Brentwood City Council
December 12, 2023

57 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The City defines infrastructure as long-lived capital assets that are normally stationary in nature and normally can be preserved for a significantly greater number of years than most capital assets.

These assets include the street system, water purification and distribution system, sewer collection and treatment system, park and recreation lands and improvement system, storm water conveyance system and buildings, combined with the site amenities such as parking and landscaped areas, which are used by the City in the conduct of its business. Each major infrastructure system can be divided into subsystems. For example, the street system can be subdivided into pavement, curb and gutters, sidewalks, medians, streetlights, traffic control devices (signs, signals and pavement markings), landscaping and land. These subsystems are not delineated in the Basic Financial Statements. The appropriate operating department maintains information regarding the subsystems.
vi. Compensated Absences Payable
The following totals may be accumulated by employees each year:
 A total of 11 to 31 vacation days
 Up to 100 hours of compensatory time off, depending on employee’s classification  Up to 96 hours of personal holiday time off, depending on employee’s classification  12 days of sick leave
Sick leave is not paid at termination, but can be used for additional service credits towards retirement. Half of an employee’s accrued sick leave, up to $8,000, may be cashed in when the employee retires from the City of Brentwood. Under certain restrictive circumstances, limited amounts of sick leave can be converted to vacation time. Vacation time is only allowed to accumulate up to one and one-half years’ worth of vacation earnings.

All employees may elect to receive a lump sum payment of up to 40 hours of accumulated vacation each March with Mid-Managers, Department Directors, the City Attorney and the City Manager eligible to elect payment of up to 80 hours. Additionally, each October employees with three years of service may elect to receive a lump sum payment of up to 40 hours of accumulated vacation with Mid-Managers, Department Directors, the City Attorney and the City Manager eligible to elect payment of up to 80 hours.

Liabilities for compensated absences are included as a liability in the Government-Wide Financial Statements and are paid by the fund that has recorded the liability. The long-term portion of compensated absences in Governmental-Type activities is typically liquidated by the General Fund, Citywide Park Assessment District Fund, Fleet Maintenance Fund, Facilities Maintenance Fund and Information Services Fund.
vii. Property Tax
Property tax valuations, liens and levies for secured and unsecured property are valued on March 1 of each year. Fifty percent of secured taxes are due on November 1 and February 1 of each fiscal

58 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) year and are delinquent on December 10 and April 10, respectively. Unsecured property taxes are due on July 1 and delinquent on August 31. Contra Costa County bills and collects the City's property taxes and remits them to the City. The City accounts for the remittance in the General Fund. City property tax revenues are recognized when levied, to the extent that they result in current receivables. The City receives its full assessment of property tax and the County retains all delinquent charges.
viii. Motor Vehicle Taxes
Motor vehicle taxes are collected by the State and remitted to the City. They are not restricted. ix. New Funds, Closed Funds and Renamed Funds
In FY 2022/23, the American Rescue Plan Act of 2021 Fund, the Parks Advertising Fund and the 2015 Lease Financing Acquisition Fund were closed.

For internal consistency, minor changes may be made to the names of certain funds; however, the purpose of these funds remains unchanged.
x. Deferred Outflows/Inflows of Resources
In addition to assets, the statement of net position and balance sheet will sometimes report a separate section for Deferred Outflows of Resources. This separate financial statement element represents a consumption of net assets that applies to a future period(s). The outflow of resources (expense/expenditure) is recognized, therefore, in the applicable future period(s). The City has three items that qualify for reporting in this category, Deferred Outflows of Resources Related to OPEB, Deferred Outflows of Resources Related to Pensions and Deferred Amount on Refunding. The elements of Deferred Outflows of Resources Related to OPEB are deferred and amortized and will be recognized as a component of OPEB expense in subsequent fiscal years. The elements of Deferred Outflows of Resources Related to Pensions are deferred and amortized and will be recognized as a component of pension expense in subsequent fiscal years. The deferred amount on refunding results from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt.

In addition to liabilities, the statement of net position and balance sheet will sometimes report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of net assets that applies to future a period(s) and the inflow of resources (revenue) will be recognized in the applicable future period(s). The City has three types of items reported on the Government-Wide Statement of Net Position, which qualify for reporting in this category, Deferred Inflows of Resources Related to OPEB, Deferred Inflows of Resources Related to Pensions and Deferred Inflows of Resources Related to Leases. The elements of Deferred Inflows of Resources Related to Leases are deferred and amortized and will be recognized as a component of lease revenue in subsequent fiscal years. The elements of Deferred Inflows of Resources Related to OPEB are deferred and amortized and will be recognized as a component of OPEB expense in

59 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) subsequent fiscal years. The elements of Deferred Inflows of Resources Related to Pensions are deferred and amortized and will be recognized as a component of pension expense in subsequent fiscal years.

The City has one item, Unavailable Revenue - Accounts Receivable, that is reported only in the Governmental Funds balance sheet. These amounts are deferred and recognized as an inflow of resources in the period that the amounts become available. xi. OPEB and Pensions
For purposes of measuring net OPEB liability, deferred outflows/inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the City’s OPEB Plan and additions to/deductions from the OPEB Plan’s fiduciary net position have been determined on the same basis as they are reported by California Employers' Retiree Benefit Trust (CERBT) Fund. For this purpose, benefit payments are recognized when currently due and payable in accordance with the benefit terms. Investments are reported at fair value.

For purposes of measuring the net pension liability, deferred outflows/inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the City’s CalPERS plans (Pension Plans) and additions to/deductions from the Pension Plans’ 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 due and payable in accordance with the benefit terms. Investments are reported at fair value. The Net Pension Liability and related costs are allocated to each fund based on the proportionate share of the fund’s total current year pension contributions. xii. Fair Value Measurements
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 GAAP. 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 based on the lowest priority level input that is significant to the entire measurement.

60 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) xiii. Use of Estimates
The preparation of financial statements, in conformity with accounting principles generally accepted in the United States, requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. xiv. Leases
A lease is defined as a contract that conveys control of the right to use another entity’s nonfinancial asset (the underlying asset) as specified in the contract for a period of time in an exchange or exchange-like transaction. Examples of nonfinancial assets include buildings, land, vehicles, and equipment.

Lessee – The City would recognize a lease liability and an intangible right-to-use lease asset (lease asset) in the government-wide financial statements. The City recognizes lease liabilities when an individual liability’s net present value exceeds 1% of fund assets.

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 will monitor changes in circumstances that require remeasurement of a lease adjust the lease asset and liability if 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 long-term debt on the statement of net position.

61 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Lessor – The City recognizes leases receivable and a deferred inflow of resources in the government-wide and governmental fund financial statements. The City recognizes a lease receivable when an individual receivable’s net present value exceeds 1% of fund assets.

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 estimated incremental borrowing rate is the US Treasury yield rate in effect at lease commencement, for the term that most closely matches the term of the lease, plus a 1% spread.
 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. xv. 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) information technology (IT) software, alone or in combination with tangible capital assets (the underlying IT assets), as specified in the contract for a period of time in an exchange or exchangelike transaction.

The City would recognize a subscription liability and a right-to-use subscription asset in the government-wide financial statements. The City recognizes subscription liabilities when an individual liability’s net present value exceeds $250,000.

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.

62 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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 with long-term debt on the statement of net position. The City did not recognize any subscription liabilities in the financials during FY 2022/23.
xvi. New Governmental Accounting Standards Board (GASB) Pronouncements In May 2019, GASB issued GASB Statement No. 91, Conduit Debt Obligations. The primary objectives of this Statement are to provide a single method of reporting conduit debt obligations by issuers and eliminate diversity in practice associated with (1) commitments extended by issuers, (2) arrangements associated with conduit debt obligations, and (3) related note disclosures. This Statement achieves those objectives by clarifying the existing definition of a conduit debt obligation; establishing that a conduit debt obligation is not a liability of the issuer; establishing standards for accounting and financial reporting of additional commitments and voluntary commitments extended by issuers and arrangements associated with conduit debt obligations; and improving required note disclosures. The requirements of the statement are effective for reporting periods beginning after December 15, 2021. The City implemented GASB Statement No. 91, but it did not have an effect on the FY 2022/23 financial statements.

In March 2020, GASB issued GASB Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements. The primary objective of this Statement is to improve financial reporting by addressing issues related to public-private and public-public partnership arrangements (PPPs). This Statement also provides guidance for accounting and financial reporting for availability payment arrangements (APAs). The requirements of the statement are effective for fiscal years beginning after June 15, 2022, and all reporting periods thereafter. The City implemented GASB Statement No. 94, but it did not have a material effect on the FY 2022/23 financial statements.

63 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) In May 2020, GASB issued GASB Statement No. 96, Subscription-Based Information Technology Arrangements. This Statement provides guidance on the accounting and financial reporting for subscription-based information technology arrangements (SBITAs) for government end users (governments). This Statement (1) defines a SBITA; (2) establishes that a SBITA results in a right-touse subscription asset – an intangible asset – and a corresponding subscription liability; (3) provides the capitalization criteria for outlays other than subscription payments, including implementation costs of a SBITA; and (4) requires note disclosures regarding a SBITA. The requirements of the statement are effective for fiscal years beginning after June 15, 2022, and all reporting periods thereafter. The City implemented GASB Statement No. 96, but it did not have an effect on the FY 2022/23 financial statements.

In April 2022, GASB issued GASB Statement No. 99, Omnibus 2022. The objectives of this Statement are to enhance comparability in accounting and financial reporting and to improve the consistency of authoritative literature by addressing (1) practice issues that have been identified during implementation and application of certain GASB statements and (2) accounting and financial reporting for financial guarantees. The requirements of the statement are effective as follows: (1) the requirements related to extension of the use of LIBOR, accounting for SNAP distributions, disclosures of nonmonetary transactions, pledges of future revenues by pledging governments, clarification of certain provisions in Statement 34, as amended, and terminology updates related to Statement 53 and Statement 63 were effective upon issuance; (2) the requirements related to leases, PPPs, and SBITAs are effective for fiscal years beginning after June 15, 2022, and all reporting periods thereafter; and (3) the requirements related to financial guarantees and the classification and reporting of derivative instruments within the scope of Statement 53 are effective for fiscal years beginning after June 15, 2023, and all reporting periods thereafter. The City implemented GASB Statement No. 99, Omnibus 2022, for the presentation of the FY 2022/23 financial statements, but it did not have an effect on the FY 2022/23 financial statements.

In June 2022, GASB issued GASB Statement No. 100, Accounting Changes and Error Corrections – an amendment of GASB Statement No. 62. The requirements of this Statement are effective for fiscal years ending after June 15, 2023. The City will implement the provisions of the statement for any applicable transactions in FY 2023/24 or subsequent.

In June 2022, GASB issued GASB Statement No. 101, Compensated Absences. The objective of this Statement is to better meet the information needs of financial statement users by updating the recognition and measurement guidance for compensated absences. That objective is achieved by aligning the recognition and measurement guidance under a unified model and by amending certain previously required disclosures. The requirements of this Statement are effective for fiscal years beginning after December 15, 2023, and all reporting periods thereafter. The City is in the process of determining the impact GASB Statement No. 101 will have on its financial statements.

64 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #2 – STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
A. BUDGETARY INFORMATION
General Budget Policies
The City operates on a two-year budget cycle. Budgets are legally enacted through adoption of a resolution prior to July 1. The City Council periodically reviews the budgets and adopts supplemental appropriations (amendments) at the fund level when required. The level of budgetary control is established at the fund level and expenditures may not exceed budgeted appropriations at the fund level without City Council approval. In the financial statements, the final budget amounts include amendments to the original budget. Individual amendments were not material in relation to original appropriations.

Budget Basis of Accounting
Budgetary comparisons are presented for the General, Special Revenue and certain Capital Project funds. The following funds are not legally required to adopt budgets as their appropriations are either established by: 1) the related bond documentation, 2) other legal agreements or 3) are multi-year projects whose budget cycle exceeds one FY.

Capital Project Funds
Roadway Improvements
Community Facilities Improvements
Parks and Trails Improvements
Capital Improvement Financing Program 2006-1
Capital Improvement Financing Program 2005-1
Debt Service Funds
Capital Improvement Revenue Refunding Bonds Series 2021 A & B General Obligation Bonds Series 2002
2019 Civic Center Project Lease Revenue Refunding Bonds 2015 Lease Financing

65 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #2 – STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY (Continued) B. DEFICIT FUND BALANCE OR NET POSITION
Following is a list of funds that have either a deficit fund balance or net position balance as of June 30, 2023.

The deficit in the Community Facilities Development Impact Fee Fund is due to pre-funding of capital projects in advance of receiving funding from development. Development impact fees generated from future development will be deposited into this fund. The deficit in the Vineyards Projects Fund is due to planned funding of a capital project and the deficit is expected to be cured in the upcoming fiscal year by investment income earned on unspent project funds.

The deficits in the Internal Service Funds are related to OPEB and Pension liability accruals. In response to increasing Net OPEB Liabilities, the City has implemented a long-term OPEB pre-funding strategy that requires 85% of the Actuarial Determined Contribution (ADC) to be funded annually. Once the 85% funded ratio is reached, contributions, as a percentage of payroll will be maintained until 100% funded ratio is attained. The Internal Service Funds will continue to maintain a positive cash balance.

C. INTERFUND RECEIVABLES, PAYABLES AND TRANSFERS
The composition of the Due to/from Other Funds balance on the Governmental Funds Balance Sheet, as of June 30, 2023, is shown below. The due to balance in the Community Facilities Development Impact Fee Fund is due to pre-funding of capital projects in advance of receiving funding from development. Development impact fees generated from future development will be deposited into this fund. The Vineyards Projects Fund is due to the planned funding of a capital project, which will be cured by future investment income on unspent project funds.

Special Revenue Fund:

Community Facilities Development Impact Fee 8,059 $
Capital Project Fund:

Vineyards Projects 322,549 $
Internal Service Funds:

Information Services 417,351 $
Fleet Maintenance Services 224,103
Receivable Fund Payable Fund Amount
Community Facilities Improvements
Capital Project Fund
Community Facilities Development Impact Fee
Special Revenue Fund $ 8,059
Community Facilities Improvements
Capital Project Fund
Vineyards Projects
Capital Project Fund 324,093
Total $ 332,152

66 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #2 – STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY (Continued) The interfund advance payable from the Landscape and Lighting Assessment Districts Fund is due to a ten-year interfund loan established by City Council in January 2022 between LLAD 21-1 Deer Ridge Landscape Improvements and the Parks and LLAD Replacement Fund for the construction of landscape improvements within the district. LLAD 21-1 was established for this purpose and future assessments will be used to repay the loan and maintain the improvements.

Transfers are indicative of funding for: 1) capital projects or debt service, 2) subsidies of various City operations or 3) reallocations of special revenues. The schedule below briefly summarizes the City’s significant, unusual or inconsistent fund-type transfer activity:

Receivable Fund Payable Fund Amount
Parks and LLAD Replacement
Internal Service Fund
Landscape and Lighting Assessment Districts
Special Revenue Fund 650,228 $
Total $ 650,228
Interfund Advance
Fund Description General Fund
Landscape and
Lighting
Assessment
Districts
Non-Major
Governmental
Funds
Internal Service
Funds
Wastewater
Enterprise
Solid Waste
Enterprise Water Enterprise
City Rentals
Enterprise
Total
Transfers In
General Fund - $ - $ 17,425,949 $ - $ - $ - $ - $ - $ 17,425,949 $ Landscape and Lighting 1,815,623 - 686 387,868 - - - - 2,204,177 Assessment Districts
Non-Major Governmental Funds 9,240,705 3,693,758 13,234,158 2,060,420 72,017 72,017 192,045 206,937 28,772,057 Internal Service Funds 1,924,258 - 138,091 129,455 - 32,541 - - 2,224,345 Wastewater Enterprise - - 542,816 - - - 702,542 - 1,245,358 Solid Waste Enterprise - - 24,235 - - - - - 24,235
Water Enterprise - - 72,327 - 573,550 - - - 645,877
City Rentals Enterprise - - 206,937 - - - - - 206,937
Total Transfers Out $ 3,693,758 12,980,586 $ 31,645,199 $ 2,577,743 $ 645,567 $ 104,558 $ 894,587 $ 206,937 $ 52,748,935 $ Interfund Transfers
Transfer To Amount Purpose
Capital Project $ 12,983,339 Provide funding to cover a portion of the costs for the Sand Creek Sports Complex project General Fund $ 7,467,616 Provide a subsidy to cover a portion of the costs for Public Safety Services General Fund $ 6,923,339 Provide general government revenue replacement funding per the American Rescue Plan Act of 2021 General Fund $ 2,983,819 Gas Tax and Measure J revenue to subsidize the Street Maintenance Division Internal Service $ 970,582 Transfer of unassigned General Fund balance in excess of reserve requirement Capital Project $ 700,000 Provide funding to cover a portion of the costs for the Vineyards at Marsh Creek - Event Center/Amphitheater project Capital Project $ 680,000 Provide funding to cover a portion of the costs for the Citywide Access Control System Upgrade project Proprietary $ 678,249 Return prior year funding for the Downtown Alley Rehabilitation - Diablo Way project Capital Project $ 600,000 Provide funding to cover a portion of the costs for the Soundwall project Proprietary $ 573,550 Provide funding to cover a portion of the costs for the Downtown Alley Rehabilitation - Mid Way project Proprietary $ 507,069 Provide funding to cover a portion of the costs for the Citywide Non-Potable Water Distribution System project Capital Project $ 479,500 Provide funding to cover a portion of the costs for the City Facility Audiovisual System Upgrade project Capital Project $ 450,000 Provide funding to cover a portion of the costs for the Parking Garage Security and Safety Enhancements project

67 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #2 – STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY (Continued) In addition, governmental activities transferred capital assets of $3,146, $3,145 and $8,388 to the Wastewater, Solid Waste and Water Enterprise Funds, respectively.

D. MINIMUM FUND BALANCE POLICIES
Staff presents a General Fund budget for City Council consideration that maintains an unassigned fund balance of 30% of the annual operating appropriations and operating transfers. The City will strive to maintain cash reserves in the Enterprise Funds of 30% of annual operating appropriations and operating transfers. This is considered the minimum level necessary to maintain the City’s credit worthiness and adequately provide for contingencies for unseen operating or capital needs or cash flow requirements.

E. FUND BALANCES
The City’s fund balances are classified based on spending constraints imposed on the use of resources.

Nonspendable fund balances are not expected to convert to cash and are comprised of prepaid items.

Restricted fund balances have external restrictions imposed by creditors, grantors, contributors, laws, regulations or enabling legislation that requires these resources be used only for a specific purpose.

Committed fund balances have constraints imposed by a City Council resolution that may be modified or rescinded only through a subsequent City Council resolution. 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 and may be changed at the discretion of the City Council.

Unassigned fund balance represents amounts that have not been restricted, committed or assigned.

The General Fund is the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it is not appropriate to report a positive unassigned fund balance amount.

However, in governmental funds other than the General Fund, if expenditures incurred for specific purposes exceed the amounts that are restricted, committed or assigned to those purposes, it may be necessary to report a negative unassigned fund balance in that fund.

The City considers restricted amounts to have been spent, prior to unrestricted amounts, when expenditure is incurred for purposes for which both are available. Committed, assigned and unassigned amounts, in this order, are considered spent when expenditure is incurred for purposes for which either is available. Detailed classifications of the City’s Governmental Fund Balances, as of June 30, 2023, are shown on the following page:

68 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #2 – STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY (Continued)

Special Revenue Fund
Landscape Other
General and Lighting Governmental
Fund Assessment Districts Funds Total
Fund Balances:

Nonspendable:

Prepaids $ - 123,488 $ 8,584 $ 132,072 $
Leases - 140,234 - 140,234
Riparian Site Mitigation Endowment - - 80,000 80,000
Total Nonspendable Fund Balances - 263,722 88,584 352,306 Restricted for:

Debt Service - - 21,164,576 21,164,576
Community Facilities Projects - - 12,208,965 12,208,965 Parks and Trails Projects - - 14,264,950 14,264,950
Low Income Housing - - 527,800 527,800
Infrastructure Projects - - 1,815,246 1,815,246
Streets and Roadways - - 17,824,338 17,824,338
CIFP Projects - - 3,055,199 3,055,199
Landscape and Lighting Assessment Districts 8,749,925 - - 8,749,925 Off Street Parking Facilities in Downtown - - 425 425
Agricultural/Farmland Mitigation - - 3,425,107 3,425,107 Public Art - - 3,776,198 3,776,198
Development Impact Fee Program - - 15,035,324 15,035,324 Drug Prevention Programs - - 184,108 184,108
Public Safety - - 512,461 512,461
Disability Access and Education - - 120,037 120,037
Abandoned Vehicle Abatement - - 101,999 101,999
Grants - - 976,839 976,839
PEG Media - - 533,173 533,173
Riparian Mitigation Site Maintenance - - 14 14
Total Restricted Fund Balances 8,749,925 - 95,526,759 104,276,684 Committed to:

Public Safety - - 2,055,453 2,055,453
Successor Agency Payment Plan - 3,611,252 - 3,611,252
Future Strategic Initiatives - 4,778,764 - 4,778,764
General Plan Update - 261,200 - 261,200
75th Anniversary Celebration - 51,469 - 51,469
City Council Redistricting - 75,000 - 75,000
Parks Maintenance - - 3,047,457 3,047,457
Streets and Roadways - 678,000 - 678,000
Total Committed Fund Balances - 9,455,685 5,102,910 14,558,595 Unassigned:

General Fund - 22,066,513 - 22,066,513
Other Fund Deficit - - (330,608) (330,608)
Total Unassigned Fund Balances - 22,066,513 (330,608) 21,735,905 Total Fund Balances $ 8,749,925 31,785,920 $ 100,387,645 $ 140,923,490 $

69 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #3 – CASH AND INVESTMENTS
A. CASH AND DEPOSITS
The City of Brentwood maintains a cash investment pool that is available for all funds. The City follows the practice of pooling cash and investments of all funds, except for funds required held by outside fiscal agents under the provisions of bond indentures or other trust agreements. Each fund type balance in the pool is reflected on the balance sheet as Cash and Investments.

The carrying amounts of the City’s cash deposits were $62,887 at June 30, 2023. The bank balance, before reconciling items, was $1,265,587. The bank balance is insured for up to $250,000 and the remaining balance is collateralized for up to 105%, with the collateral being held by a pledging financial institution in the City’s name. The fair value of the pledged securities must equal from 105% to 110% of the bank balance less the insured amount as required by California Government Code Section 53651, but the City may waive collateral requirements for cash deposits that are insured by the Federal Deposit Insurance Corporation. The City’s cash and investment balances are as follows:

B. INVESTMENTS
The City apportions interest earnings to all funds based on their monthly cash balance. The table on the following page identifies the investment types authorized for the City by the City’s investment policy, which is more restrictive than California Government Code 53601. The table also identifies certain provisions of the City’s investment policy that address interest rate risk, credit risk and concentration of risk.

Pooled Deposits:

Demand Deposits 62,887 $
Petty Cash 12,550
Investments 326,860,516
326,935,953
Held by Trustee:

Investments 7,491,908
Trust Deposits:

Investments 8,811,965
8,811,965
Total Cash and Investments $ 343,239,826

70 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #3 – CASH AND INVESTMENTS (Continued)
This table includes permitted investments for the management of the City’s cash. In addition, these guidelines are used for the investments of debt proceeds held by bond trustees, which are governed by the provision of the City’s debt agreements.

Credit Risk
The City’s portfolio is comprised of the highest quality government and corporate securities.

Consistent with City policy, 82.5% of the rated portfolio consists of investments with Standard and Poor’s two highest ratings. This percentage does not include U.S. Treasury Bonds/Bills/Notes, Local Agency Investment Fund (LAIF), Asset Backed Securities, or Money Market Funds, which are all exempt or unrated. Investments at June 30, 2023, held on behalf of the City, are presented on the following page and categorized separately to give an indication of the level of risk associated with each investment. Investments are reported at fair value.

Minimum Maximum Maximum
Authorized Credit Maximum Percentage of Investment in
Investment Type Quality Maturity Portfolio (1) One Issuer Asset-Backed Securities AA 5 years 20% 5%
Bankers' Acceptances Top Rating Category 180 days 40% 5% California Asset Management Program None N/A N/A N/A
California State, Local Agency and Other State Obligations A 5 years 30% None Commercial Paper Top Rating Category 270 days 40% 5% (2) Insured Savings Account None N/A N/A N/A
State of California's Local Agency Investment Fund None N/A $75M/Account $75M/Account Medium-Term Notes A 5 years 30% 5% (2)
Money Market Funds Top Rating Category N/A 15% 5%
Negotiable Certificates of Deposit A 5 years 30% 5%
Repurchase Agreements None 90 days None 5%
Reverse Repurchase Agreements None 92 days 20% 5%
Supranationals (3) AA 5 years 30% 5%
Time Deposits None 5 years 25% 5%
U.S. Agency Obligations None 5 years None None
U.S. Agency Mortgage Pass-Through Securities AA 5 years 20% None U.S. Treasuries None 5 years None None
(1) Excluding amounts held by bond trustee not subject to California Government code restrictions. (2) Limited to 10% of the outstanding commercial paper and medium-term notes of a single issuer. (3) 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).

71 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #3 – CASH AND INVESTMENTS (Continued)
Concentration of Credit Risk
The City’s investment policy limits the amount the City may invest in any one non-government issuer, except investment pools, to no more than 5%. Investments in any one issuer, other than U.S. Treasury securities, mutual funds or external investment pools, which represent 5% or more of the City’s total investments, are on the following page:

Fair Credit % of Rated
Value Rating Portfolio
Medium-Term Notes 11,020,099 $ A 5.70
Medium-Term Notes 8,232,610 A- 4.26
Medium-Term Notes 9,456,801 A+ 4.89
Medium-Term Notes 2,959,321 AA- 1.53
Medium-Term Notes 5,450,763 AA 2.82
Medium-Term Notes 1,486,425 AAA 0.77
Medium-Term Notes 2,469,166 BBB+(1) 1.28
U.S. Agency Notes 41,949,471 AA+ 21.72
California State, Local Agency and Other State Obligations 2,470,148 AA- 1.28 California State, Local Agency and Other State Obligations 2,085,142 AA 1.08 California State, Local Agency and Other State Obligations 752,401 AA+ 0.39 California State, Local Agency and Other State Obligations 1,275,268 AAA 0.66 Negotiable Certificates of Deposit 2,373,027 A 1.23
U.S. Agency Collateralized Mortgage Obligations 1,513,488 AA+ 0.78 Asset-Backed Securities 2,645,378 AAA 1.37
Supranationals 4,771,430 AAA 2.47
California Asset Management Program 82,859,284 AAAm 42.88 Money Market Funds 9,446,596 AAAm 4.89
Total Rated Investments 193,216,818 100.00
U.S. Treasury Notes 132,974,343 Exempt
Local Agency Investment Fund 6,011,422 Not Rated
Money Market Funds 1,910,046 Not Rated
Asset-Backed Securities 239,795 Not Rated (2)
Mutual Funds (VALIC) 8,811,965 Not Rated
Total Unrated Investments 149,947,571
Total Investments $ 343,164,389
(1) Credit ratings listed above are based on ratings provided by Standard & Poor's (S&P). Medium-Term Notes listed above as BBB+, are rated as "A3" per Moody's.
(2) Credit ratings listed above are based on ratings provided by Standard & Poor's (S&P). Asset-Backed Securities listed as "Not Rated" above have no rating per S&P, but are rated as "Aaa" per Moody's.

72 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #3 – CASH AND INVESTMENTS (Continued)
Interest Rate Risk
The City’s investment policy limits the investment portfolio to maturities of less than five years as a means of limiting exposure to fair value losses arising from interest rates. Currently, 62.64% of the investment portfolio is concentrated in the zero to two-year maturity range.

Custodial Credit Risk for Investments
The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g. broker-dealer) to a transaction, a government will not be able to recover the value of its investment or collateral securities that are in possession of another party. The California Government Code does not contain legal or policy requirements limiting the exposure to custodial credit risk. The City’s investment policy requires the assets of the City be secured through the third party custody and safekeeping procedures. Bearer instruments shall be held only through third party institutions.

Collateralized securities, such as repurchase agreements, shall be purchased using the delivery vs. payment procedure.

Fair Value Hierarchy
The City categorizes fair value measurements within the fair value hierarchy established by GAAP. 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.

Issuers(1) and Investment Type Fair Value % of Portfolio Federal National Mortgage Association - U.S. Agency Notes 29,435,973 $ 9.00 (1) Excludes U. S. Treasury Securities, LAIF and Money Market Mutual Funds.

Fair Value(1) 0-6 months 6-12 months 1-2 years 2-3 years 3-5 years % of
Portfolio
U.S. Treasury Notes 132,974,343 $ 5,516,498 $ 10,578,581 $ 19,401,276 $ 52,595,610 $ 44,882,378 $ 38.75 Medium-Term Notes(2) 2,843,096 41,075,185 10,303,325 14,528,958 699,382 12,700,424 11.97 U.S. Agency Notes(2)
9,833,591 41,949,471 - 19,589,498 12,526,382 - 12.22
California State, Local Agency and
Other State Obligations 2,630,054 6,582,959 - 1,713,224 2,239,681 - 1.92 Supranationals 4,771,430 1,568,651 - 3,202,779 - - 1.39 Negotiable Certificates of Deposit 2,373,027 - - 2,373,027 - - 0.69 Local Agency Investment Fund 6,011,422 6,011,422 - - - 1.75 Asset-Backed Securities 2,885,173 - 10,782 307,312 1,959,849 607,230 0.84 Federal Agency Collateralized
Mortgage Obligations - 1,513,488 384,175 1,129,313 - - 0.44 California Asset Management Program 82,859,284 82,859,284 - - - - 24.15 Money Market Funds 11,356,642 11,356,642 - - - - 3.31
Mutual Funds (VALIC) 8,811,965 8,811,965 - - - - 2.57
Totals 343,164,389 $ 131,431,203 $ 21,276,863 $ 62,245,387 $ 70,020,904 $ 58,190,032 $ % of Portfolio 38.30 6.20 18.14 20.40 16.96 100.00
(1) Fair Value includes accrued interest.
(2) Any callable securities are reported at either 0-6 months or the earliest call date.

Investment Maturities

73 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #3 – CASH AND INVESTMENTS (Continued)
The following is a summary of the fair value hierarchy of the fair value of investments of the City as of June 30, 2023:

Investments classified in Level 1 of the fair value hierarchy of $132,974,343 are valued using unadjusted quoted prices in an active market for identical assets at the measurement date. Level 2 investments totaling $109,962,698 are valued using inputs other than quoted prices that are observable for the asset either directly or indirectly on the measurement date. Examples of Level 2 inputs include matrix pricing, market corroborated pricing and inputs such as yield curves and indices. These prices are obtained from various pricing sources by our custodian bank or fiscal agent. There are no securities classified in Level 3. Fair value is defined as the quoted fair value on the last trading day of the period.

C. INVESTMENT IN POOLS
State Treasurer’s Pool
LAIF is an external investment program sponsored by the State of California and authorized under Sections 16429.1, 2 and 3 of the California Government code. It is part of the State’s Pooled Money Investment Account (PMIA) managed by the Investment Division of the State Treasurer’s Office. LAIF is a voluntary program, created by statute, as an investment alternative for California local governments and special districts. The City is a voluntary participant in this investment pool. The management of PMIA has indicated to the City that, as of June 30, 2023, the amortized cost of the pool was $179,160,181,982 and the fair value was $176,442,053,163. The City deposits excess cash in LAIF and is not required to be categorized. The fair value for these deposits was provided by the pool sponsor.

Level 1 Level 2 Total
Investments Measured by Fair Value Level:

U.S. Treasury Notes $ - 132,974,343 $ 132,974,343 $
Medium-Term Notes 41,075,185 - 41,075,185
U.S. Agency Notes 41,949,471 - 41,949,471
California State, Local Agency and Other State Obligations 6,582,959 - 6,582,959 Supranationals 4,771,430 - 4,771,430
Negotiable Certificates of Deposit 2,373,027 - 2,373,027 Asset-Backed Securities 2,885,173 - 2,885,173
Mortgage Obligations 1,513,488 - 1,513,488
Mutual Funds 8,811,965 8,811,965
Subtotal $ 109,962,698 132,974,343 $ 242,937,041
Investments Measured at Net Asset Value per Share:

Held by Trustee:

California Asset Management Program 82,859,284
Investments Measured at Amortized Cost:

Held by Trustee:

Money Market Funds 11,356,642
Investments Not Subject to Fair Value Hierarchy:

Local Agency Investment Fund 6,011,422
Total Investments $ 343,164,389

74 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #3 – CASH AND INVESTMENTS (Continued)
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 onetime deposit with no cap and are set up with a monthly draw down schedule.

California Asset Management Program
The City is a participant in the California Asset Management Program (CAMP). CAMP is an investment pool offered by the California Asset Management Trust (the Trust). The Trust is a joint powers authority and public agency created by the Declaration of Trust and established under the provisions of the California Joint Exercise of Powers Act for the purpose of exercising the common power of its Participants to invest certain proceeds of debt issues and surplus funds. CAMP’s investments are limited to investments permitted by subdivisions (a) to (n), inclusive, of Section 53601 of the California Government Code. The City reports its investments in CAMP at the fair value amounts provided by CAMP, which is the same as the value of the pool share in accordance with GASB 79 requirements. At June 30, 2023, the fair value approximated the City’s cost. At June 30, 2023, these investments have an average maturity of 26 days or less.

