide down payment assistance to qualified home buyers in Belmont. Loans are long-term low interest loans for down payments on the purchase of single-family residences, town homes, or condominiums. Loans are secured by a deed of trust.

On October 22, 2019 the City approved Development Agreements with MP Firehouse Square Associates, L.P., and Belmont Firehouse Square LLC for the construction of a new four-story, mixed-use residential/commercial building consisting of 65 affordable rental apartment units, a manager's unit, amenity space, a community room, and 3,748 square feet of retail and commercial space; and a 15-unit market rate for sale townhome component. The project site is located on City-owned property at 1300 El Camino Real and 875 O'Neill Avenue that was to be sold to the developer for $2,616,150. The City had committed to loan the Developer up to $5,598,000, comprised of the Predevelopment Component ($316,000), the Construction Component ($2,000,000) and the Construction Contingency Amount ($2,598,000). On July 14, 2020, the City amended the terms of the Development Agreements to instead ground lease the property to the Developer for a period of seventy (70) years at the rate of one dollar ($1.00) per year, paid annually, and reduce the project funding to a predevelopment loan of up to $1,000,000, a construction loan of up to $1,150,000, and a grant of $1,000,000. Total potential costs to the City will not exceed $5,648,000. During the year ended June 30, 2020, the developer drew down $1,000,000 of the predevelopment loan, and during the year ended June 30, 2021, the developer drew down the construction loan of $1,150,000 and the grant of $1,000,000. 55 224

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 5 – NOTES RECEIVABLE (Continued)
The loans bear simple interest at three percent per annum and is payable from residual receipts as defined in the Agreement and is due upon the earliest of the transfer of the project or the developer’s interest in the property in a manner that is not approved by the City, the occurrence of a Developer event of default, or 70 years from the date of the promissory note or August 2090.

The balance of the loans as of June 30, 2024, including accrued interest, was $2,415,973.

In August 2021, the City and Belmont Firehouse Square, LLC entered into an amended and restated Development Agreement that includes selling property for its appraised value of $4,800,000 for phase 2 of the project, which includes the 15-unit market rate for sale townhomes.

In June 2022, the Agreement was assigned to Belmont Firehouse Square Property, LLC. On June 30, 2022 the City and Belmont Firehouse Square Property, LLC, closed the sale of phase 2 of the Firehouse Square project. Per the Amended and Restated Development Agreement, the developer paid the City $1,000,000 at close of escrow; the balance of the sales price of $3,800,000 was funded by a loan from the City's affordable housing funds. The loan is secured by a promissory note and deed of trust on the property. Prior to or concurrently with the sale of each townhome unit in the project, the Developer is required to pay the City in cash an amount equal to the then outstanding indebtedness under the Promissory Note divided by the number of unsold townhome units existing immediately prior to the sale of such townhome unit, which will be credited to the outstanding balance of the loan. The loan bears compound interest at four percent per month and is payable no later than December 31, 2024. The balance of the loan as of June 30, 2024 was $822,074.

On April 10, 2024, the City approved development agreements with Belmont Family Apartments, LP (Developer) for the construction of a 125-unit multi-family affordable housing development, spanning 1.46 acres located at 800-803 Belmont Avenue. The City committed to loan the Developer up to $3,500,000 to finance the acquisition and development of the property. The balance of the loan as of June 30, 2024 was $3,526,178.

NOTE 6 – LAND HELD FOR RESALE
The City purchased parcels of land as part of efforts to develop or redevelop properties. Land held for resale is carried in the financial statements at the lower of cost or estimated net realizable value.

With the dissolution of the Redevelopment Agency in fiscal year 2012, the City elected to assume housing activities as the Housing Successor, and the land held for resale was transferred to the Affordable Housing Special Revenue Fund on February 1, 2012. 56 225

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 7 – CAPITAL ASSETS
A. Capital Asset Additions and Retirements
Capital assets at June 30 comprise:

Balance Balance
June 30, 2023 Additions Retirements June 30, 2024
Governmental Activities
Capital assets not being depreciated:

Land $13,010,328 $13,010,328
Construction in progress 1,330,242 $2,486,816 3,817,058 Total capital assets not being depreciated 14,340,570 2,486,816 16,827,386 Capital assets being depreciated:

Buildings and building improvements 37,986,357 37,986,357 Improvements other than buildings 5,603,220 5,603,220
Streets and infrastructure 78,577,820 1,681,650 80,259,470 Machinery and equipment 7,312,684 312,927 7,625,611
Vehicles 5,032,903 259,140 ($119,229) 5,172,814
Subscription assets 553,087 221,025 774,112
Total capital assets being depreciated 135,066,071 2,474,742 (119,229) 137,421,584 Less accumulated depreciation for:

Buildings and building improvements 19,707,910 897,125 20,605,035 Improvements other than buildings 2,397,540 240,926 2,638,466 Streets and infrastructure 30,963,734 1,852,216 32,815,950 Machinery and equipment 6,568,151 400,906 6,969,057
Vehicles 4,128,954 358,617 (119,229) 4,368,342
Subscription assets 197,067 270,743 467,810
Total accumulated depreciation 63,963,356 4,020,533 (119,229) 67,864,660 Net depreciable assets 71,102,715 (1,545,791) 69,556,924 Governmental activities capital assets, net $85,443,285 $941,025 $86,384,310 57 226

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 7 – CAPITAL ASSETS (Continued)
Beginning July 1, 2023, the City created a new Capital Improvements Projects Capital Projects Fund to receive all capital-related funding from all City funds, including Enterprise Funds. This fund is used to manage and pay all capital-related costs for the City’s capital improvement plan. At yearend, any construction in progress and capitalized asset balances are transferred to the appropriate Enterprise Funds. The table above shows balances net of Business-Type Activities (the amounts transferred to Enterprise Funds). At June 30, 2024, the Governmental Activities transferred $693,327 of construction in progress, and $1,499,634 in capitalized improvements, for total of $2,192,961, to the Sewer Collections Enterprise Fund.

Balance Balance
June 30, 2023 Additions Transfers June 30, 2024
Business-type activities
Capital assets not being depreciated:

Land $14,793 $14,793
Construction in progress 649,321 $693,327 ($708,295) 634,353 Total capital assets not being depreciated 664,114 693,327 (708,295) 649,146 Capital assets being depreciated:

Improvements other than buildings 56,041,834 1,499,634 708,295 58,249,763 Machinery and equipment 326,766 326,766
Total capital assets being depreciated 56,368,600 1,499,634 708,295 58,576,529 Less accumulated depreciation
Improvements other than buildings 23,732,126 2,046,950 25,779,076 Machinery and equipment 320,126 1,971 322,097
Total accumulated depreciation 24,052,252 2,048,921 26,101,173 Net depreciable assets 32,316,348 (549,287) 708,295 32,475,356 Business-type activities capital assets, net $32,980,462 $144,040 $33,124,502 Additions in the table above reflect the $2,192,961 transferred from Governmental Activities.

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 required to be accounted for as revenues at the time the capital assets are acquired. 58 227

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 7 – CAPITAL ASSETS (Continued)
C. Depreciation Allocation
Depreciation expense is charged to functions and programs based on their usage of the related assets. The amounts allocated to each function or program are as follows:

Governmental Activities
General Government $1,117,525
Public Safety 88,895
Highways and Streets 1,537,946
Culture and Recreation 314,271
Depreciation Charges to Internal Service Funds 961,896
Total Governmental Activities $4,020,533
Business-Type Activities
Sewer Collections $1,807,282
Storm Drainage 241,639
Total Business-Type Activities $2,048,921
NOTE 8 – 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 related debt.

This debt will be repaid only out of governmental funds but is not accounted for in these funds because this debt does not require an appropriation or expenditure in this accounting period.

Proprietary Fund (Enterprise) long-term debt is accounted for in the proprietary funds, which will repay the debt because these funds are accounted for on the full-accrual basis in a similar manner to commercial operations.

The City’s debt issues and transactions are summarized below and discussed in detail thereafter. 59 228

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 8 – LONG TERM DEBT (Continued)
A. Current Year Transactions and Balances
Balance as of June 30, 2024
Balance Due Within Due Beyond
June 30, 2023 Retirements One Year One Year

GOVERNMENTAL ACTIVITIES DEBT
Lease Financing
2019 San Mateo County
2%, due 2029 $4,027,260 $584,023 $596,729 $2,846,508
Total Governmental Activities Debt 4,027,260 584,023 596,729 2,846,508

BUSINESS-TYPE ACTIVITIES DEBT
Bonds:
2016 Sewer Revenue Refunding Bonds

2.00%-5.00%, due serially to 2035 6,730,000 525,000 555,000 5,650,000 Premium 594,095 76,657 517,438
2016 Sewer Revenue Bonds

2.00%-5.00%, due serially to 2046 15,510,000 115,000 120,000 15,275,000 Premium 32,212 4,158 28,054
2018 Sewer Treatment Revenue Bonds
5%, due serially to 2048 20,115,000 395,000 415,000 19,305,000 Premium 2,637,835 105,513 2,532,322
2019 Sewer Revenue Bonds
5%, due serially to 2049 16,370,000 300,000 315,000 15,755,000 Premium 3,760,779 141,915 3,618,864
Subtotal Bonds 65,749,921 1,663,243 1,405,000 62,681,678 Direct Placement:

2.15%, due serially to 2033 5,088,000 1,346,000 725,000 3,017,000 Total Business-Type Activities Debt 70,837,921 3,009,243 2,130,000 65,698,678 Total Long-Term Obligations $74,865,181 $3,593,266 $2,726,729 $68,545,186 2022 Sewer Treatment Revenue
Refunding Obligations
B. 2019 San Mateo County Lease Agreement
On December 18, 2019, the City entered into Lease and Sublease Agreements with the County of San Mateo under which the City leased the Belmont Sports Complex & Conference Center to the County for which the County made a one-time up-front lease payment to the City in the amount of $6,000,000. Simultaneously, the City will sublease back from the County with annual rental payments over a lease term of 10 years, at a fixed interest rate of 2% per year. The Sublease is secured by the Belmont Sports Complex and the funds are to be used for turf replacement. The Sublease is repayable in semi-annual payments of $334,000 beginning April 15, 2020 through December 15, 2029. While the pledge of repayment is from the General Fund, repayment will be made from Planned Park (Quimby/Park In Lieu) and Park Impact Fees. To terminate the Sublease after having fully paid all installment payments through and including the year seven payment, the City may make a one-time, lumpsum payment to the County of $1,926,013.
60 229

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 8 – LONG TERM DEBT (Continued)
C. Summary of Sewer Debt Issues
On October 1, 2018, the Authority issued $21,385,000 in Sewer Treatment Facility Revenue Bonds, Series 2018. Proceeds will be used to finance certain improvements to the Silicon Valley Clean Water’s sewer treatment facility. Interest is due semiannually on February 1 and August 1 and principal is due annually on August 1 and is payable on parity with the 2009A bonds solely from Sewer Treatment Facility Revenues. Interest on the Bonds commenced August 1, 2019.

The bond covenants contain events of default that require the revenue of the City to be applied by the Trustee as specified in the terms of the agreement if any of the following conditions occur: default on debt service payments; the failure of the City to observe or perform the conditions, covenants, or agreement terms of the debt; or bankruptcy filing by the City. There were no such events during the fiscal year ending June 30, 2024.

On April 29. 2022, the Authority issued $6,408,000 principal amount of 2022 Sewer Treatment Facilities Revenue Refunding Obligations. Proceeds from the Installment Purchase Agreement were used to refund the Sewer Treatment Facility Revenue Bonds, Series 2009A. Interest is due semiannually on February 1 and August 1 and principal is due annual on August 1 and is payable solely from Sewer Treatment Facility Revenues. The Agreement is on parity with the Series 2018 Bonds. Principal and interest payments on the Agreement commence on August 1, 2022 and continue through 2033. The Agreement contains events of default that allow the Authority to declare all principal and accrued interest to be immediately due and payable if any of the following conditions occur: default on debt service payments; failure of the City to observe or perform the conditions, covenants or agreement terms of the Agreement; or bankruptcy filing by the City. There were no such events during the fiscal year ending June 30, 2024. The 2009A Bonds were called on May 27, 2022.

The pledge of future Sewer Treatment Facility charges ends upon repayment of $41,333,247 in remaining debt service on the 2018 Bonds and 2022 Obligations which is scheduled to occur in 2048. For fiscal year 2024, Sewer Treatment Facility Revenues amounted to $3,147,629 and debt service was $2,540,713.

On March 2016, the Authority issued $9,945,000 in Sewer Revenue Refunding Bonds, Series 2016 and $16,120,000 in Sewer Revenue Bonds, Series 2016 with interest rates ranging from

3.0% to 5.0% and 2.0% to 5.0% respectively. The $11,094,848 in net proceeds (including a $1,149,848 premium and after payment of $104,670 in underwriting fees and other issuance costs) of the Sewer Revenue Refunding Bonds, Series 2016, were used to refund $10,830,000 of outstanding 2001 and 2006 Series Sewer Revenue Bonds which had interest rates ranging from

4.375% to 5.00% and 4.00% to 4.375% respectively. The net proceeds of $15,182,357 from the Sewer Revenue Bonds, Series 2016 (including a $62,357 premium and after payment of $169,662 in underwriting fees and other issuance costs) will be used to finance improvements to the City’s sewer system.
61 230

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 8 – LONG TERM DEBT (Continued)
The 2016 Revenue Bonds are general obligations of the City, payable solely from System Revenues and all amounts on deposit in the System Revenue Fund collected by the City of Belmont. The bond covenants contain events of default that require the revenue of the City to be applied by the Trustee as specified in the terms of the agreement if the following conditions occur: default on debt service payments. There were no such events during the fiscal year ending June 30, 2024.

On November 20, 2019, the Authority issued $17,095,000 principal amount of Sewer Revenue Bonds, Series 2019. Proceeds will be used to finance certain improvements to the sewer collection, conveyance and treatment system of the City. Interest is due semiannually on February 1 and August 1, commencing February 1, 2020 and principal is due annually on August

1. The Bonds are payable on parity with the 2016 bonds, solely from System Revenues and all amounts on deposit in the System Revenue Fund collected by the City. The Bonds are structured with a par optional redemption date of August 1, 2029. The bond covenants contain events of default that require the revenue of the City to be applied by the Trustee as specified in the terms of the agreement if the following conditions occur: default on debt service payments.

There were no such events during the fiscal year ending June 30, 2024.

The pledge of future Sewer Collections Fund Revenues ends upon repayment of $61,401,534 in remaining debt service on the 2016 Sewer Revenue Refunding Bonds, 2016 Sewer Revenue Bonds and 2019 Sewer Revenue Bonds, which is scheduled to occur in 2049. For fiscal year 2024, Sewer Fund Revenues, excluding sewer treatment facility revenue, including operating revenues, but not connection charges or non-operating interest earnings, amounted to $15,145,133 and operating costs including operating expenses, but not interest, depreciation or amortization amounted to $13,648,103. Net revenues available for debt service amounted to $13,392,304 and debt service was $2,484,446.

D. Debt Service Requirements
Annual debt service requirements are shown below for all long-term debt with specified repayment terms:

Business-Type Activities
For the Year Ending Lease Financing Bonds Direct Placement June 30 Principal Interest Principal Interest Principal Interest 2025 $596,729 $71,271 $1,405,000 $2,471,820 $725,000 $72,660 2026 609,489 58,511 1,470,000 2,399,946 740,000 56,911
2027 622,522 45,478 1,545,000 2,324,572 757,000 40,818
2028 635,757 32,243 1,625,000 2,257,021 304,000 29,412
2029 649,427 18,573 1,675,000 2,198,146 314,000 22,769
2030 - 2034 329,313 4,686 9,445,000 9,891,137 902,000 49,129 2035 - 2039 11,605,000 7,705,031
2040 - 2044 14,240,000 4,994,671
2045 - 2049 13,315,000 1,745,869
2050 - 2051 1,065,000 26,625
Total $3,443,237 $230,762 $57,390,000 $36,014,838 $3,742,000 $271,699 Governmental Activities
62 231

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 8 – LONG TERM DEBT (Continued)
E. Special Assessment Debt With No City Commitment
On February 4, 2004, the Community Facilities District No. 2000-1 issued Special Tax Bonds, Series 2004A for $8,650,000 to finance the construction, maintenance and building operations of a new library. The City has no legal or moral liability with respect to the payment of this debt, which is secured by proceeds of an annual special tax levy received by the District. Therefore, this debt is not included in the long-term debt of the City. As of June 30, 2024, the outstanding balance was $3,625,000.

Pursuant to the terms of the underlying indenture for the Special Tax Bonds, the Trustee holds a Surety Bond issued by AMBAC Assurance Corporation as a debt service reserve for the Bonds.

During fiscal 2010-11, AMBAC declared bankruptcy. As of the date of this report, the Trustee had not requested, and the District had not obtained, a replacement surety bond.

NOTE 9 – 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, if any, over all its liabilities and deferred inflows, if any, regardless of fund. Net Position is divided into three captions. These captions apply only to Net Position, which is determined only at 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 redevelopment funds restricted to low and moderate income housing purposes.

Unrestricted describes the portion of Net Position which is not restricted to use. 63 232

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 9 – NET POSITION AND FUND BALANCES (Continued)
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 generally accepted accounting principles which require the City to classify its fund balances based on 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 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 resale 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. Nonspendable amounts subject to restrictions are included along with spendable resources.

Committed fund balances have constraints imposed by resolution of the City Council which may be altered only by resolution of the City Council. Nonspendable amounts subject to council commitments are included along with spendable resources.

