Concord City Council
January 28, 2025

CITY OF CONCORD JUNE 30, 2024
NOTE 3 – CASH AND INVESTMENTS (CONTINUED)
Fair Value Measurements (Continued)
Level 3 — Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Unobservable inputs reflect the City’s own assumptions about the inputs market participants would use in pricing the asset or liability (including assumptions about risk). Unobservable inputs are developed based on the best informat ion available in the circumstance s and may include the City's own data.

In instances where inputs used to measure fair value fall into different levels in the above fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The City’s assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset or liability.

Deposits and withdrawals in governmental investment pools, such as LAIF and JPA Investment Pools are made on the basis of $1 and not fair value. Accordingly, the City’s pr oportionate share in these types of investments is uncategorized input not defined as a Level 1, Level 2, or Level 3 input.

The following is a description of the valuation methods and assumptions used by the City to estimate the fair value of its investments. There have been no changes in the methods and assumptions used at June 30, 2024. The methods described may produce a fair va lue calculation that may no t be indicative of net realizable value or reflective of fu ture fair values. City management believes its valuation methods are appropriate and consistent with other market par ticipants. The use of diffe rent methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The City’s treasury pool asset market prices are derived from closing bid prices as of the last business day of the month as supplied by Interactive Data, Bloomberg or Telerate. Where prices are not available from generally recognized sources, the securities are priced using a yield-based matrix system to arrive at an estimated market value. Prices that fall between data points are interpolated. Non-negotiable FDIC-insured bank certificates of deposit are priced at par.

When available, quoted prices are used to determine fa ir value. When quoted prices in active markets are available, investments are classified within Level 1 of the fair value hierarchy.

For investments classified within Level 2 of the fair value hierarchy, the City's custodians generally uses a multi- dimensional relational model. Inputs to their pr icing models are based on observable market inputs in active markets. The inputs to the pricing models are typically benchmark yields, reported trades, broker- dealer quotes, issuer spreads and benchmark secur ities, among others. The City does not have any investments that are measured using Level 3 inputs.
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CITY OF CONCORD JUNE 30, 2024
NOTE 3 – CASH AND INVESTMENTS (CONTINUED)
As of June 30, 2024, the City and the Retirement System have th e following recurring fair value measurements:

City and Fiscal Agents
Quoted Prices
in Activ e Significant
Markets for Other Significant
Identical Observ able U nobserv able
Assets Inputs Inputs
Inv estments by Fair Value Lev el Fair Value (Lev el 1) (Lev el 2) (Lev el 3) Debt securities:

U.S. Treasury Notes 40,065,480$ 40,065,480$ -$ -$ U.S. G overnm ent Agencies Obligations 1,873,079 - 1,873,079 - Medium-Term Corporate Notes 15,543,412 - 15,543,412 - Negotiable Certificates of Deposit 1,707,046 - 1,707,046 - Municipal Bonds 2,453,407 - 2,453,407 -
Total Investments Measured at Fair V alue 61,642,424$ 40,065,480$ 21,576,944$ -$ Inv estments Measured at Net Asset Value Per Share:

CAMP 156,894,556
Investments Measured at Amortized Cost:

Money Market Mutual Funds 374,157
Not Subject to Fair Value Hierarchy:

LAIF 144,251,958
CalTrust 23,851,553
Cash deposits with banks and on hand 11,795,041
Total Investments 398,809,689$
Retirement System Pension Trust Fund
Quoted Prices
in Activ e Significant
Markets for Other Significant
Identical Observ able U nobserv able
Assets Inputs Inputs
Inv estments by Fair Value Lev el Fair Value (Lev el 1) (Lev el 2) (Lev el 3) Debt securities:

U.S. Treasury Notes 3,273,636$ 3,273,636$ -$ -$ U.S. Government Agencies Obligations 5,649,249 - 5,649,249 - Medium-Term Corporate Notes 5,131,186 - 5,131,186 - Municipal Bonds 172,462 - 172,462 -
Foreign Bonds 246,405 - 246,405 -
Equity Securities:

Mutual Funds 14,894,236 14,894,236 - - Total Investments Measured at Fair Value 29,367,174$ 18,167,872$ 11,199,302$ -$ Not Subject to Fair Value Hierarchy:

Pooled Cash and Accrued Income 2,560,573
Total Investments 31,927,747$
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CITY OF CONCORD JUNE 30, 2024
NOTE 4 – INTERFUND TRANSACTIONS
Internal Balances
Internal balances represent the net interfund receivables and payable remaining after the elimination of all such balances within governmental and business–type activities.

Current Interfund Balances
Current Interfund Balances arise out of short-term cash flow needs and are due from one fund to another, all of which are expected to be repaid in the normal course of business. At June 30, 2024, the interfund balances are:

Due To Other Funds Due from Other Funds Am ount
2021 COP Projects Capital Projects Fund General Fund 4,398,644$ Post-Retirement Healthcare Benefit
Internal Service Fund General Fund 2,860,416
7,259,060$
Long-Term Interfund Advances
At June 30, 2024, the funds below had made the following advances:

Amount of
Fund Receiving Advance Fund Making Advance Advance
General Fund Concord Housing Fund 1,770,060$ (a) Sewer Enterprise Fund 221,874 (b)
Workers' Compensation Internal Service Fund 1,230,769 (c) General Projects
Capital Projects Fund General Fund 11,460,983 (d) Workers' Compensation Internal Service Fund 3,150,000 (e) Non-Major Enterprise Fund:

Golf Course Enterprise Fund General Fund 773,648 (f) 18,607,334$
(a) This General Fund advance was made during fiscal year 20 09-2010 to fund the retirement of $8.2 million of the 1995 Lease Revenue Bonds. The advance bears interest at the LAIF rate plus 0.5 percent to be paid on a quarterly basis. As a result of this nonrecurring long-term advance, the City is no longer obligated to pay 8.24 percent interest on the retired bonds. The General Fund began making repayments in fiscal year 2014-2015, with a final payment expected in fiscal year 2033 and will pay approximately $1.1 million in interest over the life of the repayment. (b) This General Fund advance was made to fund start-up costs for the Pavilion Expansion. The General Fund began making repayments in fiscal year 2014-2015. The advance bears no interest. (c) This General Fund advance was made during the fiscal year 2009-2010 to fund the retirement of $8.2 million of the 1995 Lease Revenue Bonds and bears no interest. The General Fund began making repayment in fiscal year 2014-2015.
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CITY OF CONCORD JUNE 30, 2024
NOTE 4 – INTERFUND TRANSACTIONS (CONTINUED)
Long-Term Interfund Advances (Continued)
(d) The General Projects Fund loan of $10,930,983 was to the Local Reuse Authority for the Naval Weapons Station project. During fiscal year 2023-2024, an additional advance was made in the amount of $530,000. The advances bear inte rest at the LAIF rate and will be repaid with sale proceeds of undeveloped land.
(e) The General Projects Fund advance was to the Local Reuse Authority (LRA) to support reuse planning efforts for the former Naval Weapons Statio n. This loan will be repa id, with interest, from future proceeds as properties are sold.
(f) The Golf Enterprise Fund advance was made during fiscal years 2007 and 2013 and will be factored into the next 10-year budget plan and repaid as business improves within the regional golf market.

Transfers between funds
With Council approval, resources may be transferred from one City fund to another without a requirement for repayment. Transfers between funds during the fiscal year ended June 30, 2024, were as follows:

Amount
Fund Receiving Transfers Fund Making Transfers Purpose Transferred Major Funds:

General Fund Special Revenue - Storm Water Management Fund To Fund Operating Projects 182,609$ General Fund Capital Projects - General Projects Fund To Fund Operating Projects 35,582 General Fund Capital Projects - General Projects Fund To Fund Operating Projects 72,998 General Fund Capital Projects - Intergovernmental Fund To Fund Operating Projects 33,125 General Fund Capital Projects - Measure V Projects Fund To Fund Operating Projects 1,000,000 Concord Housing Fund Special Revenue - Housing and Community Services Fund To Fund Operating Projects 334,957 General Projects Fund General Fund To Fund Capital Projects 8,173,035 General Projects Fund General Fund To Fund Capital Projects 673 General Projects Fund General Fund To Fund Capital Projects 38,000 General Projects Fund Capital Projects - Special Developers Fund To Fund Capital Projects 494 General Projects Fund Capital Projects - Intergovernmental Fund To Fund Capital Projects 36,041 Special Revenue Fund:

Storm Water Management Fund General Fund To Fund Street Sweeping 457,491 Debt Service Funds:

Energy Lease Fund Internal Service - Building Maintenance Fund To Fund Debt Service 217,616 Energy Lease Fund General Fund To Fund Debt Service 317,356 Energy Lease Fund Special Revenue - Maintenance Districts Fund To Fund Debt Service 371,760 Infrastructure Lease Agreement Fund General Fund To Fund Debt Service 7,499,300 Capital Projects
Intergovernmental Fund Capital Projects - General Projects Fund To Fund Capital Projects 36,041 Measure V Projects Fund General Fund To Fund Capital Projects 10,450,800 Measure V Projects Fund Capital Projects - General Projects Fund To Fund Capital Projects 3,122 Internal Services Funds
Fleet Maintenance/Replacement Fund General Fund To Fund Operating Projects 248,000 29,509,000$
65

CITY OF CONCORD JUNE 30, 2024
NOTE 5 – LOANS AND NOTES RECEIVABLE
The City and former Redevelopment Agency (the Ag ency) engaged in programs designed to encourage business enterprises or construction or improvement in low-to-moderate income housing or other projects.

Under these programs, grants or loans are provided under favorable term s to businesses, home-owners or developers who agree to spend these funds in accordance with the City 's terms. Although these loans and notes are expected to be repaid in full, their bala nce has been offset by deferred revenue. With the dissolution of the Redevelopment Ag ency, the City agreed to become the Successor Agency and oversee the dissolution. The Successor Agency subsequently assigned the City assets of the Low and Moderate Income Housing Fund to the City, in cluding the loans and notes. They are not expected to be collected during fiscal year 2025. These loans and notes were comprised of the following at June 30, 2024:

Concord Housing Fund
Downtown Revitalization and
Low and Moderate Income Housing Rehabilitation 5,982,183$ Galindo 7,800,000
Sunset Pines 3,540,000
Coral Court 3,100,000
Concord Plaza Tower 3,896,619
Virginia Lane 4,795,858
Lakeside Apartments 2,391,500
Camara Circle 2,650,000
Total Concord Housing Fund 34,156,160
Non-m ajor G overnm ental Funds
Housing Conservation 767,495
Housing Assistance 50,000
Virginia Lane 473,193
Lakeside Apartments 325,445
First-time Homebuyers 280,000
Total Non-m ajor G overnm ental Funds 1,896,133
Total Loans and Notes Receivable 36,052,293$
Downtown Revitalization and Low and Moderate Income Housing Rehabilitation Low and no interest loans were made by the form er Redevelopment Agency to provide businesses assistance for rehabilitating buildings in the downto wn area and to businesses or individuals for the rehabilitation of housing within the City of Concord owned and/or occupied by persons of low and moderate income.

Galindo
On June 11, 2019, the City ente red into a $7,800,000 loan agreem ent with Galindo L.P. for the development of 62 affordable housing units and the acquisition of the associated property. The outstanding balance of the loan bears interest at a rate of 3 perc ent per annum. The loan is re payable upon the sale of the development or 57 years after the date of execution of the loan. At June 30, 2024, the loan receivable balance was $7,800,000.
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CITY OF CONCORD JUNE 30, 2024
NOTE 5 – LOANS AND NOTES RECEIVABLE (CONTINUED)
Sunset Pines
On June 30, 2024, the City entered into a loan agreement with Eden Sunset Pine s LLC in the amount of $3,540,000 for the acquisition of property and the development of a 69 unit apartment complex. The outstanding balance of the loan bears interest at a rate of 3 percent per annum. The loan is repayable from residual receipts and is due in full upon the sale of the development or 55 years after the date of execution of the loan. At June 30, 2024, the loan receivable balance was $3,540,000.

Coral Court
On June 30, 2024, the City entered into a loan agreement with Eden Coral Court LLC in the amount of $3,100,000 for the acquisition of property and the development of a 47 unit apartment complex. The outstanding balance of the loan bears interest at a rate of 3 percent per annum. The loan is repayable from residual receipts and is due in full upon the sale of the development or 55 years after the date of execution of the loan. At June 30, 2024, the loan receivable balance was $3,100,000.

Concord Plaza Tower
In 1985, the City and the Former Redevelopment Agency of the City of Concord entered into various loan agreements to effectuate the development of the Co ncord Plaza Tower, a 96 unit low/moderate income senior housing project. On July 22, 2014, council ad opted Resolution 14-60 authorizing the restructure of the loans with Concord Plaza Tower, Inc. over a 55 year period at a 3% simple interest rate, which preserved the affordability of the project for low income seniors through 2069. The restructured loan requires annual payments. The outstanding loan receivable balance as of June 30, 2024 was $3,896,619.

Virginia Lane
In June 1999, the City and the former Redevelopmen t Agency entered into a $1,984,198 loan agreement with Virginia Lane Limited Partnership for the rehabilitation of Golden Glen and Maplewood Apartments. An additional loan of $4 50,000 was made in fiscal year 2007 which brought the loan total to $2,434,198. Of the $450,000, $100 ,000 was funded by Community Development Block Grant funds and $350,000 was funded by California Housing Finance Ag ency funds. The outstand ing balance of the loan bears interest at a rate of 3 percent per annum. The repayments on the loan sha ll be made from residual receipts. On July 15, 2016, the City amended and restated the promissory note of $2,434,198 to $3,470,394.

The City also issued a new promissory note of $1,300,000 on July 15, 2016. The City expects both loans to be repaid on July 15, 2071. At June 30, 2024, the loan receivable balance was $5,269,051.

Lakeside Apartments
The City and the Agency entered into a $3,433,945 loan agreement with Lakeside Apartments, L.P. for the acquisition and rehabilitation of Lakeside Apartments. An additional loan of $283,000 was made in fiscal year 2007 which brought the loan total to $3,716,945. Of the $283,000, $110,000 was funded by Community Development Block Grants, $93,000 was funded by Redevelopment Agency, and $80,000 was funded by California State EAGR funds. The outstanding ba lance of the loan bears interest at a rate of 1 percent per annum. The City expects the loan to be repaid on November 5, 2058. At June 30, 2024, the loan receivable balance was $2,716,945.
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CITY OF CONCORD JUNE 30, 2024
NOTE 5 – LOANS AND NOTES RECEIVABLE (CONTINUED)
Camara Circle
In 2000, the City and the Former Re development Agency of the City of Concord entered into two loan agreements for $2,650,000 for the acquisition of eleven properties, consisting of 52 apartment units on Camara Circle. The agreement was funded through the former Redevelopment Housing Set-Aside Fund, now known as the Concord Housing Fund. The loan is to be paid in full May 2056, bearing 3% simple interest. The outstanding loan receivable at June 30, 2024, was $2,650,000.

Housing Conservation
This program involves loans made to rehabilitate housing within the City of Concord which are funded by Community Development Block Grant and former Redevelopment Agency monies. The loans bear interest ranging from 0-3 percent with due dates varying from October 2014 through the sa le or transfer of the property. At June 30, 2024, the loan receivable balance was $767,495.

Housing Assistance
This program provides housing assistance to Concor d residents through a variety of housing programs.

These loans bear no interest and principal payment is due upon sale or transfer of the property. At June 30, 2024, the loan receivable balance was $50,000.

First-Time Homebuyers
The First Time Homebuyer Program provides eligible first-time homebuyers with direct loans that enable the purchase of housing at an affordable cost on the open market. At June 30, 2024, the loan receivable balance was $280,000.
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CITY OF CONCORD JUNE 30, 2024
NOTE 6 - CAPITAL ASSETS
Capital asset transactions and balances comprise the following at June 30, 2024:

Balance at Balance at
June 30, 2023 Additions Retirements Transfers June 30, 2024 Governmental Activities
Capital Assets Not Being Depreciated:

Land 26,379,019$ -$ -$ -$ 26,379,019$
Construction in Progress 16,973,115 3,001,172 - (6,020,431) 13,953,856 Total Capital Assets Not Being Depreciated 43,352,134 3,001,172 - (6,020,431) 40,332,875 Capital Assets Being Depreciated:

Ground Improvements 23,822,650 85,887 - 4,154,938 28,063,475 Buildings and Improvements 81,664,958 64,720 - 134,992 81,864,670 Right to Use Leased Buildings and Improvements 62,448 - (62,448) - - Right to Use Lease Equipment 639,413 - - - 639,413 Right to Use Subscription Asset 1,909,056 - - - 1,909,056 Machinery and Equipment 25,383,636 182,242 - 1,185,113 26,750,991 Vehicles 14,870,400 1,074,778 (902,940) 545,388 15,587,626 Streets 515,933,398 39,371,144 - - 555,304,542 Sidewalks 62,664,709 96,907 - - 62,761,616 Storm Drains/Catch Basins 444,761,445 53,983 - - 444,815,428 Street Lights 5,884,022 52,530 - - 5,936,552 Traffic Signals 36,782,321 9,058,778 - - 45,841,099 Total Capital Assets Being Depreciated 1,214,378,456 50,040,969 (965,388) 6,020,431 1,269,474,468 Less Accumulated Depreciation For:

Ground Improvements (14,528,202) (677,282) - - (15,205,484) Buildings and Improvements (58,246,250) (2,300,247) - - (60,546,497) Right to Use Leased Buildings and Improvements (59,950) (2,498) 62,448 - - Right to Use Lease Equipment (119,002) (159,853) - - (278,855) Right to Use Subscription Asset (524,368) (622,118) - - (1,146,486) Machinery and Equipment (23,433,719) (1,372,630) - - (24,806,349) Vehicles (13,270,132) (1,161,082) 902,940 - (13,528,274) Streets (393,779,876) (18,140,784) - - (411,920,660) Sidewalks (33,119,838) (1,254,263) - - (34,374,101) Storm Drains/Catch Basins (140,539,678) (4,447,884) - - (144,987,562) Street Lights (2,494,700) (197,009) - - (2,691,709) Traffic Signals (27,723,809) (1,377,057) - - (29,100,866) Total Accumulated Depreciation (707,839,524) (31,712,707) 965,388 - (738,586,843) Capital Assets Being Depreciated, Net 506,538,932 18,328,262 - 6,020,431 530,887,625 Governmental Activities Capital Assets, Net 549,891,066$ 21,329,434$ -$ -$ 571,220,500$ 69

CITY OF CONCORD JUNE 30, 2024
NOTE 6 – CAPITAL ASSETS (CONTINUED)
Balance at Balance at
June 30, 2023 Additions Retirements June 30, 2024
Business-Type Activities
Capital Assets Not Being Depreciated:

Land 395,182$ -$ -$ 395,182$
Construction in Progress 24,238,013 5,330,333 - 29,568,346 Total Capital Assets Not Being Depreciated 24,633,195 5,330,333 - 29,963,528 Capital Assets Being Depreciated:

Buildings and Improvements 8,708,986 - - 8,708,986 Right to Use Leased Buildings and Im provem ents - - - - Machinery and Equipment 456,319 74,174 - 530,493 Sewer Lines 219,772,435 - - 219,772,435 Total Capital Assets Being Depreciated 228,937,740 74,174 - 229,011,914 Less Accumulated Depreciation For:

Buildings and Improvements (7,299,276) (140,938) - (7,440,214) Right to Use Leased Buildings and Im provem ents - - - - Machinery and Equipment (362,290) (24,504) - (386,794) Sewer Lines (184,712,970) (4,380,831) - (189,093,801) Total Accumulated Depreciation (192,374,536) (4,546,273) - (196,920,809) Capital Assets Being Depreciated, Net 36,563,204 (4,472,099) - 32,091,105 Business-Type Activities Capital Assets, Net 61,196,399$ 858,234$ -$ 62,054,633$ Depreciation Allocation – Governmental Activities
Depreciation expense is charged to functions and programs based on their usage of the related assets. The amounts allocated to each function or program was as follows:

Governmental Activities
General Government 26,155,681$
Public Works 357,668
Parks and Recreation Services 1,003,870
Internal Service Funds 4,195,488
Total 31,712,707$
Business-Type Activities
Sewer 4,407,644$
Golf Course 138,629
Total 4,546,273$
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CITY OF CONCORD JUNE 30, 2024
NOTE 7 – LONG-TERM DEBT
Description and Activity
The City generally incurs long-term debt to finance projects or purchase assets which will have useful lives equal to or greater than the related debt.

The City's governmental activities long-term debt is recorded only in the government-wide financial statements. This debt will be repaid only out of governmental funds but is not accounted for in these funds because this debt does not require an appropriation or expenditure in this accounting period.

In governmental fund types, debt discounts and issu ance costs are recognized in the current period.

Debt discounts and issuance costs incurred by proprieta ry fund types are deferred and amortized over the term of the debt using the bonds-outstanding method, which approximates the effective interest method.

The City's debt issues and compen sated absence transactions are su mmarized on the next page and discussed in detail thereafter.

Current Year Transactions and Balances
Repayment Balance as of Balance as of Current
Source June 30, 2023 Additions Retirements June 30, 2024 Portion Governmental Activities Debt:
2021 Certificates of Participation,

2.00-4.00% due 04/01/41 (a) 101,405,000$ -$ 4,025,000$ 97,380,000$ 4,185,000$ Plus premium on bonds 13,758,469 - 764,359 12,994,110 - Direct Placement:

Lease Purchase Agreement

2.78% due 12/01/26 (b) 3,140,000 - 825,000 2,315,000 -
Lease Financing:

Motorola Lease Agreement due 11/15/2026 (c) 1,487,877 - 357,155 1,130,722 - Subtotal 119,791,346 5,971,514 113,819,832 4,185,000
Compensated Absences (d) 6,089,549 4,381,309 3,957,615 6,513,243 3,749,393 Total Governmental Activity Debt 125,880,895$ 4,381,309$ 9,929,129$ 120,333,075$ 7,934,393$ Business-type Activities Debt:
2012 - Wastewater Revenue Refunding Bonds,

1.50-4.00% due 02/01/29 (e) $4,085,000 -$ 635,000$ 3,450,000$ 655,000$ 2018 - Wastewater Revenue Refunding Bonds,

1.25-3.24% due 2/01/32 (e) 5,620,000 - 510,000 5,110,000 540,000 Plus premium on refunding bonds 630,141 - 70,016 560,125 - Subtotal 10,335,141 - 1,215,016 9,120,125 1,195,000 Compensated Absences (d) 180,302 166,024 120,837 225,489 89,482 Total Business-Type Activity Debt 10,515,443$ 166,024$ 1,335,853$ 9,345,614$ 1,284,482$ Repayments on the above debt are made from the following sources:
(a) Lease revenue received from the City’s General Fund revenues. (b) The City and the Public Property Financing Corpor ation entered into a direct borrowing Refunding Lease Agreement in the amount of $6,820,000 at the interest rate of 2.78 percent. The proceeds from the Agreement were used to retire the 2011 Equipment Lease/Purchase Agreement. (c) Operating revenues available for lease payment in the Information Technology Replacement Internal Service Fund.
(d) General Fund revenues.
(e) Operating revenues received by the Sewer Enterprise Fund. 71

CITY OF CONCORD JUNE 30, 2024
NOTE 7 – LONG-TERM DEBT (CONTINUED)
Debt Service Requirements
Debt service and capitalized lease requirements are shown below for all long-term debt:

For the Year
Ending June 30, Principal Interest Principal Interest Principal Interest 2025 4,185,000$ 3,313,300$ 1,246,854$ 89,087$ 5,431,854$ 3,402,387$ 2026 4,350,000 3,145,900 1,321,818 54,243 5,671,818 3,200,143 2027 4,525,000 2,971,900 877,050 17,322 5,402,050 2,989,222 2028 4,705,000 2,790,900 - - 4,705,000 2,790,900 2029 4,895,000 2,602,700 - - 4,895,000 2,602,700 2030-2034 27,560,000 9,924,400 - - 27,560,000 9,924,400 2035-2039 32,830,000 4,658,300 - - 32,830,000 4,658,300 2040 -2041 14,330,000 664,719 - - 14,330,000 664,719 Total Requirements 97,380,000 30,072,119$ 3,445,722$ 160,652$ 100,825,722 30,232,771$ Plus unamortized premium 12,994,110 12,994,110
Total 110,374,110$ 113,819,832$
Total
Governmental Activities
Certificates of Participation N otes and Leases from Placement For the Year
Ending June 30, Principal Interest
2025 1,195,000$ 327,137$
2026 1,235,000 282,126
2027 1,280,000 235,450
2028 1,330,000 185,250
2029 1,380,000 132,850
2030 - 2032 2,140,000 158,250
Total Requirements 8,560,000 1,321,063
Plus unamortized premium 560,125 -
Total 9,120,125$ 1,321,063$
Business-Type Activities
The City's bond indentures contain significant limitations and restrict ions regarding annual debt service requirements, maintenance of and flow of monies through various restricted accounts and minimum revenue bond coverage. City management believes the City is in compliance with all such indenture requirements.

Revenue Bonds
On September 18, 2012, the City issued Wastewater Revenue Refunding Bonds, Series 2012 in the original principal amount of $10,080,000 at interest rates that range from 1.50 percent to 4.00 percent to provide for a refunding of the City's outstanding 2004 Certificat es of Participation Wastewater System Improvement Bonds. Principal payments are due annually on February 1, with interest payments payable semi-annually on August 1 and February 1 through February 1, 2 029. Repayment of these bond s is from a pledge of revenue from the Sewer Enterprise Fund. As of June 30, 2024, the principal balance outstanding was $3,450,000.
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CITY OF CONCORD JUNE 30, 2024
NOTE 7 – LONG-TERM DEBT (CONTINUED)
Revenue Bonds (Continued)
On February 27, 2018, the City issued Wastewater Revenue Refunding Bonds, Series 2018 in the original principal amount of $7,920,000 at interest rates that range from 2.00 percent to 5.00 percent to provide for a refunding of the City's outstanding 2007 Certificat es of Participation Wastewater System Improvement Bonds. Principal payments are paid annually on February 1. Interest is paid semi-annually on August 1 and February 1, through 2032. Repayment of these bonds is from a pledge of revenue from the Sewer Enterprise Fund. As of June 30, 2024, the principal balance outstanding was $5,110,000.

In the event of default on the 2012 and 2018 Bonds, upon notice in writing to the City, the principal and accrued interest of all bonds outstanding will be due and payable immediately.

The City has pledged future wastewater customer reve nues, net of specified operating expenses, to repay the 2012 and 2018 Bonds through 2032. The Sewer Enterprise Fund’s total principal and interest remaining to be paid on the bonds is $9,881,063. The Municipal Sewer Enterprise Fund’s principal and interest paid for the current year and total customer net revenues were $1,514,307 and $12,921,393, respectively.

Certificates of Participation
On April 28, 2021, the City through the Public Property Financing Corporation of California (Corporation) issued the 2021 Capital Improvement Project Certificates of Participation in the original principal amount of $109,480,000 at interest rates that range from 2.00 percent to 4.00 percent to finance the cost of various capital projects and to prepay the 2015 Lease Revenue Financing Agreement. The Bonds are collateralized by revenue received from the City by the Corporation under a lease ag reement and by the Corporation’s interest in the Concord Pavilion and the City’s Police Station through a site and facilities lease. Principal payments are paid annually on Apr il 1. Interest is paid semi-annua lly on October 1 and April 1, through 2041. Repayment of these bonds is from a pledge of lease payments from the City’s General Fund. As of June 30, 2024, the principal balance outstanding was $97,380,000.

In the event of default, the Corporation can use any and all remedies available, however there is no right to accelerate the lease payments or to declare any lease payments immediately due and payable. The City shall continue to remain liable for the payment of the lease payments and any damages for breach of the lease agreement and the performance of all conditions contained in the lease agreement.

Lease Purchase Agreement
On February 21, 2018, the City a nd the Public Property Financing Co rporation entered into a direct placement Refunding Lease Agreement in the amount of $6,820,000 at the interest rate of 2.78%. The proceeds from the Agreement were used to retire the 2011 Equipment Lease/Purchase Agreement. Principal and interest payments are paid semi-annually on Ju ne 1 and December 1, through 2026. As of June 30, 2024, the principal balance outstanding is $2,315,000.

In the event of default, the Corpor ation may exercise any and all remedi es available under the law or the agreement. Those remedies include enforcement of payments without termination, termination of the lease, proceedings at law or in equity, remedies under the site and facility lease. 73

CITY OF CONCORD JUNE 30, 2024
NOTE 7 – LONG-TERM DEBT (CONTINUED)
Lease Financing
On October 16, 2019, the City entered into a direct placement lease agreement in the amount of $2,503,678 with Motorola Solutions, Inc., for the purchase of radio equipment. Th e City agreed to pay the lease in annual payments of $397,561 for seven years. Since the lease is in essence a financing agreement, the cost of the equipment and the amount of th e lease has been included in the Ci ty's financial statements. As of June 30, 2024, the principal debt outstanding on the lease was $1,130,722.

In the event of default, the lessor may exercise any of the following options: by written notice declare all amounts due and payable under the lease, discontinue the use of equipment and removal and return of the equipment to the lessor.

NOTE 8 – FUND BALANCES
Detailed classifications of the City's Governmental Fund Balances, as of June 30, 2024, are below:

Major Funds
Sp ecial Rev enue Fund s Cap ital Projects Fund s Other General Concord G eneral 2021 COP Governmental
Fund Balance Classifications Fund Housing ARPA Projects Projects Funds Total Nonspendable:

Items not in spendable form:

Advance 12,234,631$ -$ -$ -$ -$ -$ 12,234,631$ Leas es 238,356 - - - - - 238,356
Total Nonspendable
Fund Balances 12,472,987 - - - - - 12,472,987 Restricted for:

Debt Service - - - - - 40,444 40,444
Capital Projects - - - 264,814 79,387,015 10,600,561 90,252,390 Housing - 4,403,100 - - - 2,527,998 6,931,098 Health Care District - - - - - 868,999 868,999
Transportation - - - - - 8,680,640 8,680,640
Developm ent Services - - - - - 22,584,133 22,584,133 Asset Forfeiture - - - - - 396,663 396,663
Tree Maintenance - - - - - 56,766 56,766
Cannabis Community Benefit - - - - - 626,890 626,890 Public Safety 1,865,418 - - - - 5,648 1,871,066 Other 40,336 - - - - - 40,336
Total Restricted Fund Balances 1,905,754 4,403,100 - 264,814 79,387,015 46,388,742 132,349,425 Assigned to:

Capital Projects - - - - - 38,595,338 38,595,338 Contracts 1,910,787 - - - - - 1,910,787 Senior Center 75,043 - - - - - 75,043 Music and Market Event 421,756 - - - - - 421,756 Building Deposits 1,148,760 - - - - - 1,148,760 Transportation 1,000,000 - - - - - 1,000,000 Other 98,479 - 968,145 - - - 1,066,624
Total Assigned Fund Balances 4,654,825 - 968,145 - - 38,595,338 44,218,308 Unas s i g ne d:

Ge n e ra l Fu n d 51,114,683 - - - - - 51,114,683 Other G overnm ental Fund Deficit Residuals - - - - - (757) (757) Total Unassigned Fund Balances 51,114,683 - - - - (757) 51,113,926 Total Fund Balances 70,148,249$ 4,403,100$ 968,145$ 264,814$ 79,387,015$ 84,983,323$ 240,154,646$ 74

CITY OF CONCORD JUNE 30, 2024
NOTE 9 – STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY
Expenditures in Excess of Appropriations
Expenditures for the year ended June 30, 2024 exceeded the appropriations in the following funds:

Expenditures in Excess of Appropriations Budget Actual Variance General Fund
Public Safety 71,915,700$ 74,044,574$ (2,128,874)$ Debt Service:

Principal - 2,558 (2,558)
Interest and fiscal charges 412,600 535,789 (123,189) Special Revenue Funds:

Maintenance Districts Fund 1,586,799 1,782,568 (195,769) Opioid Settlement Fund - 119 (119)
Infrastructure Lease Agreement Fund 7,499,300 7,501,570 (2,270) The excess expenditures in all departments and funds noted above were covered by revenue received during the fiscal year or available resources within each fund.