The City, as a CAMP shareholder, may withdraw all or any portion of the funds in each CAMP account at any time by redeeming shares. The CAMP Declaration of Trust permits the CAMP trustee to suspend the right of withdrawal from CAMP or to postpone the date of payment of redemption proceeds if the New York Stock Exchange is closed other than for customary weekend and holiday closings, if trading on the New York Stock Exchange is restricted, or if, in the opinion of the CAMP trustees, an emergency exists such that disposal of the CAMP pool securities or determination of its net asset value is not reasonably practicable. If the right of withdrawal is suspended, the City may either withdraw its request for that withdrawal or receive payment based on the net asset value of the CAMP pool next determined after termination of the suspension of the right of withdrawal.

D. CASH AND INVESTMENTS WITH FISCAL AGENT
The City has monies held by trustees, or fiscal agents, pledged to the payment or security of certain bonds and lease obligations, plus monies held by a third party administrator of the City’s Housing Rental Program. The City has also set up escrow bank accounts to hold retention payments due to certain contractors. These monies appear on the financial statements as Restricted Cash and Investments. The California Government Code provides that these monies, in the absence of specific statutory provisions governing the issuance of bonds, certificates or leases, may be invested by trustees or fiscal agents in accordance with the ordinances, resolutions or indentures specifying the types of investments allowed.

Cash and investments of the City’s single-employer deferred compensation plan, VALIC, are not the City’s property and are not subject to claims by general creditors of the City. These monies are reported in the Fiduciary Fund financial statements as Restricted Cash and Investments.

75 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #4 – ACCOUNTS, LEASES, NOTES AND LOANS RECEIVABLE
Receivables at June 30, 2023 were comprised of the following:

Leases Receivable
The City leases a portion of the Police Department building and parking lot to a third party. The twenty year noncancellable lease term commenced in September 2019 and includes the option to renew the lease for two additional 5 year terms. The City receives monthly payments of $2,000 for the first ten years with subsequent rent increases occurring every five years thereafter.

The City has also entered into four site license agreements with telecommunication companies for portions of City property or ground space as follows:
 A 5 year noncancellable agreement that commenced in November 2017 and includes the option to renew the lease for four additional 5 year terms; monthly payments of $2,563 as of June 2023 with annual increases of 4.0%.
 A 5 year noncancellable agreement that commenced in January 2015 and includes the option to renew the lease for three additional 5 year terms; monthly payments of $3,292 as of June 2023 with annual increases of 3.5%.
 A 5 year noncancellable agreement that commenced in April 2021 and includes the option to renew the lease for two additional 5 year terms; monthly payments of $2,639 as of June 2023 with annual increases of 3.5%.
 A 5 year noncancellable agreement that commenced in November 2011 and includes the option to renew the lease for three additional 5 year terms; monthly payments of $4,541 as of June 2023 with annual increases of 4.0%.

Inter- Notes Total
Taxes Accounts Governmental Interest Utilities Leases and Loans Receivables Governmental Activities:

General Fund 1,919,294 $ 1,728,060 $ 30,521 $ 7,869 $ - $ 2,507,165 $ - $ 6,192,909 $ Landscape and Lighting
Assessment Districts
Non-Major Funds:

Internal Service - - 8,489 11,566 - - - 20,055
Special Revenue - 206,958 862,053 8,356 - - - 1,077,367 Permanent Fund - - - 14 - - - 14
Debt Service - - - 93 - - 19,393,684 (1) 19,393,777
Capital Projects - - - 2,782 - - - 2,782
Subtotal Governmental Activities 1,919,294 1,935,018 901,063 32,503 - - 2,507,165 19,393,684 26,688,727 Less: Allowance - (1,077,265) (2) - - - - - (1,077,265) Total Governmental Activities $ 857,753 1,919,294 $ 901,063 $ 32,503 $ - $ - 2,507,165 $ 19,393,684 $ 25,611,462 $ Business-Type Activities:

Wastewater - $ 60,251 $ 7,634,083 $ 9,879 $ 2,160,604 $ - $ - $ 9,864,817 $ Solid Waste - 3,775 - 2,875 2,365,005 - - - 2,371,655
Water - 61,224 - 7,628 2,968,402 - - - 3,037,254
City Rentals - - - 40 - - - - 40
Housing - 35,806 - 1,259 - - - 771,314 (3) 808,379
Total Business-Type Activities $ 161,056 - $ 7,634,083 $ 21,681 $ 7,494,011 $ - $ 771,314 $ 16,082,145 $ (1) The City has recorded receivables for the Successor Agency's portion of long-term debt. Note #13 discusses the dissolution of the Redevelopment Agency and the Successor Agency activities. (2) Accounts receivable for citation revenues are unavailable and the revenue is not recognized until received. (3) Net of reservation for loans expected to be forgiven. These loans are discussed on the following pages. - - - - 1,823 - - 1,823

76 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #4 – ACCOUNTS, LEASES, NOTES AND LOANS RECEIVABLE (Continued) The City recognized $174,036 in lease revenue and $69,735 in interest revenue during FY 2022/23 related to leases. As of June 30, 2023, the leases receivable balance was $2,507,165 and the deferred inflows of resources to be recognized over future lease terms was $2,366,931.

At June 30, 2023, the City does not have any lease liabilities that met the threshold recognition of 1% of fund assets.

Notes and Loans Receivable
Notes and Loans Receivable at June 30, 2023 were comprised of the following:

Down Payment Assistance and Gap Assistance Program Loans In FY 2005/06, the City established a first-time homebuyer Down Payment Assistance Program (DAP) for the benefit of first-time homebuyers in the City of Brentwood who earn up to 120% of the area median income. The loans are either due in 30 years or upon a change in ownership of the property.

The loans may be prepaid at any time without penalty. The interest rate is dependent upon the length of time the loan exists. Loans held less than three years accrue interest at 7%, loans held between three and ten years accrue interest at 5% and loans held longer than 10 years accrue interest at 3%.

The City also established a first-time homebuyer Gap Assistance Program (GAP) to facilitate the purchase of below market rate units from the City’s Affordable Housing Program for first-time homebuyers. The maximum GAP loan amount is $35,000. The GAP loans are either due in 30 years or upon a change in ownership of the property. The interest rate is set at 3%, simple interest. As of June 30, 2023 the City is owed $771,314, including interest, under the DAP and GAP loan programs.

Governmental Activities:

Amounts Due from Successor Agency 19,393,684 $
Loans under City Low Income Housing (including interest) 5,146,057 Subtotal Governmental Funds 24,539,741
Less: Reservation for Loans Expected to be Forgiven (5,146,057) Notes and Loans Receivable, Net $ 19,393,684
Business-Type Activities:

Down Payment Assistance and Gap Assistance Program Loans 771,314 $ Loans under Affordable Housing (including interest) 7,536,370 Subtotal Business-Type Activities 8,307,684
Less: Reservation for Loans Expected to be Forgiven (7,536,370) Notes and Loans Receivable, Net $ 771,314

77 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #4 – ACCOUNTS, LEASES, NOTES AND LOANS RECEIVABLE (Continued) Amounts Due from Successor Agency
The Successor Agency to the former Brentwood Redevelopment Agency (see discussion of the Brentwood Redevelopment Agency Dissolution in Note #13) has long-term obligations for the funding of its portion of the Capital Improvement Revenue Refunding Bonds Series 2012 and the 2019 Civic Center Project Lease Revenue Bonds. The Successor Agency has pledged future tax revenues for the repayment of its portion of the bonds and the California State Department of Finance (“DOF”) has deemed the pledge an enforceable obligation of the Successor Agency. The City has recorded a receivable for the debt obligations due from the Successor Agency. The balance of the receivables at June 30, 2023 was $19,393,684. The long-term debt obligations are discussed in further detail in both Note #6 and Note #13.

Loans Under the Former Brentwood Redevelopment Agency and the City’s Affordable Housing Programs
The City and the former Brentwood Redevelopment Agency entered into loan programs to improve the quality and availability of affordable housing. Loans under the programs provide for the eventual forgiveness of the loan balances if the borrower complies with all the terms of the loan over its full term. The loans, accounted for as conditional grants in the Government-Wide financial statements, include a reserve for their eventual forgiveness. However, with the dissolution of the Brentwood Redevelopment Agency, the City agreed to become the successor to the Brentwood Redevelopment Agency’s housing activities. Therefore, as of February 1, 2012, the City Low Income Housing Fund assumed the loans receivable of the former Brentwood Redevelopment Agency’s Low and Moderate Income Housing Fund as discussed in Note #13. At June 30, 2023, the City’s Low Income Housing and Affordable Housing loans were comprised of the amounts shown below:

Governmental Activities:

Brentwood/202 Senior Housing 314,550 $
Christian Church Homes/Sycamore II 1,202,405
Eden Housing 154,125
Mercy Housing 2,093,000
Brentwood Senior Commons 400,000
Brentwood Green Valley 981,977
Subtotal Loans under City Low Income Housing 5,146,057
Less: Reservation for Loans Expected to be Forgiven (5,146,057) Net Notes and Loans Receivable $ -
Business-Type Activities:

Eden Housing 1,381,000 $
Mercy Housing 897,000
Meta Housing 5,258,370
Subtotal Loans under Affordable Housing 7,536,370
Less: Reservation for Loans Expected to be Forgiven (7,536,370) Net Notes and Loans Receivable $ -

78 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #4 – ACCOUNTS, LEASES, NOTES AND LOANS RECEIVABLE (Continued) Brentwood/202 Senior Housing
In April 1996, the Brentwood Redevelopment Agency loaned Brentwood/202 Senior Housing, Inc., a California non-profit public benefit corporation, $314,550 to assist in the financing of the construction of a 40-unit senior housing project. The principal sum of the note does not bear interest. The outstanding principal due under this note is due and payable in full, either forty years from the date of recording the Deed of Trust or upon an event of default. In the event there has been no event of default that has not been cured, the Housing Successor shall forgive the outstanding principal balance due on the maturity date. The balance at June 30, 2023 was $314,550.

Christian Church Homes/Sycamore II
In June 2003, the Brentwood Redevelopment Agency entered into a note with Christian Church Homes of Northern California for $530,722, to construct 40 units of very low-income senior rental housing.

The note is a 3% per annum simple interest, 55-year loan. In July 2004, a note was executed with Sycamore Place II Senior Housing Corporation that amended, superseded and replaced in its entirety the original note of $530,722. This note for $755,722 is secured by a Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing. The principal sum of this note bears 3% per annum, simple interest. All principal, and all accrued and unpaid interest, shall be due and payable in full no later than either June 27, 2058 or upon default. As of June 30, 2023, principal and accrued interest total $1,202,405. There is a reasonable expectation this note will be forgiven upon successful completion of the terms and conditions of the note and, as such, a reservation for forgiveness of the note has been included in these financial statements.

Eden Housing
In January 2005, the City and the Brentwood Redevelopment Agency entered into two notes with Eden Housing, Inc., in the amounts of $900,000 and $100,000 for the development of Brentwood City Commons, an 80-unit very low-income and extremely low-income senior apartment project. The notes are secured by Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing. The notes are 3% simple interest per annum, 55-year loans unless event of default occurs. As of June 30, 2023, principal and accrued interest for both notes total $1,535,125. There is a reasonable expectation these notes will be forgiven upon successful completion of the terms and conditions of the notes and, as such, a reservation for forgiveness of the notes has been included in these financial statements.

Mercy Housing
In May 2006, the City and the Brentwood Redevelopment Agency entered into two notes with Mercy Housing, Inc., in the amounts of $600,000 and $1,400,000, in order to develop 94 affordable apartments for extremely low-income or very low-income households at an affordable rent as set forth in the Affordable Housing Covenant. So long as Mercy Housing, Inc. owns and operates the project in compliance with the Affordable Housing Covenant, and the agreement is not in default under these notes, no payments shall be due. The entire outstanding unpaid principal and interest of the notes shall be due and payable in full upon either the earlier of the 55-years after the closing of the notes or December 31, 2063. The notes bear interest at 3% per annum from the date of disbursement. As of June 30, 2023, the principal and accrued interest due for both notes total $2,990,000. There is a reasonable expectation these notes will be forgiven upon successful completion of the terms and conditions of the notes and, as such, a reservation for forgiveness of the notes has been included in these financial statements.

79 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #4 – ACCOUNTS, LEASES, NOTES AND LOANS RECEIVABLE (Continued) Brentwood Senior Commons
In November 2010, the Brentwood Redevelopment Agency entered into a Loan Agreement with Brentwood Senior Commons, L.P. for $400,000 to provide funding for a portion of elevator improvements within the Brentwood Senior Commons project. This note shall bear 0% interest unless there is a default in the conditions of the note. So long as Brentwood Senior Commons owns and operates the project in compliance with the Affordable Housing Covenant, no payments shall be due and the entire outstanding principal and interest, if any due to default, shall be due and payable in full on January 25, 2060. On the maturity date, at its discretion, the City, as Housing Successor may forgive the repayment of all or part of the Loan. As of June 30, 2023, the principal due totaled $400,000. There is a reasonable expectation this note will be forgiven upon successful completion of the terms and conditions of the note and, as such, a reservation for forgiveness of the note has been included in these financial statements.

Brentwood Green Valley
In January 2011, the Brentwood Redevelopment Agency entered into a Loan Agreement with Brentwood Green Valley Associates for $1,258,886, to provide funds to repair and rehabilitate Green Valley Apartments, a 28-unit, extremely low-income and very low-income, multi-family project. The loan was disbursed in two payments in accordance with the loan agreement. This note bears simple interest at a rate of 3% per annum from the date of disbursement. So long as Brentwood Green Valley owns and operates the project in compliance with the Affordable Housing Covenant, and the agreement is not in default under the note, the City as Housing Successor shall forgive the annual interest and the outstanding principal balance in an amount equal to 1.82% of the original principal amount over a 55-year period.

In addition, all accrued but unpaid interest is forgiven so long as the note is not in default. As of June 30, 2023, the principal due for the note, before the forgiveness, totaled $1,004,889. Per the terms of the note, $22,912 of the principal balance was forgiven at June 30, 2023. The remaining principal balance at June 30, 2023 totaled $981,977. There is a reasonable expectation this note will be forgiven upon successful completion of the terms and conditions of the note and, as such, a reservation for forgiveness of the note has been included in these financial statements.

Meta Housing
In January 2012, the Brentwood Redevelopment Agency entered into a Loan Agreement with Meta Housing Corporation for $3,950,000, to provide funding for the development of The Grove at Sunset Court, a 54-unit family apartment project. Due to State legislation, redevelopment agencies dissolved as of February 1, 2012. At that time, cities were given the option of becoming a successor agency and the City of Brentwood adopted a resolution to serve as the Successor Agency to the Brentwood Redevelopment Agency. The loan agreement with Meta Housing provided it would be automatically assigned to the Successor Agency upon the dissolution date.

In June 2012, the promissory note between the City of Brentwood and Meta Housing Corporation was signed and the loan was funded. As the loan had not been funded at the time of the redevelopment dissolution, and subsequently not approved as an enforceable obligation by the DOF, the City assumed the rights and obligations under the loan agreement and funded the loan from the Affordable Housing component of the Housing Enterprise Fund. The note is a 3% per annum simple interest, 55-year loan.

80 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #4 – ACCOUNTS, LEASES, NOTES AND LOANS RECEIVABLE (Continued) So long as Meta Housing owns and operates the project in compliance with the Affordable Housing Covenant, no payments shall be due and the entire outstanding unpaid principal and interest shall be due and payable on June 20, 2067. As of June 30, 2023, principal and accrued interest total $5,258,370.

There is a reasonable expectation this note will be forgiven upon successful completion of the terms and conditions of the note and, as such, a reservation for forgiveness of the note has been included in these financial statements.

NOTE #5 – CAPITAL ASSETS
The City reports all capital assets, including infrastructure, in the Government-Wide Statement of Net Position. Capital assets of the primary government, as of June 30, 2023, are as follows:

Balance Balance
July 1, 2022 Increases Decreases Transfers June 30, 2023 Governmental Activities:

Capital Assets, Not Being Depreciated or Amortized:

Land 40,151,779 $ - $ (1,350,000) $ - $ 38,801,779 $
Work in Progress - CIP 6,187,737 3,758,050 - (2,650,210) 7,295,577 Total Capital Assets, Not Being Depreciated or Amortized 46,339,516 3,758,050 (1,350,000) (2,650,210) 46,097,356 Capital Assets, Being Depreciated and Amortized:

Intangible Assets 6,258,156 - - - 6,258,156
Buildings 71,743,081 - - 454,584 72,197,665
Infrastructure 496,020,205 7,341,921 (28,372) 1,130,406 504,464,160 Machinery and Equipment 13,249,356 206,657 (24,236) 483,327 13,915,104 Vehicles 17,028,628 3,346,882 (740,467) - 19,635,043
Land Improvements 34,105,342 - (150,000) 567,214 34,522,556 Total Capital Assets Being Depreciated and Amortized 638,404,768 10,895,460 (943,075) 2,635,531 650,992,684 Less Accumulated Depreciation and Amortization for:

Intangible Assets 1,651,484 96,280 - - 1,747,764
Buildings 14,332,903 1,377,913 - - 15,710,816
Infrastructure 134,918,580 7,638,603 (8,730) - 142,548,453 Machinery and Equipment 6,636,191 874,280 (24,236) - 7,486,235 Vehicles 11,376,578 1,533,140 (737,964) - 12,171,754
Land Improvements 8,536,157 724,984 (34,616) - 9,226,525 Total Accumulated Depreciation and Amortization 177,451,893 12,245,200 (805,546) - 188,891,547 Total Capital Assets, Being Depreciated and Amortized, Net 460,952,875 (1,349,740) (137,529) 2,635,531 462,101,137 Governmental Activities Capital Assets, Net 507,292,391 $ 2,408,310 $ (1,487,529) $ (14,679) $ 508,198,493 $ Balance Balance
July 1, 2022 Increases Decreases Transfers June 30, 2023 Business-Type Activities:

Capital Assets, Not Being Depreciated or Amortized:

Land 2,661,597 $ - $ - $ - $ 2,661,597 $
Work in Progress - CIP 38,158,721 17,952,888 - (119,298) 55,992,311 Total Capital Assets, Not Being Depreciated or Amortized 40,820,318 17,952,888 - (119,298) 58,653,908 Capital Assets, Being Depreciated and Amortized:

Intangible Assets 18,950,632 - - - 18,950,632
Buildings 30,689,885 58,900 - 14,679 30,763,464
Infrastructure 299,663,772 2,957,687 - 66,985 302,688,444 Machinery and Equipment 7,683,974 1,037,861 - 52,313 8,774,148 Land Improvements 11,046,659 - - - 11,046,659
Total Capital Assets Being Depreciated and Amortized 368,034,922 4,054,448 - 133,977 372,223,347 Less: Accumulated Depreciation and Amortization for:

Intangible Assets 5,474,061 387,702 - - 5,861,763
Buildings 9,460,840 614,891 - - 10,075,731
Infrastructure 68,716,138 4,658,723 - - 73,374,861
Machinery and Equipment 2,458,739 503,369 - (60,547) 2,901,561 Land Improvements 3,696,791 200,561 - 60,547 3,957,899
Total Accumulated Depreciation and Amortization 89,806,569 6,365,246 - - 96,171,815 Total Capital Assets, Being Depreciated and Amortized, Net 278,228,353 (2,310,798) - 133,977 276,051,532 Business-Type Activities Capital Assets, Net 319,048,671 $ 15,642,090 $ - $ 14,679 $ 334,705,440 $

81 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #5 – CAPITAL ASSETS (Continued)
For the year ending June 30, 2023, depreciation and amortization expense on capital assets was charged as follows:

Intangible Assets
 Water Rights
In an agreement between the City of Brentwood and the Contra Costa Water District (CCWD), dated February 29, 2000, the City is obligated to reimburse CCWD $597,532 as a buy-down cost per acre-foot of water. The City capitalized this expense as of June 30, 2001 and is amortizing the expense over 65 years. In an amendatory agreement between Brentwood and CCWD, dated September 24, 2003, the City purchased the treatment capacity right of up to 3,200 acre-feet of water per year, from the Randall-Bold Water Treatment Plant, for $10,000,000. The City capitalized this expense as of June 30, 2004 and is amortizing the expense over 40 years. The capacity right does not confer title or ownership of the facility, but merely reserves capacity in the facility. The City entered into a Third Amendatory Agreement with CCWD, dated February 4, 2015, to purchase capacity rights in the Rock Slough conveyance facilities. The City capitalized the total buy-in amount of $8,353,100 as of June 30, 2016 and is amortizing the expense over 65 years.

Governmental Activities:

General Government $ 3,532,899
Public Safety 414,620
Community Development 1,740
Public Works 5,033,773
Parks and Recreation 1,582,525
Internal Service 1,679,643
Total Depreciation and Amortization Expense - Governmental Activities $ 12,245,200 Business-Type Activities:

Wastewater $ 2,175,728
Solid Waste 265,138
Water 3,877,347
Housing 47,033
Total Depreciation and Amortization Expense - Business-Type Activities $ 6,365,246

82 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #5 – CAPITAL ASSETS (Continued)
 Joint Use Facilities
The governing bodies of the City, Liberty Union High School District (LUHSD) and Brentwood Union School District (BUSD) have recognized the public need for additional facilities. As a result of these cooperative efforts, the City has made contributions to these school districts relating to the joint use of these facilities. The City has capitalized these expenditures and is amortizing the expense over 65 years.
 As of June 30, 1993, $513,156 for the BUSD Gym located at Bristow Middle School  As of June 30, 2002, $1,000,000 for the BUSD Gym located at Edna Hill Middle School  As of June 30, 2003, $650,000 for the LUHSD Gym located at Liberty High School  As of June 30, 2005, $95,000 for the LUHSD Ball Fields located at Heritage High School  As of June 30, 2005, $2,500,000 for the LUHSD Community Pool and Gym located at Heritage High School
 As of June 30, 2009, $1,500,000 for the BUSD Gym located at Adams Middle School NOTE #6 – LONG-TERM OBLIGATIONS
The following summarizes changes in long-term obligations during the year:

A. GOVERNMENTAL ACTIVITIES

Balance Payments/ Balance Amounts Due
July 1, 2022 Additions Adjustments June 30, 2023 Within One Year Bonds
General Obligation Bonds Series 2002 $ 297,313 5,176,715 $ (1) $ 4,849,028 (625,000) $ 655,000 $ 2019 Civic Center Project Lease Revenue Refunding Bonds - 28,495,000 (1,340,000) 27,155,000 1,405,000 Bond Premium - 4,487,846 (249,324) 4,238,522 -
Private Placement Bonds
2015 Lease Financing - 8,855,000 (510,000) 8,345,000 525,000 Direct Purchase Bonds
Capital Improvement Revenue Refunding Bonds Series 2021 A & B - 14,450,491 (1,534,665) 12,915,826 1,548,899 Total Bonds 297,313 61,465,052 (4,258,989) 57,503,376 4,133,899 Notes Payable
Successor Agency Payment Plan - 6,063,014 (1,731,800) 4,331,214 1,826,938 Total Notes Payable - 6,063,014 (1,731,800) 4,331,214 1,826,938 Other
Net OPEB Liability 5,854,083 16,933,404 (2,770,593) (2) - 20,016,894 Net Pension Liability 37,696,891 11,466,587 (9,991,463) (2) - 39,172,015 Accumulated Compensated Absences 2,112,553 2,180,489 (2,253,843) 2,039,199 1,223,519 Total Other 45,663,527 30,580,480 (15,015,899) 61,228,108 1,223,519 Total Governmental Activities Long-Term Obligations $ 45,960,840 98,108,546 $ (21,006,688) $ 123,062,698 $ 7,184,356 $ (1) Accreted Interest
Fund and Information Services Fund
(2) OPEB Liability and Pension Liability are typically liquidated by the General Fund, Citywide Park Assessment District Fund, Fleet Maintenance Fund, Facilities Maintenance

83 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #6 – LONG-TERM OBLIGATIONS (Continued)
i. Bonds
General Obligation Bonds Series 2002
On February 28, 2002, the City issued $5,999,976 in General Obligation Bonds Series 2002 to finance the construction, acquisition and improvement of a new police station. Total annual debt service payments, including interest at 3.625% to 5.68%, range from $208,666 to $925,000. The General Obligation Bonds Series 2002 shall accrete in value by the accumulation of earned interest from its initial denominational (principal) amount with such interest compounded semiannually on January 1 and July 1.
2019 Civic Center Project Lease Revenue Refunding Bonds On April 2, 2019, the Authority issued $32,210,000 in Civic Center Project Lease Revenue Refunding Bonds, Series 2019, to refinance the 2009 Civic Center Project Lease Revenue Bonds. The City’s Civic Center is pledged as collateral for this debt issuance. Annual debt service payments, including interest at 4.00% to 5.00%, range from $852,800 to $2,715,650. The refunding resulted in overall debt service savings of $17,856,031. The net present value of the debt service savings is called an economic gain and amounted to $8,988,082. If an event of default occurs, as defined in the indenture of trust, the bond trustee, or not less than a majority of owners of the bonds outstanding at that time, are entitled to declare the principal and accrued interest for all bonds outstanding to be due and payable immediately.

The 2009 Civic Center Project Lease Revenue Bonds were issued to finance the construction of a new city hall, community center and senior center, plus library improvements and other public capital improvements.

The Civic Center Project Lease Revenue Refunding Bonds, Series 2019, are secured by a lien on, and pledge of, revenues under a Trust Agreement. “Revenues” means all amounts received by the Trustee, U.S. Bank, as payment on principal and interest. The City’s revenue sources, as described in the Official Statement, are pledged payments from the Brentwood Redevelopment Agency (now Successor Agency) pursuant to the reimbursement agreement, pledged payments from the Community Facilities Districts (CFD) local obligations and pledged payments from the CIFP revenues.

Year Ending
June 30 Principal Total
2024 655,000 $ 655,000 $
2025 690,000 690,000
2026 725,000 725,000
2027 760,000 760,000
2028 800,000 800,000
2029-2031 2,645,000 2,645,000
Subtotal 6,275,000 6,275,000 $
Future Accretion (1,425,972)
Total $ 4,849,028

84 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #6 – LONG-TERM OBLIGATIONS (Continued)
As mentioned previously, the Successor Agency to the Brentwood Redevelopment Agency has pledged future tax revenues for the repayment of a portion of the bonds. Following the dissolution of the Brentwood Redevelopment Agency, the Successor Agency is allocated funds for payment of obligations listed on the Successor Agency’s ROPS and approved by the DOF. As of June 30, 2023, the Successor Agency listed this debt obligation on its ROPS and the DOF has approved its inclusion for each applicable ROPS period through June 30, 2024.

The City has recorded a receivable for the debt obligations of the Successor Agency, as detailed in Note #4, and the Successor Agency has recorded a liability for these obligations, as discussed in Note #13. However, should these revenue sources not be sufficient to cover the principal and interest payments due in any year, the City is obligated, under the facilities lease, to pay the shortfall from the General Fund.
ii. Private Placement and Direct Purchase
2015 Lease Financing
On December 17, 2015, the Authority issued $11,515,000 in a private placement with Capital One Public Funding, LLC to finance the acquisition and construction of a new Library and a Municipal Service Center, along with other public capital improvements. The City’s Police Department building is pledged as collateral for this debt issuance. Annual debt service payments, including interest at 3.25%, range from $108,113 to $792,031.

Year Ending
June 30 Principal Interest Total
2024 1,405,000 $ 1,264,275 $ 2,669,275 $
2025 1,475,000 1,192,275 2,667,275
2026 1,550,000 1,116,650 2,666,650
2027 1,630,000 1,037,150 2,667,150
2028 1,715,000 953,525 2,668,525
2029-2033 8,835,000 3,433,125 12,268,125
2034-2038 7,985,000 1,381,550 9,366,550
2039-2040 2,560,000 84,000 2,644,000
Total $ 10,462,550 27,155,000 $ 37,617,550 $
Year Ending
June 30 Principal Interest Total
2024 525,000 $ 262,681 $ 787,681 $
2025 545,000 245,294 790,294
2026 560,000 227,338 787,338
2027 580,000 208,813 788,813
2028 600,000 189,638 789,638
2029-2033 3,290,000 639,113 3,929,113
2034-2036 2,245,000 110,905 2,355,905
Total $ 1,883,782 8,345,000 $ 10,228,782 $

85 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #6 – LONG-TERM OBLIGATIONS (Continued)
Capital Improvement Revenue Refunding Bonds Series 2021 A & B On November 2, 2021, the Authority issued $14,450,491 in Capital Improvement Revenue Refunding Bonds Series 2021A (tax exempt) and 2021B (taxable) in a direct purchase with City National Bank to finance the refunding of the 2012 Capital Improvement Revenue Refunding Bonds. The refunded 2012 bonds were issued to: 1) finance the refund of the 2001 CIP Bonds under a facilities lease and 2) refund a series of tax allocation bonds issued by the Brentwood Redevelopment Agency. The Brentwood Family Aquatic Complex is pledged as collateral for the 2021 bonds and the interest rates on these bonds range from 0.63% to 1.35%. The refunding resulted in overall debt service savings of $2,661,492 and an economic gain of $2,470,903, the difference between the present value of the old and new debt service payments.

The Successor Agency to the Brentwood Redevelopment Agency has pledged future tax revenues for the repayment of a portion of the bonds. The Successor Agency pledge of future tax revenues was not affected by the refunding of the 2012 Capital Improvement Revenue Refunding Bonds. Following the dissolution of the Brentwood Redevelopment Agency, the Successor Agency is allocated funds for payment of obligations listed on the Successor Agency’s ROPS and approved by the DOF. This pledge ends upon repayment of the Successor Agency’s $12,157,125 remaining share of debt service on the bonds, as of June 30, 2023, which is scheduled to occur in 2032. For FY 2022/23, gross tax revenue available to be distributed to the Successor Agency totaled $10,823,811, which represented coverage of 7.98 times $1,355,875 of the Successor Agency’s debt service. The remaining portion of the bonds is repayable from any source of the City’s available funds and will primarily be funded from the Roadway Development Impact Fee Fund and prior bond refinance savings.

Year Ending
June 30 Principal Interest Total
2024 1,548,899 $ 161,673 $ 1,710,572 $
2025 1,557,891 142,938 1,700,829
2026 1,581,671 121,746 1,703,417
2027 1,609,209 100,207 1,709,416
2028 1,288,904 80,645 1,369,549
2029-2032 5,329,252 145,024 5,474,276
Total $ 752,233 12,915,826 $ 13,668,059 $

86 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #6 – LONG-TERM OBLIGATIONS (Continued)
iii. Notes Payable
Successor Agency Payment Plan
In an effort to balance its budget, the State of California adopted ABx1 26 on June 28, 2011, amended by Assembly Bill 1484 (AB 1484) on June 27, 2012. This legislation suspended all new redevelopment activities and dissolved redevelopment agencies as of February 1, 2012. The City of Brentwood elected to become the Successor Agency to the former Brentwood Redevelopment Agency on January 10, 2012.

Section 34179.5 of AB 1484 required all successor agencies to hire a licensed accountant, approved by the County Auditor-Controller, to conduct two Due Diligence Reviews (DDRs) to determine the balances available to be redistributed to other taxing entities. The two DDRs were focused on 1) the Low and Moderate Income Housing Fund, and 2) Other Funds and Accounts.

The Low and Moderate Income Housing Fund DDR determined that an unobligated balance of $4,072,553 was available for redistribution and the Successor Agency remitted this amount to the Contra Costa County Auditor Controller in February 2013. The Other Funds and Accounts DDR determined that the unobligated balance was $0, and the Successor Agency filed the DDR report with the DOF. The DOF, during their review of the DDR, determined that transfers made pursuant to pre-existing contracts and construction commitments were invalid and adjusted the DDR accordingly, issuing a DDR demand of $14,955,931.

In response to the $14,955,931 DDR demand, the City and Successor Agency filed suit against the DOF claiming, among other things, that 1) the DOF’s DDR determination violated Proposition 22, which added Article XIII, Sections 24(b) and 25(a)(7) to the California Constitution and prohibits the Legislature from reallocating tax increment; 2) at the time the transfers were made by the former Redevelopment Agency the transfers were legally valid and made pursuant to enforceable obligations and third party contracts; 3) the transfers were for the payment of goods and services which were broadly exempted from reversal as defined in California Health and Safety Code Section 34179.5(b)(3); and 4) the DOF’s enforcement of its final determination was unconstitutional. The City and Successor Agency’s legal challenge was ultimately unsuccessful and legal remedies were exhausted when the California Supreme Court declined to hear the case on September 16, 2015.

On December 9, 2015, the City, as Successor Agency, entered into a ten-year interest free payment plan with the DOF to pay the DDR demand of $14,955,931. The annual payments range from $357,796 to $1,826,938.

