December 17, 2024 Dublin City Council Regular Meeting Agenda 1
COUNCILMEMBERS City Council Chamber
Michael McCorriston, Mayor Dublin Civic Center
Dr. Sherry Hu, Vice Mayor 100 Civic Plaza
Jean Josey, Councilmember Dublin, CA 94568
Kashef Qaadri, Councilmember www.dublin.ca.gov
Janine Thalblum, Councilmember
Regular Meeting of the
DUBLIN CITY COUNCIL
Tuesday, December 17, 2024 Location: City Council Chamber 100 Civic Plaza
Dublin, CA 94568
REGULAR MEETING 7:00 PM
Additional Meeting Procedures
This City Council meeting will be broadcast live on Comcast T.V. channel 28 beginning at 7:00 p.m. This meeting will also be livestreamed at www.tv30.org and on the City’s website at: https://dublin.ca.gov/ccmeetings
For the convenience of the City and as a courtesy to the public, members of the public who wish to offer comments electronically have the option of giving public comment via Zoom, subject to the following procedures:
□ Fill out an online speaker slip available at www.dublin.ca.gov. The speaker slip will be made available at 10:00 a.m. on Tuesday, December 17, 2024. Upon submission, you will receive Zoom link information from the City Clerk.
Speakers slips will be accepted until the staff presentation ends, or until the public comment period on non-agenda items is closed.
□ Once connected to the Zoom platform using the Zoom link information from the City Clerk, the public speaker will be added to the Zoom webinar as an attendee and muted. The speaker will be able to observe the meeting from the Zoom platform.
□ When the agenda item upon which the individual would like to comment is addressed, the City Clerk will announce the speaker in the meeting when it is their time to give public comment. The speaker will then be unmuted to give public comment via Zoom.
1 December 17, 2024 Dublin City Council Regular Meeting Agenda 2
□ Technical difficulties may occur that make the option unavailable, and, in such event, the meeting will continue despite the inability to provide the option.
1. CALL TO ORDER
2. PLEDGE OF ALLEGIANCE
3. PRESENTATIONS AND PROCLAMATIONS
3.1 Presentation from Visit Tri-Valley
The City Council will receive a presentation from Tracy Farhad, President and CEO of Visit Tri-Valley, about a proposed multi-use event center in the City of Dublin.
STAFF RECOMMENDATION:
Receive the presentation.
Staff Report
4. PUBLIC COMMENT
At this time, the public is permitted to address the City Council on non-agendized items.
Please step to the podium and clearly state your name for the record. COMMENTS SHOULD NOT EXCEED THREE (3) MINUTES. In accordance with State Law, no action or discussion may take place on any item not appearing on the posted agenda. The Council may respond to statements made or questions asked, or may request Staff to report back at a future meeting concerning the matter. Any member of the public may contact the City Clerk’s Office related to the proper procedure to place an item on a future City Council agenda. The exceptions under which the City Council MAY discuss and/or take action on items not appearing on the agenda are contained in Government Code Section 54954.2(b)(1)(2)(3).
5. CONSENT CALENDAR
Consent Calendar items are typically non-controversial in nature and are considered for approval by the City Council with one single action. Members of the audience, Staff or the City Council who would like an item removed from the Consent Calendar for purposes of public input may request the Mayor to remove the item.
5.1 Approval of the December 3, 2024 Regular City Council Meeting Minutes The City Council will consider approval of the minutes of the December 3, 2024 Regular City Council Meeting
STAFF RECOMMENDATION:
Approve the minutes of the December 3, 2024 Regular City Council Meeting.
Staff Report
Attachment 1 - December 3, 2024 Regular City Council Meeting Minutes
5.2 Approval of the 2025 City Council Meeting Calendar The City Council typically meets on the first and third Tuesday of each month for Regular City Council Meetings. These meetings are cancelled when they conflict with City of 2 December 17, 2024 Dublin City Council Regular Meeting Agenda 3
Dublin holidays. Additionally, the City Council traditionally meets on the second Tuesday of January, cancelling the first and third Tuesday meetings, and historically takes the first Tuesday of July and first Tuesday of August off. The City Council is being asked to approve the 2025 City Council Meeting Calendar with these changes.
STAFF RECOMMENDATION:
Approve the 2025 City Council Meeting Calendar.
Staff Report
Attachment 1 - 2025 City Council Meeting Calendar
5.3 Annual Comprehensive Financial Report (ACFR) and Annual Audit for Fiscal Year Ending June 30, 2024 and Supplemental Reports Completed by the City’s Independent Auditors
The City Council will receive the Annual Comprehensive Financial Report (ACFR) for the Fiscal Year ending June 30, 2024. This report includes financial statements prepared by Staff along with the audit prepared by Badawi and Associates, the independent auditors selected by the City Council. The ACFR is a report which encompasses information beyond minimum financial reporting requirements. The auditors have provided a "clean opinion" based on their review.
The auditors have also completed the following supplemental reports: 1) a compliance audit of Alameda County Transportation Commission Measure B Funds; 2) a compliance audit of Alameda County Transportation Commission Measure BB Funds; 3) a compliance audit of Alameda County Transportation Commission Measure F Fund Vehicle Registration Fee Program; 4) a compliance audit of the State of California Transportation Development Act (TDA) Fund; 5) a compliance examination of the American Rescue Plan Act (ARPA) Fund; review of the City's Annual Appropriations Limit Calculation; and 7) a report on Internal Controls.
The reports have been reviewed by the City Council Ad-Hoc Audit Subcommittee.
STAFF RECOMMENDATION:
Receive the reports.
Staff Report
Attachment 1 - Summary - Key Information
Attachment 2 - Annual Comprehensive Financial Report Fiscal Year 2023-24 Attachment 3 - Fiscal Year 2023-24 Auditors' Communication with Those Charged with Governance
Attachment 4 - Fiscal Year 2023-24 Measure B Report
Attachment 5 - Fiscal Year 2023-24 Measure BB Report
Attachment 6 - Fiscal Year 2023-24 Measure F Report
Attachment 7 - Fiscal Year 2023-24 Transportation Development Act Fund Report Attachment 8 - Fiscal Year 2023-24 ARPA Examination
Attachment 9 - Appropriations Limit Fiscal Year 2024-25 Attachment 10 - Report on Internal Control
3 December 17, 2024 Dublin City Council Regular Meeting Agenda 4
5.4 Annual Report of Developer Impact Fee Funds Deposits: Pursuant to California Government Code Sections 66002, 66006, and 66008 (AB 1600) State law requires the City to review and report on an annual basis the status of development fees collected to finance public improvements. The report covers activity which occurred in these funds during Fiscal Year 2023-24. The analysis has determined that all funds held for more than five years are necessary to complete identified projects.
STAFF RECOMMENDATION:
Accept the report and adopt the Resolution Making Findings Regarding Unexpended Traffic Impact Fees for Fiscal Year 2023-24 and approve the budget change.
Staff Report
Attachment 1 - Resolution Making Finding Regarding Unexpended Traffic Impact Fees for Fiscal Year 2023-24
Attachment 2 - Annual Report of Developer Impact Fee Funds for the Year Ended June 30, 2024
Attachment 3 - Budget Change Form
5.5 Payment Issuance Report and Electronic Funds Transfers The City Council will receive a listing of payments issued from November 1, 2024 – November 30, 2024, totaling $10,169,496.85.
STAFF RECOMMENDATION:
Receive the report.
Staff Report
Attachment 1 - Payment Issuance Report for November 2024
5.6 Revisions to the Classification Plan in Accordance with Senate Bill 1100
The City Council will consider proposed changes to the City’s current Personnel System.
The proposed adjustments are based on the need to revise the job specifications in the City’s Classification Plan, in accordance with Senate Bill (SB) 1100.
STAFF RECOMMENDATION:
Adopt the Resolution Amending the Classification Plan.
Staff Report
Attachment 1 - Resolution Amending the Classification Plan
6. PUBLIC HEARING – None.
7. UNFINISHED BUSINESS – None.
8. NEW BUSINESS
8.1 Certification of November 5, 2024 Election Results The City has received, and the City Council will certify, the November 5, 2024 election results for the offices of Mayor, City Councilmember – District 1, and City Councilmember – District 3, as well as the results for Measures II and JJ.
STAFF RECOMMENDATION:
Take the following actions: 1) Adopt the Resolution Reciting the Facts of the General Municipal Election Held on November 5, 2024, Declaring the Results Thereof, and Such 4 December 17, 2024 Dublin City Council Regular Meeting Agenda 5
Other Matters as are Provided by Law; 2) Declare Ordinance Amending a Provision of the Dublin General Plan that was Added by the Dublin Open Space Initiative of 2014 duly adopted by the people; and, 3) Declare Ordinance Adopting the Dublin Government Accountability Act duly adopted by the people.
Staff Report
Attachment 1 - Resolution Reciting the Facts of the General Municipal Election Held on November 5, 2024, Declaring the Results Thereof, and Such Other Matters as are Provided by Law
Attachment 2 - Exhibit A to the Resolution - Alameda County Registrar of Voters Certified Results of November 5, 2024 General Election
Attachment 3 - Ordinance No. 14-24 Amending a Provision of the Dublin General Plan that was Added by the Dublin Open Space Initiative of 2014 Attachment 4 - Ordinance No. 15-24 Adopting the Dublin Government Accountability Act
8.2 Presentation to Outgoing Councilmember Janine Thalblum The City will make a presentation to outgoing Councilmember Janine Thalblum, in appreciation of her dedicated service to the City.
STAFF RECOMMENDATION:
Make a presentation and receive comments from outgoing Councilmember Janine Thalblum.
Staff Report
8.3 Administration of Oath of Office to Councilmembers-elect Michael McCorriston and John Morada and Mayor-elect Sherry Hu
The Oath of Office will be administered to Councilmembers-elect Michael McCorriston and John Morada and Mayor-elect Sherry Hu.
STAFF RECOMMENDATION:
Administer the Oath of Office to Councilmembers-elect Michael McCorriston and John Morada and Mayor-elect Sherry Hu.
Staff Report
8.4 Selection of Vice Mayor
The City Council’s policy is to select, in December of each year, a member of the City Council to serve as Vice Mayor for a period of one year. In the absence of the Mayor, the Vice Mayor would become Mayor Pro Tempore and would assume the temporary responsibilities of the Mayor.
STAFF RECOMMENDATION:
Determine who shall serve as Vice Mayor for a one-year period, December 2024 – December 2025.
Staff Report
8.5 Mayor’s Appointment to City Commissions and Committees Following the City of Dublin’s general municipal elections in November of even- numbered years, terms expire on five of the City’s Commissions and Committees. The number of openings includes: four members and one alternate on the Heritage and 5 December 17, 2024 Dublin City Council Regular Meeting Agenda 6
Cultural Arts Commission, three members and two alternates on the Human Services Commission, two members and two alternates on the Parks & Community Services Commission, three members and two alternates on the Planning Commission, and two members and two alternates on the Senior Center Advisory Committee. New members will take office in January 2025.
STAFF RECOMMENDATION:
Confirm the Mayor’s appointment to the various commissions and committees or provide other appropriate direction.
Staff Report
Attachment 1 - Heritage and Cultural Arts Commission Applications Attachment 2 - Human Services Commission Applications
Attachment 3 - Parks and Community Services Commission Applications Attachment 4 - Planning Commission Applications
Attachment 5 - Senior Center Advisory Committee Applications
8.6 City Council Committee Appointments and Assignments Each member of the City Council represents the City of Dublin on various local and regional boards, committees, and commissions. The City Council will consider confirming the Mayor’s proposed appointments.
STAFF RECOMMENDATION:
Adopt the Resolution Confirming the Mayor’s Appointments to Various Local and Regional Boards, Committees, and Commissions; and direct Staff to notify affected agencies, as appropriate.
Staff Report
Attachment 1 - Resolution Confirming the Mayor’s Appointments to Various Local and Regional Boards, Committees, and Commissions
Attachment 2 - Exhibit A to the Resolution – Mayor’s Recommendation for City Council Appointments and Assignments
8.7 Appointment of City of Dublin Historian and Poet Laureate The City Council will consider the appointment of a City of Dublin Historian to a term from January 1, 2025 to December 31, 2028, and Poet Laureate for a term from January 1, 2025 to December 31, 2026.
STAFF RECOMMENDATION:
Confirm the Mayor’s appointment of Steve Minniear to the position of City of Dublin Historian and Richard Deets to the position of City of Dublin Poet Laureate Staff Report
Attachment 1 - City Historian and Poet Laureate Applications
9. CITY MANAGER AND CITY COUNCIL REPORTS
Brief information only reports from City Council and/or Staff, including committee reports and reports by City Council related to meetings attended at City expense (AB1234).
10. ADJOURNMENT
6 December 17, 2024 Dublin City Council Regular Meeting Agenda 7
This AGENDA is posted in accordance with Government Code Section 54954.2(a)
If requested, pursuant to Government Code Section 54953.2, this agenda shall be made available in appropriate alternative formats to persons with a disability, as required by Section 202 of the Americans with Disabilities Act of 1990 (42 U.S.C. Section 12132) (ADA), and the federal rules and regulations adopted in implementation thereof. To make a request for disability-related modification or accommodation, please contact the City Clerk’s Office (925) 833-6650 at least 72 hours in advance of the meeting. Upon receiving a request, the City will swiftly resolve requests for reasonable accommodation for individuals with disabilities, consistent with the federal ADA, and resolve any doubt in favor of accessibility.
Agenda materials that become available within 72 hours in advance of the meeting, and after publishing of the agenda, will be available at Civic Center, 100 Civic Plaza, and will be posted on the City’s website at www.dublin.ca.gov/ccmeetings.
Mission
The City of Dublin promotes and supports a high quality of life, ensures a safe, secure, and sustainable environment, fosters new opportunities, and champions a culture of equity, diversity, and inclusion. 7 STAFF REPORT
CITY COUNCIL
Agenda Item 3.1
DATE: December 17, 2024
TO: Honorable Mayor and City Councilmembers
FROM: Colleen Tribby, City Manager
SUBJECT: Presentation from Visit Tri-Valley
Prepared by: Felicia Escover, Economic Development Manager EXECUTIVE SUMMARY:
The City Council will receive a presentation from Tracy Farhad, President and CEO of Visit Tri- Valley, about a proposed multi-use event center in the City of Dublin.
STAFF RECOMMENDATION:
Receive the presentation.
FINANCIAL IMPACT:
There is no financial impact to receive this report. Further analysis of financial impacts related to the proposed multi-use event center will be conducted as part of an anticipated Memorandum of Understanding between the City of Dublin and Visit Tri-Valley.
DESCRIPTION:
Tracy Farhad, President and CEO of Visit Tri-Valley, will present to the City Council information about a proposed multi-use event center to be located in Dublin. This project is a key component of Visit Tri-Valley's five-year Destination Strategic Plan.
STRATEGIC PLAN INITIATIVE:
None.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
The City Council Agenda was posted.
8
ATTACHMENTS:
None.
9 STAFF REPORT
CITY COUNCIL
Agenda Item 5.1
EXECUTIVE SUMMARY:
The City Council will consider approval of the minutes of the December 3, 2024 Regular City Council Meeting.
STAFF RECOMMENDATION:
Approve the minutes of the December 3, 2024 Regular City Council Meeting.
FINANCIAL IMPACT:
None.
DESCRIPTION:
The City Council will consider approval of the minutes of the December 3, 2024 Regular City Council Meeting.
STRATEGIC PLAN INITIATIVE:
None.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
The City Council Agenda was posted.
ATTACHMENTS:
1) December 3, 2024 Regular City Council Meeting Minutes DATE: December 17, 2024
TO: Honorable Mayor and City Councilmembers
FROM: Colleen Tribby, City Manager
SUBJECT: Approval of the December 3, 2024 Regular City Council Meeting Minutes Prepared by: Marsha Moore, MMC, City Clerk
10 MINUTES OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
Regular Meeting: December 3, 2024
DUBLIN CITY COUNCIL MINUTES
REGULAR MEETING
DECEMBER 3, 2024
The following are minutes of the actions taken by the City of Dublin City Council. A full video recording of the meeting with the agenda items indexed and time stamped is available on the City’s website at:https://dublin.ca.gov/ccmeetings
Pursuant to Government Code §54953(b), this meeting included the following teleconference location:
Councilmember Qaadri attended the Regular Meeting via teleconference from Aria Resort and Hotel – Business Center, 3730 Las Vegas Blvd South, Las Vegas, NV 89159 All votes during the remote session were conducted by roll call vote.
REGULAR MEETING 7:00 PM
A Regular Meeting of the Dublin City Council was held on Tuesday, December 3, 2024, in the City Council Chamber. The meeting was called to order at 7:00 PM, by Mayor McCorriston.
1) CALL TO ORDER
Attendee Name Status
Michael McCorriston, Mayor Present
Dr. Sherry Hu, Vice Mayor Present
Jean Josey, Councilmember Present
Kashef Qaadri, Councilmember Present via Zoom
Janine Thalblum, Councilmember Present
2) PLEDGE OF ALLEGIANCE
Mayor McCorriston reported Councilmember Qaadri was participating remotely via teleconference, that pursuant to Government Code §54953(b), the meeting location was posted on the agenda and the agenda was posted at the teleconference location 72 hours before the meeting, and all votes during the teleconference session would be conducted by roll call vote. 3) PRESENTATIONS AND PROCLAMATIONS
3.1) Recognition of 2024 Inside Dublin Participants
The City Council recognized the participants of the City’s 2024 Inside Dublin program.
Attachment 1
11 DUBLIN CITY COUNCIL MINUTES
REGULAR MEETING
DECEMBER 3, 2024
3.2) Presentation of Banners to 2024 Military Banner Program Honorees The City Council presented the 2024 Military Banner Program honorees with their individual banners.
4) PUBLIC COMMENT
Mike Grant provided public comment.
Brent Songey provided public comment.
Yosra Abdelaziz provided public comment.
Grant E. provided public comment.
5) CONSENT CALENDAR
5.1) Approved the minutes of the November 19, 2024 Regular City Council Meeting.
5.2) Adopted Resolution No. 138-24 titled, “Approving an Amendment to the Agreement with Advanced Integrated Pest Management for Pest Control Services.”
5.3) Adopted Resolution No. 139-24 titled, “Approving an Amendment to the Agreement with EOA, Inc. for Stormwater NPDES Implementation Assistance.”
5.4) Adopted Resolution No. 140-24 titled, “Approving an Amendment to the Agreement with Francisco & Associates, Inc. for Acquisition Audit Services and Administration Services.”
5.5) Waived the second reading and adopted Ordinance No. 13-24 titled, “Levying Special Taxes Within City of Dublin Community Facilities District No. 2024-1 (Dublin Centre).”
5.6) Adopted Resolution No. 141-24 titled, “Authorizing Application for, and Receipt of Local Housing Trust Fund Program Funds for the Regional Street Senior Affordable Housing Project,” and Resolution No. 142-24 titled, “Authorizing Application for, and Receipt of Local Housing Trust Fund Program Funds for the Amador Station Project.”
5.7) Adopted Resolution No. 143-24 titled, “Approving an Amendment to the Terms of the Affordable Housing Assistance Agreement Between the City of Dublin and Corona/Ely Ranch, Inc.”
On a motion by Councilmember Josey, seconded by Vice Mayor Hu, and by unanimous roll call vote, the City Council adopted the Consent Calendar. 12 DUBLIN CITY COUNCIL MINUTES
REGULAR MEETING
DECEMBER 3, 2024
RESULT: ADOPTED [UNANIMOUS]
MOVED BY: Jean Josey, Councilmember
SECOND: Dr. Sherry Hu, Vice Mayor
AYES: McCorriston, Josey, Hu, Qaadri, Thalblum
6) PUBLIC HEARING
6.1) Assembly Bill 562 (2013) Five-Year Outcome Report on Economic Development Subsidy Provided to Bicentennial Square Partners The City Council received a report on the outcome of the first five-year period of the economic development business incentive, Sales Tax Reimbursement Program, with Bicentennial Square Partners for the retention of Graybar Electric Company.
Mayor McCorriston opened the Public Hearing.
Upon receiving no public comment, Mayor McCorriston closed the Public Hearing. 7) UNFINISHED BUSINESS – None.
8) NEW BUSINESS
8.1) Informational Report on Accessory Dwelling Units
The City Council received an informational report on accessory dwelling units, including use of the City’s permit-ready prototype plans, impact and building permit fee waivers, and production.
Mayor McCorriston opened the public comment period.
Upon receiving no public comment, Mayor McCorriston closed the public comment period.
By consensus, the City Council directed Staff to enhance the City’s website with resources about additional accessory dwelling unit options.
8.2) Francis Ranch Parks – Conceptual Designs
The City Council received a presentation regarding the conceptual designs for the two 5.5- acre Francis Ranch neighborhood parks.
Mayor McCorriston opened the public comment period.
Upon receiving no public comment, Mayor McCorriston closed the public comment period. 13 DUBLIN CITY COUNCIL MINUTES
REGULAR MEETING
DECEMBER 3, 2024
On a motion by Councilmember Thalblum, seconded by Councilmember Josey, and by unanimous roll call vote, the City Council approved the conceptual designs for the Francis Ranch neighborhood parks.
RESULT: Approved [UNANIMOUS]
MOVED BY: Janine Thalblum, Councilmember
SECOND: Jean Josey, Councilmember
AYES: McCorriston, Josey, Hu, Qaadri, Thalblum
9) CITY MANAGER AND CITY COUNCIL REPORTS
The City Council and Staff provided brief information-only reports, including committee reports and reports related to meetings attended at City expense (AB1234).
By consensus, the City Council directed Staff to look into placing a lit flagpole on the corner of Fallon and Central at Fallon Sports Park and to explore the cost and feasibility of adding the word “Dublin” to the Iron Horse Trail Bridge.
10) ADJOURNMENT
Mayor McCorriston adjourned the meeting at 8:33 PM.
Mayor
ATTEST:
City Clerk
14 STAFF REPORT
CITY COUNCIL
Agenda Item 5.2
DATE: December 17, 2024
TO: Honorable Mayor and City Councilmembers
FROM: Colleen Tribby, City Manager
SUBJECT: Approval of the 2025 City Council Meeting Calendar Prepared by: Marissa Clevenger, Administrative Technician EXECUTIVE SUMMARY:
The City Council typically meets on the first and third Tuesday of each month for Regular City Council Meetings. These meetings are cancelled when they conflict with City of Dublin holidays.
Additionally, the City Council traditionally meets on the second Tuesday of January, cancelling the first and third Tuesday meetings, and historically takes the first Tuesday of July and first Tuesday of August off. The City Council is being asked to approve the 2025 City Council Meeting Calendar with these changes.
STAFF RECOMMENDATION:
Approve the 2025 City Council Meeting Calendar.
FINANCIAL IMPACT:
None.
DESCRIPTION:
The City Council typically meets on the first and third Tuesday of each month for Regular City Council Meetings. These meetings are cancelled when they conflict with City of Dublin holidays.
Additionally, the City Council historically takes the first Tuesday of July and first Tuesday of August off, and traditionally meets on the second Tuesday of January, taking off the first and third Tuesdays. To provide scheduling clarity, Staff has prepared a proposed City Council Meeting Calendar for 2025 (Attachment 1).
The proposed meeting calendar shows no meetings on January 7 and 21, July 1, and August 5. It does show a meeting on January 14, the second Tuesday of the month. 15
STRATEGIC PLAN INITIATIVE:
None.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
The City Council Agenda was posted.
ATTACHMENTS:
1) 2025 City Council Meeting Calendar
16 2025 CITY COUNCIL MEETING
Attachment 1
City Council Meeting Date
January 14, 2025
February 4, 2025
February 18, 2025
March 4, 2025
March 18, 2025
April 1, 2025
April 15, 2025
May 6, 2025
May 20, 2025
June 3, 2025
June 17, 2025
July 15, 2025
August 19, 2025
September 2, 2025
September 16, 2025
October 7, 2025
October 21, 2025
November 4, 2025
November 18, 2025
December 2, 2025
December 16, 2025
17 STAFF REPORT
CITY COUNCIL
Agenda Item 5.3
DATE: December 17, 2024
TO: Honorable Mayor and City Councilmembers
FROM: Colleen Tribby, City Manager
SUBJECT: Annual Comprehensive Financial Report (ACFR) and Annual Audit for Fiscal Year Ending June 30, 2024 and Supplemental Reports Completed by the City’s Independent Auditors
Prepared by: Wendy Lam, Accounting Manager
EXECUTIVE SUMMARY:
The City Council will receive the Annual Comprehensive Financial Report (ACFR) for the Fiscal Year ending June 30, 2024. This report includes financial statements prepared by Staff along with the audit prepared by Badawi and Associates, the independent auditors selected by the City Council. The ACFR is a report which encompasses information beyond minimum financial reporting requirements. The auditors have provided a "clean opinion" based on their review.
The auditors have also completed the following supplemental reports: 1) a compliance audit of Alameda County Transportation Commission Measure B Funds; 2) a compliance audit of Alameda County Transportation Commission Measure BB Funds; 3) a compliance audit of Alameda County Transportation Commission Measure F Fund Vehicle Registration Fee Program; 4) a compliance audit of the State of California Transportation Development Act (TDA) Fund; 5) a compliance examination of the American Rescue Plan Act (ARPA) Fund; 6) a review of the City's Annual Appropriations Limit Calculation; and 7) a report on Internal Controls.
The reports have been reviewed by the City Council Ad-Hoc Audit Subcommittee.
STAFF RECOMMENDATION:
Receive the reports.
FINANCIAL IMPACT:
Financial information is summarized in this report, and Attachment 1 provides a guide to key information found in the ACFR. The full ACFR is included as Attachment 2. All other audit reports are included as Attachments 3-10.
18
DESCRIPTION:
The City of Dublin has prepared its Annual Comprehensive Financial Report (ACFR) for the Fiscal Year (FY) ending June 30, 2024. The ACFR (Attachment 2) includes audited financial statements reviewed by Badawi and Associates, the independent auditors selected by the City Council.
Ad-Hoc Audit Committee Review
The auditors met with the City Council Ad-Hoc Audit Committee, composed of Mayor McCorriston and Councilmember Thalblum, to review the results of the audit. The interaction of the auditors directly with representatives of the elected body is a key component to audit standards and provides the Committee an opportunity to discuss the report and ask questions of the auditors.
Based on their testing and review, the auditors granted the City a "clean opinion" (see ACFR pages 1-4), meaning that the financial statements present fairly, in all material respects, the financial position of the City.
The compliance audits for the additional reports found that, based on the information reviewed and presented, expenditures were materially in compliance with the program requirements (Attachments 4 -8).
Financial Overview
Attachment 1 provides a guide to key elements contained in the ACFR. Some of the important financial results include an increase of $42.3 million in net position, as shown in Table 1 below.
This change is on an entity-wide basis and includes both capital assets as well as restricted funds.
Included in the Management Discussion and Analysis section of the ACFR is a discussion of the changes in Net Assets (ACFR page 6 and 7). It is important to note that the amount reported as Total Net Assets includes:
1. $551.3 million (57% of total net assets) in investments in capital assets (e.g. land, infrastructure, buildings, and equipment).
2. $118.6 million (12% of total net assets) that is subject to external restrictions on how it can be used, such as development impact fee funds.
3. $294.8 million (31% of total net assets) in net assets that are unrestricted. 19
TABLE 1: SUMMARY OF NET POSITION
June 30, 2024 and 2023
Auditors’ Communication (Governance Letter) (Attachment 3) The Governance Letter includes a report on the City’s accounting and reporting procedures, as well as recommendations for process improvements. The report does not note any issues for Fiscal Year 2023-24.
Designation of Fund Balances
The City's designation of fund balances conforms to required standards enacted by the Governmental Accounting Standards Board (GASB). A listing of the FY 2023-24 major fund reserves established in accordance with this policy is shown on ACFR page 13. The following table summarizes the fund balances for all City funds.
20
TABLE 2: GOVERNMENTAL FUND BALANCE CHANGES
June 30, 2024 and 2023
As shown above, General Fund Reserves totaled $290.4 million as of June 30, 2024. Of that amount, $50.4 million is available for cash flow purposes, equating to approximately 5.5 months of budgeted operating expenditures in FY 2024-25. This exceeds the target as guided by the policy, which sets the cash flow goal at between two and four months of the next year's budget.
Additional Reports Prepared by Auditors
In addition to the audit of the financial statements, the audit engagement also included the completion of specialized reports. The six supplemental reports include:
1. A compliance audit of Alameda County Transportation Commission (ACTC) Measure B Funds.
2. A compliance audit of the ACTC Measure BB Funds.
3. A compliance audit of the ACTC Vehicle Registration Fee (Measure F) Program.
4. A compliance audit of the Transportation Development Act (TDA) Fund.
5. A compliance examination of the American Rescue Plan Act (ARPA) Fund.
6. A review of the City's Annual Appropriations Limit Calculation.
ACTC Measure B Funds Report (Attachment 4)
ACTC provides local funding via two local programs: 1) Local Street Improvements; and 2) Bicycle and Pedestrian Improvements.
As of June 30, 2024, the Measure B Fund had expended all funds for Local Streets and Roads and had $980 restricted for Bicycle and Pedestrian improvements. During FY 2023-24, the following projects were funded by Measure B:
Annual Street Resurfacing
Iron Horse Trail Bridge
ACTC Measure BB Funds Report (Attachment 5)
Alameda County Measure BB was approved by the voters in November 2014 with 70% of the vote. The fee is expected to generate about $8 billion over 30 years funded by an additional half-cent sales tax to be used for transportation related expenditures. The program includes four categories of projects: 1) Transit; 2) Affordable Transit for Seniors and People with Disabilities; 3) Local Streets and Roads; and 4) Bicycle and Pedestrian Path and Safety. 21
As of June 30, 2024, the Measure BB Fund had a restricted fund balance of $1,848,929 for Local Streets and Roads, and $977,646 restricted for Bicycle and Pedestrian improvements. During FY 2023-24, the following projects were funded by Measure BB:
Annual Street Resurfacing
Citywide Bicycle and Pedestrian Improvements
Citywide Signal Communication Upgrade
Iron Horse Trail Bridge
Traffic Signal Re-Lamping
ACTC Vehicle Registration Fee (Measure F) Report (Attachment 6) The City of Dublin uses a Special Revenue Fund to account for money collected through the ACTC's Vehicle Registration Fee. The goal of the program is to sustain the County's transportation network through a distribution of the funds throughout the County on successive five-year cycles.
As of June 30, 2024, the ACTC VRF Measure F Fund had a balance of $488,305 in restricted funds.
During FY 2023-24, the following projects were funded by Measure F:
Citywide Bicycle and Pedestrian Improvements
Citywide Signal Communication Upgrade
Intelligent Transportation System Upgrades
Transportation Development Act (TDA) Fund Report (Attachment 7) TDA grants are granted by the State and distributed through the Metropolitan Transportation Commission (MTC) which is the agency responsible for allocation of funds to eligible agencies within the greater San Francisco Bay area. The TDA grants, in the amount of $78,499, allocated to the City are for bicycle and pedestrian improvements.
During FY 2023-24, $17,317 was spent on the Citywide Bicycle and Pedestrian Improvements project, and the remaining amount of $53,809, has been carried over to FY 2024-25.
American Rescue Plan Act (ARPA) Fund Examination (Attachment 8) The City is required to complete the Alternative Compliance Examination if total Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) and/or ARPA funds received directly from the Federal Government Treasury or received (through states) as a non-entitlement unit (NEU) of local government is at or below $10 million and other federal award funds that have been expended are less than $750,000 during the fiscal year, which is the threshold that the City of Dublin met.
In FY 2023-24 the City had $1,006,483 in expenditures of American Rescue Plan Act fund. The examination reported that the City complied, in all material respects, with the specified requirements during the year ended June 30,2024.
Appropriation Limit Schedule Report (Attachment 9)
State law requires the adoption of an Appropriations Limit which must be included in the budget 22
document. The City Council adopts the Limit by resolution, and it is adjusted annually based on factors established in State Law. The Limit applies only to appropriations that are funded by proceeds of taxes. The limit for Dublin is substantially more than the amount of revenue generated from taxes. The auditors reviewed the calculation used to develop the $485,074,181 limit as presented in the FY 2024-25 Budget, and there were no exceptions noted in the findings.
Report on Internal Controls (Attachment 10)
The purpose of the Internal Controls Report is to describe the scope of the Auditors testing of internal control and compliance and the results of that testing, to obtain reasonable assurances about whether the City’s financial statements are free from material misstatement. The results of these tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.
STRATEGIC PLAN INITIATIVE:
None.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
The City Council Agenda was posted.
ATTACHMENTS:
1) Summary – Key Information
2) Annual Comprehensive Financial Report Fiscal Year 2023-24 3) Fiscal Year 2023-24 Auditors’ Communication with Those Charged with Governance 4) Fiscal Year 2023-24 Measure B Report
5) Fiscal Year 2023-24 Measure BB Report
6) Fiscal Year 2023-24 Measure F Report
7) Fiscal Year 2023-24 Transportation Development Act Fund Report 8) Fiscal Year 2023-24 ARPA Examination
9) Appropriations Limit Fiscal Year 2024-25
10) Report on Internal Control
23 Attachment 1
SUMMARY - KEY INFORMATION
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDING JUNE 30, 2024
City Council Meeting December 17, 2024
1. Includes audited financial statements reviewed by the City's audit firm, Badawi & Associates.
2. The auditors’opinion is that the City's financial statements fairly represent the City's financial position.
3. The ACFR format will allow the City to apply for a Certificate of Achievement from the Government Finance Officers Association (GFOA). The goal is to provide financial information of the highest quality, in a transparent manner.
4. ORGANIZATION OF REPORT:
a. Transmittal letter (pages v-xvi): provides a general overview of economic and budgetary factors that impact the City.
b. Opinion (pages 1-4): issued by the Independent Auditor on the City’s financial position and compliant with accounting principles generally accepted in the United States of America.
c. Management Discussion and Analysis (MD&A) (pages 5-20): provides an overview of the financial activities, with a focus on significant trends, as well as major changes associated with the City's major funds (i.e. General Fund and Impact Fee funds).
d. Financial Statements: a significant portion of the ACFR includes financial statements and schedules for the various funds used to account for the City's revenue and expenditures. Pages 24-26 present the Government - Wide Statement of Net Position presents financial statements similar to those used by private corporations . That section is followed by financial statements for each fund.
e. Statistical Section (pages 193-end): the unaudited statistical section of the ACFR includes relevant historical data.
5. Fund Balances - A complete listing of fund reserves and designations for all major funds is shown on page 78 of the report.
6. Audit Recommendations / Disclosures - As part of the Audit Review the independent auditors can present recommendations for consideration by the City. The process allows the Auditors to disclose their observations on certain practices and policies that need improvement. The report for FY 20 23-24 does 24 Attachment 1
not note any findings. This information is presented as a separate document and is included as Attachment 3 .
25 Attachment 2
26 Dublin, California
Annual Comprehensive Financial Report
For the year ended June 30, 2024
Prepared by:
Finance Department
Attachment 2
27 City of Dublin
Annual Comprehensive Financial Report
For the year ended June 30, 2024
Table of Contents
Page
i
INTRODUCTORY SECTION
Table of Contents ............................................................................................................................................................ i Letter of Transmittal ...................................................................................................................................................... v Principal Officers ...................................................................................................................................................... xvii Organizational Chart ............................................................................................................................................... xviii GFOA Certificate of Excellence in Financial Reporting ........................................................................................ xix
FINANCIAL SECTION
Independent Auditor’s Report ................................................................................................................................... 1 Management’s Discussion and Analysis .................................................................................................................. 5 Basic Financial Statements:
Government-Wide Financial Statements:
Government-Wide Statement of Net Position ................................................................................................... 24 Government-Wide Statement of Activities ..................................................................................... ................... 26 Fund Financial Statements:
Governmental Fund Financial Statements:
Balance Sheet ...................................................................................................................................................... 30 Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide Statement of Net Position .......................................................................... ....... 33 Statement of Revenues, Expenditures and Changes in Fu nd Balances ...................................................... 34 Reconciliation of the Government al Funds Statement of Revenues, E x p e n d i t u r e s , a n d C h a n g e s i n F und Balances to the Government-Wide Statement of Activities ................................................................................................... ................................ 37 Statement of Revenues, Expenditures and Ch anges in Fund Balance – Budget and Actual:
General Fund .............................................................................................................. ..................................... 39 Affordable Housing Special Revenue Fund ................................................................................... ............. 40 Proprietary Fund Financial Statements:
Statement of Net Position .................................................................................................. ............................... 42 Statement of Revenues, Expenses and Changes in Fund Net Position ...................................................... 43 Statement of Cash Flows .................................................................................................... ............................... 44 Attachment 2
28 City of Dublin
Annual Comprehensive Financial Report
For the year ended June 30, 2024
Table of Contents, Continued
Page
ii
FINANCIAL SECTION, Continued
Fiduciary Fund Financial Statements:
Statement of Fiduciary Net Position......................................................................................... ....................... 46 Statement of Changes in Fiduciary Net Position .... ....................................................................................... 47 Notes to Basic Financial Statements ....................................................................................................................... 51 Required Supplementary Information (Unaudited):
Defined Benefit Pension Plan
Schedule of the City’s Proportionate Share of the Net Pension Liability – Last 10 Years ........................... 97 Schedule of Contributions – Last 10 Years ................................................................................... ..................... 98 Other Post Employment Benefits (OPEB)
City Retiree Health Plan – Schedule of Changes in Net OPEB Liability and Related Ratios during the Measurement Period – Last 10 Years ............................................................... . 99 Schedule of City Retiree Health Plan Contributions – Last 10 Years .......................................................... . 100 Supplementary Information:
General Fund – Budget Versus Actual
Schedule of Budget Versus Actual Revenue by Sources ......................................................................... ...... 103 Schedule of Budget Versus Actual Departmental Expenditures .................................................................. 104 Budgeted Major Governmental Funds Other than General Fund and Special Revenue Funds:
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual:
General Improvements Projects Capital Projects Fund ........................................................................ ...... 108 Parks Projects Capital Projects Fund ....................................................................................... ...................... 109 Streets Projects Capital Projects Fund ..................................................................................... ...................... 110 Public Art Capital Projects Fund ........................................................................................... ........................ 111 Public Facilities Impact Fees Capital Projects Fund ........................................................................ ............ 112 Fire Impact Fees Capital Projects Fund ..................................................................................... .................... 113 Traffic Impact Fees Capital Projects Fund .................................................................................. .................. 114 Dublin Crossing Contribution Capital Projects Fund ......................................................................... ........ 115 Attachment 2
29 City of Dublin
Annual Comprehensive Financial Report
For the year ended June 30, 2024
Table of Contents, Continued
Page
iii
FINANCIAL SECTION, Continued
Non-Major Governmental Funds:
Combining Balance Sheet ..................................................................................................... .............................. 120 Combining Statement of Revenues, Expenditures and Chan ges in Fund Balances .................................. 129 Schedules of Revenues, Expenditures and Changes in Fu nd Balances – Budget and Actual .................. 138 Internal Service Funds:
Combining Statement of Net Position ......................................................................................... ..................... 180 Combining Statement of Revenues, Expenses and Changes in Net Position ............................................. 182 Combining Statement of Cash Flows ........................................................................................... .................... 184 Custodial Funds:
Combining Statement of Fiduciary Net Position ............................................................................................ 188 Combining Statement of Changes in Fiduciary Net Position .................................................................... ... 190 STATISTICAL SECTION (Unaudited)
Net Position by Component ..................................................................................................................................... 194 Changes in Net Position ............................................................................................................................................ 196 Fund Balances of Governmental Funds .................................................................................................................. 198 Changes in Fund Balances of Governmental Funds ............................................................................................. 200 Assessed Value of Taxable Property ....................................................................................................................... 202 Direct and Overlapping Property Tax Rates .......................................................................................................... 204 Principal Property Taxpayers .................................................................................................................................. 206 Property Tax Levies and Collections ...................................................................................................................... 207 Direct and Overlapping Debt ................................................................................................................................... 208 Ratios of Outstanding Debt by Type ....................................................................................................................... 209 Legal Debt Margin Information ............................................................................................................................... 210 Demographic and Economic Statistics .................................................................................................................... 212 Property Value, Construction, and Bank Deposits ............................................................................................... 213 Principal Employers .................................................................................................................................................. 214 Full-Time Equivalent City Employees by Department ........................................................................................ 218 Operating Indicators by Function/Program .......................................................................................................... 220 Capital Asset Statistics by Function/Program ...................................................................................................... 222 Top 25 Sales Tax Producers ...................................................................................................................................... 224 Miscellaneous Statistical Data .................................................................................................................................. 225 Attachment 2
30 iv
This page intentionally left blank
Attachment 2
31 Dece
mber 17, 2024
Honorable Mayor, City Council, and Citizens:
Presented with this letter is the City of Dublin Annual Comprehensive Financial Report (ACFR) for the year ended June 30, 2024. The information in this Report is prepared in accordance with Generally Accepted Accounting Principles (GAAP) as established by the Governmental Accounting Standards Board (GASB).
The responsibility for the accuracy and fairness of this report rests with the City.
Management Staff are responsible for preparing a complete report which is based upon reliable information. Management has established a comprehensive internal control framework that is designed both to protect the City’s assets from loss, theft or misuse, and to compile sufficient reliable information for the preparation of the City’s financial statements. Management is committed to maintaining the City’s internal controls to safeguard assets; and provide reasonable assurances of proper recording of financial transactions. All disclosures necessary to enable the reader to gain an understanding of the City’s financial activities have been included and Badawi & Associates, a firm of licensed public accountants, has issued an unmodified (“clean”) opinion on the City of Dublin’s financial statements for the year ended June 30, 2024.