Deficit Fund Equity
The Assessment Districts Debt Service Fund had defi cit fund balance of $757 wh ich is expected to be eliminated by future revenues. The Successor Agency Private Purpose Trust Fund had deficit net position of $762,532, which is expected to continue until the debt service obligations are satisfied from future property tax allocations. In addition, the Compensa ted Absences Internal Se rvice Fund had deficit net position of $5,883,292, which is expected to be eliminated by future cost reimbursements by City departments.

NOTE 10 – CITY OF CONCORD RETIREMENT SYSTEM PLAN
Plan Description and Employees Covered
The City of Concord Retirement System Plan (the pl an) is a closed plan and is a single employer defined benefit pension plan covering all full-time employees of the City retired prior to June 28, 1999 or who left the employment of the City eligible for a pension. Participants are divided in to two primary groups for
coverage: general employees and police employees. Membership in the Retirement System comprised the following at June 30, 2024:

CCRS
Inactives currently receiving benefits 195
Inactives entitled to but not yet receiving benefits 15 Active employees -
Total 210
On June 21, 1993, the City converted to the Public Employees Retirement System (PERS) as described in Note 12.
75

CITY OF CONCORD JUNE 30, 2024
NOTE 10 – CITY OF CONCORD RETIREMENT SYSTEM PLAN (CONTINUED) Eligibility, administration, actuarial interest rates an d certain other tasks are the responsibility of the Retirement Board. The Retirement Board consists of eight members, selected as follows: Two members appointed by City Manager, Director of Human Reso urces, Director of Finance and one representative from each of the four employee organizations. The Plan does not issue separate financial statements.

During the year ended June 30, 1999, $56,300,000 was transferred from the Plan to PERS to purchase prior years' service credit for its active vested employees.

Benefits Provided
The plan provides retirement and death benefits fo r general and police employees as well as disability benefits for police employees. General employees are el igible for retirement benefits at age 55, provided the employee has completed 20 years of service or has accumulated cont ributions in excess of $500 and was employed before June 30, 1990 or has completed 5 years of service and was terminated after July 1, 1990. Sworn police employees are eligible for retirement at age 50, provided the employee has completed 20 years of service or has accumulated contributions exceeding $500. Retirement benefits are determined based on the employee's length of service, highest on e-year compensation upon retirement, and age at retirement.

Contributions
Prior to June 21, 1993, contributions were made to the Plan by both the City and the employee participants.

City contributions were actuarially determined annually to provide the Pl an with assets sufficient to pay basic benefits not provided for by employees' contributions. All general employees were required to contribute 6 percent, and all police employees were requ ired to contribute 8 percent of their base salary (decreased by a Social Security allowance) to the Plan. The City is funding the Unfunded Actuarial Accrued Liability with annual contributions from the General Fund.

The City contributed 4 percent to 8 percent of this percentage on behalf of general employees, depending upon job classification, and all of the contribution for sworn police employees.

The City maintains a program of death and disability benefits financed wholly by employer premium payments under a group term life insurance policy and group long-term disability insurance policy.

The pension liability was determined as part of an actuarial valuation at June 30, 2022. Significant actuarial assumptions used in determining the pension liability include: (a) a rate of return on the investment of present and future assets of 5.50 percent per year co mpounded annually, (b) inflation rate of 2.50 percent (c) annual post-employment increases at 5.25 percent per year. Required contributions are determined using the entry age normal actuarial cost method and are made on a level dollar basis. The plan is amortized using the CalPERS Mortality Table on a 12 year closed basis. The contribution amounts are established and may be amended by the City Council.

Rate of Return
For the year ended June 30, 2024, the annual money-weig hted rate of return on pension plan investments, net of pension plan investment expense, was 8.98. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. 76

CITY OF CONCORD JUNE 30, 2024
NOTE 10 – CITY OF CONCORD RETIREMENT SYSTEM PLAN (CONTINUED) Net Pension Liability
The City’s net pension liability was measured as of Ju ne 30, 2024, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2022 and rolled forward to June 30, 2024 using standard update procedures.

Actuarial Assumptions – The total pension liability in the June 30, 2022 actuarial valuation was determined using the following actuarial assumptions:

CCRS
Valuation Date June 30, 2022
Measurement Date June 30, 2024
Actuarial Cost Method Entry-Age Normal Cost Method
Actuarial Assumptions:

Discount Rate 5.50% at June 30, 2024 and June 30, 2023
Investment Rate of Return 5.50% at June 30, 2024 and June 30, 2023 (1) General Inflation 2.50% annually
COLA 2% per annum
Salary Scale Not applicable
Mortality Improvement Mortality projected fully generational with Scale MP-2021 Retirement Age 100% at 59 for general and 54 for police (1) Net of pension plan investme nt expenses, including inflation Mortality rates were based on the CalPERS 2000-2019 Experience Study fully generational improvement projected based on Scale MP-2021.

The long-term expected rate of return on plan inve stments was determined using a building block method which best estimate ranges of expected future real ra tes of return (expected return, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation.

The table below reflects geometric average real rate of return by asset class. The rate of return was calculated using the capital market assumptions applied to determine the discount rate and asset allocation.

These geometric rates of return are net of administrative expenses.

Asset Class Target Allocation
Expected Real
Rate of Return
Global Equity 50.00% 4.56%
Fixed Income 45.00% 0.78%
Cash 5.00% -0.50%
Total 100.00%
Assumed Long-Term Rate of Inflation 2.50%
Expected Long-Term Net Rate of Return, Rounded 5.50%
77

CITY OF CONCORD JUNE 30, 2024
NOTE 10 – CITY OF CONCORD RETIREMENT SYSTEM PLAN (CONTINUED) Discount Rate – The discount rate used to measure the total pension liability was 5.50 percent for the plan.

The project of cash flows used to determine the discount rate assumed that employee contributions will be made at the current contribution rate and that the City ’s contributions will be made at rates equal to the difference between actuarially determined contri bution rates and the employee rate. Based on those assumptions, the pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current active and inactive employees. Therefore, the long-term expected rate of return on pension plan investments was applied to a ll periods of projected benefit payments to determine the total pension liability.

Changes in the Net Pension Liability
The changes in the net pension liability for the plan are as follows:

CCRS Plan
Increase (Decrease)
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability/(Asset)
Balance at June 30, 2023 50,596,861$ 31,981,969$ 18,614,892$ Changes in the year:

Interest on the total pension liability 2,629,998 - 2,629,998 Differences between actual and expected experience - - - Changes in assumptions - - -
Contribution - employer - 2,372,000 (2,372,000)
Contribution - employees - - -
Net investment income - 2,846,226 (2,846,226)
Administrative expenses - (165,860) 165,860
Benefit payments, including refunds of employee contributions (5,106,588) (5,106,588) - Net changes (2,476,590) (54,222) (2,422,368)
Balance at June 30, 2024 48,120,271$ 31,927,747$ 16,192,524$ Plan fiduciary net position as a percentage of the total pension liability 66.3% Sensitivity of the Net Pension Liability to Changes in the Discount Rate – The following presents the net pension liability of the City, calculated using th e discount rate of 5.50 percent as well as what the City’s net pension liability would be if it were calculated using a discount rate that is 1- percentage-point lower or 1- percentage-point higher than the current rate.

CCRS Plan
1% Decrease 4.50%
Net Pension Liability 19,787,845$
Current Discount Rate 5.50%
Net Pension Liability 16,192,524$
1% Increase 6.50%
Net Pension Liability 13,039,487$
78

CITY OF CONCORD JUNE 30, 2024
NOTE 10 – CITY OF CONCORD RETIREMENT SYSTEM PLAN (CONTINUED) Pension expenses and deferred outflows/inflows of resources related to pensions For the fiscal year ending June 30, 2024, the City r ecognized pension expense of $1,349,051. At June 30, 2024, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

CCRS Plan
Deferred Outflows Deferred Inflows
of Resources of Resources
Net differences between projected and actual earnings
on plan investments 343,919$ -$
Total 343,919$ -$
Amounts reported as deferred outflows and deferred in flows of resources related to pensions will be recognized in future pension expense as follows:

CCRS Plan
Year Ended Annual
June 30 Amortization
2025 95,480$
2026 757,838
2027 (267,218)
2028 (242,181)
Total 343,919$
NOTE 11 – CITY OF CONCORD EARLY RETIREMENT PLANS
Plan Description and Provisions
On September 1, 2009, the City adopted a sole employer defined benefit plan to provide supplemental retirement benefit payments to elig ible employees in addition to the benefit payments the employees will receive from the California Public Employees Retirement System (CalPERS).

The City joined Public Agency Retirement Servic es (PARS) and participates in two plans, the Supplementary Retirement Plan and the Excess Benefit Plan. The Excess Benefit Plan consists of the highly compensated members and the Supplementary Plan includes all other eligible employees. To be eligible to participate in the plan the employee must have been classified as a Miscellaneous or Safety employee of the City as of June 1, 2009, be at least 50 years of age as of September 1, 2009, have completed as least 5 years of employment with the City as of September 1, 2009, have terminated employment with the City on or before August 31, 2009, have a pplied for benefits under this plan and must have concurrently retired under CalPERS on or before September 1, 2009 and remains in retired status under CalPERS. A member is considered fully vested upon meeting the eligibilit y requirements listed above. Benefits payments are based on 7 percent of an employee's annual base pay as of June 1, 2009.

As of June 30, 2024, there were 18
members participating in these plans.
79

CITY OF CONCORD JUNE 30, 2024
NOTE 11 – CITY OF CONCORD EARLY RETIREMENT PLANS (CONTINUED) Contribution Requirements
The City established a plan within the PARS Trust. The cost of funding the Plan including management fees is roughly equivalent to one year of an employ ee's salary for each participating employee. The City funded the Plan over a period of 5 years, choosing to buy annuities to fund the Plan, and self-fund. The City used General Fund salary savings to fund the Plan. The Supplementary Retirement Plan was fully funded in September 2013. The Excess Benefit Plan has a proj ected actuarial liability in the amount of $125,679 at June 30, 2024. This estimate has not been accrued as a liability in the City’s Statement of Net Position.

NOTE 12 – PENSION PLAN
CalPERS Safety and Miscellaneous Employees’ Pension Plans Plan Description
On June 21, 1993, the City joined the California Public Employees Retirement System (CalPERS), an agent multiple-employer public employee retirement syst em which acts as a common investment and administrative agent for participating member employers.

The City contributes to the California Public Employees Retirement System (CalPERS), an agent multiple- employer defined benefit public employee retiremen t system that acts as a common investment and administrative agent for various local and state governm ental agencies within the State of California. The City’s Safety and Miscellaneous Plans are part of the Public Agency portion of CalPERS. The benefits for the public agencies are established by contract with CalPERS in accordance with the provisions of the Public Employees Retirement Law. CalPERS issues a publicly available financial report that include a full description of the pension plans regarding benefit provisions, assumptions and membership information that can be found on the CalPERS website at https://www.calpers.ca.gov.

The City joined PERS on a prospective basis and participates in two plans, the Safety (Police) Employees Plan and the Miscellaneous Employees Plan. All qu alified permanent and probationary employees are eligible to participate. CalPERS provides retirem ent and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries. The City's employees participate in the separate Safety (police) and Miscellaneous (all other) Employee Plans.

Benefit provisions under both Plans are established by State statute and City resolution. Benefits are based on years of credited service, equal to one year of full time employment. Fund ing contributions for both Plans are determined annually on an actuarial basis as of June 30 by CalPERS; the City must contribute these amounts.
80

CITY OF CONCORD JUNE 30, 2024
NOTE 12 – PENSION PLAN (CONTINUED)
CalPERS Safety and Miscellaneous Employees’ Pension Plans (Continued) Benefits Provided
The benefits in effect as of June 30, 2024, are summarized as follows:

Miscellaneous
Hire date
Classic Prior to
November 29, 2010
Classic On or after
November 29, 2010
and Prior to January
1, 2013
PEPRA On or after
January 1, 2013
Benefit formula 2.5% @ 55 2.0% @ 55 2.0% @ 62
Benefit vesting schedule 5 years service 5 years service 5 years service Benefit payments monthly for life monthl y for life monthl y for life Retirement age 50 - 55 50 - 63 52 - 67

2.0% - 2.50% 1.426% - 2.418% 1.0% - 2.5%
Required employee contribution rates 8.00% 7.00% 7.25%
Required employer contribution rates (1) 11.52% 11.52% 11.52% Monthly benefits, as a % of eligible compensation
Safety
Hire date
Classic Prior to
January 1, 2013
PEPRA On or after
January 1, 2013
Benefit formula 3.0% @ 50 2.7% @ 57
Benefit vesting schedule 5 years service 5 years service Benefit payments monthly for life monthl y for life
Retirement age 50 50 - 57

3.0% 2.0% - 2.7%
Required employee contribution rates 9.0% 11.75%
Required employer contribution rates (1) 22.18% 22.18%
(1) Rates represented blended contribution rates,
from 6.30.22 Valuation
Monthly benefits, as a % of eligible compensation
Beginning in fiscal year 2016, Ca lPERS collects employer contributions for the Plan as a percentage of payroll for the normal cost portion as noted in the rates above and as a dollar amount for contributions toward the unfunded liability (UAL). The dollar amounts are billed on a monthly basis or the City can elect a lump sum payment option. The City’s required contributions for the unfunded liability in the Miscellaneous and Safety Plans for the year ended June 30, 2024 were $6,984,496 and $9,740,677 respectively, which were made under the lump sum payment option. In addition, the City made an additional contribution of $233,933 and $325,737 toward the unfunded liability of the Miscellaneous Plan and Safety Plan, respectively, durin
g the year ended June 30, 2024.
81

CITY OF CONCORD JUNE 30, 2024
NOTE 12 – PENSION PLAN (CONTINUED)
CalPERS Safety and Miscellaneous Employees’ Pension Plans (Continued) Employees Covered
The following employees were covered by the benefit terms for each Plan as of the most recent actuarial valuation date of June 30, 2022 and measurement date of June 30, 2023:

Miscellaneous Safety
Inactive employees or beneficiaries currently receiving benefits 507 217 Inactive employees entitled to but not yet receiving benefits 446 66 Active employees 224 127
Total 1,177 410
Contributions
Section 20814(c) of the Californi a Public Employees' Retirement Law requires that the employer contribution rates for all public employers be determin ed on an annual basis by the actuary and shall be effective on the July 1 following no tice of a change in the rate. Fundin g contributions for both Plans are determined annually on an actuarial basis as of June 30 by CalPERS. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. Employer contribution rates may change if plan contracts are amended. Payments made by the employer to satisfy contribution requirements that are identified by the pension plan terms as plan member contribution requirements are classified as plan member contributions. Payments made by the City to satisfy contribution requirements that are identified by the Plan terms as Plan member contribution requirements are classified as Plan member contributions.

Net Pension Liability
The City’s net pension liability for each plan is meas ured as the total pension liability, less the pension plan’s fiduciary net position. The net pension liability of each of the plans is measured as of June 30, 2023, using an annual actuarial valuation as of June 30, 2022 rolled forward to June 30, 2023 using standard
update procedures. A summary of principal assumptions and methods us ed to determine the net pension liability is shown below.
82

CITY OF CONCORD JUNE 30, 2024
NOTE 12 – PENSION PLAN (CONTINUED)
CalPERS Safety and Miscellaneous Employees’ Pension Plans (Continued) Actuarial Assumptions – The total pension liabilities in the Ju ne 30, 2022 actuarial valuations were determined using the following actuarial assumptions:

All Plans
Valuation Date June 30, 2022
Measurement Date June 30, 2023
Actuarial Cost Method Entry-Age Normal Cost Method
Actuarial Assumptions:

Discount Rate 6.90%
Inflation 2.30%
Payroll Growth 2.80%
Projected Salary Increase (1)
Investment Rate of Return 6.90% (2)
Mortality Derived using CalPERS Membership Data
for all Funds (3)
Post Retirement Benefit Increase The lesser of contract COLA or 2.30% until Purchasing Power Protection
Allowance floor on Purchasing Power
applies, 2.30% thereafter
(1) Depending on age, service and type of employment
(2) Net of pension plan investment expenses, including inflation (3) The mortality table used was developed based on CalPERS-specific data. The probabilities of mortality are based on the 2021 CalPERS Experience Study for the period from 2001 to 2019. Pre-retirement and post-retirement mortality rates include generational mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries.

For more details on this table, please refer to the CalPERS Experience Study and Review of Actuarial Assumptions report from November 2021 that can be found on the CalPERS website.

The underlying mortality assumptions and all other actuarial assumptions used in the June 30, 2022 valuation were based on the results of a November 2 021 actuarial experience study for the period 2001 to 2019. Further details of the Experience Study can be found on the CalPERS website at www.calpers.ca.gov.

Discount Rate – The discount rate used to measure the total pension liability for each Plan was 6.90%. The projection of cash flows used to determine the discount rate for each Plan assumed that contributions from all plan members in the Public Employees Retirement Fund (PERF) will be made at the current member contribution rates and that contributions from empl oyers will be made at statutorily required rates, actuarially determined. Based on those assumptions, each Plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members for all plans in the PERF.

Therefore, the long-term expected rate of return on pl
an investments was applied to all periods of projected
benefit payments to determine the total pension liability for each Plan.

The long-term expected rate of return on pension plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. 83

CITY OF CONCORD JUNE 30, 2024
NOTE 12 – PENSION PLAN (CONTINUED)
CalPERS Safety and Miscellaneous Employees’ Pension Plans (Continued) In determining the long-term expectations rate of return, CalPERS took into account both short-term and long-term market return expectation. Using historical returns of all the funds’ asset classes, expected compound (geometric) returns were calculated over the next 20 years using a building-block approach. The expected rate of return was then adjusted to account for assumed administrative expenses of 10 basis points.

The expected real rates of return by asset class are as follows:

Asset Class 1
Assumed
Asset
Allocation Real Return 1,2
Global Equity-Cap Weighted 30.0% 4.54%
Global Equity-Non-Cap Weighted 12.0% 3.84%
Private Equity 13.0% 7.28%
Treasury 5.0% 0.27%
Mortgage-backed Securities 5.0% 0.50%
Investment Grade Corporates 10.0% 1.56%
High Yield 5.0% 2.27%
Emerging Market Debt 5.0% 2.48%
Private Debt 5.0% 3.57%
Real Assets 15.0% 3.21%
Leverage -5.0% -0.59%
Total 100%
(1) An expected inflation of 2.30% used for this period. (2) Figures are based on the 2021 Asset Liability Management study. 84

CITY OF CONCORD JUNE 30, 2024
NOTE 12 – PENSION PLAN (CONTINUED)
CalPERS Safety and Miscellaneous Employees’ Pension Plans (Continued) Changes in the Net Pension Liability
The changes in the net pension liability for each Plan follows:

Miscellaneous Plan
Increase (Decrease)
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability/(Asset)
Balance at June 30, 2022 (Measurement Date) 268,386,212$ 173,022,357$ 95,363,855$ Changes in the year:

Service cost 4,130,312 - 4,130,312
Interest on the total pension liability 18,380,278 - 18,380,278 Differences between actual and expected experience 3,331,941 - 3,331,941 Change of benefit terms 313,365 - 313,365 Changes of assumptions - - -
Plan to plan resource movement - - -
Contribution - employer - 9,590,332 (9,590,332)
Contribution - employee - 1,712,742 (1,712,742)
Net investment income - 10,754,637 (10,754,637)
Administrative expenses - (127,233) 127,233
Benefit payments, including refunds of (15,431,687) (15,431,687) - employee contributions - - -
Other miscellaneous income/(expense) - - -
Net changes 10,724,209 6,498,791 4,225,418 Balance at June 30, 2023 (Measurement Date) 279,110,421$ 179,521,148$ 99,589,273$ Safety Plan
Increase (Decrease)
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability/(Asset)
Balance at June 30, 2022 (Measurement Date) $349,837,433 $211,571,024 138,266,409$ Changes in the year:

Service cost 5,949,883 - 5,949,883
Interest on the total pension liability 24,088,253 - 24,088,253 Differences between actual and expected experience 5,066,966 - 5,066,966 Change of benefit terms 91,868 - 91,868
Changes of assumptions - - -
Plan to plan resource movement - - -
Contribution - employer - 12,729,845 (12,729,845)
Contribution - employee - 2,462,809 (2,462,809)
Net investment income - 13,161,829 (13,161,829)
Administrative expenses - (155,579) 155,579
Benefit payments, including refunds of
employee contributions (17,732,199) (17,732,199) - Other miscellaneous income/(expense) - - -
Net changes 17,464,771 10,466,705 6,998,066 Balance at June 30, 2023 (Measurement Date) 367,302,204$ 222,037,729$ 145,264,475$ Total for Both Plans 646,412,625$ 401,558,877$ 244,853,748$ 85

CITY OF CONCORD JUNE 30, 2024
NOTE 12 – PENSION PLAN (CONTINUED)
CalPERS Safety and Miscellaneous Employees’ Pension Plans (Continued) Sensitivity of the Net Pension Liability to Changes in the Discount Rate – The following presents the net pension liability of the City for each plan, calculated using the discount rate for each plan, as well as what the City’s net pension liability would be if it were calculated using a disc ount rate that is 1- percentage point lower or 1- percentage point higher than the current rate.

Miscellaneous Safety
1% Decrease 5.90% 5.90%
Net Pension Liability 133,517,824$ 196,156,928$
Current Discount Rate 6.90% 6.90%
Net Pension Liability 99,589,273$ 145,264,475$
1% Increase 7.90% 7.90%
Net Pension Liability 71,327,986$ 103,640,931$
Pension Plan Fiduciary Net Position – Detailed information about eac h pension plans’ fiduciary net position is available in the separately issued CalPERS financial reports.

Pension expenses and Deferred Outflows/Inflows of Resources Related to Pensions For the fiscal year ending June 30, 2024, the City recognized pension expense of $16,245,095 for the Miscellaneous plan and $22,541,268 for the Safety plan, for total pension expense of $38,786,363. At June 30, 2024, the City reported deferred outflows of reso urces and deferred inflows of resources related to pensions from the following sources:

Miscellaneous Plan:

Deferred Outflows Deferred Inflows
of Resources of Resources
Pension contributions subsequent to measurement date 10,384,464$ -$ Differences between actual and expected experience 1,665,970 (11,284) Changes of assumptions 362,049 -
Net differences between projected and actual earnings on plan investments 8,101,375 -
Total 20,513,858$ (11,284)$
Safety Plan:

Deferred Outflows Deferred Inflows
of Resources of Resources
Pension contributions subsequent to measurement date 14,942,294$ -$ Differences between actual and expected experience 5,900,144 - Changes of assumptions 6,641,542 -
Net differences between projected and actual earnings on plan investments 10,011,183 -
Total 37,495,163$ -$
Combined total 58,009,021$ (11,284)$
86

CITY OF CONCORD JUNE 30, 2024
NOTE 12 – PENSION PLAN (CONTINUED)
CalPERS Safety and Miscellaneous Employees’ Pension Plans (Continued) $10,384,464 and $14,942,294 reported as deferred outf lows of resources related to pensions for the miscellaneous and safety plans, respectively, result ing from the City’s contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the fiscal year ended June 30, 2025. Other amounts reported as deferred outflows and deferred inflows of resources related to pensions will be recognized in pension expense as follows:

Miscellaneous Plan:

Year Ended Annual
June 30 Amortization
2025 3,418,939$
2026 756,422
2027 5,735,803
2028 206,946
Total 10,118,110$
Safety Plan:

Year Ended Annual
June 30 Amortization
2025 8,183,003$
2026 6,169,636
2027 7,933,426
2028 266,804
Total 22,552,869$
Summary Information
For fiscal year 2023-2024, total pension expense for the Miscellaneous, Safety and City of Concord’s Retirement System Plans amounted to $40,135,414.

As of June 30, 2024, the City reported total net pension liability, deferred outflows of resources and deferred inflows of resources for the Miscellaneous, Safety and Concord Retirement System Plans were as follows:

Deferred Deferred
Net Pension Outflows Inflows
Plan Liability of Res ources of Resources
CalPERS Plans :

Miscellaneous 99,589,273$ 20,513,858$ 11,284$ Safety 145,264,475 37,495,163 -
CCRS Retirement 16,192,524 343,919 - Total 261,046,272$ 58,352,940$ 11,284$
Pension liabilities are liquidated by the fund that have recorded the lia bility. The long-term portion of the governmental activities pension liability are liquidated primarily by the General Fund. 87

CITY OF CONCORD JUNE 30, 2024
NOTE 13 – OTHER POST-EMPLOYMENT HEATH CARE BENEFITS
Plan Description
Substantially all full-time City employees and their e ligible dependents are eligible for post-employment health care benefits under Agent Multiple Employer CalPERS sponsored health plans currently funded during the employees’ active service. During fiscal year 2018, the City implemented the provisions of Governmental Accounting Stan dards Board Statement No. 75, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions. This Statement establishes uniform financial reporting standards for employers providing postemployment benefits other than pensions (OPEB).

Required disclosures are presented below. In order to fund retiree health benefits, the City established an irrevocable trust with California Employers Retiree s Benefit Trust (CERBT). CERBT is administered by CalPERS and is managed by an appointed board not unde r the control of City Coun cil. This Trust is not considered a component unit by the City and has been excluded from these financial statements. Separately issued financial statements for CERBT may be obtained from CalPERS at P.O. Box 942709, Sacramento, California 94229-2709.

By Council resolution and through agreements with its labor units, the City provides certain health care benefits for retired employees under third-party in surance plans. A summary of contribution rates is shown below:

Benefits Provided
Retiree Couple Family
For employees hired before the summer of 2016 (date depends on bargaining unit), the City pays monthly health insurance premiums up to $ 672 1,344$ 1,747$ For employees hired after the summer of 2016 (date depends on bargaining unit), the City contributes the Minimum Employer Contribution amount prescribed by Government Code Section 22892 of the Public Employees' Medical and Hospital Care Act (PEMHCA). For 2024, that amount is $157 per month.

Employees Covered
As of the June 30, 2023 measurement date, membership in the Plan consisted of the following:

Number of
Covered
Participants
Inactives currently receiving benefits 475
Inactives entitled to but not yet receiving benefits 65 Active em ployees 391
Total 931
88

CITY OF CONCORD JUNE 30, 2024
NOTE 13 – OTHER POST-EMPLOYMENT HEATH CARE BENEFITS (CONTINUED) Net OPEB Liability
The City’s net OPEB liability for the plan is measured as the total OPEB liability, less the OPEB plan’s fiduciary net position. The net OPEB liability of the plan is measured as of June 30, 2023, using an annual actuarial valuation as of June 30, 2022 rolled forw ard to June 30, 2023. The long-term portion of the governmental activities Net OPEB Liability is liquidated primarily by the General Fund.

Actuarial Assumptions – The total OPEB liability in the plan’s June 30, 2022 actuarial valuation was determined using the following actuarial assumptions:

Actuarial Assum ptions
Valuation Date June 30, 2022
Measurement Date June 30, 2023
Actuarial Cost Method Entry age Norm al, Level % of pay Actuarial Assum pti ons:

Discount Rate 5.75% at June 30, 2023 and 5.75% and June 30, 2022 Inflation 2.5% annually
Payroll G rowth Aggregate Increase - 2.75%
Investment Rate of Return 5.75% at June 30, 2023 and 5.75% and June 30, 2022 Mortality CalPERS 2000-2019 Experience Study
Mortality Im provem ent
Mortality projected fully generational with Society of Actuaries Scale MP- 2021
Non-Medicare - 8.50% for 2024, decreasing to an ultimate rate of 3.45% in 2076 and later years
Medicare (Non-Kaiser) - 7.50% for 2024, decreasing to an ultimate rate of

3.45% in 2076 and later years
Medical Trend
Medicare (Kaiser) - 6.25% for 2024, decreasing to an ultimate rate of 3.45% in 2076 and later years
Currently covered - 100%
Currently waived - 80%
Healthcare Participation PEHMCA Minimum Only - 60%
The table below reflects long-term expected real rate of return by asset class. The rate of return was calculated using the capital market assumptions applied to determine the discount rate and asset allocation.

These geometric rates of return are net of administrative expenses.

Ex pected Real Rate of
Asset Class Target Allocation Return
Global Equity 34.0% 4.56%
Fixed Income 41.0% 1.56%
TIPS 5.0% -0.08%
Commodities 3.0% 1.22%
REITs 17.0% 4.06%
Total 100.0%
Assum ed Long-Term Rate of Inflation 2.50%
Ex pected Long-Term Net Rate of Return, Rounded 5.75%
89

CITY OF CONCORD JUNE 30, 2024
NOTE 13 – OTHER POST-EMPLOYMENT HEATH CARE BENEFITS (CONTINUED) Discount Rate – The discount rate used to measure the total OPEB liability was 5.75 percent for the plan.

The project of cash flows used to determine the discount rate assumed that employee contributions will be made at the current contribution rate and that the City ’s contributions will be made at rates equal to the difference between actuarially determined contri bution rates and the employee rate. Based on those assumptions, the plan’s fiduciary ne t position was projected to be ava ilable to make all projected future benefit payments of current active and inactive employees. Therefore, the long-term expected rate of return on OPEB plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability.

Changes in the Net OPEB Liability
The changes in the net OPEB liability for each plan measured as of June 30, 2023, are as follows:

Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability
Balance at June 30, 2022 65,513,717$ 34,929,133$ 30,584,584$ Changes in the year:

Service cost 1,257,168 - 1,257,168
Differences between actual and expected - - -
Assumption changes - - -
Interest 3,688,999 - 3,688,999
Contributions - employer - 5,980,809 (5,980,809)
Net investment income - 1,456,777 (1,456,777)
Administrative expenses - (50,655) 50,655
Benefit payment, including refundings (5,228,782) (5,228,782) - of employee contributions - - -
Net Changes (282,615) 2,158,149 (2,440,764)
Balance at June 30, 2023 65,231,102$ 37,087,282$ 28,143,820$ Fiscal Year Ending
Sensitivity of the Net OPEB Liability to Changes in the Discount Rate – The following presents the net OPEB liability of the City for the plan, calculated using the discount rate for each plan, as well as what the City’s net OPEB liability would be if it were calculated using a discount rate that is 1- percentage point lower or 1 percentage point higher than the current rate. 1% Decrease Current Rate 1% Increase
(4.75%) (5.75%) (6.75%)
Net OPEB Liability 34,457,548$ 28,143,820$ 22,759,485$ 90

CITY OF CONCORD JUNE 30, 2024
NOTE 13 – OTHER POST-EMPLOYMENT HEATH CARE BENEFITS (CONTINUED) Sensitivity of the net OPEB liability to chan ges in the Healthcare Cost Trend Rates – The following presents the net OPEB liability of the City for the plan , calculated using the healthcare cost trend rate for the plan, as well as what the City’s net OPEB liability would be if it were calculated using a healthcare cost trend rate that is 1-percentage point lower or 1-percentage point higher than the current rate. 1% Decrease Current Trend 1% Increase
Net OPEB Liability 25,915,315 $ 28,143,820$ 31,108,558$ OPEB expenses and deferred outflows/inflows of resources related to OPEB For the fiscal year ending June 30, 2024, the City recognized OPEB expense of $2,018,170 for the plan. At June 30, 2024, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:

Deferred Outflows Deferred Inflows
of Resources of Resources
Employer contributions made subsequent to the measurement date 4,477,407$ -$ Changes in assumptions 1,205,505 (134,763)
Differences between expected and actual experience - (2,314,129) Net differences between projected and actual earnings on plan investments 2,636,085 -
Total 8,318,997$ (2,448,892)$
$4,477,407 reported as deferred outflows of resources related to OPEB resulting from the City’s contributions subsequent to the measurement date will be recognized as a reduction of the net OPEB liability in the fiscal year ended June 30, 2025. Other amounts reported as deferred outflows and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:

Annual
Year Ended June 30, Amortization
2025 108,403$
2026 144,075
2027 1,011,683
2028 128,537
2029 -
Thereafter -
Total 1,392,698$
91

CITY OF CONCORD JUNE 30, 2024
NOTE 14 – DEFERRED COMPENSATION PLANS
City employees may also defer a portion of th eir compensation under City sponsored Deferred Compensation Plans. The City offers the opportunity to participate in one of two plans, one created in accordance with Internal Revenue Code Section 457, and one created in accordance with Internal Revenue Code 401k. Under the 457 Plan, diffe rent rules apply and amounts contri buted may be either pre-tax or after-tax depending on applicable plan rules; under the 401k Plan participants are not taxed on the deferred portion of their compensation until distributed to them. Under both plans, distributions may be made only at termination, retirement, death or in an emergenc y as defined by each Plan. The Plans are part of the public agency agent multiple‐employer defined contribution plans that are administered by Mission Square Retirement (formerly ICMA RC). Benefit provisions under the Plans are established by City resolution.