Year Ending
June 30 Principal Interest Total
2024 1,826,938 $ - $ 1,826,938 $
2025 1,679,948 - 1,679,948
2026 824,328 - 824,328
Total $ - 4,331,214 $ 4,331,214 $

87 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #6 – LONG-TERM OBLIGATIONS (Continued)
iv. Net OPEB Liability and Net Pension Liability
Individual governmental funds that provide for employee personnel costs, primarily the General Fund, will be responsible for liquidating their respective shares of the Net OPEB Liability and Net Pension Liability. Details regarding the City’s Net OPEB Liability and Net Pension Liability can be found in Note #9 and Note #10, respectively.
v. Accumulated Compensated Absences
The long-term compensated absences balances as of June 30, 2023 were:

Governmental $ 815,680
Business-Type $ 252,192
B. BUSINESS-TYPE ACTIVITIES
i. Bonds
Water Revenue Refunding Bonds Series 2014
On December 4, 2014, the Authority issued $42,810,000 in Water Revenue Refunding Bonds Series 2014 (“2014 Water Bonds”) to 1) refund a portion of the Authority’s Water Revenue Bonds Series 2008 and 2) pay costs of issuance incurred in connection with the issuance, sale and delivery of the 2014 Water Bonds. The refunding reduced the total debt service payments over 24 years by $9,249,078 and resulted in an economic gain (difference between the present values of the debt service payments on the old and new debt) of $7,404,766. Total annual debt service payments, including interest at rates from 3.0% to 5.0%, range from $1,966,100 to $3,517,350. If an event of default occurs, as defined in the indenture of trust, the bond trustee, or not less than a majority of owners of the bonds outstanding at that time, are entitled to declare the principal and accrued interest for all bonds outstanding to be due and payable immediately. Future payments for these bonds are on the following page:

Balance Payments Balance Amounts Due
July 1, 2022 Additions Adjustments June 30, 2023 Within One Year Bonds
Water Revenue Refunding Bonds Series 2014 34,325,000 $ - $ (1,950,000) $ 32,375,000 $ 2,050,000 $ Net Bond Premium 4,033,479 - (252,092) 3,781,387 -
Total Bonds 38,358,479 - (2,202,092) 36,156,387 2,050,000 Notes Payable (Direct Placement)
State Water Resources Loan (Wastewater) 2,240,846 - (2,240,846) - - State Water Resources Loan (WWTP Expansion Ph. II) 25,797,267 14,903,162 - 40,700,429 - State Water Resources Loan (Recycled Water Projects) 13,586,322 1,245,612 (442,305) 14,389,629 430,178 Total Notes Payable 41,624,435 16,148,774 (2,683,151) 55,090,058 430,178 Other
Net OPEB Liability 6,999,660 1,980,613 (969,455) 8,010,818 - Net Pension Liability 2,950,688 9,349,774 (2,285,531) 10,014,931 - Accumulated Compensated Absences 678,439 705,423 (753,381) 630,481 378,289 Total Other 10,628,787 12,035,810 (4,008,367) 18,656,230 378,289 Total Business-Type Activities Long-Term Obligations $ 28,184,584 90,611,701 $ (8,893,610) $ 109,902,675 $ 2,858,467 $

88 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #6 – LONG-TERM OBLIGATIONS (Continued)
The Authority has pledged future, water customer revenues, net of specified operating expenses, through 2038 to repay the 2014 Water Bonds. The bond coverage requirement is 1) the Adjusted Annual Net Water Revenues equal at least 125% of the annual principal and interest payments on the bonds or 2) the Net Operating Revenues equal at least 100% of the annual principal and interest payments on the bonds, whichever is higher. Adjusted Annual Net Water Revenues is defined as Water income and revenue less maintenance and operation costs adjusted by any transfers to or from the Rate Stabilization Fund. Net Operating Revenues is defined as the Adjusted Annual Net Water Revenues less net impact fees and credits received. In FY 2022/23, the Water Fund’s principal and interest paid was $3,507,350, Net Operating Revenues were $6,383,587 and Adjusted Annual Net Water Revenues were $6,763,901 meeting bond covenant debt-coverage requirements. ii. Notes Payable (Direct Placement) and Other
State Water Resources Loan (Wastewater)
In December 2000, the City entered into a loan contract with the State of California’s State Water Resources Control Board to finance the Wastewater Treatment Plant Expansion project.

Under the terms of the contract, the City has agreed to repay the State $45,580,886 in exchange for receiving $37,983,920 in proceeds used to fund the project. The difference between the repayment obligation and proceeds amounted to $7,596,966 upon issue and represents in-substance interest on the outstanding balance. This in-substance interest amount has been recorded as a discount on debt at an imputed yield of 1.81% per year and is being amortized over the remaining life of the contract. Upon violation of any material provision of the loan agreement, the State Water Resources Control Board has the option to demand immediate repayment of the current loan balance plus accrued interest and penalties. During FY 2022/23, the City repaid $2,240,846 on the obligation and amortized $40,450 of the discount, which was reported as interest expense and the City’s remaining obligation, was $0 at June 30, 2023.

State Water Resources Loan (Recycled Water Projects)
In July 2017, the City entered into a loan and grant agreement with the State of California’s State Water Resources Control Board for a not-to-exceed amount of $20,802,000 to fund the City’s Water Recycling Projects, which consists of two City projects: the Non-Potable Storage Facility, and Citywide Non-Potable Water Distribution System. Project financing consists of a State Revolving Fund loan and grant funding in the amounts of $14,596,500 and $6,205,500, respectively.

Year Ending
June 30 Principal Interest Total
2024 2,050,000 $ 1,459,850 $ 3,509,850 $
2025 2,160,000 1,357,350 3,517,350
2026 2,260,000 1,249,350 3,509,350
2027 1,715,000 1,136,350 2,851,350
2028 1,800,000 1,050,600 2,850,600
2029-2033 10,040,000 4,210,800 14,250,800
2034-2038 12,350,000 1,888,000 14,238,000
Total $ 12,352,300 32,375,000 $ 44,727,300 $

89 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #6 – LONG-TERM OBLIGATIONS (Continued)
Certain terms of the agreement were amended in September 2018, under which the City was to start construction no later than June 25, 2018, and amended again in March 2021, under which the construction was to be completed by June 30, 2022 and final disbursement request completed by December 30, 2022. Construction on the project began December, 2017 and final disbursements were received during FY 2022/23. The loan bears annual interest of 1.0%, which begins accruing with each financing disbursement. During FY 2022/23 accrued construction period interest, in the amount of $235,434, was recorded as principal, resulting in total principal due to the State of $14,831,934. Upon violation of any material provision of the loan agreement, the State Water Resources Control Board has the option to demand immediate repayment of the current loan balance plus accrued interest and penalties. As of June 30, 2023, the City’s gross repayment obligation was $14,389,629. During FY 2022/23, the Wastewater Fund’s principal and interest paid on this loan was $574,075.

State Water Resources Loan (Wastewater Treatment Plant Expansion – Phase II Project) In December 2019, the City entered into a loan agreement with the State of California’s State Water Resources Control Board for a not-to-exceed amount of $65,102,000 to fund the City’s Wastewater Treatment Plant Expansion – Phase II Project. Project financing will consist of a State Revolving Fund loan of a not-to-exceed amount of $61,246,000 and a principal forgiveness component of $3,856,000. Certain terms of the agreement were amended in April 2021, under which the City was to have construction completed by December 30, 2024. Construction on the project began in September 2020. The loan bears annual interest of 1.3%, which begins accruing with each financing disbursement. Beginning one year after completion of construction, repayment of the loan principal plus interest will be made annually according to the final payment schedule provided by the state. Upon violation of any material provision of the loan agreement, the State Water Resources Control Board has the option to demand immediate repayment of the current loan balance plus accrued interest and penalties.

As of June 30, 2023, the City has incurred $44,149,639 of eligible project costs and financing disbursement requests have been submitted to the State. During FY 2022/23 accrued construction period interest, in the amount of $406,790, was recorded as principal, resulting in total principal due to the State of $44,556,429. Of this amount, $3,856,000 was allocated by the State as loan forgiveness in FY 2020/21, and the net amount of the note payable is $40,700,429.

Year Ending
June 30 Principal Interest Total
2024 430,178 $ 143,897 $ 574,075 $
2025 434,480 139,595 574,075
2026 438,825 135,250 574,075
2027 443,213 130,862 574,075
2028 447,645 126,430 574,075
2029-2033 2,306,275 564,098 2,870,373
2034-2038 2,423,918 446,455 2,870,373
2039-2043 2,547,563 322,811 2,870,374
2044-2048 2,677,513 192,858 2,870,371
2049-2052 2,240,019 56,279 2,296,298
Total $ 2,258,535 14,389,629 $ 16,648,164 $

90 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #7 – SPECIAL ASSESSMENT DISTRICTS (No City Liability) The following issues of Special Assessment District Bonds, issued pursuant to the Municipal Improvement Act of 1915, are not reported in long-term debt. These are special obligations payable from, and secured by, specific revenue sources described in the bond resolutions and official statements of the respective issues. The City is the collecting and paying agent for the debt issued by these districts, but neither the faith and credit nor the taxing power of the City, the State of California or any political subdivision thereof is pledged for the payment of these bonds. Debt service for the special assessment district bonds is reported in the Custodial funds of the Fiduciary funds section.

Special Assessment District Bonds
Assessment
District Debt
$ 570,000
$ 6,875,000
$ 45,645,000
$ 28,615,000
Total Assessment District Debt $ 81,705,000
City of Brentwood - Limited Obligation Improvement Bonds, Randy Way Sewer Line • Dated August 7, 2007
• Annual debt service payments, including interest at 3.95 % to 5.20 %, range from $53,123 to $58,060 • Final payment due September 2037
Brentwood Infrastructure Financing Authority - Infrastructure Revenue Refunding Bonds, Series 2012 A (Refinancing of CIFP's 96-1, 98-1 and 99-1)
• Dated June 7, 2012
• Annual debt service payments, including interest at 2.00 % to 4.23 %, range from $572,000 to $2,530,569. • Final payment due September 2029
Brentwood Infrastructure Financing Authority - Infrastructure Revenue Refunding Bonds, Series 2014 A&B (Refinancing of CIFP's 94-1, 2000-1, 2005-1 and 2006-1) • Dated September 24, 2014
• Annual debt service payments, including interest at 2.00 % to 5.00 %, range from $1,081,500 to $6,417,040 • Final payment due September 2036
Brentwood Infrastructure Financing Authority - Infrastructure Revenue Refunding Bonds, Series 2018A (Refinancing of CIFP's 2002-1, 2003-1 and 2004-1)
• Dated February 6, 2018
• Annual debt service payments, including interest at 2.19 % to 4.15 %, range from $1,228,923 to $3,271,266 • Final payment due September 2034

91 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #8 – CLASSIFICATION OF NET POSITION
In the Government-Wide Financial Statements, net position is classified in the following categories:
 Net Investment in Capital Assets and Capacity Rights – This category groups all capital assets, including infrastructure, into one component of net position. Accumulated depreciation, and the outstanding balances of debt which are attributable to the acquisition, construction or improvement of these assets, reduce this category.
 Restricted – This category presents external restrictions imposed by creditors, grantors, contributors or laws or regulations of other governments.  Unrestricted – This category represents the net position of the City, which is not restricted for any project or other purpose.

NOTE #9 – POST-RETIREMENT HEALTH CARE BENEFITS
A. GENERAL INFORMATION ABOUT THE CITY’S RETIREE HEALTHCARE PLAN Plan Benefits and Benefits Provided
In addition to the pension benefits described in Note #10, the City provides certain post-retirement health care benefits. The City’s Retiree Healthcare Plan (“Plan”) is a defined benefit healthcare plan administered by the City. Benefit provisions are established and may be amended through agreements and memorandums of understanding between the City and its employees. The City provides retiree medical benefits through the CalPERS healthcare program, Public Employees’ Medical and Hospital Care Act (PEMHCA). During FY 2009/10, the City Council passed a resolution to participate in the CERBT program, 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. CERBT consists of participating employers of the State of California and public agencies. Individual employers may establish more than one plan.

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, if applicable. 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.

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Notes to the Basic Financial Statements
NOTE #9 – POST-RETIREMENT HEALTH CARE BENEFITS (Continued) The City covers premiums, subject to caps dependent on hire date for eligible retirees, with service or disability retirement directly from the City under CalPERS. Coverage extends to dependents and surviving spouses. No dental, vision or life insurance benefits are provided. The City has two benefit tier levels as follows:

Employees Covered by Benefit Terms
Membership in the plan consisted of the following at the measurement date of June 30, 2022:

Eligibility Retire directly from the City under CalPERS (Age 50 (1) with 5 years CalPERS service, or disability) Medical City paid premium, subject to caps:

Misc Safety Misc Safety Misc Safety
2022 1,326.63 1,500.00
2023 (2)+ 1,326.63 (3) 1,500.00 (3)
Surviving Spouse 100% of retiree benefit continues to surviving spouse if retiree elects CalPERS survivor annuity Other No dental, vision, life, or Medicare Part B reimbursement (1) Age 52 for Miscellaneous PEPRA employees.
(2) Based on Basic (non-Medicare) premiums.
(3) Not less than Kaiser single premium.
(4) PEMHCA Minimum is $153 in 2023.

Kaiser Dual PEMHCA Minimum (4)
Hired < 7/1/12
Retire < 7/1/12 Retire ≥ 7/1/12
1,714.12 149.00
Hired ≥ 7/1/12
Number of
Covered
Participants
Active employees 319
Inactive employees or beneficiaries currently receiving benefits 161 Inactive participants entitled to, but not yet receiving benefit payments 27 Total 507

93 2022/23 Annual Comprehensive Financial Report
Notes to the Basic Financial Statements
NOTE #9 – POST-RETIREMENT HEALTH CARE BENEFITS (Continued) B. NET OPEB LIABILITY
Actuarial Methods and Assumptions
The City’s net OPEB liability was measured as of June 30, 2022 and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation dated June 30, 2021, rolled forward to June 30, 2022, based on the following actuarial methods and assumptions:

The underlying mortality improvement assumptions were based on the Scale MP-2020 and all other actuarial assumptions used in the June 30, 2021 valuation were based on the results of a CalPERS 1997-2015 experience study.

The long-term expected rate of return on OPEB plan investments was determined using a building block method in which expected future real rates of return (expected returns, net of OPEB plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset-allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized on the following page:

Actuarial Assumption June 30, 2022 Measurement Date
Actuarial Valuation Date June 30, 2021
Contribution Policy
- City contributes 85% of ADC
- Once 85% funded ratio is reached, contributions (as a percentage of payroll) maintained until 100% funded ratio attained

6.25% at June 30, 2022

6.25% at June 30, 2021
Expected Long-Term Rate of
Return on Investments
Expected City contributions projected to keep sufficient plan assets to pay all benefits from trust
General Inflation 2.50% annually
Mortality, Retirement,
Disability, Termination CalPERS 1997-2015 Experience Study Mortality Improvement Projected fully generational with Scale MP-2020 Salary Increases Aggregate - 2.75% anually
Merit - CalPERS 1997-2015 Experience Study
Non-Medicare - 6.75% for 2022, decreasing to an ultimate rate of 3.75% in 2076 Medicare (Kaiser) - 4.75% for 2022, decreasing to an ultimate rate of 3.75% in 2076 Medicare (Non-Kaiser) - 5.85% for 2022, decreasing to an ultimate rate of 3.75% in 2076 PEMHCA minimum increases 4.00% annually
Hired < 7/1/12: 100%
Hired > 7/1/12: 60%
Discount
Rate
Healthcare participation
Medical Trend

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Notes to the Basic Financial Statements
NOTE #9 – POST-RETIREMENT HEALTH CARE BENEFITS (Continued) Discount Rate
The discount rate used to measure the total OPEB liability was 6.25%. The projection of cash flows used to determine the discount rate assumed that City contributions are made at rates equal to the actuarially determined contribution rates. Based on those assumptions, the OPEB plan’s fiduciary net position was projected to be available to make all projected OPEB payments for current active and inactive employees and beneficiaries. Therefore, the long-term expected rate of return on OPEB plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability.

Target
Allocation(1)
Expected Real
Rate of Return
Asset Class Component
Global Equity 49% 4.56%
Fixed Income 23% 1.56%
TIPS 5% -0.08%
Commodities 3% 1.22%
REITs 20% 4.06%
Assumed Long-Term Rate of Inflation 2.50%
Expected Long-Term Net Rate of Return, Rounded 6.25%
The long-term expected real rates of return are presented as geometric means.

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Notes to the Basic Financial Statements
NOTE #9 – POST-RETIREMENT HEALTH CARE BENEFITS (Continued) C. CHANGES IN NET OPEB LIABILITY
The following summarizes the changes in the net OPEB liability:

Detailed information about the OPEB plan’s fiduciary net position is available in the separately issued plan financial report that may be obtained from CERBT, an agent multiple-employer plan administered by CalPERS, consisting of an aggregation of single-employer plans. CERBT issues a publicly available financial report that includes financial statements and required supplementary information. The report may be obtained from the California Public Employers’ Retiree Benefit Trust, at P.O. Box 942703, Sacramento, CA 94229-2703. The benefit payments and refunds include implied subsidy benefit payments of $396,000.

D. SENSITIVITY OF THE NET OPEB LIABILITY TO CHANGES IN THE DISCOUNT RATE AND HEALTHCARE COST TREND RATES
The following presents the net OPEB liability of the City, as well as what the City's net OPEB liability would be, if it were calculated using a discount rate that is 1 percentage-point lower (5.25%) or 1 percentage-point higher (7.25%) than the current discount rate:

Total OPEB
Liability
Fiduciary Net
Position
Net OPEB
Liability
Balances at June 30, 2022 (Measurement date June 30, 2021) $ 25,167,408 49,100,472 $ 23,933,064 $ Changes for the year:

Service Cost 1,367,377 - 1,367,377
Interest 3,086,023 - 3,086,023
Changes of benefit terms - - -
Difference between actual and expected experience - - - Assumption changes - - -
Contributions - employer (1) 3,740,048 - (3,740,048)
Contributions - employee - - -
Net investment income - (3,369,528) 3,369,528
Benefit payments and refunds (1) (2,182,984) (2,182,984) - Administrative Expenses (2) (11,768) - 11,768
Net Changes (1,824,232) 2,270,416 4,094,648
Balances at June 30, 2023 (Measurement date June 30, 2022) $ 23,343,176 51,370,888 $ 28,027,712 $ (1) Measurement period July 1, 2021 to June 30, 2022.
(2) Includes trust administrative expenses and other administrative expenses.

5.25%
(1% Decrease)

6.25%
(Current Rate)

7.25%
(1% Increase)
Net OPEB Liability $ 28,027,712 34,964,789 $ 22,330,479 $ Discount Rate

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NOTE #9 – POST-RETIREMENT HEALTH CARE BENEFITS (Continued) The following presents the net OPEB liability of the City, as well as what the City's net OPEB liability would be, if calculated using healthcare cost trend rates that are 1 percentage-point lower or 1 percentage-point higher than the current healthcare cost trend rates:

E. OPEB EXPENSE AND DEFERRED OUTFLOWS/INFLOWS OF RESOURCES RELATED TO OPEB For the year ended June 30, 2023, the City recognized OPEB expense of $1,846,899. At June 30, 2023, the City reported deferred outflows and inflows of resources related to OPEB from the following sources:

For the year ended June 30, 2023, the City reported $3,431,313 as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the net OPEB liability in the year ended June 30, 2024. 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:

1% Decrease Current Rate 1% Increase
Net OPEB Liability $ 28,027,712 21,313,000 $ 36,308,678 $ Healthcare Cost Trend Rate
Deferred Outflows
of Resources
Deferred Inflows
of Resources
Differences between expected and actual experience $ - $ (5,152,312) Changes of assumptions - (1,441,364)
Net difference between projected and actual earning on plan investments 1,862,894 - Employer contributions made subsequent to the measurement date 3,431,313 - Total $ (6,593,676) 5,294,207 $
June 30, 2023
Year ended
June 30
Annual
Amortization
2024 $ (1,024,703)
2025 (1,039,294)
2026 (1,137,826)
2027 (316,906)
2028 (783,605)
Thereafter (428,448)

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Notes to the Basic Financial Statements
NOTE #10 – DEFINED BENEFIT PENSION PLANS
A. PLAN DESCRIPTIONS
The City has two defined benefit pension plans, a Miscellaneous Plan and a Safety Plan. The Miscellaneous Plan is an Agent Multiple-Employer Plan and the Safety Plan is a Cost-Sharing MultipleEmployer Plan. All qualified permanent and probationary employees are eligible to participate in either the City’s Safety (Sworn) or Miscellaneous (Non-sworn) Plans, administered by CalPERS, which acts as a common investment and administrative agent for its participating member employers.

Benefit provisions under the Plans are established by State statute and City resolution. CalPERS issues publicly available reports that include a full description of the pension plans regarding benefit provisions, assumptions and membership information that can be found on the CalPERS website.

B. MISCELLANEOUS PLAN
i. General Information About the Miscellaneous Plan
a. Benefits Provided
CalPERS provides service retirement and disability benefits, annual Cost of Living Adjustments (COLA) and death benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full-time employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits.

All members are eligible for non-duty disability benefits after 10 years of service. The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The COLA for each plan are applied as specified by the California Public Employees’ Retirement Law (PERL).

The Miscellaneous Plan’s provisions and benefits in effect at June 30, 2023 are summarized below:

Unfunded Accrued Liability Annual Payment for the Miscellaneous Plan is $1,985,594.

Tier 1 Tier 2 Tier 3
Hire Date
Prior to
October 1, 2010
After
September 30, 2010
After
December 31, 2012
Benefit Formula 2.7% @ 55 2% @ 60 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 Retirement Age 50 - 55 50 - 63 52 - 67
Monthly Benefits, as a % of Eligible Compensation 2.000-2.700% 1.092-2.418% 1.000-2.500% Required Employee Contribution Rates 8% 7% 6.75%
Required Employer Contribution Rates (Normal Cost) 11.200% 11.200% 11.200% Maximum COLA 5.00% 2.00% 2.00%
Final Average Compensation Period One Year Three Years Three Years Miscellaneous Plan

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NOTE #10 – DEFINED BENEFIT PENSION PLANS (Continued)
b. Employees Covered
At the June 30, 2022 measurement date, the most recent valuation available, the following plan participants were covered by the benefit terms:
c. Contributions
Section 20814(c) of California PERL 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 Miscellaneous 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.

For the year ended June 30, 2023, the contributions to the Miscellaneous Plan were $5,970,511 for the employer paid contributions.
ii. Net Pension Liability
The City’s Net Pension Liability for the Miscellaneous Plan is measured as the total pension liability, less the pension plan’s fiduciary net position. The Net Pension Liability of the Miscellaneous Plan is measured as of June 30, 2022, using an annual actuarial valuation as of June 30, 2021, rolled forward using standard update procedures. A summary of principal assumptions and methods used to determine the Net Pension Liability is shown in Note #10D.

Tier 1 Tier 2 Tier 3 Total
Active Employees 87 51 116 254
Total 51 87 116 254
Miscellaneous Plan
Inactive Employees or Beneficiaries Currently Receiving Benefits 210 Inactive Employees Entitled to but not yet Receiving Benefits 169 Total Total 379

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NOTE #10 – DEFINED BENEFIT PENSION PLANS (Continued)
iii. Changes in Net Pension Liability
The table below shows the changes in Net Pension Liability recognized over the measurement period.
a. Sensitivity of the Net Pension Liability to Changes in the Discount Rate The table below presents the Net Pension Liability, calculated using the discount rate of

6.90%, as well as what the Net Pension Liability would be if it were calculated using a discount rate that is 1 percentage-point lower (5.90%) or 1 percentage-point higher (7.90%) than the current rate.
b. Pension Plan Fiduciary Net Position
Detailed information about the pension plan’s fiduciary net position is available in the separately issued CalPERS financial reports.

Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability/(Asset)
Balance at June 30, 2021 $ 158,682,260 167,783,706 $ 9,101,446 $ Changes recognized for the measurement period
Service Cost 4,703,437 $ - $ 4,703,437 $
Interest on the Total Pension Liability 11,688,826 - 11,688,826 Changes in Assumptions 3,982,352 - 3,982,352
Differences Between Actual and Expected Experience (1,506,901) - (1,506,901) Net Plan to Plan Resource Movement - - -
Contribution - Employer - 7,013,046 (7,013,046)
Contribution - Employees - 1,834,110 (1,834,110)
Net Investment Income - (12,134,596) 12,134,596
Benefit Payments, Including Refunds of Employee Contributions (6,415,230) (6,415,230) - Other Misc Income/(Expense) - - -
Administrative Expense - (98,850) 98,850
Net Changes (9,801,520) 12,452,484 22,254,004
Balance at June 30, 2022 $ 148,880,740 180,236,190 $ 31,355,450 $ Increase (Decrease)
Miscellaneous Plan

5.90%
(1% Decrease)

6.90%
(Current Rate)

7.90%
(1% Increase)
Net Pension Liability $ 31,355,450 58,193,519 $ 9,375,927 $ Miscellaneous Plan

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NOTE #10 – DEFINED BENEFIT PENSION PLANS (Continued)
iv. Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions For the year ended June 30, 2023, the City recognized pension expense for the Miscellaneous Plan of $5,427,478. At June 30, 2023, the Miscellaneous Plan has Deferred Outflows and Deferred Inflows of Resources related to the pension plan as follows:

Deferred Outflows of Resources related to contributions subsequent to the measurement date of $5,970,511 will be recognized as a reduction of the Net Pension Liability in the year ended June 30, 2024. Other amounts reported as Deferred Outflows of Resources and Deferred Inflows of Resources related to pensions will be recognized as pension expense below:
v. Payable to the Miscellaneous Plan
At June 30, 2023, the City reported a payable of $195,339 for the outstanding amount of contributions to the pension plan required for the year ended June 30, 2023.

Deferred Outflows of
Resources
Deferred Inflows of
Resources
Pension Contributions Subsequent to Measurement Date 5,970,511 $ - $ Differences Between Actual and Expected Experience 784,467 (1,458,306) Changes in Assumptions 3,097,385 -
Net Differences Between Projected and Actual Earnings
on Plan Investments 7,632,602 -
Total $ (1,458,306) 17,484,965 $
Miscellaneous Plan
Fiscal Year
Ended June 30
Annual
Amortization
2024 $ 2,270,360
2025 1,738,126
2026 1,141,126
2027 4,906,536
2028 -
Thereafter -
Miscellaneous Plan

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NOTE #10 – DEFINED BENEFIT PENSION PLANS (Continued)
C. SAFETY PLAN
i. General Information About the Safety Plan
The City’s Safety Plan is part of the public agency cost-sharing multiple-employer defined benefit pension plan (PERF C), which is administered by CalPERS. PERF C consists of a miscellaneous pool and a safety pool (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 three rate plans within the safety risk pool. a. Benefits Provided
CalPERS provides service retirement and disability benefits, annual COLA and death benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full-time employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits.

All members are eligible for non-duty disability benefits after 10 years of service. The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The COLA for each plan are applied as specified by the California PERL.

The Safety Plan’s provisions and benefits in effect at June 30, 2023, are summarized below:

Tier 1 Tier 2 Tier 3
Hire Date
Prior to
September 1, 2012
After
August 31, 2012
After
December 31, 2012
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 Retirement Age 50 50 - 55 50 - 57
Monthly Benefits, as a % of Eligible Compensation 3% 2.4-3.0% 2.0-2.7% Required Employee Contribution Rates 9% 9% 13%
Required Employer Contribution Rates 25.43% 20.64% 13.13% COLA 5.00% 2.00% 2.00%
Final Average Compensation Period One Year Three Years Three Years Unfunded Accrued Liability Annual Payment 1, $ 18,541 048,044 $ 17,809 $ Safety Plan

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NOTE #10 – DEFINED BENEFIT PENSION PLANS (Continued)
Beginning in FY 2015/16, CalPERS collects employer contributions for the cost-sharing 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 and side fund. The dollar amounts are billed on a monthly basis. In-lieu of making monthly payments, an annual lump-sum prepayment option is also available. The City’s required lump-sum contribution for the unfunded liability and side fund was $1,084,394 in FY 2022/23. b. Contributions
Section 20814(c) of the California PERL 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 Safety 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.

For the year ended June 30, 2023, the contributions to the Safety Plan were $4,503,438 for the employer paid contributions.
ii. Pension Liabilities, Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions
As of June 30, 2023, the City reported a Net Pension Liability for its proportionate share of the Net Pension Liability of the Safety Plan of $17,831,496.

The City’s Net Pension Liability for the Safety Plan is measured as the proportionate share of the Net Pension liability. The Net Pension Liability of the Safety Plan is measured as of June 30, 2022, and the total pension liability for the Safety Plan used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2021 rolled forward to June 30, 2022 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 plans relative to the projected contributions of all participating employers, actuarially determined. The City’s proportionate share of the Net Pension Liability for the Safety Plan as of June 30, 2021 and 2022 was as follows:

Proportionate Share of
Net Pension Liability Safety Plan
Proportion - June 30, 2021 0.15147%
Proportion - June 30, 2022 0.25950%
Change - Increase (Decrease) 0.10803%

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Notes to the Basic Financial Statements
NOTE #10 – DEFINED BENEFIT PENSION PLANS (Continued)
For the year ended June 30, 2023, the City recognized pension expense of $8,962,322 for the Safety Plan. At June 30, 2023, the Safety Plan reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

Deferred outflows of resources related to contributions subsequent to the measurement date of $4,503,438 will be recognized as a reduction of the Net Pension Liability in the year ended June 30, 2024. Other amounts, reported as Deferred outflows/inflows of resources related to pensions, will be recognized as pension expense, as summarized as follows:
a. Sensitivity of the Net Pension Liability to Changes in the Discount Rate The following table presents the City’s proportionate share of the Net Pension Liability for the Safety Plan, calculated using the discount rate of 6.90%, and 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 (5.90%) or 1 percentage-point higher (7.90%) than the current rate.

Deferred Outflows of
Resources
Deferred Inflows of
Resources
Pension Contributions Subsequent to Measurement Date 4,503,438 $ - $ Differences Between Actual and Expected Experience 737,981 (193,636) Changes in Assumptions 1,797,955 -
Change in the Employer's Proportion and Differences Between the Employer's Contributions and the Employer's
Proportionate Share of Contributions 2,667,429 (880,214) Net Differences Between Projected and Actual Earnings
on Plan Investments 2,815,842 -
Total $ (1,073,850) 12,522,645 $
Safety Plan
Fiscal Year
Ended June 30
Annual
Amortization
2024 $ 2,261,144
2025 1,909,714
2026 1,056,798
2027 1,717,701
Safety Plan

5.90%
(1% Decrease)

6.90%
(Current Rate)

7.90%
(1% Increase)
Net Pension Liability $ 17,831,496 31,146,014 $ 6,949,884 $ Safety Plan

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Notes to the Basic Financial Statements
NOTE #10 – DEFINED BENEFIT PENSION PLANS (Continued)
b. Pension Plan Fiduciary Net Position
The plan fiduciary net position disclosed in the GASB 68 accounting valuation report may differ from the plan assets reported in the funding actuarial valuation report due to several reasons. First, for the accounting valuations, CalPERS must keep items such as deficiency reserves, fiduciary self-insurance and OPEB expense included as assets. These amounts are excluded for rate setting purposes in the funding actuarial valuation. In addition, differences may result from early Comprehensive Annual Financial Report closing and final reconciled reserves.
iii. Payable to the Safety Plan
At June 30, 2023, the City reported a payable of $113,682 for the outstanding amount of contributions to the pension plan required for the year ended June 30, 2023.

D. INFORMATION COMMON TO BOTH THE MISCELLANEOUS AND SAFETY PLANS The following information applies to both the Miscellaneous and Safety Plans:
i. Pension Liabilities, Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions
As of June 30, 2023, the City reported Net Pension Liabilities for the Miscellaneous and Safety Plans combined of $49,186,946 and recognized combined pension expenses for the Miscellaneous and Safety Plans of $14,389,800.

At June 30, 2023, the Miscellaneous and Safety Plans reported combined Deferred Outflows of Resources and Deferred Inflows of Resources related to pensions from the following sources:

Deferred Outflows of
Resources
Deferred Inflows of
Resources
Pension Contributions Subsequent to Measurement Date 10,473,949 $ - $ Differences Between Actual and Expected Experience 1,522,448 (1,651,942) Changes in Assumptions 4,895,340 -
Change in the Employer's Proportion and Differences Between the Employer's Contributions and the Employer's
Proportionate Share of Contributions 2,667,429 (880,214) Net Differences Between Projected and Actual Earnings
on Plan Investments 10,448,444 -
Total $ (2,532,156) 30,007,610 $
Miscellaneous and Safety Plans

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NOTE #10 – DEFINED BENEFIT PENSION PLANS (Continued)
ii. Actuarial Assumptions
The June 30, 2022 total pension liabilities were based on the following actuarial methods and assumptions:

The underlying mortality and other actuarial assumptions used in current valuation were based on the results of CalPERS November 2021 actuarial Experience Study. Further details of the Experience Study can be found on CalPERS website under Forms and Publications. iii. Miscellaneous and Safety Plans Discount Rate
The discount rate used to measure the total pension liability for each Plan was 6.90%. The projection of cash flows used to determine the discount rate for each Plan assumed that contributions from all plan members in the Public Employees Retirement Fund (PERF) are made at the current member contribution rates and that contributions from employers are made at statutorily required rates, actuarially determined. Based on those assumptions, each Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members for all plans in the PERF. Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability for each Plan.

Miscellaneous and Safety Plans
Valuation Date June 30, 2021
Measurement Date June 30, 2022
Actuarial Cost Method Entry-Age Normal Cost Method
Actuarial Assumptions:

Discount Rate 6.90%
Inflation 2.30%
Projected Salary Increase Varies depending on age, service and type of employment Payroll Growth 2.80%
Investment Rate of Return (1) 6.90%
Mortality Rate Table (2) Derived using CalPERS Membership Data for all Funds Post Retirement Benefit Increase Contract COLA up to 2.30% until Purchasing Power Protection Allowance Floor on Purchasing Power applies
(1) Net of pension plan investment expenses, including inflation. (2) The mortality table used was developed based on CalPERS-specific data. The table includes generational mortality improvements using Society of Actuaries Scale 80% of scale MP 2020. For more details on this table, please refer to the November 2021 experience study report (based on CalPERS demographic data from 2001 to 2019) that can be found on the CalPERS website.

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NOTE #10 – DEFINED BENEFIT PENSION PLANS (Continued)
In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated and, combined with risk estimates, are used to project compound (geometric) returns over the long term. The discount rate used to discount liabilities was informed by the long term projected portfolio return.

The following table reflects expected real rates of return by asset class for both the Miscellaneous and Safety Plans.

Changes of Assumptions – Effective with the June 30, 2021 valuation date (2022 measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated, combined with risk estimates, and are used to project compound (geometric) returns over the long term. The discount rate used to discount liabilities was informed by the long-term projected portfolio return. In addition, demographic assumptions and the inflation rate assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions.