Assigned fund balances are amounts constrained by the City’s intent to be used for a specific purpose, but are neither restricted nor committed. Intent is expressed by the City Council or its designee 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 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.
64 233

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 9 – NET POSITION AND FUND BALANCES (Continued)
Detailed classifications of the City’s fund balances, as of June 30, 2024, are below:

Belmont
Fire Capital Other
General Protection Development Improvement Governmental Fund Balance Classifications Fund District Services Projects Funds Total Nonspendables:

Items not in spendable form:

Prepaids $450,236 $1,879,873 $2,330,109
Land held for resale 298,748 298,748
Total Nonspendable Fund Balances 748,984 1,879,873 2,628,857 Restricted for:

Qualified Capital Outlay 2,178,855 3,664,562 5,843,417
Transportation and
Street Maintenance $7,193,436 7,193,436
Belmont Fire Protection District 20,337,370 20,337,370
Special Revenue Programs:

Recreation 397,360 397,360
Library Maintenance & Operations 777,132 777,132
City Trees 252,309 252,309
Athletic Field Maintenance 390,962 390,962
Senior Donations 95,990 95,990
Public Art 420,235 420,235
Affordable Housing 9,310,648 9,310,648
Public Safety 70,826 70,826
Capital Projects $3,292,421 2,185,158 5,477,579
Special Assessment District 327,550 327,550
Total Restricted Fund Balances 2,178,855 24,001,932 3,292,421 21,421,606 50,894,814 Committed to:

Measure I Infrastructure 2,285,493 2,285,493
Special Revenue Programs:

Development Services $2,019,687 2,019,687
General Plan Maintenance 1,491,649 1,491,649
Public Safety 35,263 35,263
Total Committed Fund Balances 2,285,493 2,019,687 1,526,912 5,832,092 Assigned to:

Capital Projects 3,014,857 3,014,857
Total Assigned Fund Balances 3,014,857 3,014,857
Unassigned 30,253,785 30,253,785
Total Unassigned Fund Balances 30,253,785 30,253,785
Total Fund Balances $35,467,117 $25,881,805 $2,019,687 $3,292,421 $25,963,375 $92,624,405 C. Minimum Fund Balance Policies
The City Council has established a policy with adoption of the annual budget that the General Fund balance should be maintained at a target of 33% of operating expenditures with a $5,000,000 minimum. In addition, the City Council has established a $250,000 Contingency appropriation which may be used to pay for an emergency or an uncertain occurrence. The use of contingency funds requires City Council approval. As of June 30, 2024, the City is in compliance with its minimum fund balance policies.
65 234

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 9 – NET POSITION AND FUND BALANCES (Continued)
D. Net Position and Fund Balance Restricted for Qualified Capital Outlay The City established Reserves for Qualified Capital Outlay in the General Fund and in the Belmont Fire Protection District Special Revenue Fund and transferred $4,947,325 and $3,767,887, respectively, into the reserves amounts from fiscal year 2024 necessary to ensure compliance with State Gann Limit provisions. These funds are to be used solely to pay for Gann Limit excludable capital expenditures. To qualify, they must be for assets with a value greater than $100,000 and a useful life of at least 10 years.

During fiscal year ended June 30, 2024, qualified capital expenditures of $2,768,470 and $103,325 were incurred by the City and District, respectively, leaving remaining restricted balances of $2,178,855 and $3,664,562 at year-end.

E. Belmont Fire Protection District
The District established a $12,750,000 reserve of fund balance for the future replacement of a fire station. The reservation is included in the Belmont Fire Protection District Special Revenue Fund’s restricted fund balance.

F. Net Investment In Capital Assets
The balances related to Net Investment in Capital Assets are comprised of the following as of June 30, 2024:

Governmental Business-Type
Activities Activities Total
Capital Assets, Net of Accumulated Depreciation $86,384,310 $33,124,502 $119,508,812 Less Capital Debt (3,751,730) (41,834,356) (45,586,086) Plus Unspent Bond Proceeds 402,294 8,997,703 9,399,997
Net Investment in Capital Assets $83,034,874 $287,849 $83,322,723 66 235

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 10 – LEASES
A. Policies
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 receivable or liabilities with an initial, individual value of $100,000 or more, based on the future lease payments remaining at the start of the lease.

Lessee – The City does not have any noncancellable leases of nonfinancial assets as of June 30, 2022, other than the financed purchase discussed in Note 8. If there were such leases outstanding, the City would recognize a lease liability and an intangible right-to-use lease asset (lease asset) in the government-wide financial statements.

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, plus certain initial direct costs. Subsequently, 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 noncancellable period of the lease. • Lease payments included in the measurement of the lease liability are composed of fixed payments and purchase option price 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 and lease liabilities are reported with longterm debt on the statement of net position.

Lessor – The City is a lessor for noncancellable leases of buildings and facilities. The City recognizes a lease receivable and a deferred inflow of resources in the government-wide and fund financial statements.
67 236

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 10 – LEASES (Continued)
At the commencement of a lease, the City initially measures the lease receivable at 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 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 include how the City determines (1) the discount rate it uses to discount the expected lease receipts to present value, (2) lease term, and (3) lease receipts as follows:
• The City uses its estimated incremental borrowing rate as the discount rate for leases. • The lease term includes the noncancellable period of the lease. • Lease receipts included in the measurement of the lease receivable is 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.

B. Leases Receivable
The balances related to leases receivable and deferred inflows of resources as of June 30, 2024 were:

Lease Deferred Inflows
Receivable of Resources
Governmental Activities
Leases Receivable (Lessor)
1070 Sixth Avenue Rentals $266,975 $246,937
Facilities Rentals 725,501 660,477
Billboard Lease 4,831,678 4,430,107
Airspace Lease 1,680,591 1,616,789
Total governmental activities leases receivable $7,504,745 $6,954,310 68 237

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 10 – LEASES (Continued)
The City’s leases receivable and transactions are summarized below and discussed in detail thereafter.

Balance Balance
June 30, 2023 Retirements June 30, 2024
Governmental Activities
Leases Receivable (Lessor)
1070 Sixth Avenue Rentals $343,000 $76,025 $266,975
Facilities Rentals 866,421 140,920 725,501
Billboard Lease 4,896,183 64,505 4,831,678
Airspace Lease 1,766,238 85,647 1,680,591
Total governmental activities leases receivable $7,871,842 $367,097 $7,504,745 1070 Sixth Avenue Rentals – The City leases office space attached to City Hall to third parties.

During the year ended June 30, 2024, of the three office space leases, the City had two leases that were subject to being recorded as leases receivable under generally accepted accounting principles. The original lease terms were just over five years each and as of June 30, 2024, the two leases had three years remaining. The leases can be renewed for one additional five year term upon written notice of the tenant. The City recognized $83,397 in lease revenue and $7,372 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.

Facilities Rentals – The City leases various facilities to third parties. During the year ended June 30, 2024, the City had three leases, with original lease terms ranging from ten to thirty years and as of June 30, 2024, the leases had 2.5 to 8 years remaining. The City recognized $164,999 in lease revenue and $24,079 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.

Billboard Lease – The City leases billboard space to a third party. The original term of the lease was thirty years and as of June 30, 2024, the lease had 23 years remaining. The rent is based on a minimum annual guaranteed payment, paid on a monthly basis, which increases 3% per year.

In addition, the City receives a percentage rent if that amount exceeds the minimum annual guaranteed payment. The City recognized $210,526 in lease revenue and $146,021 in interest revenue during the current fiscal year related to this lease. Also, the City has deferred inflows of resources associated with this lease that will be recognized as revenue over the lease term.

Airspace Lease – The City leases airspace to a third party. The original term of the lease was twenty years, but the most recent amendment in October 2019 extended the lease term for ten years, with two five year options. As of June 30, 2024, the City determined that the remaining lease term is sixteen years. The City recognized $137,462 in lease revenue and $51,816 in interest revenue during the current fiscal year related to this lease. Also, the City has deferred inflows of resources associated with this lease that will be recognized as revenue over the lease term.
69 238

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 11 – PENSION PLAN
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 Plan and additions to/deductions from the Plan fiduciary net position have been determined on the same basis as they are reported by the CalPERS Financial Office. For this purpose, benefit payments (including refunds of employee contributions) are recognized when currently due and payable in accordance with the benefit terms. Investments are reported at fair value.

A. General Information about the Pension Plan
Plan Description – All qualified employees are eligible to participate in the City’s separate Safety (Police and Fire) and Miscellaneous (all other) Employee Pension Rate Plans. The City’s Miscellaneous and Safety Rate Plans are part of the public agency cost-sharing multipleemployer defined benefit pension plan (PERF C), which is administered by the California Public Employees’ Retirement System (CalPERS). PERF C consists of a miscellaneous pool and a safety pool (also referred to as “risk pools”), which are comprised of individual employer miscellaneous and safety rate plans, respectively. Individual employers may sponsor more than one miscellaneous and safety rate plan. The employer participates in one cost-sharing multipleemployer defined benefit pension plan, regardless of the number of rate plans the employer sponsors. The City sponsors six rate plans and the District sponsors three rate plans as follows:
• City Miscellaneous (Tier 1)
• City Miscellaneous (Tier 2)
• City Miscellaneous (Tier 3)
• City Safety (Tier 1)
• City Safety (Tier 2)
• City Safety (Tier 3)
• District Safety (Tier 1)
• District Safety (Tier 2)
• District Safety (Tier 3)
The Plan is administered by the California Public Employees’ Retirement System (CalPERS).

Benefit provisions under the Plan are established by State statute and City resolution. CalPERS issues publicly available reports that include a full description of the pension plan regarding benefit provisions, assumptions and membership information that can be found on the CalPERS website (www.calpers.ca.gov.)
With the transfer of the District’s personnel to the San Mateo Consolidated Fire Department Joint Powers Authority in January 2019 discussed in Note 15A, the District’s Safety Plan is closed to new entrants.
70 239

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 11 – PENSION PLAN (Continued)
Benefits Provided – CalPERS provides service 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 1959 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost of living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law.

The Plan’s provisions and benefits in effect at June 30, 2024 are summarized as follows:

Tier 1 Tier 2 Tier 3
Hire date
Prior to
August 1, 2012 (1)
On or after
August 1, 2012 (1)
On or after
January 1, 2013
Benefit formula 2% @ 55 2% @ 55 2% @ 62
Benefit vesting schedule 5 years service 5 years service 5 years service Benefit payments monthly for life monthly for life monthly for life Final Average Compensation Period One Year Three Year Three Year Retirement age 50 - 67 50 - 67 52 - 67
Monthly benefits, as a % of eligible compensation 1.426% to 2.418% 1.426% to 2.418% 1.0% to 2.5% Required employee contribution rates 7.0% 7.0% 8.0%
Required employer contribution rates (normal cost) 12.76% 12.13% 7.75% Tier 1 Tier 2 Tier 3
Hire date
Prior to
October 1, 2011
On or after
October 1, 2011
On or after
January 1, 2013
Benefit formula 3% @ 50 3% @ 55 2.7% @ 57
Benefit vesting schedule 5 years service 5 years service 5 years service Benefit payments monthly for life monthly for life monthly for life Final Average Compensation Period One Year Three Year Three Year Retirement age 50 50 - 55 50 - 57
Monthly benefits, as a % of eligible compensation 3.0% 2.4% to 3.0% 2.0% to 2.7% Required employee contribution rates 9.0% 9.0% 13.75%
Required employer contribution rates (normal cost) 27.11% 22.83% 13.54% District Safety Rate Plans
Tier 1 Tier 2 Tier 3
Hire date
Prior to January 1,
2012
On or after
January 1, 2012
On or after
January 1, 2013
Benefit formula 3% @ 55 2% @ 50 2.7% @ 57
Benefit vesting schedule 5 years service 5 years service 5 years service Benefit payments monthly for life monthly for life monthly for life Final Average Compensation Period Three Year Three Year Three Year Retirement age 50 - 55 50 - 55 50 - 57
Monthly benefits, as a % of eligible compensation 2.4% to 3.0% 2.0% to 2.7% 2.0% to 2.7% Required employee contribution rates 0.0% 0.0% 0.0%
Required employer contribution rates (normal cost) 0.0% 0.0% 0.0% City Safety Rate Plans
City Miscellaneous Rate Plans
(1) For unrepresented employees, the hire date that determines the level of benefits is December 28, 2012. (2) The District’s Safety Plan has no active participants as of January 2019. 71 240

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 11 – PENSION PLAN (Continued)
Beginning in fiscal year 2016, CalPERS collects employer contributions for the Plan 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. The dollar amounts are billed on a monthly basis or may be paid in a lump sum at a discount. The City’s and District’s required contributions for the unfunded liability were $3,140,065 and $0, respectively, in fiscal year 2024, which were made under the lump sum option.

Contributions – Section 20814(c) of the California Public Employees’ Retirement Law requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate.

Funding contributions for the Plan are determined annually on an actuarial basis as of June 30 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 rate of employees. Employer contribution rates may change if plan contracts are amended. Payments made by the employer to satisfy contribution requirements that are identified by the pension plan terms as plan member contribution requirements are classified as plan member contributions.

For the year ended June 30, 2024, the contributions recognized as part of pension expense for the Plan were as follows:

Safety Miscellaneous Total
Contributions - employer $2,349,364 $3,127,399 $5,476,763 During fiscal year 2024, the City made additional contributions to reduce the unfunded liability balances in the Safety and Miscellaneous rate plans in the amounts of $142,134 and $157,441, respectively, which are Included in the contribution amounts above.

B. Pension Liabilities, Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions
As of June 30, 2024, the City reported the collective net pension liabilities for its proportionate shares of the net pension liability of the Plan as follows:

Share of Net
Pension Liability
Safety Rate Plans $23,397,013
Miscellaneous Rate Plans 25,515,891
Total Net Pension Liability $48,912,904
72 241

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 11 – PENSION PLAN (Continued)
Pension liabilities are liquidated by the fund that has recorded the liability. The long-term portion of governmental activities net pension liabilities is liquidated primarily by the General Fund and the Belmont Fire Protection District Special Revenue Fund.

The City’s net pension liability for the Plan is measured as the proportionate share of the net pension liability. The net pension liability of the Plan is measured as of June 30, 2023, and the total pension liability for the Plan used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2022, rolled forward to June 30, 2023 using standard update procedures. The City’s proportion of the net pension liability was based on a projection of the City’s long-term share of contributions to the pension plan relative to the projected contributions of all participating employers, actuarially determined. The City’s proportionate share of the net pension liability for the Plan as of June 30, 2022 and 2023 was as follows:

Safety Miscellaneous
Proportion - June 30, 2022 0.32% 0.51%
Proportion - June 30, 2023 0.31% 0.51%
Change - Increase (Decrease) -0.01% 0.00%
For the year ended June 30, 2024, the City recognized pension expense of $7,886,505. On June 30, 2024, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

Deferred Outflows Deferred Inflows
of Resources of Resources
Pension contributions subsequent to measurement date $5,476,763 Differences between actual and expected experience 3,021,263 ($349,262) Changes in assumptions 2,905,990
Net differences between projected and actual earnings on plan investments 7,333,127
Change in proportion and differences between actual
contributions and proportionate share of
contributions 699,179 (2,146,551)
Total $19,436,322 ($2,495,813)
$5,476,763 reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended June 30, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense (credits) as follows:

Year Ended Annual
June 30 Amortization
2025 $3,235,645
2026 2,288,418
2027 5,731,769
2028 207,914
Total $11,463,746
73 242

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 11 – PENSION PLAN (Continued)
Actuarial Assumptions – For the measurement period ended June 30, 2023, the total pension liability was determined by rolling forward the June 30, 2022 total pension liability. The June 30, 2022 total pension liability was based on the following actuarial methods and assumptions:

Valuation Date June 30, 2022
Measurement Date June 30, 2023
Actuarial Cost Method Entry-Age Normal Cost Method
Actuarial Assumptions:

Discount Rate 6.90%
Inflation 2.30%
Salary Increases Varies by entry age and service
Mortality Derived using CalPERS’ membership data for all funds (1) Post Retirement Benefit Increase
(1) 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 lesser of contract COLA or 2.30% until Purchasing Power Protection Allowance floor on purchasing power applies, 2.30% thereafter
The underlying mortality assumptions and all other actuarial assumptions used in the June 30, 2022 valuation were based on the results of a November 2021 actuarial experience study for the period 2001 to 2019. Further details of the Experience Study can be found on the CalPERS website.

Discount Rate – The discount rate used to measure the total pension liability for the Plan was

6.90%. The projection of cash flows used to determine the discount rate for the Plan assumed that contributions from all plan members in the Public Employees Retirement Fund (PERF) will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. 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.

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, CalPERS took into account both shortterm and long-term market return expectations. Using historical returns of all the funds’ asset classes, expected compound returns were calculated over the next 20 years using a buildingblock approach. The expected rate of return was then adjusted to account for assumed administrative expenses of 10 basis points.
74 243

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 11 – PENSION PLAN (Continued)
The expected real rates of return by asset class are as follows:

Asset Class (a)
Assumed
Asset
Allocation
Real Return
Years 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%
(b) Figures are based on the 2021 Asset Liability Management Study. (a) An expected inflation of 2.30% used for this period.

Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate – The following presents the City’s proportionate share of the net pension liability for the Plan, calculated using the discount rate for the Plan, as well as what the City’s proportionate share of 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:

Discount Rate
1% Decrease Current 1% Increase

5.90% 6.90% 7.90%
Safety $35,065,375 $23,397,013 $13,857,296
Miscellaneous 38,268,922 25,515,891 15,019,051
Total $73,334,297 $48,912,904 $28,876,347
75 244

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 12 – OTHER POST EMPLOYMENT BENEFITS
A. General Information about the City’s Other Post Employment Benefit (OPEB) Plans By resolution and through agreements with its labor units, the City and District provide certain health care benefits for retired employees (spouse and dependents are not included) under thirdparty insurance plans (Retiree Health Care Benefits Plans). The City and District participate in the CalPERS health care plan, which is governed under the California Public Employees Health and Medical Care Act (PEMCHA). During fiscal year 2008, the City Council and, during fiscal year 2012, the District passed resolutions to participate in the California Employers Retirees Benefit Trust (CERBT), an irrevocable trust established to fund OPEB. CERBT is an agent multiple-employer defined benefit other postemployment benefits plan administrated by CalPERS, and is managed by an appointed board not under the control of the City Council or Fire Board of Directors. CERBT consists of participating employers of the State of California and public agencies. Individual employers may establish more than one plan.