The City has no liability for any losses incurred by the Plans and does not participate in any gains, but does have the duty of due care that would be required of an ordinary prudent investor. The City has a contract with Mission Square to manage and invest the assets of each Plan. The administrator pools the assets of each Plan with those of other participants and does not make separate investments for the City. The assets in the Plans are the sole property of the participants or their beneficiaries. Since the assets held under the Plans are not the City’s property and are not subject to claims by general creditors of the City, they have been excluded from these financial statements. The Plans require investme nts to be stated at fair market value and it requires all gains and losses on Plan investments to accrue directly to participant accounts.

Under the terms of the employment agreement with the City Manager, the City contributes $15,000 annually to the Section 457 Plan. The City does not make any other contributions to the Section 457 Plan.

The City provides an employer-paid 40 1(k) contribution of 2% of salary plus $2,000 per year for all Confidential employees, and 3% of salary plus $2,000 per year for Executive Management employees. The contributions are made on a per pay-period basis. This is not an “employer match”; rather, it is a contribution made to the 401(k) account on behalf of the employee. The employer contributions vest immediately.

The City’s required contributions for the year ended June 30, 2024 for both plans totaled $564,895.

NOTE 15 – LEASES
Policies
A lease is defined as a contract that conveys control of the right to use another entity’s nonfinancial asset (the underlying asset) as specified in the contract for a period of time in an exchange or exchange-like transaction. Examples of nonfinancial assets include buildings, land, vehicles, and equipment. The City recognizes lease receivables or liabilities in which ther e is $7,500 or more in pa yments for the use of an asset during the fiscal year.

Lessee – The City is a lessee for noncancellable leases of buildings and improvements. The City recognizes a lease liability and an intangible right ‐to‐use lease asset (lease asset) in the government ‐wide financial statements.

At the commencement of a lease, the City initially measures the lease lia bility at the present value of payments expected to be made dur ing the lease term. Subsequently, th e lease liability is reduced by the principal portion of lease payments made. The lease asset is initially measured as the initial amount of the lease liability, adjusted for lease payments made at or before the lease commencement date, plus certain initial direct costs. Subsequently, the lease asset is amortized on a straight‐line basis over its useful life. 92

CITY OF CONCORD JUNE 30, 2024
NOTE 15 – LEASES (CONTINUED)
Key estimates and judgments related to leases include how the City determines (1) the discount rate it uses to discount the expected lease payments to present value, (2) lease term, and (3) lease payments as follows:
• The City uses the interest rate charged by the less or as the discount rate. When the interest rate charged by the lessor is not provided, the City generally uses its estimated incremental borrowing rate as the discount rate for leases.
• The lease term includes the noncancellable period of the lease. • Lease payments included in the measurement of the lease liability are composed of fixed payments and purchase option price that the City is reasonably certain to exercise.

The City monitors changes in circumstances that would require a remeasurement of its lease and will remeasure the lease asset and liability if certain changes occur that are expected to significantly affect the amount of the lease liability.

Lease assets are reported with other capital assets an d lease liabilities are reported on the statement of net position.

Lessor – The City is a lessor for noncancellable leases of commercial space, land and communication sites.

The City recognizes a lease receivable and a deferred inflow of resources in the government‐wide and fund financial statements.

At the commencement of a lease, the City initially measures the lease receiv able at the present value of payments expected to be received during the lease te rm. Subsequently, the lease receivable is reduced by the principal portion of lease payments received. The deferred inflow of resources is initially measured as the initial amount of the lease receivable, adjusted for lease payments received at or before the lease commencement date. Subsequently, the deferred inflow of resources is recognized as revenue over the life of the lease term.

Key estimates and judgments include how the City determines (1) the discount rate it uses to discount the expected lease receipts to present value, (2) lease term, and (3) lease receipts as follows:
• The City uses its estimated incremental borrowing rate as the discount rate for leases. • The lease term includes the noncancellable period of the lease. • Lease receipts included in the measurement of the lease receivable is composed of fixed payments from the lessee.

The City monitors changes in circumstances that would re quire a remeasurement of its lease, and will remeasure the lease receivable and deferred inflows of resources if certain changes occur that are expected to significantly affect the amount of the lease receivable. 93

CITY OF CONCORD JUNE 30, 2024
NOTE 15 – LEASES (CONTINUED)
Leases Receivable
The balances related to leases receivable and deferred inflows of resources as of June 30, 2024 were:

Deferred
Lease Inflows of
Receivable Resources
General Fund
Communication sites 1,802,321$ 1,702,477$
Land rentals 4,032,722 3,884,925
Pavilion 3,906,914 3,917,510
Parking lot 87,081 85,770
Subtotal - General Fund 9,829,038 9,590,682
Golf Enterprise Fund
Communication sites 402,405 392,474
Total 10,231,443$ 9,983,156$
Communication Site Leases – The City leases various locations to third parties for the provisions of mobile/wireless communications services. During the year ended June 30, 2024, the City had eight leases, with original lease terms ranging from twenty to thir ty years, including the optional extension periods for six of the leases that range from five to fifteen years, and as of June 30, 2024, the leases had one to fifteen years remaining. The City recognized $332,292 in lease revenue and $43,799 in interest revenue during the current fiscal year related to these leases. Also, the City has deferred inflows of resources associated with these leases that will be recognized as revenue over the lease term.

Land Leases – The City leases land to third parties for various amusement uses, including a water park, batting cages and an amusement park. During the year ended June 30, 2024, the City had three leases that were subject to being recorded as leases receivable under generally accepted acc ounting principles. The original lease terms were ten, twenty and fifty-five ye ars and as of June 30, 2024 , the three leases had .6 months, 11 years and 25 years, respectively, remainin g, including optional extension periods. One of the leases can be renewed for two additional five-year te rms and one lease can be renewed for five additional five-year terms. The City recognized $195,459 in lease revenue and $101,374 in interest revenue during the current fiscal year related to these leases. Also, the City has deferred inflows of resources associated with these leases that will be recognized as revenue over the lease term.

Pavilion – The City leases the Concord Pavilion to a third party. The original lease term was fifteen years
with an option to renew for one five-year term and as of June 30, 2024, the lease had 4.5 remaining, including the optional extension period. The City re cognized $870,558 in lease revenue and $65,417 in interest revenue during the current fiscal year related to this lease. Also, the Ci ty has deferred inflows of resources associated with the lease that will be recognized as revenue over the lease term.

Parking Lot – The City leases land to a third parties for a parking lot. The original lease terms were nine years and as of June 30, 2024, the lease had 1.5 years remaining. Th e City recognized $57,179 in lease revenue and $1,251 in interest revenue during the current fiscal year related to the lease. Also, the City has deferred inflows of resources associated with the leas e that will be recognized as revenue over the lease term.
94

CITY OF CONCORD JUNE 30, 2024
NOTE 15 – LEASES (CONTINUED)
Leases Payable
A summary of the lease payable transactions for the fiscal year ended June 30, 2024, are as follows:

Balance Balance Current
June 30, 2023 Retirements 6/30/2024 Portion
Governmental Activities
Salvio Street Suite S 2,558$ 2,558$ -$ -$ License Plate Readers 471,913 152,366 319,547 157,252 Total Leases Payable 474,471$ 154,924$ 319,547$ 157,252$ Salvio Street Suite S – The City entered into a five-year lease agreement as lessee for the use of office space that commenced in May 2018. An initial lease liability was recorded in the amount of $62,448. As of June 30, 2024, the lease agreement had expired, th erefore the amount of the lease liability and right-to- use asset is zero. The City was re quired to make monthly principal and interest payments of $2,440. The lease bore the City’s incremental borrowing rate of 0.5135%.

License Plate Reader – The City entered into a four-year lease ag reement as lessee for the use of license plate reader cameras that commenced in September 202 2. An initial lease liability was recorded in the amount of $639,413. As of June 30, 2024, the value of the lease liability was $319,547. The City is required
to make annual principal and interest payments of $167,500. The lease bear s the City’s incremental borrowing rate of 3.2070%. The value of the right-to-use asset as of the end of the current fiscal year was $360,558, which is net of accumulated amortization of $278,855.

The future principal and interest lease payments as of June 30, 2024, were as follows:

Governmental Activities
For the Year
Ended June 30 Principal Interest Total
2025 157,252$ 10,248 $ 167,500$
2026 162,295 5,205 167,500
Total 319,547$ 15,453 $ 335,000$
NOTE 16 – SUBSCRIPTION-BASED IN FORMATION TECHNOLOGY ARRANGEMENTS (SBITAs)
A SBITA is a contract that conveys control of the right to use another party’s (a SBITA vendor’s) IT software, alone or in combination with tangible capital assets (the underlying IT assets), as specified in the contract for a period of time in an exchange or exchange-like transaction. The City recognizes subscription assets and liabilities with an initial, individual value of $100,000 or more, based on the up front or future subscription payments remaining at the start of the agreement.
95

CITY OF CONCORD JUNE 30, 2024
NOTE 16 – SUBSCRIPTION-BASED IN FORMATION TECHNOLOGY ARRANGEMENTS (SBITAs) (CONTINUED)
At the commencement of a SBITA, the City initially measures the subscription liability at the present value of payments expected to be made during the contract term. Subsequently, the subscription liability is reduced by the principal portion of payments made. The subscription asset is initially measured as the initial amount of the subscription liability, adjusted for payments made at or before the SBITA commencement date, plus certain initial direct costs. Subsequently, th e subscription asset is amortized on a straight ‐line basis over shorter of the subscription term or the useful life of the underlying IT assets.

Key estimates and judgments related to SBITAs include how the City determines (1) the discount rate it uses to discount the expected subscription payments to present value, (2) subscription term, and (3) subscription payments as follows:
• The City uses the interest rate charged by the IT vendor as the discount rate. When the interest rate charged by the IT vendor is not provided, the City generally uses its estimated incremental borrowing rate as the discount rate for subscription liabilities. • The subscription term includes the noncancellable period of the subscription.

The City monitors changes in circumstances that would require a remeasurement of its subscription and will remeasure the subscription asset and liability if certain changes occur that are expected to significantly affect the amount of the subscription liability.

Subscription assets are reported with other capital assets and subscription liabilities are reported as long-term debt on the statement of net position.

A summary of governmental activities SBITA transactions for the fiscal year ended June 30, 2024, are as follows:

Balance Balance Current
June 30, 2023 Retirements June 30, 2024 Portion
Governmental Activities
Computer Aided Dispatch 183,780$ 183,780$ -$ -$ VLA Enterprise 187,349 187,349 - -
Peregrine Software 757,878 244,695 513,183 252,542 Total Leases Payable 1,129,007$ 615,824$ 513,183$ 252,542$ In December 2019, the City entered into a five‐year SBITA for the use of computer aided dispatch software.

An initial subscription liability was recorded in the amount of $368,155. As of June 30, 2024, the balance of the subscription liability was fully re paid. The City was required to ma ke annual principal and interest payments of $187,500. The software has a five‐year estimated useful life. The value of the right‐to‐use asset as of the end of the current fiscal year was $63,825 which is net of accumulated amortization of $304,330.

In September 2021, the City entered into a three‐year SBITA for the use of the Microsoft Office 365 software.

An initial subscription liability was recorded in the amount of $377,034. As of June 30, 2024, the balance of the subscription liability was fully repaid. The City was required to make an annual principal and interest payments from $193,415. The software has a five‐year estimated useful life. The value of the right‐to‐use asset as of the end of the current fiscal year wa s $41,893, which is net of accumulated amortization of $335,142.
96

CITY OF CONCORD JUNE 30, 2024
NOTE 16 – SUBSCRIPTION-BASED IN FORMATION TECHNOLOGY ARRANGEMENTS (SBITAs) (CONTINUED)
On November 1, 2022, the City ente red into a four-year SBITA for the use of electronic court case filing software. An initial subscription liability was recorded in the amount of $1,026,878. As of June 30, 2024, the balance of the subscription liability was $513,183. The City is required to make annual principal and interest payments of $269,000. The software has a five‐year estimated useful life. The value of the right‐to‐ use asset as of the end of the current fiscal year was $599,012, which is net of accumulated amortization of $427,866.

On November 1, 2022, the City entered into a four-year SBITA for the us e of data storage software. The subscription liability was paid in full at the beginning of the agreement, therefore no subscription liability was recorded. The software has a five‐year estimated useful life. The value of the right‐to‐use asset as of the end of the current fiscal year was $57,840, which is net of accumulated amortization of $79,149.

The future principal and interest subscription liability payments as of June 30, 2024, were as follows:

G overnm ental Activities
For the Year
Ended June 30 Principal Interest Tota l
2025 252,542$ 16,458$ 269,000$ 2026 260,641 8,359 269,000
Total 513,183$ 24,817$ 538,000$ NOTE 17 – RISK MANAGEMENT AND INSURANCE
Insurance Risk Pool
In July 2003, the City joined th e California State Association of Counties - Excess Insurance Authority (CSAC- EIA), a joint powers authority. During fis cal year 2019-2020, CSAC-EIA began operating under the name Public Risk Innovation, Solutions, and Management (PRISM). PRISM provides coverage against the following types of loss risks, including commer cial insurance coverage, under the terms of a joint- powers agreement with the City and several other cities and governmental agencies as follows:

Type of Coverage (Deductible) Coverage Lim its
General Liability ($500,000) 25,000,000$
Optional Exces s Liability ($25,000,000) 25,000,000$
Workers' Compensation ($500,000) Statutory
All Ris k Property 600,000,000$
($25,000 per occurrence)
Property Flood Risk 225,000,000$
($100,000 per occurrence)
Earthquake (5 percent of total values, with a $100,000 minimum) 465,000,000$ 97

CITY OF CONCORD JUNE 30, 2024
NOTE 17 – RISK MANAGEMENT AND INSURANCE (CONTINUED)
PRISM was established for the purpose of creating a risk management pool for all California public entities.

PRISM is governed by a Board of Directors consisting of representatives of its member public entities.

The City's deposits with PRISM are in accordance with formulas established by PRISM. Actual surpluses or losses are shared according to a formula developed from overall loss costs and spread to member entities on a percentage basis after a retrospective rating.

Audited financial statements for PRISM are availa ble from PRISM at 75 Iron Point Circle, Folsom, California 95630.

The City is self-insured for auto physical damage claims.

For the years ended June 30, 2024, 2023 and 2022, the amount of settlements did not exceed insurance coverage.

Uninsured Claims Payable
The City provides for the uninsure d portion of claims and judgments in its Risk Management (general liability and auto physical dama ge) and Workers' Compensation Inte rnal Service Funds. Claims and judgments, including a provision for claims incurred but not reported, are recorded when a loss is deemed probable of assertion and the amount of the loss is reasonably determinable.

The City's liability for uninsured claims is limited to worker's compen sation, general liability and auto physical damage claims, as discussed above, which are reported at their present value using expected future investment yield assumptions ranging from 2.5 to 4.0 percent. In additi on, the general liability claims are based on an 80 percent confidence level. The un discounted worker's compensation claims totaled $16,827,225, and undiscounted general liability claims totaled $2,748,671, at June 30, 2024.

The change in the claims liabilities, including clai ms incurred but not reported are based on independent actuarial studies and were computed and recorded on a discounted basis as follows for the years ended June 30, 2023 and June 30, 2024:

Workers Risk
Compensation Management/
Internal Service Liabi lity Internal Total Total
Fund Service Fund 2024 2023
Beginning balance 13,827,020$ 3,215,997$ 17,043,017$ 17,246,939$ Liability for current fiscal year claims 3,572,000 617,000 4,189,000 4,226,000 Change in liability for prior fiscal year claims and
claims incurred but not reported (IBNR) (1,509,726) (194,199) (1,703,925) 5,676,641 Claims paid (1,271,815) (894,228) (2,166,043) (10,106,563) Ending balance 14,617,479$ 2,744,570$ 17,362,049$ 17,043,017$ Current portion 2,523,262$ 658,383$ 3,181,645$ 3,762,480$ 98

CITY OF CONCORD JUNE 30, 2024
NOTE 17 – RISK MANAGEMENT AND INSURANCE (CONTINUED)
Health Care
The City provides its employees with a choice of five different medical insurance plans through CalPERS.

The City pays the premium up to $2 ,283 per month per employee. The Ci ty also provides its employees with Dental Insurance, paying premiums up to $221 per month per employee. The City also provides long- term disability and life insurance to its employees.

NOTE 18 – COMMITMENTS AND CONTINGENCIES
The City is subject to litigation arising in the normal course of business. In the opinion of the City Attorney there is no additional pending litigation, which is likely to have material adverse effect on the financial position of the City.

The City participates in several Federal and State grant programs. Th ese programs have been audited through the fiscal year ended June 30, 2024. No cost disallowances were proposed as a result of these audits; however, these programs are still subject to further examination by the grantors and the amount, if any, of expenditures which may be disallowed by the granting agencies cannot be determined at this time. The City expects such amounts, if any, to be immaterial.

Encumbrances
The City uses an encumbrance system as an extens ion of normal budgetary accounting for governmental funds. Under this system, purchase orders, contracts, and other commitments for the expenditure of monies are recorded in order to reserve that portion of a pplicable appropriations. Encumbrances outstanding at year-end are recorded as restricted, committed or assigned fund balance, depending on the classification of the resources to be used to liquidate the encumbrance, since they do not constitute expenditures or liabilities.

Outstanding encumbrances at year-end are automa tically reappropriated for the following year.

Unencumbered and unexpended appropriations lapse at year-end. 99

CITY OF CONCORD JUNE 30, 2024
NOTE 18 – COMMITMENTS AND CONTINGENCIES (CONTINUED)
Encumbrances outstanding as of June 30, 2024, were as listed below:

Am ount
Major G overnm ental Funds
General Fund 2,006,191$
ARPA Special Revenue Fund 138,990
General Projects Capital Projects Fund 323,312
2021 COP Projects Capital Projects Fund 28,861,072
Total Major Governmental Funds 31,329,565
Non-Major G overnm ental Funds:

State G as Tax Special Revenue Fund 420,624
Maintenance District Special Revenue Fund 38,120
Housing and Com m unity Services Special Revenue Fund 116,277 Storm Water Managem ent Special Revenue Fund 22,148
Asset Forfeiture Special Revenue Fund 60,535
Technology Fee Fund 191,756
Cannabis Community Benefit 43,634
Special Developers Capital Projects Fund 197,742
Inter-G overnmental Capital Projects Fund 67,550
Measure V Capital Im provem ents Capital Projects Fund 141,071 Total Non-Major G overnm ental Funds 1,299,457
Total Encumbrances Outstanding 32,629,022$
NOTE 19 – REDEVELOPMENT SUCCESSOR AGENCY ACTIVITIES
Redevelopment Dissolution
In an effort to balance its budget, the State of California adopted ABx1 26 on June 28, 2011, amended by AB1484 on June 27, 2012, which suspended all new re development activities except for limited specified activities as of that date and dissolved redevelopment agencies on January 31, 2012.

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

26. ABx1 26 and AB1484 created the regulatory authorit y, the Successor Agency Oversight Board, under the direction of the State Controller and Department of Finance (DOF), to review former Agency's asset transfer, obligation payments a nd wind down activities. ABx1 26 specifically directs the State Controller to review the activities of all redevelopment agencies to determine whether an asset transfer between an agency and any public agency occurred on or after January 1, 2011. If an asset transfer did occur and the public agency that received the asset is not contra ctually committed to a third party for the expenditure or encumbrance of the asset, the legislation purports
to require the State Controller to order the asset
returned to the Redevelopment Agency or, on or after February 1, 2012, to the Successor Agency. 100

CITY OF CONCORD JUNE 30, 2024
NOTE 19 – REDEVELOPMENT SUCCESSOR AGENCY ACTIVITIES (CONTINUED) Effective January 31, 2012, the Redevelopment Agency was dissolved. Certain assets of the Redevelopment Agency Low and Moderate Income Housing Fund we re distributed to a Housing Successor; and all remaining Redevelopment Agency assets and liabilities were distributed to a Successor Agency.

Under the provisions of AB 1484, the City elected to become the Housing Successor and retain the housing assets. On February 1, 2012, certain housing assets were transferred to the City's Concord Housing Fund, a special revenue fund.

The activities of the Housing Successor are reported in the Concord Housing Special Revenue Fund as the City has control of those assets, which may be used in accordance with the low and moderate income housing provisions of California Redevelopment Law.

The City also elected to become the Successor Ag ency and on February 1, 2012 the Redevelopment Agency's remaining assets were distributed to and liabilities were assumed by the Successor Agency. ABx1 26 requires the establishment of an Oversight Board to oversee the activities of the Successor Agency and one was established in April 2012 . The activities of the Successor Ag ency are subject to review and approval of the Oversight Board, which was comprise d of seven members, including one City employee appointed by the Mayor. Effective July 1, 2018, a new Countywide Oversight Board was established pursuant to the dissolution law.

The activities of the Successor Agen cy are reported in the Successor Agency Private-Purpose Trust Fund as the activities are under the control of the Oversight Board. The City provides administrative services to the Successor Agency to wind down the affairs of the former Redevelopment Agency.

The following notes provide more information regarding assets and liabilities of the Successor Agency.

Loan Receivable
The Successor Agency assumed the non-housing loans receivable of the former Redevelopment Agency as of February 1, 2012. The former Redevelopment Agency engaged in programs designed to encourage construction of, or improvement to, low-to-moderate income housing. Under these programs, grants or loans were provided under favorable terms to homeowners or developers who agreed to expend these funds in accordance with the former Agen cy's terms. The balances of the lo an receivable arising from the non- housing programs at June 30, 2024 are set forth below:

Concord Residential Club
Low and no interest loans were made by the former Redevelopment Agency to provide businesses assistance for rehabilitating buildings in the downtown area and to businesses or individuals for the rehabilitation of housing within the City of Concord owned and/or occupied by persons of low and moderate income. As of June 30, 2024, the loan balance was $230,003 and accrued interest on the loan totaled $465,750.

Pooled Investments
As of June 30, 2024, the Successor Agency held assets within the City investment pool totaling $1,501,692.

Cash with Fiscal Agents
As of June 30, 2024, the Successor Agency held assets with fiscal agents totaling $16,165. 101

CITY OF CONCORD JUNE 30, 2024
NOTE 19 – REDEVELOPMENT SUCCESSOR AGENCY ACTIVITIES (CONTINUED) Long-Term Debt
The Successor Agency assumed the long-term debt of the former Redevelopment Agency as of February 2012.

The Successor Agency's debt issu es and transactions are summari zed below and discussed in detail thereafter.

Current Year Transactions and Balances
Balance as of Balance as of Current
June 30, 2023 Retirements June 30, 2024 Portion
2014 Tax Allocation Refunding Bonds

4.0-5.00%, due 03/01/2025 4,920,000$ 2,400,000$ 2,520,000$ 2,520,000$ Plus premium on refunding bonds 988,723 494,362 494,361 494,361 Total Tax Allocation Bonds 5,908,723$ 2,894,362$ 3,014,361$ 3,014,361$ Debt Service Requirements
Annual debt service requirements are shown below:

For the Year Ending
June 30: Principal Interest
2025 2,520,000$ 126,000$
Total Requirements 2,520,000 126,000
Plus Unamortized Bond Premium 494,361 -
Total 3,014,361$ 126,000$
Bonds
Tax Allocation Bonds (TABs) Outstanding
On August 27, 2014 the California Department of Fi nance approved for the Successor Agency to issue $37,550,000 of Series 2014 Tax Allocation Refunding Bonds to defease and retire the 2004 Tax Allocation Bonds and retire the Concord Joint Powers Financ ing Authority Lease Revenue Bonds secured by a reimbursement agreement between the Successor Agen cy and the City of Concord for pledged tax increment revenues from the Central Concord Redevelopment Project. On October 1, 2014, the Series 2014 bonds were issued and the 2004 Bonds and Lease Reve nue bonds were fully red eemed on November 3, 2014.

The 2014 TABs are payable annually on March 1. The 2014 TABs are special obligations of the Agency and are secured by the Agency's tax increment revenues. With the dissolution of the Redevelopment Agency discussed above, Tax Increment is no longer distri buted, and instead the Successor Agency receives payments from the County's Redevelopment Property Tax Trust Fund (RPTTF) that are to be used to fund debt service on the Bonds, with no distinction between housing and no n-housing revenues. In addition, under the provisions of the laws dissolving the Redevelopment Agency, the Successor Agency only receives the funds necessary to fulfill its approved obligations. The TABs are 100 percent secured by a surety bond issued by AMBAC Assurance as of June 30, 2024.
102

CITY OF CONCORD JUNE 30, 2024
NOTE 19 – REDEVELOPMENT SUCCESSOR AGENCY ACTIVITIES (CONTINUED) The pledge of future tax increment revenues ends upon repayment of the $2,646,000 (principal and interest) in remaining debt service on the Agency's Tax Allocation Bonds which is scheduled to occur in 2025. For fiscal year 2024 RPTTF amounted to $3,419,891 which represented coverage of 1.25 over the $2,646,000 in debt service. With the dissolution of the Re development Agency discus sed above, Tax Increment is no longer distributed, and instead the Successor Agency receives payments from the County's Redevelopment Property Tax Trust Fund (RPTTF) that are to be used to fund repayment under the reimbursement agreement. In additi on, under the provisions of the la ws dissolving the Redevelopment Agency, the Successor Agency only receives the funds necessary to fulfill its approved obligations. The outstanding balance on the bonds as of June 30, 2024 was $2,520,000, with interest rates ranging from 4 to 5 percent.

Commitments and Contingencies
State Approval of Enforceable Obligations
The Successor Agency prepares a Recognized Obligation Payment Schedule (ROPS) annually that contains all proposed expenditures for the subsequent twelve-month period. The ROPS is subject to the review and approval of the Oversight Board as well as the State Department of Finance. Although the State Department of Finance may not question items included on the ROPS in one period, they may question the same items in a future period and disallow associated activities. The amount, if any, of current obligations that may be denied by the State Department of Finance cannot be determined at this time . The City expects such amounts, if any, to be immaterial.
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CITY OF CONCORD JUNE 30, 2024

REQUIRED SUPPLEMENTARY INFORMATION

CITY OF CONCORD JUNE 30, 2024

REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF CHANGES IN THE NET PENSION LIABILITY AND RELATED RATIOS CalPERS Miscellaneous Plan – Agent Multiple-Employer Defined Benefit Pension Plan Last 10 Years
M easurement Date 6/30/2014 6/30/2015 6/30/2016 6/30/2017 6/30/2018 Total Pension Liab ility
Service Cost 2,890,989$ 3,018,180$ 2,997,825$ 3,355,005$ 3,868,011$ Interest 13,096,282 13,671,707 14,191,823 14,505,723 15,288,854 Differences between ex pected and actual ex perience - 738,338 22,946 (1,288,985) 5,255,833 Changes of assum ptions - (3,200,990) - 11,460,291 (1,752,822) Changes in benefits - - - - -
Benefit paym ents, including refunds
of employee contributions (9,206,786) (9,773,556) (10,033,970) (10,318,668) (11,016,016) Net change in total p ension liab ility 6,780,485 4,453,679 7,178,624 17,713,366 11,643,860 Total p ension liab ility - b eginning 177,774,980 184,555,465 189,009,144 196,187,768 213,901,134 Total p ension liab ility - end ing (a) 184,555,465$ 189,009,144$ 196,187,768$ 213,901,134$ 225,544,994$ Plan fiduciary net position
Contributions - employer 4,399,819$ 4,836,917$ 5,333,899$ 6,081,150$ 6,548,823$ Contributions - employee 1,342,831 1,338,554 1,349,589 1,502,951 1,632,544 Net investment income 19,760,541 2,942,666 659,376 14,191,716 11,752,209 Benefit paym ents, including refunds
of employee contributions (9,206,786) (9,773,556) (10,033,970) (10,318,668) (11,016,016) Plan to plan resource movement - (53,698) (1,397) - (342) Adm inistrative ex pense - (147,283) (79,697) (188,978) (217,012) Other m iscellaneous incom e/(ex pense) - - - - (412,110) Net change in plan fiduciary net position 16,296,405 (856,400) (2,772,200) 11,268,171 8,288,096 Plan fiduciary net position - beginning 115,328,525 131,624,930 130,768,530 127,996,330 139,264,501 Plan fiduciary net position - ending (b) 131,624,930$ 130,768,530$ 127,996,330$ 139,264,501$ 147,552,597$ Net pension liability - ending (a)-(b) 52,930,535$ 58,240,614$ 68,191,438$ 74,636,633$ 77,992,397$ Plan fiduciary net position as a percentage of the
total pension liability 71.32% 69.19% 65.24% 65.11% 65.42% Covered payroll 16,255,025$ 17,128,929$ 17,838,673$ 19,770,939$ 21,505,077$ Net pension liability as percentage of covered payroll 325.63% 340.01% 382.27% 377.51% 362.67% Notes to Schedule:

Changes in assum p tions. In 2017, the accounting discount rate reduced from 7.65 percent to 7.15 percent. In 2016, 2018, 2019, 2020, 2021 and 2023, there were no changes. In 2022, the accounting discount rate reduced from 7.15 percent to 6.90 percent. In 2015, amounts reported reflect an adjustm ent of the discount rate from 7.5 percent (net of adm inistrative ex pense) to 7.65 percent (without a reduction for pensi on plan administrative expense.) In 2014, amounts reported were based on the 7.5 percent discount rate.

Benefit changes. The figures above do not include any liability im pact that m ay have resulted from plan changes which occurred after the June 3 0 valuation date. This applies for voluntary benefit changes as well as any offers of Two Y ears Additional Service Credit (a.k.a. G olden Handshakes). 106

CITY OF CONCORD JUNE 30, 2024
6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023
3,885,056$ 3,795,519$ 3,622,004$ 3,920,979$ 4,130,312$ 16,115,663 16,701,703 17,290,324 17,666,259 18,380,278 3,945,856 614,997 1,101,738 (236,952) 3,331,941 - - - 7,603,037 - - - - - 313,365 (12,078,986) (12,670,194) (13,889,259) (14,546,526) (15,431,687) 11,867,589 8,442,025 8,124,807 14,406,797 10,724,209 225,544,994 237,412,583 245,854,608 253,979,415 268,386,212 237,412,583$ 245,854,608$ 253,979,415$ 268,386,212$ 279,110,421$ 7,398,652$ 8,260,289$ 8,772,403$ 9,609,261$ 9,590,332$ 1,657,850 1,648,254 1,500,139 1,544,698 1,712,742 9,660,803 7,673,817 36,110,112 (14,581,709) 10,754,637 (12,078,986) (12,670,194) (13,889,259) (14,546,526) (15,431,687) - - - - - (105,297) (217,223) (158,612) (119,054) (127,233) 342 - - - -
6,533,364 4,694,943 32,334,783 (18,093,330) 6,498,791 147,552,597 154,085,961 158,780,904 191,115,687 173,022,357 154,085,961$ 158,780,904$ 191,115,687$ 173,022,357$ 179,521,148$ 83,326,622$ 87,073,704$ 62,863,728$ 95,363,855$ 99,589,273$

64.90% 64.58% 75.25% 64.47% 64.32%
21,773,599$ 21,334,818$ 21,553,654$ 21,756,850$ 24,101,342$ 382.70% 408.13% 291.66% 438.32% 413.21%
107

CITY OF CONCORD JUNE 30, 2024

REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF CHANGES IN THE NET PENSION LIABILITY AND RELATED RATIOS CalPERS Safety Plan – Agent Multiple-Employer Defined Benefit Pension Plan Last 10 Years
M easurement Date 6/30/2014 6/30/2015 6/30/2016 6/30/2017 6/30/2018 Total Pension Liab ility
Service Cost 4,891,960$ 4,792,943$ 4,928,814$ 5,509,705$ 5,876,593$ Interest 14,566,113 15,446,471 16,367,363 17,045,112 18,416,291 Differences between ex pected and actual ex perience - 158,327 659,410 (2,108,933) 8,302,892 Changes of assum ptions - - - 14,930,559 (924,463) Changes in benefits - (4,010,136) - - - Benefit paym ents, including refunds
of employee contributions (7,354,430) (8,359,469) (9,498,430) (10,436,636) (11,442,104) Net change in total p ension liab ility 12,103,643 8,028,136 12,457,157 24,939,807 20,229,209 Total pension liability - beginning 195,446,083 207,549,726 215,577,862 228,035,019 252,974,826 Total pension liability - ending (a) 207,549,726$ 215,577,862$ 228,035,019$ 252,974,826$ 273,204,035$ Plan fiduciary net position
Contributions - employer 5,732,219$ 5,993,768$ 6,411,727$ 7,481,823$ 8,023,738$ Contributions - employee 1,679,332 1,620,500 1,655,293 1,756,319 1,905,328 Net investment income 21,758,280 3,290,091 766,604 16,371,961 13,638,015 Benefit paym ents, including refunds
of employee contributions (7,354,430) (8,359,469) (9,498,430) (10,436,636) (11,442,104) Plan to Plan Resource Movem ent - (73,112) 1,397 - (404) Adm inistrative Ex pense - (167,255) (90,535) (218,214) (253,615) Other m iscellaneous incom e/(ex pense) - - - - (481,619) Net change in plan fiduciary net position 21,815,401 2,304,523 (753,944) 14,955,253 11,389,339 Plan fiduciary net position - beginning 124,432,457 146,247,858 148,552,381 147,798,437 162,753,690 Plan fiduciary net position - ending (b) 146,247,858$ 148,552,381$ 147,798,437$ 162,753,690$ 174,143,029$ Net pension liability - ending (a)-(b) 61,301,868$ 67,025,481$ 80,236,582$ 90,221,136$ 99,061,006$ Plan fiduciary net position as a percentage of the
total pension liability 70.46% 68.91% 64.81% 64.34% 63.74% Covered payroll 17,162,893$ 17,550,805$ 17,858,904$ 18,960,776$ 19,289,474$ Net pension liability as percentage of covered payroll 357.18% 381.89% 449.28% 475.83% 513.55% Notes to Schedule:

Source: CalPERS Accounting V aluation
Benefit changes. The figures above do not include any liability im pact that m ay have resulted from plan changes which occurred after the June 3 0, 2016 valuation date. This applies for voluntary benefit changes as well as any offers of Two Y ears Additional Service Credit (a.k.a. G olden Handshakes).