Asset Class
Assumed Asset
Allocation Real Return (1,2)
Global Equity: cap-weighted 30.0% 4.45%
Global Equity: Non-cap-weighted 12.0% 3.84%
Private Equity 13.0% 7.28%
Treasury 5.0% 0.27%
Mortgage-backed Securities 5.0% 0.50%
Investment Grade Corporates 10.0% 1.56%
High Yield 5.0% 2.27%
Emerging Market Debt 5.0% 2.48%
Private Debt 5.0% 3.57%
Real Assets 15.0% 3.21%
Leverage -5.0% -0.59%
Total 100%
(1) An expected inflation of 2.3% used for this period. (2) Figures based on the 2021 Asset Liability Management Study

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NOTE #10 – DEFINED BENEFIT PENSION PLANS (Continued)
iv. Subsequent Event – CalPERS Pension Contribution Rates On July 20, 2022, CalPERS reported a -6.1% net return on investments for FY 2021/22, driven primarily by the downturn of the public markets that account for 79% of the total Public Employees’ Retirement Fund. The expected long-term rate of return for CalPERS investments is currently 6.9% (net of investment expense, but without a reduction for administrative expenses). This shortfall from the expected return will increase the City’s required annual payments on the unfunded pension obligation, which will be phased in beginning in FY 2024/25. This new assumption is reflected in the CalPERS GASB 68 accounting valuation reports for the June 30, 2022 measurement date.

NOTE #11 – DEFINED CONTRIBUTION PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS Deferred Compensation Plans
City employees may defer a portion of their compensation under one of three City sponsored Deferred Compensation Plans created in accordance with Internal Revenue Code Section 457. Under the Plans, 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 Plans.

Two of the Plans are part of public agency agent multiple-employer defined contribution plans that are administered by Mission Square Retirement (formerly ICMA RC) and CalPERS. The third Plan is a singleemployer plan that is administered by VALIC. Benefit provisions under the Plans are established by City resolution.

The City has no liability for any losses incurred by the Plans and does not participate in any gains, but does have the duty of due care that would be required of an ordinary prudent investor. The City has contracts with each of the three administrators to manage and invest the assets of the respective Plans. The administrators of the Mission Square Retirement and CalPERS Plans pool the assets of the respective Plans with those of other participants and does not make separate investments for the City. The administrator of the VALIC Plan are held solely for the Plan participants and are not pooled with any other public agency plans. The assets in each Plan are the sole property of the participants or their beneficiaries. Since the assets held under the Mission Square Retirement and CalPERS Plans 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.

Since the assets of the VALIC Plan are held in a single-employer Plan, but are not the City’s property and are not subject to claims by general creditors of the City, they are reported in the Fiduciary Fund financial statements, Other Employee Benefit Trust Fund - VALIC. The Plan requires investments to be stated at fair value and it requires all gains and losses on Plan investments to accrue directly to participant accounts.

The City contributes amounts to the deferred compensation plans for employees in certain bargaining units. These employer contributions include amounts of up to $1,320 per year as a match of employee contributions and additional contributions of 2%-4% of annual employee salary, depending on bargaining unit. The total amount contributed by the City to the three Plans for FY 2022/23 was $338,261. At June 30, 2023, the City reported a payable of $19,757 for the outstanding contributions due to the Plans.

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NOTE #11 – DEFINED CONTRIBUTION PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS (Continued)
Retiree Health Savings Plans
The City contributes amounts to individual retiree health savings accounts for employees in all bargaining units hired on or after 7/1/2012. Depending on the bargaining unit and date of hire, contributions of up to $600 to $2,400 per eligible employee per year are made to a third-party retiree health savings account administrator. The total amount contributed by the City to the retiree health savings account plan for FY 2022/23 was $270,300. At June 30, 2023, the City does not have a payable due for outstanding contributions to the retiree health savings plan.

The assets in the retiree health savings account plan are not available to the City’s general creditors. Assets and liabilities held by the retiree health savings account plan administrator are held in an agent multipleemployer defined contribution plan and are not reported in the accompanying financial statements.

NOTE #12 – RISK MANAGEMENT
The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; natural disaster; errors and omissions; injuries to employees and unemployment claims. The City, along with other Contra Costa County cities, belongs to the Municipal Pooling Authority of Northern California (MPA). MPA is a public entity risk pool currently operating as a common risk management and insurance program for the members. The City pays an annual premium to MPA for the following: Liability ($29 million coverage, $10,000 deductible); Employer’s Resource Management Association (ERMA) ($2 million coverage, $50,000 deductible on employment claims); All Risk Fire and Property ($1 billion coverage, $25,000 deductible for all risk, $5,000 for fine arts and copper claims, $150,000 deductible for water claims); Flood ($25 million coverage, $100,000 to $250,000 minimum deductible per occurrence); Auto ($250,000 coverage, Police $3,000 deductible, all others $2,000); Cyber ($2 million coverage, $100,000 deductible with total insured values up to $750 million and $250,000 deductible with total insured values greater than $750 million); Government Crime ($5 million coverage, $2,500 deductible); Public Entity Pollution ($2 million coverage, $250,000 deductible); Boiler and Machinery ($100 million coverage, $10,000 deductible) and Workers Compensation (coverage in excess of the statutory limit, $0 deductible). The agreement provides that MPA will be self-sustaining through member premiums and assessments. MPA purchases commercial insurance in excess of those amounts covered by its self-insurance pool. MPA was formed in June of 1977, under a “joint exercise of power agreement”, to provide general liability, workers' compensation, property and employee benefits insurance coverage. It is governed by a Board of Directors composed of one appointed official from each City. Members as of June 30, 2023 were the cities of Antioch; Brentwood; Clayton; El Cerrito; Gilroy; Hercules; Lafayette; Manteca; Martinez; Oakley; Orinda; Pacifica; Pinole; Pittsburg; Pleasant Hill; San Pablo; San Ramon and Walnut Creek and the towns of Danville and Moraga. Audited financial information can be obtained from MPA located at 1911 San Miguel Drive #200, Walnut Creek, CA 94596, as well as on the agency’s website at www.mpa-nc.com.

Settled claims have not exceeded coverage for these risks in any of the last three fiscal years. Outstanding claims payable at year-end, including the Incurred But Not Reported (IBNR) amount, was calculated to be immaterial for presentation purposes.

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Notes to the Basic Financial Statements
NOTE #13 – BRENTWOOD REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY

ACTIVITIES
A. REDEVELOPMENT AGENCY DISSOLUTION
Effective February 1, 2012, the Brentwood Redevelopment Agency was dissolved and certain assets of the Brentwood Redevelopment Agency Low and Moderate Income Housing Fund were distributed to a Housing Successor, and all remaining Brentwood Redevelopment Agency assets and liabilities were distributed to a Successor Agency. Under the provisions of AB 1484, the City elected to become the Housing Successor and retain the housing assets. The City also elected to become the Successor Agency to the Brentwood Redevelopment Agency and on February 1, 2012, the Brentwood Redevelopment Agency’s remaining assets were distributed to, and liabilities were assumed by, the Successor Agency.

ABX1 26 required the establishment of an Oversight Board to oversee the activities of the Successor Agency. The Brentwood Oversight Board served in this capacity from April 11, 2012 until June 30, 2018.

Effective July 1, 2018, a new Countywide Oversight Board was established pursuant to the dissolution law.

The activities of the Successor Agency are subject to review and approval of the Oversight Board.

The activities of the Housing Successor are reported in the City Low Income Housing Special Revenue Fund as the City has control of those assets, which may be used in accordance with the low and moderate-income housing provisions of California Redevelopment Law. The activities of the Successor Agency are reported in the Successor Agency to the Brentwood Redevelopment Agency Private-Purpose Trust Fund as the activities are under the control of the Oversight Board. The City is providing administrative services to the Successor Agency to wind down the affairs of the former Brentwood Redevelopment Agency.

Section 34179.5 of AB 1484 required all successor agencies to hire a licensed accountant, approved by the County Auditor-Controller, to conduct two Due Diligence Reviews (DDRs) to determine the balances available to be redistributed to other taxing entities. The two DDRs were focused on 1) the Low and Moderate Income Housing Fund, and 2) Other Funds and Accounts. The Low and Moderate Income Housing Fund DDR determined that an unobligated balance of $4,072,553 was available for redistribution, and the Successor Agency remitted this amount to the Contra Costa County Auditor Controller in February 2013. The Other Funds and Accounts DDR determined that the unobligated balance was $0, and the Successor Agency filed the DDR report with the DOF. The DOF, during their review of the DDR, determined that transfers made pursuant to pre-existing contracts and construction commitments were invalid and adjusted the DDR accordingly, issuing a DDR demand of $14,955,931.

On December 9, 2015, the City, as Successor Agency, entered into a ten-year interest free payment plan with the DOF to pay the DDR demand of $14,955,931, as discussed in Note #6, Long-Term Obligations.

By entering into the Payment Plan with the DOF, the Successor Agency has completed its statutory requirements of the DDR process and the DOF has provided the Successor Agency a Finding of Completion.

As of June 30, 2023, cash and investments of the Successor Agency were pooled with the City’s cash and investments. Details of the nature of the Successor Agency’s cash and investments are presented in Note #3. Information presented in the following sections of Note #13 represents other assets and liabilities of the Successor Agency as of June 30, 2023.

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NOTE #13 – BRENTWOOD REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES (Continued)
B. CAPITAL ASSETS
Capital assets of the Successor Agency, as of June 30, 2023, were comprised of land with a carrying value of $1,327,129 and there were no additions or retirements during the fiscal year.

C. LONG-TERM OBLIGATIONS
The Successor Agency assumed the long-term obligations of the former Brentwood Redevelopment Agency as of February 1, 2012. The following summarizes the long-term obligations of the Successor Agency as of June 30, 2023.
i. Bonds
Capital Improvement Revenue Refunding Bonds Series 2012 The Brentwood Redevelopment Agency issued 2001 Capital Improvement Tax Allocation Bonds, dated October 1, 2001, to finance certain Redevelopment projects. The Brentwood Redevelopment Agency pledged future tax increment revenues, less amounts required to be set aside in the Redevelopment Agency Low Income Housing Fund, for the repayment of the Tax Allocation Bonds.

On January 11, 2012, the Authority issued $24,060,000 in Capital Improvement Revenue Refunding Bonds Series 2012 to: 1) finance the refunding of the 2001 CIP Bonds under a facilities lease and 2) refund a series of tax allocation bonds issued by the Brentwood Redevelopment Agency, as discussed in Note #6. Total annual debt service payments, including interest at 4.25% to 5.375%, range from $1,342,750 to $1,368,688.

The Successor Agency to the Brentwood Redevelopment Agency has pledged future tax revenues for the repayment of a portion of the bonds. Following the dissolution of the Brentwood Redevelopment Agency, the Successor Agency is allocated funds for payment of obligations listed on the Successor Agency’s ROPS and approved by the DOF. The Successor Agency listed this debt obligation on its ROPS and the DOF has approved its inclusion for each applicable ROPS period through June 30, 2023. The City has recorded a receivable for the debt obligations of the Successor Agency, as detailed in Note #4. The pledge of future Successor Agency tax revenues ends upon repayment of the Successor Agency’s $12,157,125 remaining share of debt service on the bonds, which is scheduled to occur in 2032.

2009 Civic Center Project Lease Revenue Bonds
On October 16, 2009, the Authority issued $48,000,000 in Civic Center Project Lease Revenue Bonds, Series 2009A, $4,055,000, and Taxable Series 2009B, $43,945,000, to finance the construction of a new city hall, community center, senior center, plus library improvements and other public capital Balance Payments Balance Amounts Due
July 1, 2022 Adjustments June 30, 2023 Within One Year
Capital Improvement Revenue Refunding Bonds Series 2012 $ (845,000) 10,640,000 $ 9,795,000 $ 890,000 $ 2009 Civic Center Project Lease Revenue Bonds (361,842) 9,960,526 9,598,684 377,632 Total $ (1,206,842) 20,600,526 $ 19,393,684 $ 1,267,632 $

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Notes to the Basic Financial Statements
NOTE #13 – BRENTWOOD REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES (Continued)
improvements, as discussed in Note #6. The Brentwood Redevelopment Agency entered into a reimbursement agreement with the Authority that indicates the Brentwood Redevelopment Agency will pay a proportionate amount of the City’s base rental payments for specific and allowable projects the Brentwood Redevelopment Agency has agreed to fund. The 2009 Civic Center Project Lease Revenue Bonds generated $12,631,578 for allowable Brentwood Redevelopment Agency projects.

The Successor Agency to the Brentwood Redevelopment Agency has pledged future tax revenues for the repayment of a portion of the bonds. Following the dissolution of the Brentwood Redevelopment Agency, the Successor Agency is allocated funds for payment of obligations listed on the Successor Agency’s ROPS and approved by the DOF. The Successor Agency listed this debt obligation on its ROPS and the DOF has approved its inclusion for each applicable ROPS period through June 30, 2023. The City has recorded a receivable for the debt obligations of the Successor Agency, as detailed in Note #4. The pledge of future tax revenues end upon repayment of the Successor Agency’s $16,644,944 remaining share of debt service on the bonds. The repayment of the debt is scheduled to occur in 2040.

Total debt service requirements for the Successor Agency’s two bond payment obligations are summarized as follows:

D. PLEDGED REVENUES
As discussed above, the Successor Agency has pledged all future tax-increment revenues for the repayment of its share of the Capital Improvement Revenue Refunding Bonds Series 2012 and the 2009 Civic Center Project Lease Revenue Bonds. The pledge of all future tax-increment revenues ends upon repayment of $28,802,069 remaining debt service on the bonds, which is scheduled to occur in 2040. With the dissolution of the Brentwood Redevelopment Agency discussed above, tax increment is no longer distributed. Instead, the Successor Agency receives payments from Contra Costa County’s Redevelopment Property Tax Trust Fund that are to be used to fund debt service on the bonds, with no distinction between housing and non-housing revenues. For FY 2022/23, gross tax increment available to be distributed to the Successor Agency was $10,823,811, which represents coverage of 441% of the FY 2022/23 debt service requirements.

Year Ending
June 30 Principal Interest Total
2024 $ 1,178,292 1,267,632 $ 2,445,924 $
2025 1,106,300 1,324,737 2,431,037
2026 1,029,572 1,391,842 2,421,414
2027 947,707 1,461,579 2,409,286
2028 861,812 1,532,632 2,394,444
2029-2033 2,897,324 7,503,421 10,400,745
2034-2038 1,265,278 3,334,211 4,599,489
2039-2040 122,100 1,577,630 1,699,730
Total Payments Due $ 9,408,385 19,393,684 $ 28,802,069 $

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NOTE #13 – BRENTWOOD REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES (Continued)
E. COMMITMENTS AND CONTINGENCIES
i. State Approval of Enforceable Obligations
The Successor Agency prepares a ROPS annually containing all proposed expenditures for the subsequent twelve-month period. The ROPS is subject to the review and approval of the Oversight Board as well as the DOF. Although the DOF may elect not to question items included on the ROPS in one period, they may question the same items in a future period and disallow associated activities.

The amount, if any, of current obligations that may be denied by the DOF cannot be determined at this time.
ii. State Asset Transfer Review
In addition to the DDR process discussed in Note #13A, ABx1 26 and AB 1484 direct the State Controller to review the activities of all redevelopment agencies and successor agencies to determine whether an asset transfer between an agency and any public agency occurred on or after January 1, 2011. On July 10, 2015, the State Controller’s Office determined that $14,992,790 of cash and revenue and $1,327,129 of land/building assets, transferred between January 1, 2011 and January 31, 2012, were unallowable and ordered these assets to be returned to the Successor Agency. As discussed in Note #13A and Note #6, the City entered into a repayment plan with the Department of Finance for $14,955,931. In addition, the City complied with the State Controller’s order to return the land/building assets to the Successor Agency. These transfers were conveyed to the Successor Agency by grant deeds recorded in the Official Records of Contra Costa County on March 21, 2018. Following the initial communication in July 2015, the State Controller’s Office has made no further demands for the return of assets to the Successor Agency.

NOTE #14 – 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 filed litigation, as of June 30, 2023, which is likely to have a material adverse effect on the financial position of the City.

B. STATE AND FEDERAL GRANTS
The City has received State and Federal funds for specific purposes that are subject to review by the grantor agencies. Although such audits could generate expenditure disallowances under the terms of the grants, it is believed any required reimbursements will not be material.

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NOTE #14 – CONTINGENT LIABILITIES (Continued)
C. DEVELOPER IMPACT FEE CREDITS
The City entered into several agreements with various developers and merchant builders who are developing residential and commercial projects throughout the City. The City agreed to grant the developers impact fee credits since they will construct certain improvements beyond what was needed to serve their specific projects. The value of these credits does not increase for inflation, nor do they accrue interest.

Any unused credits may be used by the developers on other projects located elsewhere in the City.

The value of the credits, as of June 30, 2023, was $1,292,765, after a total of $569,259 was used as credits or expired and an additional $509,472 was added by agreements during FY 2022/23. The accounting for the amounts due are not recorded as indebtedness since the payments (use of the credits) are contingent upon the collection of development fees from building growth which has not yet occurred.

D. CONSTRUCTION COMMITMENTS
As of June 30, 2023, the City had several commitments with respect to unfinished capital projects.

Outstanding commitments with respect to unfinished major capital projects are as follows:

E. SOLAR POWER PURCHASE AGREEMENTS
On December 9, 2014, the City executed three Solar Power Purchase agreements with SolarCity Corporation. The terms of the agreements required SolarCity to construct solar power systems, to be owned and maintained by SolarCity, at three City sites, the Police Department, Wastewater Treatment Plant and Brentwood Family Aquatic Complex. These systems are expected to generate approximately

2.14 million kilowatt hours (kWh) of power per year. The terms of the agreements require the City to purchase all of the electric power generated by the system for a term of 20 years, and up to two additional optional terms of five years each, at a contract price of $0.0100 to $0.2718 per kWh, depending on the site. The systems at the Police Department site, Wastewater Treatment Plant site and Brentwood Family Aquatic Complex became operational July 2015, September 2016 and Outstanding
Project Name Commitments
Housing Element Update and Safety Element Update 250,464 Innovation Center @ Brentwood Infrastructure 263,740
Lone Tree Way Roadway Improvements 1,106,716
Pavement Management Program - 2023 206,241
Sand Creek Road Extension 9,392,179
Sand Creek Sports Complex 1,710,148
Sensus AMR System Upgrade 915,173
Sound Wall 436,986
Vineyards at Marsh Creek - Event Center/Amphitheater 205,219 Wastewater Treatment Plant Expansion - Phase II 33,755,944 Water and Wastewater SCADA System Upgrade 912,218
Total $ 49,155,028

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NOTE #14 – CONTINGENT LIABILITIES (Continued)
November 2016, respectively. The agreements include options for the City to purchase the systems at the end of the 6th, 10th and 20th year, as well as at the end of the additional optional five-year terms at a price equal to the fair value of the systems. The City has not taken, nor anticipates taking, the option to purchase any of the systems as of the end of the 6th year. Early termination of any of the contracts by the City would result in termination payments ranging from $6.4 million in year one to $0.3 million in the twentieth year of the contracts. Early termination by SolarCity would result in payments to the City for the net present value of the excess energy costs that would be incurred over the remaining contract term.

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See Accompanying Note to the Required Supplementary Information 2022/23 Annual Comprehensive Financial Report
Required Supplementary Information
Original Final Actual Variance
REVENUESTaxes 30,246,707 $ 31,032,358 $ 31,512,493 $ 480,135 $ Licenses 763,200 779,975 783,083 3,108Permits and Fines 5,396,116 4,141,116 4,676,519 535,403Uses of Money and Property 497,314 911,630 767,865 (143,765)Intergovernmental 5,948,295 6,002,942 6,040,426 37,484Franchises 1,603,925 1,603,925 1,649,986 46,061Charges for Other Services 202,083 202,083 306,005 103,922Charges to Other Funds 8,746,917 8,746,917 8,689,235 (57,682)Fees and Other Revenues 2,053,044 2,181,094 1,981,097 (199,997) Total Revenues 55,602,040 55,457,601 56,406,709 804,669 EXPENDITURESCurrent: General Government 10,283,957 10,084,457 8,895,392 1,189,065 Public Safety 31,338,138 31,436,246 28,746,187 2,690,059 Community Development 7,365,951 7,129,267 6,228,281 900,986 Engineering 3,933,627 4,032,514 3,593,515 438,999 Public Works 4,479,804 4,475,897 4,106,366 369,531 Parks and Recreation 8,314,116 8,668,654 7,857,283 811,371 Community Services 1,023,572 1,077,632 1,005,141 72,491Capital Outlay - 39,651 39,651 -Debt Service: Principal 1,731,800 1,731,800 1,731,800 - Total Expenditures 68,676,118 68,470,965 62,203,616 6,472,502 REVENUES OVER (UNDER) EXPENDITURES (13,074,078) (13,013,364) (5,796,907) 7,277,171OTHER FINANCING SOURCES (USES)Proceeds from Sale of Property 1,964,993 1,964,993 1,600,000 364,993Transfers In 12,055,376 12,258,557 17,425,949 5,167,392Transfers Out (4,736,771) (11,768,929) (12,980,586) (1,211,657) Total Other Financing Sources (Uses) 2,454,621 9,283,598 6,045,363 4,320,728 Net Change in Fund Balances $ 10,619,457 3,729,766 $ 248,456 11,597,899 $ Fund Balance, Beginning of Year 31,537,464
Fund Balance, End of Year $ 31,785,920
Budgetary Comparison Schedule, General Fund
For Year Ended June 30, 2023
Budget Amounts

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See Accompanying Note to the Required Supplementary Information 2022/23 Annual Comprehensive Financial Report
Required Supplementary Information
Original Final Actual Variance
REVENUESUses of Money and Property $ 33,110 33,110 $ 82,806 $ 49,696 $ Fees and Other Revenues 9,909,998 9,909,998 10,120,335 210,337 Total Revenues 9,943,108 9,943,108 10,203,141 260,033
EXPENDITURESCurrent: Community Services 8,688,820 8,641,846 7,185,356 1,503,464 Total Expenditures 8,688,820 8,641,846 7,185,356 1,503,464 REVENUES OVER (UNDER) EXPENDITURES 1,254,288 1,301,262 3,017,785 1,763,497OTHER FINANCING SOURCES (USES)Transfers In 2,316,419 2,316,419 2,204,177 (112,242)Transfers Out (3,766,017) (3,766,017) (3,693,758) 72,259 Total Other Financing Sources (Uses) (1,449,598) (1,449,598) (1,489,581) (39,983) Net Change in Fund Balances $ (195,310) (148,336) $ 1,528,20 1,723,514 4 $ Fund Balance, Beginning of Year 7,221,721
Fund Balance, End of Year $ 8,749,925
Budget Amounts
Budgetary Comparison Schedule, Landscape and Lighting Assessment Districts For Year Ended June 30, 2023

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Required Supplementary Information

NOTE TO THE REQUIRED SUPPLEMENTARY INFORMATION
Budgets for governmental funds are prepared in accordance with Generally Accepted Accounting Principles for the United States of America.

Through the budget, the City Council sets the direction of the City, allocates its resources and establishes its priorities. The annual budget, which covers the period from July 1 to June 30, establishes the foundation for effective financial planning by providing resource planning, performance measures and controls which permit the evaluation and adjustment of the City’s performance.

The City’s budget is prepared and based on four expenditure categories: personnel services, supplies and services, internal service and capital outlay. These are considered operational in nature and reflect recurring costs. Capital improvement projects include asset acquisitions, facilities, systems and infrastructure improvements typically over $10,000 and/or those items “outside” of the normal operational budget.

These reflect one‐time costs.

The City collects and records revenue and expenditures for Governmental Funds and Proprietary Funds. The City’s budget reflects an organization that is committed to delivering excellent public services that meet the needs of the community by continually striving to meet the following goals:
 Deliver Excellent Public Services
 Enhance Community and Neighborhood Improvement
 Ensure Long‐term Financial Stability and Sustainability  Promote Economic and Community Development
 Provide for Effective Transportation and Infrastructure  Provide for the Public’s Safety

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Fiscal Year 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23Measurement Date 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022Changes in Total OPEB Liability Service Cost 1,629,000 $ 1,679,380 $ 1,640,302 $ 1,481,221 $ 1,414,509 $ 1,367,377 $ Contributions - employee - - - - - -Interest 3,050,000 3,253,745 3,462,146 3,385,324 3,513,643 3,086,023Difference between actual and expected experience - - (3,639,364) - (4,554,116) -Assumption changes - - (537,151) (880,615) (872,892) - Other changes - - - - - -
Benefit payments including refunds (1,653,000) (1,759,490) (1,853,760) (1,956,140) (2,080,270) (2,182,984)Changes of benefit terms - - - - - - Net Changes 3,173,635 3,026,000 (927,827) 2,029,790 (2,579,126) 2,270,416 Total OPEB Liability (beginning of year) 47,404,000 44,378,000 50,577,635 49,649,808 51,679,598 49,100,472 Total OPEB Liability (end of year) $ 50,577,635 47,404,000 $ 49,649,808 $ 51,679,598 $ 49,100,472 $ 51,370,888 $ Changes in Plan Fiduciary Net Position
Contributions - employer 5,708,000 $ 4,510,871 $ 4,136,357 $ 4,221,000 $ 3,657,000 $ 3,740,048 $ Net investment income 632,000 717,022 784,122 569,190 5,091,636 (3,369,528)Benefit payments and refunds (1,653,000) (1,759,490) (1,853,760) (1,956,140) (2,080,270) (2,182,984) Administrative expenses (3, (17,072) 000) (7,076) (12,945) (12,037) (11,768) Net Changes 3,451,331 4,684,000 3,059,643 2,821,105 6,656,329 (1,824,232) Plan Fiduciary Net Position (beginning of year) 9,179,000 4,495,000 12,630,331 15,689,974 18,511,079 25,167,408 Plan Fiduciary Net Position (end of year) $ 12,630,331 9,179,000 $ 15,689,974 $ 18,511,079 $ 25,167,408 $ 23,343,176 $ Net OPEB Liability/(Asset) $ 37,947,304 38,225,000 $ 33,959,834 $ 33,168,519 $ 23,933,064 $ 28,027,712 $ Fiduciary Net Position as a percentage of the Total OPEB Liability 19.4% 25.0% 31.6% 35.8% 51.3% 45.4%Covered employee payroll (2)(3) $ 31,002,370 29,051,000 $ 32,173,000 $ 34,648,422 $ 35,282,755 $ 37,146,694 $ Net OPEB Liability as a percentage of covered employee payroll (3) 132% 122% 105.6% 95.7% 67.8% 75.5% (1) FY 2017/18 was the first year of implementation.(2) Determined for the 12 month periods ending on June 30 measurement date.(3) OPEB contributions are not based on pay.

Last 10 Years (1)
Schedule of Changes in Net OPEB Liability/(Assets) and Related Ratios Single Employer Defined Benefit Plan

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Required Supplementary Information
Fiscal Year 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Actuarially Determined Contribution (ADC) $ 4,861,000 5,306,000 $ 4,966,000 $ 4,303,000 $ 4,398,000 $ 4,035,000 $ Contributions in relation to the actuarially determined contribution 4,136,357 4,510,000 4,221,000 3,657,000 3,740,048 3,431,313 Contribution deficiency/(excess) $ 724,643 796,000 $ 745,000 $ 646,000 $ 657,952 $ 603,687 $ Covered employee payroll (2) $ 32,173,000 31,002,370 $ 34,648,422 $ 35,282,755 $ 37,146,694 $ 39,260,865 $ Contributions as a percentage of covered employee payroll 15.0% 12.9% 12.2% 10.4% 10.1% 8.7% (1) FY 2017/18 was the first year of implementation.(2) OPEB contributions are not based on pay.

Last 10 Years (1)
Single Employer Defined Benefit Plan
Schedule of Employer OPEB Contributions
Notes to Schedule:Methods and assumptions used to determine contribution rates:Valuation Date 6/30/2015 6/30/2017 6/30/2017 6/30/2019 6/30/2019 6/30/2021ADC for Fiscal Year 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23Actuarial Cost Method Entry Age Normal, Level Percentage of Payroll
Entry Age Normal, Level Percentage of
Payroll
Entry Age Normal, Level Percentage of
Payroll
Entry Age Normal, Level Percentage of
Payroll
Entry Age Normal, Level Percentage of
Payroll
Entry Age Normal, Level Percentage of
Payroll
Amortization Method Level percentage of payroll Level percentage of payroll Level percentage of payroll Level percentage of payroll Level percentage of payroll Level percentage of payrollRemaining Amortization Period 18 years remaining as of June 30, 2017 Approximately 17-year fixed period for 2018/19 Approximately 16-year fixed period for 2019/20 Approximately 15-year fixed period for 2020/21 Approximately 14-year fixed period for 2021/22 Approximately 13-year fixed period for 2022/23 Asset Valuation Method Investment gains and losses spread over 5-year rolling period
Investment gains and losses spread
over 5-year rolling period
Investment gains and losses spread
over 5-year rolling period
Investment gains and losses spread
over 5-year rolling period
Investment gains and losses spread
over 5-year rolling period
Investment gains and losses spread
over 5-year rolling period
Discount Rate 7.25% 6.75% 6.75% 6.75% 6.75% 6.25%General Inflation 3.00% 2.75% 2.75% 2.75% 2.75% 2.50%Medical Trend Non-Medicare – 7% for 2017,decreasing to an ultimate rate of 5.0%in 2021 and later yearsMedicare – 7.2% for 2017, decreasing to an ultimate rate of 5.0% in 2021 andlater years Non-Medicare - 7.5% for 2019,decreasing to an ultimate rate of 4.0%in 2076Medicare - 6.5% for 2019, decreasing toan ultimate rate of 4.0% in 2076 Non-Medicare - 7.5% for 2020,decreasing to an ultimate rate of 4.0%in 2076Medicare - 6.5% for 2020, decreasing toan ultimate rate of 4.0% in 2076 Non-Medicare - 7.5% for 2020,decreasing to an ultimate rate of 4.0%in 2076Medicare - 6.5% for 2020, decreasing toan ultimate rate of 4.0% in 2076 Non-Medicare - 7.5% for 2021,decreasing to an ultimate rate of 4.0%in 2076Medicare - 6.3% for 2021, decreasing toan ultimate rate of 4.0% in 2076 Non-Medicare - 6.75% for 2022,decreasing to an ultimate rate of 3.75%in 2076Medicare - Kaiser 4.75% for 2022. NonKaiser 5.85% for 2022, both decreasingto ultimate rate of 3.75% in 2076 Mortality Improvement
Mortality projected fully generationalwith Scale MP-2014 modified toconverge to ultimate rates in 2022 Projected fully generational with ScaleMP-2017
Projected fully generational with ScaleMP-2017
Projected fully generational with ScaleMP-2019
Projected fully generational with ScaleMP-2019
Projected fully generational with ScaleMP-2020

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Required Supplementary Information
Fiscal Year 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23Measurement date 6/30/2014 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022Total Pension Liability Service Cost 3,353,880 $ 3,211,232 $ 3,290,164 $ 3,661,191 $ 3,825,866 $ 4,046,384 $ 4,215,396 $ 4,367,103 $ 4,703,437 $ Interest on Total Pension Liability 6,770,097 7,308,678 7,977,448 8,667,128 8,960,855 9,726,556 10,557,564 11,225,313 11,688,826 Differences Between Expected and Actual Experience - (304,364) 1,001,785 450,022 211,977 1,771,866 2,185,887 (535,203) (1,506,901) Changes in Assumptions - (2,079,150) - 8,261,128 (4,921,247) - - - 3,982,352 Changes in Benefits - - - - - - - - -
Benefit Payments, Including Refunds of Employee Contributions (2,206,639) (2,590,999) (3,047,166) (3,404,988) (3,781,586) (4,137,884) (4,703,813) (5,245,106) (6,415,230) Net Change in Total Pension Liability 5,545,397 7,917,338 9,222,231 17,634,481 4,295,865 11,406,922 12,255,034 9,812,107 12,452,484 Total Pension Liability - Beginning 97,611,669 89,694,331 103,157,066 112,379,297 130,013,778 134,309,643 145,716,565 157,971,599 167,783,706 Total Pension Liability - Ending (a) $ 103,157,066 97,611,669 $ 112,379,297 $ 130,013,778 $ 134,309,643 $ 145,716,565 $ 157,971,599 $ 167,783,706 $ 180,236,190 $ Plan Fiduciary Net Position
Contributions - Employer (2) $ 2,781,741 3,057,063 $ 3,437,164 $ 3,478,686 $ 3,754,584 $ 13,725,567 $ 4,002,159 $ 4,261,353 $ 7,013,046 $ Contributions - Employee 1,024,271 1,314,854 1,370,153 1,462,634 1,582,087 1,703,581 1,780,994 1,756,084 1,834,110 Net Investment Income (3) 1,744,327 11,435,505 437,912 9,349,273 7,974,015 7,502,561 6,075,887 29,239,540 (12,134,596) Benefit Payments (2,206,639) (2,590,999) (3,047,166) (3,404,988) (3,781,586) (4,137,884) (4,703,813) (5,245,106) (6,415,230) Plan to Plan Resource Movement - (32,597) - - (238) - (3,307) - - Administrative Expense - (91,288) (49,416) (122,886) (146,469) (73,573) (171,735) (128,662) (98,850) Other Misc Income/Expense (4) - - - - (278,147) 238 - - - Net Change in Plan Fiduciary Net Position 3,126,038 13,310,200 2,148,647 10,762,719 9,104,246 18,720,490 6,980,185 29,883,209 (9,801,520) Plan Fiduciary Net Position - Beginning 77,956,726 64,646,526 81,082,764 83,231,411 93,994,130 103,098,376 121,818,866 128,799,051 158,682,260 Plan Fiduciary Net Position - Ending (b) $ 81,082,764 77,956,726 $ 83,231,411 $ 93,994,130 $ 103,098,376 $ 121,818,866 $ 128,799,051 $ 158,682,260 $ 148,880,740 $ Net Pension Liability - Ending (a)-(b) 19,654,943 $ 22,074,302 $ 29,147,886 $ 36,019,648 $ 31,211,267 $ 23,897,699 $ 29,172,548 $ 9,101,446 $ 31,355,450 $ Plan Fiduciary Net Position as a Percentage of the Total Pension Liability 79.86% 78.60% 74.06% 72.30% 76.76% 83.60% 81.53% 94.58% 82.60%Covered Payroll 16,622,216 $ 16,773,838 $ 17,716,086 $ 19,133,306 $ 20,640,271 $ 22,031,330 $ 23,890,915 $ 23,704,081 $ 25,083,145 $ Net Pension Liability as Percentage of Covered Payroll 118.25% 131.60% 164.53% 188.26% 151.22% 108.47% 122.11% 38.40% 125.01% (1) FY 2014/15 was the first year of implementation, which had a measurement period of 2013/14.(2) Includes $288,013 and $5,063 of employee contributions paid by the employer for FY 2013/14 and FY 2014/15, respectively.(3) Net of administrative expenses.