The CERBT was established by Chapter 331 of the 1988 California Statutes, and employers elect to participate in the CERBT to pre-fund health, dental, and other non-pension postemployment benefits for their retirees and survivors. The CERBT has pooled administrative and investment functions, while separate employer accounts are maintained to prefund and pay for health care or other postemployment benefits in accordance with the terms of the participating employers’ plans. There are three CalPERS Board approved investment strategies for employers to choose from depending on their expected levels of return and volatility. Benefit provisions are established by participating employers.

The CERBT Trusts are not considered a component unit by the City or District and have been excluded from these financial statements. Separately issued financial statements for CERBT may be obtained from CALPERS at P.O. Box 942709, Sacramento, CA 94229-2709. 76 245

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 12 – OTHER POST EMPLOYMENT BENEFITS (Continued)
A summary of eligibility and retiree contribution requirements for the City and District Plans are shown below by bargaining unit:

Eligibility Service or Disability Retirement from the City - Age and service requirements:

AFSCME
- 50 & 10 hired before 7/1/1985 and retired before 7/1/2001 - 50 & 12 retired after 7/1/2001 and retired before 8/1/2012 - 50 & 12 hired after 8/1/2012 or who retire due to disability BPOA
- 50 & 12 retired before 7/1/2001
- 50 & 12 retired on or after 7/1/2001 and hired before 10/11/2011 - 50 & 12 hired on or after 10/11/2011
MMCEA
- 50 & 12 retired before 7/1/2001
- 50 & 12 retired on or after 7/1/2001 and hired before 10/1/2012 - 50 & 12 hired on or after 10/1/2012 or who retire due to disability Unrepresented
- 50 & 12 retired before 7/1/2001
- 50 & 12 retired on or after 7/1/2001 and hired before 1/1/2013 - 50 & 12 hired on or after 1/1/2013 or who retire due to disability Service or Disability Retirement from District
- 50 & 5
Transitioning to District from BSCFD
- 50 & 15 including service with BSCFD or South County Fire Authority, provided that 5 years must be with the District; or effective 10/1/2012, employees with 25 years of service (including any time served with SCFA or BSCFD) may retire after 3 years.

Benefit Service Retirement:
- Retire before 7/1/2001 - Region 1 premium for retiree selected plan - Retire on or after 7/1/2001 and hired prior to 10/11/2011 (BPOA), 10/1/2012 (MMCEA), 8/1/2012 (AFCME), 1/1/2013 (Unrepresented) - Receive a benefit which, when added to the CalPERS Minimum Employer Contribution, brings the total up to the lesser of the Region 1 single premium rate for the medical plan selected by the retiree and the Region 1 Kaiser single rate. - Hired on or after 10/11/2011 (BPOA), 10/1/2012 (MMCEA), 8/1/2012 (AFCME), 1/1/2013 (Unrepresented)- Public Employees' Medical Hospital Care Act (PEMHCA) minimum only.

Disability Retirement:
- Miscellaneous Group - Same benefit as service retirement or PEMHCA minimum if eligibility requirement not met. - BPOA - same benefit as service retirement but without the age or service requirement.

Retirement from District:
- PEHMCA minimum, subject to "unequal method"
Transitioning to District from BSCFD (or on active eligible list until 10/1/12):
- Receive a benefit which, when added to the CalPERS Minimum Employer Contribution, brings the total up to the lesser of the Region 1 single premium rate for the medical plan selected by the retiree and the Region 1 Kaiser single rate.

Surviving Spouse
Continuation
City:
- Public Employees Medical Hospital Care Act (PEMHCA) minimum only.

District:
- Based on CalPERS retirement election
- PEMHCA Minimum
- Unequal Method
Public Employees'
Medical Hospital Care
Act (PEMHCA)
minimum
CalPERS minimum employer contribution:

YEAR PEMHCA Minimum
2024 $157
2025+ Increase medical care component of CPI
77 246

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 12 – OTHER POST EMPLOYMENT BENEFITS (Continued)
In accordance with the City and District budgets, the Actuarially Determined Contribution (ADC) is to be funded throughout the year as a percentage of payroll. For the year ended June 30, 2024, the City’s contributions to the Plan were $920,996, and the District’s Contributions to the Plan were $119,696.

Employees Covered by Benefit Terms – Membership in the Plans consisted of the following at the June 30, 2023 measurement date:

City
Inactive employees or beneficiaries currently receiving benefits 106 Inactive employees entitled to but not yet receiving benefits 26 Active employees 126
Total 258
District
Inactive employees or beneficiaries currently receiving benefits 9 Inactive employees entitled to but not yet receiving benefits 13 Active employees 0
Total 22
As of June 30, 2024, there were approximately 126 active City eligible participants, 106 eligible City retirees or surviving spouses, exclusive of living spouses and dependents, receiving benefits, and 26 retirees that were eligible, but not enrolled in the Plan benefits. For the District, as of June 30, 2024 there were no active District eligible participants and there were 9 eligible District retirees or surviving spouses, exclusive of living spouses and dependents, receiving benefits and 13 retirees that were eligible, but not enrolled in the Plan benefits.

OPEB Liabilities, OPEB Expenses and Deferred Outflows/Inflows of Resources Related to OPEB – For purposes of measuring the net OPEB liabilities, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the City’s and District’s OPEB Plans and additions to/deductions from the OPEB Plans’ fiduciary net position have been determined on the same basis as they are reported by CERBT. For this purpose, benefit payments are recognized when currently due and payable in accordance with the benefit terms. Investments are reported at fair value. 78 247

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 12 – OTHER POST EMPLOYMENT BENEFITS (Continued)
B. Net OPEB Liability
Actuarial Methods and Assumptions – The City and District net OPEB liabilities were measured as of June 30, 2023 and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation dated June 30, 2023, rolled forward to June 30, 2024, based on the following actuarial methods and assumptions:

City
Valuation Date June 30, 2023
Measurement Date June 30, 2023
Actuarial Cost Method Entry Age Normal level percent of pay Actuarial Assumptions:

Discount Rate 6.25%
Inflation 2.50%
Salary Increases 2.75%
Mortality Rates Same as CalPERS (1)
Healthcare Cost Trend Rates Pre-Medicare: 8.50% for 2025, and trending down to

3.45% in 2076 and beyond.

Medicare (Non-Kaiser): 7.50% in 2025, trending down
to 3.45% in 2076 and beyond.

Medicare (Kaiser): 6.25% in 2025, trending down to

3.45% in 2076 and beyond.

PEMHCA: 3.50% of retiree premium
District
Valuation Date June 30, 2023
Measurement Date June 30, 2023
Actuarial Cost Method Entry Age Normal level percent of pay Actuarial Assumptions:

Discount Rate 5.25%
Inflation 2.50%
Salary Increases No active District employees
Mortality Rates Same as CalPERS (1)
Healthcare Cost Trend Rates Pre-Medicare: 8.50% for 2025, and trending down to

3.45% in 2076 and beyond.

Medicare (Non-Kaiser): 7.50% in 2025, trending down
to 3.45% in 2076 and beyond.

Medicare (Kaiser): 6.25% in 2025, trending down to

3.45% in 2076 and beyond.

PEMHCA: 3.50% of retiree premium
(1) The mortality table used was developed based on CalPERS’ specific data. The table includes 15 years of mortality improvements using Society of Actuaries Mortality Improvement Scale MP 2021. For more details on this table, please refer to the CalPERS 2000-2019 experience study report available on the CalPERS website.
79 248

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 12 – OTHER POST EMPLOYMENT BENEFITS (Continued)
The long-term expected rate of return on OPEB plan investments was determined using a buildingblock method in which best-estimate ranges of 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
Asset Class
Target
Allocation
Long-term expected
real rate of return
Global Equity 49.0% 4.56%
Fixed Income 23.0% 1.56%
TIPS 5.0% -0.08%
Commodities 3.0% 1.22%
REITs 20.0% 4.06%
Total 100.0%
Assumed Long-Term Rate of Inflation 2.50%
Expected Long-Term Net Rate of Return 6.25%
District
Asset Class
Target
Allocation
Long-term expected
real rate of return
Global Equity 23.0% 4.56%
Fixed Income 51.0% 1.56%
TIPS 9.0% -0.08%
Commodities 3.0% 1.22%
REITs 14.0% 4.06%
Total 100.0%
Assumed Long-Term Rate of Inflation 2.50%
Expected Long-Term Net Rate of Return 5.25%
Discount Rate – The discount rate used to measure the total OPEB liability was 6.25% for the City and 5.25% for the District. The projection of cash flows used to determine the discount rate assumed that City and District contributions will be made at rates equal to the actuarially determined contribution rates. Based on those assumptions, the OPEB plans’ fiduciary net position were each 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.
80 249

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 12 – OTHER POST EMPLOYMENT BENEFITS (Continued)
C. Changes in Net OPEB Liability
The changes in the net OPEB liability for each plan follows:

City Increase (Decrease)
Total OPEB
Liability
Plan Fiduciary
Net Position
Net OPEB
Liability
(Asset)
Balance at Report Date June 30, 2023 $14,626,314 $8,274,677 $6,351,637 Changes for the year:

Service Cost 280,536 280,536
Interest on the Total OPEB Liability 904,218 904,218
Differences between Expected and Actual
Experience 1,270,276 1,270,276
Changes of Assumptions 942,533 942,533
Contributions
Employer - Department's contribution 712,727 (712,727)
Employer - implicit subsidy 168,732 (168,732)
Employee
Net Investment Income 530,858 (530,858)
Benefit payments, including Refunds of
Employee Contributions (710,015) (710,015)
Implicit Rate Subsidy Fulfilled (168,732) (168,732)
Administrative Expense (5,115) 5,115
Other Changes
Net changes 2,518,816 528,455 1,990,361
Balance at June 30, 2024 $17,145,130 $8,803,132 $8,341,998 District Increase (Decrease)
Total OPEB
Liability
Plan Fiduciary
Net Position
Net OPEB
Liability
(Asset)
Balance at June 30, 2023 $2,380,844 $2,169,519 $211,325 Changes for the year:

Service Cost 57,374 57,374
Interest on the Total OPEB Liability 125,390 125,390
Differences between Expected and Actual
Experience 80,977 80,977
Changes of Assumptions 264,245 264,245
Contributions
Employer - Department's contribution 69,020 (69,020)
Employer - implicit subsidy 31,039 (31,039)
Employee
Net Investment Income 34,194 (34,194)
Benefit payments, including Refunds of
Employee Contributions (68,626) (68,626)
Implicit Rate Subsidy Fulfilled (31,039) (31,039)
Administrative Expense (1,010) 1,010
Other Changes
Net changes 428,321 33,578 394,743
Balance at June 30, 2024 $2,809,165 $2,203,097 $606,068 June 30, 2024 Total, Both Plans $19,954,295 $11,006,229 $8,948,066 81 250

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 12 – OTHER POST EMPLOYMENT BENEFITS (Continued)
Detailed information about the OPEB plans’ fiduciary net position is available in the separately issued CalPERS Annual Comprehensive Financial Report that may be obtained from CalPERS website.

OPEB liabilities are liquidated by the fund that has recorded the liability. The long-term portion of governmental activities net OPEB liabilities is liquidated primarily by the General Fund and the Belmont Fire Protection District Special Revenue Fund.

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 and District, as well as what the City's or District’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:

City Trend Rate
1% Decrease 5.25%
Net OPEB Liability (Asset) $10,346,046
Current Discount Rate 6.25%
Net OPEB Liability (Asset) $8,341,998
1% Increase 7.25%
Net OPEB Liability (Asset) $6,654,651
District Trend Rate
1% Decrease 4.25%
Net OPEB Liability (Asset) $947,353
Current Discount Rate 5.25%
Net OPEB Liability (Asset) $606,068
1% Increase 6.25%
Net OPEB Liability (Asset) $323,280
82 251

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 12 – OTHER POST EMPLOYMENT BENEFITS (Continued)
The following presents the net OPEB liability of the City and District, as well as what the City's and District’s 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:

City Trend Rate
1% Decrease 7.5% Decreasing to 2.45%
Net OPEB Liability (Asset) $6,631,494
Trend Rate 8.5% Decreasing to 3.45%
Net OPEB Liability (Asset) $8,341,998
1% Increase 9.5% Decreasing to 4.45%
Net OPEB Liability (Asset) $10,376,188
District Trend Rate
1% Decrease 7.5% Decreasing to 2.45%
Net OPEB Liability (Asset) $223,017
Trend Rate 8.5% Decreasing to 3.45%
Net OPEB Liability (Asset) $606,068
1% Increase 9.5% Decreasing to 4.45%
Net OPEB Liability (Asset) $1,075,484
83 252

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 12 – OTHER POST EMPLOYMENT BENEFITS (Continued)
E. OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB For the year ended June 30, 2024, the City and District recognized OPEB expense of $684,784 and $440,256, respectively, for total OPEB expense of $1,125,040. At June 30, 2024, the City and District reported deferred outflows and inflows of resources related to OPEB from the following sources:

Deferred Outflows Deferred Inflows
City of Resources of Resources
Employer contributions subsequent to measurement date $920,996 Differences between actual and expected experience 1,074,849 ($1,200,249) Changes of assumptions 1,079,330 (224,421)
Net differences between projected and actual earnings on OPEB plan investments 542,463
Total $3,617,638 ($1,424,670)
Deferred Outflows Deferred Inflows
District of Resources of Resources
Employer contributions subsequent to measurement date $119,696 Differences between actual and expected experience
Changes of assumptions ($19,820)
Net differences between projected and actual earnings on OPEB plan investments 153,447
Total $273,143 ($19,820)
Grand Total, Both Plans $3,890,781 ($1,444,490)
$1,040,692 reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the OPEB liability in the year ended June 30, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized as part of OPEB expense as follows:

Fiscal Year Annual Amortization
Ended June 30 City District
2025 $6,103 $21,632
2026 43,863 9,840
2027 511,001 93,107
2028 200,356 11,628
2029 340,432 (2,580)
Thereafter 170,217
Total $1,271,972 $133,627
84 253

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 12 – OTHER POST EMPLOYMENT BENEFITS (Continued)
F. Deferred Compensation Plans
City employees may defer a portion of their compensation under a City sponsored Deferred Compensation Plan created in accordance with Internal Revenue Code Section 457. Under the Plan, participants are not taxed on the deferred portion of their compensation until distributed to them; distributions may be made only at termination, retirement, and death or in an emergency as defined by the Plan.

The Plan is part of the public agency agent multiple-employer defined contribution plans that are administered by Mission Square Retirement (formerly ICMA RC). Benefit provisions under the Plan are established by City resolution.

The City has no liability for any losses incurred by the Plan 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 a contract with Mission Square to manage and invest the assets of the Plan. The administrator pools the assets of the Plan with those of other participants and does not make separate investments for the City. The assets in the Plan are the sole property of the participants or their beneficiaries. Since the assets held under the 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 Plan requires investments to be stated at fair market value and it requires all gains and losses on Plan investments to accrue directly to participant accounts.

A summary of eligibility and employer contribution requirements for the City’s Plan are shown below by bargaining unit:

AFSCME
All employees:
-1.3% of base salary plus $150.00 per month.

Employees hired before October 1, 2012 receive additional deferred compensation contributions as follows:
- Employees that waive the City's medical insurance receive $150.07 per month for plan year 2022 - Employees that continue to waive coverage as of January 1, 2023 receive an additional $150.07 per month (for a total of $300.14).
- Employees that later elect to be covered by the City's medical insurance no longer receive the additional deferred compensation contributions.

Employees hired on or after October 1, 2012 receive additional deferred compensation contributions as follows - Employees that waive the City's medical insurance may elect to receive $389.94 per month 85 254

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 12 – OTHER POST EMPLOYMENT BENEFITS (Continued)
BPOA
Police Records Specialist I and II, Community Service Officer and Police Dispatcher:
- $100.00 per month.

Employees hired before October 11, 2011 receive additional deferred compensation contributions as follows:
- Employees that waive the City's medical insurance receive $192.38 per month for plan year 2022 - Employees that change coverage status (i.e., waiver to coverage, coverage to waiver, or increase/decrease in level of coverage) are treated as an employee hired after October 11, 2011. -Employees who previously waived coverage, but elected coverage due to a qualifying life event occurring in plan year 2021 shall be permitted on a one-time basis to waive coverage on or before June 1, 2022 as part of a qualifying life event occurring before that date and receive the $192.38 in deferred compensation as if the employee had waived coverage as of January 1, 2022 for plan year 2022. - Employees that later elect to be covered by the City's medical insurance no longer receive the additional deferred compensation contributions.

MMCEA
Certain classifications (31 specific class titles):
-$335.00 per month
Employees hired before October 1, 2012 receive additional deferred compensation contributions as follows:
- Employees that waive the City's medical insurance receive $150.07 per month for plan year 2022 - Employees that continue to waive coverage as of January 1, 2023 receive an additional $150.07 per month (for a total of $300.14).
- Employees that later elect to be covered by the City's medical insurance no longer receive the additional deferred compensation contributions.

Employees hired on or after August 1, 2012 receive additional deferred compensation contributions as follows:
- Employees that waive the City's medical insurance may elect to receive $389.94 per month Unrepresented
Management:
-$350.00 per month
Non-Management:

Certain classifications:
-$335.00 per month
Employees hired before October 1, 2012 receive additional deferred compensation contributions as follows:
- Employees that waive the City's medical insurance receive $150.07 per month for plan year 2022 - Employees that continue to waive coverage as of January 1, 2023 receive an additional $150.07 per month (for a total of $300.14).
- Employees that later elect to be covered by the City's medical insurance no longer receive the additional deferred compensation contributions.

