FY 2024-25 Annual Comprehensive Financial Report — CleanPowerSF Sfpuc Commission, February 10, 2026 (part 2 of 2)

The SFPUC’s allocation percentage of the Plan was determined based on its percentage of citywide “pay-as-you-go” contributions for the years ended June 30, 2024 and June 30, 2023. The SFPUC’s net OPEB liability, deferred outflows/inflows of resources related to OPEB, amortization of deferred outflows/inflows and OPEB expense to each department is based on SFPUC’s allocated percentage. The SFPUC’s proportionate share of the City’s OPEB elements as of June 30, 2024 (measurement date) was 6. 46%: 4.13% for the Water Enterprise, 1. 29% for the Wastewater Enterprise, 0. 42% for Hetchy Water, 0.52% for Hetchy Power, and 0.10% for CleanPowerSF. The SFPUC’s proportionate share of the City’s OPEB elements as of June 30, 2023 (measurement date) was 6.32%: 4.03% for the Water Enterprise, 1.26% for the Wastewater Enterprise,

0.41% for Hetchy Water, 0.51% for Hetchy Power, and 0.11% for CleanPowerSF.

Hetchy Hetchy SFPUC
Water Wastewater Water Power CleanPowerSF Total
$ 378,334 171,127 46,983 57,423 10,646 664,513 164,352 74,339 20,410 24,945 4,625 288,671 (11,966) (5,412) (1,486) (1,816) (337) (21,017) SFERS Plan - Schedule of Employers’ Proportionate Share of the Net Pension (Asset)/Liability Fiscal Year 2025
1% Decrease Share of NPL @ 6.20%
Share of NPL @ 7.20%
1% Increase Share of (NPA) @ 8.20%
Hetchy Hetchy SFPUC
Water Was tewater Water Power CleanPowerSF Total
$ 351,972 157,852 44,775 54,725 8,357 617,681 150,060 67,299 19,090 23,332 3,563 263,344 (16,414) (7,362) (2,088) (2,552) (390) (28,806)

1% Decrease Share of NPL @ 6.20%
1% Increase Share of (NPA) @ 8.20%
Share of NPL @ 7.20%

Fiscal Year 2024
SFERS Plan - Schedule of Employers’ Proportionate Share of the Net Pension (Asset)/Liability Fiscal Year 2025 Water
1% Decrease Share of NPL @ 2.93% $ 3,100
Measurement Date @ 3.393% 2,626
1% Increase Share of NPL @ 4.93% 2,251
Fiscal Year 2024 Water
1% Decrease Share of NPL @ 2.65% $ 3,060
Measurement Date @ 3.65% 2,583
1% Increase Share of NPL @ 4.65% 2,207
Replacement Benefits Plan - Schedule of Employers’
Proportionate Share of the Net Pension Liability
Fiscal Year 2025 Fiscal Year 2024
Valuation Date (VD) June 30, 2024 June 30, 2022 updated to June 30, 2023 Measurement Date (MD) June 30, 2024 June 30, 2023
Measurement Period (MP) July 1, 2023 to June 30, 2024 July 1, 2022 to June 30, 2023 San Francisco Health Service System Retiree Plan - Single-Employer 151 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Notes to Basic Financial Statements
June 30, 2025 and 2024
(Dollars in thousands, unless otherwise stated)

Benefits – Permanent full-time and elected employees are eligible to retire and receive postretirement health insurance benefits when they are eligible for retirement benefits from the City and County of San Francisco’s Retirement System. The eligibility requirements are as follows:

1 Age 53 with 20 years of credited service, age 60 with 10 years of credited service, or age 65 for Miscellaneous members hired on or after January 7, 2012 under Charter Section 8.603. 2 No service requirement for Safety members retiring under the industrial disability benefit or for surviving spouses/domestic partners of those killed in the line of duty.

Retiree healthcare benefits are administered by the San Francisco Health Service System and include the following:

Projections of the sharing of benefit-related costs are based on an established pattern of practice.

Contributions – Benefits provided under the Plan are currently paid through “pay -as-you-go” funding. Additionally, under the City Charter, active officers and employees of the City who commenced employment on or after January 10, 2009, shall contribute to the Retiree Health Care Trust Fund (Trust Fund) a percentage of compensation not to exceed 2% of pre -tax compensation. The City shall contribute 1% of compensation for officers and employees who commenced employment on or after January 10, 2009 until the City’s GASB Actuary has determined that the City’s portion of the Trust Fund is fully funded. At that time, the City’s 1% contribution shall cease, and officers and employees will each contribute 50% of the maximum 2% of pre-tax compensation.

Starting July 1, 2016, active officers and employees of the City who commenced employment on or before January 9, 2009, shall contribute 0.25% of pre- tax compensation into the Trust Fund.

Beginning on July 1
st of each subsequent year, the active officers and employees of the City who commenced employment on or before January 9, 2009, shall contribute an additional 0.25% of pre-tax compensation up to a maximum of 1%. Starting July 1, 2016, the City shall contribute

0.25% of compensation into the Trust Fund for each officer and employee who commenced employment on or before January 9, 2009. Beginning on July 1 st of each subsequent year, the
City shall contribute an additional 0.25% of compensation, up to a maximum of 1% for each officer and employee who commenced employment on or before January 9, 2009. When the City’s actuary has determined that the City’s portion of the Trust Fund is fully funded, the City’s 1% contribution shall cease, and officers and employees will each contribute 50% of the maximum 1% of pre -tax compensation. Additional or existing contribution requirements may be established or modified by amendment to the City’s Charter.

Fiscal Year 2025

For the fiscal year ended June 30, 202 5, the City’s funding was based on “pay as you go” plus a contribution of $52,126 to the Retiree Healthcare Trust Fund. The “pay as you go” portion paid by the City was $248,806 for a total contribution of $300,932 for the fiscal year ended June 30, 2025.

The SFPUC’s proportionate share of contributions for fiscal year 2025 was $19,425: $12,429 for Water Enterprise, $3, 879 for the Wastewater Enterprise, $ 1,273 for Hetchy Water, $1, 556 for Hetchy Power, and $288 for CleanPowerSF and will be recognized as a reduction of the net OPEB liability in the reporting year ending June 30, 2026.

Normal Retirement Miscellaneous Age 50 with 20 years of credited service1 Age 60 with 10 years of credited service
Safety Age 50 with 5 years of credited service
Disabled Retirement2 Any age with 10 years of credited service Terminated Vested 5 years of credited service at separation

Medical: PPO – Blue Shield (self-insured) and UHC Medicare Advantage (fully-insured) HMO – Kaiser (fully-insured) and Blue Shield (flex-funded) and Health Net (flex-funded) Dental: Delta Dental, DeltaCare USA and United Healthcare Dental Vision: Vision benefits are provided under the medical insurance plans and are administered by Vision Service Plan. 152 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Notes to Basic Financial Statements
June 30, 2025 and 2024
(Dollars in thousands, unless otherwise stated)

Fiscal Year 2024

For the fiscal year ended June 30, 2024, the City’s funding was based on “pay as you go” plus a contribution of $48,779 to the Retiree Healthcare Trust Fund. The “pay as you go” portion paid by the City was $229,922 for a total contribution of $278,701 for the fiscal year ended June 30, 2024.

The SFPUC’s proportionate share of contributions for fiscal year 2024 was $17,603: $11,241 for Water Enterprise, $3,498 for the Wastewater Enterprise, $1,155 for Hetchy Water, $1,412 for Hetchy Power, and $297 for CleanPowerSF and will be recognized as a reduction of the net OPEB liability in the reporting year ending June 30, 2025.

OPEB Liabilities, OPEB Expenses and Deferred Outflows/Inflows of Resources Related to OPEB

Fiscal Year 2025

As of June 30, 2025, the City reported net OPEB liabilities related to the Plan of $3,921,799.

The SFPUC’s proportionate share of the City’s net OPEB liability as of June 30, 2025 was $253,147: $161,975 for Water Enterprise, $ 50,552 for the Wastewater Enterprise, $16,590 for Hetchy Water, $20,277 for Hetchy Power, and $3,753 for CleanPowerSF.

For the year ended June 30, 2025 , the City’s recognized OPEB expense was $2 59,579.

Amortization of the City’s deferred outflows and inflows is included as a component of OPEB expense. The SFPUC’s proportionate share of the City’s OPEB expense/(income) was $30,408:
$19,829 for Water Enterprise, $ 7,556 for the Wastewater Enterprise, $1,766 for Hetchy Water , $2,158 for Hetchy Power, and ($901) for CleanPowerSF.

As of June 30, 2025, the SFPUC’s reported its proportionate share of the City’s deferred outflows and inflows of resources related to OPEB from the following sources:

Amounts reported as deferred outflows, exclusive of contributions made after the measurement date, and deferred inflows of resources will be amortized annually and recognized in OPEB (benefit)/expense as follows:

Hetchy Hetchy SFPUC
Fiscal Year 2025 Water Wastewater Water Power Total
Contribution subsequent to the $ 12,429 3,879 1,273 1,556 288 19,425 measurement date
Differences between expected and 4,884 1,524 500 612 113 7,633 actual experience
6,893 2,151 706 862 160 10,772
3,103 3,545 475 581 634 8,338
$ 27,309 11,099 2,954 3,611 1,195 46,168
Hetchy Hetchy SFPUC
Fiscal Year 2025 Water Wastewater Water Power CleanPowerSF Total Differences between expected and $ 15,175 4,736 1,554 1,900 352 23,717 actual experience
Net difference between projected and actual 1,814 566 186 227 42 2,835 6,405 1,175 1,092 1,334 1,343 11,349
$ 23,394 6,477 2,832 3,461 1,737 37,901
CleanPowerSF
Schedule of Deferred Outflows of Resources
earnings on plan investments
Change in proportion
Total
Changes in assumptions
Change in proportion
Total
Schedule of Deferred Inflows of Resources
Hetchy Hetchy SFPUC
Fiscal years Water Wastewater Water Power CleanPowerSF Total 2026 $ (1,529) 565 (175) (214) (364) (1,717) 2027 (1,956) 434 (268) (327) (261) (2,378) 2028 (3,296) (352) (460) (561) (151) (4,820) 2029 (925) 390 (180) (221) (178) (1,114) 2030 (404) (147) (34) (42) 62 (565) Thereafter (404) (147) (34) (41) 62 (564) Total $ (8,514) 743 (1,151) (1,406) (830) (11,158) 153 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Notes to Basic Financial Statements
June 30, 2025 and 2024
(Dollars in thousands, unless otherwise stated)

As of June 30, 2025, the SFPUC reported as deferred outflows of resources related to contributions subsequent to the measurement date of $19,425, of which $12,429 for Water Enterprise, $3,879 for the Wastewater Enterprise $1,273 for Hetchy Water, $1,556 for Hetchy Power, and $288 for CleanPowerSF, which will be recognized as an adjustment to net OPEB liability in the reporting year ending June 30, 2026.

Fiscal Year 2024

As of June 30, 2024, the City reported net OPEB liabilities related to the Plan of $3,924,832.

The SFPUC’s proportionate share of the City’s net OPEB liability as of June 30, 2024 was $247,902: $158,301 for Water Enterprise, $49,260 for the Wastewater Enterprise, $16,269 for Hetchy Water, $19,883 for Hetchy Power, and $4,189 for CleanPowerSF.

For the year ended June 30, 2024, the City’s recognized OPEB expense was $261,158.

Amortization of the City’s deferred outflows and inflows is included as a component of OPEB expense. The SFPUC’s proportionate share of the City’s OPEB expense/(income) was $17,951:
$13,394 for Water Enterprise, ($647) for the Wastewater Enterprise, $2,390 for Hetchy Water, $2,922 for Hetchy Power, and ($108) for CleanPowerSF.

As of June 30, 2024, the SFPUC’s reported its proportionate share of the City’s deferred outflows and inflows of resources related to OPEB from the following sources:

Hetchy Hetchy SFPUC
Fis cal years Water Was tewater Water Power CleanPowerSF Total 2025 $ (531) 1,056 ( 238) (292) (571) (576) 2026 (459) 956 (79) (96) (456) (134) 2027 (877) 829 (170) (209) (355) (782) 2028 (2,223) 42 (362) (443) (244) (3,230) 2029 489 626 (12) (14) 33 1,122 Total $ (3,601) 3,509 (861) (1,054) (1,593) (3,600) 154 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Notes to Basic Financial Statements
June 30, 2025 and 2024
(Dollars in thousands, unless otherwise stated)

Actuarial Assumptions

Fiscal Year 2025

A summary of the actuarial assumptions and methods used to calculate the total OPEB liability as of June 30, 2024 (measurement date) is provided below:

The mortality rates in the base tables are projected generationally from the base year using the MP-2019 projection scale.

Key Actuarial Assumptions
Valuation Date June 30, 2024
Measurement Date June 30, 2024
Actuarial Cost Method The Entry Age Actuarial Cost Method is used to measure the Plan's Total OPEB Liability Healthcare Cost Trend Rates Pre-Medicare trend starts at 6.87% trending down to ultimate rate of 3.94% in 2075 Medicare trend starts at 6.87% trending down to ultimate rate of 3.93% in 2075 10-County average trend starts at 5.00% trending down to ultimate rate of 3.94% in 2075 Vision and expenses trend remains a flat 3.00% for all years Expected Rate of Return on Plan Assets
Salary Increase Rate Wage Inflation Component: 3.25%
Additional Merit Component (dependent on years of service):

Police: 0.50% - 7.50%
Fire: 0.50% - 14.00%
Muni Drivers: 0.00% - 16.00%
Craft: 0.50% - 3.75%
Misc: 0.30% - 5.50%
Inflation Rate Wage Inflation: 3.25% compounded annually Consumer Price Inflation: 2.50% compounded annually
Mortality Tables
Base mortality tables are developed by multiplying a published table by an adjustment factor developed in SFERS experience study for the period ended June 30, 2019.

7.00%

Non-Annuitants
Male Female
Miscellaneous 0.834 0.866
Safety 1.011 0.979
Healthy Retirees
Male Female
Miscellaneous 1.031 0.977
Safety 0.947 1.044
Disabled Retirees
Male Female
Miscellaneous 1.045 1.003
Safety 0.916 0.995
Beneficiaries
Male Female
Miscellaneous 1.031 0.977
Safety 1.031 0.977
Adjustment Factor
Published Table
PubG-2010 Employee
Adjustment Factor
PubG-2010 Employee
Published Table
PubG-2010 Employee
Published Table
PubG-2010 Employee
PubS-2010 Employee
Published Table

Adjustment Factor
PubS-2010 Employee
Adjustment Factor
PubS-2010 Employee
PubG-2010 Employee
155 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Notes to Basic Financial Statements
June 30, 2025 and 2024
(Dollars in thousands, unless otherwise stated)

Fiscal Year 2024

A summary of the actuarial assumptions and methods used to calculate the total OPEB liability as of June 30, 2023 (measurement date) is provided below:

The mortality rates in the base tables are projected generationally from the base year using the MP–2019 projection scale.

Key Actuarial Assumptions
Valuation Date June 30, 2022 updated to June 30, 2023
Measurement Date June 30, 2023
Actuarial Cost Method The Entry Age Actuarial Cost Method is used to measure the Plan's Total OPEB Liability Healthcare Cost Trend Rates Pre-Medicare trend starts at 7.24% trending down to ultimate rate of 3.94% in 2075 M
edicare trend starts at 7.24% trending down to ultimate rate of 3.94% in 2075 10-County average trend starts at 5.00% trending down to ultimate rate of 3.94% in 2075 Vision and expenses trend remains a flat 3.00% for all years Expected Rate of Return on Plan Assets
Salary Increase Rate Wage Inflation Component: 3.25%
Additional Merit Component (dependent on years of service):

Police: 0.50% - 7.50%
Fire: 0.50% - 14.00%
Muni Drivers: 0.00% - 16.00%
Craft: 0.50% - 3.75%
Misc: 0.30% - 5.50%
Inflation Rate Wage Inflation: 3.25% compounded annually Consumer Price Inflation: 2.50% compounded annually
Mortality Tables
Non-Annuitants
Male Female
Miscellaneous 0.834 0.866
Safety 1.011 0.979
Healthy Retirees
Male Female
Miscellaneous 1.031 0.977
Safety 0.947 1.044
Disabled Retirees
Male Female
Miscellaneous 1.045 1.003
Safety 0.916 0.995
Beneficiaries
Male Female
Miscellaneous 1.031 0.977
Safety 1.031 0.977
Adjustment Factor
Published Table
PubG-2010 Employee
Adjustment Factor
PubG-2010 Employee
Published Table
PubG-2010 Employee
Published Table

7.00%
PubG-2010 Employee
PubS-2010 Employee
Published Table
Base mortality tables are developed by multiplying a published table by an adjustment factor developed in SFERS experience study for the period ended June 30, 2019.

Adjustment Factor
PubS-2010 Employee
Adjustment Factor
PubS-2010 Employee
PubG-2010 Employee
156 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Notes to Basic Financial Statements
June 30, 2025 and 2024
(Dollars in thousands, unless otherwise stated)

Sensitivity of Liabilities to Changes in the Healthcare Cost Trend Rate and Discount Rate

The following presents the SFPUC’s proportionate share of the City’s net OPEB liability calculated using the healthcare cost trend rate, as well as what its allocation of the City’s net OPEB liability would be if it were calculated using a healthcare cost trend rate that is 1% lower or 1% higher than the current rate as of June 30, 2025 and June 30, 2024:

Discount Rate

Fiscal Year 2025

The discount rate used to measure the Total OPEB Liability as of June 30, 2024 was 7.0%.

Based on the assumption that plan member contributions will continue to be made at the rates specified in the Charter, it was determined that the Plan’s projected fiduciary net position will be greater than or equal to the benefit payments projected for each future period. As such, the long- term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability.

The long-term expected rate of return on OPEB plan investments was 7.0% based on expected future returns and historical returns experienced by the Trust Fund. Expected future returns were determined based on 10-year and 20-year capital market assumptions for the Trust Fund’s asset allocation. Target allocation for each major asset class and best estimates of geometric real rates of return are summarized in the following table:

Hetchy Hetchy
Water Wastewater Water Power CleanPowerSF T otal 2025
$ 136,510 42, 605 13,982 17,089 3,163 213,349 161,975 50, 552 16,590 20,277 3,753 253,147 193,545 60,406 19,824 24,229 4,485 302,489 Fiscal Year 2025
1% Decrease
Healthcare Trend
1% Increase
Hetchy Hetchy
Water Wastewater Water Power CleanPowerSF Total 2024
$ 134,621 41,892 13,835 16,909 3,562 210,819 158,301 49,260 16,269 19,883 4,189 247,902 187,684 58,404 19,288 23,574 4,966 293,916 Healthcare Trend
1% Decrease

Fiscal Year 2024
1% Increase
Asset Class
Target
Allocation
Long-term
Expected Real
R
ate of Return
Equities
U.S. Large Cap 25.0 % 5. 5 %
U.S. Small Cap 2.0 6.4
Developed Market Equity (non-U.S.) 13.0 5.9
Emerging Market Equity 10.0 5.9
Credit
Bank Loans 3.0 3. 7
High Yield Bonds 3.0 3.9
Rate Securities
Investment Grade Corporate Bonds 7.0 1. 9
Short-term Treasury Inflation-Protected Securities (TIPS) 5.0 0. 9 Private Markets
Private Equity 10.0 6.9
Private Debt 5.0 6. 2
Core Private Real Estate 5.0 5. 2
Infrastructure (Core Private) 2.0 6.0
Risk Mitigating Strategies
Global Macro 10.0 1. 6
Total 100.0 %
157 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Notes to Basic Financial Statements
June 30, 2025 and 2024
(Dollars in thousands, unless otherwise stated)

The following presents the SFPUC’s proportionate share of the City’s net OPEB liability calculated using the discount rate, as well as what the SFPUC’s proportionate share of the City’s net OPEB liability would be if it were calculated using a discount rate that is 1% lower or 1% higher than the current rate:

Fiscal Year 2024

The discount rate used to measure the Total OPEB Liability as of June 30, 2023 was 7.0%.

The City issues a publicly available financial report that includes the complete note disclosures and required supplementary information related to the City’s postemployment health care obligations. The report may be obtained on the City’s website https://www.sf.gov/annual- comprehensive-financial-reports-acfr, by writing to the City and County of San Francisco, Office of the Controller, 1 Dr. Carlton B. Goodlett Place, Room 316, San Francisco, California 94102, or by calling (415) 554-7500.

Hetchy Hetchy SFPUC
Water Wastewater Water Power CleanPowerSF Total
$ 190,937 59,592 19,557 23,902 4,425 298,413 161,975 50,552 16,590 20,277 3,753 253,147 138,204 43,134 14,156 17,301 3,203 215,998 Fiscal Year 2025
1% Decrease 6.00%
Discount Rate 7.00%
1% Increase 8.00%
Asset Class
Target
Allocation
Long-term
Expected Real
Rate of Return
Equities
U.S. Large Cap 25.0 % 6.1 %
U.S. Small Cap 2.0 6.7
Developed Market Equity (non-U.S.) 13.0 7.2
Emerging Market Equity 10.0 7.4
Credit
Bank Loans 3.0 4.4
High Yield Bonds 3.0 4.7
Rate Securities
Investment Grade Corporate Bonds 7.0 2.8
Short-term Treasury Inflation-Protected Securities (TIPS) 5.0 1.0 Private Markets
Private Equity 10.0 8.4
Private Debt 5.0 6.4
Core Private Real Estate 5.0 3.9
Infrastructure (Core Private) 2.0 5.2
Risk Mitigating Strategies
Global Macro 10.0 3.1
Total 100.0 %
Hetchy Hetchy SFPUC
Water Was tewater Water Power CleanPowerSF Total
$ 185,275 57,654 19,040 23,272 4,903 290,144 158,301 49,260 16,269 19,883 4,189 247,902 136,180 42,377 13,995 17,105 3,604 213,261 Fiscal Year 2024
1% Decrease 6.00%
Discount Rate 7.00%
1% Increase 8.00%

158 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Notes to Basic Financial Statements
June 30, 2025 and 2024
(Dollars in thousands, unless otherwise stated)

(14) Related Parties

Various common costs incurred by the Commission are allocated pro ratably between Water, Wastewater, Hetchy Water, Hetchy Power, and CleanPowerSF. The allocations are based on the Commission management’s best estimate and may change from year to year depending on the activities incurred by each enterprise and the information available.

The following tables show the administrative costs for the years ended June 30, 2025 and 2024:

SFPUC’s 75-year lease agreement with the San Francisco Recreation and Parks Department, for the use of parking spaces for its fleet of vehicles at the Civic Center Garage, commenced on February 1, 2011.

The total payment under this agreement is $6,274, which was fully made as of fiscal year 2015. The expenses and prepayments among the three SFPUC Enterprises are based on 525 Golden Gate occupancy. The following tables show the allocable share of expenses and prepayments for the years ended June 30, 2025 and 2024:

Water Enterprise

The Water Enterprise purchases water from Hetch Hetchy Water. The amounts, totaling $49,240 and $46,266 for the years ended June 30, 2025 and 2024, respectively, have been included in the services provided by other departments in the accompanying financial statements.

The Water Enterprise purchases electricity from Hetch Hetchy Power at market rates. The amounts, totaling $13,477 and $10,256 for the years ended June 30, 2025 and 2024, respectively, have been included in services provided by other departments in the accompanying financial statements.

The Water Enterprise sold water to the Wastewater Enterprise at retail rates. This amount, totaling $3,669 and $1,736 for the years ended June 30, 2025 and 2024, respectively, has been included in charges for services in the accompanying financial statements.

Since fiscal year 2008, the Water Enterprise has charged City departments for water usage except for fire hydrants, which are used for general public safety. In fiscal years 2025 and 2024, the Water Enterprise delivered water for fire hydrant purposes totaling $6 and $5, respectively, based on metered usage and applicable water rates, and the amount has been excluded from operating revenues in the accompanying financial statements.

A variety of City departments provide services such as engineering, purchasing, legal, data processing, telecommunications, and human resources to the Water Enterprise and charge amounts designed to recover those departments’ costs. These charges, totaling $22,696 and $20,925 for the years ended June 30, 2025 and 2024, respectively, have been included in services provided by other departments in the accompanying financial statements.

Fiscal SFPUC
Years Total
2025 $ 62,356 44.1% 4 5,226 32.0% 6,905 4.9% 20,062 14.2% 6,752 4.8% 141,301 2024 59,952 48.1% 35,943 28.8% 12,805 10.3% 10,297 8.3% 5,687 4.5% 124,684 Hetchy PowerHetchy WaterWastewaterWater CleanPowerSF
Hetchy Hetchy SFPUC
Water Wastewater Water Power Total
Allocable share of expenses $ 42 22 4 15 83 Allocable share of prepayment 3,132 1,081 138 714 5,065 Hetchy Hetchy SFPUC
Water Wastewater Water Power Total
Allocable share of expenses $ 46 21 4 12 83 Allocable share of prepayment 3,174 1,103 142 729 5,148 2024
2025
159 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Notes to Basic Financial Statements
June 30, 2025 and 2024
(Dollars in thousands, unless otherwise stated)

During the fiscal year ended June 30, 2025, the Water Enterprise transferred $47,084 to Hetch Hetchy Water for the Mountain Tunnel Improvement project and $31 to the Office of the City Administrator for the Water Enterprise’s contribution to the Surety Bond Program. During the fiscal year ended June 30, 2024, the Water Enterprise transferred $1,167 to the Arts Commission for the arts enrichment fund, $42 to Hetch Hetchy Water to fund various Mountain Tunnel Improvement projects, and $32 to the Office of the City Administrator for the Water Enterprise’s contribution to the Surety Bond Program.

As of June 30, 2025, the Water Enterprise had interfund receivables of $37,929 from Hetchy Power for the Mountain Tunnel Improvement project and DPW relating to custom work projects. As of June 30, 2024, the Water Enterprise had interfund receivables of $102 from DPW relating to custom work projects.

Wastewater Enterprise

The Wastewater Enterprise purchases electricity from Hetch Hetchy Power at market rates. This amount, totaling $14,841 and $12,377 for the years ended June 30, 2025 and 2024, respectively, has been included in services provided by other departments in the accompanying financial statements.

The Wastewater Enterprise purchases water from Water Enterprise at retail rates. This amount, totaling $1,890 and $1,701 for the years ended June 30, 2025 and 2024, respectively, has been included in services provided by other departments in the accompanying financial statements.

The Wastewater Enterprise provides sewer services to other City departments at non-residential rates established by the Commission, and through the Customer Services Bureau, bills and collects sewer service charges on behalf of the Wastewater Enterprise.

The City’s Department of Public Works provides certain engineering and other services to the Wastewater Enterprise and charges amounts designed to recover its costs. These services are primarily related to street cleaning, engineering, building repair, and sewer repair. These amounts totaling approximately $8,547 and $8,711 for the years ended June 30, 2025 and 2024, respectively, have been included in services provided by other departments in the accompanying financial statements.

A variety of other City departments provide services such as purchasing, legal, data processing, telecommunications, and human resources to the Wastewater Enterprise and charge amounts designed to recover those departments’ costs. These charges totaling approximately $18,935 and $16,757 for the years ended June 30, 2025 and 2024, respectively, have been included in services provided by other departments in the accompanying financial statements.

As of June 30, 2025 and 2024, the Wastewater Enterprise has payables in the amount of $291 and $405, respectively, which is associated with the SFPUC Headquarters Living Machine system.

As of June 30, 2025 and 2024, the Wastewater Enterprise has interfund receivable from DPW for the Mission Bay South custom work project of $70 and $82, respectively.

SFPUC’s 30-year lease agreement with the San Francisco Port Commission, for the use of approximately 4,833 square feet of land located within Seawall Lot 345 and within the public right -of-way on Terry A.

Francois Boulevard and on Illinois Street, commenced on September 1st, 2018. SFPUC intends to use the premises for the reconstruction of the Mariposa Pump Station and Force Main Improvements. Total payment under this agreement is $502, which was fully made as of fiscal year 2019. As of June 30, 2025, the Wastewater Enterprise’s expenses and prepayment were $17 and $388 , respectively, and as of June 30, 2024 were $17 and $405, respectively.

Hetchy Water

The Water Enterprise purchases water from Hetchy Water. Included in the operating revenues are the water assessment fees of $49,241 and $46,266 for the years ended June 30, 2025 and 2024 , respectively. The water assessment fees represent a recovery to fund upcountry, water -related costs that are not otherwise funded through Hetchy water-related revenue or Water revenue bonds.

160 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Notes to Basic Financial Statements
June 30, 2025 and 2024
(Dollars in thousands, unless otherwise stated)

A variety of City departments provide direct services such as engineering, purchasing, legal, data processing, telecommunication, and human resources to Hetchy Water and charge amounts designed to recover those departments’ costs. These charges totaling approximately $2,622 and $3,501 for the years ended June 30, 2025 and 2024 , respectively, have been included in services provided by other departments in the accompanying financial statements.

Hetchy Water received $47,084 and $42 from the Water Enterprise for the years ended June 30, 2025 and 2024, respectively. The increase was mainly due to the transfer of State Revolving Fund (SRF) loan proceeds to fund Hetchy Water's share of the Mountain Tunnel Project.

Hetchy Power

For the years ended June 30, 2025 and 2024, operating revenues in sales of power to departments within the City were $144,286 and $125,197, respectively.

A variety of City departments provide direct services such as engineering, purchasing, legal, data processing, telecommunication, and human resources to Hetchy Power and charge amounts designed to recover those departments’ costs. These charges totaling approximately $8,082 and $6,828 for the years ended June 30, 2025 and 2024, respectively, have been included in services provided by other departments in the accompanying financial statements.

The Water Enterprise also purchases electricity and gas from Hetchy Power. This amount totaled $13,477 and $10,256 for the years ended June 30, 2025 and 2024, respectively.

The Wastewater Enterprise purchases electricity and gas from Hetchy Power. This amount totaled $14,841 and $12,377 for the years ended June 30, 2025 and 2024, respectively.

The Low Carbon Fuel Standard (LCFS) program, overseen by the California Air Resources Board (CARB), seeks to reduce the carbon intensity of California’s transportation fuel. Transportation fuel suppliers can achieve this goal by either reducing the carbon intensity of their fuels or purchasing LCFS credits from other fuel suppliers that have a lower carbon intensity. In 2017, the San Francisco Municipal Transportation Agency (SFMTA) joined the LCFS program, signing up its transit fleet of electric buses, cable cars, and light rail vehicles and generating LCFS credits. Through a Memorandum of Understanding (MOU) with SFMTA, approved by the SFPUC Commission in Resolution 17- 0199, net proceeds from the sale of LCFS credits would be shared 50/50 between SFMTA and Hetchy Power. In Ordinance 0199 -19, the Board of Supervisors authorized Hetchy Power to establish the Low Carbon Fuel Standard Fund to account for the revenue and expenditure from the credit sales. The Ordinance also allowed Hetchy Power to sell LCFS credits on behalf of other City agencies which includes Port of San Francisco (Port) and San Francisco International Airport (SFO). Revenue allocations and fees are based on agreements with the departments. LCFS revenue is reported as other non-operating revenues on the Statements of Revenues, Expenses, and Changes in Net Position.

During the fiscal year ended June 30, 2025, Hetchy Power received total payments of LCFS credits of $1,668, of which $1,041 was transferred to other City departments ($627 for SFMTA, $238 for Port, and $176 for SFO). The remaining portion was reported as other non -operating revenues on the Statements of Revenues, Expenses, and Changes in Net Position.

During the fiscal year ended June 30, 2024, Hetchy Power received total payments of LCFS credits of $1,838, of which $1,154 was transferred to other City departments ($684 for SFMTA, $372 for Port, and $98 for SFO). The remaining portion was reported as other non -operating revenues on the Statements of Revenues, Expenses, and Changes in Net Position.

Due from other City departments was $10,166 and $11,421 as of June 30, 2025 and 2024, respectively.

Hetchy Power serves as the City’s department for energy efficiency projects and maintains the Sustainable Energy Account (SEA) (formerly known as the Mayor’s Energy Conservation Account) fund to sponsor and financially support such projects at various City departments. In this role, Hetchy Power may secure low-interest financing to supplement funds available in the SEA fund. At June 30, 2025 and 2024, receivables related to projects completed throughout the City amounted to $2,531 and $3,037, 161 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Notes to Basic Financial Statements
June 30, 2025 and 2024
(Dollars in thousands, unless otherwise stated)

respectively and are recorded as due from other City Departments.

Hetch Hetchy funded a project for the Treasure Island Development Authority and recorded receivables in connection with an upgraded submarine power cable, and gas and electrical charges for the Treasure Island as due from other City departments. This amount totaled $7,304 and $7,041 for the years ended June 30, 2025 and 2024, respectively.

As of June 30, 2025 and 2024, Hetchy Power recorded receivables of $291 and $405, respectively, due from Wastewater Enterprise for its share of costs relating to SFPUC Headquarters Living Machine System. Details of due from other City departments are as follows:

As of June 30, 2025, Hetchy Power had payable in the amount of $37,822 for SRF loan reimbursement to the Water Enterprise.

CleanPowerSF

As of June 30, 2025, and 2024, operating revenue in sales of power to Hetchy Power were $8,399 and $1,421, respectively. Operating expenses in purchase of power from Hetchy Power were $8,634 and $13,521, respectively. Wholesale sales of energy, capacity and/or other electric power related products may be made between the CleanPowerSF and Hetchy Power, when available. CleanPowerSF and Hetchy Power transact for such products at prevailing market prices.

A variety of City departments provide direct services such as engineering, purchasing, legal, data processing, telecommunication, and human resources to CleanPowerSF and charge amounts designed to recover those departments’ costs. These charges totaling approximately $3,316 and $4,792 for the years ended June 30, 2025 and 2024, respectively, have been included in services provided by other departments in the accompanying financial statements.

CleanPowerSF received program support services from Hetchy Power. This amount totaled $0 and $2,841 for the years ended June 30, 2025 and 2024, respectively. Starting fiscal year 2025, Hetchy Power's support services are recorded to personnel services.

(15) Risk Management

The SFPUC’s Risk Management program includes both self -insured (i.e., self -retention) and insured exposures at risk. Risk assessments and purchasing of insurance coverage are collaboratively coordinated by SFPUC Enterprise Risk Management and the City’s Office of Risk Management. With certain exceptions, the City and the SFPUC’s general approach is to first evaluate the exposure at risk for self -insurance. Based on this analysis, internal mitigation strategies and financing through a self - retention mechanism are generally more economical as the SFPUC in coordination with the City Attorney’s Office administers, adjusts, settles, defends, and pays claims from budgeted resources (i.e., pay-as-you-go fund). When economically more viable or when required by debt financing covenants, the SFPUC obtains commercial insurance. The SFPUC does not maintain commercial earthquake coverage, with certain minor exceptions, such as a sub- limit for fire -sprinkler leakage due to earthquake under the SFPUC Property Insurance Program. In the past three years, there were no settlements that exceeded insurance coverage.

2025 2024
Treasure Island Development Authority $ 7,304 7,041
SEA-related projects - Moscone Center 2,531 3,037
General Fund — 754
Wastewater - 525 Golden Gate Headquarters Project 291 405 San Francisco Recreation and Park — 105
Department of Public Works 40 79
Total due from other City departments 10,166 11,421
Less: current portion (661) (1,558)
Long-term portion as of June 30, net $ 9,505 9,863
162 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Notes to Basic Financial Statements
June 30, 2025 and 2024
(Dollars in thousands, unless otherwise stated)

a) General Liability

The SFPUC’s liability as of June 30, 2025, was estimated based on professional judgment regarding probable claims exposure provided by the City Attorney’s Office and includes an estimate of incurred but not reported losses. The recorded liability represents management’s best estimate of the City’s potential exposure based on currently available information.

The changes for the general liability (damage claims) for the years ended June 30, 2025, 2024, and 2023 are as follows:

b) Workers’ Compensation

The City actuarially determines and allocates workers’ compensation costs to the SFPUC according to a formula based on the following: (i) the dollar amount of claims; (ii) yearly projections of payments based on historical experience; and (iii) the size of the SFPUC’s payroll.

The administration of workers’ compensation claims and payouts are handled by the Workers’ Compensation Division of the City’s Department of Human Resources. Statewide workers’ compensation reforms have resulted in budgetary savings in recent years. The City continues to develop and implement improved programs, such as return -to-work programs, to lower or mitigate the growth of workers’ compensation costs. Programs include accident prevention, Risks
(a) General liability S elf-Insured
(b) Workers’ compensation Self-Insured through Citywide Pool (c) Property Purchased Insurance and Self-Insured
(d) P ublic officials liability Purchased Insurance
(e) Employment practices liability Purchased Insurance
(f) Cyber Liability Purchased Insurance
(g) Crime Purchased Insurance
(h) Electronic data processing Purchased Insurance and Self-Insured (i) Surety bonds Contractual Risk Transfer
(j) Errors and omissions Contractual Risk Transfer
(k) Builders’ risk Contractual Risk Transfer
(l) Tenants' and Users' Liability Insurance Policy Purchased Insurance (m) Active Assailant Policy Purchased Insurance
(n) Energy Risk Management Contractual Risk Transfer, Purchased Insurance and Self-Insured (o) Enterprise Risk Management Contractual Risk Transfer, Purchased Insurance and Self-Insured Coverage Approach
Water Wastewater
Hetchy
Water
Hetchy
Power CleanPowerSF
SFPUC
Total
Beginning of year $ 22,773 115, 083 268 3,774 21 141,919 Claims & changes in estimates 4,502 4,968 155 7,758 299 17,682 Claims paid & changes in estimates (12,326) (40,950) (126) (10,884) (320) (64,606) End of year $ 14,949 79,101 297 648 — 94,995
Water Wastewater
Hetchy
Water
Hetchy
Power CleanPowerSF
SFPUC
Total
Beginning of year $ 19,625 4, 350 700 6,150 34 30,859
Claims & changes in estimates 18,823 112,467 96 9,273 915 141,574 Claims paid & changes in estimates (15,675) (1,734) (528) (11,649) (928) (30,514) End of year $ 22,773 115,083 268 3,774 21 141,919
Water Wastewater
Hetchy
Water
Hetchy
Power CleanPowerSF
SFPUC
Total
Beginning of year $ 36,069 12, 045 627 1,023 32 49,796
Claims & changes in estimates 1,898 2,716 320 10,439 1,738 17,111 Claims paid & changes in estimates (18,342) (10,411) (247) (5,312) (1,736) (36,048) End of year $ 19,625 4,350 700 6,150 34 30,859
2024
2023
2025
163 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Notes to Basic Financial Statements
June 30, 2025 and 2024
(Dollars in thousands, unless otherwise stated)

investigation, and duty modification for injured employees with medical restrictions so return to work can occur as soon as possible.