Schedule of Changes in the Net Pension Liability and Related Ratios Agent Multiple-Employer Defined Benefit Plan
Miscellaneous Plan
Additionally, CalPERS employees participate in various State of California agent pension plans and during FY 2017/18, CalPERS recorded a correction to previously reported financial statements to properly reflect its proportionate share of activity related to pensions in accordance with GASB Statement No. 68, Accounting and Financial Reporting for Pensions (GASB 68). (4) During FY 2017/18, as a result of Governmental Accounting Standards Board Statement (GASB) No. 75, Accounting and Financial Reporting for Postemployment Benefit Plans Other than Pensions (GASB 75), CalPERS reported its proportionate share of activity related to postemployment benefits for participation in the State of California’s agent OPEB plan. Accordingly, CalPERS recorded a one-time expense as a result of the adoption of GASB 75.

Last 10 Years (1)
During the Measurement Period

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2022/23 Annual Comprehensive Financial Report
Required Supplementary Information
Fiscal Year 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23Actuarially Determined Contribution (ADC) 2,786,805 $ 3,061,100 $ 3,478,686 $ 3,754,584 $ 4,214,219 $ 4,002,159 $ 4,261,353 $ 4,859,274 $ 4,842,290 $ Contributions in Relation to the Actuarially Determined Contributions (2,786,805) (3,061,100) (3,478,686) (3,754,584) (13,725,567) (4,002,159) (4,261,353) (7,014,058) (5,970,511) Contribution Deficiency (Excess) - $ - $ - $ - $ (9,511,348) $ - $ - $ (2,154,784) $ (1,128,222) $ Covered Payroll 16,773,838 $ 17,716,086 $ 19,133,306 $ 20,640,271 $ 22,031,330 $ 23,890,915 $ 23,704,081 $ 25,083,145 $ 26,224,528 $ Contributions as a Percentage of Covered Payroll 16.61% 17.28% 18.18% 18.19% 19.13% 16.75% 17.98% 19.37% 18.46% Last 10 Years (1)
Schedule of Contributions
Agent Multiple-Employer Defined Benefit Plan
Miscellaneous Plan

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2022/23 Annual Comprehensive Financial Report
Required Supplementary Information
Notes to Schedule:Valuation Date 6/30/2012 6/30/2013 6/30/2014 6/30/2015 6/30/2016ADC for Fiscal Year 2014/15 2015/16 2016/17 2017/18 2018/19Actuarial Cost Method Entry age normal Entry age normal Entry age normal Entry age normal Entry age normalAmortization Method Level percent of payroll Level percent of payroll Level percent of payroll Level percent of payroll Level percent of payrollAverage Remaining Period 26 years as of the valuation date N/A N/A N/A N/AAsset Valuation Method 15-Year Smoothed Fair Value Fair Value Fair Value Fair Value Fair ValueInflation 2.750% 2.750% 2.750% 2.750% 2.750%Salary Increases Varies by Entry Age and Service Varies by Entry Age and Service Varies by Entry Age and Service Varies by Entry Age and Service Varies by Entry Age and ServicePayroll Growth 3.000% 3.000% 3.000% 3.000% 3.000%Investment Rate of Return 7.50%, net of investment and administrative expenses, including inflation 7.50%, net of investment and administrative expenses, including inflation 7.50%, net of investment and administrative expenses, including inflation 7.50%, net of investment and administrative expenses, including inflation 7.50%, net of investment and administrative expenses, including inflation Retirement Age
The probabilities of Retirement are based onthe 2010 CalPERS Experience Study for theperiod from 1997 to 2007.

The probabilities of Retirement are based onthe 2010 CalPERS Experience Study for theperiod from 1997 to 2007.

The probabilities of Retirement are based onthe 2014 CalPERS Experience Study for theperiod from 1997 to 2011.

The probabilities of Retirement are based onthe 2014 CalPERS Experience Study for theperiod from 1997 to 2011.

The probabilities of Retirement are based onthe 2014 CalPERS Experience Study for theperiod from 1997 to 2011.

Mortality
The probabilities of mortality are based onthe 2010 CalPERS Experience Study for theperiod from 1997 to 2007. Pre-retirementand post-retirement mortality rates include 5 years of projected mortality improvementusing Scale AA published by the Society ofActuaries.

The probabilities of mortality are based onthe 2010 CalPERS Experience Study for theperiod from 1997 to 2007. Pre-retirementand post-retirement mortality rates include 5 years of projected mortality improvementusing Scale AA published by the Society ofActuaries.

The probabilities of mortality are based onthe 2014 CalPERS Experience Study for theperiod from 1997 to 2011. Pre-retirementand post-retirement mortality rates include20 years of projected mortality improvementusing Scale BB published by the Society ofActuaries.

The probabilities of mortality are based onthe 2010 CalPERS Experience Study for theperiod from 1997 to 2007. Pre-retirementand Post-retirement mortality rates include 5 years of projected mortality improvementusing Scale AA published by the Society ofActuaries.

The probabilities of mortality are based onthe 2014 CalPERS Experience Study for theperiod from 1997 to 2011. Pre-retirementand Post-retirement mortality rates include20 years of projected mortality improvementusing Scale BB published by the Society ofActuaries.

Methods and assumptions used to determine contribution rates:

Notes to Schedule:Valuation Date 6/30/2017 6/30/2018 6/30/2019 6/30/2020ADC for Fiscal Year 2019/20 2020/21 2021/22 2022/23Actuarial Cost Method Entry age normal Entry age normal Entry age normal Entry age normalAmortization Method Level percent of payroll Level percent of payroll Level percent of payroll Level percent of payrollAverage Remaining Period N/A N/A N/A N/AAsset Valuation Method Fair Value Fair Value Fair Value Fair ValueInflation 2.750% 2.625% 2.500% 2.500%Salary Increases Varies by Entry Age and Service Varies by Entry Age and Service Varies by Entry Age and Service Varies by Entry Age and ServicePayroll Growth 3.000% 2.875% 2.750% 2.750%Investment Rate of Return 7.375%, net of investment and administrative expenses, including inflation 7.25%, net of investment and administrative expenses, including inflation 7.00%, net of investment and administrative expenses, including inflation 7.00%, net of investment and administrative expenses, including inflation Retirement Age
The probabilities of Retirement are based onthe 2014 CalPERS Experience Study for theperiod from 1997 to 2011.

The probabilities of Retirement are based onthe 2017 CalPERS Experience Study for theperiod from 1997 to 2015.

The probabilities of Retirement are based onthe 2017 CalPERS Experience Study for theperiod from 1997 to 2015.

The probabilities of Retirement are based onthe 2017 CalPERS Experience Study for theperiod from 1997 to 2015.

Mortality
The probabilities of mortality are based onthe 2014 CalPERS Experience Study for theperiod from 1997 to 2011. Pre-retirementand Post-retirement mortality rates include20 years of projected mortality improvementusing Scale BB published by the Society ofActuaries.

The probabilities of mortality are based onthe 2017 CalPERS Experience Study for theperiod from 1997 to 2011. Pre-retirementand Post-retirement mortality rates include20 years of projected mortality improvementusing Scale BB published by the Society ofActuaries.

The probabilities of mortality are based onthe 2017 CalPERS Experience Study for theperiod from 1997 to 2011. Pre-retirementand Post-retirement mortality rates include20 years of projected mortality improvementusing Scale BB published by the Society ofActuaries.

The probabilities of mortality are based onthe 2017 CalPERS Experience Study for theperiod from 1997 to 2011. Pre-retirementand Post-retirement mortality rates include20 years of projected mortality improvementusing Scale BB published by the Society ofActuaries.

Methods and assumptions used to determine contribution rates:

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2022/23 Annual Comprehensive Financial Report
Required Supplementary Information
Fiscal Year 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23Measurement Date 6/30/2014 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022Safety Plan Proportion of the Net Pension Liability 0.2421% 0.2513% 0.2646% 0.2687% 0.2766% 0.2352% 0.2344% 0.1515% 0.2595%Proportionate Share of the Net Pension Liability 9,080,048 $ 10,355,885 $ 13,706,745 $ 16,054,650 $ 16,230,478 $ 14,684,347 $ 15,618,436 $ 5,315,829 $ 17,831,496 $ Covered Payroll 12,883,348 $ 5,577,559 $ 5,274,445 $ 7,585,314 $ 8,033,945 $ 8,269,499 $ 8,457,701 $ 8,929,257 $ 9,447,664 $ Proportionate Share of the Net Pension Liability as a Percentage of Covered Payroll 70.48% 185.67% 259.87% 211.65% 202.02% 177.57% 184.67% 59.53% 188.74% Plan's Fiduciary Net Position 39,786,396 $ 44,008,978 $ 45,031,490 $ 46,175,307 $ 56,350,461 $ 64,421,577 $ 68,981,562 $ 84,077,184 $ 78,581,752 $ Plan Fiduciary Net Position as a percentage of the Total Pension Liability 79.82% 78.40% 74.06% 73.31% 75.26% 75.26% 75.10% 88.29% 76.68% (1) FY 2014/15 was the first year of implementation, which had a measurement period of 2013/14.

Last 10 Years (1)
Schedule of Proportionate Share of the Net Pension Liability Cost-Sharing Multiple-Employer Defined Benefit Plan
Safety Plan
Fiscal Year 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23Safety PlanActuarially Determined Contribution (ADC) 1,801,047 $ 1,777,004 $ 1,915,780 $ 2,126,779 $ 2,395,452 $ 2,462,412 $ 2,640,402 $ 2,976,724 $ 3,003,438 $ Contributions in Relation to the Actuarially Determined Contributions (1,801,047) (1,777,004) (1,915,780) (2,126,779) (5,493,690) (3,573,095) (2,640,402) (5,262,936) (4,503,438) Contribution Deficiency (Excess) - $ - $ - $ - $ (3,098,238) $ (1,110,683) $ - $ (2,286,212) $ (1,500,000) $ Covered Payroll 5,577,559 $ 5,274,445 $ 7,585,314 $ 8,033,945 $ 8,269,499 $ 8,457,701 $ 8,929,257 $ 9,447,663 $ 9,831,954 $ Contributions as a Percentage of Covered Payroll 32.29% 33.69% 25.26% 26.47% 28.97% 29.11% 29.57% 31.51% 30.55% (2) FY 2014/15 was the first year of implementation.

Last 10 Years (2)
Schedule of Contributions
Cost-Sharing Multiple-Employer Defined Benefit Plan
Safety Plan

ASSETS
Current Assets:

Cash and Investments 2,094,641 $ 120,632 $ 538,559 $ 109,693 $ 410,993 $ - $ 3,340,288 $ 2,055,145 $ Restricted Cash and Investments - - - - - - - -
Receivables 271,611 21 17,226 773,908 72 - 662 308
Prepaids - - - - 7,714 - 870 -
Due from Other Funds - - - - - - - -
Land Held for Resale - - - - - - - -
Total Assets $ 120,653 2,366,252 $ 555,785 $ 883,601 $ 418,779 $ - $ 3,341,820 $ 2,055,453 $

LIABILITIES
Liabilities:

Accounts Payable and Accrued Liabilities - $ 616 $ 43,324 $ 246,582 $ 71,245 $ - $ 293,493 $ - $ Due to Other Funds - - - - - - - -
Total Liabilities 616 - 43,324 246,582 71,245 - 293,493 -

FUND BALANCES
Nonspendable - - - - 7,714 - 870 -
Restricted 2,366,252 120,037 512,461 637,019 339,820 - - - Committed - - - - - - 3,047,457 2,055,453
Unassigned - - - - - - - -
Total Fund Balances 120,037 2,366,252 512,461 637,019 347,534 - 3,048,327 2,055,453 Total Liabilities, Deferred Inflows
of Resources and Fund Balances $ 2,366,252 $ 120,653 $ 555,785 $ 883,601 $ 418,779 $ - $ 3,341,820 $ 2,055,453 Continued
American Rescue
Plan Act of 2021
Citywide Park
Assessment
District
Community
Facilities
Districts
Non-Major Governmental Funds
Combining Balance Sheet
City of Brentwood
Special Revenue Funds
June 30, 2023
Gas Tax
Disability Access
and Education Police Grants Other Grants
Economic
Development
Grant

124
2022/23 Annual Comprehensive Financial Report Page 492 of 614 ASSETS
Current Assets:

Cash and Investments 14,015,513 $ 667,025 $ - $ 352,082 $ 681,313 $ 2,743,203 $ 920,761 $ 2,854,731 $ Restricted Cash and Investments - - - - - - - -
Receivables 3,721 895 - 63 118 473 169 537
Prepaids - - - - - - - -
Due from Other Funds - - - - - - - -
Land Held for Resale - - - - - - - -
Total Assets $ 667,920 14,019,234 $ - $ 352,145 $ 681,431 $ 2,743,676 $ 920,930 $ 2,855,268 $

LIABILITIES
Liabilities:

Accounts Payable and Accrued Liabilities 3,975 $ - $ - $ - $ - $ - $ - $ - $ Due to Other Funds - - 8,059 - - - - -
Total Liabilities - 3,975 8,059 - - - - -

FUND BALANCES
Nonspendable - - - - - - - -
Restricted 14,015,259 667,920 - 352,145 681,431 2,743,676 920,930 2,855,268 Committed - - - - - - - -
Unassigned - - (8,059) - - - - -
Total Fund Balances 667,920 14,015,259 (8,059) 352,145 681,431 2,743,676 920,930 2,855,268 Total Liabilities, Deferred Inflows
of Resources and Fund Balances $ 14,019,234 $ 667,920 $ - $ 352,145 $ 681,431 $ 2,743,676 $ 920,930 $ 2,855,268 Continued
Non-Major Governmental Funds (Continued)
Combining Balance Sheet
City of Brentwood
June 30, 2023
Public Art
Acquisition
Community
Facilities
Development
Impact Fee
Development
Impact Fee
Administration
Agriculture Land
Acquisition
Public Art
Administration
Roadway
Development
Impact Fee
Agriculture Land
Administration
Special Revenue Funds (Continued)
Parks and Trails
Development
Impact Fee

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2022/23 Annual Comprehensive Financial Report Page 493 of 614 Permanent
Fund
ASSETS
Current Assets:

Cash and Investments 425 $ 183,993 $ 94,989 $ 533,072 $ - $ 2,065,687 $ 15,447 $ 80,000 $ Restricted Cash and Investments - - - - - - - -
Receivables - 115 7,010 101 354 3 14
Prepaids - - - - - - - -
Due from Other Funds - - - - - - - -
Land Held for Resale - - - - - - 512,350 -
Total Assets $ 184,108 425 $ 101,999 $ 533,173 $ - $ 2,066,041 $ 527,800 $ 80,014 $

LIABILITIES
Liabilities:

Accounts Payable and Accrued Liabilities - $ - $ - $ - $ - $ - $ - $ Due to Other Funds - - - - - - - -
Total Liabilities - - - - - - - -

FUND BALANCES
Nonspendable - - - - - - - 80,000
Restricted 425 184,108 101,999 533,173 - 2,066,041 527,800 14 Committed - - - - - - - -
Unassigned - - - - - - - -
Total Fund Balances 184,108 425 101,999 533,173 - 2,066,041 527,800 80,014 Total Liabilities, Deferred Inflows
of Resources and Fund Balances $ 425 $ 184,108 $ 101,999 $ 533,173 $ - $ 2,066,041 $ 527,800 $ 80,014 Continued
City of Brentwood
Combining Balance Sheet
Non-Major Governmental Funds (Continued)
June 30, 2023
Abandoned
Vehicle
Abatement PEG Media
Parks
Advertising Measure J
City Low Income
Asset Forfeiture Housing
Riparian
Mitigation Site
Maintenance
Special Revenue Funds (Continued)
Parking In-Lieu

126
2022/23 Annual Comprehensive Financial Report Page 494 of 614

ASSETS
Current Assets:

Cash and Investments 77,632 $ 74,959 $ 15,990 $ - $ 14,169,484 $ 11,890,170 $ 14,288,376 $ - $ Restricted Cash and Investments 1,600,780 - 1,438 - - - - 1,704,685 Receivables 9,795,013 79 9,598,685 - -
Prepaids - - - - - - - -
Due from Other Funds - - - - - 332,152 - -
Land Held for Resale - - - - - - - -
Total Assets $ 75,038 11,473,425 $ 9,616,113 $ - $ 14,169,484 $ 12,222,322 $ 14,288,376 $ 1,704,685 $

LIABILITIES
Liabilities:

Accounts Payable and Accrued Liabilities - $ - $ - $ - $ 777,439 $ 13,357 $ 23,426 $ - $ Due to Other Funds - - - - - - - -
Total Liabilities - - - - 777,439 13,357 23,426 -

FUND BALANCES
Nonspendable - - - - - - - -
Restricted 11,473,425 75,038 9,616,113 - 13,392,045 12,208,965 14,264,950 1,704,685 Committed - - - - - - - -
Unassigned - - - - - - - -
Total Fund Balances 75,038 11,473,425 9,616,113 - 13,392,045 12,208,965 14,264,950 1,704,685 Total Liabilities, Deferred Inflows
of Resources and Fund Balances $ 75,038 11,473,425 $ 9,616,113 $ - $ 14,169,484 $ 12,222,322 $ 14,288,376 $ 1,704,685 $ Continued
June 30, 2023
Debt Service Funds
Non-Major Governmental Funds (Continued)
Combining Balance Sheet
City of Brentwood
Parks and Trails
Improvements
Capital
Improvement
Financing
Program 2006-1
Capital
Improvement
Revenue
Refunding Bonds
Series 2021 A &
B
Capital Project Funds
Roadway
Improvements
Community
Facilities
Improvements
General
Obligation
Bonds Series
2002
2019 Civic Center
Project Lease
Revenue
Refunding Bonds
2015 Lease
Financing

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ASSETS
Current Assets:

Cash and Investments - $ - $ 21,357 $ 669,350 $ 1,814,118 $ - $ $ 76,899,628 Restricted Cash and Investments 659,697 - - - - - 3,966,600 Receivables - - 5 105 1,128 1,544 20,473,940
Prepaids - - - - - - 8,584
Due from Other Funds - - - - - - 332,152
Land Held for Resale - - - - - - 512,350
Total Assets $ - 659,697 $ 21,362 $ 669,455 $ 1,815,246 $ 1,544 $ 102,193,254 $

LIABILITIES
Liabilities:

Accounts Payable and Accrued Liabilities - $ - $ - $ - $ - $ $ 1,473,457 Due to Other Funds - - - - - 324,093 332,152
Total Liabilities - - - - - 324,093 1,805,609

FUND BALANCES
Nonspendable - - - - - - 88,584
Restricted 659,697 - 21,362 669,455 1,815,246 - 95,526,759 Committed - - - - - - 5,102,910
Unassigned - - - - - (322,549) (330,608)
Total Fund Balances - 659,697 21,362 669,455 1,815,246 (322,549) 100,387,645 Total Liabilities, Deferred Inflows
of Resources and Fund Balances $ - 659,697 $ 21,362 $ 669,455 $ 1,815,246 $ 1,544 $ 102,193,254 $ City of Brentwood
2015 Lease
Financing
Acquisition
Capital Project Funds (Continued)
June 30, 2023
Non-Major Governmental Funds (Continued)
Combining Balance Sheet
Civic Center
Capital
Improvement
Financing
Program
Capital
Infrastructure
Vineyards
Projects
Total NonMajor
Governmental
Funds
Capital
Improvement
Financing
Program 2005-1
City Capital
Improvement
Financing
Program

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2022/23 Annual Comprehensive Financial Report Page 496 of 614

REVENUES
Taxes - $ - $ - $ - $ - $ - $ - $ 7,934,020 $
Licenses - - - - 195,771 - - -
Uses of Money and Property 1,048 29,116 4,907 2,708 3,805 - 24,914 11,026 Intergovernmental 3,044,061 - 294,729 685,415 - 6,923,339 - - Fees and Other Revenues - 23,400 - - 28 - 3,609,036 -
Total Revenues 24,448 3,073,177 299,636 688,123 199,604 6,923,339 3,633,950 7,945,046

EXPENDITURES
Current:

General Government 2,454 - - 64,802 - - - -
Public Safety - - 152,452 - - - - -
Community Development - 2,911 - - 220,520 - - -
Parks and Recreation - - - - - - 6,032,921 -
Community Services - - - - - - - 29,691
Capital Outlay - - - - - - - -
Debt Service:

Principal - - - - - - - -
Interest and Fiscal Charges - - - - - - - -
Total Expenditures 2,911 2,454 152,452 64,802 220,520 - 6,032,921 29,691 REVENUES OVER (UNDER) EXPENDITURES 21,537 3,070,723 147,184 623,321 (20,916) 6,923,339 (2,398,971) 7,915,355

OTHER FINANCING SOURCES (USES)
Transfers In 575,747 - - - - - 3,693,758 519,381
Transfers Out (3,183,819) - (55,093) (703,728) - (6,923,339) - (8,391,207) Total Other Financing Sources (Uses) - (2,608,072) (55,093) (703,728) - (6,923,339) 3,693,758 (7,871,826) Net Change in Fund Balances 21,537 462,651 92,091 (80,407) (20,916) - 1,294,787 43,529 Fund Balance, Beginning of Year 98,500 1,903,601 420,370 717,426 368,450 - 1,753,540 2,011,924 Fund Balance, End of Year $ 120,037 2,366,252 $ 512,461 $ 637,019 $ 347,534 $ - $ 3,048,327 $ 2,055,453 $ Continued
Special Revenue Funds
For Year Ended June 30, 2023
Non-Major Governmental Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances City of Brentwood
Gas Tax
Disability Access
and Education Police Grants Other Grants
Economic
Development
Grant
Citywide Park
Assessment
District
Community
Facilities
Districts
American Rescue
Plan Act of 2021

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REVENUES
Taxes - $ - $ - $ - $ - $ - $ - $ - $
Licenses - - - - - - - -
Uses of Money and Property 57,655 204,044 878 3,848 6,428 25,444 9,032 28,587 Intergovernmental - - - - - - - -
Fees and Other Revenues 862,297 771,948 62,258 68,308 - - 19,661 68,869 Total Revenues 829,603 1,066,341 63,136 72,156 6,428 25,444 28,693 97,456

EXPENDITURES
Current:

General Government 489,274 - 26,463 300,390 44,944 17,406 852 27,258 Public Safety - - - - - - - -
Community Development - - - - - - - -
Parks and Recreation - 980,831 - - - - - -
Community Services - - - - - - - -
Capital Outlay - - - - - - - -
Debt Service:

Principal - - - - - - - -
Interest and Fiscal Charges - - - - - - - -
Total Expenditures 980,831 489,274 26,463 300,390 44,944 17,406 852 27,258 REVENUES OVER (UNDER) EXPENDITURES (151,228) 577,067 36,673 (228,234) (38,516) 8,038 27,841 70,198

OTHER FINANCING SOURCES (USES)
Transfers In 490 327 145,775 - - - - -
Transfers Out (576,939) (6,060,000) (144,034) - - - - (350,534) Total Other Financing Sources (Uses) (6,059,673) (576,449) 1,741 - - - - (350,534) Net Change in Fund Balances (6,210,901) 618 38,414 (228,234) (38,516) 8,038 27,841 (280,336) Fund Balance, Beginning of Year 6,878,821 14,014,641 (46,473) 580,379 719,947 2,735,638 893,089 3,135,604 Fund Balance, End of Year $ 667,920 14,015,259 $ (8,059) $ 352,145 $ 681,431 $ 2,743,676 $ 920,930 $ 2,855,268 $ Continued
For Year Ended June 30, 2023
Non-Major Governmental Funds (Continued)
Combining Statement of Revenues, Expenditures and Changes in Fund Balances City of Brentwood
Special Revenue Funds (Continued)
Parks and Trails
Development
Impact Fee
Public Art
Administration
Public Art
Acquisition
Community
Facilities
Development
Impact Fee
Development
Impact Fee
Administration
Agriculture Land
Administration
Agriculture Land
Acquisition
Roadway
Development
Impact Fee

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Fund

REVENUES
Taxes - $ - $ - $ - $ - $ - $ - $ - $
Licenses - - - - - - - -
Uses of Money and Property 6,234 4 826 5,818 149 17,730 143 745 Intergovernmental - - - - - 1,303,217 - -
Fees and Other Revenues - 2,226 22,518 - - - - -
Total Revenues 8,460 4 23,344 5,818 149 1,320,947 143 745

EXPENDITURES
Current:

General Government - - 581 - 10,656 14 -
Public Safety - - 76 - - - - -
Community Development - - - - - - - -
Parks and Recreation - - - - 17 - - 70
Community Services - - - - - - - -
Capital Outlay - - - - - - - -
Debt Service:

Principal - - - - - - - -
Interest and Fiscal Charges - - - - - - - -
Total Expenditures - - 76 581 17 10,656 14 70
REVENUES OVER (UNDER) EXPENDITURES 8,460 4 23,268 5,237 132 1,310,291 129 675

OTHER FINANCING SOURCES (USES)
Transfers In - - - - - - - -
Transfers Out - - - - (24,833) (1,325,557) - (686)
Total Other Financing Sources (Uses) - - - - (24,833) (1,325,557) - (686) Net Change in Fund Balances 8,460 4 23,268 5,237 (24,701) (15,266) 129 (11) Fund Balance, Beginning of Year 175,648 421 78,731 527,936 24,701 2,081,307 527,671 80,025 Fund Balance, End of Year $ 184,108 425 $ 101,999 $ 533,173 $ - $ 2,066,041 $ 527,800 $ 80,014 $ Continued
Special Revenue Funds (Continued)
Asset Forfeiture Measure J
City Low Income
Housing
City of Brentwood
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non-Major Governmental Funds (Continued)
For Year Ended June 30, 2023
Parking In-Lieu
Abandoned
Vehicle
Abatement PEG Media
Parks
Advertising
Riparian
Mitigation Site
Maintenance

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REVENUES
Taxes - $ 641,416 $ - $ - $ - $ - $ - $ - $
Licenses - - - - - - - -
Uses of Money and Property 3,171 73,793 3,661 - - - - 34,777 Intergovernmental 510,875 - 736,156 - - - - -
Fees and Other Revenues - - - - - - 6,466 -
Total Revenues 644,587 584,668 739,817 - - - 6,466 34,777

EXPENDITURES
Current:

General Government - - - - 2,783,885 140,025 - -
Public Safety - - - - - - - -
Community Development 69,294 5,372 10,211 - - - - -
Parks and Recreation - - - - - - - -
Community Services - - - - - - - -
Capital Outlay - - - - 1,303,069 496,674 1,958,307 -
Debt Service:

Principal 1,534,665 625,000 1,340,000 510,000 - - - -
Interest and Fiscal Charges 174,834 - 1,326,200 279,500 - - - - Total Expenditures 630,372 1,778,793 2,676,411 789,500 4,086,954 636,699 1,958,307 - REVENUES OVER (UNDER) EXPENDITURES 14,215 (1,194,125) (1,936,594) (789,500) (4,086,954) (636,699) (1,951,841) 34,777

OTHER FINANCING SOURCES (USES)
Transfers In 614,517 - 2,097,794 789,500 2,634,631 3,360,332 14,021,689 - Transfers Out (287,457) - (519,381) - (606,406) (292,608) (76,392) - Total Other Financing Sources (Uses) - 327,060 1,578,413 789,500 2,028,225 3,067,724 13,945,297 - Net Change in Fund Balances 14,215 (867,065) (358,181) - (2,058,729) 2,431,025 11,993,456 34,777 Fund Balance, Beginning of Year 60,823 12,340,490 9,974,294 - 15,450,774 9,777,940 2,271,494 1,669,908 Fund Balance, End of Year $ 75,038 11,473,425 $ 9,616,113 $ - $ 13,392,045 $ 12,208,965 $ 14,264,950 $ 1,704,685 $ Continued
Debt Service Funds
Capital
Improvement
Financing
Program 2006-1
2019 Civic
Center Project
Lease Revenue
Refunding
Bonds
2015 Lease
Financing
For Year Ended June 30, 2023
Non-Major Governmental Funds (Continued)
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Capital Project Funds
City of Brentwood
Roadway
Improvements
Community
Facilities
Improvements
Parks and Trails
Improvements
General
Obligation
Bonds Series
2002
Capital
Improvement
Revenue
Refunding
Bonds Series
2021 A & B

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2022/23 Annual Comprehensive Financial Report Page 500 of 614

REVENUES
Taxes - $ - $ - $ - $ - $ - $ 8,575,436 $
Licenses - - - - - - 195,771
Uses of Money and Property - 24,671 905 4,534 59,815 83,143 733,559 Intergovernmental - - - - - - 13,497,792
Fees and Other Revenues - - 1,169,377 524,050 - - 7,210,442 Total Revenues - 24,671 1,170,282 528,584 59,815 83,143 30,213,000

EXPENDITURES
Current:

General Government 1,122,363 - 66 369 7,447 7,871 5,047,120 Public Safety - - - - - - 152,528
Community Development - - - - - - 308,308
Parks and Recreation - - - - - - 7,013,839
Community Services - - - - - - 29,691
Capital Outlay - - - - - - 3,758,050
Debt Service:

Principal - - - - - - 4,009,665
Interest and Fiscal Charges - - - - - - 1,780,534
Total Expenditures - 1,122,363 66 369 7,447 7,871 22,099,735 REVENUES OVER (UNDER) EXPENDITURES - (1,097,692) 1,170,216 528,215 52,368 75,272 8,113,265

OTHER FINANCING SOURCES (USES)
Transfers In - 30,659 - 287,457 - - 28,772,057
Transfers Out - (30,659) (1,174,203) (516,324) (52,000) (350,000) (31,645,199) Total Other Financing Sources (Uses) - - (1,174,203) (228,867) (52,000) (350,000) (2,873,142) Net Change in Fund Balances - (1,097,692) (3,987) 299,348 368 (274,728) 5,240,123 Fund Balance, Beginning of Year - 1,757,389 25,349 370,107 1,814,878 (47,821) 95,147,522 Fund Balance, End of Year $ - 659,697 $ 21,362 $ 669,455 $ 1,815,246 $ (322,549) $ 100,387,645 $ Vineyards
Projects
City Capital
Improvement
Financing
Program
Capital
Infrastructure
2015 Lease
Financing
Acquisition
Total NonMajor
Governmental
Funds
Capital Project Funds (Continued)
For Year Ended June 30, 2023
Non-Major Governmental Funds (Continued)
Combining Statement of Revenues, Expenditures and Changes in Fund Balances City of Brentwood
Civic Center
Capital
Improvement
Financing
Program
Capital
Improvement
Financing
Program 2005-1

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REVENUES
Taxes $ - - $ - $ - $ - $ - $ - $ - $ - $
Licenses - - - - - - - - -
Uses of Money and Property 29,116 10,031 19,085 351 1,048 697 1,838 4,907 3,069 Intergovernmental 3,044,061 3,331,024 (286,963) - - - 324,328 294,729 (29,599) Fees and Other Revenues - - - 21,828 23,400 1,572 - - - Total Revenues 3,073,177 3,341,055 (267,878) 22,179 24,448 2,269 326,166 299,636 (26,530)

EXPENDITURES
Current:

General Government 2,454 2,454 - - - - - - -
Public Safety - - - - - - 416,976 152,452 264,524
Community Development - - - 20,576 2,911 17,665 - - -
Parks and Recreation - - - - - - - - -
Community Services - - - - - - - - -
Total Expenditures 2,454 2,454 - 20,576 2,911 17,665 416,976 152,452 264,524 REVENUES OVER (UNDER) EXPENDITURES 3,070,723 3,338,601 (267,878) 1,603 21,537 19,934 (90,810) 147,184 237,994

OTHER FINANCING SOURCES (USES)
Transfers In 575,747 - 575,747 - - - - - -
Transfers Out (3,183,819) (3,405,829) 222,010 - - - (55,093) (55,093) - Total Other Financing Sources (Uses) (2,608,072) (3,405,829) 797,757 - - - (55,093) (55,093) - Net Change in Fund Balances $ 462,651 (67,228) 529,879 $ 1,603 $ 21,537 19,934 $ (145,903) $ 92,091 237,994 $ Fund Balance, Beginning of Year 98,500 1,903,601 420,370 Fund Balance, End of Year $ 120,037 2,366,252 $ 512,461 $ Continued
Budget and Actual
For Year Ended June 30, 2023
Budgeted Non-Major Governmental Funds
Special Revenue Funds
Gas Tax Disability Access and Education Police Grants
City of Brentwood
Schedule of Revenues, Expenditures and Changes in Fund Balances