Changes in assum p tions. In 2017, the accounting discount rate reduced from 7.65 percent to 7.15 percent. In 2016, 2018, 2019, 2020, 2021 and 2023, there were no changes. In 2022, the accounting discount rate reduced from 7.15% to 6.90%. In 2015, amounts reported reflect an adjustm ent of the discount rate from 7.5 percent (net of adm inistrative ex pense) to 7.65 percent (without a reduction for pension plan adm inistrative ex pense.) In 2014, amounts reported were based on the 7.5 percent discount rate. All other assum ptions for the June 30, 2014 measurement date were the same as those used for the June 30, 2015 and 2016 measurement dates.
108

CITY OF CONCORD JUNE 30, 2024
6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023
5,836,758$ 5,819,371$ 5,612,270$ 5,941,359$ 5,949,883$ 19,693,768 20,716,215 21,805,269 22,916,800 24,088,253 5,676,340 2,037,227 3,425,534 1,849,987 5,066,966 - - - 13,632,640 - - - - - 91,868 (12,722,874) (13,795,343) (15,456,752) (16,355,171) (17,732,199) 18,483,992 14,777,470 15,386,321 27,985,615 17,464,771 273,204,035 291,688,027 306,465,497 321,851,818 349,837,433 291,688,027$ 306,465,497$ 321,851,818$ 349,837,433$ 367,302,204$ 9,097,712$ 10,238,493$ 10,898,120$ 11,756,116$ 12,729,845 1,908,372 1,923,865 2,132,642 2,182,048 2,462,809 11,417,116 9,090,255 43,477,672 (17,646,310) 13,161,829 (12,722,874) (13,795,343) (15,456,752) (16,355,171) (17,732,199) - - - - - (124,272) (258,999) (190,715) (144,384) (155,579) 404 - - - - 9,576,458 7,198,271 40,860,967 (20,207,701) 10,466,705 174,143,029 183,719,487 190,917,758 231,778,725 211,571,024 183,719,487$ 190,917,758$ 231,778,725$ 211,571,024$ 222,037,729$ 107,968,540$ 115,547,739$ 90,073,093$ 138,266,409$ 145,264,475$

62.98% 62.30% 62.30% 60.48% 60.45%
19,522,648$ 19,395,698$ 20,035,014$ 19,592,781$ 20,942,656$ 553.04% 574.23% 574.23% 705.70% 693.63%
109

CITY OF CONCORD JUNE 30, 2024

REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF CHANGES IN THE NET PENSION LIABILITY AND RELATED RATIOS City of Concord Retirement System – Single Employer Defined Benefit Pension Plan Last 10 Years
M easurement Date 6/30/2014 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 Total Pension Liab ility
Interest 3,879,000$ 3,769,962$ 3,970,093$ 3,539,085$ 3,426,180$ 3,304,303$ Differences between ex pected and actual ex perience - - - (1,612,351) - 586,695 C hanges i n assum pti ons - 3,337,481 - 1,006,364 - 64,501 Differences between projected and actual earnings
on plan investm ents - 1,483,884 - - - - Changes in benefits - - - - - - Benefit paym ents, including refunds
of employee contributions (5,516,000) (5,525,159) (5,499,628) (5,415,808) (5,425,844) (5,489,099) Net change in total p ension liab ility (1,637,000) 3,066,168 (1,529,535) (2,482,710) (1,999,664) (1,533,600) Total p ension liab ility - b eginning 62,399,000 60,762,000 63,828,168 62,298,633 59,815,923 57,816,259 Total p ension liab ility - end ing (a) 60,762,000$ 63,828,168$ 62,298,633$ 59,815,923$ 57,816,259$ 56,282,659$ Plan fiduciary net position
Contributions - employer 1,971,829$ 2,035,017$ 2,041,611$ 2,845,258$ 5,885,064$ 2,822,000$ Contributions - em ployee - - - - - - Net investment income 3,423,144 775,186 630,598 2,370,458 1,496,946 2,081,149 Benefit paym ents, including refunds
of employee contributions (5,516,398) (5,525,159) (5,499,628) (5,415,808) (5,425,844) (5,489,099) Administrative Expense (193,523) (208,204) (175,715) (160,582) (165,543) (179,003) Net change in plan fiduciary net position (314,948) (2,923,160) (3,003,134) (360,674) 1,790,623 (764,953) Plan fiduciary net position - beginning 37,640,518 37,325,570 34,402,410 31,399,276 31,038,602 32,829,225 Plan fiduciary net position - ending (b) 37,325,570$ 34,402,410$ 31,399,276$ 31,038,602$ 32,829,225$ 32,064,272$ Net pension liability - ending (a)-(b) 23,436,430$ 29,425,758$ 30,899,357$ 28,777,321$ 24,987,034$ 24,218,387$ Plan fiduciary net position as a percentage of the
total pens ion liability 61.43% 53.90% 50.40% 51.89% 56.78% 56.97% Covered payroll (1) (1) (1) (1) (1) (1)
Net pension liability as percentage of covered payroll N/A N/A N/A N/A N/A N/A (1) The Plan was closed in 1999 and there are no active participants, therefore there is no covered payroll.

Source: CCRS Accounting Valuation
Schedule of Investment Returns
6/30/2015 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 Annual money rated rate of return,
net of investment expense 2.52% 2.52% 2.49% 8.86% 5.26% 7.13% 110

CITY OF CONCORD JUNE 30, 2024
6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024
3,211,973$ 3,081,001$ 2,761,278$ 2,622,775$ 2,642,396$ - (131,677) - 2,842,846 -
- 1,188,841 - 85,831 -
- - - - -
- - - - -
(5,499,565) (5,290,086) (5,276,196) (5,282,819) (5,106,588) (2,287,592) (1,151,921) (2,514,918) 268,633 (2,464,192) 56,282,659 53,995,067 52,843,146 50,328,228 50,596,861 53,995,067$ 52,843,146$ 50,328,228$ 50,596,861$ 48,132,669$ 2,715,000$ 2,715,000$ 5,087,000$ 6,606,208$ 2,372,000$ - - - - -
1,409,436 5,099,067 (3,358,405) 1,646,779 2,858,624 (5,499,565) (5,290,086) (5,276,196) (5,282,819) (5,106,588) (176,807) (143,729) (173,931) (159,255) (165,860) (1,551,936) 2,380,252 (3,721,532) 2,810,913 (41,824) 32,064,272 30,512,336 32,892,588 29,171,056 31,981,969 30,512,336$ 32,892,588$ 29,171,056$ 31,981,969$ 31,940,145$ 23,482,731$ 19,950,558$ 21,157,172$ 18,614,892$ 16,192,524$

56.51% 62.25% 57.96% 63.21% 66.36%
(1) (1) (1) (1) (1)

N/A N/A N/A N/A N/A
6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024

4.25% 17.77% (11.56%) 6.01% 8.98%
111

CITY OF CONCORD JUNE 30, 2024

SUPPLEMENTARY INFORMATION

SCHEDULE OF CHANGES IN THE NET OPEB LIABILITY AND RELATED RATIOS Other Post Employment Benefit Plan - Agent Multiple Employer Last 10 Fiscal Years*
Measurement Date 6/30/17 6/30/18 6/30/19 6/30/20
Total OPEB Liability
Service cost 1,560,983$ 1,607,812$ 1,469,949$ 1,514,047$ Interest 4,213,727 4,282,178 4,338,953 4,404,719
Changes of assumptions - (763,100) - (524,260)
Differences between expected and actual experience - 619,351 - (773,805) Benefit payments, including refunds
of employee contributions (4,887,795) (4,727,102) (4,807,448) (4,949,938) Net change in total OPEB liability 886,915 1,019,139 1,001,454 (329,237) Total OPEB liability - beginning 63,308,501 64,195,416 65,214,555 66,216,009 Total OPEB liability - ending (a) 64,195,416$ 65,214,555$ 66,216,009$ 65,886,772$ Plan fiduciary net position
Plan to plan resource movement -$ -$ -$ -$
Contributions - employer 4,146,795 4,540,452 4,988,337 5,075,158 Contributions - employee - - - -
Net investment income 2,669,004 2,157,582 1,859,144 1,195,733 Differences between projected and actual
earnings on plan investments - - - -
Administrative expenses (13,562) (50,236) (54,242) (55,919) Benefit payments, including refunds
of employee contributions (4,887,795) (4,727,102) (4,807,448) (4,949,938) Net Change in Fiduciary Net Position 1,914,442 1,920,696 1,985,791 1,265,034 Plan fiduciary net position - beginning 24,739,632 26,654,074 28,574,770 30,560,561 Plan fiduciary net position - ending (b) 26,654,074$ 28,574,770$ 30,560,561$ 31,825,595$ Net OPEB liability - ending (a)-(b) 37,541,342$ 36,639,785$ 35,655,448$ 34,061,177$ Plan fiduciary net position as a percentage of the
total OPEB liability 41.52% 43.82% 46.15% 48.30%
Covered-employee payroll 38,731,716$ 40,794,552$ 41,296,247$ 40,730,516$ Net OPEB liability as a percentage of covered-employee pa 96.93% 89.82% 86.34% 83.63% Fiscal Year June 30, 2018 June 30, 2019 June 30, 2020 June 30, 2021 Measurement Date 6/30/21 6/30/22 6/30/23
Total OPEB Liability
Service cost 1,290,415$ 1,466,017$ 1,257,168$
Interest 4,034,998 3,900,949 3,688,999
Changes of assumptions 3,013,764 (36,145) -
Differences between expected and actual experience - (3,578,714) - Benefit payments, including refunds
of employee contributions (5,234,420) (5,229,919) (5,228,782) Net change in total OPEB liability 3,104,757 (3,477,812) (282,615) Total OPEB liability - beginning 65,886,772 68,991,529 65,513,717 Total OPEB liability - ending (a) 68,991,529$ 65,513,717$ 65,231,102$ Plan fiduciary net position
Plan to plan resource movement -$ -$ -$
Contributions - employer 5,316,392 4,637,072 5,980,809
Contributions - employee - - -
Net investment income 9,306,204 (5,571,232) 1,456,777
Differences between projected and actual
earnings on plan investments - - -
Administrative expenses (67,742) (52,817) (50,655)
Benefit payments, including refunds
of employee contributions (5,234,420) (5,229,919) (5,228,782) Net Change in Fiduciary Net Position 9,320,434 (6,216,896) 2,158,149 Plan fiduciary net position - beginning 31,825,595 41,146,029 34,929,133 Plan fiduciary net position - ending (b) 41,146,029$ 34,929,133$ 37,087,282$ Net OPEB liability - ending (a)-(b) 27,845,500$ 30,584,584$ 28,143,820$ Plan fiduciary net position as a percentage of the
total OPEB liability 59.64% 53.32% 56.86%
Covered-employee payroll 41,588,668$ 40,261,538$ 45,043,998$ Net OPEB liability as a percentage of covered-employee pa 66.95% 75.96% 62.48% Fiscal Year June 30, 2022 June 30, 2023 June 30, 2024
Notes to schedule
* Fiscal year 2018 was the first year of implementation, therefore, only seven years are shown. 112

CITY OF CONCORD JUNE 30, 2024

REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF CONTRIBUTIONS
CalPERS Miscellaneous Plan – Agent Multiple-Employer Defined Benefit Pension Plan Last 10 Years
Fiscal Year Ended June 30 2015 2016 2017 2018 2019
Actuarially determined contribution 4,836,917$ 5,333,899$ 6,081,150$ 6,546,333$ 7,355,334$ Contributions in relation to the actuarially determined contributions 4,836,917 5,333,899 6,087,756 6,546,333 7,355,334 Contribution deficiency (excess) -$ -$ (6,606)$ -$ -$ Covered payroll 17,128,929$ 17,838,673$ 19,770,939$ 21,505,077$ 21,773,599$ Contributions as a percentage of covered payroll 28.24% 29.90% 30.79% 30.44% 33.78% Notes to Schedule
Valuation date: 6/30/2012 6/30/2013 6/30/2014 6/30/2015 6/30/2016 Fiscal Year Ended June 30 2020 2021 2022 2023 2024
Actuarially determined contribution 8,266,205$ 8,886,832$ 9,770,934$ 9,605,409$ 10,384,464$ Contributions in relation to the actuarially determined contributions 8,266,205 8,886,832 9,770,934 9,605,409 10,384,464 Contribution deficiency (excess) -$ -$ -$ -$ -$
Covered payroll 21,334,818$ 21,553,654$ 21,756,850$ 24,101,342$ 27,574,626$ Contributions as a percentage of covered payroll 38.75% 41.23% 44.91% 39.85% 37.66% Notes to Schedule
Valuation date: 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 Methods and assumptions used to determine contribution rates:

Actuarial cost method
Amortization method
Asset valuation method
Inflation
Salary increases
Investment rate of return
Retirement age
Retirement age and mortality
Source: City of Concord's general ledger and CalPERS Actuarial Valuation Varies by entry age and service

7.5% for 2015 to 2018, 7.375% for 2019, 7.25% for 2020, 7.00% for 2021 and 2022 and 6.80% for 2023 and 2024, net of pension plan investment expense, including inflation.

The probabilities of retirement are based on the CalPERS Experience Study The probabilities of mortality are based on the CalPERS Experience Study. Pre- retirement and Post-retirement mortality rates include 20 years of projected mortality improvement using Scale BB published by the Society of Actuaries for 2015 to 2018. For 2019, 2020, 2021 and 2022, pre-retirement and post-retirement mortality rates include 15 years of projected mortality improvement using 90% of Scale MP-2016 published by the Society of Actuaries. For 2023 and 2024, pre- retirement and post-retirement mortality rates include generational mortality improvement using 80% of Scale MP-2020 published by
the Society of Actuaries.

2.75% for 2015 to 2019, 2.625% for 2020, 2.50% for 2021, and 2.30% for 2023 and 2024
Level percentage of payroll, closed
Entry age normal
Actuarial valuation of assets
113

CITY OF CONCORD JUNE 30, 2024

REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF CONTRIBUTIONS
CalPERS Safety Plan – Agent Multiple-Employer Defined Benefit Pension Plan Last 10 Years
Fiscal Year Ended June 30 2015 2016 2017 2018 2019
Actuarially determined contribution 5,993,768$ 6,411,727$ 7,481,823$ 8,023,715$ 8,943,686$ Contributions in relation to the actuarially determined contributions 5,993,768 6,411,727 7,481,823 8,023,715 8,943,686 Contribution deficiency (excess) -$ -$ -$ -$ -$
Covered payroll 17,550,805$ 17,858,904$ 18,960,776$ 19,289,474$ 19,522,648$ Contributions as a percentage of covered payroll 34.15% 35.90% 39. 46% 41.60% 45.81% Notes to Schedule
Valuation date: 6/30/2012 6/30/2013 6/30/2014 6/30/2015 6/30/2016 Fiscal Year Ended June 30 2020 2021 2022 2023 2024
Actuarially determined contribution 10,246,008$ 10,836,764$ 11,652,316$ 12,762,514$ 14,942,294$ Contributions in relation to the actuarially determined contributions 10,246,008 10,836,764 11,652,316 12,762,514 14,942,294$ Contribution deficiency (excess) -$ -$ -$ -$ -$
Covered payroll 19,395,698$ 20,035,014$ 19,592,781$ 20,942,656$ 24,049,725$ Contributions as a percentage of covered payroll 52.83% 54.09% 59. 47% 60.94% 62.13% Notes to Schedule
Valuation date: 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2020 Methods and assumptions used to determine contribution rates:

Actuarial cost method
Amortization method
Asset valuation method
Inflation
Salary increases
Investment rate of return
Retirement age
Retirement age and mortality
Source: City of Concord's general ledger and CalPERS Actuarial Valuation The probabilities of retirement are based on the CalPERS Experience Study The probabilities of mortality are based on the CalPERS Experience Study.

Pre-retirement and Post-retirement mortality rates include 20 years of projected mortality improvement using Scale BB published by the Society of Actuaries for 2015 to 2018. For 2019, 2020, 2021 and 2022, pre-retirement and post-retirement mortality rates include 15 years of projected mortality improvement using 90% of Scale MP-2016 published by the Society of Actuaries. For 2023 and 2024, pre-retirement and post-retirement mortality rates include generational mortality improvement using 80% of Scale MP- 2020 published by the Society of Actuaries.

7.5% for 2015 to 2018, 7.375% for 2019, 7.25% for 2020, 7.00% for 2021 and 2022, and 6.80% for 2023 and 2024, net of plan investment expense, including inflation.

2.75% for 2015 to 2019, 2.625% for 2020, 2.50% for 2021 and 2022, and

2.30% for 2023 and 2024
Entry age normal
Level percentage of payroll, closed
Actuarial valuation of assets
Varies by entry age and service
114

CITY OF CONCORD JUNE 30, 2024

REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF CONTRIBUTIONS
City of Concord Retirement System Plan – Single Employer Defined Benefit Pension Plan Last 10 Years
Fiscal Year Ended June 30 2015 2016 2017 2018 2019
Actuarially determined contribution 2,478,000$ 2,478,000$ 2,715,000$ 2,715,000$ 2,493,000$ Contributions in relation to the actuarially
determined contributions 2,035,017 2,041,611 2,845,258 5,885,064 2,822,000 Contribution deficiency (excess) 442,983$ 436,389$ (130,258)$ (3,170,064)$ (329,000)$ Covered payroll (1) (1) (1) (1) (1)
Contributions as a percentage of covered payroll N/A N/A N/A N/A N/A (1) Plan was closed in 1999.

Notes to Schedule
Valuation date: 6/30/2014 6/30/2014 6/30/2016 6/30/2016 6/30/2018 Fiscal Year Ended June 30 2020 2021 2022 2023 2024
Actuarially determined contribution 2,491,000$ 2,377,000$ 2,375,000$ 2,670,000$ 2,210,000$ Contributions in relation to the actuarially
determined contributions 2,715,000 2,715,000 5,087,000 6,606,208 2,372,000 Contribution deficiency (excess) (224,000)$ (338,000)$ (2,712,000)$ (3,936,208)$ (162,000)$ Covered payroll (1) (1) (1) (1) (1)
Contributions as a percentage of covered payroll N/A N/A N/A N/A N/A (1) Plan was closed in 1999.

Notes to Schedule
Valuation date: 6/30/2018 6/30/2020 6/30/2020 6/30/2022 6/30/2022 Methods and assumptions used to determine contribution rates:

Actuarial cost method
Amortization method
Amortization period
Asset valuation method Market value of assets
Inflation
Salary scale Not applicable
Investment rate of return
Entry age normal
Level dollar
12-year fixed period for 2023/24

2.50%

5.50%, net of pension plan investment expense,
including inflation
115

CITY OF CONCORD JUNE 30, 2024

REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF CONTRIBUTIONS
Other Post Employment Benefit Plan - Agent Multiple-Employer Last 10 Years*
Fiscal Year 2018 2019 2020 2021
Actuarially determined contribution 4,266,000$ 4,333,000$ 4,250,000$ 4,340,000$ Contributions in relation to the
actuarially determined contribution 4,540,452 4,243,337 4,246,158 4,430,392 Contribution deficiency (excess) (274,452)$ 89,663$ 3,842$ (90,392)$ Covered-employee payroll 40,794,552$ 41,296,247$ 40,730,516$ 41,588,668$ Contributions as a percentage of
covered-employee payroll 11.13% 10.28% 10.43% 10.65%
Notes to Schedule
Valuation Date June 30, 2018 June 30, 2020
Methods and assumptions used to
determine contribution rates:

Actuarial cost method Entry Age Normal, Level % of Pay Entry Age Normal, Level % of Pay Entry Age Normal, Level % of Pay Entry Age Normal, Level % of Pa y Amortization method Level percentage of payroll, closed Level percentage of payroll, closed Level percenta ge of payroll, closed Level percentage of payroll, closed Asset valuation method
Investment gain and losses spread
over 5-year rolling period
Investment gain and losses spread
over 5-year rolling period
Investment gain and losses spread
over 5-year rolling period
Investment gain and losses spread over
5-year rolling period
Discount Rate 6.75% 6.75% 6.75% 6.25%
Inflation 2.75% 2.75% 2.75% 2.75%
Medical Trend
Non-Medicare - 7.25% for 2019,
decreasing to an ultimate rate of

4.00% in 2076 and later years.

Medicare - 6.50% for 2019,
decreasing to an ultimate rate of

4.00% in 2076 and later years
Non-Medicare - 7.25% for 2021,
decreasing to an ultimate rate of

4.00% in 2076 and later years.

Medicare - 6.30% for 2021,
decreasing to an ultimate rate of

4.00% in 2076 and later years
Non-Medicare - 7.25% for 2021,
decreasing to an ultimate rate of

4.00% in 2076 and later years.

Medicare - 6.30% for 2021,
decreasing to an ultimate rate of

4.00% in 2076 and later years
Non-Medicare - 7.00% for 2022,
decreasing to an ultimate rate of 4.00%
in 2076 and later years. Medicare (Non-
Kaiser) - 6.10% for 2022, decreasing to
an ultimate rate of 4.00% in 2076 and
later years.

Medicare (Kaiser) - 5.00% for 2022,
decreasing to an ultimate rate of 4.00%
in 2076 and later years.

Mortality
CalPERS 1997-2011 Experience
Study
CalPERS 1997-2015 Experience
Study
CalPERS 1997-2015 Experience
Study CalPERS 1997-2015 Experience Study
Mortality Improvement
Mortality projected fully generational
with Society of Actuaries Scale MP-
2016
Post retirement mortality projected
fully generational with Scale MP-
2018
Post retirement mortality projected
fully generational with Scale MP-
2018
Post retirement mortality projected
fully generational with Scale MP-2020
Fiscal Year 2022 2023 2024
Actuarially determined contribution 3,707,000$ 3,782,000$ 3,560,000$ Contributions in relation to the
actuarially determined contribution 3,690,072 - -
Contribution deficiency (excess) 16,928$ 3,782,000$ 3,560,000$ Covered-employee payroll 40,261,538$ 45,043,998$ 51,624,351$ Contributions as a percentage of
covered-employee payroll 9.17% 0.00% 0.00%
Notes to Schedule
Valuation Date June 30, 2020 June 30, 2022 June 30, 2022 Methods and assumptions used to
determine contribution rates:

Actuarial cost method Entry Age Normal, Level % of Pay Entry Age Normal, Level % of Pay Entry Age Normal, Level % of Pay Amortization method Level percentage of payroll, closed Level percentage of payroll, closed Level percentage of payroll, closed Asset valuation method over 5-year rolling period over 5-year rolling period over 5-year rolling period Discount Rate 6.25% 5.75% 5.75%
Inflation 2.75% 2.50% 2.50%
Medical Trend
Non-Medicare - 7.00% for 2022,
decreasing to an ultimate rate of

4.00% in 2076 and later years.

Medicare (Non-Kaiser) - 6.10% for
2022, decreasing to an ultimate rate
of 4.00% in 2076 and later years.

Medicare (Kaiser) - 5.00% for 2022,
decreasing to an ultimate rate of

4.00% in 2076 and later years.

Non-Medicare - 8.50% for 2024,
decreasing to an ultimate rate of

3.45% in 2076 and later years.

Medicare (Non-Kaiser) - 7.50% for
2024, decreasing to an ultimate rate
of 3.45% in 2076 and later years.

Medicare (Kaiser) - 6.25% for 2024,
decreasing to an ultimate rate of

3.45% in 2076 and later years.

Non-Medicare - 8.50% for 2024,
decreasing to an ultimate rate of

3.45% in 2076 and later years.

Medicare (Non-Kaiser) - 7.50% for
2024, decreasing to an ultimate rate of

3.45% in 2076 and later years.

Medicare (Kaiser) - 6.25% for 2024,
decreasing to an ultimate rate of

3.45% in 2076 and later years.

Mortality
CalPERS 1997-2015 Experience
Study
CalPERS 2000-2019 Experience
Study
CalPERS 2000-2019 Experience
Study
Mortality Improvement
Post retirement mortality projected
fully generational with Scale MP-
2020
Post retirement mortality projected
fully generational with Scale MP-
2021
Post retirement mortality projected
fully generational with Scale MP-
2021
Notes to Schedule
* Fiscal year 2018 was the first year of implementation, therefore, only seven years are shown.

June 30, 2016 June 30, 2018
116

CITY OF CONCORD JUNE 30, 2024

SUPPLEMENTARY INFORMATION

This Page Left Intentionally Blank

CITY OF CONCORD

GENERAL FUND

COMBINING SCHEDULE OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2024
Total
Other Intrafund General
General Pavilion Measure V General Funds Eliminations Fun d

REVENUES
Taxes:

Property 23,235,860$ -$ -$ -$ -$ 23,235,860$ Sales Tax:

Sales Tax 39,397,924 - - - - 39,397,924
Sales Tax - Transaction Use Tax - - 33,090,982 - - 33,090,982 Transient Occupancy 2,457,149 - - - - 2,457,149
Franchise Fees 10,059,486 - - - - 10,059,486
Business License 4,184,939 - - - - 4,184,939
Motor Vehicle In Lieu, Unrestricted 14,968,077 - - - - 14,968,077 Licenses and Permits 2,196,042 - - - - 2,196,042
Intergovernmental 1,470,610 - - 354,324 - 1,824,934 Charges for Services 6,600,570 - - 144,513 - 6,745,083 Fines, Forfeitures and Penalties 346,878 - - - - 346,878 Recreation Services 3,593,415 - - - - 3,593,415
Use of Money and Property 5,315,310 1,081,428 1,030,370 64,467 - 7,491,575 Special Assessment Collections 8,064 - - - - 8,064 Other 1,644,744 473,559 - - - 2,118,303 Total Revenues 115,479,068 1,554,987 34,121,352 563,304 - 151,718,711

EXPENDITURES
Current: -
General Government 18,259,897 - - - - 18,259,897
Public Safety 73,855,148 - 115,407 74,019 - 74,044,574 Public Works 9,961,327 - 6,837 - - 9,968,164
Economic Development and Base Reuse 1,042,200 - - - - 1,042,200 Community Development 9,802,000 - - 140,861 - 9,942,861 Recreation Services 7,013,458 262,503 - - - 7,275,961 Debt Service:

Principal 2,558 - - - - 2,558
Interest and Fiscal Charges 432,524 103,265 - - - 535,789 Total Expenditures 120,369,112 365,768 122,244 214,880 - 121,072,004

EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES (4,890,044) 1,189,219 33,999,108 348,424 - 30,646,707

OTHER FINANCING SOURCES (USES)
Transfers in 16,426,214 - 1,000,000 - (16,101,900) 1,324,314 Transfers (Out) (9,206,555) - (34,052,000) (28,000) 16,101,900 (27,184,655) Total Other Financing Sources (Uses) 7,219,659 - (33,052,000) (28,000) - (25,860,341) NET CHANGES IN FUND BALANCES 2,329,615 1,189,219 947,108 320,424 - 4,786,366

FUND BALANCES
AT BEGINNING OF YEAR 32,901,177 (1,732,200) 4,918,169 29,274,737 - 65,361,883

FUND BALANCES
AT END OF YEAR 35,230,792$ (542,981)$ 5,865,277$ 29,595,161$ -$ 70,148,249$ 119

CITY OF CONCORD

GENERAL FUND

COMBINING SCHEDULE OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCE

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

Taxes:

Property 22,461,000$ 22,461,000$ 23,235,860$ 774,860$ Sales Tax:

Sales Tax 40,946,000 40,946,000 39,397,924 (1,548,076) Sales Tax - Transaction Use Tax - - - -
Transient Occupancy 2,500,000 2,500,000 2,457,149 (42,851) Franchises 8,564,400 8,564,400 10,059,486 1,495,086 Business License 3,789,300 3,789,300 4,184,939 395,639 Motor Vehicle In Lieu, Unrestricted 14,500,000 14,500,000 14,968,077 468,077 Licenses and Permits 2,188,820 2,188,820 2,196,042 7,222 Intergovernmental 1,250,000 1,250,000 1,470,610 220,610 Charges for Services 6,518,951 6,518,951 6,600,570 81,619 Fines, Forfeitures and Penalties 322,500 322,500 346,878 24,378 Recreation Services 3,129,958 3,129,958 3,593,415 463,457 Use of Money and Property 1,645,850 1,645,850 5,315,310 3,669,460 Special Assessment Collections 7,800 7,800 8,064 264
Other 1,080,000 1,080,000 1,644,744 564,744 Total Revenues 108,904,579 108,904,579 115,479,068 6,574,489 EXPENDITURES:

Current:

General Government:

Council 537,069 538,472 409,334 129,138 Manager 3,727,097 3,846,748 3,778,306 68,442 Attorney 2,130,578 2,258,857 2,164,551 94,306 Human Resources 2,849,463 2,885,417 2,822,717 62,700 Finance 10,730,294 9,996,035 9,084,989 911,046 Public Safety 72,832,385 71,440,131 73,855,148 (2,415,017) Public Works 14,140,032 11,603,444 9,961,327 1,642,117 Economic Development and Base Reuse 1,184,933 1,269,635 1,042,200 227,435 Community Development 11,114,940 11,565,660 9,802,000 1,763,660 Recreation Services 7,016,690 7,283,205 7,013,458 269,747 Capital Outlay - - - -
Debt Service:

Principal - - 2,558 (2,558)
Interest and Fiscal Charges 412,600 412,600 432,524 (19,924) Total Expenditures 126,676,081 123,100,204 120,369,112 2,731,092

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (17,771,502) (14,195,625) (4,890,044) 9,305,581

OTHER FINANCING SOURCES (USES)
Transfers In 16,284,509 16,284,509 16,426,214 141,705 Transfers (out) (774,847) (9,205,627) (9,206,555) (928) Total Other Financing Sources (Uses) 15,509,662 7,078,882 7,219,659 140,777 NET CHANGE IN FUND BALANCE (2,261,840)$ (7,116,743)$ 2,329,615 9,446,358$ FUND BALANCE AT BEGINNING OF YEAR 32,901,177
FUND BALANCE AT END OF YEAR 35,230,792$
Budgeted Amounts
General
120