The changes in the liabilities for workers’ compensation for the years ended June 30, 2025, 2024, and 2023 are as follows:

*CleanPowerSF had no workers’ compensation liability as of June 30, 2025, 2024 and 2023.

c) Property

The SFPUC’s property risk management approach varies depending on whether the facility is currently under construction, the property is part of revenue-generating operations, the property is of high value or is mission -critical in nature. During the course of construction, the SFPUC requires each contractor to provide its own insurance, while ensuring the full scope of work is covered with satisfactory levels to limit the Enterprise’s risk exposure. Once construction is complete, the SFPUC performs an assessment to determine whether liability/loss coverage will be obtained through the commercial property policy or self -insurance. The majority of property scheduled in the insurance program is for (1) revenue generating facilities, (2) debt -financed facilities, (3) mandated coverage to meet statutory requirements for bonding of various public officials, or (4) high-value, mission-critical property or equipment.

d) Public Officials Liability

All SFPUC public officials with financial oversight responsibilities are provided coverage through a commercial Public Officials Liability Policy.

e) Employment Practices Liability

An e mployment p ractices liability p olicy is retained to protect against employment-related claims and liabilities.

f) Cyber Liability

A cyber liability policy is retained to protect against cyber-related claims and liabilities.

g) Crime

The SFPUC also retains a Commercial Crime Policy, in lieu of bonding its employees, to provide coverage against liabilities or losses due to third-party crime or employee fraud.

Water Wastewater
Hetchy
Water
Hetchy
Power
SFPUC
Total
Beginning of year $ 8,973 7, 546 1,228 2,250 19,997
Claims & changes in estimates 3,984 2,976 76 224 7,260
Claims paid & changes in estimates (3,222) (2,524) (85) (236) (6,067) End of year $ 9,735 7,998 1,219 2,238 21,190
2023*
164 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Notes to Basic Financial Statements
June 30, 2025 and 2024
(Dollars in thousands, unless otherwise stated)

h) Electronic Data Processing

The electronic data processing policy protects selected high -value electronic property in case of damage or loss.

i) Surety Bonds

Bonds are required in most phases of the public utilities construction contracting process for such phases as bid, performance, and payment or maintenance. Additionally, bonds may be required in other contracts where goods or services are provided to ensure compliance with applicable terms and conditions such as warranty.

j) Errors and Omissions

Errors and omissions, also known as Professional Liability, are commonly transferred through contract to the contracted professional, or retained through self -insurance on a case -by-case basis depending on the size, complexity, or scope of construction or professional service contracts. Examples of such contracts are inclusive of services provided by engineers, architects, design professionals, and other licensed or certified professional service providers.

k) Builders’ Risk

Builders’ risk policies of insurance are required to be provided by the contractor on all construction projects for the full value of construction.

l) Tenants’ and Users’ Liability Insurance Policy

A policy is retained to provide coverage for injuries and property damage to third parties relating to injuries sustained on premises and scheduled events, purchased for the Southeast Community Center.

m) Active Assailant Policy

A policy is retained to protect against third party injuries, first party property damage, business interruption, and crises management for events occurring on premise, purchased for the Southeast Community Center.

n) Energy Risk Management

Similar to other electric utilities with a heavy reliance on hydroelectric generation, Hetch Hetchy is exposed to risks that could impact its ability to generate net revenues to fund operating and capital investment activities. Hydroelectric generation facilities in the Sierra Nevada are the primary source of electricity for Hetch Hetchy. For this reason, the Hetch Hetchy revenues can vary with watershed hydrology, unexpected generator outages, and market prices for energy. Given the inherent risk for all hydroelectric generation, several risk management interventions have been developed to mitigate exposure.

o) Enterprise Risk Management

The Power Enterprise adopted the ISO 31000 standard for Hetchy Power and the CleanPowerSF program as the framework for implementing Enterprise Risk Management (ERM). The SFPUC utilizes this framework to systematically and proactively identify and mitigate risks that threaten its business objectives. Since not all risks are insurable or transferable contractually, the ERM program provides an additional method to manage risks and protect the SFPUC’s current and expanding business allowing for increased operational resiliency and the ability to capitalize on opportunities.
165 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Notes to Basic Financial Statements
June 30, 2025 and 2024
(Dollars in thousands, unless otherwise stated)

(16) Commitments and Litigation

a) Commitments

SFPUC has outstanding commitments with third parties for various capital projects and other purchase agreements for materials and services. The following tables show the commitments for the years ended June 30, 2025 and 2024:

Hetchy Water

To meet certain requirements of the Don Pedro Reservoir operating license, the City entered into an agreement with the Modesto Irrigation District (MID) and Turlock Irrigation District (TID) in which the Districts would be responsible for an increase in water flow releases from the reservoir in exchange for annual payments from the City, which are included in Hetchy Water’s operating expenses. The payment amounts were $5,940 and $5,714 for fiscal years 2025 and 2024, respectively. The payments are to be made for the duration of the license, but may be terminated with one year’s prior written notice after 2001. The City and the Districts have also agreed to monitor the fisheries in the lower Tuolumne River for the duration of the license. A maximum monitoring expense of $1,400 is to be shared between the City and the Districts over the term of the license. The City’s share of the costs is 52%, while the Districts are responsible for 48% of the costs.

Hetchy Power

Wholesale Distribution Tariff (WDT) and Key Operating Agreements for Grid Access

Upon expiration of the City’s previous Interconnection Agreement with PG&E, the City began taking service in 2015 under the WDT for distribution service and under the CAISO Open -Access Transmission Tariff for transmission service. The FERC -regulated Wholesale Distribution Tariff is implemented by PG&E through the City specific Service Agreements and Interconnection Agreements. The terms of these agreements have been in contention since the effective date.

The City continues to negotiate with PG&E and, where necessary, file complaints and protests at FERC. In September 2020, PG&E filed a revised WDT (WDT3) that increased rates and significantly decreased the City’s ability to serve City projects. Under the terms of WDT3, the City would be required to install costly and inefficient equipment not needed for technical, safety or reliability of operations. In addition, Hetchy Power would no longer be allowed to connect to the “network” grid in the center of San Francisco; have new secondary interconnections; and/or serve any small, typically unmetered loads, such as streetlights, Distributed Antenna System, traffic signals, and bus shelters. The City and PG&E have reached a limited settlement agreement that allows the City to continue serving City projects (like Affordable Housing, streetlights, parks, and schools) at a secondary interconnection. PG&E filed this agreement at FERC on August 11, 2025 and it is now waiting for FERC approval. Cost assignment issues still remain as PG&E requires the City to pay for distribution upgrades to PG&E’s system that benefits PG&E’s own retail customers. This issue is still being litigated at FERC under the WDT3 proceeding. PG&E has since filed a new iteration of the WDT, WDT4, which became in effect May 2025. The cost assignment issues remain in WDT4 and the City is currently engaged in settlement discussions with PG&E at FERC.

Staff prepare regular reporting to the Board of Supervisors outlining on-going disputes with PG&E over project requirements, costs and delays. During fiscal years 2025 and 2024, Hetchy Power purchased distribution services for $21,782 and $27,932, respectively, from PG&E under the Hetch SFPUC
Fiscal years ended June 30: Water Wastewater Hetchy Total 2025 $ 473,767 554, 307 185,619 1,213,693 2024 248,510 675,849 154,975 1,079,334

Total outstanding commitments
166 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Notes to Basic Financial Statements
June 30, 2025 and 2024
(Dollars in thousands, unless otherwise stated)

terms of the Service Agreements and Interconnection Agreements that implement the WDT. The City continues to litigate and dispute these terms at FERC and in the court systems; and pursue the purchase of PG&E’s electric grid in San Francisco.

Western System Power Pool and other Market Purchases and Sales

Hetchy Power may purchase or sell energy and other related products (such as ancillary services, spinning reserves, resource adequacy products, and congestion revenue rights) with different market entities through the Western System Power Pool (WSPP) and the CAISO. During fiscal years 2025 and 2024, Hetchy Power purchased $11,364 and $11,945 of power and other related products, respectively. Sales of excess power, after meeting Hetch Hetchy’s obligations, were $1,589 for fiscal year 2025 and $6,532 for fiscal year 2024, respectively.

Power Purchase Agreement (PPA)

Hetchy Power (Buyer) purchases energy, capacity, and environmental attributes from a local solar photovoltaic project located at Sunset Reservoir (the facility) pursuant to the 2009 25 -year PPA with SFCity1, LP, owned by Duke Energy (Seller). In November 2010, the facility commenced commercial operation and began to provide Hetchy Power energy generated by the facility.

The PPA sets the starting purchase price of generated energy at $235/MWh, increasing by 3% each year throughout the term of the agreement, and it is expected that the facility will generate 6,560 MWh per year on average. Rates for fiscal years ended June 30, 2025 and 2024 were $365/MWh and $354/MWh, respectively. In the event that the facility generates more energy than expected due to better than normal meteorological conditions, the PPA requires the Buyer to purchase all the excess energy but generation in excess of 120% of expected is purchased at no cost. The PPA also requires the Seller to generate a minimum amount of energy from the facility annually. If energy production falls below 50% of expected, the Seller must provide replacement power, and if energy falls below 90% of expected, the price for energy generated is lowered. In fiscal years 2025 and 2024, purchases of energy under the Agreement were $2,371, or 6,599 MWh, and $2,184, or 6,269 MWh, respectively.

APX, Inc

Hetchy Power and CleanPowerSF participate in the CAISO energy markets which requires the SFPUC to have a contract with a certified Scheduling Coordinator (SC). In June 2022, CleanPowerSF renewed a 5- year contract with APX, Inc with contract amount not to exceed $134,743 to fulfill this requirement. APX, Inc provides a number of services including but not limited to an interface with the CAISO’s energy scheduling portal, manage invoice payments to the CAISO and communications between the CAISO and the SFPUC, and dispatch of the Hetch Hetchy plant 24 hours a day, seven days a week. The contract also provides that APX, Inc will act as the SC for renewable generation plants under some of CleanPowerSF’s Power Purchase Agreements. Hetchy Power’s share was $475 and $456 as of June 30, 2025 and 2024, respectively. CleanPowerSF’s share was $264 for fiscal years 2025 and 2024.

CleanPowerSF

CleanPowerSF regularly adds new short -term and medium -term contracts with multiple counterparties pursuant to master agreements, including the WSPP Master Agreement, to purchase renewable, carbon- free and conventional energy and resource adequacy capacity.

CleanPowerSF has also entered into long- term contracts for renewable energy and capacity with renewable energy developers including sPower, Terra- Gen, NextEra, Intersect Power and EDF Renewables. These contracts have been entered to allow CleanPowerSF to meet its existing retail sales obligations, to support future retail sales from anticipated load growth, and to comply with State requirement that 65% of CleanPowerSF’s Renewables Portfolio Standard (RPS) compliance targets be fulfilled by RPS -eligible electricity from contracts of 10 or more years. 167 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Notes to Basic Financial Statements
June 30, 2025 and 2024
(Dollars in thousands, unless otherwise stated)

Citywide enrollment was completed in 2020. Since it began serving customers in 2016, CleanPowerSF’s cumulative opt -out rate is 4.7% of all enrolled accounts. The total power purchase cost, net of wholesale sales, were $334,299 and $270,340 in fiscal years 2025 and 2024, respectively.

CleanPowerSF contracts with Calpine Energy Solutions to provide meter data management, billing and customer care support. Calpine is responsible for calculating and providing CleanPowerSF charges to PG&E, which in turn bills both CleanPowerSF and PG&E customers for electricity transmission, distribution, and CleanPowerSF generation services. PG&E remits payments received from customers for CleanPowerSF charges to the City. During fiscal years 2025 and 2024, amounts paid were $4,683 and $4,742, respectively.

CleanPowerSF Guarantee

In March 2018, CleanPowerSF entered into a five- year, $75,000 Credit Agreement with JPMorgan Chase Bank, National Association (“Bank”) to provide letters of credit or loans from the Bank to guarantee certain power purchase agreement payment obligations of CleanPowerSF and to meet working capital needs, if necessary. In November 2021 the Credit Agreement decreased (at the request of CleanPowerSF) the available amount from $75,000 to $20,000, and the stated term of the agreement was extended to March 2024. Additional changes to the agreement effected by the November 2021 Amendments include elimination of target reserve requirements, revisions to debt service coverage (allowing for a liquidity test two times in the aggregate for any consecutive four quarters) and rate-setting covenants, changes to ongoing reporting requirements to the Bank, and changes to events of default, including the addition of an event of default if CleanPowerSF’s long-term unenhanced credit rating is downgraded below investment grade or suspended, withdrawn or otherwise unavailable. In May 2022 CleanPowerSF executed another amendment to its Credit Agreement to eliminate and change certain financial covenants contained in the 2018 Credit Agreement. Specifically, this Amendment eliminated the covenant of the Commission to maintain a specified debt service coverage ratio and changed such financial covenant to commit the Commission to maintain a specified level of Day Liquidity on Hand (as defined in the Credit Agreement). In March 2024 CleanPowerSF executed a fourth amendment to the Credit Agreement increasing the available amount from $20,000 to $75,000 and extended the agreement end date from March 2024 to March 2027. The Credit Agreement is secured by CleanPowerSF’s net revenues; there is no pledge of, or lien on net revenues that ranks senior to the obligations under the Credit Agreement. The Bank issued letters of credit in the face amounts totaling $6,183 for fiscal years ended June 30, 2025 and 2024, respectively. CleanPowerSF did not draw on the Credit Agreement during fiscal years 2025 and 2024. Accordingly, the uncommitted credit capacity under the Credit Agreement was $68,817 during fiscal years 2025 and 2024.

Original financial covenants include that CleanPowerSF maintain a Debt Service Coverage Ratio as defined in the Credit Agreement of not less than 1.05 for each fiscal quarter, as determined for the four consecutive fiscal quarter periods ended on the last day of such fiscal quarter.

CleanPowerSF was in compliance with all covenants and requirements of the Credit Agreement as amended for fiscal years ended June 30, 2025 and 2024.

Significant events of default under the Credit Agreement, include 1) non -payment, 2) material breach of warranty, representation, or other non-remedied breach of covenants as specified in the agreement and 3) bankruptcy and insolvency events, which could result in all outstanding loans under the Credit Agreement to be immediately due and payable; or the immediate termination of the Bank’s commitment to issue letters of credit or make loans under the Credit Agreement.

Green Tariff and Community Solar Green Tariff Programs for Disadvantaged Communities

In June 2018. the CPUC established the Disadvantaged Communities -Green Tariff (DAC -GT) program and Community Solar Green Tariff (CSGT) program to address barriers to solar adoption faced by low -income electric customers in neglected communities. The DAC -GT program provides a 20% bill discount on 100% RPS eligible electricity service to income- qualified 168 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Notes to Basic Financial Statements
June 30, 2025 and 2024
(Dollars in thousands, unless otherwise stated)

customers residing in Disadvantaged Communities (DACs) as defined by the California Environmental Protection Agency’s (Cal EPA) Office of Environmental Health Hazard Assessment (OEHHA). Similar to DAC-GT, the CSGT program was to provide a 20% bill discount to qualifying customers in DACs to benefit from the development of solar generation projects located in their own or nearby DACs.

The CPUC approved CleanPowerSF’s application to establish DAC -GT and CSGT programs in April 2021 and to receive funds to cover program administration and a portion of electricity supply costs. CleanPowerSF began enrolling customers in the DAC -GT program branded as “SuperGreen Saver” on June 1, 2022. The CSGT program was expected to start serving customers during fiscal year 2026, but the CPUC discontinued the program. CSGT capacity was shifted to the SuperGreen Saver program. For the years ended June 30, 2025 and 2024, CleanPowerSF received $345 and $98, respectively, from a combination of ratepayer funds and California Cap and Trade Auction proceeds.

b) Grants

Grants that the SFPUC received are subject to audit and final acceptance by the granting agency.

Current and prior year costs of such grants are subject to adjustment upon audit.

c) Litigation

The SFPUC is a defendant in various legal actions and claims that arise during the normal course of business. The final disposition of these legal actions and claims is not determinable. However, in the opinion of management, the outcome of any litigation of these matters will not have a material effect on the financial position or changes in net position of SFPUC.

d) Environmental Issue

Water

As of June 30, 2025 and 2024, the pollution remediation liability was $0 and $1,271, respectively is related to the Pacific Rod and Gun Club site construction projects for the full value of construction.

Wastewater

As of June 30, 2025 , and 2024 , the Wastewater Enterprise recorded $ 6,123 and $6,451 in pollution remediation liability, respectively for the Yosemite Creek toxic sediments. The decrease of $328 in pollution remediation liability in fiscal year 2025 is due to payment related to the remediation costs related to Yosemite Creek.

Hetch Hetchy

Hetch Hetchy had no pollution remediation liability as of June 30, 2025 and 2024.

169 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Required Supplementary Information
(Unaudited)

Schedules of the Proportionate Share of the Net Pension (Asset)/Liability

Schedules of Employer Contributions – Pension Plan

Schedules of Changes in Total Pension Liability and Related Ratios – Replacement Benefits Plan

Schedules of Changes in Other Postemployment Benefits Liability and Related Ratio - Other Postemployment Healthcare Benefits Plan

Schedules of Employer Contributions – Other Postemployment Healthcare Benefits Plan

Supplementary Information (Proprietary Funds)

Schedule of Changes in Net Position – Dollar and Percentage Change vs.

Prior Year

Schedule of Changes in Revenues, Expenses, and Net Position – Dollar and Percentage Change vs. Prior Year

170 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Required Supplemental Information (Unaudited)

Schedules of the Proportionate Share of the Net Pension (Asset)/Liability Fiscal Years Ended 2016 to 2025 (In thousands)

*Changes of Assumptions - There are no changes in the discount rate for the measurement period ended June 30, 2023, 2021, 2020 and 2018. For the measurement period ended June 30, 2022, the discount rate was decreased from 7.40% to 7.20%. For the measurement period ended June 30, 2019, the discount rate was decreased from 7.50% to 7.40%. For the measurement period ended June 30, 2017, the discount rate was increased from 7.46% to 7.50%.
^Water, Wastewater, Hetchy Water, Hetchy Power, CleanPowerSF and SFPUC covered payroll is calculated based on the percentage of proportion of net pension (asset)/liability by the t otal covered payroll from SFERS (https://www.mysfers.org). The total covered payroll excludes San Francisco Unified School District, San Francisco Community College District, and the San Francisco Courts.

Source: Office of the Controller, City and County of San Francisco and San Francisco Employees’ Retirement System (SFERS).

See accompanying auditor’s report.
2016 2017 2 018 2019 2020 2021 2022 2023 2024 2025
(MP 2015) (MP 2016) (MP 2017) (MP 2018) (MP 2019) (MP 2020) (MP 2021) (MP 2022) (MP 2023) (MP 2024) Proportion of net pension liability 93.90% 94.22% 94.07% 94.10% 94.13% 94.39% 94.64% 94.87% 94.85% 94.70% Proportionate share of the net pension (asset)/liability $ 2,156,049 5,476,654 4,697,131 4,030,207 4,213,808 5,107,270 (2,446,564) 2,552,996 3,456,687 3,775,718 Covered payroll (City and County only) $ 2,529,879 2,681,695 2,880,112 3,045,153 3,186,405 3,378,945 3,434,713 3,553,859 3,810,429 4,109,863 Proportionate share of the net pension (asset)/liability as a percentage of covered payroll 85.22% 204.22% 163.09% 132.35% 132.24% 151.15% -71.23% 71.84% 90.72% 91.87% Plan fiduciary net position
as a percentage of total pension (asset)/liability 89.90% 77.61% 81.78% 85.20% 85.30% 83.10% 107.80% 92.40% 90.20% 89.90% Water
Proportion of net pension liability 5.00% 4.75% 4.45% 4.35% 4.23% 4.21% 4.27% 4.27% 4.34% 4.35% Proportionate share of the net pension (asset)/liability $ 108,024 259,956 209,003 175,429 178,133 215,240 (100,407) 111,743 150,060 164,352 Covered payroll^ 126,494 127,381 128,165 132,464 134,785 142,254 146,662 151,750 165,373 178,779 Proportionate share of the net pension (asset)/liability as a percentage of covered payroll 85.40% 204.08% 163.07% 132.44% 132.16% 151.31% -68.46% 73.64% 90.74% 91.93% Wastewater
Proportion of net pension liability 2.20% 2.17% 2.15% 2.11% 2.05% 2.03% 1.99% 1.99% 1.95% 1.97% Proportionate share of the net pension (asset)/liability $ 48,177 118,907 100,973 85,037 86,235 103,746 (48,770) 49,549 67,299 74,339 Covered payroll^ 55,657 58,193 61,922 64,253 65,321 68,593 68,351 70,722 74,303 80,964 Proportionate share of the net pension (asset)/liability as a percentage of covered payroll 86.56% 204.33% 163.06% 132.35% 132.02% 151.25% -71.35% 70.06% 90.57% 91.82% Hetchy Water
Proportion of net pension liability 0.57% 0.57% 0.54% 0.50% 0.51% 0.52% 0.57% 0.55% 0.55% 0.54% Proportionate share of the net pension (asset)/liability $ 12,093 31,235 25,216 20,390 21,477 26,645 (13,912) 14,105 19,090 20,410 Covered payroll^ 14,420 15,286 15,553 15,226 16,251 17,571 19,578 19,546 20,957 22,193 Proportionate share of the net pension (asset)/liability as a percentage of covered payroll 83.86% 204.34% 162.13% 133.92% 132.16% 151.64% -71.06% 72.16% 91.09% 91.97% Hetchy Power
Proportion of net pension liability 0.69% 0.70% 0.65% 0.62% 0.62% 0.64% 0.69% 0.68% 0.68% 0.66% Proportionate share of the net pension (asset)/liability $ 14,781 38,177 30,819 24,920 26,249 32,566 (17,004) 17,239 23,332 24,945 Covered payroll 17,456 18,772 18,721 18,880 19,756 21,625 23,700 24,166 25,911 27,125 Proportionate share of the net pension (asset)/liability as a percentage of covered payroll 84.68% 203.37% 164.62% 131.99% 132.87% 150.59% -71.75% 71.34% 90.05% 91.96% CleanPowerSF
Proportion of net pension liability 0.02% 0.03% 0.04% 0.06% 0.07% 0.08% 0.10% 0.12% Proportionate share of the net pension (asset)/liability $ 1,087 1,070 1,805 3,008 (1,833) 2,124 3,563 4,625 Covered payroll^ 576 914 1,275 2,027 2,404 2,843 3,810 4,932 Proportionate share of the net pension (asset)/liability as a percentage of covered payroll 188.72% 117.07% 141.57% 148.40% -76.25% 74.71% 93.52% 93.78% SFPUC Total
Proportion of net pension liability 8.46% 8.19% 7.81% 7.61% 7.45% 7.46% 7.59% 7.57% 7.62% 7.64% Proportionate share of the net pension (asset)/liability $ 183,075 448,275 367,098 306,846 313,899 381,205 (181,926) 194,760 263,344 288,671 Covered payroll^ 214,027 219,632 224,937 231,737 237,388 252,070 260,695 269,027 290,354 313,993 Proportionate share of the net pension (asset)/liability as a percentage of covered payroll 85.54% 204.10% 163.20% 132.41% 132.23% 151.23% -69.78% 72.39% 90.70% 91.94% City - San Francisco Employee's Retirement
System (SFERS) Plan and Measurement Period (MP)*
Data not available - CleanPowerSF
launched in May 2016.
171 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Required Supplemental Information (Unaudited)

Schedules of Employer Contributions – Pension Plan
Fiscal Years Ended 2016 to 2025
(In thousands)

(continued)
^Water, Wastewater, Hetchy Water, Hetchy Power, CleanPowerSF and SFPUC covered payroll is calculated based on the latest available measurement period percentage of proportion of net pension (asset)/liability by the Total covered payroll from SFERS (https://www.mysfers.org). The total covered payroll for SFERS excludes San Francisco Unified School District, San Francisco Community College District, and the San Francisco Courts. Fiscal year 2025 is an estimated percentage of proportion of net pension liability based on measurement period 2024. Prior years estimated percentage has been updated to actual.

Source: Office of the Controller, City and County of San Francisco and San Francisco Employees’ Retirement System (SFERS) See accompanying auditor’s report.
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
(MP 2016) (MP 2017) (MP 2018) (MP 2019) (MP 2020) (MP 2021) (MP 2022) (MP 2023) (MP 2024) (MP 2025) Actuarially determined contributions1 $ 496,343 519,073 582,568 607,408 701,307 791,736 729,578 638,003 636,992 651,563 Contributions in relation to the
actuarially determined contributions1 (496,343) (519,073) (582,568) (607,408) (701,307) (791,736) (729,578) (638,003) (636,992) (651,563) Contribution deficiency (excess) $ — — — — — — — — — — Covered payroll $ 2,681,695 2,880,112 3,045,153 3,186,405 3,378,945 3,434,713 3,553,859 3,810,429 4,109,863 4,439,689 Contributions as a percentage of
covered payroll 18.51% 18.02% 19.13% 19.06% 20.76% 23.05% 20.53% 16.74% 15.50% 14.68% Water
Actuarially determined contributions1 $ 24,497 24,638 25,922 26,440 29,647 33,367 31,151 27,925 27,653 28,362 Contributions in relation to the
actuarially determined contributions1 (24,497) (24,638) (25,922) (26,440) (29,647) (33,367) (31,151) (27,925) (27,653) (28,362) Contribution deficiency (excess) $ — — — — — — — — — — Covered payroll^ $ 127,381 128,165 132,464 134,785 142,254 146,662 151,750 165,373 178,779 193,126 Contributions as a percentage of
covered payroll 19.23% 19.22% 19.57% 19.62% 20.84% 22.75% 20.53% 16.89% 15.47% 14.69% Wastewater
Actuarially determined contributions1 $ 10,930 11,270 12,523 12,816 14,352 16,083 14,543 12,383 12,402 12,829 Contributions in relation to the
actuarially determined contributions1 (10,930) (11,270) (12,523) (12,816) (14,352) (16,083) (14,543) (12,383) (12,402) (12,829) Contribution deficiency (excess) $ — — — — — — — — — — Covered payroll^ $ 58,193 61,922 64,253 65,321 68,593 68,351 70,722 74,303 80,964 87,462 Contributions as a percentage of
covered payroll 18.78% 18.20% 19.49% 19.62% 20.92% 23.53% 20.56% 16.67% 15.32% 14.67% Hetchy Water
Actuarially determined contributions1 $ 2,806 2,961 3,128 3,073 3,574 4,130 4,149 3,525 3,518 3,522 Contributions in relation to the
actuarially determined contributions1 (2,806) (2,961) (3,128) (3,073) (3,574) (4,130) (4,149) (3,525) (3,518) (3,522) Contribution deficiency (excess) $ — — — — — — — — — — Covered payroll^ $ 15,286 15,553 15,226 16,251 17,571 19,578 19,546 20,957 22,193 23,974 Contributions as a percentage of
covered payroll 18.36% 19.04% 20.54% 18.91% 20.34% 21.10% 21.23% 16.82% 15.85% 14.69% Hetchy Power
Actuarially determined contributions1 $ 3,430 3,618 3,822 3,756 4,369 5,048 5,071 4,308 4,299 4,305 Contributions in relation to the
actuarially determined contributions1 (3,430) (3,618) (3,822) (3,756) (4,369) (5,048) (5,071) (4,308) (4,299) (4,305) Contribution deficiency (excess) $ — — — — — — — — — — Covered payroll^ $ 18,772 18,721 18,880 19,756 21,625 23,700 24,166 25,911 27,125 29,302 Contributions as a percentage of
covered payroll 18.27% 19.33% 20.24% 19.01% 20.20% 21.30% 20.98% 16.63% 15.85% 14.69% CleanPowerSF
Actuarially determined contributions1 $ 135 161 300 466 546 531 657 798 Contributions in relation to the
actuarially determined contributions1 (135) (161) (300) (466) (546) (531) (657) (798) Contribution deficiency (excess) $ — — — — — — — — Covered payroll^ 914 1,275 2,027 2,404 2,843 3,810 4,932 5,328 Contributions as a percentage of
covered payroll 14.77% 12.63% 14.80% 19.38% 19.21% 13.94% 13.32% 14.98% SFPUC Total
Actuarially determined contributions1 $ 41,663 42,487 45,530 46,246 52,242 59,094 55,460 48,672 48,529 49,816 Contributions in relation to the
actuarially determined contributions1 (41,663) (42,487) (45,530) (46,246) (52,242) (59,094) (55,460) (48,672) (48,529) (49,816) Contribution deficiency (excess) $ — — — — — — — — — — Covered payroll^ $ 219,632 224,361 231,737 237,388 252,070 260,695 269,027 290,354 313,993 339,192 Contributions as a percentage of
covered payroll 18.97% 18.94% 19.65% 19.48% 20.73% 22.67% 20.62% 16.76% 15.46% 14.69%

City - SFERS Plan and
Measurement Period (MP)
Data not available -
CleanPowerSF
launched in May 2016.
172 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Required Supplementary Information (Unaudited)
Schedules of Employer Contributions - Pension Plan
Fiscal Years Ended 2016 to 2025

Methods and assumptions updated per Office of the Controller.

Source: Office of the Controller, City and County of San Francisco.

Fiscal Year 2025 Fiscal Year 2024
Valuation date.................................. July 1, 2022 July 1, 2021 Actuarial cost method...................... Entry-age normal cost method Entry-age normal cost method Amortization method........................ Level annual percentage of payroll Level annual percentage of payroll Remaining amortization period........ Closed 15-year period Closed 15-year period Asset valuation method.................... 5 year smoothed market 5 year smoothed market Investment rate of return.................. 7.20% (net of investment expenses) 7.20% (net of investment expenses) Inflation............................................ 2.50% 2.50% Projected salary increase................ Wage inflation component: 3.25% Wage inflation component: 3.25% Fiscal Year 2023 Fiscal Year 2022
Valuation date.................................. July 1, 2020 July 1, 2019 Actuarial cost method...................... Entry-age normal cost method Entry-age normal cost method Amortization method........................ Level annual percentage of payroll Level annual percentage of payroll Remaining amortization period........ Closed 15-year period Closed 15-year period Asset valuation method.................... 5 year smoothed market 5 year smoothed market Investment rate of return.................. 7.40% (net of investment expenses) 7.40% (net of investment expenses) Inflation............................................ 2.50% 2.75% Projected salary increase................ Wage inflation component: 3.25% Wage inflation component: 3.50% Fiscal Year 2021 Fiscal Year 2020
Valuation date.................................. July 1, 2018 July 1, 2017 Actuarial cost method...................... Entry-age normal cost method Entry-age normal cost method Amortization method........................ Level annual percentage of payroll Level annual percentage of payroll Remaining amortization period........ Closed 15-year period Closed 15-year period Asset valuation method.................... 5 year smoothed market 5 year smoothed market Investment rate of return.................. 7.40% (net of investment expenses) 7.50% (net of investment expenses) Inflation............................................ 3.00% compounded annually 3.00% compounded annually Projected salary increase................ Wage inflation component: 3.50% Wage inflation component: 3.50% Fiscal Year 2019 Fiscal Year 2018
Valuation date.................................. July 1, 2016 July 1, 2015 Actuarial cost method...................... Entry-age normal cost method Entry-age normal cost method Amortization method........................ Level annual percentage of payroll Level annual percentage of payroll Remaining amortization period........ Closed 15-year period Closed 15-year period Asset valuation method.................... 5 year smoothed market 5 year smoothed market Investment rate of return.................. 7.50% (net of investment expenses) 7.50% (net of investment expenses) Inflation............................................ 3.25% compounded annually 3.25% compounded annually Projected salary increase................ Wage inflation component: 3.75% Wage inflation component: 3.75% Fiscal Year 2017 Fiscal Year 2016
Valuation date.................................. July 1, 2014 July 1, 2013 Actuarial cost method...................... Entry-age normal cost method Entry-age normal cost method Amortization method........................ Level annual percentage of payroll Level annual percentage of payroll Remaining amortization period........ Closed 15-year period Rolling 15-year period Asset valuation method.................... 5 year smoothed market 5 year smoothed market Investment rate of return.................. 7.50% (net of investment expenses) 7.58% (net of investment expenses) Inflation............................................ 3.25% compounded annually 3.33% compounded annually Projected salary increase................ Wage inflation component: 3.75% Wage inflation component: 3.83% Methods and assumptions used to determine contribution rates to SFERS Plan 173 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Required Supplementary Information (Unaudited)
Schedules of Changes in Total Pension Liability and Related Ratios - Replacement Benefits Plan Fiscal Years 2021 to 2025
(In thousands)

*Fiscal year 2021 was the first year SFPUC Water Enterprise has the Replacement Benefits Plan. Therefore, five years data is shown. RSI will be provided for 10 years as it becomes available.
^Water covered payroll is calculated based on the percentage of proportion of RBP liability by the total covered payroll.

No assets are accumulated in a trust that meet the criteria in GASB Statement No. 73 to pay related benefits.

Source: Office of the Controller, City and County of San Francisco.

See accompanying auditor’s report.
2021* 2022 2023 2 024 2025
City Replacement Benefits Plan (MP 2020) (MP 2021) (MP 2022) (MP 2023) (MP 2024) Plan total pension liability:

Service Cost…...................................................X $ 1,976 2,571 2,894 1,299 1,495 Interest…........................................................... X 4,776 4 ,076 4,726 5,462 4,793 Changes of benefits…....................................... X — — — — — D
ifferences between expected and X
actual experience….................................... X 7,800 2 4,547 (24,639) (23,541) 8,737 Changes of assumptions…................................X 37,013 7 ,274 (42,151) (2,403) (6,374) Benefit payments…........................................... X (3,634) ( 4,097) (4,473) (4,614) (3,142) Net change in total pension liability……............ X 47,931 3 4,371 (63,643) (23,797) 5,509 Total pension liability, beginning….................... X 137,272 1 85,203 219,574 155,931 132,134 Plan total pension liability, ending…............ X $ 185,203 219,574 155,931 132,134 137,643 Covered payroll................................................ X $ 3,414,923 3,470,495 3,589,396 3,848,752 4,151,209 Plan total pension liability as a percentage
of the covered payroll ................................ X $ 5.42% 6.33% 4.34% 3 .43% 3.32% Water Enterprise
Proportion of RBP liability 0.64% 1.85% 2 .31% 1.95% 1.91% Proportionate share of RBP liability X $ 1,177 4,056 3,600 2,583 2,626 Covered payroll^ X 21,695 64,104 82,869 75,237 79,288 Proportionate share of the net pension (asset)/liability as X 5.43% 6.33% 4.34% 3.43% 3.31% a percentage of covered payroll
174 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Required Supplementary Information (Unaudited)
Schedules of Changes in Other Postemployment Benefits Liability and Related Ratios Other Postemployment Healthcare Benefits Plan
Fiscal Years Ended 2018 to 2025
(In thousands)

(continued)

Source: Office of the Controller, City and County of San Francisco.

See accompanying auditor’s report.