The independent auditor’s report has been included in this ACFR.
This letter of transmittal is designed to assist with an individual’s review of the City’s financial statements. Specifically, it is intended to offer the reader useful information in assessing the economic conditions impacting the City of Dublin. It also complements the separate Management’s Discussion and Analysis (MD&A) narrative section, which provides financial highlights of the City and additional analysis of trends reported as part of the financial statements. The MD&A is located immediately following the report of the independent auditors.
CITY PROFILE
The City of Dublin was incorporated in 1982 and is located in the East Bay of the San Francisco Bay Area and is approximately 30 miles east of San Francisco and 30 miles northeast of the Silicon Valley. In 2011 Dublin was named an “All-America City” by the National Civic League, and in 2018 it was named one of the best places to live in the United States, according to Money Magazine.
The City provided for a permanent staffing level of approximately 106 full-time equivalent City employees in FY 2023-24, in addition to temporary and contract personnel. According to the California Department of Finance as of January 2024, the City of Dublin serves a population of 72,917, and covers 15.23 square miles. The City’s strategic location offers opportunities for employers, retailers, and high-quality residential and transit-oriented neighborhoods.
The City operates under the Council-Manager form of government. Policy-making and legislative authority are vested in the City Council, which is responsible for the City’s ordinances, resolutions, adoption of the annual budget, hiring of the City Manager and City Attorney, and confirming the appointments made by the Mayor to commissions and committees. The City Council currently consists of a directly elected Mayor, who serves a two-year term, and four at-large Councilmembers each elected to a four-year term. In September 2022, the City Council amended the Dublin Attachment 2
32 Municipal Code to establish district-based elections, beginning with the 2024 election. The City Manager is responsible for implementing the policies, ordinances, and directives of the City Council, overseeing the day-to-day operations of the City, and hiring City staff. The City Attorney provides legal counsel regarding City business, drafts and reviews ordinances, resolutions, and contracts, and represents the City in certain litigation.
The City’s biennial budget serves as the foundation for the City’s financial planning and control. The operating budget is adopted by the City Council on an annual basis prior to July 1 of each year. During mid-cycle, a review and update are prepared and presented to the City Council for the adoption of the second year’s budget. The City Council exercises budgetary control at the fund level, and budgeted funds are adopted on a basis consistent with GAAP in the United States. Expenditures may not legally exceed budgeted appropriations at the fund level, and Management does not have the authority to increase the budget without the approval of the City Council. However, the City Manager may authorize budgetary transfers from one account to another within the same fund, appropriate funds from Committed and Assigned fund balances that have been approved by the City Council for specific purposes, and appropriate funds for asset replacement funded by the City’s Internal Services Funds.
Current City services include the City Manager’s Office (General Administration, Human Resources/Risk Management, Communications, City Clerk/Records, Disaster Preparedness, Information Systems, and Economic Development), Finance, City Attorney, Police Services, Fire Services, Community Development (Building/Planning/Housing), Parks and Community Services, and Public Works (Engineering/Capital Improvement Program/Transportation/Maintenance/Environmental Sustainability/Special Districts). The City contracts with public agencies and private firms to provide a variety of key services including Building Inspection, Fire Services, Police Services, and Maintenance.
HIGHLIGHTS
Dublin, California has long been known as the “crossroads” of the Bay Area. Dublin sits at the intersection of two major highways: Interstate 580 and Interstate 680. The City delivers a broad range of community services and has a wide range of housing types available to meet the demands of various employers throughout the region. Over the past several years, the City has added new housing options including a mix of transit-oriented developments adjacent to the City’s two Bay Area Rapid Transit (BART) stations, as well as single family homes and condominium/townhome developments. The proximity to additional job centers and colleges and universities in the Bay Area creates an attractive environment.
Much of the recent growth in the community, which is now in its final phases of completion, was planned in the voter-approved 1994 Eastern Dublin Specific Plan. This vision has allowed a strong foundation and quality neighborhoods and public facilities to be built citywide. New developments in the Downtown Dublin Specific Plan area, specifically in the Transit District, have provided housing opportunities as well as retail space that supports a high quality of life in Dublin. Dublin’s community, neighborhood, and sports parks offer a variety of recreational and competitive opportunities, and the City’s aquatics complex, The Wave, offers residents and visitors a recreation destination with pools, slides, and play structures situated in the center of the community.
Development over the past decade has had positive budgetary impacts, allowing the City to make significant investment in our community-serving facilities, such as parks. While careful financial stewardship has put Dublin in a strong fiscal position, it is important to ensure the stability of the community’s long-term fiscal health to continue to provide high-quality services as the City reaches build-out.
Key City activities and accomplishments during Fiscal Year 2023-24 include the following:
Attachment 2
33 Economic Development
The Economic Development Division continued building upon many successes from the prior year and facilitated new opportunities in support of the business community.
The Business Spotlight, a bi-monthly video series, continued providing additional community exposure to Dublin small businesses, and the Small Business Navigator Program provided such businesses with access to free and timely technical support in key functional areas via qualified service providers. The functional areas included: business planning and development; marketing and advertising; architecture and space design; technology consulting; graphic design; and financial guidance.
The City’s notable Business Concierge Program remained a popular, well-utilized service. The City guided and assisted businesses with opening new locations in Dublin, expanding current locations, or relocating to a new space in Dublin. In FY 2023-24, the program supported more than 100 businesses through the business license, planning, building permitting, and other processes.
The City hosted Minority-Owned and General Business Roundtables and facilitated a Business Webinar on Holiday Safety Tips for Businesses. These Roundtables provided business owners the opportunity to discuss their thoughts and concerns with staff, connect with fellow businesses, and it allowed staff to share information on the City’s programs and services.
The City welcomed many new businesses to Dublin in the dining, services, and retail sectors including Cherie’s Southern Kitchen, Demiya Restaurant, 10 Seconds YunNan Rice Noodle, Hong Kong Café, Relo Vietnamese Sandwich & Coffee, Turmeric Indian Supermarket, Learn and Play Montessori School, FreshMeatz, Egg Happiness, Myungrang Hot Dog, Teavoli Boba, TeaZenTea, Gong cha, Safelite AutoGlass, Stanford Blood Center, SEV Laser, Five Below, Hanmi Bank, AT&T Retail Store, Kailash Parbat, Anjappar Chettinad Indian Restaurant, Cuppa Yo, Falafel Town, Parsons Xtreme Golf (PXG), YGF Malatang Hotpot, Grocery Outlet, Bag O Crab, Dublin Taqueria, and BodyBar Pilates.
There were a few noteworthy corporate leases during FY 2023-24, including Orchestro.ai’s sublease of 4,217 square feet of office space at the Dublin Corporate Center campus, Keller Supply Company’s renewed lease of 20,160 square feet at the Sierra Trinity Business Park, and Cornerstone OnDemand Inc.’s renewed lease of 19,430 square feet at the Dublin Corporate Center.
Staff introduced Small Business Night at the Farmers’ Market, a new networking and promotional opportunity for the small business community in Dublin. Twenty-three businesses participated in the event.
The City once again offered Dublin businesses participation in the Holiday Gift Guide, which provides businesses an opportunity to advertise their products and services at a reduced rate. The Guide is mailed to more than 34,000 households in Dublin and Pleasanton.
The Business Visitation Program continued, which provides an opportunity for business owners, City officials, and staff to have direct conversations with business leaders, learning about any potential challenges and opportunities.
The City continued in partnership with Visit Tri-Valley on the Taste Tri-Valley Restaurant Week, which featured 12 Dublin restaurants. Three of the participating restaurants were in the top five businesses with the most redemptions/check-ins.
The City hosted the first annual Tri-Valley Artificial Intelligence Summit at Patelco Credit Union headquartered in Dublin. The event featured four subject matter experts and included time for networking both before and after the event.
Attachment 2
34 Staff also partnered with Startup Tri-Valley to conduct an Artificial Intelligence (AI) Series on AI’s New Role in Developing Patents, Attracting Investment, and Conducting Trials, and Implementation Strategies in Your Company. The Startup Tri-Valley AI Series sessions were held at Dublin Technology Center in Dublin.
Twenty-two Dublin businesses participated in the City of Dublin Poetry Walk 2024 by displaying poems at their establishments in celebration of National Poetry Month.
In FY 2023-24, the update to the Economic Development Strategy and General Plan Economic Development Element kicked off with stakeholder interviews, business and community surveys, data gathering, and analysis. An Economic Development Strategy Framework was prepared and presented to the City Council.
Staff introduced Open Office Hours this year to provide an opportunity for businesses to connect with the City in a relaxed atmosphere. The events were held at local business offices around Dublin , with the first event being held at 580 Executive Center.
The City Council approved the Citywide Outdoor Seating Design Guidelines which help to facilitate the design of permanent outdoor seating within parking lots for eating and drinking establishments.
The City Council also eliminated parking requirements in the Downtown Dublin Specific Plan Areas, which include the Retail District, Transit-Oriented District, and the Village Parkway District.
Lastly, the City received the California Association for Local Economic Development Award of Merit in the category of Programs and Promotions for the Small Business Navigator Program.
Community Development
Dubl
in Fallon 580
The Dublin Fallon 580 project is located on 42.6 acres of land at the northeast corner of Dublin Boulevard and Fallon Road. The project includes eliminating the Public/Semi-Public land use designation, converting 42.6-acres of open Space to Parks/Public Recreation, establishing development standards for the future development of 238 residential units and up to 3,299,670 square feet of commercial/campus office use, and subdividing the 192-acre site into 11 parcels. On June 11, 2024, the Planning Commission reviewed the project and recommended that the City Council approve the related General Plan and Eastern Dublin Specific Plan Amendments, Planned Development Zoning with a Stage 1 Development Plan, Stage Development Plan for the residential use, Vesting Tentative Tract Maps, and a Development Agreement.
Housing Element
The California Department of Housing and Community Development certified the City’s adopted 2023- 2031 Housing Element in Fiscal Year 2023 -24. In accordance with State requirements, the Housing Element Update includes policies to accommodate the City’s Regional Housing Needs Allocation (RHNA). The City’s RHNA for this planning period is 3,719 units. The City is now working on implementing the policies and programs included in the Housing Element.
Inclusionary Zoning Ordinance
The City Council adopted amendments to the City’s Inclusionary Zoning Regulations (Dublin Municipal Code Section 8.68), the methodology for establishing the Affordable Housing In-Lieu Fee, and the Non- Residential Development Affordable Housing Impact Fee. The amendments include lowering the applicability of the regulations to residential development projects of 10 or more units, creating separate affordability requirements for different product types, resetting the 55-year affordable resale restriction upon transfer of ownership units, and applying selection criteria to resale of ownership Attachment 2
35 units. The Affordable Housing In-Lieu Fee program was revised to establish fees on a per-square-foot basis for each product type. The Non-residential Development Affordable Housing Impact Fee program was retained with an inflationary index and combined Research & Development and Office uses into a single category.
Affordable Housing
The City continues to work with Eden Housing to implement their 113-unit Dublin Family Affordable Apartments, an affordable housing project for seniors. This includes implementation of a $3.3 million Local Housing Trust Fund Grant the City secured from the State of California for this project. This grant is in addition to the City’s dedication of the site to Eden Housing and $5 million the City allocated from its share of the Alameda County Measure A-1 Bond Funds to the project. The developer is pursuing their building permit while finalizing the project funding.
The City continued to work with the development team, Related Communities of California and BRIDGE Housing, on the 300-unit Amador Station affordable housing development. The City provided the development team with a $4.3 million Predevelopment Loan. The City is also continuing to implement this project, including the administration of a $3.3 million Local Housing Trust Fund Grant. This grant is in addition to the $7.1 million from the City’s Affordable Housing Fund and $2.9 million of the Alameda County Measure A-1 Bond Fund that the City allocated to this project.
City staff continues to work with the Alameda County Surplus Property Authority to acquire a two-acre site near the East Dublin BART Station. The acquisition would be at low/no cost to an affordable housing developer to facilitate the creation of an affordable housing development on this site. Staff is working with Eden Housing on a proposal to construct approximately 100 units of workforce housing affordable to lower-income households.
The City Council approved an Affordable Housing Agreement with an affiliate of Trumark Homes associated with the development of the Francis Ranch project. The project will develop a 165.5-acre site with 573 residential units. The agreement requires the developer to make a payment of $6.5 million to the City’s Affordable Housing Fund, dedicate a two-acre site for a future affordable housing project affordable to low-income and special needs households, construct 18 homes that will be affordable to moderate-income households, and construct 50 accessory dwelling units that will be affordable to low-income households.
Public Safety
Dublin Police Services (DPS) Crime Prevention Unit (CPU) continued its crime enforcement and community policing programs during FY 2023-24, including the National Drug “Take-Back Initiative” event to collect prescription drugs, community engagement events such as National Night Out, Coffee with a Cop, Stuff the Cruiser, and Alameda County Food Bank’s Move for Hunger charity event, among others. In July 2023, CPU worked with the Dublin Unified School District (DUSD) to re-establish the Drug Awareness Resilience Education (DARE) program in the 8th grade. The program was successfully rolled out. At the conclusion of the school year approximately 1,000 DUSD students graduated from the program. In September 2023, CPU presented to the City Council changes to the massage establishment element of the Municipal Code. These changes were put in place to meet state guidelines, prevent human trafficking, and provide a safer experience for Dublin citizens. These changes were unanimously approved due to the research and effort put in by DPS CPU staff. CPU also re-established the Neighborhood Watch Program and hosted nine separate meetings with an approximate total attendance of 260 community members.
The DPS Traffic Unit was awarded a grant in the amount of $81,000 from the California Office of Traffic Safety. The grant funds were used for both education and enforcement to reduce the number or injury accidents and accidents caused by impaired drivers.
Attachment 2
36 On July 4, 2023, DPS deployed an additional 22 sworn staff members to ensure the safety of the community during the evening of the 4th of July holiday. During the operational period, DPS responded to 57 calls for service relating to fireworks. Four park locations were patrolled by DPS, including Shannon Park, Emerald Glen Park, Alamo Creek Park, and Dublin Sports Grounds.
Approximately 150 pounds of illegal fireworks were confiscated, and one subject was arrested for selling illegal fireworks.
DPS purchased two Star Chase GPS launchers in FY 2023-24. This technology allows a dart to be shot from a patrol vehicle onto a suspect vehicle when it fails to yield. The dart has GPS capabilities, eliminating the need to pursue the fleeing vehicle. This reduces the threat to public safety while still allowing officers to track the suspect vehicle.
Public Works
Env
ironmental Sustainability
The City Council adopted the “City of Dublin Climate Action Plan 2030 and Beyond” (CAP) on September 15, 2020. The CAP provides the foundation to achieve greenhouse gas reduction targets for 2030 and reach carbon neutrality by 2045. In support of the CAP, staff coordinated with the Building & Safety Division to develop a low carbon concrete building code which was approved in September of 2024 The code would require any project subject to a building permit to use concrete with a reduced amount of cement in the mixture, when using ready-mix concrete. Cement production is highly energy intensive and reducing the amount of cement in the concrete mix decreases associated greenhouse gas emissions. Staff has also been working on an electric vehicle infrastructure plan that will identify where future chargers should be installed to help encourage the transition to electric vehicles in alignment with State goals.
To meet new requirements in the Municipal Regional Stormwater National Pollutant Discharge Elimination System Permit, staff participated in a working group of the Alameda Countywide Clean Water Program to update the model stormwater ordinance template. The model ordinance will be used as the framework for a comprehensive update to the City of Dublin Municipal Code, Stormwater Management and Discharge Control Ordinance.
Geographic Information System (GIS)
The Geographic Information System (GIS) was integrated with the City’s new Enterprise Permitting and Licensing Software system. The integration enables every permit, license, and application to be associated with a geographical location such as a property address or tax parcel number.
To increase access to City data, several projects were undertaken to link documents and other data sources to the GIS data system,. This streamlines the process to locate information associated with specific assets, capital and development projects, and facilities. Interactive web-based applications, such as the Election District Map and the Adopt-a-Bench Program StoryMap, were created to increase both public and staff engagement with City projects and data. Staff were trained to collect data in the field using GIS-based mobile applications which makes the data collection process more efficient and accurate.
Infrastructure and Capital Improvement Projects
The following projects were undertaken, continued, or completed in FY 2023-24:
− Annual Street Resurfacing – Citywide
The City Council awarded several construction contracts for the resurfacing of City streets, including the 2023 Slurry Seal, 2024 Cape Seal, 2024 Overlay, and 2024 Slurry Seal projects.
These projects maintain and preserve streets based upon the City’s Pavement Management System, which optimizes the resurfacing treatment in relation to the available project budget.
Attachment 2
37 − City
wide Energy, Resiliency, and Disaster Preparedness Improvements The project provides for an investment grade audit, design, and construction of various energy upgrades, efficiency measures, and resiliency improvements, including solar photovoltaic and energy storage systems, back-up generators, and advanced control systems. Construction of the project continued through the year, including the completion of traffic signal hydrogen fuel cell and battery backup systems, new emergency backup generators at several City buildings, and solar microgrid systems at The Wave and Senior Center. In June the City Council approved an easement to PG&E for a project-related transformer on Dublin Sports Grounds. Construction will continue next fiscal year. The Disaster Preparedness Improvements portion of the project allows for the design and repair of seven damaged sites throughout the City resulting from the January 2023 storms.
− Civic Center Rehabilitation (2nd Floor Renovation)
Design and construction were completed on the remodeling of three existing spaces on the second floor of City Hall into six spaces. The finished work created three office spaces, a copier and printer alcove, storage room, and small meeting space. − Dublin Arts Center
Construction continued on the 13,000-square-foot cultural arts center on the first floor of the former Dublin Police Services building at the Civic Center. The project will also renovate the second-floor space to accommodate offices for the Parks and Community Services Department. − Dublin Boulevard Extension – Fallon Road to North Canyons Parkway The project is currently in the design phase for the future 1.5-mile extension of Dublin Boulevard through unincorporated Alameda County to North Canyons Parkway in Livermore.
The project is a joint effort of the City of Dublin, the City of Livermore, and the Alameda County Transportation Commission.
− Fiber Interconnect on Dublin Boulevard
Conduit installation for future fiber optic communications was installed on Dublin Boulevard, between Civic Center and San Ramon. A future project phase will install the fiber optic cable and connect all signalized intersections with a faster, more reliable, and higher bandwidth network connection.
− Forest Park (formerly Jordan Ranch Neighborhood Square) The City Council approved “The Forest” concept plan for a two-acre neighborhood square park, which includes a multi-use sports court, flex lawn, playground, fitness stations, and picnic areas. The design was completed, and the project went out to bid. Construction is anticipated to begin in fall 2024.
− Green Stormwater Infrastructure
The design for the Green Stormwater Infrastructure project was completed and the City Council awarded the construction project in June 2024. The project will construct a bio- retention and hydromodification management facility located south of Amador Valley Boulevard along the Iron Horse Regional Trail corridor. Construction will begin in summer 2024. − Iron Horse Nature Park and Open Space – Phase 1
The design was completed and in October 2024, the City Council awarded the construction contract for Phase 1 of a 12.13-acre nature park and open space adjacent to the Iron Horse Trail, from the northern City limit to the confluence of the Alamo and South San Ramon Creeks.
Phase 1 includes approximately 2,000 linear feet of new trail, soil remediation, new gathering Attachment 2
38 spaces, benches, and interpretive signs, as well as a trail connection to and shade structure in Stagecoach Park.
− Iron Horse Trail Bridge at Dublin Boulevard
Construction continued on the Iron Horse Trail Bridge over Dublin Boulevard. In October 2023, Dublin Boulevard was closed over a weekend while the 230-foot free-span pedestrian and bicycle bridge was lifted over Dublin Boulevard and placed onto the permanent bridge abutments.
− Irrigation System Upgrades
In February, the City Council created a Capital Improvement Program project and accepted a $1,380,000 grant from the State of California for the Irrigation System Upgrades project. The project provides for the design and replacement of approximately 50 irrigation controllers, improved communication between the central station and controllers, and site-specific watering schedules all which will reduce the amount of needed to irrigate these sites. − Library Tenant Improvements
In February 2024, the City Council reviewed the concept plan for the Library Tenant Improvements project. The project provides for the design and construction of improvements to the Dublin Library, including the completion of 5,150 square feet of currently unoccupied space within the library building. There will be additional improvements included with the project to address the age of the building along with outdated and inefficient systems. − Regional Street Crosswalk Improvements Project
The design for the Downtown Dublin Streetscape Plan, Regional Street Crosswalk improvements was started. The project will construct a mid-block crosswalk with a Rectangular Rapid Flashing Beacon between Amador Valley Boulevard and Dublin Boulevard. − Safe Routes to School Improvements Project
The design for the Safe Routes to School Improvements project was completed in April 2024 and the project went out to bid. The project will include the installation of Rectangular Rapid Flashing Beacons at three intersections, curb ramp upgrades in accordance with the Americans with Disabilities Act (ADA), and traffic signal modification at the intersection of Central Parkway/Hibernia Drive. Construction is anticipated to begin in fall 2024. − Tassajara Road Improvements – North Dublin Ranch Drive to Quarry Lane School The project will design and construct street improvements for Tassajara Road to a four-lane arterial standard with bike lanes, sidewalks, landscaped median, and stormwater treatment areas.
− Tassajara Road Realignment and Widening – Fallon Road to North City Limit The project will design and construct street improvements for a realigned Tassajara Road to a four-lane arterial standard with bike lanes, sidewalks, landscaped median, and stormwater treatment areas. This project is a joint effort with Contra Costa County. − Village Parkway Reconstruction and Complete Streets
In February 2024, the City Council approved the concept plan for the Village Parkway Reconstruction project. The project will transform the segment of Village Parkway between Amador Valley Boulevard and the northern City limits, to a pedestrian and bicycle friendly roadway, which will incorporate complete streets elements. Project design will begin in summer 2024.
− Wallis Ranch Community Park
Attachment 2
39 The design was completed and in August 2023, the City Council awarded the construction contract for Wallis Ranch Community Park. The project will construct an 8.75-acre community park which includes a 0.9-acre dog park, lighted pickleball, tennis, and basketball courts, 25 stall parking lot, picnic areas, two playground areas, large turf area, landscaping, and pathways for circulation.
Intergovernmental Relations
The City continued to provide janitorial, pest management, and solid waste and recycling services on Parks Reserve Forces Training Area (Camp Parks) through the Intergovernmental Support Agreement (IGSA) for Municipal Services with U.S. Army Garrison Fort Hunter Liggett. The IGSA term runs from 2019 through December 2028. The City also continued to provide Dublin San Ramon Services District (DSRSD) landscape maintenance and weed abatement services through the Tri-Valley Intergovernmental Reciprocal Services Master Agreement.
Parks & Community Services
In FY 2023-24, the Parks and Community Services Department (PCS) continued to provide the community with a robust array of services, including 250+ contract classes, 30,000+ hours of field and shelter rentals, 60,000+ visits to the Wave for recreation swimming, 4,000+ swim lesson participants, and 25,000+ senior lunches served at the Open Heart Kitchen. These offerings contribute to a vibrant and inclusive community experience.
FY 2023-24 included crowd-drawing events like Splatter and St. Pat's celebrations, collectively attracting more than 100,000 attendees. The Shamrock 5k Fun Run, part of the St. Pat’s festivities, was the largest to date, with more than 2,500 participants. Additionally, innovative community events and programs include the Backyard Block Party and the Community Garage Sale. The People of the Parks Program and a new exhibit at the Heritage Park Museum called Old St. Raymond’s Church: Past and Present was introduced.
Several Public Art projects were installed, including “The Junction” and “Ripples in Time” at the Heritage Park and Museums. Planning and selecting the next round of Utility Box Art, which included 10 utility boxes, was completed. Artists were also sought out to paint functional murals directly adjacent to 10-20 storm drain inlets throughout Dublin. The City Council approved the artwork in January 2024 and the artwork was completed by mid-year. In partnership with the Dublin Arts Collective, the “High Life” student art show took place at Splatter 2023, and the annual Nature in Your Backyard Photo Contest took place as part of Dublin Pride Week.
The department also forged a partnership with Futures Explored, an organization dedicated to supporting individuals with intellectual and developmental disabilities (I/DD), successfully placing eight individuals in various City positions, including roles at The Wave, Senior Center, and Heritage Park.
FINANCIAL OUTLOOK AND GENERAL FUND SUMMARY
Fis
cal Year 2023-24
Overall growth in the City’s revenue continues to reflect a healthy and thriving community. Property Tax revenue increased $2.9 million (4.9%) from FY 2022-23, led by a gain in net assessed valuation of $1.20 billion (5.7%) over the prior year and stronger-than-anticipated property sales in the second part of the fiscal year, despite high interest rates. Overall home values have remained stable, new developments continue to come online, and there were no significant delinquencies in the fiscal year.
Sales Tax came in $2.4 million (8.3%) higher than FY 2022-23, as household spending and Dublin business activity continued to outpace forecasts. City staff and consultants had originally projected Sales Tax to see a slight decrease year-over-year due to inflation and economic uncertainty of interest Attachment 2
40 rates, but strong sales in the Autos and Transportation sector, along with a change by the State in how certain auto sales were reported, resulted in revenue exceeding the updated mid-year projections.
Interest earnings came in significantly higher than the prior year $3.1 million (58.5%), due to high interest rates and a relatively high General Fund cash balance resulting from revenues exceeding expenditures by $39 million, as well as the timing of expenditures on capital projects.
Development-related revenue has typically been one of the City’s larger revenue streams, but can vary significantly from year to year based on factors outside of the City’s control, most notably the timing of projects. Development revenue in FY 2023-24 saw a $1.7 million (20.2%) decrease year over year according to project activity, which was offset by a corresponding decrease in expenditures. The City also maintains a Service Continuity Reserve in the General Fund to ensure there are future funds to cover expenditures when development activity slows.
Lastly, revenue from Charges for Service increased $1.0 million (11.9%) from FY 2022-23, as recreation classes and activities continued to see high demand, specifically in Aquatics and Family programs. In addition, the annual Santa Rita Services payment was approximately $550k higher than the prior year and $996k higher than the Amended Budget. This revenue is a reimbursement for the cost of Alameda County Fire’s response to service calls from the Santa Rita Jail. A change in this program was implemented midyear in FY 2023-24, which is anticipated to decrease the amount of service calls and reimbursement revenue starting in FY 2024-25.
Moving forward, staff is cautiously optimistic. It was originally anticipated that the economy would start to see a slowdown in 2024, due to a multitude of factors, including inflation, but as the City moves into FY 2024-25, inflation seems to have cooled, and the Federal Reserve Bank has begun to reduce interest rates. Staff and the City’s consultants will continue monitoring for any signs of an economic slowdown, carefully following discussions on inflation, interest rates, and the uncertainty of the economy’s reaction to world affairs.
10-Year Forecast
While FY 2023-24 finished with General Fund revenue exceeding expenditures by approximately $39.9 million, long-term fiscal sustainability remains at the forefront of budget discussions. Despite the continued growth in revenues, staff is continuing to analyze the City’s rising costs, most notably contracted services as well as the City’s aging infrastructure, for which repairs and maintenance are becoming both more frequent and more expensive. Based on these factors and as the City approaches build out, staff projects a budget deficit beginning in FY 2031-32 as illustrated in the 10-Year Forecast (Figure 1). The projected deficit will guide the use of reserves and decisions made in the next operating budget cycle.
Attachment 2
41 Figure
1. 10-Year Forecast
FINANCIAL PLANNING AND POLICIES
In June 2024, the City Council adopted the City’s Bi-Annual Budget for Fiscal Years 2024-25 and 2025-
26. As in previous years, the primary goals addressed in this budget cycle are: 1) fully fund current City operations and continue to provide excellent levels of community service; 2) plan for costs associated with aging facilities, by allocating funds for long term infrastructure maintenance and setting aside of specific reserves for future infrastructure reinvestment; and 3) proactively allocating funds to operating reserves to address long term liabilities. In addition, the Two-Year Strategic Plan includes a focus on infrastructure maintenance and reinvestment and organizational health, both of which have budget implications.
The City adopts a balanced operational budget in accordance with City policies and uses a two-year budget format. The City Council adopts a final budget and appropriates funds in advance of the July 1st start of the new Fiscal Year. In terms of major capital investments constructed with Impact Fees, the City has historically operated utilizing a pay-as-you-go philosophy. The City has typically operated with little to no debt financing, but due to the historically low interest environment that was taking place in the first quarter of FY 2021-22, the City Council authorized the sale and issuance of 25-year lease revenue bonds to finance the Energy Efficiency Improvements project, which includes construction of various energy upgrades, efficiency improvements, lighting upgrades, energy generation, solar photovoltaic (PV) systems, and energy storage projects at facilities, parks, street rights-of-way, and other City-owned property. Renewable, resiliency, and disaster preparedness improvements to Attachment 2
42 prepare for future PG&E Public Safety Power Shutoff events and other emergency events will be provided with back-up generators at City facilities. The City has established a reserve to fund future bond payments or to pay off the bonds early, should the opportunity or necessity occur.
The financial policies currently used for budgeting also provide for the use of Internal Service Funds to ensure resources are available to finance the replacement of public safety vehicles and apparatus, computer systems, and certain building components. The City has also proactively financed contributions to fund both pension and retiree health liabilities. This reflects the City’s practice of being prepared to address long-term needs.
GOVERNMENT FINANCE OFFICERS ASSOCIATION (GFOA) AWARD
The Government Finance Officers Association (GFOA) has recognized the City of Dublin for its Annual Comprehensive Financial Report covering the period ending June 30, 2023. A copy of the award from this entity is included in this report. This award represents the 33rd consecutive year that the City’s report was recognized by the GFOA. In order to be recognized, the City was required to produce an easily readable and efficiently organized report. The report must also meet the standard for generally accepted accounting principles and legal requirements.
ACKNOWLEDGEMENTS
The preparation of this report was made possible by the collaborative efforts of staff in the Finance Department and other departments, as well as the City’s audit firm, Badawi & Associates. A special thanks and acknowledgement to Stephanie Tsoi, Senior Accountant, and Wendy Lam, Accounting Manager, for their work managing the audit process. We would also like to recognize the Mayor and City Council for their guidance and support in the City’s pursuit of excellence in financial reporting.
Sincerely,
Colleen Tribby Jay Baksa
City Manager Finance Director
Attachment 2
43 CITY OF DUBLIN
PRINCIPAL OFFICERS
Fiscal Year 2023/2024
Mayor
Michael McCorriston
Vice Mayor Councilmember
S h e r r y H u J e a n J o s e y
Councilmember Councilmember
Kashef Qaadri Janine Thalblum
ADMINISTRATION PERSONNEL
City Manager Colleen Tribby
Assistant City Manager Jeff Baker
Deputy City Manager Hazel Wetherford
City Attorney John Bakker
Finance Director Jay Baksa
City Clerk Marsha Moore
Chief of Police Victor Fox
Community Development Director Vacant
Fire Marshal Bonnie Terra
Human Resources Director Sarah Monnastes
Parks & Community Services Director Jackie Dwyer
Public Works Director Andrew Russell
Attachment 2
44 Organizational Chart
Citizens of Dublin
City Council
City Manager
Office of the
City Manager
Police Services
Fire Services
Economic
Development
Community
Development
Assistant City
Manager
Finance
Non-
Departmental
Parks and
Community
Services
Public Works
City Attorney
Attachment 2
45 Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Dublin
California
For its Annual
Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2023
Executive Director/CEO
Attachment 2
46 This page intentionally left blank
Attachment 2
47 INDEPENDENT AUDITOR’S REPORT
To the Honorable Mayor and Members of the City Council
of the City of Dublin
Dublin, California
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the City of Dublin (City), as of and for the year ended June 30, 2024, and the respective budgetary comparisons for the General Fund and the Affordable Housing Special Revenue Fund, and the related notes to the financial statements, which collectively comprise City’s basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements pr esent fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2024, and the respective changes in financial position and, where applicable, cash flows thereof, and the respective budgetary comparisons for the General Fund and the Affordable Housing Special Revenue Fund for the ye ar then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing st andards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the Un ited States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethica l requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements The City’s management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally ac cepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substa ntial doubt about the City’s ability to continue as a going concern for twelve months beyond the financ ial statement date, including any currently known information that may raise substantial doubt shortly thereafter.
Attachment 2
48 To the Honorable Mayor and Members of the City Council of the City of Dublin
Dublin, California
2 Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may in volve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggr egate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS, we:
x Exercise professional judgment and maintain professional skepticism throughout the audit. x Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence rega rding the amounts and disclosures in the financial statements.
x Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is expressed. x Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
x Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the Unit ed States of America require that the management’s discussion and analysis, and the required pension and OPEB schedules on pages 5-20 and 97-100 be presented to supplement the basic financial stat ements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational , economic, or historical context. We have applied certain limited procedures to the required supplem entary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information an d comparing the information for consistency with Attachment 2
49 To the Honorable Mayor and Members of the City Council of the City of Dublin
Dublin, California
3 management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opin ions on the financial statements that collectively comprise the City’s basic financial statements. The combining and individual no nmajor fund statements and the budgetary comparison schedules for the major capital project funds and nonmajor governmental funds are presented for purposes of additional analysis and are not a required part of the basic financial statements.
The combining and individual nonmajor fund statements and the budgetary comparison schedules for the major capital project funds and nonmajor governmental funds are the responsibility of management and were derived from and relates directly to the underlyi ng accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certai n additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual nonmajor fund statements and the budgetary comparison schedules for the major capital project funds and nonmajor governmental fu nds are fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual comprehensive financial report. The other information comprises the information included in the annual comprehensive financial report but does not include the financial statements an d our auditor's report thereon. Our opinions on the financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherw ise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrec ted material misstatement of the other information exists, we are required to describe it in our report.
Attachment 2
50 To the Honorable Mayor and Members of the City Council of the City of Dublin
Dublin, California
4 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 10, 2024 on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, cont racts, and grant agreements and other matters. The p u r p o s e o f t h a t r e p o r t i s s o l e l y t o d e s c r i b e t h e s cope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness o f i n t e r n a l c o n t r o l o v e r f i n a n c i a l r e p o r t i n g o r o n c o m p l i a n c e . T h a t r e p o r t i s a n i n t e g r a l p a r t o f a n a u d i t performed in accordance with Government Auditing St andards in considering the City’s internal control over financial reporting and compliance.
Badawi & Associates, CPAs
Berkeley, California
December 10, 2024
Attachment 2
51 5
Management’s Discussion and Analysis (MDA) June 30, 2024 As management of the City of Dublin, we offer reader s of the City’s financial statements this narrative overview and analysis of the financial activities of th e City for the Fiscal Year (FY) ended June 30, 2024.
Please read this overview in conjunction with the accompanying letter of transmittal and the accompanying basic financial statements.
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis are intended to serve as an introduction to the City’s basic financial statements, which comprise three components:
x Government-wide Financial Statements – The se include the Statement of Net Position and Statement of Activities. These statements provide information about the activities of the City as a whole and about the overall financial condition of the City in a manner similar to a private-sector business.
x Fund Financial Statements – These statements provide additional information about the City’s major funds, including how services were financed in the short term and fund balances available for financing future projects.
x Notes to the Financial Statements – The notes provide additional detail that is essential to a full understanding of the information provided in the Government-wide and Fund Financial Statements.
In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the Ci ty’s progress in funding its obligation to provide pension benefits to its employees.
GOVERNMENT-WIDE FINANCIAL STATEMENTS - DESCRIPTION
These statements include all the assets and liabilities of the City using the accrual basis of accounting, which is similar to the accounting used by most privat e sector companies. All current year’s revenues and expenses are accounted for regardless of when the cash is paid or received.
These statements report the City’s net position and changes to the net position during the FY. Net position - the difference between assets and liabilities - is one way to measure the City’s financial position. Over time, increases or decreases in the net position are among indicators used to assess whether the financial condition of the City is improving or deteriorating. However, it is also important to consider other nonfinancial factors, such as: changes in the City’s property tax values, sales tax outlets, and the condition of the City’s infrastructure (i.e. parks and streets), to accurately assess the overall health of the City.
The Government-wide statements present information about the City’s activities, all of which are considered governmental in nature. These includ e services provided for police, fire, community development, streets, and recreation. These services are funded from monies received from property, sales and other taxes, direct charges for services provided, grants, contributions from other agencies, and impact fees collected from new development.
Attachment 2
52 6
GOVERNMENT-WIDE FINANCIAL STATEMENTS – ANALYSIS
Table 1 provides an analysis summarizing the year-t o-year change in the Government-Wide net position reported for the City of Dublin. The “net position” is represented as the difference between total assets and total liabilities.
As illustrated in the above table, the City’s net position increased by $42.3 million (4.6%) during FY 2023-
24. This is due to the following:
x Total assets increased $37.5 million, due primarily to increases totaling $32.2 million in Current and Other Assets. This was the result of operating reve nue exceeding expenditures for the fiscal year and investment asset appreciation. Capital assets increased by $5.1 million due to the progression of capital projects during the year (e.g., $5 .6 million on the Cultural Arts Center, $3.8 million on Wallis Ranch Community Park and $3.1 million on the Iron Horse Trail Bridge) net of depreciation expense. OPEB (Other Post Employment Benefits) Assets also increased $0.5 million, which was a result of positive investment performance and changes in plan experiences. The OPEB Plan continues to be super-funded (i.e., assets are larger than anticipated liabilities). x Total liabilities decreased $4.5 million in FY 2023-24 from the prior year. Current liabilities primarily represent obligations outstanding for current operations (accounts payable), capital projects (such as retention payable), deferred revenue, and deposits held. Current liabilities decreased $5.4 million mainly due to prior year (FY 2022-23) accounts payable balance being paid in FY 2023-24, which included $3.7 million for police services. Noncurre nt liabilities increased $0.9 million mainly due to an increase in net pension liability, resulting from the CalPERS pension fund returns underperforming the annual benchmark.
x The City’s $552.6 million in Net Investment in Capital Assets represents 57.3% of the reported net position. Capital asset investments include the City’s investments in land, infrastructure, buildings, and Attachment 2
53 7
equipment. As the City uses these capital assets to provide current services to residents, the assets are not available for future spending. The change in annual capital assets reflects the addition of capital assets (including Construction in Progress) less accumulated depreciation. x Restricted net positions, including a portion of restricted net positions in the General Fund, Affordable Housing Fund, Impact Fee Funds, and Grant Funds, ar e resources that have external restrictions on their use. In FY 2023-24, the City’s restricted net positions increased by a net of $6.5 million, attributed to highways and streets improvement capital project expenses. Approximately $290.1 million of the City’s total assets (an increase of $28.4 million over the prior year) are unrestricted and may be used to meet the City’s ongoing obligations to the community and to creditors. The bulk of unrestricted assets in the General Fund is already placed in committed and assigned reserves for specific purposes.
Attachment 2
54 8
GOVERNMENTAL ACTIVITIES
Table 2 below provides a summary of major program revenue categories, program expense categories used to fund specific expenses, and general City revenues available for funding all City programs. The information presented here provides detail behind the numbers shown in the Summary of Net Position (Table 1).
As shown in Table 2, revenues from all sources totaled $172.6 million and expenses for all City programs totaled $130.3 million in FY 2023-24. The City’s net position increased $42.3 million.
Attachment 2
55 9
Revenues
Total revenues increased $19.6 million, or 12.8%, in FY 2023-24 from the prior year. Details of changes are as follows:
x Investment Income increased $13.5 million from FY 2022-23. The change is attributed to the continued high-interest rate environment that r esulted in an accounting in crease for unrealized gains on investments at year end and additional interest income from a high cash balance due to the timing of expenditures on capital projects.
x Property Taxes increased $2.9 million, reflecting an increase in the net assessed valuation of $1.2 billion over the prior year and the strong home sales in the second part of FY 2023-24. x Sales Taxes increased $2.3 million as local businesses remained strong. There was also a change made by the State in how certain auto sales are reported, resulting in the reallocation of $2.5 million in auto sales tax to the City in FY 2023-24.
x Other General Revenue can vary year to year, as many of these funds are non-recurring. FY 2023- 24 revenue increased $1.0 million due to the receipt of funds from a legal settlement.
Expenses
Total expenses increased $10.0 million, or 8.3%, in FY 2023-24 compared to the prior year. The following factors contributed to the increase:
x General Government expenses decreased $1.1 million due to a one-time additional payment of $3.5 million towards the Dougherty Regional Fire Authority (DRFA) unfunded pension liability in FY 2022-23.
x Police Services expenses increased $2.2 million mainly due to cost-of-living adjustments in the Police contract, the use of various grant funds, an d an overall increase in the cost of dispatch services.
x Fire Services expenses increased $1.1 million du e to cost-of-living adjustments and benefit increases provided for in the Fire contract.
x Community Development expenses increased $6.0 mi llion mainly due to the affordable housing and development loans totaling $5.3 million towa rd two development projects: the Eden Housing Regional Street Project and the Amador Station Affordable Housing Project.
Attachment 2
56 10
Revenues and Expenses by Category
The following chart presents the Government-Wide FY 2023-24 revenues. Approximately 70.8% of the total revenue is from three sources: 1) Property taxes, 35.9%; 2) Sales Taxes, 19.0%; and 3) Charges for Services, 15.9%. This is relatively consistent with the prior year.
Charges for Services
27,452,306
15.9%
Operating
Contributions & Grants
7,306,850
4.2%
Capital Grants &
Contributions
10,219,385
5.9%
Property
Taxes
61,967,658
35.9%
Special
Assessments
1,647,782
1.0%
Sales Taxes
32,794,253
19.0%
Other Taxes
9,129,368
5.3%
Investment Income, Unrestricted
16,228,168
9.4%
Intergovernmental,
Unrestricted
441,518
0.3%
Other General
Revenues
5,393,897
3.1%
Attachment 2
57 11
The following chart demonstrates the allocation of Go vernment-Wide expenses in FY 2023-24. Of the $130.3 million in total expenses, Public Safety (Police and Fire Services), Public Works and Transportation are the largest program costs, making up a combined 60.5% of the total, followed by General Government and Parks and Community Services, at 19.9% and 9.3%, respectively.