Employees hired on or after August 1, 2012 receive additional deferred compensation contributions as follows:
- Employees that waive the City's medical insurance may elect to receive $389.94 per month City Manager:
-5% of annual base salary
City Attorney:
-4% of annual base salary
The City’s required contributions for the year ended June 30, 2024 totaled $458,777.

The District previously sponsored two public agency agent multiple-employer defined contribution Deferred Compensation Plans. Since the District does not have any active employees, it no longer makes contributions to the Plans.
86 255

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 13 – SUBSCRIPTION-BASED INFORMATION TECHNOLOGY ARRANGEMENTS (SBITAs) A 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. The City recognizes subscription assets and liabilities with an initial, individual value of $100,000 or more, based on the up front or future subscription payments remaining at the start of the agreement.

At the commencement of a SBITA, the City initially measures the subscription liability at the present value of payments expected to be made during the contract term. Subsequently, the subscription liability is reduced by the principal portion of payments made. The subscription asset is initially measured as the initial amount of the subscription liability, adjusted for payments made at or before the SBITA commencement date, plus certain initial direct costs. Subsequently, the subscription asset is amortized on a straight-line basis over shorter of the subscription term or the useful life of the underlying IT assets.

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 noncancellable period of the subscription. • Subscription payments included in the measurement of the subscription liability are composed of fixed payments and purchase option price that the City is reasonably certain to exercise.

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 as long-term debt on the statement of net position.

A summary of governmental activities SBITA transactions for the fiscal year ended June 30, 2024, are as follows:

Balance Balance Due Within
June 30, 2023 Additions Retirements June 30, 2024 One Year Governmental Activities
Subscription Liabilities
Software One - Office 365 $189,608 $93,773 $95,835 $95,835 ESRI - GIS Software 37,730 37,730
Granicus - Communications Cloud 125,136 60,327 64,809 64,809 Central Square - Community Development $221,025 73,176 147,849 70,492 Total Subscription Liabilities $352,474 $221,025 $265,006 $308,493 $231,136 87 256

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 13 – SUBSCRIPTION-BASED INFORMATION TECHNOLOGY ARRANGEMENTS (SBITAs) (Continued) In July 2022, the City entered into a three-year SBITA for the use of Microsoft Office 365. An initial subscription liability was recorded in the amount of $287,552. As of June 30, 2024, the balance of the subscription liability was $95,835 The City is required to make annual principal and interest payments of $97,944. The software has a three-year estimated useful life. The value of the rightto-use asset as of the end of the current fiscal year was $95,851 and had accumulated amortization of $191,701.

During fiscal year 2021, the City entered into a three year SBITA for the use of GIS software. An initial subscription liability was recorded in the amount of $76,230. During fiscal year ended June 30, 2024, the balance of the subscription liability was repaid, and the balance was $0.

In July 2022, the City entered into a three-year SBITA for the use of the Granicus Communications Cloud software. An initial subscription liability was recorded in the amount of $189,305. As of June 30, 2024, the balance of the subscription liability was $64,809. The City is required to make an annual principal and interest payments from $63,079 to $64,169. The software has a threeyear estimated useful life. The value of the right-to-use asset as of the end of the current fiscal year was $63,102 and had accumulated amortization of $126,203.

In October 2023, the City entered into a three-year SBITA for the use of the Central Square Technologies community development software. An initial subscription liability was recorded in the amount of $221,025 during the current fiscal year. As of June 30, 2024, the balance of the subscription liability was $147,849. The City is required to make an annual principal and interest payment from $73,175 to $80,676. 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 $147,350 and had accumulated amortization of $73,675.

The future principal and interest subscription liability payments as of June 30, 2024, were as follows:

For the Year
Ended June 30 Principal Interest Total
2025 $231,136 $9,877 $241,013
2026 77,357 3,319 80,676
Totals $308,493 $13,196 $321,689
88 257

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 14 – RISK MANAGEMENT
The City is exposed to various risks of loss related to theft of, damage to, and destruction of assets; general liability; errors and omissions; injuries to employees; natural disasters; and inverse condemnation.

The City is a member of Public Risk Innovation, Solutions and Management (PRISM) (formerly the California State Association of Counties Excess Insurance Authority (CSAC EIA)) for general liability, worker’s compensation and other coverage. PRISM is a public entity risk pool of cities and counties within California. Loss contingency reserves established by the PRISM are funded by contributions from member agencies. The City pays an annual contribution to the PRISM, which includes its pro-rata share of excess insurance premiums, charges for pooled risk, claims adjusting and legal costs, and administrative and other costs to operate the risk pool. The City paid contributions of $1,181,480 for the year ended June 30, 2024. PRISM provides insurance through the pool up to a certain level, beyond which group purchased commercial excess insurance is obtained. PRISM is currently fully funded. No provision has been made on these financial statements for liabilities related to possible additional assessments.

Audited financial statements for PRISM are available from PRISM, 75 Iron Point Circle, Suite 200, Folsom, CA 95630.

A. Liability Coverage
PRISM provides general liability coverage up to $25,000,000 per occurrence above the City’s $250,000 self-insured retention. The City has auto physical damage commercial coverage through PRISM of $3,938,697 above the City’s deductible of $1,000 or $5,000, depending on the size of the vehicle, and commercial property coverage at the replacement value of the property with a limit of $200,000,000 above the City’s deductible of $10,000. The City also purchases dual pollution insurance policies through both PRISM and Alliant’s property insurance program (APIP) with program aggregates of $50,000,000 and $25,000,000 and per named insured aggregate limits of $10,000,000 and $2,000,000, respectively.

B. Workers Compensation Coverage
Effective December 1, 2004 the City purchased insurance for workers compensation through PRISM with coverage up to statutory limits after the City’s self-insured retention of zero. This policy also covered the District as of October 1, 2011, until the San Mateo Consolidated Fire Department discussed in Note 15A commenced operations on January 13, 2019. Prior to those dates, the City purchased commercial insurance for workers compensation coverage up to statutory limits that had deductibles ranging from $100,000 to $275,000. 89 258

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 14 – RISK MANAGEMENT (Continued)
C. Liability for Uninsured Claims
The City provides for the uninsured portion of claims and judgments in the Workers’ Compensation and General Liability Internal Service Funds. Claims and judgments, including a provision for claims incurred but not reported, are recorded when a loss is deemed probable of assertion and the amount of the loss is reasonably determinable. As discussed, above, the City has coverage for such claims, but it has retained the risk for the deductible or uninsured portion of these claims.

For the fiscal years ended June 30, 2024, 2023 and 2022 the amount of settlements did not exceed insurance coverage.

The City’s liability for uninsured claims is limited to workers’ compensation and general liability claims, as discussed above, and was estimated by management based on prior year’s claims experience as follows:
2024 2023
Balance, July 1 $190,972 $570,551
Net change in claims liabilities 581,345 (252,564)
Claims paid (299,095) (127,015)
Balance, June 30 $473,222 $190,972
NOTE 15 – JOINT VENTURES
The City participates in the joint ventures discussed below through formally organized and separate entities established under the Joint Exercise of Powers Act of the State of California. As separate legal entities, these 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 joint venture is governed by a board consisting of representatives from member municipalities. Each board controls the operations of the respective joint venture, 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 for certain of these joint ventures are not the City’s responsibility and the City generally does not have an equity interest in the assets of each joint venture except upon dissolution of the joint venture. 90 259

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 15 – JOINT VENTURES (Continued)
A. Equity Interests
The City has recorded its equity interest in the following joint ventures:

Silicon Valley Clean Water Joint Powers Authority (SVCW), formerly known as the South Bayside System Authority, was formed in 1975 between the Cities of San Carlos, Belmont and Redwood City and the West Bay Sanitary District to operate a wastewater treatment facility. The cost of operating and maintaining the facility is divided in proportion to the volume of sewage entering from each member entity, based on three-year averages and updated annually. SVCW applies the JPA-defined formula to allocate annual budgeted operating costs to the four member entities and the City’s proportionate share was 9.45% for fiscal year 2024 and is projected to be 10.54% in fiscal year 2024. The City’s share of debt service of SVCW is allocated to the member entities according to the Joint Power Authority Agreement-defined percentage of ownership, as well as member’s participation in each debt issuance. As SVCW continues to fund capital construction projects, debt service payments will peak in fiscal year 2029-30, once significant projects are complete, and all necessary debt is secured. The City’s actual and projected share of debt service costs range from $196,711 in fiscal year 2024 to $1.44 million in fiscal year 2034. The City’s proportionate share of operating and maintaining the facility and debt service, during the year ended, June 30, 2024 was $3,626,880.

In addition, during fiscal year 2009, the SVCW and its members authorized the commencement of a major renovation and replacement project to its infrastructure wastewater facility. In conjunction with that project, the City is obligated to fund its share of project costs. The City’s share of project costs is 9.45%, based on the percentages for each member entity defined in the Joint Power Authority Agreement, which are based on each member’s dry weather capacity owned and its allocated share of future dry weather capacity.

The City has an equity interest in the net assets of SVCW, which has been recorded as Investment in SVCW in the Sewer Enterprise Funds based on the latest audited financial statements of SVCW as of June 30, 2023, plus the additional capital contribution made during the year ended June 30, 2024. The loss from investment in SVCW was $709,258 for the year ended June 30, 2024, and the investment was comprised of the following:

Sewer
Treatment Total
Balance June 30, 2023 $47,109,207 $47,109,207
Change in investment (709,258) (709,258)
Additional capital contribution - -
Balance June 30, 2024 $46,399,949 $46,399,949
Financial statements may be obtained by mailing a request to the Silicon Valley Clean Water, 1400 Radio Road, Redwood City, CA 94065.
91 260

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 15 – JOINT VENTURES (Continued)
San Mateo Consolidated Fire Department (SMC Fire) Joint Powers Authority (JPA) was established on November 22, 2017 by the City of San Mateo, the City of Belmont/Belmont Fire Protection District and the City of Foster City/Estero Municipal Improvement District to provide integrated and comprehensive fire protection, fire prevention, and emergency response services to all three communities serving a population of over 164,000. SMC Fire commenced operations on January 13, 2019. Thereafter, certain costs, including the annual employer contribution associated with the unfunded CalPERS pension liability remain with Belmont. Effective January 13, 2019, Belmont’s financial contributions to SMC Fire are accounted for annually as an investment in equity interest in its government-wide financial statements.

SMC Fire is governed under the terms of the JPA Agreement by a Board of Directors consisting of one voting representative and one alternate who are elected members from the governing boards of the three JPA Member Agencies. Each member agency has the following weighted vote: City of San Mateo (60%), Belmont (20%) and City of Foster City (20%). The City’s contributions to SMC Fire in fiscal year 2024 to fund capital outlay and operations totaled $9,169,909. The City has an equity interest in the net assets of SMC Fire, which has been recorded as an Investment in SMC Fire in the governmental activities based on the latest audited financial statements of SMC Fire as of June 30, 2023, plus the capital contributions made during the year ended June 30, 2024, and the investment is comprised of the following:

Governmental
Activities
Balance June 30, 2023 $4,696,702
Change in investment (535,175)
Additional capital contribution 358,653
Balance June 30, 2024 $4,520,180
Audited financial statements are available from City of San Mateo, 330 West 20th Avenue, San Mateo, CA 94403.

B. Other Jointly Governed Organizations
The City also participates in the following jointly governed organizations under which it is obligated to fund annual operating costs, but there is no ongoing equity interest in the net assets of the organizations:

City/County Association of Governments of San Mateo County (C/CAG) was formed in 1990 between the various cities in San Mateo County to prepare, adopt, monitor and enforce state mandated plans for the management of traffic congestion, integrated solid waste, airport land use, hazardous waste and county-wide housing element. The City’s contribution to C/CAG was $81,001 for the year ended June 30, 2024. Financial statements may be obtained by mailing a request to the City of San Carlos, 666 Elm Street, San Carlos, CA 94070. 92 261

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 15 – JOINT VENTURES (Continued)
Peninsula Traffic Congestion Relief Agency was formed by the cities of San Mateo County and San Mateo County to attempt to mitigate traffic congestion. The Agency is funded through a Countywide sales tax levied for transportation systems improvements.

Belmont-San Carlos Fire Department was formed in 1979 between the City of San Carlos and Belmont Fire Protection District on an equal basis to provide more efficient fire protection services. Any assets used by the Department but owned by the member agencies prior to the creation of the Department remain the property of the members.

On September 30, 2011, the Department terminated providing services to the Members. As a result, the Department’s employees were laid off, its capital assets were distributed to the Members and certain lease obligations were assumed by the Members. Subsequent to that date, the Department operates in an inactive mode, collecting Member contributions to fund legacy costs, such as pension and retiree medical obligations and claims payable, remaining after service termination. As required under the Agreement, these legacy costs are funded through contributions from Members according to the average of annual funding formulas used to determine Member contributions. The City’s contribution was roughly $3.76 million for the year ended June 30, 2024.

The Department had a negative net position balance of $22.9 million per its audited financial statements as of June 30, 2024. Belmont's share of this balance was 47.1% or approximately $10.8 million. The negative position is due to unfunded liabilities of the Department.

South Bayside Waste Management Authority (SBWMA) is a joint powers agreement formed on October 13, 1999. Members of the South Bayside Waste Management Authority currently include the cities of Atherton, Belmont, Burlingame, East Palo Alto, Foster City, Hillsborough, Menlo Park, Redwood City, San Carlos, San Mateo, as well as the West Bay Sanitary District and the County of San Mateo. The Members are required by AB939 to reduce, recycle and reuse solid waste generated within their respective jurisdictions and to provide source reduction, recycling and composting activities. The South Bayside Waste Management Authority’s purpose is to assist its members in meeting these requirements.

NOTE 16 – COMMITMENTS AND CONTINGENT LIABILITIES
A. Litigation
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.
93 262

CITY OF BELMONT

NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
NOTE 16 – COMMITMENTS AND CONTINGENT LIABILITIES (Continued) B. Grant Programs
The City participates in Federal, State and local grant programs. These programs have been audited by the City’s independent accountants in accordance with the provisions of the Federal Single Audit Act as amended 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.

C. San Mateo County Animal Shelter
Since 1951 cities in San Mateo County have contracted with the County to manage animal control field and sheltering services. The current shelter has been determined to be inadequate to meet current animal sheltering services. In May 2014, all the municipalities signed an agreement, effective September 9, 2014, to share in the construction costs for a new animal control center by repaying the County through a 30-year, interest free lease agreement in the amount of $20.2 million. The certificate of occupancy for the shelter was issued in May 2020 and the final costs of construction totaled $25.7 million. The City’s share of annual lease payment is based on a methodology of three year average of shelter use and percentage of population. Payment on the lease commenced on July 1, 2020 and the City paid $26,452 for the year ended June 30, 2024.

The cities and the County entered into a new animal care and control, shelter services, and animal licensing agreement effective July 1, 2021 for 5 years ending on June 30, 2026, under which the annual shared contractor and administrative costs total $6.9 million and the annual license fees are expected to be approximately $190 thousand. The City’s share of the costs is 2.58%, or $180 thousand per year for the contractor and administrator costs, plus actual license fees of approximately $5 thousand per year. Payments under the agreement totaled $157,314 for the year ended June 30, 2024.