City Plan and Measurement Period (MP) 2018* 2019 2020 2021 2022 2023 2024 2025 (MP 2017) (MP 2018) (MP 2019) (MP 2020) (MP 2021) (MP 2022) (MP 2023) (MP 2024) Total Other Postemployment Benefits (OPEB) Liability
Service Cost $ 125,195 127,850 133,736 141,642 155,840 154,800 145,520 152,425 Interest (includes interest on service cost) 272,942 290,029 283,520 314,907 300,122 306,758 311,626 337,792 Differences between expected and actual experience — (385,732) 194,068 (381,922) (151,947) (224,065) 135,809 (94,640) Changes of assumptions — 111,119 — 151,725 — 49,784 — 115,097 Benefits payments, including refunds of
member contributions (165,470) (178,019) (185,839) (196,445) (206,439) (211,025) (215,408) (229,922) Net change in total OPEB liability 232,667 (34,753) 425,485 29,907 97,576 76,252 377,547 280,752 Total OPEB liability - beginning 3,659,019 3,891,686 3,856,933 4,282,418 4,312,323 4,409,899 4,486,151 4,863,698 Adjustments to OPEB — — — (2) — — — — Total OPEB liability - ending $ 3,891,686 3,856,933 4,282,418 4,312,323 4,409,899 4,486,151 4,863,698 5,144,450 Plan fiduciary net position
Contributions - employer $ 183,898 203,858 218,625 235,963 245,994 252,866 260,649 278,701 Contributions - member 31,686 41,682 51,024 60,236 61,582 66,455 73,426 81,074 Net investment income 17,368 14,105 26,959 22,746 128,916 (87,003) 80,490 154,318 Benefit payments, including refunds of
member contributions (165,470) (178,019) (185,839) (196,445) (206,439) (211,025) (215,408) (229,922) Administrative expense (109) (137) (132) (113) (265) (189) (172) (386) Net change in plan fiduciary net position 67,373 81,489 110,637 122,387 229,788 21,104 198,985 283,785 Plan fiduciary net position - beginning 107,104 174,477 255,966 366,603 488,989 718,777 739,881 938,866 Adjustments to OPEB — — — (1) — — — — Plan fiduciary net position - ending 174,477 255,966 366,603 488,989 718,777 739,881 938,866 1,222,651 Net OPEB liability - ending $ 3,717,209 3,600,967 3,915,815 3,823,334 3,691,122 3,746,270 3,924,832 3,921,799 Plan fiduciary net position as a
percentage of the total OPEB liability 4.48% 6.64% 8.56% 11.34% 16.30% 16.49% 19.30% 23.77% Covered payroll $ 3,393,658 3,583,448 3,763,446 3,951,792 3,955,498 4,184,087 4,524,099 4,877,917 Net OPEB liability as a percentage of covered payroll 109.53% 100.49% 104.05% 96.75% 93.32% 89.54% 86.75% 80.40% Water
Proportion of net OPEB liability $ 166,336 150,771 163,684 148,771 144,115 148,601 158,301 161,975 Percentage of proportion of net OPEB liability 4.47% 4.19% 4.18% 3.89% 3.90% 3.97% 4.03% 4.13% Covered payroll 151,858 150,037 157,315 153,769 154,437 165,968 182,471 201,464 Net OPEB liability as a percentage of covered payroll 109.53% 100.49% 104.05% 96.75% 93.32% 89.54% 86.75% 80.40% Wastewater
Proportion of net OPEB liability $ 59,517 53,567 58,183 50,711 49,123 49,035 49,260 50,552 Percentage of proportion of net OPEB liability 1.60% 1.49% 1.49% 1.33% 1.33% 1.31% 1.26% 1.29% Covered payroll 54,337 53,306 55,919 52,415 52,641 54,766 56,781 62,876 Net OPEB liability as a percentage of covered payroll 109.53% 100.49% 104.05% 96.75% 93.32% 89.54% 86.75% 80.40% Hetchy Water
Proportion of net OPEB liability $ 15,872 15,404 16,350 14,444 14,240 14,907 16,269 16,590 Percentage of proportion of net OPEB liability 0.43% 0.43% 0.42% 0.38% 0.39% 0.40% 0.41% 0.42% Covered payroll 14,490 15,329 15,714 14,929 15,260 16,649 18,753 20,635 Net OPEB liability as a percentage of covered payroll 109.53% 100.49% 104.05% 96.75% 93.32% 89.54% 86.75% 80.40% Hetchy Power
Proportion of net OPEB liability $ 19,400 18,826 19,983 17,653 17,405 18,220 19,883 20,277 Percentage of proportion of net OPEB liability 0.52% 0.52% 0.51% 0.46% 0.47% 0.49% 0.51% 0.52% Covered payroll 17,711 18,734 19,205 18,246 18,652 20,349 22,919 25,220 Net OPEB liability as a percentage of covered payroll 109.53% 100.49% 104.05% 96.75% 93.32% 89.54% 86.75% 80.40% CleanPowerSF
Proportion of net OPEB liability $ 728 1,242 2,197 2,909 2,264 4,053 4,189 3,753 Percentage of proportion of net OPEB liability 0.02% 0.03% 0.06% 0.08% 0.06% 0.11% 0.11% 0.10% Covered payroll 665 1,236 2,112 3,007 2,426 4,527 4,829 4,668 Net OPEB liability as a percentage of covered payroll 109.53% 100.49% 104.05% 96.75% 93.32% 89.54% 86.75% 80.40% SFPUC Total
Proportion of net OPEB liability $ 261,853 239,810 260,397 234,488 227,147 234,816 247,902 253,147 Percentage of proportion of net OPEB liability 7.04% 6.66% 6.66% 6.14% 6.15% 6.27% 6.32% 6.45% Covered payroll 239,061 238,643 250,265 242,366 243,416 262,259 285,753 314,863 Net OPEB liability as a percentage of covered payroll 109.53% 100.49% 104.05% 96.75% 93.32% 89.54% 86.75% 80.40% 175 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Required Supplementary Information (Unaudited)
Schedules of Employer Contributions - Other Postemployment Healthcare Benefits Plan Fiscal Years Ended 2018 to 2025
(In thousands)

*Fiscal year 2018 was the first year of implementation of GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions. Therefore, eight years data is shown. RSI will be provided for 10 years as it becomes available. **Fiscal year 2024 covered payroll data and percentage updated in fiscal year 2025. ^ Water, Wastewater, Hetchy Water, Hetchy Power, CleanPowerSF and SFPUC covered payroll is calculated based on the percentage of proportion of net OPEB liability by the Total covered payroll. For fiscal year 2025, the percentage of proportion of net OPEB liability is based on measurement period 2024
Source: Office of the Controller, City and County of San Francisco.

See accompanying auditor’s report.
2018* 2019 2020 2021 2022 2023 2024** 2025
(MP 2018) (MP 2019) (MP 2020) (MP 2021) (MP 2022) (MP 2023) (MP 2024) (MP 2025) Charter Required or Actuarially determined contributions (ADC) $ 203,858 218,625 235,963 245,992 252,866 260,649 278,701 300,932 Contributions in relation to charter required contribution or ADC (203,858) (218,625) (235,963) (245,992) (252,866) (260,649) (278,701) (300,932) Contribution deficiency (excess) $ — — — — — — — — ,, ,, Covered payroll $ 3,583,448 3,763,446 3,951,792 3,955,498 4,184,087 4,524,099 4,877,917 5,298,431 Contributions as a percentage of covered payroll 5.69% 5.81% 5.97% 6.22% 6.04% 5.76% 5.71% 5.68% Water
Charter Required or Actuarially determined contributions (ADC) $ 9,122 9,154 9,863 9,572 9,873 10,339 11,241 12,429 Contributions in relation to charter required contribution or ADC (9,122) (9,154) (9,863) (9,572) (9,873) (10,339) (11,241) (12,429) Contribution deficiency (excess) $ — — — — — — — — Covered payroll^ $ 150,037 157,315 153,769 154,437 165,968 182,471 201,464 218,832 Contributions as a percentage of covered payroll 6.08% 5.82% 6.41% 6.20% 5.95% 5.67% 5.58% 5.68% Wastewater
Charter Required or Actuarially determined contributions (ADC) $ 3,264 3,252 3,506 3,263 3,365 3,412 3,498 3,879 Contributions in relation to charter required contribution or ADC (3,264) (3,252) (3,506) (3,263) (3,365) (3,412) (3,498) (3,879) Contribution deficiency (excess) $ — — — — — — — — Covered payroll^ $ 53,306 55,919 52,415 52,641 54,766 56,781 62,876 68,297 Contributions as a percentage of covered payroll 6.12% 5.82% 6.69% 6.20% 6.14% 6.01% 5.56% 5.68% Hetchy Water
Charter Required or Actuarially determined contributions (ADC) $ 870 935 985 929 975 1,038 1,155 1,273 Contributions in relation to charter required contribution or ADC (870) (935) (985) (929) (975) (1,038) (1,155) (1,273) Contribution deficiency (excess) $ — — — — — — — — Covered payroll^ $ 15,329 15,714 14,929 15,260 16,649 18,753 20,635 22,413 Contributions as a percentage of covered payroll 5.68% 5.95% 6.60% 6.09% 5.86% 5.54% 5.60% 5.68% Hetchy Power
Charter Required or Actuarially determined contributions (ADC) $ 1,064 1,143 1,204 1,136 1,192 1,268 1,412 1,556 Contributions in relation to charter required contribution or ADC (1,064) (1,143) (1,204) (1,136) (1,192) (1,268) (1,412) (1,556) Contribution deficiency (excess) $ — — — — — — — — Covered payroll^ $ 18,734 19,205 18,246 18,652 20,349 22,919 25,220 27,395 Contributions as a percentage of covered payroll 5.68% 5.95% 6.60% 6.09% 5.86% 5.53% 5.60% 5.68% CleanPowerSF
Charter Required or Actuarially determined contributions (ADC) $ 40 75 132 187 155 282 297 288 Contributions in relation to charter required contribution or ADC (40) (75) (132) (187) (155) (282) (297) (288) Contribution deficiency (excess) $ — — — — — — — — Covered payroll^ 1,236 2,112 3,007 2,426 4,527 4,829 4,668 5,070 Contributions as a percentage of covered payroll 3.24% 3.55% 4.39% 7.71% 3.42% 5.84% 6.36% 5.68% SFPUC Total
Charter Required or Actuarially determined contributions (ADC) $ 14,360 14,559 15,690 15,087 15,560 16,339 17,603 19,425 Contributions in relation to charter required contribution or ADC (14,360) (14,559) (15,690) (15,087) (15,560) (16,339) (17,603) (19,425) Contribution deficiency (excess) $ — — — — — — — — Covered payroll^ $ 238,642 250,265 242,366 243,416 262,259 285,753 314,863 342,007 Contributions as a percentage of covered payroll 6.02% 5.82% 6.47% 6.20% 5.93% 5.72% 5.59% 5.68% City - City Plan and Measurement Period

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Schedule of Changes in Net Position – Dollar and Percentage Change vs. Prior Year Proprietary Funds
June 30, 2025 and 2024*
(In thousands)

176 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

(continued)
*Fiscal year 2024, restated due to implementation of GASB Statement No. 101, Compensated Absences.

See accompanying auditor’s report.

Assets $ Change % Change $ Change % Change $ Change % Change $ Change % Change $ Change % Change $ Change % Change $ Change % Change Current assets:

Cash and investments with City Treasury................................................................$ 56,212 14.8 20,303 5.4 56,773 122.2 39,187 18.2 62,638 39.2 — — 235,113 20.0 Cash and investments outside City Treasury...........................................................xx (117) (60.6) (107) (70.4) — — (36) (87.8) — — — — (260) (67.4) Receivables: xx
Charges for services (net of allowance for doubtful xx
accounts of $10,878, $12,045, $0, $3,299, and $11,437 in 2025 and xx $10,777, $12,865, $0, $1,699, and $9,226 in 2024)............................................xx (8,732) (11.0) 1,962 4.1 (34) (7.2) (5,240) (32.0) 3,686 7.2 — — (8,358) (4.3) Wholesale balancing account, current portion......................................................... xx (26,121) (100.0) — — — — — — — — — — (26,121) (100.0) Note receivable - Balboa Reservoir, current portion….............................................xx 3,116 100.0 — — — — — — — — — — 3,116 100.0 Due from other City departments, current portion....................................................xx 107 104.9 (12) (14.6) — — (897) (57.6) — — (103) (90.4) (905) (55.6) Due from other governments....................................................................................xx 672 183.6 — — 1 0.1 1 0.2 — — — — 674 25.9 Interest .....................................................................................................................xx (395) (10.2) (277) (7.1) 95 16.4 (357) (12.6) 362 21.4 — — (572) (4.5) Interest-Leases ........................................................................................................xx 10 1.1 — — — — — — — — — — 10 1.1 Restricted due from other governments...................................................................xx (105,774) (81.6) 30,301 100.0 — — — — — — — — (75,473) (58.2) Leases receivable, current portion…........................................................................xx (494) (15.2) 15 6.6 — — — — — — — — (479) (13.8) Restricted interest and other receivable (net of allowance for doubtful accounts of $145, $383, $0, $0 and $0 in 2025 and
$131, $345, $0, $0 and $0 in 2024)....................................................................xx (1,135) (30.0) 6,200 899.9 — — 344 203.6 — — — — 5,409 116.4 Total current receivables.................................................................................xx (138,746) (56.1) 38,189 71.7 62 2.3 (6,149) (28.6) 4,048 7.7 (103) (90.4) (102,699) (27.2) Prepaid charges, advances, and other receivables, current portion........................ xx 2,455 49.5 (7,413) (91.0) (20) (2.7) 1,326 20.9 528 119.7 — — (3,124) (15.1) Inventory...................................................................................................................xx (258) (3.3) 395 10.8 77 38.7 138 8.2 — — — — 352 2.6 Restricted cash and investments outside City Treasury, current portion................. xx (11,598) (28.9) 41,836 100.1 — — (2,711) (39.6) — — — — 27,527 31.0 Total current assets.........................................................................................xx (92,052) (13.5) 93,203 19.3 56,892 113.5 31,755 12.6 67,214 31.6 (103) (90.4) 156,909 9.3 Non-current assets: xx
Restricted cash and investments with City Treasury................................................xx 66,421 93.5 366,975 1,160.8 (10,515) (33.6) 27,465 54.1 — — — — 450,346 243.8 Restricted cash and investments outside City Treasury, less current portion..........xx (5,754) (9.1) (24,416) (40.7) — — (3,370) (46.8) — — — — (33,540) (25.7) Leases receivable, less current portion…................................................................ xx (2,676) (7.5) (242) (23.7) — — — — — — — — (2,918) (7.9) Restricted interest and other receivable, and prepaid (net of allowance for doubtful accounts of $0, $0, $0, $0, and $0. in 2025 and xx $0, $0, $0, $0, and $0 in 2024)……………...........................................................xx — — (17) (4.4) — — — — — — — — (17) (4.4) Charges for services, less current portion (net of allowance for doubtful accounts of $414, $333, $0, $0, and $0 in 2025 and xx
$664, $351, $0, $0, and $0 in 2024)…………........................................................xx (1) (0.5) 1 0.3 — — — — — — — — — — Note receivable - Balboa Reservoir, less current portion…..................................... xx (2,775) (24.1) — — — — — — — — — — (2,775) (24.1) Prepaid charges, advances, and other receivables, less current portion.................xx 120 3.7 73 6.7 (4) (2.9) 336 3.1 428 3.6 — — 953 3.5 Capital assets, not being depreciated and amortized...............................................xx 246,463 34.2 (22,867) (0.8) 12,874 14.4 10,357 3.0 — — — — 246,827 6.0 Capital assets, net of accumulated depreciation and amortization...........................xx (33,631) (0.7) 819,310 32.0 (30) (0.0) 41,812 10.2 73 561.5 — — 827,534 10.1 Due from other City departments, less current portion.............................................xx 37,720 100.0 — — — — (358) (3.6) — — (37,605) (12,922.7) (243) (2.5) Total non-current assets................................................................................. xx 305,887 5.1 1,138,817 20.4 2,325 0.9 76,242 9.1 501 4.3 (37,605) (12,922.7) 1,486,167 11.7 Total assets.....................................................................................................xx 213,835 3.2 1,232,020 20.3 59,217 18.6 107,997 9.9 67,715 30.1 (37,708) (9,310.6) 1,643,076 11.5 Deferred outflows of resources
Unamortized loss on refunding of debt.....................................................................xx (6,475) (7.3) — — — — — — — — — — (6,475) (7.3) Pensions...................................................................................................................xx 5,293 5.7 2,312 5.4 506 4.2 618 4.2 566 25.9 — — 9,295 5.6 Other postemployment benefits................................................................................xx (2,665) (8.9) (1,717) (13.4) (237) (7.4) (288) (7.4) 199 20.0 — — (4,708) (9.3) Total deferred outflows of resources...............................................................$ (3,847) (1.8) 595 1.1 269 1.8 330 1.8 765 24.0 — — (1,888) (0.6)

Eliminations
Business Type Activities – Proprietary Funds
SFPUC TotalWater Hetchy PowerWastewater CleanPowerSFHetchy Water

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
Schedule of Changes in Net Position – Dollar and Percentage Change vs. Prior Year Proprietary Funds
June 30, 2025 and 2024*
(In thousands)

177 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

*Fiscal year 2024, restated due to implementation of GASB Statement No. 101, Compensated Absences.

See accompanying auditor’s report.

$ Change % Change $ Change % Change $ Change % Change $ Change % Change $ Change % Change $ Change % Change $ Change % Change Liabilities
Current liabilities:

Accounts payable........................................................................................$ (4,123) (16.3) 2 ,484 13.2 640 66.0 3,031 22.4 3,109 10.7 — — 5,141 5.9 Accrued payroll............................................................................................xx 2,340 17.4 1,663 2 0.5 490 34.3 495 15.0 278 43.5 — — 5,266 19.6 Accrued compensated absences, current portion.......................................xx 1,093 6.7 826 6 .0 261 8.7 318 7.7 92 16.0 — — 2,590 6.9 Accrued workers’ compensation, current portion.........................................xx 177 8.1 (83) (4.9 ) 10 4.4 12 2.9 — — — — 116 2.6 Due to other City departments, current portion........................................... xx — — 1 0 .9 — — 102 100.0 — — (103) (90.4) — — Damage claims liability, current portion.......................................................xx (1,191) (20.8) (12,857) ( 44.7) 176 145.5 (1,302) (69.6) (17) (100.0) — — (15,191) (41.7) Unearned revenues, refunds, and other, current portion............................ xx 1,616 10.7 (1,277) ( 13.3) (82) (77.4) 787 11.9 (3,561) (44.6) — — (2,517) (6.4) Arbitrage rebate payable, current portion....................................................xx 536 100.0 290 1 00.0 — — — — — — — — 826 100.0 Bond, loan, lease and subscription interest payable, current portion..........xx (894) (2.4) 11,874 3 9.2 6 600.0 154 5.7 2 100.0 — — 11,142 15.7 Bonds, current portion.................................................................................xx 1,110 0.8 3,090 8 .7 — — 149 4.1 — — — — 4,349 2.5 Certificates of participation, current portion.................................................xx 143 4.2 37 4 .1 — — 20 4.3 — — — — 200 4.2 Commercial paper, current portion..............................................................xx (170,000) (89.5) — — — — 7 8,679 86.8 — — — — (91,321) (32.5) State revolving funds loans payable, current portion……………...……..... xx — — 790 1 4.0 — — — — — — — — 790 14.0 Lease liability, current portion…..................................................................xx (62) (6.0) 1,766 1 00.0 70 437.5 86 452.6 — — — — 1,860 175.0 Subscription liability, current portion…........................................................xx 693 452.9 410 4 40.9 145 483.3 116 464.0 64 1,066.7 — — 1,428 465.1 Current liabilities payable from restricted assets.........................................xx 33,399 83.7 (36,493) ( 26.9) (2,909) (72.2) (7,358) (28.8) — — — — (13,361) (6.5) 0 Total current liabilities............................................................................... xx (135,163) (27.7) (27,479) (9.5 ) (1,193) (12.0) 75,289 49.3 (33) (0.1) (103) (90.4) (88,682) (9.1) Long-term liabilities: xx
Arbitrage rebate payable, less current portion.............................................xx 416 47.9 (4,267) ( 50.1) — — 23 12.5 — — — — (3,828) (40.0) Net other postemployment benefits liability.................................................xx 3,674 2.3 1,292 2 .6 321 2.0 394 2.0 (436) (10.4) — — 5,245 2.1 Net pension liability..................................................................................... xx 14,335 9.4 7,040 1 0.5 1,320 6.9 1,613 6.9 1,062 29.8 — — 25,370 9.5 Accrued compensated absences, less current portion................................xx 425 3.0 539 4 .4 141 5.0 173 4.5 84 15.7 — — 1,362 4.0 Accrued workers’ compensation, less current portion.................................xx 1,122 12.7 (28) (0.4 ) (77) (7.2) (95) (5.0) — — — — 922 4.8 Due to other City departments, less current portion....................................xx — — (115) ( 39.5) — — 37,720 100.0 — — (37,605) (12,922.7) — 100.0 Damage claims liability, less current portion................................................xx (6,633) (38.9) (23,125) ( 26.8) (147) (100.0) (1,824) (95.9) (4) (100.0) — — (31,733) (30.1) Unearned revenues, refunds, and other, less current portion.....................xx — — — — 6 100.0 306 52.8 72 100.0 — — 384 66.2 Liabilities payable from restricted assets, less current portion....................xx — — — — — — ( 250) (7.5) — — — — (250) (7.5) Bonds, less current portion..........................................................................xx 222,981 4.6 1,060,705 4 0.0 — — (5,569) (1.8) — — — — 1,278,117 16.4 Certificates of participation, less current portion......................................... xx (3,545) (4.1) (937) (4.1 ) — — (483) (4.1) — — — — (4,965) (4.1) Commercial paper, less current portion.......................................................xx — — (341,373) ( 100.0) — — — — — — — — (341,373) (100.0) State revolving funds loans payable, less current portion……………........ xx 40,065 15.4 48,154 1 5.4 — — — — — — — — 88,219 15.4 Water Infrastructure Finance and Innovation Act (WIFIA) loans……..........xx — — 472,221 5 1.2 — — — — — — — — 472,221 51.2 Bond, loan, lease, and subscription interest xx
payable, less current portion…................................................................. xx 1,843 50.9 1,792 8 5.1 — — — — — — — — 3,635 63.5 Lease liability, less current portion…...........................................................xx 18 1.0 3,722 1 00.0 235 221.7 286 218.3 — — — — 4,261 209.9 Subscription liability, less current portion….................................................xx 4 2.6 1 1 .1 4 13.8 — — 8 114.3 — — 17 5.5 Wholesale balancing account,.................................................................... xx 12,983 100.0 — — — — — — — — — — 1 2,983 100.0 Pollution remediation obligations.................................................................xx (1,271) (100.0) (328) (5.1 ) — — — — — — — — (1,599) (20.7) 0 Total long-term liabilities........................................................................... xx 286,417 5.2 1,225,293 2 7.3 1,803 4.6 32,294 8.5 786 9.5 (37,605) (12,922.7) 1,508,988 14.4 0 Total liabilities........................................................................................... xx 151,254 2.5 1,197,814 2 5.1 610 1.2 107,583 20.1 753 1.6 (37,708) (9,310.6) 1,420,306 12.4 Deferred inflows of resources xx
Unamortized gain on refunding of debt…....................................................xx 17,645 55.4 4,962 4 8.4 — — — — — — — — 22,607 53.7 Pensions......................................................................................................xx (6,255) (47.0) (1,883) ( 46.4) (1,073) (55.3) (1,311) (55.3) (195) (21.1) — — (10,717) (47.4) Leases…..................................................................................................... xx (3,348) (9.2) (249) ( 20.7) — — — — — — — — (3,597) (9.5) Other postemployment benefits...................................................................xx 1,060 4.7 668 1 1.5 (65) (2.2) (80) (2.3) (555) (24.2) — — 1,028 2.8 Total deferred inflows of resources...........................................................xx 9,102 8.7 3,498 1 6.4 (1,138) (23.5) (1,391) (23.5) (750) (23.3) — — 9,321 6.7 Net position xx
Net investment in capital assets.................................................................... xx 99,589 28.4 (109,455) (9.5 ) 15,334 6.6 (1,506) (0.4) — — — — 3,962 0.2 Restricted for debt service.............................................................................xx (39,371) (88.0) 2,112 1 00.0 — — — — — — — — (37,259) (83.3) Restricted for capital projects........................................................................ xx (55,190) (27.5) 108,986 3 42.9 (10,515) (33.6) 4,020 14.0 — — — — 47,301 16.2 Restricted for other purposes........................................................................ xx — — — — — — 5 ,772 100.0 — — — — 5,772 100.0 Unrestricted................................................................................................... xx 44,604 32.5 29,660 2 0.7 55,195 359.9 (6,151) (3.2) 68,477 38.4 — — 191,785 28.7 Total net position...................................................................................... $ 49,632 6.8 3 1,303 2.4 60,014 21.4 2,135 0.4 68,477 38.4 — — 211,561 6.9 Business Type Activities – Proprietary Funds
Water Wastewater SFPUC TotalHetchy Power EliminationsHetchy Water CleanPowerSF 178 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION

Schedule of Changes in Revenues, Expenses, and Net Position – Dollar and Percentage Change vs. Prior Year Proprietary Funds
Years Ended June 30, 2025 and 2024*
(In thousands)

*Fiscal year 2024, restated due to implementation of GASB Statement No. 101, Compensated Absences. **Interest expenses, net of amortization of premium, discount, refunding gain/loss and issuance costs.

See accompanying auditor’s report.
$ Change % Change $ Change % Change $ Change % Change $ Change % Change $ Change % Change $ Change % Change Operating revenues:

Charges for services.....................................................................................$ 2,823 0.4 35,453 9.0 3,741 7.6 4,120 1.9 63,202 17.2 109,339 6.5 Rents and concessions.................................................................................xx (1,202) (14.0) 136 18.4 (22) (13.6) (9) (4.5) — — (1,097) (11.4) Capacity fees................................................................................................xx 192 22.2 561 24.8 — — — — — — 753 24.1 Other revenues.............................................................................................xx (66) (1.4) — — — — — — — — (66) (1.4) Total operating revenues......................................................................... xx 1,747 0.3 36,150 9.2 3,719 7.5 4,111 1.9 63,202 17.2 108,929 6.4 Operating expenses: xx
Personnel services....................................................................................... xx 14,693 9.1 21,334 20.0 (4,048) (16.0) 7,941 16.3 2,894 30.9 42,814 12.2 Contractual services..................................................................................... xx (2,541) (12.6) 642 2.7 (116) (2.9) (360) (2.6) 535 8.6 (1,840) (2.7) Transmission/distribution and other power costs..........................................xx — — — — — — (9,485) (15.2) — — (9,485) (15.1) Purchased electricity.....................................................................................xx — — — — — — 9,548 61.4 58,038 20.4 67,586 22.5 Materials and supplies..................................................................................xx (25) (0.1) 1,199 8.3 10 0.6 330 13.5 42 70.0 1,556 3.7 Depreciation and amortization......................................................................xx 4,728 3.0 3,754 4.5 741 11.4 2,548 13.8 109 641.2 11,880 4.5 Services provided by other departments...................................................... xx 7,971 10.3 4,667 11.8 (879) (25.1) 1,254 18.4 (1,476) (30.8) 11,537 8.7 General and administrative and other...........................................................xx (60,017) (64.2) (202,206) (103.4) 5,354 165.8 5,142 15.5 483 7.8 (251,244) (75.8) Total operating expenses.........................................................................xx (35,191) (6.6) (170,610) (36.8) 1,062 2.4 16,918 8.4 60,625 19.5 (127,196) (8.2) Operating income (loss)...........................................................................xx 36,938 25.3 206,760 (303.8) 2,657 52.3 (12,807) 97.1 2,577 4.7 236,125 155.9 Non-operating revenues (expenses): xx
Federal and state grants...............................................................................xx (10,181) (82.0) (11,694) (95.4) 152 100.0 161 619.2 33 100.0 (21,529) (87.2) Interest and investment income ...................................................................xx 3,996 15.9 18,537 72.6 1,761 54.1 944 6.9 4,578 77.5 29,816 40.6 Interest expenses**.......................................................................................xx 7,078 3.4 (62,982) (68.8) (20) (666.7) (2,542) (18.9) (5) (100.0) (58,471) (18.7) Net gain/(loss) from sale of assets................................................................xx (359) (17.4) (59) (76.6) 16 800.0 (2,853) (142,650.0) — — (3,255) (152.0) Other non-operating revenues......................................................................xx (2,652) (9.6) (7,898) (66.0) (301) (89.6) (2,731) (32.1) 302 78.2 (13,280) (27.2) Other non-operating expenses..................................................................... xx (138) (7.8) 280 55.4 37 82.2 (435) (439.4) 538 61.3 282 8.6 Net non-operating revenues (expenses)..................................................xx (2,256) (1.6) (63,816) (151.0) 1,645 46.4 (7,456) (85.6) 5,446 100.6 (66,437) 39.7 Change in net position before capital contributions and transfers........... xx 34,682 1,015.9 142,944 (129.6) 4,302 (49.9) (20,263) (92.5) 8,023 13.3 169,688 (1,065.9) Capital contributions........................................................................................ xx (36,163) (207.4) (47,935) (99.7) — — (25,168) (86.2) — — (109,266) (83.5) Transfers from the City and County of San Francisco.....................................xx 40,710 8,061.4 — — 47,042 112,004.8 — — — — 87,752 16,042.4 Transfers to the City and County of San Francisco.........................................xx (45,874) (3,696.5) (1,263) (604.3) — — (3,424) (3,170.4) — — (50,561) (3,245.3) Net capital contributions and transfers….................................................xx (41,327) (78.2) (49,198) (102.8) 47,042 112,004.8 (28,592) (98.3) — — (72,075) (55.5) Change in net position..................................................................................xx (6,645) (11.8) 93,746 (150.1) 51,344 592.2 (48,855) (95.8) 8,023 13.3 97,613 85.7 Net position at beginning of year.....................................................................

Beginning of year, as previously reported……………………………………xx 41,033 5.9 (75,198) (5.4) 5,815 2.1 47,501 9.2 60,141 51.0 79,292 2.6 Cumulative effect of accounting change……………………………………xx 15,244 100.0 12,755 100.0 2,855 100.0 3,489 100.0 313 100.0 34,656 100.0 Net position at beginning of year as restated.................................................. xx 56,277 8.3 (62,443) (4.5) 8,670 3.2 50,990 9.9 60,454 51.4 113,948 3.8 Net position at end of year...............................................................................$ 49,632 6.8 31,303 2.4 60,014 21.4 2,135 0.4 68,477 38.4 211,561 6.9 Water

Business Type Activities – Proprietary Funds
SFPUC TotalWastewater Hetchy Water Hetchy Power CleanPowerSF www.mgocpa.com Macias Gini & O’Connell LLP
2121 N. California Blvd., Suite 750
Walnut Creek, CA 94596
179 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025 In
dependent 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 The San Francisco Public Utilities Commission, the
Honorable Mayor, and the Board of Supervisors of
City and County of San Francisco, 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 ( Government Auditing Standards ), the financial statements of the business-type activities and each major fund of the San Francisco Public Utilities Commission (SFPUC) as of and for the year ended June 30, 2025, and the related notes to the financial statements, which collectively comprise the SFPUC’s basic financial statements, and have issued our report thereon dated December 10, 2025.

Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the SFPUC’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 SFPUC’s internal control. Accordingly, we do not express an opinion on the effectiveness of the SFPUC’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 entity’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 were not identified.

Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the SFPUC’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 financial statements. 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 or other matters that are required to be reported under Government Auditing Standards.
180 Financial Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

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 entity’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 entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

Walnut Creek, California
December 10, 2025

181 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Statistical Section
(Unaudited)

Financial Trends

These schedules contain trend information to help understand how SFPUC’s financial performance and well-being have changed over time.

Revenue Capacity

These schedules contain information to help the reader assess SFPUC’s revenues sources and rate structures.

Debt Capacity

These schedules contain information to help the reader assess the affordability of the SFPUC’s current levels of outstanding debt and its ability to issue additional debt in the future.

Demographic and Economic Information

These schedules offer demographic and economic indicators to help the reader understand the environment within which SFPUC’s financial activities take place.

Operating Information

These schedules contain service and infrastructure data to enhance the reader’s ability to understand how the information in the SFPUC financial report relates to the services it provides and the activities it performs.

The San Francisco Public Utilities Commission
An Enterprise Department of the City and County of San Francisco, California 182 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Statistical Section

Financial Trends

Comparative Highlights of Revenues and Expenses
Changes in Net Position
Summary of Net Position by Component

Investments in Capital Assets
Financial Trends
183 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Department-wide
Comparative Highlights of Revenues and Expenses
Fiscal Years Ended 2025 and 2024#
(Dollars in Thousands)

*Interest expenses, net of amortization of premium, discount, refunding gain (loss) and issuance costs. #Restated due to implementation of GASB Statement No. 101, Compensated Absences.

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

Financial Trends
184 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Water Fund
Comparative Highlights of Revenues and Expenses
Fiscal Years Ended 2025 and 2024#
(Dollars in Thousands)

*Interest expenses, net of amortization of premium, discount, refunding gain (loss) and issuance costs. #Restated due to implementation of GASB Statement No. 101, Compensated Absences.

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

Financial Trends
185 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Wastewater Fund
Comparative Highlights of Revenues and Expenses
Fiscal Years Ended 2025 and 2024#
(Dollars in Thousands)

*Interest expenses, net of amortization of premium, discount, refunding gain (loss) and issuance costs. #Restated due to implementation of GASB Statement No. 101, Compensated Absences.

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

Financial Trends
186 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Hetchy Water Fund
Comparative Highlights of Revenues and Expenses
Fiscal Years Ended 2025 and 2024#
(Dollars in Thousands)

#Restated due to implementation of GASB Statement No. 101, Compensated Absences.

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

Financial Trends
187 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Hetchy Power Fund
Comparative Highlights of Revenues and Expenses
Fiscal Years Ended 2025 and 2024#
(Dollars in Thousands)

*Interest expenses, net of amortization of premium, discount, refunding gain (loss) and issuance costs. #Restated due to implementation of GASB Statement No. 101, Compensated Absences.

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

Financial Trends
188 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

CleanPowerSF
Comparative Highlights of Revenues and Expenses
Fiscal Years Ended 2025 and 2024#
(Dollars in Thousands)

#Restated due to implementation of GASB Statement No. 101, Compensated Absences.

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

189 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025 Financial Trends
Department-wide - Changes in Net Position
Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)

_______________________________________________________________________________________________________

(Continued)

@Fiscal year 2024, certain other operating revenues for City departments reclassed to charges for services. ^Fiscal year 2021, implementation of GASB Statement No. 87, Leases.

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

Revenues: 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Charges for services $ 807,259 895,472 989, 842 1,172,573 1,303,411 1,259,466 1,375,765 1,614,447 1,684,847 1,794,186 Rents and concessions 13,096 9,734 13, 813 13,989 13,135 14,624 14,719 14,387 9,655 8,558 Other operating revenues 25,672 22,445 29, 043 32,296 32,217 27,182 31,962 9,670 7,867 8,554 Subtotal operating revenues 846,027 927,651 1, 032,698 1,218,858 1,348,763 1,301,272 1,422,446 1,638,504 1,702,369 1,811,298 Interest and investment income/(loss) 6,060 8,511 11, 694 46,639 32,103 30 (26,202) 18,315 73,528 103,344 Other non-operating revenues 51,972 58,422 55, 705 52,483 129,198 72,337 86,326 67,553 75,620 37,556 Subtotal non-operating revenues 58,032 66, 933 67,399 99,122 161,301 72,367 60,124 85,868 149,148 140,900 Total revenues $ 904,059 994,584 1, 100,097 1,317,980 1,510,064 1,373,639 1,482,570 1,724,372 1,851,517 1,952,198

^ @

190 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025 Financial Trends
Department-wide - Changes in Net Position
Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)

______________________________________________________________________________________________

@Fiscal year 2024, restated due to implementation of GASB Statement No. 101, Compensated Absences. #Fiscal year 2022, implementation of GASB Statement No. 96, Subscriptions-Based Information Technology Arrangements (SBITAs). *Fiscal year 2021, $4,180 was from Department of Public Works. Fiscal year 2023, $7,992 was for HOPE SF projects. Fiscal year 2024, $130,879 for Pier 70 Phase 1 project, Treasure Island Stage 1 project and Yerba Buena Island Street Improvements project. Fiscal year 2025, $21,613 for Mission Rock and Warnerville Substation projects.
^Fiscal year 2021 implementation of GASB Statement No. 87, Leases. ^^ Fiscal year 2019, n on-operating expenses include net loss from sale of assets. ***Fiscal year 2018, Wastewater Enterprise recorded certain immaterial corrections to the 2018 financial statement to eliminate the recognition of certain capital assets that are recorded by another fund. The impact of the change was to decrease beginning position as of July 2017 by $6,767 and increase fiscal year 2018 expenses by $28,313.
⌂Fiscal year 2018 implementation of GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions. **Interest expenses, net of amortization of premium, discount, refunding gain/loss and issuance costs.

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

Expenses: 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Personnel services $ 227,930 365,494 271,888 248,189 275,892 291,245 201,290 293,894 351,421 394,235 Contractual services 34,915 31,563 39,408 44,832 50,821 48,299 50,048 58,030 67,915 66,075 Purchased power & related costs 26,792 43,407 64,732 170,275 223,601 233,682 297,990 344,036 362,845 420,946 Materials and supplies 26,128 23,972 28,024 25,130 26,695 25,554 31,228 38,626 41,935 43,491 Depreciation and amortization 173,978 191,997 193,457 200,712 226,194 241,810 251,516 258,424 262,893 274,773 Services provided by other departments 106,476 105,417 102,199 108,043 109,444 121,130 125,955 137,277 132,305 143,842 General and administrative and
Other operating expenses 88,615 98,327 106,960 130,003 136,755 188,105 171,654 127,659 331,556 80,312 Subtotal operating expenses 684,834 860,177 806,668 927,184 1,049,402 1,149,825 1,129,681 1,257,946 1,550,870 1,423,674 Interest expenses** 166,914 164,729 172,995 201,145 214,644 205,124 278,963 293,982 313,281 371,752 Non-operating expenses 4,439 4,466 4,129 3,766 1,652 3,582 1,938 2,809 3,286 3,004 Subtotal non-operating expenses 171,353 169,195 177,124 204,911 216,296 208,706 280,901 296,791 316,567 374,756 Total expenses 856,187 1,029,372 983,792 1,132,095 1,265,698 1,358,531 1,410,582 1,554,737 1,867,437 1,798,430 Change in net position before capital contributions
and transfers 47,872 (34,788) 116,305 185,885 244,366 15,108 71,988 169,635 (15,920) 153,768 Capital contributions — — — — — 4,180 — 7,992 130,879 21,613 Transfers in (out) 17,899 (30,644) (28,371) 1,360 (805) 17,091 13,677 (16) (1,011) 36,180 Change in net position 65,771 (65,432) 87,934 187,245 243,561 36,379 85,665 177,611 113,948 211,561 Net position at beginning of year
Beginning of year, as previously reported 2,225,451 2,292,646 2,225,790 2,270,925 2,458,170 2,701,731 2,738,110 2,823,775 3,001,386 3,080,678 Cumulative effect of accounting change due to error — — (6,767) — — — — — — — Cumulative effect of accounting change — — (36,032) — — — — — (34,656) — Less: CleanPowerSF beginning net position — (1,424) — — — — — — — — Beginning of year as restated 2,225,451 2,291,222 2,182,991 2,270,925 2,458,170 2,701,731 2,738,110 2,823,775 2,966,730 3,080,678 Net position at end of year $ 2,291,222 2,225,790 2,270,925 2,458,170 2,701,731 2,738,110 2,823,775 3,001,386 3,080,678 3,292,239

^^
⌂
***
*
#^ @

Financial Trends
Water - Changes in Net Position
Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)
191 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

_______________________________________________________________________________________________________

(Continued)
@Fiscal year 2024, certain other operating revenues for City departments reclassed to charges for services. ^Fiscal year 2021, implementation of GASB Statement No. 87, Leases.