134
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REVENUES
Taxes $ - - $ - $ - $ - $ - $ - $ $ -
Licenses - - - 151,000 195,771 44,771 - - -
Uses of Money and Property 2,708 4 2,704 1,910 3,805 1,895 - - - Intergovernmental 685,415 1,214,212 (528,797) - - - 3,940,000 6,923,339 2,983,339 Fees and Other Revenues - - - - 28 28 - - -
Total Revenues 688,123 1,214,216 (526,093) 152,910 199,604 46,694 3,940,000 6,923,339 2,983,339

EXPENDITURES
Current:

General Government 64,802 223,873 159,071 - - - - - -
Public Safety - - - - - - - - -
Community Development - - - 278,056 220,520 57,536 - - - Parks and Recreation - - - - - - - - -
Community Services - - - - - - - - -
Total Expenditures 64,802 223,873 159,071 278,056 220,520 57,536 - - - REVENUES OVER (UNDER) EXPENDITURES 623,321 990,343 (367,022) (125,146) (20,916) 104,230 3,940,000 6,923,339 2,983,339

OTHER FINANCING SOURCES (USES)
Transfers In - - - - - - - - -
Transfers Out (703,728) (1,686,729) 983,001 - - - (6,923,339) (6,923,339) - Total Other Financing Sources (Uses) (703,728) (1,686,729) 983,001 - - - (6,923,339) (6,923,339) - Net Change in Fund Balances $ (80,407) (696,386) 615,979 $ (125,146) $ (20,916) 104,230 $ (2,983,339) $ - 2,983,339 $ Fund Balance, Beginning of Year 368,450 717,426 -
Fund Balance, End of Year $ 347,534 637,019 $ - $
Continued
City of Brentwood
Special Revenue Funds (Continued)
For Year Ended June 30, 2023
Budgeted Non-Major Governmental Funds (Continued)
Budget and Actual
Schedule of Revenues, Expenditures and Changes in Fund Balances Other Grants Economic Development Grant American Rescue Plan Act of 2021

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REVENUES
Taxes $ - - $ $ - $ 7,934,020 7,934,020 $ - $ - $ - $ - $ Licenses - - - - - - - - -
Uses of Money and Property 24,914 3,120 21,794 11,026 10,936 90 74,735 204,044 129,309 Intergovernmental - - - - - - - - -
Fees and Other Revenues 3,609,036 3,527,074 81,962 - - - 862,297 2,206,219 (1,343,922) Total Revenues 3,633,950 3,530,194 103,756 7,944,956 7,945,046 90 2,280,954 1,066,341 (1,214,613)

EXPENDITURES
Current:

General Government - - - - - - 716,878 489,274 227,604
Public Safety - - - - - - - - -
Community Development - - - - - - - - -
Parks and Recreation 6,032,921 6,773,673 740,752 - - - - - - Community Services - - - 29,691 62,206 32,515 - - -
Total Expenditures 6,032,921 6,773,673 740,752 62,206 29,691 32,515 716,878 489,274 227,604 REVENUES OVER (UNDER) EXPENDITURES (2,398,971) (3,243,479) 844,508 7,882,750 7,915,355 32,605 1,564,076 577,067 (987,009)

OTHER FINANCING SOURCES (USES)
Transfers In 3,693,758 3,693,758 - 519,381 519,382 (1) 490 - 490 Transfers Out - - - (8,391,207) (8,765,501) 374,294 (576,939) (1,557,795) 980,856 Total Other Financing Sources (Uses) 3,693,758 3,693,758 - (8,246,119) (7,871,826) 374,293 (1,557,795) (576,449) 981,346 Net Change in Fund Balances $ 1,294,787 450,279 844,508 $ (363,369) $ 43,529 406,898 $ 6,281 $ 618 (5,663) $ Fund Balance, Beginning of Year 2,011,924 1,753,540 14,014,641 Fund Balance, End of Year $ 2,055,453 3,048,327 $ 14,015,259 $ Continued
Special Revenue Funds (Continued)
Citywide Park Assessment District Community Facilities Districts Roadway Development Impact Fee For Year Ended June 30, 2023
Budgeted Non-Major Governmental Funds (Continued)
Budget and Actual
Schedule of Revenues, Expenditures and Changes in Fund Balances City of Brentwood

136
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REVENUES
Taxes $ - - $ - $ - $ - $ - $
Licenses - - - - - -
Uses of Money and Property 57,655 24,185 33,470 - 878 878 Intergovernmental - - - - - -
Fees and Other Revenues 771,948 1,634,926 (862,978) 136,239 62,258 (73,981) Total Revenues 829,603 1,659,111 (829,508) 136,239 63,136 (73,103)

EXPENDITURES
Current:

General Government - - - 35,972 26,463 9,509
Public Safety - - - - - -
Community Development - - - - - -
Parks and Recreation 980,831 1,003,404 22,573 - - -
Community Services - - - - - -
Total Expenditures 980,831 1,003,404 22,573 35,972 26,463 9,509 REVENUES OVER (UNDER) EXPENDITURES (151,228) 655,707 (806,935) 100,267 36,673 (63,594)

OTHER FINANCING SOURCES (USES)
Transfers In 327 - 327 - 145,775 145,775
Transfers Out (6,060,000) (6,060,000) - (144,106) (144,034) 72 Total Other Financing Sources (Uses) (6,059,673) (6,060,000) 327 (144,106) 1,741 145,847 Net Change in Fund Balances $ (6,210,901) (5,404,293) (806,608) $ (43,839) $ 38,414 82,253 $ Fund Balance, Beginning of Year (46,473) 6,878,821
Fund Balance, End of Year $ (8,059) 667,920 $
For Year Ended June 30, 2023
Budgeted Non-Major Governmental Funds (Continued)
Budget and Actual
Schedule of Revenues, Expenditures and Changes in Fund Balances City of Brentwood
Special Revenue Funds (Continued)
Parks and Trails Development Impact Fee Community Facilities Development Impact Fee

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REVENUES
Taxes $ - - $ - $ - $ - $ - $ - $ - $ - $
Licenses - - - - - - - - -
Uses of Money and Property 3,848 2,163 1,685 3,761 6,428 2,667 13,552 25,444 11,892 Intergovernmental - - - - - - - - -
Fees and Other Revenues 68,308 213,513 (145,205) - - - - - - Total Revenues 72,156 215,676 (143,520) 3,761 6,428 2,667 13,552 25,444 11,892

EXPENDITURES
Current:

General Government 300,390 301,631 1,241 56,159 44,944 11,215 394,648 17,406 377,242 Public Safety - - - - - - - - -
Community Development - - - - - - - - -
Parks and Recreation - - - - - - - - -
Community Services - - - - - - - - -
Total Expenditures 300,390 301,631 1,241 56,159 44,944 11,215 394,648 17,406 377,242 REVENUES OVER (UNDER) EXPENDITURES (228,234) (142,279) (52,398) (85,955) (38,516) 13,882 (381,096) 8,038 389,134

OTHER FINANCING SOURCES (USES)
Transfers In - - - - - - - - -
Transfers Out - - - - - - - - -
Total Other Financing Sources (Uses) - - - - - - - - -
Net Change in Fund Balances $ (228,234) (85,955) (142,279) $ (52,398) $ (38,516) 13,882 $ (381,096) $ 8,038 389,134 $ Fund Balance, Beginning of Year 719,947 580,379 2,735,638 Fund Balance, End of Year $ 681,431 352,145 $ 2,743,676 $ Continued
Special Revenue Funds (Continued)
Development Impact Fee Administration Agriculture Land Administration Agriculture Land Acquisition For Year Ended June 30, 2023
Budgeted Non-Major Governmental Funds (Continued)
Budget and Actual
Schedule of Revenues, Expenditures and Changes in Fund Balances City of Brentwood

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REVENUES
Taxes $ - - $ - $ - $ - $ - $ - $ - $ - $
Licenses - - - - - - - - -
Uses of Money and Property 9,032 4,317 4,715 14,316 28,587 14,271 3 4 1 Intergovernmental - - - - - - - - -
Fees and Other Revenues 19,661 - 19,661 - 68,869 68,869 - - - Total Revenues 28,693 4,317 24,376 14,316 97,456 83,140 3 4 1

EXPENDITURES
Current:

General Government 852 870 18 48,201 27,258 20,943 50 - 50 Public Safety - - - - - - - - -
Community Development - - - - - - - - -
Parks and Recreation - - - - - - - - -
Community Services - - - - - - - - -
Total Expenditures 852 870 18 48,201 27,258 20,943 50 - 50 REVENUES OVER (UNDER) EXPENDITURES 27,841 24,394 (33,885) 3,447 70,198 104,083 (47) 4 51

OTHER FINANCING SOURCES (USES)
Transfers In - - - - - - - - -
Transfers Out - - - (350,999) (350,534) 465 - - -
Total Other Financing Sources (Uses) - - - (350,999) (350,534) 465 - - - Net Change in Fund Balances $ 27,841 3,447 24,394 $ (384,884) $ (280,336) 104,548 $ (47) $ 4 51 $ Fund Balance, Beginning of Year 3,135,604 893,089 421
Fund Balance, End of Year $ 2,855,268 920,930 $ 425 $
Continued
Public Art Acquisition
Special Revenue Funds (Continued)
Public Art Administration Parking In-Lieu
For Year Ended June 30, 2023
Budgeted Non-Major Governmental Funds (Continued)
Budget and Actual
Schedule of Revenues, Expenditures and Changes in Fund Balances City of Brentwood

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2022/23 Annual Comprehensive Financial Report Page 507 of 614 Budget Actual Variance Budget Actual Variance Budget Actual Variance

REVENUES
Taxes $ - - $ - $ - $ - $ - $ - $ - $ - $
Licenses - - - - - - - - -
Uses of Money and Property 6,234 722 5,512 448 826 378 2,925 5,818 2,893 Intergovernmental - - - - - - - - -
Fees and Other Revenues 2,226 - 2,226 40,000 22,518 (17,482) - - - Total Revenues 8,460 722 7,738 40,448 23,344 (17,104) 2,925 5,818 2,893

EXPENDITURES
Current:

General Government - 174,146 174,146 - - - 5,590 581 5,009 Public Safety - - - 91 76 15 - - -
Community Development - - - - - - - - -
Parks and Recreation - - - - - - - - -
Community Services - - - - - - - - -
Total Expenditures - 174,146 174,146 91 76 15 5,590 581 5,009 REVENUES OVER (UNDER) EXPENDITURES 8,460 (173,424) 181,884 40,357 23,268 (17,089) (2,665) 5,237 7,902

OTHER FINANCING SOURCES (USES)
Transfers In - - - - - - - - -
Transfers Out - - - (45,000) - 45,000 - - -
Total Other Financing Sources (Uses) - - - (45,000) - 45,000 - - - Net Change in Fund Balances $ 8,460 (173,424) 181,884 $ (4,643) $ 23,268 27,911 $ (2,665) $ 5,237 7,902 $ Fund Balance, Beginning of Year 78,731 175,648 527,936
Fund Balance, End of Year $ 101,999 184,108 $ 533,173 $ Continued
City of Brentwood
Special Revenue Funds (Continued)
For Year Ended June 30, 2023
Budgeted Non-Major Governmental Funds (Continued)
Budget and Actual
Schedule of Revenues, Expenditures and Changes in Fund Balances Asset Forfeiture Abandoned Vehicle Abatement PEG Media

140
2022/23 Annual Comprehensive Financial Report Page 508 of 614 Budget Actual Variance Budget Actual Variance Budget Actual Variance

REVENUES
Taxes $ - - $ - $ - $ - $ - $ - $ - $ - $
Licenses - - - - - - - - -
Uses of Money and Property 149 - 149 10,011 17,730 7,719 81 143 62 Intergovernmental - - - 1,197,300 1,303,217 105,917 - - - Fees and Other Revenues - - - - - - - - -
Total Revenues 149 - 149 1,207,311 1,320,947 113,636 81 143 62

EXPENDITURES
Current:

General Government - - - 11,218 10,656 562 5,050 14 5,036 Public Safety - - - - - - - - -
Community Development - - - - - - - - -
Parks and Recreation 17 17 - - - - - - -
Community Services - - - - - - - - -
Total Expenditures 17 17 - 11,218 10,656 562 5,050 14 5,036 REVENUES OVER (UNDER) EXPENDITURES 132 (17) 149 1,196,093 1,310,291 114,198 (4,969) 129 5,098

OTHER FINANCING SOURCES (USES)
Transfers In - - - - - - - - -
Transfers Out (24,833) (25,083) 250 (1,325,557) (1,325,557) - - - - Total Other Financing Sources (Uses) (24,833) (25,083) 250 (1,325,557) (1,325,557) - - - - Net Change in Fund Balances $ (24,701) (25,100) 399 $ (129,464) $ (15,266) 114,198 $ (4,969) $ 129 5,098 $ Fund Balance, Beginning of Year 2,081,307 24,701 527,671 Fund Balance, End of Year $ 2,066,041 - $ 527,800 $
Continued
Schedule of Revenues, Expenditures and Changes in Fund Balances City of Brentwood
Special Revenue Funds (Continued)
Budgeted Non-Major Governmental Funds (Continued)
For Year Ended June 30, 2023
Budget and Actual
Parks Advertising Measure J City Low Income Housing

141
2022/23 Annual Comprehensive Financial Report Page 509 of 614 Civic Center
Budget Actual Variance Budget Actual Variance Budget Actual Variance Budget Actual Variance

REVENUES
Taxes $ - - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $
Licenses - - - - - - - - - - - -
Uses of Money and Property 745 602 143 - - - 1,065 905 (160) 2,591 4,534 1,943 Intergovernmental - - - - - - - - - - - -
Fees and Other Revenues - - - - - - 1,168,291 1,169,377 1,086 520,770 524,050 3,280 Total Revenues 745 602 143 - - - 1,169,356 1,170,282 926 523,361 528,584 5,223

EXPENDITURES
Current:

General Government - - - - - - 215 66 149 522 369 153
Public Safety - - - - - - - - - - - -
Community Development - - - - - - - - - - - -
Parks and Recreation 70 81 11 - - - - - - - - -
Community Services - - - - - - - - - - - -
Total Expenditures 70 81 11 - - - 215 66 149 522 369 153 REVENUES OVER (UNDER) EXPENDITURES 675 521 154 - - - 1,169,141 1,170,216 1,075 522,839 528,215 5,376

OTHER FINANCING SOURCES (USES)
Transfers In - - - 30,659 30,659 - - - - 287,457 287,457 - Transfers Out (686) (1,300) 614 (30,659) (30,659) - (1,174,282) (1,174,203) 79 (516,791) (516,324) 467 Total Other Financing Sources (Uses) (686) (1,300) 614 - - - (1,174,282) (1,174,203) 79 (229,334) (228,867) 467 Net Change in Fund Balances $ (11) (779) 768 $ - $ - - $ (5,141) $ (3,987) 1,154 $ 293,505 $ 299,348 5,843 $ Fund Balance, Beginning of Year - 80,025 25,349 370,107 Fund Balance, End of Year $ - 80,014 $ 21,362 $ 669,455 $ Continued
Schedule of Revenues, Expenditures and Changes in Fund Balances City of Brentwood
Budget and Actual
Budgeted Non-Major Governmental Funds (Continued)
For Year Ended June 30, 2023
Permanent Fund
2015 Lease Financing Acquisition Capital Improvement Financing Program City Capital Improvement Financing Program Capital Project Funds
Riparian Mitigation Site Maintenance

142
2022/23 Annual Comprehensive Financial Report Page 510 of 614 Budget Actual Variance Budget Actual Variance

REVENUES
Taxes $ - - $ - $ - $ - $ - $
Licenses - - - - - -
Uses of Money and Property 59,815 3,775 56,040 4,368 83,143 78,775 Intergovernmental - - - - - -
Fees and Other Revenues - - - - - -
Total Revenues 59,815 3,775 56,040 4,368 83,143 78,775

EXPENDITURES
Current:

General Government 7,447 1,367,391 1,359,944 7,871 7,871 - Public Safety - - - - - -
Community Development - - - - - -
Parks and Recreation - - - - - -
Community Services - - - - - -
Total Expenditures 7,447 1,367,391 1,359,944 7,871 7,871 - REVENUES OVER (UNDER) EXPENDITURES 52,368 (1,363,616) 1,415,984 (3,503) 75,272 78,775

OTHER FINANCING SOURCES (USES)
Transfers In - - - - - -
Transfers Out (52,000) (52,000) - (350,000) (350,000) - Total Other Financing Sources (Uses) (52,000) (52,000) - (350,000) (350,000) - Net Change in Fund Balances $ 368 (1,415,616) 1,415,984 $ (353,503) $ (274,728) 78,775 $ Fund Balance, Beginning of Year (47,821) 1,814,878
Fund Balance, End of Year $ (322,549) 1,815,246 $
Schedule of Revenues, Expenditures and Changes in Fund Balances City of Brentwood
Budget and Actual
Budgeted Non-Major Governmental Funds (Continued)
For Year Ended June 30, 2023
Capital Project Funds (Continued)
Capital Infrastructure Vineyards Projects

143
2022/23 Annual Comprehensive Financial Report Page 511 of 614 Vehicle and Information
Information Equipment Systems Facilities
Services Replacement Replacement Replacement Tuition
ASSETS
Current Assets:

Cash and Investments 1,690,904 $ 9,657,315 $ 3,197,359 $ 9,748,733 $ 85,119 $ Receivables, Net of Allowance for Doubtful Accounts 279 10,191 779 1,658 15 Inventories - - - - -
Prepaids 128,784 - - - -
Interfund Advance Receivable - - - - -
Total Current Assets 1,819,967 9,667,506 3,198,138 9,750,391 85,134 Non-Current Assets:

Interfund Advance Receivable - - - - -
Capital Assets:

Depreciable - 22,788,487 - - -
Less: Accumulated Depreciation and Amortization - (14,808,805) - - - Total Capital Assets, Net of Accumulated
Depreciation and Amortization 7,979,682 - - - -
Total Non-Current Assets - 7,979,682 - - -
Total Assets 17,647,188 1,819,967 3,198,138 9,750,391 85,134

DEFERRED OUTFLOWS OF RESOURCES
Related to OPEB 200,651 - - - -
Related to Pensions 920,537 - - - -
Total Deferred Outflows of Resources 1,121,188 - - - -

LIABILITIES
Current Liabilities:

Accounts Payable and Accrued Liabilities 95,599 61,172 17,086 3,071 7,353 Compensated Absences Payable 80,357 - - - -
Total Current Liabilities 175,956 61,172 17,086 3,071 7,353 Non-Current Liabilities Due in More Than One Year:

Net OPEB Liability 1,199,628 - - - -
Net Pension Liability 1,624,212 - - - -
Compensated Absences Payable 53,572 - - - -
Total Non-Current Liabilities 2,877,412 - - - -
Total Liabilities 3,053,368 61,172 17,086 3,071 7,353

DEFERRED INFLOWS OF RESOURCES
Related to OPEB 229,598 - - - -
Related to Pensions 75,540 - - - -
Total Deferred Inflows of Resources 305,138 - - - -

NET POSITION
Net Investment in Capital Assets and Capacity Rights - 7,979,682 - - - Unrestricted (417,351) 9,606,334 3,181,052 9,747,320 77,781 Total Net Position $ 17,586,016 (417,351) $ 3,181,052 $ 9,747,320 $ 77,781 $ Continued
June 30, 2023
All Internal Service Funds
Combining Statement of Net Position
City of Brentwood
144
2022/23 Annual Comprehensive Financial Report Page 512 of 614 Fleet Facilities Pension/Other
Maintenance Maintenance Parks and LLAD Post-Employment
Services Services Replacement Insurance Benefits Obligation Totals ASSETS
Current Assets:

Cash and Investments 586,919 $ 1,898,385 $ 24,542,118 $ 477,261 $ 14,750,501 $ 66,634,614 $ Receivables, Net of Allowance for Doubtful Accounts 100 326 4,229 - 2,478 20,055 Inventories 96,267 - - - - 96,267
Prepaids 1,918 7,792 - - 553,327 691,821
Interfund Advance Receivable - - 72,248 - - 72,248
Total Current Assets 685,204 1,906,503 24,618,595 477,261 15,306,306 67,515,005 Non-Current Assets:

Interfund Advance Receivable - - 577,980 - - 577,980
Capital Assets:

Depreciable - - - - - 22,788,487
Less: Accumulated Depreciation and Amortization - - - - - (14,808,805) Total Capital Assets, Net of Accumulated
Depreciation and Amortization - - - - - 7,979,682
Total Non-Current Assets - - 577,980 - - 8,557,662
Total Assets 1,906,503 685,204 25,196,575 477,261 15,306,306 76,072,667

DEFERRED OUTFLOWS OF RESOURCES
Related to OPEB 89,472 81,001 - - - 371,124
Related to Pensions 347,048 299,802 - - - 1,567,387
Total Deferred Outflows of Resources 436,520 380,803 - - - 1,938,511

LIABILITIES
Current Liabilities:

Accounts Payable and Accrued Liabilities 51,444 57,044 56,119 51,027 - 399,915 Compensated Absences Payable 13,713 22,172 - - - 116,242 Total Current Liabilities 65,157 79,216 56,119 51,027 - 516,157 Non-Current Liabilities Due in More Than One Year:

Net OPEB Liability 508,286 843,242 - - - 2,551,156
Net Pension Liability 617,703 536,178 - - - 2,778,093
Compensated Absences Payable 9,141 14,782 - - - 77,495
Total Non-Current Liabilities 1,135,130 1,394,202 - - - 5,406,744 Total Liabilities 1,200,287 1,473,418 56,119 51,027 - 5,922,901

DEFERRED INFLOWS OF RESOURCES
Related to OPEB 116,811 144,420 - - - 490,829
Related to Pensions 28,729 24,937 - - - 129,206
Total Deferred Inflows of Resources 145,540 169,357 - - - 620,035

NET POSITION
Net Investment in Capital Assets and Capacity Rights - - - - - 7,979,682 Unrestricted (224,103) 644,531 25,140,456 426,234 15,306,306 63,488,560 Total Net Position $ 644,531 (224,103) $ 25,140,456 $ 426,234 $ 15,306,306 $ 71,468,242 $ City of Brentwood
June 30, 2023
All Internal Service Funds (Continued)
Combining Statement of Net Position
145
2022/23 Annual Comprehensive Financial Report Page 513 of 614 Vehicle and Information
Information Equipment Systems Facilities
Services Replacement Replacement Replacement Tuition
Operating Revenues:

Charges for Services $ 1,709,215 3,922,795 $ 1,091,292 $ 1,101,000 $ 15,333 $ Other Income 21,502 764 - - -
Total Operating Revenues 1,730,717 3,923,559 1,091,292 1,101,000 15,333 Operating Expenses:

Personnel Services - 2,060,011 - - -
Repairs and Maintenance 19,901 80,175 - 54,835 -
Materials, Supplies and Services 135,992 1,237,544 107,590 46,358 12,845 Depreciation and Amortization 1,679,643 - - - -
Total Operating Expenses 1,835,536 3,377,730 107,590 101,193 12,845 Operating Income (Loss) (104,819) 545,829 983,702 999,807 2,488 Non-Operating Revenues (Expenses):

Interest Income 94,850 13,608 39,906 86,734 761
Gain or (Loss) on Disposal of Capital Assets 152,953 - - - - Total Non-Operating Revenues (Expenses) 247,803 13,608 39,906 86,734 761 Income (Loss) Before Contributions and Transfers 142,984 559,437 1,023,608 1,086,541 3,249 Capital Assets Contributed from (to) Governmental Activities - - (111,694) (32,216) - Transfers In 458,164 - 6,606 - -
Transfers Out - - (1,339,500) - -
Change in Net Position 601,148 559,437 (420,980) 1,054,325 3,249 Net Position, Beginning of Year 16,984,868 (976,788) 3,602,032 8,692,995 74,532 Net Position, End of Year $ 17,586,016 (417,351) $ 3,181,052 $ 9,747,320 $ 77,781 $ Continued
For Year Ended June 30, 2023
All Internal Service Funds
Combining Statement of Revenues, Expenses and Changes in Fund Net Position City of Brentwood
146
2022/23 Annual Comprehensive Financial Report Page 514 of 614 Fleet Facilities Pension/Other
Maintenance Maintenance Parks and LLAD Post-Employment
Services Services Replacement Insurance Benefits Obligation Totals Operating Revenues:

Charges for Services $ 1,879,482 2,189,930 $ 1,573,598 $ 3,194,658 $ 3,569,555 $ 20,246,858 $ Other Income 2,347 1,548 35,877 - - 62,038
Total Operating Revenues 1,881,829 2,191,478 1,609,475 3,194,658 3,569,555 20,308,896 Operating Expenses:

Personnel Services 687,067 844,012 - - 5,595,672 9,186,762 Repairs and Maintenance 72,474 32,667 361,946 - - 621,998 Materials, Supplies and Services 932,193 1,080,968 392,991 3,143,140 120,047 7,209,668 Depreciation and Amortization - - - - - 1,679,643
Total Operating Expenses 1,691,734 1,957,647 754,937 3,143,140 5,715,719 18,698,071 Operating Income (Loss) 190,095 233,831 854,538 51,518 (2,146,164) 1,610,825 Non-Operating Revenues (Expenses):

Interest Income 17,035 5,262 227,082 - 139,319 624,557
Gain or (Loss) on Disposal of Capital Assets - - - - - 152,953 Total Non-Operating Revenues (Expenses) 17,035 5,262 227,082 - 139,319 777,510 Income (Loss) Before Contributions and Transfers 207,130 239,093 1,081,620 51,518 (2,006,845) 2,388,335 Capital Assets Contributed from (to) Governmental Activities - - (23,095) - - (167,005) Transfers In - - 788,993 - 970,582 2,224,345
Transfers Out - (129,455) (1,108,788) - - (2,577,743)
Change in Net Position 207,130 109,638 738,730 51,518 (1,036,263) 1,867,932 Net Position, Beginning of Year 437,401 (333,741) 24,401,726 374,716 16,342,569 69,600,310 Net Position, End of Year $ 644,531 (224,103) $ 25,140,456 $ 426,234 $ 15,306,306 $ 71,468,242 $ For Year Ended June 30, 2023
All Internal Service Funds (Continued)
Combining Statement of Revenues, Expenses and Changes in Fund Net Position City of Brentwood
147
2022/23 Annual Comprehensive Financial Report Page 515 of 614 Vehicle and Information
Information Equipment Systems Facilities
Services Replacement Replacement Replacement Tuition
Cash Flows from Operating Activities
Cash Received from Customers/Other Funds 3,852,893 $ 1,715,710 $ 1,091,292 $ 1,101,000 $ 15,333 $ Cash Payments to Suppliers of Goods and Services (944,090) (306,279) (164,944) (117,574) (11,253) Cash Payments to Employees for Services (2,242,272) - - - - Cash Payments for Interfund Services (302,165) - - - -
Other Receipts 764 21,502 - - -
Net Cash Provided By (Used for) Operating Activities 1,430,933 365,130 926,348 983,426 4,080 Cash Flows from Non-Capital Financing Activities
Transfers Received - 458,164 6,606 - -
Transfers Paid - - (1,339,500) - -
Interfund Advance Receivable - - - - -
Net Cash Provided By (Used for) Non-Capital
Financing Activities 458,164 - (1,332,894) - -
Cash Flows from Capital and Related Financing Activities Capital Assets Purchased and Contributed to Governmental Funds - - (111,694) (32,216) -
Proceeds from Sale of Capital Assets - 155,456 - - -
Acquisition and Construction of Capital Assets - (3,297,464) - - - Net Cash Provided By (Used for) Capital and
Related Financing Activities (3,142,008) - (111,694) (32,216) - Cash Flows from Investing Activities
Interest on Investments 13,757 96,493 40,263 87,796 773 Net Cash Provided By Investing Activities 96,493 13,757 40,263 87,796 773 Net Increase (Decrease) in Cash and Cash Equivalents 378,887 (1,156,418) (477,977) 1,039,006 4,853 Cash and Cash Equivalents - Beginning of Year 1,312,017 10,813,733 3,675,336 8,709,727 80,266 Cash and Cash Equivalents - End of Year $ 9,657,315 1,690,904 $ 3,197,359 $ 9,748,733 $ 85,119 $ Reconciliation of Operating Income to Net Cash
Provided By (Used for) Operating Activities:

Operating Income (Loss) 545,829 $ (104,819) $ 983,702 $ 999,807 $ 2,488 $ Adjustments to Reconcile Operating Income to Net Cash
Provided By (Used for) Operating Activities:

Depreciation and Amortization - 1,679,643 - - -
Change in Assets, Liabilities and Deferred
Outflows/Inflows of Resources:

Receivables 20,651 6,495 - - -
Prepaid Items (90,415) - - - -
Accounts Payable and Other Payables 71,464 (150,386) (57,354) (16,381) 1,592 Net OPEB Liability and Deferred
Outflows/Inflows of Resources related to OPEB - (60,051) - - - Net Pension Liability and Deferred
Outflows/Inflows of Resources related to Pensions - (115,397) - - - Compensated Absences Payable (6,951) - - - -
Net Cash Provided By (Used for) Operating Activities $ 1,430,933 365,130 $ 926,348 $ 983,426 $ 4,080 $ Noncash Capital Activities:

Retirement of Capital Assets - $ (2,503) $ - $ - $ - $
Continued
For Year Ended June 30, 2023
All Internal Service Funds
Combining Statement of Cash Flows
City of Brentwood

148
2022/23 Annual Comprehensive Financial Report Page 516 of 614 Fleet Facilities Pension/Other
Maintenance Maintenance Parks and LLAD Post-Employment
Services Services Replacement Insurance Benefits Obligation Totals Cash Flows from Operating Activities
Cash Received from Customers/Other Funds 2,197,590 $ 1,872,210 $ 1,573,598 $ 3,194,658 $ 3,581,099 $ 20,195,383 $ Cash Payments to Suppliers of Goods and Services (918,393) (822,543) (968,867) (3,115,892) (120,047) (7,489,882) Cash Payments to Employees for Services (902,159) (742,245) - - (5,606,643) (9,493,319) Cash Payments for Interfund Services (177,211) (190,290) - - - (669,666) Other Receipts 1,548 2,347 35,877 - - 62,038
Net Cash Provided By (Used for) Operating Activities 119,479 201,375 640,608 78,766 (2,145,591) 2,604,554 Cash Flows from Non-Capital Financing Activities
Transfers Received - - 788,993 - 970,582 2,224,345
Transfers Paid (129,455) - (1,108,788) - - (2,577,743)
Interfund Advance Receivable - - 72,248 - - 72,248
Net Cash Provided By (Used for) Non-Capital
Financing Activities - (129,455) (247,547) - 970,582 (281,150) Cash Flows from Capital and Related Financing Activities Capital Assets Purchased and Contributed to Governmental Funds - - (23,095) - - (167,005)
Proceeds from Sale of Capital Assets - - - - - 155,456
Acquisition and Construction of Capital Assets - - - - - (3,297,464) Net Cash Provided By (Used for) Capital and
Related Financing Activities - - (23,095) - - (3,309,013) Cash Flows from Investing Activities
Interest on Investments 5,257 17,248 229,974 - 141,715 633,276 Net Cash Provided By Investing Activities 17,248 5,257 229,974 - 141,715 633,276 Net Increase (Decrease) in Cash and Cash Equivalents 77,177 136,727 599,940 78,766 (1,033,294) (352,333) Cash and Cash Equivalents - Beginning of Year 509,742 1,761,658 23,942,178 398,495 15,783,795 66,986,947 Cash and Cash Equivalents - End of Year $ 1,898,385 586,919 $ 24,542,118 $ 477,261 $ 14,750,501 $ 66,634,614 $ Reconciliation of Operating Income to Net Cash
Provided By (Used for) Operating Activities:

Operating Income (Loss) 233,831 $ 190,095 $ 854,538 $ 51,518 $ (2,146,164) $ 1,610,825 $ Adjustments to Reconcile Operating Income to Net Cash
Provided By (Used for) Operating Activities:

Depreciation and Amortization - - - - - 1,679,643
Change in Assets, Liabilities and Deferred
Outflows/Inflows of Resources:

Receivables - - - - - 27,146
Prepaid Items 7,931 (7,110) - - 573 (89,021)
Accounts Payable and Other Payables 18,031 (8,166) (213,930) 27,248 - (327,882) Net OPEB Liability and Deferred
Outflows/Inflows of Resources related to OPEB (24,241) (26,777) - - - (111,069) Net Pension Liability and Deferred
Outflows/Inflows of Resources related to Pensions (27,087) (18,600) - - - (161,084) Compensated Absences Payable (13,041) (4,012) - - - (24,004) Net Cash Provided By (Used for) Operating Activities $ 119,479 201,375 $ 640,608 $ 78,766 $ (2,145,591) $ 2,604,554 $ Noncash Capital Activities:

Retirement of Capital Assets - $ - $ - $ - $ - $ (2,503) $ City of Brentwood
For Year Ended June 30, 2023
All Internal Service Funds (Continued)
Combining Statement of Cash Flows

149
2022/23 Annual Comprehensive Financial Report Page 517 of 614 Assessments
Pass-Through
Funds
Total Custodial
Funds
ASSETS
Current Assets:

Cash and Investments 10,331,587 $ 454,189 $ 10,785,776 $ Restricted Cash and Investments 3,525,305 - 3,525,305
Interest Receivable 1,691 - 1,691
Total Assets 454,189 13,858,583 14,312,772

LIABILITIES
Current Liabilities:

Accounts Payable and Accrued Liabilities 4,180 - 4,180
Due to Local Governments - 452,761 452,761
Total Liabilities 452,761 4,180 456,941

NET POSITION (DEFICIT)
Restricted for:

Individuals and Organizations 13,854,403 - 13,854,403
Other Governments - 1,428 1,428
Total Net Position (Deficit) $ 1,428 13,854,403 $ 13,855,831 $ City of Brentwood
Combining Statement of Fiduciary Net Position
Custodial Funds
June 30, 2023
150
2022/23 Annual Comprehensive Financial Report Page 518 of 614 Assessments
Pass-Through
Funds
Total Custodial
Funds

ADDITIONS
Contributions:

Assessments 12,949,316 $ - $ 12,949,316 $
Private Contributions - 2,065,619 2,065,619
Total Contributions 12,949,316 2,065,619 15,014,935
Investment earnings:

Interest 178,107 - 178,107
Less Investment Expense 4,567 - 4,567
Net Investment Earnings 173,540 - 173,540
Total Additions 2,065,619 13,122,856 15,188,475

DEDUCTIONS
Administrative Expenses 312,402 - 312,402
Payments to Bondholders 12,664,588 - 12,664,588
Recipient Payments - 2,463,435 2,463,435
Total Deductions 2,463,435 12,976,990 15,440,425
Net Increase (Decrease) in Fiduciary Net Position 145,866 (397,816) (251,950)

NET INCREASE (DECREASE) IN FIDUCIARY NET

POSITION
Net Position (Deficit) - Beginning of Year 399,244 13,708,537 14,107,781 Net Position (Deficit) - End of Year 13,854,403 $ 1,428 $ 13,855,831 $ City of Brentwood
Combining Statement of Changes in Fiduciary Net Position Custodial Funds
For Year Ended June 30, 2023

151
2022/23 Annual Comprehensive Financial Report Page 519 of 614 Page
Financial Trends 153 to 157
Revenue Capacity 158 to 166
Debt Capacity 167 to 171
Demographic and Economic Information 172 to 173
Operating Information 174 to 177
Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other 178 to 179 Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Stadards

OTHER AUDIT REPORT
City of Brentwood

STATISTICAL SECTION CONTENTS
These schedules contain trend information to help the reader understand how the City’s financial performance and well-being have changed over time.