D. Linc-Hill Street, L.P., Loan
In February 2023, the City agreed to loan up to $1,000,000 to Linc-Hill Street, L.P., with a 3% simple annual interest rate for the development of a 37-unit 100% affordable rental housing project. Under the terms of the agreement the City will also sell City-owned property to the developer for $1.00. As of October 2024, the project is still in process and no loan draws were made during fiscal year 2024.
94 263

REQUIRED SUPPLEMENTARY INFORMATION
264
City of Belmont
Cost Sharing Multiple-Employer Defined Benefit Pension Plan Last 10 Years

SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY Safety Rate Plan
Measurement Date - June 30, 2014 2015 2016 2017 2018
Plan's proportion of the Net Pension Liability
(Asset) 0.20% 0.20% 0.31% 0.31% 0.31%
Plan's proportion share of the Net Pension
Liability (Asset) $12,312,595 $13,427,040 $16,249,057 $18,263,828 $18,172,487 Plan's Covered Payroll $3,572,606 $3,842,764 $4,758,030 $4,919,474 $5,180,593 Plan's Proportionate Share of the Net Pension
Liability/(Asset) as a Percentage of its Covered
Payroll 345% 349% 342% 371% 351%
Miscellaneous Rate Plan
Measurement Date - June 30, 2014 2015 2016 2017 2018
Plan's proportion of the Net Pension Liability
(Asset) 0.48% 0.48% 0.48% 0.48% 0.48%
Plan's proportion share of the Net Pension
Liability (Asset) $16,585,515 $13,198,544 $16,585,515 $19,048,251 $18,686,649 Plan's Covered Payroll $8,929,517 $8,858,005 $9,854,986 $10,289,053 $10,592,598 Plan's Proportionate Share of the Net Pension
Liability/(Asset) as a Percentage of its Covered
Payroll 186% 149% 168% 185% 176%
Plan Totals
Measurement Date - June 30, 2014 2015 2016 2017 2018
Plan's proportion of the Net Pension Liability
(Asset) 0.68% 0.68% 0.79% 0.79% 0.79%
Plan's proportion share of the Net Pension
Liability (Asset) $28,898,110 $26,625,584 $32,834,572 $37,312,079 $36,859,136 Plan's Covered Payroll $12,502,123 $12,700,769 $14,613,016 $15,208,527 $15,773,191 Plan's Proportionate Share of the Net Pension
Liability/(Asset) as a Percentage of its Covered
Payroll 231.15% 209.64% 224.69% 245.34% 233.68%
Plan’s Fiduciary Net Position as a Percentage
of the Total Pension Liability 79.82% 78.40% 74.06% 73.31% 75.26% 96 265
City of Belmont
Cost Sharing Multiple-Employer Defined Benefit Pension Plan Last 10 Years

SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY Safety Rate Plan
Measurement Date - June 30, 2019 2020 2021 2022 2023
Plan's proportion of the Net Pension Liability
(Asset) 0.31% 0.30% 0.34% 0.32% 0.31%
Plan's proportion share of the Net Pension
Liability (Asset) $19,293,513 $20,251,178 $11,813,386 $22,083,670 $23,397,013 Plan's Covered Payroll $4,397,264 $4,078,548 $4,078,548 $4,035,453 $4,035,453 Plan's Proportionate Share of the Net Pension
Liability/(Asset) as a Percentage of its Covered
Payroll 439% 497% 290% 547% 580%
Miscellaneous Rate Plan
Measurement Date - June 30, 2019 2020 2021 2022 2023
Plan's proportion of the Net Pension Liability
(Asset) 0.50% 0.50% 0.66% 0.51% 0.51%
Plan's proportion share of the Net Pension
Liability (Asset) $20,209,752 $21,245,410 $12,449,103 $24,063,134 $25,515,891 Plan's Covered Payroll $10,632,569 $9,489,183 $9,890,731 $9,621,685 $9,621,685 Plan's Proportionate Share of the Net Pension
Liability/(Asset) as a Percentage of its Covered
Payroll 190% 224% 126% 250% 265%
Plan Totals
Measurement Date - June 30, 2019 2020 2021 2022 2023
Plan's proportion of the Net Pension Liability
(Asset) 0.81% 0.80% 1.00% 0.83% 0.82%
Plan's proportion share of the Net Pension
Liability (Asset) $39,503,265 $41,496,588 $24,262,489 $46,146,804 $48,912,904 Plan's Covered Payroll $15,029,833 $13,567,731 $14,051,612 $14,051,612 $14,051,612 Plan's Proportionate Share of the Net Pension
Liability/(Asset) as a Percentage of its Covered
Payroll 262.83% 305.85% 172.67% 328.41% 348.09%
Plan’s Fiduciary Net Position as a Percentage
of the Total Pension Liability 75.26% 75.10% 88.29% 76.68% 76.21% 97 266
City of Belmont
Cost Sharing Multiple-Employer Defined Benefit Pension Plan Last 10 Years

SCHEDULE OF CONTRIBUTIONS
Safety Rate Plan
Fiscal Year Ended June 30, 2015 2016 2017 2018 2019
Actuarially determined contribution $1,125,011 $2,287,426 $2,058,664 $2,263,676 $2,293,736 Contributions in relation to the actuarially
determined contributions (1,125,011) (2,287,426) (2,058,664) (2,263,676) (2,293,736) Contribution deficiency (excess) $0 $0 $0 $0 $0
Covered payroll $3,842,764 $4,758,030 $4,919,474 $5,180,593 $4,397,264 Contributions as a percentage of
covered payroll 29.28% 48.08% 41.85% 43.70% 52.16%
Miscellaneous Rate Plan
Fiscal Year Ended June 30, 2015 2016 2017 2018 2019
Actuarially determined contribution $1,137,293 $1,903,476 $1,523,004 $1,663,314 $1,921,271 Contributions in relation to the actuarially
determined contributions (1,137,293) (1,903,476) (1,523,004) (1,663,314) (1,921,271) Contribution deficiency (excess) $0 $0 $0 $0 $0
Covered payroll $8,858,005 $9,854,986 $10,289,053 $10,592,598 $10,632,569 Contributions as a percentage of
covered payroll 12.84% 19.31% 14.80% 15.70% 18.07%
Plan Totals
Fiscal Year Ended June 30, 2015 2016 2017 2018 2019
Actuarially determined contribution $2,262,304 $4,190,902 $3,581,668 $3,926,990 $4,215,007 Contributions in relation to the actuarially
determined contributions (2,262,304) (4,190,902) (3,581,668) (3,926,990) (4,215,007) Contribution deficiency (excess) $0 $0 $0 $0 $0
Covered payroll $12,700,769 $14,613,016 $15,208,527 $15,773,191 $15,029,833 Contributions as a percentage of
covered payroll 17.81% 28.68% 23.55% 24.90% 28.04%
98 267
Safety Rate Plan
Fiscal Year Ended June 30, 2020 2021 2022 2023 2024
Actuarially determined contribution $2,660,652 $2,700,413 $2,752,531 $2,926,740 $2,349,364 Contributions in relation to the actuarially
determined contributions (2,660,652) (2,700,413) (2,752,531) (2,926,740) (2,349,364) Contribution deficiency (excess) $0 $0 $0 $0 $0
Covered payroll $4,078,548 $4,160,881 $4,035,453 $4,317,810 $4,453,971 Contributions as a percentage of
covered payroll 65.24% 64.90% 68.21% 67.78% 52.75%
Miscellaneous Rate Plan
Fiscal Year Ended June 30, 2020 2021 2022 2023 2024
Actuarially determined contribution $2,633,458 $2,799,829 $2,825,996 $2,977,193 $3,127,399 Contributions in relation to the actuarially
determined contributions (2,633,458) (2,799,829) (2,825,996) (2,977,193) (3,127,399) Contribution deficiency (excess) $0 $0 $0 $0 $0
Covered payroll $9,489,183 $9,890,731 $9,621,685 $9,318,728 $11,111,032 Contributions as a percentage of
covered payroll 27.75% 28.31% 29.37% 31.95% 28.15%
Plan Totals
Fiscal Year Ended June 30, 2020 2021 2022 2023 2024
Actuarially determined contribution $5,294,110 $5,500,242 $5,578,527 $5,903,933 $5,476,763 Contributions in relation to the actuarially
determined contributions (5,294,110) (5,500,242) (5,578,527) (5,903,933) (5,476,763) Contribution deficiency (excess) $0 $0 $0 $0 $0
Covered payroll $13,567,731 $14,051,612 $13,657,138 $13,636,538 $15,565,003 Contributions as a percentage of
covered payroll 39.02% 39.14% 40.85% 43.29% 35.19%
99 268
City of Belmont
Schedule of Changes in the City's Net OPEB Liability and Related Ratios Agent Multiple Employer Defined Benefit OPEB Plan
For the measurement year ending June 30
Last 10 Years*
Measurement Date ‐ June 30, 2017 2018 2019 2020 2021 2022 2023 Total OPEB Liability
Service Cost $370,743 $381,865 $375,298 $336,270 $346,358 $273,028 $280,536 Interest on the total OPEB Liability 1,013,089 1,022,229 1,101,266 974,383 1,012,016 884,652 904,218 Actual and expected experience difference ‐ ‐ (2,333,966) ‐ (1,009,642) ‐ 1,270,276 Changes in assumptions ‐ (430,465) 1,023,392 ‐ (304,718) ‐ 942,533 Changes in benefit terms ‐ ‐ ‐ ‐ ‐ ‐ ‐ Benefit Payments (592,208) (608,758) (669,829) (581,052) (629,633) (673,399) (710,015) Implicit rate subsidy fulfilled (218,910) (234,234) (234,234) (152,749) (162,997) (152,139) (168,732) Net change in total OPEB liability 572,714 130,637 (738,073) 576,852 (748,616) 332,142 2,518,816 Total OPEB liability ‐ beginning 14,500,658 15,073,372 15,204,009 14,465,936 15,042,788 14,294,172 14,626,314 Total OPEB liability ‐ ending (a) $15,073,372 $15,204,009 $14,465,936 $15,042,788 $14,294,172 $14,626,314 $17,145,130 Plan fiduciary net position
Contributions ‐ employer‐City's contribution $920,754 $880,232 $940,286 $909,577 $876,080 $907,627 $712,727 Contributions ‐ employer‐implicit subsidy 218,910 234,234 234,234 152,749 162,997 152,139 168,732 Net investment income 465,943 401,898 370,618 258,178 1,964,480 (1,262,499) 530,858 Benefit payments (592,208) (608,758) (669,829) (581,052) (629,633) (673,399) (710,015) Implicit rate subsidy fulfilled (218,910) (234,234) (234,234) (152,749) (162,997) (152,139) (168,732) Administrative expense (2,373) (2,813) (1,269) (5,308) (4,676) (4,461) (5,115) Net change in plan fiduciary net position 792,116 670,559 639,806 581,395 2,206,251 (1,032,732) 528,455 Plan fiduciary net position ‐ beginning 4,417,282 5,209,398 5,879,957 6,519,763 7,101,158 9,307,409 8,274,677 Plan fiduciary net position ‐ ending (b) $5,209,398 $5,879,957 $6,519,763 $7,101,158 $9,307,409 $8,274,677 $8,803,132 Net OPEB liability ‐ ending (a)‐(b) $9,863,974 $9,324,052 $7,946,173 $7,941,630 $4,986,763 $6,351,637 $8,341,998 Plan fiduciary net position as a percentage of the
total OPEB liability 34.56% 38.67% 45.07% 47.21% 65.11% 56.57% 51.34% Covered‐Employee Payroll $13,696,266 $14,265,327 $14,953,325 $15,418,025 $15,860,488 $15,413,540 $17,165,922 Net OPEB liability as percentage of covered‐
employee payroll 72.02% 65.36% 53.14% 51.51% 31.44% 41.21% 48.60% Notes to Schedule:
*The City adopted GASB 75 during the fiscal year ended June 30, 2018. 100
100 269
City of Belmont
For the fiscal year ending June 30
Last 10 Years*

SCHEDULE OF CONTRIBUTIONS
Agent Multiple Employer Defined Benefit OPEB Plan
Fiscal Year Ending June 30, 2018 2019 2020 2021 2022 2023 2024 Actuarially determined contribution $1,153,043 $1,229,277 $1,018,423 $1,039,077 $1,061,419 $708,498 $722,305 Contributions in relation to the actuarially
determined contributions (1,139,664) (1,174,520) (1,062,326) (1,039,077) (1,059,766) (881,459) (920,996) Contribution deficiency (excess) $13,379 $54,757 ($43,903) $0 $1,653 ($172,961) ($198,691) Covered‐employee payroll $14,265,327 $14,953,325 $15,418,025 $15,860,488 $15,413,540 $17,165,922 $18,302,929 Contributions as a percentage of covered‐
employee payroll 8.0% 7.9% 6.9% 6.6% 6.9% 5.1% 5.0%
Notes to Schedule
Valuation date: 7/1/2017 7/1/2017 7/1/2019 7/1/2019 7/1/2019 7/1/2021 7/1/2021 Methods and assumptions used to determine contribution rates:

Actuarial Cost Method Entry age normal, level percent of pay Amortization Method Closed period, level percent of pay Amortization Period 13 years
Inflation 2.5% for 2018 and 2019; 2.75% for 2020, 2021 and 2022; 2.5% for 2023 and 2024 Assumed Payroll Growth 3.0% for 2018; 2.75% for 2019; 3.0% for 2020 and 2021; 2.75% for 2022, 2023, and 2024 Healthcare trend rates 6.50%, trending down to 3.84% for 2018

7.0%, trending down to 3.84% for 2019

6.3%, trending down to 4.0% for 2020, 2021 and 2022
Medicare (Non‐Kaiser) ‐ 5.65%, trending down to 3.75% for 2023 and 2024 Medicare (Kaiser) ‐ 4.60%, trending down to 3.75% for 2023 and 2024 Rate of return on assets 7.0% for 2018; 7.28% for 2019; 6.75% for 2020, 2021 and 2022; 6.25% for 2023 and 2024 Mortality rate CalPERS Rates
Retirement Rates CalPERS Rates
* Fiscal year 2018 was the first year of implementation. 101
101 270
City of Belmont
Schedule of Changes in the Belmont Fire Protection District's Net OPEB Liability and Related Ratios
Agent Multiple Employer Defined Benefit OPEB Plan
For the measurement year ending June 30
Last 10 Years*
Measurement Date - June 30, 2017 2018 2019 2020 2021 2022 2023 Total OPEB Liability
Service Cost $135,523 $139,589 $140,544 $0 $0 $55,838 $57,374 Interest on the total OPEB Liability 123,123 132,415 152,041 87,946 87,950 120,973 125,390 Actual and expected experience difference - - (956,257) - 781,678 - 80,977 Changes in assumptions - (45,680) 98,289 - 167,346 - 264,245 Changes in benefit terms - - - - - - -
Benefit Payments (60,100) (39,972) (43,125) (63,553) (68,772) (64,138) (68,626) Implicit rate subsidy fulfilled (32,332) (34,595) (34,595) (18,011) (25,449) (24,649) (31,039) Net change in total OPEB liability 166,214 151,757 (643,103) 6,382 942,753 88,024 428,321 Total OPEB liability - beginning 1,668,817 1,835,031 1,986,788 1,343,685 1,350,067 2,292,820 2,380,844 Total OPEB liability - ending (a) $1,835,031 $1,986,788 $1,343,685 $1,350,067 $2,292,820 $2,380,844 $2,809,165 Plan fiduciary net position
Contributions - employer-District's contribution $338,844 $179,326 $139,141 $363 $0 64,436 69,020 Contributions - employer-implicit subsidy 32,332 34,595 34,595 18,011 - 24,649 31,039 Net investment income 90,364 114,253 113,037 75,366 550,861 (278,843) 34,194 Investment Gains on Expected Return 27,956 - - - - - -
Benefit payments (60,100) (39,972) (43,125) (63,553) (68,772) (64,138) (68,626) Implicit rate subsidy fulfilled (32,332) (34,595) (34,595) (18,011) (25,449) (24,649) (31,039) Administrative expense (608) (839) (385) (1,311) (1,066) (919) (1,010) Net change in plan fiduciary net position 396,456 252,768 208,668 10,865 455,574 (279,464) 33,578 Plan fiduciary net position - beginning 1,124,652 1,521,108 1,773,876 1,982,544 1,993,409 2,448,983 2,169,519 Plan fiduciary net position - ending (b) $1,521,108 $1,773,876 $1,982,544 $1,993,409 $2,448,983 $2,169,519 $2,203,097 Net OPEB liability - ending (a)-(b) $313,923 $212,912 ($638,859) ($643,342) ($156,163) $211,325 $606,068 Plan fiduciary net position as a percentage of the total OPEB liability 82.89% 89.28% 147.55% 147.65% 106.81% 91.12% 78.43% Covered-employee payroll $4,177,634 $4,249,486 $2,979,220 $217,500 $0 $0 $0 Net OPEB liability as percentage of covered-employee payroll 7.51% 5.01% -21.44% -295.79% n/a n/a n/a Notes to Schedule:
* Fiscal year 2018 was the first year of implementation. 102
271
City of Belmont
Belmont Fire Protection District
For the fiscal year ending June 30
Last 10 Years*

SCHEDULE OF CONTRIBUTIONS
Agent Multiple Employer Defined Benefit OPEB Plan
Fiscal Year Ending 2018 2019 2020 2021 2022 2023 2024
Actuarially determined contribution $185,827 $165,429 $0 $0 $0 $59,137 $60,821 Contributions in relation to the actuarially
determined contributions (371,176) (213,921) (18,374) ‐ (89,085) (100,059) (119,696) Contribution deficiency (excess) ($185,349) ($48,492) ($18,374) ‐ ($89,085) ($40,922) ($58,875) Covered‐employee payroll $4,249,486 $2,979,220 $217,500 $0 $0 $0 $0 Contributions as a percentage of covered
payroll 8.73% 7.18% 8.45% N/A N/A N/A N/A
Notes to Schedule
Valuation date: 7/1/2017 7/1/2017 7/1/2019 7/1/2019 7/1/2019 7/1/2021 7/1/2021 Methods and assumptions used to determine contribution rates:

Actuarial cost method Entry age normal, level percent of pay Amortization method Closed period, level percent of pay Amortization period 16 years
Inflation 2.5% for 2018 and 2019; 2.75% for 2020, 2021 and 2022; 2.5% for 2023 and 2024 Assumed Payroll Growth 3.0% for 2018; 2.75% for 2019; 3.0% for 2020 and 2021; 0% for 2022, 2023, and 2024 Healthcare trend rates 6.50%, trending down to 3.84% for 2018

7.0%, trending down to 3.84% for 2019

SUPPLEMENTAL INFORMATION
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CITY OF BELMONT

GENERAL FUND

COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED JUNE 30, 2024
Total
General
General Measure I Fund

REVENUES
Taxes $22,488,847 $2,346,324 $24,835,171
Licenses and permits 1,280,014 1,280,014
Fines and forfeitures 158,740 158,740
Use of money and property 2,954,439 144,440 3,098,879
Intergovernmental 265,615 265,615
Charges for current services 4,804,352 4,804,352
Miscellaneous 104,586 104,586
Total Revenues 32,056,593 2,490,764 34,547,357

EXPENDITURES
Current:

General government 6,526,423 6,526,423
Public safety 15,387,621 15,387,621
Culture and recreation 2,309,225 2,309,225
Total Expenditures 24,223,269 24,223,269

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 7,833,324 2,490,764 10,324,088

OTHER FINANCING SOURCES (USES)
Transfers in
Transfers (out) (3,416,079) (1,963,087) (5,379,166)
Total Other Financing Sources (Uses) (3,416,079) (1,963,087) (5,379,166) NET CHANGE IN FUND BALANCES 4,417,245 527,677 4,944,922 BEGINNING FUND BALANCES 26,585,524 3,936,671 30,522,195 ENDING FUND BALANCES $31,002,769 $4,464,348 $35,467,117 107
276

CITY OF BELMONT

GENERAL FUND

COMBINING SCHEDULE OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
General
Variance with
Budgeted Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Taxes $21,991,696 $22,027,988 $22,488,847 $460,859
Licenses and permits 1,188,075 1,188,075 1,280,014 91,939 Fines and forfeitures 160,000 160,000 158,740 (1,260)
Use of money and property 1,416,134 1,716,134 2,954,439 1,238,305 Intergovernmental 111,389 160,513 265,615 105,102
Charges for current services 4,618,151 4,618,151 4,804,352 186,201 Miscellaneous 86,268 86,268 104,586 18,318
Total Revenues 29,571,713 29,957,129 32,056,593 2,099,464 EXPENDITURES:

Current:

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 3,888,723 3,891,390 7,833,324 3,941,934

OTHER FINANCING SOURCES USES
Transfers in
Transfers out (4,600,000) (4,600,000) (3,416,079) 1,183,921 Total Other Financing Sources (Uses) (4,600,000) (4,600,000) (3,416,079) 1,183,921 NET CHANGE IN FUND BALANCE ($711,277) ($708,610) 4,417,245 $5,125,855 BEGINNING FUND BALANCE 26,585,524
ENDING FUND BALANCE $31,002,769
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277
Measure I Total General Fund
Variance with Variance with
Budgeted Amounts Final Budget Budgeted Amounts Final Budget Actual Positive Actual Positive
Original Final Amounts (Negative) Original Final Amounts (Negative) $2,247,785 $2,340,139 $2,346,324 $6,185 $24,239,481 $24,368,127 $24,835,171 $467,044 1,188,075 1,188,075 1,280,014 91,939
160,000 160,000 158,740 (1,260)
61,521 61,521 144,440 82,919 1,477,655 1,777,655 3,098,879 1,321,224 111,389 160,513 265,615 105,102
4,618,151 4,618,151 4,804,352 186,201
86,268 86,268 104,586 18,318
2,309,306 2,401,660 2,490,764 89,104 31,881,019 32,358,789 34,547,357 2,188,568 7,384,461 7,752,210 6,526,423 1,225,787
15,738,244 15,738,244 15,387,621 350,623
2,560,285 2,575,285 2,309,225 266,060
25,682,990 26,065,739 24,223,269 1,842,470
2,309,306 2,401,660 2,490,764 89,104 6,198,029 6,293,050 10,324,088 4,031,038 (589,820) (6,774,491) (1,963,087) 4,811,404 (5,189,820) (11,374,491) (5,379,166) 5,995,325 (589,820) (6,774,491) (1,963,087) 4,811,404 (5,189,820) (11,374,491) (5,379,166) 5,995,325 $1,719,486 ($4,372,831) 527,677 $4,900,508 $1,008,209 ($5,081,441) 4,944,922 $10,026,363 3,936,671 30,522,195
$4,464,348 $35,467,117
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279

NON-MAJOR GOVERNMENTAL FUNDS

SPECIAL REVENUE FUNDS
Recreation – To account for certain recreation programs where a large portion of the expenditures are financed by user fees.