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

Revenues: 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Charges for services $ 393,582 438,207 495,138 509,703 550,753 550,306 539,526 671,216 662, 729 665,552 Rents and concessions 12,081 8,813 12,906 13,010 12,124 13,735 13,765 13,282 8, 556 7,354 Other operating revenues 13,853 13,311 17,595 19,678 20,474 18,395 19,826 6,593 5, 605 5,731 Subtotal operating revenues 419,516 460,331 525,639 542,391 583,351 582,436 573,117 691,091 676, 890 678,637 Interest and investment income/(loss) 3,595 4,331 6,448 15,650 10,517 1,374 (10,896) 11,156 25, 097 29,093 Other non-operating revenues 31,253 37,405 39,064 32,399 94,734 45,874 41,871 40, 679 42,071 28,879 Subtotal non-operating revenues 34,848 41,736 45,512 48,049 105,251 47,248 30,975 51, 835 67,168 57,972 Total revenues $ 454,364 502,067 571,151 590,440 688,602 629,684 604,092 742,926 744, 058 736,609

^ @

Financial Trends
Water - Changes in Net Position
Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)
192 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

_______________________________________________________________________________________________________

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

Expenses: 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Personnel services $ 103,027 182,034 128,295 111, 594 119,943 132,528 83,385 135,709 161,077 175,770 Contractual services 13,451 10,664 14,131 13, 715 14,523 14,029 12,562 16,919 20,128 17,587 Materials and supplies 12,896 12,564 15,936 13, 421 14,050 13,175 15,719 20,046 23,195 23,170 Depreciation and amortization 106,666 118,826 118,751 120, 815 142,228 145,444 148,777 155,714 155,172 159,900 Services provided by other departments 60,868 59,173 56,860 59, 751 61,128 70,235 73,307 79,910 77,638 85,609 General and administrative and
Other operating expenses 17,878 38,566 36,174 37, 798 46,245 73,371 68,014 51,955 93,444 33,427 Subtotal operating expenses 314,786 421,827 370,147 357, 094 398,117 448,782 401,764 460,253 530,654 495,463 Interest expenses** 144,409 139,046 150,461 160, 210 177,494 176,896 203,806 204,942 208,230 201,152 Non-operating expenses 2,210 2,607 1,920 1, 388 529 2,208 828 1,775 1,760 1,898 Subtotal non-operating expenses 146,619 141,653 152,381 161, 598 178,023 179,104 204,634 206,717 209,990 203,050 Total expenses 461,405 563,480 522,528 518, 692 576,140 627,886 606,398 666,970 740,644 698,513 Change in net position before capital contributions
and transfers (7,041) (61,413) 48,623 71, 748 112,462 1,798 (2,306) 75,956 3,414 38,096 Capital contributions — — — — — 4, 180 — 2,717 53,599 17,436 Transfers in (out) 33,244 (59,988) (30,986) ( 19,134) (13,585) 4,371 (15,631) (20,027) (736) (5,900) Change in net position 26,203 (121,401) 17,637 52, 614 98,877 10,349 (17,937) 58,646 56,277 49,632 Net position at beginning of year
Beginning of year, as previously reported 596,465 622,668 501,267 489, 524 542,138 641,015 651,364 633,427 692,073 733,106 Cumulative effect of accounting change — — (29,380) — — — — — ( 15,244) — Beginning of year as restated 596,465 622,668 471,887 489, 524 542,138 641,015 651,364 633,427 676,829 733,106 Net Position at end of year $ 622,668 501,267 489,524 542, 138 641,015 651,364 633,427 692,073 733,106 782,738 ⌂
*
^ # @

Financial Trends
Wastewater - Changes in Net Position
Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)
193 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

_______________________________________________________________________________________________________

(Continued)
@Fiscal year 2024, certain other operating revenues for City departments reclassed to charges for services.

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

Revenues: 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Charges for services $ 249,203 267,601 303, 037 317,761 331,721 318,236 356,041 360,037 392,040 427,493 Rents and concessions 753 606 611 702 664 642 705 822 739 875 Other operating revenues 11,819 9,134 11, 448 12,618 11,743 8,787 12,136 3,077 2,262 2,823 Subtotal operating revenues 261,775 277,341 315, 096 331,081 344,128 327,665 368,882 363,936 395,041 431,191 Interest and investment income/(loss) 1,185 2,327 2, 317 20,701 12,137 (1,187) (7,087) 2,556 25,528 44,065 Other non-operating revenues 8,263 8, 633 5,330 6,164 5,596 4,911 25,454 9,910 24,297 4,646 Subtotal non-operating revenues 9,448 10, 960 7,647 26,865 17,733 3,724 18,367 12,466 49,825 48,711 Total revenues $ 271,223 288,301 322, 743 357,946 361,861 331,389 387,249 376,402 444,866 479,902 @

Financial Trends
Wastewater - Changes in Net Position
Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)
194 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

_______________________________________________________________________________________________________

@Fiscal year 2024, restated due to implementation of GASB Statement No. 101, Compensated Absences. *Fiscal year 2023 , $2,740 for HOPE SF projects. Fiscal year 2024, $48,080 for Pier 70 Phase 1 project, Treasure Island Stage 1 project and Yerba Buena Island Street Improvements project. Fiscal year 2025, $145 for Mission Rock project. #Fiscal year 2022, implementation of GASB Statement No. 96, Subscriptions-Based Information Technology Arrangements (SBITAs). ^Fiscal year 2021, implementation of GASB Statement No. 87, Leases. ^^Fiscal year 2019, non-operating expense includes net loss from sales of assets. ***Fiscal year 2018, Wastewater Enterprise recorded certain immaterial corrections to the 2018 financial statement to eliminate the recognition of certain capital assets that are recorded by another fund. The impact of the change was to decrease beginning position as of July 2017 by $6,767 and increase fiscal year 2018 expenses by $28,313.
⌂Fiscal year 2018, implementation of GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions. **Interest expenses, net of amortization of premium, discount, refunding gain/loss and issuance costs.

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

Expenses: 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Personnel services $ 79,088 115,288 91,977 80,693 91,013 90,449 63,456 89,726 106,883 128,217 Contractual services 15,069 13,825 16,061 19,040 19,357 16,489 18,572 20,777 23,885 24,527 Materials and supplies 10,192 8,736 9,446 9,853 8,991 9,091 11,844 14,306 14,474 15,673 Depreciation and amortization 50,799 55,441 55,591 60,033 62,967 74,343 78,105 78,039 82,722 86,476 Services provided by other departments 36,157 36,832 36,374 36,629 37,309 38,313 39,645 40,999 39,546 44,213 General and administrative and
Other operating expenses 30,248 14,098 29,457 53,565 42,622 63,488 45,536 17,503 195,581 (6,625) Subtotal operating expenses 221,553 244,220 238,906 259,813 262,259 292,173 257,158 261,350 463,091 292,481 Interest expenses** 19,272 22,668 19,578 38,106 34,569 26,447 69,329 81,133 91,584 154,566 Non-operating expenses 485 383 414 1,013 52 409 482 535 505 225 Subtotal non-operating expenses 19,757 23,051 19,992 39,119 34,621 26,856 69,811 81,668 92,089 154,791 Total expenses 241,310 267,271 258,898 298,932 296,880 319,029 326,969 343,018 555,180 447,272 Change in net position before capital contributions
and transfers 29,913 21,030 63,845 59,014 64,981 12,360 60,280 33,384 (110,314) 32,630 Capital contributions — — — — — — — 2,740 48,080 145
Transfers in (out) (16,025) (30,707) (26,960) (3,996) (1,188) (2,748) (161) 43 (209) (1,472) Change in net position 13,888 (9,677) 36,885 55,018 63,793 9,612 60,119 36,167 (62,443) 31,303 Net position at beginning of year
Beginning of year, as previously reported 1,142,052 1,155,940 1,146,263 1,174,125 1,229,143 1,292,936 1,302,548 1,362,667 1,398,834 1,323,636 Cumulative effect of accounting change due to error — — (6,767) — — — — — — — Cumulative effect of accounting change — — (2,256) — — — — — (12,755) — Beginning of year as restated 1,142,052 1,155,940 1,137,240 1,174,125 1,229,143 1,292,936 1,302,548 1,362,667 1,386,079 1,323,636 Net Position at end of year $ 1,155,940 1,146,263 1,174,125 1,229,143 1,292,936 1,302,548 1,362,667 1,398,834 1,323,636 1,354,939 ^^
⌂
***
^
*
# @

Financial Trends
Hetchy Water - Changes in Net Position
Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)
195 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

_______________________________________________________________________________________________________

(Continued)

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

Revenues: 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Charges for services $ 38,624 35,008 33,427 33, 880 34,797 46,979 49,200 52,570 49,330 53,071 Rents and concessions 118 142 133 125 156 111 112 127 162 140 Subtotal operating revenues 38,742 35,150 33,560 34, 005 34,953 47,090 49,312 52,697 49,492 53,211 Interest and investment income/(loss) (38) 46 218 2, 670 1,932 (232) (2,932) 457 3,255 5,016 Other non-operating revenues 200 616 1, 237 3,013 3,861 1,352 479 1,861 338 205 Subtotal non-operating revenues 162 662 1, 455 5,683 5,793 1,120 (2,453) 2,318 3,593 5,221 Total revenues $ 38,904 35,812 35,015 39, 688 40,746 48,210 46,859 55,015 53,085 58,432

Financial Trends
Hetchy Water - Changes in Net Position
Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)
196 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

______________________________________________________________________________________________

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

Expenses: 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Personnel services $ 12,183 21,998 14,516 13, 707 16,304 19,871 15,636 18,424 25,367 21,319 Contractual services 902 1,017 1,524 1, 205 1,642 2,398 2,675 2,956 4,035 3,919 Materials and supplies 1,191 1,161 1,101 1, 133 1,337 1,272 1,362 1,605 1,755 1,765 Depreciation and amortization 3,874 4,505 5,066 5, 380 5,276 6,028 6,480 6,524 6,522 7,263 Services provided by other departments 2,054 1,962 1, 572 1,622 1,853 2,517 3,129 3,392 3,501 2,622 General and administrative and
Other operating expenses 16,332 19,456 16,013 27, 258 18,461 18,433 23,017 17,110 3,229 8,583 Subtotal operating expenses 36,536 50,099 39,792 50, 305 44,873 50,519 52,299 50,011 44,409 45,471 Interest expenses — — — — — 2 3 4 3 23
Non-operating expenses 68 68 68 — 11 63 37 54 45 8
Total expenses 36,604 50,167 39, 860 50,305 44,884 50,584 52,339 50,069 44,457 45,502 Change in net position before capital contributions
and transfers 2,300 (14,355) ( 4,845) (10,617) (4,138) (2,374) (5,480) 4,946 8,628 12,930 Transfers in — 60,000 30,000 20, 000 14,000 16,000 30,001 20,000 42 47,084 Change in net position 2,300 45,645 25,155 9, 383 9,862 13,626 24,521 24,946 8,670 60,014 Net position at beginning of year
Beginning of year, as previously reported 120,411 122,711 168,356 191, 790 201,173 211,035 224,661 249,182 274,128 279,943 Cumulative effect of accounting change — — (1,721) — — — — — ( 2,855) — Beginning of year as restated 120,411 122,711 166,635 191, 790 201,173 211,035 224,661 249,182 271,273 279,943 Net position at end of year $ 122,711 168,356 191,790 201, 173 211,035 224,661 249,182 274,128 279,943 339,957 ⌂
^ # @

Financial Trends
Hetchy Power - Changes in Net Position
Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)
197 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

_______________________________________________________________________________________________________

(Continued)

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

Revenues: 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Charges for services $ 125,850 120,789 118,672 143,409 140,680 136,247 173,105 203,847 214,154 218,274 Rents and concessions 144 173 163 152 191 136 137 156 198 189 Subtotal operating revenues 125,994 120,962 118,835 143,561 140,871 136,383 173,242 204,003 214,352 218,463 Interest and investment income/(loss) 1,318 1,718 2,537 6,883 5,746 24 (4,001) 3,741 13,744 14,688 Other non-operating revenues 12,256 11,764 10,073 10,907 25,006 19,273 15,763 13,605 8,528 3,105 Subtotal non-operating revenues 13,574 13,482 12,610 17,790 30,752 19,297 11,762 17,346 22,272 17,793 Total revenues $ 139,568 134,444 131,445 161,351 171,623 155,680 185,004 221,349 236,624 236,256

Financial Trends
Hetchy Power - Changes in Net Position
Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)
198 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

______________________________________________________________________________________________

@Fiscal year 2024, restated due to implementation of GASB Statement No. 101, Compensated Absences. *Fiscal year 2023, $2,535 for Hope SF projects. Fiscal year 2024, $29,200 for Pier 70 Phase 1 project, Treasure Island Stage 1 project and Yerba Buena Island Street Improvements project. Fiscal year 2025, $4,032 for Mission Rock and Warnerville Substation projects. #Fiscal year 2022, implementation of GASB Statement No. 96, Subscriptions-Based Information Technology Arrangements (SBITAs). ^Fiscal year 2021, implementation of GASB Statement No. 87, Leases. ⌂Fiscal year 2018, implementation of GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions. **Interest expenses, net of amortization of premium, discount, refunding gain/loss and issuance costs.

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

Expenses: 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Personnel services $ 33,632 44,961 34,950 37,583 40,712 40,756 34,646 39,300 48,737 56,678 Contractual services 5,493 4,916 5,526 6,086 7,742 8,705 9,459 10,819 13,623 13,263 Purchased power & related costs 26,792 20,970 34,435 47,437 48,831 42,693 58,252 78,658 77,950 78,013 Materials and supplies 1,849 1,510 1,541 672 2,260 1,990 2,270 2,612 2,451 2,781 Depreciation and amortization 12,639 13,225 14,049 14,484 15,723 15,650 17,769 17,877 18,460 21,008 Services provided by other departments 7,397 6,716 5,848 6,833 6,426 6,137 6,253 8,674 6,828 8,082 General and administrative and
Other operating expenses 24,157 24,637 23,046 9,593 26,433 29,709 27,694 33,612 33,114 38,256 Subtotal operating expenses 111,959 116,935 119,395 122,688 148,127 145,640 156,343 191,552 201,163 218,081 Interest expenses** 3,233 2,945 2,855 2,699 2,512 1,753 5,819 7,902 13,464 16,006 Non-operating expenses 1,676 1,408 1,727 1,365 1,060 902 591 227 99 534 Total expenses 116,868 121,288 123,977 126,752 151,699 148,295 162,753 199,681 214,726 234,621 Change in net position before capital contributions
and transfers 22,700 13,156 7,468 34,599 19,924 7,385 22,251 21,668 21,898 1,635 Capital contributions — — — — — — — 2,535 29,200 4,032
Transfers in (out) 680 51 (425) 4,490 (32) (532) (532) (32) (108) (3,532) Change in net position 23,380 13,207 7,043 39,089 19,892 6,853 21,719 24,171 50,990 2,135 Net position at beginning of year
Beginning of year, as previously reported 366,523 389,903 401,686 406,626 445,715 465,607 472,460 494,179 518,350 565,851 Cumulative effect of accounting change — — (2,103) — — — — — (3,489) — Less: CleanPowerSF beginning net position — (1,424) — — — — — — — — Beginning of year as restated 366,523 388,479 399,583 406,626 445,715 465,607 472,460 494,179 514,861 565,851 Net position at end of year $ 389,903 401,686 406,626 445,715 465,607 472,460 494,179 518,350 565,851 567,986 ⌂
*
^ # @

Financial Trends
CleanPowerSF - Changes in Net Position
Fiscal Years Ended 2017 to 2025
(Dollars in Thousands)
199 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

______________________________________________________________________________________________

(Continued)
^Fiscal year 2023, increase in charges for services is due to rate increase and higher consumptions. #Fiscal year 2020, increase in charges for services is due to completion of citywide enrollment. *Fiscal year 2016, CleanPowerSF was presented as part of Hetchy Power.

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

Revenues: 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Charges for services $ — 33,867 39,568 167,820 245,460 207, 698 257,893 326,777 366,594 429,796 Subtotal operating revenues — 33,867 39,568 167,820 245,460 207, 698 257,893 326,777 366,594 429,796 Interest and investment income/(loss) — 89 174 735 1,771 51 ( 1,286) 405 5,904 10,482 Other non-operating revenues — 4 1 — 1 927 2, 759 1,498 386 721 Subtotal non-operating revenues — 93 175 735 1, 772 978 1,473 1,903 6,290 11,203 Total revenues $ — 33,960 39,743 168,555 247, 232 208,676 259,366 328,680 372,884 440,999

*Data not available
CleanPowerSF
launched in May
# ^

Financial Trends
CleanPowerSF - Changes in Net Position
Fiscal Years Ended 2017 to 2025
(Dollars in Thousands)
200 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

_______________________________________________________________________________________________________

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

Expenses: 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Personnel services $ 1,213 2,150 4,612 7,920 7,641 4,167 10,735 9,357 12,251 Contractual services 1,141 2,166 4,786 7,557 6,678 6,780 6,559 6,244 6,779 Purchased power & related costs 22,437 30,297 122,838 174,770 190,989 239,738 265,378 284,895 342,933 Materials and supplies 1 — 51 57 26 33 57 60 102 Depreciation and amortization — — — — 345 385 270 17 126 Services provided by other departments 734 1,545 3,208 2,728 3,928 3,621 4,302 4,792 3,316 General & administrative and
other operating expenses 1,570 2,270 1,789 2,994 3,104 7,393 7,479 6,188 6,671 Subtotal operating expenses 27,096 38,428 137,284 196,026 212,711 262,117 294,780 311,553 372,178 Interest expenses 70 101 130 69 26 6 1 — 5
Other non-operating expenses — — — — — — 218 877 339 Total expenses 27,166 38,529 137,414 196,095 212,737 262,123 294,999 312,430 372,522 Change in net position 6,794 1,214 31,141 51,137 (4,061) (2,757) 33,681 60,454 68,477 Net position at beginning of year
Beginning of year, as previously reported 1,424 8,218 8,860 40,001 91,138 87,077 84,320 118,001 178,142 Cumulative effect of accounting change — (572) — — — — — (313) — Beginning of year as restated 1,424 7,646 8,860 40,001 91,138 87,077 84,320 117,688 178,142 Net position at end of year $ 8,218 8,860 40,001 91,138 87,077 84,320 118,001 178,142 246,619 *Data not available - CleanPowerSF launched in
May 2016.
⌂
~
^ # @

Financial Trends
201 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Department-wide - Summary of Net Position by Component
Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)
_____________________________________________________________________________________________________________

*Fiscal year 2024, restated due to implementation of GASB Statement No. 101, Compensated Absences. ^Fiscal years 2022 and 2023, net position reclassification of restricted payable and capital related liabilities from restricted for capital projects and/or unrestricted to net investment in capital assets balance updated. #Fiscal year 2022, implementation of GASB Statement No. 96, Subscriptions-Based Information Technology Arrangements (SBITAs). @Fiscal year 2021, implementation of GASB Statement No. 87, Leases. ⌂Fiscal year 2018, implementation of GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions.

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Net investment in capital assets $ 2,011,814 1,979,445 2,087,816 2,147,756 2,194,130 2,271,638 2,042,920 2,098,355 2,075,817 2,079,779 Restricted for debt service 13,409 12,451 25,079 18,617 17,285 48,677 20,202 18,191 44,724 7,465 Restricted for capital projects 60,357 39,557 44,690 26,906 49,635 22,319 221,647 142,641 292,369 339,670 Restricted for other purposes — — — — — — 181,926 — — 5,772 Unrestricted 205,642 194,337 113,340 264,891 440,681 395,476 357,080 742,199 667,768 859,553 Total net position $ 2,291,222 2,225,790 2,270,925 2,458,170 2,701,731 2,738,110 2,823,775 3,001,386 3,080,678 3,292,239 @⌂ #
^
*

Financial Trends
202 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Water - Summary of Net Position by Component
Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)
___________________________________________________________________________________________________________________

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Net investment in capital assets $ 543,327 495,868 504,476 563,457 527,856 517,302 512,313 460,213 350,430 450,019 Restricted for debt service 12,122 10,989 22,933 16,193 15,916 45,586 14,671 14,625 44,724 5,353 Restricted for capital projects 40,743 37,904 32,978 — 43,122 22,319 17,085 56,822 200,632 145,442 Restricted for other purposes — — — — — — 100,407 — — — Unrestricted 26,476 (43,494) (70,863) (37,512) 54,121 66,157 (11,049) 160,413 137,320 181,924 Total net position $ 622,668 501,267 489,524 542,138 641,015 651,364 633,427 692,073 733,106 782,738 ⌂ @ #
^
*

Financial Trends
203 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Wastewater - Summary of Net Position by Component
Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)
_______________________________________________________________________________________________________

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Net investment in capital assets $ 1,098,723 1,095,165 1,172,623 1,133,662 1,183,288 1,253,789 1,002,813 1,110,957 1,148,814 1,039,359 Restricted for debt service 981 977 1,312 1,279 1,227 2,992 5,391 3,510 — 2,112 Restricted for capital projects 18,205 1,653 — 18,505 — — 204,562 53,137 31,782 140,768 Restricted for other purposes — — — — — — 48,770 — — —
Unrestricted 38,031 48,468 190 75,697 108,421 45,767 101,131 231,230 143,040 172,700 Total net position $ 1,155,940 1,146,263 1,174,125 1,229,143 1,292,936 1,302,548 1,362,667 1,398,834 1,323,636 1,354,939 ⌂ @ #
^
*

Financial Trends
204 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Hetchy Water - Summary of Net Position by Component
Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)
_______________________________________________________________________________________________________

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Net investment in capital assets $ 113,867 127,731 139,799 149,103 160,782 177,481 194,688 214,014 233,276 248,610 Restricted for debt service — — — — — — — — — —
Restricted for capital projects 1,409 — 11,712 8,401 6,513 — — 10,980 31,330 20,815 Restricted for other purposes — — — — — — 13,912 — — —
Unrestricted 7,435 40,625 40,279 43,669 43,740 47,180 40,582 49,134 15,337 70,532 Total net position $ 122,711 168,356 191,790 201,173 211,035 224,661 249,182 274,128 279,943 339,957 ⌂ @ #
^
*

Financial Trends
205 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Hetchy Power - Summary of Net Position by Component
Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)
_______________________________________________________________________________________________________

*Fiscal year 2024, restated due to implementation of GASB Statement No. 101, Compensated Absences. ^Fiscal years 2022 and 2023, net position reclassification of restricted payable and capital related liabilities from restricted for capital projects and/or unrestricted to net investment in capital assets balance updated. #Fiscal year 2022 implementation of GASB Statement No. 96, Subscriptions-Based Information Technology Arrangements (SBITAs). @Fiscal year 2021 implementation of GASB Statement No. 87, Leases. ⌂Fiscal year 2018 implementation of GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions.

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Net investment in capital assets $ 255,897 260,681 270,918 301,534 322,204 323,066 333,106 313,171 343,297 341,791 Restricted for debt service 306 485 834 1,145 142 99 140 56 — — Restricted for capital projects — — — — — — — 21,702 28,625 32,645 Restricted for other purposes — — — — — — 17,004 — — 5,772 Unrestricted 133,700 140,520 134,874 143,036 143,261 149,295 143,929 183,421 193,929 187,778 Total net position $ 389,903 401,686 406,626 445,715 465,607 472,460 494,179 518,350 565,851 567,986 ⌂ @ #
^
*

Financial Trends
206 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

CleanPowerSF - Summary of Net Position by Component
Fiscal Years Ended 2017 to 2025
(Dollars in Thousands)
_______________________________________________________________________________________________________

**Fiscal year 2024, restated due to implementation of GASB Statement No. 101, Compensated Absences. #Fiscal year 2022 implementation of GASB Statement No. 96, Subscriptions-Based Information Technology Arrangements (SBITAs). @Fiscal year 2021 implementation of GASB Statement No. 87, Leases. ^Fiscal year 2020, increase in Unrestricted Net Position is due to completion of citywide enrollment. ⌂Fiscal year 2018 implementation of GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions.

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Net investment in capital assets $ — — — — — — — — —
Restricted for debt service — — — — — — — — —
Restricted for capital projects — — — — — — — — —
Restricted for other purposes — — — — — — 1,833 — — —
Unrestricted 8,218 8,860 40,001 91,138 87,077 82,487 118,001 178,142 246,619 Total net position $ 8,218 8,860 40,001 91,138 87,077 84,320 118,001 178,142 246,619 *Data not available
CleanPowerSF
launched in May
2016.
⌂ @ #^ **

Financial Trends
207 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Department-wide Investments in Capital Assets
Summary of Intangible Assets, Property, Plant and Equipment Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)
_______________________________________________________________________________________________________

*Include amortizable and non-amortizable intangible assets. ^Fiscal year 2021 implementation of GASB Statement No. 87, Leases and fiscal year 2022 implementation of GASB Statement No. 96, Subscriptions- based Information Technology Arrangements (SBITAs).

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Buildings, equipment, structures and
Land improvements $ 8,565,038 8,736,914 9,084,980 10,483,615 10,957,712 11,369,025 11,783,944 12,137,657 12,667,975 13,746,900 Less accumulated depreciation (2,742,700) (2,930,531) (3,120,191) (3,316,443) (3,538,382) (3,773,696) (4,016,382) (4,265,309) (4,520,990) (4,778,752) Subtotal 5,822,338 5,806,383 5,964,789 7,167,172 7,419,330 7,595,329 7,767,562 7,872,348 8,146,985 8,968,148 Intangible assets, net of amortization* 36,674 34,904 36,956 34,853 32,528 35,102 34,731 33,816 32,694 31,566 Land and rights-of-way 67,213 67,301 70,947 71,228 155,089 154,001 163,194 163,075 163,075 163,075 Construction work in progress 1,436,187 1,841,297 2,161,089 1,387,840 1,592,097 2,079,754 2,485,201 3,130,427 3,915,730 4,162,556 Right-to-use land lease assets, net of
amortization^ — — — — — — — — — 197
Right-to-use building lease assets, net
of amortization^ — — — — — 10,898 6,773 5,538 3,020 8,882 Right-to-use subscription assets, net of
amortization^ — — — — — — 3,175 1,398 624 2,065
Total capital assets, net of
depreciation and amortization $ 7,362,412 7,749,885 8,233,781 8,661,093 9,199,044 9,875,084 10,460,636 11,206,602 12,262,128 13,336,489

Financial Trends
208 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Water - Investments in Capital Assets
Summary of Intangible Assets, Property, Plant and Equipment Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)
_______________________________________________________________________________________________________

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Buildings, equipment and structures $ 5,036,587 5,100,680 5,217,106 6,399,688 6,577,333 6,739,364 6,993,164 7,093,106 7,292,259 7,412,470 Less accumulated depreciation (1,158,520) (1,274,504) (1,391,274) (1,509,481) (1,648,895) (1,791,178) (1,936,417) (2,087,439) (2,239,620) (2,394,502) Subtotal 3,878,067 3,826,176 3,825,832 4,890,207 4,928,438 4,948,186 5,056,747 5,005,667 5,052,639 5,017,968 Intangible assets, net of amortization* 5,843 4,671 7,321 5,816 4,089 2,763 3,152 2,331 2,657 3,050 Land and rights-of-way 26,811 26,777 30,029 30,029 105,336 104,248 113,441 113,322 113,322 113,322 Construction work in progress 987,780 1,195,840 1,400,051 462,606 492,682 532,602 444,254 526,994 606,804 853,267 Right-to-use land lease assets, net of
amortization^ — — — — — — — — — 197
Right-to-use building lease assets, net
of amortization^ — — — — — 4,237 2,812 3,943 2,734 2,490 Right-to-use subscription assets, net
of amortization^ — — — — — — 1,577 695 311 1,005
Total capital assets, net of
depreciation and amortization $ 4,898,501 5,053,464 5,263,233 5,388,658 5,530,545 5,592,036 5,621,983 5,652,952 5,778,467 5,991,299 $0
$1,300,000
$2,600,000
$3,900,000
$5,200,000
$6,500,000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Dollars in Thousands
Water Investments in Capital Assets
Intangible assets Land and rights-of-way Buildings, equipment and structures Construction work in progress
Right-to-use building lease assets Right-to-use subscription assets Right-to-use land lease assets
Financial Trends
209 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Wastewater - Investments in Capital Assets
Summary of Intangible Assets, Property, Plant and Equipment Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)
_______________________________________________________________________________________________________

*Include amortizable and non-amortizable intangible assets. ^Fiscal year 2021 implementation of GASB Statement No. 87, Leases and fiscal year 2022 implementation of GASB Statement No. 96, Subscription- based Information Technology Arrangements (SBITAs).

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Buildings, equipment, structures and
Land improvements $ 2,842,648 2,904,499 3,094,871 3,271,188 3,520,624 3,702,375 3,832,594 4,036,536 4,274,422 5,170,979 Less accumulated depreciation (1,185,275) (1,240,172) (1,295,323) (1,354,209) (1,416,292) (1,488,148) (1,562,239) (1,636,752) (1,715,934) (1,797,714) Subtotal 1,657,373 1,664,327 1,799,548 1,916,979 2,104,332 2,214,227 2,270,355 2,399,784 2,558,488 3,373,265 Intangible assets, net of amortization* 3,594 3,457 3,320 3,183 3,046 7,407 7,107 7,333 6,373 5,090 Land and rights-of-way 35,737 35,737 35,737 36,018 44,572 44,572 44,572 44,572 44,572 44,572 Construction work in progress 362,958 548,179 652,521 765,624 910,338 1,340,644 1,724,417 2,232,963 2,878,789 2,855,921 Right-to-use building lease assets, net
of amortization^ — — — — — 5,922 3,597 1,272 — 5,408
Right-to-use subscription assets, net of
amortization^ — — — — — — 957 422 188 597
Total capital assets, net of
depreciation and amortization $ 2,059,662 2,251,700 2,491,126 2,721,804 3,062,288 3,612,772 4,051,005 4,686,346 5,488,410 6,284,853

Financial Trends
210 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Hetchy Water - Investments in Capital Assets
Summary of Intangible Assets, Property, Plant and Equipment Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)
_______________________________________________________________________________________________________

*Include amortizable and non-amortizable intangible assets. ^Fiscal year 2021 implementation of GASB Statement No. 87, Leases and fiscal year 2022 implementation of GASB Statement No. 96, Subscription- based Information Technology Arrangements (SBITAs).

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Buildings, equipment and structures $ 242,936 261,139 276,177 281,562 311,783 323,486 334,499 341,203 351,741 358,040 Less accumulated depreciation (170,199) (174,352) (179,139) (184,312) (189,350) (195,151) (201,236) (207,298) (213,521) (220,105) Subtotal 72,737 86,787 97,038 97,250 122,433 128,335 133,263 133,905 138,220 137,935 Intangible assets, net of amortization* 11,618 11,410 11,203 10,996 10,789 10,581 10,374 10,167 9,960 9,753 Land and rights-of-way 3,003 3,055 3,232 3,232 3,232 3,232 3,232 3,232 3,232 3,232 Construction work in progress 26,509 26,479 28,326 37,625 24,328 35,333 54,138 72,450 85,884 98,758 Right-to-use building lease assets, net
of amortization^ — — — — — 74 61 145 129 443
Right-to-use subscription assets, net
of amortization^ — — — — — — 314 137 61 209
Total capital assets, net of
depreciation and amortization $ 113,867 127,731 139,799 149,103 160,782 177,555 201,382 220,036 237,486 250,330

Financial Trends
211 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Hetchy Power - Investments in Capital Assets
Summary of Intangible Assets, Property, Plant and Equipment Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)
_______________________________________________________________________________________________________

*Include amortizable and non-amortizable intangible assets. ^Fiscal year 2021 implementation of GASB Statement No. 87, Leases and fiscal year 2022 implementation of GASB Statement No. 96, Subscription- based Information Technology Arrangements (SBITAs).

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Buildings, equipment and structures $ 442,867 470,596 496,826 531,177 547,972 603,800 623,687 666,812 749,553 805,411 Less accumulated depreciation (228,706) (241,503) (254,455) (268,441) (283,845) (299,219) (316,490) (333,820) (351,915) (366,431) Subtotal 214,161 229,093 242,371 262,736 264,127 304,581 307,197 332,992 397,638 438,980 Intangible assets, net of amortization* 15,619 15,366 15,112 14,858 14,604 14,351 14,098 13,985 13,704 13,673 Land and rights-of-way 1,662 1,732 1,949 1,949 1,949 1,949 1,949 1,949 1,949 1,949 Construction work in progress 58,940 70,799 80,191 121,985 164,749 171,175 262,392 298,020 344,253 354,610 Right-to-use building lease assets, net
of amortization^ — — — — — 90 73 178 157 541
Right-to-use subscription assets, net
of amortization^ — — — — — — 256 114 51 168
Total capital assets, net of
depreciation and amortization $ 290,382 316,990 339,623 401,528 445,429 492,146 585,965 647,238 757,752 809,921

Financial Trends
212 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

CleanPowerSF - Investments in Capital Assets
Summary of Intangible Assets, Property, Plant and Equipment Fiscal Years Ended 2021 to 2025
(Dollars in Thousands)
_______________________________________________________________________________________________________

^Fiscal year 2021 implementation of GASB Statement No. 87, Leases and fiscal year 2022 implementation of GASB Statement No. 96, Subscription- based Information Technology Arrangements (SBITAs).

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Buildings, equipment and structures $ — — — — — — — — — — Less accumulated depreciation — — — — — — — — — —
Subtotal — — — — — — — — — —
Intangible assets, net of amortization — — — — — — — — — — Land and rights-of-way — — — — — — — — — —
Construction work in progress — — — — — — — — — —
Right-to-use building lease assets, net
of amortization^ — — — — — 575 230 — — —
Right-to-use subscription assets, net of
amortization^ — — — — — — 71 30 13 86
Total capital assets, net of
depreciation and amortization $ — — — — — 575 301 30 13 86

Data not available - Fiscal year 2021 implementation of GASB Statement No. 87, Leases and fiscal year 2022
implementation of GASB Statement No. 96, Subscription-
based Information Technology Arrangements (SBITAs).

213 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Statistical Section

Revenue Capacity

Water Rates History
Wastewater Rates History
Hetchy Power Electric Rates History
CleanPowerSF Electric Rates History
Net Revenue and Debt Service Coverage
Revenue Capacity
214 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Water Rate History
Fiscal Years Ended 2016 to 2025
_______________________________________________________________________________________________________

1Monthly service charge for 5/8” meter. Larger meter sizes charged at different rates. 2The percentage increase/(decrease) is based on an average monthly bill of 6 ccf for Single-Family and 4 ccf for Multiple-Family. 3Effective July 1, 2015, the Single-Family Residential Tier 1 changed from 0-3 ccf to 0-4 ccf. 4Rates approved on May 8, 2018. The temporary drought surcharge was in effect starting April 2022 but not shown for fiscal year 2022 as it was only in effect for April-June 2022.
5Up to 5% temporary drought surcharge due to water shortage declaration was added to retail volume charge and effective through April 2023. 6Three years of rates were approved on May 23, 2023.

Source: San Francisco Public Utilities Commission Annual Disclosure Reports and Rate Schedules.

Rates Per Hundred Cubic Feet
Fiscal
Years
Ended
June 30
Service
Charge
($)¹
Volume
Charge
($/ccf)
(0-4 ccf)
Volume
Charge
($/ccf)
(over 4 ccf)
% Increase/
(Decrease)2
Volume
Charge
($/ccf)
(0-3 ccf)
Volume
Charge
($/ccf)
(over 3 ccf)
% Increase/
(Decrease)2
Volume
Charge
($/ccf)
% Increase/
(Decrease)
Volume
Charge
($/ccf)
% Increase/
(Decrease)
2016
3 $ 9.87 $ 5.45 $ 7.31 12.1 $ 5.58 $ 7.48 12.1 $ 6.49 12.1 $ 3.75 28.0 2017 10.86 6.00 8.05 10.1 6.14 8.23 10.0 7.14 10.0 4.10 9.3 2018 11.63 6.42 8.62 7.0 6.57 8.81 7.0 7.64 7.0 4.10 0.0 2019
4 12.30 7.10 9.10 8.0 7.22 9.26 7.6 8.43 10.3 4.10 0.0
2020
4 13.28 7.85 9.61 8.5 7.94 9.73 8.4 9.14 8.4 4.10 0.0
2021
4 14.19 8.68 10.15 8.3 8.73 10.23 8.1 9.81 7.3 4.10 0.0 2022
4 15.17 9.60 10.71 8.4 9.60 10.76 8.1 10.55 7.5 4.10 0.0 2023
5 15.17 10.08 11.25 4.0 10.08 11.30 3.6 11.08 5.0 4.75 15.9 2024
6 16.64 10.33 11.47 3.8 10.19 10.94 2.5 11.12 0.4 5.21 9.7 2025
6 17.48 10.85 12.05 5.0 10.70 11.49 5.0 11.68 5.0 5.67 8.8 Single-Family Multiple-Family Non-Residential
Retail Wholesale
Revenue Capacity
215 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Wastewater Rate History
Fiscal Years Ended 2016 to 2025
_______________________________________________________________________________________________________

1The percentage increase/(decrease) is based on an average monthly bill of 5.4 ccf for Single-Family (based on a 90% flow factor) and 3.8 ccf for Multiple-Family (based on a 95% flow factor).
2Effective July 1, 2015, the Single-Family Residential Tier 1 rate structure changed from 0-3 ccf to 0-4 ccf. 3Effective July 1, 2017, no tiers for wastewater volumetric charges for single-family and multi-family residential wastewater. 4Effective July 1, 2018, all wastewater customers pay a monthly service charge per account. 5Rates approved on May 22, 2018. The temporary drought surcharge was in effect starting April 2022 but not shown for fiscal year 2022 as it was only in effect for April-June 2022.
6Up to 5.0% temporary drought surcharge due to water shortage declaration was added to retail volume charge and effective through April 2023. 7Three years of rates were approved on May 23, 2023.
8In fiscal year 2024, the SFPUC implemented a stormwater component to the Wastewater bill. Residential customers with 6,000 square feet or less and with 6 or fewer dwelling units received the Simplified Residential Stormwater Rate. Tiers are determined by total square feet parcel area (Tier 1: 0-1,700 square feet. Tier 2: 1,701-3,300 square feet. Tier 3: 3,301 - 6,000 square feet).

Source: San Francisco Public Utilities Commission Annual Disclosure Reports and Rate Schedules.