These schedules contain operational and resource information to help the reader understand how the City’s financial information relates to the services the City provides and the activities it performs.

These schedules contain information to help the reader assess the factors affecting the City’s ability to generate its property taxes, sales taxes and water user fee revenue.

These schedules contain 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.

These schedules contain demographic and economic information to help the reader understand the environment within which the City’s financial activities take place.

Sources: Unless otherwise noted, the information in these schedules is derived from the City’s relevant Comprehensive Annual Financial Reports.
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Schedule - 1
2014 2015 (1) 2016 2017 (2) 2018 2019 2020 2021 2022 2023 Governmental Activities
Net Investment in Capital Assets 448,914,876 $ 433,381,298 $ 434,420,162 $ 422,791,124 $ 429,289,132 $ 428,440,973 $ 438,758,759 $ 439,532,350 $ 445,827,339 $ 450,695,117 $ Restricted 55,657,033 71,876,509 79,824,615 95,801,016 95,686,834 89,830,884 90,068,569 97,743,329 98,666,260 104,166,207 Unrestricted 52,762,415 22,429,161 23,264,290 29,172,068 21,024,270 32,437,289 38,162,260 43,450,142 59,980,629 60,303,301 $ 527,686,968 557,334,324 $ 537,509,067 $ 547,764,208 $ 546,000,236 $ 550,709,146 $ 566,989,588 $ 580,725,821 $ 604,474,228 $ 615,164,625 $ Business-Type Activities
$ 179,269,329 175,557,744 $ 183,270,963 $ 195,261,914 $ 206,237,571 $ 221,745,108 $ 227,074,648 $ 233,287,769 $ 244,726,467 $ 256,399,994 $ Restricted 27,579,197 25,172,201 29,240,801 25,362,943 25,157,771 27,643,027 34,893,200 51,135,610 46,692,198 44,156,526 Unrestricted 41,145,016 36,251,098 40,008,359 42,896,575 42,251,920 46,789,534 54,389,753 50,324,808 67,345,200 69,320,275 $ 240,692,628 244,281,957 $ 252,520,123 $ 263,521,432 $ 273,647,262 $ 296,177,669 $ 316,357,601 $ 334,748,187 $ 358,763,865 $ 369,876,795 $ Primary Government
$ 612,650,627 624,472,620 $ 616,590,129 $ 618,053,038 $ 635,526,703 $ 650,186,081 $ 665,833,407 $ 672,820,119 $ 690,553,806 $ 707,095,111 $ Restricted 83,236,230 97,048,710 103,791,758 121,163,959 120,844,605 117,473,911 124,961,769 148,878,939 145,358,458 148,322,733 Unrestricted 93,907,431 58,680,259 69,647,303 72,068,643 63,276,190 79,226,823 92,552,013 93,774,950 127,325,829 129,623,576 $ 768,379,596 801,616,281 $ 790,029,190 $ 811,285,640 $ 819,647,498 $ 846,886,815 $ 883,347,189 $ 915,474,008 $ 963,238,093 $ 985,041,420 $ (1) The City implemented the provisions of GASB Statement No. 68 for fiscal year ended June 30, 2015. Historical data has not been converted.(2) The City implemented the provisions of GASB Statement No. 75 for fiscal year ended June 30, 2018. Historical data has not been converted.

Total Business-Type Activities Net PositionTotal Primary Government Net PositionTotal Governmental Activities Net Position Net Investment in Capital Assets and Capacity Rights Net Investment in Capital Assets and Capacity Rights (Unaudited)
(Accrual Basis of Accounting)

LAST TEN FISCAL YEARS

NET POSITION BY COMPONENT
City of Brentwood
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2022/23 Annual Comprehensive Financial Report

Schedule - 2a
2014 2015 2016 2017 (1) 2018 (1) 2019 2020 2021 2022 2023 Expenses General Government 12,814,102 $ 13,394,675 $ 13,973,215 $ 13,709,033 $ 13,388,117 $ 17,523,683 $ 12,657,560 $ 14,773,773 $ 12,640,259 $ 16,811,978 $ Public Safety 16,841,404 18,273,959 19,566,435 18,718,910 19,955,450 20,061,724 25,906,048 24,396,882 23,093,796 31,823,344 Community Development 3,897,722 3,815,207 3,980,128 4,386,875 4,790,307 4,684,855 5,602,306 5,196,191 4,652,217 6,142,789 Engineering 2,664,921 2,536,751 2,617,590 2,982,747 3,174,218 2,997,431 3,242,751 3,297,183 2,764,684 3,314,324 Public Works 6,953,406 6,932,406 6,977,557 7,266,573 7,606,439 8,145,779 7,711,732 7,564,560 7,369,216 8,734,183 Parks and Recreation 11,997,081 11,667,358 11,539,064 12,645,111 12,937,460 14,901,976 13,753,725 16,177,997 19,241,106 17,326,837 Community Services 6,077,404 6,180,114 7,056,264 7,300,460 7,802,659 8,585,969 11,816,750 9,119,958 7,862,198 8,161,482 Interest on Long-Term Debt 4,706,190 4,658,130 4,929,385 4,896,060 4,780,172 6,066,532 2,668,343 2,540,294 1,745,437 1,828,523 Total Expenses 67,607,770 65,803,060 70,639,638 71,905,769 74,434,822 82,967,949 83,359,215 83,066,838 79,368,913 94,143,460 Program Revenues
Charges for Services: General Government 8,365,696 7,838,278 8,570,160 9,134,325 9,204,518 9,327,444 9,018,596 9,500,309 9,512,175 9,952,024 Public Safety 432,433 511,100 457,271 418,829 418,188 476,632 527,323 369,513 405,942 533,732 Community Development 3,392,009 3,481,731 4,035,603 4,297,207 3,745,019 3,455,052 3,312,581 3,237,586 4,026,433 2,448,537 Engineering 2,226,848 2,298,698 2,281,340 2,100,302 2,077,627 2,655,887 1,675,369 2,378,156 1,869,904 1,987,664 Parks and Recreation 1,256,289 1,338,312 1,357,279 1,463,855 1,489,080 1,600,376 1,203,975 461,168 1,538,564 1,727,637 Operating Grants and Contributions 16,226,090 13,854,976 15,810,148 17,787,223 21,768,980 24,098,343 23,907,210 24,784,063 25,304,745 34,425,385 Capital Grants and Contributions 15,319,706 19,212,723 18,683,812 19,008,097 19,882,418 16,587,584 21,385,163 21,820,341 28,780,866 11,875,300 Total Program Revenues 47,390,816 48,364,073 51,195,613 54,209,838 58,585,830 58,201,318 61,030,217 62,551,136 71,438,629 62,950,279 Total Governmental Activities Net Expense (20,216,954) (17,438,987) (19,444,025) (17,695,931) (15,848,992) (24,766,631) (22,328,998) (20,515,702) (7,930,284) (31,193,181) General Revenues and Other Changes in Net Position Taxes: Property Taxes 12,454,027 10,540,496 13,602,591 12,922,787 13,819,751 14,936,950 15,911,518 16,754,167 17,662,589 19,631,984 Sales Tax 6,836,918 6,447,687 7,319,216 8,188,046 8,785,927 8,941,152 8,555,697 9,380,307 11,033,446 11,191,139 Franchise Fees 1,400,350 1,321,089 1,473,443 1,487,179 1,499,715 1,420,321 1,461,483 1,547,505 1,581,396 1,649,986 Real Property Transfer Tax 452,426 389,109 506,626 547,975 641,279 491,249 473,351 781,173 794,244 464,723 Measure J, Transient Occupancy Tax 349,683 1,036,221 377,043 396,763 555,535 551,122 505,956 486,632 657,874 688,606 Motor Vehicle Taxes In-Lieu, Unrestricted 3,256,924 2,748,701 3,655,028 3,952,928 4,291,791 4,603,565 4,931,720 5,210,147 5,480,504 5,969,216 Gain on Sale of Real Property - - - - - - - - - 267,927 Investment Earnings 1,095,957 1,186,001 2,988,030 373,212 502,436 6,608,333 7,541,296 449,898 (6,200,352) 1,887,705 Miscellaneous 871,959 1,123,910 1,156,862 352,324 692,654 641,871 783,295 492,380 458,050 417,729 Transfers 702,328 52,112 762,119 (270,142) (2,399,950) (8,719,022) (1,554,876) (850,274) (1,225,585) (285,437) Special Items: Denial of Transfer of Assets to the City (12,381,097) - (2,574,834) - (1,327,129) - - - - - Total General Revenues and Other Changes in Net Position 15,039,475 24,845,326 29,266,124 27,951,072 27,062,009 29,475,541 38,609,440 34,251,935 30,242,166 41,883,578 Total Governmental Activities Change in Net Position $ (5,177,479) 7,406,339 $ 9,822,099 $ 10,255,141 $ 11,213,017 $ 4,708,910 $ 16,280,442 $ 13,736,233 $ 22,311,882 $ 10,690,397 $ (1) Revenues were reclassified in FY 2016/17 and FY 2017/18. Prior years have not been revised. (Unaudited)
(Accrual Basis of Accounting)

LAST TEN FISCAL YEARS

CHANGES IN NET POSITION - GOVERNMENTAL ACTIVITIES
City of Brentwood
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2022/23 Annual Comprehensive Financial Report

Schedule - 2b
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Expenses Wastewater $ 10,000,905 8,356,508 $ 10,003,159 $ 10,328,357 $ 10,744,008 $ 10,314,363 $ 11,152,196 $ 11,803,229 $ 11,516,452 $ 13,800,911 $ Solid Waste 10,373,325 9,583,321 10,680,780 11,493,599 12,281,266 12,945,626 13,233,700 13,648,764 13,547,713 14,670,911 Water 19,538,589 19,436,134 22,129,063 20,972,101 21,090,099 23,019,680 22,950,431 25,708,546 24,126,086 26,208,986 City Rentals 174,597 165,319 178,558 196,829 194,306 275,207 213,595 124,962 142,191 102,045 Housing 656,778 831,157 723,908 797,400 879,920 683,927 813,376 793,820 796,823 845,819 Total Expenses 40,744,194 38,372,439 43,715,468 43,788,286 45,189,599 47,238,803 48,363,298 52,079,321 50,129,265 55,628,672 Program Revenues Charges for Services: Wastewater 12,002,184 10,979,074 11,663,637 11,261,121 12,096,684 13,749,988 13,450,041 14,899,845 15,996,687 16,241,628 Solid Waste 10,132,236 9,648,049 10,520,115 11,376,482 12,293,622 14,381,240 14,975,341 15,608,738 17,297,074 18,209,025 Water 17,599,064 19,050,072 16,288,609 17,977,213 21,784,977 22,894,067 25,719,969 27,801,513 27,378,018 26,637,293 City Rentals 476,212 438,420 486,477 497,573 579,656 605,941 562,648 130,105 - - Housing 239,057 221,519 265,269 285,418 305,623 317,385 330,951 327,577 385,496 345,324 Operating Grants and Contributions - - 918,028 1,024,113 740,936 595,800 407,651 182,113 1,417,564 239,312 Capital Grants and Contributions 4,382,019 4,082,059 7,414,680 11,863,994 9,812,301 4,679,827 7,006,724 10,428,209 14,422,134 3,609,350 Total Program Revenues 44,830,772 44,419,193 47,556,815 54,285,914 57,613,799 57,224,248 62,453,325 69,378,100 76,896,973 65,281,932 Total Business-Type Activities Net Expense 4,086,578 6,046,754 3,841,347 10,497,628 12,424,200 9,985,445 14,090,027 17,298,779 26,767,708 9,653,260 General Revenues and Other Changes in Net Position Investment Earnings 719,108 765,633 1,759,735 233,539 200,691 3,825,940 4,535,029 241,533 (3,977,615) 1,174,233 Transfers (702,328) (52,112) (762,119) 270,142 2,399,950 8,719,022 1,554,876 850,274 1,225,585 285,437 Total General Revenues and Other Changes in Net Position 16,780 713,521 997,616 503,681 2,600,641 12,544,962 6,089,905 1,091,807 (2,752,030) 1,459,670 Total Business-Type Activities Change in Net Position 4,103,358 6,760,275 4,838,963 11,001,309 15,024,841 22,530,407 20,179,932 18,390,586 24,015,678 11,112,930 Total Primary Government Change in Net Position $ (1,074,121) 14,166,614 $ 14,661,062 $ 21,256,450 $ 26,237,858 $ 27,239,317 $ 36,460,374 $ 32,126,819 $ 46,327,560 $ 21,803,327 $ (Unaudited)
(Accrual Basis of Accounting)

LAST TEN FISCAL YEARS

CHANGES IN NET POSITION - BUSINESS-TYPE ACTIVITIES
City of Brentwood
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2022/23 Annual Comprehensive Financial Report

Schedule - 3
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
General Fund Nonspendable 63,693 $ 108,998 $ 68,054 $ 83,944 $ 87,527 $ 88,247 $ 89,806 $ 76,064 $ 39,794 $ 263,722 $ Restricted 92,426 92,426 92,426 94,464 95,620 95,930 95,930 95,930 - - Committed - 1,250,000 9,266,345 7,553,950 11,986,875 12,271,706 11,605,158 11,467,875 10,478,042 9,455,685 Assigned 5,083,574 5,137,130 - - - - - - - -
Unassigned 11,899,800 12,318,912 13,120,085 15,673,545 16,399,436 17,403,997 18,798,852 19,386,486 21,019,628 22,066,513 Total General Fund $ 18,907,466 17,139,493 $ 22,546,910 $ 23,405,903 $ 28,569,458 $ 29,859,880 $ 30,589,746 $ 31,026,355 $ 31,537,464 $ 31,785,920 $ Other Governmental Funds Nonspendable 845 $ 576 $ 889 $ 80,914 $ 81,092 $ 80,904 $ 81,680 $ 81,469 $ 80,915 $ 88,584 $ Restricted 48,760,112 79,481,499 93,642,510 100,964,619 95,849,782 89,659,638 89,869,729 97,489,866 98,593,372 104,276,684 Committed 6,501,740 7,047,085 6,963,196 1,779,008 2,696,413 2,626,972 2,772,858 3,166,477 3,789,250 5,102,910 Unassigned (2,792,828) (2,421,683) (561,034) (510) (1,280,327) (966,997) (502,784) (223,414) (94,294) (330,608) Total Other Governmental Funds $ 84,107,477 52,469,869 $ 100,045,561 $ 102,824,031 $ 97,346,960 $ 91,400,517 $ 92,221,483 $ 100,514,398 $ 102,369,243 $ 109,137,570 $ Total Governmental Funds $ 103,014,943 69,609,362 $ 122,592,471 $ 126,229,934 $ 125,916,418 $ 121,260,397 $ 122,811,229 $ 131,540,753 $ 133,906,707 $ 140,923,490 $ (Unaudited)
(Modified Accrual Basis of Accounting)

LAST TEN FISCAL YEARS

FUND BALANCES - GOVERNMENTAL FUNDS
City of Brentwood
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Schedule - 4
2014 2015 2016 2017 (1) 2018 (1) 2019 (1) 2020 2021 2022 2023

REVENUES
Taxes $ 20,213,939 17,777,969 $ 21,926,396 $ 26,878,073 $ 29,406,949 $ 31,061,688 $ 32,006,777 $ 34,396,873 $ 37,606,581 $ 40,087,929 $ Licenses 633,722 618,161 826,330 878,054 887,614 880,361 853,455 927,184 955,854 978,854 Permits and Fines 6,264,281 5,920,923 6,806,441 6,686,821 6,062,836 6,270,459 5,407,548 5,941,970 6,188,715 4,676,519 Uses of Money and Property 912,078 1,022,233 1,967,917 469,616 688,771 4,688,742 5,075,099 624,972 (3,311,516) 1,584,230 Intergovernmental 8,940,071 8,793,246 8,981,674 9,903,403 9,995,621 14,580,776 12,406,486 14,191,531 11,989,612 19,538,218 Franchises 1,400,350 1,321,089 1,473,443 1,487,179 1,499,715 1,420,321 1,461,483 1,547,505 1,581,396 1,649,986 Charges for Other Services 306,603 381,111 287,150 561,815 573,488 728,194 281,466 187,540 259,762 306,005 Charges to Other Funds 6,705,041 6,577,548 6,811,651 7,538,724 7,333,321 7,822,311 7,780,455 8,179,116 8,190,240 8,689,235 Fees and Other Revenues 25,565,932 22,705,683 27,238,276 22,995,874 24,835,315 23,425,018 24,552,588 24,408,076 29,708,572 19,311,874 Total Revenues 70,942,017 65,117,963 76,319,278 77,399,559 81,283,630 90,877,870 89,825,357 90,404,767 93,169,216 96,822,850

EXPENDITURES
Current: General Government 10,746,924 10,264,133 11,421,015 11,067,613 10,740,742 13,500,206 9,649,880 11,297,439 11,201,089 13,942,512 Public Safety 18,226,275 16,940,288 19,353,959 21,544,435 22,307,319 23,406,679 24,522,711 25,244,305 34,175,515 28,898,715 Community Development 4,083,722 4,075,316 4,323,936 4,644,493 4,995,776 5,329,332 5,796,266 5,470,311 5,863,412 6,536,589 Engineering 2,741,148 2,620,029 2,865,976 3,227,631 3,315,619 3,460,092 3,417,308 3,402,200 3,545,915 3,593,515 Public Works 2,814,945 2,687,875 2,999,793 3,213,775 3,548,386 3,914,338 3,721,300 3,863,868 4,019,329 4,106,366 Parks and Recreation 9,858,227 10,194,471 9,550,815 10,613,064 10,826,070 10,842,249 11,281,521 12,770,022 13,837,574 14,871,122 Community Services 6,192,471 6,088,686 7,073,130 7,314,162 7,870,635 8,553,831 11,934,521 9,260,744 7,955,338 8,220,188 Capital Outlay 2,353,631 1,487,631 3,834,624 3,388,096 14,185,472 8,304,654 7,711,572 1,044,413 1,624,299 3,797,701 Debt Service: Principal 1,910,000 1,835,000 2,717,796 4,000,818 4,309,412 4,531,499 4,725,783 4,963,919 19,443,690 5,741,465 Interest and Fiscal Charges 4,428,429 4,490,392 4,681,817 4,630,649 4,495,898 4,924,096 2,643,960 2,526,525 2,351,854 1,780,534 Total Expenditures 63,355,772 60,683,821 68,822,861 73,644,736 86,595,329 86,766,976 85,404,822 79,843,746 104,018,015 91,488,707 REVENUES OVER (UNDER) EXPENDITURES 7,586,245 4,434,142 7,496,417 3,754,823 (5,311,699) 4,110,894 4,420,535 10,561,021 (10,848,799) 5,334,143

OTHER FINANCING SOURCES (USES)
Bond Issuance - - 11,515,000 - - - - - - -
Premium on Bonds Issued - - - - - 5,297,298 - - - -
Refunding Bonds Issued - - - - - 32,210,000 - - 14,450,491 - Payment to Refunded Bond Escrow Agent - - - - - (42,663,905) - - - - Proceeds from Sale of Property - - - - - - - - - 1,600,000 Transfers In 17,062,601 18,163,542 32,528,893 40,527,627 33,710,608 25,990,602 24,734,842 30,820,978 30,549,644 48,402,183 Transfers Out (19,620,633) (21,512,069) (31,962,782) (40,644,987) (28,712,425) (29,600,910) (27,604,545) (32,652,475) (33,221,907) (48,319,543) Total Other Financing Sources (Uses) (2,558,032) (3,348,527) 12,081,111 (117,360) 4,998,183 (8,766,915) (2,869,703) (1,831,497) 11,778,228 1,682,640 Net Change in Fund Balances $ 5,028,213 1,085,615 $ 19,577,528 $ 3,637,463 $ (313,516) $ (4,656,021) $ 1,550,832 $ 8,729,524 $ 929,429 $ 7,016,783 $ Debt Service as a Percentage of Noncapital Expenditures 10.39% 11.39% 12.29% 12.16% 12.05% 9.49% 9.51% 21.29% 21.29% 8.58% (1) Revenues were reclassified in FY 2016/17, FY 2017/18 and FY 2018/19. Prior years have not been revised. (Unaudited)
(Modified Accrual Basis of Accounting)

LAST TEN FISCAL YEARS

CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
City of Brentwood
157
2022/23 Annual Comprehensive Financial Report

Schedule - 5
Less: Total Taxable Total
Fiscal Residential Commercial Industrial Other Tax-Exempt Assessed Direct Year Property Property Property Property Property Value Tax Rate 2014 4,873,504,57 $ 571,689,99 7 $ 41,318,43 4 $ 635,726,37 7 $ 179,541,80 9 $ 5,942,697,57 8 $ 1.0068 9 % 2015 5,959,195,17 663,104,071 8 41,218,443 574,904,931 187,411,36 7,051,011,25 9 1.0059 4 %2016 6,752,719,003 681,242,92 44,844,52 4 630,262,77 7 191,001,081 9 7,918,068,15 1.0055 2 %2017 7,325,221,99 732,682,891 5 49,905,83 651,999,58 8 199,761,69 0 8,560,048,61 2 1.0054 2 %2018 8,035,473,59 774,705,74 2 53,146,631 7 619,828,75 197,364,463 6 9,285,790,263 1.0051%2019 8,698,086,441 803,435,37 94,258,94 6 575,947,37 7 202,198,94 4 9,969,529,19 8 1.0050 0 %2020 9,345,436,471 834,684,12 96,654,841 8 580,146,36 215,602,46 8 10,641,319,341 7 1.0048%2021 9,915,034,05 867,155,72 6 103,452,83 7 598,717,073 0 229,804,11 11,254,555,56 7 1.0048 9 %2022 10,402,665,673 919,931,165 110,293,241 601,566,59 252,806,68 2 11,781,649,991 0 1.0049%2023 11,395,946,34 999,542,21 2 117,266,06 8 616,204,623 0 259,507,75 12,869,451,493 0 1.0048% Source: Contra Costa County AssessorNote: General property taxes are calculated at 1% of total assessed value less local exemptions City of Brentwood

ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY (Unaudited)

LAST TEN TAX YEARS
158
2022/23 Annual Comprehensive Financial Report

Schedule - 6
General
Obligation Total Liberty Union Brentwood
Fiscal Basic Debt Direct High School Union School Other Year Rate Service Tax Rate District District Districts
2014 1.00% 0.0068% 1.0068% 0.0328% 0.0639% 0.1085%
2015 1.00% 0.0059% 1.0059% 0.0273% 0.0522% 0.1033%2016 1.00% 0.0055% 1.0055% 0.0237% 0.0447% 0.0931%2017 1.00% 0.0054% 1.0054% 0.0217% 0.0698% 0.0697%2018 1.00% 0.0051% 1.0051% 0.0450% 0.0635% 0.0942%2019 1.00% 0.0050% 1.0050% 0.0414% 0.0445% 0.0870%2020 1.00% 0.0048% 1.0048% 0.0399% 0.0617% 0.1013%2021 1.00% 0.0048% 1.0048% 0.0370% 0.0445% 0.0866%2022 1.00% 0.0049% 1.0049% 0.0360% 0.0441% 0.0844%2023 1.00% 0.0048% 1.0048% 0.0260% 0.0498% 0.0831% Source: HdL Coren & Cone, Contra Costa County Auditor/ControllerNote: General property taxes are calculated at 1% of total assessed value less local exemptions (1) Overlapping rates are those of local and county governments that apply to property owners within the City of Brentwood.

Not all overlapping rates apply to all Brentwood property owners.

DIRECT AND OVERLAPPING PROPERTY TAXES
City of Brentwood
Overlapping Rates (1) City Direct Rates
(Unaudited)

LAST TEN TAX YEARS
159
2022/23 Annual Comprehensive Financial Report

Schedule - 7
Percent of Percent of
Taxable City's Total Taxable City's Total
Assessed Taxable Assessed Taxable
Taxpayer Value Rank Value Value Rank Value
FHB Land Property, LLC 97,882,38 $ 1 0.76% - 4 $ -
GTA Amber Lane LLC 61,846,41 2 0.48% 8
GRI Lone Tree LLC 58,871,36 3 0.46% 7Merrill Gardens Brentwood LLC 50,622,583 4 0.39%KCM Brentwood LLC 49,622,06 5 0.38% 9John Muir Mt Diablo Health 46,070,78 6 0.36% 38,025,501 8 3 0.64%Sierra Landmark LLC 44,770,00 7 0.35% 0Silvergate Brentwood LLC 36,721,26 8 0.28% 4Well Cogir Landlord III LLP 26,458,64 9 0.21% 0Brentwood Arbor Ridge LP 25,842,53 10 0.20% 21,985,295 6 5 0.37%G and I VII Brentwood LP 1 1.27% 75,878,859 Sand Creek Crossing LLC 2 0.75% 44,397,200DS Lone Tree Plaza LLC 4 0.59% 34,953,986Trilogy Vineyards, LLC 6 0.37% 21,949,009New Urban Comm Sciortino, LLC 7 0.33% 19,805,100Brentwood Towncenter Apartments 8 0.33% 19,625,000AFE Brentwood Park LLC 9 0.32% 19,005,669Brentwood Assisted Living, LLC 10 0.28% 16,907,000 Total $ 3.86% 312,532,61 498,708,049 $ 5.25% 9
Source: HdL Coren & Cone, Contra Costa County Assessor
City of Brentwood
Fiscal Year 2023 Fiscal Year 2014
(Unaudited)

CURRENT YEAR AND NINE YEARS AGO

PRINCIPAL PROPERTY TAXPAYERS
160
2022/23 Annual Comprehensive Financial Report

Schedule - 8
Fiscal Taxes Levied
Year Ended For The Percentage
June 30 Fiscal Year (1) Amount of Levy
2014 10,540,49 $ 10,540,49 6 $ 100.00 6 %
2015 12,454,02 12,454,02 7 100.00 7 %2016 13,602,591 13,602,591 100.00%2017 14,968,042 14,968,042 100.00%2018 15,929,68 15,929,68 0 100.00 0 %2019 14,936,95 14,936,95 0 100.00 0 %2020 15,911,51 15,911,51 8 100.00 8 %2021 16,754,16 16,754,16 7 100.00 7 %2022 17,662,58 17,662,58 9 100.00 9 %2023 19,631,98 19,631,98 4 100.00 4 % Source: Contra Costa County Auditor/Controller
insufficient to pay the outstanding amounts due.A tax loss reserve fund insures losses resulting when a property is sold for taxes and the proceeds are levied are apportioned to agencies regardless of whether they are collected in the current year or not.

LAST TEN TAX YEARS

PROPERTY TAX LEVIES AND COLLECTIONS
The City's portion is determined by the individual tax rate areas in the City. (2) Tax assessments collected are the same as the amount levied, because Contra Costa County follows California's alternate method of apportionment (the Teeter Plan). Under the Teeter Plan, all amounts City of Brentwood
Fiscal Year of the Levy (2)
Collected Within the
(1) General property taxes are calculated at 1% of total assessed value less local exemptions (Unaudited)
161
2022/23 Annual Comprehensive Financial Report

Schedule - 9
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Apparel Stores 51,009 $ 49,524 $ 53,502 $ 57,143 $ 57,848 $ 60,142 $ 58,902 $ 41,813 $ 65,032 $ 69,850 $ Food Stores 46,829 47,983 50,251 50,026 51,721 53,567 55,623 62,983 61,863 64,742 Eating and Drinking Establishments 84,531 100,497 112,715 120,253 131,119 139,144 142,487 124,035 167,381 186,953 Building Materials 64,725 63,693 72,414 80,502 95,994 95,259 95,389 115,145 127,550 125,460 Auto Dealers and Supplies 43,202 54,180 68,267 76,852 86,794 98,184 98,979 97,078 107,185 104,161 Service Stations 104,865 106,658 94,021 90,449 105,328 124,856 121,639 89,535 119,788 156,214 Other Retail Stores 134,417 131,494 143,394 152,268 158,470 145,530 119,609 110,041 119,856 119,617 All Other Outlets 124,413 136,218 159,019 168,056 188,438 193,540 214,049 268,807 314,686 322,834 Total $ 690,247 653,991 $ 753,583 $ 795,549 $ 875,712 $ 910,222 $ 906,677 $ 909,437 $ 1,083,341 $ 1,149,831 $ City Direct Sales Tax Rate 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% Source: State of California Board of Equalization and HdL Coren & ConeNote: Due to confidentiality issues, the names of the ten largest revenue payers are not available. The categories presented are intended to provide alternative information regarding the sources of the City's revenue.

City of Brentwood

TAXABLE SALES BY CATEGORY

LAST TEN CALENDAR YEARS
(In Thousands of Dollars)
(Unaudited)
162
2022/23 Annual Comprehensive Financial Report

Schedule - 10
City Contra
Fiscal Direct Costa
Year Rate County State Total
2014 1.00% 1.00% 6.50% 8.50%2015 1.00% 1.00% 6.50% 8.50%2016 1.00% 1.00% 6.50% 8.50%2017 1.00% 1.00% 6.25% (1) 8.25% 2018 1.00% 1.00% 6.25% 8.25%2019 1.00% 1.00% 6.25% 8.25%2020 1.00% 1.00% 6.25% 8.25%2021 1.00% 1.50% (2) 6.25% 8.75% 2022 1.00% 1.50% 6.25% 8.75%2023 1.00% 1.50% 6.25% 8.75% Source: California Department of Tax and Fee AdministrationNote: The City's sales tax rate may be changed only with approval of the State Legislature.