Variance with Variance with
Final Budget Final Budget
Positive Positive
Original Final Actual Amounts (Negative) Original Final Actual Amounts (Negative) -$ -$ -$ -$ -$ -$ -$ -$
- - - - - - - -
- - - - 32,200,000 32,200,000 33,090,982 890,982 - - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1,062,310 1,062,310 1,081,428 19,118 - - 1,030,370 1,030,370 - - - - - - - -
212,800 212,800 473,559 260,759 - - - - 1,275,110 1,275,110 1,554,987 279,877 32,200,000 32,200,000 34,121,352 1,921,352 - - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - 115,407 (115,407)
- - - - 228,000 228,550 6,837 221,713
- - - - - - - -
- - - - 520,000 520,000 - 520,000
335,834 335,834 262,503 73,331 - - - - - 1,326,253 - 1,326,253 - - - -
- -
- - - - - - - -
- - 103,265 (103,265) - - - - 335,834 1,662,087 365,768 1,296,319 748,000 748,550 122,244 626,306 939,276 (386,977) 1,189,219 1,576,196 31,452,000 31,451,450 33,999,108 2,547,658 - - - - - 1,000,000 1,000,000 -
(24,457) (24,457) - 24,457 (31,452,000) (34,052,000) (34,052,000) - (24,457) (24,457) - 24,457 (31,452,000) (33,052,000) (33,052,000) - 914,819$ (411,434)$ 1,189,219 1,600,653$ -$ (1,600,550)$ 947,108 2,547,658$ (1,732,200) 4,918,169
(542,981)$ 5,865,277$
(Continued)
Pavilion
Budgeted Amounts
Measure V
Budgeted Amounts
121

CITY OF CONCORD

GENERAL FUND

COMBINING SCHEDULE OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCE

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

Taxes:

Property -$ -$ -$ -$
Sales Tax:

Sales Tax - - - -
Sales Tax - Transaction Use Tax - - - -
Transient Occupancy - - - -
Franchises - - - -
Business License - - - -
Motor Vehicle In Lieu, Unrestricted - - - -
Licenses and Permits - - - -
Intergovernmental 300,000 300,000 354,324 54,324 Charges for Services 175,000 175,000 144,513 (30,487) Fines, Forfeitures and Penalties - - - -
Parks and Recreation - - - -
Use of Money and Property 20,785 20,785 64,467 43,682
Special Assessment Collections - - - -
Other - - - -
Total Revenues 495,785 495,785 563,304 67,519 EXPENDITURES:

Current:

General Government:

Council - - - -
Manager - - - -
Attorney - - - -
Human Resources - - - -
Finance - - - -
Public Safety 475,569 475,569 74,019 401,550 Public Works - - - -
Economic Development and Base Reuse - - - -
Community Development 171,560 174,463 140,861 33,602 Parks & Recreation Services - - - -
Capital Outlay - - - -
Debt Service:

Principal - - - -
Interest and Fiscal Charges - - - -
Total Expenditures 647,129 650,032 214,880 435,152

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (151,344) (154,247) 348,424 502,671

OTHER FINANCING SOURCES (USES)
Transfers In - - - -
Transfers (out) (28,000) (28,000) (28,000) -
Total Other Financing Sources (Uses) (28,000) (28,000) (28,000) - NET CHANGE IN FUND BALANCE (179,344)$ (182,247)$ 320,424 502,671$ FUND BALANCE AT BEGINNING OF YEAR 29,274,737
FUND BALANCE AT END OF YEAR 29,595,161$
Other General Funds
Budgeted Amounts
122

Variance with Variance with
Final Budget Final Budget
Positive Positive
Original Final Actual Amounts (Negative) Original Final Actual Amounts (Negative) -$ -$ -$ -$ 22,461,000$ 22,461,000$ 23,235,860$ 774,860$ - - - - 40,946,000 40,946,000 39,397,924 (1,548,076) - - - - 32,200,000 32,200,000 33,090,982 890,982 - - - - 2,500,000 2,500,000 2,457,149 (42,851) - - - - 8,564,400 8,564,400 10,059,486 1,495,086 - - - - 3,789,300 3,789,300 4,184,939 395,639 - - - - 14,500,000 14,500,000 14,968,077 468,077 - - - - 2,188,820 2,188,820 2,196,042 7,222 - - - - 1,550,000 1,550,000 1,824,934 274,934 - - - - 6,693,951 6,693,951 6,745,083 51,132 - - - - 322,500 322,500 346,878 24,378
- - - - 3,129,958 3,129,958 3,593,415 463,457 - - - - 2,728,945 2,728,945 7,491,575 4,762,630 - - - - 7,800 7,800 8,064 264
- - - - 1,292,800 1,292,800 2,118,303 825,503 - - - - 142,875,474 142,875,474 151,718,711 8,843,237 - - - - 537,069 538,472 409,334 129,138
- - - - 3,727,097 3,846,748 3,778,306 68,442 - - - - 2,130,578 2,258,857 2,164,551 94,306 - - - - 2,849,463 2,885,417 2,822,717 62,700 - - - - 10,730,294 9,996,035 9,084,989 911,046 - - - - 73,307,954 71,915,700 74,044,574 (2,128,874) - - - - 14,368,032 11,831,994 9,968,164 1,863,830 - - - - 1,184,933 1,269,635 1,042,200 227,435 - - - - 11,806,500 12,260,123 9,942,861 2,317,262 - - - - 7,352,524 7,619,039 7,275,961 343,078 - - - - - 1,326,253 - 1,326,253
-
- - - - - - 2,558 (2,558)
- - - - 412,600 412,600 535,789 (123,189)
- - - - 128,407,044 126,160,873 121,072,004 5,088,869 - - - - 14,468,430 16,714,601 30,646,707 13,932,106 (16,101,900) (16,101,900) (16,101,900) - 182,609 1,182,609 1,324,314 141,705 16,101,900 16,101,900 16,101,900 - (16,177,404) (27,208,184) (27,184,655) 23,529 - - - - (15,994,795) (26,025,575) (25,860,341) 165,234 -$ -$ - -$ (1,526,365)$ (9,310,974)$ 4,786,366 14,097,340$ - 65,361,883
-$ 70,148,249$
Total General Fund
Budgeted Amounts
Intrafund Eliminations
Budgeted Amounts
123

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CITY OF CONCORD JUNE 30, 2024

NON-MAJOR GOVERNMENTAL FUNDS
State Gas Tax Fund. To account for restricted revenue appor tioned to the City from State-collected gasoline taxes and expended for construction and maintenance of City streets.

Maintenance Districts Fund. To account for revenue from property tax and annual assessments against property owners and expended for their share of the City's cost for maintenance in the areas of the service provided.

Art in Public Places Fund. To account for fees applied to new construction and expended for the purchase and installation of art objects in the City.

Traffic System Management Fund. To account for monies from in-lieu parking fees, to be expended for traffic management facilities.

Housing Assistance Program Fund. To account for monies from the former Redevelopment Agency and developers' contributions to be expended for low-income housing loans.

Housing and Community Services Fund. – To account for monies received from the Department of Housing and Urban Development and expended for development of jobs and suitable housing for low- income residents.

Storm Water Management Fund. To account for activities necessary to comply with the Federal Clean Water Act.

Health Care District Fund. To account for funds needed for hea lth programs. The program is funded through property taxes.

Asset Forfeiture Fund. To account for revenues received from ad judicated sales of assets seized during drug related arrests and to disburse for authorized public safety activities.

Vehicle Abatement Fund. To account for monies received by the California Department of Motor Vehicles to be expended on abatement, remova l or the disposal of vehicle relate d public nuisances from private or public property.

Public Education and Government Fund. To account for monies received by cable operators to support public education and government (PEG) channel facilities and activities.

General Plan Reimbursement Fee Fund. To account for the accumulation of revenue levied on building permits for payment of expenditures related to th e City’s General Plan Update and Housing Element Update.

Technology Fee Fund. To account for revenues received from a surcharge of administrative processing, plan review, and inspection fees applying to Buil ding, Engineering and Plan ning Divisions, for the purchase, maintenance, and replacement of Development Review services software and hardware.

Tree Special Revenue Fund. To account for the revenues received from fines or fees associated with tree removal. The fines or fees will be used for costs associated with planting, replacing, and maintaining trees.

Cannabis Community Benefit Special Revenue Fund. To account for revenue s received from local cannabis businesses for the advancement of community and public purposes. 125

CITY OF CONCORD JUNE 30, 2024

NON-MAJOR GOVERNMENTAL FUNDS (CONTINUED)
Opioid Settlement Fund. To account for funds pursuant to settlement agreements with opioid manufacturers, distributors, and phar macies, the funds are to be used to fund future opioid-remediation efforts. The settlement agreements include a list of qualifying opioid remediation expenditures.

Assessment Districts Fund. To account for accumulation of special assessment taxes for payment of special assessment bond interest and principal.

Energy Lease Fund. To account for a lease agreement issued to finance several energy conservation projects throughout the City.

Infrastructure Lease Agreement Fund. To account for lease agreement in connection with the financing of street and other infrastructure improvements.

Special Developers Fund. To account for capital projects within the City funded by various fees collected from developers.

Inter-Governmental Capital Projects Fund. To account for approved capital projects funded from other governmental agencies.

Measure V Projects Capital Projects Fund. To account for capital projects that are to be funded with funds received from the Measure V one-cent sales tax.
126

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Art in Traffic Housin g
State Maintenance Public S ystem Assistance
Gas Tax Districts Places Mana gement Pro gram
ASSETS:

Cash and Investments 8,441,042$ 5,232,873$ 75,871 $ 62,134 $ 601,335 $ Cash with Fiscal Agents 175,313 - - - -
Receivables, Net
Accounts Receivable - - - - -
Interest - - - - 27,992
Due from Other Governments 294,590 - - - -
Loans and Notes - - - - 185,445
Total Assets 8,910,945$ 5,232,873$ 75,871$ 62,134$ 814,772$

LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES:

Liabilities:

Accounts, Deposits and Contracts Payable 256,211$ 304$ -$ -$ -$ Accrued Liabilities 36,228 12,668 - - - Unearned Revenue - - - - -
Total Liabilities 292,439 12,972 - - - Deferred Inflows of Resources:

Unavailable Revenue - - - - 213,437
Fund balance:

Restricted 8,618,506 5,219,901 75,871 62,134 601,335 Assigned - - - - -
Unassigned - - - - -
Total Fund Balances (Deficit) 8,618,506 5,219,901 75,871 62,134 601,335 Total Liabilities, Deferred Inflows
and Fund Balances 8,910,945$ 5,232,873$ 75,871$ 62,134$ 814,772$

SPECIAL REVENUE FUNDS

CITY OF CONCORD

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEET
JUNE 30, 2024
128

SPECIAL REVENUE FUNDS
General
Housing and Storm Health Public Plan
Community Water Care Asset Vehicle Education and Reimbursement Technolo gy Services Mana gement District Forfeiture Abatement Government Fee Fee 2,019,702$ 8,031,852$ 840,059$ 396,663$ 272,238$ 1,045,622$ 3,783,733$ 3,625,224$ - - - - - - - -
- - - - - 73,482 - -
146,485 - - - - - - -
417,381 520,126 30,075 - - - - - 1,710,688 - - - - - - -
4,294,256$ 8,551,978$ 870,134$ 396,663$ 272,238$ 1,119,104$ 3,783,733$ 3,625,224$ 98,431$ 6,491$ -$ -$ -$ 28,789$ -$ 7,874$ 5,008 18,694 1,135 - 2,068 - - - 70,000 - - - - - - -
173,439 25,185 1,135 - 2,068 28,789 - 7,874 2,194,154 - - - - - - -
1,926,663 8,526,793 868,999 396,663 270,170 1,090,315 3,783,733 3,617,350 - - - - - - - -
- - - - - - - -
1,926,663 8,526,793 868,999 396,663 270,170 1,090,315 3,783,733 3,617,350 4,294,256$ 8,551,978$ 870,134$ 396,663$ 272,238$ 1,119,104$ 3,783,733$ 3,625,224$ (Continued)
129

SPECIAL REVENUE FUNDS DEBT SERVICE FUNDS
Cannabis
Community Opioid
Tree Benefit Settlement Assessment Ener gy
Fund Fund Fund Districts Lease
ASSETS:

Cash and Investments 56,766$ 594,664$ 176,666$ 7,722$ 1$ Cash with Fiscal Agents - - - - -
Receivables, Net
Accounts Receivable - 32,539 - - -
Interest - - - - -
Due from Other Governments - - - - -
Loans and Notes - - - - -
Total Assets 56,766$ 627,203$ 176,666$ 7,722$ 1$

LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES:

Liabilities:

Accounts, Deposits and Contracts Payable -$ -$ -$ 8,479$ -$ Accrued Liabilities - 313 - - -
Unearned Revenue - - 171,018 - -
Total Liabilities - 313 171,018 8,479 - Deferred Inflows of Resources:

Unavailable Revenue - - - - -
Fund balance:

Restricted 56,766 626,890 5,648 - 1 Assigned - - - - -
Unassigned - - - (757) -
Total Fund Balances (Deficit) 56,766 626,890 5,648 (757) 1 Total Liabilities, Deferred Inflows
and Fund Balances 56,766$ 627,203$ 176,666$ 7,722$ 1$

CITY OF CONCORD

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEET
JUNE 30, 2024
130

DEBT

SERVICE

FUNDS CAPITAL PROJECTS FUNDS
Total
Infrastructure Nonmajor
Lease Special Inter- Measure V Governmental
Agreement Developers Governmental Pro jects Funds
21,834$ 12,904,327$ 10,729,954$ $25,957,705 $84,877,987 18,609 - 110,957 6,927 311,806
- - - - 106,021
- - - - 174,477
- - 355,878 - 1,618,050
- - - - 1,896,133
40,443$ 12,904,327$ 11,196,789$ 25,964,632$ 88,984,474$ -$ -$ 272,391$ 273,436$ 952,406$ - 185 - - 76,299
- - - - 241,018
- 185 272,391 273,436 1,269,723
- - 323,837 - 2,731,428
40,443 - 10,600,561 - 46,388,742
- 12,904,142 - 25,691,196 38,595,338
- - - - (757)
40,443 12,904,142 10,600,561 25,691,196 84,983,323 40,443$ 12,904,327$ 11,196,789$ 25,964,632$ 88,984,474$ 131

SPECIAL REVENUE FUNDS
Art in Traffic Housing
State Maintenance Public System Assistance
Gas Tax Districts Places Managemen t Programs
REVENUES:

Taxes -$ 1,705,536$ -$ -$ -$
Licenses and Permits - - - - -
Franchises - - - - -
Intergovernmental 6,573,265 - - - -
Charges for Services - - - - -
Fines, Forfeitures and Penalties - - - - -
Use of Money and Property 364,564 199,989 2,891 - 22,247 Other - - - - -
Total Revenues 6,937,829 1,905,525 2,891 - 22,247 EXPENDITURES:

Current:

General Government - - - - -
Public Safety - - - - -
Public Works 3,135,974 1,782,568 1,520 - - Community and Economic Development - - - - -
Recreation Services - - 1,480 - -
Capital Outlay 4,621,156 - - - -
Debt service:

Principal Repayment - - - - -
Interest and Fiscal Charges - - - - -
Total Expenditures 7,757,130 1,782,568 3,000 - -

EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES (819,301) 122,957 (109) - 22,247 OTHER FINANCING SOURCES (USES):

Transfers In - - - - -
Transfers (Out) - (371,760) - - -
Total Other Financing Sources (Uses) - (371,760) - - - Net Changes in Fund Balances (819,301) (248,803) (109) - 22,247 Fund Balances (Deficit) at the Beginning of Period 9,437,807 5,468,704 75,980 62,134 579,088 FUND BALANCES (DEFICIT) AT END OF PERIOD 8,618,506$ 5,219,901$ 75,871$ 62,134$ 601,335$

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2024

CITY OF CONCORD

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES
132

SPECIAL REVENUE FUNDS
General
Housing Storm Health Public Plan
and Community Water Care Asset Vehicle Education and Reimbursemen t Technology Services Managemen t District Forfeiture Abatemen t Government Fee Fee -$ 2,072,830$ 462,599$ -$ -$ -$ -$ -$ - - - - - - - -
- - - - - 313,923 - -
2,169,596 - - - 102,282 - - - - 58,873 - - - - 364,765 539,258 - - - 91,704 - - - -
81,067 297,799 27,635 14,989 9,332 47,333 135,892 126,719 - 440 25,000 - - - - -
2,250,663 2,429,942 515,234 106,693 111,614 361,256 500,657 665,977 - - - - - 209,113 - -
- - - 115,302 105,172 - - - - 829,117 - - - - 140,864 - 1,736,358 1,370,867 399,849 - - 96,000 - 122,815 - - - - - - - -
300,000 80,243 - - - 343,812 1 - - - - - - - - -
- - - - - - - -
2,036,358 2,280,227 399,849 115,302 105,172 648,925 140,865 122,815 214,305 149,715 115,385 (8,609) 6,442 (287,669) 359,792 543,162 - 457,491 - - - - - -
(334,957) (182,609) - - - - - -
(334,957) 274,882 - - - - - - (120,652) 424,597 115,385 (8,609) 6,442 (287,669) 359,792 543,162 2,047,315 8,102,196 753,614 405,272 263,728 1,377,984 3,423,941 3,074,188 1,926,663$ 8,526,793$ 868,999$ 396,663$ 270,170$ 1,090,315$ 3,783,733$ 3,617,350$ (Continued)
133

SPECIAL REVENUE FUNDS DEBT SERVICE FUNDS
Cannabis
Community Opioi d
Tree Benefit Settlement Assessment Energy
Fund Fund Fund Districts Lease
REVENUES:

Taxes -$ -$ -$ -$ -$
Licenses and Permits 1,397 - - - -
Franchises - - - - -
Intergovernmental - - - - -
Charges for Services 9,397 - - - -
Charges for Services - - - - -
Use of Money and Property 1,813 17,221 5,173 175 - Other - 363,561 - - -
Total Revenues 12,607 380,782 5,173 175 - EXPENDITURES:

Current:

General Government - - - - -
Public Safety - - 119 - -
Public Works - - - - -
Community and Economic Development - 87,394 - - -
Recreation Services - - - - -
Capital Outlay - - - - -
Debt service:

Principal Repayment - - - - 825,000
Interest and Fiscal Charges - - - - 81,732
Total Expenditures - 87,394 119 - 906,732

EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES 12,607 293,388 5,054 175 (906,732) OTHER FINANCING SOURCES (USES):

Transfers (In) - - - - 906,732
Transfers (Out) - - - - -
Total Other Financing Sources (Uses) - - - - 906,732 Net Changes in Fund Balances 12,607 293,388 5,054 175 - Fund Balances (Deficit) at the Beginning of Period 44,159 333,502 594 (932) 1 FUND BALANCES (DEFICIT) AT END OF PERIOD 56,766$ 626,890$ 5,648$ (757)$ 1$

CITY OF CONCORD

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2024
134

DEBT

SERVICE

FUND CAPITAL PROJECTS FUNDS
Total
Infrastructure Nonmajor
Lease Special Inter- Measure V Governmental
Agreement Developers Governmental Projects Funds
-$ -$ -$ -$ 4,240,965$
- 555,632 - - 557,029
- - - - 313,923
- - 2,795,521 - 11,640,664
- - - - 972,293
- - - - 91,704
21,548 218,424 389,264 - 1,984,075 - 39,294 - - 428,295
21,548 813,350 3,184,785 - 20,228,948 - - - - 209,113
- - - - 220,593
- - 118,900 - 6,008,943
- 500,290 75,216 663,025 5,051,814 - - - - 1,480
- 906,332 4,504,933 7,481,478 18,237,955 4,025,000 - - - 4,850,000
3,476,570 - - - 3,558,302
7,501,570 1,406,622 4,699,049 8,144,503 38,138,200 (7,480,022) (593,272) (1,514,264) (8,144,503) (17,909,252) 7,499,300 - 36,041 10,453,922 19,353,486 - (494) (69,166) (1,000,000) (1,958,986)
7,499,300 (494) (33,125) 9,453,922 17,394,500 19,278 (593,766) (1,547,389) 1,309,419 (514,752) 21,165 13,497,908 12,147,950 $24,381,777 85,498,075 40,443$ 12,904,142$ 10,600,561$ 25,691,196$ 84,983,323$ 135

CITY OF CONCORD

BUDGETED NON-MAJOR FUNDS

COMBINING SCHEDULE OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024

STATE GAS TAX MAINTENANCE DISTRICTS
Variance Variance
Positive Positive
Budget Actual (Negative) Budget Actual (Negative)
REVENUES:

Taxes -$ -$ -$ 1,672,530 $ 1,705,536$ 33,006$ Licenses and Permits - - - - - -
Franchises - - - - - -
Intergovernmental 6,660,000 6,573,265 (86,735) - - - Charges for Services - - - - - -
Fines, Forfeitures and Penalties - - - - - -
Use of Money and Property 180,460 364,564 184,104 130,197 199,989 69,792 Other - - - - - -
Total Revenues 6,840,460 6,937,829 97,369 1,802,727 1,905,525 102,798 EXPENDITURES:

Current:

General Government - - - - - -
Public Safety - - - - - -
Public Works 4,371,740 3,135,974 1,235,766 1,484,287 1,782,568 (298,281) Community and Economic Development - - - - - -
Recreation Services - - - - - -
Capital Outlay 9,618,287 4,621,156 4,997,131 102,512 - 102,512 Debt Service:

Principal Repayment - - - - - -
Interest and Fiscal Charges - - - - - -
Total Expenditures 13,990,027 7,757,130 6,232,897 1,586,799 1,782,568 (195,769)

EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES (7,149,567) (819,301) 6,330,266 215,928 122,957 (92,971) OTHER FINANCING SOURCES (USES):

Transfers In - - - - - -
Transfers (Out) - - - (371,760) (371,760) - Total Other Financing Sources (Uses) - - - (371,760) (371,760) - Net Changes in Fund Balances (7,149,567)$ (819,301) 6,330,266$ (155,832)$ (248,803) (92,971)$ Fund Balances (Deficit) at Beginning of Year $9,437,807 5,468,704 Fund Balances (Deficit) at End of Year 8,618,506$ 5,219,901$ 136

ART IN PUBLIC PLACES TRAFFIC SYSTEM MANAGEMENT HOUSING ASSISTANCE PROGRAM Variance Variance Variance
Positive Positive Positive
Budget Actual (Negative) Budget Actual (Negative) Budget Actual (Negative) -$ -$ -$ -$ -$ -$ -$ -$ -$
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
3,463 2,891 (572) - - - 12,780 22,247 9,467 20,000 - (20,000) - - - - - -
23,463 2,891 (20,572) - - - 12,780 22,247 9,467 - - - - - - - - -
- - - - - - - - -
11,520 1,520 10,000 - - - - - - - - - - - - - - -
1,480 1,480 - - - - - - - 25,000 - 25,000 - - - - - -
- - - - - - - - -
- - - - - - - - -
38,000 3,000 35,000 - - - - - - (14,537) (109) 14,428 - - - 12,780 22,247 9,467 - - - - - - - - -
- - - - - - - - -
- - - - - - - - -
(14,537)$ (109) 14,428$ -$ - -$ 12,780 $ 22,247 9,467$ 75,980 62,134 579,088
75,871$ 62,134$ 601,335$
(Continued)
137

CITY OF CONCORD

BUDGETED NON-MAJOR FUNDS

COMBINING SCHEDULE OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024

HOUSING AND COMMUNITY SERVICES STORM WATER MANAGEMENT
Variance Variance
Positive Positive
Budget Actual (Negative) Budget Actual (Negative)
REVENUES:

Taxes -$ -$ -$ 2,100,000$ 2,072,830$ (27,170)$ Licenses and Permits - - - - - -
Franchises - - - - - -
Intergovernmental 2,298,509 2,169,596 (128,913) - - - Charges for Services - - - 110,000 58,873 (51,127) Fines, Forfeitures and Penalties - - - - - -
Use of Money and Property 85,224 81,067 (4,157) 144,009 297,799 153,790 Other - - - - 440 440
Total Revenues 2,383,733 2,250,663 (133,070) 2,354,009 2,429,942 75,933 EXPENDITURES:

Current:

General Government - - - - - -
Public Safety - - - - - -
Public Works - - - 992,551 829,117 163,434 Community and Economic Development 2,206,473 1,736,358 470,115 1,545,588 1,370,867 174,721 Recreation Services - - - - - -
Capital Outlay 884,339 300,000 584,339 1,361,664 80,243 1,281,421 Debt Service:

Principal Repayment - - - - - -
Interest and Fiscal Charges - - - - - -
Total Expenditures 3,090,812 2,036,358 1,054,454 3,899,803 2,280,227 1,619,576 .

EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES (707,079) 214,305 921,384 (1,545,794) 149,715 1,695,509 OTHER FINANCING SOURCES (USES):

Transfers In - - - 457,491 457,491 - Transfers (Out) (334,957) (334,957) - (182,609) (182,609) - Total Other Financing Sources (Uses) (334,957) (334,957) - 274,882 274,882 - Net Changes in Fund Balances (1,042,036)$ (120,652) 921,384$ (1,270,912)$ 424,597 1,695,509$ Fund Balances (Deficit) at Beginning of Year 2,047,315 8,102,196 Fund Balances (Deficit) at End of Year 1,926,663$ 8,526,793$ 138

HEALTH CARE DISTRICT ASSET FORFEITURE VEHICLE ABATEMENT Variance Variance Variance
Positive Positive Positive
Budget Actual (Negative) Budget Actual (Negative) Budget Actual (Negative) 406,000$ 462,599$ 56,599$ -$ -$ -$ -$ -$ -$ - - - - - - - - -
- - - - - - - - -
- - - - - - 100,000 102,282 2,282
- - - - - - - - -
- - - - 91,704 91,704 - - -
6,617 27,635 21,018 7,869 14,989 7,120 6,259 9,332 3,073 25,000 25,000 - - - - - - -
437,617 515,234 77,617 7,869 106,693 98,824 106,259 111,614 5,355 - - - - - - - - -
- - - 125,000 115,302 9,698 107,330 105,172 2,158 - - - - - - - - -
781,958 399,849 382,109 - - - - - - - - - - - - - - -
- - - 163,235 - 163,235 - - -
- - - - - - - - -
- - - - - - - - -
781,958 399,849 382,109 288,235 115,302 172,933 107,330 105,172 2,158 (344,341) 115,385 459,726 (280,366) (8,609) 271,757 (1,071) 6,442 7,513 - - - - - - - - -
- - - - - - - - -
- - - - - - - - -
(344,341)$ 115,385 459,726$ (280,366)$ (8,609) 271,757$ (1,071)$ 6,442 7,513$ 753,614 405,272 263,728
868,999$ 396,663$ 270,170$
(Continued)
139

CITY OF CONCORD

BUDGETED NON-MAJOR FUNDS

COMBINING SCHEDULE OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024

PUBLIC EDUCATION AND GOVERNMENT GENERAL PLAN REIMBURSEMENT FEE Variance Variance
Positive Positive
Budget Actual (Negative) Budget Actual (Negative)
REVENUES:

Taxes -$ -$ -$ -$ -$ -$
Licenses and Permits - - - - - -
Franchises 348,000 313,923 (34,077) - - - Intergovernmental - - - - - -
Charges for Services - - - 280,000 364,765 84,765 Fines, Forfeitures and Penalties - - - - - -
Use of Money and Property 35,830 47,333 11,503 61,989 135,892 73,903 Other - - - - - -
Total Revenues 383,830 361,256 (22,574) 341,989 500,657 158,668 EXPENDITURES:

Current:

General Government 220,000 209,113 10,887 - - - Public Safety - - - - - -
Public Works - - - - 140,864 (140,864)
Community and Economic Development - 96,000 (96,000) - - - Recreation Services - - - - - -
Capital Outlay 1,435,807 343,812 1,091,995 2,271,982 1 2,271,981 Debt Service:

Principal Repayment - - - - - -
Interest and Fiscal Charges - - - - - -
Total Expenditures 1,655,807 648,925 1,006,882 2,271,982 140,865 2,131,117

EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES (1,271,977) (287,669) 984,308 (1,929,993) 359,792 2,289,785 OTHER FINANCING SOURCES (USES):

Transfers In - - - - - -
Transfers (Out) - - - - - -
Total Other Financing Sources (Uses) - - - - - -
Net Changes in Fund Balances (1,271,977)$ (287,669) 984,308$ (1,929,993)$ 359,792 2,289,785$ Fund Balances (Deficit) at Beginning of Year 1,377,984 3,423,941 Fund Balances (Deficit) at End of Year 1,090,315$ 3,783,733$ 140

CANNABIS COMMUNITY

TECHNOLOGY FEE TREE FUND BENEFIT FUND
Variance Variance Variance
Positive Positive Positive
Budget Actual (Negative) Budget Actual (Negative) Budget Actual (Negative) -$ -$ -$ -$ -$ -$ -$ -$ -$
- - - - 1,397 1,397 - - -
- - - - - - - - -
- - - - - - - - -
498,000 539,258 41,258 - 9,397 9,397 - - - - - - - - - - - -
43,023 126,719 83,696 1,088 1,813 725 17,221 17,221 - - - - - - 337,000 363,561 26,561
541,023 665,977 124,954 1,088 12,607 11,519 337,000 380,782 43,782 - - - - - - - - -
- - - - - - - - -
- - - - - - - - -
375,000 122,815 252,185 - - - 97,606 87,394 10,212 - - - - - - - - -
315,100 - 315,100 - - - - - -
- - - - - - - - -
- - - - - - - - -
690,100 122,815 567,285 - - - 97,606 87,394 10,212 (149,077) 543,162 692,239 1,088 12,607 11,519 239,394 293,388 53,994 - - - - - - - - -
- - - - - - - - -
- - - - - - - - -
(149,077)$ 543,162 692,239$ 1,088$ 12,607 11,519$ 239,394$ 293,388 53,994$ 3,074,188 44,159 333,502
3,617,350$ 56,766$ 626,890$
(Continued)
141

CITY OF CONCORD

BUDGETED NON-MAJOR FUNDS

COMBINING SCHEDULE OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024

OPIOID SETTLEMENT FUND ASSESSMENT DISTRICTS
Variance Variance
Positive Positive
Budget Actual (Negative) Budget Actual (Negative)
REVENUES:

Taxes -$ -$ - $ - $ - $ - $
Licenses and Permits - - - - - -
Franchises - - - - - -
Intergovernmental - - - - - -
Charges for Services - - - - - -
Fines, Forfeitures and Penalties - - - - - -
Use of Money and Property - 5,173 5,173 212 175 (37) Other - - - - - -
Total Revenues - 5,173 5,173 212 175 (37) EXPENDITURES:

Current:

General Government - - - - - -
Public Safety - 119 (119) - - -
Public Works - - - - - -
Community and Economic Development - - - - - -
Recreation Services - - - - - -
Capital Outlay - - - - - -
Debt Service:

Principal Repayment - - - - - -
Interest and Fiscal Charges - - - - - -
Total Expenditures - 119 (119) - - -

EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES - 5,054 5,054 212 175 (37) OTHER FINANCING SOURCES (USES):

Transfers In - - - - - -
Transfers (Out) - - - - - -
Total Other Financing Sources (Uses) - - - - - -
Net Changes in Fund Balances -$ 5,054 5,054$ 212$ 175 (37)$ Fund Balances (Deficit) at Beginning of Year 594 (932)
Fund Balances (Deficit) at End of Year 5,648$ (757)$ 142

ENERGY LEASE INFRASTRUCTURE LEASE AGREEMENT
Variance Variance
Positive Positive
Budget Actual (Negative) Budget Actual (Negative)
-$ -$ -$ -$ -$ -$
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - 21,548 21,548
- - - - - -
- - - - 21,548 21,548
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
825,000 825,000 - 4,025,000 4,025,000 - 81,732 81,732 - 3,474,300 3,476,570 (2,270) 906,732 906,732 - 7,499,300 7,501,570 (2,270) (906,732) (906,732) - (7,499,300) (7,480,022) 19,278 906,732 906,732 - 7,499,300 7,499,300 - - - - - - -
906,732 906,732 - 7,499,300 7,499,300 - -$ - -$ -$ 19,278 19,278$
1 21,165
1$ 40,443$
143

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CITY OF CONCORD JUNE 30, 2024

INTERNAL SERVICE FUNDS
Internal Service Funds are used to finance and account for special activities and services performed by a designated department for other departments in the City on a cost reimbursement basis.

The concept of major funds does not extend to internal service funds because they do not do business with outside parties. Generally accepted accounting principles require that for the Stat ement of Activities, the net revenues or expenses of each internal service fund be eliminated by netting them against the operations of the other City departments which generated them. The remaining balance sheet items are consolidated with these same funds in the Governmental Activities Statement of Net Position.