Rates Per Hundred Cubic Feet
Fiscal
Years
Ended
June 30
Volume
Charge
($/ccf)
(0-4 ccf)
Volume Charge
($/ccf)
(over 4 ccf)
% Increase/
(Decrease)1
Volume Charge
($/ccf)
(0-3 ccf)
Volume Charge
($/ccf)
(over 3 ccf)
% Increase/
(Decrease)1
Volume
Charge
($/ccf)
Chemical
Oxygen
Demand
Charge ($/lb)
Suspended
Solids
Charge
($/lb)
Oil and
Grease
Charge
($/lb)
2016 2 $ 9.82 $ 11.34 6.9 $ 9.95 $ 11.51 5.8 $ 6.45 $ 0.46 $ 0.87 $ 0.91 2017 10.84 11.66 9.0 10.91 11.75 7.9 6.90 0.49 0.93 0.97 2018 3 12.40 12.40 12.2 12.40 12.40 11.8 7.66 0.55 1.03 1.08 Fiscal
Years
Ended
June 30
Service
Charge ($)4
Volume Charge
($/ccf)
% Increase/
(Decrease)1
Volume Charge
($/ccf)
% Increase/
(Decrease)1
Volume
Charge
($/ccf)
Chemical
Oxygen
Demand
Charge ($/lb)
Suspended
Solids
Charge ($/lb)
Oil and
Grease
Charge
($/lb)
2019
5 $ 0.98 $ 13.06 4.5 $ 13.06 3.5 $ 7.84 $ 0.52 $ 1.30 $ 1.33 2020
5 2.19 13.88 6.6 13.88 5.3 8.29 0.56 1.41 1.42
2021
5 3.60 14.89 9.1 14.89 7.4 8.86 0.60 1.53 1.54
2022
5 5.21 15.97 8.9 15.97 9.5 9.46 0.65 1.65 1.66
2023 6 5.21 16.75 4.6 16.75 4.5 9.93 0.68 1.73 1.74
2024 7 4.85 16.91 0.5 16.91 0.4 9.74 0.86 1.68 1.05
2025 7 5.28 17.80 5.4 17.80 5.5 10.09 0.93 1.81 1.14
Fiscal
Years
Ended
June 30
Tier 1
Charge
($/1,000sq ft)
Tier 2 Charge
($/1,000 sq ft)
Tier 3 Charge
($/1,000 sq ft)
Permeable Area
Charge
($/1,000 sq ft)
Impermeable
Area Charge
($/1,000 sq ft)
2024 7,8 $ 2.31 $ 3.60 $ 5.41 $ 0.19 $ 1.89
2025 7,8 5.04 7.84 11.79 0.41 4.11
Single-Family Multiple-Family Non-Residential
Multiple-Family Non-ResidentialSingle-Family
Simplified Residential Stormwater
Non-Residential and Residential
Over 6,000 square feet
Revenue Capacity
216 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Hetchy Power Electric Rate History
Fiscal Years Ended 2016 to 2025
_______________________________________________________________________________________________________

*Residential rates include master -metered multi-family services (EM) and multi -family services (ES). Tiers for Residential Public Power vary between Winter and Summer months.
**TOU stands for time-of-use.
#Prior to fiscal year 2019, the General Fund rate shown was one of six rates being charged to customers. In fiscal year 2019, the six rates were consolidated into one, which was set to a ½ cent per kWh increase from the weighted average of the six prior rates. The decrease in fiscal year 2019 is a function of the change in what this line item represents – rates did not decrease. Starting fiscal year 2023, City departments are assigned to a rate schedule based on the customer class (small commercial, industrial, etc.).

The rates shown for each year are average rates per kWh charged in the months including June for residential, commercial, and industrial rates.

Rates are subject to change at any time.

Source: San Francisco Public Utilities Commission Rates Schedules and Fees and PG&E electric rates schedules.

Rates Per Kilowatt Hour 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Residential*
Residential Services - Multi-family $ 0.21784 0.23073 0. 22894 0.23298 0.26429 0.28308 0.33772 0.35571 0.45412 0.43155 Residential - Public Power
Tier 1 0.11705 0.13391 0.14198 0.14610 0.14868 0.15537 0.17781 0.20880 0.22770 0.25502 Tier 2 0.13306 0.15222 0.16139 0.16607 0.16900 0.17661 0.20211 0.25056 0.27324 0.30603 Tier 3 0.27238 0.31160 0.33037 0.33995 0.34595 0.36153 0.41372 0.37584 0.40986 0.45904 Commercial
Small General Service 0.22560 0.23020 0. 23786 0.24931 0.26884 0.27749 0.32523 0.33903 0.44866 0.44249 Medium General Demand-Metered Service 0.19667 0.20346 0. 21265 0.21889 0.23721 0.24167 0.30162 0.31870 0.40470 0.39120 Medium General Demand-Metered TOU**
Service

0.15049 0.15893 0. 16176 0.16709 0.18735 0.18959 0.23972 0.24666 0.30896 0.29305 Industrial
Service to Customers with equal to or greater
than Demand of 1,000 Kilowatts or More -
Secondary Voltage

0.15969 0.16868 0. 17553 0.18279 0.19804 0.19537 0.23230 0.26114 0.34171 0.31635 Service to Customers with equal to or greater
than Demand of 1,000 Kilowatts or More -
Primary Voltage

0.14498 0.15229 0. 15874 0.16466 0.17774 0.17627 0.22023 0.23647 0.29029 0.27161 Service to Customers with equal to or greater
than Demand of 1,000 Kilowatts or More -
Transmission Voltage

0.10743 0.11719 0. 12501 0.12786 0.14240 0.13414 0.18171 0.19384 0.21379 0.18845 General Fund City Departments# 0.06750 0.07250 0. 07750 0.07377 0.07877 0.08877 0.09877 0.10877 0.15877 0.18877 Streetlights 0.15712 0.15874 0. 16451 0.17354 0.18693 0.18754 0.23439 0.25629 0.36491 0.35449 Traffic Signals 0.17187 0.18018 0.18432 0.18945 0.20194 0.19768 0.20413 0.25923 0.26563 0.29751 Revenue Capacity
217 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

CleanPowerSF Electric Rate History
Fiscal Years Ended 2016 to 2025
_______________________________________________________________________________________________________

The rates shown for each year are the average rates per kWh calculated by the SFPUC and prepared in fiscal years 2016 to 2025. Each average rate is calculated using the energy consumption (and if applicable, demand) of a typical customer on that rate schedule in San Francisco and the rates in place during each reported fiscal year.

*Rate E-TOUC was a new rate beginning fiscal year 2019, and therefore was not included in the Joint Rate Comparison. The same methodology to calculate average rate was applied.
#Fiscal year 2021, Rates E-TOU-A and EVA are discontinued as of January 2021. Rate E-20P was not included due to lack of data to provide average rate. **N/A due to new rate classification for fiscal year 2022.

May exclude new rates due to insufficient data for average rate calculation.

Source: San Francisco Public Utilities Commission and PG&E Joint Rate Comparisons. Starting fiscal year 2022, SFPUC CleanPowe rSF Management Report.

Rates per Kilowatt-hour 2016 2017 2018 2019 2020 2021# 2022** 2023 2024 2025 Residential
Green 0. 09112 0.11766 0.13679 0.14868
SuperGreen 0.10112 0.12766 0.14679 0.15868
E-1 (Green) $ 0.07267 0.07267 0.06836 0.07163 0.08235 0.06918 N/A N/A N/A N/A E-1 (SuperGreen) 0.09267 0.09267 0.08836 0.08663 0.09235 0.07918 N/A N/A N/A N/A E-6 (Green) 0.06719 0.06693 0.05868 0.06612 0.08197 0.06935 N/A N/A N/A N/A E-6 (SuperGreen) 0.08719 0.08693 0.07868 0.08112 0.09197 0.07935 N/A N/A N/A N/A E-TOUA (Green) N/A 0.06801 0.06283 0.06548 0.07702 N/A N/A N/A N/A N/A E-TOUA (SuperGreen) N/A 0.08801 0.08283 0.08048 0.08702 N/A N/A N/A N/A N/A E-TOUB (Green) N/A 0.06819 0.06285 0.06460 0.07598 0.06223 N/A N/A N/A N/A E-TOUB (SuperGreen) N/A 0.08819 0.08285 0.07960 0.08598 0.07223 N/A N/A N/A N/A E-TOUC* (Green) N/A N/A N/A 0.07010 0.07913 0.06449 N/A N/A N/A N/A E-TOUC* (SuperGreen) N/A N/A N/A 0.08510 0.08913 0.07449 N/A N/A N/A N/A EVA (Green) 0.05837 0.05822 0.05350 0.05358 0.06526 N/A N/A N/A N/A N/A EVA (SuperGreen) 0.07837 0.07822 0.07350 0.06858 0.07526 N/A N/A N/A N/A N/A EVB (Green) N/A 0.04747 0.04263 0.03889 0.04692 0.06154 N/A N/A N/A N/A EVB (SuperGreen) N/A 0.06747 0.06263 0.05389 0.05692 0.07154 N/A N/A N/A N/A Non-Residential
Small Commercial Green 0.08833 0.10927 0.12244 0.13802 Small Commercial SuperGreen 0.09583 0.11427 0.12744 0.14302 Medium Commercial Green 0.09415 0.11186 0.11911 0.13762 Medium Commercial SuperGreen 0.09915 0.11686 0.12411 0.14262 Large Commercial Green 0.08003 0.10192 0.11815 0.12569 Large Commercial SuperGreen 0.08503 0.10692 0.12315 0.13069 Industrial Green 0.07752 0. 09596 0.09627 0.10071
Industrial SuperGreen 0.08502 0.10096 0.10127 0.10571 Streetlights Green 0.07434 0.10420 0.12559 0.13582
Streetlights SuperGreen 0.08184 0.10920 0.13059 0.14082 Outdoor Lighting Green 0.07999 0.10980 0.10980 0.14237 Outdoor Lighting SuperGreen 0.08749 0.11480 0.11480 0.14737 Agriculture Green 0.06277 0.08831 0.08416 0.10001
Agriculture SuperGreen 0.07027 0.09331 0.08916 0.10501 Commercial
A-1 (Green) 0.07772 0.07740 0.07447 0.07919 0.08011 0.06498 N/A N/A N/A N/A A-1 (SuperGreen) 0.09772 0.09740 0.08847 0.08919 0.08761 0.07248 N/A N/A N/A N/A A-1X (Green) 0.07770 0.07751 0.07509 0.07954 0.08184 0.06600 N/A N/A N/A N/A A-1X (SuperGreen) 0.09770 0.09751 0.08909 0.08954 0.08934 0.07359 N/A N/A N/A N/A A-6 (Green) 0.08883 0.08820 0.08631 0.09491 0.10079 0.09359 N/A N/A N/A N/A A-6 (SuperGreen) 0.10883 0.10820 0.10031 0.10491 0.10829 0.10109 N/A N/A N/A N/A A-10S (Non Time of Use - Green) 0.07940 0.07940 0.07674 0.08355 0.08252 0.06828 N/A N/A N/A N/A A-10S (Non Time of Use - SuperGreen) 0.09940 0.09940 0.09074 0.08855 0.08752 0.07328 N/A N/A N/A N/A A-10SX (Time of Use - Green) 0.07899 0.07813 0.07579 0.08322 0.08185 0.06671 N/A N/A N/A N/A A-10SX (Time of Use - SuperGreen) 0.09899 0.09813 0.08979 0.08822 0.08685 0.07171 N/A N/A N/A N/A E-19S (Green) 0.07925 0.07853 0.07658 0.08336 0.08010 0.06392 N/A N/A N/A N/A E-19S (SuperGreen) 0.09925 0.09853 0.09058 0.08836 0.08510 0.06892 N/A N/A N/A N/A E-19SV (Green) 0.07368 0.07304 0.07104 0.07670 0.07387 0.06150 N/A N/A N/A N/A E
-19SV (SuperGreen) 0.09368 0.09304 0.08504 0.08170 0.07887 0.06650 N/A N/A N/A N/A E-20P (Green) 0.07005 0.06895 0.06729 0.07300 0.06958 N/A N/A N/A N/A N/A E-20P (SuperGreen) 0.09005 0.08895 0.08129 0.08300 0.07708 N/A N/A N/A N/A N/A E-20S (Green) 0.07502 0.07395 0.07167 0.07774 0.07434 0.06282 N/A N/A N/A N/A E-20S (SuperGreen) 0.09502 0.09395 0.08567 0.08774 0.08184 0.07032 N/A N/A N/A N/A

**New rate classification starting fiscal year 2022
**New rate classification starting fiscal year 2022
Revenue Capacity
218 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Water - Net Revenue and Debt Service Coverage
Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)
_______________________________________________________________________________________________________

1Adjustment of investing activities and non-operating revenues to a cash basis. 2As per the Indenture, in addition to current year cash flow, the coverage calculation permits the inclusion of all funds except for Trust and Agency Fund not budgeted to be spent in such months and legally available to pay debt service. 3Revenue debt service is calculated net of capitalized interest and federal interest subsidy the Commission is scheduled to receive during the 12- month period ending June 30 for any series of bonds.
4Starting in fiscal year 2022, certain types of non-operating revenue is included in net revenue. #Starting fiscal year 2021, Treasure Island revenue and expenses are excluded from debt service coverage.

Source: San Francisco Public Utilities Commission Annual Disclosure Reports.

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Operating, other and investment revenue $ 423,111 464,662 532,087 558,041 593,868 581,141 565,317 705,443 704,041 711,917 Less operating, other and maintenance expenses (314,786) (421,827) (370,147) (357,094) (398,117) (448,690) (401,634) (438,837) (502,318) (469,741) Adjustment to investing activities1 635 111 (1,245) (4,821) (516) 3,846 13,050 (2,015) (7,956) (7,354) Depreciation and non-cash expenses 107,268 121,375 119,624 122,248 148,294 150,257 151,114 164,817 157,335 160,042 Changes in working capital (11,062) 63,520 31,060 (11,073) (20,763) 24,707 (42,906) (124,668) (22,917) 48,880 Appropriated fund balance 23,994 10,747 1,452 4,318 17,181 27,785 21,977 67,949 9,800 24,011 Net revenue4 229,160 238,588 312,831 311,619 339,947 339,046 306,918 372,689 337,985 467,755 Other available funds2 162,733 155,852 186,752 221,362 241,931 128,692 103,506 194,075 217,600 179,017 Funds available for revenue debt service $ 391,893 394,440 499,583 532,981 581,878 467,738 410,424 566,764 555,585 646,772 Revenue debt service3 $ 219,195 207,812 233,959 261,638 269,210 248,427 279,352 307,062 306,369 298,169 Revenue debt service coverage (indenture basis) 1.79 1.90 2.14 2.04 2.16 1.88 1.47 1.85 1.81 2.17 #

Revenue Capacity
219 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Wastewater - Net Revenue and Debt Service Coverage
Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)
_______________________________________________________________________________________________________

1Adjustment of investing activities and non-operating revenues to a cash basis. 2As per the Indenture, in addition to current year cash flow, the coverage calculation permits the inclusion of all funds except for Trust and Agency Fund not budgeted to be spent in such 12 months and legally available to pay debt service. 3State revolving fund loan for Sewer System Improvement projects (starting fiscal year 2019) have the same seniority as revenue bonds. Starting in fiscal year 2022, certain types of non-operating revenue is included in net revenue. #Starting fiscal year 2021, Treasure Island revenue and expenses are excluded from debt service coverage. *In fiscal year 2018 Wastewater financial statements, fiscal year 2017 revenue debt service is presented gross of capitalized interest, $60,407.

Source: San Francisco Public Utilities Commission Annual Disclosure Reports.

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Operating, other and investment revenue $ 262,960 279,668 317,413 351,782 356,265 325,008 360,756 365,667 419,959 474,126 Less operating, other and maintenance expenses (221,553) (244,220) (238,906) (259,813) (262,259) (290,737) (255,010) (254,283) (452,231) (284,522) Adjustment to investing activities1 (12) 251 (489) (8,047) 2,950 4,356 8,422 2,392 (7,527) (10,676) Depreciation and non-cash expenses 56,285 57,998 60,072 68,568 68,603 78,368 77,806 84,450 133,324 86,628 Changes in working capital 2,404 26,292 18,336 (2,125) 523 (8,596) (36,470) (19,376) 95,184 (26,165) Net revenue3 100,084 119,989 156,426 150,365 166,082 108,399 155,504 178,850 188,709 239,391 Other available funds2 139,847 131,554 153,596 103,281 215,722 197,778 155,331 134,593 165,972 176,916 Funds available for revenue debt service $ 239,931 251,543 310,022 253,646 381,804 306,177 310,835 313,443 354,681 416,307 Revenue debt service* $ 60,022 48,769 47,003 60,347 62,797 82,066 86,619 98,811 91,601 114,350 Revenue debt service coverage (indenture basis) 4.00 5.16 6.60 4.20 6.08 3.73 3.59 3.17 3.87 3.64

*
#

220 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025 Revenue Capacity

Hetchy Power - Net Revenue and Debt Service Coverage
Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)
_______________________________________________________________________________________________________

Not Applicable (N/A) debt service for CREBs, QECBs and NCREBs, is subordinate in lien pursuant to Power’s Master Trust Indenture dated May 1, 2015. 1Certain types of non-operating revenue is included in net revenue. *Adjustment of investing activities and non-operating revenues to a cash basis. **Series 2015 AB power revenue bonds senior lien debt service is capitalized through fiscal year 2018. Therefore, no basis for calculating debt service coverage from fiscal years 2016 to 2017. Fiscal year 2025 debt service increase due to 2023 bond payments. ⌂Starting fiscal year 2019, other available funds are calculated based on percentage of unrestricted net position due to implementation of new financial system, PeopleSoft. Fiscal year 2018 and prior, fund equity was determined by financial activities in the general ledger fund equity account, however it is no longer available in PeopleSoft.
#Starting fiscal year 2021, Treasure Island revenue and expenses are excluded from debt service coverage.

Source: San Francisco Public Utilities Commission Annual Disclosure Reports.

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Operating, other and investment revenue $ 122,954 122,187 122,251 152,873 151,835 142,696 176,896 208,887 226,341 232,368 Less operating, other and maintenance expenses (110,012) (116,935) (119,395) (122,688) (148,127) (139,566) (142,716) (181,769) (175,660) (190,657) Adjustment to investing activities* 11 29 419 (2,606) 101 1,902 3,297 (15) (4,047) (3,322) Depreciation and non-cash expenses 15,331 14,208 14,131 14,604 27,470 23,037 18,351 20,714 16,530 23,094 Changes in working capital (9,214) 11,740 13,281 (2,386) 3,243 (18,641) (2,702) 3,785 (13,377) 5,399 Low Carbon Fuel Standard revenue — — — — 6,920 1,181 1,184 593 684 641 Net revenue1 19,070 31,229 30,687 39,797 41,442 10,609 54,310 52,195 50,471 67,523 Other available funds⌂ 13,974 32,199 36,525 31,215 39,119 23,569 44,315 110,204 116,170 161,163 Funds available for revenue debt service $ 33,044 63,428 67,212 71,012 80,561 34,178 98,625 162,399 166,641 228,686 Revenue debt service** $ N/A N/A 2,570 2,569 2,568 2,567 2,565 2,566 2,565 9,615 Revenue debt service coverage (indenture basis) N/A N/A 26.15 27.64 31.37 13.31 38.45 63.29 64.97 23.78 #

221 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Statistical Section

Debt Capacity

Debt Ratings

Summary of Debt Outstanding
History of Outstanding Debt by Type
Department-wide – Future Principal and Interest Payments for Debt Issues Water – Future Principal and Interest Payments for Debt Issues Wastewater – Future Principal and Interest Payments for Debt Issues Hetchy Power – Future Principal and Interest Payments for Debt Issues

222 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025 Debt Capacity

Debt Ratings
As of June 30, 2025

Ratings by

Debt by Type
Moody’s
Ratings
S&P Global
Ratings

*COPs issued by City & County of San Francisco and reflects General Fund COP credit rating at issuance. **Hetchy Power revenue bonds are rated AA- by Fitch.
***Power letter of credit is rated F1+ by Fitch.
****Power letter of credit is rated F1 by Fitch.

CleanPowerSF did not have any debt outstanding as of June 30, 2025 but had a credit rating of A2 from Moody’s investor service.

Source: Rating agency reports.

Water, Wastewater, Hetchy Power, and CleanPowerSF
Credit Ratings
Fiscal Years Ended 2016 to 2025

Water
Revenue bonds Aa2 AA-
Interim Funding Program - $750 million tax-exempt/taxable $200 million Sumitomo Mitsui Letter of Credit P-1 A-1
$150 million PNC Bank Letter of Credit P-1 A-1
$100 million Barclays PLC Letter of Credit P-1 A-1
$100 million Sumitomo Mitsui Letter of Credit P-1 A-1
$100 million US Bank Revolving Credit Agreement N/A N/A $100 million Wells Fargo Bank Revolving Credit Agreement N/A N/A Certificates of participation - SFPUC Headquarters Project* Aa2 AA Wastewater
Revenue bonds Aa2 AA
Interim Funding Program - $750 million tax-exempt/taxable $150 million Bank of America Letter of Credit P-1 A-1
$150 million Sumitomo Mitsui Letter of Credit P-1 A-1
$150 million Toronto Dominion Bank Liquidity Facility P-1 A-1 $125 million Bank of America Letter of Credit P-1 A-1
$100 million Sumitomo Mitsui Letter of Credit P-1 A-1
$75 million US Bank Revolving Credit Agreement N/A N/A
Certificates of participation - SFPUC Headquarters Project* Aa2 AA Hetchy Power
Revenue bonds** N/A AA
Interim Funding Program - $450 million tax-exempt/taxable $125 million Bank of America Letter of Credit*** P-1 A-1 $125 million Bank of America Letter of Credit*** P-1 A-1 $100 million Sumitomo Mitsui Letter of Credit**** P-1 A-1 $100 million Wells Fargo Bank Revolving Credit Agreement N/A N/A Certificates of participation - SFPUC Headquarters Project* Aa2 AA 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Moody's Ratings
Water Aa3 Aa3 Aa3 Aa3 Aa2 Aa2 Aa2 Aa2 Aa2 Aa2
Wastewater Aa3 Aa3 Aa3 Aa3 Aa2 Aa2 Aa2 Aa2 Aa2 Aa2
CleanPowerSF A2 A2 A2 A2 A2
S&P Global Ratings
Water AA- AA- AA- AA- AA- AA- AA- AA- AA- AA-
Wastewater AA AA AA AA AA AA AA AA AA AA
Hetchy Power A+ A+ A+ AA AA AA AA AA AA AA
Fitch Ratings
Hetchy Power AA- AA- AA- AA- AA- AA- AA- AA- AA- AA-

First rating from Moody's Ratings assigned in December, 2020.
223 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025 Debt Capacity

Water - Summary of Debt Outstanding (Excludes Commercial Paper) As of June 30, 2025
(Dollars in Thousands)
_______________________________________________________________________________________________________

Amount shown above are inclusive of unamortized bond premium and discount.

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

Water Debt Composition

Revenue Bonds and Certificates of Participation
Revenue bonds Amount Use of proceeds
2010 Series G (Build America Bonds) 354,157
2016 Series A 506,938
2016 Series B 33,510
2016 Series C 212,797
2017 Series D 203,607
2017 Series E 49,777
2017 Series F 7,054
2019 Series A 313,580
2019 Series B 16,170
2019 Series B 17,615
2020 Series A 187,642
2020 Series B 73,375
2020 Series C 99,006
2020 Series D 51,956
2020 Series E 148,720
2020 Series F 117,665
2020 Series G 53,825
2020 Series H 53,615
2023 Series A 393,998
2023 Series B 72,758
2023 Series C 550,791
2023 Series D 31,441
2025 Series A 520,754
2025 Series B 40,771
2025 Series C 19,740
2025 Series D 309,966
2025 Series E 139,001
2025 Series F 608,499
Total revenue bonds 5,188,728
State of California revolving fund loans 300,035
2009 Series D Certificates of participation (COPs) 85,830 Total Water debt outstanding $ 5,574,593
Funding Regional Water and Local Water Bond, including the retiring of commercial paper notes
Hetch Hetchy Water Bond, including the retiring of commercial paper notes Refunding 2010B and 2010E Bonds
SF Westside Recycled Water project and Mountain Tunnel project. 525 Golden Gate Avenue Headquarters Building.

Refunding 2015A and portion of 2016A, 2017D and 2019A Bonds Refunding portion of 2020G
Refunding 2015A, and portion of 2016A, 2017A, 2017D, 2019A and 2020E Bonds Refunding 2017B, and portion of 2020F and 2020G Bonds
Refunding 2017C and portion of 2020H Bonds
Refunding Federal Taxable Non-WSIP
Refunding Federal Taxable Local Water
Refunding Federal Taxable Hetch Hetchy Water
Funding for capital projects, including the retiring of commercial paper notes Funding Hetch Hetchy capital projects, including the retiring of commercial paper notes
Water System Improvement Program (Green Bonds)
Regional Water
Local Water
Hetch Hetchy Water
Refunding Federal Taxable WSIP
Refund 2011C, 2011D and 2012C1 Bonds
Refund 2011B Bonds
Refunding Federal Taxable WSIP
Refunding Federal Taxable Hetch Hetchy
Refunding Federal Taxable Local Water Main
Refunded remainder of 2006B and 2006C Bonds and portion of 2010A Water System Improvement Program
Refunded portion of 2009A, 2009B and 2010F Bonds
Refund all of outstanding taxable commercial paper notes Refund 2011A and 2012A Bonds

224 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025 Debt Capacity

Wastewater - Summary of Debt Outstanding (Excludes Commercial Paper) As of June 30, 2025
(Dollars in Thousands)
_______________________________________________________________________________________________________

Amount shown above are inclusive of unamortized bond premium and discount.

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

Wastewater Debt Composition

Revenue Bonds, Notes, Loans and Certificates of Participation Revenue bonds/notes
Amount Use of proceeds
2010 Series B (Build America Bonds) $ 169,985 Clean Water Capital Improvement Programs 2013 Series B 97,929 Sewer System Improvement Program (SSIP) 2016 Series A 254,139 Sewer System Improvement Program (SSIP) 2016 Series B 71,641 Sewer System Improvement Program (SSIP) 2018 Series A 228,656 Sewer System Improvement Program (SSIP) 2018 Series B 183,484 Sewer System Improvement Program (SSIP) 2021 Series A 318,778 Sewer System Improvement Program (SSIP) 2021 Series B 47,623 Sewer System Improvement Program (SSIP) 2022 Series B 139,606 Refunding 2013A and 2013B Bonds
2023 Series A 612,102 Sewer System Improvement Program (SSIP) 2023 Series B 231,130 Capital Projects Non-SSIP
2023 Series C 177,826 Sewer System Improvement Program (SSIP) 2024 Series A 431,110 Sewer System Improvement Program (SSIP) Green Bonds Taxable 2024 Series B 87,250 Capital Projects Non-SSIP Taxable and refunding portions of 2018A and 2023B Bonds
2024 Series C 602,783 Funding Sewer System Improvement Program (SSIP) Green Bonds projects, including the retiring of commercial paper notes
2024 Series D 94,804 Funding Capital Projects Non-SSIP, including the retiring of commercial paper notes
Total revenue bonds/notes 3,748,846
St
ate of California revolving fund loans 366,606 Sewer System Improvement Program 1,394,652 WIFIA Loans
2009 Series D Certificates of participation (COPs) 22,695 525 Gol den Gate Avenue Headquarters Building Total Wastewater debt outstanding $ 5,532,799
Water Infrastructure Finance and Innovation Act
(WIFIA) Loans

225 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025 Debt Capacity

Hetchy Power - Summary of Debt Outstanding (Excludes Commercial Paper) As of June 30, 2025
(Dollars in Thousands)
_______________________________________________________________________________________________________

Amount shown above are inclusive of unamortized bond premium.

Source: City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements.

Hetchy Power Debt Composition

Bonds and Certificates of Participation
Revenue Bonds Amount Use of proceeds
2015 Series A (Green) $ 34, 647 Hetch Hetchy facilities 2015 Series B 1,103 Hetch Hetchy facilities
2021 Series A (Green) 86,076 Refinance portion costs of Hetchy Power projects 2021 Series B 58,080 Refinance portion costs of Hetchy Power projects 2023 Series A 130,828 Refinance portion costs of Hetchy Power projects Total revenue bonds 310,734
Other Bonds
Qualified Energy Conservation Bonds (QECBs) 1,452 525 Golden Gate Avenue green energy 2015 New Clean Renewable Energy Bonds (NCREBs) 1,193 City facilities renewable energy Total other bonds 2,645
2009 Series D Certificates of participation (COPs) 11, 685 525 Golden Gate Avenue Headquarters Building Total Hetchy Power debt outstanding $ 325,064

226 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Debt Capacity
History of Outstanding Debt by Type - Principal Only (Excludes Commercial Paper) Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)
_______________________________________________________________________________________________________

(Continue)

Department-wide
Bonds^
2016 $ 5,389,447 $ — $ 5,860 $ — $ — $
2017 5,657,792 — 6,278 — —
2018 5,983,428 — 6,725 22,607 —
2019 6,513,703 — 2,029 88,032 —
2020 6,366,836 — — 161,820 —
2021 6,631,009 — — 215,966 —
2022 6,986,674 350,356 — 424,420 —
2023 7,638,688 349,556 — 482,316 122,357
2024 7,968,487 — — 577,632 922,431
2025 9,250,953 — — 666,641 1,394,652
State Revolving
Fund Loans
Water
Infrastructure
Finance and
Innovation Act
(WIFIA) LoansFiscal Year Ended
Revenue
Notes^*
Capital
Appreciation
Bonds*
Department-wide
Leases SBITAs~ Total
2016 $ 157,207 $ — $ — $ 5,552,514
2017 153,673 — — 5,817,743
2018 150,008 — — 6,162,768
2019 146,207 — — 6,749,971
2020 142,265 — — 6,670,921
2021 138,180 10,945 — 6,996,100
2022 133,945 6,870 3,132 7,905,397
2023 129,550 5,614 1,423 8,729,504
2024 124,975 3,093 617 9,597,235
2025 120,210 9,214 2,062 11,443,732
Certificates of
Participation^Fiscal Year Ended
Water
Leases
2016 $ 4, 257,454 $ — $ 5,860 $ 112,246 $ —
2017 4,554,967 — 6,278 109,722 —
2018 4,909,041 — 6,725 107,106 —
2019 4,808,548 — 2,029 104,392 —
2020 4,695,295 73,271 — 101,578 —
2021 4,994,775 107,407 — 98,662 4,244
2022 4,860,935 121,761 — 95,637 2,863
2023 4,710,846 163,627 — 92,499 4,010
2024 4,964,637 259,970 — 89,232 2,821
2025 5,188,728 300,035 — 85,830 2,777
Fiscal Year Ended
Revenue
Bonds^
State
Revolving Fund
Loa
ns
Capital
Appreciation
B
onds*
Certificates of
Participation^
**
Water
SBITAs~ Total
2016 $ — $ 4,375,560 2,657,633 $ 1.65 174,083 $ 25.13 2017 — 4,670,967 2,680,705 1.74 174,349 26.79 2018 — 5,022,872 2,705,107 1.86 175,054 28.69 2019 — 4,914,969 2,710,848 1.81 175,803 27.96 2020 — 4,870,144 2,727,737 1.79 176,379 27.61 2021 — 5,205,088 2,658,437 1.96 176,246 29.53 2022 1,556 5,082,752 2,669,465 1.90 177,072 28.70 2023 708 4,971,690 2,689,740 1.85 177,613 27.99 2024 308 5,316,968 2,694,810 1.97 178,961 29.71 2025 1,005 5,578,375 2,699,972 2.07 179,591 31.06 Debt per
Customer
Account
(in thousands)#Fiscal Year Ended
Service Area by
Population#
Debt per Capita
(in thousands)#
Number of
Customer
Accounts
**
227 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

*No annual payments for Series 1991A Capital Appreciation Bonds after fiscal year 2019 and Series 2022 Revenue Notes after fiscal year 2023. **2025 population was estimated by multiplying 2024 population by the 2023 and 2024 population growth rate. @ 2021 to 2025 Department-wide right-to-use leases includes $78, $62, $138, $122 and $427 for Hetchy Water, and $577, $232, $0, $0 and $0 for CleanPowerSF. 2022 to 2025 Department-wide right-to-use subscription leases includes, $309, $139, $59 and $208 for Hetchy Water and $70, $31, $13 and $85 for CleanPowerSF.
#Fiscal years 2020 to 2024 for service area by population calculations updated from last year's ACFR with newly available data. ^ Bonds, Notes, and Certificates of Participation are inclusive of bond premiums and discounts. ~SBITAs - Subscription-Based Information Technology Arrangements.

Source: San Francisco Public Utilities Commission, Power Enterprise: Audited Financial Statements, Office of the Controller, City and County of San Francisco and BAWSCA.org.

Wastewater
2016 $ 1,071,883 $ — $ — $ — 29,680 $
2017 1,044,925 — — — 29,013
2018 1,019,146 — 22,607 — 28,321
2019 1,652,609 — 88,032 — 27,603
2020 1,621,733 — 88,549 — 26,859
2021 1,589,922 — 108,559 — 26,087
2022 1,931,253 350,356 302,659 — 25,288
2023 2,736,910 349,556 318,689 122,357 24,458
2024 2,685,051 — 317,662 922,431 23,595
2025 3,748,846 — 366,606 1,394,652 22,695
Water
Infrastructure
Finance and
Innovation Act
(WIFIA) LoansFiscal Year Ended
Revenue
Bonds^
Revenue
Notes^*
State Revolving
Fund Loans
Certificates of
Participation^
**
Wastewater
Leases SBITAs~ Total
2016 $ — $ — $ 1,101,563 876,103 $ 1.26 163,587 $ 6.73 2017 — — 1,073,938 879,166 1.22 163,738 6.56 2018 — — 1,070,074 880,696 1.22 163,976 6.53 2019 — — 1,768,244 881,549 2.01 173,956 10.16 2020 — — 1,737,141 874,826 1.99 174,516 9.95 2021 5,952 — 1,730,520 815,498 2.12 174,356 9.93 2022 3,638 944 2,614,138 814,176 3.21 175,171 14.92 2023 1,297 429 3,553,696 819,151 4.34 175,680 20.23 2024 — 186 3,948,925 827,526 4.77 177,098 22.30 2025 5,488 597 5,538,884 835,987 6.63 181,682 30.49 Fiscal Year Ended
Number of
Customer
Ac
counts
Debt per
Customer Account
(i
n thousands)#
Service Area by
Population#
Debt per Capita
(in thousands)#
**
Hetchy Power
Bonds^ Leases SB ITAs~ Total
2016 $ 60,110 $ 15,281 $ — $ — $ 75,391
2017 57,900 14,938 — — 72,838
2018 55,241 14,581 — — 69,822
2019 52,546 14,212 — — 66,758
2020 49,808 13,828 — — 63,636
2021 46,312 13,431 94 — 59,837
2022 194,486 13,020 75 253 207,834
2023 190,932 12,593 169 116 203,810
2024 318,799 12,148 150 51 331,148
2025 313,379 11,685 522 167 325,753
Fiscal Year Ended
Certificates of
Participation^
Hetchy Power
2016 2,627 $ 28.70
2017 3,068 23.74
2018 3,547 19.68
2019 3,747 17.82
2020 4,077 15.61
2021 5,385 11.11
2022 5,110 40.67
2023 6,238 32.67
2024 7,043 47.02
2025 8,461 38.50
Fiscal Year Ended
Number of
Customer
Accounts
Debt per
Customer
Account
(in thousands)

Debt Capacity
Department-wide - Future Principal and Interest Payments* (Excludes Commercial Paper)
(Dollars in Thousands)
________________________________________________________________________________________________________________________________________

May not total due to rounding.
*Principal and interest (net of federal interest subsidy) includes bonds, COPs, WIFIA loans and state revolving fund loans (including fees) and excludes premium and discounts.

Source: San Francisco Public Utilities Commission Official Statements.