FUND FINANCIAL STATEMENTS – DESCRIPTIONS
These statements provide more detailed information about the City’s major funds. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the City can be divided into three categories: Governmental funds, Proprietary funds, and Fiduciary funds.
Governmental funds: Governmental funds are used to account for essentially the same functions reported as governmental activities in the Government-wide financial statements. However, unlike the Government- wide financial statements, Governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the FY. Such information may be useful in evaluating a government’s near-term financing requirements.
Because the focus of Governmental funds is narrow er than that of the Government-wide financial statements, it is useful to compare the informatio n presented for Governmental funds with similar information presented for governmental activities in the Government-wide financial statements. By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions.
Both the Governmental fund balance sheet and Governmental fund statement of revenues, expenditures, General
Government
$25,885,878
19.9%
Police $30,091,877
23.1%
Fire Services
$17,453,636
13.4%
Public Works and
Transportation
$31,212,172
24.0%
Parks & Community
Services $12,102,695
9.3%
Community
Development
$12,929,904
9.9%
Interest on LongTerm
Debt $608,991
0.5%
Attachment 2
58 12
and changes in fund balances provide a reconciliation to facilitate this comparison between Governmental funds and governmental activities.
The City maintains 89 individual Governmental fu nds. Information is presented separately in the Governmental fund balance sheet and in the Governmental fund statement of revenues, expenditures, and changes in fund balances for the following 10 funds: General Fund; Affordable Housing Fund; four Capital Project Funds (General Improvement Projects; Parks Projects; Streets Projects; Public Art); and four Impact Fee Funds (Public Facilities Impact Fees, Fire Imp act Fees, Traffic Impact Fees, and Dublin Crossings Fund). These funds either qualify as, or the City requested them to be classified as, major funds due to their significance in the financing of new capital assets. Data from the other 79 Governmental funds are combined into a single aggregated presentation, la beled as Non-Major Governmental Funds. Individual fund data for each of these non-major governmental funds is provided in the form of combining statements elsewhere in this report.
The City adopts an annual appropriated budget for each of its Governmental funds. A budgetary comparison statement has been provided for each Governmental fund to demonstrate compliance with this budget.
Proprietary funds: The City maintains one type of Proprietary fund, the internal service fund (ISF), which is an accounting device used to accumulate and allocate costs internally among the City’s various functions and to build up reserves for future replacement of ca pital assets. The City uses five ISFs to account for its fleet of vehicles, equipment, improvements to City buildings, computer systems and certain retiree costs.
Because these services solely benefit the governmental function, they have been included within governmental activities in the Government-wide financial statements.
Proprietary fund financial statements provide the same type of information as the Government-wide financial statements, only in more detail. All five ISF’s are combined into a single, aggregated presentation in the Proprietary fund financial statements. Individual fund data for the ISF’s is provided in the form of combining statements elsewhere in this report.
Fiduciary funds: The Fiduciary fund section consists of the City’s eight Custodial Funds. The Dublin Boulevard Extension Assessment District; The Community Facilities District (CFD) No. 2015-1 “Dublin Crossing” an improvement district with outstanding bonds; CFD No. 2023-1 “East Ranch:, an improvement and services district; Dublin Boulevard Extention (CFD), created to account for cost associated with a future CFD, for the mitigation cost of the future Dublin Boulevard Extension project; Dublin Centre CFD No. 2024-1, to account for costs as sociated with the cost of creating a proposed CFD for the Dublin Centre project. The City’s role is that of a trustee, or fiduciary, in collecting assessments and remitting bond payments. The City has no legal, cont ingent or moral obligation for the repayment of this debt and merely ensures that the assets received are used for their intended purposes. The City also provides a similar role for four Geologic Hazard Abatement Districts. California Public Resources Code section 25670 establishes that these Districts are a politica l subdivision of the State and not an agency or instrumentality of a local agency. Th e City contractually provides support to collect funds in a fiduciary capacity and may also arrange for activities funded by the Districts.
These fiduciary activities are excluded from the City’s fund financial statements because these assets cannot be used to finance City operations. The activity for these funds, however, is provided for in a separate combining statement contained elsewhere in this report.
Attachment 2
59 13
GOVERNMENTAL FUNDS – FINANCIAL ANALYSIS
As of June 30, 2024, the City’s governmental funds reported combined ending fund balances of $391.4 million, an increase of $31.3 million from the prior year . Table 3 below illustrates the net change in fund balances over the prior year for these funds. A discu ssion of the changes follows the table; individual and non-major funds may be found in the Supplemental.
GENERAL FUND
The General Fund is the chief operating fund of the City. At the end of FY 2023-24, the total fund balance was $290.4 million. The unassigned amount of $4 3.4 million reflects an amount calculated for the unrealized gain on investments combined with the cashflow amount for ongoing operations. The undesignated cash flow reserve was $50.4 million, representing approximately 5.5 months of budgeted FY 2024-25 expenditures. The remaining balances are commi tted or assigned as discussed in Note 9 to the financial statements.
During FY 2023-24, General Fund revenues exceeded expenditures by $39.9 million, before transfers in/out and the recognition of unrealized gains. Compared to the prior year, General Fund operating revenues came in $9.7 million higher, from $134.6 million in FY 2022-23 to $124.9 million in FY 2023-24. Revenues, including an unrealized gain adjustment of $7.0 million, totaled $141.6 million, an increase of $19.8 million from the prior year.
Operating expenditures in General Fund departments totaled $94.7 million in FY 2023-24, which was $9.0 million under the final budget (not including transfers out) and $2.7 million higher than actual expenditures in the prior year. The expenditures came in higher mainly due to planned increases in police services, fire services, and maintenance contract costs. In addition, police dispatch costs came in higher than anticipated, and other contracted services increased due to the continued health of the City’s recreation programs.
AFFORDABLE HOUSING FUND
The Affordable Housing Fund is a special revenue fund which accounts for funds associated with affordable housing programs. The fund balance totaled $28.3 mi llion as of June 30, 2024, a decrease of $5.0 million over the prior year due to the funding of two deve lopment projects: the Eden Housing Regional Street Project ($1 million) and the Amador Station Affordable Housing Project ($4.3 million).
Attachment 2
60 14
CAPITAL PROJECT FUNDS
As previously described, the City has included ei ght specific Capital Project Funds in the information presented as part of the governmental funds. Four of the funds are used to capture expenditures related to active capital projects that are underway. The four funds are: General Improvement Projects, Parks Projects, Streets Projects, and Public Art Projects. Public Art Capital Projects Fund was created in FY 2022-23 to account for promoting the public interest and general welfare through the acquisition, installation, maintenance, and promotion of public art. Funding for the expenditures in these funds occurs via transfers in from other funds. The following four Impact Fee Funds are also reported:
Public Facilities Fee Fund:This fund includes developer fees collected to develop parks and other public facilities. Total revenue collected in FY 2023-24 was $2.1 million (including interest earned), an increase of $0.2 million from the prior year. This revenue is collected when developers process final maps, resulting in payments of fees. Due to variations in project construction and acquisition timelines, expenditure patterns will fl uctuate. The balance is designated as restricted because there are legal restrictions on its use, and it is not available for general purposes.
Fire Impact Fees: This fund accounts for fees collected from new development to pay for the capital cost associated with the provision of Fire Services. Total revenue collected in FY 2023-24 was approximately $44,000 (including interest earned), about $33,000 lower than was collected in the prior year, due to a decrease in developer co ntributions. With all impact fees, revenue collections will fluctuate with the normal variations in deve lopment activity. The balance is designated as restricted because there are legal restrictions on its use, and it is not available for general purposes.
Traffic Impact Fee (TIF) Funds: These funds account for fees collected to construct major traffic improvements necessary to facilitate development. Fees are levied and collected on development in proportion to its impact on transportation ne eds. Revenue collected in FY 2023-24 totaled $2.1 million (including interest earned), approximately $686,000 lower than was collected in the prior year. The balance is designated as restricted because there are legal restrictions on its use, and it is not available for general purposes.
Dublin Crossing Fund: This fund accounts for the Development Agreement fee, including Community Benefit payments collected from the Du blin Crossing project. Revenue collected in FY 2023-24 totaled $365,000 (including interest earned), $114,000 higher than was collected in the prior year, due primarily to an increase in interest revenue.
NON-MAJOR FUNDS
The City’s non-major funds, which are Special Revenue Funds and Energy Improvement Lease Revenue Bond Capital Projects Fund, are presented in the basic financial statements in the aggregate. Total fund balance decreased $2.2 million in these funds. Based on the designated use of the funds they can be arranged by function as shown in Table 4 below:
Attachment 2
61 15
The full fund balances of these Special Revenue Funds are legally restricted to use under the programs indicated in the table above and are not available for general purposes. The Energy Improvement Lease Revenue Bond Fund accounts for the proceeds from the City's issuance of lease revenue bonds and their use on energy efficiency capital projects. More information about these aggregated non-major funds can be found in the combining statements following the required supplementary information.
Attachment 2
62 16
GENERAL FUND BUDGETARY HIGHLIGHTS
A summary of the budgetary comparison schedule for the General Fund is shown in Table 5 below. The complete schedule, as required, is included in the supplementary information following the notes to the financial statements.
Over the course of the year, revisions were made to the City budget with adjustments that generally fall into one of the following three categories:
x Adjustments to carry over operating budgets from the prior year. x Adjustments to carry over capital expenditure budgets, typically in the form of transfers out to capital improvement funds, from the prior year.
x Adjustments to revenue and expenditure budgets based on current economic conditions, new revenue sources, and/or operational spending needs after the original budget was adopted.
Attachment 2
63 17
The General Fund total revenues was $19.7 million higher than the final budget as of June 30, 2024, due mainly to the following factors:
x Taxes: $4.2 million higher than budget - Property Tax revenue was $2.1 million over budget in FY 2023-24 due to stronger than anticipated property sales in the second part of FY 2023-24. Sales tax revenue was $1.3 million over budget as it wa s originally projected that overall consumer spending would slow in FY 2023-24, and sales activity outpaced forecasts. • Charges for Services: $2.3 million higher than budget – This increase is attributed to Parks and Recreation programming revenue, specifically in Aquatics and Family programs. Overall, Dublin Parks and Community Services programs continued to see high demand. In addition, the annual Santa Rita Services payment was approximately $996k higher than the Amended Budget. This revenue is a reimbursement for the cost of Alameda County Fire’s response to service calls from the Santa Rita jail. A change in this program was implemented midyear in Fiscal Year 2023-24, which is anticipated to decrease the amount of service calls and reimbursement revenue starting in Fiscal Year 2024-25.
x Use of Money and Property Revenue: $10.5 million higher than budget – Interest earnings revenue came in $3.0 million over the budget due to the continued high-interest rate environment, with the Federal Funds Rate staying between 5.25% to 5.50% for the majority of FY 2023-24. In addition, the City maintained a higher-than-antic ipated General Fund cash balance that was the result of the operating budget’s revenues exceeding expenditures, as well as the timing of expenditures on capital projects. Additionally, th e City’s portfolio saw an unrealized gain on investment of approximately $7.0 million in FY 2023-24.
General Fund expenditures came in $9.0 million lowe r than the final budget, reflecting overall savings across departments. The following is a discussion of the changes. • General Government: $4.0 million lower than budget. Budget savings were a result of lower- than-anticipated expenditures in contract services and salaries and benefits. Contract Services expenditures came in under budget due to savings related to the timing of projects. Staffing costs came in lower than the budget due to a number of vacant positions and the timing of hiring; and the extra unfunded liability contribution to CalPERS being unspent and set aside in a General Fund designated reserve, which has become the City’s practice over the past several years. • Public Works: $3.9 million lower than budget. Budget savings resulted from lower-than- anticipated costs related to maintenance and engineering, specifically contract services, the timing of projects, and lower utilities costs. Overall, Sta ff had anticipated double digit growth in utilities due to rate increases in the electric and gas rates; however, year-over-year expenditures decreased for both, as well as the overall amount spent on water in response to another wet and rainy winter.
Attachment 2
64 18
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
The City’s investment in capital assets for its governmental activities as of June 30, 2024, amounts to $573.2 million (net of accumulated depreciation). These capita l assets include land and streets right-of-way, buildings, park and roadway improvements, vehicles a nd other equipment, Construction in Progress, and subscription based I.T. agreements, as summarized in Table 6 below. During FY 2023-24, the City’s investment in capital assets increased by approximatel y $5.1 million (0.9%), due primarily to additions to Construction in Progress net of the accumulated depreciation, as the City is currently undertaking multiple large Capital Improvement Projects, as shown in Table 7.
The City continued its active Capital Improvement Program with significant progress made on a variety of community assets. A comprehensive list of all CIP ex penditures during FY 2023-24 is presented in Table 7 below (this includes project costs that may not have any impact on changes to capital assets, such as repairs or planning costs). For more detailed inform ation of capital assets balances, see Note 7 to the financial statements.
Attachment 2
65 19
Attachment 2 66
20 Long-Term Debt
In September of 2021, the City Council approved and authorized the creation of the Dublin Financing Authority to execute the sale and issuance of the 2021 Lease Revenue Bonds. The City received $20.6 million from the proceeds of the bonds, which will be solely used to finance the City’s Energy Efficiency Capital Improvements. Beginning in fiscal year 2023, as required by the Governmental Accounting Standards Board, the City began r ecognizing subscription-based info rmation technology arrangements (SBITA) as a long-term liability. A summary of the long-term debt is shown in Table 8 below.
The City’s long-term debt as of June 30, 2024 amou nted to $19,789,275, a decrease of $1.1 million from FY 2022-23. The decrease is primary due to the bond payments and the amortization of premium on bonds.
For more detailed information of long-term debt balances, see Note 8 to the financial statements.
ECONOMIC FACTORS AND NEXT YEAR’S BUDGET
In Fiscal Year 2023-24, the City expe rienced strong performances in all revenue categories. In particular, Property Tax and Sales Tax, the City’s two largest revenue sources, continued to increase as prices remained strong in the East Bay despite rising interest rates. Interest earnings came in si gnificantly higher than the prior year, as the Federal Reserve raised rates 11 times between March 2022 and July 2023, and the City maintained a relatively high cash balance, due to the timing of expenditures on capital projects.
In the upcoming budget, Staff believes that there will be slight growth in Property Tax and that Sales Tax will level off and possibly decrease slightly before slowly growing again. Charges for Services are projected to continue to grow based on the strong demand fo r Parks and Community Services classes and activities.
On the expenditure side, contracted services costs (Po lice, Fire, and Maintenance) are anticipated to rise between 5-6% in FY 2024-25 and personnel costs (sal aries and benefits) are an ticipated to increase a combined 11.0%.
The City finished FY 2023-24 with a General Fund surplus and is also projecting a surplus in the FY 2024- 25 budget, but it is the long-term fiscal sustainability of the City that continues to be at the forefront of budget discussions. Based on conservative estimates, as the City starts to reach buildout, Staff is projecting an operating deficit by FY 2031-32. Accordingly, in the next budget cycle the City will focus not only on continuing to provide a high level of community servic es and maintaining top-notch facilities, but also on considering long-term budget-balancing solutions and shoring up reserves for future use.
Copies of the adopted Budget and Financial Plan are available online at www.dublin.ca.gov.
REQUESTS FOR INFORMATION
This financial report is designed to provide a general overview of the financial position of the City for all those with an interest in the government’s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the following address:
City of Dublin, Finance Department, 100 Civic Plaza, Dublin, CA 94568. A copy of this financial report is also located at the City’s website – www.dublin.ca.gov.
Attachment 2
67 BASIC
FINANCIAL STATEMENTS
21 Attachment 2 68
This page intentionally left blank
22 Attachment 2 69
GOVERNMENT-WIDE
FINANCIAL STATEMENTS
23 Attachment 2 70
City of Dublin
Government-Wide Statement of Net Position
Primary Government
Governmental
Activities
ASSETS
Current assets:
Cash and investments (Note 3) 418,659,294$
Accounts receivable 17,561,016
Leases receivable, current portion (Note 6) 323,143
Accrued interest receivable 2,337,240
Prepaids 445,791
Total current assets 439,326,484
Noncurrent assets:
Notes receivable (Note 5) 14,532,180
Leases receivable (Note 6) 2,309,773
Net OPEB asset - City of Dublin (Note 12) 3,412,032
Capital assets (non-depreciable) (Note 7):
Land 182,170,145
Streets right of way 37,760,857
Construction in progress 132,096,481
Capital assets (depreciable):
Infrastructures 448,236,611
Building and improvements 118,093,759
Vehicles and equipment 26,850,793
Subscription based I.T. agreements 3,263,114
less accumulated depreciation (375,252,267)
Total capital assets 573,219,493
Total noncurrent assets 593,473,478
Total assets 1,032,799,962
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows of resources related to pension (Note 11) 9,159,405 Deferred outflows of resources related to OPEB - City of Dublin (Note 12) 3,067,198 Total deferred outflows of resources 12,226,603
June 30, 2024
See accompanying Notes to Basic Financial Statements 24 Attachment 2 71
City of Dublin
Government-Wide Statement of Net Position (Continued)
Primary Government
Governmental
Activities
LIABILITIES
Current liabilities:
Accounts payable 18,106,029
Accrued wages and other payroll liabilities 812,680
Deposits payable 4,707,853
Contract retention payable 2,110,612
Other payables 442,321
Unearned revenue 4,114,561
Compensated absences - due within one year 1,366,580
Long-term debt - due within one year (Note 8) 995,809
Total current liabilities 32,656,445
Noncurrent liabilities:
Claims payable 201,107
Compensated absences - due in more than one year 151,843 Long-term debt - due in more than one year (Note 8) 18,793,466 Net pension liability (Note 11) 22,774,284
Total noncurrent liabilities 41,920,700
Total liabilities 74,577,145
DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources related to leases (Note 6) 2,266,883 Deferred inflows of resources related to pension (Note 11) 1,574,250 Deferred inflows of resources related to OPEB - City of Dublin (Note 12) 1,901,044 Total deferred inflows of resources 5,742,177
NET POSITION
Net investment in capital assets 552,568,250
Restricted for:
Public safety 1,515,761
Impact fee projects 60,687,676
Highways and streets 19,933,208
Health and welfare 26,689,421
Culture and leisure 407,128
Pension 9,351,801
OPEB 3,412,032
Total restricted 121,997,027
Unrestricted 290,141,966
964,707,243$ Total net position
June 30, 2024
See accompanying Notes to Basic Financial Statements 25 Attachment 2 72
City of Dublin
Government-Wide Statement of Activities
For the year ended June 30, 2024
Net (Expense)
Revenue and
Changes in Net
Position
Operating Capital
Charges for Grants and Grants and Governmental
Functions/Programs Expenses Services Contributions Contributions Total Activities Governmental activities:
General government 25,885,879 $ 11,533,104 $ 259,293 $ - $ 11,792,397$ (14,093,482) $ Police 30,091,877 445,758 678,516 - 1,124,274 (28,967,603) Fire 17,453,636 2,625,459 - - 2,625,459 (14,828,177) Public works and transportation 31,202,172 2,545,389 5,979,980 9,564,440 18,089,809 (13,112,363) Park and community services 12,102,695 5,825,924 93,676 - 5,919,600 (6,183,095) Community development 12,929,903 4,476,672 295,385 654,945 5,427,002 (7,502,901) Interest on long-term debt 608,991 - - - - (608,991) Total governmental activities 130,275,153$ 27,452,306 $ 7,306,850 $ 10,219,385 $ 44,978,541 $ (85,296,612) General revenues:
Taxes:
Property taxes 61,967,658
Special assessment taxes 1,647,782
Sales tax 32,794,253
Other taxes 9,129,368
Total taxes 105,539,061
Intergovernmental, unrestricted 441,518
Miscellaneous 5,393,897
Unrestricted investment earnings 16,228,168
Total general revenues 127,602,644
Change in net position 42,306,032
Net position - beginning of year 922,401,211
Net position - end of year 964,707,243$
Program Revenues
See accompanying Notes to Basic Financial Statements 26 Attachment 2 73
FUND
FINANCIAL STATEMENTS
Governmental Fund Financial Statements
Proprietary Fund Financial Statements
Fiduciary Fund Financial Statements
27 Attachment 2 74
This page intentionally left blank
28 Attachment 2 75
The funds described below were determined to be Major Funds by the City. Individual non-major funds may be found in the supplemental.
The General Fund - is the governments primary operating fund. It accounts for all financial resources of the City, except those required to be accounted for in another fund.
The Affordable Housing Special Revenue Fund - is used to account for in-lieu fees received from developers of properties, which can only be used for the design, development, and construction of citywide affordable housing projects and/or support of affordable housing programs.
The General Improvements Projects Capital Projects Fund - is used to manage the programming of funds and activities associated with major Capital Improvements Projects. The fund accumulates resources for capital expenditures and utilizes those resources to support projects that are general in natu re and are not Streets, Parks, or Community Improvements Projects.
The Parks Projects Capital Projects Fund - is used to manage the programming of funds and activities associated with major Capital Improvements Projects. The fund Accumulates resources for capital expenditures and utilizes those resources to support projects that would construct, improve or enhance the City's parks and facilities.
The Streets Projects Capital Projects Fund - is used to manage the programming of fund and activities associated with major Capital Improvements Projects. The fund accumulates resources for capital expenditures and utilizes those resources to support projects that would construct, improve, or enhance the City's trails, highways, streets, roads, bridges, as well as street lighting and drain systems.
The Public Art Capital Projects Fund - The Public Art Fund was created following the adoption of Dublin Municipal Code
8.58 “Public Art Program Contribution.” The purpose of the adoption of the ordinance, and Public Art Fund fund is to:
promote the public interest and general welfare through the acquisition, installation, maintenance and promotion of public art; establish requirements and procedures for developer contributions to public art; provide funding to support the acquisition, installation, maintenance and promotion of public art; and implement the goals of the Public Art Master Plan.
Bi-Annually Staff identifies and develops Public Art projects that will be funded utilizing the Public Art Fund. These projects are included in the City’s Capital Improvement Program and subject to City Council approval. Since inception, the Public Art Fund has been funded entirely by developer contributions that are subject to the Public Art Program Contribution ordinance.
The Public Facilities Impact Fees Capital Projects Fund - is used to account for fees received from developers of properties, which can only be used for the design, development and construction of new public facilities within the City.
The Fire Impact Fees Capital Projects Fund - is used to account for impact fees received from developers of properties, which can only be used for the design, development and construction of fire capital expansion projects within the City.
The Traffic Impact Fees Capital Projects Fund - is used to account for impact fees received from developers of properties, which can only be used for the design, development and construction of street and highway projects which serve as part of the City's transportation network.
The Dublin Crossing Contribution Capital Projects Fund - accounts for community benefit payments specific to the Dublin Crossing Project, separate from any developer impact fees generated by the project.
GOVERNMENTAL FUND FINANCIAL STATEMENTS
29 Attachment 2 76
City of Dublin
Balance Sheet
Governmental Funds
June 30, 2024
Special
Revenue Fund
General
General Affordabl e Improvement Park s Streets
Fund Housin g Projects Projects Projects
ASSETS
Cash and investments 258,489,391$ 11,785,063$ 2,817,852$ 3,427,917$ 1,691,007$ Accounts receivable 11,668,512 - 73,306 3,000 -
Accrued interest receivable 2,337,240----
Due from other funds 29,584,182----
Notes receivable - 14,521,942 - - -
Leases receivable 2,632,916----
Advances to other funds 4,901,566----
Prepaids 54,708----
Total assets 309,668,515$ 26,307,005$ 2,891,158$ 3,430,917$ 1,691,007$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES
Liabilities:
Accounts payable 9,856,276$ 1,009,060 $ 1,693,865 $ 2,986,559 $ 1,198,139 $ Accrued wages and other payroll liabilities 766,409 12,774 6,335 8,545 9,027 Deposits payable 4,450,377----
Contract retention payable - - 1,190,958 435,813 483,84 1 Other payables 390,267 ----
Unearned revenue 1,505,349----
Due to other funds -----
Advances from other funds -----
Total liabilities 16,968,678 1,021,834 2,891,158 3,430,917 1,691,007 Deferred inflows of resources:
Related to leases 2,266,883----
Unavailable revenue - accounts receivable -----
Total deferred inflows of resources 2,266,883 - - - - Fund Balances:
Nonspendable 54,708----
Restricted 9,351,801 25,285,171 ---
Committed 84,215,445----
Assigned 153,402,585 ----
Unassigned 43,408,415----
Total fund balances 290,432,954 25,285,171 - - - Total liabilities, deferred inflows of
resources, and fund balances 309,668,515$ 26,307,005$ 2,891,158$ 3,430,917$ 1,691,007$ Capital Project Funds
See accompanying Notes to Basic Financial Statements 30 Attachment 2 77
City of Dublin
Balance Sheet (Continued)
Governmental Funds
June 30, 2024
Public Dublin
Facilities Fire Impact Traffic Impact Crossin g
Public Art Impact Fee s Fees Fees Contribution
ASSETS
Cash and investments 6,210$ 42,059,849$ 178,376 $ 31,469,188 $ 12,407,696 $ Accounts receivable - - - 181,110 -
Accrued interest receivable -----
Due from other funds -----
Notes receivable -----
Leases receivable -----
Advances to other funds -----
Prepaids -----
Total assets 6,210$ 42,059,849$ 178,376$ 31,650,298$ 12,407,696$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES
Liabilities:
Accounts payable 6,210$ - $ - $ 119,536$ - $ Accrued wages and other payroll liabilities -----
Deposits payable ---- 6 ,427
Contract retention payable -----
Other payables -----
Unearned revenue -----
Due to other funds - 25,152,485 - - -
Advances from other funds - 4,901,566 - - -
Total liabilities 6,210 30,054,051 - 119,536 6,427 Deferred inflows of resources:
Related to leases -----
Unavailable revenue - accounts receivable -----
Total deferred inflows of resources - - - - - Fund Balances:
Nonspendable -----
Restricted - 12,005,798 178,376 31,530,762 12,401,269
Committed -----
Assigned -----
Unassigned -----
Total fund balances - 12,005,798 178,376 31,530,762 12,401,269 Total liabilities, deferred inflows of
resources, and fund balances 6,210$ 42,059,849$ 178,376$ 31,650,298$ 12,407,696$ Capital Project Funds
See accompanying Notes to Basic Financial Statements 31 Attachment 2 78
City of Dublin
Balance Sheet (Continued)
Governmental Funds
June 30, 2024
Other Total
Governmental Governmental
Funds Funds
ASSETS
Cash and investments 26,617,113$ 390,949,662 $
Accounts receivable 5,389,074 17,315,002
Accrued interest receivable - 2,337,240
Due from other funds - 29,584,182
Notes receivable 10,238 14,532,180
Leases receivable - 2,632,916
Advances to other funds - 4,901,566
Prepaids - 54,708
Total assets 32,016,425$ 462,307,456$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES
Liabilities:
Accounts payable 1,105,482$ 17,975,127 $
Accrued wages and other payroll liabilities 9,590 812,680 Deposits payable 251,049 4,707,853
Contract retention payable - 2,110,612
Other payables - 390,267
Unearned revenue 2,609,212 4,114,56 1
Due to other funds 4,371,470 29,523,955
Advances from other funds - 4,901,566
Total liabilities 8,346,803 64,536,621
Deferred inflows of resources:
Related to leases - 2,266,883
Unavailable revenue - accounts receivable 4,140,492 4,140,492 Total deferred inflows of resources 4,140,492 6,407,375 Fund Balances:
Nonspendable - 54,708
Restricted 23,691,326 114,444,503
Committed - 84,215,445
Assigned - 153,402,585
Unassigned (4,162,196) 39,246,219
Total fund balances 19,529,130 391,363,460
Total liabilities, deferred inflows of
resources, and fund balances 32,016,425$ 462,307,456$ See accompanying Notes to Basic Financial Statements 32 Attachment 2 79
Reconciliation of the Governmental Funds Balance Sheet
Total Fund Balances - Total Governmental Funds 391,363,460$ Capital assets used in governmental activities were not current financial resources.
Therefore, they were not reported in the Governmental Funds Balance Sheet. Except for the internal service funds reported below, the capital assets were adjusted as follows:
Government-
Wide Statement
of Net Position
Internal Service
Funds Total
Non-depreciable 352,027,483$ (19,061,253 )$ 332,966,230 Depreciable, net 221,192,010 (21,712,158 ) 199,479,852
Total capital assets 573,219,493$ (40,773,411)$ 532,446,082 Internal service funds were used by management to charge the costs of certain activities, such as insurance, to individual funds. The assets and liabilities of the Internal service funds were included in governmental activities in the Government- Wide Statement of Net Position. 68,011,589
Unavailabl
e revenues recorded in th e fund financial statement s resulting from activities in which revenues were earned but were not available are reclassified as revenues in the Government-Wide Financial Statements. 4,140,492 Interest payabl
e is not due and payable in the current period and, therefore are not reported in the governmental funds balance sheet. (52,054) In the Government-Wide Financial Statements, deferred employer contributions for pension and OPEB, certain differences between actuarial estimates and actual results, and other adjustments resulting from changes in assumptions and benefits are deferred in the current year.
Deferred outflows of resources related to pension 9,159,405 Deferred outflows of resources related to OPEB - City of Dublin 3,067,198 Deferred inflows of resources related to pension (1,574,250 )
Deferred inflows of resources related to OPEB - City of Dublin (1,901,044) Long-term liabilities were not due and payable in the current period. Therefore, they were not reported in the Governmental Funds Balance Sheet.
Government-
Wide Statement
of Net Position
Internal Service
Funds Total
Compensated absences - due within one year (1,366,580) $ - $ (1,366,580) Claims payable (201,107) - (201,107) Compensated absences - due in more than one year (151,843) - (151,843) Long term debt - due within one year (995,809) 285,809 (710,000) Long term debt - due in more than one year (18,793,466) 631,613 (18,161,853) Net OPEB asset - City of Dublin 3,412,032 - 3,412,032 Net pension liabilit
y (22,774,284) - (22,774,284 )
Total long-term liabilities (40,871,057)$ 917,422$ (39,953,635) Net Position of Governmental Activities 964,707,243$
Amounts reported for governmental activities in the Statement of Net Position were different from those reported in the Governmental Funds above because of the following:
City of Dublin
to the Government-Wide Statement of Net Position
June 30, 2024
See accompanying Notes to Basic Financial Statements 33 Attachment 2 80
City of Dublin
Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds
For the year ended June 30, 2024
Special
Revenue Fund
General
General Affordable Improvement Parks Streets
Fund Housin g Projects Projects Projects
REVENUES:
Property taxes 61,967,658$ -$ -$ -$ -$ Sales tax 30,903,440 - - - - Other taxes 9,129,368 - - - - Intergovernmental 441,518 - - - - Licenses and permits 309,959 - - - - Charges for service 9,678,380 83,661 - - - Interest income 8,499,828 387,177 - - - Use of property 2,172,046 377,644 - - - Unrealized gains (losses) on investments 7,022,273 - - - - Fines and forfeitures 98,693 - - - - Development revenue 6,782,241 - - - - Other revenue 4,591,468 - - - - Special assessments - - - - - Total revenues 141,596,872 848,482 - - - EXPENDITURES:
Current:
General government 14,183,999 - - - - Police 28,688,615 - - - - Fire 17,172,568 - - - - Public works and transportation 19,191,341 - - - - Park and community services 8,810,002 - - - - Community development 5,320,362 5,806,335
- - -
Capital outlay:
General improvements - - 7,118,484 - - Parks - - - 5,990,942 - Public art - - - - - Streets - - - - 6,099,577 Debt service:
Principal 680,000 - - - - Interest and fiscal charges 651,850 - - - - Total expenditures 94,698,737 5,806,335 7,118,484 5,990,942 6,099,577 REVENUES OVER (UNDER) EXPENDITURES 46,898,135 (4,957,853) (7,118,484) (5,990,942) (6,099,577) OTHER FINANCING SOURCES (USES):
Transfers in 120,825 - 7,118,484 5,990,942 6,099,577 Transfers out (6,322,616) - - - - Total other financing sources (uses) (6,201,791) - 7,118,484 5,990,942 6,099,577 Net change in fund balances 40,696,344 (4,957,853) - - - FUND BALANCES (DEFICITS):
Beginning of year 249,736,610 30,243,024 - - - End of year 290,432,954$ 25,285,171$ -$ -$ -$ Capital Project Funds
See accompanying Notes to Basic Financial Statements 34 Attachment 2 81
City of Dublin
Statement of Revenues, Expenditures and Changes in Fund Balances (Continued) Governmental Funds
For the year ended June 30, 2024
Public Dublin
Facilities Fire Impact Traffic Impact Crossing
Public Art Impact Fee s Fees Fees Contribution
REVENUES:
Property taxes -$ -$ -$ -$ -$ Sales tax - - - - - Other taxes - - - - - Intergovernmental - - - - - Licenses and permits - - - - - Charges for service - - - - - Interest income - 1,113,243 4,746 852,031 365,434 Use of property - - - - - Unrealized gains (losses) on investments - - - - - Fines and forfeitures - - - - - Development revenue - 1,032,573 39,021 1,189,675 - Other revenue - - - 12,273 - Special assessments - - - - - Total revenues - 2,145,816 43,767 2,053,979 365,434 EXPENDITURES:
Current:
General government - 9,050 - 47,481 - Police - - - - - Fire - - - - - Public works and transportation - - - - - Park and community services - - - - - Community development -
- - - - Capital outlay:
General improvements - - - - - Parks - - - - - Public art 244,479 - - - - Streets - - - - - Debt service:
Principal - - - - - Interest and fiscal charges - - - - - Total expenditures 244,479 9,050 - 47,481 - REVENUES OVER (UNDER) EXPENDITURES (244,479) 2,136,766 43,767 2,006,498 365,434 OTHER FINANCING SOURCES (USES):
Transfers in 244,479 - - - - Transfers out - (6,011,344) - (606,112) (150,000) Total other financing sources (uses) 244,479 (6,011,344) - (606,112) (150,000) Net change in fund balances - (3,874,578) 43,767 1,400,386 215,434 FUND BALANCES (DEFICITS):
Beginning of year - 15,880,376 134,609 30,130,376 12,185,835 End of year -$ 12,005,798$ 178,376$ 31,530,762$ 12,401,269$ Capital Project Funds
See accompanying Notes to Basic Financial Statements 35 Attachment 2 82
City of Dublin
Statement of Revenues, Expenditures and Changes in Fund Balances (Continued) Governmental Funds
For the year ended June 30, 2024
Other Total
Governmental Governmental
Funds Funds
REVENUES:
Property taxes -$ 61,967,658$
Sales tax - 30,903,440
Other taxes - 9,129,368
Intergovernmental 9,000,223 9,441,741
Licenses and permits - 309,959
Charges for service 8,936,318 18,698,359
Interest income 650,991 11,873,450
Use of property - 2,549,690
Unrealized gains (losses) on investments - 7,022,273 Fines and forfeitures 116,831 215,524
Development revenue 530 9,044,040
Other revenue 201,499 4,805,240
Special assessments 1,647,782 1,647,782
Total revenues 20,554,174 167,608,524
EXPENDITURES:
Current:
General government 9,528,800 23,769,330
Police 1,025,613 29,714,228
Fire 263,821 17,436,389
Public works and transportation 3,190,576 22,381,917 Park and community services 31,836 8,841,838 Community development 220,560 11,347,257
Capital outlay:
General improvements - 7,118,484 Parks - 5,990,942
Public art - 244,479
Streets - 6,099,577
Debt service:
Principal - 680,000
Interest and fiscal charges - 651,850 Total expenditures 14,261,206 134,276,291
REVENUES OVER (UNDER) EXPENDITURES 6,292,968 33,332,233 OTHER FINANCING SOURCES (USES):
Transfers in - 19,574,307
Transfers out (8,468,629) (21,558,701)
Total other financing sources (uses) (8,468,629) (1,984,394) Net change in fund balances (2,175,661) 31,347,839 FUND BALANCES (DEFICITS):
Beginning of year 21,704,791 360,015,621
End of year 19,529,130$ 391,363,460$
See accompanying Notes to Basic Financial Statements 36 Attachment 2 83
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes Net Change in Fund Balances - Total Governmental Funds 31,347,839$ Governmental funds reported capital outlay as expenditures. However, in the Government-Wide Statement of Activities, the cost of those assets was allocated over their estimated lives as depreciation expense. This was the amount of capital assets recorded in the current period, net of Internal Service Funds. 18,069,858 Depreciation expens e on capital asset s was reported in th e Government-Wide Statement of Activities , but did not require the use of current financial resources. Therefore, depreciation expense was not reported as expenditures in the governmental funds, net of internal service funds of $3,343,754. (12,294,149) Accrued com
pensated leave payments were reported as expenditures in the governmental funds, however expense is recognized in the Government-Wide Statement of Activities based on earned leave accruals. (216,920) Interest payable is not due and payable in the current period and, therefore are not reported in the governmental funds balance sheet. (52,054)
Debt proceed
s provide current financial resource s to governmental funds , but issuing debt increased long- term liabilities in the Government-Wide Statement of Net Position. Repayment of debt was an expenditure in governmental funds, but the repayment reduced long-term liabilities in the Government-Wide Statement of Net Position.
Long-term debt repayment
s 680,000
Amortization of premium on long-term debt 123,856
Claim payment s are recorded a s expenditures in th e governmental funds , however claim expens e is recognized as claims are incurred on the Government-Wide Statement of Activities 109,858 Current year employer pe n s i o n a n dO P E Bc o n t r i b u t i o ns are recorded as expenditures in the governmental funds, however, these amounts are reported as a deferred outflow of resources in the Government-Wide Statement of Net Position. 2,545,779
Pension expens
e is reported in th e Government-Wide Statement of Activitie s does not requir e the use of current financial resources, and therefore is not reported as expenditures in governmental funds. (3,983,679) OPEB expens e is reported in th e Government-Wide Statement of Activitie s does not requir e the use of current financial resources, and therefore is not reported as expenditures in governmental funds. (346,515) Unavailable revenues recorded in th e fund financial statement s resulting from activities in which revenues were earned but were not available are reclassified as revenues in the Government-Wide Financial Statements. 4,140,492
Internal service funds were used by management to charge the costs of certain activities, such as insurance and fleet management, to individual funds. The net revenue of the internal service funds was reported with governmental activities. 2,181,667
Change in Net Position of Governmental Activities 42,306,032$ Amounts reported for governmental activities in the Statement of Activities were different because:
City of Dublin
in Fund Balances to the Government-Wide Statement of Activities For the year ended June 30, 2024
See accompanying Notes to Basic Financial Statements 37 Attachment 2 84
This page intentionally left blank
38 Attachment 2 85
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual General Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Property taxes 59,896,000$ 59,896,000$ 61,967,658$ 2,071,658$ Sales tax 26,625,000 29,620,900 30,903,440 1,282,540 Other taxes 8,280,500 8,280,500 9,129,368 848,868 Intergovernmental 290,000 405,000 441,518 36,518 Licenses and permits 286,417 286,417 309,959 23,542 Charges for services 7,389,683 7,389,683 9,678,380 2,288,697 Investment income (loss) 2,510,000 5,500,000 8,499,828 2,999,828 Use of property 1,648,021 1,648,021 2,172,046 524,025 Unrealized gains (losses) on investments - - 7,022,273 7,022,273 Fines and forfeitures 50,000 50,000 98,693 48,693 Development revenue 7,109,829 6,903,536 6,782,241 (121,295) Other revenues 1,806,412 1,938,367 4,591,468 2,653,101 Total revenues 115,891,862 121,918,424 141,596,872 19,678,448 EXPENDITURES:
Current:
General government 17,294,965 18,230,860 14,183,999 4,046,861 Police 28,283,479 28,591,266 28,688,615 (97,349) Fire 17,315,342 17,317,732 17,172,568 145,164 Public works and transportation 21,706,751 23,130,326 19,191,341 3,938,985 Parks and community services 8,997,878 9,343,691 8,810,002 533,689 Community development 5,642,960 5,799,028 5,320,362 478,666 Debt service:
Principal 680,000 680,000 680,000 - Interest and fiscal charges 651,850 651,850 651,850 - Total expenditures 100,573,225 103,744,753 94,698,737 9,046,016 REVENUES OVER (UNDER) EXPENDITURES 15,318,637 18,173,671 46,898,135 28,724,464
OTHER FINANCING SOURCES (USES):
Transfers in 56,600 129,582 120,825 (8,757) Transfers (out) (19,929,893) (53,207,754) (6,322,616) 46,885,138 Total other financing sources (uses) (19,873,293) (53,078,172) (6,201,791) 46,876,381 Net change in fund balance (4,554,656)$ (34,904,501)$ 40,696,344 75,600,845$ FUND BALANCE:
Beginning of year 249,736,610
End of year 290,432,954$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
See accompanying Notes to Basic Financial Statements 39 Attachment 2 86
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Affordable Housing
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Charges for services 80,855$ 80,855$ 83,661$ 2,806$ Interest 125,000 125,000 387,177 262,177 Use of property - - 377,644 377,644 Total revenues 205,855 205,855 848,482 642,627 EXPENDITURES:
Current:
General government 68,000 68,000 - 68,000 Community development 632,920 6,189,852 5,806,335 383,517 Total expenditures 700,920 6,257,852 5,806,335 451,517 REVENUES OVER (UNDER) EXPENDITURES (495,065) (6,051,997) (4,957,853) 1,094,144 Net change in fund balance (495,065)$ (6,051,997)$ (4,957,853) 1,094,144$ FUND BALANCE:
Beginning of year 30,243,024
End of year 25,285,171$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
See accompanying Notes to Basic Financial Statements 40 Attachment 2 87
Proprietary funds account for City operation financed and operated in a manner similar to a private business enterprise. The intent of the City is that the cost of providing good and services be financed primarily through user charges.