However, internal service funds are still presented sepa rately in the Fund financial statements, including the funds below:

Workers' Compensation Fund. To account for workers' compensation expenses. This fund is financed by fees charged to the City departments.

Risk Management/Liability Fund. To account for the non-reimbursable portion of insurance claims.

Post-Retirement Health Care Benefit Fund. To account for the contributions and benefits paid in relation to the Post-Retirement Health Care Program.

Fleet Maintenance/Replacement Fund. To accumulate resources to fund the replacement of City licensed vehicles and motorized equipment.

Information Technology Replacement Fund. To accumulate resources to fund the replacement of computers and software for City staff.

Building Maintenance Fund. To accumulate resources required to maintain City facilities.

Compensated Absences Fund. To accumulate funds for the City’s liability associated with employee leave balances attributable to past service and it is probab le that the City will compensate the employees for the benefits through paid time off or some other means, such as cash payment at termination or retirement. 145

CITY OF CONCORD

INTERNAL SERVICE FUNDS

COMBINING STATEMENT OF NET POSITION
JUNE 30, 2024
Risk Post-Retirement Fleet
Workers' Mana gement/ Healthcare Maintenance/
Compensation Liabilit y Benefit Re placement
ASSETS
Current Assets:

Cash and Investments 26,164,908$ 4,714,540$ -$ 9,582,841$ Accounts Receivable 8,549 - 3,300,000 64,459
Total Current Assets 26,173,457 4,714,540 3,300,000 9,647,300 Advances to Other Funds 4,380,769 - - -
Capital Assets
Buildings and Improvements - - - -
Equipment - - - 15,587,626
Intangible Asset - - - -
Construction In Progress - - - -
Less: Accumulated Depreciation - - - (13,528,274)
Net Capital Assets - - - 2,059,352
Total Assets 30,554,226 4,714,540 3,300,000 11,706,652

LIABILITIES
Current Liabilities:

Accounts Payable - - - 743
Accrued Liabilities - - - 19,276
Due to Other Funds - - 2,860,416 -
Interest Payable - - - -
Compensated Absences Payable - - - 25,078
Capital Lease Payable - - - -
Claims Payable 2,523,262 658,383 - - Total Current Liabilities 2,523,262 658,383 2,860,416 45,097 Non-Current Liabilities
Compensated Absences Payable - - - -
Claims Payable 12,094,217 2,086,187 - - Long-Term Debt:

Due in More Than One Year - - - -
Total Liabilities 14,617,479 2,744,570 2,860,416 45,097

NET POSITION
Net Investment in Capital Assets - - - 2,059,352
Unrestricted 15,936,747 1,969,970 439,584 9,602,203 Total Net Position 15,936,747$ 1,969,970$ 439,584$ 11,661,555$ 146

Information
Technology Building Compensated
Replacement Maintenance Absences Total
18,200,790$ 2,671,687$ 277,435$ 61,612,201$ 15 - - 3,373,023
18,200,805 2,671,687 277,435 64,985,224 - - - 4,380,769
- 48,497,148 - 48,497,148
26,750,991 - - 42,338,617
882,178 - - 882,178
1,097,325 193,232 - 1,290,557
(25,524,969) (35,344,971) - (74,398,214)
3,205,525 13,345,409 - 18,610,286
21,406,330 16,017,096 277,435 87,976,279 813 2,116 - 3,672
49,618 30,191 - 99,085
- - - 2,860,416
21,341 - - 21,341
96,149 30,852 3,597,314 3,749,393
366,854 - - 366,854
- - - 3,181,645
534,775 63,159 3,597,314 10,282,406 163,561 36,876 2,563,413 2,763,850 - - - 14,180,404
763,868 - - 763,868
1,462,204 100,035 6,160,727 27,990,528 2,074,803 13,345,409 - 17,479,564
17,869,323 2,571,652 (5,883,292) 42,506,187 19,944,126$ 15,917,061$ (5,883,292)$ 59,985,751$ 147

CITY OF CONCORD

INTERNAL SERVICE FUNDS

COMBINING STATEMENT OF REVENUES, EXPENSES AND

CHANGES IN FUND NET POSITION
FOR THE YEAR ENDED JUNE 30, 2024
Risk Post-Retirement Flee t
Workers' Mana gement/ Healthcare Maintenance /
Compensation Liabilit y Benefit Replacement

OPERATING REVENUES
Charges for services 4,163,652$ 2,100,177$ 4,522,352$ 4,087,311$ Other 144,226 473,427 3,300,000 70,100 Total Operating Revenues 4,307,878 2,573,604 7,822,352 4,157,411

OPERATING EXPENSES
Operations and Maintenance 686,852 1,532,498 7,726,378 3,382,170 Cost of Sales and Services - - 74,539 -
Depreciation - - - 1,161,082
Claims and Judgments 2,062,274 422,801 - - Total Operating Expenses 2,749,126 1,955,299 7,800,917 4,543,252 Operating Income (Loss) 1,558,752 618,305 21,435 (385,841)

NONOPERATING REVENUES (EXPENSES)
Interest and Other Income 917,496 119,080 - 363,293 Interest and Other Expenses - - - -
Gain (loss) on sale of capital assets - - - 111,948
Total Non-Operating Revenues (Expenses) 917,496 119,080 - 475,241 Income (Loss) Before Transfers 2,476,248 737,385 21,435 89,400 Capital Contributions - - - -
Transfers In - - - 248,000
Transfers Out - - - -
Net Contributions and Transfers - - - 248,000
Changes in Net Position 2,476,248 737,385 21,435 337,400 Net Position (Deficit) Beginning 13,460,499 1,232,585 418,149 11,324,155 Net Position (Deficit) Ending 15,936,747$ 1,969,970$ 439,584$ 11,661,555$ 148

Information
Technology Building Compensated
Replacement Maintenance Absences Total
10,594,806$ 3,751,048$ 267,391$ 29,486,737$ 1,402 - - 3,989,155
10,596,208 3,751,048 267,391 33,475,892 9,217,419 4,350,475 368,420 27,264,212 - - - 74,539
1,738,029 1,296,377 - 4,195,488
- - - 2,485,075 -
10,955,448 5,646,852 368,420 34,019,314 (359,240) (1,895,804) (101,029) (543,422) 666,669 129,205 10,045 2,205,788 (69,384) - - (69,384)
- - - 111,948
597,285 129,205 10,045 2,248,352 238,045 (1,766,599) (90,984) 1,704,930 142,426 134,992 - 277,418
- - - 248,000
- (217,616) - (217,616)
142,426 (82,624) - 307,802
380,471 (1,849,223) (90,984) 2,012,732 19,563,655 17,766,284 (5,792,308) 57,973,019 19,944,126$ 15,917,061$ (5,883,292)$ 59,985,751$ 149

CITY OF CONCORD

INTERNAL SERVICE FUNDS

COMBINING STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED JUNE 30, 2024
Risk Post-Retirement Fleet
Workers' Mana gement/ Healthcare Maintenance/
Compensation Liabilit y Benefit Re placement

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from Customers 3,612,477$ 9,202,085$ 4,292,352$ 4,092,952$ Payments to Suppliers - - (4,500,917) (2,447,788) Payments to Employees - - - (918,522)
Claims Paid (1,271,815) (894,228) - - Net Cash Provided by (Used for)
Operating Activities 2,340,662 8,307,857 (208,565) 726,642

CASH FLOWS FROM NON-CAPITAL

FINANCING ACTIVITIES
Borrowings of Advances From/To Other Funds 76,923 (3,712,397) 208,565 - Transfers In - - - 248,000
Transfers (Out) - - - -
Net Cash Provided by (used for) Non-Capital
Financing Activities 76,923 (3,712,397) 208,565 248,000

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
Acquisition and Construction of Capital Assets - - - (1,129,438) Proceeds from Sale of Capital Assets - - - 111,948
Principal Paid on SBITA - - - -
Principal Paid on Debt, Bond Maturities - - - -
Interest and Fiscal Charges Paid - - - -
Net Cash Provided by (used for) Capital and
Related Financing Activities - - - (1,017,490)

CASH FLOWS FROM INVESTING ACTIVITIES
Interest Received 917,496 119,080 - 363,293 Net Cash Provided by (used for) Investing Activities 917,496 119,080 - 363,293 Net Increase (Decrease) in Cash and
Cash Equivalents 3,335,081 4,714,540 - 320,445 Cash and Investments at Beginning of Period 22,829,827 - - 9,262,396 Cash and Investments at End of Period 26,164,908$ 4,714,540$ -$ 9,582,841$ Reconciliation of Operating Income (Loss)
to Net Cash Provided by Operating Activities:

Operating Income (Loss) 1,558,752$ 618,305$ 21,435$ (385,841)$ Adjustments to Reconcile Operating Income
to Net Cash Provided by Operating Activities:

Depreciation - - - 1,161,082
Change in Assets and Liabilities:

Receivables, Net (8,549) 8,160,979 (230,000) (64,459) Accounts Payable - - - 743
Accrued liabilities - - - 10,319
Compensated Absences - - - 4,798
Self Insurance Claims Payable 790,459 (471,427) - - Net Cash Provided by (Used for) Operating Activities 2,340,662$ 8,307,857$ (208,565)$ 726,642$ NONCASH TRANSACTIONS:

Contributions of Capital Assets, Net -$ -$ -$ -$
150

Information
Technology Building Compensated
Replacement Maintenance Absences Total
10,596,193$ 3,751,048$ 267,391$ 35,814,498$ (6,261,598) (3,017,376) - (16,227,679)
(2,902,008) (1,314,071) (1) (5,134,602)
- - - (2,166,043)
1,432,587 (580,399) 267,390 12,286,174
- - - (3,426,909)
- - - 248,000
- (217,616) - (217,616)
- (217,616) - (3,396,525)
(201,943) (60,469) - (1,391,850)
- - - 111,948
(371,129) - - (371,129)
(357,155) - - (357,155)
(79,642) - - (79,642)
(1,009,869) (60,469) - (2,087,828)
666,669 129,205 10,045 2,205,788
666,669 129,205 10,045 2,205,788
1,089,387 (729,279) 277,435 9,007,609
17,111,403 3,400,966 - 52,604,592
18,200,790$ 2,671,687$ 277,435$ 61,612,201$ (359,240)$ (1,895,804)$ (101,029)$ (543,422)$ 1,738,029 1,296,377 - 4,195,488
(15) - - 7,857,956
(2,238) (16,725) - (18,220)
22,072 19,255 - 51,646
33,979 16,498 368,419 423,694
- - - 319,032
1,432,587$ (580,399)$ 267,390$ 12,286,174$
142,426$ 134,992$ -$ 277,418$
151

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CITY OF CONCORD JUNE 30, 2024

CUSTODIAL FUNDS
Custodial Funds report resources, not in a trust, that are held by the City for ot her parties outside of the City’s reporting entity.

Tourism Improvement District Fund – To account for fees collected from development and submitted to the District.

Custodial Fund – To account for assets held on behalf of other agencies and entities for other purposes. 153

CITY OF CONCORD

CUSTODIAL FUNDS

COMBINING STATEMENT OF FIDUCIARY NET POSITION
JUNE 30, 2024
Tourism
Improvement
District Total
Custodial Custodial Custodial
Fund Fund Funds
ASSETS:

Cash and Investments (Note 3)
Pooled Investments 139,194$ -$ 139,194$
Total Assets 139,194 - 139,194
LIABILITIES:

Accounts Payable and Due to Others 139,194 - 139,194
Total Liabilities 139,194 - 139,194
NET POSITION:

Net Position Restricted for Pension
Benefits and Held in Trust for Other Purposes - - -
Total Net Position (Deficit) -$ -$ -$
154

CITY OF CONCORD

CUSTODIAL FUNDS

COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FOR THE YEAR ENDED JUNE 30, 2024
Tourism
Improvement
District Total
Custodial Custodial Custodial
Fund Fund Funds

ADDITIONS
Intergovernmental revenue -$ 1,000,000$ 1,000,000$ Total Additions - 1,000,000 1,000,000

DEDUCTIONS
Community Planning and Economic Development - 1,000,000 1,000,000 Total Deductions - 1,000,000 1,000,000

NET CHANGES IN NET POSITION - - -
Net Position (Deficit) Held in Trust, Beginning of Year - - - Net Position (Deficit) Held in Trust, End of Year -$ -$ -$ 155

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CITY OF CONCORD JUNE 30, 2024

STATISTICAL TABLES AND OTHER SCHEDULES (UNAUDITED)

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CITY OF CONCORD JUNE 30, 2024

STATISTICAL TABLES AND OTHER SCHEDULES (UNAUDITED)
This part of the City’s Annual Comprehensive Financial Report presents detailed information as a context for understanding what the information in the fina ncial statements, note disclosures, and required supplementary information discusses ab out the City’s overall financial health. In contrast to the financial section, the statistical section information is not subject to independent audit.

Financial Trends
These schedules contain trend information to help the reader understand how the City’s financial performance and well- being have changed over time:
• Net Position by Component
• Changes in Net Position
• Fund Balance of Governmental Funds
• Changes in Fund Balance of Governmental Funds
Revenue Capacity
The schedules contain information to help the reader assess the City’s significant local revenue sources, the property tax and the sales tax:
• Assessed and Estimated Actual Value of Taxable
Property
• Taxable Sales by Category
• Property Tax Rates, Direct and Overlapping
Governments
• Sales Tax Rates
• Principal Property Taxpayers • Top 25 Sales Tax Producers • Property Tax Levies and Collections
Debt Capacity
These schedules present information to help the reader assess the affordab ility of the City’s current levels of outstanding debt and the City of Concord’s ability to issue additional debt in the future:
• Ratio of Outstanding Debt by Type
• Direct and Overlapping Debt
• Computation of Legal Bonded Debt Margin
• Sewer Revenue Bonds Coverage
• Bonded Debt Pledged Revenue Coverage - Tax Allocation Bonds Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the environment within which the City’s financial activities take place:
• Demographic and Economic Statistics
• Principal Employers
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the information in the City’s financial report relates to the services the City provides and the activities it performs:
• Full-Time Equivalent (FTE) City Government Employees by Function • Operating Indicators by Function/Program
• Capital Asset Statistics by Function/Program
Sources
Unless otherwise noted, the information in these schedules is derived from the Annual Comprehensive Financial Reports for the relevant year.
159

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Table 1: Net Position by Component
Last Ten Fiscal Years (Accrual Basis of Accounting)
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Governmental Activities
Net Investment in Capital
Assets $585,592,444 $589,252,002 $587,171,677 $582,183,019 $572,790,039 $561,198,070 $541,706,437 $530,314,569 $541,793,735 $535,954,953 Restricted 41,237,857 40,851,626 66,326,202 62,391,506 64,537,706 65,058,755 66,839,604 91,225,647 83,044,107 103,160,550 Unrestricted (56,475,621) (47,810,150) (75,116,464) (110,301,555) (119,503,391) (123,583,432) (110,262,539) (94,017,430) (74,085,369) (76,593,860) Total
Governmental
Activities Net $570,354,680 $582,293,478 $578,381,415 $534,272,970 $517,824,354 $502,673,393 $498,283,502 $527,522,786 550,752,473 562,521,643 Business-Type Activities
Net Investment in Capital
Assets $53,687,074 $50,820,240 $47,536,924 $46,948,620 $49,674,672 $50,328,261 $50,550,507 $49,463,249 $50,861,258 $52,934,508 Restricted
Unrestricted 12,127,606 15,646,475 21,202,439 24,478,697 25,679,978 28,073,896 33,477,518 42,948,704 49,809,226 57,168,540 Total Business-
Type Activities Net $65,814,680 $66,466,715 $68,739,363 $71,427,317 $75,354,650 $78,402,157 $84,028,025 $92,411,953 $100,670,484 $110,103,048 Primary Government
Net Investment in Capital
Assets $639,279,518 $640,072,242 $634,708,601 $629,131,639 $622,464,711 $611,526,331 $592,256,944 $579,777,818 $592,654,993 $588,889,461 Restricted 41,237,857 40,851,626 66,326,202 62,391,506 64,537,706 65,058,755 66,839,604 91,225,647 83,044,107 103,160,550 Unrestricted (44,348,015) (32,163,675) (53,914,025) (85,822,858) (93,823,413) (95,509,536) (76,785,021) (51,068,726) (24,276,143) (19,425,320) Total Primary
Government Net
Position $636,169,360 $648,760,193 $647,120,778 $605,700,287 $593,179,004 $581,075,550 $582,311,527 $619,934,739 $651,422,957 $672,624,691 Fiscal Year Ended June 30,
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Millions
Net Investment in Capital Assets Restricted Unrestricted 161

Table 2: Changes in Net Position
Last Ten Fiscal Years (Accrual Basis of Accounting)
2015 2016 2017 2018 2019
Expenses
Governmental Activities:

General Government $19,637,142 $13,936,670 $16,582,756 $19,717,835 $39,757,686 Public Safety 48,814,600 48,436,133 55,692,961 68,736,160 Public Works 33,134,581 20,568,699 35,438,199 36,908,454 15,317,513 Community Development 9,953,592 14,089,870 13,965,084 15,904,601 18,245,689 Economic Development and Base Reuse
Parks and Recreation 4,870,437 5,062,929 5,886,667 5,439,542 7,147,114 Recreation Services
Interest on Long Term Debt 1,273,563 1,216,836 1,160,987 1,494,780 1,020,071 Total Governmental Activities Expenses 117,683,914 103,311,137 128,726,654 79,465,212 150,224,233 Business-Type Activities:

Sewer 25,835,431 26,720,865 27,761,599 31,036,421 32,911,331 Golf Course 1,333,597 1,530,829 1,456,261 1,484,585 1,447,348 Total Business-Type Activities Expenses 27,169,028 28,251,694 29,217,860 32,521,006 34,358,679 Total Primary Government Expenses $144,852,942 $131,562,831 $157,944,514 $111,986,218 $184,582,912 Program Revenues
Governmental Activities:

Charges for Services:

General Government $2,207,723 $1,597,487 1,612,058 1,595,480 843,783 Public Safety 1,222,722 1,384,021 1,228,543 1,401,039 1,269,483 Public Works 349,321 568,733 1,491,617 1,068,348 636,304 Community Development 4,105,601 5,307,348 7,165,958 6,945,682 7,901,518 Economic Development and Base Reuse
Parks and Recreation 2,928,447 2,732,366 2,859,377 3,131,394 2,959,467 Recreation Services
Operating Grants and Contributions 40,439,282 38,455,430 6,909,863 4,654,854 4,377,022 Capital Grants and Contributions 5,941,945 9,732,184 11,109,794 14,048,546 13,505,029 Total Governmental Activities Program Revenues 57,195,041 59,777,569 32,377,210 32,845,343 31,492,606 Business-Type Activities:

Charges for Services:

Sewer Wastewater 24,349,277 27,319,039 29,921,759 33,133,014 35,880,678 Golf Course 1,449,756 1,406,707 1,329,987 1,510,340 1,476,636 Capital Grants and Contributions 85,532 173 16,427
Total Business-Type Activities Program Revenue 25,884,565 28,725,919 31,251,746 34,659,781 37,357,314 Total Primary Government Program Revenues $83,079,606 $88,503,488 $63,628,956 $67,505,124 $68,849,920 Net (Expense)/Revenue
Governmental Activities ($60,488,873) ($43,533,568) ($96,349,444) ($46,619,869) ($118,731,627) Business-Type Activities (1,284,463) 474,225 2,033,886 2,138,775 2,998,635 Total Primary Government Net Expense ($61,773,336) ($43,059,343) ($94,315,558) ($44,481,094) ($115,732,992) General Revenues and Other Changes in Net Position
Governmental Activities:

Taxes:

Property Taxes $17,457,504 $18,211,711 $19,185,672 $20,469,886 $21,818,338 Sales Taxes 11,554,083 12,134,557 46,004,776 48,474,643 49,185,212 Transient Occupancy Taxes 2,619,411 2,713,073 2,917,223 3,039,725 2,933,099 Business License Taxes 3,423,860 3,521,309 3,738,976 3,795,848 4,015,577 Other Taxes 6,188,928 7,222,669 7,623,072 8,174,327 8,282,066 Motor Vehicle In-Lieu 8,864,341 9,519,809 10,056,999 10,610,977 11,445,342 Investment Earnings 2,507,489 2,631,738 2,910,663 3,531,722 4,146,894 Miscellaneous Revenues (482,500)
Restructure Investment in Partnership (2,362,972)
Transfers
Gain (Loss) on Sale of Land
assumed by Successor Agency 456,483
Total Governmental Activities 50,252,644 55,472,366 92,437,381 98,097,128 102,283,011 Business-Type Activities:

Investment Earnings 93,481 127,810 221,459 549,179 928,698 Miscellaneous Revenues 50,000 50,000 17,303
Transfers
Total Business-Type Activities 143,481 177,810 238,762 549,179 928,698 Total Primary Government $50,396,125 $55,650,176 $92,676,143 $98,646,307 $103,211,709 Change in Net Position
Governmental Activities ($10,236,229) $11,938,798 ($3,912,063) $51,477,259 ($16,448,616) Business-Type Activities (1,140,982) 652,035 2,272,648 2,687,954 3,927,333 Total Primary Government ($11,377,211) $12,590,833 ($1,639,415) $54,165,213 ($12,521,283) Note: (a) In FY 2020-21, Economic Development was transferred from Community Development to Economic Development and Base Reuse. (b) In FY 2022-23, Parks and Recreation was changed to Recreation Services.

Fiscal Year Ended June 30,
162

Table 2: Changes in Net Position (continued)
Last Ten Fiscal Years (Accrual Basis of Accounting)
2020 2021 (a) 2022 2023 (b) 2024
Expenses
Governmental Activities:

General Government $39,791,046 $39,002,810 $42,401,112 $52,864,575 $47,030,092 Public Safety 72,492,181 66,267,792 55,878,311 73,229,387 83,444,438 Public Works 14,497,917 13,593,654 13,612,352 16,920,422 22,191,147 Community Development 17,769,196 15,430,089 11,981,076 14,587,310 16,603,954 Economic Development and Base Reuse 4,211,689 1,510,058 3,382,778 3,719,883 Parks and Recreation 7,069,156 6,041,570 7,031,117
Recreation Services 8,241,853 9,119,025
Interest on Long Term Debt 941,699 1,439,649 4,157,942 3,454,831 3,389,685 Total Governmental Activities Expenses 152,561,195 145,987,253 136,571,968 172,681,156 185,498,224 Business-Type Activities:

Sewer 36,565,521 35,308,937 33,219,397 37,063,467 40,166,092 Golf Course 1,601,547 1,676,402 1,801,508 1,792,022 1,768,855 Total Business-Type Activities Expenses 38,167,068 36,985,339 35,020,905 38,855,489 41,934,947 Total Primary Government Expenses $190,728,263 $182,972,592 $171,592,873 $211,536,645 $227,433,171 Program Revenues
Governmental Activities:

Charges for Services:

General Government 898,676 908,898 1,626,091 2,563,554 3,494,169 Public Safety 1,495,111 723,768 1,140,958 1,199,134 1,224,079 Public Works 3,405,245 1,350,050 2,464,246 4,846,873 931,669 Community Development 7,099,717 7,857,293 8,272,450 9,083,836 7,207,018 Economic Development and Base Reuse 2,709 7,095 10,562 15,782 Parks and Recreation 2,098,265 1,577,804 3,802,648
Recreation Services 4,214,177 4,666,002
Operating Grants and Contributions 3,970,247 5,163,840 9,552,896 12,833,308 18,465,027 Capital Grants and Contributions 11,815,948 13,418,012 13,325,322 21,010,002 16,436,451 Total Governmental Activities Program Revenues 30,783,209 31,002,374 40,191,706 55,761,446 52,440,197 Business-Type Activities:

Charges for Services:

Sewer Wastewater 38,409,908 39,723,870 41,236,631 43,692,942 46,083,285 Golf Course 1,632,993 2,610,973 2,359,290 2,208,772 2,400,026 Capital Grants and Contributions
Total Business-Type Activities Program Revenue 40,042,901 42,334,843 43,595,921 45,901,714 48,483,311 Total Primary Government Program Revenues $70,826,110 $73,337,217 $83,787,627 $101,663,160 $100,923,508 Net (Expense)/Revenue
Governmental Activities ($121,777,986) ($114,984,879) ($96,380,262) ($116,919,710) ($133,058,027) Business-Type Activities 1,875,833 5,349,504 8,575,016 7,046,225 6,548,364 Total Primary Government Net Expense ($119,902,153) ($109,635,375) ($87,805,246) ($109,873,485) ($126,509,663) General Revenues and Other Changes in Net Position
Governmental Activities:

Taxes:

Property Taxes $23,212,753 $24,115,482 $25,239,418 $26,509,921 $27,476,825 Sales Taxes 48,059,150 58,795,766 73,890,982 74,807,013 72,488,906 Transient Occupancy Taxes 2,531,487 1,960,534 2,197,673 2,259,583 2,457,149 Business License Taxes 3,792,877 3,685,324 4,016,929 4,224,521 4,184,939 Other Taxes 9,059,762 8,592,910 8,811,400 9,628,418 10,373,409 Motor Vehicle In-Lieu 12,195,444 12,784,112 13,236,505 14,205,304 14,968,077 Investment Earnings 6,676,564 666,435 (1,770,361) 8,422,432 12,877,892 Miscellaneous Revenues
Restructure Investment in Partnership
Transfers (5,575) (3,000) 73,443
Gain (Loss) on Sale of Land 1,098,988 18,762
assumed by Successor Agency
Total Governmental Activities 106,627,025 110,594,988 125,619,546 140,149,397 144,827,197 Business-Type Activities:

Investment Earnings 1,171,674 270,789 (194,088) 1,285,749 2,884,200 Miscellaneous Revenues
Transfers 5,575 3,000 (73,443)
Total Business-Type Activities 1,171,674 276,364 -191,088 1,212,306 2,884,200 Total Primary Government $107,798,699 $110,871,352 $125,428,458 $141,361,703 $147,711,397 Change in Net Position
Governmental Activities ($15,150,961) ($4,389,891) $29,239,284 $23,229,687 $11,769,170 Business-Type Activities 3,047,507 5,625,868 8,383,928 8,258,531 9,432,564 Total Primary Government ($12,103,454) $1,235,977 $37,623,212 $31,488,218 $21,201,734 Fiscal Year Ended June 30,
163

Table 3: Fund Balance of Governmental Funds
Last Ten Fiscal Years (Modified Accrual Basis of Accounting) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
General Fund
Nonspendable $5,300,213 $7,678,457 $9,459,544 $9,445,016 $8,386,175 $11,746,479 $11,804,305 $11,881,228 $12,057,873 $12,472,987 Restricted 14,424 12,180 10,101 872,011 1,173,144 1,545,386 1,905,754 Assigned 1,252,513 4,475,678 1,923,138 2,067,659 2,029,710 1,983,462 3,304,968 3,314,375 4,097,068 4,654,825 Unassigned 27,381,312 23,648,756 28,174,416 26,940,887 32,178,645 29,029,216 42,634,838 45,490,014 47,661,556 51,114,683 Total General
Fund $33,934,038 $35,802,891 $39,557,098 $38,467,986 $42,606,710 $42,769,258 $58,616,122 $61,858,761 $65,361,883 $70,148,249 All Other Governmental Funds
Nonspendable $1,862,800 $4,646,748 $11,784 $2,561,514
Restricted 70,264,462 67,547,802 66,326,202 62,391,506 $70,914,380 $71,493,015 $187,787,269 $192,238,110 $151,097,469 $130,443,671 Assigned 1,310,956 3,765,571 4,861,181 5,609,181 3,565,866 6,872,198 7,556,051 23,327,936 38,463,053 39,563,483 Unassigned (1,463) (1,423) (1,380) (1,320) (1,230) (1,144) (52,993) (1,045) (2,505,751) (757) Total All
Other
Governmental $73,436,755 $75,958,698 $71,197,787 $70,560,881 $74,479,016 $78,364,069 $195,290,327 $215,565,001 $187,054,771 $170,006,397 $0
$5
$10
$15
$20
$25
$30
$35
$40
$45
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Millions
Nonspendable Restricted Assigned Unassigned
164

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Table 4: Change in Fund Balance of Governmental Funds Last Ten Fiscal Years (Modified Accrual Basis of Accounting) 2015 2016 2017 2018 2019
Revenues
Taxes $50,108,127 $53,323,128 $89,526,717 $94,565,406 $97,679,634 Motor Vehicle in Lieu, Unrestricted
Licenses and Permits 1,850,505 2,190,733 3,457,297 3,249,276 2,483,185 Intergovernmental 41,713,386 46,499,748 12,386,529 14,019,651 16,676,525 Charges for Services 5,978,672 5,876,652 7,317,423 7,042,046 8,041,075 Fines, Forfeitures and Penalties 796,512 774,534 723,440 719,231 935,560 Parks and Recreation 2,928,447 2,831,036 2,859,377 3,131,397 2,959,467 Recreation Services
Use of Money and Property 2,310,630 2,354,703 2,594,695 3,079,499 3,789,572 Special Assessment Collections 1,125
Other 6,011,512 1,768,268 4,737,973 5,502,246 5,171,706 Total Revenues 111,698,916 115,618,802 123,603,451 131,308,752 137,736,724 Expenditures
Current:

General Government 19,047,800 15,581,374 15,525,619 19,243,077 15,978,713 Public Safety 45,819,891 50,507,794 54,183,706 57,813,409 59,348,021 Public Works 10,951,657 11,854,456 12,282,569 12,683,894 13,107,750 Economic Development and Base Reuse
Community Development 9,498,491 14,294,898 13,648,938 15,688,158 17,529,921 Parks and Recreation 4,550,920 5,004,907 5,311,993 5,340,701 5,689,238 Recreation Services
Capital Outlay 5,259,873 8,653,279 19,124,097 17,831,088 13,442,007 Debt Service:

Principal Repayment 1,971,156 3,355,956 3,394,025 3,340,000 3,622,000 Interest and Fiscal Charges 1,197,281 1,220,728 1,182,775 1,464,343 1,014,616 Total Expenditures 98,297,069 110,473,392 124,653,722 133,404,670 129,732,266 Excess (Deficiency) of Revenues Over
(Under) Expenditures 13,401,847 5,145,410 (1,050,271) (2,095,918) 8,004,458 Other Financing Sources (Uses)
Transfers In 4,694,031 12,921,595 6,911,566 10,983,035 10,424,941 Transfers (Out) (5,401,418) (13,676,209) (6,867,999) (10,807,816) (10,372,540) Issuance of long-term debt
Bond issuance premium
Proceeds from Sale of Property
Proceeds from Refunding Bonds 6,820,000
Proceeds from Debt Issuance 20,000,000
Payments to Refunded Bond Escrow (6,625,319)
Total Other Financing Sources (Uses) 19,292,613 (754,614) 43,567 369,900 52,401 Special/Extraordinary Items
Loans Receivable - Change in accounting Policy
Partnership Note Restructuring
by the Successor Agency (2,384,126)
Total Special/Extraordinary Items (2,384,126)
Net Change in Fund Balances $30,310,334 $4,390,796 ($1,006,704) ($1,726,018) $8,056,859 Debt Service as a Percentage of
Non-Capital Expenditures 4.4% 3.4% 5.3% 4.1% 4.0%
(a) Economic Development was transferred out of Community Development during 2021. (b) Motor Vehicle in Lieu was moved out of the Taxes category in fiscal year 2021. Prior year amounts were not revised. (c) In FY 2022-23, Parks and Recreation was changed to Recreation Services.