228 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025 Total Total T otal Total
Payments Principal & Principal & Principal & Principal & Due for Total Total Interest Total Total Interest Total Total Interest Total Total Interest FY Ended Principal I nterest Payments Principal Interest Payments Principal Interest Payments Principal Interest Payments 2026 $ 142, 795 212,818 355,613 45,816 167,593 213,409 4,231 13,323 17,554 192,842 393,734 586,576 2027 151,940 210,722 362,662 71,756 172,287 244,043 5,474 13,123 18,597 229,170 396,132 625,302 2028 161,349 205,203 366,552 540,740 158,260 699,000 5,729 12,868 18,597 707,818 376,331 1,084,149 2029 179,512 198,870 378,382 124,972 142,915 267,887 6,005 12,590 18,595 310,489 354,375 664,864 2030 187,964 190,415 378,379 130,823 137,064 267,887 6,300 12,294 18,594 325,087 339,773 664,860 2031 196,539 181,840 378,379 136,975 130,907 267,882 6,607 11,988 18,595 340,121 324,735 664,856 2032 205,142 173,231 378,373 130,662 134,360 265,022 6,924 11,667 18,591 342,728 319,258 661,986 2033 208,022 164,214 372,236 124,082 132,330 256,412 7,252 11,338 18,590 339,356 307,882 647,238 2034 216,020 154,595 370,615 129,852 126,559 256,411 7,588 11,004 18,592 353,460 292,158 645,618 2035 226,132 144,466 370,598 135,912 120,498 256,410 7,942 10,647 18,589 369,986 275,611 645,597 2036 236,592 134,002 370,594 142,226 114,186 256,412 8,311 10,279 18,590 387,129 258,467 645,596 2037 247,261 123,322 370,583 115,762 108,420 224,182 8,693 9,894 18,587 371,716 241,636 613,352 2038 241,183 112,826 354,009 120,846 103,263 224,109 9,096 9,488 18,584 371,125 225,577 596,702 2039 247,137 102,661 349,798 126,177 97,928 224,105 9,520 9,063 18,583 382,834 209,652 592,486 2040 257,251 92,300 349,551 131,683 92,425 224,108 9,960 8,620 18,580 398,894 193,345 592,239 2041 216,548 82,766 299,314 139,998 86,747 226,745 10,426 8,155 18,581 366,972 177,668 544,640 2042 174,322 75,293 249,615 140,401 80,925 221,326 10,912 7,671 18,583 325,635 163,889 489,524 2043 131,823 69,569 201,392 144,434 75,040 219,474 10,435 7,183 17,618 286,692 151,792 438,484 2044 136,852 64,525 201,377 156,543 69,498 226,041 10,925 6,692 17,617 304,320 140,715 445,035 2045 105,304 59,815 165,119 161,810 64,066 225,876 11,440 6,181 17,621 278,554 130,062 408,616 2046 110,164 55,427 165,591 164,725 58,534 223,259 11,975 5,644 17,619 286,864 119,605 406,469 2047 115,256 50,826 166,082 167,582 52,921 220,503 12,525 5,094 17,619 295,363 108,841 404,204 2048 120,600 45,993 166,593 172,821 47,660 220,481 13,085 4,533 17,618 306,506 98,186 404,692 2049 128,605 40,732 169,337 177,928 42,506 220,434 13,675 3,946 17,621 320,208 87,184 407,392 2050 134,855 35,039 169,894 174,870 37,288 212,158 14,285 3,333 17,618 324,010 75,660 399,670 2051 141,427 29,059 170,486 179,974 31,946 211,920 14,930 2,690 17,620 336,331 63,695 400,026 2052 98,646 23,708 122,354 185,432 26,418 211,850 15,600 2,020 17,620 299,678 52,146 351,824 2053 103,365 18,986 122,351 158,932 21,334 180,266 16,350 1,268 17,618 278,647 41,588 320,235 2054 108,335 14,018 122,353 163,479 16,710 180,189 17,190 430 17,620 289,004 31,158 320,162 2055 113,518 8,833 122,351 168,071 11,776 179,847 — — — 281,589 20,609 302,198 2056 125,980 3,207 129,187 100,792 8,407 109,199 — — — 226, 772 11,614 238,386 2057 11,525 178 11,703 98,220 6,738 104,958 — — — 109,745 6,916 116,661 2058 5,281 57 5,338 100,919 5,097 106,016 — — — 106,200 5,154 111,354 2059 — — — 101,061 3,409 104,470 — — — 101,061 3,409 104,470 2060 — — — 40,729 1,909 42,638 — — — 40,729 1,909 42,638 2061 — — — 41,554 1,083 42,637 — — — 41,554 1,083 42,637 2062 — — — 31,194 340 31,534 — — — 31,194 340 31,534
Total $ 5,187,245 3,079,516 8,266,761 5,179,753 2,689,347 7,869,100 293,385 233,026 526,411 10,660,383 6,001,889 16,662,272 Water Wastewater Power SFPUC Total
Debt Capacity
Water - Future Principal and Interest Payments
(Excludes Commercial Paper)
(Dollars in Thousands)

229 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Principal Payments

(Continued)
May not total due to rounding.

Source: San Francisco Public Utilities Commission Official Statements.

Payments State COPs
Due for Revolving Series
FY Ended Fund Loans 2009D 2010G 2016A 2016B 2016C 2017D 2017E 2026 $ — 3,545 — 26,050 7, 715 6,455 20,515 7,425
2027 — 3,695 — 38,150 8,015 6,645 21,540 7,830
2028 4,722 3,852 — 46,305 3,815 6,850 22,615 6,630
2029 8,614 4,013 — 48,655 3,990 7,075 23,740 7,080
2030 8,704 4,180 — 26,335 4,180 7,310 24,935 8,555
2031 8,795 4,359 — 19,890 4,370 7,565 16,020 7,960
2032 8,887 4,545 11,060 9,785 — 7,835 4,060 1,015
2033 8,980 4,737 11,575 21,565 — 8,120 16,900 —
2034 9,074 4,941 12,110 13,665 — 8,435 5,265 —
2035 9,167 5,155 12,665 14,025 — 8,760 21,845 —
2036 9,264 5,373 13,255 9,935 — 9,110 5,940 —
2037 9,361 5,605 13,865 43,670 — 9,475 — —
2038 9,459 5,844 14,505 45,455 — 9,860 — —
2039 9,558 6,094 15,175 47,305 — 10,265 — —
2040 9,656 6,355 15,880 49,235 — 10,685 — —
2041 9,758 6,625 16,610 — — 11,125 — —
2042 9,860 6,912 17,380 — — 11,585 — —
2043 9,963 — 18,180 — — 12,070 — —
2044 10,067 — 19,025 — — 12,590 — —
2045 10,174 — 19,900 — — 13,125 — —
2046 10,279 — 20,820 — — 13,685 — —
2047 10,386 — 21,785 — — 14,270 — —
2048 10,495 — 22,790 — — — — —
2049 10,605 — 23,845 — — — — —
2050 10,715 — 24,945 — — — — —
2051 10,827 — 26,100 — — — — —
2052 10,941 — — — — — — —
2053 11,055 — — — — — — —
2054 11,170 — — — — — — —
2055 11,288 — — — — — — —
2056 11,405 — — — — — — —
2057 11,525 — — — — — — —
2058 5,281 — — — — — — —
2059 — — — — — — — —
2060 — — — — — — — —
2061 — — — — — — — —
2062 — — — — — — — —
Total $ 300,035 85,830 351,470 460,025 32,085 212,895 183,375 46,495 Debt Capacity
Water - Future Principal and Interest Payments
(Excludes Commercial Paper)
(Dollars in Thousands)

230 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Principal Payments

(Continued)
May not total due to rounding.

Source: San Francisco Public Utilities Commission Official Statements.

Payments
Due for
FY Ended 2017F 2019A 2019B 2019C 2020A 2020B 2020C 2020D 2026 $ 875 2,050 75 80 — — — —
2027 920 2,
215 80 85 — — — —
2028 965 1,245 80 90 — — — —
2029 1,020 610 85 90 — — — —
2030 855 2,325 85 95 — — — —
2031 905 2,390 90 95 — — — —
2032 960 20,835 90 100 — — — —
2033 — 2,280 1,340 1,465 — — — —
2034 — 1,750 1,385 1,510 — — — —
2035 — 1,830 1,425 1,550 — — — —
2036 — 21,295 1,470 1,600 — — — —
2037 — 26,870 1,525 1,660 — — — —
2038 — 28,700 1,575 1,720 — — — —
2039 — 12,825 1,630 1,775 — — — —
2040 — 13,210 1,690 1,835 — — — —
2041 — 34,715 1,745 1,900 — — — —
2042 — 35,905 1,800 1,965 — — — —
2043 — 50,375 — — — — — —
2044 — 52,155 — — — — — —
2045 — — — — 10,730 4,300 5,950 3,425
2046 — — — — 11,445 4,590 6,340 3,660
2047 — — — — 12,195 4,895 6,760 3,895
2048 — — — — 19,525 7,840 10,825 6,240
2049 — — — — 30,970 12,520 17,360 10,015
2050 — — — — 32,160 13,240 18,550 10,700
2051 — — — — 33,870 13,945 19,550 11,265
2052 — — — — — — — —
2053 — — — — — — — —
2054 — — — — — — — —
2055 — — — — — — — —
2056 — — — — — — — —
2057 — — — — — — — —
2058 — — — — — — — —
2059 — — — — — — — —
2060 — — — — — — — —
2061 — — — — — — — —
2062 — — — — — — — —
Total $ 6,500 313,580 16,170 17,615 150,895 61,330 85,335 49,200 Debt Capacity
Water - Future Principal and Interest Payments
(Excludes Commercial Paper)
(Dollars in Thousands)

231 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Principal Payments

(Continued)

May not total due to rounding.

Source: San Francisco Public Utilities Commission Official Statements.

Payments
Due for
FY Ended 2020E 2020F 2020G 2020H 2023A 2023B 2023C 2023D 2026 $ 595 1,210 7,525 565 — — — —
2027 660 1,245 5,380 580 — — — 1,775
2028 680 1,265 6,445 590 — — — 865
2029 705 270 1,550 600 7,150 1,320 12,425 5,740
2030 725 1,335 4,505 610 7,515 1,390 12,100 3,260
2031 3,650 3,665 2,985 1,635 7,900 1,460 7,225 2,645
2032 3,760 3,580 11,015 2,690 8,310 1,535 25,000 5,540
2033 3,865 5,870 2,250 2,745 8,735 1,615 27,385 7,140
2034 3,980 5,835 — 2,810 9,180 1,695 57,660 640
2035 4,090 6,145 1,140 105 9,650 1,780 39,135 —
2036 4,205 6,295 325 3,015 10,145 1,875 56,570 375
2037 340 815 1,200 395 10,665 1,970 50,640 —
2038 4,720 6,180 1,235 3,245 11,215 2,070 39,380 —
2039 19,720 6,355 1,275 3,340 11,790 2,175 43,820 —
2040 20,280 6,540 1,315 3,435 12,395 2,290 45,720 —
2041 20,860 6,730 1,355 3,535 13,030 2,405 31,360 —
2042 21,455 6,925 1,395 3,635 13,700 2,530 32,670 —
2043 5,325 7,295 1,440 3,090 14,400 2,660 2,820 —
2044 5,485 7,530 1,490 3,190 15,140 2,795 2,965 —
2045 5,645 7,765 — 3,290 15,935 2,945 — —
2046 5,815 8,015 — 3,395 16,795 3,100 — —
2047 5,990 8,265 — 3,505 17,700 3,270 — —
2048 6,170 8,535 — 3,615 18,655 3,445 — —
2049 — — — — 19,660 3,630 — —
2050 — — — — 20,720 3,825 — —
2051 — — — — 21,840 4,030 — —
2052 — — — — 23,015 4,250 — —
2053 — — — — 24,255 4,480 — —
2054 — — — — — — — —
2055 — — — — — — — —
2056 — — — — — — — —
2057 — — — — — — — —
2058 — — — — — — — —
2059 — — — — — — — —
2060 — — — — — — — —
2061 — — — — — — — —
2062 — — — — — — — —
Total $ 148,720 117,665 53,825 53,615 349,495 64,540 486,875 27,980 Debt Capacity
Water - Future Principal and Interest Payments
(Excludes Commercial Paper)
(Dollars in Thousands)

232 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Principal Payments

(Continued)

May not total due to rounding.

Source: San Francisco Public Utilities Commission Official Statements.

Payments Total
Due for Principal
FY Ended 2025A 2025B 2025C 2025D 2025E 2025F Payments
2026 $ 33,260 3,005 1,435 — — 20,415 142,795
2027 23,800 3,205 1,535 — — 24,585 151,940
2028 23,540 3,370 1,615 — — 25,810 161,349
2029 11,380 4,610 1,695 — — 27,095 179,512
2030 35,015 3,725 1,780 — — 28,445 187,964
2031 57,990 4,190 890 — — 29,865 196,539
2032 40,040 3,145 — — — 31,355 205,142
2033 38,470 70 — — — 32,915 208,022
2034 41,425 100 — — — 34,560 216,020
2035 48,680 — 2,705 — — 36,280 226,132
2036 38,450 — — — — 38,095 236,592
2037 21,225 5,400 2,585 — — 39,995 247,261
2038 13,495 535 — — — 41,990 241,183
2039 9,385 565 — — — 44,085 247,137
2040 9,850 595 — — — 46,285 257,251
2041 5,670 625 — — — 48,500 216,548
2042 5,955 650 — — — — 174,322
2043 3,115 525 565 — — — 131,823
2044 3,275 555 590 — — — 136,852
2045 915 585 620 — — — 105,304
2046 960 615 650 — — — 110,164
2047 1,005 650 685 — — — 115,256
2048 1,060 680 725 — — — 120,600
2049 — — — — — — 128,605
2050 — — — — — — 134,855
2051 — — — — — — 141,427
2052 — — — 60,440 — — 98,646
2053 — — — 32,785 30,790 — 103,365
2054 — — — 64,715 32,450 — 108,335
2055 — — — 68,030 34,200 — 113,518
2056 — — — 78,535 36,040 — 125,980
2057 — — — — — — 11,525
2058 — — — — — — 5,281
2059 — — — — — — —
2060 — — — — — — —
2061 — — — — — — —
2062 — — — — — — —
Total $ 467,960 37,400 18,075 304,505 133,480 550,275 5,187,245 (C i d)
Debt Capacity
Water - Future Principal and Interest Payments
(Excludes Commercial Paper)
(Dollars in Thousands)

233 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Interest Payments

(Continued)

May not total due to rounding.

Source: San Francisco Public Utilities Commission Official Statements.

COPs
Payments State 2009D 2010G
Due for Revolving Before Before
FY Ended Fund Loans Subsidy Subsidy 2016A 2016B 2016C 2017D 2017E 2026 $ — 5,431 24,427 20,294 1,209 8,117 8,575 2,090
2027 — 5,201 24,427 18,689 894 7,925 7,524 1,709
2028 1,643 4,961 24,427 16,578 639 7,719 6,420 1,347
2029 3,089 4,710 24,427 14,204 464 7,497 5, 261 1,004
2030 2,999 4,450 24,427 12,329 279 7,260 4,044 613
2031 2,908 4,176 24,427 11,273 87 7,007 3,061 220
2032 2,816 3,887 24,042 10,631 — 6,738 2,599 20
2033 2,723 3,585 23,255 9,847 — 6,448 2,075 —
2034 2,629 3,271 22,433 8,966 — 6,137 1,521 —
2035 2,535 2,944 21,572 8,274 — 5,809 843 —
2036 2,439 2,602 20,672 7,675 — 5,463 149 —
2037 2,342 2,247 19,729 6,553 — 5,098 — —
2038 2,244 1,875 18,743 4,771 — 4,712 — —
2039 2,145 1,489 17,712 2,916 — 4,306 — —
2040 2,046 1,084 16,633 986 — 3,883 — —
2041 1,945 664 15,504 — — 3,443 — —
2042 1,843 223 14,323 — — 2,985 — —
2043 1,740 — 13,087 — — 2,499 — —
2044 1,636 — 11,793 — — 1,983 — —
2045 1,529 — 10,441 — — 1,445 — —
2046 1,424 — 9,027 — — 884 — —
2047 1,317 — 7,546 — — 298 — —
2048 1,208 — 5,997 — — — — —
2049 1,098 — 4,377 — — — — —
2050 988 — 2,682 — — — — —
2051 876 — 907 — — — — —
2052 762 — — — — — — —
2053 648 — — — — — — —
2054 533 — — — — — — —
2055 416 — — — — — — —
2056 298 — — — — — — —
2057 178 — — — — — — —
2058 57 — — — — — — —
2059 — — — — — — — —
2060 — — — — — — — —
2061 — — — — — — — —
2062 — — — — — — — —
Total 51,054 52,800 427,037 153,986 3,572 107,656 42,072 7,003 Debt Capacity
Water - Future Principal and Interest Payments
(Excludes Commercial Paper)
(Dollars in Thousands)

234 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Interest Payments

(Continued)

May not total due to rounding.

Source: San Francisco Public Utilities Commission Official Statements.

Payments
Due for
FY Ended 2017F 2019A 2019B 2019C 2020A 2020B 2020C 2020D 2026 $ 303 10,422 551 600 7,295 3,066 3,413 1,476
2027 258 10,372 548 598 7,295 3,067 3,413 1,476
2028 211 10,331 546 595 7,295 3,066 3,414 1,476
2029 161 10,307 543 592 7,295 3,066 3,414 1,476
2030 116 10,269 541 589 7,295 3,066 3,414 1,476
2031 71 10,207 538 586 7,295 3,066 3,414 1,476
2032 24 9,883 535 583 7,295 3,066 3,414 1,476
2033 — 9,557 513 558 7,295 3,066 3,414 1,476
2034 — 9,497 470 511 7,295 3,066 3,414 1,476
2035 — 9,441 425 463 7,295 3,067 3,413 1,476
2036 — 9,061 377 411 7,295 3,067 3,413 1,476
2037 — 8,265 324 353 7,295 3,067 3,413 1,476
2038 — 7,347 270 294 7,295 3,067 3,413 1,476
2039 — 6,662 213 232 7,295 3,067 3,413 1,476
2040 — 6,231 155 168 7,295 3,067 3,413 1,476
2041 — 5,411 94 103 7,295 3,067 3,413 1,476
2042 — 4,184 32 35 7,295 3,067 3,413 1,476
2043 — 2,686 — — 7,294 3,067 3,413 1,476
2044 — 906 — — 7,294 3,066 3,413 1,475
2045 — — — — 7,026 2,959 3,294 1,425
2046 — — — — 6,471 2,737 3,049 1,318
2047 — — — — 5,892 2,500 2,787 1,205
2048 — — — — 5,131 2,181 2,435 1,053
2049 — — — — 3,917 1,672 1,871 809
2050 — — — — 2,400 1,027 1,153 498
2051 — — — — 814 349 391 169
2052 — — — — — — — —
2053 — — — — — — — —
2054 — — — — — — — —
2055 — — — — — — — —
2056 — — — — — — — —
2057 — — — — — — — —
2058 — — — — — — — —
2059 — — — — — — — —
2060 — — — — — — — —
2061 — — — — — — — —
2062 — — — — — — — —
Total $ 1,144 151,039 6,675 7,271 170,254 71,689 79,834 34,520 Debt Capacity
Water - Future Principal and Interest Payments
(Excludes Commercial Paper)
(Dollars in Thousands)

235 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Interest Payments

(Continued)

May not total due to rounding.

Source: San Francisco Public Utilities Commission Official Statements.

Payments
Due for
FY Ended 2020E 2020F 2020G 2020H 2023A 2023B 2023C 2023D 2026 $ 4,234 3,211 970 1,454 17,921 3,309 23,294 1,399
2027 4,217 3,199 908 1,448 17,921 3,309 23,294 1,355
2028 4,198 3,183 834 1,441 17,921 3,309 23,294 1,289
2029 4,178 3,172 778 1,432 17,742 3,276 22,983 1,124
2030 4,158 3,159 727 1,422 17,376 3,209 22,370 899
2031 4,096 3,114 661 1,402 16,990 3,137 21,887 751
2032 3,991 3,046 524 1,361 16,585 3,063 21,081 546
2033 3,884 2,946 390 1,304 16,159 2,984 19,772 229
2034 3,773 2,815 366 1,242 15,711 2,901 17,646 35
2035 3,659 2,675 352 1,208 15,240 2,814 15,226 19
2036 3,542 2,524 334 1,169 14,746 2,723 12,833 9
2037 3,478 2,434 312 1,126 14,225 2,627 10,153 —
2038 3,406 2,334 274 1,075 13,678 2,526 7,902 —
2039 3,061 2,156 235 981 13,103 2,420 5,941 —
2040 2,496 1,973 195 885 12,500 2,308 3,946 —
2041 1,915 1,784 154 785 11,863 2,191 2,274 —
2042 1,317 1,589 126 683 11,195 2,067 955 —
2043 936 1,376 67 583 10,492 1,937 219 —
2044 775 1,143 22 484 9,754 1,801 74 —
2045 611 903 — 382 8,957 1,654 — —
2046 444 654 — 277 8,098 1,495 — —
2047 270 398 — 169 7,192 1,328 — —
2048 91 134 — 57 6,238 1,152 — —
2049 — — — — 5,232 966 — —
2050 — — — — 4,172 770 — —
2051 — — — — 3,055 564 — —
2052 — — — — 1,878 347 — —
2053 — — — — 637 118 — —
2054 — — — — — — — —
2055 — — — — — — — —
2056 — — — — — — — —
2057 — — — — — — — —
2058 — — — — — — — —
2059 — — — — — — — —
2060 — — — — — — — —
2061 — — — — — — — —
2062 — — — — — — — —
Total $ 62,730 49,922 8,229 22,370 326,581 60,305 255,144 7,655 Debt Capacity
Water - Future Principal and Interest Payments
(Excludes Commercial Paper)
(Dollars in Thousands)

236 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Interest Payments

May not total due to rounding.

Source: San Francisco Public Utilities Commission Official Statements.

Total Total
Payments F ederal Interest Principal &
Due for Interest Payments I nterest
FY Ended 2025A 2025B 2025C 2025D 2025E 2025F S ubsidy Net of Subsidy Payments 2026 $ 23,446 1,868 903 13,492 6,210 23,692 (9,854) 212,818 355,613 2027 21,109 1,640 794 15,224 7,009 25,677 (9,778) 210,722 362,662 2028 19,926 1,474 715 15,224 7,009 24,417 (9,699) 205,203 366,552 2029 19,054 1,277 633 15,225 7,009 23,094 (9,617) 198,870 378,382 2030 17,908 1,066 545 15,225 7,009 21,706 (9,531) 190,415 378,379 2031 15,599 870 479 15,226 7,008 20,248 (9,440) 181,840 378,379 2032 13,148 686 457 15,226 7,008 18,718 (9,218) 173,231 378,373 2033 11,185 606 457 15,226 7,008 17,111 (8,859) 164,214 372,236 2034 9,188 602 456 15,226 7,008 15,424 (8,484) 154,595 370,615 2035 6,935 599 389 15,226 7,008 13,653 (8,094) 144,466 370,598 2036 4,757 599 321 15,225 7,008 11,794 (7,682) 134,002 370,594 2037 3,265 464 256 15,224 7,008 9,841 (7,253) 123,322 370,583 2038 2,397 316 192 15,224 7,008 7,792 (6,805) 112,826 354,009 2039 1,824 288 191 15,224 7,008 5,640 (6,337) 102,661 349,798 2040 1,344 258 192 15,225 7,008 3,381 (5,848) 92,300 349,551 2041 956 229 192 15,225 7,007 1,112 (5,336) 82,766 299,314 2042 665 197 192 15,225 7,007 — (4,801) 75,293 249,615
2043 439 167 178 15,225 7,007 — (4,319) 69,569 201,392
2044 279 140 148 15,225 7,007 — (3,893) 64,525 201,377
2045 174 112 118 15,224 7,007 — (3,446) 59,815 165,119
2046 127 82 86 15,225 7,008 — (2,979) 55,427 165,591
2047 78 50 52 15,226 7,008 — (2,490) 50,826 166,082
2048 27 17 18 15,226 7,008 — (1,980) 45,993 166,593
2049 — — — 15,226 7,008 — (1,444) 40,732 169,337
2050 — — — 15,226 7,008 — (885) 35,039 169,894
2051 — — — 15,225 7,008 — (299) 29,059 170,486
2052 — — — 13,714 7,007 — — 23,708 122,354
2053 — — — 11,385 6,198 — — 18,986 122,351
2054 — — — 8,947 4,538 — — 14,018 122,353
2055 — — — 5,628 2,789 — — 8,833 122,351
2056 — — — 1,963 946 — — 3,207 129,187
2057 — — — — — — — 178 11,703
2058 — — — — — — — 57 5,338
2059 — — — — — — — — —
2060 — — — — — — — — —
2061 — — — — — — — — —
2062 — — — — — — — — —
Total $ 173,830 13,607 7,964 435,757 202,887 243,300 (158,371) 3, 079,516 8,266,761 Debt Capacity
237 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Wastewater - Future Principal and Interest Payments
(Excludes Commercial Paper)
(Dollars in Thousands)

Principal Payments

(Continued)

May not total due to rounding.

Source: San Francisco Public Utilities Commission Official Statements.

Payments State COPs
Due for Revolving WIFIA Series
FY
Ended Fund Loans Loans 2009D 2010B 2013B 2016A 2016B
2026 $ 6,419 — 937 8,000 — 6,055 1,705
2027 10,884 — 977 8,270 — 6,365 1,795
2028 11,036 — 1,019 8,560 — 6,690 1,885
2029 11,191 — 1,061 8,860 — 7,035 1,980
2030 11,348 — 1,105 9,180 — 7,395 2,085
2031 11,508 — 1,152 9,520 — 7,775 2,190
2032 11,670 — 1,202 9,875 — 8,170 2,305
2033 11,834 — 1,253 10,250 — 8,590 2,420
2034 12,000 — 1,307 10,640 — 9,030 2,545
2035 12,170 — 1,362 11,045 — 9,495 2,675
2036 12,341 — 1,420 11,470 — 9,980 2,815
2037 12,515 — 1,482 11,910 — 10,495 2,960
2038 12,691 — 1,545 12,365 — 10,975 3,095
2039 12,870 — 1,612 12,845 — 11,425 3,220
2040 13,052 — 1,681 13,340 — 11,890 3,350
2041 13,236 2,645 1,752 13,855 20,390 12,375 3,490
2042 13,423 5,435 1,828 — 35,625 12,880 3,630
2043 13,613 5,636 — — 37,080 13,405 3,780
2044 13,805 48,078 — — — 13,955 3,935
2045 14,000 49,215 — — — 14,520 4,095
2046 14,198 50,367 — — — 15,115 4,260
2047 14,399 51,603 — — — 15,730 4,435
2048 14,603 73,613 — — — — —
2049 12,785 75,593 — — — — —
2050 12,959 81,381 — — — — —
2051 11,420 83,534 — — — — —
2052 11,302 86,060 — — — — —
2053 11,447 88,315 — — — — —
2054 11,594 90,730 — — — — —
2055 5,111 93,160 — — — — —
2056 5,182 95,610 — — — — —
2057 — 98,220 — — — — —
2058 — 100,919 — — — — —
2059 — 101,061 — — — — —
2060 — 40,729 — — — — —
2061 — 41,554 — — — — —
2062 — 31,194 — — — — —
Total $ 366,606 $ 1,394,652 22,695 169,985 93, 095 229,345 64,650 238 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025 Debt Capacity
Wastewater - Future Principal and Interest Payments
(Excludes Commercial Paper)
(Dollars in Thousands)

Principal Payments

(Continued)

May not total due to rounding.

Source: San Francisco Public Utilities Commission Official Statements.

Payments
Due for
FY Ended 2018A 2018B 2021A 2021B 2022B 2023A 2023B
2026 $ 6,915 5,610 — — 10,175 — —
2027 7,270 3,500 — — 10,695 22, 000 —
2028 7,645 6,200 — — 11,245 25,500 9,500
2029 8,035 6,520 — — 11,825 44,250 16,370
2030 8,445 6,855 — — 12,425 46,650 17,090
2031 8,880 7,205 — — 13,065 49,045 17,970
2032 9,335 7,575 — — 13,735 41,760 15,725
2033 9,815 7,960 — — 14,440 34,740 12,730
2034 10,315 8,375 — — 15,185 36,255 13,650
2035 10,845 8,800 — — 15,965 38,405 14,075
2036 11,400 9,255 — — — 41,560 30,350
2037 11,985 9,730 — — — 20,820 23,320
2038 12,600 10,225 — — — 21,895 12,325
2039 13,245 10,750 — — — 23,035 10,000
2040 13,880 10,500 — — — 24,230 10,000
2041 14,510 10,980 — — — 24,070 —
2042 15,170 11,480 — — — 17,695 —
2043 15,860 12,005 — — — 18,655 —
2044 11,445 8,665 23,905 3,340 — — —
2045 — — 25,130 3,515 — — —
2046 — — 26,420 3,695 — — —
2047 — — 27,775 3,885 — — —
2048 — — 29,050 4,080 — — —
2049 — — 30,235 4,290 — — —
2050 — — 31,470 4,510 — — —
2051 — — 32,755 4,745 — — —
2052 — — 34,095 4,985 — — —
2053 — — — — — — —
2054 — — — — — — —
2055 — — — — — — —
2056 — — — — — — —
2057 — — — — — — —
2058 — — — — — — —
2059 — — — — — — —
2060 — — — — — — —
2061 — — — — — — —
2062 — — — — — — —
Total $ 207,595 162,190 260,835 37,045 128,755 530,565 203,105 239 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025 Debt Capacity
Wastewater - Future Principal and Interest Payments
(Excludes Commercial Paper)
(Dollars in Thousands)

Principal Payments

(Continued)

May not total due to rounding.

Source: San Francisco Public Utilities Commission Official Statements.

Payments Total
Due for Principal
FY Ended 2023C 2024A 2024B 2024C 2024D P ayments
2026 $ — — — — — 45, 816
2027 — — — — — 71,756
2028 — 431,110 8,210 10,510 1,630 540,740
2029 — — 4,055 3,280 510 124,972
2030 — — — 7,135 1,110 130,823
2031 — — — 7,500 1,165 136,975
2032 — — — 8,060 1,250 130,662
2033 — — 10,050 — — 124,082
2034 — — 10,550 — — 129,852
2035 — — 11,075 — — 135,912
2036 — — 11,635 — — 142,226
2037 — — 10,545 — — 115,762
2038 — — 21,130 1,735 265 120,846
2039 — — — 23,450 3,725 126,177
2040 — — — 25,755 4,005 131,683
2041 — — — 19,640 3,055 139,998
2042 — — — 20,105 3,130 140,401
2043 — — — 21,120 3,280 144,434
2044 7,255 — — 19,175 2,985 156,543
2045 29,200 — — 19,155 2,980 161,810
2046 30,390 — — 17,550 2,730 164,725
2047 31,630 — — 15,690 2,435 167,582
2048 32,920 — — 16,055 2,500 172,821
2049 34,265 — — 17,965 2,795 177,928
2050 — — — 38,555 5,995 174,870
2051 — — — 40,995 6,525 179,974
2052 — — — 42,265 6,725 185,432
2053 — — — 51,045 8,125 158,932
2054 — — — 52,760 8,395 163,479
2055 — — — 60,220 9,580 168,071
2056 — — — — — 100,792
2057 — — — — — 98,220
2058 — — — — — 100,919
2059 — — — — — 101,061
2060 — — — — — 40,729
2061 — — — — — 41,554
2062 — — — — — 31,194
Total $ 165,660 431,110 87, 250 539,720 84,895 5,179,753 240 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025 Debt Capacity
Wastewater - Future Principal and Interest Payments
(Excludes Commercial Paper)
(Dollars in Thousands)

Interest Payments*

(Continued)

May not total due to rounding.
* Interest and fees include debt admin fees for the Clarifier SRF loan and North Point Facility SRF Loan.

Source: San Francisco Public Utilities Commission Official Statements.

COPs
Payments State 2009D 2010B
Due for Revolving WIFIA Before Before
FY Ended Fund Loans Loans Subsidy Subsidy 2013B 2016A 2016B 2018A 2026 $ 3,172 5,190 1,436 9,409 3,724 9,963 2,809 9,498
2027 5,009 10,381 1,375 8,992 3,724 9,683 2,729 9,144
2028 4,856 10,381 1,312 8,550 3,724 9,356 2,637 8,771
2029 4,701 10,380 1,246 8,084 3,724 9,013 2,541 8,379
2030 4,544 10,380 1,177 7,592 3,724 8,652 2,439 7,967
2031 4,384 10,380 1,104 7,073 3,724 8,273 2,333 7,533
2032 4,223 19,980 1,027 6,523 3,724 7,875 2,220 7,078
2033 4,059 23,764 948 5,945 3,724 7,455 2,101 6,599
2034 3,892 23,764 865 5,344 3,724 7,015 1,977 6,096
2035 3,723 23,764 779 4,720 3,724 6,552 1,847 5,567
2036 3,552 23,764 689 4,073 3,724 6,066 1,710 5,011
2037 3,378 23,764 594 3,397 3,723 5,553 1,565 4,426
2038 3,201 23,764 496 2,690 3,723 5,071 1,430 3,813
2039 3,022 23,764 393 1,957 3,723 4,623 1,303 3,166
2040 2,841 23,764 286 1,194 3,723 4,157 1,172 2,557
2041 2,656 23,764 175 402 3,316 3,672 1,035 1,989
2042 2,469 23,618 59 — 2,196 3,167 893 1,396
2043 2,280 23,418 — — 742 2,641 745 775
2044 2,087 23,058 — — — 2,094 590 228
2045 1,893 22,228 — — — 1,524 430 —
2046 1,694 21,375 — — — 932 265 —
2047 1,493 20,501 — — — 314 89 —
2048 1,289 19,529 — — — — — —
2049 1,082 18,305 — — — — — —
2050 909 17,031 — — — — — —
2051 733 15,683 — — — — — —
2052 585 14,296 — — — — — —
2053 440 12,867 — — — — — —
2054 293 11,398 — — — — — —
2055 144 9,886 — — — — — —
2056 73 8,334 — — — — — —
2057 — 6,738 — — — — — —
2058 — 5,097 — — — — — —
2059 — 3,409 — — — — — —
2060 — 1,909 — — — — — —
2061 — 1,083 — — — — — —
2062 — 340 — — — — — —
Total $ 78,677 571,051 13,961 85,945 62,110 123,651 34,860 99,993 *
241 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025 Debt Capacity
Wastewater - Future Principal and Interest Payments
(Excludes Commercial Paper)
(Dollars in Thousands)

Interest Payments*

(Continued)

May not total due to rounding.

Source: San Francisco Public Utilities Commission Official Statements.

Payments
Due for
FY Ended 2018B 2021A 2021B 2022B 2023A 2023B 2023C
2026 $ 7,969 11,466 1,852 6, 183 26,635 9,655 6,626
2027 7,742 11,466 1,853 5,662 26,085 9,655 6,626
2028 7,499 11,466 1,852 5,113 24,898 9,418 6,627
2029 7,181 11,466 1,852 4,536 23,154 8,771 6,626
2030 6,847 11,466 1,853 3,930 20,881 7,935 6,626
2031 6,495 11,466 1,852 3,293 18,489 7,058 6,626
2032 6,126 11,466 1,853 2,623 16,219 6,216 6,626
2033 5,737 11,466 1,853 1,919 14,306 5,504 6,626
2034 5,329 11,466 1,853 1,178 12,531 4,845 6,626
2035 4,899 11,466 1,853 399 10,665 4,151 6,626
2036 4,448 11,466 1,853 — 8,666 3,091 6,626
2037 3,974 11,465 1,853 — 7,106 1,849 6,626
2038 3,475 11,466 1,852 — 6,038 1,058 6,626
2039 2,950 11,465 1,852 — 4,915 600 6,626
2040 2,419 11,466 1,852 — 3,734 200 6,626
2041 1,882 11,465 1,852 — 2,496 — 6,626
2042 1,320 11,466 1,852 — 1,422 — 6,627
2043 733 11,465 1,853 — 490 — 6,627
2044 217 10,868 1,769 — — — 6,481
2045 — 9,642 1,597 — — — 5,753
2046 — 8,353 1,416 — — — 4,561
2047 — 6,999 1,227 — — — 3,320
2048 — 5,723 1,028 — — — 2,029
2049 — 4,538 818 — — — 685
2050 — 3,303 600 — — — —
2051 — 2,018 369 — — — —
2052 — 681 125 — — — —
2053 — — — — — — —
2054 — — — — — — —
2055 — — — — — — —
2056 — — — — — — —
2057 — — — — — — —
2058 — — — — — — —
2059 — — — — — — —
2060 — — — — — — —
2061 — — — — — — —
2062 — — — — — — —
Total
$ 87,242 258,509 42, 294 34,836 228,730 80,006 142,100 242 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025 Debt Capacity
Wastewater - Future Principal and Interest Payments
(Excludes Commercial Paper)
(Dollars in Thousands)

Interest Payments

May not total due to rounding.

Source: San Francisco Public Utilities Commission Official Statements.

Total Total
Payments Federal Interest Principal &
Due for Interest Payments Interest
FY Ended 2024A 2024B 2024C 2024D Subsidy Net of Subsidy Payments 2026 $ 20,068 4,286 26,986 4,245 (3,579) 167,593 213,409 2027 20,068 4,285 26,985 4,245 (3,422) 172,287 244,043
2028 10,034 4,095 26,723 4,203 (3,255) 158,260 699,000
2029 — 3,811 26,379 4,150 (3,079) 142,915 267,887
2030 — 3,718 26,118 4,109 (2,894) 137,064 267,887
2031 — 3,718 25,752 4,053 (2,699) 130,907 267,882
2032 — 3,718 25,363 3,992 (2,492) 134,360 265,022
2033 — 3,476 25,162 3,961 (2,275) 132,330 256,412
2034 — 2,980 25,162 3,961 (2,049) 126,559 256,411
2035 — 2,454 25,162 3,962 (1,815) 120,498 256,410
2036 — 1,895 25,162 3,962 (1,572) 114,186 256,412
2037 — 1,340 25,162 3,962 (1,317) 108,420 224,182
2038 — 537 25,118 3,956 (1,051) 103,263 224,109
2039 — — 24,489 3,856 (776) 97,928 224,105
2040 — — 23,259 3,663 (488) 92,425 224,108
2041 — — 22,124 3,484 (191) 86,747 226,745
2042 — — 21,130 3,330 (20) 80,925 221,326
2043 — — 20,100 3,171 — 75,040 219,474
2044 — — 19,092 3,014 — 69,498 226,041
2045 — — 18,134 2,865 — 64,066 225,876
2046 — — 17,216 2,722 — 58,534 223,259
2047 — — 16,385 2,593 — 52,921 220,503
2048 — — 15,592 2,470 — 47,660 220,481
2049 — — 14,741 2,337 — 42,506 220,434
2050 — — 13,328 2,117 — 37,288 212,158
2051 — — 11,339 1,804 — 31,946 211,920
2052 — — 9,258 1,473 — 26,418 211,850
2053 — — 6,925 1,102 — 21,334 180,266
2054 — — 4,330 689 — 16,710 180,189
2055 — — 1,506 240 — 11,776 179,847
2056 — — — — — 8,407 109,199
2057 — — — — — 6,738 104,958
2058 — — — — — 5,097 106,016
2059 — — — — — 3,409 104,470
2060 — — — — — 1,909 42,638
2061 — — — — — 1,083 42,637
2062 — — — — — 340 31,534
Total
$ 50,170 40,313 594,182 93,691 (32,974) 2,689,347 7,869,100

243 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025 Debt Capacity
Power - Future Principal and Interest Payments
(Excludes Commercial Paper)
(Dollars in Thousands)

Principal Payments

(Continued)

May not total due to rounding.

Source: San Francisco Public Utilities Commission Official Statements.