Library Maintenance and Operations – To account for funds restricted for the maintenance and operations of the library, which is financed by parcel tax and special tax revenue.

City Trees – To account for the removal of trees required for the development of property, which is financed by user fees.

General Plan Maintenance – To account for activities related to the General Plan Update which are financed by user fees.

Supplemental Law Enforcement Services – To account for resources received from the State of California to be spent on front line law enforcement needs.

Public Safety – To account for grants and donations committed to the Police Department’s activities.

Street Maintenance – To account for gas tax resources restricted for expenditure on streets.

Street Improvements – To account for the City’s portion of the special half cent sales tax (Measure A) receipts restricted for street expenditures and other street related grants.

Measure W – To account for the City’s portion of the special half cent sales tax (Measure W) receipts restricted for street expenditures.

Athletic Field Maintenance – To account for athletic field maintenance and operations, which are financed by player registration fees.

Affordable Housing – To account for all housing operations of the City of Belmont in its capacity as the Housing Successor Agency to the former Belmont Redevelopment Agency. Activities include asset property management, rental operations, and long range housing planning.

Housing Mitigation Fees – To account for residential mitigation fees collected from new development activity, including the residential housing in-lieu fee and the commercial linkage fee. These housing mitigation fees are intended to be used to lessen the burdens created by new residential and nonresidential development on the need for affordable housing.

Road Maintenance and Rehabilitation Account Fund (RMRA) – To account for gas tax resources restricted for expenditure on basic road maintenance, rehabilitation, and critical safety projects on the local streets and roads system. Senate Bill (SB) 1, the Road Repair and Accountability Act of 2017 provides funding for local streets and roads over the next 10 years.

Senior Donations – To account for donations from the community to be used for senior services and programming.
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280
NON-MAJOR GOVERNMENTAL FUNDS (Continued)
Public Art – To account for the private development fee paid in lieu of incorporating art elements in the development to provide funds for art installations on City property.

Traffic Mitigation – To account for transportation impact fees. Traffic Impact Fee revenues will be used to mitigate the impacts of new development by requiring new development to contribute to future transportation system investments in the City based on maintaining the existing proportionate level of investment in the City’s transportation infrastructure.

CAPITAL PROJECTS FUNDS
General Facilities – To account for the construction and maintenance of improvements to general-use City facilities.

Infrastructure – To account for expenditures associated with the City infrastructure, including streets, retaining walls, bridges, culverts, and waterways.

Comcast – To account for the purchase and installation of hardware within City Hall to broadcast events to Pen TV, our Public Education Government Channel.

Planned Park – To account for the acquisition and improvement of parks, playgrounds, and recreation facilities.

Special Assessment District – To account for maintenance and improvement costs within City’s Special Assessment District boundaries. Resources represent funds remaining after the retirement of Special Assessment Debt.

Open Space – To account for the accumulation of resources for the acquisition, preservation, and improvements of open space.

Park Impact Fees – The Park Impact Fee Fund is to account for park impact fees, interest earned thereon and their expenditure, pursuant to the Mitigation Fee Act, needed to ensure that the City can construct park and recreation facilities and improvements needed for the population growth created by new development consistent with the policies of the City of Belmont General Plan. 112
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282

CITY OF BELMONT

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEET
JUNE 30, 2024

SPECIAL REVENUE FUNDS
Library
Maintenance
and City General Plan
Recreation Operations Trees Maintenance
ASSETS
Cash and investments $439,163 $777,673 $255,269 $1,550,489 Receivables:

Accounts 54,374
Due from other
governmental agencies 4,282
Notes
Prepaids and other assets 101,254
Land held for redevelopment
Total Assets $493,537 $781,955 $255,269 $1,651,743

LIABILITIES
Accounts payable and other liabilities $96,177 $4,823 $2,960 $160,094 Deposits
Unearned revenue
Total Liabilities 96,177 4,823 2,960 160,094

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue

FUND BALANCES
Restricted 397,360 777,132 252,309
Committed 1,491,649
Assigned
Total Fund Balances 397,360 777,132 252,309 1,491,649
Total Liabilities, Deferred Inflows
of Resources and Fund Balances $493,537 $781,955 $255,269 $1,651,743 114
283

SPECIAL REVENUE FUNDS
Supplemental
Law
Enforcement Public Street Street Athletic Field
Services Safety Maintenance Improvements Measure W Maintenance $71,268 $35,263 $1,319,394 $2,764,854 $2,223,495 $404,858 17,060 100,000 71,403
87,441 70,356
$71,268 $35,263 $1,423,895 $2,935,210 $2,294,898 $404,858 $442 $58,697 $13,896
442 58,697 13,896
70,826 1,365,198 $2,935,210 $2,294,898 390,962
$35,263
70,826 35,263 1,365,198 2,935,210 2,294,898 390,962
$71,268 $35,263 $1,423,895 $2,935,210 $2,294,898 $404,858 (Continued)
115
284

CITY OF BELMONT

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEET
JUNE 30, 2024

SPECIAL REVENUE FUNDS
Road Maintenance
Affordable Housing and Rehabilitation Senior
Housing Mitigation Fees Account (SB1) Donations
ASSETS
Cash and investments $3,564,525 $838,242 $439,165 $95,990 Receivables:

Accounts 4,226
Due from other
governmental agencies 58,545
Notes 4,823,237 2,415,973
Prepaids and other assets
Land held for redevelopment 1,353,043
Total Assets $9,745,031 $3,254,215 $497,710 $95,990

LIABILITIES
Accounts payable and other liabilities $115,491
Deposits 73,107
Unearned revenue 3,500,000
Total Liabilities 3,688,598

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue

FUND BALANCES
Restricted 6,056,433 $3,254,215 $497,710 $95,990
Committed
Assigned
Total Fund Balances 6,056,433 3,254,215 497,710 95,990
Total Liabilities, Deferred Inflows
of Resources and Fund Balances $9,745,031 $3,254,215 $497,710 $95,990 116
285

SPECIAL REVENUE FUNDS CAPITAL PROJECTS FUNDS
Public Traffic General Planned
Art Mitigation Facilities Infrastructure Comcast Park
$420,235 $100,420 $621,464 $2,259,076 $420,685 $1,084,416 30,742
$420,235 $100,420 $621,464 $2,289,818 $420,685 $1,084,416 $420,235 $100,420 $420,685 $1,084,416
$621,464 $2,289,818
420,235 100,420 621,464 2,289,818 420,685 1,084,416
$420,235 $100,420 $621,464 $2,289,818 $420,685 $1,084,416 (Continued)
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286

CITY OF BELMONT

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEET
JUNE 30, 2024

CAPITAL PROJECTS FUNDS
Total
Special Nonmajor
Assessment Open Park Governmental
District Space Impact Fees Funds
ASSETS
Cash and investments $327,550 $103,575 $680,057 $20,797,126 Receivables:

Accounts 277,805
Due from other
governmental agencies 220,624
Notes 7,239,210
Prepaids and other assets 101,254
Land held for redevelopment 1,353,043
Total Assets $327,550 $103,575 $680,057 $29,989,062

LIABILITIES
Accounts payable and other liabilities $452,580
Deposits 73,107
Unearned revenue 3,500,000
Total Liabilities 4,025,687

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue

FUND BALANCES
Restricted $327,550 $680,057 21,421,606
Committed 1,526,912
Assigned $103,575 3,014,857
Total Fund Balances 327,550 103,575 680,057 25,963,375
Total Liabilities, Deferred Inflows
of Resources and Fund Balances $327,550 $103,575 $680,057 $29,989,062 118
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288

CITY OF BELMONT

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2024

SPECIAL REVENUE FUNDS
Library
Maintenance
and City General Plan
Recreation Operations Trees Maintenance

REVENUES
Taxes $312,802
Use of money and property ($5,596) 29,657 $10,297 $55,258 Intergovernmental 86,469 4,797 1,361
Charges for current services 2,385,481 10,432 816,926
Miscellaneous 27,250 23,307
Total Revenues 2,493,604 347,256 45,397 872,184

EXPENDITURES
Current:

Public safety
Highways and streets
Culture and recreation 3,473,361 384,652 77,163
Urban redevelopment 972,109
Capital outlay
Debt service:

Principal
Interest and fiscal charges
Total Expenditures 3,473,361 384,652 77,163 972,109

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (979,757) (37,396) (31,766) (99,925)

OTHER FINANCING SOURCES (USES)
Transfers in 793,618
Transfers (out)
Total Other Financing
Sources (Uses) 793,618
NET CHANGE IN FUND BALANCES (186,139) (37,396) (31,766) (99,925) BEGINNING FUND BALANCES 583,499 814,528 284,075 1,591,574 ENDING FUND BALANCES $397,360 $777,132 $252,309 $1,491,649 120
289

SPECIAL REVENUE FUNDS
Supplemental
Law
Enforcement Public Street Street Athletic Field
Services Safety Maintenance Improvements Measure W Maintenance $776,230 $921,853 $409,561
$2,678 $1,239 (26,471) 95,403 76,474 $15,036
186,159 42,692 270,851
560,903 144,310
4,596 700 4,340
188,837 5,835 1,354,054 1,292,447 486,035 159,346
124,832 601
2,488,952
133,983
74,912
124,832 601 2,488,952 74,912 133,983
64,005 5,234 (1,134,898) 1,217,535 486,035 25,363
2,500,000
(185,600)
2,500,000 (185,600)
64,005 5,234 1,365,102 1,031,935 486,035 25,363
6,821 30,029 96 1,903,275 1,808,863 365,599
$70,826 $35,263 $1,365,198 $2,935,210 $2,294,898 $390,962 (Continued)
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290

SPECIAL REVENUE FUNDS
Road Maintenance
Affordable Housing and Rehabilitation Senior
Housing Mitigation Fees Account (SB1) Donations

REVENUES
Taxes
Use of money and property $390,144 $82,732 $32,215 $3,624 Intergovernmental 119,368 711,507
Charges for current services 599,866
Miscellaneous 175
Total Revenues 509,512 682,598 743,722 3,799

EXPENDITURES
Current:

Public safety
Highways and streets
Culture and recreation 264
Urban redevelopment 3,901,181
Capital outlay
Debt service:

Principal
Interest and fiscal charges
Total Expenditures 3,901,181 264

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (3,391,669) 682,598 743,722 3,535

OTHER FINANCING SOURCES (USES)
Transfers in
Transfers (out) (851,854)
Total Other Financing
Sources (Uses) (851,854)
NET CHANGE IN FUND BALANCES (3,391,669) 682,598 (108,132) 3,535 BEGINNING FUND BALANCES 9,448,102 2,571,617 605,842 92,455 ENDING FUND BALANCES $6,056,433 $3,254,215 $497,710 $95,990

CITY OF BELMONT

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2024
122
291

SPECIAL REVENUE FUNDS CAPITAL PROJECTS FUNDS
Public Traffic General Planned
Art Mitigation Facilities Infrastructure Comcast Park
$15,858 $3,789 $27,176 $89,002 $54,373
2,771 $15,874
3,705
15,858 3,789 27,176 91,773 15,874 58,078
9,099 4,343
584,023
83,977
9,099 672,343
15,858 3,789 18,077 91,773 15,874 (614,265)
(130,497) (197,162) (2,141)
(130,497) (197,162) (2,141)
15,858 3,789 (112,420) (105,389) 15,874 (616,406)
404,377 96,631 733,884 2,395,207 404,811 1,700,822
$420,235 $100,420 $621,464 $2,289,818 $420,685 $1,084,416 (Continued)
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292

CITY OF BELMONT

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2024

CAPITAL PROJECTS FUNDS
Total
Special Nonmajor
Assessment Open Park Governmental
District Space Impact Fees Funds

REVENUES
Taxes $2,420,446
Use of money and property $12,360 $3,840 $25,494 994,582 Intergovernmental 2,370 1,444,219
Charges for current services 561 13,117 4,531,596
Miscellaneous 64,073
Total Revenues 12,360 6,771 38,611 9,454,916

EXPENDITURES
Current:

Public safety 125,433
Highways and streets 2,502,394
Culture and recreation 4,069,423
Urban redevelopment 4,873,290
Capital outlay 74,912
Debt service:

Principal 584,023
Interest and fiscal charges 83,977
Total Expenditures 12,313,452

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 12,360 6,771 38,611 (2,858,536)

OTHER FINANCING SOURCES (USES)
Transfers in 3,293,618
Transfers (out) (1,367,254)
Total Other Financing
Sources (Uses) 1,926,364
NET CHANGE IN FUND BALANCES 12,360 6,771 38,611 (932,172) BEGINNING FUND BALANCES 315,190 96,804 641,446 26,895,547 ENDING FUND BALANCES $327,550 $103,575 $680,057 $25,963,375 124
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294

CITY OF BELMONT

BUDGETED NON-MAJOR FUNDS

COMBINING SCHEDULE OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024

SPECIAL REVENUE FUNDS

LIBRARY MAINTENANCE

RECREATION AND OPERATIONS
Variance Variance
Positive Positive
Budget Actual (Negative) Budget Actual (Negative)

REVENUES
Taxes $302,000 $312,802 $10,802
Licenses and permits
Fines and forfeitures
Use of money and property $1,000 ($5,596) ($6,596) 15,286 29,657 14,371 Intergovernmental 79,000 86,469 7,469 4,797 4,797
Charges for current services 2,153,300 2,385,481 232,181 Miscellaneous 36,000 27,250 (8,750)
Total Revenues 2,269,300 2,493,604 224,304 317,286 347,256 29,970

EXPENDITURES
Current
Public safety
Highways and streets
Culture and recreation 3,682,741 3,473,361 209,380 449,004 384,652 64,352 Urban redevelopment
Capital outlay
Debt service:

Principal
Interest and fiscal charges
Total Expenditures 3,682,741 3,473,361 209,380 449,004 384,652 64,352

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (1,413,441) (979,757) 433,684 (131,718) (37,396) 94,322

OTHER FINANCING SOURCES (USES)
Transfers in 1,100,000 793,618 (306,382)
Transfers (out) (500,000) 500,000
Total Other Financing Sources (Uses) 1,100,000 793,618 (306,382) (500,000) 500,000 NET CHANGE IN FUND BALANCES ($313,441) (186,139) $127,302 ($631,718) (37,396) $594,322 BEGINNING FUND BALANCES 583,499 814,528
ENDING FUND BALANCES $397,360 $777,132
126
295

SPECIAL REVENUE FUNDS

SUPPLEMENTAL LAW

CITY TREES GENERAL PLAN MAINTENANCE ENFORCEMENT SERVICES Variance Variance Variance
Positive Positive Positive
Budget Actual (Negative) Budget Actual (Negative) Budget Actual (Negative) $5,467 $10,297 $4,830 $30,913 $55,258 $24,345 $359 $2,678 $2,319 1,361 1,361 174,736 186,159 11,423
10,000 10,432 432 568,350 816,926 248,576
23,307 23,307
15,467 45,397 29,930 599,263 872,184 272,921 175,095 188,837 13,742 127,064 124,832 2,232
85,052 77,163 7,889
1,124,197 972,109 152,088
85,052 77,163 7,889 1,124,197 972,109 152,088 127,064 124,832 2,232 (69,585) (31,766) 37,819 (524,934) (99,925) 425,009 48,031 64,005 15,974 ($69,585) (31,766) $37,819 ($524,934) (99,925) $425,009 $48,031 64,005 $15,974 284,075 1,591,574 6,821
$252,309 $1,491,649 $70,826
(Continued)
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296