Fiscal Year Ended June 30,
166

Table 4: Change in Fund Balance of Governmental Funds (Continued) Last Ten Fiscal Years (Modified Accrual Basis of Accounting) 2020 2021 (a)(b) 2022 2023 (c) 2024
Revenues
Taxes $98,461,535 $97,076,921 $114,156,402 $117,429,456 $116,981,228 Motor Vehicle in Lieu, Unrestricted 12,784,112 13,236,505 14,205,304 14,968,077 Licenses and Permits 4,997,645 3,314,719 4,206,114 7,042,942 2,753,071 Intergovernmental 11,521,918 16,345,516 21,686,331 27,484,215 28,486,564 Charges for Services 8,075,358 7,965,906 8,779,626 9,233,147 7,717,376 Fines, Forfeitures and Penalties 718,220 294,925 423,599 383,865 438,582 Parks and Recreation 1,845,834 1,329,657 2,565,628
Recreation Services 2,981,963 3,593,415
Use of Money and Property 6,135,591 687,412 (1,423,041) 8,925,372 14,000,136 Special Assessment Collections 8,486 6,033 7,795 8,307 8,064 Other 5,244,106 1,432,252 1,743,048 3,212,937 4,067,730 Total Revenues 137,008,693 141,237,453 165,382,007 190,907,508 193,014,243 Expenditures
Current:

General Government 16,665,500 15,861,573 20,463,554 29,444,413 20,987,484 Public Safety 61,971,216 58,860,621 64,666,878 70,065,930 74,712,733 Public Works 13,394,012 13,534,439 15,578,502 17,188,953 21,400,745 Economic Development and Base Reuse 4,213,506 1,582,886 3,376,782 3,731,331 Community Development 17,188,821 15,576,523 13,370,779 26,014,516 16,360,816 Parks and Recreation 5,690,676 4,933,881 6,279,567
Recreation Services 6,987,850 7,464,436
Capital Outlay 12,166,259 6,054,893 10,736,298 34,220,336 51,205,173 Debt Service:

Principal Repayment 3,703,000 12,790,000 4,954,286 5,107,104 5,249,619 Interest and Fiscal Charges 967,893 1,595,584 3,831,468 4,177,834 4,133,530 Total Expenditures 131,747,377 133,421,020 141,464,218 196,583,718 205,245,867 Excess (Deficiency) of Revenues Over
(Under) Expenditures 5,261,316 7,816,433 23,917,789 (5,676,210) (12,231,624) Other Financing Sources (Uses)
Transfers In 8,822,097 6,108,973 27,533,602 23,764,666 29,261,000 Transfers (Out) (11,134,800) (5,919,471) (27,934,078) (24,564,330) (29,291,384) Issuance of long-term debt 109,480,000 1,666,291
Bond issuance premium 15,287,187
Proceeds from Sale of Property 1,098,988 18,762
Proceeds from Refunding Bonds
Proceeds from Debt Issuance
Payments to Refunded Bond Escrow
Total Other Financing Sources (Uses) (1,213,715) 124,956,689 (400,476) 885,389 (30,384) Special/Extraordinary Items
Loans Receivable - change in accounting policy (20,216,287) Partnership Note Restructuring
by the Successor Agency
Total Special/Extraordinary Items (20,216,287)
Net Change in Fund Balances $4,047,601 $132,773,122 $23,517,313 ($25,007,108) ($12,262,008) Debt Service as a Percentage of
Non-Capital Expenditures 3.9% 11.3% 6.7% 5.8% 6.1%
(a) Economic Development was transferred out of Community Development during 2021. (b) Motor Vehicle in Lieu was moved out of the Taxes category in fiscal year 2021. Prior year amounts were not revised. (c) In FY 2022-23, Parks and Recreation was changed to Recreation Services.

Fiscal Year Ended June 30,
167

Table 5: Assessed and Estimated Actual Value of Taxable Property Last Ten Fiscal Years
Redevelopment Total Real Total
Fiscal City Agency Secured Unsecured Total Estimated Direct Year Property Property Property Property Assessed (a) Full Market (a) Tax Rate (b) 2015 $11,811,954,307 $1,433,031,794 $13,244,986,101 $476,697,389 $13,721,683,490 $13,721,683,490 1% 2016 12,681,944,657 1,526,960,513 14,208,905,170 493,146,035 14,702,051,205 14,702,051,205 1% 2017 13,449,336,453 1,589,761,444 15,039,097,897 499,520,206 15,539,072,098 15,539,072,098 1% 2018 14,199,964,301 1,714,612,342 15,914,576,643 500,022,045 16,415,052,683 16,415,052,683 1% 2019 15,160,081,885 1,983,980,866 17,144,062,751 534,262,345 17,678,830,545 17,678,830,545 1% 2020 15,991,867,840 2,264,563,696 18,256,431,536 583,376,968 18,840,313,953 18,840,313,953 1% 2021 16,699,330,758 2,420,552,771 19,119,883,529 626,998,306 19,747,387,284 19,747,387,284 1% 2022 17,341,401,841 2,511,040,890 19,852,442,731 608,844,987 20,461,793,167 20,461,793,167 1% 2023 18,583,719,026 2,744,161,774 21,327,880,800 625,166,133 21,953,671,623 21,953,671,623 1% 2024 19,541,631,194 2,886,286,947 22,427,918,141 680,772,390 23,109,315,221 23,109,315,221 1% Notes:
(a) The State Constitution requires property to be assessed at one hundred percent of the most recent purchase price, plus an increment of no more than two percent annually, plus any local over-rides.

These values are considered to be full market values.
(b) California cities do not set their own direct tax rate. The State Constitution establishes the rate at 1% and allocates a portion of that amount, by an annual calculation, to all the taxing entities within a tax rate area.

The City of Concord encompasses more than 15 tax rate areas.

Source: Contra Costa County Auditor-Controller's Office, Certificate of Assessed Valuations $0
$5
$10
$15
$20
$25
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Billions
Unsecured Property Secured Property
168

Table 6: Property Tax Rates, Direct and Overlapping Governments Last Ten Fiscal Years
Contra Costa East Bay Mt. Diablo Unified
Fiscal City & County Bay Area Water Land Regional Park School District & Year Direct Rate Rapid Transit Levy District Community College Total 2015 1.0000 0.0045 0.0037 0.0085 0.1105 1.1272
2016 1.0000 0.0026 0.0035 0.0067 0.1032 1.1160
2017 1.0000 0.0080 0.0032 0.0032 0.0884 1.1028
2018 1.0000 0.0084 0.0030 0.0021 0.0904 1.1039
2019 1.0000 0.0070 0.0028 0.0021 0.1035 1.1154
2020 1.0000 0.0120 0.0026 0.0094 0.1096 1.1336
2021 1.0000 0.0139 0.0025 0.0014 0.1070 1.1248
2022 1.0000 0.0060 0.0023 0.0020 0.1074 1.1177
2023 1.0000 0.0140 0.0021 0.0058 0.0972 1.1191
2024 1.0000 0.0134 0.0020 0.0057 0.0856 1.1067
Notes:

Source: HdL Companies
Overlapping Rates
In 1978, California voters passed Proposition 13 which set the property tax rate at a 1.00% fixed amount. This 1.00% is shared by all taxing agencies for which the subject property resides within. In addition to the 1.00% fixed amount, property owners are charged taxes as a percentage of assessed property values for the payment of any voter approved bonds.

Overlapping rates are those of local and county governments that apply to property owners within the City. Not all overlapping rates apply to all city property owners.
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Per Hundred $
Contra Costa Water Land Levy
Mt. Diablo Unified School District & Community College
East Bay Regional Park District
Bay Area Rapid Transit
Baisc County Wide Levy
169

Table 7: Principal Property Taxpayers
Current Year and Nine Years Ago
Percentage Percentage
Assessed of Total Assessed of Total
Primary Land Use Value Rank Assessed Value Value Rank Assessed Value Taubman Land Associates LLC Commercial $309,975,966 1 1.40% $172,618,443 1 1.32% Concord Centercal Owner LLC Commercial 222,705,701 2 1.01% Renaissance Res Holdings LLC Residential 160,018,902 3 0.72% AD Seeno Construction Company Inc Commercial 143,409,278 4 0.65% Concord Technology Center Properties Commercial 142,002,291 5 0.64% Willows Center Concord Commercial 126,649,000 6 0.57% 61,954,305 8 0.47% Sequoia Equities Concord PC LLC Residential 125,810,340 7 0.57% HM Grant Street LLC Residential 123,208,066 8 0.56%
Jamestown Concord Technology Commercial 110,538,243 9 0.50% Clayton Valley Shopping Center Commercial 81,288,012 10 0.37% 67,878,523 6 0.52% Chevron USA Inc Commercial 116,047,507 2 0.89%
DWF III Concord Technology LLC Commercial 94,859,935 3 0.73% GSG Residential Park Central Residential 76,276,729 4 0.58% Sierra Pacific Properties Inc Commercial 73,249,021 5 0.56% Seecon Financial and Construction Co Commercial 62,344,346 7 0.48% SFG Owner A LLC Commercial 50,387,972 9 0.39%
Behringer Harvard Renaissance Residential 49,299,491 10 0.38% Top Ten Total $1,545,605,799 7.00% $824,916,272 6.32%
City Total $22,087,423,500 $13,057,174,559
Source: Tables provided by HdL Companies.
2023-24 2014-15
Property Owner
170

Table 8: Property Tax Levies and Collections
Last Ten Fiscal Years
#
#
#
Percent of
Current Percent Delinquent Total Total Tax County
Fiscal Total Tax of Levy Tax Tax Collections Delinquency Year Tax Levy (a) Collections Collected Collections (a) Collections to Tax Levy Rate (b) 2015 17,457,504$ 17,457,504$ 100.0000% n/a 17,457,504$ 100.0000% n/a 2016 18,211,711 18,211,711 100.0000% n/a 18,211,711 100.0000% n/a 2017 19,185,672 19,185,672 100.0000% n/a 19,185,672 100.0000% n/a 2018 20,469,886 20,469,886 100.0000% n/a 20,469,886 100.0000% n/a 2019 21,818,338 21,818,338 100.0000% n/a 21,818,338 100.0000% n/a 2020 23,212,753 23,212,753 100.0000% n/a 23,212,753 100.0000% n/a 2021 24,115,482 24,115,482 100.0000% n/a 24,115,482 100.0000% n/a 2022 25,239,418 25,239,418 100.0000% n/a 25,239,418 100.0000% n/a 2023 26,509,921 26,509,921 100.0000% n/a 26,509,921 100.0000% n/a 2024 27,476,825 27,476,825 100.0000% n/a 27,476,825 100.0000% n/a Notes:

Current tax collections beginning in 1993 have been reduced by a mandatory tax reallocation imposed by the State of California.
(a) During fiscal year 1995, the County began providing the City 100% of its tax levy under an agreement, the Teeter Plan which allows the County to keep all interest and delinquency charges collected. (b) Data is not available for the years being reported.

Source: City of Concord Finance Department
$0.0
$2.5
$5.0
$7.5
$10.0
$12.5
$15.0
$17.5
$20.0
$22.5
$25.0
$27.5
$30.0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Millions
Total Tax Levy (a) Tax Collections
171

Table 9: Taxable Sales by Category
Last Ten Calendar Years (Dollars in Thousands)
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Apparel Stores $133,502 $138,586 $142,501 $146,960 $173,749 $168,580 $112,514 $170,621 $159,342 $137,315 General Merchandise 311,632 304,047 302,708 310,343 315,809 313,316 242,987 302,578 333,935 325,697 Food Stores 62,148 63,762 65,119 65,916 68,123 71,154 74,323 73,696 77,132 78,536 Eating and Drinking Places 205,667 225,497 243,476 256,602 278,975 313,946 219,910 297,944 338,122 367,734 Building Materials 312,302 337,834 348,717 286,204 436,609 454,626 468,703 541,125 544,844 532,387 Auto Dealers and Supplies 750,293 855,661 920,088 961,963 918,324 891,375 776,277 904,931 891,307 861,646 Service Stations 168,632 152,664 137,249 147,571 167,913 173,743 119,129 167,138 217,196 203,822 Other Retail Stores 339,263 366,883 375,450 380,199 384,749 362,074 314,038 378,736 397,375 373,639 All Other Outlets 742,367 847,796 888,391 939,375 1,032,773 1,122,054 1,370,111 1,384,363 1,393,773 1,348,961 Total $3,025,806 $3,292,730 $3,423,699 $3,495,133 $3,777,024 $3,870,868 $3,697,992 $4,221,132 $4,353,026 $4,229,737 Note:

Sources: State Board of Equalization, California Department of Taxes and Fees Administration, State Controller's Office, The HdL Companies Due to confidentiality issues, the names of the ten largest revenue payers are not available. The categories presented are intended to provide alternative information regarding the sources of the City's revenue.
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$4,500,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
All Other Outlets
Other Retail Stores
Service Stations
Auto Dealers and Supplies
Building Materials
Eating and Drinking Places
Food Stores
General Merchandise
Apparel Stores
172

Table 10: Sales Tax Rates
Last Ten Fiscal Years
Fiscal Year City Direct Rate
Contra Costa
County
Bay Area Rapid
Transit
Contra Costa
Transportation
Authority
State of
California Total
2015 1.25% 0.25% 0.50% 0.50% 6.50% 9.00%
2016 1.25% 0.25% 0.50% 0.50% 6.50% 9.00%
2017 1.50% (b) 0.25% 0.50% 0.50% 6.00% (b),(c) 8.75%
2018 1.50% 0.25% 0.50% 0.50% 6.00% 8.75%
2019 1.50% 0.25% 0.50% 0.50% 6.00% 8.75%
2020 1.50% 0.25% 0.50% 0.50% 6.00% 8.75%
2021 2.00% (a) 0.75% (d) 0.50% 0.50% 6.00% 9.75%
2022 2.00% 0.75% 0.50% 0.50% 6.00% 9.75%
2023 2.00% 0.75% 0.50% 0.50% 6.00% 9.75%
2024 2.00% 0.75% 0.50% 0.50% 6.00% 9.75%
Notes:
(a) A full-cent use and transaction tax (Measure V) was originally approved in November 2020 and will continue until ended by voters. (b) The end of the revenue "swap" of Proposition 57 resulted in a 0.25% increase to the local sales tax rate, and 0.25% decrease to the state. (c) Proposition 30 0.25% sales tax increase expired on December 31, 2016. (d) A half-cent sales tax was approved by county voters in November 2020 and expires in 20 years.

Source: California Department of Tax and Fee Administration

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

10.00%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
City Direct Rate Contra Costa County Bay Area Rapid Transit Contra Costa Transportation Authority State of California 173

Table 11: Top 25 Sales Tax Producers
Current and Nine Years Ago
2023-24 2014-15
Arco AM PM Acura of Concord
Ashby Lumber Arco AM PM
Audi Concord Ashby Lumber
BMW Concord Audi of Concord
Concord Chevrolet Autocom Nissan of Concord
Concord Honda BMW Concord
Concord Mazda Chevron
Concord Toyota Concord Chevrolet
Costco Concord Chrysler Jeep Dodge Ram
Dolans Concord Lumber Concord Honda
Financial Services Vehicle Trust Concord Toyota
Future Chrysler Dodge Jeep Ram of Concord Costco
Future Ford Lincoln of Concord Dolans Concord Lumber
Golden State Lumber Frys Electronics
HD Supply Future Ford Lincoln of Concord
Home Depot Home Depot
Lehmers Buick/Pontiac/GMC JC Penney
Lexus of Concord Lehmers Buick/Pontiac/GMC
Lowes Lexus of Concord
Macy's Lowes
Pacific States Petroleum Macys
Patterson Dental Supply Neillo Infiniti
Safeway Patterson Dental Supply
Sigler Safeway
TJ Maxx Sears
Fiscal Year Total Paid By Top 25 Accounts
= 44.62%
Source: HdL Companies.

Fiscal Year Total Paid By Top 25 Accounts
= 44.06%
174

Table 12: Ratio of Outstanding Debt by Type
Last Ten Fiscal Years (Dollars in Millions)
Certificates Refunding Lease
Fiscal of Revenue Lease Agree- Capital Purchase
Year Participation Bonds ment Lease Agreement SBITA Leases Total 2015 $24.6 $2.6 $1.3 $7.4 $35.9
2016 22.1 2.1 0.7 7.0 32.0
2017 19.7 1.6 0.3 6.6 28.1
2018 17.2 7.6 0.1 24.9
2019 14.6 6.5 0.0 21.1
2020 12.1 5.3 2.5 19.9
2021 $124.8 4.6 2.2 131.6
2022 119.8 3.9 1.8 125.5
2023 115.2 3.1 1.5 $1.1 $0.5 121.4
2024 110.4 2.3 1.1 0.5 0.3 114.6
Certificates Total Percentage
Fiscal of Primary of Personal Per
Year Participation Total Government Income (a) Capita (a) 2015 $19.5 $19.5 $55.4 1.43% $443.3
2016 18.2 18.2 50.2 1.28% 361.1
2017 17.1 17.1 45.2 1.13% 352.3
2018 16.2 16.2 41.1 0.98% 318.0
2019 14.9 14.9 36.0 0.81% 277.4
2020 13.8 13.8 33.7 0.71% 258.4
2021 12.7 12.7 144.3 2.80% 1,116.2
2022 11.5 11.5 137.0 2.57% 1,108.1
2023 10.3 10.3 131.7 2.39% 1,078.9
2024 9.1 9.1 123.7 2.03% 1,018.0
Notes:

Debt amounts exclude any premiums, discounts, or other amortization amounts. (a) See Demographic and Economic Statistics for personal income and population data.

SourcesCity of Concord Finance Department
State of California, Department of Finance (population) U.S. Department of Commerce, Bureau of the Census (income) Governmental Activities
Business-Type Activities
$0.0
$15.0
$30.0
$45.0
$60.0
$75.0
$90.0
$105.0
$120.0
$135.0
$150.0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Millions
Total Governmental Total Business
175

Table 13: Direct and Overlapping Debt
As of June 30, 2024
Percentage Amount
Net Applicable Applicable
Debt to City of to City of
Outstanding Concord Concord
Direct Debt
2021 Certificates of Participation $110,374,110 100.000% $110,374,110 Concord 2018 Refunding Lease Purchase Agreement 2,315,000 100.000% 2,315,000 Motorola Lease Agreement 1,130,722 100.000% 1,130,722
Leases 319,547 100.000% 319,547
Subscription-based I.T. Arrangements 513,183 100.000% 513,183 Total Direct Debt $114,652,562 $114,652,562
Overlapping Debt
Bay Area Rapid Transit District $2,445,575,000 2.187% $53,484,725 Contra Costa Community College District 618,770,000 8.259% 51,104,214 Mt. Diablo Unified School District 402,855,000 40.162% 161,794,625 Mt. Diablo Unified School District Community Facilities District 1,625,000 40.162% 652,633 East Bay Regional Park District 144,520,000 3.438% 4,968,598 Contra Costa County General Fund Obligations 171,495,000 8.233% 14,119,183 Mt. Diablo Unified School District Certs of Participation 9,015,000 40.162% 3,620,604 Overlapping Tax Increment Debt (Successor Agency): 2,520,000 100.000% 2,520,000 Less: Contra Costa County supported obligations (3,501,072) Total Overlapping Debt $3,796,375,000 $288,763,510
Total Direct And Overlapping Debt $403,416,072
2023/24 Total Assessed Valuation $23,109,315,221
Less Redevelopment Incremental Assessed Value: 2,886,286,947 Adjusted AV $20,223,028,274
Debt to Assessed Valuation Ratios: Direct Debt: 0.567%
Overlapping Debt: 1.428%
Total Debt: 1.995%
Sources: HdL Coren & Cone
Certificate of Assessed Valuations from the County Office of the Auditor-Controller Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the city. The percentage of overlapping debt applicable is estimated by using taxable assessed values. Applicable percentages were estimated by determining the portion of another governmental unit’s taxable assessed value that is within the city’s boundaries and dividing it by each unit’s total taxable assessed value. 176

Table 14: Computation of Legal Bonded Debt Margin
As of June 30, 2024 (Dollars in Thousands)
Assessed Valuation:

Secured Property Assessed Value, Net of
Exempt Real Property $21,307,435,133
Bonded Debt Limit (15% of Assessed Value) (a) $3,196,115,270 Amount of Debt Subject to Limit:

Total Bonded Debt $0
Less Tax Allocation Bonds and Sales Tax Revenue
Bonds, Certificate of Participation Not Subject to Limit 0 Amount of Debt Subject to Limit 0
Legal Bonded Debt Margin $3,196,115,270
Total Net Debt
Total Net Debt Legal Applicable to the Limit
Fiscal Debt Applicable to Debt as a Percentage
Year Limit Limit Margin of Debt Limit
2015 (a) $1,867,287 $0 $1,867,287 0.00%
2016 2,010,013 0 2,010,013 0.00%
2017 2,128,436 0 2,010,013 0.00%
2018 2,251,362 0 2,251,362 0.00%
2019 2,432,813 0 2,432,813 0.00%
2020 2,592,346 0 2,592,346 0.00%
2021 2,716,105 0 2,716,105 0.00%
2022 (b) 2,819,135 0 2,819,135 0.00%
2023 3,032,764 0 3,032,764 0.00%
2024 3,196,115 0 3,196,115 0.00%
Note:
(a) California Government Code, Section 43605 sets the debt limit at 15%. The Code section was enacted prior to the change in basing assessed value to full market value when it was previously 25% of market value. (b) FY 2022 amounts changed to reflect the true Legal Bonded Debt Margin.

Source: City of Concord Finance Department
177

Table 15: Sewer Revenue Bonds Coverage
Last Ten Fiscal Years
Net Revenue Debt Service Requirements
Fiscal Gross Operating Available for
Year Revenue (a) Expenses (b) Debt Service Principal Interest Total Coverage 2015 $24,439,221 $17,889,711 $6,549,510 $900,000 $685,684 $1,585,684 4.13 2016 27,439,280 17,943,895 9,495,385 925,000 662,184 1,587,184 5.98 2017 30,136,204 18,208,086 11,928,118 945,000 638,971 1,583,971 7.53 2018 33,672,715 19,436,037 14,236,678 990,000 427,193 1,417,193 10.05 2019 36,795,345 20,066,107 16,729,238 1,025,000 494,551 1,519,551 11.01 2020 39,507,521 20,341,412 19,166,109 1,010,000 504,981 1,514,981 12.65 2021 39,974,490 20,468,000 19,506,490 1,045,000 476,181 1,521,181 12.82 2022 41,002,148 20,650,838 20,351,310 1,075,000 446,281 1,521,281 13.38 2023 44,898,245 22,376,196 22,522,049 1,110,000 409,306 1,519,306 14.82 2024 48,821,529 23,890,983 24,930,546 1,145,000 369,306 1,514,306 16.46 Notes: (a) Includes all Wastewater Operating Revenues, Non-Operating Interest Revenue, Connection Fees and Other Non-Operating Revenue.
(b) Includes all Wastewater Operating Expenses less Capital Improvement Expense, Depreciation and Interest.

Source: City of Concord Annual Financial Statements
(6.00)
(4.00)
(2.00)

0.00 2.00

4.00 6.00

8.00 10.00

12.00 14.00

16.00 18.00
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Coverage
178

Table 16: Bonded Debt Pledged Revenue Coverage,
2004 (Refunded) and Tax Allocation Refunding Bonds Series 2014 Last Ten Fiscal Year
Tax Debt Service Requirements
Fiscal Increment
Year Revenue Principal Interest Total Coverage
2015 $14,330,318 $4,100,000 $3,520,158 $7,620,158 1.88
2016 15,269,605 4,205,000 1,630,450 5,835,450 2.62
2017 15,897,614 4,380,000 1,462,250 5,842,250 2.72
2018 17,146,123 4,605,000 1,243,250 5,848,250 2.93
2019 19,839,809 4,825,000 1,013,000 5,838,000 3.40
2020 22,645,637 2,440,000 771,750 3,211,750 7.05
2021 24,205,527 2,560,000 649,750 3,209,750 7.54
2022 25,110,409 2,690,000 521,750 3,211,750 7.82
2023 27,441,618 2,825,000 387,250 3,212,250 8.54
2024 28,862,869 2,400,000 246,000 2,646,000 10.91
Source: County Redevelopment Successor Agency Property Tax Revenue Report Long Term Debt Schedule - City of Concord Finance Department $0
$5
$10
$15
$20
$25
$30
$35
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Millions
Tax Increment Revenue Debt Service Payment
179

Table 17: Demographic and Economic Statistics
Last Ten Calendar Year
Total Per Capita Contra Costa City
Calendar City Personal Personal Unemployment County Population Year Population Income Income Rate Population % of County 2015 124,977 $3,877,661,000 $31,027 6.7% 1,102,871 11.33% 2016 129,707 3,926,050,000 30,268 5.4% 1,123,429 11.55% 2017 128,370 4,008,751,000 31,228 4.8% 1,139,513 11.27% 2018 129,159 4,207,822,000 32,578 3.9% 1,149,363 11.24% 2019 129,889 4,438,716,000 34,173 2.8% 1,150,215 11.29% 2020 130,435 4,762,661,000 36,595 2.9% 1,150,621 11.34% 2021 129,273 5,151,420,000 39,849 8.7% 1,153,854 11.20% 2022 123,634 5,333,641,000 43,140 5.9% 1,156,555 10.69% 2023 122,074 5,519,776,000 45,217 3.2% 1,147,653 10.64% 2024 121,513 6,078,827,000 50,026 3.7% 1,146,626 10.60% Sources: State of California, Department of Finance The HdL Companies

0.00%

2.50%

5.00%

7.50%

10.00%

12.50%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Unemployment Rate

10.00%

10.50%

11.00%

11.50%

12.00%

12.50%

13.00%

13.50%

14.00%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
City Population as Percentage of County
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Millions
Total Personal Income
$20
$25
$30
$35
$40
$45
$50
$55
$60
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Thousands
Per Capita Personal Income
180

Table 18: Principal Employers
Current Year and Nine Years Ago
Number of Percentage Percentage
Employees of Total City Number of of Total City
Employer (Range) Rank Employment* Employees Rank Employment John Muir Medical Ctr 1,000 to 4,999 1 4.7%
Mt. Diablo Unified School District 1,000 to 4,999 1 4.7% City of Concord 500 to 999 2 1.2%
PG&E 500 to 999 2 1.2%
County Connection 250 to 499 3 0.6%
AssetMark 250 to 499 3 0.6%
Cerus Corporation 250 to 499 3 0.6%
Yard House 250 to 499 3 0.6%
Athens Administrators 0 to 249 4 0.2%
Swinerton 0 to 249 4 0.2%
Bank of America 1,000 - 4,999 1 3.7%
John Muir Health Physical Rhb 1,000 - 4,999 1 3.7%
PG&E 1,000 - 4,999 1 3.7%
Wells Fargo 1,000 - 4,999 1 3.7%
Chevron 500 - 999 2 0.7%
Fresenius Medical Care 500 - 999 2 0.7%
Macy's 500 - 999 2 0.7%
Assetmark 250 - 499 3 0.4%
Benchmark Electronics Inc 250 - 499 3 0.4%
Cb&l Inc 250 - 499 3 0.4%
Comcast 250 - 499 3 0.4%
Costco 250 - 499 3 0.4%
Fry's Electronics 250 - 499 3 0.4%
Home Depot 250 - 499 3 0.4%
Systron Donner 250 - 499 3 0.4%
Subtotal 4,750 - 18,750 14.4% 7,500 - 26,985 20.2%
Total City Day Labor Force: 64,100 66,800
Source: City of Concord Economic Development & Base Reuse Department * 2024 Percentage of total is based on median in the ranges provided. 2024 2015
181

Table 19: Full-Time Equivalent (FTE) City Government Employees by Function Last Ten Fiscal Years
#
#
#
#
#
#
#
2015 2016 2017 2018 2019 2020 2021 (a) 2022 2023 (b) 2024 Function
General Government 64 65 65 62 62 62 56 62 63 64
Public Safety 213 215 215 216 213 209 185 193 193 196
Public Works 64 64 64 64 69 69 65 67 74 73
Economic Development & Base
Reuse 5 4 5 5
Community Development 43 46 46 52 52 54 49 53 51 56
Parks & Recreation 13 13 13 13 13 13 12 14
Recreation Services 14 14
Sewer 11 11 11 12 13 11 11 11 13 17
Total 408 414 414 419 422 418 383 404 413 425
Source: City of Concord
Notes:
(a) In Fiscal Year 2021, the Economic Development division was transferred out of Community Development and combined with the Base Reuse project. (b) In Fiscal Year 2023, the "Parks & Recreation" Department was renamed "Recreation Services" 0 50
100
150
200
250
300
350
400
450
2015 2016 2017 2018 2019 2020 2021 (a) 2022 2023 (b) 2024 FTE's
General Government Public Safety
Public Works Economic Development & Base Reuse
Community Development Parks & Recreation
Sewer Recreation Services
182

Table 20: Operating Indicators by Function / Program
Last Ten Fiscal Years
2015 2016 2017 2018 2019 2020 2021(a) 2022 2023 (b) 2024 Function/Program
Police:

Number of Community Service Desk Contacts 36,469 30,225 24,233 21,040 20,117 21,969 N/A N/A N/A N/A Police Calls for Service 123,151 121,433 122,187 125,429 127,024 123,776 112,186 109,256 109,449 111,419 Law Violations:

Part I Crimes 5,594 4,849 4,820 4,919 4,695 4,999 4,035 4,543 4,321 4,314 Physical Arrests (Adult and Juvenile) 4,126 3,853 3,916 3,229 3,532 2,528 2,241 1,912 2,540 3,331 Parking Violations 9,408 7,282 6,002 6,920 7,081 7,282 2,353 4,443 3,922 3,764 Public Works
Street Resurfacing (millions of square feet) 2 2 2 2 4 2 0.10 1.14 1.31 5.55 Potholes Repaired 704 1,272 3,168 1,460 5,251 2,122 1,433 1,889 6,467 8,315 Culture and Recreation
Community Services:

Recreation Class Participants 12,335 13,251 13,476 12,568 12,540 10,364 3,213 6,938 10,220 11,583 Senior Center Activity/Event Participants 21,886 22,018 18,377 22,075 23,250 25,436 1,067 1,336 1,832 5,097 Human Services/Club Activity Participants 41,868 38,592 33,853 38,740 40,241 7,096 456 39,477 11,775 11,009 Library:

Volumes in Collection (thousands) 80,291 80,692 76,049 77,702 57,523 55,195 52,196 53,259 50,012 50,702 Total Volumes Borrowed (thousands) 247,737 253,522 219,157 195,562 200,639 139,482 79,560 127,725 98,479 156,535 Wastewater
Storm Drain Inlets 5,583 5,583 5,583 5,583 5,583 5,583 5,583 5,583 5,583 5,583 Sewer Overflows 12 9 8 19 10 19 13 13 10 7
Average Daily Pumping (millions of gallons) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Notes: N/A denotes information not available.
(a) City stopped tracking the Number of Community Service Desk Contacts during fiscal year 2021. (b) Effective Fiscal Year 2023, the City changed the method of counting Human Services Participants to more accurately reflect services provided.

Source: City of Concord
183

Table 21: Capital Asset Statistics by Function/Program Last Ten Fiscal Years
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Function/Program
Public Works
Miles of Streets 310 310 310 310 310 310 310 310 310 310 Street Lights 8,256 8,256 8,256 8,256 8,290 8,325 8,379 8,379 8,379 8,379 Traffic Signals 158 158 165 173 173 180 195 195 194 194 Culture and Recreation
Community Services:

City Parks 18 18 18 18 18 18 18 18 18 18
City Parks Acreage 379 379 379 379 379 379 379 379 379 379 Playgrounds 19 19 19 19 19 19 19 19 19 19
City Trails 9 9 9 9 9 9 9 9 9 9
Miles of City Trails 22 22 22 22 22 22 22 22 22 22
Roadway Landscaping Acreage 52 52 52 52 52 52 52 52 52 52 Regional Park Acreage (a) 40 40 40 40 40 2,256 2,256 2,256 2,256 2,256 Regional Park Facilities:

Golf Courses (18 holes) 1 1 1 1 1 1 1 1 1 1
Banquet Facility 4 4 4 4 4 4 4 4 4 4
Historic House 3 3 3 3 3 3 3 3 3 3
Community Gardens 1 1 1 1 1 1 1 1 1 1
Community Centers 2 2 2 2 2 2 2 2 2 2
Senior Centers 1 1 1 1 1 1 1 1 1 1
Sports Centers 1 1 1 1 1 1 1 1 1 1
Performing Arts Centers 1 1 1 1 1 1 1 1 1 1
Swimming Pool/Spray Park 2 2 2 2 2 2 2 2 2 2
Tennis/Pickleball Courts 17 27 27 27 27 27 27 27 27 27
Baseball/Softball Field Complexes 13 13 13 13 13 13 13 13 13 13 Soccer/Football Field Complexes 13 13 13 13 13 13 13 13 13 13 Library:

City Libraries 1 1 1 1 1 1 1 1 1 1
Wastewater
Sewer Lines (miles) 389 389 389 389 389 389 389 389 389 389 (a) The East Bay Regional Park District took possession of the former Concord Naval Weapons Station from the National Park Service and Navy in 2020.