Qualified New Clean
Payments COPs Energy Renewable Total
Due for Series Conservation Energy Principal
FY Ended 2009D Bonds 2011 2015A 2015B Bonds 2015 2021A 2021B 2023A P ayments 2026 $ 483 576 — 945 152 1,455 620 — 4,231
2027 503 582 830 150 154 1,530 650 1,075 5,474
2028 524 294 1,020 — 156 1,605 685 1,445 5,729
2029 546 — 1,075 — 159 1,690 715 1,820 6,005
2030 569 — 1,125 — 161 1,775 750 1,920 6,300
2031 594 — 1,185 — 163 1,860 790 2,015 6,607
2032 619 — 1,240 — 165 1,945 825 2,130 6,924
2033 644 — 1,305 — 83 2,035 860 2,325 7,252
2034 673 — 1,370 — — 2,115 905 2,525 7,588
2035 702 — 1,435 — — 2,200 950 2,655 7,942
2036 731 — 1,510 — — 2,290 995 2,785 8,311
2037 763 — 1,585 — — 2,385 1,045 2,915 8,693
2038 796 — 1,665 — — 2,480 1,090 3,065 9,096
2039 830 — 1,745 — — 2,585 1,140 3,220 9,520
2040 865 — 1,835 — — 2,690 1,185 3,385 9,960
2041 901 — 1,925 — — 2,800 1,240 3,560 10,426
2042 942 — 2,020 — — 2,915 1,290 3,745 10,912
2043 — — 2,125 — — 3,030 1,345 3,935 10,435
2044 — — 2,230 — — 3,155 1,405 4,135 10,925
2045 — — 2,340 — — 3,285 1,465 4,350 11,440
2046 — — 2,460 — — 3,420 1,525 4,570 11,975
2047 — — — — — 3,560 4,160 4,805 12,525
2048 — — — — — 3,705 4,330 5,050 13,085
2049 — — — — — 3,855 4,505 5,315 13,675
2050 — — — — — 4,010 4,695 5,580 14,285
2051 — — — — — 4,175 4,885 5,870 14,930
2052 — — — — — 4,345 5,085 6,170 15,600
2053 — — — — — — — 16,350 16,350
2054 — — — — — — — 17,190 17,190
2055 — — — — — — — — —
2056 — — — — — — — — —
2057 — — — — — — — — —
2058 — — — — — — — — —
2059 — — — — — — — — —
2060 — — — — — — — — —
2061 — — — — — — — — —
2062 — — — — — — — — —
Total $ 11,685 1,452 32,025 1,095 1,193 72,895 49,135 123,905 293, 385 244 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025 Debt Capacity
Power - Future Principal and Interest Payments
(Excludes Commercial Paper)
(Dollars in Thousands)

Interest Payments

May not total due to rounding.

Source: San Francisco Public Utilities Commission Official Statements.

COPs QECBs NCREBs Total Total
Payments 2009D 2011 2015 Federal Interest Principal & Due for Before Before Before Interest Payments Interest FY Ended Subsidy Subsidy 2015A 2015B Subsidy 2021A 2021B 2023A Subsidy Net of Subsidy Payments 2026 $ 739 62 1,593 25 53 2,979 2,000 6,195 (323) 13,323 17,554 2027 709 35 1,576 3 47 2,905 1,969 6,168 (289) 13,123 18,597 2028 675 7 1,534 — 39 2,826 1,935 6,105 (253) 12,868 18,597 2029 641 — 1,482 — 32 2,744 1,900 6,024 (233) 12,590 18,595 2030 606 — 1,427 — 25 2,658 1,864 5,930 (216) 12,294 18,594 2031 568 — 1,369 — 17 2,576 1,825 5,832 (199) 11,988 18,595 2032 530 — 1,308 — 9 2,490 1,784 5,728 (182) 11,667 18,591 2033 488 — 1,245 — 2 2,401 1,747 5,617 (162) 11,338 18,590 2034 446 — 1,178 — — 2,318 1,712 5,496 (146) 11,004 18,592 2035 400 — 1,108 — — 2,231 1,674 5,366 (132) 10,647 18,589 2036 354 — 1,034 — — 2,142 1,636 5,230 (117) 10,279 18,590 2037 307 — 957 — — 2,048 1,595 5,088 (101) 9,894 18,587 2038 255 — 876 — — 1,951 1,552 4,938 (84) 9,488 18,584
2039 203 — 790 — — 1,849 1,507 4,781 (67) 9,063 18,583
2040 147 — 701 — — 1,744 1,461 4,616 (49) 8,620 18,580
2041 90 — 607 — — 1,634 1,412 4,442 (30) 8,155 18,581
2042 31 — 508 — — 1,520 1,362 4,260 (10) 7,671 18,583
2043 — — 405 — — 1,401 1,309 4,068 — 7,183 17,618
2044 — — 296 — — 1,277 1,254 3,865 — 6,692 17,617
2045 — — 181 — — 1,149 1,197 3,654 — 6,181 17,621
2046 — — 62 — — 1,014 1,137 3,431 — 5,644 17,619
2047 — — — — — 875 1,023 3,196 — 5,094 17,619
2048 — — — — — 730 853 2,950 — 4,533 17,618
2049 — — — — — 578 677 2,691 — 3,946 17,621
2050 — — — — — 421 493 2,419 — 3,333 17,618
2051 — — — — — 257 301 2,132 — 2,690 17,620
2052 — — — — — 87 102 1,831 — 2,020 17,620
2053 — — — — — — — 1,268 — 1,268 17,618
2054 — — — — — — — 430 — 430 17,620
2055 — — — — — — — — — — —
2056 — — — — — — — — — — —
2057 — — — — — — — — — — —
2058 — — — — — — — — — — —
2059 — — — — — — — — — — —
2060 — — — — — — — — — — —
2061 — — — — — — — — — — —
2062 — — — — — — — — — — —
T
otal $ 7,189 104 20,237 28 224 46,805 37,281 123,751 (2,593) 233,026 526,411 245 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Statistical Section

Demographic and Economic Information

City and County of San Francisco Economic and General Information Summary of Accounts by Type of Customer
Water Accounts and Billings

Historical Water Sales in Hundred Cubic Feet
Historical Water Sales in Millions of Gallons per Day
Historical Water Sales in Millions of Gallons
Wholesale Water Customers
Accounts and Billings by Type of Customer

Historical Hetchy Water Sales
Historical Hetchy Power Electric Sales
Historical CleanPowerSF Electric Sales
246 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

City and County of San Francisco Economic and General Information The following provides general economic and demographic information about the City and County of San Francisco (the “City”).

San Francisco Area
The corporate limits of the City encompass over 93 square miles, of which approximately 49 square miles are land, with the balance consisting of tidelands and a portion of the San Francisco Bay. The City is located on a peninsula bounded by the Pacific Ocean to the west, the Bay to the east, the entrance to the Bay and the Golden Gate Bridge to the north and San Mateo County to the south.

San Francisco Economy
San Francisco economy growth is growing in a steady pace. The City benefits from a highly skilled, educated, and professional labor force. Key industries include AI, technology, tourism, real estate, banking and finance, retailing, apparel design and manufacturing. The City is the economic center of the nine counties contiguous to the Bay:

Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo, Santa Clara, Solano, and Sonoma Counties (the “Bay Area”). The economy of the Bay Area includes a wide range of industries, supplying local needs as well as the needs of national and international markets. Major business sectors in the Bay Area include retail and entertainment, conventions and tourism, service businesses, banking, professional and financial services, corporate headquarters, international and wholesale trade, technology, multimedia and advertising, biotechnology, and higher education.

San Francisco median homes sale prices in 2024 was $1.6 million and have increased to over $1.7 million as of September 2025, according to San Francisco Real Estate COMPASS October 2025 report. Personal income per capita for 2025 is $176,317 and a typical home cost over 9 times the typical income, continuing to be one of the higher home price-to-income ratio in the nation.

San Francisco Population and Income
The City had a population estimated at 835,987 as of fiscal year 202 5. The table reflects the population and per capita personal income of the City, as estimated based on the U.S. Census Bureau.

12025 population was estimated by multiplying the estimated 2024 population by the 2023 to 2024 population growth rate. Fiscal year s 2021 to 2024 data were updated from last year ’s ACFR with newly available data.

2Per capita personal income for 202 5 was estimated by dividing the estimated personal income for 202 4 by the reported population in 202 4.

Fiscal years 2021 to 2024 data were updated from last year ’s ACFR with newly available data. FY202 5 was estimated by multiplying the latest quarterly State income by 1,000 and dividing by the estimated 2024 population.

Source: Office of the Controller, City and County of San Francisco

San Francisco Conventions and Tourism
According to the San Francisco Travel Association (the “Travel Association”), a non-profit membership organization, San Francisco Airport served over 52 million passengers, up 4.1% from 2023. 23.06 million of these visitors spent over $9.2 billion in 2024 and generated $604.6 million in tax revenue for the city. Average hotel rate in 2024 was $227.51 and occupancy was 62.1 %. It is forecast for 202 5, travel to San Francisco is expected to reach 23.3 million visitors with major events like NBA ALL-Start Weekend, Game Developers Conference and Dreamforce.

San Francisco Employment
According to the data from California Employment Development Department, the City’s unemployment rate increased by 0.6% in 2025. This increase is slightly higher than the State of California rate increase of 0. 5% in 2025.

CITY AND COUNTY OF SAN FRANCISCO
Population and Income - Fiscal Years 2020-2024

Fiscal Year

Population¹
Per Capita
Personal Income2
2021 815,498 $159,135
2022 814,176 153,970
2023 819,151 162,763
2024 827,526 172,123
2025 835,987 176,317

247 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Tables below summarizes information on the civilian labor, employment, and unemployment in the City; and employment by industry from calendar years 2020 to 2024.

1Labor force data reflects the March 2024 benchmark.
2Data not seasonally adjusted.

Source: California Employment Development Department, Labor Market Information Division.

1Data reflects the March 2024 benchmark and 2022 is updated with newly available data.

Source: California Employment Development Department, Labor Market Information Division.

Year Area Labor Force Employment Unemployment
June 2025 S an Francisco 510,200 488,600 21,600 4.2%
State 19,771,500 18,633,900 1,137,600 5.8%
June 2024 San Francisco 550,200 530,300 19,900 3.6%
State 19,293,300 18,265,300 1,028,000 5.3%

CITY AND COUNTY OF SAN FRANCISCO
Civilian Labor Force, Employment, and Unemployment 1
June 2024 and 20252
Unemployment
Rate
2020 2021 2022 2023 2024
Total Farm 200 300 300 200 200
Total Nonfarm 696,300 698,700 754,200 743,500 722,000
Professional & Business Services 200,900 200,600 217,000 203,800 190,300 Leisure & Hospitality 59,100 57,000 75,600 82,000 81,500 Government 98,200 101,300 106,500 108,500 110,600
Educational & Health Services 91, 500 93,900 96,500 99,600 101,300 Trade, Transportation & Utilities 73,200 70,100 70,600 66,400 64,400 Financial Activities 60,300 61,000 61,700 59,200 54,800 Information 54,600 58,200 67,500 63,900 62,000
Manufacturing & Construction 36,600 33,800 34,800 35,900 32,900 Other Services 22,100 23,100 24,300 24,400 24,400
Total All Industries 696,500 699,000 754,500 743,700 722,200

CITY AND COUNTY OF SAN FRANCISCO
Estimated Average Annual Employment by Sector - Calendar Years 2020-20241 248 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

The table below list major employers in San Francisco County, as reported by the San Francisco Business Times.

CITY AND COUNTY OF SAN FRANCISCO
Major Employers
Employer Name Industry
10,000 and more Employees
City and County of San Francisco City Government
Salesforce Inc. Customer Relationship Management Software United Airlines Airline Carrier
University of California, San Francisco Health Sciences University and Medical Center 5,000 - 9,999 Employees
San Francisco Unified School District (SFUSD) Public Education Sutter Health Health Care System
Wells Fargo Bank Financial Services
1,000 - 4,999 Employees
Accenture Professional Services and Technology Consulting Adobe Inc. Digital media and marketing
Allied Universal Security Systems, Guarding Services
Autodesk Inc. 3D Design Software
Bank of America Financial Services
Cisco Systems Inc. Technology, Networking, Security and Digital DoorDash Inc. On-demand logistics platform for local commerce First Republic Bank Financial Services
iRhythm Technologies Inc. Medical Technology
Kaiser Permanente Health Care System
Lyft Inc. Ride-Sharing Service
Uber Technologies Inc. Ride-Sharing Service
Source: Calendar year 2023 San Francisco Business Times and City and County of San Francisco.

San Francisco T axable Sales
The following table provides information on taxable sales for the City for calendar years 2020 through 2024. Total retail sales increased in 2024 by approximately $2.9 billion compared to 2020.

1Most recent annual data available and may not total due to rounding. 2Other Retail Stores include Health and Personal Care Stores, Sporting Goods, Hobby Book, and Music stores, Miscellaneous Store Retailers, and Non-store Retailers.

Source: California Department of Tax and Fee Administration. 2020 2021 2022 2023 2024 Building Material/Garden Equipment/Supplies $ 642,104 685,895 691,182 636,795 571,945 Clothing and Clothing Accessories Stores 1,163,031 1,587,968 1,746,756 1,576,178 1,515,683 Food and Beverage Stores 746,455 722,410 768,428 794,715 792,042 Food Services and Drinking Places 2,081,728 2,953,373 4,266,095 4,537,493 4,612,261 Gasoline Stations 304,977 432,768 612,261 553,559 494,260 General Merchandise Stores 560,059 667,930 691,405 628,274 629,358 Home Furnishings and Appliance Stores 768,022 919,239 940,945 790,701 760,261 Motor Vehicle and Parts Dealers 593,476 625,719 575,323 590,487 585,619 Other Retail Stores2 2,690,590 2,508,494 2,633,438 2,500,262 2,443,268 Retails Stores Total $ 9,550,442 11,103,796 12,925,833 12,608,464 12,404,697 All Other Outlets not listed above 4,839,281 5,503,318 6,685,573 6,493,613 6,368,626 Total All Outlets $ 14,389,723 16,607,114 19,611,406 19,102,077 18,773,323

CITY AND COUNTY OF SAN FRANCISCO
Taxable Sales - Calendar Years 2020-20241
($ in Thousands)
249 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Demographic and Economic Information
San Francisco Population and Income
Fiscal Years Ended 2016 to 2025

Personal Income Per Capita
Year Population 1 (In Thousands) 2 Personal income 3

1Data from US Census Bureau. Fiscal year s 2020 to 2024 were updated from last year's Annual Comprehensive Financial Report (ACFR) with newly available data.
2Data from US Bureau of Economic Analysis. Fiscal years 2022 to 2024 were updated from last year's ACFR with newly available data. 3Data from US Bureau of Economic Analysis. Fiscal years 2020 to 2024 were updated from last year's ACFR with newly available data. 42025 population was calculated by multiplying the estimated 2024 population by the 2022 to 2023 population growth rate. 5Personal income was estimated by assuming that its percentage of state personal income in fiscal years 2025 remained at the 2023 level of

4.19 percent.
6Per capita personal income for 2025 was estimated by dividing the estimated personal income for 2024 by the reported population in 2024 . 2025 was estimated by multiplying the latest quarterly State income by 1,000 and dividing by the estimated 2025 population.

Source: Office of the Controller, City and County of San Francisco.

2016 876,103 $ 96,161,308 $ 109,760
2017 879,166 106,006,635 120,576
2018 880,696 115,444,581 131,083
2019 881,549 117,635,944 133,442
2020 874,826 122,788,484 140,358
2021 815,498 129,774,521 159,135
2022 814,176 125,357,765 153,970
2023 819,151 133,327,237 162,763
2024 827,526 142,436,595 172,123
2025 835,987 4 147,398,559 5 176,317 6

Demographic & Economic Information
250 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

San Francisco City and County Principal Employers

1The latest data is from calendar year 2023. Data is obtained from the San Francisco Business Times Book of Lists. 2Data based on fiscal year 2015 Annual Comprehensive Financial Report. 3Data is from State of California Employee Development Department.

Source: Office of the Controller, City and County of San Francisco.

Employer Employees Rank
Percentage of
Total City
Employment Employees Rank
Percentage of
Total City
Employment
City and County of San Francisco 36,822 1 7.4 % 26,207 1 4. 1 % University of California, San Francisco 29,475 2 5.9 20,600 2 3. 2 Salesforce Inc. 11,953 3 2.4 5,000 6 0. 8
United Airlines 10,000 4 2.0 — — —
San Francisco Unified School District 9,047 5 1.8 8,497 3 1. 3 Sutter Health 6,134 6 1.2 — — —
Wells Fargo Bank 5,886 7 1.2 8,300 4 1. 3
Kaiser Permanente 4,676 8 0.9 3,500 10 0. 5
Allied Universal 3,827 9 0.8 — — —
Uber Technologies, Inc 3,413 10 0.7 — — —
California Pacific Medical Center — — — 5, 837 5 0.9
Gap, Inc. — — — 4, 438 7 0.7
Pacific Gas & Electric Corporation — — — 4, 297 8 0.7
State of California — — — 4, 078 9 0.6
Total 121,233 24. 3 % 90,754 14.1 % Total City Employment3 499,542 639,400
20231 20142
Demographic & Economic Information
251 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Summary of Water and Sewer Accounts by Type of Customer Fiscal Years Ended 2016 to 2025

1Beginning in fiscal year 2019, Unmetered properties accounts are included. Unmetered properties are charged only for management of stormwater runoff. Includes both municipal and commercial accounts. Increase in fiscal year 2025 related to implementation of citywide stormwater portion of sewer bill.
2Large increase in commercial sewer accounts in fiscal year 2019 is due to new requirements that all water accounts for fire -fighting purposes have a corresponding sewer account. Fiscal year 2019 sewer accounts were updated between Commercial and Municipal. *Increase in residential and commercial accounts in fiscal year 2024, mainly due to additional stormwater accounts.

Source: San Francisco Public Utilities Commission Customer Care and Billing System and Rate Schedules.

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Water Account Types
Retail - San Francisco
Multi-Family Residential 41,369 41,594 42,101 42,482 42,849 43,360 43,693 44,020 44,280 44,494 Single-Family Residential 110,050 110,118 110,153 110,413 110,584 110,113 110,485 110,659 111,445 111,631 Commercial 20,320 20,344 20,429 20,512 20,509 20,306 20,399 20,423 20,690 20,890 Industrial 81 80 80 81 77 75 72 69 71 71 Municipal 1,885 1,882 1,915 1,939 1,985 2,019 2,049 2,067 2,100 2,131 Subtotal 173,705 174,018 174,678 175,427 176,004 175,873 176,698 177,238 178,586 179,217 Retail - Other
Commercial 85 83 86 87 87 86 87 86 87 88 Municipal 1 1 1 1 1 1 1 1 1 2 Other 3 3 3 2 2 2 2 2 2 —
Residential 211 211 208 208 207 206 206 208 207 206 Subtotal 300 298 298 298 297 295 296 297 297 296 Wholesale
Private utilities 22 22 22 22 22 22 22 22 22 22 Public utilities 56 56 56 56 56 56 56 56 56 56 Subtotal 78 78 78 78 78 78 78 78 78 78 Total water accounts 174,083 174,394 175,054 175,803 176,379 176,246 177,072 177,613 178,961 179,591 Sewer Account Types
Retail & Resale*
Multi-Family Residential 36,293 36,323 36,326 36,387 36,467 36,528 36,595 36,603 36,660 36,679 Single-Family Residential 111,137 111,268 111,385 111,681 111,869 111,398 111,786 111,995 112,795 112,993 Commercial2 15,411 15,388 15,494 24,465 24,721 24,941 25,278 25,564 26,002 26,438 Municipal2 738 751 763 1,109 1,150 1,182 1,208 1,218 1,233 1,251 Suburban (Watershed Keepers) 8 8 8 8 7 7 7 6 4 4 Unmetered Properties1 306 302 300 297 294 404 4,317 Total sewer accounts 163,587 163, 738 163,976 173,956 174,516 174,356 175,171 175,680 177,098 181,682 No data prior to fiscal year 2019

Demographic & Economic Information
252 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Summary of Hetchy Water, Hetchy Power and CleanPowerSF Accounts by Type of Customer Fiscal Years Ended 2016 to 2025

Source: San Francisco Public Utilities Commission Customer Care and Billing System.

*Non-City Agencies include electric retail and municipal customers such as Moscone tenants, Exploratorium, and Yerba Buena Gardens. Increases from fiscal years 2016 to 2021 are new accounts in various Redevelopment Projects and the Distributed Antenna System. **The decrease in accounts from fiscal years 2021 to 2022 is due to corrections to the customer type during the new billing system transition. New accounts from affordable housing units contributed to the increase from fiscal years 2022 to 2025.

Source: San Francisco Public Utilities Commission Power Enterprise Customer To Meter Billing System. Fiscal year 2020 and prior was from Utility Star Billing System.

^Increase is from completion of citywide enrollment.
*Fiscal year 2022 data was as of November 2022.

Source: Calpine’s customer snapshot reports.

Hetchy Water
Accounts 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 U
pcountry Water Sales 6 5 5 5 5 5 5 5 5 5 Hetchy Power
Electric Meters 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Cit
y Agencies 1,494 1,491 1,511 1,499 1,512 1,489 1,522 1,546 1,564 1,559 Non-City Agencies* 1,090 1,536 1,996 2,209 2,526 3,858 3,551 4,654 5,439 6,860 Moccasin/City of Riverbank 41 39 38 37 37 36 35 36 38 42 Modesto/Turlock Irrigation Districts 2 2 2 2 2 2 2 2 2 — Total accounts** 2,627 3,068 3,547 3,747 4,077 5,385 5,110 6,238 7,043 8,461 Gas and Steam Meters
Nature Gas 359 351 355 352 352 352 355 356 356 360 Steam 12 12 12 12 12 12 12 12 10 11 Total accounts 371 363 367 364 364 364 367 368 366 371 CleanPowerSF
Account 2016 2017 2018 2019 2020 2021 2022* 2023 2024 2025 Residential 364 69,492 74,160 343,807 ^ 351,219 ^ 352,835 356,443 365,800 354,294 357,998 Commercial
Small Commercial Service 6,256 6,169 6,422 27,750 27,368 27,044 26,569 26,961 26,099 26,071 Medium Commercial Service 541 504 688 2,428 2,381 2,272 2,124 2,050 1,845 1,790 Large Commercial Service 299 314 336 1,812 1,887 1,859 1,819 2,016 2,080 2,096 Agricultural — 3 7 25 25 25 27 22 35 38 Street and Outdoor Lighting — — — 306 299 297 297 305 311 324 Commercial Subtotal 7,096 6,990 7,453 32,321 31,960 31,497 30,836 31,354 30,370 30,319 Total accounts 7,460 76,482 81,613 376,128 383,179 384,332 387,279 397,154 384,664 388,317 Demographic & Economic Information
253 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Water Accounts and Billings
Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)

*Hundred cubic feet = 748 gallons
**Millions of gallons

Source: Summary of Annual Water Sales reports, San Francisco Public Utilities Commission Customer Care and Billing System.

Fiscal
Year
Number of
Consumer
Accounts
Water
Consumed
(CCF)*
Water
Consumed
(MG)**
Service
Charges
Billed ($)
Water
Charges
Billed ($)
Total
Amount
Billed ($)
2016 174,083 82,783,466 61,922 37,125 375,020 412,145 2017 176,379 85,169,254 63,706 40,650 425,629 466,279 2018 175,054 92,689,320 69,331 43,748 476,385 520,133 2019 175,803 89,997,393 67,319 44,104 478,448 522,552 2020 176,379 93,495,127 69,934 47,310 548,199 595,509 2021 176,246 91,994,567 68,812 50,391 545,521 595,912 2022 177,072 88,243,491 66,006 53,820 537,588 591,408 2023 177,613 82,862,373 61,982 54,062 553,100 607,162 2024 178,961 85,367,087 63,853 55,140 576,389 631,529 2025 179,591 88,829,037 66,444 60,492 665,348 725,840

Demographic & Economic Information
254 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Historical Water Sales in Hundred Cubic Feet
Fiscal Years Ended 2016 to 2025

1Includes Docks and Ships under Commercial.
2From fiscal year 2016 onward, California Water Service Company, Daly City, and San Bruno are participating in the conjunctive use groundwater program. These customers receive a bill credit for regional water system usage in -lieu of groundwater pumping. Totals reported in this table exclude water credited under the conjunctive use program.
3Master-metered Treasure Island water sales were included under Suburban Retail from fiscal years 2013 to 2016. Beginning in fiscal year 2017, they have been classified under Municipal. Current Treasure Island usage represents purchases by the Treasure Island Development Authority and various commercial, residential, and governmental leases . As new development is completed on Treasure Island, customers will open individual accounts under the appropriate commercial or residential line items, and the master- metered amount will be reduced accordingly. 4Beginning in fiscal year 2017, recycled water sales to Harding Park are included under Municipal.

Source: Rate Schedules, Summary of Annual Water Sales reports, San Francisco Public Utilities Commission Customer Care and Billing System.

2025
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 % of Total Retail Customers
Multi-Family Residential 10,511,291 10,730,224 11,088,325 11,001,321 11,377,523 11,091,058 10,652,590 10,623,605 10,608,337 11,081,037 12.5% Single-Family Residential 6,674,624 6,765,508 6,954,084 6,766,191 7,051,008 7,101,350 6,413,178 6,085,256 5,989,644 6,237,685 7.0% Commercial 1 8,486,990 8,286,580 8,539,377 8,145,347 7,391,713 5,152,409 5,761,374 6,065,939 5,982,433 6,186,712 7.0% Industrial 94,178 92,846 86, 555 84,142 73,296 43,251 47,821 46,458 40,247 44,015 0.1% Municipal 3,4 1,252,031 1,519,354 1,582,906 1,592,205 1,652,984 1,387,438 1,388,349 1,224,514 1,337,141 1,483,142 1.7% Suburban Retail 3 1,556,586 1,397,568 1,524,511 1,426,850 1,474,800 1,368,225 1,329,569 1,337,597 1,414,370 1,423,676 1.6% Retail water sales 28,575,700 28,792,080 29, 775,758 29,016,056 29,021,324 26,143,731 25,592,881 25,383,369 25,372,172 26,456,267 29.9% Wholesale Customers
California Water Service 2 11,442,469 11,853,307 13, 437,872 12,823,623 14,158,729 14,422,994 14,163,074 12,855,814 12,658,135 12,901,287 14.5% Hayward Municipal Water 5,979,616 6,281,522 7, 101,954 6,821,848 6,929,989 7,098,350 6,854,523 6,301,398 6,430,378 6,663,423 7.5% City of Sunnyvale 3,816,230 3,966,024 4,615,487 4,281,432 4,602,280 4,745,166 4,336,157 3,948,671 4,646,165 5,017,350 5.7% Alameda County Water District 2,924,129 3,039,722 3,875,669 3,745,166 3,788,287 4,638,801 4,575,609 4,721,709 4,865,627 4,920,338 5.5% City of Palo Alto 4,006,084 4,382,560 4,859,576 4,600,987 4,757,199 4,785,384 4,709,184 4,210,399 4,366,041 4,543,561 5.1% City of Redwood City 3,484,888 3,764,419 4,109,993 3,945,340 4,269,768 4,180,327 3,862,674 3,521,880 3,748,266 3,828,505 4.3% City of Mountain View 3,285,167 3,374,726 3,679,915 3,551,507 3,706,595 3,857,685 3,600,525 3,288,144 3,600,443 3,754,173 4.2% City of Milpitas 2,199,649 2,361,244 2,544,956 2,504,392 2,956,102 2,618,214 2,332,408 2,193,250 2,590,051 2,518,820 2.8% City of San Jose 1,990,436 2,017,559 2,198,147 2,104,452 2,065,632 2,052,823 1,975,039 1,850,941 1,909,985 1,947,586 2.2% Estero Municipal Improvement District 1,755,953 1,869,684 2,064,667 1,966,799 2,115,607 2,101,149 1,887,409 1,715,469 1,820,120 1,847,956 2.1% All Other Wholesale Customers 2 13,323,145 13,466,407 14, 425,326 14,635,791 15,123,615 15,349,943 14,354,008 12,871,329 13,359,704 14,429,771 16.2% Wholesale water sales 54,207,766 56,377,174 62, 913,562 60,981,337 64,473,803 65,850,836 62,650,610 57,479,004 59,994,915 62,372,770 70.1% Total water sales 82,783,466 85,169,254 92,689,320 89,997,393 93,495,127 91,994,567 88,243,491 82,862,373 85,367,087 88,829,037 100.0% % Change from prior year -10.6% 2.9% 8.8% -2.9% 3.9% -1.6% -4.1% -6.1% 3.0% 4.1% Number of accounts 174,083 174,394 175,054 175,803 176,379 176, 246 177,072 177,613 178,961 179,591 Retail 174,005 174,316 174,976 175,725 176,301 176, 168 176,994 177,535 178,883 179,513 Wholesale 78 78 78 78 78 78 78 78 78 78

Demographic & Economic Information
255 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Historical Water Sales in Millions of Gallons per Day
Fiscal Years Ended 2016 to 2025

1Includes Docks and Ships under Commercial.
2From fiscal year 2016 onward, California Water Service Company, Daly City, and San Bruno are participating in the conjunctive use groundwater program. These customers receive a bill credit for regional water system usage in -lieu of groundwater pumping. Totals reported in this table exclude water credited under the conjunctive use program.
3Master-metered Treasure Island water sales were included under Suburban Retail from fiscal years 2013 to 2016. Beginning in fiscal year 2017, they have been classified under Municipal. Current Treasure Island usage represents purchases by the Treasure Island Development Authority and various commercial, residential, and governmental leases. As new development is completed on Treasure Island, customers will open individual accounts under the appropriate commercial or residential line items, and the master- metered amount will be reduced accordingly. 4Beginning in fiscal year 2017, recycled water sales to Harding Park are included under Municipal.

Source: Rate Schedules, Summary of Annual Water Sales reports, San Francisco Public Utilities Commission Customer Care and Billing System. 2025
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 % of Total Retail Customers
Multi-Family Residential 7,862 8,026 8,294 8,229 8,510 8,296 7,968 7,946 7,935 8,289 12.5% Single-Family Residential 4,993 5,061 5,202 5,061 5,274 5,312 4,797 4,552 4,480 4,666 7.0% Commercial 1 6,348 6,198 6,387 6,093 5,529 3,854 4,310 4,537 4,475 4,628 7.0% Industrial 70 69 65 63 55 32 36 35 30 33 0.1% Municipal 3,4 937 1,136 1,184 1,191 1,236 1,038 1,038 916 1,000 1,109 1.7% Suburban Retail 3 1,164 1,045 1,140 1,067 1,103 1,023 995 1,001 1,058 1,065 1.6% Retail water sales 21,374 21,535 22,272 21,704 21,707 19,555 19,144 18,987 18,978 19,790 29.9% Wholesale Customers*
California Water Service 2 8,559 8,866 10,052 9,592 10,591 10,788 10,594 9,616 9,468 9,650 14.5% Hayward Municipal Water 4,473 4,699 5,312 5,103 5,184 5,310 5,127 4,713 4,810 4,984 7.5% Alameda County Water District 2,187 2,274 2,899 2,801 2,834 3,470 3,423 3,532 3,639 3,753 5.7% City of Sunnyvale 2,855 2,967 3,452 3,203 3,443 3,549 3,243 2,954 3,475 3,680 5.5% City of Palo Alto 2,997 3,278 3,635 3,442 3,558 3,579 3,522 3,149 3,266 3,399 5.1% City of Redwood City 2,607 2,816 3,074 2,951 3,194 3,127 2,889 2,634 2,804 2,864 4.3% City of Mountain View 2,457 2,524 2,753 2,657 2,773 2,886 2,693 2,460 2,693 2,808 4.2% City of Milpitas 1,645 1,766 1,904 1,873 2,211 1,958 1,745 1,641 1,937 1,884 2.8% City of San Jose 1,489 1,509 1,644 1,574 1,545 1,536 1,477 1,385 1,429 1,457 2.2% Estero Municipal Improvement District 1,313 1,399 1,544 1,471 1,582 1,572 1,412 1,283 1,361 1,382 2.1% All Other Wholesale Customers 2 9,966 10,073 10,790 10,948 11,312 11,482 10,737 9,628 9,993 10,793 16.2% Wholesale water sales 40,548 42,171 47,059 45,615 48,227 49,257 46,862 42,995 44,875 46,654 70.1% Total water sales 61,922 63,706 69,331 67,319 69,934 68,812 66,006 61,982 63,853 66,444 100.0% % Change from prior year -10.6% 2.9% 8.8% -2.9% 3.9% -1.6% -4.1% -6.1% 3.0% 4.1% Number of accounts 174,083 176,379 175,054 175,803 176,379 176,246 177,072 177,613 178,961 179,591 Retail 174,005 176,301 174,976 175,725 176,301 176,168 176,994 177,535 178,883 179,513 Wholesale 78 78 78 78 78 78 78 78 78 78

Demographic & Economic Information
256 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Historical Water Sales in Millions of Gallons
Fiscal Years Ended 2016 to 2025

1Includes Docks and Ships under Commercial.
2From fiscal year 2016 onward, California Water Service Company, Daly City, and San Bruno are participating in the conjunctive use groundwater program. These customers receive a bill credit for regional water system usage in -lieu of groundwater pumping. Totals reported in this table exclude water credited under the conjunctive use program.
3Master-metered Treasure Island water sales were included under Suburban Retail from fiscal years 2013 to 2016. Beginning in fiscal year 2017, they have been classified under Municipal. Current Treasure Island usage represents purchases by the Treasure Island Development Authority and various commercial, residential, and governmental leases. As new development is completed on Treasure Island, customers will open individual accounts under the appropriate commercial or residential line items, and the master-metered amount will be reduced accordingly. 4Beginning in fiscal year 2017, recycled water sales to Harding Park are included under Municipal.

Source: Rate Schedules, Summary of Annual Water Sales reports, San Francisco Public Utilities Commission Customer Care and Billing System. 2025
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 % of Total Retail Customers
Multi-Family Residential 7,862 8,026 8,294 8,229 8,510 8,296 7,968 7,946 7,935 8,289 12.5% Single-Family Residential 4,993 5,061 5,202 5,061 5,274 5,312 4,797 4,552 4,480 4,666 7.0% Commercial 1 6,348 6,198 6,387 6,093 5,529 3,854 4,310 4,537 4,475 4,628 7.0% Industrial 70 69 65 63 55 32 36 35 30 33 0.1% Municipal 3,4 937 1,136 1,184 1,191 1,236 1,038 1,038 916 1,000 1,109 1.7% Suburban Retail 3 1,164 1,045 1,140 1,067 1,103 1,023 995 1,001 1,058 1,065 1.6% Retail water sales 21,374 21, 535 22,272 21,704 21,707 19,555 19,144 18,987 18,978 19,790 29.9% Wholesale Customers*
California Water Service 2 8,559 8,866 10,052 9,592 10,591 10,788 10,594 9,616 9,468 9,650 14.5% Hayward Municipal Water 4,473 4, 699 5,312 5,103 5,184 5,310 5,127 4,713 4,810 4,984 7.5% Alameda County Water District 2,187 2,274 2,899 2,801 2,834 3,470 3,423 3,532 3,639 3,753 5.7% City of Sunnyvale 2,855 2,967 3,452 3,203 3,443 3,549 3,243 2,954 3,475 3,680 5.5% City of Palo Alto 2,997 3,278 3,635 3,442 3,558 3,579 3,522 3,149 3,266 3,399 5.1% City of Redwood City 2,607 2,816 3,074 2,951 3,194 3,127 2,889 2,634 2,804 2,864 4.3% City of Mountain View 2,457 2,524 2,753 2,657 2,773 2,886 2,693 2,460 2,693 2,808 4.2% City of Milpitas 1,645 1,766 1,904 1,873 2,211 1,958 1,745 1,641 1,937 1,884 2.8% City of San Jose 1,489 1,509 1,644 1,574 1,545 1,536 1,477 1,385 1,429 1,457 2.2% Estero Municipal Improvement District 1,313 1,399 1,544 1,471 1,582 1,572 1,412 1,283 1,361 1,382 2.1% All Other Wholesale Customers 2 9,966 10,073 10,790 10,948 11,312 11,482 10,737 9,628 9,993 10,793 16.2% Wholesale water sales 40,548 42, 171 47,059 45,615 48,227 49,257 46,862 42,995 44,875 46,654 70.1% Total water sales 61,922 63,706 69,331 67,319 69,934 68,812 66,006 61,982 63,853 66,444 100.0% % Change from prior year -10.6% 2.9% 8.8% -2.9% 3.9% -1.6% -4.1% -6.1% 3.0% 4.1% Number of accounts 174,083 176,379 175,054 175,803 176,379 176,246 177,072 177,613 178,961 179,591 Retail 174,005 176,301 174,976 175,725 176,301 176,168 176,994 177,535 178,883 179,513 Wholesale 78 78 78 78 78 78 78 78 78 78
Wholesale Water Customers
257 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Map of Bay Area Water Supply and Conservation Agency (BAWSCA) Members

1. Alameda County Water District 13. Mid-Peninsula Water District

2. City of Brisbane 14. City of Millbrae

3. City of Burlingame 15. City of Milpitas
4a. California Water Service Company - Bear Gulch 16. City of Mountain View 4b. California Water Service Company - Mid-Peninsula 17. North Coast County Water District 4c. California Water Service Company - South San Francisco 18. City of Palo Alto

5. Coastside County Water District 19. Purissima Hills Water District

6. City of Daly City 20. City of Redwood City

7. City of East Palo Alto 21. City of San Bruno

8. Estero Municipal Improvement District 22. City of San Jose

9. Guadalupe Valley Municipal Improvement District 23. City of Santa Clara

10. City of Hayward 24. Stanford University

11. Town of Hillsborough 25. City of Sunnyvale

12. City of Menlo Park 26. Westborough Water District

*Cordilleras Mutual Water is a SFPUC Wholesale Customer but not a member of BAWSCA.

Source: Bay Area Water Supply and Conservation Agency (BAWSCA), San Mateo County General Plan.

Demographic & Economic Information
258 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Water Accounts & Billings by Type of Customer
Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)

1Includes Docks and Ships and Builders and Contractors under Commercial. 2Beginning in fiscal year 2017, Treasure Island and Harding Park recycled water revenues are included in Municipal. 3All Suburban Retail usage is included in the Non -Residential line item for purposes of calculating the percentage of revenue from each customer type. However, Suburban Retail usage includes some residential usage.

Source: San Francisco Public Utilities Commission Customer Care and Billing System.