City of Brentwood
(2) On April 1, 2021 the County rate was increased by 0.50%. The increase will expire March 31, 2041.(1) On January 1, 2013 the State rate was increased by 0.25%. The increase expired January 1, 2017. (Unaudited)

LAST TEN FISCAL YEARS

DIRECT AND OVERLAPPING SALES TAX RATES
163
2022/23 Annual Comprehensive Financial Report

Schedule - 11
Tax Remitter (1) Business Category Tax Remitter (1) Business Category 7 Eleven Service Stations Ace Hardware Building Materials Ace Hardware Building Materials Arco AM PM Service Stations Arco AM PM Service Stations AT&T Mobility Electronics/Appliance Stores Arco AM PM Service Stations Best Buy Electronics/Appliance Stores Big B Lumber Building Materials Big B Lumber Building Materials Bill Brandt Ford New Motor Vehicle Dealers Bill Brandt Ford New Motor Vehicle Dealers BJ's Restaurant & Brewhouse Casual Dining BJ's Restaurant & Brewhouse Casual Dining Brentwood Ready Mix Contractors Brentwood Chevron Service Station Service Stations Chevron Service Stations Brentwood Ready Mix Contractors Circle K Gas Service Stations Brentwood Service Station Service Stations Dallas Shanks Services Service Stations Chevron Service Stations Home Depot Building Materials Circle K Gas Service Stations Home Goods Home Furnishings Dallas Shanks Chevron Services Service Stations In N Out Burger Quick-Service Restaurants Home Depot Building Materials Kohl's Department Stores Home Goods Home Furnishings
Power Market Service Stations Kohl's Department Stores
Quik Stop Service Stations Quik Stop Service Stations
Ross Family Apparel Raley's Grocery Stores
Safeway Grocery Stores Ross Family Apparel
Sportsman's Warehouse Southwest Sporting Goods/Bike Stores Safeway Grocery Stores TJ Maxx Family Apparel TJ Maxx Family Apparel
Tractor Supply Garden Garden/Agricultural Supplies Tower Mart Service Stations Ulta Beauty Specialty Stores Vintners Shell Stations Service Stations Walgreens Drug Stores Walgreens Drug Stores
Winco Foods Grocery Stores Winco Foods Grocery Stores
Source: HdL Coren & Cone
Period: January - December
(1) Firms listed alphabetically because taxable sales figures for individual businesses are confidential and cannot legally be disclosed. (Unaudited)

CURRENT CALENDAR YEAR AND NINE YEARS AGO
TOP 25 SALES TAX PRODUCERS
City of Brentwood
Percent of Calendar Year Total Paid by Top 25 Accounts = 48.18% Percent of Calendar Year Total Paid by Top 25 Accounts = 49.75% 2022 2013

164
2022/23 Annual Comprehensive Financial Report

Schedule - 12
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Type of Customer Residential 9,204,133 $ 8,207,42 $ 5,556,87 7 $ 7,604,905 6 $ 10,168,78 $ 10,186,331 2 $ 12,073,18 $ 13,708,23 5 $ 12,468,50 5 $ 11,337,78 4 $ 4 Commercial 1,536,42 1,465,08 6 1,156,29 4 1,563,24 2 1,914,185 2 2,171,79 2,341,86 4 2,527,881 2 2,625,873 2,598,722 Industrial 544,32 566,74 6 429,89 0 467,44 7 526,072 6 643,601 720,373 824,69 818,86 4 813,942 4 Government 1,371,20 919,019 9 726,12 933,64 0 1,161,54 8 1,318,55 6 1,518,57 2 1,741,075 8 1,666,92 1,405,07 8 2 Total $ 11,158,270 12,656,094 $ 7,869,185 $ 10,569,241 $ 13,770,585 $ 14,320,278 $ 16,653,998 $ 18,801,885 $ 17,580,169 $ 16,155,520 $ Source: City of Brentwood Finance and Information Systems Department, Utility Billing(1) Billing period from July 1 to June 30. (Unaudited)

LAST TEN FISCAL YEARS
WATER USE REVENUE BY CUSTOMER TYPE (1)
City of Brentwood
165
2022/23 Annual Comprehensive Financial Report

Schedule - 13
2014 2015 2016 2017 (1) 2018 2019 2020 2021 2022 2023
Monthly Base Rate
5/8" or 3/4" meter 19.65 $ 20.24 $ 20.85 $ 21.61 $ 23.56 $ 24.03 $ 24.88 $ 25.76 $ 26.67 $ 27.61 $ l" meter 29.48 30.36 31.27 29.83 32.52 34.00 35.19 36.43 37.71 39.03 1 l/2" meter 58.96 60.73 62.55 50.39 54.93 58.90 60.97 63.11 65.32 67.61 2" meter 98.26 101.21 104.25 75.07 81.83 88.79 91.90 95.12 98.45 101.90 3" meter 176.88 182.19 187.65 153.21 167.00 183.44 189.87 196.52 203.40 210.52 4" meter 255.49 263.16 271.05 268.36 292.65 322.91 292.65 293.65 294.65 295.65 6" meter 530.65 546.57 562.96 543.89 592.85 656.65 679.64 703.43 728.06 753.55 Consumption Charge (per 1,000 gallons = 1 unit)Residential Tiers Tier 1: Units 1-10 $ 3.17 3.08 $ 3.27 $
Tier 1: Units 1-5 2.72 2.49 $ 2.84 $ 2.94 $ 3.05 $ 3.16 $ 3.28 $ Tier 2: Units 11-20 3.78 3.67 3.89
Tier 2: Units 6-14 5.41 4.96 5.48 5.68 5.88 6.09 6.31
Tier 3: Units 21-30 4.52 4.39 4.66
Tier 3: Units 15-20 6.47 5.93 6.43 6.66 6.90 7.15 7.41
Tier 4: Units 31+ 5.27 5.12 5.43
Tier 4: Units 21+ 7.11 6.52 6.64 6.88 7.13 7.38 7.64
Non Residential Tiers
Tier 1: Units 1-10 $ 3.17 3.08 $ 3.27 $
Tier 1: Units 1-5 2.31 2.52 $ 2.93 $ 3.04 $ 3.15 $ 3.27 $ 3.39 $ Tier 2: Units 11+ 3.78 3.67 3.89
Tier 2: Units 6+ 5.02 4.60 5.97 6.18 6.40 6.63 6.87
Non Potable
Tier 1: Units 1+ $ 1.17 1.13 $ 1.20 $ 1.31 $ 1.43 $ 1.43 $ 1.47 $ 1.51 $ 1.56 $ 1.60 $ (1) On April 12, 2016 City Council adopted Ordinance No. 969 accepting and approving a water rate study and adopting revised monthly user charges for water service which revised the existing tier structure by reducingthe number of units of consumption for each tier as well as revising the unit rates. Monthly base rate and consumption charge increases, averaging 9% for each increase, became effective June 1, 2016 and July 1, 2017. Source: City of Brentwood Finance and Information Systems Department, Utility Billing (Unaudited)

LAST TEN FISCAL YEARS

WATER RATES
City of Brentwood
166
2022/23 Annual Comprehensive Financial Report

Schedule - 14
2002 General 2012 CIP 2009 Civic Center 2019 Civic Center Capital Improvement Fiscal Obligation Revenue Refunding Project Lease 2015 Lease Project Lease Revenue Revenue Refunding Notes Year Bonds Bonds Revenue Bonds Financing Refunding Bonds Bonds 2021 A & B Payable 2014 6,471,288 $ 23,454,317 $ 46,839,438 $ - $ - $ - $ - $ 2015 6,409,559 22,505,053 46,170,132 - - - -
2016 6,324,752 21,521,734 45,125,826 11,515,000 - - 14,598,135 2017 6,212,789 20,533,414 44,041,520 11,180,000 - - 13,382,317 2018 6,074,688 19,505,094 42,912,215 10,745,000 - - 12,087,905 2019 5,905,231 18,421,774 - 10,295,000 37,445,821 - 10,711,406 2020 5,702,259 17,288,454 - 9,830,000 36,006,496 - 9,250,623 2021 5,458,672 16,095,135 - 9,350,000 34,522,171 - 7,701,704 2022 5,176,715 - - 8,855,000 32,982,846 14,450,491 6,063,014 2023 4,849,028 - - 8,345,000 31,393,522 12,915,826 4,331,214 2008 Water 2014 Water State Water State Water State Water Total Fiscal Revenue Revenue Resources Loan Resources Loan Resources Loan Notes Primary Percentage of Per Year Bonds Bonds (Wastewater) (WWTP Expansion Ph. II) (Recycled Water) Payable (1) Government Personal Income (2) Capita (2) 2014 48,138,519 $ - $ 18,794,875 $ - $ - $ 7,062,578 $ 149,080,716 $ 8.95% 2,719 $ 2015 4,165,000 48,608,126 16,852,847 - - - 168,711,420 9.59% 2,986 2016 2,845,000 48,356,034 14,875,763 - - - 161,426,837 8.95% 2,828 2017 1,460,000 48,103,942 12,862,991 - - - 153,751,835 8.02% 2,616 2018 - 46,301,849 10,813,886 - - - 148,440,637 7.45% 2,431 2019 - 44,439,757 8,727,793 - 6,566,758 - 142,513,540 6.64% 2,239 2020 - 42,497,664 6,604,044 - 8,452,399 - 135,631,939 5.73% 2,083 2021 - 40,470,572 4,441,959 11,264,302 10,757,225 - 140,061,740 5.37% 2,119 2022 - 38,358,479 2,240,846 25,797,267 13,586,322 - 147,510,980 5.53% 2,297 2023 - 36,156,387 - 40,700,429 14,389,629 - 153,081,035 5.74% 2,379 Note: Details regarding the City's outstanding debt can be found in Note #6. (1) The City changed its accounting policy related to the payment of future connection fees in the Water Enterprise as the fees are contingent upon future development; therefore the liability has been removed and restated in FY 2014/15. (2) See Schedule - 19 for personal income and population data.

Business-Type Activities
City of Brentwood

RATIOS OF OUTSTANDING DEBT BY TYPE

LAST TEN FISCAL YEARS
(Unaudited)
Governmental Activities
167
2022/23 Annual Comprehensive Financial Report

Schedule - 15
Percentage of
2002 General Less: Amounts Actual Taxable
Fiscal Obligation Restricted in the Net Value of Per
Year Bonds Debt Service Fund Total Debt Property Capita 2014 6,471,28 $ 61,063 8 $ 6,410,225 $ 0.11% 117 $
2015 6,409,559 64,751 6,344,80 0.09% 112 8
2016 6,324,752 78,247 6,246,505 0.08% 1092017 6,212,789 85,979 6,126,81 0.07% 104 02018 6,074,68 79,768 8 5,994,92 0.07% 98 02019 5,905,231 98,578 5,806,653 0.06% 912020 5,702,259 92,013 5,610,24 0.06% 86 62021 5,458,672 71,043 5,387,629 0.05% 822022 5,176,715 60,823 5,115,892 0.04% 802023 4,849,02 75,038 8 4,773,99 0.04% 74 0 Source: City of Brentwood Finance and Information Systems DepartmentNote: Details regarding the City's outstanding debt can be found in Note #6. (Unaudited)

LAST TEN FISCAL YEARS

RATIOS OF GENERAL BONDED DEBT OUTSTANDING
City of Brentwood
168
2022/23 Annual Comprehensive Financial Report

2022/23 Assessed Valuation 12,869,451,493 $
Redevelopment Incremental Valuation 1,365,531,649
Adjusted Assessed Valuation 11,503,919,844 $
Total Percentage City's Share of
Debt 6/30/23 Applicable (1) Debt 6/30/23
DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT:Bay Area Rapid Transit $ 1.351% 33,562,690 2,484,285,000 $ Contra Costa Community College District 5.117% 33,210,098 649,015,000Liberty Union High School District 51.779% 70,362,483 135,890,000Brentwood Union School District 92.219% 97,461,720 105,685,076Oakley Union School District 0.001% 375 37,520,000City of Brentwood 4,849,028 (2) 100.000% 4,849,028 City of Brentwood Community Facilities Districts 15,357,895 100.000% 15,357,895 City of Brentwood 1915 Act Bonds 100.000% 91,323,020 91,323,020 California Statewide Communities Development Authority Assessment Districts 31,054,324 100.000% 31,054,324East Bay Regional Park District 2.139% 3,763,677 175,955,000 $ 380,945,310 3,730,934,343 $
DIRECT AND OVERLAPPING GENERAL FUND OBLIGATION DEBT:Contra Costa County General Fund Obligations 193,515,000 $ 5.101% 9,871,200 $ Liberty Union High School District Certificates of Participation 2,853,488 51.779% 1,477,508City of Brentwood General Fund Obligations 41,627,667 100.000% 41,627,667 $ 52,976,375 237,996,155 $
2,597,907
$ 50,378,468
OVERLAPPING TAX INCREMENT DEBT (SUCCESSOR AGENCY) $ 100.000% 19,393,684 19,393,684 $ $ 61,834,590
$ 391,480,779$ 388,882,872$ 453,315,369 (3)
$ 450,717,462
Ratios to Adjusted Assessed Valuation:

Total Direct Debt ($61,834,590) ………….…..….….……………. 0.54%Gross Combined Total Debt …….………………………………...…… 3.94%Net Combined Total Debt ……………………………………….……… 3.92%Source: California Municipal Statistics, Inc. (2) Includes $5,509,051 accreted value.(3) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue, tax allocation bonds and non-bonded capital lease obligations.(1) The percentage of overlapping debt applicable to the City is estimated using taxable assessed property value. Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the City divided by the district's total taxable assessed value.

GROSS DIRECT AND OVERLAPPING GENERAL FUND DEBT Less: Contra Costa Obligations Supported From Revenue Funds NET DIRECT AND OVERLAPPING GENERAL FUND DEBT TOTAL DIRECT DEBT TOTAL GROSS OVERLAPPING DEBT TOTAL NET OVERLAPPING DEBT Schedule - 16
City of Brentwood
(Unaudited)
As of June 30, 2023

DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT

TOTAL DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT

GROSS COMBINED TOTAL DEBT NET COMBINED TOTAL DEBT
169
2022/23 Annual Comprehensive Financial Report

Schedule - 17
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Debt Limit 222,851,159 $ 264,412,922 $ 296,927,556 $ 321,001,823 $ 348,217,135 $ 373,857,345 $ 399,049,475 $ 422,045,834 $ 441,811,875 $ 482,604,431 $ Total Net Debt Applicable to Limit 6,410,225 6,344,808 6,246,505 6,126,810 5,994,920 5,806,653 5,610,246 5,387,629 5,115,892 4,773,990 Legal Debt Margin $ 258,068,114 216,440,934 $ 290,681,051 $ 314,875,013 $ 342,222,215 $ 368,050,692 $ 393,439,229 $ 416,658,205 $ 436,695,983 $ 477,830,441 $ Total Net Debt Applicable to the Limitas a Percentage of Debt Limit 2.88% 2.40% 2.10% 1.91% 1.72% 1.55% 1.41% 1.28% 1.16% 0.99% Legal Debt Margin Calculation for Fiscal Year 2023Assessed Value (1) $ 12,869,451,493 Debt Limit (3.75% of Assessed Value) (2) 482,604,431
Debt Applicable to Limit: General Obligation Bonds 4,773,990 Total Net Debt Applicable to Limit 4,773,990Legal Debt Margin $ 477,830,441 Source: Contra Costa County Assessor(1) Contra Costa County Auditor/Controller(2) State of California Government Code 25 and 43605 (Unaudited)

LAST TEN FISCAL YEARS

LEGAL DEBT MARGIN INFORMATION
City of Brentwood
170
2022/23 Annual Comprehensive Financial Report

Schedule - 18
Adjusted Annual Less: Adjusted Annual
Fiscal Water Operating Net Water
Year Revenues Expenses Revenues Principal Interest Coverage 2014 20,560,857 $ (13,538,409) $ 7,022,448 $ 1,200,000 $ 2,788,237 $ 1.76 2015 (1) (14,473,726) 18,963,542 4,489,816 1,255,000 1,342,923 1.73 2016 (2) (13,999,154) 21,206,265 7,207,111 1,320,000 2,192,225 2.052017 (2) (15,531,834) 20,999,938 5,468,104 1,385,000 2,126,225 1.562018 (3) (16,640,999) 25,157,794 8,516,795 3,010,000 2,050,050 1.682019 26,041,257 (17,679,262) 8,361,995 1,610,000 1,904,100 2.38 2020 29,004,863 (18,272,183) 10,732,680 1,690,000 1,823,600 3.05 2021 30,932,101 (20,226,777) 10,705,324 1,775,000 1,739,100 3.05 2022 30,456,717 (18,728,462) 11,728,255 1,860,000 1,650,350 3.34 2023 27,436,132 (20,672,231) 6,763,901 1,950,000 1,557,350 1.93 Source: City of Brentwood Finance and Information Systems DepartmentNote: Details regarding the City's outstanding debt can be found in Note #6. Water revenues include operating revenues, interest income and developer impact fees. Operating expenses do not include depreciation or amortization expenses.(1) The Water Revenue Refunding Bonds were issued in December 2014 to refund a portion of the Water Revenue Bonds, Series 2008; therefore, FY 2014/15 is the first reportable year and both bonds' debt service obligations are included. The obligation of the City to make such payments is a special obligation of the City payable solely from Adjusted Annual Net Water Revenues.(2) Adjusted Annual Net Water Revenues is defined as Water income and revenue less maintenance and operation costs adjusted by any transfers to or from the Rate Stabilization Fund. In FY 2015/16 and FY 2016/17, $893,839 and $982,000 was transferred, respectively, from the Rate Stabilization Fund to meet the bond covenant debt coverage requirements. (3) The final payment on the unrefunded portion of the Water Revenue Bonds, Series 2008 was made in FY 2017/18. (Unaudited)

LAST TEN FISCAL YEARS

PLEDGED REVENUE COVERAGE
City of Brentwood
Debt Service
Water Revenue Bonds, Series 2008 and Water Revenue Refunding Bonds, Series 2014 171
2022/23 Annual Comprehensive Financial Report

Schedule - 19
Per
Personal Capita
Calendar Income Personal Median School Unemployment
Year Population (1) (In Thousands) (2) Income Age (3) Enrollment Rate 2013 54,824 1,665,933 $ 29,163 $ 36.3 16,390 5.4%
2014 56,493 30,387 1,759,741 36.0 16,649 5.2%2015 57,072 31,150 1,803,371 36.9 16,923 4.9%2016 58,784 31,598 1,917,154 37.7 17,116 3.7%2017 61,055 32,614 1,993,057 38.3 17,268 3.7%2018 63,662 33,694 2,145,046 38.8 17,501 3.4%2019 65,118 36,330 2,365,716 39.8 17,594 3.3%2020 66,097 39,488 2,610,054 40.0 17,245 9.0%2021 64,342 41,426 2,665,452 40.9 17,424 6.3%2022 64,513 47,981 3,095,432 40.5 17,668 3.8% (1) As of January 1 of the subsequent year.(2) Based on last available Census and projected post census trends(3) Totaled from Census Block Groups that overlap City boundaries.

Sources: California Department of Finance
US Census BureauLiberty Union High School and Brentwood Union School DistrictsCA Employment Development Department Note: Pre 2010 – Income, Age and Economic Data are based on the last available census. Projections are developed by incorporating all of the prior census data released to date. 2010 - Present – Income, Age and Economic Data is based on the most recent American Community Survey, US Census Bureau. (Unaudited)

LAST TEN CALENDAR YEARS

DEMOGRAPHIC AND ECONOMIC STATISTICS
City of Brentwood
172
2022/23 Annual Comprehensive Financial Report

Schedule - 20
Percent of Percent of
Total City Total City
Employer No. Employees Rank Employment No. Employees Rank Employment Brentwood Union High School District 1,026 1 3.28% 400-450 1 3.63%Liberty Union High School District 797 2 2.55% 250-300 2 2.35% City of Brentwood 507 3 1.62% 250-300 2 2.35%
Safeway Stores (2 stores) 383 4 1.22% 200-250 4 1.92%
Precision Cabinets 280 5 0.89% 150-200 5 1.54%Thorpe Design, Inc. (fire extinguishers) 185 6 0.59% Winco Foods, Inc. 176 7 0.56% 150-200 7 1.37%
The Home Depot 150 8 0.48%
Rodda Electric 135 9 0.43% 100-150 9 1.20%
Kohl's 122 10 0.39% 100-150 10 1.07%
BJ's Restaurant & Brewhouse 100 11 0.32% 150-200 5 1.54%John Muir Health 98 12 0.31% 100-150 10 1.07% Save Market Supermarket (Food Maxx) 79 13 0.25%Bill Brandt Ford 78 14 0.25%Town & Country's Roofing 75 15 0.24%Black Angus 71 16 0.23%Raley's Supermarket 70 17 0.22%Red Robin Gourmet Burgers 65 18 0.21%Brentwood Ace Hardware 65 19 0.21%Capital Builders Building Supply 20 38 0.12% Total City Employment 4,500
Source: East Bay Economic Development Alliance
(Unaudited)

CURRENT YEAR AND NINE YEARS AGO

PRINCIPAL EMPLOYERS
City of Brentwood
2023 2014
173
2022/23 Annual Comprehensive Financial Report

Schedule - 21
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Function/Program
General Government 35 34 34 35 35 37 37 37 38 42
Public Safety 83 83 85 95 95 95 105 105 106 106
Community Development 21 20 19 19 22 23 23 23 25 26
Engineering 13 14 14 14 14 14 14 13 13 14
Public Works 24 23 23 23 26 26 26 27 27 27
Parks and Recreation 24 24 25 24 25 26 27 27 27 29
Wastewater 18 18 18 19 20 24 24 24 25 25
Solid Waste 25 26 27 26 27 28 29 29 29 30
Water 26 26 26 26 27 27 28 29 29 29
Housing 2 2 2 2 2 2 2 2 2 2
Total (1) 270 271 273 284 293 302 315 315 320 329
(1) Amounts by Function/Program are rounded. Rounding differences may result.

Source: City of Brentwood Finance and Information Systems Department City of Brentwood
(Unaudited)

LAST TEN FISCAL YEARS

BY FUNCTION/PROGRAM

AUTHORIZED FULL-TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES 174
2022/23 Annual Comprehensive Financial Report

Schedule - 22
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Function/ProgramGeneral Government
Single-Family Dwelling Permits Issued 500 451 519 541 411 352 274 241 326 76 Accounts Payable Invoices Processed 10,440 12,023 13,364 13,625 12,463 12,222 12,044 10,624 11,536 12,124 Purchase Orders Issued 286 291 269 279 264 244 354 360 409 436 Checks Issued 13,692 14,299 15,764 15,844 15,133 14,753 14,129 13,593 14,959 16,109 Public Works
Debris Collected (tons) 2,226 1,890 1,756 1,687 1,568 1,880 2,032 1,798 1,855 1,817 Streetlights Maintenance Requests 713 697 410 424 293 422 415 336 518 447 Police
Physical Arrests (est.) 1,563 1,679 1,648 1,626 1,629 1,596 1,226 1,023 1,062 1,169 Calls for Service (est.) 39,934 36,192 40,661 44,417 50,300 51,777 51,867 46,042 48,744 49,990 Case Files Taken (est.) 5,821 6,133 5,925 6,335 6,396 6,217 5,870 5,891 6,189 6,028 Parks and Recreation
Total Programs Offered (est.) 924 852 852 891 962 993 993 1,069 1,329 1,891 Refuse Collection
Refuse Collected (tons per day) 95 97 102 110 114 119 114 118 125 127 Yard Waste (tons per day) 35 38 35 38 37 40 42 41 39 40 Recyclables Collected (tons per day) 22 23 25 26 25 30 29 30 30 31 Residential Services 16,729 17,245 17,802 18,310 18,806 19,329 19,884 20,285 20,533 20,634 Commercial Services 465 475 487 499 508 497 507 516 532 524 Water
New Connections 338 467 475 527 470 353 304 321 223 185 Average Daily Production (millions of gallons) 10 11 7 8 9 9 10 11 10 9 Peak Daily Production (millions of gallons) 17 17 18 16 20 19 19 18 17 16 Number of Utility Customers 18,289 17,505 18,785 19,385 19,736 20,285 20,628 20,964 21,210 21,607 Wastewater
New Connections 338 467 480 529 471 356 307 323 222 185 Average Daily Sewage Treatment (millions of gallons) 4 4 3 4 4 3 4 4 4 4 Source: Various City Departments
(Unaudited)

LAST TEN FISCAL YEARS

OPERATING INDICATORS BY FUNCTION/PROGRAM
City of Brentwood
175
2022/23 Annual Comprehensive Financial Report

Schedule - 23
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Function/ProgramPolice
Stations 1 1 1 1 1 1 1 1 1 1
Substations 1 1 1 1 1 1 1 1 1 1
Patrol Vehicles 52 52 49 49 49 49 44 42 42 45
Parks and Recreation
Developed Park Acreage 223 226 231 234 253 237 240 240 243 249 Play Areas 48 51 52 56 61 61 65 67 68 70
Multi-Use Trails (miles) 17 18 18 19 19 19 19 19 19 20
Multi-Use Ball and Soccer Fields 23 23 19 19 20 20 20 20 20 20 Picnic Tables 292 305 311 331 351 353 364 374 378 379
Refuse Collection
Collection Trucks 14 16 16 17 17 18 19 19 19 21
Water
Water Mains (miles) 266 284 287 302 324 345 347 348 352 354 Fire Hydrants 2,588 2,704 2,719 2,841 2,901 2,990 3,013 3,019 3,053 3,064 Number of Wells 7 7 7 7 7 7 7 6 6 6
Number of Reservoirs 6 6 6 6 6 6 6 6 6 6
Storage Capacity (millions of gallons) 19 19 19 19 19 19 19 19 19 19 Wastewater
Sanitary Sewers (miles) 209 225 226 235 237 242 243 244 247 249 Lift Stations 2 2 2 2 2 3 3 3 3 3
Other Public Works
Streets (miles) 192 192 192 192 192 192 192 192 192 192 Street Lights 5,957 5,957 6,691 6,693 7,403 7,592 7,645 7,740 7,740 7,741 Source: Various City Departments
(Unaudited)

LAST TEN FISCAL YEARS

CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM
City of Brentwood
176
2022/23 Annual Comprehensive Financial Report

Schedule - 24
Date of Incorporation: January 21, 1948
Number of Wells 6
Forms of Government: General Law Number of Reservoirs 6 Council-Manager Storage Capacity (gallons) 19 MG
Average Daily Production 9 MGD
Fiscal Year Begins: July 1 Peak Daily Production 16 MGD Number of Connections 21,607
Area of City: 14.83 Sq. MilesPopulation as of January 2022: 64,342 Number of Residential Services 20,634 Number of Commercial Services 524
Number of Full-time Developed Park Acreage 248.51 acres Equivalent Positions Year-End Aquatic Complex 7.5 acres 329 2023 Skate Park .50 acres320 2022 Play Areas 70315 2021 Sunset Park Athletic Complex 38 acres315 2020 Veterans Park 10.5 acres302 2019 293 2018284 2017 Multi-Use Trails 19.68 miles273 2016 Multi-Use Ball and Soccer Fields 20270 2015 Tennis Courts 2271 2014 Basketball Courts 15 Bocce Ball Courts 8Volleyball Courts 3Horseshoe Courts 2 Elementary 8 Gazebos 3 Intermediate 3 Picnic Tables 379 High School 2 BBQ Areas 35 Alternative High Schools 2 Restrooms (Permanent) 11Miles of Streets 192 Sworn Officers 72Miles of Sanitary Sewers 249 Vehicles 45Miles of Water Mains 354 Motorcycles 5 Number of Street Lights 7,741
Stations Located in Brentwood 1
Sanitary Lift Stations 3 Firefighters in Brentwood 21Number of Connections 20,890 Stations Located in Contra Costa County 33Average Daily Flow 4.29 MGD Firefighters in Contra Costa County 432 Source: Various City Departments
City of Brentwood
Public Schools
Miles of Streets
Municipal Wastewater System
Contra Contra Costa Fire Protection District
General Information
(Unaudited)
Municipal Solid Waste
Parks and Recreation
Parks Facilities
Municipal Water System
Police Protection
177
2022/23 Annual Comprehensive Financial Report

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
To the Honorable Members of the City Council
City of Brentwood, California
We have audited, in accordance with the 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, the basic financial statements of the City of Brentwood, California, as of and for the year ended June 30, 2023, and have issued our report thereon dated November 22, 2023.

Report on Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the City’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that have not been identified. 178 Page 546 of 614
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance that are required to be reported under Government Auditing Standards.

We have also issued a separate Memorandum on Internal Control dated November 22, 2023, which is an integral part of our audit and should be read in conjunction with this report.

Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

Pleasant Hill, California
November 22, 2023
179 Page 547 of 614

CITY OF BRENTWOOD

MEMORANDUM ON INTERNAL CONTROL

FOR THE YEAR ENDED
JUNE 30, 2023

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CITY OF BRENTWOOD

MEMORANDUM ON INTERNAL CONTROL
For the Year Ended June 30, 2023
Table of Contents
Page
Memorandum on Internal Control .............................................................................................................. 1 Schedule of Other Matters ................................................................................................................. 3

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MEMORANDUM ON INTERNAL CONTROL
To the City Council of
the City of Brentwood, California
In planning and performing our audit of the basic financial statements of the City of Brentwood, California, as of and for the year ended June 30, 2023, in accordance with auditing standards generally accepted in the United States of America, we considered the City’s internal control over financial reporting (internal control) as a basis for designing our auditing procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the City’s financial statements will not be prevented, or detected and corrected on a timely basis.

Our consideration of internal control was for the limited purpose described in the first paragraph and was not designed to identify all deficiencies in internal control that might be material weaknesses. In addition, because of inherent limitations in internal control, including the possibility of management override of controls, misstatements due to error or fraud may occur and not be detected by such controls. Given these limitations, during our audit, we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

Included in the Schedule of Other Matters are recommendations not meeting the above definitions that we believe are opportunities for strengthening internal controls and operating efficiency.

This communication is intended solely for the information and use of management, City Council, others within the organization, and agencies and pass-through entities requiring compliance with Government Auditing Standards, and is not intended to be and should not be used by anyone other than these specified parties.

Pleasant Hill, California
November 22, 2023
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CITY OF BRENTWOOD

MEMORANDUM ON INTERNAL CONTROL

SCHEDULE OF OTHER MATTERS

NEW GASB PRONOUNCEMENTS OR PRONOUNCEMENTS NOT YET EFFECTIVE The following comment represents new pronouncements taking affect in the next few years. We cite them here to keep you informed of developments:

EFFECTIVE FISCAL YEARS 2021/22, 2022/23 and 2023/24:

GASB 99 – Omnibus 2022
The objectives of this Statement are to enhance comparability in accounting and financial reporting and to improve the consistency of authoritative literature by addressing (1) practice issues that have been identified during implementation and application of certain GASB Statements and (2) accounting and financial reporting for financial guarantees. The practice issues addressed by this Statement are as follows:
• Classification and reporting of derivative instruments within the scope of Statement No. 53, Accounting and Financial Reporting for Derivative Instruments, that do not meet the definition of either an investment derivative instrument or a hedging derivative instrument • Clarification of provisions in Statement No. 87, Leases, as amended, related to the determination of the lease term, classification of a lease as a short term lease, recognition and measurement of a lease liability and a lease asset, and identification of lease incentives • Clarification of provisions in Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements, related to (a) the determination of the public-private and publicpublic partnership (PPP) term and (b) recognition and measurement of installment payments and the transfer of the underlying PPP asset
• Clarification of provisions in Statement No. 96, Subscription-Based Information Technology Arrangements, related to the subscription-based information technology arrangement (SBITA) term, classification of a SBITA as a short term SBITA, and recognition and measurement of a subscription liability
• Extension of the period during which the London Interbank Offered Rate (LIBOR) is considered an appropriate benchmark interest rate for the qualitative evaluation of the effectiveness of an interest rate swap that hedges the interest rate risk of taxable debt • Accounting for the distribution of benefits as part of the Supplemental Nutrition Assistance Program (SNAP)
• Disclosures related to nonmonetary transactions
• Pledges of future revenues when resources are not received by the pledging government 3

CITY OF BRENTWOOD

MEMORANDUM ON INTERNAL CONTROL

SCHEDULE OF OTHER MATTERS
GASB 99 – Omnibus 2022 (Continued)
• Clarification of provisions in Statement No. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments, as amended, related to the focus of the government-wide financial statements
• Terminology updates related to certain provisions of Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position • Terminology used in Statement 53 to refer to resource flows statements The Requirements of this Statement are Effective as Follows:

The requirements in paragraphs 26–32 related to extension of the use of LIBOR, accounting for SNAP distributions, disclosures of nonmonetary transactions, pledges of future revenues by pledging governments, clarification of certain provisions in Statement 34, as amended, and terminology updates related to Statement 53 and Statement 63 are effective upon issuance.

The requirements in paragraphs 11–25 related to leases, PPPs, and SBITAs are effective for fiscal years beginning after June 15, 2022, and all reporting periods thereafter.

The requirements in paragraphs 4–10 related to financial guarantees and the classification and reporting of derivative instruments within the scope of Statement 53 are effective for fiscal years beginning after June 15, 2023, and all reporting periods thereafter.

Earlier application is encouraged and is permitted by individual topic.

How the Changes in This Statement Will Improve Financial Reporting The requirements of this Statement will enhance comparability in the application of accounting and financial reporting requirements and will improve the consistency of authoritative literature. Consistent authoritative literature enables governments and other stakeholders to more easily locate and apply the correct accounting and financial reporting provisions, which improves the consistency with which such provisions are applied.

The comparability of financial statements also will improve as a result of this Statement. Better consistency and comparability improve the usefulness of information for users of state and local government financial statements.
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CITY OF BRENTWOOD

MEMORANDUM ON INTERNAL CONTROL

SCHEDULE OF OTHER MATTERS
EFFECTIVE FISCAL YEAR 2023/24:

GASB 100 – Accounting for Changes and Error Corrections The primary objective of this Statement is to enhance accounting and financial reporting requirements for accounting changes and error corrections to provide more understandable, reliable, relevant, consistent, and comparable information for making decisions or assessing accountability This Statement defines accounting changes as changes in accounting principles, changes in accounting estimates, and changes to or within the financial reporting entity and describes the transactions or other events that constitute those changes. As part of those descriptions, for (1) certain changes in accounting principles and (2) certain changes in accounting estimates that result from a change in measurement methodology, a new principle or methodology should be justified on the basis that it is preferable to the principle or methodology used before the change. That preferability should be based on the qualitative characteristics of financial reporting—understandability, reliability, relevance, timeliness, consistency, and comparability. This Statement also addresses corrections of errors in previously issued financial statements.

This Statement prescribes the accounting and financial reporting for (1) each type of accounting change and (2) error corrections. This Statement requires that (a) changes in accounting principles and error corrections be reported retroactively by restating prior periods, (b) changes to or within the financial reporting entity be reported by adjusting beginning balances of the current period, and (c) changes in accounting estimates be reported prospectively by recognizing the change in the current period. The requirements of this Statement for changes in accounting principles apply to the implementation of a new pronouncement in absence of specific transition provisions in the new pronouncement. This Statement also requires that the aggregate amount of adjustments to and restatements of beginning net position, fund balance, or fund net position, as applicable, be displayed by reporting unit in the financial statements.

This Statement requires disclosure in notes to financial statements of descriptive information about accounting changes and error corrections, such as their nature. In addition, information about the quantitative effects on beginning balances of each accounting change and error correction should be disclosed by reporting unit in a tabular format to reconcile beginning balances as previously reported to beginning balances as restated.

Furthermore, this Statement addresses how information that is affected by a change in accounting principle or error correction should be presented in required supplementary information (RSI) and supplementary information (SI). For periods that are earlier than those included in the basic financial statements, information presented in RSI or SI should be restated for error corrections, if practicable, but not for changes in accounting principles.

EFFECTIVE FISCAL YEAR 2024/25:

GASB 101 – Compensated Absences
The objective of this Statement is to better meet the information needs of financial statement users by updating the recognition and measurement guidance for compensated absences. That objective is achieved by aligning the recognition and measurement guidance under a unified model and by amending certain previously required disclosures.
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