PROPRIETARY FUND FINANCIAL STATEMENTS
41 Attachment 2 88
City of Dublin
Statement of Net Position
Proprietary Funds
June 30, 2024
Governmental
Activities-
Internal Service
Funds
ASSETS
Current assets:
Cash and investments 27,709,632 $
Accounts receivable 246,014
Prepaids and other 391,083
Total current assets 28,346,729
Noncurrent assets:
Capital Assets:
Land 10,774,792
Construction in progress 8,286,461
Infrastructure 745,014
Building and improvements 63,219,783
Vehicles and equipment 11,737,672
Subscription based I.T. agreements 2,216,045
Less accumulated depreciation (56,206,356)
Net capital assets 40,773,411
Total assets 69,120,140
LIABILITIES
Current liabilities:
Accounts payable and accruals 130,902
Due to other funds 60,227
SBITA liabilities, due in one year 285,809
Total current liabilities 476,938
Long-term liabilities:
SBITA liabilities, due in more than one year 631,613
Total long-term liabilities 631,613
Total liabilities 1,108,551
NET POSITION
Net investment in capital assets 39,855,989
Unrestricted 28,155,600
Total net position 68,011,589$
See accompanying Notes to Basic Financial Statements 42 Attachment 2 89
City of Dublin
Statement of Revenues, Expenses and Changes in Fund Net Position Proprietary Funds
For the year ended June 30, 2024
Governmental
Activities-
Internal Service
Funds
OPERATING REVENUES:
Charges for services 5,559,659$
Other revenue 1,346,890
Total operating revenues 6,906,549
OPERATING EXPENSES:
Supplies and services 3,205,222
Retiree health premiums 963,526
Depreciation 3,343,754
Total operating expenses 7,512,502
OPERATING INCOME (LOSS) (605,953)
NONOPERATING REVENUES (EXPENSES):
Interest income 832,169
Interest and fiscal charges (28,943)
Total nonoperating revenues (expenses) 803,226
INCOME (LOSS) BEFORE CONTRIBUTIONS AND TRANSFERS: 197,273 Transfers in 2,000,000
Transfers (out) (15,606)
Total transfers 1,984,394
Change in net position 2,181,667
NET POSITION:
Beginning of year 65,829,922
End of year 68,011,589$
See accompanying Notes to Basic Financial Statements 43 Attachment 2 90
City of Dublin
Statement of Cash Flows
Proprietary Funds
For the year ended June 30, 2024
Governmental
Activities-
Internal Service
Funds
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from other funds 8,062,895$
Payments to suppliers and service providers (6,686,274) Other revenues 1,346,890
Net cash provided by (used in) operating activities 2,723,511 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:
Cash receipts from other funds 2,235,695
Cash disbursements to other funds (918,166)
Cash provided by (used in) noncapital financing activities 1,317,529 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:
Purchase of capital assets (2,706,412)
Cash used in capital and related financing activities (3,038,991) CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 832,169
Cash flows provided b
y (used in) investing activities 832,169
Net Cash Flows 1,834,218
CASH AND CASH EQUIVALENTS - Beginning of year 25,875,414 CASH AND CASH EQUIVALENTS - End of year 27,709,632$
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Operating income (loss) (605,953)$
Adjustments to reconcile operating income (loss)
to net cash provided by (used in) operating activities:
Depreciation 3,343,754
Change in assets and liabilities
Accounts receivable 335,649
Prepaids (39,926)
Accounts payable and accruals (310,013)
Net cash provided by (used in) operating activities 2,723,511$ See accompanying Notes to Basic Financial Statements 44 Attachment 2 91
FIDUCIARY FUND FINANCIAL STATEMENTS
Custodial funds are used to account for fiduciary activities not required to be reported in investment trust, pension trust, or private-purpose trust funds. The financial activities of these funds are excluded from the entity-wide financial statements, but are presented in separate Fiduciary Fund financial statements. 45 Attachment 2 92
City of Dublin
Statement of Fiduciary Net Position
Fiduciary Fund
June 30, 2024
Custodial
Funds
ASSETS
Cash and investments 49,052,926 $
Accounts receivable 216,515
Total assets 49,269,441
LIABILITIES
Accounts payable 191,488
Total liabilities 191,488
NET POSITION
Restricted for:
Individuals, organizations, and
other governments 49,077,953
Total net position 49,077,953$
See accompanying Notes to Basic Financial Statements 46 Attachment 2 93
City of Dublin
Statement of Changes in Fiduciary Net Position
Fiduciary Fund
For the year ended June 30, 2024
Custodial
Funds
ADDITIONS:
Special assessments 10,156,807 $
Investment income 857,516
Proceeds from bonds 18,363,562
Property tax distribution 26,535
Other 479,102
Total additions 29,883,522
DEDUCTIONS:
Administration 10,594,563
Project payments 757,442
Payments of bonds principal 670,000
Interest expense 5,829,334
Total deductions 17,851,339
Change in net position 12,032,183
NET POSITION:
Beginning of year 37,045,770
End of year 49,077,953$
See accompanying Notes to Basic Financial Statements 47 Attachment 2 94
This page intentionally left blank
48 Attachment 2 95
49 NOTES TO BASIC
FINANCIAL STATEMENTS
Attachment 2
96 50
This page intentionally left blank
Attachment 2
97 City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
51 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements and accounting policies of th e City conform with generally accepted accounting principles applicable to governments. The Govern mental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. Significant accounting policies are summarized below:
A. Reporting Entity
The City is a residential community with a significan t regional commercial base, located in the TriValley area of Alameda County, California at the crossroads of Interstate Freeways 580 and 680. The City was incorporated as a municipal corporation on February 1, 1982. The total population estimate published by the California Department of Finance for January 1, 2024 was 72,917. This figure includes prisoners housed at the Alameda County Sheriff’s Department Santa Rita Jail and at the Federal Correctional Institute. The City of Dublin was ranked based on total population at #119 out of 482 cities within California.
The City operates under the Council-Manager form of government, with the Mayor and four Council members served by a full-time City Manager and staff. At June 30, 2024, the City’s staff comprised 106 authorized permanent employees wh o were responsible for City-provided services. The City provides many traditional municipal services through contracts with both public and private agencies. As of June 30, 2024, the City had approximately 251 temporary and seasonal personnel that were on active payroll status.
B. Basis of Presentation
The City's Basic Financial Statements are prepared in conformity with accounting principles generally accepted in the United States of America. The Government Accounting Standards Board is the acknowledged standard setting body for establishing accounting and financial reporting standards followed by governmental entities in the U.S.A. Th ese Standards require that the financial statements described below be presented.
Government-wide Statements:
The Statement of Net Position and the Statement of Activities display information about the primary government (the City). These statements include the financial activities of the overall City government, except for fiduciary activities. Governmental ac tivities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions.
The Statement of Activities presents a comparison between direct expenses and program revenues for each function of the City's governmental activities. Direct ex penses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Program revenues include (a) charges paid by the recipients of goods or services offered by the programs, (b) grants and contributions that are restricted to meeting the oper ational needs of a particular program and (c) fees, grants and contributions that are restricted to financing the acquisition or construction of capital assets.
Revenues that are not classified as program revenues, including all taxes, are presented as general revenues.
Attachment 2
98 City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
52 1. SUMMARY OF SIGNIFICANT AC COUNTING POLICIES, Continued B. Basis of Presentation, Continued
Fund Financial Statements:
The fund financial statements provide information ab out the City's funds, including fiduciary funds.
Separate statements for each fund category - governmental, proprietary, and fiduciary - are presented. The emphasis of fund financial statements is on major individual governmental funds, each of which is displayed in a separate column. All remaining gove rnmental funds are aggregated and reported as nonmajor funds.
Proprietary fund operating revenues, such as charges for services, result from exchange transactions associated with the principal activity of the fund. Exchange transactions are those in which each party receives and gives up essentially equal values. Nonope rating revenues, such as subsidies and investment earnings, result from nonexchange transactions or ancillary activities.
C. Major Funds
Major funds are defined as funds that have either assets, liabilities, revenues or expenditures/expenses equal to ten percent of their fund-type total and five percent of the grand total. The General Fund is always a major fund. The City may also select other funds it believes should be presented as major funds.
The City reported the following major governmental funds in the accompanying financial statements:
The General Fund - is the government’s primary operating fund. It accounts for all financial resources of the City, except those required to be accounted for in another fund.
The Affordable Housing Special Revenue Fund - is used to account for in-lieu fees received from developers of properties, which can only be used for the design, development, and construction of citywide affordable housing projects and/or support of affordable housing programs.
The General Improvements Projects Capital Projects Fund - is used to manage the programming of funds and activities associated with major Capital Improvements Projects. The Fund accumulates resources for capital expenditures and utilizes those resources to support projects that are general in nature and are not Streets, Parks, or Community Improvements projects.
The Parks Projects Capital Projects Fund - is used to manage the programming of funds and activities associated with major Capital Improvements Projects. The Fund accumulates resources for capital expenditures and utilizes those resources to support proj ects that would construct, improve, or enhance the City's parks and facilities.
The Streets Projects Capital Projects Fund - is used to manage the programming of funds and activities associated with major Capital Improvements Projects. The Fund accumulates resources for capital expenditures and utilizes those resources to support proj ects that would construct, improve, or enhance the City's trails, highways, streets, roads, bridges, as well as street lighting, and storm drain systems.
Attachment 2
99 City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
53 1. SUMMARY OF SIGNIFICANT AC COUNTING POLICIES, Continued C. Major Funds, Continued
The Public Art Capital Projects Fund - The Public Art Fund was created following the adoption of Dublin Municipal Code 8.58 “Public Art Program Contribution.” The purpose of the adoption of the ordinance, and Public Art Fund is to: promote the public inte rest and general welfare through the acquisition, installation, maintenance and promotion of public art; establish requirements and procedures for developer contributions to public art; provide funding to su pport the acquisition, installation, maintenance and promotion of public art; and implement the goals of the Public Art Master Plan.
Bi-Annually Staff identifies and develops Public Art projects that will be funded utilizing the Public Art Fund. These projects are included in the City’s Capital Improvement Program and subject to City Council approval. Since inception, the Public Art Fund has been funded entirely by developer contributions that are subject to the Public Art Program Contribution ordinance.
The Public Facilities Impact Fees Capital Projects Fund - is used to account for impact fees received from developers of properties, which can only be used fo r the design, development, and construction of new public facilities within the City.
The Fire Impact Fees Capital Projects Fund - is used to account for impact fees received from developers of properties, which can only be used for the design, development, and construction of fire capital expansion projects within the City.
The Traffic Impact Fees Capital Projects Fund - is used to account for impact fees received from developers of properties, which can only be used for the design, development and construction of street and highway projects which serve as part of the City's transportation network.
The Dublin Crossing Contribution Capital Projects Fund - accounts for community benefit payments specific to the Dublin Crossings Project, separate from any developer impact fees generated by the project.
The City also reports the following fund types:
Internal Service Funds - Account for replacement of assets and internal charges collected for the purpose of funding retirement plan side-fund obligations, post-retirement healthcare activities, and the financing and funding for the replacements of vehicle, building and equipment, various information technology projects, and the energy efficiency capital lease project. These activities are provided to City departments on a cost reimbursement basis.
Fiduciary Funds - The City maintains one type of Fiduciary Funds - Custodial Funds. The financial activities of these funds are excluded from the Government-wide financial statements, but are presented in separate Fiduciary Fund financial statements. Custodial Fund s use the economic resources measurement focus and are used to account for assets held by the City as an agent for the following purposes:
Attachment 2
100
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
54 1. SUMMARY OF SIGNIFICANT AC COUNTING POLICIES, Continued C. Major Funds, Continued
The Dublin Boulevard Extension Assessment District is a Custodial Fund, which is used to account for amounts held for debt service on the Dublin Boulevar d Extension Project. The City is not responsible for payment of the bonds and acts only as an agent to collect assessments, pay bondholders, and initiate foreclosure proceedings.
The Fallon Village, Schaefer Ranch, Fallon Village Annex/Jordan Ranch, and Fallon Crossing Geological Hazard Abatement Districts (GHAD) are Custodial Funds. Each fiscal year, the District Engineer prepares an Engineer's Report which includes the budget for the GHADs for that year. The annual budget consists of regular site monitoring, annual inspections, contract services for annual mitigation and repairs, and administrative costs. The funds collected through special assessment are placed into a dedicated reserve fund. The reserve fund is set aside to b e u s e d t o m i t i g a t e a n d r e p a i r l a r g e , g e o l o g i c h a z a r d s , s u c h a s landsides in the respective Subdivisions.
The Dublin Crossing Community Facilities District (CFD) No. 2015-1 (Dublin Crossing) Fund, which is used to account for bond issuances to finance capital facilities and infrastructure within the CFD secured by the collection of Special Taxes on real property within the CFD. CFD bonds are not debt obligations of the City.
The CFD East Ranch is used to account for bond issuances to finance the maintenance of and construction of public improvements within the East Ranch development project within secured by the collection of Special Taxes on real property within the CFD. Th e Custodial Fund is custod ial in nature (uses the economic resources measurement focus). CFD bonds are not debt obligations of the City.
CFD Dublin Boulevard Extension is used is used to account for developing a fa cilities CFD to cover City mitigation costs which the City is advancing as part of the Dublin Boulevard Extension project.
CFD Dublin Center is used to account for developing a facilities CFD to finance the maintenance of and construction of public improvements within the Dublin Center project.
D. Basis of Accounting
The government-wide and proprietary financial statements are reported using the economic resources measurement focus and the full accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incu rred, regardless of when the related cash flows take place.
As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements. Exceptions to this general rule are payments-in-lieu of taxes and other charges between the government's business-type activities and various other functions of the government. Elimination of these charges would distort the direct costs and program revenues reported for the various functions concerned.
Amounts reported as program revenues include 1) charges to customers or applicants for goods, services, or privileges provided, 2) operating grants and cont ributions, and 3) capital grants and contributions, including special assessments. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes.
Attachment 2
101
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
55 1. SUMMARY OF SIGNIFICANT AC COUNTING POLICIES, Continued D. Basis of Accounting, Continued
Those revenues susceptible to accrual at both the City-wide and Fund level are property, sales and franchise taxes, current service charges, and interest revenue. Fines and licenses and permits are not susceptible to accrual because they are not measurable until received in cash.
Governmental funds are reported using the curren t financial resources measurement focus and the modified accrual basis of accounting. Under this me thod, revenues are recognized when measurable and available. The City considers all revenues reported in the governmental funds to be available if the revenues are collected within sixty days after year-end. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on ge neral long-term debt, claims and judgments, and compensated absences, which are recognized as expenditures to the extent they have matured.
Governmental capital asset acquisitio ns are reported as expenditures in governmental funds. Proceeds of governmental long-term debt and acquisitions under capital leases are reported as other financing sources.
Non-exchange transactions, in which the City gives or receives value without directly receiving or giving equal value in exchange, include taxes, grants, entitl ements, and donations. On the accrual basis, revenue from taxes is recognized in the fiscal year for which the taxes are levied or assessed. Revenues from grants, entitlements, and donations are recognized in the fiscal year in which all eligibility requirements have been satisfied.
Grant revenues are recognized in the fiscal year in which all eligibility requir ements are met. Under the terms of grant agreements, the City may fund certain programs with a combination of cost-reimbursement grants, categorical block grants, and general revenues. Certain indirect costs are included in program expenses reported for individual functions and activities.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from provid ing services and producing and delivering goods in connection with a proprietary fund's principal ongoin g operations. The principal operating revenues of the City's internal service funds are charges to customers for sales and services. Operating expenses for internal service funds include the cost of sales and services, administrative expenses, an d depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses.
E. Cash, Cash Equivalents, and Investments
The City pools cash resources from all funds in order to facilitate the management of cash. The balance in the pooled cash account is available to meet current operating requirements. Cash in excess of current requirements is invested in various interest-bearing accounts and other investments for varying terms.
Attachment 2
102
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
56 1. SUMMARY OF SIGNIFICANT AC COUNTING POLICIES, Continued E. Cash, Cash Equivalents, and Investments, Continued
In accordance with GASB Statement No. 40, Deposit and Investment Disclosures (Amendment of GASB No. 3) , certain disclosure requirements for Deposits and Investment Risks were made in the following areas:
• Interest Rate Risk
•C r e d i t R i s k
o Overall
o Custodial Credit Risk
o Concentrations of Credit Risk
In addition, other disclosures are specified includin g use of certain methods to present deposits and investments, highly sensitive investments, credit quality at year-end, and other disclosures.
In accordance with GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and for External Investment Pools , highly liquid money market investments with maturities of one year or less at time of purchase are stated at amortized cost. All ot her investments are stated at fair value. The City categorizes the fair value measurements of its investments based on the hierarchy established by generally accepted accounting principles. The fair value hierarchy, which has three levels, is based on the valuation inputs used to measure an asset’s fair value: Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. The City does not have any investments that are measured using Level 3 inputs.
The City participates in an investment pool manage d by the State of California entitled Local Agency Investment Fund (LAIF) which has invested a portion of the pooled funds in Structured Notes and Asset- Backed Securities. LAIF’s investments are subject to credit risk with the full faith and credit of the State of California collateralizing these investments. In addition, these Structured Notes and Asset-Backed Securities are subject to market risk as to the change in interest rates.
Cash equivalents are considered amounts in demand deposits and short-term investments with a maturity date within three months of the date acquired by the City and are presented as “Cash and Investments” in the accompanying Basic Financial Statements.
For the purpose of the statement of cash flows, the City considers all pooled cash and investments (consisting of cash and investments and restricted cash and investments) held by the City as cash and cash equivalents because the pool is used essentially as a demand deposit account from the standpoint of the funds. The City also considers all non-pooled cash and investments (consisting of cash with fiscal agent and restricted cash and investments held by fiscal agent) as cash and cash equivalents because investments meet the criteria for cash equivalents defined above.
Attachment 2
103
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
57 1. SUMMARY OF SIGNIFICANT AC COUNTING POLICIES, Continued F. Property Tax Revenues
Alameda County assesses properties and bills, collects, and distributes property taxes to the City. The County remits the entire amount paid and handles th e collection of all delinquencies. The City receives proportionate shares of prior year collections incl uding interest and penaltie s. Secured and unsecured property taxes are levied on January 1 of the preceding fiscal year. The property tax assessments are formally due on November 1 and February I, and become delinquent after December 10 and April 10, respectively. Taxes become a lien on the property effective January 1 of the preceding year.
G. Use of Restricted Resources
When both restricted and unrestricted resources are availa ble for use, it is the City's policy to use restricted resources first, and then unrestricted resources as needed.
H. Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid costs in both government-wide and fund financial statements, using the consumption method.
Prepaid costs in governmental funds are equally offset with nonspendable fund balance to indicate they do not constitute resources available for appropriation. Prepaids in governmental funds are treated using the consumption method, where the prepaid expenditure is recognized in the period in which the service is provided or the item is put into use.
I. Leases Receivable
The City’s leases receivable are measured at the pres ent value of lease payments expected to be received during the lease terms. Deferred inflows of resources are recorded for the leases. The deferred inflow of resources is recorded at the initiation of the lease in an amount equal to the initial recording of the lease receivable.
J. Compensated Absences
The City records a long-term compensated absences lia bility to recognize the financial effect of unused general leave and other accrued compensated leave. Th e liability will be paid from future resources primarily from the general fund.
Compensated absences activities were as follows for the year ended June 30, 2024:
Attachment 2
104
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
58 1. SUMMARY OF SIGNIFICANT AC COUNTING POLICIES, Continued K. Capital Assets
Capital assets, which include buildings, machinery and equipment, and infrastructure assets (roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, lighting systems, and park improvements), are reported in the Governmental Activities columns of the Government-Wide Financial S t a t e m e n t s . C a p i t a l a s s e t s a r e d e f i n e d b y t h e C i t y a s a s s e t s w i t h a n i n i t i a l , i n d i v i d u a l c o s t o f m o r e t h a n $5,000 for general capital assets and $100,000 for infras tructure capital assets. Such assets are recorded at historical cost or estimated historical cost if actual historical cost is not available. Donated capital assets, donated works of art and similar items, and capital asse ts received in a service concession arrangement are reported at acquisition value.
Capital assets are depreciated over their estimated us eful lives using the straight-line method. This means the cost of the asset is divided by its expected useful life in years and the result is charged to expense each year until the asset is fully depreciated. The purpose of depreciation is to spread the cost of capital assets over the useful life of these assets. The amount charged to depreciation expense each year represents that year's pro rata share of the cost of capital assets.
Depreciation of capital assets is charged as an expense against operations each year and the total amount of depreciation taken over the years, called accumulated depreciation, and is reported on the Statement of Net Position of the government-wide financial statements as a reduction in the book value of the capital assets.
The City has assigned the useful lives listed below to capital assets.
Infrastructure 15-75 Years
Buildings and Improvements 20-38 Years
Vehicles and Equipment 4-20 Years
Capital assets include land, buildings, and equipment used in City operations. Infrastructure includes roads, bridges, curbs, sidewalks, drainage systems, street and traffic lights, park improvements and other improvements used by all citizens.
Donated capital assets, donated works of art and simila r items, and capital assets received in a service concession arrangement are recorded at acquisition valu e. All other capital assets are valued at historical cost or estimated historical cost if actual historical cost is not available.
L. Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The fair value hierarchy categorizes the inputs to valuatio n techniques used to measure fair value into three levels based on the extent to which inputs used in measuring fair value are observable in the market.
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 inputs are inputs - other than quoted prices in cluded within level 1 - that are observable for an asset or liability, either directly or indirectly.
Level 3 inputs are unobservable inputs for an asset or liability.
Attachment 2
105
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
59 1. SUMMARY OF SIGNIFICANT AC COUNTING POLICIES, Continued M. Pension
For purposes of measuring the net pension liability an d deferred outflows/inflows of resources related to pensions, and pension expense, information about the fidu ciary net position of the City’s California Public Employees’ Retirement System (CalPERS) plans (Pla ns) and additions to/deductions from the Plans’ fiduciary net position have been determined on the same basis as they are reported by CalPERS. For this purpose, benefit payments (including refunds of em ployee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.
N. Other Postemployment Benefits (OPEB)
For purposes of measuring the net OPEB liability, defe rred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the City’s plan (OPEB Plan) and additions to/deductions from the OPEB Plan’s fiduciary net position have been determined on the same basis. For this purpose, benefit payments are recognized when currently due and payable in accordance with the benefit terms. Investme nts are reported at fair value. Generally accepted accounting principles require that the reported results must pertain to liability and asset information within certain defined timeframes. For this report, the following timeframes are used:
Valuation Date June 30, 2023
Measurement Date June 30, 2023
Measurement Period July 1, 2022 to June 30, 2023
O. Use of Estimates
The preparation of financial statements in conformi ty with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
P. Deferred Outflows / lnflows of Resources
In addition to assets, the statement of financial position or balance sheet report is a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources , represents a consumption of net assets that applies to a future period(s) and so will not be recognized as an outflow of resources (expense /expenditure) until then.
In addition to liabilities, the statement of financial posi tion or balance sheet report is a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time.
Attachment 2
106
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
60 1. SUMMARY OF SIGNIFICANT AC COUNTING POLICIES, Continued Q. Net Position and Fund Balance
Net Position
Net Position is the excess of all the City's assets an d deferred outflow of resources over all its liabilities and deferred inflow of resources, regardless of fund. Net Position are divided into three captions. These captions apply only to Net Position, which is determined only for proprietary funds and at the Government-wide level, and are described below:
Net Investment in Capital Assets, describes the portion of Net Position which is represented by the current net book value of the City's capital assets, and reduced by outstanding debt that attributed to the acquisition, construction, or improvement of the assets.
Restricted describes the portion of Net Position which is restricted as to use by the terms and conditions of agreements with outside parties, governmental regulations, laws, or other restrictions which the City cannot unilaterally alter. These prin cipally include developer fees receiv ed for use on capital projects and debt service requirements.
Unrestricted describes the portion of Net Position which is not restricted to use.
When an expense is incurred for purposes for which both restricted and unrestricted net position are available, the City’s policy is to apply restricted net position first.
Fund Balances
Governmental fund balances represent the net current assets of each fund. Net current assets generally represent a fund's cash and receivables, less its liabilities.
The City's fund balances are classified based on spending constraints imposed on the use of resources. For programs with multiple funding sources, the City pr ioritizes and expends funds in the following order:
Restricted, Committed, Assigned, and Unassigned. Each category in the following hierarchy is ranked according to the degree of spending constraint:
Nonspendable represents balances set aside to indicate items do not represent available, spendable resources even though they are a component of assets. Fund ba lances required to be ma intained intact, such as Permanent Funds, and assets not expected to be conver ted to cash, such as prepaids, notes receivable, and long-term interfund loans are includ ed. However, if proceeds realized from the sale or collection of nonspendable assets are restricted, committed or assigned, then Nonspendable amounts are required to be presented as a component of the applicable category.
Restricted fund balances have external restrictions imposed by creditors, grantors, contributors, laws, regulations, or enabling legislation which requires th e resources to be used only for a specific purpose.
Nonspendable amounts subject to restrictions are included along with spendable resources.
Attachment 2
107
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
61 1. SUMMARY OF SIGNIFICANT AC COUNTING POLICIES, Continued Q. Net Position and Fund Balance, Continued
Committed fund balances have constraints imposed by reso lution of the City Council which may be altered only by formal action (resolution) of the City Coun cil to establish, modify, or rescind a fund balance commitment. The City Council commits fund balance thro ugh the adoption of a resolution prior to the end of the fiscal year. Once adopted, the limitation impo sed by the resolution remains in place until similar action is taken to remove or revise the limitation. Only the highest level action (a resolution) can be considered a commitment for fund balance classification purposes.
Assigned fund balances are amounts constrained by the City's intent to be used for a specific purpose, but are neither restricted nor committed. Intent is expressed by the City Council or its designee and may be changed at the discretion of the City Council or its de signee. This category includes nonspendable when it is the City's intent to use proceeds or collections for a specific purpose, and residual fund balances, if any, of Special Revenue, Capital Projects and Debt Service Funds which have not been restricted or committed.
Through a council resolution, the City Council has designated the City Manager to determine the amount of assigned Fund balance.
Unassigned fund balance represents residual amounts that have not been restricted, committed, or assigned.
This includes the residual general fund balance and residual fund deficits, if any, of other governmental funds.
Hierarchy of Expenditures to Classify Fund Balance Amounts To determine the composition of ending fund balances , the City considers for expenditures made in any governmental fund, the restricted amounts will be reduced first, followed by committed amounts, assigned amounts, and then unassigned amounts.
R. New Pronouncements
In 2024, the City adopted new accounting standards in order to conform to the following Governmental Accounting Standard Board Statements:
GASB Statement No. 100, Accounting Changes and Error Corrections – an amendment of GASB Statement No. 62 .
This main purpose of this Statement is to strength en accounting and financial reporting standards with respect to accounting changes and corrections of erro rs. The statement provides detailed descriptions (1) changes in accounting principles; (2) changes in accoun ting estimates; (3) changes in reporting entity. Those changes need to disclose the nature and reasons in the financial statements to ensure the better transparency and consistency in financial reporting.
Attachment 2
108
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
62 2. BUDGETS AND BUDGETARY ACCOUNTING
The City follows these procedures in establishing the budgetary data reflected in the basic financial statements:
x Prior to June 30 the City Manager submits to the City Council a proposed operating budget for the fiscal year commencing the following July 1. The operating budget includes proposed expenditures and the means of financing them.
x The public is given an opportunity to comment on the budget at a noticed City Council meeting.
Prior to July 1, the budget is legally enacted through passage of a resolution. x During the fiscal year, the City Manager is authorized to transfer budgeted amounts between line items, provided that the transfer is within the same fund, regardless of the specific department activity. This includes the authority to transfe r from the General Fund budgeted contingency amounts that are approved by the City Council during the budget adoption. The City Manager is authorized to increase revenue and expenditure budget for various departmental functions, when the net budget impact is zero.
x The City Manager is authorized to increase the a ppropriations for the following fiscal year in an amount not to exceed the amount of funds encumbered or designated by the City Manager as needed for expenses that did not occur prior to the year-end, but are expected to be expended in the next year consistent with the original purpose.
x As part of the annual Budget adoption the City Council authorizes the carry-over unexpended capital project appropriations, for those projects where work and expenditures will continue in the subsequent year.
x Formal budgetary integration is employed as a ma nagement control device during the year for the general fund, special revenue funds and capital projects funds. x Budgets for the general, special revenue and capital projects funds are adopted on a basis consistent with generally accepted accounting principles in the United States. x No major capital projects funds incurred expenditures in excess of their budgets for the year ended June 30, 2024.
Attachment 2
109
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
63 3. CASH AND INVESTMENTS
The City's dependence on property tax receipts, which are received semi-annually, requires it to maintain significant cash reserves to finance operations during the remainder of the year. The City pools cash as described under the policy section below.
A. Policies
California Law requires banks and savings and loan institutions to pledge government securities with a market value of 110% of the City's cash on deposit, or first trust deed mortgage notes with a market value of 150% of the deposit, as collateral for these deposits. Under California law, this collateral is held in a separate investment pool by another institutio n in the City's name and places the City ahead of general creditors of the institution.
The City pools cash from all sources and all funds, except certain specific investments within funds and cash with fiscal agents, so that it can be invested at the maximum yield, consistent with safety and liquidity, while individual funds can make expenditures at any time.
The City and its fiscal agents inve st in individual investments and in investment pools. Individual investments are evidenced by specific identifiable pieces of paper called security instruments, or by an electronic entry registering the owner in the records of the institution issuing the security, called the book entry system. Individual investments are generally made by the City's fiscal agents as required under its d e b t i s s u e s . I n o r d e r t o m a x i m i z e s e c u r i t y , t h e C i t y e m p l o y s t h e T r u s t D e p a r t m e n t o f a b a n k a s t h e custodian of all City managed investments, regardless of their form.
The City's investments are carried at fair value, as required by generally accepted accounting principles.
The City adjusts the carrying value of it s investments to reflect their fair value at each fiscal year end, and it includes the effects of these adjustments in income for that fiscal year.
B. Classification
Cash and investments are classified in the financial statements as shown below, based on whether or not their use is restricted under the terms of City agreements.
Attachment 2
110
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
64 3. CASH AND INVESTMENTS, Continued
B. Classification, Continued
Cash and investments as of June 30, 2024 consisted of the following:
C. Investments Authorized by the California Gove rnment Code and the City’s Investment Policy The City's Investment Policy and the California Govern ment Code allow the City to invest in the following, provided the credit ratings of the issuers are acceptable to the City; and approved percentages and maturities are not exceeded. The table below also identifies certain provisions of the California Government Code, or the City's Investment Policy where the City's Investment Policy is more restrictive.
Attachment 2
111
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
65 3. CASH AND INVESTMENTS, Continued
D. Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Normally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. The City generall y manages its interest rate risk by holding investments to maturity.
Information about the sensitivity of th e fair values of the City's investments (including investments held by bond trustees) to market interest rate fluctuations is provided by the following table that shows the distribution of the City's investments by maturity or earliest call date:
The City is a voluntary participant in the Local Agen cy Investment Fund (LAIF) that is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California.
The City’s investments with LAIF as of June 30, 2024, include a portion of the pool funds invested in Structured Notes and Asset-Backed Securities. These investments include the following:
Structured Notes – are debt securities (other than a sset-backed securities) whose cash flow characteristics (coupon rate, redemption amount, or stated maturity) depend upon one or more indices and/or have embedded forwards or options.
Asset-Backed Securities – the bulk of which are mort gage-backed securities, entitle their purchasers to receive a share of the cash flows from a pool of assets such as principal and interest repayments from a pool of mortgages (such as Collateralized Mortgage Obligations) or credit card receivables.
As of June 30, 2024, the City had $26,987,365 invested in LAIF, which had invested 3.00% of the pool investment funds in Structured Notes and Asset-Backed Securities as compared to 2.78% in the previous year. The LAIF fair value factor of 0.996316042 was us ed to calculate the fair va lue of the investments in LAIF.
Attachment 2
112
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
66 3. CASH AND INVESTMENTS, Continued
D. Interest Rate Risk, Continued
The City is a participant in the California Asset Management Program (CAMP). CAMP is an investment pool offered by the California Asset Management Trust (the Trust). The Trust is a joint powers authority and public agency created by the Declaration of Trust and established under the provisions of the California Joint Exercise of Powers Act (California Government Code Sections 6500 et seq., or the "Act") for the purpose of exercising the common power of its Participants to invest certain proceeds of debt issues and surplus funds. The Pool's investments are limited to investments permitted by subdivisions (a) to (n), inclusive, of Section 53601 of the California Government Code. The City reports its investments in CAMP at the fair value amounts provided by CAMP, which is the same as the value of the pool share. The fair value approximated is the City's cost. As of June 30, 2024, these investments have an average maturity of 26 days.
The City's investments include Asset-Backed Securiti es in the amount of $31,133,561 that are highly sensitive to interest rate fluctuations to a greater degree than already indicated above.
E. Fair Value Hierarchy
The City categorizes its fair value measurements with in the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure fair value of the assets. Level 1 inputs are quoted prices in an ac tive market for identical assets; Level 2 inputs are significant other observable inputs; and Level 3 inputs are significant unobservable inputs.
The following is a summary of the fair value hierarchy of the fa ir value of investments of the City as of June 30, 2024:
Attachment 2
113
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
67 3. CASH AND INVESTMENTS, Continued
E. Fair Value Hierarchy, Continued
U.S. Government agency securities, medium term notes, asset-backed securities, and commercial, classified in Level 2 of the fair value hierarchy, are valued us ing matrix pricing techniques maintained by various pricing vendors. Matrix pricing is used to value se curities based on the securities' relationship to benchmark quoted prices. The California Local Agen cy Investment Fund (LAIF), California Asset Management Program and money market funds are classified as exempt in the fair value hierarchy. Fair value is defined as the quoted market value on the last trading day of th e period. These prices are obtained from various pricing sources by our custodian bank.
F. Credit Risk
Credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. The actual ratings as of June 30, 2024 were provided by Standard and Poor's investment rating system except as noted. The Local Agency Investment Fund was not rated as of June 30, 2024.
G. Concentration of Credit Risk
None of the City’s investments in the table at Note F above exceeded 5% in any one issuer excluding U.S.
Treasury securities, mutual funds, and external investment pools.
Attachment 2
114
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
68 4. INTERFUND TRANSACTIONS
A. Transfers between Funds
Transfers between funds during the year ended June 30, 2024 were as follows:
Significant transfers noted above made to major capital project funds were to fund on-going capital projects including Citywide Energy Improvements, financial system replacement, Cultural Arts Center, sports park and playgrounds, street resurfacing, and road improvements.
B. Current Interfund Balances
Current interfund balances arise in the normal course of business and are expected to be repaid shortly after the end of the fiscal year. Significant balances in the ca pital project funds are a result of initiation of capital projects expected to be funded by future fees. No formal repayment schedules have been adopted for these temporary loans. As of June 30, 2024, the following funds have balances due to the General Fund:
Attachment 2
115
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
69 4. INTERFUND TRANSACTIONS, Continued
C. Advances between Funds
During the 2021-2022, 2022-2023, and 2023-2024 fiscal years, the General Fund advanced funds to the Public Facilities Impact Fees Capital Projects Fund to co ver the construction costs of Wallis Ranch Community Park, Jordan Ranch Neighborhood Square, and Library Tenant Improvements.
The following interfund advance balance existed at June 30, 2024:
5. NOTES RECEIVABLE
The following table summarizes the notes receivable outstanding as of June 30, 2024:
Revolving Home Loans - As part of the City of Dublin First Time Homebuyer Loan Program (FTHLP), the City provides financial assistance , in the form of a deferred loan. The program targets first time homebuyers within a certain income range purchasing their first home in Dublin. Monthly payments of principal and interest are generally deferred until the homes are sold or are in default. In certain situations, the loan may also be due when the homeowners refinance their primary mortgage. The total outstanding amount due, including accrued simple interest at 3.5% per annum, as of June 30, 2024 was $1,072,743. As of June 30, 2024, there were no loans in default.
Attachment 2
116
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
70 5. NOTES RECEIVABLE, Continued
Details of the Revolving Home Loans as of June 30, 2024 were as follows:
Attachment 2
117
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
71 5. NOTES RECEIVABLE, Continued
Eden Senior Affordable Housing Loan - (Wicklow Square) - On September 23, 2002, the City selected Eden Housing, Inc. as the developer for th e affordable senior housing at the site of the former library located at 7606 Amador Valley Boulevard. This site also houses a senior center that the City constructed during fiscal year 2003-2004. On February 1, 2004, the City entered into an agreement and provided a loan in the amount of $2,248,248 to the Dublin Senior Limited Partnership to support the senior housing project. The interest on the outstanding principal balance of the loan is accrue d at the rate of 3% simple interest per annum. The entire outstanding principal balance of the loan, together with the interest accrued, shall be payable in full on February 8, 2059, the 55th anniversary of the Initial Disbursement Date of February 18, 2004.
Repayments commenced on June 1, 2006, and on the first day of each June, 60% of the Surplus Cash generated by the project during the previous calendar year are remitted to reduce the outstanding indebtedness. Any payment not paid when due shall bear interest at a rate equal to 10% annum from the due date until it is paid in full. As of June 30, 2024, the outstanding loan amount was $3,079,326.
SBA Microloan Program – The City of Dublin’s Small Busine ss Emergency Microloan Program was established by the Dublin City Council with the inte ntion to assist in retaining local small businesses (primarily restaurants and retailers) that are experiencing severe negative impacts due to the COVID-19 pandemic. The Program provides zero-interest, unsecure d, short-term loans of up to $10,000 to eligible independently or locally owned businesses with priority for restaurants and retail businesses. Loan funds must be used to cover payroll, rent, operating expens es or working capital. Loan repayment is deferred for 36 months after loan approval. The loan may be up to 100% forgiven based on either longevity of the business operating in Dublin or sales tax generation by the business. As of June 30, 2024, the outstanding loan amount was $10,238.
Arroyo Vista Predevelopment/Construction Loan - Family and Senior Projects - (Emerald Vista) – On June 1, 2011, the City entered into an agreement to provide a loan to Eden Dougherty, L.P., a California nonprofit public benefit corporation, with a not-to-exceed $7,600,000 pr incipal amount in accordance to the Arroyo Vista Disposition and Development Agreem ent dated July 25, 2007 concerning the redevelopment of the real property located at 6700 Dougherty Road in the City of Dublin. The City agreed to provide a loan to Eden to assist in financing the development of the Family Project and Senior Project. The City determined that the development of the project is in the interests of health, safety and welfare of the residents of the City, and that the City financing is necessary to make the proj ect affordable to low and very low income households for a term of not less than fifty-five years. The note will not bear interest until the earlier of (i) the date that the project's construction financing is either converted to a permanent loan or repaid in full, or (ii) twelve m o n t h s f o l l o w i n g t h e d a t e o f i s s u a n c e o f t h e f i n a l c ertificate of occupancy or equivalent for the project; thereafter, the outstanding principal balance of the loan shall bear interest at a rate equal to three percent simple annual interest. Annual payments shall be due and payable on a residual receipts basis in accordance with the formula set forth in the note. The entire outstanding principal balance and accrued interest shall be paid in full on the earlier of (i) the fi fty fifth anniversary of the date of issuance of the final certificate of occupancy or (ii) the fifty-seventh anni versary of the loan origination date. The City has the right to accelerate maturity date and declare all sums immediately due and payable to the City upon the occurrence of an event of developer default, including developer's failure to commence or complete construction of the project within times period specif ied in the note. As of June 30, 2024, the outstanding loan amounts for the Family Project and the Senior Project were $2,064,634 and $802,526, respectively.
Attachment 2
118
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
72 5. NOTES RECEIVABLE, Continued
Veterans Family Apartment Development Loan – On October 1, 2015, the City entered into an agreement to provide a loan to Dublin Family, L.P., a California lim ited partnership. The City entered into an agreement and provided a loan in the amount of $6,400,000 to the Dublin Family L.P. to build on the property a 66-unit affordable multifamily rental housing project consisting of 65 affordable rental housing units primarily for very low and low income veterans and their families, one resident manager's unit, and other related improvements. The only payment to be received is th e accrued interest. The principal is not due until the maturity date. The entire outstanding principal balance of the loan, together with the interest accrued, shall be payable in full on June 1, 2070. The City has the right to accelerate maturity date and declare all sums immediately due and payable to the City upon the occurrence of an event of developer default, including developer's failure to commence or complete construction of the project within times period specified in the note. As of June 30, 2024, the outstanding loan amount was $7,502,713.
6. LEASES RECEIVABLE
Cell Tower Leases
In July 2000, the City entered into a lease with New Cingular Wireless PCS , LLC. Under the lease, the lessee pays the City $10,404 per year (with 2% increase every year) for 10 years in exchange for ten (10) pole licenses. The lease receivable is measured as the present value of the future minimum rent payments expected to be received during the lease term at a discount rate of 0.34%, which is FY20-21 Q1 market yield of the City’s portfolio. For the year ended June 30, 2024, the City recognized $11,433 of lease revenue and $239 of interest revenue under the lease.