Customer Type 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Multiple-Family Residential
Number of accounts 41,369 41,594 42,101 42,482 42,849 43,360 43,693 44,020 44,280 44,494 Billings $ 74,055 83,180 91,994 97,879 109,461 115,888 121,922 125,529 125,973 137,949 Single-Family Residential
Number of accounts 110,050 110,118 110,153 110,413 110,584 110,113 110,485 110,659 111,445 111,631 Billings $ 54,209 60,424 66,304 69,840 78,329 85,094 84,328 83,030 84,394 92,182 Commercial1
Number of accounts 20,320 20,344 20,429 20,512 20,509 20,306 20,399 20,423 20,690 20,890 Billings $ 63,080 67,748 74,720 76,950 76,586 59,883 71,480 76,805 75,775 82,273 Industrial
Number of accounts 81 80 80 81 77 75 72 69 71 71 Billings $ 677 736 738 796 765 528 612 614 546 632 Municipal2
Number of accounts 1,885 1,882 1,916 1,939 1,985 2,019 2,049 2,067 2,100 2,131 Billings $ 9,274 11,999 13,147 14,253 15,901 14,541 16,224 15,279 16,982 17,047 Suburban Retail
Number of accounts 300 298 297 298 297 295 296 297 297 296 Billings $ 7,845 8,836 10,466 10,313 11,127 11,113 11,668 12,693 13,728 14,950 Wholesale
Number of accounts 78 78 78 78 78 78 78 78 78 78 Billings $ 203,005 233,356 262,764 252,521 303,340 308,865 285,174 270,653 314,131 380,807 Total
Number of accounts 174,083 174,394 175,054 175,803 176,379 176,246 177,072 177,613 178,961 179,591 Billings $ 412,145 466,279 520,133 522,552 595,509 595,912 591,408 607,162 631,529 725,840 Percentage of Revenue
Residential 31.1% 30.8% 30.4% 32.1% 31.5% 33.7% 34.9% 34.3% 33.3% 31.7% Non-residential 3 19.6% 19.2% 19.0% 19.6% 17.5% 14.4% 16.9% 17.4% 16.9% 15.8% Wholesale 49.3% 50.0% 50.6% 48.3% 51.0% 51.9% 48.2% 48.3% 49.8% 52.5% Total Percentage of Revenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Demographic & Economic Information
259 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Wastewater Accounts, Billings & Discharge by Type of Customer Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)

1Beginning in fiscal year 2017, Treasure Island revenues are included under Municipal. 2Large increase in commercial sewer accounts in fiscal year 2019 is due to new requirements that all water accounts for fire-fighting purposes have a corresponding sewer account.
*Beginning in fiscal year 2019, Unmetered properties accounts are included. Unmetered properties are charged only for management of stormwater runoff. Includes both municipal and commercial accounts. Increase in fiscal year 2025 related to implementation of citywide stormwater portion of sewer bill

Source: San Francisco Public Utilities Commission Customer Care and Billing System.

Customer Type 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Multiple-Family Residential
Number of accounts 36,293 36,323 36, 326 36,387 36,467 36,528 36,595 36,603 36,660 36,679 Hundred cubic feet 9,854,965 9,996,526 10, 282,601 10,222,770 10,536,087 10,262,890 9,909,343 9,919,161 9,870,025 10,329,095 Millions of gallons per day 20.1 20.2 21. 1 20.9 21.5 21.0 20.3 20.3 20.2 21.2 Billings $ 101,730 110,829 126, 789 133,454 146,548 153,611 161,553 167,375 170,687 190,696 Single-Family Residential
Number of accounts 111,137 111,268 111, 385 111,681 111,869 111,398 111,786 111,995 112,795 112,993 Hundred cubic feet 5,993,115 6,058,304 6, 228,159 6,067,155 6,324,480 6,369,781 5,753,733 5,469,845 5,394,310 5,603,875 Millions of gallons per day 12.2 12.3 12. 8 12.4 13.0 13.1 11.8 11.2 11.0 11.5 Billings $ 61,177 66,661 76, 534 79,971 89,688 95,297 96,687 96,545 99,207 113,853 Commercial 2
Number of accounts 15,411 15,388 15, 494 24,465 24,721 24,941 25,278 25,564 26,002 26,438 Hundred cubic feet 7,366,932 7,171,298 7, 230,465 6,978,016 6,246,081 4,154,011 4,818,146 5,131,013 5,100,817 5,243,376 Millions of gallons per day 15.1 15.1 14. 8 14.3 12.8 8.5 9.9 10.5 10.4 10.7 Billings $ 77,387 80,968 89, 803 91,069 86,650 61,071 78,207 86,205 89,669 99,077 Municipal 1, 2
Number of accounts 738 751 763 1, 109 1,150 1,182 1,208 1,218 1,233 1,251 Hundred cubic feet 588,044 578,015 589, 621 585,833 545,917 420,610 476,957 465,494 520,411 524,667 Millions of gallons per day 1.2 1.2 1. 2 1.2 1.1 0.9 1.0 1.0 1.1 1.1 Billings $ 5,965 7,586 7, 163 9,002 8,885 7,605 8,829 9,197 10,825 13,550 Suburban Retail (Watershed Keepers)
Number of accounts 8 8 8 8 7 7 7 6 4 4
Hundred cubic feet 200 221 321 217 216 203 62 150 200 68 Millions of gallons per day 0.0 0.0 0. 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Billings $ 2 2 4 3 3 3 2 3 4 1
Unmetered Properties*
Number of accounts 306 302 302 297 294 404 4, 317
Hundred cubic feet N/A N/A N/ A N/A N/A N/A N/A
Millions of gallons per day N/A N/A N/ A N/A N/A N/A N/A Billings $ 82 112 117 118 110 78 663
Total
Number of accounts 163,587 163,738 163, 976 173,956 174,516 174,358 175,171 175,680 177,098 181,682 Hundred cubic feet 23,803,256 23,804,362 24, 331,167 23,853,991 23,652,781 21,207,495 20,958,241 20,985,663 20,885,763 21,701,081 Millions of gallons per day 48.6 48.8 49. 9 48.8 48.4 43.5 43.0 43.0 42.7 44.5 Billings $ 246,261 266,046 300, 293 313,581 331,886 317,704 345,396 359,435 370,470 417,840 Percentage of Revenue
Residential 66.2% 66.7% 67. 7% 68.1% 71.2% 78.3% 74.8% 73.4% 72.9% 72.9% Non-residential 33.8% 33.3% 32. 3% 31.9% 28.8% 21.7% 25.2% 26.6% 27.1% 27.1% Total Percentage of Revenue 100.0% 100.0% 100. 0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

No data prior to fiscal year 2019
Demographic & Economic Information
260 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Historical Hetchy Water Sales
Fiscal Years Ended 2016 to 2025

Note: May not total due to rounding.
^Fiscal year 2024, consumption data updated to reflect reported revenue amounts.

Sources:
*City and County of San Francisco Financial System and San Francisco Public Utilities Commission Audited Financial Statements. **San Francisco Public Utilities Commission Customer Care and Billing System.

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Sales*
Groveland Community Services District $ 163,525 168,757 168,377 147,448 160,626 188,208 155,032 139,593 113,887 152,140 Lawrence Livermore 1,836,447 211,771 630,097 132,893 36,863 2,627,028 3,214,043 2,776,239 2,935,237 3,655,036 State of California 9,429 11,430 13,625 13,392 13,139 11,135 12,422 13,948 9,340 16,470 Other Residential Customers 14,368 15,680 14,726 7,943 1,425 3,469 3,979 3,889 5,803 7,093 Water Assessment 36,600,000 34,600,000 32,600,000 33,578,000 34,585,000 44,149,000 45,815,000 49,636,000 46,266,000 49,240,643 Total sales $ 38,623,769 35,007,638 33,426,825 33,879,676 34,797,053 46,978,840 49,200,476 52,569,669 49,330,267 53,071,382 Consumption (hundred cubic feet)**
Groveland Community Services District 161,249 154,319 166,624 143,437 158,037 188,595 151,839 134,734 106,254 148,635 Lawrence Livermore 282,531 28,389 81,029 14,267 2,543 266,323 298,585 251,881 262,692 311,793 State of California^ 1,230 1,302 1,459 1,346 1,235 960 996 1,119 1,031 1,268 Other Residential Customers 2,152 2,085 1,803 1,986 2,454 2,258 2,105 2,069 2,131 2,823 Total consumption 447,162 186,095 250,915 161,036 164,269 458,136 453,525 389,803 372,108 464,519

Demographic & Economic Information
261 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Historical Hetchy Power Electric Sales
Fiscal Years Ended 2016 to 2025

*Non-city Agencies include electric retail and municipal customers such as Moscone tenants, Exploratorium, and Yerba Buena Gardens. **Purchases include Western Systems Power Pool (WSPP), Spot Market with Modesto Irrigation District, Sunset Reservoir Photovoltaic generation.

Decrease in fiscal year 2017 was due to no purchases with WSPP. ***Sales in dollars do not include utility and surcharge taxes. ~Includes cogeneration and all in-city solar generation. Generation is generic for all electricity production/output. Cogeneration is specific to the combustion turbines at the Southeast treatment plant.
~~The breakdown for City Agencies is grouped per budget schedule. @Starting fiscal year 2021, 3rd party sale for attributes is added but is not part of the Total average sale per KWh. #WSPP includes only energy sales. Excludes sales to CleanPowerSF and CAISO. ◊ Purchase agreement ended in December 2017.

Source: San Francisco Public Utilities Commission Power Enterprise Customer To Meter Billing System.

Fiscal year 2020 and prior was from Utility Star Billing System. 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Sales (Megawatt hours)
General Fund Rate Subsidized~~ 373,114 366,880 375,327 366,867 348,157 303,588 331,968 337,995 336,353 335,357 Enterprise Rate~~ 495,272 484,070 471,554 477,477 452,951 404,810 422,200 433,999 447,918 449,876 Wholesale market Power Sales (Megawatt)@ N/A N/A N/A N/A N/A 110,000 — — 95,000 — Western Systems Power Pool# 9,520 29,050 15,900 — 84,574 43 — — 54,000 — Modesto/Turlock Irrigation Districts◊ 377,981 152,321 46,651 — — — — — — — Non-city Agencies* 99,568 95,297 112,157 146,527 133,805 128,945 132,250 144,908 154,542 156,700 Moccasin/City of Riverbank 30,451 9,114 9,650 8,235 7,220 7,672 20,939 22,881 13,519 5,733 Total sales 1,385,906 1,136,732 1,031,239 999,106 1,026,707 955,058 907,357 939,783 1,101,332 947,666 Purchases** 113,154 808 188,052 157,227 58,477 6,598 6,505 46,806 162,669 188,239 Generation~ 1,532,068 1,726,072 1,302,461 1,212,348 1,287,848 975,790 1,223,074 1,300,487 1,396,271 1,165,017 Total purchases/generation 1,645,222 1,726,880 1,490,513 1,369,575 1,346,325 982,388 1,229,579 1,347,293 1,558,940 1,353,256 Sales (Dollars in thousands)***
General Fund Rate Subsidized~~ $ 22,151 23,668 26,591 28,766 28,990 28,095 34,154 45,276 54,335 64,413 Enterprise Rate~~ 65,897 67,627 67,598 73,224 74,895 68,696 81,707 81,105 79,700 90,300 Wholesale market Power Sales@ N/A N/A N/A N/A N/A 468 — 1,157 2,750 1,589 Western Systems Power Pool# 157 755 688 — 2,780 1 — — 3,783 — Modesto/Turlock Irrigation Districts◊ 13,634 7,700 2,612 — — — — — — — Non-city Agencies* 15,610 16,350 19,359 23,258 22,255 22,902 24,753 29,582 32,047 37,749 Moccasin/City of Riverbank 1,095 550 577 539 625 887 2,377 2,524 1,775 879 Total sales $ 118,544 116,650 117,425 125,787 129,545 121,049 142,991 159,644 174,390 194,930 Purchases** $ 5,546 1,859 8,671 11,832 7,381 6,271 6,430 7,971 15,549 25,115

Demographic & Economic Information
262 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Historical CleanPowerSF Electric Sales
Fiscal Years Ended 2016 to 2025

^Large increase in residential is due to completion of citywide enrollment. **Starting FY2020, the sales dollar data is based on audited financial statements.

Source: *CleanPowerSF Management Reports.
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Power Sales (Megawatt hours)*
Residential 163 148,220 233,515 433,541 1,236,988 ^ 1,295,948 1,217,861 1,265,771 1,171,777 1,099,099 Commercial
Small Commercial Service 14,985 111,618 116,296 484,704 463,977 398,230 411,281 402,982 388,592 443,929 Medium Commercial Service 14,129 92,718 88,924 417,703 402,651 331,389 362,464 359,687 333,164 271,379 Large Commercial Service 12,999 93,968 118,327 797,052 870,886 853,230 869,320 860,008 991,559 1,159,799 Agricultural — 42 1,293 6,043 6,004 7,453 8,835 6,402 6,845 9,319 Street and Outdoor Lighting — — 38 1,452 1,515 1,477 1,467 1,395 803 3,586 Commercial Subtotal 42,113 298,346 324,878 1,706,954 1,745,033 1,591,779 1,653,367 1,630,474 1,720,963 1,888,012 Total Power Sales 42,276 446,566 558,393 2,140,495 2,982,021 2,887,727 2,871,228 2,896,245 2,892,740 2,987,111 Sales (Dollars in thousands)*
Residential
$ 14 10,782 15,993 30,787 102,434 ^ 98,172 109,135 149,734 160,263 165,769 Commercial
Small Commercial Service 1,226 8,649 8,716 38,830 38,314 29,289 36,411 44,609 47,740 60,903 Medium Commercial Service 1,386 7,278 6,809 34,254 33,505 24,516 33,369 40,497 39,927 35,479 Large Commercial Service 1,109 6,860 8,611 62,595 67,963 58,170 74,068 89,017 114,449 145,534 Agricultural — 3 59 329 326 366 581 543 626 975
Street and Outdoor Lighting — — 3 113 105 91 111 147 120 510 Commercial Subtotal 3,721 22,790 24,198 136,121 140,213 112,432 144,540 174,813 202,862 243,401 Total Sales
$ 3,735 33,572 40,191 166,908 242,647 210,604 253,675 324,547 363,125 409,170 Average Sale (in Dollars per Kilowatt hour)
Residential $ 0.08334 0.07274 0.06849 0.07101 0.08281 0.07575 0.08961 0.11829 0.13677 0.15082 Commercial
Small Commercial Service 0.08181 0.07749 0.07495 0.08011 0.08258 0.07355 0.08853 0.11070 0.12285 0.13719 Medium Commercial Service 0.09812 0.07850 0.07657 0.08201 0.08321 0.07398 0.09206 0.11259 0.11984 0.13074 Large Commercial Service 0.08530 0.07300 0.07277 0.07853 0.07804 0.06818 0.08520 0.10351 0.11542 0.12548 Agricultural — — 0.04563 0.05444 0.05430 0.04911 0.06576 0.08482 0.09145 0.10462 Street and Outdoor Lighting — — 0.07256 0.07782 0.06931 0.06161 0.07566 0.10538 0.14944 0.14222 Commercial Subtotal 0.08836 0.07639 0.07448 0.07974 0.08035 0.07063 0.08742 0.10722 0.11788 0.12892 Total Average Sales $ 0.08834 0.07518 0.07198 0.07798 0.08137 0.07293 0.08835 0.11206 0.12553 0.13698 263 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Statistical Section

Operating Information

Budgeted Full-Time Equivalent (FTEs) Employees by Division Operating and Capacity Indicators
Major Water Wholesale, Retail and Sewer Customer Accounts by Revenue

Major Electric Retail and Wholesale Customer Accounts by Revenue Performance Measures
Operating Information
264 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Budgeted Full-Time Equivalent (FTEs) Employees by Division Fiscal Years Ended 2016 to 2025

*Beginning fiscal year 2021, Hetchy Power positions are reported under Long Range Planning and Light, Heat, and Power. #AIC is acronym for Assurance and Internal Controls. Effective Feb 2019, AIC was realigned to two teams: 1. Audit and Complian ce and 2. Strategy, Innovation and Change.
^FTEs were added for Enterprise Workforce Planning in fiscal year 2017. ~AAO includes temporary positions and attrition.

Source: Annual Salary Ordinance.

Enterprises and Bureaus 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Water Enterprise
City Distribution & Water Administration 268 276 291 304 307 300 314 312 310 315 Natural Resources 82 84 85 86 87 89 91 95 94 97
Water Quality 81 82 83 85 85 85 86 86 88 98
Water Resources 24 23 23 23 23 22 23 22 23 24
Water Supply & Treatment 229 232 232 229 229 231 239 239 240 237 Total Water 684 697 714 727 731 727 753 754 755 771
Wastewater Enterprise
Administration 14 12 12 12 13 12 18 14 15 26
Source Control & Wastewater Labs 66 65 66 59 60 59 58 61 62 58 Environmental Engineering 53 54 54 58 58 59 60 62 60 62 Maintenance 141 137 138 135 135 141 149 152 152 163
Bayside Operations 115 114 114 111 113 112 112 104 105 94 Planning & Regulation 47 46 47 46 46 32 33 34 33 23
Sewer Collection Operations 51 51 51 59 59 63 65 79 81 72 Total Wastewater 487 479 482 480 484 478 495 506 508 498 Hetch Hetchy Water and Power Enterprise
Hetchy Water
Water Project Operations 207 203 206 211 216 217 218 214 216 219 Hetchy Power*
Energy Services 30 29 30 27 28 — — — — —
Long Range Planning & Light, Heat, and Power 51 52 52 54 54 109 111 121 127 145 Power Administration 23 20 21 21 21 — — — — —
Subtotal Hetchy Power 104 101 103 102 103 109 111 121 127 145 Total Hetch Hetchy Water and Power 311 304 309 313 319 326 329 335 343 364 CleanPowerSF
Administration 9 11 13 19 26 36 32 33 37
Total CleanPowerSF 9 11 13 19 26 36 32 33 37
Bureaus
Business Services Admin, AIC#, Audit and Financial
Services 71 73 73 73 73 72 74 77 77 88
Customer Services 106 103 103 104 104 103 103 110 112 107 Communications 22 22 22 21 21 21 21 21 21 23
General Manager and Others ^ 11 12 13 18 19 21 28 30 30 26 Strategic Planning, Real Estate Services, and
Community Benefits 18 18 18 17 17 22 23 24 25 30
Human Resource Services 59 58 58 58 58 62 69 72 73 83
Information Technology Services 78 78 78 78 78 79 81 80 84 93 Infrastructure 389 385 385 380 376 377 374 375 375 381 Total Bureaus 754 749 750 749 746 757 773 789 797 831
Total SFPUC annually budgeted positions 2,236 2,238 2,266 2,282 2,299 2,314 2,386 2,416 2,436 2,501 Annual Salary Ordinance Positions (AAO) ~ 2,456 2,473 2,493 2,542 2,557 2,599 2,657 2,720 2,745 2,836 Data not
available -
CleanPower
~
Operating Information
265 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Water Operating & Capacity Indicators
Fiscal Years Ended 2016 to 2025

*In addition to these regional reservoirs, San Francisco Public Utilities Commission has In- city system storage capacity of 413 million gallons (value revised based on current reservoir storage operation limits). **The decrease in fiscal years 2018, 2020 and 2021 was due to a reduction in treating local reservoir water (Calaveras and San Antonio) in favor of increasing use of Hetchy Water which was not filtered at the plant. Increasing Hetchy Water use reduced treatment costs and conserved local supplies. ^The decrease in fiscal year 2017 is mainly related to Pilarcitos Aqueduct. The increase in fiscal year 2024 mainly related to new potable main installed. The increase in fiscal year 2025 mainly related to the Geary Blvd upgrade project. @The Increase of water in the reservoir storage started in fiscal year 2019 due to the completion of the new Calaveras dam. ~The increase in fiscal year 2025 mainly due to aging infrastructure meter replacements.

Source: Water Monthly Operating Report, Hetch Hetchy Capital Outlays Summary, Treatment Plant Influent Flow and Sewer Service Charge Calculation Reports.

Water 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Water mains (miles) ^ 1,718 1,717 1,718 1,719 1,719 1,719 1,719 1,719 1,724 1,725 Water main breaks repaired 136 102 133 168 142 161 191 208 120 138 New service installations 710 1,162 733 628 610 543 428 496 372 315 Meter installed and replaced ~ 1,395 2,209 1,888 1,699 1,817 1,835 718 871 1,170 4,051 Responses to fire alarms 20 20 24 13 12 16 14 23 12 10
Production and Consumption (millions of gallons)
Water production 64,454 68,995 73,330 71,272 75,034 73,767 68,271 64,446 68,558 70,363 Average daily production 176 189 201 195 205 202 187 177 187 193 Maximum daily production 242 283 272 275 277 274 237 241 241 255 Water consumption 61,932 63,706 69,331 67,319 69,934 68,812 66,005 61,981 63,853 66,444 Average daily consumption 169.2 174.6 190.0 184.5 190.9 188.6 180.8 169.8 174.4 182.2 Watershed area (acres)
Alameda 37,314 37,314 37,314 37,314 38,306 38,306 38,944 38,944 38,944 38,944 Peninsula 22,854 22,854 22,854 22,854 22,854 22,854 22,854 22,854 22,854 22,854 Total 60,168 60,168 60,168 60,168 61,160 61,160 61,798 61,798 61,798 61,798 Reservoir storage (millions of gallons)*
Calaveras@ 8,774 11,986 8,220 13,026 20,390 19,170 19,533 24,952 29,347 26,845 Crystal Springs 17,103 17,385 16,192 17,015 16,940 16,711 16,251 17,565 15,795 15,803 Pilarcitos 783 872 773 838 849 622 776 827 843 718
San Andreas 5,786 5,935 5,587 5,483 5,381 5,123 5,113 5,223 4,643 4,698 San Antonio 14,927 14,576 13,263 14,835 14,434 14,917 14,587 15,872 16,252 15,515 Total 47,373 50,754 44,035 51,197 57,994 56,543 56,260 64,439 66,880 63,579 Treatment plant average capacity (millions of gallons)
Harry Tracy 35.9 45.3 33.2 38.0 34.7 31.7 29.9 29.2 33.2 29.5 Sunol Valley 27.0 39.6 16.5 26.1 11.1 6.9 22.6 29.3 35.4 35.2 Total 62.9 84.9 49.7 64.1 45.8 38.6 52.5 58.5 68.6 64.7 **
Operating Information
266 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Wastewater, Hetchy Water and Hetchy Power Operating & Capacity Indicators Fiscal Years Ended 2016 to 2025

@Starting FY2020, sanitary sewers and Transport/storage sewers is Included in the Collection System pipes category, which includes combined storm and sanitary collection system pipes, sewer mains, transport/storage boxes, other storage structures, and tunnels. *In addition to these regional reservoirs, San Francisco Public Utilities Commission has In -City System Storage Capacity of 413 million gallons (value revised based on current reservoir storage operation limits). ⌂The decrease in fiscal year 2017 was mainly due to repair work at Lake Lloyd. **The decrease in fiscal year 2018 was mainly due to the dry year condition which resulted in less water available for hydroelectric generation. #Moccasin Low-Head was out of service in fiscal years 2015, and 2017 to 2024. ^The increase in fiscal year 2017 was due to higher precipitation and lower water bank.

Source: Wastewater Monthly Operating Report, Hetch Hetchy Capital Outlays Summary, Treatment Plant Influent Flow, and Sewer Service Charge Calculation Reports.
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Wastewater
Collection System pipes (miles)@
1,123 1,125 1,131 1,131 1,139 1,139
Sanitary sewers (miles)@ 993 993 993 993 N/A N/A N/A N/A N/A N/A Transport/storage sewers (miles)@ 17 17 17 17 N/A N/A N/A N/A N/A N/A Sewer breaks repaired 1,520 1,481 912 819 810 531 920 769 719 835 Inspection performed (miles) 80 93 135 215 191 61 56 55 78 90 Sewer replaced (miles) 19.5 13.6 11.0 11.4 15.2 8.9 3.8 8.1 10.1 6.7 Responses to customer calls 10,863 8,260 8,410 7,885 8,510 6,779 6,929 10,283 8,970 7,165 Treatment plant/ facilities average daily flow
(millions of gallons per day)
Oceanside plant 16.0 18.4 15.3 16.5 14.5 13.9 13.9 16.2 15.3 13.9 North Point plant 7.1 11.8 2.7 4.2 1.1 0.9 2.4 4.7 3.3 2.4 Southeast plant 65.4 74.7 61.9 70.2 56.1 48.7 52.2 63.9 61.2 56.7 Yerba Buena & Treasure Island 0.3 0.3 0.3 0.4 0.3 0.3 0.3 0.4 0.4 0.5 Total 88.8 105.2 80.2 91.3 72.0 63.8 68.8 85.2 80.2 73.5 Hetchy Water
Watershed area (square miles)
Hetch Hetchy 459 459 459 459 459 459 459 459 459 459
Lake Eleanor 79 79 79 79 79 79 79 79 79 79
Lake Lloyd (Cherry) 114 114 114 114 114 114 114 114 114 114 Total 652 652 652 652 652 652 652 652 652 652
Reservoir storage (millions of gallons)*
Hetch Hetchy 117,424 111,755 117,231 113,020 116,653 101,808 115,948 107,925 117,359 116,974 Lake Eleanor 8,677 7,610 8,186 8,677 8,398 8,429 8,614 7,883 8,740 8,709 Lake Lloyd (Cherry) 88,478 77,951 83,067 87,829 86,332 82,150 85,989 83,869 87,888 86,561 Total 214,579 197,316 208,484 209,526 211,383 192,387 210,551 199,677 213,987 212,244 Hetchy Power
Hydroelectric generation (megawatt hours)
Holm 654,952 919,492 431,659 508,060 538,201 339,180 535,177 553,559 613,428 479,346 Kirkwood 528,724 482,996 510,888 401,779 422,278 328,410 390,066 438,612 491,090 400,549 Moccasin 338,005 319,691 356,004 295,766 325,194 304,325 294,705 305,464 286,649 275,630 Moccasin Low-Head # 1,359 — — — — — — — — 3,184
Total 1,523,040 1,722,179 1,298,551 1,205,605 1,285,673 971,915 1,219,948 1,297,635 1,391,167 1,158,709 ⌂
^ **
Data not available FY2019 and prior
Operating Information
267 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Major Water and Sewer Customer Accounts by Revenue
Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)

N/A-No sales in the fiscal year or data not available. Highlighted data were not part of major customers.

Source: San Francisco Public Utilities Commission Customer Care and Billing System.

Customer Type 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Water Wholesale Customers
California Water Service Company $ 48,792 57,541 63,489 60, 859 66,944 67,781 64,447 70,051 74,681 82,226 Hayward Municipal Water System 21,475 28,613 32,316 31,103 31,518 32,130 30,880 29,140 35,828 43,825 Alameda County Water District 13,847 14,366 16,947 16,849 17,609 21,089 20,509 24,485 27,606 30,622 City of Sunnyvale 15,600 17,810 21,265 19,800 21,029 21,460 19,768 20,375 25,779 30,110 City of Palo Alto 16,946 19,975 21,985 21,134 21,773 21,705 21,323 21,671 24,600 27,689 City of Redwood City 14,661 17,169 18,781 18,190 19,408 18,948 17,758 18,241 20,941 23,282 City of Mountain View 13,750 15,340 16,791 16,248 16,790 17,415 16,358 16,895 20,068 22,645 City of Milpitas 9,389 10,722 11,509 11,494 13,284 11,897 10,997 11,307 14,168 15,226 City of Daly City 8,804 12,555 13,076 12,642 12,642 12,288 12,288 12,288 11,866 14,672 ESD/San Jose Municipal Water System 8,222 9,307 10,182 9,652 9,576 9,410 8,940 9,404 10,674 11,855 Water Retail Customers
San Francisco International Airport $ 3,220 3,907 4,452 4, 880 4,748 3,685 4,420 5,298 6,048 6,566 Lawrence Livermore National Laboratory 1,836 211 631 133 N/A 2,636 3,214 2,776 2,935 3,655 NASA Shared Services Center (NSSC) 1,347 1,741 2,514 2,243 2,481 2,924 2,399 2,457 2,765 3,003 University of California, San Francisco 1,435 1,534 1,689 1,694 2,185 2,304 2,529 2,419 2,279 2,958 Parkmerced Investors Properties, LLC 1,449 1,678 1,840 2,088 2,372 1,878 2,615 2,345 2,472 2,612 Golden Gate National Cemetery 839 836 946 900 1,320 1,557 1,663 1,573 1,731 1,801 Recreation & Parks Department 578 1,393 1,397 1,353 2,679 2,481 2,927 1,432 1,697 1,492 San Francisco State University N/A N/A N/A N/A N/A N/A N/A 896 997 1,068 NRG Energy Center San Francisco N/A N/A N/A N/A N/A N/A N/A N/A N/A 991 Menlo Country Club 785 785 833 786 951 1,012 859 859 792 958 Sewer Retail Customers
Parkmerced Investors Properties, LLC $ 2,248 2,493 2,790 3, 098 3,477 2,779 3,878 3,476 3,730 3,953 University of California, San Francisco 2,266 2,068 2,360 2,414 2,852 3,068 3,378 3,152 3,255 3,869 1169 Market 579 640 743 694 614 651 894 1,185 1,246 1,439 San Francisco State University 618 648 860 810 803 496 804 881 1,019 1,170 NRG Energy Center San Francisco 874 926 970 1,043 889 653 632 817 617 976 Bayside Village Association N/A N/A N/A N/A N/A N/A N/A N/A N/A 811 The Stonestown Properties N/A N/A 595 722 761 831 617 628 573 807 Public Health Department 1,041 1,334 1,547 1,461 1,635 1,513 1,091 1,534 1,773 736 Fillmore Center Associate, LP N/A N/A N/A N/A N/A N/A N/A N/A N/A 717 T8 Urban Housing Associates, LLC N/A N/A N/A N/A N/A N/A N/A N/A 556 657 Operating Information
268 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Major Electric Retail and Wholesale Customer Accounts by Revenue Fiscal Years Ended 2016 to 2025
(Dollars in Thousands)

#Fiscal years 2023 to 2025 excludes sales to CleanPowerSF and CAISO. Other includes wholesale market power sales.

N/A-No sales in the fiscal year or data not available. Highlighted data were not part of major customers.

Source: San Francisco Public Utilities Commission Power Enterprise Customer To Meter Billing System. Fiscal year 2020 and prior was from Utility Star Billing System.

Customer Type 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Retail Customers
San Francisco International Airport $ 42,687 43,070 43, 434 44,574 46,248 41,626 51,110 46,604 45,996 52,042 Municipal Transportation Agency 7,631 8,193 8,594 8,249 7,758 6,353 9,607 14,489 17,431 20,724 Administrative Services Agency 5,419 5,442 5,743 9,739 9,919 8,707 9,356 11,644 13,487 15,249 SFPUC - Wastewater Enterprise 9,847 10,397 9,979 10,687 10,531 10,522 10,898 13,451 12,566 14,314 SFPUC - Water Enterprise 7,954 8,950 8,592 9,369 9,831 10,130 10,796 10,662 10,655 13,262 Department of Public Health 2,842 3,125 3,470 4,837 5,228 5,723 6,358 7,298 8,785 10,340 San Francisco Unified School District 2,214 2,285 2,394 2,252 2,193 1,929 3,068 4,092 5,055 5,844 Recreation and Parks Department N/A N/A N/A N/A 1,167 1,145 1,145 2,075 2,561 3,009 Port of San Francisco 1,941 1,983 2,294 2,236 2,061 1,639 3,156 3,634 3,330 2,966 Port Tenants N/A N/A N/A N/A N/A N/A N/A N/A 2,162 2,196 Wholesale Customers
CleanPowerSF (per WSPP) $ 367 1,893 5, 846 13,521 8,634 Energy N/A N/A 3,284 580 299 31 32 5,275 3,517 520
Other N/A N/A 217 2,446 40 2,425 1,557 571 10,004 8,114 Western Systems Power Pool # (Exclude CPSF) $ 157 755 1,157 6,533 1,589 Energy N/A N/ A 668 — 2,780 1 — — 3,783 —
Other N/A N/A — — 325 468 — 1,157 2,750 1,589
Modesto Irrigation District 6,345 8,003 2,422 N/A N/A N/A N/A N/A N/A N/A Turlock Irrigation District 8,615 387 N/A N/A N/A N/A N/A N/A N/A N/A See below of details
See below for details
Operating Information
269 Statistical Section | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

Performance Measures
Fiscal Year 2025

Source: SFPUC Strategic Plan
Target Projection Actual

1. Reliable Service and Assets
Number of dry weather main sewer overflows per 100 miles of main sewer <3 1 1 Number of in-city service connections without water for more than 4 hours due to an unplanned outage 1 2 1
Percent of streetlight outages complying with 48-hour SFPUC response goal; complex streetlights evaluated 100.00% 95.00% 97.00%
System renewal and replacement rates for in-City water distribution mains 15 miles 8.4 miles 9. 1 miles System renewal and replacement rates for Wastewater pipelines 13.8 miles 13.8 miles 6. 5 miles

2. Organizational Excellence
Number of cybersecurity incidents 0 1 1
Percent of Technology Systems compliant with San Francisco Mayor Executive Directive 21-02.2 (constant detection and response to cyberattacks) 90.00% 99.00% 96.00% Percent of agency-wide staff trained in cybersecurity 100.00% 90.00% 94. 00%

3. Effective Workforce
Number of promotions 350 350 171
Time to hire (days) 90 90 88

4. Financial Sustainability
Typical Customer Affordability Metric: The average individually-metered residential bill as a percentage of the 40th percentile income (second quintile income)
< 3.00% 1.70% 1.70%
Low-Income Customer Affordability Metric: The average individually-metered residential bill as a percentage of the 20th percentile income (lowest quintile income)
< 7.00% 4.10% 4.10%
Average residential Power bill as a percent of median income in San Francisco 0.73% 0.90% 0.70%
Power debt service coverage - Indentured Coverage 1.35x 4.87 23. 78 Wastewater debt service coverage - Indentured Coverage 1.35x 2.02 3. 64 Water debt service coverage - Indentured Coverage 1.35x 1.27 2. 17

5. Stakeholder and Community Interest
Number of adults and children who have participated in transformative engagement through SFPUC sponsored education programs 3,500 3,500 6,817 Percent of eligible customers enrolled in California Alternate Rates for Energy (CARE) for CleanPowerSF Customers 90% or more 72.40% 72.15% Percent of Eligible electric customers receiving low-income discount rate 55.00% 53.00% 51. 00% Percent of eligible households enrolled in Water and Sewer Customer Assistance Program (CAP) 20.00% 22.65% 22.58%

6. Environmental Stewardship
Average water used by San Francisco residential customers (Gallons Per Capita Per Day - gpcd) 50 or less 43.7 42.1 Gallons of stormwater removed annually from the combined sewer system by green infrastructure (Million Gallons MG) 293 MG 296 MG 293 MG Percent of biogas going to beneficial uses - Oceanside Plant 0.00% 0.00% 0. 00% Percent of biogas going to beneficial uses - Southeast Plant 75.00% 45.00% 40. 00% Percent of CleanPowerSF customer account retention rate 90% or more 93.00% 91. 25% Percent of water supplied by alternative sources to system as a whole 3.40% 2.80% 2. 90% 270 | San Francisco Public Utilities Commission Annual Comprehensive Financial Report FY 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
Project Team Acknowledgments

Nancy L. Hom
Chief Financial Officer
Assistant General Manager, Business Services

Vivian Ai Yi Chen Laura Busch
Deputy Chief Financial Officer Deputy Chief Financial Officer

DIVISIONAL LEADERSHIP
Brendan Conran, Financial Reporting Director Joyce Chan, Accounting Services Director Joey Tse, Manager, Hetchy Water and Power, CleanPowerSF Howard Huang, Accounting Operations Manager Ying Yan, Manager, Water, and Wastewater Sanda Thaik, Capital Projects/Fixed Assets Accounting Manager Susan Quan, Principal Analyst, Audits & Financial Reports

FINANCIAL SERVICES STAFF

Allen Cheuk Grant Moy III Maria Hernandez Serena Jiang Anthony Morales Holly Jung Meici Chan Tiffany Lam
Christy Chen Jane Cruz Merlene Reyes Wai Ling Chan Luk (Cathleen) Christy Huey Jane Louie Michael Fenton Wilson Huang
Coral Liang Jason Chui Mya Moehammady Wing Lui
Cynthia Papillon Jiewen Tan Nicholas Martin Vanessa Zhou Dante Mendoza Joanne Huang Olena Volynets Vicki Deng
David Yeung Justin Liu Rachel Chen Xiaoyin (Yin) Kuang
Edward Huang Keith Chan Rita Kong
Eva Costiniano-Jones Kenneth Pang Rossi Chan Budget Team Evelyn Diolazo Kevin Ng Russell Valles Capital Finance Team Francis San Felipe Kim Tran Sandy Chen Financial Planning Team Giovanni Panopio Lucie Chow Saul Beltran

DESIGN AND CONTENT CONTRIBUTORS
External Affairs
Communications Division
John Cote, Director
Elena Cornejo
Nancy H. Crowley
Robin Scheswohl
Roi Esguerra
Sabrina Wong
Tran Nguyen

Community Benefits Division
Strategic Initiatives & Partnerships Division

Power Enterprise and CleanPowerSF
Barbara Hale, Assistant General Manager
CleanPowerSF
Operations
Programs and Planning

Infrastructure
Stephen Robinson, Assistant General Manager

Real Estate Division
Rosanna Russell, Director

Water Enterprise
Steve Ritchie, Assistant General Manager
City Distribution Division
Hetch Hetchy Water
Natural Resources & Lands Management
Water Quality Division
Water Supply & Treatment

Wastewater Enterprise
Joel Prather, Assistant General Manager

Business Services
Nancy L. Hom, CFO and Assistant General Manager
Customer Service Bureau
Information Technology Services
Strategy, Innovation, and Change

Human Resources
Wendy Macy, Chief People Officer

City and County of San Francisco, Office of the Controller Greg Wagner, Controller
Controller’s Office

CleanPowerSF Sfpuc CommissionFebruary 10, 2026

CleanPowerSF Sfpuc Commission
February 10, 2026