CITY OF BELMONT

BUDGETED NON-MAJOR FUNDS

COMBINING SCHEDULE OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024

SPECIAL REVENUE FUNDS

PUBLIC SAFETY STREET MAINTENANCE
Variance Variance
Positive Positive
Budget Actual (Negative) Budget Actual (Negative)

REVENUES
Taxes $771,000 $776,230 $5,230
Licenses and permits
Fines and forfeitures
Use of money and property $591 $1,239 $648 (8,926) (26,471) (17,545) Intergovernmental 42,692 42,692
Charges for current services 598,500 560,903 (37,597)
Miscellaneous 4,596 4,596 500 700 200
Total Revenues 591 5,835 5,244 1,361,074 1,354,054 (7,020)

EXPENDITURES
Current
Public safety 5,000 601 4,399
Highways and streets 2,605,597 2,488,952 116,645
Culture and recreation
Urban redevelopment
Capital outlay
Debt service:

Principal
Interest and fiscal charges
Total Expenditures 5,000 601 4,399 2,605,597 2,488,952 116,645

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (4,409) 5,234 9,643 (1,244,523) (1,134,898) 109,625

OTHER FINANCING SOURCES (USES)
Transfers in 2,500,000 2,500,000
Transfers (out)
Total Other Financing Sources (Uses) 2,500,000 2,500,000 NET CHANGE IN FUND BALANCES ($4,409) 5,234 $9,643 $1,255,477 1,365,102 $109,625 BEGINNING FUND BALANCES 30,029 96
ENDING FUND BALANCES $35,263 $1,365,198
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297

SPECIAL REVENUE FUNDS

STREET IMPROVEMENTS MEASURE W ATHLETIC FIELD MAINTENANCE Variance Variance Variance
Positive Positive Positive
Budget Actual (Negative) Budget Actual (Negative) Budget Actual (Negative) $936,817 $921,853 ($14,964) $406,422 $409,561 $3,139
23,639 95,403 71,764 30,929 76,474 45,545 $7,541 $15,036 $7,495 91,890 270,851 178,961
115,000 144,310 29,310
30,000 4,340 (25,660)
1,082,346 1,292,447 210,101 437,351 486,035 48,684 122,541 159,346 36,805 141,667 133,983 7,684
74,912 74,912
74,912 74,912 141,667 133,983 7,684
1,007,434 1,217,535 210,101 437,351 486,035 48,684 (19,126) 25,363 44,489 (3,287,655) (185,600) 3,102,055 (950,000) 950,000 (209,150) 209,150 (3,287,655) (185,600) 3,102,055 (950,000) 950,000 (209,150) 209,150 ($2,280,221) 1,031,935 $3,312,156 ($512,649) 486,035 $998,684 ($228,276) 25,363 $253,639 1,903,275 1,808,863 365,599
$2,935,210 $2,294,898 $390,962
(Continued)
129
298

SPECIAL REVENUE FUNDS

AFFORDABLE HOUSING HOUSING MITIGATION FEES
Variance Variance
Positive Positive
Budget Actual (Negative) Budget Actual (Negative)

REVENUES
Taxes
Licenses and permits
Fines and forfeitures
Use of money and property $142,430 $390,144 $247,714 $3,151 $82,732 $79,581 Intergovernmental 32,688 119,368 86,680
Charges for current services 600,000 599,866 (134)
Miscellaneous
Total Revenues 175,118 509,512 334,394 603,151 682,598 79,447

EXPENDITURES
Current
Public safety
Highways and streets
Culture and recreation
Urban redevelopment 3,937,523 3,901,181 36,342
Capital outlay
Debt service:

Principal
Interest and fiscal charges
Total Expenditures 3,937,523 3,901,181 36,342

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (3,762,405) (3,391,669) 370,736 603,151 682,598 79,447

OTHER FINANCING SOURCES (USES)
Transfers in
Transfers (out)
Total Other Financing Sources (Uses)
NET CHANGE IN FUND BALANCES ($3,762,405) (3,391,669) $370,736 $603,151 682,598 $79,447 BEGINNING FUND BALANCES 9,448,102 2,571,617
ENDING FUND BALANCES $6,056,433 $3,254,215

CITY OF BELMONT

BUDGETED NON-MAJOR FUNDS

COMBINING SCHEDULE OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
130
299

SPECIAL REVENUE FUNDS

ROAD MAINTENANCE AND
REHABILITATION ACCOUNT (SB1) PUBLIC ART
Variance Variance Variance
Positive Positive Positive
Budget Actual (Negative) Budget Actual (Negative) Budget Actual (Negative) $5,025 $32,215 $27,190 $1,747 $3,624 $1,877 $7,643 $15,858 $8,215 673,359 711,507 38,148
4,000 175 (3,825)
678,384 743,722 65,338 5,747 3,799 (1,948) 7,643 15,858 8,215 5,000 264 4,736
5,000 264 4,736
678,384 743,722 65,338 747 3,535 2,788 7,643 15,858 8,215 (1,318,842) (851,854) 466,988
(1,318,842) (851,854) 466,988
($640,458) (108,132) $532,326 $747 3,535 $2,788 $7,643 15,858 $8,215 605,842 92,455 404,377
$497,710 $95,990 $420,235
(Continued)

SENIOR DONATIONS
131
300

SPECIAL REVENUE FUNDS CAPITAL PROJECT FUNDS

GENERAL FACILITIES
Variance Variance
Positive Positive
Budget Actual (Negative) Budget Actual (Negative)

REVENUES
Taxes
Licenses and permits
Fines and forfeitures
Use of money and property $3,872 $3,789 ($83) $13,937 $27,176 $13,239 Intergovernmental
Charges for current services 7,793 (7,793)
Miscellaneous
Total Revenues 11,665 3,789 (7,876) 13,937 27,176 13,239

EXPENDITURES
Current
Public safety
Highways and streets 9,296 9,099 197
Culture and recreation
Urban redevelopment
Capital outlay
Debt service:

Principal
Interest and fiscal charges
Total Expenditures 9,296 9,099 197

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 11,665 3,789 (7,876) 4,641 18,077 13,436

OTHER FINANCING SOURCES (USES)
Transfers in
Transfers (out) (691,887) (130,497) 561,390
Total Other Financing Sources (Uses) (691,887) (130,497) 561,390 NET CHANGE IN FUND BALANCES $11,665 3,789 ($7,876) ($687,246) (112,420) $574,826 BEGINNING FUND BALANCES 96,631 733,884
ENDING FUND BALANCES $100,420 $621,464

TRAFFIC MITIGATION

CITY OF BELMONT

BUDGETED NON-MAJOR FUNDS

COMBINING SCHEDULE OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
132
301

CAPITAL PROJECT FUNDS

INFRASTRUCTURE PLANNED PARK
Variance Variance Variance
Positive Positive Positive
Budget Actual (Negative) Budget Actual (Negative) Budget Actual (Negative) $44,257 $89,002 $44,745 $40,786 $54,373 $13,587
2,771 2,771 $7,651 $15,874 $8,223
3,705 3,705
44,257 91,773 47,516 7,651 15,874 8,223 40,786 58,078 17,292 4,343 4,343
584,023 584,023
83,977 83,977
672,343 672,343
44,257 91,773 47,516 7,651 15,874 8,223 (631,557) (614,265) 17,292 (1,413,033) (197,162) 1,215,871 (40,618) (2,141) 38,477 (1,413,033) (197,162) 1,215,871 (40,618) (2,141) 38,477 ($1,368,776) (105,389) $1,263,387 $7,651 15,874 $8,223 ($672,175) (616,406) $55,769 2,395,207 404,811 1,700,822
$2,289,818 $420,685 $1,084,416
(Continued)

COMCAST
133
302

SPECIAL ASSESSMENT DISTRICT
Variance Variance
Positive Positive
Budget Actual (Negative) Budget Actual (Negative)

REVENUES
Taxes
Licenses and permits
Fines and forfeitures
Use of money and property $5,957 $12,360 $6,403 $3,840 $3,840 Intergovernmental 2,370 2,370
Charges for current services 561 561
Miscellaneous
Total Revenues 5,957 12,360 6,403 6,771 6,771

EXPENDITURES
Current
Public safety
Highways and streets
Culture and recreation
Urban redevelopment
Capital outlay
Debt service:

Principal
Interest and fiscal charges
Total Expenditures

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 5,957 12,360 6,403 6,771 6,771

OTHER FINANCING SOURCES (USES)
Transfers in
Transfers (out) ($70,609) 70,609
Total Other Financing Sources (Uses) (70,609) 70,609
NET CHANGE IN FUND BALANCES $5,957 12,360 $6,403 ($70,609) 6,771 $77,380 BEGINNING FUND BALANCES 315,190 96,804
ENDING FUND BALANCES $327,550 $103,575

CAPITAL PROJECT FUNDS

OPEN SPACE

CITY OF BELMONT

BUDGETED NON-MAJOR FUNDS

COMBINING SCHEDULE OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
134
303

CAPITAL PROJECT FUNDS
Variance
Positive
Budget Actual (Negative)
$7,070 $25,494 $18,424
158,147 13,117 (145,030)
165,217 38,611 (126,606)
165,217 38,611 (126,606)
(655,000) 655,000
(655,000) 655,000
($489,783) 38,611 $528,394
641,446
$680,057

PARK IMPACT FEES
135
304
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305

INTERNAL SERVICE FUNDS
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. 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.

Workers’ Compensation – To account for the City’s workers’ compensation insurance program.

Liability Insurance – To account for coverage on the City’s and District’s general and automobile liability.

Self-Funded Vision – To account for the City’s vision reimbursement plan for its employees.

Benefit Prefunding – To account for certain accrued employee benefits.

Fleet and Equipment Management – To account for the interdepartmental services provided by the Fleet Management division and Information Technology division.

Facilities Management – To account for the interdepartmental services provided by the Facilities Management Division.
137
306

CITY OF BELMONT

INTERNAL SERVICE FUNDS

COMBINING STATEMENT OF NET POSITION
JUNE 30, 2024
Fleet and
Workers' Liability Self-Funded Benefit Equipment
Compensation Insurance Vision Prefunding Management
ASSETS
Current Assets:

Cash and investments $2,209,686 $3,444,977 $1,313,478 $7,119,083 Accounts receivable 933
Prepaids and other assets 16,898
Total Current Assets 2,209,686 3,444,977 1,313,478 7,136,914 Noncurrent Assets:

Depreciable capital assets, net 1,596,187
Total Assets 2,209,686 3,444,977 1,313,478 8,733,101

LIABILITIES
Current Liabilities:

Accounts payable 21,130 421 51,330
Claims payable 10,373 100,045
Compensated absences 47,090
Subscription liabilities 231,136
Total Current Liabilities 10,373 121,175 421 329,556
Noncurrent Liabilities:

Claims payable 362,804
Compensated absences 85,612
Subscription liabilities 77,357
Total Noncurrent Liabilities 362,804 162,969
Total Liabilities 373,177 121,175 421 492,525

NET POSITION
Net investment in capital assets 1,287,694
Unrestricted 1,836,509 3,323,802 1,313,057 6,952,882
Total Net Position $1,836,509 $3,323,802 $1,313,057 $8,240,576 138
307
Facilities
Management Total
$162,112 $14,249,336
8,838 9,771
16,898
170,950 14,276,005
305,858 1,902,045
476,808 16,178,050
26,544 99,425
110,418
30,462 77,552
231,136
57,006 518,531
362,804
53,765 139,377
77,357
53,765 579,538
110,771 1,098,069
305,858 1,593,552
60,179 13,486,429
$366,037 $15,079,981
139
308
Fleet and
Workers' Liability Self-Funded Benefit Equipment
Compensation Insurance Vision Prefunding Management

OPERATING REVENUES
Interdepartmental charges for services $851,314 $799,999 $1,426,243 $4,539,778 Total Operating Revenues 851,314 799,999 1,426,243 4,539,778

OPERATING EXPENSES
Insurance premiums 649,611 533,735
Professional and legal 68,796 185,132 91,062 1,448,705
Operating costs 225,934 2,099,452
Pension and other post employment benefits 1,077,960
Insurance claims, net of change in claims payable 235,234 63,861 Depreciation 947,621
Total Operating Expenses 953,641 782,728 1,394,956 4,495,778 Operating Income (Loss) (102,327) 17,271 31,287 44,000

NONOPERATING REVENUES (EXPENSES)
Gain from sale of capital assets 14,305
Use of money and property 70,022 121,133 ($1) 47,490 272,544 Miscellaneous 107,356 (500,965) 10,315
Total Nonoperating Revenues (Expenses) 177,378 (379,832) (1) 47,490 297,164 Income (Loss) Before Transfers 75,051 (362,561) (1) 78,777 341,164 Transfers in
Transfers (out) (494,202)
Net transfers (494,202)
Change in Net Position 75,051 (362,561) (1) 78,777 (153,038) BEGINNING NET POSITION 1,761,458 3,686,363 1 1,234,280 8,393,614 ENDING NET POSITION $1,836,509 $3,323,802 $1,313,057 $8,240,576

CITY OF BELMONT

INTERNAL SERVICE FUNDS

COMBINING STATEMENT OF REVENUES, EXPENSES AND

CHANGES IN FUND NET POSITION
FOR THE YEAR ENDED JUNE 30, 2024
140
309
Facilities
Management Total
$2,578,640 $10,195,974
2,578,640 10,195,974
1,183,346
275,084 2,068,779
2,005,617 4,331,003
1,077,960
299,095
14,275 961,896
2,294,976 9,922,079
283,664 273,895
14,305
339,110 850,298
10,692 (372,602)
349,802 492,001
633,466 765,896
422,436 422,436
(86,835) (581,037)
335,601 (158,601)
969,067 607,295
(603,030) 14,472,686
$366,037 $15,079,981
141
310
Fleet and
Workers' Liability Self-Funded Benefit Equipment
Compensation Insurance Vision Prefunding Management

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from other funds $958,670 $299,034 $1,426,243 $4,550,093 Payments to vendors (724,242) (713,562) (316,996) (2,196,170) Payment to or on behalf of employees (1,077,539) (1,399,740) Settlements received 510,388
Claims paid (15,989) (856) ($6,470)
Cash Flows from Operating Activities 218,439 95,004 (6,470) 31,708 954,183

CASH FLOWS FROM NONCAPITAL

FINANCING ACTIVITIES
Interfund receipts (494,202)
Cash Flows from Noncapital
Financing Activities (494,202)

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
Acquisition of capital assets (793,093)
Proceeds from sale of capital assets 14,305
Principal payments on subscription liability (43,981)
Cash Flows from Capital and Related
Financing Activities (822,769)

CASH FLOWS FROM INVESTING ACTIVITIES
Interest and rents 70,022 121,133 (1) 47,490 272,544
Cash Flows from Investing Activities 70,022 121,133 (1) 47,490 272,544 Net Cash Flows 288,461 216,137 (6,471) 79,198 (90,244)
Cash and investments at beginning of period 1,921,225 3,228,840 6,471 1,234,280 7,209,327 Cash and investments at end of period $2,209,686 $3,444,977 $1,313,478 $7,119,083 Reconciliation of operating income (loss) to
net cash flows from operating activities:

Operating income (loss) ($102,327) $17,271 $31,287 $44,000 Adjustments to reconcile operating income (loss) to
net cash flows from operating activities:

Depreciation 947,621
Miscellaneous revenues 107,356 (500,965) 10,315
Change in assets and liabilities:

Accounts receivables 510,388
Prepaids and other net assets (3,392)
Accounts payable (5,835) 5,305 ($6,470) 421 (83,251)
Claims payable 219,245 63,005
Compensated absences 38,890
Cash Flows from Operating Activities $218,439 $95,004 ($6,470) $31,708 $954,183

CITY OF BELMONT

INTERNAL SERVICE FUNDS

COMBINING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED JUNE 30, 2024
142
311
Facilities
Management Total
$2,594,895 $9,828,935
(1,576,135) (5,527,105)
(745,039) (3,222,318)
510,388
(23,315)
273,721 1,566,585
(450,719) (944,921)
(450,719) (944,921)
(793,093)
14,305
(43,981)
(822,769)
339,110 850,298
339,110 850,298
162,112 649,193
13,600,143
$162,112 $14,249,336
$283,664 $273,895
14,275 961,896
10,692 (372,602)
5,563 515,951
(3,392)
(26,418) (116,248)
282,250
(14,055) 24,835
$273,721 $1,566,585
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312
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313
Statistical
Section
314
This Page Left Intentionally Blank
315

STATISTICAL SECTION
This part 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 says about 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 wellbeing have changed over time:

1. Net Position by Component

2. Changes in Net Position

3. Fund Balances of Governmental Funds

4. Changes in Fund Balance of Governmental Funds
Revenue Capacity
These schedules contain information to help the reader assess the City’s most significant local revenue source, the property tax:

1. Assessed Value of Taxable Property

2. Direct and Overlapping Property Tax Rates

3. Principal Property Taxpayers

4. Property Tax Levies and Collections
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. Computation of Direct and Overlapping Debt

3. Computation of Legal Bonded Debt Margin

4. Bonded Debt Pledged Revenue Coverage:
a. 2016 Sewer Revenue and Sewer Refunding Revenue Bonds and 2019 Sewer Revenue Bonds – Last Ten Fiscal Years
b. 2018 Sewer Treatment Facility Revenue Bonds and 2022 Sewer Treatment Facility Obligations
c. Former Redevelopment Agency Bonds

5. Continuing Disclosure Requirements:
a. Sewer System Summary Statement of Historical Revenue and Expenditures b. Ten Largest Users of the Sewer System
c. Number of Sewer Service Users
d. Sewer Service Revenues by Class of User
e. Schedule of Budgeted and Projected Sewer Treatment Facility Charges and Associated Debt Service
f. Community Facilities District No. 2000-1
147
316
STATISTICAL SECTION (Continued)
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.
148
317