In July 2022, the City entered into a lease with New Cingular Wireless PCS , LLC. Under the lease, the lessee pays the City $10,824 per year (with 2% increase every year) for 7 years in exchange for ten (10) pole licenses. The lease receivable is measured as the present value of the future minimum rent payments expected to be received during the lease term at a discount rate of 3.66%, which is FY22-23 Q1 market yield of the City’s portfolio. For the year ended June 30, 2024, the City recognized $9,954 of lease revenue and $1,925 of interest revenue under the lease.
Crown Castle Lease
In July 2000, the City entered into a lease with Crown Castle. Under the lease, the lessee pays the City $2,653 per month for 20 years in exchange for space to be used for a cellular tower site. The lease receivable is measured as the present value of the future minimum rent payments expected to be received during the lease term at a discount rate of 0.60%, which is FY21-2 2 Q2 market yield of the City’s portfolio. For the year ended June 30, 2024, the City recognized $21,720 of le ase revenue and $30,975 of interest revenue under the lease.
Alameda County Fire Department Lease – Fleet
In July 2014, the City entered into a lease with Alameda County Fire Department. Under the lease, the lessee pays the City based on a rent schedule for 24 0 months in exchange for 5777 Scarlett Court, Dublin, CA 94568 for Fleet Maintenance Facility Use. The lease receivable is measured as the present value of the future minimum rent payments expected to be received during the lease term at a discount rate of 0.56%, which is the FY14-15 Q1 market yield of the City’s portfolio. For the year ended June 30, 2024, the City recognized $150,566 of lease revenue and $119,624 of interest revenue under the lease.
Attachment 2
119
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
73 6. LEASES RECEIVABLE, Continued
Alameda County Fire Department Lease – Fire
In January 2020, the City entered into a lease with Alameda County Fire Department. Under the lease, the lessee pays based on a rent schedule for 60 months in exchange for 6363 Clark Avenue, Dublin, CA 94568 for Fire Department Office Facility Use. The lease receivable is measured as the present value of the future minimum rent payments expected to be received during the lease term at a discount rate of 1.11%, which is the FY19-20 Q3 market yield of the City’s portfolio. For the year ended June 30, 2024, the City recognized $255,950 of lease revenue and $45,868 of interest revenue under the lease.
U.S. Bank National Association Lease – Building/Park
In November 2022, the City entered into a lease with U.S. Bank National Association. Under the lease, the lessee pays the City based on a rent schedule for 60 months in exchange for 11805 Dublin Blvd, Dublin, CA 94568 for Bank Branch/Park. The lease receivable is measured as the present value of the future minimum rent payments expected to be received during the lease term at a discount rate of 3.66%, which is the FY22- 23 Q1 market yield of the City’s portfolio. For the year ended June 30, 2024, the City recognized $47,936 of lease revenue and $96,492 of interest revenue under the lease.
The future payments on the leases as of June 30, 2024 were as follows:
Year Ending
June 30, Principal Interest Principal Interest Principal Interest 2025 25,968 $ 32,468 $ 101,555 $ 113,473 $ 160,911 $ 6,309 $ 2026 28,283 31,676 108,593 106,435 - - 2027 30,772 30,752 129,425 98,503 - - 2028 33,447 29,683 138,396 89,532 - - 2029 23,886 28,460 162,094 79,511 - - 2030-2034 92,974 125,288 1,094,503 202,240 - - 2035-2039 174,640 78,387 - - - - 2040-2042 120,786 10,911 - - - - Total 530,756$ 367,625$ 1,734,566$ 689,694$ 160,911$ 6,309$ Year Ending
June 30, Principal Interest Principal Interest
2025 34,709$ 84,331$ 323,143$ 236,581$ 2026 53,429 65,611 190,305 203,722 2027 82,246 36,794 242,443 166,049 2028 36,299 3,381 208,142 122,596 2029 - - 185,980 107,971 2030-2034 - - 1,187,477 327,528 2035-2039 - - 174,640 78,387 2040-2042 - - 120,786 10,911 Total 206,683$ 190,117$ 2,632,916$ 1,253,745$ 11805 Dublin Blvd Total
Cell Tower Leases ACFD Fleet ACFD Fire
Attachment 2
120
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
74 7. CAPITAL ASSETS
A. Current Year Activities
Capital asset activities during the year ended June 30, 2024 were as follows:
Balance Reclasses/ Balance
July 1, 2023 Additions Retirements Transfers June 30, 2024 Non-depreciable assets:
Land 182,170,145$ -$ -$ -$ 182,170,145$ Streets right of way 37,760,857 - - - 37,760,857 Construction in progress 114,604,256 19,344,005 - (1,851,780) 132,096,481 Total non-depreciable assets 334,535,258 19,344,005 - (1,851,780) 352,027,483 Depreciable assets:
Infrastructure 448,086,898 - - 149,713 448,236,611 Buildings and improvements 118,093,759 - - - 118,093,759 Vehicles and equipment 25,709,973 1,350,921 (210,101) - 26,850,793 Subscription based I.T. agreements 1,479,702 81,345 - 1,702,067 3,263,114 Total depreciable assets 593,370,332 1,432,266 (210,101) 1,851,780 596,444,277 Less accumulated depreciation/
amortization:
Infrastructure (283,377,218) (9,347,366) - - (292,724,584) Buildings and improvements (61,698,754) (3,847,810) - - (65,546,564) Vehicles and equipment (14,143,894) (1,979,269) 210,101 - (15,913,062) Right of way (264,142) (93,423) - - (357,565) Subscription based I.T. agreements (340,456) (370,036) - - (710,492) Total accumulated depreciation/
amortization (359,824,464) (15,637,904) 210,101 - (375,252,267) Total depreciable assets, net 927,905,590 20,776,271 (210,101) 1,851,780 948,471,760 Total capital assets 568,081,126$ 5,138,367$ -$ -$ 573,219,493$ Attachment 2
121
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
75 7. CAPITAL ASSETS, Continued
B. Project Commitments
As of June 30, 2024, the City had outstanding commitments with contractors for the following projects:
C. Capital Asset Contributions
Some capital assets may be acquired using Federal an d State grant funds, or they may be contributed by developers or other governments. GASB Statement 34 requires that these contributions be accounted for as revenues at the time the capital assets are contributed.
D. Depreciation Allocation
Depreciation expense is charged to functions and programs based on their usage of the related assets. The amounts allocated to each function or programs are as follows:
8. LONG TERM DEBT
A. Current Year Transactions and Balances
Long-term debt transactions and balances during the year ended June 30, 2024 were as follows:
Attachment 2
122
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
76 8. LONG TERM DEBT, Continued
B. 2021 Lease Revenue Bonds – Original Issue $18,565,000 In October 2021, the Dublin Financing Authority issued the 2021 Lease Revenue Bonds to finance energy efficiency improvements throughout the City. The bonds dated October 14, 2021, and issued at a premium of $2,477,136 mature in 2041. Commencing June 1, 2022, principal payments are due annually on June 1 and interest payments are due annually on June 1 and December 1. Debt service is payable from any source of available funds of the City. Interest on the bonds ranges from 2.5% to 4.0%. The balance at June 30, 2024, including unamortized bond premium of $2,146,853 amounted to $18,871,853.
The annual debt service requirements on the bonds at June 30, 2024 are as follow:
C. Subscription Based Information Technology Arrangements The City implemented Governmental Accounting Standards Board Statement No. 96, Subscription-Based Information Technology Arrangements , in fiscal year 2023. The City has four software arrangements that require recognition under GASBS No. 96. The software amortization expense is included on the Statement of Revenues, Expenses and Changes in Fund Net Position related to the City’s intangible asset of four software systems, which is included in Note 7 as subscription based I.T. agreements. The City now recognizes a subscription-based info rmation technology arrangements (S BITA) liability and an intangible right-to-use asset for the four software arrangements described below.
OpenGov software arrangement is a five-year agreement, initiated in fiscal year 2020 with an annual payment of $52,472. The City has used a 2.4% discount rate for this arrangement based on similar debt during the same fiscal year. There are no options to extend the arrangement or purchase the software.
Tyler Technologies software arrangement is a seven-year agreement, initiated in fiscal year 2021 with an annual payment of $238,326. The City has used a 2.4% discount rate for this arrangement based on similar debt during the same fiscal year. There are no options to extend the arrangement or purchase the software.
Attachment 2
123
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
77 8. LONG TERM DEBT, Continued
C. Subscription Based Information Te chnology Arrangements, Continued The annual debt service requirements on the bonds at June 30, 2024 are as follow:
Attachment 2
124
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
78 9. FUND BALANCES
Detailed classifications of the City's Fund Balances, as of June 30, 2024, are stated below:
Attachment 2
125
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
79 9. FUND BALANCES, Continued
A. Minimum Fund Balance Policies
The City's Reserve Policy requires the City to main tain an Unrestricted General Funds, for cash flow purposes, of minimum equal to two months of budgeted operating expenditures with a goal to achieve a maximum of four months. As of June 30, 2024 the cash flow reserves, which are part of the Unassigned Fund Balance, were above the minimum at approximately 7 months, which were over the desired target of 4 months. Funds may be appropriated as to Undesignat ed Capital Contribution by designation from City Council only for high priority one time capital expenditures provided the minimum fund balance would remain.
B. Fund Balance Deficits
The funds listed in the table below had fund balance defici ts as of June 30, 2024. These deficits are expected to be eliminated by future revenues.
10. DEFERRED COMPENSATION PLAN
City employees may defer a portion of their compensation under a City sponsored deferred compensation plan created in accordance with Internal Revenue Co de Section 457. Under this plan, participants are not taxed on the deferred portion of their compensation un til it is distributed to them; distributions may be made only at termination of employment, retirement, death, or in an emergency as defined by the Plan. In accordance with GASB Statement No. 32, the funds ha ve been placed in a trust administered by ICMA Retirement Corporation and are not available to the City's general creditors. Accordingly, the City does not report the assets in the financial statements.
11. PENSION PLAN
A. General Information about the CalPERS Pension Plan
Plan Description and Summary of Balances by Plan - All qualified permanent and probationary employees are eligible to participate in the City's Miscellaneous (all other) Employee Pension Rate Plan. The City's Miscellaneous Rate Plan is part of the public agency cost-sharing multiple-employer defined benefit pension plan (PERF C), which is administered by th e California Public Employees' Retirement System (CalPERS). PERF C consists of a misc ellaneous pool and a safety pool (also referred to as "risk pools"), which comprised individual employer miscellaneous and safety rate plans, respectively. Individual employers may sponsor more than one miscellaneous and safety rate plan. The employer participates in one cost-sharing multiple-employer defined benefit pens ion plan regardless of the number of rate plans the employer sponsors. The City sponsors two rate plans (miscellaneous). Benefit provisions under the Plan are established by State statute and City resolution. CalPERS issues publicly available reports that include a full description of the pension plan regarding benefit provisions, assumptions and membership information that can be found on the CalPERS website.
Attachment 2
126
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
80 11. PENSION PLAN, Continued
A. General Information about the CalPERS Pension Plan, Continued Benefits Provided - CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who mu st be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full time employment. All members are eligible for non-duty disability benefits after 10 years of servic e. The death benefit is one of the following: the Basic Death Benefit, the 1959 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost of living adjustments for each plan are applied as specified by the Public Employees' Retirement Law. The Pension Reform Act of 2013 (PEPRA), Assembly Bill 340, is a pplicable to employees new to CalPERS and hired after December 31, 2012.
The Plan's provisions and benefits in effect as of June 30, 2024, are summarized as follows:
Contributions - Section 20814(c) of the California Public Employees' Retirement Law requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. Funding contributions for the Plan are determined annually on an actuarial basis as of Ju ne 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 accrue d liability. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees.
For the measurement period ended June 30, 2023, the City's contributions to the Plan were $2,194,205.
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of R esources Related to Pensions
As of June 30, 2024, the City reported $22,774,284 in net pension liabilities for its proportionate share of the net pension liability of the Plan. The General Fund has been used in prior years to liquidate the net pension liabilities.
The City's net pension liability for the Plan is meas ured as the proportionate share of the net pension liability. The net pension liability of the Plan is measur ed as of June 30, 2023, and the total pension liability for the Plan used to calculate the net pension liability was de termined by an actuarial valuation as of June 30, 2022 rolled forward to June 30, 2023 using standard update procedures. The City's proportion of the net pension liability was based on a projection of the City's long-term share of contributions to the pension plan relative to the projected contributions of all participating employers, actuarially determined.
Attachment 2
127
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
81 11. PENSION PLAN, Continued
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions, Continued
The City's proportionate share of the net pension liabilit y for the Plan as of the measurement dates June 30, 2022 and 2023 was as follows:
For the year ended June 30, 2024, the City recognized net pension expense of $3,983,679 for the Miscellaneous Plan on the Statement of Activities. As of June 30, 2024, the City re ported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
Attachment 2
128
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
82 11. PENSION PLAN, Continued
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions, Continued
The $2,240,690 reported as deferred outflows of re sources related to contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended June 30, 2025. Other amounts reported as deferred outf lows of resources and deferred inflows of resources related to pensions will be recognized as pension expense as follows:
Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate - The following presents the City's proportionate share of the net pension liability for the Plan, calculated using the discount rate for the Plan, as well as what the City's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage point lower or 1-percentage point higher than the current rate:
Attachment 2
129
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
83 11. PENSION PLAN, Continued
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions, Continued
Actuarial Assumptions - For the measurement period ended June 30, 2023, the total pension liabilities were determined by rolling forward the June 30, 2022 tota l pension liability. The June 30, 2023 total pension liabilities were based on the following actuarial methods and assumptions:
All other actuarial assumptions used in the June 30, 2022 valuation were based on the results of a December 2017 actuarial experience study for the period 1997 to 2015. Further details of the Experience Study can found on the CalPERS website.
Discount Rate - The discount rate used to measure the total pension liability was 6.90% for the Plan. To determine whether the municipal bond rate should be us ed in the calculation of a discount rate for each plan, CalPERS stress tested plans that would most likel y result in a discount rate that would be different from the actuarially assumed discount rate. Based on the testing, none of the tested plans run out of assets.
Therefore, the current 6.90% discount rate is adequate and the use of the municipal bond rate calculation is not necessary. The long term expected discount rate of 6.90% will be applied to all plans in the Public Employees Retirement Fund (PERF). The stress test results are presented in a detailed report that can be obtained from the CalPERS website.
In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated and, combined with risk estimates, are used to project compound (geometric) returns over the long term. The discount rate used to discount liabilit ies was informed by the long-term projected portfolio return.
The table on the following page reflects the 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 rates of return are net of administrative expenses.
Attachment 2
130
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
84 11. PENSION PLAN, Continued
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions, Continued
Pension Plan Fiduciary Net Position - Detailed information about each pension plan's fiduciary net position is available in the separately issued CalPERS financial reports.
Payable to the Pension Plan – There were no outstanding contributions to the pension plan as of June 30, 2024.
12. OTHER POST EMPLOYMENT BENEFITS
A. City of Dublin Retiree Health Plan
Plan Description - City of Dublin (City) Retiree Health Plan is a single-employer defined benefit healthcare plan administered by the California Public Employee s Retirement System (CalPERS). The plan provides medical insurance benefits to eligible retirees and th eir eligible dependents in accordance with Public Employee Retirement Law (Article 2). The Public Employees Retirement System Board of Administration has the responsibility to approve health benefit plans an d may contract with carriers offering health benefit plans. The Board of Administration is responsible for adopting all rules and regulations, including the scope and content of basic health plans. The California Government Code also defines certain rules for contract agencies, such as the City of Dublin, to purchase health insurance benefits. (1)(2)
Attachment 2
131
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
85 12. OTHER POST EMPLOYMENT BENEFITS, Continued
A. City of Dublin Retiree Health Plan, Continued
Contributions - There is no requirement imposed by CalPERS, to contribute any amount beyond the pay-as- you-go contributions. The cost of monthly insurance premiums may be shared between the retiree and the City. The contribution and cost sharing varies depend ing on: date of hire; the dependent status; and plan selected. The City contributes PEMHCA to retirees hired after January 1, 2016. A minimum employer monthly contribution requirement is established and may be amended by the CalPERS Board of Administration and applicable laws. Within the parame ters of the law, individual contracting agencies, such as the City, are allowed to establish and amend the level of contributions made by the employer towards the monthly cost of the plans. Changes to the employer contribution rate towards retiree benefits are recorded in a resolution adopted by the City Council.
For the measurement period 2022-23, the City contributed $284,727.
Employees Covered
Net OPEB Liability
The City’s net OPEB liability was measured as of Ju ne 30, 2023 and the total OPEB liability used to the calculate the net OPEB liability was determined by an actuarial valuation dated June 30, 2023, based on the following actuarial methods and assumptions:
Attachment 2
132
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
86 12. OTHER POST EMPLOYMENT BENEFITS, Continued
A. City of Dublin Retiree Health Plan, Continued
Net OPEB Liability, Continued
The long-term expected rate of return on OPEB plan investments was determined using a building- block method in which expected future real rates of return (expected returns, net of OPEB plan investment expense and inflation) are developed for each major as set class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the table on the following page.
Discount Rate
The discount rate used to measure the total OPEB liab ility was 5.50 percent. The projection of cash flows used to determine the discount rate assumed that City contributions will be made at rates equal to the actuarially determined contribution rates. Based on those assumptions, the OPEB plan’s fiduciary net position was projected to be available to make all projected OPEB payments for current active and inactive employees and beneficiaries. Therefore, the long-term expected rate of return on OPEB plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability.
Attachment 2
133
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
87 12. OTHER POST EMPLOYMENT BENEFITS, Continued
A. City of Dublin Retiree Health Plan, Continued
Changes in the Net OPEB Liability
The changes in the Net OPEB liability for the OPEB Plan are as follows:
Sensitivity of the Net OPEB Liability to Changes in the Discount Rate The following presents the net OPEB liability (asset) of the City if it were calcul ated using a discount rate that is one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2023:
Attachment 2
134
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
88 12. OTHER POST EMPLOYMENT BENEFITS, Continued
A. City of Dublin Retiree Health Plan, Continued
Sensitivity of the Net OPEB Liability to Changes in the Health Care Cost Trend Rates The following presents the net OPEB liability of the City if it were calculated using health care cost trend rates that are one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2023:
Recognition of Deferred Outflow and Deferred Inflows of Resources Gains and losses related to changes in total OPEB li ability and fiduciary net position are recognized in OPEB expense systematically over time. Amounts are first recognized in OPEB expense for the year the gain or loss occurs. The remaining amounts are catego rized as deferred outflows and deferred inflows of resources related to OPEB and are to be recognized in future OPEB expense. The recognition period differs depending on the source of the gain or loss:
OPEB Expense and Deferred Outflows/(Inflows) of Resources Related to OPEB For the fiscal year ended June 30, 2024, the City recognized OPEB expense (income) of $346,515.
Attachment 2
135
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
89 12. OTHER POST EMPLOYMENT BENEFITS, Continued
A. City of Dublin Retiree Health Plan, Continued
OPEB Expense and Deferred Outflows/(Inflows) of Resources Related to OPEB, Continued For the fiscal year ended June 30, 2024, the City repo rted deferred outflows of resources related to OPEB from the following sources:
The $305,089 reported as deferr ed outflows of resources related to contributions subsequent to the June 30, 2023 measurement date will be recognized as a reduction of the ne t OPEB liability during the fiscal year ending June 30, 2025. Other amounts reported as deferred outflows of resources related to OPEB will be recognized as expense as follows:
B. Dougherty Regional Fire Authority Health Plan (DRFA) The City provides certain health care benefits for Do ugherty Regional Fire Authority retirees as required under contract signed with PERS and the dissolution agreement of the Authority. The cost of retiree health care benefits is recognized as expenditure as premiums are paid. For the year ended June 30, 2024 those cost totaled $40,342.
Attachment 2
136
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
90 13. HEALTH, GENERAL LIABILITY, AND WORKERS’ COMPENSATION COVERAGE A. Risk Pool
The City participates in the PLAN JPA, a non-profit public benefit corporation established to provide liability insurance coverage, claims administration and risk management services, and legal defense to its participating members. The liability insurance covera ge is provided by a combination self-insurance collectively funded by PLAN JPA and the purchase of commercial insurance for large losses.
PLAN JPA provides the first $5 million of coverage as self-funded general liability and automobile liability coverage per occurrence. PLAN JPA purchases commerci al excess liability insurance in two layers of $10 million and $15 million each to provide total coverage of claims up to $30 million per occurrence. The City has a deductible of $50,000 per occurrence. PLAN JPA also provides $2 million of employee bonds (theft coverage) in excess of a $10,000 deductible.
PLAN JPA also provides property insurance coverage. This coverage also comprises self-insured layer combined with commercial insurance. The first $100,000 of losses are self-funded by PLAN JPA from premiums collected from the participants in the pr ogram. PLAN JPA purchases an insurance policy to cover losses above $100,000 per occurrence and the annual aggregate losses of the pool are insured above $225,000. The insurance provides coverage for property damage among all participants to $1 billion. The City deductible for property and vehicle losses is $5 ,000. For any single loss in excess of $25,000 the deductible is waived.
The City's contributions to the PLAN JPA for liability coverage are based on a formula which considers the ratio of the City's payroll to the total payrolls of all entities participating in the same layer of each program, in each program year's loss history and population. 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.
There have been no significant reductions in any of the City's areas of insurance coverage and no settlement amounts have exceeded coverage in the past three ye ars. Audited financial information for the PLAN JPA can be obtained from Bickmore, 1750 Creekside Oaks Drive, Suite 200, Sacramento, CA 95833.
B. Workers’ Compensation Coverage
The City participates in The Cities Group, created by a joint powers agreement (JPA) to provide workers' compensation coverage paid from the pooled contribu tions of its membership with no deductible to the City. Any claim in excess of $1 million is covered up to $10 million through a policy with Safety National Casualty Corp purchased by The Cities Group. The Cities Group acts as an administrator, claim adjuster and provides other risk management services as provided by State law. Each member of The Cities Group pays a premium commensurate with the level of coverage requested and shares surpluses and deficits proportionately to its participation in The Cities Group. During the year ended June 30, 2024, the City paid The Cities Group $2,689 in premium. Financial Statements may be obtained from The Cities Group, P.O.
Box 111, Burlingame, CA 94011-0111.
Attachment 2
137
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
91 13. HEALTH, GENERAL LIABILITY, AND WORKERS’ COMPENSATION COVERAGE, Continued C. Liability for Uninsured Claims
The GASB requires municipalities to record their li ability for uninsured claims and reflect the current portion of this liability as expenditures in their fi nancial statements. As discussed above, the City has coverage for such claims, but it has retained the risk for the deductible or the uninsured portion of these claims in the PLAN JPA and The Cities Group plans. GASB Statement No. 10, "Financial Reporting for Risk Financing and Related Insurance Issues" require that this amount be separately identified and recorded as a liability.
The City's liability for uninsured claims, limited to ge neral liability and workers compensation claims as discussed above, includes a provision for incurred b u t n o t r e p o r t e d ( I B N R ) l o s s e s . T h i s a m o u n t w a s estimated based on claims experience. The reserve recorded, $201,107, is adequate to cover IBNR claims.
Therefore no adjustment was made in fiscal year 2023-2024 as the City's exposure is for the $5,000 deductible per general liability claim.
14. JOINT POWERS AGREEMENTS
The City participates in joint ventures discussed belo w through separate entities established under the Joint Exercise of Powers Act of the State of California. As separate legal entities, these entities exercise full powers and authorities within the scope of the related Join t Powers Agreements including the preparation of annual budgets, accountability for all funds, the power to make and execute contracts and the right to sue and be sued. Each joint venture is governed by a board consisting of representatives from member municipalities. Each board controls the operations of the respective joint venture, including selection of management and approval of operating budgets, inde pendent of any influence by member municipalities beyond their representation on that board. Obligations and liabilities of these joint ventures are not the City's responsibility and the City does not have an equity interest in the assets of each joint venture except upon dissolution of the joint venture.
A. Animal Control Services
The Cities of Dublin, Pleasanton, and Livermore and the County of Alameda have entered a joint powers agreement, dated September 15, 1992, under which Alam eda County constructed an animal shelter facility on County's property. The agreement provided that the County would retain ownership of the land and that each participating agencies would receive an equity interest in the facility. Certificates of Participation were issued to construct the facility. Under the agreement the entities will share in the debt service costs of the project based upon their use of the animal shelter.
In fiscal year 2023-2024, the City contributed $251,2 41 or 14.72% toward the annual operating shelter services and $29,242 representing 2.40% of the animal field service expenditures.
The City has not recorded an equity interest for the animal shelter agreement. As noted above the ongoing financial interest is limited to the statistics of live animals handled in the appropriate fiscal year. No Joint Powers Authority was established as part of this agre ement therefore, separate fi nancial statements are not issued.
Attachment 2
138
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
92 15. OTHER COMMITMENTS AND CONTINGENT LIABILITIES
The City participates in several Federal and State grant programs. These programs have been audited by the City's independent accountants in accordance with the provisions of the Federal Single Audit Act and applicable State requirements. No cost disallowances were proposed as a result of these audits. However, these programs are still subject to further examination by the grantors and the amount, if any, of expenditures which may be disallowed by the granting agencies cannot be determined at this time. The City expects such amounts, if any, to be immaterial.
The City is a defendant in a number of lawsuits that have arisen in the normal course of business, the outcome of which cannot be predicte d with certainty. In the opinion of the City Attorney, these actions when finally adjudicated will not have a material adverse effect on the financial position of the City.
A. Reimbursements to the City of Pleasanton
On January 23, 1996, the City adopted a fee for the purpose of reimbursing the City of Pleasanton for the costs of making improvements to the interchanges of Interstate 580 at Hacienda Drive and Tassajara Road/Santa Rita Road that benefit development in both Pleasanton and future development in Eastern Dublin. The Cities entered into an agreement on November 3, 1998, to allow for an automatic annual escalator factor in the amount of the fee assesse d to develo pers based upon the L AIF interest rate and t o repay the City of Pleasanton. The amount of the co ntingent liability outstanding at June 30, 2024, was $2,596,630 which is net of the $23,971 in payments ma de by the City to reduce this contingent liability during the year. The accounting for the amount due is not recorded as indebtedness since future payments are contingent upon the future collection of development fees assessed for reimbursement of these improvements.
B. Other Development Agreements
The City entered into several agreements with various developers and merchant builders who are developing numerous residential and commercial projects throughout the City. The City agreed to grant the developers' impact fee credits since the developers constructed certain improvements beyond what was needed to serve their specific projects. The value of credits does not increase for inflation nor do they accrue interest. Any unused credits may be used by the deve lopers on other projects located within the Traffic Impact Fee area. The value of the credits as of June 30, 2024 was $99,099,694. Th e reduction of $806,781 to the credit balance was mainly due to credit used for the fiscal years which was $403,983.
C. Alameda County Fire Department (ACFD)
The City of Dublin contracts to have the Alameda County Fire Department to provide fire services. As part of the contract, the City pays for its share of ACFD's retiree health plan and retirement plan. In 2012 ACFD began working with CalPERS to create side funds within its OPEB trust to allow for member agencies to fund their share of the obligation. In preparation fo r this, in June 2012 the City Council authorized a contribution of $6.487 million towards the liability th at was then moved to a General Fund Reserve, which was reclassified as an assigned fund balance upon the City's implementation of GASB Statement No. 54.
Since then, the City continued to add funds to that fund balance assignment.
Attachment 2
139
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
93 15. OTHER COMMITMENTS AND CONTINGENT LIABILITIES, Continued C. Alameda County Fire Department (ACFD), Continued
After ACFD successfully implemented the OPEB trust side funds, the City was notified that based on the most recent actuarial valuation dated June 30, 202 1, the City’s Actuarial Accrued Liability (AAL) for benefits was $12,696,000 and the Actuarial Value of Plan Asset was $14,419,000 resulting in a net OPEB asset of $1,723,000. At June 30, 2024, the Actuarial Value of the Plan Asset was $15,595,925.
16. DEBT WITHOUT GOVERNMENT COMMITMENT
On August 31, 2017, the City issued $32,740,000 of City 2017 Improvement Area No. 1 Special Tax Bonds by and through its Community Facilities District No. 201 5-1 (Dublin Crossing) Improvement Area No. 1. The Bonds are special tax obligations of the City, authoriz ed pursuant to the Mello-Roos Community Facilities Act of 1982, as amended, being California Government Code Section 53311, et se q. The bonds were issued to construction and acquire certain public facilities and/or reimburse the payment of fees for capital improvements.
On July 18, 2019 the City issued $37,745,000 of City 2019 Improvement Area No. 2 Special Tax Bonds by and through its Community Facilities District No. 2015-1 (Dublin Crossing) Improvement Area No. 2. The Bonds are special tax obligations of the City, authoriz ed pursuant to the Mello-Roos Community Facilities Act of 1982, as amended, being California Government Code Section 53311, et se q. The bonds were issued to construction and acquire certain public facilities and/or reimburse the payment of fees for capital improvements.
On August 4, 2021 the City issued $26,000,000 of Ci ty 2021 Improvement Area No. 3 Special Tax Bonds by and through its Community Facilities District No. 201 5-1 (Dublin Crossing) Improvement Area No. 3. The Bonds are special tax obligations of the City, authoriz ed pursuant to the Mello-Roos Community Facilities Act of 1982, as amended, being California Government Code Section 53311, et se q. The bonds were issued to construction and acquire certain public facilities and/or reimburse the payment of fees for capital improvements.
In October 2022, the City issued special tax bonds in the total amount of $21,720,000 through its Community Facilities District No. 2015-1 (Dublin Crossing) Improvement Area No. 4. The proceeds are to be used for public improvements and fees related to the Boulevard Project.
In November 2023, the City Council issued special ta x bonds in the total amount of $18.65 million through its Community Facilities District No. 2015-1 (Dublin Crossing) Improvement Area No. 5. The proceeds are to be used for public improvements and fees related to the Boulevard Project.
The Bonds are not general obligations of the City nor any political subdivision and the full faith and credit of the City is not pledged for the repayment thereof. Since these debts do not constitute an obligation of the City and the City is not obligated to make payment beyond the available bond reserves, these bonds have not been reflected in the long-term debt in the accompanying financial statements. The outstanding indebtedness on June 30, 2024 was $135,315,000.
Attachment 2
140
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
94 17. TAX ABATEMENTS
The City has entered into multiple sales tax reimburs ement agreements for the purpose of attracting new businesses within the City through the construction and improvement of property sites. The City is expected to make annual reimbursement payments over a five (5) to ten (10) year period in which the amount of each reimbursement payment commitment is based on total sales tax received and derived using formulas in the approved agreements.
For financial reporting purposes, the GASB Statement No. 77 defines a tax abatement as resulting from an agreement between a government and an individual or entity in which the government promises to forgo tax revenues and the individual or entity promises to subsequently take a specific action that contributes to economic development or otherwise benefits the government or its citizens. According to GASB Statement No. 77, the substance of these sales tax reimbursement agreements meets the definition of “tax abatements." For the fiscal year ended June 30, 2024, under these sales-tax reimbursement agreements, the City has abatements totaling $390,267.
Pursuant to the Sales and Use Tax law (chapter 8 - Article 1 - section 7056), in order to protect the confidential information of sales taxes collected and ab atements provided to each of the specific agencies, the City has presented the aggregate amount abated during the current fiscal year.
Attachment 2 141
95 REQUIRED
SUPPLEMENTARY INFORMATION
Attachment 2
142
96 Attachment 2 143
City of Dublin
Required Supplementary Information
For the year ended June 30, 2024
97 1. DEFINED BENEFIT PENSION PLAN
A. Schedule of the City’s Proportionate Share of the Net Pension Liability – Last 10 Years Fiscal year: 2024 2023 2022 2021 2020
Measurement date: 6/30/2023 6/30/2022 6/30/2021 6/30/2020 6/30/2019 Proportion of the net pension liability 0.18255% 0.17861% 0.16280% 0.15646% 0.15132% Proportionate share of the net pension liability 22,774,284$ 20,630,516$ 8,804,512$ 17,023,464$ 15,505,908$ Covered payroll 12,738,446$ 11,245,216$ 10,751,196$ 10,591,772$ 10,124,753$ Proportionate Share of the net pension liability as
percentage of covered payroll 172.31% 183.46% 81.89% 160.72% 153.15% Plan fiduciary net position as a percentage of the
total pension liability 76.21% 76.68% 88.29% 75.10% 75.26% Fiscal year: 2019 2018 2017 2016 2015
Measurement date: 6/30/2018 6/30/2017 6/30/2016 6/30/2015 6/30/2014 Proportion of the net pension liability 0.14569% 0.14518% 0.15006% 0.14788% 0.12593% Proportionate share of the net pension liability 14,038,811$ 14,398,145$ 12,984,969$ 10,150,590$ 7,835,901$ Covered payroll 9,753,107$ 10,443,838$ 9,268,029$ 8,463,027$ 8,716,918$ Proportionate Share of the net pension liability as
percentage of covered payroll 143.94% 137.86% 140.10% 119.94% 89.89% Plan fiduciary net position as a percentage of the
total pension liability 75.26% 73.31% 74.06% 78.40% 79.82% Notes to Schedul e:
The Cal PERS mortal i ty assumpti ons w er e adj usted i n f i scal y ear 201 9.
The Cal PERS di scount rate w as i ncr eased fr om 7. 5% to 7. 65% i n f i scal y ear 201 6, decr eased fr om 7. 65% to 7. 1 5% i n fi scal y ear 201 8, and then decr eased fr om
7.1 5% to 6.9% in fiscal y ear 2023.
Attachment 2
144
City of Dublin
Required Supplementary Information
For the year ended June 30, 2024
98 1. DEFINED BENEFIT PENSION PLAN, Continued
B. Schedule of Contributions – Last 10 Years
Attachment 2
145
City of Dublin
Required Supplementary Information
For the year ended June 30, 2024
99 2. OTHER POST EMPLOYMENT BENEFITS (OPEB)
A. City Retiree Health Plan - Schedule of Changes in Net OPEB Liability and Related Ratios During the Measurement Period – Last 10 Years (1)
(1) Fiscal year 2018 was the 1st year of implementation.
Measurement Period 2023 2022 2021 2020 2019 2018 2017
Total OPEB Liability
Service Cost 564,680 $ 483,571 $ 895,299 $ 869,222 $ 843,905 $ 852,382 $ 827,000 $ Interest on the total OPEB liability 1,147,181 1,158,191 1,164,147 1,103,053 1,169,182 1,099,559 1,032,000 Differences between expected and actual
experience (1,063,544) - (775,744) - (1,450,926) - - Changes of assumptions (77,341) 1,459,903 307,694 - (716,501) - - Benefit payments (1,201,325) (1,185,363) (1,065,659) (976,033) (882,052) (776,911) (805,000) Net change in total OPEB liability (630,349) 1,916,302 525,737 996,242 (1,036,392) 1,175,030 1,054,000 Total OPEB liability - beginning 20,705,919 18,789,617 18,263,880 17,267,638 18,304,030 17,129,000 16,075,000 Total OPEB liability - ending (a) 20,075,570$ 20,705,919$ 18,789,617$ 18,263,880$ 17,267,638$ 18,304,030$ 17,129,000$ Plan Fiduciary Net Position
Contributions - employer 284,727$ 252,514$ 411,587$ 1,116,396$ 1,073,623$ 1,588,507$ 1,878,000$ Net investment income 839,987 (3,327,511) 6,149,340 763,014 1,244,479 1,431,381 1,665,000 Benefit payments (1,201,325) (1,185,363) (1,065,659) (976,033) (882,052) (776,911) (805,000) Administrative expense (6,756) (7,026) (8,444) (10,512) (6,155) (33,206) (8,000) Net change in plan fiduciary net position (83,367) (4,267,386) 5,486,824 892,865 1,429,895 2,209,771 2 ,730,000 Plan fiduciary net position - beginning 23,570,969 27,838,355 22,351,531 21,458,666 20,028,771 17,819,000 15,089,000 Plan fiduciary net position - ending (b) 23,487,602$ 23,570,969$ 27,838,355$ 22,351,531$ 21,458,666$ 20,028,771$ 17,819,000$ Net OPEB liability/(asset) - ending (a) - (b) (3,412,032)$ (2,865,050)$ (9,048,738)$ (4,087,651)$ (4,191,028)$ (1,724,741)$ (690,000)$ Plan fiduciary net position as a percenta ge of the
total OPEB liability 117.0% 113.8% 148.2% 122.4% 124.3% 109.4% 104.0% Covered-employee payroll 12,640,215$ 11,706,708 $ 10,751,196 $ 10,533,380 $ 10,037,794 $ 9,997,000 $ 10,431,000 $ Net OPEB liabilit y as a percenta ge of covered-
employee payroll -27.0% -24.5% -84.2% -38.8% -41.8% -17.3% -6.6% Attachment 2
146
City of Dublin
Required Supplementary Information
For the year ended June 30, 2024
100
2. OTHER POST EMPLOYMENT BENEFITS (OPEB), Continued
B. Schedule of City Retiree Health Plan Contributions – Last 10 Years (1) Fiscal Year Ended June 30 2024 2023 2022 2021 2020 2019 2018 Actuarially Determined Contribution (ADC) -$ -$ -$ 122,000$ 138,000$ 851,000$ 861,000$ Contributions in relation to the ADC 305,089 284,727 252,514 (411,587) (1,116,396) (1,075,930) (1,589,000) Contribution deficiency (excess) (305,089) (284,727) (252,514) (289,587) (978,396) (224,930) (728,000) Covered-employee payroll 13,223,301$ 12,640,215$ 11,706,708$ 10,751,196$ 10,533,380$ 10,037,794$ 9,997,000$ Contributions as a percentage of covered-
employee payroll -2.31% -2.25% -2.16% 3.83% 10.60% 10.72% 15.89% (1)
Fiscal year 2018 was the 1st year of implementation.
Notes to Schedule - assumptions to develop Actuarially Determined Contributions Valuation date
Actuarial cost method
Amortization method
Amortization period 9 yrs remain 11 yrs remain
Asset valuation method
Inflation
Salary increases
Investment rate of return
Retirement age
Mortality
Mortality improvement Scale MP-2017
8 yrs remain 10 yrs remain
Scale MP-2019
Non-Medicare - 7.5% and
Medicare 6.5% for 2019, both
decreasing to ultimate 4% rate in
3.00%
6.25%
3.00%
6.25%
From 50 to 75
CalPERS 1997-2015 Experience
Study
From 50 to 75
CalPERS 1997-2011 Experience
Study
6/30/2017
Entry Age Normal
Level % of pay
Actuarial Value
2.75%2.50%
5.7% in 2022 fluctuating down to 4.0% by 2076
6/30/2019
Entry Age Normal
Level % of pay
Actuarial Value
2.75%
Non-Medicare - 7.25% and
Medicare 6.3% for 2021, both
decreasing to ultimate 4% rate in
6/30/2021
Entry Age Normal
Level % of pay
30 yrs remain
Market Value
MacLeod Watts Scale 2022
Healthcare cost trend rates
3.00%
6.10%
From 50 to 75
CalPERS 2017 Experience Study
Attachment 2
147
SUPPLEMENTARY INFORMATION
101
Attachment 2 148
This page intentionally left blank
102
Attachment 2 149
Schedule of Budget Versus Actual Revenues By Sources
General Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Property taxes 59,896,000$ 59,896,000$ 61,967,658$ 2,071,658$ Sales tax 26,625,000 29,620,900 30,903,440 1,282,540 Other taxes 8,280,500 8,280,500 9,129,368 848,868 Intergovernmental 290,000 405,000 441,518 36,518 Licenses and permits 286,417 286,417 309,959 23,542 Charges for services:
General government 1,715,000 1,715,000 2,080,888 365,888 Police 20,750 20,750 45,127 24,377 Fire 1,497,000 1,497,000 2,602,544 1,105,544 Public works and transportation 33,000 33,000 50,193 17,193 Parks and community services 4,123,255 4,123,255 4,898,963 775,708 Community development 678 678 665 (13) Investment income (loss): 2,510,000 5,500,000 8,499,828 2,999,828 Use of property 1,648,021 1,648,021 2,172,046 524,025 Unrealized gain/(loss) on investment - - 7,022,273 7,022,273 Fines and forfeitures 50,000 50,000 98,693 48,693 Development revenue 7,109,829 6,903,536 6,782,241 (121,295) Other revenues 1,806,412 1,938,367 4,591,468 2,653,101 Total revenues 115,891,862$ 121,918,424$ 141,596,872$ 19,678,448$ City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
103
Attachment 2 150
Schedule of Budget Versus Actual Departmental Expenditures General Fund
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
General government:
City council 599,803$ 644,552$ 576,233$ 68,319$ City manager 1,783,450 1,798,028 1,649,552 148,476 City clerk 799,709 861,435 720,487 140,948 Election 217,170 217,170 2,265 214,905 Human resources 1,141,756 1,244,896 1,028,356 216,540 Insurance 3,471,600 3,610,015 3,563,649 46,366 Finance 2,527,616 2,672,681 2,288,834 383,847 Non-departmental 2,123,600 2,172,882 585,116 1,587,766 Disaster preparedness 325,428 325,428 176,328 149,100 Crossing guards 307,732 370,896 363,121 7,775 Animal control 313,224 401,297 280,483 120,814 Waste management 28,248 28,248 4,586 23,662 Community TV 136,127 136,127 133,174 2,953 Communications 619,140 619,140 531,548 87,592 Economic development 1,015,532 1,199,907 941,482 258,425 Human services 183,490 208,168 133,480 74,688 Library services 1,129,398 1,148,048 1,011,205 136,843
Dougherty Regional Fire Authority 571,942 571,942 194,100 377,842 Sub-total 17,294,965 18,230,860 14,183,999 4,046,861
Police:
Police operations 25,589,662 25,680,985 26,087,099 (406,114) Police operations support 2,693,817 2,910,281 2,601,516 308,765 Sub-total 28,283,479 28,591,266 28,688,615 (97,349)
Fire:
Fire operations 16,450,447 16,450,447 16,363,506 86,941 Fire prevention 546,113 546,113 525,614 20,499
Fire station maintenance 318,782 321,172 283,448 37,724 Sub-total 17,315,342 17,317,732 17,172,568 145,164
Public works:
Maintenance 14,844,255 15,279,827 13,347,036 1,932,791
Engineering 3,859,595 4,182,177 3,136,707 1,045,470
Public works administration 1,855,024 2,275,974 1,876,053 399,92 1 Environmental services 1,147,877 1,392,348 831,545 560,803 Sub-total 21,706,751 23,130,326 19,191,34 1 3,938,985
City of Dublin
Budgeted Amounts
104
Attachment 2 151
Schedule of Budget Versus Actual Departmental Expenditures (Continued) General Fund
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Parks and community services:
Cultural and special events 1,038,853 1,102,479 1,067,199 35,280 Heritage Center and programs 350,745 322,757 267,906 54,851 Parks and community services administration 1,982,344 2,139,844 2,080,084 59,760 Shannon Center and programs 1,193,759 1,193,759 1,068,522 125,237 Stager and other facility operations 1,424,795 1,484,795 1,303,821 180,974 Senior Center and programs 720,974 705,974 666,144 39,830 The Wave and programs 2,286,408 2,394,083 2,356,326 37,757 Sub-total 8,997,878 9,343,691 8,810,002 533,689
Community development:
Planning 2,629,651 2,642,156 2,229,420 412,736
Building and safety 3,013,309 3,156,872 3,090,942 65,930 Sub-total 5,642,960 5,799,028 5,320,362 478,666
Debt service:
Principal 680,000 680,000 680,000 -
Interest and fiscal charges 651,850 651,850 651,850 -
Sub-total 1,331,850 1,331,850 1,331,850 -
Total current expenditures 100,573,225 103,744,753 94,698,737 9,046,016 Total expenditures 100,573,225$ 103,744,753$ 94,698,737$ 9,046,016$ City of Dublin
Budgeted Amounts
105
Attachment 2 152
This page intentionally left blank
106
Attachment 2 153
The General Improvements Projects Capital Projects Fund - is used to manage the programming of funds and activities associated with major Capital Improvements Projects. The fund accumulates resources for capital expenditures and utilizes those resources to support projects that are general in nature and are not Streets, Parks, or Community Improvements Projects.