Source: City of Concord
184

CITY OF CONCORD JUNE 30, 2024

MUNICIPAL DEBT CONTINUING DISCLOSURE
185

MUNICIPAL DEBT CONTINUING DISCLOSURE
City of Concord Joint Powers Financing Authority
Certificates of Participation (2021 Capital Improvement Project) a. Principal Amount of Certificates Outstanding (ACFR, page 71) b. General Fund Statement of Revenues, Expenditures and (ACFR, page 32) Changes in Fund Balances
c. General Fund Balance Sheet (ACFR, page 30)
d. General Fund Tax Revenues By Source (ACFR, page 32)
e. Assessed Valuations (ACFR, page 168)
City of Concord Joint Powers Financing Authority
Wastewater Revenue Refunding Bonds Series 2012
2018 Wastewater Revenue Refunding Bonds
a. Ten Largest Users of the Wastewater System (Table 1) b. Sewer Rates (Table 2)
c. Debt Service Coverage Ratio (ACFR, page 178)
d. Principal Amount of Bonds Outstanding (ACFR, page 71) Successor Agency of the Former Redevelopmement Agency of the City of Concord (Central Concord Redevelopment Project) Tax Allocation Refunding Bonds Series 2014 a. Assessed Valuation by Category of Use (Table 3)
b. Historical Taxable Values and Tax Revenues (Table 4) c. Largest Property Taxpayers by Assessed Value and Revenue (Table 5) d. Annual Assessed Value Appeals (Table 6)
e. Debt Service Coverage (ACFR, page 179)
f. Tax Revenue Projection (Table 7)
186

City of Concord Joint Powers Financing Authority
Wastewater Revenue Refunding Bonds Series 2012
2018 Wastewater Revenue Refunding Bonds
Customers Type of Use Percent

1. MT. DIABLO UNIFIED SCHOOL DISTRICT 29 Sites 0.98%

2. VERANDA Shopping Centers 0.76%

3. PALM LAKE APARTMENTS 300 Apartments 0.51%

4. CLAYTON CROSSING APARTMENTS 290 Apartments 0.51%

5. FORMER US COAST GUARD PROPERTY 289 Units 0.49%

6. JOHN MUIR MEDICAL CENTER Hospital and Medical Campus 0.56%

7. DALIS GARDENS MOB HOME PARK 260 Spaces 0.45%

8. CONCORD 1441 APARTMENTS 218 Apartments 0.37%

9. CLAYTON CREEK APARTMENTS 208 Apartments 0.36%

10. HERITAGE TOWERS APARTMENTS 196 Apartments 0.33%
Source: City of Concord Public Works Department
12 MONTHS THROUGH JUNE 30, 2024
Table 1: Ten Largest Users of the Wastewater System
187

City of Concord Joint Powers Financing Authority
Wastewater Revenue Refunding Bonds Series 2012
2018 Wastewater Revenue Refunding Bonds
Table 2: Sewer Rates for Fiscal Year 2023-24

RESIDENTIAL OWNERS

1. Minimum rate for any premises $806.00

2. Each single-family dwelling unit 806.00

3. Each dwelling unit in a multiple dwelling structure 806.00 per unit

4. Mobile Home Park 806.00 per space
COMMERCIAL OWNERS - Charge based upon quantity of water used in cubic feet

1. Minimum rate for any premises $806.00

2. Bowling Alleys 7.13/100 cu. ft.

3. Car Washes 7.13/100 cu. ft.

4. Health Studios and Gymnasiums 7.13/100 cu. ft.

5. Hospitals - Convalescent 7.13/100 cu. ft.

6. Multiple Lodging Structures (hotels, motels and rooming houses) 7.13/100 cu. ft.

7. Laundromats and Laundries 7.13/100 cu. ft.

8. Restaurants 14.18/100 cu. ft.

Restaurants with pretreatment facilities approved annually 8.06/100 cu. ft.

9. Bakeries Determined Individually

10. All others 8.06/100 cu. ft.

INSTITUTIONAL OWNERS

1. Minimum rate for any premises $806.00

2. As defined in Section 110-31, except for Convalescent Hospitals 8.06/100 cu. ft.

INDUSTRIAL OWNERS - Charge based upon quantity of water used and quality of effluent

1. Minimum rate for any premises $806.00

2. Flow/Million Gallons 6,247.00

3. Biochemical Oxygen Demand (B.O.D.) per thousand pounds 1,465.00

4. Suspended Solid (S.S.) per thousand pounds 1,290.00

SPECIAL DISCHARGE PERMITS, AS ISSUED BY THE DISTRICT

1. Charge based upon quantity of water used and quality of effluent Determined Individually SPECIAL CONTRACTUAL AGREEMENT Determined Individually
Source: City of Concord Municipal Code Section 13.05.020. 188

Successor Agency of the Former Redevelopment Agency of the City of Concord (Contra Costa County, California) Tax Allocation Refunding Bonds Series 2014 Table 3: Assessed Valuation by Category of Use
Fiscal Year 2023-24
No. of Parcels Taxable Value % of Total
Commercial 380 1,939,420,850$ 60.1%
Residential 428 687,020,130 21.3%
Industrial 80 169,800,507 5.3%
Other Secured 119 161,138,459 5.0%
Unsecured 913 268,492,819 8.3%
Total 1,920 $3,225,872,765 100%
Source: HDL Coren & Cone
FY2023-24
189

Successor Agency of the Former Redevelopment Agency of the City of Concord (Contra Costa County, California) Tax Allocation Refunding Bonds Series 2014 Table 4: Historic Tax Revenues ($Thousands)
2020 2021 2022 2023 2024
Assessed Value 2,604,150$ 2,760,139$ 2,850,627$ 3,083,748$ 3,225,873$ Base Year Value (339,586) (339,586) (339,586) (339,586) (339,586) Incremental AV 2,264,564 2,420,553 2,511,041 2,744,162 2,886,287 Tax Rate* 1.000% 1.000% 1.000% 1.000% 1.000%
Secured/Unsecured 22,646 24,206 25,110 27,442 28,863
Unitary 835 849 890 934 957
Supplemental / Other 1,993 428 795 1,013 731
Subtotal Gross Revenue 25,474 25,483 26,795 29,389 30,551 Less: County Admin** (205) (213) (199) (184) (207)
Less: Pass Through** (2,323) (4,211) (4,661) (5,335) (5,858) Net Tax Incr. / RPTTF Revenue 22,946$ 21,059$ 21,935$ 23,870$ 24,486$ Less: Senior Reimb. Agreement 0 0 0 0 0
Historic Tax Revenues 22,946$ 21,059$ 21,935$ 23,870$ 24,486$ Note: *Weighted average inclusive of Contra Costa Water Levy applicable to land AV only. **Non-subordinate.

Source: City of Concord Finance Department
Last Five Fiscal Years
190

Successor Agency of the Former Redevelopment Agency of the City of Concord (Contra Costa County, California) Tax Allocation Refunding Bonds Series 2014 Assessed
Value
Property Owner
Number of
Parcels FY2023-24 Secured
FY2023-24
Unsecured Total
% of Total
AV**
% of AV
Incr.**

1. Concord Centercal LLC 1 $222,705,701 $222,705,701 6.9% 7.7%

2. Renaissance Residential Holding 4 160,018,902 160,018,902 5.0% 5.5%

3. Concord Technology Center Properties 4 142,002,291 142,002,291 4.4% 4.9%

4. Willows Center Concord 2 126,625,000 126,625,000 3.9% 4.4%

5. Sequoia Equities Concord PC LLC 2 125,810,340 125,810,340 3.9% 4.4%

6. HM Grant Street LLC 2 123,208,066 123,208,066 3.8% 4.3%

7. Jamestown Concord Technology 2 110,538,243 110,538,243 3.4% 3.8%

8. SPPI Commercial LLC 3 110,010,585 110,010,585 3.4% 3.8%

9. One Concord Towers LLC 3 77,047,363 77,047,363 2.4% 2.7%

10. AD Seeno Construction Company Inc 3 55,788,504 55,788,504 1.7% 1.9% Total Top 10 Taxpayers 26 $1,253,754,995 $0 $1,253,754,995 38.87% 43.44% Note:
**Percentages calculated based on FY2023-24
Total assesssed value of 3,225,872,765

Total Incremental Assessed Value of 2,886,286,947
Source: HDL Coren & Cone
Table 5: Top 10 Taxpayers for Project Area
Fiscal Year 2023-24
191

Successor Agency of the Former Redevelopment Agency of the City of Concord (Contra Costa County, California) Tax Allocation Refunding Bonds Series 2014 Fiscal Year 2023-24
FY2023-24 Appeals
Number
of Filings
County Roll
Value ($Millions)
Applicant
Opinion
($Millions)
Estimated/Actual
Resolved Value
($Millions)
Estimated/Actual
Loss Value
($Millions)
% Reduction
Appeals Resolved 3 $146.40 $137.10 137.1 $9.30 6%
Appeals Pending 66 887.2 410.7 810.5 76.7 9%
Total Appeals Filed 69 $1,033.6 $547.8 $947.6 $86.0 8%
Source: HDL Coren & Cone
Table 6: Assessed Value Appeals for Project Area
192

Successor Agency of the Former Redevelopment Agency of the City of Concord (Contra Costa County, California) Tax Allocation Refunding Bonds Series 2014 Table 7: Projection of Tax Revenues for Debt Services
Next 1 Fiscal Year (dollars in thousands)
Year
Ending
6/30
Parcel I Tax
Revenue
Parcel II
Tax
Revenue
Parcel IV
Tax
Revenue
Parcel V
Tax
Revenue
Total Centaral
Concord Project
Revenues
Debt Service
Total Concord
Project Tax
Revenues
Debt Sevice
Coverage
2024 8,144 4,922 514 452 14,032 2,646 16,678 5.43x
2025 8,144 4,922 514 452 14,032 2,646 16,678 5.43x
Source: Keyser Marston Associates, Inc. September 15, 2014 193

CITY OF CONCORD JUNE 30, 2024
194

CITY OF CONCORD

REQUIRED COMMUNICATIONS
FOR THE YEAR ENDED JUNE 30, 2024
Attachment 2

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CITY OF CONCORD

REQUIRED COMMUNICATIONS
For the Year Ended June 30, 2024
Table of Contents
Page
Required Communications ................................................................................................................................ 1 Significant Audit Matters:

Qualitative Aspects of Accounting Practices ................................................................................... 1 Difficulties Encountered in Performing the Audit ........................................................................... 3 Corrected and Uncorrected Misstatements ...................................................................................... 3 Disagreements with Management .................................................................................................... 3 Management Repr
esentations ............................................................................................................ 3 Management Consultations with Other Independent Accountants ................................................. 3 Other Audit Findings or Issues .......................................................................................................... 3 Other Ma tters ............................................................................................................................................ 4

This Page Left Intentionally Blank

REQUIRED COMMUNICATIONS
To the City Council of
the City of Concord, California
We have audited the basic financial statements of th e City of Concord for the year ended June 30, 2024.

Professional standards require that we provide yo u with information about our responsibilities under generally accepted auditing standards and Government Auditing Standards and the Uniform Guidance, as well as certain information related to the planned scop e and timing of our audit. We have communicated such information in our separate meetings with the Mayor and City Manager on May 29, 2024 and May 30, 2024, respectively. Professional standards also require that we communi cate to you the following information related to our audit.

Significant Audit Matters
Qualitative Aspects of Accounting Practices
Accounting Policies – Management is responsible for the selec tion and use of appropriate accounting policies. The significant accounting policies used by the City are desc ribed in Note 1 to the financial statements. No new accounting policies were adopt ed, and the application of existing policies was not changed during the year.

The following pronouncements also beca me effective, but did not have a material effect on the financial statements:

GASB 99 – Omnibus 2022, paragraphs 4-10 (related to financial guarantees and the classification and reporting of derivative instruments) GASB 100 – Accounting for Changes and Error Corrections Unusual Transactions, Controversial or Emerging Areas – We noted no transactions entered into by the City during the year for which ther e is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period.

Accounting Estimates – Accounting estimates are an integral part of the financial statements prepared by management and are based on management’s knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and beca use of the possibility that future events affecting them may differ significantly from those expected. The most sensitive estimates affecting the City’s financial statements were:

Estimated Fair Value of Investments:

As of June 30, 2024, the City held approximately $430.7 million of cash and investments as measured by fa ir value as disclosed in Note 3 to the financial statements. Fair value is essentially market pric ing in effect as of June 30, 2024. These fair values are not required to be adjusted for changes in general market conditions occurring subsequent to June 30, 2024.
1

Estimate of Depreciation: Management’s estimate of the depreci ation is based on useful lives determined by management. These lives have been determined by management based on the expected useful life of assets as disclosed in Note 1 to the financial statements. We evaluated the key factors and assumptions used to develop the depreciation estima te in determining that it is reasonable in relation to the basic financial statements taken as a whole.

Estimate of Compensated Absences: Accrued compensated absences which are comprised of accrued vacation, holiday, and certain other comp ensating time is estimated using accumulated unpaid leave hours and hourly pay rates in effect at the end of the fiscal year as disclosed in Note 7 to the financial statements. We evaluated the key factors and assumptions used to develop the accrued compensated absences in determining that it is reasonable in relation to the basic financial statements taken as a whole.

Estimated Claims Liabilities: Management’s estimate of th e claims liabilities payable is disclosed in Note 17 to the financial statements and is based on actuarial studies determined by a consultant, which are based on the claims experien ce of the City. We evaluated the key factors and assumptions used to develop the estimate in determining that it is reasonable in relation to the basic financial statements taken as a whole.

Estimated Net Pension Liabilities and Pensi on-Related Deferred Outflows and Inflows of Resources: Management’s estimate of the net pension liabilities and deferred outflows/inflows of resources are disclosed in Notes 10, 11 and 12 to the financial statements and are based on actuarial studies determined by a consultant and accounting va luations determined by the California Public Employees Retirement System, wh ich are based on the experience of the City.

We evaluated the key factors and assumptions used to develop the estimate in determining that it is reasonable in relation to the basic financial statements taken as a whole.

Estimated Net OPEB Liability: Management’s estimate of the net OPEB liability is disclosed in Note 13 to the financial statements and is base d on actuarial study determined by a consultant, which is based on the experience of the City. We evaluated the key factors and assumptions used to develop the estimate in determining that it is reasonable in relation to the basic financial statements taken as a whole.

Estimated Leases Receivable, Leases Payable and Deferred Inflows of Resources Related to Leases: Management’s estimates of leases receivable and leas es payable are based on the agreement term, including any assumptions related to whether extensions may be exercised, and the discount rate net present value calculation is based on the estimated borrowing rate at the measurement date. We evaluated the key factor s and assumptions used to develop the leases receivable and deferred inflows of resources related to leases estimates and determined that they are reasonable in relation to the basic financial statements taken as a whole.

Estimated Subscription Assets and Subscription Liability: Management’s estimate of subscription assets and subscription liability are based on the agreement term, including any assumptions related to whether extensions may be exercised, and the discount rate used in the net present value calculation is based on the estimate d borrowing rate at the measurement date. We evaluated the key factors and assumptions used to develop the subscription assets and subscription liability estimates and determined that they are reasonable in relation to the basic financial statements taken as a whole.

Disclosures – The financial statement disclosures are neutral, consistent, and clear. 2

Difficulties Encountered in Performing the Audit
We encountered no significant difficulties in dealing with management in performing and completing our audit.

Corrected and Uncorrected Misstatements
Professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that are clearly trivial, and communicate them to the appropriate level of management. Management has corrected all such misstatements. In addition, none of the misstatements detected as a result of audit procedures and corrected by management were material, either individually or in the aggregate, to each opinion unit’s financial statements taken as a whole, except for the adjustment to accrued liabilities discussed in comment 2024-001 in our Memorandum on In ternal Control dated December
20, 2024.

Professional standards require us to accumulate all known and likely uncorrected misstatements identified during the audit, other than those that are clearly trivial, and communicate them to the appropriate level of management. We have no such misstatements to report to the City Council.

Disagreements with Management

For purposes of this letter, a disagreement with ma nagement is a financial acc ounting, reporting, or auditing matter, whether or not resolved to our satis
faction, that could be significant to the financial
statements or the auditor’s report. We are pleased to report that no such disagreements arose during the course of our audit.

Management Representations
We have requested certain representations from ma
nagement that are included in a management
representation letter dated December
20, 2024.

Management Consultations with Other Independent Accountants In some cases, management may d ecide to consult with other account ants about auditing and accounting matters, similar to obtaining a “second opinion” on certain situations. If a consultation involves application of an accounting principle to the City’s fi nancial statements or a dete rmination of the type of auditor’s opinion that may be expr essed on those statements, our professional standards require the consulting accountant to check with us to determine that the consultant ha s all the relevant facts. To our knowledge, there were no such consultations with other accountants.

Other Audit Findings or Issues
We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year prior to retention as the City’s auditors. However, these discussions occurred in the normal course of our pr ofessional relationship and our responses were not a condition to our retention.
3

Other Matters
We applied certain limited procedures to the requir ed supplementary information that accompanies and supplements the basic financial st atements. Our procedures consisted of inquiries of management regarding the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We did not audit the required supplementary information
and do not express an opinion or provide any assurance on the required supplementary information.

We were engaged to report on the supplementary information that accompanies the financial statements, but is not required supplementary information. With respect to this supplementary information, we made certain inquiries of management and evaluated th e form, content, and methods of preparing the information to determine that the information complies with accounting principles generally accepted in the United States of America, the method of preparing it has not changed from the prior period, and the information is appropriate and complete in relation to our audit of the financial statements. We compared and reconciled the supplementary information to the underlying accounting records used to prepare the financial statements or to the financial statements themselves.

We were not engaged to report on the Introductory and Statistical Sections which accompany the financial statements, but are not required supplementary information. Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on them.
******
This information is intended solely for the use of City Council and management and is not intended to be, and should not be, used by anyone other than these specified parties.

Pleasant Hill, California
December 20, 2024
4

Staff Report
Date: January 28, 2025
To: City Council
From: Valerie J. Barone, City Manager
Reviewed by: Suzanne McDonald, Acting Finance Director
Prepared by: Himmat Bains, Sr. Financial Analyst
[email protected]
(925) 671-3183
Subject: Considering approval of the Third Amendment to the Professional Services Agreement, Agreement No. 3328, for financial, accounting, and administrative services with Robert Half International, Inc. in the amount of $241,000 for a not-to- exceed amount of $361,000 for the term of this agreement, and authorizing the City Manager to execute the agreement in a form acceptable to the City Attorney. (General Fund)
Report in Brief
Council is requested to approve a Third Amendment to the professional services agreement with Robert Half International Inc. to perform essential financial, accounting, and administrative functions until key finance positions which are currently vacant are filled. The Finance Department currently has four vacant positions. To ensure adequate coverage during vacancies, Council is requested to authorize a $241,000 increase to the contract, for a not to exceed amount of $361,000, for the term of the agreement.

These new costs will be covered from the already approved Finance Department budget.

Recommended Action
Approve the Third Amendment to the Professional Services Agreement, Agreement No. 3328, for Financial, Accounting, and Administrative Services with Robert Half International, Inc. in the amount of $241,000 for a not-to-exceed amount of $361,000 for the term of this agreement, and authorize the City Manager to execute the agreement in a form acceptable to the City Attorney (General Fund).

4.c4.c

City Council Agenda Report
Agenda Item No. 4.c
January 28, 2024
Background
On April 19, 2023, the City entered into an agreement with Robert Half International, Inc. to provide financial, accounting, and administrative services on a temporary basis, to support the department during several vacancies.

The City currently has a contract with Robert Half in the amount of $120,000. Additional services are required to continue support of the financial operations of the City while the recruitments for Purchasing Agent, Account Clerk III, and two Accountant II positions are in progress.

During these staffing transitions, the department contracted with Robert Half to ensure timely and accurate completion of high-priority duties and to ensure service levels to Finance customers were uninterrupted. Without this additional support during vacancies the City would run a significant risk of accounting errors due to lack of staff to support our accounting needs.

Financial Impact
No impact to the General Fund; sufficient funds exist in the Finance department budget to fund this contract amendment.

Public Contact
The City Council Agenda was posted.

Attachment

1. Third Amendment to Professional Services Agreement with Robert Half International, Inc.

THIRD AMENDMENT TO PROFESSIONAL SERVICES AGREEMENT
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28 This Third Amendment to Professional Services Agreement (“Third Amendment”) is entered into on this date, January 28, 2025, and amends the Professional Services Agreement, Agreement No. 3328, between the City of Concord (“CITY”) and Robert Half International, Inc. (“CONSULTANT”).

WHEREAS, the CITY and CONSULTANT entered into a Professional Services Agreement, Agreement No.3328, dated April 19, 2023 (the “Agreement”), wherein CONSULTANT agreed to perform finance, accounting, and administrative services on a temporary basis for the City.

WHEREAS, under Section 1 “TERM” the Agreement provides that the Agreement shall expire on June 30, 2025, with the option to extend the term for two additional periods of one-year each upon written agreement by the parties.

WHEREAS, the parties hereto desire to amend the agreement to provide for additional compensation in the amount $241,000, for a total contract amount of $361,000.

WHEREAS, under Section 5 “AMENDMENT TO AGREEMENT” the Agreement provides that Agreement may be amended by the parties subject to consent and in accordance with the CITY’S Municipal Code.

WHEREAS, the parties mutually desire to amend the Agreement to provide for additional compensation.

NOW THEREFORE, in consideration of the promises and conditions set forth in the Agreement, the parties mutually desire to amend the Agreement as follows:

1. The first two sentences of Section 3 “Payment” are hereby amended to read as follows:

The compensation to be paid to CONSULTANT including payment for professional services and reimbursable expense, shall be at the rate and schedules in detail in Exhibit A. However, in no event shall the amount CITY pays CONSULTANT exceed Three Hundred Sixty One Thousand dollars ($361,000) for the term of this Agreement.

2. Except as expressly amended herein, all other terms and conditions of the Professional Services Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties have executed this Third Amendment on the date indicated above.

Attachment 1

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28 Dated: ___________ Robert Half International, Inc.

BY: ________________________
Abe Klatt, Regional Manager
[email protected]
Dated: ___________ CITY OF CONCORD
By: _________________________
Valerie J. Barone
City Manager
APPROVED AS TO FORM: ATTEST:
____________________________ ____________________________________ Susanne Brown Joelle Fockler, MMC
City Attorney City Clerk
FINANCE DIRECTOR'S CERTIFICATION:

Concord, California
Date: ________________

I HEREBY CERTIFY THAT ADEQUATE FUNDS EXIST OR WILL BE RECEIVED DURING THE CURRENT FISCAL YEAR 2024-25 TO PAY THE ANTICIPATED EXPENSES TO BE INCURRED PURSUANT TO THIS CONTRACT.

THE SUM OF $241,000. Account Codes 10032001Z01-63800-0400 and 10036001Z01-63800- 0400($120,000 previously encumbered, requesting an additional $241,000 for FY2025, for a contract total of $361,000).

Finance Director's Signature

Staff Report
Date: January 28, 2025
To: City Council
From: Carlyn S. Obringer, Mayor
Reviewed by: Joelle Fockler, MMC, City Clerk
Prepared by: Monique Robinson, Deputy City Clerk
[email protected]
(925) 671-3295
Subject: Considering the recommendation to reappoint Tijuk Fong Kurniadi to continue to serve as Concord's Representative on the Central Contra Costa Transit Authority Advisory
Committee (County Connection) for a four-year term ending December 31, 2028.

Report in Brief
Confirm the reappointment of Tijuk Fong Kurniadi to serve as the City of Concord’s representative on the Central Contra Costa Transit Authority Advisory Committee (County Connection) for a four-year term ending December 31, 2028.

Recommended Action
Confirm the reappointment of Tijuk Fong Kurniadi as the City of Concord’s representative on the Central Contra Costa Transit Authority Advisory Committee (County Connection) for of a four-year term ending December 31, 2028.

Background
The Central Contra Costa Transit Authority Advisory Committee (County Connection) is comprised of 11 members from Central Contra Costa County. Each member jurisdiction recommends one (1) member for appointment. Tijuk Fong Kurinadi was appointed to the committee in on April 9, 2024, to fill the remainder of a four-year term ending December 31, 2024, vacated by Robert Barnes.

4.d

City Council Agenda Report
Agenda Item No. 4.d
January 28, 2025
The Central Contra Costa Transit Authority (CCCTA) Advisory Committee meets bi- monthly and is charged with the responsibility of acting as advisors to the CCCTA Board of Directors and collecting and reporting service issues and concerns received from the jurisdictions. Members may volunteer or be appointed by the Chair to attend CCCTA Committee meetings, participate in Advisory Committee subcommittees, or undertake other duties for the Advisory Committee.

The primary purpose of the Advisory Committee is to review, analyze and advise the County Connection Board of Directors on issues and policies relating to fixed-route and paratransit service. The Advisory Committee will consider and make recommendations on finance and planning documents that include but are not limited to the following:

CCCTA Ten-Year Short-Range Transit Plan, annual operating and capital budget, annual marketing plan, other issues such as operations, scheduling, administration, finance, and legislation.

A recruitment for the Central Contra Costa Transit Authority Advisory Committee (County Connection) was announced on November 12, 2024. Applications were due to the City Clerk by Friday, December 13, 2024.

The City Clerk received applications from Tijuk Fong Kurniadi and Matthew Selvester, Dore Stubblefield, and Erik J. Owens. The Mayor reviewed the applications and recommends reappointment of Tijuk Fong Kurniadi. Outside agency representatives are appointed by the Mayor and confirmed by the City Council.

Public Contact
The City Council Agenda was posted.

Staff Report
Date: January 28, 2025
To: City Council
From: Valerie J. Barone, City Manager
Reviewed by: Guy Bjerke, Director of Economic Development and Base Reuse Prepared by: Marie Suvansin, Economic Development Manager [email protected]
(925) 671-3048
Subject: Considering the adoption of an agreement with Strategic Economics to create a new Economic Development Strategic Plan for a total not-to-exceed amount of $107,750 (base contract of $97,935 and inclusion of an approximately 10% contingency).

CEQA: Not a project/exempt per CEQA Guidelines Sections 15060(c), 15061(b), 15262, 15273, 15378, and/or Public
Resources Code Section 21065.

Report in Brief
City Council identified the development of a new Economic Development Strategic Plan as a Tier 1 Priority for Fiscal Year 2024-25 during its Goal Setting Workshop on April 6, 2024. The new Economic Development Strategic Plan will replace the currently used Economic Vitality Strategy (Attachment 1), which City Council first adopted in 1997 and last updated in 2020.

On October 8, 2024, staff received feedback from City Council on the work plan/project approach for development of the Economic Development Strategic Plan. Staff incorporated that feedback into a Request for Proposal (RFP) issued on October 28, 2024 (Attachment 2). The City received ten proposals and staff, after a ranking and interview process, selected Strategic Economics as the firm best meeting the requirements outlined in the RFP solicitation.

5.a5.a5.a5.a5.a5.a5.a

City Council Agenda Report
Agenda Item No. 5.a
January 28, 2025
Recommended Action
Approve the professional services agreement with Strategic Economics to create a new Economic Development Strategic Plan in the amount of $107,750 and make the CEQA determinations as provided in the staff report.

Background
At the City Council Goal Setting Workshop on April 6, 2024, staff provided to City Council a presentation on the local economy that included trends in sales tax revenue and real estate over the past five years, covering the timeframe before and after the COVID-19 pandemic (January 2020 to May 2023). New workplace trends like remote work that have continued since the pandemic have resulted in an increase to Concord’s class A office vacancy rate (13 percentage points higher than before the pandemic), a stronger consumer preference for online shopping (State and County Pools currently 47 percentage higher than before the pandemic), and lower daytime foot traffic in downtown Concord (Downtown sales tax revenue 13 percent lower over a five-year period).

The City developed an Economic Vitality Strategy in 1997 and has updated its strategy periodically since then. The last update was in January 2020, just before the pandemic began. While elements of the Economic Vitality Strategy are still relevant, it does not address the significant changes in the economy that have occurred since the COVID-19 pandemic. It was for this reason that the Council identified creation of a new Economic Development Strategy as a Tier 1 Priority for this fiscal year.

On June 4, 2024, at the mid-cycle budget update for Fiscal Year (FY) 2024-2025, City Council approved the roll-over of unspent Economic Development Operating Expenses from FY 2023-2024 into the FY 2024-2025 budget to support the completion of a new Economic Development Strategic Plan. The amount rolled over was $98,478.90.

At the October 8, 2024 City Council meeting, staff presented a draft work plan for the creation of the Economic Development Strategic Plan. City Council provided direction on the work plan, which included issuing an RFP to select a consultant that would support staff in working with the community, business stakeholders, and City Council in its execution. Specific changes that City Council directed staff to make to the work plan included adding regional economic development organizations and educational institutions to the stakeholder engagement list and including an analysis of home-based businesses in the Plan. The City Council also directed staff to use the Housing & Economic Development (H&ED) Committee as the oversight body for the project.

After receiving Council direction, staff issued an RFP to select a consultant to create the Economic Development Strategic Plan on October 28, 2024. The City received ten responses by the November 26, 2024 deadline. A panel of three staff members from the City Manager’s Office and Economic Development and Base Reuse Department reviewed and ranked the proposals. After interviewing the three highest ranking

City Council Agenda Report
Agenda Item No. 5.a
January 28, 2025
consultants on December 20, 2024, the evaluation panel selected Strategic Economics as the firm best meeting the requirements outlined in the RFP solicitation.

Staff is recommending Strategic Economics to partner with the City to create Concord’s new Economic Development Strategic Plan. Strategic Economics has extensive experience creating economic development strategic plans and related documents, including for Bay Area cities like Dublin, Milpitas, San Leandro, San Jose, and Petaluma. Strategic Economics will be partnered with Greensfelder Commercial Real Estate (GRES) to complete the retail analysis for this project. Recent examples of their partnership include the Economic Development Strategy and General Plan Economic Development Element for the City of Dublin and the General Plan Update for the City of Petaluma.

Analysis
Below is the work plan for the Economic Development Strategic Plan development. For the full scope of work, see Attachment 5 (Exhibit A to the professional services agreement in Attachment 4).

Guiding Principles Development: Strategic Economics, after completing a materials review, will work with staff and draft a set of guiding principles for the project that will be reviewed by the H&ED Committee. The guiding principles will guide the development of the Economic Development Strategic Plan.

Stakeholder Involvement: It is critical that the development of the Economic Development Strategic Plan occur with the input of stakeholders that have experience, knowledge and insight. The project work program incorporates outreach to a number of key stakeholders, including the following groups:
• Landlords and Real Estate Professionals (Retail, Office and Industrial) • Major Tax-Generating Businesses
• Small Businesses
• Greater Concord Chamber of Commerce
• Todos Santos Business Association
• Monument Impact
• Diablo Valley Tech Initiative
• East Bay Economic Development Alliance
• East Bay Leadership Council
• East Bay Small Business Development Center
• CocoKids

City Council Agenda Report
Agenda Item No. 5.a
January 28, 2025
• Mount Diablo Unified School District
• Diablo Valley college
• California State University, East Bay
• Workforce Development Board of Contra Costa County
• East Bay Leadership Council
• Contra Costa Economic Development Partnership
Strategic Economics will hold up to six in-person or virtual stakeholder focus group meetings and up to eight phone or virtual interviews with business community leaders representing different business types and industry sectors. Staff will work with Strategic Economics to organize the focus groups and interviews in a manner most convenient for the stakeholders.

Data Collection/Existing Conditions Report & SWOT Analysis: In order to understand Concord’s economics against the region and identify the Concord economy’s strengths, weaknesses, opportunities and threats (SWOT), the consulting team will perform for the following studies:
• Workforce, Demographics, Major Industries and Small Business Analysis o To include analysis of commute patterns of residents and workers • Commercial Real Estate Market Analysis
o To include examination of competitive performance, interviews of brokers, analysis of existing zoning and land use regulations, and performance review of Concord’s hotels
• Retail Analysis
o To include analysis of citywide and subarea sales tax trends, a health and performance checkup of up to three (3) centers, in addition to Sunvalley Shopping Center and downtown Concord, and utilization of Placer.ai software to track retail activity throughout the City
• Subarea Assessments and Opportunity Sites
o To include profiles of geographic areas with significant or planned concentrations of employment and business activity
• Existing Conditions Report and SWOT Analysis
o To include summary of existing conditions and analysis of strengths, weaknesses, opportunities, and threats for attracting, retaining, and growing different categories of businesses in Concord