CITY OF BELMONT

NET POSITION BY COMPONENT
Last Ten Fiscal Years
(accrual basis of accounting)
As of June 30,
2015 2016 2017 2018 2019
Governmental activities
Net investment in capital assets $65,328,759 $67,139,553 $69,831,130 $67,969,307 $69,521,925 Restricted 6,904,176 6,904,177 11,714,283 24,061,436 24,039,737 Unrestricted (8,619,488) (9,680,086) (a) (188,113) (a) (12,213,657) (a) (4,098,068) Total governmental activities $63,613,447 $64,363,644 $81,357,300 $79,817,086 $89,463,594 Business‐type activities
Net investment in capital assets $8,424,614 $16,739,430 $6,439,038 $5,536,183 $3,453,035 Restricted 5,383,408 9,143,559 14,957,819 17,728,929 20,219,035 Unrestricted 8,634,126 (a) 8,602,110 (a) 9,913,265 (a) 13,315,730 Total business‐type activities $22,442,148 $25,882,989 $29,998,967 $33,178,377 $36,987,800 Primary government
Net investment in capital assets $73,753,373 $83,878,983 $76,270,168 $73,505,490 $72,974,960 Restricted 12,287,584 16,047,736 26,672,102 41,790,365 44,258,772 Unrestricted 14,638 (9,680,086) (a) 8,413,997 (a) (2,300,392) (a) 9,217,662 Total primary government $86,055,595 $90,246,633 $111,356,267 $112,995,463 $126,451,394 2020 2021 2022 2023 2024
Governmental activities
Net investment in capital assets $74,539,932 $74,700,385 $80,638,254 $79,747,471 $83,034,874 Restricted 26,494,396 29,925,106 31,881,783 36,023,415 50,593,711 Unrestricted (6,415,098) (b) (4,130,669) 3,477,732 (7,231,599) 21,799,848 Total governmental activities $94,619,230 $100,494,822 $115,997,769 $108,539,287 $155,428,433 Business‐type activities
Net investment in capital assets $4,445,755 $3,971,403 $1,163,216 $7,176,591 $287,849 Restricted 22,464,351 24,300,968 25,991,829 25,991,829 28,834,072 Unrestricted 16,112,774 (b) 21,229,648 28,806,567 43,535,183 Total business‐type activities $43,022,880 $49,502,019 $55,961,612 $33,168,420 $72,657,104 Primary government
Net investment in capital assets $78,985,687 $78,671,788 $81,801,470 $86,924,062 $83,322,723 Restricted 48,958,747 54,226,074 57,873,612 62,015,244 79,427,783 Unrestricted 9,697,676 (b) 17,098,979 32,284,299 (7,231,599) 65,335,031 Total primary government $137,642,110 $149,996,841 $171,959,381 $141,707,707 $228,085,537 (a) Fiscal year 2015 was the first year of implementation for GASB 68. (b) Fiscal year 2018 was the first year of implementation for GASB 75. (50,000)
0 50,000
100,000
150,000
200,000
250,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
T
h
o
u
s
a
n
d
s
Net investment in capital assets Restricted Unrestricted 149
318
Fiscal Year Ended June 30,
2015 2016 2017 2018
Expenses
Governmental Activities:

General government $5,244,211 $5,439,850 $5,671,719 $6,598,992 Public safety 19,218,589 19,906,577 21,282,999 23,461,443 Highways and streets 3,340,232 2,998,364 2,785,012 3,182,025 Culture and recreation 5,018,290 4,729,514 4,759,282 5,344,942 Urban redevelopment 2,268,840 3,436,088 3,223,265 3,447,979 Interest on long term debt 24,850 16,708 5,592 3,169
Total Governmental Activities Expenses 35,115,012 36,527,101 37,727,869 42,038,550 Business‐Type Activities:

Sewer Collection 7,654,335 8,251,781 8,251,781 9,087,660 Sewer Treatment 403,386 403,386 517,015
Storm drainage 1,446,650 1,603,968 1,603,968 1,566,875
Solid waste 223,392 283,045 283,045 338,756
Total Business‐Type Activities Expenses 9,324,377 10,542,180 10,542,180 11,510,306 Total Primary Government Expenses $44,439,389 $47,069,281 $48,270,049 $53,548,856 Program Revenues
Governmental Activities:

Charges for Services:

General Government $4,937,130 $5,780,785 $8,184,093 $6,868,959 Public Safety 1,143,332 998,958 1,113,555 1,425,037
Highways and streets 473,341 464,902 498,637 490,979
Culture and recreation 2,729,732 2,629,840 5,997,226 3,250,607 Urban redevelopment 3,627,765 3,860,509 4,701,066 3,692,543 Operating Grants and Contributions 2,042,316 1,861,488 1,767,235 2,175,529 Capital Grants and Contributions 411,980 2,746,475 596,190 1,262,562 Total Government Activities
Program Revenues 15,365,596 18,342,957 22,858,002 19,166,216 Business‐Type Activities:

Charges for Services:

Sewer Collection 11,905,392 9,623,230 10,974,015 10,451,746 Sewer Treatment 3,124,223 3,087,872 3,225,639
Storm drainage 943,554 903,147 875,926 886,380
Solid Waste 458,337 443,408 429,212 428,446
Operating Grants and Contributions 37,862 23,408
Capital Grants and Contributions
Total Business‐Type Activities
Program Revenue 13,307,283 14,094,008 15,404,887 15,015,619 Total Primary Government
Program Revenues $28,672,879 $32,436,965 $38,262,889 $34,181,835 Net (Expense)/Revenue
Governmental Activities ($19,749,416) ($18,184,144) ($14,869,867) ($22,872,334) Business‐Type Activities 3,982,906 2,018,171 4,862,707 3,505,313 Total Primary Government Net Expense ($15,766,510) ($16,165,973) ($10,007,160) ($19,367,021)

CITY OF BELMONT

CHANGES IN NET POSITION
Last Ten Fiscal Years
(Accrual Basis of Accounting)
150
319
Fiscal Year Ended June 30,
2019 2020 2021 2022 2023 2024
$5,621,928 $8,461,468 $8,168,398 $7,642,172 $4,744,236 $7,896,080 21,608,132 24,687,962 25,705,962 24,908,569 25,349,206 29,969,262 2,845,390 2,768,906 2,563,851 2,936,535 4,155,398 4,561,468 5,754,393 6,727,967 5,707,179 6,218,434 5,073,656 6,970,771 3,274,118 4,504,187 5,678,182 5,520,422 5,704,749 11,168,966 644 41,615 119,690 107,965 95,990 83,977
39,104,605 47,192,105 47,943,262 47,334,097 45,123,235 60,650,524 11,292,920 10,066,509 10,760,135 10,634,189 10,491,755 10,507,770 1,121,846 1,376,670 1,370,917 1,437,779 1,908,406 2,037,820 1,893,199 2,119,817 2,056,207 2,190,249 1,717,872 2,113,909 284,968 343,075 452,750 502,470 533,852 550,348
14,592,933 13,906,071 14,640,009 14,764,687 14,651,885 15,209,847 $53,697,538 $61,098,176 $62,583,271 $62,098,784 $59,775,120 $75,860,371 $6,142,052 $6,577,974 $8,880,620 $6,161,208 $6,690,833 $7,596,615 1,250,205 404,688 413,536 370,671 382,813 433,440
504,891 808,673 1,220,787 868,986 623,278 595,756
3,589,282 2,948,206 2,966,339 4,942,718 3,989,155 3,456,619 4,104,255 4,212,747 4,227,537 5,023,122 4,522,634 6,854,360 2,196,042 3,511,589 3,456,820 5,895,499 7,198,319 3,645,448 107,597 944,285 1,227,833 1,868,526 1,389,555 4,032,095 17,894,324 19,408,162 22,393,472 25,130,730 24,796,587 26,614,333 11,131,538 12,711,450 16,273,536 16,360,163 15,330,295 16,684,309 3,178,480 3,196,757 3,181,962 3,142,679 3,142,057 3,147,629 922,892 969,136 968,969 1,024,532 1,076,079 1,149,248
457,015 482,843 489,560 623,030 554,730 599,960
15,650 98,099 58,914 34,146 102,552
1,708,952
17,414,527 17,458,285 20,914,027 21,209,318 20,137,307 21,683,698 $35,308,851 $36,866,447 $43,307,499 $46,340,048 $44,933,894 $48,298,031 ($21,210,281) ($27,783,943) ($25,549,790) ($22,203,367) ($20,326,648) ($34,036,191) 2,821,594 3,552,214 6,274,018 6,444,631 5,485,422 6,473,851 ($18,388,687) ($24,231,729) ($19,275,772) ($15,758,736) ($14,841,226) ($27,562,340) 151
320

CITY OF BELMONT

CHANGES IN NET POSITION
(continued)
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Fiscal Year Ended June 30,
2015 2016 2017 2018
General Revenues and Other Changes in Net Position
Governmental Activities:

Taxes:

Property taxes $13,134,287 $14,132,122 $15,527,210 $16,894,686 Incremental property tax
Sales taxes 3,085,607 3,613,991 3,882,588 5,134,206
Other taxes 3,487,040 3,957,259 3,927,717 4,039,400
Motor vehicle in lieu 2,474,536 2,436,212 2,619,042 2,786,304 Investment earnings and rentals 590,418 540,269 588,798 981,525 Miscellaneous/Gain on sale 3,803 6,263 3,663 89,454
Gain on sale of capital assets
Loss on disposal of capital assets (39,381)
Equity in gains/(losses) of joint ventures
Transfers (437,270)
Extraordinary items
Total Government Activities 22,736,310 24,248,846 26,549,018 29,925,575 Business‐Type Activities:

Investment earnings 17,275 77,370 104,041 489,367
Miscellaneous 57,142 118 36,854
Transfers 45,769 437,270
Total Business‐Type Activities 63,044 571,782 104,159 526,221 Total Primary Government $22,799,354 $24,820,628 $26,653,177 $30,451,796 Change in Net Position
Governmental Activities $2,986,894 $6,064,702 $11,679,151 $7,053,241 Business‐Type Activities 4,045,950 2,589,953 4,966,866 4,031,534 Total Primary Government $7,032,844 $8,654,655 $16,646,017 $11,084,775 152
321
Fiscal Year Ended June 30,
2019 2020 2021 2022 2023 2024
$18,038,474 $19,236,918 $20,132,097 $20,468,903 $25,203,194 $26,680,829 5,543,213 5,128,787 5,969,774 6,602,318 6,691,999 6,452,130 4,916,495 5,177,005 2,693,563 3,905,904 5,294,944 5,866,953 2,987,318 3,076,967 1,943,403 2,833,129 4,683,087 2,867,799 1,713,215 1,680,176 280,325 (166,620) 1,937,786 5,415,938 238,833 7,550 727 12,680 197,129 197,691
4,050,000 2,148,468
(2,580,759) 405,493 551,157
(1,367,824) (395,601)
30,856,789 32,939,579 31,425,382 37,706,314 46,707,764 47,085,739 975,602 1,115,042 126,076 (53,021) 1,275,157 2,587,536
12,227 79,045 67,983 192,071 285,854
1,367,824 395,601
987,829 2,482,866 205,121 14,962 1,467,228 3,268,991
$31,844,618 $35,422,445 $31,630,503 $37,721,276 $48,174,992 $50,354,730 $9,646,508 $5,155,636 $5,875,592 $15,502,947 $26,381,116 $13,049,548 3,809,423 6,035,080 6,479,139 6,459,593 6,952,650 9,742,842 $13,455,931 $11,190,716 $12,354,731 $21,962,540 $33,333,766 $22,792,390 153
322

CITY OF BELMONT

FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
Fiscal Year Ended June 30,
2015 2016 2017 2018 2019
General Fund
Nonspendable $1,130,963 $627,500 $641,355 $641,115
Restricted 251,184 1,879,332
Committed 2,903,606
Assigned 2,327,624 $1,507,974
Unassigned 5,590,065 7,540,974 10,500,188 10,683,682 14,204,643 Total General Fund $9,048,652 $9,048,948 $11,378,872 $13,204,369 $17,749,364 All Other Governmental Funds
Restricted $13,099,710 $13,099,725 $19,239,022 $23,400,819 Committed 5,644 (140,892) 936,200 784,403 $23,504,778
Assigned 2,111,573 2,111,572 2,289,075 4,116,485 658,745 Unassigned (146,538) 3,602,036
Total all other governmental funds $15,070,389 $15,070,405 $22,464,297 $28,301,707 $27,765,559 Fiscal Year Ended June 30,
2020 2021 2022 2023 2024
General Fund
Nonspendable $641,273 $639,099 $376,537 $674,455 $748,984 Restricted 4,869,244 2,178,855
Committed 2,101,292 3,751,162 2,938,455 2,285,493
Assigned
Unassigned 12,995,874 12,759,010 17,636,404 24,978,496 30,253,785 Total General Fund $15,738,439 $17,149,271 $20,951,396 $30,522,195 (a) $35,467,117 All Other Governmental Funds
Nonspendable $1,736,353 $1,879,873
Restricted $30,017,035 $29,119,357 30,977,682 $42,245,964 48,715,959 Committed 443,069 1,190,051 2,422,303 3,159,153 3,546,599 Assigned 4,070,714 3,335,478 3,698,561 3,225,895 3,014,857 Total all other governmental funds $34,530,818 $33,644,886 $38,834,899 $48,631,012 (a) $57,157,288 (a) The change in total fund balance for the General Fund and other governmental funds is explained in Management's Discussion and Analysis.
($20,000)
$0
$20,000
$40,000
$60,000
$80,000
$100,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Thousands
Nonspendable Restricted Assigned Unassigned Series5
154
154 323
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324

CITY OF BELMONT

CHANGES IN FUND BALANCE OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
2015 2016 2017 2018
Revenues
Taxes $20,592,362 $22,462,269 $24,901,868 $27,919,446
Licenses and permits 1,846,367 2,085,424 2,800,954 2,317,393 Fines and forfeitures 210,470 234,582 168,763 216,183
Use of money and property 585,120 599,818 759,981 1,228,596 Intergovernmental 5,098,802 5,496,855 4,819,712 4,975,667 Charges for current services 8,517,414 8,574,373 14,587,389 9,890,785 Miscellaneous 868,303 1,387,317 937,673 2,069,817
Total Revenues 37,718,838 40,840,638 48,976,340 48,617,887 Expenditures
Current:

General government 4,219,915 4,300,780 4,955,053 5,151,403 Public safety 19,146,371 19,872,825 21,056,427 22,788,288 Highways and streets 2,195,722 1,814,166 1,909,799 1,935,535 Culture and recreation 4,817,387 4,525,998 5,038,819 5,274,846 Urban redevelopment 2,522,957 3,442,355 3,495,988 3,358,362 Capital outlay 1,736,968 3,390,421 3,828,413 1,382,112
Debt service:

Principal 451,490 55,316 57,641 60,064
Interest and fiscal charges 24,850 16,708 5,592 3,169
Total Expenditures 35,115,660 37,418,569 40,347,732 39,953,779 Excess (deficiency) of revenues over
(under) expenditures 2,603,178 3,422,069 8,628,608 8,664,108 Other Financing Sources (Uses)
Transfers in 2,859,034 1,984,813 1,697,887 5,931,220
Transfers (out) (2,954,849) (4,869,841) (1,834,158) (6,932,421) Gain from sale of capital assets
Proceeds from sale of capital assets 686,750 8,000
Proceeds of debt issuance
Total other financing sources (uses) (95,815) (2,198,278) (128,271) (1,001,201) Net Change in fund balances $2,507,363 $1,223,791 $8,500,337 $7,662,907 Debt service as a percentage of
noncapital expenditures 1.4% 1.4% 0.2% 0.2%
Fiscal Year Ended June 30,
156
325
2019 2020 2021 2022 2023 2024
$30,101,322 $32,173,339 $33,671,449 $35,877,026 $44,533,834 $44,253,416 2,026,047 2,156,235 3,421,169 3,412,657 3,549,928 4,528,013 164,265 160,211 170,105 156,422 139,859 158,740
1,947,782 2,070,593 1,021,749 292,841 2,221,374 5,728,868 5,611,404 6,106,124 1,677,393 6,006,905 6,141,065 5,687,724 10,296,325 10,012,330 12,337,351 12,481,949 11,023,716 12,695,707 609,958 236,306 1,411,931 297,432 445,528 172,701
50,757,103 52,915,138 53,711,147 58,525,232 68,055,304 73,225,169 5,563,535 6,251,896 6,894,135 5,750,762 5,735,226 6,526,423 25,312,692 24,684,871 25,665,084 25,760,691 27,048,944 28,212,132 2,115,327 2,312,159 2,361,710 2,001,625 2,232,006 2,502,394 5,766,923 5,897,618 5,414,402 5,358,664 5,647,578 6,378,648 3,362,011 4,400,315 5,491,628 5,219,975 6,255,312 11,095,267 5,316,611 8,912,121 6,569,459 7,558,546 4,041,326 6,327,068 30,972 292,385 548,310 560,035 572,010 584,023
644 41,615 119,690 107,965 95,990 83,977
47,468,715 52,792,980 53,064,418 52,318,263 51,628,392 61,709,932 3,288,388 122,158 646,729 6,206,969 16,426,912 11,515,237 2,671,111 4,740,278 2,355,020 6,252,414 3,861,938 8,805,706 (1,963,685) (6,108,102) (2,476,849) (7,517,245) (3,861,938) (6,849,745) 4,050,000 2,940,000
13,033
6,000,000
720,459 4,632,176 (121,829) 2,785,169 2,940,000 1,955,961 $4,008,847 $4,754,334 $524,900 $8,992,138 $19,366,912 $13,471,198

Belmont City CouncilNovember 26, 2024

Belmont City Council
November 26, 2024