The Park
s Projects Capital Pro jects Fund - is used t o manage the programming of funds and activities associated with major Capital Improvements Projects. The fund accumulates resources for capital expenditures and utilizes those resources to support projects that would construct, improve, or enhance the Cit
y's parks and facilities.
The Street s Projects Capital Pro jects Fund - is used t o manage the programming of fund and activities associated with major Capital Improvements Projects. The fund accumulates resources for capital expenditures and utilizes those resources to support projects that would construct, improve, or enhance the City's trails, highways, streets, roads, bridges, as well as street lighting and drain s
ystems.
The Public Art Capital Projects Fund - The Public Art Fund was created following the adoption of Dublin Municipal Code 8.58 “Public Art Program Contribution.” The purpose of the adoption of the ordinance, and Public Art Fund fund is to: promote the public interest and general welfare through the acquisition, installation, maintenance and pro motion of public art; establish requirements and procedures for developer contributions to public art; provide funding to support the acquisition, installation, maintenance and promotion of public art; and implement the goals of the Public Art Master Plan.
Bi-Annually Staff identifies and develops Public Ar tp r o j e c t st h a tw i l lb ef u n d e du t i l i z i n gt h eP u b l i c Art Fund. These projects are included in the City’s Capital Improvement Program and subject to City Council approval. Since inception, the Public Art Fund has been funded entirely by developer contributions that are subject to the Public Art Program Contribution ordinance.
The Public Facilities Impact Fees Capital Projects Fund - is used to account for fees received from developers of properties, which can only be used for the design, development and construction of new public facilities within the City.
The Fire Impact Fees Capital Projects Fund - is used to account for impact fees received from developers of properties, which can only be used for the design, development and construction of fire capital expansion projects within the City.
The Traffic Impact Fees Capital Projects Fund - is used to account for impact fees received from developers of properties, which can only be used for the design, development and construction of street and highway projects which serve as part of the City's transportation network.
The Dublin Crossing Contribution Capital Projects Fund - accounts for community benefit payments specific to the Dublin Crossing Project, separate from any developer impact fees generated by the project.
BUDGETED MAJOR GOVERNMENTAL FUNDS OTHER THAN
GENERAL FUND AND SPECIAL REVENUE FUNDS
107
Attachment 2 154
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual General Improvement Projects Capital Projects Fund
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:
Capital outlay:
General improvements 2,696,840$ 25,284,884$ 7,118,484$ 18,166,400$ Total expenditures 2,696,840 25,284,884 7,118,484 18,166,400 OTHER FINANCING SOURCES (USES):
Transfers in 2,696,840 25,269,885 7,118,484 (18,151,401) Total other financing sources (uses) 2,696,840 25,269,885 7,118,484 (18,151,401) Net change in fund balance -$ (14,999)$ - 14,999$ FUND BALANCE:
Beginning of year -
End of year -$
City of Dublin
Budgeted Amounts
108
Attachment 2 155
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Parks Project Capital Projects Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:
Capital outlay:
Parks 3,894,115$ 26,188,648$ 5,990,942$ 20,197,706$ Total expenditures 3,894,115 26,188,648 5,990,942 20,197,706 OTHER FINANCING SOURCES (USES):
Transfers in 3,894,115 26,188,648 5,990,942 (20,197,706) Total other financing sources (uses) 3,894,115 26,188,648 5,990,942 (20,197,706) Net change in fund balance -$ -$ - -$ FUND BALANCE:
Beginning of year -
End of year -$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
109
Attachment 2 156
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Streets Projects Capital Projects Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:
Capital outlay:
Streets 17,851,382$ 68,340,072$ 6,099,577$ 62,240,495$ Total expenditures 17,851,382 68,340,072 6,099,577 62,240,495 OTHER FINANCING SOURCES (USES):
Transfers in 17,851,382 68,340,072 6,099,577 (62,240,495) Total other financing sources (uses) 17,851,382 68,340,072 6,099,577 (62,240,495) Net change in fund balance -$ -$ - -$ FUND BALANCE:
Beginning of year -
End of year -$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
110
Attachment 2 157
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Public Art Capital Projects Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:
Capital outlay:
Public art 500,000$ 1,471,045$ 244,479$ 1,226,566$ Total expenditures 500,000 1,471,045 244,479 1,226,566 OTHER FINANCING SOURCES (USES):
Transfers in 500,000 1,471,045 244,479 (1,226,566) Total other financing sources (uses) 500,000 1,471,045 244,479 (1,226,566) Net change in fund balance -$ -$ - -$ FUND BALANCE:
Beginning of year -
End of year -$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
111
Attachment 2 158
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Public Facilities Impact Fees Capital Projects Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 342,550$ 342,550$ 1,113,243$ 770,693$ Development revenue 486,893 486,893 1,032,573 545,680 Total revenues 829,443 829,443 2,145,816 1,316,373 EXPENDITURES:
Current:
General government - 9,050 9,050 - Total expenditures - 9,050 9,050 - REVENUES OVER (UNDER) EXPENDITURES 829,443 820,393 2,136,766 1,316,373 OTHER FINANCING SOURCES (USES):
Transfers out (2,279,875) (22,843,452) (6,011,344) 16,832,108 Total other financing sources (uses) (2,279,875) (22,843,452) (6,011,344) 16,832,108 Net change in fund balance (1,450,432)$ (22,023,059)$ (3,874,578) 18,148,481$ FUND BALANCE:
Beginning of year 15,880,376
End of year 12,005,798$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
112
Attachment 2 159
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Fire Impact Fees Capital Projects Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 2,000$ 2,000$ 4,746$ 2,746$ Development revenue 26,712 26,712 39,021 12,309 Total revenues 28,712 28,712 43,767 15,055 EXPENDITURES:
Current:
General government 100,000 100,000 - 100,000 Total expenditures 100,000 100,000 - 100,000 REVENUES OVER (UNDER) EXPENDITURES (71,288) (71,288) 43,767 115,055 Net change in fund balance (71,288)$ (71,288)$ 43,767 115,055$ FUND BALANCE:
Beginning of year 134,609
End of year 178,376$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
113
Attachment 2 160
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Traffic Impact Fees Capital Projects Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 298,000$ 298,000$ 852,031$ 554,031$ Development revenue 300,816 300,816 1,189,675 888,859 Other revenues - - 12,273 12,273 Total revenues 598,816 598,816 2,053,979 1,455,163 EXPENDITURES:
Current:
General government 60,000 85,000 47,481 37,519 Total expenditures 60,000 85,000 47,481 37,519 REVENUES OVER (UNDER) EXPENDITURES 538,816 513,816 2,006,498 1,492,682 OTHER FINANCING SOURCES (USES):
Transfers out (613,880) (23,109,934) (606,112) 22,503,822 Total other financing sources (uses) (613,880) (23,109,934) (606,112) 22,503,822 Net change in fund balance (75,064)$ (22,596,118)$ 1,400,386 23,996,504$ FUND BALANCE:
Beginning of year 30,130,376
End of year 31,530,762$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
114
Attachment 2 161
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Dublin Crossing Contribution Capital Project Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 80,000$ 80,000$ 365,434$ 285,434$ Total revenues 80,000 80,000 365,434 285,434 OTHER FINANCING SOURCES (USES):
Transfers out - (350,000) (150,000) 200,000 Total other financing sources (uses) - (350,000) (150,000) 200,000 Net change in fund balance 80,000$ (270,000)$ 215,434 485,434$ FUND BALANCE:
Beginning of year 12,185,835
End of year 12,401,269$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
115
Attachment 2 162
This page intentionally left blank
116
Attachment 2 163
Public Safety:
Special Criminal Activity established to account for receipt of funds derived from asset forfeitures.
Vehicle Abatement established to account for the use of funds received from vehicle registration of Dublin residents for the towing of abandoned vehicles in city limits.
Supplemental Law Enforcement (SLES/COPS) established to account for police expenditures funded by a State grant.
Traffic Safety established to account for the receipt of traffic fines and traffic safety expenditures.
Emergency Medical Services (EMS) established to account for excise taxes received to fund the costs of providing Emergency Medical Services.
Enforcement Grants established to account for miscellaneous grants received for police expenditures not reported in the above funds.
Transportation:
State Gas Tax established to account for the receipt of state gasoline taxes and expenditures.
SAFETEA-LU e s t a b l i s h e dt oa c c o u n tf o rt h er e v e n u er e c e i v e df r o mt h eU . S .D e p a r t m e n to fT r a n s p o r t a t i o n under the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legal for Users fund.
Measure B Sales Tax - Local Streets established to account for an Alameda County voter sales tax used for improvements on streets and roads.
Measure B Sales Tax - Bike/Pedestrian established to account for an Alameda County voter approved increase in sales tax used for bike and pedestrian related projects.
Measure B Grants established to account for transportation projects financed by grants, funded by an Alameda County voter approved increase in sales tax.
Measure BB Sales Tax - Streets and Roads established to account for an Alameda County voter approved increase in sales tax used for improvements on streets and roads.
Measure BB Sales Tax - Bike/Pedestrian established to account for Alameda County voter approved increase in sales tax used for bike and pedestrian related projects.
Measure BB Grants Fund - established to account for Alameda County Transportation Commission (ACTC) discretionary funding (versus direct funding) from 2014 voter-approved increase in sales tax used for improvements on bike and pedestrian projects.
Transportation Fund for Clean Air (TFCA) established to account for a portion of vehicle registration fee used for achieving the reduction of motor vehicle emissions.
Road Maintenance & Rehabilitation Account (RMRA) established to account for Senate Bill 1 that increases gasoline and diesel taxes and vehicle registration fees t o fund for basic road maintenance, rehabilitation, and critical safety projects on local streets and roads.
NON-MAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than major capital projects) that are legally restricted to expenditures for specific purposes. 117
Attachment 2 164
ACTC Vehicle Registration Fee established to account for an Alameda County Transportation Commission (ACTC) voter approved increase in vehicle registration fee that is distributed by ACTC to be used for street road system maintenance.
TDA established to account for the financial activities associated with allocations funded by the State of California Transportation Development Act (TDA) for the Pedestrian/Bicycle Projects.
Environmental:
Garbage/Recycling established to account for the following activities:
Measure D Recycling established to account for the use of funds received which are levied by the County pursuant to a charter amendment and are provided for recycling and related activities. This fund also accounts for other locally derived funds for recycling related activities.
Garbage Service established to account for the use of funds received which are levied by the county on behalf of the City for garbage pitch-up and removal and recycling services.
Local Recycling established to account for locally derived funds collected for a commercial organic and recycling program and activities retained by the City at the end of the franchise held by Waste Management Inc. These funds are independent of the funds distributed by Stop Waste pursuant to the Alameda County Recycling Measure.
AVI Economic Benefit/business Assistance Program established to account for the grant received from Amador Valley Industry and to provide business owners funding for eligible environmental related improvements.
Storm Water Management established to account for the following activities:
Storm Water Management established to account for the funds received from the State and designated specifically for the use of storm water related activities.
Village Parkway Storm Water Management established to account for funds designated for management of the Village Parkway area storm water units.
Box Culvert established to account for the funds designated for the maintenance and repairs of box culvert in the East Dublin area.
Parks, Cultural, and Arts:
Public Art established to account for the fees received from developers of properties, which can only be used for the purchase design, development, and construction of Public Art projects within the City of Dublin.
Miscellaneous Special Revenue established to account for the following activities:
Cable TV Facilities established to account for Cable TV Facilities fees collected from Cable Television providers and passed through to the City for local cable television as allowed under State and Federal franchising laws.
Noise Mitigation established to account for the fees received from developers of properties, which can only be used for the noise mitigation measures.
SPECIAL REVENUE FUNDS, Continued
NON-MAJOR GOVERNMENTAL FUNDS
118
Attachment 2 165
Citywide Events (Customer Service) Fund established to account for event ticket sales and donations, to be spent on special events citywide.
Community Development Block Grant (CDBG) used to account for grants and expenditures related to Community Development Block Grants received.
HCD Housing Related Parks Grant established to account for a Housing-Related Park (HRP) Grant funding from the Department of Housing and Community Development pursuant to the Housing and Emergency Shelter Trust Fund Act of 2006 (Proposition IC.)
State Grant Park used to account for local assistance grant funding from the State for park constructions.
Building Homes and Jobs Act established o account for funding from California Department of Housing and Community Development (HCD) to increase the affordable housing stock in California.
State Housing Grant established to account for Local Action Planning Grants (Leap) grants allocated by the State Housing and Community Development Department for the preparation and adoption of planning documents and process improvements that accelera te housing production and facilitate compliance to implement the sith-cycle Regional Housing Needs Assessment.
Federal COVID-19 Financial Assistance established to account for emergency funding from the federal awarding agencies with options for administrative relief to be used at the discretion of the federal awarding agency in response to the COVID-19 pandemic.
The American Rescue Plan Act Fund is used to account for funds authorized under the Federal American Recovery Plan Act (ARPA) to cover the costs of COVID-19 response as well as for making any necessary investments in infrastructure.
Measure RR - Safe Routes to BART is used to account for funds allocated by Bay Area Rapid Transit (BART) for using voter approved Measure RR capital fund to h elp local agencies improve access for BART customers travelling to BART stations by walking or biking.
Maintenance Districts established to account for revenue and related expenditures of lighting and landscape districts.
Federal Grants - General accounts for revenue and related expenditures of federal grants.
County Grants - General accounts for revenue and related expenditures of county grants.
Energy Improvement Lease Revenue Bond Fund accounts for the funds received from the City's lease revenue bond for energy improvements and related expenditures.
CAPITAL PROJECT FUNDS
SPECIAL REVENUE FUNDS, Continued
NON-MAJOR GOVERNMENTAL FUNDS
Capital Project Funds are used to account for financial resources used for the acquisition and construction of capital projects.
119
Attachment 2 166
City of Dublin
Combining Balance Sheet
Governmental Funds
June 30, 2024
Special Supplemental Emergency
Criminal Vehicle Law Traffic Medical
Activity Abatement Enforcement Safet y Services
ASSETS
Cash and investments 391,402$ 422,849 $ 497,899 $ 106,059 $ 238,378 $ Accounts receivable - - - 11,078 751 Notes receivable - - - - - Total assets 391,402$ 422,849 $ 497,899 $ 117,137 $ 239,129 $
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable -$ - $ - $ 8,292$ - $ Accrued wages and other payroll liabilities -----
Deposits payable 248,986 - - - -
Unearned revenue -----
Due to other funds -----
Total liabilities 248,986 - - 8,292 - Deferred inflows of resources:
Unavailable revenue - accounts receivable - - - - - Total deferred inflows of resources - - - - - Fund Balances:
Restricted:
Public safety programs 142,416 422,849 497,899 108,845 239,129 Street maintenance and construction - - - - -
Health and welfare program
s -----
Culture and leisure -----
Capital improvement projects -----
U n a s s i g n e d -----
Total fund balances 142,416 422,849 497,899 108,845 239,129 Total liabilities, deferred inflows of
resources, and fund balances 391,402$ 422,849 $ 497,899 $ 117,137 $ 239,129 $ Special Revenue Funds
120
Attachment 2 167
City of Dublin
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2024
Measure B Measure B
Enforcement Sales Tax Sales Tax
Grants State Gas Tax SAFETEA-L U Local Streets Bike/Pedestrian ASSETS
Cash and investments 149,433$ 4,013,170 $ - $ - $ 980 $ Accounts receivable 4,913 172,605 - - - Notes receivable - - - - - Total assets 154,346$ 4,185,775 $ - $ - $ 980 $
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable 49,723$ 526,458 $ - $ - $ - $ Accrued wages and other payroll liabilities -----
D e p o s i t s p a y a b l e -----
Unearned revenue -----
Due to other funds -----
Total liabilities 49,723 526,458 - - - Deferred inflows of resources:
Unavailable revenue - accounts receivable - - - - - Total deferred inflows of resources - - - - - Fund Balances:
Restricted:
Public safety programs 104,623 ----
Street maintenance and construction - 3,659,317 - - 980 Health and welfare program
s -----
Culture and leisure -----
Capital improvement projects -----
U n a s s i g n e d -----
Total fund balances 104,623 3,659,317 - - 980 Total liabilities, deferred inflows of
resources, and fund balances 154,346$ 4,185,775 $ - $ - $ 980 $ Special Revenue Funds
121
Attachment 2 168
City of Dublin
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2024
Measure BB Measure BB Transportation
Measure B Sales Tax Sales Tax Measure BB for Clean Air
Grants Streets and Roads Bike/Pedestrian Grant s (TFCA) ASSETS
Cash and investments 197,573$ 1,610,618 $ 896,896 $ 1,13 1$ (9,943)$ Accounts receivable - 238,311 80,750 1,984,278 1,650 Notes receivable - - - - - Total assets 197,573$ 1,848,929 $ 977,646 $ 1,985,409 $ (8,293) $
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable -$ - $ - $ 1 $ - $ Accrued wages and other payroll liabilities -----
D e p o s i t s p a y a b l e -----
Unearned revenue -----
Due to other funds - - - 1,985,409 -
Total liabilities - - - 1,985,410 - Deferred inflows of resources:
Unavailable revenue - accounts receivable - - - 1,823,739 - Total deferred inflows of resources - - - 1,823,739 - Fund Balances:
Restricted:
Public safety programs -----
Street maintenance and construction 197,573 1,848,929 977,646 - - Health and welfare program
s -----
Culture and leisure -----
Capital improvement projects -----
Unassigned - - - (1,823,740 ) (8,293)
Total fund balances 197,573 1,848,929 977,646 (1,823,740) (8,293) Total liabilities, deferred inflows of
resources, and fund balances 197,573$ 1,848,929 $ 977,646 $ 1,985,409 $ (8,293) $ Special Revenue Funds
122
Attachment 2 169
City of Dublin
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2024
ACTC AVI Economic
Road Maint & Vehicle Benefit/Business
Rehab Account Registration Garbage/ Assistance
(RMRA) Fee TDA Recyclin g Program
ASSETS
Cash and investments 3,268,196$ 432,204$ 1,043$ 870,317$ 371,890$ Accounts receivable 333,759 56,101 24,689 36,528 25,000 Notes receivable - - - - 10,238 Total assets 3,601,955$ 488,305$ 25,732$ 906,845$ 407,128$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable -$ - $ - $ 165,222$ - $ Accrued wages and other payroll liabilities - - - 3,079 - Deposits payable -----
Unearned revenue -----
Due to other funds -- 9 4--
Total liabilities - - 94 168,301 - Deferred inflows of resources:
Unavailable revenue - accounts receivable - - - - - Total deferred inflows of resources - - - - - Fund Balances:
Restricted:
Public safety programs -----
Street maintenance and construction 3,601,955 488,305 25,638 - - Health and welfare programs - - - 738,544 -
Culture and leisure ---- 407,128
Capital improvement projects -----
U n a s s i g n e d -----
Total fund balances 3,601,955 488,305 25,638 738,544 407,128 Total liabilities, deferred inflows of
resources, and fund balances 3,601,955$ 488,305 $ 25,732 $ 906,845 $ 407,128 $ Special Revenue Funds
123
Attachment 2 170
City of Dublin
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2024
Storm Miscellaneous Community
Water Box Special Development
Management Culvert Public Art Revenu e Block Grant
ASSETS
Cash and investments 233,263$ 418,813 $ 3,330,227 $ 622,782 $ - $ Accounts receivable - - - 25,618 52,346 Notes receivable - - - - - Total assets 233,263$ 418,813 $ 3,330,227 $ 648,400 $ 52,346 $
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable -$ - $ 7,400$ 1,000 $ 6,107 $ Accrued wages and other payroll liabilities -----
Deposits payable - - - 2,063 -
Unearned revenue -----
Due to other funds ---- 3 5,951
Total liabilities - - 7,400 3,063 42,058 Deferred inflows of resources:
Unavailable revenue - accounts receivable - - - - - Total deferred inflows of resources - - - - - Fund Balances:
Restricted:
Public safety programs -----
Street maintenance and construction 233,263 418,813 - - - Health and welfare program
s - - - 645,337 10,288
Culture and leisure --- -
Capital improvement projects - - 3,322,827 - -
Unassigned -----
Total fund balances 233,263 418,813 3,322,827 645,337 10,288 Total liabilities, deferred inflows of
resources, and fund balances 233,263$ 418,813$ 3,330,227$ 648,400$ 52,346$ Special Revenue Funds
124
Attachment 2 171
City of Dublin
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2024
Federal
Building State COVID-19 American
State Grant Homes and Housing Financial Rescue
Park Jobs Act Grant Assistanc e Plan Act
ASSETS
Cash and investments -$ - $ - $ 10,08 1$ 2,765,194$ Accounts receivable 1,905,144 - - - - Notes receivable - - - - - Total assets 1,905,144$ -$ -$ 10,081$ 2,765,194$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable -$ - $ - $ - $ 149,47 1$ Accrued wages and other payroll liabilities - - - - 6,511 Deposits payable - - - - -
Unearned revenue - - - - 2,609,212
Due to other funds 1,905,144 13,410 - - -
Total liabilities 1,905,144 13,410 - - 2,765,194 Deferred inflows of resources:
Unavailable revenue - accounts receivable 1,905,144 - - - - Total deferred inflows of resources 1,905,144 - - - - Fund Balances:
Restricted:
Public safety programs --- --
Street maintenance and construction - - - - -
Health and welfare programs - - - 10,081 -
Culture and leisure --- --
Capital improvement projects --- --
Unassigned (1,905,144 ) (13,410) -- -
Total fund balances (1,905,144) (13,410) - 10,081 - Total liabilities, deferred inflows of
resources, and fund balances 1,905,144$ - $ - $ 10,081$ 2,765,194$ Special Revenue Funds
125
Attachment 2 172
City of Dublin
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2024
Measure RR - 1983-1 1983-2 1986-1 1997-1
Safe Routes Street Stagecoach Dougherty Santa Rita
to BART Lighting Landscape Landscape Landscape
ASSETS
Cash and investments -$ 695,094$ 353,498 $ 780,236 $ 1,478,565 $ Accounts receivable 411,609 938 560 535 463 Notes receivable - - - - - Total assets 411,609$ 696,032 $ 354,058 $ 780,771 $ 1,479,028 $
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable -$ 30,210$ 53,50 1$ 3,789$ 95,190$ Accrued wages and other payroll liabilities -----
Deposits payable - - - - -
Unearned revenue -----
Due to other funds 411,609 - - - -
Total liabilities 411,609 30,210 53,501 3,789 95,190 Deferred inflows of resources:
Unavailable revenue - accounts receivable 411,609 - - - - Total deferred inflows of resources 411,609 - - - - Fund Balances:
Restricted:
Public safety programs -----
Street maintenance and construction - 665,822 300,557 776,982 1,383,838 Health and welfare program
s -----
Culture and leisure -----
Capital improvement projects -----
Unassigned (411,609 ) ----
Total fund balances (411,609) 665,822 300,557 776,982 1,383,838 Total liabilities, deferred inflows of
resources, and fund balances 411,609$ 696,032 $ 354,058 $ 780,771 $ 1,479,028 $ Maintenance Districts
Special Revenue Funds
126
Attachment 2 173
City of Dublin
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2024
Capital
Projects
Fund
Energy
1999-1 Dublin Improvement
East Dublin Crossing Federal Grants - County Grants - Lease Revenue Street Lighting CFD No. 2017-1 General General Bond
ASSETS
Cash and investments 664,246$ 556,375 $ - $ - $ 1,248,644$ Accounts receivable 1,154 441 - 19,853 - Notes receivable - - - - - Total assets 665,400$ 556,816 $ - $ 19,853$ 1,248,644$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable 4,648$ 4,470 $ - $ - $ - $ Accrued wages and other payroll liabilities -----
D e p o s i t s p a y a b l e -----
Unearned revenue -----
Due to other funds --- 1 9,853-
Total liabilities 4,648 4,470 - 19,853 - Deferred inflows of resources:
Unavailable revenue - accounts receivable - - - - - Total deferred inflows of resources - - - - - Fund Balances:
Restricted:
Public safety programs -----
Street maintenance and construction 660,752 552,346 - - - Health and welfare program
s -----
Culture and leisure -----
Capital improvement projects - - - - 1,248,644
Unassigned -----
Total fund balances 660,752 552,346 - - 1,248,644 Total liabilities, deferred inflows of
resources, and fund balances 665,400$ 556,816$ -$ 19,853$ 1,248,644$ Maintenance Districts
Special Revenue Funds
127
Attachment 2 174
City of Dublin
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2024
Total Nonmajor
Governmental
Funds
ASSETS
Cash and investments 26,617,113$
Accounts receivable 5,389,074
Notes receivable 10,238
Total assets 32,016,425$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable 1,105,482$
Accrued wages and other payroll liabilities 9,590
Deposits payable 251,049
Unearned revenue 2,609,212
Due to other funds 4,371,470
Total liabilities 8,346,803
Deferred inflows of resources:
Unavailable revenue - accounts receivable 4,140,492
Total deferred inflows of resources 4,140,492
Fund Balances:
Restricted:
Public safety programs 1,515,761
Street maintenance and construction 15,792,716
Health and welfare programs 1,404,250
Culture and leisure 407,128
Capital improvement projects 4,571,471
Unassigned (4,162,196)
Total fund balances 19,529,130
Total liabilities, deferred inflows of
resources, and fund balances 32,016,425$
128
Attachment 2 175
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds
For the year ended June 30, 2024
Special Supplemental Emergency
Criminal Vehicle Law Traffic Medical
Activity Abatement Enforcement Safet y Services
REVENUES:
Intergovernmental - $ 66,908$ 218,094 $ - $ - $ Charges for service - - - - - Interest 4,042 12,061 14,953 1,696 8,528 Fines and forfeitures - - - 116,831 - Development revenue - - - - - Other revenue 51,149 - - - - Special assessments - - - - 214,153 Total revenues 55,191 78,969 233,047 118,527 222,681 EXPENDITURES:
Current:
General government -----
Police 40,569 - 100,000 - -
Fire ---- 263,821
Public works --- 4 3,353-
Park and community services -----
Community development - - - - - Total expenditures 40,569 - 100,000 43,353 263,821 REVENUES OVER (UNDER) EXPENDITURES 14,622 78,969 133,047 75,174 (41,140) OTHER FINANCING SOURCES (USES):
Transfers out - (21,392) - - - Total other financing sources (uses) - (21,392) - - - Net change in fund balances 14,622 57,577 133,047 75,174 (41,140) FUND BALANCES (DEFICITS):
Beginning of year 127,794 365,272 364,852 33,671 280,269 End of year 142,416 $ 422,849 $ 497,899 $ 108,845 $ 239,129 $ Special Revenue Funds
129
Attachment 2 176
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued) Governmental Funds
For the year ended June 30, 2024
Measure B Measure B
Enforcement Sales Tax Sales Tax Bike
Grants State Gas Tax SAFETEA-L U Local Streets /Pedestrian REVENUES:
Intergovernmental 326,500 $ 1,997,013 $ 40,000 $ - $ - $ Charges for service - - - - - Interest - 114,455 - 1,148 1,001 Fines and forfeitures - - - - - Development revenue - - - - - Other revenue - 18,270 - - - Special assessments - - - - - Total revenues 326,500 2,129,738 40,000 1,148 1,001 EXPENDITURES:
Current:
General government -----
Police 310,256 ----
Fire -----
Public works - 1,193,033 - - -
Park and community services -----
Community development - - - - - Total expenditures 310,256 1,193,033 - - - REVENUES OVER (UNDER) EXPENDITURES 16,244 936,705 40,000 1,148 1,001 OTHER FINANCING SOURCES (USES):
Transfers out - (513,171) - (100,132) (68,200) Total other financing sources (uses) - (513,171) - (100,132) (68,200) Net change in fund balances 16,244 423,534 40,000 (98,984) (67,199) FUND BALANCES (DEFICITS):
Beginning of year 88,379 3,235,783 (40,000) 98,984 68,179 End of year 104,623 $ 3,659,317 $ - $ - $ 980 $ Special Revenue Funds
130
Attachment 2 177
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued) Governmental Funds
For the year ended June 30, 2024
Measure BB Measure BB
Sales Tax Sales Tax Transportation
Measure B Streets and Bike/ Measure BB for Clean Air
Grants Roads Pedestrian Grant s (TFCA)
REVENUES:
Intergovernmental - $ 1,412,275$ 478,538 $ 160,539 $ 1,650 $ Charges for service - - - - - Interest 5,790 44,439 24,078 - - Fines and forfeitures - - - - - Development revenue - - - - - Other revenue - - - - - Special assessments - - - - - Total revenues 5,790 1,456,714 502,616 160,539 1,650 EXPENDITURES:
Current:
General government - - - - -
Police -----
Fire -----
Public works - - 11,810 - -
Park and community services -----
Community development - - - - - Total expenditures - - 11,810 - - REVENUES OVER (UNDER) EXPENDITURES 5,790 1,456,714 490,806 160,539 1,650 OTHER FINANCING SOURCES (USES):
Transfers out - (976,762) (175,969) (2,010,240) (18,000) Total other financing sources (uses) - (976,762) (175,969) (2,010,240) (18,000) Net change in fund balances 5,790 479,952 314,837 (1,849,701) (16,350) FUND BALANCES (DEFICITS):
Beginning of year 191,783 1,368,977 662,809 25,961 8,057 End of year 197,573 $ 1,848,929 $ 977,646 $ (1,823,740)$ (8,293) $ Special Revenue Funds
131
Attachment 2 178
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued) Governmental Funds
For the year ended June 30, 2024
ACTC AVI Economic
Road Maint & Vehicle Benefit/Business
Rehab Account Registration Garbage/ Assistance
(RMRA) Fee TDA Recyclin g Program
REVENUES:
Intergovernmental 1,915,093 $ 334,165 $ 24,689 $ 376,080 $ - $ Charges for service - - - 8,829,581 - Interest 85,165 9,552 492 50,627 9,929 Fines and forfeitures - - - - - Development revenue - - - - - Other revenue - - - 32,080 100,000 Special assessments - - - - - Total revenues 2,000,258 343,717 25,181 9,288,368 109,929 EXPENDITURES:
Current:
General government - - - 8,853,392 21,667
Police -----
Fire -----
Public works - 100,000 - 600,513 -
Park and community services -----
Community development - - - - - Total expenditures - 100,000 - 9,453,905 21,667 REVENUES OVER (UNDER) EXPENDITURES 2,000,258 243,717 25,181 (165,537) 88,262 OTHER FINANCING SOURCES (USES):
Transfers out (806,535) (44,623) (17,317) (72,982) - Total other financing sources (uses) (806,535) (44,623) (17,317) (72,982) - Net change in fund balances 1,193,723 199,094 7,864 (238,519) 88,262 FUND BALANCES (DEFICITS):
Beginning of year 2,408,232 289,211 17,774 977,063 318,866 End of year 3,601,955 $ 488,305 $ 25,638 $ 738,544 $ 407,128 $ Special Revenue Funds
132
Attachment 2 179
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued) Governmental Funds
For the year ended June 30, 2024
Storm Miscellaneous Community
Water Box Special Development
Management Culvert Public Art Revenu e Block Grant
REVENUES:
Intergovernmental - $ - $ - $ - $ 295,385$ Charges for service - - - 106,737 - Interest 6,970 12,272 101,012 17,208 - Fines and forfeitures - - - - - Development revenue - - - 530 - Other revenue - - - - - Special assessments - - - - - Total revenues 6,970 12,272 101,012 124,475 295,385 EXPENDITURES:
Current:
General government - - - 46,566 65,967
Police -----
Fire -----
Public works 6,800 - - - -
Park and community services -- 3 1,836--
Community development - - - - 219,130 Total expenditures 6,800 - 31,836 46,566 285,097 REVENUES OVER (UNDER) EXPENDITURES 170 12,272 69,176 77,909 10,288 OTHER FINANCING SOURCES (USES):
Transfers out - - (244,479) - (6,600) Total other financing sources (uses) - - (244,479) - (6,600) Net change in fund balances 170 12,272 (175,303) 77,909 3,688 FUND BALANCES (DEFICITS):
Beginning of year 233,093 406,541 3,498,130 567,428 6,600 End of year 233,263$ 418,813$ 3,322,827$ 645,337$ 10,288$ Special Revenue Funds
133
Attachment 2 180
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued) Governmental Funds
For the year ended June 30, 2024
Federal
Building State COVID-19 American
State Grant Homes and Housing Financial Rescue
Park Jobs Act Grant Assistanc e Plan Act
REVENUES:
Intergovernmental - $ 266,438$ - $ - $ 1,006,483$ Charges for service - - - - - Interest - - - - - Fines and forfeitures - - - - - Development revenue - - - - - Other revenue - - - - - Special assessments - - - - - Total revenues - 266,438 - - 1,006,483 EXPENDITURES:
Current:
General government - - - 48,993 431,695
Police - - - - 574,788
Fire -----
Public works -----
Park and community services -----
Community development - 998 432 - - Total expenditures - 998 432 48,993 1,006,483 REVENUES OVER (UNDER) EXPENDITURES - 265,440 (432) (48,993) - OTHER FINANCING SOURCES (USES):
Transfers out (1,347,990) - - - - Total other financing sources (uses) (1,347,990) - - - - Net change in fund balances (1,347,990) 265,440 (432) (48,993) - FUND BALANCES (DEFICITS):
Beginning of year (557,154) (278,850) 432 59,074 - End of year (1,905,144) $ (13,410) $ - $ 10,081$ - $ Special Revenue Funds
134
Attachment 2 181
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued) Governmental Funds
For the year ended June 30, 2024
Measure RR - 1983-1 1983-2 1986-1 1997-1
Safe Routes Street Stagecoach Dougherty Santa Rita
to BART Lighting Landscape Landscape Landscape
REVENUES:
Intergovernmental - $ - $ - $ - $ - $ Charges for service - - - - - Interest - 20,310 11,643 20,580 41,205 Fines and forfeitures - - - - - Development revenue - - - - - Other revenue - - - - - Special assessments - 310,860 123,961 201,846 358,767 Total revenues - 331,170 135,604 222,426 399,972 EXPENDITURES:
Current:
General government - - - - -
Police -- -- -
Fire -- -- -
Public works - 352,510 245,468 77,095 312,344
Park and community services -- -- -
Community development - - - - - Total expenditures - 352,510 245,468 77,095 312,344 REVENUES OVER (UNDER) EXPENDITURES - (21,340) (109,864) 145,331 87,628 OTHER FINANCING SOURCES (USES):
Transfers out (411,609) - - (11,983) (3,860) Total other financing sources (uses) (411,609) - - (11,983) (3,860) Net change in fund balances (411,609) (21,340) (109,864) 133,348 83,768 FUND BALANCES (DEFICITS):
Beginning of year - 687,162 410,421 643,634 1,300,070 End of year (411,609) $ 665,822 $ 300,557 $ 776,982 $ 1,383,838 $ Maintenance Districts
Special Revenue Funds
135
Attachment 2 182
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued) Governmental Funds
For the year ended June 30, 2024
Capital
Projects
Fund
Energy
1999-1 Dublin Improvement
East Dublin Crossing Federal Grants - County Grants - Lease Revenue Street Lighting CFD No. 2017-1 General General Bond
REVENUES:
Intergovernmental -$ -$ 60,520$ 19,853$ -$ Charges for service - - - - - Interest 17,512 14,320 - - 3 Fines and forfeitures - - - - - Development revenue - - - - - Other revenue - - - - - Special assessments 321,037 117,158 - - - Total revenues 338,549 131,478 60,520 19,853 3 EXPENDITURES:
Current:
General government - - 60,520 - -
Police -----
Fire -----
Public works 241,237 6,413 - - -
Park and community services -----
Community development - - - - - Total expenditures 241,237 6,413 60,520 - - REVENUES OVER (UNDER) EXPENDITURES 97,312 125,065 - 19,853 3 OTHER FINANCING SOURCES (USES):
Transfers out (2,528) - - (19,853) (1,594,404) Total other financing sources (uses) (2,528) - - (19,853) (1,594,404) Net change in fund balances 94,784 125,065 - - (1,594,401) FUND BALANCES (DEFICITS):
Beginning of year 565,968 427,281 - - 2,843,045 End of year 660,752 $ 552,346 $ - $ - $ 1,248,644$ Maintenance Districts
Special Revenue Funds
136
Attachment 2 183
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued) Governmental Funds
For the year ended June 30, 2024
Total Nonmajor
Governmental
Funds
REVENUES:
Intergovernmental 9,000,223 $
Charges for service 8,936,318
Interest 650,991
Fines and forfeitures 116,831
Development revenue 530
Other revenue 201,499
Special assessments 1,647,782
Total revenues 20,554,174
EXPENDITURES:
Current:
General government 9,528,800
Police 1,025,613
Fire 263,821
Public works 3,190,576
Park and community services 31,836
Community development 220,560
Total expenditures 14,261,206
REVENUES OVER (UNDER) EXPENDITURES 6,292,968
OTHER FINANCING SOURCES (USES):
Transfers out (8,468,629)
Total other financing sources (uses) (8,468,629)
Net change in fund balances (2,175,661)
FUND BALANCES (DEFICITS):
Beginning of year 21,704,791
End of year 19,529,130 $
137
Attachment 2 184
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Special Criminal Activity Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 420$ 420$ 4,042$ 3,622$ Other revenues - 51,149 51,149 - Total revenues 420 51,569 55,191 3,622 EXPENDITURES:
Current:
Police 29,547 162,980 40,569 122,411 Total expenditures 29,547 162,980 40,569 122,411 REVENUES OVER (UNDER) EXPENDITURES (29,127) (111,411) 14,622 126,033 Net change in fund balance (29,127)$ (111,411)$ 14,622 126,033$ FUND BALANCE:
Beginning of year 127,794
End of year 142,416$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
138
Attachment 2 185
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Vehicle Abatement Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 34,000$ 34,000$ 66,908$ 32,908$ Interest 3,150 3,150 12,061 8,911 Total revenues 37,150 37,150 78,969 41,819 REVENUES OVER (UNDER) EXPENDITURES 37,150 37,150 78,969 41,819 OTHER FINANCING SOURCES (USES):
Transfers out (50,000) (50,000) (21,392) 28,608 Total other financing sources (uses) (50,000) (50,000) (21,392) 28,608 Net change in fund balance (12,850)$ (12,850)$ 57,577 70,427$ FUND BALANCE:
Beginning of year 365,272
End of year 422,849$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
139
Attachment 2 186
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Supplemental Law Enforcement Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 100,000$ 100,000$ 218,094$ 118,094$ Interest 4,200 4,200 14,953 10,753 Total revenues 104,200 104,200 233,047 128,847 EXPENDITURES:
Current:
Police 100,000 100,000 100,000 - Total expenditures 100,000 100,000 100,000 - REVENUES OVER (UNDER) EXPENDITURES 4,200 4,200 133,047 128,847 Net change in fund balance 4,200$ 4,200$ 133,047 128,847$ FUND BALANCE:
Beginning of year 364,852
End of year 497,899$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
140
Attachment 2 187
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Traffic Safety Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 200$ 200$ 1,696$ 1,496$ Fines and forfeitures 100,000 100,000 116,831 16,831 Total revenues 100,200 100,200 118,527 18,327 EXPENDITURES:
Current:
Public works and transportation 84,000 103,463 43,353 60,110 Total expenditures 84,000 103,463 43,353 60,110 REVENUES OVER (UNDER) EXPENDITURES 16,200 (3,263) 75,174 78,437 Net change in fund balance 16,200$ (3,263)$ 75,174 78,437$ FUND BALANCE:
Beginning of year 33,671
End of year 108,845$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
141
Attachment 2 188
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Emergency Medical Services Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 4,200$ 4,200$ 8,528$ 4,328$ Special assessments 218,000 218,000 214,153 (3,847) Total revenues 222,200 222,200 222,681 481 EXPENDITURES:
Current:
Fire 265,610 265,610 263,821 1,789 Total expenditures 265,610 265,610 263,821 1,789 REVENUES OVER (UNDER) EXPENDITURES (43,410) (43,410) (41,140) 2,270 Net change in fund balance (43,410)$ (43,410)$ (41,140) 2,270$ FUND BALANCE:
Beginning of year 280,269
End of year 239,129$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
142
Attachment 2 189
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Enforcement Grants Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 331,681$ 331,681$ 326,500$ (5,181)$ Total revenues 331,681 331,681 326,500 (5,181) EXPENDITURES:
Current:
Police 331,681 331,681 310,256 21,425 Total expenditures 331,681 331,681 310,256 21,425 REVENUES OVER (UNDER) EXPENDITURES - - 16,244 16,244 Net change in fund balance -$ -$ 16,244 16,244$ FUND BALANCE:
Beginning of year 88,379
End of year 104,623$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
143
Attachment 2 190
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual State Gas Tax Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 2,087,096$ 2,087,096$ 1,997,013$ (90,083)$ Interest 33,000 33,000 114,455 81,455 Other revenues - - 18,270 18,270 Total revenues 2,120,096 2,120,096 2,129,738 9,642 EXPENDITURES:
Current:
Public works and transportation 1,372,119 1,476,743 1,193,033 283,710 Total expenditures 1,372,119 1,476,743 1,193,033 283,710 REVENUES OVER (UNDER) EXPENDITURES 747,977 643,353 936,705 293,352 OTHER FINANCING SOURCES (USES):
Transfers out (659,460) (3,088,559) (513,171) 2,575,388 Total other financing sources (uses) (659,460) (3,088,559) (513,171) 2,575,388 Net change in fund balance 88,517$ (2,445,206)$ 423,534 2,868,740$ FUND BALANCE:
Beginning of year 3,235,783
End of year 3,659,317$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
144
Attachment 2 191
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual SAFETEA-LU Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental -$ 40,000$ 40,000$ -$ Total revenues - 40,000 40,000 - Net change in fund balance -$ 40,000$ 40,000 -$ FUND BALANCE:
Beginning of year (40,000)
End of year -$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
145
Attachment 2 192
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Measure B Sales Tax Local Streets Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest -$ -$ 1,148$ 1,148$ Total revenues - - 1,148 1,148 OTHER FINANCING SOURCES (USES):
Transfers out - (128,223) (100,132) 28,091 Total other financing sources (uses) - (128,223) (100,132) 28,091 Net change in fund balance -$ (128,223)$ (98,984) 29,239$ FUND BALANCE:
Beginning of year 98,984
End of year -$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
146
Attachment 2 193
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Measure B Sales Tax Bike/Pedestrian Special Revenue Fund Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest -$ -$ 1,001$ 1,001$ Total revenues - - 1,001 1,001 OTHER FINANCING SOURCES (USES):
Transfers out - (68,200) (68,200) - Total other financing sources (uses) - (68,200) (68,200) - Net change in fund balance -$ (68,200)$ (67,199) 1,001$ FUND BALANCE:
Beginning of year 68,179
End of year 980$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
147
Attachment 2 194
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Measure B Grants Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest -$ -$ 5,790$ 5,790$ Total revenues - - 5,790 5,790 Net change in fund balance -$ -$ 5,790 5,790$ FUND BALANCE:
Beginning of year 191,783
End of year 197,573$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
148
Attachment 2 195
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Measure BB Sales Tax Streets and Roads Special Revenue Fund Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 1,314,556$ 1,314,556$ 1,412,275$ 97,719$ Interest 4,000 4,000 44,439 40,439 Total revenues 1,318,556 1,318,556 1,456,714 138,158 OTHER FINANCING SOURCES (USES):
Transfers out (1,110,000) (1,678,026) (976,762) 701,264 Total other financing sources (uses) (1,110,000) (1,678,026) (976,762) 701,264 Net change in fund balance 208,556$ (359,470)$ 479,952 839,422$ FUND BALANCE:
Beginning of year 1,368,977
End of year 1,848,929$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
149
Attachment 2 196
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Measure BB Sales Tax Bike/Pedestrian Special Revenue Fund Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 453,152$ 453,152$ 478,538$ 25,386$ Interest 1,000 1,000 24,078 23,078 Total revenues 454,152 454,152 502,616 48,464 EXPENDITURES:
Current:
Public works and transportation 20,225 20,225 11,810 8,415 Total expenditures 20,225 20,225 11,810 8,415 REVENUES OVER (UNDER) EXPENDITURES 433,927 433,927 490,806 56,879 OTHER FINANCING SOURCES (USES):
Transfers out (348,228) (595,578) (175,969) 419,609 Total other financing sources (uses) (348,228) (595,578) (175,969) 419,609 Net change in fund balance 85,699$ (161,651)$ 314,837 476,488$ FUND BALANCE:
Beginning of year 662,809
End of year 977,646$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
150
Attachment 2 197
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Measure BB Grants Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental -$ 2,548,490$ 160,539$ (2,387,951)$ Total revenues - 2,548,490 160,539 (2,387,951) OTHER FINANCING SOURCES (USES):
Transfers out - (2,548,490) (2,010,240) 538,250 Total other financing sources (uses) - (2,548,490) (2,010,240) 538,250 Net change in fund balance -$ -$ (1,849,701) (1,849,701)$ FUND BALANCE:
Beginning of year 25,961
End of year (1,823,740)$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
151
Attachment 2 198
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Transportation for Clean Air (TFCA) Special Revenue Fund Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental -$ 82,879$ 1,650$ (81,229)$ Total revenues - 82,879 1,650 (81,229) OTHER FINANCING SOURCES (USES):
Transfers out - (90,936) (18,000) 72,936 Total other financing sources (uses) - (90,936) (18,000) 72,936 Net change in fund balance -$ (8,057)$ (16,350) (8,293)$ FUND BALANCE:
Beginning of year 8,057
End of year (8,293)$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
152
Attachment 2 199
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Road Maintenance & Rehabilitation Account (RMRA) Special Revenue Fund Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 1,834,514$ 1,834,514$ 1,915,093$ 80,579$ Interest 16,500 16,500 85,165 68,665 Total revenues 1,851,014 1,851,014 2,000,258 149,244 OTHER FINANCING SOURCES (USES):
Transfers out (1,123,961) (2,660,682) (806,535) 1,854,147 Total other financing sources (uses) (1,123,961) (2,660,682) (806,535) 1,854,147 Net change in fund balance 727,053$ (809,668)$ 1,193,723 2,003,391$ FUND BALANCE:
Beginning of year 2,408,232
End of year 3,601,955$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
153
Attachment 2 200
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual ACTC Vehicle Registration Fee Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 267,867$ 993,867$ 334,165$ (659,702)$ Interest 2,500 2,500 9,552 7,052 Total revenues 270,367 996,367 343,717 (652,650) EXPENDITURES:
Current:
Public works and transportation 100,000 100,000 100,000 - Total expenditures 100,000 100,000 100,000 - REVENUES OVER (UNDER) EXPENDITURES 170,367 896,367 243,717 (652,650) OTHER FINANCING SOURCES (USES):
Transfers out (165,040) (1,064,738) (44,623) 1,020,115 Total other financing sources (uses) (165,040) (1,064,738) (44,623) 1,020,115 Net change in fund balance 5,327$ (168,371)$ 199,094 367,465$ FUND BALANCE:
Beginning of year 289,211
End of year 488,305$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
154
Attachment 2 201
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual TDA Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental -$ 17,317$ 24,689$ 7,372$ Interest - - 492 492 Total revenues - 17,317 25,181 7,864 OTHER FINANCING SOURCES (USES):
Transfers out - (17,317) (17,317) - Total other financing sources (uses) - (17,317) (17,317) - Net change in fund balance -$ -$ 7,864 7,864$ FUND BALANCE:
Beginning of year 17,774
End of year 25,638$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
155
Attachment 2 202
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Garbage/Recycling Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 374,102$ 374,102$ 376,080$ 1,978$ Charges for services 7,820,000 8,854,395 8,829,581 (24,814) Interest 20,350 20,350 50,627 30,277 Other revenues - 32,080 32,080 - Total revenues 8,214,452 9,280,927 9,288,368 7,441 EXPENDITURES:
Current:
General government 7,820,000 8,854,395 8,853,392 1,003 Public works and transportation 520,285 777,838 600,513 177,325 Total expenditures 8,340,285 9,632,233 9,453,905 178,328 REVENUES OVER (UNDER) EXPENDITURES (125,833) (351,306) (165,537) 185,769 OTHER FINANCING SOURCES (USES):
Transfers out - (77,342) (72,982) 4,360 Total other financing sources (uses) - (77,342) (72,982) 4,360 Net change in fund balance (125,833)$ (428,648)$ (238,519) 190,129$ FUND BALANCE:
Beginning of year 977,063
End of year 738,544$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
156
Attachment 2 203
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual AVI Economic Benefit/Business Assistance Program Special Revenue Fund Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest -$ -$ 9,929$ 9,929$ Other revenues 100,000 100,000 100,000 - Total revenues 100,000 100,000 109,929 9,929 EXPENDITURES:
Current:
General government 100,000 100,000 21,667 78,333 Total expenditures 100,000 100,000 21,667 78,333 REVENUES OVER (UNDER) EXPENDITURES - - 88,262 88,262 Net change in fund balance -$ -$ 88,262 88,262$ FUND BALANCE:
Beginning of year 318,866
End of year 407,128$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
157
Attachment 2 204
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Storm Water Management Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 2,200$ 2,200$ 6,970$ 4,770$ Total revenues 2,200 2,200 6,970 4,770 EXPENDITURES:
Current:
Public works and transportation 23,600 23,600 6,800 16,800 Total expenditures 23,600 23,600 6,800 16,800 REVENUES OVER (UNDER) EXPENDITURES (21,400) (21,400) 170 21,570 Net change in fund balance (21,400)$ (21,400)$ 170 21,570$ FUND BALANCE:
Beginning of year 233,093
End of year 233,263$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
158
Attachment 2 205
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Box Culvert Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 5,500$ 5,500$ 12,272$ 6,772$ Total revenues 5,500 5,500 12,272 6,772 Net change in fund balance 5,500$ 5,500$ 12,272 6,772$ FUND BALANCE:
Beginning of year 406,541
End of year 418,813$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
159
Attachment 2 206
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Public Art Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 45,000$ 45,000$ 101,012$ 56,012$ Total revenues 45,000 45,000 101,012 56,012 EXPENDITURES:
Current:
Parks and community services 80,250 80,500 31,836 48,664 Total expenditures 80,250 80,500 31,836 48,664 REVENUES OVER (UNDER) EXPENDITURES (35,250) (35,500) 69,176 104,676 OTHER FINANCING SOURCES (USES):
Transfers out (500,000) (1,471,045) (244,479) 1,226,566 Total other financing sources (uses) (500,000) (1,471,045) (244,479) 1,226,566 Net change in fund balance (535,250)$ (1,506,545)$ (175,303) 1,331,242$ FUND BALANCE:
Beginning of year 3,498,130
End of year 3,322,827$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
160
Attachment 2 207
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Miscellaneous Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Charges for services 125,000$ 125,000$ 106,737$ (18,263)$ Interest 2,100 2,100 17,208 15,108 Development revenue 335 335 530 195 Total revenues 127,435 127,435 124,475 (2,960) EXPENDITURES:
Current:
General government 35,000 46,566 46,566 - Total expenditures 35,000 46,566 46,566 - REVENUES OVER (UNDER) EXPENDITURES 92,435 80,869 77,909 (2,960) Net change in fund balance 92,435$ 80,869$ 77,909 (2,960)$ FUND BALANCE:
Beginning of year 567,428
End of year 645,337$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
161
Attachment 2 208
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Community Development Block Grant Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 105,600$ 334,525$ 295,385$ (39,140)$ Total revenues 105,600 334,525 295,385 (39,140) EXPENDITURES:
Current:
General government 99,000 108,795 65,967 42,828 Community development - 219,130 219,130 - Total expenditures 99,000 327,925 285,097 42,828 REVENUES OVER (UNDER) EXPENDITURES 6,600 6,600 10,288 3,688 OTHER FINANCING SOURCES (USES):
Transfers out (6,600) (6,600) (6,600) - Total other financing sources (uses) (6,600) (6,600) (6,600) - Net change in fund balance -$ -$ 3,688 3,688$ FUND BALANCE:
Beginning of year 6,600
End of year 10,288$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
162
Attachment 2 209
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual State Grant Park Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 271,600$ 271,600$ -$ (271,600)$ Total revenues 271,600 271,600 - (271,600) OTHER FINANCING SOURCES (USES):
Transfers out - (1,736,846) (1,347,990) 388,856 Total other financing sources (uses) - (1,736,846) (1,347,990) 388,856 Net change in fund balance 271,600$ (1,465,246)$ (1,347,990) 117,256$ FUND BALANCE:
Beginning of year (557,154)
End of year (1,905,144)$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
163
Attachment 2 210
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Building Homes and Jobs Act Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental -$ -$ 266,438$ 266,438$ Total revenues - - 266,438 266,438 EXPENDITURES:
Current:
Community development - 998 998 - Total expenditures - 998 998 - REVENUES OVER (UNDER) EXPENDITURES - (998) 265,440 266,438 Net change in fund balance -$ (998)$ 265,440 266,438$ FUND BALANCE:
Beginning of year (278,850)
End of year (13,410)$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
164
Attachment 2 211
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual State Housing Grant Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:
Current:
Community development - 432 432 - Total expenditures - 432 432 - Net change in fund balance -$ (432)$ (432) -$ FUND BALANCE:
Beginning of year 432
End of year -$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
165
Attachment 2 212
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Federal COVID-19 Financial Assistance Special Revenue Fund Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:
Current:
General government -$ -$ 48,993$ (48,993)$ Total expenditures - - 48,993 (48,993) Net change in fund balance -$ -$ (48,993) (48,993)$ FUND BALANCE:
Beginning of year 59,074
End of year 10,081$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
166
Attachment 2 213
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual American Rescue Plan Act Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 1,579,419$ 1,579,419$ 1,006,483$ (572,936)$ Total revenues 1,579,419 1,579,419 1,006,483 (572,936) EXPENDITURES:
Current:
General government 1,237,717 1,954,030 431,695 1,522,335 Police 628,102 1,034,461 574,788 459,673 Community development - 593,941 - 593,941 Total expenditures 1,865,819 3,582,432 1,006,483 2,575,949 REVENUES OVER (UNDER) EXPENDITURES (286,400) (2,003,013) - 2,003,013 Net change in fund balance (286,400)$ (2,003,013)$ - 2,003,013$ FUND BALANCE:
Beginning of year -
End of year -$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
167
Attachment 2 214
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Measure RR Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental -$ 411,609$ -$ (411,609)$ Total revenues - 411,609 - (411,609) OTHER FINANCING SOURCES (USES):
Transfers out - (411,609) (411,609) - Total other financing sources (uses) - (411,609) (411,609) - Net change in fund balance -$ -$ (411,609) (411,609)$ FUND BALANCE:
Beginning of year -
End of year (411,609)$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
168
Attachment 2 215
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Maintenance Districts 1983-1 Street Lighting Special Revenue Fund Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 5,500$ 5,500$ 20,310$ 14,810$ Special assessments 314,416 314,416 310,860 (3,556) Total revenues 319,916 319,916 331,170 11,254 EXPENDITURES:
Current:
Public works and transportation 373,473 373,473 352,510 20,963 Total expenditures 373,473 373,473 352,510 20,963 REVENUES OVER (UNDER) EXPENDITURES (53,557) (53,557) (21,340) 32,217 Net change in fund balance (53,557)$ (53,557)$ (21,340) 32,217$ FUND BALANCE:
Beginning of year 687,162
End of year 665,822$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
169
Attachment 2 216
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Maintenance Districts 1983-2 Stagecoach Landscape Special Revenue Fund Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 3,300$ 3,300$ 11,643$ 8,343$ Special assessments 123,961 123,961 123,961 - Total revenues 127,261 127,261 135,604 8,343 EXPENDITURES:
Current:
Public works and transportation 261,166 261,166 245,468 15,698 Total expenditures 261,166 261,166 245,468 15,698 REVENUES OVER (UNDER) EXPENDITURES (133,905) (133,905) (109,864) 24,041 Net change in fund balance (133,905)$ (133,905)$ (109,864) 24,041$ FUND BALANCE:
Beginning of year 410,421
End of year 300,557$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
170
Attachment 2 217
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Maintenance Districts 1986-1 Dougherty Landscape Special Revenue Fund Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 4,950$ 4,950$ 20,580$ 15,630$ Special assessments 201,188 201,188 201,846 658 Total revenues 206,138 206,138 222,426 16,288 EXPENDITURES:
Current:
Public works and transportation 132,821 132,821 77,095 55,726 Total expenditures 132,821 132,821 77,095 55,726 REVENUES OVER (UNDER) EXPENDITURES 73,317 73,317 145,331 72,014 OTHER FINANCING SOURCES (USES):
Transfers out - (370,344) (11,983) 358,361 Total other financing sources (uses) - (370,344) (11,983) 358,361 Net change in fund balance 73,317$ (297,027)$ 133,348 430,375$ FUND BALANCE:
Beginning of year 643,634
End of year 776,982$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
171
Attachment 2 218
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Maintenance Districts 1997-1 Santa Rita Landscape Special Revenue Fund Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 11,000$ 11,000$ 41,205$ 30,205$ Special assessments 380,680 380,680 358,767 (21,913) Total revenues 391,680 391,680 399,972 8,292 EXPENDITURES:
Current:
Public works and transportation 362,007 362,007 312,344 49,663 Total expenditures 362,007 362,007 312,344 49,663 REVENUES OVER (UNDER) EXPENDITURES 29,673 29,673 87,628 57,955 OTHER FINANCING SOURCES (USES):
Transfers out - (194,928) (3,860) 191,068 Total other financing sources (uses) - (194,928) (3,860) 191,068 Net change in fund balance 29,673$ (165,255)$ 83,768 249,023$ FUND BALANCE:
Beginning of year 1,300,070
End of year 1,383,838$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
172
Attachment 2 219
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Maintenance Districts 1999-1 East Dublin Street Lighting Special Revenue Fund Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 13,750$ 13,750$ 17,512$ 3,762$ Special assessments 338,543 338,543 321,037 (17,506) Total revenues 352,293 352,293 338,549 (13,744) EXPENDITURES:
Current:
Public works and transportation 283,694 373,695 241,237 132,458 Total expenditures 283,694 373,695 241,237 132,458 REVENUES OVER (UNDER) EXPENDITURES 68,599 (21,402) 97,312 118,714 OTHER FINANCING SOURCES (USES):
Transfers out (42,000) (90,147) (2,528) 87,619 Total other financing sources (uses) (42,000) (90,147) (2,528) 87,619 Net change in fund balance 26,599$ (111,549)$ 94,784 206,333$ FUND BALANCE:
Beginning of year 565,968
End of year 660,752$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
173
Attachment 2 220
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Dublin Crossing Community Facilities District No. 2017-1 Special Revenue Fund Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 2,200$ 2,200$ 14,320$ 12,120$ Special assessments 115,000 115,000 117,158 2,158 Total revenues 117,200 117,200 131,478 14,278 EXPENDITURES:
Current:
Public works and transportation 31,030 31,815 6,413 25,402 Total expenditures 31,030 31,815 6,413 25,402 REVENUES OVER (UNDER) EXPENDITURES 86,170 85,385 125,065 39,680 Net change in fund balance 86,170$ 85,385$ 125,065 39,680$ FUND BALANCE:
Beginning of year 427,281
End of year 552,346$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
174
Attachment 2 221
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Federal Grants - General Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental -$ 1,440,520$ 60,520$ (1,380,000)$ Total revenues - 1,440,520 60,520 (1,380,000) EXPENDITURES:
Current:
General government - 60,520 60,520 - Total expenditures - 60,520 60,520 - REVENUES OVER (UNDER) EXPENDITURES - 1,380,000 - (1,380,000) OTHER FINANCING SOURCES (USES):
Transfers out - (1,380,000) - 1,380,000 Total other financing sources (uses) - (1,380,000) - 1,380,000 Net change in fund balance -$ -$ - -$ FUND BALANCE:
Beginning of year -
End of year -$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
175
Attachment 2 222
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual County Grants - General Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental -$ 19,853$ 19,853$ -$ Total revenues - 19,853 19,853 - OTHER FINANCING SOURCES (USES):
Transfers out - (19,853) (19,853) - Total other financing sources (uses) - (19,853) (19,853) - Net change in fund balance -$ -$ - -$ FUND BALANCE:
Beginning of year -
End of year -$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
176
Attachment 2 223
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Energy Improvement Lease Revenue Bond Capital Projects Fund Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest -$ -$ 3$ 3$ Total revenues - - 3 3 OTHER FINANCING SOURCES (USES):
Transfers out - (2,568,498) (1,594,404) 974,094 Total other financing sources (uses) - (2,568,498) (1,594,404) 974,094 Net change in fund balance -$ (2,568,498)$ (1,594,401) 974,097$ FUND BALANCE:
Beginning of year 2,843,045
End of year 1,248,644$
City of Dublin
For the year ended June 30, 2024
Budgeted Amounts
177
Attachment 2 224
This page intentionally left blank
178
Attachment 2 225
INTERNAL SERVICE FUNDS
Vehicle Replacement this fund is an interest bearing Internal Service Fund established to finance necessary vehicle replacements.
Building Replacement this fund is an interest bearing Internal Service Fund established to finance future major building component repair expenditures.
Equipment Replacement this fund is an interest bearing Internal Service fund established to finance necessary equipment replacements.
Retiree Health Care this fund is an interest bearing Internal Service Fund established to account for the contribution made to the California Employers' Retiree Benefit Trust Fund for future retiree health care benefits.
Information Technology accounts for all information and technology costs, including staffing. 179
Attachment 2 226
City of Dublin
Combining Statement of Net Position
Internal Service Funds
June 30, 2024
Vehicle Building Equipment
Replacement Replacement Replacement
ASSETS
Current assets:
Cash and investments 2,867,792$ 13,919,839$ 8,487,052$ Accounts receivable 3,014 - - Prepaids and other - - - Total current assets 2,870,806 13,919,839 8,487,052 Noncurrent assets:
Capital assets:
Land - 10,774,792 - Construction in progress - 7,383,424 4,563 Infrastructure - 622,831 122,183 Building and improvements - 63,177,051 - Vehicles and equipment 8,613,435 - 3,020,039 Subscription based I.T. agreements - - 655,000 Less accumulated depreciation and amortization (4,788,484) (48,899,362) (1,747,696) Net capital assets 3,824,951 33,058,736 2,054,089 Total assets 6,695,757 46,978,575 10,541,141
LIABILITIES
Current liabilities:
Accounts payable and accruals - - 17,115 Due to other funds - - - SBITA liabilities, due in one year - - - Total current liabilities - - 17,115 Long-term liabilities:
SBITA liabilities, due in more than one year - - - Total long-term liabilities - - - Total liabilities - - 17,115
NET POSITION (DEFICIT)
Net investment in capital assets 3,824,951 33,058,736 2,054,089 Unrestricted 2,870,806 13,919,839 8,469,937 Total net position (deficit) 6,695,757$ 46,978,575$ 10,524,026$ 180
Attachment 2 227
City of Dublin
Combining Statement of Net Position (Continued)
Internal Service Funds
June 30, 2024
Retiree Information
Health Care Technology Total
ASSETS
Current assets:
Cash and investments -$ 2,434,949$ 27,709,632$ Accounts receivable 243,000 - 246,014 Prepaids and other 209,548 181,535 391,083 Total current assets 452,548 2,616,484 28,346,729 Noncurrent assets:
Capital assets:
Land - - 10,774,792 Construction in progress - 898,474 8,286,461 Infrastructure - - 745,014 Building and improvements - 42,732 63,219,783 Vehicles and equipment - 104,198 11,737,672 Subscription based I.T. agreements - 1,561,045 2,216,045 Less accumulated depreciation and amortization - (770,814) (56,206,356) Net capital assets - 1,835,635 40,773,411 Total assets 452,548 4,452,119 69,120,140
LIABILITIES
Current liabilities:
Accounts payable and accruals (11,719) 125,506 130,902 Due to other funds 60,227 - 60,227 SBITA liabilities, due in one year - 285,809 285,809 Total current liabilities 48,508 411,315 476,938 Long-term liabilities:
SBITA liabilities, due in more than one year - 631,613 631,613 Total long-term liabilities - 631,613 631,613 Total liabilities 48,508 1,042,928 1,108,551
NET POSITION (DEFICIT)
Net investment in capital assets - 918,213 39,855,989 Unrestricted 404,040 2,490,978 28,155,600 Total net position (deficit) 404,040$ 3,409,191$ 68,011,589$ 181
Attachment 2 228
City of Dublin
Combining Statement of Revenues, Expenses and Changes in Fund Net Position Internal Service Funds
For the year ended June 30, 2024
Vehicle Building Equipment
Replacement Replacement Replacement
OPERATING REVENUES:
Charges for services 638,058$ 390,531$ 801,865$ Other revenue 21,444 - 6,985 Total operating revenues 659,502 390,531 808,850 OPERATING EXPENSES:
Supplies and services 184,404 59,684 277,568 Retiree health premiums - - - Depreciation 523,380 2,088,047 356,954 Total operating expenses 707,784 2,147,731 634,522 OPERATING INCOME (LOSS) (48,282) (1,757,200) 174,328 NONOPERATING REVENUES (EXPENSES):
Interest income 90,880 376,497 257,791 Interest and fiscal charges - - - Total nonoperating revenues (expenses) 90,880 376,497 257,791
INCOME (LOSS) BEFORE
CONTRIBUTIONS AND TRANSFERS: 42,598 (1,380,703) 432,119 Transfers in - 2,000,000 - Transfers (out) - - - Total transfers - 2,000,000 - Change in net position 42,598 619,297 432,119 NET POSITION (DEFICIT):
Beginning of year 6,653,159 46,359,278 10,091,907 End of year 6,695,757$ 46,978,575$ 10,524,026$ 182
Attachment 2 229
City of Dublin
Combining Statement of Revenues, Expenses and Changes in Fund Net Position (Continued) Internal Service Funds
For the year ended June 30, 2024
Retiree Information
Health Care Technology Total
OPERATING REVENUES:
Charges for services -$ 3,729,205$ 5,559,659$ Other revenue 1,318,461 - 1,346,890 Total operating revenues 1,318,461 3,729,205 6,906,549 OPERATING EXPENSES:
Supplies and services - 2,683,566 3,205,222 Retiree health premiums 963,526 - 963,526 Depreciation - 375,373 3,343,754 Total operating expenses 963,526 3,058,939 7,512,502 OPERATING INCOME (LOSS) 354,935 670,266 (605,953) NONOPERATING REVENUES (EXPENSES):
Interest income 411 106,590 832,169 Interest and fiscal charges - (28,943) (28,943) Total nonoperating revenues (expenses) 411 77,647 803,226
INCOME (LOSS) BEFORE
CONTRIBUTIONS AND TRANSFERS: 355,346 747,913 197,273 Transfers in - - 2,000,000 Transfers (out) - (15,606) (15,606) Total transfers - (15,606) 1,984,394 Change in net position 355,346 732,307 2,181,667 NET POSITION (DEFICIT):
Beginning of year 48,694 2,676,884 65,829,922 End of year 404,040$ 3,409,191$ 68,011,589$ 183
Attachment 2 230
City of Dublin
Combining Statement of Cash Flows
Internal Service Funds
For the year ended June 30, 2024
Vehicle Building Equipment
Replacement Replacement Replacement
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from customers 2,703,839$ 390,53 1$ 801,865$ Payments to suppliers and service providers (2,257,463) (64,601) (292,064) Other revenues 21,444 - 6,985
Net cash provided by (used in) operating activities 467,820 325,930 516,786
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:
Cash receipts from other funds - 2,000,000 -
Cash disbursements to other funds - - - Net cash provided by (used in) noncapital financing activities - 2,000,000 -
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:
Purchase of capital assets (397,393) (1,567,669) (595,086) Interest paid on SBITAs ---
Principal payment made on SBITAs - - - Net cash used in capital and related financing activities (397,393) (1,567,669) (595,086) CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 90,880 376,497 257,791 Net cash provided by investing activities 90,880 376,497 257,79 1 Net Cash Flows 161,307 1,134,758 179,49 1
CASH AND CASH EQUIVALENTS - Beginning of year 2,706,485 12,785,08 1 8,307,561 CASH AND CASH EQUIVALENTS - End of year 2,867,792$ 13,919,839 $ 8,487,052 $
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Operating income (loss) (48,282)$ (1,757,200)$ 174,328$ Adjustments to reconcile operating income (loss)
to net cash provided by (used in) operating activities:
Depreciation 523,380 2,088,047 356,954
Change in assets and liabilities
Accounts receivable 1,986 - -
Prepaids ---
Accounts payable and accruals (9,264) (4,917) (14,496)
Net cash provided by (used in) operating activities 467,820$ 325,930 $ 516,786 $ 184
Attachment 2 231
City of Dublin
Combining Statement of Cash Flows (Continued)
Internal Service Funds
For the year ended June 30, 2024
Retiree Information
Health Care Technology Total
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from customers 422,455$ 3,744,205 $ 8,062,895 $ Payments to suppliers and service providers (1,074,462) (2,997,684) (6,686,274) Other revenues 1,318,461 - 1,346,890
Net cash provided by (used in) operating activities 666,454 746,521 2,723,511
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:
Cash receipts from other funds 235,695 - 2,235,695
Cash disbursements to other funds (902,560) (15,606) (918,166) Net cash provided by (used in) noncapital financing activities (666,865) (15,606) 1,317,529
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:
Purchase of capital assets - (146,264) (2,706,412)
Interest paid on SBITAs -( 2 8 , 9 4 3 ) (28,943)
Principal payment made on SBITAs - (303,636) (303,636) Net cash used in capital and related financing activities - (478,843) (3,038,991) CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 411 106,590 832,169 Net cash provided by investing activities 411 106,590 832,169 Net Cash Flows - 358,662 1,834,218
CASH AND CASH EQUIVALENTS - Beginning of year - 2,076,287 25,875,414 CASH AND CASH EQUIVALENTS - End of year -$ 2,434,949$ 27,709,632$
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Operating income (loss) 354,935$ 670,266$ (605,953)$ Adjustments to reconcile operating income (loss)
to net cash provided by (used in) operating activities:
Depreciation - 375,373 3,343,754
Change in assets and liabilities
Accounts receivable 318,663 15,000 335,649
Prepaids (7,144) (32,782) (39,926)
Accounts payable and accruals - (281,336 ) (310,013)
Net cash provided by (used in) operating activities 666,454$ 746,521 $ 2,723,511 $ 185
Attachment 2 232
This page intentionally left blank
186
Attachment 2 233
CUSTODIAL FUNDS
Fallon Village Geologic Hazard abatement District this assessment district was established in 2007, in accordance with a condition of approval for the Fallon Village development project. The District was formed to provide a mechanism for ongoing m aintenance on open space areas within the development. The boundary of this assessment district encompasses approximately 175 acres of land, located generally east of Fallon Road.
Schaefer Ranch Geologic Hazardous Abatement District this assessment district was established in 2006, in accordance with a condition of approval for the Fallon Village development project. The District was formed to provide a mechanism for ongoing maintenance of open space areas within the development. The boundary of this assessment district encompasses approximately 500 acres of land, located at the westerly boundary of the City limits north of interstate 580, and south of the unincorporated area of Alameda County.
Fallon Crossing (North Tassajara) Geologic Hazard Abatement District this assessment district was established to account for the maintenance of op en space areas in accordance with a condition of approval for the fallon Crossings development project. The boundary of the District encompasses 68 acres of land located on the northeast side of Tassajara Road, about 2 1/4 Miles north of Interstate Highway 580, Tassajara Road and Moller Creek, a tributary of Tassajara Creek, border the western and northeastern limits of the site.
CFD Dublin Center is used to account for developing a facilities CFD to finance the maintenance of and construction of public improvements within the Dublin Center project.
Dublin Crossing Community Facilities Dis trict (CFD) No. 2015-1 (Dublin Crossing) Fund is used to account for bond issuances to finance capital facilit ies and infrastructure within the CFD secured by the collection of Special Taxes on real property within the CFD. The Custodial Fund is custodial in nature (uses the economic resources measurement focus). CFD bonds are not debt obligations of the City.
Dublin Boulevard Extension Assessment District to account form the special assessment established to fund the improvements to Dublin Boulevard.
Geologic Hazard Abatement Districts two districts were formed under provisions in the California Public Code, Which establishes in section 25670 that a district is a political subdivision of the State and is not an agency or instrumentality of a local agency. The City acts as a trustee of the funds collected and may contractually provide or arrange for services paid for by the District. Fiscal Year 2008-2009 was the first year that tax roll assessments were levied by the Districts.
CFD East Ranch is used to account for bond issuances to finance the maintenance of and construction of public improvements within the East Ranch development project within secured by the collection of Special Taxes on real property within the CFD. The Custodial Fund is custodial in nature (uses the economic resources measurement focus). CFD bonds are not debt obligations of the City.
CFD Dublin Boulevard Extension is used to account for developing a facilities CFD to cover City mitigation costs which the City is advancing as part of the Dublin Boulevard Extension project. 187
Attachment 2 234
City of Dublin
Combining Statement of Fiduciary Net Position
Custodial Funds
June 30, 2024
Dublin
Boulevard Fallon Community
Extension Crossing Facilities CFD
Assessment Fallon Schnaefer (North District East
District Village Ranch Tassajara) No. 2015-1 Ranch
ASSETS
Cash and investments 9,897$ 10,593,587$ 6,707,736$ 3,883,953$ 27,779,044$ 78,709$ Accounts receivable - 3,876 4,184 3,425 35,030 - Total assets 9,897 10,597,463 6,711,920 3,887,378 27,814,074 78,709
LIABILITIES
Accounts payable - 75,311 57,194 7,156 - 25,000 Total liabilities - 75,311 57,194 7,156 - 25,000
NET POSITION
Restricted for:
Individuals, organizations, and
other governments 9,897 10,522,152 6,654,726 3,880,222 27,814,074 53,709 Total net position 9,897$ 10,522,152$ 6,654,726$ 3,880,222$ 27,814,074$ 53,709$ Geologic Hazard Abatement Districts
188
Attachment 2 235
City of Dublin
Combining Statement of Fiduciary Net Position (Continued) Custodial Funds
June 30, 2024
CFD
Dublin CFD Total
Boulevard Dublin Custodial
Extension Center Funds
ASSETS
Cash and investments -$ -$ 49,052,926$ Accounts receivable - 170,000 216,515 Total assets - 170,000 49,269,441
LIABILITIES
Accounts payable 8,289 18,538 191,488 Total liabilities 8,289 18,538 191,488
NET POSITION
Restricted for:
Individuals, organizations, and
other governments (8,289) 151,462 49,077,953 Total net position (8,289)$ 151,462$ 49,077,953$ 189
Attachment 2 236
City of Dublin
Combining Statement of Changes in Fiduciary Net Position Custodial Funds
For the year ended June 30, 2024
Dublin
Boulevard Fallon Community
Extension Crossing Facilities CFD
Assessment Fallon Schnaefer (North District East
District Village Ranch Tassajara) No. 2015-1 Ranch
ADDITIONS:
Special assessments -$ 1,256,127$ 506,474$ 745,928$ 7,648,278$ -$ Investment income 290 291,486 191,212 102,258 270,197 2,073 Proceeds from bonds - - - - 18,363,562 - Property tax distribution - 2,952 887 1,101 21,595 - Other - - - - 149,102 160,000 Total additions 290 1,550,565 698,573 849,287 26,452,734 162,073 DEDUCTIONS:
Administration - - - - 10,594,216 347 Project payments - 230,886 266,446 78,164 47,102 108,017 Payments of bonds principal - - - - 670,000 - Interest expense - - - - 5,829,334 - Total deductions - 230,886 266,446 78,164 17,140,652 108,364 Change in net position 290 1,319,679 432,127 771,123 9,312,082 53,709 NET POSITION:
Beginning of year 9,607 9,202,473 6,222,599 3,109,099 18,501,992 - End of year 9,897$ 10,522,152$ 6,654,726$ 3,880,222$ 27,814,074$ 53,709$ Geologic Hazard Abatement Districts
190
Attachment 2 237
City of Dublin
Combining Statement of Changes in Fiduciary Net Position (Continued) Custodial Funds
For the year ended June 30, 2024
CFD
Dublin CFD Total
Boulevard Dublin Custodial
Extension Center Funds
ADDITIONS:
Special assessments -$ -$ 10,156,807$ Investment income - - 857,516 Proceeds from bonds - - 18,363,562 Property tax distribution - - 26,535 Other - 170,000 479,102 Total additions - 170,000 29,883,522 DEDUCTIONS:
Administration - - 10,594,563 Project payments 8,289 18,538 757,442 Payments of bonds principal - - 670,000 Interest expense - - 5,829,334 Total deductions 8,289 18,538 17,851,339 Change in net position (8,289) 151,462 12,032,183 NET POSITION:
Beginning of year - - 37,045,770 End of year (8,289)$ 151,462$ 49,077,953$ 191
Attachment 2 238
This page intentionally left blank
192
Attachment 2 239
Index
Financial Trends
Revenue Capacity
Debt Capacity
Demographic and Economic Information
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.
STATISTICAL SECTION
This part of the City of Dublin’s annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City's overall financial health.
These schedules contain trend information to help the reader understand how the City’s financial performance and well-being have changed over time.
These schedules contain information to help the reader assess the City’s most significant local revenue source, the property tax.
These schedules present information to help the reader assess the affordability of the City’s current levels of outstanding debt and the City’s ability issues additional debt in the future.
These schedules offer demographic and economic indicators to help the reader understand the environment within which the City’s financial activities take place. 193
Attachment 2 240
2015 2016 2017 2018 2019
Governmental Activities
Net Investment in Capital Assets 444,832,546$ 460,963,292$ 487,123,214$ 501,516,781$ 531,251,006$ Restricted 74,738,217 97,592,438 94,745,655 107,452,493 105,409,183 Unrestricted 107,176,361 111,725,077 120,464,219 141,008,993 177,705,220 Total Primary Government 626,747,124$ 670,280,807$ 702,333,088$ 749,978,267$ 814,365,409$ Source: City of Dublin Finance Department
CITY OF DUBLIN, CALIFORNIA
Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Fiscal Year
194
Attachment 2 241
2020 2021 2022 2023 2024
Governmental Activities
Net Investment in Capital Assets 539,809,963$ 537,970,764$ 554,600,284$ 545,146,807$ 552,568,250$ Restricted 109,947,040 107,140,245 118,161,236 115,479,147 121,997,027 Unrestricted 193,382,816 211,211,541 216,956,681 261,775,257 290,141,966 Total Primary Government 843,139,819$ 856,322,550$ 889,718,201$ 922,401,211$ 964,707,243$ Source: City of Dublin Finance Department
CITY OF DUBLIN, CALIFORNIA
Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
(Continued)
Fiscal Year
195
Attachment 2 242
Expenses 2015 2016 2017 2018 2019
Governmental Activities
General government 11,296,896$ 19,689,049$ 14,276,843$ 16,803,802$ 15,387,028$ Police 15,325,113 18,316,420 17,080,942 19,423,830 21,814,982 Fire 12,198,769 14,725,476 13,687,195 13,315,788 14,152,331 Public works 15,336,225 13,883,008 18,351,543 17,147,611 24,131,711 Parks and community services 12,149,716 14,625,459 11,193,876 15,640,280 12,750,878 Community development 5,713,196 11,410,946 14,249,950 7,074,630 5,606,118 Interest on long-term debt 156,897 147,195 136,867 125,881 - Total Governmental
Activities Expenses 72,176,812 92,797,553 88,977,216 89,531,822 93,843,048 Program Revenues
Governmental Activities
Charges for Services
General government 5,777,971$ 5,209,378 $ 5,402,925 $ 6,060,099 $ 6,520,152 $ Police 399,802 362,054 322,231 335,929 330,280 Fire 1,746,581 1,633,056 1,426,973 1,551,899 1,708,807 Public works 2,987,235 2,698,767 3,386,621 3,517,700 3,132,543 Parks and community services 3,009,383 2,931,553 2,950,625 4,638,050 5,287,193 Community development 7,657,467 13,217,027 9,334,477 10,139,788 7,742,076 Operating Contributions and Grants 955,677 1,629,137 8,008,289 12,577,699 7,633,916 Capital Contributions and Grants 21,931,981 38,433,119 21,133,748 23,438,110 34,517,687 Total Governmental Activities
Program Revenues 44,466,097$ 66,114,091 $ 51,965,889 $ 62,259,274 $ 66,872,654 $ Net (Expense)/Revenue
Governmental Activities (27,710,715) $ (26,683,462) $ (37,011,327) $ (27,272,548) $ (26,970,394) $ General Revenues and Other Changes in
Net Position
Governmental Activities
Taxes
Property taxes 29,437,951 33,598,601 36,964,785 40,628,040 44,293,602 Special assessment taxes 1,264,204 1,359,212 1,416,721 1,472,933 1,469,840 Sales tax 19,211,823 22,070,547 21,186,333 21,134,636 26,297,803 Other taxes 6,159,654 6,606,016 6,834,545 43,787 8,223,510 Investment Income, Unrestricted 592,881 2,937,999 (710,595) (558,269) 8,589,252 Other General Revenues 429,328 3,644,670 3,371,819 3,335,600 2,483,530 Total Governmental Activities 57,095,841 70,217,045 69,063,608 66,056,727 91,357,537 Change in Net Position
Governmental Activities 29,385,126 $ 43,533,583 $ 32,052,281 $ 38,784,179 $ 64,387,143 $ Source: City of Dublin Finance Department
CITY OF DUBLIN, CALIFORNIA
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Fiscal Year
196
Attachment 2 243
Expenses 2020 2021 2022 2023 2024
Governmental Activities
General government 24,851,393$ 23,710,251$ 23,516,577$ 27,027,922$ 25,885,878$ Police 22,483,378 24,681,714 24,439,146 27,849,316 30,091,877 Fire 14,122,166 15,227,074 14,657,052 16,308,574 17,453,636 Public works 21,103,350 23,769,070 25,252,334 30,353,850 31,202,172 Parks and community services 10,548,537 9,327,718 11,745,611 11,207,229 12,102,695 Community development 5,406,572 11,384,023 6,777,210 6,969,557 12,929,904 Interest on long-term debt - - 336,950 583,787 608,991 Total Governmental
Activities Expenses 98,515,396 108,099,850 106,724,880 120,300,235 130,275,153 Program Revenues
Governmental Activities
Charges for Services
General government 7,507,286$ 9,113,104 $ 10,129,727 $ 10,855,746 $ 11,533,104 $ Police 244,363 214,223 241,962 253,956 445,758 Fire 1,603,243 2,103,228 2,062,704 2,147,455 2,625,459 Public works 2,471,032 2,453,787 3,361,847 2,606,030 2,545,389 Parks and community services 3,237,611 1,388,778 5,145,083 5,495,143 5,825,924 Community development 4,402,789 5,182,639 6,719,349 6,189,741 4,476,672 Operating Contributions and Grants 4,940,586 5,545,115 7,273,101 11,046,967 7,306,850 Capital Contributions and Grants 9,192,691 5,674,477 16,457,860 7,033,281 10,219,385 Total Governmental Activities
Program Revenues 33,599,601$ 31,675,351 $ 51,391,633 $ 45,628,319 $ 44,978,541 $ Net (Expense)/Revenue
Governmental Activities (64,915,795) $ (76,424,499) $ (55,333,247) $ (74,671,916) $ (85,296,612) $ General Revenues and Other Changes in
Net Position
Governmental Activities
Taxes
Property taxes 49,086,335 53,007,086 55,186,388 59,056,139 61,967,658 Special assessment taxes 1,523,257 1,550,479 1,527,036 1,607,028 1,647,782 Sales tax 22,506,975 26,289,165 27,935,894 30,541,735 32,794,253 Other taxes 7,280,323 7,185,319 8,281,142 8,729,684 9,129,368 Investment Income, Unrestricted 10,485,543 (975,548) (12,803,156) 2,759,385 16,228,168 Other General Revenues 2,276,391 2,550,729 8,601,594 4,660,955 5,835,415 Total Governmental Activities 93,158,824 89,607,230 88,728,898 107,354,926 127,602,644 Change in Net Position
Governmental Activities 28,243,029 $ 13,182,731 $ 33,395,651 $ 32,683,010 $ 42,306,032 $ Source: City of Dublin Finance Department
CITY OF DUBLIN, CALIFORNIA
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
(Continued)
Fiscal Year
197
Attachment 2 244
2015 2016 2017 2018 2019
General Fund
Unreserved, undesignated:
Non-Spendable 1,475,691 $ 729,883 $ 198,878 $ 7,391 $ 12,818 $ Restricted 500,000 579,000 1,762,000 1,938,000 1,938,000 Committed 38,531,179 38,928,755 36,213,714 43,740,492 47,267,326 Assigned 35,875,264 39,078,695 50,126,807 57,267,840 60,771,810 Unassigned 21,324,360 29,867,693 34,114,263 39,158,943 61,235,819 Total General Fund 97,706,494$ 109,184,026$ 122,415,662$ 142,112,666$ 171,225,773$ All Other Governmental Funds
Non-Spendable -$ -$ -$ 650$ -$ Restricted 75,646,848 84,453,929 82,686,743 105,476,681 107,090,763 Unassigned (930,131) 13,138,509 11,808,233 (1,998,366) (3,737,589) Total All Other Governmental
Funds 74,716,717 97,592,438 94,494,976 103,478,965 103,353,174 Total Governmental Funds 172,423,211$ 206,776,464$ 216,910,638$ 245,591,631$ 274,578,947$ Source: City of Dublin Finance Department
CITY OF DUBLIN, CALIFORNIA
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Fiscal Year
198
Attachment 2 245
2020 2021 2022 2023 2024
General Fund
Unreserved, undesignated:
Non-Spendable 13,061$ 13,266$ 10,541$ 4,859$ 54,708$ Restricted 1,938,000 4,493,314 4,261,640 4,324,132 9,351,801 Committed 57,828,475 70,694,542 73,346,367 76,016,419 84,215,445 Assigned 64,004,658 66,743,519 93,266,322 125,043,298 153,402,585 Unassigned 66,865,027 67,819,855 52,972,636 44,347,902 43,408,415 Total General Fund 190,649,221$ 209,764,496$ 223,857,506$ 249,736,610$ 290,432,954$ All Other Governmental Funds
Non-Spendable 25,000$ -$ -$ -$ -$ Restricted 104,872,535 102,613,783 122,939,512 111,155,015 105,092,702 Unassigned (3,522,706) (326,876) (875,851) (876,004) (4,162,196) Total All Other Governmental
Funds 101,374,829 102,286,907 122,063,661 110,279,011 100,930,506 Total Governmental Funds 292,024,050$ 312,051,403$ 345,921,167$ 360,015,621$ 391,363,460$ Source: City of Dublin Finance Department
CITY OF DUBLIN, CALIFORNIA
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Accrual Basis of Accounting)
(Continued)
Fiscal Year
199
Attachment 2 246
Revenues 2015 2016 2017 2018 2019
Property taxes 29,437,951 $ 33,598,601 $ 36,964,784 $ 40,628,040 $ 44,293,602 $ Taxes other than property 25,371,476 28,676,662 28,020,877 27,089,866 32,949,484 Intergovernmental 3,245,822 3,303,521 9,352,861 12,415,367 8,961,332 Licenses and permits* 301,072 314,206 318,981 318,400 291,788 Charges for services 13,737,934 13,846,381 14,185,768 17,859,770 16,786,806 Investment income 1,071,936 3,689,940 168,792 666,808 10,345,636 Use of property 2,352,810 6,751,864 1,539,669 1,669,841 1,519,342 Fines and forteitures 320,629 290,871 260,220 275,665 265,971 Development fees* 24,276,317 43,038,360 26,866,804 24,465,477 21,426,005 Special assessments 1,264,201 1,359,214 1,416,721 1,472,932 1,469,839 Other revernues 3,499,480 1,351,331 1,763,454 7,363,700 4,963,646 Total Revenues 104,879,628 136,220,951 120,858,931 134,225,866 143,273,451 Expenditures
Current:
General government 11,471,412 20,715,735 13,313,517 14,020,898 14,894,745 Police 15,697,432 17,886,990 17,183,853 19,355,889 21,983,278 Fire 11,930,245 12,265,614 13,442,239 13,431,891 14,269,535 Public works 8,481,686 8,616,323 13,433,983 10,718,547 14,708,764 Parks and community services 9,731,003 10,791,185 8,934,718 13,585,706 9,708,040 Community development 6,059,180 11,348,674 11,652,735 6,700,773 5,543,073 Capital Outlay:
General 1,241,494 666,478 1,922,766 2,380,766 11,240,369 Co
mmunity improvements 68,190 117,104 3,854 76,795 - Parks 4,742,328 23,469,847 26,113,810 10,606,254 1,081,809 Public art - - - - - Streets 3,568,142 3,652,808 10,516,675 12,832,455 14,666,554 Debt Service:
Principal - - - 1,345,484 1,368,186 Interest and fiscal charges - - - - - Total Expenditures 72,991,112 109,530,758 116,518,150 105,055,458 109,464,353 Excess of Revenues Over (Under)
Expenditures 31,888,516 26,690,193 4,340,781 29,170,408 33,809,098 Other Financing Sources (Uses)
Proceeds from Debt - - 5,450,042 - - Transfers In 9,625,456 27,912,037 38,313,026 24,363,489 27,100,426 Transfers Out (9,455,561) (29,903,351) (37,969,675) (24,852,904) (31,922,207) Total Other Financing Sources (Uses) 169,895 (1,991,314) 5,793,393 (489,415) (4,821,781) Net Change in Fund Balances 32,058,411$ 24,698,879$ 10,134,174$ 28,680,993$ 28,987,317$ Debt Service as percentage of non-
capital expenditures 0.0% 0.0% 0.0% 1.7% 1.9%
* Some of permits revenue has been considered to be an integral part of development revenue and therefore has been reclassed to development revenue effective in fiscal year 20/21.
Source: City of Dublin Finance Department
CITY OF DUBLIN, CALIFORNIA
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Fiscal Year
200
Attachment 2 247
Revenues 2020 2021 2022 2023 2024
Property taxes 49,086,335 $ 53,007,086 $ 55,186,388 $ 59,056,139 $ 61,967,658 $ Taxes other than property 28,312,778 31,826,343 34,391,349 37,309,999 40,032,808 Intergovernmental 7,411,403 10,805,708 9,579,161 14,287,723 9,441,741 Licenses and permits* 236,972 334,852 354,643 323,098 309,959 Charges for services 14,433,980 11,934,020 15,941,968 17,077,374 18,698,359 Investment income 12,006,831 183,258 (11,905,192) 4,860,720 18,895,723 Use of property 1,381,729 1,208,739 2,032,711 2,565,042 2,549,690 Fines and forteitures 196,840 177,477 193,018 207,437 215,524 Development fees* 10,178,191 10,891,389 24,862,035 11,443,674 9,044,040 Special assessments 1,523,256 1,550,480 7,760,922 1,607,027 1,647,782 Other revernues 1,675,842 2,124,277 1,527,035 3,733,205 4,805,240 Total Revenues 126,444,157 124,043,629 139,924,038 152,471,438 167,608,524 Expenditures
Current:
General government 23,151,872 22,104,295 23,539,492 26,593,651 23,769,329 Police 22,177,174 23,755,356 25,381,768 27,510,001 29,714,228 Fire 14,244,913 14,760,311 15,699,080 16,297,807 17,436,389 Public works 13,821,133 14,105,010 15,710,181 20,599,510 22,381,917 Parks and community services 7,228,275 6,085,251 8,756,857 8,301,423 8,841,838 Community development 4,989,648 10,033,900 5,795,288 5,881,891 11,347,258 Capital Outlay:
General 9,828,253 6,614,602 12,978,975 11,829,805 7,118,484 Co
mmunity improvements - - - - - Parks 6,180,120 4,170,540 13,400,686 4,539,778 5,990,942 Public art - - - 474,814 244,479 Streets 5,488,030 3,116,314 4,030,047 13,053,219 6,099,577 Debt Service:
Principal 1,368,186 1,368,186 505,000 655,000 680,000 Interest and fiscal charges - - 419,521 678,050 651,850 Total Expenditures 108,477,604 106,113,765 126,216,895 136,414,949 134,276,291 Excess of Revenues Over (Under)
Expenditures 17,966,553 17,929,864 13,707,143 16,056,489 33,332,233 Other Financing Sources (Uses)
Proceeds from Debt - - 21,042,136 - - Transfers In 21,651,510 14,046,539 30,644,511 29,950,377 19,574,307 Transfers Out (22,172,960) (11,949,050) (31,524,026) (31,912,412) (21,558,701) Total Other Financing Sources (Uses) (521,450) 2,097,489 20,162,621 (1,962,035) (1,984,394) Net Change in Fund Balances 17,445,103$ 20,027,353$ 33,869,764$ 14,094,454$ 31,347,839$ Debt Service as percentage of non-
capital expenditures 1.5% 1.4% 1.0% 1.2% 1.1%
* Some of permits revenue has been considered to be an integral part of development revenue and therefore has been reclassed to development revenue effective in fiscal year 20/21.
Source: City of Dublin Finance Department
CITY OF DUBLIN, CALIFORNIA
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Accrual Basis of Accounting)
(Continued)
Fiscal Year
201
Attachment 2 248
Fiscal City Wide
Year Real Pro perty Net Taxable Avera ge
Ended Residentia l Commercial Industrial Unsecured/ Less: Assessed Total Direct June 30 Property Property Property Other Property Exemptions Value Tax Rate 2015 8,431,051,125 1,391,578,857 274,410,187 1,138,571,747 (185,639,690) 11,049,972,226 0.2373% 2016 9,662,162,719 1,481,865,501 277,588,684 1,261,568,728 (152,705,687) 12,530,479,945 0.2367% 2017 10,563,641,612 1,572,348,815 276,986,936 1,412,347,150 (151,208,054) 13,674,116,459 0.2365% 2018 11,483,621,200 1,634,851,757 279,900,741 1,494,613,752 (91,891,868) 14,801,095,582 0.2364% 2019 12,705,642,088 1,713,788,644 284,936,683 1,623,924,258 (181,733,659) 16,146,558,014 0.2363% 2020 14,169,003,039 1,819,769,185 302,957,585 1,719,280,594 (181,569,809) 17,829,440,594 0.2360% 2021 15,481,016,928 2,109,649,340 303,634,663 1,516,019,943 (240,382,905) 19,169,937,969 0.2359% 2022 16,240,797,288 2,126,716,219 342,361,488 1,436,361,129 (240,405,849) 19,905,830,274 0.2358% 2023 17,442,908,549 2,275,271,038 351,898,365 1,267,996,300 (217,582,049) 21,120,492,204 0.2347% 2024 18,432,121,118 2,328,369,107 380,739,302 1,401,724,881 (222,045,596) 22,320,908,812 0.2347% 116,410,913 5,205,377
Source: HDL Coren & Cone and Alameda County Assessor Combined Tax Rolls, 2014/15 through 2023/24 Note: Actual property value data not available in California. (1)
(2) The City-wide Direct Tax Rate is an average, the actual tax rate for each property varies according to its tax rate area. This average tax rate is net of State Shifts of local property tax revenue to Education and net of Admin fees.
CITY OF DUBLIN, CALIFORNIA
Assessed Value of Taxable Property
Last Ten Fiscal Years
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. 202
Attachment 2 249
This page intentionally left blank
203
Attachment 2 250
CITY OF DUBLIN, CALIFORNIA
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
(Rate per $100 of assessed value)
City Direct Rates
Castro Valley Chabot-Las Posita s Dublin
Fiscal Basic Tota l Bay Area Unified Community Unifie d Year Levy Direct Rapid Transit School Bond s College Boards Bonds 1A & B 2014-15 1.00000 0.23730 0.00750 0.08510 0.02140 0.11470 2015-16 1.00000 0.23669 0.00450 0.08520 0.02170 0.10770 2016-17 1.00000 0.23650 0.00260 0.00000 0.01980 0.07670 2017-18 1.00000 0.23644 0.00800 0.00000 0.02460 0.09720 2018-19 1.00000 0.23632 0.00700 0.00000 0.04430 0.14520 2019-20 1.00000 0.23603 0.01200 0.00000 0.04220 0.14600 2020-21 1.00000 0.23593 0.01390 0.00000 0.02140 0.14240 2021-22 1.00000 0.23582 0.00600 0.00000 0.04580 0.19640 2022-23 1.00000 0.23469 0.01400 0.00000 0.03880 0.17160 2023-24 1.00000 0.23473 0.01340 0.00000 0.04160 0.16120 Source: HDL Coren & Cone and Alameda County Assessor Combined Tax Rolls, 2014/15 thro ugh 2023/24 (1) 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. These are voter approved levies in addition to the 1% State levy.
(2) The City's share of the 1% Levy is based on the City's share of the general fund tax rate area with the largest net taxable value within the City.
Overlapping Rates (1)
204
Attachment 2 251
East Bay Flood Zone 7 Livermore Valley County Wide Tota l City's Share Regional State Water Joint Unifie d Go Bond Direct & Overlapping of 1% Levy per Park Bond s School Board Tax Rate Proposition 13
0.00780 0.02570 0.05960 0.00000 1.32180 0.2818
0.00850 0.02500 0.04970 0.00000 1.30230 0.2817
0.00670 0.03430 0.00000 0.00000 1.14010 0.2818
0.00320 0.03330 0.00000 0.00000 1.16630 0.2818
0.00570 0.03320 0.00000 0.01120 1.24660 0.2818
0.00600 0.03090 0.00000 0.01080 1.24790 0.2818
0.00140 0.03090 0.00000 0.00360 1.21360 0.2818
0.00200 0.03070 0.00000 0.00410 1.28500 0.2817
0.00580 0.02790 0.00000 0.01030 1.26840 0.2817
0.00570 0.02670 0.00000 0.00880 1.25740 0.2817
CITY OF DUBLIN, CALIFORNIA
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
(Rate per $100 of assessed value)
(Continued)
205
Attachment 2 252
CITY OF DUBLIN, CALIFORNIA
Principal Property Tax Payers
Current year and Nine Years Ago
2023-24 2014-15
Percentage Percentage
of Total City of Total City
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Rank Value Value Rank Value
Kaiser 346,513,767 1 1.55%
Avalon Dublin Station LP 269,144,408 2 1.20%
GH Pacvest LLC 149,498,127 3 0.67%
Carl Zeiss Pension Trust Properties LLC 131,822,919 4 0.59% Dublin Station Owner LP 127,783,773 5 0.57%
Dublin Corporate Center Owner LLC 121,657,984 6 0.54%
Ross Dress for Less 120,314,876 7 0.54%
Avalon West Dublin LP 117,362,800 8 0.52%
Essex Dublin Owner LP 115,701,493 9 0.52%
Oak Cottonwood 2017 LLC 108,006,530 10 0.48%
Turst NOIP Dublin LP $ 152,798,425 1 1.40%
4800 Tassajara Road Apartments Investors 113,834,785 2 1.05% Dublin Station Owner, LLC 106,015,080 3 0.97%
Dublin Corporate Center Acquisitions 100,576,750 4 0.92% Bere Island Properties I, LLC 87,634,958 5 0.81%
Tishman Speyer Archstone Smith Emerald 84,204,834 6 0.77% Ross Dress for Less, Inc. 75,034,787 7 0.69%
Bit Holdings Sixty-Three Inc. 75,080,421 8 0.69%
Kaiser Foundation Hospitals 66,110,266 9 0.61%
Essex Dublin Owner LP 65,728,948 10 0.60%
Subtotal $ 1,607,806,677 7.18% $ 927,019,25 4 8.51%
Source: HDL Coren & Cone and Alameda County Assessor Combined Tax Rolls 206
Attachment 2 253
CITY OF DUBLIN, CALIFORNIA
Property Tax Levies and Collections
Last Ten Fiscal Years
Fiscal
Year Current Percent Delinquent Tota l
Ended Tota l Tax of Levy Tax Tax Percent
June 30 Tax Levy Collection s Collected Collections Collections of Levy 2015 31,129,982$ 30,434,412 $ 97.77% 412,643 $ 30,847,054 $ 97.77% 2016 35,304,627 34,734,843 98.39% 357,472 35,092,315 98.39% 2017 38,529,558 38,100,547 98.89% 335,955 38,436,502 98.89% 2018 41,708,007 41,594,518 99.73% 362,487 41,957,005 99.73% 2019 45,499,386 45,357,078 99.69% 330,947 45,688,025 99.69% 2020 50,245,147 50,102,147 99.72% 379,250 50,481,396 99.72% 2021 54,024,719 53,621,996 99.25% 520,190 54,142,186 99.25% 2022 56,098,611 56,018,305 99.86% 425,907 56,444,212 99.86% 2023 59,502,763 59,502,763 100.00% 799,001 60,301,764 100.00% 2024 62,884,696 62,756,758 99.80% 473,504 63,230,262 99.80% Source: Alameda County Assessor Office
207
Attachment 2 254
Total Property Tax Assessed Value of Taxable Property
Percentage
Outstanding Debt Applicable to Estimated Share of
6/30/2024 City of Dublin (1) Overlapping Debt
OVERLAPPING TAX AND ASSESSMENT DEBT:
Alameda County 497,295,000$ 5.586% 27,778,899$ Bay Area Rapid Transit District 2,445,575,000 2.218% 54,242,854 Chabot-Las Positas Community College District 947,675,000 13.574% 128,637,405 Dublin Joint Unified School District 755,993,070 99.984% 755,872,111 East Bay Regional Park District 144,520,000 3.428% 4,954,146 City of Dublin Community Facilities District 135,315,000 100.00% 135,315,000 California Statewide Communities Development Authority 1915 Act Bonds 728,411 100.00% 728,411 TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT 1,107,528,826$
DIRECT AND OVERLAPPING GENERAL FUND DEBT
Alameda County General Fund Obligations 656,746,000 5.586% 36,685,832 Alameda-Contra Costa Transit District Certificates of Participation 10,420,000 0.162% 16,880 City of Dublin General Fund Obligations 19,789,275 100.000% 19,789,275 Dublin Unified School District General Fund Obligations 24,876,714 99.984% 24,872,734 Eden Township Healthcare District General Fund Obligations 13,235,000 0.792% 104,821 TOTAL DIRECT AND OVERLAPPING GENERAL FUND DEBT 81,469,542$ TOTAL DIRECT DEBT 19,789,275$
TOTAL OVERLAPPING DEBT 1,169,209,093$
COMBINED TOTAL DEBT (2) 1,188,998,368$
RATIOS TO ASSESSED VALUATION:
Total Overlapping Tax and Assessment Debt..………...….….4.96% Total Direct Debt .……………………….........................…...0.09% Combined Total Debt….………….…….…..…….…...……..5.33%
Source: California Municipal Statistics, Inc.
Notes:
(1)
(2)
CITY OF DUBLIN, CALIFORNIA
Direct and Overlapping Debt
June 30, 2024
The percentage of overlapping debt applicable to the City is estimat ed using taxable assessed property value. Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by the district's total taxable assessed value.
Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital lease obligations. 208
Attachment 2 255
Fiscal Chevron Lease Subscriptio n
Year Energy Revenue Based I.T . Percentage
Ended Capita l Loans Bonds Agreements of Personal Per
June 30 Lease Payable Payable Payable Total 2 Income 1 Capita 1 2015 5,749,811$ - $ - $ - $ 5,749,811$ 0.22% 100 $ 2016 5,346,352 - - - 5,346,352 0.19% 90 2017 4,917,243 5,450,042 - - 10,367,285 0.33% 170 2018 4,461,243 4,104,558 - - 8,565,801 0.25% 135 2019 - 2,736,372 - - 2,736,372 0.07% 42 2020 - 1,368,186 - - 1,368,186 0.03% 19 2021 - - - - - 0.00% - 2022 - - 20,454,565 - 20,454,565 0.42% 284 2023 - - 19,675,709 1,221,058 20,896,767 0.39% 302 2024 - - 18,871,853 917,422 19,789,275 n/a n/a Note: Details regarding the City's outstanding debt can be found in the Notes to the Financial Statements. 1 See Demographic and Economic Statistics schedule for personal and population data. 2 Totals to not include other net pension payable, post-employment beneftis payable, or compensated absences. n/a: not available
Source: Annual Comprehensive Financial Reports - City of Dublin, California
CITY OF DUBLIN, CALIFORNIA
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Governmental Activities
209
Attachment 2 256
2014-15 2015-16 2016-17 2017-18
Debt limit 416,774,836 $ 469,892,998 $ 512,779,367 $ 555,041,084 $ Total net debt applicable to limit - - - - Legal debt margin 416,774,836$ 469,892,998$ 512,779,367$ 555,041,084$ Total net debt applicable to the limit
as a percentage of debt limit 0.0% 0.0% 0.0% 0.0%
(1) Source: City of Dublin Finance Department
(3) The government code provision was enacted when assessed valuation was based upon 25% of market value. Effective with the 1981-82 fiscal year, each parcel in now assessed at 100% of market value (as of the most recent change in ownership parcel) in ownership for that parcel. The computations shown above reflect a conversion of assessed valuation data for each fiscal year from the current full valuation perspective to the 25% level that was in effect at the time that the legal debt margin was enacted by the State of California for local governments located within the state.
Fiscal Year
(2) The legal debt margin for the City of Dublin, California, is calculated using a debt limit of 15 percent of the assessed value of property within the City limits. (Gov Code of State of California)
CITY OF DUBLIN, CALIFORNIA
Legal Debt Margin Information
Last Ten Fiscal Years
210
Attachment 2 257
Legal Debt Margin Calculation for Fiscal Year 2023-24
Assessed value (net) - June 30, 2024 (1) $ 22,320,908,812 Debt limit: 15% of assessed value 3,348,136,322
Less total bonded debt, general obligation -
Legal debt margin (2) $ 3,348,136,32 2
Conversion Percentage for Calculation of Debt Limit (3) 25% $8 3 7 , 0 3 4 , 0 8 0
2018-19 2019-20 2020-21 2021-22 2022-23 2023-24
605,495,926$ 668,604,022$ 718,872,674$ 746,468,635$ 792,018,458$ 837,034,080$ - - - - - - 605,495,926$ 668,604,022$ 718,872,674$ 746,468,635$ 792,018,458$ 837,034,080$
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Fiscal Year
CITY OF DUBLIN, CALIFORNIA
Legal Debt Margin Information
Last Ten Fiscal Years
(Continued)
211
Attachment 2 258
CITY OF DUBLIN, CALIFORNIA
Demographic And Economic Statistics
Last Ten Calendar Years
(Dollars in Thousands)
Per Capita Rank in Size
Fiscal City Personal Persona l Unemployment of
Year Population (1) Income, in thousands (1) Income (1) Rate (2) California Cities (3) 2014 54,695 2,333,289 42,660 3.6% 185
2015 57,349 2,562,296 44,679 2.9% 156
2016 59,686 2,836,816 47,529 2.7% 153
2017 60,939 3,101,125 50,889 2.8% 153
2018 63,445 3,441,955 54,251 2.7% 147
2019 64,826 3,789,339 58,454 2.5% 140
2020 72,589 4,464,441 61,503 6.6% 140
2021 71,674 4,465,505 62,303 4.2% 119
2022 72,060 4,876,156 67,668 4.6% 121
2023 69,128 5,318,777 76,941 5.2% 119
Sources: (1) US Census Buraeu, most recent estimates July 1, 2023 (2) State of California, Employment Development Department June 2024 (3) State of California, Department of Finance - California Cities Ranked by January 2024 Total Population 212
Attachment 2 259
Total Number of Commercial Residential
Fiscal Year Ended Building Permits Construction Value Construction Value 30-Jun Issued (1) (1) (1) Bank Deposits (2)
2015 2,068 60,793,275 295,988,465 N/A 2016 2,812 102,148,173 323,747,409 N/A
2017 2,806 177,500,725 308,916,668 N/A 2018 2,803 54,086,352 383,817,023 N/A
2019 0 119,498,163 272,846,465 N/A
2020 1,866 45,031,310 157,262,586 N/A
2021 2,393 42,330,706 177,291,325 N/A
2022 2,437 70,148,588 258,217,767 N/A
2023 2,781 223,087,585 173,769,864 N/A
2024 2,078 29,161,104 115,680,532 N/A
Source: 1) City of Dublin Community Development Department Property Value, Construction, and Bank Deposits
Last Ten Fiscal Years
CITY OF DUBLIN, CALIFORNIA
213
Attachment 2 260
Estimated Estimated Estimated Estimated
Number of Number of Number of Number of
Employer Employees Rank Employees Rank Employees Rank Employees Rank United States Government
& Federal Correction Institute 2,100 1 2,100 1 2,100 1 2,100 1 County of Alameda 465 6 325 6 860 3 870 4
Dublin Unified School District 1,117 3 915 2 975 2 1,007 2 Ross Stores Headquarters 1,200 2 500 4 800 4 950 3
Zeiss Meditec 535 5 500 4 481 5 465 5
Kaiser Permanente - NA - NA - NA - NA
Patelco Credit Union - NA - NA - NA - NA
Target Stores 388 7 350 5 350 8 325 9
Snowflake, Inc. - NA - NA - NA - NA
TriNet - NA - NA - NA 343 8
City of Dublin N/A N/A 237 9 377 7 433 6
SAP (Formerly: Sybase Corporation) 604 4 700 3 - NA - NA De Silva Gates Construction 300 9 300 7 300 9 300 10
Whole Foods - NA 233 10 - NA NA
Callidus Cloud 350 8 350 5 400 6 410 NA
Micro Dental Laboratories - NA 300 7 - NA - NA
Safeway 284 10 280 8 280 10 - NA
Subtotal 7,34
3 7,090 6,923 7,203
2018201720162015
Current Year and Prior Years
(Dollars in thousands)
CITY OF DUBLIN, CALIFORNIA
Principal Employers
Source: City of Dublin Office of Economic Development
214
Attachment 2 261
Estimated Estimated Estimated Estimated
Number of Number of Number of Number of
Employer Employees Rank Employees Rank Employees Rank Employees Rank United States Government
& Federal Correction Institute 1,450 1 1,400 1 1,608 1 1,589 1 County of Alameda 975 4 1,165 2 1,165 2 1,307 2
Dublin Unified School District 1,096 3 1,115 3 1,070 4 1,200 3 Ross Stores Headquarters 1,100 2 1,100 4 1,100 3 1,160 4 Zeiss Meditec 450 6 450 6 620 5 692 6
Kaiser Permanente 600 5 510 5 600 6 601 7
Patelco Credit Union - NA 380 8 404 7 831 5
Target Stores 380 9 380 8 350 9 344 8
Snowflake, Inc. - NA - NA - NA 250 9
TriNet 400 8 400 7 363 8 215 10
City of Dublin 400 7 332 10 250 10 - NA
SAP (Formerly: Sybase Corporation) - NA - NA - NA - NA
De Silva Gates Construction - NA - NA - NA - NA
Whole Foods 350 10 - NA - NA - NA
Callidus Cloud - NA - NA - NA - NA
Micro Dental Laboratories - NA - NA - NA - NA
Safeway - NA - NA - NA - NA
Subtotal 7,201 7,23
2 7,530 8,189
2019 2022 20212020
CITY OF DUBLIN, CALIFORNIA
Principal Employers
Current Year and Prior Years
(Dollars in thousands)
(Continued)
Source: City of Dublin Office of Economic Development
215
Attachment 2 262
Estimated Estimated
Number of Number of
Employer Employees Rank Employees Rank
United States Government
& Federal Correction Institute 3,275 1 3,109 1
County of Alameda 1,274 2 1,308 2
Dublin Unified School District 1,235 3 1,292 3
Ross Stores Headquarters 1,188 4 1,081 4
Zeiss Meditec 831 5 767 5
Kaiser Permanente 662 6 542 6
Patelco Credit Union 442 7 461 7
Target Stores 341 9 352 8
Snowflake, Inc. 350 8 350 9
TriNet 215 10 215 10
City of Dublin - NA NA
SAP (Formerly: Sybase Corporation) - NA - NA
De Silva Gates Construction - NA - NA
Whole Foods - NA - NA
Callidus Cloud - NA - NA
Micro Dental Laboratories - NA - NA
Safeway - NA - NA
Subtotal 9,81
3 9,477
20242023
(Continued)
CITY OF DUBLIN, CALIFORNIA
Principal Employers
Current Year and Prior Years
(Dollars in thousands)
Source: City of Dublin Office of Economic Development
216
Attachment 2 263
This page intentionally left blank
217
Attachment 2 264
2015 2016 201 7 2018 2019
City Manager Office 18.25 18.50 18.00 19.00 20.10
Finance 7.75 7.75 8.00 8.00 8.00
Community Development 18.45 18.45 19.95 19.95 19.35
Fire Department 1.00 1.00 1.00 1.00 1.00
Police Department 5.00 5.00 4.00 4.00 4.00
Parks & Community Services 22.10 24.10 24.60 24.60 23.10 Public Works 18.95 18.95 19.45 18.45 18.45
Total 91.50 93.75 95.00 95.00 94.00
Source: City of Dublin Finance Department
CITY OF DUBLIN CALIFORNIA
Full-Time Equivalent City Employees by Department
Last Ten Fiscal Years
218
Attachment 2 265
2020 202 1 2022 2023 2024
City Manager Office 19.10 22.00 25.00 26.00 28.00
Finance 9.00 9.00 9.00 8.00 8.00
Community Development 19.35 18.00 19.00 19.00 19.00
Fire Department 1.00 1.00 1.00 1.00 1.00
Police Department 4.00 4.00 4.00 4.00 4.00
Parks & Community Services 23.10 22.00 23.00 23.00 24.00 Public Works 18.45 18.00 18.00 21.00 22.00
Total 94.00 94.00 99.00 102.00 106.00
Source: City of Dublin Finance Department
(Continued)
CITY OF DUBLIN CALIFORNIA
Full-Time Equivalent City Employees by Department
Last Ten Fiscal Years
219
Attachment 2 266
Function/Program 2015 2016 201 7 2018 2019
Police:
Calls for Service 32,496 35,005 38,688 38,568 38,480 Citations Issued 7,175 7,087 7,164 7,051 7,968 Arrests 1,091 1,225 1,315 1,653 1,821 Fire:
Emergency calls 2,667 2,734 2,848 3,247 3,245 Inspections 3,948 4,304 4,141 4,034 4,284 Building Plan Reviews and Consultations 1,072 1,633 1,654 1,195 797 Public Works:
Street Sign Maintenance (number of signs) 368 510 359 1,838 2,569 Curb Painting (linear feet) 32,512 2,922 3,846 3,216 3,893 Replace Street Asphalt (square feet) 15,800 31,000 73,436 75,087 1,636,012 Street Sweeping (curb miles) 5,953 5,993 6,026 8,033 7,936 Encroachment Permits Issued 208 190 206 173 209 Parks and Community Services:
Museum Visitors 5,272 3,591 3,525 3,422 2,757 Afterschool Recreation (participants/day) 364 363 367 40 5 416 Preschool Classes Participants 327 335 158 131 160 Youth Basketball League Participants 994 1,074 1,156 1,035 1,075 Senior Center Average Daily Attendance 233 236 274 279 299 Community Development:
Planning Applications 56 52 58 48 31 Building Permits 2,068 2,812 2,806 2,803 2,350 Building Inspections 20,197 20,784 25,186 25,574 20,951 Source: City of Dublin
CITY OF DUBLIN CALIFORNIA
Operating Indicators by Function/Program
Last Ten Fiscal Years
220
Attachment 2 267
Function/Program 2020 202 1 2022 2023 2024
Police:
Calls for Service 34,643 30,018 30,414 34,191 34,455 Citations Issued 5,806 5,582 5,367 5,821 4,637 Arrests 1,510 1,514 1,496 1,778 1,596 Fire:
Emergency calls 3,443 3,692 4,797 4,565 4,883 Inspections 2,964 2,628 1,875 2,520 2,642 Building Plan Reviews and Consultations 490 606 873 917 1,274 Public Works:
Street Sign Maintenance (number of signs) 546 664 428 428 435 Curb Painting (linear feet) 14,502 123 305 2,472 3,814 Replace Street Asphalt (square feet) 2,270,000 117,767 36,695 750,000 26,172 Street Sweeping (curb miles) 7,210 8,146 8,733 8,735 10,349 Encroachment Permits Issued 158 357 353 215 240 Parks and Community Services:
Museum Visitors 2,011 147 560 365 1,973 Afterschool Recreation (participants/day) 334 649 528 66 4 274 Preschool Classes Participants 185 98 308 274 73 Youth Basketball League Participants 792 - 683 1,149 1,195 Senior Center Average Daily Attendance 245 222 166 475 679 Community Development:
Planning Applications 40 52 44 44 32 Building Permits 1,866 2,393 2,437 2,781 2,078 Building Inspections 13,339 10,759 14,178 12,633 10,880 Source: City of Dublin
CITY OF DUBLIN CALIFORNIA
Operating Indicators by Function/Program
Last Ten Fiscal Years
(Continued)
221
Attachment 2 268
2015 2016 201 7 2018 2019
Function/Program
Public safety:
Police stations 1 1 1 1 1 Fire stations 3 3 3 3 3 Public works:
Street Lights 4,520 4,530 4,540 4,631 4,631 Street Centerline Miles 120 120 127 128 151 Signalized Intersections 93 94 95 97 98 9 9 9 9 9 City Trees 7,521 8,55 6 8,526 8,776 9,263
Parks and recreation:
Number of Community Facilities 6 6 7 7 7 Number of City Parks 18 18 18 20 21 Acres of City Parks 171 171 171 200 210 Acres of Open Space 125 125 125 125 125 Source: City of Dublin
Pedestrian Activated Traffic Control Devices
CITY OF DUBLIN, CALIFORNIA
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
Fiscal Year
222
Attachment 2 269
2020 202 1 2022 2023 2024
Function/Program
Public safety:
Police stations 1 1 1 1 1 Fire stations 3 3 3 3 3 Public works:
Street Lights 4,736 5,131 5,095 4,525 5,136 Street Centerline Miles 151 151 148 136 129 Signalized Intersections 98 98 98 98 97 9 9 9 9 9 City Trees 12,355 12,208 13,13 0 13,844 13,178
Parks and recreation:
Number of Community Facilities 7 7 7 7 7 Number of City Parks 23 23 25 25 25 Acres of City Parks 223 223 267 267 267 Acres of Open Space 125 125 125 125 125 Source: City of Dublin
Fiscal Year
Pedestrian Activated Traffic Control Devices
CITY OF DUBLIN, CALIFORNIA
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
(Continued)
223
Attachment 2 270
Business Name Business Category
Best Buy Electronics/Appliances Store
Carl Zeiss Meditec USA Health/Medical
Curtis Blue Line Machinery, Equipment, and Supplies
Dick's Sporting Goods Sporting Goods/Bike Store
Dougherty Road Shell Service Station
Dublin Buick/GMC/Chevrolet/Infiniti Motor Vehicle Dealer Dublin Hyundai Genesis Motor Vehicle Dealer
Dublin Nissan Dublin Infiniti Motor Vehicle Dealer
Dublin Toyota Motor Vehicle Dealer
Dublin Union 76 Service Stations
Eastbay Motorcars Motor Vehicle Dealer
Fallon Gateway Chevron Service Station
Graybar Electric Electrical Equipment
Honda Motor Vehicle Dealer
Lowes Lumber/Building Materials
Mazda Motor Vehicle Dealer
Nordstrom Rack Family Apparel
Pace Supply Corp Plumbing/Electrical Supplies
Safeway Grocery/Liquor Stores
Safeway Fuel Station Service Stations
Target Discount Dept Stores
Tesla Motors Motor Vehicle Dealer
TJ Maxx Family Apparel
Volkswagen Motor Vehicle Dealer
Volvo Cars Dublin Motor Vehicle Dealer
Source: City of Dublin Office of Economic Development
CITY OF DUBLIN, CALIFORNIA
Top 25 Sales Tax Producers
2023-24
224
Attachment 2 271
General
Date of Incorporation February 1, 1982
Form of Government Council/ Manager
Total Population (Estimated per the California Dept. of Finance, January, 2024) 72,917 Number of Registered Voters 36,655
Employees (Full Time Equivalent) 106
Area (Square Miles) 15.23
Parks and Recreation
Parks 25
Acres in Parks 267
Acres in Open Space 125
Public Education
Elementary Schools 7
K-8 1
Middle Schools 2
High School 2
Continuation High School 1
Under Construction (Shamrock Hills K-8 open Fall 2026) 2 School Enrollment 12,932
Police Protection
Number of Stations 1
Police Personnel (Full Time Equivalent) 4
Fire Protection
Number of Stations 3
Fire Personnel (Full Time Equivalent) 1
Community Facilities
Dublin Civic Center 1
Dublin Senior Center 1
Dublin Heritage Center 1
Dublin Public Library 1
Shannon Community Center 1
Emerald Glen Activity Center 1
The Wave (Aquatics Facility) 1
Dublin Public Safety Complex 1
Dublin Arts Center (Under Construction) 1
Source: City of Dublin
CITY OF DUBLIN, CALIFORNIA
Miscellaneous Statistical Data
June 30, 2024
225
Attachment 2 272
Dublin, California
Auditor’s Communication with
Those Charged with Governance
For the year ended June 30, 2024
Attachment 3
273
Attachment 3
274
December 10, 2024
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
We have audited the financial statements of the City of Dublin (City) as of and for the year ended June 30, 2024, and have issued our report thereon dated December 10, 2024. Professional standards require that we advise you of the following matters relating to our audit.
Our Responsibility in Relation to the Financial Statement Audit As communicated in our engagement letter dated May 24, 2024, our responsibility, as described by professional standards, is to form and express opinions about whether the financial statements that have been prepared by management with your oversight are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America. Our audit of the financial statements does not relieve you or management of your respective responsibilities.
Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain reasonable, rather than absolute, assurance about whether the financial statements are free of material misstatement. An audit of financial statements includes consideration of the system of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting. Accordingly, as part of our audit, we considered the system of internal control of the City solely for the purp ose of determining our audit procedures and not to provide any assurance concerning such internal control.
We are also responsible for communicating significant matters related to the audit that are, in our professional judgment, relevant to your responsibilities in overseeing the financial reporting process.
However, we are not required to design procedures for the purpose of identifying other matters to communicate to you.
Planned Scope and Timing of the Audit
We conducted our audit consistent with the planned scope and timing we previously communicated to you.
Attachment 3
275
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California